Agenda item

Report of the Chamberlain (copy attached).

The Board received a report of the Chamberlain providing Governors with a copy of the 2011/12 report and Financial Statements for the City of London School Bursary Fund incorporating the City of London School Scholarships & Prizes Fund.

Governors were informed that this was the first year that these accounts had been amalgamated following the Charities Review.

The Chairman drew Governors’ attention to the charities combined cash holding of £660,000 as at 31 March 2012. He went on to state that, with annual expenditure in the order of £100,000, it would seem sensible to invest £500,000 of this in the City Corporation’s Charities Pool which should generate a higher return. Governors agreed unanimously with this proposal.

RESOLVED – That, the Board recommend to the Chamberlain that £500,000 of the cash ‘at bank and in hand’ from the City of London School Bursary Fund incorporating the City of London School Scholarships & Prizes Fund be invested in the Corporation’s Charities Pool.