Financial Statements of the Oxford Colleges 2024-25
The financial statements of the 36 colleges of Oxford University for the year ended 31 July 2025 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 31 July 2025, incoming resources for the colleges amounted in aggregate to £741m, a rise of 9.8% on the previous year. Resources expended increased to £680m, a rise of 19.3% on the prior year.
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 22,735 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 40.1% of aggregate income in 2024–25, rose by 5.4% to £297m. Teaching, research and residential expenditure (at £546m) continued to exceed the direct income from these activities. The direct income covered c.54.4% of the related costs, emphasising the continuing 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) were £167m in 2024–25 and, together with investment income of £234m, these sources accounted for c.54.0% of aggregate incoming resources.
Income from trading (the colleges’ commercial activity with third parties) was £33m, broadly unchanged year-on-year. Net income before gains (total incoming resources less total resources expended) amounted to £61m, reflecting the absence of the c.£46m pension liability release recognised in 2023-24 and higher staff costs arising from increased staff numbers, National Insurance contributions and pay awards.
The Colleges achieved net gains on investments of £448m in 2024–25 (up by 7.2% on 2023-24).
Total college endowments were valued at £7.1bn at the year end, up from £6.8bn last year.