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Annual Report & Accounts 2007 LDS00018_R+ACover07 25/2/08 16:49 Page 1 communisis The leading print partner C M Y K PMS 116 PMS 286 Annual Report PMS ??? JOB LOCATION: & Accounts 2007 PRINERGY Leeds Building Society DISCLAIMER THIS COLOUR BAR IS PRODUCED MANUALLY ALL END USERS MUST CHECK FINAL SEPARATIONS TO VERIFY COLOURS BEFORE PRINTING www.leedsbuildingsociety.co.uk 105 Albion Street, Leeds LS1 5AS Tel: 0113 225 7777 LDS00018 (03/08) LDS00018_R+ACover07 25/2/08 16:49 Page 2 Highlights Where to find us continued For the year ended 31 December 2007 North Shields Norwich Stevenage 23 West Percy Street, North Shields 6/7 Guildhall Hill, Norwich NR2 1JG 52 Queensway, Stevenage SG1 1EE NE29 0AH Tel: 01603 626978 Tel: 01438 741822 Tel: 0191 296 0222 Nottingham Swansea South Shields 23 Listergate, Nottingham NG1 7DE 16 Union Street, Swansea SA1 3EH £9.2 billion Tel: 0115 947 2841 Tel: 01792 472503 42 Fowler Street, South Shields in assets NE33 1PG Peterborough Watford Tel: 0191 427 1122 2 Queen Street, Peterborough PE1 1PA 67 The Parade, High Street, Tel: 01733 896565 Watford WD17 1LJ South Tyneside District Hospital Tel: 01923 240589 South Shields NE34 0PL Reading Tel: 0191 497 5336 10 Cross Street, Reading RG1 1SN York Tel: 0118 957 5192 49 York Road, Acomb, York YO24 4LN Tynemouth Tel: 01904 335500 Ripon 12 Front Street, Tynemouth, 17 Market Place North, Ripon NE30 4LZ HG4 1BW Tel: 0191 259 5541 £6.0 billion Tel: 01765 600300 GIBRALTAR Wallsend Sale For customers in Gibraltar and Spain. total savings balances 64/66 High Street West, Wallsend 26 School Road, Sale, Cheshire First Floor, Heritage House, NE28 8HX M33 7XF 235 Main Street, Gibraltar Tel: 0191 262 4751 Tel: 0161 973 0093 Tel: (00350) 50602 Silverlink Sheffield Mercantile House, Silverlink Business 14 Pinstone Street, Sheffield Park, Wallsend NE28 9NY S1 2HN Tel: 0191 295 9500 Tel: 0114 272 2230 Whitley Bay Southampton 104 Park View, Whitley Bay NE26 3QL 41 London Road, Southampton £2.1 billion Tel: 0191 251 1376 SO15 2AD new mortgage lending Tel: 023 8022 6699 Or call our Leeds-based call centre, with real people at the end of the phone from 8am-8pm, seven days a week on £63.2 million 0113 225 7777 pre-tax profits We may monitor and/or record your telephone conversations with the Society to ensure consistent service levels (including staff training). £446million Or go online – whenever and wherever it suits you! reserves www.leedsbuildingsociety.co.uk Contents Annual Report & Accounts 2007 Chairman’s Statement 4 Chief Executive’s Review 6 The Board of Directors 8 Directors’ Report 10 Corporate Governance Report 14 Directors’ Remuneration Report 17 Directors’ Responsibilities 19 Independent Auditors’ Report 20 Five Year Highlights 21 Income Statements 22 Balance Sheets 23 Statements of Recognised Income and Expense 24 Cash Flow Statements 25 Notes to the Accounts 26 Annual Business Statement 64 Where to find us 70 Directors Robin A. Smith TD, LLB, DL (Chairman) Carol M. Kavanagh, BA, MA Frank R. Dee (Vice Chairman) Ian Marshall, MA, FCA Ian W. Ward FCIB (Chief Executive) David Pickersgill, FCA (Deputy Chief Executive) John N. Anderson CBE Edward M. Ziff S. Rodger G. Booth, MA, DL Peter A. Hill, FCIB Secretary Andrew J. Greenwood, LLB Chairman’s Statement For the year ended 31 December 2007 I am delighted to report another year of excellent results for Leeds Building Society, notwithstanding turbulence in financial markets during the second half of 2007. We have increased our assets to more than £9bn, and our members’ savings balances have risen by a record £757m to a total of over £6bn. Pre-tax profits, essential to provide the right level of capital backing for our business, were 10% higher at another record of £63.2m and our efficiency remains a key competitive advantage, with our cost income ratio being the best of any building society. I touch on these achievements below. Market conditions for financial organisations changed for mortgage customers remains good with interest rates now substantially during the second half of 2007, following problems starting to fall and further reductions are predicted during 2008. in the housing and mortgage markets in the United States. This Also, unemployment in the UK is low and this is not expected to resulted in banks becoming very cautious, and this in turn had a change significantly in the foreseeable future. negative impact on some lenders, particularly those (like However, we believe that the housing market will be less buoyant Northern Rock) which raise the majority of their funding from in 2008 than it has been during recent years. There has already wholesale markets. Against this background I am pleased to been some indication that residential property inflation is easing, report that your Society has continued to follow a prudent although we do not currently expect