Agenda item

Joint report of Chief Grants Officer and the Chamberlain.

NB: This report has been approved by the City Bridge Trust and is due to be considered by the Grand Committee later this day

The Sub-Committee considered a joint report of the Chief Grants Officer and the Chamberlin concerning the Trust’s new five year funding strategy Bridging Divides and the governance arrangements for the 2018-2023 grants programme.

The Deputy Chamberlain drew attention to the table at paragraph 7 of the report and to the impact of the proposals, relating to the strategy for the London Wall Buildings (being considered later on the agenda) on the funds for the new Grants Programme.

The Deputy Chairman advised that the role of the Sub-Committee was to determine the quantum of the funds for the Programme and, therefore, questioned the purpose of recommendation (b). He also referred to the role of the City Bridge Trust (CBT) in determining to whom grants were awarded. He expressed concern about the City Corporation’s use of charitable funds for purposes other than that specified. The Sub-Committee was reminded that the role of Trustee of the Bridge House Estates Charity was invested in the Court of Common Council and not the CBT. Legal opinion had been sought previously and it had been confirmed that the Court had the ability to determine how the resources were spent.

It was suggested that a paper clarifying the matter be submitted. The Sub-Committee supported this. It also supported the establishment of the new Programme and noted the comments made about the Court being able to determine how any surplus generated by the programme was spent.

RESOLVED – That:-

1.   it be recommended to the Policy and Resources Committee that a designated fund be established for Bridge House Estates (1035628) out of the charity’s unrestricted funds and from the income surplus in order to maintain and support the bridges for the new five-year ‘Bridging Divides’ grants programme 2018-2023; and

2.   a report clarifying the position with regard to the use of any surplus funds be submitted to a future meeting of the Policy and Resources Committee.