here - WBR Credit Union

2012 

AGM of W.B.R. Credit Union Limited 

in the Burren Community Centre 

on Friday, 7th December 2012 

HINGS DIFFERENTLY 

HINGS DIFFERENTLY 

WE LOOK AT THINGS DIFFERENTLY 

Annual Report 

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FuturaBT (Heavy) 

WBR Credit Union Limited is authorised and regulated by the Financial Services Authority. 

WE LOOK AT THINGS DIFF 


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T THINGS DIFFERENTLY 

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Board of Directors 

Welcome to the W.B.R. 2012 A.G.M. 

W.B.R. Credit Union Limited 



Futura Md BT (Bold) 




President: Mr John Corrigan 

Vice President: Mr Noel Campbell 

Secretary: Mrs Wendy McKeown 

Assistant Secretary: Mr Tony Beggs 

Treasurer: Mr Francis Cavanagh 



Directors: Mr Eamon Sloan 

Mr Frank Heaney 

Mr Hugh Lennon 

Mrs Mary Heatley 

Mr Jim McCart 

Supervisors: Mr Raymond Beggs 

Mr Garbhan McParland 

Mr Paddy McWilliams 

Volunteers: Mr Seamus McVeigh 

Mr Anthony Mackle 

Credit Control 

Committee: Mr Eamon Sloan 

Mr Noel Campbell 

Mrs Martina Quinn 

Mrs Louise White 

Credit Committee: Mrs Mary Heatley 

Mr Frank Heaney 

Mr Seamus McVeigh 

Mr Jim McCart 

Mr Anthony Mackie 

Auditors: Phelan & Prescott 

River House 

Home Avenue 

Newry 

County Down 

BT34 2DL 

Bankers: First Trust Limited 

1 The Square 

Warrenpoint 

County Down 

BT34 3LY 




Staff: Mrs Yvonne White (Manager) 

Mrs Miriam Cole (Assistant Manager) 

Mrs Martina Quinn (Credit Control) 

Mrs Louise White (Loans Officer) 

Miss Yvonne Roe (Senior Teller) 

Mrs Anna Daly 

Mrs Patricia McCarthy 

Mrs Maeve O Hanlon 

Miss Rachael McCaul 

Miss Brenda Morgan 

Miss Roseve Savage, SRC Student 

Miss Siobhan Doyle 

Credit Union 

Invocation 

Lord make me an instrument of Thy peace 

Where there is hatred let me sow love; 

Where there is injury, pardon; 

Where there is doubt, faith; 

Where there is despair; hope; 

Where there is darkness, light, 

And where there is sadness, joy. 

O Divine Master; grant that I may not so 

much seek to be consoled as to console; 

to be understood as to understand; 

to be loved as to love; 

for it is in giving that we receive, 

it is in pardoning that we are pardoned 

and it is in dying that we are born to 

eternal life. 

This prayer, which is a prayer for peace, is 

said at the beginning of every meeting of the 

Board of Directors of every Credit Union in the 

world. It fits in with the non-denominational 

aspect of the movement and helps to focus 

the Directors’ minds on the business of trying 

to help our fellow man and woman in this 

troubled world of ours.

43rd Annual General Meeting 

There are three vacancies to be 

filled by the board of Directors. 

There is one vacancy to be filled 

on the Supervisory Committee. 

Nominations must be received 

by 4th December 2012 at the 

latest and must be signed by the 

proposer and seconder and by 

7th December 2012 

Burren Community Centre (8:00 pm) 

ORDER OF BUSINESS AT ANNUAL GENERAL MEETING 

It is in your own interest to be seated 10 minutes before the meeting gets underway. 

1. Ascertain that Quorum is present 

2. Adoption of Standing Orders 

3. Apologies 

4. Reading and approval of minutes of last AGM 

5. Report of Directors 

6. Report of Treasurer and consideration of accounts 

7. Report of the Auditor 

8. Declaration of Dividend and rebate of interest 

9. Report of any Sub Committee (Insurance Report including 

Death Benefit Insurance and Rule Amendments etc.) 

10. Report of the Nominating Committee 

11. Election of Directors and Supervisors 

12. Report of the Credit Committee 

13. Report of the Supervisory Committee 

14. Report of the Credit Control Committee 

15. Report of the Membership Committee 

16. Report of the Education Committee 

17. Election of Auditor 

18. Announcement of Election Results 

19. Any other Business 

20. Adjournment / Close of meeting 

Nomination Report for year ended 30th September 2012 

the nominee (who must be aged 

18 or over), all of whom must be 

members of WBR Credit Union 

Limited. Completed nomination 

forms may be posted or hand 

delivered to the office. Nomination 

forms are available by request at 

the office. 

Arising from the transfer to FSA regulation a complete amendment 

to the Standard Rules was carried at League AGM 2012. 

Please see the ILCU Standard Rules for Credit Unions 

(Northern Ireland) Version 2012 which is available on request. 

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Due to printing deadlines the 

Nomination Committee Report 

will be presented at the AGM. 

John Corrigan - President 

WBR Credit Union Ltd. 



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Treasurer’s Report 




This is the first year our AGM report has 

been presented under FSA Regulation. 

