Consolidated Annual Report 2015

71 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 60 26. Fair Value Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is best evidenced by a quoted market price, if one exists. Financial assets and liabilities are carried at amounts, which approximate to their fair value at the statement of financial position date. Fair value estimates are made at a specific point in time, based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. For financial assets and financial liabilities that are liquid or have short term maturity, it is assumed that the carrying amounts approximate their fair value. These include cash resources, other assets and other liabilities. The fair value of debt securities is based on quoted prices where available, or otherwise based on an appropriate yield curve with the same remaining term to maturity. The fair value of loans and advances largely approximates carrying value as the Group's portfolio comprises mainly variable rate loans. The fair value of deposits takes account of certain fixed rate deposits which have been discounted at current interest rates. The fair values of financial assets and liabilities, together with the carrying amounts shown in the statement of financial position are shown in the table below: 2015 2014 Carrying Carrying Amount Fair Value Amount Fair Value Cash resources $ 108,772,406 108,772,406 122,627,943 122,627,943 Financial investments 30,984,462 30,984,462 25,684,726 25,684,726 Loans and advances 906,059,531 908,379,698 825,149,124 827,692,451 Other assets 6,383,058 6,383,058 5,718,238 5,718,238 $ 1,052,199,457 1,054,519,624 979,180,031 981,723,358 2015 2014 Carrying Carrying Amount Fair Value Amount Fair Value Deposits $ 915,311,940 995,662,011 839,051,895 910,928,839 Loans payable 52,034,942 54,354,897 63,966,144 66,123,522 Reimbursable shares 6,700,221 6,700,221 5,351,432 5,351,432 Other liabilities 10,023,497 10,023,497 11,954,059 11,954,059 $ 984,070,600 1,066,740,626 920,323,530 994,357,852