Finally, a Face-to-Face AGM

10th May 2022

On the 28th April, for the first time in three years, we held our annual general meeting (AGM) as a Face-to-Face event at our Head Office in Stockport.

At the AGM, the Board of Directors went over 2021’s financial results to members and what they mean for the Society. They were pleased to report strong results over the past year due to the resilience built up within our processes, procedures, technology, and people. Because of this, the Society is in a good position to keep improving for the benefit of all Members and the local community.

Another highlight came in the formal introduction of Ken Burke, our new Non-Executive Director. Ken brings significant leadership; strategic and risk management skills, having held many senior banking roles; most recently as Chief Executive Officer of Ireland’s largest mortgage lender - AIB Mortgage Bank.

Below, our Chief Executive Officer Steve Fletcher goes through the Society’s results:

“This year, we grew savings balances by £20m, through a mixture of; competitive rates compared to other high street lenders, attractive Fixed-Rate Bonds; remaining committed to our six local branches; continuing to provide a personal, local, and human presence through our branches and over the phone; and delivering a reliable online service.

“We also increased our mortgage balances by over 10% £30m. In doing so, we provided over £76m to help people buy new houses, move home, build their own homes, and even help their sons and daughters become owner-landlords whilst studying at university. We helped an increasing number of customers invest in Holiday Buy to Let properties by responding quickly and flexibly to the rise in popularity of staycations, driven by the effects of Covid.

“Continuing to grow the financial strength and sustainability of the Society is a fundamental objective and requirement of the Board of Directors. We achieve this by addressing and balancing the needs of all stakeholders. As a mutual building society, these are primarily the Members, its employees, and the Regulators. In 2021, the balance sheet grew by a healthy 7%. The Profit Before Tax was £2,007k, up from £891k in 2020. All profit generated remains within the Society and is added to the reserves, supporting future investment into the business, greater security for long-term sustainability and improvements to Member services.”