Agenda and draft minutes

Venue: Virtual meeting. The meeting can be viewed at: https://youtu.be/hIbKoTN-BvU

Contact: Kerry Nicholls  Email: kerry.nicholls@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

There were no apologies for absence.

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in Respect of Items on the Agenda

Minutes:

There were no declarations.

 ...  view the full minutes text for item 2.

3.

Receive Terms of Reference pdf icon PDF 64 KB

To receive the Committee’s terms of reference, as agreed at the Board of Governors meeting held on 10 June 2021.

 ...  view the full agenda text for item 3.

Minutes:

RESOLVED, that the terms of reference for the Finance and Estates Committee be received.

 ...  view the full minutes text for item 3.

4.

Minutes pdf icon PDF 124 KB

To consider the public minutes and non-public summary of the meeting held on 13 May 2021.

 ...  view the full agenda text for item 4.

Minutes:

RESOLVED,that the minutes of the meeting held on 13 May 2021 be approved as an accurate record.

 ...  view the full minutes text for item 4.

5.

Public Outstanding Actions pdf icon PDF 100 KB

Report of the Town Clerk.

 ...  view the full agenda text for item 5.

Minutes:

Governors considered a report of the Town Clerk outlining public Outstanding Actions.

 

RESOLVED, that public Outstanding Actions be noted.

 ...  view the full minutes text for item 5.

6.

Schedule of Standing Items pdf icon PDF 98 KB

Report of the Town Clerk.

 ...  view the full agenda text for item 6.

Minutes:

Governors considered a report of the Town Clerk outlining the Schedule of Standing Items.

 

RESOLVED, that the Schedule of Standing Items be noted.

 ...  view the full minutes text for item 6.

7.

Cash Available in the School's Charity: The City of London School for Girls Bursary Fund Incorporating the City of London School for Girls Scholarships and Prizes Fund pdf icon PDF 76 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 7.

Minutes:

Governors considered a report of the Chamberlain providing an update on the draft cash balance available in the School’s charity, The City of London School for Girls Bursary Fund Incorporating the City of London School for Girls Scholarships and Prizes Fund which was £931,070 as at 1 April 2021, and the following points were made:

 

  • The School had estimated the level of expenditure for the 2021/22 financial year and recommended that surplus funds of £109,277 be invested in the City of London Charities Pool by the investment deadline of 1 October 2021.

 

·         In discussion, Governors noted that a report of the Tomlinson Review into the Funding of Education would be presented to the next meeting of the Board of Governors on 14 October 2021.  Surplus funds might be required to offset any shortfall in bursary funding arising from this review in the short to medium-term to mitigate the impact on disadvantaged pupils.  In light of this, the Committee agreed that it was not minded to recommend the Board of Governors agree a proposed investment of  £109,277 of surplus funds in the City of London Charities Pool at this time. 

 

RESOLVED, that the proposed investment of £109,277 in the City of London Charities Pool not be supported at this time.

 ...  view the full minutes text for item 7.

8.

Draft Annual Report and Financial Statements of the School's Charity: The City of London School for Girls Bursary Fund incorporating the City of London School for Girls Scholarships and Prizes Fund pdf icon PDF 81 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 8.

Additional documents:

Minutes:

Governors considered a report of the Chamberlain presenting the draft Annual Report and Financial Statements 2020/21 of the School’s charity, The City of London School for Girls Bursary Fund Incorporating the City of London School for Girls Scholarships and Prizes Fund and the following points were made:

 

·         During the year ended 31 March 2021 total funds within the School’s charity had increased by £903,217. This favourable movement comprised a net gain on investments of £813,311, voluntary income of £759,979, and investment income of £175,599.  The increase in funds had been partly offset by expenditure on charitable activities of £845,672 in awarding 53 bursaries and 25 prizes.  There had been no costs relating to fundraising during the 2020/21 financial year.  The School’s External Auditor, BDO LLP would be commencing its audit of the draft Annual Report and Financial Statements in mid-September 2021. Once this work was completed, the accounts would be submitted to the Finance Committee of the City of London Corporation for approval on behalf of the Court of Common Council.

 

·         A Governor noted that the total funds held in the School’s charity was approximately £4.8M.  The Governor suggested that consideration be given to investing a greater proportion of the funds held as surplus cash into the City of London Charities Pool to maximise investment income, and was concerned at possible delays to investment due to the quarterly meeting schedule of the Finance and Estates Committee.  The Group Accountant advised that investments and disinvestments to the City of London Charities Pool could only be made on 1 April and 1 October each year and that a recommendation would be made to Governor at these times where surplus funds had been identified.  Another Governor observed that the value of investments could reduce as well as increase and was pleased to note

 ...  view the full minutes text for item 8.

