The Lecturers’ and Officials’Benefit Fund
1. The Lecturers’ and Officials’ Benefit Fund shall be vested in the Chancellor, Masters, and Scholars of the University.
2. The administration of the fund shall be entrusted to the Continuing Education Strategic Management Board.
3. The Continuing Education Strategic Management Board shall have power to spend the income of the fund for the purposes hereinafter described, and may, subject to the approval of the department, in a particular case where it appears to them desirable and equitable spend up to one-fifth of the capital for the time being.
4. Persons entitled to benefit shall be:
(a) administrative officers and university lecturers1 who are, or who have been, in the fulltime service of the department;
(b) part-time lecturers and tutors who, over a period of several years, have undertaken a substantial volume of work for the department;
(c) the dependants of deceased persons falling into categories (a) and (b).
5. Grants or loans, which may be free of interest, may be made:
(a) of an eleemosynary nature in cases of need;
(b) towards expenses in connection with study, research, publication, or travel;
(c) exceptionally, towards the cost of purchasing a house or other approved purpose.
6. Income not required in any year for expenditure under clause 5 above shall be carried forward for expenditure in subsequent years.
The income from the residue of the estate of the late Lord Sanderson, MA, Hertford College, which was bequeathed by him to be held ‘upon trust to invest the same and to apply the income derived therefrom for the benefit of the Delegacy for Extra-mural Studies to promote the higher education of adult working men and women and, in the event of the said delegacy ceasing to exist, to apply the said income given hereby for the higher education of working men and women’, shall be applied to this purpose by the Department for Continuing Education. For administrative efficiency, the Sanderson Bequest is aggregated with the Continuing Education Fund within the University of Oxford Development Trust Fund, the funds having the same purposes in all material respects