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2021-06-30-accounts

Company number: 01825760 Charity number: 289717

Yale University Press London

Report and financial statements For the year ended 30 June 2021

Yale University Press London

Contents

For the year ended 30 June 2021

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 22 Consolidated statement of financial activities (incorporating an income and expenditure account) ...... 27 Balance sheets .............................................................................................................................. 28 Consolidated statement of cash flows ........................................................................................... 29 Notes to the financial statements ................................................................................................. 30

Yale University Press London

Reference and administrative information

For the year ended 30 June 2021

Company number 01825760
Charity number 289717
Registered office and 47 Bedford Square
operational address LONDON
WC1B 3DP
Country of registration England & Wales
Country of incorporation United Kingdom
Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report were as follows:
J Donatich (Chair)
R K Fisher (Vice Chair)
K Brown
M Cannam (resigned 01 September 2020)
J Callahan
F C Duggan
S L Gibbons
T Haire
T Knox
H Kogan (appointed 01 September 2020)
A W McPhail (resigned 08 November 2021)
D K Robinson
Audit Committee Members of the Audit Committee during the year were as follows:
M Cannam (Chair) (resigned 01 September 2020)
R K Fisher (Chair)
H Kogan (appointed to the Audit Committee 01 September
2020)
Managing Director H McCallum
Secretary E Arnolda

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Yale University Press London

Reference and administrative information

For the year ended 30 June 2021

Bankers National Westminster Bank PLC
PO Box 159, 332 High Holborn
London
WC1V 7PS
Nationwide Building Society
King’s Park Road, Moulton Park
Northampton
NN3 6NW
Solicitors Farrer & Co LLP
66 Lincoln's Inn Fields
London
WC2A 3LH
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
Invicta House, 108-114 Golden Lane
London
EC1Y 0TL

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Yale University Press London

Trustees’ annual report

For the year ended 30 June 2021

The Trustees present their report and the audited financial statements for the year ended 30 June 2021.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in terms of notable titles and successes in reaching its target audience in the reporting period. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Yale University Press (“YUP”), based in New Haven, Connecticut, was founded in 1908, and is a department of Yale University. By publishing serious works (both books and other materials) that contribute to a global understanding of human affairs, Yale University Press aids in the discovery and dissemination of light and truth, lux et veritas, which is a central purpose of Yale University. The publications of Yale University Press advance interdisciplinary inquiry, stimulate public debate, educate both within and outside the classroom, and enhance cultural life.

A London office of YUP was first established in 1961 as a marketing base, and in 1973 it commenced publishing its own list. On 18 June 1984 it was incorporated as Yale University Press London (“YUPL”), a charitable company limited by guarantee with no share capital. The charitable company is governed by its memorandum and articles of association. Its principal object is to foster, promote, maintain and advance the education of the public. The UK Group now comprises 52 staff (2020: 54), including 5 (2020: 5) UK sales representatives. YUP and YUPL together are henceforth referred to as “the Press”.

The Press has a unique position as the sole American university press with a full-scale publishing operation and publishing programme in Europe, including editorial, design, production, sales, marketing and rights departments. YUPL enjoys a pre-eminent reputation for its art, architecture and scholarly history titles and its range includes general interest history, biography, politics, music, religion, literature and contemporary affairs. The charitable company’s books have won many of the leading British awards and prizes, as well as receiving scholarly recognition and notable attention in reviews, journals and broadcasting. The Pevsner “Buildings of England,

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Ireland, Scotland and Wales” series, with which the company has been involved since 2002, encompasses over eighty titles on the architecture of the British Isles by county and region, and has an international reputation in its field.

YUPL has sole responsibility for sales in the UK, Europe and the rest of the world, with the exception of North America, Canada and Central and South America.

YUPL also wholly owns a trading subsidiary, Yale Representation Limited (“YRL”), whose principal activities during the year were the provision of representation services in the UK for a prestigious portfolio of publishers including the Press’s own list, and the management of the sale of permissions and translation rights for YUPL and YUP in New Haven.

YUPL’s overarching goal is to foster, promote, maintain and advance the education of the public. YUPL seeks to consolidate and strengthen its current position and remain at the forefront of publishing on art, architecture, history and the contemporary world. At the same time YUPL intends for its books to have a notable impact beyond the academy, educating, informing and influencing public debate and agendas. Increased sales from all the books, especially those with a broader appeal, will provide YUPL with the financial resources to continue and extend its commitment to first-rate scholarship which reaches a global audience. The publications and profile of YUPL enhance the reputation of the Press worldwide. YUPL is characterised by and proud of numerous relationships and partnerships with distinguished cultural and artistic bodies, many with complementary charitable aims.

2021 was again another very unusual year for the Press, as outlined below. YUPL weathered unprecedented circumstances and external volatility to again deliver growth.

The resilience of YUPL was less due to a sequence of major frontlist hits, though we were pleased with the successes we had, and more to the recent and deep backlist which customers were drawn to through diverse channels. Sales and marketing colleagues constantly had to adapt to a changing landscape where traditional tactics and channels were either otiose or being redefined.

Given the ever pressing need for sustainability for the charity in the volatile pandemic and postBrexit world, YUPL’s objectives for this year fell within the 3 main categories of sales improvement, cost reductions and efficiencies; and people, specifically:

We were keen to develop a more ambitious and programmatic approach to the landing of key titles on the frontlist as well as pursuing more opportunities on the backlist. At the outset this involved for Acquisitions a strategic re-evaluation of our lists and commissioning focussing on profitability, the need for more consistent hits. Concurrently, Editors focused intensively on the need for greater diversity as a major objective (see below).

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Trustees’ annual report

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We started on the development of a template cradle-to-grave plan for major titles including specific responsibilities and on going follow up. Throughout the year Sales and Marketing continued to recalibrate and reprioritise tactics in a rapidly changing landscape with a view to creating a culture of best-seller creation and pushing of successes as well seeking out new opportunities on the backlist . We started work on a communities plan, recognising the loyalty of authors to our lists, particularly Art and History, and the greater range of possibilities with respect to engagement, enabling our books to reach new audiences.

Consistent with the financial picture outlined above we had more success with frontlist AAA in the first half of the year than we did in the second where key titles such as MI9 really did come together triumphantly and overall lists sold in well. International markets coming out of lock down in the Autumn responded well to our books. The second half of the year was much more challenging for the reasons given above and, again, we struggled with frontlist in both hardback and paperback. Online discoverability in particular meant that our backlist became the prime driver of sales even given the efforts above towards the frontlist.

As last year, our terrific first half of year performance and the traction of some titles enabled YUPL to finish ahead of last year in top line sales.

2.To increase and prioritise digital online selling of physical, ebooks and website sales

As with many of our peer publishers, this became by default, an absolutely crucial objective. The pandemic accelerated the trend to online selling exponentially.

We prioritised data and assets across the piece, focused on core accounts and worked carefully on a very detailed digital critical path outlining key functions and pressure points throughout the entire life of the book.

There was experimentation with a number of promotions through online platforms and vendors as well as off YUPL’s own website. Almost all of these resulted in increased unit sales although the revenue return given the pricing and discounting models was more mixed.

Considerable marketing and sales resources were expended on planning for the redevelopment of our website. This had multiple aims including greater ability to gather data, more intuitive navigation and landing pages, the ability to sell ebooks directly as well greater efficacy more generally in selling to our direct communities, brand refinement and elevation to communicate the Press’ books more widely and coordination with the site for Yale University Press in New Haven. As a result YUPL has now contracted with an exceptional partner and we anticipate a new website in FY22.

