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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
60
26. 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 Group'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:
2015
2014
Carrying
Carrying
Amount
Fair Value
Amount
Fair Value
Cash resources
$ 108,772,406
108,772,406
122,627,943
122,627,943
Financial investments
30,984,462
30,984,462
25,684,726
25,684,726
Loans and advances
906,059,531
908,379,698
825,149,124
827,692,451
Other assets
6,383,058
6,383,058
5,718,238
5,718,238
$ 1,052,199,457
1,054,519,624
979,180,031
981,723,358
2015
2014
Carrying
Carrying
Amount
Fair Value
Amount
Fair Value
Deposits
$ 915,311,940
995,662,011
839,051,895
910,928,839
Loans payable
52,034,942
54,354,897
63,966,144
66,123,522
Reimbursable shares
6,700,221
6,700,221
5,351,432
5,351,432
Other liabilities
10,023,497
10,023,497
11,954,059
11,954,059
$ 984,070,600
1,066,740,626
920,323,530
994,357,852
