|
Our contribution to the community is made primarily through our
Co-operative and Social Economy Development Fund which supports the development of other co-operatives around the country.
It was set up because the Board identified a particular problem which exists for co-operatives - they often have difficulty raising capital. It has therefore decided to concentrate the resources of the Fund, for the time being, on providing loan and other finance to co-operatives.
In January 2006, The Phone Co-op allocated £19,491 out of it's profits from the financial year 2004-5 into the fund which currently stands at £72,357.
If members agree the proposed allocation of £37,804 from 2006-7 profits (they will be voting on this at the AGM in February 2008), the fund will increase in size to £110,161.
At present, while the fund is still growing, it is administered by
Co-operative and Community Finance within its ICOF Community Capital scheme, although this arrangement is under currently under review.
The Phone Co-op is recognised as one of the UK's top investors in the community.
In 2006 we contributed 9.6% of pre-tax profits to community causes, placing us 19th
among the 141 companies that achieved the 1% standard to become members of the PerCent Club.
This compares with 7% contributed by the highest giver amongst the FTSE 100 companies who,
on average, contribute just 0.79% to social and environmental projects, good causes and community involvement.
The PerCent Standard initiative run by Business in the Community marks its 20th anniversary in December,
and aims to encourage all companies to donate at least 1% of pre-tax profits to community investment projects.
Per Cent Club results for 2006 can be downloaded here (.pdf).
Find Out More About:
Our Ethical Policy
Our Environmental Policy
|
