Annual General Meeting

Thank you to everyone who joined us for our AGM.

It was a chance to look back on the year, and to say a straightforward thank you. Thank you for saving with us, borrowing with us, and backing the credit union.

The headline this year was the dividend. Members approved a 4.5% dividend, and that matters. In a year where returns on easy-access savings were under pressure across the market, we were pleased to deliver a strong return to the people who own this organisation.

But the dividend was not the only good news.

Over the year, more than 1000 more colleagues joined First Rate to build their savings with us. That steady growth matters because it strengthens the credit union and helps us do more for members.

We also did what a credit union is here to do. We lent significant sums to members during the year, supporting people with practical borrowing for real life, without pushing anyone towards high-cost credit.

Behind the scenes, we continued to run the credit union carefully and responsibly. We finished the year with a surplus, increased our reserves, and maintained a strong capital position. That strength gives us resilience, and it protects the long-term interests of members.

We also made changes members could see and feel.

We launched our new mobile app, and thousands of members activated it quickly. Early feedback was excellent, and we will keep improving it.

And we listened. We ran a major member survey and used what you told us to shape our next five-year strategy.

One result really stood out. Our Net Promoter Score came in at +80. That is an exceptionally strong score. In plain terms, it means far more members would actively recommend First Rate than not, which is one of the clearest signals that we are getting the day-to-day experience right.

We strengthened the way we run the organisation too. We added capability in finance, refreshed our external audit arrangements, and invested in a Credit Union Service Organisation (CUSO) to support our move into online car lending in a controlled, sustainable way.

Finally, I want to end with something new.

This year we are launching the First Rate Forest. For every new member who joins, we will plant at least one tree. It is a simple commitment, but it is a practical way for us to do something positive that lasts, and it fits the long-term mindset we want to bring to everything we do.

So that is the year in summary.

A strong dividend approved by members. Continued growth. Real lending support. Visible improvements to how members access their accounts. A clear plan shaped by member feedback, backed by a genuinely outstanding +80 Net Promoter Score. Strong governance and investment in our future. And a new initiative that reflects the values we want to stand for.

Thank you again for your support, and for trusting us with your money. We do not take that trust lightly, and we are looking forward to the year ahead.

2024-25 highlights