Keble 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):
441 undergraduates, 134 postgraduates, 7 additional. Total=582. 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:..
406,016 Net income as shown in Statement III 276,058 .
. Less: College contribution (Statement III) Nil .
406,016..276,058
. . . .
4,904,021 From fees, dues and charges (including room rents) 5,016,745 .
1,031,375 Less: Collected on behalf of the University 1,073,023 .
3,872,646..3,943,722
. From grants and donations: . .
77,748 From the University 3,669 .
11,880 From other Oxford colleges 44,948 .
150,563 From outside sources157,497 .
. . . 206,114
. From other sources: . .
5,995 Miscellaneous 10,844 .
. . . 10,844
________ . . ________
4,524,848 Total income . 4,524,848
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,676,480 (i) Education and Research (Statement IV) 1,734,841 .
1,889,361 (ii) Internal (Statement V) 1,948,526 .
1,022,912 On college premises (Statement III) 1,042,466 .
4,588,753..4,725,833
. . . .
5,970 For other purposes, excluding college contribution (Statement III) . 3,210
________. .________
4,594,723 Total expenditure . 4,729,043
. . . .
. 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 . .
(125,860) (b) carried forward for the trust purposes . (94,122)
________. .________
(125,860) . . (94,122)
. . . .
37,620 Reserves and special funds . 11,698
18,365 Revenue account . (209,881)
(69,875) . . (292,305)
. Attributable to: . .
20,837 Endowment (Statement III) (45,551) .
(50,984) Education and Research (Statement IV) (173,943) .
(39,728) Internal (Statement V) (72,811) .
(69,875) . (292,305) .

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 . .
3,602 Let on terms that tenant not responsible for structural repairs . 3,706
. 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 . .
493,816 Interest and dividends . 352,646
. Underwriting commissions . .
1,886 Copyright royalties . 871
. Other income: . .
5 ? . .
________..________
499,309 . . 357,223
. 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		 . .
19,758 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		 11,312 .
________. ________.
19,758.. 11,312
. 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 . .
________..________
479,551 Total of gross income from endowments and other sources as shown in Statement III . 345,911
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
. In respect of the full amount of rents from agricultural land..
1,441In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		3,706 @40% 1,482.
. 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) 		. .
24,691 In respect of the gross amount of interest and dividends 352,646 @5% 17,632 .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
2,691 (c) Interest 845 .
. (d) Allowances for exceptional obligations . .
________ .________.
28,823 . . 19,959
450,728 STATUTORY ENDOWMENT INCOME . 325,952
. . . .
. CONTRIBUTION PAYABLE . .
. On 325,952 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
479,551 Gross income from endowment and other sources as shown in Statement II . 345,911
. 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		 . .
________.. ________
479,551 . . 345,911
. Less: Expenses of obtaining that income: . .
. Rent, rates, taxes and insurance (less commission) . .
. Provision for major repairs . .
. Other repairs and maintenance . .
. Amortization and depreciation . .
. . . .
67,656 Agency, management and administration 66,028 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
3,883 Bank interest and charges 2,983 .
1,996 Interest on University loan 842 .
________.________ .
73,535 . . 69,853
406,016 Net income as shown in Statement I . 276,058
. . . .
. AMOUNTS PAYABLE OUT OF ABOVE NET INCOME OTHERWISE
THAN FOR THE COLLEGE'S OWN PURPOSES		 . .
. College contribution (Statement II) Nil .
. Donations and subscriptions: . .
5,870 (i) for University objects 3,210 .
100 (ii) Other . .
. Livings . .
. Maintenance of schools . .
. Other: . .
________.________.
5,970.3,210 .
________.________ .
5,970 . . 3,210
400,046 Net income available for college's own purposes . 272,848
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
190,370 Statement IV 120,042 .
. Statement V . .
________.________.
190,370 . . 120,042
209,676 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 152,806
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
50,000 (i) Provision for major repairs 50,000 .
. (ii) Other repairs and maintenance . .
209,000 (iii) Amortization and depreciation 209,000 .
________.________ .
259,000 . 259,000 .
. . . .
27,489 Upkeep of gardens and grounds 32,450 .
286,489 . . 291,450
. All other building repairs and maintenance (including interior redecoration): . .
300,000 (i) Provision for major repairs 400,000 .
400,533 (ii) Other repairs and maintenance 323,734 .
. Rent . .
10,540 Rates and taxes 10,823 .
25,350 Insurance (less commission) 16,459 .
736,423 . . 751,016
1,022,912.. 1,042,466
. Less: Contribution from Statements IV and V: . .
97,650 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 93,093 .
736,423 (ii) For other expenses 751,016 .
834,073 . . 844,109
188,839..198,357
. . . .
20,837 SURPLUS/(DEFICIT) . (45,551)

