Management s Responsibility

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1 Management s Responsibility To the Members of Mountain View Credit Union Limited: Management is responsible for the preparation and presentation of the accompanying consolidated financial statements, including responsibility for significant accounting judgments and estimates in accordance with International Financial Reporting Standards and ensuring that all information in the annual report is consistent with the statements. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the measurement of transactions in which objective judgment is required. In discharging its responsibilities for the integrity and fairness of the consolidated financial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of consolidated financial statements. The Board of Directors and Audit and Finance Committee are composed primarily of Directors who are neither management nor employees of the Credit Union. The Board is responsible for overseeing management in the performance of its financial reporting responsibilities, and for approving the financial information included in the annual report. The Board fulfils these responsibilities by appointing the Audit and Finance Committee. The Committee has the responsibility of meeting with management, internal auditors, and external auditors to discuss the internal controls over the financial reporting process, auditing matters and financial reporting issues. The Committee is also responsible for recommending the appointment of the Credit Union s external auditors. MNP LLP, an independent firm of Chartered Accountants, is appointed by the members to audit the consolidated financial statements and report directly to them; their report follows. The external auditors have full and free access to, and meet periodically and separately with, both the Committee and management to discuss their audit findings. December 18, 2014 Warren Van Orman Vice President, Finance R. D. (Bob) Marshall President & Chief Executive Officer 15 MVCU 2014

2 Independent Auditors Report To the Members of Mountain View Credit Union Limited: We have audited the accompanying consolidated financial statements of Mountain View Credit Union Limited, which comprise the consolidated statement of financial position as at October 31, 2014, the consolidated statements of comprehensive income, changes in equity and cash flows for the year ended October 31, 2014, and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the consolidated financial statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated 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 consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Mountain View Credit Union Limited as at October 31, 2014 and its financial performance and cash flows for the year ended October 31, 2014 in accordance with International Financial Reporting Standards. Calgary, Alberta December 18, 2014 Chartered Accountants MVCU

3 Consolidated Statement of Financial Position (Expressed in Canadian Dollars) As at Assets Cash 5,882,653 2,789,801 Income tax receivable - 140,093 Investments and accrued interest (Note 6) 94,654,788 64,737,031 Investment in joint venture (Note 22) Loans to members and accrued interest (Note 7) 504,764, ,733,940 Other assets (Note 8) 680, ,057 Derivative asset 74,297 - Deferred tax asset (Note 13) 184,337 22,603 Assets held for sale (Note 11) 2,372, ,996 Property and equipment (Note 9) 24,179,549 23,473,520 Intangibles assets (Note 10) 389, ,693 Total Assets 633,183, , 681,744 Liabilities and Members Equity Income taxes payable 78,264 - Member deposits and accrued interest (Note 12) 581,595, ,506,613 Accounts payable and accrued liabilities 3,584,370 2,495,207 Derivative liabilities 11,780 37, ,269, ,039,657 Members Equity Allocation distributable (Note 14) 774, ,640 Member shares (Note 15) 22,595,854 22,686,923 Retained earnings 24,542,961 22,231,524 47,913,315 45,642,087 Total Liabilities and Members Equity 633,183, ,681,744 Commitments (Note 24) Approved on behalf of the Board Charlie van Arnam Chair of the Board of Directors Edward Wiper Chair, Audit & Finance Committee The accompanying notes are an integral part of these consolidated financial statements. 17 MVCU 2014

