Lewisham Plus Credit Union Limited 262 Kirkdale  Sydenham  London SE26 4RS Registered trading name also Bromley Plus Credit Union 0208 778 4738  [email protected]  www.pluscu.co.uk CU Newsletter Poster Competition Launch of Engage To start our celebratory events, Spring 2017 supported by the Big Lottery Fund, Current Account we have launched a competition In November 2016 Lewisham Plus Top stories this issue: across junior schools in both become the first credit union in the 25th Anniversary ...... 1 boroughs to create a poster to mark country to launch the new Engage Engage Current Account...... 1 our Anniversary year. The winner Current Account service. 25 Years of Lewisham Plus ...... 2 will be announced at our AGM on 3rd AGM 3rd March at Grove Centre 4 This innovative new product March at The Grove Centre. Annual Report 2016 ...... 4 provides online and mobile banking in place of the Credit Union Current Lewisham Plus Credit Union Ltd th Account, and is exclusively for credit is a not-for-profit savings and low 25 Anniversary union members. It took longer to get cost loans service for people it into place than originally expected, March 1992 to 2017 living or working in the London but now over 800 members are 2017 is a special year for Lewisham Boroughs of Lewisham and Plus Credit Union, as it marks our Bromley and all of SE19 using Engage Smartcash, Classic or 25th anniversary. That's twenty-five Current Account services. years working in and for the local Financial Services community since we started in 1992. Compensation We have created a special logo which we will be using for the year: Scheme Limit The Bank of England has announced that individual deposits, including your credit union savings, are now protected to £85,000 under the FSCS, back to the 2015 limit. For full details see their website http://www.fscs.org.uk/ or call 0800 678 1100. Credit Union Member We hope to use the logo to raise our Services profile further - to encourage more Saving and Borrowing people to join us, keeping funds in Save up to £30,000, £3 joining fee Try out “Envelopes” the local area and helping to reduce for adults, £2 for young savers. the stress of making ends meet in Worried about managing your challenging financial times. Personal Loans up to £10,000 from money? Want to take the stress and 0.75% to 2% pm (9.4% to 26.8% APR) hassle out of paying your rent, We are arranging special events for SAYB 3% pm/42.6% APR, save as mortgage, utilities, phone bills? different parts of our community you borrow – our most popular loan. throughout the year, supported by The Engage services come with a the National Lottery’s Big Lottery Corporate Accounts special feature that allows you to Fund. These will include promotions Deposit account available for local place money into virtual “envelopes”, at Brockley Max and Lewisham’s associations, clubs and charities. so you don’t accidentally spend the People’s Day. Keep an eye on our Engage Classic Account cash you need to pay essential bills. website for further details. Low cost prepaid Visa debit card, This is easy to use and to manage. £2 per month, no load fees.* We think it’s a neat idea and should Smartcash electronic pocket money be especially helpful for anyone who for 8-16s. £10 one off, no monthly fee.* is starting to receive Universal Credit and having to budget over a month Engage Current Account instead of a couple of weeks. £5.95 per month, Visa debit, direct debits, ATMs and rewards* For more information, please see our website or visit our branches. *See full Terms and Conditions for details. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm 213588.

25 Years  1.5% for young savers. Lewisham Plus was founded as nd ACTS Credit Union Limited on 2 March 1992. It was created by the initiative of local churches in the Association of Churches Together in Sydenham and Forest Hill. In his first report, the President Mr Arthur Coe, said “ACTS is a C.U. of Churches Together, a Contribution by Us as members, for members, to show Care by Us and to help the Community by Us, to others.” In 1993 we granted 32 loans, for a total of £9,836. Savings rose four ACTS Credit Union launch at The Grove Centre, on 8th May 1992. Left to right: Gail Birch, fold to £20,883. We reached 100 Elizabeth Ballaster, Barbara Coe, Liam Carlisle, Arthur Coe, Andy McKeown, Mayor of adult members and our first junior Lewisham Jim Dowd, Frank Whittle, Paul Treece, Lisa Treece, Tim Samuel and Alice Pollard. savers joined. In 2003 we granted 209 loans Lewisham Plus Credit Union – New collection points for a total of £165,123. serving all of Lewisham and Penge. in St.Philip Neri and St. Member savings rose to We joined the national Growth Fund William of York were £325,804. We reached 985 project, working with DWP to extend added to Friday evening adults and 300 juniors. services across the community. at The Grove Centre. John McCarthy became our We celebrated our 15th birthday in In 1993 we bought our third President, and James 2007 with a three course curry meal first computer, moving Gardner became our first at our AGM, the last of a series of off all-paper accounts. Credit Union Manager. Lisa memorable AGM dinner dates. Liam Carlisle became the Treece was administrator, In 2008 we granted 453 loans and new President in 1996, Paul Thompson developed 3,969 Flexi-loans or top-up loans. business services, and and Arthur Coe sadly died Member savings rose to £907,347 Gina Carrington started a in 1997 after a long illness. and we reached 3,495 adults and club at Catford Girls. 1996 also saw the launch 1,054 juniors. This was also the year Our “Community of the Deptford and New when we launched the Credit Union Cross Credit Union Limited. Finance Shop” at 262 Current Account, providing low cost Kirkdale opened in ethical banking services in the wake In 1998 we granted 60 loans, June 2004 and was of the global financial crash. James for a total of £37,482. Savings a great success. Gardner retired and Jason Herbert rose to £93,328, and we grew to Ingrid Brown joined became our next CU Manager. 245 adults and 41 juniors. as our loan officer, In 2009 we expanded again, to In 2000 we conducted a survey of and we served include the whole of Bromley. 5,000 homes in Sydenham, Forest 20 visitors/day. Our popular “Save as you Hill and Penge, concluding that: In 2006 we Borrow’ loan was launched  34% didn’t have a bank account changed our to encourage saving and  60% found money management name and to replace the Flexi-loan. difficult and struggled with bills became  38% had no savings.