Last year I stated that the new buzz words 

would be Compliance and Liquidity. This has been 

a very challenging year but as always the Board of 

Directors have ensured WBR Credit Union is fully 

compliant and ready to meet with any changes 

before us and the Financial Services Authority has 

been no different. 

The changes to Liquidity have had a greater impact 

on the Finances; however they have all been met. 

There have been changes to the Arrears Provision 

percentages. During the year there has been 23 

loans written off. These Loans will continue to 

be pursued as with this year we have recovered 

£39,988. I would like to thank Credit Control for all 

their hard work as we can see in these results. 

Adjustments within the preparation of accounts have 

also had their effect. The biggest change relates 

to the Transfer to General Reserve requirement 

and how it is calculated. Previous exclusions under 

the Department of Trade and Enterprise now have 

to be included. This has required £179,361 being 

transferred to the General Reserve in comparison to 

£74,029 last year. 

Even with these adjustments your Credit Union is 

stronger and ready for the future. 

The Total Assets of the Credit Union have grown by 

£812,708 this year. Income is up by £26,584 despite 

Loan Interest being reduced by £28,799. 

The Loan Balance has continued to remain almost 

static with £6,755,347 a 2% fall. This shows the 

continuing pressure on our member’s finances 

for year ended 30th September 2012 






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and their continued prudence when it comes to 

borrowing. On the positive side the Surplus for the 

year has increased by over 10%. 

Our adult member’s shares have grown by 3.6% to 

£14,402,920. The juvenile shares have increased 

by £179,023 to £931,354 and all are covered under 

the Government Guarantee scheme. Members trust 

the Credit Union and continue to see it as a safe and 

secure place to save. 

Members should remember the Insurance they 

received from WBR Credit Union Ltd, the Loan 

Protection, Savings Protection and Disability 

Insurance. These are provided free to every 

member, (terms and conditions apply). 

These are not free from any bank! 

So when you are considering a loan come and talk 

to us and see how we can help you. 

This year we are proposing to give an Interest 

Rebate of 25p back on every £1 of interest paid 

on Loan’s this year. This is a great bonus for those 

members who have a Loan with us. How much 

Interest did the Banks give you back on your loan 

with them? 

I would like to thank the President John Corrigan for 

all his work especially relating to the FSA, our Board 

members, our Manager Yvonne White and all our 

staff for their hard work and help this year. 

Francis Cavanagh - Treasurer 

WBR Credit Union Ltd.

Credit Committee Report 

I 

am pleased to present the 

following Annual Report 

on behalf of WBR Credit 

Committee for the year ended 

September 2012. 

As you are all well aware today’s 

economy is still facing strident 

times as it tries to recover from 

the 2008 financial crisis. What 

better opportunity for WBR Credit 

Union to serve its members as 

it has always done, in a fair and 

personal manner as they avail of 

our services. 

As such very few of us will have 

escaped the harsh realities of 

the current economic situation, 

however, during the course of the 

last year the Credit Committee 

has approved a total of 2940 

loan applications. A rise of 5% 

on last year but the total value 


approved fell from £6,892,493 to 

£6,755,347 which is equivalent 

to 2%. 

Yet again our members have 

applied for loans for a variety of 

reasons such as house repairs, 

car purchase, weddings, holidays 

etc. As such each application 

is individually assessed and 

dealt with in a sympathetic and 

practical manner. 

On behalf of the Credit 

Committee I would like to thank 

all those members who diligently 

repaid their loans and as such 

have helped WBR to maintain 

its healthy balance sheet in an 

uncertain financial world. 

I would like to take this 

opportunity to thank all the 

members of the credit committee: 

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Mr Jim McCart, Mrs Mary 

Heatley, Mr Seamus McVeigh 

and Mr Anthony Mackle for all 

their hard work and commitment 

throughout the last year. 

Finally on behalf of the WBR 

Credit Committee I would like to 

express our sincere thanks to 

our Manager Mrs Yvonne White, 

Assistant Manager, Miriam Cole 

and all the hard working staff of 

WBR Credit Union. 

Frank Heaney - Director 

Chairman Credit Committee 




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Announcements 

DIVIDEND 1.25% 

INTEREST REBATE 25% 

DIRECTORS RECOMMENDATIONS 

Contribution to ILCU Foundation £1,500. 

Deduct League Affiliation Fee 

of £1 per adult member. 

DEATH BENEFIT INSURANCE shall in 

future be paid as an expense of the 

Credit Union. The level of cover will be 

set at £2,000. This will ensure that every 

member who has joined before age 70 

and who maintains a minimum balance 

of £5 (after the annual affiliation fee is 

deducted)will be automatically covered 

by Death Benefit Insurance. 

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WINTER 

WARMTH 

LOANS 

Oil, Coal, NI Power, etc. 

Special interest rate 8% 

Loan available up to £500 

Maximum term 26 weeks 

Examples based over 26 weeks 

£100 loan You Pay £3.93 per week 





Available until 28th Feb 2013. 

Enquire today!

