134 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) 94 26 Fair Value …continued The following table 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. 2024 $ 2023 $ Balance - beginning of year 12,847,777 2,577,438 Unrealised gain/(loss) 124,228 (39,081) Purchases – 10,309,420 Balance - end of year 12,972,005 12,847,777 There were no transfers in or out of Level 3 during the year ended March 31, 2024 (2023 - Nil). Significant unobservable inputs that have been considered in determining the fair value of Level 3 securities are as follows: Valuation technique Significant unobservable inputs Inter-relationship between key unobservable inputs and fair value measurement 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. • Shareholding percentage • Net assets • Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) • Earnings Before Interest and Tax (EBIT) • Revenue • Net assets • Shareholding percentage 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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