Lloyds TSB charity rebrands as Corra Foundation

The Lloyds TSB Foundation for Scotland has been rebranded as the Corra Foundation, a few months ahead of its final scheduled payment from Lloyds Banking Group.

The foundation has its roots in the Trustee Savings Bank (TSB) movement, established in 1810 by the Reverend Henry Duncan in Ruthwell, Dumfriesshire.

In 1985, after TSB was floated on the stock market, four independent charitable trusts for Scotland, England & Wales, Northern Ireland and the Channel Islands were created by an Act of Parliament.

A covenant was implemented which said that Lloyds Banking Group would pay 1 per cent of pre-tax profits, averaged over three years, to the foundation so that Scottish communities would benefit from its share of 19.46 per cent of the total.

Following the merger of Lloyds Bank and TSB Group in 1997, the foundation’s income increased significantly and it became the largest Scottish independent grant making trust.

However, 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.

The launch of the foundation’s new name and brand coincides with the launch of its new three-year strategy, Change for Good.

Fiona Duncan, chief executive of the Corra Foundation, 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.”

Trevor Civval, chair of the Corra Foundation, added: “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.”