Independent Auditors' Report To the Members of : The accompanying summary financial statements, which comprise the summary statement of financial posi

Transcription

1 Summary Financial Statements For the year ended December 31, 2016

2 Independent Auditors' Report To the Members of : The accompanying summary financial statements, which comprise the summary statement of financial position as at December 31, 2016 and the summary statements of comprehensive income and changes in members equity for the year ended December 31, 2016 are derived from the audited financial statements of for the year ended December 31, We expressed an unmodified audit opinion on those financial statements in our report dated March 22, The summary financial statements do not contain all the disclosures required by International Financial Reporting Standards. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of. Management s Responsibility for the Summary Financial Statements Management is responsible for the preparation of the summary financial statements on the basis described in Note 1 to the summary financial statements. Auditors' Responsibility Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, Engagements to Report on Summary Financial Statements. Opinion In our opinion, the summary financial statements derived from the audited financial statements of for the year ended December 31, 2016 are a fair summary of those financial statements, on the basis described in Note 1 to the summary financial statements. Winnipeg, Manitoba March 22, 2017 Chartered Professional Accountants 1

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4 Summary Statement of Comprehensive Income For the Year Ended December 31, ,447,157 9,520, , ,196 10,187,013 10,325,797 Cost of funds 3,891,637 3,974,814 Financial margin 6,295,376 6,350,983 Operating expenses Administration 2,017,494 1,819,244 Member security 268, ,155 Occupancy 567, ,769 Financial income Interest from members' loans Investment income Organizational 261, ,105 4,134,787 3,202,965 7,250,694 (1,761,104) 6,110,238 (1,598,679) 5,489,590 4,511,559 Income from operations before patronage refund and provision for income taxes Patronage refund 805,786 1,839,424 Income before provision for income taxes Provision for income taxes 765, ,000 1,669, ,000 Income and comprehensive income for the year 654,786 1,411,424 Personnel Gross operating expenses Other income Net operating expenses 3

5 Summary Statement of Changes in Members' Equity For the Year Ended December 31, 2016 Provision for Members' issuance of shares surplus shares Balance, December 31, 2014 Retained surplus Total Income and comprehensive income Patronage paid through issuance of member shares Patronage accrued Issuance of member shares Redemption of member shares 4,200, ,944 1,615 (236,902) 200,000 (200,000) 12,449,824 1,411,424 16,850,565 1,411,424 (4,056) 1,615 (236,902) Balance, December 31, 2015 Income and comprehensive income Patronage paid through issuance of member shares Patronage accrued Issuance of member shares Redemption of member shares 4,161, ,052 1,505 (249,417) () 13,861, ,786 18,192, ,786 (8,948) 1,505 (249,417) 4,074,538 14,516,034 18,630,572 Balance, December 31,

6 Notes to the Summary Financial Statements For the Year Ended December 31, Basis of the summary financial statements Management has prepared the summary financial statements from the Credit Union s December 31, 2016 audited financial statements which can be obtained at the Credit Union. The cash flow statement and detailed notes included in the audited financial statements are not included in these summary financial statements. 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 Unions 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, the reader must refer to the audited financial statements and notes for the year ended December 31, 2016, which contain the information detailing the calculation. 3. Subsequent event On January 1, 2017, the Credit Union merged with Austin Credit Union Ltd. The merged entity will continue operations as Stride Credit Union Ltd. Amalgamation costs included in operating expenses in the current year include: ,000 30,000 20,000 7,000 7, ,000 Legal work Advertising Board Printing and stationery Amalgamation meetings and food Employee retirement contracts 8 5