Agenda item

Report of the Chief Funding Director

The Committee considered a report of the Chief Funding Director requesting funding of £1,090,000 be awarded to Children in Need (CiN) for use toward onward grants in the BBC Children in Need Child Poverty Impact model, as an Alliance Partnership. The Chief Funding Director introduced the report and presented the proposal to the Committee, also advising that this would be the final recommendation of the Alliance Partnerships programme. The Committee was advised of an error within the table at paragraph 30 and noted that expenditure during 2024 should be £54.5m rather than £12.5m as stated, with the impact of that change making total reserves £36m with an £11m deficit on an accruals basis, and free reserves of £22.9m. It was noted that, if agreed, the proposal would be put to the CBF Board for approval.

The Chair commented that it would be positive for CBF to contribute to the scheme, which was substantive, and invited comments from Members. A Member commented that the statistics around poverty were alarming and noted that they were supported by a recent report from the Resolution Foundation. The Member encouraged officers to consider how corporate organisations could be engaged in this work. The Chief Funding Director confirmed that this would be taken into consideration, seeking maximum opportunity to leverage the funding.

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

i)     Endorse to the City Bridge Foundation Board a grant of £1,090,000, as an Alliance Partnership, to BBC Children in Need [Charity no: 802052] for onward grantmaking to organisations benefitting Londoners in the Child Poverty Impact model in years 0-4.

A payment schedule will be drawn up, allowing the funds to be paid to CiN in instalments over the course of the grant commitment period and to be received prior to onward grants being committed/paid.