Barclays Bank has just announced it is to establish a new Foundation, initially to provide a COVID-19 Community Aid Package of £100 million to charities working to support vulnerable people impacted by COVID-19, and to alleviate the associated social and economic hardship caused by the crisis.
The package is made up of two components.
1. A corporate contribution of £50 million, which will be donated to, and deployed via, a variety of charities working to support vulnerable people impacted by COVID-19, and in alleviating the associated social and economic hardship caused by the crisis. The money will be disbursed principally in the UK, but also in Barclays’ international markets, including the USA and India.
2. A £50 million commitment by Barclays to match personal donations made by our employees to charities of their choice, local to them, and which are working to support communities impacted by the COVID-19 crisis.
In total this initiative represents a corporate commitment overall of £100 million by Barclays, and potentially translates to up to £150 million of aid provided to hard hit communities through the additional individual donations of Barclays’ employees.
1. Component 1 – Charity Partners Programme – a £50 million fund.
o Disbursed principally in the UK, but also in some of Barclays’ international markets such as the US and India, in part reflecting where its most significant colleague population centres are.
o The funding will be deployed via partnerships with trusted charities who can have a direct and immediate impact on the communities we wish to help in those geographies.
o The funding will be targeted at programmes that are as local to Barclays’ major locations as possible – the places where Barclays employees live and work, and where they can potentially help directly.
o The money will be used to help disadvantaged people (those suffering from social and economic deprivation as a consequence of COVID-19), the elderly and vulnerable communities most at risk from COVID-19, and to support NHS staff and other keyworker communities.
2. Component 2 – Employee Matched Donations Programme – a £50 million commitment.
o Barclays will match an individual colleague’s donations to charities working to support vulnerable people impacted by COVID-19, and in alleviating the associated social and economic hardship caused by the crisis.
o A Barclays employee may select a charity of his or her choice for their donation and matching programme, provided the charity is officially registered, and is engaged in supporting communities impacted by COVID-19.
o Un-utilised corporate funds (any balance of the £50 million) at the end of 12 months would be deployed to the Charity Partners Programme so that Barclays meets its overall public commitment of a £100 million contribution to COVID-19 Community Aid.
Further information is available in this Barclays Bank press release.