Monday 8 January 2007
City of London claims credit for 1,000 years of
charitable-giving to the capital as “Bridge House Trust” is renamed
“The City Bridge Trust”
The largest charitable grant-giver to London-only causes (with
roots going back to 1097) has dropped its ancient name in the
interests of transparency and a clear message: it’s the City that
is responsible for the charity.
Bridge House Estates has more than £700 million locked in assets
with a primary duty to maintain the five City Bridges (London
Bridge, Tower Bridge, Millennium Bridge, Southwark Bridge and
Blackfriars Bridge). In the Middle Ages old London Bridge was so
important to Londoners that they would leave legacies to “God and
the Bridge”.
The money has been carefully invested for almost a thousand
years and used to pay for several replacement London Bridges and
the construction of the additional four, including Tower Bridge -
regularly rated as the world’s most recognisable capital
monument.
But it also gives away more than £15m a year to charities
benefiting Londoners, with what is surplus to bridge requirements
through the grant-making of Bridge House Trust.
From January 2007 the trust will be known as The City Bridge
Trust in a name change that leaves behind the historical connection
with the old “Bridge House” where the toll money and records were
kept but has little public recognition nowadays.
Lord Mayor John Stuttard said: “We will still keep Bridge House
Estates as our official name but use The City Bridge Trust for
transparency to describe our grant-making. It’s important that
people know where the money is coming from and who is administering
it. It also underlines the role the City has played – and continues
to play – in a thriving wider London.”
The City Bridge Trust's Chairman, William Fraser OBE, said: "The
renaming marks a new chapter in our history. It is a privilege to
be part of an ancient charity which plays such a vital role in
improving the lives of Londoners today."
Clare Thomas, the Trust’s Chief Grants officer said the change
would have minimal costs and was vital in establishing a direct and
clear connection between the charity and its trustee.
“When there was only one bridge, London Bridge, then everyone
knew what the ‘Bridge House’ was. The ‘City Bridge Trust’
re-establishes our connection with the original City bridge and
quite properly acknowledges the City’s responsibilities.”
The charity has established a strong reputation for imaginative
and independent work across many fields since the City of London
Corporation applied in 1995 for its trust to be widened beyond the
scope of bridge repair and maintenance.
Since 1995 more than £184m has been granted to over 4,600
charities large and small in every London borough and the City.
Uniquely, its grant-making committee meets in public to discuss and
give feedback on applications for support.
The Trust’s efficiency and probity mean it is often called in to
help in London-wide emergencies and charity projects. For example
it lent its expertise to help the London Bombings Relief Charitable
Fund rapidly disburse public appeal funds to victims and bereaved
families of the 7/7 terror bombs and it is now helping develop a
brand-new trust, the Legacy Trust UK, to disburse £40m for arts,
sports and culture across the UK.
The Trust has not fought shy of controversy, sponsoring
independent research into topics such as teenage knife crime.
Fear and Fashion is tackling knife culture and supporting
projects which are developing new ways of discouraging young people
from carrying and using weapons.
Ends
Notes for editors
Information about the Trust’s activities can be found on
their website.
- The City of London Corporation supports the financial and
business City as the world's leading international financial and
business centre, just 2.6 square kilometres at the heart of London
around St Paul’s but the heart of the UK-based international
financial services industry, with 320,000 highly-skilled knowledge
workers, mostly under 30 and working for non-UK-owned
firms.
- Working closely with the FCO and UKTI, the City’s annually
elected Lord Mayor travels the world, facilitating links between
the UK-based financial services industry and fast-growing nations.
In addition to the Brussels City Office funded by the City of
London Corporation, others are in Beijing, Shanghai and
Mumbai.
- As well as providing local authority services to the Square
Mile, the City of London Corporation also provides many other
“extra” services to London and the UK, including acting as trustee
for The City Bridge Trust, running the Old Bailey, the London
wholesale food markets and the Heathrow Animal Reception Centre,
Hampstead Heath, the 10,000-acres green belt zone Epping Forest,
the world-renowned Barbican Arts Centre and Guildhall School of
Music and Drama, and many other world-class facilities and
services. With the Lord Mayor, it also hosts visits from world
political and business leaders.
Contact Greg Williams, Head of Press, 020 7332 1455, 07889 167
205
05 – 09012007GW(03)