M60

REDDISH

Annual Review 2018

STOCKPORT

M60

MARPLE B u x to n R o a d

(A 6)

HAZEL GROVE

BRAMHALL

POYNTON

Head O ce Email Telephone Vernon [email protected] 0161 429 6262 19 St Petersgate Website Stockport SK1 1HF www.thevernon.co.uk

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475). You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

2 3 CHIEF EXECUTIVE SUMMARY

We’re continuing to serve our customers and our communities

Welcome to the Vernon Building Society Annual Review. The Vernon has been part of the local community since 1924 and while some things, like our customers being at the heart of what we do, remain the same as ever, it’s been a year of change. Not least is the appointment of our new chief executive Steve Fletcher. Steve has joined at a really exciting time for us, with customer expectations higher than ever, and the pace of life and change faster, he’s been at the forefront of our evolution over these past 12 months. So you can get to know him better, we asked Steve to reflect on 2018 and look forward to the Vernon’s future…

What stands out for you from 2018? We passed on the full of England We are here to serve our members and so, base rate increase to our savers in of all our achievements in 2018, I’m most September. Our ability to continue to grow delighted that our customer service score our mortgage business will be an important is very high at 98.5%.* factor when considering future rates payable to savers. Providing a great customer experience to our customers is really important to all our As a mutual organisation, profitability is team and we’re always looking for ways to important as it enables us to reinvest in the improve the service and products we offer. business, whilst ensuring we give long-term value to our members through mortgage It was also great to be ‘Commended’ in and savings products. the industry 2018 Moneyfacts awards in recognition of our approach and support What other financial measures do you to first-time mortgage buyers. look at? Key measures include our Common Equity How did the Society perform financially Tier1 (CET1) and leverage ratio, which in 2018? are important indicators of our ability Despite the uncertainty surrounding Brexit, to deal with unforeseen circumstances the Society’s performance has been and provide assurance to our members. ahead of our targets set for the year. We’ve increased our CET1 level to We’ve seen a small decrease in profit 21.0% (19.8% in 2017) and our leverage before tax from £769k to £755k due to ratio decreased slightly to 7.1% (7.2% a small charge for potential bad debts, in 2017), demonstrating our ongoing whereas we had a write back last year. financial strength. Over the year our net interest margin At the year end our liquid assets improved to 1.77% (1.74% 2017) as a represented 24.4% of our total funding higher proportion of our deposits were lent (2017: 25.2%). The reduction shows better out as mortgages following the successful use of liquidity and remains very healthy. promotion of our innovative product Both this and our capital levels, remain well range. This included retirement and above the regulatory requirements. self-build as well as our award winning first time buyer mortgages.

* Based on Smart Money People surveys. 3 CHIEF EXECUTIVE SUMMARY

66 252 1428

First time buyers New Savings accounts helped with their ‘Help to Buy’ opened for first home ISA’s opened new customers

How has the mortgage market performed How do you seek to be a this year? responsible employer? The mortgage market in 2018 continued We carried out a full review of our to be challenging, but we are pleased employee benefits package in 2018 to that despite an increase in repayments support our aim of being an ‘employer and redemptions, our mortgage balances of choice’ in Stockport. increased to £232.4m (from £225.5m 2017). I recognise that we’re going through a Gross residential mortgage new lending considerable amount of change at the was up 50.4% from £29.0m to £43.6m. moment and have asked a lot from our Mortgage arrears have seen a small team. Despite that I’m pleased that 92% increase. Mortgages in arrears by 2.5% or of our people confirmed they are proud more of the loan balance across our whole to work for the Vernon in 2018. mortgage portfolio based on the number In 2019 we have made enhancements of loans, increased slightly to 0.47% from to our offering as an employer, including 0.44%. We remain committed to making a health cash plan, new recognition sure when we help people buy their own awards, and improved leave for when our home that they can afford to do so. colleagues need extra support to cope with sickness, maternity and paternity. How have you been helping customers in 2018? What is the future outlook? I’m particularly pleased that we’ve helped We’re confident we’ll be able to build 66 first time buyers, and opened 252 new on our solid foundations and respond ‘Help to Buy ISAs’. We look forward to appropriately to both challenges and helping many more new home buyers opportunities as they arise. in the future. In 2018 we also opened savings accounts for 1,428 new customers. The Society has a further year of significant Attracting new customers is vital for our change ahead as we continue to long term sustainability. develop our IT systems to better serve our customers. I’m also delighted with the progress we’ve made to improve our digital I am privileged to be leading the Society communication and with the launch of our forward and will ensure we remain focused financial education initiative. Both can be on maintaining a financially sustainable read about later in this Review. business, utilising our mutual ownership structure to return as much value to our members as possible.

