Worcester 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):
394 undergraduates, 138 postgraduates, 11 additional. Total=543. 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:..
523,667 Net income as shown in Statement III 459,586 .
. Less: College contribution (Statement III) Nil .
523,667..459,586
. . . .
4,060,312 From fees, dues and charges (including room rents) 4,363,320 .
935,043 Less: Collected on behalf of the University 985,359 .
3,125,269..3,377,961
. From grants and donations: . .
31,411 From the University 20,774 .
22,301 From other Oxford colleges 22,594 .
19,235 From outside sources 86,544 .
. .. 129,912
. From other sources . .
10,773 Miscellaneous 3,949 .
. .. 3,949
________ . . ________
3,732,656 Total income . 3,971,408
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
2,039,228 (i) Education and Research (Statement IV) 2,243,690 .
1,308,660 (ii) Internal (Statement V) 1,476,876 .
379,375 On college premises (Statement III) 247,639 .
3,727,263 . . 3,968,205
. . . .
2,437 For other purposes, excluding college contribution (Statement III) . 2,288
________. .________
3,729,700 Total expenditure . 3,970,493
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
34,708 (a) available for the college's general purposes . 27,958
11,732 (b) carried forward for the trust purposes . (45,331)
________. .________
96,440 . . (17,373)
258,139 Reserves and special funds . 162,536
(351,623) Revenue account . (144,248)
2,956 . . 915
. Attributable to: . .
(20,199) Endowment (Statement III) (152,654) .
(344,485) Education and Research (Statement IV) (245,512) .
367,640 Internal (Statement V) 399,081 .
2,956 . 915 .

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: . .
29,223 Agricultural land . 54,798
. Non-agricultural land . .
13,823 Let on terms that tenant not responsible for structural repairs . 11,864
. Let on other terms . .
48,700 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 56,842
. Income from timber . .
. Income from minerals and mineral rights . .
610,876 Interest and dividends . 544,457
. Underwriting commissions . .
373 Copyright royalties . .
. Other income: . .
. . . 1,267
________..________
702,995 . . 669,228
. 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: . .
63,888 Income paid to the college by the trustees or applied by them to any purpose of the college . 66,769
________..________
766,883 Total of gross income from endowments and other sources as shown in Statement III . 735,997
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
7,306In respect of the full amount of rents from agricultural land 54,798 @25% 13,699 .
5,529 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 11,864 @40% 4,745 .
4,870 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) 		56,842 @10% 5,684 .
30,544 In respect of the gross amount of interest and dividends 544,457 @5% 27,222 .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
. (c) Interest . 1,939
3,057 (d) Allowances for exceptional obligations . .
________ .________.
51,306 . . 53,289
715,577 STATUTORY ENDOWMENT INCOME . 682,708
. . . .
. CONTRIBUTION PAYABLE . .
. On 682,708 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
766,883 Gross income from endowment and other sources as shown in Statement II . 735,997
. 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		 . .
(48,700) 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		 . (56,842)
________.. ________
718,183 . . 679,155
. Less: Expenses of obtaining that income: . .
8,798 Rent, rates, taxes and insurance (less commission) 7,819 .
. Provision for major repairs . .
2,151 Other repairs and maintenance 12,724 .
. Amortization and depreciation . .
. . . .
147,502 Agency, management and administration 166,295 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
3,057 Interest Payable 1,939 .
28,308 Development Office Expenditure 30,792 .
________.________ .
194,516 . . 219,569
523,667 Net income as shown in Statement I . 459,586
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
. College contribution (Statement II) Nil .
. Donations and subscriptions: . .
. (i) for University objects . .
1,900 (ii) Other 2,135 .
537 Livings 153 .
. Maintenance of schools . .
. Other: . .
________ .. ________
2,437 . . 2,288
________ .. ________
521,230 Net income available for college's own purposes . 457,298
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
411,525 Statement IV 527,888 .
73,404 Statement V 28,299 .
________.________.
484,929 . . 556,187
36,301 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 98,889
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
. (i) Provision for major repairs . .
. (ii) Other repairs and maintenance . .
30,002 (iii) Amortization and depreciation 27,167 .
________.________ .
30,002 . 27,167 .
. . . .
106,137 Upkeep of gardens and grounds 110,360 .
136,139 . . 137,527
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs (102,860) .
214,089 (ii) Other repairs and maintenance 181,819 .
. Rent . .
7,475 Rates and taxes 6,613 .
21,672 Insurance (less commission) 24,540 .
243,236 . . 110,112
379,375.. 247.639
. Less: Contribution from Statements IV and V: . .
79,639 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 83,762 .
243,236 (ii) For other expenses 110.112 .
322,875 . . 193,874
56,500 . . 53,765
. . . .
(20,199) SURPLUS/(DEFICIT) . (152,654)

