Annual Report
and Accounts
2024/25
Contents
Introduction
2
At a Glance
4
Letter from the Vice-Chancellor
6
Mission, Vision and Strategic Commitments
8
Operational Review
10
Education
12
Research
16
Educational Publishing
18
People
20
Engagement and Partnership
24
Resources
28
Environmental Sustainability
32
Emerging Trends
36
Financial Review
40
Governance
48
Stakeholder Engagement
54
Understanding our Risks
56
Statement of Internal Control
62
Independent Auditor's Report
68
Financial Statements
84
Statement of Accounting Policies
90
Notes to the Financial Statements
104
Introduction
2
Annual Report and Accounts 2024/25
An updated view of the Radcliffe Observatory
Quarter with the opening of the Schwarzman
Centre for the Humanities in October 2025.
Annual Report and Accounts 2024/25
3
At a Glance
Educational publishing
income 2024/25:
£733.2m
% change year-on-year:
-1.8%
Visits to Oxford Academic
research platform during
2024/25:
187m
Last year: more than
180m
Educational publishing
operating profit 2024/25:
£104.7m
% change year-on-year: +
5.4%
Major academic
publishing awards won:
90
Last year:
71 awards
Strategic and Operational Measures
13,650
Postgraduate students
2024/25
% change year-on-year:
-1.9%
12,375
Undergraduate
students 2024/25
% change year-on-year:
-0.8%
NEW
Access and Participation
Plan approved
25.9%
of undergraduates
admitted during 2024/25
UCAS cycle are from
the most disadvantaged
backgrounds
1
% change year-on-year:
+0.2%
Research income 2024/25:
£801.3m
% change year-on-year:
+2.9%
Ranking in the
Times
Higher Education
World
University Rankings:
1
10th
consecutive year
Research-related
agreements executed:
7,604
% change year-on-year:
+1%
Research income from
industry 2024/25:
£142.2m
% change year-on-year:
-3.9%
Participants in the UNIQ
2024/25 programme:
1,555
Last year:
1,321
1,054
participants in our
Opportunity Oxford
2024/25 residential
bridging programme
Crankstart scholars
supported in 2024/25:
1,654
% change year-on-year: +0.7%
Active spinout companies:
187
% change year-on-year:
+4.5%
Education
Research
Educational
Publishing
Engagement and
Partnership
1
ACORN categories 5 and 6, IMD Quintile 1 or 2
and free school meals.
4
Annual Report and Accounts
2024/25
Income:
£3,021.2m
At a Glance
Financial Measures
2022/23
2023/24
2024/25
£0m
£3,500m
2,924.7
3,054.3
3,021
.
2
2022/23
2023/24
2024/25
119.5
117.3
118.1
£0m
£120m
2022/23
2023/24
2024/25
£0m
£250m
153.2
194.0
220.8
2022/23
2023/24
2024/25
£0m
£8,000m
5,385.0
6,387.5
6,903.7
Adjusted surplus* before other gains
and one-off exceptional items:
£118.1m
Net assets:
£6,903.7m
Capital expenditure on property,
plant and equipment:
£220.8m
*Adjusted surplus before other gains and one-off exceptional items is an
alternative performance measure, which is reconciled to its nearest statutory
equivalent measure on p43.
Annual Report and Accounts
2024/25
5
Letter from the Vice-Chancellor
For a record-breaking tenth consecutive year, Oxford has
been named the world’s leading university for 2026 by
the Times Higher Education World University Rankings.
This is a remarkable achievement that reflects the
strength and vitality of Oxford’s research and teaching
environment, underpinned by academic excellence and
sustained by exceptional staff and students who work
tirelessly. This recognition comes at a time when we are
investing significantly in our people and infrastructure,
ensuring Oxford remains attractive to global talent and
is a place where all staff are nurtured and thrive.
This year we delivered the first phase of our Pay and
Conditions programme, which has increased salaries
through the Oxford University Weighting, improved
benefits and the staff experience. It also marked the
final phases of two of our most ambitious infrastructure
projects in recent years.
A £200m project delivered in partnership with Legal
& General, the Life and Mind Building will be the new
home for nearly 1,000 academics, researchers, support
staff, and postgraduate students in the Departments
of Biology and Experimental Psychology, as well
as the new Ineos Oxford Institute for antimicrobial
research. This innovative space will serve as a catalyst
for interdisciplinary research to address the global
challenges of climate change, biodiversity loss, mental
health and food security.
The Schwarzman Centre for the Humanities is the
largest capital project that the University has undertaken
in modern times. Made possible by a generous £185
million gift from Mr Stephen A. Schwarzman, the Centre
brings together seven of our faculties from Humanities
and two research institutes, alongside state-of-the-
art public performance spaces. At a time of crisis
in the arts and humanities, we are proud to invest in
and champion these crucial disciplines. In addition
to fostering collaborative research and providing
exceptional performance venues, the Schwarzman
Centre will play a vital role in public engagement,
reaffirming the enduring importance of knowledge
and truth to the human experience and what it is to be
human. A siren call to keep a human-centred approach
within an increasingly technological and science-based
world.
Across disciplines, artificial intelligence is transforming
teaching and research, and Oxford is leading the way
on all fronts. We are one of the great global institutions
in AI with extraordinary depth and breadth in this new
technological revolution. As part of a commitment
to invest over £100m in joint research programmes
with the University, the Ellison Institute of Technology
(EIT) contributed £30 million this year to establish
the Ellison Institute of Technology Centre for Doctoral
Training (CDT), a new programme exploring how AI
can advance human health, food security, and climate
sustainability. In March 2025, we launched a five-year
collaboration with OpenAI, providing students and staff
across the University with access to research grant
funding, enhanced data security, and advanced AI
tools, including more recently the more secure OpenAI
ChatGPT Edu platform. In the Humanities Division, our
research institutes are examining the practical and
ethical implications of AI, ensuring that Oxford is also
leading in responsible stewardship of AI development.
The University’s research income continued to grow this
year, increasing 2.9% from 2023/24 to £801.3 million,
in large part due to a 9.5% increase in funding from
Research Councils and an 8.3% increase in income from
the UK public sector, which now stand at £199.2 million
and £125.2 million respectively. And we’re securing
substantial EU funding, which is really pleasing to
witness.
Key to this success in attracting research income is
our ability to forge strategic partnerships with industry
leaders. Building on our track record of excellence in
vaccine development, in January 2025, we launched
a £50 million partnership with GSK to research the
potential of cancer prevention through vaccination. We
also announced this year the launch of the Correlates
of Immunity-Artificial Intelligence initiative, a £118
million collaboration with EIT that will explore how AI
can be used in vaccine development. These landmark
initiatives highlight Oxford’s role in shaping the future
of global health and demonstrate the power of industry
collaboration in accelerating scientific progress and
making real-world impact.
Oxford remains at the forefront of innovation,
maintaining its position as the leading UK university for
spinout activity, with over 187 active spinouts currently
in operation. Last year, 19 new enterprises were formed
with the support of Oxford University Innovation (OUI),
including 15 spinouts and four start-ups. Across the
University’s portfolio, OUI companies raised over £34.2
million in seed funding and generated an estimated
£18.5 million in financial returns to the University and its
researchers. In the year to 30 June 2025 Oxford Science
Enterprises, a key part of our spinout ecosystem,
reported £388m raised by its portfolio companies, all
University spinouts. In this next financial year two of our
spinouts have each been acquired for over $1bn.
These ventures exemplify Oxford’s commitment to
translating research excellence into real-world impact
that drives innovation, creates opportunity, and supports
economic growth. Contributing to local, national,
6
Annual Report and Accounts
2024/25
and global prosperity remains a cornerstone of Oxford’s
mission, and we are continuing to work in partnership with
government and industry to that end.
Building on the foundations laid by the Oxford Strategic
Innovation Taskforce, the recent launch of Equinox –
Equitable Innovation Oxford – brings together government,
industry, and academia in a shared commitment to
drive inclusive, socially responsible innovation across
Oxfordshire. Through this partnership, we aim to attract
investment, nurture local talent, and strengthen the region’s
innovation ecosystem.
Philanthropy plays a vital role in enabling Oxford to invest
in its staff, students and infrastructure. We are grateful
to our many supporters, who have donated £395m to the
collegiate University this year, enabling us to strengthen
financial support for our students and ensure research
thrives. This past year, we provided £10.9m in bursary
support to UK undergraduates from lower income
households, while 1,543 students were awarded over
£61m in scholarships through our university-wide graduate
scholarship scheme. And we have ambitious plans to
provide more scholarships as part of our Graduate Access
Strategy. Looking ahead, we are also focused on improving
our academic and sports facilities and to tackling the
growing challenge of housing availability and affordability
for our staff. Continued philanthropic support will be
crucial to helping us achieve these goals.
In 2025, we welcomed our new Chancellor, Lord Hague
of Richmond, an esteemed Oxford alumnus who returned
to the University after a long and distinguished career
in public life. We are delighted to have Lord Hague
and his wife, fellow Oxford alumna Dame Ffion Hague,
as ambassadors for the University. Their combined
knowledge, experience, and enduring affection for Oxford
will be invaluable as we navigate the challenges facing the
higher education sector together.
As we look ahead, Oxford remains steadfast in its mission
to advance knowledge, foster innovation, and generously
serve society through education and research. In a time of
global uncertainty and financial pressure across the higher
education sector, our continued success depends on the
dedication of our staff, students, alumni, and partners.
Their commitment to excellence and their belief in the
power of ideas enable Oxford to thrive, adapt, and lead.
Professor Irene Tracey, CBE, FRS, FMedSci
Vice-Chancellor
Annual Report and Accounts
2024/25
7
Mission, Vision and Strategic Commitments
Oxford University’s mission is the advancement of learning by teaching
and research and its dissemination by every means.
Vision
We will work as one Oxford, bringing together our
staff, students and alumni, our colleges, faculties,
departments and divisions to provide world-class
research and education. We will do this in ways that
benefit society on a local, regional, national and global
scale. We will build on the University’s long-standing
traditions of independent scholarship and academic
freedom while fostering a culture in which innovation
and collaboration play an important role.
We are committed to equality of opportunity, to
engendering inclusivity, and to supporting staff and
student wellbeing, ensuring that the very best students
and staff can flourish in our community. We believe
that a diverse staff and student body strengthens our
research and enhances our students’ learning.
The University’s distinctive democratic structure, born
of its history, will continue to offer a source of strength.
Likewise, Oxford’s collegiate structure provides the
University with key aspects of its academic strength
and its highly attractive student experience. Oxford will
continue to foster the interdisciplinary nature of the
colleges, their teaching strength, and their defining and
enduring sense of community.
Strategic commitments
The strategic commitments remained unchanged from last year, and
were set out in the University’s Strategic Plan 2018–24. The University
made significant progress against these commitments during the
Plan period, with Council receiving a final report on implementation in
December 2024. Notable achievements included:
meeting Access and Participation Plan targets
the establishment of Reuben College, including the acquisition and
refurbishment of graduate accommodation at Farndon Court
investment across a spectrum of ambitious programmes through
the Strategic Research Fund
the development and subsequent launch of a Collegiate University
Equality, Diversity and Inclusion Strategic Plan
completion of Phase 1 of the Begbroke Science Park expansion.
The 2018–24 Strategic Plan was created to be deliberately ambitious,
and some of the priorities were not fully realised. Work towards most
of these is expected to continue under the 2025–30 Strategic Plan
and in other key University strategic workstreams, including around
the empowerment and mobilisation of alumni, the expansion of
strategic international research collaborations, and a continued focus
on improving the efficiency and effectiveness of professional service
provision across the University.
The University’s next Strategic Plan is currently in development, having
undergone a consultation process. It will cover the period up to 2030,
and is due to be formally launched in early 2026.
Education
To attract and admit students from all backgrounds with outstanding
academic potential and the ability to benefit from an Oxford
education.
To offer an excellent academic experience for all our students, and
ensure that Oxford fully equips graduates to excel in whatever they
choose to do.
To retain and refresh the collegiate University’s rich academic
environment.
Research
To promote and enable ambitious research of exceptional quality.
To invest in people by supporting them and their research
environment, thereby enabling the research endeavour to grow
sustainably.
To change the world for the better.
8
Annual Report and Accounts 2024/25
Publishing
To demonstrate evidence of positive educational and research impact
from the use of Oxford University Press’s materials and services.
To invest in building integrated digital content and service
propositions in its markets.
To focus on growth in emerging markets, in particular those where
Oxford University Press is already well placed.
To focus on efficiency in order to remain competitive.
People
To attract, recruit and retain the highest-calibre staff.
To work towards an increasingly diverse staffing profile.
To support staff in personal and professional development.
Engagement and partnership
To work with partners to create a world-class regional innovation ecosystem.
To build a stronger and more constructive relationship with our local and regional
communities.
To engage with the public and policymakers to shape our research and education and
to encourage the widest possible use of our research findings and expertise.
To maximise the global social, cultural and economic benefit derived from our
research and scholarship.
Resources
To manage our financial resources to ensure the collegiate University’s long-term
sustainability.
To ensure that our estate provides an environment that promotes world-class
research and education while minimising our environmental impact, conserving our
historic built environment, and improving our space utilisation.
To continue to invest in our information technology capability to enhance the quality
of our research and education, and to streamline our administrative processes.
To raise funds to support the very best students, invest in our staff and their work,
and provide new resources and infrastructure.
Strategic commitments continued
Annual Report and Accounts 2024/25
9
Operational
Review
10
Annual Report and Accounts
2024/25
Annual Report and Accounts
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11
Through Oxford University’s dedication to personalised education, we are
committed to delivering a high-quality learning experience that equips each
student with the values, skills and intellectual discipline necessary to make a
meaningful and positive contribution to society.
Our strategic commitments
To attract and admit students from all
backgrounds with outstanding academic
potential and the ability to benefit from
an Oxford education.
To offer an excellent academic
experience for all our students, and
ensure that Oxford fully equips graduates
to excel in whatever they choose to do.
To retain and refresh the collegiate
University’s rich academic environment.
Education
Over the past year we have: established principles for the
use of AI in summative assessment; conducted extensive
consultation on proposals to revise University legislation
regarding procedures for dealing with non-academic
misconduct by students; drawn material and resources
together in readiness for the new requirements of the Office for
Students E6 regulations concerning student sexual misconduct;
secured operational improvements in delivery of over 55,000
examination sittings; and launched the MyOxford app, providing
students with core information and links to student-related
services and systems.
Student numbers
After a steady growth in headcount in previous years, student
numbers stabilised in 2024/25.
0
3,000
6,000
9,000
12,000
15,000
2024/
2025
2023/
2024
2022/
2023
2021/
2022
12,375
13,650
12,465
13,920
12,685
13,320
12,580
13,445
■
Undergraduates
■
Postgraduates
Our undergraduate population has become more diverse, in
part due to the success of our outreach activities and use of
contextual data in admissions, and in part due to the changing
demographics in society. Between 2020 and 2024, within the
total group of UK-domiciled undergraduates admitted, the
proportion identifying as Black and Minority Ethnic increased
from 23.6% to 30.8%. Over the same time period, the proportion
declaring a disability increased from 10.4% to 19.0%, and those
eligible for free school meals increased from 5.3% to 8.1%. The
proportion from state schools decreased slightly from a high
point of 68.6% in 2020 to 66.2% in 2024.
The graduate population has also become more diverse,
although there is more work to do in this regard. Ethnic diversity
has grown among the postgraduate group, especially at
postgraduate taught level. Socio-economic data started to be
collected from postgraduate applicants in 2018 – we were the
first in the sector to do this – and shows that less advantaged
students are under-represented, especially among international
students. Our newly approved Graduate Access Strategy
includes an objective to roll out contextual admission to all
departments, alongside increased availability of scholarship
funding.
In addition to our undergraduate and graduate students, the
Oxford University Department for Continuing Education plays
an important role within the University, serving approximately
21,000 learners annually to pursue academic and professional
development. The department’s mission aligns with the
University’s strategic priorities, particularly in widening
access and providing inclusive, flexible, and digitally enabled
opportunities that support students and lifelong learners
throughout their educational journeys. From June 2025 most
Continuing Education courses are being offered under a new
brand called Oxford Lifelong Learning. This marks an important
milestone in the University’s journey to becoming a global leader
in lifelong learning and achieving our ambition to extend the
reach and impact of an Oxford University education.
Student financial support
Scholarships and bursaries are a key element of our
undergraduate and postgraduate access strategies. In 2024/25,
the University allocated £10.9m in bursary support to UK
undergraduate students from lower-income households. UK
undergraduates starting in 2024, as well as returning students,
were eligible for increased bursaries of up to £5,970 following
an annual uplift to bursary levels of 3% in response to continued
cost-of-living increases. In addition, the upper household-
income threshold for undergraduate bursary eligibility was
extended from £42,875 to £50,000 for all years of entry, and
travel supplement bursary levels also increased by 10%.
In addition to a core support bursary, Crankstart scholars benefit
from support in identifying opportunities for work experience or
internships, and access to a supplemental bursary to support
these. In 2024/25, 365 Crankstart scholars submitted over
800 applications for 300 exclusive internships. Opportunities
were available in 7 countries (including New Zealand and
China) across 4 continents. By July 2025 over 450 individual
Crankstart scholars had been awarded funding through the
Crankstart Internship Bursary scheme. This scheme provided
12
Annual Report and Accounts 2024/25
funding for work experience opportunities in 30 countries;
these include self-sourced internships as well as internships
secured through the Crankstart, Micro-Internship and Summer
Internship programmes.
Scholarships also play a key role in attracting and retaining the
highest calibre of graduate student regardless of background,
as well as ensuring students can thrive on course. The
Academic Futures scholarship programme offers dedicated
support for UK Black and Mixed-Black students, refugee
and displaced students, and care-experienced students. The
programme has continued to grow in 2024/25, supporting
over 100 scholars across various streams, spanning taught
and research programmes across all divisions. The Clarendon
and Academic Futures programmes are complemented by
a number of other University-wide graduate scholarship
schemes. These include the Mastercard Foundation Scholars
Program at University of Oxford, supported by a gift in 2023/24
for African master’s scholars.
Our newly approved Graduate Student Access Strategy makes
a commitment to increase both the availability and the level
of scholarship funding – including ring-fenced funding for
targeted groups and competitive funding packages – to ensure
that meritorious applicants are able to join the University and
thrive on their course. Funding for scholarships will come from
partnership funding – via colleges, departments, divisions
and external donors, extended Crankstart funding, the CCS7
(College Contribution) scheme, income raised from our
graduate application fee, and a new fundraising campaign with
ambitious plans to significantly increase philanthropic funding
for scholarships.
Student access, inclusion and success
We are committed to identifying and addressing risks to equality
of opportunity, so that Oxford is accessible to students from
all backgrounds, and so that our students all thrive while they
are here, and after they leave. We support students before they
apply, during the application process, through their course
and beyond. Our latest strategic objectives are set out in our
approved Access and Participation Plan for 2025 onwards,
alongside which sits our Graduate Access Strategy and the
University Equality, Diversity and Inclusion Strategic Plan; these
plans all set out funded programmes of work to enable students
to fulfil their academic potential.
We have an established suite of programmes to support
undergraduate applicants from under-represented backgrounds,
including the Opportunity Oxford academic bridging programme,
the UNIQ residential summer school and the Astrophoria
Foundation Year. Furthermore, 2025 marks the 10th anniversary
of the IntoUniversity learning centre in Blackbird Leys, operated
by the national charity IntoUniversity in collaboration with
the University of Oxford and Christ Church, Oxford. This
engagement forms part of our work to support local pupils
from less advantaged communities in Oxford to improve their
educational outcomes and progress to higher education. In
2024/25 we launched several targeted new initiatives to build on
and expand these programmes, working with schools, students
and guardians across the UK through initiatives such as Oxplore
Teach, Oxplore Festivals and BeUNIQ.
The UNIQ+ graduate access research internship programme
marked its sixth year, welcoming about 130 students from
disadvantaged backgrounds in Oxford for 7 weeks. The
University also continued to work with the University of
Cambridge on the ‘Close the Gap’ project, a four-year initiative
that began in January 2022. Co-funded by the Office for
Students and Research England, this project aims to improve
access to doctoral study for Black British, British Bangladeshi
and British Pakistani students. A total of 16 departments
across both institutions have piloted a range of initiatives.
Simultaneously, Oxford’s pioneering pilot to contextualise
admissions by incorporating socio-economic data as part of
the postgraduate application assessment has continued to
expand, now encompassing around 30 departments across the
University.
Our analysis shows that undergraduate students from socio-
economically disadvantaged backgrounds, students with a
declared disability and students who declare their ethnicity to be
Black African, Black Caribbean or Black Other, are less likely to
achieve a good degree outcome than other students. There are
also persistent first-class awarding gaps for women compared
with men. Postgraduate awarding gaps are associated with
domicile, with UK students performing better than non-UK
domiciled students.
These awarding gaps appear to have little impact on early
career outcomes, other than for disabled leavers. The
most recent graduate outcomes survey data from 2022/23
Oxford leavers shows 90% of leavers with a known disability
report a positive outcome (ie high-skilled employment, self-
employment or further study), compared with 93% for those
with no known disability (Russell Group comparators: 83% and
87% respectively); and median salaries were £33,000 (known
disability) and £38,000 (no known disability) (Russell Group:
£44,000 and £34,000 respectively).
Student wellbeing and support
Students make use of the wide range of specialist support
provided by the Counselling, Disability Advisory, Sexual
Harassment and Violence, and Peer Support services. Patterns
of demand are very much in line with national trends in the
higher, further and secondary education sectors and evidence
the importance of timely, embedded and tailored support being
available.
Recognising the evolving needs and experiences of students,
we have been working proactively to understand and overcome
barriers to students seeking help, while upholding our core
commitment to fostering collective and individual student
agency at times of difficulty. The Sexual Harassment and
Violence support service continues to extend the reach of
both online and in-person Healthy Relationships and Consent
Annual Report and Accounts 2024/25
13
trainings, while providing dedicated
casework support to reporting and
reported students, and concerned peers.
The Common Approach to Student
Mental Health is now well established,
with evaluation demonstrating
successful integration across the
collegiate University. An area of
significant growth has been the
expansion of advice, guidance and
consultancy services to academic,
welfare, professional and allied
colleagues across the institution, to
support confident and consistent
frontline student welfare practice.
The past year also saw new operational
approaches to deliver student support
plans more expediently, identifying
reasonable adjustments and
accommodations that should be made in
support of a student’s particular needs.
Drop-in advice sessions for departments
and colleges were introduced, proving
hugely effective, helping staff navigate
the delivery of student support needs.
In 2024/25 the University continued
to see high demand for its financial
assistance schemes in place to support
students facing financial difficulties
driven by cost-of-living pressures.
Furthermore, targeted financial
support was available specifically for
care-experienced and estranged UK
undergraduate students, ensuring
that those in the most challenging
circumstances receive the necessary
resources to succeed in their studies.
As part of our University of Sanctuary
commitment, the range of scholarships
for students from refugee and displaced
backgrounds has continued to grow,
and the process for colleges to apply
for College of Sanctuary status has
been launched, further growing the
commitment to sanctuary across the
collegiate University.
Our strategic commitments to equality,
diversity and inclusion were manifested
in a series of actions and interventions
with the student body, including:
comprehensive communications to
students; the launch of the Inclusive
Student Life webpages; EDI-focused
inductions (including references to
antisemitism and Islamophobia) for
freshers; targeted training for student
leaders; strengthened information and
guidance to support the work of our
Harassment Advisor Network; and
multiple meetings with relevant student
societies, religious groups and others.
Career development and
outcomes
The University is committed to
facilitating opportunities for all students
to gain the skills and experience
necessary for success in future study
or employment. Beyond the academic
curriculum, a range of services is offered
by the Careers Service to enhance
students’ overall educational experience
and enable them to make the best-
informed career decision. In 2024/25
this included over 6,000 one-to-one
advice appointments, over 250 events
and conferences, over 2,000 exclusive
internships and 9 in-person careers fairs.
The Careers Service’s virtual jobs board,
CareerConnect, listed more than 4,500
adverts provided by employers.
Skills development programmes,
including The Oxford Strategy Challenge
(TOSCA) and the Future Leaders
Innovation Programme (FLIP), gave
more than 300 undergraduate and
postgraduate students the chance to
participate in authentic business projects
with real organisations, both locally
and internationally. The new Making
a Difference programme enabled 50
students to gain insights into the third
sector and then apply that knowledge
to work in teams to solve real business
challenges for local and international
charities and social enterprises.
Around 2,200 students submitted over
5,000 applications for a total of 451
internships advertised through the
Summer Internship Programme, an 8%
increase in applications submitted, and
a 6% increase in individual students
applying compared with 2024. The
internships advertised through the
programme included opportunities in
32 countries, across 6 continents. The
Micro-Internship Programme advertised
over 1,300 internships and received
3,650 applications from 2,400 individual
students. The number of applications
increased by 14% from the previous year.
Graduate Outcomes data is available
for the 2022/23 Oxford leavers. Of the
undergraduate leavers who responded to
the survey, 90% had achieved a positive
outcome (ie high-skilled employment,
14
Annual Report and Accounts
2024/25
self-employment or further study), compared with 84% for
Russell Group graduates. The median salary for an Oxford
undergraduate leaver 15 months after leaving was £33,000
(Russell Group: £31,000). Among those who earned a
doctorate, 96% achieved a positive outcome (Russell Group:
95%), with median salaries at £43,000 (Russell Group:
£41,500). For graduates with a higher degree (eg masters),
94% had a positive outcome (Russell Group: 88%), with a
median salary of £40,000 (Russell Group: £44,000).
2024/25 highlights
Oxford offers one of the most generous financial support
packages available for UK students; around 1 in 4 (2,445)
UK full-time undergraduates at the University currently
receive an annual, non-repayable bursary.
490 UK offer-holders participated in the Opportunity Oxford
programme, Oxford’s academic bridging programme
developed to support students from under-represented
backgrounds in their transition from school or college to
university.
In 2024/25, 1,543 students were in receipt of a scholarship
through one of our University-wide graduate scholarship
schemes (Clarendon, Academic Futures, AfOx Mastercard,
Optiver Foundation and others), with over £61m disbursed
in stipend and fee costs.
The University’s Graduate Student Access Strategy was
approved, which articulates for the first time an overall
vision for graduate access.
Almost 3,000 students were supported by Counselling
services and approximately 7,700 by the Disability Advisory
Service, of which roughly 4,295 have a Student Support
Plan (SSP) in place.
There was a 24% increase in internships advertised through
the Careers Service Summer Internship Programme from
2023/24 to 2024/25.
25.9% of undergraduates admitted during the 2024/25
UCAS cycle are from the most disadvantaged backgrounds,
an increase of 0.2%.
Annual Report and Accounts
2024/25
15
The University is committed to equipping
all its students with the skills and
knowledge necessary for success in future
study or employment, through tutorials
The University of Oxford is world famous for its research excellence
and is home to some of the most talented scientists and scholars
from across the globe.
Research activity
The University’s research activity
is extensive, engaging over 2,000
academics, more than 5,100 research
staff and 7,350 postgraduate
research students. Collaborating with
universities, research organisations,
healthcare providers, businesses,
community groups, charities and
government agencies, both nationally
and internationally, the University drives
significant public benefits. These include
enhanced public policy, improved health
outcomes, economic prosperity, social
cohesion, international development,
community identity, and achievement in
the arts, culture and overall quality of life.
According to the results of the last
Research Excellence Framework (REF
2021, the official UK-wide assessment
of university research), the University
of Oxford had the highest volume of
world-leading research in the UK.
1
Oxford
made the largest submission of any
higher education institution, submitting
over 3,600 researchers (3,405 full-time
equivalent) across 29 subject areas. This
submission included more than 8,500
research outputs and 220 case studies
demonstrating the impact of Oxford’s
research beyond academia.
The outcomes of REF 2021 influence
the mainstream Quality-Related (QR)
research funding, which constitutes a
significant portion of the University’s
recurrent QR grant for several years.
For the 2024/25 period, the level of
mainstream QR funding remained
unchanged at £88m. The upcoming
Research Excellence Framework (REF
2029) is set to place greater emphasis
on research culture, alongside a shift
towards institutional-level assessment in
addition to discipline-level evaluations.
Research grants and
contracts
A significant portion of the University’s
research activities are supported by
competitively awarded grants and
contracts from third parties, including
the UK Research Councils, UK charities
and the European Commission, as well
as funding received from business and
other organisations. In 2024/25 the
University received 2,367 new research
awards, amounting to a cumulative value
of £1,019m, which will be utilised over
the duration of the awards in the coming
years. Additionally, Research England
provided crucial support through QR
recurrent grant funding, totalling £169m.
Research income in 2024/25
Annual research income rose in 2024/25
to £801.3m, an increase of 2.9%
compared with 2023/24.
The University’s leading position
in so many facets of national and
international research has driven this
year’s research income. Income from
industry remains strong at £142.2m
(£148.0m in 2023/24), largely due to
investment from the pharmaceutical
industry: Boehringer Ingelheim, Novartis,
Novo Nordisk, AstraZeneca and GSK.
Income from the Research Councils
grew to £199.2m, an increase of 9.5%,
partly due to the awards granted under
the government’s Horizon Europe
guarantee scheme. Oxford researchers
continue to engage strongly with
Horizon Europe opportunities. Income
from UK charities and UK public sector
grew by 1.1% to £178.2m and 8.3% to
£125.2m respectively; income from
other UK, EU and overseas sources grew
by 5.4% to £78.5m, with support from
the Coalition for Epidemic Preparedness
Innovations and US federal agencies,
including the US National Institutes of
Health. Income from US federal funders
is expected to decline steeply in future
years.
Selected research funding
highlights in the past year
include:
Long-term strategic alliance with
the Ellison Institute of Technology
(EIT); at least £100m investment
in joint research programmes, and
£30m of scholarship funding for
the new University of Oxford–EIT
Centre for Doctoral Training (CDT)
in the Fundamentals of Artificial
Intelligence.
Leading two MRC Centres of
Research Excellence (MRC CoRE),
in Therapeutic Genomics and
Restorative Neural Dynamics; co-
leading the MRC CoRE in Exposome
Immunology and the MRC/BHF
CoRE in Advanced Cardiac Therapies
(REACT). 4 MRC CoREs were
launched this year and Oxford is
involved in all four; each MRC CoRE
will receive funding of up to £50m
over 14 years.
£39m from the European Research
Council for 22 awards, across all
four academic divisions: 7 advanced
grants (£15m) for senior researchers,
6 starting grants (£8m) for early-
career researchers, 5 consolidator
grants (£9m) to support outstanding
researchers to build their independent
research teams, and 4 synergy grants
(£7m) to foster interdisciplinary and
international collaboration between
outstanding researchers.
Our strategic commitments
To promote and enable ambitious
research of exceptional quality.
To invest in people by supporting them
and their research environment, thereby
enabling the research endeavour to grow
sustainably.
To change the world for
the better.
Research
1
Largest volume of world-leading research is calculated from the sum of (overall %4* x submitted FTE) across all submissions. Full results are available at: www.ref.ac.uk
16
Annual Report and Accounts 2024/25
Up to £50m investment from GSK
for the GSK–Oxford Cancer Immuno-
Prevention Programme to explore the
potential of cancer prevention through
vaccination.
The University is deeply appreciative
of the support and collaboration of its
research sponsors and partners, whose
contributions enable the successful
execution of these and numerous other
projects. Detailed insights into the wide-
ranging impacts University research has
on the world of policy, health, business
and culture are available in a series
of case studies and films at Research
Impact:
www.ox.ac.uk/research/
research-impact/impact-case-studies
.
Highlights
For the 10th consecutive year, Oxford
ranked first in the
Times Higher
Education
World University Rankings
2026 (both overall and for the
research environment).
Highest overall 2023/24
2
research
income of any UK university, including
highest for UK charities, UK public
sector, industry and the European
Commission.
Oxford is the recipient of the highest
quality-related recurrent funding
for research of any UK university in
2024/25.
In 2023/24
2
, Oxford University retained
top spot as the leading UK academic
institution for active spinouts.
Largest ever acquisition of an Oxford
University spinout: acquisition in 2025
of OrganOx by Terumo Corporation, a
global medical technology company
headquartered in Tokyo, Japan, for
$1.5bn.
Research income
2022/
2023
2023/
2024
2024/
2025
£0m
£1,200m
1,060.0
956.0
1,019.0
Value of new research
awards received
2022/
2023
2023/
2024
2024/
2025
£0m
£1,000m
789.0
778.9
801.3
The longest dinosaur trackway in Europe made by an
individual sauropod dinosaur has been uncovered during
further excavations at Oxfordshire’s dinosaur highway.
2
2023/24 is the latest year for which data is available
Annual Report and Accounts 2024/25
17
As a department of the University, Oxford University Press (the Press)
furthers the University’s objective of excellence in research, scholarship
and education by publishing worldwide.
Mission
Oxford University Press serves three core publishing markets:
Research, the Learning of English, and Education (Schools
and Higher Education). It is committed to creating high-quality
content that supports education and research, and to making
this content available all over the world.
This year, there were a number of market challenges that
impacted trading, including a further decline in the UK schools
business due to market funding constraints and a higher rate of
decline in print-format sales of academic and higher education
books. However, the Press continued to invest in incorporating
new technologies and expanding its products and services to
improve learning and research outcomes.
Market and sector strategies
The Press’s Academic division continued to expand and
enhance its digital offer, with approximately 79% of its turnover
coming from digital products and services. Over 180m people
visited the Oxford Academic platform
– the Press’s primary
platform for hosting research content
– while in Higher
Education the sales of ebooks increased by 18% compared with
the previous year.
In response to the ongoing development and adoption of AI
technology, two AI-enabled search assistants were launched on
Oxford Academic and the
Oxford English Dictionary
website,
OED.com. Both assistants respond to natural language queries
to support the research journey. Additionally, the Press launched
Oxford Law Pro,
a knowledge resource for legal professionals
and researchers that brings together more than 9,000 journal
articles and 600 peer-reviewed books from the Press’s portfolio
of legal publications.
The Press published the first titles in its new online series of
original interdisciplinary research,
Oxford Intersections
. The
series brings together research across the humanities and social
sciences to address real-world challenges, and the first titles
–
AI in Society
and
Racism by Context
– were curated by leading
academics and global experts.
Furthering its commitment to open access, the Press announced
plans to publish
Research Connections,
an open access journal
aimed at improving global healthcare, increasing understanding
of diseases and health conditions, and enabling developments in
technology and treatments. It will be published in collaboration
with some of the Press’s affiliated societies and associations.
The Press also piloted a new subscribe-to-open model for the
Max Planck Encyclopedias of International Law
. In total, the
Press now publishes more than 150 journals, 34,000 articles and
100 books open access.
To enhance its language data and expertise, thousands of
new or fully revised senses were added to the
Oxford English
Dictionary,
including 700 senses from global varieties, and each
quarterly update of the OED website now includes examples
from different World Englishes. Furthering discussion around
language, worldwide media coverage was generated as part of
the annual Word of the Year campaign. This year ‘brain rot’ was
selected, driving conversation around the broader impacts of
technology on learning and society.
Academic book publishing achieved several major industry
prizes. Edda L Fields-Black won the 2025 Pulitzer Prize for
History for
COMBEE: Harriet Tubman, the Combahee River Raid,
and Black Freedom during the Civil War.
The title was similarly
awarded the Gilder Lehrman Lincoln Prize
– the second year in
a row that one of the Press’s authors has won the prize
– while
Washington’s Heir: The Life of Bushrod Washington
by Gerard
N Magliocca won the Erwin N Griswold Prize from the Supreme
Court Historical Society.
Through the Education division, the Press reached 58m learners
across more than 160 countries. It continued to develop tools
and educational resources that enhance the learning journey,
both in the classroom and at home. In the UK, the Press
published the latest edition of
Read Write Inc Fresh Start
,
which included 34 updated modules and 18 new readers to
help children in key stages two and three who may have fallen
behind in reading. It also published
Essential Spelling and Word
Knowledge
for years three to six, adding to resources launched
previously for years three and four. The new resources included
a complete teachers handbook to support teaching across all
ages, and logbooks for pupils in years five and six.
The division continued to run its annual Children’s Word of
the Year campaign in the UK, with this year’s word, ‘kindness’,
selected by 61% of the children surveyed. The Press also
announced a new four-book children’s series,
The Diary of
Wiska Wildflower,
from Harriet Muncaster, the author of the
successful
Isadora Moon
series, which has been translated into
42 languages.
In South Africa,
Oxford Beyond Problem Solving
was created to
help parents in supporting maths skills development, while the
Oxford Beyond Maths Revision
series
– developed alongside
educational technology specialist Reflective Learning
– provides
diagnostic tests and targeted interventions. Both products are
offered in print and digital formats. In Hong Kong the Press’s
Our strategic commitments
To demonstrate evidence
of positive educational and
research impact from the use
of the Press’s materials and
services.
To invest in building
integrated digital content and
service propositions in the
Press's markets.
To focus on growth in
emerging markets, in
particular those where the
Press is already well placed.
To focus on efficiency in
order to remain competitive
.
Educational Publishing
18
Annual Report and Accounts 2024/25
Financial Statements |
Annual Report and Financial Statements 2024/25
19
print and digital courses for secondary maths were enhanced
with an exercise practice platform, providing diagnostics,
follow-up exercises, new question types, and personalised
reporting.
The Press extended its reach across the world by supporting
a major curriculum reform in primary maths in New Zealand,
with products selected as approved resources for the
new school year starting in January 2025. In Pakistan the
Essential
series in English, Maths, Science, and Social
Sciences launched with the aim of providing high-quality
resources at an affordable price. In South Africa the
Essential Letters and Sounds
(ELS) phonics programme
was adapted to support the Press’s work with the UNICEF-
funded Literacy Intervention Programme in the Northern
Cape province. The programme helps to train teachers to use
ELS for English lessons with students whose first language
is Setswana.
The English Language Teaching (ELT) division saw strong
performance in many of its major markets, including Spain,
Italy, Vietnam and Argentina. To expand its digital offer,
further series were added to the Oxford English Hub, the
division’s primary platform for hosting English language
teaching and learning materials. This brings the total amount
of series on the platform to 24. The division also published
the fifth edition of
English File
, one of its most successful
English language courses, which has helped more than 28m
people learn English. The new edition provides an enhanced
skills syllabus, contemporary topics, digital tools and
resources, and an assessment offer. Video is embedded into
every lesson to help bring language learning to life.
The Press’s English language assessment offer continued
to expand. The
Oxford Test of English
– which assesses
proficiency between A2 and B2 of the Common European
Framework for Reference (CEFR)
– achieved 46% growth in
Spain. In Turkey both the
Oxford Test of English
and
Oxford
Test of English Advanced
– launched in April 2024 for B2–C1
level on the CEFR
– received national recognition. The Press
also hosted an event at the Blavatnik School of Government,
bringing together university leaders to discuss student
recruitment and the importance of language learning that
prepares students for real-life situations.
The
Oxford Test of English Advanced
was awarded Best
Summative Assessment Project at the International
e-Assessment Awards 2025, which celebrates excellence
and innovation in using technology to enhance learning and
assessment. It was recognised for its cutting-edge design,
real-world relevance, and measurable impact on learning and
institutions.
The Press worked with organisations across the world
to increase the reach and impact of its English language
learning. In Brazil it secured a landmark agreement for
content provided and adapted by the Press to be licensed to
FTD Educação, a leading publisher of educational resources.
The agreement will deliver high-quality content to 100,000
students over three years. In Spain the Press worked with
ONCE, the Spanish national organisation for the blind,
to adapt its educational resources for people with visual
disabilities. Press titles were converted into Braille and audio
formats, and stored in the ONCE database of more than
82,000 resources.
The Press achieved a turnover of £841m, and transferred
£46.8m to the rest of the University to support a range of
research, scholarship, and educational activities.
2024/25 highlights
Academic titles won major awards including the
Pulitzer Prize for History.
Reached 58m learners across more than 160 countries
through educational publishing.
Oxford Test of English grew 46% in Spain.
150 open access journals and 34,000 open access
articles.
£46.8m transferred by the Press to the rest of the
University.
People are the University’s most valuable asset: those who work,
study and teach at Oxford today and those we look forward to
welcoming to the University in the future.
Our strategic commitments
To attract, recruit and retain the
highest-calibre staff.
To work towards an increasingly
diverse staffing profile.
To support staff in personal and
professional development.
People
Strategy
A key priority for the University is ‘shifting the dial’ on how
we invest in our people. The University’s People Strategy
outlines our shared ambition to create an exceptional working
environment for both current and future staff. The People
Strategy is pivotal to the University’s mission and an enabler of
the Strategic Plan 2025–30.
The People Strategy focuses on three outcomes, which we are
working towards over the next three academic years, 2024–27:
a great place to work for all
enabling talent to thrive
high-quality people services supporting academic delivery.
The strategy brings together many of our existing priorities,
including pay and conditions and the Academic Career and
Reward Framework. Importantly, it also aligns with other
University priorities, including:
the strategic review of professional services
the University EDI Strategic Plan, which is integral to all
that we do.
Key priorities
Our commitment to pay and conditions
The Pay and Conditions Review, launched in 2023, was a
landmark initiative to modernise Oxford’s total reward offering.
It set out to transform how we invest in our people, enhancing
pay, benefits and the overall staff experience. The result was a
five-year £129m commitment to a programme of 44 initiatives,
with 16 approved for immediate delivery. This ‘once in a
generation’ initiative reflects a cultural shift: placing people
at the heart of everything we do, and creating a transparent,
inclusive and sustainable reward framework that enables all
staff to thrive at Oxford.
Key deliverables include:
The introduction of the Oxford University Weighting.
The award-winning Additional Paternity/Partner Leave
scheme. Oxford now stands out as one of the few UK
organisations providing substantial paid paternity/partner
leave.
A reimbursement scheme to cover the cost of the Skilled
Worker and Global Talent visas and the NHS surcharge for
new international staff.
An annual onboarding event for new associate and statutory
professors, starting in Michaelmas term 2025.
A new Employee Assistance Programme.
Free mental health training for all staff.
A workload management programme designed to provide
professional service managers with support, guidance
and practical tools for managing workload and facilitating
discussions about workload and wellbeing with their staff.
Work with Oxfordshire County Council to produce their travel
and transport strategy, which includes key initiatives from the
Pay and Conditions programme.
20
Annual Report and Accounts 2024/25
Prioritising wellbeing and safety
The Thriving at Oxford Action Plan 2025-28, published in
June 2025, builds on the 2024/25 plan to further support
staff wellbeing and work-life balance. Key initiatives include
free mental health training; a new Employee Assistance
Programme, Spectrum.Life; and the development of a
University-wide wellbeing framework through collaboration
across divisions and departments.
The University’s EveryDaySafe programme continues to
support a change in our safety culture towards action-
oriented safety. That means empowering everyone to feel
confident about the safety of their working environment and
taking the right action to keep themselves and others safe.
In 2024/25 the programme delivered new training for senior
leaders; clarified management responsibilities for health
and safety; initiated a biannual process for issuing policy
statements and instructions; formed Safety Standards
groups to inform best practice on risk management and
mitigation; and hosted its second annual Safety Network
Conference aimed at continuing to empower the University’s
Safety Network to make a difference in their area.
There has also been increased attention on the University’s
highest health and safety risks. The University’s Fire Update
and Safety Enhancement (FUSE) was introduced to address
significant risks around fire safety. In addition, actions
have been taken to reduce the risks associated with biorisk
management, occupational transport, overseas travel and
work-related stress.
