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Welcome Sutha
Lending Services & Debt Control Supervisor
Part of the credit union’s growth strategy is to increase its loan ser-
vices and to provide support to members who may be experiencing
financial difficulties which may affect their loan repayments. We
have added to our staff a Lending Services & Debt Control Supervi-
sor responsible for all Lending & Debt control activities of the credit
union.
A part of the credit union’s objective is to ensure members savings
are secure and to mitigate risk exposure. We believe that having a
Debt Control officer will not only benefit the credit union but also its
members by offering debt management and advice on their credit
union debt.
We would like to give a big welcome to Mrs Sutha Harahn who has
taken on this role. Sutha joined us on January 03, 2017 and has set-
tled in very well with the team. She will be responsible for granting
loans to members and debt control. You may have also noticed our
loan processing time has reduced and reschedule payments made eas-
ier; this is within her remit.
We wish Sutha all the success in her new role. If you visit the office,
remember to say hello. 6 Brownhill Road Catford
London SE6 2EJ
Tel: 02086982996
Email: info@crownsavers.co.uk
Website: www.crownsavers.co.uk
Crownsavers Securing the Future
Easter 6% and 12% Loan
We would like to wish all our members a very
Happy
Spring is here and Easter is just around the corner. To celebrate
the season we will be promoting our Easter Spring Fest Loans.
These loans are open to all our members who have never taken
a loan or who has excess savings available for the loan calcula-
tions.
With the Easter Spring Fest loans you can either apply for the
Standard Loan where you a can borrow 3 times your savings or
you can apply for the Security Loan where you can borrow ex-
actly what you have saved. These loans can be used for any
purpose, purchasing appliances or even a holiday. If you would
like further information about these loans please contact us
02086982996 or visit our website www.crownsavers.co.uk.
On March 12, 2017 was the Annual General Meeting of Credit Unions and
the CU Futures graduation. This event was held in Manchester at the Mid-
land hotel. There were 20 Credit Union Futures graduates from 20 Credit
Unions from all over the UK who have undergone training for Credit Un-
ion Management.
The CU Futures programme is in partnership with The Credit Union Foun-
dation and Citi Foundation. It is a 12 month development programme
which includes an industry standard qualification awarded by the Institute
of Financial Services University College.
Crownsavers is committed to supporting the development of staff members
into future credit union managers, directors and leaders to serve our com-
munity better and was able to sponsor Mr Diego Quiroga to undertake the
training.
Diego was among the 20 graduates who graduated on Saturday and we
would like to say Congratulations and all the best in the future.
L-R: Eunice Fekarurhobo
(Credit Union Secretary),
Diego Quiroga
(Crownsavers CU Futures
Graduate), Dolores Beck-
ford (Credit Union Man-
ager)
To ensure that we are delivering quality ser-
vice to our members Crownsavers conducted a
Customer Satisfaction Survey at the end of last
year. We received an overwhelming response
and are pleased to know that we have met the
expectations of our members.
Crownsavers prides itself on serving each and
every member fairly and will continue to offer
quality products that will meet the needs of our
members. We would like to say thank you to
all our members for their continued support
and we will endeavour to continue to improve
the credit union.
Annual General Meeting - Wednesday 22 March 2017
I N S I D E T H I S
I S S U E :
Fairbanking - Save
As You Borrow
2
2016 Annual Ac-
counts
Financial Compen-
sation Scheme
2
New Loan Process-
ing Procedures
3
Standard Loan
Policy
3
Celebrate 20 Years 3
Our Loans Can
Help
3
Securing The Future 4
Welcome Sutha
Easter Spring Fest
Loan
4
C R O W N S A V E R S
F A C T S A N D
F I G U R E S A S A T
M A R C H 2 0 1 7 M A R C H 2 0 1 7 E D I T I O N
Active Members
2011
Member Savings
£2,806,127
Loans to Members
£2,013,046
We Support Our
Members to
Achieve Their
Dreams.....
Survey Results - What Our Members Say
Welcome to our first Newsletter for the new year, we
hope you all had a fantastic Christmas break and are
looking forward to warmer weather in the spring. The
last 2 years Crownsavers has grown immensely and we
are looking forward to giving an update to our share-
holders at this years’ Annual General Meeting (AGM)
this year.
This year, the AGM will be held at the Council Cham-
bers in the Lewisham Council Civic Suite on March 22,
2017 between 2:00 and 3:30 pm.
We would like to encourage all the credit union members who are the shareholders and our partners to attend the
meeting. This will help you to better understand how your credit union works, gain an insight into the overall op-
erations and meet the staff, volunteers and management
team.
Please confirm your attendance by emailing the credit un-
ion info@crownsavers.co.uk.
Proposed Motions:
Registered name change from Lewisham Employ-
ees Credit Union to Crownsavers
Membership fee increase for new members from
£5.00 to £10.00
Minimum savings amount increase from £25.00 to
£27.00
0
10
20
30
40
50
60
70
80
90
100
Very Satisfied Somewhat Satisfied Neither Satisfied Nor Dissatisfied
Very Dissatisfied
% o
f M
em
be
rs
Satisfaction Level
Extremely Well
Very Well
Somewhat Well
Not So Well
Not at all
Great Staff Excellent
Service
Good company
Helpful
Happy Thanks for being there for my
needs. Very good
service
Secure Savings and great loans. I know
my money is safe
Safe
Our Members Are Satisfied
P A G E 2
FSCS £85,000
2016 Annual Accounts
“Join Crownsavers
Credit Union and En-
joy Secure Savings and
gain access to afford-
able loans”
Members Services
Balance Sheet As At 30 September 2016
Financial Compensation
Scheme Limit Increase
Our Accounts have been prepared under the new FRS
102 Regulation. To read more about FRS visit
www.frc.org.uk or telephone
Crownsavers helped
me to purchase my
property. Great staff.
