Agenda item

Report of the Chief Grants Officer.

The Board considered a report of the Chief Grants Officer on the achievements of the Social Investment Fund in its first year of operation. The Chief Grants Officer noted that the investment target had been exceeded and that officers intended to continue to develop links with colleagues in the Economic Development Office and the Chamberlain’s Department in year two for the purpose of investment review and market appraisal.

The Board went on to discuss the report and the following points were made:

·         The Chairman welcomed the work done to date on examining the feasibility of a City initiated social investment product, given a recurring issue in the social investment field to date was the difficulty in identifying suitable products for investment.

·         The Chairman welcomed the recommendation of Albion Ventures as advisor to the Social Investment Fund, and noted in particular that the Chief Executive came highly recommended.

·         The Chairman requested that the report to the Court of Common Council refer to the capital from Bridge House Estates to give an accurate account of the Board’s fiduciary duty as charitable trustees. Similarly, current investments should not be described as active, and that the overall social investment market should be described as expected to grow further in addition to the forecasted £202million in 2011/12.

·         In response to the Chairman, the Principal Grants Officer confirmed that current investments were in line with expectations with one exception which was discussed further in the non-public papers to the meeting.

·         A member requested that a paragraph commenting on the percentage commitments of the Social Investment Fund be included in the report annex.

·         The Chairman requested that the annex include a general comment on performance of current investments.

RESOLVED:

·         That the contents of the report be noted;

·         The attached annex be approved and submitted, subject to comments and amendments, to the Court of Common Council;

·         That an investment target of £3millon for the second year of the Social Investment Fund be approved;

·         That Albion Ventures be appointed as advisor to the Social Investment Fund on the same terms as existing advisors.