City of Plymouth Credit Union Ltd. Annual General Meeting 2017 Agenda and Reports

Transcription

1 City of Plymouth Credit Union Ltd Annual General Meeting 2017 Agenda and Reports

2 Table of Contents Agenda... 2 Minutes of Annual General Meeting Matters Arising from the Annual General Meeting Competent Motions for the Annual General Meeting Special Note to Members of City of Plymouth Credit Union Ltd... 6 Chair s Report... 6 Secretary s Report... 7 Manager s Report... 8 Manager s Loan Report... 9 Supervisory Committee Report Finance Officer/Treasurer s Report Nominating Committee Report Nominations for the 2017 Annual General Meeting Board Director (10 Vacancies) Supervisory Committee (2 Vacancies) Any Other Business Audited Financial Statements for Year Ending 30 September 2016 (Abridged)

3 Agenda 1 Ascertainment of Quorum 2 Welcome and Apologies 3 Approval of Minutes of the Annual General Meetings Matters Arising 5 Competent Motions 6 Chair s Address 7 Reports 7.1 Secretary 7.2 Manager 7.3 Loan Report 7.4 Supervisory Committee 7.5 Treasurer 7.6 Audited Financial Statements 8 Election of Officers 8.1 Nomination Committee Report 8.2 Appointment of Tellers 8.3 Ballot for Directors 8.4 Ballot for Supervisory Committee 9 Any Other Business 10 Vote of Thanks 11 Close of Meeting 2

4 Minutes of Annual General Meeting 2016 Held on Wednesday 13 April 2016 at Welcome Hall, 4 Fore St, Plymouth PL1 4DN 1. Welcome and Apologies Tom Roberts, Chair, declared a quorum with 57 Members present and opened the meeting at 7pm. Apologies were recorded from Chas Symes, Betty Gray, Stephen Brett, Dean Paine. The Chair explained that the AGM would be held in three parts: 1.1. All members meet together for the common parts of the AGM 1.2. CPCU and Hope members meet in separate rooms for reports from the previous financial year (as they refer to the situation before the merger and so are different) 1.3. All members meet together again for election of officers and remaining business. 2. Minutes of the 2015 AGM(s) Minutes of the (as then) Hope Credit Union AGM held on 18 th March at the Baptist Church, Fletemoor Road PL5 1TF 2015 were accepted as a true record. Proposed: Mike Walker Seconded: Clive Rowe Accepted unanimously. Minutes of City of Plymouth Credit union AGM held on 18 th March 2015 at Welcome Hall, Fore Street PL1 4DN were accepted as a true record. Proposed: Tom Russell Seconded: Sue Denton Accepted unanimously. 3. Matters Arising None. 4. Competent Motions The Chair introduced the two following Competent Motions for the AGM: 4.1. The Board recommend to the AGM of 2016 that Thomas Westcott Associates of Southernhay East, Exeter, EX1 1NS be appointed as the registered auditor of City of Plymouth Credit Union Ltd for the year ending 30th September 2016 Proposed: Steve Lademann Seconded: Carmen Mullard Carried unanimously 4.2. The Board recommend to the AGM of 2016 that, from the AGM to be held on 2017, Rule 105 of the City of Plymouth Credit Union Ltd as shown below shall be enforced Following the authorisation of the Credit Union all Officers shall retire at the first annual general meeting. At each subsequent annual general meeting one-third of the Officers, or if their number is not a multiple of three then the number nearest to one third, shall retire from office. The Officers to retire shall be the Officers who have been longest in office since their last election. Where Officers have held office for the same amount of time the Officer to retire shall be decided by lot. A retiring Officer shall be eligible for reelection. Proposed: Steve Lademann Seconded by Dee Burns-Jones Carried unanimously. 3

