Credit Union Annual Report 2022 - Flipbook - Page 88
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
NOTES TO FINANCIAL STATEMENTS (continued)
July 31, 2022
26. Receivable and other assets
Receivables and other assets are comprised of prepayments and other miscellaneous assets. During the financial year no
receivables (2021: $Nil) were written off as uncollectible after being outstanding for more than 365 days.
27. Accounts payable and accrued expenses
The Credit Union regular accounts payable for 2022 was recorded at $1,563,754 (2021: $1,072,589). Additionally,
amounts were accrued for staff training and scholarships in the amount of $506,482. Also recorded as an accrued expense
for 2021 are unposted incoming member funds of $16,725 awaiting outstanding documentation for posting.
28. Contingent liabilities
The Credit Union is intermittently involved in a number of claims or potential claims arising from its operations. Where
appropriate, management establishes provisions after taking into consideration the advice of attorneys and other
specialists. It is management’s policy to rigorously assert its position in such cases. Management has assessed that there
is no requirement for a provision for year ending July 31, 2022, and 2021.
29. Taxation
The Cayman Islands Government does not currently levy taxes on income or capital gains; consequently, no tax liability
or expense has been recorded in these financial statements.
30. Subsequent events
On October 27, 2022, the Board of Directors recommended a dividend payment of 2.3% which is subject to approval at
the Annual General Meeting in November 2022.
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