Jesus 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):
343 undergraduates, 96 postgraduates, 4 additional. Total=443. 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:..
1,965,909 Net income as shown in Statement III 2,648,692 .
144,017 Less: College contribution (Statement III) 154,767 .
1,821,892..2,493,925
. . . .
3,293,704 From fees, dues and charges (including room rents) 3,380,150 .
680,644 Less: Collected on behalf of the University 707,847 .
2,613,060..2,672,303
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
. From outside sources. .
. From other sources: . .
283 Fines 290 .
84 Student loans 14 .
. . . 304
________ . . ________
4,435,319 Total income . 5,166,532
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,917,654 (i) Education and Research (Statement IV) 2,081,883 .
1,114,002 (ii) Internal (Statement V) 1,095,179 .
1,861,441 On college premises (Statement III) 1,201,747 .
4,893,097..4,378,809
. . . .
8,420 For other purposes, excluding college contribution (Statement III) . 4,814
________. .________
4,901,517 Total expenditure . 4,383,623
. . . .
. 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 . .
25,530 (b) carried forward for the trust purposes . 25,026
________. .________
25,530 . . 25,026
. . . .
. Reserves and special funds . .
(491,728) Revenue account . 757,883
(466,198) . . 782,909
. Attributable to: . .
(17,357) Endowment (Statement III) 1,249,400 .
(636,845) Education and Research (Statement IV) (572,931) .
188,004 Internal (Statement V) 106,440 .
(466,198) . 782,909 .

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: . .
270,626 Agricultural land . 284,862
. Non-agricultural land . .
307,145 Let on terms that tenant not responsible for structural repairs . 1,543,693
1,172,599 Let on other terms . 1,272,761
23,500 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 23,500
. Income from timber . .
. Income from minerals and mineral rights . .
1,165,735 Interest and dividends . 1,019,837
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
________..________
2,939,605 . . 4,144,653
. Less . .
3,054 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		 3,161 .
. 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		 . .
________. ________.
3,054.. 3,161
. From trusts of which the college is not sole trustee: . .
339 Income paid to the college by the trustees or applied by them to any purpose of the college . 306
________..________
2,936,890 Total of gross income from endowments and other sources as shown in Statement III . 4,141,798
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
67,656 In respect of the full amount of rents from agricultural land284,862 @25% 71,216.
122,858In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		1,543,693 @40% 617,477.
119,610 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) 		1,296,261 @10% 129.626 .
58,287 In respect of the gross amount of interest and dividends 1,019,837 @5% 50,992 .
.(b) In respect of leaseholds:. .
83,295 (i) Rent payable 79,500 .
. (ii) Amortization of lease premium . .
33,596 (c) Interest 796,265 .
. (d) Allowances for exceptional obligations . .
________ .________.
485,302 . . 1,745,076
2,451,588 STATUTORY ENDOWMENT INCOME . 2,396,722
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 1,166,722 at 12.0% 140,007 .
. On 2,396,722 154,767 .

III. ENDOWMENT ACCOUNT

Return to the File Index.

