Citybus Employees Credit Union Ltd

Citybus Employees Credit Union Ltd.

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EMPLOYEES’ CREDIT

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Citybus Employees Credit Union Ltd.CIE Club, Earl Place, Dublin 1Tel: 01 703 1328 • Fax: 01 703 1344 • E-mail: [email protected] • www.citybuscu.ie

Opening HoursMonday - Wednesday: 9.00am - 4.00pmThursday - Friday: 9.00am - 3.00pm

Annual Accounts and Financial Statementsfor the Year Ended 30th September 2012

Annual General Meetingto be held in Wynns Hotel onWednesday 12th December 2012 at 5.30pm

Citybus Cover Dec 2012:Layout 1 30/11/2012 20:07 Page 1

Contact us now for any of the services below

� Regular Loans

� Free Loan Protection Insurance

� No Hidden Charges

� Standing Order Facility

� Great Return on Shares

� CUCASH Account Available

� Regular Car Draws

� Foreign Currency Exchange

� Paypoint

Citybus Employee’s Credit Union - We’re always there for you

PayPoint now available at Citybus Credit UnionWhy not avail of the convenience of paying the following

household bills the next time you visit the Credit Union

ESB � Bord Gais � NTL � Chorus

ESB Tokens and Gas Cards are also catered for, It couldn’t be easier!Simply present your bill to any staff member and they will do the rest.

PayPoint also offers members the facility of purchasing phone creditat any time for the following networks

Vodafone � O2 � MeteorInternational Calling Credit also available for

Swiftcall � First National

Dublin City Council - Rent and Waste Charges



NOTICE OF ANNUAL GENERAL MEETINGThe Annual General Meeting of Citybus Employees’ Credit Union Limited will be

held on Wednesday, 12th December 2012 in Wynns Hotel at 5.30pm.All members are requested to attend, if possible.

The Agenda will be as follows:

1. Chairperson’s Address of Welcome.

2. Ascertainment that a quorum is present:

Adoption of Standing Orders & Proxies (if any).

3. Reading and approval (or correction) of the minutes of the last AGM.

4. Report of the Board of Directors.

5. Report of the Treasurer and consideration of Annual Accounts.

6. Report of the Auditor.

7. Declaration of Dividend.

8. Report of the Supervisory Committee.

9. Report of the Credit Committee.

10. Report of the Membership Committee.

11. Report of the Subcommittee (Car Draw).

12. Report of the Nominating Committee.

13. Appointment of Tellers for Elections.

14. Election of Auditor.

15. Election to fill vacancies to Supervisory Committee.

16. Elections to fill vacancies on the Board of Directors.

17. Treasurer’s Honorarium.

18. Resolutions & Motions.

19. Any Other Business.

20. Announcement of Election Results.

21. Adjournment or Close of Meeting.

CITYBUS EMPLOYEES CREDIT UNION LIMITED

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Annual Report New:Layout 1 30/11/2012 20:04 Page 1


ANNUAL ACCOUNTS AND FINANCIAL STATEMENTSfor the year ended 30th September 2012

TABLE OF CONTENTS PageDIRECTORS’ REPORT 3/4

STATEMENT OF DIRECTORS’ RESPONSIBILITIES 5

STATEMENT OF SUPERVISORY COMMITTEE’S RESPONSIBILITIES 5

INDEPENDENTAUDITOR’S REPORT 6/7

INCOMEAND EXPENDITURE 8

BALANCE SHEET 9

NOTES TO THE FINANCIAL STATEMENTS 10-13

SCHEDULE 1 14

SCHEDULE 2 14

SCHEDULE 3 15

CHAIRMAN’S REPORT 16

CREDIT COMMITTEE REPORT 17

REPORT OF BOARD OF DIRECTORS 18

TREASURERS REPORT 19

MEMBERSHIP COMMITTEE REPORT 20

SUPERVISORY COMMITTEE REPORT 21CAR DRAW /WEBSITEAND ONLINEACCESS 22

NOMINATION COMMITTEE REPORT 23

BUDGETACCOUNT REVIEW 24REPORT OF THE CREDIT CONTROL COMMITTEE - CUCASH ACCOUNT 25

DIRT EXEMPTION LIMITS - DIRT LIABILITY 26

CREDIT UNIONSWITHIN THE CIE GROUP 27

NOTICE OF ELECTIONS 28

NOMINATION FORM 29

WEBSITEAND ONLINEACCESS 30


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CITYBUS EMPLOYEES CREDIT UNION LIMITEDDIRECTORS REPORT

for the year ended 30th September 2012.

The directors submit herewith their report and audited accountsfor year ended 30th September 2012.

1. INCOME AND EXPENDITUREIncome for the year increased by €80,910 to €1,423,298. Expenditure decreasedby €5,081 to €627,767. There was a surplus for the year of €795,531compared toa surplus of €709,540 in the previous year.

