Credit Union Annual Report 2022 - Flipbook - Page 59
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2022
3. Cash on hand and at bank and fixed deposits
The composition of cash on hand and at bank is as follows:
2022
Cash on hand
Cash at bank
$
$
2021
4,171,690
18,700,690
22,872,380
$
$
2,571,356
43,488,779
46,060,135
The composition of fixed deposits is as follows:
Fixed deposits:
Original terms to maturity of 3 months or less
Original terms to maturity of greater than 3 months
2022
$
2021
–
112,650,932
$ 112,650,932
$
$
30,637,370
57,033,232
87,670,602
During the financial year ending July 31, 2022, interest was earned on fixed deposits held in the amount of $526,915
(2021: $273,086).
4. Securities at fair value through the profit or loss
The Credit Union’s investments are carried at fair value through profit or loss as described in Note 2.
The Credit Union ranks its investment securities based on the hierarchy of valuation techniques required by IFRS,
which is determined based on whether the inputs to those valuation techniques are observable or unobservable.
Observable inputs reflect market data obtained from independent sources; unobservable inputs reflect the Credit
Union’s market assumptions. These two types of inputs lead to the following fair value hierarchy:
Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Credit
Union has the ability to access at the measurement date;
Level 2: Inputs other than quoted prices that is observable for the asset or liability either directly or indirectly,
including inputs in markets that are not considered to be active;
Level 3: Inputs that are unobservable.
The investment in securities as at July 31, 2022 and 2021, are as follows:
2022
Level 2
Caribbean Utilities Company, Ltd.
Cayman National Corporation, Ltd.
$
$
There were no transfers between levels during the year.
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2,817,127
255,061
3,072,188
2021
$
$
2,637,784
143,989
2,781,773
