133 CONSOLIDATED FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 93 26 Fair Value …continued Determination of fair value and fair value hierarchy …continued 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. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. The following table presents the Group’s financial instruments that are measured at fair value. 2024 Level 1 $ Level 2 $ Level 3 $ Total balance $ Investment securities Equity securities - FVOCI - quoted 263,436 940,000 – 1,203,436 - FVOCI - unquoted – – 2,912,553 2,912,553 Debt securities - FVTPL – – 10,059,452 10,059,452 263,436 940,000 12,972,005 14,175,441 2023 Level 1 $ Level 2 $ Level 3 $ Total balance $ Investment securities Equity securities - FVOCI - quoted 340,770 890,000 – 1,230,770 - FVOCI - unquoted – – 2,847,777 2,847,777 Debt securities - FVTPL – – 10,000,000 10,000,000 340,770 890,000 12,847,777 14,078,547
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