ANNUAL REPORT 2011- 2012 - lifecu.ie · ANNUAL REPORT 2011- 2012 INVITATION TO 2012 ANNUAL GENERAL...

ANNUAL REPORT2011- 2012

INVITATION TO 2012ANNUAL GENERAL MEETING

New_NCU_32pgA5_AnnualReport_2012.indd 1 15/11/2012 23:25

D i re c t o r s ’ R e p o r tfor the year ended 30th September 2011

|2 NAAS CREDIT UNION ANNUAL REPORT 2010 - 11

Mission Statement

Naas Credit Union,Striving to improve the economic and social well being of our community.


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Contents

Invitation from Secretary 4

Agenda of Meeting & Nominations 5

Rule Changes & Motions 6

Chairman’s Report 7

General Manager’s Report 9

Committee Reports 10

Car Draw 14

Youth Development 15

Supervisors’ Report 16

Board of Directors’ Report 17

Independent Auditors’ Report 18

Financial Statements 19

Cecil Doyle Community Bursary Awards 31

3ANNUAL REPORT 2011 - 12 NAAS CREDIT UNION


4 | NAAS CREDIT UNION ANNUAL REPORT 2011 - 12

Dear Member,

It is my pleasure to welcome you as a member of Naas Credit Union to our Annual General

Meeting for 2012.

The meeting will take place on the 4th of December 2012 at 7.30pm in the Osprey Hotel, Naas.

The agenda for the meeting is on the following pages along with the fi nancial statements for

your Credit Union. I would encourage you to attend the meeting to exercise your democratic

control over proceedings.

The Annual General Meeting is open to all members of Naas Credit Union; those members

who are over 16 years of age and who hold more than €10.00 in their share account on the 1st

November 2012 are entitled to vote at the meeting.

I look forward to seeing as many members as possible at the meeting.

Yours sincerely

David Farrell

Secretary, Naas Credit Union.

2012 AGM invitation.4th December 2012 at 7.30pm SharpBallroom, Osprey Hotel, Devoy Quarter, Naas

I n v i t a t i o n f ro m S e c re t a r y


5ANNUAL REPORT 2011 - 12 NAAS CREDIT UNION |

1. Acceptance of representatives of members that

are not natural persons

2. Ascertainment that a quorum is present

3. Adoption of standing orders

4. Reading, approval (or correction) of the minutes

for AGM 2011

5. Report of the Board of Directors

6. Report of the Treasurer and consideration of the

accounts

7. Report of the Auditor

8. Report of the Supervisory Committee

9. Declaration of a dividend

10. Report of the Committees

a. Credit Committee

b. Credit Control Committee

c. Membership Committee

d. Marketing Committee

e. Nominating Committee

11. Amendments to standard rules

12. Consideration and approval of motions

13. Appointment of tellers

14. Elections

a. Auditor

b. Supervisory committee

c. Board of Directors

15. Any other business

16. Announcement of election results

17. Close of meeting

The members assembled at any Annual General Meeting may suspend the Order of Business upon a two thirds (2/3) vote of the members present at the meeting.

Members over 16 with a share balance of over €10.00 have the right to vote at the meeting.

Agenda of the Meeting: Nominating Committee report

The role of the nominating committee is to ensure that at least one candidate is available for each vacancy for which an election is to be held at the annual general meeting. On your behalf we thank the retiring directors and members of the Board and Supervisory committee for their contribution over the years and wish them the very best for the future.The Credit Union is a voluntary organization and needs the support of its members. We would encourage anybody who is interested in getting involved to contact the Credit Union.

Nomination forms for the above open positions are available in the Credit Union office, 20 North Main Street, Naas. Nominations must be received in writing and signed by the nominee and by two members of Naas Credit Union. The closing date for receipt of nominations is 5pm on 27th November 2012.

Election procedure: The election will proceed in accordance with Standing orders 2-4 and rule 138 of the Credit Union.

Open positions

Auditor - Diarmaid O Keeffe, MKO Partners seeking re-election Supervisory Committee - 1 Open position, Andrew Shirran, eligible for re-election

Board of Directors - 8 Open positions; Sean Brady, Aidan Morrison, Ger Dooley, William O Donovan and Tim Ryan all eligible for re-election

A g e n d a o f M e e t i n g & N o m i n a t i o n s


6 NAAS CREDIT UNION ANNUAL REPORT 2011 - 12|

D i re c t o r s ’ R e p o r tfor the year ended 30th September 2011R u l e C h a n g e s & M o t i o n s

Rule Changes

AMENDMENTS TO STANDARD RULES PROPOSED BY THE BOARD OF NAAS CREDIT UNION

The Board of Directors of Naas Credit Union amends Rule 9 (2) by substituting “eleven” where it appears and replacing it with “nine”. The new rule would read

(2) At the time of adoption of these rules, the board of directors shall consist of nine members; all of whom shall be members of the Credit Union

AMENDMENTS TO STANDARD RULES ARISING FROM LEAGUE AGM 2012

Resolution No. 4 That this Annual General Meeting agrees to amend Rule 22 of the Standard Rules for Credit Unions (Republic of Ireland) by the deletion of “when the credit union has been unable to contact the member for a period of three years” with “when there has been no member initiated transaction on the account for a period of three years” and substitute the word “ordinary” for “registered” where appearing in line 3 so as to read as follows:

Rule 22. Dormant accounts

The credit union may deal with shares and deposit accounts as hereinafter provided when there has been no member initiated transaction on the account for a period of three years and when no reply has been received within thirty days from the member to a notice sent, by ordinary post, to him/her at his/her last known address, of intent by the credit union to close the account(s). Such share and deposit accounts shall then be transferred to the reserve account. Dividends and interest shall continue to be payable on such accounts.

MOTIONS PROPOSED BY THE BOARD OF DIRECTORS FOR CONSIDERATION AT THE CREDIT UNION’S AGM

1. That a dividend of 1.5% be paid on members shares, and that the dividend be applied to members share accounts.

2. That €1 be deducted from each adult members account in respect of the Irish League of Credit Unions’ Affiliation Fee.

3. That €1 be deducted from each adult members account to support community development initiatives agreed by the Board of Directors of Naas Credit Union.

4. That an honorarium of €2,500 be paid to the Treasurer.

Motions for consideration by the meeting can be received up to 5pm on the 27th November 2012.

Motions must be received in writing, signed by a proposer and seconder and addressed to the Secretary of the Credit Union. Motions from the Board of Directors for consideration by the meeting will be displayed in the front office of the Credit Union from 28th of November 2012.



