The public interest company which is responsible for UK web names has walked away from the foundation it set up
The registry that is responsible for UK internet domain names has abandoned its own charitable trust.
Nominet has withdrawn its support for the Nominet Trust, which has provided funding in recent years for Scottish organisations such as Action for Children and media co-op.
The trust was set up by the public-interest company - which handles the registration of sites with domains such as .co.uk - 10 years ago, and was funded using revenue raised from the registration of UK web names.
The charity works to ensure that revolution in technology delivers positive social impact, funding projects for organisations which aim to create change.
However the trust now faces an uncertain future after Nominet chief executive Russell Haworth said that the trust would be better suited by finding other investment.
"We've been working with Nominet Trust to think about how best to deliver public benefit," he said. "It became clear that the grant-giving, single funder model we set up in 2008 was not the most effective route to greatest impact moving forward. With that in mind, we have agreed that Nominet Trust should be free to attract other investors in order to fulfil their social tech ambitions."
"The trust will evolve into a separate entity with different governance and funding structures, and a new name,” he continued.
"Nominet will be involved as a member during the transition period."
Nominet had been the sole funder of the trust, and allocated £44 million to charities and digital projects since 2008. In 2016, the trust received £4m from Nominet, but it is unclear whether funding will continue in light of the announcement.
“Nominet has supported us with funding of £44m over the last ten years,” a statement from the Nominet Trust said. “They will continue their public benefit programme focusing on security, connectivity and inclusivity, as we build on our own reserves, strengthening our commitment to social tech.
“We want to reassure everyone we’re currently working with that support already committed will be unaffected. We’re communicating our news at the earliest possible opportunity as these developments aim to boost the availability of grants and growth investment for social tech to transform lives.”
