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AGM Summary Report 2024

Wednesday 11th Dec, 2024

We held our 26th Annual General Meeting (AGM) online on 10 December.

Dividends

Members voted to declare Dividends on savings accounts of:

• 2.25% on all Adult and Junior Saver Accounts;
• 2.25% on Community Accounts;

based on the daily balances during the year to 30 September 2024.

Elections

Allan Davidson, Joe Hendon and Sharon Hofman were elected to the Board of Directors for three years. Thanks were expressed to retiring directors Terry Dagnall, Bill Meadows and Kate Pike for their services to HEY Credit Union.

Members voted to reduce the maximum size of the Board of Directors from twelve to ten directors, as permitted by Rule 105.  This will be achieved by leaving the two current vacancies unfilled.

Andy Stankard stated that he had served his maximum term as President and would be handing over to the Board’s chosen President-Elect, Joe Hendon after the meeting.  Joe introduced himself, outlined his hopes for taking the Credit Union forward, and thanked Andy for his exemplary service as President.

Annual Report and Accounts

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

A member asked what is the main challenge facing the Leadership Team in the coming year.  The Chief Executive responded that continuing to grow the loan book sustainably while keeping costs under close control would be key to success.  Another asked how the £2m difference between Total Assets and Total Members’ Savings could be explained.  In response it was noted that the Credit Union had generated nearly £2 million in Reserves, which are also collectively owned by the members.

Rule change

The meeting considered a Rule change proposal from the Board of Directors.  This was to extend the Common Bond set out in Rule 7a to include the County of Lincolnshire and the York and North East Yorkshire Combined Authority.  The case for change was explained and questions answered.  The proposal was approved by the necessary two-thirds majority.

Other Business

It was agreed that four organisations supporting the communities we serve will share a donation from the Credit Union totalling £10 per member attending this meeting:

The Canoe River Cleaner (NE Lincolnshire), Bosom Family Support (North Lincolnshire, Holderness Area Medi-Bus (East Yorkshire) and Special Stars Foundation (Hull).

In a prize draw ten members were selected at random to receive a £25 savings deposit, bringing to a close the 25 draws run throughout 2024 to mark our 25^th Anniversary.

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

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