Corpus Christi 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):
224 undergraduates, 85 postgraduates, 5 additional. Total=314. 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:..
1,574,631 Net income as shown in Statement III 1,603,390 .
66,837 Less: College contribution (Statement III) 71,001 .
1,507,794..1,532,389
. . . .
2,460,252 From fees, dues and charges (including room rents) 2,579,670 .
582,582 Less: Collected on behalf of the University 547,121 .
1,877,670..2,032,549
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
10,000From outside sources10,000 .
. . . 10,000
19,002 From other sources 27,412 27,412
________ . . ________
3,414,466 Total income . 3,602,350
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,635,063 (i) Education and Research (Statement IV) 1,724,571 .
1,161,666 (ii) Internal (Statement V) 1,207,765 .
601,502 On college premises (Statement III) 702,893 .
3,398,231..3,635,229
. . . .
7,593 For other purposes, excluding college contribution (Statement III) . 6,393
________. .________
3,405,824 Total expenditure . 3,641,622
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
19,231 (a) available for the college's general purposes . (32,664)
. (b) carried forward for the trust purposes . .
________. .________
19,231 . . (32,664)
. . . .
(31,609) Reserves and special funds . 14,647
(10,589) Revenue account . (6,608)
8,642 . . (39,272)
. Attributable to: . .
1,294,692 Endowment (Statement III) 1,290,151 .
(983,802) Education and Research (Statement IV) (1,045,481) .
(302,248) Internal (Statement V) (283,942) .
8,642 . (39,272) .

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: . .
408,552 Agricultural land . 425,959
. Non-agricultural land . .
103,663 Let on terms that tenant not responsible for structural repairs . 130,142
613,579 Let on other terms . 527,315
1,700 Gross value for rating purposes of college houses outside
the curtilage occupied by the head, fellows or employees		 . 1,700
. Income from timber . .
20,471 Income from minerals and mineral rights . 18,611
723,751 Interest and dividends . 756,483
. Underwriting commissions . .
5,541 Copyright royalties . 3,620
. Other income: . .
92,241 Pate Charity . 97,787
________..________
1,969,498 . . 1,961,617
. 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 . .
________..________
1,969,498 Total of gross income from endowments and other sources as shown in Statement III . 1,961,617
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
102,138 In respect of the full amount of rents from agricultural land425,959 @25% 106,490.
41,465In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		130,142 @40% 52,057.
61,528 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) 		529,015 @10% 52,902 .
36,188 In respect of the gross amount of interest and dividends 756,483 @5% 37,824 .
.(b) In respect of leaseholds:. .
11,637 (i) Rent payable 13,673 .
. (ii) Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ .________.
252,956 . . 262,946
1,716,542 STATUTORY ENDOWMENT INCOME . 1,698,671
. . . .
. CONTRIBUTION PAYABLE . .
. On 984,000 Nil .
. On 123,000 at 4.0% 4,920 .
. On 123,000 at 8.0% 9,840 .
. On 468,671 at 12.0% 56,241 .
. On 1,698,671 71,001 .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
1,969,498 Gross income from endowment and other sources as shown in Statement II . 1,961,617
. 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		 . .
________.. ________
1,969,498 . . 1,961,617
. Less: Expenses of obtaining that income: . .
8,507 Rent, rates, taxes and insurance (less commission) 9,054 .
15,000 Provision for major repairs . .
82,643 Other repairs and maintenance 85,977 .
25,990 Amortization and depreciation 48,984 .
123,633.134,783 .
. . . .
260,292 Agency, management and administration 213,192 .
850 Donations and subscriptions in connection with estates 100 .
1,607 Entertainment of tenants and others 1,618 .
. Other expenses: . .
________.________ .
394,867 . . 358,227
1,574,631 Net income as shown in Statement I . 1,603,390
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
66,837 College contribution (Statement II) 71,001 .
. Donations and subscriptions: . .
. (i) for University objects . .
7,593 (ii) Other 6,393 .
. Livings . .
. Maintenance of schools . .
. Other: . .
________.________.
7,593.6,393 .
________.________ .
74,430 . . 77,394
1,500,201 Net income available for college's own purposes . 1,525,996
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
113,127 Statement IV 147,327 .
. Statement V . .
________.________.
113,127 . . 147,327
1,387,074 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 1,378,669
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
25,000 (i) Provision for major repairs 25,000 .
48,175 (ii) Other repairs and maintenance 40,405 .
53,139 (iii) Amortization and depreciation 53,703 .
________.________ .
126,314 . 119,108 .
. . . .
30,300 Upkeep of gardens and grounds 31,038 .
156,614 . . 150,146
. All other building repairs and maintenance (including interior redecoration): . .
175,000 (i) Provision for major repairs 175,000 .
227,807 (ii) Other repairs and maintenance 329,513 .
11,637 Rent 13,673 .
4,599 Rates and taxes 4,493 .
25,845 Insurance (less commission) 30,068 .
444,888 . . 552,747
601,502.. 702,893
. Less: Contribution from Statements IV and V: . .
64,232 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 61,628 .
444,888 (ii) For other expenses 552,747 .
509,120 . . 614,375
92,382..88,518
. . . .
1,294,692 SURPLUS/(DEFICIT) . 1,290,151

