Special General Meeting 12th September 2018

CHESHIRE NEIGHBOURS CREDIT UNION

 

Minutes of Special General Meeting held on 12 September 2018 commencing 6.15pm

Jubilee House, St Pauls Street Crewe

 

Attendance: Sandra Link, Rod Langford, Nina Hammill (Crewe + District Trades Council), Daniel Goron, Maria Balogoua, Deidre Meredith, David Spall, Pamela Spall, Vivienne Gorst, Mandy Gorst, David Johnson, Kath Cliffe, Sam Corcoran, Joe O’Toole, Ann Mallin-Jones, Andrew Mallin-Jones, Sarah Polese, Jack Chrisp, Linda Kellett, Richard Kellett, Georgina Richards, David Miles, Charles Razzall, Edith Pearson, Mark Thompson, Liz Smith, Steven Roberts, Lesley Morgan, Brian Roberts, Mick Roberts.

 

The Chair of the Board, Brian Roberts (BR) welcomed everyone to the meeting and introduced those board members present. The meeting was confirmed as quorate. Apologies for absence were received from 9 people and those people present who were not members were reminded they couldn’t vote.

 

The Minutes of the Special General Meeting of 24 April 2018 were approved with the following matters arising:

  • It was confirmed by Sam Corcoran (SC) that all restrictions imposed by Bank of England had been lifted and CNCU was still trading.
  • It was agreed that the website needs to be up dated and that the notes of all meetings (AGM and SGM) would be posted on the website.Board of Directors Report was delivered by SC and in addition to the lifting of Bank of England restrictions it was noted that:
  • Thanks were due to the staff and volunteers for coping so well during uncertain times.
  • Staff in attendance were invited to speak and the newly appointed office supervisor Georgina Richards (GR) invited members to contact her with suggestions for improving customer service.
  • SC referred to the Business Plan presented on 24 April 2018 and that CNCU business needed to increase to make CNCU viable, which included promotion of the JamJar Budgeting account, as well as small loans.
  • CNCU has a fast-track loan application process for members in receipt of a regular income such as child credit payments.
  • Improved computer system to be installed early October 2018 with system down 3.10.18.
  • CEC is prepared to give a subordinated loan of £60k, not repayable for 5 years with initial interest of 10% which will reduce if CNCU presents as lower risk. The loan was approved at meeting of 24.4.18, it has not been activated and is being held in reserve.
  • Crewe Town Council has provided a grant of £2300 for promotional materials and Board members have been active in promoting the CNCU at community events.

 

Treasurers Report was delivered by SC with accounts circulated for year end 30.9.17 which showed a deficit of £10,937 with a similar deficit expected for 2018. CNCU remains just above 3% reserve required by the Bank of England.

 

Credit Committee reported that loans that are being made are generally good with low levels of bad debt. CNCU has a history of not taking people to Court but is in the process of recruiting a volunteer to take this role. The current process for chasing bad debts was explained.

 

Report of the Auditor and consideration of accounts – SC proposed that the audited accounts that were circulated be approved and this was carried.

 

Appointment of Auditor generated discussion in relation to charges and it was agreed that Gardner Accountants be approved with the caveat to seek a more realistically priced auditor if possible.

 

Election of Directors – BR noted that since 24.4.18 two newly elected board members had resigned and Kath Cliffe had been co-opted. Brian Roberts, Sandra Link, Sam Corcoran, Mick Roberts, Natasha Maroni and Kath Cliffe were appointed. Members authorised co-option to a maximum board size of 9 members.

 

The Credit Committee were elected – Andrew Mallin-Jones, Ann Mallin-Jones, Sarah Polese, Richard Kellett and Georgina Richards as Chair.

 

Supervisory Committee – there is currently no such committee in place. It was noted that this is a requirement of the Rules. The role is to act as an independent watchdog, appointed by members. Agreed that GR and Kath Cliffe would seek to identify 3 suitable members to appoint and post the details on the website.

 

Rule Changes

  1. Extend common bond to Staffordshire. Carried.
  2. Increase maximum account balance to £15,000. Carried.
  3. Delete Rule 66 related to insuring members loans. Carried.
  4. Amend Rule 81. Carried.
  5. Rule 124 to delete ‘For as long as it remains a condition of ABCUL membership’. Carried
  6. Remove requirement to be member of ABCUL. Carried.

Clarity was sought about Rule 112 and it was clarified that board meetings do not need to be held each calendar month.

 

Any other business

  • A discussion about the ‘Notification of New Charges’ took place and further explanation about the charges was provided by SC, together with clarification and further definition about ‘Dormant Accounts’ (see rules 30-34).

 

The next Annual General Meeting will take place at the same venue on Wednesday 6 March 2019 commencing 6.15pm.

 

The meeting closed at 8pm.

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