2015 Annual Report - Flin Flon Credit Union

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December31,2015
Vision
Board of Directors To be the most trusted and valued financial service provider in Northern Manitoba. As of December 31st, 2015 *Denotes term expiring Rod Gourlay Darren Grant* Thomas Fehr Don Scott* Frank Fieber Kelsey Horrocks Tina Tait President Vice‐President Secretary Management and Staff As of December 31st, 2015 Management Wealth Management Kory Eastman Leslie Larocque Lori Hvidsten Kellie Pickering General Manager Member Service Manager Administration Supervisor Shirley Lee Giselle Barron Judy Currie Hollie Olivier Financial Service Officer Financial Service Representative Executive Assistant Administration Assistant Investment Specialist Lending & Back Office Member Service Bridget Schaitel Pamela Burns‐Benoit Jo‐anne Kitchen Desika Chute Tiffany Bateman Member Service Representative Member Service Representative Member Service Representative Member Service Representative Member Service Representative Flin Flon Credit Union Limited.
Summary Financial Statements
For the year ended December 31, 2015
Independent Auditors’ Report
To the Members of Flin Flon Credit Union Limited:
The accompanying summary financial statements of Flin Flon Credit Union Limited, which comprise the summary statement of financial
position as at December 31, 2015, and the summary income statement, summary statements of changes in members' equity and cash
flows for the year then ended are derived from the audited financial statements of Flin Flon Credit Union Limited for the year ended
December 31, 2015. We expressed an unmodified audit opinion on those financial statements in our report dated April 7, 2016.
The summary 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 Flin Flon Credit Union
Limited.
Management’s Responsibility for the Summary Financial Statements
Management is responsible for the preparation and fair presentation of these summary financial statements in accordance with
International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the
preparation of summary financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these 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, these summary financial statements, derived from the audited financial statements of Flin Flon Credit Union Limited for
the year ended December 31, 2015 are a fair summary of those financial statements.
Report on Other Legal and Regulatory Requirements
As at December 31, 2015, the Credit Union met the capital and liquidity reserve requirements established by Sections 15, 21, and 21(1)
of 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
reserve requirements, the reader must refer to the audited financial statements and notes for the year ended December 31, 2015.
Brandon, Manitoba
April 7, 2016
1401 Princess Avenue, Brandon, Manitoba, R7A 7L7, Phone: (204) 727-0661, 1 (800) 446-0890
Chartered Professional Accountants
Flin Flon Credit Union Limited.
Summary Statement of Financial Position
As at December 31, 2015
2015
2014
Assets
Cash and cash equivalents
Accounts recievable
Investments and accrued interest
Members' loans receivable and accrued interest
Income taxes recoverable
Prepaid expenses
Property and equipment
Deferred tax
2,116,163
29,263
11,226,761
34,593,839
5,617
68,165
1,490,496
7,000
2,583,348
14,019
5,925,109
35,296,663
2,940
71,795
1,459,225
13,000
49,537,304
45,366,099
46,101,229
53,967
42,116,997
71,105
46,155,196
42,188,102
294,076
3,088,032
300,770
2,877,227
3,382,108
3,177,997
49,537,304
45,366,099
Liabilities
Member deposits and accrued interest
Accounts payable
Members' equity
Member shares
Retained earnings
Approved on behalf of the board
Signed "Kelsey Horrocks"
Director
Signed "Thomas Fehr"
Director
A full set of audited financial statements is available from the Credit Union
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Flin Flon Credit Union Limited.
Summary Income Statement
For the year ended December 31, 2015
2015
Interest income
Member loans
Investments
Interest expense
Cost of funds
Borrowed money
Gross financial margin
Operating Expenses
Administration
Amortization
Member security
Occupancy
Organizational
Personnel
Net operating expenses
Other income
2014
1,505,956
159,654
1,466,892
178,027
1,665,610
1,644,919
535,422
-
501,916
1,036
535,422
502,952
1,130,188
1,141,967
463,676
104,420
57,508
22,516
52,181
609,715
436,632
105,154
55,143
51,762
43,992
613,009
1,310,016
1,305,692
(179,828)
433,465
(163,725)
352,276
Income before provision for (recovery of) impaired loans and income taxes
Provision for (recovery of) impaired loans
253,637
15,314
188,551
(13,496)
Income before income taxes
Provision for income taxes
Current
Deferred
238,323
202,047
21,518
6,000
19,210
4,000
27,518
23,210
210,805
178,837
Net income
A full set of audited financial statements is available from the Credit Union
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Flin Flon Credit Union Limited.
Summary Statement of Changes in Member's Equity
For the year ended December 31, 2015
Member
shares
Balance December 31, 2013
302,752
Net income
-
Issuance of member shares
Redemption of member shares
Balance December 31, 2014
3
178,837
-
(5,237)
294,076
A full set of audited financial statements is available from the Credit Union
178,837
(5,237)
(7,264)
Balance December 31, 2015
3,001,142
3,255
570
Redemption of member shares
2,698,390
-
-
Issuance of member shares
Total equity
3,255
300,770
Net income
Retained
earnings
2,877,227
3,177,997
210,805
210,805
3,088,032
570
(7,264)
3,382,108
Flin Flon Credit Union Limited.
Summary Statement of Cash Flows
For the year ended December 31, 2015
Cash provided by (used for) the following activities
Operating activities
Interest received from members’ loans
Interest and dividends received from investments
Service charges and other income received
Payments made to suppliers and employees
Interest paid to members
Income taxes paid
2015
2014
1,479,472
166,777
418,221
(1,219,104)
(540,798)
(24,195)
1,463,016
175,400
366,392
(1,254,457)
(485,714)
(17,698)
280,373
246,939
3,989,608
570
(7,264)
4,612,441
3,255
(5,237)
3,982,914
4,610,459
713,994
(6,308,775)
1,000,000
(135,691)
(2,868,004)
(2,500,000)
1,049,335
(513,446)
(4,730,472)
(4,832,115)
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
(467,185)
2,583,348
25,283
2,558,065
Cash and cash equivalents, end of year
2,116,163
2,583,348
Financing activities
Net change in member deposits
Issuance of member shares
Redemption of member shares
Investing activities
Net change in members’ loans receivable
Purchases of investments
Proceeds on disposal of investments
Purchases of property and equipment
A full set of audited financial statements is available from the Credit Union
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