2021-07-31-accounts

CAKDIFF UNIVERSITY PRI FYSGOI. CAERDY&) Cardtff Unlverslty Annual Report and Financial ststements Year Ended 31 July 2021 Statutory Inforniation Charity Name: Charity Registration Number. Re¥stered Office: Cardlff UniversQi 1136855 Maln Bullding Cathays Par$( Cardrff CFIO 3AT

CONTENTS Chair of Council's Introduction Council Membership Universty Strategic Plan Vlce Chancellor's Revlew Key Trends in Hither Education 17 Major Committees and University Executive Board 18 Remuneration Statement 26 Flnancial Review 27 Public 8enefrt Statement 34 Statement of Corporate Governance 36 ststement of Internal Controls 38 Responsibilities of the Council of Cardiff Universty 39 Independent Auditors. Report 40 Consolidated and Institution Statements of Comprehensive Income 46 Consolldated and Instttutlon Ststements of Changes in Reserves 47 Consolidated and Institution Statements of Financial Position Consolidated and Institution Statements of Cash-Flow 49 Notes to the Financial Ststements 50

Chalr of Councll's Introduction Llke all other universities in Wales. the challenges Cardiff University has faced during the wronavinjs pandemic have been vast and varied, ar￿ our students, staff and the wider communty have been affected in many different ways. On behalf of the Council. I wish to thank the Vic&Chancellor and University Executive Board for their unwavering support and commrtment over the past year. 181so wish to commènd our students. stakeholders armj local community for their resilience, patience and 8daptabillty. The Abacws bullding the new home for the School of Computer Science and Informatics and the School of Mathematics, and the Centre for Student Life both ￿ened In autumn 2021. Abacws will support a wide range of research. from mathematical analysis. human<entered computing and fluid mechanics to the Internet of Things. The Centre for Student Life ieflects a £50m investrnent In the student eyrience that will transform the way we provide student support During 2020/21. the Council met frequently with six on-line meetings and has welcomed two new lay Council members. The dedication of our goveming ljjdy, which consists of students, staff. and lay members who are not remunerated. ensures appropriate scnrtiny and governanee of the Universty's strategy and activth'es. the value of which cannot be overststed. In declaring a climate emergency, and by induding an Environmerrtal Sustsinability Strategy in the Recast Way FO￿ard strategy. the University has fecognised the need for fundamentsl change in the way It operates. The University has specifically committed to w￿m towards Carbon Net Zero status, achieving Scopes l and 2 for reporting greenhouse gas emissions by 2030 and starting to tackle the reporting of Oth￿ indirect emissions vsa Scope 3. Through(xrt this period we have all had to react to the changj'ng external environment. Council has overseen the strategic tran51tion to the five Critieal Success Factors as set out in The Way Forward 2018-2023: Recast covitk19. namely.. The newly established Environmentsl Sustsinats'lity Su1￿0MMIttee will provide clarrty and focu5 to the University's Strate￿ and actrons in this area. Health and well-being of our students Financial 5UStainability, especially fee revenue, cost base and the cash position Stu(Sent satisfaction and experience Researeh grants and contracts Ciwc missi()n and tyjr contritxjtion to rescue. remve and renew As my term as the Chair gf Council draws to a elose on 31 De￿mber 2021, 1 would like to tske this opportunity to personally recognlse the commitment, detemination and hard work of all our staff, students and stakeholders. and to thankthem for their continued support throughout my tenure. Against this backdrop, Council has approved number of recommendations to embed the ongoing success of Cardiff Universltyand its benefrts to Cardiff, Wales, the UK and beyond. It has been a privilege to k part of the Cardrff University communlty and to witness first-hand the positive social, cultural and economic impact that the Institution has on Cardrff, Wales, the UK and the rest of the wortd. cour￿11,$ approval of the Welsh Language Strate Is a significant step to delivering a vision for the development of our Welsh-language artivity, prioritisingthe studènt experience but also focusing on staff experIen￿, the wider rivic aspects of our activity. and the possibilities research.The strategy builds on the positive work already undetway. Council has overseen the progress of our major apitsl programmes i￿ludIngthe Cardiff Innovation Campus. Professor Stuart Palm alr of Council

Council Membership

All of those persons listed above served as Charity Trustees throughout the year covered by this Report. Unless otherwise indicated they also occupied these positions on the date on which the Report was approved.

With effect from 01 January 2022, Mr Patrick Younge has been appointed as the new Chair of Council.

NAME	Category	Attendance at Council
1. Professor Rudolf Allemann	Employee	6/6
2. Dr Rachel Ashworth (appointed from 01 Aug 20)	Employee	6/6
3. Paul Baston	Employee	5/6
4. Dr Carol Bell (term ended on 31 Dec 20)	Lay	2/3
5. Ricardo Calil	Employee	6/6
6. Hannah Doe, Students’ Union	Student	6/6
7. Gina Dunn, Students’ Union (appointed from 01 July 21)	Student	1/1
8. Tomos Evans, Students’ Union (term ended on 30 Jun 21)	Student	5/5
9. Judith Fabian	Lay	6/6
10. Professor Dame Janet Finch	Lay	6/6
11. Alastair Gibbons (term ended on 31 Dec 20)	Lay	3/3
12. Professor Kim Graham (term ended on 31 July 21)	Employee	6/6
13. Professor Ken Hamilton	Employee	6/6
14. Michael Hampson	Lay	6/6
15. Karen Harvey-Cooke (appointed from 01 Aug 20 to 31 July 21)	Employee	5/6
16. Professor Karen Holford (term ended on 31 July 21)	Employee	6/6
17. Chris Jones (appointed from 01 Jan 21)	Lay	3/3
18. Jan Juillerat, Vice Chair of Council	Lay	6/6
19. Dr Steven Luke (term ended on 31 July 21)	Lay	6/6
20. Dr Joanna Newman (appointed from 01 Aug 20)	Lay	4/6
21. Professor Stuart Palmer, Chair (term due to end 31 Dec 21)	Lay	6/6
22. Leonard Richards (term ended on 31 July 21)	Lay	2/6
23. Professor Colin Riordan, Vice-Chancellor	Employee	6/6
24. Pretty Sagoo (appointed from 01 Jan 21)	Lay	3/3
25. John Shakeshaft	Lay	6/6
26. David Simmons	Lay	6/6
27. Judge Ray Singh	Lay	5/6
28. Dr Janet Wademan	Lay	6/6
29. Professor Damian Walford Davies (appointed from 01 Aug 21)	Employee	-
30. Professor Stuart Walker (appointed from 01 Aug 21)	Lay	-
31. Agnes Xavier-Phillips	Lay	6/6

4

Councll Membership The University must adopt a definition of independe￿e for lay membership of governing bodies to provide a robust approach to identifying and managing conflicts of interest. How dogs the g(wemlng body manage ￿nflIcts of Intere8ts7 A Register of Inter￿ts of all Counc51 and Audit and Risk Comrnittee members is malntained by the Secretary to Council and is available publicly on the University's goverrbance webpages at: How is Independence defin&J and t08ted? There are several Circumstances which may prevent a person being appointed as an independent member of the goveming body. The Governing Body's NominatM)ns Sulicommrttee has oversight of the appointment process and responsibility for consideang these factors. aly) ion ov IF any member of a Committee has any pecuniary or other Interest, direGt or indirecL in any Contract or proposed Qmtract or other matter involving finanGial transaction, that interestshall be disc105ed to the Commtttee as swn as practicable. All Committees request that Member5 and Offi￿rS disclose any interests at the start of each Committee meety"ng, 2nd the Member shall tske further part in the consideration or discussion of. or vots on, any position with resttct thereto. A member of any Committee is not considered to have pecuniary or personal interest ir) matters under Ljiscussion merely because he/she Is a member of stsff or student at the University. In April 2021, in response to the Universlties Wales Charter Commitment to Aets'on. the Unbversty adopteil a Statementof Independence based on the Welsh Se¢retaries and Clerks Group guidan￿, including a Definition of Independence and Prinoples of Indettndence for lay membership. The University defined 'senlor employees, as Unrversity Executlve Board members in this context Minor changes were agreed to t*e recruitment and training of members and the robust Process for ensuring Inde￿ndenCe is also set out in the Statement of Independence. When Considering applications and interyiewing prospective new governors, recruitment panels shall establish whether the individual has any relationships or Statuses that might @ve rise to a confiict of interest or loyalty, as defined in the Principles of Independence and including being relatecj to any senior employee of an organisation gaining a pecuniary advantsge from the University. As Set out in the Ststement of Independence section 4, the University Secretary las Clerk to thegoverning body) is accountable for hIgh1￿htIftg issues of independence or conflict to the Chair. The University is committed to the nighest stsndards of openness. probity and accountability, and seeks to wnduct its affairs in a responsibK9 mannef. The Wh1Stleblowing (Public Interest Disclosure) Pollcy enables staff. students and other members of the University to raise confliet of interest concern5 which they feel have not ￿en addressed through existing procedures. The Univetsty's Statement of Independence is availat4e on the Uniwersity's govemance webpages at.. htt ern ou or

Unlverslty Strateglc Plan The Way Forward 201&2023: Recast covit>19 Atthe stsrt of the pandemic, the University reviewed its strategic plan in response to Cov1￿19, adapting its strategic priorities to the new reality. The University ￿ast its Way Forward strategyas set out below. StLKlertsucces& Work to support careers and skills will continue. The University wlll tske forward planning and implement8tion of its newly drafted Widening Participats"on Strategy. Work on thls will contirbue, supporting students from soci( economically deprived arTrd educationalty disrupted bacl(grounds to engage, achieve and succeed at Cardiff University. Cardiff University exists to create and share knowledge and to educate foi the benefit of all. Our vision is to be 3 world-leadin& research eX￿llenL educationalty outstanding university. driven by creativity and Cu￿Osrty. which fulfils its social, cultural and economic obligations to Cardiff, Wales. the UK and the world. Teaching &￿ellenCe. Work on supporting academics and those who support learning and teaching will wntinue. with progress being made on the Academic CPD Framework and achlevement of Advan￿ HE accreditation, a￿hough timeframes for implementation may be changed. Byfulfilling our vision our obj'ective is to become one of the tcp 100 universities in the world and the top 20 in the UK. Acadern￿ stand8rds: The priority here will be the maintenance of aeademic stsndards due to the Significant variation which ha5 been introduced as a result of COVltkl9. Our priorf(y must be the health and wellbeing of our students an¢J stsff. To secure thbs, we must be financially Sustsinable. As we tske forward the interdependent priorities of health and wellbeing and financial sustainability, we mustensurethatthe qualty and integrty of ovr academic and educatiowl activity remain paramount. vio mi55i¢)n In the same way as Cardiff University reacted to major societsl challenges of the 20th Century. the current social and. heatth crisis ¢aused by coronavirus requires the University to reshape our ivic mission to help government, health services and wider society to revive and renew the Welsh economic, social and cultural landscape. The changed eircumstsnces will have profound effects in terms of our performance and how we èsses5 progress. League table position will not be the primary concern. Ir6tead, we must ensure that we suNlve and thrlve. Supporung job creation will be of paramount importance gven the economic impact of the virus. Innovation in education is likely to be more prominent than ever during the crisis and we will continue our contributions to thls. Our partnership with the NHS will achieve very much greater salience. We will continue to work to enhance the Welsh-language culture of our campus in line with oui new Welsh-Language Strateg4. Our Values We will operate according to the Nolan Principles of Public Lrfe and furthemiore be guided by the followingvalues.. institutional auton¢Jmy. freedom of erK4ufj￿, colleoallty. leadershlp and mar•men¢ equallty. dIVe￿￿1 and inclusion. environment81 3￿tsIn{bIl1L￿.lIn0n￿I8I resilierK: and mi88ion. Eduthon and &ud8nts IntsmatFDnal We will re-prioritise activity to provide our students wrth the highest qualty experience possiNe given the constraints of the COV1[￿19 crisis. whilst preserving our a¢ademic standards and Integrty. We will put in place mitigation plans and prepare continuousty for a r)st4OVID-19 world where travel. free social interaction and physical international activity will be E￿ible once more. will be critical to maintain and continue to build international relationships to Position ourselves for the future. Leamlng en￿rOnMent. We will move forward on plans to enhance our online and blended offeringto ensure we are agile enLW to deliver programmes. We will explore the exient to which we can learn from current changes in learning and teaching practices regarding Sntemational travel and reduce the level of international travel relating to conferences and fieldtrips. Student eyperfien￿: The priorities for the Unlversity will remain enh8ncement of the student experience, retents'on and outcomes successes of our students.

Unlverslty Strateglc Plan We will eontbnue to focus on maintaining and building strorbg relationshlps with intern8tional partner universities by remote methods. Innovatlon We have rbearty completed our researctrprelated building projects and the Cardiff Inr￿vatIOn Campus to position ourselves effectively in line with post- cov1￿19 revival and renewal opportunities. Thls will include reworking of business cases for our major Innovation [￿JeCts to ensure that these are aligned to new fundingopportunlties and posf(ioned strate&'calty. The international summerschool programme will be adapted to the changing circumstances, with nTr)difEd means of delivery as necessary, We will continue to support our stsff to develop international collaborations that ensu￿ success in changing intemational research funding landscape. We will worl( closely with local authorities, the Cardiff Capital Region, third sector and Welsh Govemment to develop major strategic initiatives able to deliver major ewnomic benefittothe region. This will include developing new private and public sector collabgrations for a post£OVID world, in alignment wrth UK researth and development priorities. Research We have mttigated the immediate impact of COVID- 19 on research by encour?￿ng staff to work on research outputs dellverable remotely. Enhanced support for staff and r*)stgraduate resear¢h students will be conside￿d. dependlng upon the financial resilience of the University. Assesslngour progws Wg will minimise potential financial impacts of covirk19 on our research by wortstrategres for the five themes, our attention must be stratewcalty focused on the following.. the health and wellt¢ing of our staff and studenis: flna￿la1 ¥￿inabl1￿, especlalty fee revgnue. ccst base arKI the cash position: studerrt Satlsfacuon and e%pertenw. research and o)ntraL#&' ¢lvte masslon and our ntrtbUt￿n to r8%ue. revlve and renew.

Vlcfrchancello￿s Revlew Our focus over the past 12 months has inevitably been to manage the challenges posed by coronavirus and to keep pace with the speed at which the wrus has mutsted and moved throu￿ the population. The launch of the Cardtff University Screening Service has been an oven¥helming success. allowing staff and students to tske regular tests when coming on to campus. We have s￿n a fantastic uptake in the service. wh￿h has allowed University business tg continue and has been keeping track of th& virus on campus and keeping our community safe. Our safety measures have worked - there has been no evidence of oTrcampus transmission of coronavirus. Thls has meant developing new ways of wort(ing. often atshort notice. to ensurewe continued to offer outstsnding levels of supwrt for our students, and that members of our Commun￿ felt comfortable and safe t*)th on and off campus. C￿0(( must also go to our medical students who have continued to volunteer to help in the fight against coronavirus by supporting the Welsh NHS. along with our student nurses. student socol workets and others. The monumentsl impact that COVID-19 has had on the Universty cannot be understated. Similarly, the psycholowcal, emotional. and physical impact on our staff and students has been significant. What follows are highlights from across the University this year. detailing progress against OUT strategy, and outlining some of the principal risks the un1versityfa￿S in the near future. We can be proud of the way we have worked together to protect the health, safety and wellbeing of everyone wlthin our community, as well as the many ways we have been able to support our students, not least financially, during a period that has had a huge impact on the fomiative years of their lives. The task ahead is to ensure that the Univets emerges from this pandernic in as robust shape as possible and to play our role in recovering from the Unpre￿￿ented deleterious economic and 90cl81 effects of the crisis. I would like to use this opportunty to record my heartfett thanks to everyone within the Univetsity communtty. The commitment M￿Ual support and fantastic goodwill shown in coming together in this time of national emergency and S(￿la1 neeL1 has been magnificent and movin& Our guiding principle. however, will always to protect the health, safety and wellbelng of our staff and students. Everytxxty at Cardiff Universty was shocked and deeply saddened to learn that members of our own staff were amng those who lost their 1Sves to this awful viius. On the anniversary of the first national lockdown this year, we lit up our Main Building in yellow to commemorate the loss of those )Ileagues. friends and famity members whose lives were so sadly cut Short ty this devastating new disease. On behalf of 811 of us I want to extend my deepest sympathies to the families of those individuals. Whllst the pandemlc has once agaln cast a shadow over much of theyear, the response of ouracademic Colleagues has been extraorolnary. ro55 the University they have continuecl to undertake research exploring potential vaccines for Cov1￿19, tracking the spread of the virus, and examining the imw of the pandemic on mental health.

VicfrChancello￿S Review Education rstudents must be commended fortheir patience and understanding throughout the pandemic. as well as their willingness and determination to succeed in the face of adversity. App to implement soclal distandng on publlc tr8n8POrt An app that allows companies to optimlse soclal dlstancing measure5 on publ￿ transport was created by a group of Cardiff Unlversity students. The app. LTeated by three mathematlcs PhD students, gave public transport companies the opportunity to implement seating plans whilst also allowing passengers to select a safe seat in which to SIL The app was also able to calcvlate the C02 emissions of a ￿Ven seating scenario, allowing user to find the most environmentalty friendly seating plan in a quick and easy way. We can be proud of the outstsnding level of support we have been able to provide to them durlng the year. A5 well as wnsiderably inereased weffare and academic support we have supported our students financially, especially those in the greatest need. Around £6.3m has been distributed in the fom of on￿ff payments to students who have suffered hardship because of additional covid-related costs. while more than £0.4m was provided to students from lowqncome backgrounds, and those in hardship, for the necessary equipment to allow them to take part in remote teaching and learning Student gets flist author on research paper Undergraduate student Amy Murray achiewed the remad(able feat of beingfirst author on a published paper. all before she had finished her degree. The paper explored the links between the genetic risk of developing Alzheimer's disease and the effect on the size of key brain strLJCtures. the results of which could be used to identify areas of the brain to target before the disease tskes hold. I￿er 2.000 siudents received rent rebatss this year at a cost of almost £1.8m, in addition to the £8m returned or not charged the previous year when students were unable to use their aciL)mmodation becau%e of lockdown. Looking to the future. it crucial that we continue to support our students as we move out of the pandemic and ensurethat we maintain and improve satisfaction levds. Awards for pressure ulcer4enslng mattres8 t0p￿r A Cardiff University medical student who created a [￿sure ulcer-sen5ing mattress topper won two top innovation awards totalling £40.500 in just two days. Luthfun Nessa, from the SchTr)l of Medicine. teamed up with a HaNard University data scientist to create Calldiscope a mattress topper that ntegrates novel sensor5 and ma¢hine learning to reduce the incidence of pressure ulcers. Our brand-new Centre for Student Lrfe will soon open. its doors. providing a new home for our student support 5eTvices. including support with study. health and well-being Pfeparing for the future. managing money and living In Cardiff. As part of the transformatlon, 8 24-hour online service will be developed alongside extended opening hours to ensure greater accessibty for students irtluding those based at Heath Parl our distance leamers and all those on placement or study abroad. The new Abacws building housing our School of Computer Science and Informati￿ and the Schcol of Mathematlcs, will also provide our students with Interdisciplinary, flexible and creative workspaees, wf(h Innovative teaching areas being a key feature. presti￿OuS te￿h1￿ award for National Sofcware demy Cardiff University's National Sofh¥are Academy INSAI was recognised ftr its excellence in collaborative work and positlve Impact on teaching and learning by a leading sertor organisation. The NSA was glven a Collaborative Award for Teaching Excellence ICATEI by Advan￿ HE as a recognfcion of its outstanding commitment to teaching in the UK higher education sector. The NSA aims to &ve students 'real life, projects to work on throughouttheir studies and providingopportunities to engagewrth experienced software engineers from industry. These brand-new buildings form part of our ongoing efforts to deliver an ex¢epts'onal student experience and transf(m the way we provicle student support services. Our enhanced services will ensure our studentsfeel supported to succeed throughouttheir student journey, from interested applicant to proud Cardiff Universrty Alumni.

Vlcewchancellovs Revlew Student-led prowamme ￿lebrats8 a￿de of bulldlng Mghterfubjres A project which aims to raise the aspirations of young people in South Wales has celebrated Its 10th year. Cardiff UnIversi￿S SHARE wlth Schools Initiative. which is run by rN)stEraduates and undergraduates, provides an annual programme of interactive, Inter(lisciplinary worl(shops transferring research, teaching and knowledge to partner primary and secondary schools. Asplrln could cui rf8k of d83th In (xncer patients Patients wrth a wide range of cancers who tske aspirin as part Df their treatment could help to reduce their risk of death by 20%. a major review of existing research by Cardrff University suEgested. The results were taken from a review of about 250,000 patients with cancer who reported tsking aspirin, leading the team to say that the available dy of evidence on aspirin's efficacy and safety 'justifies its Use" as a supplementsrytreatment in a wide Tange of cancers. The project works to reach young people from geographic areas under-representecl in higher education in ScArth East Wales building long-term partnerships With schoo15 through fun, interactive annual outreach and retum visits. Hlnts of Ilfe on Venu8 An international team of astronomers, led by Cardiff Universlty researchers, announced the potential discovery of a rare molecule phosphine in the cIoLKJs of Venus. On Earth. this gas is only made Industrially. or by microbes thatthrive in oxygen-fiee environmerrts. Research The last academic year has seen the culmination of mTe than six years. work preparing and writing the Universrty's REF 2021 submission, which was finally completed in March. This was a monument81 team effort and l offer my gratitude to the staff who devoted much time and attention to help shape the submi&sion, with more than 1,400 academic colle8gues hamng thelr research outputs and mpact case studies included. We must wait some time for the results, but whatever these may be, we can be Sure that we have made our very best effort and m?￿MiSed our chances of Suc￿$$. The detection of these molecules, which consist of hydrogen and phosphorus. could point to extr& terrestsial 'aerial' life on Venus. The team are eagerly awaits'ng more telescope time to look for other gases a￿O¢lated with life and say new space MI￿10n9 coyld also travel to our neighbouring planet to sample th& clouds in sf(u to further seareh foi signs of life. Mary Rose made up of 8 multlnatlonal crew Scients'sts at Cardiff University used the latest archaeological methods to find the bac￿￿oundS of eight crew in the rernains of the Tudor warship M£ry Rose. The stren8lh of our research has once again been demonstrated through a series of hugely significant breakthroughs. includin& the discovery of potential signs of life in the clouds above Venus-, the revealing of a 20% redu¢tlon in the risk of death among cancer patients who take aspirin. and the unveiling of the backgrounds of eight crew found among the remains ofthe Mary Rose. Reportlng Ca￿6r symptoms durfng the pandemlc Nearly half of people who experiertced t*)ssible cancer symptoms in the first wave of the COVID-19 pandemic did not contact theirGP, Cardiff University research showed. The team used curting edge scientific technlques to ve81 the ancestry. ehildhood 0￿£In$ and diets of some of the crew who perishetj on the ship in 1545 AD, revealingthat as many asthree of the eight crew in the study may have origi￿ted from warmer, more southerly climates than Britain, such a5 souihem European coasts, Iberia and North Africa. Black t￿le and neutron stsr merger detected forfiisttime The research $l￿Wed that a substsntial proportion of people reported not contscting their GP for symptoms such as coughing up blood. an nexplained lump or swelling or a change in the appearance of a mole. The research was accompanied by a cwrdinated campaign across the UK to highlight that NHS services are open safelyfor anyone wrth unusual or persistent symptoms. Astronomers from Cardiff University detected, for the first time, the ripples in spacg-time caused by the collision of a ne￿ron star and a black hole. Two instsnces of this violent C05rni¢ event were detected using the Advanced LIGO and Virgo gravitational wave detectors. bringir>g forwarLI important new clues about ttow these stellar objects form. Jo

vlcevchancell0￿S Revlew Remots WOTklnzto Improve UK productmty Nine out of ten employees who worked at htryme during Icckdown would like to continue d￿rnE so in some capacrty, research from Card￿[ University suggested. The results showed that 88% of employees who worked at home during lockdown would like to continue working at home in some capacity, Wlth around one in two employees wanting to work at home often or all the time. The resuSts indicate that prodLJCtivity among the majority of those working from home during lockdown remained stable or ev￿ Improved. compared to six months before. International Bwperation will be vital if we have any chance of repressing the global pandemic. and it has been in this area that we have eX￿le0 overthe past 12 months. Through our award-winning Phoenix Project, we secured £125.000 from the Welsh Government's Wales and Africa programme for the intr(Kluction Df a covir%19 vaccination campaign in Namibia. helping 90,000 of the country's nM)st vulnerable and disadvantsged people to be in(Kulated. This was a great example of fv)w our intemational partnerships can be front and centre of our civic mission as well as our research effort and our international student mobility activity. Internatlonal Brexit Though many of our intemakn.onal activities have been cuttsiled by the travel r￿triCtiOnS imposed by governments across the workl. we have continued to creats, mabntsin. and build strong relationships wmh our international partner universities through remote metlw)ds. T￿)Ugh much remains uncertain about the consequences of Brexit and the impact It may have on universities, there has been som8 clarity (werthe st 12 months pertaining to student mobility and research. l am pleased that Cardiff University has tegn entrusted with hosting and co￿e¥e10pIng the Welsh Govemment's new International Learning Exchange Programme IILEPI, which will receive a substsnts'al investment of £65m, runningfrom 2022 to 2026. The ILEP will ensure students continue to benefit from intemats'onal exchanges in a similar way to the opportunities thatflowed from Erasmus+. notjust in Europe but also further afield. During this ts'me, rt is hoFt¢J some 15,000 participants from Wales wlll go on Dverseas mobility exchanges, with 10,000 participants coming to study or work in Ylales. This will complement the UK government's Turlng scheme, which aims to enable around 35,000 students ann¢Jally. from universities, colleges and schools, to go on intemational placements and exchanges from September 2021. We have already y￿e1ved £1.5m from the new Turing Programme to allow our students to experience lrffrenhancing benefits intemational experience during their stuOie& This year saw the approval of a new stratewc partnership with the University of Waikato in New Zealand. bolstering our EIDbal network of strategic partners with whom we have ￿ntInued to work closdy throughout the pandemic. These include Xiamen UniVe￿ilY and Beijing Normal University, China- University of cam[￿na5. Brazil and University of 8remen, Germany. Our partlcipation in HOrfZ￿ Europe will continue and. to 811 intents and purposes, university researchers and industry should noti￿ very little dffferen￿ compared wth our participation as member state of the EU. The UK voiGe in terms of research and Sc￿nce is considered a strong one and l am sure that our continued participation, especially through informal dis¢ussions behind the scenes, will be welcomed by the strongest Scien￿ communities in the EU. Much uncertainty remains as to our aly'lity to attract European students to study at Cardiff now that they must be charged international student fees and undergo a process to attain a visa. We have put in place a generous scholarship scheme to attempt to retain as many students as t￿ible and hav8 begun work on 8 multi-pronged European strate8V, whith will see us f￿u$ efforts to develop new partnerships, projects and memberships to demonstrate our conts.nued commitment to Euro￿. Schemes such as the ILEP and Turing will help the UK to retain the mobilities and activities that have so enriched the lives of its participants. and we remain absolutely committed to ensuring that students, regardless of background, have the opportunity to worft or study abroad during their time with us. JJ