Improving the employee experience
There are several initiatives underway to improve the employee
experience:
A Human Resources Policy Review has been underway since
October 2024, focusing on the University’s grievance and
harassment policies, procedures and related processes,
underpinned by the relevant statutes. The review has
undertaken extensive University-wide consultation. It has
identified links to other strategic projects and begun shaping
short-, medium- and long-term proposals for improvement
to deliver more people-focused, streamlined and accessible
processes.
A mediation team has been formed to enable increased early
intervention and resolution of employee relations issues.
A new employee relations case management system has
launched as part of the Customer Relationship Management
Programme. The system provides benefits such as improved
data to identify trends and feed back into policy development
and training.
Supporting career development
In the past year great progress has been made to enhance
career development opportunities for all staff.
A draft Academic Career and Reward Framework has been
developed in conjunction with staff across the collegiate
University, in preparation for consultation in 2025/26. The
framework is designed to enhance transparency, support
academic progression and align Oxford’s practices with
those of its peer institutions.
The innovative leadership programmes, Leading in Academic
Research Environments (funded by Wellcome) and InSpires
(delivered in partnership with Saïd Business School), began
welcoming participants this year.
New initiatives have begun to enable staff to easily and
effectively develop and progress their careers at Oxford,
which will lead to the release of an internal mobility
framework and career pathways hub in Michaelmas term
2025.
Work has also begun to embed Strategic Workforce
Planning (SWP) across all staff groups at the University.
SWP is a cornerstone of the University’s long-term success;
it will proactively anticipate short- and long-term goals to
ensure we are positioned to meet the evolving needs of our
academic and administrative functions. In the last academic
year we have successfully developed and tested the SWP
methodology.
Professor Irene Tracey announcing the Vice-
Chancellor’s Awards 2025 overall winner
for outstanding contribution: Dinosaur
Highways.
Annual Report and Accounts 2024/25
21
Everyone belongs – equality, diversity and
inclusion
The Collegiate University EDI Strategic Plan, ‘Everyone
Belongs’, launched in the 2024/25 academic year. Our
ambition is for Oxford to be a collegiate university where
everyone belongs and is supported to succeed; and
for Oxford to lead on matters of equality, diversity and
inclusion in society.
Over the past year we have continued to advance equality,
diversity and inclusion through the pursuit of our equality
objectives, with encouraging progress towards our targets
in some key areas, including the representation of women
and Black and Minority Ethnic (BME) staff in senior roles.
Overall, women now account for 35% of academic
staff, including 22% of statutory professors and 34% of
associate professors.
Staff from BME backgrounds now account for 15% of
members of Council, 9% of statutory professors and 9%
of associate professors.
We continue to progress key objectives of the Race
Equality Strategy, including the prevention of bullying
and harassment. This year we have introduced required
harassment training for all staff, now taken by over 2,000
people. We continue to develop and grow the Harassment
Advisor Network of nearly 500 members.
We continue to progress Athena Swan across
departments. As of March 2025 the University holds 43
department and faculty awards, including 4 Gold awards,
19 Silver awards and 20 Bronze awards.
The Gender Pay Gap Task and Finish Group undertook
an in-depth analysis of the University’s mean and median
gender pay gaps, and made a series of recommendations
that are now being implemented.
High staff engagement – staff survey 2025
The Staff Experience Survey presents an invaluable
opportunity to understand the experiences of staff at
Oxford, across all aspects of University life. Over 10,000
staff (63%) shared their experiences of working here; a
significant increase from the 2023 survey.
This year the University’s engagement score (the degree
to which staff feel connected to their place of work) of
74%, was 6% higher than the sector average, indicating
staff pride in working here, strong collegiate relationships
and high job satisfaction.
Oxford compares favourably to other higher education
institutions in a number of other areas of the staff
experience, including leadership, wellbeing and workload;
being managed; and inclusion.
The results also identified areas where more work is
required, such as preventing and handling bullying
and harassment cases, perceptions of transparency
in decision-making, openness of communication and
opportunities for staff to contribute to change.
22
Annual Report and Accounts 2024/25
Recognition of people initiatives –
2024/25 awards
2025 Working Dads Employer Awards (Parenting Policies
Award): in recognition of the University’s Additional
Paternity/Partner Leave scheme.
Apprenticeship Employer of the Year (250+ employees),
2025 Oxfordshire Apprenticeship Awards.
Technician Commitment Collaboration Fund Award:
this national recognition reflects our commitment to
valuing technical talent and fostering a more connected,
collaborative culture across the University. It supports a joint
initiative between Oxford, Cambridge and University College
London to drive positive change in the sector.
Technician Commitment Impact Award: recognising
the University’s progress in visibility, recognition, career
development and sustainability, guided by Oxford’s
Technician Commitment Action Plan for 2024–27.
2025 UHR Award for Excellence in HR: shortlisted in
recognition of the University’s Pay and Conditions Review.
2024/25 highlights
Launch of the People Strategy
We released the University’s People Strategy 2024–27,
setting out a shared ambition to create an exceptional
working environment focused on three outcomes: a great
place to work, enabling talent to thrive, and delivering high-
quality people services.
Transforming pay and conditions
The delivery of the landmark £129m Pay and Conditions
programme continued, introducing key initiatives such as the
Oxford University Weighting, enhanced family leave and visa
reimbursement schemes.
Advancing equality, diversity and inclusion
The University EDI Strategic Plan, ‘Everyone Belongs’,
launched in the 2024/25 academic year. Our ambition is for
Oxford to be a collegiate university where everyone belongs
and is supported to succeed; and for Oxford to lead on
matters of equality, diversity and inclusion in society.
Strengthening wellbeing and safety
The Thriving at Oxford Action Plan 2025–28 was published,
promoting wellbeing and work–life balance; expanding
access to support via the new Employee Assistance
Programme, Spectrum.Life; and advancing safety initiatives
through the EveryDaySafe and Fire Update and Safety
Enhancement (FUSE) programmes, ensuring a proactive and
safe working environment for all staff.
Annual Report and Accounts 2024/25
23
Our research and education aims to benefit the wider public in Oxfordshire,
across the UK and globally. To this end, we work in partnership with public,
private, and voluntary organisations and our alumni to enhance public
engagement and knowledge exchange.
Our strategic commitments
To work with partners to
create a world-class regional
innovation ecosystem.
To build a stronger and more
constructive relationship
with our local and regional
communities.
To engage with the public and
policymakers to ensure our
research and education have
the widest possible relevance
and impact.
To maximise the global social,
culture and economic benefit
derived from our research
and scholarship through our
international engagement.
Engagement and Partnership
Social contribution
The University of Oxford provides annual grant awards to
community projects, events and activities in Oxford through its new
Community Partnership Fund. The grant scheme is based around 5
criteria, supporting proposals that:
lead to meaningful and lasting community impact
build sustainable interaction between the University and
community groups
respond to socio-economic inequality within Oxfordshire
involve joint leadership by members of the community and
members of the collegiate University
include both financial and non-financial (eg space, expertise)
aspects to the collaboration.
The scheme awarded £33,000 to 5 separate projects in 2025
including:
Oxford Community Action to support children’s access to cycling
and swimming
Oxford Hoops Basketball to support a partnership to enable
young people to play basketball
The Oxford Hub to support a new online community platform for
Blackbird Leys and Greater Leys
Oxford City Football Club to support a new classroom and
educational space for joint educational delivery in Northway
Oxford Preservation Trust to support delivery of Oxford Open
Doors.
The new fund has launched an Expressions of Interest process, and
established a committee to allocate funds in support of sustainable
community-level collaboration. The University’s Van Houten Fund
has also provided a range of discretionary grants to support
community engagement activities.
Representatives from the University regularly meet with
representatives of the city and county to discuss coordination of
communications to staff, students and local residents. This helps
to increase awareness of the University’s activities among the local
community and keeps the University community aware of local
concerns. We participate in a range of local partnerships, including
the Future Oxfordshire Partnership, the Oxfordshire Inclusive
Economy Partnership (OIEP), and the Oxford Strategic Partnership.
The University signed the OIEP Charter and has been working in
2025 to operationally implement commitments relating to inclusive
recruitment and social procurement, for example.
2021/
2022
2022/
2023
2024/
2025
2023/
2024
0
4,000,000
3,686,568
3,125,814
2,318,225
3,519,537
2023/
2024
2024/
2025
2022/
2023
2021/
2022
£0m
£250m
247.3
208.0
215.9
197.3
0
200
2023/
2024
2024/
2025
2022/
2023
2021/
2022
187
179
180
171
Number of visitors to University
gardens, libraries and museums
Value of University’s share of
spinout companies
Number of active spinout companies
24
Annual Report and Accounts 2024/25
The Science Together programme supported community-
led research projects, based on matching researchers and
University staff with research challenges identified by local
community organisations. Since starting five years ago, the
programme has developed strong relationships with nearly 30
Oxfordshire organisations, and involved over 100 researchers
and facilitators from across all divisions, reaching over 1,000
members of the community. This year 8 community-led
initiatives focused on themes such as mental health support,
inclusivity, wellbeing and skill development. Projects included
interviews with refugees and asylum seekers to inform the
development of client services, a holiday club for young people
with Down’s Syndrome, nature challenges as part of a primary
school radio show, music concerts for people with dementia
and their carers, and workshops exploring the use of local
regenerative materials for affordable housing.
The University has involved students in a range of local and
global impact projects. Its Sustainable Development Goals
(SDG) Impact Lab supported and provided social impact
training for a cohort of 20 undergraduates and 100 graduate
students in 2025 to work with partner organisations to deliver
the United Nations SDGs, both within Oxfordshire and around
the world. Partner organisations have included BMW, Rosberg
Philanthropy, UNDP, Lenox Park and a series of local schools
and community organisations working with TAP Social,
the Oxfordshire FA, the OIEP, OCA, Oxfordshire Community
Land Trust, and Good Food Oxfordshire. During 2024/25 the
University coordinated the Local Policy Lab in collaboration
with Oxfordshire County Council and Oxford Brookes University,
to support evidence-based public policy relating to the socio-
economic underpinnings of health inequality in Oxfordshire,
in support of the county’s commitment to become a Marmot
Place. A total of 12 students participated in 6 different
collaborative research projects, each involving students, county
officers and academic mentors; they delivered their findings at
a showcase event at the Blavatnik School of Government.
The University continues to work with local schools to support
opportunities for young people. During 2024/25 the Primary
School–Oxford College Twinning Project included 12 Oxford
colleges and primary school pairs. The Twinning Project, in
collaboration with the Oxford Hub, pairs participating colleges
with high-priority primary schools in Oxford; student and staff
volunteers from the colleges invite children from their partner
schools to the colleges to engage in extracurricular activities
and academic learning sessions, as well as going into schools.
During 2024/25 60 year 8 pupils from 6 state secondary
schools in Oxford participated in the Oxford Young Sports
Leadership programme, spending a day per week during term
time at the University, with sports coaching in the morning,
lunch in a college and then academic learning linked to sport in
the afternoon.
During 2024/25 the University organised a series of high-
profile community events, in collaboration with local partner
organisations. These included the Bannister Miles celebration
organised by Oxford University Athletic Club and the University
of Oxford, with support from Oxfordshire County Council and
the Bannister family; this involved a community mile running
event with more than 1,000 runners of all ages and abilities. On
5 July 2025, the University’s Schwarzman Cultural Programme
once again co-organised the Leys Festival with communities in
Blackbird Leys and Greater Leys; it involved music, art, craft and
sport.
In December 2024 the University published
Beyond Town and
Gown: Towards a More Inclusive Oxford
as its first-ever local
engagement report, detailing its social contribution in Oxford
and Oxfordshire.
In addition to local community initiatives supported by the
University, Oxford University Innovation (OUI) also supports
and invests in social ventures. Since the programme began in
2018, it has now launched 18 social ventures – 10 of which
have at least one female founder, – which address 13 different
UN Sustainable Development Goals (SDGs). They cover themes
from matching blood and organ donation to tackling poverty in
developing countries.
Through leadership of the ImpactU consortium, which supports
purpose-driven startups across UK universities, OUI backed the
creation of 9 social ventures across 5 UK universities, investing
£360,000 in companies addressing global challenges, with
funding supported by Research England.
Over the past year the impact enabled by OUI is as broad as
the University of Oxford’s knowledge and research. It spans
everything from mental health therapies co-developed with
NHS partners, to student-led ventures tackling biosecurity,
as well as initiatives deploying AI to help with the global
energy transition. Taken together, these examples show how
OUI continues to set the standard for impactful University
innovation and its role in society. We know this kind of progress
is only possible through continued, broad-based collaboration.
OUI continues its involvement in the Innovation Seed Fund, a
joint initiative alongside the University of Oxford Africa Society
and the Vice-Chancellor’s Office. This sees three grants of
£5,000 offered to support student-led projects driving research,
social impact and entrepreneurship. The goal is to foster
innovative and scalable solutions that tackle Africa’s most
pressing challenges.
The OUI Incubator is dedicated to nurturing student
entrepreneurship. This year 35 students took part in our
annual Student Entrepreneurs’ Programme (StEP), delivered
in partnership with Oxford Edge and EnSpire Oxford. A total
of 10 student teams were created in StEP 2025, a month-
long venture-building experience featuring intensive training,
mentorship and pitching. The programme culminated in
Medhesion, a biotech startup tackling post-surgical internal
scarring, being named the winner for its standout innovation
and presentation.
The Pitt Rivers Museum won
Partnership of the Year at the 2025
Museum and Heritage awards for its
Maasai Living Cultures project
Annual Report and Accounts 2024/25
25
OUI 2024/25 data:
279 licence and ventures disclosures
from the University (total disclosures
since financial year 2000/01: 7,020)
961 Consulting Services enquiries
from the University (total Consulting
Services enquiries since 2008/09:
12,082)
Total income in 2024/25: £33m*
IP formally protected to support
our licensing and venture creation
activities: 93 new patents filed (total
new patents filed since financial year
2000/01: 2,238)
1,173 commercial and non-
commercial licensing deals, and 263
non-spinout companies with active
licences (total licensing deals since
financial year 2000/01: 12,394).
Total new companies formed with
OUI support: 19 including 15 new
spinouts and 4 new startups (total
new companies created since
financial year 2000/01: 318)
£34.2m seed funding raised in
2024/25
£489.8m total investment raised in
2024/25
684 consultancy contracts executed
(total consultancy contracts executed
since financial year 2009/10: 7,318)
546 unique consultancy clients
£18.5m* financial returns to the
University and its researchers in
2024/25 (distributions of royalty and
consulting income to the University,
researchers and third parties with a
contractual right to revenue sharing)
*Finances are preliminary results,
unaudited.
Economic contribution
The University contributes £16.9bn per
year to the UK economy, much of which
is focused on the South-East of England
and Oxfordshire, and the collegiate
University as a whole is the second
largest employer in the county.
OUI’s activities play a central role in
the University’s economic contribution,
transforming knowledge and research
into impact. Over the past year OUI
has supported the creation of 19 new
companies, including 15 spinouts
and 4 startups. These companies
are working in fields ranging from
quantum technology and hydropower
systems to cancer therapeutics, as
well as innovations in making fashion
more neuroinclusive and social media
a healthier space. Every spinout and
startup we support is a step towards a
better future.
Since its formation in 1988, OUI
has successfully launched over 300
companies that have collectively raised
more than £7.8bn in investment, with
£489.8m secured in 2024/25 alone.
In addition to these companies, we
have facilitated 684 consultancy
agreements and supported researchers
and students by protecting intellectual
property (IP) with commercial
potential – we assessed new invention
disclosures, filed 93 new patent
applications and supported applications
for translational funding.
OUI always aims to find the most suited
partner to develop the IP to create
the highest impact. Over the past 12
months, we have concluded 1,173
licensing deals (commercial and non-
commercial), and of the commercial
deals 66% were to existing companies.
OUI also manages the University
Challenge Seed Fund (UCSF), the UK’s
longest continuously running proof-
of-concept fund, which celebrates its
25th anniversary this year. Since its
inception, UCSF has invested £18.5m
across 316 projects, directly supporting
the creation of 97 spinout companies.
Collectively, UCSF-backed companies
have gone on to raise £2.97bn in
venture capital, with 7 achieving listings
on UK or US stock markets, and 3
being sold for more than £500m each:
Natural Motion, YASA and MiroBio; an
acquisition of $1.5bn was announced
in the summer of 2025 by OrganOx
(August).
Oxford is fortunate to have access
to this seed fund, and the data
demonstrates the power of well-
targeted proof-of-concept funding to
enable pathways to impact for early-
stage research, derisking early-stage
technologies and enabling access to
commercial capital. Returns from the
UCSF shareholdings go back into the
fund to support the next generation of
technologies.
2024/25 highlights
In November 2024 OUI received the
Commercialisation Achievement
of the Year Award at the KEUK
Knowledge Exchange awards,
recognising their role in bringing the
R21/Matrix-M™ malaria vaccine to
market – a testament to our global
reach.
Oxford led the UK in spinout creation
again in 2025, according to the
Royal Academy of Engineering and
Beauhurst, reflecting the strength
of innovative ideas ready to be
commercialised. Over the last three
decades OUI has built a thriving
pipeline of spinouts in key sectors
including health tech and pharma,
deep tech, quantum computing and
climate.
Over the past year OUI has celebrated
the many achievements of its
companies, including:
Organox winning the MacRobert
Award from the Royal Academy of
Engineering for its liver transplant
medical device
Beacon Therapeutics closing
a $170m Series B to advance
ophthalmic gene therapies developed
in Oxford’s labs
Theolytics securing funding for
a Phase 1 trial of a novel ovarian
cancer therapy
BioFragment, a student-led venture
from OUI’s Incubator, winning a
prize at Stage Two, Europe’s largest
university pitch competition
Mixergy winning the King’s Award
for Enterprise in Innovation for its
commitment to decarbonising homes
and businesses.
26
Annual Report and Accounts 2024/25
Cultural contribution
The Gardens, Libraries and Museums
(GLAM) play a key role in engaging the
public and delivering the University’s
cultural contribution. GLAM consists
of the Botanic Garden and Arboretum;
the Bodleian Libraries including the Old
Library and Weston Library with spaces
open to the public; and 4 museums:
the Ashmolean Museum, the History
of Science Museum, the Pitt Rivers
Museum and the Museum of Natural
History.
In 2024/25 GLAM welcomed over
3.68m visitors to its public spaces,
representing a 5% increase in visits from
2023/24. It was a notable year for the
Ashmolean Museum as it welcomed
1,043,755 visitors, exceeding the 1m
mark for the first time in 15 years.
GLAM’s sites are now some of the most
popular attractions in the South East.
Throughout the year GLAM ran an
exciting public programme of 38
exhibitions and displays in order to
share and encourage engagement
with its collections. Exhibition subjects
ranged from the history of early radio
broadcasting in the Bodleian’s popular
exhibition
Listen In: How Radio Changed
the Home
to the work of Mary and
William Buckland in the Museum of
Natural History’s
Breaking Ground
exhibition. Artists featured included
Anselm Kiefer, whose early works were
exhibited at the Ashmolean Museum,
and Kadija Saye, whose silkscreen
prints exploring her fascination with
the migration of traditional Gambian
spiritual practices were displayed at the
Pitt Rivers Museum. Beyond exhibitions,
GLAM ran over 1,600 public engagement
sessions ranging from talks and lectures
to workshops and courses.
GLAM’s contribution also extends
to schools, delivering 4,900 school
sessions to 113,000 students from
across Oxfordshire and beyond.
In 2024/25 GLAM led 2,300 public
engagement sessions to 108,000
people.
GLAM continued to develop its
collections. In the autumn the
Ashmolean successfully raised more
than £4m to save the Renaissance
masterpiece Fra Angelico’s
Crucifixion
.
GLAM also brought our collections
to the world, with over 5,000 objects
loaned to external institutions. To care
for its collections, GLAM is developing
a state-of-the-art collections storage
facility in Swindon. Groundbreaking took
place in June 2025, with anticipated
building completion in late 2026.
GLAM both supports and leads
research, with 106 published research
outputs in 2024/25, an increase of 16%
on 2023/24. This year over 50% of the
research applications that received
funding decisions have been successful.
Innovative research projects led
by GLAM this year have captured
the public’s imagination, such as:
when researchers at the Museum of
Natural History and the University
of Birmingham uncovered over 200
fossil footprints in a quarry in north
Oxfordshire that included footprints
from the ferocious Megalosaurus;
when the Bodleian used innovative
technologies for the first time to
decipher text preserved on papyrus
scrolls from the ancient site of
Herculaneum; and when a team of
botanists from Oxford and the University
of the Philippines Los Baños named a
beautiful new species of lipstick vine
discovered in the Philippine rainforest.
GLAM continued to provide a vital
service to its users and the academic
community. The Libraries saw a record
use of their digital resources, with nearly
20.5m searches made on SOLO, the
University’s library catalogue, a 25%
increase on the previous year. Reader
satisfaction with the Bodleian’s services
remained high, with students ranking
it as the top-rated UK University library
in the 2025 National Student Survey.
A key initiative this year has been the
development of the Bodleian’s new
Humanities Library in the Schwarzman
Centre for the Humanities, opening in
the 2025/26 academic year.
GLAM’s work this year has been award
winning, with GLAM projects winning 3
Vice Chancellor’s Awards: the Teaching
and Learning Award for the Diversity in
Death and Dying project, the Making a
Difference Globally Award for the Pitt
Rivers Museum Maasai Living Cultures
project, and the Vice Chancellor’s Award
for Outstanding Contribution for the
Museum of Natural History’s Uncovering
Oxford’s Dinosaur Highway project.
GLAM was also highly commended for
the Operationalising GLAM’s Carbon
Footprint Data project. The Pitt Rivers
Museum also won Partnership of the
Year at the 2025 Museum and Heritage
awards for its Maasai Living Cultures
project.
2024/25 highlights
GLAM’s work this year has been
award-winning: GLAM projects
won 3 Vice Chancellor’s Awards:
the Teaching and Learning Award
for the Diversity in Death and Dying
project, the Making a difference
globally award for the Pitt Rivers
Museum Massai Living Cultures
project and the Vice Chancellor’s
Award for Outstanding Contribution
for the Museum of Natural History’s
Uncovering Oxford’s Dinosaur
Highway project. GLAM was
also highly commended for the
Operationalising GLAM’s carbon
footprint data project.
Pitt Rivers Museum also won
Partnership of the Year at the 2025
Museum and Heritage awards for its
Maasai Living Cultures project.
Richard Ovenden, Bodley’s Librarian
and the Helen Hamlyn Director of the
University Libraries – and Head of
GLAM – was awarded an Honorary
Fellowship of the British Academy
and of the Royal Society of Literature,
and has also been awarded the Royal
Society of Literature’s prestigious
Benson Medal.
In March 2025 the Bodleian Libraries
celebrated the tenth anniversary of
the Weston Library, the home of its
outstanding special collections, and
a space with public engagement
at its heart. Over the last 10 years
the library has presented 234 public
events and hosted many notable
exhibitions, including
Armenia:
Masterpieces from an Enduring
Culture
(2015),
Tolkien: Maker of
Middle-earth
(2018), and
Kafka:
Making of an Icon
(2024).
Public satisfaction with GLAM
remains high, with 95% of visitors to
GLAM institutions rating their visit as
either good or very good.
GLAM generates commercial income
through a variety of income streams
including retail, catering, venue
hire, publishing and licensing. In
2024/25 GLAM generated £10.2m in
commercial revenue.
The Schwarzman Centre for the Humanities, a new
world-class centre for the Arts and Humanities opened
to the academic community in October 2025. Including
a theatre and 500-seat tiered concert hall.
Annual Report and Accounts 2024/25
27
Oxford University benefits from the careful stewardship of resources by
previous generations. Ensuring financial and environmental sustainability is
an essential pillar of the University’s strategy.
Our strategic commitments
To manage our resources
to ensure the collegiate
University’s long-term
financial and environmental
sustainability.
To provide an environment
that promotes world-class
research and education while
minimising our environmental
impact, conserving our historic
buildings, and improving our
space utilisation.
To continue to invest in our
information technology
capability to enhance the
quality and security of our
research and education,
and to streamline our
administrative processes.
To raise funds to support the
very best students, invest in
our staff and their work, and
provide new resources and
infrastructure.
Resources
Estates
The University aims to deliver a
world-class estate, with facilities of a
consistently high standard to support
continued academic excellence and
progress towards its sustainability
targets. It is also exploring ways to
make better use of technology and
data to improve building maintenance
and operation. This aligns with its
efforts to reduce carbon emissions,
make processes more efficient and use
resources more effectively.
The Schwarzman Centre for the
Humanities opened to staff, students
and the public in October 2025. The
building brings together 7 of the 10
humanities faculties with superb spaces
for teaching, research and outreach. It
also includes a new Bodleian Humanities
library, a 500-seat concert hall (known
as the Sohmen Concert Hall), a theatre,
a ‘black box’ experimental performance
space, an exhibition space, a cinema and
dedicated school outreach facilities.
The building will also be home to the
Bate Collection of Musical Instruments,
the Institute for Ethics in AI, and the
Oxford Internet Institute. It is designed
to be comfortable all year round while
using very little energy for heating and
cooling, and is on track for certification
under the Passivhaus standard for highly
energy-efficient buildings by the end of
2025. It was made possible by a £185m
donation from Stephen A. Schwarzman
– the largest donation in the University’s
history.
Another flagship project, the £200m
Life and Mind Building (LaMB), officially
opened at an event in November 2025,
following handover to the University
earlier in the year. Delivered under the
joint venture with Legal & General (L&G)
to host the departments of Biology
and Experimental Psychology, it offers
almost 25,000m
2
of transformative
spaces for teaching, research, innovation
and public engagement, where leading
scientists from around the world will
further our understanding of life and
mind, and work together to tackle global
challenges.
Further projects are also proceeding
through design under the L&G
partnership, which aims to enable the
University to achieve its goals of building
world-class innovation districts, as well
as new staff housing and graduate
accommodation. Plans for an innovation
district around Begbroke Science Park
(including around 1,800 new homes,
science and innovation buildings, a
school and other community facilities)
continue to advance, as does the longer-
term vision to transform the Osney Mead
industrial estate. A planning application
is being prepared for the L&G-funded
redevelopment of former graduate
accommodation at 25 Wellington Square
into a new academic facility.
Projects outside the partnership
have also progressed strongly. The
Saïd Business School’s new Global
Leadership Centre is expected to open in
2026 after the transformation of Osney
Power Station into a dedicated executive
education facility; this will help train the
next generation of leaders so they can
have a positive impact both within their
organisations and at societal and global
scales.
Two significant biomedical science
buildings are underway at Old Road
Campus. The £35m Global Health
Building is approaching completion,
with the main structure finished in the
summer of 2025 and opening planned
in 2026. Nearby, work on the Pandemic
Science Institute, a major new facility
for pandemic and vaccine science,
started in the summer of 2025, with
opening planned in 2028. The teaching
and research that takes place in both
buildings will save lives and improve
health all over the world.
Finally, following extensive consultation,
in July 2025 Oxford Health NHS
Foundation Trust submitted a planning
application to redevelop the Warneford
Hospital site in line with the vision jointly
created by the Trust, the University
and a philanthropist who is providing
vital support for the project. Warneford
Park will include a mental health
hospital, a medical science-focused
new postgraduate college, space
for private-sector collaborators, and
research facilities for the Department of
Psychiatry and related disciplines.
Alongside the exciting additions
to the estate that these major new
construction projects represent, the
University devotes significant resources
to managing and maintaining legacy
buildings to ensure they remain safe,
comfortable and fit for their purpose.
This ranges from preventative work to
keep buildings and their systems running
smoothly, to more significant upgrades
and ultimately to major refurbishments
aimed at bringing older facilities up
to modern standards of comfort,
compliance and sustainability. Our goal
is to provide facilities that support world-
class academic activity today while also
being flexible enough to adapt to future
changes in our requirements.
28
Annual Report and Accounts 2024/25
£0m
£250m
2023/
2024
2024/
2025
2022/
2023
2021/
2022
220.8
194.0
153.2
120.5
Capital additions to property,
plant and equipment
Development and Alumni
Engagement (DAE)
Over £220m in new one-off cash gifts
and pledged commitments was raised
for the University during the financial
year 2024/25. Thanks to the generosity
of our donors, it has been a continued
period of excellence for philanthropy at
Oxford.
DAE has continued to attract large gifts,
which are instrumental in strengthening
the University’s long-term academic
mission. We have also seen an increase
in the quantity and value of mid-level
gifts, which contributes significantly
to broadening Oxford’s financial base.
Substantial support has been received
for each of the divisions and GLAM
for research, scholarships, posts and
investment in new resources.
One such example is support for the
Ashmolean Museum, which successfully
raised £4.48m to secure the acquisition
of Fra Angelico’s exquisite
Crucifixion
for the public. The acquisition has been
made possible thanks to lead donations
from the Ashmolean’s Chairman, the
Lord Lupton CBE, and David and Molly
Lowell Borthwick; major grants from
the National Heritage Memorial Fund,
Art Fund and the Headley Trust; the
generosity of over 50 major donors;
and a successful public appeal. The
magnificent work was at risk of leaving
the country, but this artwork of national
importance now remains in the UK.
Over the course of the last 12 months,
44 gifts of £1m and above have been
committed to the University. £68m has
been given towards academic posts,
£27m for student support, and the
University’s endowment has received a
cash injection of over £44m.
Annual Report and Accounts 2024/25
29
A generous gift from the Paul Foundation will establish the
new Centre for Emerging Minds Research, endow its senior
leadership roles, and provide graduate scholarship funding.
The new centre will focus on achieving better mental health
outcomes for children, young people and families.
Further areas that have received an important boost from
philanthropy include:
The endowment of Bodley’s Librarian and Director of
University Libraries thanks to the generous philanthropic
support of the Helen Hamlyn Trust, which has been a
strong supporter of the Bodleian Libraries over many years.
This funding will ensure the permanence of the role - the
most senior at the Bodleian Libraries – and support the
sustainability of the libraries into the future.
Funding for the Arnell Associate Professor of Greenhouse
Gas Renewal from Jamie Arnell and family, a key post both in
the Smith School of Enterprise and the Environment, and in
the global effort to remove excess greenhouses gases from
the atmosphere.
The establishment of the Koch History Centre with funds
from Richard Koch, based in the History Faculty, and Wadham
College, which will provide a home for the pursuit of world-
class historical research.
The endowment of the Denys Firth Scholarship in theoretical
physics, made possible by Denys Firth, providing support for
exceptional DPhil students pursuing advanced studies at one
of the world’s leading physics departments.
The Besrour Centre for Global Primary Care, supported by
the Fondation Docteur Sadok Besrour, is aiming to improve
access to high-quality, evidence-based primary care world-
wide.
Programmes supporting pandemic resilience; women’s
leadership programmes at the Saïd Business School;
digitising the Bodleian’s Tolkien archives; and a wide range
of scholarships for undergraduate and graduate students
across the University.
Information technology
The University’s Digital Transformation programme has been
progressing throughout 2024/25, establishing and cementing
a new governance structure as well as the design of an
independent digital governance unit. Major work has been
undertaken in the areas of AI, identity management, a new CRM
solution and an underpinning data strategy. In common with
most organisations we are expending significant efforts to
protect ourselves against cyber threats. We are also progressing
the new operational model for digital services delivery based
around the principles of product management. Each academic
division now has a head of technology in place, and these
also form the core membership of a cross-University shared
leadership group. Delivery of the digital education strategy has
progressed with a new undergraduate admissions capability,
the digitisation of many student processes and the rollout of the
new MyOxford student app. Similarly, research infrastructure
to support computation and data have been advanced, and the
first element of the new Research Management Services was
successfully piloted and adopted. We have also strengthened
our relationships with key vendors, most notably entering into
a strategic partnership with Microsoft and OpenAI to help us
achieve more effective and efficient use of their technologies to
support key initiatives.
30
Annual Report and Accounts 2024/25
Professional services
The University’s professional services support Oxford’s
core mission of education and research according
to shared principles that put people, quality and
collaboration at the heart of everything we do.
In 2025 professional services celebrated the third
anniversary of Professional Services Together
(PST). This programme was launched to improve
how professional services work across Oxford to
support the University’s academic mission. It aligns
professional services across the University around a
collective ambition for how services should work, and
provides strategic direction and structured pathways for
considering and making positive changes that embed
our shared principles.
During 2024/25 we continued to deliver a number of
initiatives under the PST umbrella, including:
Communities of practice
Continuous improvement tools and methodologies
The Professional Services Leadership programme
End-to-end service reviews, including in information
compliance and research finance management.
Strategic review of professional
services
In 2024/25 the University began implementing the
Strategic Review of Professional Services, following an
analysis phase in 2023/24.
Recommendations arising from that review, which have
been agreed by Council and are now underway, include:
agreement to principles for service design, to
ensure the University’s services develop and change
consistently in future
the creation of a shared leadership model across
University, divisional and departmental areas, that
will ensure a more collective approach to leading and
managing professional services
agreement to the strategic oversight of professional
services to ensure services are delivering in line with
the University’s needs.
Implementation of these recommendations will help
the University deliver measurable improvements in
effectiveness and efficiency across our professional
services.
Transforming our People and
Finance services
An ambitious transformation programme began to
improve, modernise and future-proof our People and
Finance services, including systems and technology,
processes, ways of working, behaviours, roles, data
and tools. This initiative aims to empower staff and
help us work together to deliver efficient, modern and
consistently excellent support for our academic mission.
During Michaelmas term 2024, focus groups contributed
valuable input that shaped the team’s priorities and
helped clarify the anticipated benefits as our approach
was further developed.
The Life and Mind building opened in October 2025. The new home
for Biology, Experimental Psychology and the Ineos Oxford Institute
for antimicrobial research (IOI), the building will bring together 1,400+
researchers and students to tackle global challenges – from mental
health to climate change.
Environmental Sustainability
The University’s Environmental Sustainability Strategy is now in its fifth year of
implementation. Thanks to the dedicated efforts of the Environmental Sustainability
Subcommittee, the team at Estates Services and the wider University community,
meaningful progress is being made across all areas of the strategy.
Advancing sustainability at Oxford:
annual highlights
The University’s Environmental Sustainability Strategy sets
out a 15-year journey to deliver net zero and biodiversity
net gain by 2035. Thanks to the dedicated efforts of the
University community, meaningful progress is being made
across all priority areas. The strategy is now in its fifth year of
implementation and is undergoing a planned periodic review.
This is focused on the lessons learnt from the initial phase of
implementation and the pace of change now required to deliver
the University’s targets.
Biodiversity and nature
To ensure that our assets are managed effectively for
biodiversity and in a unified manner, the Oxford Green Estate
group has been established to oversee 23 University-owned
green spaces. Under its stewardship, the Oxford Sustainability
Fund is supporting several nature restoration projects across
the University estates, including at Park Farm in Marston, where
work is being carried out to enhance Site of Special Scientific
Interest habitats. This includes a habitat management plan for
the rare Brown Hairstreak butterfly.
The University has continued to measure the impact of its
supply chain on biodiversity. Greenhouse gas emissions and
land use changes are the largest drivers of this biodiversity
loss.
Data from our 2022/23
3
financial year demonstrates that the
University’s impacts showed a slight decrease from 2021/22.
However, this difference may be due to fluctuations in supply
chain spending and uncertainties in the methodology and
underlying dataset.
Data continues to show that research supply chains are the
University’s biggest cause of biodiversity loss, followed by
operations. The University reports its biodiversity impact with
a delay of one to two years due to the time required to produce
the necessary datasets used in the analysis.
Research
supply chain
Operational
supply chain
Built
environment
Travel
Food
Waste
Online education
Natural
environment
Species.year*
0
0.7
0.6
0.5
0.4
0.3
0.2
0.1
Figure 1. The biodiversity impact of the
University's activities by environmental pressure
Species.year is a comparative measure of biodiversity impact. It is based on the proportion
of local species that would be lost, relative to the number that exists currently (see J Bull et
al (2022) for more information).
In the past year, an additional comprehensive assessment of
the state of nature across the University’s estate was carried
out. This assessment is based on the government’s Department
for Food and Rural Affairs Biodiversity Net Gain (BNG) metric,
which is a statutory measure that came into law subsequent
to the University’s strategy. Wytham Woods comprises 320ha
of woodland and is considered irreplaceable under this BNG
metric.
This work will contribute to the baseline against which the
University will measure progress towards its strategy target, as
will a new policy that University development projects target
twice the statutory BNG requirement. The strategy target has a
wider scope than BNG that also includes operational and supply
chain impacts.
32
Annual Report and Accounts 2024/25
3
The University reports its biodiversity impact with a delay of one to two years due to the time required to produce the necessary datasets used in the analysis.
■
Air pollution
■
GHG
■
Land use
■
Water pollution
■
Water use
Annual Report and Accounts 2024/25
33
Heat decarbonisation
District heating has the potential to eliminate over 30% of the
University’s Scope 1 emissions and is a key commitment in the
Environmental Sustainability Strategy. Progress has been slower than
anticipated due to the complexity of such a large infrastructure project,
but close collaboration is ongoing with Oxford City Council, the colleges
and other local stakeholders to investigate a city-wide solution.
The completion of the Schwarzman Centre for the Humanities is a
prominent sustainability milestone in the University’s capital plan
delivery. The centre is designed to use very little energy for heating and
cooling and is on track for certification under the Passivhaus standard
by the end of 2025.
The Oxford Sustainability Fund is now well established and has
allocated £3.5m to support energy efficiency projects and feasibility
studies, paving the way for improvements across more than 200
University buildings.
Student fee
income
Green Travel
Fund (parking)
Minor
capital plan
Salix grant
funding
Flight
levy
£0m
£0.5m
£1.0m
£1.5m
£2.0m
£2.5m
OSF funding
■
2022/23
2023/24
■
2024/25
Oxford University Sport has benefitted from a £176,000 investment in
272 solar panels covering the swimming pool roof. The installation is
expected to drastically cut emissions, provide almost a quarter of the
pool’s energy needs, and will pay for itself within eight years.
A habitat management plan was established for the rare
Brown Hairstreak butterfly, which is found at Park Farm in Marston.
‘This project significantly increases the generation
capacity previously installed as part of the Acer Nethercott
Sport Hall project and clearly signals our department’s
ongoing commitment to supporting the University’s
Sustainability Strategy.’
Jon Roycroft, Director of Sports
Saïd Business School’s heat pump project, also funded
by the Oxford Sustainability Fund,, completed its first year
of operation. Combined with optimisation of the building
management system, the project has contributed to a
significant 40% reduction in Scope 1 and 2 carbon emissions
for the building.
‘The pioneering air source heat pump project was delivered
through close collaboration between Saïd Business
School, Oxford University Estates Services and our trusted
partners. It marks an important milestone in our journey
towards net zero carbon. The significant and immediate
emission reductions achieved reinforce our conviction that
prioritising decarbonisation and investment in on-site low-
carbon energy solutions is more impactful and enduring
than reliance on offsetting.’
Ian Downie, Director of Estates, Saïd Business School
Power purchasing changes
Significant changes to the Greenhouse Gas reporting protocol
covering the purchase of electricity are under consultation. The
UK is also entering a period of energy system change driven in
part by energy market reform, the government’s Clean Power
2030 Action Plan and the establishment of GB Energy.
Considering this rapidly evolving landscape, the University’s
Planning and Resource Allocation Committee paused the
purchase of zero carbon energy certificates, and a long-term
energy procurement strategy will be aligned with developing
guidance.
The short-term impact is an increase in the University’s market-
based Scope 2 emissions for this reporting year. An ongoing
independent carbon accounting review, which will expand the
scope of emissions reported to align with the Standardised
Carbon Emissions Framework, has also increased reported
Scope 3 emissions. This comprises more granular student
travel and supply chain data than has been reportable in
previous years. Continuously improving supply chain emissions
data and mitigations will be a key focus going forward.
Carbon emissions data
Scope 1, 2, and 3 carbon emissions data in tonnes of CO
2
e from
2021/22 to 2024/25 (market-based emissions
4
)
2021/22
2022/23
2023/24
2024/25
Scope 1
19,854
18,860
18,218
18,468
Scope 2
0
0
0
18,052
Scope 3
230,823
251,574
250,876
267,542
The University remains committed to its 2035 net zero target,
and the last 15 years of data shows a positive decarbonisation
trajectory for Scope 1 and 2 emissions relative to the estate,
which has grown 24% over the same period. Although progress
on decarbonisation is being made, the ambitious targets
within the University’s Environmental Sustainability Strategy
will require the pace of change to be accelerated. Unlocking
this step change will be a clear focus of the ongoing fifth-year
review of the University’s 2035 Strategy.
Scope 1 and 2 carbon emissions in tonnes of CO2e
(location -based
5
) with estate area in m
2
70,000
0
750,000
300,000
09/10
10/11
11/12
12/13
13/14
14/15
15/16
16/17
17/18
18/19
19/20
20/21
21/22
22/23
23/24
24/25
■
Estate area m
2
■
Scope2 location CO
2
■
Scope1 CO
2
Engagement with our staff and student community is critical to
all the University’s sustainability activities. Over 500 teams of
volunteers in departments, colleges and laboratories delivered
environmental action through the Laboratory Efficiency
Assessment Framework (LEAF) scheme and Green Impact,
reaching staff and students across the collegiate University.
Additionally:
The Estates Services team trained over 180 event and
building managers in sustainability.
Engagement with biodiversity on University green spaces
grew (recorded on iNaturalist, a web-based citizen science
platform). Around 1,500 people took part, logging 4,500
observations.
The University’s Gardens, Libraries and Museums trained 75
colleagues in carbon literacy, helping embed that ‘every job
is a climate job’.
The LEAF programme, which provides a standardised
framework with actions and resources for laboratories to
reduce their impact including assessment and certification,
continued to grow impact. The number of LEAF-registered
laboratories has risen to over 400 across all academic
divisions. Each of these is estimated to save about £3,700
and reduce emissions by 2.7 tonnes of carbon dioxide
equivalent (tCO₂e) annually.
‘The response of the Oxford community to new sector
requirements for environmental sustainability has been
swift and impressive, thanks to the active engagement of
principal investigators and to strong collaborative working
across departments, divisional offices, and central services
— all signaling a positive shift in how we deliver culture
change at scale.’
Dr Tanita Casci, Interim Director of Research Services
Education and research
The Vice-Chancellor’s Colloquium on Climate expanded
significantly in 2024/25, engaging over 300 students.
The colloquium offers students a unique interdisciplinary
extracurricular learning opportunity, and is delivered by Oxford
Lifelong Learning in partnership with the Environmental
Sustainability team.
On Earth Day (22 April 2025), the Public Affairs Directorate
launched a Climate and the Environment campaign to share
the breadth and depth of the University’s sustainability
research. This campaign showcases the University’s
contribution to understanding the world around us, exploring
4
Scope 2 market-based emissions include the impact of certificate backed zero carbon electricity procurement in the reporting year.
5
Scope 2 location-based emissions are calculated at the prevailing carbon intensity of the UK electricity grid.
34
Annual Report and Accounts 2024/25
Annual Report and Accounts 2024/25
35
An assessment revealed that our estate includes 24
different habitat types, including over 550ha of woodland
and over 550ha of grassland. Wytham Woods comprises
320ha of woodland and is considered irreplaceable under
the BNG metric.
solutions to the climate and biodiversity crisis, and
influencing decision-makers at all levels of government.
The campaign will run through the UN COP30
meetings in Brazil and then serve as a repository of our
sustainability research.
World Environment Day (5 June 2025) saw the University
co-host the Right Here, Right Now Global Climate
Summit, with UN Human Rights, the International
Universities Climate Alliance and 9 other universities
around the world. In addition to a 24-hour global
livestream, 36 events took place over the week hosted by
departments, colleges, and community partners.
