Page 39 - Kildare CU 2022 AR

CAR DRAW ACCOUNT
INCOME €
EXPENDITURE €
Opening Balance B/F Payments by Members Promotional Income
15.04 127,167.00 10.25
Payment for 7 Cars Cash prizes
Refunds to members Closing Balance
113,934.00 13,100.00 158.29 0.00 127,192.29
TOTAL 127,192.29
During 2022, the car draw was operated through its own credit union account.
The External Auditors, BCA Tax & Business Consultants Ltd carried out audit testing on the car draw account as part of their audit work.
All the draws were held publicly and transparently in the Kildare public office.
All car draws were supervised by a member of the Board of Directors, a member of the Board Oversight Committee and one member of the management team.
Winners were published in the Kildare, Kilcullen and Narraghmore offices, on the website and on Facebook.
Important Notice to Members
Kildare Credit Union prepares a budget at the start of each year to manage the distribution of the prize fund to ensure that the draw is run on a break-even basis. This is a recommendation in the Central Bank guidance on prize draws.
Despite best efforts in confirming a schedule and prices with garages at the start of 2022, the price of cars for the car draw rose with two of the three suppliers, in one case by €2,500.
Kildare Credit Union faced the risk that the inflation in costs and instability of supply chains would disrupt the scheduled operation of the draw and it was for these reasons that the Board of Directors made the difficult decision to cease the operation of the car draw for the foreseeable future.
April 2022’s Car Draw winner
Uhonoma Aihevba Osula with Amanda McCullagh, Supervisor
August 2022’s car draw winner Joseph Garrett pictured with Michelle Kemmy, CEO
For the year ended 30 September 2022
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