Oriel 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):
289 undergraduates, 105 postgraduates, 3 additional. Total=397. 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: . .
694,015 Net income as shown in Statement III 712,754 .
. Less: College contribution (Statement III) Nil .
________ . ________ .
694,015 . . 712,754
. . . .
2,967,974 From fees, dues and charges (including room rents) 3,187,747 .
645,058 Less: Collected on behalf of the University 695,618 .
2,322,916 . . 2,492,129
. From grants and donations: . .
28,302 From the University 24,331 .
20,820 From other Oxford colleges 34,555 .
48,023 From outside sources 65,780 .
. . . 124,666
. From other sources: . .
________ . . ________
3,114,076 Total income . 3,329,549
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
1,717,615 (i) Education and Research (Statement IV) 1,938,115 .
1,332,635 (ii) Internal (Statement V) 1,475,976 .
414,874 On college premises (Statement III) 447,670 .
3,465,124 . . 3,861,761
. . . .
4,112 For other purposes, excluding college contribution (Statement III) . 7,076
________ . . ________
3,469,236 Total expenditure . 3,868,837
. . . .
. SURPLUS/(DEFICIT) FOR YEAR carried to Statement VI . .
. Trust funds of which, under the terms of trusts, there was: . .
508 (a) available for the college's general purposes (653) .
. (b) carried forward for the trust purposes . .
________ . . ________
508 . . (653)
. . . .
(673) Reserves and special funds . 19,924
(345,995) Revenue account . (558,560)
(355,160) . . (539,289)
. Attributable to: . .
283,225 Endowment (Statement III) 289,104 .
(570,751) Education and Research (Statement IV) (671,489) .
(67,634) Internal (Statement V) (156,904) .
(355,160) . (539,289) .

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: . .
385 Agricultural land . 436
. Non-agricultural land . .
272,469 Let on terms that tenant not responsible for structural repairs . 286,557
489,060 Let on other terms . 429,456
. 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 . .
194,724 Interest and dividends . 309,544
. Underwriting commissions . .
156 Copyright royalties . 61
. Other income: . .
. Contribution from Land Estates & Property Limited . 78,151
________ . . ________
956,794 . . 1,104,205
. 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		 . .
3,845 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		 4,155 .
________ . ________ .
3,845 . . 4,155
. 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 . .
________ . . ________
952,949 Total of gross income from endowments and other sources as shown in Statement III . 1,100,050
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
96 In respect of the full amount of rents from agricultural land 436 @25% 109 .
108,988 In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs 		286,557 @40% 114,623 .
48,906 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) 		429,456 @10% 42,946 .
9,736 In respect of the gross amount of interest and dividends 387,695 @5% 19,385 .
. (b) In respect of leaseholds: . .
. Rent payable . .
. Amortization of lease premium . .
121,709 (c) Interest 41,360 .
. (d) Allowances for exceptional obligations . .
________ . ________ .
289,435 . . 218,423
663,514 STATUTORY ENDOWMENT INCOME . 881,627
. . . .
. CONTRIBUTION PAYABLE . .
. On 881,627 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
952,949 Gross income from endowment and other sources as shown in Statement II
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		 . 1,100,050
. Rents, less rebntal 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		 . .
________ . . ________
952,949 . . 1,100,050
. Less: Expenses of obtaining that income: . .
6,569 Rent, rates, taxes and insurance (less commission) 9,091 .
. Provision for major repairs . .
12,663 Other repairs and maintenance 55,767 .
. Amortization and depreciation . .
________ . 55,767 .
________ . 55,767 .
. . . .
117,993 Agency, management and administration 281,078 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses . .
121,709 Bank interest 41,360 .
________ . ________ .
258,934 . . 387,296
694,015 Net income as shown in Statement I . 712,754
. . . .
. 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 . .
1,145 (ii) Other 3,364 .
300 Livings (error in hard copy) 300 .
. Maintenance of schools . .
. Other: . .
2,667 Repair and insurance of chancels 3,412 .
________ . ________ .
4,112 . 7,076 .
________ . ________ .
4,112 . . 7,076
689,903 Net income available for college's own purposes . 705,678
. Less: Amount of trust fund income transferred to Statement IV and V
equivalent to expenditure from trusts included in those Statements.		 . .
281,233 Statement IV 305,934 .
1,091 Statement V 1,169 .
________ . ________ .
282,324 . . 307,103
407,579 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 398,575
. . . .
. EXPENSES OF COLLEGE PREMISES AND AEDES ANNEXAE . .
. Repair and maintenance of fabric and exterior of buildings: . .
. (i) Provision for major repairs . .
51,388 (ii) Other repairs and maintenance 55,120 .
123,279 (iii) Amortization and depreciation 100,722 .
________ . ________ .
174,667 . 155,842 .
. . . .
35,185 Upkeep of gardens and grounds 39,127 .
209,852 . . 194,969
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs . .
145,984 (ii) Other repairs and maintenance 184,524 .
. Rent . .
13,389 Rates and taxes 14,223 .
45,649 Insurance (less commission) 53,954 .
205,022 . . 252,701
414,874 . . 447,670
. Less: Contribution from Statements IV and V: . .
85,498 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 85,498 .
205,022 (ii) For other expenses 252,701 .
290,520 . . 338,199
124,354 . . 109,471
. . . .
283,225 SURPLUS/(DEFICIT) . 289,104

