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COMMSAVE Friendly • Ethical • Professional Helping you afford life Annual Reports and Accounts For the year ended 30th September 2020 The easy way to save, the better way to borrow [email protected] 0303 0402 660 commsave.co.uk Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (213407). Our Mission Commsave exists to provide excellent service for members, with products tailor made for their needs. Our Values Our values are to meet our mission by providing our service in a friendly, ethical, and professional way. Our Promises At Commsave treating customers fairly will be at the heart of how we operate and all staff and volunteers must have our members at the centre of everything they do. Our six key promises ensure that you are treated fairly at every stage of your dealings with us, now and in the future. Fair Treatment Good Value You can be confident that when dealing Our priority is to provide our members with Commsave, your fair treatment is with good value products and services. central to our culture. Meeting Your Needs Keeping Quality High The products and services offered by We will treat members fairly and deliver Commsave are designed to meet the high qualityStill to productsbe designed. and services needs of our members. throughout their relationship with us. Fully Informed Easy to Understand Commsave will provide you with clear You can expect that all services provided information and will keep you informed by us will be as described within our throughout your dealings with us. policies and literature. Annual Reports and Accounts Contents FINANCIAL REPORTS PAGES 4 – 9 2020 4 Directors’ Responsibilities 5 Chairman’s Report 6 Treasurer’s Report 7 Auditors’ Report 8 Income and Expenditure Account 9 Balance Sheet GOVERNANCE PAGES 10-11 10 Declarations 11 Director Attendance YEAR IN REVIEW PAGES 12-17 12 Chief Executive’s Report 13 2019/20 Achievements 14 Performance Graphs 16 Highlights 17 Feedback IN MEMORIUM PAGES 18-21 18 Remembering our Founding Chairman 19 Members Sadly Missed 20 Bereavement Fund Annual Reports and Accounts 2020 | COMMSAVE 3 COMMSAVE Directors’ Responsibilities The directors present their report and financial statements for the year ended 30 September 2020. The principal activity of the Credit Union In preparing these financial statements, continues to be that of the provision of savings the directors are required to: and lending facilities for the benefit of its members • select suitable accounting policies and then as defined in the Credit Union Act 1979. apply them consistently; The directors are required under credit union • make judgements and accounting estimates legislation to prepare financial statements, for that are reasonable and prudent; each financial year, which give a true and fair • prepare the financial statements on the going view of the state of affairs of the Credit Union at concern basis unless it is inappropriate to the end of the financial year, and of the income presume that the Credit Union will continue and expenditure of the Credit Union for the year. in business. Directors The directors are also responsible for: The directors who held office during the year • keeping proper accounting records; were as follows: • maintaining a satisfactory system of control Mr M Braimah over the accounting records and transactions; Mr D G Keith • safeguarding the Credit Union’s assets; and Mr H Mansuri • taking reasonable steps for the prevention Mr R Munro and detection of fraud and other irregularities. Mr D W Jackson (deceased 14th August 2020) Statement of disclosure to auditors Mr K Kafamba So far as the directors are aware, there is no Mrs R Owusu relevant audit information of which the Credit Mr S Jacob Union’s auditors are unaware. Additionally, the directors have taken all the necessary steps that Ms L Walkden they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Credit Union’s auditors are aware of that information. On behalf of the Board of Directors Mr K Kafamba Chairman, 5th December 2020 4 COMMSAVE | Annual Reports and Accounts 2020 Financial Reports Chairman’s Report Dear Member - Owner, the review will be considered and implemented over the coming months. Well, what a strange year! In August, we saw the passing of Derek Jackson. On behalf of your board of directors I am pleased Derek was instrumental in launching the Credit to report that despite many challenges, your Union in 1991 and was our very first chairman. Credit Union has continued to serve you, its He was a long serving director, and we will miss members, and deliver our services effectively. Derek’s experience, common sense, and good humour. As a memorial to Derek, Commsave will During the year we all had to adapt to different fund two scholarships to an annual credit union ways of working due to the effect of Covid-19 development programme. Our condolences