Depreciation of Fixed Assets. Fixed assets are recorded at acquisition cost and are depreciated using the straight- line method at rates considered adequate to write off the cost of the assets over their estimated useful lives as follows: Furniture 5 years Office equipment 5 years Leasehold Improvements 5 years Computer Equipment 3 years Real Property 20 years Foreign Currency Transactions: Transactions in currencies other than the Cayman Islands dollar are converted at exchange rates ruling at the date of the transactions. Also, assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet date. Resulting gains and losses on exchange are recognized in the Statement of Income and Expenses at the end of the period. THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST OPERATING STATEMENT FOR THE YEAR ENDING 30 JUNE 2009 NOTE 2008/9 Budget $ 2007/8 Forecast $ Revenue Outputs Funded by Cabinet 577,875 577,875 Operations 1 3,602,069 3,490,574 Total Operating Revenue 4,179,944 4,068,449 Operating Expenses Personnel 974,615 1,194,692 Accommodation Costs 122,070 120,507 Office Expenses 150,765 154,931 Directors Fees 16,200 16,200 Computer Maintenance and Licensing Fees 42,171 42,171 Marketing, Advertising and Promotions 31,650 31,650 Depreciation and Amortization 125,250 76,680 Professional Fees/Consultancy 104,500 104,500 Provision for Loan Losses 138,000 138,000 Insurance 21,150 21,150 Other Operating Expenses 17,756 16,910 Loss on Foreign Exchange Conversion 20,000 47,085 Interest Expense 2,065,756 2,108,159 Total Operating Expenses 3,829,883 4,072,635 Net Income from Operations 350,061 (4,186) - - Total Other Revenue - - Surplus/Deficit from Ordinary Activities 350,061 (4,186) FORECAST STATEMENT OF CHANGES IN NET WORTH FOR THE YEAR ENDING 30 JUNE 2009 2008/9 2007/8 Budget Forecast NOTE $ $ Opening Balance Net Worth 7,201,805 7,205,991 Net Income for Year 350,061 (4,186) Transfer to Reserve Fund - - Total Recognized Revenues and Expenses 7,551,866 7,201,805 Reserve for Sinking Fund - - Reserve Fund - - Closing Balance Net Worth 7,551,866 7,201,805 THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST BALANCE SHEET AS AT 30 JUNE 2009 2008/9 2007/8 Budget Forecast NOTE $ $ Current Assets Cash and Cash Equivalents 2 200,000 868,360 Deposit Accounts 800,000 8,025,528 Loans and Deposit Interest Receivable 862,679 712,244 Total Current Assets 1,862,679 9,606,132 Loans Receivable 3 36,649,395 28,257,566 Office Building 650,750 685,000 Fixed Assets 4 145,626 236,626 TOTAL ASSETS 39,308,450 38,785,324 Current Liabilities Overdraft 500,000 - Accounts and Other Payables 499,891 869,442 Current Portion of Long -Term Debt 388,000 388,000 Total Current Liabilities 1,387,891 1,257,442 Long -Term Liabilities Loans from CDB 5 3,783,093 3,740,477 Loan from Other External Agencies 6 - - Note Payable - Bonds #1 9,969,600 9,969,600 Notes Payable - Bonds #2 6 16,616,000 16,616,000 Total Liabilities 31,756,584 31,583,519 Capital Equity Capital 7 3,289,185 3,289,185 Reserve Fund 8 50,000 50,000 Reserve for Sinking Fund 1,392,318 1,392,318 Retained Earnings 2,820,363 2,470,302 TOTAL LIABILITIES AND EQUITY 39,308,450 38,785,324 FORECAST STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 30 JUNE 2009 NOTE 2008/9 Budget $ 2007/8 Forecast $ Net Cash Flows from Operating Activities 93,325 975,284 Net Cash Flows from Investing Activities (1,304,301) 27,876 Net Cash Provided by Financing Activities 542,616 (891,800) Opening Balance Cash and Cash Equivalents 868,360 757,000 Net Change in Cash and Cash Equivalents (668,360) 111,360 Closing Balance Cash and Cash Equivalents 2 200,000 868,360 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2009 Note 1 - OPERATING REVENUES 2008/9 2007/8 Interest Income Budget $ 3,390,069 Forecast $ 2,663,574 Other Income 212,000 1,136,000 3,602,069 3,799,574 Note 2 - CASH and CASH EQUIVALENTS 2008/9 2007/8 Budget $ Forecast $ Current and Call Accounts 100,000 868,360 Short -Term Fixed Deposits within 3 months 100,000 8,025,528 200,000 8,893,888 Note 3 - LOANS RECEIVABLE 2008/9 2007/8 Budget Forecast $ $ Principal Amount Owed by Borrowers 37,950,895 29,421,066 Less: Provision for Loan Losses (1,301,500) (1,163,500) Net Balance 36,649,395 28,257,566 Note 4 - LEASEHOLD IMPROVEMENTS AND FIXED ASSETS Leasehold Improvements 2008/9 Budget $ 2007/8 Forecast $ Opening Book Value/Cost 96,184 148,975 Additions - - Depreciation (35,740) (52,791) Closing Book Value 60,444 96,184 Office Furniture and Equipment Opening Book Value/Cost 76,338 43,774 Additions - 45,000 Depreciation (26,000) (12,436) Closing Book Value 50,338 76,338 Computer Hardware and Software Opening Book Value/Cost 42,804 34,257 Additions - - Depreciation (25,000) (11,453) Closing Book Value 17,804 42,804 Motor Vehicle Opening Book Value/Cost 21,300 21,300 Additions - - Depreciation (4,260) - Closing Book Value 17,040 21,300 Real Property – Office Space Opening Book Value/Cost 640,000 - Additions 45,000 640,000 Depreciation 34,250 - Closing Book Value 650,750 640,000 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS continued FOR THE YEAR ENDING 30 JUNE 2009 Note 5 - LOANS FROM CARIBBEAN DEVELOPMENT BANK (CDB) The CIDB acts as executing agent for two (2) lines of credit from the Caribbean Development Bank (CDB). Of these, one is currently being repaid and drawdowns are being made under the second which is specifically earmarked for mortgage financing. Repayments under the second line of credit did not commence until 2007. 2008/9 Budget $ 2007/8 Forecast $ Opening Balance for Period 4,128,477 2,697,737 Drawdowns - 1,788,540 Repayments 42,616 (357,800) Closing Balance for Period 4,171,093 4,128,477 Note 6 - OTHER LONG TERM LIABILITIES On June 30, 2005, the CIDB issued two (2) Variable Rate Development Bonds totaling US$12 million /CI$10 million. The offering was fully subscribed. The additional funding of CI$16.5 million was secured in the fiscal year 2007 for on-lending. 