Credit Union Annual Report 2022 - Flipbook - Page 71
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2022
7. Investment property (continued)
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 y ear 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, 2022, this property was valued at $366,000 (2021: $366,000).
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. During the year ended July 31, 2022, cost of land is
increased by $44,575 due to land improvements to be used for parking. As at July 31, 2022, this property was valued
at $632,000 (2021: $632,000).
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’.
2022
Balance, beginning of year
Additions/(Disposals)
Impairment charge
Balance, end of year
$
$
1,833,496
44,575
–
1,878,071
2021
$
$
1,833,496
–
–
1,833,496
8. Members’ deposits
Members’ deposits comprise the following:
2022
Regular savings
Term deposits
$
$
26,418,900
890,235
27,309,135
2021
$
$
20,936,002
1,767,629
22,703,631
Included in members’ deposits are deposits of $564,182 (2021: $167,748) placed by directors, employees and
committee members of the Credit Union (Note 19).
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