The Foundation was established in 2000 with unrestricted charitable objectives and no request or need to maintain a permanent endowment.
The Trustees decided to spend down its funds over 25 years, enabling more charitable causes to receive more support, more quickly, than would have been possible if the Foundation had maintained a permanent endowment.
The scheme is open to UK charities that have an annual turnover of less than £150,000.
Priority is given to local charities still active in their communities that are currently delivering services to the young, vulnerable, elderly, disadvantaged or the general community. Applicants must be able to demonstrate ongoing financial viability over the next 12 months.
Grants of between £2,000 and £10,000 are available for 12 months. The funding can be used for core costs (including salaries), projects, essential equipment , or building projects as long as they can be completed before the end of 2025.
The Foundation has indicated that competition for the funding is ‘intense’ as they are receiving an unprecedented number of applications, many more than can be funded.