Lincoln 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):
278 undergraduates, 159 postgraduates, 6 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:..
1,231,670 Net income as shown in Statement III 1,380,536 .
21,290 Less: College contribution (Statement III) 29,151 .
1,210,380..1,351,385
. . . .
3,764,234 From fees, dues and charges (including room rents) 3,801,482 .
925,234 Less: Collected on behalf of the University 975,269 .
2,839,000..2,826,213
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
185,666 From outside sources159,195 .
. .. 159,195
. From other sources: . .
5,838 Management fees receivable 6,195 .
6,828 Other income including VAT rebate 6,828 .
. .. 39,043
________ . . ________
4,247,712 Total income . 4,375,836
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
2,118,110 (i) Education and Research (Statement IV) 1,989,345 .
1,781,815 (ii) Internal (Statement V) 1,462,735 .
1,004,654 On college premises (Statement III) 942,462 .
4,904,579..4,394,542
. . . .
9,226 For other purposes, excluding college contribution (Statement III) . 20,064
________. .________
4,913,805 Total expenditure . 4,414,606
. . . .
. 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 . .
148,627 (b) carried forward for the trust purposes . 64,833
________. .________
148,627 . . 64,833
. . . .
1,694 Reserves and special funds . 29,432
(816,414) Revenue account . (133,035)
(666,093) . . (38,770)
. Attributable to: . .
799,121 Endowment (Statement III) 784,550 .
(989,366) Education and Research (Statement IV) (743,965) .
(475,848) Internal (Statement V) (79,355) .
(666,093) . (38,770) .

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: . .
(38,770) Agricultural land . 136,210
. Non-agricultural land . .
701,997 Let on terms that tenant not responsible for structural repairs . 830,337
549,310 Let on other terms . 555,228
. 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 . .
275,180 Interest and dividends . 281,831
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
. Contribution from subsidiary companies . (18,821)
________..________
1,667,506 . . 1,784,785
. 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 . .
________..________
1,667,506 Total of gross income from endowments and other sources as shown in Statement III . 1,784,785
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
35,255 In respect of the full amount of rents from agricultural land136,210 @25% 34,053.
122,858In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		830,337 @40% 332,135.
54,931 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) 		555,228 @10% 55,523 .
13,759 In respect of the gross amount of interest and dividends 263,010 @5% 13,151 .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ .________.
384,744 . . 434,862
1,282,762 STATUTORY ENDOWMENT INCOME . 1,349,923
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 119,923 at 12.0% 14,391 .
. On 1,349,923 29,151 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
1,667,506 Gross income from endowment and other sources as shown in Statement II . 1,784,785
. 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		 . .
________.. ________
1,667,506 . . 1,784,785
. Less: Expenses of obtaining that income: . .
7,072 Rent, rates, taxes and insurance (less commission) 7,631 .
. Provision for major repairs . .
66,888 Other repairs and maintenance 60,842 .
49,664 Amortization and depreciation 31,718 .
116,552.92,560 .
. . . .
182,365 Agency, management and administration 164,992 .
3,961 Donations and subscriptions in connection with estates 1,081 .
. Entertainment of tenants and others . .
. Other expenses: . .
125,886 Costs of running the development office 137,985 .
________.________ .
435,836 . . 404,249
1,231,670 Net income as shown in Statement I . 1,380,536
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
21,290 College contribution (Statement II) 29,151 .
. Donations and subscriptions: . .
4,373 (i) for University objects 14,033 .
433 (ii) Other 523 .
92 Livings 92 .
. Maintenance of schools . .
. Other: . .
4,328 Finance charges 5,416 .
________.________.
9,226.20,064 .
________.________ .
30,516 . . 49,215
1,201,154 Net income available for college's own purposes . 1,331,321
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
196,379 Statement IV 335,109 .
. Statement V . .
________.________.
196,379 . . 335,109
1,004,775 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 996,212
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
. (i) Provision for major repairs . .
249,455 (ii) Other repairs and maintenance 255,785 .
. (iii) Amortization and depreciation . .
________.________ .
249,455 . 255,785 .
. . . .
35,187 Upkeep of gardens and grounds 34,865 .
284,642 . . 290,650
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs . .
676,965 (ii) Other repairs and maintenance 618,304 .
4,688 Rent . .
7,397 Rates and taxes 5,677 .
30,962 Insurance (less commission) 27,831 .
720,012 . . 651,812
1,004,654.. 942,462
. Less: Contribution from Statements IV and V: . .
78,988 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 78,988 .
720,012 (ii) For other expenses 651,812 .
799,000 . . 730,800
205,654..2l1,662
. . . .
799,121 SURPLUS/(DEFICIT) . 784,550

