Financial Statements of the Oxford Colleges 2023-24
The financial statements of the 36 colleges of Oxford University for the year ended 31 July 2024 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 2024, incoming resources for the colleges amounted in aggregate to £676m, a rise of 1.5% on the previous year. Resources expended fell by 1.3% to £570m.
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 23,100 full-time students, and catering services for all of them.
Teaching, research and residential income, which accounted for 41.7% of aggregate income in 2023-24, rose by 9.6% to £282m. Teaching, research and residential expenditure (at £451m) continued to exceed income. The direct income covered 62.5% 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 (£130m), together with investment income (£219m), accounted for 51.6% of aggregate incoming resources.
Income from trading, representing the colleges' commercial activity with third parties, was £33m. This was up from £28m in the previous year and demonstrates the continuing effort made by colleges to diversify their sources of income. Net income before gains totalled £106m.
The investment returns improved significantly in 2023-24 compared with 2022-23 and the Colleges achieved investment growth of £418m. Total college endowments were valued at £6.8bn at the year end, up from £6.4bn in 2022-23.