THE REGENT’S PARK Bridge House Estates THE TRUSTEE’S ANNUAL REPORT & FINANCIAL STATEMENTS THE TRUSTEE’S THE BRITISH ANNUAL REPORT & MUSEUM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 SOHO COVENT GARDEN FOR THE YEAR ENDED 31 MARCH 2015 MAYFAIR WATERLOO BRIDGE MILLENNIUM BRIDGE BLACKFRIARS BRIDGE SOUTHWARK BRIDGE LONDON BRIDGE TOWER BRIDGE Registered Charity Number 1035628 WESTMINSTER BRIDGE GREEN PARK KNIGHTSBRIDGE LAMBETH BRIDGE LAMBETH PIMLICO VAUXHALL BRIDGE CHELSEA BRIDGE VAUXHALL THE REGENT’S PARK THE BRITISH MUSEUM SOHO COVENT GARDEN MAYFAIR WATERLOO BRIDGE MILLENNIUM BRIDGE BLACKFRIARS BRIDGE SOUTHWARK BRIDGE LONDON BRIDGE TOWER BRIDGE WESTMINSTER BRIDGE GREEN PARK KNIGHTSBRIDGE LAMBETH BRIDGE LAMBETH PIMLICO VAUXHALL BRIDGE CHELSEA BRIDGE VAUXHALL CONTENTS 01 07 13 Reference and Responsibilities Cash Flow Statement Administrative Details of the Trustee 2 22 28 02 08 14 Structure, Governance Adoption of the Annual Report Notes to the Financial Statements and Management and Financial Statements 3 23 29 03 09 15 Objectives Independent List of Grants Approved and Activities Auditor’s Report 5 24 53 04 10 16 Aims, Achievements, Performance Report of the Membership of Committees and Future Plans Audit Review Panel 7 25 67 05 11 Financial Review Statement of Financial Activities 18 26 06 12 Explanation of the Balance Sheet Financial Statements 21 27 Bridge House Estates Annual Report 2015 1 01 REFERENCE AND ADMINISTRATIVE DETAILS Bridge House Estates is a Trust TREASURER governed by various instruments which Dr Peter Kane – The Chamberlain are listed on page 3. In March 1994 it of London was registered with the Charity SOLICITOR Commission. Michael Cogher – The Comptroller CHARITY NAME and City Solicitor Bridge House Estates BANK OTHER WORKING NAMES Lloyds TSB Bank plc Bridge House Estates Trust Fund DISCRETIONARY FUND Bridge House Trust MANAGERS Artemis Invesment Management LLP, Bridge House Grants Wellington Management Co LLP, The City Bridge Trust Veritas Asset Management LLP, Carnegie Asset Management, Ruffer CHARITY NUMBER LLP, Southeastern Asset Management 1035628 Inc., GMO (U.K.) Ltd, Pryford REGISTERED ADDRESS International Plc, Standard Life Guildhall, London, EC2P 2EJ Investments Ltd and M&G Investment Management Ltd. TRUSTEE The Mayor and Commonalty & CHARTERED ACCOUNTANTS Citizens of the City of London AND STATUTORY AUDITOR Moore Stephens LLP, 150 Aldersgate CHIEF EXECUTIVE Street, London, EC1 4AB John Barradell OBE – The Town Clerk of the City of London Corporation 2 Bridge House Estates Annual Report 2015 02 STRUCTURE, GOVERNANCE AND MANAGEMENT FOUNDERS TRUSTEE SELECTION METHODS The City Bridge Trust Committee is By various bequests over the centuries For practical purposes the Trust was responsible for giving individual grants managed during the year by seven up to £500,000 to voluntary GOVERNING INSTRUMENTS committees of the City of London organisations in accordance with the A Royal Charter of 24 May 1282 Corporation, membership of which is cy-près scheme which was agreed by the The Blackfriars Bridge Act 1863 drawn from the Court of Common Charity Commissioners and Parliament Council. Members of the Court of in April 1995. Any grant above £500,000 The Blackfriars and Southwark Bridges Common Council are unpaid and are has to be agreed by the Court of Act 1867 elected by the electorate of the City of Common Council. The working name of The Corporation of London (Tower London. The Annual Report and the grant-making activity is The City Bridge) Act 1885 Financial Statements are reported to the Bridge Trust. Common Council of the City of London The Corporation of London (Bridges) Social Investment Board – during Corporation each year. The audit firm is Act 1911 2012/13, the City Corporation’s Court appointed from a panel of six partners of of Common Council agreed to set aside The City of London (Various Powers) firms who are elected by Common Hall up to £20m from Bridge House Estates Act 1926, section 11 (a meeting of the Livery of London). for investment in activities generating The Committees of the City of London The City of London (Various Powers) positive financial returns and social Corporation which had responsibility for Act 1949, section 13 benefit. This sum, referred to as the City managing the Charity during 2014/15 of London Corporation Social Investment A supplemental Royal Charter of 26 are as follows: Fund (the ‘Fund’), is administered by the November 1957 Property Investment Board responsible City Bridge Trust, and governed by a The City of London (Various Powers) for the management of the Trust’s Social Investment Board which reports Act 1963, section 32 commercial estates held for investment to the Investment Committee. purposes. The London Bridge Act 1967 The Investment Committee is The City of London (Various Powers) Financial Investment Board responsible responsible for the strategic oversight Act 1979, section 19 for the management of the Trust’s and monitoring of the performance of non-property investment arrangements. the City Corporation’s investments The Charities (Bridge House