Agenda item

To receive the minutes of the Education Charity Sub Committee Meeting held on 3 July 2019.

Members received the minutes of the Education Charity Sub Committee. Veronica Wadley informed the Board of an interest in the London Music Fund (application ref. 15439).

The Town Clerk noted the following amendments:

·         Reference to ‘overspend’ in the general fund had been revised to ‘overcommitment’; and

·         Reference to the overspend of the expendable endowment fund within the resolution at item 4.3 was corrected to ‘overcommitment of the unrestricted general fund.’

In light of these amendments, the Town Clerk explained that the financial recommendations needed to be approved before recess but the policy recommendations would be coming back to the Board for consideration in September 2019.

A Member asked whether the over commitment created any fiduciary implications for Members or for the City of London Corporation. The Chamberlain advised that there would be no implications as the short-term deficits would be resolved by the necessary funds within the Trust being transferred in order to make up for the loss.

RESOLVED, that:

·         The proposal to carry forward a deficit on the City Educational Trust’s unrestricted income fund to 2019/20, be approved;

·         Further 2019/20 funding round applications for both the Combined Education Charity and the city Educational Trust Fund, be closed.