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Regulations For College Contributions



Council Regulations  1 of 2009

Made by Council on 23 April 2009

Amended on 21 January 2010 and 20 January 2011 (date of effect 1 January 2012), 15 March 2012, 21 June 2012 and 8 February 2013


1. These regulations are made under the provisions of Statute XV, and references to sections are to the sections of that statute unless otherwise stated.

2. (1) The College Contributions Committee established by section 3 shall consist of

(a) a Chairman appointed by the Vice-Chancellor;

(b)–(d) three members appointed by Council, one of whom shall be appointed from among its own members;

(e)–(h) four members elected by the Conference of Colleges.

(2) The appointed and elected members shall hold office for four years.

(3) Subject to the approval of the Chairman of the Conference of Colleges and the Chairman of Council on each occasion, the committee may co-opt up to two external members for such periods as it sees fit, on condition that the committee shall be satisfied that those appointed have no financial interest in any college of the University.

(4) Members shall serve no more than two consecutive full terms of office. Casual terms of office shall not count towards this limit.

(5) Notwithstanding regulation 2(4) above, the General Purposes Committee of Council may determine that one further consecutive period is permitted in an individual case.

(6) The committee shall be responsible to Council:

(a) for the proper administration of the Fund; and

(b) for the distribution of income from the Fund in accordance with these Regulations.

(7) The committee shall have the power (subject to regulation 7 below):

(a) to make rulings on the income of colleges for the purpose of the Scheme, and on their consequent liability to contribute;

(b) to call for reports from colleges to amplify their financial statements and calculations;

(c) to determine what grants or loans from the Fund will meet the purpose of the Scheme;

(d) to carry out whatever investigation may be necessary in order to ascertain that grants and loans have been used as intended; and

(e) to charge interest on late payment of contributions at the official rate of interest (that is to say, the rate applicable under Section 178 of the Finance Act 1989, or any statute amending or replacing that Section).

(8) The committee shall review the scheme after five years of operation and report to Council on its performance.

3. The sum payable by each college under section 4 shall be calculated as follows:

(1) The total annual sum to be transferred to the Fund shall set by Council. The aggregate contribution of the colleges to the Fund shall be capped at £3m per annum; and the contribution of the University shall be capped at £2m in 2008/9 and £1m in each subsequent year.

(2) Contributions under these regulations shall be made for a fixed period of ten years, the final contribution being made on the basis of the annual accounts prepared by colleges as at 31 July 2017. No contributions under these regulations will be levied thereafter.

(3) The bands and rates of contribution for a particular financial year shall be set by Council by regulation on the recommendation of the committee before the end of that year. If the total sum raised from the colleges exceeds the agreed amount, the committee shall have the power to order a rebate to colleges pro rata (rebating in equal proportion to all contributing colleges). If the sum raised from colleges falls short of the agreed amount the committee shall, if necessary, adjust the contribution rate in the following year to make up the deficit.

(4) The bands and rates for the contributions payable in 2012/13 based on the 2011/12 accounts shall be as follows:

 

 

On the first £35m of taxable assets

NIL

 

 

 

On the next £3m

0.10 per cent

 

 

 

On the next £3m

0.20 per cent

 

 

 

On the next £3m

0.30 per cent

 

 

 

On taxable assets over £44m

0.36 per cent

 

At the same time as submitting its annual financial statements under section 8, each college shall also submit a statement in the form set out in the Schedule to these regulations.

4. In order to calculate contributions, assets will be computed on the basis of the aggregate of the following:

(1) total funds less tangible fixed assets per the consolidated audited financial statements of the college at 31 July;

(2) 30 per cent of conference and function income included in the consolidated audited financial statements of the college at 31 July, multiplied by 100/4; and

(3) total funds per the consolidated audited financial statements of any entity over which the college exercises control or dominant influence, or whose objectives are mainly or exclusively confined to the benefit of the college, if the financial statements of that entity are not consolidated with those of the college - such financial statements to be drawn up not more than 12 months preceding the 31 July at which the college’s financial statements are drawn up;

less:

(4) funds included in total funds per the consolidated audited financial statements of the college at 31 July which must be applied by the college as sole trustee for purposes wholly outside the objects of the college; and

(5) allowances for exceptional obligations, multiplied by 100/4.

5. Conference and Function Income.

(1) There shall be excluded from conference and function income all fees, dues, establishment charges and charges for meals which are paid to the college by or on behalf of junior members of the college who are members of the University; and also charges paid to the college by senior members of the college in connection with their employment by the college, or in connection with their membership of the college or its common room.

(2) Conference and function income shall otherwise include all fees and charges paid to the college by or on behalf of all parties, including visiting students who are not members of the University, and all fees and charges paid to the college in respect to conferences and functions organised by or on behalf of members of the college.

6. Exceptional Obligations.

(1) Exceptional obligations recognised by the College Contributions Scheme prior to 2007/8 will not be carried forward into the Scheme from 2008/9 onwards.

(2) Notwithstanding regulation 6 (1), if a contributing college makes to the College Contributions Committee a written application on the ground that its endowment is burdened by some charge or obligation of an exceptional nature in respect of which a deduction ought fairly to be made (whether imposed on the college or accepted voluntarily by the college for reasons which the committee considers reasonable having regard to the interest not necessarily only of the college but if appropriate also of the University and colleges as a whole), the committee shall consider that application and may at its discretion decide what deduction (if any) shall be allowed to the college in respect of that charge or obligation.

7. (1) The committee shall make recommendations to Council at least once a year on the allocation of the income of the College Contributions Fund to and between the colleges, with the proviso that the committee may recommend that no allocation be made.

(2) The criteria for making an award will be satisfied if a college can provide evidence to show that:

(a) the college has a low endowment per student, the calculation of which shall be decided by the committee; and

(b) it is below a median or target value in one or more categories for which grants will be awarded as defined by the committee; and

(c) it makes a case for support.

8. Appeal to Council.

A college aggrieved by a decision of the committee may appeal to Council.

The Schedule

Statement of Assets and Contribution

Year ended 31 July

 

     £     

     £     

 

 

 

Total consolidated funds

 

Less: tangible fixed assets

 

(…)

 

 

Conference and function income

 

30% thereof

 

Multiplied by 100/4

 

Total funds of any entity over which the college
exercises control or dominant influence, or
whose objects are mainly or exclusively confined
to the benefit of the college, if the financial
statements of that entity are not consolidated with
those of the college

 






Funds included in total funds which must be
applied by the college as sole trustee for purposes
wholly outside the objects of the college

 



(…)

Allowances for exceptional obligations

 

Multiplied by 100/4

 

(…)

Aggregate taxable assets

 

 

 

 

College contribution payable on aggregate taxable assets:

 

 

On £…

0.00%

0

On £…

…%

£…

On £…

…%

£…

On residual £…

…%

£…

 

 

 

Total college contribution payable

 

£…