Credit Union Annual Report 2022 - Flipbook - Page 44
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS
July 31, 2022
1. Incorporation and activities
The Cayman Islands Civil Service Association (CICSA) Co-operative Credit Union Limited (the “Credit Union”) was
incorporated in the Cayman Islands in 1976 under the provisions of the Cooperative Societies Act (the “Act”) and
operates as a non-profit organization making loans to and receiving savings from members.
The Credit Union’s registered office is 58 Huldah Ave., George Town, Grand Cayman, Cayman Islands.
Membership in the Credit Union has historically been limited to persons who have attained 18 years of age and are
employed by the Government of the Cayman Islands (including all Statutory Boards/Bodies of Government) and/or their
immediate family members. At the Annual General Meeting (“AGM”) held July 25, 2001, the persons eligible for
membership were extended to include employees of Utility Companies operating in the Cayman Islands and/or
immediate relations thereof.
The number of persons employed by the Credit Union as of July 31, 2022, is 70 (2021: 64).
2. Accounting policies
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies
have been consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards
(“IFRS”) under the historical cost basis, except for the financial assets at fair value through profit or loss that have been
measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain
critical accounting estimates.
Functional and presentation currency
Items included in the financial statements of the Credit Union are measured using the currency o f the primary
economic environment in which the entity operates (“the functional currency”). The financial statements are
presented in Cayman Islands Dollars, which is the Credit Union’s functional and presentation currency.
2.2 Significant accounting judgments and estimates
The preparation of the Credit Union’s financial statements requires management to make certain significant estimates
and judgments that affect amounts reported in the financial statements and accompanying notes. Actual results could
differ from these estimates. Estimates and judgments are continually evaluated and are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Other disclosures relating to the Credit Union’s exposure to risks and uncertainties includes:
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Capital management Note 21
Financial risk management and policies Note 22
Sensitivity analysis disclosures Note 22
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