Agenda and minutes

Apologies were received from John Fletcher, Wendy Hyde, Oliver Lodge, Deputy Henry Pollard, Sir Michael Snyder, David Thompson, Philip Woodhouse and Deputy Douglas Barrow.

The Chairman, Jamie Ingham Clark and Ian Seaton declared non-pecuniary interests in respect of item 17 (“St Lawrence Jewry – Memorandum of Understanding for Refurbishment, Ongoing Maintenance and Annual Grant Funding”) due to being members of the St Lawrence Jewry Guild Church Council.

Alderman Vincent Keaveny declared a non-pecuniary interest in relation to item 8 (“Spitalfields Music Grant from the City of London Corporation for 2015/16 to 2017/18”) due to being a director of a charity which may potentially receive funding from Spitalfields Music.

To agree the public minutes and non-public summary of the meeting held on 21 October 2014.

RESOLVED – That the public minutes and non-public summary of the meeting held on 21 October 2014 be approved as an accurate record.

Report of the Town Clerk.

The Committee considered the report of the Town Clerk which set out details of outstanding actions from previous meetings.

RESOLVED – That the Committee notes the report.

To note the draft public minutes and non-public summary of the meeting held on 21 October 2014.

RESOLVED – That the draft public minutes and non-public summary of the Information Systems Sub Committee meeting held on 21 November 2014 be noted.

Report of the Chamberlain. On 4 November 2014 the Audit and Risk Management Committee recommended this report to the Finance Committee for approval.

The Committee considered the report of the Chamberlain which set out for approval the Annual Report and Financial Statements for City’s Cash for the year ended 31 March 2014.

The Town Clerk explained that the Financial Statements had been considered by the Audit and Risk Management Committee on 4 November 2014 and that Committee had recommended the Financial Statements for approval by the Finance Committee. Draft minutes from the meeting of the Audit and Risk Management Committee were put around the table for Members’ information.

The Chamberlain explained that the auditors had provided an unqualified Statement of Accounts and the Audit Review Panel was satisfied with the auditors’ methodology. The Chamberlain outlined some minor amendments to be made to the Financial Statements, namely that:

-       on page 7 of the Financial Statements, the phrase “temporary additional resources agreed” to be amended to “an agreed transfer of resources in 2013/14 from the capital budget to revenue”;

-       on page 8 of the Financial Statements, the section relating the Milton Court to be amended to make it clear that Heron’s contribution to the project was construction costs; and

-       on page 56 and page 58 of the Financial Statements, to clarify that four Members of the Court of Common Council sit on the Guild Church Council of St Lawrence Jewry.

Members noted that the Financial Statements contained many elements which would be extremely confusing for members of the public to understand and interpret. The Chamberlain explained that the Financial Statements were required to comply with UK Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) and therefore required a large amount of detail. Specific explanations were given in relation to queries raised regarding total investment figures, non-property investments and pension deficits.

Members particularly discussed the issue of the funding of

Report of the Chamberlain.

The Committee considered the report of the Chamberlain which provided Members with an update of progress made in delivering the objectives and outcomes and stated in the Chamberlain’s Business Plan.

The Chamberlain highlighted the key achievements for the year to date and the main challenges facing the Department going forward. The Chamberlain also explained that at the Committee’s next meeting they would be presented with a Forward Plan for the Committee’s business for 2015.

A Member asked for an update regarding progress with the actions within the Risk Register due for completion in November. The Chamberlain explained that he would circulate a briefing note to the Committee to update on these actions.

RESOLVED – That the Committee notes the report.

Report of the Director of Culture, Heritage and Libraries.

The Committee considered a report of the Director of Culture, Heritage and Libraries which requested the Finance Committee to approve a grant of £45,000 per year to Spitalfields Music from 2016/17 to 2018/19.

The Chairman explained that he had requested that, if the grant was approved, the Finance Grants Sub-Committee would be provided with an annual monitoring report from Spitalfields Music. It was also noted that it would be beneficial to conduct a review of grant funding to ensure that there was some consideration to strategic direction in the granting of funding.

Members discussed whether it would be appropriate for the City of London Corporation to have representation on the board of Spitalfields but it was agreed that this would not be appropriate as it make the representative in question a Trustee of the charity and therefore create an obligation for that representative to protect the position of Spitalfields Music.

RESOLVED – That the Committee agrees that the annual grant to Spitalfields Music is set at £45,000 per year from 2016/17 to 2018/19

Report of the Chamberlain.

The Committee considered the report of the Chamberlain which set out the current position in relation to the Finance Committee’s Contingency budget as at 30 October 2014.

RESOLVED – That the Committee notes the report.

Report of the Town Clerk.

The Committee considered the report of the Town Clerk which provided details of a decision taken under Delegated Authority since the last meeting of the Committee.

RESOLVED – That the Committee notes the report.

There were no questions.

There was no other business.

MOTION - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of Schedule 12A of the Local Government Act.

RESOLVED - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of Schedule 12A of the Local Government Act.

To agree the non-public minutes of the meeting held on 21 October 2014.

The Committee approved the non-public minutes of the meeting held on 21 October 2014 as an accurate record.

Report of the Town Clerk.

The Committee considered and noted a report of the Town Clerk which set out outstanding actions from previous meetings of the Committee.

To note the draft non-public minutes of the meeting held on 21 October 2014.

The draft non-public minutes of the Information Systems Sub Committee meeting held on 21 October 2014 were noted.

Report of the Town Clerk. This report was approved by the Policy & Resources Committee on 6 November 2014.

The Committee considered and approved a report of the Town Clerk which set out a Memorandum of Understanding for the refurbishment, ongoing maintenance and annual grant funding for St Lawrence Jewry.

Report of the Commissioner of the City of London Police. This information was also reported to the Police Committee at its meeting on 31 October 2014.

The Committee considered and noted a report of the Commissioner of the City of London Police which provided information of a waiver approval granted by the Chamberlain for Project Servator.

Report of the Town Clerk.

The Committee considered and noted a report of the Town Clerk detailing a non-public decision taken under delegated authority since the last meeting.

There were no non-public questions relating to the work of the Committee.

There was one item of non-public business. The Committee considered and approved a report of the City Surveyor which sought a waiver to the City’s Procurement Regulations to facilitate a new letting at a City premises.

To agree the confidential minutes of the meeting held on 21 October 2014.

The Committee approved the confidential minutes of the meeting held on 21 October 2014 as an accurate record.