Minnedosa Credit Union Limited
Summary Financial Statements
For the year ended December 31, 2014
Independent Auditors’ Report
To the Members of Minnedosa Credit Union Limited:
The accompanying summary financial statements of Minnedosa Credit Union Limited, which comprise the summary statement of
financial position as at December 31, 2014, and the summary income statement, statements of changes in members' equity and cash
flows for the year then ended are derived from the audited financial statements of Minnedosa Credit Union Limited for the year ended
December 31, 2014. We expressed an unmodified audit opinion on those financial statements in our report dated March 17, 2015.
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 Minnedosa Credit Union
Limited.
Management’s Responsibility for the Summary Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with International
Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of
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 Minnedosa Credit Union Limited for
the year ended December 31, 2014 are a fair summary of those financial statements.
Report on Other Legal and Regulatory Requirements
As at December 31, 2014, 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, 2014.
Brandon, Manitoba
March 17, 2015
1401 Princess Avenue, Brandon, Manitoba, R7A 7L7, Phone: (204) 727-0661, 1 (800) 446-0890
Chartered Accountants
Minnedosa Credit Union Limited
Summary Statement of Financial Position
As at December 31, 2014
2014
2013
Assets
Cash and cash equivalents
Accounts receivable
Investments and accrued interest
Members' loans receivable and accrued interest
Income taxes recoverable
Prepaid expenses
Property and equipment
Deferred tax
4,835,368
2,822
38,529,099
74,456,299
58,248
97,596
311,730
9,000
7,119,417
13,055
41,297,058
63,666,219
64,098
322,846
9,000
118,300,162
112,491,693
107,184,606
846,741
102,005,448
19,372
691,302
108,031,347
102,716,122
2,038,767
8,230,048
2,060,555
7,715,016
10,268,815
9,775,571
118,300,162
112,491,693
Liabilities
Member deposits and accrued interest
Current tax payable
Accounts payable
Members' equity
Member shares
Retained earnings
Approved on behalf of the board
Signed "Trevor McQuaid"
Director
Signed "Bjarni Walterson"
Director
A full set of audited financial statements is available from the Credit Union
1
Minnedosa Credit Union Limited
Summary Income Statement
For the year ended December 31, 2014
2014
Interest income
Member loans
Investments
2013
2,970,504
1,101,767
2,646,967
1,313,563
4,072,271
3,960,530
Interest expense
Cost of funds
1,251,761
1,198,334
Gross financial margin
2,820,510
2,762,196
Operating expenses
Administration
Amortization
Member security
Occupancy
Organizational
Personnel
483,921
46,411
102,641
157,089
133,580
1,203,906
465,208
42,282
132,190
133,861
105,652
1,145,197
2,127,548
2,024,390
692,962
323,248
737,806
367,431
1,016,210
43,752
1,105,237
139,716
Income before patronage refund and income taxes
Patronage refund
972,458
360,000
965,521
360,000
Income before income taxes
Income taxes
Current
Deferred
612,458
605,521
97,426
-
108,372
(2,000)
97,426
106,372
515,032
499,149
Net operating income
Other income
Income before provision for impaired loans, patronage refund and income taxes
Provision for impaired loans
Net income
A full set of audited financial statements is available from the Credit Union
2
Minnedosa Credit Union Limited
Summary Statement of Changes in Members Equity
For the year ended December 31, 2014
Member
shares
Balance December 31, 2012
2,055,779
Net income
-
Patronage refund
Issuance of member shares
Redemption of member shares
Issuance of member shares
Redemption of member shares
3
-
360,000
980
(356,204)
7,715,016
9,775,571
515,032
515,032
360,000
-
360,000
785
-
785
2,038,767
A full set of audited financial statements is available from the Credit Union
499,149
-
(382,573)
Balance December 31, 2014
499,149
980
-
Patronage refund
9,271,646
-
2,060,555
Net income
Total equity
7,215,867
360,000
(356,204)
Balance December 31, 2013
Retained
earnings
8,230,048
(382,573)
10,268,815
Minnedosa Credit Union Limited
Summary Statement of Cash Flows
For the year ended December 31, 2014
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 to suppliers and employees
Interest paid to members
Income taxes paid
Financing activities
Net change in member deposits
Issuance of member shares
Redemption of member shares
Investing activities
Net change in members’ loans receivable
Proceeds on disposal investments
Purchases of property and equipment
Decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
A full set of audited financial statements is available from the Credit Union
4
2014
2013
2,944,157
1,155,818
323,582
(2,019,396)
(1,242,842)
(175,046)
2,667,717
1,350,633
360,969
(2,108,268)
(1,209,668)
(102,041)
986,273
959,342
5,170,239
785
(382,573)
1,697,509
980
(356,204)
4,788,451
1,342,285
(10,737,386)
2,713,908
(35,295)
(6,840,296)
1,458,432
(26,738)
(8,058,773)
(5,408,602)
(2,284,049)
7,119,417
(3,106,975)
10,226,392
4,835,368
7,119,417