CareTech Foundation announces first major grants
The CareTech Foundation, a grant-making corporate charitable foundation, announced significant grants and collaborative support for its first three strategic partners at the Houses of Parliament in early February.
Founded by CareTech Holdings plc, a major provider of social care services, supporting adults and children with a wide range of complex needs in more than 260 specialist services across the UK, the foundation was launched in December and has already made a number of small grants nominated by CareTech staff. The event at Westminster announced three major beneficiaries – the childrens’ charity Barnados, the British Asian Trust (BAT), which tackles poverty across South Asia and kills for Care, which supports the adult social care workforce in England, to attract more talented people with the right values to work in the sector.
A specific aim of the CareTech Foundation’s donations and working relationships is to enhance the credibility of causes and specific projects and the foundation’s grants are always conditional on partner charities managing to attract additional financial support.
Barnardo’s receives £100k pa, which has put the charity in a position that allows it to more than match fund. Also, the Foundation’s expertise will be a crucial in the design and testing of the charity’s new app for care leavers.
BAT also receives £100k pa, plus an additional £50k from COSARAF (founded by the Sheikh brothers), in a funding partnership brokered by the CareTech Foundation. BAT will then match-fund all of this. On top of that, the Foundation’s practical support is providing invaluable know-how in the design and delivery of BAT’s far-reaching mental health programme.
Skills for Care has received £50k (a single payment) and will be able to tap into CareTech’s staff expertise to boost its programme of adult social care workforce development in England.
The foundation’s trustees say the organisation has ambitious, clear-sighted objectives to deliver meaningful impacts to communities in need in the UK and overseas and focuses on three key areas; physical and learning disabilities and mental health; supporting vulnerable people; and supporting the CareTech family and the communities in which it operates.
Farouq Sheikh, executive chairman, and Michael Hill, group finance director of CareTech, said the company would fund the foundation through an annual donation of 2% of its pre-tax profits. The company will complement this by supplying significant in-kind support, such as office accommodation, back office systems and staff expertise.
In addition, they announced that the board of CareTech Holdings had also agreed its intention to make a one-off donation of shares to the foundation. The investment value of these shares is anticipated to cover most of the foundation’s running costs.