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

I. CONSOLIDATED REVENUE STATEMENT

II. STATUTORY ENDOWMENT INCOME AND COLLEGE CONTRIBUTION

2000-01 £	GROSS INCOME	.	2001-02 £
.	From all relevant sources except trusts of which the college is not the sole trustee:	.	.
.	Rent:	.	.
3	Agricultural land	.	3
.	Non-agricultural land	.	.
32,503	Let on terms that tenant not responsible for structural repairs	.	17,867
.	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	.	.
677,732	Interest and dividends	.	627,470
.	Underwriting commissions	.	.
.	Copyright royalties	.	.
.	Other income:	.	.
________	.	.	________
710,238	.	.	645,340
.	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	.	.
________	.	.	________
710,238	Total of gross income from endowments and other sources as shown in Statement III	.	645,340
.	.	.	.
.	PERMISSIBLE DEDUCTIONS	.	.
.	(a) Standard deductions:	.	.
1	In respect of the full amount of rents from agricultural land	3 @25% 1	.
9,122	In respect of the full amount of rents from non-agricultural land let on terms that tenant not responsible for structural repairs	17,867 @40% 7,147	.
.	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)	.	.
33,887	In respect of the gross amount of interest and dividends	627,470 @5% 31,373	.
.	(b) In respect of leaseholds:	.	.
.	Rent payable	.	.
.	Amortization of lease premium	.	.
915	(c) Interest	.	.
.	(d) Allowances for exceptional obligations	.	.
________	.	________	.
47,804	.	.	38,521
662,434	STATUTORY ENDOWMENT INCOME	.	606,819
.	.	.	.
.	CONTRIBUTION PAYABLE	.	.
.	On 606,819	Nil	.
.	On 606,819	Nil	.

III. ENDOWMENT ACCOUNT

2000-01 £	INCOME	.	2001-02 £
710,238	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	.	645,340
.	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	.	.
________	.	.	________
710,238	.	.	645,340
.	Less: Expenses of obtaining that income:	.	.
.	Rent, rates, taxes and insurance (less commission)	.	.
.	Provision for major repairs	.	.
3,187	Other repairs and maintenance	.	.
.	Amortization and depreciation	.	.
.	.	.	.
44,335	Agency, management and administration	44,019	.
.	Donations and subscriptions in connection with estates	.	.
.	Entertainment of tenants and others	.	.
915	Other expenses	.	.
________	.	________	.
48,437	.	.	44,019
661,801	Net income as shown in Statement I	.	601,321
.	.	.	.
.	AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE THAN FOR THE COLLEGE'S OWN PURPOSES	.	.
8,938	College contribution (Statement II)	Nil	.
.	Donations and subscriptions:	.	.
.	(i) for University objects	.	.
.	(ii) other	.	.
.	Livings	.	.
.	Maintenance of schools	.	.
.	Other:	.	.
________	.	________	.
661,801	Net income available for college's own purposes	.	601,321
.	Less: Amount of trust fund income transferred to Statement IV and V equivalent to expenditure from trusts included in those Statements.	.	.
94,510	Statement IV	81,624	.
.	Statement V	135,757	.
________	.	________	.
94,510	.	.	217,381
567,291	BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES	.	383,940
.	.	.	.
.	EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE	.	.
.	Repair and maintenance of fabric and exterior of buildings:	.	.
295,000	(i) Provision for major repairs	303,850	.
26,801	(ii) Other repairs and maintenance	53,879	.
.	(iii) Amortization and depreciation	.	.
________	.	________	.
321,801	.	357,729	.
.	.	.	.
39,364	Upkeep of gardens and grounds	41,073	.
361,165	.	.	398,802
.	All other building repairs and maintenance (including interior redecoration):	.	.
190,000	(i) Provision for major repairs	195,700	.
175,867	(ii) Other repairs and maintenance	227,758	.
.	Rent	.	.
9,572	Rates and taxes	15,462	.
11,210	Insurance (less commission)	18,650	.
386,649	.	.	457,570
747,814	.	.	856,372
.	Less: Contribution from Statements IV and V:	.	.
65,100	(i) For upkeep of fabric, gardens and grounds (based on standard formula)	65,100	.
386,649	(ii) For other expenses	457,570	.
451,740	.	.	522,670
296,065	.	.	333,702
.	.	.	.
271,226	SURPLUS/(DEFICIT)	.	50,238

