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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 2018.

The Press and Press Syndicate

The Press is the publishing house of the University of Cambridge (the ‘University’), whose right to print and sell ‘all manner of books’ was granted by Henry VIII in 1534. It is the oldest publishing house in the world, having published continuously since the 1580s.

Cambridge University Press is established by Statute of the University. It is part of the University, and it furthers the University’s mission by disseminating knowledge in the pursuit of education, learning and research at the highest international levels of excellence.

Statute J of the University of Cambridge, the Press’s governing document, the full text of which is set out here of this report, states: “There shall be in the University a University Press which shall be devoted to printing and publishing in the furtherance of the acquisition, advancement, conservation, and dissemination of knowledge in all subjects; to the advancement of education, religion, learning and research; and to the advancement of literature and good letters”.

The Press is governed by the Press Syndicate, a body consisting of the Vice-Chancellor or his/her deputy as Chair, a University Officer appointed by the Council and up to sixteen senior members of the University Senate. The powers of the Syndicate are fully set out in Statute J and the supporting Ordinances of the Press.

Members of the Press Syndicate who served during the 12 months ended 30 April 2018 and up until the date of approval of these financial abstracts, unless otherwise stated, were as follows:

Professor Sir Leszek Borysiewicz (Vice-Chancellor: Chair until 1 October 2017)
Professor Stephen Toope (Vice-Chancellor: Chair from 1 October 2017)
Dr Toke Aidt
Professor Kenneth Armstrong
Sir David Bell
Professor Cathie Clarke
Dr David Good
Dr Emily Gowers
Dr Joan Lasenby
Professor David McKitterick
Mr Richard Partington, appointed 14 February 2018
Professor Richard Prager, appointed 14 February 2018
Mr Andrew Reid (University Director of Finance), resigned 31 January 2018
Professor David Runciman
Dr Sue Swaffield 
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 these financial statements, four (2017: five) vacancies.

Organisation and governance

The Press Syndicate governs the activity of the Press and exercises oversight through the Press & Assessment Board and its various committees. The Press & Assessment Board was established on 5 May 2017 when the Press Syndicate and the University Local Examinations Syndicate (UCLES) delegated the necessary powers, within agreed terms of reference, for that Board to exercise joint oversight of both the Press and Cambridge Assessment on their behalf. Prior to that the Press Syndicate exercised oversight through its Operating Board.

The Press & Assessment Board discharges its responsibility for oversight of the Press both directly and through three joint committees, namely the Audit Committee, Remuneration Committee, and Nominations Committee, and through two publishing committees specific to the Press, namely the Academic Publishing Committee and the ELT & Education Publishing Committee. The Press Syndicate exercises ultimate authority over the Press’s publishing, through the Press & Assessment Board and these publishing committees, which approve every Academic title (books and journals) and the publishing programs of the ELT and Education businesses. Members of the Press Syndicate are represented on the publishing committees together with Press management and co-optees.

There were 15 members of the Press & Assessment Board, its joint committees and the publishing committees who served during the year. Officers employed by the University do not receive remuneration. Other members, or where applicable their University departments, are entitled to receive remuneration under normal contract terms. The Press paid a total of £166,500 to these members or their departments during the year: £87,000 (2017: £108,000) for external members of the Press & Assessment Board and £79,500 (2017: £80,000) for University members of these committees. In addition, a small amount of reimbursed expenses was paid. Other than this no individual member of the Press Syndicate received any remuneration from Cambridge University Press, other than in their capacity as author, series editors or editorial advisers.

The responsibilities of the Press & Assessment Board include the preparation and approval of the Annual Report and Financial Statements of the Press in accordance with Statute J of the University of Cambridge and on behalf of the Syndicate. The Press & Assessment Board receives a recommendation from its Audit Committee as part of the approval process and also the report of the independent auditor. The approved financial statements are signed on its behalf and at its direction by the Press’s Chief Executive and its Chief Financial Officer.

Membership of the Press & Assessment Board and its various committees is set out in detail below.

Press & Assessment Board and its sub-committees

Press & Assessment Board

Members of the Press & Assessment Board who served from 5 May 2017 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:

Professor Duncan Maskell (Chair until 1 July 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, Co-optee
Mr Simon Lebus, Cambridge Assessment Chief Executive, resigned 16 April 2018
Mr Saul Nassé, Cambridge Assessment Chief Executive, appointed 16 April 2018
Mr Richard Partington, UCLES and Press Syndic
Mr Peter Phillips, Press Chief Executive
Professor Richard Prager, UCLES and Press Syndic
Professor David Runciman, Press Syndic
Mr Nick Temple, Co-optee
Mr Peter Williams, UCLES Syndic

Sir David Bell, Mr Peter Phillips, Mrs Sherry Coutu, Mr Nick Temple and Professor David Runciman were previously members of the Press’s Operating Board which was dissolved on 5 May 2017. Other members of that Board holding office during the year, until that date, were Professor Ron Carter, MBE, Dr David Good, Professor David McKitterick and Mr Andrew Reid (University Director of Finance) in their capacity as Syndics, Professor Tony Minson and Mr Stan Webster, OBE, as co-optees, and Mr Andrew Chandler and Mr Kevin Taylor, as executives of the Press.

Audit Committee

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

Mr Nick Temple (Chair), Co-optee
Ms Jessica Rusu, Co-optee, appointed 19 January 2018
Mr Jonathan Scott, Co-optee
Mr Peter Williams, UCLES Syndic 

The Committee, as part of its joint remit, provides assurance as to the integrity of the Press reporting processes and systems of financial governance, control and risk management.