5 5. Chair s Address City of Plymouth Credit Union Ltd 6. The meeting separated into two strands Members of the former Hope Credit Union then went to a separate meeting room for consideration of Hope reports, whilst CPCU members remained for consideration of CPCU reports Items of AGM business for the former Hope Credit Union: Reports Secretary s Report accepted unanimously Credit Control Report accepted unanimously Credit Committee s Report accepted unanimously Supervisory Committee s Report accepted unanimously Treasurer s Report accepted unanimously Dividend The Board of Directors proposed a 1% dividend to members attending the AGM. Proposed: Cecilia Skinner Seconded: Carmen Mullard Carried unanimously Audited financial statements for The audited accounts were presented, and accepted unanimously Items of AGM business for City of Plymouth Credit Union: Reports Secretary s Report accepted unanimously Manager s Report accepted unanimously Loan Report accepted unanimously Supervisory Committee s Report accepted unanimously Treasurer s Report accepted unanimously Audited financial statements for The audited accounts were presented, and accepted unanimously The meeting then reconvened. 7. Appointment of Auditor The meeting was reminded that they had already appointed Thomas Westcott Associates in the meeting s first Competent Motion. 8. Election of Officers The Chair read out the list of candidates putting themselves up for election. 4

6 Then because the number vacancies on the Board and Supervisory Committees were greater than the number of people standing for election the Chair informed the meeting that a secret ballot was not needed (as per rule 100 of the Credit Union Rule Book see below): If, after all of the nominations have been received, there are outstanding vacancies, the chairperson of the meeting may call for further nominations from the floor. Such nominations, if duly seconded and if the nominee is present and provides their consent, shall be in order. The Chair then suggested that the meeting therefore should not use a secret ballot. Proposed: Tom Roberts Seconded: Dave Kilroy Carried unanimously Election of the Board of Directors - the following candidates: Tom Roberts, Goldie (Zlatita) Sora, John Smith, Clive Turner, Sue Denton, Cecilia Skinner, Carmen Mullard, Dee Burns-Jones, Steve Lademann, Chas Symes and Dave Kilroy were voted on as a block and carried unanimously Election of Supervisory Committee the following candidates: Steve Guy, Sue Denton, Vivienne White and Brenda Gibbs were voted on together as a block and carried unanimously. 9. Any Other Business None. 10. Vote of Thanks The Chair thanked the Manager and all staff of the credit union for their hard work and for all the times they put in extra effort during the year just because it was the right thing to do. The Chair also thanks all volunteers and officers of the credit union for their contributions during the year, and finally thanked all present for turning out for the meeting. 11. Close The meeting closed at 8:40pm. None Matters Arising from the Annual General Meeting 2016 Competent Motions for the Annual General Meeting The Board recommend to the AGM of 2017 that Thomas Westcott of Southernhay East, Exeter, EX1 1NS be appointed as the registered auditor of City of Plymouth Credit Union Ltd for the year ending 30 th September The Board recommend to the AGM of 2017 that the City of Plymouth Credit Union pay a dividend of 0.5% to be added to members share accounts and juniors savings accounts. 5

7 Special Note to Members of City of Plymouth Credit Union Ltd The reports contained in this booklet are transcriptions of the originals submitted. Carmen Mullard Secretary March 2017 Chair s Report To the Members of City of Plymouth Credit Union Ltd for the Year Ended 30 September 2016 Another Year has flown by and our credit union is as strong as ever, the treasurer is to give a recommended dividend. Each of the committees has again worked hard and I am so proud of all the hard work that has been done during the last year by all directors, the manager, staff and especially the volunteers without whom the credit union would not function as well. However it is my prerogative to look forward to the coming year. To avoid stagnation our credit union needs to grow in membership and in volunteers, we also need to start selling the credit union in a more business-like way and hopefully this year will see a bigger push in this direction. Advertising ourselves is the way to bigger and better times ahead. With the dividend we are giving and our free life insurance we should start competing with the banks and building societies, we have been promised the transformation, which is slower in coming than we had hoped due to Cornerstone finding more problems than they anticipated covering the amount of differing credit unions they are trying to upgrade. Members have managed to save over 1million between us which is money staying in the local community, however we need to encourage more people to take out loans instead of going to the doorstep lenders such as the Provvy or shopping at Brighthouse where the interest rates are so much higher than the low rates from our credit union. We are cheaper than many banks or building societies, and definitely cheaper than a lot of credit card suppliers. I would like to assure all our members new and old that the Board of Directors and Management complies with all the relevant regulatory requirements as shown in our Internal Auditors report. Dee Burns-Jones Chair March

