Wadham 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):
453 undergraduates, 125 postgraduates, 29 additional. Total=607. 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 2,593,273 .
208,907 Less: College contribution (Statement III) 208,011 .
2,607,987..2,385,262
. . . .
3,318,625 From fees, dues and charges (including room rents) 3,503,446 .
775,275 Less: Collected on behalf of the University 808,018 .
2,543,350..2,695,428
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
. From outside sources . .
. .. 312,155
. From other sources: . .
________ . . ________
5,151,337 Total income . 5,080,690
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
2,507,918 (i) Education and Research (Statement IV) 2,670,562 .
1,419,826 (ii) Internal (Statement V) 1,473,482 .
781,245 On college premises (Statement III) 834,794 .
4,708,989 . . 4,978,838
. . . .
41,799 For other purposes, excluding college contribution (Statement III) . 21,126
________. .________
4,750,788 Total expenditure . 4,999,964
. . . .
. 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 . .
15,539 (b) carried forward for the trust purposes . (20,199)
________. .________
15,539 . . (20,199)
. . . .
21,866 Reserves and special funds . 8,678
363,144 Revenue account . 92,247
400,549 . . 80,726
. Attributable to: . .
2,157,237 Endowment (Statement III) 1,935,391 .
(1,564,917) Education and Research (Statement IV) (1,680,978) .
(191,771) Internal (Statement V) (173,687) .
400,549 . 80,726 .

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: . .
346,321 Agricultural land . 340,644
. Non-agricultural land . .
349,017 Let on terms that tenant not responsible for structural repairs . 312,239
2,240,805 Let on other terms . 2,482,859
20,500 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 20,200
. Income from timber . 4,000
4,941 Income from minerals and mineral rights . .
801,988 Interest and dividends . 351,523
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
1,537 Other . 1,418
________..________
3,765,109 . . 3,514,883
. 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		. .
2,591 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		 2,115 .
2,591 . . 2,115
. 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 . .
________..________
3,762,518 Total of gross income from endowments and other sources as shown in Statement III . 3,512,768
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
86,580 In respect of the full amount of rents from agricultural land 340,644 @25% 85,161 .
139,607 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 312,239 @40% 124,896 .
226,131 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) 		2,505,059 @10% 250,506 .
40,099 In respect of the gross amount of interest and dividends 351,523 @5% 17,576 .
.(b) In respect of leaseholds:. .
39 (i) Rent payable 78 .
144 (ii) Amortization of lease premium 144 .
200,327 (c) Interest 193,984 .
. (d) Allowances for exceptional obligations . .
________ .________.
692,927 . . 672,345
3,069,591 STATUTORY ENDOWMENT INCOME . 2,840,423
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 1,610,423 at 12.0% 193,251 .
. On 2,840,423 208,011 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
3,762,518 Gross income from endowment and other sources as shown in Statement II . 3,512,768
. 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		 . .
________.. ________
3,762,518 . . 3,512,768
. Less: Expenses of obtaining that income: . .
10,310 Rent, rates, taxes and insurance (less commission) 13,407 .
200,000 Provision for major repairs 200,000 .
35,430 Other repairs and maintenance 45,427 .
242,042 Amortization and depreciation 240,045 .
477,472 . 485,472 .
256,475 Agency, management and administration 221,753 .
410 Donations and subscriptions in connection with estates 350 .
600 Entertainment of tenants and others 841 .
. Other expenses: . .
200,357 Interest payable 194,014 .
. Upkeep of woods 3,658 .
________.________ .
945,624 . . 919,495
2,816,894 Net income as shown in Statement I . 2,593,273
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
208,907 College contribution (Statement II) 208,011 .
. Donations and subscriptions: . .
1,447 (i) for University objects 500 .
3,774 (ii) Other 3,364 .
1,870 Livings 300 .
. Maintenance of schools . .
. Other: . .
38,182 Benefactions 350 .
300 Chancels 19,976 .
________ . ________ .
41,799 . 21,126 .
250,706 . . 229,137
________ . . ________
2,566,188 Net income available for college's own purposes . 2,364,136
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
198,122 Statement IV 214,420 .
. Statement V . .
________.________.
198,122 . . 214,420
2,368,066 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 2,149,716
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
200,000 (i) Provision for major repairs 200,000 .
. (ii) Other repairs and maintenance . .
63,205 (iii) Amortization and depreciation 61,847 .
________.________ .
263,205 . 261,847 .
39,415 Upkeep of gardens and grounds 45,137 .
302,620 . . 306,984
. All other building repairs and maintenance (including interior redecoration): . .
160,000 (i) Provision for major repairs 170,000 .
275,351 (ii) Other repairs and maintenance 309,298 .
. Rent . .
12,465 Rates and taxes 11,006 .
30,809 Insurance (less commission) 37,506 .
478,625 . . 527,810
781,245.. 834,794
. Less: Contribution from Statements IV and V: . .
91,791 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 92,659 .
478,625 (ii) For other expenses 527,810 .
570,416 . . 620,469
210,829 . . 214,325
. . . .
2,157,237 SURPLUS/(DEFICIT) . 1,935,391

