PCCU AGM: £1.1million returned to PCCU account holders

The announcement was made during the credit union's 43rd AGM, held at Burnley Football Club’s 1882 lounge. Over 70 attendees joined in person and online, while, for the first time, more than 1,400 account holders tuned in via the app to watch the proceedings.

President Gerard Spain announced that borrowers would receive a 17% loan interest rebate, while savers would enjoy a 2.75% dividend on all savings, up from 2.5% the previous year, totaling £1.1 million. He also highlighted the significant growth in account holders, with numbers rising from 14,500 to 16,500.

“Of the 2,000 new account holders added this year, 833 are from Cumbria and 329 are from Lancaster and Morecambe,” he said. “The growth in these areas has been phenomenal."

During the meeting, the credit union’s financial report revealed impressive figures, with the loan book growing by 25%, from £11.5 million to £14.4 million over the past 12 months. Assets also saw a strong 9% increase, rising from £19.2 million to £20.9 million.

Mark Heaton, auditor from KM Accountants, provided insight into the financial activity, stating: “In 2023 there was £24 million coming in and going out in shares and loan repayments, and that has increased to £28 million this year. It’s a significant amount of money, and a huge number of transactions that need to be monitored on a day-to-day basis.”

Attendees of the AGM also learned that PCCU has committed a £20,000 donation to support children's financial education in primary schools across Lancashire and Cumbria. Member service officer Claire Dodd shared further details about the project.

“I had an idea that is fairly close to my heart with being a mum, something to do with children and financial education, as I feel children and some adults’ financial knowledge isn’t where it should be. I am presenting my idea to help primary school children have a start on financial education. Each week a different child is selected to take home the book suitcase to read with their parents. This is separate to the normal weekly books. In the suitcase we have a book all about financial education for the appropriate age, that has been written by the Dragons Den Star Deborah Meaden, a cuddly squirrel named Sammy, as we all need to squirrel those pennies away, an instruction sheet, a book for the children to record what they have learnt and some chocolate coins, which are obviously linked to finances.”

Mayor of Burnley Coun. Shah Hussain, along with Mayoress Shewly Akhtar, were special guests on the night. Speaking to the room, Coun. Hussain said: “Your success is rooted in your commitment to progress and growth, providing ethical savings and affordable loans. I have been impressed by the credit union's recent modernisation, including the introduction of an app, an AI assistant to help members. The impressive amount of £650,000 raised in the Christmas savings account by our residents demonstrates the need for ethical savings and support those who may find it difficult to manage their money.

"The credit union wants to help people that make better choices with their money, and understand how to budget, rather than exploit people's desires and vulnerabilities. I've made a commitment, that I will become a member of Pennine Community Credit Union.”

On the night, PCCU also announced the retirement of long-standing board member Mag Hillary. Speaking fondly of Mag’s involvement and dedication to the credit union, Mr Spain said: Her mother and father, Lou and Mary Gildea, were obviously the founders of the credit union, whose brainchild it was right from the start. Over the years, Mag has held various positions. She was a long-term volunteer right at the start, then had a little bit of a gap and came back as a director and served on the board for a number of years. And her involvement has always been really valued because of the history and the knowledge that she has got of the credit union over the years.”