NOTES TO THE FINANCIAL STATEMENTS
Altura Credit Union Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024 23. INSURANCE AGAINST FRAUD The Credit Union has insurance against fraud in the amount of €5.2 million (2023: €5.2m), This is in compliance with section 47 of the Credit Union Act 1997, as amended. 24. PENSION SCHEME Altura Credit Union Limited participates in an industry-wide pension scheme for employees (The Irish League of Credit Unions Republic of Ireland Pension Scheme). This is a funded defined benefit scheme with assets managed by the Scheme's trustees On 31 March 2022, the defined benefit scheme closed to future accrual and although staff retained all the benefits that they had earned in the Scheme to that date, Altura Credit Union Limited and its employees ceased making regular contributions to the Scheme and ceased earning any additional benefits from the Scheme. As this is a pooled pension scheme Altura Credit Union Limited remains liable to cover the cost of their share of any future increase in the total cost of providing the pension payments to credit union employees who were part of the Scheme. Altura Credit Union Limited could exit the Scheme and therefore never have to make a potential additional payment requirement but, exiting the Scheme would incur a substantial additional cost If credit unions exit the Scheme, they are required to pay to the trustees the exit amount which the trustees determine is required to fund benefits in respect of their active, deferred and pensioner members on a 'no risk* basis. The exiting credit union thereby settles any liability they have to contribute to the Scheme in the future. 25. CAPITAL COMMITMENTS The Credit Union has capital commitments of €40,846 (2023: €558,426) at the year-ended 30 September 2024. The current year amount relates to completing the new Roundwood property. The 2023 amount related mainly to works on the new Roundwood property. Construction works were completed by 30 September 2024 with the new premises opening later that week. 26. RELATED PARTY TRANSACTIONS During the year loans were advanced to directors and the management team of the Credit Union (to include their family members or any business in which the directors or management team had a significant shareholding). These loans were approved in accordance with the Standard Credit Union rules and the Credit Union Act 1997, (Regulatory Requirements) Regulations 2016. Total related party loans amounted to 0.65% of total gross loans due at 30th September 2024 (2023: 0.83%). 2024 No. of loans Loans advanced to Related Parties during the year 17 97,150 20 167,350 Loans outstanding to Related Parties at year end 33 537,823 34 606,283 Share balances held by Related Parties at year end 173 514,912 169 572,401 During the year catering and cleaning services to the value of €7,160 (2023: €3,817) were provided by 3 Related Parties. Related Parties are members & family members of the board & senior management team. € € 2023 No. of loans
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