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) . . .
. . (i) Consolidated . . .
567,630 . (ii) Tuition 595,082 . 595,082
319,292 263,105 (iii) Dues and establishment charges 334,733 275,992 610,725
198 . (iv) Degree 168 . 168
. . (v) Library . . .
363 . (vi) Other 298 . 298
________ ________ . ________________________
887,483 263,105. 930,281 275,992 1,206,273
. . . . . .
. 1,288,397 Charges for accommodation (including notional room rents), meals & service . 1,394,953 1,394,953
. . Rents from furnished accommodation outside the college occupied by student members . . .
. 104,365 Sales from buttery and stores . 94,202 94,202
________ ________ . ________________________
887,483 *1,655,867 . 930,281 *1,765,1472,695,428
. . . . . .
198,122 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 214,420 . 214,420
. . . . . .
. . Research grants: . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
. . (iii) From outside sources . . .
. . . . . .
. . Other Grants and contributions . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
. . (iii) From outside sources . . .
. . . . . .
. . Charges to other accounts: . . .
. 600 Statement III: Entertainment of tenants and others . 841 .
. 81,257 Statement IV: Common Table . 83,312 .
. 109,788 Statement IV: College hospitality . 109,230 .
. 191,645 . . 193,383 193,383
. . Other income: . . .
________ ________ . ________________________
1,085,605 1,847,512 Total income 1,144,701 1,958,530 3,103,231
. . . . . .
..* NOTE: Charged to...
. 1,281,127 Members and employees of the college . 1,419,279 .
. . Other colleges . . .
. 374,740 Others (conferences etc.) . . 345,868
. ________ . . ________ .
. 1,655,867 . . 1,765,147 .
. . . . . .
..EXPENDITURE.. .
69,847 . Head of College 72,678 . 72,678
810,846 . Teaching fellows 803,532 . 803,532
94,959 . Other fellows 95,203 . 95,203
162,902 . Stipendiary lecturers 237,812 . 237,812
60,153 . Outside tuition payments 72,185 . 72,185
48,857 . Other tuition and research expenses (including research assistants) 48,693 . 48,693
81,257 . Common Table 83,312 . 83,312
165,160 . Library 181,577 . 181,577
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
. 86,222 (i) Provided from trust funds 91,380 . .
52,937 . (ii) Provided otherwise 61,348 . .
139,159 . . 152,728 . 152,728
. . . . . .
27,653 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 22,120 . 22,120
25,160 . Chaplain and chapel services 26,924 . 26,924
109,788 . College hospitality 109,230 . 109,230
53,758 . Junior clubs 55,840 . 55,840
9,951 . Subscriptions and donations to the college's own academic objectives 10,379 . 10,379
. 308,803 Catering supplies consumed (less sale of waste). 319,592 319,592
. 17,150 Outside caterers' and other colleges' charges . 20,624 20,624
..Services:...
202,384 702,370 (i) Domestic staff 219,489 751,570 971,059
36,258 108,776 (ii) Heat, light, water 35,626 106,877 142,503
17,733 53,197 (iii) Laundry and cleaning 18,538 55,614 74,152
50,422 151,266 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 45,862 137,587 183,449
306,797 1,015,609 . 319,515 1,051,6481,371,163
. .Administration: . . .
58,045 46,073 (i) College officers and others 59,965 47,505 107,470
145,368 149,728 (ii) Office and clerical staff 179,588 152,405 331,993
10,783 32,350 (iii) Office expenses 10,682 32,046 42,728
2,118 2,118 (iv) Legal and professional charges 2,128 2,128 4,256
________ ________ . ________ ________ ________
216,314 230,269 . 252,363 234,084 486,447
. . . . . .
8,627 22,910 Pensions paid to former members and employees of the college 8,783 23,229 32,012
. . Other expenses . . .
116,730 16,730 other 117,688 17,688 135,376
________________. ________________________
2,507,918 1,611,471 . 2,670,562 1,666,865 4,337,427
..College premises:...
142,604 427,812 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 155,117 465,352 620,469
________ ________ . ________________________
2,650,522 2,039,283 . 2,825,679 2,132,217 4,957,896
. . . . . .
(1,564,917) (191,771) SURPLUS/(DEFICIT) (1,680,978) (173,687) (1,854,665)

