East London Council launches endowment fund for social sector
Community organisations in Barking and Dagenham are set to benefit from an endowment fund, which was agreed by Council cabinet members on 15 December.
In what is a significant moment for the council and the community, this endowment fund will create a permanent, inclusive, and sustainable source of income for community groups and will help to create a lasting legacy for the borough.
The council is one of the first in London to create such an endowment which so far totals £806,308, with additional funds to be made available for the endowment, at the end of this financial year. This fund will be invested and added to with the return being available to support local community groups.
The next ten years will see considerable investment continue to be made in the borough in the form of new developments and infrastructure. The creation of an endowment fund will capitalise on this investment, leverage additional donations, and reflect the Council’s commitment to partnership working and increased participation in support of our residents.
This is a huge and positive step forward, for not only those in the social sector, but our residents who will benefit greatly from the funds that will be made available for community organisations in the borough
By transferring the endowment to BD Giving, a local charity organisation who are a trusted partner, this creates the potential for our social sector to develop new opportunities for and with our residents to create positive change for themselves, their family and their neighbourhood. This endowment will create a permanent and sustainable source of income for our social sector and community groups, all of which work on a daily basis to support our residents. BD Giving will focus on improving the way local people and organisations work together and building new relationships to increase and distribute resources.
Residents are invited to attend a celebratory event to share their ideas and ambitions for Barking and Dagenham, which will take place on 26 January 2021.
Deputy Leader and Cabinet Member for Community Leadership and Engagement, Cllr Saima Ashraf said: “This is a huge and positive step forward, for not only those in the social sector, but our residents who will benefit greatly from the funds that will be made available for community organisations in the borough. I look forward to working closely with colleagues at BD Giving and all the wonderful work that will come about, from this endowment fund.”
Géraud de Ville de Goyet, Chief Executive of BD Giving said: “The transfer of the endowment into BD Giving creates new opportunities for local people to take a lead on the decisions that impact their lives and a chance to create meaningful change for themselves, their family and their neighbourhood. I’m delighted that the Council has taken this forward-thinking vision in a time of great stress and uncertainty for our community, allowing us to work with local people on common causes that will strengthen Barking & Dagenham.”