AGM Report Final Booklet

ALTURA CREDIT UNION LTD. ANNUAL GENERAL MEETING

Virtual Annual General Meeting 2025 - Thursday 11 ᵗʰ December 2025 at 7.00pm. Register online at alturacu.ie or e-mail agm@alturacu.ie with your name & member number by Monday 8th December 2025 (4pm deadline ).

ORDER OF BUSINESS

Page No.

1. Acceptance of Proxies (if any) by the Board of Directors 2. Ascertainment of Quorum (10% or 30 voting members) 3. Adoption of Standing Orders 4. Minutes of last AGM/SGM

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5. Presidents’ Address 6. Report of Directors 7. Financial Report including Auditors Report & consideration of accounts 8. Declaration of Dividend and Interest Rebate 9. Motion/Rule Changes 10. Report of the Head of Marketing & Business Development 11. Report of the Credit Committee 12. Report of the Risk & Audit Committee 13. Report of the Credit Control Committee 14. Report of the Membership Committee 15. Report of the Board Oversight Committee 16. Report of the Nominations Committee 17. Appointment of Tellers 18. Election of Auditor 19. Election to fill the vacancies on the Board Oversight Committee 20. Election to fill the vacancies on the Board of Directors 21. Report of the Head of ICT 22. Chief Executive Officer- Credit Union Update 23. Announcement of Election Results 24. Any other Business 25. Close/Adjournment of Meeting

3 6 8 8

35 38 39 41 42 44 45

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47 48

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Imelda Purcell Honorary Secretary

STANDING ORDERS All motions from the floor must be proposed and seconded by members present at the AGM and moved by the proposer. If the proposer is absent when the motion is called, the motion shall be deemed to have failed. (1) A proposer of a motion may speak for such period as shall be at the discretion of the chair of the meeting and shall have the right of reply before the motion is put to the meeting for a vote (2) In exercising his/her right of reply, a proposer may not introduce any new material. (3) The Seconder of a motion shall have such time as shall be allowed by the chair to second the motion. (4) Members are entitled to speak on any such motion and must do so through the chair. All speakers to any motion shall have such time as shall be at the discretion of the Chair. (5) The Chair shall have the absolute right to decide at any time when a motion has been sufficiently discussed and may put the motion to the meeting giving the proposer the right of reply before doing so. NOMINATIONS The Directors wish to draw attention to the following: • There is 1 vacancy for Auditor • There are two vacancies on the Board Oversight Committee • There are six vacancies on the Board of Directors. Nomination Packs are available on an ongoing basis at the Credit Union counters, with expressions of interest also available to be made online via our website. Current legislation prevents nominations from being accepted from the floor/those attending an AGM. Each member holding one fully paid-up share and aged 16 years shall have one vote. 1

DIRECTORS AND OFFICERS INFORMATION

EXECUTIVE DIRECTORS:

President: Vice President: Secretary: Asst. Secretary: Enda O'Connor Patrick McDonagh

Thomas Fitzpatrick Thomas Finn Imelda Purcell Leanne Brennan

DIRECTORS

Róisín Mulligan Jim Kavanagh

Michael Farrell (co-opted 25/03/25) Pamela O' Toole (co-opted 25/03/25)

Tom Clowry (co-opted 25/03/25) Mary Hearne (resigned 25/03/25)

OVERSIGHT COMMITTEE:

Chairperson:

Mary Quinn

Kathryn Keogh

Michael Kelly

STAFF as at 30.09.2025:

CHIEF EXECUTIVE OFFICER: AREA MANAGER: HEAD OF FINANCE: HEAD OF OPERATIONS: HEAD OF CREDIT: HEAD OF CREDIT CONTROL: HEAD OF ICT: HEAD OF BUSINESS DEVELOPMENT: HEAD OF RISK & COMPLIANCE: IN HOUSE LEGAL:

Barry Monaghan Valarie Lawrence Anne Roche Fionnuala Doyle Ross Coleman Róisín Monaghan Pat Kavanagh Tom Brennan Mandy Cousins Sinéad Fox Paul Davies Claire Costelloe

FACILITIES MANAGER: BUSINESS ANALYST: STAFF as at 30.09.2025:

Aidan Mackey Aine Tighe Aisling O'Brien Amy Nolan Anita Louth Ann Marie Nolan Anne Kinsella Anne Sheridan Annette Dunne Aoife Maguire Atiqa Javed

