Agenda item

Report of the Chamberlain.

The Board received a report of the Chamberlain providing Governors with a copy of the 2012/13 Report and Financial Statements for the City of London Freemen’s School Bursary Fund (charity number: 284769).

The Deputy Chairman commented that the amount of cash held in the fund seemed excessive. He suggested that the Board should look to increase the income level of the fund and transfer some of the cash held to the Charities Pool.

Governors agreed that this was a sensible proposal. It was recommended that £100,000 should be retained in cash in the Fund going forward.

In response to a question, the Chamberlain reported that the annual distribution from the charities pool had been considerably more than interest earned on cash balances in recent years. 

RESOLVED – That £100,000 cash be retained in the fund with the remainder being invested in the City’s Charities Pool.