Merton College
Merton College
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Financial Statements of the Oxford Colleges 2018-19

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.


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.

 All files are PDFs

Aggregated statement and balance sheet.pdf
All Souls.pdfBalliol.pdfBrasenose.pdf
Christ Church.pdfCorpus Christi.pdfExeter.pdf
Green Templeton.pdfHarris Manchester.pdfHertford.pdf
Jesus.pdfKeble.pdfLady Margaret Hall.pdf
The Queen's College.pdfSt Anne's.pdfSt Antony's.pdf
St Catherine's.pdfSt Edmund Hall.pdfSt Hilda's.pdf
St Hugh's.pdfSt John's.pdfSt Peter's.pdf
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