Vicewchancellorfs Revlew Universty of Bremen pfirtnètshlp success Caidiff University's relationship with the University of Bremen was strengthened throughout the pandemiG despite the restrictions in travel. Staff and students continued to take advantage of the opportunities presente(I by the stratewc partnership, which included the awarding of preSti￿ouS Marie Sklodowska£urie European Fellowship to Dr Flavia Boscol¢>Galauo. previously of the School of Earth and Environmental Science. to join the University of Bremen'5 Centre for Marine Environmental Sciences. Innovation Throughout this year we have striven to place the University in a strong position to contrbbute to the revival and renewal of research and innovation apacity in Wa￿S and the UK post£OVID-19. We have worked closely with local authorities. the Cardiff Capitsl Region, third sector and Welsh Governmentto develop major stratewc initiatives as well as developing new private and public seetor collaborations. Work has also continued on the Cardiff Innovation Campus, whKh forms a central part of our biggest campus upgrade for a generation. The soon-to-be- opened facilities will include sbarc I spark. a new space for businesses, partners or stakeholde nterested In working with enterprising staff and studentsatthe Universityto drive innovation, aswell as the Translational Research Hub. which will host our comwund semicondu¢tor and our catalysis activity. A totsl of 30 students from both Cardbff Unlversity ar￿ the University of Bremen also worked together on an online project exploring social entrepreneurship ideas, developing their enterprise skills through ¢￿atIVity. problem solving and pitching to investors. Arctlc research Is'dream c4)me true" for Cardtff student Cardiff University student Sophle Watson joined up with two Canadian universities as well as the Government of NunavLrt to study bacteria and parasites found in the guts of Arctic animals. Changes in gLrt bacteria can have worrying consequences for the heatth of ar)imals and trylng to understsnd more about how polar bears an othef Spec1￿ respond tothe many impacts of ¥obal warming such as habitat loss or chang)'ng dieL is vital. £IOm Challenge Fund to Resha￿ Soclety A £IOm Cardrff Capital Region Challenge Fund to (levelop innovative solutions to secietsl problems was launcherj in partnership with Cardrff University. The CCR Challenge Fund will Invite public sector t4)dies to develop challenges. connect wf(h the prlvate sector and tjeliver outcomes with a route to market, where no wmmercial solL*tion currently exists. Cardiff Capitsl Region has identified three ey challenge themes.. a￿lerating decartoni5ation- improving rewonal health and wellbeing and supporting enhancing 8nd tiansforming communities. For Sophie, the comblnatSon of studylngsome of the world's most rare S￿leS in one of the most "ma@cal. pristine and untouched- places which has become an "epcentre for research.. has teen the stuff of dreams. spIr￿UL success for Cardiff Universty Cardiff University maintained third place in a UK league tsble of universities, spinout success. The rankin& compiled by Octopus Ventures, one of Euiope's largest venture eaprtal funds. grades instituts'ons for their abilty to convert research into thriving high-value companies. PPE sent from Cardlff to Namlbla Cardiff Univetsity's Phoenix Project helped to delivei Vital PPE equipment to Namibia to help tackle a devaststsng third surge of COVID-19 in the county. More than £7m-worth of clinical equipment, including masks, gowns and harnd santilzer which was not needed by the NHS in Wales wa5 donated, and a further £0.5m grant was awarded for oxygen equipment and nursetrainin& The kit includes more than Llm face masks, 500.000 gowns, 100,000 protective aprons and more than £lm-worth of hand Saniti￿r. J2

Vice•chancello￿$ Review Th81es and Cardlff forge Lfvrsecurlty Ilnks Global advanced technology systerns company Thales partnered with Cardrff University to develop cybersecurity solutions at the company's Resilientworks 'living laboratory.. Close CCM)peration between Thales and Cardiff will allow the company to exploit the University's expertise in the Centre for Cyber Security Research and other leading research groups at the uniVe￿￿ty, buildingon an estsbllshed platform of existingwork. Medla sector to benefftfrom £50m fundlng A Cardiff University-led eonsortlum won a £50m bid to develop a world-leading cluster for media Innovatlon in the Cerdiff Capit81 Re￿On. Brinong together 24 organisations. media.cymru Includes partners woiking in education, broadcasting, technology, media production am1 local leadership to drive inclusive. sustainable economic growth and an acldits.onal £236m in Gross Value Added by 2026. Since 2006, the Re@on has develo￿ one of the strongest media sector gTowLh rates in the UK, attracting one in eight of all new UK jobs in filmrn, producing ￿0b31 successes on film and TV shows including Sex Education. His Dark Materials, Doctor Who and Dream Horse. Broken Strfng Bl(E¢i8nces JolnB *bal accelerator Cardiff University genomiG% start-up Broken String Biosciences, which works to unlock ne￿ generation medicines, has joined Illumit)a, Inc the ￿0bal company creation engine. The fledgling company was one of nlne UK and US businesses selected for fresh funding incentives by Illumina, which focuses on partnering with entrepreneurs to build breakthrough genomiGs start-ups. Broken String Biosciences Limited is developing a platform of novel DNA sequencing tools to assess genome stability and to unlock the next generation of innovative medicines. including 11 and gene therapies. J3

vlce-chancell0￿S Revlew Civic Mission and Sustalnability ¢)nllne less(￿$ dell¥*red to chlldren a(¥0 Wales Over the past yeaT we have been committed to working in partnership with stskeholders across the Cardrff Capital Re￿on and Wales to lead a green recovery. embrace communlty engagement and build skills for the future as Wales revives and renews after COVIEkl9. Cardiff University teamed up with award-winning charity Teen Tech to deliver a month's worth of live online dio'tal, Science and technolo￿ events to children in sthools and at home across Wales. From space. the'lnternet of Things. and robotics, to music, heatth and game design. the students benefited from a wide range of interacts've sessions delivered by well-known Scien￿ and technology reporters. Content for the sessions was built around wotl( and research undertaken at Cardiff University. with a live Q&A with Cardiff Universty staff afterwards. As alwayb. our communities are at the heart of everything we do. and our activities have focussed on boosting the health, wealth. and wellbeing of those that we serve. We've continueo our commitment to providing leadershlp in sustainability and improving our environmental perfom)ance. Our work has ranged from the launch of a new E￿$￿Etern Resilience and Biodiversity Action Plan. developed alongside Cardiff Council. that is designed to increase our green Infrastructure and enhance biottiversity acro&s campus, to completely transforming the way we manage and recycle our waste. Future Generations Commlsslon8r and Cardirr Joln ft)rces The Office of the Future Generations Commissioner for Wales and Cardiff Universty formally joined forces to wort( on shared strategic goals to improve the healih. wealth, and wellthing of the Feople of Wales. Followng the public8tion of our Climate Emergency white paper. we have been working towards priorr(ising ￿ actions that will help us achieve net iero for the carbon emissiorts we generate on campus by 2030. as well as the emissions ssociated wrth stsff and student travel and the goods and seNces we procure before 2050. These initiatives are examples of how we're building an inclusive. sustainable, and resilientfuture for ￿r community and brin&ng abwt environmentsl benefi'ts not only to Cardiff 8nd Wales bLrt to the wider world. The three-year agreement will pave the way for closel cooperation on projects highlighting the challenges and opportunrties facirbg future generations. Ranking3￿ceSsf0f gustslnablllty In the first submission to the @obal Times Higher Educats'on Impact Rankn'ngs assessing universities against the Llnited Nations, Sustainatsle Development Goals ISDGSI. Cardiff University was nked joint 2tst out of 50 UK institutions and placed between lOtst-200th of 1,115 instltuts'ons worldwide. With an overall score of 77.9 out of 100, the University was I￿aced 4th in the UK for SDG 13 Icllmate Action) and in the top 6% globalty for three of the SDGS. Fonner bowEs Fovlllon transfomied Into Ihrlvlng communty spoce Residents in the Grangetown area of Cardrff celebrated the complets'on ofa new£2m community cèntre. FurKlingto Improve recycllng on camp Cardiff University received a Circular EconomyGiant from Welsh Government, totslling just over £lm, to transform waste and recycling on campus. The grant contributed to the installation of new waste and recycling ststions a¢￿ the University's entire estate, as well as the creation of new waste and retycling compounds ofi existing University- owned land to allow the strippingdown of end4)f-life furnitLJre and equipmentto enable the separation materials for recycling and diverting from landfill. This will help to achieve the University's target crf recycling 70% of waste by 2023. The Grange Pavillon was the culmination of a six- year partnership between Cardiff Universtty's Community Gatew3y project and r￿dent groups Grange Pavilion Project and Grangetown Community Acb'on. The Pavllion will be home to community-led activities that increase educats'on, employment. skills health and well1￿l￿g outcomes.

v1cewchancello￿S Review Supporting Cardiff We are grateful once again for the continued generosity ènd support of our donots. fvNlrÉisers and volunteers, particularly in these challen@'ng times, who have taKen part in initiatlves to help further Cardiff University's missbon to create and share knowledge. and to educate for the bènefit of Over £4rn of r)ew gtfis and pledges Yrom more than 800 donors and fundraisers. £450.CK)O pledged by The Hodge Foundation over three years to support Cardiff Busine&s Sch¢)ol to deliver benefits for students, researchers, and the wlder commurbity. The Hodge Foundation Public Value Programme will seefovr initiats.ves rolled out acrosscardiff Business School to equip the nert generation of leaders with the knowledge and skills to safeguard the future economy. society and environment of Wales. The support we receive through &fts and pledges make5 it possible to undertake world-class research 8nd g'ive our talented students the opportunrty to floufish. We know that these gffts can make a lasting diffèrence to future generations and enable pioneerbng research to save, change and enrich Ilves in Wales and beyond. I must also tske this opportunityto thank our alumni and friends who have supported prospective and current students by joining virtual OFen days and offer-holder events, offering mentoring employability tslk* career guidance, or simply sharingtheir story. Our volunteers are helping Cardiff to recruiL support. prepare. and inspire the next generation of Cardiff University Students and alumni. The dedication of our donors, fundraisers and volunteers is never more evident than at the Cardiff Universityltsrdiff Half Marathon. which was sadly tK)Stponed again this yeaf due to the pandemic. This did not deter the members of #Teamcardiff who found innovative ways to fundraise even when this event and other rnajor races were postponed. Together, #Teamcardiff members are SUPPDrting canw and neuroscience and mental health researchers, who are deVelo￿.nE better and faster diagnosis techniques. and creating more effective, personalised treetments. £400.000 ha5 Ixen generously donated through gifts in Wills. IO0+ researehers supported with philanthropyc income in 202Ck21. 4,624 volunteering hours were ￿Ven by Cardlfls alumni community, sharing their expertlse and experience. 78 fylch Caerdydd members supported uswith their generous @"fts supporting our students and research. Qdch Caerdydd, now in its Slxth year, w founded to recognise donors who support Cardiff with gtfts Of£1.0￿ or more In an a￿deMiC year. IJ

Vic•-ChancelloVs Roview Planning for the future We are not out of the pandemic yet, by quite a long way, and the epidemic in this country will Dnty gracluallysettle into a situatlon where SARS-CoV-2 is an endemic. largely seasonal virus that we are all ijsed to managing, largely by the continued success of our excellent vaccination project. We remain attuned to the risk that more restrictive measures may be requiied again at some PKiint if our urcumstsnces take a turn for the worse. Our approach will always be wrfchin Welsh Government gijidelines. and we are confident that we will be atAe to switch rapidly betwèen scenarios as necessary, whilst proteeting the student experien￿. It would be easy to be distracted entirely by the pandemi¢. but it is crttical that we Iwk ahead to what l am confident will be a brighter future. The next yeai will see 8 renewed focus on the student experience at Cardiff, which will require a huge. ¢omknned effort across gur academic and professional services stsff. We eagerly await the results of the Research Excellence Framework whilst Continuing to develop our research and innovatr'on a¢tivrties. And we will continue to develop our international relationships albeit. for the time being, from afar - building the University's global brand and reach. Despite the difficult circumstances the Universty has faced over the past 12 months, l am confident that our committed, cr8ative and hard-working community can emerge from the pandemic all the stronger for the challenges it has faced. Profe880rColin Rlor(lan Vic&Chancellor 24 November 2021

Key trends In Hlgh•r Educatlon The University contlnues to respond to trends in both Wales and Westminster, adapting to the diffeient policy agendas devolution entail Any major changes in E￿and'S fee rwme will affect student recruitment in Wales. where a Significant proportion of students ale English domiciled. A substantially different rate of fees between England and Wales will ereate problemsfor cros54x)rder stu(ty and it would be highly d&ma&ng if English domiciled students were no longer attracted to Wales due to a sharp divergence in fee policies. Equally. lost in¢Dme would need to be made up in full rf Wales followed suit with any fee The elections in May 2021 provlded some clarity as to the direction of travel foi those part5 of higher education controlled by the Senedd, with the new Welsh Govemment's Programme for Government outlining the ambitions through until 2026. Perhaps the most notable development is the forthcoming Tertiary Education and Research Bill. which is intended to better align the FN)St-16 education sector. While the bill reouiies further detail, its emphasis on a coherent post-16 sector indicates potential for greater (x)Ilaboration with partners in further education. Away from legislation, two major investments will impact the course of the Welsh higher education sector. The Welsh Government will invest £65m in the International Learning Exchange Programme. which will serve as a partial replacement for Erasmus+ and be developed by the University over the 2021/22 academic year. That Welsh universities can utilise the programme in conjunction with the UK Government's Turlng scheme is a b(y)n for the sertOT in Wales. givlng ¢lear indication that intemationalisation will remain vital to the University for years to come. There will also be sutstantial investment in a North Wales Medical School at Bangor University, which will be Wales's third such ￿h0O3. Both Cardiff and Bangor universities have worked in collaboration to evelop the provision of medical education In the north, with the C21 North Wales programme a continued and growing success. The University will support the estsblishment of the North Wales Medical School. while Continui￿ to make the case that any expansior) in Wales. medical education and research should mean additional investment rather than re-allocation of existing resource. While much of highor educats'on is devolved. the reality of the UK'S constitution means the University could just as well be affected by Westminster policy shifts. The great levers affecting the research funding system are reserved in London, where the trend is towards a heavy emphasis on science and technology. There have already been stsme soft changes intended to reorient the sector to such ¢ourse5, and the widety anticlpated reforms to England's higher educatlon funding could be more profound in thls regard still.

Major Commlttees and Universlty Executive Board Report from the Governlng key committees Oversight of audit aspects of the Universlty's financial statements. includingthe independent auditors. opinion, the statement of members. r￿pOnsIbIlItIes, the statement of internal ¢ontrol and any relevant issue raised in the management representstion letter. Council has established four major committees whDse members it appoints to oversee various aspects of the University's business: the Audit and Risk Committee, the Finan￿ and Resources Commrttee, the Govemance Committee. ano the Remuneration Committee. All of these committees are formally constituted, each with terms of reference and a membership which includes lay members of Council and a Council lay member as Chair. Major committees may establish sul> committees, such as the Nominations Sut> Commtttee which is a key subcommittee Created to consider and agree recomrnendations to Council in relation to key appointments. Summary of buslngss The Audtt and Risk Commtttee met six times during 2020121, including an extraordinary meeting to consider going concern. and a m*ting to revlew risk. On review of tts tefms of reference the Committee agreed that its reS￿nSIbIlitieS shall include consideration of the ¢ulture and behavk)ur that L8 prevalent within the Universrty and arrangements that can affect reputation, such as the management of conflicts of interest. This work will be combined with actions developed In response to the Governance Effectlveness Review and other evaluations. Audlt and Rlsk CommSttee Member Michael Hampson Chair Paul Benjamin Donall Curtin Dr Janet Wademan es Xavier-Phillips Attendanr 616 Lay The external auditorswere presentfor consideration a Financial Health Report and the annual Financi81 Statements aTh1 management representation letter, as well as th& annual intemal audit plan. 316 La 6/6 The Chalr of Cour)cil and members of staff or students at the institution. are not members of the Commtttee. MemtrErs are not individuals with executive management responsibilities within the instituts'on or members of the Finance and Resources Committee. The CommÈttee considered the Unlversit<s rbsk register and detailed reports, including ihose from internal audiL together with recommendations for the improvement of the Unniersity's Systems of internal control. as well as management responses and implementstion plans. respJn81blllile8 The Audit and RISK Committee has a key role in advising and assistinEthe Council in overseeingthe assurance and control environment of the University. Its duties cover: Assessbng and advising Council on the effectiveness of the Instittrtion's risk managemenL control and governance arrangements, and the internal controls and prO￿dureS to promote economy. efficiency and effectiveness. Oversight of extemal and intemal audit arrangements. including advising the governing body on the appointment of the audit providers, and oversight of the nature and scope of external and internal audits and the effectiveness of the audtt wocesses. and 18

Major Commltt•os and Unlversty Executive Board Finance and Resources Commlttee Summary of buslness Member John Shakeshaft Ichair from 01 Jan 211 Dr Carol Bell (term ended 31 Dec 20 Hannah Doe Gina Dunn (appointed from 01 Attendan 5/5 The Committee met five times dufing the 2020121 academic year. The Committee oversaw the business of two sulTrcommittees that scrutinise the estates and infiasiructure devèlopment activty of the University and the management of the University's investment and banking activity. Over the course of the year. the Committee reviewed performance across HR related activities and the Universsty's financial statementy budgets and financial plans alongside the Stratsgic Plan. Other work reviewed included proposals for stsff pensions. the Students, Unlon Accounts and Block Grant. the Estates Maintenance and Residential Fire Strategy 2020-21 and progress on the Cardiff Innovatbon Campus. The Committee has approved in-year funding requests in response to COVIt>19 to support activrties such as the Cardiff University Sereenlng Service and èdjustments to eampus for returnir¢g students. V2 Studer)t student 515 0/0 Tomos Evans (term ended 30 Jun 21 Alastair Gibbons (Chair until 31 Dec 20 Professor Kim Graham (term ended 31 Jul 21 Professor Karen Holford Iterm ended 31Ju121 Chris Jones Jan Juillerat Dr Steven Luke (term ende(131 Jul 21 Professor Stuart Palmer Professor Colin Riordan Professor Damian Walford Davies lappointed from 01 Au 211 David Simmons Student 5/5 2/2 EmFloyee 2/5 Employee 5/5 At the erKI of 2020121 the Finance and Resource$ Commrttee created an Environ￿Ental Sustainability Sut￿mmittee to oversee the University's Environmental Sustsinability Strate&v and actions in this area, to work towards CarLx)n Net Zero status. La 2/3 3/5 4/5 5/5 Employee 5/5 Employee 0/0 3/3 Key responsibilities The broad remit of the Finance and Resources Committee is to monitor the Vniversity EKecutSve Board's proposals for achievement of the stratetyc airns by scrutinising the 81ignment of resources to the Strategc plan and monitoring of performance against that. It has specific duties in respect of the following areas: Resource Alk)cation, including allocation provided tts Students. Union. Financial management. Di¥rtal Infrastructure management Human Resources management 19

Major Commltto08 and Universlty Executlve Board Governance Commlttee Summary of busln88S mern￿r Judith Fabian (Chali Hannah Doe lappointed from 01 Jul 211 Tomos Evans Iterni ended 30 June 21 Professor Karen Hoiford (term ended 31 Jul 21} Jan Jvillerat Drjoanna Newman Professor Stuart Palmer Leonard Richard5 Professor Colin RioTdan JUO eRa Attendanc¥ The Goveinanee Committee met 5 tiffles in 2020/21 includingone extraordinary meetin& Over the year the Commrttee has reviewed the Universty's Governance Framework and approved associated updates to Statutes and Ordinances. It has also commissioned a review of outstanding actions from a series of govemance reviews. consolidating these Into a singe tr8cKer, including the Govemance Charter for Wales 2020 and Commitment to Action ancl the Governance Effertiveness Review 202L La Student 0/0 Student 5/5 Employee 5/5 1/3 5/5 The Committee estsblished a Funders Advisory Panel in response to the Powell Review and standing Nominaty'ons Su1￿￿￿mIttee with a defined remit and membership in response to the Govemance Effectiveness Review 2021. In addrtion to reviewing a number of annual assurance documents (including compliance wrth the Welsh Language Standards, Information ManagemenL PREVENT. The Modem Slavery Act 2015 and the Strategic Equality Plan Annual Monitoring Report 2019-201 the Cornmitt￿ also considered the possible adoption of the Intemational Holocaust Remembrance Alliance's IIHRAI definition of antisemitism and islamophobia. Employee 5/5 Sin rme Professor Ceri Sullivan Professor Stuart Walker (appointed from 01 Au 21 Em loyee Employee 5/5 Lay 0/0 K8y resportsibilities Lxjring 2020121. the Governan￿ Committee recommended changes to enhance the sze and shape of the governing body. with a phased reduction in Council members planned overthe next two years, which was approved by Council. The Governance Committee reviewed the lay member skills matrix and equality and diversity data to consider the compositlDn requirements of an effectNe and efficient governing body. The key rde of the Govemance Committee Is to advise and make re¢omm&ndations to the Council on- Matters relating to the governance of the University, The Universlty's level of compliance with the mandatory requirements of le8fjslation and other regulations, including the provisions of the Equality Act and the Welsh Language Act., Effectiveness reviews of Council as required: Constitutional and legal matters, including the Charter. Ststutes and Ordinances,. Lay Member nominations and appointments To discharge its res￿nsibIlIties. the Governance Committee has established-five SU￿0Mm￿teeS. Nominations Health, Safety and Wellbeing Equality, Llversity and Inclusion Biolo@cal Standards Open Research Ethics and Integrity. 20

