Another successful year and AGM for Derry Credit Union

Derry Credit Union’s Annual General Meeting took place earlier this week in St Mary’s College.

At the meeting, the directors and volunteers of Derry Credit Union, the largest and oldest credit union in the North, reported to the members present on the developments, progress and achievements made during the year ended September 30, 2024.

Members exercised their democratic rights as co-owners of Derry Credit Union.

They approved a dividend of 1.5% on shares and minor deposits, and an interest rate rebate on applicable loans of 25%.

Moore (NI) LLP were elected external auditors for 2025, and candidates Delma Boggs, Colm McCauley, Rosemary O’Doherty and Leo Simpson were elected to the Board of Directors.

Members also approved the motion to adopt gender neutral language for the Standard Rules for Credit Unions and the proposal to donate £17,500 to the Irish League of Credit Union’s International Development Foundation whose mission is to achieve financial inclusion for those with no access to formal financial services.

Highlights

Key items highlighted in the reports were:

• 1,114 new members joined Derry Credit Union bringing the total number of members to 36,446. 321 new minor depositor accounts for those under age 16 were opened.
• The surplus arising from Derry Credit Union’s core operations was £2,588,824
• Total income was £6,420,363, attributed to three main factors: Interest on members’ loans of £3,421,330; Investment income of £2,818,463; Recover of written-off debt of £189,015.
• Expenditure was £3,831,539, a 2.96% reduction compared to the budgeted figure for 2024.
• 13,714 loans were issued worth £18,998,910. The total value of the Loan Book reached £33,683,812.
• Members’ shares grew by £1,193,289 to £93,208,825; minor deposits were £4,702,346.
• As at the 30th September, capital stood at £16,959,576 and total assets were £117,124,361.
• Life Savings Insurance, Loan Protection Insurance and Death Benefit Insurance were provided at no individual cost to the member.
• Derry Credit Union was fully compliant with the law, guidelines, regulations and the expectations of its regulators, including the Financial Conduct Authority, Prudential Regulation Authority, Information Commissioner’s Office, Financial Ombudsman Service, and the Financial Services Compensation Scheme. External Auditors Moore (NI) LLP and the ILCU Internal Audit Service provided further monitoring and checks.

IN PICTURES: Another successful year and AGM for Derry Credit Union

Following the conclusion of the meeting, Derry Credit Union’s Youth Committee conducted the prize draw at which 26 members received a total of £3,500 in cash prizes.