Bridge House Estates City of London PO Box 270 Guildhall London EC2P 2EJ 020 7606 3030 www.citybridgetrust.org.uk Bridge House Estates The Trustee’s Annual Report and Financial Statements for the year ended 31 March 2011 Registered Charity 1035628 Contents

01 Structure, governance and management 03 Objectives and activities Reference and 05 Aims, achievements, performance and future plans administrative details 11 Financial Review Bridge House Estates is a Trust governed by various instruments 13 Explanation of the Financial Statements which are mentioned below. In April 1994 it was registered with 13 Responsibilities of the Trustee the Charity Commission. 13 Adoption of the Annual Report and Financial Statements Charity name 14 Independent Auditors’ Report Bridge House Estates 15 Report of the Audit Review Panel 16 Statement of Financial Activities Other working names 17 Balance Sheet Bridge House Estates Trust Fund 18 Cash Flow Statement Bridge House Trust 19 Notes to the Financial Statements Bridge House Grants 31 List of grants approved The City Bridge Trust 35 Membership of committees Charity number 1035628 Registered address Guildhall, London, EC2P 2EJ Trustee The Mayor and Commonalty and Citizens of the City of London Chief Executive The Town Clerk of the City of London Corporation Treasurer The Chamberlain of London Solicitor The Comptroller and City Solicitor Bank Lloyds TSB Bank plc Discretionary Fund Managers GMO (UK) Ltd, Pryford International Plc, Ruffer LLP, Southeastern Asset Management Inc. Chartered Accountants and Statutory Auditors Deloitte LLP, Chartered Accountants and Statutory Auditors, 2 New Street Square, London EC4A 3BZ Overview Financial Review and Accounts Grants approved Structure, governance and management

Founders Trustee selection methods In making appointments to committees, By various bequests over the centuries For practical purposes the Trust the Court of Common Council will consider was managed during the year by the recommendations of the ward deputies, Governing instruments five committees of the City of London who will take into consideration any A Royal Charter of the year 1282 Corporation, membership of which is drawn particular expertise and knowledge The Blackfriars Bridge Act 1863 from the Court of Aldermen and the Court of the Members. of Common Council. Members of the Court The Blackfriars and Southwark Bridges During 2010/11 a comprehensive review of Aldermen and Court of Common Council Act 1867 of the City of London Corporation’s are unpaid and are elected by the electorate governance arrangements was undertaken. The Corporation of London (Tower Bridge) of the City of London. The Annual Report With effect from 7 April 2011, the City Act 1885 and Financial Statements are reported to Lands and Bridge House Estates the Common Council of the City of London The Corporation of London (Bridges) Committee was disbanded and its work Corporation each year. The audit firm is Act 1911 transferred to other Committees. In relation appointed from a panel of six partners of to Bridge House Estates the Tower Bridge A supplemental Royal Charter firms who are elected by Common Hall Tourism function was transferred to a new of 26 November 1957 (a meeting of the Livery of London). Culture, Heritage and Libraries Committee, The Committees of the City of London The London Bridge Act 1967 and responsibility for the Trust’s property Corporation which had responsibility for and non-property investments transferred The City of London (Various Powers) managing the Charity during 2010/11 are to a new Investment Committee. Act 1979 section 19 as follows: Policies and procedures for the induction The Charities (Bridge House Estates) City Lands and Bridge House and training of trustees Order 1995 (S.I.1047) Estates Committee responsible for the The City of London Corporation makes management of the Trust’s commercial An Order of the Charity Commission available to its Members seminars and estates held for investment purposes and sealed 10 July 1997 briefings on various aspects of the City’s the tourism operation at Tower Bridge. activities, including those concerning An Order of the Charity Commission Policy and Resources Committee Bridge House Estates, as it considers sealed 20 July 1998 (251.98) responsible for allocating resources to the are necessary to enable the Members The Charities (Bridge House Estates) other Committees administering the Trust to efficiently carry out their duties. Order 2001 (S.I.4017) as amended by and for determining the investment strategy The City Bridge Trust Committee has the Charity Commission Scheme dated between property and non-property an ongoing commitment to learning and 26 August 2005 investments. development. The Trust has Investor in The Charities (Bridge House Estates) Finance Committee responsible for People accreditation which is an external Order 2007 (S.I. 2007/550) managing the non-property assets of the validation of the approach to valuing and Trust and controlling support costs and developing the skills of both Committee Various statutes and the Royal Charter of other central charges that affect the Trust Members and staff. 1957 confirmed the title of the Mayor and as a whole. Commonalty and Citizens of London as Elected Members of the City Bridge Trust a corporate body and interpreted this to Planning and Transportation Committee have an induction including a mean the City of London Corporation. Committee responsible for the briefing on the roles and responsibilities of construction, maintenance and upkeep charity trusteeship, highlighting the issue of the bridges with the exception of the of ‘self benefit’ and conflicts of interest tourism operation at Tower Bridge. for corporate trustees and public benefit requirements. The history, policies and The City Bridge Trust Committee is procedures of the Trust are also covered responsible for giving individual grants up and Members of the Committee receive to £500,000 to voluntary organisations in detailed policy guidelines and copies of accordance with the cy-près scheme which published materials. 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 35-36.

Bridge House Estates Annual Report 2011 01 Structure, governance and management continued

New Members of the Committee join staff Organisational structure and decision Public Benefit Statement on visits to applicant organisations and making process The objects of the charity are the observe the assessment and monitoring The Committees which governed the maintenance of river bridges and grant processes of the Trust. Members also Charity’s activities in 2010/11 are noted making and related activity for the benefit regularly attend the promotional events above. All these Committees were ultimately of Greater London. The Trustee confirms of charities which the Trust supports and responsible to the Court of Common it has referred to the Charity Commission report back on these to fellow Committee Council of the City of London. The decision guidance on public benefit when reviewing Members, broadening the knowledge making processes of the Court of Common aims and objectives and when making base of the Committee and improving Council are set out in the Standing Orders future plans and setting grant making policy. decision making. The Chairman of the City and Financial Regulations governing all the The river bridges maintained by the charity Bridge Trust Committee attends training Court of Common Council’s activities. The are open to the public at large, assuring events organised by the Association of Standing Orders and Financial Regulations public benefit on an open access basis. Charitable Foundations. are available from the Town Clerk at the There are no restrictions regarding the registered address. Regular briefings are given to Members members of the public who may use of the City Bridge Trust Committee at their Risk Management Statement the bridges and no fees are charged. ten meetings per annum to update them The Trustee is committed to a programme The sections of this report relating to on charity legislation and a wide variety of of risk management as an element of its the Trust’s grant making and related issues affecting voluntary and community strategy to preserve the Charity’s assets, activities set out how we further achieve activity in London. Examples over the past enhance productivity for service users our charitable purposes for the public year have included regular briefings on the and members of the public and protect benefit. Third sector organisations and their impact of the recession on philanthropy, its employees. services for the public are strengthened by Charity Commission guidance on charities In order to embed sound practice a the Trust’s funding. The public benefiting and campaigning and the effects of the Strategic Risk Management Group is in from the Trust’s funding are primarily the Comprehensive Spending Review on the place to ensure that risk management inhabitants of Greater London. Grants are third sector. policies are applied, that there is an ongoing awarded at the Trustee’s discretion, based At least two substantial papers are review of risk management activity and that upon published criteria and a transparent produced for Members of the Grants appropriate advice and support is provided and fair assessment process. Fees are Committee each year giving detailed to Members and officers. not charged for our services and our grant statistical and qualitative analysis of the making aims to address disadvantage The City of London Corporation has monitoring of the Trust’s funding and its across London’s diverse communities. approved a strategic risk register for all of impact. Such information ensures the its activities. This register helps to formalise All registered charities which meet our Committee is kept properly briefed as existing processes and procedures and programme objectives are eligible to apply. to emerging trends in order to inform enables the City of London Corporation to The public benefit is delivered by the both strategic and operational planning. further embed risk management throughout charities which receive grants from the Trust. Reporting against the business plan is the organisation. A key risk register has The City Bridge Trust Committee ensures given to all Committees managing the been prepared for this Charity, which has a robust monitoring system is in place to charity on a quarterly basis. been reviewed by the Trustee. It identifies establish the benefit derived from each the potential impact of key risks and the grant in order to be confident of meeting measures which are in place to mitigate its public benefit obligations. such risks.

Bridge House Estates 02 Annual Report 2011 Overview Financial Review and Accounts Grants approved Objectives and activities

Bridge House Estate’s origins The River Bridges The Worshipful Company of Scientific and income The core business of the Charity has been Instrument Makers installed a two metre The origins of Bridge House Estates can for many centuries the bridges. The Charity high glass obelisk under the north side be traced back to 1097 when William Rufus, in some cases has built, and now maintains of the Bridge on the riverside walkway second son of William the Norman, raised five of the bridges that cross the Thames as a millennium gift to the City. a special tax to help repair London Bridge. into the City of London – Blackfriars Bridge, Southwark Bridge By the end of the twelfth century, the shops Millennium Bridge, Southwark Bridge, Southwark Bridge was originally built and houses adorning Peter de Colechurch’s London Bridge, and Tower Bridge. The between 1814-1819 and was purchased new stone London Bridge were beginning maintenance and eventual replacement of by the Trust in 1868. The City of London to generate not only increased cross-river these bridges remains the prime objective had been trying to obtain control since trade, but also increased taxes, rents and of the Charity. They are gateways to the 1827 to catch criminals escaping to bequests. A significant fund began to City and require sustained and expert Southwark, outside its jurisdiction! It was accumulate and it was administered from maintenance. replaced between 1912-1921 with a design a building on the south side of the bridge The bridges are considered to be heritage by Sir Ernest George and Basil Mott and called Bridge House. Over succeeding assets (accounting policies note 1(e) on comprises five steel arches with granite centuries this fund has been skilfully page 19). cutwaters and fancy granite piers. There is administered by the City of London, no weight limit for the 16,600 vehicles which which was confirmed as Trustee in the Blackfriars Bridge cross the bridge every day. supplemental Bridge House Royal Charter The first Blackfriars Bridge was originally of 19 57. built between 1760-1769 and was known as London Bridge ‘Pitt Bridge’ after William Pitt. This structure The first stone bridge across the Thames The income of the Trust is derived from was replaced between 1860-1869 with a was built between 1176-1209 and replaced property rents and invested monies. It can design by Joseph Cubitt of five wrought between 1823-1831. The current bridge be used for the provision of facilities for iron arches faced with cast-iron, on granite was built between 1967-1972 and designed visitors at Tower Bridge, maintenance of all piers. The decorations include ornithological by the City Engineer, Harold Knox King the Thames bridges, and the maintenance sculptures surmounting the granite columns with architects Mott, Hay & Anderson and and protection of the Trust’s income- on each cutwater, archaded cast iron William Holford & Partners. producing assets, such as its portfolio parapets and enormous attached columns of commercial property. After these Made of concrete with polished granite, in red granite with Portland stone capitals. responsibilities have been met, the Trust the bridge has three spans founded on The sculptures depict land birds on the can use any surplus income for charitable concrete piers fixed deep into the river clay. landward side of the bridge and sea birds grants benefiting the inhabitants of Greater It was opened by Her Majesty The Queen on the side facing the sea. Queen Victoria London, under a scheme agreed with the in 1973. opened the bridge in 1869 and it remains Charity Commissioners in 1995. Part of the busiest of the four road bridges in the Although there is no weight limit on the the Trust’s capital is invested in stocks and City with an average of 34,000 vehicles bridge itself, there is a 17 ton limit on the shares, in accordance with the investment passing over it each day. There is no weight Monument pedestrian subway. powers of the Trust. limit for vehicles. Tower Bridge The Bridge House Estates mark has been The Millennium Bridge Tower Bridge, designed by the Victorian the identifying emblem of the Charity for The first new pedestrian bridge to be built architect Horace Jones, was opened in many centuries. It is likely that the mark as across the Thames for over a century, the June 1894 after eight years of construction. we know it today was designed by William Millennium Bridge links the City at St Paul’s It is a working bascule and suspension Leybourn, a famous seventeenth century Cathedral with the Tate Modern Gallery bridge, constructed as a steel frame clad surveyor. Leybourn is thought to have at Bankside. It provides an invaluable link in stone and granite in Gothic style to adapted a similar mark drawn against plots between north and south of the river for complement the neighbouring Tower owned by Bridge House Estates on an commuters and communities. of London. earlier plan of St George’s Fields, London. Funded by the Bridge House Estates and Under the Corporation of London The work of Bridge House Estates reaches the Millennium Commission, the ‘Blade of (Tower Bridge) Act 1885, the City of London out across London in many important and Light’ is a 325 metre steel pedestrian bridge, Corporation is required to raise the Bridge diverse ways. conceived by Anthony Caro and built by to provide access to and egress from the Ove Arup and Foster Associates under Upper Pool of London for registered vessels the project management of the London with a mast or superstructure of 30 feet or Borough of Southwark. more. The service is provided free of charge subject to 24 hours notice and is available any time, day or night, 365 days per year. The Bridge is raised around 800 times each year.