4 VALUABLE FEEDBACK

Giving members a voice

The Vernon always strives to provide fantastic customer service, and in order to measure this we partnered with Smart Money People, an independent online review site, which gives customers Balance the opportunity to leave feedback 920 which is then published online. -600 +125 We are proud to announce that from 445 over 800 reviews our overall rating in 2018 exceeded expectations with a score of 98.2%. The service allows future customers to see the extent to which our members rate our Branch tablets and online services products and services, making the decision An exciting development in 2018 to join us that much easier. was the introduction of branch The Vernon began sharing this feedback on tablets and a mobile friendly online social media and on screens in branches services platform. during 2018 to demonstrate the opinions Visitors to any of Vernon’s six branches and feelings of real customer experiences can use the tablets to leave reviews, in a social environment. sign up to our email newsletter and You can share your feedback by searching browse our products. for ‘Vernon Building Society’ and selecting We have also upgraded our online from Savings, Mortgage or at services platform which allows www.smartmoneypeople.com members to view their account transactions and make withdrawals 24 hours a day. The website is now responsive to screen size which makes it much easier to use on a phone or tablet.

5 VALUABLE FEEDBACK

Exceeding expectations

We appreciate all the feedback we receive from our members on their experience with the Vernon. Here’s an overview of our feedback in 2018.

98.2% 98.5% 93.3% 98.6%

Overall Rating Customer Service Value for money Treated Fairly

Did you know? The Vernon maintains an outstanding rating when compared with other top performing firms, such as Nationwide Building Society (89.8%), Darlington Building Society (96.8%) and the overall aggregate rating of 95.5% . 95.5%

Mortgage Customer Feedback Building Society Why do customers choose Vernon for Aggregate Overall Rating their mortgage?

Recommended Service

What do members value most about us?

1 Good Service Why Lending Vernon Criteria 2 Friendly Sta

Existing 3 Helpful Sta Customer

Product 4 Knowledgeable Features Interest 5 Local Branches Rate MEET YOUR LOCAL TEAM

Meet the team waiting to welcome you at your local branch

Enamul Islam Neil Heppenstall 98.2% 98.5% 93.3% 98.6% Mortgage Advisor, Branch Manager, Reddish Bramhall

Overall Rating Customer Service Value for money Treated Fairly “I am proud to be part of a Society “I particularly enjoy helping customers with that focuses on providing excellent their mortgage needs - especially assisting customer service and supporting the first time buyers through the process. As a local community.” branch we feel part of the local community and know our customers which enables us Did you know? The Vernon maintains an outstanding to provide excellent customer service.” rating when compared with other top performing firms, such as Nationwide Building Society (89.8%), Darlington Clare Hughes Building Society (96.8%) and the overall Branch Manager, aggregate rating of 95.5% . 95.5% Hazel Grove Jo Torkington Branch Manager, Marple

“I joined the Vernon in December 2018 Mortgage Customer Feedback Building Society and I’m now settling into my new role, Why do customers choose Vernon for Aggregate getting to know the team and the wider “I have always felt proud to be part of a Overall Rating their mortgage? Vernon family.” Society which is so focused on excellent customer service. As a branch, we feel at the heart of the community.” Recommended Service

What do members Tracey Wright value most about us? Branch Manager, Poynton 1 Good Service Maureen Darbyshire Why Lending Branch Manager, Vernon Criteria St Petersgate 2 Friendly Sta “After almost six years managing the Hazel Grove branch, a new year has provided Existing 3 Helpful Sta the opportunity for me to join Poynton Customer branch as their new Manager.” “I love working and being part of a mutual Product 4 Knowledgeable Building Society as we genuinely care Features about our customers.” Interest 5 Local Branches Rate

