Finance and funding | University of Oxford
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Finance and funding

The key financial objectives of the University are to provide the long-term resources to strengthen and further its pre-eminent position – nationally and internationally – as a place of outstanding learning, teaching, and research; and to enable it to provide additional support to its three core priorities of students, academic posts, and buildings.

The University of Oxford’s income comes from the following main sources:

  • the University's largest single source of UK income (25%) is research funding from bodies such as charities, foundations, research councils, trusts, and industry; Oxford consistently has the highest external research income of any university in the UK
  • tuition fees (from both undergraduate and postgraduate), and education contracts amount to 16%
  • 8% comes from government grants through Office for Students and Research England
  • other income relates to activity other than teaching and research: educational publishing, the commercialisation of research philanthropic support and investment income from the University’s endowments (51%) 

Download the Financial Statements 2019-20 (PDF)

University consolidated income and expenditure account 2019/20

Income   

£m

Tuition fees and education contracts

392.5

Funding body grants

209.8

Research grants and contracts

633.6

Publishing services

754.8

Other income

274.5

Investment income

106.4

Total income before donations

2,371.6

Donations and endowments

163.6

Donation of assets

1.2

Total income

2,536.4

Expenditure

 

Staff costs

1,104.2

Staff costs - movement in pensions provision                

(216.5)

Operating expenditure

1,103.7

Depreciation/amortisation

112.1

Interest and other finance costs

42.0

Total expenditure

2,145.5

Surplus before other gains

390.9

(Losses)/Gains on investments

(93.7)

Share of (Deficit) on joint ventures

(2.1)

Surplus before tax

295.1

Taxation

(11.9)

Minority interest

0.3

Surplus after tax

283.5

Other comprehensive income

(56.2)

Total comprehensive income

227.3

Colleges

The colleges of Oxford University (apart from Kellogg and St Cross) are independent, self-governing and financially autonomous. In 2017/18, the total annual incoming resources of the 36 colleges (including donations for capital projects or endowment) amounted to £493m. The three main sources of income are: (i) teaching, research and residential; (ii) donations and legacies (towards both annual expenditure and endowment); and (iii) investment income, as illustrated in the chart below. Other income derives mostly from trading activity such as vacation conferences.

College Funding 2017-2018

Total resources expended in 2017/18 amounted to £437m. 84% of this expenditure was directly attributable to the core charitable activities of the colleges, activities, including teaching, research and residential services. The balance was split between the costs of fundraising, running trading activities such as conferences and tourism, and investment management costs.

Endowments

The University has endowment assets of £1.2bn. Individual colleges have their own endowment assets, which amount to £4.9 bn.

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