The Cross Hills-based Ecology Building Society -- which holds its milestone 21st annual meeting later this month -- has enjoyed another fruitful year.

Chief executive Paul Ellis said the society continued to grow at a healthy pace and provide ever increasing support for environmentally sound properties and projects.

Highlights of the financial summary included an 18.3 per cent growth in assets to £39.696 million, profit up by 6.3 per cent and management expenses down from 1.8 per cent to 1.74 per cent of mean total assets.

Mr Ellis said: "We are naturally delighted at our continued growth, which is one of the highest rates of growth of any building society.

"Such expansion means that more savers are putting more money into environmentally sound properties and projects, helping us to protect the earth for future generations.

Founded in 1981, the Ecology is also celebrating its 21st birthday this year.

Mr Ellis said: "From zero to almost £40 million in 21 years is a remarkable achievement for us.

"Setting up a building society from scratch has taken a lot of grit and determination. Our staff, directors and members can all take great pride in our continued success."

Ecology members will gather at the Centre for Alternative Technology, in Machynlleth, on Saturday, April 27, for the annual meeting.

The keynote speaker will be Green Party MEP and former Ecology director Jean Lambert.

Copies of the society's summary financial statement can be downloaded from the website at www.ecology.co.uk.

The Ecology operates on a national basis, dealing in specialist lending in a niche market where other societies do not seem to be able to operate.

It funds mortgages for derelict and run-down properties which need renovation, back to back properties, housing co-operatives and ecological enterprises, organic farms and small holdings, green self-build homes using sustainable materials and energy saving techniques, and buy-to-let properties needing renovation prior to letting.

And the society practises what it preaches. Plans have already been passed for a new showcase state-of-the-green-art head office development at Silsden, using a variety of recyclable materials.

The company wanted to create a concept which would minimise pollution and demonstrate eco-friendly design possibilities.

Proposals include a planted roof, energy-saving light, heat and toilet facilities, solar panels to provide hot water, and a natural ventilation system to minimise use of air conditioning and heating.