Founded | 4 August 1997[1] |
---|---|
Dissolved | 25 April 2016[2] |
Type | Charitable organisation |
Registration no. | A company limited by guarantee registered in England and Wales number 3416658, Registered charity number: 1063906 |
Location |
|
Area served | North East and Cumbria |
Website | www |
Northern Rock Foundation was an independent charity and company limited by guarantee in the United Kingdom. It was formed in 1997 when the Northern Rock company was floated on the stock exchange. Following the near-collapse of the bank and its nationalisation by the UK government, followed by the eventual sale of part of it to Virgin Money. The Foundation continued for a number of years. Virgin Money contributed grants totalling £1.5 million in 2011 and 2012, but in April 2014 it was announced that it would be wound down after not being able to agree further funding terms with Virgin. It closed in 2016.
The Northern Rock Foundation aimed to tackle disadvantage and improve quality of life in the North East and Cumbria. Between 1998 and 2016 the Foundation awarded £235.8 million in 4,417 grants.
The foundation was formed when the Northern Rock company was floated, with an initial donation of 15% of the share capital and a covenant to donate 5% of the company's annual profit thereafter. [3] [4] In 2006, Northern Rock was the second largest charitable giver in the FTSE 100 after ITV. [5]
In April 1996, when the Building Society was considering demutualisation, plans were announced by the then chairman, Robert Dickinson, for the creation of the foundation. Since the official launch of the foundation in January 1998, it has steadily grown and expanded its activities. The Foundation's work is carried out by a professional staff team of 12 based in Gosforth. [6] Previously in 2007 there had been 25 staff at the foundation. [7] In 2003, along with a new logo and the introduction of new programmes, the Foundation moved to a new building – the renovated Old Chapel in Gosforth. At the end of 2006 the foundation received £28.2 million investment. By the end of 2007 £190 million had been donated to the foundation, by Northern Rock.
Nationalisation ended the covenant requiring Northern Rock to remit a share of profits to the Foundation. Instead, for the next three years the Foundation was to receive an annual £15 million payment from Northern Rock, whether it remained publicly owned or returned to the private sector. The Foundation's shares were to be cancelled and compensated in the same way as those of other shareholders. [8] £7.3 million was awarded during the first 10 months of 2008, with an expected further £3.7 million before the end of the year. [9]
Upon the sale to Virgin Money, the deals with the Northern Rock Foundation was extended to at least 2013, which give Virgin and the Foundation time to discuss how they would work together; Virgin also run Virgin Money Giving, another not-for-profit company. In July 2013 Virgin Money donated £500,000 to the foundation to continue its work during that year. [10]
It was announced on 22 April 2014, that after numerous discussions, Virgin Money could not commit to funding the Northern Rock Foundation, and that as the foundation received no income from any other source it would be wound down. [11] Also in 2014 Virgin Money announced that they would create their own charitable foundation, the Virgin Money Foundation.
In January 2015 the head office of the foundation, The Old Chapel, Gosforth, was sold to another group of charities, the Community Foundation serving Tyne and Wear and Northumberland. [12]
The trustees took the decision to close down the foundation on 25 April 2016.
One of the halls at the Sage Gateshead is named the Northern Rock Foundation Hall. [13]
David John Sainsbury, Baron Sainsbury of Turville, is a British politician, businessman and philanthropist. From 1992 to 1997, he served as chairman of Sainsbury's, the supermarket chain established by his great-grandfather John James Sainsbury in 1869.
Northern Rock, formerly the Northern Rock Building Society, was a British bank. Based at Regent Centre in Newcastle upon Tyne, United Kingdom, Northern Rock was originally a building society. It demutualised and became Northern Rock bank in 1997, when it floated on the London Stock Exchange with the ticker symbol NRK.
Newman's Own is an American food company headquartered in Westport, Connecticut. Founded in 1982 by actor Paul Newman and author A. E. Hotchner, the company donates all of its after-tax profits to charity through Newman's Own Foundation, a private nonprofit foundation that supports child-focused programs.
The Glasshouse is an international centre for musical education and concerts on the Gateshead bank of Quayside in northern England. Opened in 2004 as Sage Gateshead and occupied by North Music Trust The venue's original name honours a patron: the accountancy software company The Sage Group.
