Finance: Lloyds TSB foundations' grant spend drops after profits dip

The Lloyds TSB foundations have seen their grant spend for 2005 fall slightly after the Lloyds TSB group recorded a 20 per cent drop in pre-tax profits last week.

The foundations, which work across all the home countries, receive 1 per cent of the pre-tax profits of the finance giant, averaged over the preceding three years.

Their allocation has dropped by around £270,000, or 0.7 per cent, after the Lloyds TSB group announced pre-tax profits of £3.5bn for 2004. Lloyds TSB said the drop in profits could be explained by the selling of businesses such as the Bank of New Zealand.

The foundations will distribute £31.2m to charities during 2005.

The money will be split between England and Wales, which get £22.5m, Scotland, which gets £6.1m, Northern Ireland, which gets £1.7m, and the Channel Islands, which receives £959,000.

Since their creation in 1986, the foundations have made grants totalling more than £230m, supporting charities that work with disadvantaged and disabled people.

"We are proud that the four foundations have been able to help more than 40,000 charities since 1987 and that a significant number of charities use our grant to attract additional essential funding," said Kathleen Duncan, director general of the Lloyds TSB Foundation for England and Wales.

According to figures from Charities Aid Foundation, the England and Wales Foundation was the largest company foundation and the 16th largest grant-maker in the UK in 2002/3, distributing grants of £25m and with an income of £26m. The Lloyds TSB Foundation for Scotland was the third largest company foundation.

The Northern Rock Foundation was the second largest company foundation, with grants of £11m and income of £15m. CAF said the four Lloyds TSB foundations operate independently from their parent company.

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