ANNEX 1

Bridge House Estates

The Trustee’s Annual Report and Financial Statements for the year ended 31 March 2012

Charity number 1035628

BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Contents

Trustee’s Annual Report

Reference and Administrative Details 2 Structure, Governance and Management 2 Objectives and Activities 5 Aims, Achievements, Performance and Future Plans 8 Financial Review 24 Explanation of the Financial Statements 26 Responsibilities of the Trustee 26 Adoption of the Annual Report and Financial Statements 28

Independent Auditor’s Report 29

Report of the Audit Review Panel 31

Statement of Financial Activities 32

Balance Sheet 33

Cash Flow Statement 34

Notes to the Financial Statements 35

List of Grants approved 51

Membership of Committees 63

1 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

1. Reference and Administrative Details Bridge House Estates is a Trust governed by various instruments which are mentioned below. In April 1994 it was registered with the Charity Commission. Charity Name Bridge House Estates Other Working Names Bridge House Estates Trust Fund Bridge House Trust Bridge House Grants The City Bridge Trust Charity Number 1035628 Registered Address Guildhall, London, EC2P 2EJ Trustee The Mayor and Commonalty & Citizens of the City of London Chief Executive Christopher Duffield - The Town Clerk of the City of London Corporation Treasurer Chris Bilsland - The Chamberlain of London Solicitor Andrew Colvin - The Comptroller and City Solicitor Bank Lloyds TSB Bank plc Discretionary Fund Managers GMO (U.K.) Ltd, Pryford International Plc, Ruffer LLP, Southeastern Asset Management Inc. Chartered Accountants and Deloitte LLP, Chartered Accountants and Statutory Auditors, Statutory Auditors 3 Victoria Square, Victoria Street, St Albans, AL1 3TF

2. Structure, Governance and Management Founders By various bequests over the centuries Governing Instruments A Royal Charter of 24 May 1282 The Blackfriars Bridge Act 1863 The Blackfriars and Southwark Bridges Act 1867 The Corporation of London (Tower Bridge) Act 1885 The Corporation of London (Bridges) Act 1911 The City of London (Various Powers) Act 1926, section 11 The City of London (Various Powers) Act 1949, section 13 A supplemental Royal Charter of 26 November 1957 The City of London (Various Powers) Act 1963, section 32 The London Bridge Act 1967 The City of London (Various Powers) Act 1979 section 19 The Charities (Bridge House Estates) Order 1995 (S.I.1047) An Order of the Charity Commission sealed 10 July 1997 An Order of the Charity Commission sealed 20 July 1998 (251.98) The Charities (Bridge House Estates) Order 2001 (S.I.4017) The Charity Commission Scheme dated 26 August 2005 The Charities (Bridge House Estates) Order 2007 (S.I. 2007/550)

The Mayor and Commonalty and Citizens of London (also referred to as „the Corporation‟ or „the City of London Corporation‟), a body corporate, is the Trustee of the charity known as „Bridge House Estates‟.

2 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Trustee selection methods For practical purposes the Trust was managed during the year by seven committees of the City of London Corporation, membership of which is drawn from the Court of Aldermen and the Court of Common Council. Members of the Court of Aldermen and Court of Common Council are unpaid and are elected by the electorate of the City of London. The Annual Report and Financial Statements are reported to the Common Council of the City of London Corporation each year. The audit firm is appointed from a panel of six partners of firms who are elected by Common Hall (a meeting of the Livery of London). The Committees of the City of London Corporation which had responsibility for managing the Charity during 2011/12 are as follows:

Property Investment Board responsible for the management of the Trust‟s commercial estates held for investment purposes.

Financial Investment Board responsible for the management of the Trust‟s non-property investment arrangements.

Policy and Resources Committee responsible for allocating resources to the other Committees, administering the Trust, and for determining the investment strategy between property and non- property investments.

Finance Committee responsible for managing the non-property assets of the Trust and controlling support costs and other central charges that affect the Trust as a whole.

Planning and Transportation Committee responsible for the construction, maintenance and upkeep of the bridges with the exception of the tourism operation at Tower Bridge.

Culture, Heritage and Libraries Committee responsible for the tourism operation at Tower Bridge.

The City Bridge Trust Committee is responsible for giving individual grants up to £500,000 to voluntary organisations in accordance with the cy-près scheme which was agreed by the Charity Commissioners and Parliament in April 1995. Any grant above £500,000 has to be agreed by the Court of Common Council. The working name of the grant-making activity is The City Bridge Trust.

A full list of Committee Members is shown on pages 63-66.

In making appointments to committees, the Court of Common Council will consider the recommendations of the ward deputies, who will take into consideration any particular expertise and knowledge of the Members.

Policies and procedures for the induction and training of trustees The City of London Corporation makes available to its Members, seminars and briefings on various aspects of the City‟s activities, including those concerning Bridge House Estates, as it considers are necessary to enable the Members to efficiently carry out their duties.

The City Bridge Trust Committee has an ongoing commitment to learning and development. The Trust has Investor in People accreditation which is an external validation of the approach to valuing and developing the skills of both Committee Members and staff.

3 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Elected Members of the City Bridge Trust Committee have an induction including a briefing on the roles and responsibilities of charity trusteeship, highlighting the issue of "self benefit" and conflicts of interest for corporate trustees and public benefit requirements. The history, policies and procedures of the Trust are also covered and Members of the Committee receive detailed policy guidelines and copies of published materials.

New Members of the Committee join staff on visits to applicant organisations and observe the assessment and monitoring processes of the Trust. Members also regularly attend the promotional events of charities which the Trust supports and report back on these to fellow Committee Members, broadening the knowledge base of the Committee and improving decision making. The Chairman of the City Bridge Trust Committee attends training events organised by the Association of Charitable Foundations.

Regular briefings are given to Members of the City Bridge Trust Committee at their ten meetings per annum to update them on charity legislation and a wide variety of issues affecting voluntary and community activity in London. Examples over the past year have included regular briefings on the impact of the recession on philanthropy, Charity Commission guidance on charities and campaigning and the effects of the Comprehensive Spending Review on the third sector.

At least two substantial papers are produced for Members of the Grants Committee each year giving detailed statistical and qualitative analysis of the monitoring of the Trust‟s funding and its impact. Such information ensures the Committee is kept properly briefed as to emerging trends in order to inform both strategic and operational planning. Reporting against the business plan is given to all Committees managing the charity on a quarterly basis.

Organisational structure and decision making process The Committees which governed the Charity‟s activities in 2011/12 are noted above. All of these Committees were ultimately responsible to the Court of Common Council of the City of London. The decision making processes of the Court of Common Council are set out in the Standing Orders and Financial Regulations governing all the Court of Common Council‟s activities. The Standing Orders and Financial Regulations are available from the Town Clerk at the registered address.

Risk Management Statement The Trustee is committed to a programme of risk management as an element of its strategy to preserve the Charity‟s assets, enhance productivity for service users and members of the public and protect its employees.

In order to embed sound practice a Strategic Risk Management Group is in place to ensure that risk management policies are applied, that there is an ongoing review of risk management activity and that appropriate advice and support is provided to Members and officers.

The City of London Corporation has approved a strategic risk register for all of its activities. This register helps to formalise existing processes and procedures and enables the City of London Corporation to further embed risk management throughout the organisation. A key risk register has been prepared for this Charity, which has been reviewed by the Trustee. It identifies the potential impact of key risks and the measures which are in place to mitigate such risks.

4 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Public Benefit Statement The objects of the charity are the maintenance of the river bridges and grant making and related activity for the benefit of Greater London. The Trustee confirms it has referred to the Charity Commission guidance on public benefit when reviewing aims and objectives and when making future plans and setting grant making policy.

The river bridges maintained by the charity are open to the public at large, assuring public benefit on an open access basis. There are no restrictions regarding the members of the public who may use the bridges and no fees are charged.

The sections of this report relating to the Trust‟s grant making and related activities set out how we further achieve our charitable purposes for the public benefit. Third sector organisations and their services for the public are strengthened by the Trust‟s funding. The public benefiting from the Trust‟s funding are primarily the inhabitants of Greater London. Grants are awarded at the Trustee‟s discretion, based upon published criteria and a transparent and fair assessment process. Fees are not charged for our services and our grant making aims to address disadvantage across London‟s diverse communities.

All registered charities which meet our programme objectives are eligible to apply. The public benefit is delivered by the charities which receive grants from the Trust. The City Bridge Trust Committee ensures a robust monitoring system is in place to establish the benefit derived from each grant in order to be confident of meeting its public benefit obligations.

3. Objectives and Activities

Bridge House Estate’s origins and income The origins of Bridge House Estates can be traced back to 1097 when William Rufus, second son of William the Norman, raised a special tax to help repair London Bridge. By the end of the twelfth century, the shops and houses adorning Peter de Colechurch‟s new stone London Bridge were beginning to generate not only increased cross-river trade, but also increased taxes, rents and bequests. A significant fund began to accumulate and it was administered from a building on the south side of the bridge called Bridge House. Over succeeding centuries this fund has been skilfully administered by the City of London, which was confirmed as Trustee in the supplemental Bridge House Royal Charter of 1957.

The income of the Trust is derived from property rents and invested monies. It can be used for the provision of facilities for visitors at Tower Bridge, maintenance of all the Thames bridges, and the maintenance and protection of the Trust‟s income-producing assets, such as its portfolio of commercial property. After these responsibilities have been met, the Trust can use any surplus income for charitable grants benefiting the inhabitants of Greater London, under a scheme agreed with the Charity Commissioners in 1995. Part of the Trust‟s capital is invested in stocks and shares, in accordance with the investment powers of the Trust.

The Bridge House Estates mark has been the identifying emblem of the Charity for many centuries. It is likely that the mark as we know it today was designed by William Leybourn, a famous seventeenth century surveyor. Leybourn is thought to have adapted a similar mark drawn against plots owned by Bridge House Estates on an earlier plan of St George‟s Fields, London.

5 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

The work of Bridge House Estates reaches out across London in many important and diverse ways.

The River Bridges The core business of the Charity has been for many centuries the bridges. The Charity in some cases has built, and now maintains five of the bridges that cross the Thames into the City of London – Blackfriars Bridge, Millennium Bridge, Southwark Bridge, London Bridge, and Tower Bridge. The maintenance and eventual replacement of these bridges remains the prime objective of the Charity. They are gateways to the City and require sustained and expert maintenance.

The bridges are considered to be heritage assets (accounting policies note 1(e) on pages 35 and 36 refers).

Blackfriars Bridge The first Blackfriars Bridge was originally built between 1760-1769 and was known as „Pitt Bridge‟ after William Pitt. This structure was replaced between 1860-1869 with a design by Joseph Cubitt of five wrought iron arches faced with cast-iron, on granite piers. The decorations include ornithological sculptures surmounting the granite columns on each cutwater, archaded cast iron parapets and enormous attached columns in red granite with Portland stone capitals. The sculptures depict land birds on the landward side of the bridge and sea birds on the side facing the sea. Queen Victoria opened the bridge in 1869 and it remains the busiest of the four road bridges in the City with an average of 54,000 vehicles passing over it each day. There is no weight limit for vehicles.

The Millennium Bridge The first new pedestrian bridge to be built across the Thames for over a century, the Millennium Bridge links the City at St Paul‟s Cathedral with the Tate Modern Gallery at Bankside. It provides an invaluable link between north and south of the river for commuters and communities.

Funded by the Bridge House Estates and the Millennium Commission, the „Blade of Light‟ is a 325 metre steel pedestrian bridge, conceived by Anthony Caro and built by Ove Arup and Foster Associates under the project management of the London Borough of Southwark.

The Worshipful Company of Scientific Instrument Makers installed a two metre high glass obelisk under the north side of the Bridge on the riverside walkway as a millennium gift to the City.

Southwark Bridge Southwark Bridge was originally built between 1814-1819 and was purchased by the Trust in 1868. The City of London had been trying to obtain control since 1827 to catch criminals escaping to Southwark, outside its jurisdiction! It was replaced between 1912-1921 with a design by Sir Ernest George and Basil Mott and comprises five steel arches with granite cutwaters and fancy granite piers. There is no weight limit for the estimated 17,000 vehicles which cross the bridge every day.

6 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

London Bridge The first stone bridge across the Thames was built between 1176-1209 and replaced between 1823-1831. The current bridge was built between 1967-1972 and designed by the City Engineer, Harold Knox King with architects Mott, Hay & Anderson and William Holford & Partners.

Made of concrete with polished granite, the bridge has three spans founded on concrete piers fixed deep into the river clay. It was opened by Her Majesty The Queen in 1973.

Although there is no weight limit on the bridge itself, there is a 17 ton limit on the Monument pedestrian subway.

Tower Bridge Tower Bridge, designed by the Victorian architect Horace Jones, was opened in June 1894 after eight years of construction. It is a working bascule and suspension bridge, constructed as a steel frame clad in stone and granite in Gothic style to complement the neighbouring Tower of London.