2008/9 Budget $ 2007/8 Forecast $ US$6 Million Variable Rate Dev. Bonds at 6-month Libor + .75% Due 2010 4,984,800 4,984,800 US$6 Million Variable Rate Dev. Bonds at 6-month Libor + 1.0% Due 2015 4,984,800 4,984,800 New Credit Facility @ 6.85% per annum (20 years - fixed) 16,616,000 16,500,000 Closing Balance for Period 26,585,600 26,469,600 Note 7 - EQUITY CAPITAL The authorized capital of the Cayman Islands Development Bank is CI$50 million. The paid-up capital is exclusively subscribed for by the Cayman Islands Government as follows Opening Balance 2008/9 Budget $ 3,289,185 2007/8 Forecast $ 3,289,185 Additions - - Closing Balance 3,289,185 3,289,185 Note 8 - Reserve Fund Under Section 20 of the CIDB Law, 2001, the Bank is required to maintain a Reserve Fund equivalent to 20% of its net income until the total amount standing to the credit of such reserve is equivalent to the paid-up portion of the authorized capital of the Bank. The Reserve Fund is comprised as follows: 2008/9 Budget $ 2007/8 Forecast $ Balance at Beginning of Year 50,000 43,345 Transfer from Net Income for Year 0 6,655 Balance at End of Year 50,000 50,000 BUDGET 2008/9 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Islands Monetary Authority For the year ending 30 June 2009 Contents
Appears in 1 contract
Samples: Ownership Agreement
Depreciation of Fixed Assets. Fixed assets are recorded at acquisition cost and are depreciated using the straight- straight-line method at rates considered adequate to write off the cost of the assets over their estimated useful lives as follows: Furniture 5 years Office equipment 5 years Leasehold Improvements Furniture/Equipment 5 years Computer Equipment 3 years Real Property Motor Vehicle 5 years Building 20 years Foreign Currency Transactions: Transactions in currencies other than the Cayman Islands dollar are converted at exchange rates ruling at the date of the transactions. Also, assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet statement of financial position date. Resulting gains and losses on exchange are recognized in the Statement of Income and Expenses at the end of the periodComprehensive Income. THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST OPERATING STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDING 30 JUNE 2009 NOTE 2008/9 Budget 2013 Note 2012/13 Target $ 2007/8 2011/12 Forecast (Restated) $ Revenue Outputs Funded by Cabinet 577,875 577,875 Operations 1 3,602,069 3,490,574 2,528,399 2,615,342 Total Operating Revenue 4,179,944 4,068,449 3,106,274 3,193,217 Operating Expenses Personnel 974,615 1,194,692 1,110,712 1,134,914 Accommodation Costs 122,070 120,507 155,672 131,918 Office Expenses 150,765 154,931 35,289 48,122 Directors Fees 16,200 16,200 4,200 4,200 Computer Maintenance and Licensing Fees 42,171 42,171 58,800 63,344 Marketing, Advertising and Promotions 31,650 31,650 9,200 4,350 Depreciation and Amortization 125,250 76,680 62,700 98,012 Professional Fees/Consultancy 104,500 104,500 64,200 64,256 Provision for Loan Losses 138,000 138,000 Insurance 21,150 21,150 Other Operating Expenses 17,756 16,910 500,000 600,000 Loss on Foreign Exchange Conversion 20,000 47,085 2,000 2,000 Interest Expense 2,065,756 2,108,159 1,169,365 1,101,634 Total Operating Expenses 3,829,883 4,072,635 3,172,138 3,252,750 Net Income (loss) from Operations 350,061 (4,18665,864) - - Total Other Revenue - - Surplus/Deficit from Ordinary Activities 350,061 (4,18659,533) THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST STATEMENT OF CHANGES IN NET WORTH FOR THE YEAR ENDING 30 JUNE 2009 2008/9 2007/8 Budget 2013 Note 2012/13 Target $ 2011/12 Forecast NOTE $ (Restated) $ Opening Balance Net Worth 7,201,805 7,205,991 Retained Earnings 927,556 987,089 Net Income (Loss) for Year 350,061 (4,18665,864) (59,533) Transfer to Reserve Fund - - Total Recognized Revenues and Expenses 7,551,866 7,201,805 Reserve for Sinking Fund - - Reserve Fund Reserves - - Closing Balance Net Worth 7,551,866 7,201,805 Retained Earnings 861,692 927,556 Opening Balance Reserves 48,509 48,509 Transfer from Operations - - Closing Balance Reserves 48,509 48,509 Opening Balance Share Capital 3,289,185 3,289,185 Movement in Share Capital 1,000,000 - Closing Balance Share Capital 4,289,185 3,289,185 Total 5,199,386 4,265,250 THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST BALANCE SHEET STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2009 2008/9 2007/8 Budget 2013 NOTE 2012/13 Target $ 2011/12 Forecast NOTE $ $ Current (Restated) Assets Cash and Cash Equivalents 2 200,000 868,360 6,091,350 3,097,572 Deposit Accounts 800,000 8,025,528 Loans and 170,548 170,548 Prepayments 40,000 25,000 Loans, Deposit Interest and Other Receivable 862,679 712,244 Total Current Assets 1,862,679 9,606,132 252,569 302,569 Loans Receivable 3 36,649,395 28,257,566 Office Building 650,750 685,000 37,370,429 38,953,392 Fixed Assets 4 145,626 236,626 635,039 621,502 TOTAL ASSETS 39,308,450 38,785,324 Current 44,559,935 43,170,583 Liabilities Bank Overdraft 500,000 2 750,000 - Accounts Payable and Other Payables 499,891 869,442 Accruals 274,590 284,588 Due to Related Parties 841,499 791,499 Interest payable – loans and bonds 278,448 269,702 Current Portion of Long -Term Debt 388,000 388,000 Total Current Liabilities 1,387,891 1,257,442 Long -Term Liabilities 311,567 343,531 Post Retirement Benefit Pension Obligations 28,000 28,000 Loans from CDB 5 3,783,093 3,740,477 Loan from Other External Agencies 6 - - 2,149,005 2,460,572 Note Payable - Bonds #1 9,969,600 9,969,600 Notes Payable - Bonds #2 6 16,616,000 16,616,000 34,727,440 34,727,440 Total Liabilities 31,756,584 31,583,519 39,360,549 38,905,332 Capital Equity Capital 7 3,289,185 4,289,185 3,289,185 Reserve Fund 8 50,000 50,000 Reserve for Sinking Fund 1,392,318 1,392,318 48,509 48,509 Retained Earnings 2,820,363 2,470,302 861,692 927,557 TOTAL LIABILITIES AND EQUITY 39,308,450 38,785,324 44,559,935 43,170,583 THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 30 JUNE 2009 2013 NOTE 2008/9 Budget 2012/13 Target $ 2007/8 2011/12 Forecast (Restated) $ CASH FLOWS FROM OPERATING ACTIVITIES Net Income (loss) for