Credit Union Annual Report 2021 V2 - Flipbook - Page 83
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2021
22. Financial risk management (continued)
July 31, 2020
Under Six
Months
Cash inflows
Cash on hand and at bank $ 49,458,665
Fixed deposits
52,950,600
Securities at fair value
through P&L
–
Mortgages and personal
loans
29,257,893
$ 131,667,158
Cash outflows
Accounts payable and
accrued expenses
Members’ shares
Members’ deposits:
- Regular savings
- Term deposits
$
1,700,261
272,380,678
Six Months
to One Year
$
–
1,262,878
–
–
$
Five Years to
Ten Years
$
–
–
Over
Ten Years
$
Non-Fixed
Maturity
–
–
–
–
–
–
22,163,796
$ 23,426,674
132,733,442
$ 132,733,442
111,434,884
$ 111,434,884
141,882,433
$ 141,882,433
$
–
3,810,676
$
–
2,252,399
$ 26,481,412
21,522,094
205,098
$ 295,808,131
$
–
221,031
4,031,707
Off-balance sheet cash
outflows
Loan commitments
$
$
–
Net exposure
$ (184,187,287) $ 19,394,967
20,046,314
One Year to
Four Years
–
24,229,013
–
$
$ 106,252,030
$
–
19,196,471
–
–
$ 19,196,471
$
–
$ 92,238,413
$
–
26,639,690
$
$
$
Total
1,537,404
–
$ 50,996,069
54,213,478
2,704,215
2,704,215
–
4,241,619
437,472,448
$ 545,386,210
–
–
$
21,522,094
2,678,528
$ 372,157,411
1,700,261
346,256,528
–
–
$ 26,639,690
$
–
–
–
–
$
–
$ 20,046,314
$ 115,242,743
$
4,241,619
$ 153,182,485
$
23. Financial instruments and other – fair values
Fair values approximate amounts at which financial assets and liabilities could be exchanged between willing parties
and are determined using judgement and after consideration of uncertainties. Therefore, the aggregate fair value
amounts should not be interpreted as being realizable in an immediate settlement of the instruments.
The main assumptions and valuation techniques used at arriving at fair values are outlined below.
The carrying value of cash and cash equivalents approximates their carrying value as they are placed for periods of
three months or less. Securities at fair value through profit and loss are held at market value on the Statement of
Financial Position. Mortgage and personal loans are at fixed rates of interest. The directors consider that the carrying
value of loans approximate fair value as the fixed interest rates on these loans approximate current market rates, and due
to the inherent characteristics of the loan book and the linkage of certain members shares which act as collateral against
those members’ loans. However, the lack of any formal secondary market for these types of assets means that in
practice, it may not be feasible to liquidate or exchange such assets for consideration which approximates carrying
value.
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