BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
63
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
53
25. 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:
2015
2014
Carrying
Carrying
Amount
Fair Value
Amount
Fair Value
Assets
Cash resources
$ 93,772,722
93,772,722 109,228,502 109,228,502
Financial investments
– Held-to-maturity
25,838,462
25,838,462
20,395,633
20,395,633
– Available-for-sale
1,887,522
1,887,522
1,954,348
1,954,348
Loans and advances
746,496,939 748,817,106 684,331,479 686,874,806
Due from related companies
17,425,274
17,425,274
17,107,462
17,107,462
Other assets
3,937,049 3,937,049 3,124,648 3,124,648
$ 889,357,968 891,678,135 836,142,072 838,685,399
Liabilities
Deposits
$ 775,116,285 854,933,669 721,766,830 793,136,109
Loans payable
33,445,132
33,445,132
43,688,473
43,688,473
Reimbursable shares
6,700,221
6,700,221
5,351,432
5,351,432
Other liabilities
7,418,620 7,418,620 7,967,387 7,967,387
$ 822,680,258 902,497,642 778,774,122 850,143,401
