Regulations For College Contributions
Council Regulations 1 of 2014
Made by Council on 28 February 2014
Amended on 8 May 2015 (Gazette, Vol. 145, pp. 490-491, 23 April 2015; p. 630, 11 June 2015)
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 ("the committee") established by section 3 shall consist of:
(a) a Chair 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) 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.
(3) The appointed and elected members shall hold office for four years.
(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.
3. (1) The committee shall be responsible to Council for:
(a) the proper administration of the fund; and
(b) the distribution of income from the fund in accordance with these Regulations.
(2) The committee shall have the power (subject to regulation 9 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).
(3) The committee shall review the scheme after five years of operation and report to Council on its performance.
4. 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 £3 million per annum; and the contribution of the University shall be capped at £2 million in 2008/9 and £1 million 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 financial 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 2015/16 based on the accounts for the year ending on the prior 31 July, shall be as follows:
(5) The committee shall review the tax bands and rates annually and make such recommendations to Council for change as it sees fit.
(6) In the absence of any recommendation for change under the provision of regulation 4.(5) above, the bands and rates set out in regulation 4.(4) above shall be used to calculate the contributions payable in 2016/17 and 2017/18, in each case based on the accounts for the year ending on the prior 31 July.
5. 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.
6. For the purposes of the scheme, taxable assets will be calculated to be:
(1) the aggregate of the following:
(a) total funds less tangible fixed assets per the consolidated audited financial statements of the college at 31 July;
(b) 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
(c) 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 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
(2) less allowances for exceptional obligations, multiplied by 100/4.
7. (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 student 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.
8. (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 8.(1) above, if a contributing college considers 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, it may submit a written application to the committee.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 (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).
9. (1) The committee shall make recommendations to Council at least once a year on the distribution of the income of the fund to individual colleges, with the proviso that the committee may recommend that no distributions are made.
(2) The criteria for making a grant or loan will be satisfied if a college:
(a) has low taxable assets per student, the calculation of which shall be decided by the committee;
(b) 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) makes a convincing case for support.
10. A college aggrieved by a decision of the committee may appeal to Council.
Statement of Assets and Contribution
Year ended 31 July