Minute of the Annual General Meeting of Stranraer Credit Union Limited held at the Credit Union Office, 25 Hanover Square, Stranraer, on Wednesday 29th March 2017.
SEDERUNT
M Burton, R Burton, S Campbell, T Campbell, A Donnan, K Gilmore, D Hamilton, J Hamilton, M Hamilton, J McClelland, J S McClelland, J Robertson, J Slorance, M Scott, L Smith.
Before the business of the meeting, it was established that a quorum of the members was present.
Miss Margaret Burton in the Chair
The Chairperson welcomed the members present to the meeting.
APOLOGIES
None
MINUTES
Minute of the Annual General Meeting held on 30th March 2016, copies of which were circulated at the meeting, was proposed for approval by Susan Campbell and seconded by Alison Donnan.
MATTERS ARISING
A Donnan brought up Junior Section membership fees – why do juniors pay the same membership fee as adults when they do not receive the same service. Agreed to defer to the Board for assessment.
Proposal made to increase loan rate of interest from 1% to 1¼ or 1½% in order to boost income. Agreed to defer to the Board for assessment.
BOARD REPORT
The Board Report for the year to 30th September 2016, copies of which had been issued to those present, was read and accepted by the meeting.
TREASURER’S REPORT
The financial report to 30th September 2016, copies of which had been issued to those present, showed that at the end of the year the Net Surplus was £858 less Corporation Tax of £71. This amount (£787) was added to the General Reserve which now stands at £20,831. (General Reserve is required to be 10% of assets, therefore any surplus must be added until this figure is reached.)
The report was accepted by the meeting.
AUDITORS’ REPORT
The independent Auditors’ report, copies of which were circulated to those present, showed that there were satisfied with the accounts and had no concerns.
LOANS COMMITTEE REPORT
Copies of the Loans Report for the year to 30th September 2016 were issued to those present. This showed that a total of 138 loans were granted amounting to £150,881. The average loan was £1,093 compared to £1,122 the previous year. Treasurer advised that, in accordance with the regulations, provision was made in the accounts for doubtful debts and she confirmed that all bad debts would be pursued rigorously.
The report was accepted by the meeting.
SUPERVISORY REPORT
None.
APPOINTMENT OF AUDITORS
Chair proposed that current auditors, Sharles Ltd. be re-appointed as auditors for year to 30th September 2017. This was seconded by J Robertson.
This was agreed by all present at the meeting.
ELECTION OF SUPERVISORY COMMITTEE
J Slorance resigned from post of Supervisor. Chair thanked him for his invaluable service. There were no nominations for the vacancies on this committee from the meeting.
ELECTION OF BOARD OF DIRECTORS
The following member was elected to the Board of Directors by those present at the meeting:-
| Nominee | Proposer | Seconder |
| John Slorance | M Burton | J McClelland |
There were no nominations from the meeting.
A O C B
There being no competent business, the meeting closed with the Chairperson thanking those present for their attendance.
Mr John Slorance proposed a vote of thanks to the Chairperson.