Bridge House Estates the trustee’s annual report and financial statements for the year ended 31 march 2012 Registered Charity 1035628 Contents Reference and Administrative Details

01 Structure, governance and management Bridge House Estates is a Trust governed by various 03 Objectives and activities instruments which are mentioned below. In April 1994 it was registered with the Charity Commission. 05 Aims, achievements, performance and future plans Charity Name 14 Financial review Bridge House Estates 17 Independent auditor’s report Other Working Names 18 Report of the audit review panel Bridge House Estates Trust Fund 19 Statement of financial activities Bridge House Trust Bridge House Grants 20 Balance sheet The City Bridge Trust 21 Cash flow statement 22 Notes to the financial statements Charity Number 1035628 37 List of grants approved 42 Membership of committees Registered Address Guildhall, London, EC2P 2EJ Trustee The Mayor and Commonalty & Citizens of the City of London Chief Executive Christopher Duffield – The Town Clerk of the City of London Corporation Treasurer Chris Bilsland – The Chamberlain of London Solicitor Andrew Colvin – The Comptroller and City Solicitor Bank Lloyds TSB Bank plc Discretionary Fund Managers GMO (U.K.) Ltd, Pryford International Plc, Ruffer LLP, Southeastern Asset Management Inc. Chartered Accountants and Statutory Auditors Deloitte LLP, Chartered Accountants and Statutory Auditors, 3 Victoria Square, Victoria Street, St Albans, AL1 3TF

Cover image of Tower Bridge taken by Clive Totman. Structure, Governance and Management

Founders Trustee selection methods By various bequests over the centuries. For practical purposes the Trust was managed during the year by seven committees of the City of London Governing Instruments Corporation, membership of which is drawn from the Court of Aldermen and the Court of Common Council. A Royal Charter of 24 May 1282 Members of the Court of Aldermen and Court of Common The Blackfriars Bridge Act 1863 Council are unpaid and are elected by the electorate of The Blackfriars and Southwark Bridges Act 1867 the City of London. The Annual Report and Financial The Corporation of London (Tower Bridge) Act 1885 Statements are reported to the Common Council of the The Corporation of London (Bridges) Act 1911 City of London Corporation each year. The audit firm The City of London (Various Powers) Act 1926, is appointed from a panel of six partners of firms who section 11 are elected by Common Hall (a meeting of the Livery The City of London (Various Powers) Act 1949, section 13 of London). The Committees of the City of London A supplemental Royal Charter of 26 November 1957 Corporation which had responsibility for managing The City of London (Various Powers) Act 1963, section 32 the Charity during 2011/12 are as follows: The London Bridge Act 1967 Property Investment Board responsible for the The City of London (Various Powers) Act 1979 section 19 management of the Trust’s commercial estates held for The Charities (Bridge House Estates) Order 1995 investment purposes. (S.I.1047) Financial Investment Board responsible for the An Order of the Charity Commission sealed management of the Trust’s non-property investment 10 July 1997 arrangements. An Order of the Charity Commission sealed 20 July 1998 Policy and Resources Committee responsible (251.98) for allocating resources to the other Committees, The Charities (Bridge House Estates) Order 2001 administering the Trust, and for determining the (S.I.4017) The Charity Commission Scheme dated 26 investment strategy between property and non-property August 2005 investments. The Charities (Bridge House Estates) Order 2007 (S.I. Finance Committee responsible for managing the 2007/550) non-property assets of the Trust and controlling support costs and other central charges that affect the Trust as The Mayor and Commonalty and Citizens of London a whole. (also referred to as ‘the Corporation’ or ‘the City of Planning and Transportation Committee London Corporation’), a body corporate, is the Trustee responsible for the construction, maintenance and of the charity known as ‘Bridge House Estates’. upkeep of the bridges with the exception of the tourism operation at Tower Bridge. Culture, Heritage and Libraries Committee responsible for the tourism operation at Tower Bridge. The City Bridge Trust Committee is responsible for giving individual grants up to £500,000 to voluntary organisations in accordance with the Cy-près scheme which was agreed by the Charity Commissioners and Parliament in April 1995. Any grant above £500,000 has to be agreed by the Court of Common Council. The working name of the grant-making activity is The City Bridge Trust. A full list of Committee Members is shown on pages 42-44. In making appointments to committees, the Court of Common Council will consider the recommendations of the ward deputies, who will take into consideration any particular expertise and knowledge of the Members.

Bridge House Estates Annual Report 2012 01 Structure, Governance and Management continued

Policies and procedures the Court of Common Council are set out in the Standing Orders and Financial Regulations governing all the for the induction and training Court of Common Council’s activities. The Standing of trustees Orders and Financial Regulations are available from the Town Clerk at the registered address. The City of London Corporation makes available to its Members, seminars and briefings on various aspects of the City’s activities, including those concerning Bridge Risk Management Statement House Estates, as it considers are necessary to enable The Trustee is committed to a programme of risk the Members to efficiently carry out their duties. management as an element of its strategy to preserve the The City Bridge Trust Committee has an ongoing Charity’s assets, enhance productivity for service users commitment to learning and development. The Trust and members of the public and protect its employees. has Investor in People accreditation which is an external In order to embed sound practice a Strategic Risk validation of the approach to valuing and developing the Management Group is in place to ensure that risk skills of both Committee Members and staff. management policies are applied, that there is an ongoing Elected Members of the City Bridge Trust Committee review of risk management activity and that appropriate have an induction including a briefing on the roles and advice and support is provided to Members and officers. responsibilities of charity trusteeship, highlighting the The City of London Corporation has approved a issue of ‘self benefit’ and conflicts of interest for strategic risk register for all of its activities. This register corporate trustees and public benefit requirements. The helps to formalise existing processes and procedures history, policies and procedures of the Trust are also and enables the City of London Corporation to further covered and Members of the Committee receive detailed embed risk management throughout the organisation. policy guidelines and copies of published materials. A key risk register has been prepared for this Charity, New Members of the Committee join staff on visits to which has been reviewed by the Trustee. It identifies the applicant organisations and observe the assessment and potential impact of key risks and the measures which are monitoring processes of the Trust. Members also regularly in place to mitigate such risks. attend the promotional events of charities which the Trust supports and report back on these to fellow Committee Members, broadening the knowledge base of the Public Benefit Statement Committee and improving decision making. The Chairman The objects of the charity are the maintenance of the river of the City Bridge Trust Committee attends training events bridges and grant making and related activity for the organised by the Association of Charitable Foundations. benefit of Greater London. The Trustee confirms it has Regular briefings are given to Members of the City referred to the Charity Commission guidance on public Bridge Trust Committee at their ten meetings per annum benefit when reviewing aims and objectives and when to update them on charity legislation and a wide variety making future plans and setting grant making policy. of issues affecting voluntary and community activity in The river bridges maintained by the charity are open London. Examples over the past year have included to the public at large, assuring public benefit on an open regular briefings on the impact of the recession on access basis. There are no restrictions regarding the philanthropy, Charity Commission guidance on charities members of the public who may use the bridges and and campaigning and the effects of the Comprehensive no fees are charged. Spending Review on the third sector. The sections of this report relating to the Trust’s grant At least two substantial papers are produced for making and related activities set out how we further Members of the Grants Committee each year giving achieve our charitable purposes for the public benefit. detailed statistical and qualitative analysis of the Third sector organisations and their services for the monitoring of the Trust’s funding and its impact. Such public are strengthened by the Trust’s funding. The information ensures the Committee is kept properly public benefiting from the Trust’s funding are primarily briefed as to emerging trends in order to inform both the inhabitants of Greater London. Grants are awarded strategic and operational planning. Reporting against at the Trustee’s discretion, based upon published criteria the business plan is given to all Committees managing and a transparent and fair assessment process. Fees are the charity on a quarterly basis. not charged for our services and our grant making aims to address disadvantage across London’s diverse Organisational structure and communities. All registered charities which meet our programme decision making process objectives are eligible to apply. The public benefit is The Committees which governed the Charity’s activities delivered by the charities which receive grants from in 2011/12 are noted above. All of these Committees were the Trust. The City Bridge Trust Committee ensures ultimately responsible to the Court of Common Council a robust monitoring system is in place to establish the of the City of London. The decision making processes of benefit derived from each grant in order to be confident of meeting its public benefit obligations.

Bridge House Estates 02 Annual Report 2012 Objectives and Activities

Bridge House Estates’ origins Blackfriars Bridge The first Blackfriars Bridge was originally built between and income 1760-1769 and was known as ‘Pitt Bridge’ after William The origins of Bridge House Estates can be traced back Pitt. This structure was replaced between 1860-1869 with to 1097 when William Rufus, second son of William a design by Joseph Cubitt of five wrought iron arches the Norman, raised a special tax to help repair London faced with cast-iron, on granite piers. The decorations Bridge. By the end of the twelfth century, the shops include ornithological sculptures surmounting the and houses adorning Peter de Colechurch’s new stone granite columns on each cutwater, archaded cast iron London Bridge were beginning to generate not only parapets and enormous attached columns in red granite increased cross-river trade, but also increased taxes, with Portland stone capitals. The sculptures depict land rents and bequests. A significant fund began to birds on the landward side of the bridge and sea birds on accumulate and it was administered from a building the side facing the sea. Queen Victoria opened the bridge on the south side of the bridge called Bridge House. in 1869 and it remains the busiest of the four road bridges Over succeeding centuries this fund has been skilfully in the City with an average of 54,000 vehicles passing administered by the City of London, which was confirmed over it each day. There is no weight limit for vehicles. as Trustee in the supplemental Bridge House Royal The Millennium Bridge Charter of 1957. The first new pedestrian bridge to be built across the The income of the Trust is derived from property Thames for over a century, the Millennium Bridge links rents and invested monies. It can be used for the the City at St Paul’s Cathedral with the Tate Modern provision of facilities for visitors at Tower Bridge, Gallery at Bankside. It provides an invaluable link maintenance of all the Thames bridges, and the between north and south of the river for commuters maintenance and protection of the Trust’s income- and communities. producing assets, such as its portfolio of commercial Funded by the Bridge House Estates and the property. After these responsibilities have been met, Millennium Commission, the ‘Blade of Light’ is a 325 the Trust can use any surplus income for charitable metre steel pedestrian bridge, conceived by Anthony grants benefiting the inhabitants of Greater London, Caro and built by Ove Arup and Foster Associates under a scheme agreed with the Charity Commissioners under the project management of the London Borough in 1995. Part of the Trust’s capital is invested in stocks of Southwark. and shares, in accordance with the investment powers The Worshipful Company of Scientific Instrument of the Trust. Makers installed a two metre high glass obelisk under The Bridge House Estates mark has been the the north side of the Bridge on the riverside walkway identifying emblem of the Charity for many centuries. as a millennium gift to the City. It is likely that the mark as we know it today was designed by William Leybourn, a famous seventeenth century Southwark Bridge surveyor. Leybourn is thought to have adapted a similar Southwark Bridge was originally built between mark drawn against plots owned by Bridge House 1814-1819 and was purchased by the Trust in 1868. Estates on an earlier plan of St George’s Fields, London. The City of London had been trying to obtain control The work of Bridge House Estates reaches out across since 1827 to catch criminals escaping to Southwark, London in many important and diverse ways. outside its jurisdiction! It was replaced between 1912-1921 with a design by Sir Ernest George and Basil Mott and comprises five steel arches with The River Bridges granite cutwaters and fancy granite piers. There The core business of the Charity has been for many is no weight limit for the estimated 17,000 vehicles centuries the bridges. The Charity in some cases has which cross the bridge every day. built, and now maintains five of the bridges that cross London Bridge the Thames into the City of London – Blackfriars Bridge, The first stone bridge across the Thames was built Millennium Bridge, Southwark Bridge, London Bridge, between 1176-1209 and replaced between 1823-1831. The and Tower Bridge. The maintenance and eventual current bridge was built between 1967-1972 and designed replacement of these bridges remains the prime by the City Engineer, Harold Knox King with architects objective of the Charity. They are gateways to the City Mott, Hay & Anderson and William Holford & Partners. and require sustained and expert maintenance. Made of concrete with polished granite, the bridge The bridges are considered to be heritage assets has three spans founded on concrete piers fixed deep into (accounting policies note 1(e) on page 22 refers). the river clay. It was opened by Her Majesty The Queen in 1973. Although there is no weight limit on the bridge itself, there is a 17 ton limit on the Monument pedestrian subway.

Bridge House Estates Annual Report 2012 03 Objectives and Activities continued

Tower Bridge The Grant-Making Activity of the Tower Bridge, designed by the Victorian architect Horace Jones, was opened in June 1894 after eight years City Bridge Trust of construction. It is a working bascule and suspension The sound management of the Charity by the City bridge, constructed as a steel frame clad in stone and of London Corporation means it is possible to release granite in Gothic style to complement the neighbouring considerable surplus funds in support of the second Tower of London. key area of Bridge House Estates’ work – namely the Under the Corporation of London (Tower Bridge) provision of vital assistance to charitable organisations Act 1885, the City of London Corporation is required across Greater London. This wide-ranging support to raise the Bridge to provide access to and egress from amounted to £18.90 million (£18.05 million after write the Upper Pool of London for registered vessels with backs) in 2011/12 (2010/11: £16.83 million) and was used a mast or superstructure of 30 feet or more. The service in accordance with the governing instruments: is provided free of charge subject to 24 hours notice and • In or towards the provision of transport, and access is available any time, day or night, 365 days per year. to it, for elderly or disabled people in the Greater The Bridge is raised around 900 times each year. London area The City ensures that the Bridge is properly • For other charitable purposes for the benefit of the maintained and protected as part of the nation’s heritage. inhabitants of Greater London in such ways as the As it has been designated a Grade 1 listed building, any Trustee thinks fit. adaptations carried out to the Bridge externally or It is the Trust’s policy not to give funds that relieve internally are subject to approval by English Heritage a statutory body of a statutory duty. and the local planning authorities. A detailed account of the grant-making can be The Bridge was originally painted brown but this found in the City Bridge Trust’s Annual Review 2012 was changed to red, white and blue for the Queen’s Silver available from: Jubilee in 1977. The most recent repainting of the bridge was completed in 2011 in time for the Bridge to be City Bridge Trust featured in the promotion of the London Olympics City of London Corporation and Paralympics 2012. PO Box 270 Tower Bridge is a world famous icon of London and Guildhall in order to allow UK visitors and tourists from abroad London EC2P 2EJ access to the internal areas of the Bridge a public exhibition has been provided since 1982. The exhibition 020 7332 3710 showcases the Victorian architecture, engineering and [email protected] also the original Victorian Engines used to power the www.citybridgetrust.org.uk lifting of the Bridge. Each year a new themed temporary exhibition is created to provide interesting content to enhance the experience of visitors. Currently the West Walkway displays an Olympic themed exhibition entitled ‘Cities of the Modern Games’. The high level walkways, 42 metres above the Thames, provide panoramic views towards Wapping, Canary Wharf and Greenwich to the east and, of the City and central London skyline to the west. The exhibition attracted circa 515,000 visitors in 2011/12. The high level walkways and Engine Rooms are a popular venue for corporate and private events and wedding receptions. The North Tower Lounge and the Bridge Master’s Dining Room are also regularly used for smaller events, including meetings and wedding/ civil ceremonies. The operational and tourism activities at Tower Bridge are also funded by the Bridge House Estates Trust.

