Scottish grant-making charity, the abrdn Financial Fairness Trust (formerly known as the Standard Life Foundation) is currently seeking applications for its grant scheme entitled “Tackling Financial Problems, Improving Living Standards”.
The Financial Fairness Trust is an independent charitable trust. Its mission is to contribute towards strategic change which improves financial well-being in the UK. The Trust's ambition is that everyone should have a decent standard of living and feel in control of their finances, improving the lives of those on low-to-middle incomes.
The Trust’s registered office is in Edinburgh and it also has an office in London. Whilst their remit is UK wide and the majority of their work will be of benefit to UK residents, the Trust is keen to support work in Scotland, including UK-wide work which has a Scottish dimension to it. There are specific issues relating to geography, with some regions and areas of the UK faring better than others, which the Trust aims to address through the work it funds. Please note that it is unlikely they will fund work which is solely focussed on areas smaller than a region, such as a neighbourhood, borough or town.
Specifically, the work it supports examines and promotes measures to:
1. Address issues related to spending and borrowing, particularly where it becomes problematic.
2. Ensure people have an adequate safety net, building savings and assets.
3. Increase incomes for those on low-to-middle incomes, and
4. Reduce the cost of living, making sure those on lower incomes are not paying more.
Funding is available for a range of strategic work that will benefit more than individuals and has the potential to benefit large numbers of people within the UK. This work must aim to create a step change in policy, practice, attitudes and/or behaviour. It includes policy work, campaigning, research, public attitudinal work, and improving practice and design.
The programme aims to achieve and benefit the following:
o Address specific inequalities, differences and vulnerabilities.
o Improving the lives of those living on low-to-middle incomes in the UK who are struggling to make ends meet, and who are cycling in and out of hardship. Whilst it’s vital to ensure that those facing financial hardship are supported, the Trust also believes it’s important to prevent people falling into financial difficulties. A priority for them is work focussed on younger generations.
o People who are vulnerable financially. This is where people, due to their personal circumstances, are especially susceptible to financial detriment, particularly when a firm, government or other organisation is not acting with appropriate levels of care. This includes vulnerability as a result of health problems, disability, or due to a problematic situation such as redundancy, bereavement or divorce. Some groups are more affected than others. For example, disabled people, black and minority ethnic communities and single parents are more likely to have low incomes and have few assets compared to others. These problems can be even greater for those facing multiple disadvantages, and
o Work that addresses the root causes, rather than supporting individual beneficiaries, is a more sustainable approach to improving financial wellbeing.
While there is no minimum or maximum grant size, grants usually range from between £10,000 and £200,000, with most awards being between £50,000 to £120,000 in total. The amounts may be spread over 1, 2 or 3 years, and sometimes for shorter periods, for example six months. For example, a grant of £60,000 could be spread as £20,000 each year over 3 years, or £40,000 in the first year and £20,000 in the second. The Trust expects to fund 15-20 projects across the UK each year.
Funding is normally awarded for a specific project and sometimes for on-going costs. This includes staff salaries and overheads.
The Trust is interested in learning lessons from other areas (from within and outside the UK) and how good ideas and practice can potentially be replicated across the UK. Its aim is not to transfer policies from one place or sector to another but to translate the learning in a way others can act upon in a way that is appropriate to the situation and circumstances in the UK. It is also interested in international comparisons and how the UK fares in relation to other countries.
Funding is not available for:
o General appeals.
o Individuals.
o Organisations seeking to distribute grants on behalf of the Trust.
o Organisations that have been rejected by the Trust in the last 12 months
o Organisations which have fewer than three non-executive people on their governing body (trustees/directors). Applicants must have at least three who are not employees of the organisation or affiliated to it in any other way.
o Organisations whose accounts are in serious fi nancial defi cit.
o The direct delivery of services, unless this is testing a new approach which has good potential to lead to wider change and be of significant benefit.
o The promotion of religion.
o Where an organisations have significant unrestricted reserves (including those that are designated). Generally, up to nine months’ expenditure is normally acceptable. The will make exceptions for some institutions which need to holder larger reserves such as universities and housing associations
o Work that does not address those on low-to-middle incomes living in the UK.
o Work that has already taken place.
o Work that is not charitable, or
o Work that is primarily the responsibility of statutory authorities.
Further information, guidance and details about how to apply is available on the Trust’s website.
The deadline for outline applications is 1pm on Monday 6th February 2023. Applicants will be notified whether they have been shortlisted for funding within 2 months of the closing date, but please note that it can take 4-5 months from the application deadline for the Trust to make a final decision on funding.
