129 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) 99 26. Fair Value, continued 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. 2022 2021 Balance - beginning of year $ 2,919,226 1,733,807 Unrealised (loss) gain (383,788) 1,160,569 Purchases 42,000 24,850 Balance - end of year $ 2,577,438 2,919,226 There were no transfers in or out of Level 3 during the year ended March 31, 2022 (2021: NIL). Significant unobservable inputs that have been considered in determining the fair value of Level 3 securities are as follows: Valuation techniques A market based approach with multiple comparable company valuations. In concluding using this approach, a median of the various market based multiples was considered. These multiples included the price to book value multiple, price to earnings multiple, EBITDA multiple, EBIT multiple and revenue multiple. Asset based approach with discounts applied where prudent, with subsequent consideration of the Company’s shareholding Significant unobservable inputs Shareholding percentage Net assets Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) Earnings Before Interest and Tax (EBIT) Revenue Net assets Shareholding percentage Inter-relationship between key unobservable inputs and fair value measurement The estimated fair value would increase/(decrease) if: Shareholding increases/(decreases) Net assets were higher/(lower) EBITDA was higher/(lower) EBIT was higher/(lower) Revenue was higher/(lower) The estimated fair value would increase/(decrease) if: Net assets were higher/(lower) Shareholding increases/(decreases)
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