St Peter'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):
354 undergraduates, 79 postgraduates, 31 additional. Total=464. 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:..
524,340 Net income as shown in Statement III 577,617 .
247,173 Less: College contribution (Statement III) Nil .
524,340..577,617
. . . .
3,633,049 From fees, dues and charges (including room rents) 3,841,756 .
820,079 Less: Collected on behalf of the University 879,492 .
2,812,970..2,962,264
. From grants and donations: . .
27,967 From the University 11,420 .
. From other Oxford colleges . .
96,222 From outside sources42,852 .
. .. 54,272
. From other sources: . .
5,536 Library fines 7,367 .
. Library donations 2,000 .
385 Chapel donations 213 .
32,105 Miscellaneous 51,746 .
. .. 61,326
________ . . ________
3,499,525 Total income . 3,655,479
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,534,178 (i) Education and Research (Statement IV) 1,618,884 .
1,556,023 (ii) Internal (Statement V) 1,612,327 .
374,958 On college premises (Statement III) 420,766 .
3,465,159 . . 3,651,977
. . . .
838 For other purposes, excluding college contribution (Statement III) . 845
________ . . ________
3,465,997 Total expenditure . 3,652,822
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
24,595 (a) available for the college's general purposes . 4,222
. (b) carried forward for the trust purposes . .
________. .________
24,595 . . 4,222
. . . .
. Reserves and special funds . .
8,933 Revenue account . (1,565)
33,528 . . 2,657
. Attributable to: . .
422,283 Endowment (Statement III) 456,094 .
(196,678) Education and Research (Statement IV) (285,189) .
(192,077) Internal (Statement V) (168,248) .
33,528 . 2,657 .

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 . .
152,417 Let on terms that tenant not responsible for structural repairs . 207,513
. Let on other terms . 3,900
3,900 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 3,900
. Income from timber . .
. Income from minerals and mineral rights . .
422,415 Interest and dividends . 411,917
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
________..________
578,732 . . 623,330
. 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 . .
________..________
578,732 Total of gross income from endowments and other sources as shown in Statement III . 623,330
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
. In respect of the full amount of rents from agricultural land@25% .
60,967In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 207,513 @40% 83,005 .
390 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) 		3,900 @10% 390 .
21,121 In respect of the gross amount of interest and dividends 411,917 @5% 20,596 .
.(b) In respect of leaseholds:. .
193,320 (i) Rent payable 251,106 .
23,144 (ii) Amortization of lease premium 23,144 .
51,672 (c) Interest 43,096 .
. (d) Allowances for exceptional obligations . .
________ .________.
350,614 . . 421,337
228,118 STATUTORY ENDOWMENT INCOME . 201,993
. . . .
. CONTRIBUTION PAYABLE . .
. On 201,993 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
578,732 Gross income from endowment and other sources as shown in Statement II . 623,330
. 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		 . .
________.. ________
578,732 . . 623,330
. Less: Expenses of obtaining that income: . .
. Rent, rates, taxes and insurance (less commission) . .
. Provision for major repairs . .
. Other repairs and maintenance . .
. Amortization and depreciation . .
... .
. . . .
2,720 Agency, management and administration 2,617 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
51,672 Interest 43,096 .
________.________ .
54,392 . . 45,713
524,340 Net income as shown in Statement I . 577,617
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
. College contribution (Statement II) Nil .
. Donations and subscriptions: . .
100 (i) for University objects 20 .
738 (ii) Other 825 .
. Livings . .
. Maintenance of schools . .
. Other: . .
________.________.
838.845 .
________.________ .
838 . . 845
523,502 Net income available for college's own purposes . 576,772
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
95,583 Statement IV 97,494 .
. Statement V . .
________.________.
95,583 . . 97,494
427,919 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 479,278
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
. (i) Provision for major repairs . .
11,196 (ii) Other repairs and maintenance 24,490 .
46,766 (iii) Amortization and depreciation 47,380 .
________.________ .
57,962 . 71,870 .
. . . .
16,463 Upkeep of gardens and grounds 15,980 .
74,425 . . 87,850
. All other building repairs and maintenance (including interior redecoration): . .
20,000 (i) Provision for major repairs . .
45,158 (ii) Other repairs and maintenance 36,899 .
193,320 Rent 251,106 .
19,209 Rates and taxes 17,555 .
22,846 Insurance (less commission) 27,356 .
300,533 . . 332,916
374,958.. 420,766
. Less: Contribution from Statements IV and V: . .
68,789 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 64,666 .
300,533 (ii) For other expenses 332,916 .
369,322 . . 397,582
5,636..23,184
. . . .
422,283 SURPLUS/(DEFICIT) . 456,094