2. DIVIDENDS, STATUTORY RESERVE AND RETENTIONSThe directors propose a dividend of 3% for the year.The directors propose to transfer €79,553 to the statutory reserve.The directors propose to transfer €14,101 to the additional regulatory reserve.There was an accumulated undistributed surplus of€1,598,043 at the end of the year.

3. BALANCE SHEETTotal assets at €16,997,497 show an increase of € 936,541over the previous yearsfigure. The statutory reserve at €1,438,282 represents 10.74 % of members’ shares.The equivalent percentage at 30th September 2011 was 10.56%.

Members’ shares have increased by €518,728. Loans due by members haveincreased by €498,365.

4. IMPORTANT EVENTS SINCE THE YEAR-ENDThere have been no significant events since the year-end that would affect thefinancial statements.

5. FUTURE DEVELOPMENTS IN THE CREDIT UNIONThe directors intend to continue with the growth of the Credit Union in line withavailable resources.


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DIRECTORS REPORTfor the year ended 30th September 2012 (continued)

6 AUDITORColligan O’Cearbhaill & Co. CharteredAccountants have expressed their willingnessto continue in office in accordance with Section 151 of the Credit Union Act.

TREASURER: Michael Flannery DIRECTOR: Matthew QuinlanON BEHALF OF THE BOARD

DATE: 9th November 2012 SUPERVISOR: David MooneyON BEHALF OF THESUPERVISORY COMMITTEE


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STATEMENT OF DIRECTORS’ RESPONSIBILITIESfor the year ended 30th September 2012

The Credit Union Act of 1997 requires the directors to prepare financial statements foreach financial year which give a true and fair view of the state of affairs of the CreditUnion and of the income and expenditure of the Credit Union for that period. Inpreparing those financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it isinappropriate to presume that the Credit Union will continue in business;

The directors are responsible for keeping proper accounting records which disclose withreasonable accuracy the financial position of the Credit Union and which enables themto ensure that the financial statements comply with the Credit Union Act of 1997. Theyare also responsible for safeguarding the assets of the Credit Union and hence for takingreasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF SUPERVISORY COMMITTEE’S RESPONSIBILITIESfor the year ended 30th September 2012.

The Credit UnionAct 1997 requires the appointment of a Supervisory Committee whichwill oversee Directors in the performance of their duties, examine books and documentsof the Credit Union, and verify a sample of members balances.


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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OFCITYBUS EMPLOYEES CREDIT UNION LIMITED

We have audited the financial statements of Citybus Employees Credit Union Limited forthe year ended 30 September 2012 which comprise the Income and ExpenditureAccount,the Balance Sheet, the Statement of Total Recognised Gains and Losses and the relatednotes. These financial statements have been prepared under the accounting policies setout in the Statement of Accounting Policies.

This report is made solely to the credit union’s members, as a body, in accordance withSection 120 of the Credit Union Act, 1997. Our audit work has been undertaken so thatwe might state to the credit union’s members those matters we are required to state tothem in an auditor’s report and for no other purpose. To the fullest extent permitted bylaw, we do not accept or assume responsibility to anyone other than the credit union andthe credit union’s members as a body, for our audit work, for this report, or for theopinions we have formed.

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

Our responsibility is to audit the financial statements in accordance with relevant legaland regulatory requirements and International Standards on Auditing (UK and Ireland).

We report to you our opinion as to whether the financial statements give a true and fairview and are properly prepared in accordance with Generally Accepted AccountingPractice in Ireland and the Credit UnionAct, 1997. We also report to you whether in ouropinion, proper accounting records have been kept by the credit union. In addition, westate whether we have obtained all the information and explanations necessary for thepurposes of our audit and whether the credit union’s financial statements are in agreementwith the accounting records.

We read the other information contained in theAnnual Report and consider whether it isconsistent with the audited financial statements. The other information comprises only theDirectors’ Report, the Treasurer’s Report, the Supervisory Committee Report, and theCredit Committee Report.

We consider the implications for our report if we become aware of any apparentmisstatements or material inconsistencies with the financial statements. Ourresponsibilities do not extend to any other information.


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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OFCITYBUS EMPLOYEES CREDIT UNION LIMITED

Basis of OpinionWe conducted our audit in accordance with International Standards onAuditing (UK andIreland) issued by theAuditing Practices Board.An audit includes examination, on a testbasis, of evidence relevant to the amounts and disclosures in the financial statements. Italso includes an assessment of the significant estimates and judgements made by thedirectors in the preparation of the financial statements, and of whether the accountingpolicies are appropriate to the credit union’s circumstances, consistently applied andadequately disclosed.

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

OpinionIn our opinion the financial statements:

• give a true and fair view of the state of the credit union’s affairs as at 30th September2012 and of its income and expenditure for the year then ended;

• have been properly prepared in accordance with Generally Accepted AccountingPractice in Ireland and in accordance with the requirements of the Credit UnionAct,1997.

We have obtained all the information and explanations we considered necessary for thepurposes of our audit. In our opinion, proper accounting records have been kept by thecredit union. The financial statements are in agreement with the accounting records.

