Oxford University’s campaign to raise money for teaching and research has topped the £1bn mark, it was announced today.

The milestone, which has been reached in record time, is thanks to the generosity of donors who are “fundamental to Oxford’s future”, Vice-Chancellor Professor Andrew Hamilton said.

The 800-year-old institution began raising money in August 2004, and officially launched the Oxford Thinking campaign in May 2008, when £575m had already been donated.

The goal is to collect a minimum of £1.25bn to support the university’s teaching, research and facilities.

Prof Hamilton said: “In the past year alone we have raised more than £230m. Our donors’ generosity, which is a huge vote of confidence in Oxford, is fundamental to Oxford’s future at a time when government funding is so stretched.”

He added: “It’s clear from the Government’s comprehensive spending review and the Browne review recommendations that, under any future funding regime, Oxford is going to have to do all it can to find additional resources.

“If we believe strongly that the tutorial system is the best way to nurture maturing minds, we are going to have to find ways of making it more financially sustainable.”

  • A Hong Kong businessman has given £10m to the university’s St Hugh’s College to help pay for a new Chinese Studies building.

Work on the £20m building at the college in St Margaret’s Road, North Oxford, is due to start in 2012.

Dickson Poon said he wanted to make the donation to strengthen links between China and the West.