OUP Report & Accounts, 1995 (original) (raw)

Oxford University Press

Annual report of the Delegates, October 1995

Contents
Vice-Chancellor's Report
Report of the Chairman of Finance Committee
OUP USA
(Reports on Arts and Reference, Educational, International,ELT, and Central Functions omitted)
Financial Report preamble
Abstract of Balance Sheet of Trading Operations to 31/3/95 (+94)
Abstract of the results of the Trading Operations
The Officers of the Press

Vice-Chancellor's Report

The year 1994/5 was one of investment for Oxford University Press, in which we concentrated on expansion, both in publishing programmes and in our geographical reach.

We saw the retirement of three valued members of the Delegacy: Sir Richard Southwood, Professor of Zoology, who, in his ten years as Delegate and four as Vice-Chancellor, had great influence, both over our science publishing, and our expansion into new territories; Sir David Weatherall, Regius Professor of Medicine, the force behind the series of Oxford textbooks in medical specialities; and Ian Brownlie, Chichele Professor of International Law, under whose stewardship OUP's law list grew sixfold and became pre-eminent in academic legal publishing in the UK. We welcome their successors Susan Iversen, Professor of Psychology, John Newsom-Davis, Action Research Professor of Clinical Neurology, and Christopher Perrins, Professor of Ornithology. Also this year, the decision was taken to expand the Delegacy so that it could cover further areas of scholarship. Terence Cave, Professor of French Literature, and Andrew Goudie, Professor of Geography, joined in mid-year.

The Delegacy is now presiding over an increasingly international organization: over 85 per cent of OUP's sales are made outside the UK; it has ten established publishing centres all over the world, and is developing new programmes in other areas. The value of OUP's international activities was reinforced for me this year when I visited India and Pakistan. I saw at first hand the closeness between the OUP offices and the local academic community and understood how important OUP was seen to be in its continuing contribution to scholarship, at both a national and international level. I am confident that the new offices established in Turkey and Latin America will continue that tradition.

Investment in the acquisition of new lists and in the opening of new offices is vital for the continuing strength of OUP's publishing and its international influence. This year's achievements have laid solid foundations for continuing success in the years ahead. Also important was that we were able to maintain our financial contribuition to the University at last year's level. Our regular cash and in-kind contribution to the University, combined with increasing opportunities to work together on a range of projects, is vital in maintaining the close relationship that is integral to the success of OUP. [Return to Contents]

Report of the Chairman of Finance Committee

The year 1994/5 has been one of achievement, despite difficulties in many of OUP's marketplaces.

OUP published over 3,000 new titles diuring the year, including over 1,000 academic works. Highlights included the completion of the nine-volume Birds of the Western Palearctic and the launch of a bilingual dictionary programme with the Oxford-Hachette French and Oxford Spanish dictionaries. The Oxford Textbook of Surgery joined the Oxford Textbook of Medicine in OUP's successful medical list.

The high standards of scholarship maintained by the academic publishing divisions, combined with an emphasis on quality and authority across the group, are essential to the success of OUP. They are also central to our basic objective, the furtherance of learning and education. OUP invests heavily to ensure the continuing diversity and quality of all our publishing programmes in support of this objective.

OUP also places an emphasis on geographical expansion which in 1994/5 led to the opening of OUP Turkey and the acquisition of the Harla group of companies in Latin America. The latter will allow OUP to strengthen its existing ELT business in Latin America, a continent in which it previously had no direct presence, as well as offering the potential for non-ELT publishing. OUP Espana is developing plans for Spanish language publishing, so there is potential for synergy between our operations in Spain and in Latin America.

Other significant acquisitions during the year have strengthened the publishing programmes. These included the Weidenfeld economics list and the Dent music list in the UK, and the Saunders engineering list in the US. OUP began the process of expanding its professional publishing in the UK through the acquisition of Business and Medical Publishing and a stake in New Law Publishing.

Investments in infrastructure also continued at a high level. The New York office is now complete and occupied, and was officially opened in July 1995. Work has started on doubling the size of the US distribution centre at Cary, North Carolina; a new warehouse/office complex in Kuala Lumpur was opened, and substantial investments made in UK IT development.