Ciara Hughes Denise Murray Dina Allegrini Edel Byrne Edel O'Brien Ella Jackson Ellen Leigh Emma Gibney Emma Mcloughlin Fiona Vickers Gemma Purdy Geraldine Kelly Geraldine Sheehan Helen Doyle Helena Cashman Isabelle Keogh

Jack Jenkinson Jean Doyle Jennifer McAuley Jenny Kerwin Jenny Swords Joan Hughes Joanna Migdalska Kerrie Kenny Laura Murphy Lina Lankutiene Linda Hempenstall

Margaret Brennan Margaret J Brennan Marguerite Townsend Maria Kelly Marie Nolan Martina Tobin Mary Butler

Roseanna O'Sullivan Sandra Moules Sarah Augustt Sarah Byrne Sharon Germaine Sue Baldwin Susan McCarthy Valentina Farris Vivienne O'Leary Zoe Hand Breen Zuzanna Jakubowicz Tina McClure Tom Fortune

Mary Mackey Mary Padian Michelle Roche Miriam Leonard Nicola Finn Nicole Lawless Noeleen Cullen Rebeckah Carroll Róisín Noctor

Bernadette Coogan Bernadette McCarthy Breda Goland Caroline Kavanagh Catherine Carty

Lisa Kennedy Lisa O'Connor Liz Murphy Liz Sheridan Louise Larkin

Registered Office and Business Address

McDermott Street, Gorey, Co. Wexford. Y25 XV05

Auditors

Xeinadin Audit Ireland Limited Chartered Accountants & Statutory Auditors Sinnottstown Business Park, Drinagh Wexford

Bankers

Allied Irish Bank Main Street, Gorey, Co. Wexford

Bank of Ireland Main Street, Gorey, Co. Wexford

Intesa Sanpaulo S.P.A. Via Langhirano 1 - Pal.a 43125 Parma (PR) Italy

Bank of Ireland Main Street, Baltinglass, Co. Wicklow

PRESIDENT'S ADDRESS

On behalf of the Board of Directors, I am honoured to welcome you to the 59th Annual General Meeting of Altura Credit Union Ltd, once again held virtually to ensure accessibility for all members across our ever-growing common bond area. It is a privilege to connect with you all, as we continue to strengthen the community spirit that defines our Credit Union. 2025 has been a year of renewal and transformation for the Credit Union movement, shaped by continued economic adjustments, technological advancement, and significant developments in the legislative landscape. The introduction of new Credit Union legislative measures this year marks one of the most important evolutions in our sector in decades — aimed at enabling greater collaboration, innovation, and diversification of services. These changes, welcomed across the movement, create opportunities for Credit Unions like Altura to deliver even more value to our members while maintaining our trusted, community-focused ethos. Reflecting on the challenges of recent years, we can take great pride in the continued upward trajectory of Altura Credit Union. Through prudent financial management and the collective efforts of our dedicated team, we have sustained strong growth and stability. Our surplus this year stands at €2.3 million, demonstrating both operational excellence and resilience in a dynamic financial environment. Reserves management remains a cornerstone of our strategic focus. The Board continues to prioritise a strong capital position, ensuring Altura is equipped to support members, absorb external shocks, and pursue future growth opportunities with confidence. A key highlight of the year was the successful transfer of engagements with Baltinglass Credit Union, approved by members at last year’s AGM/SGM and now fully integrated. This strategic merger has strengthened our financial position, expanded our bond area, and enhanced service accessibility for members across our communities. It reflects the ongoing transformation within the Credit Union movement — one that aligns with national efforts to build a more robust and sustainable sector. In line with our commitment to empowering members, I am delighted to confirm that the savings cap has been further increased, enabling members to invest more confidently in their local Credit Union. Details will be shared by our CEO in his report. As of 30 September 2025, Altura Credit Union proudly serves over 55,000 members, with total savings of €225 million and loans outstanding of €111 million. Our Loans to Assets ratio remains among the strongest in the country at 41.97%, reflecting both robust lending demand and sound portfolio management. Loan arrears remain at historically low levels, underlining our prudent approach to credit and member engagement. The Board is pleased to propose a dividend of 0.15% and a loan interest rebate of 7.50%, on standard rate loans, returning almost €700,000 to members — a testament to the Credit Union’s strong performance and our commitment to sharing success with those who make it possible. We continue to provide Loan Protection, Life Savings, and Death Benefit Insurance at no additional cost to members, representing an annual contribution of almost €1,000,000. (Continues on next page)

