Bridge House Estates

The Trustee’s Annual Report and Financial Statements for the year ended 31 March 2009

Registered Charity 1035628 Reference and Administrative Details Contents Bridge House Estates is a Trust governed by various instruments which are mentioned below. In April 1994 it was registered with the Charity Commission. Structure, Governance and Management 1 Charity Name Objectives and Activities 3 Bridge House Estates Aims, Achievements, Performance and Future Plans 5 Other Working Names Financial Review 11 Bridge House Estates Trust Fund Explanation of The Financial Statements 13 Bridge House Trust Responsibilities of the Trustee 13 Bridge House Grants Adoption of the Annual Report and Financial Statements 13 The City Bridge Trust Independent Auditors’ Report 14 Charity Number Report of the Audit Review Panel 15 1035628 Statement of Financial Activities 16 Registered Address Balance Sheet 17 Guildhall, London, EC2P 2EJ Cash Flow Statement 18 Trustee Notes to the Financial Statements 19 The Mayor and Commonalty & Citizens of the City of London List of Grants Approved 30 Chief Executive The Town Clerk of the City of London Corporation Membership of Committees 35 Treasurer The Chamberlain of London Solicitor The Comptroller and City Solicitor Bank Lloyds TSB Bank plc Discretionary Fund Managers GMO Woolley Ltd, Pryford International Plc, Ruffer LLP, Southeastern Asset Management. Auditors Deloitte LLP, Chartered Accountants and Registered Auditors, 2 New Street Square, London EC4A 3BZ Banking Auditors Everett & Son, 35 Paul Street, London, EC2A 4UQ Structure, Governance and Management

Founders A full list of Committee Members is shown on pages 35-36. By various bequests over the centuries In making appointments to committees, the Court of Common Governing Instruments Council will consider the recommendations of the ward deputies, A Royal Charter of the year 1282 who will take into consideration any particular expertise and The Blackfriars Bridge Act 1863 knowledge of the Members. The Blackfriars and Southwark Bridges Act 1867 Policies and procedures for the induction and training The Corporation of London (Tower Bridge) Act 1885 of trustees The Corporation of London (Bridges) Act 1911 The City of London Corporation makes available to its Members seminars and briefings on various aspects of the City’s activities, A supplemental Royal Charter of 26 November 1957 including those concerning Bridge House Estates, as it considers are The London Bridge Act 1967 necessary to enable the Members to efficiently carry out their duties. The City of London (Various Powers) Act 1979 section 19 The City Bridge Trust Committee has an ongoing commitment The Charities (Bridge House Estates) Order 1995 (S.I.1047) to learning and development. The Trust has Investor in People accreditation which is an external validation of the approach to An Order of the Charity Commission sealed 10 July 1997 valuing and developing the skills of both Committee Members An Order of the Charity Commission sealed 20 July 1998 (251.98) and staff. The Charities (Bridge House Estates) Order 2001 (S.I.4017) Elected Members of The City Bridge Trust Committee have an as amended by the Charity Commission Scheme dated induction including a briefing on the roles and responsibilities of 26 August 2005 charity trusteeship, highlighting “self benefit” and conflicts of interest The Charities (Bridge House Estates) Order 2007 (S.I. 2007/550) for corporate trustees and public benefit requirements. The history, Various statutes and the Royal Charter of 1957 confirmed the title policies and procedures of the Trust are also covered and Members of the Mayor and Commonalty and Citizens of London as a corporate body of the Committee receive detailed policy guidelines and copies of and interpreted this to mean the City of London Corporation. published materials. Trustee selection methods New Members of the Committee join staff on visits to voluntary For practical purposes the Trust was managed during the year organisations and observe the assessment and monitoring by five committees of the City of London Corporation, membership processes of the Trust. Members also regularly attend the of which is drawn from the Court of Aldermen and the Court of promotional events of charities which the Trust supports and report Common Council. Members of the Court of Aldermen and Court back on these to fellow Committee Members, broadening the of Common Council are elected by the electorate of the City knowledge base of the Committee and improving decision making. of London. The Annual Report and Financial Statements are The Chairman of The City Bridge Trust Committee attends training reported to the Common Council of the City of London Corporation events organised by the Association of Charitable Foundations for each year. The audit firm is appointed from a panel of six partners chairmen of charitable foundations. of firms who are elected by Common Hall (a meeting of the Livery Regular briefings are given to Members of the City Bridge Trust of London). The Committees of the City of London Corporation Committee at their ten meetings per annum to update them on with responsibility for managing the Charity are as follows: charity legislation and a wide variety of issues affecting voluntary City Lands and Bridge House Estates Committee responsible and community activity in London. Examples over the past year for the management of the Trust’s commercial estates held for have included briefings on the impact of the recession on London’s investment purposes and the tourism operation at Tower Bridge. third sector, regular updates on child poverty and reporting about new approaches to philanthropy and Corporate Social Responsibility. Policy and Resources Committee responsible for allocating resources to the other Committees administering the Trust and At least two substantial papers are produced for Members of the for determining the investment strategy between property and Grants Committee each year giving detailed statistical and qualitative non-property investments. analysis of the monitoring of the Trust’s funding and its impact. Such information ensures the Committee is kept properly briefed as to Finance Committee responsible for managing the non–property emerging trends in order to inform both strategic and operational assets of the Trust and controls support costs and other central planning. Reporting against the business plan is given to all charges that affect the Trust as a whole. Committees managing the charity on a quarterly basis. Planning and Transportation Committee responsible for the Organisational structure and decision making process construction, maintenance and upkeep of the bridges with the The Committees governing the Charity’s activities are noted above. exception of the tourism operation at Tower Bridge. All these Committees are ultimately responsible to the Court of The City Bridge Trust Committee is responsible for giving individual Common Council of the City of London. The decision making grants up to £500,000 to voluntary organisations in accordance with processes of the Court of Common Council are set out in the the cy-près scheme which was agreed by the Charity Commissioners Standing Orders and Financial Regulations governing all the and Parliament in April 1995. Any grant above £500,000 has to be Court of Common Council’s activities. The Standing Orders and agreed by the Court of Common Council. The working name of the Financial Regulations are available from the Town Clerk at the grant-making activity is The City Bridge Trust. registered address.

1 Structure, Governance and Management continued

Details of related parties and wider networks The Mayor, Commonalty and Citizens of London interpreted to mean the City of London Corporation is the Trustee of Bridge House Estates and all Members of the Committees governing the Charity’s activity are appointed by that body to act on its behalf. The City of London Corporation also employs all staff and allocates staff time in accordance with the activities worked on by those staff. 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 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. Public Benefit Statement The objects of the charity are the maintenance of river bridges and grant making and related activity for the benefit of Greater Londoners. 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 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.

2 Objectives and Activities

The Trust’s origins and income The River Bridges The Trust’s origins can be traced back to 1097 when William Rufus, The core business of the Charity has been for many centuries the second son of William the Norman, raised a special tax to help repair bridges. The Charity in some cases has built, and now maintains London Bridge. By the end of the twelfth century, the shops and five of the bridges that cross the Thames into the City of London – houses adorning Peter de Colechurch’s new stone London Bridge Blackfriars Bridge, Millennium Bridge, Southwark Bridge, London were beginning to generate not only increased cross-river trade, but Bridge, and Tower Bridge. The maintenance and eventual also increased taxes, rents and bequests. A significant fund began replacement of these bridges remains the prime objective of the to accumulate and it was administered from a building on the south Charity. They are gateways to the City and require sustained and side of the bridge called Bridge House. Over succeeding centuries expert maintenance. this fund has been skilfully administered by the City of London, which Blackfriars Bridge was confirmed as Trustee in the supplemental Bridge House Royal The first Blackfriars Bridge was originally built between 1760–1769 Charter of 1957. and was known as ‘Pitt Bridge’ after William Pitt. This structure was The income of the Trust is derived from property rents and invested replaced between 1860–1869 with a design by Joseph Cubitt of monies. It can be used for the provision of facilities for visitors at five wrought iron arches faced with cast-iron, on granite piers. Tower Bridge, maintenance of all the Thames bridges, and the The decorations include ornithological sculptures surmounting maintenance and protection of the Trust’s income-producing the granite columns on each cutwater, archaded cast iron parapets assets, such as its portfolio of commercial property. After these and enormous attached columns in red granite with Portland stone responsibilities have been met, the Trust can use any surplus income capitals. The sculptures depict land birds on the landward side of for charitable grants benefiting the inhabitants of Greater London, the bridge and sea birds on the side facing the sea. Queen Victoria under a scheme agreed with the Charity Commissioners in 1995. opened the bridge in 1869 and it remains the busiest of the four Part of the Trust’s capital is invested in stocks and shares, in road bridges in the City with an average of 34,000 vehicles passing accordance with the investment powers of the Trust. over it each day. There is no weight limit for vehicles. The Bridge House Estates mark has been the identifying emblem The Millennium Bridge of the Charity for many centuries. It is likely that the mark as we The first new pedestrian bridge to be built across the Thames for know it today was designed by William Leybourn, a famous over a century, the Millennium Bridge links the City at St Paul’s seventeenth century surveyor. Leybourn is thought to have adapted Cathedral with the Tate Modern Gallery at Bankside. It provides an a similar mark drawn against plots owned by Bridge House Estates invaluable link between north and south of the river for commuters on an earlier plan of St George’s Fields, London. and communities. The work of Bridge House Estates reaches out across London Funded by the Bridge House Estates and the Millennium in many important and diverse ways. 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 16,600 vehicles which cross the bridge every day. 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.

3 Objectives and Activities continued

Tower Bridge The Grant-Making Activity (The City Bridge Trust) Tower Bridge, built between 1886–1894, was the first bridge to be The sound management of the Charity by the City of London constructed downstream of London Bridge. Designed initially by Sir Corporation means it is possible to release considerable surplus Horace Jones (former City of London Architect) and completed by funds in support of the second key area of Bridge House Estates’ the engineer Sir John Wolfe Barry, it was the most ambitious bridge work – namely the provision of vital assistance to charitable of its time having two moving bascules to allow passage for all ships. organisations across Greater London. This wide-ranging support Originally providing a route for shipping to unload their cargo at the amounted to £15.24 million (excluding write backs) in 2008/09 wharves in the Pool of London, the vessels currently requesting (2007/08 £15.95 million) and was used in accordance with our bridge lifts are normally tourism and hospitality craft. Tower Bridge governing instruments: is a red route on the outer edge of the Congestion Charging Zone • In or towards the provision of transport, and access to it, for and experiences heavy road traffic. elderly or disabled people in the Greater London area; and The Bridge is an icon of London and a must see for tourists. • For other charitable purposes for the benefit of the inhabitants An exhibition was opened to the public in the Bridge in 1982 of Greater London in such ways as the Trustee thinks fit. and features magnificent views from the Walkways and the original It is the Trust’s policy not to give funds to statutory bodies or to Victorian Steam Engines in the Engine Rooms in Shad Thames. relieve a statutory body of a statutory duty. In addition, private and corporate events are held in The Walkways, This Annual Report looks at the work of the Trust for the financial North Tower Lounge, Engine Rooms and the Bridge Master’s year ended 31 March 2009. It describes the Trust’s activities in Dining Room which is licensed to hold weddings and civil both bridge maintenance and grant giving, and provides a full partnership ceremonies. statement of accounts and grants awarded. Further copies of this The Tower Bridge Act of 1885 confers a statutory obligation on the Annual Report and a detailed account of the grant-making, which City of London Corporation, as custodians of the Bridge, to lift it on can be found in the City Bridge Trust’s Annual Review 2009, are demand to allow access by shipping to and from the Upper Pool of available from: London at any time provided a minimum of 24 hours notice is given. This obligation has been fulfilled since the official opening of the The City Bridge Trust Bridge in June 1894 and in the calendar year 2008, it was lifted 928 City of London Corporation times, mainly for vessels associated with tourism or hospitality. PO Box 270 Bridge lifts are crewed by technical and security staff. Guildhall The Exhibition which features the Towers, the Walkways and London EC2P 2EJ the Victorian Engine Rooms focuses on the high level views, the engineering and the rich history of Tower Bridge. Information 020 7332 3710 is presented through interpretation panels and boards in seven citybridgetrust@cityoflondon.gov.uk languages, computer interactives and three film shows, supported www.citybridgetrust.org.uk by Tour Guides. It attracted circa 420,000 paying visitors in 2008/09 of which around 75% were foreign tourists. The Bridge is also a prestigious venue for corporate and private events and the 149 events held in 2008/09 produced significant income.

