Templeton 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):
0 undergraduates, 33 postgraduates, 0 additional. Total=33. 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:..
558,664 Net income as shown in Statement III 497,511 .
. Less: College contribution (Statement III) Nil .
558,664..497,511
. . . .
96,215 From fees, dues and charges (including room rents) 160,199 .
. Less: Collected on behalf of the University 52,217 .
96,215..107,982
. From grants and donations: . .
. From the University . .
. From other Oxford colleges . .
492,835 From outside sources 648,820 .
. .. 648,820
. From other sources . .
1,012,088 Management Charge to Subsidiary Company 1,086,7171,086,717
. Miscellaneous . .
. College History/Register . .
________ . . ________
2,159,802 Total income . 2,341,030
. . . .
. EXPENDITURE . .
. For the college's own purposes: . .
. Other than on premises: . .
2,398,372 (i) Education and Research (Statement IV) 2,351,274 .
154,436 (ii) Internal (Statement V) 165,525 .
65,469 On college premises (Statement III) 67,388 .
2,618,277 . . 2,584,187
. . . .
. For other purposes, excluding college contribution (Statement III) . .
________. .________
2,618,277 Total expenditure . 2,584,187
. . . .
. 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 . .
________. .________
. . . .
(20,100) Reserves and special funds . (32,450)
(438,375) Revenue account . (210,707)
(458,475) . . (243,157)
. Attributable to: . .
548,540 Endowment (Statement III) 488,770 .
(862,607) Education and Research (Statement IV) (576,007) .
(144,408) Internal (Statement V) (155,920) .
(458,475) . (243,157) .

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 . .
150,000 Let on other terms . 154,500
. 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 . .
. Interest and dividends . .
. Underwriting commissions . .
. Copyright royalties . .
. Other income: . .
564,500 Deed of Covenant from Subsidiary Company . 497,500
________..________
714,500 . . 652,000
. 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 . .
________..________
714,500 Total of gross income from endowments and other sources as shown in Statement III . 652,000
. . . .
. PERMISSIBLE DEDUCTIONS . .
. (a) Standard deductions: . .
.In respect of the full amount of rents from agricultural land @25% .
. In respect of the full amount of rents from non-agricultural land let on terms
that tenant not responsible for structural repairs		 @40% .
15,000 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) 		154,500 @10% 15,450 .
. In respect of the gross amount of interest and dividends @5% .
.(b) In respect of leaseholds:. .
. (i) Rent payable . .
. (ii) Amortization of lease premium . .
11,097 (c) Interest 30 .
. (d) Allowances for exceptional obligations . .
________ .________.
26,097 . . 15,480
688,403 STATUTORY ENDOWMENT INCOME . 636,520
. . . .
. CONTRIBUTION PAYABLE . .
. On 636,520 Nil .

III. ENDOWMENT ACCOUNT

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2000-01 £ INCOME . 2001-02 £
714,500 Gross income from endowment and other sources as shown in Statement II . 652,000
. 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		 . .
________.. ________
714,500 . . 652,000
. Less: Expenses of obtaining that income: . .
. Rent, rates, taxes and insurance (less commission) . .
. Provision for major repairs . .
. Other repairs and maintenance . .
144,227 Amortization and depreciation 154,110 .
. . . .
512 Agency, management and administration 349 .
. Donations and subscriptions in connection with estates . .
. Entertainment of tenants and others . .
. Other expenses: . .
11,097 Interest 30 .
________.________ .
155,836 . . 154,489
558,664 Net income as shown in Statement I . 497,511
. . . .
. 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 . .
. (ii) Other . .
. Livings . .
. Maintenance of schools . .
. Other: . .
________ . . ________
558,664 Net income available for college's own purposes . 497,511
. 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 . .
________.________.
558,664 BALANCE AVAILABLE FOR THE COLLEGE'S OWN PURPOSES . 497,511
. . . .
. 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 . .
________.________ .
. . . .
14,464 Upkeep of gardens and grounds 13,298 .
. All other building repairs and maintenance (including interior redecoration): . .
. (i) Provision for major repairs . .
45,338 (ii) Other repairs and maintenance 47,633 .
. Rent . .
2,738 Rates and taxes 2,820 .
2,929 Insurance (less commission) 3,637 .
51,005 . . 54,090
65,469.. 67,388
. Less: Contribution from Statements IV and V: . .
4,340 (i) For upkeep of fabric, gardens and grounds (based on standard formula) 4,557 .
51,005 (ii) For other expenses 54,090 .
55,345 . . 58,647
10,124 . . 8,741
. . . .
548,540 SURPLUS/(DEFICIT) . 488,770