PRESIDENT'S ADDRESS (Continued)

The optional additional MDBI (Member-Pay Death Benefit Insurance) cover remains available, giving members flexibility and peace of mind. In line with the new legislative framework, Altura Credit Union is actively engaging with initiatives that will facilitate greater collaboration, shared services, and product innovation across the movement. These reforms support our ambition to offer an even broader suite of financial solutions — ensuring that Credit Unions remain a viable, competitive, and member-first alternative within the Irish financial sector. Our investment in digital transformation continues, improving service accessibility and convenience while maintaining the personal connection that defines our member relationships. Whether engaging online or in-branch, members can be confident in receiving secure, efficient, and friendly service. I wish to extend my heartfelt appreciation to CEO Barry Monaghan, the Management Team, our Staff, Auditors Xeinadin, and my fellow Directors and Board Oversight Committee members. Their collective dedication, professionalism, and integrity drive our continued progress. Finally, I extend our sincere condolences to members and families who have experienced loss this year. Our members strength and community spirit continue to inspire us all as we endeavour at all times to do our very best for you. Altura Credit Union stands strong — financially, operationally, and ethically. Together, we are navigating change, embracing opportunity, and securing a stronger financial future for all our members.

Thank you.

Thomas Fitzpatrick Chairperson Altura Credit Union Ltd

MEMBER BENEFITS & INSURANCES

INSURANCES (terms & conditions apply)

As well as access to cost effective products and services, as a member of this Credit Union you can also avail of some FREE INSURANCE, as detailed below: There is a Death Benefit Insurance (DBI) of €1,300 for members who hold a balance of at least €250 at the time of their death, and have joined before age 71. This cover is of great comfort at a difficult time. The €1,300 is paid directly to the funeral director, or to the person who pays the funeral bill. All you have to do is join before age 71 and maintain a balance of €250 in your share account. Loan Protection Insurance is provided to clear loans in the event of a member's death. This reduces the financial burden on those left behind as the loan can be cleared by the insurance on the loan. The cover on this depends on a member's age, health and amount borrowed. Our loan officers will be happy to discuss this with you at loan application stage. Life Savings Insurance provides extra benefit to those left behind after a member passes away. The insurance benefit payable after a member's death is linked to the amount of savings that a member has made during the term of membership. The benefit is also dependent on the member's age at the date lodgements are made to the account. Amounts saved after the 70th birthday are not insured and any withdrawal of savings after age 55 can permanently reduce the overall cover (explanatory table below).

Cover is up to a maximum of €5,000.00.

Age

Cover

Age 0 - 54

100%

Age 55 - 59

75%

Age 60 - 64

50%

Age 65 -69

25%

Age 70 +

No Further Cover

Optional Additional Cover Member-Pay Death Benefit Insurance (MDBI)

Members can opt to add an additional Member-Pay Death Benefit Insurance (MDBI) as a member-pay add on. There is an annual fee for this, currently €48. Members aged under 71 at the time of the deduction can opt in for this cover. The benefit of MDBI is an additional €2,000. More information at www.alturacu.ie or in any of our branches.

DIRECTOR’S REPORT for the year ended 30 September 2025

The directors present their report and the audited financial statements for the year ended 30 September 2025. Results, Dividend and Appropriation of Surplus The income and expenditure account as set out on page 11 shows a surplus for the year of €2,328,158 compared with a surplus in the previous year of €2,386,838. The current year surplus includes a reversal of an impairment of €0 (2024: €15,950) on the Credit Union's premises at McDermott Street, Gorey, Co. Wexford. The directors are recommending a dividend of 0.15% costing €319,263 and they are also proposing a rebate of 7.50% on interest paid on members' standard rate loans, amounting to €350,077. In addition, they propose to pay deposit interest rates of 0.15% on deposits held during 2025 costing €731. The directors have made a transfer of €2,140,637 (2024: €1,000,000) to the Regulatory Reserve in the current year as set out in the Statement of Changes in Reserves on page 13 of the accounts. Principal Risks and Uncertainties The principal risks & uncertainties arising from Altura Credit Union's activities are set out in note 22 of the attached accounts. Statement of Directors' and Board Oversight Committee's Responsibilities The statement of directors' responsibilities and board oversight committee's responsibilities is set out on page 7 of the financial statements. Accounting Records The directors believe that they comply with the requirements of section 108 of the Credit Union Act 1997, as amended with regard to books of account by employing accounting personnel with appropriate expertise and by providing adequate resources to the financial function. The books of account of the Credit Union are maintained at the Credit Union's premises at McDermott Street, Gorey, Co. Wexford. Health & Safety The wellbeing of the Credit Union's staff is safeguarded through adherence to health and safety standards and we are satisfied that these have been improved and continued to operate satisfactorily during the year. In accordance with the Safety, Health & Welfare at Work Act, the Credit Union's policy and procedures have been reviewed and a comprehensive safety statement has been prepared. Post Balance Sheet Events The post balance sheet events arising in Altura Credit Union are set out in note 27 of the attached accounts. Auditors The auditors, Xeinadin Audit Ireland Ltd (Chartered Accountants), have indicated their willingness to continue in office in accordance with Section 115 of the Credit Union Act 1997, as amended. Signed on behalf of the Board of Directors by: Thomas Fitzpatrick Imelda Purcell 6th November 2025 President Secretary Date

