Driven by concerns over the cost of living crisis affecting many of its customers, Swansea Building Society has made a generous donation to five foodbanks across South Wales – a move that also ties in with an important landmark for the mutual.
The Building Society has donated £500 to each foodbank, a move than mirrors its own achievement, also announced this month, of passing the remarkable milestone of securing £500 million in total assets.
The Society has made the donations to help the local foodbanks provide vital support to people who find themselves unable to afford basic food and necessities during the ongoing economic issues faced by many in the South Wales area.
The foodbanks which have benefitted from the donations are Bridgend, Carmarthen, Neath, Llanelli and Sketty.
Four of the five foodbanks that received donations from Swansea Building Society are supported by The Trussell Trust and are part of a nationwide network of foodbanks working to combat poverty and hunger across the UK. The fifth foodbank, Sketty, is run by the local church.
In 2020 to 2021, The Trussell Trust’s Foodbank Network provided 2,537,198 three-day emergency food supplies and support to UK people in crisis. Of these, 980,082 went to children.
Swansea Building Society has achieved considerable success over recent years, with its total assets, mortgage balances, savings, capital and profits all reaching record highs. Its most recent set of figures has seen it hit the landmark £500 million in total assets for the first time in its 99-year history.
The Society makes regular donations to local charities and community groups throughout the year. However, on passing the significant £500 million milestone, it decided it should recognise its success by making further donations to help those facing financial hardship within the communities it serves.
Alun Williams, Chief Executive of Swansea Building Society, said:
“We are very proud of the success the Society has achieved in recent years. Passing this incredibly significant £500 million mark in assets is a great achievement for everyone involved in the society – its staff and its members.
“We wanted to mark this milestone by giving something extra back to local communities across South Wales. Current economic conditions are challenging for many people, with many struggling financially and unable to afford basic food for themselves and their families. The work that organisations like the Trussell Trust and Salvation Army do to help those most in need is laudable and we wanted to recognise this with our donations.”