The Foundation and the Nationwide Building Society - FAQs
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A: The Foundation is a registered charity and a company limited by guarantee. It is a separate legal entity from the Nationwide Building Society and is not part of the Nationwide Group.
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A: From 3 November 1997, all new members/customers of the Society have agreed to assign to the Foundation their rights to any future windfall benefits upon opening an account or mortgage with the Society. Existing members may also choose to assign such rights to the Foundation. Therefore, in the unlikely event of a conversion or take-over of the Society, any windfall benefits, which would otherwise be received by members, would pass to the Foundation under assignment and would form a fund to support future charitable giving.
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A: It is funded by contributions from Nationwide Building Society which has formally agreed to support the Foundation in its day-to-day activities and will, from time to time, make donations to the charity. Typically, the Foundation receives £2m per annum. As of 1 April 2008, the Society agreed to give 1% of its pre-tax profits to charitable causes and the Foundation receives a proportion of this. The remainder is distributed to charitable causes by the Society's Corporate Affairs department.
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A: The Foundation is governed by a Board of a maximum of ten Trustees, six are nominated by the Society (no more than three can be directors, officers or employees of the Society). Four additional Trustees are appointed by the Board and are usually recruited through open advertising. Trustees are chosen so that the Board has the right mix of skills and experience to ensure the Foundation makes the best use of its funds. The Foundation is additionally supported by a small team of staff based at Nationwide's head office, where the Society kindly donates office space to the charity.
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A: Vacancies for these positions are advertised on The Foundation's website and through national and/or regional press publications. Candidates will be expected to have experience which can further the Foundation's aims and skills which will contribute to those of the team of Trustees. As and when a vacancy arises details will be provided as to the skills required within the advertisement. A shortlist of applicants will be interviewed by members of the Board. No Trustee serves more than six years. Trustees are required to attend quarterly Board Meetings in London or Swindon, be involved in developing strategy for the Foundation and set policies to direct the management of the Foundation. You will have the opportunity to visit charities and attend relevant seminars and forums. The role of Trustee is voluntary and no fees are paid, but attributable expenses are reimbursed.
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A: No - the Board of Trustees has that responsibility but customers may encourage any appropriate charity to apply to The Foundation for funding.
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A: In the unlikely event of the Society's demutualisation, the Foundation's Trustees would determine new funding criteria, based on informed research, to ensure the funds it would receive from customers' assigned windfall benefits, would be deployed to maximum benefit. It is not possible to specify in advance what organisations might benefit from conversion benefits which The Foundation received; to do so would commit the Trustees at a time when they do not know the full circumstances (for example, how much money would be involved, what social issues are affecting the UK at the time, what government's and other funders agenda's are etc).
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A: Applications are accepted from registered charities - please refer to the Foundation's funding guidelines.
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A: The Foundation does its best to spread the grants evenly around the country, but that process is governed largely by the applications received.
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A: By viewing the "Previous Grants" page or by writing to The Nationwide Foundation, Nationwide House, Pipers Way, Swindon SN38 2SN, or e-mail: enquiries@nationwidefoundation.org.uk
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A: By writing to: The Nationwide Foundation, Nationwide House, Pipers Way, Swindon, SN38 2SN.
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A: The Nationwide Foundation is itself a registered charity and is therefore bound by charity law. It can only operate in accordance with its constitutional objects which are to promote charitable purposes according to the law. The Charities Act 1993 (revised 2006) states that all charities must register with the Charity Commission (unless they are ‘excepted’ or ‘exempt)’. We currently only fund registered charities because this gives us reassurance that our funds will only be used by organisations which:
- comply with charity law and SORP accounting practices,
- are set up primarily for public benefit,
- are held publically accountable,
- are regulated by the Charity Commission, the Office of the Scottish Charity Regulator or are registered as exempt by the Inland Revenue in Northern Ireland.
Clearly, we receive many applications for funding and are unable to visit every charity which asks us for funding. The Charity Commission publishes important information about all registered charities on its website, including financial records, whether an organisation is under inquiry, or is late filing its returns. All of this helps us to assess applicants more fully and therefore to make more effective funding decisions. The policy to only support registered charities is reviewed regularly to ensure it enables us to meet our strategic funding objectives.
Feedback from Members
The Trustees of the Nationwide Foundation continually welcome feedback from members on its work.
The Nationwide Foundation is a registered charity (no 1065552) and has limited liability being a company limited by guarantee registered in England and Wales (no. 3451979). Registered office address: Nationwide House, Pipers Way, Swindon, SN38 1NW.
Site updated: December 2011
Site updated: December 2011