Financial reports only, remainder awaits transcription.
Contents
Financial Report preamble
Abstract of Balance Sheet of Trading Operations to 31/3/98 (+97)
Abstract of the results of the Trading Operations
Abstract of Accounts of the Property and Reserve Fund to 31/3/98 (+97)
Abstract of Statement of Financial Activities of the Property and Reserve Fund
Introductory note
The Delegates wish to observe that
(a) the Abstracts of Accounts are drawn from the full audited accounts of the Trading Operations and the Delegates' Property and Reserve Fund of the Press,
(b) with regard to the abstract of the consolidated Balance Sheet of the Trading Operations, the short term cash position is substantially stronger at 31 March than at 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. Since the Press is a charitable enterprise and does not enjoy the protection of limited liability, the purpose of the Fund is as follows:-
(i) to provide protection to the University against its having its credit called upon to underwrite any future liabilities of the Press's Trading Operations. The volume of net liquid reserves appropriate to achieve this objective is determined by the size of the Press's Trading Operations;(ii) to provide the Delegates with a source of finance from which they may make grants for specific University projects;
(iii) to provide a source of finance for long term publishing investments essential to the achievement of the Press's objectives;
Statement by the Auditors to the Delegates of the Oxford University Press
We have audited the full accounts of both the Trading Operations and the Delegates' Property and Reserve Fund of Oxford University Press for the year ended 31 March 1998 and submitted unqualified audit reports thereon to the Delegates.
Our audit has been carried out as prescribed by the Statutes of the University and according to instructions received from the Delegates and approved Auditing Standards.
(Signed) PriceWaterhouseCoopers
Chartered Accountants and Registered Auditors
London, 7 July 1998
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Abstract of the Consolidated Balance Sheet of the Trading Operations as at 31 March 1998
| . | Year ended 31/3/98 | . | Year ended 31/3/97 | . |
| . | £'000 | £'000 | £'000 | £'000 |
| Fixed Assets | . | . | . | . |
| Tangible Assets | . | 23,124 | . | 19,816 |
| Intangible Assets | . | 924 | . | 1,861 |
| Investments | . | 922 | . | 4,424 |
| Current Assets | . | . | . | . |
| Stocks and work-in-progress | 73,768 | . | 74,630 | . |
| Debtors | 91,207 | . | 86,471 | . |
| Bank balances & cash | 37,832 | . | 26,760 | . |
| . | 202,807 | . | 187,861 | . |
| Less: Current Liabilities | . | . | . | . |
| Creditors | 72,086 | . | 64,428 | . |
| Taxation | 3,045 | . | 3,851 | . |
| Bank loans and overdrafts | 14,932 | . | 10,735 | . |
| . | 90,063 | . | 79,014 | . |
| Net Current Assets | . | 112,744 | . | 108,847 |
| Total Assets less Current Liabilities | . | 137,714 | . | 134,948 |
| Less: Creditors due after one year | . | 14,172 | . | 12,836 |
| . | . | 123,542 | . | 122,112 |
| Capital Employed | . | . | . | . |
| Accumulated Fund and Reserves | . | 122,192 | . | 120,525 |
| Minority Interests | . | 1,350 | . | 1,587 |
| . | . | 123,542 | . | 122.112 |
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Abstract of the Consolidated Results of the Trading Operations for the year ended 31 March 1998
| . | Year ended 31/3/98 | Year ended 31/3/97 |
| . | £,000 | £,000 |
| Turnover | 282,372 | 278,165 |
| Surplus for year before tax | 13,042 | 26,713 |
| Tax | (1,726) | (1,755) |
| Surplus after Tax | 11,316 | 24,958 |
| Surplus attributable to minority interests | (32) | (33) |
| Net Surplus for year | 11,284 | 24,925 |
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Abstract of the Consolidated Balance Sheet of the Delegates' Property and Reserve Fund as at 31 March 1998
| . | 1998 Trading Properties Retention Reserve £'000 | 1998 Effective Operating Reserve: General Funds £'000 | 1998 Effective Operating Reserve: Designated Funds £'000 | 1998 . . Total . £'000 | 1997 . . Total . £'000 |
| Fixed Assets | . | . | . | . | . |
| Tangible Fixed Assets | 66,114 | 9,815 | - | 75,929 | 73,900 |
| Investments | - | 79,918 | 6,820 | 86,738 | 92,366 |
| Current Assets | . | . | . | . | . |
| Debtors | 323 | - | - | 323 | 258 |
| Cash at bank and in hand | - | 4,146 | - | 4,146 | 4,392 |
| . | 323 | 4,146 | - | 4,469 | 4,650 |
| Creditors due in less than 1 year | (470) | (834) | - | (1,3040) | (4,530) |
| Net Current Assets/(Liabilities) | (147) | 3,312 | - | 3,165 | 120 |
| Creditors due after more than 1 year | - | (26,187) | - | (26,187) | (27,148) |
| Net Available Funds | 65,967 | 66,858 | 6,820 | 139,645 | 139,238 |
| Fund Balance | . | . | . | . | . |
| Opening Balance | 65,084 | 62,154 | 12,000 | 139,238 | 126,551 |
| Net movement in funds | 883 | 4,704 | (5,180) | (407) | 12,687 |
| . | 65,967 | 66,858 | 6,820 | 139,645 | 139,238 |
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| . | 1998 Trading Properties Retention Reserve £'000 | 1998 Effective Operating Reserve: General Funds £'000 | 1998 Effective Operating Reserve: Designated Funds £'000 | 1998 . . Total . £'000 | 1997 . . Total . £'000 |
| Incoming Resources | . | . | . | . | . |
| Income from properties | 8,302 | 395 | - | 8,697 | 8,509 |
| Income from investments | - | 11,116 | - | 11,116 | 8,647 |
| Transfer from Trading Operations | - | 2,542 | - | 2,542 | 4,239 |
| Total Incoming Resources | 8,302 | 14,053 | - | 22,355 | 21,395 |
| Resources used | . | . | . | . | . |
| Transfer of funds to the rest of the University | - | - | (26,410) | (26,410) | (6000) |
| Other Expenditure | (3,433) | (1,400) | - | (4,833) | (5,513) |
| Net Incoming/ (outgoing) Resources before Transfers | 4,869 | 12,653 | (26,410) | (8,888) | 9,882 |
| Transfer between funds | (3,813) | (17,417) | 21,230 | - | - |
| Net Incoming/ (outgoing) Resources for the year | 1,056 | (4,764) | (5,180) | (8,888) | 9,882 |
| Unrealized surplus on invested funds | - | 8,558 | - | 8,558 | 2,507 |
| Unrealized surplus on revaluation of investment properties | - | 910 | - | 910 | 236 |
| Currency translation differences on foreign net investments | (173) | - | - | (173) | 62 |
| Net Movement in Funds | 883 | 4,704 | (5,180) | 407 | 12,687 |
| Total Funds Brought Forward | 65,084 | 62,154 | 12,000 | 139,238 | 126,551 |
| Total Funds Carried Forward | 65,967 | 66,858 | 6,820 | 139,645 | 139,238 |
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