Thank you to everyone who took the time to attend our 32^nd AGM on Monday 26^th February. We were very pleased with the turn out and the interaction from our members.

Our chairperson opened the meeting by addressing three key areas, People, Premises and Performance –

People

• 90% staff retention
• 4 colleagues currently working on education pathways from diploma to degree level.
• 1 staff member graduating from the CU Futures program.

Premises

• Unable to renovate Bell Street office due to cost and lack of return on investment.
• Aspire Business Centre is a professional and affordable workplace.
• We can continue to grow as a credit union within our new workspace.
• Members remain welcome to visit.

Performance

• We have appointed a consumer duty champion on our Board.
• We achieved 10,000 active members, an objective we had been striving to achieve for 7 years.
• Gold Award from our feedback partner Feefo.
• Loan Agency of the Year award from Prestige Awards.
• We boast strong financial ratios such as 10% capital-to-asset ratio, liquidity of 40%, and loan-to-share ratio of 68%.
• Grew loan book by 7%.

Dividend

The attendance at the meeting approved a rate of 0.75% paid to all eligible savings accounts. This rate is paid on the balance held from October 1^st, 2022, and September 30^th, 2023.

Premier Saver Account

On April 1^st we will be offering a fixed-rate savings account to all members named the 1^st Class Premier Account.  Our Premier Account will pay 5.25% on balances held in the account from May 1^st, 2024, and May 1^st, 2025. Members will be offered the opportunity to invest between £500 and £20,000 into their 1^st Class Premier Account.

Terms and conditions apply to this account and more information can be found from March 1^st.

Saver Rewards

To reward our members who consistently save money we are launching 1^st Class Saver Rewards. Each member who saves the minimum amount in a calendar month will be entered into a draw to win £250. The funds will be paid to their Share 1 account and are immediately accessible.

The draw will take place within the first working week of the next month and paid to the winning account within a 5-day window.

More information can be found on our website.

Common Bond Extension

The Board of Directors proposed the extension of the common bond to include.

• Unite Trade Union
• Unison Trade Union
• All clubs playing in the following leagues - SPFL, Scottish Championship, Scottish League 1, Scottish League 2, SWPL and SWPL 2.

This motion was approved by the attending members of the AGM.

Remaining Motions

The Board of Directors proposed the following motions, and each one was approved by the attending members of the AGM.

• The Board of Directors is proposing an application of variation of permissions to allow the credit union to offer products such as car finance and credit cards. 1^st Class are researching the feasibility of offering these products and do not commit to a timescale.
• The Board of Directors are proposing the reelection of directors – Peter Kelly, Paul Selby, and Shahida Raza.
• The Board of Directors are proposing the election of Robert Hall to the Board of Directors.
• The Board of Directors are proposing the retention of McLintocks as external auditors for 2 years.

Please submit any questions to our Member Services Team on 0141 552 8408 (Option 1) or at reception@1stclasscu.co.uk.