Credit Union Annual Report 2021 V2 - Flipbook - Page 68
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2021
6. Fixed assets and Right-of-Use assets (continued)
Set out below are the carrying amounts of lease liabilities and the movements during the period:
2021
Opening balance at August 1, 2020
Additions
Accretion of interest
Payments
Closing balance at July 31, 2021
$
$
56,318
54,874
5,794
(34,436)
82,550
2020
$
$
–
62,501
2,480
(8,663)
56,318
As of July 31, 2021, total gross carrying amount of fully depreciated fixed assets still in use is at $1,685,330 (2020:
$1,815,553).
7. Investment property
During the year ended December 31, 1999, at two separate Special General Meetings the membership approved both an
amendment of the Credit Union Rules (the “Rules”) to allow for the investment of funds in real estate and the purchase
of two parcels (at a cost of $1,175,870) of land adjoining the Credit Union’s current premises at 58 Huldah Ave. The
Cayman Islands Government completed a road widening project on Smith Road in 2017 and this resulted in the Credit
Union having to sell a small portion of this property. The Credit Union received $24,289 for the property recorded at
cost of $4,196 (net of impairment) which resulted in a gain of $20,093 in the year 2017. As of July 31, 2021, this property
was valued at $3,944,000 (2020: $3,946,000).
During the year ended July 31, 2005, the Credit Union purchased land in Cayman Brac at a cost of $126,308. This land
was valued based on market data, by an independent appraiser with a relevant and recognized professional qualification
as of July 20, 2021 at $190,000 (2020: $182,000).
During the year ended July 31, 2010, the Credit Union purchased additional land on Smith Road, Grand Cayman, at a
total cost (including acquisition costs) of $455,297. A building that was situated on the property was demolished during
the year ended July 31, 2012, leading to the fall in value of the property and as a result an impairment loss of $215,297
was recognized in the Statement of Comprehensive Income for the year ended July 31, 2012. As of July 20, 2018, this
property was valued at $229,000, as a result an impairment loss of $11,000 has been recognized in the Statement of
Comprehensive Income for the year 2017. The Cayman Islands Government completed a road widening project
on Smith Road in 2017 and this resulted in the Credit Union having to sell a small portion of this property. The Credit
Union received $10,542 for the property recorded at cost of $10,286 (net of impairment) which resulted in a gain of $255.
As at July 31, 2021, this property was valued at $366,000 (2020: $364,000).
During the year ended July 31, 2014, the Credit Union purchased land on Huldah Avenue for $376,401. This land
was valued based on market data, by an independent appraiser with a relevant and recognized professional
qualification as of May 3, 2015, at $316,000, as a result an impairment loss of $60,401 has been recognized in the
Statement of Comprehensive Income for the year 2015. As at July 31, 2021, this property was valued at $632,000
(2020: $505,000).
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