Developing good money habits
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CREDCER Credit UnionCREDCER Credit Union
Cyflwyniad
Presentation
Cris Tomos -Volunteer Board Member
CREDCER
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Credit Union StatisticsCredit Union Statistics
United Kingdom – Approx 681 credit unions• Approx 400,000 members• Approx £200 million in assets
Wales – 31 credit unions• 37,500 members• £12.7 million in savings• £39.1 million has been loaned out
Worldwide -• Approx 200 million members
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CREDCER Credit UnionCREDCER Credit Union• Interreg 111A Project 2003• CREDCER Launched 2005• Today has 1822 members (May 2012)• £487,000 of savings• £148,000 out on loans• £128,325 Children’s savings• 1.5% return to Children & Child Trust Fund • Can help individuals with community projects
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Members & Board of Members & Board of DirectorsDirectors
All Volunteer Board Members.Junior Savers – The future is in their hands
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UK Policy Context - Local UK Policy Context - Local Government AssociationGovernment Association”Credit unions can also play an
important part in the social regeneration and economic development of communities…
Credit unions can be very useful tools for meeting some of the key policy challenges facing local authorities.”
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Welsh GovernmentWelsh Government Wales Policy Context Wales Policy Context
Putting Wales First: A Partnership for the People of Wales
“We will develop a strategy for the encouragement of credit unions, as a means of promoting local economic development and of providing access to financial services for those currently excluded from them”.
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What is a Credit Union?What is a Credit Union?• A self-help, not-for-profit financial
co-operative• Mutually owned and democratically
controlled• Members savings provide a pool of funds
to make low-cost flexible loans to other members
• Directed by volunteers• Members share a common bond of
residence, employment or association
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How Do Credit Unions How Do Credit Unions Work?Work?
• Members save regularly to create a central pool of funds
• Members borrow from the pool at low interest rates
• Interest from loans & savings pay for the running costs
• Balance of surplus is returned to the members in the form of a dividend
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Services and Benefits for Individuals/Members
• Access to secure savings and low cost flexible loans
• Free Life Insurance benefits• Convenience of payroll deduction if
agreed by employer• Added value products• Peace of mind that savings are secure• Tackling financial exclusion
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Benefits for CommunitiesBenefits for Communities• Access to local regulated financial
services
• Generation and retention of wealth
• Access to micro credit
• Social Enterprise Funds (Shares)
• Collection point in each street!
• Gateway to skills & learning
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Reaching out to Young People & Communities
• Establish a Collection Point in the community or local school
• Publicise the credit union within the school & community
• Seek office space for the credit union• Encourage individuals to act as credit
union representatives in the community
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Resources for Young People to start a new bank
• Training and development• Adult volunteers to oversee• Starter Pack with forms and guide• Publicity guide for schools to inform
parents• Regular communication on numbers
and statistics
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Cymdeithas Cynnal a Cefnogi Cefn Gwlad - 4CG
Aberteifi / Cardigan
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Cefndir yn 2010Background in 2010
•Siopau bach yng nghanol y dref yn cau
•Safle Pwllhai yn wag ac yn hyll
•MODUS wedi mynd i ddatodiad
•Land Searches yn dangos fod MODUS wedi talu dros £530k
•Pobl leol yn dymuno ceisio prynu’r safle
•Small town centre shops were closing
•Pwllhai site was empty and an eyesore
•MODUS gone into liquidation
•Land Searches showed that MODUS had paid over £530k
•Local people wish to try and buy the site.
