Swansea Building Society Celebrates Record Results at AGM
Swansea Building Society Celebrates Record Results at AGM
Swansea Building Society held its annual general meeting (AGM) to present and explain its best-ever financial performance to members.
It said the results reflected the Society's continued focus on supporting local communities through its growing network of branches across South Wales, alongside the benefits of an ongoing investment programme that began in 2015.
The AGM at the Swansea.com Stadium also marked the beginning of the Society's new charity partnership with Prostate Cymru. A cheque for £2,000 was presented to the charity, reflecting the Society's pledge to donate a pound for each member vote received.
In addition to reviewing its financial performance, the Society announced the successful launch of its brand-new mobile app and online service, which now allows customers to open a savings account and manage their finances at their convenience. This development was highlighted as an enhancement — rather than a replacement — of the Society's highly valued face-to-face service through its local branch network.
Alun Williams, Chief Executive of Swansea Building Society, said:
'We were delighted to report another record set of results and to celebrate them in the company of our members at this year's AGM. Our record asset growth, supported by strong profitability, has further strengthened our foundations for sustainable future growth.
'Alongside our financial achievements, we have continued to invest in the Society to ensure it remains modern, relevant, and accessible. The launch of our new app and online savings service is a key part of this — giving members the convenience of managing their money in the way that suits them best.
'That said, we remain absolutely passionate about our objective of opening and not closing branches, preserving personal, face-to-face service for those who prefer it. The app is designed to complement this, not replace it.
'Our continued growth and high levels of customer satisfaction reflect the care and dedication of our team, and I am proud of the positive difference we continue to make to our members and our local communities.'
The Society achieved double digit growth in its total assets, mortgages, savings and capital for the fourth year running, despite the difficult economic environment.
For the year to December 31, 2024, total assets and savings both grew by 14%, while mortgages grew by 11%. Total assets increased by £86.7m to £693.7 million and savings balances increased by £81.8 million to £647.3 million, while mortgage balances grew by £52.3million to £530.1 million, driven by gross mortgage completions of £111.0 million.
The Society's growth was supported by record profits before tax of £6.3 million, beating the previous record of £6.2 million achieved in 2023. This increased the Society's capital reserves by 12% to £44.5 million. This is vitally important, as it provides greater reserves to support members achieve their financial goals.
The Society remains one of the few financial institutions in the UK that receives no wholesale funding or support from the Bank of England in the form of cheap funding. Its balance sheet is funded entirely by customer savings balances and its own capital reserves built up from retained profits over many years.
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The Herald Scotland
a day ago
- The Herald Scotland
What future for Albion Rovers, a storied name of the past?
Unfortunately, for the people the club means the most to, it has come to represent something else entirely over the last few years. Crisis. Relegation. In-fighting. And very nearly, oblivion. 'There's no point in sugarcoating it,' said director Ben Kearney. 'Our approach was just to be honest, which is probably the healthy thing to do. I don't think anybody expected it, that we were just so open to the world in terms of how f****d we were. But I think in a weird roundabout way, it's actually worked out, and not too badly in the end. 'At first, I don't think people were very happy. But I think the fans appreciated that eventually.' (Image: Ciaran Reid)Some context. Rovers were relegated to the Lowland League, the fifth tier of the SPFL pyramid, two years ago. There were no parachute payments, and SPFL prize money has been sorely missed. Crowds have remained steady enough, but can't compensate for that loss of revenue. And it gets worse. To say that the ownership of Rovers is a complicated business is rather like saying the bold, aforementioned Kasule – who came to be known as 'Vodka Vic' - was a wee bit fond of the bevvy. It is suspected that around half of the shares in the club, which were first issued over 100 years ago, are now dormant and untraceable, with the original recipients long dead. The biggest single shareholder (with around 20 percent of the non-dormant shares) is former Scottish FA employee Anton Fagan, son of former owner Tom Fagan, who is the Trappist Monk of silent partners. He does though hold sway over key board appointments, with huge controversy and no little anger sparked by (what was largely his) veto of the reappointment of businessman Stuart Black, Head of Operations of Northwind Leisure, to the club's board at last December's AGM. 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'If people are actually involved in this type of thing - community football, running camps, stuff like that, someone who's got that experience, and also someone who's just experienced helping run a business - a massive business - and then for whatever reason, he doesn't get voted on, that is difficult. 