Venue: Committee Rooms, West Wing, Guildhall
Contact: Philippa Sewell
tel. no.: 020 7332 1426 Email: email@example.com
Apologies were received from Deputy John Bennett and John Fletcher.
Members' Declarations Under the Code of Conduct in Respect of Items on the Agenda
The following standing declarations would be included on future agendas:
Deputy Catherine McGuinness
City of London Academies Trust
Board of Governors of The City Academy, Hackney
Castle Baynard Educational Foundation & Alderman Samuel Wilson Fund
United Westminster Schools Foundation
Board of School Governors and Council of Almoners, Christ's Hospital
Barbican Centre Board
Guildhall School Development Fund
The Worshipful Company of Educators
Board of Governors of the City of London Academy, Islington
Board of Governors, Mossbourne Parkside Academy
Board of Mossbourne Federation
Member of Court of the Worshipful Company of Grocers
Board of Governors of the City of London School for Girls
Committee of Aldermanic Almoners, Common Council Governors and Donation Governors of Christ’s Hospital
Member – Varndean Corporation (Governor; Sixth Form College)
City of London Academy Islington
City of London School for Girls
Board of Governors, Mossbourne Academy Federation
Board of Governors, Mossbourne Victoria Park
Board of Governors of the City of London Freemen’s School
Board of Governors, Oundle School
Chairman of Governors, Wellesley School Broadstairs
To agree the public minutes of the meeting held on 12 December 2016.
RESOLVED – That the minutes of the meeting held on 12 December 2016 be approved as a correct record.
Development of Policy to Guide Application of Charitable Funds
The Comptroller & City Solicitor confirmed that City Schools were not prohibited from making grant applications and would be treated equally to any other applicant subject to ensuring such grants would not give rise to a self-benefit to the City Corporation.
Report of the Chief Grants Officer.
The Sub-Committee considered a report of the Chief Grants Officer regarding a requested variation to one of the grants approved at the previous meeting and asking for delegated powers for the Chief Grants Officer in consultation with the Town Clerk, Chairman and Deputy Chairman to approve similar changes in the future. Members agreed the recommendations on the condition that any variations approved under delegation were reported at the next meeting.
RESOLVED – That:
a) the purpose of one grant previously approved by this Sub-Committee at its December 2016 meeting from the City of London Corporation Combined Education Charity be changed as set out in the report; and
b) authority be delegated to the Chief Grants Officer to agree minor variations to the terms of grants approved by this Sub-Committee in consultation with the Town Clerk, Chairman and Deputy Chairman of this Sub-Committee. Any such variations to be reported to the next Sub-Committee meeting.
The City Educational Trust Fund and the CoL Combined Education Charity both invest in the City of London Charities Pool.
The City of London Charities Pool Report and Financial Statements for the year ended 31 March 2016 is attached for Members’ information.
The Financial Investment Board oversees the Charities Pool investments and is interested in establishing the expectations of the charities that currently invest in the Pool. To help with this, a short survey has been devised for consideration by each charity. Responses are asked to be returned by Friday 17 March 2017.
The Sub-Committee received the Charities Pool Accounts and survey for Charities invested in the Pool in relation to the City Educational Trust Fund and the City of London Corporation Combined Education Charity. Members noted that comments would be passed to the Financial Investment Board via the Education Board (which has delegated responsibility for the management of the two charities).
Members agreed that, in terms of importance, income/dividend growth ranked highest followed by ensuring a relatively consistent income/dividend return and the preservation of capital investment. The long-term perspective was supported, and more regular updates (i.e. twice a year) would be welcomed.
Report of the Director of Community and Children’s Services.
The Sub-Committee considered a report of the Director of Community & Children’s Services regarding the eligibility criteria for the City Educational Trust Fund and the City of London Corporation Combined Education Charity, which had been revised in light of the steer given by Members at the last meeting.
Members discussed the criteria and the following matters were raised/noted:
· To enable more flexibility in grant-making, grants of between £5k-25k should be awarded and that this should apply to both charities.
· Consistent with the aim to align the charities’ application criteria, Members agreed that the geographical restriction that applied in respect of the City of London Corporation Combined Education Charity in accordance with that charity’s objects should be added to the application criteria for the City Educational Trust Fund as a matter of policy.
· The wording under ‘eligibility’ be revised to reflect that the City of London was not a London Borough.
· Members asked that the wording/tense be revised in order to be less specific to individual applicants.
· It be clarified that organisations could apply for groups of individuals, and that those individuals would be precluded from further applications within five years but the organisation would not be.
· Confirm that grants would be made twice a year.
· It be clarified that individuals could apply directly to the Combined Education Charity, but only in exceptional circumstances (i.e. they were unable to access funds elsewhere) and where the application was supported by clear proof of financial need.
Members asked for the criteria once amended to include these further revisions be circulated electronically to ensure the amended policy properly reflects their discussions before being presented to the Community & Children’s Services Committee for their consideration and to the Education Board for approval. With regard to advertising the new criteria once agreed, the Chief Grants Officer advised
Proposed date of next meeting
11.00am on Monday 16th October 2017.
RESOLVED - That the Sub-Committee meet twice a year, with the next meeting at 11.00am on 16 October 2017 and the subsequent meeting in April 2018.
Questions on Matters Relating to the Work of the Sub-Committee
There were no questions.
Any Other Business That The Chairman Considers Urgent
There was no other business.