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) . . .
. . Consolidated . . .
847,355 . (ii) Tuition 962,750 . 962,750
273,731 313,460 (iii) Dues and establishment charges 273,342 337,774 611,116
7,936 . (iv) Degree 8,618 . 8,618
36,973 . (v) Library 38,400 . 38,400
95,050 . (vi) Other 113,024 . 113,024
________ ________ . ________________________
1,261,045 313,460 . 1,396,134 337,774 1,733,908
. . . . . .
4,440 1,080,406 Charges for accommodation (including notional room rents), meals & service 4,440 1,204,8S4 1,209,324
. 312,094 Rents from furnished accommodation outside the college occupied by student members . 280,572 280,572
. 153,824 Sales from buttery and stores . 154,157 154,157
________ ________ . ________________________
1,265,485 *1,859,784 . 1,400,574 *1,977,3873,377,961
. . . . . .
411,525 73,404 Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 527,888 28,299 556,187
. . . . . .
. . Research grants: . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
. . (iii) From outside sources 26,646 . .
. . . . . 26,646
. . Other Grants and contributions . . .
31,411 . (i) From the University 20,774 . .
22,301 . (ii) From other Oxford colleges 22,594 . .
19,235 . (iii) From outside sources 59,898 . .
72,947 . . . . 103,266
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 69,789 Statement IV: Common Table . 64,136 .
. 38,946 Statement IV: College hospitality . 29,415 .
. 108,735 . . 93,551 .
. . . . . 93,551
. . Other income . . .
7,019 3,754 Miscellaneous (11) 3,960 3,949
________ ________ . ________________________
1,756,976 2,045,677 Total income 2,058,363 2,103,197 4,161,560
. . . . . .
..* NOTE: Charged to...
. 1,366,049 Members and employees of the college . 1,426,047 .
. . Other colleges . . .
. 493,735 Others (conferences etc.) . 551,340 .
. ________ . . ________ .
. 1,859,784 . . 1,977,387 .
. . . . . .
..EXPENDITURE.. .
67,293 . Head of College 67,230 . 67,230
672,808 . Teaching fellows 706,832 . 706,832
44,935 . Other fellows 31,646 . 31,646
169,224 . Stipendiary lecturers 165,205 . 165,205
85,137 . Outside tuition payments 91,302 . 91,302
3,057 . Other tuition and research expenses (including research assistants) 5,724 . 5,724
69,789 . Common Table 64,136 . 64,136
111,436 . Library 149,939 . 149,939
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
109,128 . (i) Provided from trust funds 180,790 . .
10,390 . (ii) Provided otherwise 6,542 . .
119,518 . . 187,332 . 187,332
. . . . . .
19,626 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 17,876 . 17,876
30,968 . Chaplain and chapel services 82,735 . 82,735
38,946 . College hospitality 29,415 . 29,415
? . Junior clubs 97,559 . 97,559
? 78,931 . Subscriptions and donations to the college's own academic objectives . . .
. 316,547 Catering supplies consumed (less sale of waste). 305,710 305,710
. . Outside caterers' and other colleges' charges . . .
..Services:...
93,878 507,751 (i) Domestic staff 105,915 679,249 785,164
40,099 80,197 (ii) Heat, light, water 38,976 79,825 118,801
17,044 34,087 (iii) Laundry and cleaning 16,098 32,197 48,295
22,457 117,846 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 30,443 137,117 167,560
173,478 739,881 . 191,432 928,3881,119,820
. .Administration: . . .
36,728 17,884 (i) College officers and others 37,410 17,678 55,088
115,416 115,416 (ii) Office and clerical staff 144,625 144,625 289,250
51,861 51,861 (iii) Office expenses 33,649 36,295 69,944
7,923 7,923 (iv) Legal and professional charges 9,533 9,533 19,066
________ ________ . ________ ________ ________
211,928 193,084 . 225,217 208,131 433,348
. . . . . .
3,262 6,523 Pensions paid to former members and employees of the college 3,392 6,784 10,176
138,892 161,360 Other expenses 126,718 121,414 248,132
________________. ________________________
2,039,228 1,417,395 . 2,243,690 1,570,427 3,814,117
..College premises:...
62,233 260,642 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 60,185 133,689 193,874
________ ________ . ________________________
2,101,461 1,678,037 . 2,303,875 1,704,116 4,007,991
. . . . . .
(344,485) 367,640 SURPLUS/(DEFICIT) (245,512) 399,081 153,569