the Year (65,864) (59,533) Items not Affecting Cash: Depreciation 62,700 98,012 Loan loss expense 500,000 600,000 Transfer to reserve fund - 496,836 638,479 Changes in Non-Cash Flows from Operating Activities 93,325 975,284 Net Cash Flows from Investing Activities Working Capital Balances Relating to Operations Decrease/(increase) in prepayments (1,304,30115,000) 27,876 (3,696) Decrease/ (Increase) in Loans, Deposit Interest and Other Receivable 50,000 (97,430) Increase (Decrease) in due to related parties 50,000 50,000 (Increase) Decrease in loans receivable 1,082,963 (645,758) Increase (Decrease) in post-retirement pension obligation - - Increase (Decrease) in Accounts Payable & Accruals (10,000) 50,000 Increase (Decrease) in interest payable – loans and bonds 8,748 29,681 Net Cash Provided by (Used in) Operating Activities 1,663,547 21,276 CASH FLOWS FROM INVESTING ACTIVITIES (Increase)/decrease in Fixed deposits - - Purchase of Fixed Assets (76,237) - Net Cash Provided by (Used in) Investing Activities (76,237) - CASH FLOWS FROM FINANCING ACTIVITIES CDB Loans repaid (343,532) (501,336) Equity Investment from Cabinet 1,000,000 - Bonds repaid - - Net Cash Provided by (Used in) Financing Activities 542,616 656,468 (891,800501,335) Opening Balance Cash and Cash Equivalents 868,360 757,000 Net Change Increase (Decrease) in Cash and Cash Equivalents 2,243,778 (668,360480,060) 111,360 Closing Balance Cash and Cash Equivalents 2 200,000 868,360 at Beginning of the Period 3,097,572 3,577,632 CASH AND CASH EQUIVALENTS AT THE END OF PERIOD 5,341,350 3,097,572 THE CAYMAN ISLANDS DEVELOPMENT BANK BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2009 2013 Note 1 - OPERATING REVENUES 2008/9 2007/8 2012/13 Target $ 2011/12 Forecast (Restated) $ Interest Income Budget $ 3,390,069 Forecast $ 2,663,574 2,503,399 2,568,018 Other Income 212,000 1,136,000 3,602,069 3,799,574 602,875 625,199 3,106,274 3,193,217 Note 2 - CASH and & CASH EQUIVALENTS 2008/9 2007/8 Budget 2012/13 Target $ 2011/12 Forecast (Restated) $ Current and Call Accounts 100,000 868,360 Short -Term Fixed Deposits within 3 months 100,000 8,025,528 200,000 8,893,888 6,091,350 3,097,572 Bank overdraft (750,000) - 5,341,350 3,097,572 Note 3 - LOANS RECEIVABLE 2008/9 2007/8 Budget 2012/13 Target $ 2011/12 Forecast $ (Restated) $ Principal Amount Owed by Borrowers 37,950,895 29,421,066 Xxxxxxxxx 40,705,944 41,788,907 Less: Provision for Loan Losses (1,301,5003,335,515) (1,163,5002,835,515) Net Balance 36,649,395 28,257,566 Note 4 - LEASEHOLD IMPROVEMENTS AND FIXED ASSETS Leasehold Improvements 2008/9 Budget $ 2007/8 Forecast $ Opening Book Value/Cost 96,184 148,975 Additions - - Depreciation (35,740) (52,791) Closing Book Value 60,444 96,184 Office Furniture and Equipment Opening Book Value/Cost 76,338 43,774 Additions - 45,000 Depreciation (26,000) (12,436) Closing Book Value 50,338 76,338 Computer Hardware and Software Opening Book Value/Cost 42,804 34,257 Additions - - Depreciation (25,000) (11,453) Closing Book Value 17,804 42,804 Motor Vehicle Opening Book Value/Cost 21,300 21,300 Additions - - Depreciation (4,260) - Closing Book Value 17,040 21,300 Real Property – Office Space Opening Book Value/Cost 640,000 - Additions 45,000 640,000 Depreciation 34,250 - Closing Book Value 650,750 640,000 37,370,429 38,953,392 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS continued FOR THE YEAR ENDING 30 JUNE 2009 2013 Note 4 - FIXED ASSETS 2012/13 Target $ 2011/12 Forecast (Restated) $ Office Furniture and Equipment Opening Book Value/Cost 117,688 117,688 Additions 5,087 - Depreciation (118,705) (117,688) Closing Book Value 4,070 - Computer Hardware and Software Opening Book Value/Cost 298,254 298,254 Additions 51,150 - Depreciation (273,398) (256,518) Closing Book Value 76,006 41,736 Motor Vehicle Opening Book Value/Cost 21,300 21,300 Additions 20,000 - Depreciation (25,300) (21,300) Closing Book Value 16,000 - Real Property – Office Space Opening Book Value/Cost 816,065 816,065 Additions - - Depreciation (277,102) (236,299) Closing Book Value 538,963 579,766 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS continued FOR THE YEAR ENDING 30 JUNE 2013 Note 5 - – LOANS FROM CARIBBEAN DEVELOPMENT BANK (CDB) The CIDB acts as executing agent for two (2) lines of credit from the Caribbean Development Bank (CDB). Of these, one is currently being repaid and drawdowns are being made under the second which is specifically earmarked for mortgage financing. Repayments under the second line of credit did not commence until 2007. 2008/9 Budget 2012/13 Target $ 2007/8 2011/12 Forecast (Restated) $ Opening Balance for Period 4,128,477 2,697,737 Drawdowns - 1,788,540 2,804,103 3,305,438 Repayments 42,616 (357,800343,532) (501,335) Closing Balance for Period 4,171,093 4,128,477 2,460,571 2,804,103 Note 6 - – OTHER LONG TERM LIABILITIES On June 30, 2005, the CIDB issued two (2) Variable Rate Development Bonds totaling US$12 million /CI$10 (CI$10 million). The offering was fully subscribed. The additional Additional funding of CI$16.5 CI$16.6 million was secured in the fiscal year 2007 2007/2008 for on-lending; this bond was later refinanced in April 2010 with a local financial institution. 2008/9 Budget One of the bonds issued in June 2005 matured in June 2010; the Management of the Bank successfully negotiated with over 95% (US$5.8 Million) of the bondholders to extend the bond for another 5 years to June 30, 2015. In July 2010 and January 2011 the Bank obtained proceeds under two US$5 Million bonds with a local financial institution. There is no planned borrowing for year ending June 30, 2013. 