Bridge House Estates Annual Report 2011 03 Objectives and activities continued

The City ensures that the Bridge is properly The grant-making activity of the City maintained and protected as part of the Bridge Trust nation’s heritage. As it has been designated The sound management of the Charity by a Grade 1 listed building, any adaptations the City of London Corporation means it carried out to the Bridge externally or is possible to release considerable surplus internally are subject to approval by English funds in support of the second key area of Heritage and the local planning authorities. Bridge House Estates’ work – namely the provision of vital assistance to charitable The Bridge was originally painted brown but organisations across Greater London. This this was changed to red, white and blue for wide-ranging support amounted to £16.83 the Queen’s Silver Jubilee in 1977. It is million (excluding write backs) in 2010/11 currently being repainted in the same colours (2009/10: £14.93 million) and was used in and will be completed in 2011 in good time accordance with governing instruments: for the Bridge to be featured in the promotion of the London Olympics 2012. • In or towards the provision of transport, and access to it, for elderly or disabled Tower Bridge is a world famous icon of people in the Greater London area; and London and in order to allow UK visitors and tourists from abroad access to the • For other charitable purposes for the internal areas of the Bridge a public benefit of the inhabitants of Greater exhibition has been provided since 1982. London in such ways as the Trustee The exhibition showcases the Victorian thinks fit. architecture, engineering and also the It is the Trust’s policy not to give funds that original Victorian Engines used to power relieve a statutory body of a statutory duty. the lifting of the Bridge. This Annual Report looks at the work of the Temporary exhibitions featuring Bridges Trust for the financial year ended 31 March of the World and, the River Thames 2011. It describes the Trust’s activities in ‘Source to Sea’ have been created to both bridge maintenance and grant giving, provide interesting content to enhance and provides a full statement of accounts the experience of visitors. and grants awarded. Further copies of this The high level walkways, 42 metres above Annual Report and a detailed account of the Thames, provide panoramic views the grant-making, which can be found in towards Wapping, Canary Wharf and the City Bridge Trust’s Annual Review 2011, Greenwich to the east and, of the City are available from: and central London skyline to the west. The City Bridge Trust The exhibition attracted circa 496,000 City of London Corporation visitors in 2010. PO Box 270 The high level walkways and Engine Rooms Guildhall are a popular venue for corporate and London EC2P 2EJ private events and wedding receptions. 020 7332 3710 The North Tower Lounge and the Bridge [email protected] Master’s Dining Room are also regularly www.citybridgetrust.org.uk used for smaller events, including 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 2011 Overview Financial Review and Accounts Grants approved Aims, achievements, performance and future plans

The Charity’s main objectives for the year Aims and achievements: Additional achievements made in the were to continue to maintain the five river In 2010/11 the following tourism objectives year include: bridges as an important part of London’s were set and achieved: • Awarded the Eventia Gold Award from infrastructure and transport links, in • To continue to mitigate the effects of the Best Small Venue of the year for the accordance with the ongoing maintenance bridge restoration works on operations, Walkways; programme and to provide grants to visitors to the exhibition, events’ clients and voluntary organisations in accordance • Maintained ISO 9001 and VAQAS Quality other stakeholders throughout 2010/11; with the grant giving policies. Assurance accreditations; • To complete the 2010/11 elements of Tourism at Tower Bridge • Installed a new lighting system to the the Exhibition Development plan by Tourism at Tower Bridge, as well as North Tower Lounge; 31 March 2011; generating income for the Charity allows • Carried out the complete refurbishment internal access to this magnificent iconic • To further imbed the Footfall Enticement of the South Tower Public Toilets; structure so visitors from all over the world arrangements and provide variety for staff; can enjoy and learn more about the history • Installed improved interactive monitors • To create and launch an exhibition in the of the Bridge and the role it played in the to both walkways; and walkways showcasing the River Thames City of London’s development. Its main by 30 June 2010; • Installed a new high quality model of aim is to achieve: Tower Bridge to the engine room section • To upgrade cloakroom facilities for ‘an excellent operational service and of the Exhibition. walkways and engine room events successful tourism business at Tower by 31 March 2011; Overall performance: Bridge through continually improving Performance of Tower Bridge Tourism has operations and customer services and • To continue to manage the effects of been exceptional this year with 496,286 by investing in staff’. the Potters Field development to achieve visitors gaining access to the Exhibition the optimum outcome for the operational Delivering excellent customer care is an (2009/10: 467,858), 179 corporate and and tourism business activities at the essential part of achieving Tower Bridge’s private venue hires (2009/10: 135), increased bridge through close liaison with the main aim. Without customers there would retail sales beyond the £500,000 mark and developer; and be no tourism or operational business at use as a filming location 28 times (2009/10: Tower Bridge. The groups of customers are • To prepare a plan to maximise the 23). Encouraging visits to the second part made up of visitors to the Exhibition, guests opportunities for the tourism business of the Exhibition in the Engine Rooms has to corporate and private events and the use arising from the Olympics by been a continuous challenge for the year of the Bridge for its original intended function 31 March 2011. made more difficult by the various stages (ie river traffic, motorists and pedestrians). of the restoration works, but the target throughput has been achieved for the year. For 2011/12 work will continue to improve the quality of experience on offer at Tower Bridge to the customer to support the assertion of ‘A Vibrant and Culturally Rich City’ as promoted by the City Corporation. Targets for 2010/11 Target Actual 2010/11 2010/11 Achieve tourism income budgets: – Ticket Income 100% 113% – Retail (shop, vending etc) 100% 153% – Venue Hire 100% 148% To receive Tower Bridge visitor feedback through analysing 5% 7% questionnaires from 5% of visitors per month Achievement of customer care standards 90% 92% Increase the number of visitors completing the full tour 82% 84% to the Engine Rooms Answer all telephones calls including visitor enquiries 89% 98% within 20 seconds

Bridge House Estates Annual Report 2011 05 Aims, achievements, performance and future plans continued

Plans for 2011/12 At Tower Bridge, we have also been Most of our programmes have no deadlines To continue our improvement momentum, working with the Greater London Authority for applications and we aim to process an six key objectives have been identified for and Olympic Sponsors Électricité de France application within four months. The City the coming year: (EDF) and General Electric (GE) to replace Bridge Trust Committee, the decision- the external lighting to Tower Bridge. making body, holds ten meetings per year in • To produce a photographic Exhibition public. All applicants have access to reports of Historic London in partnership with During 2011/12 general inspections are and recommendations written about them London Metropolitan Archives (LMA); programmed for Southwark Bridge and as these are in the public domain. its approaches, Park St Bridge, and Duke • To effectively manage the involvement St Hill Footbridge. A Principal Inspection Applicants are encouraged to contact the of Tower Bridge in the promotion of the will also be completed for King William St Trust for initial guidance before making an London 2012 Olympics; South Vaults. In addition, the proposed application. Feedback can be provided on • To manage the effects of the Potters Field works schedule for 2011/12 includes the unsuccessful applications. development to achieve the optimum replacement of joints to Blackfriars Bridge Grant-making strategy 2010/11 outcome for the Operational & Tourism and construction of a new staircase linking The Trust’s grant making strategy is directed business activities at the Bridge; the riverside walkway and the pavement at by its charitable objectives and are set out London Bridge. • To install hard wood flooring in both in its governing instruments. These are Walkways by the end of 2011; The grant-making activity of the City modified in the light of changing needs as Bridge Trust they arise. The business plan is available on • To install a disabled access lift (SE) A scheme was agreed by the Charity request. Consultation is a key element of our to the Exhibition by March 2012; and Commission in 1995 which enabled the iterative approach and informs our strategy. • To liaise with Greater London Authority Trust to use its surplus income after meeting Tackling climate change (GLA)/ Électricité de France (EDF)/General its responsibilities for the maintenance and In recognition of the urgent need for all Electric (GE) on the new floodlighting replacement of the bridges, referred to in the of us to tackle climate change and to system and the installation of the Olympic preceding pages, for charitable purposes encourage our funded organisations to Rings fixture on the Bridge. benefiting the inhabitants of Greater London. make the connection between social and The river bridges Mission environmental justice, we have continued A small team within the Projects Division The City Bridge Trust aims to address to ask applicants and grant-holders, across of the City Surveyor’s Department is disadvantage by supporting charitable all our programmes, what steps they are responsible for the crossings and their activity across Greater London through taking to reduce their carbon footprint. approach structures, entrusted to Bridge quality grant-making and related activities. To help them improve their environmental House Estates along with the City’s other practice, we offer free eco-audits (a study This year the Trust continued to run its highway structures. The maintenance of of an organisation’s energy use, waste Working with Londoners programmes. the highway surface is undertaken by the procurement and travel patterns) to the Details of all the grants approved in 2010/11 Director of Environmental Services on third sector, provided they can demonstrate are shown on pages 31-34 and a full report Southwark and the Millennium Bridges a commitment to engaging fully with the on the grant giving is provided in The City which form part of the City of London process and to cascading their learning. Bridge Trust’s Annual Review 2011 which Highway network. Street and flood lighting is is a separate publication. Economic climate maintained by the Director of Environmental 2010/11 was a year in which the effects of Services on all river Bridges. The grant-making policies the earlier recession and the cuts in public Each programme has clear and well This year the team has completed expenditure began to have a significant publicised priorities which are actively the General Inspections to Blackfriars, impact on London’s third sector. Key promoted within the third sector through Millennium and London Bridges and their funding streams from central government, a communications strategy, roadshows approaches. Principal inspections were regional development bodies, London and presentations. These priorities are also completed at Tower Bridge and Councils and local authorities have been regularly reviewed in consultation with its approaches. either withdrawn completely or significantly the third sector, other funders (public and reduced. We monitored the situation The painting works to Southwark Bridge independent) and senior policy makers. carefully throughout the year and consulted and Tower Bridge are now substantially Details of policy and procedures are widely with the third sector, other funders complete, with final completion expected available in our publication ‘Working with and commentators. We collaborated closely in 2011/12. Other achievements in the year Londoners’. You can also find them on our with London Funders, the Association of include the replacement of bridge joints website www.citybridgetrust.org.uk. The Charitable Foundations, London Councils, at London Bridge and the continued website lists all grants awarded meeting Government Office for London and key assistance given to Network Rail at by meeting and illustrates, through case voluntary and community sector partners. Blackfriars Bridge with temporary studies, the sort of work which is supported footbridge links to their redundant and public benefit expected to be derived. piers from Blackfriars Bridge.