Credit Control Committee Report 

The Credit Control Committee continues 

to carry out an important and challenging 

function in these difficult economic times. WBR 

Credit Union has one full time Credit Control Officer, 

Martina Quinn, assisted part-time in Credit Control by 

Louise White. The Credit Control Committee meets 

on a weekly basis throughout the year. 

The ability of some Borrowers to repay their loans in 

accordance with the terms of their Loan Agreement 

has been impacted upon by many factors, to 

include unemployment, reduced working hours, 

reduced wages and the effects of such factors on 

household income. The Credit Control Committee 

is aware that in most cases such circumstances are 

beyond the Borrowers’ control. We are able to deal 

sympathetically with Borrowers who find themselves 

in these situations and in many instances to come to 

an arrangement which is feasible for the Borrower and 

acceptable to the Credit Union. We want to take this 

opportunity to emphasise however that this requires 

an early engagement on the part of the Borrower with 

the Credit Control Officer and their full co-operation in 

trying to deal with their situation in the context of their 

overall personal and financial circumstances. 

If you are either a Borrower in difficulty and you have 

not yet fully engaged with the Credit Control Officer 

or you expect that you may find yourself in difficulty in 

the foreseeable future please ensure that you contact 

the Credit Control Officer to discuss at the earliest 


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possible time. We have many good and valuable 

members currently in difficulties and our hope is that 

despite their current difficulties they can preserve their 

relationship, which for many members is a lifelong 

relationship, with WBR Credit Union. 

We would also like to remind Borrowers who 

find themselves unable to work or to meet their 

repayments or repay their loan as a result of having 

become permanently disabled from any occupation 

that their loan may be able to benefit from Disability 

Insurance. Again, in order to ascertain whether you 

meet the criteria we will need your engagement and 

co-operation with the Credit Control Officer. 

We do of course continue to have a small number 

of members who could meet their commitments but, 

for whatever reason, do not do so. We continue to 

consistently review all outstanding debts and we do 

not hesitate to take legal action when we consider it 

necessary to do so. WBR Credit Union has recovered 

almost £40,000 bad debts in the last year and this 

is a clear indication of the consistent efforts on the 

part of the Credit Control Officers Martina & Louise 

and the Credit Control Committee on the part of the 

membership of WBR Credit Union. In concluding we 

express our thanks to Martina & Louise for their hard 

work throughout the year! 

Eamon Sloan, Noel Campbell 

Credit Control Committee 







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During the year the 

Supervisory Committee 

worked in cooperation 

with the Board of Directors, 

committees, volunteers and staff 

of the credit union in the best 

interests of the members of the 

credit union. For this cooperation 

we are greatly appreciative. 

We have evaluated, tested and 

monitored the internal controls 

that have been put in place by 

the board and management; 

with at least one member of 

the Supervisory Committee 

attending each meeting of the 

Board of Directors. We have at 

all times ensured compliance 

with WBR and Irish League 

policies and procedures, and with 

Northern Ireland legislative and 

regulatory requirements. 

Supervisors Report 








With this regard we can confirm 

to the members that the Board 

of Directors throughout the year 

have promptly and accurately 

prepared accounting records; the 

appropriate policies and plans 

are put in place and are followed; 

and any deficiencies of skills 

or competence are addressed 

by either appropriate training 

or employing services from 

appropriate outside agencies. 

I can confirm that the Supervisory 

Committee is familiar with the 

day to day operations of the WBR 

Credit Union, and in particular 

with the computer system. We are 

also familiar with the committee 

structure and the operations of 

the other committees that make 

up the WBR Credit Union. 

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Over the last year, the key areas 

covered by our committee’s work 

were; loans, savings and cash / 

investments. As such these areas 

where examined more frequently 

than others; specifically; 

1. Loan Applications and 

Promissory Notes: 

The Supervisors regularly 

examined a sample of these to 

confirm that: 

• Applications were correctly 

completed and signed by the 

member and were properly 

approved (i.e. by a loan officer, 

credit committee or by the board) 

in accordance with the credit 

union’s Loans Policy. 

• Promissory Notes were correctly 

completed (i.e. amounts correctly 

entered), signed by the member, 

witnessed and that the amounts 

agree with both the application 

form and the cheque / cash 

issued to the member.

2. Savings Withdrawals: A sample of withdrawals 

was checked periodically to ensure that they 

were authorised, that the member was entitled to 

withdraw and that the member’s signature agreed 

with the membership application form. 

3. Investments: The Supervisors compared the 

periodic statements from the banks or institutions 

where our investments are held to the amounts 

included in the Treasurer’s monthly accounts. 

These were found to be in order. 

Other Areas tested by the supervisors over the 

year included: 

4. Verification of members’ accounts: 

The supervisors verified a minimum of 200 

members’ accounts last year. This was done on a 

random basis and included dormant accounts, there 

were no inaccuracies reported by the members. 

5. Bank Reconciliation: The supervisors prepared 

their own bank reconciliation twice last year, on both 

occasions it reconciled with the treasurer’s report. 

6. Share and Loan Reconciliation: 

The share, deposit and loan balances in the 

Treasurer’s monthly accounts where compared 

to the balances from the appropriate monthend 

computer generated report. There were no 

differences that needed to be reported to the board 

for explanation. 

