Lloyds TSB Foundation for Scotland changes its name to Corra Foundation

29 Aug 2017 News

The Lloyds TSB Foundation for Scotland has announced today that it has rebranded itself as the Corra Foundation, and published its new strategy.

According to a spokeswoman from the organisation, the Lloyds TSB Foundation for Scotland has rebranded as the Corra Foundation because its existing relationship with Lloyds TSB is set to conclude in February 2019.

The foundation was one of four regional foundations which were supported by the Lloyds Banking Group and received 1 per cent of pre-tax profits. In 2010 Lloyds Banking Group served notice on the agreement and the charity is due to receive its final payment in February 2018. 

The spokeswoman said that it recieved shares from Lloyds in July of this year, which the foundation have since been able to sell, giving it a "reasonably sizeable pot of funds to invest in charities and communities" moving forward. However, she said that part of the foundation's new strategy mean it would be exploring "a range of approaches to support change, not all of which will follow a traditional funding model". 

The name Corra “comes from Scots mythology and relates to ideas of knowledge and change”. The new logo, pictured above, has been designed to have a “subtly Scottish feel” and represent something that “connects with our roots in the savings bank movement”. Rebranding cost the organisation £60,000. 

As part of the rebranding announcement, the foundation also today published what its called “the next iteration of its strategy” called Change for Good.

'We want to be bolder'

Fiona Duncan, chief executive of the Corra Foundation, said the organisation’s new strategy would help it to reach more community organisations with its grant programme in the future.

“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 plus 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.

“We are hugely excited as we look forward to working with the many others who share the Corra Foundation’s passion for tackling some of the biggest challenges so that people are able to create positive change and enjoy fulfilling lives.”

Chair of the Corra Foundation, 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.” 


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