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Finances

Abstract of the Accounts of the Trading Operations and the Delegates’ Property and Reserve Fund of Oxford University Press for the year ended 31 March 2017.

The Delegates wish to observe that:

(a) the abstracts of Accounts are drawn from the full audited non-statutory accounts of the Trading Operations and the Delegates’ Property and Reserve Fund of the Press;

(b) with regard to the abstract of the combined Balance Sheet of the Trading Operations, the short term cash position is substantially stronger at 31 March than at certain other times of the year;

(c) a proportion of earnings and cash balances arising in certain overseas countries is not available for use elsewhere;

(d) the Delegates’ Property and Reserve Fund was established during the year ended 31 March 1984 in order to distinguish more clearly the reserve investments of the Press from the assets and liabilities relating to the Trading Operations. The Fund holds and manages the properties of the Press together with the income arising therefrom. The main purpose of the Fund is to manage, in the short and medium term, the impact on the Press, and consequently on the University, of the realisation of material economic and financial risks to the Press.

The audited annual non-statutory accounts of the Trading Operations and Delegates Property and Reserve Fund of Oxford University Press can be obtained from Oxford University Press, Great Clarendon Street, Oxford, OX2 6DP.

Abstract of the Combined Balance Sheet of the Trading Operations as at 31 March 2017

2017 2016
£'m £'m £'m £'m
Fixed Assets
Tangible assets 19.5 22.4
Intangible fixed assets 73.0 83.9
Investments 0.5 0.5
93.0 106.8
Current Assets
Intangible assets - pre-publication 20.7 20.0
Fixed asset held for sale 2.3 -
Stock and work-in-progress 76.3 73.2
Debtors 246.4 203.8
Current asset investments 229.8 174.2
Cash at bank and in hand 31.4 22.0
606.9 493.2
CURRENT LIABILITIES
Creditors: amounts falling due within one year (273.3) (209.3)
Taxation (7.7) (12.8)
Bank loans and overdrafts (0.0) (8.0)
(281.0) (230.1)
NET CURRENT ASSETS 325.9 263.1
TOTAL ASSETS LESS CURRENT LIABILITIES 418.9 369.9
Creditors: amounts falling due after more than one year (6.7) (7.2)
Provisions for liabilities (1.5) (1.6)
NET ASSETS EXCLUDING PENSION LIABILITY 410.7 361.1
PENSION LIABILITY (197.1) (126.7)
NET ASSETS 213.6 234.4
CAPITAL EMPLOYED
Accumulated fund 211.9 232.7
Minority interests 1.7 1.7
Total Fund 213.6 234.4

Abstract of the Combined Results of the Trading Operations for the year ended 31 March 2017

2017 2016
£'m £'m
TURNOVER 847.4 760.5
PROFIT BEFORE TAX 110.5 85.3
Taxation (16.7) (10.1)
PROFIT AFTER TAX 93.8 75.2
Profit attributable to minority interests (0.1) (0.4)
PROFIT FOR THE YEAR 93.7 74.8
The above results relate to continuing operations.

Abstract of the Combined Statement of Comprehensive Income of the Trading Operations for the year ended 31 March 2017

2017 2016
£'m £'m
PROFIT FOR THE YEAR 93.7 74.8
OTHER COMPREHENSIVE INCOME:
EFFECTIVE PORTION OF CHANGES IN FAIR VALUE OF CASH FLOW HEDGES 3.3 (10.6)
ACTUARIAL LOSSES ON GROUP PENSION SCHEMES
Actuarial (loss)/gain arising during period (183.5) 28.9
Return on scheme assets greater/(less) than discount rate 96.4 (16.2)
CURRENCY TRANSLATION DIFFERENCES ON FOREIGN CURRENCY NET INVESTMENTS 9.3 0.0
TOTAL OTHER COMPREHENSIVE INCOME (74.5) 2.1
TOTAL RECOGNIZED COMPREHENSIVE INCOME RELATING TO THE YEAR 19.2 76.9