Under the Corporation of London (Tower Bridge) Act 1885, the City of London Corporation is required to raise the Bridge to provide access to and egress from the Upper Pool of London for registered vessels with a mast or superstructure of 30 feet or 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 900 times each year.

The City ensures that the Bridge is properly maintained and protected as part of the nation‟s heritage. As it has been designated a Grade 1 listed building, any adaptations carried out to the Bridge externally or internally are subject to approval by English Heritage and the local planning authorities.

The Bridge was originally painted brown but this was changed to red, white and blue for the Queen‟s Silver Jubilee in 1977. The most recent repainting of the bridge was completed in 2011 in time for the Bridge to be featured in the promotion of the London Olympics and Paralympics 2012.

Tower Bridge is a world famous icon of London and in order to allow UK visitors and tourists from abroad access to the internal areas of the Bridge a public exhibition has been provided since 1982. The exhibition showcases the Victorian architecture, engineering and also the original Victorian Engines used to power the lifting of the Bridge.

Each year a new themed temporary exhibition is created to provide interesting content to enhance the experience of visitors. Currently the West Walkway displays an Olympic themed exhibition entitled “Cities of the Modern Games”.

The high level walkways, 42 metres above the Thames, provide panoramic views towards Wapping, Canary Wharf and Greenwich to the east and, of the City and central London skyline to the west. The exhibition attracted circa 515,000 visitors in 2011/12.

The high level walkways and Engine Rooms are a popular venue for corporate and private events and wedding receptions. The North Tower Lounge and the Bridge Master‟s Dining Room are also regularly used for smaller events, including meetings and wedding/civil ceremonies. 7 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

The operational and tourism activities at Tower Bridge are also funded by the Bridge House Estates Trust.

The Grant-Making Activity of the City Bridge Trust The sound management of the Charity by the City of London Corporation means it is possible to release considerable surplus funds in support of the second key area of Bridge House Estates‟ work – namely the provision of vital assistance to charitable organisations across Greater London. This wide-ranging support amounted to £18.90 million (£18.05 million after write backs) in 2011/12 (2010/11: £16.83 million) and was used in accordance with the governing instruments:

 in or towards the provision of transport, and access to it, for elderly or disabled people in the Greater London area; and  for other charitable purposes for the benefit of the inhabitants of Greater London in such ways as the Trustee thinks fit.

It is the Trust‟s policy not to give funds that relieve a statutory body of a statutory duty.

A detailed account of the grant-making can be found in the City Bridge Trust‟s Annual Review 2012 available from:

City Bridge Trust City of London Corporation PO Box 270 Guildhall London EC2P 2EJ

020 7332 3710 [email protected] www.citybridgetrust.org.uk

4. Aims, Achievements, Performance and Future Plans The Charity‟s main objectives for the year were to continue to maintain the five river bridges as an important part of London‟s infrastructure and transport links, in accordance with the ongoing maintenance programme and to provide grants to voluntary organisations in accordance with the grant giving policies.

Tourism at Tower Bridge Tourism at Tower Bridge, as well as generating income for the Charity allows internal access to this magnificent iconic structure so visitors from all over the world can enjoy and learn more about the history of the Bridge and the role it played in the City of London‟s development. Its main aim is to achieve:

‘an excellent operational service and successful tourism business at Tower Bridge through continually improving operations and customer services and by investing in staff’.

8 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Delivering excellent customer care is an essential part of achieving Tower Bridge‟s main aim. Without customers there would be no tourism or operational business at Tower Bridge. The groups of customers are made up of visitors to the Exhibition, guests to corporate and private events and the use of the Bridge for its original intended function (i.e. river traffic, motorists and pedestrians).

For 2012/13 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.

Aims and achievements: In 2011/12 the following tourism objectives were set and achieved:  minimising the final effects of the bridge restoration works on operations, visitors to the exhibition, events clients and other stakeholders through active mitigation planning;  implementing the first phase of the exhibition staffing review through agreement and appointment to a new management structure for operational and creative development management;  achieving an upgraded accreditation rating to the top level of Excellent under the Visit Britain‟s Visitor Attraction Quality Assurance Scheme (VAQAS) for the exhibition;  winning gold awards as Best Venue in the UK for up to 300 people from UK Events and Eventia, the two largest awards organisations in the events industry. It is a unique achievement to hold both of the awards concurrently;  maintaining ISO 9001 quality assurance accreditation for our events management service. Seasoned Events and Fizz Caterers are also accredited providing a high quality joined up service;  successfully producing and launching a black and white photographic exhibition in partnership with London Metropolitan Archives in June 2011;  creating and implementing the Bermondsey to Battersea exhibition element in the South Tower;  agreeing partnering arrangements with Southwark Community Arts Forum and facilitating the display of two themed art projects;  refurbishing and upgrading of toilet facilities in the South Tower for ladies, gents and disabled visitors;  installing high quality oak flooring with additional insulation in the East and West Walkways;  designing and installing new events cloakroom facilities in the North Tower level 2;  installing ambient lighting in the North Tower Lounge and ticket office to improve the welcome and experience of events clients;  outsourcing weddings promotion, sales and management to Fizz Caterers to provide greater choice for clients in this specialist market sector; and  utilising Social Media as a marketing method has resulted in the Tower Bridge Exhibition attaining 260,000 Facebook visits and 500 Twitter followers to date.

Additional achievements made in the year include:  instillation of improved access facilities for disabled visitors; and  a new floodlighting system in collaboration with the Greater London Authority (GLA), Électricité De France (EDF) and General Electric Co. (GE).

9 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Targets for 2011/12 Target Actual 2011/12 2011/12 Achieve tourism income budgets: - Ticket Income 100% 105% - Retail (shop, vending etc) 100% 120% - Venue Hire 100% 124% To receive Tower Bridge visitor feedback through analysing 5% 6% questionnaires from 5% of visitors per month Achievement of customer care standards 90% 92% Increase the number of visitors completing the full tour to the 82% 82% Engine Rooms Answer all telephone calls including visitor enquiries within 20 90% 97% seconds

Overall Performance: Performance of Tower Bridge Tourism has been exceptional this year with 515,091 visitors gaining access to the Exhibition (2010/11: 496,286), 183 corporate and private venue hires (2010/11: 179), increased retail sales beyond the £500,000 mark and use as a filming location 29 times (2010/11: 28 times).

Plans for 2012/13

To continue our improvement momentum, nine key objectives have been identified for the coming year:

 develop and implement the Olympic Cities Exhibition and related children‟s competition by May 2012 to provide added value for visitors during the Olympic period and increase visitor numbers;  successfully embed the new exhibition management structure and senior management succession arrangements for the retirement of the Bridge Master by December 2012;  develop a range of Tower Bridge quality branded merchandise for retail sale by March 2013;  develop and implement ownerships, standards and responsibility models for Exhibition, Maintenance and Security teams by December 2012;  develop and implement streamlined on-line ticket and retail sales facility via Tower Bridge webpage by March 2013;  manage the design and development of additional storage and office facilities in the South Tower;  create a five year exhibition development and content standards plan by 31 December 2012;  progress phase 2 of the exhibition staffing review to produce comprehensive proposals for Tourism staff; and  install discrete new heating systems for both Walkways.

Big Picture Projects

In view of the Bridge‟s iconic status it will be one of the focal images in the promotion of the London Olympics 2012 and the centrepiece of the celebrations for the Queen‟s Diamond Jubilee. The following projects have been initiated as a result of these historic events and will be organised, 10 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS managed and funded variously by London Organising Committee of the Olympic Games, the Greater London Authority, the Government, Buckingham Palace, external sponsors and the City of London Corporation.

It will be a tremendous pleasure for all at the Bridge to be involved in these momentous events which will be challenging for the Bridge Master and technical team to facilitate the major projects without significant disruption to our operations, or to the tourism or events businesses.

 External lighting Work commenced on site in November 2011 to install an illuminating computer controlled floodlighting system for the Bridge. The basic lighting scheme will be white, which will focus on the structure instead of providing general space illumination. However, for special occasions Bridge technical staff will be able to programme the lighting to a wide range of colours.

 Disabled lift Due for completion by April 2012 the new lift will provide direct access from the Bridge to the Engine Rooms entrance for our disabled visitors, thus removing the need for a long and difficult journey from the South Lift to the Engine Rooms. The lift will also provide a facility for the general public 24 hours a day and will be of positive value during the Olympics and Paralympics through providing access to the large screen in Potters Field.

 Queen’s Diamond Jubilee One of the main events of the Queen‟s Diamond Jubilee will be the River Pageant, to be held on Sunday 3 June 2012. The Queen, on board the Royal Barge, will lead a procession of up to 1000 small vessels down the River Thames ending just below Tower Bridge. This will feature a “Royal Bridge Lift” with confetti showers and a dramatic display of daytime fireworks honouring her Majesty the Queen and providing a world-class visual finale for the pageant.

 Olympic Rings In June 2012 a specially constructed set of Olympic rings will be lifted from a barge on the river and fixed to a cradle built on the underside of the two high level walkways. The rings will be hinged to allow Bridge staff to remotely fold them up, under the walkways, to enable large vessels to pass through Tower Bridge. Following the closing ceremony for the Olympics the rings will be taken down and replaced with the Paralympic “Agitos” for the duration of the Paralympic Games.

The River Bridges A small team within the Property Projects Division of the City Surveyor‟s Department is responsible for the crossings and their approach structures, entrusted to Bridge House Estates along with the City‟s other highway structures. The maintenance of the highway surface is undertaken by the Director of the Built Environment on Southwark and the Millennium Bridges which form part of the City of London Highway network. The highway surface maintenance of the other bridges is under the control of Transport for London. Street and flood lighting is maintained by the Director of the Built Environment on all river Bridges. This year the team has completed the General Inspections to Southwark Bridge and its approaches, Park Street Bridge and Duke Street Hill Footbridge. A principal inspection was also completed at King William Street South Vaults. 11 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Other achievements in the year include the replacement of bridge joints at Blackfriars Bridge and the continued assistance given to Network Rail at Blackfriars with temporary footbridge links to their redundant piers.

During 2012 we will be working with the GLA, Olympic organisers and Westminster to relight and install additional temporary lighting to London, Southwark, Millennium, Blackfriars, Waterloo and Hungerford Bridges as part of the visitor experience to the London 2012 Olympics.

For 2012/13 we will undertake general inspections at Tower Bridge and Millennium Bridge with an extra requirement to remove for testing one of the dampers on the Millennium Bridge. The principal inspections will be at Blackfriars and London Bridges including their respective approach structures.

The Grant-Making Activity of the City Bridge Trust

A scheme was agreed by the Charity Commission in 1995 which enabled the Trust to use its surplus income after meeting its responsibilities for the maintenance and replacement of the bridges, referred to in the preceding pages, for charitable purposes benefiting the inhabitants of Greater London.

Mission

The City Bridge Trust aims to reduce disadvantage by supporting charitable activity across Greater London through quality grant-making and related activity within clearly defined priorities.

This year the Trust continued to run its Working with Londoners programmes. Details of all the grants approved in 2011/12 are shown on pages 51-62 and a full report on the grant giving is provided in The City Bridge Trust‟s Annual Review 2012 which is a separate publication. Grant-Making Strategy 2011/12

The Trust‟s grant making strategy is directed by its charitable objectives which are set out in its governing instruments. These are modified in the light of changing needs as they arise. The business plan is available on request. Consultation is a key element of our iterative approach and informs our strategy.

The Grant-Making Policies

Each programme has clear and well publicised priorities which are actively promoted within the third sector through a communications strategy, roadshows and presentations. These priorities are reviewed at five yearly intervals in consultation with the third sector, other funders (public and independent) and senior policy makers. The Trust will embark on its latest Quinquennial Review during 2012/13.

Details of policy and procedures are available in our publication „Working with Londoners‟. You can also find them on our website www.citybridgetrust.org.uk. During the year, the Trust launched its new website where all grants listed meeting by meeting, can be found. The website has been designed to make better use of the learning the Trust derives from its grant-making and it includes video clips showcasing some of the work supported and the public benefit derived from it.

12 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Most of our programmes have no deadlines for applications and we aim to process an application within 4 months. The City Bridge Trust Committee, the decision-making body, holds ten meetings per year in public. All applicants have access to reports and recommendations written about them as these are in the public domain.

Applicants are encouraged to contact the Trust for initial guidance before making an application. Feedback can be provided on unsuccessful applications.

Economic Climate

2011/12 was a year in which the effects of the recession and the cuts in public expenditure continued to have a significant impact on London‟s third sector. Key funding streams from central government, regional development bodies, London Councils and local authorities have been either withdrawn completely or significantly reduced. We continued to monitor the situation carefully throughout the year and consulted widely with the third sector, other funders and commentators, collaborating closely with London Funders, the Association of Charitable Foundations, London Councils, and key voluntary and community sector partners.

The Trust continued its strategy in response to the economic climate that it implemented during 2010/11. This was to:

 maintain its current grant-making priorities;  place greater emphasis on making unrestricted grants towards core funding;  work collaboratively with other Trust funders in order to maximise impact and spread the risk; and  keep abreast of new funding mechanisms and approaches that bring additional resources and help to recycle funding.

