Noventis Credit Union Ltd. Summary Consolidated Financial Statements · 2017-10-24 · Noventis...
Transcript of Noventis Credit Union Ltd. Summary Consolidated Financial Statements · 2017-10-24 · Noventis...
Noventis Credit Union Ltd. Summary Consolidated Financial Statements
For the Year Ended December 31, 2016
A copy of the complete consolidated financial statements including significant accounting policies and other explanatory information is available from the credit union or at www.noventis.ca.
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Independent Auditors' Report To the Members of Noventis Credit Union Ltd.: The accompanying summary consolidated financial statements, which comprise the summary consolidated statement of financial position as at December 31, 2016, and the summary consolidated statements of comprehensive income, changes in members’ equity and cash flows for the year then ended are derived from the audited consolidated financial statements of Noventis Credit Union Ltd. for the year ended December 31, 2016. We expressed an unmodified audit opinion on those consolidated financial statements in our report dated March 20, 2017. The summary consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards. Reading the summary consolidated financial statements, therefore, is not a substitute for reading the audited consolidated financial statements of Noventis Credit Union Ltd. Management’s Responsibility for the Summary Consolidated Financial Statements Management is responsible for the preparation of the summary consolidated financial statements in accordance with International Financial Reporting Standards. Auditors' Responsibility
Our responsibility is to express an opinion on the summary consolidated 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 consolidated financial statements derived from the audited consolidated financial statements of Noventis Credit Union Ltd. for the year ended December 31, 2016 are a fair summary of those consolidated financial statements. Winnipeg, Manitoba March 20, 2017 Chartered Professional Accountants
A copy of the complete consolidated financial statements including significant accounting policies and other explanatory information is available from the credit union or at www.noventis.ca.
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Noventis Credit Union Ltd. Summary Consolidated Statement of Financial Position
As at December 31, 2016
2016 2015
Assets
Funds on hand and on deposit 40,138,274 69,185,703
Investments 50,432,500 30,338,326
Members' loans 703,370,469 656,514,676
Other assets 2,728,198 1,872,549
Property and equipment 13,214,059 12,927,852
Goodwill and intangible assets 5,851,112 6,265,089
Income taxes recoverable - 133,562
815,734,612 777,237,757
Liabilities
Members' savings and deposits 761,357,887 724,693,475
Accounts payable and other liabilities 4,044,203 5,212,431
Income taxes payable 47,989 -
Deferred taxes 644,665 646,665
766,094,744 730,552,571
Members' equity
Members' shares 7,955,583 8,457,214
Retained surplus 32,924,868 29,468,555
Contributed surplus 8,759,417 8,759,417
49,639,868 46,685,186
815,734,612 777,237,757
Approved on Behalf of the Board
Signed “Paul Cuthbert” , Director
Signed “Bragi Simundsson” , Director
A copy of the complete consolidated financial statements including significant accounting policies and other explanatory information is available from the credit union or at www.noventis.ca.
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Noventis Credit Union Ltd. Summary Consolidated Statement of Comprehensive Income
Year
ended
December 31,
2016
Three months
ended
December 31,
2015
Financial income
Interest from members' loans 25,146,145 6,203,452
Investment income 1,658,158 436,031
26,804,303 6,639,483
Cost of funds 11,067,907 2,836,569
Financial margin 15,736,396 3,802,914
Operating expenses
Administration 4,520,920 1,300,156
Member security 646,383 156,279
Occupancy 2,027,314 461,204
Organizational 463,968 121,891
Personnel 9,502,394 2,342,869
Gross operating expenses 17,160,979 4,382,399
Other revenue
Banking service charges, fees, and commissions (4,055,581) (1,031,272)
Insurance commissions (2,309,315) (332,306)
6,364,896 1,363,578
Net operating expenses 10,796,083 3,018,821
Income from operations before provision for impaired loans and income taxes 4,940,313 784,093
Provision for impaired loans 774,000 30,000
Income before provision for income taxes 4,166,313 754,093
Provision for income taxes 710,000 141,250
Income and comprehensive income for the year 3,456,313 612,843
A copy of the complete consolidated financial statements including significant accounting policies and other explanatory information is available from the credit union or at www.noventis.ca.
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Noventis Credit Union Ltd. Summary Consolidated Statement of Changes in Members’ Equity
Members'
shares
Retained
surplus
Contributed
surplus Total
Balance, September 30, 2015 6,336,557 28,855,712 - 35,192,269
Income and comprehensive income - 612,843 - 612,843
Issuance of member shares 1,610 - - 1,610
Redemption of member shares (41,841) - - (41,841)
Business combination 2,160,888 - 8,759,417 10,920,305
Balance, December 31, 2015 8,457,214 29,468,555 8,759,417 46,685,186
Income and comprehensive income - 3,456,313 - 3,456,313
Issuance of member shares 7,895 - - 7,895
Redemption of member shares (509,526) - - (509,526)
Balance, December 31, 2016 7,955,583 32,924,868 8,759,417 49,639,868
A copy of the complete consolidated financial statements including significant accounting policies and other explanatory information is available from the credit union or at www.noventis.ca.
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Noventis Credit Union Ltd. Summary Consolidated Statement of Cash Flows
Year ended
December 31,
2016
Three months
ended
December 31,
2015
Cash provided by (used for) the following activities
Operating activities
Interest received from members' loans 25,104,241 6,424,938
Interest received from investments 1,694,552 563,708
Income taxes paid (530,449) (181,240)
Interest paid to members (11,427,790) (2,699,053)
Net operating expenses paid (17,762,663) (3,694,143)
Other income received 6,364,896 1,363,578
3,442,787 1,777,788
Investing activities
Net change in members' loans (47,587,889) (6,862,146)
Net change in investments (20,130,568) (245,811)
Purchase of property and equipment (1,294,423) (1,144,588)
(69,012,880) (8,252,545)
Financing activities
Net change in members' savings and deposits 37,024,295 (4,880,763)
Issue of members' shares 7,895 1,610
Redemption of members' shares (509,526) (41,841)
36,522,664 (4,920,994)
Decrease in funds on hand and on deposit (29,047,429) (11,395,751)
Funds on hand and on deposit, beginning of year 69,185,703 80,581,454
Funds on hand and on deposit, end of year 40,138,274 69,185,703
A copy of the complete consolidated financial statements including significant accounting policies and other explanatory information is available from the credit union or at www.noventis.ca.
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Noventis Credit Union Ltd. Notes to the Summary Consolidated Financial Statements
For the Year Ending December 31, 2016
1. Reporting entity information
Noventis Credit Union Ltd. merged with Starbuck Credit Union Limited on October 1, 2015 and changed its year end to December 31.
2. Compliance with minimum capital and liquidity requirements
Noventis Credit Union Ltd. (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 consolidated financial statements are advised that in order to appropriately interpret the Credit Union’s capital and liquidity, the reader must refer to the audited consolidated financial statements and notes for the year ending December 31, 2016, which contain the information detailing the calculation.