Purpose

To introduce the UK Shared Prosperity Fund 2025-26 advising of the Mission-led themes across the three priority areas: Communities and Place; Support for Local Business; and People and Skills and what this means for RBG.

Decision

1. Approved the acceptance of a one-year UK Shared Prosperity Fund (UKSPF) grant extension from the Greater London Authority (GLA) for the sum of £1,037,745, split into a capital allocation of £692,923, and a revenue allocation of £344,822 in respect of the UKSPF investment priorities of Communities and Place and Supporting Local Business.
2. Authorised the Council to enter into a Grant Funding Agreement (GFA) for one year with the GLA to access and utilise the allocation, in accordance with terms approved by the Director of Resources and Director of Legal & Democratic Services.
3. Approved the Communities & Place expenditure in the sum of £692,923 capital and £153,822 revenue as set out in 4.34 Table 1 and 4.47 Table 2 of the report.
4. Approved the Supporting Local Businesses expenditure in the sum of £191,000 as set out in 4.52 Table 3 of the report.
5. Noted that the extended UKSPF programme will start from the date this report is signed to 31 March 2026.