# Lloyds TSB Foundation for Scotland welcomes court’s £3.5 million decision

- Link: https://fundraising.co.uk/2012/01/09/lloyds-tsb-foundation-scotland-welcomes-court039s-35m-decision/
- Published: 2012-01-09T11:38:21+00:00
- Author: Howard Lake

![](https://www.fundraising.co.uk/files/images/news/lloyds_tsb_foundation_scotland.
png)

The Lloyds TSB Foundation for Scotland has welcomed a court decision ordering Lloyds
Banking Group to pay it £3.5 million, describing it as “great news” for charities
in Scotland.

The decision follows a dispute over the money due from the Group to the Foundation
under the terms of a covenant which entitled it to a share of profits. Lloyds had
claimed the Foundation was due only £38,920, while the Foundation maintained the
correct sum was more than £3.5 million.

At the first hearing the judge ruled against the Foundation, but three appeal judges
have now overturned that ruling, ordering Lloyds Banking Group to pay £3,543,433
million to the Foundation.

## Advertisement

 [⌊Posthub advert. You create the campaign. We'll handle the postal journey. Get started at post-hub.co.uk.⌉](https://fundraising.co.uk/ads/posthub-20261007-300x250/)

Last year the Foundation made 241 awards, totalling £2,307,699, to charities in 
Scotland.

Mary Craig OBE, the Foundation’s Chief Executive, said: “The court’s decision is
extremely welcome and shows that the Foundation’s trustees were right not to accept
the original finding… This decision will help us considerably to carry on with our
work supporting charities throughout Scotland which are clearly focused on improving
the quality of life for people who are disadvantaged or at risk of becoming so.”

The dispute between the banking group and the foundation took a new turn in November
2010 when the Group set up a new charity which “will eventually become the group’s
only community investment vehicle in Scotland” according to [The Scotsman](http://www.scotsman.com/news/lloyds_launches_rival_to_its_own_charity_arm_after_cash_row_1_833816).
The new [Bank of Scotland Foundation](http://bankofscotlandfoundation.org) has made
grants worth more than £1 million to over 200 Scottish charities.

www.ltsbfoundationforscotland.org.uk

 * **[Scottish Charity Awards 2012 open for entries](https://fundraising.co.uk/2012/02/16/scottish-charity-awards-2012-open-entries/)**(
   16 February 2012)
 * **[A charitable budget?](https://fundraising.co.uk/2012/03/23/charitable-budget/)**(
   23 March 2012)
 * **[Tenancy deposit scheme in Scotland to donate surpluses to charity](https://fundraising.co.uk/2012/06/18/tenancy-deposit-scheme-scotland-donate-surpluses-charity/)**(
   18 June 2012)