Sir Keith Thomas [Return to Contents]

OUP USA

OUP USA is the second largest Oxford University Press publishing centre, publishing in a number of different areas including college books, academic monographs, academic reference books, music, bibles and books for the general reader. It publishes over 400 books a year and is larger than any American university press.

The year 1994/5 was one of growth and change. OUP USA published approximately 450 new books, sales increased on the previous year, progress was made on the construction and refurbishment of the new offices, the expansion of the Cary distribution facility was approved and initiated, and, later in the year, a separate college division was created.

Taking advantage of the growth of superstore chains in the US, Trade Paperbacks sales were particularly strong. The lead seller was Benchmarks for Science Literacy, a book aimed at improving science education and sponsored by the American Association for the Advancement of Science.

The academic reference programme continued with the publication of the Encylopedia of the Modern Islamic World and The AHA Guide to Historical Literature. A strong list of trade reference books from the Arts and Reference Division, coupled with Companions and Illustrated Histories from the US, provided growth for the trade reference list, while children's reference published the ten-volume History of US, the twelve-volume History of Women in the United States, the three-volume Young Oxford Companions to American Government, andthe OPIE Library of Children's Literature.

Reflecting the importance of college textbook publishing, OUP USA reorganized at the end of the year, creating seaparate academic and college divisions.

1994/5 was a good year for new proposals, with more than 500 titles contracted in a blend of monographs, advanced level college textbooks, academic trade books, and reference works. While a number of American university presses have cut back on their monograph programmes, OUP USA has maintained its commitment and will continue to do so. [Return to Contents]

Reports on Arts and Reference, Educational Publishing, International, English Language Teaching, and Central Functions have been omitted - A.M.

Financial Report

As one of its departments, Oxford University Press shares the University's primary objective: the widest possible dissemination of the fruits of scholarship, education and culture.

It is a self-financing organization, and any surplus generated by publishing activities is reinvested in furtherance of the primary objective.

OUP's major investments are into scholarly publishing, including the very large sums invested in language resaearch to support the Oxford English Dictionary and other language-related works.

In 1994/5, OUP made an important investment in the acquisition of a majority holding in the Harla group of companies in Latin America, creating its own distribution network in that continent and positioning itself for long-term growth. It also continued to invest in infrastructure, including the completion of new offices in New York, warehouse space and technology, and computer systems.

Finally, OUP maintained its contribution to the University at last year's level of £9 million, including the second part of a £10 million additional capital transfer agreed in 1993/4. [Return to Contents]

Abstract of the Consolidated Balance Sheet of the Trading Operations as at 31 March 1995

Intoductory note
The Delegates wish to observe that

a. the Abstract of Accounts appearing below is drawn from the full audited accounts of the Trading Operations of the Press,

b. with regard to the Abstract of the Consolidated Balance Sheet of the Trading Operations, the short-term cash position is substantially stronger at 31 March than at other times of the year,

c. a proportion of earnings and cash balances arising in certain overseas countries is not available for use elsewhere, and

d. no abstract of the accounts of the Delegates' Property and Reserve Fund is shown, but the Fund, including properties occupied by the Press, had accumulated reserves of £104.7 million at 31 March 1995 (1994 £114.5 million).

Statement by the Auditors to the Delegates of the Oxford University Press

We have audited the full accounts of both the Trading Operations and the Delegates' Property and Reserve Fund of Oxford University Press for the year ended 31 March 1995 and submitted unqualified audit reports thereon to the Delegates.

Our audit has been carried out as prescribed by the Statutes of the University and according to instructions received from the Delegates and approved Auditing Standards.

(Signed) Coopers & Lybrand
Chartered Accountants and Registered Auditors
London, 18 July 1995

Abstract of the Consolidated Balance Sheet of the Trading Operations as at 31 March 1995

[Return to Contents]

Abstract of the results of the Trading Operations for the year ended 31 March 1995

[Return to Contents]

The Officers of the University Press

James Arnold-Baker Secretary to the Delegates and Chief Executive
Bill Andrewes Group Finance Director and Deputy Secretary
Ivon Asquith Managing Director, Arts and Reference Division
Edward Barry President, OUP USA
Roger Boning Managing Director, International Division
Fiona Clarke Managing Director, Educational Division
John Manger Managing Director, Science, Medical and Journals Division
Peter Mothersole Managing Director, English Language TeachingDivision

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