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Annual General Meeting. 27 th February, 2019. Agenda. Minutes of last year’s meeting. Chairman’s Report. Chairman’s Report. Period Covered: October 2017 – September 2018 Will also include first 4 months of this year, up to January 2019 Merger with Steam Ahead Credit Union
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Annual General Meeting 27th February, 2019
Chairman’s Report • Period Covered: October 2017 – September 2018 • Will also include first 4 months of this year, up to January 2019 • Merger with Steam Ahead Credit Union • Growth in Membership • Loan Portfolio • Our staff, board and volunteers • Plans for the next year
Merger with Steam Ahead • Name changed May 2018 to “Wiltshire and Swindon Credit Union” • Merger with Steam Ahead completed September 2018 • Open Day held in September
Collections Points Highworth Cavendish Square Toothill Warminster Garrison
Membership 2,500 2,344 2,012 1,866 2,000 WASCU 1,536 1,500 1429 1,000 500 Steam Ahead 330 337 0 Oct 2017 Oct 2018 Oct 2019
Loan Portfolio £606,000 £600,000 £535,000 £500,000 £413,000 £400,000 £367,000 WASCU £300,000 £226,000 £200,000 £100,000 Steam Ahead £ 48,000 £ 46,000 £0 Oct 2017 Oct 2018 Oct 2019
Marketing * - without likes & followers multiplication techniques, only original attraction with focus of Wiltshire TA 2018 2017/8 2016/7 2018/9 New Marketing collateral and materials for promotions and events 1015(48%⇡) 462 685 (48%⇡) Members 385 615 (59%⇡) 982(60%⇡) New Members
Committees & Teams The Chair is ex officio a member of all teams and committees. The Supervisory Team works independently of the board and are not board directors
Advisors and Officers • Andrew Hill – Swindon Borough Council • George Cahill – Data Protection • Graham Jones – Loans Committee & Business Development • Paul Holden – Loans Committee & IT • Anna Sliusarenko – Marketing & Social Media • Carmen Barrett – Business Development • Sharon Read – Business Development • Bill Fishlock – Business Development • Mary Gladman – Business Development • Natalie Bruins - Communications • Dave McGrath – Infrastructure & IT
Future Plans • Processing improvements • Streamlined Loan Processes to handle greater volumes • Further improvements to credit control processes • Improvements in communications and marketing • Newsletters • Training videos • Replacement of back-office system
Future Plans • In our Communities through events and training • Joint event with New College at Cavendish Square, 4th April • Highworth May Day event, 4th May • Volunteers’ training event at Cavendish Square, 16th May • Salisbury Foodbank volunteer training, 13th March • Working with community groups at Cavendish Square • Expansion and Development of Community Collection Points • Further development of partnerships • Swindon and Wiltshire councils • Christians Against Poverty • Spurgeons Children Centres • Expansion of Employer Save As You Earn Schemes
Summary for Year 2017-18 Income £48,577 Expenditure £67,021 Operating Loss -£18,444 Operating Income & Expenditure - Summary Summary for 2018-19 (to January 2019) Income £39,868 Expenditure £29,737 Operating Profit £10,131
Impairments • Bad Debt Write Offs • Loans which have reached the end of the collections cycle • Loans where the member has entered into a legal arrangement • Deceased members • Provisioning • Industry-standard way of assessing the amount of underlying delinquency
Bad Debt Write-Offs 2017-18: Total amount of loans written off £28,774 Number of loans written off 31 2 deceased members 8 members entered into a legal arrangement 21 completed debt collection cycle Bad Debt Write-Offs Loan period Write-off point
Provisioning is an amount of money set aside in the accounts as an allowance for bad debts. The standard calculation for this is: 35% of the liability for any loan between 3 and 6 months in arrears 60% of the liability for any loan between 6 and 9 months in arrears 80% of the liability for any loan between 9 and 12 months in arrears 100% of the liability for any loan over 12 months old Provisioning
Account Summary Income & Expenditure Balance Sheet
Auditor’s Report • Qualified due to the carry-over of the qualification noted in the 2016-17 report • Auditor confirmed that the concerns previously highlighted concerning the retention of evidence regarding loan approvals has now been rectified, and that processes are now in order • During the year the Supervisory Team has carried out a number of internal audits of our processes
Declaration of Surplus 1. To WASCU Members, based on last year’s WASCU accounts 2. To former Steam Ahead members, based on last year’s Steam Ahead accounts • Neither credit union made a profit in the year 2017-18 • A dividend has therefore not been recommended by the board
Supervisory Team • Members: Trevor Stinton and Richard Death • Activities during the year: • Checking office procedures, in particular loans • Visiting collection points, checking on procedures and data protection • Advising the board • The credit union is run in accordance with the appropriate policies, procedures and regulation.
Elections to the Board • Directors Elected 2017 and 2018 (not requiring election)
Elections to the Board • The following are offering themselves for full election
Co-opted to the board in April 2018, leading business development activities Lives in Devizes Has worked as a teacher and in healthcare management Until last year ran a dental business in Devizes Spent several years as a Citizens Advice adviser . I have really enjoyed the last 8 months working with Board members and volunteers as we help the Credit Union to grow. There are exciting times ahead and a lot of work still to be done, so I am seeking election as a Director at this year’s AGM so that I can continue to support this work. Fiona Cox
Co-opted to the board in November 2018 having joined in June 2018 Leads risk and product development areas Lives in Salisbury Works for the DWP, focusing on programmes to improve customer experience I am passionate about the potential that a credit union can have on the citizens of Wiltshire and Swindon, whether that is by offering lower cost loans to our members, offering considerate and ethical support through our dedicated volunteers at our collection point or by supporting members to save Andy Freiman
Co-opted to the board in December 2018 Leads in operations and process development Lives in Malmesbury Works as a quality manager in the automotive and manufacturing industries I am looking forward to working with the credit union. Using my experience my aim is to reduce costs by making our processes more efficient, so improving the experience for our members. Thiago Barcelos
Co-opted to the board in November 2018 Leads in human resources Lives in Warminster Unit Welfare Officer within the British Army I would like to give practical application to that which I have gleaned whilst completing my MSc in Leadership & Management and my current Doctoral work. I have experience in HR within the defence environment. I have utilised my military insight to open a CP in Warminster, in hope that the trial proves successful to open CPs on all military bases in Wiltshire. Jeff Tibbett
Election of Supervisory Team Purpose: • To perform an independent check on the operations of the credit union, ensuring that it adheres to current rules and regulations, and that processes are followed. • The Supervisory team is represented at all board meetings, though its members are not Board Directors. Current Supervisory Team
Adoption of ABCUL 2012 Rule Book • WASCU is a member of ABCUL, from whom we receive support in many areas • The current rule book was supplied by UKCU, with whom we have no affiliation • The ABCUL and UKCU rule books are both based on the Financial Services Act (2012) so will not mean a change in the way the credit union is run Resolution • This members’ meeting resolves to adopt and register the 2012 edition of the ABCUL credit union rules
Questions? AGM 2019
Thank you Clive Henly: ChairmancliveH@wascu.co.uk
