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

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THE OXBRIDGE COLLEGE ACCOUNTS INDEX.

Numbers of students in residence during the academic year 2001-02 (taken from University Calendar 2003-04):
366 undergraduates, 96 postgraduates, 3 additional. Total=465. 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: . .
1,693,076 Net income as shown in Statement III 1,689,792 .
58,835 Less: College contribution (Statement III) 64,228 .
1,634,241 . . 1,625,564
. . . .
3,531,785 From fees, dues and charges (including room rents) 3,631,123 .
800,910 Less: Collected on behalf of the University 854,296 .
2,730,875 . . 2,776,827
. From grants and donations: . .
10,000 From the University 10,000 .
62,923 From other Oxford colleges 61,663 .
42,579 From outside sources 38,740 .
. . . 110,403
. From other sources: . .
40,438 Other 29,247 .
1,858 Machine Commissions 4,427 .
. . . 33,674
4,522,914 Total income . 4,546,468
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,879,698 (i) Education and Research (Statement IV) 1,986,492 .
1,335,399 (ii) Internal (Statement V) 1,353,863 .
1,051,617 On college premises (Statement III) 1,004,202 .
4,266,714 . . 4,344,557
. . . .
44,878 For other purposes, excluding college contribution (Statement III) . 25,920
________ . . ________
4,311,592 Total expenditure . 4,370,477
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
3,604 (a) available for the college's general purposes . 6,754
(15,863) (b) carried forward for the trust purposes . 17,806
(12,259) . . 24,560
. . . .
593 Reserves and special funds . 608
222,988 Revenue account . 150,823
211,322 . . 175,991
. Attributable to: . .
934,748 Endowment (Statement III) 946,493 .
(571,693) Education and Research (Statement IV) (612,740) .
(151,733) Internal (Statement V) (157,762) .
211,322 . 175,991 .

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: . .
191,677 Agricultural land . 168,293
. Non-agricultural land . .
346,230 Let on terms that tenant not responsible for structural repairs . 426,398
4,543 Let on other terms . 10,263
5,515 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 3,240
. Income from timber . .
22,411 Income from minerals and mineral rights . 36,778
1,387,632 Interest and dividends . 1,319,169
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
________ . . ________
1,958,008 . . 1,964,141
. 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		 . .
767 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		 759 .
________ . ________ .
767 . . 759
. . . .
. From trusts of which the college is not sole trustee: . .
80,454 Income paid to the college by the trustees or applied by them to any purpose of the college . 76,495
________ . . ________
2,037,695 Total of gross income from endowments and other sources as shown in Statement III . 2,039,877
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
47,919 In respect of the full amount of rents from agricultural land 168,293 @25% 42,073 .
138,492 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs 		426,398 @40% 170,559 .
1,006 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) 		13,503 @10% 1,350 .
69,382 In respect of the gross amount of interest and dividends l,319,169 @5% 65,958 .
. (b) In respect of leaseholds: . .
. Rent payable . .
. Amortization of lease premium . .
60,112 (c) Interest 41,206 .
80,454 (d) Allowances for exceptional obligations 76,495 .
________ . ________ .
397,365 . . 397,641
l,640,330 STATUTORY ENDOWMENT INCOME . l,642,236
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 412,236 at 12.0% 49,468 .
. On 1,642,236 64,228 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
2,037,695 Gross income from endowment and other sources as shown in Statement II . 2,039,877
. 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		 . .
________ . . ________
2,037,695 . . 2,039,877
. Less: Expenses of obtaining that income: . .
(3,950) Rent, rates, taxes and insurance (less commission) (4,873) .
. Provision for major repairs . .
18,465 Other repairs and maintenance 19,313 .
4,119 Amortization and depreciation 4,539 .
22,584 . 23,852 .
. . . .
265,592 Agency, management and administration 288,355 .
25 Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
60,112 Loan Interest 41,205 .
256 Miscellaneous Rents 1,546 .
________ . ________ .
344,619 . . 344,619
1,693,076 Net income as shown in Statement I . 1,689,792
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
58,835 College contribution (Statement II) 64,228 .
. Donations and subscriptions: . .
26,818 (i) for University objects 25,498 .
17,560 (ii) Other 222 .
500 Livings 200 .
. Maintenance of schools . .
. Other: . .
________ . ________ .
44,878 . 25,920 .
103,713 . . 90,148
________ . . ________
1,589,363 Net income available for college's own purposes . 1,599,644
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
263,877 Statement IV 265,306 .
627 Statement V 1,269 .
________ . ________ .
264,504 . . 266,575
l,324,859 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 1,333,069
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
400,000 (i) Provision for major repairs 400,000 .
. (ii) Other repairs and maintenance . .
51,211 (iii) Amortization and depreciation 51,539 .
________ . ________ .
451,211 . 451,539 .
. . . .
21,360 Upkeep of gardens and grounds 17,714 .
472,571 . . 469,253
. All other building repairs and maintenance (including interior redecoration): . .
370,000 (i) Provision for major repairs 370,000 .
108,288 (ii) Other repairs and maintenance 98,648 .
. Rent . .
62,410 Rates and taxes 27,072 .
38,348 Insurance (less commission) 39,229 .
579,046 . . 534,949
1,051,617 . . 1,004,202
. Less: Contribution from Statements IV and V: . .
82,460 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 82,677 .
579,046 (ii) For other expenses 534,949 .
661,506 . . 617,626
390,111 . . 386,576
. . . .
934,748 SURPLUS/(DEFICIT) . 946,493

