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

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Numbers of students in residence during the academic year 2001-02 (taken from University Calendar 2003-04):
394 undergraduates, 150 postgraduates, 3 additional. Total=547. Click for the complete list.

INDEX: I Consolidated revenue statement, II Statutory endowment income and college contribution,
III Endowment account, IV & V Education & research account and Internal account,
VI Summary of transactions affecting accumulated balances, VII Statement of balances, opinion of the auditors.

I. CONSOLIDATED REVENUE STATEMENT

2000-01 £ INCOME . 2001-02 £
. From endowments and other funds: . .
1,048,334 Net income as shown in Statement III 1,152,286 .
8,938 Less: College contribution (Statement III) 14,203 .
1,039,396 . . 1,138,023
. . . .
4,197,959 From fees, dues and charges (including room rents) 4,341,946 .
1,202,150 Less: Collected on behalf of the University 1,160,529 .
2,995,809 . . 3,138,023
. From grants and donations: . .
7,476 From the University 43,217 .
38,881 From other Oxford colleges 54,560 .
248,542 From outside sources 321,881 .
. . . 419,658
. From other sources: . .
2,811 Miscellaneous 4,066 .
. Loan repayments 32,442 .
. . . 36,508
4,332,915 Total income . 4,775,606
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
2,724,733 (i) Education and Research (Statement IV) 3,100,807 .
1,545,749 (ii) Internal (Statement V) 1,624,341 .
433,769 On college premises (Statement III) 491,212 .
4,704,251 . . 5,216,360
. . . .
20 For other purposes, excluding college contribution (Statement III) . 1,464
________ . . ________
4,704,271 Total expenditure . 5,217,824
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
. (a) available for the college's general purposes . .
(105,293) (b) carried forward for the trust purposes . (28,065)
(105,293) . . (28,065)
. . . .
. Reserves and special funds . .
(266,063) Revenue account . (414,153)
(371,356) . . (442,218)
. Attributable to: . .
257,532 Endowment (Statement III) 347,250 .
(607,056) Education and Research (Statement IV) (790,258) .
(21,832) Internal (Statement V) (790) .
(371,356) . (442,218) .

II. STATUTORY ENDOWMENT INCOME AND COLLEGE CONTRIBUTION

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2000-01 £ GROSS INCOME . 2001-02 £
. From all relevant sources except trusts of which the college is not the sole trustee: . .
. Rent: . .
. Agricultural land . .
. Non-agricultural land . .
22,804 Let on terms that tenant not responsible for structural repairs . 49,174
82,555 Let on other terms . 139,420
66,000 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 63,700
. Income from timber . .
. Income from minerals and mineral rights . .
927,778 Interest and dividends . 939,743
. Underwriting commissions . .
63 Copyright royalties . .
. Other income: . .
2,120 Quit rents . 1,875
________ . . ________
1,101,320 . . 1,193,912
. 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		 . .
3,063 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		 4,087 .
________ . ________ .
3,063 . . 4,087
. . . .
. From trusts of which the college is not sole trustee: . .
119,797 Income paid to the college by the trustees or applied by them to any purpose of the college . 120,934
________ . . ________
1,218,054 Total of gross income from endowments and other sources as shown in Statement III . 1,310,759
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
. In respect of the full amount of rents from agricultural land . .
9,122 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs 		49,174 @40% 19,670 .
14,855 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) 		203,120 @10% 20,312 .
46,389 In respect of the gross amount of interest and dividends 939,743 @5% 46,987 .
. (b) In respect of leaseholds: . .
. Rent payable . .
. Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ . ________ .
70,366 . . 86,969
1,147,688 STATUTORY ENDOWMENT INCOME . 1,223,790
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 116,000 at 8.0% 9,343 .
. On 1,223,790 14,263 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
1,218,054 Gross income from endowment and other sources as shown in Statement II . 1,310,759
. 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		 . .
. 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		 . .
________ . . ________
1,218,054 . . 1,310,759
. Less: Expenses of obtaining that income: . .
3,416 Rent, rates, taxes and insurance (less commission) 7,295 .
. Provision for major repairs . .
42,698 Other repairs and maintenance 26,764 .
. Amortization and depreciation . .
. . . .
95,842 Agency, management and administration 105,871 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
27,764 Legal & professional fees 18,543 .
________ . ________ .
169,720 . . 158,473
1,048,334 Net income as shown in Statement I . 1,152,286
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
8,938 College contribution (Statement II) 14,263 .
. Donations and subscriptions: . .
. (i) for University objects . .
. (ii) other . .
20 Livings 1,464 .
. Maintenance of schools . .
. Other: . .
________ . ________ .
8,958 . 1,464 .
________ . ________ .
. . . 15,727
1,039,376 Net income available for college's own purposes . 1,136,559
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
716,730 Statement IV 736,352 .
. Statement V . .
________ . ________ .
716,730 . . 736,352
322,646 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 400,207
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
. (i) Provision for major repairs . .
23,639 (ii) Other repairs and maintenance 7,192 .
80,000 (iii) Amortization and depreciation 80,000 .
________ . ________ .
103,639 . 87,192 .
. . . .
53,266 Upkeep of gardens and grounds 59,943 .
156,905 . . 147,135
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs . .
231,489 (ii) Other repairs and maintenance 288,846 .
. Rent . .
9,072 Rates and taxes 7,911 .
36,303 Insurance (less commission) 47,320
276,864 . . 344,077
433,769 . . 491,212
. Less: Contribution from Statements IV and V: . .
91,791 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 94,178 .
276,864 (ii) For other expenses 344,077 .
368,655 . . 438,255
65,114 . . 52,957
. . . .
257,532 SURPLUS/(DEFICIT) . 347,250

