Credit Union Annual Report 2021 V2 - Flipbook - Page 40
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
STATEMENT OF CHANGES IN RESERVES
(Expressed in Cayman Islands Dollars)
Statutory
Reserve &
Permanent
Shares
Balance at August 1, 2019
Information
Technology
Fund
$ 25,792,184 $
904,974 $
–
Net income for the year
Transfer to Statutory Reserve
(Note 10)
Development Undistributed
Fund
Surplus
2,112,572
627,904 $
–
–
–
–
Total
Reserves
9,817,226 $ 37,142,288
10,562,859
(2,112,572)
10,562,859
–
Scholarship grants (Note 13)
–
–
–
(300,000)
(300,000)
Training (Note 13)
–
–
–
(311,947)
(311,947)
Dividends 2019 (Note 14)
–
–
–
(8,871,432)
(8,871,432)
Permanent shares 2019 (Note 10)
333,850
–
–
(333,850)
Permanent shares 2020 (Note 10)
19,200
–
–
–
19,200
Entrance fees (Note 10)
15,510
–
–
–
15,510
Balance at July 31, 2020
$ 28,273,316 $
904,974 $
Net income for the year
$
– $
– $
Transfer to Statutory Reserve
(Note 10)
–
2,125,177
627,904 $
–
8,450,284 $ 38,256,478
– $ 10,625,884 $ 10,625,884
–
(2,125,177)
–
Scholarship grants (Note 13)
–
–
–
(200,000)
(200,000)
Training (Note 13)
–
–
–
(102,803)
(102,803)
Dividends 2020 (Note 14)
–
–
–
(8,147,484)
(8,147,484)
Permanent shares 2021 (Note 10)
42,900
–
–
–
42,900
Entrance fees (Note 10)
16,060
–
–
–
16,060
Balance at July 31, 2021
$ 30,457,453 $
904,974 $
627,904 $
8,500,704 $ 40,491,035
The accompanying notes are an integral part of these financial statements.
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