In our opinion, the information given in the Directors’ Report is consistent with thefinancial statements.

Date: 9th November 2012

Colligan O’Cearbhaill & Co.Chartered AccountantsRegistered AuditorsBri Chualann CourtAdelaide Road, Bray,Co. Wicklow


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CITYBUS EMPLOYEES CREDIT UNION LIMITEDINCOME AND EXPENDITURE ACCOUNT for the year ended 30th September 2012

Schedule 2012 2011INCOME € €Interest on members’ loans 1,252,808 1,241,791Members deposit and other interest expense (309) (182)and similar charges

Other interest receivable and similar income 1 108,832 54,613

Net interest income 1,361,331 1,296,222Other income 2 61,967 46,166

TOTAL INCOME 1,423,298 1,342,388

EXPENDITURE:Salaries 155,377 151,283Other management expenses 3 495,121 460,999Depreciation 29,599 29,004Provision for bad and doubtful debts 6,072 80,245Bad debts recovered (58,402) (88,683)

TOTAL EXPENDITURE 627,767 632,848

EXCESS OF INCOME OVER 795,531 709,540EXPENDITURE FOR YEAR

Add undistributed surplus at 1 October 2011 1,275,459 944,157Less: Dividends paid (379,293) (295,035)

TOTAL 1,691,697 1,358,662

Less: Transfer to statutory reserve (79,553) (70,954)Transfer to additional regulatory reserve (14,101) (18,013)Transfer (to)/from unrealised investment reserve – 5,764

(93,654) (83,203)

UNDISTRIBUTED SURPLUS AT 30th SEPTEMBER 2012 1,598,043 1,275,459

There are no recognised gains or losses other than the surplus for the above two financial yearsThese financial statements were approved by the board on: Date 9th November 2012On behalf of the Credit Union:

Treasurer: Michael Flannery Date: 9th November 2012Member of Supervisory Committee: David Mooney Date: 9th November 2012Member of Board of Directors: Mathew Quinlan Date: 9th November 2012


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CITYBUS EMPLOYEES CREDIT UNION LIMITEDBALANCE SHEET at 30th September 2012

Notes 2012 2011ASSETS € €Cash and balances at bank 2,964,700 2,510,146Deposits and investments 2,329,875 2,332,514Loans to members 12,055,275 11,556,910Less: Provision for bad and doubtful debts (600,000) (593,928)Tangible fixed assets 3 149,603 174,148Prepayments 58,591 63,189Money management accounts 39,453 17,977

TOTAL ASSETS 16,997,497 16,060,956

LIABILITIESMembers’ shares 6 13,381,421 12,862,693Members’ deposits 106,433 90,184Members’ deposit interest (net of DIRT) 721 649Other liabilities: Creditors accruals and charges 64,473 79,219

13,553,048 13,032,745

NET WORTH 3,444,449 3,028,211

Represented by:RESERVESStatutory reserve 1,438,282 1,358,729Additional regulatory reserve 261,467 247,366

TOTAL REGULATORY RESERVE 1,699,749 1,606,095Other reserves 4 1,744,065 1,421,481Premises fund grant 635 635

TOTAL RESERVES 3,444,449 3,028,211

These financial statements were approved by the board on: Date 9th November 2012On behalf of the Credit Union:

Treasurer: Michael Flannery Date: 9th November 2012Member of Supervisory Committee: David Mooney Date: 9th November 2012Member of Board of Directors: Mathew Quinlan Date: 9th November 2012


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CITYBUS EMPLOYEES CREDIT UNION LIMITEDNOTES TO THE FINANCIAL STATEMENTS

for the year ended 30th September 2012

1 SIGNIFICANT ACCOUNTING POLICIES:1.1 Accounting convention

The financial statements are prepared under the historical cost convention.

1.2 Income recognitionInterest on members’ loans is recognised when payment is received asspecified in Section 110 (1)(c) (i) of the Credit Union Act, 1997, (i.e. on acash basis).

1.3 DepreciationDepreciation is provided on a straight line basis over the expected lives oftangible fixed assets:

Office furniture and equipment 25% per annumComputers 25% per annumImprovements to Premises 10% per annum

1.4 Bad and doubtful debtsBad debts written off are included in other management expenses. Bad debtsrecovered are included in the income and expenditure account. Provision fordoubtful debts is made against current loan balances on the basis ofResolution 49 of the Irish League of Credit Unions. An additional provisionof €420,701 is considered prudent by the Board of Directors.

1.5 Pension costsThe credit union contributes to a defined contribution externally fundedpension scheme on behalf of its employees.