www.4cg.org.uk
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Gorolwg * Overview• Gymuned yn prynu Pwllhai purchased by community• Nid er elw * Non profit making society• Parcio Rhatach * Cheaper parking (phase 1)• Ail agor hen siop * Re-open old Co-op shop •Siop Gymunedol * Community shop ( phase 2)•Cynhadledda llawr uchaf - Upper floor
conference area (phase 3)• Parcio ar gyfer datblygiad y Castell * Parking for castle development (phase 3)
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Trosolwg o’r SafleOverview Site Plan
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Ariannu Cymunedol * Community Finance
Cyfranddalwyr * Shareholders : • £250,000 @ £200 • £20,000 max / person• 1 bleidlais * 1 voting share • Difidend gyda pob shâr * dividends for each share.• Cyfranddalwy yn ethol pwyllgor * Committee appointed by shareholders •Benthyciadau Credcer 5 mlynedd-fforddadwy i bawb*Credcer 5 year loans to purchase shares - affordable to everyone
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Cyllid Cymuned a Taclo Tlodi Plant
Community Finance & Tackling Child Poverty
CEFNOGI & CREDIT UNION
www.credcer.co.uk
Ariannu mentrau cymunedol newydd ~ Financing new Social Enterprises
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Cyfnod 1 – DatblyguPhase 1 - Development
Cymorth gan Ganolfan Gydweithredol Cymru i sicrhau cymorth Jim Brown o Fryste i gynghori ar y model gorau a
phrospectws cyfranddaliadau.
Assistance from Wales Coop to engage Jim Brown of Bristol to advise on best model and share offer prospectus.
IPS model. Community Benefit Cooperative
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Cyfnod 1 – DatblyguPhase 1 Development
•Prynu Pwllhai am £357k Prynu Pwllhai am £357k Paid for Pwllhai sitePaid for Pwllhai site •Benthyciad gan Lloyds TSB £180k Benthyciad gan Lloyds TSB £180k Lloyds TSB loanLloyds TSB loan•Caniatad Cynllunio Caniatad Cynllunio Planning permission for parkingPlanning permission for parking•Clirio’r safle ar gyfer parcio Clirio’r safle ar gyfer parcio Clear site for car parking Clear site for car parking •Cyflwyno peiriannau parcio Cyflwyno peiriannau parcio Install parking meter(s)Install parking meter(s)•Llogi’r Bwthyn Llogi’r Bwthyn Rent out cottageRent out cottage• Cyflogi swyddog parcio Cyflogi swyddog parcio Employ car park attendantEmploy car park attendant•Datblygu’r Siopau Datblygu’r Siopau Develop the shopsDevelop the shops•Sefydlu is-bwyllgorau newydd- Sefydlu is-bwyllgorau newydd- New Sub Committees New Sub Committees –– deunyddiau adnewyddol, deunyddiau adnewyddol, Renewables, Renewables, marketing,marketing, Marchnata, Siopau Marchnata, Siopau Shops.Shops.
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Cyfnod 1 – TrosiantPhase 1 - Turnover
Amcangyfrif ceidwadolAmcangyfrif ceidwadol
30c / awr (ar gyfartaledd)30c / awr (ar gyfartaledd)
Llenwi 25% o’r cyfnodauLlenwi 25% o’r cyfnodau
30 x 8 awr x 100 cyfnod x 25% = £8030 x 8 awr x 100 cyfnod x 25% = £80
£480 yr wythnos x 6 diwrnod£480 yr wythnos x 6 diwrnod
Trosiant 51 wythnos = £24,480Trosiant 51 wythnos = £24,480
Trosiant y Bwthyn = £2,600Trosiant y Bwthyn = £2,600
Cyfanswm Trosiant = £27,080Cyfanswm Trosiant = £27,080
Low End Projection Low End Projection :-:-
30p per hour. (average)30p per hour. (average)
25% occupancy of each slot25% occupancy of each slot
40 x 8 hrs x 100 slots x 25%=£80 a 40 x 8 hrs x 100 slots x 25%=£80 a dayday