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) . . .
1,061,414 265,354 (i) Consolidated 1,124,005 281,001 1,405,006
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
3,345 . (iv) Degree 2,835 . 2,835
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________ ________ ________
1,064,759 265,354 . 1,126,840 281,001 1,407,841
. . . . . .
29,244 1,353,570 Charges for accommodation (including notional room rents), meals & service 25,610 1,323,833 1,349,443
. . Rents from furnished accommodation outside the college occupied by student members . . .
. 17,948 Sales from buttery and stores . 19,543 19,543
________ ________ . ________ ________ ________
1,094,003 *1,636,872 . 1,152,450 *1,624,377 2,776,827
. . . . . .
263,877 627 Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 265,306 1,269 266,575
. . . . . .
. . Research grants: . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
. . (iii) From outside sources . . .
. . . . . .
. . Other Grants and contributions . . .
10,000 . (i) From the University 10,000 . .
62,923 . (ii) From other Oxford colleges 61,663 . .
42,579 . (iii) From outside sources 38,740 . .
115,502 . . 110,403 . 110,403
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 72,170 Statement IV: Common Table . 72,084 .
. 45,565 Statement IV: College hospitality . 65,409 .
. 117,735 . . 137.493 137.493
. . Other income: . . .
. 40,438 Other . 29,247 29,247
. 1,858 Machine Commissions . 4,427 4,427
________ ________ . ________ ________ ________
1,473,382 1,797,530 Total income 1,528,159 1,796,813 3,324,972
. . . . . .
. . * NOTE: Charged to . . .
. 1,277,740 Members and employees of the college . 1,240,793 .
. . Other colleges . . .
. 359,132 Others (conferences etc.) . 383,584 .
. 1,636,872 . . 1,624,377 .
. . . . . .
. . EXPENDITURE . . .
67,316 . Head of College 71,227 . 71,227
697,126 . Teaching fellows 718,797 . 718,797
1,960 . Other fellows . . .
39,062 . Stipendiary lecturers 75,303 . 75,303
98,254 . Outside tuition payments 89,432 . 89,432
38,928 . Other tuition and research expenses (including research assistants) 55,078 . 55,078
72,170 . Common Table 72,084 . 72,084
97,080 . Library 104,926 . 104,926
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
39,264 . (i) Provided from trust funds 40,336 . .
30,241 . (ii) Provided otherwise 34,873 . .
69,505 . . 75,209 . 75,209
. . . . . .
. . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 . . .
36,163 . Chaplain and chapel services 33,956 . 33,956
45,565 . College hospitality 65,409 . 65,409
66,481 . Junior clubs 66,169 . 66,169
420 . Subscriptions and donations to the college's own academic objectives 437 . 437
. 274,640 Catering supplies consumed (less sale of waste) . 248,451 248,451
. 5,862 Outside caterers' and other colleges' charges . 14,641 14,641
. . Services: . . .
147,261 623,146 (i) Domestic staff 139,264 733,385 872,649
26,448 79,345 (ii) Heat, light, water 22,208 66,624 88,832
21,340 64,019 (iii) Laundry and cleaning 20,131 60,392 80,523
50,865 152,594 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 38,408 115,225 153,633
245,914 919,104 . 220,011 975,626 1,195,637
. . Administration: . . .
25,380 25,379 (i) College officers and others 21,561 20,927 42,488
108,881 120,435 (ii) Office and clerical staff 118,575 131,775 250,350
119,346 70,014 (iii) Office expenses 138,255 67,300 205,555
4,001 5,682 (iv) Legal and professional charges 4,243 6,034 10,277
257,608 221,510 . 282,634 226,036 508,670
. . . . . .
. 12,865 Pensions paid to former members and employees of the college . 10,266 10,266
. . Other expenses: . . .
45,046 . Admission Costs 39,556 . 39,556
1,100 19,153 Publication Brazen Nose 15,961 . 15,961
. . Miscellaneous 303 16,336 16,639
________ ________ . ________ ________ ________
2,045,075 1,949,263 . 2,140,899 1,954,575 4,095,474
. . College premises: . . .
165,377 496,129 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 154,407 463,219 617,626
________ ________ . ________ ________ ________
2,045,075 1,949,263 . 2,140,899 1,954,575 4,095,474
. . . . . .
(571,693) (151,733) SURPLUS/(DEFICIT) (612,740) (157,762) (770,502)

