An introduction to

finance at the University

Rob Williams

Finance Division

Tuesday 24 March 2015

A brief introduction to the University

• Prestigious and internationally recognised institution

• Complex and decentralised structure

• Strategic Plan 2013-18: we aim to lead the world in

research and education, in ways that benefit society

on a national and a global scale

How the money flows

£1.17bn

JRAM

Payroll: £596m Operating expenses: £474m

Departments & Services

Income to the University of £1.18bn

15%

20%

40%

4%

7%

5%

9%

HEFCE/Gov't

Academic Fees

Research

Sales

Donations (inc OUP)

Investment

Other

Y/E July 2014

Expenditure by the University of £1.15bn

33%

19% 15%

4%

5%

6%

5%

13% University-funded staff

Research-funded staff

Research-funded non-staff

Bursaries & scholarships

Premises

Depreciation

Payments to Colleges

Other

Finance numbers

• Almost 12,000 staff

• Last year:

• £478m income from research

• 4,230 active research projects

• 270,000 purchase orders

• 165,000 expense claims and invoices

• £19.6m worth of online shop

transactions

Growth of income driven by research

0

200

400

600

800

1000

1200

1400

6/7 7/8 8/9 9/10 10/11 11/12 12/13 13/14

Income

Costs

The role of the Finance Division

• The Division undertakes six main areas of activity:

• transaction processing

• financial reporting and research accounts

• financial planning and departmental support

• specialist advisory services

• audit and assurance

• commercial activities

• Led by Director of Finance Giles Kerr, who reports to the

Vice-Chancellor

Strategic priorities for 2014/15

• Embed Oracle Financials R12 and realise user benefits

• Improve management information

• Strengthen our financial controls

• Improve our customer service

The annual financial cycle

Year end

Monthly

accounts Budgets

Quarterly

forecasts

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

Financial Year

Academic Year

Michaelmas Hilary Trinity

Divisional Financial Controllers

• ASUC/UAS:

• Kevin Rodd – 01865 (6) 16074

• Continuing Education:

• Peter Ransom – 01865 (2) 70283

• Humanities:

• Lynn Hutton – 01865 (2 )70006

• Mathematical, Physical and Life Sciences:

• Jeremy Sims – 01865 (2) 82573

• Medical Sciences:

• Justin O’Toole – 553 21683 (internal), 01865 221683 (external)

• Social Sciences:

• Harry Myring – 01865 (6) 14867

Resources and training

• Finance Division website: www.admin.ox.ac.uk/finance

• Book on any courses you may need:

• www.admin.ox.ac.uk/finance/support/training/

• Help with Oracle Financials:

• financials@admin.ox.ac.uk

• Customer Services (2) 84800

• www.admin.ox.ac.uk/finance/support

• Regular communications to staff with finance roles:

• finance.communications@admin.ox.ac.uk

QUESTIONS?