Abstract of the Combined Statement of Changes in Equity of the Trading Operations for the year ended 31 March 2017

Cash Flow Hedging Reserve Profit and Loss Account Total
£'m £'m £'m
BALANCE AT 1 APRIL 2016 4.8 195.9 200.7
TOTAL COMPREHENSIVE INCOME FOR THE YEAR:
PROFIT FOR THE YEAR - 74.8 74.8
OTHER COMPREHENSIVE INCOME (10.6) 12.7 2.1
TRANSFER TO DELEGATES' PROPERTY AND RESERVE FUND - (44.9) (44.9)
BALANCE AT 31 MARCH 2016 (5.8) 238.5 232.7
TOTAL COMPREHENSIVE INCOME FOR THE YEAR:
PROFIT FOR THE YEAR - 93.7 93.7
OTHER COMPREHENSIVE INCOME 3.3 (77.8) (74.5)
TRANSFER TO DELEGATES' PROPERTY AND RESERVE FUND - (40.0) (40.0)
BALANCE AT 31 MARCH 2017 (2.5) 214.4 211.9

Abstract of the Combined Balance Sheet of the Delegates’ Property and Reserve Fund as at 31 March 2017

2017 2016
Strategic Property Reserve Effective Operating Reserve Total Total
£'m £'m £'m £'m
FIXED ASSETS
Properties 187.4 89.7 277.1 252.3
Investments 24.0 25.3 49.3 30.2
211.4 115.0 326.4 282.5
CURRENT ASSETS
Debtors 0.3 1.3 1.6 0.3
Cash at bank and in hand 8.0 - 8.0 29.3
8.3 1.3 9.6 29.6
Creditors: amounts falling due within one year (8.4) (0.1) (8.5) (16.4)
NET CURRENT ASSETS/(LIABILITIES) (0.1) 1.2 1.1 13.2
TOTAL ASSETS LESS CURRENT LIABILITIES 211.3 116.2 327.5 295.7
NET ASSETS 211.3 116.2 327.5 295.7
RECONCILIATION OF FUNDS
Opening balance 195.4 100.3 295.7 270.6
Net movement in funds 15.9 15.9 31.8 25.1
Closing balance 211.3 116.2 327.5 295.7

Abstract of the Combined Statement of Financial Activities of the Delegates’ Property and Reserve Fund for the year ended 31 March 2017

2017 2016
Strategic Property Reserve Effective Operating Reserve Total Total
£'m £'m £'m £'m
INCOMING RESOURCES FROM GENERATED FUNDS
Rental income from properties 14.8 3.4 18.2 17.8
Income from investments 0.2 0.1 0.3 0.3
Transfer from Trading Operations - 40.0 40.0 44.9
TOTAL INCOMING RESOURCES 15.0 43.5 58.5 63.0
EXPENDITURE
Costs of generating funds
Other resources expended (8.4) (1.1) (9.5) (9.2)
Expenditure on charitable activities
Transfer of funds to the rest of the University:
- Cash - (40.0) (40.0) (44.9)
- Property - (2.3) (2.3) -
- Benefits in kind (1.0) - (1.0) (1.0)
TOTAL EXPENDITURE (9.4) (43.4) (52.8) (55.1)
Gains on investment properties 8.0 6.8 14.8 15.8
NET INCOME 13.6 6.9 20.5 23.7
Transfer between funds (9.0) 9.0 - -
NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR 4.6 15.9 20.5 23.7
Currency translation differences on foreign currency net investments 11.3 - 11.3 1.4
NET MOVEMENT IN FUNDS 15.9 15.9 31.8 25.1
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD 195.4 100.3 295.7 270.6
TOTAL FUNDS CARRIED FORWARD 211.3 116.2 327.5 295.7
The above results relate to continuing operations.