Board of Directors and Supervisory Committee 2010
Peter Jackson
Martin McDonald
Liam Quinn
Ciarán Rafferty
Arthur Morgan
President
Vice-President
Treasurer
Secretary
Chair of Credit Committee
Peter Connolly
Philip Killen
Carmel McAnuff
Jim McArdle
Frances McCarthy
Director
Director
Director
Director
Director
Joe Rooney
Alison Hollywood
Noelle Lambert
Cathy McMahon
Director
Supervisor
Supervisor
Supervisor
Executive Committee: Peter Jackson, Martin McDonald, Liam Quinn, Ciarán Rafferty, Arthur Morgan. Credit Committee: Arthur Morgan, Peter Connolly, Sheila Connolly, Joe Hughes, Carmel McAnuff, Frances McCarthy, Grace McGaffin, John O’Hare. Credit Control Committee: Joe Rooney, Marian Hollywood, Louise Coghlan, Lorraine Keenan, Cathy Turley. Education Committee: Philip Killen, Kate Mulholland, Orla Lynch. Insurance Committee: Jim McArdle, Bernadette Heslip, Lorraine Keenan, Clodagh Mackin. Investment Committee: Martin McDonald, Liam Quinn, Peter Connolly, Joe Rooney, Brendan Jackson. Money Management Committee: Joe Rooney, Lisa Martin, Bernadette Heslip. Membership Committee: Kathleen Loughran, Clare Devlin, Marian Connolly, Orla Lynch. Nominating Committee: Arthur Morgan, Jim McArdle, Joe Rooney. Training Committee: Martin McDonald, Brendan Jackson, Deborah Gorman, Orla Lynch. Supervisory Committee: Alison Hollywood, Noelle Lambert, Cathy McMahon. 1
Contents Notice of Annual General Meeting
3
Directors Recommend / Nominations
4
President’s Address
5
Treasurer’s Report
6-7
Financial Accounts
8 - 13
Statement of Directors’ Responsibilities
13
Independent Auditors’ Report
13 - 14
Supervisory Committee Report
15
Insurance Committee Report / Death Benefit Insurance
16 - 17
Credit Committee Report
18 - 19
Credit Control / Money Management Report
20
Membership Committee Report
21
Education Committee Report
22
General Manager’s Report / Assistant Manager’s Report
23 - 24
Tribute to Arthur Morgan and Peter Connolly
25
Standing Orders
26
Minutes of 2009 AGM
27 - 29
Amendments to Standard Rules
30
Services Offered / Management & Staff
31
Credit Union Invocation
32
2
Notice of Annual General Meeting 49th Annual General Meeting Canal Court Hotel, Newry on Wednesday 24th November 2010 at 8.00pm
CiarĂĄn Rafferty (Hon Secretary) Each Member is earnestly requested to attend.
Agenda 1.
Ascertain that a quorum is present
2.
Adoption of Standing Orders
3.
Minutes of last A.G.M.
4.
Motion to adopt Rule Changes arising from Irish League of Credit Union’s AGM 2010
5.
Reports of Directors
6.
Report of Treasurer & Consideration of Accounts
7.
Report of Auditors
8.
Declaration of Dividend and Rebate of Interest
9.
Report of Nominating Committee
10.
Appointment of Tellers
11.
Election of Auditors
12.
Election of Directors
13.
Election of Supervisor
14.
Report of the Credit Committee
15.
Report of the Supervisory Committee
16.
Reports of the Sub-Committees
17.
Any Other Business
18.
Announcement of Election Results
19.
Adjournment or Close of Meeting
3
Directors Recommend A. This year’s contribution to the International Development Foundation Limited to be calculated on the basis of 50p per Member. B. Deduct League affiliation fees of £1.00 per individual adult Member. C. Death Benefit Insurance of £13.58 for single accounts and £27.16 for joint accounts. D. The adoption of the amendments to the Standard Rules arising from the Irish League of Credit Union’s AGM Meeting 2010. Proposed by: Seconded by:
Liam Quinn Peter Jackson
Nominations Nominations for the positions of Directors or Supervisors shall be in writing, signed by a proposer and seconder who shall be Members of the Credit Union, also by the nominee so as to indicate his/her consent and shall be sent by hand or post so as to reach the registered office of the Credit Union by Tuesday 16th November 2010. All such nominees must be Members of the Credit Union and be of full age, that is 18 or over. Marriage of persons 16-18 also confers full legal age. All Members aged 16-18 have voting rights but cannot be nominated. *Please bring your passbook to assist distribution of voting papers
Security of Members’ Information
Newry Credit Union President, Peter Jackson, receiving ISO 27001 Information Security Management System Certificate from Alban Maginness, Chair of Enterprise Trade & Investment Committee, Northern Ireland Assembly. Also in photo from left to right, Deborah Gorman, Joan Markey, Brendan Jackson, Orla Lynch and Marian Hollywood.
4
President’s Address Dear Members, I am pleased to present to you the financial statements and results of Newry Credit Union Limited for the financial year ending 30th September 2010. There is no doubt that the past year was difficult and challenging for all. This is clearly illustrated in the doubling of the amount of loans written-off in the accounts. However, in spite of all the economic turmoil that affected our Members throughout the past year, Newry Credit Union has remained strong and steadfast. The success of Newry Credit Union has been due to the trust the Members have in this institution. The fact that shares have increased this year by £2.5 million, confirms that our Members are confident in the stability of this great organization. Our loan book has also remained very solid throughout the past year. Although it did dip slightly, loans to Members stand at a very respectable £32 million. Unlike the banking sector, Newry Credit Union will not be accused of withdrawing credit from its Members. Members know their Credit Union is open for business. Where Members have the ability to repay, and have conducted their financial affairs properly, they will get credit from their Credit Union. Newry Credit Union fully supported the Irish League of Credit Unions (ILCU) submission to The Financial Regulator in the Republic of Ireland. The kernel of the ILCU position was that it was opposed to any dilution of the thirty-two county nature of the Irish League, which could adversely affect the availability of the Savings Protection Scheme to Northern Ireland Credit Unions. Last year I congratulated the Staff on obtaining ISO 27001 Accreditation for the Credit Union’s Information Security Management System (ISMS). This shows our commitment to maintain the information we retain on our Members in the strictest confidence and secured to international standards. I am pleased to announce that we have maintained those standards, as our recent audit confirmed. I would like to thank those Members who donated so generously to the various appeals throughout the year. This is a sure sign of the nobility of Members, who at a time when things are tight, can still spare a thought (and money) for those in greater need. Some 47 years ago the Founding Directors of Newry Credit Union had the foresight to establish a financial cooperative in the heart of Newry. Two of those pioneers (who are still working voluntarily on behalf of the Members), were honoured at the Newry Business Awards in June for their Outstanding Contribution to the Greater Newry Area. I felt particularly privileged in my Term of Office to have been present on the night to see Arthur Morgan and Peter Connolly publicly recognized for their service to the Credit Union and consequently to the people of Newry. This was one of those few occasions when prophets were welcome and honoured in their home town. I would like to take this opportunity to offer my sincere thanks to my fellow Directors, Supervisors, Volunteers, Management Team and Staff of Newry Credit Union who work tirelessly on your behalf to make this Credit Union a credit to its Members. Yours sincerely
Peter Jackson President
5
Treasurer’s Report It gives me great pleasure to present the Treasurer’s Report of Newry Credit Union for 2010. The financial performance of the Credit Union this year has remained strong, particularly given the current economic conditions affecting the local economy. Many financial institutions have suffered significant losses in the last year due to their aggressive lending policies and reckless pursuit of profits and shareholder return. The confidence of the general public has understandably been eroded and in some cases people have questioned the security of their savings in financial institutions. It is therefore important to emphasize the key differences between your Credit Union and other financial institutions; •
Newry Credit Union serves you as the Member and shareholder and not Corporate Investors and Pension Fund Managers;
•
Newry Credit Union only invests your savings in schemes where the capital is 100% guaranteed;
•
Newry Credit Union retains at all times a strong capital base and only lends from the money saved by its own Members;
•
Newry Credit Union is a responsible, ethical lender and provides those Members who have genuine financial problems with free confidential money management advice.
