AGM 2017 - Highlights

The Society hosted their 149th Annual General Meeting on Tuesday 25th April 2017, at Browns Department Store restaurant, in Beverley.

A Society member speaking with Deputy Chief Executive, Janet Bedford
A Society member speaking with Deputy Chief Executive, Janet Bedford

The evening was a success, with 62 people in attendance, and many of the members giving positive feedback to staff for the execution of the event.

All of the resolutions were passed, including the election of Martin Cocker and re-elections of Sue Symington and Mike Heenan, and keeping KPMG LLP as auditors for the Society.

Brian Young gave the Chairman’s statement, in summary he said: “2016 was a year of shocks, the one certainty is that uncertainty will be with us for some time, but not at the Beverley Building Society”.

“2017 and beyond promises to be just as unpredictable as last year but your Board will continue to hold dear and promote our mutual values and unrivalled personal service”.

Janet Bedford, Deputy Chief Executive, gave the Summary Financial Statement: “In an aggressive market, we have tried to protect members by closing the savings accounts to new members, and rewarding our loyal members”.

“Net profit was £337k for 2016 which was largely due to the £24.4m in new mortgages, and assets have increased by 5% to £191.6m primarily due to saver inflows”. 

“We are really pleased with the results, despite being in a difficult environment”

The following part of the AGM was led by Peter Myers, now former Chief Executive, giving a reflection of the past five and a half years.

Peter said: “When I started in September 2011, it was the aftermath of the ‘credit crunch’, the size of the mortgage market had halved and the economy was in recession”

“This directly impacted the Beverley, in 2011 only £8m had been written in new mortgages, Commercial lending was increasingly in default, and the regulator felt the business model was not sustainable”.

“50% of the Society’s current team joined in the last 5 years and many new roles have been created, additionally all Mortgage Managers are CeMap qualified”

“To build relationships with the community the Society has supported a number events, in addition to marking its 150th Anniversary at a member dinner at the Beverley Racecourse”.

“Every year over £3000 is donated to charities and in 2016 over £25,911 was raised for our Charity Partner Action Duchenne”

“Since 2011, the Net interest margin has increased from 0.91% to 1.16%, our lending book has gone from £120m to £147m and subordinated debt has been reduced by £1m”.

“I’d like to thank the Board, staff and all of our members for the support over the last five and a half years”

After the speeches, there was an hour for members, business guests and Society staff to meet and enjoy the refreshments provided by Browns Department Store in Beverley.

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