8 Secretary s Report To the Members of City of Plymouth Credit Union Ltd for the Year Ended 30 September 2016 This past year has been somewhat challenging for the newly formed Credit Union. On the 1st January 2016 Hope Credit Union and City of Plymouth Credit Union began trading as one Credit Union under the name City of Plymouth Credit Union. We are pleased to report there has been a steady growth in new members both adult and junior. The Board is pleased to have been able to introduce new types of loans during the course of the year for the benefit of our members which has been reflected in the increase in the taking up of loans. Unfortunately, as with all Credit Unions, several of our volunteer Officers have had to resign leaving vacancies for other members to fill. I would like to thank those retiring members for all their time and effort during the past year. We have been fortunate to have filled a number of the vacancies but still require other members to participate and volunteer. Without such volunteers we cannot function effectively. Should you wish to participate in the running of your Credit Union please contact your local service point. Look forward to welcoming you. Your Board of Directors are still actively pursuing transformation which will involve the introduction of new technology bringing our operating systems into the 21st century which we believe will be in the members interests. The Board is currently working hard toward this being operational by end November 2017 but this date is subject to factors beyond your Boards control and may be extended. As mentioned above, I cannot emphasis too much volunteers are crucial to our success. With that in mind I would take this opportunity to thank those members who volunteer and work alongside our staff to ensure the continued success of our Credit Union. Carmen Mullard Secretary March

9 Manager s Report To the Members of City of Plymouth Credit Union Ltd for the Year Ended 30 September 2016 I would like to start by summarising the key moments of last year. Last year three major events stand out for me. 1. One Credit Union 2. Being Part of the Credit Union Expansion Programme 3. New Products One Credit Union 1st January 2016 and thus have become a stronger credit union for its existing and new members alike. Our partners also acknowledge that we are now one credit union. This has made us more accessible. And to members too. Credit Union Expansion Programme Last year we mentioned, the need to change. We see a fully automated banking platform as fundamental to ensuring we offer what our members require in the 21st century. We were hoping to give live in July We recognise this has not happened and has been frustrating to members, staff and Board also. We are expecting to go live during the third quarter of this year This will give members access to our services 24/7 and will incorporate a new web site to be launched April/May The programme being put in place by Cornerstone who is leading the project Social Enterprise Investment Fund As announced at the last AGM. We successfully applied for funding of 100,000 to enable us to expand the credit union within the City of Plymouth. We would like to take the opportunity to acknowledge the support of Plymouth City Council have given us. New Products These include our Secured loan. At our lowest rate ever at 5%. Educational Loans and Unsecured Home Owner Loans. Coming Year We see the 2016/17 financial year as being exciting as well as challenging during which we hope to offer an expanded product range of saving and loans products to fit alongside our current offerings. Thank you A big thank you to Aimme and Claire and Goldie. Volunteers and Board members alike for their hard work and for the many unpaid hours they have given to the credit union. 8

10 Manager s Loan Report To the Members of City of Plymouth Credit Union Ltd for the Year Ended 30 September 2016 All loans are underwritten by our Loan Officers on a daily basis who endeavour to turn the application to approval within 48 hours. The basis used in granting a loan is to assess the affordability of repaying it for the member applying. This is done by reviewing a regular saving pattern for a traditional loan. Where there is no saving pattern and a member asks for a Wise Finance (Capacity based) loan, evidence is requested in the form of income and expenditure. In all cases members are requested to complete an application form and are subject to a credit reference check. In some cases we are unable to offer a loan as we need to balance the risk of the member defaulting against the need to protect other credit union members saving. 1st October 2015 to 30th September 2016 Type of Loan Number Value Traditional Loans Issued , Traditional Loans Witten off 13-25,517,82 Wise Finance Loans Issued , Wise Finance Loans Written off 76-24, Managed Loans Issued 24 17, Managed Loans Written off 4-2, Payroll Deduction Loans 15 16, Payroll Deduction Loans Written off We look to recover all bad debts where at all possible using the Eligible Loan Deduction Scheme offered by DWP, Collection Agencies and in some cases through the courts. We see the process of using the Automated Lending Decision reducing our bad debts over time. Highest Loan Issued 10,000 Lowest Loan Issued 40. 9

