Plus Credit Union Limited 262 Kirkdale  Sydenham  SE26 4RS Registered trading name also Bromley Plus Credit Union 0208 778 4738  [email protected]  www.pluscu.co.uk CU Newsletter LifeSavers Schools Project Spring 2016 We are pleased to Top stories this issue: announce a successful Meet our new CEO ...... 1 start for two new school LifeSavvers Schools Project...... 1 savings schemes, at Smartcash for young savers.....2 Keston Primary School, in CUCA service to be withdrawn ..3 Bromley and at St AGM 25th Feb at Green Man...... 4 Bartholomew's Primary Credit Union Services ...... 4 School in Lewisham. Both schools are part of Meet our new CEO the 'LifeSavers' schools programme pilot being supported by the Church of LifeSavers at Keston Primary School England's financial Adults (Left to Right) Lisa Moralee, Sarah taskforce. 'LifeSavers’ is Neason, Katie Herbert and Christine Martin. being piloted in six schools across Bradford, Nottinghamshire 10,000 Member and South East London. On average 1 in 3 pupils offered the Milestone Passed savings club has taken up the Lewisham Plus passed a milestone chance to save. Credit unions are of 10,000 adult members at 31st providing the savings facility and December 2015. This makes us churches are supporting the delivery officially “a Large v1 Credit Union”, of LifeSavers, with volunteers to according to the PRA regulations. help run savings clubs and Recent highlights include: New CEO Ravi Ravindran shaking LifeSavers assemblies in schools.  10,019 adult members hands with Janet Greenwood. This is a part of Archbishop Justin  1,414 young savers under 16 After four years of dedicated service Welby's plan to support improved  £4.7m savings, £5.6m assets as Chief Executive of Lewisham financial education and inclusion. He  £2.6m loans to members Plus Credit Union, Janet Greenwood said "I strongly support this initiative  367 online loan and 268 online has decided to move to a different to encourage children to develop member applications Oct-Dec role. From April she will be working positive attitudes towards money  0.5% dividend (proposed to AGM) part-time as a loan underwriter and and the habit of saving."  1.5% for young savers relief branch manager. The Credit st For more about the Archbishop of (Figures at 31 Dec 2015) Union is very grateful for all the work Canterbury's wider financial initiative Janet has put into the organisation Register a web PIN see www.toyourcredit.org.uk. over the years, and is pleased to be Haven’t registered for our new retaining her expertise. Under her With help from Lifesavers Lewisham web site yet? This is quick and management Lewisham Plus has Plus hopes to bring credit union easy, and gives you secure access grown significantly to become one of savings clubs to more local schools to your account the largest credit unions in London. in Bromley and Lewisham in 2016. balances, st transaction details, Ravi Ravindran started with us on 1 Lewisham Plus Credit Union Ltd February and is working alongside and now also to is a not-for-profit savings and low online payments. Janet during their handover. cost loans service for people Ravi’s background was originally in living or working in the London Click on Members investment management before Boroughs of Lewisham and to register your web PIN, for a next running a small business and Post Bromley and all of SE19 working day confirmation. Office. He is a local man, and was CUCA PINs and telephone banking attracted by the community aspect Smartcash PINs are not linked to web site PINs. of our work, in addition to being well is an exciting new To get your overnight balance qualified. He is also the volunteer Engage card just text ‘Balance’ to 07537 410334 Treasurer for a London charity. for 8-16 year olds. or see your transactions online. Ravi is looking forward to working Save £10 with Tip: If you need to call, try to avoid busy with our staff and for our members. our special offer times (e.g. 9:30 & 1pm), or send us an email Please give him a big welcome! – see next page. asking for a call back. Thank you. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm 213588.