IV. EDUCATION AND RESEARCH ACCOUNT
V. INTERNAL ACCOUNT

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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) . . .
1,197,997 299,499 (i) Consolidated 1,231,362 307,841 1,539,203
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
215 . (iv) Degree 299 . 299
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________ ________ ________
1,198,212 299,499 . 1,231,661 307,841 1,539,502
. . . . . .
. 1, 378,765 Charges for accommodation (including notional room rents), meals & service . 1,502,842 1,502,842
. 18,766 Rents from furnished accommodation outside the college occupied by student members . 21,249 21,249
. 100,567 Sales from buttery and stores . 117,824 117,824
________ ________ . ________ ________ ________
1,198,212 *1,797,597 . 1,231,661 *1,949,756 3,181,417
. . . . . .
716,730 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 736,352 . 736,352
. . . . . .
. . Research grants: . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
. . (iii) From outside sources . . .
. . . . . .
. . Other Grants and contributions . . .
7,476 . (i) From the University 43,217 . .
38,881 . (ii) From other Oxford colleges 54,560 . .
248,542 . (iii) From outside sources 321,881 . .
294,899 . . 419,698 . 419,698
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 91,289 Statement IV: Common Table . 120,924 .
. 81,536 Statement IV: College hospitality . 87,846 .
. 172,825 . . 208,770 208,770
. . Other income: . . .
. 2,811 Miscellaneous . 4,066 4,066
. . Loan repayments 32,442 . 32,442
________ ________ . ________ ________ ________
2,209,841 1,973,233 Total income 2,420,113 2,162,592 4,582,705
. . . . . .
. . * NOTE: Charged to . . .
. 1,386,904 Members and employees of the college . 1,475,915 .
. . Other colleges . . .
. 410,693 Others (conferences etc.) . 473,841 .
. 1,797,597 . . 1,949,756 .
. . . . . .
. . EXPENDITURE . . .
82,509 . Head of College 91,653 . 91,653
896,070 . Teaching fellows 1,047,821 . 1,047,821
63,403 . Other fellows 104,606 . 104,606
2,192 . Stipendiary lecturers 9,966 . 9,966
160,785 . Outside tuition payments 178,786 . 178,786
111,675 . Other tuition and research expenses (including research assistants) 146,207 . 146,207
91,289 . Common Table 120,924 . 120,924
162,811 . Library 162,402 . 162,402
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
158,167 . (i) Provided from trust funds 164,925 . .
113,683 . (ii) Provided otherwise 131,506 . .
271,850 . . 296,431 . 296,431
. . . . . .
13,573 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 11,012 . 11,012
58,892 . Chaplain and chapel services 60,052 . 60,052
81,536 . College hospitality 87,846 . 87,846
112,053 . Junior clubs 114,882 . 114,882
8,550 . Subscriptions and donations to the college's own academic objectives 1,000 . 1,000
. 288,051 Catering supplies consumed (less sale of waste) . 347,582 347,582
. . Outside caterers' and other colleges' charges . . .
. . Services: . . .
163,361 814,140 (i) Domestic staff 184,760 855,763 1,040,543
49,660 67,025 (ii) Heat, light, water 50,772 70,518 121,290
9,180 35,428 (iii) Laundry and cleaning 11,129 43,918 55,047
16,807 182,054 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 17,953 162,418 180,371
239,008 1,098,647 . 264,634 1,132,617 1,397,251
. . Administration: . . .
126,574 75,634 (i) College officers and others 140,904 80,298 221,202
159,877 208,511 (ii) Office and clerical staff 170,050 219,485 389,535
69,143 31,064 (iii) Office expenses 75,390 31,615 107,005
5,574 5,574 (iv) Legal and professional charges 5,777 5,777 11,554
361,168 320,783 . 392,121 337,175 729,296
. . . . . .
. 40 Pensions paid to former members and employees of the college . 40 40
. . Other expenses: . . .
7,369 11,053 Miscellaneous 10,464 15,697 26,161
________ ________ . ________ ________ ________
2,724,733 1,718,574 . 3,100,807 1,833,111 4,933,918
. . College premises: . . .
92,164 276,491 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 109,564 328,691 438,255
________ ________ . ________ ________ ________
2,816,897 1,995,065 . 3,210,371 2,161,802 5,372,173
. . . . . .
(607,056) (21,832) SURPLUS/(DEFICIT) (790,258) 790 (789,468)

