Decision details

The Head of Fund presented a report on the financial performance of the Fund during the 6 months to 30th September 2020 together with a comparison of the results with the approved budget for the same period and an updated forecast for the year ending 31^st March 2021.

It was reported that the impact of the Covid-19 pandemic was reflected in the position at 6 months and that the Investment Panel expected the Fund to have almost fully recovered by 12 months. It was also noted that the full year forecast was for net funds of £216.9m against a budget of £219.1m, a reduction of £2.2m.  

Resolved: That the financial results of the Fund for the 6 months to the 30^th September 2020, together with the budget and forecast variances set out in the report presented and the updates given at the meeting, are noted.