Corporate Accounts New staff member at Service Launched The Albany, An AGM commitment was made last The credit union’s Deptford outreach year to allow corporate members to service, previously at 1a Eddystone join the credit union. This facility is Tower, moved with Lewisham now available for local charities, Homes to Unit 13 A-B, The Albany, trusts, clubs and societies. Our first Douglas Way, Deptford, SE8 4AG. account has just been opened for a Find us at the far end of The Albany local residents’ association. Smartcash pre-paid as viewed from Deptford market. Conditions apply, so please see our Our Deptford desk is open to serve card for Young Savers website for further details. credit union members from Mon to www.pluscu.co.uk/accounts-for- Available from March, Smartcash is Wed, 10am to 3pm. Note: This an exciting new Engage card just for societies-and-charities. service does not handle any cash. young savers aged 8-16, and is exclusive to credit unions. Meet Your Board Designed to help children and teens Getting everyone on our Board of take control of their finances in the Directors together for a photo is connected world – electronic pocket always difficult and we almost money to use and to learn the managed it. From Left to right: Tim importance of money management. Pagan, Keith Howick, Liz Ballaster, Parental access to the child’s online Frank Whittle, Mark Plummer, John McCarthy (President), Paul Treece, account ensures safe, responsible Arun Prasad and Peter Dulley. spending, whilst the ability to send money direct to the credit union encourages young savers to add to their savings on a regular basis. Each Smartcash account comes Janet Palmer is our new member of with a contactless staff at The Albany. If you live in the Visa debit card, north of Lewisham, why not pop in to Missing from the photo are James free mobile app, ask her about our services? Gardner, who was away celebrating online account a birthday (21 again!), and member and a range of Engage Classic Cards engagement director Geoff Cave. rewards and discounts to save going contactless on everyday The Engage Classic spending and Prepaid card is an purchases like ethical low-cost Visa games or fashion. debit card. Engage There will normally be a one-off £10 is easy to use, very flexible, and has fee for a Smartcash card, but no exciting high street cashback monthly fee and no fee to load from We have three new directors, left to rewards too. a credit union account. As a special right Keith Howick, Arun Prasad, Members with Engage Classic introductory offer, Lewisham Plus and Tim Pagan (awaiting approval) Cards, which were not contactless will pay the £10 fee on the first 500 We were sorry to see Nene Addo when they were issued, will shortly cards, so they will be free for kids. step down as a director due to family be receiving a new card with the and work commitments. However Note: A parent must also be a credit facility for contactless payments. we have welcomed David Blane and union member and hold an Engage Please ensure your old card is Barney Wanstall to join David Smith card to validate the child’s identity. destroyed. Benefits are: on the Supervisory Committee. For full details see our web site and UK sort code & account number Terms and Conditions (coming soon) FSCS change Contactless Visa debit card Payments Online On 1st January 2016 ATM, cash back & money transfers the FSCS deposit Cashback rewards at many stores Our website can already accept new protection limit member entrance fees on-line. Online portal and mobile app changed from Envelope™ Money Management Members are now able to add to £85,000 to £75,000. their credit union savings or make No issue cost – no credit checks For further details see our website: loan repayments using a debit card, Ethical £2/month, no load fees* www.pluscu.co.uk/is-your-money-safe by signing into the Members area. See our web site for full details IMPORTANT NOTICE FOR ALL CREDIT UNION CURRENT ACCOUNT (CUCA) CUSTOMERS CUCA Service to How does this be withdrawn affect my CUCA? We are sorry to announce that due We appreciate this is unwelcome to changes at the Co-operative Bank news, but we are here to help you. the national CUCA system is being Your CUCA account will continue withdrawn for all credit