CAPITA 2024 Financials

CAPITA FINANCIAL SERVICES INC. (ST. LUCIA BRANCH)	3
Financial Statements	3
March 31, 2024	3
(expressed in Eastern Caribbean dollars)	3
Independent auditors’ report	5
Our opinion	5
What we have audited	5
Basis for opinion	5
Responsibilities of management and those charged with governance for the financial statements	5
Auditors’ responsibilities for the audit of the financial statements	6
1 Reporting entity	12
2 Material accounting policy information	12
a) Basis of accounting	12
b) Financial assets and financial liabilities	12
i) Recognition and initial measurement	12
b) Financial assets and financial liabilities …continued	13
ii) Classification	13
b) Financial assets and financial liabilities …continued	14
b) Financial assets and financial liabilities …continued	15
b) Financial assets and financial liabilities …continued	16
iii) Derecognition	16
iv) Offsetting	16
b) Financial assets and financial liabilities …continued	17
v) Impairment	17
b) Financial assets and financial liabilities …continued	18
b) Financial assets and financial liabilities …continued	19
c) Cash resources	20
d) Property and equipment	20
e) Impairment of non-financial assets	20
f) Leases	21
f) Leases …continued	22
g) Foreign currency translation	22
h) Fee and commission income	22
i) Interest income and expense	23
j) Dividend income	23
k) Taxation	23
l) Defined contribution plan	23
3 Critical Accounting Estimates and Judgments	24
a) Expected credit losses (ECL)	24
a) Expected credit losses (ECL) …continued	25
4 Cash Resources	26
5 Loans and Advances	27
6 Related Party Balances and Transactions	30
7 Property and equipment	32-33
7 Property and equipment …continued	34-35
8 Other Assets	36
9 Customer Deposits	36
10 Lease Liability	36
11 Loans Payable	37
12 Taxation	37
13 Commitments	38
14 Interest Income	39
15 Interest Expense	39
16 Other Income	39
17 Salaries and Other Staff Costs	39
18 Expected credit loss (recovery)/expense	40
19 Other Operating Expenses	40
20 Financial Risk Management	41
21 Fair Value of Financial Instruments	61
22 Events after reporting date	62

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