Somerville 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, 75 postgraduates, 2 additional. Total=467. 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:..
1,600,454 Net income as shown in Statement III 1,385,623 .
47,596 Less: College contribution (Statement III) 31,679 .
1,552,858..1,353,944
. . . .
3,237,362 From fees, dues and charges (including room rents) 3,214,730 .
830,781 Less: Collected on behalf of the University 828,919 .
2,406,581 ..2,385,811
. From grants and donations: . .
36,196 From the University 13,314 .
31,419 From other Oxford colleges 32,554 .
8,367 From outside sources 33,082 .
. .. 78,950
. From other sources: . .
22,570 Miscellaneous 9,583 .
373 Book proceeds 712 .
53,592 Nursery 49,310 .
. .. 59,605
________ . . ________
4,111,956 Total income . 3,878,310
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
2,001,959 (i) Education and Research (Statement IV) 2,244,520 .
1,139,344 (ii) Internal (Statement V) 1,332,854 .
737,682 On college premises (Statement III) 1,002,520 .
3,878,985 . . 4,579,894
. . . .
13,099 For other purposes, excluding college contribution (Statement III) . .
________ . . ________
3,878,985 Total expenditure . 4,579,894
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
329,419 (a) available for the college's general purposes . 215,080
. (b) carried forward for the trust purposes . .
________. .________
329,419 . . 215,080
. . . .
338,446 Reserves and special funds . 236,540
(434,894) Revenue account . (1,153,205)
232,971 . . (70l,585)
. Attributable to: . .
871,477 Endowment (Statement III) 693,004 .
(291,964) Education and Research (Statement IV) (770,238) .
(346,542) Internal (Statement V) (624,351 .
232,971 . (701,585) .

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 . .
252,310 Let on terms that tenant not responsible for structural repairs . 185,516
74,635 Let on other terms . 130,481
8,100 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 8,100
. Income from timber . .
. Income from minerals and mineral rights . .
1,357,180 Interest and dividends . 1,197,784
. Underwriting commissions . .
715 Copyright royalties . 564
. Other income: . .
________..________
1,692,940 . . 1,522,445
. 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: . .
51,634 Income paid to the college by the trustees or applied by them to any purpose of the college . 45,905
________..________
1,744,574 Total of gross income from endowments and other sources as shown in Statement III . 1,568,350
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
. In respect of the full amount of rents from agricultural land @25% .
100,924In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 185,516 @40% 74,206 .
8,274 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) 		l38,581 @10% 13,048 .
67,859 In respect of the gross amount of interest and dividends l,197,784 @5% 59,889 .
.(b) In respect of leaseholds:. .
33,209 (i) Rent payable 46,123 .
. (ii) Amortization of lease premium . .
1,013 (c) Interest 4,096 .
. (d) Allowances for exceptional obligations . .
________ .________.
211,279 . . 197,362
l,533,295 STATUTORY ENDOWMENT INCOME . l,370,988
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 140,988 at 12.0% 16,919 .
. l,370,988 31,679 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
1,744,574 Gross income from endowment and other sources as shown in Statement II . 1,568,350
. 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		 . .
________.. ________
1,744,574 . . 1,568,350
. Less: Expenses of obtaining that income: . .
7,201 Rent, rates, taxes and insurance (less commission) 18,196 .
. Provision for major repairs . .
7,694 Other repairs and maintenance 19,439 .
. Amortization and depreciation . .
7,694.19,439 .
________ . ________ .
128,212 Agency, management and administration 140,996 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
Interest 4,096 .
________.________ .
144,120 . . 182,727
1,600,454 Net income as shown in Statement I . 1,385,623
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
47,596 College contribution (Statement II) 31,679 .
. Donations and subscriptions: . .
. (i) for University objects . .
. (ii) Other . .
. Livings . .
. Maintenance of schools . .
. Other: . .
________.________.
47,596.31,679 .
________.________ .
. .
1,552,858 Net income available for college's own purposes . 1,353,944
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
673,425 Statement IV 631,352 .
. Statement V . .
________.________.
673,425 . . 631,352
879,433 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 722,592
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
. (i) Provision for major repairs . .
45,266 (ii) Other repairs and maintenance 56,235 .
. (iii) Amortization and depreciation . .
________.________ .
45,266 . 56,235 .
. . . .
36,175 Upkeep of gardens and grounds 46,838 .
81,441 . . 103,073
. All other building repairs and maintenance (including interior redecoration): . .
400,000 (i) Provision for major repairs 500,000 .
212,362 (ii) Other repairs and maintenance 333,791 .
33,209 Rent 46,123 .
. Rates and taxes . .
10,670 Insurance (less commission) 19,533 .
656,241 . . 899,447
737,682.. 1,002,520
. Less: Contribution from Statements IV and V: . .
73,485 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 73,485 .
656,241 (ii) For other expenses 899,447 .
729,726 . . 972,932
7,956..29,588
. . . .
871,477 SURPLUS/(DEFICIT) . 693,004

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) . . .
1,114,130 . (i) Consolidated 1,016,090 . 1,016,090
. . (ii) Tuition . . .
. 278,532 (iii) Dues and establishment charges . . .
. . (iv) Degree . . .
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
1,114,130278,532. 1,016,090254,0221,270,112
. . . . . .
9,341 1,002,195 Charges for accommodation (including notional room rents), meals & service 9,621 1,062,459 1,072,080
. 2,383 Rents from furnished accommodation outside the college occupied by student members . 43,619 43,619
. . Sales from buttery and stores . . .
________ ________ . ________________________
1,123,471*1,283,110.1,025,711*1,360,1002,385,811
. . . . . .
673,425 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 631,352 . 631,352
. . . . . .
.. Research grants: . ..
..(i) From the University...
..(ii) From other Oxford colleges . . .
..(iii) From outside sources . . .
. . . . . .
. . Other Grants and contributions . . .
36,196 . (i) From the University 13,314 . .
31,419 . (ii) From other Oxford colleges 32,554 . .
8,367 . (iii) From outside sources 33,082 . .
75,982 . . 78,950 . 78,950
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 26,227 Statement IV: Common Table . 27,014 .
. 53,951 Statement IV: College hospitality . 54,196 .
. 80,178 . . 81,210 81,210
. . Other income: . . .
18,431 4,139 Miscellaneous 4,782 4,801 9,583
373 . Book Proceeds 712 . 712
26,796 26,796 Nursery 24,655 24,655 49,310
________ ________ . ________________________
1,918,478 1,394,223 Total income 1,766,162 1,470,766 3,236,928
. . . . . .
..* NOTE: Charged to...
. 1,035,732 Members and employees of the college . 1,201,768 .
. . Other colleges . . .
. 247,378 Others (conferences etc.) . 158,332 .
. 1,283,110 . . 1,360,100 .
. . . . . .
..EXPENDITURE.. .
62,562 . Head of College 79,240 . 79,240
745,097 . Teaching fellows 721,792 . 721,792
8,482 . Other fellows 27,333 . 27,333
106,400 . Stipendiary lecturers 165,784 . 165,784
109,025 . Outside tuition payments 88,310 . 88,310
67,835 . Other tuition and research expenses (including research assistants) 86,544 . 86,544
26,227 . Common Table 27,014 . 27,014
119,373 . Library 144,983 . 144,983
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
113,099 . (i) Provided from trust funds 133,145 . .
14,636 . (ii) Provided otherwise 15,105 . .
127,735 . . 148,250 . 148,250
. . . . . .
2,912 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 9,026 . 9,026
7,725 . Chaplain and chapel services 21,490 . 21,490
53,951 . College hospitality 54,196 . 54,196
12,959 . Junior clubs 11,562 . 11,562
861 . Subscriptions and donations to the college's own academic objectives 171 . 171
. 223,930 Catering supplies consumed (less sale of waste). 277,917 277,917
. . Outside caterers' and other colleges' charges . . .
..Services:...
35,026 526,311 (i) Domestic staff 40,079 627,879 667,958
27,604 82,813 (ii) Heat, light, water 25,817 77,453 103,270
3,095 21,661 (iii) Laundry and cleaning 2,734 19,142 21,876
122,789 166,270 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 157,563 167,682 325,245
188,514 797,055 . 226,193892,1561,118,349
. .Administration: . . .
63,686 96,184 (i) College officers and others 75,520 131,431 206,951
194,511 12,131 (ii) Office and clerical staff 225,548 13,483 239,031
32,707 21,211 (iii) Office expenses 44,694 23,543 68,237
1,605 799 (iv) Legal and professional charges 5,266 9,773 15,039
________ ________ . ________ ________ ________
292,509 130,325 . 351,028 178,230 529,258
. . . . . .
1,210 4,839 Pensions paid to former members and employees of the college 1,202 4,806 6,008
. . Other expenses . . .
37,458 32,249 Miscellaneous 46,932 25,827 72,759
31,124 31,124 Nursery 33,470 33,471 66,941
. . Donations and Subscriptions . 1,657 1,657
________ ________. ________ ________________
2,001,959 1,219,522 . 2,244,520 1,414,064 3,658,584
. . College premises: . . .
208,483 521,243 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 291,880 681,053 972,933
________ ________ . ________________________
2,2lO,442 1,740,765 . 2,536,400 2,095,117 4,631,517
. . . . . .
(291,964) (346,542) SURPLUS/(DEFICIT) (770,238) (624,351) (1,394, 589)

