Directors and Other Information
!"#$%&'#"(()*+,-%$).&%/&)0%1%$,-) ()*%!$"*&/'*%0"*$' U*/!6-%!U.2#2:.#&!;%#/!%25%5!JZ!9%06%$X%/![Z[L! The directors present their report and the audited financial statements for the financial year ended 30 September 2024. Objects The principal activity of Baltinglass Credit Union Limited is the provision of savings and loans to members in its common bond. You will need to live or work in the common bond area to become a Member of Baltinglass Credit Union. Further information can be found at https://www.baltinglasscu.ie/Join. The Credit Union manages its members‘ shares, capital and loans to members so that it earns income from the margin between interest receivable and interest payable. Principal Risks and Uncertainties The main financial risks arising from the activities of Baltinglass Credit Union Limited are credit risk, liquidity risk, interest rate risk and continuous compliance with regulatory and legislative requirements. The Board reviews and agrees policies for managing each of these risks which are summarised at Note 26. Business Review Both the level of business and the year-end financial position were satisfactory. The directors expect to develop and expand the current activities of the Credit Union and they are confident of its ability to operate successfully in the future. The Credit Union have substantially completed the initial phase of the Tr ansfer of E ngagement process with Altura Credit Union Limited and it is expected the approval phase will complete, subject to member approval, at either the Annual General Meeting, or a Special General Meeting called for the purpose of the transfer in January 2025. Directors and Board Oversight Committee Members The current directors and board oversight committee members are as set out on page 40. In accordance with Section 53 of the Credit Union Act 1997 (as amended) three directors of the Credit Union are required to retire from the Board at this year‘s Annual General Meeting, and being eligible, three directors offer themselves for re-election. The Board Oversight Committee will have one member due to retire at this year‘s Annual General Meeting, and being eligible, one member offers themselves for re-election. Authorisation The Credit Union is authorised as follows: - Registered as an insurance, reinsurance or ancillary insurance intermediary under the European Union (Insurance Distribution) Regulations, 2018. - Firms deemed to be authorised as Investment Intermediaries (Restricted Activity Investment Product Intermediary) pursuant to Section 26 of the Investment Intermediaries Act, 1995 (as amended). - A Credit Union entitled under the European Union (Payment Services) Regulations 2018 to provide payment Services. Accounting Records The measures taken by the directors to ensure compliance with the requirements of Section 108 of the Credit Union Act 1997 (as amended), regarding proper books of account are, the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function. The books of account of the Credit Union are maintained at the Credit Union‘s premises at Weaver Square, Baltinglass, Co. Wicklow. Post Balance Sheet Events The T ransfer of E ngagement approval phase will complete, subject to member approval, at either the Annual General Meeting, or a Special General Meeting called for the purpose of the transfer in January 2025. Auditors The auditors, BCA Tax & Business Consultants Limited, have indicated their willingness to continue in office in accordance with Section 115 of the Credit Union Act, 1997 (as amended). Results and distributions to members The excess income over expenditure for the year is set out in the Income & Expenditure account on page 46. The Board proposes to the membership a payment of a 0.10% dividend and a 15% loan interest rebate for the current year in line with Note 5 in the financial statements, subject to agreement by the membership at the Annual General Meeting.
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