These differences, together with the sound judgement of the volunteer Directors and the professionalism of the Management and Staff, combine to create a safe and secure place for all your financial needs. In this financial year Newry Credit Union generated a surplus of £2,041,657 and the Board is recommending that 87% of this is repaid to Members through a dividend on savings and an interest rebate on loans. Proposed Dividend and Interest Rebate In proposing the dividend and interest rebate each year, the Board is committed to ensuring equal and fair treatment among all our Members, both savers and borrowers.
The Board is recommending a dividend of 2.25%. This provides an excellent return on savings, given that the bank base rate is 0.5%. In addition the Board is recommending a loan interest rebate of 20%. Thus for every £1 of loan interest paid by a Member, 20p is returned out of this year’s annual surplus, resulting in a significant reduction in the cost of borrowing for Members. The net surplus this year amounts to £2,041,657 and after a number of adjustments, including the necessary transfer to the general reserve of £240,000, the amount available for distribution is £1,788,493. In summary therefore it is proposed to distribute this as follows: Proposed Dividend Proposed Interest Rebate Unappropriated Balance Total
2.25 % £1,053,572 20% £1 721,409 £2 13,512 £1,788,493
6
Treasurer’s Report Financial Review In reviewing the financial statements for the year, a number of costs have increased and there are also a number of significant reductions in cost. It is important to clarify these:Staff and Pension Costs Staff costs increased by £46,079 compared to last year. This increase was a result of additional staff cover required to cover sickness and maternity leave. There was no annual pay rise for staff in the financial year, though they were paid a bonus payment instead. The additional contributions to the employee pension scheme of £16,386 in the year were based upon advice from the administrators of the scheme and were necessary to maintain the fund at a sufficient level. Loan & Share Insurance The reduction in the cost of the Loan & Share insurance was due largely to a rebate credited in the financial year. Loans Written Off The amount of loans to Members at present is £32,109,512 and in the current economic circumstances it can be expected that some Members will experience difficulties in repaying their loans. It is both the view of the Board of Directors and good accounting practice, to be prudent and write off loans if there is a high potential that they will not be repaid. In the current year loans written off amounted to £521,571 or 1.6% of the total loan book. It is important to state that these loans, whilst written off for accounting purposes, will continue to be actively pursued by the Credit Control Staff. Taxation The overall tax payable was reduced by £7,352. This tax is payable on investment income received on deposits and in the current year the income received was less than in 2009. Balance Sheet Review In the past number of years the Board has allocated resources to encourage an active juvenile Membership and saving. It is pleasing therefore to note that amounts held in juvenile accounts is now close to £2 million. In 1999 this amount was £286,000. In conclusion therefore 2009 / 2010 has been a challenging period for the local economy and this is likely to continue in the current financial year. The Board of Newry Credit Union is committed to maintaining a strong financial position by being a responsible, ethical lender and by providing a reasonable return on the savings of our Members. Finally I would like to thank my fellow Directors, the Management Team, Staff and our Auditors, Fitzpatrick & Kearney Ltd for their assistance and support throughout the past year.
Liam Quinn Treasurer
7
Revenue Account for the year ending 30th September 2010
2010
Income
£
2009 £
Loan Interest - Members Bank Interest Building Society Interest Entrance Fees Bad Debts Recovered Commission ATM Rental Income Paypoint Income
£
£
3,607,043 486,304 48,003 534 40,941 1,858 1,500 881
3,660,628 490,312 68,709 427 48,553 3,529 1,500 641
4,187,064
4,274,299
Deduct Expenditure Staff Costs Group Pension & Life Assurance Rent and Rates Heating, Light & Cleaning Repairs & Maintenance Computer Maintenance & Accessories Loan & Share Insurance-Net General Insurance-Net Telephone and Postage Printing, Stationery & Advertising Audit & Accountancy Fees Chapter Expenses Management Expenses Staff Training AGM Expenses Loans Written Off Provision for Doubtful Debts Taxation Depreciation - Premises Depreciation - Office & Computer Equipment Depreciation - Fixtures & Fittings Depreciation - Motor Vehicles Cash security costs ILCU affiliation fees Members current account costs ISO Certification Consultancy fees Loss on sale of fixed asset Credit referencing costs
515,747 71,783 30,234 36,280 16,632 39,763 287,617 10,729 29,545 42,848 16,450 1,339 25,929 4,322 8,464 521,571 175,000 133,152 47,536 47,578 11,460 3,789 10,822 5,277 41,518 6,810 3,212
469,668 55,397 29,316 36,322 18,240 40,066 340,157 11,375 28,255 45,300 15,400 914 23,657 4,051 8,208 266,629 200,000 140,504 47,537 47,356 11,846 3,789 12,747 6,210 59,078 11,322 7,188 3,624 3,210
2,145,407
1,947,366 2,041,657
Excess of Income over Expenditure
President: 20th October 2010
Treasurer:
Secretary: 8
2,326,933
Distribution Account for the year ending 30th September 2010
2010
Income
£
2009 £
£
£
Unappropriated balance B/F
2,050,393
2,363,779
Add:
2,041,657 209
2,326,933 183
4,092,259
4,690,895
Net Surplus for year Forfeited Shares
Transfer to General Reserve Membership Fees
Social, Charitable & Educational Dividend paid Interest Rebate paid
240,000 534 240,534
255,000 427 255,427
41,858 1,291,080 730,294
43,084 1,607,671 734,320
Unappropriated Balance C/F
President:
Treasurer:
2,303,766
2,640,502
1,788,493
2,050,393
Secretary:
20th October 2010
9
Balance Sheet as at 30th September 2010 2010
Notes Fixed Assets Tangible Assets
£
2009
1
£ 2,102,050
Members Loans Loans to Members Less: Provision for Doubtful Debts
32,109,512 (1,025,000)
33,235,565 (850,000)
31,084,512
32,385,565
Current assets Stock of Stationery Prepaid Expenditure Accrued Income Cash on Current Accounts Cash on Deposit Cash on Current Account - Minors Cash on Deposit Minors Cash in Hand
Current liabilities Sundry Creditors and Accruals Provision for Dividend 3 Provision for Corporation Tax 4 Minors Deposits 6
£
53,925 972,139 677,120 1,531,875 18,043,328 13,357 1,911,550 204,281 23,407,575
39,346 354,194 890,279 1,461,739 14,481,127 37,558 1,657,982 262,466 19,184,691
259,945 67,628 123,552 1,924,907 2,376,032
128,996 71,483 126,764 1,695,540 2,022,783
£ 2,200,290
Net Current Assets
21,031,543
17,161,908
Net Assets
54,218,105
51,747,763
46,955,624 5,473,988 1,788,493
44,463,916 5,233,454 2,050,393
54,218,105
51,747,763
Represented By: Members shares General reserves Distribution account
President:
5
Treasurer:
Secretary:
20th October 2010
10
Notes On and Forming Part of the Financial Statements: Year Ended 30th Sept 2010 (Note 1) Fixed Assets Freehold Premises
Office & Comp Equip
Fixtures & Fittings
Motor Vehicles
Total
Cost Balance @ 30/09/09 Additions Disposals Balance @ 30/09/10
£ 2,376,823 2,376,823
£ 451,331 8,237 459,568
£ 150,558 3,886 154,444
£ 18,945 18,945
£ 2,997,657 12,123 3,009,780
Depreciation Balance @ 30/09/09 Charge for the year
372,762 47,536
297,299 47,578
123,517 11,460
3,789 3,789
797,367 110,363
Balance @ 30/09/10
420,298
344,877
134,977
7,578
907,730
1,956,525 2,004,061
114,691 154,032
