St Hugh's 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):
415 undergraduates, 125 postgraduates, 4 additional. Total=544. 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:..
401,498 Net income as shown in Statement III 341,271 .
. Less: College contribution (Statement III) Nil .
401,498..341,271
. . . .
4,208,193 From fees, dues and charges (including room rents) 4,529,623 .
959,877 Less: Collected on behalf of the University 1,040,998 .
3,248,316..3,488,625
. From grants and donations: . .
48,906 From the University 16,843 .
17,930 From other Oxford colleges 66,749 .
21,289 From outside sources 114,758 .
. .. 198,350
5,715 From other sources 5,689 .
. . . 5,689
________ . . ________
3,743,654 Total income . 4,033,935
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,922,432 (i) Education and Research (Statement IV) 2,120,746 .
1,660,081 (ii) Internal (Statement V) 1,701,187 .
682,912 On college premises (Statement III) 645,220 .
4,265,425 . . 4,467,153
. . . .
551 For other purposes, excluding college contribution (Statement III) . 416
________. .________
4,265,976 Total expenditure . 4,467,569
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
13,259 (a) available for the college's general purposes . (13,259)
. (b) carried forward for the trust purposes . .
________. .________
13,259 . . (13,259)
. . . .
. Reserves and special funds . .
(535,581) Revenue account . (401,725)
(522,322) . . (433,634)
. Attributable to: . .
(145,571) Endowment (Statement III) (198,328) .
(201,234) Education and Research (Statement IV) (219,941) .
(175,517) Internal (Statement V) (15,365) .
(522,322) . (433,634) .

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 . .
270,663 Let on terms that tenant not responsible for structural repairs . 271,247
7,800 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 . .
736,462 Interest and dividends . 506,726
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
________..________
1,014,925 . . 777,973
. 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: . .
3,959 Income paid to the college by the trustees or applied by them to any purpose of the college . 22,500
________..________
1,018,884 Total of gross income from endowments and other sources as shown in Statement III . 800,473
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
.In respect of the full amount of rents from agricultural land @25% .
108,265 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 271,247 @40% 108,499 .
780 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% .
36,823 In respect of the gross amount of interest and dividends 506,726 @5% 25,336 .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
518,859 (c) Interest 347,405 .
. (d) Allowances for exceptional obligations . .
________ .________.
664,727 . . 481,240
354,157 STATUTORY ENDOWMENT INCOME . 319,233
. . . .
. CONTRIBUTION PAYABLE . .
. On 319,233 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
1,018,884 Gross income from endowment and other sources as shown in Statement II . 800,473
. 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		 . .
________.. ________
1,018,884 . . 800,473
. Less: Expenses of obtaining that income: . .
141 Rent, rates, taxes and insurance (less commission) 205 .
. Provision for major repairs . .
(472) Other repairs and maintenance (472) .
. Amortization and depreciation . .
. . . .
98,999 Agency, management and administration 112,269 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
518,859 Interest 347,405 .
________.________ .
617,386 . . 459,202
401,498 Net income as shown in Statement I . 341,271
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
. College contribution (Statement II) Nil .
. Donations and subscriptions: . .
36 (i) for University objects 36 .
515 (ii) Other 380 .
. Livings . .
. Maintenance of schools . .
. Other: . .
________ . ________ .
551 . 416 .
. . . 416
________ . . ________
400,947 Net income available for college's own purposes . 340,855
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
351,241 Statement IV 331,245 .
. Statement V . .
________.________.
351,241 . . 331,245
49,706 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 9,610
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
240,000 (i) Provision for major repairs 200,000 .
29,118 (ii) Other repairs and maintenance 21,996 .
. (iii) Amortization and depreciation 50,315 .
________.________ .
269,118 . 272,311 .
34,225 Upkeep of gardens and grounds 41,722 .
303,343 . . 314,033
. All other building repairs and maintenance (including interior redecoration): . .
150,000 (i) Provision for major repairs 125,000 .
208,633 (ii) Other repairs and maintenance 180,328 .
. Rent . .
4,910 Rates and taxes 9,360 .
16,026 Insurance (less commission) 16,499 .
379,569 . . 331,187
682,912.. 645,220
. Less: Contribution from Statements IV and V: . .
108,066 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 106,095 .
379,569 (ii) For other expenses 331,187 .
487,635 . . 437,282
195,277 . . 195,277
. . . .
(145,571) SURPLUS/(DEFICIT) . (198,328)

