Exeter 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):
309 undergraduates, 111 postgraduates, 6 additional. Total=426. 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:..
1,126,474 Net income as shown in Statement III 932,173 .
18,718 Less: College contribution (Statement III) 5,878 .
1,107,756..926,295
. . . .
3,474,063 From fees, dues and charges (including room rents) 3,667,400 .
806,776 Less: Collected on behalf of the University 862,957 .
2,667,287..2,804,443
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
. From outside sources. .
. From other sources . .
________ . . ________
3,775,043 Total income . 3,730,738
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,525,413 (i) Education and Research (Statement IV) 1,694,990 .
1,132,505 (ii) Internal (Statement V) 1,176,238 .
933,788 On college premises (Statement III) 892,361 .
3,591,706..3,763,589
. . . .
189 For other purposes, excluding college contribution (Statement III) . 578
________. .________
3,591,895 Total expenditure . 3,764,167
. . . .
. 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 . .
46,149 (b) carried forward for the trust purposes . (14,253)
________. .________
46,149 . . (14,253)
. . . .
60,438 Reserves and special funds . 60,927
76,561 Revenue account . (80,103)
183,148 . . (33,429)
. Attributable to: . .
534,497 Endowment (Statement III) 374,515 .
(424,427) Education and Research (Statement IV) (517,415) .
73,078 Internal (Statement V) 109,471 .
183,148 . (33,429) .

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: . .
205,940 Agricultural land . 202,603
. Non-agricultural land . .
7,256 Let on terms that tenant not responsible for structural repairs . 4,900
132,025 Let on other terms . 131,200
27,200 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 33,891
. Income from timber . .
. Income from minerals and mineral rights . .
975,358 Interest and dividends . 824,538
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
________..________
1,347,779 . . 1,197,132
. 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		 . .
194 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		 168 .
________. ________.
194.. 168
. From trusts of which the college is not sole trustee: . .
29,762 Income paid to the college by the trustees or applied by them to any purpose of the college . 32,353
________..________
1,377,347 Total of gross income from endowments and other sources as shown in Statement III . 1,229,317
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
51,485 In respect of the full amount of rents from agricultural land202,603 @25% 50,651.
2,902In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		4,900 @40% 1,960.
15,923 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) 		165,091 @10% 16,509 .
48,768 In respect of the gross amount of interest and dividends 824,538 @5% 41,227 .
.(b) In respect of leaseholds:. .
11,637 (i) Rent payable 13,673 .
. (ii) Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ .________.
119,078 . . 110,347
l,258,269 STATUTORY ENDOWMENT INCOME . 1,118,970
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 11,970 at 8.0% 958 .
. On 1,118,970 5,878 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
1,377,347 Gross income from endowment and other sources as shown in Statement II . 1,229,317
. 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		 . .
4,961 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		 . 11,459
________.. ________
1,382,308 . . 1,240,776
. Less: Expenses of obtaining that income: . .
5,814 Rent, rates, taxes and insurance (less commission) 5,665 .
36,590 Provision for major repairs 37,437 .
. Other repairs and maintenance . .
18,732 Amortization and depreciation 19,294 .
55,322.56,731 .
. . . .
189,890 Agency, management and administration 239,960 .
3,333 Donations and subscriptions in connection with estates 3,363 .
. Entertainment of tenants and others . .
. Other expenses: . .
1,451 Bank charges 2,860 .
24 Rent charges 24 .
________.________ .
255,834 . . 308,603
1,126,474 Net income as shown in Statement I . 932,173
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
18,718 College contribution (Statement II) 5,878 .
. Donations and subscriptions: . .
. (i) for University objects . .
. (ii) Other . .
. Livings 357 .
. Maintenance of schools . .
. Other: . .
189 Repairs to Chancels 221 .
________.________.
189.578 .
________.________ .
18,907 . . 6,456
1,107,567 Net income available for college's own purposes . 925,717
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
354,787 Statement IV 377,326 .
. Statement V . .
________.________.
354,787 . . 377,326
752,780 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 548,391
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
206,389 (i) Provision for major repairs 150,000 .
. (ii) Other repairs and maintenance . .
60,842 (iii) Amortization and depreciation 73,649 .
________.________ .
267,231 . 223,649 .
. . . .
22,662 Upkeep of gardens and grounds 21,837 .
289,893 . . 245,486
. All other building repairs and maintenance (including interior redecoration): . .
328,171 (i) Provision for major repairs 317,000 .
292,845 (ii) Other repairs and maintenance 304,731 .
4,338 Rent 4,701 .
10,189 Rates and taxes 11,467 .
8,352 Insurance (less commission) 8,976 .
643,895 . . 892,361
601,502.. 702,893
. Less: Contribution from Statements IV and V: . .
71,610 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 71,610 .
643,895 (ii) For other expenses 646,875 .
715,505 . . 718,485
218,283..173,876
. . . .
534,497 SURPLUS/(DEFICIT) . 374,515

