Agenda and minutes

The Chair welcomed those in attendance to the meeting, as well as any members of the public and partner organisations observing the meeting via YouTube.

Apologies for absence were received from Paul Martinelli (Deputy Chair).

Deputy James Thomson and Alderman Professor Emma Edhem declared a non-pecuniary interest in Item 20 by virtue of being members of the Police Authority Board.

To agree the public minutes and non-public summary of the meeting held on 15 November 2022.

RESOLVED – That the minutes of the meeting held on 15 November 2022 be agreed as a correct record.

Matters Arising

Noting the minute at Item 11, a Member commented that their understanding was that a monitoring process in line with similar sized-grants had been formally agreed, and should therefore be made part of the resolution. The Managing Director of BHE advised that officers could formally report into the Grants Committee to scrutinise monitoring and progress against the grant, rather than to the BHE Board. The Chair, noting the references to monitoring within the draft minute, and that the minute be strengthened to reflect this, and that the requested action be taken in respect of the grant through reporting to the Grants Committee.

Report of the Town Clerk

The Board received a list of outstanding actions for February 2023 and noted the updates provided.

RESOLVED – That the list of outstanding actions be noted.

Report of the Managing Director of Bridge House Estates (BHE)

The Board considered a report of the Managing Director of BHE providing an update on key areas of activity across the whole charity since the Board last met in November 2022 and outlining upcoming activities for the Board to note.

The Chair introduced the item by congratulating all those involved with the progression of the Supplemental Royal Charter, the grant of which had been approved by His Majesty the King upon the advice of the Privy Council the previous week. The Chair advised that the Great Seal would now be affixed to the Charter, at which point it would take effect, and it was hoped that this would take place before the end of the financial year.

The Managing Director of BHE introduced the report and drew Members’ attention to the key points, first introducing representatives from Bates Wells attending the meeting and thanking them for their support in progressing the Supplemental Royal Charter. The Managing Director of BHE then introduced Sacha Rose-Smith, the charity’s Chief Funding Director, on her first meeting of the Board. The Managing Director of BHE added that the BHE Head of People was now in post and would provide specific HR provision for the charity.

Lead Members

The Chair then drew Members’ attention to the recommendation to appoint Lead Members for key policy areas for the charity, including Safeguarding, Climate Action and EDI. In response to questions from Members, the Managing Director of BHE advised that the Climate Action brief would include joint working with the City Corporation on its Climate Action Strategy, and would flow through the charity’s investment work. The Chair added that there remained ambition from the Board to improve upon the climate action targets agreed by the City Corporation, and a Lead Member would be helpful for driving this.

Members discussed

Report of the Managing Director of BHE

The Board discussed a report of the Managing Director of BHE providing a review of progress of the joint Philanthropy Strategy from April 2021 to date and providing a summary of findings. The Philanthropy Director introduced the report and drew Members’ attention to the key points, noting that further Member engagement would be forthcoming in the next stages of this work.

In response to a question from a Member, the Philanthropy Director gave further detail on the allocation of giving-focused funding from CBT, much of which was directed towards the London’s Giving programme alongside a broader range of commitments, and advised the Board of the current position with regards to the Philanthropy House proposal which had been in abeyance. The Philanthropy Director further advised that the charity’s Impact & Learning capacity was greater now than it had been at the adoption of the joint Strategy and that there was therefore greater scope to ensure tighter measures were in place in the next phase. It was noted that that the Central Grants Unit worked closely and engaged with the Livery movement where possible, most recently in leveraging additional donations from them, alongside that from the City Corporation, for the Disasters Emergency Committee response to the earthquake in Turkey and Syria.

The Board was advised that the review of progress against the implementation plan, appended to the report, would inform thinking around next steps. The Philanthropy Director advised that external review would take place next and would be progressed as set out in the implementation plan. The Chair then thanked Members for their comments and added his support for further Member engagement.

RESOLVED – That the Bridge House Estates Board, in discharge of functions for the City Corporation as Trustee of Bridge House Estates (charity reg. no. 1035628) and solely in the charity’s

Report of the Chamberlain

The Board considered a report of the Chamberlain setting out the City Corporation’s Treasury Management Strategy Statement and Annual Investment Strategy (TMSS) for 2023/24, the board being responsible for approving the TMSS on behalf of BHE. The Chamberlain introduced the report and drew Members’ attention to the key points, also advising that an amendment to the title had been agreed by the Financial Investment Board, to add ‘(relating to Treasury Management)’ to follow Annual Investment Strategy, for the sake of clarity. The Board noted and endorsed this amendment.

A Member commented that he felt BHE approval of the Strategy should be streamlined, given its local authority focus and limited relevance to the charity. The Chair suggested that the Board give its approval on this occasion and undertake to review this process ahead of next year.

RESOLVED – That the BHE Board approve, as amended, the Treasury Management Strategy Statement and Annual Investment Strategy (Relating to Treasury Management) for 2023/24 on behalf of Bridge House Estates.

Report of the BHE & Charities Finance Director (representing the Chamberlain)

The Board received a report of the BHE & Charities Finance Director (representing the Chamberlain) providing an update on the Bridge House Estates (BHE) Central Contingency balances held for 2022/23 and details of new requests for funds being made against these balances.

