Harris Manchester 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):
72 undergraduates, 19 postgraduates, 5 additional. Total=96. 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:..
67,992 Net income as shown in Statement III 36,960 .
18,718 Less: College contribution (Statement III) Nil .
67,992..36,960
. . . .
1,058,149 From fees, dues and charges (including room rents) 1,058,097 .
216,839 Less: Collected on behalf of the University 266,156 .
841,310..791,941
. From grants and donations: . .
56,800 From the University 300,000 .
5,000 From other Oxford colleges 1,453 .
203,033 From outside sources290,841 .
. From other sources: . .
11,147 miscellaneous income 10,105 10,105
________ . . ________
1,185,282 Total income . 1,431,300
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
466,722 (i) Education and Research (Statement IV) 514,179 .
470,432 (ii) Internal (Statement V) 469,377 .
98,961 On college premises (Statement III) 111,480 .
1,036,115..1,095,036
. . . .
189 For other purposes, excluding college contribution (Statement III) . .
________. .________
1,036,115 Total expenditure . 1,095,036
. . . .
. 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 . .
. (b) carried forward for the trust purposes . .
________. .________
. . . .
88,878 Reserves and special funds . 303,558
60,289 Revenue account . 32,706
149,167 . . 336,264
. Attributable to: . .
73,216 Endowment (Statement III) 41,596 .
93,682 Education and Research (Statement IV) 334,803 .
(17,731) Internal (Statement V) (40,135) .
149,167 . 336,264 .

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 . .
. Let on terms that tenant not responsible for structural repairs . .
9,695 Let on other terms . 5,992
. 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 . .
67,268 Interest and dividends . 59,305
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
________..________
76,963 . . 65,297
. 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 . .
________..________
76,963 Total of gross income from endowments and other sources as shown in Statement III . 65,297
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
. In respect of the full amount of rents from agricultural land..
.In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		..
969 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) 		5,992 @10% 599 .
3,363 In respect of the gross amount of interest and dividends 59,305 @5% 2,965 .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
. (c) Interest . .
. (d) Allowances for exceptional obligations . .
________ .________.
4,332 . . 3,564
72,631 STATUTORY ENDOWMENT INCOME . 61,733
. . . .
. CONTRIBUTION PAYABLE . .
. On 61,733 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
76,963 Gross income from endowment and other sources as shown in Statement II . 65,297
. 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		 . .
________.. ________
76,963 . . 65,297
. Less: Expenses of obtaining that income: . .
(2,380) Rent, rates, taxes and insurance (less commission) 1,944 .
. Provision for major repairs . .
. Other repairs and maintenance . .
. Amortization and depreciation . .
. . . .
. Agency, management and administration . .
. Donations and subscriptions in connection with estates . .
11,351 Entertainment of tenants and others 26,393 .
. Other expenses: . .
________.________ .
8,971 . . 28,337
67,992 Net income as shown in Statement I . 36,960
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
. College contribution (Statement II) . .
. Donations and subscriptions: . .
. (i) for University objects . .
. (ii) Other . .
. Livings 357 .
. Maintenance of schools . .
. Other: . .
________.. ________
67,992 Net income available for college's own purposes . 36,960
. . . .
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
. Statement IV . .
. Statement V . .
________.. ________
67,992 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 36,960
. . . .
. 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 . .
. (iii) Amortization and depreciation . .
________.________ .
. . . .
9,315 Upkeep of gardens and grounds 9,252 .
9,315 . . 9,252
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs . .
72,784 (ii) Other repairs and maintenance 88,225 .
. Rent . .
4,437 Rates and taxes 1,132 .
12,425 Insurance (less commission) 12,871 .
89,646 . . 102,228
98,961.. 111,480
. Less: Contribution from Statements IV and V: . .
14,539 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 13,888 .
89,646 (ii) For other expenses 102,228 .
104,185 . . 116,116
(5,224)..(4,636)
. . . .
73,216 SURPLUS/(DEFICIT) . 41,596