1.6 InvestmentsInvestments are stated at cost or net realisable value whichever is less.


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2 CASH FLOW REPORT 2012 2011€ €

Opening cash and investments 4,842,660 3,552,386RECEIPTSMember Deposits 532,800 457,408Members’ Shares 5,607,802 5,899,049Members’ Loans repaid 5,624,152 7,226,538Members loan interest paid in 1,252,808 1,241,791Investment interest received 108,832 54,613Bad debts recovered 58,402 88,683Other receipts 61,967 46,166Members car draw 230,067 228,434Members money management accounts 1,250,152 1,265,601

TOTAL RECEIPTS 14,726,982 16,508,283

DisbursementsMembers Deposits 508,070 434,346Members money management accounts 1,257,393 1,288,899Members’ shares withdrawn 4,318,525 5,432,642Members loans granted 7,092,047 6,899,398Dividends paid 379,293 295,035Operating expenses 465,843 466,104Fixed assets purchased 5,054 173,223Members car draw 248,842 228,362

TOTAL DISBURSEMENTS 14,275,067 15,218,009

Closing cash and investments 5,294,575 4,842,660


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3 FIXED ASSETSOffice Furniture Computer Improvements Total

& Equipment To PremisesCost: € € € €At 1st October 2011 56,780 129,182 167,067 353,029Additions – 5,054 – 5,054

At 30th September 2012 56,780 134,236 167,067 358,083

Depreciation:At 1st October 2011 54,404 107,770 16,707 178,881Charge for year 1,067 11,825 16,707 29,599

At 30th September 2012 55,471 119,595 33,414 208,480

Net book value:30th September 2012 1,309 14,641 133,653 149,603Net book value:30th September 2011 2,376 21,412 150,360 174,148

4 OTHER RESERVES Balance Net Balance30/9/2011 movement 30/9/2012

€ € €Realised reservesGeneral Reserve 1,275,459 322,584 1,598,043Premises Reserve 144,441 – 144,441Members Share Reserve 1,581 – 1,581

Total realised reserves 1,421,481 322,584 1,744,065

Unrealised reservesUnrealised investment reserve – – –

Total other reserves 1,421,481 322,584 1,744,065


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5 PROPOSED DIVIDENDSThe directors recommend the 2012 2011following distributions: Rate € Rate €Dividend on shares 3% 399,609 3% 384,682

6 MEMBERS SHARES 2012 2011These comprise the following: € €Regular shares 7,276,369 7,253,546Special shares 6,105,052 5,609,147

13,381,421 12,862,693

7 RELATED PARTY TRANSACTIONSDuring the financial year the credit union issued shares and advanced loans todirectors as part of its normal operations.

Total loans advanced to directors during the financial year amounted to €58,200.Loans due by directors at 30th September 2012 amount to €101,848.Directors share balances stood at €49,367 at 30th September 2012.Directors deposit balances stood at €4,280 at 30th September 2012.

8 INSURANCE AGAINST FRAUDThe Credit Union has insurance against fraud in the amount of €2,600,000 incompliance with Section 47 of the Credit Union Act, 1997.

9 HONORARIUM TO TREASURERThe directors recommend that the Treasurer be paid an honorarium of €4,000 forthe year ended 30th September 2012.

10 RATES OF INTEREST CHARGEDDuring the entire financial period, interest was charged on members’ loans at arate of 0.9% per month.

11 PENSIONSThe credit union contributes to a defined contribution externally funded pensionscheme on behalf of its employees.

Contributions are charged to income and expenditure account as they are incurred.

12 RATES OF INTEREST PAID ON MEMBERS’ DEPOSITSInterest was paid on members’ deposits at a rate of 1% per annum.


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SCHEDULE 1 – OTHER INTEREST RECEIVABLE AND SIMILAR INCOMEfor the year ended 30th September 2012

2012 2011

€ €Deposit interest received 76,444 27,119

Deposit interest receivable within 12 months 32,388 27,494

Deposit interest receivable after more than 12 months – –

TOTAL PER INCOME AND EXPENDITURE ACCOUNT 108,832 54,613

SCHEDULE 2 – OTHER INCOMEfor the year ended 30th September 2012

2012 2011

€ €ECCU- Claims Experience Refund 38,997 26,086

Commission 1,508 1,251

Budget service and interest charge 21,424 18,597

Entrance fees 38 232



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CITYBUS EMPLOYEES CREDIT UNION LIMITEDSCHEDULE 3 – OTHER MANAGEMENT EXPENSES


2012 2011

€ €Affiliation fees 5,022 5,448

Treasurers Honorarium 5,000 3,000

Rent and rates 2,500 2,500

Repairs and renewals 9,413 12,962

Printing and stationery 20,389 22,778

Postage & telephone 7,002 6,660

Donations and sponsorships 4,425 5,012

Promotion and advertising 25,547 8,525

Training costs 20,372 11,420

Convention expenses 8,757 4,575

Debt collection costs 14,059 10,516

AGM expenses 2,112 2,757

Travel and subsistence 27,238 21,399

Bank charges 9,293 4,485

Audit fee 11,044 11,070

Professional fees 4,050 2,139

General insurance 7,747 7,741

Share and loan insurance (Gross) 75,026 82,473

Pension 5,856 5,401

Computer maintenance 17,908 30,619

Bad debts written off 189,165 175,172

Miscellaneous expenses 16,905 15,694

SPS contribution 3,657 6,708

Regulatory fees 2,634 1,945

Consultancy Fees – –



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REPORT OFTHE CHAIRMAN FOR YEAR ENDING 30th SEPTEMBER 2012

