Lady Margaret Hall, 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):
381 undergraduates, 114 postgraduates, 17 additional. Total=512. 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:..
724,908 Net income as shown in Statement III 643,003 .
. Less: College contribution (Statement III) Nil .
724,908..643,003
. . . .
3,577,118 From fees, dues and charges (including room rents) 4,142,013 .
864,159 Less: Collected on behalf of the University 1,016,844 .
2,712,959..3,125,169
. From grants and donations: . .
42,339 From the University 55,228 .
31,420 From other Oxford colleges 24,373 .
59,030 From outside sources66,629 .
. . . 146,230
. From other sources: . .
9,514 Miscellaneous 4,726 .
. . . 4,726
________ . . ________
3,580,170 Total income . 3,919,128
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,645,596 (i) Education and Research (Statement IV) 1,773,438 .
1,337,165 (ii) Internal (Statement V) 1,420,536 .
590,803 On college premises (Statement III) 718,104 .
3,573,564..3,912,078
. . . .
2,500 For other purposes, excluding college contribution (Statement III) . .
________. .________
3,576,064 Total expenditure . 3,912,078
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
20,875 (a) available for the college's general purposes . 14,811
. (b) carried forward for the trust purposes . .
________. .________
20,875 . . 14,811
. . . .
58,068 Reserves and special funds . 46,005
(74,837) Revenue account . (53,766)
4,106 . . 7,050
. Attributable to: . .
441,529 Endowment (Statement III) 460,533 .
(286,973) Education and Research (Statement IV) (302,697) .
(150,450) Internal (Statement V) (150,786) .
4,106 . 7,050 .

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: . .
. Agricultural land . .
. Non-agricultural land . .
. Let on terms that tenant not responsible for structural repairs . .
. Let on other terms . .
10,795 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 11,310
. Income from timber . .
. Income from minerals and mineral rights . .
745,733 Interest and dividends . 639,036
. Underwriting commissions . .
21,566 Copyright royalties . 16,535
. Other income: . .
59,256 Covenants Trading Companies . 39,091
15,825 Exceptional Interest arising from Bessa investments . 44,144
________..________
853,175 . . 750,116
. 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: . .
. Income paid to the college by the trustees or applied by them to any purpose of the college . .
________..________
853,175 Total of gross income from endowments and other sources as shown in Statement III . 750,116
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
. 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		 . .
1,080 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) 		ll,310 @10% 1,131 .
38,078 In respect of the gross amount of interest and dividends 639,036 @5% 31,952 .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
50,458 (c) Interest 51,200 .
. (d) Allowances for exceptional obligations . .
________ .________.
89,616 . . 84,283
763,559 STATUTORY ENDOWMENT INCOME . 665,833
. . . .
. CONTRIBUTION PAYABLE . .
. On 665,833 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
853,175 Gross income from endowment and other sources as shown in Statement II . 750,116
. 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		 . .
________.. ________
853,175 . . 750,116
. Less: Expenses of obtaining that income: . .
. Rent, rates, taxes and insurance (less commission) . .
. Provision for major repairs . .
. Other repairs and maintenance . .
. Amortization and depreciation . .
. . . .
73,820 Agency, management and administration 47,871 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
50,458 Loan Interest 51,200 .
3,989 Bank Interest and Charges 8,042 .
________.________ .
128,267 . . 107,113
724,908 Net income as shown in Statement I . 643,003
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
. College contribution (Statement II) Nil .
. Donations and subscriptions: . .
2,500 (i) for University objects . .
. (ii) Other . .
. Livings . .
. Maintenance of schools . .
. Other: . .
________ .________.
2,500 . . .
________.________ .
2,500 . . .
722,408 Net income available for college's own purposes . 643,003
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
159,969 Statement IV 138,501 .
. Statement V . .
________.________.
159,969 . . 138,501
562,439 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 504,502
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
135,000 (i) Provision for major repairs . .
18,691 (ii) Other repairs and maintenance 25,640 .
22,785 (iii) Amortization and depreciation 81,785 .
________.________ .
176,476 . 107,425 .
. . . .
50,934 Upkeep of gardens and grounds 44,827 .
227,410 . . 152,252
. All other building repairs and maintenance (including interior redecoration): . .
203,000 (i) Provision for major repairs 411,000 .
85,405 (ii) Other repairs and maintenance 71,098 .
41,085 Rent 41,085 .
8,603 Rates and taxes 13,464 .
25,300 Insurance (less commission) 29,205 .
363,393 . . 565,852
590,803.. 718,104
. Less: Contribution from Statements IV and V: . .
106,500 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 108,283 .
363,393 (ii) For other expenses 565,852 .
469,893 . . 674,135
120,910..43,969
. . . .
441,529 SURPLUS/(DEFICIT) . 460,533

