University 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):
416 undergraduates, 130 postgraduates, 4 additional. Total=550. 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:..
2,816,894 Net income as shown in Statement III 2,367,877 .
189,798 Less: College contribution (Statement III) 175,918 .
2,078,463..2,191,959
. . . .
4,093,984 From fees, dues and charges (including room rents) 4,386,535 .
977,434 Less: Collected on behalf of the University 1,060,232 .
3,116,550..3,326,303
. From grants and donations: . .
. From the University . .
13,493 From other Oxford colleges 20,854 .
108,750 From outside sources 125,500 .
. .. 146,354
. From other sources: . .
________ . . ________
5,317,256 Total income . 5,664,616
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
2,139,040 (i) Education and Research (Statement IV) 2,365,970 .
1,632,225 (ii) Internal (Statement V) 1,915,827 .
1,099,083 On college premises (Statement III) 976,066 .
4,870,348 . . 5,257,863
. . . .
9,639 For other purposes, excluding college contribution (Statement III) . 9,585
________. .________
4,879,987 Total expenditure . 5,267,448
. . . .
. 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 . .
(2,678) (b) carried forward for the trust purposes . 43,246
________. .________
(2,678) . . 43,246)
. . . .
58,693 Reserves and special funds . 90,604
381,254 Revenue account . 263,319
437,269 . . 397,169
. Attributable to: . .
1,177,265 Endowment (Statement III) 1,443,549 .
(407,516) Education and Research (Statement IV) (492,670) .
(332,480) Internal (Statement V) (553,710) .
437,269 . 397,169 .

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: . .
146,533 Agricultural land . 143,275
. Non-agricultural land . .
299,026 Let on terms that tenant not responsible for structural repairs . 311,032
1,557,885 Let on other terms . 1,600,833
23,500 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 22,833
. Income from timber . .
. Income from minerals and mineral rights . .
1,301,771 Interest and dividends . 959,127
. Underwriting commissions . .
15 Copyright royalties . 222
. Other income: . .
87,077 Fleximist Limited . 53,918
________..________
3,415,807 . . 3,091,240
. Less . .
3,663 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		 3,240 .
71,627 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		 85,227 .
75,290 . . 88,467
. From trusts of which the college is not sole trustee: . .
10,341 Income paid to the college by the trustees or applied by them to any purpose of the college . 9,616
________..________
3,350,858 Total of gross income from endowments and other sources as shown in Statement III . 3,012,389
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
36,634 In respect of the full amount of rents from agricultural land 143,275 @25% 35,819 .
119,610 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 311,032 @40% 124,413 .
158,138 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) 		1,623,666 @10% 162,367 .
65,089 In respect of the gross amount of interest and dividends 959,127 @5% 47,956 .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
83,784 (c) Interest 68,852 .
. (d) Allowances for exceptional obligations . .
________ .________.
463,255 . . 439,407
2,887,603 STATUTORY ENDOWMENT INCOME . 2,572,982
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 1,342,982 at 12.0% 161,158 .
. On 2,572,982 175,918 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
3,350,858 Gross income from endowment and other sources as shown in Statement II . 3,012,389
. 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		 . .
________.. ________
3,350,858 . . 3,012,389
. Less: Expenses of obtaining that income: . .
(6,709) Rent, rates, taxes and insurance (less commission) 27,075 .
641,000 Provision for major repairs . .
33,350 Other repairs and maintenance 87,894 .
. Amortization and depreciation . .
674,350 . 87,894 .
333,704 Agency, management and administration 469,580 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
81,178 Fleximist Limited 59,956 .
74. Miscellaneous 7 .
________.________ .
1,082,597 . . 644,512
2,268,261 Net income as shown in Statement I . 2,367,877
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
189,798 College contribution (Statement II) 175,918 .
. Donations and subscriptions: . .
8,500 (i) for University objects 8,500 .
670 (ii) Other 710 .
469 Livings 375 .
. Maintenance of schools . .
. Other: . .
________ . ________ .
9,639 . 9,585 .
199,437 . . 185,503
________ . . ________
2,068,824 Net income available for college's own purposes . 2,182,374
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
533,046 Statement IV 601,727 .
6,415 Statement V 7,570 .
________.________.
539,461 . . 609,297
1,529,363 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 1,573,077
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
290,000 (i) Provision for major repairs . .
80,163 (ii) Other repairs and maintenance 140,968 .
. (iii) Amortization and depreciation . .
________.________ .
370,163 . 140,968 .
63,310 Upkeep of gardens and grounds 68,633 .
433,473 . . 209,601
. All other building repairs and maintenance (including interior redecoration): . .
300,000 (i) Provision for major repairs .
.
340,547 (ii) Other repairs and maintenance 708,923 .
. Rent . .
13,021 Rates and taxes 14,060 .
12,042 Insurance (less commission) 43,482 .
665,610 . . 766,465
1,099,083.. 976,066
. Less: Contribution from Statements IV and V: . .
81,375 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 80,073 .
665,610 (ii) For other expenses 766,465 .
746,985 . . 846,538
352,098 . . 129,528
. . . .
1, 177,265 SURPLUS/(DEFICIT) . 1,443,549

