127 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 97 26. Fair Value, continued The fair values of financial assets and liabilities, together with the carrying amounts shown in the consolidated statement of financial position are shown in the table below: 2022 2021 Carrying Carrying Amount Fair Value Amount Fair Value Assets Cash resources $ 408,398,711 408,398,711 381,844,691 381,844,691 Financial investments – Amortized cost 28,134,472 28,134,472 27,813,739 27,813,739 – FVOCI 3,858,833 3,858,833 4,138,502 4,138,502 Loans and advances 1,398,822,369 1,396,804,239 1,330,140,118 1,327,804,922 Other assets 20,036,683 20,036,683 14,600,484 14,600,484 $ 1,859,251,068 1,857,232,938 1,758,537,534 1,756,202,338 Liabilities Deposits $ 1,699,398,957 1,764,681,876 1,616,271,520 1,687,425,891 Loan payable 1,277,297 1,277,297 1,317,476 1,317,476 Reimbursable shares 20,756,626 20,756,626 14,702,164 14,702,164 Other liabilities 24,013,302 24,013,302 21,126,864 21,126,864 $ 1,745,446,182 1,810,729,101 1,653,418,024 1,724,572,395 Determination of fair value and fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. The fair value of financial instruments traded in active markets is based on quoted market prices at the statement of financial position date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry Group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price, these instruments are included in Level 1.
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