Bridge House Estates 06 Annual Report 2011 Overview Financial Review and Accounts Grants approved

The Trust approved its strategy to grant- ––Collaborated with other funders and key both in service delivery and as a key part making in light of the Comprehensive third sector organisations to monitor the of civil society we: Spending Review. It decided it would: effects of the current economic climate ––Collaborated extensively with key on London’s third sector; • Maintain its current grant-making commentators to better inform priorities; ––Worked with third sector infrastructure our responses to the needs of the in each London borough to identify and third sector; • Place greater emphasis on making meet local needs; unrestricted grants towards core funding; ––Funded the Centre for Accessible ––Expended our grants budget Environments for an Access and • Work collaboratively with other Trust and processed 479 applications; Sustainability Adviser post to provide funders in order to maximise impact advice and information to third sector and spread the risk; and ––Managed 792 grants already organisations wishing to make awarded; and • Keep abreast of new funding mechanisms their buildings more accessible and approaches that bring additional ––Completed a programme of 70 and sustainable; resources and help to recycle funding. monitoring and evaluation visits and ––Commissioned Charities Evaluation processed over 350 self-evaluation It decided it would not consider emergency Services to provide training on reports of which 59% were considered or ‘bail-out’ funding as it does not have monitoring and evaluation and quality good or very good. sufficient funds to plug the gaps left by assurance to our grant recipients; central and local government funding cuts. • To add value to the work and reputation ––Funded London Advice Services of the City Corporation through due Improving services for older people Alliance to provide ICT advice and recognition of its role as Trustee of Our programme of support for small support to our grant recipients; London’s largest independent grant organisations ‘Improving Services for Older making trust we: ––Funded Cass Centre for Charity People’ aimed to strengthen organisations Effectiveness to provide a programme as well as fund services. Although the –– Engaged the media consultancy of capacity building support targeting programme closed during 2008/09, a Champollion to promote the link our grant recipients; and significant proportion of grants were revenue between the Trust, the City of London commitments over two years and therefore, as its Trustee and the bridges for which ––Funded the Ethical Property Foundation 35 grants remained in management at the it is responsible. This led to nine to provide an advice service for close of 2010/11. in-depth articles in the press, including London’s third sector on all aspects The Observer, The Times and The of managing a community building. The findings of the Institute of Voluntary Sunday Express, as well as stories Action Research (IVAR) evaluation of this • To disseminate and manage the covered on TV, on CNBC and ITV programme were disseminated at a highly knowledge gained through grant-making London; and successful conference, ‘Capacity Building and Strategic Initiatives, in order to – Improving Services or Not?’ in June ––Formed a partnership with the Spinal maximise impact for London we: 2010 attended by 100 delegates. Other Injuries Association, which was chosen ––Concluded our five year ‘Fear funders were also invited to speak on their as one of The Times Christmas charities. and Fashion’ initiative, delivered in approaches to capacity building which The Trust acted as one of its corporate partnership with four other charitable resulted in a stimulating debate. sponsors and appeared twice-weekly funders with a successful closing in the paper’s appeal report. An external investigation into potential conference which highlighted examples options for future small grants programmes • To contribute to making London a more of best practice in the prevention of produced some interesting ‘food for sustainable world city through supporting knife-crime and young people’s thought’ with the conclusions feeding into sustainable development initiatives and involvement in this part of gang culture; our wider discussions on responses to environmental education we: ––Held the ‘Capacity Building – Improving public sector spending cuts. It was decided ––Provided 20 organisations with a free Services or Not?’ conference; that introducing a new funding programme eco-audit; in the current climate would not be ––Concluded an external evaluation of appropriate as it could dilute our focus and ––Awarded 28 grants totalling £1,973,639 the eco-audit project ‘Greening the reduce our impact. on the Working with Londoners’ Third Sector’; London’s Environment programme; and Strategic aims and key achievements ––Produced two editions of ‘The for 2010/11 were: ––Commissioned a guide for funders Knowledge – learning from London’, • To reduce disadvantage across Greater on how they and their grantees our bite-size learning digests for the London through quality grant-making and can improve their environmental third sector; and ancillary activities we: performance. ––Continued the external evaluation ––Promoted and ran the Working with • To strengthen the third sector in London of our ‘Young People and Parents Londoners grants programmes; and thereby its capacity to be effective Tackling Violence’.

Bridge House Estates Annual Report 2011 07 Aims, achievements, performance and future plans continued

Sharing learning Grant-making 2010/11 Londoners, especially those with limited This year we implemented our Sharing 479 applications with a 48% success rate. access to mainstream services. Learning and Knowledge Strategy, to 228 grants totalling £16,833,063 (excluding Achievements 2010/11 enable us to make better use of the learning write backs). Children and young people: 7 grants and knowledge we derive from our grant- totalling £599,640 making activities. Write backs for the year amounted to £511,462 (2009/10: £442,192). Write backs Homeless or transient people and rough We funded the Institute for Public Policy and relate to grants given in either the current, or sleepers: 2 grants totalling £225,900 Research (IPPR) to provide commissioners previous financial years, that are no longer and service providers with a better evidence Trauma amongst refugees and asylum capable of being used for the purpose for base to improve care and services for older seekers: 2 grants totalling £171,000 which they were given. They are therefore people in London, in the context of an written back to the grants budget for re- Resettlement support: 3 grants totalling increasingly large ageing population living distribution in the current year. £125,780 longer. Initial findings on the needs of people with dementia were discussed at a round Working With Londoners Offenders and ex-offenders: 3 grants table during the year and have attracted These programmes were launched in totalling £263,500 wide media attention. The Trust is planning July 2008 and we have worked hard London’s environment a joint conference with IPPR to take place during the year to promote them at Aim: in 2011/12. funding presentations across London. We aim to educate Londoners about The guidelines have been designed with We organised a major conference, environmental good practice and maintain clear aims, priorities and outcomes. ‘Investing in Civil Society – Making the and enhance London’s biodiversity. Successful applicants have to demonstrate Money Go Further’ which was held at how their work will help us achieve our Achievements 2010/11 Mansion House in February 2011. There outcomes. Thorough but proportionate Environmental education: 27 grants totalling was wide consensus that the conference monitoring and evaluation of all grants £1,921,390 and its theme were extremely timely in a enables us to assess how the work has context of growing interest in new forms Biodiversity: 1 grant totalling £52,249 made a difference. of social investment. Older Londoners Accessible London We commissioned research, in conjunction Aim: Aim: with the City of London’s Economic We aim to assist older Londoners to enjoy We aim to enable disabled people to Development Office and the Big Lottery active, independent and healthy lives and participate fully in society. Fund, into the relative merits of the various support older people with dementia and social impact investment vehicles that Achievements 2010/11 Alzheimer’s. have been launched which also looks Accessible arts and sports: 19 grants Achievements 2010/11 at the difficulties and obstacles to totalling £1,042,755 Older people over 75 years: 8 grants social investment. Access to buildings: 30 grants totalling totalling £332,650 The evaluation of our ‘Young People £1,145,529 Healthy lifestyles with older people over and Parents Tackling Violence’ has Access to transport: 3 grants totalling 65 years: 16 grants totalling £921,735 been designed to run in parallel with £147,000 the running of the grants and will include Supporting people living with dementia or events where funded organisations can Bridging communities Alzheimer’s: 7 grants totalling £544,000 share their learning. Aim: Positive transitions to independent living We aim to build on commonalities between New Philanthropy Capital completed Aim: communities, encouraging groups to come the research we commissioned into We aim to sustain people through some together in common cause. examples of how funders have effectively of the hardest of life’s transitions. shared learning. The resulting publication, Achievements 2010/11 Achievements 2010/11 ‘Foundations for Knowledge’, was launched Leadership initiatives: 4 grants totalling People with a newly acquired disability: at a seminar hosted by the Trust in March £335,700 4 grants totalling £420,400 2011. The report’s findings will be taken English language skills: 3 grants totalling forward by New Philanthropy Capital and Young disabled people: 9 grants totalling £185,300 the Association of Charitable Foundations £556,605 through a pilot website which funders can Joint work: 13 grants totalling £995,950 Disabled people managing independent use to share learning and expertise. Mainstream and minority partnerships: living: 12 grants totalling £989,640 We continued the development of our own 3 grants totalling £163,000 Disabled parents managing their website during the year in order to better Improving Londoners’ mental health responsibilities: 1 grant totalling £90,000 exploit its potential as a learning tool. Aim: Resettlement work with ex-offenders: We aim to improve the mental health of 11 grants totalling £939,210

Bridge House Estates 08 Annual Report 2011 Overview Financial Review and Accounts Grants approved

Strengthening the third sector Association of Charitable Foundations The Deputy Chief Grants Officer is a trustee Aim: Philanthropy UK, a project of the of Charities Evaluation Services, the UK’s We aim to fund second tier organisations so Association of Charitable Foundations, leading provider of training and support that they can strengthen the third sector to was commissioned to promote increased on quality and evaluation systems for the deliver better services. charitable giving within the business City third sector. and the wider financial community, in order Achievements 2010/11 Monitoring grants to bring new audiences to the world of Increase and improve volunteering: 9 grants Our approach to monitoring is proportional philanthropy. £80,000 over two years was totalling £831,030 to the size of grant so as not to overburden provided towards work in London. small organisations. Minority ethnic and refugee organisations: East London Bond 8 grants totalling £656,600 • Each organisation is asked to report We invested £100,000 in the East London annually on the impact of its work and New approaches to ICT: 1 grant totalling Bond, a new social finance vehicle in to provide annual accounts. A basic £150,000 which the capital from the bond is loaned monitoring form is used for grants of less to housing associations at commercial Improving financial management: 5 grants than £10,000 with a more detailed form rates of interest. Investors forgo a return totalling £395,200 being used for grants of over £10,000. on the investment, which is instead passed This enables us to collect information Improving the quality of evaluation: 2 grants to nominated community organisations in a uniform and systematic way. totalling £183,000 as unrestricted income. This venture is benefiting Bromley by Bow Centre and • For all grants totalling over £50,000, Community Links. At the end of the five- we require analysed statistics of provision Other grants year bond period, capital is returned to and user feedback. Exceptional grants the investors. Occasionally, grants are also awarded • An annual programme of monitoring in response to exceptional needs or Media Trust visits is undertaken to ensure that all circumstances where the work does not We commissioned the Media Trust to work revenue grant recipients are visited at with a cohort of our grantees to produce least once during the grant’s lifetime, meet the criteria of our other programmes . a video which ‘tells their story’, for use on whilst organisations in receipt of a capital Achievements 2010/11 their websites. grant are visited at the discretion of the A grant of £115,000 to Barnardo’s for a grants officer. 70 monitoring visits were Jargonbusters project supporting young people with a undertaken in 2010/11. drug dependency problem who are at risk We contributed towards the costs of a of sexual exploitation and a grant of £54,000 practical guide to technical terminologies Evaluating impact to Broadway Homelessness and Support used in the funding and procurement world We are committed to carefully evaluating towards a project offering support to people in partnership with a number of charitable each of the grants we make. We use the from A10 accession countries. funders. ‘Jargonbusters’ will provide an on- information from organisations’ monitoring line resource to help organisations through reports to reflect on the overall effectiveness A grant of £1,501,600 was awarded to the the minefield of jargon that riddles the world of our grant-making. During the year, we Barbican Centre Trust towards its Creative of procurement. dealt with 376 reports from organisations in Learning arts programme to benefit East receipt of grants across all our programmes. Londoners in 12 boroughs. Other strategic involvement Officers from the Trust are committed The forms are ranked according to how well Strategic Initiatives to working collaboratively with colleagues the organisation has met its objectives and Up to 5% of the Trust’s budget can be in the wider funding community. The the quality of the supporting information. An used for strategic initiatives which are Chief Grants Officer was the Chair of overall assessment of the quality of the work often proactive and have the potential for the Association of Charitable Foundations, and the report is then made on a continuum impacting a wide range of stakeholders. a national membership organisation for of ‘poor’, ‘satisfactory’, ‘good’ and ‘very This year was dedicated to a number of charitable trusts, until last September. good’. This is a complex process balancing initiatives which could help share learning She is a member of the BBC Appeals and judging the quality of the work and and bring organisations together and Committee. the organisation’s capacity to monitor and expenditure totalled £420,700. evaluate. In 2010/11, 59% were ranked as One of the Principal Grants Officers was ‘good’ or ‘very good’ and 35% were ranked Greening the Third Sector elected in September 2010 to the board as ‘satisfactory’. The remaining 6% were £100,000 was committed from the Strategic of London Funders, a cross-sectoral ranked as ‘poor’, although this often reflects Initiatives budget towards the provision of membership organisation of funders across poor reporting rather than poor quality eco-audits. A total of 20 eco-audits were London. He was selected to join the Grants of work. commissioned during the year totalling Committee of BBC Children in Need in £33,938. The balance of £66,062 was October 2010. therefore written-back for reallocation during the year.

