Purpose

To agree the investment plan for the Council's
2025/26 allocation of Rural England Prosperity Fund.

Decision

n February 2025, formal approval was obtained
for Boston’s UK Shared Prosperity Fund Investment Plan for
the 2025-26, which following submission was approved by the Greater
Lincolnshire Combined County Authority (GLCCA) in early April.
 
Subsequent to the approval of the
council’s UKSPF investment plan for 2025/26, the Council has
received confirmation from the GLCCA that, in addition to the
approved allocation of £868,870.00 in UKSPF, the authority
will also receive £128,779 in Rural England Prosperity
Fund (REPF).
 
REPF is a capital funding stream made
available to local authorities to support with capital investment
in both a) community facilities in rural areas, and b) capital
investment in supporting rural businesses. The council’s
22/23 – 24/25 UKSPF programme was underpinned by an element
of REPF funding, and therefore the 25/26 allocation represents a
continuation of funding for the authority.
 
For 2025/26 the authority has been allocated
£128,779. Like UKSPF for 2025/26, this REPF fund is
being ‘passported’ to the council from the GLCCA (who
will retain accountable body status for REPF for 2025/26).
 
In order to secure the allocation, the GLCCA
require the council to set out and agree a broad investment plan
for the funding. This paper seeks agreement for a investment plan
based around the following principles;
 

A 50/50 split in funding allocations
between the two key themes of the fund:

Capital investment in community
facilities in rural areas
Capital investment in supporting
rural businesses

For those funds to be administered
through the council’s two existing, leading programmes in
those two themes, those being.

£64,390 (50%) of the funds to
be earmarked for the Lincolnshire Community Foundation Grassroots
scheme, which provides community groups and parish councils with
capital grants for community investment up to a value of
£25,000.
£64,390 earmarked for the
Grants4Growth programme, which provides businesses with up to a 30%
contribution towards capital investment in activity that directly
unlocks business growth e.g. equipment

Both allocations would serve to
bolster both schemes in the context of the main UKSPF programme
2025/26.
The approach set out above would
form an addendum to the UKSPF investment plan for 2025/26 that was
submitted to the GLCCA in February.