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 2020.

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 realisation of material economic and financial risks to the Press.


Abstract of the Combined Balance Sheet of the Trading Operations as at 31 March 2020

2020 2019
£'m £'m £'m £'m
Fixed Assets
Tangible assets 11.0 13.8
Intangible fixed assets 78.0 73.7
Investments 0.5 0.5
89.5 88.0
Current Assets
Intangible assets - pre-publication 17.7 21.5
Stock and work-in-progress 71.2 72.6
Debtors 291.3 268.9
Current asset investments 183.5 151.7
Cash at bank and in hand 34.3 33.8
598.0 548.5
CURRENT LIABILITIES
Creditors: amounts falling due within one year (276.6) (265.3)
Taxation (14.7) (14.7)
Bank loans and overdrafts (4.7) (7.9)
(296.0) (287.9)
NET CURRENT ASSETS 302.0 260.6
TOTAL ASSETS LESS CURRENT LIABILITIES 391.5 348.6
Creditors: amounts falling due after more than one year (4.8) (4.7)
Provisions for liabilities (1.2) (1.4)
NET ASSETS EXCLUDING PENSION LIABILITY 385.5 342.5
PENSION LIABILITY (89.9) (139.7)
NET ASSETS 295.6 202.8
CAPITAL EMPLOYED
Accumulated fund 294.2 201.2
Minority interests 1.4 1.6
Total Fund 295.6 202.8

Abstract of the Combined Results of the Trading Operations for the year ended 31 March 2020

2020 2019
£'m £'m
TURNOVER 844.9 840.5
PROFIT BEFORE TAX 96.0 96.3
Taxation (10.4) (6.0)
PROFIT AFTER TAX 85.6 90.3
(Profit)/loss attributable to minority interests - (0.1)
PROFIT FOR THE YEAR 85.6 90.2
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 2020

2020 2019
£'m £'m
PROFIT FOR THE YEAR 85.6 90.2
OTHER COMPREHENSIVE INCOME:
EFFECTIVE PORTION OF CHANGES IN FAIR VALUE OF CASH FLOW HEDGES (1.9) 1.2
ACTUARIAL GAINS/(LOSSES) ON GROUP PENSION SCHEMES
Actuarial gain arising during period 90.6 7.6
Return on scheme assets greater/(less) than discount rate (38.2) 21.8
CURRENCY TRANSLATION DIFFERENCES ON FOREIGN CURRENCY NET INVESTMENTS (5.5) (1.5)
TOTAL OTHER COMPREHENSIVE INCOME 45.0 29.1
TOTAL RECOGNIZED COMPREHENSIVE INCOME RELATING TO THE YEAR 130.6 119.3

Abstract of the Combined Statement of Changes in Equity of the Trading Operations for the year ended 31 March 2020

Cash Flow Hedging Reserve Profit and Loss Account Total
£'m £'m £'m
BALANCE AT 1 APRIL 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
TOTAL COMPREHENSIVE INCOME FOR THE YEAR:
PROFIT FOR THE YEAR - 85.6 85.6
OTHER COMPREHENSIVE INCOME (1.9) 46.9 45.0
TRANSFER TO DELEGATES' PROPERTY AND RESERVE FUND - (33.6) (33.6)
FUNDING FOR OXFORD UNIVERSITY DEVELOPMENT OFFICES - (4.0) (4.0)
BALANCE AT 31 MARCH 2020 (0.4) 294.6 294.2

Abstract of the Combined Balance Sheet of the Delegates’ Property and Reserve Fund as at 31 March 2020

2020 2019
Restated
Strategic Property Reserve Effective Operating Reserve Total Total
£'m £'m £'m £'m
FIXED ASSETS
Properties 58.8 101.0 159.8 156.1
Investments - 32.3 32.3 25.6
58.8 133.3 192.1 181.7
CURRENT ASSETS
Debtors 0.6 5.2 5.8 3.7
Cash at bank and in hand 28.2 1.2 29.4 37.4
28.8 6.4 35.2 41.1
Creditors: amounts falling due within one year (11.1) - (11.1) (5.9)
NET CURRENT ASSETS 17.7 6.4 24.1 35.2
TOTAL ASSETS LESS CURRENT LIABILITIES 76.5 139.7 216.2 216.9
NET ASSETS 76.5 139.7 216.2 216.9
RECONCILIATION OF FUNDS
Opening balance 84.0 132.9 216.9 191.2
Net movement in funds (7.5) 6.8 (0.7) 25.7
Closing balance 76.5 139.7 216.2 216.9

Abstract of the Combined Statement of Financial Activities of the Delegates’ Property and Reserve Fund for the year ended 31 March 2020

2020 2019
Strategic Property Reserve Effective Operating Reserve Total Total
£'m £'m £'m £'m
INCOMING RESOURCES FROM GENERATED FUNDS
Rental income from properties 17.9 3.6 21.5 20.5
Income from investments 0.3 0.2 0.5 0.4
Transfer (to)/ from Trading Operations (15.0) 48.6 33.6 42.3
TOTAL INCOMING RESOURCES 3.2 52.4 55.6 63.2
EXPENDITURE
Costs of generating funds
Other resources expended (11.2) (1.0) (12.2) (13.7)
Expenditure on charitable activities
Transfer of funds to the rest of the University:
- Cash - (48.6) (48.6) (42.3)
- Benefits in kind (1.0) - (1.0) (0.9)
TOTAL EXPENDITURE (12.2) (49.6) (61.8) (56.9)
NET INCOME/(EXPENSE) BEFORE GAINS ON INVESTMENT PROPERTIES (9.0) 2.8 (6.2) 6.3
Gains on investment properties 1.2 3.3 4.5 0.7
NET INCOME/(EXPENSE) (7.8) 6.1 (1.7) 7.0
NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR (7.8) 6.1 (1.7) 7.0
OTHER COMPREHENSIVE INCOME
Profit on disposal of properties - - - 17.2
Currency translation differences on foreign currency net investments 0.3 0.7 1.0 1.5
NET MOVEMENT IN FUNDS (7.5) 6.8 (0.7) 25.7
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD 84.0 132.9 216.9 191.2
TOTAL FUNDS CARRIED FORWARD 76.5 139.7 216.2 216.9
The above results relate to continuing operations.