'But people always say that that's the one thing holding Albion Rovers back. I don't think that's fair. I think what's held Albion Rovers back is the club hasn't been run well enough from top to bottom for years and years and years.' As Kearney says, in the absence of that clarity from their largest shareholder, he and his fellow directors were faced with a stark choice; either admit defeat and watch their beloved club whither and die, or come up with their own plan to make Rovers an indisputable asset to the Coatbridge community. 'I think one thing that I've always said from the outset when I joined the board, which probably isn't what most other people say, is I've kind of put [the ownership issue] to one side,' he said. 'My opinion on that is that there's no point trying to change something that you can't change. And I think the structure of a football club is something that would be very difficult to change. 'So, what can we do? Well, I think it's very easy to say you're a community club. We are a community club in the aspect of we've got a lot of older fans, we've got a community trust that does great work. We have walking groups and things like that, and we do stuff with the Prince's Trust and all of these type of things. 'But in terms of the actual football club itself, our community trust do a great job, our supporters trust do a good job, but in terms of the football club, over the years has it even done what I think would be simple stuff? 'One thing we're doing at the moment is we're talking to different local teams about partnering up with them to see if we can have an Albion Rovers umbrella, as such, under the first team. It's things like that. Can you really call yourself a community club if you don't actually have community teams? I don't think you can. 'I think the goal for the club in the medium term is can we get to a point where we can somehow get an artificial surface that allows us to turn Cliftonhill into Coatbridge's community hub. 'Can we have a situation where we've got an Albion Rovers community club that have got loads of younger players, loads of younger teams? Can we have an Albion Rovers women's team at one point that's going to play in the Scottish women's football system, all these things? (Image: Ciaran Reid)'That's the type of goal we want to get to. That it isn't just about the first team. Actually, you can be a sustainable, community club. There are loads of these types of clubs that have got that kind of infrastructure in place. 'It probably doesn't sound as sexy as saying, 'oh, we want to try and get into the SPFL and League Two and push for League One'. Actually, that's probably a wee bit further away, and there has to be an honesty in that.' Honesty, and more pertinently, transparency around finances in Scottish football is a hot-button issue, with the troubles faced by other clubs such as Dumbarton, Inverness and Stenhousemuir bringing the debate over whether an independent regulator is required to oversee things like the distribution of finances in the game back into the game's consciousness. 'I really do think it's a precarious time for Scottish football clubs,' Kearney said. 'I don't think we're the only club that's got problems with money, I think we're probably one of the only ones that have been so candid about it. I think you'd struggle to find a club that's got a lot of money sitting in the bank and feels quite positive about where the next few months are going to go. 'I think a lot of clubs are looking the other way, which is how can they survive for another year, which is kind of a sad indictment, it really is. 'It is interesting, the question of an independent regulator. I know there's a lot of clubs that are really for it. In an ideal world, I think having an independent regulator would help, but whether it would actually be something that's achievable, I'm not sure. 'The Lowland League clubs actually met with Maree Todd, the Minister for Sport, last year, and that was one of the topics that we had brought up. At the time, she did seem genuinely interested in the Lowland League's message, but the message that we got back was that England was a different kettle of fish from Scotland, and I didn't get any vibe from the room that it would be coming down the line any time soon. 'I don't see it being something that will happen in Scotland to be honest, because of the various factors that would make it difficult. Do I think in the long run it would be something beneficial? Yes, probably. 'But it's the same as anything, when you have bodies making decisions, people are going to say this or that. If you can take that away and have an independent body that's going to decide something, that's always going to be beneficial. But whether it would actually work in Scotland, I don't know. 'I was talking to Linlithgow Rose president John Mahoney and he actually made a good point. It could be some sort of ombudsman, it doesn't have to be as big as England, it could be something of a smaller scale. But it's someone independent of everyone else who you can go to with a problem. 'Something like that to me sounds great, but whether it would actually happen or not, I'm not sure.' Back at Rovers, as well as cuts to the salaries of manager Sandy Clark and assistant George Paterson, cutting their cloth has meant trying to piece together a competitive team who will play only for expenses. But this is viewed by Kearney as necessary steps back in order to eventually take a step forward. (Image: Ciaran Reid)'A lot of soul searching has been required, and we needed that,' he said. 'I think the problem for Albion Rovers when we first went down was that we tried to still be at that SPFL level. Actually, when you look at the infrastructure of the club, where we are, do we deserve to be anywhere above the Lowland League? Probably not at this moment in time. 