Christ Church 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):
421 undergraduates, 171 postgraduates, 3 additional. Total=595. 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: . .
3,749,046 Net income as shown in Statement III 2,201,166 .
313,247 Less: College contribution (Statement III) 224,286 .
3,435,799..1,976,880
. . . .
4,979,424 From fees, dues and charges (including room rents) 5,133,072 .
973,982 Less: Collected on behalf of the University 1,045,794 .
4,665,442..4,087,278
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
5,572From outside sources2,155 .
. . . 2,155
. From other sources: . .
. . . .
7,446,813 Total income . 6,066,313
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
3,136,475 (i) Education and Research (Statement IV) 3,116,572 .
2,160,470 (ii) Internal (Statement V) 2,163,600 .
2,248,663 On college premises (Statement III) 1,602,380 .
7,545,608..6,882,552
. . . .
699,723 For other purposes, excluding college contribution (Statement III) . 606,485
________. .________
8,245,331 Total expenditure . 7,489,037
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
(185) (a) available for the college's general purposes . (10,443)
(107,924) (b) carried forward for the trust purposes . (382,719)
(108,109) . . (393,162)
. . . .
(31,609) Reserves and special funds . 14,647
(658,800) Revenue account . (1,044,209)
(798,518) . . (1,422,724)
. Attributable to: . .
1,037,059 Endowment (Statement III) (3,382) .
(1,609,736) Education and Research (Statement IV) (1,404,632) .
(225,841) Internal (Statement V) (14,710) .
(798,518) . (1,422,724) .

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: . .
1,043,854 Agricultural land . 1,124,887
. Non-agricultural land . .
937,049 Let on terms that tenant not responsible for structural repairs . 1,010,958
1,469,394 Let on other terms . 1,235,567
72,200 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 75,200
. Income from timber . .
5,964 Income from minerals and mineral rights . 5,893
2,373,255 Interest and dividends . 1,122,609
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
________..________
5,901,716 . . 4,575,114
. 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		 . .
396,922 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		 311,760 .
________ .________.
396,922 ..311,760
. . . .
. From trusts of which the college is not sole trustee: . .
31,581 Income paid to the college by the trustees or applied by them to any purpose of the college . 26,810
________..________
5,536,375 Total of gross income from endowments and other sources as shown in Statement III . 4,290,164
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
260,963 In respect of the full amount of rents from agricultural landl,124,887 @25% 281,222.
374,820In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		l,010,958 @40% 404,383.
154,160 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) 		l,310,767 @10% 131,077 .
118,663 In respect of the gross amount of interest and dividends l,122,609 @5% 56,130 .
100 (b) In respect of leaseholds: 100 .
. Rent payable . .
. Amortization of lease premium . .
22,966 (c) Interest . .
541,397 (d) Allowances for exceptional obligations 441,205 .
________ .________.
1,473,069 . . 1,314,117
4,063,306 STATUTORY ENDOWMENT INCOME . 2,976,047
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 1,746,047 at 12.0% 209,526 .
. On 2,976,047 224,286 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
5,536,375 Gross income from endowment and other sources as shown in Statement II . 4,290,164
. 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		 . .
________.. ________
5,536,375 . . 4,290,164
. Less: Expenses of obtaining that income: . .
53,852 Rent, rates, taxes and insurance (less commission) 67,514 .
422,737 Provision for major repairs 508,879 .
92 Other repairs and maintenance . .
273,933 Amortization and depreciation 324,823 .
696,762.833,702 .
. . . .
882,790 Agency, management and administration 986,113 .
625 Donations and subscriptions in connection with estates 875 .
1,607 Entertainment of tenants and others 1,618 .
. Other expenses: . .
128,727 Development Office 199,176 .
22,966 ? . .
________.________ .
1,787,329 . . 2,088,998
3,749,046 Net income as shown in Statement I . 2,201,166
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
313,247 College contribution (Statement II) 224,286 .
. Donations and subscriptions: . .
. (i) for University objects . .
9,325 (ii) Other 9,280 .
. Livings . .
12,000 Maintenance of schools 12,000 .
. Other: . .
678,398 Cathedral 585,205 .
________.________.
699,723.606,485 .
________.________ .
1,012,970 . . 830,771
2,736,076 Net income available for college's own purposes . 1,370,395
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
629,774 Statement IV 664,025 .
. Statement V . .
________.________.
629,774 . . 664,025
2,106,302 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 706,370
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
428,949 (i) Provision for major repairs 91,219 .
35,430 (ii) Other repairs and maintenance 7,192 .
546,130 (iii) Amortization and depreciation 552,868 .
________.________ .
1,010,509 . 644,087 .
. . . .
183,075 Upkeep of gardens and grounds 184,798 .
1,193,584 . . 828,885
. All other building repairs and maintenance (including interior redecoration): . .
1,030,683 (i) Provision for major repairs 770,725 .
. (ii) Other repairs and maintenance . .
. Rent . .
10,022 Rates and taxes (13,299) .
14,374 Insurance (less commission) 16,069 .
1,055,079 . . 773,495
2,248,663.. 1,602,380
. Less: Contribution from Statements IV and V: . .
124,341 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 119,133 .
1,055,079 (ii) For other expenses 773,495 .
1,179,420 . . 892,028
l,069,243..709,752
. . . .
l,037,059 SURPLUS/(DEFICIT) . (3,382)