19,467 27,041
11,367 15,156
2,102,050 2,200,290
Net Book Value 30th September 2010 30th September 2009
(Note 2) Accounting Policies (a) Accounting Convention The financial statements have been prepared under the Historical Cost Convention. (b) Depreciation Depreciation is calculated to write off the cost of Fixed Assets less their estimated residual value as follows: Freehold Premises Over 50 years Fixtures & Fittings 15% Straight Line Office & Computer Equipment 15% Straight Line 20% Straight Line Motor Vehicles (c) Loan Interest - Members Interest on members' loans is calculated only when a repayment is made, the repayment being first utilised to pay interest due and any balance remaining utilised to reduce the principal of the loan. Thus, the "Loan Interest Members" in the revenue account includes only interest actually paid and excludes interest due but unpaid at the year end. (d) Bank and Building Society Interest Bank and Building Society Interest comprises interest earned whether received or not during the year. (e) Dividend Accounting Policy In the year ended 30th September 2006, the Credit Union changed its policy in accounting for members dividend and interest rebate payments in order to comply with Financial Reporting Standard 21 (FRS 21) which became effective for accounting periods commencing on or after 1st January 2005. Dividends and interest rebate payments are now charged to the Revenue account in the accounting year of payment instead of the accounting year in which the relevant surplus is generated. (f) Bad and Doubtful Debts Specific provision is made for all loans which are considered doubtful. Where a loan is considered irrecoverable, it is charged against the income for the year or where specific provision has already been made, against such provision. (g) Pensions Contributions to pension schemes are charged to the revenue account as they fall due. 11
Notes On and Forming Part of the Financial Statements: Year Ended 30th Sept 2010 (Note 3) Provision for Dividend The provision relates solely to uncollected dividend on closed accounts from previous years of £67,628. (Note 4) Provision for Corporation Tax Corporation tax of £123,552 has been provided being the amount expected to be payable by the Credit Union for the year. Tax incurred at source amounted to £9,600. (Note 5) General Reserves Balance at 1st October 2009 Transfer from Distribution Account Balance at 30th September 2010
£ 5,233,454 240,534 5,473,988
(Note 6) Minors Deposits Article 26 of the Credit Unions (Northern Ireland) Order 1985 entitles a Credit Union to accept individual deposits up to a total of £10,000 from a person under the age of 16 on condition that it is held in Trust until that person is 16. It is the Directors’ policy to accept a maximum of £5,000 for each juvenile member. These deposits are reflected separately in the financial statements. (Note 7) Contingent Liabilities As far as the Directors are aware, there were no contingent liabilities at 30th September 2010 not provided for in the financial statements. (Note 8) Capital Commitments The Credit Union did not have any capital commitments at 30th September 2010 not already provided for in the financial statements. (Note 9) Related Party Transactions The directors, supervisors and staff of the Credit Union are deemed related parties as defined by Financial Reporting Standard 8, "Related Party Disclosures." The following transactions were conducted with the directors, supervisors and staff during the year. Shares Balances at 1st October 2009 Adjustment for retirement of old and introduction of new Directors, supervisors and staff Lodgements Withdrawals Dividend and interest rebate (net of affiliation fees and death benefit insurance) Balances at 30th September 2010 Loans Balances at 1st October 2009 Adjustment for retirement of old and introduction of new directors, supervisors and staff Loans granted Repayments Balances at 30th September 2010 Loan interest paid
£ 261,384 46,042 126,005 (167,055) 21,157 287,533 £ 771,328 7,210 139,717 (266,027) 652,228 68,208
All such transactions have been made in the ordinary course of business and in accordance with the rules of the Credit Union.
12
Notes On and Forming Part of the Financial Statements (Note 10) Events after the balance sheet date The directors have proposed a dividend payment of 2.25% for the year ended 30th September 2010 estimated to cost £1,053,572 together with an interest rebate of 20% of interest paid for the year ended 30th September 2010 estimated to cost £721,409.
Statement of Directors' Responsibilities: Year Ended 30th September 2010 The Credit Unions (Northern Ireland) Order 1985 (as amended), requires the directors of the Credit Union to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Credit Union and of the Income and Expenditure of the Credit Union for that period. In preparing those financial statements, the directors are required to:
• • •
select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Credit Union will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Credit Union and which enables them to ensure that the financial statements comply with the Credit Unions (Northern Ireland) Order 1985 and any amendments thereto. They are also responsible for safeguarding the assets of the Credit Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
President:
Treasurer:
Secretary:
20th October 2010
Independent Auditors’ Report To the Members of Newry Credit Union Limited We have audited the financial statements of Newry Credit Union Ltd for the year ended 30th September 2010 which comprise the Revenue Account, Distribution Account, Balance Sheet and the related notes. These financial statements have been prepared under the accounting policies set out therein. This report is made solely to the Credit Union's members, as a body, in accordance with Article 47 of the Credit Unions (Northern Ireland) Order 1985 (as amended). Our audit work has been undertaken so that we might state to the Credit Union's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Credit Union and the Credit Union's members as a body, for our audit work, for this report, or for the opinions we have formed.
13
Respective Responsibilities of Directors and Auditors The directors' responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice) are set out in the Statement of Directors' Responsibilities. Our responsibility, as independent auditor, is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view, and are properly prepared in accordance with UK Generally Accepted Accounting Practice and the Credit Unions (Northern Ireland) Order 1985. We also report to you, if, in our opinion , a satisfactory system of control over transactions has not been maintained, or if proper books of account have not been kept by the Credit Union. In addition, we state if we have not obtained all the information and explanations necessary for the purposes of our audit or if the Credit Union's balance sheet and its revenue account are not in agreement with the books of account. We read the other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Basis of Audit Opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Credit Union's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion In our opinion the financial statements give a true and fair view of the state of the Credit Union's affairs as at 30th September 2010 and of its income and expenditure for the year then ended, and have been properly prepared in accordance with UK Generally Accepted Accounting Practice and with the Credit Unions (Northern Ireland) Order 1985.