4 Aims, Achievements, Performance and Future Plans

The Charity’s main objectives for the year were to continue to • Obtained a weddings licence for the North Tower Lounge; maintain the five river bridges as an important part of London’s • Designed and produced a new Exhibition stand for trade shows; infrastructure and transport links, in accordance with the ongoing • Undertook specialist painting of the Steam Pumping engines; maintenance programme and to provide grants to voluntary organisations in accordance with the grant giving policies. • Upgraded the visitor toilets in the North Tower; Tourism at Tower Bridge • Externally improved ‘C’ Yard and Gift Shop; Tourism at Tower Bridge, as well as generating income for the • Improved the Security Area Entrance; Charity allows internal access to this magnificent iconic structure so • Installed a modern well equipped finishing kitchen area in the visitors from all over the world can enjoy and learn more about the South Tower Level 3; history of the Bridge and the role it played in the City of London’s • Adapted top floor of the office block to accommodate Event development. Its main aim is to achieve: Management Staff; and ‘an excellent operational service and successful tourism • Appointed ‘Fizz’ as sole caterer for the Bridge Master’s Venues. business at Tower Bridge through continually improving operations and customer services and by investing in staff’. Delivering excellent customer care is an essential part of achieving Targets for 2008/09 Target Actual Tower Bridge’s main aim. Without customers there would be no Achieve tourism income targets: tourism or operational business at Tower Bridge. The groups of customers are made up of visitors to the Exhibition, guests to – Ticket Income 100% 114% corporate and private events and the use of the Bridge for its original – Retail (Shop, vending etc) 100% 154% intended function ( i.e. river traffic, motorists and pedestrians). – Venue Hire 100% 138% For 2009/10 work will continue to improve the quality of Receive at least 500 visitor feedback forms experience on offer at Tower Bridge to the customer to support per month 100% 100% the assertion of ‘A Vibrant and Culturally Rich City’ as promoted by the City Corporation. Achievement of customer care standards 90% 90% Aims and achievements: Increase the number of visitors completing In 2008/09 eight main tourism objectives were set and achieved. the full tour to the Engine Rooms 82% 81% These are as follows: Answer all telephone calls including visitor • The implementation of the staffing review of the Management, enquiries within 20 seconds 89% 99% Finance, Administration and Marketing functions at Tower Bridge; • To carry out improvements in accordance with the design scheme Overall performance and within available budget for upgrading the Walkways Exhibition Performance of Tower Bridge Tourism has been exceptional this to modernise and improve customer experience; year with 420,036 visitors gaining access to the Exhibition, • To carry out Phase 1 redevelopment of the Tower Bridge 149 corporate and private venue hires, increased retail sales and website to produce a more attractive and functional site able use as a filming location 32 times. Encouraging visits to the second to persuade visitors and corporate clients to visit or hire venues part of the Exhibition in the Engine Rooms has been a continuous at Tower Bridge; challenge for the year made more difficult by the various stages of • To carry out a review of Customer Care Monitoring systems the restoration works. and processes; Plans for 2009/10 • To plan for and minimise the effect on tourism business of To continue our improvement momentum, nine key objectives have programmed major works at Tower Bridge which includes been identified for the coming year: electrical works, a complete repaint and stone cleaning; • To prepare a capital bid to secure funding for a programme of • To re-launch the Monument after its refurbishment to ensure that improvements to areas of the Bridge accessed by exhibition it attracts the required number of visitors to sustain its operation visitors and events clients, for submission to the July 2009 as a visitor attraction; meeting of the City Lands and Bridge House Estates Committee; • To introduce in the Ticket Office promotional activities with themes • To successfully embed the outsourced Events Management linked to the Exhibition’s temporary display programme to capture contract for the Walkways at Tower Bridge by 31 March 2010; more walk past visitor trade; and • To mitigate the effects of the Bridge restoration works on • To carry out a review of operational procedures in order operations, visitors to the exhibition, events clients and other to reinforce and reflect the integration of Security and stakeholders throughout 2009/10; Technical teams. • To manage the effects of the Potters Fields development to Additional achievements made in the year include: achieve the optimum outcome for the operational and tourism • Successfully outsourced Events Management in the Walkways business activities at the Bridge; to Seasoned Events; • To successfully re-establish the tourism business at the Monument • Installed the ‘Great Bridges of the World’ exhibition to the through effective marketing to attain target visitor numbers and West Walkway; income by 31 March 2010; • Installed modern Event Lighting system in the Walkways; • Installed Wi–Fi connectivity throughout the Bridge; 5 Aims, Achievements, Performance and Future Plans continued

• To complete the 2009/10 elements of the Exhibition Development Plans for 2009/10 Plan by 31 March 2010; • Principal Inspections: • To successfully increase the use of the Bridge Master’s Venues (i) Southwark Bridge; through active marketing and achievement of agreed targets by (ii) Southwark Bridge North Approach; 31 March 2010; (iii Southwark Bridge South Approaches; and • To implement improved customer feedback and evaluation (iv) Park Street Bridge (part of Southwark Bridge). systems for all services by 31 March 2010; and • General Inspections: • To produce a high quality Bridge Lifting Presentation Pack for (i) King William Street Bridge (part of London Bridge); selective distribution by September 2009. (ii) King William Street – North Vaults (part of London Bridge); The River Bridges A small team within the Projects Division of the City Surveyor’s (iii) King William Street – South Vaults (part of London Bridge); Department is responsible for the crossings and their approach (iv) King William Street Pedestrian Subway (part of London Bridge); structures, entrusted to Bridge House Estates along with the City’s and other highway structures. The maintenance of the highway surface is (v) Duke Street Hill Footbridge (part of London Bridge). undertaken by the Director of Environmental Services on Southwark • Replacement of Bridge Joints on London Bridge; and the Millennium Bridge which form part of the City of London Highway network. Street and flood lighting is maintained by the • Waterproofing the deck of Park Street Bridge; Director of Environmental Services on all river Bridges. • Continue the removal of paint and application of new protective Aims: coatings to the north shore span and north approaches of • To fulfil the prime objectives of the Trust to maintain the five river Tower Bridge; Bridges and their approach structures; and • Renovate the lighting columns on Tower Bridge North Approach; • In conjunction with Transport for London (TfL), London Borough • Approval to EDF Energy plc proposals to modify and place of Southwark, and the Greater London Authority, ensure the safe additional high voltage cables across Southwark Bridge; movement of all forms of traffic, across and below the Bridges. • Investigate water leaks to the Tower of London Vaults below Achievements: Tower Bridge North Approach viaduct; This year we have: • Continue discussions with Thames Water concerning the • Completed general inspections to: proposals to build the Thames Tideway tunnel; (i) Blackfriars Bridge; • Continue to liaise with Port of London Authority for their proposals (ii) Blackfriars Bridge South Subway; to revise navigation; and (iii) London Bridge; • Continue to liaise with Network Rail and TfL for the major development work at Blackfriars Station to ensure the Bridge (iv) London Bridge South Approach; is not compromised. (v) Tower Bridge; and The Grant-Making Activity (The City Bridge Trust) (vi) Tower Bridge North and South Approach Structures. A scheme was agreed by the Charity Commission in 1995 which • Completed principal inspections to: enabled the Trust to use its surplus income after meeting its (i) Millennium Bridge including the first major inspection of the responsibilities for the maintenance and replacement of the bridges, dampers. referred to in the preceding pages, for charitable purposes benefiting the inhabitants of Greater London. • Completed works to replace the protective coating to span 1 of Southwark Bridge and commenced works on span 5; Mission The City Bridge Trust aims to address disadvantage by supporting • Completed works to replace the protective coating to the south shore span of Tower Bridge; charitable activity across Greater London through quality grant- making and related activities. • Appointed Consultant and Contractor to renovate the Lighting columns on Tower Bridge North Approach; This year the Trust launched and implemented Working with • Continue to respond to a number of enquiries for the use Londoners, our new grants programmes developed through the of the Millennium Footbridge for various events and a selection process of our Quinquennial Review (2007/08). Our previous of filming proposals; Main Grants programme for medium-sized and larger charities ran through the earlier part of the year with the final awards being made • Continue liaison with Network Rail and TfL for the major in July 2008. The final awards on our Improving Services for Older development work at Blackfriars Station to ensure the Bridge People programme for small community organisations were made is not compromised; in March 2009. Our Special Edition programme Young People and • Continued discussions with Thames Water concerning the Parents Tackling Violence was launched in July 2008 and grants proposed Tideway Tunnel below the River Thames; and were awarded up to March 2009. • Replaced a cracked bearing pad on the south Bascule Details of all the grants approved in 2008/09 are shown on pages of Tower Bridge. 30-34 and a full report on the grant giving is provided in The City Bridge Trust’s Annual Review 2009 which is a separate publication.

6 The Grant-Making Policies Strategic Aims and Key Achievements for 2008/09 were: Each programme has clear and well publicised priorities which are • To reduce disadvantage across Greater London through quality actively promoted within the third sector through a communications grant-making and ancillary activities: strategy, roadshows and presentations. These priorities are regularly – Launched and implemented new funding programmes following reviewed in consultation with the third sector, other funders (public a comprehensive five-year review of our programmes and and independent) and senior policy makers. approach within the context of London’s changing needs; Details of policy and procedures are available in our publication – Collaborated with other funders and key third sector ‘Working with Londoners’. You can also find them on our website organisations to identify the impact of the recession on London’s www.citybridgetrust.org.uk. The website lists all grants awarded third sector; meeting by meeting and illustrates, through case studies, the sort of – Worked with third sector infrastructure in each London borough work which is supported and public benefit expected to be derived. to identify and meet local needs; Most of our programmes have no deadlines for applications and it is – Expended our grants budget and processed 532 applications; the target to process an application within four months. Occasionally we run time limited grants programmes. During 2008/09, Young – Managed 1,144 grants already awarded; People and Parents Tackling Violence and Improving Services for – Completed a programme of 61 monitoring and evaluation visits Older People closed to new applicants in October 2008. The City and processed 540 self-evaluation returns of which 55% were Bridge Trust Committee, the decision-making body, holds ten considered good or very good. meetings per year in public. All applicants have access to reports • To contribute to making London a more sustainable world city and recommendations written about them as these are in the through supporting sustainable development initiatives and public domain. environmental education: Applicants are encouraged to contact the Trust for initial guidance – Delivered the final year of ‘Improving Services for Older People’; before making an application. Feedback can be provided on unsuccessful applications. – Delivered ‘Young People and Parents Tackling Violence’; – Promoted the work of the ‘Fear and Fashion’, tackling knife Grant-Making Strategy 2008/09 culture collaboration; The Trust’s broad objectives are governed by its charitable objectives and are set out in its business plan. These are modified in the light of – Continued to develop ‘Fear and Fashion’ exploring alternatives changing needs as they arise. The business plan is available on to knife culture; request. Consultation is a key element of our iterative approach and – Jointly received the prestigious National Energy Efficiency award informs our strategy. in the Community and Voluntary Sector category. Improving Services for Older People • To strengthen the Third Sector in London and thereby its Our programme of support for small organisations ‘Improving capacity to be effective both in service delivery and as a key part Services for Older People’ aimed to strengthen organisations as well of civil society: as fund services. A capacity building consultant is allocated to each – Collaborated extensively with policy makers in London, regional successful applicant and the Trust pays for them to work with the and local government, colleagues in the third sector and the organisation to improve management and sustainability. Although grant-making community; closed to new applicants, 115 grants remained in management at – Funded the Centre for Accessible Environments for an the close of 2008/09. Access and Sustainability Adviser post to provide advice and We commissioned the Institute of Voluntary Action Research (IVAR) information to VCOs wishing to make their buildings more to evaluate the new approach of the programme and this was accessible and sustainable; completed in summer 2008. Findings will help inform our approach – Commissioned Charities Evaluation Service to give training to supporting small community organisations and will be shared with on monitoring and evaluation to our grant holders; other grant makers over the coming months. – Completed the Media Trust project to give communications Implementing the Quinquennial Review training to our grant holders. We hold five-yearly reviews of our grant-making strategy to ensure that it is in tune with changing need and new issues affecting • To disseminate and manage the knowledge gained through London’s third sector. grant–making and Strategic Initiatives, in order to maximise impact for London: Last year we reported on a major consultation and review undertaken in 2007/08, including bi-lateral meetings with third sector – Commissioned an external evaluation of ‘Improving Services leaders, opinion formers and other funders. This year we for Older People’; implemented the new programmes, ‘Working with Londoners’, – Continued an external evaluation of ‘Fear and Fashion’; which were put in place as a consequence of the review. The new – Involved in planning a joint City of London/Association of programmes were launched in July 2008 and promoted through Charitable Foundations event about community cohesion funding road shows across London, in the third sector press and with keynote speaker The Most Reverend Dr Desmond Tutu, using other third sector networks. The first grants under this new Archbishop Emeritus; programme were awarded in October 2008. – Implemented the interim findings of the eco-audit project ‘Greening the Third Sector’, disseminating findings in a series of seminars and conferences.