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) . . .
1,180,880 . (i) Consolidated 1,230,881 . 1,230,881
. . (ii) Tuition . . .
87,595 294,095 (iii) Dues and establishment charges 91,373 307,720 399,093
. . (iv) Degree . . .
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
1,268,475294,095. 1,322,254307,7201,629,974
. . . . . .
. 2,219,943 Charges for accommodation (including notional room rents), meals & service . 2,220,204 2,220,204
. 93,792 Rents from furnished accommodation outside the college occupied by student members . 116,098 116,098
. 129,137 Sales from buttery and stores . 121,002 121,002
________ ________ . ________________________
1,268,475*2,736,967.1,322,254*2,765,0244,087,278
. . . . . .
629,774 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 664,025 . 664,025
. . . . . .
.. 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 . . .
5,572 . (iii) From outside sources 2,155 . .
5,572 . . 2,155 . 2,155
. . . . . .
. . Charges to other accounts: . . .
. 1,607 Statement III: Entertainment of tenants and others 1,618 . .
. 85,096 Statement IV: Common Table . 81,970 .
. 92,703 Statement IV: College hospitality . 94,825 .
. 179,406 . . 178,413 178,413
. . Other income: . . .
________ ________ . ________________________
1,903,821 2,916,373 Total income l,988,434 2,943,437 4,931,871
. . . . . .
..* NOTE: Charged to...
. 1,754,476 Members and employees of the college . 1,842,834 .
. . Other colleges . . .
. 982,491 Others (conferences etc.) . 922,190 .
. 2,736,967 . . 2,765,024 .
. . . . . .
..EXPENDITURE.. .
63,356 . Head of College 60,457 . 60,457
944,534 . Teaching fellows 1,052,825 . 1,052,825
3,178 . Other fellows 1,823 . 1,823
225,769 . Stipendiary lecturers 151,694 . 151,694
81,551 . Outside tuition payments 93,108 . 93,108
57,081 . Other tuition and research expenses (including research assistants) 74,516 . 74,516
85,096 . Common Table 81,970 . 81,970
146,693 . Library 154,110 . 154,110
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
333,197 . (i) Provided from trust funds 332,181 . .
46,413 . (ii) Provided otherwise 20,213 . .
379,610 . . 352,394 . 352,394
. . . . . .
42,117 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 39,249 . 39,249
30,243 . Chaplain and chapel services 31,567 . 31,567
92,703 . College hospitality 94,825 . 94,825
108,487 . Junior clubs 120,589 . 120,589
1,400 . Subscriptions and donations to the college's own academic objectives 1,400 . 1,400
. 489,326 Catering supplies consumed (less sale of waste). 498,946 498,946
. . Outside caterers' and other colleges' charges . . .
. . Services: . . .
197,679 1,021,230 (i) Domestic staff 190,035 1,062,592 1,252,627
35,626 122,744 (ii) Heat, light, water 37,098 98,047 135,145
9,649 103,034 (iii) Laundry and cleaning 9,131 95,074 104,205
39,572 201,984 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 43,173 189,282 232,455
282,526 1,448,992 . 279,4371,444,9951,724,432
. .Administration: . . .
53,849 43,143 (i) College officers and others 45,733 45,204 90,937
265,109 215,946 (ii) Office and clerical staff 254,232 216,640 470,872
82,122 56,501 (iii) Office expenses 85,122 57,966 143,088
6,177 2,591 (iv) Legal and professional charges 13,539 3,149 16,688
407,257 318,181 . 398,626 322,959 721,585
. . . . . .
49,231 45,213 Pensions paid to former members and employees of the college . . .
. .Other expenses: . . .
135,643 38,164 Other 127,982 75,113 203,095
________________. ________________________
3,136,475 2,339,876 . 3,116,572 2,342,013 5,458,585
..College premises:...
377,082 802,338 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 276,494 616,134 892,628
________ ________ . ________________________
3,513,557 3,142,214 . 3,393,066 2,958,147 6,351,213
. . . . . .
(1,609,736) (225,841) SURPLUS/(DEFICIT) (1,404,632) (14,710) (1,419,342)

