Credit Union Annual Report 2021 V2 - Flipbook - Page 69
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2021
7. Investment property (continued)
In accordance with IAS 40 Revised “Investment Property”, management have determined it appropriate to account for
these investments in land at cost less impairment, as the land is currently being held for an ‘undetermined future use’.
Investment Property
2021
2020
Balance, beginning of year
Additions/(Disposals)
Impairment charge
Balance, end of year
$
$
1,833,496
–
–
1,833,496
$
$
1,833,496
–
–
1,833,496
8. Members’ deposits
Members’ deposits comprise the following:
2021
Regular savings
Term deposits
$
$
20,936,002
1,767,629
22,703,631
2020
$
$
21,522,094
2,652,936
24,175,030
Included in members’ deposits are deposits of $167,748 (2020: $247,214) placed by directors, employees and
committee members of the Credit Union (Note 19).
Interest of $57,888 (2020: 95,658) was paid to members holding term deposits during the financial year ended July 31,
2021.
9. Members’ shares
The members’ equity in the Credit Union is unlimited and is divided into shares of a par value of $2 each. The liability
of each member, in case of liquidation, is limited to the value of the shares held by the member at the par value. Per
Article III, Rule 17, the maximum amount of shares which may be held by any one member shall not exceed 3% of
total members’ shares. Unless provided as collateral for loans, money paid in on shares, or instalments of shares,
may be withdrawn in whole or in part on any day when the Credit Union is open for business. However, the Board of
Directors have the right to require a member to give up to six months’ notice of intention to withdraw.
Members’ shares are non-interest bearing but may attract a dividend. Article XIV of the Rules provides that a
dividend may be paid to members out of the net surplus of the Credit Union after the transfer to the Statutory Reserve
(Note 10). However, the Cooperative Societies Act prescribes that the dividend paid to each member may not exceed
six percent per annum on the lowest balance of fully paid shares outstanding during each month (Note 14).
Included in members shares are shares of $5,455,801 (2020: $4,696,909) placed by directors, employees and
committee members of the Credit Union (Note 19).
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