St. John'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):
390 undergraduates, 156 postgraduates, 12 additional. Total=558. 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: . .
5,265,534 Net income as shown in Statement III 5,079,561 .
511,154 Less: College contribution (Statement III) 572,947 .
4,754,380 . . 4,506,614
. . . .
4,158,915 From fees, dues and charges (including room rents) 4,477,680 .
1,014,737 Less: Collected on behalf of the University 1,140,412 .
3,144,178 . . 3,337,268
. From grants and donations . .
21,880 From the University 116,864 .
18,540 From other Oxford colleges . .
11,791 From outside sources . .
. From other sources . .
. . . 116,864
________ . . ________
7,950,769 Total income . 7,960,746
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
3,337,589 (i) Education and Research (Statement IV) 3,712,492 .
1,982,318 (ii) Internal (Statement V) 2,109,954 .
2,529,164 On college premises (Statement III) 2,038,695 .
7,849,071 . . 7,861,141
. . . .
44,652 For other purposes, excluding
college contribution (Statement III)		 . 61,875
________ . . ________
7,893,723 Total expenditure . 7,923,016
. . . .
. 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 . .
47,446 (b) carried forward for the trust purposes . 39,487
47,446 . . 39,487
. . . .
184 Reserves and special funds . 184
9,416 Revenue account . (1,941)
57,046 . . 37,730
. Attributable to: . .
2,922,454 Endowment (Statement III) 3,108,480 .
(2,250,446) Education and Research (Statement IV) (2,422,678) .
(614,942) Internal (Statement V) (648,072) .
57,046 . (37,370) .

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: . .
243,697 Agricultural land . 348,701
. Non-agricultural land . .
2,335,463 Let on terms that tenant not responsible for structural repairs . 2,260,038
2,035,545 Let on other terms . 2,049,817
44,000 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 44,000
3,889 Income from timber . .
2 Income from minerals and mineral rights . 2
2,650,794 Interest and dividends . 2,539,669
1,591 Underwriting commissions . .
2,215 Copyright royalties . 492
. Other income . .
________ . . ________
7,317,196 . . 7,242,719
. 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		 . .
33,456 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		 33,609 .
________ . ________ .
33,456 . . 33,609
. . . .
. 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		 . .
________ . . ________
7,283,740 Total of gross income from endowments and other sources as shown in Statement III . 7,209,110
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
60,924 In respect of the full amount of rents from agricultural land 348,701 @25% 87,175 .
934,185 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs 		2,260,038 @40% 904,015 .
207,954 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) 		2,093,817 @10% 209,382 .
132,540 In respect of the gross amount of interest and dividends 2,539,669 @5% 126,983 .
. (b) In respect of leaseholds: . .
. Rent payable . .
. Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ . ________ .
1,335,603 . . 1,327,555
5,948,137 STATUTORY ENDOWMENT INCOME . 5,881,555
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 4,651,555 at 12.0% 558,187 .
. On 5,881,555 572,947 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
7,283,740 Gross income from endowment and other sources as shown in Statement II . 7,209,110
(46,081) 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		 . (49,316)
(41,152) 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		 . (37,488)
________ . . ________
7,196,507 . . 7,122,306
. Less: Expenses of obtaining that income: . .
63,258 Rent, rates, taxes and insurance (less commission) 104,984 .
. Provision for major repairs . .
570,268 Other repairs and maintenance 784,444 .
599,491 Amortization and depreciation 575,068 .
1,169,759 . 1,359,512 .
. . . .
697,923 Agency, management and administration 577,456 .
33 Donations and subscriptions in connection with estates 793 .
. Entertainment of tenants and others . .
. Other expenses . .
261,180 Interest paid 248,631 .
________ . ________ .
1,930,973 . . 2,042,745
5,265,534 Net income as shown in Statement I . 5,079,561
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
511,154 College contribution (Statement II) 572,947 .
. Donations and subscriptions: . .
742 (i) for University objects 7,552 .
39,010 (ii) other 54,323 .
4,900 Livings . .
. Maintenance of schools . .
. Other . .
________ . ________ .
44,652 . 61,875 .
________ . ________ .
555,806 . . 634,822
4,709,726 Net income available for college's own purposes . 4,444,739
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
104,094 Statement IV 97,628 .
. Statement V . .
________ . ________ .
104,094 . . 97,628
4,605,634 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 4,347,111
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
800,000 (i) Provision for major repairs 275,000 .
872,377 (ii) Other repairs and maintenance 950,590 .
. (iii) Amortization and depreciation . .
________ . ________ .
1,672,377 . 1,225,590 .
. . . .
144,258 . 146,496 .
1,816,635 . . 1,372,086
. All other building repairs and maintenance (including interior redecoration) . .
. (i) Provision for major repairs . .
568,848 (ii) Other repairs and maintenance 560,162 .
. Rent . .
79,304 Rates and taxes 36,510 .
64,377 Insurance (less commission) 69,937 .
712,529 . . 666,609
2,529,164 . . 2,038,695
. Less: Contribution from Statements IV and V: . .
133,455 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 133,455 .
712,529 (ii) For other expenses 666,609 .
845,984 . . 800,064
1,683,180 . . 1,238,631
. . . .
2,922,454 SURPLUS/(DEFICIT) . 3,108,480