4 Consolidated Statement of Comprehensive Income (Expressed in Canadian Dollars) For the year ended Financial income Interest on member loans 20,135,622 19,398,938 Interest on investments 744,416 1,194,639 Net unrealized gain on derivatives 71,475 - Special patronage distribution (Note 6) 274,888 1,274,090 21,226,401 21,867,667 Financial expense Interest on member deposits 6,632,393 6,611,678 Interest on borrowings 12,055 7,558 Net expense on derivatives - 3,222 6,644,448 6,622,458 Net interest income 14,581,953 15,245,209 (Provision for) recovery on loan impairment (Note 7) (261,675) 135,404 Recovery (impairment) on held for sale assets (Note 11) 251,868 (414,013) Loss on disposal of property and equipment (Note 9) (111,626) (321) Service charges and other income 3,458,201 3,231,145 17,918,721 18,197,424 Operating expenses Employee salaries and benefits 7,594,606 8,043,108 Occupancy 626, ,244 Member security 852, ,390 Depreciation and amortization (Notes 9,10) 1,243, ,537 Other operating and administrative 3,857,996 3,877,242 Organization 335, ,607 14,510,334 14,392,128 Income before income taxes 3,408,387 3,805,296 Provision for income taxes Current tax (Note 13) 484, ,398 Deferred tax (Note 13) (161,735) 171, , ,555 Total comprehensive income for the year 3,085,937 3,156,741 The accompanying notes are an integral part of these consolidated financial statements. MVCU

5 Consolidated Statement of Changes in Equity (Expressed in Canadian Dollars) Allocation Members Retained distributable shares Earnings Total As at October 31, ,068 22,891,161 19,798,423 43,372,652 Total comprehensive income for the year - - 3,156,741 3,156,741 Distributions to members (Note 14) 40, ,068 (723,640 ) - Issuance of members shares (Note 15) - 976, ,471 Redemption of members shares (Note 15) - (1,863,777 ) - (1,863,777 ) As at October 31, ,640 22,686,923 22,231,524 45,642,087 Total comprehensive income for the year - - 3,085,937 3,085,937 Distributions to members (Note 14) 50, ,640 (774,500) - Issuance of members shares (Note 15) - 987, ,440 Redemption of members shares (Note 15) - (1,802,149) - (1,802,149) As at October 31, ,500 22,595,854 24,542,961 47,913,315 The accompanying notes are an integral part of these consolidated financial statements. 19 MVCU 2014

6 Consolidated Statement of Cash Flows (Expressed in Canadian Dollars) For the year ended Cash provided by (used for) the following activities Operating activities Interest received 21,727,381 21,763,948 Service charges and other income received 3,221,437 3,225,854 Recoveries on loans previously written off (Note 7) 73,599 17,302 Income taxes paid (265,827) (1,013,226) Interest paid to members (6,129,942) (6,957,628) Operating expenses paid (12,148,960) (14,751,304) Derivative settlement payments (28,879) (42,243) Net cash flows from operating activities 6,448,809 2,242,703 Financing activities Net change in member deposits 60,574,273 4,697,608 Issue of member shares (Note 15) 987, ,471 Redemption of member shares (Note 15) (1,802,149) (1,863,777) Net cash flows from financing activities 59,759,564 3,810,302 Investing activities Net change in loans to members (30,564,482) (34,930,615) Proceeds on disposition of assets held for sale 1,350,248 1,338,822 Net change in investments (30,072,404) 34,799,967 Purchase of property and equipment and intangibles (Notes 9,10) (3,832,082) (7,753,678) Proceeds on disposal of property and equipment 3,199 - Net cash flows from investing activities (63,115,521 ) (6,545,504 ) Net increase (decrease) in cash resources 3,092,852 (492,499) Cash resources, beginning of the year 2,789,801 3,282,300 Cash resources, end of the year 5,882,653 2,789,801 Cash resources are composed of Cash with Credit Union Central of Alberta Limited 4,194, ,192 Cash on hand 1,688,082 1,909,609 5,882,653 2,789,801 The accompanying notes are an integral part of these consolidated financial statements. MVCU

