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Annual Members' Review 2020

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Annual Members' Review 2020 Annual Members’ Review 2020 Contents Chairman's Statement 4 Chief Executive's Report 8 Community Highlights 14 Notice of Annual General Meeting 18 Directors Seeking Election 20 Summary Directors’ Report 24 Summary Statement of Financial Results 28 Independent Auditor’s Statement 31 Summary Directors’ Remuneration Report 34 Annual Members’ Review 2020 Page 3 of our colleagues for successfully managing During 2020 the Society and its Members through this period of disruption with good have faced the ongoing challenge of humour, despite the upheaval that working very low interest rates with the official from home has entailed or the challenge Bank of England base rate being reduced of remaining in front line roles serving our from 0.75% to 0.1% in March in response customers in the branches. to the pandemic. Although low official interest rates have reduced the cost of From a governance perspective your credit in the economy, it has reduced Board has continued to operate as normal, deposit income that is so important to although we have all had to undertake many of our Members. The scale of the a crash course in the etiquette of virtual government support for the economy has meetings. It is difficult to predict how long been enormous with one commentator we will continue to have to work with these suggesting that the cost of the various types restrictions but our assumption is that it may of support is 26% of UK GDP vs 1.5% in the be late summer before we are able to meet 2008 Global Financial Crisis. Unwinding this in person again. Hopefully the rollout of level of exceptional government support the vaccination programme will continue at for the economy will undoubtedly result in pace and the pandemic will be brought to bumps in the road on the way to recovery an end. and some economists forecast higher unemployment and higher inflation as the Chairman’s Statement The vision of the Saffron Building Society support is withdrawn. is “For our Members and community to A YEAR OF CHALLENGE FOR ALL OF US have unmatched understanding and Over the past few years management control of their finances, achieving money have strengthened the risk management happiness.” So it is very pleasing to report capability of your Society under the This is my first report to you as Naturally, the thoughts of all of us are with that your Society has lent a record £253m guidance of the Chief Risk Officer Rajeev Chairman, following the retirement those friends, colleagues and fellow citizens to customers seeking to acquire a place Marwaha. Close attention is being paid to of Geoffrey Dunn who served on who have lost loved ones or have been to live of their choice and we provided a any emerging evidence of increasing credit your Board for nine years, and as seriously impacted. safe home for over £80m of new Member risk but the Society continues to maintain its Chairman for most of that period. deposits in 2020. credit standards for all new lending. At this Geoff provided outstanding leadership Remarkably, the Saffron Building Society stage we are not seeing evidence of any for the Board and it is unfortunate that succeeded in moving to ‘working from However, our goal is not just about growth material credit problems emerging in our we were not able to acknowledge in home’ fairly seamlessly. Of course, our and we recognise that some of our loan book. person his service at the 170th AGM branches remained open, with amended customers have particular circumstances last year. opening hours, as we continued to serve and will be better served by a mortgage We have also strengthened the Board Members, many of whom value face to from a different provider to the Saffron following the retirement of Liz Kelly and Sadly this year’s AGM will have to be held face contact in managing their financial Building Society. To assist those customers Geoff Dunn, and the departure of our virtually again and that is perhaps the story affairs. Overall the level of operational we launched Saffron Mortgage Finders in former Chief Financial Officer. Trevor Slater of the last 12 months. COVID-19 has been losses (a measure of the operational 2020 to help find the best product for their has joined the board as CFO and brings the dominant theme in all our lives and, control effectiveness closely monitored needs and Colin will talk a little about that extensive experience in financial services, before commenting on the impact on your by management and the Board) fell to the initiative in the following pages. most recently as Finance Director of the Society, it is worth reflecting on the terrible lowest level for the last five years, despite Ipswich Building Society. David Rendell loss of life, serious illness and intolerable the disruption caused by COVID-19 and the “For our Members and community has joined the Board as a non-executive strain placed on the NHS and other key many transactions the Society processes director and Chair of the Board Risk workers that this pandemic has imposed. each year. The Board would like to thank all to have unmatched understanding and control of their finances, Committee. David is an experienced non- achieving money happiness” executive director following a long career Annual Members’ Review 2020 Page 4 Annual Members’ Review 2020 Page 5 in financial services, most recently with GE We live in “interesting times”. COVID-19 Capital. Robin Litten joins the Board as a has pushed Brexit out of the headlines, non-executive director. Robin also has very although we are still working through a extensive experience in financial services way to continue to assist ex-pats living in having retired in 2019 as CFO of the Leeds the EU who wish to buy UK property, as Building Society. the position is now more complex. Also, the impact on our members and their Above all we are a community business: livelihoods of as a result of the new EU we are a community of staff and Members, trading rules will take time to fully cascade we proudly support a number of community through the economy. The role out of the activities that Colin has highlighted in the vaccine and an adjustment to a post Brexit CEO report, and we will always be an economy will ultimately return our country ethical community that provides financial to a version of normality...and the sooner services in a manner we hope you can be the better! proud of. On behalf of the Board I would like to thank Of course, we are proud to have won all of the staff at Saffron Building Society the Building Society of the Year award for their continued efforts to support our from MoneyAge in 2020 but what is Members during the pandemic. May I also most important to us is the feedback of thank the Members who have supported our Members. In that respect the Board their Society through 2020 and we hope encourages Members to submit questions that you stay safe and healthy during the about any aspect of your Society using pandemic and beyond this difficult period. the method outlined within your voting communication for the Board to address in the AGM. We have always valued Member engagement throughout the year and particularly at the AGM. So even though this year’s AGM will have to be held virtually, we encourage you to participate as far as possible in this environment. Nick Treble, Chairman Annual Members’ Review 2020 Page 6 Whilst the physical and process adjustment resulted in the total mortgage book for our branch, office and home workers increasing 13.8% year on year. was a major challenge, just as great a challenge has been the support put in The total assets of the Society increased place for our people. Health and safety 12.8% year on year with the Societies total has been our highest priority throughout assets now over £1.2bn. The increase in the the crisis and we have put measures in growth in the Society’s assets is only one place to help our people to work effectively part of the growth strategy achieved in the and efficiently whilst also giving them the year. confidence that they would be looked after in the eventuality that they were taken ill The Society launched Saffron Mortgage or had to self-isolate. All of our operational Finders, a new business that offers whole of processes continued to function effectively market mortgage advice to Members free and we were able to respond well to the of charge, helping Members and Members’ needs of customers, whether to help them families to buy their own homes and to secure their home or in helping Members providing a further benefit of Membership. that needed support through the pandemic. Throughout the crisis we continued to It has been heartening to see the Society recruit and develop our staff; supported our return to growth, in terms of assets, deposits staff on the front line and maintained the and new propositions, but the whole Society Chief Executive’s Report operational rigour expected of the Society. was delighted to receive the award of Best Building Society in the MoneyAge Awards. I am immensely proud of all of our staff This achievement recognises the huge 2020 was an extraordinary year. The premises including spare rooms, kitchen during one of the most challenging years. commitment and energy of our staff over dominant reason for this has been tables and home offices. Our branches I am also delighted that despite the recent years.
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