Skip to content

Your Cart

×

You have 0 items in your cart.

Abstract of the Financial Statements

The Members of the Press Syndicate are pleased to present the following abstract of the financial statements of the Press for the year ended 30 April 2017.

The Press and Press Syndicate

Members of the Press Syndicate who served during the twelve months ended 30 April 2017 and up until the date of approval of these financial abstracts, unless otherwise stated, were as follows:

Sir David Bell, (Vice-Chancellor’s deputy: Chair until 25 October 2016)
Professor Sir Leszek Borysiewicz (Vice-Chancellor: Chair from 25 October 2016)
Dr Toke Aidt
Professor Kenneth Armstrong
Professor Ron Carter, MBE, resigned 31 December 2016
Professor Cathie Clarke
Dr David Good
Dr Emily Gowers
Dr Tim Harper, resigned 31 December 2016
Dr Joan Lasenby
Professor David McKitterick
Mr Andrew Reid, University Director of Finance
Professor David Runciman
Dr Sue Swaffield,
Mr Stan Webster, OBE, resigned 31 December 2016
Professor Sarah Worthington

The Secretary of the Press Syndicate is Mr Peter Phillips, Chief Executive of Cambridge University Press and University Printer of The University of Cambridge.

There were, at the date of approval of this financial abstract, five (2016: three) vacancies.

Organisation and governance

The Press Syndicate governs the activities of the Press and since the year end has changed the way in which it exercises oversight. Prior to 5 May 2017 the Syndicate Operating Board supported by a number of other committees fulfilled this function. From 5 May a new Press and Assessment Board assumed the Operating Board’s duties and responsibilities as part of a wider remit for joint oversight of both Cambridge University Press and Cambridge Assessment. The Press and Assessment Board functions under delegated authority from both the Press Syndicate and the Local Examinations Syndicate (UCLES).

As part of these changes, new joint Audit and Remuneration Committees replaced the equivalent Press Committees and a separate Nominations Committee was formed with a remit to manage appointments to the Press and Assessment Board and to oversee recruitment of the top executives. These new committees operate across both Cambridge University Press and Cambridge Assessment as sub-committees of the new Press and Assessment Board.

The two publishing committees of the Press (the Academic Publishing Committee and the ELT (‘English Language Teaching’) and Education Publishing Committee) remain unchanged under the new structure, but now report through the new Press and Assessment Board.

Membership of the various committees is set out in detail below. The details immediately following refer to the committees which were in place until 5 May 2017; the subsequent section Press and Assessment Board and its sub-committees gives additional details for the new structure that pertained from 5 May 2017 and up until the date of approval of this financial abstract. Members of the Syndicate are represented on these committees together with management and Co-optees. The Press Syndicate exercises ultimate authority over the Press’s publishing, and its publishing committees approve every Academic title (books and journals) and the publishing programmes of the ELT and Education businesses.

Operating Board

The Operating Board was (until 5 May 2017) the body that exercised general oversight of the Press’s operations on behalf of the Syndicate and approved key decisions and financial commitments according to clearly defined criteria set out in its Terms of Reference. Members of the Operating Board who served from 1 May 2016 until 5 May 2017, unless otherwise stated, were as follows:

Sir David Bell (Chair), Syndic
Professor Ron Carter, MBE, Syndic, resigned 31 December 2016
Mr Andrew Chandler, Executive
Mrs Sherry Coutu, CBE, Co-optee
Dr David Good, Syndic
Dr Joan Lasenby, Syndic
Professor David McKitterick, Syndic
Professor Tony Minson, Co-optee
Mr Peter Phillips, Executive
Mr Andrew Reid, University Director of Finance, Syndic
Professor David Runciman, Syndic
Mr Kevin Taylor (Secretary), Executive
Mr Nick Temple, Co-optee
Mr Stan Webster, OBE, Co-optee, Syndic until 31 December 2016 and Co-optee thereafter

Academic Publishing Committee

The Academic Publishing Committee approves every Academic title (books and journals). Members who served from 1 May 2016 and up until the date of approval of this financial abstract, unless otherwise stated, were as follows: 

Professor David McKitterick (Chair), Syndic 
Dr Toke Aidt, Syndic
Professor Kenneth Armstrong, Syndic
Dr Kasia Boddy, Co-optee
Dr Angela Breitenbach, Co-optee
Professor Cathie Clarke, Syndic
Professor Nicola Clayton, Co-optee
Mrs Ella Colvin, Executive
Professor Tim Cox, Co-optee
Dr Emily Gowers, Syndic
Dr Tim Harper, Co-optee, Syndic until 31 December 2016 and Co-optee thereafter
Mrs Amanda Hill, Executive
Professor Arieh Iserles, Co-optee
Dr Joan Lasenby, Syndic
Professor Tony Minson, Co-optee
Mr Peter Phillips, Executive
Professor David Runciman, Syndic
Mr Kevin Taylor (Secretary), Executive
Professor Andy Woods, Co-optee

