MCCU Annual Report - page 48

48
2013
2012
Note
$
$
INTEREST INCOME:
Liquid Assets
38,671,746
42,362,385
Loans to Members
282,799,260
234,284,646
Financial Investments
44,452,603
60,250,298
365,923,609
336,897,329
INTEREST EXPENSE:
Interest Expense on Members' Voluntary Shares
30,776,056
25,421,766
36,120,015
34,635,721
19
11,077,826
10,164,983
77,973,897
70,222,470
NET INTEREST INCOME
287,949,712
266,674,859
Provision for Loan Impairment
17,821,954
7,170,385
NET INTEREST INCOME AFTER
PROVISION
270,127,758
259,504,474
NON - INTEREST INCOME
Other Income
20
63,585,542
50,335,510
63,585,542
50,335,510
GROSS INCOME
333,713,300
309,839,984
Less Operating Expenses
21
242,157,773
229,515,683
NET INCOME BEFORE HONORARIA
91,555,527
80,324,301
Honoraria Payment
( 1,700,000)
( 1,600,000)
NET INCOME AFTER HONORARIA
89,855,527
78,724,301
OTHER COMPREHENSIVE INCOME
Revaluation- Available for Sale Investments
758,219
( 294,858)
Pension Income
11
1,568,000
14,773,000 *
TOTAL COMPREHENSIVE INCOME AFTER HONORARIA
92,181,746
93,202,443
The accompanying notes form an integral part of the financial statements.
Other Financial Costs
Savings Deposits
* RESTATEMENT
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31ST DECEMBER 2013
These items have been restated to comply with the amendments of IAS 19 -
Employee Benefits
which require the
recognition of changes in defined benefit obligations and in fair value of plan assets when they occur. The amendments
require all actuarial gains and losses to be recognised immediately.
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
I...,38,39,40,41,42,43,44,45,46,47 49,50,51,52,53,54,55,56,57,58,...126
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