Magdalen College, Oxford
Accounts for financial year ended 31st July 2002

CLICK FOR THE COLLEGE CALENDAR ENTRY (MAGDALEN FELLOWS LIST ETC.)
OR THE COLLEGE'S OWN WEBSITE (EXITS WWW.AKME)
OR THE LATEST MAGDALEN ACCOUNTS 2005/6 PDF
(for intervening years, e-mail request to akme@btinternet.com)
THE OXBRIDGE COLLEGE ACCOUNTS INDEX.

Numbers of students in residence during the academic year 2001-02 (taken from University Calendar 2003-04):
400 undergraduates, 137 postgraduates, 3 additional. Total=540. 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:..
2,577,563 Net income as shown in Statement III 2,480,422 .
169,536 Less: College contribution (Statement III) 172,999 .
2,408,027..2,307,423
. . . .
4,115,108 From fees, dues and charges (including room rents) 4,355,500 .
1,041,933 Less: Collected on behalf of the University 1,130,938 .
3,073,175..3,224,562
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
210,559 From outside sources223,352 .
. .. 223,352
. From other sources: . .
18,518 Wine Account 14,008 .
27,350 Miscellaneous 18,543 .
. .. 32,551
________ . . ________
5,737,629 Total income . 5,787,888
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
2,714,068 (i) Education and Research (Statement IV) 2,975,748 .
1,680,672 (ii) Internal (Statement V) 1,842,630 .
1,042,120 On college premises (Statement III) 1,117,181 .
5,436,860..5,935,559
. . . .
4,597 For other purposes, excluding college contribution (Statement III) . 2,275
________. .________
5,441,457 Total expenditure . 5,937,834
. . . .
. 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 . .
(33,279) (b) carried forward for the trust purposes . (76,324)
________. .________
(33,279) . . (76,324)
. . . .
4,732 Reserves and special funds . (33,111)
324,719 Revenue account . (40,511)
296,172 . . (149,946)
. Attributable to: . .
1,962,064 Endowment (Statement III) 1,744,826 .
(1,391,529) Education and Research (Statement IV) (1,540,629) .
(274,363) Internal (Statement V) (354,143) .
296,172 . (149,946) .

II. STATUTORY ENDOWMENT INCOME AND COLLEGE CONTRIBUTION

Return to the File Index.

2000-01 £GROSS INCOME.2001-02 £
. From all relevant sources except trusts of which the college is not the sole trustee: . .
. Rent: . .
290,071 Agricultural land . 326,155
. Non-agricultural land . .
259,171 Let on terms that tenant not responsible for structural repairs . 312,288
594,816 Let on other terms . 521,927
9,000 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 9,000
. Income from timber . .
52,574 Income from minerals and mineral rights . 14,030
1,919,256 Interest and dividends . l,819,281
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
. Other . 107
________..________
3,124,888 . . 3,002,788
. Less . .
83,145 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		 83,145 .
14,499 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		 20,366 .
97,644 . . 103,511
. 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 . .
________..________
3,027,244 Total of gross income from endowments and other sources as shown in Statement III . 2,899,277
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
72,518 In respect of the full amount of rents from agricultural land326,155 @25% 81,539.
103,668In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		312,288 @40% 124,915.
60,382 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) 		530,927 @10% 53,093 .
95,963 In respect of the gross amount of interest and dividends 1,819,281 @5% 90,964 .
.(b) In respect of leaseholds:. .
89 (i) Rent payable 107 .
. (ii) Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ .________.
332,620 . . 350,618
2,694,624 STATUTORY ENDOWMENT INCOME . 2,548,659
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 1,318,659 at 12.0% 158,239 .
. On 2,548,659 172,999 .

III. ENDOWMENT ACCOUNT

Return to the File Index.

2000-01 £ INCOME . 2001-02 £
3,027,244 Gross income from endowment and other sources as shown in Statement II . 2,899,277
. 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		 . .
________.. ________
3,027,244 . . 2,899,277
. Less: Expenses of obtaining that income: . .
10,888 Rent, rates, taxes and insurance (less commission) 11,308 .
. Provision for major repairs . .
16,319 Other repairs and maintenance 62,875 .
. Amortization and depreciation . .
16,319.62,875 .
________ . ________ .
16,319 . 62,875 .
. . . .
422,474 Agency, management and administration 344,672 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
________.________ .
449,681 . . 418,855
2,577,563 Net income as shown in Statement I . 2,577,563
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
169,536 College contribution (Statement II) 172,999 .
. Donations and subscriptions: . .
2,020 (i) for University objects . .
1,253 (ii) Other 2,275 .
969 Livings . .
355 Maintenance of schools . .
. Other: . .
________.________.
4,597.2,275 .
________.________ .
174,133 . . 175,274
2,403,430 Net income available for college's own purposes . 2,305,148
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
156,823 Statement IV 236,331 .
6,556 Statement V 16,157 .
________.________.
163,370 . . 252,488
2,240,051 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 2,057,660
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
50,000 (i) Provision for major repairs 50,000 .
5,031 (ii) Other repairs and maintenance 5,558 .
200,500 (iii) Amortization and depreciation 200,500 .
________.________ .
255,531 . 256,058 .
. . . .
129,437 Upkeep of gardens and grounds 158,757 .
384,968 . . 414,815
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs . .
586,968 (ii) Other repairs and maintenance 676,693 .
. Rent . .
24,876 Rates and taxes 29,097 .
45,308 Insurance (less commission) 46,576 .
657,152 . . 702,366
1,042,120.. 1,117,181
. Less: Contribution from Statements IV and V: . .
106,981 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 106,981 .
657,152 (ii) For other expenses 702,366 .
764,133 . . 809,347
277,987..307,834
. . . .
1,962,064 SURPLUS/(DEFICIT) . 1,744,826

