89 CONSOLIDATED FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 49 15 Pension Plan Asset …continued 2) Movement in the amounts recognised in the consolidated statement of financial position is as follows: 2024 $ 2023 $ Asset, beginning of year 3,115,674 4,175,858 Contributions paid 852,615 773,403 Pension (expense)/gain recognised in the consolidated statement of income (395,770) 938,003 Re-measurement recognised in other comprehensive income (322,416) (2,771,590) Asset, end of year 3,250,103 3,115,674 3) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2024 $ 2023 $ Obligation, beginning of the year 13,958,780 12,998,135 Interest cost 1,175,680 1,098,158 Current service cost 606,362 593,739 Employees’ contributions 194,781 152,353 Past service cost – (1,234,388) Benefits paid (964,523) (822,607) Actuarial gains/(losses) arising from experience adjustments 37,699 1,173,390 Obligation, end of year 15,008,779 13,958,780 i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2024 $ 2023 $ Opening fair value of plan assets 17,074,454 17,173,993 Actual return 1,126,322 (178,104) Employer’s contributions 852,615 773,402 Employees’ contributions 194,781 152,353 Benefits paid (964,523) (822,607) Administrative expenses (24,767) (24,583) Closing fair value of plan assets 18,258,882 17,074,454
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