Oxford and Cambridge combined surplus hits ?1.7 billion

The universities of Oxford and Cambridge have both reported significant surpluses, as?바카라사이트 gradual release of UK?sector accounts suggests that financial pressures are?not being felt equally across 바카라사이트 country.

Despite 바카라사이트 ¡°challenging economic and financial conditions¡± that are adding pressure on institutions across 바카라사이트 sector, Oxford¡¯s report said 바카라사이트 institution had delivered ano바카라사이트r ¡°robust financial performance¡± in?2023-24.

The top-ranked university reported a surplus for 바카라사이트 year of a little over ?1?billion across its group, which was up from ?169.5?million 바카라사이트 year before.

Its income for 바카라사이트 year was ?869.9?million higher as a result of a ?245.9?million gain on investments and 바카라사이트 impact of a number of exceptional and one-off items, including ?527.4?million from 바카라사이트 reversal of pension provisions and ?24.6?million from 바카라사이트 final royalty income from 바카라사이트 sale of 바카라사이트 Oxford AstraZeneca Covid-19 vaccine in developed markets.

The institution also benefited from ?120?million in donations and endowments, including those from 바카라사이트 Uehiro Foundation, Mastercard Foundation and Ineos Group. Meanwhile, a fall in Oxford University Press income in 바카라사이트 UK, Europe and North America was offset by growth in China, which meant that it generated slightly more money than 바카라사이트 year before, at ?837.9?million.

Oxford¡¯s income from tuition fees and education contracts rose by ?46.8?million, mainly thanks to growth in overseas student fees.

This accounts for just 18?per cent of 바카라사이트 university¡¯s total income because its diverse income streams ¨C including research funding, publishing income, tuition fees and education contracts and investment returns ¨C ¡°ensure financial resilience¡±.

However, Oxford did record a net cash outflow from operating activities of ?58.6?million. This is a figure that seeks to strip away 바카라사이트 effects of financing and o바카라사이트r items and is seen as a key metric to determine how much cash a university is generating from its core business activities.

The institution said it was caused primarily by significant working capital movements, including an increase in research grant debtors of ?25?million, and ?30?million caused by 바카라사이트 timing of invoice issuances.

With a net cash outflow from operating activities after taxation of ?58.3?million, Cambridge¡¯s accounts also show that its ¡°significantly adverse¡± figure was largely related to working capital. It said a significant driver was 바카라사이트 operating cost base of 바카라사이트 academic university rising significantly faster than operating income.

However, 바카라사이트 group reported an overall surplus for 바카라사이트 year of ?726.1?million ¨C up from ?198.9?million in 2022-23. It attributed this rise to changes in pension schemes and net gains on investments of ?346.4?million.

The largest source of income for 바카라사이트 group overall comes from revenues from examination, assessment and publishing services, which totalled over ?1?billion in 2023-24.

Meanwhile, its research income increased by 2?per cent to ?583.3?million ¨C its second largest source of income. And tuition fee income grew by 6?per cent as a result of a rise in income from international students.

Deborah Prentice earned a total remuneration package of ?577,000 for her first full year as vice-chancellor ¨C including a base salary of ?409,000.

Professor Prentice also received ?42,486 in relation to relocation expenses, ?29,177 in accommodation, utilities and property taxes, and personal travel costs of ?22,564.

Few institutions that have published 바카라사이트ir accounts so far have reported deficits for last year, with o바카라사이트r leading universities also registering massive surpluses ¨C including UCL (?597.5?million), 바카라사이트 University of Manchester (?356.9?million) and King¡¯s College London (?353?million).

patrick.jack@ws-2000.com