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) . . .
1,472,543 368,136 (i) Consolidated 1,515,280 378,820 1,894,100
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
416 . (iv) Degree 832 . 832
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
1,472,959368,136. 1,516,112378,8201,894,932
. . . . . .
. 1,696,783 Charges for accommodation (including notional room rents), meals & service . 1,690,057 1,690,057
. 157,353 Rents from furnished accommodation outside the college occupied by student members . 163,520 163,520
. 177,415 Sales from buttery and stores . 195,213 195,213
________ ________ . ________________________
1,472,959*2,399,687.1,516,112*2,427,6103,943,722
. . . . . .
190,370 . Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 120,042 . 120,042
. . . . . .
.. Research grants: . ..
..(i) From the University...
..(ii) From other Oxford colleges . . .
..(iii) From outside sources . . .
. . . . . .
. . Other Grants and contributions . . .
77,748 . (i) From the University 3,669 . .
11,880 . (ii) From other Oxford colleges 44,948 . .
150,563 . (iii) From outside sources 157,497 . .
240,191 . . 206,114 . 206,114
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 40,514 Statement IV: Common Table . 46,016 .
. 11,369 Statement IV: College hospitality . 11,718 .
. 51,883 . . 57,734 57,734
. . Other income: . . .
. 5,995 Miscellaneous . 10,844 10,844
________ ________ . ________________________
1,903,520 2,457,565 Total income 1,842,268 2,496,188 4,338,456
. . . . . .
..* NOTE: Charged to...
. 1,762,071 Members and employees of the college . 1,842,687 .
. . Other colleges . . .
. 637,616 Others (conferences etc.) . 584,923 .
. 1,399,687 . . 2,427,610 .
. . . . . .
..EXPENDITURE.. .
59,782 . Head of College 70,222 . 70,222
676,121 . Teaching fellows 688,984 . 688,984
37,785 . Other fellows 34,179 . 34,179
67,927 . Stipendiary lecturers 76,835 . 76,835
82,508 . Outside tuition payments 94,957 . 94,957
44,744 . Other tuition and research expenses (including research assistants) 18,447 . 18,447
40,514 . Common Table 46,016 . 46,016
133,440 . Library 126,938 . 126,938
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
38,135 . (i) Provided from trust funds 38,923 . .
. . (ii) Provided otherwise . . .
38,135 . . . . 38,923
. . . . . .
9,790 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 9,393 . 9,393
28,810 . Chaplain and chapel services 37,159 . 37,159
11,369 . College hospitality 11,718 . 11,718
92,108 . Junior clubs 85,823 . 85,823
. . Subscriptions and donations to the college's own academic objectives 20 . 20
. 498,578 Catering supplies consumed (less sale of waste). 566,217 566,217
. . Outside caterers' and other colleges' charges . . .
..Services:...
88,340 600,136 (i) Domestic staff 91,204 601,682 692,886
21,964 109,331 (ii) Heat, light, water 29,531 94,983 124,514
1,488 108,874 (iii) Laundry and cleaning 58 94,983 95,041
7,327 115,218 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 33,810 81,804 115,614
119,119 933,559 . 154,603873,4521,028,055
. .Administration: . . .
45,330 52,232 (i) College officers and others 50,859 51,317 102,176
111,236 166,735 (ii) Office and clerical staff 119,592 186,229 305,821
54,345 105,694 (iii) Office expenses 53,397 108,938 162,335
11,051 11,051 (iv) Legal and professional charges 15,154 15,154 30,308
221,962 335,712 . 239,002 361,638 600,640
. . . . . .
. 5,118 Pensions paid to former members and employees of the college . 5,244 5,244
. .Other expenses: . . .
12,366 168,277 Miscellaneous 1,622 199,709 201,331
________________. ________________________
1,676,480 1,941,244 . 1,734,841 2,006,260 3,741,101
..College premises:...
278,024 556,049 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 281,370 562,739 844,109
________ ________ . ________________________
1,954,504 1,954,504 . 2,016,211 2,568,999 4,585,210
. . . . . .
(50,984) (39,728) SURPLUS/(DEFICIT) (173,943) (72,811) (246,754)

