81 CONSOLIDATED FINANCIAL STATEMENTS 2026 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2026 (expressed in Barbados dollars) 49 14 Property and Equipment …continued Maturities of Leases Maturities of lease liabilities on an undiscounted basis as of March 31, 2025 and 2026 are presented below along with the current and non-current lease liabilities on a discounted basis. 2026 $ 2025 $ Within 1 year 467,163 1,189,460 Within 1 - 5 years 941,816 2,800,238 Total future payments on an undiscounted basis 1,408,979 3,989,698 Less: Present value discount (106,293) (427,259) Present value of lease liabilities 1,302,686 3,562,439 Current portion 414,577 1,235,893 Non-current portion 888,109 2,326,546 Weighted-average remaining lease term (in years) 2 years 2 years Weighted-average discount rate 4.95% 4.95% Lease liability is presented as part of ‘Other Liabilities’ in Note 18. 15 Pension Plan Asset The Group participates in a defined benefit pension plan operated by a reputable insurance provider. The pension plan is jointly funded by payments from the Group and certain employees, taking-into account the recommendations of independent qualified actuaries. The Actuary periodically (at least every three years) evaluates the financial position of the Plan and recommends the future contribution rate for the Group. The last full actuarial valuation of the pension plan for eligible employees was carried out as at April 1, 2024. The next full review will be performed as at April 1, 2027. In a Defined Benefit Pension Plan the employees’ entitlement is determined by a formula based on their years of pensionable service and pensionable salary. It is typical for the employees’ benefit to be integrated with the retirement benefits provided by the National Insurance. The contribution rate paid by the employee is fixed and the Credit Union pays the balance of the ultimate cost of the benefits. The Credit Union is expected to pay $1,043,811 in contributions to its defined benefit plan in 2027 (2026 - $964,138).
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