87 CONSOLIDATED FINANCIAL STATEMENTS 2025 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2025 (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: 2025 $ 2024 $ Asset, beginning of year 3,250,102 3,115,674 Contributions paid 910,296 852,615 Pension expense recognised in the consolidated statement of income (483,073) (395,770) Re-measurement recognised in other comprehensive income (486,868) (322,416) Asset, end of year 3,190,457 3,250,103 3) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2025 $ 2024 $ Obligation, beginning of the year 15,008,779 13,958,780 Interest cost 1,294,216 1,175,680 Current service cost 699,239 606,362 Employees’ contributions 215,652 194,781 Past service cost – – Benefits paid (406,171) (964,523) Actuarial gains/(losses) arising from experience adjustments (547,475) 37,699 Obligation, end of year 16,264,240 15,008,779 i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2025 $ 2024 $ Opening fair value of plan assets 18,258,882 17,074,454 Actual return 500,689 1,126,322 Employer’s contributions 910,296 852,615 Employees’ contributions 215,652 194,781 Benefits paid (406,171) (964,523) Administrative expenses (24,651) (24,767) Closing fair value of plan assets 19,454,697 18,258,882
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