In 2024/25, the Environmental Sustainability team
also launched a new small grants programme to
fund research and education projects that advance
the Environmental Sustainability Strategy. Recipients
represented all divisions, as well as the Students Union.
One of the funded projects is hosted by the Department
of Biology, and involves a recent graduate continuing
their master’s research exploring the biodiversity impacts
of Oxford’s supply chains and identifying opportunities
for mitigation.
Travel
The University’s new Local Transport Strategy was
approved in late 2024. It applies until 2029 and is backed
by £2m of funding. The strategy aims to cut deaths and
serious injuries from collisions by improving safety for
pedestrians and cyclists. It encourages people to build
sustainable modes of transport into their routine without
feeling they are putting themselves in danger.
In support of this, the Sustainability team hosted
hundreds of students, staff and community members
at two Vision Zero events to promote road safety. Free
bicycle safety training was also delivered to 360 staff
and students, funded by the University’s Green Travel
Fund.
The flight levy has been in place for three years, and the
table below shows the trend in flights across this period.
While both flights and emissions increased sharply from
year one to year two, this is in line with the post-COVID
return to normal operations, and this trend has slowed
over the last year.
In 2022 the University’s Travel Policy set a target to
reduce emissions by 20% to 24,000 tCO2e against the
2018/19 pre-pandemic baseline of 30,000 tCO2e. This
target has been met. While the number of flights has
increased in 2024/25, the emissions have reduced due
to a reduction in long-haul flights and in distance flown.
The income the levy generates is paid into the Oxford
Sustainability Fund, and this has so far raised £2m to
support sustainability projects across the estate.
2022/23
2023/24
2024/25
Number
of flights
13,000
14,500
15,000
Total
emissions
18k tCO2e
25k tCO2e
24k tCO2e
Flight levy
revenue
£541k
£750k
£720k
We monitor internal and external developments that may shape
Oxford’s future. Trends are assessed for materiality to our mission and
are linked to strategic plan themes, KPIs and risks.
Emerging Trends
Global context
Geopolitical risks and global challenges such as rapid changes
in technology, climate change and threats to democracy
provide opportunities and challenges to our mission of
teaching and research, and of disseminating knowledge by
any means.
Through the cultivation of international partnerships, the
University is able to collaborate and share knowledge for
the global public good. The University is focused on growing
international leadership and global impact by developing new
research partnerships that accelerate research and impact at
scale, while also exploring new models of partnership with the
private sector through relationships such as with the Ellison
Institute of Technology.
Shifts and emerging trends within the global higher education
landscape are creating new opportunities for the UK to further
enhance its appeal as a destination for talented students and
researchers. At the same time, recruitment patterns have been
influenced by broader economic pressures, highlighting the
importance of diversifying and strengthening the University’s
engagement with a wider range of international markets.
Local and national economic environment
Broader UK economic issues such as the ongoing impact of
the cost-of-living crisis and continued inflation above the 2%
Bank of England target affect the national and local economic
environment. Increased employer costs for National Insurance
contributions and national minimum wage increases have put
significant pressures on many businesses and charities.
The government support for an Oxford to Cambridge growth
corridor and the Oxford Growth Commission provide a
significant opportunity to partner with regional stakeholders
(local authorities, local communities, universities, NHS,
corporates and the third sector). The University is a key
member of the Oxford Growth Commission, which was formed
to support how best to unlock and accelerate growth in
Oxford and Oxfordshire, especially in the context of the growth
corridor. We expect this to accelerate inclusive economic
growth across the region by co-creating and promoting a vision
for Oxfordshire as a globally leading innovation ecosystem.
Financial sustainability of the higher
education sector in the UK
The higher education sector currently faces many financial
challenges. Although set to increase, undergraduate fee levels
have not kept pace with the real cost of provision over many
years. More than two in five higher education institutions
forecast a deficit for 2024/25 in data released in May 2025.
Many universities have announced redundancies and cost-
cutting measures. Oxford is in a financially strong position but
is not immune to such challenges.
The recently announced International Student Levy of £925
for each overseas student from 2028/29 onwards will create
additional uncertainty. While the extent of its impact will
depend on how costs are distributed, if institutions absorb the
levy rather than passing it on to students, this could create
further financial pressures across the sector. Also announced
was a maintenance grant of up to £1,000 for the most
disadvantaged students, similarly set to commence in 2028/29.
The anticipated levy would exacerbate existing financial
challenges, estimated to take almost £200m a year out of
Russell Group universities in England, with knock-on impacts
for their ability to support students, research and local
communities. Oxford is working collaboratively with other UK
universities, within and beyond our region, to support the overall
success and sustainability of UK higher education.
Work to strengthen our national policy engagement and
impact in Westminster and Whitehall is also ongoing, aimed
at improving the interaction between researchers and
policymakers. Through greater presence in London and building
our relationships within Westminster and Whitehall, we seek to
increase our ability to influence future government policy.
Revenue diversification is also key to successfully navigating
these financial challenges, and represents an area in which
Oxford has thrived. The University’s success in the creation
of spinouts demonstrates one of the ways the University
has diversified its income streams, with the recent $1.5bn
acquisition of OrganOx representing the largest ever acquisition
of an Oxford University spinout company. This technology
changes lives by keeping donor livers functioning outside the
body, and has already enabled more than 6,000 successful
transplants worldwide. This followed the US quantum
computing leader IonQ’s announcement of the acquisition of
Oxford Ionics in a deal worth $1.1bn in June 2025.
36
Annual Report and Accounts 2024/25
Demographic changes
Demographic changes alter the nature of demand for education
and learning. As population growth among young people slows,
and as the labour market demands more continuous learning
and reskilling, there is greater demand from older age groups.
Oxford is seeking to address such concerns by highlighting
graduate outcomes, strengthening employability support and
broadening routes into study. The University has published
research evidencing the long-term career benefits of its degrees,
particularly in the humanities, and provides extensive careers
services to help students build transferable skills valued by
employers.
The UK government is introducing the Lifelong Learning
Entitlement (LLE) from 2025, alongside an online education hub
to help learners navigate opportunities. The LLE will provide
individuals with access to loan funding, which can be used
flexibly for degrees, shorter courses or modular study. The
online hub will serve as a central platform, allowing learners
to search for and enrol in approved courses, with the option to
combine modules from different institutions over time.
Oxford’s Lifelong Learning has a 150-year history as a provider
of part-time adult learning, and extends the reach and impact for
those who wish to experience the quality of an Oxford University
education. As both employers and learners clearly state that
education needs to be regarded as a lifelong endeavour, Oxford
Lifelong Learning helps to reflect the transformative power of
learning throughout life.
Research funding
The Research and Development (R and D) budget for
2025/26, and the four-year R and D budget announced in the
government’s 2026–30 spending review, show that the UK
government is committed to protecting the levels of R and D
investment, though the budget now includes the costs of
Horizon Europe association, and contains a 41% increase in
the Ministry of Defence’s R and D budget to 2029/30.
QR funding from Research England for 2025/26 will remain
unchanged from 2024/25 and has been declining in real terms
since 2021/22. Research England is undertaking a review of its
formula-based research funding, anticipated to continue until
2030. Alongside this review, they will introduce reporting for
the sector to provide accountability for formula-based research
funding to government, and are piloting an evidence-gathering
process for 2025/26.
Research financial sustainability pressures are still increasing,
as reflected in the latest 2023/24 Transparent Approach to
Costing data from the Office for Students on behalf of UK
Research and Innovation. The sector’s research deficit has risen
by £753m to £5,367m, primarily driven by increased staff costs
and inflationary pressures on estates and research facilities.
The UK association with Horizon Europe in January 2024 has
prompted strong engagement from UK researchers, including
Oxford researchers, reinforcing the University’s aim to regain
its status as a leading recipient of EU research funding.
Negotiations have started in Brussels on the budget and design
of Horizon Europe (2028–34).
The next Research Excellence Framework (REF) will publish
results in December 2029. Universities are required to submit
their REF Code of Practice in 2026, detailing how they will
determine the size of their submission and select research
outputs. Alongside several other UK funders, Wellcome and
Cancer Research UK signed the Concordat for the Environmental
Sustainability of Research and Innovation Practice, requiring
research groups to obtain sustainability accreditation to remain
eligible to receive funding.
Annual Report and Accounts 2024/25
37
Research and innovation
The government’s 10-year Industrial
Strategy, focused on 8 growth-driving
sectors, is influencing research and
innovation policy. UKRI is administering
a new Global Talent Fund for selected
UK universities (including Oxford) to
recruit and embed teams of international
researchers working in growth-driving
sectors; the sector is expected to use
the innovation funding they receive to
support increased business engagement
and commercialisation, boost local
economic growth, and encourage
entrepreneurship. Furthermore, the
government has committed £2.5bn to
infrastructure investment (notably the
East West Rail) linked to the Oxford–
Cambridge growth corridor. With its new
Innovation, Engagement and Impact
Strategy, the University is well positioned
to align its capabilities with these
corridor priorities.
The use of generative AI (GenAI) in
research is becoming increasingly
common and recognised by funders
such as UKRI and Wellcome, who have
published policies, and many academic
publishers. The University has published
a policy on using GenAI in research
to enable and support the safe and
productive use by the Oxford research
community. The University has also
established strategic AI partnerships
(eg with OpenAI, the Ellison Institute of
Technology and the UK government),
and through better co-ordination and
integration of AI research across
academic disciplines, aims to attract
high-calibre funding and researchers to
maintain its international reputation in AI
research and respond to the challenges
and opportunities of AI.
Regulatory change
In response to sector-wide financial
challenges, the Office for Students
(OfS) has strengthened its oversight of
financial viability and sustainability. With
a resilient balance sheet and diversified
income streams, Oxford remains in a
relatively strong financial position.
Teaching and student
experience
Access and equality of opportunity
remain at the heart of the University’s
strategy for teaching and the student
experience. In 2024/25 Oxford has
moved from planning to delivery on
several major initiatives designed to
widen participation and ensure that all
students can thrive. The new Access
and Participation Plan (APP), approved
by the OfS in September 2024, sets
refreshed access targets and places
particular emphasis on transition
support and equitable outcomes
across all student demographics. The
Astrophoria Foundation Year delivered
its first results this year, with 86% of
the initial cohort progressing to Oxford
degree programmes; future expansion
is planned. Graduate access has
also advanced through the growth of
the UNIQ+ research internships, the
expansion of fully funded scholarships,
and the broadening of the Crankstart
scheme to cover outreach, transition and
postgraduate awards.
The University is also embracing
digital innovation to enrich the student
experience. Oxford announced in
September 2025 its adoption of ChatGPT
EDU, a tailored version of generative
AI designed for higher education. This
will provide staff and students with a
secure centrally managed tool to support
teaching, research and learning, while
ensuring that guidance and safeguards
are in place. Together with the launch
of the MyOxford student app, these
developments underline the University’s
commitment to delivering a modern
digitally supported learning environment.
The University has also continued to
strengthen its approach to equality,
diversity and inclusion. Progress on the
Race Equality Charter, alongside work to
broaden representation in governance
and researcher development, form
part of a wider effort to embed
inclusivity. Oxford is also maintaining
its commitment to wellbeing, building
on its participation in the University
Mental Health Charter programme, and
refining frameworks for addressing non-
academic misconduct. Taken together,
these developments highlight Oxford’s
determination to deliver both academic
excellence and a supportive, inclusive
student experience.
Sustainable finances
Given the challenges to public finances,
the University’s sustainable financial
objectives remain fundamentally
important to the core long-term planning
by its academic and service divisions.
The University’s strategic review of
professional services continues to make
progress, and Development and Alumni
Engagement continues to attract large
gifts to the University. The University
is working on its next 5-year strategic
plan, and a new fundraising campaign
organised by Development and Alumni
Engagement will transition from its
private phase to its public phase shortly.
38
Annual Report and Accounts 2024/25
Oxford’s Animal Vibration Lab showcased at the
Royal Society Summer Science Exhibition, showing
cutting-edge research on animal seismic senses,
including how studying spiders could help inspire
the next generation of robots.
Annual Report and Accounts 2024/25
39
Financial
Review
40
Annual Report and Accounts 2024/25
Annual Report and Accounts 2024/25
41
The University has delivered a solid financial performance
for the year ended 31 July 2025, demonstrating resilience in
the face of continuing economic uncertainty and sector-wide
pressures. Total Group income of £3.0bn was broadly
consistent with the prior year, supported by continued growth
in tuition fees and research grants, which helped to offset
reductions in donations, endowments and publishing income.
Although expenditure increased on a reported basis, this was
largely due to the absence of a one-off pension credit that had
boosted results in 2023/24. Adjusting for this non-cash item,
underlying costs were carefully managed, and operational
performance remained stable. On an adjusted basis (see table,
overleaf), the University achieved a stable operating surplus
broadly in line with the prior year, reflecting continued financial
discipline and effective cost control.
The University continues to benefit from a diversified income
base, which provides resilience against volatility in individual
funding streams. Tuition income grew strongly, reflecting
sustained global demand for Oxford’s programmes, increases
in unregulated fees and the positive impact of the student
enrolment mix. Research activity continued to expand, securing
new awards across multiple disciplines, including significant
partnerships in medical sciences and sustainability.
Oxford University Press (the Press) experienced another
challenging year, reflecting structural changes in the global
publishing industry, particularly in print. The Press’s continued
strategic investment in digital innovation is establishing the
foundations for sustainable future growth in support of its
mission. Donations, meanwhile, returned to more typical
levels after an exceptional 2023/24 that had included a
transformational gift.
On the expenditure side, staff costs increased due to pay
increases; the implementation of the recommendations of the
pay and conditions review at the University; and recruitment,
with staff numbers across the Group increasing by c.3% in
2024/25. Other operating costs remained broadly flat as
savings offset rising prices in core services. Finance costs
declined slightly due to reduced pension interest costs, while
depreciation was stable, with the impact on depreciation of the
University’s long-term capital programme expected to be seen
in 2025/26.
Investments delivered a strong performance, generating gains
of £403.0m and income of £204.6m. These results provided
a substantial uplift to the year’s reported surplus of £516.2m
(2023/24: £1,002.5m) and supported growth in reserves and
liquidity. Net assets rose by £516m from £6.4bn in 2023/24
to £6.9bn in 2024/25, reinforcing the University’s long-term
financial stability and providing flexibility for future investment
in academic priorities, infrastructure and sustainability
commitments. Cash balances also increased by £102.6m from
£632.9m in 2023/24 to £735.5m in 2024/25, ensuring a strong
liquidity position.
Looking forward, Oxford remains well-positioned to navigate
an uncertain environment. The balance sheet is robust, liquidity
is strong, and core income streams are performing reliably.
At the same time, the University recognises ongoing risks:
pension accounting volatility, market challenges for the Press,
and variability in the scale and timing of philanthropic income.
Continued focus on financial discipline, diversification and
investment in long-term strategic priorities remain important to
maintaining resilience in the years ahead.
Business model and environment
Oxford operates a distinctive business model that combines
world-leading teaching and research with the global reach
of the Press’s publishing and related services. This structure
provides a broad and diversified base of income that reduces
reliance on any single source. In 2024/25 this model once again
demonstrated its strength, with tuition and research growth
offsetting weaker performance in philanthropy and publishing.
The operating environment remained demanding. Inflation
continued to drive up the cost of staff and services across the
sector, while political uncertainty created risks around student
visa policies and government research funding. Internationally,
higher education in the UK remains competitive, with many
institutions seeking to attract overseas students and secure
large research grants. Despite these pressures, Oxford’s global
reputation, breadth of academic offering and strong track record
in research ensured continued success in securing students,
grants and partnerships.
Donations normalised after an exceptional 2023/24, though the
University’s donor community remains engaged and supportive.
Investment performance was strong, with favourable market
conditions.
Surplus before other gains
The overall surplus before other gains fell from £791.5m to
£126.3m for the year ended 31 July 2025. This decline was
driven by the Academic University segment, which more
than offset the increase in the Press’s surplus before other
gains during the year. The reported position for the Academic
University segment reduced significantly from £692.2m to
£21.6m. This result was heavily impacted by volatile and
exceptional items experienced in the prior year, as set out below.
Some material factors continued to impact the financial
performance of the Press: a quicker than anticipated move
away from print sales, especially in academic publishing;
constraints on education budgets in several important markets
including the UK, which restricted the level of spend on
materials and services; and a lower level of curriculum reform
than usual. The decline in the Press’s publishing services
income in 2024/25 was offset by a significant growth in royalty
income, which was helped by income received earlier than
This financial review describes the main trends and factors underlying
the University of Oxford’s consolidated performance during the year to
31 July 2025 and its financial position.
Financial Review
42
Annual Report and Accounts 2024/25
expected into the final quarter and will not be repeated next
year. This income, combined with good cost control, resulted in
an increase of 5.4% in the segment’s adjusted surplus before
other gains to £104.7m (2024: £99.3m).
In order to provide stakeholders with a clearer view of the
University’s underlying performance, management reports an
adjusted surplus measure that excludes volatile or exceptional
items.
In 2024/25, this measure showed that the University maintained
operational stability with an adjusted surplus of £118.1m
broadly flat against a surplus of £119.5m in 2023/24. The
Group’s reported surplus before other gains of £126.3m
compared with £791.5m in 2023/24, with the decline primarily
due to the reversal of the exceptional USS pension credit of
£527.4m and exceptional endowment gift of £100.0m, which
were recognised in the prior year and did not recur. The adjusted
surplus measure, which strips out such non-recurring factors,
demonstrates that Oxford’s financial trajectory remained stable,
with income growth matching cost increases. This highlights
the resilience of the University’s core operations.
Group
Adjusted surplus before
other gains £'m
2025
2024
Variance
Surplus before other gains
126.3
791.5
Exceptional endowments
-
(100.0)
Change in USS and OSPS
recovery plans
-
(527.4)
(
66
5
.
2
)
100.
0
527.
4
AstraZeneca royalty income
-
(24.6)
24.6
Exceptional donations –
surplus after expenditure
(8.2)
(20.0)
11.8
Adjusted surplus before
other gains
118.1
119.5
(
1
.
4
)
The current-year reported surplus before other gains of
£126.3m (2024: £791.5m) includes £8.2m (2024: £20.0m) for
the impact of significant donations received. Over the duration
of the funded projects, related expenditure will match the
income received. However, the full income was recognised in
the year the donations became receivable, while the associated
costs are spread over subsequent years. In the current year, the
impact on the adjusted surplus has reduced as project costs
have declined with the projects nearing completion.
Income
In 2024/25 income held broadly flat at £3,021.2m (2024:
£3,054.3m) on a reported basis. The income grew year-on-year
by £103.3m after adjusting for the items included in adjusted
surplus relating to income, which represented a 3.6% underlying
increase from the prior year. The main movements in the
composition of reported income were as follows:
Tuition fees and education contracts (£603.2m, +9.5%):
Demand from overseas students, particularly for
postgraduate programmes and part-time taught courses,
continued to grow, reflecting Oxford’s strong academic
reputation and global reach. Higher fee rates and growth in
executive education also contributed to the increase. This
income stream has become an increasingly important driver
of overall growth.
Funding body grants (£224.2m, -0.2%): Grants from Research
England and the Office for Students remain a primary source
of the University’s public funding. The overall level of funding
remained consistent with the prior year, reflecting stability in
core government funding.
Research grants and contracts (£801.3m, +2.9%): Oxford
is once again one of the leading UK universities in securing
research income. Growth was supported by new major
awards in medical sciences and partnerships with industry,
demonstrating the University’s continued ability to attract
funding in a competitive environment. The Mathematical,
Physical and Life Sciences Division had a successful year of
research grants and contract awards, although some areas,
particularly humanities, remain more constrained. Income
originating from the European Commission has reduced
in the current year, while industry and other funders have
remained broadly flat, which is also a situation anticipated
looking forward into 2026. The phasing of funds received
from a major funder during 2024/25 reduced UK industry
funding in the current year.
Publishing Services – the Press (£733.2m, -1.8%): The Press
reported a modest decline in income, reflecting constraints
on education budgets in several important markets, including
the UK. While digital and academic publishing grew, these
were more than offset by print declines. Strategic investment
in digital transformation remains a priority.
Donations and endowments (£153.9m, -35.3%): Donations
reduced from the prior year but still provided significant
support across a range of projects. The comparative period
contained a transformational gift, with the normalisation
reflecting timing and scale of such gifts with robust
underlying performance.
Investment income (£204.6m, +3.8%): Income comprised
dividends and interest from the holdings within the Group’s
investment portfolio. This provided a steady and predictable
source of funding that supports the University’s operations.
This recurring income stream is an important component of
the University’s financial resilience, helping to underpin core
teaching, research and infrastructure commitments year after
year.
Other income (£300.8m, -5.3%): This category captures the
wide range of activities beyond teaching and research that
contribute to Oxford’s financial sustainability, including trading
operations, residences, catering and intellectual property
licensing including Press royalty income. The reduction in the
current year was driven principally by the absence of royalty
income from the sale of the Oxford AstraZeneca vaccine
in developed markets upon receipt of the final payment of
£40.8m, which was made in the prior year.
Overall, Oxford’s income portfolio remains stable, with tuition
and research providing consistent strength, while the Press
and donations reflect the natural variability of some revenue
streams.
Financial review – continued
Annual Report and Accounts 2024/25
43
Total income £’m
£0m
£3,500m
2022/23
2023/24
2024/25
2020/21
2021/22
2,450
2,925
3,054
3,021
2,775
Expenditure
Total expenditure increased to £2,894.9m (2024: £2,262.8m),
primarily due to the absence of the 2023/24 pension credit of
£527.4m. Expenditure increased by £109m after adjusting for the
items included in adjusted surplus relating to total expenditure,
which represented an underlying increase of 3.9% from the prior
year. The main movements in total expenditure were as follows:
Staff costs (£1,389.1m, +7.9%): Staff costs rose due to pay
awards and the implementation of the recommendations of
the University’s pay and conditions review (c.5%), a partial
year of the increased employer national insurance expense
(c.1%) and the growth in staff numbers (c.3%) required to
meet teaching and research demand. Oxford’s ability to
recruit and retain high-calibre academics remains a key focus.
In the current year a pension provision movement represented
a cost of £1m, contrasting with a £527.4m credit in the prior
year due to the USS pension scheme moving into a surplus
position. The absence of last year’s non-cash credit created
a large reported swing but does not reflect underlying
operations.
Non-staff costs (£1,339.1m, +1.2%): Cost discipline offset
inflationary pressures, with procurement savings balancing
increases in service costs and investment in strategic
priorities such as digital transformation. Utility costs were
effectively managed, with average reductions of 25%
compared with the prior year.
Depreciation and amortisation (£128.9m, -1.6%): Broadly
flat charges for depreciation and amortisation in 2024/25
reflect the stage of the University’s capital investment
programme. The impact of major projects that have recently
been completed and are being brought into use are expected
to result in an increased depreciation charge in 2025/26, as
both the Schwarzman Centre for the Humanities and the SaÏd
Business School’s Global Leadership Centre reach completion
during 2026.
Finance costs (£36.8m, -23.5%): Declined primarily as a result
of pension interest charges stopping part way through the
prior year, as the unwind of discounts on pensions ceased
following the ending of the payment of deficit contributions.
Interest on the University’s bonds and bank loans remained
largely consistent with the prior year, as nearly all borrowings
are at fixed interest rates.
Overall expenditure growth on an underlying basis was
contained at 3.9%. The reported year-on-year increase of 27.9%
is significantly impacted by technical adjustments in pension
accounting.
Other gains and losses and comprehensive
income
Gains on investments
The University’s investment portfolio delivered a strong
performance in the year, recording market gains of £403.0m
and generating income of £204.6m. The income was derived
primarily from the distribution from the Oxford Funds (£162.5m
specifically from the Oxford Endowment Fund), which provide
a predictable and stable contribution to Oxford’s operations.
These returns underpin core academic and research activities
by supplying a steady funding stream that is insulated from
movements in tuition or grant income. Alongside this, the gain
reflects both realised and unrealised increases in value across
asset classes. These results build on the consistent long-
term record of positive performance, and underline the role of
investments as a cornerstone of Oxford’s financial strength.
Oxford also benefits from the Sequoia Heritage fund, which is a
USD denominated fund providing significant exposure to private
equity with some real estate exposure, delivering diversification
and exceptional long-term capital growth. Exposure is to a
concentrated portfolio of high-growth companies. The Sequoia
fund achieved gains of £48m in the year to 31 July 2025
(2024: £31m).
Investment gains/(losses) £’m
2022/23
2023/24
2024/25
2020/21
2021/22
-£200m
£0m
£800m
727
-165
246
403
-5
Changes in defined benefit pension scheme
liability
The OUP Group Pension Scheme is a single-employer
defined benefit scheme, which closed to future accrual from
30 September 2021. The net liability recognised in the statement
of financial position as at 31 July 2025 was £50.2m (2024:
£66.6m). The net liability reduced in the current year as a result
of the £6.0m deficit contribution made by the Press during the
year, coupled with lower than anticipated increases to pensions
and the impact of changes in actuarial assumptions on assets
and liabilities.
The OUP Group Pension Scheme recognised a cost of £3.2m
in the income statement in the year (2024: £2.9m), being the
net interest cost on the net defined benefit liability. The overall
charge was broadly consistent with the prior year, reflecting that
the scheme is closed to future accrual. See further details in the
Pension Scheme section below.
Financial review – continued
44
Annual Report and Accounts 2024/25
Investment portfolio
Oxford’s investments are managed with a clear long-term
strategy: to generate sustainable returns that both provide
predictable support to the University’s operating budget and
ensure growth in capital over time. The portfolio is deliberately
diversified across asset classes, geographies and investment
styles, reducing reliance on any single source of return. This
approach underpins Oxford’s financial resilience, insulating
the University from volatility in tuition and grant income, and
ensuring resources are available to support its academic mission
through economic cycles.
At 31 July 2025, the University’s non-current investment assets
totalled £5,819.3m (2024: £5,461.2m). The largest component
valued at £4,193.2m (2024: £3,864.0m), was the Group’s
investment in the Oxford Endowment Fund (OEF).The OEF
forms part of the Oxford Funds, which are managed by Oxford
University Management Ltd. The scale and performance of
the Oxford Funds remain central to the University’s long-term
investment strategy. The primary objective of the OEF is to
achieve an annual real return of 5% over the long term while
providing a stable and growing income stream. Further details on
the Oxford Endowment Fund can be found at
www.ouem.co.uk
.
The portfolio also includes £557.5m in bonds (2024: £520.1m),
providing stability and liquidity; £397.9m in third-party managed
funds (2024: £368.4m), which broaden exposure through
Sequoia’s specialist external managers; and £101.0m in global
and private equities (2024: £94.9m), offering access to long-term
equity growth. The Sequoia fund, which provides access to a
global pipeline of high-growth technology companies, continues
to extend the portfolio into areas of innovation and growth not
otherwise accessible at scale. At year end, the Sequoia balance
stood at £396.5m (£366.8m).
Investment properties, valued at £354.6m (2024: £346.4m),
include commercial, residential and agricultural assets in and
around Oxford, which contributed income and provided potential
for capital appreciation. Meanwhile, Oxford’s holding in Oxford
Sciences Enterprises stood at £58.8m (2024: £57.6m). Together,
these assets provide a balanced mix of return drivers.
A distinctive feature of Oxford’s investment base is its
spinout portfolio, which increased to £247.3m (2024:
£208.0m). This reflects Oxford’s global leadership in research
commercialisation. Notable uplifts were recorded in OrganOx
(+£42.0m) and Oxford Ionics (+£19.3m), while Oxa Autonomy
saw a reduction (-£24.7m). OrganOx, a spinout specialising
in organ preservation devices, announced on 25 August 2025
that it would be acquired by Tokyo-based Terumo Corporation
in a $1.5bn deal. A definitive agreement for the sale of Oxford
Ionics to IonQ was announced in June 2025 for a total enterprise
value of $1.075bn and completed in September 2025. The
spinout works on trapped-ion quantum computing approaches,
especially integrating ion-trap technology on semiconductor-
compatible chips. Listed spinouts increased modestly (+£0.8m)
with movements in Nanopore (+£4.0m), Pepgen (-£2.2m) and
Adaptimmune (-£0.6m). Divestments (£3.4m) and impairments
(£10.5m) were recognised, demonstrating active management
of the portfolio.
Overall, the University’s total investment base increased by
nearly £451m year-on-year, reflecting both favourable market
conditions and the continued maturing of Oxford’s research-
driven spinouts. This growth reinforces investments’ role as a
cornerstone of Oxford’s financial sustainability, providing both
the stable income needed to support operations today and the
capital growth required to secure the future.
Surplus and reserves
The University reported a surplus after tax of £511.4m and a
total comprehensive income of £516.2m. While lower than in
2023/24, which was £1,012m, this was primarily due to the
absence of exceptional items, particularly the pension credit
of £527m in the prior year. Investment gains of £403m made a
major contribution. Net assets increased by £0.5bn to £6.9bn,
with unrestricted reserves of £4.5bn (2024: £4.2bn) and
endowments of £2.1bn (2024: £1.9bn). This further strengthens
Oxford’s financial position, providing capacity for strategic
investment while maintaining resilience against external risks.
Statement of financial position
Total net assets increased by £0.5bn to £6.9bn, driven by
investment revaluations and capital additions. Property, plant
and equipment (PPE) rose to £1,841m (2024: £1,632m),
reflecting the ongoing spend on the estate of £220.8m. Pension
liabilities decreased from £67m in 2024 to £53m due to actuarial
updates, reducing balance sheet pressure. Borrowings were
stable at £1.4bn, supported by long-term fixed-rate bonds. Net
current assets of £483m (2024: £441m) provided additional
liquidity, underlining the strength of the University’s financial
position.
Borrowings
The University has in issue £1,000m of 2.554% unsecured bonds,
which are listed on the London Stock Exchange. £750m was
issued in 2017 and a further £250m of bonds was issued in
2020. The bonds were carried on the balance sheet at £1,045.8m
(2024: £1,045.9m), with a fair value of £557.5m (2024: £520.1m),
reflecting prevailing interest rate movements. Annual interest
costs on the bonds amounted to £25.3m (2024: £25.3m),
representing less than 1% of total income for the year.
Additionally, the University had bank borrowings outstanding,
comprising:
A £200m amortising loan from the European Investment
Bank, which was taken out in 2015. The loan has a fixed
interest rate of 2.548%, which is being repaid over the loan
term ending in 2045. The capital outstanding at 31 July 2025
was £160.6m (2024: £173.4m).
A £25m loan from Barclays, at an interest rate of 5.07%,
remains outstanding as part of the University’s long-
term financing arrangements. These long-term funding
arrangements provide support and adequate liquidity to
manage the affairs of the Group.
Beginning in May 2024, the University entered into finance lease
arrangements as part of a Legal & General joint venture funding
programme for 55 years. The lease liabilities in relation to the
Begbroke Science Park of £45.4m in the prior year were added
to the Life and Mind Building lease in June 2025, increasing the
finance liabilities to £145.3m at 31 July 2025.
The University’s approach to borrowing is deliberately
prudent, ensuring that leverage is used strategically to fund
transformational investment rather than to support day-to-day
operations. The stable financing structure provided by the bonds
allows Oxford to continue investing in academic excellence,
Financial review – continued
Annual Report and Accounts 2024/25
45
research capability and estate development with confidence.
Apart from the finance leases, all of the University’s borrowings
have fixed rates, which protect from interest rate volatility,
preserving predictability of cash flows over the very long term.
Pensions
The principal pension schemes the University participates in are
the Universities Superannuation Scheme (USS), the University of
Oxford Staff Pension Scheme (OSPS) and the Oxford University
Press (OUP) Group Pension Scheme (for UK ‘Press’ employees).
The USS and OSPS are multi-employer schemes for which
the assets and liabilities are not hypothecated to individual
institutions. In line with Financial Reporting Standard (FRS)
102, the University recognises a provision for its obligation
to contribute to the funding of any deficit arising within these
schemes. Deficit recovery plans are determined based on formal
actuarial valuations conducted every three years.
The most recent triennial valuation of the OSPS as at 31 March
2022 showed a surplus. As a result, deficit contributions ceased
from 1 October 2023. Consequently, the OSPS provision was
released in the financial year ended 31 July 2024 (31 July 2023:
£1.4m).
For the USS, the most recent triennial valuation as at 31 March
2023 revealed a surplus following agreement on changes
to contributions and benefits. Deficit recovery contributions
therefore ceased on 1 January 2024, and the remaining USS
provision was released in full. The provision stood at £514.3m as
at 31 July 2023.
Nevertheless, sector-wide pension risks remain significant, and
contributions are subject to change based on future valuations.
Cash flow and liquidity
Group
Statement of cash flows
(£m)
2025
2024
Variance
Net cash flows from
operating activities
4.2
(58.6)
62.8
Net cash flows from
investing activities
116.4
(95.9)
212.3
Net cash flows from
financing activities
(18.0)
136.8
(154.8)
Net increase/(decrease) in
cash and cash equivalents
102.6
(17.7)
120.3
The overall cash position of the Group increased by £102.6m
principally due to significant cash inflows from investing
activities during the year.
The broadly neutral operating cash inflow for the year of £4.2m
represents a significant turnaround from the prior year’s outflow
of £58.6m. This change reflects improved working capital
management, with a £103.8m favourable movement across
inventories, receivables and payables, partially offset by larger
staff cost-related payments within the Group’s result in the
current year, which reduced the overall improvement in operating
cash flows.
The overall investing cash flow position strengthened materially
during the year, with net cash inflows of £116.4m from investing
activities (2023/24: £95.9m outflow). These were driven by
receipts from investment income (£200.7m vs £193.3m),
capital grant income (£69.5m vs £65.4m) and proceeds from
disposals of non-current investments (£125.2m vs £40.4m),
offsetting significant capital expenditure on the estate and digital
infrastructure (£204.7m vs £197.4m) and significant reduction
in payments to acquire non-current investments (£76.5m vs
£160.4m), driven by the move from money market funds into
cash and cash equivalent in the current year.
Financing activities, by contrast, saw a net cash outflow of
£18.0m, reflecting scheduled bond interest payments and
repayments of borrowings. The outflow contrasts with the prior
year cash inflow of £136.8m, which benefitted from a significant
endowment cash received, as noted above.
As a result, total cash and cash equivalents rose by £102.6m,
ending the year at £735.5m (2024: £632.9m). This strong
liquidity position provides reassurance of the University’s ability
to meet its obligations and to invest strategically, even in the
context of short-term volatility in operating cash flows.
Capital expenditure
Oxford invested £220.8m in capital projects during 2024/25
(2023/24: £197.4m), increasing PPE balances. Investments
focused on academic and research facilities, estate renewal and
sustainability initiatives. Capital grants of £50m supported this
programme. Major projects progressed across the sciences and
humanities, ensuring that Oxford’s estate remains world-class
and aligned to future academic needs. The Assets Under
Construction total of £392.9m is in the large part made up of two
buildings, the Schwarzman Centre for the Humanities (£270.5m)
and the Saïd Business School’s Global Leadership Centre
(£57.5m). The Schwarzman Centre for the Humanities opened in
October 2025 and the Global Leadership Centre (GLC) is on track
to open in early 2026.
The Schwarzman Centre for the Humanities is designed to meet
Passivhaus principles, the globally recognised benchmark for
ultra-energy-efficient construction. It includes the world’s first
concert hall to be built in compliance with these standards.
This aligns with the University’s net zero carbon emissions
and biodiversity net gain policy. The building is highly insulated
with solar roof panelling that will meet all its power needs. This
all-electric building is surrounded by a biodiverse landscape,
contributing to it being the largest Passivhaus scheme in the UK
and the world’s first Passivhaus concert hall.
The GLC has transformed the former 1892 Osney Power Station
into an inspiring hub for global leadership education. Designed
to provide a stimulating and immersive environment, the GLC
enables participants to step away from workplace pressures
and fully focus on their learning. The GLC incorporates 4
teaching rooms, 11 breakout rooms, 121 bedrooms, 3 dining
spaces, a clubroom, terrace and gym. The construction has
been sympathetic to the much-loved original power station,
which powered the first electric lightbulb in Oxford. The original
brick facade has been retained to keep the architectural history
of the building. The construction has been undertaken with
sustainability in mind: it includes a recycling water facility,
and wherever possible, all procurement has been sourced
sustainably and ethically. The renovations follow the Passivhaus
standards and include air source heat pumps and solar panels.
Financial review – continued
46
Annual Report and Accounts 2024/25
Annual Report and Accounts 2023/24
47
Annual Report and Accounts 2024/25
47
Governance
48
Annual Report and Accounts 2024/25
Annual Report and Accounts 2024/25
49
Lord Hague of Richmond was officially admitted
as Oxford’s 160th Chancellor in a ceremony that
took place at the Sheldonian Theatre.
Governing bodies
Congregation
Congregation is the sovereign body of the University. It is composed
of academic staff, heads and other members of governing bodies
of colleges and societies, and other professional services staff.
Congregation is responsible for considering major policy issues
submitted by Council and its own members. It elects members to
different University bodies and approves changes to the University’s
statutes and regulations.
Council
Council is the University’s executive governing body. It is responsible,
under the statutes, for ‘the advancement of the University’s objects,
for its administration, and for the management of its finances and
property’. It is therefore responsible for the academic policy and
strategic direction of the University. Council is responsible to the
Office for Students (OfS) for meeting the conditions of Financial
Memorandum between the OfS and the University.
Council members are the University’s charity trustees. In the academic
year 2024/25 there were 9 ex officio members, 5 external members,
12 elected members of Congregation, one of which is elected by the
Conference of Colleges, and two co-opted members, making a total of
28 voting members.
The Vice-Chancellor, Professor Irene Tracey, CBE, FRS, FMedSci,
commenced on 1 January 2023 and is the Chair of Council. There are
two Deputy Chairs – one internal member of the University and one
external member, as set out in
Statute VI section 7, 4(a).
OUP Delegacy
The Press’s affairs are in the charge of a group of senior academics
known as the Delegacy.
Conference of Colleges
The wider collegiate University consists of the University, 36 colleges, 3
societies and 4 permanent private halls. These colleges, societies and
permanent private halls are all separate and independent legal entities.
The University of Oxford is a lay corporation first established in common
law and later formally incorporated by statute. It has no founder or charter
and is an independent self-governing institution. The wider collegiate
University consists of the University and the 36 colleges, 3 societies
and 4 permanent private halls.
Governance
Divisional boards
Academic divisions
There are 4 academic divisions within the University:
Humanities; Mathematical, Physical and Life Sciences,
Medical Sciences; and Social Sciences. Each division is
overseen by an individual divisional board.
Gardens, Libraries and Museums
The Gardens, Libraries and Museums (GLAM) comprise
the 4 University museums, the Bodleian Libraries, the
Botanic Garden and the Harcourt Arboretum. Each has
a governing body prescribed by statute or regulation.
There is an overarching GLAM board chaired by the
head of GLAM.
Oxford University Press
A department of the University that publishes
thousands of research and education titles each year.
Committees
Committees of Council
To advise Council and to make decisions under
delegated powers as specified in their terms of
reference, there are 9 principal committees that report
directly to Council:
The Audit and Scrutiny Committee
The Education Committee
The Finance Committee
The General Purposes Committee
The Investment Committee
The People Committee
The Planning and Resource Allocation Committee
The Research and Innovation Committee
The Senior Remuneration Committee
50
Annual Report and Accounts 2024/25
Council
Council is required to take such steps
as it may consider necessary for the
efficient and prudent conduct of the
University’s financial business, including
taking steps to:
ensure that there are appropriate
controls in place to safeguard public
and publicly accountable funds,
and funds from other sources, to
safeguard the assets of the University
and to detect and prevent fraud and
other irregularities;
ensure that income has been
accounted for in accordance with
the University’s statutes, OfS terms
and conditions of funding for higher
education institutions, and the terms
and conditions of research grant and
other funding bodies;
secure the economic, efficient
and effective management of
the University’s resources and
expenditure; and
ensure that the University meets
with the standards of financial
sustainability, risk management,
control and governance expected by
the OfS and assessed in its annual
accountability returns.
Council is required to approve the
prepared financial statements, which
include the accounts relating to the
teaching, research and publishing
activities of the University and the
University’s subsidiary undertakings.
These give a true and fair view of the
assets and liabilities of the University,
and the University’s subsidiary
undertakings at the end of the financial
year along with their income and
expenditure for the year under review.
Council has to be assured that suitable
accounting policies have been selected
and applied consistently.
It has to:
make judgements and estimates that
are reasonable and prudent;
state whether applicable accounting
standards have been followed,
subject to any material departures
being disclosed and explained in the
financial statements;
prepare the financial statements on
a going concern basis unless it is
inappropriate to presume that the
University will continue to operate;
ensure that the University upholds the
public interest governance principles
applicable to it;
ensure that the University has in place
adequate and effective management
and governance arrangements;
be accountable for and ensure
compliance with the University’s
conditions of registration with the OfS;
notify the OfS of any changes needed
in relation to its registration; and
comply with the guidance published
by the OfS in relation to facilitating the
electoral registration of students.
From time to time Council reviews its
own effectiveness. Council’s most
recent self-review took place in the
2021/22 academic year. This took the
form of a light-touch review with a
questionnaire being issued to Council
members and attendees, which had
a series of questions and free text
comment boxes for completion in
relation to the remit, operation and
effectiveness of Council, with particular
regard to equality, diversity and
inclusion. Council received the report in
Michaelmas term 2022 and considered
the recommendations. It approved a
number of practical changes to enable
more time for Council members to read
papers in advance of meetings. The next
scheduled self-review will take place in
the academic year 2025/26. This will
take the same format as that completed
in 2021/22 so that comparative data
can be analysed. Information sharing
sessions in week one of each term
were established in 2023/24 and these
have continued, enabling more in-depth
discussion of key topics arising from the
main committee chairs.
Council is responsible for the
maintenance and integrity of the
corporate and financial information
included on the University’s website.
Legislation in the UK governing the
preparation and dissemination of
financial statements may differ from
legislation in other jurisdictions.
In accordance with the Modern Slavery
Act 2015, the General Purposes
Committee of Council (with delegated
authority from Council) is required to
approve the University’s slavery and
human trafficking statement for each
financial year. The statement for this
financial year is available at
https://
compliance.admin.ox.ac.uk/modern-
slavery
.
