Our 170th AGM
Tue, 17 Dec 2024
Annual Reports and Accounts 2024 - Front Cover

Hanley Economic Building Society Celebrates 170th Annual General Meeting

We are pleased to announce the successful conclusion of our 170th Annual General Meeting (AGM), marking another significant milestone in our long-standing history. The meeting provided an opportunity to reflect on our strong financial performance over the past year and celebrate the progress we have made in serving our members and supporting the wider community.

For those who were unable to attend the meeting in person, a video recording of the AGM is now available to view at your convenience. We encourage all our members to watch and stay updated on the Society's developments, achievements, and future plans.

Watch our 170th Annual General Meeting here

Highlights of Our 2024 Annual Report and Accounts

We are proud to share some key achievements and financial results for the year ending 31st August 2024:

  • Mortgage Balances: Reached a record £379.62m, a 9.77% increase from £345.85m in 2023.
  • New Mortgage Lending: Grew by 4.12%, totalling £95.04m compared to £91.28m last year.
  • Total Assets: Increased to £527.84m, a 2.45% rise from £515.24m in 2023.
  • Retail Savings Balances: Increased by £18.84m, reflecting continued member trust and loyalty.
  • Operating Profits: Surged by an impressive 171.55%, rising from £923,000 in 2023 to £2,506,000 in 2024.

These results demonstrate our financial resilience and ability to navigate economic challenges, ensuring we remain well-positioned for future growth and continued member support.

170 Years of Service and Community Commitment

As we celebrate our 170th anniversary, we are incredibly proud of the positive impact we have made on the local community this year:

  • 170 Days of Volunteering: Our dedicated staff committed to 170 days of volunteer work throughout the year, surpassing this ambitious goal.
  • Supporting Dougie Mac Hospice: We donated £25,000 in 2024, bringing total contributions from our Dougie Mac Savings Account to over £336,000.
  • Charity Saver Account Donations: An additional £9,000 was distributed to four partner charities, increasing total donations since 2019 to over £51,000.
  • Hanley at Home Fund: In partnership with the Community Foundation for Staffordshire, we established the Hanley at Home Fund, which allocated £15,000 to local projects, with £8,000 already donated to meaningful initiatives.

Looking Ahead

We remain committed to providing competitive savings and mortgage products while maintaining the values that have guided us for the past 170 years. Whether it’s supporting first-time buyers, self-build borrowers, or older generations looking to access equity, we are focused on delivering solutions that meet the evolving needs of our members.

Thank you to all our members for your continued trust and support. Together, we look forward to an exciting and prosperous year ahead.

Watch the AGM Video: To watch the recording of our 170th Annual General Meeting, click here or visit our website.

If you have any questions or would like further information on the Society's performance, please do not hesitate to contact us. Your feedback is invaluable as we continue to grow and serve our community.