Virgin Money Foundation

Charity Details
Full Name: The Virgin Money Foundation  
Founded: 2015
Type: Corporate
Where Operates: England and Wales
Headquarters: Newcastle, NE3 4PL
Charity No: 1161290 

History and Activities

The Virgin Money Foundation is a corporate foundation supported by Virgin Money Holdings (UK) pic and its main subsidiary Virgin Money pic. Following the collapse of the Northern Rock Building Society in 2008, the company was taken into public ownership, and after years of uncertainty, its retail operations and branches were sold to the Virgin Group in 2012 to create Virgin Money. The Northern Rock had supported the Northern Rock Foundation, which before the collapse of the bank was by far the largest grant-making foundation in the North East. Its decline and eventual dissolution left a big hole in third sector finances in the region. Virgin Money has been more circumspect in its approach to charitable giving but has nonetheless sought to maintain the Northern Rock tradition of supporting the communities in which it operates, helping stimulate economic and social renewal.

The Foundation has decided to operate through five funds or programme areas, each with a distinct thrust, contributing in different ways to community regeneration. The North East Fund works to support young people, combat homelessness and promote social enterprises in the company’s home region. The #will Take Action fund aims to engage young people in social action. The Ripple Fund is intended to stimulate social innovation, bringing significant change to local communities. The Heart of the Community Fund makes awards to local groups who Virgin customers vote as making the biggest difference to their communities. Finally, the Making a Splash Fund is designed to encourage social entrepreneurship. Heart of the Community and Making a Splash have gone live in 2018. The three other funds were up and running in 2017.

In 2017, the Foundation made 34 grants totalling £2,989,100, averaging £87,915, divided between the North East Fund (27.9%), the #iwill Take Action Fund (24.9%), and the Ripple Fund (47.2%). Eleven grants in excess of £100,000 were made to the North East Theatre Trust (£300,000), Scotcash CIC (£300,000), Back on the Map (£288,900), Emmaus North East (£250,000), Eberts House (£216,500), BALTIC Flour Mills Visual Arts Trust (£150,000), Groundwork North East (£150,000), Middlesbrough FC Foundation (£150,000), Keyfund Federation (£148,200) and Youth Focus North East (£146,100).

Vital Statistics (year to 31/12/2017)

Website
https://virginmoneyfoundation.org.uk/

References