Agenda item

Report of the Chief Grants Officer

The Board received a report of the Chief Grants Officer providing an update on

the work of the Social Investment Fund. The Chief Grants Officer introduced

Charles Owen and Laura Coffey of Arrow PM, the consultants taking forward

the Fund’s proposal for key worker housing.

Charles Owen addressed the Board on behalf of Arrow PM, which specialises in project and programme management, particularly directed at enabling the

public, private and third sectors to work together effectively to solve social

problems. There was an immense need in London to provide more key worker

housing, and it was fortunate that the City of London Corporation was able to

use its position, assets and network to try and address it. The Board received a

handout which set out the overall objectives and phases of the project, as well

as a work breakdown structure. The Chief Grants Officer told the Board that

ideas for financial structuring were in place, and needed to dovetail with the

plans set out by Arrow PM. Whilst the project would originally focus on Inner

London, officers recognised that other investors may have a further reach.

The Chairman apologised to the Livery Companies for the length of time it had

taken to get the project to this stage, but hoped that the project could now move

forward more rapidly. The Chairman suggested that the title of the project should include ‘Key Workers’ rather than ‘Teachers’. A Member suggested that the initial focus of the project be on teachers before being expanded later. Arrow PM told the Board that the initial research would focus on teachers, but the blueprint would need to be applicable to all key workers. A Member suggested that some of the Corporation’s existing properties might provide opportunities for the project. The focus of the project was newly-qualified teachers with the potential to become senior leaders. The scheme needed to be designed to have the most overall impact in terms of retaining teachers.

The Board noted that the City of London Corporation’s ownership of the

properties invested in through the Board had legal and governance implications

which would need to be resolved, and recommended that the terms of

reference for the Social Investment Board be expanded. The Board noted that

any properties may have to be managed externally, particularly if the

investment was made in conjunction with other parties. Charles Owen told the

Committee that the project aimed to create a roadmap for newly-qualified

teachers towards ownership or long-term tenure of property.

The Committee thanked Charles Owen and Laura Coffey for the presentation

and for their contributions to the meeting, and hoped to meet with them soon

about the project.

The Chief Grants Officer reminded the Board that the Social Investment Fund

five-year update was on the agenda for the Board’s endorsement before the

report was submitted to the Court of Common Council. A date would be added

to the final version to be consistent with the inclusion of Midlands Together in

the report. The Chairman added that the report demonstrated credible social

impact investing.

In response to a query from a Member, the Board clarified its procedure with

regards to the normal pipeline process and due diligence undertaken ahead of

investment proposals being made to the Board. Joint funding proposals

initiated by the Board would still slot into the normal pipeline process.

RESOLVED – That the report be noted.