As part of a retrenchment programme in the wake of the crisis at the Northern Rock Building Society, the Northern Rock Foundation will close its Culture and Heritage programme this month after one last round of grants. The Foundation is funded by an annual donation of 5% from the pre-tax profits of Northern Rock plc, which to date has amounted to £190m. The Trustees have assured all grant recipients that they have funds set aside to meet outstanding commitments, including grants awarded over several years. The Foundation’s programme for 2008 will continue to give grants for work across the North East and Cumbria, but these will total £7m, down from £16m in 2007, and are restricted to three of their six programmes: Safety and Justice, Building Positive Lives and Independence and Choice. A statement by Northern Rock said,“It was difficult for the Trustees to choose three from a set of extremely valuable programmes. We deeply regret the things we can no longer do.”
