Linacre 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):
3 undergraduates, 321 postgraduates, 4 additional. Total=328. 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:..
227,872 Net income as shown in Statement III 213,412 .
. Less: College contribution (Statement III) Nil .
227,872..213,412
. . . .
2,110,935 From fees, dues and charges (including room rents) 2,136,592 .
1,031,202 Less: Collected on behalf of the University 988,222 .
1,079,733..1,148,370
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
162,243 From outside sources . 65,528
. . . .
. From other sources: . .
________ . . ________
1,469,848 Total income . 1,427,310
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
439,960 (i) Education and Research (Statement IV) 431,808 .
648,006 (ii) Internal (Statement V) 689,535 .
221,240 On college premises (Statement III) 256,237 .
1,309,206..1,377,580
. . . .
4,588 For other purposes, excluding college contribution (Statement III) . 3,873
________. .________
1,313,794 Total expenditure . 1,381,453
. . . .
. 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 . .
(15,807) (b) carried forward for the trust purposes . (14,552)
________. .________
(15,807) . . (14,552)
. . . .
300,044 Reserves and special funds . 181,089
(128,183) Revenue account . (120,680)
156,054 . . 45,857
. Attributable to: . .
175,082 Endowment (Statement III) 129,043 .
(15,079) Education and Research (Statement IV) (92,893) .
(3,949) Internal (Statement V) 9,707 .
156,054 . 45,857 .

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 . .
. 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 . .
229,510 Interest and dividends . 214,271
. Underwriting commissions . .
727 Copyright royalties . 189
. Other income: . .
________..________
230,237 . . 214,460
. 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 . .
________..________
230,237 Total of gross income from endowments and other sources as shown in Statement III . 214,460
. . . .
. 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) 		. .
11,481 In respect of the gross amount of interest and dividends 214,271 @5% 10,714 .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
2,365 (c) Interest 1,048 .
. (d) Allowances for exceptional obligations . .
________ .________.
13,846 . . 11,762
2l6,391 STATUTORY ENDOWMENT INCOME . 202,698
. . . .
. CONTRIBUTION PAYABLE . .
. On 202,698 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
230,237 Gross income from endowment and other sources as shown in Statement II . 214,460
. 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		 . .
________.. ________
230,237 . . 214,460
. Less: Expenses of obtaining that income: . .
. Rent, rates, taxes and insurance (less commission) . .
. Provision for major repairs . .
. Other repairs and maintenance . .
. Amortization and depreciation . .
. . . .
. Agency, management and administration . .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
2,365 Interest on University Loan 1,048 .
________.________ .
2,365 . . 1,048
227,872 Net income as shown in Statement I . 213,412
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
. College contribution (Statement II) Nil .
. Donations and subscriptions: . .
4,157 (i) for University objects 3,523 .
431 (ii) Other 350 .
. Livings . .
. Maintenance of schools . .
. Other: . .
________ .________.
4,588 . . 3,873
________.________ .
2,500 . . .
223,284 Net income available for college's own purposes . 209,539
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
2,037 Statement IV 1,229 .
. Statement V . .
________.________.
2,037 . . 1,229
221,247 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 208,310
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
47,714 (i) Provision for major repairs 75,090 .
9,911 (ii) Other repairs and maintenance 17,888 .
8,497 (iii) Amortization and depreciation 9,007 .
________.________ .
66,122 . 101,985 .
. . . .
9,121 Upkeep of gardens and grounds 7,662 .
75,243 . . 109,647
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs . .
55,566 (ii) Other repairs and maintenance 65,127 .
80,248 Rent 70,087 .
2,658 Rates and taxes 1,485 .
7,525 Insurance (less commission) 9,891 .
145,997 . . 146,590
221,240.. 256,237
. Less: Contribution from Statements IV and V: . .
29,078 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 30,380 .
145,997 (ii) For other expenses 146,590 .
175,075 . . 176,970
46,165..79,267
. . . .
175,082 SURPLUS/(DEFICIT) . 129,043

