Annual Report
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View Full December 2010 Financial Statements PDF
CUMBERLAND & DISTRICT CREDIT UNION |
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Balance SheetDecember 31, 2010 |
2010 | 2009 |
| $ | $ | |
ASSETS |
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| Cash Resources (note 3) | 4,115,324 | 8,175,124 |
| Other Assets | 14,668 | 12,639 |
| Taxes Receivable | 4,181 | 10,590 |
| Loans to Members (Note 4) | 18,382,815 | 14,545,204 |
| Long Term Investments (Note 6) | 71,574 | 73,331 |
| Property and Equipment (Note 7) | 394,098 | 417,706 |
| 22,982,660 | 23,234,594 | |
LIABILITIES AND MEMBER’S EQUITY |
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| Members’ Deposits (Note 8) | 21,302,393 | 21,596,039 |
| Accounts Payable | 39,187 | 44,760 |
| Dividends Payable | 21,133 | 31,501 |
| Equity Shares (Note 9) | 167,137 | 159,938 |
| Retained Earnings | 1,452,810 | 1,402,356 |
| 22,982,660 | 23,234,594 | |
CUMBERLAND & DISTRICT CREDIT UNION |
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Statement of Retained EarningsYear Ended December 31, 2010 |
2010 | 2009 |
| $ | $ | |
| Retained Earnings – Beginning of Year | 1,402,356 | 1,359,377 |
| Net Income | 50,454 | 42,979 |
| Retained Earnings – End of Year | 1,452,810 | 1,402,356 |
CUMBERLAND & DISTRICT CREDIT UNION |
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Statement of IncomeYear Ended December 31, 2010 |
2010 | 2009 |
| $ | $ | |
| Financial Income | ||
| Loan Interest | 857,019 | 888,061 |
| Investments | 58,330 | 50,543 |
| 915,349 | 938,604 | |
| Financial Expenses | ||
| Interest on Deposits | 306,075 | 337,455 |
| Interest on Borrowing Funds | - | 845 |
| 306,075 | 338,300 | |
| Financial Margin – 67% (2009 -64%) | 609,274 | 600,304 |
| Provision for Credit Losses | (902) | (6,000) |
| Other Income | 187,721 | 167,120 |
| Earnings Before Operating Expenses | 796,093 | 761,424 |
| Operating Expenses | ||
| Amortization | 30,197 | 32,320 |
| Operating Expense (Note 10) | 334,411 | 291,430 |
| Wages and Benefits | 352,079 | 349,741 |
| 716,687 | 673,491 | |
| 79,406 | 87,933 | |
| Dividends (Note 11) | 21,133 | 37,544 |
| 58,273 | 50,389 | |
| Provision for Income Taxes (Note 12) | 7,819 | 7,410 |
| Net Income | 50,454 | 42,979 |
CUMBERLAND & DISTRICT CREDIT UNION |
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Statement of Cash FlowYear Ended December 31, 2010 |
2010 | 2009 |
| $ | $ | |
Cash Flow From Operating Activities: |
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| Interest Received from Investments and Other Income | 1,077,766 | 1,086,020 |
| Interest Paid on Deposit and Borrowed Funds | (314,963) | (350,070) |
| Cash Paid to Suppliers and Employees | (689,992) | (618,709) |
| Dividends Paid to Members | (31,501) | (72,372) |
| Income Taxes Paid | (6,411) | (17,715) |
| 34,899 | 27,154 | |
Cash Flow From Financing Activities: |
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| Increase in Member’s Deposits | (284,759) | 479,370 |
| Equity Shares (Redeemed) Issued | 7,199 | (1,601) |
| (277,560) | 477,769 | |
Cash Flow From Investing Activities: |
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| Purchase of Equipment | (6,589) | (26,104) |
| Repayment of (Increase in) Loans to Members | (3,812,307) | 2,347,188 |
| Redemption (Purchase) of Investments | 1,757 | (3,191) |
| (3,817,139) | 2,317,893 | |
| Net Increase in Cash and Cash Equivalents | (4,059,800) | 2,822,816 |
| Cash and Cash Equivalents – Beginning of Year | 8,175,124 | 5,352,308 |
| Cash and Cash Equivalents – End of Year | 4,115,324 | 8,175,124 |
Cash and Cash Equivalents are represent by: |
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| Cash | 589,835 | 5,151,166 |
| Term Deposits | 3,525,489 | 3,023,958 |
| 4,115,324 | 8,175,124 | |
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