7 1. Incorporation and operations Mountain View Credit Union Limited ( the Credit Union ) was formed pursuant to the Credit Union Act of the Province of Alberta (the Act ). The address of the registered office of the Credit Union is #401, st Street, Olds, Alberta. The Credit Union, through twelve branches and one business banking centre, serves members in Olds, Sundre, Didsbury, Cremona, Beiseker, Carbon, Morrin, Linden, Crossfield, Delia, Carstairs, Langdon and their surrounding areas. The Credit Union Deposit Guarantee Corporation, ( the Corporation ) a provincial corporation, guarantees the repayment of all deposits with Alberta credit unions, including accrued interest. The Act provides that the Province of Alberta will ensure that the Corporation carries out this obligation. The consolidated financial statements of the Credit Union were authorized for issue in accordance with a resolution of the directors on December 18, Basis of preparation Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ). Basis of measurement These consolidated financial statements are stated in Canadian dollars, which is the Credit Union s functional currency, and were prepared under the historical cost convention except for the following financial instruments which are measured at fair value: available-for-sale instruments derivative instruments Use of estimates and judgments The preparation of consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Credit Union s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note Significant accounting judgments, estimates and assumptions The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and judgments are continuously evaluated and are based on management s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. The key sources of estimation uncertainty that have a significant risk of causing material adjustment to the amounts recognized in the consolidated financial statements are: Taxes Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Credit Union reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. 21 MVCU 2014

8 3. Significant accounting judgments, estimates and assumptions (continued) Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on available data from binding sales transactions in an arm s length transaction of similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Credit Union is not yet committed to or significant future investments that will enhance the asset s performance of the cash generating unit being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes. Useful lives of property and equipment The Credit Union estimates the useful lives of property and equipment based on the period over which the assets are expected to be available for use. The estimated useful lives of property and equipment are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the relevant assets. In addition, the estimation of the useful lives of property and equipment are based on internal technical evaluation and experience with similar assets. It is possible, however, that future results of operations could be materially affected by changes in the estimates brought about by changes in factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the estimated useful lives of the property and equipment would increase the recorded expenses and decrease the non-current assets. Allowance for loan impairment The individual allowance component of the total allowance for loan impairment applies to financial assets evaluated individually for impairment. In particular, management judgment is required in the estimate of the amount and timing of the cash flows the Credit Union expects to receive. These estimates are based on a number of factors, including the net realizable value of any underlying collateral. The collective allowance component covers credit losses in portfolios of loans with similar credit risk characteristics when there is objective evidence to suggest that a loss has been incurred but the individual impaired items cannot yet be identified. In assessing the collective allowance, management considers factors such as credit quality, historical loss experience and current economic conditions. Valuation of financial instruments The Credit Union determines the fair value of financial instruments for which there is no observable market price using a variety of valuation techniques. The inputs to these models are derived from observable market data where possible, but where observable market data are not available, judgment is required to establish fair values. The judgments include consideration of liquidity, and other risks affecting the specific instrument. 4. Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. A) Cash Cash consists of cash on hand and demand deposits held at Credit Union Central of Alberta Limited ( Central ). MVCU

9 4. Summary of significant accounting policies (continued) B) Financial instruments recognition and measurement Financial instruments are recognized when the Credit Union becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Credit Union has transferred substantially all risks and rewards of ownership. Financial instruments are recognized initially at fair value plus, for instruments not at fair value through profit or loss, any directly attributable transaction costs. The Credit Union uses settlement date accounting for regular way contracts when recording financial asset transactions. Subsequent to initial recognition, financial instruments are measured as described below: Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are carried at amortized cost using the effective interest method, less impairment allowance if any. The effective interest method is a method of calculating amortized cost and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees or points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or when appropriate, a shorter period to the net carrying amount of the instrument. The Credit Union has classified the following financial assets as loans and receivables: loans to members and accrued interest, mortgage pools and accounts receivable. Financial instruments at fair value through profit or loss Financial assets or financial liabilities are classified as fair value through profit or loss ( FVTPL ) when the financial asset or liability is either held for trading or it is designated as such by management on initial recognition. A financial asset or financial liability is classified as held for trading if: it has been acquired principally for the purpose of selling it in the near term; or on initial recognition it is part of a portfolio of identified financial instruments that the Credit Union manages together and has a recent actual pattern of short-term profit-taking; or it is a derivative that is not designated and effective as a hedging instrument. A financial asset or financial liability other than a financial asset or financial liability held for trading may be designated as at FVTPL upon initial recognition if: such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or the financial asset or financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Credit Union s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or it forms part of a contract containing one or more embedded derivatives. Financial assets or financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized immediately in the consolidated statement of comprehensive income. The net gain or loss recognised in the consolidated statement of comprehensive income incorporates any dividend or interest earned. The Credit Union has classified the following financial assets and liabilities as FVTPL: cash and derivatives. 23 MVCU 2014