2012/13 Target $ 2007/8 2011/12 Forecast (Restated) $ US$5 Million Variable Rate Dev. Bond U.S. 6-month Libor +2 .75% Due 2015 4,154,000 4,154,000 US$5 Million Variable Rate Dev. Bond U.S. 6-month Libor +2 .75% Due 2016 4,154,000 4,154,000 US$5.8 Million Variable Rate Dev. Bonds at U.S. 6- month Libor +2 .75% Due 2015 4,818,640 4,818,640 US$6 Million Variable Rate Dev. Bonds at 6-month Libor + .75% Due 2010 4,984,800 4,984,800 US$6 Million Variable Rate Dev. Bonds at 6-U.S. 6- month Libor + 1.0% Due 2015 4,984,800 4,984,800 New Credit Facility @ 6.85US$20 million bond at U.S. 6-Month LIBOR plus 2.35% per annum (20 years - fixed) 16,616,000 16,500,000 16,616,000 Closing Balance for Period 26,585,600 26,469,600 Note 7 - EQUITY CAPITAL The authorized capital of the Cayman Islands Development Bank is CI$50 million. The paid-up capital is exclusively subscribed for by the Cayman Islands Government as follows 34,727,440 34,727,440 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS continued FOR THE YEAR ENDING 30 JUNE 2013 2012/13 Target $ 2011/12 Forecast (Restated) $ Opening Balance 2008/9 Budget $ 3,289,185 2007/8 Forecast $ 3,289,185 Additions - 1,000,000 - Closing Balance 3,289,185 4,289,185 3,289,185 Note 8 - Reserve Fund Under Section 20 of the CIDB Law, 2001Law (2004 Revision), the Bank is required to maintain a Reserve Fund equivalent to 20% of its net income until the total amount standing to the credit of such reserve is equivalent to the paid-up portion of the authorized capital of the Bank. Note 8 - Reserve Fund The Reserve Fund is comprised as follows: 2008/9 Budget 2012/13 Target $ 2007/8 2011/12 Forecast (Restated) $ Balance at Beginning of Year 50,000 43,345 48,509 48,509 Transfer from Net Income for Year 0 6,655 - - Balance at End of Year 50,000 50,000 48,509 48,509 OWNERSHIP AGREEMENT BETWEEN THE CABINET OF THE CAYMAN ISLANDS GOVERNMENT And CAYMAN ISLANDS MONETARY AUTHORITY 2012/13 BUDGET 2008/9 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Islands Monetary Authority For the year ending FOR THE YEAR ENDING 30 June 2009 ContentsJUNE 2013 CONTENTS
Appears in 1 contract
Samples: Ownership Agreement
Depreciation of Fixed Assets. Fixed assets are recorded at acquisition cost and are depreciated using the straight- straight-line method at rates considered adequate to write off the cost of the assets over their estimated useful lives as follows: Furniture 5 years Office equipment 5 years Leasehold Improvements 5 years Computer Equipment 3 years Motor Vehicle 5 years Real Property 20 years Foreign Currency Transactions: Transactions in currencies other than the Cayman Islands dollar are converted at exchange rates ruling at the date of the transactions. Also, assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet date. Resulting gains and losses on exchange are recognized in the Statement of Income and Expenses at the end of the period. THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST OPERATING STATEMENT FOR THE YEAR ENDING 30 JUNE 2009 NOTE 2008/9 Budget 2012 2011/12 2010/11 Target Forecast $ 2007/8 Forecast $ Revenue Outputs Funded by Cabinet 577,875 577,875 Operations 1 3,602,069 3,490,574 3,068,202 2,779,750 Total Operating Revenue 4,179,944 4,068,449 3,646,077 3,357,625 Operating Expenses Personnel 974,615 1,194,692 1,067,745 1,213,633 Accommodation Costs 122,070 120,507 146,820 144,224 Office Expenses 150,765 154,931 32,478 34,500 Directors Fees 16,200 16,200 9,700 14,000 Computer Maintenance and Licensing Fees 42,171 42,171 58,800 54,000 Marketing, Advertising and Promotions 31,650 31,650 8,400 2,800 Depreciation and Amortization 125,250 76,680 56,292 108,000 Professional Fees/Consultancy 104,500 104,500 148,280 88,916 Provision for Loan Losses 138,000 138,000 Insurance 21,150 21,150 Other Operating Expenses 17,756 16,910 499,992 250,000 Loss on Foreign Exchange Conversion 20,000 47,085 2,000 2,000 Interest Expense 2,065,756 2,108,159 1,178,795 1,092,551 Total Operating Expenses 3,829,883 4,072,635 3,209,302 3,004,624 Net Income (loss) from Operations 350,061 (4,186) - - Total Other Revenue - - Surplus/Deficit from Ordinary Activities 350,061 (4,186) 436,775 353,001 THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST STATEMENT OF CHANGES IN NET WORTH FOR THE YEAR ENDING 30 JUNE 2009 2008/9 2007/8 Budget 2012 2011/12 2010/11 Target Forecast NOTE $ $ Opening Balance Net Worth 7,201,805 7,205,991 Retained Earnings 2,555,803 2,273,402 Net Income (Loss) for Year 350,061 (4,186) 436,775 353,001 Transfer to Reserve Fund - - Total Recognized Revenues and Expenses 7,551,866 7,201,805 Reserve for Sinking Fund - - Reserve Fund Reserves (87,355) (70,600) Closing Balance Retained Earnings 2,905,223 2,555,803 Opening Balance Reserves 132,057 61,457 Transfer from Operations 87,355 70,600 Closing Balance Reserves 219,412 132,057 Opening Balance Share Capital 3,289,185 3,289,185 Movement in Share Capital - - Closing Balance Net Worth 7,551,866 7,201,805 Share Capital 3,289,185 3,289,185 Total 6,413,820 5,977,045 THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST BALANCE SHEET AS AT 30 JUNE 2009 2008/9 2007/8 Budget 2012 2011/12 2010/11 Note Target Forecast NOTE Current Assets $ $ Current Assets Cash and Cash Equivalents 2 200,000 868,360 1,590,862 1,031,035 Deposit Accounts 800,000 8,025,528 Loans and 2,520,000 2,400,000 Prepayments 25,003 82,580 Loans, Deposit Interest and Other Receivable 862,679 712,244 Total Current Assets 1,862,679 9,606,132 625,606 567,368 Loans Receivable 3 36,649,395 28,257,566 Office Building 650,750 685,000 41,773,858 39,561,929 Fixed Assets 4 145,626 236,626 579,766 636,058 TOTAL ASSETS 39,308,450 38,785,324 47,115,095 44,278,970 Current Liabilities Bank Overdraft 500,000 2 750,000 - Accounts Payable and Other Payables 499,891 869,442 Accruals 648,259 671,448 Due to Related Parties - - Current Portion of Long -Term Debt 388,000 388,000 343,531 375,496 Total Current Liabilities 1,387,891 1,257,442 1,741,790 1,046,944 Long -Term Liabilities Post Retirement Benefit Pension Obligations 16,000 13,000 Loans from CDB 5 3,783,093 3,740,477 Loan from Other External Agencies 6 - - 2,554,445 2,929,941 Note Payable - Bonds #1 9,969,600 9,969,600 Notes Payable - Bonds #2 6 16,616,000 16,616,000 36,389,040 34,312,040 Total Liabilities 31,756,584 31,583,519 Capital 40,701,275 38,301,925 Equity Capital 7 3,289,185 3,289,185 Reserve Fund 8 50,000 50,000 Reserve for Sinking Fund 1,392,318 1,392,318 219,412 132,057 