Bridge House Estates 04 Annual Report 2012 Aims, Achievements, Performance and Future Plans

The Charity’s main objectives for the year were to Aims and achievements: continue to maintain the five river bridges as an important part of London’s infrastructure and transport links, In 2011/12 the following tourism objectives were set in accordance with the ongoing maintenance programme and achieved: and to provide grants to voluntary organisations in • Minimising the final effects of the bridge restoration accordance with the grant giving policies. works on operations, visitors to the exhibition, events clients and other stakeholders through active Tourism at Tower Bridge mitigation planning • Implementing the first phase of the exhibition staffing Tourism at Tower Bridge, as well as generating income review through agreement and appointment to a new for the Charity allows internal access to this magnificent management structure for operational and creative iconic structure so visitors from all over the world can development management enjoy and learn more about the history of the Bridge • Achieving an upgraded accreditation rating to the and the role it played in the City of London’s development. top level of Excellent under the Visit Britain’s Visitor Its main aim is to achieve: Attraction Quality Assurance Scheme (VAQAS) for the exhibition “An excellent operational • Winning gold awards as Best Venue in the UK for up to 300 people from UK Events and Eventia, the two service and successful largest awards organisations in the events industry. tourism business at Tower It is a unique achievement to hold both of the awards concurrently Bridge through continually • Maintaining ISO 9001 quality assurance accreditation for our events management service. Seasoned Events improving operations and and Fizz Caterers are also accredited providing a high customer services and by quality joined up service • Successfully producing and launching a black and investing in staff.” white photographic exhibition in partnership with London Metropolitan Archives in June 2011 Delivering excellent customer care is an essential • Creating and implementing the Bermondsey to part of achieving Tower Bridge’s main aim. Without Battersea exhibition element in the South Tower customers there would be no tourism or operational • Agreeing partnering arrangements with Southwark business at Tower Bridge. The groups of customers are Community Arts Forum and facilitating the display made up of visitors to the Exhibition, guests to corporate of two themed art projects and private events and the use of the Bridge for its • Refurbishing and upgrading of toilet facilities in the original intended function (ie river traffic, motorists South Tower for ladies, gents and disabled visitors and pedestrians). • Installing high quality oak flooring with additional For 2012/13 work will continue to improve the quality insulation in the East and West Walkways of experience on offer at Tower Bridge to the customer • Designing and installing new events cloakroom to support the assertion of ‘A Vibrant and Culturally facilities in the North Tower level 2 Rich City’ as promoted by the City Corporation. • Installing ambient lighting in the North Tower Lounge and ticket office to improve the welcome and experience of events clients • Outsourcing weddings promotion, sales and management to Fizz Caterers to provide greater choice for clients in this specialist market sector • Utilising Social Media as a marketing method has resulted in the Tower Bridge Exhibition attaining 260,000 Facebook visits and 500 Twitter followers to date. Additional achievements made in the year include: • Installation of improved access facilities for disabled visitors • A new floodlighting system in collaboration with the Greater London Authority (GLA), Électricité De France (EDF) and General Electric Co. (GE).

Bridge House Estates Annual Report 2012 05 Aims, Achievements, Performance and Future Plans continued

Targets for 2011/12 • Progress phase 2 of the exhibition staffing review to produce comprehensive proposals for Tourism staff Target Actual • Install discrete new heating systems for both 2011/12 2011/12 Walkways. Achieve tourism income budgets: – Ticket Income 100% 105% Big Picture Projects – Retail (shop, vending etc) 100% 120% In view of the Bridge’s iconic status it will be one of the focal images in the promotion of the London Olympics – Venue Hire 100% 124% 2012 and the centrepiece of the celebrations for the To receive Tower Bridge visitor Queen’s Diamond Jubilee. The following projects have feedback through analysing been initiated as a result of these historic events and questionnaires from 5% of visitors will be organised, managed and funded variously by per month 5% 6% London Organising Committee of the Olympic Games, Achievement of customer care the Greater London Authority, the Government, standards 90% 92% Buckingham Palace, external sponsors and the City of London Corporation. Increase the number of visitors It will be a tremendous pleasure for all at the Bridge completing the full tour to the to be involved in these momentous events, despite what Engine Rooms 82% 82% will be a challenging time for the Bridge Master and Answer all telephone calls including technical team, facilitating the major projects without visitor enquiries within 20 seconds 90% 97% significant disruption to our operations, or to the tourism or events businesses. Overall Performance: • External lighting Work commenced on site in November 2011 to install Performance of Tower Bridge Tourism has been an illuminating computer controlled floodlighting exceptional this year with 515,091 visitors gaining access system for the Bridge. The basic lighting scheme will to the Exhibition (2010/11: 496,286), 183 corporate and be white, which will focus on the structure instead private venue hires (2010/11: 179), increased retail sales of providing general space illumination. However, beyond the £500,000 mark and use as a filming location for special occasions Bridge technical staff will be able 29 times (2010/11: 28 times). to programme the lighting to a wide range of colours • Disabled lift Plans for 2012/13 Due for completion by April 2012 the new lift will provide direct access from the Bridge to the Engine To continue our improvement momentum, nine key Rooms entrance for our disabled visitors, thus objectives have been identified for the coming year: removing the need for a long and difficult journey • Develop and implement the Olympic Cities Exhibition from the South Lift to the Engine Rooms. The lift will and related children’s competition by May 2012 to also provide a facility for the general public 24 hours provide added value for visitors during the Olympic a day and will be of positive value during the Olympics period and increase visitor numbers and Paralympics through providing access to the • Successfully embed the new exhibition management large screen in Potters Field structure and senior management succession • Queen’s Diamond Jubilee arrangements for the retirement of the Bridge Master One of the main events of the Queen’s Diamond by December 2012 Jubilee will be the River Pageant, to be held on • Develop a range of Tower Bridge quality branded Sunday 3 June 2012. The Queen, on board the Royal merchandise for retail sale by March 2013 Barge, will lead a procession of up to 1,000 small • Develop and implement ownerships, standards and vessels down the River Thames ending just below responsibility models for Exhibition, Maintenance Tower Bridge. This will feature a ‘Royal Bridge and Security teams by December 2012 Lift’ with confetti showers and a dramatic display • Develop and implement streamlined online ticket of daytime fireworks honouring her Majesty the and retail sales facility via Tower Bridge webpage Queen and providing a world-class visual finale by March 2013 for the pageant • Manage the design and development of additional • Olympic rings storage and office facilities in the South Tower In June 2012 a specially constructed set of Olympic • Create a five year exhibition development and content rings will be lifted from a barge on the river and fixed standards plan by 31 December 2012 to a cradle built on the underside of the two high level walkways. The rings will be hinged to allow Bridge staff to remotely fold them up, under the walkways, to enable large vessels to pass through Tower Bridge.

Bridge House Estates 06 Annual Report 2012 Following the closing ceremony for the Olympics Mission the rings will be taken down and replaced with the Paralympic ‘Agitos’ for the duration of the The City Bridge Trust aims to reduce disadvantage Paralympic Games. by supporting charitable activity across Greater London through quality grant-making and related The River Bridges activity within clearly defined priorities. This year the Trust continued to run its Working A small team within the Property Projects Division of with Londoners programmes. Details of all the grants the City Surveyor’s Department is responsible for the approved in 2011/12 are shown on pages 37-41 and crossings and their approach structures, entrusted to a full report on the grant giving is provided in The Bridge House Estates along with the City’s other highway City Bridge Trust’s Annual Review 2012 which is structures. The maintenance of the highway surface is a separate publication. undertaken by the Director of the Built Environment on Southwark and the Millennium Bridges which form part Grant-Making Strategy 2011/12 of the City of London Highway network. The highway surface maintenance of the other bridges is under the The Trust’s grant making strategy is directed by its control of Transport for London. Street and flood lighting charitable objectives which are set out in its governing is maintained by the Director of the Built Environment instruments. These are modified in the light of changing on all river Bridges. needs as they arise. The business plan is available on This year the team has completed the General request. Consultation is a key element of our iterative Inspections to Southwark Bridge and its approaches, approach and informs our strategy. Park Street Bridge and Duke Street Hill Footbridge. A principal inspection was also completed at King The Grant-Making Policies William Street South Vaults. Other achievements in the year include the Each programme has clear and well publicised priorities replacement of bridge joints at Blackfriars Bridge which are actively promoted within the third sector and the continued assistance given to Network Rail through a communications strategy, roadshows and at Blackfriars with temporary footbridge links to their presentations. These priorities are reviewed at five yearly redundant piers. intervals in consultation with the third sector, other During 2012 we will be working with the GLA, funders (public and independent) and senior policy Olympic organisers and Westminster to relight and makers. The Trust will embark on its latest Quinquennial install additional temporary lighting to London, Review during 2012/13. Southwark, Millennium, Blackfriars, Waterloo and Details of policy and procedures are available in our Hungerford Bridges as part of the visitor experience publication ‘Working with Londoners’. You can also find to the London 2012 Olympics. them on our website www.citybridgetrust.org.uk. During For 2012/13 we will undertake general inspections the year, the Trust launched its new website where all at Tower Bridge and Millennium Bridge with an extra grants listed meeting by meeting, can be found. The requirement to remove for testing one of the dampers website has been designed to make better use of the on the Millennium Bridge. The principal inspections learning the Trust derives from its grant-making and will be at Blackfriars and London Bridges including it includes video clips showcasing some of the work their respective approach structures. supported and the public benefit derived from it. Most of our programmes have no deadlines for The Grant-Making Activity of the applications and we aim to process an application within four months. The City Bridge Trust Committee, the City Bridge Trust decision-making body, holds ten meetings per year in public. All applicants have access to reports and A scheme was agreed by the Charity Commission in 1995 recommendations written about them as these are which enabled the Trust to use its surplus income after in the public domain. meeting its responsibilities for the maintenance and Applicants are encouraged to contact the Trust for replacement of the bridges, referred to in the preceding initial guidance before making an application. Feedback pages, for charitable purposes benefiting the inhabitants can be provided on unsuccessful applications. of Greater London.

Bridge House Estates Annual Report 2012 07 Aims, Achievements, Performance and Future Plans continued

Economic Climate −− Managed 870 grants already awarded −− Completed a programme of 72 monitoring 2011/12 was a year in which the effects of the recession and evaluation visits and processed 395 self- and the cuts in public expenditure continued to have a evaluation reports of which 62% were considered significant impact on London’s third sector. Key funding good or very good. streams from central government, regional development • To add value to the work and reputation of the City bodies, London Councils and local authorities have been Corporation through due recognition of its role either withdrawn completely or significantly reduced. We as Trustee of London’s largest independent grant continued to monitor the situation carefully throughout making trust we: the year and consulted widely with the third sector, other −− Engaged the media consultancy Champollion funders and commentators, collaborating closely with to ensure wide-ranging media coverage of our London Funders, the Association of Charitable strategic work, resulting in widespread coverage Foundations, London Councils, and key voluntary in the national press, television and radio of our and community sector partners. work with IPPR on the future care needs of older The Trust continued its strategy in response to the Londoners, our conference with NSPCC and economic climate that it implemented during 2010/11. Refuge on the needs of children living with This was to: domestic violence and the launch of our • Maintain its current grant-making priorities publication The Arts Case • Place greater emphasis on making unrestricted −− Worked closely with our Public Relations Office grants towards core funding to produce regular news stories in the local • Work collaboratively with other Trust funders press, showcasing awards made. During the in order to maximise impact and spread the risk year, a total of 20 articles were featured in the • Keep abreast of new funding mechanisms and local press and 10 articles in the trade press. approaches that bring additional resources and • To contribute to making London a more sustainable help to recycle funding. world city through supporting sustainable It decided it would not consider emergency or development initiatives and environmental ‘bail-out’ funding as it does not have sufficient funds education we: to plug the gaps left by central and local government −− Provided 13 organisations with a free eco-audit funding cuts. −− Awarded 17 grants totalling £4,214,825 on the Working with Londoners’ London’s Environment Tackling Climate Change programme. • To strengthen the third sector in London and In recognition of the urgent need for all of us thereby its capacity to be effective both in service to tackle climate change and to encourage our funded delivery and as a key part of civil society we: organisations to make the connection between social −− Collaborated extensively with key commentators and environmental justice, we have continued to better inform our responses to the needs of the to ask applicants and grant-holders, across all our third sector programmes, what steps they are taking to reduce −− Funded the Centre for Accessible Environments their carbon footprint. To help them improve their for an Access and Sustainability Adviser post to environmental practice, we offer free eco-audits (a study provide advice and information to third sector of an organisation’s energy use, waste procurement and organisations wishing to make their buildings travel patterns) to the third sector, provided they can more accessible and sustainable demonstrate a commitment to engaging fully with the −− Commissioned Charities Evaluation Services process and to cascading their learning. to provide training on monitoring and evaluation and quality assurance to our grant recipients Strategic aims and key achievements for −− Funded Cass Centre for Charity Effectiveness 2011/12 were: to provide a programme of capacity building • To reduce disadvantage across Greater London support targeting our grant recipients through quality grant-making and strategic −− Funded the Ethical Property Foundation to activities we: provide an advice service for London’s third −− Promoted and ran the Working with Londoners sector on all aspects of managing a community grants programmes building −− Collaborated with other funders and key third −− Funded Media Trust to work with ten of the sector organisations to monitor the effects of the Trust’s grantees on a ‘Telling Your Story’ current economic climate on London’s third sector collaboration whereby each was trained and −− Worked with third sector infrastructure in each supported to produce a short promotional video. London borough to identify and meet local needs −− Expended our grants budget and processed 504 applications

