Agenda item

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

The Committee considered a report of the Managing Director of BHE providing an update on key areas of activity and outlining upcoming activities. The Managing Director of BHE introduced the report, and the Committee discussed the updates provided.

Flotilla Event

The Managing Director of BHE advised that the Flotilla event on 24 October had been successful, with a connected charity networking event hosted by BHE on the Tower Bridge walkways. The event was well-attended and represented a helpful use of the charity’s assets.

Expected Grant Spend in 2022/23

The Managing Director of BHE drew the Committee’s attention to the expected grants spend information provided and assured the Committee that officers were committed to an appropriate balance between distributing funding and undertaking appropriate levels of due diligence.

Philanthropy

The Committee noted that a review of the joint BHE and City Corporation Philanthropy Strategy was underway, and that it was hoped an indicative timeline and further information could be brought to the next meeting.

Cornerstone Fund Round Two

The Managing Director of BHE drew the Committee’s attention to the requested decision to allocate additional funds from the Bridging Divides designated grants fund, before providing background to the request. The Committee noted that this matter had not been covered concurrent to the former City Bridge Trust Committee’s agreement to continue the programme, in error. In response to a question from a Member, the Managing Director of BHE advised that officers were confident there were no other programmes requiring such adjustment, and the Committee noted the budget lines set out in the report.

Impact and Learning

The Committee noted the Impact and Learning work in respect of the End of Year 4 Bridging Divides Review and work on learning visits. A Member encouraged officers to collate and consider the recommendations from learning visits to develop an understanding of what grantees were telling BHE.

The Chair then drew the Committee’s attention to the recommendations, which were agreed.

RESOLVED - That the Grants Committee of 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:

i)              Note the contents of the report; and

ii)             Agree to allocate £1,823,019 from the Bridging Divides designated grant fund for 2022/23 to the Cornerstone Fund.