We are pleased to say that our first ever virtual AGM on the 30th January, was a great success with over 60 members joining the meeting. During the meeting, our CEO and Board of Directors discussed with members the Credit Union’s financial year October 19 – September 20. Key points of the meeting are detailed below as well as messages from our CEO, Andy Wright and our Chairman, Bruce Devenport.
Our total income for the financial year 19/20 was £1.3million, of which £1.2million was loan income. Our annual expenditure for the year stood at £1.04million, leaving the credit union with an annual profit of £229,375.00.
During the last year our loans team processed 7274 new loans, totalling £7.2million. Our average new loan is £1915. As of 30th September 2020, the total loan portfolio stood at £13.5million.
A split dividend payment was agreed by the members at the AGM. All members at the financial year end will receive a dividend payment of 1.25% on balances up to £2000. Those members who have more than £2000 in shares, will receive a further 0.25% on any balance higher than £2000. All dividend payments will be deposited by the close of business on 4th February 2021.
Dividend has been paid into all share accounts. Login to your account here.
Our Chairman Bruce, delivered his report outlining the Boards thoughts on the previous year. The Board believe it was another successful year for the Credit Union and would like to thank all of the staff and members for their dedication. Bruce said, “During these unprecedented times, we, as a Board, are committed to providing you with a continuity of service while strengthening the financial position and future of your Credit Union. With our membership growing, our loan portfolio in a healthy state and our capital above the regulatory requirements we are in a strong position for the future.”
“I believe our virtual AGM this year proved to be a great success, with record numbers of members registering to access the meeting in comparison to our usual face-to-face meeting. Our members asked 8x more questions than in previous years and all took part in the voting requirements of the AGM. A fully engaging, member participation meeting is what we would like to see every year. Moving forward, the Board of Directors will consider holding future AGMs with a mix of face-to-face and virtual participants.
Finally, I would like to thank those of you who attended and played your part in the democratic process of your Credit Union.”
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