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Annual Report and Accounts Year Ended 31 December 2019

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Annual Report and Accounts Year Ended 31 December 2019 Annual Report and Accounts Year ended 31 December 2019 Contents Contents ......................................................................................................................................................................................... 2 Chair’s Statement ........................................................................................................................................................................... 3 Chief Executive Officer’s Statement ............................................................................................................................................... 5 Strategic Report .............................................................................................................................................................................. 7 Directors and Officers ................................................................................................................................................................... 12 Directors’ Report for the year ended 31 December 2019 ............................................................................................................. 15 Corporate Governance Report ...................................................................................................................................................... 16 Directors’ Remuneration Report ................................................................................................................................................... 34 Directors’ Responsibilities Statement ........................................................................................................................................... 40 Independent auditor’s report ......................................................................................................................................................... 41 Income and Expenditure Account ................................................................................................................................................. 47 Statement of Comprehensive Income ........................................................................................................................................... 47 Balance Sheet .............................................................................................................................................................................. 48 Statement of Changes in Members’ Interests ............................................................................................................................... 49 Cash Flow Statement ................................................................................................................................................................... 50 Notes to the Annual Report and Accounts .................................................................................................................................... 51 1. Accounting policies .......................................................................................................................................................... 51 2. Interest receivable and similar income ............................................................................................................................. 55 3. Interest payable and similar charges ............................................................................................................................... 55 4. Other operating income ................................................................................................................................................... 55 5. Net gains from derivative financial instruments ............................................................................................................... 56 6. Administrative expenses .................................................................................................................................................. 56 7. Staff numbers .................................................................................................................................................................. 56 8. Remuneration of Directors ............................................................................................................................................... 56 9. Transactions with directors and connected persons ........................................................................................................ 57 10. Transactions with related businesses .............................................................................................................................. 57 11. Tax on profit on ordinary activities ................................................................................................................................... 57 12. Loans and advances to credit institutions ........................................................................................................................ 58 13. Debt securities ................................................................................................................................................................. 58 14. Loans and advances to customers .................................................................................................................................. 59 15. Impairment provisions ...................................................................................................................................................... 60 16. Other assets .................................................................................................................................................................... 60 17. Deferred taxation ............................................................................................................................................................. 61 18. Intangible fixed assets ..................................................................................................................................................... 61 19. Tangible fixed assets ....................................................................................................................................................... 62 20. Investment properties ...................................................................................................................................................... 62 21. Shares ............................................................................................................................................................................. 63 22. Amounts owed to credit institutions ................................................................................................................................. 63 23. Amounts owed to other customers .................................................................................................................................. 64 24. Derivative financial instruments ....................................................................................................................................... 64 25. Other liabilities ................................................................................................................................................................. 65 26. Provisions for liabilities and charges ................................................................................................................................ 65 27. Financial instruments ....................................................................................................................................................... 66 28. Guarantees and other financial commitments ................................................................................................................. 80 29. Country-by-Country reporting .......................................................................................................................................... 81 Glossary of Terms ........................................................................................................................................................................ 82 Annual Business Statement .......................................................................................................................................................... 84 Details of Directors serving during the year .................................................................................................................................. 85 Buckinghamshire Building Society 2 Annual Report and Accounts 2019 Chair’s Statement well known, but also making sure that we stay relevant in a fast changing world. I have long been a passionate advocate for mutuality, seeing the way that mutuality has shaped the organisations that I have worked for over my career. At the heart of a successful building society is a committed and skilled board, working to high governance standards, supporting and challenging the Society’s management and developing and testing the Society’s strategy. I became the Society’s Chair in October 2019 and wish to pay tribute to my predecessor as Chair, Robin Bailey, who is continuing as a Board member into 2020 to facilitate an effective transfer of the role. Robin has been a powerful advocate for the Society and on very many occasions has gone the extra mile to serve the Society and its members over his nine years of tenure. Also standing down
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