Bridge House Estates Annual Report 2011 09 Aims, achievements, performance and future plans continued

There remains a need in the third sector Future plans Monitoring and evaluation and grants for more training in monitoring and TypesTypes of of funding funding 2010/11 2010/11 management evaluation. We have, therefore, continued We will: to fund the Charities Evaluation Services • Monitor all grants in management to provide discounted training to our grant according to the policy described recipients. Organisations tell us the training on page 6; is helpful in enabling them to improve their accountability and provide evidence of the • Progress the external evaluation of Young difference their work has made. People and Parents Tackling Violence; and Monitoring and evaluating individual grants • Complete the external evaluation of is relatively straightforward and our systems Greening the Third Sector and use the for achieving this are developed and robust. learning to improve the programme. Evaluating whole programmes where the Overall improvement objectives range of work funded can be quite broad is We will: much harder. However, our one-off initiatives and ‘Special Edition’ programmes which Capital 13% • Promote and implement the Working with have a relatively small cohort of grantees One year revenue 12% Londoners grants programme; and run for a finite period (in contrast to our Two or three year revenue 75% • Expend our annual grants budget and ongoing programmes) lend themselves ‘Working With Londoners’ effectively manage all grants and initiatives more readily to evaluation. We will award about 200 grants totalling in our portfolio; Addressing disadvantage approximately £18.5 million in 2011/12 for • Monitor and evaluate grants in We carefully monitor the geographical proposals which most closely accord with accordance with our monitoring and spread of our grant making, especially to our programme aims and objectives. evaluation strategy and report fully on the ensure we target those boroughs that do Effects of public sector spending cuts implication of findings; not seem to be getting their ‘fair share’ given We will continue to monitor carefully the their levels of deprivation. Boroughs with • Review the role of grant-making during the effects of the public sector spending cuts well-developed infrastructure often have the recession and the effects of the economic on third sector organisations, aiming to highest success rates whilst the converse downturn on London’s third sector; strike a balance between taking a flexible holds true in boroughs with less well- and pragmatic approach whilst maintaining • Review the findings of the external developed infrastructure. our overall grant making strategy. evaluation of Young People and Parents A targeted approach Tackling Violence; Sharing learning and knowledge Rightly, many boroughs with high levels of 2011/12 • Progress our current Strategic Initiatives deprivation, for example, Hackney, Tower During the year we will: and respond to emerging issues with new Hamlets, Newham and Islington, have initiatives as appropriate; success levels that reflect their position • Commission at least one piece of on the Government’s Index of Multiple substantial research of concern to London • Implement our Sharing Learning and Deprivation. This index combines a number in a changing social and economic Knowledge Strategy 2011/12 to better of indicators, chosen to cover a range of climate, in order to inform the Trust’s disseminate and use the learning economic, social and housing issues, into a future grant making; emerging from grants evaluations; and single deprivation score for each small area • Host conferences and seminars to share • Launch the Trust’s new website. in the country. learning and knowledge, including a In 2011/12, the grants budget will be Type of funding conference to disseminate the findings of £18.5 million. The majority of our grants are for revenue IPPR’s research into the future care needs and are awarded over two or three of older people in London; years. Such commitments are vital in • Produce at least two editions of ‘The helping organisations plan ahead and Knowledge – learning from London’ develop services. which shares knowledge in bite-sized chunks, including an edition on the role of the arts in health and social care; • Host a series of master classes on social investment; and • Commission the Media Trust to work with up to eight grantees to produce a promotional video that ‘tells their story’.

Bridge House Estates 10 Annual Report 2011 Overview Financial Review and Accounts Grants approved Financial Review

Review of financial position The total net income from continuing operations available for charitable purposes for the financial year ended 31 March 2011 was derived from:

Resources expended 2010/11 2009/10 Incoming generating Net incoming Net incoming resources funds resources resources £m £m £m % £m % Tourism at Tower Bridge 3.1 2.7 0.4 1 0.7 2 Investment properties 22.3 7.6 14.7 54 16.3 57 Managed investments and interest 14.3 2.2 12.1 44 11.4 41 Other income 0.3 – 0.3 1 – – Net income available 40.0 12.5 27.5 100 28.4 100

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

2010/11 2009/10 £m % £m % Direct charitable expenditure Repair and maintenance of bridges 7. 2 29 5.0 23 Grants to voluntary organisations 16.4 65 14.9 68 Grants administration 0.7 3 1.0 5 Governance costs 0.8 3 0.9 4 Total charitable and other expenditure 25.1 100 21.8 100 Net incoming resources for the year 2.4 6.6

The recognised net gains on managed investments were £19.3 million (2009/10: gain of £101.9 million). Net gains on property investments were £11.2 million (2009/10: net gain of £23.0 million). Thus the overall increase in funds for the year was £32.9 million (2009/10: increase in funds of £131.5 million).

2010/11 2009/10 £m £m Net incoming resources 2.4 6.6 Other recognised gains and losses 30.5 124.9 Increase in funds for the year 32.9 131.5

Bridge House Estates Annual Report 2011 11 Financial Review continued

Reserves policy Investment policy and objectives Property investment policy The Trust’s reserves and investment policies The non-property investment portfolio has The property assets of Bridge House are to provide long term stability and liquidity been divided between Pyrford International Estates, which are valued at £366.9 million sufficient for the financing of the Trust’s Plc, Ruffer LLP, Southeastern Asset as at 31 March 2011, are managed by objectives of maintaining the river bridges Management Inc and GMO (UK) Ltd. Each the City Surveyor’s Department within the and the making of grants whilst preserving of these managers have been given specific context of a Member approved Estates’ both the ‘real’ value of the asset base and performance targets. Strategy. This strategy is reviewed in depth the purchasing power of the sums available by Members on a three-yearly basis, who Managed investments and investment for annual expenditure. All of the Trust’s also receive an annual report assessing properties are re-valued during the year. funds are unrestricted and comprise: progress. In addition each year Members The difference between carrying value and review the Department’s Business Plan and • The Accumulated Fund representing historic cost is recognised in the Statement Objectives, which further address key areas the free reserves of the Trust which of Financial Activities in accordance with in the Estates’ management. result from the excess of income over the Charities Statement of Recommended expenditure carried forward from Practice (SORP). The strategy’s overall objective is to capture previous years; capital gain and to endeavour to secure Non-property investment policy rental growth at least in line with inflation, • Designated funds include a reserve set The Investment Policy is to seek an absolute insofar as market circumstances permit; aside to produce the income required to return over the long term in order to provide such rental incomes significantly support fund the charitable activities of the Trust for real increases in annual expenditure, the Trust’s activities. A number of detailed which are maintaining and replacing the whilst preserving the Fund’s capital base in policies underpin this overall objective and bridges and grant giving. Designated real terms. In pursuance of this objective, key targets include: funds amounted to £706.9 million at the City of London Corporation has adopted 31 March 2011 (2009/10: £675.5 million). an investment strategy using bonds, equities • Achieving annual performance figures, The funds available for grants to charitable and cash. both for total and income returns, above causes, falling within the defined criteria, those for the tailored Investment Property For the financial year 2010/11 the Fund continue to be subject to annual review Databank’s (IPD) Central and SE1 achieved a performance of plus 8.3% by the Policy and Resources Committee; Benchmark; and (2009/10: plus 39.4%). This compares to • Bridges Repairs, Maintenance and the weighted average return achieved in • The ongoing consideration of the future Major Works Fund. To provide sufficient the WM Charity Unconstrained ex property of the largest directly managed building resources to meet the enhanced index of plus 9.0% (2009/10: plus 35.2%). within the Estate, 1-5 London Wall maintenance costs of the five bridges Buildings. A team of external consultants Investments are made by the Fund over 50 years. The total of this reserve has been appointed to appraise the Managers in accordance with the above at 31 March 2011 was £107.1 million feasibility of redeveloping this building. policy and the City expects them to pay due (2009/10 £107.4 million); regard to Social, Environmental and Ethical The key performance measures are • Reserves are designated in respect of considerations which should further the long comparisons with the IPD benchmarks. financing future major works at Finsbury term financial interest of the shareholders. The IPD UK Annual Index covers property House and funds have been retained from Full details of the Investment Policy are set valued at some £134 billion; the overall dilapidations to fund necessary works in out in the City of London Corporation’s performance figures have recently been respect of four properties; and Statement of Investment Principles which is published for 2010/11 and show total available from the Chamberlain of London. returns for the IPD Universe of +11.7%. The • In 2008/09 a designated reserve was total return for the Central London and SE1 established in respect of the Tower benchmark for 2010/11 was +17.9%, whilst Bridge Tourism activity to cover any future the Estates’ performance was +8.6%, shortfall in income that may arise due to and therefore the Estate underperformed the volatile nature of the tourism market. the Benchmark this year. Over the last ten The total of this reserve at 31 March 2011 years the annualised total return for the IPD was £1.0 million (2009/10: £0.7 million). Universe was +6.7% p.a., whereas the total return of the Estates was +7.8% p.a.

Bridge House Estates 12 Annual Report 2011 Overview Financial Review and Accounts Grants approved

Explanation of the Financial Statements Responsibilities of the Trustee These consist of the following and include Law applicable to charities in England comparative figures for the previous year. and Wales requires the Trustee to prepare financial statements for each financial year • Statement of Financial Activities which give a true and fair view of the state showing all resources available and all of affairs of the Trust at the end of the year expenditure incurred and reconciling all and of its financial activities during the year changes in the funds of the Trust; then ended. In preparing the Financial • Balance Sheet setting out the assets, Statements, the Trustee is required to: liabilities and funds of the Trust; • Select suitable accounting policies and • Cash Flow Statement showing the then apply them consistently; movement in cash for the year; and • Make judgements and estimates that • Notes to the Financial Statements are reasonable and prudent; explaining the accounting policies • State whether applicable accounting adopted and explanations of information standards and statements of contained in the Financial Statements. recommended practice have been The Financial Statements have been followed; and prepared in accordance with statutory • Prepare the Financial Statements on requirements and the Statement of the going concern basis unless it is Recommended Practice Accounting inappropriate to presume the Trust and Reporting by Charities (Revised 2005). will continue in operation. The Trustee confirms that the Trust’s assets are available and adequate to fulfil the The Trustee is responsible for keeping obligations of the Trust. 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 1993. 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. Adoption of the Annual Report and Financial Statements Adopted and signed for on behalf of the Trustee

Roger A.H. Chadwick Chairman of Finance Committee

Philip J. Willoughby OBE Deputy Chairman of Finance Committee Guildhall, London 26 July 2011

Bridge House Estates Annual Report 2011 13 Independent Auditors’ Report to the Trustee of Bridge House Estates

We have audited the financial statements of Scope of the audit of the financial Matters on which we are required to Bridge House Estates for the year ended 31 statements report by exception March 2011 which comprise the Statement An audit involves obtaining evidence We have nothing to report in respect of Financial Activities, the Balance Sheet, the about the amounts and disclosures of the following matters where the Charities Cash Flow Statement and the related notes in the financial statements sufficient Act 1993 requires us to report to you if, in 1 to 20. The financial reporting framework to give reasonable assurance that the our opinion: that has been applied in their preparation financial statements are free from material • The information given in the Trustee’s is applicable law and United Kingdom misstatement, whether caused by fraud Annual Report is inconsistent in any Accounting Standards (United Kingdom or error. This includes an assessment material respect with the financial Generally Accepted Accounting Practice). of: whether the accounting policies are statements; or appropriate to the charity’s circumstances This report is made solely to the charity’s and have been consistently applied and • Sufficient accounting records have not trustee, as a body, in accordance with adequately disclosed; the reasonableness been kept; or section 43 of the Charities Act 1993 and of significant accounting estimates made regulations made under section 44 of that • The financial statements are not in by the trustee; and the overall presentation Act. Our audit work has been undertaken agreement with the accounting records of the financial statements. In addition, so that we might state to the charity’s and returns; or we read all the financial and non-financial trustee those matters we are required information in the annual report to identify • We have not received all the information to state to them in an auditor’s report and material inconsistencies with the audited and explanations we require for our audit. for no other purpose. To the fullest extent financial statements. If we become aware permitted by law, we do not accept or of any apparent material misstatements or assume responsibility to anyone other than inconsistencies we consider the implications the charity and the charity’s trustee as for our report. a body, for our audit work, for this report, or for the opinions we have formed. Opinion on financial statements In our opinion the financial statements: Respective responsibilities of trustee Deloitte LLP and auditor • Give a true and fair view of the state of the Chartered Accountants and As explained more fully in the Trustee’s charity’s affairs as at 31 March 2011, and Statutory Auditor Responsibility, the trustee is responsible for of its incoming resources and application the preparation of the financial statements of resources, for the year then ended; London, UK which give a true and fair view. 29 July 2011 • Have been properly prepared in We have been appointed as auditor under accordance with United Kingdom Deloitte LLP is eligible to act as an auditor section 43 of the Charities Act 1993 and Generally Accepted Accounting in terms of section 1212 of the Companies report in accordance with regulations Practice; and Act 2006 made under section 44 of that Act. Our • Have been prepared in accordance responsibility is to audit and express with the requirements of the Charities an opinion on the financial statements Act 1993. in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Bridge House Estates 14 Annual Report 2011 Overview Financial Review and Accounts Grants approved 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 2009, 24 June 2010, 24 June 2011 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 2010 to 31 March 2011. In our view the audit of the Financial Statements has been conducted in accordance with auditing procedures as stated on page 14. 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.

