Merton 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):
311 undergraduates, 115 postgraduates, 5 additional. Total=431. 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:..
3,240,102 Net income as shown in Statement III 3,447,680 .
247,173 Less: College contribution (Statement III) 305,458 .
2,992,929..3,142,222
. . . .
3,183,670 From fees, dues and charges (including room rents) 3,398,650 .
740,020 Less: Collected on behalf of the University 824,495 .
2,443,650..2,574,155
. From grants and donations: . .
735 From the University 9,692 .
. From other Oxford colleges . .
143,203 From outside sources152,220 .
. .. 161,912
. From other sources: . .
13,633 Other (4,624) .
. .. (4,624)
________ . . ________
5,594,150 Total income . 5,873,665
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
2,652,186 (i) Education and Research (Statement IV) 2,980,301 .
1,518,610 (ii) Internal (Statement V) 1,498,277 .
814,734 On college premises (Statement III) 784,531 .
4,985,530 . . 5,263,109
. . . .
13,099 For other purposes, excluding college contribution (Statement III) . 20,199
________ . . ________
4,998,629 Total expenditure . 5,283,308
. . . .
. 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 . .
8,655 (b) carried forward for the trust purposes . 8,530
________. .________
8,655 . . 8,530
. . . .
586,866 Reserves and special funds . 581,827
586,866 Revenue account . 581,827
595,521 . . 590,357
. Attributable to: . .
2,561,635 Endowment (Statement III) 2,696,645 .
(1,761,548) Education and Research (Statement IV) (2,008,648) .
(204,566) Internal (Statement V) (97,640) .
595,521 . 590,357 .

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: . .
758,140 Agricultural land . 950,888
. Non-agricultural land . .
450,906 Let on terms that tenant not responsible for structural repairs . 541,457
538,875 Let on other terms . 745,231
83,750 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 109,011
21,898 Income from timber . .
. Income from minerals and mineral rights . .
2,122,722 Interest and dividends . 1,941,934
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
________..________
3,976,291 . . 4,288,521
. 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: . .
999 Income paid to the college by the trustees or applied by them to any purpose of the college . 952
________..________
3,977,290 Total of gross income from endowments and other sources as shown in Statement III . 4,289,473
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
189,535 In respect of the full amount of rents from agricultural land950,888 @25% 237,722 .
180,362In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 541,457 @40% 216,583 .
62,263 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) 		854,242 @10% 85,424 .
106,136 In respect of the gross amount of interest and dividends 1,941,934 @5% 97,097 .
.(b) In respect of leaseholds:. .
4,967 (i) Rent payable 164 .
. (ii) Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ .________.
543,263 . . 636,990
3,434,027 STATUTORY ENDOWMENT INCOME . 3,652,483
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 2,422,483 at 12.0% 290,698 .
. On 3,652,483 305,458 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
3,977,290 Gross income from endowment and other sources as shown in Statement II . 4,289,473
. 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		 . .
________.. ________
3,977,290 . . 4,289,473
. Less: Expenses of obtaining that income: . .
29,228 Rent, rates, taxes and insurance (less commission) 5,498 .
. Provision for major repairs . .
251,622 Other repairs and maintenance 234,261 .
142,325 Amortization and depreciation 138,226 .
393,947.372,847 .
________ . ________ .
16,319 . 62,875 .
. . . .
309,801 Agency, management and administration 458,937 .
2,833 Donations and subscriptions in connection with estates 2,980 .
1,379 Entertainment of tenants and others 1,531 .
. Other expenses: . .
________.________ .
737,188 . . 841,793
3,240,102 Net income as shown in Statement I . 3,447,680
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
247,173 College contribution (Statement II) 305,458 .
. Donations and subscriptions: . .
7,745 (i) for University objects 14,550 .
1,750 (ii) Other 4,600 .
427 Livings 1,049 .
. Maintenance of schools . .
. Other: . .
3,177 Chancel Repairs . .
________.________.
13,099.20,199 .
________.________ .
260,272 . . 325,657
2,979,830 Net income available for college's own purposes . 3,122,023
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
4,756 Statement IV 4,754 .
. Statement V . .
________.________.
4,756 . . 4,754
2,975,074 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 3,117,269
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
. (i) Provision for major repairs . .
68,649 (ii) Other repairs and maintenance 96,580 .
345,625 (iii) Amortization and depreciation 315,793 .
________.________ .
414,274 . 412,373 .
. . . .
80,757 Upkeep of gardens and grounds 89,843 .
495,031 . . 502,216
. All other building repairs and maintenance (including interior redecoration): . .
262,605 (i) Provision for major repairs . .
. (ii) Other repairs and maintenance 269,876 .
. Rent . .
15,546 Rates and taxes 4,957 .
41,552 Insurance (less commission) 7,482 .
319,703 . . 282,315
814,734.. 784,531
. Less: Contribution from Statements IV and V: . .
81,592 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 81,592 .
319,703 (ii) For other expenses 282,315 .
401,295 . . 363,907
413,439..420,624
. . . .
2,561,635 SURPLUS/(DEFICIT) . 2,696,645

