Annual Report 2013

note to the accounts
23. FINANCIAL COMMITMENTS
a. Outstanding loan commitments
Note
2013
$
2012
$
The loans approved but not funded 814,500 2,001,000
b. Loan redraw facilities
The loan redraw facilities available 12,972,246 11,874,520
c. Undrawn loan facilities
Loan facilities available to members for overdrafts and line of credit loans are
as follows:
Total value of facilities approved 38,457,293 40,813,193
Less: Amount advanced 14,806,515 16,614,929
Net undrawn value 23,650,778 24,198,264
These commitments are contingent on members maintaining credit standards
and ongoing repayment terms on amounts drawn.
Total Financial Commitments 37,437,524 38,073,784
Expenditure commitments
d. Computer capital commitments
The Credit Union converted to the Phoenix core banking systems in May 2007.
The costs committed under contracts with Data Action are as follows:
Not later than one year 403,663 388,475
Later than 1 year but not 2 years - 388,475
e. Lease expense commitments for operating leases on property occupied by
the Credit Union
403,663 776,950
Not later than one year 280,920 82,908
Later than one year but not later than five years 976,748 1,312,724
Greater than five years - 87,771
1,257,668 1,483,403
The operating leases are in respect of property used for providing branch services to members. There are no contingent rentals applicable to
leases taken out. The terms of the leases are for between 2 to 6 years and options for renewal are usually obtained for a further 3 years.
There are no restrictions imposed on the Credit Union so as to limit the ability to undertake further leases, borrow funds or issue dividends.
Intech Credit Union Ltd Annual Report 2013 47