Major Commltto•s and University Executlve Board Norninatlons SU1￿0MmIttee Summary of business Member Jan Juillerat Ichair Professor Rachel Ashworth Attendan¢e 515 3/5 The sut>committee met on five occasions to conslder the appointment of a govemor apprentice and the aptKsintment of the new Chair of Couneil. The Commrttee approved the advertising materials and methods for both posts and Worked with an executive search firm appointed in ￿ lation to the Chair of Council wsition, Perrett Laver. Staff Senate member of Council Student Senate member of Councll Tomos Evans 5/5 The govemor awrentice was recruited via Perrett Laver's Governor Apprenticeship Scheme which aimsto encourage diversity on boards. and the post was advertised externally. The Nominations Su Committee set up a panel to conduct the interviews from a short list of three applicants. The suecessful candidate was recommended to the Govemance Committee in July 2021. to stsrt in September 2021. Judith Fabian Jud Key responslbllltles The role of the newly established Nominations Sub- Committee to consider and ?gree recommendations to Councll in relation to key appointments. i￿luding the ap￿intrnent and re- appobntment of the Chair and Lay Members to the Council and its committees. The recnjltment exercise for the next Chair of Councll was commenced in May 2021 with extemal adverts being placed In July 2021. The Nomination5 Sut>Committee conducted a scoping exei¢ise with Perrett Laver. consutted key stakeholders and considered a long list. The sulKommittee ensures that lay member recruitment is achieved through a clear and transparent appointment process, havlng due regard for the overall skills and experience of the governing body, balance of 5ertor and non-sector kntswledge and commitmerrts to diversity and ir￿luSiV￿y. This was subsequently refined into a short list in September 2021 and an interview panel comprising sub-set of Nominations Sul>Committee members and an extemal peer has been established. The proce￿ was completed with a recommendats'on to Council in October 202L 21

hlajor Cornmltte•¥ and UnIverS￿ Executive Board Remunernfjon Committee Summary of IxAiness During 2020/21 the Committee reviewed the Senior Salary Review for the Vice£h8ncellorand Ihe Senior Stsff Salary and Professorial Banding (including the Vi¢e£hancellols dlrert reportsl. the annual update on the Gender and Ethnicty Pay Gap and on Equal Pay and Senior Pay Governance. The Committee reviewed the CUC HE Senior Staff Remuneration Code and agreed to review the Code annually and communicate thls in the Annual Statement on Senior Remuneration. Member Attendanr Jan Juillerat Chair Professor Dame Janet Finch Professor Stuart Palmer Dr Janet Wademan La Lay 212 Lay 2/2 The Remuneration Committee has a wholly independent membership of lay members of the Council Iwho Include the Chair and Vice£hair of Council). The Remun&ration Committee shall not be chaired by the Chair of Council. Key responsibllltles The Remuneration Committee. with advice from the Professorial and Senior Salaries Committee, develops the overall reward Strate￿ and policy to cover the remuneraty'on, benefits, conditions of employTnent and severance of the senior officers and staff of the University, Including Deans and Heads of School. The Committee is responsible for determining the remuneTation. benefits and nditions of employment of the Vic&Chancellor and their direct reports. tsking account of affordability. comparative Information of the remuneration, benefrts and conditions of employment in the Higher Eéucab"on Sector and elsewhere as appropriate and relevant metri¢s and performance data. 22

MaJ•r Commlttees and Unlversty Executlve Board Senate Membgr Professor Colin Riordan (Chair Professor Rudolf ￿leman￿ Professor Stuart Allen Profe￿Or Rachel Ashworth Gill Bristow Dr Jonathan Ben-Artzi Profe&qor Marc Buehner Jane Chukwu Professor David Clarke Kelse Cowartj Professor Trevor Dale Dr Jane Davies Rh Denton Hannah Doe Geor na East Helen Evans Luke Evans Tomos Evans Professor ttylan Foster Evans Graham Getherid Professor Kim Graham Professor Kate Grrffiths Dr John Groves Professor Mark Gumbleton Professor lan Hall Dr Thomas Hall Professor Ken Hamilton Dr Natasha Hammond- Brownin Professor Ben Hanni Dr Alex8nder Harmer Karen Harve £ooke Dr Athanasios Hassoulas Professor James He Professor Ma Heimann Dr Monika Hennemann Dr Kersty Hobson Joanne Pa Dr Jo Patterson Professor rim PhilliF6 Jude Pickett Dr Jamie Platts Dr Emma Richards Dr Steve Rile Sebastian Ri le Dr Josh Robinson Sarah Saunders Dr Hannah Shaw DrAnd Sk mie Professor Peter Smowton Dr Zbi Sobiesierski Tracey Stanle Professor Ceri Sullivan Professor Petroc Sumner Dr Catherine Teehan Dr Christo h Teufel Gail Thomas Dr Onur Tosun Dr Laurence Totelin Piofessor Chris Tweed Profe&wr Oamian Walford Davies Matt Walsh Professor lan Weeks Prof Keith Whitfield Emplo 3/3 Attendance 313 Employee Emplo Student 2/3 3/3 3/3 Emplo 2/3 2/3 2/3 112 Student EmplDyee Empl Em lo Empl Emplo Emplo Student y3 2/3 3/3 313 3/3 Employee Emplo Em Emplo ee Studer)t Student Empl Student Student Employee 313 Emplo Em Empl Empl Em lo Em lo Employee Em Employee Employee 2/3 313 313 313 313 ee ee 1/3 3/3 2/3 3/3 V3 3/3 1/3 Emplo Em lo Empl Em ee Empl Em lo Employee V2 213 ee Emplo 3/3 Professor David Whitaker Professor John Wild Alexandra Williams Professor Martin Wlllis Dr Liz WrenJJwens Profe&sor Jianzhon Emplo Em lo Em lo 313 Employee 3/3 lo Empl Empk) lo lo Empl Em lo V2 ee Wu ee 3/3 Em Em Emplo Empwee V3 V3 F*ofessor Karen Holford Professor Joanne H¥Jnt Profe&sor Nicola Innes Professor Dai John Professor Urfan Khaliq Professor Man Kwan Dr Catherine Lain Professor Wolf Maier Professor Paul Milbourne Emma ane Mimon Claire Morgan Em lo lo ee Em Em Em Em Em loee Emplo ee ETn lo ee Em lo Empwee ee 3/3 3/3 Professor Damien Murp Professor Jim Murra Larissa Nelson Em Em Em ee lo 23

M•Jor Commltt•os and Unlverslty Executlve Board Senate (Contlnued) Key responsiblllU8S Summary of buslness The Senate is established by the Unive￿ity's Charter, which gves it responsibilty forthe ordering of the academic affairs of the Unlversty, both in teaching and in researd). and powers to make Academic Regulations. It draws its membership from the academic staff, professional swvices stsff and students of the Institution. Senate Keeps unckr review the educational policy of the University and provides Council with assurance that the academic affairs of the Unlverslty are appropriately managed. The Senate met three times during the 2020121 academic year. Key area5 of business included strate&c items such as the re￿eW of the Education and Students SuiFStr8tegy. the Welsh Language Strategy and the Widening Participation strate￿. reviewing the University's academic renewal and research institute proposals. as well as updates on covItYlg and the Resear¢h Excellenee Framewort( 2021 Submission. Senate considered the Annual Quallty Rep)rt 2Q19/20 and the Annual Degree Outcomes statement, as well as the possible adopll.on of the IHRA'S definition of antisemitism and islarnophobia. A review of education governance conducted in 2020/21 recommended proposalsto ensure clarity. effectiveness. and accountability, creating a single clear governance structure for education and student experience, and formalising exists'ng groups as part of the governance structure. This was approved by Senate in June 2021. In tum, Senate has estsblished standingoanels and Sub-committees to suppY)rt it in dis¢har￿ng its resFK)nsibilitie5, such as the Academic Standards and Quality Committee and more recently the Education and Student E¥Ferience SU￿CoMmIttee, whlch was establlshed in July 2021. 24

Major Committ•es and Unlverslty Executive 8oard Unfverslty Executive Board Summary of buslrnss Member Professor Colin Riordan Chair Professor Rudolf Allemann Professor Karen Hdford Iterm ended 31 Jul 211 Professor Kim Graham Rashi Jain Professor Urfan Khaliq lappointed In addition to weekly meetings through 2020121. the UEB held three extended away days to look at strategic areas in addition to decision-making. Key areas of activity inclth1ing the University's ongoing management of the COVID-19 crisis, inclu¢ing establishment of the asymptomatic SLTeening service, alignment of the sufArategies and enabling strateOes with the Recast Way Forward, Glimate Emergency Wnite Paperand capital projects progress. Emplo Employee Emplo Em lo Employ Susan Midha Claire Mor TJ Rawlinson Claire Sandets Professor Damian Walford Davies Professor lan WeeS(s Emplo Emplo Em lo Em Em ee All membets of the Universty Exe¢utive &)ard attend weekly senior meetings. Given the frequency of these meetings, the attendan￿ is not recorded In the tsble above. To manage the resFKJnse to the Oobal pandemic. meetings were extended to be held throuehout the whole year. Key responsibllltles The University Lxecutlve Board is the University's senior executive team. The HEFCW Memorandum of Assurance and Accountability defines the Senior Executive Team in accordance wrth Financial Reporting Standard 102 IFRS 1021's definition for 'Key management personnel.: that is'those persons having authority and responsibility for planning directing and controlling the activities of the entity, directyy or indirectly. including any director Iwheth8r executive or otherwise) of that enttty". The broad remit of UEB Is to advise the Vice- Chancellor In the performance of their duties as the Chiel Executive Officer including developing and implementing strategy. operational plans, policies and procectures, setting budgets, and monitoring 0￿ratIng and financial Ftrfomiance. 25

Remuneratlon Statement Senlor Pay Remuneratlon When the Remuneration Committee reviews the Vice-chancellor's remuneration package, it takes into account comparative information on salaries, other benefits and ¢onditions of service in the Higher Education sector and elsewhere. The Remuneration Statement provides the framework for decision making in respect of remuneration and in particular decision making on remuneration for senior staff. Remuneration for other staff groups All senior staff. excluding the Vice£han¢ellor, are ¢overecl by the University's Senior Pay Policy. which is published annually. This reviews performance on a biennial basis, and allows performance-based awards, as well as reviewing equity. Data drawn from the Universities and Colleges Employer A￿OCiatIOn.8 IUCEAI Senior Staff Remuneration Survey and the Russell Reward Survey are used to provide evidence for any market adjustments. The policy is set by the Remuneration Cornmittee, who have overall responsibility for the University s approach to senior remuneration. As part of this role, it takes decisions on the pay of the most senior indiviéuals in the University, including the Vice- Cttancellor. The majority of other staff are on the National Framework Agreement INFAI pay spine and covered by the University's Grading Structure which consists of 8 grades. These grades are supportecl by the Higher Education Role Analysis IHERAI role evaluatson methodology. Staff on NFA pay scales gain pay increases annually based on increased skill, knowledge and experience, until they reach the top of the grade's core range. They are also subject to any nationally agreed pay awards. The Clinical Pay Scale covers clinical staff, and replicates the NHS pay ranges. Clinical staff gain increases annually based on increased skill, knowledge ancl experience, until they reach the top of the grade range. Clinical consultants also gain commitment awards above the top of the consultant grade range. The numbers of all slaff paid abDve £IOOk are published in the Notes to the Financial Statements of this report. along with directly reimbursed expenses for senior staff who are members of the University Executive Board. All expense claim5 and payments madeto senior members ofthe University are in accordance with the University's financial regulations. These apply to all staff and are reviewed and approved annually by the University Council. The Outstanding Contribution Award Scheme IOCASI recognises exceptional performance and contrib￿lOn. resulting in both one-off awards. an 8ny accelerated in¢remental progression. Vice4hancellor Remuneration The remuneration of the Vice£hancellor is determined ty the Remuneration Commitfee. through the Vice-chan￿lI0r'S Reward Scheme. Uvlng Wage Employer The University is an accredited Living Wage employer and as a result all staff receive at leastthe 'ving Wage Foundation rate of pay. This scheme is designed as a long-term incentive plan to reward and retain the Vicechancellor with a view to delivery of the Way Forward Strategy 2018- 23. The scheme buil(Js on the principles of the Senior Salary Review PTo¢ess as outlined in the Senior Staff Pay Policy. Pay Ratio The rati05 between the VC salary and the median pay of stsff and the VC total remuneration and the median total remuneration of stsff are disclosed in note 8 Istaff costs). The Vice-chancellor's Reward Scheme Involves: an annual review of base pay in ￿lation to the market., a long-term lump sum non-pensionable performanc&related bonus payment linked to the achievement of the Way Forward 2018- 2023. Exit policy All settlement 8greements, Including voluntsry severance. for professofial. professional service irectors and senior staff are reported biannually to the Remuneration Committee, with details of btsth the seveiance payment and the saving to the university. Any redundancies related to academic and senior staff are subject to the Univer51ty's redundancy proce55es. 26

Financlal Revlew The Unlverslty retslned an operatlng surplus of £31m in 2020/21 desplte the challenges of the coronavirus pandemic 2020121 was a difficult year for students and staff as we dealt with the challenges of the coronavirus pandemic. It was also a challenging year financially tlue to the significant uncertainties anticipated at the start of the year, particularly overseas travel, lockdowns and blended leamin& Despite these challenges the University was able to retain an operating surplus of £31m and strengthen its financial reserves. Income up 6.3% to £605m 2020/21 saw totsl income grow from £568.8m to £604.6m due to a 4.2% increase in undergraduate students and addrtional Cov1￿19 support from Welsh G¢Jvernment. Income by Category l£m} £600m £500rn £400m £300m The underlwng operating surplus of £31m reconciles to the total surplus of £59m as follows,. £200rn EIOOM Summary of Group esults 2020/21 2019120 £m 2016117 2017IIB 2018119 2019120 2020121 •other Income Research Grants & Contract5 •Tuitlon Fees & Support Grants AFunding Body Grants otal comprehensive surplus/ deficit) for the year SS ￿nSIOn provision charge Icrediti 58.9 30.9 155.21 ctuarial Igainl/ loss on ensions 13.01 2020/21 saw a 3.3% increase In tuftion fees and support grants which was significanty better than Inrtialty anticipated. The increased number of eligible school leavers saw uThJeoraduate numbers increase by 4.2% and income by 8.2%. Despite the challenges of COV1[￿19 and international travel we welcomed 4,925 international students a fall of 6.2% but only a decline of 1.0% in incorne. 40.0 urplvs/lDeficitl before other inslllossesl er gainslllossesl 58.3 126.91 11.61 nderI￿n& operdtlngsurpl defidt) 3L4 14.1 The financial ststements for the year ended 31 July 2021 consolidate the resutts of the University. its subsidiary eompany Universty College Cardiff Consutsnts Limited and the jolnt ventures Comwund Semiconductor Centre Limited and Cardiff Medicentre. Student Fees (£ml & FTES (OOO'S) 30k £250m 25k £200m 20k £150m lltll 1Sk £IOOm Iok E50m sk 16117 17118 18119 19120 20121 otne & EU Fees Overseas Fees Tolil tiudeni FTES 27

Financial Review Our student bc*Jy of 26,670 students made up as follows: Actlve management of expenditure continued throughout the year. Student Numbers 2020/21 2019/20 Total expendituie, excluding the USS pension provision, increased by 2.7% to £570.8m. Undergraduates Postgraduate Taught tgraduate Research 20,116 5,081 19.301 5,209 Expenditure by Category 1,473 1.709 Home & EU 21,725 20.967 Overseas 4,945 5,252 We received a significant Increase in grant income this year from HEFCW. The increasefrom £78.2m to £109.5m included an addition81 £28.9rn representing the Universty's share of Welsh Government COVID-19 funding for the sector to support students, Staff and facilities durirbg the pandemic. Despite the challenges of COV1￿19. including access to laboratories. and a focu5 on teaching research activity was maintsined and generated an unchanged £112.7m of income althou01 new awards secured in the year fell slightly. Other income saw a drop in the year as public seetor contracts declined during the pandemie. This also affected conference and tatering income although income from residences remained strong despite a low level of rebates to students. 14%

Academic departments

IbAcademic Services Research grants and contract$ Other service5 rendered Residences, catertng and conferences Premise5 Administiation and central service5 Other expenses Depreciation, interest & finance £05ts Recruitment Gontrols and low inflation have meant that staff costs grew by l.l% in the year despite 2.4% increase in awefage stsff nUMtrE￿. Staff costs as a proportion of income reduced frc¥n 57.3% to 54.5%. Operating expenses increased by £13.Om to £187.9m in the year as we dealt with the impact of the pandemic. Despite savings in travel and ¢)vethead costs the University spent £18.5m on supportingstaff and students, and on maintsining a safe campus through the pandemic. 28

Financial Revlew Pension Pfovislons set to increase The Universities Superannuation Scheme ILISSI of which Cardiff is an employer member Pfovides pensions for academic and professional staff. The University's financial statements reflect the actuarial valuation as of 31 March 2018. when the scheme had a deficit of £3.6bn. The USS Trustees are required to put in place a recovery plan of which Cardiffs share has reduced from £84.6m to £84.1m. The Unlvetslty retained an werating cash surplus in the year of £84m or 13.3% of income. AfteT the proceeds of the bond issue and the cost of investments, the cash reserves of the Universty increased by £23.6m to £148.6m. At 31 July 2021 the Universty's avallabk cash reserves and investments totalled £474.2m12020 £340.7m) reflectingthe irnpact of the tx)nd issue. The University is in a strong p05ttion finan(ially to deal with any future financial challenges. Since the yearnd the USS Trustee5 have agreed a further valuation as of 31 March 2020 which saw the deficit increase to £16.Ibn. This will result in an increase of £157m in the curient provision of £84m which will be refiected in the University's 2021122 financial ststements. Capital experKliture peaks at£133m This year saw the highest level of annual capital spencj in the University's history at £133.Im as the current Investment programme reached its pea sIn￿ the yearend we have been able to open Abacws, our new Sch￿1 of Mathematics and School of Computer scien￿ and Informati￿, the iconic Centre for Student Life, an upgraded Bute Building to accommodate the Welsh School of Architecture and sbarclspark our new innovation eentre. The Translational Research Hub. the last m8jtsr development in the current programme, is due to open in 2022. Folbwing the completion of the Cardiff Universty Pension Scheme's 2019 valuation the University undertook a sirateoc review of the defined benefit scheme. This resulted in a consultstion with members to close the scheme to new entrants and to amend the benefits structure. The changes to the Scheme were apwoved by Council and will be implemented from IS¢ January 2022 along with ¢Jefined contribution scheme for new entrants. Operatlng cash surplus of £84m retsined to support Investrnent Investmerrts The recovery in stock markets over the last year enabled the Universfrty's investments to grow in value by £34m. During the year the Univèrsity Incuired a net interest cost of £7.3m although this Is significantly offset by the unreallsed growth in investments. Movement in Cash and Investment Reserves £m During the year the University was awarded a £65m five-year grant lo deliver the International Learning Exchange Programme on behalf of the Wels GovernmenL The stheme will enable learnèrs arKI stsff from Wales to continue to benefit from international exchanges in 8 slmilar way to Erasmus+ butwill also enable ￿ inward mobilityof individuals from abroad. The scheme will be administered through a wholly owned subs￿l8ry company. Slnce the yearnd the University has become a partner in SETsquared. the worl¢J's topranked university-business incubator. Thts will add signfficantly to our ambition to turn research into real-world economic and social enterpris&8. £115m E474m £450rn £84m £41m £350m £841m £26m E3tM)m 133ml E25Om E2￿)rn 29

Financlal Rovlew Borrowings Borrowings at the year*nd totslled £430.Im of which the public bond totalled £421.6m. This incurs interest of 3.1% p.a. and is repayable in 2055. Moody's have assessed the bond as Al with a stable outlook. The University's ExecutNe Board ￿gUlarlY reviews our key risks. The principal risk5 to the University and how they are being mttigated ere shown in the tables on page$ 31to 33. During the year the University issued a further £IOOm nominal value of its £300m 3% 2055 bond. The bonds were issued at a premium to their nominal value resulting in proceeds of £128m net of costs. The proceeds will be used to invest in teaching and research, in particular our digital teaching strate&v and our medical faciltties. A cauttous flnancial outlook Whilst we face some significant tK)litical a￿1 economic risks and continued uncertainty aboutthe obal pandemlc, we remain caLrtiOU5 Optimistic about the future. The successful completion of our major capitsl investment programme creates some exciting opportunities for our teaching and research activities. The University has set aside £59m of reserves Into a tr&nd repayment fund that is invested on a total retum basis with the objective of being able to fund the repayment of the £400m LM)nd in 2055. We have been encouraged by the strong demand from students to study at Cardiff and we will continue to focus on providing students with a positive experience in a safe campus environment. Ouring the year the University agreed a three year £20m Revolving Credit Facility with Lloyds Bank to cover working capitsl requirements. To date this facility has not been used. This will require continued investment in teaching support. We expect extEnditure to increase as we return to more On￿mp￿S activits'es. The loss of one-off inwmesuppK)rt duiingthe pandemic will put added pressure on our financial performance that require continued strong rinan¢ial management. A strengthened Balance Sheet At 31 July 2021 the University's consolidated net assets had grown 9.5%to£676m12020£618rnl of which £314m or 46.4% represented unrestricted reseNes. The University has successfully managed the many challenges of the last year due to the significant Cornmrtment of our stsff. Whilst not refiected on the balance sheet of the University they remain our most important and valued ass&L The Universty has a strong balance sheet and sufficient liquidity to deal Fositively with the uncertainties and opportunities that the future holds, Signrficant risks stlll ahead Despf(e successfully mana@'ng the challenges of the pandernic the University still fa￿ some significant uncertainties and risks. Future U.K. and Welsh Government policy could have a major impact on the funding of higher education. The global response to the pandemic may affect the international student market while at home the 5ectorfaces major challenges on pay and pensions. Rolxrt Wlli8mg Chief Financial Officer 24 Novern￿r 2021 Despite these challenges we remain focused on delivering an excellent student experience alongside our five priorities of the health and wellbeing of our staff and students. maintsining financial sustsinability, improving student satisfaction and experienee. supporting research grants and contracts and continuingto contribute to our civie misslon. 30

Financial Revlew Rlsk area R15k deSai￿on Risk management Staff The University is unable Atsskforce is in placeto overseetheoperational aspects required Wellbeir)g and to maintain its duty of for a safe workingenvironment for stsff and students who retum Welfare care to staff. to campus. An Organisational COVID-19 RiskAssessment is in placeto reflect Welsh Government requirements and supwrt Increased activity on campus. The University'5 coronavirus screèning service has received stage 2 lof 31 of accreditation by UIIAS and will continue tr> test asymptomatic staff and students (fft campus. An external mental health and wellbeing programme will b8 delivered to line managers across the Univers(ty in 202y22 to help them 5UPPOrt staff. The Universty has ststed r(s commitment to addre55ing workload through a Wort<load Steering Group wtth College PVC membership and a Workload Operations Groups. Qther measures include redistributing tuiees where appropriate and introducing an appointment-based s￿teM for l-l studenvstaff interactions. Student The Universtty is unable The University's coronavirus screeningserv(ce has received stage Wellbeingand to maintsin its duty of 2 lof 31 of aecreditstion ty UIVS antj will continue to test Welfare care to student5. asymptomatic staff and students on campus. Investment in key frondine staff in areas such enrolment and student Life Servtces. Maximising vaccinatr'on take up through preérrival advice to get vaccinated before starting university and vaccination pop up sites being established for the start of the year. Data gathering to understand va￿InatIOn reach in the student population and enabling targeted advice and follow up for those not partially or not vaccinated. Flnanclal Sustsinability The University's The University depw detslled budget control monitonng operational costs and procedures are in place. Zero-b8sed budgetingwas introdu￿¢ for capital plans outweigh the 2020/21 academic year and a breaK*ven budget agreed for the income thè 2021/22. University can generate There are regular discussions between Recruitment and or receives In grants. making It financially Admissions and Fonance to model fee income. unsustsinable. Research and Change projects are assessed for retum on investment to ensure delivery on expectsd benefits. New spend commitments have been reduced through recnjitment controls, delaying capital spend and reconsidering the pace of transformation projects. Throughout the current pandemic members of Council and the Executive Board have met regularly to review the financial position and mitigating actions. including revenue generation. cost controls. cash management and financing options. All mitigatingactions have resu￿￿1 in a further improved financial posltion. 31

Financlal R•vlew Rlsk area Rkqk descrfptkin Rlsk management Capitsl Programme The Capital Programme All capit81 programmes are subject to detailed business case is not delivered to time. budgets and cost monitoring thrwgh irKJiv4dual steering boards budget or specffi'cation. and University Executlve Board. Caprtal projert progress reports with detsiled action plans to address slippages and consolidated portfolio risk registers (with mitigating actionsl are presented regularly to Portfolio Groups for review and discussion. A finance re￿rt is presented to each Portfolio Group highlighting any potential budget pressures and over-runs on a ￿onthlY basis, including detsil on risk/contingency budget drawdown. Student Recruitment The Unlversfjty fails to The Unlversity's Re¢ruitment and Admissions Strategy Group has recruit and retain a delegated authority to take strategic aCtiOr￿ in ￿latiOn to strategie8lly desirable recruitment, to ensure target entrants are meL Student numbers number, Quality and are reviewed and monitored by this group on a regular basis to dbversity of students, ensure that the University Executive Board has clear sight of including high-quality EU predicted enrolments. and international students. SchrL)I/College conversion actovlties ineludlng offer hold ccYnms/online tOLbrs. call/unibuddy campaigns. Virtual recruitment events and an enhanced eface provision. The Univer5tty's An overarching Research, Innovation and Enterprise Strate resear¢h activities are Group eontinues to ensure clear delivery of key goals within the signtficantly impacted research and innovation portfolio. reducing research income. A new approach to funder engagement successfulty developed and now being use(1 across the University: this will be additionally enhanced bythe appointment of a Funder Relationship Manager. Implementstion Df the strate@c entities review is ensuring a clear fo￿ard-lOOkIng focus for the University, to help deliver our strategic ambitions. build upon our research income and broaden our innovation portfolio. Research Activity and Income 32

