2015 Annual Report - Flin Flon Credit Union
Transcription
2015 Annual Report - Flin Flon Credit Union
f l i nf l oncr edi t uni on AnnualRepor t 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 1 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 2 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 4