Credit Union Annual Report 2022 - Flipbook - Page 43
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 increase/(decrease) 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
Cash payment for non-interest expenses claimed against Information Technology
Fund (Note 11)
Net cash flows (used in) operations
Year Ended July 31
2022
2021
$
4,014
19,326,050
(59,776)
(5,903)
(38,983,973)
146,815
24,921,609
4,605,504
(8,179,778)
409,418
363,994
(24,980,330)
$
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)
(102,664)
(22,535,020)
—
(26,559,481)
(924,426)
(44,575)
388,963
(28,467)
(608,505)
(796,841)
—
135,800
—
(661,041)
(44,230)
(44,230)
(28,642)
(28,642)
(23,187,755)
(27,249,164)
Cash and cash equivalents, beginning of year
46,060,135
103,946,669
Cash and cash equivalents, end of year
22,872,380
76,697,505
Cash and cash equivalents include:
Cash on hand and at bank (Note 3)
Fixed deposits (original term less than 3 months) (Note 3)
22,872,380
—
46,060,135
30,637,370
Cash flows from investing activities
Purchase of fixed assets (Note 6)
Purchase of investment property (Note 7)
Proceeds from sale of repossessed collateral (Note 5)
Lease advance payment (Note 6)
Net cash flows used in investing activities
Cash flows from financing activities
Payment of lease liabilities
Net cash flows used in financing activities
Net increase (decrease) in cash and cash equivalents
$
22,872,380
$
76,697,505
Investment of dividend income (Note 4)
127,565
121,824
Increase/(decrease) in fair value of securities (Note 4)
162,850
(44,266)
Dividends on members shares of $9,468,388 (2021: $7,744,226) (Note 14) are credited directly to members’ shares
accounts. Loan interest rebate on members loans of $340,228 (2021: $350,000) (Note 15) are credited directly to
member’s shares. As at July 31, 2022, there are no repossessed collateral held for sale (2021: $403,315) (Note 5).
The accompanying notes are an integral part of these financial statements.
-7-