Retained Earnings 2,820,363 2,470,302 2,905,223 2,555,803 TOTAL LIABILITIES AND EQUITY 39,308,450 38,785,324 47,115,095 44,278,970 THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 30 JUNE 2009 NOTE 2008/9 Budget 2012 2011/12 Target $ 2007/8 2010/11 Forecast $ CASH FLOWS FROM OPERATING ACTIVITIES Net Income (loss) for the Year 349,420 282,401 Items not Affecting Cash: Depreciation and Amortization 56,292 108,000 Loan loss expense 499,992 250,000 Transfer to reserve fund 87,355 70,600 993,058 711,001 Changes in Non-Cash Flows from Operating Activities 93,325 975,284 Net Cash Flows from Investing Activities Working Capital Balances Relating to Operations Decrease/(increase) in prepayments 57,577 8,183 Decrease/ (1,304,301Increase) 27,876 in Loans, Deposit Interest and Other Receivable (58,239) 111,245 Increase (Decrease) in due to related parties - - (Increase) Decrease in loans receivable (2,711,921) (3,415,600) Increase (Decrease) in post retirement pension obligation 3,000 - Increase (Decrease) in Accounts Payable & Accruals (23,188) 293,058 Net Cash Provided by (Used in) Operating Activities (1,739,713) (2,292,114) CASH FLOWS FROM INVESTING ACTIVITIES (Increase)/decrease in Fixed deposits (120,000) (2,400,000) Purchase of Fixed Assets - - Net Cash Provided by (Used in) Investing Activities (120,000) (2,400,000) CASH FLOWS FROM FINANCING ACTIVITIES CDB Loans repaid (407,461) (375,496) Bonds raised 2,077,000 4,154,000 Bonds repaid - - Net Cash Provided by (Used in) Financing Activities 542,616 (891,800) Opening Balance Cash and Cash Equivalents 868,360 757,000 1,669,539 3,778,504 Net Change Increase in Cash and Cash Equivalents (668,360190,173) 111,360 Closing Balance (913,610) Cash and Cash Equivalents 2 200,000 868,360 at Beginning of the Period 1,031,035 1,944,645 CASH AND CASH EQUIVALENTS AT THE END OF PERIOD 840,862 1,031,035 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2009 2012 Note 1 - 1. OPERATING REVENUES 2008/9 2007/8 2011/12 Target $ 2010/11 Forecast $ Interest Income Budget $ 3,390,069 Forecast $ 2,663,574 2,979,078 2,701,750 Other Income 212,000 1,136,000 3,602,069 3,799,574 666,999 655,875 3,646,077 3,357,625 Note 2 - 2. CASH and & CASH EQUIVALENTS 2008/9 2007/8 Budget 2011/12 Target $ 2011/12 Forecast $ Current and Call Accounts 100,000 868,360 Short -Term Fixed Deposits within 3 months 100,000 8,025,528 200,000 8,893,888 1,590,862 1,031,035 Bank overdraft (750,000) - 840,862 1,031,035 Note 3 - 3. LOANS RECEIVABLE 2008/9 2007/8 Budget 2011/12 Target $ 2011/12 Forecast $ $ Principal Amount Owed by Borrowers 37,950,895 29,421,066 44,609,373 41,897,452 Less: Provision for Loan Losses (1,301,5002,835,515) (1,163,5002,335,523) Net Balance 36,649,395 28,257,566 Note 4 - LEASEHOLD IMPROVEMENTS AND 41,773,858 39,561,929 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDING 30 JUNE 2012 NOTE 4. FIXED ASSETS Leasehold Improvements 2008/9 ASSESTS 2011/12 Budget $ 2007/8 2011/12 Forecast $ Opening Book Value/Cost 96,184 148,975 Additions - - Depreciation (35,740) (52,791) Closing Book Value 60,444 96,184 Office Furniture and Equipment Opening Book Value/Cost 76,338 43,774 112,601 112,601 Additions - 45,000 - Depreciation (26,000112,601) (12,436112,114) Closing Book Value 50,338 76,338 - 487 Computer Hardware and Software Opening Book Value/Cost 42,804 34,257 298,254 298,254 Additions - - Depreciation (25,000298,254) (11,453283,249) Closing Book Value 17,804 42,804 - 15,005 Motor Vehicle Opening Book Value/Cost 21,300 21,300 Additions - - Depreciation (4,26021,300) - (21,300) Closing Book Value 17,040 21,300 - - Real Property – Office Space Opening Book Value/Cost 640,000 - 816,065 Additions 45,000 640,000 - - Depreciation 34,250 - (236,299) (195,499) Closing Book Value 650,750 640,000 579,766 620,566 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS continued (continued) FOR THE YEAR ENDING 30 JUNE 2009 Note 2012 NOTE 5 - – LOANS FROM CARIBBEAN DEVELOPMENT BANK (CDB) The CIDB acts as executing agent for two (2) lines of credit from the Caribbean Development Bank (CDB). Of these, one is currently being repaid and drawdowns are being made under the second which is specifically earmarked for mortgage financing. Repayments under the second line of credit did not commence until 2007. 2008/9 2011/12 Budget $ 2007/8 2010/11 Forecast $ Opening Balance for Period 4,128,477 2,697,737 Drawdowns 3,305,437 3,680,933 Draw-downs - 1,788,540 - Repayments 42,616 (357,800407,461) (375,496) Closing Balance for Period 4,171,093 4,128,477 Note 2,897,976 3,305,437 NOTE 6 - – OTHER LONG TERM LIABILITIES On June 30, 2005, the CIDB issued two (2) Variable Rate Development Bonds totaling US$12 million /CI$10 (CI$10 million). The offering was fully subscribed. The additional Additional funding of CI$16.5 CI$16.6 million was secured in the fiscal year 2007 2007/2008 for on-lending; this bond was later refinanced in April 2010 with a local financial institution. One of the bonds issued in June 2005 matured in June 2010; the Management of the Bank successfully negotiated with over 95% (US$5.8 Million) of the bondholders to extend the bond for another 5 years to June 30, 2015. In July 2010 and January 2011 the Bank obtained proceeds under two US$5 Million bonds with a local financial institution. The Bank proposes to borrow another US$10 Million for on-lending. 