Credit Union Annual Report 2022 - Flipbook - Page 42
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 July 31, 2020
Information
Technology
Fund
$ 28,273,316 $
Net income for the year
Development Undistributed
Fund
Surplus
904,974 $
627,904 $
Total
Reserves
8,450,284 $ 38,256,478
–
–
–
10,625,884
2,125,177
–
–
–
–
–
(2,125,177)
(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
Transfer to Statutory Reserve
(Note 10)
Scholarship grants (Note 13)
Balance at July 31, 2021
$ 30,457,453 $
Net income for the year
$
Transfer to Statutory Reserve
(Note 10)
904,974 $
– $
2,449,984
627,904 $
10,625,884
8,500,704 $ 40,491,035
– $
– $ 12,249,921 $ 12,249,921
—
–
(2,449,984)
—
Scholarship grants (Note 13)
–
–
–
(300,000)
(300,000)
Benevolent Fund (Note 17)
–
–
–
(250,000)
(250,000)
Training (Note 13)
–
–
–
(206,482)
(206,482)
Dividends 2021 (Note 14)
–
–
–
(7,744,278)
(7,744,278)
Reserves utilized during the year
(Note 11)
–
(170,108)
–
—
(170,108)
Permanent shares 2022 (Note 10)
32,555
–
–
–
32,555
Entrance fees (Note 10)
11,705
–
–
–
11,705
Balance at July 31, 2022
$ 32,951,697 $
734,866 $
627,904 $
9,799,881 $ 44,114,348
The accompanying notes are an integral part of these financial statements.
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