Treasurer’s Report

"Treasurer’s Report 2005"

Income:

Ø      Interest Income Is Up By €4k

Ø      Other Income Is up By €90k

Ø      Total Income Is Up €93k - 2.78%      Increase on last year

Expenditure:

Ø      Salaries Up €30K  - 6% Increase

Ø      Other Management Expenses Up €76K 

Ø      Bad Debt Write-Off down €173K

Ø      Bad Debts recovered

Ø      Bad Debt Provision €150K  - Now At 6.1% Of Total Loans

Ø      Debt Collection Costs Down €7k

Ø      Total Expenditure down €83k

Surplus:

Overall Surplus  is €1.6 million An Increase Of €177k  On  last Year

Other Comments:

Ø      €18 Million In Loans Approved This  Year - Increase Of €1.3 million On Last Year.

Ø      €16 Million In loans Repaid This Year

Ø      Statutory Reserve Now Stands At  €3.7 Million – 8.7% Of Total Savings

Ø      Creating a new Community Reserve in the amount of €300k this year – towards swimming pool commitment

Ø      Total Assets Now €52 Million – An Increase Of €4 Million On Last Year

Ø      It’s been a solid years performance. However, margins are tightening, with interest income dropping. 

Declaration & Adoption of  Dividend

The Board Of Directors Recommends The Capitalisation Of €782,446 By Way Of A 2% Dividend On Member Shares.

A deduction of €2.50 per adult member towards the ILCU affiliation fee – same as last year – is also recommended.