Northern Rock Foundation says closure 'inevitable'
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Northern Rock Foundation says closure 'inevitable'

22 Apr 2014 | Kirsty Weakley

The Northern Rock Foundation will close after it failed to reach a funding agreement with Virgin Money, the new owner of the Northern Rock bank.

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Northern Rock Foundation says closure 'inevitable'

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The Wellcome Trust has teamed up with pharmaceutical giant

Merck to create a joint-venture vaccine research organisation, in the first known pharma-charity partnership. The new Hilleman Laboratories has been guaranteed £90m in equal parts from the Wellcome Trust and Merck over a five-year period. 

Motability Operations issues bonds totalling £950m

Motability Operations, the not-for-profit service provider company to Motability, the UK’s leading car scheme for disabled people, raised £500m in September by issuing a seven-year bond with a coupon of 5.25 per cent. This follows a £450m ten-year bond issued in April with a coupon of 6.625 per cent

Charity benevolent fund to open next month

A benevolent fund for charity employees is to launch officially in November, six years after it was initially proposed and registered as a charity. 

5 per cent ‘have no reserves’

A survey of 127 mostly small and medium-sized charities has shown that 5 per cent hold no reserves at all, and nearly a quarter hold less than three months’ worth. But nearly half of them hold reserves that would last at least six months, according to the survey by CAF Bank.

A single and largely centralised body will never meet the need for a regulatory body to oversee an increasingly diverse sector.

» Hodge moots 'bonfire' of the Charity Commission

Commercial property values show speck of growth

The UK commercial property market returned to growth in August for the first time since June 2007. According to the IPD UK Monthly Index, the market climbed 0.2 per cent, the result of a continued easing in negative rental value growth, which improved by 10 basis points to -0.48 per cent over August, and a second-consecutive positive yield impact, at 0.64 per cent.

PinkStinks founders win Sheila McKechnie award

The founders of PinkStinks, the campaign to challenge the culture of ‘pink’ that pervades every area of girls’ lives, have won the first Women Creating Change Award at the 2009 Sheila McKechnie Campaigner Awards.  

Social Enterprise Coalition appoints new chief executive

The Social Enterprise Coalition (SEC) has appointed Peter Holbrook as its new chief executive. Holbrook is currently the CEO of Sunlight Development Trust. He replaces Jonathan Bland, who is departing in the new year.

Compact Voice board to consider complaint against its chair

Carl Allen, chair of Local Compact Voice and Compact Users Group, has threatened to make a formal complaint about Compact Voice to the Office of the Third Sector.

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