The AGM provided an opportunity for the credit union to engage with members, celebrate key achievements from the past year, and outline plans for the future.
GWCU marked another successful year at its latest Annual General Meeting (AGM), held virtually on Tuesday, 18 March 2025. The event provided an opportunity for the credit union to engage with members, celebrate key achievements from the past year, and outline plans for the future. GWCU currently serves approximately 20,600 members and manages £10.5 million in savings deposits.
Key Strategic Priorities
Denis Lindsay, Board Chair, opened the AGM with a reminder of GWCU’s key strategic objectives:
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Growing income through responsible lending
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Driving efficiency through automation and cost control
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Using investment and surplus funds to strengthen capital resilience
Financial Performance 2023/24
The credit union reported strong financial growth over the past year:
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Lending increased by 20%, reaching £10.5 million
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Net income grew by 6%
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The percentage of bad debt decreased, a positive trend given the rise in lending
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Savings deposits remained steady at £10.3 million, reflecting members’ reliance on savings amid rising living costs
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Deficits continued to decline
Social Impact
In 2023/24, GWCU supported over 19,000 members and helped save members approximately £3.5 million in loan interest. Around half of surveyed borrowing members benefited from the Member Support Team, accessing services such as payment holidays, payment arrangements, and loan restructuring.
This year also marked GWCU’s 25th anniversary! Over the past 25 years, the credit union has served more than 30,000 members, provided over 96,000 affordable loans, and opened 74,086 savings accounts.
Addressing Economic Challenges
James Berry, CEO of GWCU, discussed the ongoing economic pressures, particularly the impact of inflation on members. He emphasised the importance of the newly launched Consolidation Loan, a pilot program supported by Fair4All Finance. This initiative helps borrowers who might not typically meet eligibility criteria, allowing them to consolidate debt at more manageable interest rates or repayment terms.
Impact of the pilot so far:
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172 loans issued, totaling £1.2 million
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112 loans (average value: £5,630) provided to members who previously wouldn’t have qualified
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£156,000 in interest savings, with nearly 470 different debts cleared
Plans for 2024/25
Looking ahead, GWCU shared its key priorities for the upcoming financial year, including:
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Lending to its first-ever housing co-operative, supporting sustainable living within co-operative communities
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Strengthening savings initiatives by offering competitive products to increase deposits, ensuring continued loan growth
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Launch of AI chatbot to improve member satisfaction and operational efficiency
Key Voting Outcomes
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0.25% dividend on dividend bearing savings accounts
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Appointment of Ian Walters and Carmen Palmer- Tilbury to the Board of Directors
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Re-appointment of Alexander Sloan as auditors of GWCU
Acknowledgments
Denis Lindsay and James Berry expressed gratitude to volunteer board members, colleagues, investors, and members for their ongoing support, reinforcing GWCU’s mission:
We are better off together.
