Posted on 24th March 2011
Lloyds TSB Foundation for England and Wales has announced its income for the next three years will be £25.2m per annum. The Foundation was created 25 years ago, and since then has invested £297m in 42,000 charities.
Over the last three years £56.8m of that sum has been invested in the flagship community programme, primarily in meeting core costs. The Foundation reports that by funding core costs it has been able to support the maintenance and creation of over 2,500 jobs and 12,000 volunteering opportunities (often the first step towards employment).
It says that this funding has also ensured that:
• 69% of charities were able to maintain their core services
• 38% were able to provide new services
• 32% improved the quality of their services.
In addition nearly a third of charities (30%) found that funding from other sources was maintained as a result of the Foundation’s grant, while the same proportion found funding from other sources increased as a result of the Foundation’s grant.
Linda Kelly, foundation chief executive, says: “We are particularly pleased to be able to provide a continued and high level of sustained support to charities that deliver lasting changes within our communities. Charities are finding securing funding very difficult with significantly less statutory funding available, matched funding problems and a fall in infrastructure support. We hope our continued approach, as a leading community funder will help provide the much needed support and core funding charities need to continue their vital work with our society’s most disadvantaged people and communities.”
The Foundation derives its income from Lloyds Banking Group through a deed of covenant and has a nine-year funding agreement in place, with guaranteed funding of over £75m for the next three years.
Meanwhile, the Lloyds TSB Foundation for Scotland resumed acceptance of grant applications in April last year following a dispute over the terms of its deed of covenant with Lloyds Banking Group. The first grants of 2010 were made in August.
In total 307 grants were awarded in the year, totalling £2,123,880. Of the awards, 166 were Henry Duncan Awards (named in honour of the Reverend Henry Duncan who founded the first Trustee Savings Bank 200 years ago last year), six were Capacity Building Awards, 14 were made under the Foundation’s Partnership Drugs Initiative and the remainder were match-giving awards supporting the fundraising efforts of Lloyds Banking Group staff members.
In 2011 the Foundation anticipates and has budgeted for making grants totalling a similar amount – around £2m. Chief executive Mary Craig says: “The Foundation is keen to make awards to charities which benefit disadvantaged people in our society. Our surgeries are intended to help make the application process as straightforward as possible for charities, and they are a great way for charities to get advice and discuss their projects face to face before applying.”
