Financial Statements of the Oxford Colleges 2020-21
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.