1) The Credit Union has caught on in the last year – with strong demand for loans from the less well-off. We are really are making progress towards our objective of keeping people off high cost debt. BUT there is much more to do. We need all Credit union members to spread the word – please take leaflets! And there are challenges in running the Credit Union, as set out below.  

 

2) Treasure Chest schemes continue to run in 5 schools with around 170 school members plus 70 plus other juniors. More parents are beginning to join in two schools.  Thanks to Graham Rutherford and his team!

 

3) Marketing development is still relatively weak – we need volunteers who can spend time. But we continue to develop, spreading our existing volunteers thinly. Still actively seeking a marketing/sales manager and more assistants for work. It needs some bright ideas, but mostly time and stamina. But we achieved various goals.

 

a) We have opened up in Harpenden twice a week at Southdown Methodist hall above Somerfield supermarket. Got an excellent set of extra volunteers, but the Harpenden operation needs more publicity generally. We are assessing this.  The Harpenden office adds to the weekly London Colney collection.

 

b) The loans for small business, working through STANTA, are growing – much more slowly than we hoped, but are growing

 

c) John Humphreys administers our web site – which seems to be increasingly being looked at, judging by the “hits” recorded. We are very grateful to John for doing this – a web site seems essential these days!

 

d) We issued Credit Notes 9 in the autumn. We continually seek newspaper and other publicity. Did you see the article on the Harpenden mum with the 650% doorstep loan?  Can you help by getting us slots and/or writing something?

 

e) Ironically the Northern Rock difficulties have helped the Credit Union – 100% of members’ savings are now totally protected by the Government Compensation Scheme. Please make people aware of that, if they are nervous about the Credit Union’s security.

 

f) The real success has come through members becoming aware of how the CU can help with modest cost loans. We issued £126,000 new loans between Oct 06 and September 07 and no less than £92,000 new loans between October and December 2007, though applications in 2008 have so far slackened off a bit. Thanks to the Credit Committee Team, and especially to Arthur Chapman for the hard work of assessment!  

 

4) Our Treasurer’s Report and Financial Review will say more about the general state of our finances and the need to attract more savers.  With such a growing loan book there is also a constant need to monitor and take control action on the minority of loans that get behind in repayment. We are always tightening up our controls, and also we have to make prudent financial provisions: this shows in our accounts.  The members of the Credit Committee have to do more evaluation of each loan applicant circumstances. This is not an easy task and deserves our special thanks.

 

 

ST ALBANS DISTRICT CREDIT UNION

CHAIRMAN’S REPORT

ANNUAL GENERAL MEETING

WEDNESDAY 20TH FEBRUARY 2008

Click for Page 2