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← Cardiff University

2025-07-31-accounts

HAM Annual Report and Financial Statements

Year Ended 31 July 2025

cardiff.ac.uk

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Contents

Chair of Council’s Introduction 2
University Strategic Plan 4
Vice-Chancellor’s Review 6
Key Trends in Higher Education 17
Major Committees and University 18
Executive Board
Annual Pay Policy Statement 25
Financial Review 26
Environmental reporting 32
Estates Report 39
Public Beneft Statement 41
Statement of Corporate Governance 43
Council Membership 46
Statement of Internal Controls and 48
Principal Risks
Responsibilities of the Council of 56
Cardif University
Independent Auditors’ Report to the 57
Council of Cardif University
Consolidated and Institution 63
Statements of Comprehensive Income
Consolidated and Institution 64
Statements of Changes in Reserves
Consolidated and Institution 65
Statements of Financial Position
Consolidated and Institution 66
Statements of Cash-Flow
Notes to the Financial Statements 67

Charity Name: Cardiff University

Charity Registration Number: 1136855 Registered Office: Main Building Cathays Park Cardiff CF10 3AT

www.cardiff.ac.uk

1

Chair of Council’s Introduction

Over the last year we have sought to secure the academic future and financial sustainability of Cardiff University.

We have acted promptly to address enduring academic and financial challenges. Our financing model, in common with other universities, proved insufficient for the fulfilment of our purposes in teaching, research and education. In striving to improve the quality of the education of our students, against a real decline in fee income and structural changes in the prime service of learning, we recognise and work with the many difficulties and uncertainties, political, economic and moral, that our staff, students and partners continue to encounter and express.

As Council we tasked the ViceChancellor and her Executive Board (UEB) to propose new and timely action to fulfil the University’s strategy: Our Future, Together . UEB’s resulting plan, Academic Futures, focused on delivering our primary purpose - the shape and size of our academic endeavours.

Council expected UEB’s initial proposals to encourage engagement and consultation and that with the disclosure and public availability of underlying materials, the plan would be fully informed.

Over a 90-day-consultation period, the proposals were amended and refined with material input from our community and in discussions with external partners. The scrutiny to which they were subjected to was vital, healthy, challenging and welcomed – and has shaped the future of Cardiff University.

Our developed plans, while not yet eliminating the structural deficit, make significant progress towards our intention of being academically and financially sustainable. We expect, for example, to reduce expenditure by £22.5 million combined with the Voluntary Severance Scheme (VSS).

We knew this would be a difficult time for our University, especially for staff at risk of redundancy and students whose courses faced closure. Council’s meetings over the year have focused heavily on staff and student wellbeing. Council recognises the stress and at times distress, experienced.

We know that for some, the outcome of the consultation was hard to accept. Council’s approval of the final plans provided clarity on the future academic direction of Cardiff University. Had we not acted Cardiff University would have faced a financial crisis and uncertain future. Council believes the steps taken so far are necessary to help secure the long-term and changing future of Cardiff University in an increasingly volatile and unpredictable operating environment.

Council met seven times in the year. Much of our work was related to Academic Futures. Other business included approving the appointment of Cardiff alumnus and former BBC journalist, Laura Trevelyan, as the University’s new Chancellor. This post is the University’s most senior honorary position; we are delighted that Laura accepted the role. Council also supervised the University’s Capital Investment Plans, received updates on Student Experience and the National Student Survey and agreed University Success Measures to monitor delivery of the University’s strategy, Our Future, Together . We have also celebrated the achievements of our students, at Graduation, Varsity and a range of Student Union-hosted events like the Enriching Student Life Awards.

2

Chair of Council’s Introduction

Expansion of our Transnational Education activity is a key element of Our Future, Together . Council approved plans to open a branch of Cardiff University in Astana, Kazakhstan. Aware of the risks associated with Transnational Education we endorsed an incremental approach - four foundation programmes were available from autumn 2025, and the University’s portfolio will be extended as we better understand the needs of the Kazakh people and how these align with our academic strengths.

In the year ahead Council will continue to work hard for this University. We expect progress – at pace – in areas including improving academic quality, the staff and student experience, digitisation, streamlining the estate and removing complexity from the organisation. We are in the fortunate position

of having reserves designated for the development the University, and we will use them to further enhance the future of Cardiff University – particularly as it competes in a now global Higher Education market.

