The Mayor's Fund, headed by chair Sir Trevor Chinn and chief executive Chris Robinson, aims to spend £1.5m this year. In 2010 the charity will launch an £8m project across four London boroughs, centring on Shoreditch. It aims to have an annual turnover of £20m by 2013.
Boris Johnson said: "Like Robin Hood we want to draw riches from wealth creators to give life-changing support to the poorest Londoners. The Mayor's Fund will provide education, life skills and opportunities to children and families in need."
The Shoreditch scheme will comprise three projects: London Learning, an education and family support initiative delivered by Every Child A Chance and School Home Support; London Safe, a safety initiative for seven- to 16-year-olds delivered by Kids Taskforce, the Metropolitan Police and local schools; and London Achieving, a mentoring and support programme run by Morpeth Secondary School.
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