'Until you can actually become a club that can run sustainably in the Lowland League, let's not try and think about getting back to the SPFL, because you're not going to get there anyway. You're just going to waste money that you don't have. 'I think having Sandy is massive, I really do. It's key that the football club have someone at the helm who's got that real experience in football. We've got someone who really understands the game, has lots of contacts, even simple things like the new co-operation system that's coming into play. 'Having a pro licence manager who knows just about everyone in Scotland when they're going down the route, and maybe you're going to have younger guys in the team that are going to be on loan from other football clubs, it's massive. 'He's bought into the whole project. He's been a massive support to the current board of directors and the previous board as well. I think he really gets the football club, and it is massive to have someone of that kind of stature involved. 'It would be very easy for Sandy to just call it a day, and it's the same for his assistant George too, which says a lot about them as characters.' The co-operation agreements that Kearney references could, he believes, be a fruitful avenue for Rovers to explore, and he is hopeful that an agreement with a club higher up the ladder can soon be finalised. 'We've spoken to a good few clubs,' he said. 'Sandy would kill me if I told you who! But Sandy's got some good friends in the game, there's plenty of clubs he's spoken to already and we're quite well down the line with that, which is helpful. 'I think it's a good thing. That's something I think will really help. I think it's the type of road Scottish football needs to go down. I certainly think it will benefit clubs like Albion Rovers, clubs that are willing to give younger players a chance. 'We've got that record of bringing younger guys on loan and letting them go on to better things. So, I think that will really help. 'Sandy's been in contact with a couple of Premiership teams and I think the response he's had has been wholly positive, so I'm sure before the start of this season we'll certainly have an agreement with someone that will be beneficial for both clubs.' Some reasons to be optimistic then perhaps, at long last, for fans of the wee Rovers, who have remained steadfastly loyal throughout their club's recent tribulations. It is for them that Kearney feels the collective responsibility, along with the rest of the board, in giving them a club to be proud of again. He is certainly proud of their own response to adversity, rallying around their club by signing up to the 'Rovers Return' funding initiative in large numbers, where for a monthly payment, you can gain benefits like having your name on the team jerseys, while helping to secure the club's future. 'I reckon Albion Rovers could play in the West of Scotland's 4th Division and the same people would still come because it's just part of their lives, part of their Saturday,' he said. (Image: Ciaran Reid) 'Which is amazing really, because you'd think people would eventually get bored or whatever, but obviously it just shows Albion Rovers has got to be a way of life, almost. 'It's still Albion Rovers. It really is a special football club. In terms of Scottish football, I don't think there are many more clubs that have got that kind of brand recognition, almost. 'We don't have to do a lot for people to know that we are what we are. When you come to the stadium, it's iconic. Everybody knows about the place. 'That is something that's really helpful actually. I think that is a big bonus. It really is something to kind of hold on to, that history and identity we've got, and that's something we'll always do.' The name of Albion Rovers may mean something slightly different in the future, then, but that might not necessarily be a bad thing. It still means something.
The National
a day ago
- The National
What future for Albion Rovers, a storied name of the past?
But the name means something. Unfortunately, for the people the club means the most to, it has come to represent something else entirely over the last few years. Crisis. Relegation. In-fighting. And very nearly, oblivion. 'There's no point in sugarcoating it,' said director Ben Kearney. 'Our approach was just to be honest, which is probably the healthy thing to do. I don't think anybody expected it, that we were just so open to the world in terms of how f****d we were. But I think in a weird roundabout way, it's actually worked out, and not too badly in the end. 'At first, I don't think people were very happy. But I think the fans appreciated that eventually.' (Image: Ciaran Reid)Some context. Rovers were relegated to the Lowland League, the fifth tier of the SPFL pyramid, two years ago. There were no parachute payments, and SPFL prize money has been sorely missed. Crowds have remained steady enough, but can't compensate for that loss of revenue. And it gets worse. To say that the ownership of Rovers is a complicated business is rather like saying the bold, aforementioned Kasule – who came to be known as 'Vodka Vic' - was a wee bit fond of the bevvy. It is suspected that around half of the shares in the club, which were first issued over 100 years ago, are now dormant and untraceable, with the original recipients long dead. The biggest single shareholder (with around 20 percent of the non-dormant shares) is former Scottish FA employee Anton Fagan, son of former owner Tom Fagan, who is the Trappist Monk of silent partners. He does though hold sway over key board appointments, with huge controversy and no little anger sparked by (what was largely his) veto of the reappointment of businessman Stuart Black, Head of Operations of Northwind Leisure, to the club's board at last December's AGM. Cue the resignation of director Margaret Rizza, as well as statements from Rizza and then Black being published on the club's official website savaging Fagan, warning of the club's 'dire financial situation', and beseeching him to present an alternative plan to Black's strategy of turning the Rovers into a 'sustainable Lowland League club'. 