In 2020 The Cambridge Building Society made record levels of local investment into its members, communities, people and stores. Today it also announces a strong set of financial results despite challenging economic conditions.
The Cambridge announces a record year of local investment
Its growing community of over 124,000 members has been at front of mind during 2020. To support members effectively during the pandemic, the Society made significant changes to operational activities. Reassuringly, the changes implemented to achieve ‘Covid secure’ work environments did not have an impact on customers, with customer service feedback scores remaining in line with prior years.
A new initiative launched in 2020 under the Making The Difference programme released £500,000 into a long-term fund, set-up specifically to support local community groups with a homes and housing need. The first grants have been awarded and will see 55 vulnerable people helped throughout 2021. CHS Group will receive £6,983 to support 30 women with homelessness and mental health issues. Cambridge Cyrenians will receive £10,000 to support 25 previously homeless people move on successfully from supported accommodation.
Alongside financial support for the local community, The Cambridge chose to look forward to its post-Covid future and what that may hold for customers, specifically the service and experience they receive. During the year over 1,400 hours of training were delivered to frontline teams, upskilling them to be better able to support customers. In addition the society has a number of new team members, most of whom live in and around Cambridge, increasing head count by six compared with the previous year.
The Cambridge also continued its programme of investment in infrastructure, demonstrating its commitment to continually providing face to face support for customers post pandemic. The Bar Hill store was fully refurbished, and a new store opened in Cherry Hinton.
Peter Burrows, Chief Executive Officer at The Cambridge says: "In a tough year for so many people, we chose to channel our investment and support into our local community. I’m incredibly proud of our team, who have worked tirelessly to ensure we’ve remained open for business throughout the year and continued to deliver exceptional service to our members. I’m particularly delighted that in 2020 we were able to launch the Cambridge Building Society Community Fund, with initial funding of £500,000, which will support local people with homes and housing needs for many years to come."
As well as record local investment, The Cambridge today announces a strong set of financial results despite challenging economic conditions. The Cambridge has achieved pre-tax profit £4.8 million.
Richard Brockbank, Chief Financial Officer at The Cambridge says: ‘I’m delighted by our strong set of financial results considering the challenging year we’ve all had. Maintaining long-term financial stability is incredibly important, and by delivering success in this area we’re truly a thriving, independent, mutual Society.’
2020 local investment in numbers
+1,400 training hours for team members across the Society
Increased head count during the year by six
Two stores fully refurbished (Bar Hill & Cherry Hinton)
£500,000 made available to create The Cambridge Building Society Community Fund
£10,000 donated to the Cambridgeshire Coronavirus Community Fund
£5,000 donated to turn pods to homes in partnership with Jimmy’s Cambridge
The Cambridge is an independent, mutual society which has been serving the community since 1850