This was a year of adaptation and experimentation for YUPL in this area and we feel that YUPL now has a good understanding of the operations and resources necessary to become more efficient and expert, expand into markets, ramp up specific channels and thereby grow revenues.

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We designed a new role to ensure progress in this area across the whole of YUPL, which will be recruited in FY22.

3.Increase productivity and reduce costs

YUPL was aware of the need to increase productivity per FTE (benchmarking against other publishers) and looked at a number of factors including most particularly the outputs and success of Acquisition Editors (to raise their £ contribution), the number of titles handled by members of the Production Department and, crucially, the rates paid to freelancers and the charges of suppliers for printing and other production related costs as well as the very product types themselves.

The reduction of costs in Production was one of the major success stories of the year whereby the Production Director initiated new processes for suppliers and freelancers including the introduction of competitive tenders which resulted in cost savings which contributed to the superb final result for the year. They also counterbalanced increased external charges (including freight and paper) that the charity had no control over. Standards were not compromised, the books were still of the highest quality and came out on time.

More savings were made through lack of travel, bookfairs, conferences, events, entertainment and office costs, though these were of course driven by the lockdown.

4.Reduce inventory levels and associated costs

Over the years YUPL had built up a considerable quantity of units in its warehouse which attracts notable overstock costs. In addition we felt that the reordering process for the many ISBNs in the lower end of the list would benefit from a more automated process.

A multi-function task force spanning Operations, Production, Finance, Sales and Inventory was formed to address these issues. It is a very notable achievement that during the course of the year our stock holding in units was significantly reduced without risk to supply and a new ASR programme was established subsequent to a rigorous tendering process. This has resulted in reduced overstock charges and when the ASR programme is fully up and running in 2022 we will have a much leaner stock holding which is more flexible and responsive to demand.

5.Create a more diverse, inclusive and representative workforce

We very significantly increased the size of our Diversity committee and also made it rotational, ensuring greater participation across the organisation.

A 6 month paid internship, working with Creative Access was devised and delivered; it was for the most part remote. Creative Access drew on an extremely wide range of candidates which they work with from under represented backgrounds and a short list of 10 were interviewed. Our entire Marketing Department contributed to this intensive and productive placement and we feel that it

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was a great success with both YUPL and the intern finding it very rewarding. We will aim for a second internship in FY22.

Editors worked to revise our submission guidelines for authors so that they were clearer and more positively inclusive.

The Managing Director and others met with a cross-University-Press group to share best practice and resources.

All of YUPL attended further unconscious bias training as well as taking steps in recruitment and assessment. With the appointment of our new Head of People we hope to advance many initiatives suggested, raised and itemised for future action across both policy and culture.

6.Support YUPL employees in all ways during and post lockdown

The senior leadership worked hard to connect with and support all employees remotely and tried to both understand and address specific needs.

There were multifarious broader care packages and a real effort to make sure all team members felt included and connected in social, financial and practical ways. We hope to build on what we have learned and employee engagement through surveys and much more will be a priority next year.

Health and safely was paramount throughout and constantly reviewed and refined in the context of government guidelines and best practice more broadly.

Many elements of employee IT infrastructure were improved, upgraded or replaced in the context of hybrid working.

YUPL’s values:

Teamwork: we respect and support each other, working closely together, appreciating we are stronger together

Excellence: we are committed to reinforcing and building on our reputation for world class scholarly books which reach beyond the academy

Evolving: we are ambitious and innovative, constantly seeking to improve and to focus more outwardly

Care: we seek to nurture and develop all our staff in a kindly and supportive, open and inclusive culture which befits the charity

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Enthusiasm : we are proud to work for Yale University Press London and with Yale University and dedicated to the books we create

These values continued to be part of the vocabulary, recruitment, recognition and objective setting for individual members of staff. All team members and employees managed brilliantly through the lockdowns and other challenges of the year, supporting and caring for each other while constantly seeking to adapt and improve. There was an understanding of and commitment to development in order that the charity continue in its mission.

Achievements: Publishing highlights

Key works of distinction which made significant public contributions included:

History

The House of Fragile Things: Jewish Art Collectors and the Fall of France / James McAuley

London and the Seventeenth Century / Margarette Lincoln

The Volga / Janet Hartley

To Kidnap a Pope: Napoleon and Pius VII / Ambrogio Caiani

The Invention of China / Bill Hayton

The Dead of the Irish Revolution / Eunan O ‘Halpin and Daithi O Corrain

The First Irish Cities / David Dickson

Survivors: Children’s Lives After the Holocaust / Rebeccca Clifford

Edward the Confessor / Tom Licence

The Prophet’s Heir / Hassan Abbas

Trading with the Enemy : Britain, France and the Eighteenth Century Quest for a Peaceful World Order / John Shovlin

Mission France: The True History of the Women of the SOE / Kate Vigurs

MI9: A History of the Secret Service for Escape and Evasion in World War Two / Helen Fry

The History list remains of the highest quality and YUPL annually contributes field defining works as above.

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Art and Architecture

David King / Rick Poynor

John Craxton / Ian Collins

The Bloomsbury Look / Wendy Hitchmough

Ravishing: The Rose in Fashion / Amy de la Haye

Nature Inside: Plants and Flowers in the Modern Interior / Penny Sparke

Dandy Style / Shaun Cole and Miles Lambert

Henry Scott Tuke / Cicely Robinson

The Seas and the Mobility of Islamic Art / Radha Dalal, Sean Roberts, Jochen Sokoly (The Biennial Hamad bin Khalifa Symposium on Islamic Art)

Fake Heritage: Why We Rebuild Monuments / John Darlington

Dark Toys: Surrealism and the Culture of Childhood / David Hopkins

The Italian Renaissance Altarpiece / David Ekserdjian

Ceramics of Iran / Oliver Watson (The Saraikhani Collection)

Cuzco: Incas, Spaniards and the Making of a Colonial City / Michael Schreffler

The Late Works of Turner / Sam Smiles (The Paul Mellon Centre for Studies in British Art)

The Hidden Mod in Modern Art / Thomas Crow (The Paul Mellon Centre for Studies in British Art)

Joseph Wright of Derby / Matthew Craske (The Paul Mellon Centre for Studies in British Art)

Pevsner

Nottinghamshire / Clare Hartwell, Nikolaus Pevsner and Elizabeth Williamson

County Durham / Martin Roberts, Nikolaus Pevsner and Elizabeth Williamson

Wiltshire / Julian Orbach, Nikolaus Pevsner and Bridget Cherry

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Current Affairs

The Great British Reboot / Alex Brummer

The Cost of Free Money: How Unfettered Capital Threatens Our Economic Future / Paola Subacchi

The Bhutto Dynasty /Owen Bennett Jones

In the Dragon’s Shadow: Southeast Asia in the Chinese Century / Sebastian Strangio

Culture

Morozov: The Story of a Family and a Lost Collection / Natalya Sememova

The Polymath / Peter Burke

Tragedy / Terry Eagleton

The Life of Music / Nicholas Kenyon

The Craft of Poetry / Lucy Newlyn

The Guitar in Georgian England / Christopher Page

YUPL also sells the list of titles produced by YUP in New Haven. Important books this year were:

Atlas of AI: Power, Politics and the Planetary Costs of Artificial Intelligence / Kate Crawford

Britain and Europe in a Troubled World / Vernon Bogdanor

The Virus in the Age of Madness / Bernard-Henri Levy

Goring’s Man in Paris / Jonathan Petropoulos

Causal Inference : The Mixtape / Scott Cunningham

Electrifying Design / Sarah Schleuning and Cindi Strauss

It is evident from the impressive list above that the publishing of the Press contributed across the board to the most urgent contemporary issues including disease and infection, economic inequality, environmental emergencies, and injustices of race and gender.

