Our last AGM was held on Thursday 23 April 2026 and we’ve noted the voting results below:

Voting Results from our 2026 AGM

Most of our customers are Members of The Mansfield but not all Members are an Eligible Voting Member. Eligible Voting Members must meet the following criteria:

You can vote if you:

• are at least 18 years old on the date of the AGM; and
  • held shares (savings) of £100 or more at the end of the previous year and continued to hold shares between the end of the previous year and the date of the AGM; and/or
  • held a mortgage with a balance of £100 or more at the end of the previous year and continued to hold a mortgage with a balance of £100 or more between the end of the previous year and the date of the AGM; and

• Are the only or the first named account holder for the relevant share (savings) or mortgage account.

All Eligible Voting Members have the right to vote at the AGM. Their vote helps decide who sits on our Board of Directors and whether key resolutions are approved.

Every Eligible Voting Member gets one vote, regardless of how much saved or borrowed. This keeps things fair and balanced, ensuring that every voice carries the same weight.

Voting can be done in person at the AGM, by post, or online – making it easy for Members to have their say in a way that suits them.

Voting helps guide The Mansfield’s future. It’s part of what makes us truly Member-owned: decisions aren’t made behind closed doors, but through the direct involvement of the people we exist to serve.

By taking part, Members can help us stay accountable, transparent and focussed on what matters most to them.

Can anyone opt out of receiving the AGM pack? The short answer is no. Members of The Mansfield are part of the Society’s ownership, and the AGM is their official opportunity to help guide how we’re run – we’re also legally obligated to send AGM information every year.

We don’t just send you the AGM information because we have to, we do it because it includes some important details. Information on voting rights, updates on how we’re performing, and details of decisions that could affect our customers. Even if Members choose not to vote, staying informed helps them understand how The Mansfield is managed and makes sure their voice can be heard whenever they want it to be.

FULL QUESTION:

The management expenses ratio has increased by over 50% in 4 years (1.48% in 2021, 2.27% in 2025). I appreciate that there are costs of change and that Project Sherwood involves significant expense. My doubts are around the idea that there will always be changes and that there will be other non-recurring costs in the future. Hence, my question: In accordance with your forecasts for finances in the future, when will the management expenses ratio decline?

ANSWER:

We understand why the Management Expenses Ratio has caught your attention. The main driver of the recent increase is our major transformation programme, Project Sherwood. While this investment is significant, it’s designed to deliver a much-improved experience for our Members, along with more efficient and streamlined processes for our colleagues. These efficiencies will support the Society’s future growth and help us manage costs more effectively over the long term.

Our plan is for the Management Expenses Ratio to peak during 2026. From 2027 onwards, as the benefits of the project begin to flow through, we expect the Ratio to reduce, with further improvement anticipated in 2028 as income grows and costs stabilise following the completion of Sherwood.

Although change is a constant part of running a modern mutual, once Project Sherwood concludes we expect to return to a level of ongoing development that can be managed by our in-house change team. This means we will no longer need to rely on the higher cost external expertise required for a one-off programme of this scale.

You’re right it has been going for a while as we spent about 12 months getting ourselves ready for the project by reviewing our processes and understanding our requirements fully. The actual project has now been running for 2 years and is in line with other industry projects of this scale. They take a long time and never run to plan.

We have delivered our new mortgage broker portal in February which has been extremely well received in the industry with comments such as ‘game changing’ from brokers. We are about 75% of the way there regarding development and testing of the new mortgage and savings core systems as well as the branch and online systems and our new underwriting system.

We expect this to be ready later in the year but we will only go live when we are sure it’s ready.

FULL QUESTION:

You said last year that you would make a loss in 2025 and I can see from the accounts that has happened. With the project being delayed will you have more years of losses? How many can the Society take without needing to seek help?

ANSWER:

We have made a loss after writing off the Sherwood costs but I think it’s important to point out that our underlying position is still a strong one with profits of £1.5m.

