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"2016 has been a positive year for the Society."


“The IT system has now embedded which has resulted in less manual workarounds for our employees. As a result Society staff have been able to concentrate on the business of growing the mortgage book and it is pleasing to end the year with a £23m increase in the size of the Society’s mortgage assets.  Profit before tax for the year was £2.6m.”

E.Sarah Evans, Chairman

Fanned out IBS AR 2017
This year’s Report and Accounts reflects a mandatory change in Accounting Standards. The Society has adopted Financial Reporting Standard 102 (FRS102) and, as a result, much of the content of our financial accounts for the previous year ended 30 November 2015 has been restated so that it is presented on a basis consistent with this year’s results and can be compared. Where necessary we have referred to the previously reported figures and the restated figures for clarity. Further information on this is set out in detail in Note 32 in the Annual Report.

Key Results

  • Total mortgage assets £477m (2015: £454m)
  • Total savings balances £541m (2015: £524m)
  • Total profit (before tax) £2.6m (2015: £2.5m)

Capital Performance

  • Total capital £33m (2015: £36m)
  • Gross capital and free capital as a percentage of share and deposit liabilities stood at 6.03% (2015: 6.84%) and 5.27% (2015: 6.09%) respectively

Arrears and Possessions

  • Total arrears cases over 12 months: 5 (2015: 11)
  • Total possessions: 8 (6 of which are under offer) (2015: 2)

Key Performance Indicators


Arrears Cases

Profit before tax


Mortgage Assets 

Management Expenses

Retail savings balances 

Your home may be repossessed if you do not keep up repayments on your mortgage.