Non-Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2016 71 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 55 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: 2016 2015 Carrying Carrying Amount Fair Value Amount Fair Value Assets Cash resources $ 102,162,229 102,162,229 93,772,722 93,772,722 Financial investments – Held-to-maturity 29,074,183 29,074,183 25,838,462 25,838,462 – Available-for-sale 2,279,438 2,279,438 1,887,522 1,887,522 Loans and advances 817,838,770 821,034,899 746,496,939 748,817,106 Due from related companies 17,307,614 17,307,614 17,425,274 17,425,274 Other assets 5,112,570 5,112,570 3,937,049 3,937,049 $ 973,774,804 976,970,933 889,357,968 891,678,135 Liabilities Deposits $ 862,899,691 932,725,605 775,116,285 854,933,669 Loans payable 22,283,315 22,283,315 33,445,132 33,445,132 Reimbursable shares 7,165,090 7,165,090 6,700,221 6,700,221 Other liabilities 8,558,025 8,558,025 7,418,620 7,418,620 $ 900,906,121 970,732,035 822,680,258 902,497,642