GWCU has celebrated another year of success at their latest Annual General Meeting (AGM).
The virtual event, which took place on Tuesday 19 March 2024, allowed the credit union to engage with members, highlighting the significant achievements and milestones of the past 12 months and detailing their plans for the year ahead.
Last year, the credit union conducted a successful bond offer raise, in partnership with Ethex. The bond offer, which was matched £1 for £1 by Fair4All Finance, raised over £1.9m in investments to the credit union from investors across the country. The initiative was recognised nationally and led to GWCU being named as one of top 100 Social Enterprises by NatWest.
In terms of social impact, most recent data shows the credit union has supported 2,250 people who were at risk of homelessness, aided 150 families in the UK Resettlement Scheme and saved members nearly £3m in loan interest. The next Social Impact Report will be available in the summer, detailing how GWCU has supported members and the wider community over the past year. Until then, the 2021/2022 edition is still available to view.
The credit union has delivered significant growth in lending, approving 5,830 loan applications and lending £8.7m in affordable loans. This can be attributed to the improvements to the digital platform, strengthening the lending team, and increasing online marketing. GWCU has also focused on the Money@Work channel, the employee partner proposition that allows members to borrow and save through their payroll. Strengthening the team, regular communications and digital journey enhancements contribute to the channel’s success and growth.
GWCU highlights the drop in savings deposits, now at £10.1m. This is due to the peak of the cost-of-living crisis during this time, citing that savings are largely helping members cover the cost of essentials. To support the continuing growth in lending attracting more savings deposits becomes a priority for the current year. As an initial step, GWCU has increased the AER of its Cash ISA to 3.5%. The credit union shared their plans for the 2023/24 financial year including the launch of two new savings accounts, both FSCS protected. A Business Saver with a competitive interest rate for organisations to save surplus funds, as well as a Fixed Rate Saver. The 12 month, no withdrawal account will have a minimum deposit value of £1,000 and will offer a very competitive rate.
At the AGM, members voted to approve a dividend of 0.25%. Members can donate a dividend back to the credit union so it can be reinvested back into the work GWCU does to support local communities.
If you would like to watch a recording of the AGM, please get in touch via email or secure message and we will provide a link.