A total of 12 Board meetings took place during the last twelve months ending 30th

September 2012. All legal and accounting obligations were overseen by the Board indealing with the Central Bank, the regulatory body for Credit Unions and ILCU thegoverning body for Credit Unions

This has been a trying year not just for our credit union, but for all credit unionsthroughout the country, with unemployment on the increase and for those in employmentthe prospects of further wage freezes and increased taxation. Credit Unions have not beenimmune to the current challenging economic circumstances. However, here in CitybusEmployee’s Credit Union Ltd we have been actively managing our financial affairs in aprudent and conservative manner to minimise exposure to our members in these difficulttimes. This has been proven in the constant high dividend return we have been able to giveyou the members over the years.

This coming year will mark the 20th Anniversary of our Credit Union, we have come along way from our one room office in Earl Place to our Modern office, with full timestaff, and a number of services that we offer you the members.

The Board would like to thank our Manager Pauline Woods, staff members HelenThomas, Sabrina Woods and Deirdre Mc Dermott for their confidentiality, courtesy andefficiency in dealing with members and their continual loyalty to the Credit Union.

We would also like to thank Phil Donahue, the staff of Earl Place, the FinancialDepartment, Personnel Department, Depot Managers and Inspectors of each garage forall their help in support that they give our Credit Union.

I would like to thank my Directors and Supervisors for their continued commitment,support and time they give to our Credit Union.

Finally, I would like to wish you and your Families a Very Happy Christmas and aProsperous NewYear.

David StamperChairman


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CREDIT COMMITTEE REPORT 2011-2012

Once again it gives me great pleasure to report a very good year for the credit union.

Issuing over 2,900 loans for over €7 million .

The three main reasons for loans are

1. Home improvements2. Holidays3. Christmas expenses

Once again the committee would ask all members to help speed up the process of theirloans by filling in the loan applications fully and supply any relevant information, suchas payslips, bank statements and estimates.

If you would like to discuss your lending requirements, please contact a member of thecredit committee we will be glad to help you.

Finally I would like to take this opportunity to wish all our member`s family, and friendsa very happy and peaceful Christmas and prosperous NewYear.


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REPORT OF THE BOARD OF DIRECTORSFor year ending 30th September 2012

The Board of Directors met on twelve occasions during the Financial Year ending on30/09/2012, excluding meetings with the Auditor and professional institutions. At theseBoard Meetings the policies, forward planning and development of the credit union werediscussed, promoted and acted upon in the interest of the membership.

All the directors attended Training Seminars during the year, and attended conventionsinvolving the greater Credit Union Movement in Ireland and through our contacts inBritain.

During the year some 58 Special Loan applications were considered by the Board ofDirectors in cases of LoanAppeals through the Credit Committee. The Board of Directorsconsiders all such appeals with confidentiality and fairness.

In addition up to€2,025 was granted in donations and support to charitable and sportinginstitutions directly connected with Dublin Bus.

The Board of Directors will be reviewing all Policy requirements during 2013 incompliance with the regulations.

The Board of Directors would like to thank the manager, staff, Auditor, volunteers andall the membership for their continued loyal support through another successful year oftrading, and extends its sincere condolences to the families of those members who havepassed away during the year.

Declan Gowran,Honorary Secretary.


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TREASURERS REPORTForYear ending 30th September 2012

The audited accounts of Citybus Employees Credit Union Ltd for year ending 30thSeptember 2012 are contained in our Annual Report.

Income for the trading year increased by 6% to €1,423,298. Expenditure decreased by1% to €627,767. Our surplus for the trading year increased by 12% to €795,531.

Our Balance Sheet increased by 5.9% to €16,997,497. Our statutory reserve stands at€1,438,282, representing 10.75% of members shares.

The Directors of our financial co-operative propose a Dividend on members shares of 3%.

I thank my fellow Board Members for giving me the privilege to serve as Treasurer forthe past trading year, I thank the Board, Manager, Staff and Supervisory Committee fortheir support.

I thank our Manager and Staff for providing quality services to our members.

Together as members we continue to run efficiently our not for profit industrial creditunion.

Mick FlanneryTreasurer


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MEMBERSHIP COMMITTEE REPORTFor year ending September 2012.

During the year ending 30th September 2012 our newmembership increased by 90 to 4098.

The main function of our committee is to check that the applicant is either living orworking within our common bond and that each application is accompanied by thenecessary proof of identity and evidence of address.

In compliance with the Criminal Justice Act, all applications for membership mustproduce the following documents upon applying for membership.