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) . . .
1,041,786 260,446 (i) Consolidated 1,057,230 264,308 1,321,538
150,616 . (ii) Tuition 312,997 . 312,997
. . (iii) Dues and establishment charges . . .
240 . (iv) Degree . . .
61 . (v) Library 20 . 20
. . (vi) Other 12 . 12
________ ________ . ________________________
1,192,703260,446. 1,370,259264,3081,634,567
. . . . . .
9,854 1,191,866 Charges for accommodation (including notional room rents), meals & service 11,857 1,434,117 1,445,974
. . Rents from furnished accommodation outside the college occupied by student members . . .
. 58,090 Sales from buttery and stores . 44,628 44,628
________ ________ . ________________________
1,202,557*1,510,402.1,382,116*1,743,0533,125,169
. . . . . .
159,969 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 138,501 . 138,501
. . . . . .
.. Research grants: . ..
10,346.(i) From the University 10,429..
..(ii) From other Oxford colleges . . .
33,030.(iii) From outside sources 30,629 . .
43,376 . . 41,058 . 41,058
. . . . . .
. . Other Grants and contributions . . .
31,993 . (i) From the University 44,799 . .
31,420 . (ii) From other Oxford colleges 24,373 . .
26,000 . (iii) From outside sources 36,000 . .
87,034 . . 81,319 . 81,319
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 35,392 Statement IV: Common Table . 34,170 .
. 51,642 Statement IV: College hospitality . 47,149 .
. 51,883 . . 57,734 57,734
. . Other income: . . .
. 9,514 Miscellaneous . 4,726 4,726
________ ________ . ________________________
1,495,315 1,606,950 Total income 1,666,847 1,829,098 3,495,945
. . . . . .
..* NOTE: Charged to...
. 1,055,804 Members and employees of the college . 1,169,353 .
. . Other colleges . . .
. 454,598 Others (conferences etc.) . 573,700 .
. 1,510,402 . . 1,743,053 .
. . . . . .
..EXPENDITURE.. .
60,307 . Head of College 60,872 . 60,872
576,217 . Teaching fellows 604,814 . 604,814
67,716 . Other fellows 93,098 . 93,098
84,614 . Stipendiary lecturers 95,173 . 95,173
95,175 . Outside tuition payments 131,213 . 131,213
. . Other tuition and research expenses (including research assistants) . . .
35,392 . Common Table 34,170 . 34,170
81,794 . Library 86,386 . 86,386
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
40,192 . (i) Provided from trust funds 44,265 . .
. . (ii) Provided otherwise . . .
40,192 . . . . 44,265
. . . . . .
8,408 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 4,318 . 4,318
26,889 . Chaplain and chapel services 27,112 . 27,112
51,642 . College hospitality 47,149 . 47,149
51,875 . Junior clubs 51,904 . 51,904
. . Subscriptions and donations to the college's own academic objectives . . .
. 266,882 Catering supplies consumed (less sale of waste). 287,458 287,458
. . Outside caterers' and other colleges' charges . . .
..Services:...
89,003 536,020 (i) Domestic staff 89,930 541,599 631,529
41,183 101,318 (ii) Heat, light, water 37,556 92,394 129,950
25,403 45,358 (iii) Laundry and cleaning 27,512 49,123 76,635
22,628 94,133 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 24,883 103,510 128,393
178,217 776,829 . 179,881786,626966,507
. .Administration: . . .
72,880 27,895 (i) College officers and others 79,938 30,596 110,534
120,761 178,598 (ii) Office and clerical staff 141,124 208,711 349,835
69,390 33,045 (iii) Office expenses 69,148 32,931 102,079
20,149 5,783 (iv) Legal and professional charges 18,408 5,283 23,691
283,180 245,321 . 308,618 277,521 586,139
. . . . . .
. 11,328 Pensions paid to former members and employees of the college . 10,020 10,020
. .Other expenses: . . .
3,978 22,545 Miscellaneous 4,465 25,304 29,769
. 101,294 Development Team Costs . 114,926 114,926
________________. ________________________
1,645,596 1,424,199 . 1,773,438 1,501,855 3,275,293
..College premises: . . .
136,692 333,201 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 196,106 478,029 674,135
________ ________ . ________________________
1,782,288 1,757,400 . 1,969,544 1,979,884 3,949,428
. . . . . .
(286,973) (150,450) SURPLUS/(DEFICIT) (302,697) (150,786) (453,483)

