Finance Articles

Fifth largest UK personal mortgage lender ? Northern Rock plays a big role in philanthropy

What role does philanthropy have in our society and how businesses can set a precedent and make an impact on quality of life and wellbeing of their communities?

Most of us are aware of the recent philanthropic donation to Bill and Melinda Gates Foundation by Warren Buffet that has received a lot of publicity with funds dedicated to bringing innovations in health and learning to the global community. This act of selflessness and faith in bigger purposes of wealth distribution through all levels of society is attracting a lot of media attention, and deservingly so as the sheer dollar amount defies the limits of imagination for an average working human being or even for a well established business. But occurrences of that magnitude are rare and the foundation of philanthropy is actually driven by those individuals and businesses whose donations don?t seem as distinguished and go unnoticed. Unfortunately the media doesn?t emphasize enough on those everyday heroes.

So the story I would like to tell the readers is about a little (compare to Berkshire Hathaway!) philanthropic company that is dedicated and missioned to improve the quality of life in North East England and Cumbria. The foundation is called Northern Rock Foundation and a part of a well known fifth largest UK mortgage lender, Newcastle based ? Northern Rock.

I don?t want to discuss a financial success of Northern Rock, which deserves its own article and I am sure most of the readers can find the financial performance in other publicized papers.

Established in 1997, Northern Rock Foundation was set on a mission to commit to charitable causes with contributions from its parent company - Northern Rock (5% of annual pretax profits). The objective of the foundation is to improve life quality and wellbeing in North East England and Cumbria. The foundation is utilizing the funds, expertise and reputation to offer grants and loans to disadvantaged to help start new life with programs to advance their careers. Northern Rock Foundation gives another chance to those outside of the programs within limits of public agencies ? children elderly and other people seeking help in the community. On top of the grants, big emphases are directed to influence the local and national policy makers to address wider scope of disadvantaged seeking assistance.

The foundation encourages philanthropy for the employees of its parent company. In 2006 the foundation agreed to donate 2 pounds on every pound from the individual contributions of the employees. This initiative alone has raised almost four million pounds!

Another recent endeavor to support local tallents was an introduction of the Northern Rock Foundation Writer?s Award recognizing creativity and potential. The award supports writers encouraging them to pursue their passion and built careers on their potential, which is different from typical awards that recognize specific works of already established writers.

Numerous initiatives have been made reality helping real people in the community since the inception. Imagine what a difference can be made if other business followed the lead and made better life for their neighborhoods. The media can play a great role in publicizing and exemplifying companies such as Northern Rock to encourage others to open their hearts and reach out.

Compare Northern Rock

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