The Council has considered the remarks made at the Discussion of this Report on 22 January (Reporter, p. 466) and responds as follows.
The Council has noted Dr A. L. R. Findlay's remarks concerning the form of the College accounts and the use of the Charity Commission's SORP and has drawn his remarks to the attention of the Bursars of Christ's and Trinity Colleges.
As pointed out by Dr G. A. Reid, tax computation for the purposes of the Colleges Fund will be separate from the principal financial statements. The proposed new Statute III, 5 states:
5. Every College shall submit each year to the Registrary a return signed by its Auditor, in such form as shall be prescribed by the Finance Committee after consultation with the Inter-Collegiate Committee on College Accounts, showing the calculation of the payment due under Statute G, II. The University shall publish annually the returns of the several Colleges and financial statements for the Colleges Fund.
The Council is satisfied that contributions to the Fund will be managed appropriately under the proposed new Statute G, II and is therefore submitting a Grace to the Regent House (Grace 3, p. 488) for the approval of the recommendations in the Report.