Our foreign rights programme goes from strength to strength as many of these titles are translated into other languages.

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Marketing Highlights and Innovations

From animated trailers to author podcasts, and virtual events to key partnerships, YUPL Marketing has been working to consolidate and build on new ways of working – refining our virtual conference activities, continuing to champion key areas of both front and backlist and targeting an ever wider range of customer communities.

• Conferences – incentivising core audiences

The past year was tough for conferences with many having to cancel at the last minute as the pandemic escalated. Some postponed and pivoted to offer online attendance. Our priority during this period was getting to grips with virtual formats and refining how we showcased our books – including virtual offers, social media advertising, competitions, sample chapters and incentives to join our mailing lists.

Looking at how our competitors approached the new opportunities also helped to inform our tactics for engaging delegates. Taking full advantage of the opportunities on offer, we had a presence at the following conferences:

International Medieval Congress

English: Shared Futures UACES British Society for Eighteenth-Century Studies Association for Art History British International Studies Association European Social Science History Conference European Network in Universal and Global History British Association for the Teaching of Arabic European Architectural History Network European Society for Nineteenth Century Art Design History Society Royal Music Association

The International Medieval Congress was our first major fully virtual conference. This online event – which was free to attend – had a record number of attendees and we achieved record sales, exceeding the previous year.

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• Campaign Highlights – reaching new audiences

Jewish History and Culture

Our Jewish History and Culture campaign was launched in response to news reports about rising levels of antisemitism. Running over several months, the aim of the campaign was to share extracts from our books that celebrate Jewish lives and explore Jewish history, and to provide a free resource about Jewish culture drawing on both back and front list titles.

The campaign focused on three major themes: November 2020: Migration Stories December 2020: Jewish Lives January 2021: Holocaust Testimonies

The extracts were published on our blog and shared on social media – attracting support from our authors, Jewish Book Week, the British and Irish Association for Jewish Studies, and the Jewish Historical Society of England. Following on from this campaign, we will be running an author panel event in collaboration with the Weiner Library in 2022.

National Poetry Day

To celebrate National Poetry Day in 2020 we created a free learning resource for teachers and librarians based around our latest Little History, A Little History of Poetry. This resource, ‘An A-Z of Poets’, follows the alphabet with each letter containing a description of a different poet with links to free resources that can be used to discover more about their lives and work – along with suggestions for classroom use. It was promoted to teachers through the National Association for the Teaching of English, and to librarians via the Reading Agency.

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Yale University Press London

Trustees’ annual report

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Buoyed by this success, we were delighted to have two new titles selected for National Poetry Day 2021: The Craft of Poetry by Lucy Newlyn and 100 Poets by John Carey. This partnership has also given us a strong starting point from which to run the marketing campaign for 100 Poets, partnering with the Reading Agency and Book Fairies, and securing an initial firm sale of 500 signed copies from Waterstones.

Trade + Art

It has been a year of partnerships, and this has been reflected internally too – with a focus on mentoring and collaboration within, and between teams.

We took a fresh approach to our campaign for the major new biography of artist John Craxton, creating a campaign that spanned major media opportunities as well as specialist art press outreach, alongside an ambitious marketing campaign. Trade and art publicists collaborated on the press campaign, whilst art marketing worked closely with sales to nurture links with the trade – driving traffic from our PPC campaign to Blackwells, which generated additional support for the book. This was a new way of working with bookshops that we hope to replicate.

Authors

After a year of having to think on our feet, and pivot publicity in new directions, the number of Yale authors appearing on podcasts has increased during 2020/21. This has been partly due to a new willingness and increasing technical ability to conduct interviews remotely. From BBC History Magazine's 'History Extra', to 'Reasons to be Cheerful' with Ed Miliband and Geoff Lloyd - we've seen fresh engagement from podcasts which we anticipate can be built on. This is also part of a wider strategy to broaden publicity activities to reach more varied and diverse audiences.

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Consumers

As the shift towards online book buying has accelerated, we have responded by looking at factors that influence an online sale, focusing on the value of consumer reviews/recommendations shared on retail sites and social media. With this in mind, we deployed NetGalley as part of our strategy for promoting lead front list titles. Utilising NetGalley has enabled us to generate additional consumer reviews on Amazon, GoodReads and Waterstones.com, alongside coverage across Twitter, LinkedIn and Instagram, as well as blogger reviews.

Our books appeared in the final lists for the following prizes during this period:

2020 Financial Times & McKinsey Business Book of the Year Award

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Yale University Press London

Trustees’ annual report

For the year ended 30 June 2021

2020 William Berger Prize for British Art History by the British Art Journal 2021 Wingate Literary Prize 2021 International Dublin Literary Award 2021 International Booker Prize

2020 RSL Ondaatje Prize

2020 Best Translated Book Award, sponsored by Three Percent 2020 AAAS/ Surbaru SB&F Prize for Excellence in Science Books 2020 Historians of British Art Book Prize

Financial review

Group

The consolidated net income for the year was £295,509 (2020: net expenditure £182,889) and represents an improvement on reforecast expectations and the prior year.

2021 proved to be a year of two halves again, with the first half of the year hugely outperforming our COVID-19 budget in terms of top line sales and surplus. However, in January we were hit by the double whammy of another national lockdown and Brexit, with customs delays and import costs adversely impacting European customers and buying patterns, with one major online customer completely ceasing to buy direct from us. Despite these set backs, income from the production and sale of books for the year finished at £7.83m, up £188k (2.5%) on the prior year, our third consecutive year of sales growth. Sales growth was primarily driven by the backlist and an increase in digital sales via aggregators. An increased proportion of digital sales also contributed to improvements in our overall gross margin, along with a review of our supply chain and stock holding practices.

The outcome for the year benefitted from continued cost savings in a number of areas, including premises and office costs and travel, with staff continuing to work from home for the majority of the year.

The result for the prior year was adversely impacted by a very significant bad debt provision relating to a major UK wholesaler who went into administration in June 2020. During 2021 we received a return of stock from this customer and other adjustments, which contributed £41,093 to the result.

Grant income received decreased this year by £33,265 to £221,282 but continued to make an important contribution to the fixed costs of production and to the editorial costs of certain titles that may otherwise not have been published. Significant grants were received from the Paul Mellon Centre for Studies in British Art (in particular for the Pevsner series), the Annie Burr Lewis Fund and Crabtree Farm Foundation. The charitable company had net income from restricted funds for the year ended 30 June 2021 of £2,452 (2020: net expenditure £24,905). Restricted reserves carried forward at 30 June 2021 amount to £132,044 (2020: £129,592).

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Subsidiary undertaking

Yale Representation Limited made a profit before tax of £118,195, down £30,684 on the prior year profit of £148,879 (before a distribution under Gift Aid to the parent charity). The UK representation business reported a loss for the second year running which this year amounted to £59,974 (2020: £12,996), and the rights business generated a profit of £197,397 (2020: £185,585), offset by non-attributable overheads of £19,228 (2020: £23,710).

The representation business continues to be severely impacted by COVID-19 with both client and YUPL commissions down on the prior year as a result of various national lockdowns during the year seriously impacting trade channels. The reduction in income was offset to an extent by a decrease in direct expenses, including travel.

