If you enjoy casting an eye over the headlines, you might have seen one looking something like this recently: 

Northern Rock Foundation forced to close after Virgin Money ends support

Headlines usually overstate the gravity of a situation, but that one has to be filed in the drawer marked ‘Understatements’.

Remember, this is a Foundation that still runs despite being created and funded by a bank that essentially collapsed seven years ago. The very fact it still features in headlines is impressive. The fact it’s still open and supporting good causes is a miracle, a testament to its strength and importance. But even I am understating it. Let’s talk numbers.

The Northern Rock Foundation gave away more than £27 million in grants at the zenith of its powers in 2006. That sizeable wedge put it way ahead of Tesco, Vodafone and KPMG. For every pound granted by Shell that year, the Northern Rock Foundation gave 12. This is a grant-maker that has given away more than £200 million since its creation. Not only did it carry on when its benefactor went to the wall, it carried on being funded to the tune of £15 million a year until the bank's sale.

While Northern Rock was selling its assets and losing staff, its commitment to the Foundation remained. This is a Foundation that has worked to support the North East tirelessly for 17 years. It’s so important that the man many believe to be the Prime-Minister-in-waiting, Ed Miliband, stepped in to persuade Virgin to save it.

As a former employee of Northern Rock, I was delighted to see that Virgin Money have finally agreed to help keep the Foundation alive and kicking. In the 18 months I spent working there and seven years living in the region, I heard nothing but good things about the charity and the work it does. I remember thinking it was remarkable that a company would pledge 5% of pre-tax profits to good causes and it made me proud to be a part of it.

So why are these headlines understatements? Why do we need a grant-maker named after a bank that boomed, busted and had so many people lining up outside its branches retrieving their money it looked like the queue for an X Factor audition? There are two reasons the Foundation needs to stay - skills and money.

The North East is a region that often gets forgotten and The Northern Rock Foundation is a staple part of its charity sector. The Foundation will be stacked with experienced and skilled people, having handled over £200 million over the years. It’ll also know a thing or two about supporting charities - good causes know who they can go to for money and they know they have a good chance of getting it.

Yes it’s on a smaller scale these days, but taking away a grant-maker capable of skilfully and shrewdly investing hundreds of millions of pounds could have a devastating effect on the charities operating in the North East. Given that all it needs is £4 million a year and Virgin Money have offered to put in a quarter, it seems like a huge waste.

If you’re not convinced by that argument, think about the pounds and pence. The North East is one of the poorer regions in the UK and taking money out of it will have consequences for the people that live there. Gaining trust, raising money and helping charities do great work are tough enough, but losing an establishment capable of all three seems like a bad idea with big consequences. Will the £4 million still be raised when there isn’t one organisation to coordinate it? I doubt it.

I really hope some companies step in with the extra funding. £3 million seems a small price to pay when the Northern Rock Foundation has been a vital part of charitable work in the North East for so long and people rely on it. That’s 2.6 million people in case you were wondering - one and half times the population of Northern Ireland and almost equal to that of Wales.

What would you say if one of those countries was about to lose its biggest grant-maker?

Does this piece Rock? Or should it roll? Leave us a comment below.