HOW do you turn a £50 note into £11,000 in four months – without the Chancellor offering you the taxpayer s wallet? Answer: Give it to an entrepreneur with a charitable bent. The Norwich and Peterborough Building Society set a challenge for local business

HOW do you turn a £50 note into £11,000 in four months - without the Chancellor offering you the taxpayer's wallet?

Answer: Give it to an entrepreneur with a charitable bent.

The Norwich and Peterborough Building Society set a challenge for local businesses: here's a £50 note. See which of you can use it to raise the most for the Sue Ryder home at Thorpe Hall, in Peterborough.

St Ives business coach Mike Yates, of 121 Business, who launched the event, told The Hunts Post this week: "There were eight or nine companies involved. N&P gave each of them a £50 note. It was fascinating to see how each business came up with some really innovative ideas to raise money over a four month period - especially seeing those initial £50 notes turn into a total fundraising figure in excess of £ 35,000.

"That total just blew me away," added Mike, who is closely associated with the Papworth Trust charity.

The champion fundraiser was Peterborough's BusinessWatch Group, which amassed a staggering £11,000 through a ball and charity auction in the second year of the charity challenge, easily beating the winning £6,500 achieved by Royal Mail last year.

"It was a very clever idea to ask entrepreneurs what they could do for charity," Mike said after presenting the award for Charity Entrepreneur of the Year in the Big Wigs fundraising event.

"Part of being a business owner is to give back as much as you can, and the rehabilitation work done at Thorpe Hall is amazing."

Other competition entrants included the Royal Mail, Moore Stephens Accountants, the Marriott Hotel and Sainsbury's.

Mike, right, is pictured presenting the award to Jonathan Wakerley, BusinessWatch Group managing director, and group PA Claire Booth. On the left of the picture is the sponsors' Chris Burke.