10 4. Summary of significant accounting policies (continued) Held to maturity Held to maturity financial assets are non-derivative assets with fixed or determinable payments and fixed maturity dates that the Credit Union has the positive intention and ability to hold until their maturity dates, and which are not designated as at fair value through profit or loss or as available for sale. Held to maturity financial assets are subsequently measured at amortized cost using the effective interest method less any impairment, with revenue recognized on an effective yield basis. The Credit Union has classified the following financial assets as held to maturity: term deposits with Central and other term deposits. Available for sale Available-for-sale financial assets are non-derivative financial assets that are designated as available for sale and that are not classified in any of the previous categories. Unquoted equity securities whose fair value cannot be reliably measured are carried at cost. All other available for sale financial assets are carried at fair value. Interest income is recognized in the consolidated statement of comprehensive income using the effective interest method. Dividend income is recognized in the consolidated statement of comprehensive income when the Credit Union becomes entitled to the dividend. Foreign exchange gains or losses on available for sale debt security investments are recognized immediately in the consolidated statement of comprehensive income. Other fair value changes are recognized in other comprehensive income until the investment is sold or impaired, whereupon the cumulative gains and losses previously recognized in other comprehensive income are reclassified to the consolidated statement of comprehensive income as a reclassification adjustment. The Credit Union has classified the following financial assets as available for sale: shares in Central. Other financial liabilities Other financial liabilities include liabilities that have not been classified as FVTPL. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense, calculated using the effective interest rate method, is recognized in the consolidated statement of comprehensive income. The Credit Union has classified the following financial liabilities as other financial liabilities: member deposits and accrued interest and accounts payable and accrued liabilities. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Credit Union are recorded at the proceeds received, net of direct issue costs. Derivative financial instruments Derivative financial instruments are recognized at fair value, including those embedded in financial or other contracts that are not closely related to the host contract. Changes in the fair values of derivative financial instruments are immediately recognized in the consolidated statement of comprehensive income, unless designated as cash flow hedges. The Credit Union enters into derivative investment contracts with Central to insure the rate of return of its equity linked deposits for its members. The fair value of this derivative is included in investments and accrued interest. Included in member deposits and accrued interest are certain equity linked deposit contracts. The deposit obligation varies according to the performance of certain equity indices and includes an embedded derivative that must be accounted for separately from the host contract. The fair value of the embedded derivative is included in other liabilities on the consolidated statement of financial position. MVCU

11 4. Summary of significant accounting policies (continued) C) Financial instruments derecognition Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Credit Union has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognized when the obligation has been discharged, cancelled or expires. d) Impairment of financial assets The Credit Union assesses financial assets, other than those carried at fair value through profit or loss, for indicators of impairment at each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset; the estimated future cash flows of the asset have been affected. For an equity security investment, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment. For all other financial assets, objective evidence of impairment could include significant financial difficulty of the issuer or counterparty, default or delinquency by the borrower, indications that the borrower will enter bankruptcy, disappearance of an active market for the security, or other observable data relating to a portfolio of assets such as adverse changes in the payment status of borrowers in the portfolio, or national or local economic conditions that correlate with defaults on the assets in the portfolio. For certain categories of financial assets, such as loans to members, the allowance for impairment comprises two parts an individual allowance component and a collective allowance component, calculated as follows: i The Credit Union records a specific individual allowance based on management s regular review and evaluation of individual loans and is based upon the management s best estimate of the present value of the cash flows expected to be received, discounted at the loan s original effective interest rate. As a practical expedient, impairment may be measured on the basis of the instrument s fair value using an observable market price. The calculation of the present value of the estimated future cash flows of a collateralized financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure is probable. ii The Credit Union records a collective allowance for loans with similar credit risk characteristics, that have not been individually assessed as impaired, when objective evidence of impairment within the groups of loans exists but the individually impaired loans cannot be identified. In assessing the need for collective allowances, management considers factors such as credit quality, portfolio size, concentrations and economic factors. The Credit Union estimates the collective allowance for impairment using a formula based on its historical loss experience for similar groups of loans in similar economic circumstances and current economic conditions. As management identifies individually impaired loans, it assigns an individual allowance for impairment to that loan and adjusts the collective allowance accordingly. When an available-for-sale financial asset is considered impaired, cumulative gains or losses previously recognized in other comprehensive income are reclassified to the consolidated statement of comprehensive income in the period. With the exception of available-for-sale equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be objectively related to an event occurring after the impairment loss was recognized, the previously recognized impairment loss is reversed through the consolidated statement of comprehensive income to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Any subsequent recovery in the fair value of an impaired available-for-sale equity instruments is recognized in other comprehensive income. 25 MVCU 2014

