Agenda item

Update on BHE Contingency Funds*

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.

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