Rights profits drove the success of the subsidiary during the year. Rights income again was extremely robust and finished the year at £931,452 (2020: £1,037,257), with higher than anticipated royalty income and renewals contributing to the result. The prior year income was boosted by significant first time royalties for a single title from Japan.

At the year end a distribution under gift aid of £117,036 (2020: £149,039) was due from Yale Representation Limited, to transfer all of its taxable profits to Yale University Press London. The performance of the subsidiary undertaking remains positive but is being closely monitored by the Directors, in particular the UK representation business which is the subject of an ongoing strategic review.

Plans for the future

Corresponding to its values, YUPL continues to evolve in response to an unpredictable publishing landscape, meaning that the market for books and the plausible channels to market, as well as the relative strengths of territories are constantly changing.

For YUPL this means that the emphasis of our investment in personnel and other resourcing will continue to concentrate on Sales and Marketing, where discoverability, online channels and communities are our focus. We are employing new team members with specialist expertise in these areas. The modernisation of our Marketing department continues impressively. We still anticipate growth opportunities internationally and will be building on the recent appointment of various new agencies and representatives in key territories including across Europe and Australia. At the same time we are devising new initiatives and exploring new channels with long standing partners in other territories. The UK trade has undoubtedly been seriously challenged so a core objective over the next years will be to support the rebuild of this through bookshops.

Our Foreign Rights business has been one of our greatest successes of the last 5 years, doubling in revenues. We believe this to be an area where we can still do more and will be equipping the department appropriately. We see this area as one of the most important to our mission of extending scholarship broadly and globally.

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The recent redefinition of all our lists aligns with a similar project for Yale University Press in New Haven. All Acquisitions Editors are focused on diversifying their lists (in terms of more diverse authors and expanding focus into under-represented areas) and commissioning better selling books which reliably backlist. We are targeting Editors, also, to acquire more books with international appeal.

Alert to the vicissitudes of supply costs such as paper and freight, senior leadership will continue to scrutinise our cost base and operations more generally for efficiencies and savings, building on the great work of 2021. This will continue to make the charity robustly sustainable.

Risk management

The Trustees have a risk management strategy which comprises:

The key risks identified are as follows:

COVID-19

COVID-19 remained a critical risk for the charity during 2021 and remains so moving forward into 2022. The potential impact on the group is profound and includes the consequences of national lockdowns on sales and the closure of traditional trade channels and the museum/gallery sector through to supply chain and freight disruptions.

As noted above in the financial review section, our sales during 2021 were impacted by five months of lockdown, and the representation business continues to suffer. We are aware that COVID-19 is likely to permanently alter the retail landscape that we are used to, with a shift to online buying and difficulties experienced in gaining traction for the frontlist from a compromised trade. Our strategy going forwards continues to focus on these key areas and be adaptive to changing customers and channels to market, methods of consumption and subject matter.

Staff continued to work from home for the majority of the year and we put measures in place to support staff and improve morale during this difficult time. From September 2021 onwards staff have returned to the office 2 days per week initially, with government guidance and health and safety requirements being closely followed.

Brexit

We are still grappling with the fall-out from Brexit with European customers having experienced customs delays and import costs which has impacted sales in the region. In addition, a major

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online customer has ceased to buy direct from us. We continue to be in active talks with our distributor, freight forwarders and suppliers and have been in close contact with our European customers to work around the issues experienced.

Other significant risks:

Other risks have been identified and assessed such as: loss of data, cyber security, security of assets, health and safety of staff and visitors and compliance with legal and regulatory requirements, and steps have been taken to manage these risks.

Reserves policy

The charitable company derives its income mainly from the publication of books for academic and educational purposes. The maintenance of a prudent level of financial reserves is essential for the continuing development of Yale University Press London and to counteract any potential business risk. It is the policy of the charitable company to maintain sufficient levels of unrestricted funds in order that the organisation can continue to operate for a period of approximately 3 to 6 months.

Consolidated unrestricted free reserves (being unrestricted funds less fixed assets) as at 30 June 2021 amounted to £3,072,888 (2020: £2,777,938) which is approximately 4.8 months (2020: 4.2 months) of unrestricted resources expended during the year. The Trustees are of the opinion that the level of reserves remains prudent and justifiable for the charity given the unprecedented ongoing COVID-19 pandemic and the precariousness and volatility of sales as set out in the financial review and risk management section. The Trustees will continue to monitor and keep the level of reserves under review.

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Fundraising

Yale University Press London does not engage in public fundraising and does not use professional fundraisers or commercial participators. The charity nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance of these regulations and codes and the charity received no complaints relating to its fundraising practice.

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 18 June 1984 and registered as a charity on 17 July 1984.

The charitable company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 6 to the accounts.

The sole member of the charitable company is Yale University. The member of the charity guarantees to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.

Trustees

A Trustee is a member of the Board of Trustees of the charitable company and a director for the purposes of the Companies Act 2006.

The Trustees who held office during the year and up to the date of this report were as named on page 1.

Trustee appointment and training

The Director of Yale University Press (New Haven) is a trustee, ex officio, and serves as Chair for the duration of the Director’s term unless otherwise determined by the President of Yale University. The President of Yale University, advised by the Board of Governors of Yale University Press (New Haven), appoints all remaining Trustees. A Trusteeship Committee, in consultation with the Managing Director of the charitable company identifies potential candidates for appointment as Trustees and makes recommendations to the Board of Governors of Yale University Press (New Haven) regarding those candidates. Trustees shall serve for a term of four years which may be extended for two additional two year terms (but in no event not more than eight consecutive years of service) at the discretion of the President of Yale University.

New Trustees are provided with a copy of CC3 “The Essential Trustee: what you need to know” published by the Charity Commission, the “Charity Governance Code” plus copies of the charitable

19

Yale University Press London

Trustees’ annual report

For the year ended 30 June 2021

company’s articles of association, financial statements, management accounts, budget, organisational chart and minutes of recent Trustees’ meetings.

Organisational management

The Trustees meet formally three times per year, or otherwise as required. The Trustees make decisions by a majority vote. In the case of an equality of votes the chair of the meeting, at which the vote is held, holds the casting vote.

Day to day management of the charitable company is delegated by the Trustees to a management team lead by the Managing Director. The Managing Director holds the office for such time, at such remuneration and upon such conditions as the Board thinks fit. Any person so appointed may be removed by the Board.

Key management personnel

Key management personnel during the year comprised the Board of Trustees, the Managing Director, the Sales and Marketing Director, the Finance Director, the Editorial Director for Art and Architecture, the Editorial Director for Trade and Academic, the Head of UK sales, the Head of People and Office Operations and in 2021 they were joined by the Head of Marketing, the Head of International Sales and the newly appointed Production Director.

The Board of Trustees receive no remuneration for their services. The remuneration of the Managing Director is set by the Board of Trustees. The remuneration of other key management personnel is set by the Managing Director following an annual review and is normally increased in line with inflation and is consistent with YUP and the University. In 2021, YUPL underwent a pay freeze in line with the University.

Audit Committee

There is an Audit Committee consisting of two Trustees, with appropriate terms of reference, who are responsible for reviewing the charitable company’s accounting practices and the performance of the auditor, who is appointed by the Trustees on the recommendation of the Audit Committee.

Statement of responsibilities of the Trustees

The Trustees (who are also directors of Yale University Press London for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the

20

Yale University Press London

Trustees’ annual report

For the year ended 30 June 2021

incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue to act in that capacity.

