Agenda item

To agree the public minutes and summary of the meeting held on 16 October 2015.

RESOLVED – That the public minutes and non-public summary of the meeting held on 16 October 2015 be approved as a correct record, subject to the removal of Lord Levene from the list of those present.

Matters Arising

Revenue Outturn 2014/15

The Chamberlain was heard regarding a recent request from Members of this Board to alter the future presentation of their Revenue Outturn reports.

The Chamberlain made reference to the fact that this Board was more commercially focused, where income was key for the operation of the School. The same also applied to other areas such as the Barbican Centre, Markets, and the other two City of London School Boards. The Chamberlain assured Governors that officers were happy to assist in providing Members with management information in a more commercial format. However, there were some limitations in terms of the financial systems currently used to generate this information and the need for compliance with local authority financial regulations. The Chamberlain reported that the financial systems and the budget adopted a Local Authority format, with expenditure as a priority. She explained that local government regulations and the Chartered Institute of Public Finance and Accountancy (CIPFA) definitions dictated how the budget books appeared for consideration by the Finance Committee and Court of Common Council.

The Chamberlain would develop an appropriate report format in consultation with the Chairman, Deputy Chairman and Bursar. Members noted that a balance would need to be struck regarding the amount of staff time and resources it would take to develop the final separate format.