Agenda item

The Head of Philanthropy Strategy introduced the application for a strategic initiative to be funded under the Philanthropy Strategy. The Committee noted that City Bridge Trust would be co-funding with other well-known funders including Arts Council England.

RESOLVED – That the City Bridge Trust Committee:

a)    Approve a grant of up to £368,000 over 3 years to the Beacon Fellowship Charitable Trust to support a range of initiatives to develop greater philanthropic giving amongst high net worth individuals as part of a long-term collaborative set of activities. The indicative allocation of these funds is as set out in paragraph 10 below. The grant is conditional upon confirmation of funding at a similar level from Arts Council England (ACE) and the satisfactory negotiation of key outcomes, milestones, delivery arrangements and payment schedules for each workstream (approval of the outcomes of such negotiation to be delegated to the Chairman and Deputy Chairman);

b)    From this sum of £368,000 it also recommended that:

i)              the annual grants of up to E30,000 p.a. towards the reconfigured Beacon awards for 2019-20 and 2020-21 are conditional on demonstrating that each constitutes an appropriate proportion of the overall cost of these awards (given BHE's ancillary object that surplus funds must be applied for the benefit of the inhabitants of Greater London); and

ii)             the £60,000 towards the (Ultra) High Net Worth (UHNW) research is conditional on the organisation demonstrating that this constitutes an appropriate proportion of the overall cost (given BHE's ancillary object that surplus funds must be applied for the benefit of the inhabitants of Greater London).