Speaking at the CareTech Foundation’s Partnerships Launch in Parliament today, Michael Hill, Treasurer of the CareTech Foundation and Group Finance Director of CareTech Holdings plc, announced that CareTech Holdings plc will 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, Mr Hill 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 the majority of the Foundation’s running costs.
Since its launch in December, the CareTech Foundation has already made a number of small grants nominated by CareTech staff.
- Through its Family and Friends programme, for example, one grant recipient was given £500 to cover costs for his family to travel to a distant hospital caring for his 12-month-old daughter who was diagnosed with cancer.
- Through the Foundation’s match-funding programme, the fundraising efforts of Sian Parry, finance officer at CareTech Holdings plc, meant that the Foundation awarded £250 to the Wales Air Ambulance Charity to match the sum that she had raised.
Commenting on this announcement, Jonathan Freeman – the Foundation’s interim CEO – said
“The support package for the Foundation approved by the Board of CareTech Holdings plc is a huge boost to our work, providing a long-term sustainable income stream to ensure that we can make a real difference in delivering our ambitious plans. This is a far-sighted decision by the Board that speaks volumes for their commitment to society and the values of the company.”