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) . . .
865,914 216,479 (i) Consolidated 931,316 232,829 1,164,145
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
. . (iv) Degree . . .
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
865,914216,479. 931,316232,8291,164,145
. . . . . .
. 1,273,342 Charges for accommodation (including notional room rents), meals & service . 1,315,783 1,315,783
. . Rents from furnished accommodation outside the college occupied by student members . . .
.87,915 Sales from buttery and stores . 94,227 94,227
________ ________ . ________________________
865,914*1,577,736.931,316*1,642,8392,574,155
. . . . . .
4,756 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 4,754 . 4,754
. . . . . .
.. Research grants: . ..
..(i) From the University...
..(ii) From other Oxford colleges . . .
..(iii) From outside sources . . .
. . . . . .
. . Other Grants and contributions . . .
735 . (i) From the University 9,692 . .
. . (ii) From other Oxford colleges . . .
143,203 . (iii) From outside sources 152,220 . .
143,938 . . 161,912 . 161,912
. . . . . .
. . Charges to other accounts: . . .
. 1,379 Statement III: Entertainment of tenants and others . 1,531 .
. 104,556 Statement IV: Common Table . 111,561 .
. 65,788 Statement IV: College hospitality . 63,943 .
. 171,723 . . 177,035 177,035
. . Other income: . . .
9,795 3,838 Other (5,027) 403 (4,624)
________ ________ . ________________________
1,024,403 1,753,297 Total income 1,092,955 1,820,277 2,913,232
. . . . . .
..* NOTE: Charged to...
. 1,208,344 Members and employees of the college . 1,290,388 .
. . Other colleges . . .
. 369,392 Others (conferences etc.) . 352,451 .
. 1,577,736 . . 1,642,839 .
. . . . . .
..EXPENDITURE.. .
78,686 . Head of College 88,148 . 88,148
602,165 . Teaching fellows 673,368 . 673,368
144,242 . Other fellows 219,073 . 219,073
203,691 . Stipendiary lecturers 197,488 . 197,488
61,544 . Outside tuition payments 52,838 . 52,838
53,494 . Other tuition and research expenses (including research assistants) 54,336 . 54,336
104,556 . Common Table 111,561 . 111,561
125,682 . Library 155,243 . 155,243
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
4,756 . (i) Provided from trust funds 4,754 . .
194,508 . (ii) Provided otherwise 232,438 . .
199,264 . . 237,192 . 237,192
. . . . . .
24,872 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 21,711 . 21,711
12,581 . Chaplain and chapel services 38,925 . 38,925
65,788 . College hospitality 63,943 . 63,943
43,013 . Junior clubs 65,220 . 65,220
. . Subscriptions and donations to the college's own academic objectives . . .
. 393,750 Catering supplies consumed (less sale of waste). 391,975 391,975
. 3,275 Outside caterers' and other colleges' charges . 2,561 2,561
..Services:...
354,254 719,243 (i) Domestic staff 368,166 747,490 1,115,656
72,665 147,533 (ii) Heat, light, water 64,689 131,339 196,028
18,615 37,794 (iii) Laundry and cleaning 26,214 53,222 79,436
92,994 184,042 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 107,723 124,603 232,326
538,528 1,088,612 . 566,7921,056,6541,623,446
. .Administration: . . .
70,700 28,301 (i) College officers and others 80,170 31,008 111,178
190,794 103,538 (ii) Office and clerical staff 223,612 116,648 340,260
64,454 13,812 (iii) Office expenses 79,610 17,060 96,670
11,827 11,477 (iv) Legal and professional charges 6,583 6,388 12,971
________ ________ . ________ ________ ________
337,775 157,128 . 389,975 171,104 561,079
. . . . . .
41,207 35,381 Pensions paid to former members and employees of the college 22,495 42,541 65,036
15,098 12,187 Other expenses 21,993 10,477 32,470
________ ________. ________ ________________
2,652,186 1,690,333 . 2,980,301 1,675,312 4,655,613
. . College premises: . . .
133,765 267,530 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 121,302 242,605 363,907
________ ________ . ________________________
2,785,951 1,957,863 . 3,101,603 1,917,917 5,019,520
. . . . . .
(1,761,548) (204,566) SURPLUS/(DEFICIT) (2,008,648) (97,640) (2,106,288)

