Members' Review
NEWBURY building society MEMBERS’ REVIEW INCORPORATING SUMMARY FINANCIAL STATEMENT YEAR ENDED 31 OCTOBER 2017 Members’ Review The Directors have pleasure in presenting the Members’ Review incorporating the Summary Financial Statement of the Society for the year ended 31 October 2017. Contents Our Highlights 3 Purpose, Vision and Culture 4 The Year in Pictures 5 Summary Financial Statement 6 Summary Directors’ Report 6 Summary Statement 17 Notes to the Summary Statement 18 Independent Auditor’s Report 19 Directors 20 Directors’ Attendance Record 22 Directors’ Remuneration Report 22 Notice of the 161st Annual General Meeting 26 Members’ Review Our Highlights Mortgages Savings & Funding • Our mortgage book increased £62m to £843m (8%) • Savings balances increased £71m to £879m (9%) • We lent £192m to mortgage customers (2016: £187m) • The performance of our Senior Saver, Existing Member and ISA accounts were significant factors in • Strong demand for our residential, first time buyer and the growth buy to let products supported this growth • We had funding of £58m from the Bank of England • As a result of the mortgage growth the Total Assets of the Term Funding Scheme at year-end Society exceeded £1bn for the first time Mortgage Balances Savings Balances £900m £900m £879m £843m £800m £800m £700m £700m £600m £600m 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Financial strength Members • Our regulatory capital grew £7m to £68.7m (11%) • Our member numbers increased by nearly 1,500 to 67,927 • Our Total Capital Ratio improved to 19.8% • Our mystery shopping scores averaged 93% • Our profit after tax was £5.9m (2016: £5.6m) • Complaints as a percentage of members were less than 0.11% • We held £156m of liquidity at year end Member Numbers Capital £68.7m £70m 70,000 67,927 £65m 68,000 £60m 66,000 £55m 64,000 £50m 62,000 £45m 60,000 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2017 Members’ Review - Newbury Building Society 3 Purpose, Vision and Culture To be the trusted provider of mortgages and savings in our operating area.
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