99 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 82 27. Fair Value , continued Level 3 : techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. The following table presents the Group’s financial instruments that are measured at fair value. 2020 Total Level 1 Level 2 Level 3 Balance Investment securities Equity securities - FVOCI - quoted $ 1,637,849 - - 1,637,849 - FVOCI - unquoted $ - - 1,733,807 1,733,807 $ 1,637,849 - 1,733,807 3,371,656 2019 Total Level 1 Level 2 Level 3 balance Investment securities Equity securities - FVOCI - quoted 1,858,693 - - 1,858,693 - FVOCI - unquoted - - 1,203,061 1,203,061 $ 1,858,693 - 1,203,061 3,061,754 The following table below shows a reconciliation of all movements in the fair value of financial investments categorised within Level 3 between the beginning and end of the reporting period. 2020 2019 Balance - beginning of year $ 1,203,061 1,096,644 Unrealised gain 506,356 - Purchases 24,390 106,417 Balance – end of year $ 1,733,807 1,203,061 There were no transfers in or out of Level 3 during the year ended March 31, 2020 (2019: NIL). The financial investments classified as Level 3 securities are carried at cost as fair value cannot be reliably estimated. Therefore no significant unobservable inputs have been considered in determining its value. The application of sensitivity analysis is therefore not relevant.
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