'I think the problem for me, and I've always been very open about this, is I would just wish people would be involved,' said Kearney. 'If you have a large shareholder in the club, make your involvement clear. Come and talk to the board of directors, let us know what you want to do, what you think the club's going to do. Have a conversation with us. 'But if there's no contact and we don't have that kind of dialogue, then it is difficult because you are always thinking, 'what's around the corner?' 'One of the main problems we've had is trying to get people on the board of directors, it's nigh on impossible, because no one wants to go on a board of directors that doesn't really have any power. (Image: Ciaran Reid)'And in truth we don't, because at the end of the day, when it comes along to the AGM every year, there's a chance that you could just be voted off. It goes to a poll vote, someone who's got most of the power, it can only go the way that they want it to, which is difficult. 'When you think of what happened last year, we had the situation where someone was put up for the board of directors who we felt was doing a great job, someone who had experience, who has a background high up in Soccer World, who own loads of places across Scotland. 'If people are actually involved in this type of thing - community football, running camps, stuff like that, someone who's got that experience, and also someone who's just experienced helping run a business - a massive business - and then for whatever reason, he doesn't get voted on, that is difficult. 'But people always say that that's the one thing holding Albion Rovers back. I don't think that's fair. I think what's held Albion Rovers back is the club hasn't been run well enough from top to bottom for years and years and years.' As Kearney says, in the absence of that clarity from their largest shareholder, he and his fellow directors were faced with a stark choice; either admit defeat and watch their beloved club whither and die, or come up with their own plan to make Rovers an indisputable asset to the Coatbridge community. 'I think one thing that I've always said from the outset when I joined the board, which probably isn't what most other people say, is I've kind of put [the ownership issue] to one side,' he said. 'My opinion on that is that there's no point trying to change something that you can't change. And I think the structure of a football club is something that would be very difficult to change. 'So, what can we do? Well, I think it's very easy to say you're a community club. We are a community club in the aspect of we've got a lot of older fans, we've got a community trust that does great work. We have walking groups and things like that, and we do stuff with the Prince's Trust and all of these type of things. 'But in terms of the actual football club itself, our community trust do a great job, our supporters trust do a good job, but in terms of the football club, over the years has it even done what I think would be simple stuff? 'One thing we're doing at the moment is we're talking to different local teams about partnering up with them to see if we can have an Albion Rovers umbrella, as such, under the first team. It's things like that. Can you really call yourself a community club if you don't actually have community teams? I don't think you can. 'I think the goal for the club in the medium term is can we get to a point where we can somehow get an artificial surface that allows us to turn Cliftonhill into Coatbridge's community hub. 'Can we have a situation where we've got an Albion Rovers community club that have got loads of younger players, loads of younger teams? Can we have an Albion Rovers women's team at one point that's going to play in the Scottish women's football system, all these things? (Image: Ciaran Reid)'That's the type of goal we want to get to. That it isn't just about the first team. Actually, you can be a sustainable, community club. There are loads of these types of clubs that have got that kind of infrastructure in place. 'It probably doesn't sound as sexy as saying, 'oh, we want to try and get into the SPFL and League Two and push for League One'. Actually, that's probably a wee bit further away, and there has to be an honesty in that.' Honesty, and more pertinently, transparency around finances in Scottish football is a hot-button issue, with the troubles faced by other clubs such as Dumbarton, Inverness and Stenhousemuir bringing the debate over whether an independent regulator is required to oversee things like the distribution of finances in the game back into the game's consciousness. 'I really do think it's a precarious time for Scottish football clubs,' Kearney said. 'I don't think we're the only club that's got problems with money, I think we're probably one of the only ones that have been so candid about it. I think you'd struggle to find a club that's got a lot of money sitting in the bank and feels quite positive about where the next few months are going to go. 'I think a lot of clubs are looking the other way, which is how can they survive for another year, which is kind of a sad indictment, it really is. 'It is interesting, the question of an independent regulator. I know there's a lot of clubs that are really for it. In an ideal world, I think having an independent regulator would help, but whether it would actually be something that's achievable, I'm not sure. 