Agenda item

Report of the Chief Financial Officer.

Trustees considered a report of the Chief Financial Officer presenting updated City of London Academies Trust (CoLAT) finance policies and the following points were made:

·         A number of minor changes had been made to the CoLAT finance policies which were reviewed in detail at the meeting of the Finance, Audit and Risk Committee on 4 July 2019, where the Committee resolved to recommend the updated policies to the Board for formal approval. 

·         The Finance, Audit and Risk Committee had requested that further amendments be made to the Procurement and Tendering Policy to outline opening procedures for electronic tenders, and this was agreed by the Board.

·         The proposed updated finance policies incorporated all new requirements outlined within the Academies Financial Handbook 2019, including increased instruction on internal scrutiny/internal audit which was in line with the Trust’s existing approach.

RESOLVED, that Trustees:

·         Approve the following updated policies:

·         Finance Policy;

·         Gifts and Hospitality Policy;

·         Charging and Remissions Policy;

·         Reserves Policy; and,

·         Investment Policy.

·         Approve the Procurement and Tendering Policy. subject to further amendments being made to outline Tender Opening Procedures for electronic tenders.