Separate Annual Report 2021

107 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 88 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 companies, 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: 2021 2020 Carrying Carrying Amount Fair Value Amount Fair Value Assets Cash resources $ 387,713,465 387,713,465 294,902,050 294,902,050 Financial investments – Amortized cost 23,643,897 23,643,897 18,236,072 18,236,072 – FVOCI - quoted 890,000 890,000 1,550,000 1,550,000 – FVOCI - unquoted 1,581,253 1,581,253 1,415,242 1,415,242 Loans and advances 1,054,665,219 1,052,330,023 1,046,080,071 1,043,778,177 Due from related companies 28,443,289 28,443,289 28,746,549 28,746,549 Other assets 10,433,278 10,433,278 12,122,951 12,122,951 $ 1,507,370,401 1,505,035,205 1,403,052,935 1,400,751,041 Liabilities Deposits $ 1,374,306,216 1,445,460,588 1,279,597,696 1,354,373,012 Reimbursable shares 14,702,164 14,702,164 13,229,324 13,229,324 Other liabilities 15,003,210 15,003,210 10,921,705 10,921,705 $ 1,404,011,590 1,475,165,962 1,303,748,725 1,378,524,041