Caring and Responsive Society celebrates 160th AGM

25 March 2010

Ipswich Building Society, which was founded as the ‘Ipswich & Suffolk Freehold Land Society’ in 1849, has held its 160 th Annual General Meeting for members, celebrating a successful year when the Society performed well despite a fragile and volatile economic climate. The event was held at Wherstead Park near Ipswich on 24 March 2010.

Chief Executive Paul Winter told members: “The Board and Executive of Ipswich Building Society are confident that your Society will have a successful, independent future.”

He said the financial services sector was still under considerable scrutiny, but that the Ipswich Building Society had been able to differentiate itself and perform well. This was due to its caring, responsive approach and competitive savings and investment products, which matched what its members wanted.

He said: “Our aim is to be as approachable and transparent as possible. We never forget that it is our members who own this business and we must be responsive to their views.”

Chairman of Ipswich Building Society, Mark Sargeantson, said: “The executive and staff should be warmly congratulated on this performance, which is a result of the very high quality service and the commitment to our branch network, which are at the heart of our culture.”

The highlights of the Society’s strong performance for the 12 months to 30 November 2009 are as follows:

Financial highlights

• Total assets grew from £423m to £462m, an increase of 9%.
• Mortgage balances increased by 12% to £332m. Ipswich Building Society continued to lend and offered higher loan to value ratios on mortgages. It also offered ‘shared ownership’ mortgages helping people get a foot on the housing ladder. More than 20% of mortgage loans were for people buying their first home.
• Gross mortgage lending was £75.7 million.
• Savings balances increased by £32m. A range of market leading, member-only and exclusive East Anglia products helped attract new savers. The Society also introduced corporate accounts and a Self-Invested Personal Pension (SIPP).
• Administration expenses were reduced by 10% and this is the third consecutive year of reduction. Administration expenses are now £1.16 per £100, a reduction of 41p per £100 of mean assets in three years.

Branch network, community and employee involvement

• The Society’s branch network has enabled it to stand out from the crowd and in 2009 the 9 th branch was opened in Sudbury. 85% of the Society’s accounts are branch based.
• In the past 12 months over £13,000 of financial support was provided to local charity and community organisations (up from £9,110 in the previous 12 months) and more than £8,000 will be distributed as a result of the Society’s own Charitable Foundation.
• East Anglian Air Ambulance, Suffolk Wildlife Trust and St Elizabeth Hospice are supported through ‘We Care’ Affinity accounts.
• Staff development for just under 100 employees remained a priority. During the past 12 months a Management Development programme was run for all 13 managers, staff took part in the annual Achievers Academy and a new induction programme was introduced for all new employees.
• Re-accreditation to Investor in People was achieved (the Society has had this status for over 14 years). Chief Executive Paul Winter became a member of the Employer Representative Board for Investors in People East.
• Commitment to the community continued to be an essential ingredient in the Society’s success. Employees regularly gave their time to support various charity projects and were involved with a variety of local community events such as Ipswich Half Marathon and Aldeburgh Carnival.
• Financial awareness education continued including a programme of ‘Money Days’ for Suffolk Primary Schools. Since 2007 Ipswich Building Society has spent over twenty days in the classroom developing children’s understanding of money. Once again it also supported Ipswich Borough Council’s ‘Crucial Crew’, an annual initiative to help young people keep safe, with the Society providing practical sessions in looking after money and personal possessions.

The Society was founded in 1849, during a period of economic and social revolution when ordinary people became part of a national movement to create ‘Forty Shilling Freeholders’ who could own enough land to have the right to vote.

Today, Ipswich Building Society remains committed to helping people to own their own home and to save for the future.

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