Agenda item

Joint report of the Chamberlain and the Headmaster of the City of London Freemen’s School (copy attached).

The Board received a joint report of the Chamberlain and the Headmaster of the City of London Freemen’s School comparing the 2011/12 revenue outturn with the final agreed budget for the year.

The Chamberlain reported that the report outlined a ‘better than budget’ position of some £200,000 which has been transferred to the capital fund to contribute towards the forthcoming Master Plan works.

The Chamberlain went on to highlight that the income of £33,000 from the School tuck shop referred to within the report was a new source of income. He added that, as the tuck shop was now administered directly by the School, this income would be included within future budgets.

The Chairman commented that it was encouraging to see additional income received from both lettings and external, catered events at the School and hoped that this would continue to increase with the introduction of new and improved facilities as set out within the School ‘Master Plan’.

In response to a question, the Chamberlain stated that the interest earnings of £85,387 mentioned within the report was ‘gross’ and there is no tax liability. In response to a separate question, the Bursar stated that much of the additional income received was unpredictable and therefore difficult to budget for.

The Chairman highlighted the additional £13,000 received in registration fees which was a sign of the increasing popularity of the Freemen’s School.

Governors wished to place on record their congratulations to both the Headmaster and the Bursar on the impressive transformation of the School’s finances over the past 5-6 years.

RECEIVED.