A mutual society started by Presbyterians for the benefit of Presbyterians over twenty years ago will announce this Thursday, 19 June, at its annual meeting in Church House, Belfast, at 11.00am, that its total assets at the year end amounted to £47m.
That represents growth of 95% from its total assets last year of £24m and comes on top of the society paying a dividend of 5% to its investors at the end of the financial year last March.
Established in 1982 the society grew out of the of desire of Presbyterians who had money to invest wishing to help both individual Presbyterians and Presbyterian congregations who needed to borrow.
During the last year the number of investors has increased by over 30% to 4200 while loan accounts number around 700 and the Society is particularly encouraged that over 75% of Presbyterian congregations now both borrow and invest with the society.
Membership is confined to members of the Presbyterian Church and the monetary value of individual investments ranges from over £0.5m to £100 with the average being several thousand pounds. Approximately £24m of capital is loaned for a wide variety of purposes from car purchase and home improvements to purchase of property and agricultural land. The majority of loans average £10-20k with the largest standing at over £1m. The society has also £24m invested in commercial retail property with the remaining capital not on loan held on deposit to repay investments.
Commenting on the present financial climate Society secretary, Colin Ferguson notes that 'the financial year has been dominated for many investors in other institutions by the turbulence of the stock market and the resultant losses both of income and capital. In contrast, the stability of the Bank of England base rate, albeit at an historically low level, has largely governed the returns from the Mutual Society and shareholders have enjoyed a similar dividend to the previous year.
'The Society moves into the next financial year from a strong position with £24m worth of property and a similar value in the loan book continuing to give a good return. As a Mutual Society we put our members needs first at all times and strive to provide a quality service in the management of investments offering security and competitive returns. The rapid growth of recent years reflects the confidence that members have in the Society and we look forward to continuing to provide the benefits that both investors and borrowers have come to expect.'
The Society is governed by a Board of 17 Directors representing a range of expertise and is managed on a day to day basis by three full-time staff.
Issued by Stephen Lynas, Presbyterian Information Services. Info@PresbyterianIreland.org
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