Attendance: Kevin Waters (Chief Executive), Lesley Waters, Deirdre Meredith (Vice President) Sue Nicholls, Colin Hunton (Company Secretary) John Spriggs (Financial Officer), Robert Baker, Monica Barker Dylis Cornes, Robin Wiles (President), Bryan Rowlands, David Spall, Pamela Spall, Sandra Taylor, Albert Hunt, David Beardmore, Geoffrey Heath (Treasurer), William Read, Anthony Lim, Pauline Ruscoe. Auditors: Mrs E. R Shoesmith and Mr Kash Ram

Apologies: Madelaine Lovatt, Adrian Knapper

Minutes of AGM February 2009: Minutes of February 2009 AGM were accepted as accurate and correct. Proposed by S.Nicholls and seconded by Dylis Cornes. Matters Arising: Mr Read asked for an update on the introduction of a ‘top up’ debit card for members to use in shops. Kevin Waters explained investigations into the ‘top up’ (pre-paid) card had taken place which resulted in a large number of organisations offering various products some of which he considered to be unethical because it means that the Credit Union gets a proportion of the money made on the card after each transaction and on the top up. He stressed the purpose of this Credit Union is to help the vulnerable not make money from them. However, he has narrowed the search down to two ethical and competitive providers, (i) Citybank; (ii) Tuxedo and will present a report to the next Director’s meeting for a decision to be made. He registered his disappointment with the contribution made by the Association of British Credit Unions Ltd in relation to this matter. The President pointed out that this matter proved more complicated than initially expected.

President’s Address: Robin Wiles went through his report, which was included in the meeting handouts, high lighting the main points of the last twelve months being the second year of operation for Staffordshire Credit Union Ltd. : Consistent growth in both membership and savings along with providing affordable loans; : Our membership includes former members of Southside Credit Union in Stafford; : Positive feedback from the well attended launch in June 2009 – noting that some of the guests who praised the idea of the Credit Union our aims and objectives have yet to become members; : Office move from Hanley to a more well appointed relatively accessible location in Trentham took place in October 2009; : Still dependant to an extent on grant-funding – expressing his thanks to all funders:- Stoke-on-Trent City Council, Newcastle-under-Lyme Borough Council, Staffordshire Moorlands District Council, Moorlands Housing, Biddulph Town Council, Stafford & Rural Homes, Aspire Housing, Staffordshire Housing Association, and the Coalfield Regeneration Trust; : Acknowledged support from partners who provide support other then funding, e.g. payroll deductions and promotion of our services etc. : Important for the next year is partner development of targeted initiatives such as the Repossession Prevention Loans Scheme and our involvement in the Financial Inclusion Group (FIG) ensuring we can respond to different needs and situations in various parts of Staffordshire; : Aiming to have operational activity in other parts of the County outside of Lichfield & Tamworth who already have a Credit Union; : Need to look at our work in communities developing Community Pilot Projects initially in five areas of disadvantage and deprivation in particular with the Illegal Money Lending Team; : Thanks to all involved in the SCU, Members, Directors, Board Members, Supervisory Committee and the small team of staff - Kevin Waters, John Spriggs and Pauline Ruscoe. The President then invited questions from the floor – none put forward.

Election of Directors: The President stated as per our Constitution a set number of Directors are required to stand down each year – to enable them to stand for re-election. There are three nominations this year: Candidate: Proposed: Seconded: Colin Hunton John Gething Eric Hansen Geoff Heath Dee Meredith Sue Nicholls Sue Nicholls Dee Meredith Geoff Heath No objections or abstentions – all three re-elected to the Board of Directors.