Fitzpatrick & Kearney Ltd Chartered Accountants & Registered Auditors 10c Marcus Square Newry Co Down BT34 1AE 20th October 2010
14
Supervisory Committee Report The principle function and overriding objective of the Supervisory Committee is to ensure, as far as it is possible, that the affairs of your Credit Union are carried out in accordance with the legislation and code of governance relating to Credit Unions. In this regard we are delighted to report that the work of your Board of Directors has been carried out in an efficient and extremely professional manner, and all decisions made have been in the interest of you, the Member. This concurs with the Independent Auditor’s Report presented to you. We, the Supervisory Committee, can reassure you from our work conducted throughout the year there is adequate functioning of all the internal controls, risk management and governance systems within Newry Credit Union. Our activities can be summarised as follows: • • • • • •
Credit Agreements and Share Withdrawals were checked; The Loans to Officers Book was checked regularly; Books of accounts were checked; Account verification was carried out on a random sample of Membership; Expenses of Directors were checked, and in addition a number of cash checks were undertaken and All high level loans were monitored on a continuous basis.
In addition during the year, all meetings of the Board of Directors were attended by a member of the Supervisory Committee. In order to further protect your interests, members of the Supervisory Committee have ensured that they have played an important role in overseeing the decisions of both the Credit Committee and Credit Control Committee during the past year. The Supervisory Committee wishes to record its warmest and sincere thanks to the Board of Directors, the Management and Staff for their courtesy and full co-operation, assistance and efficiency throughout the past year. Supervisory Committee Alison Hollywood Noelle Lambert Cathy McMahon
Newry Credit Union President Peter Jackson and Credit Union Staff presenting a cheque to Deirdre Murphy from Concern for their Haiti Appeal.
Newry Credit Union’s Treasurer Liam Quinn and President Peter Jackson, presenting a cheque to Gemma Evans from Trocaire for their Pakistan Appeal.
15
Insurance Committee Report Being a Member of Newry Credit Union has many advantages. One of the greatest of these is the opportunity to qualify for a range of free insurance products, such as life insurance on savings and loan protection insurance on loans. Our Death Benefit Insurance (DBI) Scheme also offers Members access to a unique and invaluable service. An annual premium entitles Members, in the event of their death to a payment which has traditionally been used towards funeral expenses. Over the years the families of thousands of Newry Credit Union Members, young and old, have benefitted from this scheme during very traumatic times in their lives.
Deduction of DBI from Accounts In the past we have deducted the premium from the dividend earned by Members. Last year we deducted £10.19 from the dividend on accounts which had savings in excess of £350, per individual Member, (£700 for joint accounts). However, this year we are proposing two significant changes; the first concerns the source of funding for DBI, and the second, a change in the amount of the premium in order to give greater financial cover to the deceased Member’s estate. By deducting the premium from savings as opposed to from the dividend, a greater number of Members will be automatically covered for DBI. If a Member has more than £20 in their savings the premium will be automatically deducted. We are also proposing to raise the premium being collected from £10.19 to £13.58 on single accounts and from £20.38 to £27.16 on joint accounts. By increasing the premium an additional £500 cover will be purchased, and the DBI payment to the deceased’s estate will rise from £1,500 to £2,000. We feel the adjustment is necessary at this time due to the escalating cost of funerals being borne by relatives of our deceased Members. The premium of £13.58 provides exceptional value for money because of the uniqueness of the product offered. Sadly, during the past year 114 Members passed away. Insurance claims totalling £473,413 were paid out to the families of the bereaved. This figure included both DBI and insurance on savings and loans. On behalf of the Directors, Supervisors and Staff I wish to extend my sincere sympathy to the relatives of Members who died in the past twelve months. Our thoughts and prayers are with you all. Jim McArdle Insurance Director Insurance Committee Jim McArdle Bernadette Heslip Lorraine Keenan Clodagh Mackin
16
Rest In Peace Caroline King Alice O’Rourke Jean Elliot James Mc Evoy Pearse Rafferty Jackie O’Hanlon Robert Lysaght Walter Mc Clean Yvette Lonergan Anthony Fitzpatrick Blinnih King Anne Mc Grath Beatrice Hughes Paul Cunningham Joseph Kinney Teresa Shortland George O’Neill Rosaleen Mc Creesh Dominic Mc Grath Daniel Mac Groarty Eileen Coffey Mary Rose Hughes Irene Campbell Patrick O’Loughlin Christine Mc Cauley Dora Berry Teresa Garety Bridie Kavanagh Teresa Markey
Gerald Carroll Bernadette Mc Grory Tommy Hollywood Nicholas Black Noreen Mc Grath Madge Hughes Denis Ward Anne Butterley Bridie Smyth Teresa Moody John Woods Margaret Mc Cabe John Mc Aleenan Eugene O’Callaghan Philomena Mc Ateer Robert Turley Eamon Hughes Hugh Kimmins Frederick Isaac Seamus Kennedy Julia Cullen Margaret Hollywood Eugene Hughes Edward Campbell Sean O’Hare Bernard Cooney Charlotte Toner Peter Mc Kearney Roger Smyth
Hugh Coghlan Patrick Barry Patricia Doherty Margaret Mc Williams Doris Madigan Maureen Graham Patricia Smith Edward Meenan Kathleen Harvey Victor Hanlon Peter Toal Gilbert Copeland Margaret Mc Cartan Stephen Treanor Evelyn Fegan Brendan Murtagh William Fallon Bridie Banks Fabian Boyle Mary Bernadette Ruddy William Morton Margaret Keenan Donald Littlewood Noel Mathers Ann Marie Crimmins Philip Nolan Siobhan Mc Ateer Margaret Campbell Bridie Haughey
17
William Hutchman Kathleen Daly Patricia Price Sean Mc Gowan Elizabeth Mc Evoy Robert Shevlin John Joseph Fitzpatrick Patrick Trainor Eimear Treanor Maura Henry Margaret Toner James Mc Nulty Eamonn Gunn Desmond Morley Vincent Dobbin Philomena Loughran Kevin Fegan Bernard Cunningham Margaret Matthews Bernard Powell P J Rowntree Patrick Murphy Ann Carroll Mary Mc Parland Thomas Chambers Patrick Mc Mahon Kevin Byrne Lucy Begley
Credit Committee Report The Annual Accounts show that a total of approximately £12.1 million was issued to Members in the form of loans. This is down approximately £1.4 million on last year’s figures. The drop in loans issued can be related to a number of factors including a reluctance of Members to overstretch at a time when their own income may be at risk. Another significant factor is the increased scrutiny all loan applications are subject to. The Credit Committee is very aware that its decisions can affect the security of the Membership’s savings. To that end we make every effort to make sound decisions on the information presented to us.
