Financial Statements of the Oxford Colleges 2021-22
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.
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