C. Cox

A. de Lacey

J. Griffin

N. Johnson

M. McDonagh

Auditors of the Chamberlain’s and Bridgemasters’ Accounts elected pursuant to Act 11, George 1, Cap. 18 London 29 July 2011

Bridge House Estates Annual Report 2011 15 Statement of Financial Activities for the year ended 31 March 2011

Unrestricted income funds 2010/11 2009/10 Total Total Notes £m £m Incoming resources Incoming resources from generated funds Activities for generating funds Tourism fees and charges 4 3.1 2.9 Investment income 4 Investment property income 22.3 24.6 Managed investment income 12.7 11.2 Interest receivable 1.6 2.1 Other 0.3 – Total incoming resources 40.0 40.8

Resources expended Cost of generating funds Tourism expenses 2.7 2.2 Investment property expenses 7.6 8.3 Managed investment expenses 2.2 1.9 Charitable activities Repair and maintenance of bridges 7. 2 5.0 Grants to voluntary organisations 17.1 15.9 Governance costs 0.8 0.9 Total resources expended 5 37.6 34.2

Net incoming resources before other recognised gains and losses 2.4 6.6

Other recognised gains and losses 10 19.3 101.9 Net gain on managed investments Net gain on property investments 10 11.2 23.0 Net movement in funds 32.9 131.5

Reconciliation of funds Total Funds brought forward 16 795.3 663.8 Total Funds carried forward 16 828.2 795.3

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 16 Annual Report 2011 Overview Financial Review and Accounts Grants approved Balance Sheet as at 31 March 2011

2010/11 2009/10 Notes £m £m Fixed assets Tangible fixed assets 8 4.0 4.2 Investments – property 10 366.9 355.7 Investments – under fund management and long term deposits 10 432.1 418.1 Programme related investments 18 0.1 – 803.1 778.0 Current assets Stocks – 0.1 Debtors 11 6.9 5.7 Investments 10 51.4 42.4 Cash at bank and in hand 2.3 1.0 Total current assets 60.6 49.2

Creditors: Amounts falling due within one year 12 (32.2) (28.4) Net current assets 28.4 20.8 Total assets less current liabilities 831.5 798.8

Creditors: Amounts falling due after more than one year 14 (3.3) (3.5) Net assets 828.2 795.3

The Funds of the charity: Unrestricted Income Funds 16 828.2 795.3

Approved and signed for on behalf of the Trustee.

Chris Bilsland Chamberlain of London 26 July 2011

Bridge House Estates Annual Report 2011 17 Cash Flow Statement for the year ended 31 March 2011

2010/11 2009/10 Note £m £m Net cash outflow from operating activities 1 (9.3) ( 7.8) Returns on investments and servicing of finance Interest received 1.6 2.1 Managed investment income 12.7 11.2 Net cash inflow from investments and servicing of finance 14.3 13.3 Capital expenditure and financial investment Purchases of tangible fixed assets – (0.3) Returns of investments under fund management and long term deposits 5.4 (43.6) Enhancements of investment property (1.4) (0.1) Sale of tangible fixed assets 1.3 0.5 Net cash inflow/(outflow) from capital transactions 5.3 (43.5)

Management of liquid resources Cash (added to) / taken from short term deposits (9.0) 37.0

Increase/(Decrease) in cash in the period 2 1.3 (1.0)

Notes to the Cash Flow Statement 1. Reconciliation of net incoming resources on operating activities to net cash flow 2010/11 2009/10 £m £m Net incoming resources 2.4 6.6 Depreciation/Impairment 0.2 0.3 (Increase)/Decrease in debtors (1.1) (0.4) (Increase)/Decrease in long term debtors (0.1) – Increase/(Decrease) in creditors falling due within one year 3.8 (1.3) Increase/(Decrease) in long term creditors (0.2) 0.3 Interest receivable (1.6) (2.1) Managed investment income (12.7) (11.2) Net cash outflow from operating activities (9.3) (7.8)

2. Movement in cash as shown in the Balance Sheet 2010/11 2009/10 Movement £m £m £m Cash at bank and in hand 2.3 1.0 1.3

Bridge House Estates 18 Annual Report 2011 Overview Financial Review and Accounts Grants approved 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 1993, 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 6 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 2011 was £671 million (31 March 2010: £671million). 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 recognised in the revenue account. 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 6th Edition issued by the Royal Institution of Chartered Surveyors. Check valuations are also provided by external valuers with the externally valued properties representing some 52% of the Estates’ value as at 31 March 2011. 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. 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.

Bridge House Estates Annual Report 2011 19 Notes to the Financial Statements continued

1. Accounting policies continued (e) Fixed assets continued 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 2010, compared with the market value at the date of disposal or at 31 March 2011. 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 IAS19, the pension arrangements are treated as a defined contribution scheme in the Bridge House Estates accounts. This means that the IAS19 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. (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 16 to the Financial Statements.

Bridge House Estates 20 Annual Report 2011 Overview Financial Review and Accounts Grants approved

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, in accordance with VAT notice 749, 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 £31,949 in 2010/11 (2009/10: £26,087).

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 2010/11 2009/10 Investment class £m £m £m £m Investment property 22.2 0.1 22.3 24.6 Managed investments 11.2 1.5 12.7 11.2 Interest receivable 1.0 0.6 1.6 2.1 Other income – 0.3 0.3 – Total investment income 34.4 2.5 36.9 37.9

5. Resources expended Resources expended are analysed as follows:

Activities undertaken Support 2010/11 2009/10 directly costs Total Total £m £m £m £m Cost of generating funds Investment property 5.2 2.4 7.6 8.3 Investment management 1.9 0.3 2.2 1.9 Tourism 2.4 0.3 2.7 2.2 9.5 3.0 12.5 12.4 Charitable expenditure Bridges repairs and maintenance 6.9 0.3 7. 2 5.0 Grants 16.9 0.2 17.1 15.9 23.8 0.5 24.3 20.9 Governance – 0.8 0.8 0.9 Total resources expended 33.3 4.3 37.6 34.2

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.

Bridge House Estates Annual Report 2011 21 Notes to the Financial Statements continued

5. Resources expended continued 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. Grants This consists of grants approved, which are accounted for on the basis set out in note 1 to the accounts and includes grants administration 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:

2010/11 2009/10 Total grants Total grants to institutions to institutions Programme area £m £m Working with Londoners Accessible London 2.3 1.7 Bridging Communities 1.7 2.0 Improving Londoners’ Mental Health 1.4 2.4 London’s Environment 2.0 1.1 Older Londoners 1.8 2.2 Positive Transitions to Independent Living 3.0 1.7 Strengthening the Third Sector 2.2 1.7 Young People and Parents Tackling Violence – 1.8 14.4 14.6 Exceptional Grants 2.0 0.3 Strategic Initiatives 0.4 0.5 Total grants awarded 16.8 15.4 Write backs (grants no longer useable for the purpose awarded) (0.5) (0.4) Total grants chargeable 16.3 15.0

Details of all the grants approved are shown on pages 31-34. 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 2010/11 accounts amounted to £43,154 (2009/10: £42,154). Other fees payable to Deloitte LLP for non-audit services during the year totalled £16,001. 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.

Bridge House Estates 22 Annual Report 2011 Overview Financial Review and Accounts Grants approved

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.

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 2010/11 2009/10 Tourism property management Bridges Grants Governance Total Total Department £m £m £m £m £m £m £m £m Chamberlain – 0.2 – – – 0.1 0.3 0.3 Comptroller and – 0.2 – – – – 0.2 0.2 City Solicitor Town Clerk – – – – 0.1 0.2 0.3 0.3 City Surveyor 0.1 1.9 – 0.2 – – 2.2 2.1 Director of Environmental 0.2 – – 0.1 – – 0.3 0.2 Services Public Relations – – – – – 0.1 0.1 0.1 Premises costs – – – – 0.1 0.2 0.3 0.3 Other – 0.1 0.3 – – 0.2 0.6 0.3 Total support costs 0.3 2.4 0.3 0.3 0.2 0.8 4.3 3.8

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 Solicitor Property, litigation, contracts, public law and administration of commercial rents. 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 Environmental Services Support functions in respect of finance, human resources, information technology, management and administration for the Thames Bridges and 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, net contribution to the dental service, occupational health, union costs, environmental and sustainability section.

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 94.4 at a cost of £3.3 million (2009/10: 92.0 staff at a cost of £3.3 million). The number of directly charged staff earning less than £60,000 is shown below.

Bridge House Estates Annual Report 2011 23 Notes to the Financial Statements continued

7. Staff numbers and costs continued Number of Employer’s Employer’s full time Gross National pension Total Total equivalent pay Insurance contribution 2010/11 2009/10 Employees who earn less than £60,000 per annum employees £m £m £m £m £m Investment Properties 23.0 0.55 0.05 0.10 0.70 0.70 Tower Bridge Tourism 26.1 0.71 0.05 0.11 0.87 0.83 Bridges 31.5 0.91 0.07 0.16 1.14 1.13 Grants Unit 11.8 0.36 0.03 0.05 0.44 0.48

The number of directly charged staff earning more than £60,000 in bands of £10,000 is set out below.

Number of Number of full time full time equivalent equivalent Band employees employees Employees who earn more than £60,000 per annum £000 2010/11 2009/10 Grants Unit 60-69,999 1.0 – Grants Unit 70-79,999 – 1.0 Grants Unit 80-89,999 – – Grants Unit 90-99,999 – 1.0 Grants Unit 100-109,999 1.0 –

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 60.2 (2009/10: 53.4).

8. Tangible fixed assets Computers and other Fixtures and Leasehold equipment fittings Improvements Total £m £m £m £m Cost At 1 April 2010 0.4 0.8 4.3 5.5 Additions – – – – Disposals – – – – At 31 March 2011 0.4 0.8 4.3 5.5 Accumulated depreciation At 1 April 2010 0.3 0.6 0.4 1.3 Charge for year – – 0.2 0.2 Disposals – – – – At 31 March 2011 0.3 0.6 0.6 1.5 Net book values At 31 March 2010 0.1 0.2 3.9 4.2 At 31 March 2011 0.1 0.2 3.7 4.0

The net book value of tangible fixed assets relating to direct charitable purposes amounts to £4.0 million (2009/10: £4.2 million).

Bridge House Estates 24 Annual Report 2011 Overview Financial Review and Accounts Grants approved

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.

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:

2010/11 2009/10 £m £m Property investments Market value 1 April 355.7 333.1 Disposal proceeds – (0.5) Purchase costs – 0.1 Enhancement works 1.4 – Net unrealised gain on revaluation at 31 March 10.6 22.8 Permanent loss on revaluation (0.8) – Net realised gain on disposal – 0.2 Market value 31 March 366.9 355.7

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 2010/11 a permanent loss on revaluation of £0.8 million was recognised for one investment property (2009/10: nil). This has been treated in accordance with the accounting policies set out in 1(e) above. Investments under fund management and long / short term deposits Analysis of movement:

2010/11 2009/10 £m £m Market value 1 April 381.6 286.5 Add: Additions to investments at cost 152.3 137.6 Less: Disposals at market value (149.0) (144.4) Add: Net gain on revaluation 19.3 101.9 Market value of investments 31 March 404.2 381.6 Long term deposits 27.9 36.5 Investments under fund management and long term deposits 432.1 418.1 Cash held by Fund Managers at 31 March 14.3 15.4 Short term deposits and money market funds 37.1 27.0 Total investments as at 31 March 483.5 460.5 Cost 31 March 356.2 333.7

Bridge House Estates Annual Report 2011 25 Notes to the Financial Statements continued

10. Fixed asset investments continued Net advances to fund managers during 2010/11 were £0.9 million (2009/10: advances to fund managers £0.6 million). Total investments as at 31 March are analysed between long term and short term as follows: 2010/11 2009/10 £m £m Long term 432.1 418.1 Short term deposits (*) and money market funds 37.1 27.0 Short term investments in hands of fund managers 14.3 15.4 Total 483.5 460.5

(*) The Chamberlain’s Banking Account includes cash on deposit £22.6 million (2009/10: £13.1 million) and accrued interest £1.6 million (£1.4 million 2009/10), 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: 2010/11 2009/10 £m £m United Kingdom (including cash held by fund managers) 276.4 273.3 Europe (excluding UK) 77.3 47. 2 United States of America 84.3 94.6 Japan 27.1 26.9 Pacific (excluding Japan) 13.7 13.4 Emerging Markets 4.7 5.1 Total 483.5 460.5

2010/2011 2009/10 Investment Analysis by Type £m £m Fixed Interest UK 102.5 95.5 Overseas 16.9 15.5 Index Linked UK 16.5 15.5 Overseas 16.1 13.3 Pooled Units UK 0.5 0.4 Overseas 5.7 9.1 Listed Equities UK 140.2 144.1 Overseas 164.9 147. 2 Managed Funds 1.6 4.0 Investment Income 12.8 11.4 Venture Capital 5.8 4.5 Total 483.5 460.5

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.

