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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.
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