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) . . .
678,399 169,600 (i) Consolidated 698,799 174,700 873,499
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
450 . (iv) Degree 344 . 344
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
678,849169,600. 699,143174,700873,843
. . . . . .
. 978,295 Charges for accommodation (including notional room rents), meals & service . 1,078,385 1,078,385
. 23,391 Rents from furnished accommodation outside the college occupied by student members . 47,115 47,115
. 27,535 Sales from buttery and stores . 33,206 33,206
________ ________ . ________________________
678,849*1,198,821.699,143*1,333,4062,032,549
. . . . . .
113,127 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 147,327 . 147,327
. . . . . .
.. 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 . . .
10,000 . (iii) From outside sources 10,000 . .
10,000 . . 10,000 . 10,000
. . . . . .
. . Charges to other accounts: . . .
. 1,585 Statement III: Entertainment of tenants and others . 1,098 .
. 62,041 Statement IV: Common Table . 59,653 .
. 50,555 Statement IV: College hospitality . 37,763 .
. 114,181 . . 98,514 98,514
. . Other income: . . .
18,992 10 . 27,412 . 27,412
________ ________ . ________________________
820,968 1,313,012 Total income 883,882 1,431,920 2,315,802
. . . . . .
..* NOTE: Charged to...
. 858,355 Members and employees of the college . 915,756 .
. . Other colleges . . .
. 340,466 Others (conferences etc.) . 417,650 .
. 1,198,821 . . 1,333,406 .
. . . . . .
..EXPENDITURE.. .
47,132 . Head of College 72,123 . 72,123
516,401 . Teaching fellows 560,958 . 560,958
25,705 . Other fellows 5,767 . 5,767
11,898 . Stipendiary lecturers 10,609 . 10,609
69,702 . Outside tuition payments 71,950 . 71,950
20,015 . Other tuition and research expenses (including research assistants) 26,889 . 26,889
62,041 . Common Table 59,653 . 59,653
107,477 . Library 103,538 . 103,538
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
46,852 . (i) Provided from trust funds 43,389 . .
3,853 . (ii) Provided otherwise 20,341 . .
50,705 . . 63,730 . 63,730
. . . . . .
8,453 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 8,282 . 8,282
41,912 . Chaplain and chapel services 41,172 . 41,172
50,555 . College hospitality 37,763 . 37,763
74,875 . Junior clubs 74,092 . 74,092
. . Subscriptions and donations to the college's own academic objectives . . .
. 257,036 Catering supplies consumed (less sale of waste). 234,091 234,091
. 6,654 Outside caterers' and other colleges' charges . 5,506 5,506
..Services:...
148,861 595,445 (i) Domestic staff 146,556 586,223 732,779
47,547 95,095 (ii) Heat, light, water 43,095 86,189 129,284
17,254 34,509 (iii) Laundry and cleaning 12,356 24,712 37,068
49,948 99,896 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 51,778 103,556 155,334
263,610 824,945 . 253,785800,6801,054,465
. .Administration: . . .
44,870 44,870 (i) College officers and others 48,274 48,274 96,548
73,773 70,028 (ii) Office and clerical staff 62,261 69,943 132,204
18,887 18,887 (iii) Office expenses 16,727 16,727 33,454
3,858 3,858 (iv) Legal and professional charges 3,395 3,395 6,790
141,388 137,643 . 130,657 138,339 268,996
. . . . . .
21,729 19,203 Pensions paid to former members and employees of the college 26,874 64,215 91,089
. .Other expenses: . . .
121,465 30,366 Other 151,042 37,761 188,803
. . Appeal 25,687 25,687 51,374
________________. ________________________
1,635,063 1,275,847 . 1,724,571 1,306,279 3,030,850
..College premises:...
169,707 339,413 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 204,792 409,583 614,375
________ ________ . ________________________
1,804,770 1,615,260 . 1,929,363 1,715,862 3,645,225
. . . . . .
(983,802) (302,248) SURPLUS/(DEFICIT) (1,045.481) (283,942) (1,329,423)

