The Head of Fund presented a report on the financial performance of the Fund for the year ended 31st March 2020, together with a comparison to budget and prior year results.
She confirmed that investment management expenses had increased in line with the value of the Fund and that the expected savings from pooling were being achieved. In response to a query the Head of Fund explained the variance between income/outgoings and confirmed that it was within acceptable tolerances.
Resolved: That the financial performance of the Fund to the year ended 31st March 2020 and the analysis of variances between actual and budgeted financial results, as set out in the report resented, are noted.