Statute 8: Financial Provisions

S8.1 (1) The Society shall have power to purchase, retain, sell or transfer property, real or personal, and securities, which term includes financial instruments of any description, on behalf of the College; and it may also apply monies to any purpose to which capital monies arising under the Universities and College Estates Acts 1925 and 1964, may be applied.
(2) The powers listed in (1) above may be exercised in relation either to trusts of which the College is sole trustee, or to a trust created more than 60 years before this provision comes into force. They do not apply to any trust included in a scheme under the Universities and Colleges (Trusts) Act 1943 or to any trust created after the coming into force of the 1990 statutes.
(3) In furtherance of the College’s purposes the Society shall have power to borrow or raise money in any manner; and to secure, guarantee, or in any other way support the payment or repayment of moneys.
(4) In furtherance of the College’s purposes the Society shall have power to carry on any business which the College is authorized to carry on by means of, or through the agency of any body corporate or incorporate.
(5) The powers listed in this section are subject to any restrictions and obligations imposed on the College by law.Ordinances
S8.2 The College may accept endowments or other gifts, for any purpose in furtherance of the interests of the College as a place of education, religion, learning, and research. Regulations may be made to give effect to the wishes or suggestions of donors recorded in writing regarding the application of such endowments or gifts.Ordinances
S8.3 The College shall have the power to apply the surplus income of endowments as specified in Ordinances.Ordinances
S8.4 The College shall pay annually to the University the sum authorised to be levied from the College under University Statutes.
S8.5 The College may create and continue such funds as are prescribed in Ordinances.Ordinances
S8.6 (1) The College accounts relating to funds administered either for general purposes or in trust or otherwise shall be prepared annually for an accounting year ending on such date as the Society may determine, subject to University Statutes.
(2) The College accounts shall be audited annually by an accountant (not being a member of the Society) appointed by the Society.
(3) The audited accounts shall be presented to the approval of the Society at a College Meeting (known as the “Audit Meeting”) to be held no later than six months from the end of the accounting year.Ordinances
S8.7 The College shall send to the designated officer of the University in such form and at such time as may be prescribed by University Statutes an abstract of the College accounts together with a certificate of audit.
S8.8 The College shall have power to make provision for the pensions of its employees, including the Master and Fellows. The Society shall make Regulations for participation in and administration of pension schemes and other superannuation arrangements.Regulations