EndowmentA legal structure for managing a financial investment. Often in the form of a donation to a non-profit organisation, such as a charity or university, which uses the income it generates for good work.
After the launch event, one resident said:
We began this journey knowing all about our borough and committed to making a difference. We’ve learnt a lot in the last 9 months and today we sent a message that together we can build a better future for ourselves, and future generations. We’re planting the seeds for something beautiful and fruitful to grow in our borough.
At the event, Deputy Leader and Cabinet Member for Community Leadership & Engagement of Barking and Dagenham Council, Cllr Saima Ashraf, announced that the £907,000 originally transferred from the council to BD Giving would be supplemented by a further £550,000 taking the Endowment Fund to £1.456m.
Cllr Ashraf said:
Our borough is a fantastic place that has already attracted considerable investment and together with BD Giving, we have created a lasting legacy that will benefit all of our residents now and for generations to come. I know that local people have the drive and the vision to invest and manage the Fund for the changes they want to see, that is why we are giving an additional £550,000 to the Endowment Fund. This not only demonstrates our Borough’s continued commitment to this approach that puts our residents and community groups first but will also play a key role in supporting them during what are likely to be difficult times ahead.
CEO Geraud de Ville de Goyet says:
Today our CSG showed what can happen when a local authority trusts its residents and empowers them to be a part of the solution. This is the beginning of something revolutionary, not just for Barking and Dagenham but for the country. We want to attract more investment into the borough so this group of community heroes and others that will follow in their footsteps can take a proactive role in shaping the future of their neighbourhood.
With the launch of our policy, our next steps will be to start deploying investments – some of which locally – and build an impactful portfolio that embraces the group’s vision. Our overall ambition is that this approach to investment becomes a new form of community power and shows other places what the future of funding could be.
