Agenda item

POLICY AND RESOURCES COMMITTEE

(Mark John Boleat)

23 June 2015

THE CITY BRIDGE TRUST COMMITTEE

(Jeremy Paul Mayhew)

13 May 2015

Bridge House Estates Revenue Surplus

Owing to careful stewardship of Bridge House Estates’ charitable assets, surplus income is forecast over the next three years. Your Policy and Resources Committee and City Bridge Trust Committee have considered proposals for an additional allocation from this surplus income to the City Bridge Trust over the next three years; at least £3,000,000 this financial year; at least £4,000,000 next financial year; and at least £5,000,000 in financial year 2017-18 inclusive.

The Court’s approval is now sought regarding the allocation of the additional £3,000,000 for this year only, together with £265,000 for the associated costs of management, administration and financial support. The allocation for the remaining years will be dealt with in the usual manner as part of the City Corporation’s resource allocation process. It is proposed that this should be spent for the benefit of the most disadvantaged Londoners.

A separately printed and circulated report outlining the proposals has been submitted for your consideration and we recommend its approval accordingly.

POLICY AND RESOURCES COMMITTEE

(Mark John Boleat)

23 June 2015

THE CITY BRIDGE TRUST COMMITTEE

(Jeremy Paul Mayhew)

13 May 2015

Bridge House Estates Revenue Surplus

Owing to careful stewardship of Bridge House Estates’ charitable assets, surplus income is forecast over the next three years. Your Policy and Resources Committee and City Bridge Trust Committee have considered proposals for an additional allocation from this surplus income to the City Bridge Trust over the next three years; at least £3,000,000 this financial year; at least £4,000,000 next financial year; and at least £5,000,000 in financial year 2017-18 inclusive.

The Court’s approval is now sought regarding the allocation of the additional £3,000,000 for this year only, together with £265,000 for the associated costs of management, administration and financial support. The allocation for the remaining years will be dealt with in the usual manner as part of the City Corporation’s resource allocation process. It is proposed that this should be spent for the benefit of the most disadvantaged Londoners.

A separately printed and circulated report outlining the proposals has been submitted for your consideration and we recommend its approval accordingly.

Read and agreed.