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) . . .
296,198 197,465 (i) Consolidated 309,894 206,596 516,490
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
. . (iv) Degree . . .
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
296,198197,465. 309,894206,596516,490
. . . . . .
. 323,089 Charges for accommodation (including notional room rents), meals & service . 330,642 330,642
. 227,973 Rents from furnished accommodation outside the college occupied by student members . 262,746 262,746
. 35,008 Sales from buttery and stores . 38,492 38,492
________ ________ . ________________________
296,198*783,535.309,894*838,4761,148,370
. . . . . .
2,037 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 1,229 . 1,229
. . . . . .
.. 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 . . .
162,243 . (iii) From outside sources 65,528 . .
. . . . . 65,528
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 30,371 Statement IV: Common Table . 29,180 .
. 21,099 Statement IV: College hospitality . 25,623 .
. 51,470 . . 54,803 54,803
. . Other income: . . .
________ ________ . ________________________
460,478 835,005 Total income 376,651 893,279 1,269,930
. . . . . .
..* NOTE: Charged to...
. 776,401 Members and employees of the college . 833,845 .
. . Other colleges . . .
. 7,134 Others (conferences etc.) . 4,622 .
. 783,535 . . 838,476 .
. . . . . .
..EXPENDITURE.. .
29,528 . Head of College 29,302 . 29,302
. . Teaching fellows . . 604,814
4,126 . Other fellows 3,650 . 3,650
. . Stipendiary lecturers . . .
. . Outside tuition payments . . .
. . Other tuition and research expenses (including research assistants) . . .
30,371 . Common Table 29,180 . 29,180
10,204 . Library 9,489 . 9,489
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
17,844 . (i) Provided from trust funds 15,781 . .
63,450 . (ii) Provided otherwise 73,991 . .
81,384 . . 89,772. 89,772
. . . . . .
5,725 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 5,868 . 5,868
. . Chaplain and chapel services . . .
21,099 . College hospitality 25,623 . 25,623
33,036 . Junior clubs 34,117 . 34,117
. . Subscriptions and donations to the college's own academic objectives . . .
. 142,370 Catering supplies consumed (less sale of waste). 141,726 141,726
. 1,156 Outside caterers' and other colleges' charges . 5,699 5,699
..Services:...
21,538 219,722 (i) Domestic staff 21,596 243,663 265,259
3,643 40,930 (ii) Heat, light, water 3,647 43,952 47,599
4,858 21,286 (iii) Laundry and cleaning 5,789 24,453 30,242
54,734 52,975 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 24,921 61,278 86,199
84,773 334,913 . 55,953373,346429,299
. .Administration: . . .
34,674 82,348 (i) College officers and others 35,443 77,958 113,401
71,134 87,401 (ii) Office and clerical staff 80,687 93,822 174,509
21,882 27,874 (iii) Office expenses 15,461 29,704 45,165
2,228 8,220 (iv) Legal and professional charges 2,637 8,383 11,020
129,918 205,843 . 134,228 209,867 344,095
. . . . . .
. . Pensions paid to former members and employees of the college . . .
. .Other expenses: . . .
9,796 15,194 Miscellaneous 14,626 13,700 28,326
________________. ________________________
439,960 699,476 . 431,808 744,338 1,176,146
..College premises: . . .
35,597 139,478 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 37,736 139,234 176,970
________ ________ . ________________________
475,557 838,954 . 469,544 883,572 1,353,116
. . . . . .
(15,079) (3,949) SURPLUS/(DEFICIT) (92,893) 9,707 (83,186)

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)		 . 38,294 268,459 343,154 48,798 698,705
ADD:......
Net proceeds of sale of estates . . . . . .
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . . 1,198,467 . . 1,198,467
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) . (14,552) . 181,089 (120,680) 45,857
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 9,007 75,090 . 84,097
(ii) Otherwise . . 189 60,806 186,595 247,590
Other receipts: . . . . . .
Donations . 10,350 10,944 469,131 . 490,425
College Contributions Fund grant . . 250,000 . . 250,000
VAT recovered under Capital Goods Scheme . . . 15,976 . 15,976
Transfer grants to Revenue . . . 18,988 . 18,988
.________________ ________________________ ________
. . (4,202) 1,468,607 821,080 65,915 2,351,400
DEDUCT:... ...
Cost of purchase and improvement of estates . . . . . .
Cost of purchase of securities for trust funds
and capital account		 . . 1,451,845 . . 1,451,845
Cost of additions and improvements to college premises. .. 528,562 . 528,562
Expenditure out of fund for major repairs to estates . . . 91,555 . 91,555
Major repairs to fabric and exterior of buildings . . . . . .
Other major repairs and maintenance
(including interior redecoration)		 . . . . . .
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . 7,466 186,595 53,529 247,590
Other payments: . . . . . .
.________________ ________________________ ________
. . . 1,459,311 806,712 53,529 2,319,552
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 34,092 277,755 357,522 61,184 730,553

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 . .
38,294 (ii) Wholly or partly for the benefit of the college34,092 .
38,294 ..34,092
.. ..
268,459 Capital account (excluding amount invested) . 277,755
343,154 Reserves and special funds . 357,522
48,798 Revenue account . 61,184
698,705 . . 730,553
. . . .
. Represented by: . .
. ASSETS . .
735 Cash in hands of officers and servants . 1,140
583,060 Balance with bankers . 830,751
298,166Deposits other than with bankers. 99,071
155,843 Investments (other than of trust funds and capital account)
NOTE: Market Value 120,957		 . 155,843
. . . .
. Debtors and debit balances: . .
12,436 (i) Battels 14,909 .
. (ii) Rents..
30,268(iii) Other 33,778 .
42,704 . . 48,687
. . . .
18,723 Income tax recoverable . 12,024
23,065 Stocks and stores . 25,626
47,432 Furniture and Equipment . 41,484
________..________
1,169,728 . . 1,214,626
. . . .
. LIABILITIES . .
. Caution money . .
50,683 Bank overdraft 50,683 .
60,000 Loans 40,000 .
186,839 Unexpended balances of grants for specific purposes 167,851 .
173,501 Other creditors and credit balances 264,333 .
471,023 . . 484,073
698,705 .. 730,553

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Linacre 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

27 November 2002

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