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)		 222,060 1,375,696 7,997,466 2,120,182 (1,763,229) 9,952,175
ADD:......
Net proceeds of sale of estates . . 4,045,889 . . 4,045,889
Net proceeds of sale and redemption of
securities of trust funds and capital account		 .. 10,708,853 . . 10,708,853
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 (156,270) . . . . (156,270)
(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) . (393,162) . 14,647 (1,044,209) (1,422,724)
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		 . . 561,085 1,716,483 . 2,277,568
(ii) Otherwise . 49,863 411,693 . . 461,556
Other receipts: . . . . . .
Sundry Receipts . 34,632 . . . 34,632
Sales of Units in PIF . . 656,069 . . 656,069
Benefactions . 39,607 . 247,416 5,949 292,972
Mortgage appreciation . . 38,950 . . 38,950
Loans repaid less advanced . . 137,302 . . 137,302
Minerals . . 11,787 . . 11,787
Net visitors fees . . . 157,777 . 157,777
Facility fees . . . 139,574 . 139,574
.________________ ________________________ ________
. (156,270) (269,060) 16,571,628 2,275,897 (1,038,260) 17,383,935
DEDUCT:... ...
Cost of purchase and improvement of estates . . 576,439 . . 576,439
Cost of purchase of securities for trust funds
and capital account		 . . 11,366,219 . . 11,366,219
Cost of additions and improvements to college premises. . . . . .
Expenditure out of fund for major repairs to estates . . . 508,879 . 508,879
Major repairs to fabric and exterior of buildings . . . 198,997 . 198,997
Other major repairs and maintenance
(including interior redecoration)		 . . . 770,725 . 770,725
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . 4,136 . 457,420 . 461,556
Other payments: . . . . . .
Purchase of units in PIF . 431,069 . .. 431,069
Sundry payments 25,977 101,930. . . 127,907
Provision for pension liabilities . . . . 965,136 965,136
Pension payments . . . 162,516 . 162,516
.________________ ________________________ ________
. 25,977 537,135 11,942,658 2,098,537 965,136 15,569,443
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 39,813 569,501 12,626,436 2,297,542 (3,766,625) 11,766,667

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
222,060 (i) Only for purposes wholly outside the objects of the college 39,813 .
1,375,697 (ii) Wholly or partly for the benefit of the college 569,501 .
1,597,757..609,314
.. ..
7,997,466 Capital account (excluding amount invested) . 12,626,436
2,120,182 Reserves and special funds . 2,297,542
(1,763,233) Revenue account . (3,766,625)
9,952,172..11,766,667
. . . .
. Represented by: . .
. ASSETS . .
590 Cash in hands of officers and servants . 575
3,347,100 Balance with bankers . 1,150,477
8,358,970 Deposits other than with bankers . 11,089,570
1,723,546 Investments (other than of trust funds and capital account)
NOTE: Market Value 3,309,189		 . 3,110,546
. . . .
. Debtors and debit balances: . .
430,036 (i) Battels 425,392 .
119,888 (ii) Rents289,761.
1,008,583(iii) Other 483,716 .
1,558,507 . . 1,198,869
. . . .
4,441 Income tax recoverable . 36,412
309,720 Stocks and stores . 306,089
190,256 Furniture and Equipment . 162,483
________..________
15,493,130 . . 17,055,021
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
. Loans . .
. Unexpended balances of grants for specific purposes. .
5,540,958 Other creditors and credit balances 5,288,354 .
5,540,958 . . 5,288,354
9,952,172 .. 11,766,667

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Christ Church 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

13 November 2002

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