The Trustees’ annual report has been approved by the Trustees on 12 November 2021 and signed on their behalf by:

Richard Fisher Trustee

21

Independent auditor’s report

To the member of

Yale University Press London

Opinion

We have audited the financial statements of Yale University Press London (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 30 June 2021 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

22

Independent auditor’s report

To the member of

Yale University Press London

Other Information

The other information comprises the information included in the trustees’ annual report other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

23

Independent auditor’s report

Yale University Press London

To the member of

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

24

Independent auditor’s report

To the member of

Yale University Press London

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose.

25

Independent auditor’s report

To the member of

Yale University Press London

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor) 18 November 2021 for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

26

Yale University Press London

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 June 2021

2021 2020
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income from:
Donations and grants - 221,282 221,282 - 254,547 254,547
Charitable activities
Production and sale of books 2 7,832,360 - 7,832,360 7,644,441 - 7,644,441
Representation fees 2 134,600 - 134,600 172,465 - 172,465
Interest receivable 3 821 - 821 5,296 - 5,296
Other 5,700 - 5,700 - - -
Total income 7,973,481 221,282 8,194,763 7,822,202 254,547 8,076,749
Expenditure on:
Charitable activities 7,548,282 206,929 7,755,211 7,834,652 270,297 8,104,949
Representation fees 144,043 - 144,043 154,689 - 154,689
Total expenditure 4 7,692,325 206,929 7,899,254 7,989,341 270,297 8,259,638
Net income/(expenditure) for the year 5 281,156 14,353 295,509 (167,139) (15,750) (182,889)
Transfers between funds 11,901 (11,901) - 9,155 (9,155) -
Net movement in funds 293,057 2,452 295,509 (157,984) (24,905) (182,889)
Reconciliation of funds:
Total funds brought forward 19b 2,874,399 129,592 3,003,991 3,032,383 154,497 3,186,880
Total funds carried forward 19a 3,167,456 132,044 3,299,500 2,874,399 129,592 3,003,991

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 19 to the financial statements.

27

Yale University Press London

Company no. 01825760

Balance sheets

As at 30 June 2021

2021
2020
Note
£
£
Fixed assets:
9
94,568
96,461
10
-
-
94,568
96,461
Current assets:
12
1,138,530
1,255,654
13
1,794,994
1,595,467
1,954,592
2,297,759
4,888,116
5,148,880
Liabilities:
14
(1,588,584)
(2,158,927)
3,299,532
2,989,953
3,394,100
3,086,414
16
(94,600)
(82,423)
18
3,299,500
3,003,991
19
132,044
129,592
3,167,456
2,874,399
3,299,500
3,003,991
Total funds
Investments
Cash at bank and in hand
Tangible assets
The group
Restricted income funds
Unrestricted income funds
Creditors: amounts falling due within one year
Net current assets
Total net assets
Provisions for liabilities
Total assets less current liabilities
Stocks
Debtors
Funds:		 2021
2020
Note
£
£
Fixed assets:
9
94,568
96,461
10
-
-
94,568
96,461
Current assets:
12
1,138,530
1,255,654
13
1,794,994
1,595,467
1,954,592
2,297,759
4,888,116
5,148,880
Liabilities:
14
(1,588,584)
(2,158,927)
3,299,532
2,989,953
3,394,100
3,086,414
16
(94,600)
(82,423)
18
3,299,500
3,003,991
19
132,044
129,592
3,167,456
2,874,399
3,299,500
3,003,991
Total funds
Investments
Cash at bank and in hand
Tangible assets
The group
Restricted income funds
Unrestricted income funds
Creditors: amounts falling due within one year
Net current assets
Total net assets
Provisions for liabilities
Total assets less current liabilities
Stocks
Debtors
Funds:		 2021
2020
Note
£
£
Fixed assets:
9
94,568
96,461
10
-
-
94,568
96,461
Current assets:
12
1,138,530
1,255,654
13
1,794,994
1,595,467
1,954,592
2,297,759
4,888,116
5,148,880
Liabilities:
14
(1,588,584)
(2,158,927)
3,299,532
2,989,953
3,394,100
3,086,414
16
(94,600)
(82,423)
18
3,299,500
3,003,991
19
132,044
129,592
3,167,456
2,874,399
3,299,500
3,003,991
Total funds
Investments
Cash at bank and in hand
Tangible assets
The group
Restricted income funds
Unrestricted income funds
Creditors: amounts falling due within one year
Net current assets
Total net assets
Provisions for liabilities
Total assets less current liabilities
Stocks
Debtors
Funds:		 2021
2020
£
£
90,572
93,965
19,750
19,750
110,322
113,715
1,138,530
1,255,654
1,769,845
1,584,369
1,946,593
2,260,896
4,854,968
5,100,919
(1,552,697)
(2,108,569)
3,302,271
2,992,350
3,412,593
3,106,065
(94,600)
(82,423)
3,317,993
3,023,642
132,044
129,592
3,185,949
2,894,050
3,317,993
3,023,642
The charity		 2021
2020
£
£
90,572
93,965
19,750
19,750
110,322
113,715
1,138,530
1,255,654
1,769,845
1,584,369
1,946,593
2,260,896
4,854,968
5,100,919
(1,552,697)
(2,108,569)
3,302,271
2,992,350
3,412,593
3,106,065
(94,600)
(82,423)
3,317,993
3,023,642
132,044
129,592
3,185,949
2,894,050
3,317,993
3,023,642
The charity
94,568
1,138,530
1,794,994
1,954,592		 96,461
1,255,654
1,595,467
2,297,759		 110,322
1,138,530
1,769,845
1,946,593		 113,715
1,255,654
1,584,369
2,260,896
4,888,116
(1,588,584)		 5,148,880
(2,158,927)		 4,854,968
(1,552,697)		 5,100,919
(2,108,569)
3,299,532 2,989,953 3,302,271 2,992,350
3,394,100
(94,600)		 3,086,414
(82,423)		 3,412,593
(94,600)		 3,106,065
(82,423)
3,299,500 3,003,991 3,317,993 3,023,642
132,044
3,167,456		 129,592
2,874,399		 132,044
3,185,949		 129,592
2,894,050
3,299,500 3,003,991 3,317,993 3,023,642

Approved by the trustees on 12 November 2021 and signed on their behalf by

Richard Fisher Trustee

28

Yale University Press London

Consolidated statement of cash flows

For the year ended 30 June 2021

Reconciliation of net (expenditure)/income to net cash flow from operating activities

Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
Interest receivable
(Profit)/loss on the disposal of fixed assets
Decrease/(increase) in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Increase in provisions for liabilities and charges
Net cash (used in)/provided by operating activities
Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Net cash (used in) investing activities
Cash flows from investing activities:
Proceeds from the sale of fixed assets
Purchase of fixed assets
Interest received		 2021
£
295,509
40,190
(821)
(5,700)
117,124
(199,527)
(570,343)
12,177		 2021
£
(311,391)		 2020
£
(182,889)
54,234
(5,296)
400
(66,435)
565,338
264,038
7,129		 2020
£
636,519
821
5,700
(38,297)		 5,296
-
(19,971)
(31,776) (14,675)
(343,167)
2,297,759		 621,844
1,675,915
1,954,592 2,297,759

29

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

1 Accounting policies

a) Statutory information

The registered office address is 47 Bedford Square, London, WC1B 3DP.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiary Yale Representation Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet.

