GWCU AGM 24/25 highlights

Key strategic priorities 

Board Chair Denis Lindsay reaffirmed our long-term objectives: 

• Grow income through careful, responsible lending 
• Drive efficiency through automation and cost control 
• Strengthen capital resilience through investment and, in time, surplus 

Financial performance 2024/25 

Despite continued cost of living pressures, GWCU delivered another year of positive growth. 

• Lending grew 18 percent to £12.5 million 
• Interest income increased 14 percent to £2.1 million 
• Member deposits rose from £10.3 million to £11.6 million 
• Bad debt continued to fall despite strong lending growth 

Social Impact 

Our 6th Social Impact Report shows the continued reach and value of our work. 

• Services provided to more than 20,000 members 
• £11 million lent to members, a new annual record 
• Over £7.5 million saved by members in loan interest, up from £3.5 million the previous year 

You can check out our full Social Impact Report here.

Supporting members through economic pressures 

James Berry, CEO of GWCU discussed the impact of rising rents, energy costs and essential spending continuing to place pressure on many members, particularly single parents, renters and those in insecure employment. To support these groups, we introduced products and improvements designed to strengthen financial resilience. 

Family Loan 

• Launched in September, replacing the Family Finance Plan 
• Offers a simple, affordable fixed loan repaid via Child Benefit 
• Nearly 1,500 Family Loan accounts opened since launch 
• Designed to provide safer borrowing options for families managing on tight budgets 

Christmas saver 

• Relaunched with interest and additional benefits, including entry to a prize draw 
• Helps members build savings gradually and avoid high cost borrowing during the Christmas period 

Improved access and support 

• Automated loan approvals enabling eligible members to receive funds within around 15 minutes 
• 1.4 weeks of underwriter time saved in February 
• Automated arrears processes saved a further four weeks of person effort.  
• Efficiency gains allow our team to support more members needing personalised help 

Plans for 2025/26 

• Further development of automation and digital self-service 
• Enhancements to the member portal, especially for repayment management 
• Growth of lending through partnerships, including Choose Wisely’s Communo platform 
• Continued development of competitive savings products 
• Exploration of opportunities through the Credit Union Transformation Fund 
• Updated business plan to accelerate the return to surplus (currently forecast for 2028) 

Voting Outcomes 

• Alexander Sloan reappointed as external auditor 
• 0.25 percent dividend approved on dividend bearing savings 
• Denis Lindsay reappointed for a third term  
• Graham Snow appointed for his first term as non-executive director 

Board members stepping down 

• Lewis Ryden 
• Simon Taylor 

Both were thanked for their significant contribution and long service. 

Questions from Members 

Topics raised included: 
• Capital protection in light of the forecast deficit 
• Bad debt metrics 
• Timeline for returning to profit 

Responses were provided during the meeting, with further details available on request. 

Acknowledgements 

Thanks were extended to our colleagues, volunteer directors, investors and members. Their commitment, support and belief in our mission enable GWCU to continue making a positive difference across the region. 

We remain focused on our purpose: making people and communities better off. Together, we will continue building a fairer financial future for our members.