STATEMENT OF DIRECTORS' AND BOARD OVERSIGHT COMMITTEE'S RESPONSIBILITIES for the year ended 30 September 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES The Credit Union Act 1997, as amended requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Credit Union and of the income and expenditure of the Credit Union for that year. In preparing these financial statements the directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the credit union will continue in business. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Credit Union and to enable them to ensure that the financial statements are prepared in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland, including the standards issued by the Financial Reporting Council, and in particular FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". They are responsible for safeguarding the assets of the Credit Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Board of Directors and signed on its behalf by:

Member of the Board of Directors

Thomas Fitzpatrick

Member of the Board of Directors

Imelda Purcell

Date:

6th November 2025

STATEMENT OF BOARD OVERSIGHT COMMITTEE'S RESPONSIBILITIES

The Credit Union Act 1997, as amended requires the appointment of a Board Oversight Committee to assess whether the Board of Directors has operated in accordance with Part IV, Part IV (a) and any regulations made for the purposes of Part IV or Part IV (a) of the Credit Union Act 1997, as amended and any other matter prescribed by the Central Bank in respect of which they are to have regard in relation to the Board.

On behalf of the Board Oversight Committee: Chairperson of the Board Oversight Committee:

Mary Quinn

Date:

6th November 2025

INDEPENDENT AUDITOR'S REPORT to the members of Altura Credit Union Ltd.

Report on the audit of the financial statements Opinion

We have audited the financial statements of Altura Credit Union Limited for the year ended 30th September 2025, which comprise the Income and Expenditure Account, Balance Sheet, Statement of Changes in Reserves and Cash flow Statement and notes to the financial statements, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is Irish Law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. In our opinion the financial statements: • give a true and fair view of the state of the Credit Union's affairs as at 30 September 2025 and of its income and expenditure and cash flows for the year then ended; • have been properly prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and • have been properly prepared in accordance with the requirements of the Credit Union Act We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Credit Union in accordance with ethical requirements that are relevant to our audit of financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (IMSA), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which IMSA require us to report to you where: • the directors use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Credit Union's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other Information 1997, as amended. Basis for opinion The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. (Continues on next page) 8

INDEPENDENT AUDITOR'S REPORT to the members of Altura Credit Union Ltd.

Opinions on other matters prescribed by the Credit Union Acts 1997, as amended Based solely on the work undertaken in the course of the audit, we report that: • We have obtained all the information and explanations which we consider necessary for the purposes of our audit. • In our opinion proper accounting records have been kept by the Credit Union. • The financial statements are in agreement with the accounting records. • The financial statements contain all primary statements, notes and significant accounting policies required to be included in accordance with section 111(1)(c) of the Act. Respective responsibilities Responsibilities of directors for the financial statements As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Credit Union's ability to continue as a going concern, disclosing, as applicable, matters related to the going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Credit Union or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Further details relating to our work as auditor is set out in the Scope of Responsibilities Statement contained in the appendix of this report, which is to be read as an integral part of our report. The purpose of our audit work and to whom we owe our responsibilities Our report is made solely to the Credit Union's members, as a body, in accordance with section 120 of the Credit Union Act 1997, as amended. Our audit work has been undertaken so that we might state to the Credit Union's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Credit Union and the Credit Union's members, as a body, for our audit work, for this report, or for the opinions we have formed. David O'Connor for and on behalf of XEINADIN AUDIT IRELAND LIMITED, CHARTERED ACCOUNTANTS & STATUTORY AUDITORS Sinnottstown Business Park Drinagh,Wexford

