"Treasurer’s Report 2005"
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
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
Overall Surplus is €1.6 million An Increase Of €177k On last Year
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.