7 Aims, Achievements, Performance and Future Plans continued

Knowledge Management Older Londoners The Trust is in a key position to ‘recycle’ the learning from the work Aims: we fund. We are taking a proactive approach in a number of ways. We aim to assist older Londoners to enjoy active, independent During the year we produced a series of occasional papers in and healthy lives and support older people with dementia a publication ‘The Knowledge – Learning from London’ on and Alzheimer’s. embedding good ICT practice and Fear and Fashion. Achievements 2008/09: We worked closely with other funders and third sector partners Older people over 75: 3 grants totalling £72,000 to improve our practice for the benefit of all. We plan to further Healthy lifestyles with older people over 65: 7 grants develop our use of the website for knowledge management in totalling £389,810 the coming year. Supporting people living with dementia or Alzheimer’s: Grant-Making 2008/09 2 grants totalling £162,150 532 applications Positive transitions to independent living 268 grants totalling £15,790,822 (including write backs) Aim: 49% success rate. We aim to sustain people through some of the hardest Write backs relate to grants given in either the current, or previous of life’s transitions. financial years, that are no longer capable of being used for the Achievements 2008/09: purpose for which they were given. They are therefore written back People with a newly acquired disability: 1 grant totalling £122,000 to the grants budget for re-distribution in the current year. The write backs for the year amounted to £555,327 (2007/08: £953,713). Young disabled people: 5 grants totalling £283,600 Disabled people managing independent living: 3 grants Working with Londoners – grants awarded from totalling £265,500 October 2008 Our new five year programmes were published during the year under Young care leavers: 1 grant totalling £63,000 the collective title ‘Working with Londoners’. The first grants were Resettlement work with ex–offenders: 3 grants totalling £300,000 awarded in October 2008. Strengthening the third sector Accessible London Aim: Aim: We aim to fund second tier organisations so that they can We aim to enable disabled people to participate fully in society. strengthen the third sector to deliver better services. Achievements 2008/09: Achievements 2008/09: Accessible arts and sports: 4 grants totalling £105,300 Increase and improve volunteering: 7 grants totalling £602,200 Access to buildings: 16 grants totalling £405,570 Minority ethnic and refugee organisations: 1 grant totalling £65,625 Bridging communities New approaches to ICT: 2 grants totalling £200,000 Aim: Improving financial management: 1 grant totalling £64,700 We aim to build on commonalities between communities, Special Edition: Young People and Parents Tackling Violence encouraging groups to come together in common cause. Aims: Achievements 2008/09: We aim to help parents and young people to reduce conflict and Leadership initiatives: 7 grants totalling £492,275 bullying and the negative impact of violence. English language skills: 3 grants totalling £187,500 In July 2008 we launched a time-limited scheme, Young People Improving Londoners’ mental health and Parents Tackling Violence which closed in October 2008. Aim: We awarded 18 grants totalling £1,248,415 by the end of March We aim to improve the mental health of Londoners, especially 2009. The majority of the remaining grants on this programme those with limited access to mainstream services. will be awarded early in the following financial year. Achievements 2008/09: Main Grants – final awards made July 2008 Children and young people: 1 grant totalling £50,000 There were five themes in this programme, each with clear aims, objectives and priorities. Successful applicants had to demonstrate Homeless or transient people and rough sleepers: 1 grant how their work would help us achieve our aims and objectives. totalling £50,000 Thorough but proportionate monitoring and evaluation of all grants Trauma amongst refugees and asylum seekers: 2 grants enables us to assess how the work has made a difference. totalling £207,000 Access for disabled people Resettlement support: 3 grants totalling £210,000 Aim: London’s environment We aim to reduce disadvantage experienced by disabled people Aims: enabling independent living and removing barriers that prevent full We aim to educate Londoners about environmental good practice participation in society. and maintain and enhance London’s biodiversity. Achievements 2008/09: Environmental education: 4 grants totalling £171,100

8 Achievements 2008/09: Strategic Initiatives Arts & leisure: 6 grants totalling £298,370 Up to 5% of the Trust’s budget can be used for strategic initiatives Access to buildings: 9 grants totalling £656,700 which are often proactive and have the potential for impacting a wide range of stakeholders. This year was dedicated to a Strengthening families: 9 grants totalling £652,450 number of initiatives which could help share learning and bring Access to transport: 5 grants totalling £304,750 organisations together. London’s environment Fear and Fashion Tackling Knife Culture Aim: • Four exemplar projects, three in ‘Brent and Westminster’ and We aim to improve the quality of London’s environment and one in Southwark, are developing new ways of diverting young its sustainable development. people from carrying knives and equipping them with skills to Achievements 2008/09: say ‘no to knives’; Environmental education: 7 grants totalling £627,860 • The Fear and Fashion website is providing youth workers, parents, Reducing London’s environmental footprint: 5 grants the police, policy makers and the general public with the latest totalling £367,950 information on knife culture and has attracted 700 members making 2,000 visits a month; and Children and young people Aims: • The Trust commissioned Refuge and NSPCC to undertake a We aim to improve the life chances of children and young mapping research project examining services for children and people who are at risk and encourage children and young young people affected by domestic violence across London. people to live responsibly. Other Strategic Involvement Achievements 2008/09: • Officers from the Trust are committed to working collaboratively Children and young people at risk: 12 grants totalling £905,480 with colleagues in the wider funding community. The Chief Grants Officer is the Chair of the Association of Charitable Foundations, Responsible living: 6 grants totalling £675,000 a national membership organisation for charitable trusts; Older people in the community • The Deputy Chief Grants Officer is the chair of London Funders, Aim: a cross-sectoral membership organisation of funders in London; We aim to improve the quality of life of older Londoners, particularly • The Deputy Chief Grants Officer, working with the British Council, those disadvantaged by ill health or poverty and to enable older is advising on the development of intercultural dialogue tools; and people to take a full and active part in society. • The Trust was involved in planning a joint City of London/ Achievements 2008/09: Association of Charitable Foundations event about community Enriching life in residential care: 2 grants totalling £83,000 cohesion with keynote speaker The Most Reverend Dr Desmond Improving quality of life: 21 grants totalling £1,705,880 Tutu, Archbishop Emeritus. Strengthening the Voluntary and Community Sector Evaluating Impact Aim: We are committed to carefully evaluating each of the grants we We aim to strengthen the voluntary and community sector so make. We use the information from organisations’ monitoring reports that it can deliver effective, efficient and sustainable services helping to reflect on the overall effectiveness of our grant-making. reduce disadvantage. The forms are ranked according to how well the organisation has Achievements 2008/09: met its objectives and the quality of the supporting information. An Standards: 6 grants totalling £585,000 overall assessment of the quality of the work and the report is then Sustainability: 13 grants totalling £1,390,120 made on a continuum of ‘poor’, ‘satisfactory’, ‘good’ and ‘very good’. This is a complex process balancing and judging the quality Improving Services for Older People – of the work and the organisation’s capacity to monitor and evaluate. Grants and Capacity Building Of the 540 forms dealt with during 2008/09 55% were ranked as Aims: ‘good’ or ‘very good’. Of the 5% considered ‘poor’, this can reflect We aim to help small organisations improve their services poor reporting rather than poor quality of work. to older people. There remains a need in the third sector for more training in Objectives: monitoring and evaluation. We have, therefore, continued to fund the • To support quality services for older people; and Charities Evaluation Services to provide discounted training to our • To improve the management of such services to older people grant recipients. Organisations tell us they find this very useful. by providing an additional consultancy package to strengthen Monitoring and evaluating individual grants is relatively and sustain the organisation. straightforward and our systems for achieving this are developed and Other Grants robust. Evaluating whole programmes is much harder, however Exceptional Grants during 2008/09 we have been evaluating two existing programmes Exceptionally, grants are also awarded in response to new needs or (Fear and Fashion and Leadership and Reconciliation) and will devise circumstances such as a major catastrophe impacting on London. a methodology for evaluating our latest special edition, Parents and Young People Tackling Violence, in the coming months. Achievements 2008/09: 5 grants totalling £343,500

9 Aims, Achievements, Performance and Future Plans continued

Monitoring Grants The recession Our approach to monitoring is proportional to the size of grant We will consult widely about the impact of the recession on the third so as not to overburden small organisations. sector in London and work with other funders and key voluntary • Each organisation is asked to report annually on the impact of its organisations to help mitigate potential negative impact. work and to provide annual accounts. A basic monitoring form is Improving Services for Older People used for grants of less than £10,000 with a more detailed form We will manage the 115 existing grants totalling approximately being used for grants of over £10,000. This enables us to collect £1.5 million, in each case accompanied by consultancy help to information in a uniform and systematic way; strengthen the organisations and make them more sustainable. • For all grants totalling over £50,000, we require analysed statistics We will consult on how best to help small community organisations of provision and user feedback; and in the future, drawing on the findings of IVAR’s independent • An annual programme of monitoring visits is undertaken to ensure evaluation of our approach. that all revenue grant recipients are visited at least once during Leadership and Reconciliation their life, whilst organisations in receipt of a capital grant are visited We will organise a series of learning seminars for the organisations at the discretion of the grants officer. funded on this programme. Addressing Disadvantage Monitoring and Evaluation and Grants Management We carefully monitor the geographical spread of our grant making, • We will monitor all grants in management according to the policy especially to ensure we target those boroughs that do not seem described on page 7; to be getting their ‘fair share’ given their levels of deprivation. Boroughs with well-developed infrastructure often have the highest • We will progress the external evaluation of Fear and Fashion; success rates whilst the converse holds true in boroughs with less • We will progress the external evaluation of Leadership and well-developed infrastructure. Reconciliation; and A Targeted Approach • We will devise an evaluation approach to Young People and Fortunately, many boroughs with high levels of deprivation, for Parents Tackling Violence. example, Tower Hamlets, Newham and Islington, have success 800th anniversary levels that reflect their position on the Government’s Index of Multiple We will mark the 800th anniversary of the completion of the first Deprivation. This index combines a number of indicators, chosen to stone London Bridge in 1209 with a conference on building bridges cover a range of economic, social and housing issues, into a single between communities in contemporary London. deprivation score for each small area in the country. However, we Overall improvement objectives also know some boroughs should be faring better and we prioritise We will: these boroughs when promoting the Trust. In Haringey, for example, officers have taken a more targeted approach by working proactively • Promote and implement the ‘Working with Londoners’ with the local council for voluntary service and local authority officers. grants programme; This has resulted in a higher proportion of successful applications • Expend our annual grants budget and effectively manage from this borough. According to 2008/09 figures, the borough all grants and initiatives in our portfolio; receiving the least support from the Trust relative to deprivation is • Monitor and evaluate grants in accordance with our monitoring Greenwich. We will therefore target development effort in Greenwich. and evaluation strategy and to report fully on the implication Type of funding of findings; More than two-thirds of our grants are for revenue and are awarded • Fully consider our response to the implications of the recession over two or three years. Such commitments are vital in helping for our grant making and London’s third sector; organisations plan ahead and develop services. • Consult widely regarding the needs of small community Types of funding 2008/09 organisations; • Progress external evaluations of Fear and Fashion, Leadership and Reconciliation and Young People and Parents Tackling Violence; • Progress our current Strategic Initiatives and respond to emerging issues with new initiatives as appropriate; • Undertake Knowledge Management projects to better disseminate and use the learning emerging from grants evaluations; • Produce two editions of ‘The Knowledge – Learning from London’; Capital 9% • Organise a conference on the theme of ‘community cohesion’ One year revenue 20% Two or three year revenue 71% to celebrate the 800th anniversary of the completion of ‘Old London Bridge’ in 1209; and • Work with the third sector infrastructure and London Borough Future plans of Greenwich officers to increase the Trust’s funding in ‘Working with Londoners’ Greenwich borough. We will award about 200 grants totalling approximately £15 million in 2009/10 for proposals which most closely accord with our The Charity does not involve volunteers to carry out any of its programme aims and objectives. activities. The City Bridge Trust Committee comprises of unpaid elected members. In 2009/10, the grants budget will be £15 million. This is the same as the 2008/09 budget. 10 Financial Review