Date: 11th November 2025

INDEPENDENT AUDITOR'S REPORT

Appendix to the Independent Auditor's Report Further information regarding the scope of our responsibilities as auditor. As part of an audit in accordance with ISAs (Ireland), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit 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 Credit Union's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Credit Union's ability to continue as going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Credit Union to cease to continue as going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

INCOME & EXPENDITURE ACCOUNT for the year ended 30 September 2025

2025 €

2024 €

Income Interest on members' loans

NOTES

- ______ 6,744,377 2,075,404 8,819,781

5,550,691 2,196,462 (605) 7,746,548

4 5

Other interest income and similar income Interest payable on members' deposits

Net interest income

257,781 (42,000)

Other income Exceptional gains / (losses) Employment costs Other management expenses (Schedule 1) Depreciation and Amortisation Reversal of fixed assets impairment Net recoveries/(losses) on lending to members

404,594

7 8 9

______ ______ - ______ 165,141 2,328,158 2,328,158 (3,083,840) (3,465,930) (511,588) -

(2,579,206) (2,918,902) (366,428) 15,950 273,095

14 15.3

2,386,838

Surplus of income over expenditure

Other comprehensive income Total comprehensive income

2,386,838

The financial statements were approved and authorised for issue by the Board of Directors on 6th November 2025 and signed on its behalf by;

Chief Executive Officer:

Barry Monaghan

Member of the Board of Directors:

Thomas Fitzpatrick

Member of the Board Oversight Committee:

Mary Quinn

BALANCE SHEET as at 30 September 2025

STATEMENT OF CHANGES IN RESERVES for the year ended 30 September 2025

The Regulatory reserve of the Credit Union as % of total assets as at 30th September 2025 was 10.75% (2024: 10.62%), in excess of the required limit of 10%. Following commencement of S13 of the 2012 Act, the requirement for Credit Unions to transfer 10% of their annual surplus to their statutory reserve (now known as the Regulatory reserve) each year has been removed. Notwithstanding this, the Board of Altura Credit Union Limited made a transfer in the current year of €2,140,637 (2024: €1,000,000) to its Regulatory reserve, together with €7,419,363 from the Reserve arising on the Transfer of Engagement, to its Regulatory Reserve. Following the Transfer of Engagement during the year, the Regulatory reserve increased by €7,419,363 & the Operational Risk reserve increased by €500,000, to reflect the Regulatory Reserve and Operational Risk reserves of the transferor credit union at the date of Transfer of Engagement. In accordance with S45 of the Credit Union Act 1997, as amended Altura Credit Union Limited have put in place an Operational Risk reserve. There were no transfers from the Distribution reserve to the Operational Risk reserve in the current year (2024: Nil). The Operational Risk reserve as a percentage of the total assets as at 30th September 2025 was 0.41% (2024: 0.34%). The Board introduced Other Realised Reserve in the current year. There was a transfer of €875,000 (2024: Nil) to Other Realised Reserve, in addition to the €375,000 arising from the Transfer of Engagement with Baltinglass Credit Union. The balance consists of a Dividend Reserve of €750,000 and a Development Reserve of €500,000

CASH FLOW STATEMENT for the year ended 30 September 2025

Note

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2025

SCHEDULE TO THE INCOME & EXPENDITURE ACCOUNT for the year ended 30 September 2025

CAR DRAW ACCOUNT for the year ended 30 September 2025 (not forming part of the statutory audited Financial Statements)

Car Draw Account

NOTICE TO ALL MEMBERS Keeping Your Details Up To Date

For Altura Credit Union to remain compliant under the Criminal Justice Act 2010, Section 33 and Sectoral Guidelines 2013, we would like members to note that if you have not already done so, you must provide proof of your identity e.g. Passport or Drivers Licence and recent proof of address, e.g. Utility Bill, Bank Statement etc. You are also expected to update Altura Credit Union with your Tax Identification Number (TIN) if your tax residency changes. Please also note that if your PPSN is not already verified and on file, you will be required to provide this as part of a loan application.