9.

CLSG Health, Safety, Compliance and Risk Update pdf icon PDF 141 KB

Report of the Headmistress of the City of London School for Girls.

 

Governors are asked to note a non-public appendix at Agenda Item 15.

 ...  view the full agenda text for item 9.

Minutes:

Governors considered a report of the Headmistress providing an update on health, safety, compliance and risk management matters at the City of London School for Girls and the following point was made:

 

  • The School had made significant progress in the area of compliance over the past year.  The Chairman underlined the importance of ensuring that any outstanding matters were addressed as soon as possible.

 

RESOLVED, that the current position be noted.

 ...  view the full minutes text for item 9.

10.

Questions on Matters Relating to the Work of the Sub Committee

Minutes:

There were no questions.

 ...  view the full minutes text for item 10.

11.

Any Other Business that the Chairman considers Urgent

Minutes:

There was no other urgent business.

 ...  view the full minutes text for item 11.

12.

Exclusion of the Public

MOTION - That under Section 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business 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.

 ...  view the full agenda text for item 12.

Minutes:

RESOLVED, that under Section 100A (4) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds they involve the likely disclosure of exempt information as defined in Part 1 of Schedule 12A of the Act.

 ...  view the full minutes text for item 12.

13.

Non-Public Minutes

To consider the non-public minutes of the meeting held on 13 May 2021.

 ...  view the full agenda text for item 13.

Minutes:

RESOLVED, that the non-public minutes of the meeting held on 13 May 2021 be approved as an accurate record.

 ...  view the full minutes text for item 13.

14.

Non-Public Outstanding Actions

Report of the Town Clerk.

 ...  view the full agenda text for item 14.

Minutes:

Governors considered a report of the Town Clerk outlining non-public Outstanding Actions.

 ...  view the full minutes text for item 14.

15.

CLSG Health, Safety, Compliance and RIsk Update – Non-Public Appendix

Report of the Headmistress of the City of London School for Girls.

 

Non-Public appendix to be read in conjunction with Agenda Item 9.

 ...  view the full agenda text for item 15.

Minutes:

Governors considered a non-public appendix for Item 9: CLSG Health, Safety, Compliance and Risk Update.

 ...  view the full minutes text for item 15.

16.

CLSG Bursary Funding Update

Report of the Headmistress of the City of London School for Girls.

 ...  view the full agenda text for item 16.

Minutes:

Governors considered a report of the Headmistress providing an update on Bursary funding. 

 ...  view the full minutes text for item 16.

17.

Management of Arrears of Fees at CLSG

Report of the Headmistress of the City of London School for Girls.

 ...  view the full agenda text for item 17.

Minutes:

Governors considered a report of the Headmistress regarding the management of arrears of fees at the City of London School for Girls.

 ...  view the full minutes text for item 17.

18.

Financial Information Dashboard

Joint report of the Chamberlain and the Bursar of the City of London School for Girls.

 ...  view the full agenda text for item 18.

Minutes:

Governors considered a joint report of the Chamberlain and the Bursar on the Financial Information Dashboard.

 ...  view the full minutes text for item 18.

19.

Estates Updates

Minutes:

19a

CLSG Estates Update

Report of the Headmistress of the City of London School for Girls.

 ...  view the full agenda text for item 19a

Minutes:

Governors consider a report of the Headmistress providing an update on the City of London School for Girls’ Estates Strategy.

 ...  view the full minutes text for item 19a

19b

Review Summer Works Programme

The City Surveyor to be heard.

 ...  view the full agenda text for item 19b

Minutes:

Governors heard an update of the City Surveyor on the Summer Works Programme 2021.

 ...  view the full minutes text for item 19b

20.

Non-Public Questions on Matters Relating to the Work of the Sub Committee

Minutes:

There were no questions.

 ...  view the full minutes text for item 20.

21.

Any Other Business that the Chairman considers Urgent and which the Sub Committee agrees should be considered whilst the Public are Excluded

Minutes:

There was no other urgent business.

 ...  view the full minutes text for item 21.

21a

Gateway 4c: City Junior School

Report of the City Surveyor

 ...  view the full agenda text for item 21a

Minutes:

Governors considered a report of the City Surveyor outlining the Gateway 4c: Detailed Design (Complex) report for the City Junior School.

 ...  view the full minutes text for item 21a