132 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 92 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: 2024 2023 Carrying amount $ Fair value $ Carrying amount $ Fair value $ Assets Cash resources 424,387,613 491,867,107 392,757,131 392,757,131 Financial investments - Amortised cost 38,231,138 38,231,138 25,976,895 25,976,895 - FVOCI 4,115,989 4,115,989 4,078,547 4,078,547 - FVPL 10,059,452 10,059,452 10,000,000 10,000,000 Loans and advances 1,394,550,074 1,396,572,744 1,425,340,699 1,425,202,122 Other assets 23,610,049 23,610,049 22,287,272 22,287,272 1,894,954,315 1,964,456,479 1,880,440,544 1,880,301,967 Liabilities Deposits 1,714,654,105 1,773,037,343 1,712,182,586 1,776,696,734 Loan payable 1,181,900 1,181,900 1,232,484 1,232,484 Reimbursable shares 27,361,694 27,361,694 22,725,836 22,725,836 Other liabilities 21,779,470 21,779,470 20,795,751 20,795,751 1,764,977,169 1,823,360,407 1,756,936,657 1,821,450,805 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.
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