Consolidated Annual Report 2024

91 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) 51 15 Pension Plan Asset …continued 6) Principal actuarial assumptions at the reporting date (expressed as weighted averages): 2024 2023 Discount rate at end of year 8.25% 8.25% Expected return on plan assets at end of year 8.25% 8.25% Future salary increases 6.75% 6.75% Future pension increases 1.75% 1.75% Future changes in NIS ceiling 4.25% 4.25% Proportion of employees opting for early retirement 0.00% 0.00% Termination of active members 0.00% - 11.25% 0.00% - 11.25% Future expenses 0.00% 0.00% At March 31, 2024, the weighted-average duration of the defined benefit obligation was 18.29 (2023 - 19.03) years. 7) Sensitivity analysis on projected benefit obligation: Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: Increase Decrease Discount rate (1% movement) (2,234,510) 2,914,638 Future salary growth (0.5% movement) 972,655 (883,717) As mortality continues to improve, estimates of life expectancy are expected to increase. The effect on the projected benefit obligation of an increase of one year in the life expectancy is approximately $357,762 (2023 - $340,033). 16 Other Assets Other assets are comprised of the following: Notes 2024 $ 2023 $ Accounts receivable 23,570,263 21,879,423 Prepaid employee benefit 19 2,337,666 432,119 Prepaid expenses 4,324,538 3,124,425 Premiums receivable – 368,064 Other assets re Goodwill Group 28 39,786 39,786 30,272,253 25,843,817

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