Financial Statements 2019/20
Total Page:16
File Type:pdf, Size:1020Kb
Financial Statements 2019/20 University of Oxford Financial Statements 2019/20 www.ox.ac.uk Financial Statements 2019/20 University of Oxford University of Oxford Financial Statements 2019/20 Contents INTRODUCTION Introduction Contents At a Glance 2 Letter from the Vice-Chancellor 4 Vision and Strategic Priorities 7 Emerging Trends 8 OPERATIONAL REVIEW Education 10 Research 12 Educational Publishing 14 People 16 Engagement and Partnership 18 Resources 20 FINANCIAL REVIEW 22 1. Comprehensive Income 25 2. Change in Net Assets 27 3. Cash and Cash Equivalents 28 GOVERNANCE 30 Charitable Status 36 STAKEHOLDER ENGAGEMENT 37 UNDERSTANDING OUR RISKS 38 STATEMENT OF INTERNAL CONTROL 42 INDEPENDENT AUDITOR’S REPORT To the members of ‘University of Oxford’ 46 FINANCIAL STATEMENTS 54 Consolidated and University Statement of Comprehensive Income 54 Consolidated and University Statement of Changes in Reserves 55 Consolidated and University Statement of Financial Position 56 Consolidated Statement of Cash Flows 57 Statement of Accounting Policies 58 Accounting Judgements and Estimates 68 Notes to the Financial Statements 70 Financial Statements 2019/20 University of Oxford | 1 AT A GLANCE Strategic and Operational Measures Introduction % change *% change 2018/19 to 2018/19 to Education 2019/20 2019/20 11,955 1,899 undergraduates Postgraduate students 1.2% from state schools admitted, 20.4% 68.4% of our UK intake for 2020/21 12,010 462 undergraduates Undergraduate students from the most disadvantaged 0.7% areas of the UK, 16.6% of our 47.6% UK intake for 2020/21 Research £633.6m 1st Research income 1.4% Ranking Times Higher Education - World University Rankings 116.8m 5,884 Research income from 22.9% Research-related 12.0% industry agreements executed Educational Publishing undertaken by the Press £821.3m £149.8 Educational publishing -5.2% Operating cash flow 46.8% income 2,500+ £28.3m Journal articles made freely N/A Comprehensive Income -72.6% accessible to support COVID-19 response Engagement and Partnership 1,350 1,304 UNIQ summer school Students from low-income placements * backgrounds supported by - 25.3% Crankstart scholarships 100 148 Participants in our new Companies incorporated Opportunity Oxford bridging by OUI 6.5 % programme 2 | University of Oxford Financial Statements 2019/20 * In response to the COVID-19 pandemic we have moved our UNIQ Summer programme online in 2020. Financial Measures Introduction Income £2,000m £200m £2,000m £200m £2,000m £200m £500m £1,500m £150m £500m £1,500m £150m £250m £500m £1,500m £150m £1,767.7m £1,000m 1,629.6 1,767.7 £100m £250m 220 438 39 252 227 University 1,629.6 1,767.7 220 438 39 252 227 £1,000m £100m £250m£0m (excl2016/17 educational2017/18 2018/19 publishing)2019/20 2019/20 108.1 136.9 incl Press 1,629.6 1,767.7 £0m 220 438 39 252 227 £1,000m £100m excl Press £500m £50m 2016/17 2017/18 2018/19 2019/20 2019/20 108.1 136.9 incl Press £0m excl Press £500m £50m 2016/17 2017/18 2018/19 2019/20 2019/20 108.1 136.9 incl Press £500m £50m excl Press £0m £0m 2018/19 2019/20 2018/19 2019/20 £0m £0m 2018/19 2019/20 2018/19 2019/20 £0m £0m 2018/19 2019/20 2018/19 2019/20 £2,500mComprehensive Income £2,000m£2,500m £300m 1,400.4 139.3 219.7 £1,500m£2,500m£2,000m £300m 1,400.4 139.3 219.7 £1,000m£2,000m£1,500m £300m 1,400.4 1,618.5 1,878.7 1,864.5 1,669.3 2,442.7 £200m 2016/17 £1,000m£500m 139.3 219.7 £1,500m £200m £251.6m1,618.5 1,878.7 1,864.5 1,669.3 2,442.7 2016/17 £1,000m£500m£0m 2016/17 2017/18 2018/19 2019/20 2019/20 £200m University1,618.5 1,878.7 1,864.5 1,669.3 2,442.7 £100m 2016/17 £500m£0m incl Press 2016/17 2016/17 2017/18excl Press2018/19 2019/20 2019/20 2016/17 (excl educational publishing) £100m £0m incl Press 2016/17 excl Press 2016/17 2016/17 2017/18 2018/19 2019/20 2019/20 £100m incl Press £0m 38.8 251.6 2016/17 excl Press 2016/17 2018/19 2019/20 £0m 38.8 251.6 2018/19 2019/20 £0m 38.8 251.6 2018/19 2019/20 £2,500m £4,000m £2,500m £3,500m£4,000m £2,000m £2,500mNet Assets £4,000m£3,500m £2,000m £3,000m £1,500m £3,500m £2,000m £2,500m£3,000m 46.7 £1,500m £3,000m 46.7 £1,000m £2,000m£2,500m 2016/17 £1,500m 1,400 1,443 1,823 1,415 2,146 46.7 £1,000m £2,500m£2,000m 2016/17 £500m£3,960.7m1,400.4 1,443.0 1,822.6 2,582.2 2,144.8 £1,500m 1,400 1,443 1,823 1,415 2,146 £1,000m University £2,000m£1,500m 3,708.5 3,960.7 2016/17 £500m 1,400.41,400 1,443.01,443 1,822.61,823 2,582.21,415 2,144.82,146 £1,000m 0m (excl educational publishing) £1,500m £500m 2016/171,400.4 2017/181,443.0 2018/191,822.6 2019/202,582.2 2019/202,144.8 £1,000m£500m 3,708.5 3,960.7 0m incl Press excl Press £1,000m 3,708.5 3,960.7 2016/17 2017/18 2018/19 2019/20 2019/20 £500m0 0m incl Press excl Press 2018/19 2019/20 2016/17 2017/18 2018/19 2019/20 2019/20 £500m0 incl Press 2018/19 2019/20 excl Press 0 2018/19 2019/20 Capital£2,000m Expenditure £200m £5,000m £5000m £600m £500m £1,500m £150m £5,000m £5000m £600m £4,000m £500m £5,000m £4000m£5000m £600m £250m £4,000m £500m £3,000m 1,629.6 1,767.7 £4000m 220 438 39 252 227 £1,000m £100m £400m £4,000m £500m £3,000m £136.9m £3000m £0m £4000m £400m 2016/17 2017/18 2018/19 2019/20 2019/20 £2,000m University £3000m 4,084.6108.1 4,181.3136.9 £300m incl Press £3,000m £500m £50m £400m excl Press £2,000m (excl educational publishing) 4,084.6 4,181.3 3,232 3,670 3,709 3,961 4,408 £2000m£3000m £300m £1,000m £200m £2,000m 3,232 3,670 3,709 3,961 4,408 £2000m 4,084.6 4,181.3 £300m £1,000m £200m £0m 3,232£0m 3,670 3,709 3,961 4,408 £1000m£2000m£0m 335.0 507.7 2016/17 2017/182018/192018/192019/202019/20 2019/20 2018/19 2019/20 £100m £1,000m £200m £0m incl Press £1000m 335.0 2016/17 2017/18excl Press2018/19 2019/20 2019/20 £100m 507.7 incl Press £0m £0m £0m excl Press £1000m 335.0 2016/17 2017/18 2018/19 2019/20 2019/20 2017/18 2018/19 £100m 2017/18 2018/19507.7 incl Press £0m Financial Statements 2019/20 University£0m of Oxford | 3 excl Press 2017/18 2018/19 2017/18 2018/19 £2,500m £0m £0m 2017/18 2018/19 2017/18 2018/19 £2,000m £300m 1,400.4 219.7 £1,500m 139.3 £1,000m 1,618.5 1,878.7 1,864.5 1,669.3 2,442.7 £200m 2016/17 £500m £0m 2016/17 2017/18 2018/19 2019/20 2019/20 £100m incl Press 2016/17 excl Press 2016/17 £0m 38.8 251.6 2018/19 2019/20 £2,500m £4,000m £3,500m £2,000m £3,000m £1,500m £2,500m 46.7 £1,000m £2,000m 2016/17 1,400 1,443 1,823 1,415 2,146 £500m 1,400.4 1,443.0 1,822.6 2,582.2 2,144.8 £1,500m £1,000m 3,708.5 3,960.7 0m 2016/17 2017/18 2018/19 2019/20 2019/20 £500m incl Press excl Press 0 2018/19 2019/20 £5,000m £5000m £600m £4,000m £500m £4000m £3,000m £400m £3000m £2,000m 4,084.6 4,181.3 £300m 3,232 3,670 3,709 3,961 4,408 £2000m £1,000m £200m £0m £1000m 335.0 2016/17 2017/18 2018/19 2019/20 2019/20 £100m 507.7 incl Press excl Press £0m £0m 2017/18 2018/19 2017/18 2018/19 LETTER FROM THE VICE-CHANCELLOR Introduction This has been quite a year. A year of fire-fighting to contain a global pandemic and to protect our mission of research, teaching and contributing to the world around us. This mission has never been more important. I am deeply proud of the fact that the collegiate university has come together as One Oxford to ensure that our world-leading research could continue and that all our students could return to Oxford to continue their education in a Covid-secure environment. We have adapted at a pace and on a scale few would have believed possible. In Trinity term we moved all our teaching and assessment online and spent the summer developing the means to ensure that we could offer our students the optimal mix of in-person and online the strong international connections and partnerships teaching opportunities in Michaelmas term. We moved they have built over the years. As we know, many of the to remote provision of student services from counselling greatest threats facing us today, from infectious disease to careers and reached out to students and staff in to climate change, do not respect national borders.