2023 Annual Report - Flipbook - Page 19
19 Credit Union Annual Report 2023
Pro昀椀t
Summarised Consolidated
Financial Statements
Financial Position
(KYD as at 31 July)
Assets
(KYD as at 31 July)
2023
2022
133,764,884
135,523,312
2,516,458
3,072,188
Mortgage & personal loans & int rec. net of loss provision
423,500,421
362,058,603
Other assets
10,456,644
9,476,873
Total assets
570,238,407
510,130,976
Cash and 昀椀xed deposits
Securities at fair value through pro昀椀t & loss
Comprehensive Income
2023
2022
Interest income
26,937,890
197,032,010
Interest expense
-228,220
-60,028
26,709,670
19,643,182
-128,888
-167,692
26,580,782
19,475,490
Change in unrealised loss of securities
-696,518
162,850
Other non-interest income
1,504,583
1,149,823
808,065
1,312,673
Net interest income
Increase in provision for loan losses and interest receivables
Net interest income after provision for loan losses
Non-interest income
Liabilities & Reserves
Member deposits and shares
484,830,469
463,877,671
Non-member deposits
31,720,758
-
Other liabilities
2,837,903
2,138,957
Non-interest expenses
Members’ reserves
50,849,277
44,114,348
Salaries and other personal loans
7,562,934
6,102,548
Total liabilities and reserves
570,238,407
510,130,976
General and administrative
1,236,390
878,702
Other non-interest expense
1,874,938
1,556,992
Total non-interest expenses
10,674,262
8,538,242
Net income for the year
16,714,585
12,249,921
Note 1 Basis of preparation
These summarised consolidated 昀椀nancial statements are derived from the audited consolidated 昀椀nancial
statements, prepared in accordance with International Financial Reporting Standards (IFRS) under the
historical cost basis, except for the 昀椀nancial assets at fair value through pro昀椀t or loss that have been measured
at fair value. The preparation of 昀椀nancial statements in conformity with IFRS requires the use of certain critical
accounting estimates. These audited consolidated 昀椀nancial statements were approved by the Board of
Directors on 26 October 2023 and signed by the Chairman and Treasurer on 27 October 2023. Members may
obtain a free set of our Credit Union’s consolidated 昀椀nancial statements with accompanying notes by visiting
our website at www.creditunion.ky.
Total non-interest income