City's Cash

Last updated

Coat of Arms of the Corporation of the City of London Coat of Arms of The City of London.svg
Coat of Arms of the Corporation of the City of London

City's Cash is an endowment fund, overseen by the City of London Corporation, built up over 800 years and passed from generation to generation to fund services that the Corporation claims benefit London and the nation as a whole. It is one of three funds run by the City of London Corporation, the other two being the City Fund and the Bridge House Estates. [1]

Contents

The City of London's right to acquire any "wastes and open spaces" gave rise to the City's Cash estate. Its core holding is a 35-acre (14-hectare) estate within the "Square Mile", including the Old Bailey, sections of New Broad Street, Whitefriars and Fenchurch Street, plus the markets of Smithfield and Leadenhall. [2] Billingsgate market, although now outside the City, also forms part of the Cash estate. [2]

History

The City's Cash account has been regarded as being as old as the City of London Corporation itself, but the oldest remaining set of accounts date from Michaelmas 1632Michaelmas 1633. These were the seventh set of accounts presented by Robert Bateman who had been Chamberlain of London since 1626. They were audited by Nicholas Rainton, who was at that time Lord Mayor.

The City's Cash was used to supplement the Police Rate, which had been authorised in the City of London Police Acts 1839 and 1919 to cover the costs of the City of London Police. However owing to problems in the management of the funds, the City of London had to ask the government to contribute a grant for the upkeep of their police force. [3] In the year ending 31 March 1938, the City's Cash balance sheet totalled over £6.5 million, while income from the estate and other sources was estimated at over £850,000. [4]

Public scrutiny

In 2012, in response to pressure from Occupy London, the City of London Corporation released some information about the account, where the money came from and what it gets spent on. It proved to contain more than £1.319 billion. With an income, in 2012, of £145 million, 29% of which came from school fees, with a further eight per cent coming from rents and nine per cent coming from grants, reimbursements and contributions. However, the largest source of revenue was 52 per cent from investments. [5] By the end of March 2016, it had net assets of £2.3 billion, [6] while Duncan said the Cash estate generated a "reasonably respectable £210 million a year." [2]

The City's Cash Financial Statements are prepared in accordance with Financial Reporting Standard 102 (FRS 102) as issued by the Financial Reporting Council and the external auditor's opinion confirms that the statements give a ‘true and fair view’ of the state of City's Cash. A detailed City's Cash Overview summary statement is published along with other accounts on the City of London website. [7]

Uses of fund

The City's Cash published account summary [8] details how the funds are used to provide services that are of importance nationally and internationally as well as to the City and Greater London.

Open spaces

The City of London Corporation looks after 11,000 acres of open spaces across London. Some of the sites have been owned and managed by the City of London Corporation since 1870 to protect them from development and preserve them as a natural resource. Many sites have gained national Green Flag and Green Heritage Awards, are Sites of Special Scientific Interest or are important wildlife habitats. Some sites are national nature reserves for the public to enjoy. Annual visits to these open spaces are currently estimated at 23 million.[ citation needed ]

The Lord Mayor's activities

All of the Lord Mayor's activities are paid for through the City's Cash. [6]

The City of London markets

The wholesale markets currently operated by the City of London Corporation are Smithfield and Billingsgate (both of which are funded by City's Cash), plus New Spitalfields (accounted for in the City Fund). [6] The City of London Corporation retains its property interests in the former markets of Leadenhall and Old Spitalfields, but these are not managed by its Department of Markets and Consumer Protection. [9]

The City Remembrancer

The City's Cash is also used to fund the Office of the City Remembrancer. [6]

Subsidised refreshments

The Members Bar in the Guildhall is a subsidised facility for members of the Court of Common Council and the Court of Aldermen. [10] Access to the facilities is an entitlement for life even after an individual is no longer a member of either court. [10] Members can also entertain guests there. [10] With spirits available for as little as 60p, in October 2017, it was substantially cheaper than any other bar in the City of London. [10] In 2016, over £200,000 was allocated for a refurbishment of the club. Catering and bar costs here amounted to more than £0.5 million in 2016, partly offset by income from hiring for private events. [11]

Related Research Articles

<span class="mw-page-title-main">City of London</span> Central business district of London, England

The City of London, widely referred to simply as the City, is a city, ceremonial county and local government district that contains the ancient centre, and constitutes, along with Canary Wharf, the primary central business district (CBD) of London and one of the leading financial centres of the world. It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, but the modern area referred to as London has since grown far beyond the City of London boundary. The City is now only a small part of the metropolis of Greater London, though it remains a notable part of central London. The City of London is not one of the London boroughs, a status reserved for the other 32 districts. It is also a separate ceremonial county, being an enclave surrounded by Greater London, and is the smallest ceremonial county in England.