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) . . .
1,251,028 312,757 Consolidated 1,287,629 321,907 1,609,536
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
1,155 . (iv) Degree 842 . 842
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
1,252,183 312,757 . 1,288,471 321,907 1,610,378
. . . . . .
109,495 1,573,881 Charges for accommodation (including notional room rents), meals & service 157,077 1,721,170 1,878,247
. . Rents from furnished accommodation outside the college occupied by student members . . .
. . Sales from buttery and stores . . .
________ ________ . ________________________
1,361,678 *1,886,638 . 1,445,548 *2,043,0773,488,625
. . . . . .
351,241 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 331,245 . 331,245
. . . . . .
. . Research grants: . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
21,289 . (iii) From outside sources 114,758 . .
. . . . . 114,758
. . Other Grants and contributions . . .
48,906 . (i) From the University 16,834 . .
17,930 . (ii) From other Oxford colleges 66,749 . .
. . (iii) From outside sources . . .
________ . . ________ . .
66,836 . . 83,592 . 83,592
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 93,026 Statement IV: Common Table . 95,952 .
. 12,010 Statement IV: College hospitality . 14,596 .
. 105,036 . . 110,548 110,548
. . Other income . . .
3,052 2,663 . . 5,689 5,689
________ ________ . ________________________
1,804,096 1,994,337 Total income 1,975,143 2,159,314 4,134,457
. . . . . .
..* NOTE: Charged to...
. 1,508,113 Members and employees of the college . 1,510,649 .
. . Other colleges . . .
. 378,525 Others (conferences etc.) . 532,428 .
. ________ . . ________ .
. 1,886,638 . . 2,043,077 .
. . . . . .
..EXPENDITURE.. .
48,305 . Head of College 44,886 . 44,886
667,413 . Teaching fellows 861,118 . 861,118
49,790 . Other fellows 52,736 . 52,736
134,906 . Stipendiary lecturers 69,895 . 69,895
101,088 . Outside tuition payments 123,904 . 123,904
. . Other tuition and research expenses (including research assistants) . . .
93,026 . Common Table 95,952 . 95,952
118,543 . Library 115,953 . 115,953
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
. 89,118 (i) Provided from trust funds 89,118 . .
53,409 . (ii) Provided otherwise 56,383 . .
142,527 . . 145,501 . 145,501
. . . . . .
17,707 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 14,745 . 14,745
17,253 . Chaplain and chapel services 15,433 . 15,433
12,010 . College hospitality 14,596 . 14,596
51,369 . Junior clubs 53,568 . 53,568
. . Subscriptions and donations to the college's own academic objectives . . .
. 273,076 Catering supplies consumed (less sale of waste). 281,256 281,256
. . Outside caterers' and other colleges' charges . . .
..Services:...
84,572 837,926 (i) Domestic staff 88,927 862,593 951,520
30,047 146,702 (ii) Heat, light, water 27,221 132,902 160,123
4,480 21,871 (iii) Laundry and cleaning 5,074 24,772 29,846
18,073 88,237 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 20,890 101,993 122,883
137,172 1,094,736 . 142,112 1,122,2601,264,372
. .Administration: . . .
20,544 11,299 (i) College officers and others 31,462 17,304 48,766
185,446 219,318 (ii) Office and clerical staff 181,101 215,275 396,376
42,355 47,762 (iii) Office expenses 34,065 38,414 72,479
7,759 21,223 (iv) Legal and professional charges 7,486 22,439 29,925
________ ________ . ________ ________ ________
256,104 299,602 . 254,114 293,432 547,546
. . . . . .
. 5,458 Pensions paid to former members and employees of the college . 5,449 5,449
. . Other expenses . . .
75,219 92,245 . 116,233 109,338 225,571
________________. ________________________
1,922,432 1,765,117 . 2,120,746 1,811,735 3,932,481
..College premises:...
82,898 404,737 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 74,338 362,944 437,282
________ ________ . ________________________
2,005,330 2,169,854 . 2,195,084 2,174,679 4,369,763
. . . . . .
(20l,234) (175,517) SURPLUS/(DEFICIT) (219,941) (15,365) (235,300)