Regent Centre is a large business park and residential complex in Gosforth, Newcastle upon Tyne, England. The business park is home to a variety of companies, including banking group Virgin Money whose Head Office is located on the site. The centre has its own transport interchange with a station on the Tyne & Wear Metro and integrated bus station.
Gosforth is an area of Newcastle upon Tyne, England, situated north of the City Centre. It constituted a separate urban district of Northumberland from 1895 until 1974 before officially merging with the city of Newcastle upon Tyne. In 2001, it had a population of 23,620.
Reed is an employment agency based in the United Kingdom. The company was founded in 1960 by Sir Alec Reed CBE. Reed's son, James Reed CBE, is the current chairman and chief executive officer (CEO).
Virgin Money UK plc is a British banking and financial services company. It is listed on the London Stock Exchange and Australian Securities Exchange; it is also a constituent of the FTSE 250 Index.
Product Red is a licensed brand by the company Red that seeks to engage the private sector in raising awareness and funds to help eliminate HIV/AIDS in eight African countries, namely Eswatini, Ghana, Kenya, Lesotho, Rwanda, South Africa, Tanzania, and Zambia. It is licensed to partner companies including Apple Inc., Nike, American Express (UK), The Coca-Cola Company, Starbucks, Converse, Electronic Arts, Primark, Head, Buckaroo, Penguin Classics, Gap, Armani, FIAT, Hallmark (US), SAP, Beats Electronics, and Supercell.
Eric Frederick Trump is an American businessman, activist, and former reality television presenter. He is the third child and second son of Donald Trump, the 45th president of the United States, and Ivana Trump.
Virgin Unite is the working name of The Virgin Foundation, the independent charitable arm of the Virgin Group. Created by Richard Branson and Virgin employees in September 2004, Virgin Unite pools volunteering efforts from across the Virgin Group and its hundreds of subsidiaries and associated companies to grow the efforts of smaller grassroots charitable organizations. Partnered with more than a dozen charities worldwide the company also provides a resource through the Internet by serving as an online donation centre for those wanting to contribute.
Network for Good is an American-certified B Corporation software company that offers fundraising software and coaching for charities and non-profit organizations. The company was founded in 2001 by America Online (AOL), Cisco Systems, and Yahoo! and has processed over $2.2 billion in donations since its inception. Network for Good charges between 3% and 5% transaction processing fee for donations, in addition to any subscription fees that the charity might incur. The transaction processing costs may be covered by the donor or by the nonprofit organization.
Manchester Pride is a charity that campaigns for LGBTQ+ equality across the United Kingdom, predominantly in Greater Manchester. The Charity offers dialogue, training, research and policy analysis, advocacy and outreach activities focusing on LGBTQ+ rights.
In 2008 the Northern Rock bank was nationalised by the British government, due to financial problems caused by the subprime mortgage crisis. In 2010 the bank was split into two parts to aid the eventual sale of the bank back to the private sector.
Partnership House is a landmark tower office building in Gosforth, Newcastle upon Tyne, United Kingdom. It is located within the Regent Centre business park, and was originally built to act as the main entrance and landmark building within the headquarters complex of the Northern Rock bank, prior to its near-collapse and nationalisation. It lies in the West Gosforth council ward. The building is owned by the local council, Newcastle City Council, whereas the majority of the Regent Centre buildings are owned by Omnia.
Landmark Mortgages Limited, formerly Northern Rock plc and later NRAM plc, is a British asset holding and management company which was split away from the Northern Rock bank in 2010. It was publicly owned through the British Government's UK Asset Resolution following Northern Rock's nationalisation in 2008 until NRAM plc was sold to Cerberus Capital Management in 2016. The company is closed to new business.
UK Asset Resolution (UKAR) is a British financial services holding company with headquarters in the West Yorkshire village of Crossflatts. It was established in October 2010 as a bad bank to hold the two run-off elements, Bradford & Bingley and NRAM plc, of the two nationalised banks in the wake of the financial crisis of 2007 and 2008.
The Silicon Valley Community Foundation (SVCF) is a donor-advised community foundation serving the Silicon Valley region. It is the largest charitable foundation in Silicon Valley.
The Donald J. Trump Foundation was a New York-based tax-exempt private foundation formed in 1988 by Donald Trump and dissolved by court order in 2018 after various legal violations came to light.