The three criteria employed in assessing a loan application are: 1) The character of the Member 2) The ability to repay and 3) The purpose of the loan While the overall number of loans issued this year is down, the same time, effort and diligence has to be exercised in assessing each loan application. The fact that the Credit Committee met each Tuesday, Thursday and Friday gives some indication of the workload involved. In previous Annual Reports we spoke about the need for information from credit referencing agencies to augment our knowledge of the indebtedness of Members. In 2008 we registered with Experian Credit Bureau for this very purpose and this has improved our knowledge enormously. Last year, as part of the loan application process we introduced the requirement for Members to produce proof of their income whether from their employer, or in the form of bank statements and Post Office accounts to provide proof of benefits. While Members may have been reluctant initially to provide this information, this practice is now firmly embedded. This year we looked at the area of Guarantors and the role the Guarantor plays in Newry Credit Union. We introduced a new procedure to protect both the savings of our Credit Union Members and the Guarantor. The Guarantor now must prove that he/she has the means to repay any loan they are signing for. The Guarantor must present photographic evidence to prove their identity and details of their income to prove their ability to repay. To safe-guard the Guarantor, they are offered a cooling-off period, rather than feeling coerced into signing for something at the counter. The Guarantor is under no illusion about the size of the loan he/she is signing for, or the implications of them signing a legally binding document. I can only apologise for any inconvenience that this new requirement may cause. However, I do believe that it is in the best interest of the borrower, the Guarantor and the general Credit Union Membership that the true indebtedness of each Member is known, and that all interested parties are aware of their legal obligations. So far the new requirements, although inconvenient, have been received favourably. I am extremely grateful to my fellow Directors, Volunteers and attending Supervisors who made themselves available each week to perform this vital function for you the Members. I would also like to thank the Management and Loan Officers for their assistance in taking applications and also in issuing loans at the counter. Arthur Morgan Credit Committee Chairman Credit Committee Arthur Morgan Peter Connolly Sheila Connolly Joe Hughes Carmel Mc Anuff Frances Mc Carthy Grace Mc Gaffin John O Hare
Back Row (L to R): John O'Hare, Sheila Connolly, Frances McCarthy, Peter Connolly. Front Row (L to R): Carmel McAnuff, Arthur Morgan, Grace McGaffin. Missing from picture: Joe Hughes.
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Credit Committee Report
Continued
Breakdown of Loan Purpose Total Value of Loans £12,099,434 Car / Van / Motorcycles Home Improvements / Home Needs / Personal Needs Shares over Loans House Purchase / Registered Charge Christmas / Easter / Special Occasions Holidays / Hobbies / Education Consolidation of Debts Business Stock
Loan Amount Breakdown 55%
Total Value of Loans £32,109,512 50% 45% 40% 35%
3,562
30%
All Loans - 6,811
25% 20%
1,350
% of All Loans
10%
1,330
15%
£1
-
6
38
£1 £1 ,0 ,0 01 00 £5 £ ,0 5, 01 00 0 £1 £1 0, 0, 00 00 1 0 £2 £ 5, 25 00 ,0 1 00 £5 0, £5 00 0, 1 00 0 £1 00 ,0 00 £1 00 ,0 01 +
0%
79
446
5%
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Credit Control Report Newry Credit Union has always strived to treat its Members with dignity and respect in their financial dealings. Within Credit Control in particular, we see our role in these most difficult of financial times, as assisting our Members to meet their essential commitments. Our primary aim is to endeavour to keep open the source of credit for future financial requirements. To achieve this objective we recommend our Members inform us immediately of any financial change which may create problems for them in meeting their payments to Newry Credit Union. It is important to remember that help is always at hand should difficulty arise. The ‘do nothing’ option is no option, as reality always dawns. We would encourage all Members to face the reality of their financial situation head on and the sooner the better. As the recession continues to bite we know that more Members will have to seriously look at the money they have at their disposal. Hard decisions on life-style, on commodities and in some cases basic purchases rather than luxury items will have to be made. We all have to make our money stretch that little bit further. Yes budgets are boring but if we take the time to look at our finances it will help to highlight where our money is going. The first step to managing your money is taking control of your finances. In Credit Control and Money Management we are always available to assist you. Joe Rooney Credit Control Director Credit Control Committee Joe Rooney Marian Hollywood Louise Coghlan Lorraine Keenan Cathy Turley
Money Management Report The services of the Money Management Department have been in very high demand this year, proving that more and more Members are in need of our assistance in helping them deal with their creditors. Almost 130 new Members availed of the service this year with debt (excluding their mortgage and Newry Credit Union Limited) totalling over £1.3 million. Through negotiation with these creditors we have been able to agree reduced monthly payments saving our Members over £170,000 in this year alone. The key to managing your finances is budgeting, planning for not just regular expenses such as groceries and mortgage/rent, but for things such as school uniforms, Christmas and your car service. Unlike debt management organizations, our service is completely free, therefore you can allocate every penny of disposable income you have to discharging your debts rather than wasting it on commission. And of course you can have confidence in knowing that the service is completely confidential. We will help you draw up a realistic and manageable budget to help you cope with whatever lies ahead. We would encourage any of our Members who are experiencing financial difficulty to make an appointment with our Money Management Department. Joe Rooney Money Management Director Money Management Committee Joe Rooney Lisa Martin Bernadette Heslip 20
Membership Committee Report The current economic crisis and reduced lending by banks has brought about the resurgence of the pawn shops of yester year in the modern day guise of ‘Moneyshops.’ The inflated interest rates being charged by this type of establishment can run into thousands + percent and serve only to trap vulnerable people into a downward financial spiral. Newry Credit Union was established 47 years ago to serve the local community and to protect them from extortion of this type. It is therefore gratifying to see that the Membership of Newry Credit Union has increased by 282 to 17,630 in the past year. Whilst Juvenile Membership has decreased from 3,026 to 2,968 (a reduction of 58 accounts) this is in part explained by the very high conversion rate from juvenile to senior Membership. Since June we have changed our New Members’ Meetings from Wednesday evening to Saturday mornings. This change was made in response to feedback we had received from Members and has been well received. Newry Credit Union, like other financial organizations is governed by Money Laundering Regulations and prospective Members are reminded of the need to produce the following documentation when joining: 1. Photographic identification (passport, driving licence etc.). 2. Proof of address within the past three months (bank statement or utility bill). 3. National Insurance Number. 4. In the case of a child under 16 years of age (birth certificate, parent’s signature and proof of parent’s address). My sincere thanks to the Staff who assist in the processing of New Members from initial enquiry through to the presentation at the New Members’ Meetings. Frances Mc Carthy Membership Director Membership Committee Frances McCarthy Marian Connolly Clare Devlin Kathleen Loughran Orla Lynch
Please insure your documentation is correct when applying to join Newry Credit Union.
Kate Mulholland, Education Officer with young savers from Bunscoil an Iúir.
Newry Credit Union’s Education Director Philip Killen, Staff Bernadette Heslip and Kate Mulholland with the winning School Quiz team from St Colman’s College. Also in photo is Sorcha O’Hare from St Colman’s College.