Bridge House Estates 08 Annual Report 2012 • To disseminate and manage the knowledge gained • In November 2011 we held a conference with NSPCC through grant-making and Strategic Initiatives, and Refuge to launch the findings of research in order to maximise impact for London we: commissioned by us into the needs of children and −− Commissioned Lemos and Crane to review work young people living with domestic violence in London we have funded across our programmes in order • In March 2012, the first of a series of master classes to showcase the role and value of arts on social investment looked at how to increase organisations in tackling disadvantage. the availability of development funding for social • To contribute to the collective development of good enterprise activity as well as the challenges faced grant-making and support for the third sector by social investment intermediaries. through collaborative working we: −− Collaborated with the Barrow Cadbury Trust and The Knowledge – Learning from London the Lankelly Chase Foundation to commission New • In July 2011, the seventh edition of The Knowledge Economics Foundation (nef) to undertake a piece – Learning from London was launched at a conference of action research looking at the opportunities and at the Barbican Centre. The Arts Case – why the arts obstacles presented by the Big Society agenda in make a difference showcased examples of work a climate of public spending reduction funded across several of the Trust’s programmes −− Launched Investor Perspectives on Social where the arts have played a lead part in improving Enterprise Financing, the findings of research the quality of life of some of the Capital’s most into the potential demand for social investment vulnerable and socially excluded people. that we commissioned in conjunction with the Knowledge Sharing Website City Corporation’s Economic Development Office • We commissioned research looking at different and the Big Lottery Fund approaches funders have taken to share learning −− Commissioned Social Finance to help us organise from New Philanthropy Capital during 2010/11. a series of Master Classes to take the social This led to a six-month pilot of a knowledge-sharing investment agenda forward, the first of which website for funders, hosted by the Association of took place in March 2012 Charitable Foundations. The evaluation of the pilot, −− Secured a three-year contract to run the grant- published in March 2012, concluded that funders making and the administration of Wembley found it a useful resource and it will continue National Stadium Trust, a major new grant-giving as a core activity of ACF into 2012/13 and beyond. body supporting community sports activities The website is being used by over 300 users from in London. 150 trusts and foundations to search for information, learn from peers and share what they know. Sharing Learning The Funding Network We continued to advance our Sharing Learning and • The Funding Network (TFN) is an open ‘giving circle’ Knowledge Strategy in 2011/12, to help us maximise comprising established philanthropists and would-be our impact by making better use of the learning and donors. It meets periodically and members donate knowledge we derive from our grant-making activities. to small charities after seeing presentations of their work. TFN is currently in receipt of a grant of £35,000 Research over two years towards the promotion of philanthropy • We jointly funded New Economics Foundation, in London. During 2011/12, the Lord Mayor hosted a the Barrow Cadbury Trust and the Lankelly Chase celebrity Funding Network event at Mansion House Foundation to undertake a piece of action research where five small charities presented their work to looking at the opportunities and obstacles presented new would-be donors. The evening raised over by the Big Society agenda in a climate of public £89,000 for the charities concerned. spending reductions • We commissioned Clearly So, in conjunction with the Grant-Making 2011/12 City Corporation’s Economic Development Office and • 504 applications with a 46% success rate the Big Lottery Fund to research into the emerging • 230 grants totalling £18,903,956 (£18,050,000 after social investment arena. The findings, Investor write backs) Perspectives on Social Enterprise Funding, were • Write backs for the year amounted to £853,956 launched at a highly successful event in July 2011. (2010/11: £511,462). Write backs relate to grants given in either the current, or previous financial years, that Conferences and seminars are no longer capable of being used for the purpose • Our Annual Conference was held in October 2011, for which they were given. They are therefore written in partnership with IPPR, when it launched the back to the grants budget for re-distribution. findings of the City Bridge Trust funded research into the future social care needs of London’s growing, older population

Bridge House Estates Annual Report 2012 09 Aims, Achievements, Performance and Future Plans continued

Working with Londoners London’s environment These programmes were launched in July 2008 and we have worked hard during the year to promote them Aim: at funding presentations across London. The guidelines We aim to educate Londoners about environmental have been designed with clear aims, priorities and good practice and maintain and enhance London’s outcomes. Successful applicants have to demonstrate biodiversity. how their work will help us achieve our outcomes. Achievements 2011/12 Thorough but proportionate monitoring and evaluation • Environmental education: 12 grants totalling of all grants enables us to assess how the work has made £3,761,325 a difference. • Biodiversity: 5 grants totalling £453,500. Accessible London Older Londoners

Aim: Aim: We aim to enable disabled people to participate fully We aim to assist older Londoners to enjoy active, in society. independent and healthy lives and support older Achievements 2011/12 people with dementia and Alzheimer’s. • Accessible arts and sports: 23 grants totalling Achievements 2011/12 £1,183,168 • Older people over 75 years: 10 grants totalling • Access to buildings: 20 grants totalling £706,260 £477,650 • Access to transport: 3 grants totalling £125,000. • Healthy lifestyles with older people over 65 years: 21 grants totalling £1,047,333 Bridging communities • Supporting people living with dementia or Alzheimer’s: 5 grants totalling £401,700. Aim: We aim to build on commonalities between communities, Positive transitions to encouraging groups to come together in common cause. independent living Achievements 2011/12 • Leadership initiatives: 6 grants totalling £443,650 Aim: • English language skills: 14 grants totalling £870,490 We aim to sustain people through some of the hardest • Joint work: 11 grants totalling £621,370 of life’s transitions. • Mainstream & Minority partnerships: 1 grant totalling £108,200. Achievements 2011/12 • People with a newly acquired disability: 3 grants totalling £188,000 Improving Londoners’ • Young disabled people: 9 grants totalling £854,400 mental health • Disabled people managing independent living: 13 grants totalling £1,043,230 Aim: • Disabled parents managing their responsibilities: We aim to improve the mental health of Londoners, 1 grant totalling £90,000 especially those with limited access to mainstream • Resettlement work with ex-offenders: 5 grants services. totalling £308,800. Achievements 2011/12 Strengthening the third sector • Children and young people: 13 grants totalling £1,337,000 • Homeless or transient people and rough sleepers: Aim: 6 grants totalling £536,520 We aim to fund second tier organisations so that they can • Trauma amongst refugees and asylum seekers: strengthen the third sector to deliver better services. 3 grants totalling £274,500 Achievements 2011/12 • Resettlement support: 4 grants totalling £312,675 • Increase and improve volunteering: 11 grants • Offenders & ex-offenders: 6 grants totalling £341,620 totalling £1,086,985 • Older people: 2 grants totalling £227,000. • Minority ethnic and refugee organisations: 1 grant totalling £75,000 • New approaches to ICT: 1 grant totalling £114,000

Bridge House Estates 10 Annual Report 2012 • Improving financial management: 6 grants totalling Participants can swap time spent volunteering (Time In) £656,000 for trips, events, entertainment or leisure (Time Out). • Improving the quality of evaluation: 2 grants totalling A London Time currency is being developed by building £122,500. partnerships amongst the public, voluntary and private sectors, in order to share resources. For every hour that volunteers give, they gain an hour of Time Out credit. Other Grants The Time Out menu includes anything from a theatre or cinema trip, to free entry to the local swimming pool Exceptional Grants and leisure centre. Occasionally, grants are also awarded in response Access and Sustainability Service to exceptional needs or circumstances where the work does not meet the criteria of our other programmes. We continue to fund the Centre for Accessible Environments to host our Access and Sustainability Achievements 2011/12 advisor. The post-holder provides advice and information A grant of £73,100 was awarded to Elephant Jobs towards to third sector organisations wishing to make their the continuing development of the fonesforsafety buildings more accessible and sustainable. initiative, a unique project providing women at risk of domestic violence with mobile phone access to the emergency services. Media Trust A grant of £142,000 was awarded to Media Trust We commissioned Media Trust to work with a cohort of enabling 120 young Londoners to tell the stories of the our grantees to produce a video which ‘tells their story’, capital’s communities reaching a national audience for use on their websites. through a dedicated television show and digital media distribution. Lord Mayor’s Show The Trust took part in the Lord Mayor’s Show in Strategic Initiatives November 2011, in partnership with Heart n Soul, one of the UK’s leading creative arts organisations working Up to 5% of the Trust’s budget can be used for strategic with people with learning disabilities. initiatives which we commission and have the potential for impacting a wide range of stakeholders. This year Rough Sleepers Personalisation was dedicated to a number of initiatives which could help share learning and bring organisations together and Project expenditure totalled £920,980. We funded Broadway to roll out an innovative pilot project to help some of London’s most entrenched Islington Giving rough sleepers resettle successfully in independent accommodation. Islington Giving is a coalition of charitable trusts campaigning to raise £3 million over the next three years in order to fight poverty and create opportunities London Olympics in Islington. We contributed £5,000 towards a feasibility study by The Trust has awarded £119,500 over three years London Funders into the potential establishment of towards Islington Giving Time, Giving Help for Older an endowed legacy fund in the wake of the 2012 Olympic People as part of the campaign. The scheme brings and Paralympic Games. together Age UK Islington, Manor Gardens Trust and Homes for Islington in a partnership that is identifying the most vulnerable and isolated older people so that Other Strategic Involvement volunteers can be targeted where most needed. • Officers from the Trust are committed to working collaboratively with colleagues in the wider funding London Time Credits community. The Chief Grants Officer is a member of the BBC Appeals Committee Spice Innovations has received funding of £163,900 • One of the Principal Grants Officers is a Trustee to develop a new model of volunteering in four London of London Funders, a cross-sectoral membership boroughs, including the City of London. Based on the organisation of funders across London. He is also time-banking system of volunteering, the programme a member of the Grants Committee of BBC Children is targeting those who do not traditionally volunteer. in Need.

Bridge House Estates Annual Report 2012 11 Aims, Achievements, Performance and Future Plans continued

• The Deputy Chief Grants Officer is a trustee of There remains a need in the third sector for Charities Evaluation Services, the UK’s leading more training in monitoring and evaluation. We have, provider of training and support on quality and therefore, continued to fund the Charities Evaluation evaluation systems for the third sector Services to provide discounted training to our grant • A Principal Grants Officer continues to chair recipients. Organisations tell us the training is helpful London Funders Olympics/Paralympics Group. in enabling them to improve their accountability and provide evidence of the difference their work has made. Improving Services for Monitoring and evaluating individual grants is relatively straightforward and our systems for Older People achieving this are developed and robust. Evaluating whole programmes where the range of work funded This programme of support for small organisations, can be quite broad is much harder. However, our one-off ‘Improving Services for Older People’ aimed to initiatives and ‘Special Edition’ programmes which have strengthen organisations as well as fund services. a relatively small cohort of grantees and run for a finite Whilst the programme closed during 2008/09, period (in contrast to our ongoing programmes) lend a significant proportion of grants were revenue themselves more readily to evaluation. commitments of up to two years and so 11 grants remained in management at the close of 2011/12. Tackling Violence Monitoring Grants The evaluation of our Tackling Violence programme was completed in March 2012. This initiative aimed Our approach to monitoring is proportionate to the size to help young people and parents deal with issues of of grant so as not to overburden small organisations. violence in their lives. The evaluation found that the • Each organisation is asked to report annually on the best outcomes were achieved by those organisations impact of its work and to provide annual accounts. which adopted a flexible approach and those who A basic monitoring form is used for grants of less invested sufficient time in the project planning process than £10,000 with a more detailed form being used and the recruitment of staff. for grants of over £10,000. This enables us to collect information in a uniform and systematic way • For all grants totalling over £50,000, we require Greening the Third Sector analysed statistics of provision and user feedback The evaluation of our Greening the Third Sector • An annual programme of monitoring visits is initiative was completed at the end of March 2010/11 and undertaken to ensure that all revenue grant recipients the learning from it was used to refine the programme are visited at least once during the grant’s lifetime, during 2011/12. Our Eco-Auditors collected data in whilst organisations in receipt of a capital grant a more uniform way, improving the measurement are visited at the discretion of the grants officer. of savings organisations had made in reducing their 72 monitoring visits were undertaken in 2011/12. carbon footprint. The charity sector is very dependent on rented, Evaluating Impact often shared accommodation. As a consequence, a major barrier to organisations making improvements We are committed to carefully evaluating each of is their limited scope to persuade landlords to improve the grants we make. We use the information from their environmental performance. During the year, organisations’ monitoring reports to reflect on the we continued to fund the Ethical Property Foundation overall effectiveness of our grant-making. During which is developing an accreditation standard in order the year, we dealt with 395 reports from organisations to try and tackle this issue. in receipt of grants across all our programmes. The forms are ranked according to how well the organisation has met its objectives and the quality of Addressing Disadvantage the supporting information. An overall assessment We carefully monitor the geographical spread of our of the quality of the work and the report is then made grant making, especially to ensure we target those on a continuum of ‘poor’, ‘satisfactory’, ‘good’ and ‘very boroughs that do not seem to be getting their ‘fair share’ good’. This is a complex process balancing and judging given their levels of deprivation. Boroughs with well- the quality of the work and the organisation’s capacity developed infrastructure often have the highest success to monitor and evaluate. In 2011/12, 62% were ranked rates whilst the converse holds true in boroughs with as ‘good’ or ‘very good’ and 33% were ranked as less well-developed infrastructure. ‘satisfactory’. The remaining 5% were ranked as ‘poor’, although this often reflects poor reporting rather than poor quality of work.

Bridge House Estates 12 Annual Report 2012 A Targeted Approach Quinquennial Review Rightly, many boroughs with high levels of deprivation, We will commence our Quinquennial Review in the for example, Hackney, Tower Hamlets and Islington, autumn. As well as looking back at our grant-making have success levels that reflect their position on the activity during the past five years in order to observe Government’s Index of Multiple Deprivation. This index trends and to identify the strengths and weaknesses combines a number of indicators, chosen to cover a range of existing policies, we will commission research taking of economic, social and housing issues, into a single a detailed look at London’s changing demographic and deprivation score for each small area in the country. future needs in order to identify new priorities. However, our monitoring data showed that some boroughs, notably Newham, Barking and Dagenham Effects of Public Sector and Waltham Forest, had fared less well relative to their levels of deprivation. We will continue to monitor this Spending Cuts carefully during 2012/13 and we will prioritise these We will continue to monitor carefully the effects of boroughs when promoting the work of the Trust. the public sector spending cuts and the recession on third sector organisations, aiming to strike a balance Type of funding between taking a flexible and pragmatic approach whilst maintaining our overall grant making strategy. The majority of our grants are for revenue and are awarded over two or three years. Such commitments are vital in helping organisations plan ahead and Sharing Learning & Knowledge develop services. 2012/13 Types of funding 2011/12 During the year we will: • Commission research to support and inform our Quinquennial Review • Hold two round table events bringing together practitioners policy makers and other funders to discuss issues of relevance to the sector • Produce an edition of The Knowledge – Learning from London showcasing some of the work funded on the new Growing Localities programme • Launch the City Funding Network, targeting young City professionals new to charitable giving • Continue our work with Philanthropy UK promoting philanthropic activity within the square mile through its City Philanthropy – a wealth of opportunity initiative Capital 8% • Develop a new City of London Corporation Beacon One year revenue 17% Award in partnership with the Community Two or three year revenue 75% Foundation Network in order to recognise the charitable work of philanthropists in the City • Work with the Reading Agency on its Dickens Social Future plans Reporters initiative, developing the reporting skills of young people which will also highlight the Working with Londoners charitable activities of the Mayorality and the City We will award about 200 grants totalling approximately of London Corporation £15 million in 2012/13 for proposals which most closely • Commission Media Trust to work with up to ten meet our Working with Londoners programme aims grantees to produce a promotional video that and objectives. ‘tells their story’ • Develop an awards scheme to reward organisations Growing Localities that have used nature to enhance and improve their We will launch our new £2 million grant programme, local community designed to mark The Queen’s Diamond Jubilee. Growing • Commission a feasibility study to investigate the Localities aims to make better use of London’s green potential for launching an initiative to improve spaces by encouraging people to get involved in standards of literacy and numeracy in London’s gardening, food growing and beekeeping. It will also primary schools. fund accredited work training or apprenticeships in horticulture for unemployed people and other special needs groups.

