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Northern Rock Foundation
     
 

THE NORTHERN ROCK FOUNDATION

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. Its aims are to tackle disadvantage and improve quality of life in North East England and Cumbria. It does this by investing money, time and expertise in charitable activities using several tools including grants, loans, training, research and demonstration work. It also seeks to learn from and share good practice and, where appropriate, to inform and influence wider policies and practice. Its work is carried out by a professional staff team of 13 based in Gosforth, 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 a minimum of £15m a year in 2008, 2009 and 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.
 
For more information about the Foundation, including information about its grant programmes in 2008, see www.nr-foundation.org.uk.