The governance structure
print-friendly versionOver the past few years, a number of changes have been made to the structures governing City Parochial Foundation and Trust for London aimed at ensuring that they both have appropriate constitutions for current circumstances, to achieve greater flexibility and maintain an efficient and innovative approach to the work of both CPF and TfL.
The end of December 2004 saw the 'incorporation' of the Foundation which clarifies and simplifies the legal structure. Under this new structure the new 'umbrella' body for CPF and TfL is the City Parochial Foundation Trustee which has wider objects than previously and enable it to administer other charitable projects should these be considered appropriate in the future.
In addition, the new body can amend its own constitution - within the usual parameters set by the Charities Act and subject to entrenched rights of nomination to its Central Governing Body. Other changes have also come into effect during the past two years, including new terms of reference for committees, some changes to appointments to the Central Governing Body by external bodies and codes of conduct in line with current best practice.
Before this in January 2003 of a 'total return' approach to investment was adopted to help to maintain a steadier approach to grant-making. It allows the Foundation to supplement its investment income with a proportion of capital gains that have accumulated. In this way peaks and troughs in the money that is available for grant-making can be evened out.