Bridge House Estates Annual Report 2012 13 Financial Review

Review of financial position The total net income from continuing operations available for charitable purposes for the financial year ended 31 March 2012 was derived from:

Resources 2011/12 expended Net 2010/11 Incoming generating incoming Net incoming resources funds resources resources £’m £’m £’m % £’m % Tourism at Tower Bridge 3.4 2.9 0.5 2 0.4 1 Investment properties 25.5 7.3 18.2 57 14.7 54 Managed investments and interest 14.4 2.5 11.9 37 12.1 44 Third party contributions 1.4 – 1.4 4 0.3 1 Net income available 44.7 12.7 32.0 100 27.5 100

The total expenditure for direct charitable purposes and governance costs were:

2011/12 2010/11 £’m % £’m % Direct charitable expenditure Repair and maintenance of bridges 6.4 25 7.2 29 Grants to voluntary organisations 18.1 69 16.4 65 Grants administration 0.8 3 0.7 3 Governance costs 0.7 3 0.8 3 Total charitable and other expenditure 26.0 100 25.1 100

Net incoming resources for the year 6.0 2.4

The recognised net losses on managed investments were £1.3 million (2010/11: gain of £19.3 million). Net gains on property investments were £37.1 million (2010/11: net gain of £11.2 million). Thus the overall increase in funds for the year was £41.8 million (2010/11: increase in funds of £32.9 million).

2011/12 2010/11 £’m £’m Net incoming resources 6.0 2.4 Other recognised gains and losses 35.8 30.5 Increase in funds for the year 41.8 32.9

Bridge House Estates 14 Annual Report 2012 Reserves policy Non-Property Investment Policy The Trust’s reserves and investment policies are to The Investment Policy is to seek an absolute return provide long term stability and liquidity sufficient for over the long term in order to provide for real increases the financing of the Trust’s objectives of maintaining the in annual expenditure, whilst preserving the Fund’s river bridges and the making of grants whilst preserving capital base in real terms. In pursuance of this objective, both the ‘real’ value of the asset base and the purchasing the City of London Corporation has adopted an power of the sums available for annual expenditure. investment strategy using bonds, equities and cash. All of the Trust’s funds are unrestricted and comprise: For the financial year 2011/12 the Fund achieved • The Accumulated Fund representing the unrestricted a performance of plus 2.9% (2010/11: plus 8.3%). This funds of the Trust which result from the excess of compares to the weighted average return achieved in income over expenditure carried forward from the WM Charity Unconstrained ex property index of plus previous years – £16.3 million at 31 March 2012 0.9% (2010/11: plus 9.0%). The relative outperformance (2010/11: £12.5 million) of plus 2.0% compared to the benchmark is attributable • Total Designated Funds amounted to £853.7 million to favourable stock selection and asset allocation by the (2010/11: £815.7 million) and are made up of the Investment Managers. following: Investments are made by the Fund Managers in −− A reserve set aside to produce the income required accordance with the above policy and the City expects to fund the charitable activities of the Trust them to pay due regard to Social, Environmental and which are the operating of the bridges and grant Ethical considerations which should further the long- giving. This reserve amounted to £745.5 million term financial interest of the shareholders. Full details at 31 March 2012 (2010/11: £706.9 million). The of the Investment Policy are set out in the City of London funds available for grants to charitable causes, Corporation’s Statement of Investment Principles which falling within the defined criteria, continue to is available from the Chamberlain of London. be subject to annual review by the Policy and Resources Committee Property Investment Policy −− Bridges Repairs, Maintenance and Major Works Fund. To provide sufficient resources to meet the The property assets of Bridge House Estates, which are enhanced maintenance costs of the five bridges valued at £394 million as at 31 March 2012, are managed over 50 years. The total of this reserve at 31 March by the City Surveyor’s Department within the context of 2012 was £106.4 million (2010/11: £107.1 million) a Member approved Estates’ Strategy. This strategy is −− Reserves are designated in respect of financing reviewed in depth by Members on a 3-yearly basis, who future major works at Finsbury House and at also receive an annual report assessing progress. In 31 March 2012 this reserve totalled £0.2 million addition each year Members review the Department’s (2010/11: £0.2 million). Funds have also been Business Plan and Objectives, which further address key retained from dilapidations to fund necessary areas in the Estates’ management. works in respect of eight properties – £0.6 million The strategy’s overall objective is to capture capital at 31 March 2012 (2010/11: £0.5 million) gain and to endeavour to secure rental growth at least −− In 2008/09 a designated reserve was established in line with inflation, insofar as market circumstances in respect of the Tower Bridge Tourism activity to permit; such rental incomes significantly support the cover any future shortfall in income that may arise Trust’s activities. A number of detailed policies underpin due to the volatile nature of the tourism market. this overall objective and key targets include: The total of this reserve at 31 March 2012 was • Achieving annual performance figures, both for total £1.0 million (2010/11: £1.0 million). and income returns, above those for the tailored Investment Property Databank’s (IPD) Central and Investment Policy and Objectives SE1 Benchmark • The maintenance and enhancement of the property The non-property investment portfolio has been divided stock, which is the bedrock of the fund’s income. between Pyrford International Plc, Ruffer LLP, The key performance measures are comparisons with Southeastern Asset Management Inc and GMO (U.K) the IPD benchmarks. The IPD UK Annual Universe Index Ltd. Each of these managers have been given specific covers property valued at some £136 billion in 254 funds; performance targets. the overall total return for 2011/12 for the IPD Universe Managed investments and investment properties was +6.4%. The Estates’ performance was +14.6%, and are revalued during the year. The difference between therefore the Estate has exceeded the IPD UK Annual carrying value and historic cost is recognised in the Index this year. The specific annual Benchmark index Statement of Financial Activities in accordance with the for Bridge House Estates was +11.6% and therefore the Charities Statement of Recommended Practice (SORP). Estate has also exceeded its Benchmark. Over the last ten years the annualised total return for the Estates has

Bridge House Estates Annual Report 2012 15 Financial Review continued

been +8.1% p.a., compared with +7.6% for its Benchmark, Adoption of the Annual Report and +6.7% for the Annual Universe. and Financial Statements Explanation of the Financial Adopted and signed for on behalf of the Trustee Statements These consist of the following and include comparative figures for the previous year. • Statement of Financial Activities showing all resources available and all expenditure incurred Roger A.H. Chadwick Chairman of Finance Committee and reconciling all changes in the funds of the Trust • Balance Sheet setting out the assets, liabilities and funds of the Trust • Cash Flow Statement showing the movement in cash for the year • Notes to the Financial Statements explaining the accounting policies adopted and explanations of information contained in the Financial Statements. Raymond Michael Catt The Financial Statements have been prepared in Deputy Chairman of Finance Committee accordance with statutory requirements and the Statement of Recommended Practice Accounting and Reporting by Charities (Revised 2005). The Trustee Guildhall, London confirms that the Trust’s assets are available and 25 July 2012 adequate to fulfil the obligations of the Trust. Responsibilities of the Trustee Law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust at the end of the year and of its financial activities during the year then ended. In preparing the Financial Statements, the Trustee is required to: • Select suitable accounting policies and then apply them consistently • Make judgements and estimates that are reasonable and prudent • State whether applicable accounting standards and statements of recommended practice have been followed • Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume the Trust will continue in operation. The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable the Trustee to ensure that the Financial Statements comply with the Charities Act 2011. The Trustee has general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the Trust and to prevent and detect fraud and other irregularities.

Bridge House Estates 16 Annual Report 2012 Independent Auditor’s Report To The Trustee Of Bridge House Estates

We have audited the financial statements of Bridge House Opinion on financial statements Estates for the year ended 31 March 2012 which comprise the Statement of Financial Activities, the Balance Sheet, In our opinion the financial statements: the Cash Flow Statement and the related notes 1 to 19. The • Give a true and fair view of the state of the charity’s financial reporting framework that has been applied in affairs as at 31 March 2012, and of its incoming their preparation is applicable law and United Kingdom resources and application of resources, for the year Accounting Standards (United Kingdom Generally then ended Accepted Accounting Practice). • Have been properly prepared in accordance with This report is made solely to the charity’s trustee, as United Kingdom Generally Accepted Accounting a body, in accordance with section 144 of the Charities Act Practice 2011 and regulations made under section 154 of that Act. • Have been prepared in accordance with the Our audit work has been undertaken so that we might requirements of the Charities Act 2011. state to the charity’s trustee those matters we are required to state to them in an auditor’s report and for Matters on which we are no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone required to report by exception other than the charity and the charity’s trustee as a body, We have nothing to report in respect of the following for our audit work, for this report, or for the opinions matters where the Charities Act 2011 requires us to we have formed. report to you if, in our opinion: • The information given in the Trustee’s Annual Report Respective responsibilities of is inconsistent in any material respect with the trustee and auditor financial statements; or • Sufficient accounting records have not been kept; or As explained more fully in the Trustee’s Responsibilities • The financial statements are not in agreement with Statement, the trustee is responsible for the preparation the accounting records and returns; or of the financial statements which give a true and fair view. • We have not received all the information and We have been appointed as auditor under section 144 explanations we require for our audit. of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Deloitte LLP Those standards require us to comply with the Auditing Chartered Accountants and Statutory Auditor Practices Board’s Ethical Standards for Auditors. St Albans, UK Scope of the audit of the 22 August 2012 financial statements Deloitte LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 and consequently An audit involves obtaining evidence about the amounts to act as the auditor of a registered charity. and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustee; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Bridge House Estates Annual Report 2012 17 Report of the Audit Review Panel to the Right Honourable the Lord Mayor, Aldermen and Livery of the several Companies of the City of London in Common Hall assembled

We, whose names are hereunto subscribed, the Audit Review Panel of the Chamberlain’s and Bridgemasters’ Accounts, elected by the Livery of London in Common Hall assembled on 24 June 2010, 24 June 2011, 25 June 2012 pursuant to Act 11, George 1, Cap. 18, an Act for regulating elections within the City of London, etc., do report as follows: We have reviewed the processes adopted by Deloitte LLP for the audit of the Bridge House Estates Trust for the period from 1 April 2011 to 31 March 2012. In our view the audit of the Financial Statements has been conducted in accordance with auditing procedures as stated on page 17. This report is made solely to the above named addressees. Our work has been undertaken to enable us to make this report and for no other purpose.

S. Barnsdall

A. de Lacey

J. Griffin

W. Owen

P. Streeter

The Deloitte Engagement Partner, Heather Bygrave, is also a member of the Audit Review Panel. However, as the role of the Panel is to provide independent confirmation that the processes adopted by Deloitte LLP have been conducted in accordance with auditing procedures, it is not appropriate for Heather Bygrave to sign the report.

Bridge House Estates 18 Annual Report 2012 Statement of Financial Activities for the year ended 31 March 2012

Unrestricted income funds 2011/12 2010/11 Total Total Notes £m £m Incoming resources Incoming resources from generated funds Activities for generating funds Tourism fees and charges 4 3.4 3.1 Investment income 4 Investment property income 25.5 22.3 Managed investment income 12.8 12.7 Interest receivable 1.6 1.6 Other 1.4 0.3 Total incoming resources 44.7 40.0

Resources expended Cost of generating funds Tourism expenses 2.9 2.7 Investment property expenses 7.3 7.6 Managed investment expenses 2.5 2.2 Charitable activities Repair and maintenance of bridges 6.4 7.2 Grants to voluntary organisations 18.9 17.1 Governance costs 0.7 0.8 Total resources expended 5 38.7 37.6

Net incoming resources before other recognised gains and losses 6.0 2.4

Other recognised gains and losses Net (loss)/gain on managed investments 10 (1.3) 19.3 Net gain on property investments 10 37.1 11.2 Net movement in funds 41.8 32.9

Reconciliation of funds Total Funds brought forward 15 828.2 795.3 Total Funds carried forward 15 870.0 828.2

All operations are continuing. All funds are unrestricted income. There are no other recognised gains and losses other than those shown above.

Bridge House Estates Annual Report 2012 19 Balance Sheet as at 31 March 2012

2011/12 2010/11 Notes £’m £’m Fixed assets Tangible fixed assets 8 3.6 4.0 Investments – property 10 394.0 366.9 Investments – under fund management and long term deposits 10 411.0 432.1 Programme related investments 17 0.1 0.1 Total fixed assets 808.7 803.1

Current assets Stock 0.1 – Debtors 11 8.6 6.9 Investments 10 86.3 51.4 Cash at bank and in hand 3.8 2.3 Total current assets 98.8 60.6

Creditors: Amounts falling due within one year 12 (32.9) (32.2) Net current assets 65.9 28.4

Total assets less current liabilities 874.6 831.5

Creditors: Amounts falling due after more than one year 13 (4.6) (3.3)

Net assets 870.0 828.2

The Funds of the charity: Unrestricted Income Funds 15 870.0 828.2

Approved and signed for on behalf of the Trustee

Chris Bilsland Chamberlain of London 22 August 2012

Bridge House Estates 20 Annual Report 2012 Cash Flow Statement for the year ended 31 March 2012

2011/12 2010/11 Note £’m £’m Net cash outflow from operating activities 1 (7.8) (9.3) Returns on investments and servicing of finance Interest received 1.6 1.6 Managed investment income 12.8 12.7 Net cash inflow from investments and servicing of finance 14.4 14.3 Capital expenditure and financial investment Purchases of tangible fixed assets 0.1 – Return of investments under fund management and long term deposits 19.7 5.4 Investment property purchases and enhancements (5.3) (1.4) Sale of investment property 15.3 1.3 Net cash inflow from capital transactions 29.8 5.3

Management of liquid resources Cash added to short term deposits (34.9) (9.0) Increase in cash in the period 2 1.5 1.3 Notes to the Cash Flow Statement

1. Reconciliation of net incoming resources on operating activities to net cash flow 2011/12 2010/11 £’m £’m Net incoming resources 6.0 2.4 Depreciation/Impairment 0.3 0.2 (Increase) in debtors (1.7) (1.1) (Increase) in long term debtors – (0.1) Increase in creditors falling due within one year 0.7 3.8 Increase/(Decrease) in long term creditors 1.3 (0.2) Interest receivable (1.6) (1.6) Managed investment income (12.8) (12.7) Net cash outflow from operating activities (7.8) (9.3)

2. Movement in cash as shown in the Balance Sheet 2011/12 2010/11 Movement £’m £’m £’m Cash at bank and in hand 3.8 2.3 1.5

Bridge House Estates Annual Report 2012 21 Notes to the Financial Statements

1. Accounting policies The following accounting policies have been consistently applied in dealing with items which are considered material in relation to the Trust’s Financial Statements. (a) Basis of preparation The Financial Statements have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities (Revised 2005), the Charities Act 2011, the governing instruments and under the historical cost accounting convention modified to include the revaluation of investment property and managed investments. The statements have also been prepared in accordance with applicable accounting standards. (b) Going concern The Trust is considered a going concern for the foreseeable future, due to its level of reserves and the Trustee having due regard to maintaining the capital base with, generally, only the investment income used in furtherance of the objectives of the Trust. A rolling annual in depth survey of the Trust’s forecast financial position over a five year period is carried out providing the framework for the medium term financial strategy. This strategy is to ensure that ongoing revenue expenditure is contained within revenue income and that sufficient surpluses are generated to finance capital expenditure on the bridges with surplus funds allocated to charitable grants. (c) Incoming resources All incoming resources are included in the Statement of Financial Activities gross without deduction of expenses. (d) Resources expended Grants to voluntary organisations The grant-making activity is described in the section starting on page 7 and a list of the main grants given is shown at the end of this report. All grants awarded in a financial year are included in the Statement of Financial Activities for that year. The value of grants unpaid at the year end is included in creditors. Allocation of costs between different activities The City of London Corporation charges staff costs directly to the costs of generating funds, the charitable activities and governance costs on a time spent basis. Associated office accommodation is charged out proportionately to the square footage used. All other costs are charged directly to the individual activities. (e) Fixed assets Bridges The objects of the charity are to preserve and maintain the Bridges and as such the Bridges are considered to be heritage assets. The Bridges are also considered to be inalienable (ie they may not be replaced or disposed of without specific statutory powers). A valuation of the Bridges, and certain strategic properties integral to the operation of Tower Bridge, is not included in these accounts as either a) reliable cost information is not available, or b) significant cost is involved in reconstruction of past accounting records, or in valuation, which is onerous compared to the benefit to the users of these accounts. The insured value of the five Bridges at 31 March 2012 was £671 million (31 March 2011: £671 million). Revaluations and Impairment Where a reduction in value of a fixed asset is caused by a general fall in prices, the loss is recognised in the Statement of Financial Activities in accordance with the Charities Statement of Recommended Practice (SORP). A reduction in value caused by a clear consumption of economic benefits (ie if the loss is similar in nature to depreciation) is an impairment loss and is also recognised in the Statement of Financial Activities. Should a reversal of a reduction in value be required, the accounting follows the original treatment applied. Where a fixed asset (other than freehold land) is not depreciated or has a life of more than 50 years, an annual impairment review is carried out. Investment properties In accordance with Statement of Standard Accounting Practice No 19 (Accounting for investment properties): i) The City Surveyor of the City of London Corporation, who is a fellow of the Royal Institution of Chartered Surveyors, values investment properties annually as at 31 March at market values determined in accordance with the Appraisal & Valuation Standards Manual 7th Edition issued by the Royal Institution of Chartered Surveyors. Check valuations are also provided by external valuers with the externally checked values representing some 44% of the Estates’ value as at 31 March 2012. Surpluses and deficits arising are included in the Statement of Financial Activities and the aggregate surplus or deficit is recognised in the Statement of Financial Activities in accordance with the Charities SORP.