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) . . .
881,343 293,781 (i) Consolidated 867,687 289,228 1,156,915
19,704 . (ii) Tuition 15,671 . 15,671
. . (iii) Dues and establishment charges . . .
. . (iv) Degree . . .
. . (v) Library . . .
4,000 . (vi) Other . . .
________ ________ . ________________________
905,047293,781. 883,358289,2281,172,586
. . . . . .
41,402 1,460,520 Charges for accommodation (including notional room rents), meals & service 50,418 1,466,238 1,516,656
. . Rents from furnished accommodation outside the college occupied by student members . . .
. 138,250 Sales from buttery and stores . 136,971 136,971
________ ________ . ________________________
946,449*1,892,551.933,776*1,892,4372,826,213
. . . . . .
196,379 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 335,109 . 335,109
. . . . . .
.. 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 . . .
185,666 . (iii) From outside sources 159,195 . .
. . . . . 159,195
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 52,492 Statement IV: Common Table . 49,753 .
. 34,881 Statement IV: College hospitality . 46,655 .
. 87,373 . . 96,408 96,408
. . Other income: . . .
. 5,838 Management fees receivable . 6,195 6,195
. 6,828 Other income including VAT rebate . 32,848 32,848
________ ________ . ________________________
1,328,494 1,992,590 Total income 1,428,080 2,027,888 3,455,968
. . . . . .
..* NOTE: Charged to...
. 1,442,622 Members and employees of the college . 1,443,689 .
. . Other colleges . . .
. 449,929 Others (conferences etc.) . 448,748 .
. 1,892,551 . . 1,892,437 .
. . . . . .
..EXPENDITURE.. .
61,088 . Head of College 82,686 . 82,686
674,323 . Teaching fellows 656,818 . 656,818
82,510 . Other fellows 90,333 . 90,333
35,428 . Stipendiary lecturers 12,915 . 12,915
83,971 . Outside tuition payments 91,932 . 91,932
87,837 . Other tuition and research expenses (including research assistants) 91,932 . 91,932
52,492 . Common Table 49,753 . 49,753
81,701 . Library 97,682 . 97,682
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
15,014 . (i) Provided from trust funds 40,407 . .
177,444 . (ii) Provided otherwise 180,062 . .
192,458 . . 220,469 . 220,469
. . . . . .
758 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 1,440 . 1,440
30,849 . Chaplain and chapel services 39,048 . 39,048
34,881 . College hospitality 46,655 . 46,655
62,098 . Junior clubs 61,235 . 61,235
14,984 . Subscriptions and donations to the college's own academic objectives 1,914 . 1,914
. 298,285 Catering supplies consumed (less sale of waste). 289,334 289,334
. 5,287 Outside caterers' and other colleges' charges . 4,031 4,031
..Services:...
83,342 747,226 (i) Domestic staff 98,495 852,197 950,692
56,130 168,388 (ii) Heat, light, water 36,010 108,028 144,038
13,784 55,136 (iii) Laundry and cleaning 5,597 22,389 27,986
59,069 61,663 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 15,575 58,984 74,559
212,325 1,032,413 . 155,6771,041,5981,197,275
. .Administration: . . .
37,171 . (i) College officers and others 21,805 . 21,805
267,287 221,280 (ii) Office and clerical staff 314,160 205,905 520,065
10,328 . (iii) Office expenses 5,132 . 5,132
5,614 26,923 (iv) Legal and professional charges 6,003 18,275 24,278
320,400 248,203 . 347,100 224,180 571,280
. . . . . .
. . Pensions paid to former members and employees of the college . . 1,017
. .Other expenses: . . .
90,000 285,000 Provision for pension shortfall on transfer to OSPS 42,177 31,869 74,046
________________. ________________________
2,118,110 1,869,188 . 1,989,345 1,559,143 3,548,488
..College premises:...
199,750 599,250 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 182,700 548,100 730,800
________ ________ . ________________________
2,317,860 2,468,438 . 2,172,045 2,107,243 4,279,288
. . . . . .
(989,366) (475,848) SURPLUS/(DEFICIT) (743,965) (79,355) (823,320)

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)		 41,776 2,785,102 (212,455) 1,880,677 (2,781,558) 1,713,542
ADD:......
Net proceeds of sale of estates . . 245,360 . . 245,360
Net proceeds of sale and redemption of
securities of trust funds and capital account		 .. 426,509 . . 426,509
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 1,319 . . . . 1,319
(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) . 64,833 . 29,432 (133,035) (38,770)
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 .. 44,854 . . 44,854
(ii) Otherwise . 250,925 1,641,703 . 695,251 2,587,879
Other receipts: . . . . . .
Benefactions & Donations . 923,054 2,690 48,139 . 973,883
BES adjustments .. 174,517 . . 174,517
.________________ ________________________ ________
. 1,319 1,238,812 2,535,633 77,571 562,216 4,415,551
DEDUCT:... ...
Cost of purchase and improvement of estates . . . . . .
Cost of purchase of securities for trust funds
and capital account		 . . 2,986,731 . . 2,986,731
Cost of additions and improvements to college premises. . 131,417 . . 131,417
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)		 . . . . . .
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . 946,176 1,641,703 . 2,587,879
Other payments: . . . . . .
.________________ ________________________ ________
. . . 4,064,324 1,641,703 . 5,706,027
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 43,095 4,023,914 (1,741,146) 316,545 (2,219,342) 423,066

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
41,776 (i) Only for purposes wholly outside the objects of the college 43,095 .
2,785,102 (ii) Wholly or partly for the benefit of the college4,023,914 .
2,826,878 ..4,067,009
.. ..
(212,455) Capital account (excluding amount invested) . (1,741,146)
1,880,677 Reserves and special funds . 316,545
(2,781,558) Revenue account . (2,219,342)
1,713,542 . . 423,066
. . . .
. Represented by: . .
. ASSETS . .
1,557 Cash in hands of officers and servants . 663
192,953 Balance with bankers . 227,876
586,880Deposits other than with bankers..
1,167,465 Investments (other than of trust funds and capital account)
NOTE: Market Value 3l6,545		 . 353,645
. . . .
. Debtors and debit balances: . .
66,264 (i) Battels 63,091 .
40,531 (ii) Rents32,137.
399,545(iii) Other 293,107 .
506,340 . . 388,335
. . . .
18,695 Income tax recoverable . 15,590
130,987 Stocks and stores . 130,817
39,291 Furniture and Equipment . 27,001
________..________
2,644,168 . . 1,143,927
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
. Loans . .
. Unexpended balances of grants for specific purposes. .
930,626 Other creditors and credit balances 720,861 .
930,626 . . 720,861
1,713,542 .. 423,066

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Lincoln 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

20 November 2002

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