354

MOTION/RULE CHANGES

Proposed Rule Amendments at AGM December 2025

(b) The board of directors shall appoint a complaints officer who is suitably qualified and authorised to investigate, and wherever possible resolve complaints, received from complainants. (a) For the purposes of this rule the complaining party or parties described under paragraph (1) shall be referred to as the complainant. (3) All complaints under this rule shall be decided in the following manner: (1) A natural person under the age of sixteen: a) may be a member of the credit union, and b) subject to paragraph (2) , may enjoy all the rights of membership, other than voting rights, and can give all necessary receipts. Rule 109 That this Annual General Meeting agrees to amend Rule 109 of the Standard Rules for Credit Unions (Republic of Ireland) by the deletion of Rule 109(3) (a) to (f) inclusive and replacing it with the following: Rule 11. Membership That this Annual General Meeting agrees to amend Rule 11 of the Standard Rules for Credit Unions (Republic of Ireland) by the insertion of the Expanded Bond Area to read as follows: Membership shall be limited to and consist of the signatories to the application to register the credit union and such other persons having the following common bond: Gorey and ten-mile radius therefrom, Kilmuckridge and ten-mile radius therefrom, Avoca and a ten-mile radius therefrom, Rathdrum and a ten-mile radius therefrom, Roundwood and a ten-mile radius therefrom, Laragh and ten-mile radius therefrom, Carnew and ten-mile radius therefrom, Resident in any of the parishes of Baltinglass, Rathvilly, Hacketstown, Dunlavin, Tinahely, Moone or Castledermot and if living within a radius of 10 miles of Castledermot as have been duly admitted members of the credit union in accordance with these rules and comply with such of the rules as relate to membership and including, if otherwise qualified, such other persons as were members of the unincorporated body known as Altura Credit Union Limited immediately before the date on which such body secured registration as Altura Credit Union Limited. Rule 14(1) That this Annual General Meeting agrees to amend Rule 14(1) of the Standard Rules for Credit Unions (Republic of Ireland) by the insertion of the word “natural” to read as follows: Rule 14. Person under age 16

(continued on next page)

MOTION/RULE CHANGES

(c) In the event that a complaint is not resolved to the satisfaction of the complainant, the complainant may refer the complaint to the Financial Services & Pensions Ombudsman, or other adjudication body as appropriate. (d)Nothing in this rule shall prevent the Financial Services & Pensions Ombudsman from investigating and adjudicating a complaint made against a credit union about the provision of, or failure to provide, a financial service, so long as the complaint: (a) falls within the jurisdiction of that Ombudsman, and (b) does not relate to a matter that involves only the governance of the credit union.

TAXATION OF DIVIDEND

From the 1st of January 2014 Credit Unions must deduct Deposit Interest Retention Tax (DIRT) from dividend and interest paid to members on All accounts unless the member is exempt. The only members who can be exempt are: • Members aged over 65 whose total income is less than the relevant limit, currently €18,000 for an individual and €36,000 for a married couple or civil partnership. For married couples, only one of the spouses needs to be over 65. To avail of this exemption, you must sign a self-declaration form DE1. This form is available in your credit union and is a declaration that you (or your spouse) are aged over 65 and that your total income is less than the relevant limit. • Members who are permanently incapacitated. Such members should either contact their local Revenue Commissioners office directly or contact a service body such as the Irish Wheelchair Association. Credit unions have no role in approving the exemption in these cases. If you do not complete and return the self-declaration form, the credit union will be obliged to deduct DIRT from your dividend or interest, If applicable. You will then have to apply directly to the Revenue Commissioners for a refund of this DIRT (if you are eligible)

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Mastercard is a registered trade mark and the circle design is a trademark of Mastercard International Incorporated. This card is issued by Transact Payments Malta Limited pursuant to licence by Mastercard International. Altura Credit Union Limited is regulated by the Central Bank of Ireland.

