Lloyds TSB Foundation NI, the organisation which funds many of Northern Ireland’s smaller charities, has confirmed that it is still very much in business.

 

Chairman, Mr Gary Mills, said that he wanted to reassure the voluntary sector that the Foundation’s important role would continue despite the well publicised difficulties in the banking sector. However, he warned that levels of funding available to the Foundation for the foreseeable future would be lower than in previous years as they are linked to the Bank’s profitability.

 

“The four Lloyds TSB Foundations across the UK derive their income from the Lloyds Banking Group receiving a percentage of pre-tax profits. Unfortunately, with a decrease in bank profits, the amount of money available to us with bank profitability under pressure has declined – a regrettable but unavoidable fact,” he said.

 

“Fortunately, the Foundation in Northern Ireland operates prudently and has a low cost base. Our rolling Grant Programmes focusing on Social and Community Welfare and Education and Training are ongoing, with quarterly closing dates, and continue to provide grants to underfunded local charities. However, two changes have been made to the programme, namely that the maximum amount that can be applied for is £5,000 and that to be eligible, organisations must have had an income of under £250,000 within the previous twelve months. The Trustees and executive team will continue to review the parameters of this programme as, unfortunately, the funding situation could worsen in the medium term. However, we are still in receipt of very significant funding that will be allocated wisely to  many voluntary and community sector organisations throughout Northern Ireland,” he concluded.