Archive of the University and Colleges Financial Statements
The table below provides access to the financial statements of the University and Colleges from 2007-08 to 2023-24.
For an overview of the University’s finance and funding and the most recent financial statements, please see the Finance and Funding homepage.
Archive of University and Colleges Financial Statements
Accounts of the colleges
The financial statements of the 36 colleges of Oxford University for the year ended 31 July 2024 are available as pdfs, together with an aggregated statement of financial activities (SOFA) and an aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commission for use by charities in the UK (the Charity SORP).
Kellogg College, Reuben College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University's financial statements.
Commentary
As at 31 July 2024, incoming resources for the colleges amounted in aggregate to £676m, a rise of 1.5% on the previous year. Resources expended fell by 1.3% to £570m.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford's undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for around three-quarters of Oxford's 23,100 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 41.7% of aggregate income in 2023-24, rose by 9.6% to £282m. Teaching, research and residential expenditure (at £451m) continued to exceed income. The direct income covered 62.5% of the costs, emphasising the importance of other college income streams, in particular donations, legacies and investment income, to subsidise these core charitable aims.
Donations and legacies, towards both annual expenditure and endowment (£130m), together with investment income (£219m), accounted for 51.6% of aggregate incoming resources.
Income from trading, representing the colleges' commercial activity with third parties, was £33m. This was up from £28m in the previous year and demonstrates the continuing effort made by colleges to diversify their sources of income. Net income before gains totalled £106m.
The investment returns improved significantly in 2023-24 compared with 2022-23 and the Colleges achieved investment growth of £418m. Total college endowments were valued at £6.8bn at the year end, up from £6.4bn in 2022-23.
The financial statements of the 36 colleges of Oxford University for the year ended 31 July 2023 are available as pdfs, together with an aggregated statement of financial activities (SOFA) and an aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commission for use by charities in the UK (the Charity SORP).
Kellogg College, Reuben College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University's financial statements.
Commentary
As at 6 February 2024, incoming resources for the colleges amounted in aggregate to £667m, a rise of 13.7% on the previous year. Resources expended fell by 8% to £578m.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford's undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for around three-quarters of Oxford's 22,700 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 39% of aggregate income in 2022-23, rose by 13.0% to £257m. Teaching, research and residential expenditure (at £465m) continued to exceed income. The direct income covered 55% of the costs, emphasising the importance of other college income streams, in particular donations, legacies and investment income, to subsidise these core charitable aims.
Donations and legacies, towards both annual expenditure and endowment (£178m), together with investment income (£195m), accounted for 56% of aggregate incoming resources.
Income from trading, representing the colleges' commercial activity with third parties and some one-off trading gains, was £28m. This was down from £51m in the previous year, which included a significant one-off transaction.
Net incoming resources before gains on investments totalled £90m profit against £43m loss in 2021-22.
The Colleges achieved a more subdued investment growth in 2022-23 over 2021-22 with markets remaining volatile, and total college endowments were valued at £6.4bn at the year end.
The financial statements of the 36 colleges of Oxford University for the year ended 31 July 2022 are available as pdfs, together with an aggregated statement of financial activities (SOFA) and an aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commission for use by charities in the UK (the Charity SORP).
Kellogg College, Reuben College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University's financial statements.
Commentary
As at 14 March 2023, incoming resources for the colleges amounted in aggregate to £587m, a rise of 24% on the previous year. Resources expended rose by 33% to £630m.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford's undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for around three-quarters of Oxford's 22,600 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 39% of aggregate income in 2021-22, rose by 28% to £228m. Teaching, research and residential expenditure (at £468m) continued to exceed income. The direct income covered 49% of the costs, emphasising the importance of other college income streams, in particular donations, legacies and investment income, to subsidise these core charitable aims.
Donations and legacies, towards both annual expenditure and endowment (£118m), together with investment income (£181m), accounted for 51% of aggregate incoming resources.
