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AGM 2020 and Financial statements 2019

Changes to the Annual General Meeting (AGM) 2020 on 31 March 2020 at 6:00 PM.

Further to the invitation we sent to you last month, and taking into account the recent developments in the UK in respect of the Coronavirus, we have made some changes for the running of this year’s AGM.

Your wellbeing remains an absolute priority. The Government’s advice on social distancing means we have made the decision to conduct the meeting remotely via a conferencing application called Zoom.

You will have the option to either connect using your computer/mobile video, computer/mobile audio or dialling into the meeting by landline phone or mobile phone using the instructions provided in the AGM Agenda.

This is our chance to report back to you as a Board, to hear your views and to gain your approval on such matters as new board members and a proposal from the Board that we should pay a dividend.

More details below:

Invitation

Agenda

Minutes of the AGM 2019

Financial Statements for the year ended 30 September 2019

We look forward to seeing you then.

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Coronavirus Contingency Plan

Dear Member,

COVID-19 is proving to be a significant challenge to us all and most businesses. Thus far we have been able to cope with the vast majority of the activity required to support our members.

With some staff working from home, our telephone responses may be impaired, but we can always be contacted by email.

By far the quickest way of getting a share withdrawal is through the Members Area on the website. If you have yet to register for the Members Area on the website you should do it straight away. You can register here.

Members Area share withdrawals are processed on a daily basis and if submitted before 9 am will show in your bank account the same day or after the next working day. By comparison, email requests for share withdrawals could take up to three working days.

Kind regards,

Oxfordshire Credit Union team

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Are my details kept confidential from my employer if I borrow from you?

Yes. An employer will, of course, know what you are paying each week or month into the credit union. This is because they are managing the payroll deductions. However, they would not know if this was savings or a loan.

We would not normally contact your employer and would only do this with your agreement. The one exception is if individual defaults on a loan and leaves the organisation. In that event, we would reserve the right to ask their help to get in contact with you.

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As an employer, why would I set up payroll giving?

  1. It’s part of being a good employer – supporting staff to become financially independent and less dependent on very high-cost loans.
  2. It’s cheap and easy to set up – using a payroll deduction for both staff and employers.
  3. Debt is a major source of stress and illness – which affects people as employees.
  4. It’s part of ethical businesses – so is typically part of your CSR policy.
  5. Some employers offer loan schemes, but they can be cumbersome and many individuals (perhaps those with the greatest needs) don’t necessarily want to come to their bosses to ask for a loan.
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Isn’t my money safer in a bank?

We are regulated by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA). These are exactly the same organisations that regulate banks, building societies and other financial institutions. This means that all credit unions meet the FCA/PRA’s strict standards.

Credit Unions are also members of the Financial Services Compensation Scheme (FSCS), so member’s savings are always protected, exactly the same way as they would be in a bank or building society.

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please refer to the FSCS website http://www.fscs.org.uk or call 0800 678 1100.

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Who runs Oxfordshire Credit Union?

Oxfordshire Credit Union is run by a volunteer board of Directors who bring their experience and skills to the operation of the business. These people must be accepted as a “fit and proper person” by the regulator and undergo training from the Association of British Credit Unions. They are elected by the Annual General Meeting of the credit union.

The day-to-day operation is carried out by a team of paid employees who are employed by a partner coop called Credit Union Solutions. We share this organisation with five other Credit Unions so we can keep our running costs as low as possible.

All officers and volunteers sign a declaration of confidentiality, so all members’ information is kept totally confidential at all times. A qualified auditor prepares the Annual Audit Report that is submitted to the members at our Annual General Meeting.

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What is a Common Bond?

The Common Bond is the factor that unites every Credit Union member. A ‘Common Bond’ is defined as:

  • An area where all the members live or work together in the same locality (for us that is everyone that lives or works in Oxfordshire)
  • Where all members are in the same profession or work for the same employer
  • Where all members are in the same club or association
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How do I withdraw my savings?

You can withdraw money from your Share Account at any time unless secured against a loan. Money is paid either directly into your bank account or Engage Account. Or you can complete and return to us a Share Withdrawal Form.

For fraud prevention purposes we can only pay to an account in your name, we will contact you if we don’t recognise the bank account details provided.

Withdrawals are made free of charge 7 days after the request is received, so it is best to plan and decide when you will need your money and how much you would like to withdraw.

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