Bridge House Estates 26 Annual Report 2011 Overview Financial Review and Accounts Grants approved

11. Debtors due within one year 2010/11 2009/10 £m £m Accrued interest 1.7 1.4 Rental debtors 0.8 1.4 Other debtors 4.4 2.9 Total 6.9 5.7

12. Creditors due within one year 2010/11 2009/10 £m £m Grants payable 21.6 16.2 Trade creditors 1.3 3.5 Property income received in advance 3.3 3.4 Rent deposits 2.8 2.8 Other income received in advance 0.1 0.1 Other creditors 3.1 2.4 Total 32.2 28.4

13. Funds received as agent The City Bridge Trust has entered into a joint initiative with four other independent funders in respect of Fear & Fashion. The four funders pay The City Bridge Trust their contribution on a yearly basis and the Trust will then manage the payments, over a number of years, to various groups following the normal grant procedures. The joint initiative ended in 2010/11 and no further payments were received. The carried forward receipts from 2009/10, of £47,655 were fully distributed during the year.

14. Creditors due after more than one year 2010/11 2009/10 £m £m Grants payable 3.3 3.5 Total 3.3 3.5

15. Pensions Following the statutory triennial valuation of the pension fund as at 31 March 2007, completed by independent consulting actuaries, an employer’s contribution rate of 18.5% has been applied for 2008/09, 2009/10 and 2010/11. A further triennial valuation has been completed as at 31 March 2010 and the employer’s contribution rate for 2011/12 to 2013/14 has now been set at 17.5%. In 2010/11 employer’s contributions to the scheme for staff engaged on Bridge House Estates activities was £0.6 million (2009/10: £0.6 million). There are no outstanding or pre-paid contributions at the balance sheet date. The deficit of the scheme at 31 March 2011 is £188 million (2009/10 £436 million) as calculated in accordance with FRS17. The decrease in the deficit is due to a reduction in estimated future pension liabilities and also higher investment valuations.

Bridge House Estates Annual Report 2011 27 Notes to the Financial Statements continued

16. Funds Analysis of net assets by fund General Designated 2010/11 2009/10 funds funds Total Total £m £m £m £m Fixed assets 4.0 799.1 803.1 778.0 Net current assets 11.8 16.6 28.4 20.8 Creditors more than one year (3.3) – (3.3) (3.5) Total assets 12.5 815.7 828.2 795.3

Movement of unrestricted funds during the year to 31 March 2011 Net incoming/ (outgoing) Net gain/ Balance at resources Transfers (loss) on Balance at 1 April before Capital Capital between investments/ 31 March 2010 transfers receipts purchases funds properties 2011 £m £m £m £m £m £m £m General funds Accumulated fund 10.8 4.7 – – (3.0) – 12.5 Total general funds 10.8 4.7 – – (3.0) – 12.5 Designated funds Reserve funds General 285.2 0.3 – 1.1 – 19.3 305.9 Designated sales pool 23.9 – 1.3 (0.8) – – 24.4 Investment revaluation 39.7 – – – – (0.1) 39.6 Property revaluation 326.7 – (1.3) – – 11.6 3 37.0 Total reserve fund 675.5 0.3 – 0.3 – 30.8 706.9 Finsbury House 0.2 – – – – – 0.2 Property dilapidations 0.7 0.1 – (0.3) – – 0.5 Bridges repairs 107.4 (2.7) – – 2.7 (0.3) 107.1 Tower Bridge tourism 0.7 – – – 0.3 – 1.0 Total designated funds 784.5 (2.3) – – 3.0 30.5 815.7 Total funds 795.3 2.4 – – – 30.5 828.2

Bridge House Estates 28 Annual Report 2011 Overview Financial Review and Accounts Grants approved

16. Funds continued 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 maintenance – The Charity has a duty to maintain the Bridges and has therefore designated funds to enable it to meet this commitment on an ongoing basis; and • 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 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.

Bridge House Estates Annual Report 2011 29 Notes to the Financial Statements continued

17. Commitments The following commitments have been made at 31 March in respect of future accounting periods:

2011 2010 £m £m Capital works authorised – 2.6 Supplementary Revenue Project Commitments – 4.5

18. 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.

19. Contingent liability The main contractor on a major capital project has submitted claims for time extensions and consequential additional costs. These are being assessed by the Contract Administrator and the Quantity Surveyor; at this stage a best estimate of Bridge House Estates’ share of the contract cost has been provided for in the accounts but it is possible that this cost could increase. The sums concerned have not been disclosed as to do so could prejudice seriously the City of London Corporation’s position.

20. 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; and • 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 in 2010/11 including disclosures in instances where their close family has made transactions with the City of London. 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. During 2009/10, 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 2009/10 was £1.2 million.

Bridge House Estates 30 Annual Report 2011 Overview Financial Review and Accounts Grants approved List of grants approved 2010/11

Working With Londoners Pratts Bottom Village Hall / for access KEEN London / for activities for young people improvements at Pratts Bottom Village Hall / £75,000 with behavioural, physical and learning disabilities Accessible London / 1 year / £16,285 / 2 years Accessible Transport Rambert Dance Company / for disabled access Oasis Children’s Venture / for a Lead Inclusive Play Croydon Accessible Transport / for an operations to the new South Bank studios / £50,000 / 1 year and Youth Worker and an Inclusive Play and Youth manager / £107,000 / 3 years Sir John Soane’s Museum / for a street access Worker who will work to facilitate the accessibility of lift and an internal, fully accessible lift / £100,000 Oasis recreation sites to disabled children and young Lewisham Young Women’s Resource Project people / £118,000 / 3 years / for an accessible minibus / £19,000 / 1 year / 1 year Peckham Shed Inclusive Theatre / for the Wandsworth Community Transport / for an St John’s Wood Synagogue / for an access audit for St John’s Wood Synagogue / £1,000 / 1 year Autumn/Winter 2010/11 term inclusive theatre group accessible minibus / £21,000 / 1 year / £22,500 / 3 years Subtotal £147,000 St John’s Wood Synagogue / for access improvements at St John’s Wood Synagogue Pirate Castle / for the Pirate Castle’s water sports / £36,500 / 1 year programme for disabled people / £60,000 / 3 years Accessible Buildings St Luke’s Parochial Trust / for new lift lobbies and Polka Children’s Theatre Limited / for regular Alford House / for a design appraisal of the new disabled toilets at St Luke’s Centre / £50,000 programmes of autism-friendly and shadow-signed proposals for Alford House / £3,250 / 1 year / 1 year performances / £68,000 / 3 years Balham Baptist Church / for access improvements St Mark’s Church, Kensal Rise / for access Rainbow Drama Group / for a weekly performing / £50,000 / 1 year improvements to the community hall / £24,000 arts project for people with learning disabilities Cambridge House / for an access audit and design / 1 year / £30,850 / 3 years appraisal / £4,984 / 1 year St Peter de Beauvoir Town / for the redevelopment Royal Court Theatre / for promoting, staging and Church of the Good Shepherd / for disability of the Crypt at St Peter’s Church, to improve access staff development around a play on deafness and access features for the Church’s new community and facilities for community use / £50,000 / 1 year deaf culture / £17,820 / 1 year hall / £40,000 / 1 year St Stephen’s Church East Twickenham / for the Shape London / for a Programme Officer and Council of Asian People (Haringey) / for an access costs of the community extension at an Events Co-ordinator running a group access access audit and disability equality training for staff St Stephen’s Church / £25,000 / 1 year programme for disabled people wishing to access arts activities / £58,500 / 3 years / £2,200 / 1 year Theatre503 / for an access audit and towards Couper Collection Public Trust / for access disability equality training for staff / £2,760 / 1 year Spare Tyre Theatre Company / for a theatre improvements from the riverwalk to the Collection’s arts programme for people with learning difficulties Twickenham United Reformed Church / for / £120,000 / 3 years barges / £85,000 / 1 year the access elements of the refurbishment of the Crossroads Women / for a design appraisal of new community rooms / £50,000 / 1 year Stagetext / for the promotion of Stagetext to a wider audience within London / £70,000 / 2 years premises / £2,115 / 1 year Young Actors Theatre / for access improvements Finsbury Park Methodist Church / for disabled to the organisation’s premises / £24,450 / 1 year Westminster House Youth Club / for a pilot project promoting young disabled people’s participation in access provision within the refurbishment of the Subtotal £1,145,529 Church / £25,000 / 1 year arts and sporting opportunities / £34,200 / 2 years Subtotal £1,042,755 Girlguiding Middlesex North West / for access Accessible Arts and Sports works to a new building incorporating an activity and volunteer room, kitchen, toilets, and small office Ability Bow / for affordable exercise sessions for Total £2,335,284 / £50,000 / 1 year people with disabilities and chronic health conditions in Tower Hamlets and Hackney, as well as disability Good Food Matters / for making a new community awareness training / £86,700 / 3 years Bridging Communities food learning centre accessible for disabled people Challenge Network / for ‘The Challenge’ project for / £50,000 / 1 year Amici Dance Theatre Company / for training and workshops to enable disabled people to perform young people in Lambeth and Lewisham / £90,000 Homerton Hope / for the access costs of a HIV at the anniversary show at the Lyric Theatre / £9,250 / 2 years facility / £50,000 / 1 year / 1 year Chickenshed Theatre Company / for an inclusive Kids Can Achieve / for access improvements Aspire / for improving the fitness studio for young theatre programme for young children and their to the Cedars Hall centre / £43,300 / 1 year people and adults with learning and physical families / £31,300 / 1 year Kingsdown Methodist Church / for improved disabilities / £22,750 / 1 year ContinYou / for four part-time mentors working in accessibility measures in the redevelopment of the Corali Dance Company / for a client participation Lambeth, Lewisham, Southwark and Greenwich Church site / £50,000 / 1 year project / £12,600 / 1 year / £113,000 / 2 years London Bubble Theatre Company / for Fuel Theatre Limited / for developing and Cricklewood Homeless Concern / for a adaptations to provide full access to the theatre increasing disabled people’s access to innovative community-based programme to support vulnerable / £50,000 / 1 year theatre projects in London / £64,100 / 3 years people / £95,000 / 3 years Marian Mission for the Poor / for an access audit Greenhouse Schools Project Ltd / for a Doctors of the World UK / for a project providing to inform design proposals for an extension building programme of sporting activities for young disabled a bridge to healthcare services for vulnerable people / £970 / 1 year Londoners attending SEN schools in Southwark and / £25,000 / 3 years Mary Ward Centre / for access improvements Ealing / £150,000 / 3 years East London Advanced Technology Training to new premises at Dolphin Court / £50,000 / 1 year Greenwich & Docklands Festivals / for a / for a programme engaging BME communities in Memorial Community Church / for access programme of outdoor arts commissioned from ESOL classes, citizenship and volunteering activities improvements to community facilities / £50,000 deaf and disabled artists for the international festival / £75,000 / 3 years / 1 year / £65,000 / 3 years Facing History and Ourselves Limited / for a Oily Cart Company / for the redevelopment of Oily icandance / for weekly dance opportunities for London programme manager / £90,000 / 3 years Cart’s premises to enable full access / £50,000 disabled young people / £16,200 / 3 years GHARWEG Advice, Training and Careers / for / 1 year ESOL classes targeting those not currently accessing existing provision / £30,300 / 1 year

Bridge House Estates Annual Report 2011 31 List of grants approved 2010/11 continued

