Balance Sheet

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					                                           STANCO CREDIT UNION LTD.

                                               BALANCE SHEET

                                               OCTOBER 31, 2009
                                                  (Unaudited)

ASSETS                                                                2009               2008


Cash                                                              $     735,496      $          2,030

Investments and Accrued Interest (note 3)                             1,107,979          1,915,934

Loans to Members (note 4)                                             1,468,212          1,000,253

Other Assets                                                             21,783                 4,142

                                                                  $   3,333,469      $   2,922,359


LIABILITIES


Deposit Accounts and accrued interest (note 5)                    $   3,197,485      $   2,776,526

Accounts Payable and accrued liabilities                                     8,002          22,223

Income Taxes Payable                                                            0                  0

                                                                  $   3,205,487      $   2,798,749

MEMBER'S EQUITY AND RETAINED EARNINGS


Common Shares (note 6)                                            $      11,725      $      11,650

Retained Earnings                                                       116,257            111,960

                                                                  $     127,982      $     123,610



Signed on behalf of the Board:                                    $   3,333,469      $   2,922,359




Director_______________________________________


Director_______________________________________
                                        STANCO CREDIT UNION LTD.

                                            STATEMENT OF INCOME

                                    For the year ended, October 31, 2009
                                                 (Unaudited)

                                                                           2009               2008
Interest Income

           Interest on Member Loans                             $             45,044      $      39,959

           CUC Shares Dividend                                                 1,420              3,942
           CUC Liquidity Deposit Income                         $             22,835      $      72,202
           Interest on Investments                                            24,255             76,145

           Total Interest Income                                $             69,299      $     116,103


Interest Expenses

           Participatory Savings Interest                                         4,469          62,382
           Reduced Interest                                                           0               0
           Interest on deposit accounts                         $                 4,469   $      62,382
           CUC Operating Interest                                                     6               2
           Interest on borrowings                                                     0               0

           Total Interest Expense                               $                 4,475   $      62,384


Net Interest Income                                             $             64,824      $      53,720

           Misc income                                                             240                144
           Service Charges, Commissions
           Insurance - CUMIS C.L./C.D                                          1,369              1,979
           Insurance - Commission                                              9,597              9,790
           Shell - Commissions                                                     0                  0
           Petty Cash Income                                                       0                  0
           Total Other Income                                   $             11,205      $      11,913

Net Interest Income and Other Income                            $             76,029      $      65,632

           Operating Expenses - Schedule 1                                    70,055             63,225

Provision for Loan Losses
           General Allowance                                    $                 1,200              2,400
           Recoveries during the year                           $                     0   $              0
                                                                                  1,200              2,400

Income before income taxes                                      $                 4,774   $             7

           Income Taxes (note 8)                                                   477                  0

Net income for the year                                         $                 4,297   $             7
                                    STANCO CREDIT UNION LTD.

                             STATEMENT OF RETAINED EARNINGS

                                 For the year ended, October 31, 2009
                                              (Unaudited)




       `                                                          2009                   2008



Retained Earnings, Beginning of year                      $         111,960      $         111,953


Add:
       Reversal of 2004 Provision for Income Tax              .                      .
       Net Income for the year                                           4,297                  7


Retained Earnings, end of year                            $         116,257      $         111,960
                                    STANCO CREDIT UNION LTD.

                                 SCHEDULE 1: OPERATING EXPENSES

                                 For the year ended, October 31, 2009
                                              (Unaudited)




                                                                        2009                   2008

Salaries                                                                   38,640                 34,500
Employment Insurance                                                        3,364                    883
CPP                                                                             0                      0
Staff Training                                                              3,179                    300
The Co-operators                                                                       .             956
Cumis Pension Plan                                                                     .           1,725

Personnel Expenses                                           $             45,183          $      38,364

Errors and Omissions Insurance                                                   657                    501
Bonding                                                                         (673)                 2,317
CUDGC Periodic Assessment                                                      5,365                  4,379
Loan Collection Costs                                                              0                      0

Security Expenses                                            $                 5,349       $          7,197

Annual Meeting                                                                   231                      0
Central Dues                                                                   2,038                  1,626
Director & Committee Travel and Expenses                                           0                      0
Other Organizational Expenses                                                    393                      0
Meeting Expenses                                                                   0                      0
Annual Mtg - Central                                                               0                      0

Organizational Expenses                                      $                 2,662       $          1,626


General Expenses                                                                0                    227
Marketing and Advertising                                                       0                      0
Audit/inspection/Exam Fees                                                      0                      0
Computer Expense (Stanco Website)                                             462                    406
Equipment Repairs and Maintenance (Banking System)                         15,135                 14,040
Cash and Service Charges                                                      472                    589
Stationary & Supplies                                                           0                     25
Courier Costs                                                                   0                      0
Credit Reports                                                                114                     89
Service Charges                                                                 0                      0
Personal Property Registration                                                 65                     20
Dues and Subscriptions                                                        613                    641
Cash Short                                                                      0                      0

General Expenses                                             $             16,860          $      16,038

Total Operating Expenses                                     $             70,055          $      63,225
                                  STANCO CREDIT UNION LTD.

                           NOTES TO THE FINANCIAL STATEMENTS

                              For the year ended, October 31, 2009
                                           (Unaudited)



1.   Nature of Operations

     The credit union was formed pursuant to the Credit Union Act of the Province of Alberta and
     operates a single branch.

