Agenda item

Report of the Chief Grants Officer.

The Chief Grants Officer introduced a progress report on social investment activity within the Corporation.

Stepping Stones Fund

The Principal Grants Officer reported that 41 applications had been received and, following a review of their submitted business plans and panel interviews in March and April, the Trust had short-listed 17 organisations which were approved by the Chairman and Deputy Chairman of the City Bridge Trust Committee. Each organisation sought grant funding of £10,000 - £50,000 and had a combined total of slightly less than £700,000.

The Chairman of the City Bridge Trust Committee confirmed the high standard of applications received, and advised that, in principle, he thought there would be enough demand for this exercise to be repeated. In response to Members’ queries regarding how the long-term success of the Fund would be measured, officers advised that quarterly monitoring was a requirement of the grants and the follow-up activities of the organisations would be reported to the Board for information.

Right to Buy

The Chief Grants Officer advised that his officers would continue to monitor any new legislation on the extension of Right to Buy to housing association tenants and would present a report on the risks to current investments and the possible impact for the future in due course.

Social Investment Research

The Chief Grants Officer advised that the City of London Corporation would publish “Developing a Global Financial Centre for Social Impact Investment” in June 2015. This would focus on the role London might play in becoming a “global social investment hub”, including a series of practical recommendations for policy makers and organisations. Members requested an update on the research findings at their September meeting.

Investment Pipeline

Members noted that regular informal meetings between officers and the Chairman and Deputy Chairman would begin taking place in between formal Board meetings to allow for closer engagement and direction regarding possible investment proposals.