unions. All to work normally until the date we our CUCA accounts will need to be set out in your personal “Notice st closed by 31 August 2016. of Closure” letter when we write. What are “Your We will be working hard to support In February we will send you a members with CUCA in making their “Your CUCA Choices” letter. This CUCA choices”? choices, and in helping to migrate to is to set out your choices and, as a These will include: new services where we can. first step, to ask you to transfer your  Open a new ethical Engage Lewisham Plus will not open new benefit or other credits to the Credit Current Account. We expect CUCAs after 29th February 2016. Union Main Account. This is shown these to become available from in the diagram below. Doing this first In summary: June. This option is likely to be will ensure your saving and loan  Banking support for CUCA is suitable for people with active payments continue and will make it being withdrawn nationally CUCA accounts who want to easier to move to a new account.  All CUCA accounts must be stay with a service designed for closed by 31st August 2016 Later we will send you a “Notice credit union members.  Don’t panic! Alternatives are of Closure” letter, to give 30 days  Use an Engage Classic Card. available and we will help notice of CUCA account closure. Applications are available in  We will be writing to members “Notice of Closure” letters will be branches and online. These may with a CUCA over the next few sent out in stages between March be suitable if you don’t use direct months to set out your choices and July. You can ask us to close debits and don’t use ATMs often. and then to give notice of closure your CUCA earlier if you want to, or  Transfer to an existing bank or wait until we write to give you notice.  Assistance will be provided to building society account you support you in moving to new If you are an active CUCA user and already hold. Unfortunately payment arrangements let us know in response to the “Your CUCA does not support ‘7 day’ CUCA Choices” letter that you may The services that underpin CUCA account switching, but we can be interested in the Engage Current are provided by the Co-operative help with information you need. Account, we will delay your “Notice Bank and ABCUL, through a  Open a Basic Bank Account. A of Closure” until June or July 2016. national agreement with credit number of banks launched these unions. All credit unions have If your CUCA is used to pay direct in January. Find out more about agreed to an orderly exit, which debits, you will need to arrange for Basic Bank Accounts on the must now be completed. Lewisham these to be re-directed to a new Money Advice Service Website: Plus has about 1,800 CUCAs. current account when you have one. www.moneyadviceservice.org.uk /en/articles/basic-bank-accounts Incoming credit Credit Union Payment Services For now keep using your CUCA to Main Account Main Account Payments by VISA Debit, Standing as normal. But please do respond Order, Cash-back and/or ATM cash Benefit promptly when we write or call you Payment Automated Other to ask for your decision or action. (including BACS Bank A/c Universal Transfer CU Current Engage WHAT YOU NEED TO DO NOW Credit) Account Pre-Paid & Your benefit or other credit used (replaced by Contactless 1 for savings and/or loan repayments Transfers to Engage Current Debit Card Child Payment Account*) needs to be moved to the Credit th Benefit Services and/or Direct debit and free ATM cash only by Union Main Account by 30 June. to Saving and using a Current Account (*summer 2016) We will contact you to arrange an Other Loan Services appointment to transfer your benefits Saving and Loan Services Credits Internal to the Credit Union Main Account by e.g. Salary, Loan Repayment visiting one of our branches, or to Standing create a standing order from your Order Internal Savings Deposit existing bank account if you have one.

Engage Ethical Card Services Low cost prepaid Visa debit card, £2 per month, no load fees.* Test Smartcash electronic pocket money

The Barn for 8-16s. £10 one off, no monthly fee.*

Engage Current Account Card service* (planned launch June 2016) *See full Terms and Conditions for details. To protect your funds we require proof of ID for all withdrawals.