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the group’s ability to continue as a going concern. We are hoping that the sales outlook for 2022 will better than 2021, which included over 5 months of national lockdowns. However, we acknowledge that these have been unprecedented times and that there is still capacity for some volatility within our sales channels and markets. Given our financial position at the end of 2021 we are confident that we can absorb any such volatility and that the group can continue to operate comfortably for a period of at least one year from the date of signing the financial statements. The group holds a substantial amount of reserves, well within our reserves policy range. Please refer to the Annual Report for further details on financial performance.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income is recognised when the group has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

All incoming resources are included in the statement of financial activities gross, with the related costs being included within the resources expended in the statement of financial activities, apart from incoming resources where the charitable company acts as agent and not as principal (for example when the charitable company sells and distributes titles on behalf of third parties). These incoming resources are included net of related costs.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Income for representation, rights and permissions is recognised in the year in which the fees are generated, subject to sufficient information being available. Advances are recognised in full on receipt on the basis that these are nonrefundable.

30

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

Where a grant has been received for a specific purpose it is recognised as incoming resources in the statement of financial activities when receivable and held in a restricted reserve. Grants receivable would be deferred only if the grant was subject to donor imposed conditions that specified a future time period when the expenditure of the resources should take place.

Grants receivable are applied as incoming resources in respect of the costs of publication of certain titles and contributions towards the editorial costs specified by the donor and are included in the statement of financial activities as part of incoming resources from generated funds.

Costs relating to this restricted income, up to the value of the donation, are included in the statement of financial activities when the expenditure is incurred.

g) Interest receivable

Interest on cash at bank and on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are other incoming resources received or generated for the charitable purposes.

i) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which is an estimate, based on staff time, of the amount attributable to each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on direct costs incurred, of the amount attributable to each activity

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £150. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The useful lives in use are as follows:

over the term of the lease 4 years between 3 and 7 years

31

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

Stocks are stated at the lower of cost and net realisable value, after making a provision against slow moving and obsolete items.

Finished goods

Cost includes all direct costs incurred in bringing each title to its present location and condition but excludes the fixed costs of production and carriage. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Work in progress

Work in progress respresents the direct costs (excluding carriage which is taken to the statement of financial activities) incurred on titles that have not been delivered at the balance sheet date.

o) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

p) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

q) Creditors and provisions

Creditors and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

r) Financial instruments

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

s) Pensions

The group operates a personal pension scheme, a defined contribution pension sheme, for the employees of the group. Contributions are charged to the statement of financial activities as they become payable in accordance with the rules of the scheme.

t) Foreign currency translations

Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the statement of financial activities. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. The accounts are presented in British Sterling.

32

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

Income by geographical market are as follows:

This is shown in the statement of financial activities as follows:
Representation fees
United Kingdom
Charitable activities
Europe
Other territories		 2021
Total
£
3,669,719
1,569,975
2,727,266		 2020
Total
£
3,303,816
1,652,442
2,860,648
7,966,960 7,816,906
2021
Total
£
7,832,360
134,600		 2020
Total
£
7,644,441
172,465
7,966,960 7,816,906

All income from charitable activities is unrestricted

Income from investments
Interest receivable on cash deposits 2021
Total
£
821		 2020
Total
£
5,296
821 5,296

All income from investments is unrestricted.

33

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

4a Analysis of expenditure (current year)

Staff costs (note 6)
Other staff costs
Production and sale of books
Management charges and acquisition fees
Premises costs, including rent
Office costs
Other costs
Depreciation
Bad debts
Legal and professional
Audit fees
Foreign exchange losses
Support costs
Governance costs
Total expenditure 2021
Total expenditure 2020		 Representation
fees
£
114,685
7,435
-
-
-
-
-
900
-
-
-
-		 Production and
sale of books
£
1,696,940
36,075
4,879,701
49,247
-
4,275
3,407
-
(46,296)
-
-
-		 Governance
costs
£
22,619
-
-
-
-
-
-
-
-
23,990
29,303
-		 Support
costs
£
339,973
44,557
-
129,507
380,186
101,697
19,148
39,290
-
-
-
22,615		 2021
Total
2020
Total
£
£
2,174,217
2,168,213
88,067
125,477
4,879,701
4,993,801
178,754
176,492
380,186
378,166
105,972
106,420
22,555
24,652
40,190
54,234
(46,296)
185,156
23,990
17,959
29,303
28,650
22,615
418
7,899,254
8,259,638
-
-
-
-
7,899,254
8,259,638
123,020
19,639
1,384		 6,623,349
1,057,334
74,528		 75,912
-
(75,912)		 1,076,973
(1,076,973)
-
144,043 7,755,211 - -
154,689 8,104,949 - -

34

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

4b Analysis of expenditure (prior year)

Staff costs
Other staff costs
Production and sale of books
Management charges and acquisition fees
Premises costs, including rent
Office costs
Other costs
Depreciation
Bad debts
Legal and professional
Audit fees
Foreign exchange losses
Support costs
Governance costs
Total expenditure 2020		 Representation
fees
£
120,668
11,343
-
-
-
-
-
1,331
-
-
-
-		 Production and
sale of books
£
1,680,756
75,148
4,993,801
47,947
-
2,250
-
1,435
185,156
-
-
-		 Governance
costs
£
22,568
-
-
-
-
1,827
-
-
-
17,959
28,650
-		 Support
costs
2020
Total
£
£
344,221
2,168,213
38,986
125,477
-
4,993,801
128,545
176,492
378,166
378,166
102,343
106,420
24,652
24,652
51,468
54,234
-
185,156
-
17,959
-
28,650
418
418
1,068,799
8,259,638
(1,068,799)
-
-
-
-
8,259,638
133,342
20,017
1,330		 6,986,493
1,048,782
69,674		 71,004
-
(71,004)
154,689 8,104,949 -

35

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2021 2020
£ £
Depreciation 40,190 54,234
(Profit)/loss on disposal of fixed assets (5,700) 400
Operating lease rentals:
Property 260,000 260,000
Auditor's remuneration (excluding VAT):
Audit - group 25,000 25,100
Other services 2,675 2,600
Foreign exchange losses 22,615 418

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2021
£
1,699,042
171,938
303,237		 2020
£
1,704,885
168,215
295,113
2,174,217 2,168,213

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

national insurance) during the year between:
2021 2020
No. No.
£60,000 - £69,999 3 3
£70,000 - £79,999 2 2
£100,000 - £109,999 1 1

Key management personnel comprised the Board of Trustees, the Managing Director, the Sales and Marketing Director, the Finance Director, the Editorial Director for Art and Architecture, the Editorial Director for Trade and Academic, the Head of UK Sales, the Head of People and Office Operations and in 2021 they were joined by the Head of Marketing, the Head of International Sales and the Production Director. The total costs of employing key management personnel, 10 individuals (2020: 7), of the group were £789,306 (2020: £627,839).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

No expenses were paid to Trustees during 2021. In the prior year Trustees' expenses represents the payment or reimbursement of travel and entertaining costs totalling £1,722 incurred by 2 trustees.

7 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 52 (2020: 54).

Staff are split across the activities of the group as follows:

Staff are split across the activities of the group as follows:
Editorial and production
Administration
Selling and distribution		 2021
No.
18
29
5		 2020
No.
20
28
6
52 54

36

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary Yale Representation Limited distributes available profits under gift aid to the parent charity. Its charge to corporation tax in the year was £nil (2020: £598).