ELT and Education Publishing Committee

The ELT and Education Publishing Committee approves the publishing programmes of the ELT and Education businesses. Members who served from 1 May 2016 and up until the date of approval of this financial abstract, unless otherwise stated, were as follows:

Professor Ron Carter, MBE (Chair until 31 December 2016), Syndic, resigned 31 December 2016
Professor Chris Kennedy, (Chair from 31 December 2016), Co-optee
Mr Rob Cooper, Executive
Ms Frances Lowndes, Executive
Dr Gary Motteram, Co-optee, appointed 6 July 2016
Mr Michael Peluse, Executive
Mr Peter Phillips, Executive
Mr Rod Smith, Executive
Dr Sue Swaffield, Syndic
Mr Kevin Taylor (Secretary), Executive
Mr Neil Tomkins, Executive
Professor Mike Younger, Co-optee

Press Audit Committee

The Press Audit Committee was replaced on 5 May 2017 by the new joint Audit Committee of the Press and Assessment Board, but prior to that provided assurance as to the integrity of the Press’s reporting processes and systems of financial governance, control and risk management. Its members who served from 1 May 2016 until 5 May 2017, but retained collective responsibility for recommending the approval of the financial statements, were as follows:

Mr Nick Temple (Chair), Co-optee
Mr Jonathan Scott, Co-optee
Mr Stan Webster, OBE, Co-optee, Syndic until 31 December 2016 and Co-optee thereafter
Mrs Joanna Womack, Co-optee

Members of the Executive and senior management attend Audit Committee meetings by invitation, but are excluded from regular confidential sessions with external auditors.

Press Remuneration Committee

The Remuneration Committee was replaced on 5 May by the new joint Remuneration Committee of the Press and Assessment Board. Until that date it was responsible for setting the remuneration of the Chief Executive and the most senior executives of the Press and its members, who served from 1 May 2016 until 5 May 2017, were as follows:

Sir David Bell (Chair), Syndic
Professor Tony Minson, Co-optee
Mr Stan Webster, OBE, Co-optee, Syndic until 31 December 2016 and Co-optee thereafter

The Press’s Director for People normally attends Remuneration Committee meetings by invitation.

Press and Assessment Board and its sub-committees

Press and Assessment Board

The new Press and Assessment Board (from 5 May 2017 onwards) has assumed all of the oversight responsibilities of the former Operating Board including the responsibility for reviewing and approving the annual Financial Statements on behalf of the Syndicate as a whole. As part of that approval process it will normally receive the recommendation of the Audit Committee of the Press and Assessment Board but, for the period of transition between the Operating Board and the Press and Assessment Board, the recommendation was made by the former members of the Press Audit Committee. Members of the Press and Assessment Board who served from 5 May 2017 and up until the date of approval of this financial abstract, unless otherwise stated, were as follows:

Professor Duncan Maskell (Chair until 30 June 2017), Senior
Pro-Vice-Chancellor, University of Cambridge
Mr Anthony Odgers, (Chair from 1 July 2017), Chief Financial Officer, University of Cambridge
Sir David Bell, Press Syndic
Mrs Sherry Coutu, CBE, UCLES Syndic
Professor Chris Kennedy, Press Co-optee
Mr Simon Lebus, Cambridge Assessment Chief Executive
Dr Richard Partington, UCLES Syndic
Mr Peter Phillips, Press Chief Executive
Professor Richard Prager, UCLES Syndic
Professor David Runciman, Press Syndic
Mr Nick Temple, Press Co-optee
Mr Peter Williams, UCLES Syndic

Audit Committee

and up until the date of approval of this financial abstract, unless otherwise stated, were as follows:

Mr Nick Temple (Chair), Press Co-optee
Mr Jonathan Scott, Press Co-optee
Mr Peter Williams, UCLES Syndic

Remuneration Committee

Members of the new joint Press and Assessment Remuneration Committee who served from 5 May 2017 and up until the date of approval of this financial abstract, unless otherwise stated, were as follows:

Mrs Sherry Coutu, CBE (Chair), UCLES Syndic
Sir David Bell, Press Syndic
Mr Anthony Odgers, Chief financial Officer, University of Cambridge 
Mr Richard Partington, UCLES Syndic

Nominations Committee

Members of the new joint Press and Assessment Nominations Committee who served from 5 May 2017 and up until the date of approval of this financial abstract, unless otherwise stated, were as follows:

Mrs Sherry Coutu, CBE (Chair), UCLES Syndic
Sir David Bell, Press Syndic
Mr Anthony Odgers, Chief financial Officer, University of Cambridge 
Mr Richard Partington, UCLES Syndic

The Executive and Management

The day-to-day management of the Press is delegated to the Chief Executive, who appoints the Press Board (currently consisting of ten (2016: eleven) Directors), and other staff as he deems necessary to conduct the Press’s business around the world.