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)		 1,308 445,550 1,846,959 1,410,746 967,055 4,671,618
ADD: . . . . . .
Net proceeds of sale of estates . . 2,420,149 . . 2,420,149
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 589,713 3,296,135 . . 3,885,848
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 601 . . . . 601
(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) . 24,560 . 608 150,823 175,991
Internal transfers - amounts added: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 1,539 821,363 . 822,902
(ii) Otherwise . . 12,259 . . 12,259
Other receipts: . . . . . .
Legacies, Gifts, Donations . 182,710 13,389 157,182 . 353,281
Mortgage Repayments . . 7,398 50,000 . 57,398
Minerals & Mineral Rights . . 24,519 . . 24,519
Profit on Sales of Investments . . . 55,825 . 55,825
. ________ ________ ________ ________ ________ ________
. 601 796,983 5,775,388 1,084,978 150,823 7,808,77
DEDUCT: . . . . . .
Cost of purchase and improvement of estates . . 141,397 . . 141,397
Cost of purchase of securities for trust funds
and capital account		 . 646,981 3,561,355 . . 4,208,336
Cost of additions and improvements to college premises . . . . . .
Expenditure out of fund for major repairs to estates . . . . . .
Major repairs to fabric and exterior of buildings . . . . . .
Other major repairs and maintenance
(including interior redecoration)		 . . . 335,549 . 335,549
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . . 12,259 12,259
Other payments: . . . . . .
Research . .. 14,946 . 14,946
Mortgage Loans . . 49,855 . . 49,855
Miscellaneous 500 50,252 . . . 50,752
Computers . . 40,000 . . 40,000
. ________ ________ ________ ________ ________ ________
. 500 697,233 3,752,607 390,495 12,259 4,853,094
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 1,409 545,300 3,869,740 2,105,229 1,105,619 7,627,297

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
1,308 (i) Only for purposes wholly outside the objects of the college 1,409 .
445,550 (ii) Wholly or partly for the benefit of the college 545,300 .
446,858 . . 546,709
. . . .
1,846,959 Capital account (excluding amount invested) . 3,869,740
1,410,746 Reserves and special funds . 2,105,229
967,055 Revenue account . 1,105,619
4,671,618 . . 7,627,297
. . . .
. Represented by: . .
. ASSETS . .
989 Cash in hands of officers and servants . 966
1,893,747 Balance with bankers . 4,125.628
2,249,996 Deposits other than with bankers . 3,133,673
1,105,420 Investments (other than of trust funds and capital account)
NOTE: Market Value 976,970		 . 1,105,420
. . . .
. Debtors and debit balances: . .
87,038 (i) Battels 6,515 .
23,159 (ii) Rents . .
551,288 (iii) Other 427,635 .
661,485 . . 434,150
. . . .
34,588 Income tax recoverable . 31,277
9,549 Stocks and stores . 10,750
. Furniture and Equipment . .
________ . . ________
5,955,774 . . 8,841,864
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
850,000 Loans 750,000 .
14,831 Unexpended balances of grants for specific purposes 17,973 .
419,325 Other creditors and credit balances 446,594 .
1,284,156 . . 1,214,567
4,671,618 . . 7,627,297

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Brasenose 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

(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
Registered Auditors

27 November 2002

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