112 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 85 24 Fair value …continued 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, financial instruments, 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: 2023 2022 Carrying amount $ Fair value $ Carrying amount $ Fair value $ Assets Cash resources 435,708,442 435,708,442 419,998,157 419,998,157 Financial investments - Amortised cost 21,690,419 21,690,419 23,689,806 23,689,806 - FVTPL 10,000,000 10,000,000 – – - FVOCI - quoted 890,000 890,000 890,000 890,000 - FVOCI - unquoted 2,040,336 2,040,336 1,770,000 1,770,000 Loans and advances 1,146,391,297 1,146,529,874 1,114,979,587 1,116,997,717 Due from related companies 24,591,178 24,591,178 26,040,952 26,040,952 Other assets 14,600,031 14,600,031 13,599,421 13,599,421 1,655,911,703 1,656,050,280 1,600,967,923 1,602,986,053 Liabilities Deposits 1,500,898,805 1,565,412,953 1,453,146,065 1,518,428,985 Reimbursable shares 22,725,836 22,725,836 20,756,626 20,756,626 Other liabilities 11,427,770 11,427,770 14,900,889 14,900,889 1,535,052,411 1,599,566,559 1,488,803,580 1,554,086,500
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