Financial Statements of the Oxford Colleges (2012-13)
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.
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