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Grants from the Colleges Fund: Notice

The Council have received the following report from the Committee of Management of the Colleges Fund, which under Regulation 4 for the Fund (Statutes and Ordinances, p. 869) they now publish to the University.

1. The Committee reported to the Council in the Lent Term 1994. On that occasion they considered applications for grants from a number of Colleges, submitted in a form designed to enable the Committee to assess the extent to which the existing invested and functional assets of the Colleges were at an adequate level, and they agreed to distribute all the estimated income in the Fund in each of the years 1993-94 to 1996-97.

2. In 1995 a generous benefaction was received from Trinity College, which increased the amount of money available in the Fund for distribution.

3. The Committee met in December 1995 to consider the basis of distribution of that additional income and agreed to make grants to the corporate capital of Colleges on the same basis as had been agreed in 1994.

4. In accordance with previous practice the Committee would now report to the Council recommending grants for the next four years. In view of the current uncertainty about funding for Colleges in the light of the Government's decision to cease funding direct payment of College fees via Local Education Authorities, it seems likely that in the relatively near future there may be a review of the College taxation system and the basis on which grants are made from the Colleges Fund. In the circumstances, the Committee of Management recommend that the grants to be paid on 30 June 1998 should be for one year only and should be made on the same basis as that agreed in 1994 and 1996.

5. The balance available in the Fund at 30 June 1998 is likely to be just over £2.5m. The Committee of Management have approved the following grants, to be paid on that date:

The Committee have agreed that the balance of approximately £900,000 will be retained on deposit in the Fund.

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