2008/9 However, the Bank will seek to drawdown US$2 Million each year over a 5-year period under the proposed facility 2011/12 Budget $ 2007/8 2010/11 Forecast $ US$5 Million Variable Rate Dev. Bond U.S. 6-month Libor +2 .75% Due 2015 4,154,000 4,154,000 US$5 Million Variable Rate Dev. Bond U.S. 6-month Libor +2 .75% Due 2015 4,154,000 4,154,000 US$5.8 Million Variable Rate Dev. Bonds at U.S. 6-month Libor +2 .75% Due 2015 4,818,640 4,403,240 US$6 Million Variable Rate Dev. Bonds at 6-month Libor + .75% Due 2010 4,984,800 4,984,800 US$6 Million Variable Rate Dev. Bonds at U.S. 6-month Libor + 1.0% Due 2015 4,984,800 4,984,800 New Credit Facility @ 6.85US$2 Million Variable Rate Dev. Bonds at U.S. 6-month Libor + 2.75% per annum (1,661,600 - US$20 years - fixed) million bond at U.S. 6-Month LIBOR plus 2.35% 16,616,000 16,500,000 16,616,000 Closing Balance for Period 26,585,600 26,469,600 Note 36,389,040 34,312,040 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDING 30 JUNE 2012 NOTE 7 - EQUITY CAPITAL The authorized capital of the Cayman Islands Development Bank is CI$50 million. The paid-up capital is exclusively subscribed for by the Cayman Islands Government as follows 2011/12 Budget $ 2010/11 Forecast $ Opening Balance 2008/9 Budget $ 3,289,185 2007/8 Forecast $ 3,289,185 Additions - - Closing Balance 3,289,185 3,289,185 Note NOTE 8 - Reserve Fund RESERVE FUND Under Section 20 of the CIDB Law, 2001, the Bank is required to maintain a Reserve Fund equivalent to 20% of its net income until the total amount standing to the credit of such reserve is equivalent to the paid-up portion of the authorized capital of the Bank. The Reserve Fund is comprised as follows: 2008/9 2011/12 Budget $ 2007/8 2010/11 Forecast $ Balance at Beginning of Year 50,000 43,345 132,057 61,457 Transfer from Net Income for Year 0 6,655 87,355 70,600 Balance at End of Year 50,000 50,000 219,412 132,057 BUDGET 2008/9 2011/12 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Islands Monetary Authority For the year ending 30 June 2009 2012 Contents
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Samples: Ownership Agreement
Depreciation of Fixed Assets. Fixed assets are recorded at acquisition cost and are depreciated using the straight- straight-line method at rates considered adequate to write off the cost of the assets over their estimated useful lives as follows: Furniture 5 years Office equipment 5 years Leasehold Improvements 5 years Computer Equipment 3 years Real Property 20 years 6) Foreign Currency Transactions: Transactions Transactions in currencies other than the Cayman Islands dollar are converted at exchange rates ruling at the date of the transactions. Also, assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet date. Resulting gains and losses on exchange are recognized in the Statement of Income and Expenses at the end of the period. THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST OPERATING STATEMENT FOR THE YEAR ENDING 30 JUNE 2009 JUNE, 2008 2007/8 2006/7 Budget Forecast NOTE 2008/9 Budget $ 2007/8 Forecast $ Revenue Outputs Funded by Cabinet 577,875 577,872 577,875 Operations 1 3,602,069 3,490,574 3,713,938 2,030,000 Total Operating Revenue 4,179,944 4,068,449 4,291,810 2,607,875 Operating Expenses Personnel 974,615 1,194,692 1,033,225 915,000 Accommodation Costs 122,070 120,507 136,500 155,000 Office Expenses 150,765 154,931 93,300 60,000 Directors Fees 16,200 16,200 7,500 Computer Maintenance and Licensing Fees 42,171 42,171 25,500 42,500 Marketing, Advertising and Promotions 31,650 31,650 37,350 27,250 Depreciation and Amortization 125,250 76,680 60,000 Professional Fees/Consultancy 104,500 104,500 51,500 75,000 Provision for Loan Losses 138,000 138,000 Insurance 21,150 21,150 333,673 250,000 Insurances 22,150 25,000 Other Operating Expenses 17,756 16,910 1,800 25,000 Loss on Foreign Exchange Conversion 20,000 47,085 47,185 37,500 Interest Expense 2,065,756 2,108,159 2,104,535 875,000 Total Operating Expenses 3,829,883 4,072,635 3,979,598 2,554,750 Net Income from Operations 350,061 (4,186) 312,212 53,125 - - Total Other Revenue - - Surplus/Deficit from Ordinary Activities 350,061 (4,186) FORECAST 312,212 53,125 THE CAYMAN ISLANDS DEVELOPMENT BANK STATEMENT OF CHANGES IN NET WORTH FOR THE YEAR ENDING 30 JUNE 2009 2008/9 2008 NOTE 2007/8 Budget $ 2006/7 Forecast NOTE $ $ Opening Balance Net Worth 7,201,805 7,205,991 7,195,991 5,753,893 Net Income for Year 350,061 (4,186) 312,212 53,125 Transfer to Reserve Fund - - Total Recognized Revenues and Expenses 7,551,866 7,201,805 312,212 5,807,018 Reserve for Sinking Fund - - 1,382,318 Reserve Fund - - 6,655 Closing Balance Net Worth 7,551,866 7,201,805 7,508,203 7,195,991 THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST BALANCE SHEET AS AT 30 JUNE 2009 2008/9 2008 2007/8 Budget 2006/7 Forecast NOTE $ $ Current Assets Cash and Cash Equivalents 2 200,000 868,360 974,884 757,000 Deposit Accounts 800,000 8,025,528 3,583,647 9,793,970 Loans and Deposit Interest Receivable 862,679 712,244 1,607,364 772,842 Loans Receivable 31,798,031 26,700,000 Total Current Assets 1,862,679 9,606,132 Loans Receivable 3 36,649,395 28,257,566 37,963,926 38,023,812 Long-Term Assets Office Building 650,750 685,000 640,000 640,000 Fixed Assets 4 145,626 236,626 313,306 TOTAL ASSETS 39,308,450 38,785,324 38,840,552 38,977,118 Current Liabilities Overdraft 500,000 - Accounts and Other Payables 499,891 869,442 74,272 175,250 Current Portion of Long -Term Debt 388,000 388,000 Total Current Liabilities 1,387,891 1,257,442 462,272 563,250 Long -Term Liabilities Loans from CDB 5 3,783,093 3,740,477 4,098,277 Loan from Other External Agencies 6 - - 650,000 650,000 Note Payable - Bonds #1 9,969,600 9,969,600 Notes Payable - Bonds #2 6 16,616,000 16,616,000 16,500,000 16,500,000 Total Liabilities 31,756,584 31,583,519 31,322,349 31,781,127 Capital Equity Capital 7 3,289,185 3,289,185 Reserve Fund 8 50,000 112,442 50,000 Reserve for Sinking Fund 1,392,318 1,392,318 1,382,318 Retained Earnings 2,820,363 2,470,302 2,724,258 2,474,488 TOTAL LIABILITIES AND EQUITY 39,308,450 38,785,324 38,840,552 38,977,118 THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 30 JUNE 2009 2008 2007/8 Budget 2006/7 Forecast NOTE 2008/9 Budget $ 2007/8 Forecast $ Net Cash Flows from Operating Activities 93,325 975,284 (5,644,640) (265,578) Net Cash Flows from Investing Activities - (1,304,30119,273,077) 27,876 Net Cash Provided by Financing Activities 542,616 (891,800347,799) 19,957,763 Opening Balance Cash and Cash Equivalents 868,360 757,000 10,550,970 337,892 Net Change in Cash and Cash Equivalents (668,3605,992,439) 111,360 419,108 Closing Balance Cash and Cash Equivalents 2 200,000 868,360 4,558,531 757,000 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2009 2008 Note 1 - 1: OPERATING REVENUES 2008/9 2007/8 2006/7 Budget Forecast $ $ Interest Income Budget $ 3,390,069 Forecast $ 2,663,574 3,473,938 1,905,000 Other Income 212,000 1,136,000 3,602,069 3,799,574 818,872 702,875 4,292,810 2,607,875 Note 2 - 2: CASH and CASH EQUIVALENTS 2008/9 2007/8 2006/7 Budget Forecast $ Forecast $ Current and Call Accounts 100,000 868,360 974,884 757,000 Short -Term Fixed Deposits within 3 months 100,000 8,025,528 200,000 8,893,888 3,583,647 9,793,970 4,558,531 10,550,970 Note 3 - 3: LOANS RECEIVABLE 2008/9 2007/8 Budget Loans Receivable is comprised of the total unpaid principal outstanding on the borrowers' accounts less the equivalent of 2% of this amount plus a specific provision which is set aside as a Provision for Loan Losses. 