Annual General Meeting

First Rate Credit Union: A Year of Growth and Innovation

The 2023/24 financial year has been one of record-breaking achievements and strategic progress for First Rate Credit Union. With a focus on delivering exceptional service and strengthening the financial well-being of its members, the credit union continues to thrive in an ever-changing environment.

Membership Growth and Expansion

Membership surged by over 1,300 members this year, bringing the total to more than 7,000. This growth was fueled by the continued success of the digital transformation strategy, which has expanded the credit union's reach nationwide. Over 60% of current members have joined within the past four years, a testament to the effectiveness of digital onboarding and outreach.

Financial Excellence

The credit union recorded a surplus of almost £900,000 before tax. This strong financial performance has enabled the proposal of a 4.5% dividend—one of the highest rates among peer organisations—demonstrating the credit union’s commitment to rewarding its members. Lending also grew significantly, with the loan book increasing by 10% to £14.45 million, meeting rising demand for credit.

Member Support and Community Impact

First Rate Credit Union continues to prioritise the well-being of its members. Through a partnership with BAE Systems, the credit union administered an Employee Hardship Fund, distributing nearly £50,000 in emergency grants to members facing urgent financial challenges. Additionally, new measures, such as increased savings caps, have supported members in achieving their financial goals.

Governance and Transparency

Maintaining high standards of governance, the credit union successfully completed 100% of its planned audits with no major findings. Reserves were bolstered to enhance future resilience, including allocations to the benevolent fund to support the families of deceased members and the business development reserve to prepare for future innovation.

Strategic Vision

As the current five-year business plan nears completion, planning is already underway for the next phase of growth. Member input will be central to shaping the strategy, ensuring the credit union continues to meet the evolving needs of its diverse membership base. New financial products and initiatives are also being explored to further enhance member benefits.

Strengthening Leadership

To support future ambitions, the board is welcoming new members with a range of skills and expertise. This expanded leadership team will play a vital role in driving strategic growth while maintaining the cooperative ethos that defines First Rate Credit Union.

Looking Ahead

First Rate Credit Union remains committed to building a stronger, more connected community. With record financial performance, growing membership, and a clear vision for the future, the credit union is well-positioned to continue its journey of innovation and shared success.

For more details, please explore the full Annual Report or contact us for further information.