7 OUR COMMUNITY

Our customers tell us how our individual underwriting approach helped them in their life journey

We visited Bethan and Graham, How has the quality of advice and service valued customers of the Vernon helped you? for over 30 years, to discuss their Bethan: We’ve always appreciated life journey with the Society. the personal service and being able to speak to a person face-to-face. Due to How did you hear about the Vernon? the stability of the Vernon, we’ve often been able to see the same person. That Bethan: In 1988, I moved from North continuity means real personal service Wales to Altrincham and needed to get from people who really know our situation. a mortgage to buy my first house. The estate agent I was buying the house from How does that make you feel as recommended the Vernon. a customer? When did you start your mortgage journey? Graham: It’s the personal touch that makes a big difference. Nowadays, lots Graham: Our journey with you started and lots of places are very impersonal in June 1988, but things changed pretty while the difference with the Vernon is the quickly. We soon needed more space, so personal service. found a new house in Worsley and we took advice from Vernon regarding the original Why have you remained loyal to Vernon house and increased the mortgage. The over the years? flexibility and understanding from the Vernon was vital at this stage. Graham: I’d say that we’ve been loyal because the Vernon have been loyal to us. Bethan: The next step in the journey was the It’s a two-way street. Things have changed arrival of our wonderful two children, so we throughout our life, and the Vernon have needed a bigger house. We were able to always taken the time to understand increase our mortgage to be able to buy and help. our current home and over the years we wanted an extra bedroom upstairs, so we How has the Vernon given advice and built over the garage and the mortgage understood your individual circumstances? increased at that time. Bethan: Allowing us to pay back chunks of Graham: The Vernon have always been the mortgage without penalty has been flexible and supportive and helped us when really useful. Conversely, they worked we had the opportunity to purchase a with us to increase our mortgage when buy-to-let property in 1997. we’ve wanted to do some major home improvements. They also offered great Bethan: We’re at a stage where we’re advice when we purchased a making retirement plans, and the Vernon buy-to-let property. allow us to pay off some of the mortgage early without penalty and I really appreciate the flexibility of that.

8 How does it feel knowing that your Tell me a bit more about the experience of investment is making a positive impact on going into a branch. the community? Bethan: My impression is that the branches Graham: It’s really pleasing to know that are always very clean, very tidy, and the Vernon care about the community, someone always says “hello” when you they care about making a difference walk in. to people’s lives. I’m able to stay Graham: The reception area is really connected with their community initiatives welcoming and really well set out. The through the email newsletter and other interview rooms give you the reassurance regular communication. that your discussions are private and Bethan: We feel reassured that they’re taken seriously. looking after us, and all their customers, that they’re looking after the community, and Finally, if you could sum up the Vernon in a providing great deals. word, what would it be and why? Bethan: The one word that sticks in our mind Would you recommend the Vernon to is ‘caring’. you care about us as customers, the next generation who are starting you care about giving us a good deal. their journey? Graham: I agree. the Vernon care about Bethan: I think that for our children - who the customer service that you provide. For are probably going to be buying properties me, you care from the beginning of the of their own in the next few years - we mortgage process, right to the end and would definitely recommend the Vernon. that’s the reason I’m happy with the Vernon Graham: I feel that being able to go and and why we’ve had this fantastic life speak to a person face-to-face will really journey with you. help them to prepare for a commitment that will be with them for a large proportion of their life. So it’s important to have a friendly, flexible and reliable lender.

9 VERNON IN THE COMMUNITY

2018 Vernon Community Awards

The Community Awards have been running since 2012 and have donated over £70,000 to local charity and community groups. Local people have a say in the allocation £1500 of funds and this year saw record engagement with a total of 8,185 people registering their vote in support of the groups. In 2018 our Community Awards gave to local community organisations based on a public vote. We hosted a presentation evening where winners received their “A heartfelt thank you to you all; award and had the opportunity to meet all the Vernon team for hosting such a the other finalists. grand evening last night and to all my fellow charity colleagues, it was Millie’s Trust received the highest award of lovely to meet you and hear about £1,500 after receiving 3,324 votes. the exceptional work you do in the Beechwood Cancer Care were surprised local area.” to be presented with an additional £500 Valerie Jackson staff award as the result of a vote from the Action for Sick Children Vernon team.

