Lloyds TSB Foundation for Scotland becomes the Corra Foundation
Today Lloyds TSB Foundation for Scotland becomes the Corra Foundation. Alongside the announcement of its new name and brand, the organisation has published the next iteration of its strategy, Change for Good.
Corra Foundation Chief Executive, Fiona Duncan said:
“We are delighted to share the next iteration of our strategy, along with a name and brand that connect with our roots, whilst providing our foundations for the future.
Between now and 2019 Change for Good will see us build on our aspirations to be the best grant maker we can be, get alongside communities – including those we don’t historically reach – and use our 30 years+ grant making experience to support others. Within all of this we will seek to go further, be bolder and above all to make partnership an underpinning principle of our approach.
We are hugely excited as we look forward to working with the many others who share the Corra Foundation’s passion for tackling some of the biggest challenges so that people are able to create positive change and enjoy fulfilling lives.”
Corra Foundation Chair, Trevor Civval said:
“As the Corra Foundation we will strive to be a progressive voice and be willing to innovate to help us achieve our mission which remains focused on making a difference to people and communities, by encouraging positive change, opportunities, fairness and growth of aspirations, which improve quality of life.”
For further information please contact: Shelley Gray (Head of External Relations) on 0131 444 4023/07816 509 772 or firstname.lastname@example.org
Notes to Editor
1. The Corra Foundation was previously called Lloyds TSB Foundation for Scotland. It became the Corra Foundation from Tuesday 29 August 2017.
2. The Corra Foundation has over 30 years’ experience as one of Scotland’s leading grant-makers, distributing more than £134m through over 14,500 grants to charities.
3. The foundation set out to develop a brand that has relevance to the organisation, and connects with its history whilst reflecting its future direction. The name ‘Corra’ comes from Scots mythology and relates to ideas of knowledge and change.
The name and logo are intended to have a subtly Scottish ‘feel’ and connect with the organisation’s roots in the savings bank movement. As such the new brand adopts the colours of the Duncan (modern) tartan to honour the Reverend Henry Duncan, after whom one of its grants programmes continues to be named.
4. The foundation has its roots in the Trustee Savings Bank (TSB) movement, established in 1810 by the Reverend Henry Duncan, in Ruthwell, Dumfriesshire. He started the Bank so that everyone, regardless of wealth or position, could benefit from a savings bank.
In 1985, four independent charitable trusts (Scotland, England & Wales, Northern Ireland, Channel Islands) were created by the will of an Act of Parliament when the Trustee Savings Bank Group was floated on the Stock Market.
A covenant was implemented which stated that Lloyds Banking Group would pay 1% of pre-tax profits, averaged over three years, to the Foundation so that Scottish communities would benefit from its share of 19.46% of the total. The constitutional documents were clear that Lloyds TSB Foundation for Scotland is a wholly independent organisation with a Chair and Board of up to 12 Trustees, who are unpaid and accountable for our work.
In 1997 Lloyds Bank and TSB Group merged. This significantly increased our income and the foundation became the largest Scottish independent grant making trust. In early 2010 Lloyds Banking Group served notice on the agreement and we are due to receive our final payment from the bank in February 2018.
The Corra Foundation is a charity registered in Scotland (No SC009481) and is also a company limited by guarantee (No SC096068). Fortify Social Enterprise CIC is a company limited by guarantee (No SC507457). Riverside House, 502 Gorgie Road, Edinburgh, EH11 3AF. The Corra Foundation was previously called Lloyds TSB Foundation for Scotland.