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) . . .
1,187,424 202,669 (i) Consolidated 1,316,621 225,104 1,541,725
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
. . (iv) Degree . . .
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________ ________ ________
1,187,424 202,669 . 1,316,621 225,104 1,541,725
. . . . . .
. 1,545,475 Charges for accommodation (including notional room rents), meals & service . 1,571,221 1,571,221
. 75,549 Rents from furnished accommodation outside the college occupied by student members . 83,823 83,823
. 133,061 Sales from buttery and stores . 140,499 140,499
________ ________ . ________ ________ ________
1,187,424 *1,956,754 . 1,316,621 *2,020,647 3,337,268
. . . . . .
104,094 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 97,628 . 97,628
. . Research grants: . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
. . (iii) From outside sources . . .
. . Other Grants and contributions . . .
21,880 . (i) From the University 116,864 . .
18,540 . (ii) From other Oxford colleges . . .
11,791 . (iii) From outside sources . . .
________ . . ________ . .
52,211 . . 116,864 . 116.864
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 109,771 Statement IV: Common Table . 120,720 .
. 106,987 Statement IV: College hospitality . 109,373 .
. 216,758 . . 230,093 230,093
. . Other income: . . .
________ ________ . ________ ________ ________
1,343,729 2,173,512 Total income 1,531,113 2,250,740 3,781,853
. . . . . .
. . * NOTE: Charged to . . .
. 1,546,111 Members and employees of the college . 1,712,707 .
. . Other colleges . . .
. 410,643 Others (conferences etc.) . 307,940 .
. 1,956,754 . . 2,020,647 .
. . . . . .
. . EXPENDITURE . . .
72,743 . Head of College 81,683 . 81,683
793,064 . Teaching fellows 824,875 . 824,875
209,099 . Other fellows 290,293 . 290,293
167,702 . Stipendiary lecturers 194,096 . 194,096
127,505 . Outside tuition payments 127,909 . 127,909
81,945 . Other tuition and research expenses (including research assistants) 120,943 . 120,943
109,771 . Common Table 120,720 . 120,720
162,321 . Library 177,010 . 177,010
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
91,173 . (i) Provided from trust funds 79,296 . .
212,393 . (ii) Provided otherwise 286,028 . .
303,566 . . 365,324 . 365,324
. . . . . .
15,628 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 2,285 . 2,285
67,407 . Chaplain and chapel services 68,484 . 68,484
106,987 . College hospitality 109,372 . 109,372
38,965 . Junior clubs 41,032 . 41,032
110 . Subscriptions and donations to the college's own academic objectives 140 . 140
. 553,464 Catering supplies consumed (less sale of waste) . 576,407 576,407
. . Outside caterers' and other colleges' charges . . .
. . Services: . . .
260,309 1,118,920 (i) Domestic staff 274,696 1,222,151 1,496,847
61,397 95,750 (ii) Heat, light, water 62,351 97,700 160,051
5,514 108,883 (iii) Laundry and cleaning 6,231 105,035 111,266
209,953 176,407 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 250,751 156,894 407,645
537,173 1,499,960 . 594,029 1,581,780 2,175,809
. . Administration: . . .
32,273 16,136 (i) College officers and others 35,903 17,951 53,854
347,348 94,679 (ii) Office and clerical staff 370,241 106,923 477,164
48,254 8,165 (iii) Office expenses 40,835 13,963 54,798
8,225 8,225 (iv) Legal and professional charges 8,421 8,421 16,842
436,100 127,205 . 455,400 147,258 602,658
. . . . . .
. . Pensions paid to former members and employees of the college . . .
. . Other expenses . . .
107,503 18,447 Miscellaneous 138,897 34,602 173,499
________ ________ . ________ ________ ________
3,337,589 2,199,076 . 3,712,492 2,340,047 6,052,539
. . College premises: . . .
256,606 589,378 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 241,299 558,765 800,064
________ ________ . ________ ________ ________
3,594,195 2,788,454 . 3,953,791 2,989,812 6,852,603
. . . . . .
(2,250,466) (614,942) SURPLUS/(DEFICIT) (2,422,678) (648,072) (3,070,750)