7. Write Offs & Bad Debt Provisions: 

The Supervisors ensured that loans were written 

off in accordance with the credit union’s loans 

and credit control policies and that the Bad Debt 

Provision was maintained at the level required by 

Resolution 49 (at a minimum). 

8. Cash: The Supervisors confirmed that a daily 

cash count is taken and signed by a senior member 

of staff. 

9. Board Minutes: The supervisors periodically 

reviewed the minutes of board meetings to ensure 

that; the required reports where included (Treasurer, 

Credit Committee, Credit Control Committee, 

Membership Committee); the minutes of the 

previous meeting are read and agreed; officers’ 

loans are properly approved; the minutes are 

properly signed. 

10. Management & Operational Expenses: 

The supervisors ensured that: 

• Expense payments where supported by an invoice, 

• Payments are properly authorised and approved, 

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• Cheque amounts agreed with invoice amounts, 

• The purpose of all expenditure was appropriate to 

the operations of the credit union. 

In order to complete our tests the Supervisory 

Committee had access at all times to the books and 

documents of the credit union and wish to thank 

the staff and directors in this regard. We also wish 

to stress to the members that where possible the 

Supervisors endeavoured to select times for our 

tests that were least intrusive to the operation of the 

credit union. 

After our year long programme of tests the 

Supervisory Committee are very pleased to report 

that our work over the last year disclosed: 

• NO systematic shortcomings in internal controls, 

• NO individual errors, omissions, discrepancies or 

other problems relating to the operations 

of the WBR Credit Union, 

• NO immediate financial risk to the credit union, 

• The WBR Credit Union continues to be 

managed with the highest level of efficiency 

and professionalism. 

Once again, our thanks to the Board of Directors, 

Office Manager, Assistant Manager and Staff for 

their assistance and co-operation over the last 

year and especially to you the members who have 

responded positively to our requests for information. 

Raymond Beggs 

Garbhan McParland 

Paddy McWilliams 

Supervisory Committee 







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7 Years & Under Art Competition Winners 2012 8-10 Years Art Competition Winners 2012 11-13 Years Art Competition Winners 2012 

Activity Sheet Winner 2012 - Grace Tinnelly Carrick School Quiz Winners 2012 Certificate of thanks from ILCU 

Foundation 2012 ILCU Annual AGM 

Christmas Draw GR8 Savers Easter Draw 2012 GR8 Savers Easter Draw 2012 

Halloween Festival Prize Winner 2012 Halloween Festival Prize Winner 2012 Killowen School Quiz Winners 2012 

St Dallan’s, Money Week Power Point Presentation St Dallan’s, GR8 Savers Activity Sheet Competition Youth Festival 2012

Education, Promotion & Building Committee Report 

For over a decade a number 

of activities and events have 

received sponsorship and 

funding from WBR. Within the 

past year these have included 

Southern Area Hospice, NI 

Cancer Fund for Children, Youth 

Fest NI, Headway Newry LTD, 

Lions Club, Macmillian Nurses 

and Community Rescue Service. 

We promote local events within 

our common bond helping with 

events in all festivals - Blues 

on the Bay, Fiddler’s Green 

and Maiden of the Mournes, 

Burren Dramatic Society and 

St Mary’s GAA Burren football 

pitch signage. 

The Education Committee have 

had another very productive year 

reaching out to juveniles in our 

common bond. We developed 

a number of targeted projects 

in our schools to enhance 

awareness of WBR as a financial 

service specifically and money 

management in general. A large 

double-sided colour activity 

sheet entitled ‘GR8 Savers’ with 

trivia, quizzes and fun activities 

focussing on the credit union and 

money issues was given to each 

of the 7 primary schools in our 

area for all Year 5, 6 and 7 pupils 

- 900 pupils in total. There was 

a draw for non-members and a 

prize of a mini-laptop for juvenile 

members. Grace Tinnelly from St 

Dallan’s PS won the GR8 savers 

competition. 

Miriam Cole and Martina 

McGeough developed a 

presentation for schools on the 

Meet Penny and Bob 


role of the credit union in the 

community and the benefits of 

membership to the children. This 

was an energetic and inspiring 

financial roadshow which was 

requested in some schools and is 

on offer to others. 

Newborn accounts were 

promoted through the free 

merchandising item of a pink 

or blue money box. Welcome 

packs to some schools are 

mentioning WBR. A competition 

was launched during the Maiden 

of the Mournes festival which 

encouraged young people to 

visit the branch to name the 

boy and girl in the GR8 saver 

promotional materials. This ran 

until Halloween and culminated 

in representation at the WBR 

sponsored ‘Stay Safe’ Halloween 

event in Warrenpoint Town Hall. 

Penny & Bob are our new GR8 

Savers. 

We have a number of ideas for 

links with schools in the pipeline. 

We would hope to promote sound 

financial management ideas and 

further increase our membership. 

We are pleased that our efforts 

have produced positive results. 

There were 168 new juvenile 

members in a fixed 12 month 

period this year. One third of all 

new members are now juveniles. 