Bridge House Estates 22 Annual Report 2012 ii) No depreciation or amortisation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years to run. Managed investments FTSE 100 Company investments are valued at the Stock Exchange Trading System (SETS) price at 31 March. Other quoted investments are valued at the middle market price at the close of business on 31 March. Unquoted investments are included at a valuation advised by the fund managers. Investment income is accounted for on an accruals basis. Income is recognised for dividends declared in respect of the period to 31 March but which have not yet been received. Revaluation of investments Gains and losses on revaluation of managed investments and investment properties held as fixed assets at the year end are included in the appropriate section of the Statement of Financial Activities. Gain/(loss) on disposal of fixed assets The gain/(loss) on property, managed investments and tangible fixed asset disposals, represents the differences between proceeds received on disposals and their book value at the beginning of the year. The net gain/(loss) on investments shown in the Statement of Financial Activities represents the difference between the historical cost on acquisition or the market value at 1 April 2011, compared with the market value at the date of disposal or at 31 March 2012. Other tangible fixed assets The acquisition costs of minor capital items such as furniture and office equipment below £50,000 are charged to revenue in the year of purchase. Depreciation Tangible fixed assets are depreciated on a straight line basis to write off their cost over their estimated useful lives as follows:

Computer Software 3 years Computer and other equipment 5 years Fixtures and fittings 8 years Leaseholder Improvements 10-30 years

(f) Stocks Stocks are valued at the lower of cost or net realisable value. (g) Pension costs The City of London’s Pension Scheme is a funded defined benefits scheme for its staff employed on activities relating to its three funds (City Fund, City’s Cash and Bridge House Estates). Bridge House Estates does not have an exclusive relationship with the City of London Pension Fund, neither is the portion of the Pension Fund that relates to City of London employee members engaged on Bridge House Estates activities separately identifiable. Consequently, in accordance with FRS17, the pension arrangements are treated as a defined contribution scheme in the Bridge House Estates accounts. This means that the FRS17 surplus or deficit on the Pension Fund is not included in the Bridge House Estates Balance Sheet. (h) Social Security The City of London Corporation accounts centrally for salary and wage deductions relating to all of its funds. Consequently Social Security deductions are not recognised in the Bridge House Estates accounts. (i) Rent deposits Deposits against defaults in rental payments held by the Trust are shown as creditors. (j) Foreign currencies Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the Balance Sheet date and the gains or losses on translation are written on/off to the revenue account.

Bridge House Estates Annual Report 2012 23 Notes to the Financial Statements continued

(k) Fund accounting The Trust has the following types of unrestricted funds: General Fund This Fund is expendable at the discretion of the Trustee in the furtherance of the objects of the Trust. Specifically it represents the surplus of income over expenditure for the Trust which is carried forward to meet the requirements of future years. Designated Funds The Trust may at the Trustee’s discretion set aside funds for purposes which would otherwise form part of the General Fund; these Funds are however still classified as unrestricted. Specifically the Trust now sets aside funds for maintaining the bridges, major cyclical works at Finsbury House and providing sufficient income for grant giving. The Bridges Repairs and Maintenance Fund has been established to equalise the cost of repairs and major cyclical works such as repainting over a period of up to 50 years, and a fund has been established in respect of the Tower Bridge Tourism activity to cover any future shortfall in income that may arise due to the volatile nature of the tourism market. Further information is given in note 15 to the Financial Statements. 2. Tax status of the Trust Bridge House Estates is a registered Charity and is therefore exempt from income tax and capital gains tax on income and gains falling within S256 TCGA 1992 and Part 10 of ITA 2007. The City is sole Trustee of the Trust and, is entitled to recover VAT incurred on the expenditure of the Trust under section 33 of the VAT Act 1994. 3. Indemnity insurance The Trust contributes towards indemnity insurance, in respect of all the City of London’s activities, to protect the Trust from loss arising from neglect or default of its Trustee, employees or agents. The cost of this insurance to the Trust was £25,860 in 2011/12 (2010/11: £31,949). 4. Incoming Resources Incoming resources consist of fees and charges from the tourism operation at Tower Bridge, donations, income from property and managed investments and income on cash balances held pending either investment or application to charitable activity. Income from fixed asset investments All investments are held to provide an investment return to the Charity. The income from fixed asset investments is comprised as follows:

Unrestricted General Designated 2011/12 2010/11 Investment Class £’m £’m £’m £’m Investment property 25.4 0.1 25.5 22.3 Managed investments 11.2 1.6 12.8 12.7 Interest receivable 1.1 0.5 1.6 1.6 Other income – 1.4 1.4 0.3 Total Investment Income 37.7 3.6 41.3 36.9

Bridge House Estates 24 Annual Report 2012 5. Resources expended Resources expended are analysed as follows: Activities undertaken 2011/12 2010/11 directly Support costs Total Total £’m £’m £’m £’m Cost of generating funds Investment property 5.1 2.2 7.3 7.6 Investment management 2.1 0.4 2.5 2.2 Tourism 2.7 0.2 2.9 2.7 9.9 2.8 12.7 12.5 Charitable expenditure Bridges repairs & maintenance 6.1 0.3 6.4 7.2 Grants 18.7 0.2 18.9 17.1 24.8 0.5 25.3 24.3

Governance – 0.7 0.7 0.8

Total Resources Expended 34.7 4.0 38.7 37.6

No resources are expended by third parties to undertake charitable work on behalf of the Charity. The grants given in accordance with the grant giving policy are in furtherance of the activity of the recipient charities and are described further below. Tourism expenses Staff costs and other expenses relate to the management and operation of the Tower Bridge tourist attraction. Investment property expenses Staff costs, repairs and maintenance costs, and professional fees relating to the management of the investment property portfolio. Investment management expenses The whole cost of the fees paid to the fund managers is charged to the revenue account. Bridges repairs and maintenance This comprises staff costs, repairs and maintenance, insurance, equipment and materials costs.

Bridge House Estates Annual Report 2012 25 Notes to the Financial Statements continued

Grants This consists of grants approved of £18.1 million, which are accounted for on the basis set out in note 1 to the accounts and grants administration of £0.8 million which consists of the staff costs and other direct expenses of administering the grants process. No grants are made to individuals. A summary of grants to institutions over programme areas is as follows:

2011/12 2010/11 Total grants to Total grants to institutions institutions Programme area £’m £’m Working With Londoners Accessible London 2.0 2.3 Bridging Communities 2.0 1.7 Improving Londoners’ Mental Health 3.0 1.4 London’s Environment 4.2 2.0 Older Londoners 2.0 1.8 Positive Transitions to Independent Living 2.5 3.0 Strengthening the Third Sector 2.1 2.2 17.8 14.4

Exceptional Grants 0.2 2.0 Strategic Initiatives 0.9 0.4

Total Grants Awarded 18.9 16.8 Write backs (grants no longer useable for the purpose awarded) (0.8) (0.5) Total Grants chargeable 18.1 16.3

Details of all the grants approved are shown on pages 37-41. Governance General Governance costs relate to the general running of the Charity, rather than specific activities within the Charity. They include strategic planning, external audit and costs associated with Trustee meetings. Governance costs are analysed further in the table in note 6. Auditor’s remuneration and fees for external financial services Remuneration to the external auditor (Deloitte LLP) for the audit of the 2011/12 accounts amounted to £47,631 (2010/11: £43,154). Other fees payable to Deloitte LLP for non-audit services during the year totalled £6,500 (2010/11: £13,000). Trustee’s expenses Members of the City of London Corporation are unpaid and do not receive allowances in respect of City of London Corporation activities in the City. However, Members may claim travelling expenses in respect of activities outside the City and receive allowances in accordance with a scale when attending a conference or activity on behalf of the City of London Corporation. These costs are met from the private funds of the City of London Corporation and not charged to the trust. During 2006/07 a scheme was introduced whereby any Member suffering a financial loss as a direct result of their City of London responsibilities could seek recompense in accordance with an agreed scale. These costs are met from the private funds of the City of London Corporation and not charged to the trust.

Bridge House Estates 26 Annual Report 2012 6. Support Costs The cost of administration, which includes the salaries and associated cost of officers, together with premises and office expenses, is allocated by the City of London Corporation to the activities under its control, including the activities within Bridge House Estates, on the basis of resources consumed on the respective services. These expenses include the cost of administrative and technical staff (eg surveyors, engineers).

Support costs are analysed by activity as follows: Investment Investment 2011/12 2010/11 Tourism property management Bridges Grants Governance Total Total £’m £’m £’m £’m £’m £’m £’m £’m Department: Chamberlain – 0.1 0.1 – – 0.1 0.3 0.3 Comptroller & City Solicitor – 0.2 – – – – 0.2 0.2 Town Clerk – 0.1 – – 0.1 0.2 0.4 0.3 City Surveyor 0.1 1.7 – 0.2 – – 2.0 2.2 Director of the Built Environment – – – 0.1 – – 0.1 0.1 Director of Culture, Heritage & Libraries 0.1 – – – – – 0.1 0.2 Public Relations – – – – – 0.1 0.1 0.1 Premises costs – – – – 0.1 0.1 0.2 0.3 Other – 0.1 0.3 – – 0.2 0.6 0.6 Total support costs 0.2 2.2 0.4 0.3 0.2 0.7 4.0 4.3

The main support services provided by the City of London Corporation are: Chamberlain Accounting services, insurance, revenue collection, payments, financial systems and internal audit.

Comptroller and City Property, litigation, contracts, public law and administration of commercial rents. Solicitor

Town Clerk Committee administration, human resources, emergency planning.

City Surveyor Work undertaken on the management of the Estate properties, surveying services and advice, supervising and administering repairs and maintenance to operational and investment properties.

Director of the Built Support functions in respect of finance, human resources, information technology, Environment management and administration for the Thames Bridges.

Director of Culture, Support functions in respect of finance, human resources, information technology, Heritage & Libraries management and administration for Tower Bridge Tourism.

Public Relations Supporting and promoting City strategic aims and policy priorities for example, by maintaining the organisation’s website and corporate contacts database and liaising with the press.

Premises costs Bridge House Estates share of the premises costs for the use of the Guildhall complex.

Other Various services including corporate training, corporate printing, occupational health, union costs, environmental and sustainability section.

Bridge House Estates Annual Report 2012 27 Notes to the Financial Statements continued

7. Staff numbers and costs Officers employed by the City of London Corporation work on a number of City of London Corporation activities. The number of full time equivalent directly employed staff (excluding agency) in respect of the Investment Properties, Bridges, Tower Bridge Tourism and the Grants Unit is 93.9 at a cost of £3.5 million (2010/11: 94.4 staff at a cost of £3.3 million). The number of directly charged staff earning less than £60,000 is shown below. Employees who earn less than £60,000 per annum Employer’s Employer’s No of full time National Pension Total Total equivalent Gross Pay Insurance Contribution 2011/12 2010/11 employees £’m £’m £’m £’m £’m Investment Properties 24.8 0.51 0.04 0.09 0.64 0.70 Tower Bridge Tourism 23.7 0.77 0.06 0.11 0.94 0.87 Bridges 32.0 0.99 0.08 0.16 1.23 1.14 Grants Unit 11.4 0.39 0.03 0.06 0.48 0.44

The number of directly charged staff earning more than £60,000 in bands of £10,000 is set out below. Employees who earn more than £60,000 per annum Employer’s Employer’s No of full time National Pension Total Total Band equivalent Gross Pay Insurance Contribution 2011/12 2010/11 £’000 employees £’m £’m £’m £’m £’m Grants Unit 60-69,999 1.0 0.05 0.01 0.01 0.07 0.07 Grants Unit 110-119,999 1.0 0.09 0.01 0.01 0.11 0.11

All employees whose remuneration was above the £60,000 threshold, have retirement benefits accruing under the defined benefit scheme (accounting policies 1 (g)). In addition, support service staff are charged to Bridge House Estates and other City of London Corporation activities on the basis described in note 6. The whole time equivalent number of support service staff charged is 46.6 (2010/11: 53.2).

Bridge House Estates 28 Annual Report 2012 8. Tangible fixed assets

Computers and other Fixtures and Leasehold equipment fittings improvements Total £’m £’m £’m £’m Cost At 1 April 2011 0.4 0.8 4.3 5.5 Additions/Adjustments – – (0.1) (0.1) Disposals – – – – At 31 March 2012 0.4 0.8 4.2 5.4

Accumulated depreciation At 1 April 2011 0.3 0.6 0.6 1.5 Charge for year – 0.1 0.2 0.3 Disposals – – – – At 31 March 2012 0.3 0.7 0.8 1.8

Net book values At 31 March 2011 0.1 0.2 3.7 4.0

At 31 March 2012 0.1 0.1 3.4 3.6

The net book value of tangible fixed assets relating to direct charitable purposes amounts to £3.6 million (2010/11: £4.0 million). 9. Heritage assets The primary purpose of Bridge House Estates is the provision and maintenance of five river Bridges. The Bridges were either built by the Charity or donated to it. The length of time the Bridges have been owned by the Trust stretches from the 12th Century to the 21st Century and therefore the Bridges are considered to be inalienable heritage assets and are not capitalised in the Financial Statements. Further information regarding the policy for the preservation and management of heritage assets has been included within the trustee’s annual report.