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Education Committee Report The responsibility of having to make good financial decisions is being placed upon our young people at an ever earlier age. Store and credit cards are widely available and the pitfalls of making the wrong choice can have huge consequences for many years. As a community based financial organization we feel that we have a duty to reach out to the young people in the area and advise them of the benefits of saving and borrowing wisely. This is one of the primary reasons why we have such a full programme of events through the year within our schools – by raising awareness of the Credit Union, we are educating young people on the alternative that exists to banks, building societies and expensive ways to borrow. Our School Credit Union Saving Scheme is currently being run in two local primary schools, Bunscoil an Iúir and St Malachy’s. This scheme provides us with the platform to speak directly to children from 4 years of age and in a gentle way promote the habit of regular saving. We’re delighted that in December many of our local schools come into the Credit Union and entertain us and our Members with their beautiful singing and music. As well as bringing the true spirit of Christmas to us, it provides an introduction to the Credit Union to many children who may otherwise never be in the Credit Union building. Our annual Quiz and Poster Competitions are events that we run in conjunction with the Irish League of Credit Unions and indeed, are run by Credit Unions throughout the whole of Ireland. In Newry we’re extremely lucky that the events are so well supported by the local schools and that Newry has such talented young people!! This year St Colman’s College made it through to the All-Ireland final of the Quiz in Dublin and despite not winning, did a fantastic job of representing themselves, their school and Newry Credit Union. Our sincere thanks to all those who took part in the School Quiz and Poster Competitions – we look forward to working with you again next year. Every year we say that the highlight of our year is the Art and Craft Awards that is held in Rathore School and this year was no different. We’re honoured to be involved in this event and as always are delighted to be able to put the fantastic Art and Crafts on display in the Credit Union for all our Members to admire. Our heartfelt thanks to the pupils, teachers, carers and parents from Rathore, the Abbey Special Educational Unit for Physical Disabilities and St Joseph’s Primary for yet again making our day with you so much fun! We’re very proud of our beautiful premises and consider ourselves to be very fortunate to have such great window frontage onto Hill Street. Our window displays have always been used to inform our Members (and prospective Members) about ourselves and the services we offer, and also to connect with the passions of our Members. This year we’ve put an extra effort into the windows and word on the street is they’ve become a bit of a talking point! Hope you’ve enjoyed them! Staying in touch with our Members is of course of huge importance to us and many of our Members log onto our website to find out the Credit Union’s latest news. Registering for online access is also proving very popular and to date 1,222 Members have registered and therefore are able to avail of our online services such as applying for loans online and checking their balances. Our annual Newsletter ‘Credit Union Matters’ which is posted to each Member is another way in which we try to stay in touch with our Members and seems to be something they enjoy receiving. Thanks to everyone who has supported us through the past year. As ever it’s a pleasure to be so closely involved with the local community and we look forward to working with you again next year. Philip Killen Education Director Education Committee Philip Killen Kate Mulholland Orla Lynch 22
Beautiful artwork from the Annual Art and Crafts Awards.
General Manager’s Report Outstanding Contribution to the Greater Newry Area David Cameron has been flaunting the concept of the Big Society as the new way forward; however Newry Credit Union since its inception has been practically demonstrating the virtue of self-help. This year two of the Credit Union’s founding Directors, Peter Connolly and Arthur Morgan, were acknowledged in the Newry Business Awards for their Outstanding Contribution to the Greater Newry Area. This is a very public recognition for their voluntary efforts. Their service to their community is in stark contrast to the greed and self-promotion that categorizes other financial institutions. The two recipients richly deserve their accolade and the people of Newry are the beneficiaries of their altruism.
Surplus to Members Many organizations are quite happy to remain afloat at present (and consider that a very significant achievement). For other organizations a small profit is a major achievement. However, Newry Credit Union’s return to the Members of almost £1.8 million is a staggering achievement. All this has been done without a bail-out from the Government. Prudent decision-taking by the Directors means that we are in a very healthy position for the future. Difficult Times As a community based organization we are not immune to the economic realities that face our Members such as redundancies, reduced working hours, loss in benefits etc. What I can assure Members is that Newry Credit Union will do all its power to continue to offer credit to Members who have the ability to repay the loans unlike the banks who are withdrawing credit from their clients. We will also work closely with those Members experiencing financial difficulties. Condolences Unfortunately this year has brought tragedy to the Coghlan household. Our sincerest sympathy is extended to Louise on the death of her husband Hugh and to Majella Lavelle on the death of her mother Mrs Bridie Banks. Our thoughts and prayers are with them and their families. Congratulations Congratulations to Jude Byrne and husband Paul on the birth of their son Eoin. I would also like to welcome Imelda Bagnall back from maternity leave and congratulate Supervisor Alison Hollywood on her marriage in April this year. Thanks I would like to thank Assistant Manager Deborah Gorman, Staff Supervisors Marian Hollywood, Caoimhe Campbell and Joan Markey, and the entire Staff at Newry Credit Union for their tremendous dedication to Newry Credit Union. I would like to thank the Directors and Supervisors for their support and their ambitions to push Newry Credit Union forward in terms of performance and value for money. Last but by no means least I would like to thank the Members of Newry Credit Union for their unwaivering loyalty. I trust and pray that we are always worthy of your expectations.
Brendan Jackson Manager
Confidentiality of Members Affairs The Directors, Committee Members, other Voluntary Helpers and Employees in a Credit Union shall hold in the strictest confidence all transactions of the Credit Union with its Members and all information respecting their personal affairs. The importance of this Rule is paramount. Every Director, Committee Member, Voluntary Helper and Employee before entering upon their office and annually thereafter execute a written undertaking to observe this Rule. 23
Assistant Manager’s Report Introduction I am delighted to be part of a financial co-operative which has not only continued to be a market leader in Newry, but has also managed to protect its fundamental values whilst delivering successful results for 2010. Newry Credit Union has once again gone against the prevailing trend of the overall fiscal markets and is in an even stronger position to succeed in 2011.
Responsible Lending It is now more important than ever to ensure that loans are issued in the best interest of Members. To do this we are asking for additional information to ensure that Members have the affordability in place to warrant loans being granted. New guarantor procedures ensure that Members are given the opportunity to fully evaluate their own financial position before agreeing to the commitment of guaranteeing a loan. These measures are aimed at enhancing the service we provide and on behalf of all Staff I would like to thank you for your co-operation. It is essential that we continue to lend and by implementing these measures we are ensuring the well being of Newry Credit Union. Current Account 2010 has been a year of change in the service demands of Newry Credit Union with the introduction of our highly successful Current Account. Kathleen Loughran and Siobhan Fitzpatrick are our qualified advisors for the Current Account, having received specialized training. They now give guidance to all Staff. The Current Account has proven to be a key component in assisting Members budget their finances. By providing dual Current Accounts that work in conjunction with our innovative Money Management Programme, Members never need to be overdrawn nor see direct debits unpaid. Investment in Training Excellent customer service is the key to our continued success and this can only be achieved by the sustained training of our experienced Staff and by updating our skill base to ensure a high quality service. Caoimhe Campbell, Carol Jackson and I are due to complete professional qualifications in Advanced Certificate in Credit Union Practice (ACCUP) with the University of Ulster. I would like to wish Joan Markey continued success in the next phase of her accounting qualifications. Staff Resources I would like to welcome Majella Lavelle to our Accounts Department and to take this opportunity to thank my colleagues for their continued support. In the current environment we have seen a greater necessity for our Credit Control and Money Management Teams. These facilities will always be there to help Members in need , whether it is simply for advice or acting on their behalf as a negotiator, giving vital assistance and helping Members back on track. Looking Forward As always what makes my job most worthwhile is my day to day meetings with Members. I look forward to seeing you in the year to come. I have great confidence in Newry Credit Union as a Member myself, and I will do all that I can to continue to provide a relaxing and warm environment in which Members can conduct their affairs in a dignified and respectful manner. With our eyes set firmly on the future, I take great comfort and pride in knowing that no matter what the state of the economy Newry Credit Union will always be here serving you, our Members.
