CHESHIRE NEIGHBOURS CREDIT UNION
ANNUAL GENERAL MEETING
Held on Wednesday 6 March 2019 at Jubilee House, St Pauls Street, Crewe. Commencing 6.15pm
|1||Present: Sam Corcoran (chair), Sandra Link (notes), Georgina Richards, Mark Thompson, Ann Mallin-Jones, Rachel Cullen, Sarah Polese, Kerryn Hudson, Joe O’Toole, Christiana Obojiofor, Richard Kellett, Vivienne Gorst, Mick Roberts, Kath Cliffe, Peter Wilson, Jill Rhodes, Helen Wilman, David Spall, Pam Spall.
Apologies: Pamela Taylor, Linda Kellett, Sue Thompson, Elizabeth Meehan, Sade Coyne, St Micheals Church Coppenhall, Andrew Mallin-Jones.
|2||Welcome and introductions: Sam Corcoran welcomed everyone to the meeting and introduced the board and staff members. It was confirmed that the meeting was quorate.|
|3||Approval of SGM Notes from 2018: The notes were approved as an accurate record of the meeting held on 12 September 2018.|
|4||Actions arising from 12.9.18: Sam Corcoran reported that all rule changes had been approved by FCA with the exception of the request that CNCU be permitted to not write to all members individually to notify them of changes and meetings. The FCA replied by insisting that all memebr are individually notified. However, in order to reduce costs it is permissable to notify members by email or text message. All members were requested to ensure that CNCU has their email and mobile phone numbers.|
|5||Report of the Board of Directors: Sam Corcoran stated that (i) Cheshire East Council remain supportive of CNCU as evidenced by free use of premises. However CEC has confirmed that no further grant funding will be provided but the loan of £60k, released quarterly at £7.5k per quarter over a two year period has been approved and the first tranche accessed. (ii) The aim of increasing jam jar accounts has not been as successful as hoped. The Landlords forum had been attended recently in an effort to get landlords signed up for their tenants to pay rent and other key bills. There are currently 38 jam jar accounts. It was confirmed that the charge is £5 per month and the landlord can pay the fee. (iii) The loan book has been increased with particulary good months in December 2018 and February 2019. The evidence is promising but CNCU is not yet profitable. Strong views were expressed from the floor about promotion of the landlord budget account service and members were assured that this will continue to be developed. Sam Corcoran suggested that break even could be achieved in approximately 12 months time if the loan book continues to increase.
Sandra Link provided an HR up date explaining that in order to match the overall aim of CNCU to increase business and operate over 5 days, it had been necessary to increase the staffing resource. In September 2018, Sarah and Rachel had been joined by Georgina as office supervisor with the objective of her role being to develop the business and facilitate opening on Fridays. Additionally, Kerryn Hudson was appointed in February 2019 as customer services officer. All four staff are part time, taking the staffing resource from 47 hours to 91 hours per week. Job descriptions for the three customer service roles had been aligned in order that everyone could undertake all roles enabling coverage for five days and for absence through leave and sickness. Collaboration with other credit unions had taken place with Stockport CU enabling staff training in loan assessment and process; and development in debt management