Bridge House Estates Annual Report 2012 29 Notes to the Financial Statements continued

10. Fixed asset investments Fixed asset investments are held to provide an investment return to the Charity to enable the Charity to fulfil its charitable objectives. The investment assets are divided into two categories – property investments under the management of the City Surveyor of the City of London Corporation and non-property investments under the management of fund managers. Property investments The value of property investments is arrived at as follows: 2011/12 2010/11 £’m £’m Property investments Market value 1 April 366.9 355.7 Purchase costs 5.3 – Enhancement works – 1.4 Net unrealised gain on revaluation at 31 March 30.5 10.6 Permanent loss on revaluation (0.4) (0.8) Book value of disposed assets (8.3) – Market value 31 March 394.0 366.9

Net gain on property investments The net gain on property investments is arrived at as follows: 2011/12 2010/11 £’m £’m Property investments Enhancement works – 1.4 Net unrealised gain on revaluation at 31 March 30.5 10.6 Permanent loss on revaluation (0.4) (0.8) Realised gain on disposal 7.0 – Market value 31 March 37.1 11.2

As many of the investment properties were gifted to the Trust and others were acquired centuries ago, it is impracticable to provide historical cost information. It has been assumed that the historical cost is nil. The properties are situated in Greater London. In 2011/12 a permanent loss on revaluation of £0.4 million was recognised for one investment property (2010/11: £0.8 million). This has been treated in accordance with the accounting policies set out in 1(e) above.

Bridge House Estates 30 Annual Report 2012 Investments under fund management and long / short term deposits Analysis of movement: 2011/12 2010/11 £’m £’m Market value 1 April 404.2 381.6 Add: Additions to investments at cost 116.9 152.3 Less: Disposals at market value (124.7) (149.0) Add: Net (loss)/gain on revaluation (1.3) 19.3 Market value of investments 31 March 395.1 404.2 Long term deposits 15.9 27.9 Investments under fund management and long term deposits 411.0 432.1 Cash held by Fund Managers at 31 March 23.6 14.3 Short term deposits and money market funds 62.7 37.1 Total investments as at 31 March 497.3 483.5

Cost 31 March 364.4 356.2 Net advances to fund managers during 2011/12 were £0.9 million (2010/11: advances to fund managers £0.9 million). Total investments as at 31 March are analysed between long term and short term as follows: 2011/12 2010/11 £’m £’m Long term 411.0 432.1 Short term deposits (*) and money market funds 62.7 37.1 Short term investments in hands of fund managers 23.6 14.3 Total 497.3 483.5 (*) The Chamberlain’s Banking Account includes cash on deposit £18.4 million (2010/11: £22.6 million) and accrued interest of £2.9 million (2010/11: £1.6 million), neither of which fall within the FRS1 definition of cash. Accordingly, these balances are included within Investments and Debtors respectively. The geographical spread of investments, including cash held by fund manager and short term deposits, at 31 March was as follows: 2011/12 2010/11 £’m £’m United Kingdom (including cash held by fund managers) 303.7 276.4 Europe (excluding UK) 64.4 77.3 United States of America 93.6 84.3 Japan 15.7 27.1 Pacific (excluding Japan) 13.4 13.7 Emerging Markets 6.5 4.7 Total 497.3 483.5

Bridge House Estates Annual Report 2012 31 Notes to the Financial Statements continued

Investment analysis by type

2011/12 2010/11 £’m £’m Fixed Interest UK 115.7 102.5 Overseas 16.5 16.9 Index Linked UK 20.0 16.5 Overseas 13.6 16.1 Pooled Units UK 0.5 0.5 Overseas 5.7 5.7 Listed Equities UK 139.5 140.2 Overseas 155.7 164.9 Managed Funds 10.3 1.6 Investment Income 13.3 12.8 Venture Capital 6.5 5.8 Total 497.3 483.5

The investment powers of the Trust are set out in an order of the Charity Commission dated 20 July 1998 (Ref: 251.98). This order enables the Trustee to invest the property of the Trust either: • In the acquisition of any securities or property (real or personal) of any sort; or • On deposit or loan whether in the UK or elsewhere. 11. Debtors due within one year

2011/12 2010/11 £’m £’m Accrued interest 2.9 1.7 Rental debtors 2.0 0.8 Other debtors 3.7 4.4 Total 8.6 6.9

Bridge House Estates 32 Annual Report 2012 12. Creditors due within one year

2011/12 2010/11 £’m £’m Grants payable 20.7 21.6 Trade creditors 0.8 1.3 Property income received in advance 3.4 3.3 Rent deposits 2.9 2.8 Other income received in advance 0.3 0.1 Other creditors 4.8 3.1 Total 32.9 32.2 13. Creditors due after more than one year

2011/12 2010/11 £’m £’m Grants payable 4.6 3.3 Total 4.6 3.3 14. Pensions Following the statutory triennial valuation of the pension fund as at 31 March 2010, completed by independent consulting actuaries, an employer’s contribution rate of 17.5% has been applied for 2011/12, 2012/13 and 2013/14. A further triennial valuation will be completed as at 31 March 2013. In 2011/12 employer’s contributions to the scheme for staff engaged on Bridge House Estates activities was £0.7 million (2010/11: £0.6 million). There are no outstanding or pre-paid contributions at the balance sheet date. The deficit of the scheme at 31 March 2012 is £351 million (2010/11: £188 million) as calculated in accordance with IAS19 disclosures. The increase in the deficit is due to a reduction in the discount rate used to value liabilities.

Bridge House Estates Annual Report 2012 33 Notes to the Financial Statements continued

15. Funds

Analysis of net assets by fund Designated 2011/12 2010/11 General Funds Funds Total Total £’m £’m £’m £’m Fixed assets 3.6 805.1 808.7 803.1 Net current assets 17.3 48.6 65.9 28.4 Creditors more than one year (4.6) – (4.6) (3.3) Total assets 16.3 853.7 870.0 828.2

Movement of unrestricted funds during the year to 31 March 2012 Net incoming / (outgoing) Net gain/(loss) on Balance at resources before Transfers between investments/ Balance at 1 April 2011 transfers Funds properties 31 March 2012 £’m £’m £’m £’m £’m General Funds Accumulated Fund 12.5 6.5 (2.7) – 16.3 Total General Funds 12.5 6.5 (2.7) – 16.3

Designated Funds Reserve Funds – General 305.9 – 5.3 16.0 327.2 – Designated Sales Pool 24.4 – (5.3) 5.1 24.2 – Investment Revaluation 39.6 – – (12.6) 27.0 – Property Revaluation 337.0 – – 30.1 367.1 Total Reserve Fund 706.9 – – 38.6 745.5

Finsbury House 0.2 – – – 0.2 Property Dilapidations 0.5 0.1 – – 0.6 Bridges Repairs 107.1 (0.6) 2.7 (2.8) 106.4 Tower Bridge Tourism 1.0 – – – 1.0 Total Designated Funds 815.7 (0.5) 2.7 35.8 853.7

Total Funds 828.2 6.0 – 35.8 870.0

Bridge House Estates 34 Annual Report 2012 Notes to the Unrestricted Funds As set out in the accounting policies the Trustee has designated certain funds for particular purposes. These are as follows: Designated Reserve Funds The Trustee has designated reserve funds which represent: 1) General – The funds required to meet the Charity’s commitments on an ongoing basis. The commitments are: −− Bridge operations – The Charity has a duty to operate and maintain the Bridges and has therefore designated funds to enable it to meet this commitment on an ongoing basis −− Grant giving – The Charity Commission agreed a Cy-près scheme in 1995 to enable the Charity to use its surplus funds to give grants to charitable organisations across Greater London. Funds have been set aside to generate income for this purpose. The funds generating the income are not available for grant making under the terms of the scheme. 2) Designated Sales Pool – This Fund exists to finance capital expenditure on additions to the Bridge House Estates investment property portfolio. It is built up from capital receipts from disposals of interests in the Estate. 3) Investment Revaluation – This is essentially the difference between cost and market value of managed investments. 4) Property Revaluation – In most cases, the cost of property investments is unknown. This item represents either the market value of investment property or the difference between cost and market value, where the cost is known. Finsbury House This represents contributions by tenants for service charges and is to ensure that funds are available to finance major cyclical works. Interest is credited at the Chamberlain’s daily balances rate. Property Dilapidations When a tenant leaves a property and has not kept the property in the condition required by the lease, an agreed sum is paid to the Trust relating to the repairs needed to bring the property back to the state it was at the commencement of the tenancy. These Funds are being held pending their utilisation on re-instating the properties. Bridges Repairs, Maintenance and Major Works Fund A fund has been established to equalise the payments required to repair and maintain the five bridges over a 50 year period. Tower Bridge Tourism A fund has been established, from the net proceeds generated by the tourism operation at Tower Bridge, to cover any future shortfall in income that may arise due to the volatile nature of the tourism market. 16. Commitments The following commitments have been made at 31 March in respect of future accounting periods: 2012 2011 £’m £’m Capital works authorised 3.1 – Supplementary Revenue Project Commitments 1.5 – 17. Programme related investments On the 29 July 2010 the City Bridge Trust purchased a £100,000 zero interest investment bond (the East London Bond) in support of the Bromley by Bow Centre and Community Links. The bond is repayable in 2015. 18. Contingent Liability The main contractor on a major capital project has submitted claims for time extensions and consequential additional costs. These claims are disputed and the Quantity Surveyor’s best estimate of Bridge House Estates’ share of the contract cost has been included in the accounts. The sums concerned have not been disclosed as to do so could prejudice seriously the City of London Corporation’s position.

Bridge House Estates Annual Report 2012 35 Notes to the Financial Statements continued

19. Related parties The following disclosures are made in recognition of the principles underlying Financial Reporting Standard 8 concerning related parties. One of the capacities of the City of London Corporation is that of Trustee of the Trust, as described on the inside front cover. The City of London Corporation provides management, surveying and administrative services for the Trust. The costs incurred by the City of London Corporation in providing these services are charged to the Trust. The City of London Corporation also provides banking services, charging all transactions to the Trust at cost and crediting or charging interest at a commercial rate. The cost of these services is set out in the Statement of Financial Activities under ‘Resources expended’ and an explanation of these services is set out in note 5 to the Financial Statements. The City of London Corporation is also the Trustee of a number of other Charitable Trusts. These Trusts do not undertake transactions with Bridge House Estates. A full list of these Trusts is available on application to the Chamberlain of the City of London. Members of the City of London Corporation responsible for managing the Trust are required to comply with the Relevant Authority (model code of conduct) Order 2001 issued under the Local Government Act 2000 and the City of London Corporation’s guidelines which require that: • Members sign a declaration agreeing to abide by the City of London Corporation’s code of conduct • A register of interests is maintained • Pecuniary and non-pecuniary interests are declared during meetings • Members do not participate in decisions where they have an interest. There are corresponding arrangements for staff to recognise interests and avoid possible conflicts of those interests. In this way, as a matter of policy and procedure, the City of London ensures that Members and officers do not exercise control over decisions in which they have an interest. Transactions are undertaken by the Trust on a normal commercial basis. Members and Chief Officers have also been requested to disclose related party transactions of £10,000 or more in 2011/12 including instances where their close family has made transactions with the City of London. During 2011/12, four Members declared an interest in not for profit organisations to whom the City made grant payments. There were three organisations and the total grants paid were £1.711 million. During 2010/11 a Member declared an interest in a not for profit organisation which is lessee for one of the Bridge House Estates investment properties. The rental receivable for this lease in 2010/11 was £1.2 million. Another Member declared an interest in a not for profit organisation from whom Bridge House Estates purchased services at a cost of £120,000. Related party transactions with City Fund (The City Fund covers the City of London Corporation’s activities as a local authority, police authority and port health authority.) Investment property transactions during the year resulted in payments to and receipts from the City Fund of £5.3 million and £11.1 million respectively. This involved the restructuring of each fund’s interests in the properties to maximise value to the City of London as a whole. To ensure the integrity of each of the funds, the transactions were measured at fair value by the City Surveyor on the basis of external advice from firms of chartered surveyors. A sum of £4 million was also received from the City Fund in relation to the construction of 43 affordable homes. Similarly, the transaction was measured at fair value by the City Surveyor on the basis of external advice from a firm of chartered surveyors. There were no outstanding balances at year end.

Bridge House Estates 36 Annual Report 2012 List of grants approved 2011/12

Working With Londoners Accessible Arts & Sports Accessible London A New Direction / for piloting the ‘Moving In’ project Accessible Transport promoting inclusion and disability awareness on the Headstart programme / £22,425 / 1 year Friend in Need Community Care / for an accessible Action Space London Events / for salary and related costs minibus / £10,000 / 1 year of a pastoral care worker / £67,000 / 3 years Harrow Community Transport / for development and Active Horizons / for an accessible sports project with sustainability support services / £35,000 / 2 years disabled black and minority ethnic young people in Bexley / Westway Community Transport / for the salary and other £24,800 / 2 years costs of a marketing and communications post / £80,000 / AHOY Centre / for two sailing instructors and their support 2 years costs for the centre’s ‘Sailability’ programme of water sports Subtotal £125,000 with disabled young people / £79,783 / 2 years Bromley Bowling Club / for access improvements / £18,300 / 1 year Accessible Buildings Children’s Discovery Centre, East London All Saints Church, Ealing Common / for disability access (DISCOVER) / for staffing and running costs of the Saturday improvements to the church hall / £37,000 / 1 year Arts Club / £24,000 / 1 year Art in Perpetuity Trust / for the disability access elements City of London Sinfonia / for a programme of music for of a new studio development / £50,000 / 1 year disabled children in hospitals / £85,700 / 3 years Battersea Arts Centre / for an access audit / £3,500 / 1 year Crying Out Loud / for inclusive performances and a Cambridge House / for the planning, design and workshop for children and young people with autism at Chats installation of a fully accessible signage and way-finding Place, Hackney / £8,120 / 1 year system / £45,000 / 1 year Diamond Centre for Disabled Riders / for the salary Centre 404 / for an accessible lift / £50,000 / 1 year costs of a centre administrator / £80,290 / 3 years Charles Dickens Museum / for access improvements Docklands Sailing Centre Trust / for disability access to the Dickens Museum / £50,000 / 1 year works / £45,200 / 1 year Civil Liberties Trust / for the installation of a platform lift Drake Music / for a programme of activities to develop and and other access improvements / £43,335 / 1 year profile disabled musicians and artists / £77,000 / 2 years Crossroads Women / for disability access works for Dream Arts / for new opportunities for disabled children a new women’s centre / £50,000 / 1 year and young people in Westminster to engage in quality Geffrye Museum Trust / for an access audit / £5,000 / expressive arts projects / £24,500 / 3 years 6 months Earls Court Youth Club / for the staffing and transport Guild Church of St Martin-within-Ludgate / costs of providing activities for disabled young people / for access adaptations within the church for the creation £30,000 / 2 years of a community counselling facility / £50,000 / 1 year Extant / for the costs of a Performance Power Training Hoxton Hall / for disability access works / £50,000 / 1 year development manager / £64,500 / 3 years Jewish Community Centre UK (JCC) / for accessible Haringey Shed / for the Chief Executive’s salary and toilets and changing areas for a new purpose-built community on-costs / £107,600 / 3 years centre / £46,000 / 1 year Heart n Soul / for the salary of the co-ordinator and running Police Rehabilitation Trust / for wet-room facilities costs of the ‘Training and Taking Part’ programme / £90,000 / at the Police Rehabilitation Centre / £20,000 / 1 year 3 years St James the Less, Pimlico / for disabled access Interactive / for the costs of a relationship manager plus to the St James’ Parish Centre / £60,000 / 1 year on-costs / £120,000 / 3 years St Laurence Church Catford / for an access audit Maypole Project / for activity days for ill and disabled and disability equality training for staff and volunteers / children and providing respite for parents and carers / £1,800 / 1 year £24,050 / 3 years St Paul’s Church, Hainault / for the disability access Midi Music Company / for a music development features of the community hall refurbishment / £42,600 / programme for young deaf Londoners / £36,000 / 2 years 1 year South London Special League / for salary and associated Studio Voltaire / for the costs of an access audit / £700 / costs of a programme manager / £66,000 / 3 years 1 month Stepping Stones Project Gateway Club / for salaries and Thrive / for the construction of accessible facilities running costs of developing arts, exercise and sports in Battersea Park / £50,000 / 1 year programmes / £18,200 / 2 years Training Ship Broadsword Sea Training Corps / Twickenham Rowing Club / for the disability access for the cost of an access audit and disability equality training features of the refurbished clubhouse / £50,000 / 1 year for volunteers / £1,325 / 1 year Vocaleyes / for a consultant working to promote audio Victoria Park Harriers & Tower Hamlets AC / description services to London’s galleries and museums / for disabled access / £50,000 / 1 year £19,700 / 2 years Subtotal £706,260 Subtotal £1,183,168