It decided it would not consider emergency or “bail-out” funding as it does not have sufficient funds to plug the gaps left by central and local government funding cuts.

Tackling Climate Change

In recognition of the urgent need for all of us to tackle climate change and to encourage our funded organisations to make the connection between social and environmental justice, we have continued to ask applicants and grant-holders, across all our programmes, what steps they are taking to reduce their carbon footprint. To help them improve their environmental practice, we offer free eco-audits (a study of an organisation‟s energy use, waste procurement and travel patterns) to the third sector, provided they can demonstrate a commitment to engaging fully with the process and to cascading their learning.

Strategic Aims and Key Achievements for 2011/12 were:

 To reduce disadvantage across Greater London through quality grant-making and strategic activities we: o promoted and ran the Working with Londoners grants programmes; o collaborated with other funders and key third sector organisations to monitor the effects of the current economic climate on London‟s third sector; 13 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

o worked with third sector infrastructure in each London borough to identify and meet local needs; o expended our grants budget and processed 504 applications; o managed 870 grants already awarded; and o completed a programme of 72 monitoring and evaluation visits and processed 395 self-evaluation reports of which 62% were considered good or very good.  To add value to the work and reputation of the City Corporation through due recognition of its role as Trustee of London‟s largest independent grant making trust we: o engaged the media consultancy Champollion to ensure wide-ranging media coverage of our strategic work, resulting in widespread coverage in the national press, television and radio of our work with IPPR on the future care needs of older Londoners, our conference with NSPCC and Refuge on the needs of children living with domestic violence and the launch of our publication The Arts Case; and o worked closely with our Public Relations Office to produce regular news stories in the local press, showcasing awards made. During the year, a total of 20 articles were featured in the local press and 10 articles in the trade press.  To contribute to making London a more sustainable world city through supporting sustainable development initiatives and environmental education we: o provided 13 organisations with a free eco-audit; and o awarded 17 grants totalling £4,214,825 on the Working with Londoners‟ London’s Environment programme.  To strengthen the third sector in London and thereby its capacity to be effective both in service delivery and as a key part of civil society we: o collaborated extensively with key commentators to better inform our responses to the needs of the third sector; o funded the Centre for Accessible Environments for an Access and Sustainability Adviser post to provide advice and information to third sector organisations wishing to make their buildings more accessible and sustainable; o commissioned Charities Evaluation Services to provide training on monitoring and evaluation and quality assurance to our grant recipients; o funded Cass Centre for Charity Effectiveness to provide a programme of capacity building support targeting our grant recipients; o funded the Ethical Property Foundation to provide an advice service for London‟s third sector on all aspects of managing a community building; and o funded Media Trust to work with ten of the Trust‟s grantees on a “Telling Your Story” collaboration whereby each was trained and supported to produce a short promotional video.  To disseminate and manage the knowledge gained through grant-making and Strategic Initiatives, in order to maximise impact for London we:

14 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

o commissioned Lemos and Crane to review work we have funded across our programmes in order to showcase the role and value of arts organisations in tackling disadvantage.

 To contribute to the collective development of good grant-making and support for the third sector through collaborative working we:

o collaborated with the Barrow Cadbury Trust and the Lankelly Chase Foundation to commission New Economics Foundation to undertake a piece of action research looking at the opportunities and obstacles presented by the Big Society agenda in a climate of public spending reduction;

o launched Investor Perspectives on Social Enterprise Financing, the findings of research into the potential demand for social investment that we commissioned in conjunction with the City Corporation‟s Economic Development Office and the Big Lottery Fund;

o commissioned Social Finance to help us organise a series of Master Classes to take the social investment agenda forward, the first of which took place in March 2012; and

o secured a three-year contract to run the grant-making and the administration of Wembley National Stadium Trust, a major new grant-giving body supporting community sports activities in London.

Sharing Learning We continued to advance our Sharing Learning and Knowledge Strategy in 2011/12, to help us maximise our impact by making better use of the learning and knowledge we derive from our grant- making activities.

o Research o We jointly funded New Economics Foundation (nef), the Barrow Cadbury Trust and the Lankelly Chase Foundation to undertake a piece of action research looking at the opportunities and obstacles presented by the Big Society agenda in a climate of public spending reductions.

o We commissioned Clearly So, in conjunction with the City Corporation‟s Economic Development Office and the Big Lottery Fund to research into the emerging social investment arena. The findings, Investor Perspectives on Social Enterprise Funding, were launched at a highly successful event in July 2011. o Conferences and Seminars o Our Annual Conference was held in October 2011, in partnership with IPPR, when it launched the findings of the City Bridge Trust funded research into the future social care needs of London‟s growing, older population.

15 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

o In November 2011 we held a conference with NSPCC and Refuge to launch the findings of research commissioned by us into the needs of children and young people living with domestic violence in London.

o In March 2012, the first of a series of master classes on social investment looked at how to increase the availability of development funding for social enterprise activity as well as the challenges faced by social investment intermediaries. o The Knowledge – Learning from London o In July 2011, the seventh edition of The Knowledge – Learning from London was launched at a conference at the Barbican Centre. The Arts Case – why the arts make a difference showcased examples of work funded across several of the Trust‟s programmes where the arts have played a lead part in improving the quality of life of some of the Capital‟s most vulnerable and socially excluded people. o Knowledge Sharing Website o We commissioned research looking at different approaches funders have taken to share learning from New Philanthropy Capital during 2010/11. This led to a six- month pilot of a knowledge-sharing website for funders, hosted by the Association of Charitable Foundations. The evaluation of the pilot, published in March 2012, concluded that funders found it a useful resource and it will continue as a core activity of ACF into 2012/13 and beyond. The website is being used by over 300 users from 150 trusts and foundations to search for information, learn from peers and share what they know. o The Funding Network o The Funding Network (TFN) is an open “giving circle” comprising established philanthropists and would-be donors. It meets periodically and members donate to small charities after seeing presentations of their work. TFN is currently in receipt of a grant of £35,000 over two years towards the promotion of philanthropy in London.

During 2011/12, the Lord Mayor hosted a celebrity Funding Network event at Mansion House where five small charities presented their work to new would-be donors. The evening raised over £89,000 for the charities concerned.

Grant-Making 2011/12

504 applications with a 46% success rate 230 grants totalling £18,903,956 (£18,050,000 after write backs)

Write backs for the year amounted to £853,956 (2010/11: £511,462). Write backs relate to grants given in either the current, or previous financial years, that are no longer capable of being used for the purpose for which they were given. They are therefore written back to the grants budget for re- distribution.

16 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Working with Londoners

These programmes were launched in July 2008 and we have worked hard during the year to promote them at funding presentations across London. The guidelines have been designed with clear aims, priorities and outcomes. Successful applicants have to demonstrate how their work will help us achieve our outcomes. Thorough but proportionate monitoring and evaluation of all grants enables us to assess how the work has made a difference.

Accessible London

Aim: We aim to enable disabled people to participate fully in society.

Achievements 2011/12 Accessible arts and sports: 23 grants totalling £1,183,168 Access to buildings: 20 grants totalling £706,260 Access to transport: 3 grants totalling £125,000

Bridging communities

Aim: We aim to build on commonalities between communities, encouraging groups to come together in common cause.

Achievements 2011/12 Leadership initiatives: 6 grants totalling £443,650 English language skills: 14 grants totalling £870,490 Joint work: 11 grants totalling £621,370 Mainstream & Minority partnerships: 1 grant totalling £108,200 Improving Londoners’ mental health

Aim: We aim to improve the mental health of Londoners, especially those with limited access to mainstream services.

Achievements 2011/12 Children and young people: 13 grants totalling £1,337,000 Homeless or transient people and rough sleepers: 6 grants totalling £536,520 Trauma amongst refugees and asylum seekers: 3 grants totalling £274,500 Resettlement support: 4 grants totalling £312,675 Offenders & ex-offenders: 6 grants totalling £341,620 Older people: 2 grants totalling £227,000

London’s environment

Aim: We aim to educate Londoners about environmental good practice and maintain and enhance London’s biodiversity.

17 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Achievements 2011/12 Environmental education: 12 grants totalling £3,761,325 Biodiversity: 5 grants totalling £453,500

Older Londoners

Aim: We aim to assist older Londoners to enjoy active, independent and healthy lives and support older people with dementia and Alzheimer’s.

Achievements 2011/12 Older people over 75 years: 10 grants totalling £477,650 Healthy lifestyles with older people over 65 years: 21 grants totalling £1,047,333 Supporting people living with dementia or Alzheimer‟s: 5 grants totalling £401,700

Positive transitions to independent living

Aim: We aim to sustain people through some of the hardest of life’s transitions.

Achievements 2011/12 People with a newly acquired disability: 3 grants totalling £188,000 Young disabled people: 9 grants totalling £854,400 Disabled people managing independent living: 13 grants totalling £1,043,230 Disabled parents managing their responsibilities: 1 grant totalling £90,000 Resettlement work with ex-offenders: 5 grants totalling £308,800

Strengthening the third sector

Aim: We aim to fund second tier organisations so that they can strengthen the third sector to deliver better services.

Achievements 2011/12 Increase and improve volunteering: 11 grants totalling £1,086,985 Minority ethnic and refugee organisations: 1 grant totalling £75,000 New approaches to ICT: 1 grant totalling £114,000 Improving financial management: 6 grants totalling £656,000 Improving the quality of evaluation: 2 grants totalling £122,500

Other Grants

Exceptional Grants

Occasionally, grants are also awarded in response to exceptional needs or circumstances where the work does not meet the criteria of our other programmes.

18 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Achievements 2011/12 A grant of £73,100 was awarded to Elephant Jobs towards the continuing development of the foneforsafety initiative, a unique project providing women at risk of domestic violence with mobile phone access to the emergency services.

A grant of £142,000 was awarded to Media Trust enabling 120 young Londoners to tell the stories of the capital‟s communities reaching a national audience through a dedicated television show and digital media distribution.

Strategic Initiatives

Up to 5% of the Trust‟s budget can be used for strategic initiatives which we commission and have the potential for impacting a wide range of stakeholders. This year was dedicated to a number of initiatives which could help share learning and bring organisations together and expenditure totalled £920,980.

Islington Giving Islington Giving is a coalition of charitable trusts campaigning to raise £3m over the next three years in order to fight poverty and create opportunities in Islington.

The Trust has awarded £119,500 over three years towards Islington Giving Time, Giving Help for Older People as part of the campaign. The scheme brings together Age UK Islington, Manor Gardens Trust and Homes for Islington in a partnership that is identifying the most vulnerable and isolated older people so that volunteers can be targeted where most needed.

London Time Credits Spice Innovations has received funding of £163,900 to develop a new model of volunteering in four London boroughs, including the City of London. Based on the time-banking system of volunteering, the programme is targeting those who do not traditionally volunteer. Participants can swap time spent volunteering (Time In) for trips, events, entertainment or leisure (Time Out). A London Time currency is being developed by building partnerships amongst the public, voluntary and private sectors, in order to share resources. For every hour that volunteers give, they gain an hour of Time Out credit. The Time Out menu includes anything from a theatre or cinema trip, to free entry to the local swimming pool and leisure centre.

Access and Sustainability Service We continue to fund the Centre for Accessible Environments to host our Access and Sustainability advisor. The post-holder provides advice and information to third sector organisations wishing to make their buildings more accessible and sustainable.

Media Trust We commissioned Media Trust to work with a cohort of our grantees to produce a video which „tells their story‟, for use on their websites.

Lord Mayor’s Show The Trust took part in the Lord Mayor‟s Show in November 2011, in partnership with Heart n Soul, one of the UK‟s leading creative arts organisations working with people with learning disabilities. 19 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Rough Sleepers Personalisation Project We funded Broadway to roll out an innovative pilot project to help some of London‟s most entrenched rough sleepers resettle successfully in independent accommodation.

London Olympics We contributed £5,000 towards a feasibility study by London Funders into the potential establishment of an endowed legacy fund in the wake of the 2012 Olympic and Paralympic Games.

Other Strategic Involvement  Officers from the Trust are committed to working collaboratively with colleagues in the wider funding community. The Chief Grants Officer is a member of the BBC Appeals Committee.  One of the Principal Grants Officers is a Trustee of London Funders, a cross-sectoral membership organisation of funders across London. He is also a member of the Grants Committee of BBC Children in Need.  The Deputy Chief Grants Officer is a trustee of Charities Evaluation Services, the UK‟s leading provider of training and support on quality and evaluation systems for the third sector.  A Principal Grants Officer continues to chair London Funders Olympics/Paralympics Group.

Improving Services for Older People This programme of support for small organisations, „Improving Services for Older People‟ aimed to strengthen organisations as well as fund services. Whilst the programme closed during 2008/09, a significant proportion of grants were revenue commitments of up to two years and so 11 grants remained in management at the close of 2011/12.

Monitoring Grants Our approach to monitoring is proportionate to the size of grant so as not to overburden small organisations.