12 4. Summary of significant accounting policies (continued) e) Property and equipment Property and equipment are stated at cost less accumulated depreciation and/or accumulated impairment losses if any. Such cost includes the cost of replacing part of the equipment. When significant parts of property and equipment are required to be replaced in intervals, the Credit Union recognizes such parts as individual assets with specific useful lives and depreciation, respectively. Depreciation is recorded on a straight-line basis over the following estimated useful lives: Building Leasehold Improvements Computer equipment Furniture Vault and Security equipment Vehicles 7-40 years 7 years 3-5 years 5-10 years 5-20 years 7 years The assets residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjusted prospectively, if appropriate. Gains and losses on the disposal of property and equipment are recorded in the consolidated statement of comprehensive income in the year of disposal. f) Intangible assets Intangible assets consist of computer software which are not integral to the computer hardware owned by the Credit Union. Software is initially recorded at cost and subsequently measured at cost less accumulated amortization and any accumulated impairment. Software is amortized on a straight-line basis over its estimated useful life of 3-7 years. g) Impairment of non-financial assets At the end of each reporting period, the Credit Union reviews the carrying amounts of its assets that are subject to depreciation and amortization to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Credit Union estimates the recoverable amount of the cash-generating unit ( CGU ) to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual CGU s, or otherwise they are allocated to the smallest group of CGU s for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount. An impairment loss is recognized immediately in the consolidated statement of comprehensive income. Where an impairment loss subsequently reverses for assets with a finite useful life, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized immediately in the consolidated statement of comprehensive income. MVCU

13 4. Summary of significant accounting policies (continued) h) Assets Held for Sale Assets are considered held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is met only when the sale is highly probable and the asset is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to be completed within one year from the date of classification. Assets held for sale include property and land previously used by the Credit Union, and property that has been repossessed following foreclosure on loans that are in default. Assets classified as held for sale are measured at the lower of their previous carrying amount and fair value less cost to sell and are not depreciated. An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell, but not exceeding any cumulative impairment losses previously recognized. i) Revenue recognition Loan interest income Loan interest income is recognized on an accrual basis and in the consolidated statement of comprehensive income using the effective interest method. Once a loan is written down as a result of an impairment loss, interest income is recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Fees that are an integral part of the effective interest rate of the financial instrument, including loan origination, commitment, restructuring and renegotiation fees, are capitalized as part of the related asset and amortized to interest income over the term of the loan using the effective interest method. Investment interest income Investment interest income is recognized on the accrual basis using the effective interest method. Purchase premiums and discounts are amortized using the effective interest method over the term to maturity of the applicable investment. Other income Other revenue is recognized in the fiscal period in which the related service is provided. j) Taxes Tax expense comprises current and deferred tax. Tax is recognized in the consolidated statement of comprehensive income except to the extent it relates to items recognized in other comprehensive income or directly in equity. Current income tax Current tax expense is based on the results for the period as adjusted for items that are not taxable or not deductible. Current tax is calculated using tax rates and laws that were enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities. 27 MVCU 2014