We are always looking for new 

ways to communicate with our 

members. We were pleased to 

launch WBR’s Facebook page 

in February 2012 in order to 

increase our public profile and 

We would like to introduce you to our newly named 

mascots for the WBR ‘GR8 Savers’, which were named 

by our local school children. 




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to engage W.B.R. with Credit our members. Union Limited 

Access to social networking is 

on the W.B.R. increase Credit as is Union the network Limited 

possibilities - WBR want to be 

part of it. 

The Education Committee was 

also delighted at the successes 

of the Art Competition and 

the Schools Quiz which have 

developed a certain status of high 

quality creativity and intellect. 

The annual prize giving for the Art 

Competition is an opportunity to 

view some of the most creative 

art and design poster projects in 

our area. 

We look forward to another 

exciting and productive year. 

We are indebted to the school 

principals and teachers for 

their continued commitment to 

WBR principles and practices. 

We would like to thank all the 

volunteers who helped in any 

way with promoting WBR among 

our youth. St Dallan’s host the 

schools quiz and St Mark’s staff 

judge the art competition. There 

are many others in the community 

who have helped with our events 

throughout the year - we are 

indebted to you. 

Wendy McKeown 

Education Committee 




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W.B.R. WBR Credit Union Credit Limited Futura Md BT (Bold) 

Union Limited offers four 

unique types of insurance to members: 

Life Savings Insurance, Loan Protection 

Insurance, Disability Benefit Insurance and Death 

Benefit Insurance. 

W.B.R. Life Savings Credit Insurance Union Limited 

WBR Credit Union provides at no direct cost to 

the Member life savings insurance. The amount 

of insurance benefit payable on the death of the 

member is based on the age of the member at the 

time the savings were lodged. 

Insurance Cover provided on savings: 

Loan Protection Insurance 

Loan Protection Insurance is provided to members 

at no direct cost to them. This product clears 

your outstanding loan balance in the event of 

death subject to policy conditions. In the event of 

your death, E.C.C.U. (the credit union insurance 

company) will clear your loan balance - it will 

not have to be paid off from your savings or by 

your family! 

Insurance Report 

Age Savings Insurance Cover 

Under 55 Every £1 provides £1 of insurance 

55 - 59 Every £1 provides 75p of insurance 



Savings lodged on or after the member’s 70th 

birthday are not covered by insurance, Members 

pay no individual charge. 

Example: 






Age Insurance Total 

£100 saved under 55 +£100 +£200 

£100 saved between 55 - 59 +£75 +£175 

£100 saved between 60 - 64 +£50 +£150 

£100 saved between 65 - 70 +£25 +£125 

£100 saved 70+ +0 +£100 

Eligibility 

Eligible Savings are those that 

• are lodged before age 70 up to a 

maximum of £15,000, 

• remain intact in your account, and 

• are lodged whilst you were at work or, 

if not working, in good health. 




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Eligibility 

Every borrowing member is eligible for Loan 

Protection Insurance if they are: 

• actively engaged in the usual duties of his/her 

livelihood on the date they receive the loan, 

or 

• if not working, that they are in good health and 

capable of performing the usual duties of their 

livelihood on that date. 

Insurance cover on loans ceases at age 85. 

Members pay no individual charge 

Disability Benefit Insurance 

Disability Benefit Insurance is provided to members 

up to the age of 65 at no direct cost to them. If a 

member is defined as having a “certified condition 

of health” which renders the member totally and 

permanently disabled to carry out any occupation 

their outstanding loan balance maybe cleared by 

this insurance. 

Death Benefit Insurance 

This product provides a one-off payment of £1,500 

(currently) to your next of kin or nominee to help 

meet funeral costs in the event of your death. A 

small annual contribution is required 

(currently £9.41). 

This year the Board of Directors are recommending 

the DEATH BENEFIT INSURANCE shall in future 

be paid as an expense of the Credit Union. 

The level of cover will be set at £2000. This will 

ensure that every member who has joined before 

age 70 and who maintains a minimum balance of £5 

(after affiliation fee is deducted) will automatically be 

covered by Death Benefit Insurance. 

Sadly, during the year, 32 of our members passed 

away. Insurance claims totalling £73,317.22 

were paid out to the beneficiaries of the deceased. 

This figure included both DBI and insurance on 

Savings and Loans. Only 22 of our deceased 

members had DBI cover. We wish to extend our 

sincere sympathy to the relatives of all members 

who died in the last 12 months. Our thoughts and 

prayers are with you all. 

Miriam Cole, Yvonne White 

Insurance Officers 


Membership Report 

It is pleasing to see that W.B.R. Credit Union now 

has adult membership of 6932 an increase of 

193 from last year. Juvenile membership is 1270 

again an increase of 58. We have to commend the 

great work done by the Youth Committee in visiting 

the local schools and promoting awareness of the 

credit union. It is encouraging also that 88 of our 

juvenile account holders transferred over to an adult 

account when they reached the age of 16. 

In order to apply for membership you must reside 

in the common bond (i.e. Warrenpoint, Burren or 

Rostrevor). The Money Laundering Regulations, 

2007 requires those applying for membership to 

provide photographic identity (i.e. driving licence, 

passport etc) and proof of address dated within the 

last 3 months (i.e. bank statement, utility bill etc). 

