115 SEPARATE FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2024 (expressed in Barbados dollars) 81 24 Fair value Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is best evidenced by a quoted market price, if one exists. Financial assets and liabilities are carried at amounts, which approximate to their fair value at the statement of financial position date. Fair value estimates are made at a specific point in time, based on market conditions and information about the financial instrument. 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: 2024 2023 Carrying amount $ Fair value $ Carrying amount $ Fair value $ Assets Cash resources 448,504,688 448,504,688 435,708,442 435,708,442 Financial investments - Amortised cost 61,925,665 61,925,665 21,690,419 21,690,419 - FVTPL 10,059,452 10,059,542 10,000,000 10,000,000 - FVOCI - quoted 940,000 940,000 890,000 890,000 - FVOCI - unquoted 2,105,116 2,105,116 2,040,336 2,040,336 Loans and advances 1,131,733,122 1,134,416,887 1,146,391,297 1,146,529,874 Due from related companies 23,078,262 23,078,262 24,591,178 24,591,178 Other assets 14,363,264 14,363,264 14,600,031 14,600,031 1,692,709,569 1,695,393,424 1,655,911,703 1,656,050,280 Liabilities Deposits 1,524,797,065 1,588,420,521 1,500,898,805 1,565,412,953 Reimbursable shares 27,361,694 27,361,694 22,725,836 22,725,836 Other liabilities 14,347,240 14,347,240 11,427,770 11,427,770 1,566,505,999 1,630,129,455 1,535,052,411 1,599,566,559
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