BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
73
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
57
25. Fair Value,
continued
The following table shows a reconciliation of all movements in the fair value of financial investments
categorised within Level 1 between the beginning and end of the reporting period.
2016
2015
Balance - beginning of year
$
1,205,000
1,290,000
Unrealised gain (loss)
320,000
(85,000)
Balance - end of year
$ 1,525,000
1,205,000
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.
2016
2015
Balance - beginning of year
$
682,522
664,348
Purchases
71,916
18,174
Balance - end of year
$
754,438
682,522
There were no transfers in or out of Level 3 during the year ended March 31, 2016 (2015 - nil).
The financial investments classified as Level 3 securities are carried at cost as fair value cannot be
reliably estimated. Therefore no significant unobservable inputs have been considered in determining
its value. The application of sensitivity analysis is therefore not relevant.
26. Capital Management
The Credit Union’s objectives when managing capital, which is a broader concept than the ‘equity’ on
the face of the statement of financial position, are:
•
To comply with the capital requirements set by the regulators of financial institutions where the
Credit Union operates;
•
To safeguard the Credit Union’s ability to continue as a going concern so that it can continue to
provide returns to its shareholders and benefits to other stakeholders; and
•
To maintain a strong capital base to support the development of its business.