Review of financial position The achievements of the Trust for the year are described on pages 5-10. The total net income from continuing operations available for charitable purposes for the financial year ended 31 March 2009 was derived from: Resources 2008/09 2007/08 expended Net Net Incoming generating incoming incoming resources funds resources resources £m £m £m % £m % Managed investments and interest 15.2 1.9 13.3 46 14.5 46 Investment properties 24.0 9.2 14.8 52 16.7 53 Voluntary Income 0.3 – 0.3 1 –– Tourism at Tower Bridge 2.5 2.2 0.3 1 0.4 1 Net income available 42.0 13.3 28.7 100 31.6 100

The total expenditure for direct charitable purposes and governance costs were: 2008/09 2007/08 £m % £m % Direct charitable expenditure Repair and maintenance of bridges 5.6 25 3.3 16 Grants to voluntary organisations 15.2 67 16.0 76 Grants administration 1.0 4 0.8 4 Governance costs 0.8 4 0.9 4 Total charitable and other expenditure 22.6 100 21.0 100 Net incoming resources for the year 6.1 10.6

The recognised net losses on managed investments were £53.5 million (2007/08 loss of £31.5 million). Net losses on property investments were £86.7 million (2007/08 net loss of £7.7 million). Thus the overall decrease in funds for the year was £134.1 million (2007/08: decrease in funds of £26.8 million). 2008/09 2007/08 £m £m Net incoming resources 6.1 10.6 Other recognised gains and losses (140.2) (39.2) Decrease in funds for the year (134.1) (28.6)

11 Financial Review continued

Reserves policy For the financial year 2008/09 the Fund achieved a performance The reserves policy established by the Trustee is as follows: of -11.6%. This compares to the weighted average return achieved • The Accumulated Fund represents the free reserves of the Trust in the WM Charity Unconstrained ex property index of -19.5%. The and results from the excess of income over expenditure carried principal reason for the relative out performance compared with the forward from previous years. This fund will be utilised to meet appropriate peer group can be attributed to the fund managers’ expenditure in subsequent financial years. Current projections favourable asset allocation and stock selection during 2008/09. show that the majority of the fund; £7.4 million at the year end Investments are made by the Fund Managers in accordance with the (2007/08: £3.2 million); will be utilised in the next few years; above policy and the City expects them to pay due regard to Social, • Designated funds include a reserve set aside to produce the Environmental and Ethical considerations which should further the income required to fund the charitable activities of the Trust which long-term financial interest of the shareholders. Full details of the are maintaining and replacing the bridges and grant giving. Investment Policy are set out in the City of London Corporation’s Designated funds amounted to £568.3 million at 31 March 2009 Statement of Investment Principles which is available from the (2007/08: £699.4 million). The funds available for grants to Chamberlain of London. charitable causes, falling within the defined criteria, continue to be Property Investment Policy subject to annual review by the Policy and Resources Committee; The property assets of Bridge House Estates, which are valued • Up to 2006/07 a sum of £2.25 million per annum was invested in in excess of £333.1 million as at 31 March 2009, are managed the Bridges Replacement Fund for the potential future replacement by the City Surveyor’s Department within the context of a Member of Southwark Bridge and Blackfriars Bridge within the next 30 approved Estates’ Strategy. An annual report assessing the progress years. No contribution was made in 2007/08 or 2008/09 as the on this strategy goes before Members as does the Department’s fund was judged to be of sufficient size to fund such replacements. Business Plan and Objectives, which further address key areas No contribution is made at present in respect of London Bridge in the Estates’ management. and the Millennium Bridge, as their life expectancy is beyond 50 The overall strategy is to maintain and enhance income for the years. It is anticipated that Tower Bridge will be maintained and Trust’s activities whilst striving for overall performance by means retained in its existing form rather than being replaced. The total of a balanced portfolio of tenure types and the upgrading of the of this Bridges Replacement Fund was £71.9 million at 31 March underlying property stock through redevelopment and negotiations 2009 (2007/08: £79 million); with tenants. Key targets are: • In 2005/06 a ‘Repairs, Maintenance and Major Works’ Fund was • Implementation of the approved strategy for the Estate, and established to equalise, as far as possible, the costs of maintaining to this end a review of progress was reported to the Property the bridges over a rolling 20 year period. The total of this reserve Sub-Committee, the Finance Committee and Policy and at 31 March 2009 was £15 million (2007/08 £15.6m); Resources Committee in February 2009; • Reserves are designated in respect of financing future major works • Achieving annual performance figures above those for total return at Finsbury House and funds have been retained from dilapidations and income return for the tailored Investment Property Databank’s to fund necessary works in respect of four properties; and (IPD) City Office Benchmark; and • In 2008/09 a designated reserve was established in respect of • The ongoing consideration of the future of the largest directly the Tower Bridge Tourism activity to cover any future shortfall managed building within the Estate, 1–5 London Wall Buildings. in income that may arise due to the volatile nature of the tourism A team of external consultants was appointed in January 2008 market. The total of this reserve at 31 March 2009 was and proposals as to procurement of additional advisers to obtain £0.5 million. planning consent are expected to be considered by committee in Following a recent review by the City Surveyor of the long term July 2009. position for Southwark and Blackfriars bridges the Trustee will be The key performance indicator is the IPD benchmark. The IPD UK considering, during 2009/10, the potential merger of the separate Annual Index covers property valued at some £199.9 billion: the ‘Bridges’ Replacement Fund’ and the ‘Repairs, Maintenance and overall performance figures have recently been published for 2008 Major Works’ Fund’. and show a total return for the IPD Universe of -22.2%. By contrast Investment Policy and Objectives the Estates’ performance was -17.5%. Over the last ten years the The non-property investment portfolio has been divided between annualised total performance for the IPD Universe was +7.5% p.a. Pyrford International Plc, Ruffer LLP, Southeastern Asset whereas the performance of the Estates was +11.0% p.a. Management Inc and GMO (U.K.) Ltd. Each of these managers have been given specific performance targets. Managed investments and investment properties are revalued during the year. The difference between carrying value and historic cost is transferred to the Revaluation Reserve. 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.

12 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. Responsibilities of the Trustee Law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust at the end of the year and of its financial activities during the year then ended. In preparing the Financial Statements, the Trustee is required to: • Select suitable accounting policies and then apply them consistently; • Make judgements and estimates that are reasonable and prudent; • State whether applicable accounting standards and statements of recommended practice have been followed; 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 1993. The Trustee has general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the Trust and to prevent and detect fraud and other irregularities. Adoption of the Annual Report and Financial Statements Adopted and signed for on behalf of the Trustee

Philip J. Willoughby Chairman of Finance Committee

Jeremy P. Mayhew Deputy Chairman of Finance Committee

Guildhall, London 28 July 2009

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

We have audited the Financial Statements of Bridge House Estates Opinion for the year ended 31 March 2009 which comprise the Statement of In our opinion: Financial Activities, the Balance Sheet, the Cash Flow Statement and • The Financial Statements give a true and fair view, in accordance the related notes 1 to 20. These Financial Statements have been with United Kingdom Generally Accepted Accounting Practice, of prepared under the accounting policies set out therein. the state of the Charity’s affairs as at 31 March 2009 and of its This report is made solely to the Charity’s Trustee, as a body, incoming resources and application of resources for the year then in accordance with section 43 of the Charities Act 1993 and ended; and regulations made under section 44 of that Act. Our audit work has • The Financial Statements have been properly prepared been undertaken so that we might state to the Charity’s Trustee in accordance with the Charities Act 1993 and the those matters we are required to state to them in an auditors’ report governing instruments. 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 Auditors Deloitte LLP The Trustee’s responsibilities for preparing the Annual Report and Chartered Accountants and Registered Auditors financial statements in accordance with applicable law and United London, United Kingdom Kingdom Accounting Standards (United Kingdom Generally 6 August 2009 Accepted Accounting Practice) are set out in the Statement of Trustee’s Responsibilities. We have been appointed as auditors under section 43 of the Charities Act 1993 and report in accordance with regulations made under section 44 of that Act. Our responsibility is to audit the Financial Statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the Financial Statements give a true and fair view and are properly prepared in accordance with the Charities Act 1993 and the governing instruments. We also report to you if, in our opinion, the Trustee’s report is not consistent with the financial statements, if the charity has not kept sufficient accounting records or if we have not received all the information and explanations we require for our audit. We read the Trustee’s Report and consider the implications for our report if we become aware of any apparent misstatements within it. Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Financial Statements. It also includes an assessment of the significant estimates and judgements made by the Trustee in the preparation of the Financial Statements, and of whether the accounting policies are appropriate to the Charity’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the Financial Statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the Financial Statements.

14 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 25 June 2007, 24 June 2008 and 24 June 2009 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 2008 to 31 March 2009. In our view the audit of the Financial Statements has been conducted in accordance with auditing procedures as stated on page 14. This report is made solely to the above named addressees. Our work has been undertaken to enable us to make this report and for no other purpose.

J. Awty

C. Cox

A. de Lacey

J. Griffin

N. Johnson

W. Owen

Auditors of the Chamberlain’s and Bridgemasters’ Accounts elected pursuant to Act 11, George 1, Cap. 18 London 14 July 2009

15 Statement of Financial Activities for the year ended 31 March 2009

Unrestricted income Funds

2008/09 2007/08 Total Total Notes £m £m Incoming resources Incoming resources from generated funds Voluntary Income 0.3 – Activities for generating funds Tourism fees and charges 4 2.5 2.4 Investment income 4 Investment property income 24.0 23.2 Managed investment income 11.4 12.7 Interest receivable 3.8 3.7 Total incoming resources 42.0 42.0 Resources expended Cost of generating funds Tourism expenses 2.2 1.9 Investment property expenses 9.2 6.5 Managed investment expenses 1.9 2.0 Charitable activities Repair and maintenance of bridges 5.6 3.3 Grants to voluntary organisations 16.2 16.8 Governance costs 0.8 0.9 Total resources expended 5 35.9 31.4 Net incoming resources before other recognised gains and losses 6.1 10.6

Other recognised losses Net loss on managed investments 10 (53.5) (31.5) Net loss on property investments 10 (86.7) (7.7) Net movement in funds (134.1) (28.6)

Reconciliation of funds Total Funds brought forward 16 797.9 826.5 Total Funds carried forward 16 663.8 797.9

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

16 Balance Sheet as at 31 March 2009

2008/09 2007/08 Notes £m £m Fixed assets Tangible fixed assets 8 4.2 0.6 Investments – property 10 333.1 421.2 Investments – under fund management 10 286.5 335.8 623.8 757.6

Current assets Stocks 0.1 0.1 Debtors 11 5.3 7.1 Investments 10 65.5 66.0 Cash at bank and in hand 2.0 0.8 Total current assets 72.9 74.0

Creditors: Amounts falling due within one year 12 (29.7) (30.5) Net current assets 43.2 43.5 Total assets less current liabilities 667.0 801.1

Creditors: Amounts falling due after more than one year 14 (3.2) (3.2) Net assets 663.8 797.9

The Funds of the charity: Unrestricted Income Funds 17 663.8 797.9

Approved and signed for on behalf of the Trustee.