2007/8Budget $ 2006/7 Forecast $ $ Principal Amount Owed by Borrowers 37,950,895 29,421,066 Xxxxxxxxx 33,134,704 27,703,000 Less: Provision for Loan Losses (1,301,5001,336,673) (1,163,5001,003,000) Net Balance 36,649,395 28,257,566 31,798,031 26,700,000 Note 4 - 4: LEASEHOLD IMPROVEMENTS AND FIXED ASSETS 2007/8 2006/7 Budget Forecast $ Leasehold Improvements 2008/9 Budget $ 2007/8 Forecast $ Opening Book Value/Cost 96,184 148,975 193,864 165,466 Additions - - 72,000 Depreciation (35,74052,791) (52,79143,602) Closing Book Value 60,444 96,184 141,073 193,864 Office Furniture and Equipment Opening Book Value/Cost 76,338 43,774 43,548 Additions - 45,000 41,500 Depreciation (26,00015,268) (12,4368,710) Closing Book Value 50,338 61,070 76,338 Computer Hardware and Software Opening Book Value/Cost 42,804 34,257 43,104 38,820 Additions - - 12,237 Depreciation (25,0008,621) (11,4537,953) Closing Book Value 17,804 42,804 Motor Vehicle Opening Book Value/Cost 21,300 21,300 Additions - - Depreciation (4,260) - Closing Book Value 17,040 21,300 34,483 43,104 Real Property – Office ±Office Space Opening Book Value/Cost 640,000 - Additions 45,000 - 640,000 Depreciation 34,250 - - Closing Book Value 650,750 640,000 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS continued FOR THE YEAR ENDING 30 JUNE 2009 640,000 Note 5 - 5: LOANS FROM CARIBBEAN DEVELOPMENT BANK (CDB) The CIDB acts as executing agent for two (2) lines of credit from the Caribbean Development Bank (CDB). Of these, one is currently being repaid and drawdowns are being made under the second which is specifically earmarked for mortgage financing. Repayments under the second line of credit did will not commence until 20072008. 2008/9 2007/8 Budget $ 2007/8 Forecast 2006/7Forecast $ Opening Balance for Period 4,128,477 2,697,737 4,486,277 2,885,912 Drawdowns - 1,788,540 Loss on Foreign Currency Conversion 12,750 19,750 Repayments 42,616 (357,800370,550) (207,925) Closing Balance for Period 4,171,093 4,128,477 4,486,277 Note 6 - 6: OTHER LONG TERM LIABILITIES On June 30, 2005, the CIDB issued two (2) Variable Rate Development Bonds totaling US$12 million /CI$10 million. The offering was fully subscribed. The It is intending that additional funding of CI$16.5 million was will be secured in the fiscal year 2007 for on-lending. 2008/9 2007/8 Budget 2006/7 Forecast $ 2007/8 Forecast $ US$6 Million Variable Rate Dev. Bonds at 6-month Libor + .75% Due 2010 4,984,800 4,984,800 US$6 Million Variable Rate Dev. Bonds at 6-month Libor + 1.0% Due 2015 4,984,800 4,984,800 New Credit Facility @ 6.856.5% per annum (20 years - fixedyears) 16,616,000 16,500,000 16,500,000 Closing Balance for Period 26,585,600 26,469,600 26,469,600 Note 7 - 7: EQUITY CAPITAL The authorized capital of the Cayman Islands Development Bank is CI$50 million. The paid-up capital is exclusively subscribed for by the Cayman Islands Government as follows 2007/8 2006/7 Budget Forecast $ $ Opening Balance 2008/9 Budget $ 3,289,185 2007/8 Forecast $ 3,289,185 Additions - - Closing Balance 3,289,185 3,289,185 Note Note: 8 - Reserve Fund Under Section 20 of the CIDB Law, 2001, the Bank is required to maintain a Reserve Fund equivalent to 20% of its net income until the total amount standing to the credit of such reserve is equivalent to the paid-up portion of the authorized capital of the Bank. The Reserve Fund is comprised as follows: 2008/9 2007/8 2006/7 Budget Forecast $ 2007/8 Forecast $ Balance at Beginning of Year 50,000 43,345 Transfer from Net Income for Year 0 62,442 6,655 Balance at End of Year 50,000 112,442 50,000 BUDGET 2008/9 2007-8 Ownership Agreement Between The Cabinet of the Cayman Islands CaymanIslands Government and And Cayman Islands Monetary Authority For the year ending 30 June 2009 Contents2080 CONTENTS
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Samples: Ownership Agreement
Depreciation of Fixed Assets. Fixed assets are recorded at acquisition cost and are depreciated using the straight- line method at rates considered adequate to write off the cost of the assets over their estimated useful lives as follows: Furniture 5 years Office equipment 5 years Leasehold Improvements 5 years Computer Equipment 3 years Real Property 20 years Foreign Currency Transactions: Transactions in currencies other than the Cayman Islands dollar are converted at exchange rates ruling at the date of the transactions. Also, assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet date. Resulting gains and losses on exchange are recognized in the Statement of Income and Expenses at the end of the period. THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST OPERATING STATEMENT FOR THE YEAR ENDING 30 JUNE 2009 NOTE 2008/9 Budget $ 2007/8 Forecast Revenue NOTE $ Revenue $ Outputs Funded by Cabinet 577,875 577,875 Operations 1 3,602,069 3,490,574 Total Operating Revenue 4,179,944 4,068,449 Operating Expenses Personnel 974,615 1,194,692 Accommodation Costs 122,070 120,507 Office Expenses 150,765 154,931 Directors Fees 16,200 16,200 Computer Maintenance and Licensing Fees 42,171 42,171 Marketing, Advertising and Promotions 31,650 31,650 Depreciation and Amortization 125,250 76,680 Professional Fees/Consultancy 104,500 104,500 Provision