Leading Council is a privilege and my thanks go to all the staff, students and independent members who have served on Council and various committees over the year. It’s been the most challenging to date I’ve faced as Chair, and whilst the transformation delivering our ambitious Our Future, Together is a multi-year project, it will support Cardiff University’s standing for future generations.

Finally, my thanks to all the University’s students, staff and senior management team – the support you have for this University is phenomenal, and I’m proud to be a part of the Cardiff University community.

Patrick Younge Chair of Council 28 November 2025

3

University Strategic Plan

Cardiff University: our future, together Our path to 2035

Our future direction has been heavily shaped by our past. We were the first Welsh university to admit women and the earliest chartered institution in the UK to employ women as professors. We stood alongside our neighbours in the city over generations, in Wales and beyond, providing a warm Welsh welcome to those displaced by war or needing sanctuary. Student volunteerism and activism is a rich archival theme, demonstrating our tradition of enabling free speech and debate, and encouraging civic participation and action. Our strategy to 2035 embodies our commitment to delivering a better world for future generations, a new manifestation of our progressive history.

Our vision to 2035

By 2035, we want to be:

We will have:

Our Strategic Priorities

1. Culture, cynefin and community

Our university will be an amazing place to research, teach, learn, study and create, which allows excellence to flourish beyond boundaries, enabling curiosity and ambition. We will support all members of our community to thrive.

We will welcome and accept people for who they are - a community where we know and value each other and understand what matters to us. We value diversity and will take the necessary steps to be a genuinely inclusive, positively bilingual and anti-racist university. ‘Cynefin’ is a touchstone for us, a place where people feel they belong. We will work together, leaving no-one behind, clear on our expectations of each other and pursuing shared priorities.

Our values and work will align in a socially responsible university that strives to make Cardiff and Wales, as well as the world beyond, a better place. Our actions and behaviours will engender trust and respect from others, and will inspire students and staff to be lifelong champions. Our strong disposition is to make a difference and to be among the very best.

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University Strategic Plan

2. A vibrant and thriving place

We are a capital city university; an anchor institution for Cardiff and Wales, embodying Welshness, embracing the Welsh language, proud of our heritage. We celebrate being multicultural and multilingual, drawing together the best minds from across the globe and nurturing homegrown talent.

We are an integral part of a liveable, creative, bilingual, multicultural city and will work with others to ensure Cardiff is a wonderful city to visit and to work, study and live. We will be open to our partners – locally, nationally, globally - and accessible with a clearly marked ‘front door’ that says ‘croeso’. We will be more visible and present in diverse communities, allowing knowledge to flow in both directions, sharing our spaces and resources.

We will be distinctively of Cardiff and Wales in all that we do, through our outlook, teams, investments, facilities, partnerships, collaborations and ecosystems. We will connect Cardiff and Wales to the world through mutually beneficial connections and global relationships that benefit us all. We will foster social mobility and economic impact, creating a highly skilled workforce and building on joint research and innovation priorities. We will encourage entrepreneurship among our staff, students and alumni, generating spinouts and commercialising our research to create new businesses and jobs. Cardiff staff, students and alumni will be global ambassadors for a Welsh spirit of change-making which is deeply rooted in place and community.

We will improve our campuses, their sustainability, and the shared experience of being here. That means taking seriously the challenge of climate change and decreasing biodiversity, tackling our carbon footprint, enhancing our green infrastructure, and adapting our buildings to enable us to work better together. We will invest in world class approaches – physical and digital – for research and innovation, education, and operations.

3. Co-creating futures

We will work collaboratively as we co-create futures with our staff, students, alumni and partners. We will be agile, innovative and continually evolving. Together, we will adapt to a changeable world and deal with uncertainty. We will take a global outlook and work to establish international partnerships that are genuinely reciprocal. We will embrace, prepare for and actively shape the future throughout our activities. We will be united by a mission to reshape, rewire and renew prospects not just for tomorrow, but far beyond.

Our intellectual curiosity and research intensity will create a depth of understanding from which we will innovate; sustaining and securing the future, enriching lives, supporting social integrity, pioneering public values, embedding one-health, enabling physical and mental well-being, driving decarbonisation and developing new transformational technologies. We will be world-renowned for our impact and underpinning research strengths, working with others to create insights and solutions far beyond those that can be achieved alone.