Chris Bilsland Chamberlain of London 14 July 2009

17 Cash Flow Statement for the year ended 31 March 2009

2008/09 2007/08 Note £m £m Net cash outflow from operating activities 1 (6.6) (5.4)

Returns on investments and servicing of finance Interest received 3.8 3.7 Managed investment income 11.4 12.7 Net cash inflow from investments and servicing of finance 15.2 16.4

Capital expenditure and financial investment Tangible Fixed Assets (3.8) (0.1) Advances to fund managers for investments (3.2) (31.7) Receipts from sales of property 0.1 13.3 Net cash outflow from capital transactions (6.9) (18.5)

Management of liquid resources Cash (added to)/taken from short term deposits (0.5) 7.1 Increase/(Decrease) in cash in the period 2 1.2 (0.4)

NOTES TO THE CASH FLOW STATEMENT 1. Reconciliation of net incoming resources on operating activities to net cash flow 2008/09 2007/08 £m £m Net incoming resources 6.1 10.6 Depreciation/Impairment 1.5 0.1 (Increase)/Decrease in debtors 1.8 (1.1) (Decrease)/Increase in creditors falling due within one year (0.8) 1.5 Decrease in long term creditors – (0.1) Interest receivable (3.8) (3.7) Managed investment income (11.4) (12.7) Net cash outflow from operating activities (6.6) (5.4)

2. Movement in cash as shown in the Balance Sheet 2008/09 2007/08 Movement £m £m £m Cash at bank and in hand 2.0 0.8 1.2

18 Notes to the Financial Statements

1. ACCOUNTING POLICIES The following accounting policies have been consistently applied in dealing with items which are considered material in relation to the Trust’s Financial Statements. (a) Basis of preparation The Financial Statements have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities (Revised 2005), the Charities Act 1993, the governing instruments and under the historical cost accounting convention modified to include the revaluation of investment property and managed investments. The statements have also been prepared in accordance with applicable accounting standards. (b) Going concern The Trust is considered a going concern for the foreseeable future, due to its level of reserves and the Trustee having due regard to maintaining the capital base with, generally, only the investment income used in furtherance of the objectives of the Trust. A rolling annual in depth survey of the Trust’s forecast financial position over a five year period is carried out providing the framework for the medium term financial strategy. This strategy is to ensure that ongoing revenue expenditure is contained within revenue income and that sufficient surpluses are generated to finance capital expenditure on the bridges with surplus funds allocated to charitable grants. (c) Incoming resources All incoming resources are included in the Statement of Financial Activities gross without deduction of expenses. (d) Resources expended Grants to voluntary organisations The grant-making activity is described in the section starting on page 6 and a list of the main grants given is shown at the end of this report. All grants awarded in a financial year are included in the Statement of Financial Activities for that year. The value of grants unpaid at the year end is included in creditors. Allocation of costs between different activities The City of London Corporation charges staff costs directly to the costs of generating funds, the charitable activities and governance costs on a time spent basis. Associated office accommodation is charged out proportionately to the square footage used. All other costs are charged directly to the individual activities. (e) Fixed assets Bridges The objects of the charity are to preserve and maintain the Bridges and as such the Bridges are considered to be heritage assets. The Bridges are also considered to be inalienable 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 is onerous compared to the benefit to the users of these accounts. The insured value of the five Bridges at 31 March 2009 was £685 million (31 March 2008: £671.3 million). Revaluations and Impairment Where a reduction in value of a fixed asset is caused by a general fall in prices, the loss is recognised in the Revaluation Reserve. 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 recognised in the revenue account. Should a reversal of a reduction in value be required, the accounting follows the original treatment applied. Where a fixed asset (other than freehold land) is not depreciated or has a life of more than 50 years, an annual impairment review is carried out. Investment properties In accordance with Statement of Standard Accounting Practice No 19 (Accounting for investment properties): i) The City Surveyor of the City of London Corporation, who is a fellow of the Royal Institution of Chartered Surveyors, values investment properties annually as at 31 December at open market values determined in accordance with the Appraisal & Valuation Standards Manual 6th Edition issued by the Royal Institution of Chartered Surveyors. In order to update the valuations, to take account of the more volatile market arising since the start of the recession, all the Estates’ properties were internally valued by the City Surveyor as at 31 March 2009 with check valuations provided by external valuers. The externally valued properties represent 33.48% of the Estates’ value as at 31 March 2009. Surpluses and deficits arising are included in the Statement of Financial Activities and the aggregate surplus or deficit is transferred to the Property Revaluation Reserve. 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.

19 Notes to the Financial Statements continued

1. ACCOUNTING POLICIES CONTINUED

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. Where investments have been sold during the year, a transfer is made from the Investment Revaluation Reserve to the General Reserve of the difference between cost and market value at the beginning of the period for those investments sold. Gain/(loss) on disposal of fixed assets The gain/(loss) on property, managed investments and tangible fixed asset disposals, represents the differences between proceeds received on disposals and their book value at the beginning of the year. The net gain/(loss) on investments shown in the Statement of Financial Activities represents the difference between the historical cost on acquisition or the market value at 1 April 2008, compared with the market value at the date of disposal or at 31 March 2009. 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. There were few purchases made during the year. 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 included in the Investment Revaluation Reserve. (k) Fund accounting The Trust has the following types of unrestricted funds: General Fund This Fund is expendable at the discretion of the Trustee in the furtherance of the objects of the Trust. Specifically it represents the surplus of income over expenditure for the Trust which is carried forward to meet the requirements of future years. Designated Funds The Trust may at the Trustee’s discretion set aside funds for purposes which would otherwise form part of the General Fund; these Funds are however still classified as unrestricted. Specifically the Trust now sets aside funds for maintaining and replacing 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 20 year planned programme, and a fund has been established in respect of the Tower Bridge Tourism activity to cover any future shortfall in income that may arise due to the volatile nature of the tourism market. Further information is given in note 16 to the Financial Statements.

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 S505 ICTA 1988 and S256 TCGA 1992. The City is sole Trustee of the Trust and, in accordance with VAT notice 749, is entitled to recover VAT incurred on the expenditure of the Trust under section 33 of the VAT Act 1994.

20 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 £12,068 in 2008/09 (2007/08: £10,569).

4. INCOMING RESOURCES Incoming resources consist of fees and charges from the tourism operation at Tower Bridge, donations, income from property and managed investments and income on cash balances held pending either investment or application to charitable activity. Income from fixed asset investments All investments are held to provide an investment return to the Charity. The income from fixed asset investments is comprised as follows: Unrestricted General Designated 2008/09 2007/08 Investment class £m £m £m £m Investment property 24.0 – 24.0 23.2 Managed investments 9.9 1.5 11.4 12.7 Interest receivable 2.6 1.2 3.8 3.7 Total investment income 36.5 2.7 39.2 39.6

5. RESOURCES EXPENDED Resources expended are analysed as follows: Activities undertaken Support 2008/09 2007/08 directly costs Total Total £m £m £m £m Cost of generating funds Tourism 2.1 0.1 2.2 1.9 Investment property 6.7 2.5 9.2 6.5 Investment management 1.9 – 1.9 2.0 10.7 2.6 13.3 10.4 Charitable expenditure Bridges repairs and maintenance 5.3 0.3 5.6 3.3 Grants 16.0 0.2 16.2 16.8 21.3 0.5 21.8 20.1 Governance – 0.8 0.8 0.9 Total resources expended 32.0 3.9 35.9 31.4

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. For 2008/09 this also includes the cost of a permanent impairment to one property. Investment management expenses Fees paid to the fund managers. Bridges repairs and maintenance This comprises staff costs, repairs and maintenance, insurance, equipment and materials costs. Grants This consists of grants approved, which are accounted for on the basis set out in note 1 to the accounts and includes grants administration which consists of the staff costs and other direct expenses of administering the grants process.

21 Notes to the Financial Statements continued

5. RESOURCES EXPENDED CONTINUED

No grants are made to individuals. A summary of grants to institutions over programme areas is as follows: Total grants to institutions Programme area £m Working with Londoners – New Programme from July 2008 Accessible Buildings 0.5 Bridging Communities 0.7 Improving Londoners’ Mental Health 0.5 London’s Environment 0.2 Older Londoners 0.6 Positive Transitions to Independent Living 1.0 Strengthening the Third Sector 0.9 Young People and Parents Tackling Violence 1.3 5.7 Main Grants – Final Awards July 2008 Access for Disabled People 1.9 London’s Environment 1.0 Children and Young People 1.6 Older People in the Community 1.8 Strengthening the Voluntary and Community Sectors 1.9 8.2

Exceptional Grants 0.3 Strategic Initiatives 0.5 Improving Services for Older People 0.8 Fear and Fashion 0.3 Total Grants 2008/09 15.8

Details of all the grants approved are shown on pages 30-34. Governance General Governance costs relate to the general running of the Charity, rather than specific activities within the Charity. They include strategic planning, external audit and costs associated with Trustee meetings. Governance costs are analysed further in the table in note 6. Auditor’s remuneration and fees for external financial services Remuneration to the external auditor (Deloitte LLP) amounted to £41,632 (2007/08: £42,128) all of which was for audit services for the audit of the 2009 accounts. 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.

22 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 etc.). Support costs are analysed by activity as follows: Investment 2008/09 2007/08 Tourism Property Bridges Grants Governance Total Total £m £m £m £m £m £m £m Department Chamberlain – 0.3 – – 0.1 0.4 0.4 Comptroller and City Solicitor – 0.2 – – – 0.2 0.2 Town Clerk – – – 0.1 0.1 0.2 0.3 City Surveyor – 1.9 0.2 – – 2.1 1.8 Director of Environmental Services 0.1 – 0.1 – – 0.2 0.2 Public Relations – – – – 0.2 0.2 0.1 Premises costs – – – 0.1 0.1 0.2 0.3 External audit fees – – – – 0.1 0.1 0.1 Other – 0.1 – – 0.2 0.3 0.3 Total support costs 0.1 2.5 0.3 0.2 0.8 3.9 3.7

The main support services provided by the City of London Corporation are: Chamberlain Accounting services, insurance, revenue collection, payments, financial systems and internal audit. Comptroller and City Solicitor Property, litigation, contracts, public law and administration of commercial rents. Town Clerk Committee administration, human resources, emergency planning. City Surveyor Work undertaken on the management of the Estate properties, surveying services and advice and supervising and administering repairs and maintenance to operational and investment properties. Director of Environmental Services Support functions in respect of finance, human resources, information technology, management and administration for the Thames Bridges and Tower Bridge Tourism. Public Relations Supporting and promoting City strategic aims and policy priorities for example, by maintaining the organisation’s website and corporate contacts database and liaising with the press. Premises costs Bridge House Estates share of the premises costs for the use of the Guildhall complex. External audit fees Includes the banking audit fees as well as the statutory audit fees. Other Various services including corporate training, corporate printing, net contribution to the dental service, occupational health, union costs, environmental and sustainability section.

7. STAFF NUMBERS AND COSTS Officers employed by the City of London Corporation work on a number of City of London Corporation activities. The number of full time equivalent directly employed staff (excluding agency) in respect of the commercial properties, Bridges, Tower Bridge Tourism and the Grants Unit is 93.0 at a cost of £3.3 million (2007/08: 96.0 staff at a cost of £3.2 million). The number of directly charged staff earning less than £60,000 is shown below. The figures for 2007/08 have been restated to exclude agency staff.

