Northern Ireland’s voluntary and community sector has received a major boost with the confirmation that the Lloyds TSB Foundation for Northern Ireland has secured long-term funding.
The Foundation has now concluded negotiations with its primary funder, the newly formed and expanded Lloyds Banking Group.
Together with sister foundations in England & Wales, and the Channel Islands, it will receive “guaranteed funding” every year for four years from 2010 to 2013, and at a higher level than in 2009. The three Foundations have also secured an ongoing commitment for at least the subsequent six years.
Sandara Kelso-Robb, Executive Director of the Lloyds TSB Foundation for Northern Ireland, said that the outcome ensures the Foundation will maintain and potentially expand funding and support for Northern Ireland charities at a time of very difficult and challenging economic circumstances.
She added: “Following turmoil in the world of banking there had been fears that the Foundation funding from Lloyds Banking Group would decrease in line with profits. However, the newly negotiated revenue stream will allow the three Foundations to inject funding of around £30 million annually into the UK Voluntary and Community sector.”
The Lloyds Foundation in Scotland has refused to accept a new funding formula from Lloyds Banking Group, claiming that the proposed new funding was a bad deal for the Foundation.