Income from trading, representing the colleges' commercial activity with third parties and some one-off trading gains, was £51m. This was up from £4.7m in the previous year, which had reflected the Covid impact on conference income and reduced surplus room rentals to non-students.
Net expenditure resources before gains on investments totalled £43m loss against £4m profit in 2020-21.
The Colleges continued to achieve investment growth in 2021-22 as stock and property markets recovered from the Covid downturn, with total college endowments valued at £6.4bn at the year end.
Aggregated statement and balance sheet 2021-22
The financial statements of the 36 colleges of Oxford University for the year ended 31 July 2021 are available as pdfs, together with an aggregated statement of financial activities (SOFA) and an aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commission for use by charities in the UK (the Charity SORP).
Kellogg College, Reuben College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University's financial statements.
Commentary
Incoming resources for the colleges amounted in aggregate to £476m, a fall of 0.79% on the previous year. Resources expended rose by 4.8% to £472m.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford's undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for around three-quarters of Oxford's 22,500 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 37.3% of aggregate income in 2020-21, fell by 2.9% to £178m. Teaching, research and residential expenditure continued to exceed income. The direct income covered 48% of the costs, emphasising the importance of other college income streams, in particular donations, legacies and investment income, to subsidise these core charitable aims.
Donations and legacies, towards both annual expenditure and endowment (£117m), together with investment income (£150m) accounted for 56% of aggregate incoming resources.
Net income from trading, representing the colleges' commercial activity with third parties, was £2.8m, down from £13.7m in the previous year due mainly to the Covid impact on conference income and reduced surplus room rentals to non students.
Net incoming resources before gains on investments totalled £4.1m against £29.6m in 2019-20. This decrease should be seen in the context of covid impacts on revenue and cost increases in excess of income growth.
The Colleges had strong investment growth in 2020-21 as stock markets recovered from the Covid downturn, with total college endowments valued at £6.1bn at the year end. Aggregated statement and balance sheet 2020-21
The financial statements of the 36 colleges of Oxford University for the year ended 31 July 2020 are available as pdfs, together with an aggregated statement of financial activities (SOFA) and an aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commission for use by charities in the UK (the Charity SORP).
Kellogg College, Reuben College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University's financial statements.
Commentary
Incoming resources for the colleges amounted in aggregate to £480m, a fall of 7.0% on the previous year. Resources expended fell by 12.2% to £450m.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford's undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for around three-quarters of Oxford's 22,500 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 38.2% of aggregate income in 2019/20, fell by 13.7% to £183m. Teaching, research and residential expenditure continued to exceed income. The direct income covered 51% of the costs, emphasising the importance of other college income streams, in particular donations, legacies and investment income, to subsidise these core charitable aims.
Donations and legacies, towards both annual expenditure and endowment (£107m), together with investment income (£147m) accounted for 53% of aggregate incoming resources.
Net income from trading, representing the colleges' commercial activity with third parties, was £22m, down from £33m in the previous year.
Net incoming resources before gains and losses on investments totalled £29.6m against £3.9m in 2018/19. This increase should be seen in the context of two key features of the year, the impact of successive USS valuations as at March 2017 and March 2018, and the impact of the pandemic:
USS: As a result of the differing valuations of the USS deficit, the current year benefitted from a £11m credit whereas the previous year suffered a £45m increase in the provision. Absent the impact of these, the underlying result in 2019/20 is a reduction of £9m. Moreover, the expectation is that the March 2020 valuation, currently in progress, will see a significant increase in the deficit and hence a further charge.
Pandemic: The aggregate impact of the pandemic on all colleges is not easy to determine but it is clear that it has played a significant part in the reduction in income from student accommodation, conferences, trading, and possibly donations. While furlough income and costs savings have mitigated this, some of the savings, notably reduced maintenance spend, may be a question of timing only, and in any event losses have continued into the new financial year, potentially on a greater scale.
