AUSTIN CREDIT UNION LIMITED Summary Statement of Comprehensive Income

Transcription

1

2

3 AUSTIN CREDIT UNION LIMITED Summary Statement of Comprehensive Income For the year ended December Revenue Interest on loans to members Lines of credit $ 1,640,490 $ 1,546,863 Term loans 5,969,653 5,935,223 Investment income Liquidity deposits 498, ,757 CUCM shares 40,102 13,580 8,148,769 7,722,423 Cost of Funds Interest paid to members 2,765,169 2,361,217 Interest on borrowings ,765,169 2,361,291 Gross financial margin 5,383,600 5,361,132 Operating Expenses Personnel 2,975,089 2,819,150 Administrative 1,486,873 1,500,059 Occupancy 659, ,072 Members' security 233, ,450 Organizational 346, ,784 Gross operating expenses 5,701,172 5,283,515 Less other income 1,804,946 1,623,502 3,896,226 3,660,013 Gross operating income 1,487,374 1,701,119 Provision for (recovery of) impaired loans 390,409 (37,563) Income before income taxes 1,096,965 1,738,682 Provision for Income Taxes Current 181, ,063 Deferred (82,500) (12,800) 98, ,263 Net and total comprehensive income for the year $ 998,243 $ 1,503,419 The accompanying notes are an integral part of these summary financial statements.

4 For the year ended December 31, 2016 AUSTIN CREDIT UNION LIMITED Summary Statement of Changes in Members' Equity Members' Shares Provision for Issue of Surplus Shares Retained Earnings Total Balance at December 31, 2014 $ 2,288,780 $ - $ 10,535,886 $ 12,824,666 Net income for the year - - 1,503,419 1,503,419 Adjustment to provision - - (4,600) (4,600) Issue of members' shares 116, ,810 Redemption of members' shares (36,665) - - (36,665) Balance at December 31, ,368,925-12,034,705 14,403,630 Net income for the year , ,243 Distributions to members - - (21,757) (21,757) Issue of members' shares 497, ,730 Redemption of members' shares (93,902) - - (93,902) Balance at December 31, 2016 $ 2,772,753 $ - $ 13,011,191 $ 15,783,944 The accompanying notes are an integral part of these summary financial statements.

5 AUSTIN CREDIT UNION LIMITED Summary Statement of Cash Flows For the year ended December Cash Flows from Operating Activities Net income for the year $ 998,243 $ 1,503,419 Adjustments for Interest and investment revenue (8,148,769) (7,722,423) Interest expense 2,765,169 2,361,291 Depreciation expense 290, ,837 Provision for (recovery of) impaired loans 390,409 (37,563) Loss on disposal of property, plant and equipment (7,400) 8,845 Deferred taxes (82,500) (12,800) (3,794,053) (3,601,394) Change in other assets and liabilities 342,424 (120,238) Change in income taxes payable 99, , , ,016 Changes in member activities (net) Change in loans to members (7,381,195) (5,647,512) Change in members' deposits 14,303,013 16,702,509 6,921,818 11,054,997 Cash flows related to interest, dividends, and income taxes Interest received on loans to members 7,547,859 7,559,868 Interest received on investments 540, ,822 Interest paid on members' deposits (2,863,918) (2,290,981) Interest paid on borrowings - (74) Income taxes paid (229,710) (225,543) 4,994,353 5,288,092 Total cash flows from operating activities 8,563,837 12,863,711 Cash Flows from Investing Activities Increase in investments (663,760) (315,550) Purchase of property, plant and equipment (312,336) (163,219) Purchase of intangible assets - (24,069) Proceeds on disposal of property, plant and equipment 10,000 1,000 Total cash flows from investing activities (966,096) (501,838) Cash Flows from Financing Activities Issue of common, surplus and preference shares 497, ,810 Redemption of common and surplus shares (93,902) (36,665) Dividends on shares (21,757) (4,600) Total cash flows from financing activities 382,071 75,545 Net increase in cash and cash equivalents 7,979,812 12,437,418 Cash and cash equivalents, beginning of year 29,381,809 16,944,391 Cash and cash equivalents, end of year $ 37,361,621 $ 29,381,809 Comprised of the following: Funds on hand and on deposit $ 37,361,621 $ 22,381,809 Credit Union Central of Manitoba deposits - 7,000,000 $ 37,361,621 $ 29,381,809 The accompanying notes are an integral part of these summary financial statements.

6 AUSTIN CREDIT UNION LIMITED Notes to Summary Financial Statements For the year ended December 31, Basis of Presentation Management is responsible for the preparation of summary financial statements. The summary presented includes only the summary balance sheet, summary statement of comprehensive income, summary statement of changes in members' equity and summary statement of cash flows. It does not include any notes to the financial statements. The summary balance sheet, summary statement of comprehensive income, summary statement of changes in members' equity and summary statement of cash flows are presented in the same detail as the audited financial statements except the note referencing has been removed. Copies of the December 31, 2016 audited financial statements are available at the Credit Union's head office at 24-2nd Avenue, Austin Manitoba or online at 2. Compliance with Minimum Capital and Liquidity Requirements The Credit Union is in compliance with the capital and liquidity reserve requirements at December 31, 2016 established by the Regulations to The Credit Union's and Caisses Populaires Act of Manitoba. Readers of the summary financial statements are advised that in order to appropriately interpret the Credit Union's capital and liquidity reserve requirements, the reader must refer to the audited financial statements including notes for the year ended December 31, 2016, which contain the information detailing the calculations.