Deposits with Unity are safe and secure and our corporate governance is undertaken with the highest standards and adherence to our socially responsible principles:
- Unity has a very strong liquidity position and therefore does not need to borrow money from the inter-bank markets or from any other organisation to fund its day-to-day activities. We are not impacted by the difficulties that some banks have been facing from the lack of liquidity in this market. It is also the reason that we have not had to purchase a credit rating from a third party rating agency. Such ratings are required to facilitate inter-bank borrowing, and as Unity does not borrow money from other banks, we do not require a credit rating.
- Unity has never traded in sub-prime investments or the complex financial instruments that have resulted in difficulties from many organisations. This is outside of both our corporate and social responsibility policies. As such we are unaffected by events in these markets.
- Unity shares are not traded on any exchange and we are not therefore affected by the actions of speculators on various exchanges, or on market sentiment that has resulted in huge share price movements.
- Unity funds its banking business entirely from shareholder capital and customers’ deposits. Our shareholders are long term investors, having owned the bank since formation. Many of our shareholders are also customers and the comfort and stability provided by owning and controlling the bank means that we do not have a volatile deposit base. This is reflected by the fact that many socially motivated organisations have chosen Unity as a socially responsible bank, exercising good stewardship of their funds.
- Unity is a bank specialising in the provision of banking services to charities, voluntary organisations, social enterprises, Trade Unions and other not-for-profit organisations. This business is less volatile than that undertaken by many UK banks and as such has not been impacted to any material degree by some of the situations faced by other banks.
- Unity has a full banking licence, is regulated by both the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the British Bankers Association. Our business is conducted according to regulatory codes and subject to due supervision. Our eligible depositors are covered by the Financial Services Compensation Scheme –www.fscs.org.uk
We hope that you can take reassurance from the above statements and our clear capability to deliver will maintain your confidence in Unity.
Report and Accounts
Please click on the links below for Unity’s Report & Accounts 2014.
- Full Report & Accounts 2014
- Update Statement from the President and Chair to shareholders to accompany the Annual Report and Accounts April 2015
- Summary Report & Accounts 2014
The Report & Accounts include:
- The President’s statement
- The Chair’s statement
- Strategic Report
- Income statement
During 2014 the Bank has sought to focus on its strategic plan and its significant commitment to the common good. In line with our ‘double bottom line’ strategy, this report includes details of our social impacts as well as our financial returns.
Please click on the links below for Unity’s Report & Accounts 2013.
As a socially responsible bank, Unity seeks to be transparent in all that we do and matters of taxation are no different.
Unity’s Annual Report and Accounts show a slightly lower rate of corporation tax than would be implied by the current headline tax rate. This is because the Bank has benefited from Community Investment Tax Relief (CITR).
The CITR scheme encourages investment in disadvantaged communities by giving tax relief to investors who back businesses and other enterprises in less advantaged areas by investing in accredited Community Development Finance Institutions (CDFIs). Unity Bank has made such investments. The tax relief is worth up to 25% of the value of the investment in the CDFI. The relief is spread over five years, starting with the year in which the investment is made.
Unity invests in CDFIs because we believe in the benefits they provide to the communities in which they operate. That tax relief we obtain is provided strictly in accordance with UK tax law and has been made available to encourage this activity.