Credit Union Annual Report 2021 V2 - Flipbook - Page 41
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
STATEMENT OF CASH FLOWS
(Expressed in Cayman Islands Dollars)
Cash flows from operating activities
Dividends received
Interest received
Interest paid
Interest on lease liabilities
Loan originations, net of principal collected on loans to members
Recoveries on loans previously written off
Net increase in members’ shares
Net (decrease)/increase in members’ deposits
Cash payments for non-interest expenses
Fees, premium refunds and charges received
Service fees – cash advances
Fixed deposit placements, original terms greater than 3 months
Net cash flows (used in)/ provided by operations
Year Ended July 31
2021
2020
$
Cash flows from investing activities
Purchase of fixed assets (Note 6)
Proceeds from sale of repossessed collateral (Note 5)
Net cash flows used in investing activities
Cash flows from financing activities
Payment of lease liabilities
Net cash flows used in financing activities
4,014
20,895,600
(74,658)
(5,794)
(32,195,955)
77,291
49,498,689
(1,471,400)
(8,478,321)
693,786
267,620
(55,770,353)
(26,559,481)
$
2,007
14,499,066
(78,102)
(2,480)
(28,341,630)
66,131
64,325,320
10,037,416
(6,851,995)
147,048
338,902
5,185,380
59,327,063
(796,841)
135,800
(661,041)
(173,756)
–
(173,756)
(28,642)
(28,642)
(6,183)
(6,183)
Net increase (decrease) in cash and cash equivalents
(27,249,164)
59,147,124
Cash and cash equivalents, beginning of year
103,946,669
44,799,545
Cash and cash equivalents, end of year
76,697,505
103,946,669
Cash and cash equivalents include:
Cash on hand and at bank (Note 3)
Fixed deposits (original term less than 3 months) (Note 3)
46,060,135
30,637,370
50,996,069
52,950,600
76,697,505
$ 103,946,669
$
Investment of dividend income (Note 4)
Increase/(decrease) in fair value of securities (Note 4)
(121,824)
(116,518)
44,266
(231,746)
Dividends on members shares of $7,744,226 (2020: $8,871,432) (Note 14) are credited directly to members’ shares
accounts. Loan interest rebate on members loans of $350,000 (2020: $363,059) (Note 15) are credited directly to
member’s shares. Repossessed collateral held for sale has been listed as an asset in the amount of $403,315 (Note 5).
The accompanying notes are an integral part of these financial statements.
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