Whilst delays in the project are expensive and not welcome, we have contingency plans to continue to generate a solid underlying profit for the Society. We model our capital requirements against our anticipated performance regularly using a 7 year time horizon and we are confident that we will have sufficient capital to support our future plans.

The number of individual years of losses is not as important as the overall size of the losses as it is the reduction in capital that we are monitoring.

FULL QUESTION:

What proportion of members voted last year?, Are you making extra precautions due to Anthropic? And, will you continue to make the Society accessible to both staff & members?

ANSWER:

Our voting results are published on our website for all Members to review.  In 2025, voter turnout was 12.39%, with 689 being cast online, 1,280 by post, and 49 in branches.

In 2026, voter turnout prior to this evening was 11.9% with 741 cast online and 1,143 by post.

We’re very aware of how quickly technology is changing and what that can mean for both Members and colleagues, so we keep a close eye on it and take sensible steps where needed.

At the same time, our main focus is on using digital transformation to make things easier and more accessible, without taking away choice.

For us, it’s really important that Members can use the Society in the way that suits them best. If someone wants a fully digital experience and never needs to speak to us, that’s absolutely fine. But if they prefer coming into a branch, talking to a colleague and using a passbook, that matters just as much to us.

We’re committed to our branches, both the ones we have today and those we plan for the future, just as much as we’re exploring new technology. It’s about offering the right balance, so we can support existing Members in the way they value while also opening up our services to new ones.

FULL QUESTION:

There’s been a number of changes on the Board of Directors – why is this?

ANSWER:

The reason for the changes at Board level is that we have had 2 Directors retire after serving their maximum time allowed and one Director that left to pursue a portfolio career that didn’t align with that of a building society.

We have therefore taken the opportunity to recruit new talent to the Board who bring experience from a broad range of businesses including from outside the financial services sector.

This will provide new ideas and fresh thinking around the Board table as we move into a new chapter of the Society’s history, post Sherwood.

FULL QUESTION:

You talk about a new Purpose and Vision in the accounts and the Mansfield Story, what is this and why do you need it?

ANSWER:

Our society has been providing a safe haven for members & customers savings and helping them to buy homes for over 150 years. With the transformation that is underway from a technology point of view, it was the right time to revisit the purpose and Vision for the Society and combine that with the launch of the Mansfield Story which articulates the history and pride in the Society along with what makes us who we are and how we will serve our members and community in the future.

Our purpose remains similar to what it has always been as we are Rooted in Our Community, helping people build brighter futures. Our Vision is to provide the best experience built around people which will encompass combining modern technology with the personal service that we pride ourselves on.

FULL QUESTION:

Jeff, you’ve had your first year as Board Chair, what are your reflections on the year?

ANSWER:

I took over as Chair at last year’s AGM at a very exciting time for our society with our transformation programme – as you heard from Paul it takes time to get it right – but we are well on the way towards becoming a modern mutual which works for the needs of all our customers.

A big highlight for me was the Mansfield Forward event we held for all colleagues in the society and where we launched our renewed purpose and vision with the Mansfield Story. It was great to see everyone come together with a shared purpose. I am incredibly proud of everything that has been achieved in the past year which is down to the hard work of all our colleagues.

On a personal level I am really enjoying the role in leading the Board – we have a very capable and dedicated team and it is a pleasure working with them.

2025 has been a great year for the Society as we have grown the mortgage book by over 10%, added more savings members to the Society and delivered a strong underlying profit of £1.5m which allows us to continue the investment in Project Sherwood.

The project itself has taken a lot of time and effort but we are making good progress and have taken the opportunity to transform the business alongside the tech development.

We have introduced a new operating model and changed roles for a number of people as we move further toward our Vision of the best service built around people.

We are also really proud of the work we have done with our community in 2025 and donated over £140k this year to charities and community groups in our region. We’ve also achieved accreditation this year as a Menopause friendly employer and a Carer friendly employer and this highlights that we like to look after our colleagues as well as our members.