Members of the Press Board who served from 1 May 2016 and up until the date of approval of this financial abstract, unless otherwise stated, were as follows:

Mr Peter Phillips (Chair)
Mrs Cathy Armor
Mr William Bowes
Mr Andrew Chandler
Mr Iain Harrison
Mrs Amanda Hill
Mr Mark Maddocks
Mr Michael Peluse
Mr Rod Smith
Mr Kevin Taylor
Mrs Sandra Waterhouse, resigned 21 July 2016

Syndics’ Statement

The Abstract of the Consolidated income statement for the year ended 30 April 2017, the Abstract of the Reconciliation of movement in capital and reserves for the year ended 30 April 2017 and the Abstract of the Consolidated balance sheet at 30 April 2017 (the ‘abstract of the financial statements’) presented on page 29 are not full financial statements of Cambridge University Press, 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. The Syndics 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 Syndics on 18 July 2017. The independent auditors’ report on the financial statements was unmodified. 

The full financial statements are available on request from Cambridge University Press, University Printing House, Shaftesbury Road, Cambridge CB2 8BS.

Sir Leszek Borysiewicz signature

Professor Sir Leszek Borysiewicz
Chairman of the Press Syndicate

 

Independent auditors’ statement to the Syndics of Cambridge University Press

We have examined the supplementary financial information included within the Abstract of the Financial Statements of Cambridge University Press for the year ended 30 April 2017, which comprises the Abstract of the Consolidated income statement for the year ended 30 April 2017, the Abstract of the Reconciliation of movement in capital and reserves for the year ended 30 April 2017 and the Abstract of the Consolidated balance sheet at 30 April 2017 set out on page 29.

Respective responsibilities of Syndics and auditors

The Syndics are responsible, under Statute J of the University of Cambridge, for preparing the Annual Report of Cambridge University Press for the year ended 30 April 2017 (the ‘Annual Report’), which includes information extracted from the full annual financial statements of Cambridge University Press for the year ended 30 April 2017.

The Syndics are responsible for preparing the financial information within the Annual Report which is consistent with the full financial statements of Cambridge University Press. Those full financial statements were prepared in accordance with United Kingdom Accounting Standards.

Our responsibility is to report to you our opinion on the consistency of the financial information, included within the Annual Report, with those full annual financial statements. 

We also read the other information contained in the Annual Report and considered the implications for our statement if we become aware of any apparent misstatements or material inconsistencies with the financial information. The other information comprises only the Chair’s Introduction and the other items listed on the contents page.

This statement, including the opinion, has been prepared for and only for the Syndics of Cambridge University Press 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 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 for the year ended 30 April 2017.

PWC Signature

PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors, Cambridge
18 July 2017

Notes

  1. The maintenance and integrity of the Cambridge University Press website is the responsibility of the Syndics; 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.
  2. 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 30 April 2017

2017 (£'m) 2016 (£'m)
Turnover 306.4 268.8
Operating profit before exceptional items 16.3 6.5
Exceptional items (2.6) (4.7)
Net finance expense (0.3) (3.6)
Impairment of fixed asset investments (0.3)
Profit on disposal of tangible fixed assets 0.8 0.1
Profit / (loss) on ordinary activities before taxation 14.2 (2.0)
Tax on profit / (loss) on ordinary activities (4.3) (1.8)
Profit / (loss) on ordinary activities after taxation 9.9 (3.8)
Non-controlling interests 0.1
Profit / (loss) for the financial year 10.0 (3.8)

Abstract of Reconciliation of Movement in Capital and Reserves for the year ended 30 April 2017

2017 (£’m) 2016 (£’m)
Profit / (loss) for the financial year 10.0 (3.8)
Re-measurement of net defined benefit obligation 0.8 (11.3)
Transfer to the University of Cambridge (2.8) (0.2)
Foreign exchange loss on translation of net assets 6.2 (0.8)
Acquisition of non-controlling interest (0.5)
Net movement in capital and reserves 13.7 (16.1)
Opening capital and reserves at 1 May 21.3 37.4
Closing capital and reserves at 30 April 35.0 21.3

Abstract of Consolidated Balance Sheet at
30 April 2017

2017 (£’m) 2016 (£’m)
Fixed Assets
Intangible assets 35.3 34.6
Tangible assets 25.7 24.6
Investment in joint ventures 0.4 0.7
61.4 59.9
Current Assets
Pre-publication costs 23.6 27.0
Inventories 23.8 23.7
Debtors 110.6 93.8
Other investments 18.3 15.4
Cash at bank and in hand 39.2 24.1
215.5 184.0
Creditors: amounts falling due within one year (117.5) (96.7)
Net current assets 98.0 87.3
Total assets less current liabilities 159.4 147.2
Creditors: amounts falling due after more than one year (0.7) (2.1)
Net assets excluding post-retirement obligations 158.7 145.1
Defined benefit pension scheme obligation (100.6) (103.4)
Other post-retirement benefits obligation (23.1) (20.4)
Net assets 35.0 21.3
Capital and reserves
Profit and loss account 35.0 20.8
Non-controlling interests 0.5
Total capital and reserves 35.0 21.3

Thank you for your feedback which will help us improve our service.

If you requested a response, we will make sure to get back to you shortly.

×
Please fill in the required fields in your feedback submission.
×
This site uses cookies to improve your experience. Read more Close