Statute XV: College Contributions Scheme and College Accounts

(Sections 1-6 are ‘Queen-in-Council’ statutes – see section 2 (2) of Statute IV.)

Approved with effect from 8 April 2009 (Gazette Vol. 139, p. 932, 23 April 2009)

Amended with effect from 3 October 2016 (Gazette, Vol. 147, p. 72, 13 October 2016)

1. In this statute and any associated regulations the following expressions shall have the meanings set out below unless the context otherwise requires:

(1) ‘the scheme’ means the scheme referred to in section 2 of this statute;

(2) ‘the fund’ means the College Contributions Fund constituted by the contributions to be paid by the colleges;

(3) ‘college’ means

(a) any of the colleges and societies listed in Statute V, sections 1 and 5 (but not the Permanent Private Halls), and

(b) any foundation which Council, with the prior agreement of the Conference of Colleges, shall by regulation declare to be a college for the purposes of the scheme;

(4) ‘financial year’ means a year beginning on 1 August and ending on 31 July following.

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2. The purpose of the College Contributions Scheme is to establish the College Contributions Fund, which shall be held by the University in trust in perpetuity to make such grants and loans to colleges for University purposes as may seem desirable.

3. The scheme shall be administered by the College Contributions Committee, the membership, functions, and powers of which shall be laid down by Council by regulation.

4. Each college shall as soon as possible after the end of each financial year and in any case before the 31 January next following pay to the University for the account of the Fund a sum calculated in accordance with regulations made by Council. If any college does not pay the contribution by the due date the College Contributions Committee shall have the power to charge interest on overdue sums as laid down by regulation.

5. Distributions from the Fund to the colleges and the societies or any of them shall be made annually by regulation after Council has considered the recommendations made by the College Contributions Committee.

6. If for regulatory or other reasons beyond the control of the University and the colleges it becomes impractical to operate the scheme in accordance with this statute and the regulations made under it, then any outstanding liability on any party to contribute shall be extinguished; and any monies remaining in or returned to the Fund shall be applied for such other University purposes as Council shall determine.

    7. Council shall establish a College Accounts Committee, the membership, functions and powers of which shall be laid down by regulation.

    8. At the end of each financial year, and by a date laid down by regulation, every college shall prepare, and submit for appropriate examination by auditors, statements in respect of the financial year just ended.

    9. The statements required under section 8 of this statute shall be prepared so as to conform in all material respects to regulations made by Council for the preparation of college accounts.

    10. The financial statements for the year concerned prepared by each college shall give a true and fair view of:

    (1) the state of affairs of the college, and of the college together with its subsidiaries and connected entities, at the balance sheet date; and

    (2) the consolidated income and expenditure of the college together with its subsidiaries and connected entities for the year ended on that date;

    in accordance with UK Generally Accepted Accounting Practices (‘GAAP’) and with this statute.

    11. Every college shall also supply with its accounts, but not for publication, such other financial information, either audited or unaudited, as is specified by Council by or under the regulations.

    12. (1) By the date laid down by regulation, the statements and the report of the independent auditors shall be presented to the College Accounts Committee.

    (2) The College Accounts Committee shall then order the publication of those statements and reports within the University.

    13. The reports of the independent auditors shall include, in a form laid down by Council by regulation, any further report which may be required by the University’s external auditors in respect of any public and publicly accountable funds transferred to the college by the University during the immediately preceding financial year.

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