Deborah Gorman Assistant Manager
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Arthur Morgan and Peter Connolly Make Front Page News Peter Connolly and Arthur Morgan, two of the founding Directors of Newry Credit Union Limited were recognized in June of this year at the 2010 Greater Newry Business Awards when they were presented with the most prestigious Award of the night for their ‘Outstanding Contribution to the Greater Newry Area’. Every Credit Union is dependent on their Volunteers and over the year’s Newry Credit Union has been extremely lucky to have been served by some exceptionally loyal and dedicated Volunteers. However Peter and Arthur stand out because of their enduring commitment to Newry Credit Union and to the people of Newry. Much credit must go to the two men for their vision and commitment in not just being involved in the establishment of the Credit Union, but for serving as Directors of the Credit Union for the past 47 years. Well done Peter and Arthur - once again you've made our Credit Union family very proud!
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Standing Orders 1 Voting 1. Each Member shall be entitled to one vote irrespective of his/her shareholding, in accordance with Rule 58 (Standard Rules) (except the President, in the limited circumstances set out in Rule 58). 2-4 Election Procedure 2. Election shall take place in accordance with the procedures set down in the Rules. 3. A Ballot Paper for the election to the Board and Supervisory Committee where applicable will be distributed to each Member at the AGM. 4. Elections to the Board of Directors, to the Supervisory Committee shall be by secret ballot and by majority vote. 5-10 Motions 5. A proposer of a motion may speak for such period as shall be at the discretion of the Chairman of the Meeting and shall have the right to reply before the motion is put to the meeting for a vote. 6. In exercising his/her right of reply, a proposer may not introduce new material. 7. The seconder of a motion shall have such time as shall be allowed by the Chairman to second the motion. 8. Members are entitled to speak on any such motion and must do so through the Chair. All speakers to any motion shall have such time as shall be at the discretion of the Chairman. 9. The Chairman shall have the absolute right to decide at any time when a motion has been sufficiently discussed and may put the motion to the meeting giving the proposer the right of reply before doing so. 10. The Chairman’s decision on any matter relating to these Standing Orders or interpretation of same shall be final. 11-15 Miscellaneous 11. The President of the Credit Union shall be the Chairman of any general meeting, except where he/she is not available, then it shall be the Vice-President, except where he/she is not available, in which case the Board shall decide amongst themselves who shall act as Chairman of any general meeting. 12. The Chairman may at his discretion, extend the privilege of the floor to any person who is not a Member. 13. Matters not covered by the Agenda may be introduced under ‘Other Business’ at the discretion of the Chairman. 14. The Chairman shall have a casting vote in addition to his own vote on matters other than voting at elections (Rule 58). 15. Any matter to be decided upon by a vote at the AGM shall, unless otherwise expressly provided for by law or the Rules be decided upon by simple majority. 16 Suspension of Standing Orders 16. Any one of these Orders or all of these Standing Orders may be suspended on a motion to this effect receiving a two-thirds majority of those present and entitled to vote. 17 Alteration of Standing Orders 17. Standing Orders may be amended or altered at a general meeting and only if a motion to this effect has received a two-thirds majority of those present and voting. 18 Adjournments 18. Adjournments of the AGM shall take place only in accordance with Rule 60.
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Minutes of Annual General Meeting Minutes of Annual General Meeting Newry Credit Union Limited 26th November 2009 Canal Court Hotel, Newry Meeting Commenced at 8.00 p.m. Welcome: The President welcomed all Members present and extended a particular welcome to delegates from visiting Credit Unions. Quorum: The Vice-President Liam Quinn confirmed the meeting was quorate. Adoption of Standing Orders: Proposed by: Elizabeth Donnelly Seconded by: Catharina Rua Deceased Members: A one minute silence was observed in memory of all Members who had died since last year’s AGM. Apologies: Ciarán Rafferty, John O’Hare, Joe Hughes, Gerry Murphy, Felix Gray. Apologies also from Kieron Brennon and Carmel Morris, ILCU. Minutes of 2008 AGM: Proposed by: John Rooney Seconded by: Eugene Gallagher Matters Arising – The President informed the meeting that the pre-paid card could not proceed due to the Alliance & Leicester being acquired by Sandander. President’s Address: Peter Jackson in his address focused on the security of saving with a Credit Union, and the launch of the new Current Account by Margaret Ritchie, Minister for Social Development. The President also congratulated the Management and Staff on obtaining ISO 27001 Accreditation for its Information Security Management System. Proposed by: John Rooney Seconded by: Eugene Gallagher Treasurer’s Report: Martin Mc Donald presented the Treasurer’s Report and again emphasized the security of saving with the Credit Union Movement. The Treasurer highlighted the increase in shares over the past year as people lost faith with the banking system, and put their trust in their own Credit Union. Martin Mc Donald also highlighted the increase in bad debt provision, the increased amount of written-off loans and low bank interest rates for deposits. Report of Auditors: Presented by: Mark Reynolds, F.C.A. Mark Reynolds stated that the achievements of Newry Credit Union were like a shining light at a time of financial instability in other institutions. He congratulated the Directors, Supervisors and Staff on returning to the membership £2.1 million out of a net surplus of £2.3 million. Proposed by: Eugene Gallagher Seconded by: Jim O’Hare Declaration of Dividends and Interest Rebate: Dividend of 3% proposed by the Treasurer Seconded by: Eugene Gallagher Interest Rebate of 20% proposed by the Treasurer Seconded by: Luke Quinn Net Surplus amounts to £2.3 million.