Annual Report and Accounts 2024/25
51
The members of Council are the charity trustees of the University. Membership
of Council from 1 August 2024 to 30 November 2025 was as follows:
Position
Name
Date
Ex officio
members
Vice-Chancellor
Professor Irene Tracey
Throughout
Chair of Conference of Colleges
Dame Helen Ghosh, Master of Balliol College
Rt Hon Sir Ernest Ryder, Master of Pembroke
College
To 30 September 2025
From 1 October 2025
Head of the Medical Sciences Division
Professor Gavin Screaton
Throughout
Head of the Mathematical, Physical and
Life Sciences Division
Professor James Naismith
Throughout
Head of the Humanities Division
Professor Daniel Grimley
Throughout
Head of the Social Sciences Division
Professor Timothy Power
Throughout
Senior Proctor
Professor Thomas Adcock
Professor Nicholas Barber
To 18 March 2025
From 19 March 2025
Junior Proctor
Professor Conall Mac Niocaill
Dr Grant Tapsell
To 18 March 2025
From 19 March 2025
Assessor
Professor Benjamin Bollig
Professor Raphael Hauser
To 18 March 2025
From 19 March 2025
Elected by the Conference of Colleges
Member of Congregation
Mr Tom Fletcher, Principal of Hertford
Dr Sir Michael Jacobs, Warden of Keble
To 31 August 2024
From 1 September 2024
Elected by Congregation
One of four members of Congregation
elected by Congregation from members
of the faculties in the divisions of
Mathematical, Physical and Life
Sciences and of Medical Sciences
Professor Richard Hobbs
Professor Alex Schekochihin
Professor Krina Zondervan
Professor Proochista Ariana
Professor Frances Platt
Professor Catherine Swales
To 30 September 2024
To 30 September 2025
Throughout
Throughout
From 1 October 2024
From 1 October 2025
One of four members of Congregation
elected by Congregation from members
of the faculties in the divisions of
Humanities and of Social Sciences
Professor Diego Sánchez-Ancochea
Professor Cécile Fabre
Professor Sam Wolfe
Professor Nandini Gooptu
Professor Nandini Das
To 30 September 2024
To 30 September 2025
Throughout
Throughout
From 1 October 2024
One of three members of Congregation,
not necessarily being members of
any division and not in any case being
nominated in a divisional capacity, who
shall be elected by Congregation
Professor Sir Rory Collins
Professor Patricia Daley
Professor Sir Charles Godfray
Professor Geraldine Johnson
Mr Lukasz Bohdan
To 30 September 2024
To 30 September 2025
Throughout
From 1 October 2024
From 1 October 2025
External members
Mr Charles Harman
Ms Wendy Becker
Ms Sharmila Nebhrajani
Ms Monica Burch
Mr Hamish Forsyth
Throughout
Throughout
Throughout
From 20 January 2025
From 20 January 2025
Co-opted members
Professor Patrick Grant
Mr Richard Ovenden
Throughout
From 4 November 2024
Governance – continued
52
Annual Report and Accounts 2024/25
Committees of Council
Council is advised by a range of committees, including 9
committees that report directly to it on core business.
The primary responsibilities of the 9 committees are as follows:
The
Audit and Scrutiny Committee
reviews the adequacy
and effectiveness of the University’s arrangements for risk
management, internal control, value for money, data quality
and governance. It considers the annual financial statements,
considers the appropriateness of the audit processes of the
Press and receives an annual report from the Press Audit
Committee; it also, under Council, oversees the University’s
arrangements to detect and prevent fraud and irregularity.
The Committee’s remit also includes responsibility for the
appointment of the University’s external auditors (subject
to Council’s approval) and for the University’s internal audit
arrangements.
The
Senior Remuneration Committee
is responsible for making
recommendations to Council on the remuneration packages
on appointment of the Vice-Chancellor, the Registrar and the
Chief Financial Officer, and for any increases arising from
salary reviews thereafter; for determining the remuneration
packages on appointment of the Pro-Vice-Chancellors with
portfolio, the Heads of Divisions, the Head of Gardens, Libraries
and Museums and the Dean of the Business School; and for
reviewing the salaries of those office-holders thereafter. The
SRC adheres to the University’s Remuneration Policy for Senior
University Officers. The policy is reviewed every two years.
The
Education Committee
is responsible for the educational
philosophy, policy and standards of the University; and for
the oversight of activities relating to teaching, learning and
assessment; and student-related equality matters.
The
Finance Committee
is responsible for the consideration
of the financial resources available to the University, and for
recommending to Council the five-year financial strategy for
the University, including overall income and expenditure budget,
capital expenditure budget and expenditure on strategic capital
investments. The committee is also responsible for the review
of the University’s annual financial statements and the annual
accounts of the Delegates of the Press.
The
General Purposes Committee
advises Council on policy in
respect of issues or activities that are University-wide, and do not
fall wholly within the remit of the other committees of Council. Its
remit includes responsibility for keeping under review procedures
for identifying and managing risks across the University’s
activities.
The
Investment Committee
is responsible, under Council, for the
management of the University’s investment portfolio.
The
People Committee
is responsible for the development
and review of employment policies, for staff relations and all
personnel and staff-related equality matters.
The
Planning and Resource Allocation Committee
is
responsible for setting, and monitoring performance against, the
University’s annual income and expenditure budget; and for a
three-year rolling capital budget for capital projects under £15m
and centrally run IT projects.
The
Research and Innovation Committee
is responsible for
University policy relating to research, knowledge exchange,
innovation, commercial and social entrepreneurship and public
engagement with research; it also facilitates the preparation of
external reviews of the University’s research.
Charitable status
The University’s strategic priorities include a commitment to
share knowledge with the wider world, thus providing public
benefit and fulfilling the University’s charitable objectives.
The University has charitable status as one of the exempt
charities listed in Schedule 3 to the Charities Act 2011. It is
therefore exempt from certain requirements of that Act, including
the need to register with the Charity Commission. The Office for
Students is the principal regulator for charity law purposes of
those English universities that are exempt charities.
The members of Council, the University’s executive body, are the
trustees of the charity. In that capacity they have had regard to
the Charity Commission’s guidance on public benefit, and the
supplementary guidance on the advancement of education; in
particular, the key principles that there must be an identifiable
benefit or benefits and that the benefit must be to the public
or a section or sections of the public. While students, both
undergraduate and graduate, are immediate beneficiaries of the
University’s charitable objectives, the public as a whole benefits
considerably from the contributions that the University’s teaching
and research make to society and the economy.
Further information about the University’s activities over the last
year can be found later in this document and in previous financial
statements available on the University website at
ox.ac.uk/about/organisation/annual-reviews
.
The Annual Report of the Delegates of the University Press sets
out how Oxford University Press (the Press) has furthered the
University’s charitable purposes for the public benefit. This report
is available on the Press’s website:
https://fdslive.oup.com/www.
oup.com/Group_comms/pdf/annualreport/Annual_Report_24-25.
pdf
.
Any private benefit arising from commercially funded research
and knowledge transfer activity is incidental to the University’s
principal objects. The University’s trustees are aware of their
obligations in respect of these public benefit principles, and
ensure that the University has procedures and policies in
place to cover the creation of intellectual property and the
management of conflicts of interest.
Sign off
Council confirms that it is responsible for ensuring that a
sound system of governance is maintained. It has reviewed
the effectiveness of these arrangements and confirms that the
University’s system of governance has been in place during the
year ended 31 July 2025, and up to the date of approval of the
audited financial statements.
Governance – continued
Annual Report and Accounts 2024/25
53
Stakeholder
Engagement
54
Annual Report and Accounts 2024/25
The University works with students, staff and external
stakeholders in order to make progress towards achieving
its strategic objectives.
Stakeholder Engagement
Students
The University seeks to ensure that the
welfare and development of students informs
its strategy and operations. Council, the
University’s executive governing body, is
attended by 2 student representatives; and
4 committees of Council – the Education
Committee, the General Purposes Committee,
the Research and Innovation Committee
and the Planning and Resource Allocation
Committee – are attended by student
representatives. In addition, the Student
Union is represented on the University’s
Ethical Investment Representations Review
Subcommittee. The Joint Sub-Committee
with Student Members acts as the formal link
between the University and the Student Union.
Staff
Holders of permanent academic posts and
senior non-academic staff participate in
the governance of the University through
membership of Congregation – the sovereign
body of the University. In addition, members
of staff have the opportunity to be elected as
members of Council.
Research funders
Research funding is a critical source of
income to the University as well as a critical
channel through which the benefits of
research are shared. Relationships with its
research funders and partners are built and
managed by senior academic and research
staff and supported by the University’s
Research Services department, Development
and Alumni Engagement and the offices of
the Pro-Vice-Chancellor for Research and the
Pro-Vice-Chancellor for Innovation.
Office for Students
The Office for Students (OfS) is the
University’s regulator and a significant funder.
The University is committed to ensuring it
meets the requirements of the OfS in both of
these roles.
The city and the local
community
The University has made local engagement a
priority in order to strengthen its relationship
with the city, the county and the wider
community. We aim to ensure that the local
community is informed, consulted and
involved in relation to buildings and planning,
and that the University works collaboratively
to have a positive economic, social and
environmental impact across the county.
National Health Service
The University has worked productively with
the NHS in the Thames Valley region for
many years, including a long-established
relationship with Oxford Health NHS
Foundation Trust. In 2013 the University
signed a Joint Working Agreement with its
largest NHS partner, the Oxford University
Hospital (OUH) NHS Foundation Trust.
Alumni
We work collaboratively to inspire and
enable alumni to engage fully in the life of
Oxford and help address global challenges.
Partnering with departments and colleges, we
create meaningful opportunities for alumni
involvement and track engagement across
the University. A new Alumni board will drive
strategic outcomes aligned with University
priorities, while an Alumni forum will enable
feedback from across Oxford’s broad alumni
community. We encourage all departments,
divisions and clubs to engage alumni as
partners. Through the new fundraising
campaign, we aim for a step-change in the
scale and coordination of alumni engagement.
Global partners
Global engagement is especially important for
the University, and it has a range of important
partnerships including the Oxford–Berlin
Research Partnership; the University is also a
member of a number of international alliances
for research universities. International
partnership is important for supporting its
research and innovation goals, as well as
student and faculty mobility.
Annual Report and Accounts 2024/25
55
Understanding
our Risks
56
Annual Report and Accounts 2024/25
Annual Report and Accounts 2024/25
57
Throughout the financial year 2024/25
the Group has continued to embed risk
management with the support of key
governance committees. The University
Risk Register is regularly reviewed by
the General Purposes Committee, the
Audit and Scrutiny Committee and
Council to monitor the risk profile and
ensure appropriate mitigations are in
place. Risks have defined accountable
owners and other principal committees
of Council including divisional boards
oversee risks within their remit.
An internal audit of our enterprise risk
management arrangements in 2024/25
has highlighted where we have made
progress since the introduction of the
current framework in 2020/21; however,
areas for improvement remain. Risk
management software has been procured
and piloted, and it will be embedded into
our committee and division level risk
management processes over 2025/26
to further improve risk reporting and
mitigation tracking.
The focus for 2025/26 will be for the
Assurance Directorate to continue to
support risk owners and committees
to define and take the actions required
to bring principal risks to target levels
consistent with the University risk
appetite. Alongside this, the directorate
will review whether our overall strategic
risk profile includes threats and
opportunities relevant to the future
strategy. The University is allocating
additional resources to address priority
risk areas.
Over the past year, the University has
continued to conduct a programme of
business continuity and major incident
response exercises. These have included
testing the University’s response to a
number of threats and disruptions to test
and further develop plans and protocols,
and in doing so reducing the risks.
Principal risks
The principal risk areas related to the
University’s strategy and operations
monitored by Council during 2024/25, as
well as corresponding mitigations and
actions, are described below; the risks are
broadly aligned to the 2018–24 Strategic
Plan themes and are not presented in a
ranked order.
The University of Oxford has established risk management practices
embedded into the core operations of the University (covering both
academic and business risk), based on the principles of the ISO 31000
risk management standard.
Understanding our Risks
Strategic Plan Area
1
Principal risk
Action/mitigation
Risk trend
(increasing,
decreasing,
stable)
Research and Education
Attracting and retaining world-leading
researchers
Our position as a global leader in research
could be threatened if we are not
competitive with other higher education
institutions internationally, and other
sectors, as a place to develop an academic
research career.
Building lasting capacity through the Strategic Research Fund.
Continuing implementation of the package of measures agreed
as an outcome of the Vice-Chancellor’s Pay and Conditions
Review in 2024.
Development of the Academic Career and Reward Framework.
Developing strategic partnerships to attract global talent such as
with the Ellison Institute.
1
Strategy, governance and leadership / Compliance, controls and operations are not defined strategic plan areas but are key to providing a secure foundation to enable the strategic plan, and
to manage risks around our operational effectiveness, legislative requirements and protecting our brand.
58
Annual Report and Accounts 2024/25
Strategic Plan Area
1
Principal risk
Action/mitigation
Risk trend
(increasing,
decreasing,
stable)
People
Employee relations and casework
Complex employee relations casework
brings a risk of legal, financial and
reputational damage for the University.
Polices processes, systems and HR business partner staffing
structures are being reviewed.
Targeted training and support is being provided to local HR
managers.
A new employee relations case management system has
launched as part of the Customer Relationship Management
Programme. Improving casework data collection and identifying
gaps and solutions.
Unchanged
Principal risk
Supporting academic performance
Risk that if we do not provide effective
support to enable all staff to realise their
potential we may not consistently achieve
the best outcomes for research and
teaching.
The People Strategy provides a framework for further
development.
Research Excellence Framework Lessons Learned programme of
activity.
Development of the Academic Career and Reward Framework.
A strategic approach supporting departments and divisions with
performance management best practice advice and guidance.
Unchanged
Principal risk
Resources
Estate not fit for purpose
Risk that the estate is not optimised for
intended use and of academic disruption if
older existing buildings become unusable
or unsuitable as specialist research and
teaching facilities due to lack of funding
for maintenance or timely replacement/
refurbishment.
Work is underway to optimise the functional estate. The Estate
Strategy (2024) covers approach to dealing with at-risk buildings.
The Minor Capital Plan funding and Repairs and Maintenance
budget can be used to maintain at-risk buildings to an operational
standard. Strategic Capital Plan funding is for more fundamental
refurbishment or rebuild.
Work is underway to tension projects within the funding envelope
and to ensure decant options within the existing estate have been
fully documented.
Unchanged
Principal risk
Financial sustainability
The risk that the University is unable
to achieve financial sustainability due
to the cost of its academic activity and
infrastructure and administrative charges
versus the income that its activity
generates.
Divisional five-year plans.
Agreement of the next three-year Planning Settlement includes
assessment against divisional five-year financial plans to
validate affordability.
Modelling the impact of the announced flat rate International
Student Levy and considering the University’s response to the
levy during the consultation period and up to its introduction in
2028/29, in addition to other cost increases.
Environmental sustainability strategy
Risk that the strategy is unaffordable
because the high cost of sustainable
technologies may mean projects do not
deliver the savings originally envisaged.
Environmental sustainability strategy review in 2026.
NEW to the
University Risk
Register
Annual Report and Accounts 2024/25
59
Strategic Plan Area
1
Principal risk
Action/mitigation
Risk trend
(increasing,
decreasing,
stable)
Compliance, controls and operations
Health and safety
Risk of non-compliance with health and
safety policy, regulations and legislation
due to governance and operational
management structures in place at the
University leading to increased potential
for accidents, non-compliance with legal
requirements and reputational damage.
EveryDaySafe programme with activities including a communication
and engagement campaign; systematic review of health and safety
policy and guidance; assurance reporting process and introduction
of a new health and safety induction programme and training plan.
Building risk assessment programme.
The establishment and consolidation of divisional committees to
oversee implementation of University policy.
Cyber security
Risk that cyber incidents impact the
confidentiality, integrity or availability of
University information.
Policy framework and security controls.
Business continuity planning and incident response protocols.
Deployment of data loss prevention and network monitoring tools.
Cyber Security Strategy and a major ongoing programme to
protect the University against the increasing and ever-changing
cyber threat landscape.
Compliance failure
Risk of failure of compliance or internal
control in the University.
Dedicated subject matter expertise in specific compliance areas
(tax, immigration, export controls, etc)
Central risk, compliance and assurance function.
Planning, integration and delivery of
strategic change initiatives
Risk that if the University’s strategic
change initiatives are delivered in an
uncoordinated way, they will fail to deliver
the desired benefits while having adverse
impact on divisions, departments,
faculties and services.
Services Committee supports integration of initiatives as they
affect services.
Implementation of recommendations of the Strategic Review of
Professional Services, agreed by Council in HT25, including the
creation of Shared Leadership Groups – a new leadership and
planning framework for professional services that will significantly
improve the ability to coordinate activity across end-to-end
professional functions.
Previously reported risks
Risks are reviewed regularly. A number of risks included in the 2023/24 financial statements have been reassessed over the
course of 2024/25 and no longer meet the threshold for inclusion in the University Risk Register for direct monitoring at Council.
These include postgraduate recruitment, APP awarding targets, impacts from external relationships, and staff immigration (visas).
Furthermore, one risk now encompasses the previous estate not fit for purpose and building failure risks, and data protection
is no longer a standalone risk at this level, though protecting personal and institutional data is recognised as a key part of our
arrangements for cyber incident prevention and response.
Understanding risk – continued
60
Annual Report and Accounts 2024/25
New risks
The following risks have been added to the University Risk Register during Michaelmas term 2025.
Strategic plan area
2
Principal risk
Action/mitigation
Trend from
June to
October 2025
Resources
Structural imbalance between
discretionary and non-discretionary
funding for digital services
Funding allocation oversight and spend tracking is in place; a
strategic review of digital funding models is planned.
NEW to the
University Risk
Register
Understanding risk – continued
2
Strategy, governance and leadership / Compliance, controls and operations are not defined strategic plan areas but are key to providing a secure foundation to enable the strategic plan, and
to manage risks around our operational effectiveness, legislative requirements and protecting our brand.
Emerging risks
Areas of emerging risk monitored by relevant committees in
2024/25:
INTERNATIONAL STUDENT FEE LEVY
The announced flat rate International Student Levy to be
introduced in 2028/29 would have an adverse financial impact
on many parts of the University.
GEOPOLITICAL INSTABILITY
Global political instability continues to create risks for funding,
international collaborations, researcher mobility and our
operations. It also presents opportunities, including the chance
to attract world-class talent.
DECLINE IN OPERATIONAL SURPLUS
Risk that the University does not generate sufficient surplus
on its operations adversely affecting its ability to deliver
strategic ambition.
USE OF AI
Rapid developments in AI and digital technologies present both
opportunities and risks, with potential impact on innovation
in education and research, assessment and operations, and
exposure to data and intellectual property risks.
Climate-related risks
There are risks that the University’s research, teaching and
operations will be impacted either directly by the effects of
climate change or biodiversity loss, or indirectly as a result of
local, national or international climate-related policy changes.
These risks are being monitored at the relevant committees.
In 2021 the University agreed an Environmental Sustainability
Strategy with ambitious net zero carbon and biodiversity net
gain targets to reduce the contribution that our operations
could be making to climate change and biodiversity loss. A
review of the Environmental Sustainability Strategy will take
place in 2026 and consider whether targets and plans remain
appropriate.
Annual Report and Accounts 2024/25
61
Statement of
Internal Control
62
Annual Report and Accounts 2024/25
Proposed aerial view of the 2 million sq ft EIT campus
at Littlemore, designed by Foster + Partners. Currently
due to open from 2027 onwards.
Annual Report and Accounts 2024/25
63
The University’s Internal Control Framework supports the delivery of its
strategy and internal control objectives.
The University’s objectives for internal control are:
To manage the principal risks to the
efficient and effective achievement of the
University’s aims and objectives.
To safeguard the assets for which
Council is responsible, including public
funds and other assets.
To ensure that liabilities incurred are
recorded and managed effectively.
Statement of Internal Control
The University’s internal control
arrangements are also designed to
prevent and detect corruption, fraud,
bribery and other irregularities. This
statement of internal control relates
to the period covered by the financial
statements, and the period up to the
date of approval of the audited financial
statements.
Control environment
Council accepts that it is neither
possible nor desirable to build a control
environment that is free from risk. There
is a tension between the acknowledged
advantages of the University’s highly
devolved operating model and the risks
inherent in such a devolved structure.
The devolved nature of authority and
responsibility can present a challenge to
the achievement of internal control. The
University’s system of internal control
can therefore provide reasonable but not
absolute assurance over the governance,
operational, compliance, management,
quality, reputational and financial risks to
the University. The University’s Financial
Regulations set out processes designed
to ensure the safeguarding of assets and
the effective management of liabilities.
The University has established policies
and supporting processes designed to
prevent and detect corruption, fraud,
bribery and other irregularities; however,
further work is required to bring the
University’s arrangements in line with
best practice.
Review processes over
internal control
Council
is responsible for determining
the system of internal control operated
by the University and for monitoring its
adequacy and effectiveness. It meets
on average 8 times a year to consider
the strategic direction and effective
administration of the University.
Council receives regular updates from
the Audit and Scrutiny Committee
on internal control and the business
of the committee, and reviews the
University Risk Register, considering the
effectiveness of controls and mitigation
in the management of risk.
The
Audit and Scrutiny Committee
is
responsible for providing independent
assurance to assist Council in fulfilling
Council’s responsibilities for ensuring
the adequacy and effectiveness of the
University’s arrangements for:
risk management
control
governance
economy, efficiency and effectiveness
(value for money)
the management and quality
assurance of data submitted to the
Higher Education Statistics Agency,
the Student Loans Company, and to
the Office for Students and the other
funding bodies.
The committee meets 4 times a year
and receives assurances on the design
and effectiveness of internal controls
on behalf of Council. To this end, the
committee agrees a programme of
work for the internal audit function;
receives regular reports from the internal
auditors and from management on the
adequacy and effectiveness of internal
controls; receives reports from the
external auditors; and agrees the actions
necessary to implement recommended
improvements, among other matters. It
provides Council with termly reports on
internal controls as part of its regular
business updates.
The
General Purposes Committee
(GPC)
is responsible for reviewing the
procedures for identifying and managing
governance, management, quality,
reputational and financial risks across
the University. It is also responsible
for the University’s risk management
arrangements. The GPC regularly
reviews the University Risk Register.
PricewaterhouseCoopers LLP (PwC)
provides internal audit services for the
University. The scope of these services
excludes educational publishing
activities carried out by the Press; the
Press has its own internal audit function.
PwC provides an annual opinion on
the adequacy and the effectiveness of
internal controls and risk management
across the University.
Deloitte LLP
provides external audit
services for the University, including
educational publishing activities carried
out by the Press. Deloitte provides
an annual opinion on whether funds
(including public funds) have been
applied for the intended purposes.
The external auditors prepare a report
annually for management and the ASC
containing any control recommendations
they have arising from their audit.
The University of Oxford takes into
account guidance set out by the
Committee of University Chairs Higher
Education Audit Committee’s Code of
Practice.
64
Annual Report and Accounts 2024/25
Risk management
The University’s Risk Management
Framework supports the delivery of
the University’s academic mission and
its strategic priorities. The University’s
objectives for risk management are:
to align risk management with the
University’s objectives
to appraise and manage risks
and opportunities in a systematic,
structured, timely manner and in
accordance with the University’s
statement of risk appetite
to ensure that there is clear
accountability and responsibility for
risk within the University and that risks
are managed at the most appropriate
level.
Risk appetite
The University’s statement of risk
appetite guides the University’s
approach to and acceptance of risk.
University statement of risk appetite
In pursuing its objectives, as expressed
in its Strategic Plan and elsewhere, the
University will generally accept a level
of risk proportionate to the expected
benefits to be gained, and the scale or
likelihood of damage.
The University has a high appetite for
risk in the context of encouraging and
promoting critical enquiry, academic
freedom, freedom of expression and
open debate.
The University has a very low appetite
for risk where there is a likelihood of
significant and lasting reputational
damage; significant and lasting damage
to its provision of world-class research
or teaching; significant financial loss
or significant negative variations to
financial plans; loss of life or harm to
students, staff, collaborators, partners
or visitors; or illegal or unethical activity.
Risk assessment
Risk identification and assessment is
undertaken at subsidiary, department/
faculty, divisional, professional services,
key project and core Committees of
Council level, with risks considered as
part of the planning cycle and principal
risks escalated through to General
Purposes Committee, Audit and Scrutiny
Committee and Council according
to defined thresholds of impact and
likelihood. Standardised impact/
likelihood score descriptors are used to
ensure consistency of risk scoring.
Risk treatment
Treatment of risk is agreed according
to the University’s risk appetite. Council
recognises that risk management cannot
eliminate all risk, particularly where risks
are outside the University’s control, and
a higher level of tolerance is actively
promoted in the context of encouraging
and promoting critical enquiry, academic
freedom, freedom of expression and
open debate.
Risk recording and
reporting
The University Risk Register captures
the key risks to achieving the mission
and vision, as well as other notable risks,
and considers the effectiveness of risk
mitigation and internal controls.
Risks from the Committee and the other
risk registers across the University
are considered for inclusion in the
University Risk Register according to a
defined assessment methodology and
thresholds.
The General Purposes Committee, Audit
and Scrutiny Committee and Council
review the University Risk Register
twice a year, with the other risk registers
(Committee, Divisional) also reviewed
with the same frequency.
Annual Report and Accounts 2024/25
65
Lines of defence
The three lines of defence form an
integral part of the risk and assurance
framework.
First line of defence
The first line of defence comprises
departments, faculties, services and
process owners whose activities create
and manage the risks that can facilitate
or prevent the University’s objectives
from being achieved. This includes
taking acceptable risks in pursuit of the
academic mission. The first line owns
the risk, and the design and execution
of the University’s controls to mitigate
those risks.
Second line of defence
The second line of defence is the
design and maintenance of frameworks,
policies, procedures and guidance
that support risk and compliance to
be managed in the first line. It is also
responsible for monitoring and judging
how effectively the first line is operating,
and is more commonly referred to as
functional oversight. This is performed
by a number of central functions (eg
Assurance, Finance, HR, Safety Office)
as well as the standing principal
committees of Council (eg People,
Research and Innovation).
Third line of defence
The third line of defence provides
independent assurance that
management operate an effective
framework of controls to manage risk,
and that governance is appropriate
around management of risk. The third
line is directed by the Audit and Scrutiny
Committee and has organisational
independence from management.
Currently, the main tool being used is
the internal audit programme (PwC).
Additional independent assurances are
received from research funders (eg the
Wellcome Trust) and other third parties
(eg the Health and Safety Executive).
Monitoring and review
Risk management underpins the
University’s programme of internal audit
work and is embedded as part of the
University’s annual planning processes.
The University’s risk management
arrangements ensure that a wide
range of risk – including the business,
operational and compliance risk, as
well as financial risk – are identified,
assessed and captured on the relevant
risk registers, with divisional boards,
committees and Council providing the
required monitoring and oversight. The
University’s risk arrangements are being
continuously improved, and the direction
of travel is informed by best practice
and industry standards.
Oxford University Press
(OUP, ‘the Press’)
The Finance Committee of the Press is
responsible for the Press’s system of
risk management and internal control
and for reviewing its effectiveness.
The Press’s system of internal controls
is designed to manage rather than
eliminate the risk of failure to meet the
operational objectives, and inevitably
can only provide reasonable and not
absolute assurance against material
misstatement or loss.
The
Finance Committee of the Press,
through Audit Committee, regularly
reviews the effectiveness of the Press’s
system of internal control. The Audit
Committee’s monitoring covers all
controls including financial, operational
and compliance controls. It is based
primarily on reviewing reports from
management to consider whether
significant risks are identified, evaluated,
managed and controlled, and whether
any significant weaknesses are
promptly remedied or need extensive
monitoring. The
Audit Committee of
the Press
receives reports on internal
control from the Press internal audit
function and reports regularly to the
Finance Committee of the Press and
annually to the University Audit and
Scrutiny Committee.
The Press’s risk
management system
The Press has implemented a global
risk-based approach to the design,
application and review of its risk
management systems and internal
controls. The Press’s risk assessment
practices are incorporated into its
wider business planning, budgeting
and financial reporting processes. Risk
registers are in place for all of the Press’s
operations, including major overseas
branches and subsidiaries; these risk
registers identify, evaluate and manage
all the material risks facing the Press.
The Finance Committee of the Press,
through the Audit Committee, regularly
review the effectiveness of the Press’s
system of risk management. The Press’s
system of risk management is reviewed
by the Press’s Audit Committee, who
report their conclusions to the Audit and
Scrutiny Committee.
Oxford University
Endowment Management
(OUem)
OUem is an investment management
business regulated by the Financial
Conduct Authority. It is a wholly owned
subsidiary of the University of Oxford.
Risk management sits at the heart of
OUem. There are 4 key elements to
management and control of risk at
company level: the risk management
framework; the risk management policy;
the internal capital adequacy and risk
assessment process; and risk registers
and controls.
The board of OUem oversees OUem’s
operations and is responsible for its long-
term objectives and strategy. In line with
best practice, OUem has an Audit and
Risk Management Committee (ARMC),
which is a subcommittee of the board.
The ARMC was established specifically
to provide a focus on risk management.
The ARMC has strategic oversight and
supervision of OUem‘s audit and risk
management responsibilities. The ARMC
evaluates, monitors and reports to the
board on the adequacy and effectiveness
of OUem’s risk management function
(as outlined in the Risk Management
Policy) and internal controls. The
committee operates within the risk
parameters as directed and overseen
by the board, which remains ultimately
responsible for the risk management of
the company. Responsibility for the day-
to-day discharge of risk management
obligations within OUem rests with
the CEO.
Statement of internal control – continued
66
Annual Report and Accounts 2024/25
Sign off
The University outsources the
provision of its internal audit activities
to PricewaterhouseCoopers LLP. In
its annual report to the Audit and
Scrutiny Committee, the internal auditor
provided a limited assurance opinion
and identified operational control
weaknesses relating to information
technology and the physical estate,
which the internal auditor and University
consider to be significant. The University
recognises the importance of a robust
internal control environment, and
has embarked upon a programme
of activities to strengthen controls,
including in those areas highlighted
by the internal auditor, and will report
regularly to the committee.
Council confirms that it is responsible
for ensuring that a sound system of
internal control is maintained. It has
reviewed the effectiveness of these
arrangements and confirms that the
University’s system of internal control
has been in place during the year
ended 31 July 2025, and up to the date
of approval of the audited financial
statements.
The Audit and Scrutiny Committee is
of the opinion that the Statement of
Internal Control, as incorporated in
the financial statements, contains an
accurate description of the principal
features of the University’s system of
risk management and internal control.
Annual Report and Accounts 2024/25
67
In 2025 the Ashmolean Museum acquired
Fra Angelico’s
Crucifixion
, which is now on
display in the Early Italian Art Gallery.
Independent
Auditor's Report
68
Annual Report and Accounts 2024/25
Annual Report and Accounts 2024/25
69
Independent auditor's report – continued
Report on the audit of the financial statements
Independent Auditor's Report
1. Opinion
In our opinion the financial statements of the University of Oxford
(the ‘university’) and its subsidiaries (together, the ‘group’):
give a true and fair view of the state of the group’s and
university’s affairs as at 31 July 2025 and of the group’s and
the university’s income and expenditure, gains and losses
and changes in reserves and cash flows for the year then
ended; and
have been properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice, including
Financial Reporting Standard 102 “The Financial Reporting
Standard applicable in the UK and Republic of Ireland” and
the Statement of Recommended Practice: Accounting for
Further and Higher Education.
We have audited the financial statements which comprise:
the group and university statement of comprehensive
income;
the group and university statement of changes in reserves;
the group and university statement of financial position;
the group statement of cash flows;
the statement of accounting policies;
the related notes 1 to 40; and
the US Loans Schedule (note 41), the supplementary
schedule for the US Department of Education, being required
by reference to University of Oxford accepting students
under the US Department of Education student financial
assistance programs.
The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 “The
Financial Reporting Standard applicable in the UK and Republic
of Ireland” (United Kingdom Generally Accepted Accounting
Practice) and the Statement of Recommended Practice:
Accounting for Further and Higher Education (2019).
2. Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our
responsibilities under those standards are further described
in the auditor’s responsibilities for the audit of the financial
statements section of our report.
We are independent of the group and the university in
accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
Financial Reporting Council’s (the FRC’s) Ethical Standard as
applied to listed public interest entities, and we have fulfilled
our other ethical responsibilities in accordance with these
requirements. The non-audit services provided to the group
and the university for the year are disclosed in note 11 to the
financial statements. We confirm that we have not provided any
non-audit services prohibited by the FRC’s Ethical Standard to
the group or the university.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
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3. Summary of our audit approach
Key audit matters
The key audit matters that we identified in the current year were:
pension scheme valuation assumptions;
capitalisation of expenditure on property, plant and equipment;
valuation of unlisted spin-out investments;
income from donations and endowments; and
valuation of finance lease liabilities.
Materiality
The materiality that we used for the group financial statements was £63 million, which
was determined on the basis of 0.9% of net assets.
A lower materiality was used with respect to the academic and trading operations of
the group. This was £28 million which was determined on the basis of 1.0% of total
income before donations.
Scoping
Our full scope audit, specified audit procedures, and audit of specified classes of
transactions, account balances and disclosures (COTABD) covered 91% of group
income, 94% of group surplus before other gains and 99% of group net assets.
Significant changes in our approach
There have been no significant changes to our audit approach compared to the prior
year audit.
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Independent auditor's report – continued
4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the
Council’s use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Our evaluation of Council’s assessment of the group’s and
university’s ability to continue to adopt the going concern basis of
accounting included:
review and challenge of the group’s forecast by considering
the historical accuracy of previous forecasts, and by
assessing whether the assumptions are reasonable given
the current economic environment;
evaluation of the university’s financial position, including the
size and liquidity of its investment portfolio;
assessment of sensitivity analyses to understand whether
there are realistic scenarios where the university would have
insufficient liquidity to continue its operations;
evaluation of post-year-end performance to forecasts; and
assessment of the appropriateness of the disclosures in the
financial statements.
Based on the work we have performed, we have not identified
any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
group’s and university’s ability to continue as a going concern
for a period of at least twelve months from when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of Council with
respect to going concern are described in the relevant sections of
this report.
5. Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due
to fraud) that we identified. These matters included those
which had the greatest effect on: the overall audit strategy; the
allocation of resources in the audit; and directing the efforts of
the engagement team.
These matters were addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these
matters.
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5.1 Pension scheme valuation assumptions
Key audit matter description
The university participates in three principal pension schemes, one of which has material
pension liabilities at year end. This is the Oxford University Press Group Scheme (OUPGS).
The audit of the associated pension scheme obligations requires the assessment of
significant estimates made by the university and takes a significant amount of audit
effort. For these reasons we identified this area as a key audit matter.
The OUPGS scheme is a defined benefit pension scheme, which is currently in deficit.
There are a range of assumptions that underpin the calculation of the deficit, which can
have a material impact on the deficit reported in the financial statements.
The net deficit of the OUPGS has decreased from £63.2 million at 31 July 2024 to £50.2
million at 31 July 2025. With respect to the liabilities, management’s key assumptions
include the scheme discount rate of 5.80% (2024: 5.15%), RPI inflation of 3.05% (2024:
3.20%), and the related pay increase and pension increase assumptions.
Details of the OUPGS deficit and the sensitivity analyses prepared by management
can be found in note 34 to the financial statements. Further information on the related
judgements and estimates is provided in the “Critical accounting judgements and key
sources of estimation uncertainty” note. The OUPGS is discussed in the financial review
on page 44.
How the scope of our audit responded to
the key audit matter
We obtained an understanding of the relevant controls associated with determining
the assumptions that underpin the valuation of the funded obligations.
With the assistance of our pension audit specialists, we assessed the
reasonableness of the assumptions and independently checked the valuation of the
funded obligations.
We assessed the appropriateness of the related accounts disclosures.
Key observations
Based on the work performed, we concluded that the OUPGS pension scheme
valuation is appropriate.
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Independent auditor's report – continued
5.2. Capitalisation of expenditure on property, plant and equipment and intangible assets
Key audit matter description
The group continues to invest in significant improvements to buildings and the related
equipment and machinery. The group recognised a total of £220.8million (2024: £194.0
million) of additions to property, plant and equipment (excluding finance lease assets),
of which £183.5m (2024: £168.6 million) related to additions to assets in the course
of construction in the year to 31 July 2025, as disclosed in note 17 to the financial
statements.
There is a judgement as to whether the expenditure included in this amount correctly
meets the definition of capital spend under FRS 102 Section 17, Property, Plant and
Equipment. Inappropriate accounting judgments could be utilised as a method to
fraudulently manipulate the financial statements by capitalising amounts that should be
recognised as expenditure.
Details of the accounting policies applied are set out in the statement of accounting
policies section 10. Capital expenditure is discussed in the financial review on page 46.
How the scope of our audit responded to
the key audit matter
We obtained an understanding of the relevant controls over capitalisation of fixed
assets.
For a sample of additions to property, plant and equipment we challenged
management’s judgement as to whether these specific additions represented capital
items by assessing the nature of the additions against the criteria set out in FRS 102.
Key observations
We made recommendations to management for improvements in controls in this area.
Based on the work performed we are satisfied that the capitalisation of expenditure is
appropriate.
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5.3. Valuation of unlisted spin-out investments
Key audit matter description
The £247.3 million (2024: £208 million) of spin-out investments disclosed in notes 19 and
21 contains both listed and unlisted investments. Spinout investments are investments
in companies that have arisen from university research activities and generally represent
small holdings in early-stage-lifecycle companies.
As disclosed in the Statement of Accounting Policies (subsection 13.3), the university
holds its investment in unquoted companies at fair value where there has been a recent
trade. Where management concludes there is no reliable measurement of fair value,
unlisted equity investments are held at cost less impairment. Where a reliable fair value
had previously been available, but can no longer be determined, the previous value is
deemed to be the cost for the purpose of measuring the relevant asset on a cost less
impairment basis.
There are judgements involved as to whether sufficient information is available to
measure the unlisted investment at fair value, and also as to whether there are any
impairments required in this class of investments. The level of subjectivity in these
judgements means that we identified the valuations as a potential area for fraud.
Further details on spin-out investments are included on page 45 of the financial review.
How the scope of our audit responded to
the key audit matter
We obtained an understanding of the relevant controls over the valuation method
and assumptions.
We challenged whether the university’s assessment as to whether fair value could
or could not be reliably determined for a sample of unlisted spin-out investments
was appropriate by obtaining evidence of whether there had been recent funding
rounds, and by examining whether the circumstances of the investment meant
that it was reasonable to conclude that sufficient reliable data was or was not
available to calculate a reliable fair value. For those investments which are held at
fair value we have evaluated management’s methodology to assess whether this
is in line with FRS 102. With the assistance of our investment valuation specialist
team we have also challenged management’s valuation assumptions with
reference to the valuation as at the most recent trade, by examining recent investee
information including the latest financial forecasts, progress to milestones and
market movements since the most recent trade. We also sought, where relevant,
consideration of the performance of appropriate comparator companies and wider
industry trends.
We examined the key assumptions relating to potential impairment of spin-out
investments held at cost and considered whether any further impairments were
required; we did this through examination of recent investee information including
latest financial forecasts, progress to milestones, and, where relevant, consideration
of the performance of appropriate comparator companies and wider industry trends.
Key observations
Based on the work performed we are satisfied that the valuation of unlisted spin-out
investments is appropriate.
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Independent auditor's report – continued
5.4. Income from donations and endowments
Key audit matter description
Each year the university receives significant new donations and endowments. As detailed
in note 9, the group recognised £150.5 million of donation and endowment income in
2025 (£227.3 million in 2024). The Statement of Recommended Practice: Accounting
for Further and Higher Education (2019) lays out the decision tree for how these should
be treated in the financial statements. In practice there are often complex judgements
required with respect to the classification of the donation / endowment and / or the timing
of the recognition of the donation / endowment. This is because there can be terms and
conditions attached to gift agreements that are complex to interpret and can influence the
accounting for the gift. As management’s judgements could have a material impact on
the income of the group, we have concluded that this matter is a potential area for fraud.
The accounting policies are set out on in section 6 of the statement of accounting
policies. Further analysis is given on page 43 of the financial review.
How the scope of our audit responded to
the key audit matter
We obtained an understanding of the relevant controls over the classification,
revenue recognition and cut-off of donations and endowments.
We obtained an understanding of the overall nature of the arrangements in respect
of donations and endowments.
For a sample of donations and endowments we assessed whether they had been
recognised in the correct period and appropriately classified through examination of
the supporting documentary evidence.
Key observations
Based on the work performed we are satisfied that the treatment of income from
donations and endowments is appropriate.
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5.5. Valuation of finance lease liabilities
Key audit matter description
During the year the university entered into a material finance lease in respect of the Life
and Mind Building, recognising an asset (note 17) and lease liability (note 27) of
£106.5 million.
The valuation of the lease liability involves material judgements including the
determination of minimum lease payments, as well as material assumptions such as the
discount rate used in valuing the liability at present value. Given the material value of the
lease, changes in inputs could have a material impact.
The accounting policies in relation to finance leases are set out on in section 11.1.1 of
the statement of accounting policies. Further analysis is given on page 45 of the financial
review.
How the scope of our audit responded to
the key audit matter
We obtained an understanding of the relevant controls over the valuation of the
finance lease liability.
We challenged management’s interpretation of the lease including the determination
of minimum lease payments to ensure these were consistent with FRS 102 and the
lease agreement.
We worked with our valuation specialists to evaluate management’s calculation of
the discount rate. This included comparison to our independent assessment of an
appropriate range.
Key observations
Based on the work performed we are satisfied that the valuation of the finance lease
liability is appropriate.
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Independent auditor's report – continued
6. Our application of materiality
6.1. Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of
our audit work and in evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group financial statements
University financial statements
Materiality
£63.0 million (2024: £54.0 million)
£62.0 million (2024: £53.0 million)
Basis for determining materiality
Materiality was based on 1% of opening net assets at the planning stage of the audit
(2024: 1% of opening net assets). This equates to 0.9% (2024: 0.8%) of year end net
assets of the group or university.
Rationale for the benchmark applied
We consider the main focus of stakeholder interest to be the stewardship of the
university’s resources to ensure long-term sustainability and to enable it to provide
additional support for its core priorities (of students, academic posts, and buildings), and
as such have identified the net assets of the group or university to be the appropriate
benchmark for the group and university financial statements respectively.
Additionally we have determined that users are sensitive to account balances relating to
the academic and trading operations of the group that impact the group’s deficit / surplus
before other gains. As such we have determined a lower materiality for these account
balances of £28.0 million for group and £23.8 million for the university (2024: £27.4 million
for the group and £23.75 million for the university). At the planning stage this was based
on 1% of the prior year’s total income before donations (2024: 1% of prior year’s total
income before donations), which equates to 0.9% (2024: 1.0%) of year end total income
before donations. We consider that total income before donations reflects the underlying
performance of the academic and trading operations of the group and is one of the key
metrics for users of the financial statements.
The amounts disclosed in note 40, Access and Participation expenditure, of £19.7 million (2024: £18.5 million), have been audited
to a lower materiality of £0.93 million (2024: £0.88 million). This is due to the importance of this information to the regulator, the
Office for Students, as a key user of this financial information. This lower materiality was determined on the basis of 5% (2024: 5%)
of the total expenditure disclosed in that note.
Total net assets
£6,903.7m
Total net assets
Group materiality
Group Materiality
£63m
Component
Performance
Materiality range
£24.2m to £35.3m
Audit and Scrutiny
Committee reporting
threshold
£1.4m
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6.2. Performance materiality
We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and
undetected misstatements exceed the materiality for the financial statements as a whole.
Group financial statements
University financial statements
Performance materiality
60% (2024: 60%) of group materiality
60% (2024: 60%) of university materiality
Basis and rationale for determining
performance materiality
In determining performance materiality, we considered the following factors:
the quality and maturity of the control environment, including consideration of the
areas where we identified deficiencies in internal control in previous years;
management’s willingness to investigate and correct misstatements identified in the
audit; and
the nature, volume and size of corrected and / or uncorrected misstatements identified
in previous audits.
6.3. Error reporting threshold
We agreed with the Audit and Scrutiny Committee that we
would report to the Committee all audit differences in excess
of £1.40 million (2024: £1.37 million), as well as differences
below that threshold that, in our view, warranted reporting on
qualitative grounds. We also report to the Audit and Scrutiny
Committee on disclosure matters that we identified when
assessing the overall presentation of the financial statements.
7. An overview of the scope of our audit
7.1. Identification and scoping of components
Our audit was scoped by obtaining an understanding of the
nature of the university and its subsidiaries and assessing the
risks of material misstatement at the group level.
