© Harp & Crown 2002
 

 

It is with enormous pleasure and satisfaction on behalf of the Board of Directors that I can still report that the Credit Union continues to grow and at a time of great uncertainty and apprehension in the Financial Market across the United Kingdom and beyond we remain stable and consistent.

The balance on our share accounts closed at over £12 million, which shows an increase of almost £2.5 million since this time last year and with our loan accounts closing at £10.7 million, this indicates just how much our members continue to make use of this excellent facility.

The loan demand also increased with a total of 2757 loans being issued at a total value of over £5.4 million. This level of activity is helping to maintain the stability achieved to date. Membership continues to grow steadily and if you have benefited from being a member of the Credit Union already encourage your colleagues within our common bond to join. The more members we have the better for everyone!. There is a Starter Loan of £2000 available to new members after a period of six months in the Credit Union with the only requirement being to save a minimum of £10 per month. This loan is not based on savings and must be repaid after 2 years unlike normal loans which can be repaid over 5 years.

The shares lodged also increased by £ 2 million bringing the total to over £7.4 million lodged with over £ 4.9 million being withdrawn which continues to prove the number of members benefiting from the level of accessibility to funds as well as demonstrating the members' confidence in this Credit Union.

With close and careful management on a daily basis, which is reflected and supported by the activity reported above, The Board of Directors are delighted to propose once again to maintain 5.25% dividend this year and to maintain at 12% the rebate of interest paid on loans. Thank you to Patrick Rice our auditor for his help and guidance.

The Credit Union was again pleased to be able to support a number of very worthy causes with the following charitable donations: The RUC-PSNI Benevolent Fund £1000, The Police Dependants Trust £800, Royal National Institute of Blind People £800, PSNI Football Team received £200, our software computer company received £200 for a sponsored walk for Cancer charity. Bearing in mind the variety of people contained within our common bond, we try to cover a broad spectrum across Northern Ireland in making such donations. We were delighted to again support the Police Federation Lottery Champion of Champions Golf Event with a cheque for £1000 which is particularly relevant as they, The Police Federation for Northern Ireland, continue to be so supportive of everything we do to provide this Service.

The Credit Union continues its sponsorship with the PSNI Rugby Team and is pleased with the continued success of the Partnership. The Rugby Team is an excellent ambassador for the Credit Union and clearly displays the logo and literature at every event. Thank you to the Rugby Club for also helping us. Good luck for this current season!

If you wish to be contacted by email regarding any offers or promotions please forward your email address to our contact details listed on the back cover of this report.

I would like to thank most sincerely Carol together with Elaine and Tori for their commitment, growing knowledge, concentration and hard work and look forward to the incoming year.

Jill Ferguson
Treasurer/Manager.