Our 23/24 Annual General Meeting (AGM) is Underway

Addressing members at the AGM, our CEO Gary Moran, shared his reflections on the past year and what we have achieved together during another successful year.

Message from the CEO.

I want to take this opportunity to reflect on the year ending September 2024 and to share what we have achieved together.

From a financial perspective, it has been another strong year. Our surplus after tax rose by 65% compared with the year before, reserves grew by 27%, and our capital to assets ratio, an important indicator of financial health, is 20%, almost four times the regulatory minimum. We don’t carry borrowing or grants and are debt-free. In fact, 2024 was one of our most successful years in terms of financial performance and social impact.

This means your bank is safe, stable and in a financially strong position. We continue a strategy of sustainability first. We achieved this through clear and strong policies and governance. We are focused on making sure our lending is right for our borrowers and for us, and that our investments not only create social impact but also produce income.

Our Foundation

More important than financial results is the impact we have made through our Foundation. One way of returning surpluses is through higher dividends. While we do provide a fair return, most members tell us they are here because they value the impact their savings create in their own community. What our members want is for their money to do good.

This is why we use our surpluses not only to offer a fair and reasonable return on savings but also to put them to work in a more visible, impactful and direct way through our Foundation. The Foundation has been overwhelmingly endorsed by our members as a way to ensure our surpluses are creating real impact and making tangible differences in local communities. When members see their savings in action, they see the results of being part of Wessex Community Bank.

The Foundation has four core aims, and this year we have seen real progress across each of them. At the heart is helping members build financial resilience. As an example, our cashback loan has been central to this. When we launched the scheme, less than five per cent of borrowers had meaningful savings. Today, over 90% of borrowers now hold savings balances, something many had never managed before. In 2024, borrowers held more than £337,000 in savings, with an average balance of £465 each. What begins as borrowing has turned into the habit of saving, giving people a level of security they may not otherwise have achieved.

We have also committed to making sure at least a quarter of our lending goes to people who are financially excluded. In 2024, we went far beyond that. Almost 40% of our lending supported people who would have struggled to access credit from a high street bank. We also continue to provide small loans that high street banks do not offer.

Community Grants

Another part of the Foundation is the grants we provide to local groups. We are proud to have supported a wide range of organisations in 2024, from youth mental health charities and disability services to sports clubs, community trusts, volunteer projects and even a hospital radio service. These are not large national charities, but small local groups rooted in our common bond area. The support we gave has been used for equipment, resources and activities that make a direct difference to the lives of local people. Why not find out more about those groups on our website.

This mix of financial resilience, fair lending and community support shows how we can bring together the different strands of what we do into one clear purpose. Together they are practical, everyday examples of what it means to part of a community bank. Your money is not just sitting on deposit and we’re not just lending money. As a member you are working with us to support your community, help grow local economies, and give people fair access to finance.

In summary

This has been a year of real progress. We are financially stronger, our reserves are higher, and our capital position is well beyond regulatory requirements. But more importantly, we have shown that we can deliver on our values and on the commitments of being a not-for-profit community bank. The reason you are members is not just for a financial return, but to be part of something that is safe, ethical and purposeful.

Thank you for continuing to support us. Together, we are proving that banking can be done differently and that your savings can make a lasting difference to the communities we share.