Corra’s History

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 was 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.

On 15 December 2023 we published a review of Corra Foundation’s historical funding. This is an independent report commissioned by Corra and authored by Dr Stephen Mullen from the University of Glasgow. It examines the links to historical Atlantic slavery, the British Empire and colonialism of the banking sector and institutions from which Corra emerged. 

Corra Foundation has distributed almost £193 million, and made nearly 16,000 grants to help improve the lives of individuals and communities experiencing disadvantage all across Scotland and in countries around the world. Corra Foundation has made almost 16,000 grants to charities across Scotland. These range from the well-known to small individual community groups receiving a few hundred pounds for a local project. Since 1997, the organisation has granted almost £31 million to support salaries – and therefore jobs – in Scotland’s charitable sector. Read about the grants Corra has made.

Our People in Place work has worked alongside communities across Scotland to support long term change in each place and at a systemic level. This work has reached over 14,500 people, supported 158 community ideas to become a reality, supported a community to access or take control of 16 local assets, supported 5 communities to develop action plans, and directed £1million of funding to communities.

In 2020, Corra launched a 10 year strategy that outlines three big changes we are working towards achieving by 2023.