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) . . .
1,186,820 304,277 (i) Consolidated 1,254,486 320,696 1,575,182
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
225 . (iv) Degree 165 . 165
30,283 . (v) Library 31,293 . 31,293
. . (vi) Other . . .
________ ________ . ________________________
1,217,328304,277. 1,285,944320,6961,606,640
. . . . . .
. 1,057,049 Charges for accommodation (including notional room rents), meals & service . 1,125,062 1,125,062
. 179,811 Rents from furnished accommodation outside the college occupied by student members . 178,449 178,449
.54,505 Sales from buttery and stores . 52,113 52,113
________ ________ . ________________________
1,217,328*1,595,642.1,285,944*1,676,3202,962,264
. . . . . .
95,583 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 97,494 . 97,494
.. Research grants: . ..
..(i) From the University...
..(ii) From other Oxford colleges . . .
..(iii) From outside sources . . .
. . Other Grants and contributions . . .
27,967 . (i) From the University 11,420 . .
. . (ii) From other Oxford colleges . . .
96,222 . (iii) From outside sources 42,852 . .
124,189 . . 54,272 . 54,272
. . Charges to other accounts: . . .
. 1,379 Statement III: Entertainment of tenants and others . . .
. 47,193 Statement IV: Common Table . 44,605 .
. 28,452 Statement IV: College hospitality . 31,385 .
. 75,645 . . 75,990 75,990
. . Other income: . . .
5,536 . Library fines 7,367 . 7,367
. . Library donations 2,000 . 2,000
385 . Chapel donations 213 . 213
. 32,105 Miscellaneous . 51,746 51,746TD>
________ ________ . ________________________
1,443,021 1,703,392 Total income 1,447,290 1 804,056 3,251,346
. . . . . .
..* NOTE: Charged to...
. 1,255,842 Members and employees of the college . 1,293,068 .
. . Other colleges . . .
. 339,800 Others (conferences etc.) . 383,252 .
. 1,595,642 . . 1,676,320 .
. . . . . .
..EXPENDITURE.. .
62,090 . Head of College 64,025 . 64,025
730,801 . Teaching fellows 780,106 . 780,106
45,601 . Other fellows 14,128 . 14,128
. . Stipendiary lecturers . . .
70,845 . Outside tuition payments 83,571 . 83,571
26,028 . Other tuition and research expenses (including research assistants) 30,575 . 30,575
47,193 . Common Table 44,605 . 44,605
69,863 . Library 77,755 . 77,755
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
12,759 . (i) Provided from trust funds 11,634 . .
25 117 . (ii) Provided otherwise 31,755 . .
37,876 . . 43,389 . 43,389
. . . . . .
14,613 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 21,029 . 21,029
52,820 . Chaplain and chapel services 54,057 . 54,057
28,452 . College hospitality 31,385 . 31,385
48,662 . Junior clubs 50,257 . 50,257
. . Subscriptions and donations to the college's own academic objectives . . .
. 345,062 Catering supplies consumed (less sale of waste). 349,944 349,944
. . Outside caterers' and other colleges' charges . . .
..Services:...
55,359 731,834 (i) Domestic staff 62,801 772,510 835,311
22,164 88,655 (ii) Heat, light, water 21,841 87,364 109,205
109,205 43,710 (iii) Laundry and cleaning 9,580 38,318 47,898
18,550 131,324 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 18,639 123,334 141,973
107,001 995,523 . 112,8611,021,5261,134,387
. .Administration: . . .
53,888 54,096 (i) College officers and others 57,394 56,703 114,097
190,794 96,218 (ii) Office and clerical staff 115,611 109,149 224,760
31,049 70,909 (iii) Office expenses 33,102 69,549 102,651
4,439 12,968 (iv) Legal and professional charges 4,233 19,926 24,159
________ ________ . ________ ________ ________
191,737 234,191 . 210,340 255,327 465,667
. . . . . .
. . Pensions paid to former members and employees of the college . . .
. . Other expenses . . .
596 56,892 Miscellaneous 801 61,520 62,321
________ ________. ________ ________________
1,534,178 1,631,668 . 1,618,884 1,688,317 3,307,201
. . College premises: . . .
105,521 263,801 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 113,595 283,987 397,582
________ ________ . ________________________
1,639,699 l,895,469 . 1,732,479 1,972,304 3,704,783
. . . . . .
(196,678) (192,077) SURPLUS/(DEFICIT) (285,189) (168,248 (453,437)

