Abstract of the Financial Statements
Press & Assessment Syndicate’s statement
The Abstract of the Consolidated income statement for the year ended 31 July 2022, the Abstract of the Reconciliation of movement in capital and reserves for the year ended 31 July 2022 and the Abstract of the Consolidated balance sheet at 31 July 2022 (the ‘abstract of the financial statements’) presented on page 30 are not full financial statements of Cambridge University Press & Assessment, but a summary of information derived therefrom.
Under Statute J of the University of Cambridge, the Syndics are responsible for preparing full financial statements and for having these audited. In accordance with formally delegated authority the Press & Assessment Board discharge this responsibility on behalf of the Syndics and have elected to prepare the full financial statements in accordance with the requirements of United Kingdom Accounting Standards and applicable law.
The full financial statements from which the abstract of the financial statements is derived, were approved by the Press & Assessment Board on 3 November 2022. The independent auditors’ report on the financial statements was unmodified.
The full financial statements are available on request from Cambridge University Press & Assessment, Shaftesbury Road, Cambridge CB2 8EA.
Professor Stephen J Toope
Vice-Chancellor of the University of Cambridge
Independent auditors’ statement to the Press & Assessment Board
We have examined the supplementary financial information included within the Abstract of the Financial Statements of Cambridge University Press & Assessment for the year ended 31 July 2022, which comprises the Abstract of the Consolidated income statement for the year ended 31 July 2022, the Abstract of the Reconciliation of movement in capital and reserves for the year ended 31 July 2022 and the Abstract of the Consolidated balance sheet at 31 July 2022.
Respective responsibilities of Press & Assessment Board and auditors
The Press & Assessment Board, under formally delegated authority from the Syndics, is responsible for preparing the Annual Report of Cambridge University Press & Assessment for the year ended 31 July 2022 (the ‘Annual Report’), in accordance with Statute J of the University of Cambridge, which includes information extracted from the full annual financial statements of Cambridge University Press & Assessment for the year ended 31 July 2022.
Our responsibility is to report to you our opinion on the consistency of the summary financial information, included within the Annual Report, with those full annual financial statements.
This statement, including the opinion, has been prepared for and only for the Press & Assessment Board as a body and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this statement is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
“These strong results reflect the incredibly hard work of all our people around the world and their willingness to go the extra mile through a complex integration and in the face of global challenges.”
Andrew Chandler, Chief Financial Officer
Basis of opinion
Our examination involved agreeing the balances disclosed in the Abstract of the Financial Statements to the full annual financial statements. Our audit report on the full annual financial statements of Cambridge University Press & Assessment describes the basis of our audit opinion on those financial statements.
Our opinion
In our opinion the financial information is consistent with the full annual financial statements of Cambridge University Press & Assessment for the year ended 31 July 2022.
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Cambridge
3 November 2022
Notes
- The maintenance and integrity of the Cambridge University Press & Assessment website is the responsibility of the Press & Assessment Board; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.
- Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Abstract of Consolidated income statement for the year ended 31 July 2022
|
|
2022 (£’m) |
2021 (£’m) |
|
Turnover |
868.2 |
772.1 |
|
Operating profit |
106.0 |
98.5 |
|
Net finance income |
6.1 |
15.8 |
|
Other gains / (losses) |
0.4 |
(0.4) |
|
Profit before tax |
112.5 |
113.9 |
|
Tax on profit |
(4.3) |
(2.2) |
| Profit for the financial year |
108.2 |
111.7 |
|
Profit attributable to: |
||
|
Owners of the parent |
103.4 |
108.8 |
|
Non-controlling interests |
4.8 |
2.9 |
|
Profit for the financial year |
108.2 |
111.7 |
Abstract of Reconciliation of movement in capital and reserves for the year ended 31 July 2022
|
2022 (£’m) |
2021 (£’m) |
|
|
Profit for the financial period |
108.2 |
111.7 |
|
Re-measurement of net defined benefit obligation |
46.1 |
34.5 |
|
Transfer to the University of Cambridge |
(30.3) |
(28.2) |
|
Foreign exchange gain / (loss) on translation of net assets |
2.3 |
(2.7) |
|
Dividends paid to non-controlling interests |
(3.7) |
(0.6) |
|
Net movement in capital and reserves |
122.6 |
114.7 |
|
Opening capital and reserves at 1 August |
653.0 |
538.3 |
|
Closing capital and reserves at 31 July |
775.6 |
653.0 |
Abstract of Consolidated balance sheet at 31 July 2022
|
2022 (£’m) |
2021 (£’m) |
|
|
Fixed assets |
|
|
|
Intangible assets |
105.0 |
94.4 |
|
Tangible assets |
264.6 |
271.0 |
|
Other investments |
218.9 |
105.4 |
|
588.5 |
470.8 |
|
|
Current assets |
|
|
|
Pre-publication costs |
25.2 |
26.7 |
|
Inventories |
24.9 |
19.9 |
|
Debtors |
219.6 |
217.3 |
|
Cash at bank and in hand |
325.8 |
335.6 |
|
595.5 |
599.5 | |
|
Creditors: amounts falling due within one year |
(277.4) |
(254.7) |
|
Net current assets |
318.1 |
344.8 |
|
Total assets less current liabilities |
906.6 |
815.6 |
|
Defined benefit pension scheme obligation |
(65.4) |
(106.5) |
|
Other post-retirement benefits obligation |
(19.8) |
(26.0) |
|
Other long-term liabilities |
(45.8) |
(30.1) |
|
Net assets |
775.6 |
653.0 |
|
Capital and reserves |
||
|
Restricted reserves |
7.9 |
7.7 |
|
Unrestricted reserves |
760.7 |
639.6 |
|
Non-controlling interests |
7.0 |
5.7 |
|
Total capital and reserves |
775.6 |
653.0 |
