What We Do
For the past 33 years, Corra Foundation has contributed to improving the lives of individuals and communities experiencing disadvantage all across Scotland and in developing countries. The foundation has given out over £138 million in grants and made almost 15,000 awards to charities.
Our vision is for a society in which people create positive change and enjoy fulfilling lives.
Our mission is to make a difference to people and communities in Scotland, by encouraging positive change, opportunities, fairness and growth of aspirations, which improve quality of life.
We have four strategic objectives to fulfil this:
- To be the best grant maker we can be – Grant making is at the heart of what we do and we want to do it as well as possible, with an open and accessible approach.
- To get alongside communities – We are working differently, including with communities we don’t historically reach, and others with a big appetite for change.
- To share expertise – We will use our 30+ years experience in grant making to support others.
- Partnership – We want to make a bigger difference to people by working together with others.
Changing our name
On 29 August, Lloyds TSB Foundation for Scotland re-branded and became Corra Foundation.
The past few years have been a time of significant change for the foundation. Our new brand has been driven by the opportunities created by our new strategic direction. This was introduced in 2014 and we will continue to build on it through our current strategy Change for Good.
Why ‘Corra Foundation’?
We set out to develop a brand that has relevance to our organisation, and connects with our history whilst reflecting our future direction. The name ‘Corra’ comes from Scots mythology and relates to ideas of knowledge and change.
The name and logo are intended to have a subtly Scottish ‘feel’ and connect with our roots in the savings bank movement. As such our new brand adopts the colours of the Duncan (modern) tartan to honour the Reverend Henry Duncan, after whom one of our grants programmes continues to be named.
The foundation has its roots in the Trustee Savings Bank (TSB) movement, established in 1810 by the Reverend Henry Duncan, in Ruthwell, Dumfriesshire. He started the Bank so that everyone, regardless of wealth or position, could benefit from a savings bank.In 1985, four independent charitable trusts (Scotland, England & Wales, Northern Ireland, Channel Islands) were created by the will of an Act of Parliament when the Trustee Savings Bank Group was floated on the Stock Market.
A covenant was agreed between Trustee Savings Bank and Trustee Savings Bank (TSB) Foundation for Scotland in 1985, making provision for Scottish communities to benefit from their share of 1% of the Group’s pre-tax profits (Scotland’s share being 19.46% of the total). In 1997 Lloyds Bank and TSB Group merged. This significantly increased our income and the foundation became the largest Scottish independent grant making trust. In early 2010 Lloyds Banking Group gave notice on the agreement and the final payment will be received in February 2018.
Since its establishment in 1985, the foundation has been an independent Scottish charity, with a board of Trustees who are unpaid and responsible for our governance.