Page 75 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
23. Retirement benefit obligations, continued
Plan assets comprised:
Cash and cash equivalents Accounts receivable
At March 31
The movement in the fair value of Plan assets for the year was as follows:
2013 2012
US$ – 556 – 3,512
US$ – 4,068
At April 1
Benefits paid
Expected return on Plan assets
At March 31
2013 2012
US$ – 1,351,234 – (1,345,583) – (1,583)
US$ – 4,068
The amount recognised in the statement of income, expenses and reserves was determined as follows:
Interest cost US$
2013 2012
– 7,086 – 1,583
Expected return on plan assets
24. Related party balances and transactions
US$ – 8,669
The following are transactions and balances with TCI Bank and TCIG, related parties by virtue of significant influence and common directors, including transactions with key management personnel, which are not separately disclosed elsewhere in these financial statements.
TCI Bank transactions
Repayment of debenture loan
Collection of long-term deposits with interest Interest recognised on debenture loan
Legal fees charged to the liquidator Liquidator’s cost regarding debenture loan
2013 2012
US$ 5,500,000 – US$ 3,511,002 – US$ 946,373 – US$ 78,000 – US$ – 300,000
2013 & 2014 ANNUAL REPORT | 71 50