NOTES TO THE FINANCIAL STATEMENTS
Altura Credit Union Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024 14. TANGIBLE FIXED ASSETS
Motor Vehicles € 17,265 -
Total
Land & Premises € 9,481,006 319,591 (542) - - ─────── 9,800,055 ─────── 2,589,852 203,307 - - (15,950) ─────── 2,777,209 ─────── 7,022,846 ═══════ 6,891,154 ═══════
Fixtures & Fittings 132,500 932,996 €
Investment Property € Equipment € 1,902,055 245 , 000
€ 12,578,322 636,525 (632) - (42,000) ─────── 13,172,215 ─────── 5,038,115 349,515 - - (15,950) ─────── 5,371,680 ─────── 7,800,535 ═══════ 7,540,207 ═══════
Cost At 1 October 2023
Additions Disposals Transfers Revaluations
184,434 (90) - - ─────── 2,086,399 ─────── 1,835 , 140 83,074 - - - ─────── 1,918,214 ─────── 168,185 ═══════ 66,915 ═══════
- -
- -
- -
- (42,000) ─────── 203,000 ─────── - - - ─────── - ─────── 203,000 ═══════ 245,000 ═══════
- ─────── 17,265 ───────
-
─────── 1,065,496 ─────── 595,858 63,134 - - - ─────── 658,992 ─────── 406,504 ═══════ 337,138 ═══════
At 30 September 2024 Depreciation At 1 October 2023 Charge for the year On disposals Transfers Reversal of impairment At 30 September 2024 Net book value At 30 September 2024 At 30 September 2023
17,265 -
- -
- -
- ─────── 17,265 ─────── ═══════ - ═══════ -
Investment property opening balance relates to the old Avoca branch premises owned by the credit union. In 2023 the board took the decision to sell the Avoca property and as such the property was classified as an investment property at the 30 September 2023. As at 30 September 2024 the Avoca investment property is valued in the financial statements at current market value less estimated costs of selling. During the financial year, The Board of Directors obtained a valuation of the Altura Credit Union Limited’s premises at McDermott Street, Gorey, Co Wexford. The independent valuers DNG, valued the premises at €4,350,000. It was deemed appropriate not to revalue the premises in the current year and depreciation has been applied. On the basis that the premises was previously impaired by an amount of €1,638,363 in 2013, it was deemed appropriate to reverse the remaining impairment balance by €15,950 (€1,622,413 reversed in prior years) in the financial statements of the year ended 30 September 2024.
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