D i re c t o r s ’ R e p o r tfor the year ended 30th September 2011C h a i r m a n ’s R e p o r t

Dear Member, It is with pleasure I present to you our 2012 Annual Report. The report refl ects the culmination of another solid year for Naas Credit Union. Naas Credit Union is a cooperative organisation which brings together the best elements of a traditional Credit Union mixed with the newest modern services for managing your money. Our not for profi t ethos means that we can provide a very effi cient use of the community’s money, provide a safe place for members to save and a great place to borrow. The surplus we earn for you is added to our reserves, reinvested into new services or returned to you, our members, by way of a dividend each year. I would like to thank all the members of Naas Credit Union who used the Credit Union during 2011/12. It is on the back of that support that this Credit Union, your Credit Union, remains strong. 2012 was once more a challenging year, but a good one, in that some of the bad news that visited us in prior years did not re-occur; the worst effects of this long recession are showing some small signs of abating and your Credit Union has delivered strong results which will allow us to increase the dividend payable to you, our members. The year-end fi nancial results show a strong position - here are a number of key fi gures- A year end surplus of €1.78 million, up substantially from last year- A strong balance sheet and reserve position, Total Assets now stand at over €76 million and reserves are over 14%- A well-diversifi ed loan book portfolio with adequate provisions against doubtful loans- A strong investment portfolio with a good liquidity profi le- 1162 new members joined our Credit Union in 2012 In 2012, Naas Credit Union experienced a decline in the total loan book outstanding by 3.74%, this drop is refl ective of the lack of demand for credit as individuals held back from spending. We would like to increase our lending and have €30 million available to lend to members for personal loans, but equally, we remain committed to making only high quality loan decisions to constantly increase the standard of our loan book. Whilst our members are not immune from the present economic conditions, most continue to repay in a timely fashion and there has been some reduction in the number of people experiencing diffi culties with their loan repayments, we hope this is maybe a small sign of an improving trend. We thank each member for their commitment to repay their loans and ask that any member experiencing diffi culty contact our team at the earliest opportunity to discuss options. Naas Credit Union offers very competitive loan rates to members and our goal is to remain lender of choice for personal loans in our community. Turning to our savers who continue to support our Credit Union, the Board of Directors are happy to recommend to our AGM a dividend rate of 1.5% on savings balances held during the year.



D i re c t o r s ’ R e p o r tfor the year ended 30th September 2011C h a i r m a n ’s R e p o r t

In developing our Credit Union we are constantly seeking new ways to allow more members access their Credit Union account in ways that are relevant to them. In June, Naas Credit Union became the fi rst Irish Credit Union to join the European Clearing System, this new venture gives members the ability to move their money from Naas Credit Union to any bank account in Ireland or indeed Europe. The real benefi t is that the transferred money will be available in the recipients account “Same Day”, so members can drawdown a loan before 11am and have the funds sitting in their bank account that day. In 2012 we also introduced a smartphone “app” that allows a more convenient way for some members to access their Credit Union account on their mobile phone.

Naas Credit Union has signed a lease on a new offi ce in the Monread Shopping Centre. This new offi ce, coupled with the offi ce on the Main street, to which we remain fully committed, will mean we can serve more members, particularly those from Sallins, Kill, Caragh and those living in the northern parts of Naas with better access and parking facilities. We look forward to the opening of the new offi ce in March 2013. In general, the Credit Union sector has been in the public eye more this last year with the publication of the Government’s commission report and a new Credit Union Bill. Naas Credit Union remains open to the future development of the sector and sees the new environment as providing opportunities that will enhance and sustain our members’ interest in the long term. The leadership team of our Credit Union remains fully engaged with these new opportunities. The Central Bank of Ireland continues to increase its resources, presence and profi le in the way it is regulating the sector. Naas Credit Union participates fully with any and all Central Bank engagements and we welcome strong, appropriate and robust regulation as being in the best interests of our members. I would like to thank my fellow Directors and Supervisory committee who served with me in 2011/12. Unfortunately this year we are losing some long serving Directors from the Board, John Nolan, a former Chairman and David Farrell. During the year Michelle Killian also stepped down from the board due to other commitments. I would like to wish them all the very best for the future. I would also like to thank the team in the Credit Union for their valuable input by serving the members in a professional and caring manner. I want to thank every member most sincerely for their support over the past 12 months and urge each and every one to continue using our Credit Union for loans or savings in the future. We warmly welcome any feedback, positive or negative, that can help us improve our services both to members and to our community. I am very optimistic about the future of Naas Credit Union, with your continued confi dence and support for our services I am sure 2013 will be an even brighter year.

Peter FullamChairman



D i re c t o r s ’ R e p o r tfor the year ended 30th September 2011G e n e r a l M a n a g e r ’s R e p o r t

Dear Member,

I present to you another successful year for Naas Credit Union with a set of results that show a strong Credit Union with a healthy balance sheet. The Chairman has already refl ected on key fi gures for the year so I would like to add my thanks to the members of Naas Credit Union that help make us the successful community organisation we are today. It is important to refl ect on this point, despite the obvious challenging times, members continue to use our services, save, borrow and repay their loans with Naas Credit Union. “May you live in interesting times” and we are certainly living in such times. The rate and pace of change in the Credit Union sector is increasing and we are seeing many new challenges and opportunities in the years ahead. We are improving how members can access their Credit Union service in two ways. People are at the heart of what we do and the decision to develop a new offi ce in the Monread shopping centre underlines the importance we place on face to face communication with our members. We aim to provide our service in a friendly way and we value and welcome our members’ comments on how we can improve. Equally, ensuring that our service remains relevant to all members means we must embrace new technologies. The introduction of our smartphone “app” in 2012 means our members can access their Credit Union account at a time and place that’s convenient. We are one of a small number of Credit Union’s who provide members with service in this way. The movement of money between Credit Union accounts and other bank accounts members may have is an area that sees a big improvement in our service. In 2010, Naas Credit Union joined the Irish clearing system giving members payment services equivalent to any bank account, with a 3 day clearing cycle. In 2012 we have joined the European clearing system giving same day payment access to any bank or Credit Union account in Ireland or within the European Union. In making the service available as standard to all members the Credit Union can offer a better level of service than is available on the main street. Members can use the service without any transaction fees. Naas Credit Union was the fi rst Credit Union in Ireland to offer this service. The goal is not to replace your current account, to date our ability to provide members with a debit card

