CARA CREDIT UNION LTD | ANNUAL REPORT 2021
CARA CREDIT UNION LTD | ANNUAL REPORT 2021
NOTES TO THE FINANCIAL STATEMENTS contd.
NOTES TO THE FINANCIAL STATEMENTS contd.
€ 2021
€ 2020 the table below sets out fair value measurements using the fair value hierarchy:
17. OthER PROViSiONS holiday Pay Accrual At 1 October Charged to the income and expenditure account At 30 September
62,508 (5,588) 56,920
55,938 6,570 62,508
18. FiNANCiAL iNStRUMENtS 18a. Financial instruments - measured at amortised cost Financial assets Financial assets measured at amortised cost
€ 2021
€ 2020
283,204,869
247,815,616
Financial liabilities Financial liabilities measured at amortised cost
245,107,394
212,605,850
At 30 September 2021 Bank bonds total
€ total 7,322,386 7,322,386
€ Level 1 -
€ Level 2 7,322,386 7,322,386
€ Level 3 -
At 30 September 2020 Bank bonds total
€ total 6,017,079 6,017,079
€ Level 1 -
€ Level 2 6,017,079 6,017,079
€ Level 3 -
There were no fair value adjustments recognised in the income and expenditure account for the year ended 30 September 2021 (2020: €nil).
19. RESERVES Financial assets measured at amortised cost comprise of cash and balances at bank, deposits and investments, loans, members’ current accounts overdrawn, investments in associates and accrued income on investments. Financial liabilities measured at amortised cost comprise of member savings, members’ current accounts, other liabilities, creditors, accruals and charges and other provisions.
18b. Financial instruments - Fair Value Measurements FRS 102 requires fair value measurements to be disclosed by the source of inputs, using a three level hierarchy: • Quoted prices for identical instruments in active market (level 1); • Prices of recent transactions for identical instruments and valuation techniques using observable market data (level 2), and • Valuation techniques using unobservable market data (level 3).
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balance 1/10/20
arising on toe
appropriation of current year surplus
transfers between reserves
balance 30/09/21
€
€
€
€
€
26,132,529
2,000,000
-
551,471
28,684,000
Operational risk reserve
1,426,386
161,896
-
-
1,588,282
Other Reserves Realised General reserve total realised reserves
8,468,061 8,468,061
66,993 66,993
1,830,287 1,830,287
(527,502) (527,502)
9,837,839 9,837,839
Unrealised Interest on loans reserve 209,707 Investment income reserve 2,298 total unrealised reserves 212,005 total reserves 36,238,981
14,329 14,329 2,243,218
7,776 7,776 1,838,063
(23,969) (23,969) -
200,067 10,074 210,141 40,320,262
Regulatory reserve
37
