Agenda and minutes

Venue: North Tower Lounge, Tower Bridge (Virtual Public Meeting - Accessible Remotely)

Contact: Joseph Anstee  Email: joseph.anstee@cityoflondon.gov.uk

Items
No. Item

The Chair welcomed all in attendance to Tower Bridge, one of the charity’s most iconic assets, and gave thanks to the Head of Tower Bridge and his team for facilitating and hosting the meeting.

1.

Apologies

Minutes:

There were no apologies.

 ...  view the full minutes text for item 1.

2.

Members' Declaration Under the Code of Conduct in Respect of Items on the Agenda

Minutes:

There were no declarations.

 ...  view the full minutes text for item 2.

3.

Minutes* pdf icon PDF 152 KB

To agree the public minutes and non-public summary of the meeting held on 15 September 2021.

 ...  view the full agenda text for item 3.

Minutes:

RESOLVED – That the public minutes and non-public summary of the meeting held on 15 September 2021 be agreed as a correct record.

 ...  view the full minutes text for item 3.

4.

Managing Director's Update Report pdf icon PDF 146 KB

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

 ...  view the full agenda text for item 4.

Minutes:

The Board received a report of the Managing Director of Bridge House Estates (BHE) providing an update on key areas of activity across the whole charity since the Board’s last meeting in September 2021 and outlining upcoming activities for the Board to note.

 

BHE Strategic Governance Review

 

The Remembrancer advised the Board that the Supplemental Royal Charter remained under consideration by the Charity Commission, with officers having worked through several concerns and hoping that these had now been satisfied. The agreement of the Charity Commission was needed before the Privy Council could approve the Supplemental Royal Charter. The Remembrancer advised that it was still anticipated that the Supplemental Royal Charter would be granted by the end of the current financial year. The Chair thanked officers for the update and for their work throughout this process, commenting that he hoped any issues could be resolved and that progress would be made ahead of the January meeting of the Board.

 

Social Investment

 

In response to a question from a Member, the Managing Director of BHE advised that updates on the Social Investment Fund could be supplemented with information regarding the social impacts of investments, as well as the financial information, and that email updates could also be provided.

 

City Bridge Trust Update

 

The Managing Director of BHE advised that transitional funding support to organisations who would otherwise seek support through funding programmes currently on pause would be announced the following week, with information to be distributed to organisations. The Board then noted the update provided in respect of the relaunched Funder Plus Offer, The Bridge Programme.

 

RESOLVED – That the report be noted.

 ...  view the full minutes text for item 4.

5.

Bridging London Strategy 2020 - 2045; Year One Annual Progress Report, 2020/21 pdf icon PDF 155 KB

Report of the Managing Director of BHE

 ...  view the full agenda text for item 5.

Additional documents:

Minutes:

The Board considered a report of the Managing Director of BHE providing Members with a short Annual Progress Report of Bridge House Estates’ overarching strategy, Bridging London, for 2020 – 21 and outlining the progress made in delivery of the strategy to date and the future strategic direction which will be reflected in the Year 2 (2022) Action Plan. The Managing Director of BHE introduced the report and drew Members’ attention to the key points.

 

Members then gave feedback on the report, suggesting that a list of all trustees be added to the document and that the pictures in the report be updated to increase the diversity. In response to questions, the Managing Director of BHE advised that the document was largely internal, but a designed version would be produced for wider distribution.

 

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

 

i)              Note the progress made in delivery of Bridging London, in 2020-21, as outlined in the Annual Progress Report;

 

ii)             Endorse the proposed strategic direction for 2022 as set out in the Annual Progress Report;

 

iii)           Approve the updated foreword to be signed by the Chair and Deputy Chair of the Bridge House Estates Board for use in 2022; and

 

iv)           Note the new designed version of the Strategy.

 ...  view the full minutes text for item 5.

6.

Capital Funding - Prioritisation of 2022/23 Annual Capital Bids - Initial Review pdf icon PDF 258 KB

Report of the Chamberlain

 ...  view the full agenda text for item 6.

Additional documents:

Minutes:

The Board considered a report of the Chamberlain regarding the prioritisation of 2022/23 Annual Capital Bids. The Chamberlain introduced the report, advising that the amounts relevant to BHE were relatively small and drawing the Board’s attention to corrections that had been circulated in respect of minor errors within the report.

 

Members reiterated their view that it was impractical for the Board to consider relatively small amounts and that this should be addressed through the Scheme of Delegations to officers. The Chair added that he had also raised this view prior to the meeting, advising that officers understood this view and were working on a more efficient arrangement to be taken forward.

 

RESOLVED – That the BHE Board:

 

a)    Note the total value of City Fund and City’s Cash bids amounting to £61.9m against a target upper limit of £30m (excl BHE);

 

b)    Review the initial RAG rating of £24.3m green, £29.3m amber and £8.4m red contained in the appendices (determined in consultation with senior officers);

 

c)    Agree that, subject to Member feedback, funding for the green bids be incorporated into the medium-term financial plans, providing they remain within the £30m overall limits for City Fund and City’s Cash and remain at a similar modest level for Bridge House Estates;

 

d)    Agree in principle that bids with a final RAG rating of amber and red be deferred;

 

e)    Agree that amber-rated bids be placed on a reserve list to be progressed in the event that funding headroom is identified; and

 

f)     Note that the final decision on the green-rated bids for inclusion in the 2022/23 draft budgets will be confirmed at the joint meeting of RASC and the service committee and Bridge House Estates Board chairmen in January 2022.