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)		 (35,041) 3,663,480 2,532,146 3,168,528 1,481,686 10,810,799
ADD:......
Net proceeds of sale of estates . . . . . .
Net proceeds of sale and redemption of
securities of trust funds and capital account		 . 113,321 . . . 113,321
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 (47,351) . . . . (47,351)
(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) . (94,122) . 11,698 (209,881) (292,305)
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 209,000 450,000 . 659,000
(ii) Otherwise . . . .. .
Other receipts: . . . . . .
Sale of shares in Trust Pool 36,494 141,845 . . . 178,339
Issue of shares in Trust Pool . 20,745 . . . 20,745
Benefactions . . 153,934 1,181,195 . 1,335,129
Gift Aid from Conference Keble Limited . . . 501,055 . 501,055
.________________ ________________________ ________
. (10,857) 181,789 362,934 2,143,948 (209,881) 2,467,933
DEDUCT:... ...
Cost of purchase and improvement of estates . . . . . .
Cost of purchase of securities for trust funds
and capital account		 . 45,455 . . . 45,455
Cost of additions and improvements to college premises. . 3,000,684 . . 3,000,684
Expenditure out of fund for major repairs to estates . . . . . .
Major repairs to fabric and exterior of buildings . . . 920,024 . 920,024
Other major repairs and maintenance
(including interior redecoration)		 . . . . . .
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . .. . . .
Other payments: . . . . . .
Purchase of shares in Trust Pool 1,401 18,966 .. . 20,367
Redemption of shares in Trust Pool . 1,332,640 .. . 1,332,640
Appeal Expenses . . . 137,197 . 137,197
Miscellaneous . . . 200 . 200
.________________ ________________________ ________
. . 1,401 l,397,061 3,000,684 1,057,421 5,456,567
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 (47,299) 2,448,208 (105,604) 4,255,055 1,271,805 7,822,165

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
(35,041) (i) Only for purposes wholly outside the objects of the college (47,299) .
3,663,480 (ii) Wholly or partly for the benefit of the college2,448,208 .
3,628,439 ..2,400,909
.. ..
2,532,146 Capital account (excluding amount invested) . (105,604)
3,168,528 Reserves and special funds . 4,255,055
1,481,686 Revenue account . 1,271,805
10,810,799 . . 7,822,165
. . . .
. Represented by: . .
. ASSETS . .
670 Cash in hands of officers and servants . 900
8,763,744 Balance with bankers . 6,357,591
.Deposits other than with bankers..
2,845,611 Investments (other than of trust funds and capital account)
NOTE: Market Value 3,112,401		 . 1,690,688
. . . .
. Debtors and debit balances: . .
50,123 (i) Battels 36,725 .
. (ii) Rents..
473,174(iii) Other 514,050 .
705,278 . . 622,591
. . . .
1,292 Income tax recoverable . 315
79,544 Stocks and stores . 79,163
. Furniture and Equipment . .
________..________
12,164,035 . . 8,679,432
. . . .
. LIABILITIES . .
. Caution money . .
234,110 Bank overdraft 55,206 .
45,000 Loans 30,000 .
6,012 Unexpended balances of grants for specific purposes 5,316 .
1,068,114 Other creditors and credit balances 766,745 .
1,353,236 . . 857,267
10,810,799 .. 7,822,165

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Keble 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

31 October 2002

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