 Each organisation is asked to report annually on the impact of its work and to provide annual accounts. A basic monitoring form is used for grants of less than £10,000 with a more detailed form being used for grants of over £10,000. This enables us to collect information in a uniform and systematic way.  For all grants totalling over £50,000, we require analysed statistics of provision and user feedback.  An annual programme of monitoring visits is undertaken to ensure that all revenue grant recipients are visited at least once during the grant‟s lifetime, whilst organisations in receipt of a capital grant are visited at the discretion of the grants officer. 72 monitoring visits were undertaken in 2011/12.

Evaluating Impact We are committed to carefully evaluating each of the grants we make. We use the information from organisations‟ monitoring reports to reflect on the overall effectiveness of our grant-making. During

20 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS the year, we dealt with 395 reports from organisations in receipt of grants across all our programmes.

The forms are ranked according to how well the organisation has met its objectives and the quality of the supporting information. An overall assessment of the quality of the work and the report is then made on a continuum of „poor‟, „satisfactory‟, „good‟ and „very good‟. This is a complex process balancing and judging the quality of the work and the organisation‟s capacity to monitor and evaluate. In 2011/12, 62% were ranked as „good‟ or „very good‟ and 33% were ranked as „satisfactory‟. The remaining 5% were ranked as „poor‟, although this often reflects poor reporting rather than poor quality of work.

There remains a need in the third sector for more training in monitoring and evaluation. We have, therefore, continued to fund the Charities Evaluation Services to provide discounted training to our grant recipients. Organisations tell us the training is helpful in enabling them to improve their accountability and provide evidence of the difference their work has made.

Monitoring and evaluating individual grants is relatively straightforward and our systems for achieving this are developed and robust. Evaluating whole programmes where the range of work funded can be quite broad is much harder. However, our one-off initiatives and „Special Edition‟ programmes which have a relatively small cohort of grantees and run for a finite period (in contrast to our ongoing programmes) lend themselves more readily to evaluation.

Tackling Violence The evaluation of our Tackling Violence programme was completed in March 2012. This initiative aimed to help young people and parents deal with issues of violence in their lives. The evaluation found that the best outcomes were achieved by those organisations which adopted a flexible approach and those who invested sufficient time in the project planning process and the recruitment of staff.

Greening the Third Sector The evaluation of our Greening the Third Sector initiative was completed at the end of March 2010/11 and the learning from it was used to refine the programme during 2011/12. Our Eco- Auditors collected data in a more uniform way, improving the measurement of savings organisations had made in reducing their carbon footprint. The charity sector is very dependent on rented, often shared accommodation. As a consequence, a major barrier to organisations making improvements is their limited scope to persuade landlords to improve their environmental performance. During the year, we continued to fund the Ethical Property Foundation which is developing an accreditation standard in order to try and tackle this issue.

Addressing Disadvantage We carefully monitor the geographical spread of our grant making, especially to ensure we target those boroughs that do not seem to be getting their „fair share‟ given their levels of deprivation. Boroughs with well-developed infrastructure often have the highest success rates whilst the converse holds true in boroughs with less well-developed infrastructure.

21 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

A Targeted Approach Rightly, many boroughs with high levels of deprivation, for example, Hackney, Tower Hamlets and Islington, have success levels that reflect their position on the Government‟s Index of Multiple Deprivation. This index combines a number of indicators, chosen to cover a range of economic, social and housing issues, into a single deprivation score for each small area in the country. However, our monitoring data showed that some boroughs, notably Newham, Barking and Dagenham and Waltham Forest, had fared less we1l relative to their levels of deprivation. We will continue to monitor this carefully during 2012/13 and we will prioritise these boroughs when promoting the work of the Trust.

Type of funding

The majority of our grants are for revenue and are awarded over 2 or 3 years. Such commitments are vital in helping organisations plan ahead and develop services.

Future plans

‘Working with Londoners’ We will award about 200 grants totalling approximately £15 million in 2012/13 for proposals which most closely meet our Working with Londoners programme aims and objectives.

Growing Localities We will launch our new £2 million grant programme, designed to mark HRH The Queen‟s Diamond Jubilee. Growing Localities aims to make better use of London‟s green spaces by encouraging people to get involved in gardening, food growing and beekeeping. It will also fund accredited work training or apprenticeships in horticulture for unemployed people and other special needs groups.

22 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Quinquennial Review We will commence our Quinquennial Review in the autumn. As well as looking back at our grant- making activity during the past five years in order to observe trends and to identify the strengths and weaknesses of existing policies, we will commission research taking a detailed look at London‟s changing demographic and future needs in order to identify new priorities. Effects of Public Sector Spending Cuts We will continue to monitor carefully the effects of the public sector spending cuts and the recession on third sector organisations, aiming to strike a balance between taking a flexible and pragmatic approach whilst maintaining our overall grant making strategy.

Sharing Learning & Knowledge 2012/13

During the year we will:  commission research to support and inform our Quinquennial Review;  hold two round table events bringing together practitioners policy makers and other funders to discuss issues of relevance to the sector;  produce an edition of The Knowledge – Learning from London showcasing some of the work funded on the new Growing Localities programme;  launch the City Funding Network, targeting young City professionals new to charitable giving;  continue our work with Philanthropy UK promoting philanthropic activity within the square mile through its City Philanthropy – a wealth of opportunity initiative;  develop a new City of London Corporation Beacon Award in partnership with the Community Foundation Network in order to recognise the charitable work of philanthropists in the City;  work with the Reading Agency on its Dickens Social Reporters initiative, developing the reporting skills of young people which will also highlight the charitable activities of the Mayorality and the City of London Corporation;  commission Media Trust to work with up to 10 grantees to produce a promotional video that „tells their story‟;  develop an awards scheme to reward organisations that have used nature to enhance and improve their local community; and  commission a feasibility study to investigate the potential for launching an initiative to improve standards of literacy and numeracy in London‟s primary schools.

23 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

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

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

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

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

Net incoming resources for the year 6.0 2.4

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

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

Reserves policy The Trust‟s reserves and investment policies are to provide long term stability and liquidity sufficient for the financing of the Trust‟s objectives of maintaining the river bridges and the making of grants whilst preserving both the „real‟ value of the asset base and the purchasing power of the sums available for annual expenditure. All of the Trust‟s funds are unrestricted and comprise:

24 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

 The Accumulated Fund representing the free reserves of the Trust which result from the excess of income over expenditure carried forward from previous years - £16.3m at 31 March 2012 (2010/11: £12.5m);  Total Designated Funds amounted to £853.7m (2010/11: £815.7m) and are made up of the following: o A reserve set aside to produce the income required to fund the charitable activities of the Trust which are the operating of the bridges and grant giving. This reserve amounted to £745.5 million at 31 March 2012 (2010/11: £706.9 million). The funds available for grants to charitable causes, falling within the defined criteria, continue to be subject to annual review by the Policy and Resources Committee; o Bridges Repairs, Maintenance and Major Works Fund. To provide sufficient resources to meet the enhanced maintenance costs of the five bridges over 50 years. The total of this reserve at 31 March 2012 was £106.4 million (2010/11: £107.1m). o Reserves are designated in respect of financing future major works at Finsbury House and at 31 March 2012 this reserve totalled £0.2m (2010/11: £0.2m). Funds have also been retained from dilapidations to fund necessary works in respect of eight properties - £0.6m at 31 March 2012 (2010/11: £0.5m); and o In 2008/09 a designated reserve was 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. The total of this reserve at 31 March 2012 was £1.0m (2010/11: £1.0m).

Investment Policy and Objectives The non-property investment portfolio has been divided between Pyrford International Plc, Ruffer LLP, Southeastern Asset Management Inc and GMO (U.K) Ltd. Each of these managers have been given specific performance targets.

Managed investments and investment properties are re-valued during the year. The difference between carrying value and historic cost is recognised in the Statement of Financial Activities in accordance with the Charities Statement of Recommended Practice (SORP).

Non-Property Investment Policy The Investment Policy is to seek an absolute return over the long term in order to provide for real increases in annual expenditure, whilst preserving the Fund‟s capital base in real terms. In pursuance of this objective, the City of London Corporation has adopted an investment strategy using bonds, equities and cash.

For the financial year 2011/12 the Fund achieved a performance of plus 2.9% (2010/11: plus 8.3%). This compares to the weighted average return achieved in the WM Charity Unconstrained ex property index of plus 0.9% (2010/11: plus 9.0%). The relative outperformance of plus 2.0% compared to the benchmark is attributable to favourable stock selection and asset allocation by the Investment Managers.

Investments are made by the Fund Managers in accordance with the above policy and the City expects them to pay due regard to Social, Environmental and Ethical considerations which should further the long-term financial interest of the shareholders. Full details of the Investment Policy are set out in the City of London Corporation‟s Statement of Investment Principles which is available from the Chamberlain of London.

25 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Property Investment Policy The property assets of Bridge House Estates, which are valued at £394m as at 31 March 2012, are managed by the City Surveyor‟s Department within the context of a Member approved Estates‟ Strategy. This strategy is reviewed in depth by Members on a 3-yearly basis, who also receive an annual report assessing progress. In addition each year Members review the Department‟s Business Plan and Objectives, which further address key areas in the Estates' management. The strategy‟s overall objective is to capture capital gain and to endeavour to secure rental growth at least in line with inflation, insofar as market circumstances permit; such rental incomes significantly support the Trust‟s activities. A number of detailed policies underpin this overall objective and key targets include:  achieving annual performance figures, both for total and income returns, above those for the tailored Investment Property Databank‟s (IPD) Central and SE1 Benchmark; and  the maintenance and enhancement of the property stock, which is the bedrock of the fund‟s income.

The key performance measures are comparisons with the IPD benchmarks. The IPD UK Annual Universe Index covers property valued at some £136bn in 254 funds; the overall total return for 2011/12 for the IPD Universe was +6.4%. The Estates' performance was +14.6%, and therefore the Estate has exceeded the IPD UK Annual Index this year. The specific annual Benchmark index for Bridge House Estates was +11.6% and therefore the Estate has also exceeded its Benchmark. Over the last ten years the annualised total return for the Estates has been +8.1% p.a., compared with +7.6% for its Benchmark, and +6.7% for the Annual Universe.

6. Explanation of the Financial Statements These consist of the following and include comparative figures for the previous year.

 Statement of Financial Activities showing all resources available and all expenditure incurred and reconciling all changes in the funds of the Trust;  Balance Sheet setting out the assets, liabilities and funds of the Trust;  Cash Flow Statement showing the movement in cash for the year; and  Notes to the Financial Statements explaining the accounting policies adopted and explanations of information contained in the Financial Statements.

The Financial Statements have been prepared in accordance with statutory requirements and the Statement of Recommended Practice Accounting and Reporting by Charities (Revised 2005). The Trustee confirms that the Trust's assets are available and adequate to fulfil the obligations of the Trust.

7. Responsibilities of the Trustee Law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust at the end of the year and of its financial activities during the year then ended. In preparing the Financial Statements, the Trustee is required to:

 select suitable accounting policies and then apply them consistently;  make judgements and estimates that are reasonable and prudent; 26 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

 state whether applicable accounting standards and statements of recommended practice have been followed; and  prepare the Financial Statements on the going concern basis unless it is inappropriate to presume the Trust will continue in operation.

The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable the Trustee to ensure that the Financial Statements comply with the Charities Act 2011. The Trustee has general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the Trust and to prevent and detect fraud and other irregularities.

27 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

8. Adoption of the Annual Report and Financial Statements Adopted and signed for on behalf of the Trustee

Roger A.H. Chadwick Raymond Michael Catt Chairman of Finance Committee Deputy Chairman of Finance Committee

Guildhall, London 25 July 2012

28 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF BRIDGE HOUSE ESTATES

We have audited the financial statements of Bridge House Estates for the year ended 31 March 2012 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes 1 to 19. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity‟s trustee, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity‟s trustee those matters we are required to state to them in an auditor‟s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity‟s trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of trustee and auditor As explained more fully in the Trustee‟s Responsibilities Statement, the trustee is responsible for the preparation of the financial statements which give a true and fair view.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board‟s Ethical Standards for Auditors.

Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity‟s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustee; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements In our opinion the financial statements:  give a true and fair view of the state of the charity‟s affairs as at 31 March 2012, and of its incoming resources and application of resources, for the year then ended;  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and  have been prepared in accordance with the requirements of the Charities Act 2011.

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

29 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

 the information given in the Trustee‟s Annual Report is inconsistent in any material respect with the financial statements; or  sufficient accounting records have not been kept; or  the financial statements are not in agreement with the accounting records and returns; or  we have not received all the information and explanations we require for our audit.

Deloitte LLP Chartered Accountants and Statutory Auditor St Albans, UK Deloitte LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 and consequently to act as the auditor of a registered charity.

