Credit Union Annual Report 2021 V2 - Flipbook - Page 85
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2021
26. Accounts payable and accrued expenses
The Credit Union regular accounts payable for 2021 was recorded at $1,072,589 (2020: $1,110,665). Additionally,
amounts were accrued for staff training and scholarships in the amount of $302,803. Also recorded as an accrued expense
for 2021 are unposted incoming member funds of $139,950 awaiting outstanding documentation for posting.
27. Contingent liabilities
The Credit Union is intermittently involved in a number of claims or potential claims arising from its operations. Where
appropriate, management establishes provisions after taking into consideration the advice of attorneys and other
specialists. It is management’s policy to rigorously assert its position in such cases. Management has assessed that there
is no requirement for a provision for year ending July 31, 2021 and 2020.
28. Taxation
The Cayman Islands Government does not currently levy taxes on income or capital gains; consequently, no tax liability
or expense has been recorded in these financial statements.
29. Subsequent events
During the September 30, 2021, the Board of Directors recommended a dividend payment of 2.1% which is subject to
approval at the Annual General Meeting in November 2021.
The Credit Union has been granted planning approval to begin construction of a development project consisting of a
30,000 sq ft commercial building and approximately 63 townhomes for sale. Ground-breaking is expected in early 2022.
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