The Finance Committee of the City of London Corporation was scheduled to meet on 4 November 2025 to discuss financial statements, budget monitoring, risk management and climate action strategy. The committee was also expected to discuss trust funds, and the Housing Revenue Account.

Budget Monitoring

The committee was scheduled to receive a report on budget monitoring for the second quarter of the 2025/26 financial year. The report included the forecast position for both revenue and capital, with explanations for variances.

The report noted that although both City Fund and City's Estate were forecasting a surplus, the local risk (Chief Officer cash limited budgets) were forecasting an overspend across all funds. Actions were reportedly being taken to address the gaps, including a series of Star Chambers led by the Town Clerk.

The Housing Revenue Account was reportedly forecasting an overspend on revenue, requiring urgent savings plans or funding solutions.

The report also noted that the HRA major projects improvement programme had identified substantial risks regarding funding for the 10-year plan, and that the Community and Children's Services capital programme contained significant forecast overspends requiring bespoke funding solutions.

City's Estate Financial Statements

The committee was scheduled to consider the draft consolidated financial statements for City's Estate for the year ending 31 March 2025. The report recommended that the committee:

• Consider the draft 2024-25 City's Estate accounts
• Delegate to the Chairman and Deputy Chairman of Finance Committee, subject to the recommendation of the Audit and Risk Committee, the approval and signing of the 2024-25 City's Estate Financial statements, and the financial statements of each of the 9 consolidated charities, for the year ending 31 March 2025.
• Authorise the Chamberlain, in consultation with the Chairman and Deputy Chairman of the Finance Committee, to approve any material changes to the statement of accounts and annual reports and financial statements required before the signing of the audit opinion by Crowe UK LLP.

The nine Open Spaces and Sundry Trust charities consolidated within the City's Estate accounts are:

• Ashtead Common
• Highgate Wood and Queen's Park Kilburn
• West Ham Park
• Hampstead Heath Charity, incorporating the linked charity the Hampstead Heath Trust Fund
• Sir Thomas Gresham Charity
• Keats House
• Burnham Beeches and Stoke Common
• Epping Forest
• West Wickham Common and Spring Park Wood & Coulsdon and Other Commons

City's Estate Trust Funds and Sundry Trust Funds Annual Reports and Financial Statements

The committee was also scheduled to consider the annual reports and financial statements for the 14 Sundry Trust charities for the year ended 31 March 2025. The report requested that the committee:

• Note the progress on the sundry trust accounts and associated audits.
• Delegate to the Chairman and Deputy Chairman of Finance Committee, subject to the recommendation of the Audit and Risk Committee, the approval and signing of the 11 charities presented for the year ended 31 March 2025, for those charities where the Corporation is Trustee.
• Delegate to the Chairman and Deputy Chairman of Finance Committee, subject to the recommendation of the Audit and Risk Committee, the authority to recommend the accounts to the Aldermen for the Emanuel Hospital charity where the Corporation is acting by the Court of Aldermen as the named corporate trustee; and to the individual trustees of the Sir William Coxen Trust Fund and the Samuel Wilson Loan Charity for the year ending 31 March 2025; and
• Authorise the Chamberlain, in consultation with the Chairman and Deputy Chairman of the Finance Committee, to approve any material changes to the statement of accounts and annual reports and financial statements required before the signing of the audit opinion by Crowe.

Risk Management Update Report

The committee was scheduled to consider a report concerning the Chamberlain's Departmental Risk Management. The report noted that the Chamberlain's department currently has two financial RED Corporate Risks, and that all risks are regularly reviewed, with mitigating measures in place.

The report also noted that the Housing Revenue Account departmental risk had been escalated to a corporate risk, creating CR43 Housing Revenue Account (HRA) Financials. The rationale for the escalation included cross-departmental dependencies, and potential regulatory intervention, financial penalties, and reputational damage at the corporate level. The committee was asked to agree the risk appetite level for this new corporate risk.

Climate Action Strategy Finance Update

The committee was scheduled to receive a report providing a finance update on the Climate Action Strategy (CAS) to the end of Q2 Year 5 (2025/2026). The report noted that the Court of Common Council approved an ambitious Climate Action Strategy in October 2020, and that Policy and Resources Committee approved a Year 5 budget of £26.2m on 8 May 2025. The CAS sets out four ambitious targets:

• Achieve net zero in own operations (scopes 1 & 2) by 2027
• Achieve net zero across the Corporation's full value chain (scopes 1, 2 & 3) by 2040
• Support net zero in the Square Mile by 2040
• Build climate resilience in our buildings, public spaces and infrastructure.

The report stated that as of 31 August 2025, 34% of the total portfolio budget had been spent, generating £33m in savings to the City Corporation. The report also noted that progress against targets to the end of Year 4 (2024/25) showed there was risk to achieving net zero for the City Corporation's own operations in 2027.

The report recommended that members note the CAS financial position to the end of Q2 2025/26 and long-term value created.

Finance Committee's Forward Plan

The committee was scheduled to receive the Chamberlain's report concerning the Finance Committee's Forward Workplan.

The Finance Committee Forward Plan - January 25 - Nov 25 included the following items for the November 2025 meeting:

• Risk Management Update Report
• Budget monitoring Q2 & Capital Projects – Forecasting
• City's cash financial statements
• City's Cash trust funds and sundry trust funds annual reports and financial statements
• MPO Dashboard Reporting
• Efficiency and Performance forward plan