30 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Report of the Audit Review Panel to the Right Honourable the Lord Mayor, Aldermen and Livery of the several Companies of the City of London in Common Hall assembled

We, whose names are hereunto subscribed, the Audit Review Panel of the Chamberlain's and Bridgemasters' Accounts, elected by the Livery of London in Common Hall assembled on 24 June 2010, 24 June 2011, 25 June 2012 pursuant to Act 11, George 1, Cap. 18, an Act for regulating elections within the City of London, etc., do report as follows-

We have reviewed the processes adopted by Deloitte LLP for the audit of the Bridge House Estates Trust for the period from 1 April 2011 to 31 March 2012.

In our view the audit of the Financial Statements has been conducted in accordance with auditing procedures as stated on pages 29-30.

This report is made solely to the above named addressees. Our work has been undertaken to enable us to make this report and for no other purpose.

S. Barnsdall

A. de Lacey

J. Griffin

W. Owen

P. Streeter

31 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Statement of Financial Activities for the year ended 31 March 2012 Unrestricted income Funds

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

Total incoming resources 44.7 40.0

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

Net incoming resources before other recognised gains and losses 6.0 2.4

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

Reconciliation of funds Total Funds brought forward 15 828.2 795.3 Total Funds carried forward 15 870.0 828.2 All operations are continuing All funds are unrestricted income. There are no other recognised gains and losses other than those shown above. 32 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Balance Sheet as at 31 March 2012 Notes 2011/12 2010/11 £m £m Fixed assets Tangible fixed assets 8 3.6 4.0 Investments – property 10 394.0 366.9 Investments - under fund management and long term deposits 10 411.0 432.1 Programme related investments 17 0.1 0.1 808.7 803.1 Current assets Stock 0.1 - Debtors 11 8.6 6.9 Investments 10 86.3 51.4 Cash at bank and in hand 3.8 2.3 Total current assets 98.8 60.6

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

Total assets less current liabilities 874.6 831.5

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

Net assets 870.0 828.2

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

Approved and signed for on behalf of the Trustee

______Chris Bilsland Chamberlain of London 26 July 2011 - tbc

33 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Cash Flow Statement for the year ended 31 March 2012

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

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

Notes to the Cash Flow Statement

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

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

34 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Notes to the Financial Statements

1. Accounting policies The following accounting policies have been consistently applied in dealing with items which are considered material in relation to the Trust‟s Financial Statements.

(a) Basis of preparation The Financial Statements have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities (Revised 2005), the Charities Act 2011, the governing instruments and under the historical cost accounting convention modified to include the revaluation of investment property and managed investments. The statements have also been prepared in accordance with applicable accounting standards.

(b) Going concern The Trust is considered a going concern for the foreseeable future, due to its level of reserves and the Trustee having due regard to maintaining the capital base with, generally, only the investment income used in furtherance of the objectives of the Trust. A rolling annual in depth survey of the Trust‟s forecast financial position over a five year period is carried out providing the framework for the medium term financial strategy. This strategy is to ensure that ongoing revenue expenditure is contained within revenue income and that sufficient surpluses are generated to finance capital expenditure on the bridges with surplus funds allocated to charitable grants.

(c) Incoming resources All incoming resources are included in the Statement of Financial Activities gross without deduction of expenses.

(d) Resources expended Grants to voluntary organisations The grant-making activity is described in the section starting on page 12 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 (i.e. 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

35 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS is onerous compared to the benefit to the users of these accounts. The insured value of the five Bridges at 31 March 2012 was £671m (31 March 2011: £671m).

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 (i.e. if the loss is similar in nature to depreciation) is an impairment loss and is also recognised in the Statement of Financial Activities. Should a reversal of a reduction in value be required, the accounting follows the original treatment applied. Where a fixed asset (other than freehold land) is not depreciated or has a life of more than 50 years, an annual impairment review is carried out.

Investment properties In accordance with Statement of Standard Accounting Practice No 19 (Accounting for investment properties): i) The City Surveyor of the City of London Corporation, who is a fellow of the Royal Institution of Chartered Surveyors, values investment properties annually as at 31 March at market values determined in accordance with the Appraisal & Valuation Standards Manual 7th Edition issued by the Royal Institution of Chartered Surveyors. Check valuations are also provided by external valuers with the externally checked values representing some 44% of the Estates‟ value as at 31 March 2012. Surpluses and deficits arising are included in the Statement of Financial Activities and the aggregate surplus or deficit is recognised in the Statement of Financial Activities in accordance with the Charities SORP. ii) No depreciation or amortisation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years to run.

Managed investments FTSE 100 Company investments are valued at the Stock Exchange Trading System (SETS) price at 31 March. Other quoted investments are valued at the middle market price at the close of business on 31 March. Unquoted investments are included at a valuation advised by the fund managers.

Investment income is accounted for on an accruals basis. Income is recognised for dividends declared in respect of the period to 31 March but which have not yet been received.

Revaluation of investments Gains and losses on revaluation of managed investments and investment properties held as fixed assets at the year end are included in the appropriate section of the Statement of Financial Activities.

Gain/(loss) on disposal of fixed assets The gain/(loss) on property, managed investments and tangible fixed asset disposals, represents the differences between proceeds received on disposals and their book value at the beginning of the year. The net gain/(loss) on investments shown in the Statement of Financial Activities represents the difference between the historical cost on acquisition or

36 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

the market value at 1 April 2011, compared with the market value at the date of disposal or at 31 March 2012.

Other tangible fixed assets The acquisition costs of minor capital items such as furniture and office equipment below £50,000 are charged to revenue in the year of purchase.

Depreciation Tangible fixed assets are depreciated on a straight line basis to write off their cost over their estimated useful lives as follows:

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

(f) Stocks Stocks are valued at the lower of cost or net realisable value.

(g) Pension costs The City of London‟s Pension Scheme is a funded defined benefits scheme for its staff employed on activities relating to its three funds (City Fund, City‟s Cash and Bridge House Estates). Bridge House Estates does not have an exclusive relationship with the City of London Pension Fund, neither is the portion of the Pension Fund that relates to City of London employee members engaged on Bridge House Estates activities separately identifiable. Consequently, in accordance with FRS17, the pension arrangements are treated as a defined contribution scheme in the Bridge House Estates accounts. This means that the FRS17 surplus or deficit on the Pension Fund is not included in the Bridge House Estates Balance Sheet.

(h) Social Security The City of London Corporation accounts centrally for salary and wage deductions relating to all of its funds. Consequently Social Security deductions are not recognised in the Bridge House Estates accounts.

(i) Rent deposits Deposits against defaults in rental payments held by the Trust are shown as creditors.

(j) Foreign currencies Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the Balance Sheet date and the gains or losses on translation are written on/off to the revenue account.

(k) Fund accounting The Trust has the following types of unrestricted funds:

37 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

General Fund This Fund is expendable at the discretion of the Trustee in the furtherance of the objects of the Trust. Specifically it represents the surplus of income over expenditure for the Trust which is carried forward to meet the requirements of future years.

Designated Funds The Trust may at the Trustee‟s discretion set aside funds for purposes which would otherwise form part of the General Fund; these Funds are however still classified as unrestricted. Specifically the Trust now sets aside funds for maintaining the bridges, major cyclical works at Finsbury House and providing sufficient income for grant giving. The Bridges Repairs and Maintenance Fund has been established to equalise the cost of repairs and major cyclical works such as repainting over a period of up to 50 years, and a fund has been established in respect of the Tower Bridge Tourism activity to cover any future shortfall in income that may arise due to the volatile nature of the tourism market. Further information is given in note 15 to the Financial Statements.

2. Tax status of the Trust Bridge House Estates is a registered Charity and is therefore exempt from income tax and capital gains tax on income and gains falling within S256 TCGA 1992 and Part 10 of ITA 2007. The City is sole Trustee of the Trust and, is entitled to recover VAT incurred on the expenditure of the Trust under section 33 of the VAT Act 1994.

3. Indemnity insurance The Trust contributes towards indemnity insurance, in respect of all the City of London's activities, to protect the Trust from loss arising from neglect or default of its Trustee, employees or agents. The cost of this insurance to the Trust was £25,860 in 2011/12 (2010/11: £31,949).

4. Incoming Resources Incoming resources consist of fees and charges from the tourism operation at Tower Bridge, donations, income from property and managed investments and income on cash balances held pending either investment or application to charitable activity.

Income from fixed asset investments All investments are held to provide an investment return to the Charity. The income from fixed asset investments is comprised as follows: Investment Class Unrestricted General Designated 2011/12 2010/11 £‟m £‟m £’m £‟m Investment property 25.4 0.1 25.5 22.3 Managed investments 11.2 1.6 12.8 12.7 Interest receivable 1.1 0.5 1.6 1.6 Other income - 1.4 1.4 0.3 Total Investment Income 37.7 3.6 41.3 36.9

38 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

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

Governance - 0.7 0.7 0.8

Total Resources Expended 34.7 4.0 38.7 37.6

No resources are expended by third parties to undertake charitable work on behalf of the Charity. The grants given in accordance with the grant giving policy are in furtherance of the activity of the recipient charities and are described further below.

Tourism expenses Staff costs and other expenses relate to the management and operation of the Tower Bridge tourist attraction.

Investment property expenses Staff costs, repairs and maintenance costs, and professional fees relating to the management of the investment property portfolio.

Investment management expenses The whole cost of the fees paid to the fund managers is charged to the revenue account.

Bridges repairs and maintenance This comprises staff costs, repairs and maintenance, insurance, equipment and materials costs.

Grants This consists of grants approved of £18.1m, which are accounted for on the basis set out in note 1 to the accounts and grants administration of £0.8m 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:

39 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

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

Exceptional Grants 0.2 2.0 Strategic Initiatives 0.9 0.4

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

Details of all the grants approved are shown on pages 51-62.

Governance General Governance costs relate to the general running of the Charity, rather than specific activities within the Charity. They include strategic planning, external audit and costs associated with Trustee meetings. Governance costs are analysed further in the table in note 6.

Auditor’s remuneration and fees for external financial services Remuneration to the external auditor (Deloitte LLP) for the audit of the 2011/12 accounts amounted to £47,631 (2010/11: £43,154). Other fees payable to Deloitte LLP for non-audit services during the year totalled £6,500.

Trustee’s expenses Members of the City of London Corporation are unpaid and do not receive allowances in respect of City of London Corporation activities in the City. However, Members may claim travelling expenses in respect of activities outside the City and receive allowances in accordance with a scale when attending a conference or activity on behalf of the City of London Corporation. These costs are met from the private funds of the City of London Corporation and not charged to the trust.

During 2006/07 a scheme was introduced whereby any Member suffering a financial loss as a direct result of their City of London responsibilities could seek recompense in accordance with an agreed scale. These costs are met from the private funds of the City of London Corporation and not charged to the trust.

40 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

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 (e.g. surveyors, engineers).

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

The main support services provided by the City of London Corporation are: Chamberlain Accounting services, insurance, revenue collection, payments, financial systems and internal audit. Comptroller and City Property, litigation, contracts, public law and administration of Solicitor 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 the Built Support functions in respect of finance, human resources, Environment information technology, management and administration for the Thames Bridges.

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

41 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

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

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

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

7. Staff numbers and costs Officers employed by the City of London Corporation work on a number of City of London Corporation activities. The number of full time equivalent directly employed staff (excluding agency) in respect of the Investment Properties, Bridges, Tower Bridge Tourism and the Grants Unit is 93.9 at a cost of £3.5 million (2010/11: 94.4 staff at a cost of £3.3 million).

The number of directly charged staff earning less than £60,000 is shown below.

Employees who earn less than £60,000 per annum No of full Gross Pay Employer‟s Employer‟s Pension Total Total time equivalent National Contribution 2011/12 2010/11 employees Insurance

£‟m £‟m £‟m £’m £‟m Investment 24.8 0.51 0.04 0.09 0.64 0.70 Properties Tower Bridge 23.7 0.77 0.06 0.11 0.94 0.87 Tourism Bridges 32.0 0.99 0.08 0.16 1.23 1.14 Grants Unit 11.4 0.39 0.03 0.06 0.48 0.44

The number of directly charged staff earning more than £60,000 in bands of £10,000 is set out below. Employees who earn more than £60,000 per annum Band No of full Gross Employer‟s Employer‟s Total Total £‟000 time Pay National Pension 2011/12 2010/11 equivalent Insurance Contribution employees

£‟m £‟m £‟m £’m £‟m Grants Unit 60-69,999 1.0 0.05 0.01 0.01 0.07 0.07 Grants Unit 110-119,999 1.0 0.09 0.01 0.01 0.11 0.11

All employees whose remuneration was above the £60,000 threshold, have retirement benefits accruing under the defined benefit scheme (accounting policies 1 (g)).

42 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

In addition, support service staff are charged to Bridge House Estates and other City of London Corporation activities on the basis described in note 6. The whole time equivalent number of support service staff charged is 46.6 (2010/11: 53.2).