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)		 . 16,621 1,996,529 350,710 1,114,676 3,478,536
ADD: . . . . . .
Net proceeds of sale of estates . . 750,459 . . 750,459
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . . 11,987,921 . . 11,987,921
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) . 8,530 . . 581,827 590,357
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 454,019 . . 454,019
(ii) Otherwise . . . . . .
Other receipts: . . . . . .
Bequests & Donations . . 669,424 . . 669,424
Loan Repayments . . 105,841 . . 105,841
Compensation . . 6,481 . . 6,481
Other receipts . . 986 . . 986
.________________ ________________________ ________
. . 8,530 13,975,131 . 581,827 14,565,488
DEDUCT: . . . . . .
Cost of purchase and improvement of estates . . 366,925 . . 366,925
Cost of purchase of securities for trust funds
and capital account		 . . 13,956,883 . . 13,956,883
Cost of additions and improvements to college premises . . 1,148,788 . . 1,148,788
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		 . . . . . .
Other payments: . . . . . .
Loans & Grants . . 110,000 . . 110,000
Development Fund scholarships & grants, transferred . . 162,845 . . 162,845
.________________ ________________________ ________
. . . 15,745,441 . . 15,745,441
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 25,151 226,219 350,710 1,696,503 2,298,583

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 . .
16,621 (ii) Wholly or partly for the benefit of the college16,621 .
16,621 ..16,621
. . ..
1,996,529 Capital account (excluding amount invested) . 226,219
350,710 Reserves and special funds . 350,710
1,114,676 Revenue account . 1,696,503
3,478,536 . . 2,298,583
. . . .
. Represented by: . .
. ASSETS . .
300 Cash in hands of officers and servants . 320
3,658,440 Balance with bankers . 1,599,623
. Deposits other than with bankers. .
. Investments (other than of trust funds and capital account)
NOTE: Market Value		 . .
. . . .
. Debtors and debit balances: . .
22,029 (i) Battels 26,854 .
179,773 (ii) Rents402,297 .
478,354(iii) Other 876,780 .
680,156 . . 1,305,931
. . . .
24,175 Income tax recoverable . 24,798
140,171 Stocks and stores . 123,920
. Furniture and Equipment . .
________ . . ________
4,503,242 . . 3,054,592
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
. Loans . .
. Unexpended balances of grants for specific purposes . .
1,024,706 Other creditors and credit balances 756,009 .
1,024,706 . . 756,009
3,478,536 . . 2,298,583

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Merton 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

7 October 2002

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