Credit Union Annual Report 2022 - Flipbook - Page 70
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2022
6. Fixed assets and Right-of-Use assets (continued)
Included in depreciation of Computer Equipment of $102,027 is $20,656, which is claimed against Information
Technology Fund.
Included in depreciation of Computer Software of $61,936 is $46,788, which is claimed against Information Technology
Fund.
Included in additions to right of use assets are an advance payment of $28,467 for the new lease agreement entered
in June 2022 for Credit Union’s new branch in Savannah and a remeasurement of lease liability by $30,205 for leased
premises for its storage due to increase in monthly rental expenses from $2,448 to $2,616 effective from December 1,
2021.
Set out below are the carrying amounts of lease liabilities and the movements during the period:
2022
Opening balance at August 1, 2021
Additions
Accretion of interest
Payments
Closing balance at July 31, 2022
$
$
2021
82,550
30,205
5,903
(44,230)
74,428
$
$
56,318
54,874
5,794
(34,436)
82,550
As of July 31, 2022, total gross carrying amount of fully depreciated fixed assets still in use is at $2,093,357
(2021: $1,685,330).
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, 2022, this property
was valued at $3,944,000(2021: $3,944,000).
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, 2022, at $190,000 (2021: $190,000).
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