Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
2023-12-31 2023 Year End Audited Financial Statements
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¶VDELOLW\WR FRQWLQXH DV D JRLQJ FRQFHUQ GLVFORVLQJ DV DSSOLFDEOH PDWWHUV UHODWHG WR JRLQJ FRQFHUQ DQG XVLQJ WKH JRLQJ FRQFHUQEDVLVRIDFFRXQWLQJXQOHVVPDQDJHPHQWHLWKHULQWHQGVWROLTXLGDWHWKH &RXQW\RUWRFHDVHRSHUDWLRQVRU KDVQRUHDOLVWLFDOWHUQDWLYHEXWWRGRVR 7KRVHFKDUJHGZLWKJRYHUQDQFHDUHUHVSRQVLEOHIRURYHUVHHLQJWKH &RXQW\¶VILQDQFLDOUHSRUWLQJSURFHVV $XGLWRU¶V5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWV 2XUREMHFWLYHVDUHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKH FRQVROLGDWHGILQDQFLDOVWDWHPHQWVDVDZKROH DUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURUDQGWRLVVXHDQDXGLWRU¶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x ,GHQWLI\DQGDVVHVVWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHI LQDQFLDOVWDWHPHQWVZKHWKHUGXHWR IUDXG RU HUURU GHVLJQ DQG SHUIRUP DXGLW SURFHGXUHV UHVSRQVLYHWR WKRVH ULVNV DQG REWDLQ DXGLW HYLGHQFH WKDW LV VXIILFLHQW DQG DSSURSULDWH WR SURYLGH D EDVLVIRU RXU RSLQLRQ 7KH ULVN RI QRW GHWHFWLQJDPDWHULDOPLVVWDWHPHQWUHVXOWLQJIURPIUDXGLVKLJKHUWKDQIRURQHUHVXOWLQJIURPHUURUDV IUDXGPD\LQYROYHFROOXVLRQIRUJHU\LQWHQWLRQDORPLVVLRQVPLVUHSUHVHQWDWLRQVRUWKHRYHUULGHRI LQWHUQDOFRQWURO x 2EWDLQDQXQGHUVWDQGLQJRILQWHUQDOFRQWUROUHOHYDQWWRWKHDXGLWLQRUGHUWRGHVLJQDXGLWSURFHGXUHV WKDWDUHDSSURSULDWHLQWKHFLUFXPVWDQFHVEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQRSLQLRQRQWKH HIIHFWLYHQHVVRIWKH &RXQW\¶VLQWHUQDOFRQWURO x (YDOXDWHWKHDSSURSULDWHQHVVRI DFFRXQWLQJSROLFLHVXVHGDQGWKHUHDVRQDEOHQHVVRI DFFRXQWLQJ HVWLPDWHVDQGUHODWHGGLVFORVXUHVPDGHE\PDQDJHPHQW x &RQFOXGHRQWKHDSSURSULDWHQHVVRIPDQDJHPHQW¶VXVHRIWKHJRLQJFRQFHUQEDVLVRIDFFRXQWLQJ DQGEDVHGRQWKHDXGLWHYLGHQFHREWDLQHGZKHWKHUDPDWHULDOXQFHUWDLQW\H[LVWVUHODWHGWRHYHQWV RUFRQGLWLRQVWKDWPD\FDVWVLJQLILFDQWGRXEWRQWKH &RXQW\¶VDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQ ,IZHFRQFOXGHWKDWDPDWHULDOXQFHUWDLQW\H[LVWVZHDUHUHTXL UHGWRGUDZDWWHQWLRQLQRXUDXGLWRU¶V