Flnanclal Reviow Risk area Rl8k descriptlon Ri$k management Business Continuty The University 15 unable ￿ University has established seveTal taskforcesto deal wrth the to maintain ts key varying conditions with which we are faced including retum to operational tssks during campus operations and further outbTealfs. These taskfoices ever changing rewew and consider all operats'onal decisions for approval ty condityons. University Executive Board. The University is unable Implementation of the Education & Students Sutrpstrategy plan is to Provide a high4Juality underway wtth actions aimed at making significant change to learning expwience to student experience. its studen Opening of the Centre for Student Ufe will proviije signrficant social study spaces. Extended remote stuty is being made avallable to intemational students on selected programmes. Cyber Security The Universitysuffers an Key policies and pro¢￿ureS are in place and Information Security information secvrty training is mandatory for all stsff. breach as a resLTrIt of a cyber-attaclL Multi-Factor Authentieation is required to 8ccess systems and Cybei Essentials and (¥ber Essentials+ Ce￿riCal•0n obtained. Student Experience Regulatory Compliance The experiences significant breach laws and/or regulations Universty Key policies and prrKedures are In place a￿1 mandatory trairbing a Ss undertaken for key compliance areas. Exiemal validation of prowsses is undertaken where availa1￿e. Cross-university workbng groups in place for key areas such as Information Security. fraud and financial compliance, UK Visas and Immigration la division of the Home orricel to periodieally review and update working practices. The volatility in the Strategic reviews are undertaken on a periodic basis following valuation of pension triannual pension scheme valuations. The university engageswith assets and impact of other institutions to agree prgposed mitigating changes with changes in actuarlal respect to the Universities Superannuation Seheme. These are assumptions expose the subje¢i to member consultstion. university to significant movements Contribution and investment Strate￿ plans are managed by th8 reserves. Scheme trustees. In conjuncth)n wrth short-tem) Ilability managemenL Pensions RobertWllllam8 Chief Financial OffI￿r 24 November 2021 33

Publlc Beneflt Statement Cardiff University is 8 re@stered charity Ino. 11368551. It exsts to create and share knowledge and to educats for the benefit of all. Its Royal Charter, first granted in 1884, sets out its constr(utional arrangements and objects. Emb(xJied within the objects is the fundamentsl principle of the advancement of education. empowering the Universty to research, tea¢h, examine and award degrees. The objects also contain obligations to develop the character of students, promote health and Welfar￿eSpecIallY in Wales-and contribute to social, cu￿Ural and economic development. A member of the Russell Group of researeh- intensive universits'e5, Cardrff University sees fundamental research as essential to hLsman aspiration and critical to the clevelopment of cultural artefacts. technolo&'es and services that improve the quallty of I￿e for all. In setting and reviewing the University's objectives and activities, the University's Council has had due regard to the Charity Commission's guidan￿ on the reporting of public benefit, particularly its SUp￿ementsry guidanGe on the advancement of education, R88ear¢h and Innovatlon This year has tsen ex¢eptional in the face of the obal pandemic. Through its research.. the Universrty has been fast acting in its response and is actively contributing to COVID-19 recovery efforts both in relation to tsckling the disease and combatting the wider societal challenges rx)st- Cov1￿19. We have continued to support our staff and students during this drfficulttime, ensuringthat where safe and p)ssiiJe to do so, rese£rch has ontinued allowing usto contributetowardstsckling critical global issues that require cross disciplinary ¢(￿peratIC￿. For example, our researGhers are addressing major challenges facing society, the economy and the environment in Wales. in the UK and globally, delIVer￿ng breakthroughs in areas such as Alzheimefs disease and mentsl health, compound semiconductors, gravitatlonal waves, climate change and creative industries. The University has also established itself as the Home of Innovation with implementstson of new innovation Strate&v ensuring that the impacts from Its research make a difference. often working in partnership with business. public and third sector organisations. We are investing in bespoke facilities for innovative collaborations with industry. govemment and wider society, and enhancing support for students to erbgage in innovation and entrepreneurial trainin& This ensures all members of Cardiff University can contribute to the growth of the knowledge economy. AlIg￿d to our Q'vic Mission activitbes, our researchers also work with local eommunities, 5UPPOrting new foms of education and 50cio*¢onomic change in our region. The Way Forward 2018-2023 (Recast COVID-191 sets ouithe University's stratewc themes. which are summarisea below. Educatkn and Students The University provides an educationally- outstanding and consistently hIg￿Uality student experience. driven by creativity and ¢uriosity, which seeks to enhance learning and support student life. Duringthe unprecedentecl times of covif&19. many aspects of our provision have been provided in a remote, Online and now blended environment. and students have benefited from continued online SUPPOrt and education provision to allow them to progress, graduate and gain employment or further study. Our piiorities remain to provide a high-quality student experien￿. maintain acadèmlc stsndards of our degree5 and ensure the safety and wellbeing of our stsff and students. Building on our strong track record in widening participation, we continue to prioritise ensuring that students Irom a variety of backgrounds have access to the benefits of higher education, and this is also oupled with WOTk on retention and student sU¢¢e￿. In our blended provision. combinlng face- ttsface elassroom methods wlth computer- mediated activities oronline provision, students are benefrtting from a pedagogic high-quality approach to digttal learning which permits them to succeed, and to continue on their inspiring education journey. 34

Publlc Benefit statement Intematlonal Cmc MtS8lon In response to the social and health crbsis caused by COVltk19, the University has reshaped its civbc mission. It is committed to using its research strengths. expertise and knowledge to help overnment. healLh seNices and wider scciety to revive and renew the Welsh economic, social and cultural landscape in response to the pand8mi The University's research strengths will be uiilized to make greater civic mission contritxjtions to new societal challenges faced by Wales, aligned to successful revival and renewal. Supporting job creati¢)n is of paramount importance given the ecOr￿mie impact of the virus. The University Is a global InSt￿UtiOn with ovei 9,500 (more than 25% of the total student body) Intemational students IEU inclu(ledl from morethan 130 ¢ountries and formal links with mre than 300 institutions worldwide. tt collaborates with business and education partners all overthe wortd. including formal strategic partnerships wrth Xiamen University and Beijing Normal Universbty In China. University of Campinas in Brazil. University of Bremen in Germany, and UnivetBity of Waikato in Newzealand. The Universrty's strong links wtth institutior worldwide mean that many of its students have the opportunity to study, work or volunteer abroaij. It attracts the highest calibre of academi(3 and feseafchers from around the WOTld. International stsff make up more than 30% ofthe academic b￿, enhancing the learning experience for students and bringing a global perspective to ts research. Its researchers wllaborate wrth partners wortdwide to tackle global issues as climate change adaptation for improved food and water securty, mitigation of C02 emissions through storage in coal deposrts. and the genetic architecture of mental disorder& Now more than ever, the Universrty will continue to contribLrte to inTh)vation in education with primary and secondary schc<>ls and further education colleges. Its partnership with the NHS will achieve much greater salien￿. The Universty has a strong sense of place in the Cardiff and South Wales regon and will corbtinue to enhance arKI Celebrate the WelsN8nguage culture of its campus in1Sne with its WelslFLanguage Strategy. In the past 18 months, they have also tvrrEd their expertise to supporting the ¥obal response to the COVID-19 pandem￿. Through its long-standing partnèrship with the University of Namibia. the University has been able to alleviate the surge in COVID-19 cases in Namits'a. This has included vaccination project for some of the most disadvantaged of Namibia's people and organising a donation of more than £7m worth of clinical equipment and PPE. 35

Statement of Corporate Governance The University's legal status derives from a Royal Charter first granted by Queen Victoria in 1884 to found the University College of South Wales and MDnmouthshire. The current charter (known as a Supplemental Charterl was approved in 2004 and sets out the purpose and powers of the University. Embodied within it are fundamental principles such as the University's power to teach, examine. carry out research and award degrees. Its objects. powers and framework of governance are set out in its Charter and its SUPFYJrtingStstutes. the latest amerKlmentsto which were approved by the pri￿ Council in 2021. The University reOstered as a charity in 2010 111368551. The Charter and Statvtes require the University to have three separete ￿)dIeS, each wrth clearly defined functions and responsibilities. to 0vets￿ and manage its activities: The Universty undertakes regular Council effectiveness reviews and underwent a Governance Effertiveness Review this year, conducted by Dr Jonathan Nicholls. an extefnal consultant. The Review focused on the cultufe of Council and its relationship wrth University Executive Board and Senate, and the effectiveness of the sUppO￿ng governance structures. The Report co￿luded thatthe University's overall governance effectiveness is satisfactory, with no material weaknesses. The review offered a number of recommendations for improvement. in the areas of culture. engagement and communication. and the streamlining of ￿MmIttee business and Council's focu5 onto strategic matters. Many of the initiatives were already planned or underway, but others require significant work and/or discussion with Senate prior to implementation. An action plan has b￿n developed to supportthe implementation of the recommendations approved by Council in July 2021. In 2021 the Govemance Committee reviewed progress against a number of outstanding re¢ommendations from earlier reviews governance, includingthe Powell Review, Governane£ Arrangements internal audits and the Governance Charterfor Wales and the ComMitn￿nt toAction. The Governance Committee receive regulai progress reports 8gainst these artions and substantial progress has t)een made against these recommendatlgns during 2020/21, where the University is not already aligned. The University is committed to the highest standar(ts of opènness, probity and accountsbility. and seeks to conduct its affairs in a responsible rnanner and has in place a Whistleblowing (Public Interest Disclosure) Policyto enable stsff, stu¢Jents arKJ other members of the Universityto raise wicernswhich are inthe public interest. Councll The Council is the governing body and thus the supreme authority of the University, which meansthat it is uttimately accountsble for the conduct and activity of the University and rts representatives. The Council is responsib￿ for the administration and management of the affairs of the UnSversity and for &g￿el￿g the general strate@c direction of the institution. The Council is committed to conducting its buslness in accordance with the Nolan principles identified by the Committee on Standards in Public Life Iselflessness, integrlty, obje¢Xivity, accountsbilty. openness, honesty and leadership) and aligned with the C<>mmittee of University Chairs ICUCI Higher Education Co(le of Governance publishetl in September 2020 and the CUC Audit C￿nmIttee CLxle of Practice Imay 20201. In the preparation ofthis statementthe Council of the University has had regard for the guldance i&8ued by the Charity Commission.. that there was no element of the CUC HE Code of Govemance with which the Unlversity's practice was rbot consistent: and that the Univer5ity'5 fundraising Folicies and practices are fully aligned with the Fundraising Regulator's requirements set out in the University's Code of Fundraising Practlce. No fundraising complaints were recelved during the reporting period. The University's commf(ment to all furKJers of the University, arKI additional eommitments to philanthropic donors to the Unlversity is available on the University's webslte: ww.cardiff.ac.u Overtheyear, we have utilised the positive benefits of remote working to Communicate with key stakeholders on a variety of activrties. Council Development sessions have involved the StutJents' Union. University Executive members, Directots of Professional SeNices and representatives from the Centre for Education Support and Innovation, to discuss developments such as academic provision and the diotal transformation. Representatives from Advance HE. HEFCW and legal professionals have also been Involved in OUT development schedule. The governing body have been consulted on their preferences for future stakeholder engagement. The council has a majority of members from outside the univers￿ Ide5cribed as lay membeisl. Cwn¢il membership also includes staff and students. ￿n¢11 lay members are recruited in an open, fair and transparent manner and due Tegard is given to equalrty and diversity. the need to balartce skllls and expertise as well as geographical location. htt other-wa t 30

statement of Corporate Governanc• With respect to ly)ardroom diversity, we continue to build on our Strate0¢ Equality Plan action5 to prorwte and develop an inclusive lintemall culture and govemance by addressing diversity of decision- mgking committees. We have improved our data capture. and guidance on Inclusivity for commtiee meetings and use thls to inform lay member recruitment and induction. Councll members also received a session on race to discuss and reflect on these matters. In 2021 we became a launch partner with Perrett Laver's Governor Apprent1￿hIp Scheme, apwnting our first governor apprentice to stsrt in 2021-22. The scheme supports boardroom diversity by enalJing a diverse and talented pool of candidates otherwise lacking In board room eXper1er￿e. to gain that ex￿rienCe. The Nomlnations &Jt>Committee la sutKommittee of the Governance Committee) 1$ responsible for overseeing the recruitment piocess and recommending new lay members to Council for approval. Eath year the Committee rewew a schedule of lay memtrship to review term end date5 to consider succe&8ion plannin& All vacancies for Independent Lay Members of Council ?re communicated to staff, students and current members of Council, with expressions of interest particularly welcome from under-representsd groups. In 202￿21 the proce&8 for the recruitment of a Chair and Vic>Chair of Council was agreed. Approval by the Council to enable erternal recruitsnent of the Chair of Council has led to greater opportunities to Increase diversity amongst our rnembe￿. Arrangements for the succession planning of key Senior Executive roles is curnently under review. Lay members do not receive any paymen¢ apart from the ieirnbursement of expenses. for the work they do for the University- On appointmenL Council members are required to complete a Reoster of Interests entry. The current Register of Interests is publicly available on our websrte: Team. Feedback is collated from all members of Council to inform an annual development schedule. The Chairof Council holds an annual appraisal with all members of Councll and thi5 feedback is used to inform and Improve the effectiveness of the governing body. Audit 8nd Risk Committee also condurt an annual review of their effectivenes& which in 2020/21 was via a selfvaluation suNey. The next Governance Effectiveness Review is planned for 2024. Accountsble Offleer The chief execLrtive and principal aoademlc and administratlve officer of the University Os the Vic Chancellor. who has a general responsibllity to the Council for maintsining and promoting the efficiency and good order of the University. Under tfve temis of the Memorandum (( Assurance and Accountsbiltty between the University and the Higher Education Funding Council for Wales, the Vice- Chancellor is the A￿untable Officer of the Universty and in that ￿paCity can be summoned to appear beforethe Audlt Committee ofthe Welsh GovemmenL Management As chief executtve of the Universty. the Wice- Chancellor has responsibility for the developfflent of Instttutional strategy, the Identifi￿tion and plarbnir)g of new developments, and the shaping of the instttutional eth(&s. The Deputy Vicechaneellor, Pro- Vice-chancellors, University Deans and the senior professional officws all contribute in variou5 ways to these as￿ ofthe worK but ultimateauthority rests with the Coun¢il. www.card' oun Throughout the 2020121 academic year. the Council met six times and approved a number of business cases, reviewed strategc direction and decision making across a number of university activities to include a Welsh Language Strategy. the Centre for student knfe and the Cardiff Innovation Campus. Coun¢il ha5 continued to oversee the ongoing University response to the COVID-19 pandemic. All new members of Council receive an induction to the University and their responsibilrties as a member of the goveming b(Idy. There is an annLFal development programme which focuses on sharing information and creates OPPDrtunities for discussion for Council members and the University's Lxecuilve 37

statement of Int•rnal Controls Prfnclpal Rlsk and Sfftm of Intsrnal Control Considering the completion of the approved audlt plan for 2020/21 and the supporting information: the University's arrangements for risk managemenL control and governenee. and value for money and daka qualty are adequate and effective. COU￿1& has responsibility for maintaining a sound System of intemal control that supports the achievement of the Ur)iveTsity's pdicies. aims and obje¢tives, while safeguarding publie and other luThJs anLI assets for which r( is responsible. The system of intsmal control is designed to manage lather than eliminate the risk of non-achievement of policies. aims and objectlves: it can therefore only provide reasonable and not absolute assurance of effec￿veneSs. The $￿teM of internal control is based on an ongoing pr(tess designed to identify the principal risKs to the achievement of the UniveTsity's policies. aims and objectives, to evaluats the nature and extent of those risks and to manage them effectively. Council confirms that this process has been in place and operating effectively for the year ended 31 Ju 2021 and up to the date of approval of the financial statements and accords wrth HEFCW guidance. The Vlce Chancellor is the Universty's Accountsble Officer, responsible for providing HEFCW wrth ¢lear assurances that the institution has an effective policy of risk management. The University Secretary is the Chief Risk Officer, responsible for promoting effective risk m8n8gement across the University. The University Executive Board has responsibility for the management of risk acr¢)ss the University, assessing the Universrty's risk appetite. uwlating the University's Strate￿.¢ risk ￿gISter and reporting on risk to the Finance and ReSoUr￿S Committee, Audit and Riskcommittee. and Courtil throughout theyear. The Universty operates a hierarchical system for risk management. Risks within individual teams and projects are reported to the relevant school or department on a quarterly basis. The schools and departments then escalate any kty risks to the Colleges and Professional Services Board for consideration and inclusion in their risk reetstets. Colleges and Professional Seryices Board then report their risk re￿SterS to the University Executive Board on a quarterly basis. This ensures that governance. management. reputational. quality and financi81 risks from across the University are considereil for irwrporation into the University's strate￿¢ r¢sk rew'ster. AS the governing body. Couneil has responsibllity for reviewing the effectiveness of the system of intemal control. It meets at regular intervals to consider the plans and strategic direction of the instituts.on and receives assurance reports from the Chair of Audit and Risk Committee concerning intemal control. The Audit and Risk Commrtigft receives regular reports from the Intemal Audit service. An independent oF4nion is provided on each report relating to the adequacy and effectiveness of the University's system of intemal control. together with recommendations for improvement. A summary of the work undertaken by the Intemal Audit setvice is provided in an Annual Report. The Head Df Internal Audit is unequivocally free to art in an independent anner in pursuit of her professlonal business and must not be fettered In thelr scope or reporting This provides an independent opinion on the adequacy and effectiveness of the University's arrangements for the provision of risk management, intemal control. governance and value for money aThJ ¢Jats qualty. For. 2020/21, the Unlversity wntinued to produ￿ a merged risk reporting structure which combined teaching and assessment, student lrfe, research and operations with school/departmental/operational grwp systems, thefocus of risk reports'ng beingon the former. Risks identified in the strategic register were also cascaded down the hierarchy to ensure th8t the mitigating actions required were put in place. All staff have a part to play in protectbngthe Unlversity from undue exposure to risk, whether rep￿atIOnal, financial. legal or in temis of its core activities of teaching and research and are encouraged to be aware of the implications and wtential Consequen￿ of theii actions for the University. 38

R•sponsiblllties of the Councll of Cardiff Unlverslty In accordance with the Unlversity's Charter. the Council is reSpr￿SIble for the administration and management of the affairs of the University, including ensuring an effective system of intemal control. In preparlng these Flnanclal Statements, Councll Is requlred to: select suitable accounting polieies and then apply them consistently. obseNe the methods and prinoiF4es in the Statement of Recommended Practice.. Accounting for Further and Higher Edueation 12019 editionl. make judgements and estimates that are reasonable and prudent. The Council 15 responsible for ensuring th& University and Group ￿nancIal Statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice (Untted Kingdom Accounting Standards. comprisbng FRS 102 'The Financial Reporting stsndard applicable in the UFÉ and Republic of Ireland" and applicable lawl. the University's Charter, the Accounts Direction issued by HEFCW. the Ststement of Recommended Practice: Aceounungfor Further and Higher Education Institutlons, the Charities Act 2011 and other relevant accounting standards. Within the terms aThJ condltions of a Finawial Memorandum agreed between the HI￿er Education Funding Council foi Wales IHEFCWI and thecouncil of the Univetsity, the Council. through rts Aceountsble Officer, is required to prepare Financial statements for each financial year which give a true and fair view of the state of affairs of the University and rts subsidiaries and of the surplus or deficit, statement of movements on reserves and cash flows for that year. The Council is responsible f keeplng adequate accounting records that are sufficient to show and explain the Universitys and Group's transactions and disclose wrth reasonable awuracy at any time the financial posiUon of the University and Group and to enable it to ensure that the Financial Statements comply wtth applicable law and regulations. The Council is also respLMsible for safeguardingthe 'assets of the University and Group and for taklng reasonable steps for the preventions and detection of fraud and othei irregularities. state whether applicable UK AGGounting Standards, comprising FRS 102. have been followed, subject to any m8terial departures disclosed and explained in the fina￿181 ststements: and prepare the financlal statements on the going con￿rn basis Unless it 15 Inappropriate to presume that the Universty will eontinue in business. The Councll has tsken reasonable step8 to: ensure that funds from HEFCW. Welsh Govemment and other Funding Bodies are used only forthe purposes for which they have been @ven and in accordance with the HEFCW Memorandum of Assurance and Accountsbility and Finarbcial Management Code: and any other condrtions which HEFCW or any other Funding Body mayffom tlme to time prescribe. ensure that theie are appropriate financial and management controls Sn pla￿ to safeguard public funds and funds from other sources. safeguard the assets of the univers￿ and its subsidiaries and Prevent and detect fraud., and secure the economical. efficient and effective management of the resources and expenditure of the Univefsity and Its subsidiaries. Any system of intèrn81 financial contfol can. however, provide reasonable, but not ab501ute, assur8nce against material misstatement or1055. On behalf of the Council PrOf￿0T Colin Riordan Accountable OffI￿r 24 November 2021 39

Indep•nd6nt Auditors¥ Report to th• Council of Cardlff Universlty Report on the audit of the financial statements Independence We Temained independent of group in aC￿r(lanCe with the ethical requirements that are relevant to our audrt of the finaneial statements in the UK. which includes the FRC'S Ethical Standard, as applicable to listed public interest entities. and we have fulfilled our other ethical responsibilities in accordance with these requirements. Oplnlon In our opinion. Cardiff Universlty's group financial statements and institutionfinancial ststements (the 'financial statements'l: ve a true and fair view of the state of the group's and of the institution's affairs as at 31July2021 and of the ￿0Up,$ and nststution's income ar)d expenditure, gains and losses and changes in reseNes and the group's and institLrtion's cash flows for the year then ended- have been properly prepared in accordance with United Klng¢Jom Generally Acoepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 Yhe Financial RepDrting Standard applicable in the UK and Republic of Ireland.. and applicable lawl,. have been properly prepared in accordance with the requirements of the Statement of Recotnmended Practice Accounting for Further and Higher Educats'on,. and have been prepared in aceordance wlth the requirements of the Charbties Act 2011. To the I￿st of our knowledge and belief, we declare that non-audit servicès prohibited by the FRC'S Ethical Stsndard were not provided. other than those diselose(J in note 10 of the fin£nei81 statements, we have provided no non- audit seNices to the institution or its controlled undertaking5 in the period under aLKlit. Our audit apwoach A￿Irt scope The group comprises the instttution and one subsidiary company The entities where we perfomied audit work accountsd for 100% of the consolidated income and expenditure and net assets We have audrted the fi.nancial statements, included within the Annual Rew)rt and Financial StatemeT)ts, which comprise: the Consoli(fated and Institution Statements of Financial Position as at 31 July2021', the Consolidated and Institution Statements of Comprehensive Income, the Consolidated and Institution Statements of Changes in Reserves and the Consolidated and Institution Ststements of Cash-flow for the year then ended- and the notes to the financial statements, which indude descriptlon of the significant accounting policies. Key audit matters Risk of fraud in revenue recognition Igroup and institution) Pension schemes (group and institution) Impact of COVIt>19 Igroup aThJ insts'tutionl Materiality Overall group materialty. £6.Om12020: £5.7ml based on 1% of income. Overall ins16tLrtion materiality. £6.Om 12020- £5.7ml based on 1% of income. Perforrnance materialty: £4.5m Igroupl and £4.Sm linstituty'onl. Our opinion is consistent with our repo￿.ng to the Audit and Risk Committee. Basls for Oplnlon We remained independent of the group in accor(Jance with the ethical requlrements that are Televant to our audit of the financial ststements in the UK. which includes the FRC'S Ethical Standard, as applicable to listed publie interest entities, and we hawe fulfilled our other ethical responsibilities in accordance wrth these requirements. The scope of ouraudlt As part of designing our audit, we detemined rnaterialrty and a￿esSed the risks of material misstatement in the financial statements. 40

