Agenda item

Joint report of the Chamberlain and the Headmaster.

The Board received a joint report of the Headmaster and the Chamberlain that provided details revenue outturn for 2015/16. Governors noted that the net income for 2015/16, before transfers to reserves, was £2.32 million compared to a budgeted position of £2.39 million, which represented a reduction in net income of £73,000 (3%). The Chamberlain added that the total School funds as at 31 March 2016 had increased by £957,257 since the previous year. Governors also noted that there was an error with the income and expenditure in the Analysis of Service Expenditure table in the report which would be corrected by the Chamberlain and re-circulated.

In response to a question from the Chairman, the Headmaster advised that the amount of money spent on scholarships would gradually decrease as fewer scholarships were being provided. Instead, gifted/talented children from less wealthy families would be encouraged to take the entrance exam and apply for bursaries.

In response to a Governor’s question regarding the Freedom application process, the Chairman advised that the School’s foundation charity fund received £30 of each £100 application fee, as agreed by the Finance Committee during the 00s. Governors also noted that Freemen should know the applicant personally if supporting his/her Freedom application.

RESOLVED – That the Revenue Outturn for 2015/16 be noted.