Credit Union Annual Report 2021 V2 - Flipbook - Page 57
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2021
4. Securities at fair value through the profit or loss
The Credit Union’s investments are carried at fair value through profit or loss as described in Note 2.
The Credit Union ranks its investment securities based on the hierarchy of valuation techniques required by IFRS,
which is determined based on whether the inputs to those valuation techniques are observable or unobservable.
Observable inputs reflect market data obtained from independent sources; unobservable inputs reflect the Credit
Union’s market assumptions. These two types of inputs lead to the following fair value hierarchy:
Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Credit
Union has the ability to access at the measurement date;
Level 2: Inputs other than quoted prices that is observable for the asset or liability either directly or indirectly,
including inputs in markets that are not considered to be active;
Level 3: Inputs that are unobservable.
The investment in securities as at July 31, 2021 and 2020, are as follows:
2021
Level 2
Caribbean Utilities Company, Ltd.
Cayman National Corporation, Ltd.
$
$
2020
2,637,784
143,989
2,781,773
$
$
2,565,710
138,505
2,704,215
There were no transfers between levels during the year.
On an annual basis the investment in the Caribbean Utilities Company Ltd declares and pays dividends. Credit
Union’s dividends are automatically reinvested. In 2021 the reinvestment of dividend income was $121,824 (2020:
$116,518).
2021
Level 2
Opening balance at August 1
Additions
Sale of Investment
Change in unrealized loss
Closing balance at July 31
$
2020
2,704,215
121,824
$
–
$
- 22 -
(44,266)
2,781,773
2,819,443
116,518
–
$
(231,746)
2,704,215