All Souls College, Oxford
Accounts for financial year ended 31st July 2002

I. CONSOLIDATED REVENUE STATEMENT

II. STATUTORY ENDOWMENT INCOME AND COLLEGE CONTRIBUTION

2000-01 £	.	.	2001-02 £
.	From all relevant sources except trusts of which the college is not the sole trustee:	.	.
.	Rent:	.	.
859,790	Agricultural land	.	843,671
.	Non-agricultural land	.	.
581,289	Let on terms that tenant not responsible for structural repairs	.	768,310
653,035	Let on other terms	.	804,732
14,300	Gross value for rating purposes of college houses outside the curtilage occupied by the head, fellows or employees	.	15,400
121	Income from timber	.	.
182,791	Income from minerals and mineral rights	.	223,389
2,424,089	Interest and dividends	.	2,150,034
1,084	Underwriting commissions	.	.
258	Copyright royalties	.	166
.	Other income:	.	.
14,149	Miscellaneous	.	2,327
________	.	.	________
4,730,906	.	.	4,808,029
.	Less	.	.
.	Amount (if any) of income included above which has to be appropriated to funds established, with the approval of the College Contributions Committee, under Section 29 of the Universities and College Estates Act, 1923 (as amended) but not separately invested	.	.
.	Amounts which must be applied by the college as sole trustee for purposes wholly outside the objects of the college out of the income and in compliance with the terms, of trusts of which the income is included above as being in part applicable for the benefit of the college	.	.
.	.	.	.
.	From trusts of which the college is not sole trustee: Income paid to the college by the trustees or applied by them to any purpose of the college	.	.
________	.	.	________
4,730,906	Total of gross income from endowments and other sources as shown in Statement III	.	4,808,029
.	.	.	.
.	PERMISSIBLE DEDUCTIONS	.	.
.	(a) Standard deductions:	.	.
214,948	In respect of the full amount of rents from agricultural land	843,671 @25% 210,918	.
232,516	In respect of the full amount of rents from non-agricultural land let on terms that tenant not responsible for structural repairs	768,310 @40% 307,324	.
66,734	In respect of the full amount of rents from non-agricultural land let on other terms (including, at gross value for rating purposes, college houses outside the curtilage occupied by the head, fellows or employees)	820,132 @10% 82,013	.
121,204	In respect of the gross amount of interest and dividends	2,150,034 @5% 107,502	.
.	(b) In respect of leaseholds:	.	.
.	Rent payable	.	.
.	Amortization of lease premium	.	.
.	(c) Interest	.	.
82,360	(d) Allowances for exceptional obligations	103,108	.
________	.	________	.
717,762	.	.	810,865
4,013,144	STATUTORY ENDOWMENT INCOME	.	3,997,164
.	.	.	.
.	CONTRIBUTION PAYABLE	.	.
.	On 984,000	Nil	.
.	On 123,000 @4.0%	4,920	.
.	On 123,000 @8.0%	9,840	.
.	On 2,767,164 @12.0%	332,060	.
.	On 3,997,164	346,820	.

