Page 14 - Pillar 3 Disclosure
P. 14


REVIEW OF THE YEAR




Summary Financial Statement





Year ended 30 November 2013




This financial statement is a summary of Continued and improving profitability strengthens 
and builds our capital base enabling us to meet 
information in the audited annual accounts, 
increasing regulatory demands. We continue to 
the Directors’ Report and Annual Business 
fund our Defined Benefit Pension scheme (closed in 
Statement, all of which will be available to 
2006) to ensure this can meet its future liabilities as 
members and depositors free of charge on life expectancies increase.

demand at every office of Ipswich Building 
Our profitability results from our sensible cost 
Society from 3 March 2014.
controls, careful management of our net interest 

margin and attentive underwriting of our 
The Summary Financial 
mortgages, limiting bad debt. We have been 
Statement was approved focusing during 2013 upon successfully delivering 

by the Board of Directors our new IT system. Significant resource and effort 

on 29 January 2014.
has been allocated to this project to ensure its 
success. We have also strived to manage our 

business volumes to maintain our service levels to 

members. We demonstrated our ability to deliver

E. Sarah Evans Chairman
a major IT change in October 2013 when we 
successfully completed the migration of our desktop 
Paul Winter Chief Executive and Director 
Kieron Blackburn Finance Director
and network to our new IT supplier. The migration 

of the branch and customer accounts systems, 
mortgage origination, administration and finance 
Summary Directors’ Report
IT platforms will take place in 2014. We have 
The Directors have pleasure in presenting the 
continued to work in the local community and 
164th Annual Report for the year ended 30 
increased our volunteering hours and financial 
November 2013.
education hours within local schools. We have also 

continued to focus on the health and well-being of 
Business objectives and activities
our employees and recognised their importance in 
Our primary purpose remains that of making loans achieving our success.

secured on residential property to enable people

to buy their own homes; doing this profitably and In 2013 we achieved a Best Companies 1 Star 
building our capital in the long term. These loans will 
Award. This is an independent award based 
be funded substantially by members.
upon the responses our employees provided to a 

survey. It is the HR equivalent of a Michelin star. 
Business review
We also received a Highly Commended Award 
We are able to deliver another set of positive results 
for Small/Medium Sized Responsible Business of 
despite a year consisting of difficult but improving 
the Year from Business in the Community (BITC). 
economic conditions and a major IT project within 
the Society. We have grown the balance sheet by Six employees achieved a qualification in 2013 
and we have 23 employees studying at present. 
4.4% and remain almost wholly funded from retail 
Employees also attended workshops organised 
deposits. At the end of the year we successfully 
secured funding from the Bank of England, under the by The Building Societies Association on topics 

Funding for Lending Scheme.
including CRDIV Capital Requirements and





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