Agenda item

Joint report of the Chamberlain and Headmaster.

The Board received a joint report of the Chamberlain and Headmaster, setting out the revenue outturn position for 2014/15.  Governors were pleased to note a better than budget position which had been mainly due to reductions in premises related expenses, partly offset by an increase in supplies and services expenditure as a result of the purchase of additional music equipment in connection with the opening of the new Music School.

Governors discussed the details of the report and reviewed the Policy and Resources Committee’s guideline from 2002 that the School’s General Reserve balance should not exceed 5% of the original estimate of fee income. It was agreed that the figure currently remains valid but it was noted that it is open to the Board to review and amend the level of the general reserve if it considers this to be appropriate.

In answer to a Governor’s query the Bursar, in consultation with the Chamberlain and Comptroller as appropriate, agreed to consolidate the number of Designated Funds associated with the School.   

RESOLVED - thatthe revenue outturn report for 2014/15 be noted.