Agenda item

Report of the Chamberlain.

The Committee considered a Report of the Chamberlain concerning the administration costs and reserves policies as applicable to the Sundry Trusts and Open Spaces Charities.

RESOLVED – that the Committee:

1) Approved the change in policy such that each of the Sundry Trusts and Open Spaces charities listed in Appendix A bear the legitimate and reasonable costs and expenses incurred by the City Corporation in administering each charity, whether as charity trustee itself or where all the trustees are individuals appointed by, or as a consequence of their position with, the City Corporation (paragraph 6 to 7).

2) Noted the change in policy by the City Corporation as charity trustee in each case, and approve the revised Reserves Policies for the charities as listed in Appendix B Table B.1 (paragraphs 8 to 13)

3) Delegated authority to the Chamberlain to determine with reference to the Charity’s SORP and the particular circumstances in each case, the appropriate target level of free reserves for each of the charities listed in Appendix B Table B.1.

Noted that decisions for those charities listed in Appendix A Tables A.2 and A.3, and Appendix B Tables B.2 and B.3 as relevant, will be referred to the responsible decision- making body in each case.