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) . . .
. . (i) Consolidated . . .
592,263 . (ii) Tuition 644,653 . 644,653
331,378 216,681 (iii) Dues and establishment charges 323,024 235,015 558,039
970 . (iv) Degree 350 . 350
36,239 . (v) Library 47,767 . 47,767
. . (vi) Other . . .
________ ________ . ________________________
960,850216,681. 1,015,794235,0151,250,809
. . . . . .
. 1,372,132 Charges for accommodation (including notional room rents), meals & service . 1,423,520 1,423,520
. 46,586 Rents from furnished accommodation outside the college occupied by student members . 45,656 45,656
. 71,038 Sales from buttery and stores . 84,458 84,458
________ ________ . ________________________
960,850*1,706,437.1,015,794*1,788,6492,804,443
. . . . . .
354,787 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 377,326 . 377,326
. . . . . .
.. 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 . . .
. 76,350 Statement IV: Common Table . 96,981 .
. 51,551 Statement IV: College hospitality . 46,045 .
. 127,901 . . 143,026 143,026
. . Other income: . . .
________ ________ . ________________________
1,315,637 1,834,338 Total income 1,393,120 1,931,675 3,324,795
. . . . . .
..* NOTE: Charged to...
. 1,207,569 Members and employees of the college . 1,353,098 .
. . Other colleges . . .
. 498,868 Others (conferences etc.) . 435,551 .
. 1,706,437 . . 1,788,649 .
. . . . . .
..EXPENDITURE.. .
54,221 . Head of College 56,407 . 56,407
503,120 . Teaching fellows 559,922 . 559,922
13,400 . Other fellows 24,255 . 24,255
63,069 . Stipendiary lecturers 77,323 . 77,323
55,130 . Outside tuition payments 58,491 . 58,491
51,682 . Other tuition and research expenses (including research assistants) 65,508 . 65,508
76,350 . Common Table 96,981 . 96,981
55,323 . Library 64,357 . 64,357
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
144,487 . (i) Provided from trust funds 168,700 . .
17,878 . (ii) Provided otherwise 6,438 . .
162,365 . . 175,138 . 175,138
. . . . . .
19,734 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 25,711 . 25,711
31,003 . Chaplain and chapel services 38,115 . 38,115
51,551 . College hospitality 46,045 . 46,045
45,377 . Junior clubs 48,337 . 48,337
17,838 . Subscriptions and donations to the college's own academic objectives 21,767 . 21,767
. 256,101 Catering supplies consumed (less sale of waste). 267,130 267,130
. 50,717 Outside caterers' and other colleges' charges . 49,373 49,373
..Services:...
60,475 564,224 (i) Domestic staff 62,522 606,832 669,354
17,652 78,270 (ii) Heat, light, water 17,121 72,895 90,016
7,999 41,382 (iii) Laundry and cleaning 7,771 43,265 51,036
35,065 94,356 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 32,123 93,898 126,021
121,191 778,232 . 119,537816,890936,427
. .Administration: . . .
30,351 38,484 (i) College officers and others 35,978 39,981 75,959
135,750 81,991 (ii) Office and clerical staff 141,622 86,321 227,943
26,473 15,757 (iii) Office expenses 26,882 16,622 43,504
2,094 4,188 (iv) Legal and professional charges 2,667 5,333 8,000
194,668 140,420 . 207,149 148,257 355,406
. . . . . .
9,391 12,651 Pensions paid to former members and employees of the college 9,947 10,579 20,526
. .Other expenses: . . .
. 22,285 Other . 27,035 27,035
________________. ________________________
1,525,413 1,260,406 . 1,694,990 1,319,264 3,014,254
..College premises:...
214,651 500,854 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 215,545 502,940 718,485
________ ________ . ________________________
1,740,064 1,761,260 . 1,910,535 1,822,204 3,732,739
. . . . . .
(424,427) 73,078 SURPLUS/(DEFICIT) (517,415) 109,471 (407,944)