IV. EDUCATION AND RESEARCH ACCOUNT
V. INTERNAL ACCOUNT

Return to the File Index.

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) . . .
. . (i) Consolidated . . .
830,991 . (ii) Tuition 865,939 . 865,939
260,905 324,342 (iii) Dues and establishment charges 268,402 346,400 614,802
757 . (iv) Degree 736 . 736
20,507 . (v) Library 32,623 . 32,623
5,628 . (vi) Other 5,628 . 5,628
________ ________ . ________________________
1,118,788324,342. 1,171,477346,4001,517,877
. . . . . .
78,174 1,502,211 Charges for accommodation (including notional room rents), meals & service 64,670 1,579,330 1,644,000
. 49,660 Rents from furnished accommodation outside the college occupied by student members . 62,685 62,685
.. Sales from buttery and stores . . .
________ ________ . ________________________
1,196,962*1,876,213.1,236,147*1,988,4153,224,562
. . . . . .
156,823 6,556 Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 236,331 16,157 252,488
. . . . . .
.. 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 . . .
210,559 . (iii) From outside sources 223,352 . .
210,559 . . . . 223,352
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 133,919 Statement IV: Common Table . 117,073 .
. 123,736 Statement IV: College hospitality . 156,718 .
. 257,655 . . 273,791 273,791
. . Other income: . . .
. 18,518 Wine Account . 14,008 14,008
4,394 22,956 Miscellaneous 3,830 14,713 18,543
________ ________ . ________________________
1,568,738 2,181,898 Total income 1,699,660 2,307,084 4,006,744
. . . . . .
..* NOTE: Charged to...
. 1,552,541 Members and employees of the college . 1,641,987 .
. . Other colleges . . .
. 323,672 Others (conferences etc.) . 346,428 .
. 1,876,213 . . 1,988,415 .
. . . . . .
..EXPENDITURE.. .
73,439 . Head of College 75,567 . 75,567
896,669 . Teaching fellows 918,244 . 918,244
129,321 . Other fellows 104,793 . 104,793
111,739 . Stipendiary lecturers 197,750 . 197,750
61,538 . Outside tuition payments 47,046 . 47,046
5,257 . Other tuition and research expenses (including research assistants) 34,895 . 34,895
133,919 . Common Table 117,073 . 117,073
159,811 . Library 187,282 . 187,282
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
107,481 . (i) Provided from trust funds 137,050 . .
116,355 . (ii) Provided otherwise 113,052 . .
223,836 . . 250,102 . 250,102
. . . . . .
14,743 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 30,877 . 30,877
186,304 . Chaplain and chapel services 207,570 . 207,570
123,736 . College hospitality 156,718 . 156,718
. . Junior clubs 2,075 . 2,075
. . Subscriptions and donations to the college's own academic objectives . . .
. 297,814 Catering supplies consumed (less sale of waste). 337,464 337,464
. 10,552 Outside caterers' and other colleges' charges . 11,285 11,285
..Services:...
162,173 821,203 (i) Domestic staff 180,876 947,280 1,128,156
32,629 132,055 (ii) Heat, light, water 40,128 101,723 141,851
10,364 78,674 (iii) Laundry and cleaning 11,552 88,067 88,067
142,033 142,519 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 151,238 184,373 335,611
347,199 1,174,451 . 383,7941,321,4431,705,237
. .Administration: . . .
28,368 51,909 (i) College officers and others 46,063 40,057 86,120
118,850 352,296 (ii) Office and clerical staff 125,233 355,130 480,363
90,290 18,011 (iii) Office expenses 82,961 22,573 105,534
2,580 2,580 (iv) Legal and professional charges . . .
________ ________ . ________ ________ ________
240,088 424,796 . 254,257 417,760 672,017
. . . . . .
6,469 28,496 Pensions paid to former members and employees of the college 5,999 26,429 32,428
. 2,218 Other expenses 1,706 2,040 3,746
________ ________. ________ ________________
2,714,068 1,938,327 . 2,975,748 2,116,421 5,092,169
. . College premises: . . .
246,199 517,934 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 264,541 544,806 809,347
________ ________ . ________________________
2,960,267 2,456,261 . 3,240,289 2,661,227 5,901,516
. . . . . .
(1,391,529) (274,363) SURPLUS/(DEFICIT) (1,540,629) (354,143) (1,894,772)

VI. SUMMARY OF TRANSACTIONS AFFECTING ACCUMULATED BALANCES

Return to the File Index.