has proven to be economically unviable. Instead our capability allows our members to manage their money sensibly. Any member can have their income paid directly to their Credit Union account, the member can pay all their bills via regular direct debit or electronic payment from their Credit Union account, they can also save for a rainy day and transfer their “day to day” spending money to their bank account. The advantage for the member is the money in the Credit Union receives our dividend rate and there are no transaction fees charged by Naas Credit Union. Lest we are side tracked by these new developments, it is satisfying to see a fair rate of return for savers balanced with the very best personal lending rates. Our lending rates are very good compared to other options. At time of writing this statement, a member with a loan of €7,000 pays at a minimum of 2% less with Naas Credit Union compared to the best available rate. This in essence is what Naas Credit Union is about. Young people add vibrancy and life to any organisation. The Credit Union’s involvement with the local primary schools is going from strength to strength. Naas Credit Union now operates 9 savings schemes , with 2 more schools planning to join next year. This link with the schools allows the Credit Union the opportunity to educate on the value of savings at a young age. Equally, Naas Credit Union were delighted to strengthen our relationship with Pipers Hill College and partner with them on the introduction of iPads for all fi rst year students. In 2012, we introduced a new community development fund. The Cecil Doyle Community Bursary granted in excess of €30,000 to 16 local groups for projects in the area of community development. The bursary will help these groups, the unsung heroes and legends of our community achieve their goals. Finally, I would like to thank my team for all their hard work and dedication during 2012. We have much achieved with many challenges facing us. Our goal should be to continue to develop as individuals and constantly challenge and improve our performance.

Séan Murray General Manager


D i re c t o r s ’ R e p o r tfor the year ended 30th September 2011C o m m i t t e e R e p o r t s

Credit committee report

The function of the Credit committee is to ensure that the lending policy of the Credit Union is adhered to atall times. The Credit committee signs off on loan applications that were approved by the Lending Offi cers inaccordance with Rule 45. In addition, the Credit committee reviews all loan applications that were refused andall loan applications that are required to be presented to the Board of Directors. On behalf of the Credit committee of Naas Credit Union, I am pleased to report that the Credit committeemet monthly during the fi nancial year 2011/2012. During the past year 4,117 loans were issued, totalling€12,249,606. Your Credit Union always works to assist the Members with their application’s. Individualapplications are judged entirely on their own merits. In lending YOUR money we endeavour to do so in a prudent manner, therefore we refused a total of 430 loans in the past twelve months.

The Credit Union takes an objective and fair view with all loan applications.

The Board of Directors of the Credit Union and the Credit committee would like to increase signifi cantly theamount that members borrow from the Credit Union. Therefore I would urge you all to continue to see NaasCredit Union as your favoured fi nancial institution when it comes to your borrowing needs. Indeed, in thecurrent economic climate, there can be diffi culty in obtaining credit from many other institutions, however NaasCredit Union is pleased to be in a position to be able offer loans to our members.

Naas Credit Union is able to meet many of the needs of our members and can offer loans for: students,education, home improvements, holidays, cars and debt consolidation. The lending team are there to help you with your loan enquiry.

The members of the Credit committee would like to express our thanks to the staff and the management of theCredit Union, who through their various roles, assist the committee in carrying out its function.

Finally, I wish to express my sincere gratitude to my colleagues on the Credit committee, Harold Hannigan and David Farrell who continue to give freely of their time to the committee.

Tim RyanChairperson

NAAS CREDIT UNION ANNUAL REPORT 2011 - 12|10



Credit Control committee report

The Credit Control committee are mandated with ensuring that the repayment of loans by members of the Credit Union are in accordance with their loan agreement.

Last year continued to be fi nancially diffi cult for everybody. Nonetheless, by and large, our members continued to manage their fi nancial commitments and repay their loans.

We want to thank all of our members for the commitment and loyalty that they have shown over the past year.

The Credit Control department monitors all loans that fall into arrears. They proactively engage with members who experience diffi culties. Credit Control work hard with the members to agree repayment terms that are affordable and sustainable for them. The objective being that the member is in a position to repay the loan and honour their obligation.

During the year the Credit Control department implemented a new computer system to monitor loan agreements more effectively. This enables us to identify and contact members in arrears much earlier than we could previously. The benefi t is that members are afforded an opportunity to address arrears on their account before they become unmanageable.

Last year we charged off debts to the value of €440,548, which is a reduction of €169,038 from 2010/2011. We are committed to recovering all bad debts and this year we have recovered debts valued at €104,397. The recovery process can be a slow process as it can involve internal efforts, debt collection agents and/or legal proceedings when necessary.

“We are here to help”. That is our philosophy, it is our commitment to our members and is at the core of our policy. If members fi nd themselves facing diffi culty we ask that they come early and talk to us. We treat everybody with respect, we are confi dential and we are non-judgemental. Our desire is to work within our members’ fi nancial means to achieve a mutually acceptable repayment plan.

I would like to take this opportunity to thank my fellow Directors, the Management and the Staff of Naas Credit Union for their dedication and hard work throughout the year.

I wish you all well in the year ahead.

Thank you.

William O’Donovan.Chairperson.

Committee Members: William O’Donovan, Ger Dooley.

ANNUAL REPORT 2011 - 12 NAAS CREDIT UNION | 11




Membership committee report

2012 saw another positive year for growth in membership of Naas Credit Union. The membership committee approved 1,162 new members in the year. This fi gure was split between 687 adults and 480 juveniles. This increase brings the total membership of Naas Credit Union to 18,030 adult members and 3,206 juvenile members.

We would like to warmly welcome all the new members to Naas Credit Union. The membership of our Credit Union continues to provide the bedrock of our success. Membership is voluntary and open to all who live and/or work within the common bond. The common bond of Naas Credit Union Limited is residence or employment in the Parish of Naas, residence in any of the Parishes of Caragh, Sallins, Kill, Eadestown, or Ballymore Eustace or residence within a radius of (5) miles of the Town Hall, Naas. Members of Naas Credit Union enjoy the benefi ts of our Credit Union by saving together and being able to borrow at a very competitive rate of interest. Members can also avail of our many services, CU Cash Card, CU Online and now our mobile application CU Anywhere, to name just a few. If you know of anyone who is eligible to join Naas Credit Union, why not refer them into our membership. To open an account with us, applicants will be required to provide:

• ProofofAddressintheformofarecentlyissued utility bill/bank statement.• PhotographicidentificationbywayofaDriving Licence / Passport• ProofofPPSnumber

If the applicant cannot provide any of the above they can call us on 045-879622. We will be glad to help inadvising what can be accepted in order to open an account.

School Savings Scheme

We at Naas Credit Union are delighted to be involved with the youth of our community as THEY are the future of our tomorrow. Since 2009 we have operated the school savings scheme, starting with 3 schools and now in 2012 we have 9 schools involved with the scheme.