• Photographic identification (i.e. Passport, Driving Licence etc.)• Proof of address (i.e. utility bill, bank statement, current income tax cert etc.)• Evidence of PPS number must also be produced

Nomination Form:When joining, all members are asked to complete a Nomination Form. This is where amember nominates a person/s to whom they wish to pass on any property they have inthe credit union i.e. saving, insurance etc, up to a maximum of€23,000 on the member’sdeath.It is important that members keep their nomination up to date, especially if yourmarital status has changed. Any previous nomination is deemed null and void uponmarriage. In this event, upon your death any monies must to go to Probate as part of yourestate. The credit union have no authority to override over this. A new nomination can becompleted at any time and this will revoke any previous nomination.

With regret there were 3 deaths of members during the year ending September 2012. TheBoard, Supervisors, Staff and Membership Committee would like express theircondolences to their families and friends of Richard Kelly, Paul Harold, Teodor Rosca.Also Kayode Sunday who died in the last few weeks. May they all Rest in Peace.Up to date contact details:Wewould ask that all members make the credit union aware of both their current addressand phone number. This information is essential in helping protect the privacy of memberaccounts, and is required when applying for a loan.

Tom SomervilleDee Mc DermottMembership Committee


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SUPERVISORYCOMMITTEE REPORT 2012

The nominated Supervisory Committee of Citybus Employee’s Credit union hasfurnished a written report on the result of its examinations and enquiries for the tradingyear ending 2012 Annual General Meeting.

All examinations and enquiries have taken place within the framework set down inaccordance with the Central Bank and Irish League of Credit Union legal and regulatoryrequirements for our financial co-operative.

The Board and Supervisory Committee met as per appointment quarterly throughout thetrading year to review Director and Board obligations and credit union policy. OurSupervisory Committee attended all monthly board meetings, producing a written reporton a spot check of a random sample of accounts, bank reconciliations, foreign exchange,investments etc… our committee endeavoured to maintain a supervision of all issues inrelation to regulation and compliance within the Standard Rules of Credit Unions and allrelevant legislation.

With our not-for-profit mandate, our volunteer ethos and the Dublin Bus communityfocus, we find our Board of Directors has been effective in upholding governancerequirements within the regulatory framework set down for the development of our creditunion.

Paddy GraceEva CurtisDavid Mooney

Supervisory Committee.


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MEMBER’S DRAW REPORTFor year ending 30th September 2012

There were four draws held this year. With a large number of happy winners. TheDecember draw is always the biggest draw of them all with all surplus funds from the yearadded to the final draw of the year.

This year the car was a bigger Car than previous and due to demand we put morePremium seat tickets to Irelands FAI home games in the raffles.

A new addition for the Christmas draw is a prize to the value of €12,000 to cover yourmortgage for a year, paid in instalments of €1,000 per month. There were lots of otherprizes including 2 night hotel breaks in a 5* hotel in Kerry, I Pads, Kindles and cameras.

Remember that these draws are non-profit making and all fund are returned in prizesThe cost is only €2.50 per week, which has been the same the last number of years

We would like to thank all our members for their support during the year, also the staffof all the garages for all their help on the day of the draws.

If you have any ideas for prizes to be added to the draws, please address those to the cardraw committee.

David Stamper / Philip HancoxCar Draw Committee.


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NOMINATION COMMITTEE REPORTFor year ending 30th September 2012

The role of the Nomination Committee is to ensure that there is at least one candidate foreach vacancy for which an election is to be held at the Annual General Meeting.

There will be 3 vacancies on the Board of Directors to be filled this year. As per rules,the terms of office of Henry Maguire, Ben Byrne and Michael Barrett are complete.

There is one vacancy on the Supervisory Committee.As per rules, the term of office of David Mooney is complete.

The Board of Directors will be proposing Colligan O’Cearbhaill & Co for re-election asour Auditors for the coming year.

All nominations shall be in writing, signed by the proposer and seconder, both of whomshall be members of the credit union. This must also be signed by the nominee, indicatingtheir consent and shall be submitted by hand or post to the Secretary at the registeredoffice of the credit union at least (3) days before the Annual General Meeting. Allnominees must be members of the credit union and be of full legal age.

Following the Annual General Meeting, the Board of Directors appoints a number ofcommittees from the Directors and Volunteers. It is important to have regular injectionsof new blood as our membership increases and members’ needs constantly evolving.Volunteers are always welcome. If you think you might like to become involved, justleave your contact details in our office or with a member of the Nomination Committee.

Nomination Committee.


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BUDGETACCOUNT REVIEW

This year has proven to be a successful year for the members who avail of our BudgetScheme.

Due to the collapse of the Home Payments Scheme, with which many of our memberswere unfortunately signed up to, we have had a huge increase in members joining ourBudget Scheme. If you were affected by the collapse, please call to the office and talkto a member of staff regarding opening a budget account with us.

We are all entering an uncertain future, with all of the recent cut backs and the forthcoming budget. If you need help budgeting for the future please feel free to call to theoffice to discuss your future financial needs. There is also a free budgeting tool on ourwebsite ( HYPERLINK "http://www.citybuscu.ie" www.citybuscu.ie) which allowsyou to track your income and expenditure.

You can join the Budget Scheme on a quarterly basis; January, April, July, October (1stof the month). There is an annual charge of €50 to cover admin and cheque costs, thishas remained the same for the past number of years.