23 Notes to the Financial Statements continued

7. STAFF NUMBERS AND COSTS CONTINUED

Number of Employer’s Employer’s Total full time Gross National Pension Total 2007/08 equivalent pay Insurance Contribution 2008/09 restated Employees who earn less than £60,000 per annum employees £m £m £m £m £m Investment Properties 22.0 0.56 0.04 0.09 0.69 0.68 Tower Bridge Tourism 23.5 0.69 0.05 0.10 0.84 0.79 Bridges 33.7 0.91 0.07 0.15 1.13 1.10 Grants Unit 11.8 0.39 0.03 0.06 0.48 0.48

The number of directly charged staff earning more than £60,000 in bands of £10,000 is set out below. Number Number of full time of full time equivalent equivalent Band employees employees Employees who earn more than £60,000 per annum £000 2008/09 2007/08 Grants Unit 60–69,999 – 1.0 Grants Unit 70–79,999 1.0 – Grants Unit 80–89,999 – – Grants Unit 90–99,999 1.0 1.0

All employees whose remuneration was above the £60,000 threshold, have retirement benefits accruing under the defined benefit scheme (accounting policies 1 (g)). In addition, support service staff are charged to Bridge House Estates and other City of London Corporation activities on the basis described in note 6. The whole time equivalent number of support service staff charged is 66.5 (2007/08: 66.0).

8. TANGIBLE FIXED ASSETS Computers and other Fixtures and Leasehold equipment fittings improvements Total £m £m £m £m Cost At 1 April 2008 0.4 0.7 0.4 1.5 Additions – 0.1 3.7 3.8 At 31 March 2009 0.4 0.8 4.1 5.3 Accumulated depreciation At 1 April 2008 0.4 0.5 – 0.9 Charge for year – – 0.2 0.2 At 31 March 2009 0.4 0.5 0.2 1.1 Net book values At 31 March 2008 – 0.2 0.4 0.6 At 31 March 2009 – 0.3 3.9 4.2

The net book value of tangible fixed assets relating to direct charitable purposes amounts to £4.2 million (2007/08 £0.6 million).

24 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.

10. FIXED ASSET INVESTMENTS Fixed asset investments are held to provide an investment return to the Charity to enable the Charity to fulfil its charitable objectives. The investment assets are divided into two categories – property investments under the management of the City Surveyor of the City of London Corporation and non-property investments under the management of fund managers.

Property investments The value of property investments is arrived at as follows: 2008/09 2007/08 £m £m Property investments Market value 1 April 421.2 442.2 Disposal proceeds (0.1) (13.3) Net unrealised loss on revaluation at 31 March (86.8) (13.4) Impairment (1.3) – Net realised gain on disposal 0.1 5.7 Market value 31 March 333.1 421.2

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 2008/09 a permanent impairment of £1.3 million was recognised for one investment property. This has been treated in these financial statements in accordance with the accounting policies set out in 1(e) above.

Investments under Fund Management Analysis of movement of investments: 2008/09 2007/08 £m £m Market value 1 April 334.0 340.6 Add: Additions to investments at cost 206.0 157.8 Less: Disposals at market value (200.0) (132.9) Add: Net gain/(loss) on revaluation (53.5) (31.5) Market value 31 March 286.5 334.0 Cash held by Fund Managers at 31 March 10.2 14.0 Short term deposits 55.3 53.8 Total investments as at 31 March 352.0 401.8 Cost 31 March 333.8 330.8

25 Notes to the Financial Statements continued

10. FIXED ASSET INVESTMENTS CONTINUED

Net advances to fund managers during 2008/09 were £0.7 million (2007/08: advances to fund managers £29.7 million). Total investments as at 31 March are analysed between long term and short term as follows: 2008/09 2007/08 £m £m Long term 286.5 335.8 Short term deposits (*) 55.3 53.8 Short term investments in hands of fund managers 10.2 12.2 Total 352.0 401.8

(*) The Chamberlain’s Banking Account includes cash on deposit £55.3 million (£53.8 million 2007/08) and accrued interest £1.4 million (£1.3 million 2007/08), 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:

2008/09 2007/08 £m £m United Kingdom (including cash held by fund manager) 219.3 253.4 Europe (excluding UK) 42.3 47.5 United States of America 45.2 56.4 Japan 21.1 28.1 Pacific (excluding Japan) 13.7 11.5 Emerging Markets 10.4 4.9 Total 352.0 401.8

Investment Analysis by Type: 2008/09 £m Fixed Interest UK 85.8 Overseas 13.2 Index Linked UK 22.6 Overseas 3.8 Listed Equities UK 100.0 Overseas 113.0 Managed Funds (3.4) Investment Income 13.6 Venture Capital 3.4 Total 352.0

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. 26 11. DEBTORS DUE WITHIN ONE YEAR 2008/09 2007/08 £m £m Rental debtors 1.2 1.1 Accrued interest 1.4 1.3 Sundry debtors 2.7 4.7 Total 5.3 7.1

12. CREDITORS DUE WITHIN ONE YEAR 2008/09 2007/08 £m £m Trade creditors 4.4 3.7 Grants payable 16.8 18.9 Property income received in advance 3.2 3.0 Other income received in advance 0.2 0.3 Rent deposits 2.6 2.5 Other creditors 2.5 2.1 Total 29.7 30.5

13. FUNDS RECEIVED AS AGENT The City Bridge Trust has entered into a joint initiative with four other independent funders in respect of Fear and Fashion. The four funders pay The City Bridge Trust their contribution on a yearly basis and the Trust will then manage the payments, over a number of years, to various groups following the normal grant procedures. During the year £260,000 was received from other funders. (2007/08: £170,000).

14. CREDITORS DUE AFTER MORE THAN ONE YEAR 2008/09 2007/08 £m £m Grants payable 3.2 3.2 Total 3.2 3.2

15. PENSIONS In accordance with statutory regulations, a triennial valuation of the pension fund as at 31 March 2007 was completed by independent consulting actuaries. The valuation revealed that the level of funding of the past service liabilities had increased by 13 percentage points to 87% (from 74% in 2004). Following this valuation the regular contribution rates to be applied for 2008/09, 2009/10 and 2010/11 were agreed at 18.5%. A further 0.17% was added to the regular contribution in 2007/08 making a total contribution of 18.67% to recover, over a five year period, certain costs relating to the payment of discretionary pension benefits. This additional contribution has now ceased. In 2008/09 employer’s contributions to the scheme for staff engaged on Bridge House Estates activities was £0.7 million out of a total £19.1 million for all three funds (2007/08: £0.6 million out of £18.5 million). There are no outstanding or pre-paid contributions at the balance sheet date. The deficit of the scheme at 31 March 2009 is £237 million (2007/08 £234 million) as calculated in accordance with FRS17.

27 Notes to the Financial Statements continued

16. ANALYSIS OF NET ASSETS BY FUND General Designated 2008/09 2007/08 Funds Funds Total Total £m £m £m £m Fixed assets 7.2 613.1 620.3 757.6 Net current assets 3.4 43.3 46.7 43.5 Creditors more than one year (3.2) – (3.2) (3.2) Total assets 7.4 656.4 663.8 797.9

17. MOVEMENT OF UNRESTRICTED FUNDS DURING THE YEAR TO 31 MARCH 2009

Net incoming/ (outgoing) Net Balance at resources Transfers gain/(loss) on Realised Balance at 1April before Capital between investments/ Revaluation 31 March 2008 transfers Receipts Funds properties Reserves 2009 £m £m £m £m £m £m £m General Funds Accumulated Fund 3.2 6.7 – (2.5) – – 7.4 Total General Funds 3.2 6.7 – (2.5) – – 7.4 Designated Funds Reserve Funds General 281.3 – – – (3.0) – 278.3 Designated Sales Pool 24.8 – 0.1 (1.3) – – 23.6 Investment Revaluation 6.6 – – – (46.3) – (39.7) Property Revaluation 386.7 – (0.1) – (80.5) – 306.1 Total Reserve Fund 699.4 – – (1.3) (129.8) – 568.3 Finsbury House 0.5 – – – – – 0.5 Property Dilapidations 0.2 – – – – – 0.2 Bridges Replacement 79.0 1.5 – 1.8 (10.4) – 71.9 Bridges Repairs 15.6 (2.1) – 1.5 – – 15.0 Tower Bridge Tourism – – – 0.5 – – 0.5 Total Designated Funds 794.7 (0.6) – 2.5 (140.2) – 656.4 Total Funds 797.9 6.1 – – (140.2) – 663.8

Notes to the Unrestricted Funds As set out in the accounting policy note the Trustee has designated certain funds for particular purposes. These are as follows: Designated Reserve Funds – The Trustee has designated a reserve fund which represents: 1) General – The funds required to meet the Charity’s commitments on an ongoing basis. The commitments are: • Bridge maintenance – The Charity has a duty to maintain the Bridges and has therefore designated funds to enable it to meet this commitment on an ongoing basis; and • Grant giving – The Charity Commission agreed a Cy–près scheme in 1995 to enable the Charity to use its surplus funds to give grants to charitable organisations across Greater London. In order to ensure that the Charity meets the expectations of the organisations, it has set aside funds to enable it to continue to make grants of a regular amount in the region of £15.0 million per annum. The funds generating the income are not available for grant making under the terms of the scheme. 2) Designated Sales Pool – This Fund exists to finance capital expenditure on additions to the Bridge House Estates investment property portfolio. It is built up from capital receipts from disposals of interests in the Estate.

28 3) Investment Revaluation – This is the difference between cost and market value of managed investments. 4) Property Revaluation – In most cases, the cost of property investments is unknown. This item represents either the market value of investment property or the difference between cost and market value, where the cost is known. Finsbury House – This represents contributions by tenants for service charges and is to ensure that funds are available to finance major cyclical works. Interest is credited at the Chamberlain’s daily balances rate. Property Dilapidations – When a tenant leaves a property and has not kept the property in the condition required by the lease, an agreed sum is paid to the Trust relating to the repairs that need 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 Replacement – Whilst the Bridges are an inalienable asset of the Trust they will ordinarily reach the end of their useful lives and need replacement. The Trustee has therefore designated funds to provide sufficient income to create a Bridges Replacement Fund. This fund has been particularly established to provide sufficient funds for the replacement of Southwark and Blackfriars bridges within the next 30 years. No contributions to the Fund have been made in respect of London Bridge and the Millennium Bridge as their life expectancy is beyond 50 years. It is anticipated that Tower Bridge will be maintained and retained in its existing form rather than being replaced. Interest is credited to this Fund at the Chamberlain’s daily balances rate. The Trustee will be considering, during 2009/10, the potential merger of this Fund with the separate Bridges Repairs Fund (see below) following a review, during 2008/09, of the long term potential for Southwark and Blackfriars bridges. Bridges Repairs Fund – A fund has been established to equalise the payments required to maintain the Bridges over a 20 year period. The repairs costs include breakdown and cyclical maintenance including the programmed repainting of Tower, Southwark and Blackfriars Bridges. 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.

18. COMMITMENTS The following commitments have been made at 31 March in respect of future accounting periods: 2009 2008 £m £m Capital works authorised 1.0 1.1 Supplementary Revenue Project Commitments 5.6 8.7

19. CONTINGENT LIABILITY The assessed cost of the main contract works on a major capital project could increase once comprehensive details of the contractor’s claim have been received and assessed by the Contract Administrator and the Quantity Surveyor.

20. RELATED PARTIES The following disclosures are made in recognition of the principles underlying Financial Reporting Standard 8 concerning related party transactions. One of the capacities of the City of London Corporation is that of Trustee of the Trust, as described on the inside front cover. The City of London Corporation provides management, surveying and administrative services for the Trust. The costs incurred by the City of London Corporation in providing these services are charged to the Trust. The City of London Corporation also provides banking services, charging all transactions to the Trust at cost and crediting or charging interest at a commercial rate. The cost of these services is set out in the Statement of Financial Activities under ‘Resources expended’ and an explanation of these services is set out in note 5 to the Financial Statements. The City of London Corporation is also the Trustee of a number of other Charitable Trusts. These Trusts do not undertake transactions with Bridge House Estates. A full list of these Trusts is available on application to the Chamberlain of the City of London. Members of the City of London Corporation responsible for managing the Trust are required to comply with the Relevant Authority (model code of conduct) Order 2001 issued under the Local Government Act 2000 and the City of London Corporation’s guidelines which require that: • Members sign a declaration agreeing to abide by the City of London Corporation’s code of conduct; • a register of interests is maintained; • pecuniary and non-pecuniary interests are declared during meetings; and • Members do not participate in decisions where they have an interest. There are corresponding arrangements for staff to recognise interests and avoid possible conflicts of those interests. In this way, as a matter of policy and procedure, the City of London ensures that Members and officers do not exercise control over decisions in which they have an interest. Transactions are undertaken by the Trust on a normal commercial basis.