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) . . .
316,513 79,129 (i) Consolidated 283,780 70,944 354,724
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
. . (iv) Degree . . .
270 . (v) Library 3,301 . 3,301
. . (vi) Other . . .
________ ________ . ________________________
316,78379,129. 287,08170,944358,025
. . . . . .
15,920 429,478 Charges for accommodation (including notional room rents), meals & service 11,728 422,188 433,916
. . Rents from furnished accommodation outside the college occupied by student members . . .
. . Sales from buttery and stores . . .
________ ________ . ________________________
332,703*508,607.298,809*493,132791,941
. . . . . .
. . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 . . .
. . . . . .
.. 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: . . .
. 11,351 Statement III: Entertainment of tenants and others . 26,393 .
. 5,400 Statement IV: Common Table . 5,306 .
. 2,179 Statement IV: College hospitality . 1,718 .
. 18,930 . . 33,417 33,417
. . Other income: . . .
4,542 6,605 miscellaneous income 4,325 5,780 10,105
________ ________ . ________________________
602,078 534,142 Total income 895,428 532,329 1,427,757
. . . . . .
..* NOTE: Charged to...
. 303,023 Members and employees of the college . 289,873 .
. 3,338 Other colleges . 3,451 .
. 202,246 Others (conferences etc.) . 199,808 .
. 508,607 . . 493,132 .
. . . . . .
..EXPENDITURE.. .
48,358 . Head of College 49,809 . 49,809
141,880 . Teaching fellows 147,844 . 147,844
37,050 . Other fellows 38,161 . 38,161
. . Stipendiary lecturers . . .
35,089 . Outside tuition payments 28,809 . 28,809
14,058 . Other tuition and research expenses (including research assistants) 8,466 . 8,466
5,400 . Common Table 5,306 . 5,306
28,537 . Library 40,516 . 40,516
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
. . (i) Provided from trust funds . . .
1,416 . (ii) Provided otherwise 14,011 . .
1,416 . . 175,138 . 14,011
. . . . . .
. . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 . . .
3,667 . Chaplain and chapel services 11,354 . 11,354
2,179 . College hospitality 1,718 . 1,718
7,935 . Junior clubs 7,813 . 7,813
. . Subscriptions and donations to the college's own academic objectives . . .
. 105,574 Catering supplies consumed (less sale of waste). 90,069 90,069
. . Outside caterers' and other colleges' charges . . .
..Services:...
23,369 191,419 (i) Domestic staff 25,114 192,566 217,680
19,323 28,985 (ii) Heat, light, water 20,694 31,041 51,735
2,005 19,694 (iii) Laundry and cleaning 2,625 19,066 21,691
19,845 45,066 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 22,179 46,781 68,960
64,542 285,164 . 70,612289,454360,066
. .Administration: . . .
13,677 23,843 (i) College officers and others 11,898 11,898 23,796
31,299 28,182 (ii) Office and clerical staff 37,669 41,183 78,852
17,501 17,501 (iii) Office expenses 26,446 26,446 52,892
9,186 9,186 (iv) Legal and professional charges 7,274 7,274 14,548
71,663 78,712 . 83,287 86,801 170,088
. . . . . .
. . Pensions paid to former members and employees of the college . . .
. .Other expenses: . . .
4,948 8,561 miscellaneous 6,473 10,077 16,550
. 11,351 entertainment of tenants and others . 26,393 26,393
________________. ________________________
466,722 489,362 . 514,179 502,794 1,016,973
..College premises:...
41,674 62,511 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 46,446 69,670 116,116
________ ________ . ________________________
508,396 551,873 . 560,625 572,464 1,133,089
. . . . . .
93,682 17,731 SURPLUS/(DEFICIT) 334,803 (40,135) 294,668

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)		 . . (693,998) 1,106,003 (459,522) (47,517)
ADD:......
Net proceeds of sale of estates . . 1,216,809 . . 1,216,809
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) . . . 303,558 32,706 336,264
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . . . . .
(ii) Otherwise . . . . . .
Other receipts: . . . . . .
Hardship fund Income . . . 1,942 . 1,942
.________________ ________________________ ________
. . . 1,216,809 305,500 32,706 1,555,015
DEDUCT:... ...
Cost of purchase and improvement of estates . . 1,565,771 . . 1,565,771
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)		 . . . . . .
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . . . 436,227
Other payments: . . . . . .
Hardship fund Expenditure . . . 701 . 701
.________________ ________________________ ________
. . . 1,565,771 701 . 1,566,472
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . . (1,042,960) 1,140,802 426,816 58,974

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 . .
. (ii) Wholly or partly for the benefit of the college. .
.. ..
(693,998) Capital account (excluding amount invested) . (1,042,960)
1,106,003 Reserves and special funds . 1,410,802
(459,522) Revenue account . (426,816)
(47,517)..(58,974)
. . . .
. Represented by: . .
. ASSETS . .
250 Cash in hands of officers and servants . 261
9,455 Balance with bankers . 115,733
116,830Deposits other than with bankers. 433
. Investments (other than of trust funds and capital account) . .
. . . .
. Debtors and debit balances: . .
1,410 (i) Battels 1,539 .
. (ii) Rents..
165,258(iii) Other 239,833 .
166,668 . . 241,372
. . . .
2,131 Income tax recoverable . 967
24,715 Stocks and stores . 21,179
106,242 Furniture and Equipment . 92,011
________..________
426,291 . . 471,956
. . . .
. LIABILITIES . .
. Caution money . .
96,616 Bank overdraft 84,851 .
127,290 Loans 117,347 .
. Unexpended balances of grants for specific purposes. .
249,902 Other creditors and credit balances 328,732 .
473,808 . . 530,930
(47,517) .. (58,974)

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Harris Manchester 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.

Edmund Gibbs
Chartered Accountants
Registered Auditors

29 November 2002

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