8. Tangible fixed assets Computers and Fixtures and Leasehold Total other fittings Improvements equipment £‟m £‟m £‟m £’m Cost At 1 April 2011 0.4 0.8 4.3 5.5 Additions/Adjustments - - (0.1) (0.1) Disposals - - - - At 31 March 2012 0.4 0.8 4.2 5.4

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

Net book values At 31 March 2011 0.1 0.2 3.7 4.0

At 31 March 2012 0.1 0.1 3.4 3.6

The net book value of tangible fixed assets relating to direct charitable purposes amounts to £3.6 million (2010/11: £4.0 million).

9. Heritage assets The primary purpose of Bridge House Estates is the provision and maintenance of five river Bridges. The Bridges were either built by the Charity or donated to it. The length of time the Bridges have been owned by the Trust stretches from the 12th Century to the 21st Century and therefore the Bridges are considered to be inalienable heritage assets and are not capitalised in the Financial Statements. Further information regarding the policy for the preservation and management of heritage assets has been included within the trustee‟s annual report.

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.

43 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Property investments The value of property investments is arrived at as follows:

2011/12 2010/11 £’m £‟m Property investments Market value 1 April 366.9 355.7 Purchase costs 5.3 - Enhancement works - 1.4 Net unrealised gain on revaluation at 31 March 30.5 10.6 Permanent loss on revaluation (0.4) (0.8) Book value of disposed assets (8.3) - Market value 31 March 394.0 366.9

Net gain on property investments The net gain on property investments is arrived at as follows:

2011/12 2010/11 £’m £‟m Property investments Enhancement works - 1.4 Net unrealised gain on revaluation at 31 March 30.5 10.6 Permanent loss on revaluation (0.4) (0.8) Realised gain on disposal 7.0 - Market value 31 March 37.1 11.2

As many of the investment properties were gifted to the Trust and others were acquired centuries ago, it is impracticable to provide historical cost information. It has been assumed that the historical cost is nil. The properties are situated in Greater London.

In 2011/12 a permanent loss on revaluation of £0.4m was recognised for one investment property (2010/11: £0.8m). This has been treated in accordance with the accounting policies set out in 1(e) above.

44 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Investments under Fund Management and Long / Short Term Deposits Analysis of movement:

2011/12 2010/11 £’m £‟m

Market value 1 April 404.2 381.6 Add: Additions to investments at cost 116.9 152.3 Less: Disposals at market value (124.7) (149.0) Add: Net (loss)/gain on revaluation (1.3) 19.3 Market value of investments 31 March 395.1 404.2 Long term deposits 15.9 27.9 Investments under fund management and long term deposits 411.0 432.1 Cash held by Fund Managers at 31 March 23.6 14.3 Short term deposits and money market funds 62.7 37.1 Total investments as at 31 March 497.3 483.5

Cost 31 March 364.4 356.2

Net advances to fund managers during 2011/12 were £0.9m (2010/11: advances to fund managers £0.9m). Total investments as at 31 March are analysed between long term and short term as follows: 2011/12 2010/11 £’m £‟m Long term 411.0 432.1 Short term deposits (*) and money market funds 62.7 37.1 Short term investments in hands of fund managers 23.6 14.3 Total 497.3 483.5

(*) The Chamberlain‟s Banking Account includes cash on deposit £18.4m (2010/11: £22.6m) and accrued interest of £2.9m (2010/11: £1.6m), neither of which fall within the FRS1 definition of cash. Accordingly, these balances are included within Investments and Debtors respectively.

The geographical spread of investments, including cash held by fund manager and short term deposits, at 31 March was as follows: 2011/12 2010/11 £’m £‟m United Kingdom (including cash held by fund managers) 303.7 276.4 Europe (excluding UK) 64.4 77.3 United States of America 93.6 84.3 Japan 15.7 27.1 Pacific (excluding Japan) 13.4 13.7 Emerging Markets 6.5 4.7 Total 497.3 483.5

45 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

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

The investment powers of the Trust are set out in an order of the Charity Commission dated 20 July 1998 (Ref: 251.98). This order enables the Trustee to invest the property of the Trust either:

 in the acquisition of any securities or property (real or personal) of any sort; or  on deposit or loan whether in the UK or elsewhere.

11. Debtors due within one year 2011/12 2010/11 £’m £‟m Accrued interest 2.9 1.7 Rental debtors 2.0 0.8 Other debtors 3.7 4.4 Total 8.6 6.9

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

46 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

13. Creditors due after more than one year 2011/12 2010/11 £’m £‟m Grants payable 4.6 3.3 Total 4.6 3.3

14. Pensions Following the statutory triennial valuation of the pension fund as at 31 March 2010, completed by independent consulting actuaries, an employer‟s contribution rate of 17.5% has been applied for 2011/12, 2012/13 and 2013/14. A further triennial valuation will be completed as at 31 March 2013.

In 2011/12 employer‟s contributions to the scheme for staff engaged on Bridge House Estates activities was £0.7 million (2010/11: £0.6 million). There are no outstanding or pre-paid contributions at the balance sheet date.

The deficit of the scheme at 31 March 2012 is £351 million (2010/11: £188 million) as calculated in accordance with IAS19 disclosures. The increase in the deficit is due to a reduction in the discount rate used to value liabilities.

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

47 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

Movement of unrestricted funds during the year to 31 March 2012

Balance at Net Transfers Net Balance at 1 April incoming / between gain/(loss) 31 March 2011 (outgoing) Funds on 2012 resources investments/ before properties transfers £‟m £‟m £‟m £‟m £‟m General Funds Accumulated Fund 12.5 6.5 (2.7) - 16.3 Total General Funds 12.5 6.5 (2.7) - 16.3

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

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

Total Funds 828.2 6.0 - 35.8 870.0 Notes to the Unrestricted Funds As set out in the accounting policies the Trustee has designated certain funds for particular purposes. These are as follows: Designated Reserve Funds - The Trustee has designated reserve funds which represent:

1) General - The funds required to meet the Charity‟s commitments on an ongoing basis. The commitments are:

 Bridge operations - The Charity has a duty to operate and maintain the Bridges and has therefore designated funds to enable it to meet this commitment on an ongoing basis; 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.

48 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

2) Designated Sales Pool – This Fund exists to finance capital expenditure on additions to the Bridge House Estates investment property portfolio. It is built up from capital receipts from disposals of interests in the Estate.

3) Investment Revaluation – This is essentially the difference between cost and market value of managed investments.

4) Property Revaluation – In most cases, the cost of property investments is unknown. This item represents either the market value of investment property or the difference between cost and market value, where the cost is known.

Finsbury House - This represents contributions by tenants for service charges and is to ensure that funds are available to finance major cyclical works. Interest is credited at the Chamberlain‟s daily balances rate.

Property Dilapidations – When a tenant leaves a property and has not kept the property in the condition required by the lease, an agreed sum is paid to the Trust relating to the repairs needed to bring the property back to the state it was at the commencement of the tenancy. These Funds are being held pending their utilisation on re-instating the properties.

Bridges Repairs, Maintenance and Major Works Fund – A fund has been established to equalise the payments required to repair and maintain the five bridges over a 50 year period.

Tower Bridge Tourism – A fund has been established, from the net proceeds generated by the tourism operation at Tower Bridge, to cover any future shortfall in income that may arise due to the volatile nature of the tourism market.

16. Commitments The following commitments have been made at 31 March in respect of future accounting periods: 2012 2011 £’m £‟m Capital works authorised 3.1 - Supplementary Revenue Project Commitments 1.5 -

17. Programme related investments On the 29th July 2010 the City Bridge Trust purchased a £100,000 zero interest investment bond (the East London Bond) in support of the Bromley by Bow Centre and Community Links. The bond is repayable in 2015.

18. Contingent Liability The main contractor on a major capital project has submitted claims for time extensions and consequential additional costs. These claims are disputed and the Quantity Surveyor‟s best estimate of Bridge House Estates‟ share of the contract cost has been included in the accounts. The sums concerned have not been disclosed as to do so could prejudice seriously the City of London Corporation's position.

19. Related parties The following disclosures are made in recognition of the principles underlying Financial Reporting Standard 8 concerning related parties. 49 BRIDGE HOUSE ESTATES TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS

One of the capacities of the City of London Corporation is that of Trustee of the Trust, as described on page 2. 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 of £10,000 or more in 2011/12 including instances where their close family has made transactions with the City of London.

During 2011/12, four Members declared an interest in not for profit organisations to whom the City made grant payments. There were three organisations and the total grants paid were £1.711m.

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 £1.2m. Another Member declared an interest in a not for profit organisation from whom Bridge House Estates purchased services at a cost of £120,000.

50 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 Organisation Name Project Description Total Number approved of years £

Accessible London

Accessible Transport Friend in Need Community for an accessible minibus 10,000 1 Care Harrow Community for development and sustainability support 35,000 2 Transport services Westway Community for the salary and other costs of a marketing 80,000 2 Transport and communications post Subtotal 125,000

Accessible Buildings All Saints Church, Ealing for disability access improvements to the 37,000 1 Common church hall Art in Perpetuity Trust for the disability access elements of a new 50,000 1 studio development Battersea Arts Centre for an access audit 3,500 1 Cambridge House for the planning, design and installation of a 45,000 1 fully accessible signage and way-finding system Centre 404 for an accessible lift 50,000 1 Charles Dickens Museum for access improvements to the Dickens 50,000 1 Museum Civil Liberties Trust for the installation of a platform lift and 43,335 1 other access improvements Clapham Arts for the costs of an access audit 700 1 month Association/Studio Voltaire Ltd Crossroads Women for disability access works for a new 50,000 1 women‟s centre Geffrye Museum Trust for an access audit 5,000 6 months Guild Church of St Martin- for access adaptations within the church for 50,000 1 within-Ludgate the creation of a community counselling facility Hoxton Hall for disability access works 50,000 1 Jewish Community Centre for accessible toilets and changing areas for 46,000 1 UK (JCC) a new purpose-built community centre Police Rehabilitation Trust for wet-room facilities at the Police 20,000 1 Rehabilitation Centre St James the Less, Pimlico for disabled access to the St James‟ Parish 60,000 1 Centre St Laurence Church Catford for an access audit and disability equality 1,800 1 training for staff and volunteers St Paul‟s Church, Hainult for the disability access features of the 42,600 1 community hall refurbishment

51 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 Thrive for the construction of accessible facilities in 50,000 1 Battersea Park Training Ship Broadsword for the cost of an access audit and disability 1,325 1 Sea Training Corps equality training for volunteers Victoria Park Harriers & for disabled access 50,000 1 Tower Hamlets AC Subtotal 706,260

Accessible Arts & Sports A New Direction for piloting the „Moving In‟ project 22,425 1 promoting inclusion and disability awareness on the Headstart programme Action Space London for salary and related costs of a pastoral care 67,000 3 Events worker Active Horizons for an accessible sports project with disabled 24,800 2 black and minority ethnic young people in Bexley AHOY Centre for two sailing instructors and their support 79,783 2 costs for the centre‟s „Sailability‟ programme of water sports with disabled young people Bromley Bowling Club Ltd for access improvements 18,300 1 Children‟s Discovery for staffing and running costs of the 24,000 1 Centre, East London Saturday Arts Club (DISCOVER) City of London Sinfonia for a programme of music for disabled 85,700 3 children in hospitals Crying Out Loud for inclusive performances and a workshop 8,120 1 for children and young people with autism at Chats Place, Hackney Diamond Centre for for the salary costs of a centre administrator 80,290 3 Disabled Riders Docklands Sailing Centre for disability access works 45,200 1 Trust Drake Music for a programme of activities to develop and 77,000 2 profile disabled musicians and artists Dream Arts for new opportunities for disabled children 24,500 3 and young people in Westminster to engage in quality expressive arts projects Earls Court Youth Club for the staffing and transport costs of 30,000 2 providing activities for disabled young people Extant for the costs of a PPT development manager 64,500 3 Haringey Shed for the Chief Executive salary and on-costs 107,600 3 Heart n Soul for the salary of the co-ordinator and running 90,000 3 costs of the „Training and Taking Part‟ programme Interactive for the costs of a relationship manager plus 120,000 3 on-costs Maypole Project for activity days for ill and disabled children 24,050 3

52 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 and providing respite for parents and carers Midi Music Company for a music development programme for 36,000 2 young deaf Londoners South London Special for salary and associated costs of a 66,000 3 League programme manager Stepping Stones Project for salaries and running costs of developing 18,200 2 Gateway Club arts, exercise and sports programmes Twickenham Rowing Club for the disability access features of the 50,000 1 refurbished clubhouse Vocaleyes for a consultant working to promote audio 19,700 2 description services to London‟s galleries and museums Subtotal 1,183,168