     Membership in the credit union is limited to all employees of Chevron Canada Resources (which, by
     definition, shall include its successor and related companies operating only in Canada), annuitants
     of Chevron Canada Resources, employees of the credit union and former employees of Chevron
     Canada Resources including direct family members (Spouses and children of members as
     described are eligible for membership); provided that upon leaving employment they continue to
     maintain an account or loan with the credit union and continue to meet all other requirements of the
     credit union. Former members of the credit union are eligible for re-instatement, subject to Board
     approval.

     The Credit Union Deposit Guarantee Corporation (Corporation), a Provincial Corporation,
     guarantees the repayment of all deposits with Alberta credit unions, including accrued interest. The
     Credit Union Act provides that the Province of Alberta will ensure that the Corporation carries out
     this obligation.




2.   Significant accounting policies

     Certain prior year comparative amounts have been reclassified to conform with current year's
     presentation. The credit union follows accounting policies appropriate to its activities and governing
     legislation, which conform to generally accepted accounting principles. The significant accounting
     policies adopted by the credit union include:

     Investments


     Investments in securities are valued at cost or amortized cost adjusted to recognize other than
     temporary impairment in underlying value. They are purchased with the intention of holding them to
     maturity, or until market conditions cause alternative investments to become more attractive. Gains
     and losses on disposal of securities are included in income in the year in which they occur.

     Member Loans

     Member loans are recorded net of any unearned income and an allowance for credit losses.
     Interest income from loans is recorded on an accrual basis.
     A loan is classified as impaired when there is reasonable doubt as to the timely collection of some
     portion of principal or interest. A loan where payment of interest is contractually past due 90 days is
     classified as impaired unless there is no reasonable doubt as to the collectibility of all interest and
     principal. When a loan is classified as impaired, recognition of interest income in accordance with
     the original loan agreement ceases. Loans, or portion of loans considered uncollectible are written
     off.

     Allowance for impairment loans


     The credit union maintains an allowance for credit losses in an amount considered adequate to
     absorb credit losses existing in its loan portfolio. The allowance is increased by a provision for
     credit losses which is charged against income, and reduced by write-offs, net of recoveries.


     A specific allowance is established on an individual loan basis, to reduce the carrying book values
     to estimated realizable values. Estimated realizable values are determined by discounting the
     expected future cash flows at the effective interest rate inherent in the loans. When the amounts
     and timing of future cash flows cannot be reliably established, estimated realizable values are
     determined by reference to market prices for the loans or their underlying security.




3.   Investments and accrued interest
                                                                              2009                2008

     Credit Union Central Alberta Limited (Central)

            Shares (1)                                                $         46,907    $         46,907
            Other Qualifying Investments                                       579,337                   0
            Term Deposits                                                      480,000           1,850,000

                                                                      $      1,106,244    $      1,896,907

            Accrued Interest                                                     1,735              19,027

                                                                      $      1,107,979    $      1,915,934




     As required by the Credit Union Act, the credit union holds investments in Central to maintain its
     liquidity level.

     The estimated market value of these investments is equal to book value.

     (1) The shares have no specific date of maturity.
4.   Loans to Members                                      2009                                     2008

                                                       Allowance for
                                   Gross Amount        Credit Losses        Net Amount           Net Amount

     Consumer Loans            $      1,480,925    $         12,783     $      1,468,142     $      1,000,043

     Accrued Interest                        70                                        70                  209

     Total                     $      1,480,995    $         12,783     $      1,468,212     $      1,000,252


     The allowance for credit losses represents a general allowance of $12,782.77


     The Credit Union has commitments in the form of authorized unadvanced member lines of credit
     in the amount of $ 116,528.41 ( 2008 - $ 116,468.23 None )

5.   Deposit accounts

                                                                                2008                 2008
     Participatory Savings Balances                                            3,197,485            2,776,526
     Accrued Interest                                                                  -                    -
     Participatory Savings                                              $      3,197,485     $      2,776,526


     Deposits in participatory savings accounts will participate in future distributions of the credit union's
     earnings, as approved by the Board of Directors of the credit union. The board of directors
     approved an interest payment of .15% (2008 - 2.600%) on the minimum monthly balance of
     members' deposit accounts. This amount was paid on December 1, 2009.


     The repayment of all deposits, including accrued interest is guaranteed by the Credit Union Deposit
     Guarantee Corporation for which the credit union pays a deposit guarantee assessment fee.


6.   Common Shares

     The Credit Union Act created a class of equity shares known as common shares, having the
     following characteristics:

     a) An unlimited number may be issued;

     b) A par value of $1, but fractional shares may be issued;

     c) Transferable only in restricted circumstances;

     d) Non-assessable; and

     e) Redemption of common shares is at par value and is at the discretion of the credit union, subject
     to the restrictions contained in the Credit Union Act and Regulations.
     A membership in the credit union requires the purchase of a minimum of 25 shares (1 share for
     minors and members over 65 years).

     Common shares are "at risk" capital and are not guaranteed by the Corporation.

                                                                           2008              2008

     Balance of Common Shares at Year End                           $       11,725    $        11,650


7.   Related Party Transactions

     Directors and management of the credit union have loans from the credit union totaling $122.62
     (2008 - $3,098.37). Directors pay regular member rates. All loans were current at October 31,
     2009.

     Deposit accounts are held by directors, management and staff of the credit union. These accounts
     are maintained under the same terms and conditions as accounts of other members, and are
     included in deposit accounts on the balance sheet.


8    Income Taxes

     Current income tax is generally recognized on a current year basis.

				
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