Based on this, we extended the common bond in 2000, and again in 2002, so that anyone living or working in Lewisham could join us. Promoting the credit union and working with partners, including Lewisham, Bromley, Broomleigh, Opening of 262 Kirkdale SE26, our Hyde and JSS Pinnacle, started to first high street bring faster change and growth. branch, in June In 2003 we were awarded a grant 2004, by Mayor of for £209,000 for the regeneration of Lewisham Sir Steve the derelict Barclays Bank in Bullock and Lewisham West MP Sydenham, and for three staff roles. Mr Jim Dowd. In 2010 the members agreed to the transfer of Deptford & New Cross Volunteering with Credit Union, bringing 1,500 a/cs into Lewisham Plus on 31 Dec 2010. Lewisham Plus

2011 saw the launch of the Bromley Lewisham Plus Credit Union has Plus branch in St Paul’s Cray, with always depended on the contribution the support of Bromley Council, of a significant number of volunteers Affinity Sutton Group and others. to help the organisation flourish and grow. We currently have members After managing the Bromley branch, who volunteer to assist as cashiers Janet Greenwood became our new CU Manager in December 2011. in our branches, help with answering telephones, leafleting, scanning and In 2012 we granted 3,952 loans, for record keeping, with welcoming and a total of £1.7m. Savings passed on school savings projects, and all £2.5m and we reached 7,132 adults Ravi Ravindran, CEO, joined us in 2016, our Board are volunteers too. and 1,573 junior savers. seen here at The Green Man in SE6/BR1 If you would like to volunteer with us, Jumping forward to 2016 the credit or find out more about the range of union granted 5,185 loans, for a total opportunities please e-mail Tim of £2.9m. Savings topped £4.8m, Pagan, HR, Training and Volunteers with 10,095 adults and 1,508 juniors. Director at [email protected]

Branch Contacts & Hours Sydenham 262 Kirkdale, SE26 4RS Tel: 0208 778 4738

The Green Man at 355 Bromley

Road, Catford, SE6 2RP

Tel: 0208 461 4721

Liam Carlisle serving at Eddystone Tower, Bromley Plus at 54 Cotmandene Pepys Estate SE8, with Lewisham Homes, before moving to The Albany in 2015. Cres. St.Paul’s Cray, BR5 2RG In 2013 we Tel: 0208 617 9416 opened our All open 9.30-1pm Mon-Fri. new branch Sydenham only 6.30-8pm Friday and office at and 10am-noon Saturday.

The Green Man Deptford at Unit 13 A-B, The Albany,

at the invitation SE8 4AG (Mon-Wed 10am-3pm) of the Phoenix Closed Bank Holidays and as per notices. Community HA. Online Joining & Loans We started to offer Apply to join the credit union and for local emergency loans from us using online forms. loans for Lewisham, and homelessness Online Account & Transactions prevention loans for View recent transactions online in our Members’ area and approve both of our boroughs. Jan Greenwood with Stephanie Noyce, Financial Inclusion for the Affinity Sutton money transfers (Web PIN required) In 2013 the Archbishop Group, opening Bromley Plus in 2011. of Canterbury publicly Dormant adult accounts under £10

supported credit unions balance - annual £2.50 fee. to “compete Wonga 24/7 Telephone Balances out of existence”. We joined Automated balances and transfers the national Credit Union 24/7 on 0208 778 4738 (PIN required) Expansion Project, which SMS Balance Enquiries enabled us to introduce an Text Balance to 07537 410334 automated loan decision The text will cost your standard network rate tool, speeding up lending. for an SMS. If you don’t get a response We also opened an outreach email [email protected] with your name, member number and mobile phone number. point with Lewisham Homes, PayPoint - ended by Co-op Bank first in Eddystone Tower, then in The Albany, following the We will no longer be able to accept closure of the DNX branch. PayPoint deposits from March 2017. We look forward to another Life Insurance 25 years serving you, our Members up to age 70 receive life members – people helping for insurance at no charge. Loans are people for mutual benefit. Joint boards of Lewisham Plus and Deptford & New also covered up to age 75.** Cross Credit Unions agreeing to merge in 2010. **All insurances subject to policy limits