Group Name Funding % Votes Millie’s Trust £1,500 40.61 3324 Adventure Mexico 2020 £1,250 12.36 1012 Middlewood Riding for the Disabled Group £1,100 10.46 856 AuKids Magazine £1,000 7.54 617 Stockport County Community Foundation £850 6.23 510 Signpost Stockport for Carers £750 3.97 325 Jump Space £750 3.19 261 Pure Innovations £600 2.97 243 Friends of South Park £450 2.58 211 Beechwood Cancer Care £450 2.47 202 Action for Sick Children £450 2.28 187 Friends of Reddish South Station £300 2.14 175 Friends of Stockport Cemeteries £300 1.65 135 Bramhall Green Guide Hut £250 1.55 127

10 2018 Vernon Community Awards presentation

£532 2018 Charity Highlights

Macmillan Coffee Morning

£1,000

Poynton Brass Band Concert in support of Stockport Food bank

£159

Jeans for Genes Day

11 VERNON IN THE COMMUNITY

Supporting Stockport’s local primary schools to deliver financial education

Our Financial Education Holly Beasley, Customer Service Adviser Programme for primary school at the Vernon said, “The children all really children launched in 2018. enjoyed the variety of activities. They engaged with all of the different areas, and Our team delivered fun and made great links between what they had interactive workshops to 180 been doing which showed the real benefits children, teaching the concepts of of this programme.” spending, sharing and saving. Parents of the children messaged the Vernon; “We really think that this is a great Today, young people are being exposed idea, it is so important to teach the children to the effects of consumerism in our society that money doesn’t grow on trees!” and the possibility of getting into debt is growing – in app purchases and easily accessible e-commerce facilities combined Our programme is designed to be with persuasive and highly intelligent delivered to children in Year 2 at Key marketing solutions makes targeting young Stage One. We aim to expand to people easier than it ever was. other local primary schools in 2019. In November the Vernon launched its Interested schools are invited to financial education programme at contact our marketing team: Ludworth Primary School and Marple Hall Primary School in an effort to build a [email protected] foundation of financial awareness in the 0161 429 6262 local community.

12 MEET THE DIRECTORS

Meet the directors

John Hughes Steve Fletcher Chair & Chair of the Chief Executive Nominations Committee & Director John joined the Board Steve joined the Society in April 2014 and brings in January 2018. Steve significant experience of has a broad experience strategic planning and of leadership in financial risk management having services having worked held a number of senior for Clydesdale and roles within high profile Yorkshire Bank, Eagle financial organisations. Star, Birmingham Midshires, Woolwich and Jenny Quirke Barclays Bank. Head of the Audit Committee Judith Aspin Jenny is a Chartered Finance Director Accountant with vast Judith joined the Society experience of managing in 2016 bringing with her change and financial extensive knowledge of risk. Jenny has held senior managing financial risk. roles with a major building This knowledge was society and a high gained in senior positions in street bank. Treasury and Finance with The Cooperative Bank. William Gray Non-Excecutive Director Alan Murdoch William joins after spending Chair of the Remuneration 25 years in senior roles Committee at Lloyds Bank, Experian A chartered surveyor and Santander. Wiilliam and a consultant, brings with him a wealth of Alan has expertise in experience in managing both commercial and risk and strategy. residential property matters. Alan joined the Susan Jee Board in November 2007 Vice Chair and is also our Senior Susan joined the Board Independent Director. in 2014 and is also Chair of our Risk & Compliance Committee. Susan is a Chartered Accountant and has extensive experience of managing financial and strategic issues. 13 DIRECTORS’ REMUNERATION

