members’ meeting 23 rd april 2014. victoria mackay-parkin chair, fincan

Members’Meeting

23rd April 2014

Victoria Mackay-Parkin

Chair,

Fincan

Agenda

10.00am Welcome and introductions followed by a Fincan Update

10.10 Know Your Money Update – Susan Borrow

10.40 Darlington Credit Union – Tony Brockley

11.00 Comfort Break

11:10 Workshop – Developing Future Themes

11:40 Axa Sun Alliance – Cost of Dying Presentation

12:25 Project Planning Workshop – Part One

12.40 Grab lunch

12:55 Project Planning Workshop – Part Two and Working Lunch

13:30 Close

Know Your Money

Susan Borrow andNathan James

Tony Brockley, CEO

The past:

• 2008 Merger of four small Darlington Credit Unions agreed• Alan Coultas, local businessman & Councillor drafted in to oversee• Darlington Borough Council awards £25,000 to support initiative• Treasury support: DBC staff member • Funding application support: DBC staff member• 2009 with use of DBC funding first paid member of staff employed• Financial Inclusion Forum• In 2009 DCU’s KPI’s were as follows:-

• Members: 616• Savings: £130,459• Loans: £65,692• Earned Income: £2579

The present:

• Payroll Deduction• Financial support:-

• Strategic Grant• Corporate Membership

• Deferred Shares• Quarterly Business & Finance Meetings:-

• Ada Burns & Bill Dixon• Ideas exchange: Bill’s Foodbank account + £1300

• DBC support in “opening doors”: NHS• DBC Housing & DCU & MoneyWorks: collaboration• Councillor Newsletters• Darlington Together

In 2014, DCU’s KPI’s are as follows:

• Members: 3945• Savings: £892,292• Loans: £721,235• Earned Income (for Q1 2014): £32,380• Projected 2014 Earned Income of £169,000

The future KPI’s:

• Members: 10,500• Earned Income: £468,500• A sustainable Credit Union• By 2018 latest

The challenge:

• To achieve these figures we need even more support • Currently c.0.5% of DBC employees are DCU members• Borough wide c. 3.6% of the population are DCU members• Challenge 1: Increase number of employees to engage with DCU• Currently we have 10 Corporate Accounts worth in excess of £80,000• Challenge 2: Assist in supporting our Corporate Membership Strategy• Currently we have 3 payroll schemes which are essential• Challenge 3: Assist in “championing” these schemes with local businesses • Elected members of the council – how many are DCU members?• ANEC members & others here today – how many of you are CU members?• Challenge 4: Why not? We need “champions” who support their local CU by

action as well as words.

Bishop of Jarrow's plan to get 1000 more people using credit unions

What can your credit union offer?• Savings accounts with instant access• Affordable loans• Budget accounts•Co-operative electrical scheme• Free budget planning service• Free financial health checks• And much more to come with the CUEP 2014-2015

What can Housing Providers offer?• To raise awareness of the credit union through its staff and clients•To establish a payroll deduction scheme for staff• To advertise the DCU with the rent statements• To advertise DCU with the Annual Reviews• To establish an outreach office at Housing Providers’ premises• To advertise credit union on periodic tenancy visits

Any Questions?

Workshop

Developing Future Themes

Break

Axa Sun Alliance

Mark Woodhead

Workshop

Project Planning

Close