Horn of Africa Youth Association (HAYA) / for Fine Cell Work / for a Studio Workshop Manager FairPensions / for a Director of Investor Engagement a leadership development programme for young at HMP Wandsworth helping to improve social and / £37,750 / 1 year refugees in West London / £67,200 / 3 years employability skills on release / £98,500 / 3 years Finchley Horticultural Society (FHS) / for the Kazzum Arts Project / for the ‘Pathways’ arts Forest Farm Peace Garden / for developing capital costs of an accessible gardening project project working with young people from migrant opportunities for people with mental health problems / £55,000 / 1 year and refugee communities / £47,400 / 2 years / £24,830 / 2 years Food for All / for a Co-ordinator to develop an eco- London Chamber Orchestra Trust / for a Hammersmith and Fulham Mind / for a garden to engage people in environmental activities community music project in partnership with motivational programme for young people with mental / £45,700 / 2 years Barnardo’s / £105,000 / 3 years health problems / £23,830 / 2 years Garden Classroom / for a Chief Executive, Migrants Resource Centre / for a cross- Harrow Citizens Advice Bureau / for a delivering an environmental education programme community media project / £61,000 / 2 years resettlement advice programme for mental health in North East London / £40,000 / 2 years Paddington Development Trust / for a community patients / £78,950 / 3 years Garden Museum / for a Schools and Community volunteering and civic engagement programme The Kosh / for a bereavement film project / £21,360 Officer and associated running costs / £60,000 / £120,000 / 3 years / 1 year / 3 years Paxton Green Time Bank / for a Development Latin American Women’s Rights Service Groundwork London / for an environmental Manager / £30,000 / 2 years (LAWRS) / for a counselling project for Latin regeneration scheme within the five Olympic host Praxis Community Project / for the language American women traumatised by political, sexual and boroughs / £105,000 / 3 years gym project / £80,000 / 2 years gender violence / £90,000 / 3 years Groundwork Thames Valley / for an Education Quaker Social Action / for the ‘Knees Up’ MDF The BiPolar Organisation / for a Youth Officer for West London Floating Classroom community development initiative in East London Co-ordinator for London / £105,000 / 3 years / £105,000 / 3 years / £120,000 / 3 years Mind in Camden / for a project supporting children Herts and Middlesex Wildlife Trust / for an Royal Free Cancerkin Breast Cancer Trust and young people who hear voices, see visions or environmental education project in the Colne Valley / for outreach support to women in East London experience other unusual perceptions / £150,000 / £135,000 / 3 years promoting breast cancer awareness / £25,000 / 3 years Living Streets / for a project to improve knowledge / 3 years Mind in Harrow / for a part-time Project and action for a better walking environment in London Serious Events Ltd / for the ‘River of Music’ Co-ordinator plus the running and delivery costs / £135,860 / 3 years programme developing young leaders from East of arts courses to support independent living skills London Children’s Flower Society / for annual London / £105,000 / 3 years / £81,000 / 2.5 years running costs / £4,000 / 1 year Sheila McKechnie Foundation / for the ‘Shout OCD Action / for the salary and operational costs of London Orchard Project Ltd / for a part-time Out Together’ project, bringing together young people work to support young people in London with OCD Project Manager / £52,249 / 2 years / £36,450 / 2 years from different communities to engage positively on London Voluntary Service Council / for a issues important to London / £60,000 / 2 years Prisoners’ Families and Friends Service / for a programme of sustainable development and carbon Somali Youth Development Resource Centre support project for the families of serving prisoners reduction aimed at mainstream voluntary sector (SYDRC) / for a programme to develop the and ex-offenders / £75,000 / 3 years organisations in London / £150,000 / 3 years leadership skills of young Somali people and other WISH / for the Community Link project supporting National Council for Voluntary Organisations young people in Camden / £73,500 / 3 years women ex-offenders by assisting them with / for helping third sector organisations and the Stockwell Partnership / for an inter-cultural education, training and employment opportunities communities they serve to better understand climate community-building project in Lambeth in London / £90,000 / 3 years change and its implications / £92,000 / 2 years / £127,500 / 3 years Total £1,385,820 National Trust, Morden Hall Park / for a project Trussell Trust / for the London expansion installing a hydro-electric turbine in the River Wandle of Foodbank / £60,000 / 2 years London’s Environment / £100,000 / 1 year Unlock Democracy / for a project bringing Arcola Theatre Production Company / for a Otesha Project UK / for the Change Projects communities together to tackle common problems Sustainability Projects Manager / £35,920 / 1 year Programme working with young people aged 14-18 and make their environments more sustainable Bexley Heritage Trust / for a feasibility study of / £22,200 / 2 years / £48,750 / 2 years an education centre at Lesnes Abbey promoting Royal Horticultural Society / for a London Total £1,679,950 environmental and heritage education / £10,000 Regional Advisor and running costs of the Campaign / 1 year for School Gardening project / £49,000 / 2 years Improving Londoners’ Mental Health Bioregional Development Group / for a project Science Museum / for an outreach programme 999 Club Trust / for a part-time Advice and engaging local community groups within Sutton inspiring students to become climate change Advocacy Worker / £22,000 / 1 year in environmental activities / £73,000 / 3 years advocates in London / £54,000 / 3 years After Adoption / for a group worker supporting British Trust for Conservation Volunteers / for Soil Association / for an environmental education adopted children and young people in London a programme evaluating the potential for change in project around food and farming / £90,000 / 2 years / £150,000 / 3 years environmental behaviour within community groups Squirrels (Community Scrap Scheme) / for and individuals / £150,000 / 3 years Brent Adolescent Centre / for providing therapy the running and support costs of a recycling centre and professional interventions to young people Caboodle Theatre in Education / for the ‘Old in Sutton / £12,000 / 3 years with mental health needs in three schools in Brent Mother Earth’ project working with 30 primary schools Stepney City Farm Ltd / for a Project Manager for / £113,000 / 3 years in London / £7,800 / 1 year the city farm / £90,000 / 3 years Connection at St Martin’s / for a mental health Calthorpe Project / for a programme of Sustain (Alliance for Better Food and Farming) worker for homeless people / £120,000 / 3 years environmental education for children aged / for a project working to reduce harmful pesticide use 5 to 14 years / £83,660 / 3 years Crisis / for a mental health worker working with across London / £90,000 / 2 years homeless people in London / £105,900 / 3 years Epping Forest Field Centre / for a programme Total £1,973,639 of biodiversity education in Epping Forest / £88,500 / 3 years

Bridge House Estates 32 Annual Report 2011 Overview Financial Review and Accounts Grants approved

Older Londoners Mental Health Foundation / for a pilot project Dance United / for a mentoring programme for Advocacy for Older People in Greenwich / to test the effectiveness of peer support groups young ex-offenders attending the London Academy for a part-time Co-ordinator and other costs of an improving the quality of life of people with dementia / £94,350 / 3 years advocacy service for older people with dementia living in sheltered housing / £51,000 / 2 years DEAFAX / for a programme of training in sexual living in Greenwich / £58,000 / 3 years Nightingale House / for a specialist dementia health for deaf young people in London / £80,000 Age Concern Bromley / for a specialist Dementia garden / £50,000 / 1 year / 2 years Care Service and Dementia Café / £54,000 / 3 years Radicle / for a programme of arts and leisure Disability Action in Islington / for an independent Age Concern Camden / for the ‘Opening Doors’ activities for older people in Westminster / £36,850 advice service on personalised budgets for disabled project supporting older Lesbian, Gay, Bisexual and / 3 years people in Islington / £135,000 / 3 years Transgender people across North London and the Rampage Holiday Project / for a part-time Disability Alliance Educational and Research City / £150,000 / 3 years Administrator / £15,000 / 2 years Association / for a disability benefits advice and All Souls Clubhouse / for a programme of health, Ruth Winston Centre / for a Centre Manager information service / £120,000 / 3 years welfare and practical support for disabled and working with those aged 65 and over / £60,000 First Step / for a service Co-ordinator / £111,400 housebound elderly people / £24,000 / 2 years / 3 years / 3 years Arachne Greek Cypriot Women’s Group / for Sadler’s Wells Trust / for outreach dance classes Harrington Scheme / for employment support and an older people’s health and social care scheme in and for The Company of Elders in Islington / £19,900 independent living skills for young disabled people the Greek and Greek Cypriot community / £35,000 / 2 years / £91,000 / 3 years / 1 year Somali Well Woman Project / for a part-time Havering Association for People with Bangladesh Welfare Association Croydon / Health Link worker providing healthy lifestyle Disabilities / for a part-time worker advising disabled for outreach help for ethnic elders / £12,800 / 1 year programmes for Somali elders / £35,000 / 2 years people on personal budgets / £54,000 / 2 years Claremont Project (Islington) / for the salary Stitches in Time / for a knitted artworks project Headway East London / for a Project Leader and of a Creative Director and some operational costs ‘Blanket Cover’ working with six older people’s groups running costs of a project supporting people into / £99,000 / 3 years and homeless projects / £38,700 / 3 years employment and greater independence / £114,000 Counsel and Care for the Elderly / for an advice Tamil Relief Centre / for a part-time Elders Project / 3 years service for older Londoners on community and Worker providing services for older members of the Kainos Community / for a rehabilitation residential care and support / £154,500 / 3 years Tamil community in North London / £23,935 / 2 years and resettlement programme for prisoners on Croydon African Caribbean Family Tower Hamlets Friends & Neighbours / for indeterminate sentences held at HMP Swaleside Organisation / for an Older People’s Co-ordinator specialised befriending support to people with / £37,300 / 2 years / £24,000 / 1 year dementia / £90,000 / 3 years Limes Community and Children’s Centre / for a Dovetail Community Centre Project / for a part- Total £1,798,385 pre-employment skills project for young people with time Project Worker to develop work with older people learning disabilities / £51,000 / 2 years / £24,000 / 3 years Positive Transitions to Independent Living Livability / for a Project Worker and associated costs of the Lifestyle Choices project in London / £72,000 Horn of Africa Refugee Welfare Group / for a Advocacy Voice / for an advocacy project / 3 years part-time Outreach Worker supporting older people supporting people with learning disabilities to from Somali and other Horn of Africa communities personalise their support services through individual Mencap Lambeth / for a part-time Support Broker / £30,000 / 3 years budgets / £45,200 / 2 years and associated costs of a project to assist people with their social care budgets / £75,000 / 3 years InterAct Reading Service / for a reading service for Attend / for helping people with acquired brain injury elderly stroke patients in London hospitals / £70,000 move into employment, education and volunteering Muscular Dystrophy Campaign / for an / 3 years / £120,000 / 3 years Information and Support Co-ordinator / £40,000 / 1 year Irish Chaplaincy in Britain / for support to isolated Bexley Churches Housing Association (BECHA) and vulnerable older Irish people in London / £91,800 / for a resettlement worker for ex-offenders in London Organisation of Blind African Caribbeans / 3 years / £124,000 / 3 years (OBAC) / for two part-time posts helping disabled people manage their individual budgets / £60,000 Irish Charitable Trust / for a Pensioners’ Blue Sky Development and Regeneration / for / 2 years Co-ordinator / £98,000 / 3 years an ex-offender supervisor for a team of employees, Islington Chinese Association / for a befriending and associated costs, in Hillingdon / £100,700 Paddington Arts / for an online magazine with and advocacy scheme for elderly people / £76,900 / 3 years young people with disabilities, to promote their transition to employment or further education / 3 years Body and Soul / for a worker supporting teenagers / £107,940 / 3 years Jewish Care / for a dementia care project living and affected by HIV in London / £50,200 / £135,000 / 3 years / 3 years Paul D’Auria Cancer Support Centre / for the Cancer Wellbeing programme / £90,000 / 3 years Kilburn Older Voices Exchange (KOVE) / for Bromley Autistic Trust / for an Outreach a part-time Co-ordinator / £10,000 / 1 year Co-ordinator / £45,500 / 3 years Positively UK / for a part-time Youth Case Worker and the running costs of a peer support programme for the ‘Ballet for £1’ Catch22 Charity Limited / for a Project Worker London Children’s Ballet / for young people living with HIV / £100,000 / 3 years programme for older people across London / £15,000 and some running costs of the ‘Becoming Resilient’ / 3 years project supporting young people leaving custody Richmond Mencap Ltd / for activities for young people with learning disabilities making the transition for a worker / £138,000 / 3 years London Jewish Cultural Centre / to adulthood / £14,125 / 1 year supporting older Holocaust Survivors in providing Clinks / for a project supporting voluntary and a Programme of Enrichment for schools in London community groups working with offenders and Southwark Disablement Association / for / £54,000 / 3 years their families in London / £100,000 / 2 years a Personal Development Worker developing the personal skills and self-confidence of disabled people for a Clinical Advisor Creative and Supportive Trust (CAST) / for a Marie Curie Cancer Care / / £105,000 / 3 years improving the quality of provision of palliative care for support programme helping women ex-offenders people with dementia in Haringey / £106,000 / 3 years to re-settle successfully within their communities Spitalfields Music for/ an arts project for young people with learning difficulties, supporting their for an Older / £60,000 / 3 years Marylebone Bangladesh Society / transition from full-time education to work / £53,780 People’s Health Project / £56,000 / 2 years / 2 years

Bridge House Estates Annual Report 2011 33 List of grants approved 2010/11 continued

