I am delighted to report on my second year as the Chairman of the Foundation and to take this opportunity to pay tribute to the dedication and hard work of the Foundations throughout the year.

 

The results for the year are shown in the financial statements on pages 15 to 29 of our Annual Report and Accounts.

 

The covenanted income for the Foundation was £1,074,500,which was  in accordance with the revised covenant entered into with Lloyds Banking Group dated February 2010. I  am pleased to report that this will remain at the same level throughout 2011, 2012 and 2013 and thereafter with a significant ongoing commitment for the remainder of the agreement.

 

This amount was devolved throughout the Bailiwicks of Jersey and Guernsey. The number of grant applications rose from 17 during 2009 to 40 in 2010.

 

A list of the charities benefitting from the donations can be found on pages 27 to 29 of the accounts.

 

The staff of the Lloyds Banking Group within the Islands continue to raise funds for their favourite charities and throughout 2010 through the Matched Giving Scheme raised £23,995 (2009: £29,051) which the Foundation matched.

 

Throughout 2010 we took the opportunity by way of press releases and Radio to highlight the work and donations provided by the Foundation in order to increase the public awareness.

 

In November we again hosted two successful seminars in Guernsey and Jersey giving Charities the opportunity both to network and also gain knowledge from the keynote speaker, David Emerson, Chief Executive of the Association of Charitable Foundations within the UK.

 

This is my last report as chairman of the Foundation as I retire from office this year.

 

It has been a challenging two years for the Foundation with the conclusion of negotiations with Lloyds Banking Group commencing a new covenant with the Group which we believe will secure funding for the Foundation for the future.

 

I would like to thank our Executive Director John Hutchins for his enthusiastic work for the Foundation and for his support to me as chairman. In addition I thank Linda Kelly and the staff of the England and Wales Foundation for their support which we greatly value.