Wolfson 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):
0 undergraduates, 338 postgraduates, 5 additional. Total=393. 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:..
722,796 Net income as shown in Statement III 705,060 .
. Less: College contribution (Statement III) Nil .
722,796..705,060
. . . .
3,141,586 From fees, dues and charges (including room rents) 3,226,766 .
1,381,029 Less: Collected on behalf of the University 1,425,946 .
1,760,557..1,800,820
. From grants and donations: . .
24,963 From the University 22,587 .
. From other Oxford colleges . .
123,433 From outside sources 185,168 .
. .. 207,755
. From other sources . .
37,514 Miscellaneous 37,271 .
. .. 37,271
________ . . ________
2,669,263 Total income . 2,750,906
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,082,839 (i) Education and Research (Statement IV) 1,211,187 .
883,098 (ii) Internal (Statement V) 918,092 .
510,251 On college premises (Statement III) 550,957 .
2,476,188 . . 2,680,236
. . . .
3,700 For other purposes, excluding college contribution (Statement III) . 3,835
________. .________
2,479,888 Total expenditure . 2,684,071
. . . .
. 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 . .
(7,479) (b) carried forward for the trust purposes . (39,678)
________. .________
(7,479) . . (39,678)
(20,854) Reserves and special funds . (53,462)
217,708 Revenue account . 159,976
189,375 . . 66,836
. Attributable to: . .
500,956 Endowment (Statement III) 400,787 .
(643,347) Education and Research (Statement IV) (652,643) .
331,766 Internal (Statement V) 318,692 .
189,375 . 66,836 .

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 . .
48,456 Let on terms that tenant not responsible for structural repairs . 49,080
. Let on other terms . .
. Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . .
. Income from timber . .
. Income from minerals and mineral rights . .
761,709 Interest and dividends . 734,549
. Underwriting commissions . .
(5,964) Copyright royalties . .
. Other income: . .
________..________
804,201 . . 783,629
. 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 . .
________..________
804,201 Total of gross income from endowments and other sources as shown in Statement III . 783,629
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
.In respect of the full amount of rents from agricultural land @25% .
19,382 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 49,080 @40% 19,632 .
. 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) 		@10% .
38,085 In respect of the gross amount of interest and dividends 734,549 @5% 36,727 .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ .________.
57,467 . . 56,359
746,734 STATUTORY ENDOWMENT INCOME . 727,270
. . . .
. CONTRIBUTION PAYABLE . .
. On 727,270 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
804,201 Gross income from endowment and other sources as shown in Statement II . 783,629
. 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		 . .
________.. ________
804,201 . . 783,629
. Less: Expenses of obtaining that income: . .
308 Rent, rates, taxes and insurance (less commission) 317 .
. Provision for major repairs . .
. Other repairs and maintenance . .
. Amortization and depreciation . .
. . . .
81,097 Agency, management and administration 78,252 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
________.________ .
81,405 . . 78,569
722,796 Net income as shown in Statement I . 705,060
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
. College contribution (Statement II) Nil .
. Donations and subscriptions: . .
2,400 (i) for University objects 2,472 .
1,300 (ii) Other 1,363 .
. Livings . .
. Maintenance of schools . .
. Other: . .
________ .. ________
3,700 . . 3,835
________ .. ________
719,096 Net income available for college's own purposes . 701,225
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
26,034 Statement IV 78,250 .
. Statement V . .
________.________.
26,034 . . 78,250
558,664 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 497,511
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
30,000 (i) Provision for major repairs 115,000 .
156,609 (ii) Other repairs and maintenance 84,453 .
. (iii) Amortization and depreciation . .
________.________ .
186,609 . 199,453 .
. . . .
77,107 Upkeep of gardens and grounds 94,345 .
263,716 . . 293,798
. All other building repairs and maintenance (including interior redecoration): . .
15,000 (i) Provision for major repairs 57,500 .
215,678 (ii) Other repairs and maintenance 196,109 .
. Rent . .
8,178 Rates and taxes (4,061) .
7,679 Insurance (less commission) 7,611 .
246,535 . . 257,159
510,251.. 550,957
. Less: Contribution from Statements IV and V: . .
71,610 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 71,610 .
246,535 (ii) For other expenses 257,159 .
318,145 . . 328,769
192,106 . . 222,188
. . . .
500,956 SURPLUS/(DEFICIT) . 400,787

