Membership and leading increased during past year - Chairman Joe Flanagan highlighted the increase in membership and growth in loans in presenting the Directors report to the AGM of BHK Credit Union Ltd before Christmas.
After welcoming those present in Saint Oliver Plunkett National School Sandy Lane, Blackrock, the chairman said that membership increased by 239 during the year, and lending increased by 11%.
The branch returned a healthy surplus for the year and the Board was pleased to propose a 0.1% dividend on shares and a 10% loan interest rebate.
This was in the face of low loan demand, loan default and very low returns on investments as the principle risks and challenges facing the Credit Union movement.
A number of successful marketing initiatives were launched throughout the year which proved very successful e.g.:
* Loan sale throughout May, June and July (rate 6.99 p.a.)
* Educational Loan - ongoing (rate 5.5% p.a.)
The Board is continually considering how best to safeguard the future interest of the members. With restructuring of Credit unions becoming commonplace in recent years BHK Credit Union has been actively discussing the possibility of a merger with a like-minded Credit Union. A special resolution was approved unanimously by the members to allow any merger to proceed by Board Resolution.
Tribute was paid Paul Forrester who passed away in recently. Paul served on the Board of Directors from 1980 to 1983 and from 1998 to 2001. He also served on the Board Supervisory Committee from 1977 to 1979. Paul made a valuable contribution to the development of BHK Credit Union.
Director Brendan Howard delivered a comprehensive report on the Financial Statements for the year ended 30 September 2018. Interest on members' loans had decreased slightly from 2017. Overall income had significantly increased due largely to a non-recurring gain on investments.
Two outgoing Directors and one Board Oversight Committee member were re-elected.
Twelve lucky members took home cash prizes in the free members draw with total prize money €1,000 handed out.
The Chairman thanked the members for their attendance and continued support.
New Chairman at Geraldines rooted in club
As a former player and active in the administration of the club virtually since his playing days with a big involvement in the juvenile end, new chairman Brian Cafferty has been about McGeough Park long enough to know how the Geraldines club ticks.
With the New Year about to be ushered in he like all other club chairmen would wish for the club to be successful. He is realistic however, not to set expectations too high, as only one club can win the county championship,
More important, he feels, is that the club is all inclusive and can offer something to everybody in a growing parish. A big challenge is to ensure that they have the facilities to do that over the next number of years with the local population set to take a spurt.
He would like those who move into the parish and play football to choose to join the club, and the club will be equipped and ready to welcome all young boys and girls who wish to learn and play the game.
It's not just football that he hopes will attract people into the club, with splendid indoor amenities that cater for social activity, a prime example being indoor bowls which has been part and parcel of the club for many years.
The club also offer other opportunities for exercise and social inter-action. For instance it has signed up for the popular Operation Transformation programme to encourage and provide the like of those who would to walk a safe and friendly environment over the dark winter nights within the boundaries of McGeough Park.
The club floodlights will be switched on Thursday nights between 7 and 9pm for those who wish to take a walk round the club grounds.
They will be treated afterwards to a social cup of tea to meet and chat with others.
New shared development
One of the plans the club has that will be a particular boon to youngsters is to construct an all weather playing surface with a ball wall target facility.
The club intend to share it with next door neighbours Saint Fursey's National School and it will be floodlit.
The committee has applied for funding from the Sports Capital Fund to help develop the facility.