Independent Audltorsl Report to th• Councll of Cardlff Unlverslty Key audit matters Key oudit matters are those matters that, in the auditors. professional jvdgemenL were of most signifi'cance in the audit of the financial statements of the current perioKI and include the most signiflcant assessed risks of material misstatement Iwhether or not due to fraud) identrfied by the auditors, including those which had the greatest effect on.. the overall audit strate￿- the allocation of resources in the audit,. and directing the effotts of the engagement team. These matters. and any comments we make on the results of our procedures there￿, were addressed in the context of our audrt of the flnancial statements as a whole, and in forming our opinion theieon, and we do not provide 8 Separate opinion on these matter This is not a com￿ete 1Sst of all risks identified ty our audit. The key audit matters below are conslstsnt with last year. Key 8udSt matter Risk of fraud in revenue recognition (group and instltutionl How our audlt addressed the key audit matter UrKler ISA IUKI 240the￿ is 8 Irebullobkl [￿uMpI10n that To ensur8 that Income was r￿QgniSed in 8￿rdanc9 %wth there are risks of fraud in rèvenue reCo￿rtion. Thère is a performance r¢kt6d condhion5 we obtsined the proj risk that the Vnivergity Could adopt accounling polic￿ or fundlng agreements for a Samp￿ of projects to deterrnine treat income transactions in such a way as to lead to the conditions under whlch revenue could be recogni8ed. materfal mbststement in the reported revenue W￿[￿On. By reference lo the performan￿ conditions ident￿led, w¢ Revenue recognitioTh is a parti¢ul8f tlsk due to Chan￿nE deiermlned whether the income had been reeognSsed bn contraetlngafrangements. aceordance wth these eonditbns. In addition, performed sample tests lo Check whether undertying expenl1tiu￿ had been approprkitely coded to the grants sampled to a hEh level ol assurance. We identlfled Ihat the risk of ftaud In re18tK)n to revenue was • signrfleant audrt rtsk, in parlicular whether the Univ8r5ity and Group were enlitled to recognise revenuè. For other Income strearns we tested the appropiiateness Th& maN)fhy of revenue ￿Qgn￿8￿ In Ihe Group and ol N)urnal entries using Cornputer A8SiStÈd Audit Univer5ty is not eomplex, with clear ￿cOgnItion points. Technique5. We loC￿8ed on unusualjourrral entriès whoch Research grant and contract 5ncorne (nots 41 of £112.8m credtied revenue. 12020.. £112.8ml is included in the financial statements and wasconsidered to be moresusceptlbleto manipulatlon tocause perfomi?nce related recognition conditions are specrfi¢ to indlvidual gfants. Q)nsequ8nlty, u￿re i% a risk that management could rn4nipulate income by overst8ting aeewab or understslingdelerrals ol Income. Ourwork did not ident￿anY Instsncas where performance crlterkq had not been achleved. From the procedures perfornied. wè found that th• amounts recorded and disclosures w￿h1￿ the Annual Reportare appropriai•. The risk reLgted to both the group and the institutK)n. Penslon schen7e5 (group and Inslitutionj Defined benefit schemes Thè group and the Institution participate In Iwo defined We obtslned the pension valuatlon reports for each of thè benefrt pension plans with aggregale net Ik8bilities ol two deflnèd benerrt schemes frorn the extsrnal actuary. £104.8m 12020.. £102.5ml. There Is also a furthw With the asslstsnce ofour intemal actuar￿1 spec￿lIS￿ we provlslon of £84.1rn 1202¢>. £84.8ml for d¢fIc￿l compared the prln¢ipal assumptions used in the valuation repayments in relation to 8 muKkernployer defined benefrt of the pension liability by th¢ erternal actuary to our hernE. the Unwer$￿e$ &Jperannuètion Scheme IUSSI. Intemally éeveloped benchmarks. The assumptions used This scheme i% tr￿ed as a defined Contribution schem were con$i8tent wrih our benchm8rk8. because it i not possible lo separ8tely idenltfy the assets and Ilabllitips of each member organisaiion of the s¢hern8. For the Cérdwf Universty PertsioTh Fund we tesled the existence and valuation of all penslon assets. For the Hower. a liatr*lty k% required to b8 recogntsed In respert Cardrff & Vale L￿81 Government Per6lon Scheme we of the future defic￿ repayments Ihat the group and lestellthescherne'sactuary'sroll-fo￿ard tralcUla￿On ofthe institution httve agreed to make. The liabilty is delermined share of plan assets attributabl¢io the Institutlon. For both by dlscounting the luture cash nows urtdei the defk sehernes we tested the underlying Mernbe￿ data used to repayment at an approprtate dw)unt rate. calculatethe defined benellt penskjn liabilrty. iISS liobANIty 41

Ind•pendent Auditors9 R•port to the Councll of Cardlff Unlverslty Each ol these Ikbllitles Ss si1￿￿¢can1 in the context of the We obtained the models used tythe grosjp and inst￿lutIon groupts and the instrtutlon's 5tstem&nts of flnanclal to detemiine ihe USS liabilty included In the 3¢¢oUn￿ We posltion. The valuation of the penslon liabiltty requlres used our Internal acluarial speuali5ts to estsbllsh that the signific8rÈt levels of judgement and techniG41 expertise in discount Tats used to quanttty the liBbilrty fell within an choosingappropriate assumptions. Change8 in 8 numberof awepl4ble range. We agreed that other princSpal a&8UmptiO￿ used in the rnodel were wnsigtent wlth the ey assumpts.ons (including salary Increases, irfflation, groups and institubon's bntem81 planningand foreca8tin& dk8eount rate5. and mortality rAtesl can have a material Impact on the calculation of the liability. From the procerjures perfom)ed. we found that the amounts recorded dksclc6ures w5Lhin the Annual Report are appropriate. The rssk rdatsd to tJ)th the gTQUP and the IN%tituth)n. Impact of COVlD.19 We have performed the f￿llYW1ngaUdrt procedurs covitk19 was decbred a Oobal pandernic ty the Worf¢ • Perfomied a ￿sk assessmenL Health organ￿￿10n IWHOI on 11 M8r¢h 2020 and the • Held dlscussions with management to un(Jerstsnd. in P8ndernie eontSnues to have an im￿cl on the economy. qU8litztive and quantitative torrns the Smpact ol Q)Vl This was considered as part ￿ the audr(. Th¢ Councll has 19 on th¢ institution's and VJOUP'5 opeTalions', conS￿ered the rlsks posed by Cov1￿19, a5 881 out in the Considered the impact cov1￿19 has had on 8r¢a8 Such Univerw Strgtegic Plan, the VI￿ chan￿110r.5 Review, the as the reeoverabllity ol debtor3 and gotng concem. In Financial Review and n(rte I to the Ilnancial ststernents. each case we performed certain &lditional proceduresto and concluded that whilst the disruption and economic validate explanations glven and to explore potentkgl impact ol the p3ndemic has had, and will continu¢ to have, esllmation unc¢rtainlies where relev8rrt and to explore an Impact on the r¢¥urts of the Instftu￿0n and group, Iher8 any Indicators of additional rL8k over ￿cO¥erabl1￿ty. Is rnlnlmal impact in areas, such as the assessmenl of Further infomiaiion on ourworkovergoingeoncem isset going concem, th8t are likety to affect a number of other out below in the sectim 'Con¢lusion r¢kting to golng inth'tuL¥)ns In Hither Educatlon. ¢oneem'; Road management's d￿cIlBUre$ in the knnuèl ￿port and financlal statements. The r￿( related to both th¢ group and the inst6tutioTr. From the pro￿ureS perfom)ed, we found that the amounts recorded and d￿lo¥Jre5 within the Anrtual R8w)rl are approprkte. How we tailore(i the audit 8￿pe Matsiiality We tailored the scope of our auditto ensure that we rformed enough work to be able to give an opinion on the financial statements as a whole. taking into account the structure of the group and the institution. the accounting processes and controls, and the sector in which they operate. The s¢ope of our audit was influenced ty our applieation of materiality. We set certain qvantitative thresholds for materiality. These, together with qualitstive considerations. helped us to determine the scope of our audit and the nature. timing and extent of our audit Procedures on the individual financial statement Ilne items and disclosures and in evaluating the effeGt of misststements tX>th individually and in aggregate on the financial statements as a whole. As part of de￿gning our audiL we determlned materiality and assessed the risks of material mi&£tstement in the financial statements. In particular, we looked at where the Council made subjective judgements. for example in ￿Spect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. Based on our professional judgement, detemiined materiality for the financial ststements a5 a wholeas follows, for both Group and Institution: Fin8neial Statemen￿. £6.Om 12020.. £5.7ml Qverall materiality The group comprises the instituiion and one subsidiary. We perfomed full scope audits on each enty'ty because they each required indlvidual statutory audtis. How we determined Il 1% of IrKome The full scope audits undertaken bythe group team covered 100% of group turnoverand 100% of group total assets. 42

Ind•p•ndent Auditors¥ Report to the Councll of Cardilf Unlversity RaÉionèle lor benchmark applied We considerthgt in¢ome ban appropriatè benchmark. recognlsin£ thal thg institution 1$ a not-for-profrt organisation. ond because income B an important driver rekvant assessing the disclosure wven in the financial staternents in respect of going concern and whether it wves a fair and balanced view 8ased or¢ the work we have ttrformed, we have not identified any material uncertainties relating to events or conditionstha( individualty or collectively. may cast significant doubt on the group's and the institution's ability to continue as a going concem for a perio(l of at leasttwelve monthsfrom when the fitbancial statements are authorised for 15sue. expendSture8. For the component in the scope of our group audit. we allocated a materialrty that is le&s than our overall group materiality- The materialty allocated to the ttbmponent was £65.0￿. The component was audf(ed to a local st8tut(¥y a￿JIt materiallty that was also less than ouroverall group materiality. In auditing the financial ststements, we have concluded that the Council's use of the going concem basis of accounting in the preparation of the financial statement5 is appropriate. We performance m8terialW to reduce to an appropriately l¢)w level the t￿babl1￿Y that the aggregate of uncorrected and undetected misststements exceeds overall materielrty. Specifically. we use performance materiality in deteTmining the SCO￿ of our audit and the nature and extent of our testing of account balances, classes of transactions and disc105ures. for example in determining sample sizes. Our performance materiality Was 75% of overall materiality, amounting to £4.5m f(x the group financial statements and £4.Sm for the instrcvtion financial statements. However, because not all future events or conditions can be predicted, this conclusion Is nota guarantee as to the group's and the institution's abiltty to continue as a going concern. (lur responsibil￿eS and the reS￿s￿bIlitIeS of the Council with respect to gung concern are described in the relevant sections of this reporL Reporting on 0th8r Inforniatlon In determining the Ferformance material￿, we considered a number of factors - the history of misstatements, risk a￿eSsMent 8nd aggregatlon risk and the effectiveness of controls and concluded that an amount at the upper end of our normal range was appropriate. The other intormation comprises all of the information in the Annual Report other than the financial statements and our auditors. report thereon. The Council is responsible for the other information. Our opinion on the financial statements does not cover the other Infomiation and. accordingly, we do notexpress an audit opinion or, except to the extent othe￿ise expliGiUy stated in this report. any form of assurance thereon. In connection with our audit of the financial ststements, our reswnsibility is to re￿ the other nfomation and. in doing so, consider whether the other Informatign is ￿terially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be material misstated. If we identify an appa￿nt material inconsistency or material mi&8tatement, we are required to perfom procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to repori that fact. We have nothing to report based on these responsibS11ts"e& Based on the reswnsikn'lities described al>)ve and our work undertaken in the course of the aud￿ ISAS We 8greed with the Audit and Rlsk Committee that we would report to them misstatements identified duringourauditabove £0.30m (group auditl12020'. £0.28) and £0.30m linstitution audit) 12020.. £0.28ml as well as misstatements below those amounts that. in our view, warranted retKJrting for qualitative reasons. Concluslons re￿IngtO golng concern Our evaluation of the Council. assessment of the group's and the instfrtution's atiilty to continue to adopt the going concern basis of accounting included: reviewing the cash flow forecasts of the Univeis¢ty, reviewing the adequacy of existing liquidity uncler base case and severe but plausible downside 5cen8rS0s, 43

Independent Auditors, Report to th• Councll of Cardiff University IUKI require us 8150 to report certain opinions and matters as described below. Irregulaiities, including fraud, are instsnces of non- compliance with laws and regulations. We design PTocedures in line wtih our reS￿nsi￿1￿1e$, outllned alJove, to detect material misstatements in respect of irregularities. indudingfraud. The extent to which our Procedures are capable of detecting Irregularitbes, InclLkllngfraud. is detsiled below. Based on our understsnding of the group and industry. we identified that the prlnclpal risks of non-complianee with laws and regulats'ons relatedto the Charttles Act 2011. the Higher Education Funding Council for Wales I'HEFCW'I Audit Code of Practice is5ved under the Further and Higher Education Act 1992, the Financial Management Code issued underthe Higher Education (Walesl Act 2015, employment and health and safety legslati(). and we considered the extent to whiL non-compliance might have a material effect on the financial ststements. We also considered those laws and regulations that have 8 direct impact on the financial statements such as the Ststement of Recommended practi￿ - Acwunting for Further and Higher Education. HEFCWS Accounts DirectK)n to Higher Education Institutions for 2020121 (W2y19HEI and the Charities Act 2011. We evaluated management's incentives a￿1 opportunrties for fraudulent manipulatlon of the financial ststements lincluding the risk of overri(Je of eontrolsl. and determined that the principal risks were related to wsts.ng of inappropriate journal entries to manipulate financial results and potential management btas in accounting estimates. Audit procedures tErfom)ed by the engagement team included: Annual Report Under the Charities Act 2011 we are required to report toyou if, in our opinion, the information given in the Annual Report is inconsistent in any material respect with the financial statements. We have no exceptions to report arising from this responsibility. Resportslbllltles for the flnancial statsments and the audlt Re5ponsibiliti88 of the Council for the flnancf81 statements As explained more fully in the Responsiknlrties of the Council of Cardrff University. the Council is responsible foi the preparation of the financial ststements in ac￿rdanCe with the applicable framework and for being satlsfied that they give a true and fair view. The Council are also responsible for such internal control as they detsmine is necessary to enable the preparatlon of financial statements that are free from material misstatemenL whether due to fraud or error. In preparingthe financial ststements, the Council is respongble for assessing the group's and the institLJtion's ability to continue as a going Gon¢ern, dis¢losing as applicable, matters ￿lated to going concem and using the going concem basis of accounting unless the Council either intend to liquidate the group or the institution or to cease (yrations, or have no realistic alternative bLrtto do Enquiry of management and those Charged with governance around actual and potential litigation and claims; Reviewing minutesof meetings of those charged with governance., Identfying and testing the validf(y of journal entries. in particular any journal entries posted with unusual account combinations.. AudTtor5' responsibilities for the audit of the financial statements We are eligble to act and have been appointed as 8￿jitorS under section 144 of the Charities Act 2011 and report in accordar￿e with the Act and relevant regubations maL* ￿ hawng effect thereunder. Evaluation of the adequacy of the design of managemerts controls to prevent and detect Irregularities., Designing audit procedures to Incorwrate unpredictsbility around the nature, timing oi extent of our testing and Challengingassumptions and judgements made by management in their si8hificant accounting estimates. Our objectives are to obtain reasonable assurance ab)ut whether the financial ststements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditors, 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 IUKI will always (Jetect 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 re8sonabty ￿ expected to influence the economic decisions of users tsken on the basis of these financial ststements. 44

Independent Audltors. Report to the Councll of Cardlff Universlty There are inherent limitstior6 in the audti procedure5 described ab)ve. We are less likely to become aware of instances of non-compliance with laws a￿1 regulations that are not closely related to events and transactions refiected in the financial statements. Also, the risk of not detectinga material misststement due to fraud is higher than the risk of not dete¢tingone resultingfrom error. as fraud may involve deliberate cOn￿alment by. for example, forgery or intentional M￿representatIo￿ or through collusion. In our opinion, in all material respec￿. the requiiements of HEFCW'S accounts direction have been met.. funds from whateversource adrnlnlstered bythe institution for specrfic purposes have been property applied to those purposes and managed in accordance with relevant lewslation., • inix)me has been ap￿led in a￿ldance with the instrtutlon's statutes; funds provided by HEFCW have been applied In accordance with the Memorandum of Assurance and Accountability and the Financial Management Code and any other terms and conditions attached to them- and funds provided by HEFCW h8ve been used for the purposes for which they were r￿1ve￿. r audrt testing might inelude tssting c¢)mplete populations of certain tfansactions and balances. possibly using dats auditingtechniques. However. it typically involves selecting a limtted number of Items for testin& rathei than testing Complete populations. We will often seek to target particular Items for testing based on their size or risk characteristics. In other cases, we will use audrt sampling to enable us to draw a conclusion abo the rx)wlab"on from which the samrle is selected. Suffld8nGy of r￿Counting records and Infomiatlon and explanations rec*lved Unuer Ihe Chafoties Act 2011 we are required to report to you rf. in our opinion- sufficient accounting record5 have not been kept ty the parent institution. or the parent institution financial ststements are not in agreement with the accounting re￿rdS and returns. or we have not received 811 the information and explanatbons we require for our audit. A further description of our responsib51ities f￿ the audit of the financial statements is located on the FRC'S website at: www.fr orsr onsi This description foms part of our auditors, report. Use of this report Thls report. including the opinlons, has been prepared for and only for the institution's Council as a body in accordance with Section 4 of the Charters and Ststutes of the institution and $8¢tion 151 of the Charities Act 2011 and regulations made under section 154 of that Act (Part 4 of The Charities (Accounts and Reports) Regulations 20081 and f no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose har¥Js it may come save where expressly agreed by our prior consent in writin& We have no excepUons to report arising from this responsibility. Appolntment Based on the information available, the latest date for which we were appointed as auditors is the year ended 31 July 1988. Based on the latest year of appDintment of 1988 the period of total uninterrupted en￿gement 15 33years, coveringthe years ended 31 July 1988 to 31 July 2021. Other required reporting Oplnlon on other mattets pre￿ed In the Higher Educallon Funding Councll for Wales <'HEFCW) AudR Code of Practice Issued under the Furtherand Hlther Educatton Act 1992 and the Financlal Management Code Issued under the Higher Education (Wales) kt 2015 Pricewaterhousecoopers LLP Chartered AGcountsnts and StstLrtory Auditots Cardiff 25 November 2021 45

Consolldated and Institutlon Statements of Compreh•nslv• Income Year ended 31 July 2021 Consolldated Ir$￿t￿￿on Note 2021 £'ooo 2020 £'ooo 2021 2020 £.(￿ £,( Income Tuition fees and education contracts Funding body grants Research grants and contracts Other inwme Investment income Oonations arKI end¢)wments 306,912 297.005 306,912 297,005 109,464 78.161 109,464 78,161 112,648 112,773 112,648 112,773 68,455 74,183 67.246 72,839 4,376 5.906 4,376 5.900 2,738 2,738 604.593 568,812 603384 567.462 Total Income Expenditure staff costs Staff costs - Voluntsry Severance Scheme Staff costs - inerease/{decreasel in USS pension ￿herne provision Other operating expenses Depreciation Interest and other finance costs Total Expenditure 329,331 326,077 329.331 326.077 482 2,394 10.21 2,394 155.2141 155,2141 10 187,852 174,852 186,699 173,639 40.644 40.382 40.644 40.382 12.498 13.465 .491 13,456 573.201 499.562 572.041 498,340 Operatlngsurplus before otrer galrB and losses Impairment of tangible fixed assets Impaimient of non-current assets Gain on disposal of norKurrent investments Gain on valuation of investments Share of cleficit in joint venture SLFrplus forthe year 31392 69.250 3L343 69,122 li 12,14 12 12,15 12.0611 12,OfK)I 726 34.463 13.7691 58.751 12.0611 15.1601 726 34,463 4,371 12.7421 70,879 4,371 $9311 73,493 Ckher Comprehensive Iw)me Impairment of tanwble fixed assets Actuarial loss in res ect of nsion schemes Totsl comprehertslve surplu8 for thg year li 25 12.8891 3,000 39,9701 39.970 58.862 30.909 59.422 33.523 12.8891 Represented by.. Endowment comprehensive income for the year R&stricted comprehensive expenditure for the year Unrestsicted com ehensive income for the ar 6.544 I￿8) 52.506 58.862 701 2741 30,482 30,909 6.544 11881 53,066 59,422 701 12741 33.096 33,523 All items of lrtome and expenditure relate to continuing activities. 46

Consolidated and Institutlon Statements of Changes in Reserv•s Year ended 31July 2021 Income and expenditure account Revaluation reserve Total Endcywmtnt Restricted Unrestrictsd £'¢X() £'OC(J £'ooo £'ooo £'ooo Balance at l August 2019 Surplus/ Ideficitl from the income and expenditure statement Other comprehensive ex enditure 38237 622 215,664 332.173 586.696 701 12741 70.452 70.879 39.970 39,970 Total comprehensive surplus/ldeficitlfor the year Transfers bets¥een revaluation and income and expenditure reserve 701 12741 30.482 30,909 6.277 252.423 6,277 325,896 Ba18Th￿ at 31 July 2020 Surplus / Ideficrf(I from the income and expenditure statement 617.605 11881 52,395 58.751 Other comprehensive income Trtal Lmjmprehensive surpluV(deficW fortheyear iii iii 544 (￿} 52.506 58062 Transfers between reserves Balance at 31 Juty2021 9.167 314.097 9,167 316,729 676.468 Institubon Income and expendf(ure accourrt End1￿ment Reslri¢led Unrestrscted £r)00 £'(K)O £'ooo Totsl £'ooo £'ooo Balance at l August 2019 Surplusl Ideficitl from the ncome and expendrture statement other comprehensive expendrture Totsl comprehensive surplu51 Ideficitl for the year Transfers between revaluation and income and expenditure resetve Balance at 31 Juty 2020 Surplus/ Ideficitl from the income and expendrture st8tement Other comprehensive income T¢)tal comprehenslve surplu5/ {defidtl for the year 38.237 622 214.757 332.173 585,789 701 12741 73.066 73.493 39.9701 39.9701 701 12741 33,096 33,523 6.277 254.130 16,2771 325.896 619.312 6.544 52,955 59,311 iii iii 544 (￿) 59.422 Trar￿ferS between reserves Balance at 31Juty 2021 9.167 160 316.364 19,167 316.729 678.735 47

Consolidated and Institutlon Statements of Flnanclal Position Year ended 31July 2021 Con8olldated Institution Note 2021 £'ooo 2020 2021 2020 Non-cuirent assets Tan￿ble fixed assets Investments li 12 934.275 7.598 941.873 846,797 9,264 856,061 934.275 6,146 940,421 846.797 10,634 857.431 Current assets Stocks Trade and other recebvables Investments Cash and cash equivalents 13 14 15 16 296 46,794 325.592 148.587 521,269 295 52,002 215.726 124,976 392,999 296 47,649 325,592 147,637 521,174 295 52.788 215,726 124,022 392,831 credIto￿.. amounts fallin Net current assets due wlthln one ar 17 166.708 354,561 1140,729 252,270 166,3251 354,849 140.224 252,607 Totsl assets less current liabilities 1,296,434 1,108,331 1.295,270 1.110.038 Creditors.. amounts falllng due after more than one year 18 1427.7211 1303.4171 {427,721} 1303,4171 Pension provisions Other provisions 21 1188,8141 1187,3091 {188,814) 1187,3091 22 13.4311 Totsl net assets 676.488 617.fy)5 678,735 819312 Income and expenditure- endowment reserve Income and expenditure- restricted reserve 23 45.482 160 38,938 348 45,482 38,938 Income and expenditure- unrestricted Revaluab"on reserve Totsl R88erves 23 314.097 316,729 676.468 252,423 325.896 617.605 316.364 254.130 316,729 325,896 678.735 619312 The flnancial ststements on pages 46 to 83 were approved by Council on 24 November 2021 a￿1 were Si￿ed on its behalf on that date ty- Professor Stuart Palmer Chair of Council Professor Colln Rlordan Vice£hancellor Robert Wllllams Chief Financial Officer 48

Consolldated and Instltutlon Statements of Cash4low Year ended 31 July 2021 Con801idaknJ In5tiiuUon Note 2021 2020 2021 £'ooo 2020 Cash from operatinga¢tiMtles Surplus forthe year Adjustment for noncash items Depreciation Impairnient of fixed assets Impaimient of non<urrent investments Share of operating deficit in jolrTrt ventures Corrgction to nonojrrent investment costs Noncash pension charge¥lcreditsl Increase in stock Decrease in debtors Increase/ Idecreasel in creditors Adjustment for investing or financing activities Capital grant income Investment income Interest payable New erKlowments 58.751 70.879 59.311 73.493 li li 40.644 2,061 40.382 40.644 2,061 3,160 40,382 3.769 401 2.742 394 152.9091 1551 3.157 14.8691 401 4,505 (i) 5,139 30,126 394 22 4.505 13 iii 14 5.208 17.18 30.1)Yl 152.9091 1551 3,037 14,7741 131,826} 121.5181 131,8261 121,5181 14.3761 15.9061 4,3761 15,9001 10.448 9.846 10,441 9,837 12881 11661 12881 11661 12 17261 17261 12,15 134.4631 14.7651 134,4631 84.112 37.212 84.109 Galn on disposal of r￿n.current investments Gain on current and norFeuiient investments (4.7651 37,056 Net cash inflow from operating activities Cash fl(M frixn Investlngartlvttle5 Capital grant receipts Investment income {Decreasel/ increase in depostts Payments made to acquire fixed assets Norrturrent investsnent acquisitions Non-current investment disposals Net c*sh l(yJtllowl from investing activities 26.346 13.594 26,346 13,594 4.376 5.906 4.376 5,900 12 175.2051 66,576 (75.2051 66,576 11 1133,071} 1104.3461 1133,0711 1104,3461 12 15711 17931 15711 17631 2.224 225 2.224 225 1175.9011 118.8381 1175.9011 118,8141 12 Cash flows ftom financing artmtles Interest paid Endowment cash ieceived Repayments of amounts borrowed Bond issue 110,8541 19,7281 166 {10,8471 288 {9.7191 166 {2.3451 17,18 18 12.2511 128.217 115,400 12,3451 12.2511 128.217 115.407 Net cash inflow/ loufflowl from financing activities 111.9071 (11.8981 Increase in cash and cash equivalents in the year Cash and cash equivaler)ts at beginningof the year Cash ancl cash equivalents at end of the year 23.611 124.976 148.587 6.467 118,509 124.976 23,615 124,022 147,637 6.344 117.678 124.022 16 49