As disclosed in section 1 of the Statement of Accounting
Policies, the university was formally incorporated under
the name of “The Chancellor, Masters and Scholars of the
University of Oxford” (‘CMS’). Although the university is a
single legal entity, we identified that it comprises two main
components: Oxford University Press (‘OUP’) and all other
departments (sometimes referred to as the ‘academic
university’). These components of the university operate under
separate control environments and between them they have
51 wholly-owned subsidiaries and 3 other subsidiaries as at
31 July 2025.
Additionally, OUP itself comprises several sub-components.
These can be summarised as:
the UK and US operations (legally part of CMS);
the Delegates Property Reserve Fund (DPRF) (substantially
all of which is legally part of CMS);
other unincorporated branches (legally part of CMS); and
other subsidiaries that are legally separate.
The scope of our audit is summarised in the table below
and is broadly in line with the previous year, with the addition of
audits of specified classes of transactions, account balances
and disclosures (COTABD) in the OUP India and OUP Pakistan
components.
All audit work relevant to the group audit was performed in the
UK, with work on all the OUP components being performed by
a single OUP component audit team. The audit of the academic
university was performed directly by the group engagement
team.
The group audit partner attended key planning meetings with
the component audit team. Additionally, the group engagement
team issued the component team with appropriate instructions,
were involved in their risk assessment, and performed a review
of key audit documentation throughout the audit. The group
audit partner attended a close meeting with the component
audit team in which key areas of component work were
discussed.
At the group level, we tested the consolidation process and for
components not subject to detailed audit work, we performed
analytical procedures to assess whether there were any
significant risks of material misstatements in the aggregated
financial information of these components.
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7.1. Identification and scoping of components continued
Component
Component Performance
Materiality / Lower Component
Performance Materiality
Scope
The “Academic University”
£35.30m/£23.75m
Full scope audit performed by group audit
team.
OUP UK operations
£24.18m/£11.25m
Full scope audit performed by component
audit team.
OUP US operations
£24.18m/£9.75m
Full scope audit performed by component
audit team.
OUP DRPF
£24.18m/£9.75m
Audit of specified account balances,
classes of transactions and disclosures
– focussed on cash and fixed assets,
performed by component audit team.
OUP India
£24.18m/£9.75m
Audit of specified classes of transactions,
account balances and disclosures.
OUP OECM
£24.18m/£9.75m
Audit of specified classes of transactions,
account balances and disclosures.
OUP Pakistan
£24.18m/£9.75m
Audit of specified classes of transactions,
account balances and disclosures.
OUP Spain
£24.18m/£9.75m
Audit of specified classes of transactions,
account balances and disclosures.
Oxford Publishing Ltd
£24.18m/£9.75m
Audit of specified classes of transactions,
account balances and disclosures.
All other group entities
£24.18m/£9.75m
Analytical procedures at group level.
Full audit scope
Specified audit procedures/ABCOTD
Analytical procedures at group level
Group Income
before donations
1%
9%
90%
Group surplus
before other
gains
0%
6%
94%
Group
Net assets
1%
1%
98%
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7.2. Our consideration of the control environment
We have identified three key IT system relevant to the audit:
OracleR12, which is the academic university’s general ledger
system;
SITS, which is the academic university’s student fee income
system; and
S/4HANA, which is OUP’s general ledger system.
We involved our IT specialists to obtain an understanding of the
IT environment and general IT controls within the underlying
systems.
We obtained an understanding of relevant controls relating
to tuition fees and education contracts, research grants,
donations and endowments, staff costs, operating expenditure,
and property, plant and equipment, investment in spinout
companies, investment properties, investments in the Oxford
Funds, finance leases and cash and cash equivalents, and
OUPGS pensions.
In line with our plan, we did not take a controls reliance
approach on any balance or business cycle.
7.3. Our consideration of climate-related risks
As part of our audit we have held discussions with
management to understand and evaluate their process for
assessing the impact of climate change on the group and
its financial statements and understand their environmental
sustainability strategy included on pages 32–35 of the annual
report. As disclosed on page 61 of the annual report the group
has not identified climate change as a principal risk.
Management considers that the impact of climate change does
not give rise to a material financial statement impact.
We have read the annual report to consider whether the climate
related disclosures on pages 32–35 are materially consistent
with the financial statements and our knowledge obtained in
the audit.
8. Other information
The other information comprises the information included in
the annual report, other than the financial statements and our
auditor’s report thereon. Council is responsible for the other
information contained within the annual report.
Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in
doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit, or otherwise appears to be
materially misstated.
If we identify such material inconsistencies or apparent
material misstatements, we are required to determine whether
this gives rise to a material misstatement in the financial
statements. If, based on the work we have performed, we
conclude that there is a material misstatement of this other
information, we are required to report that fact.
We have nothing to report in this regard.
9. Responsibilities of the governing body
As explained more fully in the ”Council” section of the
“Governance” report on pages 50–53 of the annual report and
accounts, Council is identified as the university’s executive
governing body and is responsible for the preparation of the
financial statements and for being satisfied that they give a
true and fair view, and for such internal control as Council
determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, Council is responsible for
assessing the group’s and the university’s ability to continue as
a going concern, disclosing as applicable, matters related to
going concern and using the going concern basis of accounting
unless Council either intends to liquidate the group or the
university or to cease operations, or has no realistic alternative
but to do so.
10. Auditor’s responsibilities for the audit
of the financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the
financial statements is located on the FRC’s website at:
www.
frc.org.uk/auditorsresponsibilities
. This description forms part
of our auditor’s report.
Annual Report and Accounts 2024/25
81
Independent auditor's report – continued
11. Extent to which the audit was
considered capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting
irregularities, including fraud, is detailed below.
11.1. Identifying and assessing potential risks
related to irregularities
In identifying and assessing risks of material misstatement in
respect of irregularities, including fraud and non-compliance
with laws and regulations, we considered the following:
the nature of the industry and sector, control environment
and business performance;
results of our enquiries of management, internal audit, and
representatives of the Audit and Scrutiny Committee and
Council about their own identification and assessment of the
risks of irregularities, including those specific to the group’s
sector;
any matters we identified having obtained and reviewed
the group’s documentation of their policies and procedures
relating to:
identifying, evaluating and complying with laws and
regulations and whether they were aware of any instances
of non-compliance;
detecting and responding to the risks of fraud and whether
they have knowledge of any actual, suspected or alleged
fraud; and
the internal controls established to mitigate risks of fraud
or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team
and relevant internal specialists, including real estate,
pensions and IT specialists, and significant component
teams, regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the
opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for
fraud in capitalisation of expenditure on property, plant and
equipment, the valuation of unlisted spinout investments and
income from donations and endowments. In common with all
audits under ISAs (UK), we are also required to perform specific
procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory
frameworks that the group operates in, focusing on provisions
of those laws and regulations that had a direct effect on
the determination of material amounts and disclosures in
the financial statements. The key laws and regulations we
considered in this context included the Office for Students
“Regulatory Advice 9: Accounts Direction”, the relevant
provisions of the code of financial regulations relating to the
supplemental schedule and the Higher Education Act.
In addition, we considered provisions of other laws and
regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental
to the group’s ability to operate or to avoid a material penalty.
These included the group’s conditions of registration with the
Office for Students.
11.2. Audit response to risks identified
As a result of performing the above, we identified capitalisation
of expenditure on property, plant and equipment, the valuation
of unlisted spinout investments and income from donations
and endowments as key audit matters related to the potential
risk of fraud. The key audit matters section of our report
explains these matters in more detail and also describes the
specific procedures we performed in response to those key
audit matters.
In addition to the above, our procedures to respond to risks
identified included the following:
reviewing the financial statement disclosures and testing
to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as
having a direct effect on the financial statements;
enquiring of management, the Audit and Scrutiny Committee
and in-house legal counsel concerning actual and potential
litigation and claims;
performing analytical procedures to identify any unusual or
unexpected relationships that may indicate risks of material
misstatement due to fraud;
reading minutes of meetings of those charged with
governance, reviewing internal audit reports, reviewing
correspondence with the Office for Students; and
in addressing the risk of fraud through management override
of controls, testing the appropriateness of journal entries and
other adjustments; assessing whether the judgements made
in making accounting estimates are indicative of a potential
bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course
of business.
We also communicated relevant identified laws and regulations
and potential fraud risks to all engagement team members
including internal specialists and component audit teams and
remained alert to any indications of fraud or non-compliance
with laws and regulations throughout the audit.
82
Annual Report and Accounts 2024/25
Independent auditor's report – continued
Report on other legal and regulatory
requirements
12. Opinions on other matters prescribed
by the Office for Students (OfS)
“Regulatory Advice 9: Accounts Direction”
In our opinion, in all material respects:
funds from whatever source administered by the university
for specific purposes have been applied to those purposes
and managed in accordance with relevant legislation;
funds provided by the OfS and UK Research and Innovation
(including Research England), the Education and Skills
Funding Agency and the Department for Education have
been applied in accordance with the relevant terms and
conditions; and
the requirements of the OfS’s accounts direction have been
met.
13. Matters on which we are required to
report by exception
13.1. Matters required under the OfS Accounts
Direction
Under the OfS Regulatory Advice 9: Accounts Direction, we are
required to report in respect of the following matters if, in our
opinion:
the provider’s grant and fee income, as disclosed in the
note 1 to the accounts, has been materially misstated; or
the provider’s expenditure on access and participation
activities for the financial year, as disclosed in note 40 to the
accounts, has been materially misstated.
We have nothing to report in respect of these matters.
14. Other matters which we are required
to address
14.1. Auditor tenure
Following the recommendation of the Audit and Scrutiny
Committee, we were appointed by the Council on 2 December
2019 to audit the financial statements for the year ending
31 July 2022 and subsequent financial periods. The period of
total uninterrupted engagement including previous renewals
and reappointments of the firm is four years, covering the years
ending 31 July 2022 to 31 July 2025.
14.2. Consistency of the audit report with the
additional report to the Audit and Scrutiny
Committee
Our audit opinion is consistent with the additional report to
the Audit and Scrutiny committee we are required to provide in
accordance with ISAs (UK).
15. Use of our report
This report is made solely to the Council in accordance with
the charter and statutes of the university and the Accounts
Direction issued by the Office for Students dated 25 October
2019. Our audit work has been undertaken so that we might
state to Council those matters we are required to state to
it in an auditor’s report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than Council as a body, for our
audit work, for this report, or for the opinions we have formed.
William Smith, (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
8
December 2025
Annual Report and Accounts 2024/25
83
Financial
Statements
84
Annual Report and Accounts 2024/25
Annual Report and Accounts 2024/25
85
Statement of comprehensive income
For the year ended 31 July 2025
Note
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Income
Tuition fees and education contracts
2
603.2
551.0
573.6
524.7
Funding body grants
3
224.2
224.7
224.2
224.7
Research grants and contracts
4
801.3
778.9
800.8
777.8
Publishing services
5
733.2
746.8
578.9
589.3
Other income
6
300.8
317.7
301.6
292.9
Investment income
7
204.6
197.2
192.6
178.7
Total income before donations
2,867.3
2,816.3
2,671.7
2,588.1
Donations and endowments
9
150.5
227.3
153.7
230.3
Donation of assets
9
3.4
10.7
3.4
10.7
Total income
3,021.2
3,054.3
2,828.8
2,829.1
Expenditure
Staff costs – excluding movement in
pension deficit funding provisions
10
1,389.1
1,287.6
1,307.2
1,209.7
Staff costs – movement in pension provision
10
1.0
(527.4)
1.0
(523.3)
Total staff costs
1,390.1
760.2
1,308.2
686.4
Operating expenditure
1,339.1
1,323.5
1,233.5
1,201.3
Depreciation/amortisation
12
128.9
131.0
125.6
128.2
Interest and other finance costs
13
36.8
48.1
36.4
46.6
Total expenditure
11
2,894.9
2,262.8
2,703.7
2,062.5
Surplus before other gains
126.3
791.5
125.1
766.6
Loss on disposal of fixed assets
-
(1.8)
-
(1.9)
Gains on investments
8
403.0
245.9
326.0
246.4
Share of (deficit) on joint ventures
20
(3.4)
(10.4)
(2.7)
(10.4)
Surplus before tax
525.9
1,025.2
448.4
1,000.7
Taxation
14
(14.5)
(11.8)
(3.2)
(3.9)
Minority interest
-
(1.1)
-
(1.1)
Surplus after tax for the year
511.4
1,012.3
445.2
995.7
Changes in defined benefit pension scheme
liability
29
10.3
(10.0)
10.3
(10.0)
Currency translation differences on foreign
currency net investments
(5.4)
0.1
1.6
2.6
Effective portion of changes in fair value of
cash flow hedges
(0.1)
0.1
(0.1)
0.1
Total comprehensive income for the year
516.2
1,002.5
457.0
988.4
Represented by:
Unrestricted comprehensive income
for the year
32
286.4
738.0
232.7
727.1
Endowment comprehensive income
for the year
30
195.9
229.3
190.4
225.7
Restricted comprehensive income
for the year
31
33.9
35.6
33.9
35.6
Non-controlling interest for the year
-
(0.4)
-
-
Total
516.2
1,002.5
457.0
988.4
The notes on pages 90 to 149 are an integral part of the Group and University only financial statements.
86
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
Statement of changes in reserves
For the year ended 31 July 2025
Group
Endowment
reserves
Income and expenditure
reserves
Total excl
non-
controlling
interest
Non-
controlling
interest
Total
reserves
Permanent
£’m
Expendable
£’m
Restricted
£’m
Unrestricted
£’m
£’m
£’m
£’m
Balance at 1 August 2023
1,202.8
475.2
227.7
3,478.7
5,384.4
0.6
5,385.0
Surplus/(deficit) after tax
74.5
154.8
35.6
747.8
1,012.7
(0.4)
1,012.3
Loss recognised in other
comprehensive income
-
-
-
(9.8)
(9.8)
-
(9.8)
Total comprehensive
income for the year
74.5
154.8
35.6
738.0
1,002.9
(0.4)
1,002.5
Reserves transfer
1.0
4.1
-
(5.1)
-
-
-
Balance at 31 July 2024
1,278.3
634.1
263.3
4,211.6
6,387.3
0.2
6,387.5
Surplus after tax
112.8
83.1
33.9
281.6
511.4
-
511.4
Other comprehensive
income
-
-
-
4.8
4.8
-
4.8
Total comprehensive
income for the year
112.8
83.1
33.9
286.4
516.2
-
516.2
Reserves transfer
-
-
-
-
-
-
Balance at 31 July 2025
1,391.1
717.2
297.2
4,498.0
6,903.5
0.2
6,903.7
University
Balance at 1 August 2023
1,126.8
475.2
227.7
3,432.2
5,261.9
-
5,261.9
Surplus after tax
70.9
154.8
35.6
734.4
995.7
-
995.7
Loss recognised in other
comprehensive income
-
-
-
(7.3)
(7.3)
-
(7.3)
Total comprehensive
income for the year
70.9
154.8
35.6
727.1
988.4
-
988.4
Reserves transfer
1.0
4.1
-
(5.1)
-
-
-
Balance at 31 July 2024
1,198.7
634.1
263.3
4,154.2
6,250.3
-
6,250.3
Surplus after tax
107.3
83.1
33.9
220.9
445.2
445.2
Other comprehensive
income
-
-
-
11.8
11.8
-
11.8
Total comprehensive
income for the year
107.3
83.1
33.9
232.7
457.0
-
457.0
Reserves transfer
-
-
-
-
-
-
-
Balance at 31 July 2025
1,306.0
717.2
297.2
4,386.9
6,707.3
-
6,707.3
The notes on pages 90 to 149 are an integral part of the Group and University only financial statements.
Annual Report and Accounts 2024/25
87
Statement of financial position
As at 31 July 2025
Note
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Non-current assets
Intangible assets and goodwill
16
112.1
124.5
111.7
124.1
Property, plant and equipment
17
1,841.2
1,632.0
1,830.8
1,620.3
Heritage assets
18
131.7
122.7
131.7
122.7
Investments
19
5,819.3
5,461.2
5,754.8
5,475.6
7,904.3
7,340.4
7,829.0
7,342.7
Current assets
Intangible assets – pre-publication
23
25.8
25.6
24.3
24.2
Inventories and work-in-progress
23
55.5
66.8
39.7
50.8
Investments
21
128.6
160.7
112.9
122.5
Trade and other receivables
22
738.1
800.4
687.7
681.9
Cash and cash equivalents
24
735.5
632.9
639.3
546.7
1,683.5
1,686.4
1,503.9
1,426.1
Creditors: amounts falling due within one
year
26
(1,200.5)
(1,245.0)
(1,158.2)
(1,135.7)
Net current assets
483.0
441.4
345.7
290.4
Total assets less current liabilities
8,387.3
7,781.8
8,174.7
7,633.1
Creditors: amounts falling due after more
than one year
27
(1,399.2)
(1,307.0)
(1,394.0)
(1,307.7)
Provisions for liabilities
Pension provisions – deficit recovery plans
29
(1.3)
(0.4)
(1.3)
(0.4)
Pension provisions – defined benefit
schemes
29
(53.4)
(66.6)
(53.4)
(66.6)
Other provisions
29
(29.7)
(20.3)
(18.7)
(7.9)
Total net assets
6,903.7
6,387.5
6,707.3
6,250.5
Reserves
Endowment reserves
– Permanent
30
1,391.1
1,278.3
1,306.0
1,198.7
– Expendable
30
717.2
634.1
717.2
634.1
2,108.3
1,912.4
2,023.2
1,832.8
Income and expenditure reserve
– Restricted
31
297.2
263.3
297.2
263.3
– Unrestricted
32
4,498.0
4,211.6
4,386.9
4,154.2
4,795.2
4,474.9
4,684.1
4,417.5
Total excluding non-controlling interest
6,903.5
6,387.3
6,707.3
6,250.3
Non-controlling interest
0.2
0.2
-
0.2
Total reserves
6,903.7
6,387.5
6,707.3
6,250.5
The financial statements were approved by Council on
8
December 2025 and signed on its behalf by:
Professor I Tracey
Professor P Grant
Vice-Chancellor
Pro-Vice-Chancellor
The notes on pages 90 to 149 are an integral part of the Group and University only financial statements.
88
Annual Report and Accounts 2024/25
Statement of cash flows
For the year ended 31 July 2025
Note
Group
2025
£’m
2024
£’m
Cash flows from operating activities
Surplus for the year before taxation
525.9
1,025.2
Adjustment for non-cash items:
Depreciation
12
104.9
102.2
Amortisation
24.0
28.8
Impairment of assets under construction
6.9
-
Gain on investments
8
(403.1)
(245.9)
Increase in pre-publication cost
23
(0.2)
(6.7)
Decrease in inventories
23
11.4
8.1
Decrease/(increase) in receivables
22
73.3
(150.1)
(Decrease)/increase in payables
26,27
(60.7)
62.2
Decrease in pension provisions
29
(2.0)
(534.1)
Increase/(decrease) in other provisions
29
9.4
(1.4)
Donation of assets
9
(3.4)
(10.4)
Decrease in non-controlling interest
-
(1.1)
Share of operating loss in joint ventures
3.4
10.4
Adjustment for investing or financing activities:
Investment income
7
(204.6)
(193.3)
Interest payable
13
36.8
48.1
New endowments
9
(49.6)
(152.9)
Capital grant income
3,4,6
(50.0)
(42.5)
Loss on disposal of property, plant and equipment
-
1.8
Cash flows from operating activities
22.4
(51.6)
Taxation
14
(18.2)
(7.0)
Net cash flows from operating activities
4.2
(58.6)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
17
-
2.0
Capital grants receipts
69.5
65.4
Proceeds from sale of intangible fixed assets
16
2.9
-
Payments to acquire heritage assets
18
(5.6)
-
Payments to acquire property, plant and equipment
17
(204.7)
(197.4)
Payments to acquire intangible assets
16
(14.5)
(39.2)
Net proceeds from current asset investments
21
125.2
40.4
Receipts from sale of non-current investments
19
19.4
-
Payments to acquire non-current investments
19
(76.5)
(160.4)
Investment income
7
200.7
193.3
Net cash flows from investing activities
116.4
(95.9)
Cash flows from financing activities
Interest paid on borrowings and finance leases
13
(37.5)
(32.8)
Endowment cash received
39.2
174.0
Repayment of borrowings
27
(18.9)
(4.4)
Capital element of finance lease rental payments
(0.8)
-
Net cash flows from financing activities
(18.0)
136.8
Net increase/(decrease) in cash and cash equivalents
102.6
(17.7)
Cash and cash equivalents at the beginning of year
632.9
650.6
Cash and cash equivalents at the end of year
735.5
632.9
The notes on pages 90 to 149 are an integral part of the Group and University only financial statements.
Annual Report and Accounts 2024/25
89
Statement of Accounting Policies
1. General information
The Chancellor, Masters and Scholars of the University of
Oxford ('the University') is a civil corporation established
under common law in England. The University was formally
incorporated by the Act for Incorporation of Both Universities
1571 and is governed by its statutes and regulations. The
principal office is located at University of Oxford, University
Offices, Wellington Square, Oxford, OX1 2JD.
2. Statement of compliance
The Group and University financial statements have been
prepared in accordance with:
United Kingdom Accounting Standards, including Financial
Reporting Standard 102, The Financial Reporting Standard
applicable in the United Kingdom and the Republic of Ireland
(FRS 102)
the Statement of Recommended Practice (SORP):
Accounting for Further and Higher Education (2019 edition).
In addition, these financial statements are also prepared
considering the requirements of:
the Royal Charter
the Accounts Direction issued by the Office for Students
(OfS)
the terms and conditions of funding for higher education
institutions issued by the OfS
the terms and conditions of Research England Grant.
The University is a public benefit entity and therefore has
applied the relevant public benefit requirements of the
applicable UK laws and accounting standards.
3. Summary of significant accounting
policies
The principal accounting policies applied in the preparation of
the Group and University financial statements are set out below.
These policies have been consistently applied to all the years
presented, unless otherwise stated.
3.1. Basis of preparation
The Group and University financial statements are prepared on
a going concern basis, under the historical cost convention, as
modified by the recognition of certain financial instruments and
certain pension assets measured at fair value.
The Group has taken advantage of the exemptions available
under section 3.3 of the Statement of Recommended Practice
(FRS 102 section 1.12(b)) to not produce a separate cash flow
statement for the University.
3.2. Going concern
The Group and University’s activities, together with the factors
likely to affect its future development, performance and financial
position, are comprehensively outlined in the operational and
financial review, which forms part of the Board of Council’s
report. Council’s report also provides a detailed description
of the institution's financial standing including its cash flows,
liquidity position and access to borrowing facilities.
In preparing the financial statements the going concern
basis has been adopted, which is deemed appropriate by
Council. Council has reviewed the projected cash flows over a
period of at least 12 months from the date of approval of the
financial statements. These cash flow forecasts incorporate
an assessment of severe but plausible downside scenarios.
After considering these forecasts and assessing the adequacy
of existing financial resources, Council is satisfied that the
Group and the University will have sufficient funds to meet their
liabilities as they fall due over the period of 12 months from the
date of approval of the financial statements (the going concern
‘‘assessment period’’).
Accordingly, Council is confident that both the Group and the
University will have sufficient funds to continue to meet their
liabilities as they fall due for a period of at least 12 months from
the date of approval of the financial statements, and therefore
have prepared the financial statements on a going concern
basis.
3.3. Basis of consolidation
The financial statements (apart from the University’s own
statement of financial position, comprehensive income
statement and related notes) consolidate the accounts of the
University and of its subsidiary undertakings for the financial
year to 31 July 2025.
For reporting purposes, the term ‘University’ encompasses
the academic divisions, libraries, museums, administrative
support and the Oxford University Press (the ‘Press’). The term
‘Group’ reflects the inclusion of both the academic University’s
subsidiaries, associates and joint ventures as well as those
of the Press. A comprehensive list of the subsidiaries, joint
ventures and associates is provided in note 20.
The results of subsidiaries acquired or disposed of during
the current or prior financial years are included in the Group
financial statements from or up to the date on which control
was transferred. Acquisitions are accounted for using the
‘‘purchase method' in accordance with FRS 102.
The Group’s financial statements do not consolidate the
accounts of the Oxford University Student Union and its
subsidiary, as they are separate and independent legal entities
over which the Group does not exercise control or dominant
influence and holds no financial interest.
Similarly, the accounts of 36 colleges of the University, each
of which is an independent legal entity, are not consolidated.
The accounts of Kellogg College, St Cross College and Reuben
College (formerly Parks College) are included, as they are
integrated departments of the University.
90
Annual Report and Accounts 2024/25
Non-company charitable subsidiaries, including trusts, are
aggregated into the Group's accounts where they meet the
definition of a ‘special trust’ as per Section 287 of the Charities
Act 2011. In cases where a trust does not meet the definition of
a special trust, but the Group can demonstrate control, the trust
is consolidated.
Investment funds in which the Group is the major investor,
but does not exercise any management control, are excluded
from consolidation in accordance with FRS 102 section 9, and
accounted for as investment assets.
Joint ventures and associates are accounted for using the
'equity method'. These investments are initially recognised at
transaction cost and subsequently adjusted at each reporting
period to reflect the Group's share of the comprehensive
income, which is recognised through Other Comprehensive
Income. The carrying value of the joint ventures and associates
is reviewed periodically, and impairments are recognised where
indicators are present of a dilution in the investment carrying
value.
3.3.1. Intra-group Transactions
Gains or losses from intra-group transactions are fully
eliminated on consolidation. Any debts and/or claims between
undertakings included in the consolidated financial statements
are also eliminated.
Balances between the University and its associates and joint
ventures are not eliminated, and any unsettled normal trading
transactions are reported as current assets or liabilities. Any
gains or losses from such transactions are recognised in the
carrying amount of the assets of the respective entity, with the
portion related to the University’s share being eliminated.
3.4. Foreign currency
a) Functional and presentation currency
The functional currency of the University and the majority of
its subsidiaries is pounds sterling, as this reflects the primary
economic environment in which the entities operate, namely the
United Kingdom. Accordingly, the Group financial statements
are presented in pounds sterling. The Group financial
statements are presented in millions of pounds sterling unless
otherwise stated.
b) Transactions and balances
Transactions in foreign currencies are recorded in the functional
currency of each entity at the exchange rate in effect on the date
of the transaction. Monetary assets and liabilities denominated
in foreign currencies are translated at the exchange rate
prevailing as at the reporting date. Non-monetary assets and
liabilities measured at historical cost in a foreign currency are
translated using the exchange rate as at the date of the original
transaction.
Foreign exchange differences arising on the translation
of monetary items are recognised in the Statement of
Comprehensive Income. Non-monetary items carried at fair
value that are denominated in a foreign currency are translated
at the exchange rates at the date when the fair value was
determined, with resulting gains or losses recognised in the
Statement of Comprehensive Income.
c) Translation of foreign operations
The results of foreign operations are translated into pounds
sterling at the average exchange rates during the period, and
their assets and liabilities are translated at the exchange rates
prevailing at the reporting date. Exchange differences arising
on the translation of foreign operations are recognised in Other
Comprehensive Income and are accumulated in a separate
component of equity. These differences are reclassified to
the Statement of Comprehensive Income when the foreign
operation is disposed of.
3.4.1. Hedge accounting and foreign exchange risk
a) Hedging of foreign exchange risk
The Group, particularly its publishing and investment activities,
enters in to hedging instruments to mitigate foreign exchange
risk. The Group designates certain derivatives as hedging
instruments in respect of forecast foreign currency cash flows.
At the inception of the hedging relationship, the Group
documents the relationship between the hedging instrument
and the hedged item, including the risk management objectives
and strategy for undertaking the hedge. The Group also
documents its assessment of whether the hedging instrument
is expected to be highly effective in offsetting the designated
foreign exchange risk, both at inception and on an ongoing
basis.
b) Hedge accounting
The effective portion of changes in the fair value of hedging
instruments designated as cash flow hedges is recognised in
Other Comprehensive Income. The ineffective portion, where
applicable, is immediately recognised in the Statement of
Comprehensive Income.
Amounts recognised in Other Comprehensive Income are
reclassified to the Statement of Comprehensive Income in the
periods when the hedged item materialises, such as when the
forecast transaction occurs. Hedge accounting is discontinued
when the Group revokes the hedging relationship or when the
hedging instrument expires or is sold, terminated, or no longer
qualifies for hedge accounting.
Any gains or losses recognised in reserves at the point
of discontinuation are reclassified to the Statement of
Comprehensive Income when the hedged item is subsequently
recognised. If a forecast transaction is no longer expected
to occur, the cumulative gain or loss previously recognised in
Other Comprehensive Income is immediately reclassified to the
Statement of Comprehensive Income.
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4. Income
Income arising for the sale of goods or the provision of services
is recognised as income on the exchange of the relevant goods
or services, and where applicable is shown net of value added
tax, returns, discounts and rebates as appropriate. Where
services are being rendered but are not complete at the end of
the period, income is recognised by reference to the stage of
completion/degree of provision of the service as determined
on an appropriate basis for each contract. Funds that the Group
receives and disburses as paying agent on behalf of a funding
body are excluded from the income and expenditure of the
Group where the Group is exposed to minimal risk.
4.1. Tuition fees and educational contracts
Fee income is stated gross of any expenditure and credited to
the Statement of Comprehensive Income over the period of
students’ study. Where the amount of the tuition fee is reduced,
income receivable is shown net of the discount. Bursaries and
scholarships are accounted for as expenditure and not deducted
from income.
Tuition and other course fees relate directly to the provision
of specific academic and non-academic courses. Income is
recognised on a pro-rata basis across the length of the course,
in line with the provision of the courses to students.
4.2. Performance model
Income is recognised within the Statement of Comprehensive
Income when the grant is receivable (legal/contractual
commitment) and performance-related conditions specified
in the agreement are met. In the absence of performance
conditions, income is recognised in full as soon as it becomes
receivable.
Performance conditions are defined as conditions that require
the performance of a particular level of service or units of output
to be delivered, with payment of, or entitlement to, the resources
conditional on that performance.
Resources received in advance of completion of performance
conditions are recognised on the Statement of Financial
Position as deferred income and released to the Statement of
Comprehensive Income as conditions are met. Where grants are
received in arrears, accrued revenue or receivable assets
are recognised in line with income.
4.3. Government grants
Both revenue and capital government grants are accounted
for under the performance model. For OfS/Research England
funding grants relating to a single academic year, income is
recognised in full in the period to which the grant relates. Grants
relating to more than a single year are recognised pro rata
across the term of the grant.
4.4. Research income
Income recognition for research funding is dependent upon the
source of the funding and the nature of the transaction. Income
is classified as ‘Research Grants and Contracts’ regardless
of source when it meets the Frascati definition of research
(systematic investigation to increase the stock of knowledge,
including knowledge of humanity, culture and society).
In the majority of cases income is recognised on a
reimbursement basis, with income recognised as costs are
incurred for which the Group has a right to reimbursement,
unless this is specifically disallowed under the funding
agreement. Where funding is from a government body,
expenditure on the grant purpose is presumed to be the
performance condition unless specifically allowed under the
funding agreement.
4.5. Publishing services
Income is stated net of trade discounts and is recognised
when the significant risks and rewards are considered to have
been transferred to the buyer. Income from the sale of goods
is recognised when the goods are physically delivered to the
customer. Income from the supply of services represents the
value of services provided under contracts to the extent that
there is a right to consideration and is recorded at the fair value
of the consideration received or receivable.
Provision has been made for expected sales returns after the
date of the Statement of Financial Position on the basis of
the historical level of such returns augmented by additional
provisions made in accordance with FRS 102, where in the
opinion of management these are required. The movement in
the returns provision is recognised within income and other
operating expenses.
4.6. Capital grants
Grants, both government and non-government, for the purpose
of purchasing or constructing specific assets are recognised
as income upon the asset being brought into use, or in line with
phase completion of large construction projects. Grants where
the Group has discretion over the assets purchased/built are
recognised in full as income when the grant becomes receivable.
Government grants are taken as income as they become
receivable. Grant income is only recognised across the useful
life of an asset to the extent that the grant specifically funds the
operation/maintenance of the asset.
4.7. Investment income
Refer to policy 13 for investment income recognition policy.
4.8 Exceptional items
Exceptional items are material and/or unusual transactions or
events identified by management, which are outside the normal
course of the University’s operations. Such items are presented
separately to aid understanding of the Group’s underlying
financial performance.
The adjusted surplus alternative performance measure reported
within the Finance Review excludes these exceptional and
non-recurring items to present a clearer view of the University’s
ongoing financial performance.
5. Expenditure
Expenditure on goods and services is recognised when, and to
the extent that, they are received and is measured at their fair
value. Such expenditure is recognised in operating expenses
unless it results in the creation of a non-current asset, in
which case it is capitalised in accordance with the Group’s
capitalisation policy.
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6. Endowments
6.1. Donations and endowments
Donations and endowments are recognised in income when the
Group is entitled to the funds and are accounted for under the
performance model. In the majority of cases this is the point at
which the cash is received, although in the case of capital and
particularly building donations or endowments this is in line
with expenditure incurred under the agreement or delivery of
specified milestones within the donation agreement.
Donations are credited to endowment reserves, restricted
reserves or unrestricted reserves, depending on the nature and
extent of restrictions specified by the donor. Donations with no
substantial restrictions are included in unrestricted reserves.
Donations that are to be retained for the future benefit of the
Group are included in endowment reserves.
Endowment funds are a class of funds where the donor requires
the original gift to be invested, with the return to be spent
against the donor’s charitable aims.
These funds are classified under three headings:
Unrestricted permanent endowment
: where the donor has
specified that the fund is to be permanently invested to
generate an income stream for the general purposes of the
Group, the fund is classified as an unrestricted
permanent endowment.
Restricted permanent endowment
: Where the donor has
specified that the fund is to be permanently invested to
generate an income stream to be applied for a restricted
purpose, the fund is classified as a restricted permanent
endowment.
Restricted expendable endowment
: Where the donor has
specified a particular objective other than the acquisition
or construction of tangible fixed assets, and that the Group
must or may convert the donated sum into income, the fund
is classified as a restricted expendable endowment.
Total return
Investment gains on permanent endowment assets are
recognised in the Statement of Comprehensive Income as
accrued. The gains are recorded within the Group's permanent
endowment reserves as unapplied return.
For unrestricted permanent endowments unapplied return is
transferred to unrestricted reserves under a spend rule based
on the estimated long-term investment real rate of return. This
is calculated as a percentage (currently 4.0%) of the value of the
brought forward endowment.
Indexation of permanent endowment capital
UK charity law requires the University to maintain the charitable
benefit of all permanent endowments in perpetuity. The
University has adopted a policy of indexing brought forward
permanent endowment capital by the Consumer Price Index
(CPI) to maintain the original capital value in real terms. A
transfer is made on an annual basis from unapplied return to an
indexation reserve (a subset of permanent endowment capital).
7. Employee benefits
Short-term employee benefits
Short-term employment benefits such as salaries and
compensated absences are recognised as an expense in the
year that employees render service to the Group. A liability is
recognised at each date of the Statement of Financial Position
to the extent that employee holiday allowances have been
accrued but not taken, the expense being recognised as staff
costs in the Statement of Comprehensive Income.
Post-employment benefits (pensions)
The three principal pension schemes for the Group's staff are
the Universities Superannuation Scheme (USS), the OUP Group
Pension Scheme (OUP Group) and the University of Oxford
Staff Pension Scheme (OSPS). The Group also contributes on
behalf of its employees to a number of other pension schemes
including Superannuation Arrangements of the University of
London (SAUL), the Medical Research Council Pension Scheme
(MRCPS), overseas schemes and the NHS Pension Scheme.
The principal schemes are all defined benefit schemes, which
are externally funded and until April 2016 were contracted out
of the State Second Pension (S2P). Each fund is valued every
three years by professionally qualified independent actuaries.
The defined benefit portion of the OSPS scheme is no longer
available to new members.
USS, OSPS, SAUL and MRCPS are multi-employer schemes
for which it is not possible to identify the assets and liabilities
belonging to individual institutional members due to the
mutual nature of the schemes, and therefore these schemes
are accounted for as defined contribution retirement benefit
schemes.
The OUP Group scheme is not a multi-employer scheme and is
therefore accounted for as a defined benefit scheme under FRS
102 section 28. The University contributes to USS, OUP Group,
OSPS, SAUL and MRCPS at rates set by the scheme actuaries
and advised to the University by the scheme administrators.
The University contributes to the NHS Pension Scheme at rates
in accordance with the government’s actuary’s report on the
scheme.
The amount charged to the Statement of Comprehensive
Income represents the contributions payable to each scheme
in respect of the accounting period, excluding any extra costs
incurred related to clearing scheme deficits already provided for.
For defined benefit schemes that are not accounted for as multi-
employer schemes, the amounts charged to operating profit are
the current service costs and gains and losses on settlements
and curtailments. They are included as part of staff costs. Past
service costs are recognised immediately in the Statement
of Comprehensive Income if the benefits have vested. If the
benefits have not vested immediately, the costs are recognised
over the period until vesting occurs. The net interest cost on the
net defined benefit liability is reported as other finance expense
in the Statement of Comprehensive Income. Actuarial gains and
losses, together with the return on plan assets, are recognised
immediately as Other Comprehensive Income.
Accounting policies – continued
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Most defined benefit schemes are funded, the assets of the
schemes being held separately from those of the Group in
separate trustee-administered funds. Pension scheme assets
are measured at fair value and liabilities are measured on an
actuarial basis using the projected unit method, and discounted
at a rate equivalent to the current rate of return on a high-
quality corporate bond of equivalent currency and term to the
scheme liabilities. The actuarial valuations are obtained at least
triennially and are updated at each date of the Statement of
Financial Position. The resulting defined benefit asset or liability,
net of any related deferred tax, is presented separately after
other net assets on the face of the Statement of
Financial Position.
A liability is recorded within provisions for any contractual
commitment to fund past deficits within the multi-employer
schemes as determined by the scheme management.
The associated expense is recognised in the Statement of
Comprehensive Income.
8. Taxation
The University is an exempt charity as listed under Schedule 3
of the Charities Act 2011 and is defined as a charity within
the meaning of Paragraph 1 of Schedule 6 to the Finance Act
2010. Accordingly, the University is potentially exempt from
taxation in respect of income or capital gains received within
categories covered by Sections 472–488 of the Corporation Tax
Act 2010 and Section 256 of the Taxation of Chargeable Gains
Act 1992 to the extent that such income or gains are applied to
exclusively charitable purposes.
8.1. Value added tax (VAT)
Most of the Group's principal activities are not subject to VAT,
but publishing sales, certain activities and other ancillary
supplies and services are taxable for VAT purposes. Where VAT
charged by suppliers is not recoverable, it is included within the
relevant expenditure or as part of the cost of fixed assets.
8.2. Overseas tax liabilities
For its publishing activities, the Group may incur current tax
liabilities, particularly related to non-UK taxation. These liabilities
are provided for at amounts expected to be paid (or recovered)
based on taxation rates and laws that have been enacted or
substantively enacted by the date of the Statement of Financial
Position.
8.3. Deferred tax
Deferred tax is recognised in respect of all timing differences
that have originated but not reversed at the date of the
Statement of Financial Position, where transactions or events
that result in an obligation to pay more tax in the future or a
right to pay less tax in the future have occurred at the date
of the Statement of Financial Position. Timing differences
are differences between the Group’s taxable profits and its
results, as stated in the financial statements that arise from the
inclusion of income or expenses in tax assessments in periods
different from those in which they are recognised in the financial
statements.
Deferred tax assets are recognised only to the extent that, on the
basis of all available evidence, it can be regarded as more likely
than not that there will be suitable taxable profits from which
the future reversal of the underlying timing differences can be
deducted.
8.4. Commercial trading and subsidiary companies
The University’s commercial trading activities are primarily
conducted through its subsidiary companies. These companies
are subject to VAT on the applicable income and corporation tax
on taxable profits of UK subsidiary companies. However, most
of the taxable profits are distributed to the University under Gift
Aid to the extent that the companies have distributable reserves,
thereby eliminating corporation tax liability. Commercial activity
undertaken outside the UK may be subject to local taxation in
those jurisdictions.
9. Intangible assets and goodwill
9.1. Acquired licences
Acquired publishing lists, which are classed as intangible assets,
are amortised on a straight-line basis over their estimated
economic life. This period is deemed to be between three and
ten years, depending on the nature of the list acquired.
9.2. Software licences
Software licences with a cost over £50,000 and an economic life
of longer than 12-months are capitalised as intangible assets.
The licences are then amortised over their useful life of up to
five years or the remaining length of the licence, whichever is
shorter.
9.3. Datasets
Datasets are research-related intellectual property costs. In
accordance with FRS 102, where these costs are measurable
and have been incurred by a third party and are donated or sold
to the Group, they are capitalised and written down over their
useful life of up to 10 years.
9.4. Intangible current assets – pre-publication costs
Pre-publication external costs directly attributable to the
development of individual print publications are capitalised
and amortised over a period of 12 months from the date of
publication. As per FRS 102 section 18, editorial salaries and
associated overheads are not capitalised.
9.5. Internally generated intangible assets
No internally generated intangibles are capitalised, as the
future inflow of economic benefits cannot be shown to be
probable. Research and development costs are written off to the
Statement of Comprehensive Income as incurred.
9.6. Goodwill
Goodwill arises from consolidation and is the difference
between the fair value of the consideration given for the
acquired entity and the fair value of its separable net assets at
the date of acquisition.
Goodwill is amortised on a straight-line basis over its
estimated useful life, which is between five and ten years. A
full year’s amortisation is recognised in the year of acquisition.
Accounting policies – continued
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Goodwill is assessed for impairment indicators at each
Statement of Financial Position date. Where objective evidence
of impairment is identified, an impairment loss is recognised
in the Statement of Comprehensive Income.
The recoverable amount of goodwill is determined based on the
present value of the future cash flows from the cash-generating
units to which the goodwill belongs.
Negative goodwill relating to non-monetary assets is released
to the Statement of Comprehensive Income, as those assets
are recovered through depreciation or sale. Negative goodwill in
excess of the fair values of the non-monetary assets is released
to the Statement of Comprehensive Income in the period in
which the non-monetary assets are recovered.
10. Property, plant and equipment
Property, plant and equipment (PPE) consists of equipment,
software and vehicles costing over £50,000 and capital building
projects over £100,000, land and completed buildings having a
useful economic life of greater than 1 year and not intended
for resale.
10.1. Property, plant and equipment
10.1.1. Measurement and depreciation
PPE, other than properties held for investment purposes,
is stated at historical cost. The Group depreciates PPE on
a straight-line basis over their estimated useful lives. The
depreciation periods are as follows:
Freehold buildings: 30–55 years
Building plant and equipment and temporary buildings:
10–20 years
Buildings on National Health Service sites: 50 years
Properties held under Finance Lease: 30–55 years
Refurbishments on leasehold properties: 20 years, or the
period of the lease if shorter
Equipment: 5–10 years, unless the research project or
expected asset life is shorter
Freehold land and assets in the course of construction are not
depreciated.
10.1.2. Impairment
PPE is assessed for indicators of impairment at each Statement
of Financial Position date. If any indicator for impairment is
noted, impairment assessment is performed. If an asset’s
recoverable value is lower than its book value, an impairment
loss is recognised in the Statement of Comprehensive Income.
The recoverable value is defined as the higher of the fair value
less costs to sell or the value in use.
If circumstances indicate a potential reversal of a previously
recognised impairment, the impairment loss may be reversed
only to the extent that the new carrying amount does not
exceed the amount that would have been recognised had no
impairment occurred.