When a juvenile wishes to open an account their 

birth certificate is required along with the parents 

proof of identity and proof of address. 

We are grateful for the continued co-operation 

of our members and applicants in this regard. 


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This year two members of staff Mrs Louise White 

and Miss Rachel McCaul joined the membership 

committee. The reason for this was to make it easier 

for our prospective members to open an account. 

An account can now be approved and opened 

immediately instead of the prospective member 

having to call back at a later date. 

W.B.R. Credit Union enables people in the 

community to unite in order to save and borrow 

money at low rates and is operated on a 

not-for-profit basis with any surplus returned 

to members. 

Noel Campbell - Director 







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Report of the Board of Directors 








The year just ended has been one of 

tremendous change for your Credit Union. 

On 31st March, after some months of 

anticipation and preparation, all Credit Unions in 

Northern Ireland came under the regulatory regime 

of the Financial Services Authority (F.S.A.). For our 

members this means that their Credit Union savings 

are now protected under the F.S.A. Compensation 

scheme. The Treasurers Report and the Annual 

accounts will give details of what the new rules 

mean for the Credit Union’s finances. Within the 

Credit Union the period since the end of March has 

been dominated with understanding the F.S.A.’s 

requirements and making sure we meet them. 

One significant change affecting our Credit Union is 

that the period that we could make investments for 

would be reduced to one year maximum from the 

previously permitted five years. Despite intensive 

lobbying by a number of similarly affected Credit 

Unions and the Irish League, during which we were 

supported by all the local political parties, the F.S.A. 

would only agree to a short concession where the 

maximum allowed period for investments is three 

years and this is due to end in March 2013. Investment 

income has become a more important element in our 

finances in recent years as the amount of savings 

grows much more than the amount out on loan. 

With investment rates being low we have to make 

the best of what is available while keeping a spread 

over a number of different institutions. The alternative 

open to us was to apply for a change in our status 

under FSA rules to what is called a version 2 Credit 

Union and the preparation for this is well under way. 

This involves preparing and writing up a significant 







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number of policies and procedures and meeting new 

financial criteria. While all this has been going on the 

Credit Union needed to run as normal and as the 

various reports will show this has been achieved. We 

have continued to increase membership and savings, 

meet all the requirements of the F.S.A. in setting aside 

increased amounts into reserves and for bad debt 

provision and have a surplus to return to the members. 

We see a lot of members continuing to be affected 

by the recession and we are helping those we can. 

Members are using their savings to help repay their 

loans and are being cautious in borrowing with 

amounts being borrowed tending to be smaller than in 

the past. Talking to other Credit Unions we know these 

trends are widespread. 

At last years A.G.M. members let us know that they 

wanted the raising of the amount provided by the 

Death Benefit Insurance scheme. In order to give 

the maximum possible number of members the 

benefit of this cover, and after giving the topic careful 

consideration, the Directors will be proposing that the 

contributions are in future taken as an expense item in 

the accounts rather that a deduction from dividend and 

we urge you to support us in doing this. 

The Directors wish to thank the Credit Union staff and 

volunteers for their dedication and support throughout 

the busy year just ended. Finally, the Credit Union 

extends its sympathies to the families and loved ones 

of the 34 members who passed away during the year. 



8 32 38 

No. of Loans 

272 

683 

Loans Issued by Value 

1 

2 

Statement of Directors’ Responsibilities 

The Credit Unions (Northern 

Ireland) Order 1985, and 

any amendments thereto, 

require directors to prepare 

financial statements for each 

financial year which give a true 

and fair view of the state of affairs 

of the Credit Union and its income 

and expenditure for that period. 

In preparing those financial 

statements, the directors are 

required to select suitable 

accounting policies and then 

apply them consistently, make 

judgements and estimates that 

are reasonable and prudent, and 

prepare the financial statements 

on the going concern basis 

unless it is inappropriate to 

presume that the Credit Union 

will continue in business. The 

directors are responsible for 

keeping proper accounting records 

which disclose with reasonable 

491 

764 

637 

8 32 38 

272 

683 

£25,000.00+ £35,000.00 

No. of Loans 

£20,000 - £25,000 £48,500.00 

£10,000 - £20,000 £125,500.00 

£7,500 - £10,000 £294,845.00 

£5,000 - £7,500 £240,275.00 

£2,500 - £5,000 £963,065.73 

£1,000 - £2,500 £853,586.86 

£500 - £1,000 £571,078.73 

£250 - £500 £313,864.08 

£1 - £250 £97,255.88 

1 

£3,542,971.29 

accuracy the financial position of 

the Credit Union and to enable 

them to ensure that the financial 

statements comply with the Credit 

Unions (Northern Ireland) Order 

2 

491 

Loan Analysis 

Loans Issued by Category 

Miscellaneous - No. of Loans 14 

Oil Rate 8% - No. of Loans 31 

Personal - No. of Loans 665 


1985, and any amendments 

thereto. 

W.B.R. 

They are 

Credit 

also 

Union 

responsible 

Limited 

for safeguarding the assets of the 

Credit Union and hence for taking 

reasonable steps for the prevention 

and detection of fraud and other 

irregularities. 