9 Tangible fixed assets

Tangible fixed assets
Disposals in year
At the start of the year
Charge for the year
The group
Cost
At the end of the year
At the end of the year
Depreciation
Net book value
At the start of the year
Additions in year
At the end of the year
At the start of the year
Eliminated on disposal		 Leasehold
improvements
£
54,471
-
-		 Office furniture
& equipment
£
394,292
15,983
(16,658)		 Motor
vehicles
£
111,271
22,314
(22,688)		 Total
£
560,034
38,297
(39,346)
54,471 393,617 110,897 558,985
52,603
1,300
-		 311,323
26,335
(16,658)		 99,647
12,555
(22,688)		 463,573
40,190
(39,346)
53,903 321,000 89,514 464,417
568 72,617 21,383 94,568
1,868 82,969 11,624 96,461
Eliminated on disposal
At the end of the year
Cost
At the start of the year
Disposals in year
At the end of the year
At the end of the year
Additions in year
Net book value
At the start of the year
Charge for the year
Depreciation
The charity
At the start of the year		 Leasehold
improvements
£
54,471
-
-		 Office furniture
and equipment
£
360,009
13,583
(8,858)		 Motor
vehicles
£
111,271
22,314
(22,688)		 Total
£
525,751
35,897
(31,546)
54,471 364,734 110,897 530,102
52,603
1,300
-		 279,536
25,435
(8,858)		 99,647
12,555
(22,688)		 431,786
39,290
(31,546)
53,903 296,113 89,514 439,530
568 68,621 21,383 90,572
1,868 80,473 11,624 93,965

All of the above assets are used for charitable purposes.

37

Yale University Press London

Notes to the financial statements

11 Parent charity

For the year ended 30 June 2021

10 Subsidiary undertaking

Shares held in subsidiary undertaking - at 1 July 2020 and 30 June 2021

Cost £ 19,750

The charitable company owns the whole of the issued ordinary share capital of Yale Representation Limited, a company (number: 01251222) registered in England. The subsidiary undertaking carries out trading activities, namely representation to the book trade on behalf of other publishers and the charitable company, and the management and sale of permissions and translation rights for the charitable company and its parent undertaking. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charitable company. A summary of the results of the subsidiary is shown below:

Profit before tax
Tax on profit
Retained earnings
Accumulated profit at the start of the year
Share capital
Liabilities
Funds
The aggregate of the assets, liabilities and funds was:
Assets
Profit for the financial year
Gross profit
Administrative expenses
Accumulated profit at the end of the year
Profit for the financial year
Profit distributed to parent under Gift Aid
Cost of sales
Turnover		 2021
£
1,192,471
(939,636)		 2020
£
1,347,853
(1,056,055)
252,835
(134,640)		 291,798
(142,919)
118,195
-		 148,879
(598)
118,195 148,281
-
118,195
(117,036)		 758
148,281
(149,039)
1,159 -
62,078
(60,819)
(100)		 184,295
(184,195)
(100)
1,159 -

The parent charity's gross income and the results for the year are disclosed as follows:

2021 2020
£ £
Gross income 7,399,971 7,180,118
Result for the year 294,352 (182,129)

38

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

Stocks
Work in progress
Finished goods		 2021
£
111,146
1,027,384
The group		 2020
£
121,393
1,134,261
and charity
1,138,530 1,255,654

13 Debtors

Debtors
Amounts due from subsidiary undertaking
Other taxation and social security
Accrued income
Trade debtors
Other debtors
Prepayments		 2021
2020
£
£
1,340,636
1,016,274
-
-
62,926
59,191
2,526
7,813
137,622
155,339
251,284
356,850
1,794,994
1,595,467
The group		 2021
2020
£
£
1,333,281
1,016,187
2,814
133,838
85,044
59,191
2,526
7,813
127,291
147,952
218,889
219,388
1,769,845
1,584,369
The charity
1,794,994 1,595,467 1,769,845 1,584,369

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Taxation and social security
Accruals
Other creditors
Amounts owed to parent undertaking
Trade creditors
Deferred income (note 15)		 2021
2020
£
£
1,021,236
1,428,759
301,748
284,446
45,234
49,119
2,539
4,723
182,827
261,944
35,000
129,936
1,588,584
2,158,927
The group		 2021
2020
£
£
1,021,236
1,428,759
298,823
284,133
40,520
40,795
-
50
157,118
224,896
35,000
129,936
1,552,697
2,108,569
The charity
1,588,584 2,158,927 1,552,697 2,108,569

15 Deferred income

Deferred income
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year		 2021
£
129,936
(129,936)
35,000
The group		 2020
£
6,000
(6,000)
129,936
and charity
35,000 129,936

Deferred income comprises payments received on account related to the production of titles for third parties not delivered until after the year end.

39

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

Provisions for liabilities
Balance at the beginning of the year
Amount released in the year
Increase in provision in the year
Balance at the end of the year		 2021
£
82,423
(2,823)
15,000
The group		 2020
£
75,294
(2,871)
10,000
and charity
94,600 82,423

Provisions relate to amounts expected to be payable under contractual obligations.

17 Pension scheme

The group operates a group personal pension scheme, a defined contribution scheme, for the employees of the group. The pension costs represent contributions payable by group companies and amount to £303,237 (2020: £295,113). There was £nil (2020: £nil) prepaid and £nil (2020: £nil) outstanding at the year end.

18a Analysis of group net assets between funds (current year)

Provision for liabilities
Net assets at 30 June 2020
Net assets at 30 June 2021
Current assets
Group
Analysis of group net assets between funds (prior year)
Tangible fixed assets
Current assets
Current liabilities
Current liabilities
Provision for liabilities
Group
Tangible fixed assets		 General
unrestricted
£
94,568
4,756,072
(1,588,584)
(94,600)		 Restricted
funds
£
-
132,044
-
-		 Total funds
£
94,568
4,888,116
(1,588,584)
(94,600)
3,167,456 132,044 3,299,500
General
unrestricted
£
96,461
5,019,288
(2,158,927)
(82,423)		 Restricted
funds
£
-
129,592
-
-		 Total funds
£
96,461
5,148,880
(2,158,927)
(82,423)
2,874,399 129,592 3,003,991

18b Analysis of group net assets between funds (prior year)

40

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

19a Movements in funds (current year)

Movements in funds (current year)
Restricted funds:
Total restricted funds
Crabtree Farm Foundation
Rice University
Dr Ian Gentles (author)
Total funds
Drue Heinz Trust
Janet Hartley (author)
International Sacred Literature Trust
University of Iowa, School of Art
The Edith O'Donnell Institute of Art
History
John Carey (author)
University of Exeter
Various contributors towards
Ekserdjian: The Italian Renaissance
Altarpiece
Judy Groves
Valerie Wade
Steve Tibble (author)
University of St Andrews
Gladys Krieble Delmas Foundation
The Pevsner Books Trust
University of Edinburgh
University of Oxford re Scott Opler
Fellowship
Manx Heritage Foundation
Total unrestricted funds
The Paul Mellon Centre for Studies in
British Art
Unrestricted funds:
Contributions to the 'John Gifford
Memorial Fund'
Yale University Library
The Marc Fitch Fund
Sir Denis Mahon Foundation
Annie Burr Lewis Fund
Cunningham Fund
Daniel Maze (author)
The John Craxton Estate
General unrestricted funds
Morton Charitable Trust
Colin Sparks
The Mary Heath Fund
Mark Leopold (author)		 At 1 July
2020
£
10,497
1,800
26,100
13,300
5,350
8,302
1,967
8,000
5,000
10,381
500
4,844
5,000
3,032
4,019
8,000
3,500
10,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Income &
gains
£
-
-
-
800
-
-
-
-
-
-
63,919
-
-
3,070
-
-
-
-
40,774
7,574
7,354
40,000
2,500
2,500
120
5,000
975
120
5,450
1,500
27,233
10,893
1,500		 Expenditure &
losses
£
-
(1,800)
(9,552)
(9,067)
-
(3,000)
-
-
-
(10,381)
(64,419)
(4,844)
-
(4)
(2,966)
-
(63)
(10,000)
(34,323)
(7,574)
(2,406)
(40,000)
(2,500)
(2,500)
(120)
-
(975)
(120)
-
-
-
-
(315)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(6,451)
-
-
-
-
-
-
-
-
-
(5,450)
-
-
-
-		 At 30 June
2021
£
10,497
-
16,548
5,033
5,350
5,302
1,967
8,000
5,000
-
-
-
5,000
6,098
1,053
8,000
3,437
-
-
-
4,948
-
-
-
-
5,000
-
-
-
1,500
27,233
10,893
1,185
129,592 221,282 (206,929) (11,901) 132,044
2,874,399 7,973,481 (7,692,325) 11,901 3,167,456
2,874,399 7,973,481 (7,692,325) 11,901 3,167,456
3,003,991 8,194,763 (7,899,254) - 3,299,500

The narrative to explain the purpose of each fund is given at the foot of the note on the next page.

