A critical time for our communities

As Catherine McGuinness joins our Board of Trustees, we couldn’t give up the opportunity to ask her about why she wanted to become a Trustee, what she brings to the role and what she thinks about our Life Chances Campaign.

First, a bit of background. Chair of the City of London Corporation’s Policy and Resources Committee from 2017 to 2022, Catherine is a financial services professional with long involvement in education: she is on the Council at City, University of London, a City of London Academies Trust trustee, and was involved with The City Academy, Hackney, from its founding.  She also chaired the Guildhall School of Music & Drama board of governors, and the Barbican Arts Centre board, encouraging community engagement.

“I think this is really a critical time for our communities. We’re facing into some terrible headwinds when we look at the fuel prices going up and the cost of living crisis generally. I know the financial professional services sector makes a huge contribution to the economy, as well as to access and opportunities. But I was not comfortable sitting in some of those meetings looking out over the East End knowing that there are some of the highest levels of youth unemployment here and some of the highest levels of pensioner poverty and isolation.

I really wanted to get involved with a body that knew its community, that was not only giving its own money to make a difference, but was also working with others to have more impact.

What has impressed me about EECF is the depth of knowledge of its area. It really gets under the skin of what’s needed to make a difference and has the community solutions to these critical issues. It’s a bridge between the community and the funders and has such potential to unlock the power of big businesses.

In terms of what I bring to the EECF Board? I’ve had a dual career both as a financial services lawyer, working in very esoteric areas – derivatives and capital markets – but also as a local councillor here in the City. I’ve been very fortunate in what I’ve done, for instance, being very closely involved with setting up an academy in Hackney and then expanding a multi-academy trust.

I’ve also been able to serve as the City’s Policy Chair, effectively its political leader, for the past five years – through Brexit, Covid, into the Ukrainian war – working very closely with the financial professional services sector as I did so.

So, I’ve seen for myself, first-hand, some of the challenges that our young people face. I know the enormous power of the financial professional services sector and its wish to have an impact on communities. And I have knowledge of London government, how London fits together, how it connects.

I think Life Chances is a great campaign, launched at absolutely the right time. I was really surprised by the fact that more than 21 per cent of people in Newham were in fuel poverty even before the latest energy price hikes. I’m also really shocked by the levels of youth unemployment we see in our boroughs. And with 51% of children living in poverty across the East End we need to do something to shift the dial.

Life Chances works with partners to get money into solutions with real impact. Whether that’s young people’s wellbeing and pathways to employment. Whether that’s closing the digital divide or tackling older people’s poverty and isolation. The Campaign identifies organisations which are really making a difference on these three challenges.

What’s really interesting for donors is that they can channel the money through to organisations which are part of their community and have a track record of delivering but may not be best placed to fundraise. EECF takes away that fundraising burden but also, as far as donors are concerned, it can give the assurances about the effectiveness of these organisations.

There’s also the opportunity to join the Leadership Council, which I’m really excited about, and hope those reading this will also consider.

When I look at the people who’ve supported Life Chances so far, I’m pretty pleased to see the way the sector is putting its weight behind this campaign. I really hope we’ll see more of those big names in Canary Wharf and the City add themselves to the list so we easily hit the £5 million goal. Over three years this is an achievable amount. So, let’s really get out there and hit that target and make a difference!”