Agenda item

(Peter Hewitt, Alderman)

18 September 2015

Progress Report

The Social Investment Fund was established in 2012 and is a key component of the City of London Corporation’s strategy to develop London as a global centre for social investment (investments that produce both a financial return and demonstrable social benefit).

The Fund has committed almost £9m since it was established supporting a broad range of social projects. It has become apparent that the previously agreed split between investments in London-based, UK-based and International activities is unachievable within the current social investment market, which is still in its infancy. To maintain the Fund’s current work and the deployment rate, we therefore submit a separately printed and circulated report which details the investment portfolio to date, provides details of the geographic spread of investments, and recommends that the Court of Common Council agree to permit the City of London Corporation’s Social Investment Fund to combine its UK and London ring-fences until October 2016.

SOCIAL INVESTMENT BOARD

(Peter Hewitt, Alderman)

18 September 2015

Progress Report

The Social Investment Fund was established in 2012 as a key component of the City of London Corporation’s strategy to develop London as a global centre for social investment (investments that produce both a financial return and demonstrable social benefit).

The Fund had committed almost £9m since it was established, supporting a broad range of social projects. However, it had become apparent that the previously agreed split between investments in London-based, UK-based and International activities was unachievable within the current social investment market, which was still in its infancy. To maintain the Fund’s current work and the deployment rate, a separately printed and circulated report was submitted which detailed the investment portfolio to date, provided details of the geographic spread of investments, and recommended that the Court of Common Council agree to permit the City of London Corporation’s Social Investment Fund to combine its UK and London ring-fences until October 2016.

Resolved – That the Social Investment Fund be authorised to combine its UK and London ring-fences until October 2016.