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 accounts)		 . 500,442 1,097,932 606,550 1,032,326 3,237,250
ADD:......
Net proceeds of sale of estates . . 1,471,521 . . 1,471,521
Net proceeds of sale and redemption of
securities of trust funds and capital account		 .. 5,249,394 . . 5,249,394
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) . (32,664) . . (6,608) (39,272)
Internal transfers - amounts added: . . 102,687 200,000 . 302,687
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . . . . .
(ii) Otherwise . . . . . .
Other receipts: . . . . . .
Donations . 41,310 . 10,000 . 51,310
Minerals . . 37,222 . . 37,222
Appeal . . 26,040 . . 26,040
.________________ ________________________ ________
. . 8,646 6,886,864 210,000 (6,608) 7,098,902
DEDUCT:... ...
Cost of purchase and improvement of estates . . 96,947 . . 96,947
Cost of purchase of securities for trust funds
and capital account		 . . 6,774,911 . . 6,774,911
Cost of additions and improvements to college premises. . . . . .
Expenditure out of fund for major repairs to estates . . . 19,249 . 19,249
Major repairs to fabric and exterior of buildings . . . 78,541 . 78,541
Other major repairs and maintenance
(including interior redecoration)		 . . . 90,655 . 90,655
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . . . .
Other payments: . . . . . .
.________________ ________________________ ________
. . . 6,871,858 188,445 . 7,060,303
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . 569,501 1,112,938 628,105 1,025,718 3,275,849

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 . .
500,442 (ii) Wholly or partly for the benefit of the college 509,088 .
500,442 ..509,088
.. ..
1,097,932 Capital account (excluding amount invested) . 1,112,938
606,550 Reserves and special funds . 628,105
1,032,326 Revenue account . 1,025,718
3,237,250 . .3,237,250
. . . .
. Represented by: . .
. ASSETS . .
45 Cash in hands of officers and servants . 131
2,910,155 Balance with bankers . 3,023,123
.Deposits other than with bankers..
59,758 Investments (other than of trust funds and capital account)
NOTE: Market Value 453,032		 . 59,758
. . . .
. Debtors and debit balances: . .
69,579 (i) Battels 51,583 .
8,122 (ii) Rents49,524.
448,552(iii) Other 361,999 .
526,253 . . 463,106
. . . .
12,398 Income tax recoverable . 9,210
82,882 Stocks and stores . 91,964
. Furniture and Equipment . .
________..________
3,591,491 . . 3,647,292
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
. Loans . .
. Unexpended balances of grants for specific purposes. .
354,241 Other creditors and credit balances 371,443 .
354,241 . . 371,443
3,237,250 .. 3,275,849

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Corpus Christi 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

13 November 2002

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