10.1.3. Maintenance and expenditure
Routine expenditure to ensure that asset maintains its
previously recognised standard of performance is recognised in
the Statement of Comprehensive Income in the period in which
it is incurred. The Group maintains a planned maintenance
programme, which is reviewed on an annual basis to ensure that
all assets remain functional and in good condition.
10.1.4. Borrowing costs
Borrowing costs related to the purchase or construction
of PPE are recognised as an expense in the Statement of
Comprehensive Income during the period in which they are
incurred.
10.2. Donated assets
10.2.1. Valuation
The Group receives donations in the form of benefits in kind,
including gifts of equipment, works of art and property. Donated
assets that are of significant value and meet the Group's
capitalisation thresholds, and which the Group would otherwise
treat as PPE if purchased, are capitalised at their fair value on
receipt.
The fair value of donated assets is determined based on
independent valuation, where possible, or using the best
available evidence. Valuations may be provided by recognised
valuers. Where external valuations are unavailable, in-house
experts, who are recognised authorities on the specific area
they curate, undertake the valuations.
10.2.2. Depreciation
Once capitalised, donated assets are depreciated in accordance
with the Group's PPE policy, as outlined in the Property, plant
and equipment section. Assets with indefinite useful lives are
not depreciated but are subject to regular review for impairment
in line with FRS 102.
10.2.3. Recognition
The value of donated assets is recognised as income in the
Statement of Comprehensive Income in the financial year in
which the donation is received. This treatment aligns with the
principles set out in FRS 102 section 24 for government grants
and donated assets.
11. Leases
The Group assesses all agreements to establish the existence
of a lease and recognises as finance lease or operating lease
where criteria is met.
11.1. Group as lessee
Leases in which the Group assumes substantially all the risks
and rewards of ownership of the leased asset are classified
as finance leases for agreements that exceed £100,000,
being the minimum value at which PPE is capitalised. The
lease is deemed to have commenced from the point control is
transferred over from the lessor to the lessee.
11.1.1. Finance lease
Finance leases are recognised at the commencement date of
the lease. Finance lease assets comprising mainly land and
buildings are measured at cost less accumulated depreciation
and impairment losses. The costs include the amount of the
initial measurement of the lease liability; any lease payments
made at or before the commencement date less lease
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97
incentives received; any direct costs; and an estimate of
dismantling costs. The carrying amount is further adjusted for
any remeasurement of the lease liability including changes to
CPI. Depreciation is expensed to the income and expenditure
statement on a straight-line basis over the lease term. The lease
term includes the non-cancellable period of lease together with
any extension or termination options that are reasonably certain
to be exercised.
11.1.2. Lease liabilities
Lease liabilities are measured at the lower of fair value or
present value of minimum lease payments, discounted using
the interest rate implicit in the lease or, if that rate is not
readily determinable, the Group’s incremental borrowing rate
is applied. Lease liabilities are subsequently adjusted for any
lease payments made and interest accrued, with the interest
calculated using the ‘effective interest method’. Maturity
analysis of future cash flows is disclosed in note 37. Lease
liabilities are remeasured at each reporting period where
applicable to include changes in CPI.
11.1.3.
Dilapidations
Dilapidations are recognised where there is a present obligation
to repair and restore leased properties to their preoccupancy
state at the end of the lease term. The provision is based on
best estimates for individual properties with reference to future
expected changes in prices.
11.2. Operating lease as a lessor
The Group leases owned properties and sublets leased
properties under operating lease arrangement, primarily land
and buildings. Lease income is recognised on a straight-line
basis over the lease term. The leased asset continues to be
recognised on the statement of financial position under PPE.
11.3. Operating lease as lessee
Costs associated with operating leases are recognised on a
straight-line basis over the lease term. Future commitments
under operating leases are disclosed in note 35. Any lease
premiums or incentives are spread evenly over the minimum
lease term, with the difference between expenditure recognised
and cash flow benefits received recognised as a liability. This
liability is released to the Statement of Comprehensive Income
over the lease term.
12. Heritage assets
Heritage assets are individual objects, collections, specimens
or structures of historic, scientific or artistic value that are held
and maintained by the Group primarily for their contribution to
knowledge and culture. The University of Oxford holds world-
class collections housed across various institutions including,
but not limited to, the Ashmolean Museum, the Museum of
Natural History, the Pitt Rivers Museum and the Bodleian
Libraries.
12.1. Collections management
The Group adheres to national accreditation standards in the
management of its major collections, which include:
preserving, conserving and managing objects to ensure their
longevity
augmenting collections where possible, within available
resources
facilitating and encouraging the use of collections for
teaching, research and public engagement
enabling public access and interaction with the collections,
contributing to cultural and educational engagement.
For items not on public display, request can be made to access
the asset privately with the collection staff; this is mainly for
research purposes. All heritage assets are kept securely in the
displays and those not on display are kept in secure storage.
The heritage asset collections are routinely checked by the
museum or library specialist conservation teams to ensure
they are being preserved for future generations. A record
of all inspections, observations and repairs undertaken are
maintained. Any damage identified or concerns over their
condition is noted and where possible restored. In some cases,
exhibits are rotated between being on display and in storage.
Assets in storage are kept in bespoke boxes and containers
depending on the type of asset, with the aim of preserving them.
Access to heritage assets can be arranged by appointment with
the conservators.
Heritage assets are recorded in the Group’s asset register.
These are verified with the departmental quarterly returns to
confirm the existence and condition of the assets.
The costs that enhance the value of a heritage asset or extend
its economic life are capitalised as part of the asset's carrying
amount. Routine maintenance and operational costs that
do not significantly increase the asset’s value or lifespan are
recognised as expenses in the period they are incurred.
12.2. Valuation and recognition
12.2.1. Heritage assets acquired before 1 August 1999
The majority of the collections were acquired before 1 August
1999. For these assets, information regarding purchase price
or historical value is either unavailable or unobtainable at a
cost that is commensurate with the benefits of reporting such
information. Therefore, these heritage assets are excluded from
the financial statements. This results in a partial inclusion of
heritage assets in the balance sheet.
12.2.2. Heritage assets acquired after 1 August 1999
Heritage assets acquired after 1 August 1999 are capitalised
in the financial statements at cost or deemed cost, where
applicable. The Group uses independent valuations for assets
donated or acquired through schemes like the Acceptance
in Lieu of Tax scheme managed by Arts Council England in
conjunction with HMRC. These assets are accounted for at the
equivalent tax value they are assigned when donated in lieu of
tax.
Where independent valuation is not feasible, the Group relies
on the expertise of its in-house curators. These experts are
recognised authorities in their fields and intimately familiar
with the collections they manage, ensuring accurate and fair
valuations.
12.2.3. Capitalisation threshold
Heritage assets with a value exceeding £50,000 are capitalised
and recognised in the balance sheet at their acquisition cost,
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valuation or tax in lieu amount, whichever is applicable. Heritage
assets with a value below £50,000 are expensed to income and
expenditure in the year of acquisition.
12.3 Disposal
The Group has a strict disposal policy, only removing items
from its collections in exceptional circumstances (eg due to
irreparable damage or in accordance with ethical and legal
obligations). Disposals are rare and follow a rigorous approval
process that involves curators and governing bodies. When a
heritage asset is disposed of, it is removed from the Statement
of Financial Position. The gain or loss on disposal is calculated
as the difference between the carrying amount of the asset
and the proceeds received and is included in Comprehensive
Income.
12.4. Depreciation and impairment
Heritage assets are not depreciated, in line with FRS 102,
because their long economic life and high residual value render
depreciation immaterial. However, these assets are subject
to an annual impairment review. If evidence suggests that
the value of a heritage asset has decreased, the impairment
is recognised in the Statement of Comprehensive Income in
accordance with applicable accounting standards.
13. Investments
13.1. Initial recognition and measurement
All investments are initially recognised at cost and subsequently
measured at fair value at each reporting date. If fair value
cannot be reliably measured or if investments are not publicly
traded, they are measured at cost less impairment.
13.2. Listed investments and properties
Listed investments and properties held as fixed asset
investments and endowment asset investments are stated at
market value at the balance sheet date.
13.3. Unquoted companies and spinouts
Investments in unquoted companies are valued in accordance
with the International Private Equity and Venture Capital
Guidelines (the ‘IPEVC Guidelines’) endorsed by the British and
European Venture Capital Associations. Specifically, ‘where the
investment being valued has been subject to a recent trade,
its cost may provide a good indication of fair value unless
there is objective evidence that the investment has since been
impaired, such as observable data suggesting a deterioration
of the financial, technical, or commercial performance of
the underlying business’. In other cases where management
conclude there is no reliable measurement of fair value, unlisted
equity investments are held at cost less impairment. In the
circumstance where a reliable fair value had been previously
available but can no longer be determined, the previous value
is deemed to be the cost for the purpose of measuring the cost
and then reviewed for impairment. Where there has been no
funding round then spinouts are held at the original cost of the
share subscription.
13.4. Investment properties
Investment properties are measured at fair value based on
valuations undertaken by an independent chartered surveyor.
The properties are revalued annually and every property is
subject to a physical inspection in a three-year cycle. During the
intervening two years, valuations follow desk-based reviews.
13.5. Subsidiaries and associates
Investments in subsidiaries and associated undertakings
are accounted for under the cost model and recognised at
transaction cost less accumulated impairment losses. Virtually
all associates are part of the investment in the spinout portfolio
and are valued on the same basis as the spinout investments.
13.6. Oxford Funds and CUUT
Following the formation of a Charitable Unauthorised Unit
Trust (CUUT) to hold the Oxford Funds in June 2018, the
dividend received from the Oxford Funds has been recognised
in investment income. This accounting policy is based on the
CUUT being held as part of an investment portfolio, and meets
the criteria in FRS 102 section 9.9(b) to be held at fair value: ‘an
interest is held as part of an investment portfolio if its value to
the investor is through fair value as part of a directly or indirectly
held basket of investments rather than the media through
which the investor carries out business.’ For note 19, the Group
Statement of Financial Position will show the fair values of
the Group's portion of the CUUT. The Consolidated Cash Flow
Statement will show any cash movements relating to investing
activities in the CUUT such as redemptions or purchases, in
‘cash flows from investing activities’. Any cash flows from
the underlying investments to the CUUT are not visible, nor is
dividend or interest income directly from the investments in the
CUUT included in the Group accounts.
13.7. Revaluation
All gains and losses on investment assets, whether realised or
unrealised, are recognised in the Statement of Comprehensive
Income as they accrue.
13.8. Impairment
All investments are reviewed regularly for indications of
impairment. Where there is evidence that an investment's
carrying amount may not be recoverable, the asset is written
down to its recoverable amount. The impairment loss is
recognised immediately in the Statement of Comprehensive
Income.
The recoverable amount is determined as the higher of fair value
less costs to sell or value in use, and subsequent reversals of
impairment are recognised in the Statement of Comprehensive
Income when supported by evidence of recovery.
13.9. External entities
Until the creation of the Oxford Collegiate Feeder Fund, external
entities such as colleges and other bodies closely associated
with the University could invest in the Oxford Endowment and
Oxford Capital Funds. Since it was not possible to show the
specific investments of these entities in the various funds, the
amounts held on their behalf by the Group were shown as a
deduction from the Group's investment assets. Since 1 July
2018 the external entities can invest directly in the Oxford
Collegiate Feeder Fund and no deduction is required.
Accounting policies – continued
Annual Report and Accounts 2024/25
99
14. Inventories and work in progress
Stock and work in progress are valued at the lower of cost
and selling price less costs to sell. Cost includes all direct
expenditure except that, in the case of finished books and work
in progress, editorial salaries and the related overheads are not
included. Development costs associated with the compilation
of major new reference works, the revenues from which are long
deferred, are written off as they are incurred. Development costs
associated with electronic publications are also written off as
they are incurred.
Selling price less costs to sell is the amount for which the stock
can be realised in the normal course of business after allowing
for the costs of realisation and, where appropriate, the cost of
conversion from its existing state to a finished condition.
Consumables are charged to the Statement of Comprehensive
Income as purchased or released from stores.
15. Cash and cash equivalents
Cash includes cash in hand, cash held at bank, deposits
repayable on demand, and any overdrafts that are part of a
pooling arrangement and a right of offset exists, otherwise this
is recognised in creditors due within one year. Deposits are
classified as repayable on demand if they are for withdrawal
within 24 hours without penalty.
Cash equivalents are highly liquid investments with short-term
maturities that are easily convertible into known amounts of
cash with insignificant risk of change in value. These include
term deposits and other instruments held as money market
investments.
Cash and cash equivalents also include amounts tied to
endowment reserves, subject to specific restrictions on their
disbursement. These restrictions are disclosed in note 30.
16. Financial instruments
The Group applies the recognition, measurement, disclosure
and presentation requirements of FRS 102, as they pertain to
financial instruments.
16.1. Financial assets
Basic financial assets, such as trade and other receivables, and
cash and cash equivalents, are initially recognised at transaction
price. If any arrangement constitutes a financing transaction,
financial assets are subsequently carried at amortised cost,
calculated as the present value of future cash flows discounted
at the original effective interest rate of the financial asset.
16.1.1. Impairment of financial assets
At each reporting date, financial assets are reviewed for
impairment. If there is such evidence, an impairment loss is
recognised immediately in the Statement of Comprehensive
Income. For financial assets carried at amortised cost, the
impairment loss equals the difference between the asset’s
carrying amount and the present value of the future cash flows,
discounted at the original effective interest rate. For financial
assets carried at cost less impairment, the impairment loss
equals the difference between the asset’s carrying amount and
the best estimate of the amount that would be received for the
asset if it were to be sold.
Any previously recognised impairment loss is reversed and
credited in the Statement of Comprehensive Income where
conditions indicate recovery in value.
16.1.2. Other financial assets
Other financial assets, including equity investments that are not
subsidiaries, associates or joint ventures, are initially measured
at fair value, typically based on the transaction price. These
assets are subsequently remeasured at fair value, with changes
recognised in the Statement of Comprehensive Income. Where
the fair value cannot be reliably measured, the assets are held at
cost less impairment.
16.1.3. Derecognition of financial assets
A financial asset is derecognised when the Group's contractual
rights to the cash flows expire or settled, or when the asset is
transferred substantially to another party, with all its risks and
rewards of ownership or control of the asset.
16.2. Financial liabilities
Basic financial liabilities include trade and other payables as
well as bank loans and bonds, initially recognised at transaction
price. If the arrangement constitutes a financing transaction,
financial liabilities are measured at the present value of the future
payments, discounted at the original effective interest rate.
16.2.1. Bonds
The Group issued long-term unsecured bonds in December
2017 and January 2020, which are listed on the London Stock
Exchange. The bonds were initially recognised at the proceeds of
issue less transaction costs. After initial recognition, the bonds
are carried at amortised cost using the effective interest rate
method, with transaction costs expensed over the life of the
bond (see note 26).
16.2.2. Derivatives
Derivatives, including forward foreign exchange contracts, are
not classified as basic financial instruments. Derivatives are
initially recognised at fair value and subsequently re-measured
at fair value at each reporting date. Changes in the fair value of
derivatives are recognised in the Statement of Comprehensive
Income under finance costs or income. The fair value of forward
foreign exchange contracts is determined by comparing the
discounted contractual price with the discounted price at forward
rates at the balance sheet date.
16.2.3. Derecognition of financial liabilities
A financial liability is derecognised when the obligation specified
in the contract is discharged, cancelled or expires.
17. Related party transactions
The Group identifies all related parties using the Register of
Interest for all members of Council and senior staff, which is
updated regularly to capture any material financial interests.
Any entities that are controlled or jointly controlled by members
of Council or key management personnel are captured. Control
is assessed by evaluating the ability of the related party to direct
the financial and operating policies of an entity, either individually
or jointly.
Accounting policies – continued
100
Annual Report and Accounts 2024/25
Voluntary disclosure is made on key partners with which the
Group is considered to have a significant working relationship.
All related party transactions that are identified can be found
in note 33.
18. Segmental information
The Group provides segmental reporting to reflect its operations
in different classes of business. The segments have been
identified based on the nature of activities, product and services
offered and internal management structure. In addition, the
Group also considers guidance on quantitative thresholds (10%
of revenue, income or expenditure and assets) to identify its
reportable segment. The Group considers Academic and Press
as two reportable segments. These segments also reflect how
the financial information is reviewed, and resources allocated
and managed. Council acts as the Chief Operating Decision
Maker (CODM) for the Group and regularly reviews the financial
information pertaining to the operating segments in their
meetings.
The Oxford Funds collective investment is not part of the Group
and is therefore not a separate reportable segment, other than
accounting for the income generated for the Group.
Further detail on the Group's segmental performance, including
income, operating results and assets for each segment, is
provided in note 15 of the Group financial statements.
19. Provisions, contingent liabilities and
contingent assets
19.1. Provisions
Provisions are recognised in the financial statements when:
the Group has a present obligation (legal or constructive) as
a result of a past event;
it is probable that an outflow of economic benefits will be
required to settle the obligation; and
a reliable estimate can be made of the amount of the
obligation.
Provisions are reviewed at each reporting date and adjusted to
reflect current best estimates in compliance with FRS 102.
Where the effect of the time value of money is material,
provisions are discounted using a pre-tax rate that reflects
current market assessments of the time value of money and the
risks specific to the liability. The unwinding of any discount is
recognised as a finance cost in the Statement of Comprehensive
Income.
19.2. Contingent assets
A contingent asset arises when an event has occurred that
gives the Group a possible asset, the existence of which will
be confirmed only by the occurrence or otherwise of uncertain
future events not wholly within the control of the Group.
Similar to contingent liabilities, contingent assets are not
recognised in the Statement of Financial Position but are
disclosed in the notes to the financial statements if it is probable
that an inflow of economic benefits will arise.
19.3. Contingent liabilities
A contingent liability is disclosed when either:
the Group has a possible obligation as a result of a past
event whose existence will only be confirmed by the
occurrence or otherwise of uncertain future events not wholly
within the control of the Group; or
a provision would otherwise be recognised, but it is not
probable that an outflow of economic benefits will be
required, or the amount of the obligation cannot be reliably
measured.
Contingent liabilities are not recognised in the Group’s
Statement of Financial Position, but are disclosed in the notes to
the financial statements.
20. Critical accounting judgements and
key sources of estimation uncertainty
The Group prepares its consolidated financial statements in
accordance with FRS 102, as issued by the Financial Reporting
Council, the application of which often requires judgements to
be made by management when formulating the consolidated
financial position and results. Under FRS 102, management is
required to adopt those accounting policies most appropriate
to the circumstances for the purpose of presenting fairly the
Group’s financial position, financial performance and cash flows.
In determining and applying accounting policies, judgement is
often required in respect of items where the choice of specific
policy, accounting estimate or assumption to be followed could
materially affect the reported results or net asset position of
the Group; it may later be determined that a different choice
would have been more appropriate. Although these estimates
are based on management’s best knowledge, actual results
may ultimately differ from those estimates. The estimates and
underlying assumptions are reviewed on an ongoing basis.
Management has made a number of judgements and estimates
in applying the Group’s accounting policies, which are discussed
below:
20.1. Judgements
The critical judgements made in the process of applying the
Group's accounting policies and that have the most significant
effect on the amounts recognised in the financial statements are
as follows.
20.1.1. Recognition of research income
The Group has applied judgement as to when the performance
conditions are met and accordingly recognised the research
income. For funding from Research Councils and the European
Commission, income is recognised in line with expenditure,
as this establishes the right to receive funding. Similarly,
income from charities and industry is generally recognised on
a reimbursement basis as costs are incurred, creating the right
to reimbursement. Income from contracts with no performance
conditions are recognised immediately.
Accounting policies – continued
Annual Report and Accounts 2024/25
101
20.1.2. Recognition of donations
The Group reviews donations, new endowments,
and other gift agreements to assess whether
performance conditions exist, if any, as some
contracts may present ambiguity. Management
evaluates contracts to determine when performance
conditions have been met and recognises income
accordingly. These performance conditions could
be in the form of specific deliverables, project
milestones or formal reports issued. Income from
contracts with no performance conditions are
recognised immediately. As a result, the significant
donation committed to the Schwarzman Centre
has been deferred at the balance sheet date, since
completion of the building represents a performance
condition. This income is expected to be recognised
in the next financial year when the building is
completed.
20.1.3. Valuation of spinout companies
Management assesses whether individual
spinout companies can be valued at a recent
trade valuation, if those occurred in the last 12
months from the reporting period. If the trade is not
recent and took place beyond the last 12 months,
management recognises the valuation at deemed
cost less impairment and applies a discount where
appropriate to reflect the increased uncertainty.
20.1.4. Leases – discount rate
The discount rate used to calculate the lease
liability is the rate implicit in the lease, if it can be
readily determined, or the lessee’s incremental
borrowing rate if not. Incremental borrowing rates
are determined using factors including term, credit
rating and start date of the lease. The incremental
borrowing rate is determined based on a series
of inputs including: the risk-free rate based on
government bond rates; a country-specific risk
adjustment; a credit risk adjustment based on the
Group’s bond yields; or equivalent institutions with
similar credit rating where the term of lease is more
closely aligned.
20.2. Sources of estimation uncertainty
The preparation of the Group’s financial statements
requires management to make estimates that affect
the reported amounts of assets, liabilities, income
and expenditure. The key sources of estimation
uncertainty at the reporting date that may have a
significant risk of causing a material adjustment to
the carrying amounts of assets or liabilities within
the next financial year are detailed below.
20.2.1. Investment properties
The Group’s investment properties are measured
at fair value. The valuation is conducted by an
independent chartered surveyor at each reporting
date. Key assumptions used in the valuation include
assessments of market value per acre, future
development costs and appropriate discounts for
planning and delivery risks. The basis of valuation is
further detailed in the accounting policy investments
in section 13. See note 19 regarding the sensitivity
analysis performed in relation to investment
properties.
20.2.2 Spinout companies
Investments in spinout companies are valued based
on management's assessment of the financial,
technical and commercial performance of the
underlying businesses since the last funding round.
The assessment also considers changes in the
company's market conditions and commercial
prospects. Valuation adjustments may be made if
there is evidence of a deterioration or improvement
in these areas since the last valuation date. The
valuations are reviewed periodically to ensure they
reflect the latest available information.
See note 19 regarding the sensitivity analysis
performed in relation to spinout companies.
20.2.3. OUP defined benefit pension scheme
The liability for the Oxford University Press (OUP)
defined benefit pension scheme is estimated based
on a range of actuarial assumptions, including
discount rates, inflation, life expectancy and salary
growth. These assumptions are reviewed regularly
and are subject to actuarial valuation to ensure
accuracy. Sensitivity analyses are conducted
to assess the potential impact of changes in
these assumptions on the overall liability. These
assumptions, as well as a sensitivity analysis of their
impact on the liability, are outlined in note 34.
Accounting policies – continued
102
Annual Report and Accounts 2024/25
Annual Report and Accounts 2024/25
103
Notes to the Financial Statements
1. Tuition fees and grant income
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Tuition fee income
Fee income for taught awards
349.5
317.6
349.5
317.6
Fee income for research awards
103.5
94.9
103.5
94.9
Fee income from non-qualifying courses
150.2
138.5
120.6
112.2
Total
2
603.2
551.0
573.6
524.7
Grants
Grant income from the OfS
17.6
17.8
17.6
17.8
Grant income from other bodies
206.6
206.9
206.6
206.9
Total
3
224.2
224.7
224.2
224.7
2. Tuition fees and education contracts
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Full-time students
Home
126.5
125.2
126.5
125.2
EU*
0.4
2.6
0.4
2.6
Overseas and other fees
275.5
250.0
275.5
250.0
Part-time students
Home
16.3
13.3
16.3
13.3
EU*
0.2
0.4
0.2
0.4
Overseas and other fees
34.1
21.0
34.1
21.0
Other fees and education contracts
Professional and non-matriculated courses
85.6
77.5
56.0
51.2
Examination and other fees
1.3
1.3
1.3
1.3
Research training support grants
63.3
59.7
63.3
59.7
Total
603.2
551.0
573.6
524.7
Students from the EU who started their courses from 2021/22 onwards are charged fees at overseas rates and are included as part
of overseas and other fees.
104
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
3. Funding body grants
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Recurrent grants
OfS
15.0
14.9
15.0
14.9
Research England
168.9
166.0
168.9
166.0
Specific grants
Museums, Galleries and Collections Fund
4.1
3.9
4.1
3.9
Higher Education Innovation Fund
6.7
6.7
6.7
6.7
OfS capital grants
2.6
2.9
2.6
2.9
Research England capital grants
23.7
22.1
23.7
22.1
Others
3.2
8.2
3.2
8.2
Total
224.2
224.7
224.2
224.7
4. Research grants and contracts
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
UK funders
Research Councils
199.2
181.9
198.8
181.4
UK government and health authorities
125.2
115.6
125.2
115.6
UK charities
178.2
176.3
178.2
176.3
UK industry and commerce
47.2
58.7
47.2
58.7
UK other sources
4.2
5.3
4.2
5.3
EU funders
European Commission and other EU
government bodies
39.6
45.3
39.6
45.3
EU-based charities
1.7
2.0
1.7
2.0
EU-based industry and commerce
52.0
40.9
52.0
40.9
EU other sources
6.8
6.1
6.8
6.1
Other overseas funders
Other overseas charities
36.7
35.3
36.7
35.3
Other overseas industry and commerce
43.0
48.4
43.0
48.4
Other overseas sources
67.5
63.1
67.4
62.5
Total
801.3
778.9
800.8
777.8
Research grants and contract income includes £17.7m (2024: £14.1m) in respect of capital funding.
Non-UK charity income only includes income from grants that were competitively awarded and externally peer-reviewed.
Annual Report and Accounts 2024/25
105
Notes to the financial statements – continued
5. Publishing services
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Publishing services – UK
105.8
97.4
105.5
100.6
Publishing services – Asia Pacific
227.4
225.8
178.1
178.3
Publishing services – North America
165.1
180.5
165.0
187.1
Publishing services – Europe
145.4
139.5
95.1
83.3
Publishing services – Latin America
37.5
40.1
13.1
12.2
Publishing services – Central Asia,
Middle East, North Africa
28.3
31.4
19.3
24.4
Publishing services – Sub-Saharan Africa
23.7
32.1
2.8
3.4
Total
733.2
746.8
578.9
589.3
This represents income of the Press and associated subsidiaries and shows the sales in each geographical region in which the
Press operates.
6. Other income
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Residences, catering and conferences
7.3
5.8
7.3
5.7
Other services rendered
58.0
77.3
43.0
44.0
National Health Service
16.6
18.4
16.6
18.4
Foreign exchange gain
4.2
1.6
4.3
2.9
Royalty income
103.6
112.8
66.9
84.7
Receipts from educational activities
16.6
16.2
16.7
16.2
Rental income from operating leases
21.3
20.4
21.0
20.6
Capital grants
6.0
3.4
6.0
3.4
Other income
67.2
61.8
119.8
97.0
Total
300.8
317.7
301.6
292.9
Capital Grant income is external funding other than research grants or from OfS/Research England for assets capitalised in the year.
The majority of other income is non-research grants to fund departmental activity within the Group. In addition, the category includes
miscellaneous income across many departments.
106
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
7. Investment income
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Profit on disposal of spinout company
investments
7.1
11.4
6.9
5.7
Dividend from the Oxford Funds
162.5
151.9
159.2
148.7
Other income and interest from investments
35.0
33.9
26.5
24.3
Total
204.6
197.2
192.6
178.7
Profit on disposal of spinout companies includes £3.9m (2024: £3.9m) release of deferred income from Oxford Sciences Enterprise
Plc for the right to purchase share capital in spinout companies (commenced in 2015/16) formed by the University (see note 27),
and realised profit of £3.2m (2024: £7.5m) on the disposal of spinouts. Following the formation of a Charitable Unauthorised Unit
Trust (CUUT) to hold the Oxford Funds in June 2018, the dividend received from the Oxford Funds has been recognised in investment
income.
The CUUT is held as part of an investment portfolio and meets the criteria in FRS 102 section 9.9(b) to be held at fair value. Since the
University invests in the CUUT primarily for fair value gains and the CUUT is not the method through which the University carries out
its business (teaching and research), this is therefore held as part of an investment portfolio.
8. Gains on investments
Group
University
Gains/(losses) on investments comprise:
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Investments held in the Oxford Funds
264.5
164.2
259.2
160.7
Capital account
43.8
46.8
43.8
46.8
Spinouts
36.6
(9.1)
36.6
(6.3)
Investment properties held directly
9.0
17.8
9.0
17.8
Sequoia (see note 20)
48.0
31.0
48.0
31.0
Other investments
1.1
(4.8)
(70.6)
(3.6)
Total
403.0
245.9
326.0
246.4
All investment gains/(losses) are on assets that are held at fair value through income or expenditure except £86.0m (2024:
£132.3m) of the spinout investments (note 19), which did not have a reliable fair value available, and were held at cost less
impairment. The reduction in the value of these investments of £7.7m (2024: £15.0m) is included within the movement in spinout
valuations above.
The Capital Account is structured to allow the Group to regularly draw down from holdings in global equities, global corporate bonds
and UK-focused short-term sovereign bonds.
During the year, the University identified a historical error in the carrying value of investments in wholly owned subsidiaries within
the parent entity’s balance sheet. The correction of £71.6m, which had no impact on the consolidated financial statements, was not
material to the financial statements as a whole and has therefore been accounted for under ‘other investments’ in the current year.
Annual Report and Accounts 2024/25
107
Notes to the financial statements – continued
9. Donations and endowments
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Donations
Donations with restrictions
86.2
68.8
86.2
68.8
Donations without restrictions
14.8
5.6
17.9
8.6
Endowments
New endowments and transfers
49.5
152.9
49.6
152.9
Total donations and endowments
150.5
227.3
153.7
230.3
Donations of assets
3.4
10.7
3.4
10.7
Total
153.9
238.0
157.1
241.0
10. Staff costs
Note
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Wages and salaries
1,148.5
1,057.7
1,075.0
990.1
Social security costs
115.2
99.4
110.5
93.8
Pension costs as paid
34
125.4
130.5
121.7
125.8
1,389.1
1,287.6
1,307.2
1,209.7
Pension provisions
29
1.0
(527.4)
1.0
(523.3)
Total
1,390.1
760.2
1,308.2
686.4
In 2023/24, the Group had a favourable movement of £527.4m in the liability for pension deficit contributions for the Universities
Superannuation Scheme (USS) and the Oxford Staff Pension Scheme (OSPS), as the schemes are in surplus and deficit contributions
are not currently required from members.
2025
FTE
2024
FTE
Average staff numbers by major category:
Academic
1,823
1,898
Research
4,720
4,559
Teaching and research support
1,171
1,104
Departmental support services
4,253
3,930
Library and museum services
871
858
Publishing
4,799
4,924
Central support services
2,018
1,891
Total
19,655
19,164
Subsidiaries – academic
373
339
Average number of full-time equivalent staff
20,028
19,503
108
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
Remuneration of the Vice-Chancellor
2025
£'000
2024
£'000
The emoluments of the Vice-Chancellor who served during
the year were:
Basic salary
427
410
Benefits – taxable
Accommodation
188
103
Payments in lieu of pension contributions
51
49
Pension contributions
-
11
Total remuneration
666
573
Council, under the recommendation of the Senior Remuneration
Committee, is the committee responsible for setting and
reviewing the pay of the Vice-Chancellor. Full details of the
committee membership, remuneration policy and other
associated policies can be found on the University website
https://hr.web.ox.ac.uk/crssuo
.
The Senior Remuneration Committee reviews remuneration
on appointment and biennially thereafter to ensure it remains
competitive. In doing this, the committee takes into account
appropriate benchmarks and context.
In line with procedures, the Vice-Chancellor’s remuneration
was reviewed in 2024. Taking into account the remit and
responsibilities of the role, market rate in UK universities for
jobs of comparable scale, and performance, the committee
recommended a salary increase of 2.5% for 2025 and 2.5%
for 2026. In 2019 an increase in salary for the role of Vice-
Chancellor was agreed, which on appointment Professor
Tracey chose not to take.
The committee was mindful of this when recommending the
salary increase, which acknowledged the experience and tenure
of the current Vice-Chancellor. This is reflected in the increase
in basic salary for the financial year 2024/25 along with the
nationally negotiated pay award, which was applied to all non-
clinical staff salaries.
The role of Vice-Chancellor includes residing in a property
appropriate for undertaking University duties whilst in post.
HMRC rules regarding living accommodation changed in 2021
so that any accommodation provided to the Vice-Chancellor
gives rise to chargeable benefits. The temporary (until January
2026) living accommodation provided to the Vice-Chancellor,
thus, gives rise to a taxable benefit. The Vice-Chancellor
pays tax on this Benefit in Kind and the University partially
reimburses the tax. As stated in the annual report and accounts
for 2023/24, no payments to reimburse tax had yet been made
and they would be included in future remuneration disclosures,
reflecting the years in which the payments are made.
The Vice-Chancellor’s total remuneration for this year therefore
includes an unusually high payment of £91,460 made to
reimburse tax liabilities arising from the provision of residential
accommodation. These reimbursements are recognised on
a cash basis in line with OfS guidance. Of the total amount,
£49,762 relates to tax liabilities on accommodation benefits
received in prior financial years.
The ratios of the Vice-Chancellor’s annualised remuneration
against median remuneration for all staff expressed as
a multiple of median basic salary and a multiple of total
remuneration (including both taxable and non-taxable benefits)
are as follows:
Basic pay
multiple
Total pay
multiple
1
2024/25
compared with academic staff
5.7
7.4
compared with academic University
and subsidiary staff
9.4
12.7
compared with all staff
9.6
13.4
2023/24
compared with academic staff
5.8
6.7
compared with academic University
and subsidiary staff
9.6
11.5
compared with all staff
9.8
11.8
1
The pay multiple calculations compare the total remuneration of the Vice-Chancellor,
including accommodation benefits, with the total remuneration for staff. The total
remuneration for staff however excludes college benefits such as housing allowances.
‘All staff’ comprises ‘Academic University and subsidiary staff’ plus staff employed in
educational publishing activities in the UK, plus staff employed on temporary contracts
through the University’s Temporary Staffing Services (TSS) or on contracts with no fixed
hours.
Trustees
No trustee has received any remuneration or waived payments
from the University during the year in respect of their services
as trustees (2024: £nil).
The total expenses paid to or on behalf of trustees was £1,546
(2024: £4,004).
This represents travel and other expenses incurred in attending
Council and related meetings.
10. Staff costs continued
Annual Report and Accounts 2024/25
109
Notes to the financial statements – continued
10. Staff costs continued
Salary banding
The following table shows the numbers of staff throughout the University whose basic pay exceeded £100,000. Following the
guidance issued by the OfS, amounts reimbursed by another body (such as the National Health Service or the Research Councils),
bonus payments, employer pension contributions, compensation for loss of office and payments under early retirement schemes are
not included in these figures.
A clinical staff member is a member of University who has a substantive academic contract of employment with the University, and
is required, as a condition of their employment, to hold GMC or GDC registration and, where relevant, a licence to practise.
Salary banding
2025
Number of employees
2024
Number of employees
Non-clinical
Clinical
Total
Non-clinical
Clinical
Total
£100,000 to £104,999
40
9
49
40
-
40
£105,000 to £109,999
39
12
51
33
20
53
£110,000 to £114,999
32
20
52
33
4
37
£115,000 to £119,999
30
9
39
23
12
35
£120,000 to £124,999
34
3
37
18
2
20
£125,000 to £129,999
13
13
26
14
7
21
£130,000 to £134,999
22
4
26
14
45
59
£135,000 to £139,999
15
43
58
9
-
9
£140,000 to £144,999
11
-
11
8
-
8
£145,000 to £149,999
11
-
11
13
-
13
£150,000 to £154,999
8
-
8
11
-
11
£155,000 to £159,999
6
-
6
13
-
13
£160,000 to £164,999
15
-
15
9
-
9
£165,000 to £169,999
5
-
5
11
-
11
£170,000 to £174,999
11
-
11
4
-
4
£175,000 to £179,999
9
-
9
6
-
6
£180,000 to £184,999
6
-
6
9
-
9
£185,000 to £189,999
6
-
6
2
-
2
£190,000 to £194,999
5
-
5
-
-
-
£195,000 to £199,999
1
-
1
1
-
1
£200,000 to £204,999
1
-
1
3
-
3
£205,000 to £209,999
5
-
5
3
-
3
£210,000 to £214,999
3
-
3
5
-
5
£215,000 to £219,999
5
-
5
2
-
2
£220,000 to £224,999
3
-
3
1
-
1
£225,000 to £229,999
1
-
1
2
-
2
£230,000 to £234,999
3
-
3
1
-
1
£235,000 to £239,999
1
-
1
-
-
-
£240,000 to £244,999
1
-
1
3
-
3
£245,000 to £249,999
4
-
4
1
-
1
£250,000 to £254,999
1
-
1
1
-
1
£255,000 to £259,999
1
-
1
-
-
-
£270,000 to £274,999
-
-
-
1
-
1
£275,000 to £279,999
1
-
1
-
-
-
£305,000 to £309,999
-
-
-
1
-
1
£320,000 to £324,999
-
-
-
2
-
2
£325,000 to £329,999
1
-
1
-
-
-
£330,000 to £334,999
2
-
2
-
-
-
£360,000 to £364,999
-
-
-
1
-
1
£370,000 to £374,999
1
-
1
-
-
-
110
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
Salary banding
2025
Number of employees
2024
Number of employees
Non-clinical
Clinical
Total
Non-clinical
Clinical
Total
£395,000 to £399,999
1
-
1
1
-
1
£410,000 to £414,999
-
-
-
1
-
1
£425,000 to £429,999
1
-
1
-
-
-
£430,000 to £434,999
-
-
-
2
-
2
£440,000 to £444,999
1
-
1
-
-
-
£635,000 to £639,999
-
-
-
1
-
1
£655,000 to £659,999
1
-
1
-
-
-
Total
357
113
470
303
90
393
10. Staff costs continued
Compensation for loss of office
During the year the University paid £5,379k in compensation
for loss of office to 545 employees (2024: £5,285k to 656
employees). Of the 545 employees, 81 (2024: 137) related to
the Press.
The compensation payments were paid in cash funded from
general income and expenditure reserves, and were made
under University policy as approved by the People Committee.
Key management personnel
Key management personnel are those persons having authority
and responsibility for planning, directing and controlling the
activities of the Group. This includes compensation paid to
key management personnel defined as: the Registrar, Pro-
Vice-Chancellors with portfolio, Heads of Division, the Chief
Executive of the Press and the Chief Financial Officer. The Vice-
Chancellor is excluded from this figure and disclosed above.
2025
£'000
2024
£'000
Key management personnel – total
remuneration
3,480.2
3,835.0
Number of staff FTE
11.9
12.0
Key management personnel –
average remuneration
292.5
320.0
The Trade Union (Facility Time Publication
Requirements) Regulations 2017
The Trade Union (Facility Time Publication Requirements)
Regulations 2017 require us to publish information on trade
union facility time relating to a specific 12-month period.
Facility time is the provision of paid or unpaid time off from an
employee’s normal role to undertake trade union duties and
activities. There is a statutory entitlement to reasonable paid
time off for undertaking union duties.
The number of University employees who were trade union
officials during the period from 1 April 2024 to 31 March 2025
was 23 (20.8 FTE) (31 March 2024 was 32 (29.6 FTE)). The
percentage of time spent by them on facility time was between
0% and 50%. The cost of this activity amounts to £39,800
(2024: £80,776), representing 0.004% (2024: 0.01%) of the total
pay bill in the relevant period. Of the total paid facility time,
the proportion of hours spent on paid trade union activities (ie
activities other than the duties for which there is a statutory
entitlement to reasonable paid time off) was 50.8% (2024:
56.0%).
Annual Report and Accounts 2024/25
111
Notes to the financial statements – continued
11. Operating expenditure
2025
2024
Staff
£’m
Non-staff
£’m
Total
£’m
Total
£’m
Academic departments
480.8
204.7
685.5
621.8
Research grants and contracts
388.2
253.3
641.5
639.9
Academic services
50.3
19.0
69.3
62.4
Publishing
193.7
409.4
603.1
589.5
Residence, catering and conferences
0.6
1.2
1.8
1.7
Bursaries and scholarships
0.6
117.2
117.8
97.1
Premises
28.8
114.0
142.8
138.9
Administration
147.5
88.6
236.1
225.0
Payments to colleges
-
129.9
129.9
122.8
Other expenses
11.3
7.1
18.4
19.8
AstraZeneca third-party costs
-
-
-
4.9
Capital project expenditure
5.4
14.7
20.1
15.4
Movement in pension provision – University
1.0
-
1.0
(523.3)
Interest and other finance costs – University
-
36.4
36.4
46.6
University total
1,308.2
1,395.5
2,703.7
2,062.5
Subsidiary companies – HE
27.7
24.8
52.5
42.7
Subsidiary companies – publishing
50.6
79.4
130.0
141.9
Subsidiary companies – research activity
3.6
4.7
8.3
7.0
Subsidiary companies – AstraZeneca third
party costs
-
-
-
11.3
Movement in pensions provision
-
-
-
(4.1)
Interest and other finance costs
-
0.4
0.4
1.5
Group total
1,390.1
1,504.8
2,894.9
2,262.8
Depreciation and amortisation of £128.9m (2024: £131.0m) are included in the non-staff figures.
112
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
Operating expenditure includes remuneration paid to auditors during the year in
respect of the following services:
Group
2025
£'000
2024
£'000
Group audit:
Audit services (academic University audit)
678
672
Audit services (Press audit for group reporting)
318
253
Audit services (Oxford University Endowment Management Limited for group reporting)
115
112
1,111
1,037
Other audits:
Audit services (the Press for the year ended 31 March)
1,418
1,305
Audit services (the Oxford Fund for the year ended 31 December)
215
197
Audit services (Oxford University Endowment Management Limited and associated
entities for the year ended 31 December)
135
97
Audit services (academic University subsidiaries)
137
193
1,905
1,792
Non-audit service-related fees:
DfE teacher training grant audits
9
8
The Press procedures work
2
36
Oxford University Endowment Management Limited and associated entities procedure work
19
18
30
62
Total fees paid to Group auditors
3,046
2,891
Small subsidiary audits by other audit providers
114
110
US student loan audits of University and colleges
49
41
Total fees to auditors
3,209
3,042
Additional fees of £76k were incurred in 2024/25 for the statutory audit of the 2023/24 financial statements (University and Group).
In 2023/24 £134k in additional fees were incurred for the audit of the 2022/23 financial statements.
12. Depreciation and amortisation
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Intangible assets and goodwill
24.0
28.6
23.9
28.3
Property, plant and equipment
104.9
102.4
101.7
99.9
Total
128.9
131.0
125.6
128.2
13. Interest and other finance costs
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Interest on loans
6.0
7.5
5.6
6.0
Net charge on pension schemes
3.3
14.7
3.3
14.7
Interest on bond
25.3
25.3
25.3
25.3
Interest on finance lease
2.2
0.6
2.2
0.6
Total
36.8
48.1
36.4
46.6
11. Operating expenditure continued
Annual Report and Accounts 2024/25
113
Notes to the financial statements – continued
14. Taxation
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
UK corporation tax
(0.2)
(1.5)
-
-
Non-UK corporation tax
14.7
13.3
3.2
3.9
Taxation charge for the year
14.5
11.8
3.2
3.9
There were no material reconciling items in respect of prior years.