Weaker investment performance produced net losses of £40m compared with net gains of £260m in 2018/19 and hence led to the value of college endowments shrinking by 1.3% to £5.06bn during the year.Aggregated statement and balance sheet 2019-20
The financial statements of the 36 colleges of Oxford University for the year ending 31 July 2019 are available as pdfs, together with an aggregated statement of financial activities (SOFA) and an aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commissions for use by charities in the UK (the Charity SORP).
Kellogg College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University's financial statements.
Commentary
Incoming resources for the colleges amounted in aggregate to £516m, a rise of 4.8% on the previous year. Resources expended rose by 17.2% to £512m.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford's undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for around three-quarters of Oxford's 20,700 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 41.1% of aggregate income in 2019-19, rose by 4.2% to £212m. Teaching, research and residential expenditure continued to exceed income. The direct income covered 51% of the costs, emphasising the importance of other college income streams, in particular donations, legacies and investment income, to subsidise these core charitable aims.
Donations and legacies, towards both annual expenditure and endowment (£117m), together with investment income (£140m) accounted for 50% of aggregate incoming resources.
Net income from trading, representing the colleges' commercial activity with third parties, was £32m demonstrating the continuing effort made by colleges to diversify their sources of income. Net incoming resources before gains totalled £4.5m.
Continued strong investment performance saw the value of college endowments grow by 4.7% during the year to £5.1bn.Aggregated statement and balance sheet 2018-19
The financial statements of the 36 colleges of Oxford University for the year ending 31 July 2018 are available as pdfs, together with an aggregated statement of financial activities (SOFA) and an aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commissions for use by charities in the UK (the Charity SORP).
Kellogg College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University's financial statements.
Commentary
Incoming resources for the colleges amounted in aggregate to £493m, a fall of 4.4% on the previous year. Resources expended rose by 7.0% to £437m.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford's undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for around three-quarters of Oxford's 20,700 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 41.3% of aggregate income in 2017/18, rose by 3.7% to £204m. Teaching, research and residential expenditure continued to exceed income. The direct income covered 57% of the costs, emphasising the importance of other college income streams, in particular donations, legacies and investment income, to subsidise these core charitable aims.
Donations and legacies, towards both annual expenditure and endowment (£117m), together with investment income (£130m) accounted for 50% of aggregate incoming resources.
Net income from trading, representing the colleges' commercial activity with third parties, was £12m demonstrating the continuing effort made by colleges to diversify their sources of income. Net incoming resources before gains totalled £56m.
Continued strong investment performance saw the value of college endowments grow by 7.0% during the year to £4.90bn.
Aggregated statement and balance sheet 2017-18
The financial statements of the 36 colleges of Oxford University for the year ending 31 July 2017 are available as pdfs, together with an aggregated statement of financial activities (SOFA) and aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commissions for use by charities in the UK (the Charity SORP).
Kellogg College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University's financial statements.
Commentary
Incoming resources for the colleges amounted in aggregate to £516m, up 12.2% on the previous year. Resources expended amounted to £408m, an increase of 5.1%.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford's undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for around three-quarters of Oxford's 20,700 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 38% of aggregate income in 2016/17, rose by 3.0% to £197m. Teaching, research and residential expenditure continued to exceed income, indicating a subsidy by the colleges of £137m (or 41%) for the cost of these core activities.
Donations and legacies, towards both annual expenditure and endowment (£160m), together with investment income (£124m) accounted for 55% of aggregate incoming resources.
Net income from trading, representing the colleges' commercial activity with third parties, was £9.9m demonstrating the continuing effort made by colleges to diversify their sources of income. Net incoming resources before gains totalled £107m.
Another year of strong investment performance saw the value of college endowments grow by 10.8% during the year to £4.57bn.Aggregated statement and balance sheet 2016-17
The financial statements of the 36 colleges of Oxford University for the year ending 31 July 2016 are available as pdfs, together with an aggregated statement of financial activities (SOFA) and aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commissions for use by charities in the UK (the Charity SORP).
