Agenda item

Report of the Chief Funding Director

The Committee received a report of the Chief Funding Director providing an update on the Propel Programme, a ten-year funder collaboration co-ordinated by London Funders (the charity supporting the only cross-sector membership network of funders and investors in London’s civil society) to which CBT has allocated £30m, including confirmation of the final Round One spend, plans for future rounds, and information regarding the distribution of spend for the remaining funds (£22.9m of £30m). The Chief Funding Director introduced the report and drew Members’ attention to the key points.

In response to a question from a Member, the Chief Funding Director advised that collaborative funding was likely to be aligned rather than pooled throughout the programme, with the funding alignment process having worked well to this point. The Chief Funding Director further advised that whilst CBT had contributed the most so far as a result of leading the Explore stage, other funders remained fully committed, having also made significant contributions so far, and officers remained confident that the overall funding target of £100m would be met.

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

i)                Note the report.