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)		 . 94,871 42,672 1,599,852 130,613 1,868,008
ADD: . . . . . .
Net proceeds of sale of estates . . 781,262 . . 781,262
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 572,78 1,127,383 . . 1,700,170
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) . 4,222 . . (1,565) 2,657
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 86,479 . . 86,479
(ii) Otherwise . . 125,000 . . 125,000
Other receipts: . . . . . .
Bequests & Donations . 74,779 . 361,637 . 436,416
Miscellaneous income . . . 62,001 . 62,001
Grant from University . . 800,000 . . 800,000
.________________ ________________________ ________
. . 651,788 2,920,124 423,638 (1,565) 3,993,985
DEDUCT: . . . . . .
Cost of purchase and improvement of estates . . 1,135,543 . . 1,135,543
Cost of purchase of securities for trust funds
and capital account		 . 646,042 2,005,217 . . 2,651,259
Cost of additions and improvements to college premises . . . 12,378 . 12,378
Expenditure out of fund for major repairs to estates . . . . . .
Major repairs to fabric and exterior of buildings . . . 15,394 . 15,394
Other major repairs and maintenance
(including interior redecoration)		 . . . 93,629 . 93,629
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . 125,000 . 125,000
Other payments: . . . . . .
Development campaign . . . 139,971 . 139,971
I P Centre . . . 13,468 . 13,468
Student Hardship Fund . . 3,486 . . 3,486
Student Awards . . . 13,989 . 13,989
Other payments . . . 10,738 . 10,738
.________________ ________________________ ________
. . 649,528 3,140,760 424,567 . 4,214,855
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 97,131 (177,964) 1,598,923 129,048 1,647,138

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 . .
94,871 (ii) Wholly or partly for the benefit of the college97,131 .
94,871 ..97,131
. . ..
42,672 Capital account (excluding amount invested) . (177,964)
1,599,852 Reserves and special funds . 1,647,138
129,048 Revenue account . 129,048
l,868,008 . . 1,647,138
. . . .
. Represented by: . .
. ASSETS . .
1,440 Cash in hands of officers and servants . 1,439
3,658,440 Balance with bankers . 246,581
1,203,467 Deposits other than with bankers. 816,301
. Investments (other than of trust funds and capital account)
NOTE: Market Value		 . .
. . . .
. Debtors and debit balances: . .
89,460 (i) Battels 98,867 .
. (ii) Rents. .
333,881(iii) Other 383,604 .
423,341 . . 482,471
. . . .
26,382 Income tax recoverable . 25,434
27,004 Stocks and stores . 26,871
538,295 Furniture and Equipment . 540,367
________ . . ________
2,328,341 . . 2,139,464
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
130,000 Loans 103,000 .
. Unexpended balances of grants for specific purposes . .
330,333 Other creditors and credit balances 389,326 .
460,333 . . 492,326
1,868,008 . . l,647,138

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AUDITORS' CERTIFICATE

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

27 November 2002

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