Kellogg College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University’s financial statements.
Commentary
Incoming resources for the colleges amounted in aggregate to £453m, up 4.9% on the previous year. Resources expended amounted to £389m, an increase of 4.4%.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford’s undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for three-quarters of Oxford’s 19,800 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 42% of aggregate income in 2015/16, rose by 3.0% to £191m. However, teaching, research and residential expenditure which accounted for 84% of aggregate expenditure in 2015/16 was £320m, indicating a subsidy by the colleges of £129m for the cost of these core activities.
Donations and legacies, towards both annual expenditure and endowment, (£121m) together with investment income (£104m) accounted for half of aggregate incoming resources.
Net incoming resources before gains totalled £65m.
Another year of strong investment performance saw the value of college endowments grow by 7.5% during the year to £4.16bn.
Aggregated statement and balance sheet 2015-16
The financial statements of the 36 colleges of Oxford University for the year ending 31 July 2015 are available as pdfs, together with an aggregated statement of financial activity (SOFA) and aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commissions for use by charities in the UK (the Charity SORP).
Kellogg College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University’s financial statements.
Commentary
Incoming resources for the colleges amounted in aggregate to £432m, up 4.1% on the previous year. Resources expended amounted to £360m, an increase of 3.0%.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford’s undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for about three-quarters of Oxford’s 19,700 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 43% of aggregate income in 2014/15, rose by 2.0% to £184m. However, teaching, research and residential expenditure rose by 3.0% to £301m indicating a subsidy by the colleges of £117m for the cost of these core activities.
Legacies and donations, towards both annual expenditure and endowment, (£111m) together with investment income (£100m) accounted for almost half of aggregate incoming resources.
Net income from trading, representing the colleges’ commercial activity with third parties, rose by 11% to £10.7m demonstrating the continuing effort made by colleges to diversify their sources of income. Net incoming resources after transfers from endowments, but before other gains and losses totalled £74m.
A year of strong investment performance saw the value of college endowments grow by 9% during the year to £3.87bn. Aggregated statement and balance sheet 2014-15
The financial statements of the 36 colleges of Oxford University for the year ending 31 July 2014 are available as pdfs, together with an aggregated statement of financial activity (SOFA) and aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commissions for use by charities in the UK (the Charity SORP).
Kellogg College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University’s financial statements.
Commentary
Incoming resources for the colleges amounted in aggregate to £415m, up 1.5% on the previous year. Resources expended amounted to £349m, an increase of 6%.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford’s undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for about three-quarters of Oxford’s 19,800 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 43% of aggregate income in 2013/14, rose by 4% to £180m. However, teaching, research and residential expenditure rose 6% to £292m indicating a subsidy by the colleges of £112m for the cost of these core activities.
Legacies and donations, towards both annual expenditure and endowment, accounted for about a quarter of incoming resources at £98m. Investment income, accounting for a further fifth of aggregate incoming resources, rose by 5% to £93m.
Net income from trading, representing the colleges’ commercial activity with third parties, rose by 9% to £9.6m demonstrating the continuing effort made by colleges to diversify their sources of income. Net incoming resources after transfers from endowments, but before other gains and losses totalled £68m.
The value of college endowments grew by 6% during the year to £3.5bn.
Aggregated statement and balance sheet 2013-14
The financial statements of the 36 colleges of Oxford University for the year ending 31 July 2013 are available as pdfs, together with an aggregated statement of financial activity (SOFA) and aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commissions for use by charities in the UK (the Charity SORP).
Kellogg College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University’s financial statements.
Commentary
Incoming resources for the colleges amounted in aggregate to £411m, up 11% on the previous year. Resources expended amounted to £331m, an increase of 5%.
