Lloyds TSB Foundation for Scotland has now become 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.
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.
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.
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 and Wales, Northern Ireland, and 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 their work.
In 1997 Lloyds Bank and TSB Group merged. This significantly increased the Foundation’s income and the foundation became the largest Scottish independent grant making trust. In early 2010 Lloyds Banking Group served notice on the agreement and the Foundation is due to receive its final payment from the bank in February 2018.
Alternatively, contact the Foundation by phone: 0131 444 4020, or email: