Acorn Community Bank is growing and ambitious and needs two new volunteer non-executive Board members/company Directors One with the ambition to become Chair of the Board and one to be Board/Company Secretary and Compliance Director.

What difference will you make?

Acorn Community Bank is a cooperative organisation that provides fairly priced financial services to many for whom the alternative is the doorstep or payday lender, and sometimes a local loan shark.

It is growing. Membership has been growing organically by about 20% annually over the last few years, and was boosted by mergers in 2023. We expect that rate of growth will continue.

Credit Unions generally make smaller loans, not offered by high street banks. Our most popular product is the Family Loan, for £500 repaid from Child Benefit over 12 months. We lend around £2M annually.

We also offer savings accounts, especially some targeted incentive savings accounts, to help people to start, build and maintain a savings habit.

You will help us to grow so that more people In our communities can benefit from our services; many of whom would otherwise get into increasing debt and/or pay excessive rates of interest on their borrowing.

Credit Unions complement the role of commercial banks and provide a viable community-based alternative to excessive interest rates and fees charged by less reputable lenders – legal or illegal. They are supported by national and local governments and by community organisations involved with the financially challenged.

What are we looking for?

We are looking for new Directors willing to play an active role in the governance and development of the credit union. The ideal candidate will have high motivation and a strong belief in the credit union and cooperative ethos; and should preferably have experience of working or in local community organisations/charities; or in the financial sector.

We need someone who is interested in building a fairer financial system; who would like to help overcome the challenges of financial exclusion. We need someone who is interested in building a fairer financial system; who would like to help overcome the challenges of financial exclusion.

The role of a director requires at least an hour or two per week, or as much time as you want or are able to commit. You'll be expected to prepare for and attend a monthly board meeting (it's online, typically 2 hours, on a Tuesday evening) and join an in-person away day every 6 months. You will also join one of our three committees; which meet on-line quarterly.

The role is as a non-executive voluntary director. It is unpaid and does not involve any direct working on the operational side of our business. We do however expect our directors to become familiar with the business and the wider credit union world. It would suit someone who is already working but has some spare time; or someone retiring or recently retired.

We are an equal opportunity organisation, so potential volunteers from women and/or ethnic minorities would be especially welcome. You will need to live or work in our area of operations The geographical counties of Wiltshire, Oxfordshire, Buckinghamshire & Berkshire.

Hybrid

What will you be doing?

Acorn Community Bank is a credit union. Credit Unions are not-for-profit financial cooperatives, regulated by the Bank of England, Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). We are open to all who live and work in our area, but mainly exist to serve the 40% (or more) of adults excluded from many conventional banking services.

Any financial surplus we make is invested back into the business or paid back to members as dividends. The way we find new members is mainly through word of mouth members like our service, and they tell their friends and relatives. We also work extensively with local Councils and local community and social organisations. We need to build on that good will systematically, and to grow faster.

Acorn operates in Wiltshire, Oxfordshire, Buckinghamshire & Berkshire.

Vacancy 1 – Future Chair of the Board - A new Director, who after a period of training and familiarisation would like to take on the challenging role as Chair in 2027; when the existing chair plans to step down. This person should have extensive experience of chairing committees or perhaps of chairing a Board of Trustees in a Charity. The Chair role also requires working in partnership with our paid Chief Executive, who attends all Board meetings and manages all other staff and operations.

Vacancy 2 – Board/Company Secretary and Compliance Director – Three roles in one working with the Chair to arrange meetings and take minutes; working with the financial regulators to ensure our registrations and company/Board information is up-to-date; working with the Board and CEO to ensure that we meet all legal company and regulator requirements.

The role of a director requires require at least an hour or two per week, or as much time as you want or are able to commit. You'll be expected to prepare for and attend a monthly board meeting (it's online, typically 2 hours, on a Tuesday evening) and join an in-person away day every 6 months. You will also join one of our three committees; which meet on-line quarterly.

The role is as a non-executive voluntary director. It is unpaid and does not involve any direct working on the operational side of our business. We do however expect our directors to become familiar with the business and the wider credit union world. It would suit someone who is already working but has some spare time; or someone retiring or recently retired.

We are an equal opportunity organisation, so potential volunteers from women and/or ethnic minorities would be especially welcome. You will need to live or work in our area of operations The geographical counties of Wiltshire, Oxfordshire, Buckinghamshire & Berkshire.

Jobs

Directors for a growing Credit Union - Volunteer

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