14 4. Summary of significant accounting policies (continued) Deferred tax Deferred tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled. Deferred tax liabilities: are generally recognized for all taxable temporary differences; are recognized for taxable temporary differences arising on investments in subsidiaries except where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future; and are not recognized on temporary differences that arise from goodwill which is not deductible for tax purposes. Deferred tax assets: are recognized to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilized; and are reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are not recognized in respect of temporary differences that arise on initial recognition of assets and liabilities in a transaction that is not a business combination and that effects neither accounting, nor taxable profit or loss. k) Foreign currency translation Transaction amounts denominated in foreign currencies are translated into their Canadian dollar equivalents at exchange rates prevailing at the transaction dates. Carrying values of monetary assets and liabilities reflect the exchange rates at the balance sheet date. Translation gains and losses are included in the consolidated statement of comprehensive income. l) Basis of consolidation Investments in joint ventures are accounted for using the equity method, whereby the investment is initially recognised at cost and the carrying amount is increased or decreased to recognise the Credit Union s share of the profit or loss of the entity after the date of acquisition. The Credit Union s interest in InStride Resources Ltd ( InStride ) has been classified as a joint venture and accounted for using the equity method. 5. Recent accounting pronouncements On November 1, 2013, the Credit Union adopted the following new standards and amendments which became effective for the current fiscal year: i IFRS 10, Consolidated Financial Statements, supersedes IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation Special Purpose Entities. This standard provides a single model to be applied in control analysis for all investees including special purpose entities. The adoption of this standard had no impact on the amounts recorded in the Credit Union s consolidated financial statements. ii IFRS 11, Joint Arrangements, whereby joint arrangements are classified as either joint operations or joint ventures, each with their own accounting treatment. All joint arrangements are required to be reassessed on transition to IFRS 11 to determine their type to apply the appropriate accounting. The adoption of this standard had no impact on the amounts recorded in the Credit Union s consolidated financial statements. MVCU

15 5. Recent accounting pronouncements (continued) iii iv v IFRS 12, Disclosure of Interest in Other Entities, combines the disclosure requirements for entities that have interest in subsidiaries, joint arrangements, and associates as well as unconsolidated structured entities. The adoption of this standard had no impact on the Credit Union s consolidated financial statements. IFRS 13, Fair Value Measurement, establishes a framework for measuring fair value and sets out disclosure requirements for fair value measurements. This standard defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The adoption of this standard had no impact on the Credit Union s consolidated financial statements except for the expanded disclosure on fair value measurement. IFRS 7, Financial Instruments: Disclosures was amended to develop common disclosure requirements for financial assets and financial liabilities that are offset in the financial statements, or that are subject to enforceable master netting arrangements or similar agreements. The adoption of this amendment had no impact on the Credit Union s consolidated financial statements. The Credit Union has reviewed new and revised accounting pronouncements that have been issued but are not yet effective and determined that the following may have an impact on the Credit Union: i In May 2013, the IASB issued amendments to IAS 36 Impairment of Assets which reduces the circumstances in which the recoverable amount of CGUs is required to be disclosed and clarify the disclosures required when an impairment loss has been recognized or reversed in the period. The amendments are required to be adopted retrospectively for fiscal years beginning January 1, 2014, with earlier adoption permitted. These amendments will be applied by the Credit Union on November 1, 2014 and the adoption will only impact the Credit Union s disclosures in the notes to the consolidated financial statements in periods when an impairment loss or impairment reversal is recognized. ii iii In May 2013, the IASB issued IFRIC 21 Levies, which was developed by the IFRS Interpretations Committee ( IFRIC ). IFRIC 21 clarifies that an entity recognizes a liability for a levy when the activity that triggers payment, as identified by the relevant legislation, occurs. The interpretation also clarifies that no liability should be recognized before the specified minimum threshold to trigger that levy is reached. IFRIC 21 is required to be adopted retrospectively for fiscal years beginning January 1, 2014, with earlier adoption permitted. IFRIC 21 will be applied by the Credit Union on November 1, 2014 and the adoption will not have an impact on the Credit Union s consolidated financial statements. The IASB has undertaken a three-phase project to replace IAS 39 Financial Instruments: Recognition and Measurement with IFRS 9 Financial Instruments. In November 2009, the IASB issued the first phase of IFRS 9, which details the classification and measurement requirements for financial assets. Requirements for financial liabilities were added to the standard in October The new standard replaces the current multiple classification and measurement models for financial assets and liabilities with a single model that has only two classification categories: amortized cost and fair value. These amendments will be applied by the Credit Union on November 1, The Credit Union is currently assessing and quantifying the effect on its consolidated financial statements. iv The IASB issued IFRS 15 Revenue from Contracts with Customers, which replaces IAS 18 Revenue, IAS 11 Construction Contracts, and related interpretations. The standard is required to be adopted either retrospectively or using a modified transition approach for fiscal years beginning on or after January 1, 2017, with earlier adoption permitted. IFRS 15 will be applied by the Credit Union on November 1, 2017 and the adoption is not expected to have a material impact on the consolidated financial statements. 29 MVCU 2014