IV. EDUCATION AND RESEARCH ACCOUNT
V. INTERNAL ACCOUNT

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)	.	.	.
1,367,516	341,879	(i) Consolidated	1,452,590	363,148	1,815,738
.	.	(ii) Tuition	.	.	.
.	.	(iii) Dues and establishment charges	.	.	.
.	.	(iv) Degree	.	.	299
.	.	(v) Library	.	.	.
.	.	(vi) Other	.	.	.
________	________	.	________	________	________
1,367,516	341,879	.	1,452,590	363,148	1,815,738
.	.	.	.	.	.
.	1,351,188	Charges for accommodation (including notional room rents), meals & service	.	1,398,148	1,398,148
.	.	Rents from furnished accommodation outside the college occupied by student members	.	.	.
.	77,855	Sales from buttery and stores	.	77,897	77,897
________	________	.	________	________	________
1,367,516	*1,770,922	.	1,452,590	*1,839,175	3,291,765
.	.	.	.	.	.
94,510	.	Amount of trust fund income available only for expenditure dealt with in this account (transferred from Statement III)	81,624	135,757	217,381
.	.	.	.	.	.
.	.	Research grants:	.	.	.
.	.	(i) From the University	.	.	.
.	.	(ii) From other Oxford colleges	.	.	.
139,853	.	(iii) From outside sources	166,043	.	166,043
.	.	.	.	.	.
.	.	Other Grants and contributions	.	.	.
4,642	.	(i) From the University	5,201	.	.
14,005	.	(ii) From other Oxford colleges	14,862	.	.
32,925	.	(iii) From outside sources	101,507	.	.
51,572	.	.	121,570	.	121,570
.	.	.	.	.	.
.	.	Charges to other accounts:	.	.	.
.	.	Statement III: Entertainment of tenants and others	.	.	.
.	38,400	Statement IV: Common Table	.	40,000	.
.	36,000	Statement IV: College hospitality	.	37,500	.
.	74,400	.	.	77,500	77,500
.	.	Other income:	.	.	.
2,809	3,849	Miscellaneous	.	.	.
8,529	20,872	Donations for furniture and equipment	8,921	>5,948	14,869
.	4,044	Sale of Assets	.	1,384	1,384
.	.	Donation for bursaries	50,000	.	50,000
________	________	.	________	________	________
1,664,789	1,874,085	Total income	1,880,748	2,059,764	3,940,512
.	.	.	.	.	.
.	.	* NOTE: Charged to	.	.	.
.	1,391,224	Members and employees of the college	.	1,420,318	.
.	.	Other colleges	.	.	.
.	379,698	Others (conferences etc.)	.	418,857	.
.	1,770,922	.	.	1,839,175	.
.	.	.	.	.	.
.	.	EXPENDITURE	.	.	.
51,036	.	Head of College	58,202	.	58,202
451,760	.	Teaching fellows	439,596	.	439,596
15,140	.	Other fellows	9,722	.	9,722
109,672	.	Stipendiary lecturers	162,822	.	162,822
156,653	.	Outside tuition payments	146,103	.	146,103
111,190	.	Other tuition and research expenses (including research assistants)	85,192	.	85,192
38,400	.	Common Table	40,000	.	40,000
53,199	.	Library	65,803	.	65,803
.	.	Research studentships, scholarships, exhibitions, prizes, grants:	.	.	.
34,598	.	(i) Provided from trust funds	27,456	.	.
15,944	.	(ii) Provided otherwise	67,809	.	.
50,542	.	.	95,265	.	95,265
.	.	.	.	.	.
16,518	.	Examiners and examination expenses (including fees paid to the Oxford Colleges Admissions Office)	17,180	.	17,180
29,829	.	Chaplain and chapel services	51,052	.	51,052
36,000	.	College hospitality	37,500	.	37,500
53,000	.	Junior clubs	53,129	.	53,129
13,932	.	Subscriptions and donations to the college's own academic objectives	10,503	.	10,503
.	268,931	Catering supplies consumed (less sale of waste)	.	274,290	274,290
.	36,019	Outside caterers' and other colleges' charges	.	445,873	445,873
.	.	Services:	.	.	.
89,653	603,196	(i) Domestic staff	85,213	617,940	703,153
12,778	115,002	(ii) Heat, light, water	14,417	129,756	144,173
5,573	69,287	(iii) Laundry and cleaning	5,072	62,952	68,024
32,559	239,884	(iv) Repair, renewal, insurance (less commissions) and depreciation of furniture and equipment	65,032	256,182	321,214
140,563	1,027,369	.	169,734	1,066,830	1,236,564
.	.	Administration:	.	.	.
6,679	60,113	(i) College officers and others	17,241	155,172	172,413
147,606	76,273	(ii) Office and clerical staff	171,178	78,241	249,419
34,442	40,700	(iii) Office expenses	48,602	42,926	91,528
64,910	39,725	(iv) Legal and professional charges	23,654	60,175	83,829
253,637	216,811	.	260,675	336,514	597,189
.	.	.	.	.	.
.	.	Pensions paid to former members and employees of the college	.	.	.
.	.	Other expenses:	.	.	.
________	________	.	________	________	________
1,581,071	1,549,130	.	1,702,478	1,723,507	3,425,985
.	.	College premises:	.	.	.
171,665	280,084	Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance	198,615	324,055	522,670
________	________	.	________	________	________
1,752,736	1,829,214	.	1,901,093	2,047,652	3,948,655
.	.	.	.	.	.
(87,947)	44,971	SURPLUS/(DEFICIT)	(20,345)	12,202	(8,143)