Per week = £480 (6 day week)Per week = £480 (6 day week)
Turnover for 51 weeks = £24,480Turnover for 51 weeks = £24,480
Turnover of cottage £2,600Turnover of cottage £2,600
Total turnover = £ 27,080Total turnover = £ 27,080
Amcangyfrif GobeithiolAmcangyfrif Gobeithiol
30c / awr (ar gyfarftaledd)30c / awr (ar gyfarftaledd)
Llenwi 75% o’r cyfnodauLlenwi 75% o’r cyfnodau
30 x 8 awr x 100 x 75% = £24030 x 8 awr x 100 x 75% = £240
£1,440 x 6 diwrnod£1,440 x 6 diwrnod
Trosiant 51 wythnos = £73,440Trosiant 51 wythnos = £73,440
Trosiant y Bwthyn = £5,200Trosiant y Bwthyn = £5,200
Cyfanswm Trosiant = £78,640Cyfanswm Trosiant = £78,640
High End ProjectionHigh End Projection :-
30p per hour (average)
75% occupancy of each slot
40 x 8 hrs x 100 slots x 75%=£240 a 40 x 8 hrs x 100 slots x 75%=£240 a dayday
Per Week = £1,440 (6 day week)
Turnover for 51 weeks = £73,440
Turnover of cottage £5,200Turnover of cottage £5,200
Total turnover = £78,640Total turnover = £78,640
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Cyfnod 1 – Datblygu
Phase 1 - Development Amcangyfrif ceidwadolAmcangyfrif ceidwadol
Trosiant £27,080Trosiant £27,080
Costau (£7,500)Costau (£7,500)
Difidend 2.5% ar £217k (£5,425)Difidend 2.5% ar £217k (£5,425)
Costau Lloyds TSB (£13,000)Costau Lloyds TSB (£13,000)
Elw £1.155Elw £1.155
Low End Projection Low End Projection :-:-
Turnover £ 27,080 Turnover £ 27,080
Costs (£7,500)Costs (£7,500)
2.5% dividend on £217K (£5,425)2.5% dividend on £217K (£5,425)
LloydsTSB Loan costs (£13,000)LloydsTSB Loan costs (£13,000)
Retained profit = £1,155Retained profit = £1,155
Amcangyfrif GobeithiolAmcangyfrif Gobeithiol
Trosiant £78,640Trosiant £78,640
Costau (£7,500)Costau (£7,500)
Difidend 7.5% ar £217k (£16,275)Difidend 7.5% ar £217k (£16,275)
Costau Lloyds TSB (£13,000)Costau Lloyds TSB (£13,000)
Elw £41,865Elw £41,865
High End ProjectionHigh End Projection :-
Turnover £78,640 Turnover £78,640
Costs (£7,500)Costs (£7,500)
7.5% dividend on £217K (£16,275)7.5% dividend on £217K (£16,275)
LloydsTSB Loan costs (£13,000)LloydsTSB Loan costs (£13,000)
Retained profit = £41,865Retained profit = £41,865
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Cyfranddalwyr a Gwirfoddolwyr
Shareholders and Volunteers
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Cyfnod 2 & 3 – Datblygu
Phases 2 & 3 - Development •Ceisio am grantiau datblyguCeisio am grantiau datblygu•Sefydlu Siop GymunedolSefydlu Siop Gymunedol•Uned ar gyfer bobl busnes lleol, ffermwyr, Uned ar gyfer bobl busnes lleol, ffermwyr, pysgotwyr ayybpysgotwyr ayyb•Canolfan Gynadledda – sawl llawrCanolfan Gynadledda – sawl llawr•““agoed i syniadau newydd” – y cyfranddalwyragoed i syniadau newydd” – y cyfranddalwyr•Apply for development grantsApply for development grants• Setup Community shopSetup Community shop• Outlet for local businessmen, farmers, Outlet for local businessmen, farmers, fishermen, growers, artists etcfishermen, growers, artists etc•Multi – storey : Conference Area Multi – storey : Conference Area • “ “Openness to new ideas from local people” – the Openness to new ideas from local people” – the shareholdersshareholders
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Marchnad Cynnyrch Lleol25 Stondin
LocalProduce Market25 Stalls
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The Future is in our hands.
Diolch – Thank YouCris Tomos – Voluntary Treasurer