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Charity giving is far from progressive

Published 12/04/2010

As a long time member of our ‘home grown’ Progressive Building Society, I perused their financial statement for 2009 with my annual scepticism.

Their profit results over the last seven years have been solid, with total pre-tax profits of £41,200,000.

Part of their Mission Statement and Values states “a continuing commitment to local charities and voluntary organisations through our Community Awards scheme”.

However, their annual average charity donation over this period is £18,500 against the average annual profit of £5.88 million or a mere 0.32% of pre tax profit.

I also note that this mutual organisation would give annually to charity the equivalent of two weeks combined income of the top three earners.

In this case charity does indeed start (and stays) at home.


North Belfast

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