Scottish funder provides almost £2.5m to help with cost of living crisis
Edinburgh based charity, Bank of Scotland Foundation, is offering its 178 current grantees a share of £2,406,465 to help with the significant impact of the cost of living crisis. The Foundation’s grantees, and charities more generally, tell them that rising demand for services, rising core costs, and reducing funding are causing uncertainty, increased financial pressures and long-term stress.
“As our current strategy draws to a close, our Board of Trustees met recently to discuss the ways that we can support charities in Scotland and help them to become more secure and resilient during these difficult times. Whilst our new strategy will launch in January, our Trustees are committed to supporting our current grantees recognising that multi-year funding is also critical to their long-term sustainability " said Donald MacKechnie, Chair of Bank of Scotland Foundation.
SECOND YEAR FUNDING BOOST
Considering the ongoing challenging operating environment and the huge value of multi-year funding to charities, all 119 charities with live grants from the Foundation's one year Reach grant programme are being offered a full second year of funding.
Accepting the offer is simple and straightforward and there is no application or assessment process. If charities have already secured funding for a second year then this new funding can also be used for unrestricted core costs such as salaries, utility bills or rent.
Grants range from £1,500 - £25,000 to charities supporting people experiencing difficulties such as severe financial hardship, food insecurity, housing issues, redundancy and worsened mental health. If all charities accept the offer, this will see £2,052,121, distributed over the next 12 months.
INFLATION UPLIFT PAYMENTS
The 59 charities with live multi-year Invest and Change grants will be offered a 15% uplift of their annual grant amount. As high rates of inflation and the cost-of-living crisis are posing a real threat to many charities, the unrestricted offer is intended to help charities meet the original purpose of their grant and/or contribute to unrestricted costs such as salaries, utility bills or rent. If all charities accept, they will share a total of £354,344.
Donald added, “By providing these additional payments, Bank of Scotland Foundation is playing a vital role in strengthening Scotland's charity sector and ensuring that crucial services continue to be available to those who need them most. We hope our continued efforts to support charities will have a lasting and meaningful impact on the lives of many vulnerable people and communities across Scotland.”
This is not the first time the Foundation has been at the forefront of helping charities face rising costs. In August 2022, the Foundation provided almost £1,000,000 of additional financial support to help charities through the cost of living crisis.
The Foundation is set to launch its new five-year strategy in January, which will see a range of new grant programmes introduced in 2024 to help charities work towards a brighter future for some of Scotland’s most vulnerable people.
As a responsive and flexible funder, the Foundation's new strategy will offer more unrestricted and multi-year funding through its grant programmes enabling charities to use their funding in the way that helps them best and provide greater stability.
Details will be announced on their website www.bankofscotlandfoundation.org in January.