Remuneration Report

The purpose of this report is to The Remuneration Committee has reviewed inform members of the current the relevance and appropriateness of the policy for the remuneration of the executive directors’ and senior managers’ annual incentive scheme in the light of the Society’s executive and non- UK Corporate Governance Code and the executive directors. It provides FCA’s Remuneration Code. The Committee details of directors’ remuneration believes that given the prudent culture of and explains the basis of the Society, the management structure its calculation. and the low proportion of incentive scheme remuneration to total executive directors’ Remuneration Committee remuneration it is appropriate to continue the annual incentive scheme in its current The Remuneration Committee comprises form. The Society bonus scheme was three non-executive directors with Alan reviewed in 2017 and is now a scheme Murdoch as the Committee Chair and which covers all employees. the other members John Hughes and Susan Jee. Executive directors are employed on rolling six month service contracts and Executive Directors’ Remuneration are members of the Society’s defined The Remuneration Committee reviews and contribution group personal pension recommends to the Board the policy and scheme, unless opted out. All pension costs practice on the remuneration of executive attributable to executive directors are fully directors and senior managers. It seeks disclosed in this report. to ensure that executive remuneration Non-Executive Directors’ Remuneration levels are fair and reasonable, reflecting market comparatives from similar financial Non-executive directors have contracts for institutions and each individual’s personal services. They are remunerated solely by a development and contribution to the fee which reflects the time spent on Society Society’s performance. affairs including membership of Board committees, preparation for meetings The Remuneration Committee also ensures and attendance at external seminars and that executive remuneration policies training events. They do not receive any encourage the prudent identification and other salary, pension, incentives or other effective management of the risks facing benefits from the Society. the Society and the fair treatment of its members. Advisory Note The Remuneration Committee determines Item 6 of the Notice of the Annual the annual incentive scheme which General Meeting invites members to provides non pensionable rewards receive and vote upon this Directors’ linked directly to the achievement of Remuneration Report for the year ended key performance targets aligned to 31st December 2018. business objectives.

14 DIRECTORS’ REMUNERATION

Directors’ Emoluments for 2018

Total Directors’ emoluments of £493k (2017: £611k) are analysed as shown in the table.

Non Executive Directors 2018 Fees (£’000) 2017 Fees (£’000)

J Hughes 39 31

S Jee 30 26

D Bailey1 8 29

J M Longworth2 17 25

A Murdoch 26 25

J Quirke3 26 0

W Gray4 19 0

Total 165 136

1 Resigned as Director 25 April 2018 2 Resigned as Director 1 August 2018 3 Appointed as Director 4 January 2018 4 Appointed as Director 2 April 2018

Executive Incentive Pension Salary Benefits Other Total Directors Scheme Contributions

£’000 £’000 £’000 £’000 £’000

2018 S Fletcher1 158 13 0 0 171

2018 M J Hanson2 12 0 2 1 15

2018 J Aspin 129 6 7 0 142

2017 M J Hanson 135 6 8 17 130 296

2017 J Aspin 126 5 7 0 138

2017 A Entwistle3 33 1 3 4 41

1 Appointed as Director 2 February 2018 2 Resigned as Director 2 February 2018 and received a payment of £130k for compensation for loss of office. 3 Ceased being a director on 1 June 2017

15 FINANCIAL STATEMENT

Summary Financial Statement

This Summary Financial Statement Summary Directors’ Report is a summary of information in The requirements of the Summary Directors’ the audited Annual Accounts, Report for the year ended 31 December the Directors’ Report and Annual 2018 can be found within the Chief Executive’s welcome on pages 3 and 4. The Business Statement, all of which directors consider the Group has adequate will be available to Members resources to continue in operational and depositors from the Vernon existence for the foreseeable future. Building Society website Accordingly, the going concern basis has www.thevernon.co.uk from continued to be adopted in preparing the 27 Feb 2019. Annual Report and Accounts. Approved by the Board of Directors on 27 Feb 2019. J Hughes, Chair. S Jee, Vice Chair. S Fletcher, Director & Chief Executive.

Group & Society Group & Society Results for the year 2018 (£’000) 2017 (£’000)

Net interest receivable 5,314 5,202

Other income and charges 19 100

Administrative expenses (4,568) (4,609)

Provisions for bad and doubtful debts (10) 76

Profit for the year before taxation 755 769

Taxation (155) (151)

Profit for the year after taxation 600 618

16 FINANCIAL STATEMENT

Financial Position at the year end Group 2018 (£’000) Group 2017 (£’000)

Assets

Liquid Assets 68,520 69,250

Mortgages 232,360 225,454

Fixed and other assets 2,216 1,871

Total Assets 303,096 296,575

Liabilities

Shares 266,891 257,878

Borrowings 12,775 15,747

Other liabilities 1,010 1,117

Reserves 22,420 21,833

Total liabilities 303,096 296,575

Group

Summary of Key Financial Ratios 2018 2017

Gross capital as a percentage of shares and borrowings Gross capital comprises reserves. The ratio gives an indication of the extent to which the 8.02% 7.98% Society is funded by retained earnings. The higher the figure the greater the protection for investors’ funds.