• ScoilanLinbhIosaBallycane,• SallinsNationalSchool,• KillasheeMultidenominationalSchool,• ScoilBhride,Naas,• BallymoreEustaceNationalSchool,• RathmoreNationalSchool,• CaraghNationalSchool,• TwoMileHouseNationalSchool,• GaelscoilNasnaRiogh,

The benefi ts of teaching your children about money early are both immediate and long term. In the short term they may develop strong savings habits, learn how to make smart purchases and understand why they cannot immediately get everything they want. In the long term you can teach them about how not to get into debt, and the value of saving for the future.The schools benefi t from ‘double dividend scheme’ – for every €1 paid out in dividend to members of the school scheme, Naas Credit Union will match this in a donation to the school. The minimum donation is €500 per school.

Tim RyanGer DooleyMembership Committee




Marketing committee report

Marketing for Naas Credit Union entails planning and co-ordinating a range of activities aimed at winning customers who will then avail of the very attractive savings and loans services we offer. Fundamental to these activities is to reassure the public that, in today’s uncertain and diffi cult economic situation, our Credit Union is safe, strong and secure and prudently managed.

Our marketing activities during the year included:

Youth Related: - Schools Quiz - Schools Poster Competition - 2nd Level Bursary Competition - School Savings Scheme

Communications: - Press Advertising campaigns in the Leinster Leader and Kildare Times. - Social Media promotions - Leafl ets, window posters and banners. - Press stories on our various activities. - Interviews on local radio.

Sponsorship: - Various local sponsorships. - Christmas Pantomime (Moat Club) for members. - Inaugural Cecil Doyle Community Bursary.

Direct Mail: - 3 Mailings

We believe that the totality of these activities has further strengthened the profi le and image of Naas Credit Union in our common bond. It has, among other things, contributed to our increase in membership and to our positive fi nancial results.

Our plans for the current year include the further development of the Naas Credit Union profi le together with encouraging members to make more use of the services we offer. Currently just over half of our members actively use these services.

My thanks to the Marketing committee – Seamus Leydon, Harold Hannigan and Sean Murray - for their input and work during the year.

Aidan MorrisonChairpersonMarketing Committee

C o m m i t t e e R e p o r t s



C a r D r a w

Month 1st Prize 2nd Prize 3rd Prize

June Kevin Redmond Pauline Martin Mark Mason

July Josephine Woods Joesph Doyle P & A Stapleton

August Luke Cummins Marie Tunstead Mary Aherne

September Josephine Monaghan Eamon Deniffe Sandra Quinn

October Ann Hodson Elaine Creedon Carol Garvey

November Ann Meehan Kathleen McAulliffe Patrick Conway

December Deirdre Roberts Carmel Lyons Christina Lynch

January Patrick Maquire Margaret Fogarty Marie Hanlon

February Victoria Beaney Deirdre Roberts Bernadette Toner

March Carmel Mitchell/Mick Callaghan Sinead Gorman John Leamy

April Johm Timpson Brenda Smyth Laurence Freeman

May Elizabeth & Michael Jordan Cecilia Lawlor Bernadette Hearty

Pat O Gorman presenting Cecelia Lawlor with her prize

Hazel Crowley presenting Josephine Monaghan with her prize

Hazel Crowley presenting Brenda Smyth with her prize

Car Draw Account October 2011 to September 2012

€ €Opening Balance 149,817Member Entry Fees 198,323Interest Earned During the Year 1,703Less Cost of Prizes 203,850Closing Balance 145,993

Naas Credit Union monthly Car Draw

Since the draw started in 1998, 176 lucky members have driven away with a brand new car.

The prizes in the monthly car draw are as follows:

1st Prize - A Toyota Yaris or €12,0002nd Prize - €3,000 3rd Prize - €1,500

Entry into the Car Draw is €38 per annum which is deducted from shares at the end of June each year. Your subscription in the Car Draw will be automatically rolled over into each subsequent year unless you tell us otherwise.

Car Draw entry forms are available in the Credit Union Offices or can be downloaded from our website, www.naascu.ie



Yo u t h D e v e l o p m e n t

Naas Credit Union – Supporting the young people of Naas

Art Competition

This year’s theme is ‘CELEBRATE COMMUNITY COLOUR’ and 13 schools are taking part with over 4,000 children entering the competition.

Following the local level the winners go on to regional level & if successful go onto national level. Last year, two Naas artists James Delaney and Rachael Keogh received merits in the National competition. Well done to you both.

We at Naas Credit Union would like to wish our entrants the best of luck in the competition.

Schools Quiz

The Credit Union Schools Quiz is open to all primary schools in our common bond. The 2012 competition was held in Scoil An Linbh Iosa Ballycane on 3rd Feb 2012. A very large crowd was in attendance and Naas Credit Union would like to thank all the school teachers who participated and helped the teams, the parents for supporting the students, and the students for making it such a great evening.

Congratulations to Two Mile House National School who swept the boards winning both the A & B categories in 2012.

Bursary Award

Naas Credit Union is committed to the young people of Naas & since 2004 have been awarding an Annual Bursary to one of our local students to assist them with their college expenses.

The award consists of €2000.00 per student per academic year, up to 3 years so in any given year, Naas Credit Union is supporting 3 local students.6th year students from the following schools are eligible to apply for the Bursary Award provided they are attending full time 3rd level education.

• St.Mary’sCollege,Naas• CBSNaas• PipersHillCommunityCollege,Naas• GaelScoil,NasnaRi

This year’s Bursary Winner was Shauna Gallagher, student from St. Mary’s College, Naas

The victorious Two Mile House teams, winners of the A and B category in the 2012 Schools Quiz. (front kneeling l-r) Ruarí Corrigan, John McKeon, Adam Connelly, John Hennebry; (middle standing l-r) Alan Fennell, Jack Carroll, James McConnell, Thomas Grant, pictured with (back l-r) Naas CU Director Tim Ryan, Teacher Ima O’Donovan, and Sean Murray Manager Naas CU.

Winners from the 2011 Poster Competition from Kill National School. The back row left to right: James Delaney, Griane Healion . The front row left to right: Erin Maguire, Jessica Reid, Orla Mulligan, Nicole Deleany.

Sean Murray and Aidan Morrison from Naas Credit Union with Shauna Gallagher, winner of the 2012 Naas Credit Union Bursary award.


S u p e r v i s o r s ’ R e p o r t

During the year we also verified

• Investments

• Trialbalances

• Sampleofloanapplications

• Prudentialreport

• Chequedisbursements

We checked the monthly register of new members. We checked all policies of Naas Credit Union and

found them up to date as required.

We attended seminars run by ILCU and the Central Bank.

