Members of our client credit unions or anyone that wants to join one of our clients can now contact us using Nivo a great new messaging app.
Just Borrow is an automatic lending module where both members and non-members can apply for a loan of up to £750 that is repayable over nine months.
To get started, select the ‘Just Borrow’ link for the credit union that is applicable to you:
Oxfordshire Credit Union: https://www.justborrow.co.uk/cu/oxfordshire
Thamesbank Credit Union: https://www.justborrow.co.uk/cu/thamesbank
Hertsavers Credit Union: https://www.justborrow.co.uk/cu/hertsavers
M for Money Credit Union: https://www.justborrow.co.uk/cu/m4money
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.
In 2011 our auditor advised we contact our accountants and register for VAT. On registering for VAT our client members took a terrific hike in charges for our services and for some of them is has taken a long time to recover from this imposition.
Over the last few years we have been trying to develop a “VAT Sharing Group” which is a concept that was developed by the European Union but ignored by HMRC until they were threatened with legal action.
In 2015 we engaged Kreston Reeves to develop an application to HMRC for a VAT Sharing Group which would have removed the VAT burden from our clients. 80% of our application was accepted and we are continuing to work on ensuring the last 20% meets HMRC requirements.
Interestingly a quite separate VAT expert at Kreston Reeves has suggested that we should never have been VAT registered in the first place.
Be assured one way or another we are determined to remove the VAT imposition and free our members to grow and develop.
The Second Training Event this year for Directors of our Client credit unions was held on Saturday 18th June at the Hilton Garden Hotel.
Gareth Evans Director of GRE Consulting gave a brilliant presentation covering the following key areas;
- Having and keeping up to date Business Plans is a requirement of our Regulator and not optional. Businesses of all sizes and shapes rely on Business Plans to keep them focussed on the important issues facing their operation.
- The planning process kicks off with a strategic planning session which should develop a consensus about the credit union’s vision and goals; strategic priorities and tactical plan.
- This is followed by a more detailed delivery plan which considers timing; the key players that need to be involved and the resources necessary to deliver the results.
- The next stage is to develop a budget and to allocate staffing resources to deliver the results planned.
- Probably on a quarterly basis there should be a review of progress looking at KPIs and milestones.
- The planning cycle becomes complete with an annual review of the results and consideration of any changes that need to be made.
The Business Planning Session was the second training event we have developed to answer the call from our clients that are keen to become more effective at what they do for their credit unions.
The next session will probably be in September and related to Anti Money Laundering policies and procedures.
You can access information about all the credit unions we help from our home page.