The Marconi Professorship of Communications Systems was established in the Computer Laboratory by Grace 5 of 12 July 2000 following a proposal by Marconi plc to donate £1.9m to establish the Professorship. The first holder of the Professorship was elected in 2001. In the event, only a portion of the donation (£950,000) was received. This has meant that the income available from the Marconi Communications Systems Fund has not been sufficient to pay the full cost of the stipend of the Professorship. An application was made to the Charity Commissioners for an order under section 26 of the Charities Act 1993, authorizing expenditure out of the capital of the Fund. This would enable the full stipend and additional costs of the Professorship to be met out of the Fund for the majority of the remaining tenure of the current holder. The Charity Commissioners have agreed that it is appropriate in all the circumstances to remove the restriction on the expenditure of the capital of the Fund and the Commissioners made an order to this effect, dated 16 February 2007, as set out in the Schedule to this Notice.
The Council and the General Board have agreed that the regulations for the Professorship should therefore be amended with effect from 17 February 2007 to reflect the actual sum received and that both capital and income may be used. The Council is accordingly submitting a Grace (Grace 2, p. 561) to the Regent House proposing revised regulations.
Under the provisions of Statute D, XV, 17, the General Board will consider whether the Professorship should be continued or terminated when the tenure of the current holder ceases.
ORDER OF THE CHARITY COMMISSIONERS FOR ENGLAND AND WALES
to remove the restriction on the expenditure of capital under the power given in section 26 of the Charities Act 1993.
dated the
16th February 2007
for the charity known as
MARCONI COMMUNICATIONS SYSTEMS FUND
in the University of Cambridge
In this Order:
'the charity' means the Marconi Communications Systems Fund.
'the company' means M (2003) plc (formerly Marconi PLC).
'the fund' means the endowment fund held by the charity.
'the trustee' means the University of Cambridge.
1. In a letter dated 9 May 2000, the company pledged £1.9 million to set up the charity to endow in perpetuity a Professorship of Communications Systems.
2. The charity received £950,000 from the company, which is insufficient to endow the Professorship in perpetuity.
3. The fund is permanent endowment and no part of the capital may be expended.
4. The trustee has considered whether there are other ways in which the fund might be sustained in perpetuity and has concluded that it would be expedient in the interests of the charity to expend the capital of the fund to support the costs of the Professorship.
Being satisfied that it is expedient in the interests of the charity to do so, the Commissioners direct that the restriction on the expenditure of capital be removed. The trustee may therefore expend the capital of the fund as well as the income accruing to it for the purposes of the charity.