Credit Union Annual Report 2022 - Flipbook - Page 74
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2022
17. Benevolent fund and Member beneficiary benefits
During the year, the Credit Union paid $84,611 (2021: $418,871) in beneficiary benefits and total is claimed from
the Benevolent Fund.
On November 24, 2021, at the AGM in respect of the year ended July 31, 2021, the members resolved to transfer an
amount of $250,000 (2021: $Nil) to the Benevolent Fund. This was satisfied by way of appropriation of funds from
the Undistributed Surplus in accordance with Article XIV of the Rules (Note 21).
18. Pension plan
The Credit Union and its employees make contributions (7% and 3% respectively) to a defined contribution pension plan
regulated in the Cayman Islands. During the year, the Credit Union made $289,305(2021: $278,018) in pension
contributions and this amount is included in salaries and other personnel costs in the Statement of Comprehensive
Income.
19. Related-party transactions and balances
As a co-operative society the Credit Union only receives deposits from and lends money to members (Note 1). All staff
and individuals involved with the governance structures of the Credit Union are members. The Credit Union has
considered this fact pattern in the light of relevant accounting standards and has determined that related parties include
directors, employees and committee members. All transactions with related parties are subject to the same terms and
conditions and rates as those applicable to other members of the Credit Union.
Total remuneration earned by key management during the year was as follows:
2022
Salaries and other short-term benefits
Defined contributions pension costs
$
$
196,240
12,146
208,386
2021
$
$
196,396
12,146
208,542
During the November 2019 AGM, it was approved in accordance with Rule 36, that all directors and committee member
are eligible for a fixed honorarium where a fixed per meeting fee will be paid in the amounts of: $400 for chairman of the
board, $250 for all other directors, $125 for chairman of committees and $100 for members of committees. As such an
amount of $100,000 was accrued for the payments due to directors for the year ended July 31, 2022.
As at July 31, 2022, $423,755 is receivable from CICSA CU Investment Ltd., which was incorporated on November 24,
2021 for the construction of a development project consisting of a 30,000 sq ft commercial building and approximately
63 townhomes for sale.
Related-party balances are disclosed in Notes 5, 8, and 9.
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