Not•s to the Flnanclal Statem•nts Year ended 31 July 2021 l. Statsmert of Prlnclpal Accounting Pollcles Basls of preparation This consolidated financial information has been prepared in accordance with the Statement or Recommended Practice {SORPI'. Accounting for Further and Higher Education 2019. the Financial Reporting Standard IFRS 1021 and the Charities Act 2011. The Institution is a public benefit entity and therefore has applied the relevant public benefit requirement of FRS 102. The finan(ial information is prepared In accordance with the historical cost convention Imodified by the revaluation of land and buildings and the measurement of ￿rtain financial instruments at fair value). The financial st?tements have been prepared on going concem basis. The University Is required when preparing its financk?I st?tements to provide assurance to Council and our auditors that the University is a going concern. surance is provided ty foiecasting fon¥ard cash- flows. based on the University's latest income. expenditure. working capital and capitsl investment programme expectations, that ensLtre cash liquidity is maintained to an appropriate level for the 12-month period, from the date of signing of these ststement4 i.e.. to 31 December 2022, and beyond to 31 July 2025. Unrform accounting policles are adopted througho the Group. Joint ventures are accounted for u&ng the equity method. Recognition of income Fee income is ststed gross of any expendrture whSch is not a discount or overseas agent payment and credrted to the Consolidated Statement of Comprehenslve Income. Where the amount of the tuition fee is reduced, by a discount for prompt payment, income Teceivable is shown net of the discount. Bursaries and scholarships are accounted for gross as expenditure and not deducted from income. Income from the sale of goods or seryices is credited to the Consolidated Statement of Comprehensive Income when the goods orse¢vices aresuppliedto the external eustomer or the terms of the have been satisfied. Investment Income is credited to the Consolidated ststement of Comprehensive Income on a ￿e[vable basis. Ftjndsthe Univèrstty receives and disburses as paying agent on behaK of a funding tmxty are excluded from the income and expenditure of the University where the University is exposed to minimal risk or enjo￿5 minimal economic benefit related to the transactson. The University has considered the impact of the current cov1￿19 environmenton the business forthe next 12 months and the longer tem. Detsiled plans are predicated on the removal of all exlsting social distancing measures from the stsrt of the 2021122 academlc year. The Unlverslty has secured a Revolving Credit Facility IRCFlwith Lloyds B8nkfor£20m. The aim isto ￿tIVelY manage the operating cashflow. so that this facility is not needed but it provides security tr there are timing differenGes on cash receipts and expenditure in year As a consequence of the critlC81 review of all the above. the Council considers that the University is well placed to manage its finan￿ and other business risks satisfactorily and has a reasonable expectation that the University will have adequate resources to continue In operation for at least 12 months from the signing date of these consolidated financial Statements. Grant fundlng Grant funding including funding council block grants, research and furlough grants from government sour￿$ and grants (including research gT8ntsl from non-government sources are re¢ognised as income when the ￿rfOrMarte related conditions have been met and the University become entrtled to the Income. Income received in advan¢e of performan related conditions being met is recognised as deferred income within creditors on the balance sheet and released to income as the conditlorts are met. Donatkjns and endowments Non exchange transactions without performance related conditions gre donatims and endowments. Donations and endowments with donor-imrx)sed restrictions are recognised in income when the Institution is entitled to the funds. Income is retsined wf(hin the restrided Teserve until such. time that rt is utilised in line with such resthctions atwhich pointthe income is released to general resetves through a reseNe transfer. Basis of consolidatlon The consolidated financial information consolidates the financial st?tements of the University and its subsidiary undertakings UnNersity ￿lege Cardiff Consultants Limited an¢J International Learning Exchange Programme Limited for the financial yearto 31 July. It does not include those of the University Students. Union or the Cardlff Partnership Fund Limbtecl as the Council d￿S not exercise control over their financial and operating activities. Donations wlth no restrictions are recognised in income when the University is entitled to the funds. Investment income and movements in fair value of endowments are recorded in income in the year In which they 8rise.and as elther restricted or unrestricted income aCc￿dIng to the terms of the restrietions applled to individual endowment funds. 5J

Notes to the Flnanclal Statem•nts Year ended 31 July 2021 l. Ststsment of Prlncipal Accountlng Pollcies (corrtlnued) There ale four main types of donations and endowments identtfied within reserves: set. Tne institution is therefore exposed to actuarlal risks associ8ted wrth other institutions. empfoyees and is unable to identify ts share of the vnderlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102"Employee benefits", the University a￿ounts for the scheme as if it were a defined Contribution scheme. a ¥esult, the amount charged to the profft and lossaccountrepresentsthe contributions payable to the scheme. Since the University has entered into an agreement (the Recovery Planl that determines how each employw within the scheme will fund the overall deficiL the University recognises a liability for the Contrib￿10n5 payable that arise from the agreement (to the extentthatthey relatetothe deficit) with related exixnses teing iecognised through the profit and loss accounL Defined eontributlon plan.. A defined contribution plan is a postemployment benefrt plan unijer which the University pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for ￿￿tributionS to defined contribution pension plans 8re recognised as an expense in the Consolidated Ststement Comprehensive Income in the periods during which services are rendered by eTnployees. l. Restricted donations- the donor has specified that the donation must be used for a particular objective. 2. Unrestrieted permanent endowments - the donor has specified that the fund is to be permanently invested togenerate an incomestream forthe general benefrt of the Institution. 3. Restrieted expendable endowments-the donor has specified a t￿rtICular objective other than th8 purchase or construction of tangible f￿ed assets, antj the InStit￿lOn has the ry)wer to use the capital. 4. Restrtcted permanent endowments- the donor has specofied that the fund is to be permsnently invested to generate an Ir￿ome stream to be applied to a particular object￿e. Capftal grants Capital grants are recognised in ineome when the Institution is entived to the funds subject to any performance related condition5 t*ing met. ProvlBlon for doubthil debts Provision ts normally made for indlvldual debts where recovery is thoughtto be in doubt based the ageing of thedebt past its due date, other known circumstsnces relat4ng to the individual debtor, such as referred to debt collection agency, and post year end recovery of debts. Any un-provided debts are deemed as recoverable. Defined benefft ptsn." Defined LEnefit ￿an¥ are post-employment ljeneffc plans other than defined contribution plans. Under defined benefrt plans. the Universrty's obligation is to provide the agreed beneffts to cur￿nt and fomer empbyees. and actuarlal risk (that benefits will cost more or less than expected) and investment risk (that retums on assets set aside to fund the benefits will dlffer from expectationsl are bome, in substsnce. by the Instituts"on. The University should r￿0£niSe liability for its obligations under defined benefit plans net of plan assets. This net defined benefit liability is measured as the estimated amount of benefit that empwees have eamed in return for their service in the current and prior periods. discountedto determine its present value. less the fail value lat bid PTleel of plan assets. The calculation is perfoTrned by a qualtfied actuary using the projected unit credlt method. Where the calculation results in 8 net asset. re￿gnItIOn of the asset Is limited to the extent to which the University is able to recover the surplus either throuth redueed contributions in the futur8 or thiough refunds from the plan. In addl￿On, the National Health SeNice INHSI Superannuation Scheme is in operation for certain staff. The NHS scheme is an unfunded defined b&nefit scheme, with ￿nsIOn benefrts being paid out of contributions received in theyear and contribution rates detemined ty HM T￿aSUry. This is accounted The cov1￿19 pandemic has presented the Unlverslty with unique circumstsnces in the year. and further judgemer)ts cOr￿rnIngtUit10n fee debtors have been made. Further detsils are provided in the Significant estr'mates and jLvJgements seotion r)n page 54. Penslon schemes The three principal defined benefit penslon schemes for the University's staff are the universits.es Superannuation Scheme (USSI, the Cardiff Institution Penslon Fund ICUPFI, and thg Loral Government Pension Scheme ILGPSI. The schemes are funded defineil ￿nefit schemes. The funds are actuarialty valued every three years by 2 professionally qualified actuary using either the aggregate method or the attained age method with the rates of contribution payable being determined by the scheme's trustees on the adwce of the actuary. UnfversMle5 Superannuatlon Scheme The assets of the USS aTe held in a separate trustee- administered fund. Because of the muival nature of the scheme. the assets are not attributed to individual institutions and a 5cheme-wide contribution rate is 51

Not•s to the Flnanclal Statements Year ended 31 July 2021 i. ststement of Prlnclpal Accountlng Pollcles (continued) for as a defined contributs.on scheme. To comply with The Pensions Act 2008, the Institution also uses the NEST defined contributs'ons pension scheme f eligible non<ontYactual workers. EmployTnent benefft8 Short term employment benefits such as salaries and compensated absencesare recognised as an expense in the year in which the employees render seNice to the Institution. Any unused benefits are accrued and measured as the additional amount the Institution expects to pay as a res￿￿ of the unused entiUemenL Fore5￿ curren¢Eos Transactions denominated in foreign currencies are recorded at the rate Df exchange ruling atthe dates of the transactions. Monetsry assets and liabllities denominated in foreign currencies are translated into GB SteTlin& the functional curren¢y of the Institution. at yearnd ratss and the resulting exchange differences are inclucled in the determination of the defictt or Surplus for te year. Operaung lea8e8 Costs in respect of operating leases are charged on straight-line basis over the lease term. Any lease premiums or in￿￿tiveS are spread over the minimum lease temi. Post 1990 and Talybont North residence5 Residential Houses Semi-permanent buildings New UHW site buildings Old UHW srte buildings Refurbishments 25 25 15 Leasehold buildings are depre¢k3ted over the shorter of the lease term or the eX￿ted useful lives shown above. No depreciation is charged on assets in the course of construcilon. Equipment costing less than £10,000 per Individual item orgroup of related items is written off in the year of acquisition unless purchased as part of Tefurbishment. All other equipment is capitalised with the exception of equipment funded from Research Grants which costs under £50,000 which is also written off in the year of acquisition. Fully depreciated equipment is wrrtien off 10 years after acquisition. Capitalised equipment Is stated at cost and depreciated over rts expected useful life of between foul and frfteen years as appropriate. A&8ets under constructlon are n¢X depreciated until brought into use. Fixed assets Fixed assets are stated at cosvdeemed cost less accumulated depreciation and accumulated impairment losses. Freehold and Long Leasehold property assets in existence on the transrtion to the FE/HE SORP (ISI August 20141 were measured on the basis of (leemed cost. being market fair value or deemed cost of replacement. The diffefence between the revalued amourt and historieal cost is credited to a revaluation reserve. Investments Non-current asset investments are held on the Balance Sheet at cost less impairment. Joint ventures are carried at cost less impairment In the University's finaneial statements. Current asset investments are ￿ld at fair value wlth movements recognised in the total comprehensive income for the year. An amount equal to the depreciation in excess of that on the historical cost ba5iS 15 transferred from the revaluation reserve to retsined earnings. Thestocks are building materials, medi¢al/bioscience consumables and tradlng consumables of the Estates Works Unit, College of Biomedical and Lrfe S¢ien¢es and Catering respectively. They are valued at the lower of cost Dr net realisable value. Cash and cash equlvalents Cash ineludes cash in hand, dep￿ts repayable on demand and overdrafts. Deposits are repayable on demand if they are in practiGe available wf(hin 24 hours without penaty. Cash equivalents are short temi, highly liouid investments that are readily convertible to known amounts of cash with insignificant risk of change In value. Costs incurred in relation to land and buildings after initial purchase or construction are capitalised to the extent that they increase the expected future benefits to the Universty. Land is not depreciated as it is considered to have an indefinite useful lrfe. Freehold buildings are depreciated on a straight-line basis over their expected useful lives, in year5, as follow& Academic buildings and listed buildings Pre 1990 r￿idenCe sites 25 52

Motes to the Financlal Statements Year ended 31 July 2021 l. Statement of Prlnclpal Accountlng Pollcies (continued) Malntenanc8 of premi The Universty has a rolling maintenance plÉn whlch is reviewed on an annual basis. The cost of routine corrective maintenance is charged to the ststementof comprehensive income. original effective interest rate. The impalrment loss is recoEnised in the total comprehensive income for the year. If there 15 a decrease Sn the impaifment loss arising from an event occurring after the impairment was recognised. the impairment is reversed. The reversal is such that the current Cal￿ng amunt does not exeeed what the c8ryng amount would have been had the impaimient not previously beer) recognised. The impairment reversal is recognised in the totsl comprehensive income for the year. otherfinancial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures. are initially measured at fair value which is normally the transaction price. Such assets are subsequenvy carried atfair valueand the changes in fair value are recognised in the surplus or defici( except those investments in equity instruments that Ére not publicly traded and whose fair values cannot be m&asiJred reliably are measured at cost less impairment. Financial assets are derecognised when 181 the contractual rights to ttte cash flows from the asset expire or are settled, or Ibl substantially all the risks and rewards of the ownership of the assets are transferied to another party or Icl despite ha￿ng ietsined some signrficant risks and rewards of ownership. control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated thlrd party witM)ut imposing additional restrictions. lill Financial liabllities slc financial liabilities, irKluding trade and other payables, bank loans, loans from fellow Group companies and preference shares that are classifie(J as debt. are initially recognised at transaction prlce. unless the arrangement constitutes a financing transactlon. where the debt instrument is measured at the present value of the future receipts discounted at a Market rate of interest. The University is a reostered charrty within the meaning of Chapter I Section 3 of the Charities Act 2011 and as such is a charity within the meaning of Section 6 to the Finance Act 2010. A(tordinyy. the Universty is potentially exempt from taxation in respect of In￿Me or capital gains received within categories covered ty Section 47&488 of the Corporation Tax Act 2010 or Section 256 of the Taxatlon of Chargeable Gains Act 1992 to the extent that swh income or gains are applied to exclusively charitable purposes for public benefiL All subsidiary companies are liable to corpor8ts.on Tax and Value Added Tax IVAD. The UniverS￿S prlncipal 8th"v￿"es are exempt from VAT, but certain ancillary supplles and services are liable to VAT at various late& Expenditure Includes irrecoverable VAT charged by suppliers to the University. The Universrty does not have to pay Stamp Duty Land Tax when bLrying and leasing a property. ProvlslorB Provisions are recognised when the University has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefit will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Flnanclal Instruments The Urnlverslty has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments for its consolidated and Instituiion financial statements. li} Financial assets Basic financial assets, including trade and other re￿1vableS, cash and bank balances and investments in commercial paper, are Initially recognise(l at transaction price. unless the arrangement con5trtthes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of intsrest. Debt instruments are subsequently carried at amortised c05t, using the effective interest Tate method. Fees paid on the establishment of loan facilrties afe recognised as transaction costs of the loan to the extentthat it is probable that some or all of the facility will be drawn down. In this case. the fee is deferred until the draw4own occurs. To the e￿(ent there is no evidence that it is probable that some or all of the facility will drawn down, the fee is capitalised as a pr&payment for liquidity services and amortised over the period of the facility to which it relates. Such assets are subsequently carried at amortised Cost Using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for oblective evidence of impairment. If an a55et is impaired the impairment l¢xs is the differen between the carrying amount and the present value of the estimated cash fl¢)ws discounted at the asset's 53

Notes to the Financial Statements Year ended 31 July 2021 l. Statement of Principal Accounting Policies {conllnued) Trade payables a￿ obligations to pay for goods or seNices that have been acquired in the ordinary course of business from suppliers. Accounts payable a￿ classrfied as cuffent liabilities if payment Is ¢Jue within one year or le55. K not, they are presented as norrturrent lia1￿.￿1t1e$. Trade payables are recognised inftially at transaction price and subsequently measured at amortised cost using the effective interest meth(yJ. settle debt has been to increase the aged profile of overdue debt which means there 15 more risk in recovering the debt. This is particularly true for international debt due to the varying impact of COVI 19 on the relevant debtor's county of residence. Estlmate TuitM)n fee debt The year*nd tuition fees doubtful debt impairment provision 15 assessed on the basis of all overdue debt byfee debtor category regardless of aged profile. with p8rtieul8r categories attritsuting more risk than others as a result of the impact of COVltk19 pandemic. Financial liabilities are derecognised when the liability is extinguished, that is whenthe contractual obligation is discharged, cancelled oi expires. ReseNes The resuf(Sng aggregated debt impairment provision Is reduced by subsequent fee settlements received after 31 July 2021 from debtors within these same categories. other tuition fee debt is deemed recoverable. Reseryes are classiflecj as restricted or unrestricted. Restricted endowment reserves include balances which, through endowment to the University, are held 8S 8 permanently restricted fund which the University must hold In perpetuity. Other restricted reserves include balances where the donor has designated a specrfic purpose and therefore the University is iestricteil in the use of these funds. Tuition fee debt at 31July 2021 was £6.3m (see Note 141, of which £6.2m was overdue. After applwng our debt impairment poliw. £5.7m was deemed at risk, of which £LOm was received after 31 July 2021. resulting in a doubtful debt impaimient provision of £4.7m12020: £5.Oml. Commercial and Research Debt The bond repayment fund, a designated reserve. was Created in 2019/20 for the Purpose of being able to give a reasonable likelihood of being able to meet the bond repgymentof£400m. due on 7 December 2055 (note 241. signfficant estlrnates and Judgements Significant estimates and judgements used in the preparatr'on of this financial infomiation were as fi4lows: General debt impaiment assessment policies have been applied. with the excepts'on of overseas higher education institutions whereby debt over 91 da overdue is subject to impairment provision IrK)rmally provided on 181 days overdue) Overall, Commercial arKI Research debt at 31 July 2021 was £11.5m Isee Note 141. After applying the m(xJified doubttul debt impalrment policy to overdue debt of £3.Im, £l.Om is assessed at risk 12020.. £L3ml and subject to doubtful debt impairment provision lil Recoverabllltyof debtors The normal acwunting policy for the assessment of recoverability of debtors and the subsequent doubtful debt imp8irment prowsioning was challenged thls year by the advent of the COVID-19 pandemic and the unique circumstances it Presented to the Universrty regarding the collection of students fees and Commercial and Research debt. Following last year's cessation of normal dunning procedures for all student debt from mid-march onwards until August 2020. normal procedures have resumed and students have been required to clear their current fees before progressing to another academic year. For students who have completed their course but have fees outstanding their full certification is withheld until their f￿ debt is cleared, in line with UniversityTuition fee pollcy. erall. the impact of COVILk19 on both the University's abilityto collectdebt and ourstudents. UK and International Commercial and Research clients to 54

Notes to the Flnancial Statements Year ended 31 July 20ZI i. ststement of Prlnclp81 Accountlng Pollcles (contlnued) {iil Retlrement benefft obiigauo Estimate - CUPF and LGPS Judgement. USS FRS 102 mal<es the distinction between a group plan and a mU￿Mployer scheme. A group plan consists of a collects.on of ents'ties under common control typically with a srJnsoring employer. A multiemployer scheme is a scherne for entities not under common Control and represents {typicallyl an industry-wide scheme such as Universitles Superannuation Scheme. The Ltniversty operates its own scheme, Caidlff University Pension Fund ICUPFI and parts'cipates in a Local Government Pension Scheme ILGPSI: both are defined bertfit schemes. Actuarial valuations of the schemes are carried out as determined by the trustees at intetvals of not rnQTe than three years. Pension costs under FRS 102 are a￿eSSed in accordance wf(h the advice of independent actuariès based upv)n latest actuarial valuations and assumptions determined tythe actuaries. The assumpts'ons are based upon Snfoimation supplied to the actuaries by the University. supplemented by discusslons between the actuary and man8gement, where relevant. The 8ssumptions are documented in Note 25. The accounting for 8 multimpl¢)yer ￿herne. where the employer has entered into an agreement with the scheme that determines how the employer will fund a defKiL iesums in the recognition of 8 liability for the ntn'butr'ons payable that aTiSÈ from the agreement Ito the extent that they relate to the deficitl and the resultlng expense in profit or loss in accordance with section 28 of FRS 102. The dirertoTs are sisfied that Universities Superannuation Scheme meets the definition of a muitimployer scheme and thg institution has therefore re￿gnised the discounted fair value of the contra¢tual contributions under the recovery plan in existence at the date of approving these financial ststements. E8tim8te. LKSS As the Unive￿￿ty is cont¥actu8Ity bound to make deficit recovery payments to USS, thls is recognised as a liability in the balance sheet. The provision is currently based on USS deficit recovery plan agreed after the 2018 ￿tUarial valuation. which defines the deficit payment required as a percentage of future salaries until 2027. These contributions are r assessed wrthin eaeh triennial valuation of the scheme. The Provision Is based on management's estimate of future salaries inflations, changes in staff numbers and the prevailing late of discount. Further details are set out in Note 25. 55

Notes to the Financial Statements Year ended 31 July 2021 2. Tultlon Fees and Educatlon Contracts Consolldated and Instltutlon 2021 £'ooo 2020 £'ooo UK and European Union Undergraduate UK and European Union Postgraduate erseas (including part-timel Part Time IUK and European Union) IS4,288 17,234 95.468 6.670 273,660 16.068 10.491 6.693 3C6,912 142,583 15,708 96,404 6,430 261,125 15,885 9,446 10.549 297.005 Educatron contracts Research trabning support grants Non-credlt bearingfee5 3. Funding Body Grants Conwlldated and Instltutir 2021 £'ooo 2020 Recurrent grant Specific grants Capital grants- buildings Capital grants- equipment 62,130 20.047 16.034 11,253 109,464 59.740 .108 2.250 78,161 In 2021. the University received £31.246k of additional funding from HEFCW in r￿￿nse to the COVltk19 pandemic, of which £28.919k has been recognised in the year and included in the Funding 8(Nty Grant income above. 4. Research Grants and Contracts Consolidated and Institutlon 2021 £'ooo 2020 £'ooo Research Councils UK-based charities UK Government bodies UK Industry European Commission Overseas Oiher grants and contracts 37,888 18.004 33,384 6,433 9.189 8.319 1.431 112,648 36.159 18,423 33.799 7.348 9.251 6,734 1.059 112,773 56

Notes to the Financlal Statements Year ended 31 July 2021 5. Other Income Con501idated Irffjtitution 2021 £'ooo 2020 2021 2020 Other Serv1￿ rendered: UK Central Govemment UK Healt17 Authoriti'es UK Industy European Union Overseas UK Universities Other Sources 18.336 7.258 1.092 1.049 167 396 5.570 33,868 19,943 8,501 1,006 1.704 286 242 6,000 37.682 18,336 7,258 1,092 1,049 167 396 5,570 33.868 19,943 8.501 1,704 242 Total other serwces rendered 37,682 Residences, catering and confeien Exempt VAT recoverable Other ￿pital grants Govemrnent Job Retention Stheme Other income 22,774 2.008 4.539 400 4,866 20,964 857 6,160 3,110 5,410 22,774 2,008 4.539 400 3,657 20.964 857 6,160 3,110 4,066 68,455 74,183 67,246 72.839 6. Investment Income co￿lIdated I￿ltUtI( 2021 £'ooo 2020 £'ooo 2021 £'OCrt) 2020 £'¢)00 Income from investments 5ncome from endowment investments (Note 231 3.151 L225 4.773 1.133 3,151 1,225 4.767 L133 4.376 5.906 4,376 5,900 7. Donations and Endowments Con80iidated Inslitubon 2021 2020 £'ooo 2021 £'ooo 2020 £'ooo New endowments INote 231 Donatiorys with reStrict￿n Unrestricxed donations 288 166 288 210 243 210 243 2.240 375 2,240 375 2.738 784 2,738 57

Notes to the Flnancial Statements Year ended 31 July 2021 8. Stsff Costs Consolldaied and In8￿tulkyn Note 2021 2020 £'wo Wages and salaries Socbal security costs Other pension costs 251,928 25,356 52.529 250,206 25,292 50,579 25 329,813 The above figures exclude payments made to staff on behalf of the Natior)al Health Service. 326,077 2021 FTE 2020 Average *aff numbers by major categw. Clinical Ènd non<linlcal academic and academic related TeGhni¢al servlces Administrative support Operational services 4.395 215 963 236 4.256 224 945 246 5,809 5.671 58

