How any profits are reinvested:
Any surplus that the credit union makes will be split roughly into three areas. Firstly there is a duty for all credit unions to develop reserves and a percentage of any surplus made will always go into the reserves of the credit union. Secondly the credit union Directors may wish to put part of any surplus into developing the credit union or its products and services. Lastly, any remaining monies will be returned to savers in the form of a dividend.
Thamesbank Credit Union has a Board of Directors that comprises volunteer members of the credit union. The Board is elected annually at the Annual General Meeting. The Board of Directors monitors the finances of the credit union, develops the business plan and oversees the administration of Thamesbank Credit Union.
The Annual General Meeting also elects a three person Supervisory Committee that oversees the activity of the Board of Directors, these are also volunteers and ordinary members of the credit union.
The current Board of Directors are:
Guy has been the treasurer of Thamesbank Credit Union for the last 6 years and from November 2015 is now the Chair. Guy was born and brought up in Merseyside but has lived in West London for nearly 40 years and currently lives in Brentford. Guy has spent most of his career in the IT industry, having originally graduated in Business Studies and qualified as an accountant, he progressed into general management. About 5 years ago he moved to the non-profit sector as Chief Executive of a company providing IT advice and support to Universities and Colleges and is now a self-employed consultant.
Hor Chan (Treasurer) – Details coming soon…
Arthur was born in New York City, migrated to Quebec Canada, London England and Limousin France; He has been a residential social worker London Borough of Hounslow (LBH), business consultant, research director, community organizer, manager and educator, background in the creative arts. Arthur’s aims are to expand social inclusion, economic entrepreneurship, political participation, protective responsibility, individual fulfilment, mutual benefit and communal reciprocity in areas concerning the financial services industry especially banking.
Andrew joined the Thamesbank Credit Union Board in October 2014. Andrew is a communications and public affairs professional, who has had the opportunity to advise a diverse range of organisations in the non-profit and private sector on how to protect and promote their reputations. He also has extensive experience of political communications and campaigns. Andrew works in central London for communications consultancy Blue Rubicon and lives in Brentford.
The History of Thamesbank Credit Union:
Thamesbank Credit Union was originally based in Brentford, after our team had gained approval from the FSA to start operating as an offical credit union. The Hounslow Homes employees Credit Union approached us and asked us to take over their business. This allowed us to extend our reach more effectively across the borough. In 2013 we decided to extend our area to cover other local boroughs which we felt were lacking in local Credit Unions. Initially that was Richmond, where we have a number of members. We are just starting in the other boroughs and would particularly welcome members who will help us build our ties with the localities.