Members are again advise to provide sufficient funds to cover outgoings on theirbudget accounts. For example, if you have budgeted €1,500 for ESB for the year, thatis all you will be allowed to withdraw from that particular category. A full list of rulesgoverning the Budget Scheme is available from the office.

Unbudgeted arrear are regarded as unauthorised loans by the regulatory bodies.

David Mooney Mick Flannery

Supervisor Treasurer


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Credit Control Committee ReportFor year ending 30th September 2012

2012 has been another successful year for the credit union. It continues, despite the on-going economic crisis and cut backs, to provide member with loans for a wide variety ofpurposes.

The objective of the credit control committee is to supervise the loan portfolio and submita written report at the monthly board meetings. The committee also seeks to ensure therepayment of loans by members, are in accordance with their loan agreements.

The write off of bad debt for year ending September 2012 is €189,165. The CreditControl Committee acknowledges that in the present climate, members can facedifficulties with payments. We wish to emphasise to members the importance ofcontacting the Credit Union at the earliest possible stage to discuss their difficulties. Anymember of the board, or staff of the credit union, will assist members in difficulty witha payment plan. The committee acknowledge that the majority of members pay theirloans on time and in full thus ensuring funds are available for new loans. This isimperative for the continued success of the credit union.

We must acknowledge the vision and tireless work of the founding members and wemust all work together to ensure the success of the credit union movement into the future.

Henry MaguireOn behalf of the Credit Control Committee

CUCASH ACCOUNTSince February 2009, Citybus Employee’s Credit Union has offered their members theopportunity to open a CUCASH account.

A CUCASH account is an instant-access deposit account that earns interest every month,payable at the end of the financial year, just like regular and special share accounts. Theinterest payable is 1% per annum. All deposit accounts are subject DIRT.

Members can lodge and withdraw from this account at any time, as the savings are notheld as collateral against a loan, unlike a share account.

PLEASE NOTE THAT IF YOU DO HAVE A LOAN, YOU MUST CONTINUE TOSAVE AT LEAST €5 PER WEEK IN YOUR REGULAR OR SPECIAL SHAREACCOUNT IN ORDER TO MAINTAIN A SHARE TO LOAN RATIO ANDFUNDS AVAILABLE FOR LENDING TO ALL MEMBERS.


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DIRT EXEMPTION LIMITS

Citybus Employee’s Credit Union must deduct DIRT (Deposit Interest Retention Tax)from a members annual deposit interest and dividend unless the member is entitled to anexemption. The payment of DIRT on a Regular Share Account dividend is the responsi-bility of the member (see below).

You may claim an exemption from the deduction of DIRT if;

You or your spouse are aged 65 or over during the year and,Your total income (gross income from all sources, pension, deposit interest, etc..) for theyear 2011 does not exceed the following amounts;Single or Widowed: €18,000Married Couple (combined income): €36,000

These exemption limits are increased by €575 for each of the first two dependant chil-dren and by €830 for each subsequent dependent child.If you qualify under these criteria, you can apply to have deposit interest, on funds ofwhich you are the beneficial owner, paid to you without deduction of DIRT.Joint accounts only qualify for the exemption where the two account holders are husband andwife.

The exemption of DIRT can be claimed by completing FORMDE1, which can be down-loaded from HYPERLINK "http://www.revenue.ie" www.revenue.ie and returning it toCitybus Employee’s CU Ltd.Please be advised that the current limits have been reduced from the figured that appliedup to 31st December 2010 and therefore a new DE1 FORM must be completed in orderto avail of the exemption in 2011. If your circumstances change and you are no longereligible to claim an exemption, it is your responsibility to inform us.

REGULAR SHARE ACCOUNT HOLDERS – DIRT LIABILITY

Regular Share Account holders are responsible for the return of DIRT at their marginalrate of tax (41%) to Revenue and must do so annually. If a Regular Share Account is re-designated to a Special ShareAccount, Citybus will deduct DIRT (currently 27%) on be-half of the member and return it to Revenue, which results in a tax saving. A SpecialShare Account attracts the same dividend rate as a Regular Share Account.

Members are advised to check the status of their share account by contacting the creditunion office.Where a member wishes to re-designate their account, the appropriate formwill be issued on request.


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CREDIT UNIONS WITHIN THE CIE GROUP

The six industrial credit unions within the CIE Group have started informal talks toexplore collaboration, and/or a shared approach to facilitate cooperation between thegroup.

We held a number of informal meetings, culminating with a meeting at the 2012 IrishLeague of Credit UnionsAGM in Killarney to exchange of operational experience underthe following points;

LeadershipPayroll deduction systemsCommunications & marketingDebt CollectionCentral Bank RegulationVolunteerismWebsiteLegislation, Personal Insolvency and Current economic environment

We are now asking members for the endorsement to pursue a common strategic plan,alliance and partnership policy. While retaining our unique cooperative character andcommon bond, we aim to develop our range of services, levels of expertise and personaland professional development.