16 6. Investments and accrued interest Loans and receivables Mortgage pool 2,108,683 2,481,167 Accrued interest 8,592 9,811 2,117,275 2,490,978 Available-for-sale Shares in Central 5,687,000 5,637,000 5,687,000 5,637,000 Held to maturity Term deposits with Central 67,587,850 41,884,778 Other term deposits 19,169,623 14,477,808 Accrued interest 93, ,467 86,850,513 56,609,053 Total investments 94,654,788 64,737,031 Effective annual yield % (excluding accrued interest) 1.05% 1.27% As of October 31, 2014, the Credit Union is a % (unit share percentage) participant in a residential mortgage pool with Concentra Financial Services Association ( Concentra Financial ). The Credit Union receives its unit share percentage of the Concentra Financial return on the pool, less any fees or charges on a monthly basis. This return equated to 2.33% for fiscal 2014 ( %). As required by the Act, the Credit Union holds investments with Central to maintain its liquidity level. Other term deposits include amounts invested with other Canadian financial institutions. In 2014, the Credit Union received $274,888 (2013 $1,274,090) in special patronage distributions that were based on the Credit Union s holdings of statutory term deposits with Central. The distributions were not anticipated by the Credit Union and are not expected in future years. The distributions are related to partial recoveries in mark-to-market losses in asset backed commercial paper (ABCP) held by Central. Future improvements in the fair value of Central s ABCP holdings could result in additional patronage distributions. After the ABCP holdings are matured or otherwise disposed of, patronage distributions of this type are not expected to recur. MVCU

17 7. Loans to members and accrued interest Principal and allowance by loan type October 31, 2014 Principal Specific Portfolio Net carrying amount allowance allowance amount Consumer loans 80,357,603 51, ,174 80,080,908 Residential mortgages 240,242, , ,915,981 Commercial loans and mortgages 104,575, , , ,544,268 Agricultural loans and mortgages 79,458,234-29,377 79,428, ,634, ,521 1,257, ,970,014 Accrued interest 1,795, ,794, ,429, ,413 1,257, ,764,782 October 31, 2013 Principal Specific Portfolio Net carrying amount allowance allowance amount Consumer loans 81,062, , ,308 80,653,147 Residential mortgages 218,154, , , ,279,772 Commercial loans and mortgages 98,041,831 93, ,090 97,225,758 Agricultural loans and mortgages 78,538,676-42,935 78,495, ,797, ,337 1,262, ,654,418 Accrued interest 2,213, ,946-2,079, ,010,989 1,014,283 1,262, ,733,940 Maturity of loans Loans to members, not including accrued interest, mature as follows: Under 1 year 126,214, ,638,506 1 to 2 years 67,639,667 60,224,600 2 to 3 years 79,393,310 67,354,438 3 to 4 years 108,613,767 83,492,522 Over 4 years 122,773, ,087, ,634, ,797, MVCU 2014