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) . . .
1,262,031 258,488 (i) Consolidated 1,335,993 273,637 1,609,630
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
950 . (iv) Degree 860 . 860
. . (v) Library . . .
. . (vi) Other . . 298
________ ________ . ________________________
1,262,981 258,488. 1,336,853 273,63792 1,610,490
. . . . . .
. 1,595,081 Charges for accommodation (including notional room rents), meals & service . 1,715,813 1,715,813
. . Rents from furnished accommodation outside the college occupied by student members . . .
. . Sales from buttery and stores . . .
________ ________ . ________________________
1,262,981 *1,853,569 . 1,336,853 *1,989,4503,326,303
. . . . . .
533,046 6,415 Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 601,727 7,570 609,297
. . . . . .
. . Research grants: . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
. . (iii) From outside sources . . .
. . . . . .
. . Other Grants and contributions . . .
. . (i) From the University . . .
13,493 . (ii) From other Oxford colleges 20,854 . .
108,750 . (iii) From outside sources 125,500 . .
122,243 . . 146,354 . 146,354
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 48,641 Statement IV: Common Table . 48,952 .
. 62,906 Statement IV: College hospitality . 74,388 .
. 111,547 . . 123,340 123,340
. . Other income: . . .
________ ________ . ________________________
l,918,270 1,971,531 Total income 2,084,934 2,120,360 4,205,294
. . . . . .
..* NOTE: Charged to...
. 1,250,890 Members and employees of the college . 1,315,578 .
. . Other colleges . . .
. 602,679 Others (conferences etc.) . 673,872.
. ________ . . ________ .
. 1,853,569 . . 1,989,450 .
. . . . . .
..EXPENDITURE.. .
54,693 . Head of College 60,373 . 60,373
720,028 . Teaching fellows 788,142 . 788,142
199,641 . Other fellows 142,158 . 142,158
51,725 . Stipendiary lecturers 105,362 . 105,362
108,011 . Outside tuition payments 167,325 . 167,325
54,310 . Other tuition and research expenses (including research assistants) 40,975 . 40,975
48,641 . Common Table 48,952 . 48,952
108,233 . Library 140,639 . 140,639
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
. 9,316 (i) Provided from trust funds 13,445 . .
72,3601 . (ii) Provided otherwise 76,489 . .
81,676 . . 89,934 . 89,934
. . . . . .
11,624 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 6,270 . 6,270
35,577 . Chaplain and chapel services 36,702 . 36,702
62,906 . College hospitality 74,388 . 74,388
57,246 . Junior clubs 57,730 . 57,730
2,566 . Subscriptions and donations to the college's own academic objectives (1,741) . (1,741)
. 285,361 Catering supplies consumed (less sale of waste). 322,447 322,447
. 22,531 Outside caterers' and other colleges' charges . 23,633 23,633
..Services:...
97,321 568,799 (i) Domestic staff 113,650 640,576 754,226
35,142 105,427 (ii) Heat, light, water 35,653 106,960 142,613
17,085 93,155 (iii) Laundry and cleaning 18,347 97,885 116,232
90,957 272,870 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 121,307 346,509 467,816
240,505 1,040,251 . 288,957 1,191,9301,480,887
. .Administration: . . .
64,022 29,761 (i) College officers and others 58,149 42,508 100,657
119,611 223,460 (ii) Office and clerical staff 151,856 282,422 434,278
91,582 88,015 (iii) Office expenses 77,912 107,194 185,106
6,198 6,237 (iv) Legal and professional charges 12,839 14,066 26,905
________ ________ . ________ ________ ________
281,413 347,473 . 300,756 446,190 746,946
. . . . . .
5,020 14,151 Pensions paid to former members and employees of the college 10,040 12,505 22,545
. . Other expenses: . . .
15,225 34,005 other 9,008 42,462 51,470
________________. ________________________
2,139,040 1,743,772 . 2,365,970 2,039,167 4,405,137
..College premises:...
186,746 560,239 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 211,634 634,903 846,537
________ ________ . ________________________
2,325,786 2,304,011 . 2,577,604 2,674,070 5,251,674
. . . . . .
(407,516) (332,480) SURPLUS/(DEFICIT) (492,670) (553,710) (1,046,380)