2000-01 £ INCOME . 2001-02 £
2,936,890 Gross income from endowment and other sources as shown in Statement II . 4,141,798
. 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		 . .
15,847 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		 . 21,559
________.. ________
2,952,737 . . 4,163,357
. Less: Expenses of obtaining that income: . .
(2,579) Rent, rates, taxes and insurance (less commission) (3,743) .
. Provision for major repairs . .
171,918 Other repairs and maintenance 122,352 .
298,151 Amortization and depreciation 307,145 .
470,069.470,069 .
. . . .
425,606 Agency, management and administration 220,414 .
. Donations and subscriptions in connection with estates . .
95 Entertainment of tenants and others 231 .
. Other expenses: . .
60,041 Trust Fund Income to Statement VI 72,001 .
33,596 Interest payable 796,265 .
________.________ .
986,828 . . 1,514,665
1,965,909 Net income as shown in Statement I . 2,648,692
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
144,017 College contribution (Statement II) 154,767 .
. Donations and subscriptions: . .
752 (i) for University objects 405 .
7,520 (ii) Other 4,309 .
48 Livings . .
. Maintenance of schools . .
. Other: . .
100 Charges on the endowment 100 .
________.________.
8,420.4,814 .
________.________ .
152,437 . . 159,581
1,813,472 Net income available for college's own purposes . 2,489,111
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
425,677 Statement IV 501,870 .
. Statement V . .
________.________.
425,677 . . 501,870
1,387,795 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 1,987,241
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
762,778 (i) Provision for major repairs . .
38,511 (ii) Other repairs and maintenance (8,938) .
626,664 (iii) Amortization and depreciation 777,116 .
________.________ .
1,427,953 . 768,178 .
. . . .
67,471 Upkeep of gardens and grounds 64,059 .
1,495,424 . . 832,237
. All other building repairs and maintenance (including interior redecoration): . .
127,018 (i) Provision for major repairs 131,503 .
98,040 (ii) Other repairs and maintenance 92,543 .
83,295 Rent 79,500 .
35,610 Rates and taxes 38,177 .
22,054 Insurance (less commission) 27,787 .
366,017 . . 369,510
1,861,441.. 1,201,747
. Less: Contribution from Statements IV and V: . .
90,272 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 94,396 .
366,017 (ii) For other expenses 369,510 .
456,289 . . 463,906
1,405,152..737,841
. . . .
(17,357) SURPLUS/(DEFICIT) . 1,249,400

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) . . .
905,183 307,733 (i) Consolidated 1,057,407 250,967 1,308,374
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
. . (iv) Degree . . .
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
905,183307,733. 1,057,407250,9671,308,374
. . . . . .
11,654 791,587 Charges for accommodation (including notional room rents), meals & service 12,441 693,137 705,578
. 444,914 Rents from furnished accommodation outside the college occupied by student members . 527,736 527,736
. 151,989 Sales from buttery and stores . 130,615 130,615
________ ________ . ________________________
916,837*1,696,223.1,069,848*1,602,4552,672,303
. . . . . .
425,677 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 501,870 . 501,870
. . . . . .
.. 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: . . .
. 95 Statement III: Entertainment of tenants and others 231 . .
. 49,262 Statement IV: Common Table . 47,637 .
. 38,852 Statement IV: College hospitality . 43,055 .
. 88,209 . . 90,923 90,923
. . Other income: . . .
. 283 Fines . 290 290
. 84 Student loans. 14 14
________ ________ . ________________________
1,342,514 1,784,799 Total income 1,571,718 1,693,682 3,265,400
. . . . . .
..* NOTE: Charged to...
. 1,319,404 Members and employees of the college . 1,331,741 .
. . Other colleges . . .
. 376,819 Others (conferences etc.) . 270,714 .
. 1,696,223 . . 1,602,455 .
. . . . . .
..EXPENDITURE.. .
79,793 . Head of College 83,724 . 83,724
670,709 . Teaching fellows 749,594 . 749,594
103,220 . Other fellows 115,804 . 115,804
69,804 . Stipendiary lecturers 84,241 . 84,241
64,804 . Outside tuition payments 57,210 . 57,210
38,709 . Other tuition and research expenses (including research assistants) 44,406 . 44,406
49,262 . Common Table 47,637 . 47,637
94,915 . Library 102,890 . 102,890
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
41,781 . (i) Provided from trust funds 48,399 . .
91,219 . (ii) Provided otherwise 111,604 . .
133,000 . . 160,003 . 160,003
. . . . . .
14,124 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 9,230 . 9,230
36,964 . Chaplain and chapel services 28,132 . 28,132
38,852 . College hospitality 43,055 . 43,055
50,814 . Junior clubs 53,541 . 53,541
. . Subscriptions and donations to the college's own academic objectives . . .
. 251,352 Catering supplies consumed (less sale of waste). 239,970 239,970
. 10,203 Outside caterers' and other colleges' charges . 10,855 10,855
..Services:...
87,319 411,647 (i) Domestic staff 92,567 436,389 528,956
21,215 68,667 (ii) Heat, light, water 16,400 56,012 72,412
2,926 26,337 (iii) Laundry and cleaning 2,978 26,804 29,782
22,816 117,164 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 3,996 83,043 87,039
134,276 623,815 . 115,941602,248718,189
. .Administration: . . .
35,685 53,787 (i) College officers and others 35,405 57,365 92,770
219,825 208,642 (ii) Office and clerical staff 227,509 214,856 442,365
40,734 24,796 (iii) Office expenses 49,329 25,377 74,706
4,680 (5,766) (iv) Legal and professional charges 31,038 3,562 34,600
300,924 281,459 . 343,281 301,160 644,441
. . . . . .
1,122 . Pensions paid to former members and employees of the college 1,017 . 1,017
. .Other expenses: . . .
36,362 35,382 Miscellaneous 42,177 31,869 74,046
________________. ________________________
1,917,654 1,202,211 . 2,081,883 1,186,102 3,267,985
..College premises:...
61,705 394,584 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 62,766 401,140 463,906
________ ________ . ________________________
1,979,359 1,596,795 . 2,144,649 1,587,242 3,731,891
. . . . . .
(636,845) 188,004 SURPLUS/(DEFICIT) (572,931) 106,440 (466,491)

