Credit union donates £8,500 to Burnley and Pendle charities
Pennine Community Credit Union has donated much-needed funds to Burnley and Pendle charities struggling in the pandemic.
The not-for-profit organisation made the generous announcement during its virtually held 39th AGM, where account holders logged on to hear news of PCCU's financial year.
Ten donations totalling £8,500 were given to charities including Pendleside Hospice, Colne Open Door Centre, Nelson Churches in Covenant, Burnley Community Kitchen, Georgia Fourie Butterfly Fund, Age UK Burnley and Pendle, Colne Citadel, Depher CIC and Pendle Forest Hawks Junior Football Club.
PCCU President Gerard Spain explained to account holders at the AGM why the board proposed £8,500 of charitable donations to support both crucial charities and young people playing sport in the area.
“In line with PCCU’s commitment to the local community, the PCCU board are proposing an increase in the charitable donations from £1,000 to £8,500 to assist local charities who have particularly struggled during the current pandemic.”
The organisations expressed their gratitude through short videos played at the virtual AGM.
They explained what they do in the community and how this donation would benefit them, especially at such a difficult time where fundraising is restricted. These short videos have been made available on PCCU’s social media channels and on their website.
President Gerard Spain reported 2020 as being a record year for PCCU in many ways despite the challenging circumstances.
Loan growth rose by 30% to £5.6m with savings increasing by 54% to £10.3m.
He said these figures highlighted PCCU's commitment to helping local people and the local economy, a point reinforced by their decision to open up new office space in Colne town centre.
It was also announced that £195,000 would be returned to account holders in the form of saving dividends and loan interest rebates, compared to £72,000 last year.
Burnley and Pendle MPs, Antony Higginbotham and Andrew Stephenson, both shared their appreciation for PCCU's financial services, while Robert Kelly, CEO of ABCUL, the governing body of credit unions, hailed the organisation's "tremendous efforts in building financial resilience and supporting members in their hours of need".
These sentiments were echoed by Karen Bennet CBE, CEO of Enterprise Credit Union and President of ABCUL, who said: “Without doubt one of the best community credit unions I’ve come across. Their passion and belief in what they’re doing and the fair but excellent services they are providing are amazing.”
The evening came to a close with a virtual raffle where PCCU awarded gift vouchers to winning account holders attending the meeting from local businesses.