Mr Nick Temple and Mr Jonathan Scott, together with Mr Stan Webster, OBE and Mrs Joanna Womack were previously members of the Press’s Audit Committee and retained responsibility for recommending the approval of the financial statements for the year ended 30 April 2017.

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 these financial statements, 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 and Press Syndic

The Committee, as part of its joint remit, is responsible for setting the remuneration of the Chief Executive and the most senior executives of the Press.

Sir David Bell was previously a member of the Press Remuneration Committee, together with Professor Tony Minson and Mr Stan Webster, OBE.

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 these financial statements, unless otherwise stated, were as follows:

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

The committee, as part of its joint remit, is responsible for recommending to the Press & Assessment Board the appointment of members of the Press & Assessment Board.

Publishing committees

Academic Publishing Committee

The Academic Publishing Committee approves every Academic title (books and journals). Members who served from 1 May 2017 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
Professor Tim Cox, Co-optee
Dr Emily Gowers, Syndic
Dr Tim Harper, Co-optee
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
Professor Barbara Sahakian, Co-optee, appointed 13 October 2017
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 2017 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:

Professor Chris Kennedy, (Chair), Co-optee
Mr Rob Cooper, Executive
Ms Frances Lowndes, Executive
Professor Rose Luckin, Co-optee, appointed 25 October 2017
Dr Gary Motteram, Co-optee
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, resigned 25 October 2017
Mr Andrew Watson, Executive, appointed 14 February 2018
Professor Mike Younger, Co-optee

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 (2017: ten) 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 2017 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, resigned 1 December 2017
Mr Andrew Chandler
Mrs Joanna Cheffins, appointed 3 January 2018; resigned 25 May 2018
Mr Iain Harrison
Mrs Amanda Hill
Mr Mark Maddocks
Mr Michael Peluse
Mrs Catie Sheret, appointed 1 May 2018
Mr Rod Smith
Mr Kevin Taylor

Syndics’ statement

The Abstract of the Consolidated Income Statement for the year ended 30 April 2018, the Abstract of the Reconciliation of Movement in Capital and Reserves for the year ended 30 April 2018 and the Abstract of the Consolidated Balance Sheet at 30 April 2018 (the ‘Abstract of the Financial Statements’) presented below 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. 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 23 July 2018. 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.

Professor Stephen Toope signature

Professor Stephen Toope
Chairman of the Press Syndicate

 

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 for the year ended 30 April 2018, which comprises the Abstract of the Consolidated income statement for the year ended 30 April 2018, the Abstract of the Reconciliation of movement in capital and reserves for the year ended 30 April 2018 and the Abstract of the Consolidated balance sheet at 30 April 2018 set out on page 26. 

Respective responsibilities of the Press & Assessment Board and the auditors

The Press & Assessment Board, under formally delegated authority from the Syndics, is responsible for preparing the Annual Report of Cambridge University Press for the year ended 30 April 2018 (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 for the year ended 30 April 2018. 

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 financial statements to the full annual financial statements. Our audit report on Cambridge University Press’s full annual financial statements describes the basis of our opinion on those financial statements.

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 2018.

PWC Signature

PricewaterhouseCoopers LLP
Chartered Accountants and Statutory auditors
Cambridge
23 July 2018

 

Notes
  1. The maintenance and integrity of the Cambridge University Press 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.
  2. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Abstract of the Consolidated Income Statement for the year ended 30 April 2018

2018 (£'m) 2017 (£'m)
Turnover 315.9 306.4
Operating profit before exceptional items 17.2 16.4
Exceptional items (2.6)
Operating profit 17.2 13.8
Net finance expense (0.9) (0.3)
Impairment of fixed asset investments (0.3)
Profit on disposal of tangible fixed assets 0.8
Profit on ordinary activities before taxation 16.0 14.3
Tax on profit on ordinary activities (1.7) (4.3)
Profit on ordinary activities after taxation 14.3 10.0
Profit attributable to:
Owners of the parent 14.0 10.0
Non-controlling interests 0.3
Profit for the financial year 14.3 10.0

 

Abstract of the Reconciliation of Movement in Capital and Reserves for the year ended 30 April 2018

2018 (£’m) 2017 (£’m)
Profit for the financial year 14.3 10.0
Re-measurement of net defined benefit obligation 21.3 0.8
Transfer to the University of Cambridge (3.4) (2.8)
Foreign exchange loss on translation of net assets (1.3) 6.2
Acquisition of non-controlling interest (0.5)
Net movement in capital and reserves 30.9 13.7
Opening capital and reserves at 1 May 35.0 21.3
Closing capital and reserves at 30 April 65.9 35.0

 

Abstract of the Consolidated Balance Sheet at 30 April 2018

2018 (£’m) 2017 (£’m)
Fixed Assets
Intangible assets 32.0 35.3
Tangible assets 25.8 25.7
Investment in joint ventures 0.1 0.4
Other investments 44.1
102.0 61.4
Current Assets
Pre-publication costs 21.7 23.6
Inventories 22.7 23.8
Debtors 108.1 110.6
Other investments 18.3
Cash at bank and in hand 29.5 39.2
182.0 215.5
Creditors: amounts falling due within one year (116.6) (117.5)
Net current assets 65.4 98.0
Total assets less current liabilities 167.4 159.4
Creditors: amounts falling due after more than one year (0.7)
Net assets excluding post-retirement obligations 167.4 158.7
Defined benefit pension scheme obligation (80.2) (100.6)
Other post-retirement benefits obligation (21.3) (23.1)
Net assets 65.9 35.0
Capital and reserves
Profit and loss account 64.7 35.0
Non-controlling interests 1.2
Total capital and reserves 65.9 35.0

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