Branch Contacts & Hours AGM 26th February Balance Sheet 30th Sept 15 Sydenham 262 Kirkdale, SE26 4RS We invite and encourage all our 2015 2014 Tel: 0208 778 4738 Assets Email: [email protected] members to participate in the credit Tangible fixed assets 148,969 192,060 union by attending our Annual Loans to members 2,248,277 1,876,942 The Green Man at 355 Bromley Other debtors 46,844 44,220 General Meeting, to be held at: Current investments 1,612,864 1,591,174 Road, , SE6 2RP 7pm on Friday 26th Feb 2016 at Cash at bank/in hand 1,574,556 1,104,707 Tel: 0208 461 4721 Total Assets 5,631,510 4,809,103 The Barn, The Green Man, 355 Bromley Plus at 54 Cotmandene Liabilities Bromley Road, SE6 2RP. Other creditors 89,709 35,035 Cres. St.Paul’s Cray, BR5 2RG Members are invited to register an Juvenile deposits 262,293 264,628 Tel: 0208 617 9416 Members’ shares 4,412,821 3,745,690 interest in serving as directors or on Accruals/deferred inc. 344,735 412,419 All open 9.30-1pm Mon-Fri. the supervisory committee by email Total Liabilities 5,109,558 4,457,772 Sydenham only 7.30-9pm Friday to [email protected], or by Net Assets 521,952 351,331 and 10am-noon Saturday. letter, by Friday 19th February Reserves General reserves 186,656 142,063 Deptford at Unit 13 A-B, The Albany, The AGM is free for credit union Other reserves 335,296 209,268 SE8 4AG (Mon-Wed 10am-3pm) 521,952 351,331 members. Stay to celebrate the Closed Bank Holidays and as per notices. Income and Expenditure for year with us over a light buffet. Dormant adult accounts under £10 year ended 30th Sept 15 The Barn is the community hall to balance - annual £2.50 fee. the left of The Green Man building. It 2015 2014 Income Online Joining & Loans is on the Lewisham-Bromley bus Loan interest 569,536 366,428 Apply to join the credit union and for Investment/bank interest 23,262 22,190 routes, 5 minutes from Bellingham loans from us using online forms. and , with free parking on Other income/grants 279,742 287,431 Lloyds Banking Group 100,000 0 Online Account & Transactions nearby streets behind the building. Growth Fund release 72,000 90,000 1,044,540 766,049 View recent transactions online in Annual Report 2015 Expenditure our Members’ area and approve Our Annual Report and Accounts for Operating staff costs 303,214 283,119 money transfers (Web PIN required) th Other admin costs 316,114 284,035 the year to 30 Sept 2015 are now Occupancy costs 62,373 56,928 24/7 Telephone Balances available on our web site (under the Regulatory charges 10,654 6,409 Bad and doubtful debts 140,498 96,101 Automated balances and transfers “About Us” section). These will be 832,853 726,592 24/7 on 0208 778 4738 (PIN required) presented at our AGM, and are Operating surplus/(loss) 211,687 39,457 SMS Balance Enquiries available on request. Taxation (22,571) (55) Distribution paid in year (18,495) (27,898) Text Balance to 07537 410334 Membership: Grew to 9,596 adults Prior year adjustment 18,770 0 The text will cost your standard network rate (up by 722) and 1,453 juniors. Total recognised gains 189,391 11,504 for an SMS. If you don’t get a response Savings: Up by over £640,000 to Paul Treece, Treasurer -extract from audited accts email [email protected] with your name, member number and mobile phone number. £4.4m for adults and £0.26m for Credit Union Services juniors, a 17% increase. PayPoint Cards Anyone living or working in Make cash payments at PayPoint Dividends to be credited on 26th Lewisham, Bromley or SE19 can outlets. 50p charge for each PayPoint use. March 2016 are: join Lewisham Plus Credit Union. Life Insurance  1.5% for young savers. Saving and Borrowing Members up to age 70 receive life  0.5% for adults (subject to AGM) Save up to £30,000, £3 joining fee insurance at no charge. Loans are for adults, £2 for young savers. Loans: Over £2.6m granted, up by also covered up to age 75.** 9% from £2.4m in the prior year. Personal Loans up to £10,000 from **All insurances subject to policy limits 0.75% to 2% pm (9.4% to 26.8% APR) Financial: Income from members Our individual and friendly met 85% of expenses. Bad debt SAYB 3% pm/42.6% APR, save as service is volunteer led but write offs higher but overall at 5.0% you borrow – our most popular loan. professionally managed. We of lending. Capital ratio at 9.3% of Corporate Accounts work for a fair and inclusive assets, helped by a £100,000 capital Deposit account available for local local community. grant from Lloyds Banking Group. associations, clubs and charities.