29 List of Grants Approved 2008/09

Total Number Organisation name Project description approved £ of years Working with Londoners – grants awarded from October 2008 Accessible London Accessible Buildings Archway Project for access improvements 15,750 1 Bradians Trust for access improvements 50,000 1 House of Illustration for access advice and consultancy 3,000 1 London Bubble Theatre Company for an access audit 5,000 1 London Jewish Cultural Centre for an access audit 2,875 1 Manor Gardens Welfare Trust for access improvements 147,000 1 Parochial Church Council of St Mary, Stoke Newington for an access audit 2,000 1 PCC of The Ascension Hanger Hill with West Twyford St Mary for an access audit 3,795 1 Samaritans – Lewisham, Greenwich & Southwark Branch for access improvements 60,800 1 St George’s Church Southall for access improvements 47,000 1 St Patrick’s Community Outreach for access improvements 50,000 1 Streatham Darby and Joan Club for an access audit 5,000 1 Theatre Peckham for an access audit 5,000 1 Twickenham United Reformed Church for an access audit 850 1 Walthamstow Cricket, Squash and Lawn Tennis Club Ltd for an access audit, training and consultancy 5,000 1 West House & Heath Robinson Museum Trust (HRMT) for an access audit 2,500 1 Sub total 405,570 Accessible arts and sports Corali Dance Company for a client participation project 23,500 2 Hampstead Theatre for improving the accessibility of theatre productions 19,200 2 Jacksons Lane for a premises and business review 9,600 1 Magpie Dance for a general manager 53,000 3 Sub total 105,300 Total 510,870

Bridging communities The Barbara Melunsky Refugee Youth Agency Ltd for work to integrate young refugees into London life 60,000 2 Baytree Centre for ESOL classes for women with little command of spoken English 105,000 3 Changemakers Foundation for recruiting, training and supporting young community leaders 75,000 3 Ealing Mediation Service for teaching mediation skills in schools 32,775 2 GHARWEG Advice, Training and Careers for ESOL classes to support refugee and migrant communities 58,000 2 London Citizens for a south London community organiser 81,000 2 Pan Intercultural Arts for a youth arts project 25,000 1 Southwark Muslim Women’s Association for work to build bridges between communities and faiths 68,500 3 Tutu Foundation UK for a community based mediation programme 150,000 3 Women’s Centre Sutton for ESOL classes for isolated women from BME communities 24,500 2 Total 679,775

Improving Londoners’ mental health The 999 Club Trust for an advice and advocacy worker 50,000 2 Hillingdon Mind Enterprises for a project supporting older people from the Asian communities 105,000 3 Hillside Clubhouse for a project worker and running costs 80,000 2 Post–Adoption Centre for a child and family services co-ordinator 50,000 3 Stuart Low Trust for a general manager 30,000 3 TaxAid UK for helping people with mental health problems resolve financial difficulties 100,000 2 Waterloo Community Counselling for a multi-ethnic counselling service 102,000 3 Total 517,000

London’s environment Camden and Westminster Refugee Training Partnership for an environmental education project 24,400 18 months Green Thing (Green Thing Trust for Green Thing Limited) for work promoting environmental awareness 25,000 1 Long Lane Pasture Trust for improvements at Long Lane Pasture 16,700 1 Trees for Cities for community environmental activities 105,000 3 Total 171,100

Older Londoners Age Activity Centre for a minibus 17,000 1 Age Concern Hackney for a chief officer 50,000 2

30 Age Concern Sutton for an assessment and support service 126,000 3 Association of Eritrean Jeberti in the UK (AEJUK) for a forum promoting healthy lifestyles 18,800 2 Downs Syndrome Association for assisting older people who have dementia or Alzheimer’s 68,300 3 Holloway Neighbourhood Group for work encouraging healthy and active lives 90,000 3 Kew Community Trust for transporting frail older people to activities 30,000 3 Newham Music Trust for music therapy for people with Alzheimer’s or dementia 93,850 3 Pepper Pot Day Centre for an accessible minibus 25,000 1 Queen’s Crescent Community Association (QCCA) for a project co-ordinator and running costs 64,350 3 St John’s Community Development Project for a co-ordinator and assistant 26,000 1 Volunteer Reading Help for a volunteering project in schools 14,660 1 Total 623,960

Positive transitions to independent living Advocacy Project – Camden & Westminster Citizen Advocacy for an advocacy service for adults with learning disabilities 120,000 3 Children with AIDS Charity (CWAC) for an education co-ordinator 66,000 3 Disablement Association Hillingdon for a transitions officer and running costs 122,000 3 Ethiopian Community in Britain for a young people’s support worker 63,000 3 The Foundation Training Company for training and resource centre running costs 150,000 3 Independent Living Alternatives for an online training resource 45,500 3 Maggie’s Centres for a cancer support specialist and welfare benefits advisor and running costs 100,000 3 National Rheumatoid Arthritis Society for a volunteering and network programme 54,000 3 Prisoners Abroad for a resettlement worker 90,000 3 Prisoners Advice Service for a caseworker 60,000 3 Spitalfields Music for an arts project for young people with learning difficulties 22,180 1 Sutton Mencap for an adult and youth services manager 41,420 2 Worldwide Volunteering for Young People for supporting volunteering opportunities for disabled young people 100,000 3 Total 1,034,100

Strengthening the third sector EIRIS Foundation for raising awareness about ethical investment 23,700 1 Greater London Volunteering for a director, administrative support and running costs 153,500 3 Haringey Association of Voluntary and Community Organisations (HAVCO) for strategic communications and partnerships work 90,000 2 Interlink Foundation for two development officers and running costs 80,000 2 Life Education Centres for an evaluation protocol and template 21,500 1 London Advice Services Alliance (LASA) for the ‘Building Bridges to ICT Excellence’ project 100,000 2 Voluntary Action Camden to continue an ICT project targeting small organisations 100,000 2 Voluntary Action Westminster for a capacity building officer 64,700 2 Volunteer Centre Sutton for promoting good practice in volunteering 84,500 2 Volunteer Centre Tower Hamlets for capacity building support for small organisations 65,625 2 Volunteer Centre Westminster for a volunteer engagement and best practice manager 149,000 3 Total 932,525

Young people and parents tackling violence Anna Freud Centre for developing and evaluating an intervention for young people 90,000 3 Camden Black Parents & Teachers Association for advice and workers 75,000 3 Catch22 Charity Limited for a family support worker and running costs 120,000 3 CHANCE UK for a ParentPlus manager 119,500 3 Chinese Information and Advice Centre for a programme co-ordinator and running costs 30,000 2 Communities Empowerment Network for a pupil reintegration worker 16,920 2 Copenhagen Youth Project for building young people’s skills in avoiding violence 24,000 18 months Everyman Project for helping adults to break cycles of domestic violence 75,000 3 London Centre for Personal Safety for personal safety and self-defence training 50,000 2 National Society for the Prevention of Cruelty to Children for a young people’s support worker 50,000 2 Open Door Young People’s Consultation Service for a therapist and running costs 110,000 3 Rape & Sexual Abuse Support Centre for a psychotherapist 69,425 3 Shoreditch Youth Network (SYN) for personal safety workshops 10,570 1 Solace Women’s Aid for a children and young people’s service manager 100,000 2 St Ethelburga’s Centre for Reconciliation and Peace for the Youth Refusing Violence programme 15,000 1 Sure Start Hounslow for a domestic violence parenting support worker 125,000 3 Wandsworth Women’s Aid for art and drama therapy sessions 23,000 3 Working With Men for a conflict resolution development worker and running costs 145,000 3 Total 1,248,415 Total Working with Londoners 5,717,745

31 List of Grants Approved 2008/09 continued

Total Number Organisation name Project description approved £ of years Main Grants – final grants awarded July 2008 Access for disabled people Access to arts and leisure CandoCo Dance Company for increasing access to the arts for young disabled people 24,800 1 Drake Music Project for training and supporting disabled musicians 21,000 1 Eye Music Trust for a mobile arts and music installation 30,000 3 Haringey Shed for integrating young disabled people into productions 15,000 1 Richmond Borough Association for Mental Health for a volunteer co-ordinator and running costs 72,570 3 Roundabout for a project director and associated costs 135,000 3 Total 298,370 Access to buildings Bishopsgate Institute for access improvements 100,000 1 Cardinal Heenan Centre for access improvements 50,000 1 Caxton House Community Centre for an access audit 5,000 1 Ealing and Brentford Consolidated Charity for access improvements 70,000 1 Kew Engines Trust and Water Supply Museum Ltd. for access improvements 88,000 1 Limehouse Town Hall Consortium Trust for access improvements and consultation 98,700 1 London Corinthian Trust for access improvements 70,000 1 Mayhew Animal Home for access improvements 100,000 1 Refugee Therapy Centre for access improvements 75,000 1 Sub total 656,700 Access – strengthening families Advocacy in Greenwich for supporting parents who have a learning difficulty 28,200 1 British Polio Fellowship for a London outreach co-ordinator 32,000 1 Disability Hackney for salary costs 56,000 2 Mencap Waltham Forest for a family services manager 60,000 3 Merton and Sutton Crossroads for a children’s services project 96,000 3 Muscular Dystrophy Campaign for a volunteer co-ordinator and running costs 90,000 2 Richmond Mencap Ltd for a service development officer and running costs 28,250 2 Royal Mencap for an advocacy service 160,000 3 Scope for a London regional worker 102,000 3 Sub total 652,450 Access to Transport Bexley Accessible Transport Scheme (BATS) for core salary costs of core staff 20,000 1 Bromley Association of People with Disabilities– BATH for a development manager 35,000 1 Hammersmith & Fulham Community Transport Project for a deputy manager 97,500 3 Hillingdon Community Transport Ltd for a fully accessible minibus 47,250 1 Waltham Forest Community Transport for a development and marketing manager 105,000 3 Sub total 304,750 Total 1,912,270

London’s environment Arcola Theatre Production Company for a sustainability projects manager 71,900 2 Campaign for Better Transport for a project to reduce traffic and air pollution 127,500 3 Deen City Farm for core salary and equipment costs 52,860 2 FairPensions (Fairshare Educational Foundation) for a director of investor engagement 71,550 2 Friends of the Earth Trust for an environmental justice project 135,000 3 Furniture Aid South Thames for a project manager 22,000 1 Groundwork London for two full-time posts 180,000 3 London Community Recycling Network for re-use and recycling projects 75,000 3 New Economics Foundation for work to support and sustain local shopping areas 45,000 1 Open House for the ‘My City Too’ initiative 79,000 3 Wandsworth Work and Play for a development worker 16,000 1 WWT London Wetland Centre for a programme of education and awareness raising 120,000 3 Total 995,810

Children and young people ARP for a service co-ordinator 122,000 3 ChildLine for a counselling supervisor 102,000 3 Children Our Ultimate Investment UK (COUI UK) for teenage pregnancy prevention programmes 105,000 3 CORE Trust for salary and running costs 75,000 3 Cricket for Change for a sports and life skills coaching programme 88,500 3

32 Ideas Foundation for a young fathers project 36,700 1 Marsha Phoenix Memorial Trust for the refurbishment of a hostel for homeless young women 70,000 1 The Mentor Foundation UK for salary costs 114,000 3 Muslim Youth Helpline for a helpline volunteer and training co–ordinator 79,000 3 Newham Action Against Domestic Violence for a domestic violence youth support worker 36,000 2 Respond for a young people’s service manager 103,280 3 Shelter for a salary and running costs 144,000 3 Southwark Day Centre for Asylum Seekers for a day centre worker and running costs 12,000 1 St John Ambulance for young people’s first aid training in the Olympic boroughs 150,000 3 Tower Hamlets Education Business Partnership for a project to keep ‘at risk’ young people in school 59,500 2 Tower Hamlets Summer University for developing accreditation modules for youth volunteering 150,000 3 Victim Support Kingston for a children’s worker 95,500 3 Youth2Youth for recruiting and supporting helpline advisors 38,000 3 Total 1,580,480