III. ENDOWMENT ACCOUNT

2000-01 £	.	.	2001-02 £
4,730,906	Gross income from endowment and other sources as shown in Statement II	.	4,808,029
.	Surplus/(deficit) on home farms and farms, sporting rights, etc., in hand after deducting rental value included in gross income above and any relevant expenses not taken into account below	.	.
1,445	Rents, less rental value included in gross income above, in respect of rateable hereditaments outside the curtilage of the college occupied by a head, a fellow or an employee of the college	.	3,321
________	.	.	________
4,732,351	.	.	4,811,350
.	Less: Expenses of obtaining that income:	.	.
43,624	Rent, rates, taxes and insurance (less commission)	56,416	.
255,000	Provision for major repairs	252,000	.
7,512	Other repairs and maintenance	9,618	.
1,150	Amortization and depreciation	12,802	.
263,662	.	274,420	.
.	.	.	.
578,032	Agency, management and administration	620,610	.
2,175	Donations and subscriptions in connection with estates	1,925	.
.	Entertainment of tenants and others	.	.
.	Other expenses	.	.
1,136	Sinking Fund Instalments	872	.
________	.	________	.
888,629	.	.	954,243
3,843,722	Net income as shown in Statement I	.	3,857,107
.	.	.	.
.	AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE THAN FOR THE COLLEGE'S OWN PURPOSES	.	.
307,980	College contribution (Statement II)	346,820	.
.	Donations and subscriptions:	.	.
34,241	(i) for University objects	18,881	.
26,680	(ii) other	25,450	.
.	Livings	.	.
.	Maintenance of schools	.	.
.	Other:	.	.
________	.	________	.
60,921	.	.	44,331
________	.	________	.
368,901	.	.	391,151
________	.	.	________
3,474,821	Net income available for college's own purposes	.	3,465,956
.	Less: Amount of trust fund income transferred to Statement IV and V equivalent to expenditure from trusts included in those Statements.	.	.
.	Statement IV	.	.
.	Statement V	.	.
________	.	________	.
.	.	.	.
3,474,821	BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES	.	3,465,956
.	.	.	.
.	EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE	.	.
.	Repair and maintenance of fabric and exterior of buildings:	.	.
364,000	(i) Provision for major repairs	220,000	.
.	(ii) Other repairs and maintenance	.	.
6,000	(iii) Amortization and depreciation	6,000	.
________	.	________	.
370,000	.	226,000	.
.	.	.	.
36,420	Upkeep of gardens and grounds	36,259	.
406,420	.	.	262,259
.	All other building repairs and maintenance (including interior redecoration):	.	.
480,000	(i) Provision for major repairs	492,000	.
98,144	(ii) Other repairs and maintenance	110,484	.
.	Rent	.	.
20,443	Rates and taxes	21,102	.
16,915	Insurance (less commission)	25,475
615,502	.	.	649,061
1,021,922	.	.	911,320
.	Less: Contribution from Statements IV and V:	.	.
15,407	(i) For upkeep of fabric, gardens and grounds (based on standard formula)	15,407	.
615,502	(ii) For other expenses	649,061	.
630,909	.	.	664,251
391,013	.	.	247,069
.	.	.	.
3,083,808	SURPLUS/(DEFICIT)	.	3,218,887

IV. EDUCATION AND RESEARCH ACCOUNT
V. INTERNAL ACCOUNT

2000-01 £ IV Ed&Res	2000-01 £ V Internal	INCOME	2001-02 £ IV Education & Research	2001-02 £ V Internal	2001-02 £ Total
.	.	Fees (other than those collected for the University)	.	.	.
.	.	(i) Consolidated	.	.	.
.	.	(ii) Tuition	.	.	.
.	.	(iii) Dues and establishment charges	.	.	.
.	.	(iv) Degree	.	.	299
.	.	(v) Library	.	.	.
.	.	(vi) Other	.	.	.
________	________	.	________	________	________
.	.	.	.	.	.
58,142	239,189	Charges for accommodation (including notional room rents), meals & service	71,468	257,303	328,771
.	.	Rents from furnished accommodation outside the college occupied by student members	.	.	.
.	.	Sales from buttery and stores	.	.	.
________	________	.	________	________	________
58,142	*239,189	.	71,468	*257,303	328,771
.	.	.	.	.	.
.	.	Amount of trust fund income available only for expenditure dealt with in this account (transferred from Statement III)	.	.	.
.	.	.	.	.	.
.	.	Research grants:	.	.	.
.	.	(i) From the University	.	.	.
.	.	(ii) From other Oxford colleges	.	.	.
.	.	(iii) From outside sources	.	.	.
.	.	.	.	.	.
.	.	Other Grants and contributions	.	.	.
.	.	(i) From the University	.	.	.
.	.	(ii) From other Oxford colleges	.	.	.
.	.	(iii) From outside sources	.	.	.
.	.	.	.	.	.
.	.	Charges to other accounts:	.	.	.
.	.	Statement III: Entertainment of tenants and others	.	.	.
.	245,878	Statement IV: Common Table	.	226,897	.
.	71,591	Statement IV: College hospitality	.	60,638	.
.	317,469	.	.	287,535	287,535
.	.	Other income:	.	.	.
47,077	.	Miscellaneous	31,446	.	31,446
________	________	.	________	________	________
105,219	556,658	Total income	102,914	544,838	647,752
.	.	.	.	.	.
.	.	* NOTE: Charged to	.	.	.
.	197,001	Members and employees of the college	.	197,443	.
.	308	Other colleges	.	.	.
.	41,880	Others (conferences etc.)	.	59,860	.
.	239,189	.	.	257,303	.
.	.	.	.	.	.
.	.	EXPENDITURE	.	.	.
94,236	.	Head of College	100,721	.	100,721
.	.	Teaching fellows	.	.	.
1,298,100	.	Other fellows	1,325,129	.	1,325,129
.	.	Stipendiary lecturers	.	.	.
.	.	Outside tuition payments	.	.	.
211,280	.	Other tuition and research expenses (including research assistants)	238,699	.	238,699
245,878	.	Common Table	226,897	.	226,897
195,360	.	Library	212,108	.	212,108
.	.	Research studentships, scholarships, exhibitions, prizes, grants:	.	.	.
.	.	(i) Provided from trust funds	.	.	.
.	.	(ii) Provided otherwise	.	.	.
.	.	.	.	.	.
6,132	.	Examiners and examination expenses (including fees paid to the Oxford Colleges Admissions Office)	13,466	.	13,466
4,463	.	Chaplain and chapel services	6,115	.	6,115
71,591	.	College hospitality	60,638	.	60,638
.	.	Junior clubs	.	.	.
.	.	Subscriptions and donations to the college's own academic objectives	.	.	.
.	230,819	Catering supplies consumed (less sale of waste)	.	236,553	236,553
.	2,929	Outside caterers' and other colleges' charges	.	.	.
.	.	Services:	.	.	.
324,702	145,723	(i) Domestic staff	318,703	145,350	464,053
49,125	4,912	(ii) Heat, light, water	45,564	4,556	50,120
15,194	10,129	(iii) Laundry and cleaning	11,689	7,792	19,481
29,763	11,169	(iv) Repair, renewal, insurance (less commissions) and depreciation of furniture and equipment	30,870	4,650	35,520
418,784	171,933	.	406,826	162,348	569,174
.	.	Administration:	.	.	.
50,390	.	(i) College officers and others	51,295	.	51,295
136,224	.	(ii) Office and clerical staff	141,149	.	141,149
36,209	3,364	(iii) Office expenses	34,279	3,184	37,463
3,837	767	(iv) Legal and professional charges	3,099	620	3,719
226,660	4,131	.	229,822	3,804	233,626
.	.	.	.	.	.
.	.	Pensions paid to former members and employees of the college	.	.	.
.	.	Other expenses:	.	.	.
36,873	33,817	Miscellaneous	36,917	6,293	43,210
________	________	.	________	________	________
2,809,357	443,629	.	2,857,338	408,998	3,266,336
.	.	College premises:	.	.	.
560,144	70,765	Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance	584,484	79,767	664,251
________	________	.	________	________	________
3,369,501	514,394	.	3,441,822	488,765	3,930,587
.	.	.	.	.	.
(3,264,282)	47,264	SURPLUS/(DEFICIT)	(3,338,908)	56,073	(3,282,835)

