Agenda item

Report of the Chamberlain.

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.