41

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

Movements in funds (prior year)
Total restricted funds
Total unrestricted funds
Total funds
Sir Denis Mahon Foundation
University of Notre Dame, College of
Arts and Letters
Unrestricted funds:
General unrestricted funds
Colin Sparks
The Mary Heath Fund
Michael Schreffler
Annie Burr Lewis Fund
Catherine B Freedberg
Judy Groves
Valerie Wade
John Darlington
Kasia Boddy
University of Iowa, School of Art
University of Exeter
The Tina Weiner Fund
David Hemsoll
Various individuals (donations
towards Carruthers: Ernest Gimson)
Cunningham Fund
The Edith O'Donnell Institute of Art
History
Gladys Krieble Delmas Foundation
The Marc Fitch Fund
University of Southampton
Contributions to the 'John Gifford
Memorial Fund'
Yale University Library
Manx Heritage Foundation
Morton Charitable Trust
Horowitz Foundation
The John Craxton Estate
The Paul Mellon Centre for Studies in
British Art
Winchester School of Art
Drue Heinz Trust
Charles S Brooks Publication Fund
International Sacred Literature Trust
JM Kaplan Trust
The Pevsner Books Trust
University of Edinburgh
University of Oxford re Scott Opler
Fellowship
Restricted funds:		 At 1 July
2019
£
10,497
-
1,800
-
34,000
12,500
5,350
206
8,302
1,967
8,000
5,000
27,507
-
-
2,000
-
-
-
3,000
20,000
-
5,000
3,032
-
-
-
4,365
-
-
-
-
-
-
-
1,971		 Income &
gains
£
-
8,230
-
6,006
-
800
-
2,740
-
-
-
-
(27,507)
15,000
79,602
-
4,844
8,500
8,008
-
-
31,874
-
-
5,000
8,000
3,500
-
76,246
862
2,500
2,500
5,000
809
10,000
2,033		 Expenditure &
losses
£
-
(8,230)
-
(6,006)
(7,900)
-
-
(2,946)
-
-
-
-
-
(4,619)
(79,102)
(2,000)
-
(8,500)
(8,008)
(3,000)
(20,000)
(30,799)
-
-
(807)
-
-
(4,365)
(68,340)
(862)
(2,500)
(2,500)
(5,000)
(809)
-
(4,004)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,075)
-
-
(174)
-
-
-
(7,906)
-
-
-
-
-
-
-		 At 30 June
2020
£
10,497
-
1,800
-
26,100
13,300
5,350
-
8,302
1,967
8,000
5,000
-
10,381
500
-
4,844
-
-
-
-
-
5,000
3,032
4,019
8,000
3,500
-
-
-
-
-
-
-
10,000
-
154,497 254,547 (270,297) (9,155) 129,592
3,032,383 7,822,202 (7,989,341) 9,155 2,874,399
3,032,383 7,822,202 (7,989,341) 9,155 2,874,399
3,186,880 8,076,749 (8,259,638) - 3,003,991

42

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

19 Movements in funds - purposes of funds

General unrestricted funds represent the net unrestricted incoming resources of the group which accumulate over the years. No unrestricted funds have been designated by the trustees for specific purposes.

All of the restricted funds that have been received from various donors are to be applied as incoming resources in respect of the related costs of publication of titles specified by the donor, except for the grant received from the Paul Mellon Centre for Studies In British Art (Pevsner grant) of which £48,288 (2020: £65,602) is a contribution towards the writing and research element of the salaries of certain staff working on the Pevsner series.

The transfers between reserves have arisen due to grants being received more than one financial year after the related expenditure on the title was incurred, which was included in unrestricted reserves at the time.

Sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with any restrictions.

20 Operating lease commitments

The group and charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

each of the following periods:
Less than one year
One to five years		 2021
2020
£
£
260,000
260,000
86,667
346,667
346,667
606,667
Property
346,667 606,667

21 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

22 Parent undertaking

The charitable company's parent undertaking is Yale University, which was chartered in the United States of America in 1701. Yale University is considered by the trustees to be the ultimate controlling party. It has included the charitable company in its group financial statements and copies of its financial statements are available via the university website.

43

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

23 Related party transactions

Transactions with parent undertaking Yale University Press (New Haven), a department of Yale University:

2021 2020
£ £
Charges
Authors' royalties (602,169) (577,572)
Charge for unearned advances (117,088) (46,524)
Management services (129,507) (128,545)
Title acquisition process (49,247) (47,947)
Costs charged by New Haven for manufacture of London's titles (27,405) (90,008)
Stock purchased in the year from New Haven (714,752) (964,443)
Plant costs re. stock purchased in the year from New Haven (77,969) (106,191)
Freight and other costs recharged by New Haven (48,222) (72,759)
Receipts
Sale of stock in the year to New Haven 480,139 768,760
Plant costs re. stock sold in the year to New Haven 79,870 134,737
E-book income 468,195 355,314
Due to Yale University Press (New Haven) at the balance sheet date (1,021,236) (1,428,759)

Transactions with other related parties:

The charitable company operates a publishing programme with The Paul Mellon Centre for Studies in British Art which is a registered charity established by Yale University for the advancement of education in, and appreciation and understanding of, British Art.

understanding of, British Art.
Commission received thereon
Grants received
Due from The Paul Mellon Centre at the balance sheet date
Sales made on behalf of The Paul Mellon Centre		 2021
£
269,548
107,819
63,919		 2020
£
274,763
109,913
79,602
- -

The charitable company operates a publishing programme with the Yale Center for British Art which is an educational facility based in New Haven, Connecticut, affiliated with the Paul Mellon Centre and ultimately controlled by Yale University.

University.
Sales made on behalf of The Yale Center for British Art
Commission received thereon
Due from the Yale Center for British Art at the balance sheet date		 2021
£
20,046
8,018		 2020
£
21,200
8,480
- 22

44

Yale University Press London

Notes to the financial statements

For the year ended 30 June 2021

23 Related party transactions (continued)

During the year the charitable company sold titles on behalf of the Yale University Art Gallery, a department of Yale University.

University.
2021 2020
£ £
Sales made on behalf of Yale University Art Gallery 15,039 10,717
Commission received thereon 6,016 4,287

During the year the charitable company had the following transactions with its fully owned subsidiary, Yale Representation Limited.

Representation Limited.
Management charge
Rights royalty receivable
Gift aid donation received
Representation fees payable
Due from Yale Representation Limited at the balance sheet date		 2021
£
112,500
41,722
117,036
(126,419)		 2020
£
115,500
48,858
149,039
(137,824)
2,814 133,838

45