Agenda item

Report of the Chief Funding Director

The Board considered a report of the Chief Funding Director and the CBF & Charities Finance Director presenting the 2024/25 proposed grants commitments budget to the Funding Committee of the CBF Board. The Chair introduced the item, thanking officers for the clarity of the report before inviting comment from Members.

In response to a question from a Member, the CBF & Charities Finance Director confirmed budget provision for the Prince’s Trust and LocalMotion was not included beyond 2023/24, as the final instalment of the Prince’s Trust grant had been made in the current financial year. For LocalMotion, as well as the suicide prevention funding programme, the full commitment was to be budgeted in the 2024/25 financial year, although it would be drawn down over that and subsequent years.

With regards to operational costs, the Chief Funding Director advised that these had fluctuated due to the additional allocation of £200m to Bridging Divides and increased volume of grantmaking consequent to this, but would reduce once this additional funds had been allocated. The Committee was advised that benchmarking against other comparable funders and further monitoring of operational costs would be undertaken in the context of the charity’s future funding direction.

RESOLVED – That the Funding Committee, in discharge of functions for the City Corporation as Trustee of City Bridge Foundation (CBF) and solely in the charity’s best interests:

i)             Review and recommend the CBF proposed grants budget for 2024/25 for inclusion in the charity’s overall Budget to be presented to the CBF Board in February 2024; and

ii)            Agree that minor amendments to the 2024/25 grants budget arising during the budget setting process be delegated to the CBF Chief Funding Director and CBF & Charities Finance Director.