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)		 4,452 2,768,192 7,213,686 929,904 (569,679) 10,346,555
ADD: . . . . . .
Net proceeds of sale of estates . . 2,734,240 . . 2,734,240
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 844,116 24,521,812 . . 25,365,928
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 627 . . . . 627
(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) . 39,487 . 184 (1,941) 37,730
Internal transfers - amounts added: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 575,068 275,000 . 850,068
(ii) Otherwise . . . . . .
Other receipts . . . . . .
Pension Fund Income . 440,527 . . . 440,527
Benefactions . 156,648 . . . 156,648
Dilapidations . . 27,391 . . 27,391
. ________ ________ ________ ________ ________ ________
. 627 1,480,778 27,858,511 275,184 (1,941) 29,613,159
DEDUCT: . . . . . .
Cost of purchase and improvement of estates . . 5,446,462 . . 5,446,462
Cost of purchase of securities for trust funds
and capital account		 . 1,507,101 22,414,580 . . 23,921,681
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 . . . 358,241 . 358,241
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 . . . . . .
Exchange adjustments . . 96,197 . . 96,197
Pension fund expenditure . 202,713 . . . 202,713
. ________ ________ ________ ________ ________ ________
. . 1,709,814 27,957,221 358,241 . 30,025,276
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 5,079 2,539,156 7,114,976 846,847 (571,620) 9,934,438

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
4,452 (i) Only for purposes wholly outside the objects of the college 5,079 .
2,768,192 (ii) Wholly or partly for the benefit of the college 2,539,156 .
2,772,644 . . 2,544,235
. . . .
7,213,686 Capital account (excluding amount invested) . 7,114,976
929,904 Reserves and special funds . 846,847
(569,679) Revenue account . (571,620)
10,346,555 . . 9,934,438
. . . .
. Represented by: . .
. ASSETS . .
686 Cash in hands of officers and servants . 656
8,138,145 Balance with bankers . 6,085,140
. Deposits other than with bankers . .
. Investments (other than of trust funds and capital account)
NOTE: Market Value		 . .
. . . .
. Debtors and debit balances: . .
164,353 (i) Battels 166,861 .
27,917 (ii) Rents 10,821 .
3,100,096 (iii) Other 4,805,262 .
3,292,366 . . 4,982,944
. . . .
78,876 Income tax recoverable . 210,447
80,154 Stocks and stores . 69,291
. Furniture and Equipment . .
________ . . ________
11,590,227 . . 11,348,478
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
. Loans . .
. Unexpended balances of grants for specific purposes . .
1,243,672 Other creditors and credit balances 1,414,040 .
1,243,672 . . 1,414,040
10,346,555 . . 9,934,438

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of St John'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.

Ernst & Young LLP
Registered Auditors

6 November 2002

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