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Treasurer’s Report

"Treasurer’s Report 2005"

Reports »  

Income:

 

Ř      Interest Income Is Up By €4k

Ř      Other Income Is up By €90k

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

 

Expenditure:

 

Ř      Salaries Up €30K  - 6% Increase

Ř      Other Management Expenses Up €76K 

Ř      Bad Debt Write-Off down €173K

Ř      Bad Debts recovered

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

Ř      Debt Collection Costs Down €7k

Ř      Total Expenditure down €83k

 

Surplus:

 

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

 

Other Comments:

 

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

Ř      €16 Million In loans Repaid This Year

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

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

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

Ř      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.