NOTES TO THE FINANCIAL STATEMENTS
Altura Credit Union Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024 15.4 CREDIT RISK DISCLOSURES (contd.)
- requires specified lending practices to be in place where loans are made to certain sectors such as commercial loans, community loans or loans to another Credit Union. Altura Credit Union Limited does offer mortgages and these loans along with some other larger loans are secured. All other loans to members are unsecured, except that there are restrictions on the extent to which borrowers may withdraw their savings whilst loans are outstanding. There are maximum amounts set down by the Central Bank in terms of what amount a member can borrow from the Credit Union.
The carrying amount of the loans to members represents Altura Credit Union Limited’s maximum exposure to credit risk. The following table provides information on the credit quality of loan repayments. Where loans are not impaired it is expected that the amounts repayable will be received in full. 2024 Amount Proportion Amount € 2023 Proportion Gross loans not impaired Not past due € % % 75,612,807 ─────── 91.95% ─────── 66,531,272 ─────── 90.72 ─────── Gross loans collectively impaired Up to 9 weeks past due
5.41 0.48 0.55 0.35 0.37 0.89 ─────── 8.05 ═══════ 100.00 ═══════ 10.80 89.20 ─────── 100.00 ═══════ Balance of Accounts € 4,789,355 ─────── 15,171 ─────── 57,910 ───────
4,398,454 865,249 237,461 280,378 347,783 6 79 ,941 ─────── 6,809,266 ═══════ 73,340,538 ═══════ (451,522) (3,305,837) ─────── (3,757,359) ═══════
4,448,451 396,917 450,218 285,616 302,974 732,017 ─────── 6,616,193 ═══════ 82,229,000 ═══════ (397,347) (3,282,224) ─────── (3,679,571) ═══════
6.00 1.1 8 0.32 0.38 0.47 0.93 ─────── 9.28 ═══════ 100.00 ═══════ 12.02 87.98 ─────── 100.00 ═══════ Balance of Accounts 3,749,129 ─────── 7,120 ─────── €
Between 10 and 18 weeks past due Between 19 and 26 weeks past due Between 27 and 39 weeks past due Between 40 and 52 weeks past due 53 or more weeks past due
Gross loans collectively
Total loans
Impairment allowance Individually significant loans Collectively assessed loans Total impairment allowance
16. MEMBERS CURRENT ACCOUNTS
2024 No. of Accounts 2,972 ─────── 200 ─────── 90 ───────
2023
No. of Accounts 2,639 ─────── 133 ─────── 82 ───────
Payment Accounts
Credit Debit
Permitted overdrafts 53,210 Gross debit balances on members current accounts were €20,882 (2023: €11,486) at the 30 th September 2024. At the year end the credit union calculated an impairment charge of €5,711 (2023: €4,366) against these balances at that date. 17. DEBTORS, PREPAYMENTS AND ACCRUED INCOME 2024 2023 € € Prepayments & sundry debtors 214,825 198,770 Accrued loan interest income ───────
107,624 ─────── 306,394 ═══════
128,313 ─────── 343,138 ═══════
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