09 Jan 12

The University reported a £15.4m surplus for the year, according to the Financial Statements for 2010/11 which were released today.

Total income grew by 4.5% to £920m, with research grants and contracts representing the largest source of income at £377m. Income was also bolstered by generous donations to the Oxford Thinking campaign, including 12 gifts of more than £1m each.

The upward pressure on costs continues to be significant, with total expenditure increasing by 2.7% to £908m. Staff costs rose by 2.2% to £479m, including £4m for the University’s early retirement scheme OMIS. It is expected that the University will start to see the positive financial impact of OMIS in terms of reduced staff numbers and costs in 2011/12.

The surplus for the year takes into account two one-off items: a £5.6m donation of assets to Green Templeton College following the merger of Green and Templeton Colleges; and an £8.1m write-back of impairment provisions in relation to Icelandic bank deposits, which was better than expected.  

The Financial Statements are available at www.ox.ac.uk/financial_statements, together with a commentary by Giles Kerr, Director of Finance, in which he discusses the results and the future financial challenges facing the University.