Page 14 - CCB_Annual Report_2022

14 Strategic Report
Investing in
infrastructure
to accelerate
customers’ access
to finance
We have a simple and
proven Business Model
Distribution network
Cambridge & Counties Bank provides
lending products through a network
of relationship managers who deal via
business introducers as well as directly
with customers. We seek to be straight
forward and easy to deal with in our
interactions with introducers and deliver
a banking experience that attracts and
retains customers. The Bank delivers a
range of savings accounts via the internet,
post, and savings intermediaries.
Lending
The Bank’s commercial real estate loans
are secured on property. We lend to
experienced commercial and residential
property investors as well as to owner
occupied businesses to invest in their own
commercial premises.
The Bank provides finance for businesses
to acquire essential assets such as
equipment, plant, machinery, and vehicles,
using hire purchase and finance lease
facilities. The Bank also provides finance
for the purchase of classic cars using hire
purchase and finance lease products.
Deposits
The Bank’s lending is primarily funded by
the acquisition of UK savings balances. We
offer a range of deposit accounts that are
available directly to business customers.
These accounts are also available to retail
customers through a network of Deposit
Intermediaries. Business customers include
several broader organisations such as
charities, clubs, societies, and associations.
Section 172 Companies
Act 2006 Statement
Statement by the directors in
performance of their statutory duties
The Board of directors of Cambridge
& Counties Bank Limited consider, both
individually and together, that they have
acted in the way they consider, in good
faith, would be most likely to promote the
success of the company for the benefit
of its members as a whole (having regard
to the stakeholders and matters set out in
s172(1) (a-f) of the Companies Act 2006)
in the decisions taken during the year
ended 31 December 2022.
Stakeholder engagement
The Bank has maintained regular
dialogue with all its key stakeholders
throughout the year. The table below sets
out the Bank’s key stakeholders and the
main methods by which the Board and
management engage.
15
Stakeholder Description Engagement
Shareholders The Bank has two Both shareholders have Non-Executive Director representatives
on the Board and Board sub-committees and are therefore fully
shareholders each
holding 50% of the involved in the decision making of the Bank.
Bank’s ordinary In addition, Board members meet with both Shareholders outside
share capital
of Board meetings on a regular basis to enable the Board to
understand the Shareholders expectations.
Customers The Bank has The Bank undertakes regular activity to gather customer feedback.
around 9,000 The results of which are shared with staff and the Board, and
deposit customers incorporated into its future business development plans.
and 1,500 lending The Bank engages with lending and deposit intermediaries who
customers
introduce business to the Bank as well as having regular dialogue
with customers.
Customer support remains a key strategic priority for the Bank in its
response to the current economic uncertainty.
During the year, the feedback from engagement with customers
and intermediaries has been used by the Board to understand
the appetite for future development and investment, in core
systems and our strategy for developing a green loan or deposit
product offering.
Employees The average The Bank undertakes an annual internal staff survey as well as
number of people participating in industry wide culture surveys undertaken by the
employed by the Financial Services Culture Board (FSCB). We continue to record
Bank during the consistently high participation rates in our employee engagement
year was 206 survey (73%) and record strong scores.
The Bank has a staff forum which meets monthly and is chaired by
the Bank’s CEO. As a result of staff feedback at the staff forum, we
have introduced new green benefits. We have introduced a salary
sacrifice for the purchase of electric cars and are implementing
a similar scheme for electric bicycles. The Board reviews the
employee staff survey results and receives regular reports from the
CEO on the activities of the Employee Forum.
The Board approved a one-off payment in July of £1,000 for all
employees (below Executive level) to help support staff with the
current increased cost of living expenses such as energy and food.
During the year the Board has had regular updates on employee
issues, including the effectiveness of the Bank’s hybrid
working practices.
Suppliers Business and Management regularly meets with the Bank’s key suppliers,
individuals who particularly those providing important business services and
provide services and information technology systems.
goods which the The Bank pays over 95% of suppliers within 30 days and is planning
Bank uses to deliver to further improve its supplier payment process in 2023 with the
its products to its implementation of a new purchasing system. The Bank is also
end customers actively engaging with property valuers to incorporate their views
on climate change considerations into the Bank’s lending protocols.