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All six credit union clients gave their members dividends this year and saw dramatic increases in both Loans and Income as the effect of not being charged VAT made a significant difference.

Despite the change to FRS102 all six clients made the transfer without any hitch and they all had clean audits as a result.

The growth is showing in other ways as well as four of the six clients seek staff to work in the community promoting their products and services.

Swan is seeking a second member of staff.

M for Money is seeking two part time members.

Oxfordshire will be replacing their staff member who has moved to another post. Thamesbank is considering an appointment to increase their profile in Hounslow and Kingston.