We also attended the National Supervisor’s Forum.

We want to thank the Directors, Management and Staff for their co-operation and assistance

throughout this year.

I want to thank my fellow Supervisors Lynn and Andy for their help, dedication and a lot of time

working on behalf of the members.

Tony Burke

Chairman of the Supervisory Committee

The Supervisory Committee held regular meetings during the year and as defined by the Credit Union Act 1997 completed all statutory duties. We attended all meetings held by the Board of Directors and also all Car Draws. As required by the Credit Union Act 1997 we held four meetings with the Board of Directors to assess their performance. We are satisfied that all duties and responsibilities have been carried out in accordance with the Rules and Regulations as set down in the Credit Union Act 1997 . As part of the verification of members passbooks this year, we sent out 2346 audit letters to members. We received a response of 1207. Members who disagreed amounted to 19. All disagreements were addressed and the members in question were contacted and all statements returned agreed with the final outcome.

16 | NAAS CREDIT UNION ANNUAL REPORT 2011 - 12


B o a rd o f D i re c t o r s ’ R e p o r t

Statement of Directors’ Responsibilities

The Credit Union Act 1997 (as amended) requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Credit Union and of the income and expenditure of the Credit Union for that period. In preparing those financial statements the directors are required to:

- select suitable accounting policies and apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Credit Union will continue in business.

The directors confirm that they have complied with the above requirement in preparing the financial statements.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Credit Union and which enables them to ensure that the financial statements comply with the Credit Union Act, 1997 (as amended). They are also responsible for safeguarding the assets of the Credit Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Safety, Health and Welfare at Work Act 2005

The well being of the Credit Union’s employees is safeguarded through the strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 2005 imposes certain requirements on employers and the Credit Union has taken the necessary action to ensure compliance with the Act, including the adoption of a safety statement.

Statement of Supervisory Committee’s Responsibilities

The Credit Union Act 1997 (as amended) requires the appointment of a Supervisory Committee which will oversee directors in the performance of their functions, examine books and documents of the Credit Union and verify a sample of members’ balances.

On behalf of the board

• Treasurer - AidanMorrison

• Director - PeterFullam

Date: 8th November 2012

| 17ANNUAL REPORT 2011 - 12 NAAS CREDIT UNION


I n d e p e n d e n t A u d i t o r s ’ R e p o r t

We have audited the financial statements of Naas Credit Union Limited for the year ended 30 September 2012 which comprise the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and the related notes. These financial statements have been prepared under the accounting policies set out in the Statement of Accounting Policies.

This report is made solely to the Credit Union’s members, as a body, in accordance with Section 120 of the Credit Union Act, 1997 (as amended). Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Credit Union and the Credit Union’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective Responsibilities of Directors and Auditors

The directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and the accounting standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland) are set out in the Statement of Directors’ Responsibilities.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (“APB”s) Ethical Standards for Auditors.

We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with Generally Accepted Accounting Practice in Ireland and the Credit Union Act, 1997 (as amended). We also report to you whether in our opinion proper accounting records have been kept by the credit union. In addition, we state whether we have obtained all the information and explanations necessary for the purposes of our audit and whether the credit union’s financial statements are in agreement with the accounting records.

We read the other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. The other information comprises only the Directors’ Report. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with

the financial statements. Our responsibilities do not extend to any other information.

Scope of the audit of the financial statements

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements and of whether the accounting policies are appropriate to the Credit Union’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion on financial statements

In our opinion the financial statements:

•giveatrueandfairviewofthestateoftheCreditUnion’s affairs as at 30 September 2012 and of its income and expenditure for the year then ended;•havebeenpreparedinaccordancewithGenerally Accepted Accounting Practice in Ireland; and•havebeenproperlypreparedsoastoconformwiththe requirements of the Credit Union Act 1997.

Other matters prescribed by the Credit Union Act, 1997 (as amended)

•Wehaveobtainedalltheinformationandexplanations which we considered were necessary for the purposes of our audit.•Inouropinionproperaccountingrecordshavebeen kept by the Credit Union.•Thefinancialstatementsareinagreementwiththe accounting records.•InouropiniontheinformationgivenintheDirectors’ Report is consistent with the financial statements.

Diarmaid O’Keeffe________________________ For and on behalf of MKO PartnersChartered Accountants and Statutory Audit FirmDublin

| NAAS CREDIT UNION ANNUAL REPORT 2011 - 1218


Diarmaid O’Keeffe________________________ For and on behalf of MKO PartnersChartered Accountants and Statutory Audit FirmDublin

| 19ANNUAL REPORT 2011 - 12 NAAS CREDIT UNION

FinancialStatements



F i n a n c i a l S t a t e m e n t s

2012 2011

€ €

INCOME

Interest on Members’ Loans 2,556,960 2,638,408

Investment Income 1,729,164 1,421,523

NET INTEREST INCOME 4,286,124 4,059,931

Other Income Schedule 1 xxxx9,267 xxx5,679

TOTAL INCOME 4,295,391 4,065,610

EXPENDITURE

Salaries (750,134) (793,362)

Administration Expenses Schedule 2 (891,653) (949,384)

Depreciation (155,190) (178,295)

Increase in Provision for Bad and Doubtful Debts (373,790) (584,143)

Bad Debts Recovered 104,397 117,099

Bad Debts Charged Off (440,548) (609,586)

Deficit on disposal of investments xxxxxxxxx- 5(((503,582)

TOTAL EXPENDITURE (2,506,918) (3,501,253)

EXCESS OF INCOME OVER

EXPENDITURE FOR THE YEAR 1,788,473 564,357

Undistributed Surplus carried forward Schedule 3 1,191,905 1,045,004

TOTAL 2,980,378 1,609,361

Less: Transfer to Statutory Reserve Note 9 (178,847) (56,436)

Transfer from Non Distributable Reserve Note 12 189,158 140,088

Transfer to Pension Reserve Note 8 x(161,500) x -

DISTRIBUTABLE REVENUE RESERVE 2,829,189 1,693,013

Income & Expenditure Accountfor the year ended 30 September 2012

The financial statements were approved by the board on 08 Novemeber 2012 and signed on its behalf by



• Supervisor - AnthonyBurke



2012 2011

€ €

ASSETS

Cash and Balances at Bank 3 821,167 482,326

Deposits and Investments 4 44,519,418 43,534,895

Loans to Members 5 26,634,051 28,167,176

Tangible Fixed Assets 6 2,304,199 2,447,778

Other Assets 1,773,383 1,705,419

TOTAL ASSETS 76,052,218 76,337,594

CURRENT LIABILITIES

Creditors and Accruals (753,072) (655,183)

