New 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):
428 undergraduates, 142 postgraduates, 5 additional. Total=575. 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: . .
1,852,590 Net income as shown in Statement III 1,630,433 .
91,552 Less: College contribution (Statement III) 76,928 .
1,761,038 . . 1,553,505
. . . .
4,155,109 From fees, dues and charges (including room rents) 4,363,785 .
940,218 Less: Collected on behalf of the University 1,021,167 .
3,214,891 . . 3,342,618
. From grants and donations . .
. From the University . .
. From other Oxford colleges . .
. From outside sources . .
. From other sources: . .
29,584 Miscellaneous 18,645 .
. . . 18,645
5,005,513 Total income . 4,914,768
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
2,668,607 (i) Education and Research (Statement IV) 2,760,756 .
1,635,214 (ii) Internal (Statement V) 1,609,266 .
741,380 On college premises (Statement III) 640,700 .
5,045,201 . . 5,010,722
. . . .
4,090 For other purposes, excluding college contribution (Statement III) . 2,875
________ . . ________
5,049,291 Total expenditure . 5,013,597
. . . .
. 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 . .
57,914 (b) carried forward for the trust purposes . 67,488
57,914 . . 67,488
. . . .
184 Reserves and special funds . 184
(101,692) Revenue account . (166,317)
(43,778) . . (98,829)
. Attributable to: . .
1,299,547 Endowment (Statement III) 1,032,933 .
(1,161,404) Education and Research (Statement IV) (1,188,413) .
(181,291) Internal (Statement V) (56,651) .
(43,778) . (98,829) .

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: . .
472,251 Agricultural land . 468,162
. Non-agricultural land . .
38,921 Let on terms that tenant not responsible for structural repairs . 42,694
181,584 Let on other terms . 183,673
14,261 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 14,703
. Income from timber . .
. Income from minerals and mineral rights . .
1,409,342 Interest and dividends . 1,160,808
. Underwriting commissions . .
2,700 Copyright royalties . 2,700
. Other income . .
________ . . ________
2,119,059 . . 1,872,740
. 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		 . .
2,881 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		 2,509 .
________ . ________ .
2,881 . . 2,509
. . . .
320,610 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		 . 338,461
________ . . ________
2,436,788 Total of gross income from endowments and other sources as shown in Statement III . 2,208,692
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
118,063 In respect of the full amount of rents from agricultural land 468,162 @25% 117,041 .
15,568 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs 		42,694 @40% 17,078 .
19,585 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) 		198,376 @10% 19,838 .
70,467 In respect of the gross amount of interest and dividends 1,160,808 @5% 58,040 .
. (b) In respect of leaseholds: . .
. Rent payable . .
. Amortization of lease premium . .
261,180 (c) Interest 248,631 .
. (d) Allowances for exceptional obligations . .
________ . ________ .
484,863 . . 460,628
1,951,925 STATUTORY ENDOWMENT INCOME . 1,748,064
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 518,064 at 12.0% 62,168 .
. On 1,748,064 76,928 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
2,436,788 Gross income from endowment and other sources as shown in Statement II
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		 . 2,208,692
. Rents, less rebntal 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		 . .
________ . . ________
2,436,788 . . 2,208,692
. Less: Expenses of obtaining that income: . .
12,897 Rent, rates, taxes and insurance (less commission) 16,520 .
. Provision for major repairs . .
73,197 Other repairs and maintenance 67,371 .
8,924 Amortization and depreciation 7,918 .
82,121 . 75,289 .
. . . .
226,915 Agency, management and administration 236,234 .
50 Donations and subscriptions in connection with estates 550 .
1,035 Entertainment of tenants and others 1,035 .
. Other expenses . .
261,180 Interest paid 248,631 .
________ . ________ .
584,198 . . 578,259
1,852,590 Net income as shown in Statement I . 1,630,433
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
91,552 College contribution (Statement II) 76,928 .
. Donations and subscriptions: . .
673 (i) for University objects 278 .
1,612 (ii) other 2,289 .
1,384 Livings 308 .
. Maintenance of schools . .
. Other: . .
421 Repair of chancels . .
________ . ________ .
4,090 . 2,875 .
________ . ________ .
95,642 . . 79,803
1,756,948 Net income available for college's own purposes . 1,550,630
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
482,528 Statement IV 477,977 .
. Statement V . .
________ . ________ .
482,528 . . 477,977
1,274,420 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 1,072,653
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
. (i) Provision for major repairs . .
35,517 (ii) Other repairs and maintenance 97,714 .
. (iii) Amortization and depreciation . .
________ . ________ .
35,517 . 97,714 .
. . . .
43,299 Upkeep of gardens and grounds 45,081 .
78,816 . . 142,795
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs . .
563,737 (ii) Other repairs and maintenance 377,070 .
. Rent . .
26,024 Rates and taxes 31,381 .
72,803 Insurance (less commission) 89,454
662,564 . . 497,905
741,380 . . 640,700
. Less: Contribution from Statements IV and V: . .
103,943 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 103,075 .
662,564 (ii) For other expenses 497,905 .
766,507 . . 600,980
(25,127) . . 39,720
. . . .
1,299,547 SURPLUS/(DEFICIT) . 1,032,933