 ...  view the full minutes text for item 6.

7.

Capital Funding Update* pdf icon PDF 165 KB

Report of the Chamberlain

 ...  view the full agenda text for item 7.

Additional documents:

Minutes:

The Board considered a report of the Chamberlain seeking approval to the reallocation of funding between schemes to address an anticipated budget shortfall and to the release of funding post gateway approvals to allow schemes to progress.

 

RESOLVED – That the BHE Board agree the release of a £6,000 contribution towards the costs of progressing the Guildhall cooling plant replacement project to the next gateway, to be met from the Unrestricted Income Fund with funding previously approved within the 2021/22 budget.

 ...  view the full minutes text for item 7.

8.

BHE Budget Uplift Request - Staffing pdf icon PDF 139 KB

Report of the City Surveyor

 ...  view the full agenda text for item 8.

Minutes:

The Board considered a report of the City Surveyor requesting approval of a 2021/22 budget uplift of £14,000 to extend the funding (from December 2021) for the interim role of Tower Bridge Programme Co-ordinator until 31st March 2022.

 

RESOLVED – That the BHE Board approve this additional funding of £14k from the BHE Central Contingency Fund, to enable this role to continue supporting the co-ordination of major construction activities, by various stakeholders to Tower Bridge.

 ...  view the full minutes text for item 8.

9.

Update on BHE Contingency Funds pdf icon PDF 104 KB

Report of the Managing Director of BHE and the Chamberlain

 

To be received in conjunction with the non-public appendix at Item 15.

 ...  view the full agenda text for item 9.

Minutes:

The Board received a report of the Chamberlain providing Members with an update on the 2021/22 Central Contingencies uncommitted balances held by Bridge House Estates (BHE). The Chamberlain introduced the report and drew Members’ attention to the key points.

 

RESOLVED – That the BHE 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 best interests:

 

a)    Note the central contingency budgets currently held by BHE for 2021/22; and

 

b)    Note that £14,000 was approved from the central contingency provision at Item 8 for the Tower Bridge Project Coordinator role.

 ...  view the full minutes text for item 9.

10.

Budget Monitoring: 1 April to 30 September 2021 pdf icon PDF 109 KB

Report of the Chamberlain

 ...  view the full agenda text for item 10.

Additional documents:

Minutes:

The Board received a report of the Chamberlain providing a financial update of BHE activities from the start of the current financial year to 30 September 2021, alongside the latest forecast for the year. The Chair introduced the item and drew Members’ attention to the Financial Dashboard appended to the report. In response to a question from a Member, the Chamberlain advised that targets in respect of the charity’s free reserves were for the charity to determine, with the minimum target currently set at £90 million due to current uncertainties as a result of the pandemic, as approved by Court in March 2021.

 

In response to a question from a Member regarding grants spending, the Managing Director of BHE advised that work was underway on reopening funding programmes and grants spending was gradually increasing. The Board was advised that CBT had discussed and were cognisant of the reputational risks of underspending, but had felt that increasing grants spending too quickly risked overdistributing funding or distributing without proper planning, which would also carry reputational risks, and therefore spreading the uplift over a longer period was the preferred approach.

 

Noting that bridge spending was also currently under budget, the Chamberlain advised that the methodology for budgeting in respect of the bridges required review, but was currently phased as an even spread across the year, rather than on the basis of projects being undertaken. The Chamberlain further advised that a significant project had been planned in the current year in respect of Millennium Bridge. The Executive Director of Environment advised that this project was no longer required at this point in time with the planned spend pushed back to a future year within the 50-year maintenance plan.

 

RESOLVED – That the report be noted.

 ...  view the full minutes text for item 10.

11.

Progress Update - Minimum Energy Efficiency Standards & Net Zero Carbon Action Plan* pdf icon PDF 312 KB

Report of the City Surveyor

 ...  view the full agenda text for item 11.

Minutes:

The Board received a report of the City Surveyor providing an update on work being done as part of the Climate Action Strategy in respect of energy efficiency and net zero carbon. Members reiterated their support for the programme and their desire to be ambitious for BHE, with wider targets providing a ‘long stop’ rather than a set target.

 

In response to a question from a Member regarding recruitment in specialist areas, the City Surveyor advised that there was expertise and understanding within the property and energy teams. A combination of in-house expertise and outsourcing was in use, with the City Surveyor seeking to build a ‘centre of excellence’ within the department, whilst planning to bring in additional resources where they were needed.

 

RESOLVED – That the BHE Board, as relevant to their terms of reference:

 

i)              Note the progress update; and

 

ii)             Note the continuation of the CAS NZ4 plan for resourcing the Sustainable Property Specialist in order to ensure the continued success of this programme.

 ...  view the full minutes text for item 11.

12.