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 account)		 . 1,215,626 986,197 1,806,470 868,678 4,876,971
ADD:......
Net proceeds of sale of estates . . 13,360 . . 13,360
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 1,805,260 2,090,581 . . 3,895,841
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 . . . . . .
(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) . (14,253) . 60,927 (80,103) (33,429)
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . 12,745 92,731 497,487 . 602,963
(ii) Otherwise . 264,062 52,165 . 120,000 436,227
Other receipts: . . . . . .
Other . 15,067 . 45,879 . 60,946
Loans . . 7,891 . . 7,891
Appeal . . . 382,969 . 382,969
.________________ ________________________ ________
. . 2,082,881 2,256,728 987,262 39,897 5,366,768
DEDUCT:... ...
Cost of purchase and improvement of estates . . 564,180 . . 564,180
Cost of purchase of securities for trust funds
and capital account		 . 2,285,020 2,465,478 . . 4,750,498
Cost of additions and improvements to college premises. . . . . .
Expenditure out of fund for major repairs to estates . 8,746 . 8,514 . 17,260
Major repairs to fabric and exterior of buildings . . 236,965 . . 236,965
Other major repairs and maintenance
(including interior redecoration)		 . . 33,693 . . 33,693
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . 386,227 50,000 436,227
Other payments: . . . . . .
Other . . . 33,000 . 33,000
Appeal expenses . . . 4,757 . 4,757
.________________ ________________________ ________
. . 2,293,766 3,029,658 703,156 50,000 6,076,580
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 1,004,741 2l3,267 2,090,576 858,575 4,167,159

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
. (i) Only for purposes wholly outside the objects of the college . .
1,215,626 (ii) Wholly or partly for the benefit of the college1,004,741 .
1,215,626 ..1,004,741
.. ..
986,197 Capital account (excluding amount invested) . 213,267
1,806,470 Reserves and special funds . 2,090,576
868,678 Revenue account . 858,575
4,876,971 . . 4,167,159
. . . .
. Represented by: . .
. ASSETS . .
400 Cash in hands of officers and servants . 400
4,409,339 Balance with bankers . 3,712,981
.Deposits other than with bankers..
224,041 Investments (other than of trust funds and capital account)
NOTE: Market Value 886,157		 . 224,041
. . . .
. Debtors and debit balances: . .
95,197 (i) Battels 101,836 .
2,275 (ii) Rents2,275.
640,468(iii) Other 600,093 .
737,940 . . 704,204
. . . .
52,504 Income tax recoverable . 20,775
11,355 Stocks and stores . 108,683
150,889 Furniture and Equipment . 109,408
________..________
5,586,468 . . 4,880,492
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
. Loans . .
. Unexpended balances of grants for specific purposes. .
709,497 Other creditors and credit balances 713,333 .
709,497 . . 713,333
4,876,971 .. 4,167,159

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Exeter 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.

Horwath Clark Whitehill
Chartered Accountants
Registered Auditors

29 November 2002

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