Nuffield 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):
0 undergraduates, 75 postgraduates, 2 additional. Total=77. 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:..
4,461,072 Net income as shown in Statement III 4,405,174 .
319,788 Less: College contribution (Statement III) 359,767 .
4,141,284..4,045,407
. . . .
700,878 From fees, dues and charges (including room rents) 718,597 .
229,032 Less: Collected on behalf of the University 239,293 .
471,846..479,304
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
215,271 From outside sources312,155 .
. .. 312,155
. From other sources: . .
. .. 5,035
________ . . ________
4,828,401 Total income . 4,836,866
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
3,708,896 (i) Education and Research (Statement IV) 4,183,639 .
454,612 (ii) Internal (Statement V) 430,520 .
970,242 On college premises (Statement III) 610,479 .
5,133,750 . . 5,133,750
. . . .
55,316 For other purposes, excluding college contribution (Statement III) . 39,114
________. .________
5,189,066 Total expenditure . 5,263,752
. . . .
. 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 . .
19,687 (b) carried forward for the trust purposes . 86,973
________. .________
19,687 . . 86,973
. . . .
. Reserves and special funds . .
(380,352) Revenue account . (513,859)
(360,665) . . (426,886)
. Attributable to: . .
3,254,514 Endowment (Statement III) 3,096,923 .
(2,998,012) Education and Research (Statement IV) (3,301,913) .
(617,167) Internal (Statement V) (221,896) .
(360,665) . (426,886) .

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: . .
30,508 Agricultural land . 27,509
546,227 Non-agricultural land . .
. Let on terms that tenant not responsible for structural repairs . 477,896
2,482,941 Let on other terms . 2,527,960
. 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 . .
1,841,133 Interest and dividends . 1,898,957
. Underwriting commissions . .
959 Copyright royalties . .
. Other income: . .
________..________
4,901,768 . . 4,932,322
. 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 . .
________..________
4,901,768 Total of gross income from endowments and other sources as shown in Statement III . 4,932,322
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
7,627 In respect of the full amount of rents from agricultural land 27,509 @25% 6,877 .
218,491 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 477,896 @40% 191,158 .
248,294 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) 		2,527,960 @10% 252,796 .
92,057 In respect of the gross amount of interest and dividends 1,898,957 @5% 94,948 .
.(b) In respect of leaseholds:. .
15,566 (i) Rent payable 14,958 .
27,156 (ii) Amortization of lease premium 29,624 .
. (c) Interest . .
166,978 (d) Allowances for exceptional obligations 236,906 .
________ .________.
776,169 . . 827,267
4,125,599 STATUTORY ENDOWMENT INCOME . 4,105,055
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 2,875,055 at 12.0% 345,007 .
. On 4,105,055 359,767 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
4,901,768 Gross income from endowment and other sources as shown in Statement II . 4,932,322
. 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		 . .
________.. ________
4,901,768 . . 4,932,322
. Less: Expenses of obtaining that income: . .
32,733 Rent, rates, taxes and insurance (less commission) 28,486 .
. Provision for major repairs . .
. Other repairs and maintenance 68,428 .
27,156 Amortization and depreciation 29,624 .
27,156 . 98,052 .
380,807 Agency, management and administration 400,610 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
________.________ .
440,696 . . 527,148
4,461,072 Net income as shown in Statement I . 4,461,072
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
319,788 College contribution (Statement II) 359,767 .
. Donations and subscriptions: . .
. (i) for University objects . .
3,774 (ii) Other 3,364 .
. Livings . .
. Maintenance of schools . .
51,542 Other 35,750 .
________ . . ________
4,085,968 Net income available for college's own purposes . 4,006,293
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
332,639 Statement IV 391,324 .
. Statement V . .
________.________.
332,639 . . 391,324
3,753,329 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 3,614,969
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
476,326 (i) Provision for major repairs 476,456 .
22,346 (ii) Other repairs and maintenance 44,552 .
. (iii) Amortization and depreciation . .
________.________ .
498,672 . 521,008 .
9,474 Upkeep of gardens and grounds 9,624 .
508,146 . . 530,632
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs . .
430,411 (ii) Other repairs and maintenance 43,484 .
. Rent . .
4,995 Rates and taxes 8,124 .
26,690 Insurance (less commission) 28,239 .
462,096 . . 79,847
970,242.. 610,479
. Less: Contribution from Statements IV and V: . .
9,331 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 12,586 .
462,096 (ii) For other expenses 79,847 .
471,427 . . 92,433
498,815 . . 518,046
. . . .
3,254,514 SURPLUS/(DEFICIT) . 3,254,514

