Friday, 21 June 2024
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Friday, 21 June 2024

Helping hand to charities facing inflation ‘double whammy’

CHARITIES in London will get a helping hand of up to £3.5 million 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 grantees.

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 grantees and allowed charities to convert funding awarded for specific projects to cover core costs.

Helping hand to charities facing inflation ‘double whammy’
Paul Martinelli.

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 the 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 City Bridge Trust grantees whose awards were made on or before 1 May. 

The City of London Corporation’s charity funder, City Bridge Trust, is London’s biggest independent grant giver, awarding grants of over £28 million a year to tackle disadvantages across the capital – www.citybridgetrust.org.uk.

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