Agenda

CHAIRPERSON’S REPORT contd.

understanding of legislation places a significant responsibility on these volunteers in relation to discharging their duties effectively. With continued training and learning, the Board perform their Credit Union roles most effectively and, on your behalf, I thank them all for their time and dedication.

The AGM on December 13th will be one of my last duties as Chairperson of Cara Credit Union. It has been a pleasure to see Cara Credit Union go from strength to strength, with the name change, merger with Clanmaurice and the launch of a current account and debit card as some of the highlights. Together with the Board of Directors and Management Team we are optimistic for our future. We will continue to grow our loan book, introduce new products, new services and implement new technology that will enhance your interactions with us.

I would like to express a very special thanks to the Staff and Management of Cara Credit Union who work so tirelessly every day and with such passion to provide such a personal and dedicated service to all our members. I would especially like to thank all my fellow Directors who have supported me. I would like to thank the Board Oversight Committee for ensuring we are always at our best, protecting our Credit Union for future generations. Finally, a special word of thanks to you, our members. Your continued support is key in keeping Cara Credit Union strong and sustainable going into the future. We want to thank you for your unwavering commitment and loyalty in 2021 and we look forward to further growth in 2022.

I look forward to addressing you all at our virtual AGM.

Caroline Sugrue Chairperson Cara Credit Union

BOARD OVERSIGHT COMMITTEE

The Board Oversight Committee (BOC) has the task of ensuring that the Board of Directors function, as laid out by the Credit Union Acts and good corporate governance practice.

The BOC considers the overall responsibilities of the Board and the functioning of the Directors. There are a number of responsibilities specified by the Credit Union Act 2012 but the principal three are as follows; Strategy Implementation and Review, Risk Assessment and Management, and Effectiveness of Management and Procedures. These core responsibilities are the foundation of a strong functioning credit union Board and one of the main guidance to the BOC when evaluating and reviewing the board’s performance.

Over the past year, at least one member of the BOC has been present/online at all Board meetings. At our request, we have received additional information where required. The BOC held a meeting at least once a month, separately to the Board to review and discuss the Board function and performance.

2021 has again proved to be a difficult year with the ongoing Coronavirus pandemic. Cara Credit Union has again managed this with very little impact on operations. All branches remained open while ensuring the safety of customers and staff.

Excess cashflow continues to be an issue with Cara Credit Union. Savings are at record high levels, members have decreased borrowing requirements, and increased cash reserves. Unfortunately, an additional saving cap was necessary because of this. Cara Credit Union has offered a wider range of loans to grow the loan book.

We would like to commend the Board, Management and Staff on the merger with Clanmaurice Credit Union. The process was well managed and completed in a timely manner.

The BOC welcomed two new members this year increasing its membership from three to five during 2021. We would like to welcome Seamus Buckley and Clare Lucid to BOC.

It is our opinion that the Board and Management have taken the appropriate steps ensuring that CCU are prepared for the challenges that are facing the Credit Union and financial environment in the coming years.

We wish to thank the Board, Management and Staff for their support and co-operation during the year.

Patrick O’Brien Chairperson BOC

CEO REPORT 2021

First and foremost, the Management team and I hope you, your families and loved ones all remain safe and well throughout this difficult time. 2021 was a solid performance for your credit union in terms of financial performance and delivering on our strategic priorities.

Members: In March of 2021 we had a successful Transfer of Engagement with our neighbours, Clanmaurice Credit Union. I would like to take this opportunity to extend a warm welcome to these members and thank them for their patience and understanding at the time of the transfer. I would also like to welcome our newest Cara Credit Union members, 1,485 people joined us over the last 12 months. New members are always welcome to join and we ask that you encourage family and friends to join their local credit union. We are stronger together, and growing membership allows us invest in new products and services. I would especially like to welcome our new youth accounts, as they are our future.

We had some very difficult decisions to make during the year and these decisions are to ensure your Credit Union remains strong and viable. At this time, we must continue with our savings cap of €30,000. Additionally, due to the departure of some of the retail banks from Tralee, Castleisland and Killorglin, and an increase in savings we had to further limit the savings limits for new members. This is necessary to ensure our credit union remains strong. However, this is all dependent on our income and the economic outlook.

Our Member Services Centre continues to go from strength to strength. More and more of our members are deciding to do their transactions online and by phone. We are answering on average 248 calls a day and 65% of our calls are answered within 60 seconds. This team is just over a year in operation and our priority for the next 12 months is to reduce call waiting times.

Technology is evolving daily, and we are conscious that we need to provide you with a hybrid service - member facing and technology. As a member, you now have the option to engage with us online, by phone or in person. For the first time ever, you can apply for a loan online or by phone, send your paperwork by email, sign online and get the funds transferred into any account. Your family and friends can now join Cara Credit Union online. In the last 2 years we have invested heavily to ensure our members can access their credit union 24/7 from the comfort of their own home, their workplace or on the go. If you haven’t already signed up for online banking, now is the time!

The Management Team will continue to review these savings caps. With an increase in lending and members support in moving their Current Account to Cara Credit Union, we hope to ease the savings caps over the coming 12 months. Finally, I would like to thank our existing members for their continuous support of Cara Credit Union. We are very grateful for this ongoing support and without this support we will struggle to exist. CEO REPORT contd.

Our team: I would like to thank all the team at Cara Credit Union for ensuring, you, the members, received the best possible service over the last 12 months. Our focus is to mind both our staff and members and to ensure we have a safe environment where members can transact while also providing a professional and excellent service to all our members. It is for this commitment to you our members that the Credit Union sector won the Customer Service award for a 7th year in a row. This is a marvellous achievement given the large organisations we are competing against.

In May of 2021, our dear friend and colleague, Norma Twomey passed away. Norma is missed by all our team and our members alike. On behalf of the team I would like to thank all the members who contacted us offering their condolences and sharing their heart-warming stories of Norma’s genuine kindness. Norma will never be forgotten by all of us who had the pleasure to know her.

Retirements: This year we saw some of our esteemed colleagues retire from Cara Credit Union and Clanmaurice Credit Union.

In Cara Credit Union, our team and members will miss Martina O’Brien. Martina, well known by many of you, having served with Cara Credit Union for 16 years, was an excellent ambassador for the credit union and worked diligently to serve our members.

In Clanmaurice, Shelia Ashe, Helen Quilter, Mary Dowling and Mary Slattery retired over the last 12 months. Each served the members of the Credit Union with distinction, always going the extra mile. On behalf of the Board of Directors, Management and all the Team I would like to thank Martina, Shelia, Helen, Mary Dowling and Mary Slattery for their incredible contributions to our teams. We hope you enjoy your future adventures during your retirement.

Financial: At year end our loan book stood at €98.8 million. We had an increase of 9.4% on the previous year. Given the impact Covid-19 has had on our local economy, this was a very solid performance. Our investment income remained steady with an increase of 2.8% to €1,347,270, with our overall income increasing 5.6% to €8,446,229.

Our expenses have decreased by 17% to €6,608,166. Our employment costs and other management expenses were managed within budget.

The overall, position leaves us with a surplus of €1,838,063 for the year end. As a Management Team, we are satisfied with this performance given the difficult financial environment we currently operate in. Our Balance Sheet is in a strong financial position in terms of capital and liquidity, which will hold us in good stead for another very challenging year ahead of us.

Corporate Social Responsibility (‘CSR’): We as an organisation have set ambitious plans to ensure Cara Credit Union will be a ‘Greener’ credit union. We recently launched a Greener Home Loan, working with SEAI, Home2Home and Energia with grants of up to 40% available and loans from as low as 4.9% APR.

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