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Reserves Policy

The College intends to continue to pursue its objectives in perpetuity. The College's activities require  financial support from funds, which include the College’s corporate capital, its 
endowments, and its restricted and unrestricted reserves.

College funds are necessary to continue to underpin the significant public benefit provided by the College in pursuance of its objects in the areas of learning, education and research.

Free reserves are those reserves which are freely available to spend on any of the College’s objects and as such exclude unexpendable reserves, reserves applied to tangible fixed assets and reserves designated for or restricted to a certain purpose or purposes. 

The College considers a suitable minimum level of free reserve to be an amount broadly equivalent to six months’ essential operational spend, currently £4m. Such reserves will provide support should the College face an unforeseen downturn or significant event which has an adverse financial impact. 

The College intends to increase its contribution to public life and benefit and intends to grow its reserves as it seeks opportunities to do so. The College has not therefore determined a maximum level of free reserves. The policy and compliance with this policy is reviewed annually and particularly in the event of material change, upwards or downwards, in the level of free reserves.