EdenSave holds its 2nd AGM
8 February 2016
Some 35 members of EdenSave Credit Union attended the Annual General Meeting at the Methodist Hall, Wordsworth Street on 3rd February.
EdenSave Chair, Adrian Rush, gave a progress report to the meeting. He commented that the number of savers and borrowers had increased during the second year, many borrowers would have been drawn to high interest lenders such as Payday loan companies and doorstep lenders but for the services offered by EdenSave.
Mr Rush reported that EdenSave stood ready to help those Eden residents badly affected by the recent floods. Some local residents could benefit for borrowing from EdenSave in addition to the available grants and insurance pay outs.
The Eden District continues to be impacted by the rationalising of Bank branch services, both Barclays and HSBC has withdrawn from Alston and Appleby had seen the opening hours of its Barclays branch cut back. EdenSave savings and borrowing products are expected to become even more in demand as Bank customers, who value and face to face service, find their branches disappearing.
Members heard from EdenSave Treasurer Ian Murray who presented the audited accounts commenting that EdenSave has funds available for lending to borrowers and that attracting more borrowers helps to pay for the operating costs of the Credit Union. EdenSave will continue to seek additional income by applying for capital and revenue grants as well as attracting donations from businesses and individuals.
A proposal to forego the payment of a dividend this year was approved by the members.
Elections were held to replace the three directors standing down from the Board as required under the rules. Robinson + Co of Workington were reappointed as Auditors.
EdenSave Secretary Stephanie Fearn did not seek re-election to the Board. Vice- Chair Alison Dumont thanked Mrs Fearn on behalf of the members for her work both to help set up the Credit Union and then as secretary for the past two years. Mrs Fearn was presented with a bouquet of flowers in recognition of her service.