Estates) which are managed by three separate Policy and Resources Committee Order 1995 (S.I.1995/1047) Boards, namely the Financial responsible for allocating resources, Investment Board, the Property An Order of the Charity Commission administering the Trust, and for Investment Board and the Social sealed 10 July 1997 (350.97) determining the investment strategy Investment Board. An Order of the Charity Commission between property and non-property sealed 20 July 1998 (251.98) investments. A full list of Committee Members is shown on pages 67-68. The Charities (Bridge House Estates) Finance Committee responsible for Order 2001 (S.I.2001/4017) controlling support costs and other In making appointments to Committees, central charges that affect the Trust the Court of Common Council will The Charity Commission Scheme dated as a whole. consider the recommendations of the 26 August 2005 ward deputies, who will take into Planning and Transportation consideration any particular expertise The Charities (Bridge House Estates) Committee responsible for the and knowledge of the Members. Order 2007 (S.I.2007/550) construction, maintenance and upkeep The Mayor and Commonalty and of the bridges with the exception of the POLICIES AND PROCEDURES FOR Citizens of London (also referred to as tourism operation at Tower Bridge. THE INDUCTION AND TRAINING OF TRUSTEES ‘the Corporation’ or ‘the City of London Culture, Heritage and Libraries The City of London Corporation makes Corporation’), a body corporate, is the Committee responsible for the tourism available to its Members seminars and Trustee of the charity known as ‘Bridge operation at Tower Bridge. House Estates’. briefings on various aspects of the City’s activities, including those concerning Bridge House Estates Annual Report 2015 3 STRUCTURE, GOVERNANCE AND MANAGEMENT CONTINUED Bridge House Estates, as it considers are of the monitoring of the Trust’s funding has been reviewed by the Trustee. It necessary to enable the Members to and its impact. Such information ensures identifies the potential impact of key carry out their duties efficiently. the Committee is kept properly briefed as risks and the measures which are in to emerging trends in order to inform both place to mitigate such risks. The City Bridge Trust Committee has strategic and operational planning. A an ongoing commitment to learning PUBLIC BENEFIT STATEMENT progress report against the business plan and development. The Trust has The objects of the charity are the is given to all Committees managing the Investor in People accreditation which maintenance of the river bridges and charity on a quarterly basis. is an external validation of the approach grant making and related activity for to valuing and developing the skills of ORGANISATIONAL STRUCTURE the benefit of Greater London. The both Committee Members and staff. AND DECISION MAKING PROCESS Trustee confirms it has referred to the The Committees which governed the Charity Commission guidance on Elected Members of the City Bridge Trust Charity’s activities in 2014/15 are noted public benefit when reviewing aims and Committee have an induction including a above. All of these Committees were objectives and when making future briefing on the roles and responsibilities ultimately responsible to the Court of plans and setting grant making policy. of charity trusteeship, highlighting the Common Council of the City of London. issue of “self-benefit” and conflicts of The river bridges maintained by the The decision making processes of the interest for corporate trustees and public charity are open to the public at large, Court of Common Council are set out in benefit requirements. The history, policies assuring public benefit on an open access the Standing Orders and Financial and procedures of the Trust are also basis. There are no restrictions regarding Regulations governing all the Court of covered and Members of the Committee the members of the public who may use Common Council’s activities. The receive detailed policy guidelines and the bridges and no fees are charged. Standing Orders and Financial copies of published materials. Regulations are available from the The sections of this report relating to New Members of the Committee join Town Clerk at the registered address. the Trust’s grant making and related staff on visits to applicant organisations activities set out how we further achieve RISK MANAGEMENT STATEMENT to observe the assessment processes of our charitable purposes for the public The Trustee is committed to a the Trust. Members regularly accompany benefit. Third sector organisations and programme of risk management as an Grants Officers on monitoring visits to their services for the public are element of its strategy to preserve the see work being funded first hand, as strengthened by the Trust’s funding. Charity’s assets, enhance productivity well as attending promotional events The public benefiting from the Trust’s for service users and members of the of charities supported by the Trust, funding are primarily the inhabitants of public and protect its employees.