'The Lowland League clubs actually met with Maree Todd, the Minister for Sport, last year, and that was one of the topics that we had brought up. At the time, she did seem genuinely interested in the Lowland League's message, but the message that we got back was that England was a different kettle of fish from Scotland, and I didn't get any vibe from the room that it would be coming down the line any time soon. 'I don't see it being something that will happen in Scotland to be honest, because of the various factors that would make it difficult. Do I think in the long run it would be something beneficial? Yes, probably. 'But it's the same as anything, when you have bodies making decisions, people are going to say this or that. If you can take that away and have an independent body that's going to decide something, that's always going to be beneficial. But whether it would actually work in Scotland, I don't know. 'I was talking to Linlithgow Rose president John Mahoney and he actually made a good point. It could be some sort of ombudsman, it doesn't have to be as big as England, it could be something of a smaller scale. But it's someone independent of everyone else who you can go to with a problem. 'Something like that to me sounds great, but whether it would actually happen or not, I'm not sure.' Back at Rovers, as well as cuts to the salaries of manager Sandy Clark and assistant George Paterson, cutting their cloth has meant trying to piece together a competitive team who will play only for expenses. But this is viewed by Kearney as necessary steps back in order to eventually take a step forward. (Image: Ciaran Reid)'A lot of soul searching has been required, and we needed that,' he said. 'I think the problem for Albion Rovers when we first went down was that we tried to still be at that SPFL level. Actually, when you look at the infrastructure of the club, where we are, do we deserve to be anywhere above the Lowland League? Probably not at this moment in time. 'Until you can actually become a club that can run sustainably in the Lowland League, let's not try and think about getting back to the SPFL, because you're not going to get there anyway. You're just going to waste money that you don't have. 'I think having Sandy is massive, I really do. It's key that the football club have someone at the helm who's got that real experience in football. We've got someone who really understands the game, has lots of contacts, even simple things like the new co-operation system that's coming into play. 'Having a pro licence manager who knows just about everyone in Scotland when they're going down the route, and maybe you're going to have younger guys in the team that are going to be on loan from other football clubs, it's massive. 'He's bought into the whole project. He's been a massive support to the current board of directors and the previous board as well. I think he really gets the football club, and it is massive to have someone of that kind of stature involved. 'It would be very easy for Sandy to just call it a day, and it's the same for his assistant George too, which says a lot about them as characters.' The co-operation agreements that Kearney references could, he believes, be a fruitful avenue for Rovers to explore, and he is hopeful that an agreement with a club higher up the ladder can soon be finalised. 'We've spoken to a good few clubs,' he said. 'Sandy would kill me if I told you who! But Sandy's got some good friends in the game, there's plenty of clubs he's spoken to already and we're quite well down the line with that, which is helpful. 'I think it's a good thing. That's something I think will really help. I think it's the type of road Scottish football needs to go down. I certainly think it will benefit clubs like Albion Rovers, clubs that are willing to give younger players a chance. 'We've got that record of bringing younger guys on loan and letting them go on to better things. So, I think that will really help. 'Sandy's been in contact with a couple of Premiership teams and I think the response he's had has been wholly positive, so I'm sure before the start of this season we'll certainly have an agreement with someone that will be beneficial for both clubs.' Some reasons to be optimistic then perhaps, at long last, for fans of the wee Rovers, who have remained steadfastly loyal throughout their club's recent tribulations. It is for them that Kearney feels the collective responsibility, along with the rest of the board, in giving them a club to be proud of again. He is certainly proud of their own response to adversity, rallying around their club by signing up to the 'Rovers Return' funding initiative in large numbers, where for a monthly payment, you can gain benefits like having your name on the team jerseys, while helping to secure the club's future. 'I reckon Albion Rovers could play in the West of Scotland's 4th Division and the same people would still come because it's just part of their lives, part of their Saturday,' he said. (Image: Ciaran Reid) 'Which is amazing really, because you'd think people would eventually get bored or whatever, but obviously it just shows Albion Rovers has got to be a way of life, almost. 'It's still Albion Rovers. It really is a special football club. In terms of Scottish football, I don't think there are many more clubs that have got that kind of brand recognition, almost. 'We don't have to do a lot for people to know that we are what we are. When you come to the stadium, it's iconic. Everybody knows about the place. 'That is something that's really helpful actually. I think that is a big bonus. It really is something to kind of hold on to, that history and identity we've got, and that's something we'll always do.' The name of Albion Rovers may mean something slightly different in the future, then, but that might not necessarily be a bad thing. It still means something.
