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
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