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)		 . 598,806 . 2,283,600 (129,606) 2,752,800
ADD:......
Net proceeds of sale of estates . . . . . .
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 9,755,701 . . . 9,755,701
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) . (31,909) . . (401,725) (433,634)
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year 		. . 50,315 325,000 . 375,315
(ii) Otherwise . 82,835 169,181 . 596,708 848,724
Other receipts: . . . . . .
Loans repaid . . . 2,415 . 2,415
Issue of Trust Pool shares . 290,224 . . . 290,224
Sale of Trust Pool shares . . 78,467 . . 78,467
Bequests and Donations . . . 172,650 . 172,650
.________________ ________________________ ________
. . 10,099,266 297,963 497,650 194,983 11,089,862
DEDUCT:... ...
Cost of purchase and improvement of estates . . . . . .
Cost of purchase of securities for trust funds
and capital account		 . 9,967,458 . . . 9,967,458
Cost of additions and improvements to college premises. . . 169,181 . 169,181
Expenditure out of fund for major repairs to estates . . . . . .
Major repairs to fabric and exterior of buildings . . . 123,781 . 123,781
Other major repairs and maintenance
(including interior redecoration)		 . . . 192,107 . 192,107
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . 848,724 . 848,724
Other payments: . . . . . .
Loans and Grants . 1,150 . . . 1,150
Redemption of Trust Pool shares . 78,467 . . . 78,467
Purchase of Trust Pool shares . 290,224 .. . 290,224
Loan repaid . . 128,782 .. 128,782
Loss on sale of investments . . . 163,118 . 163,118
Appeal Admin . . . 95,716 . 95,716
.________________ ________________________ ________
. . 10,337,299 297,963 1,423,446 . 12,058,708
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 360,773 . 1,357,804 65,377 1,783,954

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 . .
598,806 (ii) Wholly or partly for the benefit of the college 360,773 .
598,806 . . 360,773
. . . .
. Capital account (excluding amount invested) . .
2,283,600 Reserves and special funds . 1,357,804
(129,606) Revenue account . 65,377
________ . . ________
2,752,800 . . 1,783,954
. . . .
. Represented by: . .
. ASSETS . .
7 Cash in hands of officers and servants 7 .
. Balance with bankers . .
. Deposits other than with bankers . .
2,283,600 Investments (other than of trust funds and capital account)
NOTE: Market Value 1,357,804		 . 1,357,804
. . . .
. Debtors and debit balances: . .
13,957 (i) Battels 15,291 .
18,880 (ii) Rents 2,063 .
1,825,791(iii) Other 1,893,417 .
1,858,628 . . 1,910,771
. . . .
4,124 Income tax recoverable . 2,929
57,701 Stocks and stores . 47,906
. Furniture and Equipment . .
________..________
4,204,060 . . 3,319,417
. . . .
. LIABILITIES . .
. Caution money . .
140,478 Bank overdraft 231,975 .
1,180,000 Loans 1,115,791 .
. Unexpended balances of grants for specific purposes . .
130,782 Other creditors and credit balances 187,697 .
1,451,260 . . 1,535,463
2,752,800 .. 1,783,954

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of St Hugh's 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

28 November 2002

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