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) . . .
. . (i) Consolidated . . .
63,513 . (ii) Tuition 94,754 . 94,754
. 49,298 (iii) Dues and establishment charges . 73,548 73,548
. . (iv) Degree . . .
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
63,513 49,298. 94,754 73,548 168,302
. . . . . .
99,461 247,092 Charges for accommodation (including notional room rents), meals & service 83,493 207,425 290,918
. 12,482 Rents from furnished accommodation outside the college occupied by student members . 20,084 20,084
. . Sales from buttery and stores . . .
________ ________ . ________________________
162,974 *308,872 . 178,247 *301,057479,304
. . . . . .
332,639 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 391,324 . 391,324
. . . . . .
. . Research grants: . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
215,271 . (iii) From outside sources . 312,155 .
215,271 . . 312,155 . 312,155
. . . . . .
. . Other Grants and contributions . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
. . (iii) From outside sources . . .
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 117,174 Statement IV: Common Table . 125,019 .
. 72,518 Statement IV: College hospitality . 63,181 .
. 189,692 . . 188,200 188,200
. . Other income: . . .
________ ________ . ________________________
710,884 498,564 Total income 881,726 489,257 1,370,983
. . . . . .
..* NOTE: Charged to...
. 308,872 Members and employees of the college . 301,057 .
. . Other colleges . . .
. . Others (conferences etc.) . . .
. ________ . . ________ .
. 308,872 . . 301,057 .
. . . . . .
..EXPENDITURE.. .
69,702 . Head of College 74,322 . 74,322
. . Teaching fellows . . .
1,347,667 . Other fellows 1,584,523 . 1,584,523
. . Stipendiary lecturers . . .
. . Outside tuition payments . . .
848,571 . Other tuition and research expenses (including research assistants) 1,023,116 . 1,023,116
117,174 . Common Table 125,019 . 125,019
273,918 . Library 345,906 . 345,906
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
. . (i) Provided from trust funds . . .
319,255 . (ii) Provided otherwise 357,017 . .
319,255 . . 357,017 . 357,017
. . . . . .
. . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 . . .
5,642 . Chaplain and chapel services 5,563 . 5,563
72,518 . College hospitality 63,181 . 63,181
9,348 . Junior clubs . . .
. . Subscriptions and donations to the college's own academic objectives . . .
. 151,683 Catering supplies consumed (less sale of waste). 150,594 150,594
. . Outside caterers' and other colleges' charges . . .
..Services:...
178,230 330,998 (i) Domestic staff 168,697 313,294 481,991
39,516 16,935 (ii) Heat, light, water 42,759 18,325 61,084
18,931 8,113 (iii) Laundry and cleaning 24,709 10,589 35,298
75,321 32,282 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 7,610 3,261 10,871
311,998 388,328 . 243,775 345,469589,244
. .Administration: . . .
29,408 . (i) College officers and others 10,885 . 10,885
146,858 62,939 (ii) Office and clerical staff 172,932 74,114 247,046
144,828 36,207 (iii) Office expenses 153,917 38,479 192,396
12,009 5,147 (iv) Legal and professional charges 23,483 10,064 33,547
________ ________ . ________ ________ ________
333,103 104,293 . 361,217 122,657 483,874
. . . . . .
. . Pensions paid to former members and employees of the college . . .
..Other expenses .. .
________________. ________________________
3,708,896 644,304 . 4,183,639 618,720 4,802,359
..College premises:...
471,427 94,881 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance . 92,433 92,433
________ ________ . ________________________
3,708,896 1,115,731 . 4,183,639 711,153 4,894,792
. . . . . .
(2,998,012) (617,167) SURPLUS/(DEFICIT) (3,301,913) (221,896) (3,523,809)

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)		 . 2,710,510 (2,170,671) 1,030,402 3,523,605 5,093,846
ADD:......
Net proceeds of sale of estates . . 2,554,577 . . 2,554,577
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 2,892,317 17,411,744 . . 20,304,061
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) . 86,973 . . (513,859) (426,886)
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year 		. . 29,624 476,456 . 506,080
(ii) Otherwise . . 53,956 44,151 . 98,107
Other receipts: . . . . . .
Sale of shares in trust pool . 48,293 . . . 48,293
.________________ ________________________ ________
. . 3,027,583 20,049,901 520,607 (5l3,859) 23,084,232
DEDUCT:... ...
Cost of purchase and improvement of estates . . 3,230,787 . . 3,230,787
Cost of purchase of securities for trust funds
and capital account		 . 4,209,103 15,841,239 . . 20,050,342
Cost of additions and improvements to college premises. . . . . .
Expenditure out of fund for major repairs to estates . . . 1,494,685 . 1,494,685
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: . . . . . .
Sale of shares in trust pool . 48,293 . . . 48,293
.________________ ________________________ ________
. . 4,257,396 19,072,026 1,494,685 . 24,824,107
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 1,480,697 (1,192,796) 56,324 3,009,746 3,353,971

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 .
2,710,510 (ii) Wholly or partly for the benefit of the college 1,480,697 .
2,710,510 . . 1,480,697
. . . .
(2,170,671) Capital account (excluding amount invested) . (1,192,796)
1,030,402 Reserves and special funds . 56,324
3,523,605 Revenue account . 3,009,746
5,093,846 . . 3,353,971
. . . .
. Represented by: . .
. ASSETS . .
315 Cash in hands of officers and servants 315 .
3,797,715 Balance with bankers . 2,379,885
1,341,388Deposits other than with bankers. 1,141,148
. Investments (other than of trust funds and capital account)
NOTE: Market Value 		. .
. . . .
. Debtors and debit balances: . .
38,835 (i) Battels 12,616 .
64,276 (ii) Rents 110,534.
601,209(iii) Other 417,379 .
704,320 . . 540,529
. . . .
540,529 Income tax recoverable . 7,399
67,359 Stocks and stores . 69,587
. Furniture and Equipment . .
________..________
5,967,357 . . 4,138,863
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
. Loans . .
264,780 Unexpended balances of grants for specific purposes 155,155 .
608,731 Other creditors and credit balances 629,737 .
873,511 . . 784,892
5,093,846 .. 3,353,971

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Nuffield 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.

Grant Thornton
Chartered Accountants

5 December 2002

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