Agenda item

Report of the Chamberlain.

Governors considered a report of the Chamberlain regarding the draft Annual Report and Financial Statements for the year ended 31 March 2017 for the Charities Administered in connection with The City of London Freemen’s School and the following points were made.

·         In response to queries from Governors over whether more than the amount proposed could be invested in the Charities Pool, the Chairman noted that there were only two opportunities each year – 1 October and 1 April – to invest in the Pool and encouraged Governors to agree the report’s recommendations.

·         In response to a question from a Governor, the Chamberlain confirmed that it was the Chamberlain who was responsible for filing the Annual Reports and Financial Statements.

·         In response to questions from Governors, the Chamberlain confirmed that the School, as a charitable institution, should be absolutely clear why it was holding Reserves, and therefore he agreed to work with the Bursar to bring the School’s Reserves Policy to the Board for review.

RESOLVED, that Governors

·         receive the draft 2016/17 Annual Report and Financial Statements for the Charities Administered in connection with The City of London Freemen’s School (charity number: 312120);

·         endorse that cash of £5,199 be invested in the Charities Pool on 1 October 2017; and

·         note that the next review of the available cash balance will be presented to the June 2018 Board meeting.