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 . . .
. . (ii) Tuition . . .
48,552 . (iii) Dues and establishment charges 58,497 . 58,497
. . (iv) Degree . . .
. . (v) Library . . .
. . (vi) Other . . .
________ ________ . ________________________
48,552 . . 58,497 . 58,497
. . . . . .
. 47,663 Charges for accommodation (including notional room rents), meals & service . 49,485 49,485
. . Rents from furnished accommodation outside the college occupied by student members . . .
. . Sales from buttery and stores . . .
________ ________ . ________________________
48,552 *47,663 . 58,497 *49,485 107,982
. . . . . .
. . 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 . . .
401,111 . (iii) From outside sources 516,996 . .
. . . . . 516,996
. . Other Grants and contributions . . .
. . (i) From the University . . .
. . (ii) From other Oxford colleges . . .
91,724 . (iii) From outside sources 131,824 . .
. . . . . 131,824
. . . . . .
. . Charges to other accounts: . . .
. . Statement III: Entertainment of tenants and others . . .
. . Statement IV: Common Table . . .
. 2,213 Statement IV: College hospitality . 2,727 .
. . . . . 2,727
. . Other income . . .
1,012,088 . Management Charge to Subsidiary Company 1,086,717 . 1,086,717
. . Miscellaneous . . .
. . College History/Register . . .
________ ________ . ________________________
1,553,475 49,876 Total income 1,794,034 52,212 1,846,246
. . . . . .
..* NOTE: Charged to...
. 47,663 Members and employees of the college . 49,485 .
. . Other colleges . . .
. . Others (conferences etc.) . . .
. ________ . . ________ .
. 47,663 . . 49,485 .
. . . . . .
..EXPENDITURE.. .
55,514 . Head of College 55,392 . 55,392
1,121,937 . Teaching fellows 1,290,708 . 1,290,708
. . Other fellows . . .
. . Stipendiary lecturers . . .
3,497 . Outside tuition payments . . .
459,016 . Other tuition and research expenses (including research assistants) 417,585 . 417,585
. . Common Table . . .
173,273 . Library 185,685 . 185,685
. . Research studentships, scholarships, exhibitions, prizes, grants: . . .
. . (i) Provided from trust funds . . .
20,100 . (ii) Provided otherwise 32,450 . .
20,100 . . 32,450 . 32,450
. . . . . .
. . Examiners and examination expenses (including fees
paid to the Oxford Colleges Admissions Office)		 . . .
. . Chaplain and chapel services . . .
2,213 . College hospitality 2,727 . 2,727
2,579 . Junior clubs 3,472 . 3,472
. . Subscriptions and donations to the college's own academic objectives . . .
. 25,697 Catering supplies consumed (less sale of waste). 28,417 28,417
. . Outside caterers' and other colleges' charges . . .
..Services:...
22,414 34,923 (i) Domestic staff 24,617 39,867 64,484
9,780 3,260 (ii) Heat, light, water 8,464 2,821 11,285
1,586 529 (iii) Laundry and cleaning 1,539 513 2,052
110,827 19,095 (iv) Repair, renewal, insurance (less commissions) and
depreciation of furniture and equipment		 105,047 18,696 123,743
144,607 57,807 . 139,667 61,897201,564
. .Administration: . . .
16,500 11,004 (i) College officers and others 16,500 11,004 27,504
144,039 48,013 (ii) Office and clerical staff 150,695 50,233 200,928
35,587 11,864 (iii) Office expenses 45,108 15,035 60,143
4,604 . (iv) Legal and professional charges 3,136 . 3,136
________ ________ . ________ ________ ________
200,730 70,881 . 215,439 76,272 291,711
. . . . . .
. . Pensions paid to former members and employees of the college . . .
. . Other expenses . . .
218,403 2,264 Miscellaneous 2,264 1,666 9,815
________________. ________________________
2,398,372 156,649 . 2,351,274 168,252 519,526
..College premises:...
17,710 37,635 Contribution to Statement III for repair and maintenance, rent, rates, taxes, insurance 18,767 39,880 58,647
________ ________ . ________________________
2,416,082 194,284 . 2,370,041 208,132 2,578,173
. . . . . .
(862,607) (144,408) SURPLUS/(DEFICIT) (576,007) (155,920) (731,927)

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)		 . . 487,632 768,496 140,853 1,396,981
ADD:......
Net proceeds of sale of estates . . . . . .
Net proceeds of sale and redemption of
securities of trust funds and capital account		 .. 351 . . 351
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) . . . (32,450) (210,707) (243,157)
Internal transfers: . . . . . .
(i) As the result of charges made in arriving at amounts
of surplus/(deficit) of income for the year 		. . 137,337 . . 137,337
(ii) Otherwise . . . . 287,813 287,813
Other receipts: . . . . . .
Bequests and Donations . . . 497,434 . 497,434
.________________ ________________________ ________
. . . 137,688 464,984 77,106 679,778
DEDUCT:... ...
Cost of purchase and improvement of estates . . . . . .
Cost of purchase of securities for trust funds
and capital account		 . . . . . .
Cost of additions and improvements to college premises. . 41,688 . . 41,688
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		 . . . 287,813 . 287,813
Other payments: . . . . . .
Appeal expenses . . . 24,638 . 24,638
Depreciation adjustment on previous years . . 1,008,745 . . 1,008,745
.________________ ________________________ ________
. . . 1,050,433 312,451 . 1,362,884
. . . . . . .
BALANCES AT END OF YEAR
(excluding invested balances of trust
funds and capital accounts)		 . . (425,113) 921,029 217,959 713,875

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 . .
. . . .
487,632 Capital account (excluding amount invested) . (425,113)
768,496 Reserves and special funds . 921,029
140,853 Revenue account . 217,959
________ . . ________
1,396,981 . . 713,875
. . . .
. Represented by: . .
. ASSETS . .
. Cash in hands of officers and servants . .
83,249 Balance with bankers . 71,150
. Deposits other than with bankers . .
71,157 Investments (other than of trust funds and capital account)
NOTE: Market Value 90,493		 . 101,103
. . . .
. Debtors and debit balances: . .
19,955 (i) Battels 18,126 .
18,880 (ii) Rents 2,063 .
266,580(iii) Other 486,547 .
286,535 . . 504,673
. . . .
. Income tax recoverable . .
. Stocks and stores . .
1,519,594 Furniture and Equipment . 574,851
________..________
1,960,535 . . 1,251,777
. . . .
. LIABILITIES . .
. Caution money . .
. Bank overdraft . .
. Loans . .
. Unexpended balances of grants for specific purposes . .
563,554 Other creditors and credit balances 537,902 .
563,554 . . 537,902
1,396,981 .. 713,875

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AUDITORS' CERTIFICATE

Report of the auditors to the Governing Body of Templeton 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.

Critchley's
Chartered Accountants
Registered Auditors

18 November 2002

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