As inflation has spiralled upwards, the Joffe Trust has taken practical steps to help grant-recipients handle the cost of living crisis.
We asked grant-recipients what effect the crisis was having on them. They told us that it was already having a serious impact on their staff, their costs & their financial plans.
We also talked to other funders looking at the same issue. The Association of Charitable Foundations has published this useful page of resources.
In September, our board discussed how we should apply our principle of helping talented & busy leaders to build sustainable & effective organisations. After considering the costs and trade-offs involved, the board approved the following response:
- Increase grant payments that we are already committed to making beween 1st Oct and 31st Dec 2022 by 5%.
- Increase grant payments that we are already committed to making from 1st Jan 2023 onwards by 10%.
- Increase the maximum size of new grants from £30,000 to £35,000.
We will keep this response under review and would welcome any comments on it.