Savings Stamps in Issue (169,670) (172,314)

TOTAL ASSETS LESS CURRENT LIABILITIES 75,129,476 75,510,097

FINANCED BY:

Members Shares 63,264,025 64,932,011

Statutory Reserve 9 6,916,156 6,737,309

Additional Regulatory Reserve 10 1,167,775 1,167,775

Revenue Reserves

Non Distributable Reserve 11 790,831 979,989

Distributable Reserve 2,829,189 1,693,013

Pension Reserve 161,500 x -

SHARES & RESERVES 75,129,476 75,510,097

Balance Sheetfor the year ended 30 September 2012

The financial statements were approved by the board on 08 November 2012 and signed on its behalf by








2012 2011

€ €

OTHER INCOME

Commission 9,267 5,507

Fees - 131

Miscellaneous Income xxx- xx41

TOTAL AS PER INCOME AND EXPENDITURE

ACCOUNT 9,267 5,679

Schedule 1 - Other Incomefor the year ended 30 September 2012




2012 2011

€ €

EXPENDITURE

Treasurer’s Honorarium 2,500 2,500

Rent and Rates 24,190 25,245

Lighting, Heating and Cleaning 12,855 12,139

Repairs and Renewals 37,499 31,817

Security 11,543 8,774

Printing and Stationery 26,301 26,355

Postage and Telephone 18,220 21,106

Promotion and Advertising 38,237 104,340

Training and Education 8,907 11,764

Convention Expenses 6,530 3,293

AGM Expenses 7,205 15,000

Travel and Subsistence 8,026 5,794

Bank Charges 22,304 17,191

Audit Fee 14,520 14,520

General Insurance 18,780 27,643

Share and Loan Insurance 280,160 231,443

Pension 91,968 86,440

Legal and Professional Fees 92,647 113,805

Computer Maintenance 82,132 73,801

Miscellaneous Expenses 14,706 11,923

Affiliation Fees 54,598 78,061

Regulatory Levy 11,216 8,278

Subscriptions - 280

Loss on disposal of fixed assets - 13,747

ATM Fees 006,609 --4,125

TOTAL AS PER INCOME AND EXPENDITURE

ACCOUNT 891,653 949,384

Schedule 2 - Administration Expensesfor the year ended 30 September 2012




2012 2011

€ €

Surplus carried forward before payment of dividend 1,693,013 1,704,135

Dividend payable (501,108) (659,131)

UNDISTRIBUTED SURPLUS CARRIED FORWARD

AS PER INCOME AND EXPENDITURE ACCOUNT 1,191,905 1,045,004

Schedule 3 - Undistr ibuted Surplus Carried Forwardfor the year ended 30 September 2012




1. Accounting PoliciesThe following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Credit Union’s financial statements.

1.1. Accounting conventionThe financial statements are prepared under the historical cost convention.

Interest on members’ loans is recognised when payment is received as specified in Section 110 (1)(C)(i) of the Credit Union Act, 1997 (as amended). Investment income is recognised on an accruals basis.

1.2. Basis of preparationThe financial statements have been prepared on the going concern basis and in accordance with the accounting standards generally accepted in Ireland. Accounting Standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Accounting Standards Board.

1.3. Tangible fixed assets and depreciationTangible fixed assets are stated at their historical cost less the appropriate depreciation charge which is calculated to write this cost off over the expected useful lives of each class of tangible fixed asset at the following rates:

Computers - 25.00% Straight LineFixtures & Fittings - 12.50% Straight LineOffice Equipment - 20.00% Straight LinePremises - 2.00% Straight Line

1.4. Impairment of Fixed AssetsA review for impairment of fixed assets is carried out if events or changes in circumstances indicate that the net book value of the fixed asset may not be recoverable. Impairment reviews comprise a comparison of the net book value of the fixed asset with the recoverable amount (the higher of net realisable value and value in use). To the extent that the net book value exceeds the recoverable amount, the fixed asset is impaired and is written down.

Any impaired loss is recognised in the income and expenditure account unless it arises on a previously revalued fixed asset.

1.5. PensionsThe Credit Union operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the Credit Union. The pension costs charged in the financial statements represent the contribution payable by the Credit Union during the year.

1.6. Bad and Doubtful DebtsBad debts written off and bad debts recovered are included in the Income and Expenditure Account in the year in which they are written off/recovered. Specific provisions for doubtful debts are made against loan balances following the results of a loan book review at year end. The loan book review includes the application of a loan provisioning model, Resolution 49, and a separate specific review of the loan book.

A general provision for bad and doubtful debts is recognised to account for bad and doubtful debts that have not been separately identified at the balance sheet date but are known to be present in any portfolio of loans. The level of general provision is determined using objective and subjective factors having regard to past experience, current economic and other factors affecting the business environment.

1.7. InvestmentsInvestments are stated at cost less provision for permanent diminution in value.

It is the policy of the Board of Directors to invest members’ funds only in investments carrying a capital guarantee with a fixed maturity date and to hold all such investments to their maturity dates.

1.8. Distribution of SurplusDividends are distributed from the Cumulative Surplus Available for Distribution after taking account of a reduction for the value of accrued income not receivable within twelve months of the balance sheet date.

Notes forming part of the Financial Statementsfor the year ended 30 September 2012



2. Cash Flow Statement 2012 2011

€ €

Opening Cash and Investments 44,017,221 44,411,794

RECEIPTSMembers’ Shares 34,222,703 35,534,199 Members’ Loans Repaid 13,408,941 14,374,983Members’ Loan Interest Received 2,556,960 2,638,408Investment Income Received 1,729,164 1,421,523Bad Debts Recovered 104,397 117,099Other Receipts 9,267 5,679Decrease / (Increase) in Prepayments xx(67,964) xx117,125 Provision for write down on Investment xxxxxxxxxx- xx(12,518)

TOTAL 51,963,468 54,196,498

DISBURSEMENTSMembers’ Shares Withdraw 35,893,333 37,623,492Members’ Loans Granted 12,249,606 13,376,307Dividends Paid 501,108 659,131Operating Expenses 2,082,335 2,338,585Deficit on disposal of investments - 503,582Fixed Assets 11,611 125,155Increase in Creditors and Accruals xx(97,889) (35,180) 50,640,104 54,591,071 Closing Cash and Investments 45,340,585 44,017,221

4. Deposits and Investments 2012 2011

€ €

Investments at cost 44,531,936 43,547,413

Provision against fall in other Bank Bonds (12,518) (12,518)