This report was approved by the 

board on 30th October 2012 

and signed on its behalf by: 



£25,000.00+ Adjustment - No. of Loans 4 £35,000.00 

£555.01 

£20,000 - £25,000 Business - No. of Loans 67 £48,500.00 £160,579.24 

£10,000 Car - Expenses £20,000 - No. of Loans 225 £125,500.00 £134,030 

Car Purchases - No. of Loans 279 

£7,500 - £10,000 £294,845.00 

Christmas - No. of Loans 394 

£5,000 - £7,500 £240,275.00 

Consolodation of Debts - No. of Loans 27 

£2,500 - £5,000 

£82,547.49 

£963,065.73 

Furniture - No. of Loans 32 

£1,000 - £2,500 

£34,540 

£853,586.86 

Holidays - No. of Loans 351 

£500 - £1,000 £571,078.73 

House Purchases - No. of Loans 19 

£105,460 

£250 - £500 £313,864.08 

Home Improvements - No. of Loans 296 

£1 - £250 

Household - No. of Loans 395 

£97,255.88 

15 




2,929 loans = £3,542,971.29 

Outline 

£4,710 

£3,542,971.29 

£9,780 

£235,525 

Weddings - No. of Loans 130 £220,185 




£330,335 

£303,410.72 

£460,915.83 

£655,216 

£805,182 

0 100000 200000 300000 400000 500000 600000 700000 800000 

Outline 

0.2 0.4 0.6 0.8 1.0 




W.B 

W.B 

W.B





Outline 


Independent Auditor’s Report 




W.B.R. Credit Union Limited Futura Md BT (Bold) 

We have audited the financial statements Futura of Md W.B.R. BT (Bold) Credit Union Limited for the year ended 30th 

September 2012 which comprise of the income and expenditure account, the balance sheet, 

the distribution account and the related notes. The financial reporting framework that has been 

applied in their preparation is applicable law and Futura United Md BT (Bold) Kingdom Accounting Standards (United Kingdom 

Generally Accepted Accounting Practice). 




Respective Responsibilities of Directors Futura Md and BT (Bold) Auditor 

As explained more fully in the Directors’ Responsibilities Statement set out on pages 3 and 4, the directors 

are responsible for the preparation of the financial statements which give a true and fair view. 

Our responsibilities is to audit and express an opinion on the financial statements in accordance with 

applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to 

comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors. 

Scope of the Audit of the Financial Statements 

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient 

to give reasonable assurance that the financial statements are free from material misstatement, whether 

caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate 

to the credit union’s circumstances and have been consistently applied and adequately disclosed; the 

reasonableness of significant accounting estimates made by the directors; and the overall presentation of 

the financial statements. In addition, we read all the financial and non-financial information in the Directors’ 

report to identify material inconsistencies with the audited financial statements. If we become aware of any 

apparent material misstatements or inconsistencies we consider the implications for our report. 

Opinion on the Financial Statements 

In our opinion the financial statements: 

- give a true and fair view of the state of the credit union’s affairs as at 30th September 2012 and of its 

income and expenditure for the year then ended; and 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, 

and with the Credit Unions (Northern Ireland) Order 1985. 

Matters on Which we are Required to Report by Exception 

We have nothing to report in respect of the following matters where the Credit Unions (Northern Ireland) 

Order 1985 requires us to report to you if, in our opinion: 

- proper books of account have not been kept by the credit union in accordance with the requirements 

of the legislation: 

- a satisfactory system of control over transactions has not been maintained by the credit union in 

accordance with the requirements of the legislation: 

- the revenue account or the other accounts (if any) to which our report relates, and the balance sheet are 

not in agreement with the books of account of the credit union: 

- we have not obtained all the information and explanations necessary for the purposes of our audit. 

Phelan & Prescott 

Chartered Accountants & 

Registered Auditor 

Statutory Auditor 

River House, Home Avenue, Newry BT34 2DL 

Date: 30th October 2012 

to the Members of W.B.R. Credit Union Limited 


16

Income 

Interest Received on Loans 817,026 845,825 

Commission Received 3,153 3,547 

Membership Fees 314 274 

Bank Interest 298,411 271,620 

Bad Debts Recovered 39,988 17,042 

Other Income 9,000 3,000 

Total Income 1,167,892 1,141,308 

Deduct Expenditure 

W.B.R. Credit Union Limited: Income & Expenditure Account 

for the year ended 30th September 2012 

2012 (£) 2011 (£) 

Management Expenses 

Stationery and Advertising 24,576 25,430 

Wages and National Insurance 190,369 196,327 

League Insurance 86,757 75,097 

Convention and Chapter Expenses 3,142 1,649 

Financial Charges 3,101 - 

Expenses of AGM 425 935 

Postage and Telephone 10,702 9,833 

General Insurance 10,870 10,204 

Rates 8,515 7,635 

Light and Heat 4,645 4,874 

Debt Collection and Legal Fees 2,988 11,332 

Cleaning 2,548 2,766 

Repairs and Renewals 8,044 9,030 

Staff Training 1,809 1,909 

Machine Service 14,246 15,436 

Audit and Accountancy 9,158 10,949 

Sundry and Travelling 12,958 10,341 

Security Costs 6,347 7,521 

Bad Debts Written Off 60,348 57,039 

461,548 458,307 

Non-Management Expenses 

Depreciation 21,876 29,521 

Provision for Bad and Doubtful Debts 71,087 96,760 

Provision for Future Taxation 60,313 56,358 



Total Expenditure (614,824) (640,946) 