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) . . .
1,269,487 374,705 (i) Consolidated 1,286,525 381,537 1,668,062
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
470 . (iv) Degree 155 . 155
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________ ________ ________
1,269,957 374,705 . 1,286,680 381,537 1,668,217
. . . . . .
. 1,473,466 Charges for accommodation (including notional room rents), meals & service . 1,582,434 1,582,434
. 9,336 Rents from furnished accommodation outside the college occupied by student members . 6,467 6,467
. 87,427 Sales from buttery and stores . 85,500 85,500
________ ________ . ________ ________ ________
1,269,957 *1,944,934 . 1,286,680 *2,055,938 3,342,618
. . . . . .
482,528 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 477,977 . 477,977
. . . . . .
. . 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 . . .
. . (iii) From outside sources . . .
. . . . . .
. . Charges to other accounts: . . .
. 1,035 Statement III: Entertainment of tenants and others . 1,035 .
. 76,912 Statement IV: Common Table . 80,283 .
. 72,068 Statement IV: College hospitality . 63,517 .
. 150,015 . . 144,835 144,835
. . Other income: . . .
. 29,584 Miscellaneous . 18,645 18,645
________ ________ . ________ ________ ________
1,752,485 2,124,533 Total income 1,764,657 2,219,418 3,984,075
. . . . . .
. . * NOTE: Charged to . . .
. 1,445,485 Members and employees of the college . 1,519,538 .
. . Other colleges . . .
. 499,449 Others (conferences etc.) . 536,400 .
. 1,944,934 . . 2,055,938 .
. . . . . .
. . EXPENDITURE . . .
64,894 . Head of College 69,155 . 69,155
897,567 . Teaching fellows 904,498 . 904,498
142,706 . Other fellows 140,250 . 140,250
104,942 . Stipendiary lecturers 127,721 . 127,721
86,633 . Outside tuition payments 65,911 . 65,911
166,295 . Other tuition and research expenses (including research assistants) 184,658 . 184,658
76,912 . Common Table 80,283 . 80,283
138,323 . Library 151,970 . 151,970
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
6,748 . (i) Provided from trust funds 4,717 . .
56,583 . (ii) Provided otherwise 80,832 . .
63,331 . . 85,549 . 85,549
. . . . . .
4,738 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 12,728 . 12,728
101,639 . Chaplain and chapel services 110,829 . 110,829
72,068 . College hospitality 63,517 . 63,517
101,220 . Junior clubs 100,794 . 100,794
. . Subscriptions and donations to the college's own academic objectives . . .
. 354,107 Catering supplies consumed (less sale of waste) . 311,726 311,726
. . Outside caterers' and other colleges' charges . . .
. . Services: . . .
276,311 847,183 (i) Domestic staff 284,467 872,307 1,156,774
48,328 155,537 (ii) Heat, light, water 44,583 145,245 189,828
24,894 99,782 (iii) Laundry and cleaning 23,854 91,998 115,852
39,054 100,133 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 37,084 88,350 125,434
388,587 1,202,635 . 389,988 1,197,900 1,587,888
. . Administration: . . .
43,582 61,919 (i) College officers and others 48,568 67,426 115,994
126,660 87,070 (ii) Office and clerical staff 135,474 93,102 228,576
55,919 50,642 (iii) Office expenses 63,182 51,654 114,836
6,823 6,824 (iv) Legal and professional charges 6,903 6,904 13,807
232,984 206,455 . 254,127 219,086 473,213
. . . . . .
5,311 15,932 Pensions paid to former members and employees of the college 5,911 17,732 23,643
. . Other expenses: . . .
20,457 6,100 Miscellaneous 12,867 7,657 20,524
________ ________ . ________ ________ ________
2,668,607 1,785,229 . 2,760,756 1,754,101 4,514,857
. . College premises: . . .
245,282 521,225 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 192,314 408,666 600,980
________ ________ . ________ ________ ________
2,913,889 2,306,454 . 2,953,070 2,162,767 5,115,837
. . . . . .
(1,161,404) (181,921) SURPLUS/(DEFICIT) (1,188,413) 56,651 (1,131,762)