Factors affecting the tax charge
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Surplus before taxation
525.9
1,025.2
448.4
1,000.7
Surplus on ordinary activities multiplied by
the standard rate of corporation tax of
25% (2024: 25%)
131.5
256.4
112.1
250.2
Less tax due on surplus falling within
charitable exemption
(122.2)
(247.0)
(110.7)
(248.1)
Effect of overseas tax rates
4.2
4.0
1.6
2.7
Permanent differences
-
(0.2)
0.2
(0.3)
Other differences
1.0
(1.4)
-
(0.6)
Taxation charge for the year
14.5
11.8
3.2
3.9
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates, which seeks
to introduce a global minimum effective tax rate of 15% subject to safeguards for non-profit or charitable entities such as the Group.
It was enacted in the United Kingdom in July 2023 and came into effect for accounting periods commencing on or after
31 December 2023.
The Group has assessed the current tax impact of the Pillar Two legislation and, on the basis that all entities within the Group are
likely to be considered excluded entities within the terms of the OECD model and enacted UK tax legislation, the Group should not
expect any Pillar Two registration requirements or exposures to Pillar Two income taxes for the current period in the jurisdictions in
which the Group operates.
114
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
15. Segmental reporting
The reportable segments for the combined Group are:
University – academic: teaching and research divisions with associated services and administration, investment and subsidiaries
University – Press: publishing and related services, carried out by Oxford University Press
Group
Income:
2025
2024
University –
academic
£’m
University –
Press
£’m
Total
£’m
University –
academic
£’m
University –
Press
£’m
Total
£’m
External
2,179.8
841.4
3,021.2
2,172.0
837.9
3,009.9
Transfer between segments
46.8
-
46.8
44.4
-
44.4
Total income
2,226.6
841.4
3,068.0
2,216.4
837.9
3,054.3
Surplus before other gains
21.6
104.7
126.3
692.2
99.3
791.5
Comprehensive income before transfer
477.6
85.4
563.0
922.7
124.2
1,046.9
Transfer between segments
-
(46.8)
(46.8)
-
(44.4)
(44.4)
Total comprehensive income for the year
477.6
38.6
516.2
922.7
79.8
1,002.5
Included in surplus for the year:
Investment income
185.8
18.8
204.6
181.2
16.0
197.2
Depreciation and amortisation
101.5
27.4
128.9
99.6
31.4
131.0
Interest and other finance cost
33.2
3.6
36.8
43.5
4.6
48.1
Gains/(losses) on investments
411.4
(8.4)
403.0
241.8
4.1
245.9
(Increase)/decrease in pension deficit
provisions
(1.0)
-
(1.0)
527.4
-
527.4
Share of deficit on joint ventures
(2.7)
(0.7)
(3.4)
(9.3)
(1.1)
(10.4)
Taxation
0.2
(14.7)
(14.5)
0.9
(12.7)
(11.8)
Included in other comprehensive income
for the year:
Decrease/(increase) in defined benefit
pension provisions
-
10.3
10.3
-
(10.0)
(10.0)
Assets
8,660.9
926.9
9,587.8
8,092.7
934.1
9,026.8
Liabilities
(2,352.0)
(332.1)
(2,684.1)
(2,261.3)
(378.0)
(2,639.3)
Net assets
6,308.9
594.8
6,903.7
5,831.4
556.1
6,387.5
The Press makes an annual transfer from its surplus to the academic University, which it recognises as part of its income £46.8m.
(2024: £44.4m). These transfers support the academic University in general and match fund the scholarships in particular.
Annual Report and Accounts 2024/25
115
Notes to the financial statements – continued
16 . Intangible assets and goodwill
Group
Goodwill
£’m
Medical
datasets
£’m
Software
£’m
Acquired
lists
£’m
Total
£’m
Cost
As at 1 August 2024
98.3
2.0
246.6
144.0
490.9
Exchange adjustments
-
-
(0.4)
(2.7)
(3.1)
Additions
0.1
-
9.6
4.9
14.6
Disposals
-
-
(3.6)
-
(3.6)
Other adjustments
-
-
9.6
-
9.6
As at 31 July 2025
98.4
2.0
261.8
146.2
508.4
Amortisation
As at 1 August 2024
96.8
0.8
143.8
125.0
366.4
Exchange adjustments
-
-
(0.3)
(2.7)
(3.0)
Charge for the year
0.4
0.2
18.8
4.6
24.0
Disposals
-
-
(0.7)
-
(0.7)
Other adjustments
-
-
9.6
-
9.6
As at 31 July 2025
97.2
1.0
171.2
126.9
396.3
Carrying amount
As at 31 July 2025
1.2
1.0
90.6
19.3
112.1
As at 1 August 2024
1.5
1.2
102.8
19.0
124.5
University
Goodwill
£’m
Medical
datasets
£’m
Software
£’m
Acquired
lists
£’m
Total
£’m
Cost
As at 1 August 2024
89.8
2.0
238.8
142.0
472.6
Exchange adjustments
-
-
(0.4)
(2.7)
(3.1)
Additions
0.1
-
9.3
5.0
14.4
Disposals
-
-
(3.0)
-
(3.0)
Other adjustments
-
-
9.6
-
9.6
As at 31 July 2025
89.9
2.0
254.3
144.3
490.5
Amortisation
As at 1 August 2024
88.3
0.8
136.3
123.1
348.5
Exchange adjustments
-
-
(0.4)
(2.7)
(3.1)
Charge for the year
0.4
0.2
18.7
4.6
23.9
Disposals
-
-
(0.1)
-
(0.1)
Other adjustments
-
-
9.6
-
9.6
As at 31 July 2025
88.7
1.0
164.1
125.0
378.8
Carrying amount
As at 31 July 2025
1.2
1.0
90.2
19.3
111.7
As at 1 August 2024
1.5
1.2
102.5
18.9
124.1
116
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
17. Property, plant and equipment
Group
Land &
buildings
£’m
Equipment &
machinery
£’m
Assets under
construction
£’m
Total
£’m
Cost
As at 1 August 2024
2,220.0
224.2
245.7
2,689.9
Exchange adjustments
(1.5)
(0.9)
-
(2.4)
Additions
111.9
32.0
183.5
327.4
Transfers on completion
19.8
9.6
(29.4)
-
Impairments in the year
-
-
(6.9)
(6.9)
Finance lease remeasurement
(7.2)
-
-
(7.2)
Disposals
(7.7)
(31.7)
-
(39.4)
Other adjustments
1.2
7.1
-
8.3
As at 31 July 2025
2,336.5
240.3
392.9
2,969.7
Depreciation
As at 1 August 2024
937.2
120.7
-
1,057.9
Exchange adjustments
(1.4)
(0.9)
-
(2.3)
Charge for the year
64.7
40.2
-
104.9
Disposals
(7.7)
(31.7)
-
(39.4)
Other adjustments
1.2
6.2
-
7.4
As at 31 July 2025
994.0
134.5
-
1,128.5
Net book value
As at 31 July 2025
1,342.5
105.8
392.9
1,841.2
As at 1 August 2024
1,282.8
103.5
245.7
1,632.0
All property, plant and equipment are stated at historical cost. Land and buildings (Group and University) includes £98.6m (2024:
£98.6m) of freehold land on which no depreciation is charged.
Land and buildings (Group and University) include properties financed and occupied by the University on NHS sites with a net book
value of £34.0m (2024: £38.5m).
Land and buildings (Group and University) include finance lease arrangements entered into on 16 May 2024 for the Begbroke
Science Park buildings, and on 24 June 2025 for the Life and Mind Building, of £106.6m (2024: £45.4m), as part of the Legal &
General joint venture funding programme over 55 years. Refer to accounting policy note 11.
Equipment additions include £1.5m (2024: £nil) of labour capitalisation relating to internal IT resource, which has been applied to
major IT projects.
Included in the assets under construction figure there are two significant projects still in construction at 31 July: Schwarzman Centre
for the Humanities £261.3m (2024: £163.0m) and development at the Osney Power Station for the Saïd Business School at £56.0m
(2024: £34.5m).
Annual Report and Accounts 2024/25
117
Notes to the financial statements – continued
17. Property, plant and equipment continued
University
Land &
buildings
£’m
Equipment &
machinery
£’m
Assets under
construction
£’m
Total
£’m
Cost
As at 1 August 2024
2,204.5
205.2
244.1
2,653.8
Exchange adjustments
(1.1)
(0.4)
-
(1.5)
Additions
111.2
30.7
183.5
325.4
Transfers on completion
18.3
9.7
(28.0)
-
Impairments in the year
-
-
(6.9)
(6.9)
Finance lease remeasurement
(7.2)
-
-
(7.2)
Disposals
(7.7)
(29.7)
-
(37.4)
Other adjustments
-
6.2
-
6.2
As at 31 July 2025
2,318.0
221.7
392.7
2,932.4
Depreciation
As at 1 August 2024
926.0
107.5
-
1,033.5
Exchange adjustments
(1.2)
(0.4)
-
(1.6)
Charge for the year
63.5
38.2
-
101.7
Disposals
(7.7)
(29.7)
-
(37.4)
Other adjustments
-
5.4
-
5.4
As at 31 July 2025
980.6
121.0
-
1,101.6
Net book value
As at 31 July 2025
1,337.4
100.7
392.7
1,830.8
As at 1 August 2024
1,278.5
97.7
244.1
1,620.3
118
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
18. Heritage assets
Group/University
Purchases
£’m
Donations
£’m
Total
£’m
Balance as at 1 August 2024
34.2
88.5
122.7
Additions during the year
5.7
3.7
9.4
Impairments in the year
(0.1)
(0.3)
(0.4)
Balance as at 31 July 2025
39.8
91.9
131.7
Heritage assets donated during the year were £3.7m (2024: £10.4m). The largest single purchased asset was Fra Angelico’s
The
Crucifixion with the Virgin, Saint John painting
(£4.5m). The largest single donation was the archive of John le Carre.
Summary of 5-year analysis of heritage asset transactions
Group/University
2025
£'m
2024
£'m
2023
£’m
2022
£’m
2021
£’m
Brought forward
122.7
112.3
107.9
104.7
94.9
Acquisitions purchased with specific donations
-
-
0.7
0.1
0.6
Acquisitions purchased with University funds
5.7
-
0.5
0.3
-
Total cost of acquisitions impaired
(0.1)
-
-
-
-
Total cost of acquisitions purchased less impairment
5.6
-
1.2
0.4
0.6
Value of acquisitions by donation less impairment
3.4
10.4
3.2
2.8
9.2
Carried forward
131.7
122.7
112.3
107.9
104.7
19. Non-current investments
Note
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Investments stated at fair value:
Spinout companies
68.2
75.7
68.2
75.7
Investment properties
354.6
346.4
354.6
346.4
The Oxford Funds
4,193.2
3,864.0
4,108.4
3,784.6
Global and private equities
101.0
94.9
100.7
94.6
Oxford Sciences Enterprises
58.8
57.6
58.8
57.6
Other assets
0.8
0.5
0.8
0.5
Third-party managed
397.9
368.4
397.9
368.4
Bonds
557.5
520.1
557.4
520.0
Investments stated at cost/deemed cost:
Spinout companies at cost less impairment
86.0
132.3
80.0
126.0
Subsidiaries and joint ventures
1.3
1.3
28.0
101.8
5,819.3
5,461.2
5,754.8
5,475.6
Investment assets held are split between
reserves as follows:
Income and expenditure reserves
3,878.9
3,707.7
3,899.1
3,801.5
Endowment reserves
30
1,940.4
1,753.5
1,855.7
1,674.1
Total
5,819.3
5,461.2
5,754.8
5,475.6
The investment fair value gain is shown in note 8.
Annual Report and Accounts 2024/25
119
Notes to the financial statements – continued
19. Non-current investments continued
Sensitivity analysis for spinout companies (non-current and current investments)
The valuation trends in the Group’s portfolio are driven by the global macroeconomic changes in the quoted market. As most of the
recent IPOs have been to the US stock markets, these market trends have been used as the basis to explore the sensitivity of the
portfolio. The two market indices used are the NASDAQ index for deep tech companies and the S&P 500 Biotechnology index for life
science companies.
Movements in the indices were observed for period of six months leading up to the reporting period, for companies that did have a
recent funding round.
Deep tech companies
The NASDAQ index has increased by 7.6% over the period of six months leading up to the reporting period. If the increase in the
index movement was applied to the spinout portfolio for deep tech companies without recent funding rounds, this would result in an
increase in valuation of £5.1m to £71.4m.
Life science companies
The S&P 500 Biotechnology index has increased by 1.5% over the period of six months leading up to the reporting period. If the
increase in the index movement was applied to the spinout portfolio for life science companies without recent funding rounds, this
would result in an increase in valuation of £0.8m to £49.6m.
In addition, the downside risk of reporting was observed by considering the major economic impacts on the market indices, primarily
the US elections in 2024/25, over the last five years; the date range selected is based on the largest period of decline in the relevant
markets. The NASDAQ fell by 24% between 19 February 2025 and 8 April 2025. The S&P 500 Biotechnology index fell by 16%
between 3 March 2025 and 5 May 2025. If we apply these macroeconomic changes to the spinout portfolio valuation, it will result in
a decrease in valuation of £43.8m to £197.5m.
Investment properties
Group
£'m
University
£'m
Fair value at 1 August 2024
346.4
346.4
Capital expenditure
0.4
0.4
Disposals
(0.6)
(0.6)
Additions
3.0
3.0
Gain on fair value adjustments
5.3
5.3
Fair value at 31 July 2025
354.5
354.5
Sensitivity analysis for investment properties
The fair value of investment property is recognised through the Statement of Comprehensive Income. Valuations of investment
properties are subject to estimation uncertainty, particularly in relation to key assumptions such as discount rates and yields.
Reasonably possible movements in these assumptions are not expected to have a material impact on the carrying value of
investment properties.
The investment in the Oxford Funds is split into the following investment types:
2025
%
2024
%
Investments stated at fair value:
Investment property
7%
6%
Global and private equities
43%
39%
Credit and opportunities
9%
11%
Public equity
36%
38%
Directly held securities
5%
6%
120
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
20. Investment in subsidiaries, joint ventures and associates
Subsidiaries
As at 31 July 2025 the University exercised control of the following subsidiary undertakings (excluding dormant undertakings):
Name of the entity
Country of
incorporation
Nature of activity
%
Interest
Ecosystem Capital Ltd
4 5
England
Buying and selling of own real estate
100
Endowment Estates Ltd
4 5
England
Investment management services
100
James Martin 21st Century (UK) Trust
3
England
Endowment management
100
Jenner Vaccine Foundation
6
England
Research and experimental development on social
sciences and humanities
50
Oxford Ltd
England
Retail and other trading activities
100
Oxford Advanced Research Centres Ltd
England
Head office activities
100
Oxford in Berlin gGmbH
Germany
Head office activities
100
Oxford Mutual Ltd
1
England
Provision of discretionary cover
100
Oxford Research South Africa Ltd
2
England
Social policy research
100
Oxford Saïd Business School Ltd
England
Executive education
100
Oxford University (Beijing) Science & Technology Co
Ltd (
in liquidation
)
5
China
No activity
100
Oxford University Clinical Research Unit Nepal
Nepal
Clinical research
100
Oxford University Development (North America), Inc.
USA
Office administration
100
Oxford University Endowment Management Ltd
5
England
Investment management services
100
Oxford University Fixed Assets Ltd
England
Building management and utilities
100
Oxford University Innovation Ltd
England
Commercial exploitation of intellectual property
100
Oxford University (Suzhou) Science & Technology
Co Ltd
5
China
Mathematical, physical and life sciences research
100
TOF Corporate Trustee Ltd
5
England
Fund management activities
100
University of Oxford China Office Ltd
Hong Kong
Fundraising and alumni relations
100
Yayasan Jalin Kemitraan Nusantara
5
Indonesia
Clinical research
100
OUP subsidiaries
Name of the entity
Country of
incorporation
Nature of activity
%
Interest
Oxford University Press Argentina SA
4
Argentina
Sales, marketing or distribution
100
Oxford University Press do Brasil Publicacoes
Limitada
4 5
Brazil
Sales, marketing or distribution
100
Oxford University Press (Shanghai) Ltd
4 5
China
Sales, marketing or distribution
100
Oxford University Press (China) Ltd
China (Hong Kong)
Manufacturing or production
100
OUP Egypt Limited
4
Egypt
Sales, marketing or distribution
100
Oxford University Press GmbH
4
Germany
Sales, marketing or distribution
100
OUP India Private Ltd
India
Sales, marketing or distribution
100
Oxford University Press India Private Ltd
4
India
Administrative, management or support
services
100
OUP Services Private Limited
4
India
Administrative, management or support
services
100
Oxford University Press Srl
4
Italy
Sales, marketing or distribution
100
Oxford University Press Kabushiki Kaisha
Japan
Sales, marketing or distribution
100
Oxford University Press East Africa Limited
4
Kenya
Sales, marketing or distribution
100
Oxford University Press Korea Limited
4
Republic of Korea
Sales, marketing or distribution
100
Oxford University Press Lesotho (Proprietary) Ltd
4
Lesotho
Sales, marketing or distribution
100
Oxford University Press (Macau) Ltd
4 5
Macau
Administrative, management or support
services
100
Dentingan Kejayaan Sdn Bhd
Malaysia
Property management
100
Oxford Fajar SDN BHD (
In liquidation
)
4
Malaysia
Sales, marketing or distribution
70
Annual Report and Accounts 2024/25
121
Notes to the financial statements – continued
Name of the entity
Country of
incorporation
Nature of activity
%
Interest
Oxford Publishing (Malaysia) SDN BHD
4
Malaysia
Sales, marketing or distribution
100
Oxford University Press Mexico SA de CV
4 5
Mexico
Sales, marketing or distribution
100
Oxford University Press Namibia (Proprietary)
Limited
4
Namibia
Sales, marketing or distribution
100
Oxford University Press Pakistan (SMC-Private)
Limited
4
Pakistan
Sales, marketing or distribution
100
Oxford University Press Polska sp. z o.o.
4
Poland
Sales, marketing or distribution
100
OUP SG (Services) Pte Ltd
4
Singapore
Sales, marketing or distribution
100
Oxford University Press Orbis Proprietary Limited
4
South Africa
Sales, marketing or distribution
100
Oxford University Press Southern Africa Proprietary
Limited
South Africa
Sales, marketing or distribution
75
OUP Properties SA Proprietary Limited
South Africa
Property management
100
Oxford University Press España S A
4
Spain
Publishing
100
Oxford University Press Tanzania Limited
4
United Republic of
Tanzania
Administrative, management or support
services
100
Oxford Yayincilik Limited Sirketi
4
Turkey
Sales, marketing or distribution
100
OELT Limited
United Kingdom
Sales, marketing or distribution
100
OUP Group Pension Trustee Limited
United Kingdom
Administrative, management or support
services
100
Oxford Publishing Limited
United Kingdom
Holding or managing intellectual property
100
Oxford Reference Limited
United Kingdom
Sales, marketing or distribution
100
Number Sense Maths Limited
United Kingdom
Sales, marketing or distribution
100
As part of the Crankstart (formerly Moritz-Heyman) endowment (see note 31), the University invests in the Sequoia Heritage fund
through SCHF OU, LP. The University has a majority share of the capital and reserves of SCHF OU, LP but has no demonstrable control,
so it is not treated as a subsidiary; instead, it is recognised as an investment asset (see note 8).
All subsidiary undertakings have been included within the Group financial statements.
Subsidiary undertakings prepare accounts to 31 July each year except for Oxford University Clinical Research Unit Nepal (prepares
accounts to 15 July each year), Oxford in Berlin GmbH (preparing accounts to 20 January 2026 as part of the liquidation process) and
the Press subsidiaries, which draw up accounts to 31 March. Some subsidiaries (referenced 5 below) have their year end at
31 December.
1
Oxford Mutual Ltd is a company limited by guarantee. The members of Oxford Mutual Ltd are the University, Jenner Vaccine Foundation, Oxford Advanced Research Centres
Ltd, Oxford Ltd, Oxford Research South Africa Ltd, Oxford Saïd Business School Ltd, Oxford University Endowment Management Ltd, Oxford University Fixed Assets Ltd,
Oxford University Innovation Ltd, Oxford University Innovation Centres Ltd, Oxford University Trading Ltd and the Gray Laboratory Cancer
Research Trust.
2
Registered as an external company in South Africa.
3
James Martin 21st Century (UK) Trust is a charitable trust in the United Kingdom where the University has the power to appoint a majority of the trustees.
4
Owned by a subsidiary undertaking.
5
Year end of 31 December.
6
Jenner Vaccine Foundation, a joint venture between the University and the Pirbright Institute, is fully consolidated as the University currently has majority voting rights on the
Board of Directors and therefore is considered to control the entity.
20. Investment in subsidiaries, joint ventures and associates continued
OUP subsidiaries
122
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
20. Investment in subsidiaries, joint ventures and associates continued
University holdings in subsidiaries and joint ventures
Cost
£'m
As at 1 August 2024
101.8
Impairment in subsidiary investments
(71.6)
Capital reduction
(10.4)
New investment
8.2
As at 31 July 2025
28.0
Joint ventures
University joint ventures
in investments
Proportion
of nominal
value held
%
Country of
incorporation
Value as at
1 August
2024
£'m
Investments
£'m
Share of
deficit for
year
£'m
Value at 31
July 2025
£'m
ITEXT Ltd
50
England
0.5
-
-
0.5
Warneford Park LLP
50
England
0.7
0.4
(0.4)
0.7
Proxemis Ltd
50
England
0.1
-
-
0.1
Carrying value reported as joint ventures
(note 19)
-
-
1.3
0.4
(0.4)
1.3
Health Research Operations Kenya Ltd (formerly African Research Collaboration for Health Ltd) remains a joint venture; however,
the investment was written off in full during the year 2023/24, as the amount is not expected to be recoverable either through
distribution or on wind-up of the joint venture.
In addition to the above, the Group has joint venture arrangements with Oxford International AQA Examinations Ltd and Global
Malaria Vaccines GmbH, incorporated in England and Germany respectively, which are held at negligible value.
Oxford University Property Development Ltd (and its subsidiaries, Oxford University Development Ltd and OUPM Ltd), incorporated in
England, has a negative share of net assets as at 31 July 2025 and accordingly has been recorded at nil value under investments. An
investment of £3.0m was made during the year, which has been impaired.
Associates
As at 31 July 2025 the University exerted significant influence but not control or joint control over the following associated
undertakings (excluding any dormant undertakings). Materially all the carrying value of associates relates to investments in the
spinout portfolio. The carrying value is included under spinout companies in note 19.
Name of the entity
Country of
incorporation
Nature of activity
%
Interest
Designer Carbon Materials Ltd
England
Commercial exploitation of intellectual
property
46.9
PalaeoPi Ltd
England
Information technology consultancy
activities
33.3
Oxford University Innovation Technology Transfer
(Suzhou) Co Ltd
1
China
Technology transfer
30.0
Oxford Electromagnetic Solutions Ltd
England
Commercial exploitation of intellectual
property
26.3
Oxed Ltd (formerly Oxed and Assessment Ltd)
England
Educational support services
25.0
TDeltaS Ltd
England
Commercial exploitation of intellectual
property
22.0
Oxford MultiSpectral Ltd
England
Commercial exploitation of intellectual
property
21.8
InkPath Ltd
England
Commercial exploitation of intellectual
property
21.7
Annual Report and Accounts 2024/25
123
Notes to the financial statements – continued
Name of the entity
Country of
incorporation
Nature of activity
%
Interest
Minervation Ltd
England
Commercial exploitation of intellectual
property
21.1
FLEXSR Ltd
England
Business and domestic software
development
22.3
Augmented Intelligence Labs Ltd
England
Software and internet
20.0
Rogue Interrobang Ltd
England
Other technology
20.0
Aurox Ltd
England
Commercial exploitation of intellectual
property
20.0
Sophia Oxford UK Ltd (company limited by guarantee)
England
Other social work activities without
accommodation not elsewhere classified
20.0
Orbit RRI Ltd (company limited by guarantee)
England
Information technology consultancy
activities. Research and experimental
development on social sciences and
humanities. Postgraduate-level higher
education. Educational support services.
20.0
Some of the associates prepare their financial statements using different year-end accounting dates to the Group.
1
Oxford University Innovation Limited holds shares in a Sino-foreign joint venture in partnership with the Suzhou Industrial Park and Oxlink Investment Consulting Co.
Ltd, a company registered in PRC.
21. Current investments
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Short-term deposits
35.5
160.7
19.8
122.5
Spinout company
93.1
-
93.1
-
Total
128.6
160.7
112.9
122.5
20. Investment in subsidiaries, joint ventures and associates continued
124
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
22. Trade and other receivables
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Due within one year
Research grants receivable
227.0
210.0
226.0
209.5
Prepayments and accrued income
102.9
86.9
96.0
75.0
Derivative financial assets
1.3
1.0
1.3
1.0
Endowment/trust accrued income
39.3
14.1
39.3
14.1
Other trade receivables
274.5
286.0
187.4
210.7
Other receivables
83.5
178.5
57.2
66.5
Amounts due from subsidiaries
1
-
-
69.6
77.6
728.5
776.5
676.8
654.4
Due after more than one year
Endowment/trust accrued income
7.4
21.7
7.4
21.7
Amounts due from subsidiaries
1
-
-
1.3
3.6
Other receivables
2
2.2
2.2
2.2
2.2
9.6
23.9
10.9
27.5
Total
738.1
800.4
687.7
681.9
1
Amounts due from subsidiaries represent trading balances, and are non-interest bearing and repayable on demand.
2
Other receivables include loans to staff for housing in conjunction with recruitment.
23. Inventories and work in progress/intangible asset pre-publication
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Raw materials for publishing
0.9
1.0
0.3
0.2
Work in progress and printed sheets
1.8
6.3
0.3
5.1
Bound books
49.8
56.9
36.5
43.1
Other goods for resale
3.0
2.6
2.6
2.4
Inventories and work in progress
55.5
66.8
39.7
50.8
Intangible assets pre-publication costs
25.8
25.6
24.3
24.2
There is no material difference between the carrying value of inventories and their net realisable value.
24. Cash and cash equivalents
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Cash at bank and in hand
275.0
169.8
190.8
83.6
Money market funds
460.5
463.1
448.5
463.1
Total
735.5
632.9
639.3
546.7
Annual Report and Accounts 2024/25
125
Notes to the financial statements – continued
25. Consolidated reconciliation of net debt
2025
£’m
2024
£’m
Net debt as at 1 August
(677.8)
(620.4)
Movement in cash and cash equivalents
102.6
(17.7)
Repayment of debt and overdrafts
18.9
4.4
Other net debt movement
(0.1)
1.5
New finance lease
(100.3)
(45.6)
Net debt as at 31 July
(656.7)
(677.8)
Analysis of net debt
2025
£’m
2024
£’m
Cash and cash equivalents
735.5
632.9
Borrowings amounts falling due within one year
Unsecured loans
(6.5)
(6.3)
Bank overdraft
(7.8)
(20.8)
Derivatives
(0.6)
-
Finance lease
(0.7)
-
Borrowings amounts falling due after more than one year
Unsecured loans
(185.6)
(192.1)
Bonds
(1,045.8)
(1,045.9)
Finance lease liabilities
(145.2)
(45.6)
Net debt
(656.7)
(677.8)
The Group has taken advantage of the exemption available under FRS 102 to not produce a University only version of the reconciliation
of net debt.
26. Creditors: amounts falling due within one year
Note
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Research grants creditors
418.5
442.0
414.1
434.4
Accruals and deferred income
384.9
409.2
345.0
359.4
Capital grants with performance conditions
136.4
116.9
136.4
116.9
Unsecured bank loans
27
6.5
6.3
6.5
6.3
Bank overdrafts
7.8
20.8
-
-
Derivative financial liabilities
0.6
0.1
0.6
0.1
Finance lease liability
0.7
-
0.7
-
Corporation tax due
12.8
16.6
0.2
3.6
Social security and other taxation payable
48.3
55.4
44.6
47.1
Trade payables
184.0
177.7
155.0
154.9
Amounts due to subsidiaries*
-
-
55.1
13.0
Total
1,200.5
1,245.0
1,158.2
1,135.7
*Amounts due to subsidiaries represent trading balances that are non-interest bearing and interest-bearing deposits repayable on demand.
126
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
27. Creditors: amounts falling due after more than one year
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Deferred income – Oxford Sciences
Enterprise plc
16.0
19.9
16.0
19.9
Bank loans
185.6
192.1
185.6
192.1
100-year bonds issued
1,045.8
1,045.9
1,045.8
1,045.9
Other creditors
6.6
3.5
1.3
4.1
Finance lease liability
145.2
45.6
145.2
45.6
Amounts due to subsidiaries
-
-
0.1
0.1
Total
1,399.2
1,307.0
1,394.0
1,307.7
Analysis of unsecured bank loans
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Due between one and two years
6.7
6.5
6.7
6.5
Due between two and five years
21.0
20.5
21.0
20.5
Due in five years or more
157.9
165.1
157.9
165.1
Total
185.6
192.1
185.6
192.1
Bank loans
Note
Loan 1
£'m
Loan 2
£'m
Total
£'m
Amount borrowed
25.0
200.0
225.0
Amount outstanding at 31 July 2025
25.0
167.1
192.1
Interest rate %
5.07
2.55
Final repayment date
June 2047
June 2045
Amount due within one year
26
-
6.5
6.5
Amount due between one and two years
-
6.7
6.7
Amount due between two and five years
-
21.0
21.0
Amount due after five years
25.0
132.9
157.9
Total
25.0
167.1
192.1
The University entered into an agreement with Oxford Sciences
Enterprises (formerly Oxford Sciences Innovation plc) (OSE) in
2015/16. In return for 50% of its stake in each company spun
out from medical sciences and mathematical, physical and life
sciences over a period of 15 years, the University received a
5% non-dilutable stake in OSE. This stake was initially valued at
£17.5m but additional fundraising has taken place since then.
The fair value of the shares transferred is treated as deferred
income and is released to the Statement of Comprehensive
Income over the 15-year period of the agreement. The amount
due to be released in 2025/26 is included in ‘Creditors: within
one year’, with the remaining balance included in ‘Creditors: after
more than one year’.
Bond
On 9 December 2017 the University issued £750.0m of 2.544%
unsecured bonds due December 2117. The bonds were issued
at 99.3% of their principal amount, and the proceeds of issue,
less directly attributable transaction costs, amounted to
£744.7m. The bonds are listed on the London Stock Exchange.
Interest at 2.544% is payable in December each year. Unless
previously redeemed, the bonds will be redeemed at their
principal amount of £750m on 7 December 2117. After
initial recognition of the bonds at proceeds of issue less all
transaction costs directly attributable to the issue, the bonds
are measured at amortised cost using the effective interest rate
method. Under this method the discount at which the bonds
were issued and the transaction costs are accounted for as
additional interest expense over the term of the bonds.
On 22 January 2020 a further tranche of the bonds was issued
with the same terms and repayment date. These bonds were
issued at 122.37% of their principal amounts, and the proceeds
of issue, less directly attributable transaction costs, amounted
to £0.4m. The premium over the nominal value is held in a Bond
Premium account amounting to £45.8m (2024: £45.9m) and
will be amortised over the life of the bond, reducing the interest
charge for these years.
Annual Report and Accounts 2024/25
127
Notes to the financial statements – continued
28. Financial instruments
The carrying values of the Group financial assets and liabilities are summarised by the categories below:
Group
Financial assets
Note
2025
£’m
2024
£’m
Measured at fair value through income or expenditure
Spinout companies held at fair value
19
68.2
75.7
The Oxford Funds
19
4,193.2
3,864.0
Global and private equities, public equity
19
159.8
152.5
Other assets
19
0.8
0.5
Third-party managed
19
397.9
368.4
Bonds
19
557.5
520.1
Derivative financial assets maturing within 12 months
1.3
1.0
Measured at amortised cost
Trade and other receivables
659.0
737.4
Spinout companies at cost less impairment
19
86.0
132.3
Current asset unlisted investments
21
128.6
160.7
Cash and cash equivalents
24
735.5
632.9
Total
6,987.8
6,645.5
Group
Financial liabilities
Note
2025
£’m
2024
£’m
Measured at fair value through income or expenditure
Derivative financial liabilities maturing within 12 months
0.6
0.1
Measured at amortised cost
Bond
27
1,045.8
1,045.9
Research grants creditors
26
418.5
442.0
Accruals
26
126.1
149.9
Bank overdrafts
26
7.8
20.8
Loans payable
26,27
192.1
198.4
Other liabilities due after more than one year
22.6
23.4
Trade and other payables
26
184.0
177.7
Lease liabilities
26
145.2
45.6
Total
2,142.7
2,103.8
128
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
Derivative financial instruments
The Group uses derivative financial instruments solely to
manage exposure to foreign exchange risks arising from the
normal course of Oxford University Press operations. Forward
foreign currency contracts designated as effective hedging
instruments are measured at fair value. At 31 July the net fair
value was £0.7m, with £1.3m in assets and £0.6m in liabilities,
all due within one year. These contracts relate solely to the
Press. The fair value reflects currency exposures including
purchases of HKD (£4.0m) and sales of EUR (£27.9m, loss
of £0.4m), USD (£40.5m, gain of £1.0m) and other currencies
(£4.9m, gain of £0.1m). Movements in the hedging reserve
during the year include an OCI gain of £0.1m and an I&E loss of
£0.3m, resulting in a closing balance of £0.7m (2024: £0.9m).
Nature and extent of risks arising from financial
instruments
In the ordinary course of its activities, the Group manages
a variety of financial risks including credit risk, liquidity risk,
market or interest rate risk and foreign currency risk.
Credit risk
Credit risk is the risk that the Group would incur a financial
loss if a counterparty were to fail to discharge its obligations
to the Group. The Group is exposed to credit risk in respect
of its financial assets held with various counterparties.
The Group aims to minimise its counterparty credit risk
exposure by monitoring the size of its credit exposure to,
and the creditworthiness of, counterparties, including setting
appropriate exposure limits and maturities.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties
raising cash to meet its obligations when they fall due.
Obligations are associated with financial liabilities and capital
commitments. The Group monitors its exposure to liquidity
risk by regularly monitoring its liabilities and commitments and
holding appropriate levels of liquid assets.
The Academic University targets a minimum cash balance of
£50m, which provides same day liquidity, and holds other cash
resources, which provide access to liquidity at short notice.
The academic University has debt obligations, which are all
repayable on fixed terms and not subject to repayment on
demand. Short-term cash and liquidity forecasts are updated
daily and longer-term forecasts monthly; these forecasts are
reviewed by the head of Treasury on a daily basis and are
regularly presented to the Finance Committee of the University.
Under 1
year
Between
1 and 5
years
More than
5 years
Total
As at 31 July 2025
Bond liabilities
-
-
1,000.0
1,000.0
Bank loans
6.5
27.7
157.9
192.1
Bank overdrafts
7.8
-
-
7.8
Total
14.3
27.7
1,157.9
1,199.9
As at 31 July 2024
Bond liabilities
-
-
1,000.0
1,000.0
Bank loans
6.3
27.0
165.1
198.4
Bank overdrafts
20.8
-
-
20.8
Total
27.1
27.0
1,165.1
1,219.2
Market and price risk
Market risk is that financial instruments will change in value due
to changes in market value.
The Group seeks to ensure that its stated treasury management
policies and objectives will not be compromised by adverse
market fluctuations in the value of the principal sums it invests,
and will accordingly seek to protect itself from the effects of
such fluctuations.
The main investment vehicles for the University are the Oxford
Funds managed by Oxford University Endowment Management
(OUem). As the investments in the Oxford Funds are held at fair
value, the changes in price directly affect the University’s net
assets.
This is a risk to the University because of the significance of the
endowments and funds invested and the dependence of plans
on maintaining the value of the endowment in real terms.
OUem ‘constantly evaluate a range of metrics and exposures
to ensure that our fundamental views produce an optimal
portfolio positioning’. OUem consider performance, liquidity
management, currency exposure, sector exposure and
environmental, social and governance risks when making
investment decisions. Further details can be found in the
Annual Report of the Oxford Endowment Funds at
www.ouem.
co.uk
.
The University Investment Committee, which consists of
people with recent and relevant experience of investment
management, meets three times a year to review the work of
investment managers and monitor risk.
Foreign currency risk
Foreign currency risk is the risk that the sterling value of
financial instruments will change due to exchange rate
movements. The University manages its foreign exchange risk
and the exposure is considered not material.
The Group invested in the Oxford Funds and owned units
denominated in pounds sterling. Accordingly, the Group’s
currency exposure on the investment in the Oxford Fund is in
sterling. The manager of the Oxford Fund, OUem, manages the
exposure in the fund in multiple currencies including pound
sterling.
Annual Report and Accounts 2024/25
129
Notes to the financial statements – continued
28. Financial instruments continued
Interest rate risk
The Group is exposed to risk in terms of its exposure to interest rate movements on its borrowings and investments. The Group
considers the possible effects of a change in interest rates on the fair value and cash flows of the interest-bearing financial assets and
liabilities when making investment decisions. The University’s main financing relates to 100-year bonds. The interest rate attached to
the bond is fixed over the term.
The Group’s cash flow interest rate risks relate to: financial instruments where benefits of interest rate changes are lost – a 1% basis
point rate reduction gives a lost benefit of £8m.
Fair values
Debtors and current liabilities are stated at book value, which are not materially different from fair values.
Bond liabilities are measured at amortised cost of £1,045.8m (2024: £1,045.9m).
The fair value of the bond at 31 July 2025 was £465.8m based on the mid-price (2024: £537.9m).
Fair value measurements
The following tables categorise the fair values of the Group’s consolidated investment assets and liabilities based on the inputs to
the valuation. Within the hierarchy, categorisation has been determined on the basis of lowest level input that is significant to the fair
value measurement of the relevant assets as follows:
Level 1:
Valued using quoted prices in active markets for identical assets.
Level 2:
Valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1.
Level 3:
Valued by reference to valuation techniques using inputs that are not based on observable market data.
Valuation at 31 July 2025
Level 1
£'m
Level 2
£'m
Level 3
£'m
Total
£'m
Spinout companies
14.2
-
54.0
68.2
Investment properties
-
-
354.6
354.6
The Oxford Funds*
-
4,193.2
-
4,193.2
Global and private equities
101.0
-
-
101.0
Oxford Sciences Enterprises
-
-
58.8
58.8
Third-party managed
-
-
397.9
397.9
Bonds
557.5
-
-
557.5
Other assets
-
-
0.8
0.8
Total
672.7
4,193.2
866.1
5,732.0
Valuation at 31 July 2024
Level 1
£'m
Level 2
£'m
Level 3
£'m
Total
£'m
Spinout companies
13.3
-
62.4
75.7
Investment properties
-
-
346.4
346.4
The Oxford Funds*
-
3,864.0
-
3,864.0
Global and private equities
94.9
-
-
94.9
Oxford Sciences Enterprises
-
-
57.6
57.6
Third-party managed
-
-
368.4
368.4
Bonds
520.1
-
-
520.1
Other assets
-
-
0.5
0.5
Total
628.3
3,864.0
835.3
5,327.6
*The Oxford Funds are recorded as Level 2 investments, as the University can buy or sell these investments at the quoted price from
the Oxford Funds.
The Group has taken advantage of the exemption available under FRS 102 to not produce a University only version of the financial
instruments notes.
130
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
29. Other provisions
Group
£'m
University
£'m
At 1 August 2024
20.3
7.9
Charge for the year
10.2
1.9
Reclassification of prior year accrual
10.0
10.0
Unused amounts released
(0.1)
(0.1)
Utilised in year
(10.7)
(1.0)
At 31 July 2025
29.7
18.7
The provisions relate to provisions for tax, system licensing, permanent health insurance provided by the Press, staff costs in a
subsidiary company and others.
Pension provisions
Group
£'m
University
£'m
Press schemes – at 1 August 2024
66.6
66.6
Net interest on net defined benefit liability
3.3
3.3
Remeasurement of liability recognised in comprehensive income
(16.5)
(16.5)
At 31 July 2025
53.4
53.4
University schemes – at 1 August 2024
0.4
0.4
Additions
1.0
1.0
Released
(0.1)
(0.1)
At 31 July 2025
1.3
1.3
Total
54.7
54.7
Annual Report and Accounts 2024/25
131
Notes to the financial statements – continued
30. Endowment reserves
Group
Unrestricted
Restricted
Total
Capital
£’m
Unapplied
return
£’m
Total
£’m
Capital
£’m
Unapplied
return
£’m
Total
£’m
£’m
Capital – original gift
80.3
-
80.3
366.4
-
366.4
446.7
Capital – indexation reserve
53.7
-
53.7
162.8
-
162.8
216.5
Unapplied return
-
202.1
202.1
-
413.0
413.0
615.1
31 July 2024
134.0
202.1
336.1
529.2
413.0
942.2
1,278.3
Investment income less
expenses
-
-
-
-
28.8
28.8
28.8
New endowments
-
-
-
14.9
-
14.9
14.9
Indexation
5.2
(5.2)
-
20.4
(20.4)
-
-
Market value gains
-
45.6
45.6
-
76.0
76.0
121.6
Released to unrestricted
reserves
-
(13.4)
(13.4)
-
(39.1)
(39.1)
(52.5)
Balance as at 31 July 2025
139.2
229.1
368.3
564.5
458.3
1,022.8
1,391.1
Represented by:
Capital – original gift
80.3
-
80.3
381.3
-
381.3
461.6
Capital – indexation reserve
58.9
-
58.9
183.2
-
183.2
242.1
Unapplied return
-
229.1
229.1
-
458.3
458.3
687.4
Total
139.2
229.1
368.3
564.5
458.3
1,022.8
1,391.1
University
Unrestricted
Restricted
Total
Capital
£’m
Unapplied
return
£’m
Total
£’m
Capital
£’m
Unapplied
return
£’m
Total
£’m
£’m
Capital – original gift
29.7
-
29.7
366.4
-
366.4
396.1
Capital – indexation reserve
25.0
-
25.0
162.8
-
162.8
187.8
Unapplied return
-
201.9
201.9
-
412.9
412.9
614.8
31 July 2024
54.7
201.9
256.6
529.2
412.9
942.1
1,198.7
Investment income less
expenses
-
-
-
-
28.8
28.8
28.8
New endowments
-
-
-
14.9
-
14.9
14.9
Indexation
2.1
(2.1)
-
20.4
(20.4)
-
-
Market value gains
-
37.0
37.0
-
76.0
76.0
113.0
Released to unrestricted
reserves
-
(10.3)
(10.3)
-
(39.1)
(39.1)
(49.4)
Balance at 31 July 2025
56.8
226.5
283.3
564.5
458.2
1,022.7
1,306.0
Represented by:
Capital – original gift
29.7
-
29.7
381.3
-
381.3
411.0
Capital – indexation reserve
27.1
-
27.1
183.2
-
183.2
210.3
Unapplied return
-
226.5
226.5
-
458.2
458.2
684.7
Total
56.8
226.5
283.3
564.5
458.2
1,022.7
1,306.0
There are no endowments within the Press.
As required by charities law, to apply total return accounting to permanent endowments the University has made a consistent
judgement as to the rate at which expenditure can be made against unapplied return. This ensures that benefit can be derived both
now and in perpetuity.
132
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
30. Endowment reserves continued
This is achieved by the investment of endowment funds within the Oxford Funds: Collegiate Feeder, which returns each year a cash
dividend of approximately 4% of holding value. The University considers 4% to represent a reasonable estimate of the long-term
return on investment achievable above inflation.
A transfer to unrestricted reserves for restricted permanent endowments expenditure is recognised to the extent of the spend in the
year against the restricted purposes and for unrestricted permanent endowments; the transfer to unrestricted reserves is based on
the long-term real rate of return, which is estimated at 4%.