Total £2,014,428

Bridge House Estates Annual Report 2012 37 List of grants approved 2011/12 continued

Bridging Communities Saam Theatre Company / for English and drama Abbey Community Association / for English language workshops for Persian speaking adults / £18,000 / 3 years teaching and workshops for Bangladeshi and Arabic speaking Triangle Arts Trust / for an education and outreach residents of the SW1 area / £24,750 / 2 years co-ordinator and an outreach programme encouraging social Afghanistan and Central Asian Association / for cohesion in north Lambeth / £48,300 / 3 years providing Level 1 ESOL classes to Afghan and Central Asian Voice4Change England / for a project to develop fair and refugees / £33,300 / 3 years equitable collaborations between the BME and mainstream An Viet Foundation / for entry-level English language voluntary sector / £108,200 / 2 years tuition / £48,000 / 3 years Young Foundation / for the salary and on-costs of the Artangel / for a project addressing gay, bisexual and Director’s post at UpRising / £120,000 / 3 years transgender identity in Wandsworth Prison / £15,100 / 1 year Young Vic Theatre Company / for the ‘Babel’ project / Bernie Grant Centre Partnership / for staff and £50,000 / 1 year associated costs of a community video project leader and Total £2,043,710 assistant / £24,000 / 2 years Bromley by Bow Centre / for salary and running costs of the ESOL programme for women in Tower Hamlets / Improving Londoners’ Mental Health £149,000 / 3 years ADHD and Autism Support Harrow / for salary and other Cardinal Hume Centre / for an ESOL co-ordinator / costs of specialised support, training and life skills £60,000 / 3 years to young people with ADHD and autism / £51,300 / 3 years CARIS Haringey / for salary and running costs of pre-entry Afghan Association Paiwand / for salary and related costs and Level 1 ESOL classes for women / £62,500 / 3 years of a community mental health advocate / £90,000 / 3 years Disability Rights UK / for a leadership development Alternatives to Violence Project Britain / for work with programme for young disabled people / £45,000 / 1 year offenders and ex-offenders, helping them improve their EFA London / for an English language course for migrants mental health and handle conflict / £24,800 / 3 years in Greenwich / £37,090 / 3 years Artspace / for the cost of co-ordination and case Epic Arts / for the salary and running costs of four projects management / £60,000 / 3 years providing a series of drama workshops / £32,270 / 3 years Baobab Centre for Young Survivors in Exile / for Ethnic Minorities Advocacy Group / for a basic English a counselling and therapy service for young traumatised language programme for members of isolated communities refugees / £72,000 / 3 years in Richmond / £37,500 / 3 years Beat / for a programme for targeted support for Londoners Fashion Awareness Direct / for salary and associated who have an eating disorder / £111,700 / 3 years running costs of a manager to develop a youth leadership Bikur Cholim / for a culturally sensitive intervention and programme / £90,000 / 3 years support programme for young people with mental health Flying Gorillas / for an arts project bringing together young problems and their families and carers / £125,000 / 3 years people from the Westway Travellers’ site with residents from Birth Companions / for a director / £26,000 / 1 year nearby estates / £58,500 / 3 years Brandon Centre for Counselling and Psychotherapy Hansard Society Ltd / for a programme to connect leaders for Young People / for the salary and on-costs of a clinical of disadvantaged ethnic communities with British politics / manager / £120,000 / 3 years £86,750 / 3 years Campaign Against Living Miserably (CALM) / for Her Centre / for salary and associated running costs a campaign to improve the mental health of young men / of a programme bringing women together from different £150,000 / 3 years communities, building their confidence and encouraging Changing Faces / for a training programme for Changing them to become active citizens / £98,200 / 3 years Faces Practitioners, and the salary and related costs of the I-Serve / for a project co-ordinator and costs for a leadership London-based Practitioner / £130,000 / 3 years development project with young people from a range of black Choir with No Name / for a director / £60,000 / 3 years and minority ethnic communities / £56,000 / 2 years Community Housing and Therapy / for a deputy manager JAN Trust / for ESOL classes / £25,000 / 1 year at Home Base, a residential mental health support facility for Kurdish Advice Centre / for Level 1 ESOL provision / homeless ex-service personnel / £90,000 / 3 years £96,000 / 3 years Faces in Focus / for salary and on-costs of a counselling Learn English at Home / for a volunteer co-ordinator co-ordinator / £120,000 / 3 years and director plus associated running and overhead costs / Food Chain / for the ‘Eating Together’ project for isolated £132,000 / 3 years people with depression living with HIV / £95,675 / 2 years Lokahi Foundation / for the development of the Gardening Leave / for a horticultural therapy project for ‘Campusalam’ project in London universities / £60,000 / ex-service personnel with mental health problems / £25,000 / 3 years 2 years London Sinfonietta / for the ‘KX Collective’ project / Havering Mind / for an OWLS co-ordinator and an activities £45,900 / 3 years programme for older people with mental health problems / Migrant Voice / for a co-ordinator and running costs of the £92,000 / 3 years ‘London Migrant Voices for Change’ project / £40,000 / 2 years Homeless Link / for salary and running costs of a project to Pan Intercultural Arts / for salaries and on-costs / £75,000 improve mental health services for homeless people / £38,000 / 3 years / 1 year Refugee Action Kingston / for an English learning project Live Music Now! / for a live music project to improve co-ordinator and running costs of ESOL classes the well-being of people with mental health problems / for refugees / £126,000 / 3 years £75,000 / 3 years Roundhouse Trust / for salary and project costs of Manor Gardens Welfare Trust / for a development a community co-ordinator / £120,000 / 3 years manager and costs of the ‘Headstrong’ project / £135,000 / Russian Immigrants Association / for a programme of 3 years English language lessons for adults from Eastern Europe / £21,350 / 2 years

Bridge House Estates 38 Annual Report 2012 Mary Dolly Foundation / for work in schools in Bromley SETPOINT London East / for environmental education and Greenwich providing therapeutic interventions to at the Soanes Centre / £10,000 / 1 year children and young people experiencing emotional distress / Single Homeless Project / for salary and on-costs of a £24,000 / 3 years green co-ordinator for a food growing project / £69,000 / Missing People / for extending the Reconnect Network for 3 years missing people in several London Boroughs / £105,520 / Thames21 / for a project officer and a scheme developing and 3 years supporting local volunteering to improve the Thames and New Bridge Foundation / for a ‘Through the Gate’ London’s waterways / £150,000 / 3 years befriending service / £30,000 / 3 years Women’s Environmental Network Trust / for the ‘Spice Passage 2000 / for the salary and overheads of a mental it up!’ Programme / £82,100 / 3 years health worker / £120,000 / 3 years Woodlands Farm Trust / for an assistant education officer Positive East / for salary and operational costs of the / £70,800 / 3 years ‘Re-Assure Women’ project / £112,500 / 3 years Raw Material Music and Media / for providing music Total £4,214,825 and media opportunities for clients experiencing the early onset of severe mental health problems / £38,000 / 2 years Older Londoners Read – The Reading Agency / for the ‘Six Book Challenge’ Advocacy for Older People in Greenwich / in London prisons / £83,500 / 3 years for a dementia advocacy project / £29,000 / 1 year Shooting Star CHASE / for a counselling service for Age UK Hillingdon / for salary and activity costs life-limited children and their siblings / £135,000 / 3 years of a healthy lifestyles co-ordinator / £95,000 / 3 years Solace Women’s Aid / for salary and running costs of a Age UK Richmond Upon Thames / for salary, activity and family and children support manager supporting the mental support costs of an outreach co-ordinator / £106,000 / 3 years health needs of children and young people affected by Ageing Well Fun Club / for a project co-ordinator / £20,000 domestic violence / £135,000 / 3 years / 2 years St James’s House / for an employment support adviser Arthritis Care / for information points in libraries, working with young people with mental health problems / signposting people with arthritis and their carers to £105,000 / 3 years resources that will help with their condition / £97,000 / 3 years Status Employment / for salary and support costs of two Barnet Elderly Asians Group / for a development officer / employment consultants / £117,000 / 3 years £7,500 / 1 year West London Mission / for salary and related costs for Bonny Downs Community Association / for salary a mental health project worker / £123,000 / 3 years and on-costs of the ‘Fit and Healthy’ project co-ordinator / Women in Prison / for a re-settlement service for ex- £101,900 / 3 years prisoners with mental health problems / £139,320 / 3 years Building Exploratory / for developing new older people’s YouthNet UK / for advice and support services for young learning groups / £104,950 / 3 years Londoners experiencing poor mental health / £70,000 / City & Hackney Carers Centre / for an advice worker and 2 years a project supporting older carers / £110,800 / 3 years Club Terza ETA / for club activities / £5,000 / 1 year Total £3,029,315 Community Network / for a project co-ordinator to develop befriending and support groups for older people / £100,000 / London’s Environment 3 years Brockwell Park Community Greenhouses / for salary Crossroads Care Richmond and Kingston Upon and on-costs of an education officer / £60,000 / 3 years Thames / for services and support for people with dementia, Carbon Leapfrog / for a programme to increase the number and, via respite care, for the also-elderly people who care for of London based carbon reduction projects / £70,000 / 2 years them / £133,000 / 3 years ClientEarth / for an educational programme promoting the Deafblind UK / for salary and running costs to maintain and improvement of air quality in London / £157,500 / 3 years expand support services for deafblind older people / £80,000 / Common Ground East / for the maintenance of biodiversity 3 years on open spaces in Tower Hamlets by local volunteers / £37,100 Disabled Living Foundation / for the Equipment / 3 years Demonstration Centre’s core staff / £105,000 / 3 years Creekside Education Trust / for set-up and salary costs of East European Advice Centre / for a project co-ordinator two learning delivery and outreach posts / £20,000 / 3 years and a support service for isolated elderly East Europeans / Federation of City Farms & Community Gardens / for a £75,000 / 3 years regional organiser / £80,000 / 2 years Good Neighbour Scheme for Mill Hill and Burnt Oak / Green Alliance / for research into overcoming the challenge for an administrator and an older people’s lunch club / £21,600 of green living in London’s tower blocks, the production of a / 3 years handbook and the costs of community engagement / £59,925 / Ham and Petersham SOS / for a director / £23,500 / 2 years 1 year Haringey Carers Centre / for a carer’s support worker Hampstead Heath Charitable Trust / for a programme of helping older carers in Haringey / £20,000 / 2 years environmental education and biodiversity services within In-Deep Community Task Force / for complementary open spaces across London / £3,000,000 / 3 years therapy sessions and other running costs / £5,000 / 1 year London Sustainability Exchange / for a sustainable Indian Cultural Society Drop in Day Centre / for an development project / £66,600 / 18 months older people’s day centre / £10,000 / 1 year London Wildlife Trust / for the design and delivery of Integrated Neurological Services / for an occupational landscape-scale conservation initiatives / £169,000 / 3 years therapist working with older clients with neurological Manna / for salary and running costs to continue and conditions / £93,000 / 3 years develop a forest garden / £28,400 / 3 years Irish Community Services / for a co-ordinator for the ‘Out Organiclea / for salary and support costs of a community and About’ service for older housebound clients / £72,750 / development and training worker and an outreach gardens 3 years training and development worker / £84,400 / 3 years

Bridge House Estates Annual Report 2012 39 List of grants approved 2011/12 continued

