Our Annual Report 2021/22
After another year of challenges because of Coronavirus restrictions and the emerging cost-of-living crisis, we have released our 2021/22 Report and Accounts, with a focus on delivering member value through fair pricing, growing the business in a resilient manner and supporting members and communities.
The Society reported very healthy pre-tax profits of £2.91 million, from which a percentage will be used to support local community initiatives in 2022/23. Lending before repayments was £71.1 million, which was an increase on last year’s figure, and net lending was £4.3 million.
Jeremy Wood, Chief Executive, said “Over the last year, we have been delighted to welcome more members back into our branches as Coronavirus restrictions have continued to ease. Throughout the year, 2,767 new saving accounts were opened, with 1,106 being children’s accounts following the introduction of a range of competitive accounts for young savers.
Our focus on supporting existing borrowers has continued. We completely understand the financial strain that the increasing cost-of-living is having on members. The hard work of our customer facing teams has been invaluable and resulted in a reduction in the number of mortgages in arrears from 66 to 47.
We have also been dedicated to supporting communities in and around our heartland of the Black Country wherever we can, giving back £13k to our community through donations, fundraising and sponsorships. Our dedication towards supporting local communities will continue to be a focus for us, as we have pledged to donate a percentage of our profits to our community initiatives in the forthcoming year.”
Jeremy continued “We are looking forward to holding our first face-to-face Annual General Meeting since 2019 on the 14th July. Sadly, this will be my final AGM as this will also be my last day at the Society after 10 years. James Paterson will be taking the helm as Chief Executive, continuing to drive the Society forwards.”