Northern Rock Foundation

Commenting on the awards, the Foundation’s Chief Executive Penny Wilkinson said “I am delighted to announce our latest round of grants. We have always supported those organisations in the North East and Cumbria who work with the most disadvantaged, whether they are young homeless people struggling to find somewhere safe to live or older people who are finding it difficult to make ends meet.”

Ends

Notes to editors

Northern Rock Foundation is a charity and company limited by guarantee with an independent Board of Trustees that makes all decisions on governance, finance and policy. The Foundation aims to tackle disadvantage and improve quality of life in North East England and Cumbria. The Foundation’s work is delivered by a professional staff team of 14 based in Newcastle upon Tyne.

The Foundation was established when Northern Rock demutualised in 1997. Up to December 2007, the bank gave, by covenant, 5% of its annual pre-tax profits to the Foundation, totalling more than £190 million. The Foundation will receive £15 m in 2010 from Northern Rock, as part of the arrangement under which the bank was taken into temporary public ownership. Maintaining this arrangement is a condition of any sale of the bank in that period. The Government has asked the bank’s board to identify a viable long-term future for the Foundation.

Full list of funding approved in March 2010 (contact details for funded organisations are available from the Foundation on request).