Finance

Statute G Chapter I
Powers of Investment, of management, and of disposal of revenue

1. (1) The Council shall have power to purchase, sell or transfer property, real or personal, and securities (which term includes stocks, funds and shares) of any description on behalf of the College and may also apply moneys to any purpose to which capital moneys arising under the Universities and College Estates Acts 1925 and 1964 may be applied.

   (2) In relation to the management, development, improvement, sale, lease, mortgage or other disposition of any land or any estate or interest therein held by the College or to the acquisition of any land or any estate or interest therein, the Council may exercise any power and may carry out any transaction which an individual holding or acquiring such land, estate or interest for his own benefit could exercise or carry out.

   (3) The powers conferred by this section shall apply to all endowments, land, securities, property and funds of the College and of any specific trust for purposes connected with the College of which the College is trustee, except that in the case of a specific trust the powers relating to the application of capital moneys shall be exercised only in respect of capital moneys and land held in that trust.

2. (1) The Governing Body may accept endowments for any purpose in furtherance of the interests of the College as a place of education, religion, learning and research.

   (2) The Governing Body may make Ordinances giving effect to the wishes or suggestions of donors recorded in writing (whether such as to create a trust or not) regarding the application of such endowments or any place or emolument supported thereby, provided that no such Ordinances shall operate to vary the terms of any trust or to derogate from the obligations of the College under University Statutes.

3. Where under any instrument the College is sole trustee of a fund and is directed to make payments from it for the benefit of persons holding a Fellowship, Studentship, Scholarship, Prize or other emolument in the College, the Governing Body may, notwithstanding any term of the instrument, make Ordinances:
   1. enlarging the field of study or research for which the emolument may be awarded, provided always that the Governing Body shall have regard to the spirit in which the trust was established;

   2. determining the qualifications of candidates for the emolument, the duration of its tenure and its titular value;

   3. making payments to the holder of the emolument additional to its titular value in cases of financial need;

   4. making payments for expenses in connection with the operation of the trust;

   5. directing that unexpended income of the trust fund be applied to the general educational purposes of the College.

4. (1) The Governing Body shall have power to capitalise income in the manner provided by this section in any case where it is of opinion that capital ought to be accumulated or replaced on account of the acquisition or disposition of leasehold property or any reversionary interest or on account of any other transaction.

   (2) In making provision for the capitalization of income under this Statute the Governing Body shall have regard:

   1. in the case of income held for the general purposes of the College, to the general financial position of the College and

   2. in the case of income held under any specific trust, to the financial position of that trust,

   and shall make such provision as in its opinion is appropriate for the purposes of conserving the permanent endowment of the College or of the trust, as the case may be, and of avoiding undue fluctuations of income.

   (3) If at any time it shall appear to the Governing Body that the proportion of income being capitalised or the period for which it is being capitalised in respect of any past transaction is insufficient or excessive for the purposes aforesaid, the Governing Body shall increase or reduce the said proportion or period to the extent of such insufficiency or excess.

   (4) The powers conferred by this section shall extend to all funds representing income of the College and to all funds accumulating for the purpose of replacement of capital, whether constituted before or after the making of this Statute.

5. The College shall pay annually to the University any sum required by the University Statutes to be levied from the College and the income of Trust or other separate Funds included in the College Assessment may be charged with a proportionate share of the total sum levied from the College.

6. The Council may contribute to any organisation which either has a connection with a locality in which the College owns property or patronage or has among its objects the promotion of the arts, sciences, learning or literature or the welfare of members of the College provided that it is satisfied that such a contribution is in the interests of the College as a whole.

7. At the special meeting held in the Michaelmas Term to receive the audited accounts, as hereinafter provided, the Governing Body shall receive the recommendations of the Council for the allocation of revenue in the current year to support the various activities of the College and shall thereupon fix the amounts to be so allocated.

Statute G Chapter I Accounts and Audit

1. The financial year for the College Accounts shall end on the thirtieth day of June. It shall be the duty of the Bursar to render accounts of all College Funds, whether established by Statute or otherwise, for audit as soon as possible thereafter.
2. One or more auditors, not being a member or members of the Governing Body, shall be appointed each year by the Governing Body to examine and verify the College accounts and sign them if they be found correct.
3. Before the division of the Michaelmas Term a special College meeting shall be held to receive the audited accounts and to consider the recommendations of the Council regarding the allocation of revenue in the current financial year.
4. If a majority of the Governing Body is satisfied with the accounts they shall sign two copies, one to be retained in the College Chest and one by the Bursar.
5. If the Governing Body is not satisfied with the accounts, the matter may be referred to the Visitor.
6. The College accounts shall be kept and rendered as nearly as possible in the form prescribed by the University Statutes, and a copy thereof signed by the Auditors shall be sent to the Treasurer of the University not later than the date required by University Statutes and Ordinances.

Statute G Chapter III Superannuation

1. The College shall participate in the Universities Superannuation Scheme (hereinafter called the U.S.S.).
2. The College shall continue to participate in the Federated Superannuation Scheme for Universities (hereinafter called the F.S.S.U.) in respect of those persons entitled to remain in that system who do not exercise their option to transfer to the U.S.S.
3. The Governing Body shall by Ordinance frame such rules for the administration of pension schemes for College Officers and Fellows as it may from time to time think fit, provided that such rules are not inconsistent with the provisions of the schemes themselves.
4. The Governing Body may, for so long as it thinks fit, require members of the College Assistant Staff who are not eligible to join officers' pension schemes to become members of the Christ's College Employees' Pension Fund or of such other pension scheme as may in the future be established for such staff.
5. No employee who is in post at the commencement of this Statute shall be bound by the provisions of section 3 of this chapter unless he gives his consent thereto in writing.
6. The Council shall supplement the retirement benefits of a College officer in accordance with the rules applied from time to time by the University to supplement the pensions of University Officers.
7. The Council shall have discretion to supplement the retirement benefits of a member of the College staff, whether or not he or she is a member of the College Employees' Pension Fund, if it is satisfied, having regard to length of service and financial circumstances, that such supplementation is justified.