<span class="mw-page-title-main">Smithfield, London</span> Human settlement in England

Smithfield, properly known as West Smithfield, is a district located in Central London, part of Farringdon Without, the most westerly ward of the City of London, England.

<span class="mw-page-title-main">City of London Corporation</span> English municipal governing body

The City of London Corporation, officially and legally the Mayor and Commonalty and Citizens of the City of London, is the municipal governing body of the City of London, the historic centre of London and the location of much of the United Kingdom's financial sector.

<span class="mw-page-title-main">Horace Jones (architect)</span> English architect

Sir Horace Jones was an English architect particularly noted for his work as architect and surveyor to the City of London from 1864 until his death. He served as president of the Royal Institute of British Architects from 1882 until 1884, and was knighted in 1886. His most recognised work, Tower Bridge, was completed posthumously.

<span class="mw-page-title-main">Billingsgate Fish Market</span> Fish market in Poplar in London, England

Billingsgate Fish Market is located in Poplar in London. It is the United Kingdom's largest inland fish market. It takes its name from Billingsgate, a ward in the south-east corner of the City of London, where the riverside market was originally established. In its original location in the 19th century, Billingsgate was the largest fish market in the world.

<span class="mw-page-title-main">New Spitalfields Market</span> Market hall

New Spitalfields Market is a fruit and vegetable market on a 31-acre (13 ha) site in Leyton, London Borough of Waltham Forest in East London. The market is owned and administered by the City of London Corporation. The market is Europe's leading horticultural market specialising in exotic fruit and vegetables - and the largest revenue earning wholesale market in the UK.

<span class="mw-page-title-main">Leadenhall Market</span> Shopping mall in City of London, England

Leadenhall Market is a covered market in London, England, located on Gracechurch Street but with vehicular access also available via Whittington Avenue to the north and Lime Street to the south and east, and additional pedestrian access via a number of narrow passageways.

<span class="mw-page-title-main">Old Spitalfields Market</span>

Old Spitalfields Market is a covered market in Spitalfields, London. There has been a market on the site for over 350 years. In 1991 it gave its name to New Spitalfields Market in Leyton, where fruit and vegetables are now traded. In 2005, a regeneration programme resulted in the new public spaces: Bishops Square and Crispin Place, which are now part of the modern Spitalfields Market. A range of public markets runs daily, with independent local stores and restaurants - as well as new office developments.

A money market fund is an open-end mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. Money market funds are managed with the goal of maintaining a highly stable asset value through liquid investments, while paying income to investors in the form of dividends. Although they are not insured against loss, actual losses have been quite rare in practice.

Net asset value (NAV) is the value of an entity's assets minus the value of its liabilities, often in relation to open-end, mutual funds, hedge funds, and venture capital funds. Shares of such funds registered with the U.S. Securities and Exchange Commission are usually bought and redeemed at their net asset value. It is also a key figure with regard to hedge funds and venture capital funds when calculating the value of the underlying investments in these funds by investors. This may also be the same as the book value or the equity value of a business. Net asset value may represent the value of the total equity, or it may be divided by the number of shares outstanding held by investors, thereby representing the net asset value per share.

<span class="mw-page-title-main">Custodian bank</span> Type of financial institution

A custodian bank, or simply custodian, is a specialized financial institution responsible for providing securities services. It provides post-trade services and solutions for asset owners, asset managers, banks and broker-dealers. It is not engaged in "traditional" commercial or consumer/retail banking like lending.

<span class="mw-page-title-main">Northern Trust</span> American financial services company

Northern Trust Corporation is an American financial services company headquartered in Chicago, Illinois that caters to corporations, institutional investors, and ultra high net worth individuals. Northern Trust is one of the largest banking institutions in the United States and one of the oldest banks in continuous operation. As of June 30, 2022, it had $1.7 trillion in assets under management and $17 trillion in assets under custody. Northern Trust Corporation is incorporated in Delaware.

