Hertford 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):
370 undergraduates, 131 postgraduates, 5 additional. Total=506. 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:..
1,006,265 Net income as shown in Statement III 862,847 .
4,365 Less: College contribution (Statement III) Nil .
1,001,900..862,847
. . . .
4,621,626 From fees, dues and charges (including room rents) 5,072,804 .
945,249 Less: Collected on behalf of the University 1,044,927 .
3,676,377..4,027,877
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
64,370From outside sources71,529 .
. . . 71,529
. From other sources. .
________ . . ________
4,742,647 Total income . 4,962,253
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,661,757 (i) Education and Research (Statement IV) 1,698,128 .
1,686,665 (ii) Internal (Statement V) 1,690,904 .
940,133 On college premises (Statement III) 819,672 .
4,288,555..4,208,704
. . . .
2,620 For other purposes, excluding college contribution (Statement III) .1,925
________. .________
4,291,175 Total expenditure . 4,210,629
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
82,690 (a) available for the college's general purposes . 67,381
. (b) carried forward for the trust purposes . .
________. .________
82,690 . . 67,381
. . . .
532,337 Reserves and special funds . 458,188
(163,555) Revenue account . 226,055
451,472 . . 751,624
. Attributable to: . .
486,473 Endowment (Statement III) 447,624 .
(135,414) Education and Research (Statement IV) (1,090) .
100,413 Internal (Statement V) 305,090 .
451,472 . 751,624 .

II. STATUTORY ENDOWMENT INCOME AND COLLEGE CONTRIBUTION

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 . .
. Let on terms that tenant not responsible for structural repairs . 130,142
6,331 Let on other terms . 6,996
. Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . .
. Income from timber . .
. Income from minerals and mineral rights . .
1,136,591 Interest and dividends . 983,690
. Underwriting commissions . .
2,744 Copyright royalties . 2,335
. Other income: . .
51,710 Sundry . 46,767
________..________
1,197,376 . . 1,039,788
. 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: . .
44 Income paid to the college by the trustees or applied by them to any purpose of the college . 44
________..________
1,197,420 Total of gross income from endowments and other sources as shown in Statement III . 1,039,832
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
102,138 In respect of the full amount of rents from agricultural land . .
.In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 . .
633 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) 		6,996 @10% 700 .
56,830 In respect of the gross amount of interest and dividends 983,690 @5% 49,184 .
.(b) In respect of leaseholds:. .
57,600 (i) Rent payable 58,995 .
. (ii) Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ .________.
115,063 . . 108,879
l,082,357 STATUTORY ENDOWMENT INCOME . 930,953
. . . .
. CONTRIBUTION PAYABLE . .
. On 930,953 Nil .

III. ENDOWMENT ACCOUNT

2000-01 £ INCOME . 2001-02 £
1,197,420 Gross income from endowment and other sources as shown in Statement II . 1,039,832
. 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		 . 2,100
________.. ________
1,197,420 . . 1,041,932
. Less: Expenses of obtaining that income: . .
57,600 Rent, rates, taxes and insurance (less commission) 58,995 .
. Provision for major repairs . .
. Other repairs and maintenance . .
. Amortization and depreciation . .
... .
. . . .
38,037 Agency, management and administration 41,347 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
95,518 Development office 78,743 .
________.________ .
191,155 . . 179,085
1,006,265 Net income as shown in Statement I . 862,847
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
4,365 College contribution (Statement II) Nil .
. Donations and subscriptions: . .
2,000 (i) for University objects . .
620 (ii) Other 1,925 .
. Livings . .
. Maintenance of schools . .
. Other: . .
________.________.
2,620.1,925 .
________.________ .
6,985 . . 1,925
999,280 Net income available for college's own purposes . 860,922
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
91,477 Statement IV 72,521 .
. Statement V . .
________.________.
91,477 . . 72,521
907,803 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 788,401
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
40,000 (i) Provision for major repairs 40,000 .
36,827 (ii) Other repairs and maintenance 13,367 .
413,095 (iii) Amortization and depreciation 367,238 .
________.________ .
489,922 . 420,605 .
. . . .
29,926 Upkeep of gardens and grounds 21,945 .
519,848 . . 442,550
. All other building repairs and maintenance (including interior redecoration): . .
25,865 (i) Provision for major repairs 7,858 .
305,131 (ii) Other repairs and maintenance 256,143 .
60,702 Rent 69,134 .
9,144 Rates and taxes 13,173 .
25,845 Insurance (less commission) 30,814 .
420,285 . . 377,122
940,133.. 819,672
. Less: Contribution from Statements IV and V: . .
98,518 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 101,773 .
420,285 (ii) For other expenses 377,122 .
518,803 . . 478,895
421,330..340,777
. . . .
486,473 SURPLUS/(DEFICIT) . 447,624