VI. SUMMARY OF TRANSACTIONS AFFECTING ACCUMULATED BALANCES

.	Trust funds for purposes wholly outside the objects of the college £	Other trust funds £	Capital account £	Reserves and special funds £	Revenue account £	Total £
BALANCES AT BEGINNING OF YEAR (excluding invested balances of trust funds and capital accounts)	3,313	.	9,359,563	3,691,997	(388,950)	12,665,923
ADD:	.	.	.	.	.	.
Net proceeds of sale of estates	.	.	6,388,064	.	.	6,388,064
Net proceeds of sale and redemption of securities of trust funds and capital account	.	.	23,314,492	.	.	23,314,492
Surplus/(deficit) of income for the year:	.	.	.	.	.	.
(i) Trust funds only for purposes wholly outside the objects of the college	724	.	.	.	.	724
(ii) Capital account - income of funds established under Section 29 of the Universities and College Estates Act 1925 (as amended)	.	.	136,721	.	.	136,721
(iii) Other accounts and funds (Statement I)	.	.	.	26,129	(90,077)	(63,948)
Internal transfers - amounts added:	.	.	.	.	.	.
(i) As the result of charges made in arriving at amounts of surplus/(deficit) of income for the year	.	.	19,674	964,000	.	983,674
(ii) Otherwise	.	.	1,339	.	34,020	35,359
Other receipts:	.	.	.	.	.	.
Mineral sales	.	.	418,001	.	.	418,001
Bequest/donation	.	.	.	.	266,204	266,204
.	________	________	________	________	________	________
.	724	.	30,278,291	l,256,333	(56,057)	31,479,291
DEDUCT:	.	.	.	.	.	.
Cost of purchase and improvement of estates	.	2,018,785	.	.	.	2,018,785
Cost of purchase of securities for trust funds and capital account	2,313	.	26,674,346	.	.	26,676,659
Cost of additions and improvements to college premises	.	.	.	.	.	.
Expenditure out of fund for major repairs to estates	.	.	.	231,795	.	231,795
Major repairs to fabric and exterior of buildings	.	.	.	2,143,645	.	2,143,645
Other major repairs and maintenance (including interior redecoration)	.	.	.	178,048	.	178,048
Internal transfers - amounts deducted otherwise than in arriving at surplus/(deficit) of income for year	.	35,359	.	35,359	.	806,338
Other payments:	.	.	.	.	.	.
Special Fund Expenditure	.	.	.	34,420	.	34,420
.	________	________	________	________	________	________
.	2,313	.	28,693,131	2,623,267	.	31,318,711
.	.	.	.	.	.	.
BALANCES AT END OF YEAR (excluding invested balances of trust funds and capital accounts)	1,724	.	10,944,723	2,325,063	(445,007)	12,826,503

