Mansfield 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):
193 undergraduates, 40 postgraduates, 34 additional. Total=267. 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:..
174,150 Net income as shown in Statement III 113,021 .
. Less: College contribution (Statement III) Nil .
174,150..113,021
. . . .
2,331,759 From fees, dues and charges (including room rents) 2,381,737 .
504,581 Less: Collected on behalf of the University 533,311 .
1,827,178..1,848,426
. From grants and donations: . .
. From the University . .
23,358 From other Oxford colleges 18,544 .
161,766 From outside sources124,327 .
. .. 142,871
. From other sources: . .
. Miscellaneous . 5,035
________ . . ________
2,205,527 Total income . 2,109,353
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,154,748 (i) Education and Research (Statement IV) 1,135,212 .
809,876 (ii) Internal (Statement V) 854,857 .
185,234 On college premises (Statement III) 180,428 .
2,149,858 . . 2,170,497
. . . .
. For other purposes, excluding college contribution (Statement III) . .
________. .________
2,149,858 Total expenditure . 2,170,497
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
26,390 (a) available for the college's general purposes . 21,369
. (b) carried forward for the trust purposes . .
________. .________
26,390 . . 21,369
. . . .
69,423 Reserves and special funds . 39,684
(40,144) Revenue account . (122,197)
55,669 . . (6l,l44)
. Attributable to: . .
146,922 Endowment (Statement III) 74,734 .
(107,631) Education and Research (Statement IV) (74,832) .
16,378 Internal (Statement V) (61,046) .
55,669 . (61,144) .

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 . .
217,293 Interest and dividends . 145,080
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
________..________
217,293 . . 145,080
. 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 . .
________..________
217,293 Total of gross income from endowments and other sources as shown in Statement III . 145,080
. . . .
. 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		 . .
. 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) 		. .
10,865 In respect of the gross amount of interest and dividends 145,080 @5% 7,254 .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ .________.
10,865 . . 7,254
206,428 STATUTORY ENDOWMENT INCOME . 137,826
. . . .
. CONTRIBUTION PAYABLE . .
. On 137,826 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
217,293 Gross income from endowment and other sources as shown in Statement II . 145,080
. 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		 . .
________.. ________
217,293 . . 145,080
. Less: Expenses of obtaining that income: . .
. Rent, rates, taxes and insurance (less commission) . .
. Provision for major repairs . .
. Other repairs and maintenance . .
. Amortization and depreciation . .
. . . .
17,219 Agency, management and administration 18,921 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
10,124 Loan interest 4,007 .
15,800 Bank charges and interest 9,131 .
________.________ .
43,143 . . 32,059
174,150 Net income as shown in Statement I . 113,021
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
. College contribution (Statement II) Nil .
. Donations and subscriptions: . .
. (i) for University objects . .
. (ii) Other . .
. Livings . .
. Maintenance of schools . .
. Other: . .
________ . . ________
174,150 Net income available for college's own purposes . 113,021
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
49,519 Statement IV 59,741 .
. Statement V . .
________.________.
49,519 . . 59,741
124,631 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 53,280
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
. (i) Provision for major repairs . .
. (ii) Other repairs and maintenance . .
. (iii) Amortization and depreciation . .
________.________ .
. . . .
11,995 Upkeep of gardens and grounds 12,832 .
11,995 . . 12,832
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs . .
87,906 (ii) Other repairs and maintenance 80,926 .
66,720 Rent 69,863 .
4,881 Rates and taxes 5,108 .
13,732 Insurance (less commission) 11,699 .
173,239 . . 167,596
185,234.. 180,428
. Less: Contribution from Statements IV and V: . .
34,286 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 34,286 .
173,239 (ii) For other expenses 167,596 .
207,525 . . 201,882
(22,291)..(2l,454)
. . . .
146,922 SURPLUS/(DEFICIT) . 74,734