RESOLVED – That the BHE Board, in discharge of functions for the City Corporation as

Trustee of Bridge House Estates and solely in the charity’s best interests:

i)              Note the BHE contingency budgets currently held for 2022/23;

ii)             Note that a total of £145,000 has been approved under delegated authority for three items:

·         £93,000 BHE capital element for year 1 of the new Enterprise Resource Planning (ERP) project being implemented across the City Corporation

·         £12,000 towards increases of the market forces supplement within the Investment Property Group team; and

·         £40,000 from the Climate Action Strategy Contingency Fund to support two projects at Tower Bridge identified as contributing to BHE’s net zero carbon emissions target.

iii)           Note the request of £195,000, presented at Item 19 on the agenda, to sufficiently fund the services provided by the CoLP under the terms of the SLA being agreed with the charity; and

iv)           Note the release of £1.442m of contingency balances held following review of requirements for the remainder of this financial year.

Report of the Managing Director of BHE

The Board considered a report of the Managing Director of BHE seeking agreement for an Alliance Partnership, with a grant of £1.5 million towards a new programme run by the Baring Foundation to promote and develop the use of human rights-based approaches for London-focused civil society organisations, using international and domestic human rights laws to support practical, real-world protections for individuals and communities facing discrimination and disadvantage. The Board noted that the proposals had been endorsed by the Grants Committee at its meeting on 5 December 2022 and recommended to this Board for approval.

RESOLVED - That the Bridge House Estates Board, in the discharge of functions for the City Corporation as Trustee of Bridge House Estates (charity no. 1035628) and solely in the charity’s best interests, agree the Alliance Partnership and grant of £1.5 million over five years to the Baring Foundation, as per the terms recommended by the Grants Committee.

To note the public minutes and non-public summary of the Grants Committee of the BHE Board meeting on 5 December 2022.

RESOLVED – That the public minutes and non-public summary of the Grants Committee of the BHE Board meeting on 5 December 20222 be noted.

The Board gave thanks to Nick Gill, Investment Property Group Director, on his last meeting of the Board before leaving the City Corporation in March 2023. The Chair thanked officers on behalf of the Board and officers for his leadership and expertise in managing the charity’s investment property portfolio and his role in a number of the City’s key transformational projects. The Chair added that Nick had been a great asset to the charity, with the Board wishing him well for the future.

MOTION – With the Court of Common Council for the City Corporation as Trustee of Bridge House Estates (Charity No. 1035628) having decided to treat these meetings as though Part VA and Schedule 12A of the Local Government Act 1972 applied to them, it now be moved that the public be excluded from the meeting for the following items of business on the grounds that their consideration will in each case disclose exempt information of the description in paragraph 3 of Schedule 12A, being information relating to the financial and business affairs of any person (including the City Corporation as Trustee of the charity) which it would not be in the charity’s best interests to disclose.

RESOLVED – That with the Court of Common Council for the City Corporation as Trustee of Bridge House Estates (Charity No. 1035628) having decided to treat these meetings as though Part VA and Schedule 12A of the Local Government Act 1972 applied to them, the public be excluded from the meeting for the following items of business on the grounds that their consideration will in each case disclose exempt information of the description in paragraph 3 of Schedule 12A, being information relating to the financial and business affairs of any person (including the City Corporation as Trustee of the charity) which it would not be in the charity’s best interests to disclose.

To agree the non-public minutes of the meeting held on 15 November 2022.

RESOLVED – That the non-public minutes of the meeting held on 15 November 2022 be agreed as a correct record.

To be considered in conjunction with the report at Item 5.

The Board received a non-public appendix to the Managing Director’s Update report.

Report of the Managing Director of BHE

The Board considered a report of the Managing Director of BHE.

Report of the BHE Chief Operating Officer

The Board considered a report of the BHE Chief Operating Officer.

Report of the Managing Director of BHE

The Board considered a report of the Managing Director of BHE.

Report of the Managing Director of BHE and the BHE & Charities Finance Director

The Board considered a report of the Managing Director of BHE and the BHE & Charities Finance Director.

Report of the BHE Chief Operating Officer

The Board considered a report of the BHE Chief Operating Officer.

Report of the Deputy Town Clerk

The Board considered a report of the Deputy Town Clerk.

Report of the Managing Director of BHE and the City Surveyor

The Board considered a report of the Managing Director of BHE and the City Surveyor.

Report of the Managing Director of BHE and the City Surveyor

The Board received a report of the Managing Director of BHE and the City Surveyor.

To note the non-public minutes of the Grants Committee of the BHE Board meeting on 5 December 2022.

RESOLVED – That the non-public minutes of the Grants Committee of the BHE Board meeting on 5 December 2022 be noted.

Report of the Chamberlain

The Board received a report of the Chamberlain.

Report of the City Surveyor

The Board received a report of the City Surveyor.

Report of the Managing Director of BHE and the City Surveyor

The Board received a report of the Managing Director of BHE and the City Surveyor.

Report of the Town Clerk

The Board received a report of the BHE Governance Officer (representing the Town Clerk).

There was no other business.

The Chair thanked officers in attendance and asked that they withdraw from the meeting, with the Board then moving to a confidential session.

Report of the BHE Chief Operating Officer

The Board received a confidential security update.

To note the confidential minutes of the Grants Committee of the BHE Board meeting on 5 December 2022.

The Board received the confidential minutes of the meeting of the Grants Committee of the BHE Board on 5 December 2022.