The colleges, through the tutorial system, undertake a substantial proportion of Oxford’s undergraduate teaching, as well as supporting graduate studies and research. The colleges also provide accommodation for about three-quarters of Oxford’s 19,482 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 42% of aggregate income in 2012/13, rose by 6% to £174m. However, teaching, research and residential expenditure rose 5% to £277m indicating a subsidy by the colleges of £103m for the cost of these core activities.
Legacies and donations, towards both annual expenditure and endowment, accounted for over a quarter of incoming resources at £116m representing an increase of more than one-third over the previous year. Investment income, accounting for a further fifth of aggregate incoming resources, rose by 6% to £89m.
Net income from trading, representing the colleges’ commercial activity with third parties, rose by 5% to £8.8m demonstrating the continuing effort made by colleges to diversify their sources of income. Net incoming resources after transfers from endowments, but before other gains and losses, rose by 46% to £79m.
The value of college endowments grew by 15% during the year to £3.4bn.
Aggregated statement and balance sheet 2012-13
The financial statements of the 36 Oxford colleges, together with the aggregated accounts, are available as PDFs for the financial year from 1 August 2011-31 July 2012.
For accounting purposes, the colleges that do not have Royal Charters (Kellogg and St Cross) are departments of the University and their annual financial statements are included in the main University accounts.
The accounts are published under the accounting convention (SORP) developed by the Charity Commission for use by charities in the UK.
The colleges of Oxford University (apart from Kellogg and St Cross) are independent, self-governing and financially autonomous. Individual colleges have their own endowment assets, which amount to more than £2.9bn in total across the colleges.
Total annual incoming resources (including donations for capital projects or endowment) of the 36 colleges amount to about £370m. The biggest single source of income – roughly one-fifth – is from endowments. Academic fees and HEFCE funding, residential income from college members and gifts to meet current expenditure account for about one half. Trading income – largely from vacation conferences – accounts for most of the balance.
Total resources expended amount to about £314m a year. 84% goes on core activities, including teaching, research and residential services. The balance is split between the costs of fundraising, running the trading activities such as conferences and tourism, and investment management costs.
Aggregated statement and balance sheet 2011-12
The financial statements of the 36 Oxford colleges, together with the aggregated accounts, are available as PDFs for the financial year from 1 August 2010-31 July 2011.
For accounting purposes, the colleges that do not have Royal Charters (Kellogg and St Cross) are departments of the University and their annual financial statements are included in the main University accounts.
The accounts are published under the accounting convention (SORP) developed by the Charity Commission for use by charities in the UK.
Aggregated statement and balance sheet 2010-11
The financial statements of the 36 colleges of Oxford University for the year ended 31 July 2020 are available as pdfs, together with an aggregated statement of financial activities (SOFA) and an aggregated consolidated balance sheet.
The colleges are independent, self-governing and financially autonomous and their accounts are published under the accounting convention developed by the Charity Commission for use by charities in the UK (the Charity SORP).
Kellogg College, Reuben College and St Cross College do not have Royal Charters and, for accounting purposes, are departments of the University. As such, their financial results are consolidated into the University's financial statements.
Aggregated statement and balance sheet 2009-10
The financial statements of the 36 Oxford colleges, together with the aggregated accounts, are available as PDFs for the financial year from 1 August 2008-31 July 2009.
For accounting purposes, the colleges that do not have Royal Charters (Kellogg and St Cross in 2008-09) are departments of the University and their annual financial statements are included in the main University accounts.
The accounts are published under the accounting convention (SORP) that is widely accepted across the country's higher education institutions.
Aggregated statement and balance sheet 2008-09
The financial statements of the 36 Chartered Oxford colleges, together with the aggregated accounts, are available as PDFs for the financial year from 1 August 2007-31 July 2008.
For accounting purposes, the colleges that do not have Royal Charters (Green, Kellogg and St Cross in 2007-08) are departments of the University and their annual financial statements are included in the main University accounts.
The accounts are published under the accounting convention (SORP) that is widely accepted across the country's higher education institutions.
Aggregated statement and balance sheet 2007-08.pdf (69 kb)