Northen Rock And The Northern Rock Foundation
NORTHERN Rock and the Northen Rock Foundation – it’s your money now. The Croydonian takes a look:
Very generously, the expropriators of Northern Rock have agreed to continue giving the Northern Rock Foundation large sums of money to spend as the trustees see fit:
“Tim Farron: To ask the Chancellor of the Exchequer if he will ensure that the guaranteed funds for the Northern Rock Foundation will go to funding arts and heritage projects.
Angela Eagle: As part of the Government’s decision to take Northern Rock plc into temporary public ownership, on 17 February the Treasury announced that the Northern Rock Foundation will receive from Northern Rock a minimum of £15 million a year in 2008, 2009 and 2010. The distribution of funds is a matter for the trustees of the Northern Rock Foundation.
A quick snoop around the Foundation’s website makes it exceedingly clear that it is not going to be operating under straitened circumstances, relative to previous years:
“From 1997 to 2007, the Foundation received 5% of Northern Rock’s annual pre-tax profits, totalling more than 190 million. As part of the Government’s decision in February 2008 to take the company into temporary public ownership, the Foundation will receive from Northern Rock a minimum of £15 million a year in 2008, 2009 and 2010“.
And what is the NRF’s remit?:
This: “Our current objectives are to tackle disadvantage and to improve quality of life in North East England and Cumbria. To achieve these objectives, we invest in charitable activities that help those most disadvantaged in society, and that make our area a place for everyone to enjoy and celebrate“.
And more specifically:
Question 3. Where will you fund?
Answer. We offer funding exclusively for work that takes place in North East England (Northumberland, Tyne and Wear, County Durham and the Tees Valley ) and Cumbria . If your work takes place outside these areas, please do not apply.
Might even this government feel that funding such a Foundation is just not cricket?
Posted: 27th, February 2008 | In: Money Comment (1) | TrackBack | Permalink