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)		 . 5,931,529 (86,716) 5,773,287 (1,524,603) 10,093,497
ADD: . . . . . .
Net proceeds of sale of estates . 2,395,607 . . . 2,395,607
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . . . . . .
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) . 215,080 . 236,540 (1,153,205) (701,585)
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 500,000 . . 500,000
(ii) Otherwise . . . 1,500 194,697 196,197
Other receipts: . . . . . .
Bequests & Donations . 352,252 . 1,184,966 . 1,537,218
ASM proceeds . . . 666 . 666
Loan Repayments - students . . . 9,125 . 9,125
Issue of shares in the Trust Fund . 671,634 . . . 671,634
. . . . 10,000 . 10,000
.________________ ________________________ ________
. . 3,634,573 . l,942,797 (958,508) 4,618,862
DEDUCT: . . . . . .
Cost of purchase and improvement of estates . 486,755 366,925 . . 486,755
Cost of purchase of securities for trust funds
and capital account		 . 2,334,881 . . . 2,334,881
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 . . . . . .
Other major repairs and maintenance
(including interior redecoration)		 . . . 1,366,862 . 1,366,862
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . 194,697 1,500 196,197
Other payments: . . . . . .
Purchase of shares . 554,311 110,000 . . 554,311
.________________ ________________________ ________
. . 3,375,947 . 1,561,559 1,500 4,939,006
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 6,190,155 (86,716) 6,154,525 (2,484,611) 9,773,353

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 . .
5,931,529 (ii) Wholly or partly for the benefit of the college6,190,155 .
5,931,529 ..6,190,155
. . ..
(86,716) Capital account (excluding amount invested) . (86,716)
5,773,287 Reserves and special funds . 6,154,525
(1,524,603) Revenue account . (2,484,611)
10,093,497 . . 9,773,353
. . . .
. Represented by: . .
. ASSETS . .
700 Cash in hands of officers and servants . 600
6,400,671 Balance with bankers . 6,291,389
. Deposits other than with bankers. .
3,678,731 Investments (other than of trust funds and capital account)
NOTE: Market Value		 . 3,796,771
. . . .
. Debtors and debit balances: . .
96,539 (i) Battels 4,003 .
25,804 (ii) Rents64,340 .
335,777(iii) Other 267,301 .
458,120 . . 355,644
. . . .
89,610 Income tax recoverable . 70,074
5,530 Stocks and stores . 8,419
157,406 Furniture and Equipment . 164,229
________ . . ________
10,790,768 . . 10,667,126
. . . .
. LIABILITIES . .
30,879 Caution money 35,879 .
. Bank overdraft . .
. Loans . .
21,997 Unexpended balances of grants for specific purposes 98,590 .
644,395 Other creditors and credit balances 759,304 .
697,271 . . 893,773
10,093,497 . . 9,773,353

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Somerville 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.

Horwath Clark Whitehill
Chartered Accountants
Registered Auditors

30 October 2002

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