Presentation of Accounts: Geoff Heath, Treasurer went through the set of accounts. Key points in relation to the Financial Statement: : page 4 two matters of significance (a) surplus for the period after taxation is £9,729 (b) Directors to propose later in the meeting that the Auditors, Shoesmiths be re-appointed. : page 5 Auditors Report two crucial matters (a) Statements give a true and fair view, (b) Statements have been prepared properly. : page 6 Income & Expenditure for the year – year end is 30th September each year. As the SCU only became active in the winter of 2009 these accounts do not reflect a full year’s activity. : surplus of £9,729 - Directors are satisfied with this, clarifying a point made earlier by The President that the bulk of SCU income is grant funded. This was envisaged when setting up the Credit Union – the Directors do have a plan to be self sufficient in the medium term. : page 7 – Balance Sheet – the SCU has no long term liability with assets exceeding liabilities in the region of £140K to £13K and the current assets significantly exceed the current liabilities in the region of £106K to £13K which points to the liquidity of the Credit Union at the Balance Sheet date. : page 8 lists the accounting policies adopted in producing the Financial Statements. : pages 9 to 11 set of notes giving more detail on the figures contained in the Income & Expenditure account and the Balance Sheet. In conclusion the Directors are satisfied with progress to date and proposed for members to accept the accounts and report. Accepted by all present no objections or abstentions. The Treasurer requested Mrs Shoesmith to speak on behalf of the auditors. Mrs Shoesmith read out the Opinion as on page 5 of the Financial Statements – they are happy with the accounts. The Treasurer then proposed that the auditors Shoesmiths be re-appointed for the coming year. The motion was carried unanimously.

Declaration of Dividend: The President proposed a dividend of 2% for the financial year up to the end of September 2009. 18 voted in favour, 1 against, and 1 abstention. Mr Read voiced his opinion that due to the surplus of £9k plus - a 2% dividend was rather small and asked why it could not have been 4% or 6% which would still use a fraction of the surplus. The Treasurer responded on behalf of the directors that SCU wish to reserve the capital to a reasonable extend – this met the requirement of reserving the capital to a reasonable extend whilst at the same time giving people some incentive to remain or join the Credit Union. Mrs Taylor asked how the dividend would be paid. Kevin Waters responded by stating dividend payment will go into individual members savings account. The President acknowledged alternative views are useful and will be taken into account in future years. That said, 2% has been proposed and accepted by the majority. David Spall commented, as a director, the 2% dividend is a better return than some banks.

Supervisory Committee Report: Tony Lim informed the meeting as yet no report was available - they are due to meet again on Thursday 11th February. The President stated – when available this report will be circulated.

Member’s Questions Kevin Waters acknowledged receipt of Mr Read’s questions. Mr Read stated that his first question in relation to sponsors has already been dealt with. His second question Would it be possible to place details of these initial/current sponsors on the SCU website? Kevin Waters stated this subject was discussed at the Study Group with the decision being made then that it was not cost effective to do this. He also stated it could be done but costs involved in relation to logos etc were very high. The President asked as an alternative, if the information could be sent out via a mailing list or email to members and suggested this matter be put on the agenda for the next Directors meeting. David Spall expressed his concern in relation to how we would deal with other sponsors who do not provide financial support but service support. Mr Read accepted the response given and moved onto his third question – Would it be possible to place details of the Management Committee of the SCU on the website? Kevin Waters responded – now the directors for the next twelve months have been established their names will be included on the website. Discussions took place to include photographs – due to software costs this was declined. Mr Hunt asked if an explanation will be given to members as to how the 2% dividend was arrived at. John Spriggs explained the dividend is calculated on a point’s basis with the points being calculated each week on the member’s total balance. Effectively the 2% is calculated on a moving average on your balance throughout the year. An explanation when requested will be given to members. Sandra Taylor voiced her personnel concerns about CityBank and requested her concerns be registered. Kevin Waters acknowledged her concerns. The President asked Mrs Taylor to let Kevin Waters know of any specific issues which should be taken into account prior to a decision being made. Mrs Taylor agreed.

Any Other Business: - None

Date Time & Place of 2011 AGM: John Spriggs explained that as new legislation is currently before Parliament and the FSA are looking to change their guidelines on Credit Union reporting – a date for the next AGM will be announced later in the year.

The meeting closed at 7:50pm

Payroll Deduction Arrangements

The following employers now have payroll deduction agreements with the Credit Union.  If your employer does not appear on the list then please ask them if they would be prepared to work with us by setting up an agreement.  It’s simple and risk free for them, and makes saving so much easier for you. 

Existing Schemes:

• Aspire Housing Group
• Brighter Futures
• Newcastle-Under-Lyme Borough Council
• Newcastle-Under-Lyme College
• Stafford Borough Council
• Stafford & Rural Homes (S&RH)
• Staffordshire County Council
• Staffordshire Moorlands CVS
• Staffordshire Moorlands District Council
• Stoke-on-Trent City Council
• Voluntary Action Stoke-on-Trent (VAST)

Pending Schemes:

• Stafford District Voluntary Services (SDVS)
• Cannock Chase District Council
• South Staffordshire District Council

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