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)		 . 1,868,261 (1,860,950) 4,872,594 485,592 5,365,497
ADD:......
Net proceeds of sale of estates . . 30,483 . . 30,483
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 465,218 5,940,782 . . 6,406,000
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) . 25,026 . . 757,883 782,909
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . 141,200 256,891 741,960 . 1,140,051
(ii) Otherwise . . . 793,825. 793,825
Other receipts: . . . . . .
Bequests & Donations . 148,410 . 105,356 . 253,766
Issue of Trust Fund Shares . 163,022 . . . 163,022
.________________ ________________________ ________
. . 942,876 6,228,156 l,641,141 757,883 9,570,056
DEDUCT:... ...
Cost of purchase and improvement of estates . . 30,540,645 . . 30,540,645
Cost of purchase of securities for trust funds
and capital account		 . 309,488 497,141 . . 806,629
Cost of additions and improvements to college premises. . 1,572,350 . . 1,572,350
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)		 . . 113,046 . . 113,046
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . 72,001. . 721,824 793,825
Other payments: . . . . . .
Purchase of Shares in Trust Pool . 163,022 .. . 163,022
Expenditure from Bequests & Donations . . . 9,447 . 9,447
.________________ ________________________ ________
. . 544,511 31,037,786 1,694,843 721,824 33,998,964
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 2,266,626 (26,670,580) 4,818,892 521,651 (19,063,411)

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 . .
1,868,261 (ii) Wholly or partly for the benefit of the college2,266,626 .
1,868,261 ..2,266,626
.. ..
(1,860,950) Capital account (excluding amount invested) . (26,670,580)
4,872,594 Reserves and special funds . 4,872,594
485,592 Revenue account . 521,651
5,365,497 . . (19,063,411)
. . . .
. Represented by: . .
. ASSETS . .
760 Cash in hands of officers and servants . 830
136,670 Balance with bankers . 534,190
223,569Deposits other than with bankers. 1,617,464
5,529,913 Investments (other than of trust funds and capital account)
NOTE: Market Value 3,982,857		 . 4,405,624
. . . .
. Debtors and debit balances: . .
91,335 (i) Battels 75,044 .
24,622 (ii) Rents42,556.
589,321(iii) Other 504,991 .
705,278 . . 622,591
. . . .
14,424 Income tax recoverable . 6,080
259,241 Stocks and stores . 247,928
. Furniture and Equipment . .
________..________
6,869,855 . . 7,434,707
. . . .
. LIABILITIES . .
37,410 Caution money 37,740 .
. Bank overdraft . .
450,000 Loans 25,165,000 .
3,331 Unexpended balances of grants for specific purposes 3,331 .
1,013,617 Other creditors and credit balances 1,292,047 .
1,504,358 . . 26,498,118
5,365,497 .. (19,063,411)

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Jesus 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.

Critchleys
Chartered Accountants
Registered Auditors

18 November 2002

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