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This year, we have implemented a programme to offset our direct carbon dioxide emissions which involves a partnership with TreeApp, who fund tree-planting projects worldwide, helping to offset carbon emissions and support biodiversity.

We have also supported our borrowers by offering home improvement mortgage advances for insulation or investing in lower carbon footprint technology.

This initiative is part of our ongoing mission to reduce our carbon footprint and contribute to a healthier planet. We will continue to monitor legislation and technology developments with the aim to support our members to address net zero.

Alex Robinson – “As I mentioned last year, the Society is embarking on a major technology refresh. We believe that this will deliver enhanced digital and operational capability that is core to our strategic goals and our long-term future.”

To assist with delivery, we have recruited additional resource and are finalising our project plans and risk analysis. The investment will impact on our ongoing profitability, but our aim is to improve our systems, so they remain relevant for our current and future members.

Alex announces that after successfully running the Society for the past 13 years, Paul Tilley, our Chief Executive, retired in October 2024. On behalf of the Board, he would like to thank Paul for his commitment, energy, drive and stewardship.

Alex Robinson – “Having run a formal recruitment process, we were delighted to appoint Scott Devereux as Paul’s replacement.”

With a 24-year career in financial services, Scott brings a wealth of experience. He has held key positions at prominent companies where he acquired expertise in strategy, technology, operations and change management.

Due to the importance of our IT Transformation Project, we have created a Transformation Committee, which will oversee this project, and Helen Stevens, who is a Non-executive Director, has been appointed as Chair. This Committee reports directly to the Board.

After 9 years, Ian Dale, our Senior Independent Director, retired from the Board at our AGM in July 2024. Alex would like to thank Ian, on behalf of the Board, for his sage advice and support.

Chris Greenwell, who joined the Board in October 2021, was appointed to replace Ian as our Senior Independent Director. Looking to the future, the Board as a whole values diversity and inclusion and within the retirement cycle, we will look to recruit suitable replacements.

Alex Robinson - “Our people and our members are paramount to our long-term sustainability. We will recruit additional colleagues to help with our IT Transformation Project, to deliver our bespoke service and to build our mortgage and savings membership.”

Alex reports that the two biggest challenges that the Society faces are to effectively implement our IT Transformation Project and deliver sustainable growth by harnessing our new system’s capabilities.

As this is a very important and significant project for the Society, in addition to the Transformation Committee, we have created a Transformation Team, which is led by Natalie Balderson, who has built the team both through internal transfers and specialist recruitment.

As part of the project, the Transformation Team will look to both improve our offering to members and to enhance our customer experience, efficiency and speed of our service, which will help with our growth plans.

We have continued to embed the Consumer Duty regime as part of our customer-focused philosophy and balance providing fair rates for both our borrowers and savers.

Alex Robinson has personally thanked all Board members and colleagues for their continued support and dedication to delivering long-term sustainable value for members.

Alex Robinson - “I would like to end my report by thanking the Board Members and my colleagues for their support and dedication to deliver long-term sustainable value for our members.”

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