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)		 19,472 80,839 (9,582,175) 4,718,098 1,287,690 (3,476,076)
ADD:......
Net proceeds of sale of estates . 518,705 1,297,279 . . 1,815,984
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . . 216,443 . . 216,443
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 2,115 . . . . 2,115
(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) . (20,199) . 8,678 92,247 80,726
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year 		. 5,939 295,952 722,249 . 1,024,140
(ii) Otherwise . 100,000 144,033 87,973 . 332,006
Other receipts: . . . . . .
Loan repayments . . 87,977 . . 87,977
Donations . 60,904 . . . 60,904
.________________ ________________________ ________
. 2,115 604,445 2,041,684 879,804 92,247 3,620,295
DEDUCT:... ...
Cost of purchase and improvement of estates . . 3,230,787 . . 3,230,787
Cost of purchase of securities for trust funds
and capital account		 . . 1,165,246 . . 1,165,246
Cost of additions and improvements to college premises. . 208,195 65,004 . 273,199
Expenditure out of fund for major repairs to estates . . . 30,865 . 30,865
Major repairs to fabric and exterior of buildings . . . 233,894 . 233,894
Other major repairs and maintenance
(including interior redecoration)		 . . . 148,841 . 148,841
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . 100,000 . 172,437 59,569 332,006
Other payments: . . . . . .
Rent reviews . . . 31,950 . 31,950
Development office . . . 92,184 . 92,184
Benefactions . . . 58,575 . 58,575
Other . . . 694 . 694
.________________ ________________________ ________
. . 100,000 1,585,462 834,444 59,569 2,579,475
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 21,587 585,284 (9,125,953) 4,763,458 1,320,368 (2,435,256)

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
19,472 (i) Only for purposes wholly outside the objects of the college 21,587 .
80,839 (ii) Wholly or partly for the benefit of the college 585,284 .
100,311 . . 606,871
. . . .
(9,582,175) Capital account (excluding amount invested) . (9,125,953)
4,718,098 Reserves and special funds . 4,763,458
1,287,690 Revenue account . 1,320,368
(3,476,076) . . (2,435,256)
. . . .
. Represented by: . .
. ASSETS . .
300 Cash in hands of officers and servants 300 .
674,671 Balance with bankers . 1,609,906
. Deposits other than with bankers . .
70,439 Investments (other than of trust funds and capital account)
NOTE: Market Value 902,192		 . 70,439
. . . .
. Debtors and debit balances: . .
86,202 (i) Battels 79,805 .
49,445 (ii) Rents 30,636.
208,740(iii) Other 183,929 .
344,387 . . 294,370
. . . .
27,549 Income tax recoverable . 15,480
361,275 Stocks and stores . 401,219
46,750 Furniture and Equipment . 34,024
________..________
1,525,371 . . 2,425,738
. . . .
. LIABILITIES . .
7,360 Caution money 3,680 .
. Bank overdraft . .
4,000,000 Loans 4,000,000 .
. Unexpended balances of grants for specific purposes . .
994,087 Other creditors and credit balances 857,314 .
5,001,447 . . 4,860,994
(3,476,076) .. (2,435,256)

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Wadham 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.

Critchleys
Chartered Accountants
Registered Auditors

18 November 2002

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