Handbook for Members of the Council - University of Reading

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FinanceIn 2009–10 the University’s revenue income was made up as follows:£K %HEFCE/TTA recurrent block grant 55,623 24.6Other specific HEFCE/TTA grants 9,712 4.3Fees and support grants 70,455 31.1Endowments and donations 2,321 1.0Residences and catering 20,551 9.1Other general income 19,971 8.8Research grants and contracts 31,720 14.0Other services 16,065 7.1221,821 100.0Over the years the University has been under increasing pressureto derive more of its income from sources other than the mainfunding body. The combined revenue income from HEFCE and homefull-time student fees has diminished from 63.7% in 1984-85 to 42.6%in 2009-10.SubsidiariesThe University is the sole member of The University of ReadingScience & Technology Centre Ltd. This company is limited byguarantee.The University is the sole member of The Reading Real Estate FoundationThis is a company limited by guarantee and is a registeredcharity.The University owns all the shares of the following:Witan College Ltd (ceased trading)Whiteknights Farming Ltd (ceased trading)Whiteknights Energy Ltd (ceased trading)University of Reading (Greenlands) Ltd (ceased trading)Henley Business School LtdHenley Business School (New Zealand) LtdHenley Business School Ltd – Hong KongHenley Business School – South AfricaHenley Management College (1945) Ltd – charityRREF Ltd (ceased trading)Henley Management College – South AfricaRUMAL Reading Malaysia (not yet trading)Henley Business School – Germany (not yet trading)All taxable profits generated by UK non-charitable subsidiaries aredonated to the University under deed of covenant.ExpenditureExpenditure in 2009–10 was as follows£K %Academic departments 105,982 46.9Academic services 14,561 6.5Administrative and central services 27,841 12.318
Handbook for members of CouncilPremises 35,982 15.9Residences and catering operations 12,963 5.7Research grants and contracts 22,377 9.9Other services rendered 6,323 2.8226,029 100.0Decisions on the internal allocation of University funds are madeby the Council on the recommendation of the Strategy and FinanceCommittee. The process of allocating funds begins at School level,with Heads of School submitting proposed income and expenditureagainst each of the budget heads for the following financial year(which runs from 1 August, although the ‘academic year’ begins on1 October). They are considered in detail by the Senior ManagementBoard which then forwards its recommendations to the Strategy andFinance Committee which in turn, and after further examination,submits them to the Council. The allocation of consumables votes ismade initially in the form of global sums for each Faculty. IndividualDeans then settle the allocations within that sum for each School intheir Faculty, in consultation with the Deputy Vice-Chancellor.Incentive additions to consumables votes are made to departments(which are thereby encouraged to increase the earning capacity ofthe University) as follows:Research Council grantsOther grants and contractsOn projects which commenced before full economic costing(fEC) was implemented, overheads or recoveries of indirect costs,(normally 46% of staff costs) are shared equally between central andschool funds.For newer research projects, costed using the fEC methodology, thedifference between the price and the direct costs of the project issplit as follows:-25% to the school, 65% to central funds and 10% to the researchincentive fund.On projects which commenced prior to the implementation of fEC,a share (usually 50%) of overheads negotiated on the contract goes tothe school, subject to a minimum 15% for central funds.For newer grants and contracts, costed using the fEC methodology,the difference between the price and the direct costs of the project issplit as follows:-25% to the school, 65% to central funds and 10% to the researchincentive fund.Self-financing coursesConsultancyThe balance of fee income, after payment to central funds of direct costsplus 20% (25% if the course results in the award of a diploma or certificate).A share of overheads negotiated on the contract.19
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Appendix 5Strategy and Finance Comm
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Appendix 8The Senate - Statute XVII
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Council CourtSenateStrategyand Fina
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FINANCIAL REGULATIONSCONTENTSAGener
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19.1. Remuneration Policy19.2. Appo
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Financial Regulations and supportin
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5 Senate5.1 The Senate has no direc
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and any procedural notes issued to
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CFINANCIAL MANAGEMENT AND CONTROL10
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12 Audit Requirements12.1 GeneralEx
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of all monies received must comply
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The term ‘services rendered’ in
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The operation and control of the Un
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• administering the University of
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The Insurance Officer, through the
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The Secretary to the Council shall
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ltsadminSection nameAppendix 13Frau
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Part B: Policy1. The University wil
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University Secretary and Director o
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court where the perpetrator refuses
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ix. The University has also issued
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July 2010/19 July 2010/19Core Core
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ContentsPageForeword 3Model Financi
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Foreword to the 2010 edition of the
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Model Financial Memorandum betweenH
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members discharge their duties unde
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27. In the event of a prolonged abs
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42. Institutions should send us the
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give any explanation which it consi
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Agency, the Student Loan Company (S
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Reporting22. HEFCEAS will report on
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40. HEFCE guidance on internal audi
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56. The work of the internal audit
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external auditors are required to c
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Annex CAllocating and paying funds1
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(the vast majority of HEIs at any t
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Table 2 HEFCE institutional risk sy
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Risk notificationThe work undertake
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InstitutionYear endedPart 1Can you
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Our response13. The Council will tr
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HEFCE guidance that may be helpful1
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offer the same level of HEFCE-funde
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such payments); and related party t
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Annex ISummary of responsibilities
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Annex JModel letters of appointment
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Finally, as accountable officer you
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Definitions and abbreviations1992 A
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Higher Education Funding Council fo
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Appendix 16Some statistics
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Handbook for Members of the Council - University of Reading

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