Finance and funding | University of Oxford
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Finance and funding

The key financial objectives of the University are to provide the long-term resources to strengthen and further its pre-eminent position – nationally and internationally – as a place of outstanding learning, teaching, and research; and to enable it to provide additional support to its three core priorities of students, academic posts, and buildings.

The University of Oxford’s income comes from the following main sources:

  • the University's largest single source of income (26%) is research funding from bodies such as charities, foundations, research councils, trusts, and industry; Oxford consistently has the highest external research income of any university in the UK
  • tuition fees (from both undergraduate and postgraduate), and education contracts amount to 15%
  • 8% comes from government grants through Office for Students and Research England
  • other income relates to activity other than teaching and research: educational publishing, the commercialisation of research philanthropic support and investment income from the University’s endowments (51%) 

Download the Financial Statements 2017-18 (PDF)

University consolidated income and expenditure account 2017/18

Income   

£m

Tuition fees and education contracts

332.5

Funding body grants

186.9

Research grants and contracts

579.1

Publishing services

798.0

Other income

227.8

Investment income

18.3

Total income before donations

2,142.6

Donations and endowments

93.2

Donation of heritage assets

1.2

Total income

2,237.0

Expenditure

 

Staff costs

1,001.0

Staff costs - movement in pensions provision                

(18.7)

Operating expenditure

1,024.0

Depreciation/amortisation

145.5

Interest and other finance costs

28.6

Total expenditure

2,180.4

Surplus before other gains

56.6

Gains on investments

308.3

Share of surplus/(deficit) on Joint Ventures

1.3

Surplus before tax

366.2

Taxation

(11.3)

Minority interest

(0.2)

Surplus after tax

354.7

Other comprehensive income

35.2

Total comprehensive income

389.9

Colleges

The colleges of Oxford University (apart from Kellogg and St Cross) are independent, self-governing and financially autonomous. In 2017/18, the total annual incoming resources of the 36 colleges (including donations for capital projects or endowment) amounted to £493m. The three main sources of income are: (i) teaching, research and residential; (ii) donations and legacies (towards both annual expenditure and endowment); and (iii) investment income, as illustrated in the chart below. Other income derives mostly from trading activity such as vacation conferences.

Colleges main sources of income

Total resources expended in 2017/18 amounted to £437m. 84% of this expenditure was directly attributable to the core charitable activities of the colleges, activities, including teaching, research and residential services. The balance was split between the costs of fundraising, running trading activities such as conferences and tourism, and investment management costs.

Endowments

The University has endowment assets of £1.2bn. Individual colleges have their own endowment assets, which amount to £4.9 bn.

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