Abstract of the financial statements

Press & Assessment Syndicate’s Statement

The Abstract of the Consolidated income statement for the year ended 31 July 2025, the Abstract of the Reconciliation of movement in capital and reserves for the year ended 31 July 2025 and the Abstract of the Consolidated balance sheet at 31 July 2025 (the ‘abstract of the financial statements’) presented on page 33 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 4 November 2025. The independent auditors’ report on the financial statements was unmodified.

Professor Deborah Prentice

Chair of the Press & Assessment Syndicate

“Our overall revenues remain healthy. Cambridge is in a strong position to capitalise on emerging opportunities and to grow our impact as we support students, teachers and researchers worldwide.”

Vanessa McPhee, Chief Financial Officer

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 2025, which comprises the Abstract of the Consolidated income statement for the year ended 31 July 2025, the Abstract of the Reconciliation of movement in capital and reserves for the year ended 31 July 2025 and the Abstract of the Consolidated balance sheet at 31 July 2025 set out below.

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, 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 2025.

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.

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 supplementary financial information is consistent with the full annual financial statements of Cambridge University Press & Assessment for the year ended 31 July 2025.

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Cambridge 4 November 2025

Notes

a) 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.

b) 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 2025

	2025 (£’m)	2024 (£’m)
Turnover	1,038.0	1,025.3
Operating profit excluding USS pension adjustment	177.2	168.9
USS pension adjustment	–	34.4
Operating profit	177.2	203.3
Net finance income	37.4	39.6
Other gains / (losses)	4.0	(0.4)
Profit before tax	218.6	242.5
Tax on profit	(13.4)	(6.1)
Profit for the financial year	205.2	236.4
Profit attributable to:
Owners of the parent	204.7	235.0
Non-controlling interests	0.5	1.4
Profit for the financial year	205.2	236.4

Abstract of Reconciliation of movement in capital and reserves for the year ended 31 July 2025

	2025 (£’m)	2024 (£’m)
Profit for the financial period	205.2	236.4
Re-measurement of net defined benefit obligation	9.0	13.3
Transfer to the University of Cambridge	(254.1)	(63.7)
Foreign exchange (loss) on translation of net assets	(4.1)	(1.0)
Dividends paid to non-controlling interests	(2.7)	(0.3)
Net movement in capital and reserves	(46.7)	184.7
Opening capital and reserves at 1 August	1,107.3	922.6
Closing capital and reserves at 31 July	1,060.6	1,107.3

Abstract of Consolidated balance sheet at 31 July 2025

	2025 (£’m)	2024 (£’m)
Fixed assets
Intangible assets	125.7	118.8
Tangible assets	246.1	253.8
Other investments	430.4	435.3
Defined benefit pension scheme assets	14.1	11.1
	816.3	819.0
Current assets
Pre-publication costs	21.5	21.1
Inventories	23.1	22.3
Debtors	248.5	257.7
Cash at bank and in hand	243.5	315.7
	536.6	616.8
Creditors: amounts falling due within one year	(263.3)	(287.2)
Net current assets	273.3	329.6
Total assets less long-term liabilities	1,089.6	1,148.6
Defined benefit pension scheme obligations	(6.4)	(13.8)
Other post-retirement benefits obligations	(12.6)	(13.4)
Other long-term liabilities	(10.0)	(14.1)
Net assets	1,060.6	1,107.3
Capital and reserves
Restricted reserves	8.7	8.2
Unrestricted reserves	1,047.3	1,092.1
Non-controlling interests	4.6	7.0
Total capital and reserves	1,060.6	1,107.3