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)		 30,339 5,210,224 (2,805,184) 10,189,474 2,313,020 14,937,873
ADD:......
Net proceeds of sale of estates . 1,087,067 773,000 . . 1,860,067
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 12,001,117 8,716,044 . . 20,717,161
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 43,504 . . . . 243,504
(ii) Capital account - income of funds established
under Section 29 of the Universities and
College Estates Act 1925 (as amended)		 . . 3,199 . . 3,199
(iii) Other accounts and funds (Statement I) . 43,246 . 90,604 263,319 397,169
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year 		. . . . . .
(ii) Otherwise . . . 2,862 . 2,862
Other receipts: . . . . . .
Gifts . 91,769 100,107 296,997 . 488,873
Miscellaneous . . (1,991) . . (1,991)
.________________ ________________________ ________
. 43,504 13,223,199 9,590,359 390,463 263,319 23,510,844
DEDUCT:... ...
Cost of purchase and improvement of estates . 32,500 84,698 . . 117,198
Cost of purchase of securities for trust funds
and capital account		 . 11,923,698 11,711,385 . . 23,635,083
Cost of additions and improvements to college premises . . 24,483 . . 24,483
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)		 . . . . . .
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . 101,133 (84,698) 84,698 . 101,133
Other payments: . . . . . .
Travel grants, scholarships etc. 350 . . 77,804 . 78,154
Miscellaneous . . . 339 . 339
.________________ ________________________ ________
. 350 12,057,331 11,735,868 162,841 . 23,956,390
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 73,493 6,376,092 (4,950,693) 10,417,096 2,576,339 14,492,327

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
30,339 (i) Only for purposes wholly outside the objects of the college 73,493 .
5,210,224 (ii) Wholly or partly for the benefit of the college 6,376,092 .
5,240,563 . . 6,449,585
. . . .
(2,805,184) Capital account (excluding amount invested) . (4,950,693)
10,189,474 Reserves and special funds . 10,417,096
2,313,020 Revenue account . 2,576,339
14,937,873 . . 14,492,327
. . . .
. Represented by: . .
. ASSETS . .
765 Cash in hands of officers and servants . 908
6,849,411 Balance with bankers . 710,749
5,828,303 Deposits other than with bankers . 11,825,252
2,324,270 Investments (other than of trust funds and capital account)
NOTE: Market Value 6,518,842		 . 2,303,167
. . . .
. Debtors and debit balances: . .
138,798 (i) Battels 182,750 .
110,826 (ii) Rents 61,319.
1,599,228(iii) Other 1,405,814 .
1,848,852 . . 1,649,883
. . . .
42,046 Income tax recoverable . 10,548
53,754 Stocks and stores . 45,916
. Furniture and Equipment . .
________..________
16,947,401 . . 16,546,423
. . . .
. LIABILITIES . .
2,378 Caution money . .
. Bank overdraft . .
1,155,000 Loans 1,185,000 .
. Unexpended balances of grants for specific purposes . .
852,150 Other creditors and credit balances 869,096 .
2,009,528 . . 2,054,096
14,937,873 .. 14,492,327

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of University 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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