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 accounts)		 3,065 760,487 (4,210,240) 433,239 62,646 (2,950,803)
ADD: . . . . . .
Net proceeds of sale of estates . . 954,249 . . 954,249
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 27,028,966 . . . 27,028,966
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 2,509 . . . . 2,509
(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) . 67,488 . . (166,317) (98,829)
Internal transfers - amounts added: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 7,918 . . 7,918
(ii) Otherwise . . . . 417,488 417,488
Other receipts: . . . . . .
Benefactions . . . 22,282 . 22,282
Sale of Trust Pool shares . 2,701 . . . 2,701
. ________ ________ ________ ________ ________ ________
. 2,509 27,099,155 962,167 22,282 251,171 28,337,284
DEDUCT: . . . . . .
Cost of purchase and improvement of estates . . 802,595 . . 802,595
Cost of purchase of securities for trust funds
and capital account		 . 27,241,431 . . . 27,241,431
Cost of additions and improvements to college premises . . 1,440,001 . . 1,440,001
Expenditure out of fund for major repairs to estates . . . . . .
Major repairs to fabric and exterior of buildings . . . 4,962 . 4,962
Other major repairs and maintenance
(including interior redecoration)		 . . . 174,260 . 174,260
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . 417,488 . . . 417,488
Other payments: . . . . . .
Purchase of Trust Pool shares 2,701 . . . . 2,701
Expenditure from accumulated funds . . . 20,219 . 20,219
Miscellaneous 190 . . . . 190
. ________ ________ ________ ________ ________ ________
. 2,891 27,658,919 2,242,596 199,441 . 30,103,847
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 2,683 200,723 (5,490,669) 256,080 (313,817) (4,717,366)

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
3,065 (i) Only for purposes wholly outside the objects of the college 2,683 .
760,487 (ii) Wholly or partly for the benefit of the college 200,723 .
763,552 . . 203,406
. . . .
(4,210,240) Capital account (excluding amount invested) . (5,490,669)
433,239 Reserves and special funds . 256,080
62,646 Revenue account . 313,817
(2,950,803) . . (4,717,366)
. . . .
. Represented by: . .
. ASSETS . .
806 Cash in hands of officers and servants . 897
1,933,338 Balance with bankers . 361,156
. Deposits other than with bankers . .
222,242 Investments (other than of trust funds and capital account)
NOTE: Market Value 198,629		 . 198,629
. . . .
. Debtors and debit balances: . .
73,687 (i) Battels 78,320 .
23,381 (ii) Rents 26,473 .
374,178 (iii) Other 486,716 .
471,246 . . 591,509
. . . .
13,029 Income tax recoverable . 5,166
169,446 Stocks and stores . 179,337
192,456 Furniture and Equipment . 152,720
________ . . ________
3,002,565 . . 1,489,414
. . . .
. LIABILITIES . .
120 Caution money 120 .
. Bank overdraft . .
5,000,000 Loans 5,000,000 .
. Unexpended balances of grants for specific purposes . .
953,248 Other creditors and credit balances 1,206,660 .
5,953,368 . . 6,206,780
(2,950,803) . . (4,717,366)

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of New 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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