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AGM Summary Report 2023

Wednesday 13th Dec, 2023

We held our 25th Annual General Meeting (AGM) online on 12 December.

Dividends

Members voted to declare Dividends on savings accounts of:

• 2.1% on all Adult and Junior Saver Accounts;
• 2.1% on Community Accounts;
  based on the daily balances during the year to 30 September 2023.

This represents a record pay-out of nearly £300,000 to the members of HEY Credit Union.

Elections

Terry Dagnall, Ken McCall, Helena Moss and Theresa Vaughan were elected to the Board of Directors for three years. Thanks were expressed to retiring directors Sue Nicholson and Matt Kelly for their services to HEY Credit Union.

Annual Report and Accounts

Members received the Annual Report and Accounts and re-appointed the Auditors, Jacksons Accountants.

Questions were asked and answered on the likelihood of more diversity in the range of loans and the potential for having a Credit Union presence in the new Banking Hubs being set up in towns such as Hessle where the last High Street bank is closing.

Rule changes

The meeting considered a Rule change proposal from the Board of Directors.  This was to add another item to Rule 3, the Objects of the Credit Union.  Its purpose was to enable (if the Board sees fit) new services to be offered, such as Insurance products and other types of consumer lending, as now permitted by the Financial Services & Markets Act 2023.  The proposal was approved by the necessary two-thirds majority.

Other Business

It was agreed to give a donation from the Credit Union to eight organisations supporting the communities we serve:

Women’s Wellbeing Club, Bridlington; Home Start, Goole; RNLI, Withernsea; Youth Action, Driffield; We Are One Foundation, Grimsby; Crosby Community Association, Scunthorpe; Hull Fishing Heritage Centre and Hull4Heroes, Hull.

Members were updated on the progress of our Friendly Folk Members’ Lottery.

Sue Nicholson, Director, made a presentation on Towards our 25^th Anniversary, setting out some of the achievements and impacts of HEY Credit Union and inviting members to send in ideas for celebrating this important milestone in 2024.

In a closing prize draw ten members were selected at random to receive a £10 gift voucher.

Thank you to all members who joined in our virtual meeting and all helpers, especially Jackie at ABCUL for her excellent administrative support.

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