Today we’ve published our 2019/20 annual report and accounts outlining how we performed over the last year. For the first time, we’ve published an online version to make it more accessible.
While our reserves decreased to £5.1bn at 31 March 2020, our assets grew from £32.1bn to £36.1bn. Investments return 5.2 per cent – the same as in 2018/19.
We’ve also measured our progress against our strategic objectives for 2019-22, including:
- building the foundations for a full review of our funding strategy in 2021/22
- improving efficiency in member services, and
- enabling levy payers of all sizes to better understand their levy and influence the development of our policies
Our long-term strategy
Our strategy is built to withstand periodic market shocks. Our long-term, low-risk investment approach and our hedging programme performed as intended, protecting us and limiting the impact of market turbulence.
“While our reserves decreased year-on-year, we’ve seen a good recovery in the current financial year,” said Lisa McCrory, our Chief Finance Officer. “We expect the macroeconomic situation to be tough for the foreseeable future but we’re confident in our ability to protect all current and future members.”
A reassuring message for members
Our 425, 000 PPF and FAS members can be reassured of our protection during this challenging time.
“We’ll never be complacent but we’ve coped well throughout the COVID-19 crisis,” said Oliver Morley our Chief Executive. “Our operations were uninterrupted, we maintained high levels of customer satisfaction and we made very good progress on our Strategic Plan.”