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The Foundation for Sport and the Arts will close to applications in March 2009 bringing to an end a fund worth £350m since 1991.
The Foundation for Sport and the Arts was established in 1991 to channel money originally donated by Littlewoods and other football pools companies to a wide range of sporting and artistic causes. Since 1991 they have awarded grants worth over £350 million.
The FSA has been an extremely important source of funding over the years as one of the only major funding of sports activity and a generous supporter of the arts.
Following a review of the current level of reserves and in light of the fact that that their only source of income is now the interest generated by those reserves, the Trustees have decided to cease the activities of the Foundation at the end of March 2012. This will enable them to continue to make awards at the current annual levels, and to bring matters to a close in the same year as the London Olympics - a fitting climax.
To assist a smooth closure program, no new applications for funding will be considered after the end of March 2009.
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Northern Ireland Council for Voluntary Action is registered as a company limited by guarantee in Northern Ireland (No 1792) and is registered as a charity for tax purposes with the Inland Revenue