REPORT OF THE HEAD OF MARKETING & BUSINESS DEVELOPMENT

We are pleased to present the Business Development & Marketing Report for 2025, reflecting another year of meaningful progress, innovation, and deepened commitment to the communities we proudly serve. Altura Credit Union continues to grow in size, strength, and relevance — guided by the cooperative values that define who we are and inspired by our vision to build lifelong relationships, one member at a time. This year marked a significant milestone with the successful merger of Baltinglass Credit Union into Altura. This expansion has strengthened our presence in new communities and enhanced our ability to serve members with a broader range of products and services. We proudly supported a wide variety of local clubs, schools, and community groups, and attended a record number of community events. These partnerships reflect the cooperative spirit of Altura and our belief in giving back to the communities that shape us. We also promoted our mortgage lending services — an area in which we have many years of experience. By bringing this offering to greater public attention, we are confident of strong future growth. Over the past two years, we reduced our mortgage rates twice, reinforcing our promise to deliver competitive, fair, and accessible mortgage options for members. Our digital transformation continues at pace. A new website and app are launching soon, designed to offer a simplified and seamless experience that rivals the best digital banks, while remaining rooted in our member-first ethos. These digital enhancements complement our strong physical presence in branches and communities, ensuring members can engage with us in the way that suits them best. We also introduced SEPA Instant Payments, enabling real-time fund transfers — a significant enhancement in convenience and service. We are encouraged by the enthusiasm shown by members from the former Baltinglass Credit Union, who have embraced the broader range of products and services now available to them. This affirms the success of our integration efforts and the shared strength of the Altura family. Our digital presence — across our website, app, and social channels — continues to grow, helping us connect, celebrate, and communicate with members in a vibrant and accessible way. These platforms reflect Altura’s ongoing evolution and the achievements of our members and communities, complemented by our many community meet-and-greet events. As we look ahead, our focus remains on sustainable growth, digital innovation, and community partnership. By balancing modern technology with personal service, Altura Credit Union will continue to be a trusted, member-owned financial cooperative — here to support every stage of our members’ financial journey, while maintaining financial stability and delivering value. In conclusion, I extend my sincere thanks to our Members, Staff, and Board of Directors for their continued trust and support. Together, we will ensure Altura Credit Union remains a cornerstone of our communities, fostering financial wellbeing and cooperative progress for generations to come.

Tom Brennan Head of Business Development & Marketing

REPORT OF THE CREDIT COMMITTEE

On behalf of the Credit Committee, we are delighted to welcome you to the 2025 Annual General Meeting. Throughout the year our focus has remained firmly on serving our members with transparency, fairness, and a genuine commitment to help. We understand that each application represents real needs, real plans, and real lives — and we strive to support every member with a “can-do” approach grounded in the long-standing ethos of the credit union movement. Members can access our lending services in whichever way suits them best. Whether you prefer to call into us for a face-to-face conversation, speak to us by phone, or apply online through our website or mobile app, we are committed to making the process as smooth as possible. Our dedicated lending department is always open to members looking for guidance, reassurance, or simply someone to talk through their options. Branch opening hours may vary in the locations we serve, our digital and phone services complement these hours. We remain digital when you want us, and human when you need us. You are always welcome to drop in to open a savings or current account, to discuss borrowing needs or avail of our other products and services. We continue to streamline our lending processes in response to member feedback and evolving expectations. Fast-track approval is now available for loans up to €20,000 for established borrowers, requiring only proof of income and a clear credit report. Our long-held approach remains unchanged: every application is assessed on its own merits, carefully and respectfully, with the intention of saying “yes” until we have to say “no”. Some applications require more in-depth consideration and fall outside the authority of our lending officers. These are reviewed weekly by the Credit Committee, whose members bring extensive expertise and a strong sense of responsibility to their role, and the membership. Our goal is always to support members while ensuring that lending is sound, sustainable, and fully aligned with regulatory requirements. Where a member disagrees with a decision, an appeals process is available — fairness and transparency remain central to everything we do. The regulatory landscape continues to evolve, with increasing expectations from the Central Bank. We work diligently to ensure full compliance while preserving the human touch and member-first ethos that define our Credit Union. The year 2025 saw significant investment in our Credit Department, including upskilling across the team and the introduction of new underwriting roles designed to meet the needs of a growing and increasingly digital membership. As part of these enhancements, the maximum unsecured personal loan available to a member has increased from €75,000 to €100,000 The Credit Committee extends its sincere thanks to our Head of Credit and lending team, whose dedication, professionalism, and genuine care for our members underpin the success of our lending operations. We also acknowledge the support of the Board of Directors, Board Oversight Committee, the Credit Exceptions Committee, Management, and all staff of Altura Credit Union. Most importantly, we thank you — our members. By choosing to borrow from your Credit Union and by honouring your repayments, you help strengthen our community and ensure that we can continue offering fair, accessible, people-focused lending for years to come.

REPORT OF THE CREDIT COMMITTEE

Your continued trust allows us to uphold the core values of the Credit Union movement: “For you, not profit” We encourage all members to consider us first for their borrowing needs — whether online, on the phone, or in person. We are here for you.

I formally propose this report on behalf of the Board of Directors.