11 Supervisory Committee Report To the Members of City of Plymouth Credit Union Ltd for the Year Ended 30 September 2016 In accordance with the rules of CPCU, the supervisory committee is pleased to present our report to 2017 AGM. The Supervisory Committee has been described as the members watchdog and our purpose is to make sure your Credit Union operates within the law, the rules and the policy of CPCU and in the best interest of you, the members. In this a number of checks have been carried out including passbooks and collection points. This year has seen the successful bring together of the two credit Unions of HOPE and CPCU and we acknowledge the huge amount of work this has involved and which is ongoing primarily for the staff, volunteers and Board. As the Supervisory team a combination of caring and work commitments has further limited our effectiveness this year. As reported in last year s report we have had to recognize the limits of experience and time to perform our role effectively and have recommended to the Board to use external auditors, to perform the internal audit of accounts which would allow us to focus on other aspects of the supervisory role. This has been reported again to the Board and they have investigated alternative options. We have attended several Board and other meetings, making appropriate comments and suggestions in the interests of the members, as the Board and manager have grappled with the challenges of this year recognizing the need for CPCU to be self-sustaining. One limiting factor is the further delay in the delivery of the Transformation project. This has meant that a number of time demanding services, which have been developed to benefit members and broaden our offering, have not been automated increasing the work load on staff and volunteers. It has also limited CPCU s ability to provide on-line services to members and reach out to new members across the Common Bond. CPCU are reliant on a number of third parties to deliver the chosen platform in a timely manner to assist with growth and profitability, the delays in its delivery are a cause for concern which the Board have tried to make provision for the potential risk. After 18 years Brenda Gibbs will be stepping down from the committee for family reasons and we thank her for her involvement and commitment over all these years. Steve Guy Chair of Supervisory March

12 Finance Officer/Treasurer s Report To the Members of City of Plymouth Credit Union Ltd for the Year Ended 30 September 2016 Our overall income increased by 14,596 given last year we received some monies from Cornerstone for the upcoming transformation; a Cuna Rebate & Interest on investments. Member's shares have increased from 626,509 to 1,024,128, and loans from 67,447 to 78,587. The various Reserves this year show positive amounts totalling 89,665 due to the merger with Hope, which stood us in good stead. Funding has been approved for 100k from Social Enterprise Investment Fund. Part of this funding would be for the new IT Platform including processes and procedures. I would like to take this opportunity to thank our volunteers in the finance area, in particular Danuta and Goldie, for their due diligence in executing the vast and ever expanding amount of financial duties / entries. Suzanna Denton Treasurer March 2017 Nominating Committee Report To the Members of City of Plymouth Credit Union Ltd for the Year Ended 30 September 2016 The Nominating Committee was appointed as required by the Association of British Credit Union Limited (ABCUL) rule 101, in preparation for the Annual General Meeting to be held on 10 May In accordance with Association of British Credit Union Limited (ABCUL) rules 102, 105, and 107 to 109, those due to be re-elected for all positions on the Board of Directors and Supervisory Committee, were notified and invited to apply for re-election. In accordance with rule 105 (one-third of the Officers, or if their number is not a multiple of three then the number nearest to one third, shall retire from office), the following members have retired. John Smith Suzanna Denton Chas Symes Carmen Mullard Secretary for the Nominating Committee March

13 Nominations for the 2017 Annual General Meeting Board Director (10 Vacancies) Michael Walker Proposed by: Carmen Mullard Seconded by: Steve Lademann Nominations are invited from the floor Supervisory Committee (2 Vacancies) None Nominations are invited from the floor Motions from the floor. Any Other Business 12

14 Audited Financial Statements for Year Ending 30 September 2016 (Abridged) 13

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