Successful year reported at South Manchester Credit Union AGM
20 Apr 18
South Manchester Credit Union (SMCU) reported on a successful year to members at this year’s AGM, showing positive loan, savings and membership growth.
SMCU President Jeff Seneviratne and Chief Executive Sheenagh Young gave an update to members of the financial performance throughout the year. Jeff expressed that the credit union are delighted to report on another successful year in which they have sustained growth in membership, shares and loan book.
Interest on loans has increased from £255k to £278K, member savings have increased from £2.06 million to £2.24 million and £1.9 million was lent during the financial year. The loan book has grown by 9%.
Jeff is proud of the way the SMCU team operates and thankful for Chief Executive Sheenagh Young. He said: “We can all be proud of these figures and need to recognise that they are in large part the result of our small, but hardworking, staff team, led by Sheenagh Young, and many volunteers.”
The credit union invested in a move to a shop front premises on Fog Lane, Burnage in 2012 and worked to generate a small operating surplus in 2015/16. It is pleasing to consolidate progress with a larger surplus in 2016/17. This has been achieved without any external funding.
Jeff highlighted that a growing presence on social media has helped membership growth: “Our aim is to continue to grow and to provide ethical and affordable loans to many more within our community. You may have noticed our redesigned website at and our presence on Facebook and Twitter. We are increasing our marketing activity and are fortunate to have the services for a year of a marketing student, Ryan Cusack, who been key in delivering these changes.”
Last October SMCU agreed to merge with Fallowfield Credit Union. The merger welcomed 294 members from including 53 young savers who bring with them a strong credit union tradition. Membership continues to grow and at the end of September stood at 3,246 adults and 139 young savers. This represents just over 1% of the population of South Manchester.
Speaking about the merger, Sheenagh Young stated: “We are delighted to merge with Fallowfield Credit Union as we share much in values and in our community roots. We look forward to applying our combined resources to serving the people of South Manchester together.”
A full copy of the annual report is available for reference here.