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) . . .
849,752 186,531 (i) Consolidated 930,652 204,289 1,134,941
. . (ii) Tuition . . .
. . (iii) Dues and establishment charges . . .
80 . (iv) Degree 70 . 70
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________ ________ ________
849,832 186,531 . 930,722 204,289 1,135,011
. . . . . .
. 1,001,072 Charges for accommodation (including notional room rents), meals & service . 1,086,270 1,086,270
. 212,506 Rents from furnished accommodation outside the college occupied by student members . 194,302 194,302
. 72,975 Sales from buttery and stores . 76,546 76,546
________ ________ . ________ ________ ________
849,832 *1,473,084 . 930,722 *1,561,407 2,492,129
. . . . . .
281,233 1,091 Amount of trust fund income available only for expenditure dealt with
in this account (transferred from Statement III)		 305,934 1,169 307,103
. . . . . .
. . Research grants: . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
27,223 . (iii) From outside sources 44,955 . .
27,223 . . 44,955 . 44,955
. . . . . .
. . Other Grants and contributions . . .
28,302 . (i) From the University 24,331 . .
20,820 . (ii) From other Oxford colleges 34,555 . .
20,800 . (iii) From outside sources 20,825 . .
69,922 . . 79,711 . 79,711
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. 68,382 Statement IV: Common Table . 77,189 .
. 62,191 Statement IV: College hospitality . 64,395 .
. 130,573 . . 141,584 141,584
. . Other income: . . .
________ ________ . ________ ________ ________
1,228,210 1,604,748 Total income 1,361,322 1,704,160 3,065,482
. . . . . .
. . * NOTE: Charged to . . .
. 1,005,326 Members and employees of the college . 1,201,846 .
. . Other colleges . . .
. 467,758 Others (conferences etc.) . 359,561 .
. 1,473,084 . . 1,561,407 .
. . . . . .
. . EXPENDITURE . . .
68,012 . Head of College 78,191 . 78,191
523,778 . Teaching fellows 537,932 . 537,932
20,823 . Other fellows 45,618 . 45,618
120,198 . Stipendiary lecturers 133,901 . 133,901
72,949 . Outside tuition payments 78,352 . 78,352
30,590 . Other tuition and research expenses (including research assistants) 26,554 . 26,554
68,382 . Common Table 77,189 . 77,189
92,627 . Library 99,119 . 99,119
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
4,290 . (i) Provided from trust funds . . .
43,583 . (ii) Provided otherwise 45,235 . .
47,873 . . 45,235 . 85,549
. . . . . .
9,363 . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 . . .
27,541 . Chaplain and chapel services 26,900 . 26,900
62,191 . College hospitality 64,395 . 64,395
45,285 . Junior clubs 46,997 . 46,997
. . Subscriptions and donations to the college's own academic objectives . . .
. 288,488 Catering supplies consumed (less sale of waste) . 328,791 328,791
. . Outside caterers' and other colleges' charges . . .
. . Services: . . .
109,602 531,534 (i) Domestic staff 125,785 595,699 721,484
24,342 137,936 (ii) Heat, light, water 16,424 93,069 109,493
11,478 91,707 (iii) Laundry and cleaning 6,217 60,500 66,717
71,070 158,805 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 163,604 226,012 389,616
216,492 919,982 . 312,030 975,280 1,287,310
. . Administration: . . .
73,974 46,687 (i) College officers and others 84,032 55,059 139,091
192,318 137,211 (ii) Office and clerical staff 200,983 148,476 349,459
6,114 34,643 (iii) Office expenses 7,575 42,922 50,497
6,638 6,638 (iv) Legal and professional charges 21,225 21,225 42,450
279,044 225,179 . 313,815 267,682 581,497
. . . . . .
. . Pensions paid to former members and employees of the college . . .
32,467 29,559 Other expenses 51,887 45,807 97,694
________ ________ . ________ ________ ________
1,717,615 1,463,208 . 1,938,115 1,617,560 3,555,675
. . College premises: . . .
81,346 209,174 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 94,696 243,504 338,200
________ ________ . ________ ________ ________
1,798,961 1,672,382 . 2,032,811 1,861,064 3,893,875
. . . . . .
(570,751) (67,634) SURPLUS/(DEFICIT) (671,489) (156,904) (828,393)