Excess of Income Over Expenditure 553,068 500,362 

17 

Outline 

W.B 

W.B 

W.B



Unappropriated Balance Brought Forward 427,225 441,655 

Add 

Net Surplus for Year 553,068 500,362 

Less 

Transfer to General Reserve 179,361 74,029 

Membership Fees to Reserve 314 274 

Less 




W.B.R. Credit Union Limited: Distribution Account 

for the year ended 30th September 2012 

2012 (£) 2011 (£) 




(179,675) (74,303) 

Dividend Paid 206,515 193,028 

Interest Rebate Paid 211,747 247,461 

(418,262) (440,489) 

Unappropriated Balance Carried Forward 382,356 427,225 

Dividend and Interest Rebate 

The directors have proposed a dividend 

payment of 1.25% for the year ended 30th 

September 2012 estimated to cost £178,100 

together with an interest rebate of 25% of 

interest paid for the year ended 30th September 

2012 estimated to cost £204,256. 

18

Fixed Assets 

Tangible Assets 329,264 336,713 

Members Loans 

Loans to Members 6,755,347 6,892,493 

Bad Debts Provision (300,000) (250,000) 

Current Assets 

6,455,347 6,642,493 

Stationery Stocks 1,385 1,385 

Prepaid Expenses 2,000 108,516 

Bank Interest Due 179,271 122,010 

Other Debtors 20,077 12,396 

Bank and Cash 9,632,817 8,753,202 

Cash on Deposit - Minors 931,354 752,331 

Current Liabilities 

W.B.R. Credit Union Limited: Balance Sheet 

as at 30th September 2012 

2012 (£) 2011 (£) 

10,766,904 9,749,840 

Sundry Creditors and Accruals 25,513 21,619 

Provision for Taxation 46,494 40,627 

(72,007) (62,246) 

Net Assets 17,479,508 16,666,800 

Represented By: 

Members’ Share Capital 14,402,920 13,904,041 

General Reserve 1,762,878 1,583,203 

Distribution Account 382,356 427,225 

Minors’ Deposit 931,354 752,331 



17,479,508 16,666,800 

17,479,508 16,666,800 

The financial statements were approved by the Board on 30th October 2012 and signed on its behalf by: 

President: John Corrigan Secretary: Wendy McKeown Treasurer: Francis Cavanagh 

19 

Outline 

W.B 

W.B 

W.B

We now accept 

debit cards 

Making payments in the WBR 

Credit Union branch or even 

over the phone is now easier. 

Youth Draw’s with great prizes. 

Annual Schools Quiz & Art 

Competition. Dividend - money 

given to you for your savings. 

Lets CU start saving today 

SVP £5 £5 

heating oil 

stamps 

are now available! 

vy) avy) Outline 

Outline 


14 Church St, Warrenpoint, Co. Down, BT34 3HN 

line T THINGS DIFFERENTLY 

ine THINGS DIFFERENTLY 

Easyshares 

2 Account 

Shares in a Credit 

Union are a great way 

to save. Along with 

having a say in the 

operation of the 

Credit Union you 

also earn dividends. 

Shares 

Adult & Juvenile Savings Accounts. 

Easyshares 2 Accounts now available. 

Loans 

Available at low rate of interest up to 

£15,000 over share capital. 

Insurance 

All shares / loans are life and disability 

protected at no extra cost. Death Benefit 

Insurance available. 

Dividend / Interest Rebate 

Generous return on savings and interest 

rebate annually. 

Foreign Exchange 

All foreign currency available. 

Quicklodge Service 

Save time, beat the queues! 

View Account Information 

Apply for a Loan 

Updated WBR. News 

For more 

information 

and avail of 

our online 

services. 

Find us on facebook 

www.wbrcreditunion.com 

SAVINGS & LOAN BENEFITS with W.B.R. CREDIT UNION 

LOAN PROTECTION - Loan protection cover is a life assurance benefit designed to 

clear the outstanding loan balance on the death of a member. 

DISABILITY INSURANCE - Borrowing members whose condition is serious enough 

to meet the definition of: a “certified condition of health” which renders the member 

totally and permanently disabled to carry out any occupation. 

This insurance could clear the outstanding loan balance. 

LIFE SAVINGS INSURANCE - Life savings is a life assurance policy that pays a 

benefit which is based on the amount of savings made during a members’s lifetime. 

ACCIDENTAL DEATH & DISMEMBERMENT - Claim payment doubled if death is 

as a result of an accident. 

(terms and conditions apply) 

T: (028) 4175 3271 

F: (028) 4175 3826 

E: wbrcreditunion@btopenworld.com 

W: www.wbrcreditunion.com 

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here - WBR Credit Union

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