St Mungo’s Community Housing Association Hammersmith and Fulham Refugee Forum / for Exceptional Grants / for an education, training and employment support a Co-ordinator plus running costs / £40,000 / 1 year Barbican Centre Trust / for the Creative Learning worker supporting young offenders at HMP Feltham Havering Association of Voluntary and community arts programme benefiting East / £77,200 / 3 years Community Organisations (HAVCO) / for the Londoners / £1,501,600 / 2 years Sutton Mencap / for an Adult and Youth Services promotion of volunteering within Havering / £80,000 Barnardo’s / for a Manager, Project Worker and Manager / £21,500 / 1 year / 2 years Administrator plus associated running costs in a Synergy Theatre Project / for an Education Hillingdon Association of Voluntary Services project which will establish a framework for a new Manager and running costs of a project to train (HAVS) / for a Development Manager for a project service identifying and supporting young people with and support ex-offenders in drama-related projects supporting small, BMER organisations / £135,000 drug dependency who are, or at risk of, being sexually / £74,000 / 3 years / 3 years exploited / £115,000 / 15 months U Can Do IT / for IT training for disabled people in Home-Start UK / for an evaluated volunteer Broadway Homelessness and Support / for a their own homes to increase their independence, management system to demonstrate the impact of project in partnership with the Barka Foundation to choice and control over their own lives / £75,000 volunteers working with families with young children help people from A10 accession countries sleeping / 3 years in London / £112,000 / 2 years rough in the East End / £54,000 / 2 years Vision Housing / for a resettlement worker Islington Childcare Trust / for a part-time Business Cranfield Trust for/ a programme of HR and supporting ex-offenders into private rented Support Manager helping voluntary sector nurseries related support for London voluntary organisations accommodation / £24,660 / 1 year and playgroups improve their financial management / £105,000 / 3 years Welcare in Greenwich / for a Family Support skills and the quality of their evaluation systems Ethical Property Foundation / for the London Worker for parents with learning difficulties / £90,000 / £65,400 / 2 years Property Advice Service / £110,000 / 3 years / 3 years Islington Play Association / for developing a Media Trust / for a media project training young Working Chance / for a finance and administration strategy for the transfer of play site assets in Islington people in community journalism / £142,000 / 1 year to voluntary sector providers / £55,000 / 1 year manager / £109,000 / 3 years Total Exceptional Grants £2,027,600 Young Enterprise London Ltd / for the Team Kairos in Soho / for volunteering initiatives within London’s LGBT sector / £60,000 / 2 years Programme helping young disabled people develop Strategic Initiatives employability and entrepreneurial skills / £135,000 London Voluntary Sector Training Consortium Association of Charitable Foundations (ACF) / 3 years / for the Small Groups Economic Inclusion Project / for the Philanthropy UK project / £80,000 / 2 years Total £2,995,855 / £24,000 / 6 months Charities Evaluation Services / for the National Association of Child Contact Centres development of the ‘Jargonbusters’ website / £3,000 / for a part-time Support Manager for Greater London Strengthening the Third Sector / 1 year / £75,000 / 3 years AbilityNet / for the iT4C volunteer project providing IT East London Bond / for investment in the East Olmec / for a capacity building programme consultancy and support to charitable organisations London Bond / £100,000 / 1 year across London / £150,000 / 3 years supporting third sector BME social enterprises across London / £128,000 / 3 years Greening the Third Sector / for a programme Bexley Voluntary Service Council / for support of Eco-Audits / £100,000 / 1 year for volunteering / £67,430 / 2 years Peckham Voluntary Sector Forum / for a Marketing and Communications Development Project Improving Services for Older People / for a Black Training and Enterprise Group / for a for small BMER organisations / £21,600 / 2 years conference sharing the results of the evaluation programme of bespoke personal and organisational / £2,700 / 1 year development for BME organisations across London Voluntary Action Westminster / for support to Learning and Sharing Strategy / for a programme / £110,000 / 2 years voluntary organisations across Westminster with outcome monitoring, evaluation and communication of work to share the Trust’s learning from its grant- Brent Association for Voluntary Action / for a / £135,000 / 3 years making / £30,000 / 1 year capacity building programme supporting BME groups The Lord Mayor’s Show / for costs associated in Brent / £98,000 / 2 years Volunteer Centre Hackney / for a Quality and Development Manager plus running costs to promote with participating in the Lord Mayor’s Show / £40,000 City Centre for Charity Effectiveness Trust Ltd volunteering in Hackney / £81,000 / 2 years / 1 year / for a programme of capacity building support that Media Trust / for the ‘Telling their Stories’ video targets City Bridge Trust grantees / £79,800 / 2 years Volunteer Centre Lewisham / for a Volunteer Co-ordinator and running costs for a pilot initiative project / £50,000 / 1 year Community Accountancy Project (CAP) / for a offering intensive volunteer development support Social Impact Investment Research / for part-time Community Accountant/Training Officer to small/medium organisations / £120,000 / 3 years research on social impact investment / £15,000 to improve the financial skills of local third sector / 1 year organisations / £57,000 / 3 years Volunteer Centre Tower Hamlets / for a Volunteer Training Manager / £132,000 / 3 years Total Strategic Initiatives £420,700 Co-ordinated Action Against Domestic Abuse / for a London Development Manager to implement Wandsworth Voluntary Sector Development a quality assurance programme and an evaluation Agency / for a programme of volunteer management tool, measuring the impact of domestic violence support, including the development of new volunteer Working With Londoners (213 grants) £14,384,763 intervention projects across London / £48,000 opportunities in Wandsworth / £103,600 / 3 years / 2 years Total £2,215,830 Exceptional Grants (6 grants) £2,027,600 Council of Somali Organisations (CSO) / for a Development Officer working to strengthen Somali Total Working With Londoners £14,384,763 Strategic Initiatives (9 initiatives) £420,700 community organisations in London / £100,000 / 2 years Total awarded (228 grants/initiatives) £16,833,063 CVS Hounslow / for a Fundraising and Finance Officer to support voluntary organisations in Less writebacks £511,462 Hounslow / £138,000 / 3 years

Total grants chargeable in 2010/11 £16,321,601

Bridge House Estates 34 Annual Report 2011 Overview Financial Review and Accounts Grants approved Membership of committees

City Lands and Bridge Policy and Resources Finance Committee House Estates Committee Committee as at 31 March 2011 as at 31 March 2011 as at 31 March 2011 Chairman Chairman Chairman Philip John Willoughby OBE JP Deputy Michael Robin Castle Sherlock MA Deputy Stuart John Fraser Deputy Chairman Deputy Chairman Deputy Chairman Jeremy Paul Mayhew MA MBA Richard David Regan Deputy Mark John Boleat Aldermen Aldermen Aldermen David Andrew Graves Sir Robert Finch Roger Gifford Dr Andrew Charles Parmley MusM Hon Alison Jane Gowman Sir David Howard Bt MA DSc GSM Sir David Lewis MA (Oxon) DL Sir Michael Savory Sir John Stuttard MA Fiona Woolf CBE Sheriff David Hugh Wootton Fiona Woolf CBE Sheriff Commoners Commoners Commoners Kenneth Edwin Ayers MBE Deputy Kenneth Edwin Ayers MBE Deputy George Christopher Abrahams Douglas Barrow Deputy John Alfred Bennett Deputy Kenneth Edwin Ayers Deputy John Alfred Bennett Deputy William Harry Dove MBE JP Raymond Michael Catt Ian Bernard Burleigh Simon D’Olier Duckworth MA DL Roger Arthur Holden Chadwick Michael John Cassidy CBE Deputy Robert William Duffield BA M.Litt. (Oxon) Dennis Cotgrove BA Christine Mackenzie Cohen OBE Deputy William Barrie Fraser OBE Deputy Nicolas Cressey William Harry Dove MBE JP George Marr Flemington Gillon Simon D’Olier Duckworth MA DL The Revd. Dr Martin Raymond Dudley Dr Peter Bernard Hardwick QHP Anthony Noel Eskenzi CBE DSc Deputy William Barrie Fraser OBE Deputy Robert Charles Hughes-Penney Robin Anthony Eve Deputy George Marr Flemington Gillon Charles Edward Lord JP BA (Hons) Kevin Malcolm Everett DSc Stanley Ginsburg JP Deputy Jeremy Paul Mayhew MA MBA The Revd. Stephen Decatur The Revd. Stephen Decatur Catherine Sidony McGuinness MA Deputy Haines MA Deputy Haines MA Deputy Wendy Mead Pauline Ann Halliday OBE Deputy Brian Nicholas Harris Joyce Carruthers Nash OBE Deputy Brian Nicholas Harris William George Hunt TD BA Barbara Patricia Newman CBE Tom Hoffman LL.B Alistair John Naisbitt King MSc Deputy Stephen Douglas Quilter BSc (Hons) Robert Charles Hughes-Penney Stanley Keith Knowles MBE Deputy Sir Michael John Snyder Deputy Alistair John Naisbitt King MSc Deputy Gregory Alfred Lawrence Deputy James Richard Tumbridge Anthony Llewelyn-Davies Anthony Llewelyn-Davies Philip John Willoughby OBE JP Deputy Charles Edward Lord JP BA (Hons) Oliver Arthur Wynlayne Lodge TD BSc Janet Owen MBE Deputy Ex-Officio Peter Joseph Martinelli James Henry George Pollard The Rt Hon the Lord Mayor, Janet Owen MBE Deputy Chris Punter Michael David Bear BSc (Eng) MBA Michael Page BA (Hons) Matthew Charles Falco Lombardi William Harry Dove MBE JP Ann Marjorie Francesca Pembroke Richardson Martin Charles Farr Gerald Albert George Pulman JP Deputy John George Stewart Scott JP BA(Hons) Dr Peter Bernard Hardwick QHP Stephen Douglas Quilter BSc (Hons) Dr Giles Robert Evelyn Shilson Deputy Lord Levene of Portsoken KBE Sir Michael John Snyder Deputy Ex-Officio Michael Robin Castle Sherlock MA Deputy David James Thompson Pauline Ann Halliday OBE Deputy The following were Members of the John Tomlinson BA MSc Stuart John Fraser Committee within the period 1 April Jeremy Paul Mayhew MA MBA Ex-Officio 2010 – 31 March 2011, but were no longer Philip John Willoughby OBE JP Deputy Stuart John Fraser on the Committee on 31 March 2011: John Alfred Barker OBE Deputy Christine Mackenzie Cohen OBE Deputy

Bridge House Estates Annual Report 2011 35 Membership of committees continued

Planning and The City Bridge Trust Transportation Committee Committee as at 31 March 2011 as at 31 March 2011 Chairman Chairman Martin Charles Farr Joyce Carruthers Nash OBE Deputy Deputy Chairman Deputy Chairman Christine Mackenzie Cohen OBE Deputy William Harry Dove MBE JP Aldermen Aldermen Roger Gifford John Garbutt Sir Paul Judge Philip Remnant CBE John Richard Cottam White TD Commoners Alan Colin Drake Yarrow Kenneth Edwin Ayers MBE Deputy Commoners John Alfred Barker OBE Deputy Alex Bain-Stewart MSc JP John Leslie Bird OBE John Alfred Barker OBE Deputy Mark John Boleat Mark John Boleat Raymond Michael Catt Ian Bernard Burleigh The Revd. Dr Martin Raymond Dudley John Douglas Chapman William Barrie Fraser OBE Deputy Pollyanna Sarah Davies Michael Henderson-Begg The Revd. Dr Martin Raymond Dudley Wendy Mead Peter Gerard Dunphy Barbara Patricia Newman CBE Sophie Anne Fernandes Ex-Officio Marianne Bernadette Fredericks The Rt Hon the Lord Mayor Archibald Duncan Galloway OBE Tom Hoffman LL.B Michael Hudson Clare James MA Stanley Keith Knowles MBE Deputy Oliver Wynlayne Lodge TD BSc Brian Desmond Francis Mooney MA Sylvia Doreen Moys John Richard Owen-Ward MBE Deputy Ann Marjorie Francesca Pembroke James Henry George Pollard Dorothy Charlton Robinson BA MA Ian Christopher Norman Seaton Jeremy Lewis Simons MSc John Hedley Spanner TD Angela Mary Starling Mark Twogood Michael Welbank Deputy The following were Members of the Committee within the period 1 April 2010 – 31 March 2011, but were no longer on the Committee on 31 March 2011: Christine Mackenzie Cohen OBE Deputy

Bridge House Estates 36 Annual Report 2011 Designed by www.luminous.co.uk This report is printed on Challenger Offset, made from ECF pulp certified by the Forest Stewardship Council (FSC), at a mill that is ISO 14001 accredited.