Report of the Managing Director of BHE
Minutes:
The Board considered a report of the Managing Director of BHE requesting funding for phase two (incubation phase) of the development of the Baobab Foundation (Baobab), the first funder dedicated explicitly to growing, supporting, and strengthening groups and organisations led by and serving Black people and communities affected by racism and racial disparities in the UK. The Chair introduced the item and advised that the Grants Committee had supported the recommendations. The Chair added that it was intended that BHE would commit the grant funding once certain conditions had been met, with a letter of comfort to be provided in the interim should the grant be agreed. The commitment would be made in either the current or the next financial year depending on when the conditions were met.
A Member commented that they had raised the matter of process for reporting to both the Grants Committee and the BHE Board, as the report had been amended between submission to the Committee and subsequently to the main Board, which was potentially confusing and a duplication of efforts. The Member advised that they were content with the explanation for doing so on this occasion but suggested that the process be reviewed going forward with a view to identifying any improvements that could be made.
In response to a question from a Member regarding the fundraising target, the Managing Director of BHE confirmed that the recommended £2m grant would go towards the £10m target for onward grant-making, with a separate grant of £200k towards Baobab’s running costs already having been directly awarded by the Grants Committee within their delegated authority. The Managing Director of BHE added that the recommended £2m grant would be in addition to the £3.6m already raised by Baobab, bringing them significantly closer to their target of £10 m. It was confirmed that BHE’s funding could still be used for onward grant-making by Baobab if the £10m target was not reached.
RESOLVED – That the BHE Board approve:
i) The Baobab Foundation becomes a constituted organisation registered in a manner which meets City Bridge Trust’s usual eligibility criteria, and your officers are satisfied that appropriate governance and management practices are in place; and
ii) Subject to the condition at (i) above being met, the Chamberlain (through the Charities Finance Team) is satisfied with the financial position of the organisation;
Supporting documents: