Helping hand for charities facing inflation ‘double whammy’
Charities in London will get a helping hand of up to £3.5 million from City Bridge Trust to help them cope with the impact of rising prices.
The new funding from City Bridge Trust, the City of London Corporation’s charity funder, will offer one-off, unrestricted grants to around 400 of its existing grant-holders.
With inflation currently standing at around 10%, the charity sector – still recovering from Covid – is facing a double whammy of soaring demand for its services and increased costs.
City Bridge Trust had already set up and given £15 million to the London Community Response Fund – part of a capital-wide response to the pandemic – to help charities provide vital support.
It also gave out £1.7 million in unrestricted grants to existing grant-holders, and allowed charities to convert funding awarded for specific projects to cover core costs.
City Bridge Trust Grants Committee Chairman Paul Martinelli said:
“The impact of inflation, not least through rising fuel bills and food prices, is placing increased pressures on charities at a time when people need them most.
“We know from feedback we got during Covid that these kinds of unrestricted grants are vital in allowing charities to use the funding in a way that best meets their needs.
“Just as during the pandemic, this funding will give our charity partners a helping hand in a time of uncertainty and allow them to do what they do best – to support vulnerable people and tackle disadvantage across London.”
Funding will be awarded to eligible organisations funded by City Bridge Trust whose awards were made on or before 1 May 2022.*
* Offer letters are likely to go out in October 2022. We will be in touch with all eligible organisations.
At City Bridge Trust we offer a wide range of grants and funding programmes. See more information on our grant-making.
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK – www.cityoflondon.gov.uk
The City Corporation is the sole trustee of Bridge Houses Estates, a charity founded in 1097 to maintain London Bridge, and Members of its Court of Common Council form the Bridge House Estates Board.
Bridge House Estates is now responsible for maintaining Tower, London, Southwark, Millennium and Blackfriars Bridges, and its grants team, City Bridge Trust – founded in 1995 – awards over £28 million a year to good causes across the capital.