Tel: 01738 624872 Email: firstname.lastname@example.org
Local Office in AucherarderWe now have a local branch office in Aucterarder Church Centre 24 High Street Auchterarder. We will be available every Wednesday from 11.00am to 1.00pm. Come along and speak to our friendly volunteers about opening an account.
Report from the Chair
First, on behalf of the Board, I would like to pay tribute to Euan Walker who resigned as Chair this year. Euan played an important role in the development of PKCU and made a significant contribution to the success we have become. We wish him well.
Each year we provide Members with an update of our performance. This report covers the period from the beginning of our financial year on 1 October 2015 up until 30 September 2016 and provides an overview of our main achievements.
This is our third year in operation and our second full financial year since opening our doors in April 2014. I am delighted to say that we continue to grow in terms of membership and, as you will hear later, our financial position continues to strengthen.
I’m delighted to report that 380 new Members joined the Credit Union and only 31 left in the year ending 30 September 2016 leaving 992 Members at the year end. In the same period our deposits from Members (savers) rose from £255,215 to more than £423,196.
In the next year we hope that 2% of the households in Perth and Kinross will have someone who is a member of our Credit Union which will represent a tremendous reach into the community for us.
By September 2016 we had 4 local offices, Pitlochry, Crieff, Kinross and Blairgowrie as well as our office in High Street here in Perth. And as you will hear we didn’t stop there!
We offer a number of loan arrangements to suit the needs of individual Members and details of all of these can be obtained from any of our offices. All loans are offered on an ethical basis: we will not lend unless we are sure that the borrower can readily afford the repayments. We will only charge interest on the ‘reducing balance’ of the loan and there are no arrangement fees, no early repayment charges and no other hidden charges.
With support from Perth & Kinross Council we have been able to offer a considerable number of ‘Freedom Loans’ to individuals this year. Unlike our other loans, Freedom loans, which generally are for £300, can be offered to new Members who have not yet been able to save with the Credit Union, meaning they can be a valuable source of credit for people facing an unexpected expense. As such, Freedom loans fulfill an important social goal for us.
During the year we approved 754 loans, or top ups to original loans, with a total value of just over £272,862. This is very satisfactory progress, with the popularity of top up loans showing that many of our Members now find the Credit Union a safe and reliable source of funds at a rate which they could not obtain anywhere else.
You will hear more about the development plans we have going forward and I am delighted to say that we are moving in to an exciting time for PKCU.
Perth and Kinross Credit Union is entirely reliant on the support and generosity of the volunteers who give their time and energy to help run the organisation. I would like to thank all those volunteers – now more than 50 in number - who help in so many ways. We are always keen to welcome new volunteers to work in our office and to serve on the Board, so if you are interested please contact the office for further details.
Chair - On behalf of the Board of Directors
Perth and Kinross Annual Report 17Download Annual Report (66.1kb)
Letham Branch Office
When We Need You:
Where do We Need You: Letham Community Hub
About This Opportunity:
Perth and Kinross Credit Union (PKCU) has been operating from premises in the centre of Perth since April 2014. We have since opened local offices in Blairgowrie, Crieff, Pitlochry,Auchterarder and in Kinross.
We now need Volunteers to help us at our office in Letham.
Volunteers will be expected to understand, and empathies with, the ethos behind the Credit Union movement, for which training will be given. Volunteers will be expected to deal with enquiries about Credit Unions in general and PKCU in particular. They will deal with:-
applications for membership,
receiving savings from members,
processing withdrawals by Members from their savings accounts,
the loan application process including completion of all forms and gathering of all necessary information ready for submission to the Credit Union’s Lending Committee, who will approve (or not) the application
processing paper work with the Member where a loan is approved
When you can do this:
Letham Office is open on a Thursday from 10am till 12pm each week.
About Perth & Kinross Credit Union:
PKCU is a 'live and work' credit union – all Members must live or work in Perth & Kinross. Credit unions are used in over 95 countries worldwide, encouraging saving in a low-risk environment. Members own and operate credit unions, fostering community engagement and ensuring that funds are retained and circulated locally. By encouraging saving as a habit we seek to extend financial inclusion to those who are partially or totally excluded from main stream finance and then, through ethical lending we seek to assist those who may need assistance, but are excluded from many main street lenders.
Skills & Experience:
· Experience of basic Office procedures would be helpful
Patience, understanding and a helpful disposition
Attention to detail
Ideally you will know the area and live in Perth.
Frequency & Commitment:
Two and a half to three hours per ‘shift’ working as part of a team of volunteers providing two people for ‘shift’. The intention is to seek sufficient Volunteers to have an average of each person working every third week but volunteers will be encouraged to be flexible to allow for family and other commitments.
Minimum Age: It is unlikely that anyone under 21 years of age will have the ‘life skills’ necessary for these posts – but a strong candidate might well be successful. Applications to:
Perth and Kinross Credit Union
282 High Street
PH1 5QSPhone: 01738 624872 E-mail: email@example.com
Pitlochry Branch Office
We now have a local branch office in Pitlochry. We will be available every Wednesday from 10am to 12 noon at the Council Area Office, 26 Atholl Street, Pitlochry, PH16 5BX. Come along and speak to our friendly volunteers about opening an account.
Open in KinrossWe are operating a local office every Tuesday from 10am to 12 noon in St Paul's Church Hall, Muirs, KY13 8AY, Kinross. Come along and speak to one of our friendly volunteers about our great value, ethical savings and loans.
March members’ e-newsletterOur March 2016 members' e-newsletter is now out. Click on the link to read our latest news and sign up using the 'subscribe' button if you'd like to receive regular updates like this direct to your inbox.
Changes to FSCS Deposit Protection Scheme
There has been a change to the Financial Services Compensation Scheme (FSCS). This scheme, provided by the UK Government, gives cover to customers if anything happens to their bank, building society or credit union.
From January 1, 2016, the maximum deposit protection limit is changing, from £85,000 to £75,000 for each individual account. This change applies to all banks, building societies and credit unions in the UK. Perth and Kinross Credit Union is among the financial institutions affected by the change.
Why is the limit changing?
The current FSCS deposit protection limit of £85,000 was set in December 2010, based on the sterling equivalent of 100,000 Euros at that time.
The governing body of the FSCS, the Prudential Regulation Authority, is required to recalculate the sterling limit every five years, to keep it in line with 100,000 Euros. That calculation has now been completed, with the result being that the sterling limit on the fund will be reduced to £75,000 after December 31, 2015.
Do the changes affect me?
The changes will have no impact on the vast majority of customers, and more than 95% of retail depositors will continue to be fully protected by the FSCS’s new deposit protection limit.
The £75,000 maximum will apply to each account held by a depositor.
What action can I take if I am worried about the new limit?
All individual savings accounts will continue to be protected up to £85,000 until December 31, 2015. This allows all individuals time to adjust their balances to stay within the new limit.
Local offices now open in Blairgowrie and Crieff
Blairgowrie: 10.30am to 12.30pm every Thursday at the Council's Housing offices in Leslie Street.
Crieff: 11am to 1pm every Thursday at the Council's Housing Offices, 32 James Square.
These local offices offer all our usual services for existing members, new members and prospective members.