Irish Elderly Advice Network / for the Irish Pensioners’ Disability in Camden / for a project increasing Choir / £13,183 / 3 years volunteering opportunities for people with sensory Lambeth Chinese Community Association / for weekly impairments / £98,600 / 3 years activities for older people / £14,200 / 2 years Disablement Association of Barking & Dagenham Lambeth Elderly Association from Vietnam / for (DABD) / for a personalisation project / £97,700 / 3 years activities to improve the health and well-being of older people Ealing Mencap / for a project supporting young people with of Chinese and Vietnamese origin / £21,700 / 2 years learning disabilities through the transition to adulthood in the Mayhew Animal Home / for salary and on-costs of an boroughs of Ealing, Harrow and Brent / £179,100 / 3 years animal therapy visits officer / £75,000 / 3 years Ezra Umarpeh / for salary and related costs of volunteer Music for People / for developing and expanding a and transport co-ordinators providing services to people with programme of interactive music performance with older and long term disabilities / £48,000 / 3 years disabled people / £10,000 / 1 year Generate Opportunities / for project workers and running Music in Hospitals / for delivering live music to older costs for a scheme supporting young people with learning people with dementia in healthcare centres / £74,000 / 3 years difficulties into independent adulthood / £70,000 / 2 years Newham Chinese Association / for a worker, staff training Greenwich Toy and Leisure Library Association / for and to update IT equipment / £9,500 / 1 year a project co-ordinator and an independence project working Sikh Community Care Project (SCCP) / for salary and with young people / £97,500 / 3 years ancillary costs of a volunteer co-ordinator for the ‘Elders’ Hammersmith & Fulham Mencap / for a ‘Safety Net’ Volunteer’ project / £34,000 / 3 years youth co-ordinator and related project costs / £103,000 / Somali Health Advocacy Project (SHAP) / for salary and 3 years on-costs of a project co-ordinator / £21,800 / 2 years Kisharon / for a job coach / £20,000 / 2 years SSAFA-FH (London City East Division) / for work Nehemiah Project / for a supported housing worker / supporting older service and national service veterans and £75,000 / 3 years their dependants in central London / £10,000 / 1 year Prison Fellowship / for restorative justice programmes in SubCo Trust / for salary and on-costs of a dementia care prisons supporting offenders in making choices that reduce worker and a dementia support programme for Asian elders / the risk of re-offending and help repair the damage done to £90,700 / 3 years victims of crime / £64,800 / 1 year Toynbee Hall / for a well-being service for older people in Queen Elizabeth’s Foundation for Disabled People / Tower Hamlets and the City of London / £100,000 / 2 years for salary and associated costs of two therapists at the QEF Universal Beneficent Society / for salary and running Mobility Centre / £81,000 / 3 years costs of a regional development officer / £19,800 / 1 year Richard House Children’s Hospice / for a transitions Wadajir Somali Community / for a part-time co-ordinator service for young people using hospice care / £146,000 / and running costs of lunch club activities for older people 3 years in the Somali community / £16,800 / 1 year SignHealth / for two outreach workers supporting deaf women affected by domestic violence and their children / Total £1,926,683 £90,000 / 3 years South West London Stroke Club (SWLSC) – Moving On / Positive Transitions to Independent Living for meetings, outings, events and talks Action for Stammering Children / for a specialist for stroke survivors, and for professional advice / consultation to young Londoners / £90,000 / 3 years £16,500 / 3 years Advance (Advocacy and Non Violence Community Speak Out Hounslow / for supporting adults with learning Education) / for a key worker supporting women at risk disabilities to make informed choices and develop of re-offending / £94,000 / 2 years independent living skills / £66,680 / 3 years Advocacy for All / for salary and support costs of a co- Springboard Project / for a leisure development co- ordinator / £105,700 / 3 years ordinator to manage a peer mentoring scheme for disabled Advocacy in Greenwich / for independent advocacy for teenagers in Sutton / £60,100 / 3 years people with a learning disability to support them in gaining St Christopher’s Hospice / for six seminars on financial enhanced choice and control under the personalised budgets topics to patients, families and carers / £11,000 / 1 year system / £95,000 / 3 years Trinity Hospice / for salary and support costs of a welfare Auditory Verbal UK / for salary and running costs of a advisor / £123,000 / 3 years specialist service for deaf children in London / £30,000 / Vision Housing / for a housing resettlement worker for 1 year ex-offenders / £55,000 / 2 years Beyond Youth / for the ‘Chance to Change’ programme Westminster Society for People with Learning for young offenders / £20,000 / 1 year Disabilities / for the ‘LDN Living’ programme for young Camden Society / for salary and running costs of the people / £120,000 / 3 years ‘ProWork’ project in Westminster and City & Islington Total £2,484,430 colleges / £129,000 / 3 years Carers Support (Bexley) / for an advice and advocacy service for carers and their dependants considering a more independent life through individual budgets / £23,000 / 2 years Chinese Association of Tower Hamlets / for an outreach and personalisation worker for older and/or disabled people / £75,000 / 3 years Daffodil Advocacy Project / for an advocacy service for people with learning disabilities who do not meet Fair Access to Care Services criteria / £89,750 / 3 years DIPEx / for a research project to share the experiences of people with a newly acquired disability / £110,000 / 2 years

Bridge House Estates 40 Annual Report 2012 Strengthening the Third Sector Exceptional Grants Community Barnet / for salary and overhead costs Elephant Jobs / for the London development of of two development officers to support voluntary and the fonesforsafety initiative / £73,100 / 2 years community organisations in Barnet / £129,000 / 3 years Media Trust / for ‘London 360’ and associated training Crossroads Association / for a business advisory service programmes, including opportunities for City Bridge Trust to local care organisations / £138,000 / 2 years grant recipients to tell their stories / £142,000 / 1 year Funding Network / for the salary and development costs of the promotion of philanthropy in London / £35,000 / 2 years Total Exceptional Grants £215,100 Haringey Association of Voluntary and Community Organisations (HAVCO) / for salary and on-costs of a Strategic Initiatives volunteer centre manager / £150,000 / 3 years Celebrate the City / for the ‘Celebrate the City’ event Jewish Volunteering Network (JVN) / for web-based / £100,000 / 1 year resources to expand the capacity to recruit and place Centre for Accessible Environments / for an access volunteers / £24,000 / 3 years and sustainability advisor / £94,000 / 18 months Kensington and Chelsea Social Council / for a project Greening the Third Sector / for a programme of eco-audits increasing the number and the skills base of individuals / £75,000 / 1 year volunteering as trustees in Kensington and Chelsea / Islington Giving / for the ‘Giving Help to Older People’ £198,300 / 3 years campaign / £119,500 / 3 years Kingston Voluntary Action / for salary and running costs Londoner Time Credits / for work to develop a new model of a capacity building manager / £140,000 / 3 years of volunteering in four London boroughs / £163,980 Lambeth Play Association / for a community play services / 1 year officer, a finance worker and a project embedding the transfer Lord Mayor’s Show / for costs associated with participating to the voluntary sector of Council play provision / £53,000 / in the Lord Mayor’s Show / £23,500 / 1 year 1 year NSPCC / Refuge Conference / for a conference to launch LawWorks / for salary and running costs of work supporting a report on research into needs of children and young people free legal advice to community organisations living with domestic violence / £15,000 / 1 year / £99,000 / 3 years Olympic Legacy Consultancy / for a study by London London Funders / for core costs / £84,000 / 3 years Funders into the feasibility of an endowed legacy fund in the Mentoring and Befriending Foundation (MBF) / wake of the 2012 Olympic and Paralympic games / £5,000 / for salary and associated costs of a package of tailored support 1 year to enable mentoring and befriending projects Rough Sleepers Personalisation Project / for a project and demonstrate their effectiveness / £100,000 / 2 years managed by Broadway to resettle entrenched rough sleepers Migrant & Refugee Communities Forum / for an in independent accommodation / £135,000 / 18 months administrator and finance worker / £75,000 / 3 years Sharing, Learning and Knowledge Strategy / for a Princess Royal Trust for Carers / for a London programme of work to share the Trust’s learning from its development manager to support carers’ centres / grant-making / £165,000 / 1 year £130,000 / 2 years Social Finance Advisory Service / for a social finance Pro Bono Economics / for 15 projects with a London focus / advisory service / £25,000 / 1 year £22,500 / 3 years Voluntary Action Islington / for salary and on-costs Total Strategic Initiatives £920,980 of a development officer / £91,000 / 2 years Volunteer Centre Camden / for a project manager and running costs for the Best Practice Service / £64,585 / 1 year Total Working with Londoners Volunteer Centre Camden / for a Best Practice Service for (217 grants) £17,767,876 organisations in Camden / £120,600 / 2 years for salary and running costs Volunteer Centre Merton / Total Exceptional Grants (2 grants) £215,100 of a good practice project in six volunteer centres in south London / £100,000 / 1 year Volunteer Centre Southwark / for a volunteer Total Strategic Initiatives (11 initiatives) £920,980 development project / £85,500 / 2 years Volunteer Centre Westminster / for salary and on-costs of a volunteer engagement and best practice officer / £101,000 Total awarded (230 grants/initiatives) £18,903,956 / 2 years Women’s Resource Centre / for a training programme to enable women’s third sector organisations to improve their Less write backs £853,956 use of digital technologies and social media / £114,000 / 3 years Total grants chargeable in 2011/12 £18,050,000 Total £2,054,485

Total Working with Londoners £17,767,876

Bridge House Estates Annual Report 2012 41 Membership of committees

Culture, Heritage and Libraries Policy and Resources Committee Committee as at 31 March 2012 as at 31 March 2012

Chairman Chairman John George Stewart Scott JP BA (Hons) FRP SL Stuart John Fraser CBE Deputy Chairman Deputy Chairman Vivienne Littlechild JP Mark John Boleat Aldermen Aldermen Dr Andrew Charles Parmley MusM Hon FGS Roger Gifford The Hon. Philip John Remnant CBE Sir David Howard Bt MA DSc Lord Levene of Portsoken KBE Commoners Sir David Lewis MA (Oxon) DL John Leslie Bird OBE Fiona Woolf CBE Mark John Boleat Dennis Cotgrove BA Deputy Commoners Martin James Day BA MSc LLM Kenneth Edwin Ayers MBE Deputy William Harry Dove MBE JP Douglas Barrow Deputy Peter Gerard Dunphy John Alfred Bennett Deputy Anthony Noel Eskenzi CBE DSc Deputy Michael John Cassidy CBE Deputy George Marr Flemington Gillon Simon D’Olier Duckworth MA DL Kevin Malcolm Everett DSc Robert William Duffield BA MLitt (Oxon) Martin Charles Farr George Marr Flemington Gillon Brian Nicholas Harris Robert Charles Hughes-Penney Michael Henderson-Begg Charles Edward Lord OBE JP Deputy William George Hunt TD BA Jeremy Paul Mayhew MA MBA Alistair John Naisbitt King MSc Deputy Catherine Sidony McGuinness MA Deputy Gregory Alfred Lawrence Deputy Wendy Mead Sheriff and Deputy Oliver Arthur Wynlayne Lodge TD BSc Hugh Fenton Morris Charles Edward Lord OBE JP Deputy Joyce Carruthers Nash OBE Deputy Wendy Mead Sheriff and Deputy Barbara Patricia Newman CBE Robert Allan Merrett Stephen Douglas Quilter BSc (Hons) Sylvia Doreen Moys John George Stewart Scott JP BA (Hons) FRP SL Barbara Patricia Newman CBE Sir Michael John Snyder Deputy Janet Owen MBE Deputy James Richard Tumbridge Ann Marjorie Francesca Pembroke Michael Welbank Deputy Henrika Johanna Sofia Priest Stephen Douglas Quilter BSc (Hons) Ex-Officio Richard David Regan Chief Commoner and Deputy The Rt Hon the Lord Mayor, David Hugh Wootton Delis Regis Richard David Regan Chief Commoner and Deputy Dorothy Charlton Robinson BA MA Roger Arthur Holden Chadwick Michael Robin Castle Sherlock MA Deputy Martin Charles Farr Michael Welbank Deputy John Tomlinson BA MSc The Revd. Dr Martin Raymond Dudley Ex-Officio Dr Peter Bernard Hardwick QHP Tom Hoffman LLB Raymond Michael Catt Catherine McGuinness MA Deputy The following were Members of the Committee within the period 1 April 2011 – 31 March 2012, but were no longer on the Committee on 31 March 2012: Philip John Willoughby JP Deputy

Bridge House Estates 42 Annual Report 2012 Finance Committee Planning and Transportation as at 31 March 2012 Committee as at 31 March 2012

Chairman Chairman Roger Arthur Holden Chadwick Martin Charles Farr Deputy Chairman Deputy Chairman Raymond Michael Catt Michael Welbank Deputy Aldermen Aldermen Jeffrey Richard Evans Roger Gifford David Andrew Graves Sir Paul Judge Sir John Stuttard MA John Richard Cottam White TD Fiona Woolf CBE Alan Colin Drake Yarrow Sheriff Commoners Commoners George Christopher Abrahams Alex Bain-Stewart MSc JP Nigel Kenneth Challis MA FCA FCSI (Hon) John Alfred Barker OBE Deputy Dennis Cotgrove BA Deputy Mark John Boleat Nicolas Cressey John Brewster OBE Simon D’Olier Duckworth MA DL John Douglas Chapman Anthony Noel Eskenzi CBE DSc Deputy Pollyanna Sarah Davies Robin Anthony Eve OBE Deputy The Revd. Dr Martin Raymond Dudley Kevin Malcolm Everett DSc Peter Gerard Dunphy The Revd. Stephen Decatur Haines MA Deputy Sophie Anne Fernandes Pauline Ann Halliday OBE Deputy John Fletcher BSc Brian Nicholas Harris Marianne Bernadette Fredericks Tom Hoffman LLB Archibald Duncan Galloway OBE Robert Charles Hughes-Penney Tom Hoffman LLB Wendy Hyde Robert Picton Seymour Howard Alistair John Naisbitt King MSc Deputy Michael Hudson Gregory Alfred Lawrence Deputy Clare James MA Anthony Llewelyn-Davies Stanley Keith Knowles MBE Deputy Jeremy Paul Mayhew MA MBA Oliver Wynlayne Lodge TD BSc Janet Owen MBE Deputy Brian Desmond Francis Mooney MA Chris Punter Sylvia Doreen Moys Matthew Charles Falco Lombardi Richardson John Richard Owen-Ward MBE Deputy John George Stewart Scott JP BA (Hons) FRP SL Ann Marjorie Francesca Pembroke Ian Christopher Norman Seaton James Henry George Pollard Michael Robin Castle Sherlock MA Deputy Ian Christopher Norman Seaton Dr Giles Robert Evelyn Shilson Deputy Jeremy Lewis Simons MSc Sir Michael John Snyder Deputy John Hedley Spanner TD David James Thompson Angela Mary Starling John Tomlinson BA MSc Mark Twogood

Ex-Officio The following were Members of the Committee within the Mark John Boleat period 1 April 2011 – 31 March 2012, but were no longer on Stuart John Fraser CBE the Committee on 31 March 2012: Dorothy Charlton Robinson BA MA The following were Members of the Committee within the period 1 April 2011 – 31 March 2012, but were no longer on the Committee on 31 March 2012: Charles Edward Lord OBE JP Deputy Philip John Willoughby JP Deputy

Bridge House Estates Annual Report 2012 43 Membership of committees continued

Property Investment Board The City Bridge Trust Committee as at 31 March 2012 as at 31 March 2012

Chairman Chairman Michael John Cassidy CBE Deputy William Harry Dove MBE JP Deputy Deputy Chairman Deputy Chairman Archibald Duncan Galloway OBE Joyce Carruthers Nash OBE Deputy Aldermen Aldermen Sir Robert Finch John Garbutt The Hon Philip John Remnant CBE Commoners Kenneth Edwin Ayers MBE Deputy Commoners Mark John Boleat Kenneth Edwin Ayers MBE Deputy Roger Arthur Holden Chadwick John Leslie Bird OBE Anthony Noel Eskenzi CBE DSc Deputy Raymond Michael Catt Martin Charles Farr William Barrie Fraser OBE Deputy George Marr Flemington Gillon The Revd. Stephen Decatur Haines MA Deputy Brian Nicholas Harris Michael Henderson-Begg Stanley Keith Knowles MBE Deputy Vivienne Littlechild JP Charles Edward Lord OBE JP Deputy Charles Edward Lord OBE JP Deputy Jeremy Paul Mayhew MA MBA Ex-Officio Wendy Mead Sheriff and Deputy Robert Charles Hughes-Penney Ex-Officio Financial Investment Board The Rt Hon the Lord Mayor David Hugh Wootton The following were Members of the Committee within the as at 31 March 2012 period 1 April 2011 – 31 March 2012, but were no longer on the Committee on 31 March 2012: Chairman Alderman Sir Michael David Bear BSc (Eng) MBA Robert Charles Hughes-Penney The Revd. Dr Martin Raymond Dudley Deputy Chairman Barbara Patricia Newman CBE Raymond Michael Catt Commoners Kenneth Edwin Ayers MBE Deputy Michael John Cassidy CBE Deputy Simon D’Olier Duckworth MA DL Archibald Duncan Galloway OBE George Marr Flemington Gillon Brian Nicholas Harris Tom Hoffman LLB Clare James MA Anthony Llewelyn-Davies Oliver Arthur Wynlayne Lodge TD BSc Charles Edward Lord OBE JP Deputy Jeremy Paul Mayhew MA MBA James Henry George Pollard Ian Christopher Norman Seaton Ex-Officio Mark John Boleat Stuart John Fraser CBE Roger Arthur Holden Chadwick

Bridge House Estates 44 Annual Report 2012 Designed by www.luminous.co.uk

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