DIRECTOR’S REPORT
Altura Credit Union Limited Director's Report for the year ended 30 September 2024 The directors present their report and the audited financial statements for the year ended 30 September 2024. Results, Dividend and Appropriation of Surplus The income and expenditure account as set out on page 1 2 shows a surplus for the year of €2,386,838 compared with a surplus in the previous year of €1,805,016. The current year surplus includes a reversal of an impairment of €15,950 (2023: €143,754) on the Credit Union's premises at McDermott Street, Gorey, Co. Wexford. The directors are recommending a dividend of 0.3% costing €435,987 and they are also proposing a rebate of 3.0% on interest paid on members’ loans, amounting to €91,857. In addition, they propose to pay deposit interest rates of 0.3% on deposits held during 2024 costing €1,602. The directors have made a transfer of €1,000,000 (2023: Nil) to the Regulatory Reserve in the current year as set out in the Statement of Changes in Reserves on page 14 of the accounts. Principal Risks and Uncertainties The principal risks & uncertainties arising from Altura Credit Union’s activities are set out in note 22 of the attached accounts. Statement of Directors’ and Board Oversight Committee’s Responsibilities The statement of directors’ responsibilities and board oversight committee’s responsibilities is set out on page 8 of the booklet. Accounting Records The directors believe that they comply with the requirements of section 108 of the Credit Union Act 1997, as amended with regard to books of account by employing accounting personnel with appropriate expertise and by providing adequate resources to the financial function. The books of account of the Credit Union are maintained at the Credit Union's premises at McDermott Street, Gorey, Co. Wexford. Health & Safety The wellbeing of the Credit Union's staff is safeguarded through adherence to health and safety standards and we are satisfied that these have been improved and continued to operate satisfactorily during the year. In accordance with the Safety, Health & Welfare at Work Act, the Credit Union's policy and procedures have been reviewed and a comprehensive safety statement has been prepared. Post Balance Sheet Events The post balance sheet events arising in Altura Credit Union are set out in note 27 of the attached accounts. Auditors Xeinadin Audit Ireland Ltd (Chartered Accountants), formerly Sheil Kinnear Ltd, were appointed auditors by the directors to fill the casual vacancy and they have expressed their willingness to continue in office in accordance with Section 115 of the Credit Union Act 1997, as amended .
Signed on behalf of the Board of Directors by: President Thomas Finn Secretary Leanne Brennan Date: 7 th November 2024
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