Creating a meaningful and sustainable partnership:
The Lloyds Bank Foundations will continue to receive up to 0.5%1 of Lloyds Banking Group’s profits and, in order to help insulate the Foundations from any future volatility in the Group’s profits, a guarantee has been put in place that a minimum of £15m will be available to them each year.
As previously announced, the Group’s annual donation to the Bank of Scotland Foundation will double to £2m from 2014. This significant increase in funds will allow the Foundation to introduce a new Medium Grants Programme, ensuring it continues to deliver much needed funding to charities and communities across Scotland1.
Historical milestone
To mark this important milestone in the Group’s relationship with the Foundations, a signing ceremony took place on 2nd December 2013 in Lloyds Banking Group’s Head Office, 25 Gresham Street, London. Chairman, Sir Winfried Bischoff, signed on behalf of the Group, Professor Sir Ian Diamond, Foundation Chair and Trustee, on behalf of the Lloyds TSB Foundation for England and Wales, John Boothman, OBE, Deputy Chair for Lloyds TSB Foundation for Channel Islands, and Tony Reynolds, Chair for Lloyds TSB Foundation for Northern Ireland.
Sir Winfried Bischoff said: “Lloyds Banking Group’s support and commitment to the four separate Foundations is unwavering and deeply felt. I believe it is beholden upon us all to ensure that the Foundations not only endure, but are not vulnerable to the vagaries of a dramatic fall in the economy. The Foundations play an essential role in our society and, between them, help some of the most vulnerable people within our communities. Laying such an enduring bedrock of funding, and in so doing guaranteeing the longevity of the Foundations, is a proud moment for us all.”
Speaking on behalf of the Foundations, Professor Sir Ian Diamond said: “This agreement sees the creation of a legacy that will guarantee the Foundations significant funding and maintain an independently durable and lasting financial future. Together we have created a meaningful and sustainable partnership for us all.”