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) . . .
321,384 279,334 Consolidated 326,371 283,669 610,040
. . (ii) Tuition . . .
3,100 3,100 (iii) Dues and establishment charges 8,383 8,383 16,766
. . (iv) Degree . . .
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
324,484 282,434 . 334,754 292,052 626,806
. . . . . .
. 1,137,044 Charges for accommodation (including notional room rents), meals & service . 1,150,101 1,150,101
. . Rents from furnished accommodation outside the college occupied by student members . . .
. 16,595 Sales from buttery and stores . 23,913 23,913
________ ________ . ________________________
324,484 *1,436,073 . 334,754 *1,466,0661,800,820
. . . . . .
26,034 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 78,250 . 78,250
. . . . . .
. . Research grants: . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
123,433 . (iii) From outside sources 185,168 . .
. . . . . 185,168
. . Other Grants and contributions . . .
24,963 . (i) From the University 22,587 . .
. . (ii) From other Oxford colleges . . .
. . (iii) From outside sources . . .
. . . . . 22,587
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 52,513 Statement IV: Common Table . 48,275 .
. 46,981 Statement IV: College hospitality . 50,495 .
. 99,494 . . 98,770 .
. . . . . 98,770
. . Other income . . .
8,348 29,166 Miscellaneous 9,083 28,188 37,271
________ ________ . ________________________
507,262 1,564,733 Total income 629,842 1,593,024 2,222,866
. . . . . .
..* NOTE: Charged to...
. 1,388,930 Members and employees of the college . 1,413,658 .
. . Other colleges . . .
. 47,143 Others (conferences etc.) . 52,408 .
. ________ . . ________ .
. 1,436,073 . . 1,466,066 .
. . . . . .
..EXPENDITURE.. .
62,000 . Head of College 76,338 . 76,338
. . Teaching fellows . . .
180,727 . Other fellows 269,570 . 269,570
. . Stipendiary lecturers . . .
. . Outside tuition payments . . .
124,004 . Other tuition and research expenses (including research assistants) 146,737 . 146,737
52,513 . Common Table 48,275 . 48,275
35,551 . Library 34,608 . 34,608
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
18,138 . (i) Provided from trust funds 17,356 . .
76,642 . (ii) Provided otherwise 72,363 . .
94,780 . . 89,719 . 89,719
. . . . . .
9,695 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 10,159 . 10,159
. . Chaplain and chapel services . . .
46,981 . College hospitality 50,495 . 50,495
42,083 . Junior clubs 42,803 . 42,803
. . Subscriptions and donations to the college's own academic objectives . . .
. 157,896 Catering supplies consumed (less sale of waste). 158,828 158,828
. . Outside caterers' and other colleges' charges . . .
..Services:...
33,007 347,982 (i) Domestic staff 34,089 350,123 384,212
30,271 107,326 (ii) Heat, light, water 26,745 95,550 122,295
2,889 38,187 (iii) Laundry and cleaning 4,323 37,061 41,384
8,851 44,587 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 9,716 55,348 65,064
75,018 538,082 . 74,873 538,082612,955
. .Administration: . . .
58,035 29,350 (i) College officers and others 69,802 29,997 99,799
203,090 151,158 (ii) Office and clerical staff 199,700 164,000 363,700
62,643 41,762 (iii) Office expenses 62,944 41,963 104,907
9,018 9,018 (iv) Legal and professional charges 15,031 15,031 30,062
________ ________ . ________ ________ ________
332,786 231,288 . 347,477 250,991 598,468
. . . . . .
. . Pensions paid to former members and employees of the college . . .
. . Other expenses . . .
26,701 55,326 Miscellaneous 20,133 68,961 89,094
________________. ________________________
1,082,839 982,592 . 1,211,187 1,016,862 2,228,049
..College premises:...
67,770 250,375 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 71,298 257,470 328,768
________ ________ . ________________________
1,150,609 1,232,967 . 1,282,485 1,274,332 2,556,817
. . . . . .
(643,347) 331,766 SURPLUS/(DEFICIT) (652,643) 318,692 (333,951)

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)		 . 348,242 830,883 2,807,218 3,560,012 7,546,355
ADD:......
Net proceeds of sale of estates . . . . . .
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) . (39,678) . (53,462) 159,976 66,836
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year 		. . 7,200 284,742 . 291,942
(ii) Otherwise . . . 104,220 . 104,220
Other receipts: . . . . . .
Net increase in Common Room and Day Nursery Fun . . . 20,696 . 20,696
Gifts. 262,061 . 39,709 . 301,770
Surplus on sale of investments . . . 2,143 11,429 13,572
Internal transfers . . 182,119 . . 182,119
.________________ ________________________ ________
. . 222,383 189,319 398,048 171,405 981,155
DEDUCT:... ...
Cost of purchase and improvement of estates . . . . . .
Cost of purchase of securities for trust funds
and capital account		 . . . . . .
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)		 . . . 192,217 . 192,217
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . 14,351 89.868 104,219
Other payments: . . . . . .
Replacement of furniture, furnishings and equipment . . . 62,162 . 62,162
Transfer to common room . . . 10,595 . 10,595
Expenses of BES arrangements . . 1,463 . . 1,463
Miscellaneous . . . 4,065 95 4,160
.________________ ________________________ ________
. . . 1,463 283,390 89,963 374,816
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 570,625 1,018,739 2,921,876 3,641,454 6,152,694

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 . .
348,242 (ii) Wholly or partly for the benefit of the college 570,625 .
348,242 . . 570,625
. . . .
830,883 Capital account (excluding amount invested) . 1,018,739
2,807,218 Reserves and special funds . 2,921,876
3,560,012 Revenue account . 3,641,454
________ . . ________
7,546,355 . . 8,152,694
. . . .
. Represented by: . .
. ASSETS . .
260 Cash in hands of officers and servants . 310
664,178 Balance with bankers . 626,722
1,451,066 Deposits other than with bankers . 2,217,123
4,821,927 Investments (other than of trust funds and capital account)
NOTE: Market Value 4,883,812		 . 4,684,398
. . . .
. Debtors and debit balances: . .
132,925 (i) Battels 153,781 .
21,388 (ii) Rents 11,121 .
269,985(iii) Other 281,186 .
424,298 . . 446,088
. . . .
48,881 Income tax recoverable . 5,938
109,045 Stocks and stores . 99,594
679,148 Furniture and Equipment . 679,148
________..________
8,198,803 . . 8,759,321
. . . .
. LIABILITIES . .
. Caution money . .
6,103 Bank overdraft . .
. Loans . .
87,742 Unexpended balances of grants for specific purposes 119,143 .
558,603 Other creditors and credit balances 487,484 .
652,448 . . 606,627
7,546,355 .. 8,152,694

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Wolfson 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.

Wellers
Accountants & Registered Auditors

6 December 2002

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