Agenda item

Report of the Chamberlain

The Board considered a report of the Chamberlain proposing a reconsideration of the decision taken by Finance Committee in February 2021, as approved by the Court of Common Council in March 2021, which reduced the amount of the additional allocation of income reserves made available for charitable funding from £200m to £180m. The Chamberlain introduced the report and advised that as a result of unrealised gains made on the financial investments that represent the unrestricted income reserves as at 31 March 2021, it was recommended that the BHE Board approve a return to the full £200m allocation being made available.

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 best interests, approve that the full amount of £200m that was allocated to the Grant-making Designated Fund in March 2020 be utilised for charitable funding in furthering the ancillary purpose of BHE.