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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 2019.

The Delegates wish to observe that:

a) the abstracts of Accounts are drawn from the audited full 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 realization of material economic and financial risks to the Press.

e) In May 2018 the Press adopted the amendments proposed by the 2017 FRS102 triennial review. As a result, from 1 April 2018, those properties let by the Delegates’ Property and Reserve Fund to the Trading Operations have been shown at amortised cost (historic cost less depreciation) and prior year figures have been re-stated accordingly. Previously, such properties were held at fair value in the Delegates’ Property and Reserve Fund accounts. The impact of the re-statement on the prior year accounts was to reduce net assets by £124.2m (a reduction in the carrying value of properties of £125.6m and reduction in the deferred tax creditor of £1.4m), and to reduce the net movement in funds in the prior year Statement of Financial Activities by £7.8m (£1.8m deprecation on occupied properties and £6.0m reversal of gains on investment properties).

Abstract of the Combined Balance Sheet of the Trading Operations as at 31 March 2019

2019 2018
£'m £'m £'m £'m
Fixed Assets
Tangible assets 13.8 16.3
Intangible fixed assets 73.7 74.9
Investments 0.5 0.5
88.0 91.7
Current Assets
Intangible assets - pre-publication 21.5 19.7
Stock and work-in-progress 72.6 72.3
Debtors 268.9 256.3
Current asset investments 151.7 125.5
Cash at bank and in hand 33.8 35.1
548.5 508.9
CURRENT LIABILITIES
Creditors: amounts falling due within one year (265.3) (255.1)
Taxation (14.7) (18.5)
Bank loans and overdrafts (7.9) (7.7)
(287.9) (281.3)
NET CURRENT ASSETS 260.6 227.6
TOTAL ASSETS LESS CURRENT LIABILITIES 348.6 319.3
Creditors: amounts falling due after more than one year (4.7) (5.3)
Provisions for liabilities (1.4) (1.4)
NET ASSETS EXCLUDING PENSION LIABILITY 342.5 312.6
PENSION LIABILITY (139.7) (184.3)
NET ASSETS 202.8 128.3
CAPITAL EMPLOYED
Accumulated fund 201.2 126.7
Minority interests 1.6 1.6
Total Fund 202.8 128.3

Abstract of the Combined Results of the Trading Operations for the year ended 31 March 2019

2019 2018
£'m £'m
TURNOVER 840.5 840.1
PROFIT BEFORE TAX 96.3 99.7
Taxation (6.0) (11.6)
PROFIT AFTER TAX 90.3 88.1
(Profit)/loss attributable to minority interests (0.1) 0.1
PROFIT FOR THE YEAR 90.2 88.2
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 2019

2019 2018
£'m £'m
PROFIT FOR THE YEAR 90.2 88.2
OTHER COMPREHENSIVE INCOME:
EFFECTIVE PORTION OF CHANGES IN FAIR VALUE OF CASH FLOW HEDGES 1.2 2.8
ACTUARIAL GAINS/(LOSSES) ON GROUP PENSION SCHEMES
Actuarial gain arising during period 7.6 32.1
Return on scheme assets greater/(less) than discount rate 21.8 (15.0)
CURRENCY TRANSLATION DIFFERENCES ON FOREIGN CURRENCY NET INVESTMENTS (1.5) (10.8)
TOTAL OTHER COMPREHENSIVE INCOME 29.1 9.1
TOTAL RECOGNIZED COMPREHENSIVE INCOME RELATING TO THE YEAR 119.3 97.3

Abstract of the Combined Statement of Changes in Equity of the Trading Operations for the year ended 31 March 2019

Cash Flow Hedging Reserve Profit and Loss Account Total
£'m £'m £'m
BALANCE AT 1 APRIL 2017 (2.5) 214.4 211.9
TOTAL COMPREHENSIVE INCOME FOR THE YEAR:
PROFIT FOR THE YEAR - 88.2 88.2
OTHER COMPREHENSIVE INCOME 2.8 6.3 9.1
TRANSFER TO DELEGATES' PROPERTY AND RESERVE FUND - (182.5) (182.5)
BALANCE AT 31 MARCH 2018 0.3 126.4 126.7
TOTAL COMPREHENSIVE INCOME FOR THE YEAR:
PROFIT FOR THE YEAR - 90.2 90.2
OTHER COMPREHENSIVE INCOME 1.2 27.9 29.1
TRANSFER TO DELEGATES' PROPERTY AND RESERVE FUND - (42.3) (42.3)
FUNDING FOR OXFORD UNIVERSITY DEVELOPMENT OFFICES - (2.5) (2.5)
BALANCE AT 31 MARCH 2019 1.5 199.7 201.2

Abstract of the Combined Balance Sheet of the Delegates’ Property and Reserve Fund as at 31 March 2019

2019 2018
Restated
Strategic Property Reserve Effective Operating Reserve Total Total
£'m £'m £'m £'m
FIXED ASSETS
Properties 58.6 97.5 156.1 156.5
Investments - 25.6 25.6 25.4
58.6 123.1 181.7 181.9
CURRENT ASSETS
Debtors 0.2 3.5 3.7 2.8
Cash at bank and in hand 30.9 6.5 37.4 11.3
31.1 10.0 41.1 14.1
Creditors: amounts falling due within one year (5.7) (0.2) (5.9) (4.8)
NET CURRENT ASSETS 25.4 9.8 35.2 9.3
TOTAL ASSETS LESS CURRENT LIABILITIES 84.0 132.9 216.9 191.2
NET ASSETS 84.0 132.9 216.9 191.2
RECONCILIATION OF FUNDS
Opening balance 61.8 129.4 191.2 211.1
Net movement in funds 22.2 3.5 25.7 (19.9)
Closing balance 84.0 132.9 216.9 191.2

Abstract of the Combined Statement of Financial Activities of the Delegates’ Property and Reserve Fund for the year ended 31 March 2019

2019 2018
Restated
Strategic Property Reserve Effective Operating Reserve Total Total
£'m £'m £'m £'m
INCOMING RESOURCES FROM GENERATED FUNDS
Rental income from properties 16.9 3.6 20.5 20.5
Income from investments 0.2 0.2 0.4 0.3
Transfer from Trading Operations - 42.3 42.3 182.5
TOTAL INCOMING RESOURCES 17.1 46.1 63.2 203.3
EXPENDITURE
Costs of generating funds
Other resources expended (12.8) (0.9) (13.7) (11.7)
Expenditure on charitable activities
Transfer of funds to the rest of the University:
- Cash - (42.3) (42.3) (205.7)
- Benefits in kind (0.9) - (0.9) (1.0)
TOTAL EXPENDITURE (13.7) (43.2) (56.9) (218.4)
NET INCOME/(EXPENSE) BEFORE GAINS ON INVESTMENT PROPERTIES 3.4 2.9 6.3 (15.1)
Gains on investment properties 0.2 0.5 0.7 4.1
NET INCOME/(EXPENSE) 3.6 3.4 7.0 (11.0)
NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR 3.6 3.4 7.0 (11.0)
OTHER COMPREHENSIVE INCOME
Profit on disposal of properties 17.2 - 17.2 -
Currency translation differences on foreign currency net investments 1.4 0.1 1.5 (8.9)
NET MOVEMENT IN FUNDS 22.2 3.5 25.7 (19.9)
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD 61.8 129.4 191.2 211.1
TOTAL FUNDS CARRIED FORWARD 84.0 132.9 216.9 191.2
The above results relate to continuing operations.