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)		 . 120,386 146,590 5,000,123 (1,359,816) 3,907,283
ADD:......
Net proceeds of sale of estates . . . . . .
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 3,460,131 . . . 3,460,131
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) . 14,811 . 46,005 (53,766) 7,050
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 59,001 433,785 . 492,786
(ii) Otherwise . . 10,506 . 10,506 .
Other receipts: . . . . . .
Bequests and Donations . 500. 1,195,073 . 1,195,573
Sale of Shares in LMH Fund . 451,014 . . . 451,014
Bessa surplus . . . 153,700 . 153,700
.________________ ________________________ ________
. . 3,926,456 69,507 1,828,563 (64,272) 5,760,254
DEDUCT:... ...
Cost of purchase and improvement of estates . . . . . .
Cost of purchase of securities for trust funds
and capital account		 . 4,563,075 . . . 4,563,075
Cost of additions and improvements to college premises. .. 390,725 . 390,725
Expenditure out of fund for major repairs to estates . . . . . .
Major repairs to fabric and exterior of buildings . . . 34,352 . 34,352
Other major repairs and maintenance
(including interior redecoration)		 . . . 287,017 . 287,017
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . .. . . .
Other payments: . . . . . .
Purchase of LMH Fund Shares . 145,804 157,089 .. 302,893
Loan Repayments . . 59,001 .. 59,001
.________________ ________________________ ________
. . 4,708,879 216,090 712,094 . 5,637,063
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . (662,037) 7 6,116,592 (1,424,088) 4,030,474

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 . .
120,386 (ii) Wholly or partly for the benefit of the college(662,037) .
120,386 ..(662,037)
.. ..
146,590 Capital account (excluding amount invested) . 7
5,000,123 Reserves and special funds . 6,116,592
(1,359,816) Revenue account . (1,424,088)
3,907,283 . . 4,030,474
. . . .
. Represented by: . .
. ASSETS . .
1,065 Cash in hands of officers and servants . 1,046
814,385 Balance with bankers . 676,914
.Deposits other than with bankers..
3,280,716 Investments (other than of trust funds and capital account)
NOTE: Market Value 3,640,895		 . 3,428,839
. . . .
. Debtors and debit balances: . .
83,031 (i) Battels 63,656 .
. (ii) Rents..
817,357(iii) Other 649,536 .
900,388 . . 713,192
. . . .
98,434 Income tax recoverable . 5,730
99,019 Stocks and stores . 88,621
3,959 Furniture and Equipment . 1,980
________..________
5,197,966 . . 4,916,322
. . . .
. LIABILITIES . .
27,511 Caution money 24,779 .
. Bank overdraft . .
294,000 Loans 166,000 .
299,617 Unexpended balances of grants for specific purposes 259,384 .
669,555 Other creditors and credit balances 435,685 .
1,290,683 . . 885,848
3,907,283 .. 4,030,474

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Lady Margaret Hall

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

25 November 2002

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