values in the UK to funding strategy. We raise most of our funding from the savings experience sharp falls. The current slowing in prices is welcome provided by members with less than 30% coming from wholesale news for first time buyers, who have found it very difficult during markets. We continue to be successful in attracting retail savings recent years to buy their own properties. achieving record levels of new balances. Our lending is prudent and the good quality of our mortgage assets is reflected in our The rising rate environment for much of 2007 was good news for low arrears ratio. Liquid assets increased to £1.9bn, representing our investing members. We were able to offer a wide range of fixed 22% of total funds, from £1.7bn at 31 December 2006. and variable rate products which proved very popular and attracted record levels of business. Net receipts were £530m, beating the We had another very successful year in 2007 on mortgage previous highest ever total, achieved in 2006, by over 46%. lending with new advances of £2.1bn. This was 5% higher than 2006, and, whilst it was below our market share when compared The Building Societies Association reported that societies, overall, to overall figures for the UK from the Council of Mortgage achieved a very strong investment performance in 2007. Against Lenders (CML), we were satisfied with these results, which reflect this successful background, it is particularly pleasing to report that our prudent approach to lending. Our average loan to value (LTV) our Society exceeded its natural building society market share by on all new mortgages was just 53%, of which only 3% were over £95m. above 90% LTV. The Society has consistently taken this cautious Our liquid assets of £1.9bn continue to be invested in short-term approach and this is highlighted by the average indexed LTV of cash deposits and marketable financial instruments. We have no all our residential mortgages being just 38% at the end of 2007. investments in US mortgages, collateralised debt obligations Also the amount that we advanced as a percentage of a (CDOs) or structured investment vehicles (SIVs). Our investments borrower’s income, was less than the average for building in marketable financial instruments include Floating Rate Notes societies. and UK Mortgage Backed Securities all of which are investment grade. In line with our accounting policy these have been valued Despite UK interest rates rising during the year, there has, in accordance with market prices at 31 December 2007 and to pleasingly, been very little increase in the number of our reflect the fair value movement in these items a debit to equity of borrowers who are unable to meet their repayments. At £7m after tax has been recorded. 31 December 2007, 99.3% of our mortgage balances were less than three months in arrears; a very reassuring position based on Pre-tax profits rose by 10% to a new record of £63.2m. We aim to both historic levels and current market data. The average arrears grow our business securely and profitably, with superior efficiency for members of the CML (which includes banks as well as building and customer service being key components of our plans. We were societies) was more than double that of the Society. The outlook able to increase profits whilst reducing the interest margin to the 4 Annual Report & Accounts 2007 overall benefit of members from management team. During my 1.13% to 1.09%. In 2007, we branch visits, I have personally improved our cost/asset ratio which witnessed the excellence of our reduced to 53 pence per £100 of branch staff, and in particular their assets compared to 58 pence a year friendliness, and I am looking earlier. The cost income ratio, the “...effective control of forward to visiting more locations lowest of any society at 41% in 2006, costs, excellent asset in 2008. improved even further to 40% in The difficult climate for financial 2007. quality and a solid services’ businesses in the second As a result, the security of our half of 2007 has highlighted the members’ investments was further funding structure. resilience and effectiveness of the strengthened by an increase in our business plan operated by the reserves of £39m to £446m. Society. We have maintained our We received our annual indepen- very successful record and your dent credit assessment from Board remains determined to Moody’s in November 2007 and this continue with the strategy outlined confirmed the upgrade in our rating in our mission statement, “To be a which we had achieved in 2006. Moody’s cited good financial successful independent building society, providing excellent value performance, stronger profitability than our building society through quality” customer service, efficiency and competitive peers, effective control of costs, excellent asset quality and a solid products”.
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