Decision Maker: Liverpool City Region Combined Authority
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Approval is sought for grant support of up to £5,500,000 to Power to Change (Kindred) in its ambition to create a social investment vehicle for the Liverpool City Region. The aim of the vehicle will be to grow the social economy across the region.
The Liverpool City Region Combined Authority resolved that:
(i) subject to future funding availability of £5m to be allocated from SIFGainshare capital and £0.5m of Gainshare revenue be approved;
(ii) up to £150,000 of this allocation may be used for the purpose ofurgent Covid-19 related support necessary to secure the long term objectives of the Project;
(iii) subject to funding, entry into interim arrangements with Power to Change Trust (charity no. 1159982) (the “Supplier”) as the initial grant recipient to commence delivery of the Project be approved;
(iv) subject to funding, the subsequent transfer of the Project and funding arrangements to the Kindred legal vehicle once governance arrangements are in place be approved; and
(v) authority be granted to the Director of Commercial Development & Investment, in consultation with the Combined Authority Monitoring Officer and Combined Authority Treasurer, to finalise negotiation of the detailed terms of any legal agreements with Power to Change and Kindred necessary to deliver the Project.
Publication date: 31/07/2020
Date of decision: 31/07/2020
Effective from: 08/08/2020