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) . . .
925,118 196,237 (i) Consolidated 963,383 204,353 1,167,736
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
. . (iv) Degree . . .
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
925,118196,237. 963,383204,3531,167,736
. . . . . .
. 458,024 Charges for accommodation (including notional room rents), meals & service . 577,315 577,315
. 199,125 Rents from furnished accommodation outside the college occupied by student members . 59,436 59,436
. 48,674 Sales from buttery and stores . 43,939 43,939
________ ________ . ________________________
925,118*902,060.963,383*885,0431,848,426
. . . . . .
49,519 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 59,741 . 59,741
.. Research grants: . ..
..(i) From the University...
..(ii) From other Oxford colleges . . .
20,833.(iii) From outside sources 44,167 . .
20,833.. 44,167 . 44,167
. . Other Grants and contributions . . .
. . (i) From the University . . .
23,358 . (ii) From other Oxford colleges 18,544 . .
140,933 . (iii) From outside sources 80,160 . .
164,291 . . . . 98,704
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 20,035 Statement IV: Common Table . 12,260 .
. 5,831 Statement IV: College hospitality . 7,760 .
. 25,866 . . 20,020 20,020
. . Other income: . . .
. 19,075 Miscellaneous . 5,035 5,035
________ ________ . ________________________
1,568,738 947,001 Total income 1,165,995 910,098 2,076,093
. . . . . .
..* NOTE: Charged to...
. 690,287 Members and employees of the college . 712,197 .
. . Other colleges . . .
. 211,773 Others (conferences etc.) . 172,846 .
. 902,060 . . 885,043 .
. . . . . .
..EXPENDITURE.. .
49,349 . Head of College 50,441 . 50,441
270,114 . Teaching fellows 302,881 . 302,881
1,975 . Other fellows 1,057 . 1,057
145,802 . Stipendiary lecturers 148,468 . 148,468
73,712 . Outside tuition payments 77,778 . 77,778
115,220 . Other tuition and research expenses (including research assistants) 95,603 . 95,603
20,035 . Common Table 12,260 . 12,260
56,436 . Library 36,557 . 36,557
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
7,584 . (i) Provided from trust funds 44,260 . .
14,105 . (ii) Provided otherwise 4,462 . .
72,471 . . 48,722 . 48,722
. . . . . .
14,743 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 5,180 . 5,180
2,693 . Chaplain and chapel services 5,605 . 5,605
5,831 . College hospitality 7,760 . 7,760
35,395 . Junior clubs 31,834 . 31,834
. . Subscriptions and donations to the college's own academic objectives . . .
. 164,418 Catering supplies consumed (less sale of waste). 180,739 180,739
. . Outside caterers' and other colleges' charges . . .
..Services:...
105,350 367,189 (i) Domestic staff 115,974 369,495 485,469
12,838 51,351 (ii) Heat, light, water 10,819 43,278 54,097
3,640 41,861 (iii) Laundry and cleaning 4,643 53,391 58,034
5,152 55,954 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 5,026 62,824 67,850
126,980 516,355 . 136,462528,988665,450
. .Administration: . . .
39,803 43,421 (i) College officers and others 43,468 47,421 90,889
75,676 82,555 (ii) Office and clerical staff 83,521 91,115 174,636
48,094 20,611 (iii) Office expenses 39,780 17,049 56,829
6,975 6,975 (iv) Legal and professional charges 6,537 6,537 13,074
________ ________ . ________ ________ ________
170,548 153,562 . 173,306 162,122 335,428
. . . . . .
. . Pensions paid to former members and employees of the college . . .
603 1,407Other expenses 1,298 3,028 4,326
________________. ________________________
1,154,748 835,742 . 1,135,212 874,877 2,010,089
..College premises:...
112,644 94,881 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 105,615 96,267 201,882
________ ________ . ________________________
1,267,392 930,623 . 1,240,827 971,144 2,211,971
. . . . . .
(107,631) 16,378 SURPLUS/(DEFICIT) (74,832) (61,046) (135,878)

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)		 10,898 582,792 (417,439) 1,924,871 (829,311) 1,271,811
ADD:......
Net proceeds of sale of estates . . 597,486 . . 597,486
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 651.826 . . . 651.826
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) . 21,369 . 39,684 (122,197) (61,144)
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 20,699 . . 20,699
(ii) Otherwise . . . . 470,456 470,456
Other receipts: . . . . . .
College contributions fund grant . . 943,300 . . 943,300
Donations .. . 208,971 . 208,971
.________________ ________________________ ________
. . 673,195 1,561,485 248,655 348,259 2,831,594
DEDUCT:... ...
Cost of purchase and improvement of estates . . . . . .
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. . 330,766 . . 330,766
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		 596 7,017 273,011 189,832 . 470,456
Other payments: . . . . . .
Development fund expenditure . . . 88,595 . 88,595
.________________ ________________________ ________
. 596 658,352 1,547,077 278,427 . 2,484,452
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 10,302 597,635 (403,031) 1,895,099 (481,052) 1,618,953

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
10,898 (i) Only for purposes wholly outside the objects of the college 10,302 .
582,792 (ii) Wholly or partly for the benefit of the college597,635 .
593,690 ..607,937
.. ..
(417,439) Capital account (excluding amount invested) . (403,031)
1,924,871 Reserves and special funds . 1,895,099
(829,311) Revenue account . (481,052)
1,271,811 . . 1,618,953
. . . .
. Represented by: . .
. ASSETS . .
. Cash in hands of officers and servants . .
671,015 Balance with bankers . 1,114,706
188,691Deposits other than with bankers. 211,018
698,073 Investments (other than of trust funds and capital account)
NOTE: Market Value 1,257,713		 . 674,751
. . . .
. Debtors and debit balances: . .
211,580 (i) Battels 357,192 .
. (ii) Rents..
44,500(iii) Other 168,499 .
256,080 . . 525,691
. . . .
. Income tax recoverable . .
56,223 Stocks and stores . 55,632
. Furniture and Equipment . .
________..________
1,870,082 . . 2,581,798
. . . .
. LIABILITIES . .
15,575 Caution money 14,825 .
6,806 Bank overdraft 47,294 .
72,887 Loans 68,387 .
. Unexpended balances of grants for specific purposes. .
503,003 Other creditors and credit balances 832,339 .
598.271 . . 962,845
1,271,811 .. 1,618,953

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Mansfield 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

29 November 2002

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