VII. STATEMENT OF BALANCES

2000-01 £	.	.	2001-02 £
.	Trust funds (excluding amounts invested) held and administered by the college:	.	.
3,313	(i) Only for purposes wholly outside the objects of the college	1,724	.
.	(ii) Wholly or partly for the benefit of the college	.	.
________	.	________	.
3,313	.	.	1,724
.	.	.	.
9,359,563	Capital account (excluding amount invested)	.	10,944,723
3,691,997	Reserves and special funds	.	2,325,063
(388,950)	Revenue account	.	(445,007)
6,975,772	.	.	7,962,229
.	.	.	.
.	Represented by:	.	.
.	ASSETS	.	.
850	Cash in hands of officers and servants	.	2,037
7,880,625	Balance with bankers	.	10,911,425
2,065,251	Deposits other than with bankers	.	964,660
2,988,354	Investments (other than of trust funds and capital account) NOTE: Market Value 1,187,220	.	1,038,510
.	.	.	.
.	Debtors and debit balances:	.	.
42,862	(i) Battels	52,951	.
243,401	(ii) Rents	164,229	.
289,026	(iii) Other	272,121	.
575,289	.	.	489,301
.	.	.	.
64,364	Income tax recoverable	.	22,423
387,359	Stocks and stores	.	381,046
.	Furniture and Equipment	.	.
________	.	.	________
13,962,092	.	.	13,809,402
.	.	.	.
.	LIABILITIES	.	.
.	Caution money	.	.
.	Bank overdraft	.	.
.	Loans	.	.
56,202	Unexpended balances of grants for specific purposes	62,192	.
1,239,967	Other creditors and credit balances	920,707	.
1,296,169	.	.	982,899
12,665,923	.	.	12,826,503

AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of All Souls College

We have audited the Statement of Accounts on pages 2 to 11 which have been prepared in accordance with the provisions of Statute XII Section II clauses 1, 2 and 3 made under the Universities of Oxford and Cambridge Act 1923.

Respective responsibilities of the Governing Body of the College and Auditors

The Governing Body of the College is responsible for the preparation of the financial statements.
The University Statute requires the College to prepare financial statements for each financial year which:

(a) Give a true and fair view of:

(i) the income of the college from all sources, the expenditure of a revenue nature properly chargeable against such income, and the extent by which in total such income exceeded or fell short of such expenditure.

(ii) the allocation of the aforesaid income and expenditure as between:
A Endowment
B Education and research
C Internal
in accordance with the provisions of the statute, showing the resultant surplus or deficit in each case.

(iii) the nature and extent of all other changes in the balances of the funds, other than invested balances of capital and trust funds, administered by the college (provided that in relation to the revenue transactions of trust funds administered for purposes wholly external to the college it shall suffice to show only the amount by which the income exceeded or fell short of the expenditure)

(iv) the assets and liabilities by which the aforesaid balances were represented at the end of the financial year.

(b) Show the computation of the statutory endowment income and of the liability for, or as the case may be the exemption from, College contribution.

It is our responsibility to form an independent opinion as to whether the statements comply with these provisions and that statutory endowment income, and College contribution, have been correctly computed.

Basis of audit opinion

We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the preparation of the accounts, and whether the accounting policies adopted by the College have been consistently applied.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurances that the accounts are free from material misstatement, whether caused by fraud or other irregularity or error.

Opinion

In our opinion:

(i) The accounts comply with the provisions of Statute Title XII Section II made under the Universities of Oxford and Cambridge Act 1923 and

(ii) the statutory endowment income and the amount payable as College contribution have been correctly computed.

(iii) In all material respects, income received from the University of Oxford out of grants from the Higher Education Funding Council for England during the year ended 31 July 2002 has been applied for the purposes for which it was received.

Grant Thornton
Chartered Accountants

25 October 2002