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The Trust announces its new working title

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 £15 million a year to charities benefitting 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 imroving 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 £184 million 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 £40 million 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.