Credit Union Fair Banking Save As You Borrow - Creating Good Habits
Money plays a central role in every household and in
many uncertain and difficult times having money
worries can lead to anxiety, stress and fear. Support-
ing more people into good saving habits can have a
profound impact on mitigating these moments and
help people to gain financial independence.
The “Save As You Borrow” (SAYB) initiative has
been a practice of credit unions and encourages mem-
bers to put small amounts aside each month into a
savings account while they are repaying their loan.
A report issued by the Fairbanking Foundation found
that the SAYB scheme led to a 71% increase in mem-
bers savings regularly - 98% found the scheme help-
ful. For members who have never saved before or
who are unable to save, the wellbeing benefits are
tangible.
Participants of the scheme has identified four key as-
pects to the model: it is easy, savings offer security,
there is a lump sum at the end of the loan repayment
and there is a sense of achievement.
The SAYB approach is a credit to Credit Unions and
has been proven to be beneficial. Credit unions help to
create financial well-being.
Great news for savers from the Bank of England. As of
January 2017 the limit for depositors under the Finan-
cial Compensation Scheme has increased to £85,000
which offers savers even more protection for their de-
posits. This also means that joint account holder’s
limit has increased to £170,000.
Chief Executive, Mark Neale, says the increase
strengthens savings protection. “Increasing our limit
means we’ll protect more money and more people. Our
new limit will protect about 98% of the UK public. So
people can be sure their money in banks, building so-
cieties and credit unions is safe.”
For full details about the scheme please visit their web-
site www.fscs.org.uk or call 0800 678 1100.
Revenue Account for the Year Ended 30th September 2016
Income 2016 2015
Loan Interest receivable and similar income
225,333 185,309
Interest Payable - -
Net Interest Income
Fees and Commission Receivable 3502 725
Fees and Commission Payable - -
Net Fees and Commission Receiv-able
Other Income
228,835
858
186,034
729
Administrative Expenses (154,954) (159,387)
Depreciation and Amortisation (9,028) (9,404)
Other Operating Expenses (20,107) (18,441)
Impairment Losses on Loans to Members
(23,439) (11,707)
Surplus/Deficit before Taxation
Taxation
22,165
(254)
(12,176)
(470)
Surplus/Deficit for the Financial Year
Total Comprehensive Income
21,911
21,911
(12,646)
(12,646)
Assets 2016 2015 Cash and Cash Equivalents and Liquid Deposits
855,380 740,515
Loans and Advances to Members 1,901,518 1,749,879
Tangible Fixed Assets 10,984 20,012
Other Receivables 6,672 8,275
Prepayments and Accrued Income 3,679 7,002
Total assets 2,778,233 2,525,683
Liabilities
Share Capital - Repayable on De-
mand
2,648,133 2,426,149
Juvenile Deposits 14,956 20,587
Other Payables 51,066 36,780
2,714,155 2,483,516
Retained Earnings 64,078 42,167
Total Liabilities 2,778,233 2,525,683
Crownsavers will be celebrating its 2oth year of business in
July this year. We are happy to reach such a milestone and
could not have done it without the help of our members. In
1997 the credit union had over 100 members and today we
have grown to over 2,010 active members having a total
membership of 3089.
We are honoured to have the continued support of our part-
ners, Lewisham Council, Lewisham and Greenwich NHS
Trust, Lewisham Homes, Lewisham and Southwark College
and all our other payroll partners who has helped us deliver
our services to their employees. We would like to say a big
thank you and we will continue to provide support for the
working community of Lewisham.
Members Services P A G E 3
To increase efficiency in
the approval of loans and
to also assist the credit
union to be risk averse and
reduce credit risk expo-
sure we will be introduc-
ing Automated Loan Deci-
sion (ALD) system.
This software will enable us to make some on the spot decisions
and speed up the loan processing time. This new system will
come in effect from April 1, 2017. You will be required to con-
firm credit check authorisation on all loans. Do not worry, we will
not lose our personal approach to all loan applications received.
To help support the needs of our members, the credit union has
changed the loan policy for the Standard Loan. The Standard
Loan will be reduced to a calculation of three times savings and
members can borrow a maximum of £10,000.
Also, previously members with a Personal Loan could not apply
for the Standard Loan, with this new policy members with the Per-
sonal Loan can now apply.
Our Loans Can Help You…. New Loan Processing Procedures
Changes to the Standard Loan Policy
Need easier access to your
savings. Apply for the new
Engage debit Card and
earn rewards on pur-
chases. Contact us for
Let’s Celebrate - We are 20
Thinking of upgrading your home? Why not ask us about our Personal Loan. Bor-
row up to £5,000 repayable over 3 years.
15% interest (16.1% APR)
Borrow up to £5,000 over 3 years. Total interest repayable £808.07
Ask About Our Fantastic Car Loan. 10% Interest (10.5% APR)
Looking at a bigger Project... Come and speak with us...