During Kelowna’s 75th birthday celebration (1980), a group of local citizens established an endowment fund to honour Gwenneth Lloyd and Betty Farrally for their lifetime dedication to ballet. The well-known founders of the Royal Winnipeg Ballet had settled in Kelowna and established the Canadian School of Ballet. The fund was intended to recognize their contribution to dance in Canada, and continue their work by furthering the training of exceptionally talented young dancers.

The Farrally/Lloyd Endowment Fund Award is held with the Central Okanagan Foundation and was designed to support local students attending ballet school in the Central Okanagan School District (SD #23) who wish to improve their skills. Because of the foundations enhanced distribution, an award will be granted to a promising student to attend classes at Ballet Kelowna’s Okanagan Summer Dance Intensive program.