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Lloyds TSB Foundation Hits Back at Bank

LLOYDS TSB Foundation for Scotland is to restart its grant-making programmes after the charity it raised £2m through the sale of shares. The news is a major victory for the funder which has been fighting for survival since Lloyds Banking Group tried to change its terms and conditions last year when the bank announced record losses.

The bank served nine years notice to cut all ties with the foundation earlier this year in response to the acrimonious row over the redrawing of a covenant that guarantees one per cent of the bank’s pre-tax profits to the foundation and sister organisations elsewhere in the UK.

After vowing to fight on, the foundation has sold one lot of shares that it bought as part of two rights issues held by the Lloyds Banking Group in 2009, despite the bank initially moving to block it. The bank claimed the foundation was not allowed to take part in the rights issue or subsequent sale of shares.

But after concerted lobbying by supporters from across Scottish society, the banking group has relented and the foundation’s trustees have announced it re-opening its funding programme with proceeds of the sale. With the bank’s announcement that it is returning to profit earlier than anticipated, monies due to the foundation will now begin to flow again earlier than expected.

This year’s main grant programme will be named ‘The Henry Duncan Awards’ in honour of the Reverend Henry Duncan who founded the first Trustee Savings Bank – which ultimately led to the establishment of the Foundation – 200 years ago this year.

The first deadline for applications for Henry Duncan Awards is May 24, with further deadlines in July and September. The capacity building programme is also now open for applications, and charities can apply for one of these awards at any time. Details on the criteria and other information on how to apply can be found on www.ltsbfoundationforscotland.org.uk The Foundation also hopes to be in a position to continue its work with the Scottish Government in the successful Partnership Drugs Initiative in 2010.

Please note that the first deadline for applications to the Henry Duncan Awards is 24th May. Lloyds TSB Foundation for Scotland appreciate that this is a very tight timescale, but they are keen to make sure we get funds to charities as soon as possible. There are two further deadlines for this award programme on 19th July and 13th September.

Stuart Rennie

Organisational Development Adviser,

Funding & Sustainability

stuart.rennie@vanl.co.uk

Links:

• Lloyds TSB Foundation site: www.ltsbfoundationforscotland.org.uk

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