Free capital as a percentage of shares and borrowings Free capital represents gross capital and provisions for collective impairment losses, less 7.50% 7.55% tangible and intangible assets as shown within the Group Statement of Financial Position.

Liquid assets as a percentage of shares and borrowings The liquid assets as a percentage of shares and borrowings ratio is a measure of the 24.40% 25.22% proportion of the Society’s total shares and borrowings that are matched by assets in the form of cash or are readily convertible to cash.

Profit for the year as a percentage of mean total assets Profit for the year as a percentage of mean total assets measures the proportion that profit 0.20% 0.21% after taxation bears to the average asset balance during the year. The Society aims to make a sufficient profit to maintain its financial strength and stability.

Management expenses as a percentage of mean total assets The management expenses ratio measures the proportion that the Society’s administrative 1.52% 1.54% expenses bears to mean total assets. Mean total assets are calculated as the average of 2017 and 2018 total assets at the year end.

17 FINANCIAL STATEMENT

Summary Financial Statement

Independent auditors’ statement on the Summary Financial Statement to the Members of Vernon Building Society

We have examined the Summary We do not, in giving this opinion, accept or Financial Statement of Vernon assume responsibility for any other purpose Building Society (the ‘Society’) or to any other person to whom this statement is shown or into whose hands it set out on pages 16 to 17, which may come save where expressly agreed by comprises of the results for the our prior consent in writing. year, the financial position as at 31 Basis of opinion December 2018 and the summary Our examination involved agreeing of key financial ratios. the balances in the Summary Financial Statement to the full Annual Accounts. Our Respective responsibilities of directors report on the Society’s full Annual Accounts and auditors describes the basis of our audit opinion on The directors are responsible for preparing those Annual Accounts, the Annual Business the Summary Financial Statement, in Statement and the Directors’ Report. accordance with the Building Societies Act 1986. Opinion Our responsibility is to report to you In our opinion the Summary Financial our opinion on the consistency of the Statement is consistent with the full Annual Summary Financial Statement with the Accounts, the Annual Business Statement full Annual Accounts, the Annual Business and the Directors’ Report of Vernon Building Statement and the Directors’ Report and its Society for the year ended 31 December compliance with the relevant requirements 2018 and complies with the applicable of Section 76 of the Building Societies Act requirements of Section 76 of the Building 1986 and the regulations made under it. Societies Act 1986, and the regulations made under it. We also read the other information contained in the Annual Review and PricewaterhouseCoopers LLP, Chartered consider the implications for our report Accountants and Statutory Auditors if we become aware of any apparent Manchester misstatements or material inconsistencies with the Summary Financial Statement. 27 Feb 2019 The other information comprises only the information on pages 3 to 15. This statement, including the opinion, has been prepared for and only for the Society’s members as a body in accordance with Section 76 of the Building Societies Act 1986 and for no other purpose.

18 “It was great to visit Bethan and Graham in their Vernon home and see first-hand the positive impact we have made on their lives.”

“You care from the beginning Alex Deakin, of the mortgage process, right Vernon Building Society to the end and that’s the reason we’re happy with the Vernon and why we’ve had this fantastic life journey with you.”

Bethan and Graham Pickup

19 M60

REDDISH

Annual Review 2018

STOCKPORT

M60

MARPLE B u x to n R o a d

(A 6)

HAZEL GROVE

BRAMHALL

POYNTON

HeadHead Office O ce EmailEmail TelephoneTelephone VernonVernon Building Building Society Society [email protected]@thevernon.co.uk 0161 429 01616262 429 6262 19 St19 Petersgate St Petersgate WebsiteWebsite Telephone calls are recorded and may StockportStockport be monitored for regulatory and training www.thevernon.co.uk SK1 1HFSK1 1HF www.thevernon.co.uk purposes to help maintain service quality.

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