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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 2020.

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 on page 36 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 twelve months ended 30 April 2020 and up until the date of approval of these financial abstracts, unless otherwise stated, were as follows:

Professor Stephen Toope (Vice-Chancellor)
Sir David Bell (Senior Independent Director)
Dr Toke Aidt
Professor Kenneth Armstrong
Professor Cathie Clarke
Dr Jessica Gardner (University Librarian: University Officer Syndic)
Dr David Good
Professor Emily Gowers
Professor Joan Lasenby
Professor David McKitterick (resigned 31 December 2019)
Mr Richard Partington
Professor Richard Prager
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 (2019: three) 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 of Cambridge Local Examinations Syndicate (UCLES) delegated the necessary powers, within agreed terms of reference, for that Board to exercise joint oversight over 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 programmes of the ELT and Education businesses. Members of the Press Syndicate are represented on the publishing committees together with Press management.

There were 44 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 £131,000 (2019: £135,000) to these members or their departments during the year: £61,000 (2019: £53,000) for external members of the Press & Assessment Board and £70,000 (2019: £82,000) 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 the 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 and Assessment Board and its sub-committees

Press and Assessment Board

Members of the Press & Assessment Board who served from 1 May 2019 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:

Mr Anthony Odgers (Chair), Chief Financial Officers, University of Cambridge
Professor Graham Virgo, Senior Pro-Vice-Chancellor, University of Cambridge
Sir David Bell, Senior Independent Director
Professor Chris Kennedy
Mr Saul Nassé, Chief Executive, Cambridge Assessment
Mr Richard Partington
Mr Peter Phillips, Chief Executive, Cambridge University Press
Professor Richard Prager
Professor David Runciman
Mr Jonathan Scott (appointed 28 April 2020)
Mr Nick Temple
Dr Annette Thomas (resigned 4 February 2020)
Mr Peter Williams (resigned 3 December 2019)
 

Audit Committee

Members of the Press and Assessment Audit Committee who served from 1 May 2019 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:

Mr Nick Temple (Chair until 30 April 2020)
Ms Jessica Rusu
Mr Jonathan Scott (Chair from 1 May 2020)
Mr Peter Williams (resigned 3 December 2019)

The committee, as part of its joint remit, provides assurance, as to the integrity of the Press re-porting processes and systems of financial governance, control and risk management.

Remuneration Committee

Members of the Press and Assessment Remuneration Committee who served from 1 May 2019 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:

Sir David Bell (Chair), Senior Independent Director
Mr Anthony Odgers, Chief financial Officer, University of Cambridge 
Mr Richard Partington, 
Dr Annette Thomas (resigned 4 February 2020)
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.

Nominations Committee

Members of the Press and Assessment Nominations Committee who served from 1 May 2019 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, Senior Independent Director
Mr Richard Partington 
Dr Annette Thomas (resigned 4 February 2020)

The committee, as part of its joint remit, is responsible for recommending to the Press & Assessment Board the appointment of Board members to the Press Board and the appointment of non-executive 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 2019 and up until the date of approval of these financial statements, unless otherwise stated, were as follows: 

Professor David McKitterick (Chair)
Dr Toke Aidt
Professor Kenneth Armstrong
Dr Kasia Boddy
Dr Angela Breitenbach
Professor Cathie Clarke
Professor Nicola Clayton
Mrs Ella Colvin, Executive
Professor Emily Gowers
Professor Tim Harper
Mrs Amanda Hill, Executive
Professor Arieh Iserles
Professor Joan Lasenby
Professor Tony Minson
Mr Peter Phillips, Executive
Professor David Runciman (resigned 20 March 2020)
Professor Barbara Sahakian
Mr Kevin Taylor (Secretary), Executive
Professor Andy Woods

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 2019 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:

Professor Chris Kennedy (Chair)
Mr Paul Colbert, Executive
Mr Rob Cooper, Executive
Ms Frances Lowndes, Executive
Professor Rose Luckin
Dr Gary Motteram
Mr Peter Phillips, Executive
Mr Rod Smith, Executive
Dr Sue Swaffield
Mr Kevin Taylor (Secretary), Executive
Mr Andrew Watson, Executive
Professor Mike Younger

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 10 (2019: 10) 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 2019 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 Andrew Chandler
Mr Paul Colbert
Mrs Amanda Hill
Mr Mark Maddocks
Ms Catie Sheret
Mr Rod Smith
Mr Kevin Taylor
Mr Mark Whitehouse
Syndics’ Statement

The Abstract of the Consolidated Income Statement for the year ended 30 April 2020, the Abstract of the Reconciliation of Movement in Capital and Reserves for the year ended 30 April 2020 and the Abstract of the Consolidated Balance Sheet at 30 April 2020 (the ‘Abstract of the Financial Statements’) presented on page 33 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 16 July 2020. 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.

Chancellor 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 2020, which comprises the Abstract of the Consolidated Income Statement for the year ended 30 April 2020, the Abstract of the Reconciliation of Movement in Capital and Reserves for the year ended 30 April 2020 and the Abstract of the Consolidated Balance Sheet at 30 April 2020 set out on page page 33.

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 of Cambridge University Press for the year ended 30 April 2020 (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 2020. 

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 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 2020.

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.

Pricewater signature PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Cambridge 16 July 2020

Abstract of Reconciliation of movement in capital and reserves for the year ended 30 April 2020

  2020 (£'m) 2019 (£'m)
Turnover 336.0 326.9
Operating profit before exceptional items 23.6 24.4
Net finance income / (expense) (2.3) 0.9
Profit on ordinary activities before taxation 21.3 25.3
Tax on profit on ordinary activities before taxation (2.0) (2.9)
Profit on ordinary activities before taxation 19.3 22.4
Profit attributable to:    
Owners of the parent 19.1 21.8
Non-controlling interests 0.2 0.6
Profit for the financial year 19.3 22.4

Energy and carbon data for the year ended 30 April 2020

  2020 (£'m) 2019 (£'m)
Profit for the financial year 19.3 22.4
Re-measurement of net defined benefit obligation (51.2) (15.1)
Transfer to the University of Cambridge (16.2) (6.0)
Foreign exchange loss on translation of net assets (2.1) (0.6)
Dividends paid to non-controlling interests (0.3) -
Net movement in capital and reserves (50.5) 0.7
Opening capital and reserves at 1 May 66.6 65.9
Closing capital and reserves at 30 April 16.1 66.6

Abstract of Consolidated balance sheet at 30 April 2020

  2020 (£'m) 2019 (£'m)
Fixed assets    
Intangible assets 38.9 31.4
Tangible assets 26.2 25.6
Investment in joint ventures - -
Other investments 0.3 45.6
  65.4 102.9
Current assets    
Other investments 29.5  
Pre-publication costs 25.1 26.5
Inventories 25.3 24.0
Debtors 115.5 127.2
Cash at bank and in hand 39.7 29.7
  235.1 207.4
Creditors: amounts falling due within one year (118.1) (127.8)
Net current assets 117.0 79.6
Defined benefit pension scheme obligation (139.6) (92.1)
Other post-retirement benefits obligation (26.7) (23.8)
Net assets 16.1 66.6
Capital and reserves    
Profit and loss account 14.5 64.9
No-controlling interests 1.6 1.7
Total capital and reserves 16.1 66.6