125 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 93 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: 2023 2022 Carrying amount $ Fair value $ Carrying amount $ Fair value $ Assets Cash resources 392,757,131 392,757,131 408,398,711 408,398,711 Financial investments - Amortised cost 25,976,895 25,976,895 28,134,472 28,134,472 - FVOCI 14,078,547 14,078,547 3,858,833 3,858,333 Loans and advances 1,425,340,699 1,425,202,122 1,398,822,369 1,396,804,239 Other assets 22,287,272 22,287,272 20,036,683 20,036,683 1,880,440,544 1,880,301,967 1,859,251,068 1,857,232,438 Liabilities Deposits 1,712,182,586 1,776,696,734 1,699,398,957 1,764,681,876 Loan payable 1,232,484 1,232,484 1,277,297 1,277,297 Reimbursable shares 22,725,836 22,725,836 20,756,626 20,756,626 Other liabilities 20,795,751 20,795,751 24,013,302 24,013,302 1,756,936,657 1,821,450,805 1,745,446,182 1,810,729,101 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 consolidated 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. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
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