10 February 2017
AGM 2017 report
The 3rd Annual General meeting took place on Wednesday 8th February 2017.
Members heard that the credit union has now received the necessary regulatory approval for the planned expansion into South Lakeland. The new credit union will be known as Eden & South Lakeland Credit Union.
EdenSave Annual General Meeting
Adrian Rush, Chair, paid tribute to credit union members who volunteered to staff the credit union. From the front office team to the board of directors, everyone was a volunteer who worked enthusiastically and professionally to deliver a friendly service to the members.
A communication was read out from a member describing how the credit union helped them to save small amounts throughout the year. The member wrote that they no longer had any worries about meet the cost of Christmas bills. The member observed that big banks has not been interested because of the small amounts saved. Savers big and small have deposited in excess of £600,000 in savings during the first three years.
Members were shown examples of how credit union loans were helping people. One member was looking for a way to pay off an outstanding credit card debt after getting into difficulty. By taking a credit union loan the credit card debt had been cleared. The card company and the credit union both required a similar monthly repayment but the credit union loan will be paid off in three years whereas the card company debt would have taken many years more. Mr Rush told the meeting that around 250 applications for loans had been sanctioned in the first three years and over £300,000 lent.
The meeting heard the board of directors operate a policy of cautious growth keeping the company reserves firmly within regulatory requirements. The amalgamation with South Lakeland Credit Union means an increase in members and working capital which considerably strengthens the credit union balance sheet.
As well as plans to open an office in Kendal by April, the credit union plans to recruit a paid General Manager to operate alongside the volunteer staff.
The credit union Treasurer Ian Murray took the members through the financial results highlighting that income in the third year was double that achieved the year before.
The Chair of the credit union’s internal auditors Roger Burgin reported that they were pleased by the progress made by the credit union.
Alison Dumont, Fra Cooke and Ian Murray (retiring directors) were re-elected to the board of directors as was Charles Shepherd who was standing for election for the first time.
Jo Heely was elected to join the credit union internal audit team. The meeting also approved the members of the credit committee who oversee the credit union's lending.