The UK arm of Goldman Sachs’s charitable foundation has swapped donations to University of Oxford colleges for scholarships to the London School of Economics – the first full year on record in which it has not given a substantial sum to the historic UK university.

Goldman Sachs Gives (UK), which has £83.7 million under management, donated £17.4 million in the year to June 30, 2014, compared with £14.5 million the previous year, according to filings with Companies House filings this week.