Notes to the Flnanclal Statements Year ended 31July 2021 8. Staff Costs: Emoluments of the Vlce Chancellor 2021 £'ooo 271 22 293 2020 £'ooo 269 25 294 Salary Benefits-in-kind Pension 298 299 The benefits-in4(ind received by the Vice Chancellor are as follows {£O(Y)sl'. Private medical insuran Pem)anent accommodation 21 24 The remuneration of the Vice-chancellor Is set by the Remuneration Commrttee. whieh comprises independent lay members of Council who poss￿ relevant knowledge and expertise. The Vicfrchancellor Is not in attendance for, and dogs not play any part in. the discussions and decisions of his own remuneration. The Viee£hancellor's Reward Scheme involves: an annual review of base pay in relation to the markeL' and a long-term lump sum non.pensionable performanee-related ￿)nuS pajinent linked to the achievement of the Way Forward 201&2023. The scheme builds on the principles of the Senior Salary Review process as outlined in the Senior Staff Pay Policy and is designed as a long-tem incentive plan to reward and retair) the Wice-Chan¢ellor wf(h a view to delivery of the Way Forward Strategy 201&23 The Remuneration Committee determines the remuneration according to several factors including. but not limited to.. the Vicfrchancellor's leadership, management and academic experien￿ within the higher education sector. the breadth of leadership and financial responsibilth.es for the Universrty. the benchmarking of base salary against the annual salary of Vice Chancellors of Russell Group universities ana other institutions of comparable size and scope. The performanee of the UnSversity aocording to the strategy and agreed metrics. Ea¢h year, the Remuneration Committee receives a report by the Chair of Council on the Vice Chancellor's Performance Development Rev6ew Iwhlch includes Int￿ from Council members) and agreed objectives for the followingyear. This Information will also support the final performance review against the Vice Chancellor's Swear Reward Scheme. This Scheme runs to 2023 at which point any perforrna￿e payment will be made. The Vice Chaneellor does not receive any annual performance payments. The Vic&Chancellor's base salary is reviewed in line with national pay awards for the Higher Education sector. The Vice£hancÈllor's baslc salary is 7.0 times12020.' 7.1 ts'mesl the median pay of staff. where the median pay is calculated on a fulptime equivalent basis for the salaries and wages paid by the University. The Victrchancellor's total remvneration is 7.6 times12020'. 7.7 times) the median total remuneration of staff, where the median total rewnuneration is calculated on a full-time equivalent basis foi the total remuneration paid by the University. As per HEFCW Aocounts Direction. remuneration incltsdes personal se￿ce companies that are Qeemed by the Universty to be employees under HMRC Inteimediary Regul8tlons IIR351 and paid through payroll and reported to HMRC via 'Real-time Information. {RTII reportin& 59

Notes to the Flnanclal statements Year ended 31 July 2021 8. Staff Costs: Key management personnel compensatlon The University consiclers that key management personnel are the 12 individuals12020'. 111 who serye as members of the University Executive Board havin£ authority and responsibility for plannin& directing and controlling the activities of the University. Staff costs include compensation paid to key management personnel. 2021 £'ooo 2020 £'o¢ Key management personnel compensation 1.833 1.953 A list of current memters of Ur)iversity Executive Board is publicly available on our website: abou univ iv Compensation for ILtsS of officeto higher paid emtyojpes No compensation payments were made to higher paid employees in year12020: nil) other higher pyid staff The remuneration of higher paid stsff (excluding the Vice Char)cellorl reflected in the ranges below exclude employer pension contributions and compensatlon for loss of office but include payments made on behalf of the NHS in respect of its contractual (t)li£ation to University Staff under separate NHS contracts of employment. These payments are excluded from the University's Inwrre and Expenditure account. or the 148 stsff earning in excess of £IOQ.000 in 202112020: 1571, 5112020.. 631 include such payments on behalf of the NHS. 2021 NHS No. 2021 Other No. 2021 Total No. 2020 NHS No. 2020 other No. 2020 Total No. Salary Band £Ioo,o(J). £104.999 £105.000- £109.999 £110.000-£114.999 £115.O¢XJ- £119.999 £120,0(X). £124.999 £125.O¢X). £129.999 £130,000. £134.999 £135.000. £139.999 £140.O¢X). £144.999 £145,000- £149,999 £150,000- £154.999 £155,000- £159.999 £160,000. £164.999 £165.000- £169,999 £170,000- £174.999 £175,000- £179.999 £180.000- £184.999 £185,000- £189.999 £190,000- £194.999 £225,000- £229.999 23 21 23 22 34 21 li 13 19 li io li io io 51 97 53 104 157 60

Not•s to the Flnanclal Statements Year ended 31 July 2021 8. Stsff Costs: Key management personnel compensatlon Trustse reMune￿I10n and expenses No trustee received any remuneration or waived payment from the University duringthe year12020: none). The amounts in the table Lxlow represent payments made to trustees for travel and subsistence costs incurred in attending Council. committee meetings and charity events in their official Gapacity. Nrt all trustees have claimed expenses In the year or prior year. Where trustees are a150 employees of the University, expenses claimed in their capacity as an employee are not included. 2021 £'o 2020 £'ooo Exper6es paid to 7 trustees in the year12020: 121 9. Intsrest and Other Flnance Costs Co￿OI￿ated InstttU￿0n 2021 £'ooo 2020 2021 £'ooo 2020 Bond Interest & finanGe costs Bank loan interest Clher interest & finance costs 9,915 526 9,159 678 9,915 526 9,159 678 10,448 1,430 9,846 1,310 10,441 1,430 9.837 1.310 Net charge on tension ￿heMeS INote 211 Unwind of diso)unt on USS pension provision (Note 211 620 2,309 620 2.309 12,498 13,465 12.491 13,456 61

Notes to the Flnanclal Statements Year ended 31 July 2021 10. Analysls of Expendlture by Actlvlty Corwlideted other operating expenses £'ooo 37.088 30.013 29.812 17,304 6,425 40,757 6.312 20.141 staff costs £'ooo 191.945 21.457 51.764 14,839 4.876 5.985 25,946 12,458 61 Interest Payable £'ooo Total 2021 Total 2020 £'ooo 229.033 234,922 51.470 32,468 81.576 80.654 32,143 35.846 11,827 12.145 46,742 38.800 32,258 29.672 42,521 47.582 2,111 2.305 529.681 514,394 40,644 40.382 2,394 155.2141 Academic department5 Academic services Research grants and contracts Other seNices rendered Residences, catering and conferences Premises 526 Administration and central services Other expenses Pension fund adjustments 9,922 2,050 12,498 329,331 187.852 Depreciation Inote 111 Staff costs- Increase/ldecreasel in USS pension scheme prwsion (note 211 Staff costs - Voluntsry Severance Scheme Totsl per Statement of Comprehensive Income 573,201 499,562 IrMon Other operating expenses £'ooo 37.088 30.0 29.812 17.304 6.425 40.757 6.312 18.988 Staff costs £'ooo 191.945 21,457 51,764 14,839 4,876 5,985 25,946 12.458 61 Interest Payable £'oc Total 2021 Total 2020 Academic departments Academic services Research grants and contracts Other services rendered Residences, catering and Conferences Premises Administration and central services Other expenses Isee note below) Pension fund adjustments 229.033 51.470 81.576 32.143 11.827 46.742 32.258 9,915 41.361 2,050 2.111 12.491 528,521 40,644 2.394 234,922 32,468 80,654 35,846 12,145 38,800 29,672 46.360 2,305 513,172 40.382 155,2141 526 329.331 186,699 Depreciation (note 111 Staff costs - Increase/ldecreasel in USS pension scheme provision Inote 211 Staff costs - Voluntary Severance Scherne Totsl per Income and ￿PenditUre Account 572,041 49&340 Other owatlng exper￿$ include: E(ernal auditors, remuneration in respect of audit seNlces li￿lUSIve of VATI External audf(ors' remuneration in respect of audit-related services lincl. VAn Exiernal audrtors, remuneration in respect of norpaudit services lincl. VAT) -see lil below Operating lease rentsls Land and buildings Other 133 94 3.180 177 2,416 175 02

Notes to the Flnanclal Statements Year ended 31 July 2021 10. Anal>sls of Expendiiure byActivlty (continued) Expenditure includes= staff costs of £3,407k12020'. £4,171kl relatingtothe movement on the Employee Leave Accrual (Note 181 expenditure in relation to the University's response to the COVID-19 pan¢Jemic of £18,472k1202Tr. £2.381kl sts of £1.039k12020.' £2,224KI for individuals placed on furlough. of whlch £911k relates to the cost of researchets12020: £1.858kl. C0VIC￿l9 student hardship payments of £11,485k. lil Extemal auditors, remuneration in respect of non•udit services As part of the bond ￿5￿e in 2020/21, PWC were asked to provide a comfort letter to the issuing banks. As the fees for this work ex￿eded the Financial Reporting Council's IFRCI fee cap limits on the value of non-audit seNices approval was wven by the Audit and Risk Committee for PWC to approach the FRC to obtain a waiver. The FRC subsequently granted this waiver. 63

Notes to the Financial Statement5 Year ended 31 July 2021 11. Tanglble F￿ed Assets Cor￿lIdated and Instiiutl Land and Buildings Eouipment Total Assets in the Long Course of Jeasehold Construction £'ooo Freehold £'ooo £'(yJo Cc6t or valuation At l August 2020 ditions 8t eost 471.266 284,516 1.740 15L667 175,493 1,082.942 109,397 21.934 133,071 13,9111 Disposals Projects completed Impalrments lill At 31 July 2021 13.9111 6.682 16.6821 16.5131 473,175 284,516 16.5131 254.382 193,516 1.205,589 Valuation {il Cost 371,815 229.472 101.360 55,044 601,287 254,382 193.516 604,302 254,382 193,516 1,205.589 2At 31July 2021 473.175 284,516 umulabj de[fecIa￿On At i August 2020 Charge for year Eliminated on disposal Impairments {iil At31JuJy 2021 54.699 41,971 139,475 236.145 21.640 40.644 10.778 8,226 13,9121 13,9121 11,5631 11,5631 63.914 50,197 157,203 271,314 Net bo¢)k value At 31 July 2021 409,261 234,319 254,382 36.313 934.275 At31July 2020 416.567 242,545 151.667 36,018 846,797 lil A full valuation of the University's Estate was carried out on 31 July 2014 by Cooke and Arkwright Chartwed Surveyors in accordance with the RICS Valuatlon - Professional Standardsjanuary 2014 Ithe Red Bookl to estsblish deemed cost. Ofthe totsl valuauon of £609m, £557m was at fair value by depre¢iated replacement Cost and £52m was at fair value. lill Followingthe completion of the new Abacws builolngfor Maths and Computer Scie￿, the orlw'nal building has been impaired in full as it will not be used In the provision of academic or research seNices in future. As this building was revalued in 2014. the impairment eharge is represented by a £2.061k charge ag8inst the surplus for the year and a £2.889 reversal of accumulated depreciation eharged agabnst the revaluation reserve. Certain buildings have been funded from U.K. Treasury sour¢es at a cost of £132m. Should thtte particular buildbngs be sdd. the University would use the proceeds in accordance with the Financial Memorandum with HEFCW. Land and buildings indude non-depreciated land of £118m12020: £118ml. 04

Notes to the Flnancial Statements Year ended 31 July 2021 12. NoTrcUr￿nt Investments Con8olld8ted InsutU￿on Investment Other in jolnt Inv85tments Ventures Totsl Eouity Other investment Inve51ments in lolnt ventures Totsl £'ooo £'ooo £'ooo £'ooo £'ooo Balance at i August 2020 Additions 3,482 5,782 571 9,264 571 IL8991 11.8991 2.003 8,631 10.634 571 571 11,8991 11.8991 13,1601 13.1601 Disposals Impairment of investments Share of operatingdeficit in joint ventures {631 12751 13381 Balan¢e at 31 July 2021 3.419 4,179 7.598 2.003 4,143 6.146 The University has lTrvestments in the followin& Univetsity College Cardlff Consultarts Limited IUC31 The results of UC3. a company limitsd by guarantee and registered in the UK. have been included by consolldation in the financial information. The company's principal activity is the commercialisation of the intellectual property and other outPLrts of research generated by the academic schools of the Unive￿Ity. The company is also responsible for the University's interests through shareholdings in a number of spirrf)LTrt companies arisingfrom the Institution's research and other operations. Comwund Semrconductor Centre Llmkted The Group's total investment after impaimient and after its share of operating deficits is £nil 1202¢>. £275kl and within the University £nil12020: £3.160kl of preference shares. The preference shares are debt instruments and are included in 'other investments,. The Ordinary share investment of £12,OQK)k was fully impaired in 2019. Cardlff Medicentre The University holds an investment of £2,￿3k(202O. £2,003k} representing an 89% sharehdding in Cardiff Medi¢entre with Cardiff and Vale UHB holding the remalning Il%. This Group's total investment after its share of operating surpluses is £3,419k12020 £3,482kl. This interest is treated as a jolnt venture as the University has joint ¢ontrol with Card4ff and Vale UH Mobeus The University has made a eommrtment to Invest £IOm in the Mobeus Equity Partners IV fund. This is a private equity investment fund whlch will contribute to the bonrj repayment fund for the repayment of the £400m bond capitsl in 2055. In the year there were additlons of £S71k and divestments of £1.498k on which a gain of £726k was realised (divestment proceeds of £2.224kl12020- invested £538kl. As at 31 Juty 2021. the investment fund is held at £4,067k12020'. £5,395kl. The prior year correction relates to investment income1£330kl, net of fund management fees and other expenses 1£15331k) and investment movements q198lk. These were classrfied as investment movements in past accounting perio(ts and should have been recognised as expenditure and income. In addltlon to the £4,067k held in non-current investments, the University hold5 a balan￿ of £3,060K in Cash and cash equivalents relatingto Mobeus Investments. The two balances comts'ned form part of the Bgnd Repayment Fund (Note 241. Cardlff Partnwship Fund Llfflted The University owns a 100% shareholding of £76k12020.' £76kl in the Cardiff Partnership Fund Umited, the holding company of the unincorporated Cardiff Partnership Funtj ￿Mited Partnershlp. This company is not consolidated on the b8SlS that the University doe5 not exercise control over ￿ activities that rest with an independent board. Smquerwl Partne￿h[p In September 2021. the University joined the SETSquared Partnership, a university incubator network. 65

Notes to the Flnanclal Statements Year ended 31 July 2021 12 Non£urrent Invesirnents (contlnued) InteMatI(￿aI Leaming Exc**ange Programme Limited ('ILEV) Followng the UK Government's decision to withdraw from the Erasmus+ scheme, the Welsh Govemrnent announced a new learning scheme to continue to beneftt staff and students from internation81 exchanges in g similar way to Erasmus+. not just in Europe but also further afield. The scheme will run from 2022 to 2026. To safeguard transparency, the University agreed to operate the programme on behalf of the Welsh Government through a wholly owned subsidiary company. ILEP was incorporated on 22 June 2021. The company was not active at 31 July 2021 but the University received £6,505k of funds from the Welsh Government, on behalf of ILEP, during the year. These funds are held under current investments and the mount due to ILEP is included within creditors falling due within one year. . Stocks Con8didated and Irtstltutlon 2021 2020 £'OOO £'¢X 83 Residen￿$ and Catering Maintsnance 81 ioi Ac&Jemic rtments 116 296 295 14. Trade arKI other receivables Con501idated Institution 2021 £'ooo 2020 £'ooo 2021 £'ooo 2020 £'ooo Amounts falling due wlthln one year: Trade Debtors: Tu￿10n fees Research grants & contracts Other Services 6.345 9,803 6,345 9.803 6,624 8,520 6,624 8,520 4,851 8,929 4,568 8,548 15.7981 16.2821 15,7621 16,2461 12,022 20,970 11,775 20.625 Less.. Trade Debtors impairment Ebrovision li} Net Trade Debtors Other Debtors 1,0 1,092 1.019 1,102 287 1.053 1.170 1,372 Amount due from subsidiary undert8king Prepayments Accrued Income 287 1,372 Research grants and contracts other Income 24,833 20.542 24,833 20.542 8,633 6.026 8,633 6.026 46.794 50.002 47,649 50.788 Amuurrts falling due after more than one year. Compound Semiconductor Centre Limrted lill Total Debtors 2.000 46.794 52.002 47,649 52,788 Further inforrnation regarilingthe judgements 8nd estimates sn rel8thM to th¢ irnpairment Can b2 found in Ngt8 l.. AccounlinE Poll¢les on Pdge 54"Recowernbility of debtors". lill The amount owed from the Universfty's joint venture vras subject tts an Impairment review has been ful provided for on the basi5 01 doubttul recoverability.

Notes to the Financlal Statem•nts Year ended 31 July 2021 15. Current Investnients Con8dldated and lrtituil Endowment Crther Investments Investments 2021 Totsl 2020 Totsl £'ooo (Note 221 Short tenn investment in shares Shortterm bonds Other short-term investments ShDrttemi deposits 171,199 67.782 30,966 12,291 282,238 171.199 67,782 74,320 ,291 97,554 44,237 58,165 15,770 215,726 43,354 43254 325,592 The increase in fair value of current Investments in the year was £34.661k12020.' £4,765kl. Deposits are Meld with banks and building societies operating in the London market and licensed by the Financial Services Authority with more than three months maturity at the balance sheet date. The interest rates for thèse deposits are fixed for the duration of the deposit at the time of placement At 31 July 2021the weighted average interest rate of these fixed rate short term deposits was O.1%12020- 1.02%) per annum and the remaining weighted average penod for which the interest rate is fixed on these deposits was 31 dass12020: 77 days). The fair value of these dep05rts was not materially different from the book value. 16. Cash and Cash Equival8nts 2021 2020 £'ooo 2021 £'ooo 2020 Operational bank accounts Cash-in-hand 73,360 53,902 72,410 52,948 io 12 io Money market funds Cash funds held by investment fund managers Cash fund held within endowment funds 55,383 60,343 8,186 17,707 8,186 2.127 2,533 2,127 2,533 148,587 124.976 147,637 124.022 55,383 60,343 17,707 67

Notes to the Flnanclal Statements Year ended 31 July 2021 17. Credttors: amounts falllng due wlthln one year Con¥ollde Instmutlon 2021 2020 £'ooo 2021 2020 £'ooo Trade creditors 10,952 6,564 8,378 6,456 192 10,569 6,536 8,276 Sc¢ial security and other tsxation Sundry creditors Deposits Employees leave entitlement accrual lil Acciuals 7,306 7,306 7,451 13,956 6,455 235 235 192 17.157 13,750 17.157 13.750 27,590 26394 27.590 26.020 De*erred income (see belowl Unsecured loans 86,970 129 76,491 86.970 76.491 129 264 Secured k)ans 2,413 2,240 2.413 2,240 Amounts due to subsidiary undertakings 6.505 166,325 166,708 140,729 140,224 D8fgrred Income Included In deferred income are the following items of income which have been deferred until specifi'c performance related conditions have been met. 2021 £'ooo 2020 £'ooo 2.904 2021 £'ooo 4,837 2020 Tuition Fees 4,837 Research grants and Contracts other Income 50.133 41,253 50.133 41.253 23,775 19,979 23.775 19.979 Capital grant income 8,225 86,970 12,355 76.491 8.225 86,970 12.355 76,491 The University has extended its policy to allow stsff to carry4orw8rd up to ten days holiday entitlement as a consequence of the continued impact CA the COVIt>19 pandemie. In addttion. in exceptional circumstances, entrtlements over ten days may be carried forward. 08

Notes to the Flnanclal Statements Year ended 31 July 2021 18. CredItO￿ amounts falllng due after more than one year c￿n501￿￿8ted and Institu￿On 2021 £'ooo 2020 £'ooo Deferred capitsl grant incorne 212 1,550 Unsecured loans11} Secured loan Public 8ond Illl Putslic Bond Tap liiil Totsl loans and long4erm debt 5,737 8,150 293,831 293,711 127,811 427,509 301.867 427.721 303.417 aly6ts of 8￿Ured and unsecured loans Due within one year or on demand INote 171 2,542 2.504 Due between two and five years Due in five years or more Due after more than one year 5.867 7.981 421.642 293.886 427,509 301,867 430.051 304.371 InCIL￿ed in loans are the following-. Lender Ter Secured/ Interest Borrower Unsecurett rate % 2021 2020 £'ooo Welsh Government lil Uoyds Bank livl Royal Bank of Scotland Iv) 2023 2024 2025 Unsecured University Secure 8.853 Univetsty Secured See t*low University 259 5.175 2.975 8,409 270 6,715 3.675 10.660 The interestfree WeLsh Govemment loan isfrom thebr Invest-tt>Save Schemeforstudenttransl￿n. retention and success ènd will be repaid in full by November 2022. The previous loan for energy efficient projects was fully repaid. {111 The 39-ye8r public tthj of £3W million was issued in February 2016 and is repayable in full on 7tTh Decemtsr 2055. Interest is payable semi-annually at 8 coupon rats of 3.0% on 7th June and 7th December each yelr. The effective Interest rate is 3.1%. {iiil A £IOOm bond tap was i&sued in February 2021 at a premlum and is rep8yable In full on 7th D￿mtEr 2055. Interest is payable semi-annually at a coupon rate of 3.0% on 7th June and 7th December each year. The effecty.ve interest rate is 1.9%. {ivl Uoyds Bank originally advanced £17 million to the University to finance the cost of student residences. The loan is secured on T8lybont South property and is repayable ty 28 February 2024 on a reducing balance method. Royal Bank of Scotland Original￿ advanced £14 million to the Universty to finance the cost of Talybont Court The loan is secured on Talybontcourt and is repayable by l October 2025 by eou81 Instalments of £0.7m per annum. Interest is payable on the loan at 0.225% alx)ve Base Rate. In July 2021. following approval by the Finance and Resource Committee, the Universty took out an unsecured Revolving CTedit Facility with Lloyds bank for £20m over three years. As at 31 Juty 2021, the facility had not been utilised. {vl Ivil 09

Notes to the Flnanclal Statements Year ended 31 July 2021 19. Consolldated and Instltution Reconclllation of Net Debt Consolldated Inltution £'ooo £'ooo Net debt l August 2020 Movement in ￿sh and cash equivalents Repayment of secured loans Repayment of unsecured loans Bond tak) Other non<ash changes (bond interesti Net Debt 31 July 2021 179.395 123,6111 12,2401 Iiii 127.811 120 180.349 123.6151 12,2401 Iiii 127.811 281,464 282,414 Change in net debt 102,069 102,065 AnW$ rf netdebt CcThryolpJated 2021 2020 £'ooo InstStulion 2021 2020 £'ooo £'ooo Borrowings: amwnts falllngthe ￿1n one year Secured loans Unsecured loans 2.413 129 2.542 2.240 264 2,413 129 2.240 264 (Note 171 2.542 2,504 8orrowln$8: amounts falllng thje after more than one year Secured Loans 5,737 un$￿Ured loan5 130 Public Bond Public Bond Tap &150 5737 130 293,831 127.811 427.509 301,867 8,150 293,831 127.811 427,509 293.711 293,711 (Note 181 301.867 Les& Cash and cash equivalents Net debt (Note 161 1148,5871 {124,9761 1147,6371 1124,0221 281.464 179.395 282,414 180,349 70

Notes to tho Flnanclal Statements Year ended 31 July 2021 20. Flnanclal Instruments The University has the followingflnancial instruments which are all denombnated in sterling Consolldated Institubon Note 2021 £'ooo 2020 £'OC() 2021 £'ooo 2020 Finan¢i81 assets at falr value through surplus or deficit investments in equity and listed bonds 15 313,301 199,956 313.301 199,956 313,301 199.956 313.301 199,956 Financol assets that 8re debt instrumer)ts measured at amortised cost Trade receivables other receiVa￿e$ Investments in short term deposits 14 14 15 12,022 1,0 12,291 25,332 20,970 3,092 15,770 39,832 11,775 2.121 12.291 28,187 20.625 4,223 15,770 40,618 Financial liatylities measured at amottised cost Public Bond Public Bond Tap Loans Trade creditors Other creditors Accruals 18 293,831 127,811 8,409 10,952 14,188 27,590 482,781 293.711 293,831 127,811 8,409 10,569 7,683 27,590 475,893 293.711 10,660 6,564 6.648 26.394 343.977 10.660 6.536 6.647 26,020 343,574 17 17 17 2L Perfjlon ProvBion Consolidated and Instltu￿0n Obligation lo fund delicrt on USS Pension £'ooo 84,806 13,7541 2,394 620 84,066 CUPF fund obligations (Note 251 £'ooo 92,083 LG￿fumd 2021 2020 oblityions Totsi Pension Totsl Pension (Note 251 Piovision Provtslon £'ooo 200,248 3,1141 I￿.444) 3,619 187,309 At l August Utilised in year Additionsl (reductions Discount rate chan At 31 July 10.420 187,309 13,7541 3,209 2,050 188,814 8,010 1,300 101,393 17,1951 (Note 9 3.355 USS defiryt The University has entered into an agreement (the Reeovery Plan) that determines how each employer within the multiemployer scherne will fund the overall deficit. The University recognises a liabilityforthe contributions payable that arise from the agreement to fund the scheme (to the extent that they relate to the deficitl and the resulting expense in the Statement of Comprehensive Income. For Key assumptions used in calculat6ng the liability please refer to Note 25. The last fom)al completed actuarial valuation is as at 31 March 2018, which was carried out using the projected unit method, the result of which was incorporated in the 2019/20 Financial Statements. As the 2020 valuation was not filed with The Pensions Regulator until l October 2021, it constitutes a no adjusting post balan￿ sheet event. The impact on the year end provision would have been an increase In provision of £157m to £241m. 71

