Non-Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2015 63 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 53 25. 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 Credit Union'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 Assets Cash resources $ 93,772,722 93,772,722 109,228,502 109,228,502 Financial investments – Held-to-maturity 25,838,462 25,838,462 20,395,633 20,395,633 – Available-for-sale 1,887,522 1,887,522 1,954,348 1,954,348 Loans and advances 746,496,939 748,817,106 684,331,479 686,874,806 Due from related companies 17,425,274 17,425,274 17,107,462 17,107,462 Other assets 3,937,049 3,937,049 3,124,648 3,124,648 $ 889,357,968 891,678,135 836,142,072 838,685,399 Liabilities Deposits $ 775,116,285 854,933,669 721,766,830 793,136,109 Loans payable 33,445,132 33,445,132 43,688,473 43,688,473 Reimbursable shares 6,700,221 6,700,221 5,351,432 5,351,432 Other liabilities 7,418,620 7,418,620 7,967,387 7,967,387 $ 822,680,258 902,497,642 778,774,122 850,143,401