VI. SUMMARY OF TRANSACTIONS AFFECTING ACCUMULATED BALANCES

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. 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)		 91,271 3,287,078 625,406 2,890,168 81,849 6,975,772
ADD: . . . . . .
Net proceeds of sale of estates . . . . . .
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 3,538,317 . . . 3,538,317
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 (10,543) . . . . (10,543)
(ii) Capital account - income of funds established
under Section 29 of the Universities and
College Estates Act 1925 (as amended)		 . . . . . .
(iii) Other accounts and funds (Statement I) . (28,065) . . (414,153) (442,218)
Internal transfers - amounts added: . . 80,000 . . 80,000
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 7,918 . . 7,918
(ii) Otherwise . . 372,000 599,963 427,000 1,398,963
Other receipts: . . . . . .
Bequests, benefactions and donations 1,185 2,382,304 55,071 . . 2,438,560
Issue of BCI shares . 797,980 . . . 797,980
Loan repayments . . 90,251 . . 90,251
Portrait Fund . . . 3,680 . 3,680
. ________ ________ ________ ________ ________ ________
. (9,358) 6,690,536 597,322 603,643 12,847 7,894,990
DEDUCT: . . . . . .
Cost of purchase and improvement of estates . 500,000 . . . 500,000
Cost of purchase of securities for trust funds
and capital account		 . 4,959,038 . . . 4,959,038
Cost of additions and improvements to college premises . 62,615 . 3,329 . 65,944
Expenditure out of fund for major repairs to estates . . . 69,535 . 69,535
Major repairs to fabric and exterior of buildings . . . . . .
Other major repairs and maintenance
(including interior redecoration)		 . . . . . .
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . 327,000 107,338 372,000 . 806,338
Other payments: . . . . . .
Isis College Fund investment . . 43,455 . . 43,455
Purchase of BCI shares . . 452,023 . . 452,023
Portrait Fund . . . 10,200 . 10,200
. ________ ________ ________ ________ ________ ________
.. 5,848,653 604,816 455,064 . 6,908,533
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 81,913 4,128,961 617,912 3,038,747 94,696 7,962,229

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
91,271 (i) Only for purposes wholly outside the objects of the college 61,913 .
3,287,078 (ii) Wholly or partly for the benefit of the college 4,128,961 .
3,378,349 . . 4,210,874
. . . .
625,406 Capital account (excluding amount invested) . 617,912
2,890,168 Reserves and special funds . 3,038,747
81,849 Revenue account . 94,696
6,975,772 . . 7,962,229
. . . .
. Represented by: . .
. ASSETS . .
442 Cash in hands of officers and servants . 991
4,823,394 Balance with bankers . 1,586,272
. Deposits other than with bankers . 3,192,206
1,579,770 Investments (other than of trust funds and capital account)
NOTE: Market Value 2,923,537		 . 2,525,690
. . . .
. Debtors and debit balances: . .
88,833 (i) Battels 97,561 .
69 (ii) Rents 130 .
931,972 (iii) Other 1,131,278 .
1,020,074 . . 1,228,969
. . . .
158,268 Income tax recoverable . 99,159
42,913 Stocks and stores . 36,790
. Furniture and Equipment . .
________ . . ________
7,625,661 . . 8,670,077
. . . .
. LIABILITIES . .
13,189 Caution money 12,972 .
. Bank overdraft . .
. Loans . .
144,858 Unexpended balances of grants for specific purposes 137,226 .
491,842 Other creditors and credit balances 557,650 .
649,889 . . 707,848
6,975,772 . . 7,962,229

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Balliol 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.

PricewaterhouseCoopers
Chartered Accountants
Registered Auditors

27 November 2002

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