for Loan Losses 138,000 138,000 Insurance 21,150 21,150 Other Operating Expenses 17,756 16,910 Loss on Foreign Exchange Conversion 20,000 47,085 Interest Expense 2,065,756 2,108,159 Total Operating Expenses 3,829,883 4,072,635 Net Income from Operations 350,061 (4,186) - - Total Other Revenue - - Surplus/Deficit from Ordinary Activities 350,061 (4,186) FORECAST STATEMENT OF CHANGES IN NET WORTH FOR THE YEAR ENDING 30 JUNE 2009 2008/9 2007/8 Budget Forecast NOTE $ $ Opening Balance Net Worth 7,201,805 7,205,991 Net Income for Year 350,061 (4,186) Transfer to Reserve Fund - - Total Recognized Revenues and Expenses 7,551,866 7,201,805 Reserve for Sinking Fund - - Reserve Fund - - Closing Balance Net Worth 7,551,866 7,201,805 THE CAYMAN ISLANDS DEVELOPMENT BANK FORECAST BALANCE SHEET AS AT 30 JUNE 2009 2008/9 2007/8 Budget Forecast NOTE $ $ Current Assets Cash and Cash Equivalents 2 200,000 868,360 Deposit Accounts 800,000 8,025,528 Loans and Deposit Interest Receivable 862,679 712,244 Total Current Assets 1,862,679 9,606,132 Loans Receivable 3 36,649,395 28,257,566 Office Building 650,750 685,000 Fixed Assets 4 145,626 236,626 TOTAL ASSETS 39,308,450 38,785,324 Current Liabilities Overdraft 500,000 - Accounts and Other Payables 499,891 869,442 Current Portion of Long -Term Debt 388,000 388,000 Total Current Liabilities 1,387,891 1,257,442 Long -Term Liabilities Loans from CDB 5 3,783,093 3,740,477 Loan from Other External Agencies 6 - - Note Payable - Bonds #1 9,969,600 9,969,600 Notes Payable - Bonds #2 6 16,616,000 16,616,000 Total Liabilities 31,756,584 31,583,519 Capital Equity Capital 7 3,289,185 3,289,185 Reserve Fund 8 50,000 50,000 Reserve for Sinking Fund 1,392,318 1,392,318 Retained Earnings 2,820,363 2,470,302 TOTAL LIABILITIES AND EQUITY 39,308,450 38,785,324 FORECAST STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 30 JUNE 2009 NOTE 2008/9 Budget $ 2007/8 Forecast NOTE $ $ Net Cash Flows from Operating Activities 93,325 975,284 Net Cash Flows from Investing Activities (1,304,301) 27,876 Net Cash Provided by Financing Activities 542,616 (891,800) Opening Balance Cash and Cash Equivalents 868,360 757,000 Net Change in Cash and Cash Equivalents (668,360) 111,360 Closing Balance Cash and Cash Equivalents 2 200,000 868,360 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2009 Note 1 - OPERATING REVENUES 2008/9 2007/8 Interest Income 2008/9 Budget $ 3,390,069 2007/8 Forecast $ 2,663,574 Other Income 212,000 1,136,000 3,602,069 3,799,574 Note 2 - CASH and CASH EQUIVALENTS 2008/9 2007/8 Budget $ Forecast $ Current and Call Accounts 100,000 868,360 Short -Term Fixed Deposits within 3 months 100,000 8,025,528 200,000 8,893,888 Note 3 - LOANS RECEIVABLE 2008/9 2007/8 Budget Forecast $ $ Principal Amount Owed by Borrowers 37,950,895 29,421,066 Less: Provision for Loan Losses (1,301,500) (1,163,500) Net Balance 36,649,395 28,257,566 Note 4 - LEASEHOLD IMPROVEMENTS AND FIXED ASSETS Leasehold Improvements 2008/9 Budget $ 2007/8 Forecast $ Opening Book Value/Cost 96,184 148,975 Additions - - Depreciation (35,740) (52,791) Closing Book Value 60,444 96,184 Office Furniture and Equipment Opening Book Value/Cost 76,338 43,774 Additions - 45,000 Depreciation (26,000) (12,436) Closing Book Value 50,338 76,338 Computer Hardware and Software Opening Book Value/Cost 42,804 34,257 Additions - - Depreciation (25,000) (11,453) Closing Book Value 17,804 42,804 Motor Vehicle Opening Book Value/Cost 21,300 21,300 Additions - - Depreciation (4,260) - Closing Book Value 17,040 21,300 Real Property – Office Space Opening Book Value/Cost 640,000 - Additions 45,000 640,000 Depreciation 34,250 - Closing Book Value 650,750 640,000 THE CAYMAN ISLANDS DEVELOPMENT BANK NOTES TO THE FORECAST FINANCIAL STATEMENTS continued FOR THE YEAR ENDING 30 JUNE 2009 Note 5 - LOANS FROM CARIBBEAN DEVELOPMENT BANK (CDB) The CIDB acts as executing agent for two (2) lines of credit from the Caribbean Development Bank (CDB). Of these, one is currently being repaid and drawdowns are being made under the second which is specifically earmarked for mortgage financing. Repayments under the second line of credit did not commence until 2007. 2008/9 Budget $ 2007/8 Forecast $ $ Opening Balance for Period 4,128,477 2,697,737 Drawdowns - 1,788,540 Repayments 42,616 (357,800) Closing Balance for Period 4,171,093 4,128,477 Note 6 - OTHER LONG TERM LIABILITIES On June 30, 2005, the CIDB issued two (2) Variable Rate Development Bonds totaling US$12 million /CI$10 million. The offering was fully subscribed. The additional funding of CI$16.5 million was secured in the fiscal year 2007 for on-lending. 2008/9 Budget $ 2007/8 Forecast $ $ US$6 Million Variable Rate Dev. Bonds at 6-month Libor + .75% Due 2010 4,984,800 4,984,800 US$6 Million Variable Rate Dev. Bonds at 6-month Libor + 1.0% Due 2015 4,984,800 4,984,800 New Credit Facility @ 6.85% per annum (20 years - fixed) 16,616,000 16,500,000 Closing Balance for Period 26,585,600 26,469,600 Note 7 - EQUITY CAPITAL The authorized capital of the Cayman Islands Development Bank is CI$50 million. The paid-up capital is exclusively subscribed for by the Cayman Islands Government as follows Opening Balance 2008/9 Budget $ 3,289,185 2007/8 Forecast $ $ Opening Balance 3,289,185 3,289,185 Additions - - Closing Balance 3,289,185 3,289,185 Note 8 - Reserve Fund Under Section 20 of the CIDB Law, 2001, the Bank is required to maintain a Reserve Fund equivalent to 20% of its net income until the total amount standing to the credit of such reserve is equivalent to the paid-up portion of the authorized capital of the Bank. The Reserve Fund is comprised as follows: 2008/9 Budget $ 2007/8 Forecast $ $ Balance at Beginning of Year 50,000 43,345 Transfer from Net Income for Year 0 6,655 Balance at End of Year 50,000 50,000 BUDGET 2008/9 Ownership Agreement Between The Cabinet of the Cayman Islands Government and Cayman Islands Monetary Authority For the year ending 30 June 2009 Contents
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Samples: Ownership Agreement