Total 2,014,428

Bridging Communities Abbey Community for English language teaching and 24,750 2 Association Ltd workshops for Bangladeshi and Arabic speaking residents of the SW1 area Afghanistan and Central for providing Level 1 ESOL classes to 33,300 3 Asian Association Afghan and Central Asian refugees An Viet Foundation for entry-level English language tuition 48,000 3 Artangel for a project addressing gay, bisexual and 15,100 1 transgender identity in Wandsworth Prison Bernie Grant Centre for staff and associated costs of a community 24,000 2 Partnership video project leader and assistant Bromley by Bow Centre for salary and running costs of the ESOL 149,000 3 programme for women in Tower Hamlets Cardinal Hume Centre for an ESOL coordinator 60,000 3 CARIS Haringey for salary and running costs of pre-entry and 62,500 3 Level 1 ESOL classes for women Disability Rights UK for a leadership development programme for 45,000 1 young disabled people EFA London for an English language course for migrants 37,090 3 in Greenwich Epic Arts for the salary and running costs of four 32,270 3 projects providing a series of drama workshops Ethnic Minorities Advocacy for a basic English language programme for 37,500 3 Group members of isolated communities in Richmond Fashion Awareness Direct for salary and associated running costs of a 90,000 3 manager to develop a youth leadership programme Flying Gorillas for an arts project bringing together young 58,500 3 people from the Westway Travellers‟ site with residents from nearby estates Hansard Society Ltd for a programme to connect leaders of 86,750 3 disadvantaged ethnic communities with

53 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 British politics Her Centre Limited for salary and associated running costs of a 98,200 3 programme bringing women together from different communities, building their confidence and encouraging them to become active citizens I-Serve for a project coordinator and costs for a 56,000 2 leadership development project with young people from a range of black and minority ethnic communities JAN Trust for ESOL classes 25,000 1 Kurdish Advice Centre for Level 1 ESOL provision 96,000 3 Learn English at Home for a volunteer coordinator and director plus 132,000 3 associated running and overhead costs Lokahi Foundation for the development of the „Campusalam‟ 60,000 3 project in London universities London Sinfonietta for the „KX Collective‟ project 45,900 3 Migrant Voice for a coordinator and running costs of the 40,000 2 „London Migrant Voices for Change‟ project Pan Intercultural Arts for salaries and on-costs 75,000 3 Limited Refugee Action Kingston for an English learning project co-ordinator 126,000 3 and running costs of ESOL classes for refugees Roundhouse Trust for salary and project costs of a community 120,000 3 co-ordinator Russian Immigrants for a programme of English language lessons 21,350 2 Association for adults from Eastern Europe Saam Theatre Company for English and drama workshops for 18,000 3 Persian speaking adults Triangle Arts Trust for an education and outreach co-ordinator 48,300 3 and an outreach programme encouraging social cohesion in north Lambeth Voice4Change England for a project to develop fair and equitable 108,200 2 collaborations between the BME and mainstream voluntary sector Young Foundation for the salary and on-costs of the Director‟s 120,000 3 post at UpRising Young Vic Theatre for the „Babel‟ project 50,000 1 Company Total 2,043,710

Improving Londoners’ Mental Health ADHD and Autism Support for salary and other costs of specialised 51,300 3 Harrow support, training and life skills to young people with ADHD and autism Afghan Association for salary and related costs of a community 90,000 3 Paiwand mental health advocate Alternatives to Violence for work with offenders and ex-offenders, 24,800 3 Project Britain helping them improve their mental health 54 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 and handle conflict Artspace for the cost of co-ordination and case 60,000 3 management Baobab Centre for Young for a counselling and therapy service for 72,000 3 Survivors in Exile young traumatised refugees Beat for a programme for targeted support for 111,700 3 Londoners who have an eating disorder Bikur Cholim Ltd for a culturally sensitive intervention and 125,000 3 support programme for young people with mental health problems and their families and carers Birth Companions for a director 26,000 1 Brandon Centre for for the salary and on-costs of a clinical 120,000 3 Counselling and manager Psychotherapy for Young People Campaign Against Living for a campaign to improve the mental health 150,000 3 Miserably (CALM) of young men Changing Faces for a training programme for Changing 130,000 3 Faces Practitioners, and the salary and related costs of the London-based Practitioner Choir with No Name for a director 60,000 3 Community Housing and for a deputy manager at Home Base, a 90,000 3 Therapy residential mental-health support facility for homeless ex-service personnel Faces in Focus for salary and on-costs of a counselling 120,000 3 coordinator Food Chain for the „Eating Together‟ project for isolated 95,675 2 people with depression living with HIV Gardening Leave for a horticultural therapy project for ex- 25,000 2 service personnel with mental health problems Havering Mind for an OWLS co-ordinator and an activities 92,000 3 programme for older people with mental health problems Homeless Link for salary and running costs of a project to 38,000 1 improve mental health services to homeless people Live Music Now! for a live music project to improve mental 75,000 3 health services to homeless people Manor Gardens Welfare for a development manager and costs of the 135,000 3 Trust „Headstrong‟ project Mary Dolly Foundation for work in schools in Bromley and 24,000 3 Greenwich providing therapeutic interventions to children and young people experiencing emotional distress Missing People for extending the Reconnect Network for 105,520 3 missing people in several London Boroughs New Bridge Foundation for a „Through the Gate‟ befriending service 30,000 3 Passage 2000 for the salary and overheads of a mental 120,000 3 55 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 health worker Positive East for salary and operational costs of the „Re- 112,500 3 Assure Women‟ project Raw Material Music and for providing music and media opportunities 38,000 2 Media for clients experiencing the early onset of severe mental health problems Read – The Reading Agency for the „Six Book Challenge‟ in London 83,500 3 prisons Shooting Star CHASE for a counselling service for life-limited 135,000 3 children and their siblings Solace Women‟s Aid for salary and running costs of a family and 135,000 3 children support manager supporting the mental health needs of children and young people affected by domestic violence St James‟s House for an employment support adviser working 105,000 3 with young people with mental health problems Status Employment for salary and support costs of two 117,000 3 employment consultants West London Mission for salary and related costs for a mental 123,000 3 health project worker Women in Prison for a re-settlement service for ex-prisoners 139,320 3 with mental health problems YouthNet UK for advice and support services for young 70,000 2 Londoners experiencing poor mental health Total 3,029,315

London’s Environment Brockwell Park Community for salary and on-costs of an education 60,000 3 Greenhouses officer Carbon Leapfrog for a programme to increase the number of 70,000 2 London based carbon reduction projects ClientEarth for an educational programme promoting the 157,500 3 improvement of air quality in London Common Ground East for the maintenance of biodiversity on open 37,100 3 spaces in Tower Hamlets by local volunteers Creekside Education Trust for set-up and salary costs of two learning 20,000 3 delivery and outreach posts Federation of City Farms & for a regional organiser 80,000 2 Community Gardens Green Alliance for research into overcoming the challenge 59,925 1 of green living in London‟s tower blocks, the production of a handbook and the costs of community engagement Hampstead Heath Charitable for a programme of environmental education 3,000,000 3 Trust and biodiversity services within open spaces across London London Sustainability for a sustainable development project 66,600 18 Exchange months London Wildlife Trust for the design and delivery of landscape- 169,000 3 scale conservation initiatives 56 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 Manna for salary and running costs to continue and 28,400 3 develop a forest garden Organiclea for salary and support costs of a community 84,400 3 development and training worker and an outreach gardens training and development worker SETPOINT London East for environmental education at the Soanes 10,000 1 Centre Single Homeless Project for salary and on-costs of a green 69,000 3 coordinator for a food growing project Thames21 Ltd for a project officer and a scheme 150,000 3 developing and supporting local volunteering to improve the Thames and London‟s waterways Women‟s Environmental for the „Spice it UP!‟ Programme 82,100 3 Network Trust Woodlands Farm Trust for an assistant education officer 70,800 3 Total 4,214,825

Older Londoners Advocacy for Older People for a dementia advocacy project 29,000 1 in Greenwich Age UK Hillingdon for salary and activity costs of a healthy 95,000 3 lifestyles coordinator Age UK Richmond Upon for salary, activity and support costs of an 106,000 3 Thames outreach coordinator Ageing Well Fun Club for a project coordinator 20,000 2 Arthritis Care for information points in libraries, 97,000 3 signposting people with arthritis and their carers to resources that will help with their condition Barnet Elderly Asians for a development officer 7,500 1 Group Bonny Downs Community for salary and on-costs of the „Fit and 101,900 3 Association Healthy‟ project co-ordinator Building Exploratory for developing new older people‟s learning 104,950 3 groups City & Hackney Carers for an advice worker and a project 110,800 3 Centre supporting older carers Club Terza ETA for club activities 5,000 1 Community Network for a project co-ordinator to develop 100,000 3 befriending and support groups for older people Crossroads Care Richmond for services and support for people with 133,000 3 and Kingston upon Thames dementia, an, via respite care, for the also- elderly people who care for them Deafblind UK for salary and running costs to maintain and 80,000 3 expand support services for deafblind older people Disabled Living Foundation for the Equipment Demonstration Centre‟s 105,000 3

57 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 core staff East European Advice for a project coordinator and a support 75,000 3 Centre service for isolated elderly east Europeans Good Neighbour Scheme for for an administrator and an older people‟s 21,600 3 Mill Hill and Burnt Oak lunch club Ham and Petersham SOS for a director 23,500 2 Haringey Carers Centre for a carer‟s support worker helping older 20,000 2 carers in Haringey In-Deep Community Task for complementary therapy sessions and 5,000 1 Force other running costs Indian Cultural Society for an older people‟s day centre 10,000 1 Drop in Day Centre Integrated Neurological for an occupational therapist working with 93,000 3 Services older clients with neurological conditions Irish Community Services for a coordinator for the „Out and About‟ 72,750 3 service for older housebound clients Irish Elderly Advice for the Irish Pensioners‟ Choir 13,183 3 Network Lambeth Chinese for weekly activities for older people 14,200 2 Community Association Lambeth Elderly for activities to improve the health and well- 21,700 2 Association from Vietnam being of older people of Chinese and Vietnamese Mayhew Animal Home for salary and on-costs of an animal therapy 75,000 3 visits officer Music for People for developing and expanding a programme 10,000 1 of interactive music performance with older and disabled people Music in Hospitals for delivering live music to older people 74,000 3 with dementia in healthcare centres Newham Chinese for a worker, staff training and to update IT 9,500 1 Association equipment Sikh Community Care for salary and ancillary costs of a volunteer 34,000 3 Project (SCCP) co-ordinator for the „Elders‟ Volunteer‟ project Somali Health Advocacy for salary and on-costs of a project co- 21,800 2 Project (SHAP) ordinator SSAFA-FH (London City for work supporting older service and 10,000 1 East Division) national service veterans and their dependants in central London SubCo Trust for salary and on-costs of a dementia care 90,700 3 worker and a dementia support programme for Asian elders Toynbee Hall for a wellbeing service for older people in 100,000 2 Tower Hamlets and the City of London Universal Beneficent for salary and running costs of a regional 19,800 1 Society development officer Wadajir Somali Community for a part time co-ordinator and running 16,800 1 costs of lunch club activities for older people in the Somali community Total 1,926,683 58 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12

Positive Transitions to Independent Living Action for Stammering for a specialist consultation to young 90,000 3 Children Londoners Advance (Advocacy and for a key worker supporting women at risk 94,000 2 Non Violence Community of re-offending Education) Advocacy for All for alary and support costs of a co-ordinator 105,700 3 Advocacy in Greenwich for an independent advocacy for people with 95,000 3 a learning disability to support them in gaining enhanced choice and control under the personalised budgets system Auditory Verbal UK for salary and running costs of a specialist 30,000 1 service for deaf children in London Beyond Youth for the „Chance to Change‟ programme for 20,000 1 young offenders Camden Society for salary and running costs of the 129,000 3 „ProWork‟ project in Westminster and City & Islington colleges Carers Support (Bexley) for an advice and advocacy service for carers 23,000 2 and their dependents considering a more independent life through individual budgets Chinese Association of for an outreach and personalisation worker 75,000 3 Tower Hamlets for older and/or disabled people Daffodil Advocacy Project for an advocacy service for people with 89,750 3 learning disabilities who do not meet Fair Access to Care Services criteria DIPex for a research project to share the 110,000 2 experiences of people with a newly acquired disability Disability in Camden for a project increasing volunteering 98,600 3 opportunities for people with sensory impairments Disablement Association of for a personalisation project 97,700 3 Barking & Dagenham (DABD) Ealing Mencap for a project supporting young people with 179,100 3 learning disabilities through the transition to adulthood in the boroughs of Ealing, Harrow and Brent Ezra Umarpeh for salary and related costs of volunteer and 48,000 3 transport co-ordinators providing services to people with long-term disabilities Generate Opportunities Ltd for project workers and running costs for a 70,000 2 scheme supporting young people with learning difficulties into independent adulthood Greenwich Toy and Leisure for a project co-ordinator and an 97,500 3 Library Association independence project working with young people 59 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 Hammersmith & Fulham for a „Safety Net‟ youth co-ordinator and 103,000 3 Mencap related project costs Kisharon for a job coach 20,000 2 Nehemiah Project for a supported housing worker 75,000 3 Prison Fellowship for restorative justice programmes in prisons 64,800 1 supporting offenders in making choices that reduce the risk of re-offending and help restore the damage done to victims of crime Queen Elizabeth‟s for salary and associated costs of two 81,000 3 Foundation for Disabled therapists at the QEF Mobility Centre People Richard House Children‟s for a transitions service for young people 146,000 3 Hospice using hospice care SignHealth for two outreach workers supporting deaf 90,000 3 women affected by domestic violence and their children South West London Stroke for meetings, outings, events and talks for 16,500 3 Club – Moving On (SWLSC stroke survivors, and for professional advice – Moving On) Speak Out Hounslow for supporting adults with learning 66,680 3 disabilities to make informed choices and develop independent living skills Springboard Project for a leisure development co-ordinator to 60,100 3 manage a peer mentoring scheme for disabled teenagers in Sutton St Christopher‟s Hospice for six seminars on financial topics to 11,000 1 patients, families and carers Trinity Hospice for salary and support costs of a welfare 123,000 3 advisor Vision Housing for a housing resettlement worker for ex- 55,000 2 offenders Westminster Society for for the „LDN Living‟ programme for young 120,000 3 People with Learning people Disabilities Total 2,484,430

