NOTES TO THE FINANCIAL STATEMENTS Altura Credit Union Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024 4. INTEREST ON MEMBERS' LOANS
2024 €
2023 €
128,313 5,530,002 (107,624) ─────── 5,550,691 ═══════ 1,202,215 323,781 670,466 ─────── 2,196,462 ═══════ 2024 €
Closing accrued interest receivable Loan interest received in year Opening accrued loan interest receivable
107,624 5,151,266 (89,527) ─────── 5,169,363 ═══════
Total interest on members’ loans 5. OTHER INTEREST INCOME AND SIMILAR INCOME
2023
€
Investment income and gains received by the Balance Sheet date Receivable within 12 months of the Balance Sheet date
947,812 315,444 235,689 ─────── 1,498,945 ═══════
Other investment income and gains
Total investment income 6. INTEREST PAYABLE AND DIVIDENDS The interest expense for the Credit Union comprises of interest payable on deposits, and was as follows for the current and prior year: 2024 € 2023 € Interest proposed for the year Interest rate on members’ deposits 1,602 ─────── 0.30% 606 ─────── 0.10% The dividend and any loan interest rebate are formally proposed by the directors after the year end and are confirmed at an AGM of the members. As a result the proposed dividends do not represent a liability at the Balance Sheet date. Dividends included in the Statement of Reserves in the current year therefore relate to dividends paid to members for the prior year. Similarly, the deposit interest of €606, as shown above, became payable to deposit holders when the dividend and loan interest rebate proposed, was confirmed by the members at the AGM in December 2023. The dividends and loan interest rebate for the current and prior year were as follows: Dividends and loan interest rebate paid 2024 % 2024 € 2023 2023 € %
- -
2.50 0.10
139,152 71,544 ─────── 210,696 ═══════
0.00 0.00
Dividends on shares Loan interest rebate
─────── - ═══════ The above dividends refer to those paid out in those years from the surplus earned in previous years. Dividends and loan interest rebate proposed 2024 % 0.30 2024 € 435,987 3.00 2023 % 0.10 2023 € 140,239 2.50 Dividends on shares Loan interest rebate 72,143 91,857
─────── 527,844 ═══════
─────── 212,382 ═══════
22
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