Reports and Financial statements 2009 - the University Offices ...

Financial Review
Financial performance for the year
The consolidated results for the year ended 31 July 2009 are summarized in Table 1 below.
Table 1
2008–09 2007–08 Change
£m £m %
Restated
Income 1,140 1,062 +7.3%
Expenditure (1,156) (1,048) +10.3%
(Deficit)/surplus on continuing operations before donations
of heritage assets (16) 14
Donations of heritage assets 1 9
(Deficit)/surplus on continuing operations (15) 23
Transfer from restricted endowments 19 14
Surplus for the year retained within general reserves 4 37
Net assets 2,182 2,321 –6.0%
This consolidated position is built up from the University’s three main segments: its core
academic activities and the assessment and publishing activities carried out by Cambridge
Assessment and Cambridge University Press, respectively.Within the group there are
a number of intra-group transactions, principally the financial and other support for
the University’s academic activities made by both Cambridge Assessment and the Press.
Table 2 gives segmental information.
Table 2
(Deficit)/surplus on continuing operations
Surplus/ Surplus to
Income Expenditure (deficit) reserves
£m £m £m £m
Results by segment Education and research 721 746 (24) (8)
Cambridge Assessment 242 228 14 17
Cambridge University Press 209 208 1 1
Eliminations Press sales to Cambridge Assessment (2) (2) – –
Financial support to the University from
Cambridge Assessment (25) (25) – –
Pension scheme and other adjustments (5) 1 (6) (6)
1,140 1,156 (15) 4
The education and research activities of the University group were at a deficit after
accounting for investment income as described above. Income benefited from increased fee
income from a further transitional year of Home/EU undergraduates paying fees at the higher
rate, improved recovery of indirect costs of research through FEC costing, and a transfer
Reports and Financial Statements 59