Agenda item

Report of the Managing Director of BHE

The Committee considered a report of the Managing Director of BHE requesting funding of £2,004,000 to be awarded to Do It Now Now Community Interest Company (CIC) (DINN Enterprise CIC, registered company no. 11937494) over two years towards the ‘Continuum Fund’, a bespoke, holistic package of finance and support for Black-led Charity and Social Enterprises (CSEs) to become business ready with access to a wide range of external funding sources including social investment. The Managing Director of BHE introduced the report and presented the proposals to the Committee, which would be submitted to the BHE Board if endorsed. The Committee noted that the grant was conditional on matched funding secured.

RESOLVED – That the Grants Committee of the Bridge House Estates Board, in the discharge of functions for the City Corporation as Trustee of Bridge House Estates (charity no. 1035628) and solely in the charity’s best interests:

i)              Endorse to the BHE Board a grant of £2,004,000 over two years to Do It Now Now CIC towards:

a.    Onward grant making of core funding to transformational, London-focussed small start-up Black-led Charities and Social Enterprises with an income of between £10k-£50k in Stage One of the Continuum Fund (£960,000);

b.    Training and Core Support (non-financial support) to London-focussed Black-led CSEs partnering with DINN across all stages of the Fund through cohort-based programmes, peer-to-peer support, and more to develop stability, sustainability, and increased impact of the network (£588,000);

c.     A contribution to running costs, proportionate to a total estimated London benefit of the Continuum Fund (£456,000)

With the release of funding subject to the condition of:

d.    Confirmation that a further £960,000 in match funding has been raised from other sources towards Stage One onward grant making;

With the exception of:

e.    £150,000 from the allocation to running costs to be released as an initial tranche prior to the fulfilment of the condition at d. towards the initial development of the programme, including capacity to develop opportunities to raise the match funding.