Agenda item

Report of the Chamberlain.

The Board considered a report of the Chamberlain regarding the draft 2016/16 Annual Financial Statements for the School Bursary Fund incorporating the School Scholarships and Prizes Fund, which sought approval to invest a cash balance in the City of London Charities Pool.

Governors noted that the next available date to invest in the Charities Pool was 1 April 2017. The Chairman therefore requested that future reports of this kind be submitted to the summer Board meeting to enable the investment to be made on 1 October of that year instead.

In response to Governors’ questions, the Chamberlain advised that corrections to the draft Annual Report and Financial Statements would be made as per Members’ comments. He added that the balance of Artemis’ investments in cash, equities and bonds would be provided at the next meeting.

RESOLVED – That:-

a)    the draft Annual Report and Financial Statements for the year ended 31 March 2016 be noted; and

b)    the investment of part of the available cash balance of £626,381 in the City of London Charities Pool totalling £502,746, which would leave an operating cash balance of £123,635, based on the highest level of annual expenditure over the past 5 years, be approved.