Any Other Business

Minutes:

There was no other business.

 

The Chair then thanked Members of the public observing via YouTube for their participation.

 ...  view the full minutes text for item 12.

13.

Exclusion of the Public

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.

 ...  view the full agenda text for item 13.

Minutes:

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.

 ...  view the full minutes text for item 13.

14.

Non-Public Minutes*

To agree the non-public minutes of the meeting held on 15 September 2021.

 ...  view the full agenda text for item 14.

Minutes:

RESOLVED – That the non-public minutes of the meeting held on 15 September 2021 be agreed as a correct record.

 ...  view the full minutes text for item 14.

15.

Non-public appendices - central contingencies budget update

To be received in conjunction with the report at Item 9.

 ...  view the full agenda text for item 15.

Minutes:

The Board received a non-public appendix in respect of Item 9.

 ...  view the full minutes text for item 15.

16.

Bridge House Estates Principal Risk Register

Report of the Managing Director of BHE

 ...  view the full agenda text for item 16.

Minutes:

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

 ...  view the full minutes text for item 16.

17.

Bridge Update Report: 50-year maintenance plan and replacement strategy

Report of the Executive Director of Environment

 ...  view the full agenda text for item 17.

Minutes:

The Board received a report of the Executive Director of Environment.

 ...  view the full minutes text for item 17.

18.

Tower Bridge Half Year Performance Report April to Sept 2021

Report of the Executive Director of Environment

 ...  view the full agenda text for item 18.

Minutes:

The Board received a report of the Executive Director of Environment.

 ...  view the full minutes text for item 18.

19.

Secure City Programme Briefing to Bridge House Estates Board

Report of the Executive Director of Environment and the Commissioner of the City of London Police

 ...  view the full agenda text for item 19.

Minutes:

The Board received a report of the Executive Director of Environment.

 ...  view the full minutes text for item 19.

20.

Secure City Programme (SCP) - Video Management System (VMS)*

Report of the Executive Director of Environment and the Commissioner of the City of London Police

 ...  view the full agenda text for item 20.

Minutes:

The Board received a report of the Executive Director of Environment.

 ...  view the full minutes text for item 20.

21.

Delegated Authority Request: Approval of the 2020/21 Annual Report and Financial Statements

Report of the Chamberlain and the Managing Director of BHE

 ...  view the full agenda text for item 21.

Minutes:

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

 ...  view the full minutes text for item 21.

22.

Update to Bridge House Estates Transitional Investment Strategy Statement

Report of the Managing Director of BHE

 ...  view the full agenda text for item 22.

Minutes:

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

 ...  view the full minutes text for item 22.

23.

64/65 London Wall - Re-covering and replacement of roof - Bridge House Estates

Report of the City Surveyor

 ...  view the full agenda text for item 23.

Minutes:

The Board considered a report of the City Surveyor.

 ...  view the full minutes text for item 23.

24.

Refurbishment of Tower Chambers, 74 Moorgate, EC2 - Bridge House Estates

Report of the City Surveyor

 ...  view the full agenda text for item 24.

Minutes:

The Board considered a report of the City Surveyor.

 ...  view the full minutes text for item 24.

25.

Bridge House Estates (BHE): Arrears of Rent as at September 2021 Quarter Day Minus 1

Report of the City Surveyor

 ...  view the full agenda text for item 25.

Minutes:

The Board received a report of the City Surveyor.

 ...  view the full minutes text for item 25.

26.

Bridge House Estates Rental Estimates Monitoring Report*

Report of the City Surveyor

 ...  view the full agenda text for item 26.

Minutes:

The Board received a report of the City Surveyor.

 ...  view the full minutes text for item 26.

27.

Bridge House Estates - Quarterly Delegated Authorities Update - 1st July 2021 to 30th September 2021*

Report of the City Surveyor

 ...  view the full agenda text for item 27.

Minutes:

The Board received a report of the City Surveyor.

 ...  view the full minutes text for item 27.

28.

Bridge House Estates - 64-65 London Wall, EC2 - Freehold Disposal

Report of the City Surveyor

 ...  view the full agenda text for item 28.

Minutes:

The Board considered a report of the City Surveyor.

 ...  view the full minutes text for item 28.

29.

Investment Performance Monitoring to 30 September 2021: Bridge House Estates*

Report of the Chamberlain

 ...  view the full agenda text for item 29.

Minutes:

The Board received a report of the Chamberlain.

 ...  view the full minutes text for item 29.

30.

Decisions taken Under Delegated Authority or Urgency*

Report of the Town Clerk

 ...  view the full agenda text for item 30.

Minutes:

The Board received a report of the Town Clerk.

 ...  view the full minutes text for item 30.

31.

Confidential Minutes*

To agree the confidential minutes of the meeting held on 15 September 2021.

 ...  view the full agenda text for item 31.

Minutes:

RESOLVED – That the confidential minutes of the meeting held on 15 September 2021 be approved as a correct record.

 ...  view the full minutes text for item 31.

32.

Any Other Business which the Board Agrees Should Be Considered Whilst the Public Are Excluded

Minutes:

There was one item of other business.

 ...  view the full minutes text for item 32.