Cambridge

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 2019.

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 35 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 16 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 2019 and up until the date of approval of these financial abstracts, unless otherwise stated, were as follows:

Professor Stephen Toope (Vice-Chancellor and Chair)
Dr Toke Aidt
Professor Kenneth Armstrong
Sir David Bell (Senior Independent Director)
Professor Cathie Clarke
Dr Jessica Gardner (University Librarian: University Officer Syndic), appointed 3 September 2018
Dr David Good
Professor Emily Gowers
Professor Joan Lasenby
Professor David McKitterick
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, three (2018: four) 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 over both the Press and Cambridge Assessment on their behalf.

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 £135,000 to these members or their departments during the year: £53,000 (2018: £87,000) for external members of the Press & Assessment Board and £82,000 (2018: £79,500) 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 editor or editorial adviser.

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 1 May 2018 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)
Mrs Sherry Coutu, CBE, resigned 12 December 2018
Professor Chris Kennedy
Professor Duncan Maskell, Senior Pro-Vice-Chancellor, University of Cambridge, resigned 31 July 2018
Mr Saul Nassé, Cambridge Assessment Chief Executive
Mr Richard Partington
Mr Peter Phillips, Press Chief Executive
Professor Richard Prager
Professor David Runciman
Mr Nick Temple
Dr Annette Thomas, appointed 5 February 2019
Professor Graham Virgo, Senior Pro-Vice-Chancellor, University of Cambridge, appointed 31 July 2018
Mr Peter Williams

Audit Committee

Members of the Press and Assessment Audit Committee who served from 1 May 2018 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:

Mr Nick Temple (Chair)
Ms Jessica Rusu
Mr Jonathan Scott
Mr Peter Williams

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.

Remuneration Committee

Members of the Press and Assessment Remuneration Committee who served from 1 May 2018 and up until the date of approval of these financial statements, unless otherwise stated, were as follows:

Mrs Sherry Coutu, CBE (Chair until 12 December 2018), resigned 12 December 2018
Sir David Bell (Senior Independent Director, Chair from 12 December 2018)
Mr Anthony Odgers, Chief Financial Officer, University of Cambridge
Mr Richard Partington
Dr Annette Thomas, appointed 25 April 2019

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 2018 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)
Mrs Sherry Coutu, CBE, resigned 12 December 2018
Mr Richard Partington
Dr Annette Thomas, appointed 25 April 2019

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 2018 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 Tim Cox, resigned 23 November 2018
Professor Emily Gowers
Dr Tim Harper
Mrs Amanda Hill, Executive
Professor Arieh Iserles
Professor Joan Lasenby
Professor Tony Minson
Mr Peter Phillips, Executive
Professor David Runciman
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 2018 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, appointed 26 July 2018
Mr Rob Cooper, Executive
Ms Frances Lowndes, Executive
Professor Rose Luckin
Dr Gary Motteram
Mr Michael Peluse, Executive, resigned 26 July 2018
Mr Peter Phillips, Executive
Mr Rod Smith, Executive
Dr Sue Swaffield
Mr Kevin Taylor (Secretary), Executive
Mr Neil Tomkins, 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 ten (2018: 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 2018 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
Mrs Joanna Cheffins, resigned 25 May 2018
Mr Paul Colbert, appointed 26 July 2018
Mr Iain Harrison, resigned 1 March 2019
Mrs Amanda Hill
Mr Mark Maddocks
Mr Michael Peluse, resigned 26 July 2018
Ms Catie Sheret, appointed 1 May 2018
Mr Rod Smith
Mr Kevin Taylor
Mr Mark Whitehouse, appointed 1 March 2019

Syndics’ statement

The Abstract of the Consolidated Income Statement for the year ended 30 April 2019, the Abstract of the Reconciliation of Movement in Capital and Reserves for the year ended 30 April 2019 and the Abstract of the Consolidated Balance Sheet at 30 April 2019 (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 2019. 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
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 2019, which comprises the Abstract of the Consolidated Income Statement for the year ended 30 April 2019, the Abstract of the Reconciliation of Movement in Capital and Reserves for the year ended 30 April 2019 and the Abstract of the Consolidated Balance Sheet at 30 April 2019 set out on page 33. 

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 2019 (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 2019.

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 2019.

PricewaterhouseCoopers LLP
Chartered Accountants and Statutory auditors
Cambridge
16 July 2019

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.