Agenda item

Report of the Chamberlain.

The Board considered a report of the Chamberlain regarding the charging of administration costs and external audit fees to the School’s Bursary Fund charity from 2021/22 and the following point was made:

·         The City Corporation, as Trustee of City of London School for Girls Bursary Fund incorporating the City of London School for Girls Scholarships and Prizes Fund, had chosen to exercise its right to be reimbursed for legitimate and reasonable costs and expenses properly incurred while undertaking its duties on behalf of the charity from the 2021/22 financial year. These charges comprised the costs of administering the charity and external audit fees estimated at £5,528 and £2,750 respectively for the 2021/22 financial year.  It was requested that the reserves policy of the School’s charity be revised to provide for these costs going forward.

RESOLVED – That:

·         It be noted that following a change in policy approved by the Finance Committee, the City of London Corporation would begin recovering the external audit fees and administration costs incurred from those charities, including the School’s charity, from 2021/22 onwards; and,

·         That the reserves policy of the School’s charity be revised to provide for these costs going forward.