Our next cooperative group meeting is scheduled to be held in Galway in February 2013.


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NOTICE OF ELECTIONS

Elections will be held to fill 5 vacancies.

3 positions on the Board of Directors, 1 position on the SupervisoryCommittee and the position of Auditor.

Nominations for the positions of Directors and Supervisors must be inwriting and signed by a proposer and seconder (who must be a memberof the Credit Union) and also by the person nominated so as to indicatehis/her consent.

All nominations must be returned to the Nominations Committee,Citybus Employees Credit Union, C.I.E. club, Earl Place, Dublin 1no later than 4 p.m. on Friday 9th of December 2011.

All those nominated (other than the position of the Auditor) must bemembers of the Credit Union.

If you have any amendments or motions that you wish to put forwardfor the AGM, please put them in writing, making sure they reach theoffice no later than close of business on Friday 7th December 2012


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29

NOMINATION FORM – DIRECTOR/SUPERVISOR(Delete as appropriate)

We, the undersigned, nominate for Director/Supervisor of Citybus Credit Union Ltd.

Name of Nominee:(Block Capitals)

Home Address:

Signed: Staff No:(Proposer)

Signed: Staff No:(Seconder)

Consent of Nominee: I, as a member, hereby agree to be nominated as a candidatefor a vacancy on the Board of Directors / Supervisory Committee

Signed:(Nominee)

Staff No: Date: / /

PLEASE RETURN TO THE OFFICE BY HAND OR POST TO THE SECRETARY AT THE REGISTEREDOFFICE OF THE CREDIT UNION AT LEAST 3 DAY BEFORE THE ANNUAL GENERAL MEETING.

ALL NOMINEES MUST BE MEMBERS OF CITYBUS EMPLOYEES CREDIT UNION.



30

WEBSITEAND ONLINEACCESS

Did you know that all members can now access their credit union accounts online via ourwebsite?

This has proven to be a very popular service. It allows members to view their balances andtransactions, apply for loans, transfer shares to their bank account and to be kept updated ofcredit union news.

In an effort to reduce our paper usage, along with the costs involved, we have also introducede-statements. Rather than receiving your quarterly statement through the post, you can nowview and print it online via the website. The same applies for our AGM booklets.

We have also recently introduced a text messaging service. This allows us to keep in contact withmembers and advise them of office closures, upcoming events etc…

To avail of any of these services, you will first need to visit the website ( HYPERLINK"http://www.citybuscu.ie" www.citybuscu.ie), and follow the steps to register for your PINnumber.

If for any reason you are having difficulty with registering, or have forgotten your PIN/Password,do not hesitate to contact the office. One of our staff will gladly talk you through the process.

If a member wishes to have a share, loan or budget cheque transferred to their bank accountplease provide us with a valid sort code and account number. If processed by 12.30pm it willgenerally be in your bank account the next working day. However, as this is an online servicethere may be the rare occasion when we cannot guarantee this due to technical issues. Pleaseensure you allow sufficient time for bank transfers as if there is a delay we will not be heldresponsible.

Sabrina Woods - Website Administrator.



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CHRISTMAS LOANSWe are taking applications for Christmas loans

so why not apply today.

You can do so by phone (01-7031328),online (www.citybuscu.ie)

The last date for applications will beFriday 14th December 2012 at 1500hrsUsual lending terms and conditions apply.

CHRISTMAS OPENINGFRIDAY 21st DECEMBER 9am—2pm

CLOSED FOR CHRISTMASAND NEWYEAR

REOPENINGWEDNESDAY 2nd JANUARY 9am—4pm


NotesCITYBUS EMPLOYEES CREDIT UNION LIMITED

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Contact us now for any of the services below

� Regular Loans

� Free Loan Protection Insurance

� No Hidden Charges

� Standing Order Facility

� Great Return on Shares

� CUCASH Account Available

� Regular Car Draws

� Foreign Currency Exchange

� Paypoint


PayPoint now available at Citybus Credit UnionWhy not avail of the convenience of paying the following

household bills the next time you visit the Credit Union

ESB � Bord Gais � NTL � Chorus

ESB Tokens and Gas Cards are also catered for, It couldn’t be easier!Simply present your bill to any staff member and they will do the rest.

PayPoint also offers members the facility of purchasing phone creditat any time for the following networks

Vodafone � O2 � MeteorInternational Calling Credit also available for

Swiftcall � First National

Dublin City Council - Rent and Waste Charges



Citybus Employees Credit Union Ltd.

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Citybus Employees Credit Union Ltd.CIE Club, Earl Place, Dublin 1Tel: 01 703 1328 • Fax: 01 703 1344 • E-mail: [email protected] • www.citybuscu.ie

Opening HoursMonday - Wednesday: 9.00am - 4.00pmThursday - Friday: 9.00am - 3.00pm

Annual Accounts and Financial Statementsfor the Year Ended 30th September 2012

Annual General Meetingto be held in Wynns Hotel onWednesday 12th December 2012 at 5.30pm


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