Page 17 - Kildare CU 2022 AR

STATEMENT OF CHANGES IN RESERVES
For the year ended 30 September 2022
Page 15
Balance 1 October 2020
9,911,000 500,000 - - - - 676,000 100,000 10,587,000 600,000 - - - - 10,587,000 600,000
705,676 - 689,027 - - - (776,000) - 618,703 - 758,161 - (35,048) 35,048 1,341,816 35,048
11,116,676 689,027 - - 11,805,703 758,161 - 12,563,864
Surplus for the year
Payment of dividend and loan interest Transfer between reserves
Balance 1 October 2021
Surplus for the year
Transfer between reserves
Balance 30 September 2022
Regulatory Operational Undistributed Unrealised Total Reserves Risk Reserves Surplus Reserves Reserves
€€€€€
(1) The Regulatory reserve of the Credit Union as % of total assets as at 30 September 2022 was 12.72%. (2021: 12.7%).
(2) In accordance with S45 of the Credit Union Act 1997 (as amended) Kildare Credit Union Limited has an Operational Risk reserve in place. The Board has not transferred additional funds to the Operational Risk reserve in the current period, following the completion of an internal process of assessing the level of the reserve required to cover the operational risk within the Credit Union.
(3) The Board of Kildare Credit Union Limited has not transferred any additional funds from Realised reserves to its Regulatory reserve as the reserve stood at 12.72% at current year end, in excess of the required limit of 10%.
Signed on behalf of the Credit Union
Michelle Kemmy Noel McLoughlin
Judith Boyle
CEO Member of the Board Oversight Committee
Member of the Board of Directors
Date: 25th October 2022