Non-Consolidated Annual Report 2018

78 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 63 24. 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, due from related company, other assets, other liabilities and reimbursable shares. 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: 2018 2017 Carrying Carrying Amount Fair Value Amount Fair Value Assets Cash resources $ 135,632,287 135,632,287 94,019,618 94,019,618 Financial investments – Held-to-maturity 25,993,354 25,993,354 28,536,207 28,536,207 – Available-for-sale 2,248,079 2,248,079 2,542,159 2,542,159 Loans and advances 958,067,067 960,977,243 900,439,540 903,648,271 Due from related companies 18,632,116 18,632,116 20,438,323 20,438,323 Other assets 8,794,808 8,794,808 5,544,754 5,544,754 $ 1,149,367,711 1,152,277,887 1,051,520,601 1,054,729,332 Liabilities Deposits $ 1,055,847,259 1,134,921,320 956,135,197 1,026,432,170 Loans payable - - 5,317,376 5,317,376 Reimbursable shares 9,761,121 9,761,121 7,875,475 7,875,475 Other liabilities 10,085,442 10,085,442 8,381,530 8,381,530 $ 1,075,693,822 1,154,767,883 977,709,578 1,048,006,551