and on our lives. I would like to thank our staff who thoughts are with Derek’s wife and family. very quickly moved to working from home, with an almost seamless affect on our members. The Our Audit & Risk sub-committee have continued economic effect of the pandemic has been felt and to meet remotely, and we thank them for their there are further details in our Treasurer’s Report. work in the important areas of risk, governance, and audit. In April, we completed the merger of Harvest Money in to Commsave and we warmly welcome We thank our network of Workplace Reps for those new members to the Commsave family. their sterling efforts in continuing to promote Commsave to their workmates. Commsave was selected to take part in a pilot savings scheme, Prizesaver. This pilot was Our Annual General Meeting will be held online at launched by HM Treasury to encourage people 11am on Sunday 24th January and I hope to see to save with a credit union. As I write this as many members as possible joining us to hear report, another Commsave member has been about the year past and vote on key issues. announced as a £5,000 headline prize winner! So Finally, a BIG thank you to the staff team led far, Commsave members have won £48,160 from by Amanda for their fantastic response to the this scheme. challenges during this year, your efforts are very During the year, as part of our governance process much appreciated. the board commissioned an independent review of Mr K Kafamba board effectiveness. The recommendations from Chairman Annual Reports and Accounts 2020 | COMMSAVE 5 COMMSAVE Treasurer’s Report Despite the challenges of Covid-19, Write-offs have continued to increase and I am pleased to report another this is an area where constant vigilance is needed. Our staff are always ready to discuss successful year for Commsave. alternative repayment plans should a member’s circumstances change, but we will pursue all As the first lockdown kicked in, in March, we debts as far as we can to ensure loans are found members were able to increase savings repaid. but the demand for loans dropped off. This is not We have continued to build our reserves (capital) surprising as the majority of our members are which now sits at 15.9%, significantly above the key / essential workers who continued to receive regulatory minimum. Your board takes a prudent full pay but had limited opportunities to spend it! view on capital and wishes to continue building Loans for ‘big ticket’ purchases like holidays, cars, for the future so that we can meet members weddings, home improvements etc dropped off. expectations and provide a buffer against any We appreciate that for some members Covid-19 unforeseen events in future. did have an impact on their household income Your board is delighted to propose a very and our staff worked quickly to put in place a competitive return on your savings of 2.25% and range of measures to support those who were again we are proposing a loan interest rebate affected. of 2.25% to members who have made their The impact of this has been felt with year-end loan repayments in line with their agreement. savings increasing by 33% (£18.7m) but loans We believe it is important to make sure that all declining by 2% (£1.0m). In the short-term this members who have played a role in the success is not a problem, and part of our mission is to of Commsave receive their share of the surplus. provide a safe and easy way for members to This is the credit union difference! save. However, we do need interest from loans Looking ahead, we believe it will be necessary to pay our bills, build our regulatory reserve, and to reduce the level of dividend proposed at pay our dividend. Also, we have to hold reserves next year’s AGM. We are planning on 1.5%, against savings and so we need to keep the but of course this will depend on our financial balance between savings and loans in kilter. performance through the current year. Our During the year we have continued to invest objective is to pay a competitive return on your in improving the service and security of our IT savings. systems, recruiting and developing new staff, and Our accounts have been audited by Burgis & promoting Commsave across the whole of our Bullock of Leamington Spa and the board has common bond. received their unqualified report. Mr M Braimah Treasurer 6 COMMSAVE | Annual Reports and Accounts 2020 Financial Reports Auditors’ Report The summary information presented • Have been properly prepared in accordance within this annual report does not with United Kingdom Generally Accepted Accounting Practice; and constitute the full financial statements of the Commsave Credit Union for the • Have been prepared in accordance with the years ended 30 September 2020 and Co-operative and Community Benefit Societies Act 2014, and the Credit Unions Act 1979.

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