Agenda item

Report of the Chamberlain.

Governors considered a report of the Chamberlain regarding The City of London School Bursary Fund incorporating The City of London School Scholarships & Prizes Fund – Annual Report and Financial Statements for the year ended 31 March 2017 and the following points were made.

·         The Chamberlain noted that income was c.£119,000 higher than forecast. The Financial Statements had now been audited and would be submitted to the City of London Corporation’s Finance Committee in November 2017. He noted that the Board of Governors had decided in June 2017 to invest income from the funds and this had been carried out on 1 October 2017.

·         In response to a suggestion from the Chairman, Governors requested clarification from the Chamberlain regarding whether the fund was for hardship in general prior to making a decision on making a further investment on 1 April 2018.

RECEIVED