The Catholic Parish of
Saint John Henry Newman

 Covering most of East Leeds

ST. GREGORY’S CREDIT UNION

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ST. GREGORY'S CREDIT UNION LIMITED, LEEDS (FRN : 213539) FINANCIAL REPORT AS AT THE 30TH September 2016

The Year Ending 30th September 2016 has been a year that has witnessed consolidation and growth in the 21-year history of St.Gregory's Credit Union Ltd., providing ethical financial services on behalf of our Membership. The Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) all under the control of the Bank of England have now established wider governance and operational regulations to be compliant as from 2016 for all Financial Institutions in the UK, including all Credit Unions across the Country, of which St. Gregory's Credit Union Ltd had to provide updated, confidential Operational Policy Documents and Directors/Management Personnel details of roles and responsibilities undertaken, to the PRA / FCA and Bank of England for authorisation and approval.

St.Gregory's Credit Union Ltd successfully gained this approval and confirmation from the Bank of England to confirm that our Credit Union was a fit and proper financial institution, under our FRN 213539, on behalf of the Client Members it serves. As all the Directors and Volunteer Associates of St.Gregory's Credit Union Ltd act in a totally unpaid and voluntary capacity, we are still regulated to the same level of criteria as the major Financial Institutions like the Banks and Building Societies etc.

So this is a considerable achievement to be recognised with, as we also continue to submit our Financial Accounts, Periodic Returns and Appropriate Fees always on time to the Authorities as requested. Therefore it is a grateful thanks to the Management Board of Directors and Volunteer Associates for continuing their exceptional commitment and diligence in providing an excellent customer service to our Membership.

St.Gregory's Credit Union Ltd have provided and maintained comprehensive financial records for the Auditors, Lindley Adams (Chartered Accountants), Halifax, who have audited the Accounts and prepared the financial statements under the new United Kingdom Generally Accepted Accounting Practice (G.A.A.P: FRS 102) that is now adopted for all Credit Union Financial Reporting and confirms that our Credit Union is a relevant "Going Concern."

The Credit Union maintains close financial control and at the Year Ended 30 th September 2016 a Surplus of £2,901 (After Tax) has been achieved on the Revenue (Income & Expenditure) Account. As a result, the Credit Union recommends a Proposed Interest Dividend of 0.75% be paid to Members, and will be voted upon at the 21 st Annual General Meeting of the Credit Union.

Adult Membership of the Credit Union now stands at 330 Members as at the 30th September 2016.

TOTAL BALANCE SHEET ASSETS (Year Ended 30th September 2016) = £ 313,001
TOTAL BALANCE SHEET ASSETS (Year Ended 30th September 2015) = £ 283,710

This represents an increase of £29,291 in the Net Worth of St.Gregory's Credit Union Ltd, thanks mainly to the additional Share Capital introduced by Members new and old, together with the increase in Loan Interest Receipts from existing and New Loans approved. Our Cash Liquidity Ratio is 63.1%. Our Capital-to-Total Assets ratio is 10.11% at the Year Ended September 2016, which is over three times the recommended minimum liquidity ratio. The Board of Directors constantly reviews its policies for managing the main financial risks arising from the Credit Union's activities. Such as the Credit (Loan) Risk, the Cash Liquidity Risk and the Bank Interest Rate Risk. St.Gregory's Credit Union Ltd is well managed, solvent and operating successfully, and is seeking to expand and sustain its services to New Members within our Common Bond Parish Community, by adhering to our current Business Plan 2017 >>> 2019 profile, through its aims and objectives.

Links with Leeds City Credit Union and other Grant Funding Organisations have been made in 2016.

Sadly, we have to report to our Members that during the course of 2016, three of our former Directors of St.Gregory's Credit Union Ltd, namely Anne Pickles (R.I.P.), Tony Kearns (R.I.P.) and Maureen Markham (R.I.P.) regrettably passed away during the spring and summer months of 2016. Each were great stalwarts of the Credit Union who engaged their support and contribution for many years to St.Gregory's Credit Union Ltd, now sadly missed by their colleagues. May they all Rest in Peace.



Published Thu 20th Jul 2017 11:50:02
Last Modified on Thu 20th Jul 2017 11:50:57

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