VI. SUMMARY OF TRANSACTIONS AFFECTING ACCUMULATED BALANCES

.	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)	.	2,615,530	896,985	797,042	(2,388,817)	1,920,740
ADD:	.	.	.	.	.	.
Net proceeds of sale of estates	.	.	.	.	.	.
Net proceeds of sale and redemption of securities of trust funds and capital account	.	515,761	45,018	.	.	560,779
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)	.	114,491	.	(43,961)	(28,435)	42,095
Internal transfers - amounts added:	.	.	.	499,550	.	499,550
(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	.	.	.	49,688	.	49,688
Other receipts:	.	.	.	.	.	.
Benefactions	.	214,699	219,067	219,067	.	579,543
College Contributions Grant	.	500,000	.	.	.	500,000
Issue of Trust Pool shares	.	1,295,343	.	.	.	1,295,343
Development Office Income	.	.	.	34,934	.	34,934
.	________	________	________	________	________	________
.	.	2,640,294	299,019	651,054	(28,435)	3,561,932
DEDUCT:	.	.	.	.	.	.
Cost of purchase and improvement of estates	.	.	.	.	.	.
Cost of purchase of securities for trust funds and capital account	.	601,775	40,010	.	.	641,785
Cost of additions and improvements to college premises	.	.	.	.	.	.
Expenditure out of fund for major repairs to estates	.	.	.	.	.	.
Major repairs to fabric and exterior of buildings	.	.	.	335,369	.	335,369
Other major repairs and maintenance (including interior redecoration)	.	.	.	125,114	.	125,114
Internal transfers - amounts deducted otherwise than in arriving at surplus/(deficit) of income for year	.	.	.	.	49,688	49,688
Other payments:	.	.	.	.	.	.
Purchase of trust Pool shares	.	1,295,343	.	.	.	1,295,343
Development Office expenses	.	.	215,585	.	.	215,585
.	________	________	________	________	________	________
.	.	1,897,118	255,595	460,483	49,688	2,662,884
.	.	.	.	.	.	.
BALANCES AT END OF YEAR (excluding invested balances of trust funds and capital accounts)	.	3,358,706	940,409	987,613	(2,466,940)	2,819,788

VII. STATEMENT OF BALANCES

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	.	.
2,615,530	(ii) Wholly or partly for the benefit of the college	3,358,706	.
2,615,530	.	.	3,358,706
.	.	.	.
896,985	Capital account (excluding amount invested)	.	940,409
797,042	Reserves and special funds	.	987,613
(2,388,817)	Revenue account	.	(2,466,940)
1,920,740	.	.	2,819,788
.	.	.	.
.	Represented by:	.	.
.	ASSETS	.	.
998	Cash in hands of officers and servants	.	605
2,321,091	Balance with bankers	.	570,811
7,521	Deposits other than with bankers	.	2,542,226
87,469	Investments (other than of trust funds and capital account) NOTE: Market Value 476,141	.	87,469
.	.	.	.
.	Debtors and debit balances:	.	.
77,595	(i) Battels	82,138	.
.	(ii) Rents	.	.
201,021	(iii) Other	189,112	.
278,616	.	.	271,250
.	.	.	.
35,005	Income tax recoverable	.	5,953
35,284	Stocks and stores	.	32,587
.	Furniture and Equipment	.	.
________	.	.	________
2,765,984	.	.	3,510,901
.	.	.	.
.	LIABILITIES	.	.
.	Caution money	.	.
139,181	Bank overdraft	.	.
12,000	Loans	.	.
192,466	Unexpended balances of grants for specific purposes	132,187	.
501,597	Other creditors and credit balances	558,926	.
845,244	.	.	691,113
1,920,740	.	.	2,819,788

AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Pembroke 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

12 November 2002