1. Every College in the University shall make a yearly contribution, which shall be applied to the purposes hereinafter prescribed.
2. The following items shall constitute the assets of a College:
but the assets and liabilities relating to any occupational pension scheme registered for income tax purposes shall not be included in the assets of the College.
3. (a) The following assets of a College shall constitute its operational assets:
(b) With the approval of the Finance Committee,
(c) For the purpose of this section,
4. A business of a College shall mean any activity that involves the use of the operational assets of the College conducted or permitted by the College or by a subsidiary of the College with a view to deriving income other than from the College or its members, whether or not that activity falls within the charitable purposes of the College.
5. The assessable assets of a College shall comprise all of its assets except
6. The assessable amount of a College, in respect of any year, shall be the value of its assessable assets on the valuation date. The valuation date shall be the last day of the accounting period for the preceding year. A change in the accounting period for a College shall require the approval of the Finance Committee.
7. In the case of a trust partly for Collegiate and partly for non-Collegiate purposes, the value of the assets of the trust in respect of any year shall be taken to be the value at the valuation date of the whole assets of the trust multiplied by the Collegiate distribution for the accounting period for that year divided by the income for that accounting period. For the purpose of this section, in relation to a trust,
8. The value of a business of a College in respect of any year shall be derived from a notional operating surplus equal to the turnover of the business during the accounting period for that year multiplied by a defined percentage, which notional operating surplus is then capitalized for a yield of four per cent (or such other figure as may be determined by Ordinance). For the purpose of this section,
9. The Finance Committee shall make, and may vary from time to time, rules for the purposes of this chapter. Without prejudice to the generality of the foregoing, such rules may include provision for
Such rules shall include provision for the disregard of a business established as a school for the supply of Choristers to the College.
10. The Finance Committee may obtain professional advice in connection with any matter concerning this chapter. The cost of such advice shall be paid from the Colleges Fund.
11. The Finance Committee may give written notice to a College of its intention to review the contribution payable by the College in respect of any year. Such notice shall specify the year in respect of which it is given, and shall be given not later than the end of the accounting year sixth after the accounting year for the year in respect of which it is given. But later notice may be given where the intention of the Finance Committee is based on facts of which it was previously unaware and could not reasonably have been aware. Any such later notice shall specify the facts on which it is based and shall be given not later than three months after the Finance Committee first became aware of those facts. No notice shall be given later than the end of the accounting year twelfth after the accounting year for the year in respect of which it is given. A notice given under this section may require the submission of such information and evidence as is specified in the notice in connection with any matter concerning this chapter. A notice shall state a time by which any information and evidence specified in it, and any representations in relation to it, shall be received from the College.
12. After considering the information, evidence, and representations received from the College within the time stated in the notice (or within any extension of time allowed), the Finance Committee shall conduct its review and shall determine the contribution due from the College in respect of the year concerned. Such determination shall be binding and effectual for the purposes of this chapter, but may be varied by the Finance Committee after further review made on the application of the College. After conducting a review, the Finance Committee may require payment by the College to the Colleges Fund of all or any part of the costs incurred by the University in the review.
13. The Finance Committee may agree with a College the nature, valuation date or value of any of its assets. Such agreement may be unconditional or subject to such conditions as the Finance Committee may determine. Such agreement shall be terminable at will by the Finance Committee, provided that such termination shall not affect the contribution payable by a College in respect of any year the accounting period for which has then passed. An agreement may be made notwithstanding any conflict with rules made by the Finance Committee under this chapter.
14. In making rules under this chapter, and in agreeing with a College under Section 13 the nature, valuation date or value of any of its assets, the Finance Committee shall have regard to the desirability of achieving fair, reasonable, and administratively simple outcomes.
15. Any approval by the Finance Committee under this chapter may be given unconditionally or subject to such conditions as the Finance Committee may determine.
16. The contribution of a College shall be calculated in accordance with the provisions of the Schedule to this chapter.
17. Every College shall pay to the University on or before 31 December following the end of the accounting period for a year one-half of the contribution calculated for that year, and the remaining one-half on or before 30 June next following.
18. The contributions of the Colleges shall be paid into a Colleges Fund. Payments from the Colleges Fund shall be made in accordance with the provisions of this chapter and, in accordance with Ordinances enacted by the University, for grants to the Colleges. Such grants may include investment for the benefit of a College in an amalgamated fund constituted under Statute A II 6(b) subject to such restrictions as may be prescribed by Ordinance.
19. If in the opinion of the Finance Committee inequity or hardship owing to exceptional circumstances would be inflicted upon a College by the enforcement of the provisions of this chapter, the University shall have power to remit or defer payment of the whole or part of the contribution of the College in respect of any year.
20. If there is any dispute between the Finance Committee and a College concerning any matter in relation to this chapter, the question shall be decided by the Council. Any College affected by the decision of the Council may, within six months after notice of the decision, appeal to the Chancellor or, if the office of Chancellor is vacant, the High Steward, who may affirm, reverse, or vary the decision.
21. Where a College becomes aware of any error in the calculation of its contribution, it shall notify the Finance Committee, who shall determine what correction (if any) should be made.
22. Where a correction or other adjustment is made to the assessable amount of a College in respect of any past year, the Finance Committee shall notify all of the Colleges of the changes to be made in relation to that year. Each College shall account for such changes in the accounting period in which notification is given.
23. In the interpretation of this chapter:
The contributions of a College under Statute G II 16 shall be calculated according to the following rules:
Each year the total of the contributions of the Colleges shall equal the sum of the net payment for the year, as notified by the Finance Committee, from the Colleges Fund of the costs of the University under Statute G II 10 and 11 and £3,000,000 multiplied by the multiplier for that year.
The multiplier shall be equal to the ratio of the value of an index six months immediately preceding the valuation date to its value in July 2005, that index to be determined by the University reflecting general economic circumstances.
In each year the assessable amount of a College shall be divided into bands. The first band shall comprise the assessable amount of the College up to 1.25% of the sum of the assessable amounts of all the Colleges for that year. The second band shall comprise the assessable amount of the College between 1.25% of that sum and the average assessable amount of all the Colleges. The third band shall comprise the assessable amount of the College in excess of that average.
No contribution shall be payable on the first band. The rate of contribution payable on the third band shall be twice that payable on the second band.