The UK National Lottery Community Fund (NLCF) has signalled its intention to further aid charities struggling with rising costs.
As reported by Third Sector, the NLCF will increase some of its grants to reflect the impact of the cost-of-living crisis on charities.
The NLCF, which makes grants worth about £500m each year, said its rises were in response to ‘increased costs and pressure on services’ facing charities.
Inflation is at just under 10%, a 40-year high. Earlier in the year, the think tank Pro Bono Economics said it represented an ‘all-hands-on-deck crisis’ for the charity sector.
A spokesperson for the NLCF told Third Sector: “We are committed to listening and supporting communities with what is important to them.
“Cost of living is a growing concern and we are responding flexibly while also monitoring the situation closely to ensure we are in step with communities’ needs.”
The Lloyds Bank Foundation for England and Wales said it hoped the flexibility of its grants would help charities through inflation.
Harriet Stranks, Director of Grants at the Foundation, said: “As a non-endowed funder, this [crisis] has forced us to make difficult decisions about what we fund.
“Lloyds Bank Foundation aims to help charities grow, strengthening the communities and systems they work in.
“Offering fully unrestricted funding over a longer term (three years) allows charities continued flexibility on how they use the funding, whether it’s for staff costs, utility bills, topping off their reserves, or filling any other funding gaps. It can offer security at times of uncertainty.”
Earlier this year, the NLCF appointed two new Directors – Phil Chamberlain and Emma Corrigan – to play integral roles in its ‘Strategy Renewal ‘process which aims to support people and communities to ‘prosper and thrive in the future’.