Strengthening the Third Sector Community Barnet for salary and overhead costs of two 129,000 3 development officers to support voluntary and community organisations in Barnet Crossroads Association for a business advisory service to local care 138,000 2 organisations Funding Network for the salary and development costs of the 35,000 2 promotion of philanthropy in London Haringey Association of for salary and on-costs of a volunteer centre 150,000 3 Voluntary and Community manager Organisations (HAVCO) Jewish Volunteering for web-based resources to expand the 24,000 3 Network (JVN) capacity to recruit and place volunteers Kensington and Chelsea for a project increasing the number and the 198,300 3 60 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 Social Council skills base of individuals volunteering as trustees in Kensington & Chelsea Kingston Voluntary Action for salary and running costs of a capacity 140,000 3 building manager Lambeth Play Association for a community play services officer, a 53,000 1 finance worker and a project embedding the transfer to the voluntary sector of Council play provision LawWorks for salary and running costs of work 99,000 3 supporting free legal advice to community organisations London Funders for core costs 84,000 3 Mentoring and Befriending for salary and associated costs of a package 100,000 2 Foundation (MBF) of tailored support to enable mentoring and befriending projects and demonstrate their effectiveness Migrant & Refugee for an administrator and finance worker 75,000 3 Communities Forum Princess Royal Trust for for a London development manager to 130,000 2 Carers support carers‟ centres Pro Bono Economics for fifteen projects with a London-focus 22,500 3 Voluntary Action Islington for salary and on-costs of a development 91,000 2 officer Volunteer Centre Camden for a project manager and running costs for 64,585 1 the Best Practice Service Volunteer Centre Camden for a Best Practice Service for organisations 120,600 2 in Camden Volunteer Centre Merton for salary and running costs of a good 100,000 1 practice project in six volunteer centres in south London Volunteer Centre Southwark for a volunteer development project 85,500 2 Volunteer Centre for salary and on-costs of a volunteer 101,000 2 Westminster engagement and best practice officer Women‟s Resource Centre for a training programme to enable women‟s 114,000 3 third sector organisations to improve their use of digital technologies and social media Total 2,054,485

Total Working with 17,767,876 Londoners

Exceptional Grants Elephant Jobs for the London development of the 73,100 2 fonesforsafety initiative Media Trust for „London 360‟ and associated training 142,000 1 programmes, including opportunities for City Bridge Trust grant recipients to tell their stories Total 215,100

61 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

List of Grants Approved 2011/12 Strategic Initiatives Celebrate the City for the „Celebrate the City‟ event 100,000 1 Centre for Accessible for an access and sustainability advisor 94,000 18 Environments months Greening the Third Sector for a programme of eco-audits 75,000 1 Islington Giving for the „Giving Help to Older People‟ 119,500 3 campaign Londoner Time Credits for work to develop a new model of 163,980 1 volunteering in four London boroughs Lord Mayor‟s Show for costs associated with participating in the 23,500 1 Lord Mayor‟s Show NSPCC/Refuge Conference for a conference to launch a report on 15,000 1 research into needs of children and young people living with domestic violence Olympic Legacy for a study by London Funders into the 5,000 1 Consultancy feasibility of an endowed legacy fund in the wake of the 2012 Olympic and Paralympic games Rough Sleepers for a project managed by Broadway to 135,000 18 Personalisation Project resettle entrenched rough sleepers in months independent accommodation Sharing, Learning and for a programme of work to share the Trust‟s 165,000 1 Knowledge Strategy learning from its grant-making Social Finance Advisory for a social finance advisory service 25,000 1 Service Total 920,980

Total Working with 17,767,876 Londoners (217 grants) Total Exceptional Grants 215,100 (2 grants) Total Strategic Initiatives 920,980 (11grants) Total awarded (230 18,903,956 grants) Less write backs (853,956) Total grants chargeable in 18,050,000 2011/12

62 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

Culture, Heritage and Libraries Committee as at 31 March 2012

Chairman John George Stewart Scott JP BA(Hons) FRP SL

Deputy Chairman Vivienne Littlechild JP

Aldermen Dr Andrew Charles Parmley Mus.M. Hon. F.G.S. The Hon. Philip John Remnant CBE

Commoners John Leslie Bird OBE Mark John Boleat Dennis Cotgrove BA Martin JamesDay BA MSc LLM William Harry Dove MBE JP Peter Gerard Dunphy Anthony Noel Eskenzi CBE DSc Deputy George Marr Flemington Gillon Kevin Malcolm Everett DSc Martin Charles Farr Brian Nicholas Harris Michael Henderson-Begg William George Hunt TD BA Alistair John Naisbitt King MSc Deputy Gregory Alfred Lawrence Deputy Oliver Arthur Wynlayne Lodge TD BSc Charles Edward Lord OBE JP Deputy Wendy Mead Sheriff and Deputy Robert Allan Merrett Sylvia Doreen Moys Barbara Patricia Newman CBE Janet Owen MBE Deputy Ann Marjorie Francesca Pembroke Henrika Johanna Sofia Priest Stephen Douglas Quilter BSc (Hons) Richard David Regan Deputy Delis Regis Dorothy Charlton Robinson BA MA Michael Robin Castle Sherlock MA Deputy Michael Welbank Deputy

Ex-Officio Tom Hoffman LLB Catherine McGuinness MA Deputy

63 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

Policy and Resources Committee Finance Committee as at 31 March 2012 as at 31 March 2012

Chairman Chairman Stuart John Fraser Roger Arthur Holden Chadwick

Deputy Chairman Deputy Chairman Mark John Boleat Raymond Michael Catt

Aldermen Aldermen Roger Gifford Jeffrey Richard Evans Sir David Howard Bt MA DSc David Andrew Graves Lord Levene of Portsoken KBE Sir John Stuttard MA Sir David Lewis M.A. (Oxon) D.L. Fiona Woolf CBE Sheriff Fiona Woolf Commoners Commoners George Christopher Abrahams Kenneth Edwin Ayers MBE Deputy Nigel Kenneth Challis Douglas Barrow Deputy Dennis Cotgrove BA John Alfred Bennett Deputy Nicolas Cressey Michael John Cassidy CBE Deputy Simon D‟Olier Duckworth MA DL Simon D‟Olier Duckworth MA DL Anthony Noel Eskenzi CBE DSc Deputy Robert William Duffield BA M.Litt.(Oxon) Robin Anthony Eve OBE Deputy George Marr Flemington Gillon Kevin Malcolm Everett DSc Robert Charles Hughes-Penney The Revd. Stephen Decatur Haines MA Deputy Charles Edward Lord OBE JP Deputy Pauline Ann Halliday OBE Deputy Jeremy Paul Mayhew MA MBA Brian Nicholas Harris Catherine Sidony McGuinness MA Deputy Tom Hoffman LL.B Wendy Mead Sheriff and Deputy Robert Charles Hughes-Penney Hugh Fenton Morris Wendy Hyde Joyce Carruthers Nash OBE Deputy Alistair John Naisbitt King MSc Deputy Barbara Patricia Newman CBE Gregory Alfred Lawrence Deputy Stephen Douglas Quilter BSc (Hons) Anthony Llewelyn-Davies John George Stewart Scott JP BA(Hons) FRP SL Jeremy Paul Mayhew MA MBA Sir Michael John Snyder Deputy Janet Owen MBE Deputy James Richard Tumbridge Chris Punter Michael Welbank Deputy Matthew Charles Falco Lombardi Richardson John George Stewart Scott JP BA(Hons) Ex-Officio Ian Christopher Norman Seaton The Rt Hon the Lord Mayor, Michael Robin Castle Sherlock MA Deputy David Hugh Wootton Dr Giles Robert Evelyn Shilson Deputy Richard David Regan, Chief Commoner Sir Michael John Snyder Deputy Roger Arthur Holden Chadwick David James Thompson Martin Charles Farr John Tomlinson BA MSc John Tomlinson BA MSc The Revd. Dr Martin Raymond Dudley Ex-Officio Dr Peter Bernard Hardwick QHP Mark John Boleat Raymond Michael Catt Stuart John Fraser

The following were Members of the Committee within the The following were Members of the Committee within the period 1 April 2011 – 31 March 2012, but were no longer on period 1 April 2011 – 31 March 2012, but were no longer on the Committee on 31 March 2012: the Committee on 31 March 2012: Philip John Willoughby JP Deputy Charles Edward Lord OBE JP Deputy Philip John Willoughby JP Deputy

64 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

Property Investment Board Financial Investment Board as at 31 March 2012 as at 31 March 2012

Chairman Chairman Michael John Cassidy CBE Deputy Robert Charles Hughes-Penney

Deputy Chairman Deputy Chairman Archibald Duncan Galloway OBE Raymond Michael Catt

Aldermen Commoners Sir Robert Finch Kenneth Edwin Ayers MBE Deputy Michael John Cassidy CBE Deputy Commoners Simon D‟Olier Duckworth MA DL Kenneth Edwin Ayers MBE Deputy Archibald Duncan Galloway OBE Mark John Boleat George Marr Flemington Gillon Roger Arthur Holden Chadwick Brian Nicholas Harris Anthony Noel Eskenzi CBE DSc Deputy Tom Hoffman LL.B Martin Charles Farr Clare James MA George Marr Flemington Gillon Anthony Llewelyn-Davies Brian Nicholas Harris Oliver Arthur Wynlayne Lodge TD BSc Stanley Keith Knowles MBE Deputy Charles Edward Lord OBE JP Deputy Charles Edward Lord OBE JP Deputy Jeremy Paul Mayhew MA MBA James Henry George Pollard Ian Christopher Norman Seaton Ex-Officio Robert Charles Hughes-Penney Ex-Officio Mark John Boleat Stuart John Fraser Roger Arthur Holden Chadwick

65 BRIDGE HOUSE ESTATES ANNUAL REPORT AND FINANCIAL STATEMENTS

Planning and Transportation Committee The City Bridge Trust Committee as at 31 March 2012 as at 31 March 2012

Chairman Chairman Martin Charles Farr William Harry Dove MBE JP

Deputy Chairman Deputy Chairman Michael Welbank Deputy Joyce Carruthers Nash OBE Deputy

Aldermen Aldermen Roger Gifford John Garbutt Sir Paul Judge The Hon. Philip John Remnant CBE John Richard Cottam White TD Alan Colin Drake Yarrow Sheriff Commoners Kenneth Edwin Ayers MBE Deputy Commoners John Leslie Bird OBE Alex Bain-Stewart MSc JP Raymond Michael Catt John Alfred Barker OBE Deputy William Barrie Fraser OBE Deputy Mark John Boleat The Revd. Stephen Decatur Haines MA Deputy John Brewster Michael Henderson-Begg John Douglas Chapman Charles Edward Lord OBE JP Deputy Pollyanna Sarah Davies Vivienne Littlechild JP The Revd. Dr Martin Raymond Dudley Jeremy Paul Mayhew MA MBA Peter Gerard Dunphy Wendy Mead Sheriff and Deputy Sophie Anne Fernandes John Fletcher Ex-Officio Marianne Bernadette Fredericks The Rt Hon the Lord Mayor David Hugh Wootton Archibald Duncan Galloway OBE Tom Hoffman LL.B The following were Members of the Committee within the Robert Picton Seymour Howard period 1 April 2011 – 31 March 2012, but were no longer on Michael Hudson the Committee on 31 March 2012: Clare James MA Alderman Sir Michael David Bear BSc(Eng) MBA Stanley Keith Knowles MBE Deputy The Revd. Dr Martin Raymond Dudley Oliver Wynlayne Lodge TD BSc Barbara Patricia Newman CBE Brian Desmond Francis Mooney MA Sylvia Doreen Moys John Richard Owen-Ward MBE Deputy Ann Marjorie Francesca Pembroke James Henry George Pollard Ian Christopher Norman Seaton Jeremy Lewis Simons MSc John Hedley Spanner TD Angela Mary Starling Mark Twogood

The following were Members of the Committee within the period 1 April 2011 – 31 March 2012, but were no longer on the Committee on 31 March 2012: Dorothy Charlton Robinson BA MA

66