ChangeUp - East Midlands Infrastructure

Introduction to the Finance Hub

The main focus of the Finance Hub is to build on existing expertise and to develop capacity within existing service providers. The Hub’s remit is procurement, fundraising, social enterprise, and financial management.

The Finance Hub is committed to ensuring that its programme is accessible to BME groups, rural organisations, and others representing diverse groups in our society. It will also enable them to participate fully in the delivery of the programmes of work.

News

Sheffield Community Enterprise Development Unit (SCEDU) has been delivering a contract for the Finance Hub focused on getting ready for public sector contracts. The Hub have undertaken a benchmarking process to identify characteristics of successful third sector suppliers to the public sector. A seminar on 14 February demonstrated the findings of this benchmarking and showed what third sector organisations need to look like to be ready for contracting.

A national partnership commissioned by the Finance Hub has produced a feasibility study on the establishment of a Funding Advice National Network (FANN) in England. The report looks in detail at the need for a FANN to support the work of funding advisers to the third sector in England and has detailed responses from over 250 advisers throughout the country. The Feasibility Study concludes that a Funding Advice National Network should be established, as a project of an existing Third Sector infrastructure organisation.

A new resource has been made available on the Hubs website, providing the most up-to-date guidance on building a successful funding relationship.

The Finance Hub has commissioned BRAP to undertake two national research projects that explore changes in funding of the third sector and the effects of those changes. The first of these projects, ‘The Decline of Local Authority Grants – Fact or Fiction?’ will explore the impact recent policy changes have had on the funding provided from Local Authorities. The second, ‘Intelligent Funding - from vision to reality’ explores how funding bodies invest in the third sector to build capacity. Asking whether this works, this project will provide an in-depth examination of the potential to build real capacity in the sector.

Grant Funding - A study of four local authority policies commissioned by the Finance Hub and produced by NAVCA explores the grant funding relationship between local government and the voluntary and community sector, as part of the local funding mix. The intention is to provoke discussion at national level and amongst local partners who are seeking to address VCS funding issues responsibly.

The Finance Hub has commissioned the DTA to undertake a project which aims to help third sector organisations, especially community groups, understand how they can grow and diversify income. A pilot group will explore trading activities to generate new income streams.

Toolkits in fundraising, trading, procurement, contracting and loans are available to download from the Finance Hub website.

The pocket guide 'Introducing Funding and Finance' presents the basics of sustainable funding, planning, good financial management, fundraising, trading, contracting and loans.

Main Aims of the Finance Hub

Help the voluntary and community sector better understand the issues.
Influence national policy and practice.
Support regional, sub-regional and local voluntary and community organisations in their advocacy work with local funders and other policy makers.

The vision for the hub is: 'VCOs which are effective and independent because they are financially sustainable'.

How the Finance Hub will deliver its aims

A website offering a comprehensive signposting service.
Support for advisors working with front line organisations, including: training; an interactive tool-kit; guidance material; networking services; policy and advocacy work promoting the value of funding for advice work.
Work monitoring changes in the funding environment and alerting funders and other policy makers to their likely impact.
Fill gaps in resources, information or support.
Positively influence the policy and practice of funders and other policy makers.

Organisations, accountable body and staff

The Finance Hub accountable body is the Charities Aid Foundation.

16 organisations form the Executive group of the Finance Hub:

The Hub has three core staff – Programme Director, Programme Manager and Executive Officer, with additional assistance provided by independent Consultants.