<span class="mw-page-title-main">Fund accounting</span> An accounting system used for special reporting requirements

Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. In this method, a fund consists of a self-balancing set of accounts and each are reported as either unrestricted, temporarily restricted or permanently restricted based on the provider-imposed restrictions.

<span class="mw-page-title-main">Dagenham Dock</span> Industrial district in London, England

Dagenham Dock is an industrial district in the London Borough of Barking and Dagenham in London, England. It is located to the south of Dagenham and is on the River Thames. It was once the site of a large coaling port and continues to be the location of a small terminal licensed to handle coal off-loading. Today the site is used for a number of river-related operations including a 25-acre (100,000 m2) TDG depot with around 200 tanks for the storage of petrol, distillates, aviation fuel, biofuels, tallow, ethanol, fertilisers, and urea.

<span class="mw-page-title-main">Charterhouse Street</span>

Charterhouse Street is a street on the north side of Smithfield in the City of London. The road forms part of the City’s boundary with the neighbouring London Boroughs of Islington and Camden. It connects Charterhouse Square and Holborn Circus, crossing Farringdon Road and running along a number of historical sites, including Smithfield Market.

<span class="mw-page-title-main">Langbourn</span> Ward of the City of London

Langbourn is one of the 25 ancient wards of the City of London. It reputedly is named after a buried stream in the vicinity.

<span class="mw-page-title-main">Alberta Investment Management Corporation</span> Sovereign wealth fund of Alberta, Canada

Alberta Investment Management Corporation (AIMCo) is a Canadian Crown corporation and institutional investor established to manage several public funds and pensions headquartered in Edmonton, Alberta. AIMCo was established by an act of the Legislative Assembly of Alberta in 2008 under the government of Progressive Conservative Premier Ed Stelmach.

<span class="mw-page-title-main">Spitalfields Market</span>

Spitalfields Market is a traders' market as well as a food and art market located in Spitalfields, Central London. Traders began operating around 1666, after the Great Fire of London, where the market stands today. The Spitalfields regeneration programme that ended in 2005, resulted in two new public spaces – Bishops Square and Crispin Place, which restored several historic streets and resulted in more independent retailers and restaurants. Spitalfields Market is situated in the London Borough of Tower Hamlets. It is surrounded by Lamb Street, Old Spitalfields market, Brushfield Street and Bishops Square.

The City of London market constabularies are three small constabularies responsible for security at Billingsgate, New Spitalfields and Smithfield markets run by the City of London Corporation.

References

  1. Rogers, Simon; Quinn, Ben (1 November 2011). "City of London spending and income: where does the money come from, and where does it go?". the Guardian. Retrieved 5 November 2017.
  2. 1 2 3 Duncan, Andrew (2016). Secret London. London: IMM Lifestyle Books. pp. 56–57. ISBN   9781504800112.
  3. Jerrard, Rob. "City of London Police". www.rjerrard.co.uk. Archived from the original on 1 November 2017. Retrieved 7 November 2017.
  4. Robson, William A. (1939). The Government and Misgovernment of London. London: Routledge. p. 384. ISBN   9781135683320.
  5. Rawlinson, Kevin (20 December 2012). "City of London Corporation to reveal details of £1.3bn private account". The Independent. Independent Digital News & Media. Retrieved 5 November 2017.
  6. 1 2 3 4 "City's Cash Annual Report and Financial Statements for the year ended 31 March 2016" (PDF). www.cityoflondon.gov.uk. Corporation of the City of London. Archived from the original (PDF) on 7 November 2017. Retrieved 5 November 2017.
  7. "City of London funds". City of London.
  8. "Archived copy" (PDF). Archived from the original (PDF) on 14 February 2019. Retrieved 17 February 2019.{{cite web}}: CS1 maint: archived copy as title (link)
  9. "Business: Wholesale Food Markets". City of London. Retrieved 21 November 2017.
  10. 1 2 3 4 Elledge, Jonn (31 October 2017). "Like no council canteen you've ever seen: on the drinks menu at the City of London's Guildhall Bar". CityMetric. New Statesman. Retrieved 5 November 2017.
  11. Quinn, Ben (19 November 2017). "Outrage at 'lavish' spending by City of London Corporation". The Observer. The Observer. Retrieved 21 November 2017.