Agenda item

To receive a progress report of the Chief Grants Officer.

The Committee considered the regular progress report and events update of the Chief Grants Officer, who remarked that visits with Members to City Bridge Trust (CBT) grant recipients were taking place.

The Chief Grants Officer informed Members that the communications strategy to promote the Investing in Londoners programmes was underway..

The Chief Grants Officer remarked that a new format for updating Members on the Trust’s progress against its Business Plan objectives was being trialled at this meeting and could be found appended to this report.

It was noted that the assessments of all applications received as part of the Working with Londoners grants programme would not be completed by the target date of October 2013, but would be likely to be completed by January 2014. The target for the launch of the new grants programmes was also likely to change from amber to green by the next reporting period.

The Chief Grants Officer invited officers to present on the City of London Corporation’s social investment portfolio and the work of the Social Investment Adviser who was being jointly funded by the Trust and Policy and Resources Committee.

The Social Investment Advisor updated Members on her work to engage with a number of policy investment actors, including City businesses Big Lottery Fund, the Treasury and the Cabinet Office.  This work supported the Corporation’s aim of positioning London as a global hub for social investment.

The Principal Grants Officer added that in October of 2012, the City of London Corporation had established a £20m Social Investment Fund, drawn from capital in the Bridge House Estates. This fund was overseen by the Social Investment Board on which several members of City Bridge Trust Committee sat.  In its first year, the Board has invested £2m, including £500,000 in Golden Lane Housing Bond.  Members watched a video illustrating this project.

RESOLVED - That,

a)    Members note the contents of this report; and

b)    the target deadline against KPI 1 of the Business Plan be amended to the end of January 2014.