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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2014
(Expressed in Barbados dollars)
54
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, other assets and
other liabilities. 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:
2014
2013
Carrying
Carrying
Amount
Fair Value
Amount
Fair Value
Assets
Cash resources
$ 109,228,502 109,228,502 110,240,420 110,240,420
Financial investments
– Held to maturity
20,395,633
20,395,633
16,377,955
16,377,955
– Available-for-sale
1,954,348
1,954,348
1,854,710
1,854,710
Loans and advances
684,331,479 684,331,479 651,867,950 651,867,950
Due from related companies
17,107,462
17,107,462
13,034,575
13,034,575
Other assets
3,124,648 3,124,648 2,933,768 2,933,768
$ 836,142,072 836,142,072 796,309,378 796,309,378
Liabilities
Deposits
$ 721,766,830 793,136,109 672,403,345 733,106,794
Loans payable
43,688,473
43,688,473
55,432,374
55,432,374
Reimbursable shares
5,351,432
5,351,432
5,726,048
5,726,048
Other liabilities
7,967,387 7,967,387 4,215,566 4,215,566
$ 778,774,122 850,143,401 737,777,333 798,480,782