Older people in the community Abbey Community Centre for core salary and running costs 24,000 3 Advocacy First for a community care advocate and running costs 60,000 2 Advocacy Voice for an advocacy service 23,000 1 Age Concern Croydon for core salary and running costs 132,000 3 Age Concern Kensington & Chelsea for an information caseworker 78,800 3 Age Concern Tower Hamlets for the promotion of volunteering 90,000 3 CASA Alcohol Services for a counsellor/project worker and running costs 88,000 3 Clapham Arts Association/Studio Voltaire Ltd for a karaoke and film project 20,000 6 months Greater London Forum for Older People for an ethnic elders outreach worker 85,000 3 Greenwich & Bexley Cottage Hospice for a family and day care facilities 75,000 1 Help the Aged for a handyperson 45,000 3 Ingestre Road Community Centre for a good neighbour scheme 66,420 3 Irish Elderly Advice Network for an outreach advice service 10,860 1 Lewisham Citizens Advice Bureau Service for a project worker and running costs 150,000 3 Merton MIND for a therapeutic project 120,000 3 Somali Elderly and Disabled Centre for a programme of activities 58,600 3 Southall Day Centre for a casework, home visiting and support service 103,200 3 St Luke’s Hospice Harrow and Brent for a hospice at home service 120,000 3 Time & Talents Association for a group development worker 90,000 3 TLC Care Services for a development manager for stroke survivors 135,000 3 United Anglo Caribbean Society for services for west London Caribbean elders 90,000 3 Victory Services Association for refurbishing a respite facility for ex-servicemen 34,000 1 Westminster Advocacy Service for Senior Residents for an operations manager and running costs 90,000 2 Total 1,788,880

Strengthening the voluntary and community sector Bexley Voluntary Service Council for a volunteer support project 98,200 3 British Association of Settlements and Social Action Centres for developmental capacity building programmes 150,000 3 Community Action Network (CAN) for establishing a new ‘Mezzanine’ shared office space 60,000 1 Community Links Bromley for a funding information and advice service 42,920 1 Community Organisations Forum for capacity building support 75,000 2 Crossroads Association for a business adviser and running costs 141,000 3 Federation of City Farms & Community Gardens for the continued sustainability and development of city farms and gardens 120,000 3 Funding Network for an executive director to develop philanthropic giving 60,000 3 Hackney Council for Voluntary Service for a capacity building project 150,000 3 Imkaan for a training and information officer 120,000 3 Islington Voluntary Action Council (IVAC) for small group development work 129,000 3 Lambeth Voluntary Action Council (LVAC) for a development officer and running costs 135,000 3 Leyton Orient Community Sports Programme for the support and development of community sports organisations 70,000 3 London Advice Services Alliance (LASA) for work to enable organisations to be more effective in their use of ICT 55,000 1 Mind (National Association for Mental Health) for a quality development worker and running costs 150,000 3 Princess Royal Trust for Carers for a development manager 174,000 3 Voluntary Action Camden for an ICT project targeting small organisations 50,000 1 Voluntary Action Greenwich for an assistant director 75,000 2 Volunteers in Action Southwark for promoting good volunteering practice 120,000 3 Total 1,975,120 Total Main Grants 8,252,560

33 List of Grants Approved 2008/09 continued

Total Number Organisation name Project description approved £ of years Exceptional grants Broadway for work to assist people from the A10 accession countries sleeping rough in the City and East End 60,000 3 Elephant Jobs for the roll-out of the ‘Fonesforsafety’ project across London 87,500 3 Ethical Property Foundation for a London property advice manager 60,000 2 First Aid Nursing Yeomanry (Princess Royal Volunteer Corps) for an administrator 84,000 3 Parents and Abducted Children Together for a feasibility study and running costs 52,000 1 Total 343,500 Strategic initiatives Centre for Accessible Environments for an access and sustainability officer 50,000 6 months Give and Let Give for the feasibility of a website encouraging and informing philanthropy amongst financial services companies 2,500 1 Give and Let Give for the second phase of a feasibility website encouraging and informing philanthropy amongst financial services companies 3,500 1 Greening the Third Sector for eco-audits 100,000 1 Improving Services for Older People for a programme of capacity building consultancy 100,000 1 Institute for Voluntary Action Research for an evaluation of the Improving Services for Older People grants programme 20,000 1 Involvement in the Lord Mayor’s Show for an inter-generational education project and towards the costs of funded charities participation in the Lord Mayor’s Show 50,000 1 Leonard Cheshire Disability for the Track Ability initiative 15,000 1 Refuge for the costs of auditing services for children affected by domestic violence across London 133,600 1 Total 474,600

Total Main Grants (101 grants) 8,252,560 Total Working with Londoners (95 grants) 5,717,745 Total Improving Services for Older People (54 grants) 752,417 Total Exceptional Grants (5 grants) 343,500 Total Strategic Initiatives (9 grants) 474,600 Fear and Fashion (4 grants) 250,000 Grand Total (268 grants) 15,790,822 Less Write Backs 555,327 Total grants chargeable in 2008/09 15,235,495

34 Membership of Committees

City Lands and Bridge House Policy and Resources Committee Finance Committee Estates Committee Chairman Chairman Chairman Philip John Willoughby JP Deputy Stuart John Fraser John Alfred Barker OBE Deputy Deputy Chairman Deputy Chairman Deputy Chairman Jeremy Paul Mayhew MA MBA Sir Michael John Snyder Deputy William Barrie Fraser OBE Deputy Aldermen Aldermen Aldermen Sir David William Brewer CMG Nicholas John Anstee Roger Gifford Sheriff Roger Gifford Sheriff Michael David Bear BSc(Eng) MBA Alison Jane Gowman Alison Jane Gowman Sir David Howard Bt MA DSc Benjamin Robert Hadley Hall Alan Colin Drake Yarrow Sir Robert Finch Sir Michael Oliver LL.D Commoners David Hugh Wootton Commoners George Christopher Abrahams Commoners Kenneth Edwin Ayers Deputy Kenneth Edwin Ayers Deputy John Alfred Barker OBE Deputy Kenneth Edwin Ayers Deputy Raymond Michael Catt Mark John Boleat Douglas Barrow Deputy Roger Arthur Holden Chadwick Michael John Cassidy CBE Deputy Michael John Cassidy CBE Deputy Dennis Cotgrove BA Christine Mackenzie Cohen OBE Deputy Christine Mackenzie Cohen OBE Deputy Simon D’Olier Duckworth MA DL Robert William Duffield BA M.Litt.(Oxon) William Harry Dove MBE JP Anthony Noel Eskenzi CBE DSc Deputy Robin Anthony Eve Deputy Michael William Walter Farrow MA(Cantab) Robin Anthony Eve Deputy William Barrie Fraser OBE Deputy George Marr Flemington Gillon Sheriff Kevin Malcolm Everett DSc George Marr Flemington Gillon Sheriff Stanley Ginsburg JP Deputy Martin Charles Farr Robert Hughes-Penney Brian Nicholas Harris Brian Nicholas Harris Jeremy Paul Mayhew MA MBA William George Hunt TD BA Michael Henderson-Begg Catherine Sidony McGuinness MA Deputy Alistair John Naisbitt King MSc Deputy Tom Hoffman LL.B Wendy Mead Stanley Keith Knowles MBE Deputy Robert Hughes-Penney Joyce Carruthers Nash OBE Deputy Gregory Alfred Lawrence Deputy Alistair John Naisbitt King MSc Deputy Barbara Patricia Newman CBE Peter Leck Sylvia Doreen Moys Stephen Douglas Quilter BSc (Hons) Janet Owen MBE Deputy Janet Owen MBE Deputy Philip John Willoughby JP Deputy Michael Page BA (Hons) James Henry George Pollard Ann Marjorie Francescia Pembroke Ex-Officio Chris Punter Gerald Albert George Pulman JP Deputy The Rt Hon the Lord Mayor John George Stewart Scott Stephen Douglas Quilter BSc (Hons) Simon D’Olier Duckworth MA DL Sir Michael John Snyder Deputy Richard David Regan Deputy Lord Levene of Portsoken KBE John Tomlinson BA MSc Michael Robin Castle Sherlock Deputy Mark Twogood The following were Members of the Committee Michael Welbank Deputy Ex-Officio within the period 1 April 2008–31 March 2009, Pauline Ann Halliday OBE Deputy but were no longer on the Committee on Ex-Officio Stuart John Fraser 31 March 2009: Stuart John Fraser Jeremy Paul Mayhew MA MBA Philip John Willoughby JP Deputy Lionel Phillip Altman CBE Archibald Duncan Galloway OBE Deputy The following were Members of the Committee The following were Members of the Committee Sir David Thomas Rowell Lewis MA(Oxon) DL within the period 1 April 2008–31 March 2009, within the period 1 April 2008–31 March 2009, Alderman but were no longer on the Committee on but were no longer on the Committee on 31 March 2009: 31 March 2009: The Revd. Dr. Brian John Lee DD BD AKC Rodney Cyril Albert Fitzgerald MA MBE Deputy Deputy Archibald Duncan Galloway OBE Deputy Laurence St John Thomas Jackson LL.B The Revd. Dr. Brian John Lee DD BD AKC Clotilde Anne Marie Wang Deputy Deputy Peter Joseph Martinelli Deputy Douglas James Leslie Mobsby MBE Deputy Esmond Patrick Thomson Roney CBE MA David James Thompson Clotilde Anne Marie Wang Deputy

35 Membership of Committees continued

Planning and Transportation Committee The City Bridge Trust Committee Chairman Chairman Christine Mackenzie Cohen OBE Deputy Joyce Carruthers Nash OBE Deputy Deputy Chairman Deputy Chairman John Richard Owen-Ward MBE Deputy William Barrie Fraser OBE Deputy Aldermen Aldermen Michael David Bear BSc(Eng) MBA Gordon Warwick Haines Jeffrey Richard Evans Simon Walsh MA Sir John Stuttard MA Fiona Woolf CBE Commoners Kenneth Edwin Ayers Deputy Commoners John Alfred Barker OBE Deputy John David Absalom Michael Henderson-Begg Alex Bain-Stewart MSc JP John Leslie Bird OBE John Alfred Barker OBE Deputy Raymond Michael Catt Douglas Barrow Deputy William Harry Dove MBE JP Mark John Boleat The Revd. Dr Martin Raymond Dudley John Douglas Chapman Barbara Patricia Newman CBE The Revd. Dr Martin Raymond Dudley Martin Charles Farr Ex-Officio Marianne Bernadette Fredericks The Rt Hon the Lord Mayor Anthony Colin Graves LL.B The Revd. Stephen Decatur Haines MA Deputy The following were Members of the Committee Tom Hoffman LL.B during the Period 1 April 2008–31 March 2009, Michael Hudson but were no longer on the Committee on Clare James MA 31 March 2009: Stanley Keith Knowles MBE Deputy Charles Edward Lord JP BA (Hons) John Holland CBE JP DL Deputy Brian Desmond Francis Mooney MA Sir David Thomas Rowell Lewis MA(Oxon) DL James Henry George Pollard Alderman Dorothy Charlton Robinson BA MA Perry Richard Nove CBE QPM Jeremy Lewis Simons MSc Esmond Patrick Thomson Roney CBE MA John Hedley Spanner TD Angela Mary Starling Michael Welbank Deputy The following were Members of the Committee within the period 1 April 2008–31 March 2009, but were no longer on the Committee on 31 March 2009: John William Brewster OBE Maureen Wendy Frances Kellett JP The Revd. William Goodacre Campbell-Taylor Rodney Cyril Alban FitzGerald MA MBE Deputy Archibald Duncan Galloway OBE Deputy

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