18 7. Loans to members and accrued interest (continued) Loans allowance details Balance, beginning of year 2,277,049 3,216,194 Provision for loan impairment 394,728 18,681 Recovery of accrued interest impairment (133,054 ) (154,085 ) 2,538,723 3,080,790 Less: accounts written off, net of recoveries 873, ,741 Balance, end of year 1,664,963 2,277,049 Recoveries for the year ended October 31, 2014 totaled $73,599 (2013-$17,302). 8. Other assets Accounts receivable 604, ,397 Prepaid expenses and deposits 76,510 79, , ,057 MVCU

19 9. Property and equipment Leasehold improve- Computer Security Land Building ments equipment Furniture equipment Vehicle Total Cost At October 31, ,253,131 13,538,623 48,190 1,378, , ,240-21,034,662 Additions 50,198 6,819, , , , ,251-7,734,990 Disposals - 6, , ,800 70, ,020 At October 31, ,303,329 20,352, ,710 1,231,917 1,060, ,681-28,183,632 Additions 435 2,768,270 68, , ,892 98,708 34,304 3,791,669 Disposals - 89,077 48, , , , ,637 Transfers to held for sale 1,457,155 1,144, ,601,527 At October 31, ,846,609 21,887, ,819 1,070,689 1,339, ,763 34,304 28,429,137 Depreciation and impairment At October 31, ,425,745 48,190 1,027, , ,590-4,651,874 Charge for the year - 364, ,698 66,399 74, ,937 Disposals - 6, , ,800 70, ,699 At October 31, ,784,600 48, , , ,051-4,710,112 Charge for the year - 767,068 34, ,524 98,051 71,940 1,634 1,121,503 Disposals , , ,953 99, ,812 Transfers to held for sale - 752, ,215 At October 31, ,799,453 34, , , ,740 1,634 4,249,588 Net book value At October 31, ,303,329 17,567, , , , ,630-23,473,520 At October 31, ,846,609 19,087, , , , ,023 32,670 24,179,549 In the year ended October 31, 2014, fixed assets with a net carrying value of $114,825 ( $321) were disposed of for a loss of $111,626 ( $321). In the year ended October 31, 2014, fixed assets with a net carrying value and estimated fair value of $30,000 ( $nil) were donated to the Town of Olds for the use by Olds Emergency Shelter. 33 MVCU 2014

20 10. Intangible assets Computer software $ Cost At October 31, ,083,745 Additions 18,688 At October 31, ,102,433 Additions 40,414 At October 31, ,142,847 Amortization and impairment At October 31, ,140 Charge for the year 113,600 At October 31, ,740 Charge for the year 121,576 At October 31, ,316 Net book value At October 31, ,693 At October 31, , Assets held for sale Foreclosed property 304, ,996 Other land and buildings 2,067,641-2,372, , Member deposits and accrued interest Demand deposits 330,208, ,945,441 Term deposits 166,325, ,620,857 Registered plans 82,297,625 77,691, ,831, ,257,322 Accrued interest 2,763,797 2,249, ,595, ,506,613 MVCU

21 12. Member deposits and accrued interest (continued) Concentra Financial acts as the trustee of the Registered Retirement Savings Plan (RRSP) and the Registered Retirement Income Fund (RRIF) offered to members. Under an agreement with Concentra Financial, the contributions to the plan, and the interest earned on them, are deposited in the Credit Union. When members terminate these plans, the funds are repaid to them. Maturity of deposits Member deposits, not including accrued interest, mature as follows: Under 1 year 464,471, ,004,474 1 to 2 years 51,469,500 55,536,819 2 to 3 years 21,023,888 27,978,922 3 to 4 years 23,895,200 14,526,337 Over 4 years 17,971,578 23,210, ,831, ,257, Income taxes Income tax expense comprises: Current tax expense Current period 484, , , ,398 Deferred tax expense Origination and reversal of temporary differences (161,735) 171,157 (161,735) 171,157 Total income tax expense 322, ,555 The income tax expense for the year can be reconciled to the accounting profit as follows: Income before provision for income taxes 3,408,387 3,805,296 Combined federal and provincial tax rate 25% 25% Income tax expense at statutory rate 852, ,324 Adjusted for the effect of: Non-deductible expenses 5,337 4,550 Credit Union rate reduction and other adjustments (534,984) (307,319) 322, , MVCU 2014

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