44,519,418 43,534,895


2012 2011

€ €

Gross Loans to Members 29,811,268 30,970,604

Less : Provision for Bad and Doubtful Debts (3,177,217) (2,803,428)

26,634,051 28,167,176

5. Loans to Members

3. Cash and Balances at Banks 2012 2011

€ €

Cash at Bank and in Hand 821,167 701,994

Bank Overdraft (219,668- (219,668)

x821,167 482,326



2012 2011

€ €

Opening Cash and Investments 44,017,221 44,411,794

RECEIPTSMembers’ Shares 34,222,703 35,534,199 Members’ Loans Repaid 13,408,941 14,374,983Members’ Loan Interest Received 2,556,960 2,638,408Investment Income Received 1,729,164 1,421,523Bad Debts Recovered 104,397 117,099Other Receipts 9,267 5,679Decrease / (Increase) in Prepayments xx(67,964) xx117,125 Provision for write down on Investment xxxxxxxxxx- xx(12,518)

TOTAL 51,963,468 54,196,498

DISBURSEMENTSMembers’ Shares Withdraw 35,893,333 37,623,492Members’ Loans Granted 12,249,606 13,376,307Dividends Paid 501,108 659,131Operating Expenses 2,082,335 2,338,585Deficit on disposal of investments - 503,582Fixed Assets 11,611 125,155Increase in Creditors and Accruals xx(97,889) (35,180) 50,640,104 54,591,071

2012 2011

€ €

Investments at cost 44,531,936 43,547,413

Provision against fall in other Bank Bonds (12,518) (12,518)

44,519,418 43,534,895


2012 2011

€ €

Gross Loans to Members 29,811,268 30,970,604

Less : Provision for Bad and Doubtful Debts (3,177,217) (2,803,428)

26,634,051 28,167,176

Premises Computers Fixtures & Fittings Office Equip Total

€ € € € €

Cost

At 1 October 2011 3,082,984 418,545 353,348 249,644 4,104,521

Additions - 1,630 - 9,981 11,611

Disposals (NBV) ----------- (16,986) ----------- ----------- (16,986)

Total Cost 3,082,984 403,189 353,348 259,625 4,099,146

Accumulated Depreciation

At 1 October 2011 (860,203) (389,066) (300,398) (107,076) (1,656,743)

Charge for the year (61,660) (17,798) (27,498) (48,234) (155,190)

Depreciation on disposal ----------- 16,986 ----------- ----------- 16,986

Total Accumulated

Depreciation (921,863) (389,878) (327,896) (155,310) (1,794,947)

Net book values

At 30 September 2012 2,161,121 13,311 25,452 104,315 2,304,199

At 30 September 2011 2,222,781 29,479 52,950 142,568 2,447,778

6. Tangible Fixed Assets

PremisesThe directors reviewed the net book value of the Credit Union’s principal tangible fixed asset, its premises, at the financial year-end. As set out in the Credit Union’s accounting policy tangible fixed assets should be stated in the financial statements at no more than their recoverable amount. FRS 11 defines “Recoverable Amount” as the higher of Net Realisable Value and Value in Use. In the case of a premises, Net Realisable Value would normally be a best estimate of the amount which would be likely to be recovered if the premises was sold shortly after the estimate was made. Value in Use is a measure of the value of the premises to the business which operates from it, in this case Naas Credit Union, and this value is calculated by estimating the future cash flows the Credit Union can expect to generate from its occupation of, and doing business from, the premises.

To estimate the Net Realisable Value, The Board received a valuation of the premises prepared by an independent valuer on an open market basis. To estimate the Value in Use, the Board carried out a calculation of its Value in Use as at 30 September 2012. The results of these exercises was Net Realisable Value of €800,000 and a Value in Use of €3,660,105.

The Net Book value of the fixed assets in the financial statements at 30 September 2012, based on the Credit Union’s accounting policy, is €2,161,121. Having considered the Net Book Value, the Net Realisable Value and the Value in Use, the Board concluded that no impairment provision was required in the Income & Expenditure Account of the Credit Union for the year ended 30 September 2012.

2012 2011

€ €

Cash at Bank and in Hand 821,167 701,994

Bank Overdraft (219,668- (219,668)

x821,167 482,326




7. Ballymore Eustace

Ballymore Eustace expenses are charged under the appropriate headings in the Income and Expenditure Account and are not separately identified.

8. Pension Contributions

The Credit Union participates in an industry-wide pension scheme for employees (The Irish League of Credit Unions Republic of Ireland Pension Scheme). This is a funded scheme of the defined benefit type, with assets invested in separate trustee administered funds. Naas Credit Union Limited is unable to identify its share of the underlying assets and liabilities. Consequently, Naas Credit Union Limited accounts for its contributions to the scheme as if it were a defined contribution scheme. Contributions payable to the scheme are recognised in the income and expenditure account.

An actuarial review of the fund is normally carried out every three years by the Scheme’s independent, professionally qualified, actuary.

The actuarial review looks at the past & future liabilities of the scheme.

The last completed triennial actuarial review was carried out with an effective date of 01 March 2011 using the Projected Unit Credit method. The principal actuarial assumption used in the valuation was the investment return would be 1.75% higher than the annual salary increases. The market value of the scheme’s assets at 01 March 2011 was €107.3m. The actuarial valuation disclosed a past service deficit of €28.7m on the long term funding basis at 01 March 2011. This actuarial review recommended a long term funding rate of 22.5%. The cost of risk benefits is paid in addition to this rate.

It should be noted that the above rate is based on the long term funding objectives.

As a separate requirement under section 56(1) of the Pensions Act 1990, the scheme actuary must carry out a separate valuation every 3 years and produce a funding certificate for submission to The Pensions Board within 9 months of the effective date of the valuation. The purpose of the certificate is to certify whether or not the assets of the scheme at the effective date are sufficient to meet the liabilities of the

scheme based on the assumption that the scheme was wound up at that date.

An actuarial funding certificate, certifying the Scheme did not meet the statutory minimum funding standard was submitted to the Pensions Board with an effective date of 1st March 2009.

Consequently, the Trustees submitted a new funding proposal, to address the shortfall in funding, to the Pensions Board. The submitted funding proposal is designed to ensure that the scheme could reasonably be expected to satisfy the funding standard as at 1st March 2019 and provides for a retirement contribution rate of 27.7%. The cost of risk benefits is payable in addition giving a total contribution rate of 30% of Pensionable Salary. This funding proposal was approved by the Pensions Board. For the scheme year ended 29th February 2012 the actuary advised that having been directed by the Trustees and Employer, in light of the current economic outlook, that it was appropriate to revise the assumption for salary increases over the remaining term of the funding proposal from 5% pa to 3% pa he was reasonably satisfied that the scheme will satisfy the funding standard as specified in Section 44 of the Pensions Act, 1990, at the date of 1 March 2019 specified by the Pensions Board under Section 49(2) (a) of the Act for the purpose of the existing funding proposal.

