Northern Rock Foundation announces its summer grants awards
The Northern Rock Foundation announced awards of almost £3 million in its latest round of grant making. Grants range from £100,601 over three years made to the Waddington Street Centre in Durham City, an organisation providing support to people with mental health problems, to £85,436 over three years to the Search Project which provides information, advice to older people in the West End of Newcastle.
“The Northern Rock Foundation is rooted in this region and these grants will provide vital funds to help people working with the most vulnerable people in the North East and Cumbria” said Penny Wilkinson the Foundation’s Chief Executive.
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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 latest awards approved for funding (contact details for funded organisations are available from the Foundation on request).