What is it?

The Cumberland Building Society Charitable Foundation is a registered charity and was set up by Cumberland Building Society in November 1998. Although the Foundation was set up by the Society, they are separate organisations. The Foundation is not part of the Cumberland Group.

What is the relationship between the Foundation and the Society?

The Foundation is a means through which the Society channels some of its charitable donations.

Each year, the Society donates funds to the Foundation to allow it to support a wide range of local charitable organisations and causes.

It is also the channel for the payment of potential conversion benefits under the terms of the Society's charitable assignment scheme.

Under circumstances whereby conversion benefits might be given to Society investing members for those joining after 16th November 1998, they would instead be passed to the Foundation - the Foundation would then use the payment received to support its charitable purpose.

There are two types of Society member:

• investing members - those who hold a savings or current account with the Society
• borrowing members - those who hold a mortgage with the Society.

The following Cumberland products do not include membership rights:

• deposit accounts
• products offered by partners of the Society, such as Aviva or Children’s Mutual.

What are the objectives of the Foundation?

It is run by an independent Board of Trustees to make donations to support charitable causes which appear to the Trustees to be for the benefit of persons resident in or otherwise connected with Cumbria, Dumfriesshire, and the Preston and Haltwhistle areas.