Notes to the Flnanclal Statements Year Ènded 31 July 2021 22. Other Provislons Consolldated 2021 Total £x>oo 3.431 2020 Totsl £'(x)D Share of net liability in joint venture The Univeisity has an obligation to suptK>rt its joint venture in Compound Semiconductor Centre Limrted and has recognised the share of net liabilities of the Investment in the Consolidated results. 23. Endowment reserves Consolldated and Institutlon Unrestricled Perrnanent Restrfcted Totsl Perm8ngnt Permanent Rasinct Expendable 2021 Total £'ooo 1,389 23.943 2,221 14,995 2020 Totsl £'ooo 23.962 14,275 £'ooo Capital opening balance A￿umUlated Income 2,432 1.379 20,122 22,554 11,395 12,774 3.811 31,517 35,328 3.610 38,938 288 1,225 18171 IL0661 67 38,237 166 New endowments Income for year Ex￿ndItUre 121 li￿) i.ooi 14151 1,123 15281 595 4,774 5,366 36,879 4L289 102 12891 11871 481 5,847 4,192 45.482 38.938 Increase in market value 592 4.411 Closlng b818nce Represented by.. Capital Accumulated income 2.807 1,604 4.411 22,997 13,882 36079 4L290 25,804 15,486 L559 27.363 2,633 18,119 4.192 23,943 14,995 45.482 38.938 Analysis by tyw of purpose: Appeal Fund Chairs Lectures Hardshbp Funds Scholarships Prizes 94 94 13.559 13,559 i.ioi Lioi 2.291 2.303 9.678 9,678 3,192 3,192 1,628 1,628 5,336 9.735 4,411 36.879 94 13,559 11.669 I,ioi 934 2,862 10,070 3,235 4,178 10,383 45,482 38,938 79 559 392 43 2,550 648 2,430 8.596 2.789 3.592 8.849 Research General 4,399 41,290 4,192 Analysi5 by asset: Current asset investments Investment units Cash & cash equivalents 43.355 36.405 2.127 2.533 45.482 38.938 72

Notes to the Flnanclal Statements Year ended 31July 2021 24. BorKI repayment fund Cardrff University's 39-year publlc bond of £3￿m. Issued In February 2016, along with the subsequent £IOOm tap Issued Sn February 2021, will be redeemed at their principal amounts of £400m on 7 De¢embeT 2055 and the University will have to repay this surn on that date. In July 2019 Cc¥Jncil approved the creation of a Bond Repayment Fund IBRFI which has as its sole objective to deliver £400m in cash In 2055. The Ordinances of the University were updated in 2019/20 to include a Bond Repayment Fund IBRFI under Ordinance 10. which will give a reasonable likelihood of being able to meet this repayment requirement. The bond repayment fund fom)s part of the unrestricted funds in thè ststement of financial wsition. The UnIve￿ilY has invested £59m on a total return basls to generate the repaymenL Totsl fund value 2021 2020 £'ooo 826 29,983 5.395 36,204 Cash held for investment Current investments Non-cutrent investments 3,060 52,208 4,067 59,335 73

Notes to the Flnanclal Statements Year ended 31 July 2021 25. Penslon Schemes Different categories of staff were eligible to join one of five drfferent schem lil Universities, Superannuation Scheme (USSI lill Cardiff University Pension Scheme ICUPFI liiil Local Government Penslon Scheme ILGPSI livl National Health SeNice Pension Scheme INHSPSI Iv) Nest workplace pension Scheme The n8ture of the first three stheme5 above a￿ detsiled below. The NHS scheme is an unfunded defined benefrt scheme. with pension benefits underwritten by the Government. The scheme is not designed to be run in è way that woulo enable memb8rs to identify their share of the underly'ng scheme assets and liabilities. Therefore, the stheme is accounted for 8$ if it were a defined contribution scheme= the cost to the NHS Body of pa￿"¢1patsng in the %heme is taken as equal to the contributions payable to the scheme for the accounting periLxI. The notional assets of NHSPS are assessed by the Government Actuary and contribution rates determined by the Secretaryof State for Health. The employer contribution rate was unch8nged from lastyear at 14.38%. To comply with The Penslons Act 2008. the Universty also uses the Nest defined contributions pension seheme for ell@ble non<ontrartual workets. The total pension eost for the University wa5- 2021 2020 uss CUPF LGPS NHSPS Nest 34.976 15.121 360 2.057 15 52,529 2.393 54,922 35.541 13,166 400 1,457 15 50,579 155.2141 14,6351 USS minimum funding guarantee adjustment The Unlversltfies Superannuation ￿erne The University participates in Vniversities Superannuation Scheme IUSSI. The ￿heme is a hybrid pension scheme. providingdefined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. USS is a multiemployer scheme and is accounted for as set out in the accounting policies. The total cost charged to the Consolidated Statemer)t of Comprehensive Income is £39,602k12020: £38.914kl including Pension ch(M￿. but excludingthe impact of the change in the deficrt recovery plan, as shown in note 21. The deficit recovery contributions due within one year for the institution are £10,824k12020: £3.754KI. The latest available completed actuarial valuation of the Retirement Income Builder is at 31 Maich 2018 Ithe valuation datel. which was earned out usingthe projected unit method. The 2018 valuation was the fifth valuation for the scheme under the scheme-specifK funding re@me introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objecty've. which is to have sufficient an¢ appropriate assets to cover their technical provisions. At the valuation date, the value of the as8ets of the scheme was £63.7 billion and the value of the scheme's technical provisions was £67.3 billion indicating a shortfall of £3.6 billion and a funding ratio of 95%. 74

Notes to the Flnanclal Statements Year ended 31 July 2021 25. Penslon Scheme8 (contlnued) The key financial assumptions used in the 2018 valuation are descllbed below. Pension increases ICPII: term dependent rates in line wlth the difference between the Fix￿1 Interest and Index Linked yeld curves, less 1.3% p. Di$￿Unt rate (forward retesl: Years 1-10. CPI plus 0.14% re(Ivcing linearly to CPI less 0.73%. Years 11-20. CPI plus 2.52% leducing linearlyto CPI plus 1.55% by year 2L Years 21 onwards, CPI plus 1.55%. The main demographlc assumption used relates to the mortalty as8umption8. These assumptions are based on analyys of the scheme's experience carried out as part of the 2018 actuarial valuation. The mortality assumptions used in these figure5 are as follows: Mortallty tQ5e tsble: Pre-retirement: Males, 71% of AMCOO (duration 01,. Females. 112% of AFCOO Iduration 01. Post reti￿Ment. Males, 97.6% of SAPS SINMA'light"; Females, 102.7% of RFVOO. Future Improvements to mortality.. CMI_2017 with a smcx)thing parameter of 8.5 and a long-term imk)rovement rate of 1.8% per annum for males and 1.6% per annuffl for females The cuirent life expe¢tancie5 on ietiiement at age 65 are.. )21 24.6 26.1 26.6 27.9 Males curnently aged 65 lyearsl Females Cur￿ntlY aged 65 lyearsl Males currently aged 45 lyearsl Females currently aged 45 (yearsl 24.4 25.9 27.7 A defiryt recovery plan was put in place as part of the 2018 valuation, whSch required payment of 2% of salaries over the period l October 2019 to 30 September 2021 at whlch point the rate increased to 6%. The 2020 def￿11 recovery liabilrty reflects this plan. The lfrabS1Ity figures have been produced using the following a&8umpts'ons: 2021 2020 3.00% 1.20% Pensionable s818ry- Inffatlon Pensionable salary- Headcount The Unlversty has recognised 8 provbsfjon for Its commitments under the 2018 Recovery plan. The Initlal aSse￿ment of the impact of the new deficit recovery plan to 31 July 2021. In calculating this provision. the Universtty has assumed that changes in stsff numbers and staff costs will follow that included in the year forecast presented to Council, and that the liabilty is discounted at 0.894% las calculated per BUFDG/MeT¢ers discount rate guidance). Durlng the acwunting period, employee contribLrtions to the defined benefit were 9.6% of salary and 21.1% for the employer. From 1st October 202£ under the 2018 Recovery plan, contributions are set to increase to Il% and 23.7% respecty"vely. Details of the impact are disclosed in Note 21 IPension Provisions). 75

Notes to the Flnanclal Statements Year ended 31July 2021 25. Penslon Schemes (contlnued) Cardrff Unlverslty Perwion Fund and the Lc¢al Govemmert Penslon Scheme Both of these defined benefit schemes are erternalty funded and are ttjntracted out of the Stste Second Pension IS2PI pension provision. The last formal trIe￿nIal actuarial valuation of the schemes which have been co￿luded were performed by professionally qualified actuaries as at 31 July 2019 for the Cardiff University Pension Fund ICUPFI and 31 March 2019 for the Local Govemment Pension Scheme ILGPS). The 31 July 2019 valuation for CUPF resulted in a deficit of £35m and as 8 consequence. employer contributions will increase from 1st August 2021 to 24£% (assuming cost sharing with employees) plus an additional ¢Jeficrt contribution of £lm p.a. for the duration of the iecovery periLyJ to July 2029. During the accounting period. the University paid contributions to the CUPF of 19.2% of pensionable salarles ILGPS - 27.7% plus a cash lump sum of £l.Im). The University has also contiibLrted the salary sacrifice amount of 7.5% Ifinal salary members) or 6.5% for Qreer Average Revalued Earnings members for each Non£ontributory member li.e., those participating in the Salary Sacrifice arrangementl in the CUPF. Salary sacrrfice of pension contribub.ons is not permitted in the LGPS scheme. An estlmated valuation i)f eaGh of the two definod benefit schemes was performed at 31 Juty 2021 by Qualified actuaries. The FRS 102 Oisdosures set out below are based u￿n this updated valuation. On 20 November 2020 the latest High Court judgement on GMP equalisation in relation totransfei value paJThents was made. It ¢oncluded that historic transfers since 17 May 1990. which contsined GMP accrued after this date, will now neecl to be equalised. The actuaiies for both CUPF and LGPS have made allowance for this ruling ancl the result has been included wfch the schemes. FRS102 disclosures. A8sumptions The financial assumptions used to calculate scheme liabilities under FRS102 are: CUPF LGPS CUPF LGPS At31Juty At31July At31Juty At31July 2￿21 2021 2020 %pa. % p.•. 2.85 2.05 2.55 2.05 2.05 1.50 Price Infiation IRPII Price Inflation ICPII Rate of in(xease In salaries Rate of increase of pensions in payment Ir￿reaSeS to deferred pensbons before retirement Discount rate n/a 3.30 2.30 3.30 2.30 2.30 1.40 2.05 1.70 1.70 Key non-financial assumptions relate to member life expectsncy at the ae¢ounting date, bgsed on actual mortality experience of members within the Funds carried out as part of the last actuarial V81uations. Allowing for expected future mottslity improvements, the accounting assessments are based on the life expectsncy of male andfemale members at age 65 in normal health as shown ￿lOw. CUPF LGPS At31 Jthy At31July 2021 2021 21.2 22.3 23.9 24.7 22.2 23.3 24.7 26.1 CUPF LGPS At 31 July At 31 July Pensioner- male Pensioner - female Non-pensboner {cur￿n￿Y aged 451- male Norkpensioner (currently aged 451- female 21.2 23.8 22.2 24.7 22.2 24.6 23.2 26.0 76

Notes to the Flnanclal Statements Year ended 31 July 2021 25. Pension Schemes {continued) Membership statistics CUPF LGPS July2019 March 2019 1,811 1,485 1,023 Active members tkferred members Pensioners and dependants 96 231 2021 CVPF 2021 2020 LGPS CUPF 2020 LGPS Stheme Assds and knablllues The assets in the schemg atfair Nplue were: Equities Property Govemment trxjnds Cortx)rate bond8 LDI & Cash Other 57.6 25.7 45.2 19.9 26.7 57.6 125.4 26.4 56.1 109.9 Scheme assets at fair value 267.3 237.6 32.6 Scheme liabilities at present value Net ppnsloD Ilability r￿x)rded wmhln pension womslons (Note 211- Defidt In Scheme 1368.71 142.11 1329.7) 143.01 IIOL41 (3.4) {92.1) (10.4 2021 2021 2020 CUPF LGPS CUPF LGPS £m £m Arrotyws cl the amtyjnt charged wiihin Operallng Surplus Operatlng Cost Current service cost Past service cost Administrative expenses Total operating cost.. 12.3 14.2 FlnanGingc(tsL' Interest expense on liabilrties Interest Income on assets 13.61 L3 10.51 14.71 L2 10.7} Total financing cosL' Total charge within OpernUngSurplu8 before tsx 14A Affthnts recognised In Olher Comprehenslbt Income: Actuarial losses/igainsl from assets Actuarial losses/igainsl on liabilities Total loW(galnl to Other Comprehen81ve In￿rne tefore 124.81 28.1 15.71 10.6 ii.ii 16.3) 77

Notes to the Flnanclal Statements Year ended 31 July 2021 25. Perffjion &hemes (contlnued) 2021 CUPF £m 2021 LGPS 2020 CUPF £m LGPS Analws of movemert in defi(yt Deficit at be&nning of year Contributions by thè University Operating cost Financing cost Loss/lGainl recogniseo in Other Comprehensive Inwme Detldt at end of year 92.1 19.51 14.2 10.4 11.21 53.5 110.41 13.2 6.0 11.51 32 16.31 34.6 IOL4 92.1 10.4 Chang88 to the present value Of￿heMe Illltles: Present value of scheme liabilits'es at start of the year Current seNice cost Past service eost Interest expense on liabilities Contribution by participants Actuarial lossesiigainsl on liabilities Adual benefit payments Pre8ent value ofscheme Ilat41th8 atthe end of the)ar 329.7 43.0 283.4 12.3 39.0 4.9 28.1 17.51 10.61 11.31 35.7 17.81 329.7 11.31 Changes in the falr value of¥cheme asgets: Fair value of scheme assets at t￿ start of the year Interest Income on assets Actuarial gainslllLESe51 on assets Contributions by the University Contributions by participants Net benefits paid otrt Expenses Fair v81ue ofscheme 8S88ts at the end of the JEar 237.6 32.6 229.9 33.0 24.8 11.41 10.4 17.51 10.91 2673 11.31 17.81 10.91 237.6 11.31 3Z8 CUPF and LGPS assets do not i￿lUde any of the Universrty's own financial instruments, or property occupied by the University. Year ended 31 Ju 2021 2021 CUPF LGPS £m £m Year ended 31 July 2020 CUPF LGPS Actual return on ¥cheme assets: Interest income on scheme assets sset gain / Ilossl iual return on Scheme assets 24.8 11.41 28.4 10.71 78

Notes to the Finan¢lal Statements Year ended 31 July 2021 25. Penslon Schemes {continued) Sensliiwtyof movement In key es¥umpli￿ The approximate impact of changing the key assumption on the present value of the funded defined benefit liabilities as at 31 July 2021 is set out I￿low. In each case, only the assumption mentioned is altered: all olf￿r assumptions remain the same. Funded Dgfined Berth ￿abIll +1% Base fi -1% CUPF Discount Rate assumption Price Inflation assumption 3603 376.6 -I￿r 38L7 +1% PA. 41.4 42.2 -I￿r 43.T 377.4 361.1 +IYear 355.7 -1% pa. 368.7 B88e figure 368.7 Post retirement Mortali LGPS Discount Rate assumption Price Infiation assumption assum lon 42.1 42.1 Base fI￿re 42.1 42.0 +IYear 40.5 Post retirement Mortali assum ion 26. Capital Commltments CorMolld8ted and Insthutlon 2021 2020 £'ooo Commitment5 contracted at 31 July M,095 108.896 Of the £44.Im, the majority of commltments relate to the Cardiff Innovaty'on Centre1£28.7ml, the Centre for Student Llfe1£6.6ml. Architecture building I£4.7ml and Maths/Computer Science buijding1£3.4ml. 27. Operatlng Le&8e obligatlons Cmsolldatsd and Inststution Land and buildings £tJoo 2.930 9.826 29,382 42,138 Total 2021 Total 2020 £'o(xJ 3,228 10,157 30,577 43,962 Fvture mlnlmum lease payments du8 Other Not later than one year Later than one year and nc* later than 5 years Later than five ears Totsl lease payments due 106 177 3,036 10,003 29,382 42,421 283 Land 8nd bulldSng leases are held in respect of office premises and car parking facilities. (Xher leases ¢omprise vehicle and other equipment leases. 79

Notes to the Flnancial Statements Year ended 31July 2021 28. Related Party Transactlons All transactions involving organisations in which a member of the Council may have an interest are conducted at ami's lenÉth and In accordance with the UnNersity's financial regulations and nomial procurement procedures. The University maintains a Re￿"ster of Interests of members of Councll and senior officers. The list below representsthetradingtran5actions and yearnd close balances with organisations of which the relevant COU￿11 member or senior officer holds a position of influence in Ix)th the related party and the Universty. OrEanisatlon G￿ncIl OT senior offi￿r Income Exwnditure Debtor £'ooo Creditor Association of Commonwealth UniveTSlties Cardlff & Vale Unfversity Healih Board Prof C Riordan L Richards 4,628 s￿73 1.479 152 Cardlff UnIve￿ty Students, Unlon M5 G Dunn MsHDoe MrT Ewdns Ms G Dunn MsHDoe 2wII Cardlff Students Union Servi Limited Careers Research & Advisory Centre Compoun(J Semiconductor Centre Limtted Department of Business, Ener& & Industrial Strategy Fulbright Commission Office of the Police and Crime Commissionerfor Gwent 106 1293 Ms J Juillerat Mr R Williams 352 Prof C Riord8n Prof C Riordan 33 Drj Wman 26 Ms i( Singh Id8ughter-in- law ofj Judle R Singh.. Prof C Riordan Hu8h James Solicrtors IDP Connect Institute of Cancer Research J Shakeshaft Prof Dame J Finch Mr P Benjamin Ms C Morgan Judge R Singh Prof K Holford Medical Research Council &957 Microsoft UK 57 Qualification Wales Race Council Cymiu Royal Academy of Enoneering Russell Group The Conversation UK Limited The National Library of Wales The Royal Society UCEA 206 Prof C Riordan Prof C Riordan Drj Wademan Mr R Williams 16 25 Prof S Palmer 17 Universits'e5 UK University of Warwick Welsh Government Prof C Riordan 217 Prof S Palmer 57 20 Prof C Riordan 16,329 Welsh Wound Centre of I Weeks 309 All Other related partytransactions were with wholly owned subs.idiaries. 102 2,994 25 80

Notes to the Flnancial Statements Year ended 31 July 2021 29. US Department of Education Financlal Responslbility- Supplewental Schedule In satisfaction of rts obligations to facilitate students, access to US federal financial aid. Cardiff University is required by the US Department of Education to present the following Supplementsl Schedule in a prescribed formaL The amgunts presented within the schedules have been-. prepared under the historical c05t convention. subject to the revaluation of certain fixed assets. prepared Using United Kingdom generally accepted accounting practice, in accordance with Financial Reporting Standard 102 IFRS 1021 and the Statement of Recommended Pr8Ctice.' Accounting for Further and Higher Edueation12019 edition). presented in pounds sterlln& The sehedules set out how each amount disclosed has been extracted from the financial statements. The accounting policies used in determiningthe amounts disclosed are not intentjed toand do not compty with the requirements of accounting principles generally accepted in the United States of America. Prlmary Reser¥e Ratlo Year enthd 31July 2021 Year ended 31 Ju 2020 £'¢X)O 578,319 Llne Item- r•L8t•d dlsdc￿res Statement of Fin3nclal Position- Nei assets wfthout donor restrictions statement of Financial Posrtlon- Nel assets whh donoir restrlctlons ststement of Financial Postiion- Relaled party receivable and Relatsd art note dlsclosu ststernent of Financial Posrtlon- Related party receivable and Rel8ted note dls¢losure ststement of Financol PosrtS0n- Property. Plantand eouipmenl. n8t ndable NetlMe&ts Net assets wtihout donor restrictions Net assels wrth donor restrictions Secured and Unsecured related party receivable 46 663.652 45,641 39,286 2,000 Unsecured related ￿rty receivable 2,000 Property. plant and equlpment, net lincludes Con51ructlon In ro Property. plant on(1 equipment- p impl&mentat6on 934.27 846.797 Note of Ihe Flnancial Statements- Stalemènt of Flnanckql Postlion- Property. pkqnt 8nd equlpment- pre- lementsknon N￿e of the Financigl Staternents- tstemeftt of Financk21 Pos6tion- ProFerty, plani and equipment- post- itnplementstlon without outstsndlng ebt for ori nal urehase Nole of the Financial Ststements- tatement of Financk41 Position- nstruction in ro tstetnent of FSnancrdl Posili¢n- Postmploymenl and pension li8biliii88 Statement of Financial Positlon- Note Payable and Line of Cyedii for long- erm purposes Iboth currelli and long erml and Line of Credr( for Con$tru¢tion in rocess ststement of Financial POsit￿n- Note Payable 8nd Line of Credit for long- rm Pufposes Iboth current and long erml and Line of Credr< for Construction in rocess Statement of Financial Positlon- erm end¢wments Statement of Financial Position- Perpetual Funds 654,486 673,751 Property, plant and equipment- post- implementallon withc4Jt ou15tanding debl lor urchase Construdion In progress 30,356 21,379 46 254,382 151.667 46 Postmployment and pension Ikgbillties 188,814 187.309 46 Long-term debt- for long tenn purposes 427,5 30L86 Long-term debt- for kjng tem) purposes pr Implementstion 427.5 30L86 46 Terrn endowments wlth donoi restrictions Net assets wtih donor restrictions." ￿trIcted in uri 4,192 3.610 46 41,289 35.328 81

Notes to the Flnanclal Statements Year ended 31 July 2021 29. US Department of Educatlon Financial Responslbllity- Supplementsl Schedule (Cont'd> Primary Reserve Ratlo (contlnued) Year endeil 31July 2021 Year ended 31Juty 2020 £'ooo £'ooo 552,47 Une Kem. relatsd dknclcwTO Totsl nye3 •nd L¢￿889 ststement of Artwttses Totsl Total expenseswlthoutdonor OpeTatlng E¥penses ffotsl from restrirtions tsken dSredy Statement of Activities prior to frorn Statement of Activities adlustmentsl Statement of Activitie5 NOTr NonQperabng Operatine Ilnvestment return Investment 110561 ?pproprraled spending), Investmen net of annua spendlng gain 110551. Other Components of net perlcxJl¢ pension costs Penslon-related chan4es other than net r¢ri(xlie pension, ehanges other than nel period￿ pension. Chan£e in value of splrt-interest agreements and Other gains Ilossl (Total from Statement of Activrties prior lo adJ"ustmentsl 62 568.696 62 and Ntt 29.915 14.568 62 ststement Activities Stslement of ACt￿lt￿S (Investme￿ return appropriated Ilnvèstment retum for spending) and Inveslrnent5, appropriated lor 8pendinis netof annual spendin& galn Ilwl and Investmènts, net of annual spendln& gain I108yl 35.189 4,371 62 ststement of ActlvrtleB - Penslon Pènsion-￿rated Icreditsl/ related ch8ng¢s oth¢r than changes other Ihan net period￿ penslon Pgriodic costs 11,5051 .939 Equity Rauo Yearond8d 31Juty 2021 Year ended 31 Juty 2020 ne liem- Mlatsd d18¢1¢eufOS Mc¢Jffkd NetKwts Nel assels Wlthout donor re8lriciions £'ooo £'ooo 578,319 46 ternent ot Financk81 Posiiion- et 85sets ￿￿thOut donor trictions ernent of Financk21 Pos6tlon- otal Net assets w￿h donor tr[Ct￿n$ lernent of Flnancol PoslUon- elated party receivable and lated note dL%closure tement of Finarsckql Posltion- e18ted party reeeivable and etsled note dlsclosure 633,662 46 Net assets with donor ¢strictions 45,641 39,286 46 Secured and Unseetjred relat￿ party receivable 46 un￿Ured *ei8ted party receivable ng ttèm. related d15ckJsures t8tement of Financi41 Position- otsl Assets tement of Financial Position 18ted party reeeivable and lated part note disc108ure ternent ol Financial P09btlon elated party receivab￿ and lated patty note disclosur¢ rfted Nssets Total ksets 46 L463.141 L249,060 46 Secu￿￿ and Unsecured reL41ed party receivable 2.ODO 46 Urw¢ur8d reeelvaNe relateil party 2,000 82

Notes to the Flnanclal Statements Year ended 31 July 2021 29. US Department of Educatlon Financial Responsibility- Supplementsl Schedule (Cont'd) Net Income Ratio Y•ar8nded 31Ju 2021 Year ended 31 Ju 2020 £'ooo 30,482 ne [￿rn. le￿ted dlsclowre8 ternenl of Changes In Reserves total of movement shown for ncome & Expendtture R¢8erve and valuation Resèrve 47 hange Sn Net A85ets WithoLrt nor Re5trictioTh 59.457 62 ternenl of Activities- (Net sets releaseil from restrictlonl. otal Operating Revenue and Other dttions and Sale of Fixed Assets. ins Ilossesl oial Revenue and Gains 598.238 568,385 83