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Minutes of Annual General Meeting Appointment of Tellers and Report of The Nomination Committee: Auditors, Supervisors and visiting Credit Union delegates carried out the role of tellers. 4 candidates for election as Director: Philip Killen, Arthur Morgan, Jim Mc Ardle, Joe Rooney 1 candidate for election as Supervisor: Cathy Mc Mahon
Reports of Sub Committees: Membership Report: Proposed by: Tom Grant
Seconded by: John Mc Camley
Credit Committee Report: Proposed by: Elizabeth Donnelly
Seconded by: John Mc Camley
Education Report: Proposed by: Maria Kelly
Seconded by: Catharina Rua
Insurance Report: Proposed by: Sheila Connolly
Seconded by: John Mc Camley
Credit Control Report: Proposed by: Eugene Gallagher
Seconded by: John Mc Camley
Money Management Report: Proposed by: Maria Kelly
Seconded by: Eugene Gallagher
Supervisory Report: Proposed by: Maria Kelly
Seconded by: Gerard Rooney
General Manager’s Report: Proposed by: Eugene Gallagher
Seconded by: John Mc Cambley
Assistant Manager’s Report: Proposed by: Eugene Gallagher
Seconded by: John Mc Cambley
Approval for the Distribution of the Surplus: Proposed by: John Mc Camley Seconded by: Luke Quinn Death Benefit Insurance Resolution: Proposed by: Jim Mc Ardle Seconded by: John Rooney International Development Fund: Approval of deduction of 50p per Member Proposed by: Martin Mc Donald Seconded by: John Mc Cambley League Affiliation Fee: Proposed by: Martin Mc Donald
Seconded by: Luke Quinn
Rule Changes: Proposed by: Eugene Gallagher
Seconded by: John Rooney
Election Results: 119 votes cast. All candidates for Directors elected - Philip Killen, Arthur Morgan, Jim Mc Ardle, Joe Rooney Candidate for Supervisor elected - Cathy Mc Mahon Fitzpatrick & Kearney returned as Auditors. 28
Minutes of Annual General Meeting Prize Draw £100 - Lily Fegan £100 - Matthew Kernaghan £100 - Sheila Connolly £100 - Oisin O Hare £100 - Marian Mc Crink Charity Presentation The President presented cheques of £500 each to Marianne Mackey of St. Vincent de Paul and Captain Linda Reid of The Salvation Army. Any other Business John Rooney proposed a meal for the Board of Directors and Staff. Agreed unanimously.
The President concluded the meeting at 9.50 pm. Annual General Meeting 2009 - In Pictures
1. Newry Credit Union’s President Peter Jackson welcomes Members to the 2009 AGM. 2. Alison Hollywood delivers the Supervisory Committee Report to Members. 3. Mark Reynolds F.C.A. delivers the Auditors’ Report to Members. 4. President Peter Jackson presents cheques to Marianne Mackey of St. Vincent de Paul and Captain Linda Reid of The Salvation Army. 5. President Peter Jackson presents raffle winners with their prizes.
1.
2.
3.
4.
5.
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Amendments To Standard Rules Arising From League AGM 2010 Resolution No. 19 That this Annual General Meeting agrees to amend Rule 159 of the Standard Rules for Credit Unions (Northern Ireland) to read as follows: Rule 159. Mental Disability (1) Where in the case of a member of the credit union or a person claiming through such a member the board of directors is satisfied after considering medical evidence that the member or person is incapable through disorder or disability of mind of managing his own affairs and is also satisfied that no person has been duly appointed to administer his property on his behalf, and it is proved to the satisfaction of the board of directors that it is just and expedient so to do, the credit union may pay the amount of any property (whether in shares or otherwise) belonging to that member or person to any person whom it judges proper to receive it on his behalf, and who furnishes to the board such a statement as is referred to in paragraph (2); and a receipt for that amount shall be a good discharge to the credit union for any sum so paid. (2)
The statement mentioned in paragraph (1) is one which certifies that the proposed recipient:
(a)
understands that it is his duty to apply the amount which is proposed to be paid in the best interests of the person to whom it belongs; and
(b)
is aware that he may incur civil or criminal liability if he misapplies the whole or any part of that amount; and
(c)
is not aware that any other person has authority to receive the whole or any part of that amount, whether by virtue of an order of a court, a power of attorney or otherwise.
Resolution No. 20 That this Annual General Meeting agrees to amend Rule 180 of the Standard Rules for Credit Unions (Northern Ireland) by the insertion of the following definitions: "annual return’’ means the annual return which a credit union is required by Article 49 to send to the registrar; "member of the family" in relation to any person, means(a)
his spouse or civil partner;
(b)
any lineal ancestor, lineal descendant, brother, sister, half-brother, half-sister, uncle, aunt, nephew, niece, first cousin of his or his spouse or civil partner;
(c)
the spouse or civil partner of any person within sub-paragraph(b);
(d)
adoptive father, mother, son or daughter; and for the purpose of deducing any such relationshipan illegitimate child or step-child shall be treated as the legitimate child of the relationship in question; "non qualifying member" means a person who remains a member of a credit union by virtue of Article 14(5) and includes, in relation to an amalgamated credit union or a credit union which has accepted a transfer of engagements, a person who does not have the required qualifications for admission to membership of that credit union but became a member of it by virtue of the amalgamation or transfer of engagements, having been immediately before the amalgamation or transfer a non-qualifying member of one of the amalgamating credit unions or, as the case may be, the credit union from which the transfer of engagements was made;
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Services & Staff
Services Offered
Management & Staff
Loans
General Manager Brendan Jackson
Personal Loans Bridging Loans Secured Loans House Purchase Loans
Assistant Manager Deborah Gorman
Accounts
Staff Marian Hollywood Caoimhe Campbell Joan Markey Kevin Doran Louise Coghlan Kate Mulholland Kathleen Loughran Anne McAteer Marian Connolly Donna McDonald Clodagh Mackin Bernadette Heslip Clare Devlin Cathy Turley Lorraine Keenan Carol Jackson Orla Lynch Sean Gorman Cathy Hillen Sinead Halpenny Judith Byrne Jonine Heslip Imelda Bagnall Conor Bell Christina Hanna Siobhan Fitzpatrick Lisa Martin Majella Lavelle
Current Account with Visa Debit Primary Accounts Additional Savings Accounts Juvenile Accounts – Cool Kids and Money Minders Club
Insurance Death Benefit Insurance Life Savings Assurance Loan Protection Assurance
Advice Money Management
Holidays and Travel Foreign Exchange
Other Services Direct Debit Payroll Deductions Quick Lodge Paypoint Receipt of Social Security Benefits Phone-a-Loan Online Loan Applications Western Union Transfer
Front Row L to R: Christina Hanna, Lorraine Keenan, Deborah Gorman, Brendan Jackson, Marian Hollywood, Clodagh Mackin Back Row L to R: Carol Jackson, Lisa Martin, Anne McAteer, Donna McDonald, Joan Markey, Kathleen Loughran, Bernadette Heslip, Kate Mullholland, Sean Gorman Sinead Halpenny, Caoimhe Campbell, Orla Lynch, Cathy Turley. Absent from Imelda Bagnall, Conor Bell, Judith Byrne, Louise Coghlan, Marian Connolly, Clare Devlin, Kevin Doran, Siobhan Fitzpatrick, Jonine Heslip, Cathy Hillen, Majella Lavelle. Photograph:
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Credit Union Invocation ‘Lord, make me an instrument of Thy peace Where there is hatred let me sow love; Where there is injury, pardon; Where there is doubt, faith; Where there is despair, hope; Where there is darkness, light; And where there is sadness, joy. O Divine Master, grant that I may not so much seek to be consoled as to console; to be understood as to understand; to be loved as to love; for it is in giving that we receive, it is in pardoning that we are pardoned and it is in dying that we are born to eternal life.’
St. Francis of Assisi
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