Chairperson: Geraldine Sheehan Secretary: Tom Fortune Tom Brennan

Emma McLoughlin Valerie Lawrence

Gemma Purdy Aidan Mackey

REPORT OF THE BOARD AUDIT & RISK COMMITTEE

Board Risk & Audit Committee Update 2025

Altura's Board Audit and Risk Committee remains dedicated to overseeing the audit, risk, and compliance functions of the credit union. Over the past year, the Committee continued to assess the work of both our external and internal auditors, with responsibilities discharged through regular meetings and comprehensive reports from the Head of Risk and Compliance and Internal Audit. Throughout the year, the Committee met independently from the Board of Directors on a quarterly basis, joined by our Internal Audit providers, Moore Ireland. They presented updates on the progress of the Internal Audit plan and discussed macroeconomic indicators shaping the credit union's risk environment. We extend our sincere gratitude to both our internal and external auditors for their ongoing support to Altura Credit Union. During the financial year, the Committee confirmed that key risks facing the Credit Union have been appropriately managed, with effective mitigants in place and timely actions taken as needed. Reports covering risk, compliance, internal audit, and anti-money laundering continued to be presented by the Head of Risk and Compliance to the Board of Directors on a monthly basis. As outlined at last year's meeting, capital reserve management remained a central focus over the past 12 months, ensuring Altura Credit Union's resilience. Last year we asked you to vote on a proposed Transfer of Engagements from Baltinglass Credit Union, which is now complete, marking a significant milestone in strengthening our sustainability and capacity to deliver a wide range of quality products and services for our members throughout the widened common bond. As we look ahead to 2026, our focus will shift to preparing for significant changes in the regulatory landscape. The forthcoming Digital Operational Resilience Act and the expansion of the updated Consumer Protection Code-now set to apply to core credit union services-will require careful planning and adaptation. The Board Audit & Risk Committee will continue to monitor, assess, advise, and challenge on all relevant risk events, capital risk, and regulatory developments, overseeing prudent strategic adjustments to ensure Altura's ongoing sustainability and performance. On behalf of the Committee, I would like to thank our Members for their continued support and extend our best wishes to you and your families for a prosperous and happy New Year

I formally propose this report on behalf of the Board of Directors.

Mandy Cousins, Head of Risk & Compliance

Committee Members:

Chairperson: Thomas Fitzpatrick Secretary: Róisín Mulligan Michael Farrell Thomas Finn Patrick McDonough

Mandy Cousins Barry Monaghan Valerie Lawrence Pat Kavanagh Tom Brennan

REPORT OF THE CREDIT CONTROL COMMITTEE

On behalf of the Credit Control Committee, we extend a warm welcome to the 2025 Annual General Meeting. The Credit Control Committee is pleased to present its report for the financial year 2024 - 2025. This year was marked by both external economic pressures and internal strategic developments, all of which shaped our approach to credit control management and member support. The global and domestic economic environment in 2024 posed significant challenges. Factors such as the ongoing conflict in Ukraine, climate-related disruptions, and the rising cost of living placed financial strain on many households. These conditions contributed to an increase in loan arrears, as some members found it difficult to maintain regular repayments. Altura Credit Union’s Credit Control function continued to operate with a dual focus: ensuring responsible debt recovery while maintaining a compassionate and solution-oriented relationship with members. Our Arrears Support Department plays a vital role in this balance, offering tailored assistance to members in financial difficulty. A significant development in 24/25 was the successful Transfer of Engagement with Baltinglass Credit Union, completed in March 2025. This strategic move expanded Altura’s reach to 10 branches, enhancing accessibility and service delivery for members in Baltinglass, Castledermot, Dunlavin, Tinahely, and Hacketstown. The ToE was well received by members, including those in arrears, who benefited from improved access to support services and financial solutions tailored to their needs. Our Arrears Support Department continued to operate with empathy and professionalism, offering a range of options to members in financial difficulty. These included: • Loan restructuring • Temporary Reduced Payment Plans, to name but a few. Members responded positively to these supports, with many expressing appreciation for the respectful and solution-focused approach taken by our team. We also maintained compliance with regulatory frameworks: • Mortgage accounts were managed under the Mortgage Arrears Resolution Process (MARPS). • SME loans followed the Central Bank’s guidelines for distressed business lending. Early engagement remains key. Members are encouraged to contact us at the first sign of financial stress so we can work together to find the most appropriate solution. We enhanced our collections strategy through proactive communication—text messages, emails, and letters—all designed to encourage member engagement and cooperation. While most members responded constructively, a small number remained unresponsive. In such cases, and only after all other avenues have been explored, legal action was initiated to recover outstanding debts.

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