The scheme’s Solvency Position in accordance with the aggregate cover for total Funding Standard liabilities as at 29th February 2012 was 90.5%.

During the year the Board requested the Trustees of the pension scheme to provide the cost of exiting the multi-employer scheme. The cost to Naas Credit Union Limited of exiting the scheme as at 1 December 2011 was stated at €161,500. In light of the above information the Board have decided to transfer €161,500 to a pension reserve.




9. Statutory Reserve

2012 2011

€ €

Opening Balance 6,737,309 6,680,873

Transfer to Statutory Reserves 178,847 56,436

Closing Balance 6,916,156 6,737,309

10. Additional Regulatory Reserve 2012 2011

€ €

Opening Balance 1,167,775 1,167,775

Transfer to Additional Regulatory Reserve xxxxxxxx- xxxxxxxx-

Closing Balance 1,167,775 1,167,775

11. Non Distributable Reserve

Dividends are distributed from the Distributable Reserve which is calculated after taking account of a reduction for the value of accrued income not receivable within twelve months of the balance sheet date. The Non Distributable Reserve represents the accrued income which is not receivable within twelve months of the balance sheet date.

The transfer to the Distributable Reserve has been calculated in accordance with the above.

2012 2011

€ €

Opening Balance 979,989 1,120,077

Transfer to Distributable Reserve (189,158) (140,088)

Closing Balance x790,831 979,989

The transfer to Statutory Reserves is calculated in accordance with Section 45 of the Credit Union Act 1997 (as amended) (Standard Rule 54 for Credit Unions).

12. Proposed Dividends

At the 30 September 2012 the Balance Sheet shows Distributable Revenue Reserves of €2,829,189. A dividend of 1.50% is being proposed based on the member shares held throughout the period. Subject to the Dividends being approved at the AGM, Revenue Reserves will then be allocated as follows:

€

Distributable Revenue Reserves 2,829,189

Proposed Dividends (955,888)

Revised Distributable Revenue Reserves 1,873,301




14. Contingent Liabilities

No contingent liabilities existed at 30 September 2012.

15. Post Balance Sheet Events

There are no post balance sheet events which require disclosure under FRS 21.

16. Insurance Against Fraud

The Credit Union has insurances against fraud in compliance with Section 47 of the Credit Union Act, 1997 (as amended) in the amount of €2,600,000.

18. Rates of Interest Charged on Members’ Loans

17. Operating Lease Commitments

Loan Type Rate APRStandard Personal 9.50% 9.83%Car 8.25% 8.54%Home Improvement > €10,000 8.25% 8.54%Student 7.50% 7.75%Back To School 6.00% 6.21%Fuel 6.00% 6.21%Business Package 9.50% 9.83%Secured Loan 5.75% 5.91%Social Capital Community Loan 4.85% 4.96%

19. Approval of Financial Statements

The financial statements were approved by the board on 08 November 2012 and signed on its behalf by




13. Related Party Disclosures

At the year end outstanding loans to directors and key management amount to €101,537. All loans have been advanced for a provident or productive purpose.

2012 2011

€ €

Within 1 year 19,415 6,000

2 to 5 years 119,278 15,500

After 5 years 400,365 xxxxxx-

Closing Balance 539,058 21,500

There are commitments to operating leases in relation to branch premises.



2012 2011

€ €

Within 1 year 19,415 6,000

2 to 5 years 119,278 15,500

After 5 years 400,365 xxxxxx-

Closing Balance 539,058 21,500

Community Bursary

Naas Credit Union held its inaugural Cecil Doyle Community Bursary awards on the 18th October and gave out over €30,000 to local community groups.

The Cecil Doyle, Naas Credit Union Bursary is a grant scheme funded by the members of Naas Credit Union and is available for community organisations or groups that operate on a not for profit basis, with the primary aim of community development. This is the first year for the bursary to be held and we were delighted with the huge response and number of entries submitted by local organisations.

Chairman of Naas Credit Union, Peter Fulam said, “We are really delighted with the response we got back from the local community. We got so many, very good submissions all worthy of monetary support and we are now delighted to be able to help many local organisations to continue their great work.”

Sixteen bursaries were awarded to various organisations including sporting groups, heritage, tidy towns health support groups, schools and a group which works tirelessly for the homeless in Naas.

The bursary has been named after Cecil Doyle (86) President and founding member of Naas Credit Union who gave over 42 years of service to the organisation and firmly believes in helping and supporting the local community. He attended the awards night with his wife Kathleen and other members of his family.

THE FULL LIST OF BURSARY RECIPIENTS WAS AS FOLLOWS:

Kildare Youth Services, Equipment / IT €7,500Naas Tidy Towns, Well Lane Project €5,000Kildare COPD Support Group, Equipment €4,000St. Mary’s College, Piano €3,500Parent’s Association Scoil MhuireBallymore Eustace, Sensory Garden €2,500Naas Homeless, Sleeping Bags €1,000Eadestown Tidy Towns, Local Signage €1,000Sallins GAA, Goalposts €1,000St. David’s Boxing Club, Equipment €1,000Wolfe Tone Brass Band Ballymore Eustace, sheet music €1,000Naas Arch Club, Equipment €1,000Naas History Group, Book €1,000Sallins Ladybird, Equipment and Trip € 500Anam Choir, Website € 500Naas Scouts, Equipment € 500Sallins Scouts, Equipment € 500



Naas Office,20, North Main Street,Naas, Co. Kildare

Tel: 045 879 622www.naascu.ie

Opening hours

Naas OfficeMonday to Saturday 09.30 - 17.00Wednesday 11.00 - 17.00

Ballymore Eustace OfficeSaturday 10.00 - 12.30

About Naas Credit Union:

Naas Credit Union is the perfect place for you to save.Unlike most banks or building societies, we are a not for profit financial institution. All Naas Credit Union members are part owners in a community-run organisation that is firmly focussed on benefiting local people and always striving to offer the highest level of services and financial advice.

Our track record of excellence and innovation means not only is your money safe and secure, but we are constantly aiming to enable our members to manage and access their savings more efficiently and have more options for withdrawal, transfer and lodgement of funds. Our members can access their accounts in person during the day, or 24/7 through our website.

Local people have trusted us with their savings for over 40 years and we are very proud of our approachable, honest and professional service; with Naas Credit Union you can guarantee that your savings are safe and we have your best interests at heart.


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