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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 2016.

The Press Syndicate

Members of the Press Syndicate who served during the twelve months ended
30 April 2016 and up until the date of approval of these financial abstracts, unless otherwise stated, were as follows:
Sir David Bell (Chair)    
Dr Toke Aidt
Professor Kenneth Armstrong
Professor Ron Carter, MBE
Professor Cathie Clarke
Dr David Good
Dr Emily Gowers
Dr Tim Harper
Dr Joan Lasenby
Professor David McKitterick
Mr Andrew Reid, University Director of Finance
Professor David Runciman
Dr Sue Swaffield
Mr Stan Webster, OBE
Professor Sarah Worthington
Professor Steve Young, resigned 31 December 2015

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

There were, at the date of approval of these financial statements, three vacancies.

Operating Board

The Operating Board is the body that exercises general oversight of the Press’s operations on behalf of the Syndicate and approves key decisions and financial commitments according to clearly defined criteria set out in its Terms of Reference. The Operating Board receives the recommendation of the Audit Committee on the annual Financial Statements and reviews and approves them on behalf of the Syndicate as a whole. Members of the Operating Board who served from 1 May 2015 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:
Sir David Bell (Chair of Syndics), Syndic
Professor Ron Carter, MBE, Syndic
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, Syndic
Professor Sarah Worthington, Syndic, resigned 17 July 2015
Professor Steve Young, Syndic, resigned 31 December 2015

Academic Publishing Committee

The Academic Publishing Committee approves every Academic title (books and journals). Members who served from 1 May 2015 and up until the date of approval of these financial statements, 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, appointed 25 February 2016
Professor Tim Cox, Co-optee
Dr Emily Gowers, Syndic
Dr Tim Harper, Syndic
Mrs Amanda Hill, Executive
Professor Arieh Iserles, Co-optee
Dr Joan Lasenby, Syndic
Professor Tony Minson, Co-optee
Mr Peter Phillips, Executive
Mr Simon Ross, Executive, resigned 30 April 2016
Professor David Runciman, Syndic
Mr Kevin Taylor (Secretary), Executive
Professor Andy Woods, Co-optee

ELT & Education Publishing Committee

The ELT & Education Publishing Committee approves the publishing programmes of the ELT and Education businesses. Members who served from 1 May 2015 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:
Professor Ron Carter, MBE (Chair), Syndic
Ms Linden Harris, Executive, resigned 6 May 2015
Mr Rob Cooper, Executive, appointed 25 February 2016
Professor Chris Kennedy, Co-optee
Ms Frances Lowndes, Executive, appointed 25 February 2016
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

Audit Committee

Professor Sarah Worthington (Chair to 17 July 2015), Syndic, resigned 17 July 2015
Mr Nick Temple (Chair from 17 July 2015), Co-optee
Mr Jonathan Scott, Co-optee, appointed 17 July 2015
Mr Stan Webster, OBE, Syndic
Mrs Joanna Womack, Co-optee

Members of the Executive and senior management are invited to attend as required, but are excluded from regular confidential sessions with external auditors.

Remuneration Committee

Sir David Bell (Chair of Syndics), Syndic
Professor Tony Minson, Co-optee
Mr Stan Webster, OBE, Syndic

The Remuneration Committee determines the remuneration of the Chief Executive and other specified senior executives. The Press’s Director for People is normally invited to attend meetings of this committee.

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 eleven (2015: 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 2015 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:
Mr Peter Phillips, Chair
Mrs Cathy Armor
Mr William Bowes
Mr Andrew Chandler
Mr Iain Harrison, appointed 23 February 2016
Mrs Amanda Hill
Mr Mark Maddocks
Mr Michael Peluse
Mr Simon Ross, resigned 30 April 2016
Mr Rod Smith
Mr Kevin Taylor
Mrs Sandra Waterhouse

Syndics’ Statement

The Abstract of the Consolidated Income Statement for the year ended 30 April 2016, the Abstract of the Reconciliation of Movement in Capital and Reserves for the year ended 30 April 2016 and the Abstract of the Consolidated Balance Sheet at 30 April 2016 (the ‘Abstract of the Financial Statements’) presented on page 27 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. This year the Syndics have elected to prepare the full financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards comprising Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), and applicable law. Details of the transition to FRS 102 are contained in the full financial statements.

The full Financial Statements from which the Abstract of the Financial Statements is derived, were approved by the Syndics on 18 July 2016. 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 David Bell

Sir David Bell
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 2016, which comprises the Abstract of the Consolidated Income Statement for the year ended 30 April 2016, the Abstract of the Reconciliation of Movement in Capital and Reserves for the year ended 30 April 2016 and the Abstract of the Consolidated Balance Sheet at 30 April 2016 set out on page 27.

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 2016 (the ‘Annual Report’), which includes information extracted from the full annual financial statements of Cambridge University Press for the year ended 30 April 2016.

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 2016.

PricewaterhouseCoopers LLP

Pricewaterhouse Coopers LLP

Chartered Accountants and Statutory Auditors
Cambridge
18 July 2016

Notes

a) 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.

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 30 April 2016

2016 (£'m) 2015 (£'m)
Turnover 268.8 269.1
Operating profit before exceptional items 6.5 6.5
Exceptional items (4.7) (4.9)
Net finance expense (3.6) (2.9)
Impairment of fixed asset investments (0.3)
Profit on disposal of tangible fixed assets 0.1 25.1
(Loss) / profit on ordinary activities before taxation (2.0) 23.8
Tax on (loss) / profit on ordinary activities (1.8) (0.3)
(Loss) / profit on ordinary activities after taxation (3.8) 23.5
Minority interests
(Loss) / profit for the financial year (3.8) 23.5

Abstract of Reconciliation of Movement in Capital and Reserves

2016 (£’m) 2015 (£’m)
(Loss) / profit for the financial year (3.8) 23.5
Re-measurement of net defined benefit obligation (11.3) (18.8)
Transfer to the University of Cambridge (0.2) (0.5)
Foreign exchange loss on translation of net assets (0.8) (1.0)
Net movement in capital and reserves (16.1) 3.2
Opening capital and reserves at 1 May 37.4 34.2
Closing capital and reserves at 30 April 21.3 37.4

Abstract of Consolidated Balance Sheet at
30 April 2016

2016 (£’m) 2015 (£’m)
Fixed Assets
Intangible assets 34.6 28.4
Tangible assets 24.6 24.3
Investment in joint ventures 0.7 0.6
59.9 53.3
Current Assets
Pre-publication costs 27.0 28.9
Inventories 23.7 24.2
Debtors 93.8 85.9
Other investments 15.4 15.9
Cash at bank and in hand 24.1 43.8
184.0 198.7
Creditors: amounts falling due within one year (96.7) (99.0)
Net current assets 87.3 99.7
Total assets less current liabilities 147.2 153.0
Creditors: amounts falling due after more than one year (2.1) (2.8)
Net assets excluding post-retirement obligations 145.1 150.2
Defined benefit pension scheme obligation (103.4) (92.5)
Other post-retirement benefits obligation (20.4) (20.3)
Net assets 21.3 37.4
Capital and reserves
Profit and loss account 20.8 36.9
Non-controlling interests 0.5 0.5
Total capital and reserves 21.3 37.4
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