A quad at Keble College with the chapel on the left
Liddon Quad, with the Chapel on the left and Liddon Lodge Side accommodation to its right.
(Image credit: Greg Smolonski / Oxford University Images).

Financial Statements of the Oxford Colleges 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.


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.

 All files are PDFs

Aggregated statement and balance sheet.pdf
Aggregated statement of financial activities (SOFA).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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