City earmarks £3.5m to boost charities struggling with cost of living crisis

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City earmarks £3.5m to boost charities struggling with cost of living crisis
Image source Unsplash

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 percent, 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.

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

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