reducing income from CUCA and Adopting FRS102 grants, offset by This year all credit unions have been increased lending. required to adopt the FRS102 Expenses: Were accounting standard. This moves £6k below last year. figures around on the financial Staff costs rose with statements and uses wording that is the London Living unfamiliar to most people. These rd Wage and our new extracts provide a brief overview. AGM 3 March 2017 CEO, but other costs were reduced. Please refer to the audited accounts We invite and encourage all our Bad debt: Loan write-offs declined and notes for the full details. members to participate in the credit from 6.2% to 5.9% of our loan union by attending our Annual balance. Our total “impairment 25 Years in Figures General Meeting, to be held at: losses” rose due to 7pm on Friday 3rd March 2017 at higher provisions on The Grove Centre, 2 Jews Walk, loans in arrears. We Sydenham, London SE26 6PL. are seeing more Members are invited to register an people affected by interest in serving as directors or on tax credit and benefit the supervisory committee by email reductions, which to [email protected], or by then affects the credit letter, by Friday 17th February. union – but also makes affordable The AGM is free for credit union finance ever more members. Stay to celebrate the important as budgets year with us over a light buffet. are squeezed. The Grove Centre was where the Capital: Our key capital ratio was When we started out in 1992, then credit union was launched in 1992. improved to 9.85% of assets. as ACTS Credit Union, our 22 We felt it would be fitting to hold our founding members each deposited 25th Anniversary AGM there. It is five Revenue Account for year their first shares. Every penny of the minutes’ walk from 262 Kirkdale, on ended 30th Sept 16 £4.8m now held in savings has bus routes 122, 176, 197, 202 and 2016 2015 come from ordinary local people. 356, with free street parking nearby. Loan interest receivable 616,158 592,798 Interest payable (21,182) (18,495) Since opening our first branch at Net interest income 594,976 574,303 262 Kirkdale in 2004 we have Annual Report 2016 Fees receivable 112,811 154,570 welcomed about 100 new members Our Annual Report and Accounts for Fees payable (137,828) (154,733) Net fees and commission (25,017) (163) each month, though not all stay to the year to 30th Sept 2016 are now Other operating income 166,199 297,172 become active savers. available on our website (under the Administrative expenses (418,123) (392,951) “About Us” section). These will be Depreciation (26,294) (48,401) Income in 2002 was just £19,616, presented at our AGM, and are Other operating expenses (94,541) (96,344) with expenses at £11,629. We are Impairment on loans for bad and doubtful debts now a much larger organisation, and available on request. (150,284) (140,498) Surplus before tax 46,916 193,118 have created 20 local jobs for staff. Membership: Over the year, despite Corporation tax (6,019) (22,571) closing dormant accounts, we grew Surplus for year 40,897 170,547 However, the most dramatic change to 10,095 adults (up by 503), 1,508 Comprehensive income 40,897 170,547 has been to our lending. Our loans juniors and 4 corporate members. ‘Interest payable’ means dividends paid to members. increased throughout our first ‘Fees receivable and payable’ mainly relates to income Over 90% of our adult members decade, but this is too small to show and costs for CUCA, Engage and other bank changes. on the graph! In the last year our made a transaction in the last year Balance Sheet 30th Sept 16 or hold a balance over £25. members received 5,185 loans. In 2016 2015 2001 it was just 123 for the whole Assets Savings: Up by £340k to £4.4m for year. So demand for our service has adults (excluding CUCA) and steady Cash and central banks 35,329 34,929 Advances to banks 2,958,254 3,152,491 increased 50 fold over 15 years. at £0.27m for juvenile depositors. Loans to members 2,536,935 2,266,662 By far the majority of Lewisham Plus We are very pleased once again to Tangible fixed assets 124,384 148,969 Prepaid and accrued inc 40,571 28,459 loans are for £1,000 or less. This be able to offer a dividend, to be Total Assets 5,695,473 5,631,510 isn’t true of all credit unions, and is a credited on 30th March 2017: Liabilities Customer accounts 4,813,623 4,675,114 direct consequence of the work we  1.5% for young savers. Other liabilities 55,847 91,658 do with large numbers of people  0.5% for adults (subject to AGM) Accruals and deferred inc 265,103 344,735 who struggle to make ends meet. 5,134,573 5,111,507 Loans: Nearly £2.9m was granted, Other reserves 337,752 335,296 Our individual and friendly up by 12% from the prior year. General reserves 223,148 184,707 service is volunteer led but Total reserves 560,900 520,003 Income: Dropped by £49k excluding Total Liabilities 5,695,473 5,631,510 professionally managed. We last year’s Lloyds Banking Group Paul Treece, Treasurer - extract from audited accts work for a fair and inclusive capital grant. This was due to ‘Advances to banks’ means money in bank accounts. local community.