Agenda item

To receive the draft Annual Report and Financial Statements 2020/21 of the School’s charity Charities Administered in Connection with (ICW) the City of London Freemen’s School and the draft Annual Report and Financial Statements 2020/21 of the School’s charity City of London Freemen’s School Bursary Fund.

Governors received the draft Annual Report and Financial Statements 2020/21 of the School’s charity Charities Administered in Connection with (ICW) the City of London Freemen’s School and the draft Annual Report and Financial Statements 2020/21 of the School’s charity City of London Freemen’s School Bursary Fund.

A Governor asked for clarification on the movement of funds from the endowment fund to the unrestricted fund, and heard that a draw-down had been requested from the endowment fund to support Royal National Children’s SpringBoard Foundation that had been approved by the Board at the meeting of 25 September 2019.

Governors heard it had been considered appropriate to credit income to the unrestricted fund. Governors noted section 12 of the report ‘Movement in funds’ showing a significant rise in the unrestricted fund: income is now credited to that fund so that it is available for unrestricted use in line with the charity’s objectives and in line with present best practice, as set out in the document ‘Overview of financial performance’ (p. 206 of the agenda pack).

A Governor asked how much—given that endowment funds cannot usually be spent—was in the endowment fund that was income from previous years that should be moved, and the Board heard that the figures relating to that would be discussed outside the confines of the meeting.

RESOLVED, that the report be noted.