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)		 134 15,726 1,111,730 338,771 (1,675,378) (209,017)
ADD: . . . . . .
Net proceeds of sale of estates . . . . . .
Net proceeds of sale and redemption of
securities of trust funds and capital account		 9 27,506 7,071,516 . . 7,099,031
Surplus/(deficit) of income for the year: . . . . . .
(i) Trust funds only for purposes wholly
outside the objects of the college		 160 . . . . 160
(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) . (653) . 19,924 (558,560) (539,289)
Internal transfers - amounts added: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year		 . . 100,722 . . 100,722
(ii) Otherwise . . (342,946) . 342,946 .
Other receipts: . . . . . .
College appeal receipts . 158,409 349,784 292,112 . 800,305
Transfer from Oriel College Development Trust . 1,797 . . . 1,797
. ________ ________ ________ ________ ________ ________
. 169 187,059 7,179,076 312,036 (2l5,614) 7,462,726
DEDUCT: . . . . . .
Cost of purchase and improvement of estates . . . . . .
Cost of purchase of securities for trust funds
and capital account		 142 196,359 1,599,581 . . 1,796,082
Cost of additions and improvements to college premises . . 7,102 . . 7,102
Expenditure out of fund for major repairs to estates . . . . . .
Major repairs to fabric and exterior of buildings . . . 181,956 . 181,956
Other major repairs and maintenance
(including interior redecoration)		 . . . 630 . 630
Internal transfers - amounts deducted otherwise than
in arriving at surplus/(deficit) of income for year		 . . . . . .
Other payments: . . . . . .
Loan advances . . 157,268 . . 157,268
Reclassification of funds . 6,435 . . . 6,435
. ________ ________ ________ ________ ________ ________
. 142 202,794 1,763,951 182,586 . 2,149,473
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 161 (9) 6,526,855 468,221 (1,890,992) 5,104,236

VII. STATEMENT OF BALANCES

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2000-01 £ . . 2001-02 £
. Trust funds (excluding amounts invested) held and administered by the college: . .
134 (i) Only for purposes wholly outside the objects of the college 161 .
15,726 (ii) Wholly or partly for the benefit of the college (9) .
15,860 . . 152
. . . .
1,111,730 Capital account (excluding amount invested) . 6,526,855
338,771 Reserves and special funds . 468,221
(1,675,378) Revenue account . (1,890,992)
(209,017) . . 5,104,236
. . . .
. Represented by: . .
. ASSETS . .
443 Cash in hands of officers and servants . 938
. Balance with bankers . 3,832,857
. Deposits other than with bankers . 1,200,000
418,619 Investments (other than of trust funds and capital account)
NOTE: Market Value 649,195		 . 521,706
. . . .
. Debtors and debit balances: . .
106,463 (i) Battels 39,563 .
107,582 (ii) Rents 35,365 .
495,158 (iii) Other 560,605 .
709,203 . . 635,533
. . . .
29,977 Income tax recoverable . 1,128
112,251 Stocks and stores . 125,338
245,274 Furniture and Equipment . 202,146
________ . . ________
1,515,767 . . 6,519,646
. . . .
. LIABILITIES . .
. Caution money . .
561,376 Bank overdraft . .
550,000 Loans 1,020,000 .
. Unexpended balances of grants for specific purposes . .
613,408 Other creditors and credit balances 395,410 .
1,724,784 . . 1,415,410
(209,017) . . 5,104,236

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Oriel 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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