To ensure the preservation of original endowment capital in real terms, the University has adopted a policy of indexing brought
forward permanent endowment capital each year by the Consumer Price Index (CPI).
Restricted expendable endowments
Group
University
Capital
£'m
Accumulated
income
£'m
Total
£'m
Capital
£'m
Accumulated
income
£'m
Total
£'m
31 July 2024
525.1
109.0
634.1
525.1
109.0
634.1
New endowments
34.6
-
34.6
34.6
-
34.6
Investment net income
-
32.3
32.3
-
32.3
32.3
Market value gains
-
39.7
39.7
-
39.7
39.7
Expenditure
-
(23.5)
(23.5)
-
(23.5)
(23.5)
Balance as at 31 July 2025
559.7
157.5
717.2
559.7
157.5
717.2
Endowment assets
To ensure that endowment gifts provide the greatest benefit possible, and where appropriate to ensure that their charitable benefit
is maintained in perpetuity, the University invests unspent endowment reserves and capital in a mixture of investment vehicles.
These balances are recognised on the Statement of Financial Position within the balances held for investments, and cash and cash
equivalents as follows:
Note
Group
University
2025
£’m
2024
£’m
2025
£’m
2024
£’m
Investments
The Oxford Funds
1,613.7
1,446.9
1,529.0
1,367.5
Global equities
0.4
0.4
0.4
0.4
Investment property
49.1
49.0
49.1
49.0
Third-party managed
274.4
254.6
274.4
254.6
Short-term bonds
2.3
2.3
2.3
2.3
Other assets
0.5
0.3
0.5
0.3
19
1,940.4
1,753.5
1,855.7
1,674.1
Endowment accrued income falling due
within one year
39.3
14.1
39.3
14.1
Endowment accrued income falling due
after more than one year
7.4
21.7
7.4
21.7
Cash and cash equivalents
121.2
123.1
120.8
122.9
Balances as at 31 July
2,108.3
1,912.4
2,023.2
1,832.8
Annual Report and Accounts 2024/25
133
Notes to the financial statements – continued
30. Endowment reserves continued
Endowment purposes
Balance at 1
August 2024
£'m
Investment
gains
£'m
Investment
income
£'m
New
endowments
£'m
Expenditure
and transfer
£'m
Balance at 31
July 2025
£'m
General academic
531.2
49.4
15.7
5.5
(18.3)
583.5
Academic posts
718.2
50.7
27.3
29.9
(29.1)
797.0
Scholarship funds
524.0
50.7
13.4
9.7
(23.0)
574.8
Support for libraries and museums
109.4
8.4
3.9
4.4
(4.5)
121.6
Societies
10.3
1.1
-
-
(0.4)
11.0
Prize funds
19.3
1.1
0.7
-
(0.7)
20.4
Total
1,912.4
161.4
61.0
49.5
(76.0)
2,108.3
Material endowments, both permanent and expendable, fall into the following categories for the year to 31 July 2025:
Material endowments
31 July 2024
Reuben
College
£’m
Nuffield
Benefaction
£’m
James Martin
21st Century
Foundation
£’m
Contemporary
Ethics Fund
£’m
Crankstart
Scholarship
Fund
£’m
Capital – original gift
71.0
2.8
50.6
100.0
74.6
Capital – indexation reserve
-
1.7
28.7
-
23.2
Unapplied return
5.6
117.1
0.3
-
158.4
76.6
121.6
79.6
100.0
256.2
New endowments
-
-
-
-
-
Investment gains and income
6.9
13.0
8.6
11.2
33.3
Expenditure
(2.3)
(4.7)
(3.2)
-
(11.0)
Balance as at 31 July 2025
81.2
129.9
85.0
111.2
278.5
Represented by:
Capital – original gift
71.0
2.8
50.6
100.0
74.6
Capital – indexation reserve
-
1.9
31.8
-
27.0
Unapplied return
10.2
125.2
2.6
11.2
176.9
Total
81.2
129.9
85.0
111.2
278.5
The Reuben Foundation have generously donated £80m to
the University for the benefit of Reuben College and student
scholarships. Of the £80m gift, £9m will endow the existing
undergraduate Reuben Scholarship Programme within the
University, and £71m will go to the core endowment of Reuben
College, with £15m ring-fenced for scholarships for graduate
students. £56.2m of the college portion has been received to
date and the rest is held as accrued income within endowment
reserves.
The donor for the Nuffield Benefaction was Lord Nuffield
(William Morris). Under the terms of the trust deed dated
24 November 1936, the fund is to be used to widen the scope
of the Medical School of the University and provide special
facilities for research.
The primary purpose of the James Martin 21st Century
Foundation (established in 2004) and James Martin 21st
Century (UK) Trust (established in 2012) is to support the Oxford
Martin School (formerly James Martin 21st Century School) and
establish or support any other entity within the University that
advances specialised education relating to the severe problems
of the 21st century.
The Contemporary Ethics Fund was established in 2024 to
facilitate ethical progress through research, teaching and real-
world application.
The Crankstart Scholarship Fund was established in 2012/13
through an endowment gift from the Crankstart Foundation to
provide a programme of support for UK resident undergraduate
students from disadvantaged backgrounds. Under the terms of
the deed of gift, the University is required to commit matching
income annually for the same purpose or other projects to
support disadvantaged students or applicants.
Total return accounting can lead to negative unapplied total
return, especially in the short term, as the total return rate is
a long-term rate of return. The University reduces the risk of
trust funds, eroding their capital by ensuring that accumulated
expenditure does not exceed the accumulated income for
individual trust funds. In 2025 there were no trust funds with
greater than £0.5m deficit in their unapplied total return.
134
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
31. Restricted reserves
Group/University
As at 1
August 2024
£'m
New
donations
and grants
£'m
Restricted
expenditure
£’m
As at 31 July
2025
£’m
General academic
141.1
63.8
(33.8)
171.1
Academic posts
7.0
3.8
(3.0)
7.8
Scholarship funds
17.6
13.9
(14.9)
16.6
Support for libraries
3.0
2.4
(2.3)
3.1
Support for museums
3.3
2.3
(1.7)
3.9
Donated heritage assets
88.8
3.4
-
92.2
Mixed-use buildings
2.5
-
-
2.5
Total
263.3
89.6
(55.7)
297.2
The Group has received charitable donations and gifts with restricted purposes falling into the above categories. All reserves
generated by the Press are for unrestricted purposes.
32. Unrestricted income and expenditure reserves
Group
£'m
University
£'m
Balance as at 1 August 2024
4,211.6
4,154.2
Unrestricted comprehensive income for the year
286.4
232.7
Balance as at 31 July 2025
4,498.0
4,386.9
33. Related parties
The University maintains a Register of Interests for all members of Council and senior staff. The register is updated annually and is
publicly available via the University website (
https://governance.admin.ox.ac.uk/council/declarations-interests-members-council-and-
senior-staff –)
.
The Register of Interests is reviewed in accordance with FRS 102 section 33.2 to identify any entity that is controlled (or jointly controlled)
by a member of Council or key management personnel (as defined in note 10). For any such entity, a review is undertaken of that entity’s
transactions with the University.
For the financial year ending 31 July 2025, no such related parties were identified.
The University has taken advantage of the exemption within the reporting standard and has not disclosed transactions with other group
entities (note 20) where it holds 100% of the voting rights.
Included in the financial statements are the following transactions with other related parties:
Joint ventures
Name
2025
2024
Income
£'000
Expenditure
£’000
Balance
due to the
University
£'000
Income
£'000
Expenditure
£’000
Balance
due to the
University
£'000
Jenner Vaccine Foundation
1
17
22
17
30
-
30
Warneford Park LLP
2
18
-
-
7
-
-
Oxford University Development Ltd (OUD)
3
15
-
15
23
51
3
Oxford University Property Development Ltd
(OUPD)
3
39
-
19
-
-
-
1
The Jenner Vaccine Foundation is a 50% joint venture with the Pirbright Institute.
2
Warneford Park LLP is a 50% joint venture with Mr Ian Laing.
3
OUD is a subsidiary of Oxford University Property Development Ltd (OUPD). OUPD is a 50% joint venture between the University and Legal & General Capital Investments Ltd.
Annual Report and Accounts 2024/25
135
Notes to the financial statements – continued
James Martin 21st Century Trust
The University appoints the majority of the trustees for the
James Martin 21st Century (UK) Trust, and for the purposes of
the University financial statements, the Trust is consolidated.
During the year 2024/25 income received by the University was
£16k (2024: £13k). No services were received by the University
(2024: £nil). At year end the balance owed to the University
was £16k (2024: £nil) and no amounts were due from the
University (2024: £nil). During the year 2024/25 donations
received by the University were £3.2m (2024: £3.1m).
In addition, the Group considers itself to have a significant
working relationship with specific key partners; while this is
not required to be disclosed under the standard, management
consider this will enhance the disclosure due to the close
operational collaboration, as follows:
Colleges
The 36 external colleges of the University of Oxford are
independent legal institutions and operate with financial
independence. The colleges are therefore not consolidated
in the financial results of the University. During the year the
distribution of fee income and OFS/Research England funding
were the main transactions between the University and the
colleges. The University paid £129.9m (2024: £122.8m) to the
colleges (see note 11).
General trading takes place between the University (including
the Press) and colleges, including the provision of research,
accommodation and teaching facilities. These arrangements
are undertaken on a commercial basis.
Certain external trusts provide research and other funding to
the University and some colleges. A number of these trusts are
allowed to participate in the Oxford Funds: Collegiate Feeder.
34. Pension schemes
The University participates in three principal pension schemes
for its staff: the Universities Superannuation Scheme (USS),
the University of Oxford Staff Pension Scheme (OSPS) and
the Oxford University Press (OUP) Group scheme (for UK
employees). The schemes are contributory mixed benefit
schemes (ie they provide benefits on a defined benefit basis
– based on length of service and pensionable salary and on a
defined contribution basis – based on contributions into the
scheme). The assets of the schemes are each held in separate
trustee-administered funds.
USS and OSPS are multi-employer schemes and the University
is unable to identify its share of the underlying assets and
liabilities of each scheme on a consistent and reasonable
basis. Therefore, in accordance with the accounting standard
FRS 102 paragraph 28.11, the University accounts for the
schemes as if they were defined contribution schemes. As
a result, the amount charged to the income and expenditure
account represents the contributions payable to the schemes
in respect of the accounting period. The OUP Group scheme
is a single employer scheme under FRS 102 and is therefore
accounted for as a defined benefit scheme.
In the event of the withdrawal of any of the participating
employers in USS or OSPS, the amount of any pension funding
shortfall (which cannot be otherwise recovered) in respect of
that employer will be spread across the remaining participating
employers and reflected in the next actuarial valuation of the
scheme. As the only employer in the OUP Group scheme, any
funding shortfall falls on the University.
The University also has a small number of staff in other
pension schemes, including the National Health Service
Pension Scheme (NHSPS) and the Medical Research Council
Pension Scheme (MRCPS). The University’s participation in
NHSPS is in respect of employees who meet certain eligibility
criteria, including being an active member of the scheme
prior to joining the University. The University’s participation in
MRCPS is in respect of employees whose units transferred
from other MRC-funded institutions. Pension schemes are
also provided for employees contracted in other countries
according to the laws and regulations of those countries.
The University has made available a National Employment
Savings Trust (NEST) for non-employees who are eligible under
automatic enrolment regulations to pension benefits.
Schemes accounted for under FRS 102 paragraph
28.11 as defined contribution schemes
National Health Service Pension Scheme
The last full actuarial valuation of the NHSPS was performed
as at 31 March 2020. The 2020 valuation reported scheme
liabilities of £380.1bn. There are no underlying assets, and
therefore no surplus or deficit was reported except on a purely
notional basis. An accounting valuation of the scheme liability
is carried out annually by the scheme actuary, whose report
forms part of the annual NHS Pension Scheme (England and
Wales) Resource Account, published annually.
These accounts can be viewed on the NHS Pensions website.
The actuary agreed that the employer contributions rate would
increase from 20.6% from 1 April 2019 to 23.7% from 1 April
2024. Employers, such as the University, have continued to pay
14.3% since 1 April 2019 with the DHSC paying the balance.
However, the 3.1% foreseen cost will be recouped by an invoice
to the University. NHSPS is in a similar position to USS in that,
in the event of the withdrawal of a participating employer, the
remaining participating employers will assume responsibility
for any increased contributions arising.
Universities Superannuation Scheme
The University participates in the Universities Superannuation
Scheme. The assets of the scheme are held in a separate
trustee-administered fund. Because of the mutual nature of the
scheme, the assets are not attributed to individual institutions,
and a scheme-wide contribution rate is set. The University
is therefore exposed to actuarial risks associated with other
institutions’ employees and is unable to identify its share of the
underlying assets and liabilities of the scheme on a consistent
and reasonable basis. As required by FRS 102 section 28
‘Employee benefits’, the University therefore accounts for the
scheme as if it were a defined contribution scheme.
As a result, the amount charged to the profit and loss account
represents the contributions payable to the scheme. Since the
University had entered into an agreement (the recovery plan)
that determined how each employer within the scheme would
fund the overall deficit, the University recognised a liability for
the contributions payable that arose from the agreement (to
136
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
the extent that they related to the deficit), with related expenses
being recognised through the profit and loss account. As the
USS is currently in surplus, no deficit contributions are now
required from the members. Hence the deficit recovery plan
ceased to exist.
The latest available complete actuarial valuation of the scheme
is as at 31 March 2023 (the valuation date), and was carried out
using the projected unit method. Since the institution cannot
identify its share of USS Retirement Income Builder (defined
benefit) assets and liabilities, the following disclosures reflect
those relevant for those assets and liabilities as a whole.
The 2023 valuation was the seventh valuation for the scheme
under the scheme-specific funding regime introduced by the
Pensions Act 2004, which requires schemes to have sufficient
and appropriate assets to cover their technical provisions. At
the valuation date, the value of the assets of the scheme was
£73.1bn and the value of the scheme’s technical provisions
was £65.7bn, indicating a surplus of £7.4bn and a funding ratio
of 111%.
The key financial assumptions used in the 2023 valuation are
described below. More detail is set out in the statement of
funding principles (
uss.co.uk/about-us/valuation-and-funding/
statement-of-funding-principles
).
Price inflation –
Consumer Price
Index (CPI)
3.0% pa (based on a long-term average
expected level of CPI, broadly consistent
with long-term market expectations)
RPI/CPI gap
1.0% pa to 2030, reducing to 0.1% pa from
2030
Discount rate
Fixed interest gilt yield curve plus:
Pre-retirement: 2.5% pa
Post-retirement: 0.9% pa
Pension
increases
(all subject to
a floor of 0%)
Benefits with no cap: CPI assumption plus
3bps
Benefits subject to a ‘soft cap’ of 5%
(providing inflationary increases up to 5%,
and half of any excess inflation over 5% up
to a maximum of 10%): CPI assumption
minus 3bps
The main demographic assumptions used relate to the
mortality assumptions. These assumptions are based on
analysis of the scheme’s experience carried out as part of the
2023 actuarial valuation. The mortality assumptions used in
these figures are as follows:
Mortality base
table
101% of S2PMA ‘light’ for males and 95% of
S3PFA for females
Future
improvements
to mortality
CMI_2021 with a smoothing parameter
of 7.5, an initial addition of 0.40% pa, 10%
w2020 and w2021 parameters, and a long-
term improvement rate of 1.80% pa for
males and 1.60% pa for females
The current life expectancies on
retirement at age 65 are:
2025
2024
Males currently aged 65 (years)
23.8
23.7
Females currently aged 65 (years)
25.5
25.4
Males currently aged 45 (years)
25.7
25.6
Females currently aged 45 (years)
27.2
27.2
University of Oxford Staff Pension Scheme
The University of Oxford Staff Pension Scheme (OSPS)
is a multi-employer hybrid scheme set up under trust and
sponsored by the University. It is the pension scheme for
support staff at the University, participating colleges and other
related employers. New members joining the scheme build up
benefits on a defined contribution basis. Members who joined
before 1 October 2017 build-up benefits on a career average
revalued earnings basis.
The latest full actuarial valuation for the OSPS scheme was
completed as at 31 March 2022. The funding position of this
scheme has improved significantly, moving from a deficit of
£113m to a surplus of £47m at the valuation date. As a result,
the recovery plan agreed at the last valuation is no longer
required and the deficit contribution ended on 30 September
2023. A provision of £1.4m was made at 31 July 2023 to
account for deficit recovery payments up to 30 September
2023.
The trustee and the University have agreed a new contribution
schedule, which came into effect on 1 October 2023 and takes
account of the benefit improvements and changes to member
contributions since the last valuation date. It was agreed that
the scheme will meet its own running costs from the scheme’s
assets, including expenses relating to both the DB and DC
Sections and the cost of Pension Protection Fund/other
statutory levies.
Annual Report and Accounts 2024/25
137
Notes to the financial statements – continued
34. Pension schemes continued
The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in the statement of
funding principles dated 27 June 2023 and can be found at
https://finance.admin.ox.ac.uk/osps-documents
.
Date of valuation:
31/03/2022
Value of liabilities:
£914m
Value of assets:
£961m
Funding surplus/(deficit):
£47m
The principal assumptions used by the actuary were:
Rate of interest (periods up to retirement)
Gilts' +2.25%
Rate of interest (periods after retirement)
Gilts' +0.5%
RPI
Break-even RPI curve less 0.5% pa pre-2030 and 1.0% pa post-
2030
CPI
RPI inflation assumption less 1% pa pre-2030 and 0.1% pa post-
2030
Pensionable salary increases
RPI +pa
Funding ratios
Technical provisions basis
105%
‘Buy-out’ basis:
62%
Non-financial assumptions :
Post-retirement mortality – base table
Non-pensioners: 105% of standard S3PxA medium tables for both
males and females
Pensioners: 105% of standard S3PxA medium tables for both
males and females
Post-retirement mortality – improvements
CMI 2021 core projections with Sk=7.0, A=0.5% and long-term
improvement rate of 1.5% p.a. for men and women
Recommended employer’s contribution rate
(as % of pensionable salaries):
16.5% DB for members from 01/10/2023
10% /12% /14% DC members in relation to 4% /6% /8% cost plan
from 01/10/2023
Effective date of next valuation:
31/03/2025
Pension charge for the year
The pension charge recorded by the University during the accounting period (excluding pension finance costs) was equal to the
contributions payable after allowance for the deficit recovery plan as follows:
2025
£'m
2024
£'m
Scheme
Universities Superannuation Scheme
89.5
95.8
Press Group scheme – UK
10.6
10.8
Press Group – Overseas schemes
6.5
6.2
University of Oxford Staff Pension Scheme
11.2
11.4
NHS Pension Scheme
6.3
5.5
MRC
0.3
0.3
Other schemes – contributions
1.0
0.5
Total
125.4
130.5
These amounts include £36.4m (2024: £15.9m) contributions payable to defined contribution schemes at rates specified in the rules
of those plans. Included in other creditors are pension contributions payable of £14.3m (2024: £12.6m).
138
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
Defined benefit schemes accounted for as such
Press pensions
The Press operates a number of staff retirement schemes
throughout the world. The total pension cost for the group
charged to operating profit was £20.4m (2024: £18.2m), of
which £6.5m (2024: £6.2m) relates to overseas schemes. Of
the amount charged to operating profit £17.1m (2024: £9.3m)
represents contributions payable to defined contribution
schemes at rates specified in the rules of those plans. The
Press’s defined benefit scheme closed to future accruals from
30 September 2021.
Amounts recognised in the Statement of
Financial Position were as follows:
2025
£'m
2024
£'m
Group Pension Scheme
Present value of funded obligations
(462.8)
(508.1)
Fair value of scheme assets
412.6
444.9
(50.2)
(63.2)
Present value of unfunded obligations
(3.2)
(3.4)
Total
(53.4)
(66.6)
Amounts in the Statement of Financial
Position
2025
£'m
2024
£'m
Liabilities
(466.0)
(511.5)
Assets
412.6
444.9
(53.4)
(66.6)
Amounts recognised in the Statement
of Comprehensive Income were as
follows:
Net interest on net defined benefit liability
(3.3)
(3.0)
Total
(3.3)
(3.0)
There were no employee contributions in the year (2024: £nil).
The actuarial net liability at 31 July 2025 was £53.4m (2024:
£66.6m) and comprised a net liability relating to the Group
Pension scheme of £50.2m (2024: £63.2m), and net liabilities
on other schemes of £3.2m (2024: £3.4m).
The major scheme, the Group Pension Scheme, is a funded
defined benefit pension scheme providing retirement benefits
to UK employees based on final pensionable salary and length
of service. This closed to future accruals from 30 September
2021 and was replaced on 1 October 2021 by a defined
contribution scheme. No curtailment impact was recognised
at 31 July 2022 as a result of the scheme closure. The assets
of the defined benefit scheme are held in a separate trustee-
administered fund. The latest triennial valuation at 31 March
2024 has transitioned the scheme from a current liability-driven
investment approach to an asset-based investment approach,
and resulted in an assessed funding shortfall of £12.0m.
Following this valuation, the Press and trustees have agreed a
recovery plan comprising a £6.0m cash contribution in the year
to 31 July 2025, which was paid in March 2025, followed by two
annual contributions each of £6.0m. This provides an £18.0m
cash contribution over the three years to 31 July 2027, which
will cover the assessed £12.0m deficit per the 31 March 2024
valuation.
The defined benefit scheme closed to future accrual, although
members remaining in employment with the Press continue to
receive salary linkage on final salary pension accrued before 1
April 2016, and benefits built up after April 2016 will increase
in line with CPI (up to a maximum of 5%). Valuations and
commitments are subject to future uncertainty and market
volatility but are based upon the conclusions of the Press’s
actuarial advisers, which comply with Technical Actuarial
Standard 100, as issued by the Board for Actuarial Standards.
Group Pension Scheme net liabilities fell by £13.0m year-on
year as a result of the £6.0m deficit contribution made by the
Press during the year, coupled with lower than anticipated
increases to pensions and the impact on assets and liabilities
of changes in financial conditions.
Funded overseas schemes show a value of £nil at 31 July 2024
and 31 July 2023 as the actuarial report for Canada continues
to show that the scheme was in a net surplus position at 31
March 2023 and 2024. In accordance with FRS 102
paragraph 28.22, it has not been recognised due to the
limited extent that the surplus can be recovered in the future.
Unfunded obligations comprise £1.6m relating to the UK and an
additional £1.6m relating to the US.
In Virgin Media Ltd v NTL Pension Trustees II Ltd and others,
the High Court (June 2023) and the Court of Appeal (July
2024) held that amendments to contracted-out defined benefit
schemes made without the required actuarial confirmation
under section 37 of the Pension Schemes Act 1993 are void.
This ruling applies to schemes contracted-out between
6 April 1997 and 5 April 2016, which includes the OUP Pension
Scheme. The Press and the scheme’s trustees are reviewing
historic amendments made during this period to confirm
whether the necessary actuarial confirmations were obtained.
In August 2024 the Department for Work and Pensions
announced its intention to legislate to retrospectively validate
affected amendments, and accompanying guidance was
published in September 2025 as part of the Pension Schemes
Bill process. Pending completion of this review and the
enactment of the proposed legislation, no material financial
impact has been identified.
There is a charge in favour of the trustees over specified
Press DPRF assets as protection against any outstanding past
service deficit. The charge was increased from £50m to £75m
on 15 April 2019 as part of the recovery plan following the
technical provision valuation of the scheme at 31 March 2018.
This remains unchanged following the latest triennial valuation
at 31 March 2024.
34. Pension schemes continued
Annual Report and Accounts 2024/25
139
Notes to the financial statements – continued
Changes in the present value of the defined benefit obligation of the Group Pension
Scheme were as follows:
2025
£'m
2024
£'m
Plan liabilities at 1 August
508.1
495.0
Interest cost
25.7
26.0
Remeasurement of the defined benefit obligation
(51.0)
5.9
Benefits paid from plan assets
(20.0)
(18.8)
Plan liabilities at 31 July
462.8
508.1
Changes in the fair value of the Group Pension Scheme assets were as follows:
2025
£'m
2024
£'m
Market value at 1 August
444.9
438.5
Interest income
22.5
23.1
Return on scheme assets (less)/greater than discount rate
(40.8)
(3.9)
Benefits paid from plan assets
(20.0)
(18.8)
Employer contributions
6.0
6.0
Market value at 31 July
412.6
444.9
For the reasons set out above, the Group expects to contribute £6.0m to the Group Pension Scheme in the year 2025/26.
The major categories of the Group Pension Scheme assets as a percentage of total
scheme assets were as follows:
2025
2024
Equities
33.6%
13.9%
Corporate bonds
50.7%
66.9%
Property
0.1%
4.4%
Other quoted securities
13.8%
10.3%
Cash and other
1.8%
4.5%
Total
100.0%
100.0%
Principal actuarial assumptions at the date of the Statement of Financial Position
(expressed as weighted averages) in relation to the Group Pension Scheme were:
2025
2024
Discount rate
5.80%
5.15%
Price inflation (RPI)
3.05%
3.20%
Price inflation (CPI)
2.70%
2.85%
Rate of salary increase*
4.05%
4.25%
Pension increases for in-payment benefits
2.75%
2.85%
Pension increases for deferred benefits
2.70%
2.85%
Scheme participant census date
31/03/2021
31/03/2021
*Plus promotional salary scale.
34. Pension schemes continued
140
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
34. Pension schemes continued
Expected lifetime
The expected lifetime of a participant who is age 65 and the
expected lifetime (from age 65) of a participant who will be
aged 65 in 15 years are shown in years below. The mortality
tables used for the disclosures are the SAPS42 normal
tables based on amounts, with multipliers of 101% for males
and 103% for females. Allowance has been made for future
improvements in line with CMI core projections (CMI 2024) with
a 1.25% pa long-term trend and an initial addition parameter of
0.50%.
Age
Demographic assumptions
Males
Females
2025
2024
2025
2024
65
21.9
21.7
24.0
24.6
65 in 15 yrs
22.8
22.6
25.1
25.6
The sensitivities regarding the principal assumptions used to
measure the scheme liabilities are estimated below:
Assumption
Sensitivity analysis
Change in
assumption
Impact on scheme
liabilities
Discount rate
Increase/decrease
by 0.1%
Decrease/increase
by c 1.3%
CPI inflation
Increase/decrease
by 0.1%
Increase/decrease
by c 0.7%
Salary
Increase/decrease
by 0.1%
Increase/decrease
by c 0.1%
Base table
multipliers
Increase/decrease
by 5%
Decrease/increase
by c 0.9%
Future mortality
improvements
1.25% pa to 1.0% pa
long-term trend
Decrease by c 0.5%
The actuarial gains and losses recognised in the combined
statement of comprehensive income arose from changes in
assumptions concerning the discount rate, price inflation and
pension commutation to cash.
Discount rate:
The Press adopted the WTW Global RATE: Link
ex-government backed model based upon a period of 16 years
for the year ending March 2024. The Press’s actuaries remain
comfortable in continuing to derive the discount rate at
31 July 2025 with reference to this model, further refined by
using the scheme’s projected cash flows, which have a duration
of 14 years at 31 March 2025. At 31 July 2025 the discount
rate, based upon this approach and duration, is 5.80% per
annum.
RPI:
On 25 November 2020 the government confirmed that,
with effect from February 2030, increases in RPI will be aligned
with those under Consumer Prices Index with owner occupiers’
housing costs (CPIH) and there will be no compensation to
holders of index-linked gilts. The high level of demand for
inflation protection, particularly at long durations, may result in
an increased ‘inflation risk premium’ (IRP). An IRP is the belief
that buyers of index-linked rather than fixed-interest gilts are
prepared to pay a premium (and hence expect to ultimately
receive a lower yield) in order to obtain inflation protection.
Within this context the Press adopted an IRP of 25 basis points
for the year ending 31 July 2024 and has retained the same
figure for the year ending 31 July 25.
A copy of the full actuarial valuation report and other further
details on the scheme are available on the relevant websites:
www.uss.co.uk
,
www.nhsbsa.nhs.uk/Pensions
,
https://finance.
admin.ox.ac.uk/osps
,
www.saul.org.uk
.
Annual Report and Accounts 2024/25
141
Notes to the financial statements – continued
35. Capital and other commitments
At the end of the year the University had major capital commitments for building projects as follows:
Group
University
Major capital commitments
2025
£'m
2024
£'m
2025
£'m
2024
£'m
Commitments contracted at 31 July
88.8
219.2
88.8
219.2
Authorised but not contracted at 31 July
19.2
-
19.2
-
The capital commitments mainly relate to the Schwarzman Centre for the Humanities, the Saïd Business Global Leadership Centre,
and the Global Health buildings.
Commitments in respect of operating lease rentals
Total rentals payable under operating leases are as follows:
Group
2025
2024
Land and
buildings
£'m
Other
equipment
£'m
Total
£'m
Land and
buildings
£'m
Other
equipment
£'m
Total
£'m
Payable during the year
18.1
2.2
20.3
12.9
4.2
17.1
Future minimum lease payments due:
Not later than 1 year
6.2
1.2
7.4
7.7
2.2
9.9
Later than 1 year and not later than
5 years
14.0
1.6
15.6
10.2
2.7
12.9
Later than 5 years
6.1
-
6.1
7.1
-
7.1
Total
26.3
2.8
29.1
25.0
4.9
29.9
University
2025
2024
Land and
buildings
£'m
Other
equipment
£'m
Total
£'m
Land and
buildings
£'m
Other
equipment
£'m
Total
£'m
Payable during the year
11.5
2.1
13.6
7.4
3.2
10.6
Future minimum lease payments due:
Not later than 1 year
2.4
1.2
3.6
3.2
1.3
4.5
Later than 1 year and not later than
5 years
2.7
1.6
4.3
3.1
2.2
5.3
Later than 5 years
3.4
-
3.4
3.9
-
3.9
Total
8.5
2.8
11.3
10.2
3.5
13.7
36. Contingent liabilities
On 29 June 2007 the University entered into an agreement with the trustees of the Oxford University Press Group Pension Scheme
to eliminate the scheme deficit over a period of years. As security for the payment of the agreed contributions into the scheme, the
University granted a floating charge in favour of the trustees over the assets located in the United Kingdom, which are allocated to
the Press Effective Operating Reserve subject to a maximum of £50m. The charge was increased to £75m on 15 April 2019 as part
of the recovery plan following the technical provision valuation of the scheme at 31 March 2018.
142
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
37. Leases-maturity analysis for lease liabilities
Future minimum lease payments are as follows:
Group/University
(Land and buildings)
2025
£'m
2024
£'m
Future minimum lease payments due:
Not later than 1 year
7.9
0.9
Later than 1 year and not later than 5 years
31.2
9.1
Later than 5 years
383.4
112.8
422.5
122.8
Future finance charges
(277.2)
Net carrying value of obligations under finance leases
145.3
Comprising:
Lease prepayment recognised in debtors
(0.6)
Finance lease obligations falling due within one year
0.7
Finance lease obligations falling due after more than one year
145.2
38. Leases-maturity analysis for lease receivables
Total rentals receivable under operating leases
Group
University
(Land and buildings)
Note
2025
£'m
2024
£'m
2025
£'m
2024
£'m
Receivable during the year
6
21.3
20.4
21.0
20.6
Future minimum lease receivables due:
Not later than 1 year
13.7
15.1
13.3
15.3
Later than 1 year and not later than 5 years
2.7
3.3
2.2
3.1
Later than 5 years
1.2
0.5
1.2
-
Total
17.6
18.9
16.7
18.4
39. Events after the end of reporting period
On 25 August 2025 the University announced that it had reached an agreement for the acquisition of OrganOx, a pioneering
University of Oxford spinout transforming kidney and liver transplantation, by Terumo Corporation, a global medical technology
company headquartered in Tokyo, Japan, for US$1.5bn. The University held an equity stake of approximately 6% in the company at
the time of the transaction.
In September 2025 the University completed the sale of its spinout Oxford Ionics Ltd to IonQ Inc., a leading quantum computing
company specialising in trapped-ion technology and quantum networking. The transaction was valued at US$1.075bn. The definitive
acquisition agreement was announced on 9 June 2025.
On 3 November 2025 the Press entered into an agreement to acquire Karger Publishers. The acquisition completed on 3 December
2025. The financial impact of the acquisition cannot be estimated at present, as the allocation of purchase price to fair value
of assets has not yet been finalised. As the acquisition occurred after the balance sheet date and does not provide evidence of
conditions that existed at 31 July 2025, it is treated as a non-adjusting event under FRS 102 section 32. No adjustments have been
made to the financial statements as at 31 July 2025. The financial impact of the acquisition will be reflected in the next reporting
period.
There have been no other subsequent events to report for the year ended 31 July 2025.
Annual Report and Accounts 2024/25
143
Notes to the financial statements – continued
2025
2024
Pay
£'m
Non-pay
£'m
Total
£'m
Total
£'m
Access investment
3.4
3.9
7.3
6.9
Financial support provided to students from under-
represented and disadvantaged groups
-
10.8
10.8
10.3
Support for disabled students
0.7
0.2
0.9
0.7
Research and evaluation of access and
participation activities
0.6
0.1
0.7
0.6
Total
4.7
15.0
19.7
18.5
Included in access and participation costs are £3.0m of college costs (2024: £2.6m) for activity to support University of Oxford
students carried out by the Oxford colleges. These activities are part of the declared Access and Participation Plan to OfS, and
reflect the collegiate nature of support to students.
The access investment is expenditure on activities and measures that support the ambitions set out in the University's Access and
Participation Plan at
https://academic.admin.ox.ac.uk/app
.
40. Access and participation expenditure
144
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
US Department of Education (USDE) financial responsibility supplemental schedule
In satisfaction of its obligations to facilitate students’ access to US federal financial aid, the University of Oxford is required, by the
US Department of Education, to present the following supplemental schedule in a prescribed format. The amounts presented within
the schedules have been:
prepared under the historical cost convention
United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable
in the United Kingdom and the Republic of Ireland’ (FRS 102) and the Statement of Recommended Practice (SORP)
Accounting for Further and Higher Education (2019 edition)
presented in pounds sterling.
The schedules set out how each amount disclosed has been extracted from the financial statements. As mentioned above, the
accounting policies used in determining the amounts disclosed are not intended to and do not comply with the requirements of
accounting principles generally accepted in the United States of America.
Source
Expendable net assets
supplemental schedule
UK GAAP
accounts
2025
2024
£’000
£’000
£’000
£’000
Balance sheet
and note 32
Statement of Financial Position
– Net assets without donor
restrictions
Net assets
without donor
restrictions
-
4,498,200
-
4,211,800
Balance sheet
and notes 30
and 31
Statement of Financial Position –
Net assets with donor restrictions
Net assets with
donor restrictions
-
2,405,500
-
2,175,700
Note 33
Statement of Financial Position
– Related party receivable and
related party note disclosure
Secured and
unsecured related
party receivable
51
-
33
-
Note 33
Statement of Financial Position
– Related party receivable and
related party note disclosure
Unsecured
related party
receivable
-
51
-
33
Notes 17, 18
and 19
Statement of Financial Position
– Property, plant and equipment,
net
Property, plant
and equipment,
net (includes
construction in
progress)
2,327,400
-
2,055,900
-
Notes 17, 18
and 19
Note of the Financial Statements
– Statement of Financial Position
– Property, plant and equipment
– pre-implementation
Property,
plant and
equipment – pre-
implementation
-
1,789,451
-
1,810,200
N/A
Note of the Financial Statements
– Statement of Financial Position
– Property, plant and equipment
– post-implementation with
outstanding debt for original
purchase
Property, plant
and equipment
– post-
implementation
with outstanding
debt for original
purchase
-
-
-
-
Notes 17, 18
and 19
Note of the Financial Statements
– Statement of Financial Position
– Property, plant and equipment
– post-implementation without
outstanding debt for original
purchase
Property, plant
and equipment
– post-
implementation
without
outstanding
debt for original
purchase
-
-
-
-
41. US loans schedule
Annual Report and Accounts 2024/25
145
Notes to the financial statements – continued
41. US loans schedule continued
Source
Expendable net assets
supplemental schedule
UK GAAP
accounts
2025
2024
£’000
£’000
£’000
£’000
Note 17
Note of the Financial Statements
– Statement of Financial Position
– Construction in progress
Construction in
progress
-
392,900
-
245,700
Balance sheet
and note 17
Statement of Financial Position –
Lease right-of-use assets, net
Lease right-of-
use asset, net
145,049
-
45,200
-
N/A
Note of the Financial Statements
– Statement of Financial Position
– Lease right-of-use asset pre-
implementation
Lease right-of-
use asset pre-
implementation
-
-
-
-
Balance sheet
and note 17
Note of the Financial Statements
– Statement of Financial Position
– Lease right-of-use asset post-
implementation
Lease right-of-
use asset post-
implementation
-
145,049
-
45,200
Note 16
Statement of Financial Position –
Goodwill
Intangible assets
-
1,200
-
1,500
Note 16
Statement of Financial Position –
Other intangible assets
Intangible assets
-
110,900
-
123,000
Balance sheet
and note 29
Statement of Financial Position
– Post-employment and pension
liabilities
Post-employment
and pension
liabilities
-
54,700
-
67,000
Notes 26 and
27
Statement of Financial Position
– Note Payable and Line of Credit
for long-term purposes (both
current and long term) and Line of
Credit for construction in process
Long-term debt
– for long-term
purposes
1,237,900
-
1,244,300
-
Notes 26 and
27
Statement of Financial Position
– Note Payable and Line of Credit
for long-term purposes (both
current and long term) and Line of
Credit for construction in process
Long-term debt
– for long-term
purposes pre-
implementation
-
1,237,900
-
1,244,300
N/A
Statement of Financial Position
– Note Payable and Line of Credit
for long-term purposes (both
current and long term) and Line of
Credit for construction in process
Long-term debt
– for long-term
purposes post-
implementation
-
-
-
-
146
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
41. US loans schedule continued
Source
Expendable net assets
supplemental schedule
UK GAAP
accounts
2025
2024
£’000
£’000
£’000
£’000
N/A
Statement of Financial Position
– Note Payable and Line of Credit
for long-term purposes (both
current and long term) and Line of
Credit for construction in process
Line of Credit for
construction in
process
-
-
-
-
Note 27
Statement of Financial Position –
Lease right-of-use asset liability
Lease right-of-
use asset liability
145,200
-
45,600
-
N/A
Statement of Financial Position –
Lease right-of-use asset liability
pre-implementation
Pre-
implementation
right-of-use
leases
-
-
-
-
Note 27
Statement of Financial Position –
Lease right-of-use asset liability
post-implementation
Post-
implementation
right-of-use
leases
-
145,200
-
45,600
N/A
Statement of Financial Position –
Annuities
Annuities with
donor restrictions
-
-
-
-
N/A
Statement of Financial Position –
Term endowments
Term
endowments with
donor restrictions
-
-
-
-
N/A
Statement of Financial Position –
Life income funds
Life income
funds with donor
restrictions
-
-
-
-
Balance sheet
and note 30
Statement of Financial Position –
Perpetual funds
Net assets
with donor
restrictions:
restricted in
perpetuity
-
1,391,100
-
1,278,300
Annual Report and Accounts 2024/25
147
Notes to the financial statements – continued
41. US loans schedule continued
Source
Total expenses and losses
supplemental schedule
UK GAAP
accounts
2025
2024
£’000
£’000
£’000
£’000
Statement
of Comp
Income
Statement of Activities – Total
operating expenses (total from
Statement of Activities prior to
adjustments)
Total expenses
without donor
restrictions –
taken directly
from Statement of
Activities
-
2,893,900
-
2,790,200
Statement
of Comp
Income
Statement of Activities – Non-
operating (investment return
appropriated for spending),
investments, net of annual spending
gain (loss), other components of net
periodic pension costs, pension-
related changes other than net
periodic pension, changes other
than net periodic pension, change
in value of split-interest agreements
and other gains (loss) – (total from
Statement of Activities prior to
adjustments)
Non-operating and
net investment
(loss)
-
44,900
316,800
Statement
of Comp
Income
Statement of Activities –
(investment return appropriated for
spending) and investments, net of
annual spending, gain (loss)
Net investment
gains/(losses)
-
761,500
-
681,100
Not
applicable
Statement of Activities – Pension
related changes other than periodic
pension
Pension-related
changes other than
net periodic costs
-
-
-
-
Source
Modified net assets
supplemental schedule
UK GAAP
accounts
2025
2024
£’000
£’000
£’000
£’000
Balance
Sheet and
note 32
Statement of Financial Position
– Net assets without donor
restrictions
Net assets without
donor restrictions
-
4,498,200
-
4,211,800
Balance
Sheet and
notes 30
and 31
Statement of Financial Position
– total net assets with donor
restrictions
Net assets with
donor restrictions
-
2,405,500
-
2,175,700
Note 16
Statement of Financial Position –
Goodwill
Intangible assets
-
1,200
-
1,500
Note 33
Statement of Financial Position –
Related party receivable and related
party note disclosure
Secured and
unsecured related
party receivable
51
-
33
-
Note 33
Statement of Financial Position –
Related party receivable and related
party note disclosure
Unsecured related
party receivable
-
51
-
33
148
Annual Report and Accounts 2024/25
Notes to the financial statements – continued
41. US loans schedule continued
Source
Modified assets
supplemental schedule
UK GAAP
accounts
2025
2024
£’000
£’000
£’000
£’000
Notes 16,
17, 18, 19,
20, 21, 22,
23, 24
Statement of Financial Position –
Total assets
Total assets
-
9,587,800
-
9,026,800
N/A
Note of the Financial Statements
– Statement of Financial Position
– Lease right-of-use asset pre-
implementation
Lease right-of-
use asset pre-
implementation
-
-
-
-
N/A
Statement of Financial Position –
Lease right-of-use asset liability
pre-implementation
Pre-
implementation
right-of-use leases
-
-
-
-
Note 16
Statement of Financial Position –
Goodwill
Intangible assets
-
1,200
-
1,500
Note 33
Statement of Financial Position –
Related party receivable and related
party note disclosure
Secured and
unsecured related
party receivable
51
-
33
-
Note 33
Statement of Financial Position –
Related party receivable and related
party note disclosure
Unsecured related
party receivable
-
51
-
33
Source
Net income ratio
UK GAAP
accounts
2025
2024
£’000
£’000
£’000
£’000
Balance
Sheet and
note 32
Statement of Activities – Change
in net assets without donor
restrictions
Change in net
assets without
donor restrictions
-
286,400
-
732,900
Statement
of Comp
Income and
notes 2, 3, 4,
5 and 6
Statement of Activities – (Net
assets released from restriction),
total operating revenue and other
additions and sale of fixed assets,
gains (losses)
Total revenue and
gains
-
2,662,700
-
2,617,300
Annual Report and Accounts 2024/25
149
150
Annual Report and Accounts 2024/25
Produced by the Finance Division © University of Oxford, 2024
Designed by Brand and Design, University of Oxford
Photography
University of Oxford Images/John Cairns pp cover, 2, 4, 6, 8, 14, 19, 34, 45, 49, 50, 53, 62, 80; University of Oxford Images/
Ian Wallman pp cover; University of Oxford Images/Public Affairs Directorate pp cover, 11, 17, 24, 33, 41, 60, 64, 92;
Andrew James W Bailey p9; Stanley Upton (OUMNH) p13; Graham Bagley p20; Fisher Studio Ltd pp21, 42, 98;
University of Oxford Alumni Office p23; Hopkins Architects p27; Martha Glennon p28; Jessica Schiff p31; NBBJ p58;
University of Oxford Images/Mollie Footitt p89; and University of Oxford Images/Whitaker studio p148.
