Agenda item

Report of the Chamberlain.

Members considered a report of the Chamberlain on the accounting treatment for the City of London Corporation’s Social Investment Fund.

RESOLVED - That:

1.         The designation of the net value of distributed income, alongside gains and losses on divestment/maturity and the returned underlying capital to the SI Fund, be approved.

2.         The transfer of the cumulative impact of all distributed income to date, from inception of the fund from the BHE General Unrestricted Fund and designated against the SI Fund (being a £0.55m adjustment), be approved.

3.         The reinvestment of any additional balances, that are designated to the SI Fund in line with its’ previously agreed purposes, be approved.