Agenda item

Report of the Chief Financial Officer.

Please note: This report has been moved from non-public session (Item 13)

Trustees considered a report of the Chief Financial Officer presenting updated finance policies and the following points were made:

·    A number of minor changes had been made to City of London Academies Trust finance polices.  This included a new requirement in the Finance Policy for academies to provide a brief benchmarking report to the annual Financial Scrutiny/Review meeting and more scope within the Procurement and Tendering Policy for academies to utilise goods and services frameworks.  It was now specified within the Gifts and Hospitality Policy that school funds must not be used to purchase alcohol; however, this did not preclude the purchase of alcohol through other funds, such as by Parent Teacher Associations.

·    A Trustee requested further amendments be made to the Procurement and Tendering Policy to outline Tender Opening Procedures for electronic tenders.  The Chairman noted that this procedure should specify that all electronic tenders be opened at the same time.  The Director of Information and Communications Technology would be requested to identify a possible technological solution, such as the use of secure e-mail addresses or a portal.

RESOLVED, that Trustees recommend the following updated policies to the Trust Board for formal approval at its next meeting on 11 July 2019:

·         Finance Policy;

·         Procurement and Tendering Policy;

·         Gifts and Hospitality Policy;

·         Charging and Remissions Policy;

·         Reserves Policy; and,

·         Investment Policy.