A healthy bank balance and a successful past 12 months. What more could you want to hear at West Leeds and Bramley Credit Union AGM on Saturday? SHEENA HOGG reports.
The AGM took place in the Eric Atkinson Centre at 11am after a few late arrivals managed to find us which provided us with the quorum needed for the AGM to continue.
A quick precise of the meeting is as follows:-
Funds remain steady and the bank balance healthy. With the PRA guidelines stating a minimum ratio of capital to assets should be 3% ours is a healthy 17%.
The purchase of new computer equipment has enhanced the back office procedures.
One other new procedure which has had to be implemented, is the electronic reporting to the Bank of England. The first report was done at the quarter end of January , which we were delighted to learn we had passed all the validation and plausibility checks first time.
This proves even though WLB is only a small credit union it complies with all current legislation and has good accounting control.
Loan rates have been decreased, (giving an approximate APR of 12%, 9%, and 6% depending on amount borrowed and repayment time) which makes our credit union competitive with similar organisations.
The short term loans are beneficial with low interest rates compared to the local Rent-to-buy shops for example a small £300 loan last year would have cost £362 repaid monthly, but with the new lower rates the same amount of £300 would cost £320 this year – these are available to those members who save on a regular basis.
The credit union accounts which were presented have been signed off by the Auditors and formally approved by all present at the AGM.