Iconic Scottish funder drops TSB from its name

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The Corra Foundation, formerly the Lloyds TSB Foundation for Scotland, has a new brand and is promising it is a change for good

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28th August 2017 by Susan Smith 0 Comments

A Scottish foundation with links back to the social finance movement of the early 19th century has announced a rebrand.

The Lloyds TSB Foundation for Scotland is dropping all reference to the Trustee Savings Bank (TSB) which was set up by the Reverend Henry Duncan in Dumfriesshire in 1810.

From now on it will instead be knowns as the Corra Foundation. The word Corra comes from Scots mythology and relates to ideas of knowledge and change.

In 2015 the foundation distributed £2.7 million in grants to 221 charities but this leapt to £16.6m in 2016 after it won the contract to deliver £16m of funding on behalf of the Scottish Government.

Alongside the announcement of its new name and brand, the organisation has published the next iteration of its strategy, Change for Good.

Corra Foundation chief executive Fiona Duncan said: “We are delighted to share the next iteration of our strategy, along with a name and brand that connect with our roots, whilst providing our foundations for the future.

“Between now and 2019 Change for Good will see us build on our aspirations to be the best grant maker we can be, get alongside communities – including those we don’t historically reach – and use our 30 years grant making experience to support others. Within all of this we will seek to go further, be bolder and above all to make partnership an underpinning principle of our approach.”

The foundation was created in 1985 as part of an Act of Parliament following the TSB bank being floated on the stock market. It was established alongside similar foundations in England & Wales, Northern Ireland and the Channel Islands.

A covenant was implemented which stated that bank would pay 1% of pre-tax profits, averaged over three years, to the Scottish foundation so that Scottish communities would benefit from its share of 19.46% of the total.

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.

However, in 2010 the foundation refused new terms that would see it receive less than 1% of pre-tax profits and the Lloyds Banking Group served notice on the agreement. The foundation is due to receive its final payment from the bank in February 2018.

Corra Foundation chair Trevor Civval said: “As the Corra Foundation we will strive to be a progressive voice and be willing to innovate to help us achieve our mission which remains focused on making a difference to people and communities, by encouraging positive change, opportunities, fairness and growth of aspirations, which improve quality of life.”