UHSRUWWRWKHUHODWHGGLVFORVXUHVLQWKHILQDQFLDOVWDWHPHQWVRULIVXFKGLVFORVXUHVDUHLQDGHTXDWHWR PRGLI\RXURSLQLRQ2XUFRQFOXVLRQVDUHEDVHGRQWKHDXGLWHYLGHQFHREWDLQHGXSWRWKHGDWHRIRXU DXGLWRU¶VUHSRUW+RZHYHUIXWXUHHYHQWVRUFRQGLWLRQVPD\FDXVHWKHFRPSDQ\WRFHDVHWRFRQWLQXH DVDJRLQJFRQFHUQ x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³&RXQW\´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¶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³36$%´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±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±FDSLWDO 7D[VXSSRUWHGGHEHQWXUHV 3ULQFLSDODQGLQWHUHVWUHSD\PHQWVDUHGXHDVIROORZV 3ULQFLSDO ,QWHUHVW 7RWDO 7KHUHDIWHU 'HEHQWXUHGHEWLVUHSD\DEOHWR$OEHUWD&DSLWDO)LQDQFH$XWKRULW\DQGEHDUVLQWHUHVWDWUDWHVUDQJLQJ IURPWRSHUDQQXPDQGPDWXUHVLQSHULRGVWKURXJK7KHDYHUDJHDQQXDO LQWHUHVWUDWHLVIRU ± 'HEHQWXUHGHEWLVLVVXHGRQWKHFUHGLWDQGVHFXULW\ RIWKH&RXQW\RI1HZHOODWODUJH ,QWHUHVWRQORQJWHUPGHEWDPRXQWHGWR 7KH&RXQW\¶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±FDSLWDO QRWH $VVHWUHWLUHPHQWREOLJDWLRQV QRWH &2817<2)1(:(// 1RWHVWR&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV <HDUHQGHG'HFHPEHU $FFXPXODWHGVXUSOXV FRQWLQXHG 5HVWULFWHGVXUSOXVLVFRPSULVHGRIIXQGVLQWHUQDOO\UHVWULFWHGDVIROORZV 3DYLQJ ,QIUDVWUXFWXUH )XWXUH3URMHFWV 9HKLFOHV0DFKLQHU\ (TXLSPHQW 5HJLRQDO(QKDQFHPHQW 6WDELOL]DWLRQ )DFLOLWLHV )LUH$SSDUDWXV 5HFUHDWLRQ 7LOOH\ 1HWPXQLFLSDOSURSHUW\WD[HV %XGJHW 7D[DWLRQ 5HDOSURSHUW\WD[HV /LQHDUSURSHUW\WD[HV *RYHUQPHQWJUDQWVLQSODFHRISURSHUW\ WD[HV 5HTXLVLWLRQV $OEHUWD6FKRRO)RXQGDWLRQ)XQG 1HZHOO)RXQGDWLRQ 'HVLJQDWHG,QGXVWULDO3URSHUW\ 1HWPXQLFLSDOSURSHUW\WD[HV &2817<2)1(:(// 1RWHVWR&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV <HDUHQGHG'HFHPEHU *RYHUQPHQWWUDQVIHUV %XGJHW 7UDQVIHUVIRURSHUDWLQJ 3URYLQFLDOJRYHUQPHQW )HGHUDOJRYHUQPHQW /RFDOJRYHUQPHQW 7UDQVIHUVIRUFDSLWDO 3URYLQFLDOJRYHUQPHQW /RFDOJRYHUQPHQW ([SHQVHVE\REMHFW %XGJHW 6DODULHVZDJHVDQGEHQHILWV &RQWUDFWHGDQGJHQHUDOVHUYLFHV 0DWHULDOVJRRGVVXSSOLHVDQGXWLOLWLHV 7UDQVIHUVWRRUJDQL]DWLRQV %DQNFKDUJHVDQGVKRUWWHUPLQWHUHVW ,QWHUHVWRQORQJWHUPGHEW 2WKHUH[SHQGLWXUHV $PRUWL]DWLRQ &2817<2)1(:(// 1RWHVWR&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV <HDUHQGHG'HFHPEHU 6DODU\DQGEHQHILWVGLVFORVXUH 'LVFORVXUHRIVDODULHVDQGEHQHILWVIRUHOHFWHGPXQLFLSDORIILFLDOVFKLHIDGPLQLVWUDWLYHRIILFHUDQG GHVLJQDWHGRIILFHUVDVUHTXLUHGE\SURYLQFLDOUHJXODWLRQLVDVIROORZV %HQHILWV 6DODU\ $OORZDQFHV 7RWDO 7RWDO &RXQFLO 'LYLVLRQ6KRUW 'LYLVLRQ6NDQGHUXS 'LYLVLRQ.RSS 'LYLVLRQ+-RKQVRQ 'LYLVLRQ6NULYHU 'LYLVLRQ&KULVWPDQ 'LYLVLRQ8QUXK 'LYLVLRQ3KLOSRWW 'LYLVLRQ 'RHUNVHQ 'LYLVLRQ1-RKQVRQ &KLHI$GPLQLVWUDWLYH2IILFHU 'HVLJQDWHG2IILFHUV 6DODU\LQFOXGHVUHJXODUEDVHSD\ERQXVHVRYHUWLPHOXPSVXPSD\PHQWVJURVVKRQRUDULD DQGDQ\RWKHUGLUHFWFDVKUHPXQHUDWLRQ %HQHILWV DQG DOORZDQFHV LQFOXGH WKH HPSOR\HU¶V VKDUH RI DOOHPSOR\HH EHQHILWV DQG FRQWULEXWLRQVRU SD\PHQWVPDGHRQEHKDOIRIHPSOR\HHVLQFOXGLQJSHQVLRQKHDOWKFDUH GHQWDO FRYHUDJH YLVLRQ FRYHUDJH JURXS OLIH LQVXUDQFH DFFLGHQWDO GLVDELOLW\ DQG GLVPHPEHUPHQWLQVXUDQFHORQJDQGVKRUWWHUPGLVDELOLW\SODQVSURIHVVLRQDOPHPEHUVKLSV DQGWXLWLRQ %HQHILWVDQGDOORZDQFHVILJXUHVDOVRLQFOXGHWKHHPSOR\HU¶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¶VPD[LPXPSHQVLRQDEOHHDUQLQJVXQGHUWKH&DQDGD3HQVLRQ 3ODQDQGRQSHQVLRQDEOHHDUQLQJVDERYHWKLVDPRXQW(PSOR\HHVRIWKH&RXQW\DUH UHTXLUHGWRPDNHFXUUHQWVHUYLFHFRQWULEXWLRQVRIRISHQVLRQDEOHVDODU\XSWRWKH\HDU¶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¶VILQDQFLDOVWDWHPHQWV7KLVVWDQGDUGLVDSSOLFDEOHIRUILVFDO \HDUVEHJLQQLQJRQRUDIWHU$SULO F 3XEOLF3ULYDWH3DUWQHUVKLSV 36 3XEOLF 3ULYDWH 3DUWQHUVKLSV HVWDEOLVKHV VWDQGDUGV RQ KRZ WR DFFRXQW IRU FHUWDLQ DUUDQJHPHQWVEHWZHHQSXEOLFDQGSULYDWHHQWHUSULVHV7KHVWDQGDUGSURYLGHVJXLGDQFHRQ VLWXDWLRQVZKHUHDSXEOLFHQWLW\DFTXLUHVLQIUDVWUXFWXUHDVVHWVXVLQJDSULYDWHVHFWRUSDUWQHU WKDWGHVLJQVEXLOGVRUILQDQFHVWKHLQIUDVWUXFWXUHDVVHWSDVWWKHSRLQWZKHUHLWLVUHDG\IRUXVH 7KLVVWDQGDUGLVDSSOLFDEOHIRUILVFDO\HDUVEHJLQQLQJRQRUDIWHU$SULO 0DQDJHPHQWLVDVVHVVLQJWKHLPSDFWRIWKHDGRSWLRQRIWKHVHVWDQGDUGVZKLFKLVQRWNQRZQRU UHDVRQDEO\HVWLPDEOHDWWKLVWLPH &2817<2)1(:(// 1RWHVWR&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV <HDUHQGHG'HFHPEHU 6HJPHQWHG'LVFORVXUHV 6HJPHQWHG GLVFORVXUHV 6FKHGXOH DUH LQWHQGHG WR HQDEOH XVHUV WR EHWWHU XQGHUVWDQG WKH JRYHUQPHQWUHSRUWLQJHQWLW\DQGWKHPDMRUH[SHQVHDQGUHYHQXHDFWLYLWLHVRIWKH&RXQW\ 7KHVHJPHQWVKDYHEHHQVHOHFWHGEDVHGXSRQIXQFWLRQDODFWLYLWLHVSURYLGHGE\WKH&RXQW\)RU HDFKUHSRUWHGVHJPHQWUHYHQXHVDQGH[SHQVHVUHSUHVHQWERWKDPRXQWVGLUHFWO\DWWULEXWDEOHWRWKH VHJPHQWDQGDPRXQWVWKDWDUHDOORFDWHGRQDUHDVRQDEOHEDVLV7KHIXQFWLRQDODUHDVWKDWKDYH EHHQVHSDUDWHO\GLVFORVHGDORQJZLWKWKHVHUYLFHVWKH\SURYLGHDUHDVIROORZV D *HQHUDO JRYHUQPHQW LV FRPSULVHG RI &RXQFLO /HJLVODWLYH &RUSRUDWH $GPLQLVWUDWLRQ )LQDQFH ,QIRUPDWLRQ DQG &RPSXWHU 6HUYLFHV 3ODQQLQJ (FRQRPLF'HYHORSPHQW &RUSRUDWH6DIHW\$JULFXOWXUDO6HUYLFHV)LUHDQG'LVDVWHU6HUYLFHV%\ODZ(QIRUFHPHQW &RPPXQLW\6HUYLFHV5HFUHDWLRQ3DUNVDQG3URJUDPVDQG/LEUDU\ E 3XEOLF:RUNVDQG7UDQVSRUWDWLRQLVFRPSULVHGRI5RDGVDQG(QJLQHHULQJ6HUYLFHV F 3XEOLF8WLOLWLHVLVFRPSULVHGRI:DWHU:DVWHZDWHUDQG6ROLG:DVWH %XGJHWLQIRUPDWLRQ 7KHEXGJHWLQIRUPDWLRQSUHVHQWHGLQWKHVHFRQVROLGDWHGILQDQFLDOVWDWHPHQWVLVEDVHGXSRQWKH EXGJHWDSSURYHGE\&RXQFLORQ$SULO $SSURYDORIILQDQFLDOVWDWHPHQWV 7KHVHILQDQFLDOVWDWHPHQWVZHUHDSSURYHGE\&RXQFLODQG0DQDJHPHQW &2817<2)1(:(//6FKHGXOH 6FKHGXOHRI6HJPHQWHG'LVFORVXUHV <HDUHQGHG'HFHPEHUZLWKFRPSDUDWLYHLQIRUPDWLRQIRU *HQHUDO *RYHUQPHQW 3XEOLF:RUNV DQG 7UDQVSRUWDWLRQ 3XEOLF8WLOLWLHV 7RWDO *HQHUDO *RYHUQPHQW 3XEOLF:RUNV DQG 7UDQVSRUWDWLRQ 3XEOLF8WLOLWLHV 7RWDO 5HYHQXH 1HWWD[HVIRUPXQLFLSDOSXUSRVHV 6SHFLDOOHYLHV 8VHU)HHVDQGVDOHRIJRRGV *RYHUQPHQWWUDQVIHUVRSHUDWLQJ 3HQDOWLHVDQGFRVWVRIWD[HV ,QYHVWPHQWLQFRPH /LFHQVHDQGSHUPLWV 2WKHU *DLQ ORVV RQGLVSRVDORIFDSLWDODVVHWV ([SHQVHV 6DODULHVZDJHVDQGEHQHILWV &RQWUDFWHGDQGJHQHUDOVHUYLFHV 0DWHULDOVJRRGVVXSSOLHVDQGXWLOLWLHV 7UDQVIHUVWRRUJDQL]DWLRQV %DQNFKDUJHVDQGVKRUWWHUPLQWHUHVW ,QWHUHVWRQORQJWHUPGHEW 2WKHUH[SHQGLWXUHV $PRUWL]DWLRQ $QQXDOVXUSOXV GHILFLW EHIRUHWKHXQGHUQRWHG 2WKHU &RQWULEXWHGWRRWKHUJRYHUQPHQWV ,QVXUDQFHSURFHHGV *RYHUQPHQWWUDQVIHUVFDSLWDO $QQXDOVXUSOXV GHILFLW $FFXPXODWHGVXUSOXVEHJLQQLQJRI\HDU $FFXPXODWHGVXUSOXVHQGRI\HDU