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)		 . 1,795,455 1,924,678 9,403,841 (5,029,717) 8,094,257
ADD:......
Net proceeds of sale of estates . . . . . .
Net proceeds of sale and redemption of
securities of trust funds and capital account		 .. . 666,629 . 666,629
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) . (17,373) . 162,536 (144,248) 915
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year 		. . 27,167 (102,860) . (75,693)
(ii) Otherwise . 23,403 . . . 23,403
Other receipts: . . . . . .
Benefactions . 18,500 . 625,764 . 644,264
.________________ ________________________ ________
. . 24,530 27,167 1,352,069 (144,248) 1,259,518
DEDUCT:... ...
Cost of purchase and improvement of estates . . 571,250 . . 571,250
Cost of purchase of securities for trust funds
and capital account		 . 37,139 16,671 627,052 . 680,862
Cost of additions and improvements to college premises. . . . . .
Expenditure out of fund for major repairs to estates . . . 87,353 . 87,353
Major repairs to fabric and exterior of buildings . . . 47,540 . 47,540
Other major repairs and maintenance
(including interior redecoration)		 . 561 . 215,127 . 215,688
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . 23,403 . 23,403
Other payments: . . . . . .
Appeal Expenses . . . 3,173 . 3,173
Books and Manuscripts . . . 14,310 . 14,310
Deficit on clubs . . . 47,176 . 47,176
.________________ ________________________ ________
. . 37,700 587,921 1,065,134 . 1,690,755
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 1,782,285 1,363,924 9,690,776 (5,173,965) 7,663,020

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 . .
1,795,455 (ii) Wholly or partly for the benefit of the college 1,782,285 .
1,795,455 . . 1,782,285
. . . .
1,924,678 Capital account (excluding amount invested) . 1,363,924
9,403,841 Reserves and special funds . 9,690,776
(5,029,717) Revenue account . (5,173,965)
________ . . ________
8,094,257 . . 7,663,020
. . . .
. Represented by: . .
. ASSETS . .
780 Cash in hands of officers and servants . 830
934,862 Balance with bankers . 602,612
6,173,936 Deposits other than with bankers . 6,033,847
932,583 Investments (other than of trust funds and capital account)
NOTE: Market Value 3,017,993		 . 932,583
. . . .
. Debtors and debit balances: . .
149,946 (i) Battels 141,948 .
10,919 (ii) Rents 8,667 .
243,301(iii) Other 238,682 .
404,166 . . 389,297
. . . .
7,868 Income tax recoverable . 4,306
20,137 Stocks and stores . 22,351
248,010 Furniture and Equipment . 219,454
________..________
8,722,342 . . 8,205,280
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
60,000 Loans 40,000 .
. Unexpended balances of grants for specific purposes . .
568,085 Other creditors and credit balances 502,260 .
628,085 . . 542,260
8,094,257 .. 7,663,020

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Worcester 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.

Everett & Son
CHARTERED ACCOUNTANTS
AND REGISTERED AUDITORS
35 Paul Street London EC2A 4UQ

20th November 2002

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