Agenda item

Report of the Chamberlain.

The Board considered a joint report of the Chamberlain and the Headmistress that provided the draft Annual Report and Financial Statements for the year ended 31 March 2016 of The City of London School for Girls Bursary Fund (charity 1), incorporating The City of London School for Girls Scholarships & Prizes Fund (charity 2), for information and sought approval to a drawdown of Charities Pool Unites to be made to generate cash.

The Bursar added that there had been a slight dip in the bursary fund, although a similar amount of bursaries were being offered compared to previous years with 58 being awarded in 2014/15 and 63 awarded in 2015/16. The dip was partly due to Livery Companies scaling back donations but it was hoped that this would improve from the 17/18 academic year. Discussions around encouraging more bursary donations from external donators would be had at the next meeting of the 125^th Anniversary Working Group in November 2016. A Member noted that the number of bursary awards could not increase further at the current rate as the level of bursary commitments could not exceed income. The Deputy Chairman added that the Financial Investment Board would be reviewing the levels of funding provided from the City Corporation’s investment pool soon.

RESOLVED – That:-

a)    the draft Annual Report and Financial Statements of The City of London School for Girls Bursary Fund incorporating The City of London School for Girls Scholarships and Prizes Fund for the year ended 31 March 2016 be noted;

b)    a drawdown of Charities Pool Units to be made when deemed necessary by the Chamberlain to generate cash of £416,000 to fund a projected net expenditure in 2016/17 of £107,000, and to add £309,000 to the charity’s ‘working cash balance’, which would increase it from £66,011 as at 31 March 2016 to £375,000 to avoid cash becoming overdrawn at any point during a normal year which sees income lag behind expenditure, be approved; and

c)    it be noted that the School will be considering the appropriate number and value of future bursary awards to ensure that expenditure and income are balanced in future years.