About Us

What are the criteria against which the Virgin Money Foundation decides which initiatives to fund?

The Virgin Money Foundation works to support positive change in local communities. For the time being, we are specifically focused upon helping communities tackle digital poverty. Currently our main grant fund, the Building Digital Skills Fund, is by invitation only.

Organisations that are invited to apply will:

1. be locally rooted in a neighbourhood at the top of the Index of Multiple Deprivation.
2. be located within one of our target geographies.
3. be working to / proposing to work to tackle digital poverty in their community.

Reflecting our priorities as a funder, we assess applications to our Building Digital Skills Fund against criteria that includes:

• The strength of the organisation - we consider its history, its role in the community, the strength of its governance, its risk management and safeguarding processes, its strategic planning and track record in delivery.
• The organisation’s understanding of the issue of digital poverty - we consider how well the organisation understands the impact that digital poverty has on its community, what it understands the causes of this to be and why it thinks the approach it is taking / proposes to take is the right one for addressing the issue.
• The proposed activity - we consider whether the activity is relevant to the demographic who will receive support, whether proposed beneficiaries have been involved in shaping the programme and whether the organisation has the required skills to deliver the activity or a clear plan of how it will bring in this expertise.
• Tracking the outcome - we consider how the organisation proposes to learn whether the activity is effective in addressing the need and whether it has a track record of similar monitoring and learning.
• The budget and value - we look at whether the funding that is requested will benefit those most in need, what number of people will participate in the programme, whether there are any partnerships that add value to the proposed work the organisation will be doing and how the funding will be spent.

What is the process by which the Virgin Money Foundation decides which initiatives to support?

When an application for more than £5000 is received by the Foundation, the following takes place:

1. The Foundation undertakes a desk-based assessment to assess whether it meets the criteria of the fund.
2. If it meets the criteria of the fund, it is scored against the criteria.
3. Where an application scores above a minimum threshold, a grant assessor will contact the organisation to discuss the application; this is typically a face-to-face meeting at the organisation’s premises.
4. Further information may be requested from the organisation to fully understand the proposal.
5. A report is written for the Virgin Money Foundation Trustees regarding the application and proposed activity.
6. A decision is made regarding the application and an outcome provided to the applicant.

Requests for amounts less than £5,000 follow a shortened version of this process.

What size of grants do you offer, and do you offer multi-year grants?

Through our Building Digital Skills Fund, the Virgin Money Foundation awards grants of up to £100,000. These grants are typically spread across 3 years.

Does the Virgin Money Foundation fund core costs?

Whilst our current grants are focused upon tackling digital poverty and are not unrestricted funding, we do encourage applicants to include within their application a portion of their core costs, as we recognise that in order to operate as a charity and deliver activity, there are central costs that require funding. Guidance is provided to applicants regarding this.

If the application form I have been provided with is not my preferred format for communication, can I apply to the Virgin Money Foundation in a different format?

We understand that a written application is not everyone’s preferred communication method. If you wish to apply to the Foundation in a different format, please contact the team member who sent you the link to apply, who will be happy to discuss your communication preferences with you.

What additional documentation will I be asked to submit with my application?

As standard, the Virgin Money Foundation will request a copy of your latest annual accounts, up to date management accounts and a budget detailing how you would spend the grant if successful.

Who makes the decision regarding which initiatives the Virgin Money Foundation funds?

A committee formed of Virgin Money Foundation Trustees, and where invited by Trustees, independent experts.

Is the Virgin Money Foundation supportive of our organisation paying the Real Living Wage?

We are very supportive of the Real Living Wage and encourage organisations we fund to reflect in their application the costs of paying the Real Living Wage to the staff posts we are being asked to fund. We are happy to talk further with you about this if you are a current grantee or in the process of apply for our funding.

If I have applied to the Foundation for funding, how long will it be until I have an outcome?

The funding committee meets at least twice a year. The time of the year the application is received will determine which funding panel it will go to, and the length of time before the panel can be variable. When your application is received, it will be reviewed by a member of the team who will be able to give you an indication of when you might receive an outcome. If there are particular time considerations relating to your application, please let us know.

If I am successful in receiving a grant from the Virgin Money Foundation, what is the timeframe for receiving the funds?

After we award a grant, we get in touch with the applicant to let them know they have been successful. At this stage, we work with grantees to complete a monitoring agreement, agree the Terms of the grant and provide some final information to support our due diligence processes. Once this is complete, we issue the first tranche of the grant. For most grantees this stage can be completed within ten working days.

How can I find out which initiatives the Virgin Money Foundation has funded?

The Virgin Money Foundation is committed to being transparent and we work with 360Giving to publish information about our grants: http://www.threesixtygiving.org

In addition, we provide case studies of the work we fund here.

Who can I speak to if I have questions about the Virgin Money Foundation’s funding?

The Foundation team are always happy to speak to people who are interested in applying for or knowing more about the Foundation’s funding. You can get in touch by emailing info@virginmoneyfoundation.org.uk or calling us on 0330 123 3624. You can also find us on LinkedIn.