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) . . .
1,212,092 291,892 (i) Consolidated 1,342,292 323,528 1,665,820
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
111 . (iv) Degree 99 . 99
3,120 . (v) Library 3,120 . 3,120
. . (vi) Other . . .
________ ________ . ________________________
1,215,563291,892. 1,345,511323,5281,669,039
. . . . . .
284,634 1,351,256 Charges for accommodation (including notional room rents), meals & service 327,201 1,441,975 1,769,176
. 521,230 Rents from furnished accommodation outside the college occupied by student members . 582,473 582,473
. 11,802 Sales from buttery and stores . 7,189 7,189
________ ________ . ________________________
1,500,197*2,176,180 . 1,672,712 *2,355,1654,027,877
. . . . . .
91,477 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 72,521 . 72,521
.. Research grants: . ..
..(i) From the University...
..(ii) From other Oxford colleges . . .
54,370 . (iii) From outside sources 61,529 . .
54,370 . . 61,529 . 61,529
. . Other Grants and contributions . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
10,000 . (iii) From outside sources 10,000 . .
10,000 . . 10,000 . 10,000
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 29,669 Statement IV: Common Table . 31,221 .
. 33,671 Statement IV: College hospitality . 35,366 .
. 63,340 . . 66,587 66,587
. . Other income: . . .
. 10 . . . 27,412
________ ________ . ________________________
1,656,044 2,239,520 Total income 1,816,762 2,421,752 4,238,514
. . . . . .
..* NOTE: Charged to...
. 1,494,144 Members and employees of the college . 1,660,143 .
. . Other colleges . . .
. 682,037 Others (conferences etc.) . 695,022 .
. 2,176,181 . . 2,355,165 .
. . . . . .
..EXPENDITURE.. .
58,811 . Head of College 60,521 . 60,521
470,823 . Teaching fellows 497,398 . 497,398
90,944 . Other fellows 66,437 . 66,437
68,360 . Stipendiary lecturers 82,174 . 82,174
151,432 . Outside tuition payments 148,991 . 148,991
12,901 . Other tuition and research expenses (including research assistants) 82,174 . 82,174
29,669 . Common Table 31,221 . 31,221
72,145 . Library 69,638 . 69,638
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
35,103 . (i) Provided from trust funds 32,891 . .
30,486 . (ii) Provided otherwise 47.022 . .
65,589 . . 79,913 . 79,913
. . . . . .
10,853 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 10,463 . 10,463
13,411 . Chaplain and chapel services 31,712 . 31,712
33,671 . College hospitality 35,366 . 35,366
44,523 . Junior clubs 48,180 . 48,180
1,050 . Subscriptions and donations to the college's own academic objectives 1,070 . 1,070
. 512,316 Catering supplies consumed (less sale of waste). 540,669 540,669
. . Outside caterers' and other colleges' charges . . .
..Services:...
72,619 662,202 (i) Domestic staff 71,645 660,062 731,707
42,533 127,600 (ii) Heat, light, water 36,520 109,561 146,081
24,899 74,69809 (iii) Laundry and cleaning 25,238 75,713 100,951
19,799 99,784 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 9,842 99,608 109,450
159,850 964,284 . 143,245944,9441,088,189
. .Administration: . . .
37,688 37,027 (i) College officers and others 40,813 39,073 79,886
165,341 136,776 (ii) Office and clerical staff 157,599 148,762 306,361
84,098 79,208 (iii) Office expenses 66,027 64,478 130,505
5,888 311,716 (iv) Legal and professional charges 4,303 9,630 13,933
293,015 264,727 . 268,742 261,943 530,685
. . . . . .
. . Pensions paid to former members and employees of the college . . .
. .Other expenses: . . .
2,867 8,678 Medical 3,144 9,935 13,079
81,843 . Costs of Teaching Conferences 104,974 . 104,974
________________. ________________________
11,661,757 1,750,005 . 1,698,128 1,757,491 3,455,619
..College premises:...
129,701 389,102 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 119,724 359,171 478,895
________ ________ . ________________________
1,791,458 2,139,107 . 1,817,852 2,116,662 3,934,514
. . . . . .
(135,414) 100,413 SURPLUS/(DEFICIT) (1,090) 305,090 304,000

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)		 . 2,279,498 788,057 7,239,357 (74,895) 10,232,017
ADD:......
Net proceeds of sale of estates . . . . . .
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 138,158 . .. 138,158
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) . 67,381 . 458,188 226,055 751,624
Internal transfers - amounts added: . . 102,687 200,000 . 302,687
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 367,238 47,858 . 415,096
(ii) Otherwise . . (20,000) 20,000 . .
Other receipts: . . . . . .
Bequests & Donations . . 145,715 31,691 . 177,406
Profit on Sale of Investments . . . 18,257 . 18,257
.________________ ________________________ ________
. . 205,539 492,953 575,994 226,055 1,500,541
DEDUCT:... ...
Cost of purchase and improvement of estates . . . . . .
Cost of purchase of securities for trust funds
and capital account		 . 414,215 . . . 414,215
Cost of additions and improvements to college premises. . 264,119 . . 264,119
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)		 . . . 7,858 . 7,858
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . . . .
Other payments: . . . . . .
.________________ ________________________ ________
. . 414,215 264,119 7,858 . 686,192
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 2,070,823 1,016,892 7,807,492 151,160 11,046,367

VII. STATEMENT OF BALANCES

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 . .
2,279,498 (ii) Wholly or partly for the benefit of the college 2,070,823 .
2,279,498 ..2,070,823
.. ..
788,057 Capital account (excluding amount invested) . 1,016,892
7,239,357 Reserves and special funds . 7,807,492
(74,895) Revenue account . 151,160
10,232,017..11,046,367
. . . .
. Represented by: . .
. ASSETS . .
262 Cash in hands of officers and servants . 1,528
755,565 Balance with bankers . 530,857
8,044,879Deposits other than with bankers. 8,545,958
1,564,036 Investments (other than of trust funds and capital account)
NOTE: Market Value 11,394,066		 . 2,374,506
. . . .
. Debtors and debit balances: . .
33,408 (i) Battels 32,809 .
. (ii) Rents..
310,275(iii) Other 322,309 .
343,683 . . 355,118
. . . .
25,341 Income tax recoverable . 14,277
20,579 Stocks and stores . 20,343
. Furniture and Equipment . .
________..________
10,754,345 . . 11,842,587
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
. Loans . .
. Unexpended balances of grants for specific purposes. .
522,328 Other creditors and credit balances 796,220 .
522,328 . . 796,220
10,232,017 .. 11,046,367

AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Hertford 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

12 September 2002

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