. 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)		 . 1,998,578 6,615,917 250,355 91,864 8,956,714
ADD: . . . . . .
Net proceeds of sale of estates . . 782,030 . . 782,030
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 2,502,627 20,766,416 . . 23,269,043
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 (8,158) . . . . (8,158)
(ii) Capital account - income of funds established
under Section 29 of the Universities and
College Estates Act 1925 (as amended)		 . . 15,605 . . 15,605
(iii) Other accounts and funds (Statement I) . (76,324) . (33,111) (40,511) (149,946)
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . 18,290 262,445 46,624 . 327,359
(ii) Otherwise . . . 971,489. 971,489
Other receipts: . . . . . .
Profit on Sale of Investments (48,759) (362,013) . . . (410,772)
Benefactions and accretions . 97,406 1,359,984 50,868 . 1,508,258
Livings Funds . . . (1,900) . (1,900)
Capital proportion of mineral royalties . . 17,820 . . 17,820
.________________ ________________________ ________
. (56,917) 2,179,986 23,204,300 1,033,970 (40,511) 26,320,828
DEDUCT: . . . . . .
Cost of purchase and improvement of estates . . 6,100 . . 6,100
Cost of purchase of securities for trust funds
and capital account		 (56,917) 4,120,862 23,230,871 . . 27,294,816
Cost of additions and improvements to college premises . . 842,367 . . 842,367
Expenditure out of fund for major repairs to estates . . . . . .
Major repairs to fabric and exterior of buildings . . 22,157 176,158 . 198,315
Other major repairs and maintenance
(including interior redecoration)		 . . . 2,964 . 2,964
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . 971,489 . . 971,489
Other payments: . . . . . .
.________________ ________________________ ________
. (56,917) 4,120,862 24,230,617 1,021,489 . 29,316,051
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 57,702 5,589,600 262,836 51,353 5,961,491

VII. STATEMENT OF BALANCES

Return to the File Index.

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 . .
1,998,578 (ii) Wholly or partly for the benefit of the college57,702 .
1,998,578 ..57,702
. . ..
6,615,916 Capital account (excluding amount invested) . 5,589,600
250,354 Reserves and special funds . 262,836
91,810 Revenue account . 51,353
8,956,658 . . 5,961,491
. . . .
. Represented by: . .
. ASSETS . .
1,557 Cash in hands of officers and servants . 2,218
10,485,354 Balance with bankers . 7,189,436
. Deposits other than with bankers. .
97,603 Investments (other than of trust funds and capital account)
NOTE: Market Value 80,201		 . 91,638
. . . .
. Debtors and debit balances: . .
243,396 (i) Battels 252,654 .
7,728 (ii) Rents31,227 .
5,062,928(iii) Other 5,095,766 .
5,314,052 . . 5,379,647
. . . .
10,862 Income tax recoverable . 8,427
332,490 Stocks and stores . 287,976
578,646 Furniture and Equipment . 590,499
________ . . ________
16,820,564 . . 13,549,841
. . . .
. LIABILITIES . .
57,950 Caution money 58,800 .
. Bank overdraft . .
. Loans . .
. Unexpended balances of grants for specific purposes . .
7,805,956 Other creditors and credit balances 7,529,550 .
7,863,906 . . 7,588,350
8,956,658 . . 5,961,491

Return to the File Index.

AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Magdalen 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.

Wellers
Accountants and Registered Auditors

11 November 2002

CLICK FOR:

THE TOP OF THIS FILE

THE NEXT COLLEGE ACCOUNT 2001/2 (MANSFIELD)

THE LATEST MAGDALEN ACCOUNTS 2005/6 PDF

(for intervening years, e-mail request to akme@btinternet.com)

THE COLLEGE'S OWN WEBSITE (EXITS WWW.AKME)

THE COLLEGE CALENDAR ENTRY (MAGDALEN FELLOWS LIST ETC.)

THE OXBRIDGE COLLEGE ACCOUNTS INDEX AND OUP ACCOUNTS INDEX

THE SURPRISING TRUTH ABOUT OUP'S 'CHARITABLE STATUS'

MALCOLM vs. OXFORD INDEXES: I (1984-92) & II (2001-02)

THE HISTORY OF AKME AND OF THIS WEBSITE

THE AKME OXFORD CUTTINGS LIBRARY

THE AKME LITERARY LAW LIBRARY

AKME STUDENT LAW LIBRARY

ABOUT MAKING NAMES

ABOUT THE REMEDY

THE SITE INDEX

e-mail: akme@btinternet.com