We will offer flexible, tailored, lifelong learning to our students that gives them choices, agency and a voice, and provide futureproofed knowledge and skills that they can apply in the real world to fulfil their aspirations. We will teach our students in a way that develops them further into resilient, critical, problem-solving change makers who know how to work together in an uncertain, interdisciplinary, crosssectoral, digitised world. We will help people from all backgrounds transform their lives, place, and society and will have a lifelong commitment to, and relationship with, our students and alumni.

Our measures of success

Delivery of our strategy

Delivery of this strategy will take place across three interrelated time horizons. Horizon One will largely focus on our ways of working, organisational effectiveness and the creation of financial headroom, putting in place the fundamentals that will enable change. Horizon Two will incorporate activity that begins to deliver growth and innovation in the areas that speak to our vision for the future, allowing us to build momentum for change. Horizon Three will take our reinvention further, incorporating activities that will emerge as we work together to co-create our future.

5

Vice-Chancellor’s Review

The 2024/25 academic year has been a particularly challenging one for our University.

Delivering on our new University strategy Our Future, Together and securing Cardiff’s long-term future in a sector facing significant financial challenges meant we that needed to reshape our activities.

Our Academic Future was a threemonth consultation process we launched in January 2025 to help us realise our academic ambitions. It involved staff, students, stakeholders and our campus trade unions who helped shape our plans. I do not underestimate how difficult this has been for many in our community, and we have done everything we can to offer as much support as possible throughout this challenging exercise.

Despite the difficulties of this consultation process, I believe we have now put Cardiff on course for a more sustainable future. Good progress has also been made against our wider strategic priorities and University Success Measures. Below gives a flavour of the excellent work that’s happened across our campus over the last year.

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Vice-Chancellor’s Review

Strategic Priority 1 :

Culture, cynefin and community

Under this priority, our students of all backgrounds are supported to succeed and have an excellent experience; and we are a university where our staff feel they belong. Our Success Measures by 2035 include performing above benchmarks in the National Student Survey, narrowing our ethnicity awarding gaps, and holding charter marks that recognise our diverse and inclusive culture, among others. Some of our successes against this priority are:

Cardiff secures Race Equality Charter Bronze Award

Athena Swan awards

Five of our academic Schools successfully received or renewed their Athena Swan awards. The awards recognise several years of hard work, a shared commitment to creating an environment where everyone feels valued and accepted, and real progress on improving gender equality.

In February 2025 we were awarded the Race Equality Charter Bronze Award in recognition of our progress to understand and tackle the issues faced by our Black, Asian and minority ethnic community. This was a significant achievement and whilst work remains to be done, this award confirms that we are on the right path. We will now implement the measures in our action plan to make Cardiff University a place where all of our staff and students feel valued, safe and supported as part of a sustaining cynefin and where racism of any kind is eliminated.

National Student Survey (NSS)

Our National Student Survey Scores (NSS) significantly improved for the second year in a row, with overall satisfaction of our students up to 82%, with improvement in all thematic indicators, and every NSS question at institutional level. These results reflect our commitment to providing an excellent student experience, and the care, hard work and dedication of staff in our academic Schools. The data gives us a solid base to continue to enhance the student experience at Cardiff.

An accessible campus for all

Free period products, additional hearing loops and stoma shelves are just some of the ways we have made our campuses more inclusive and accessible over the last year. We want our buildings and spaces to be welcoming for all - a principle for the future of our estate where our people truly feel they belong.

Report and Support

As part of our commitment to a safer, more inclusive university we introduced a new online platform where students can report incidents of violence, abuse, threats, hate crime, and mental health concerns. Report and Support is an easy-to-use online tool designed with sensitivity to the experiences of those who have endured distressing or harmful incidents of any kind. By reducing the stigma around reporting and providing visible channels for support, we aim to enhance our commitment to inclusion and equality, which benefits everyone on campus.

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Vice-Chancellor’s Review

Strategic Priority 2:

A vibrant and thriving place

This priority sets our course for the following: we are recognised as one of the best universities in the UK and the world; we embrace the Welsh language, offering opportunities to study in Welsh wherever possible; we are a financially robust and sustainable institution; and we operate a more sustainable campus. Our Success Measures by 2035 include being ranked as a top 100 University in the QS World Rankings and in the Top 20 UK institutions in the Times Good University Guide, achieving an underlying operating surplus of 3% of revenue each year, and improving the efficiency of our estate. Progress towards these measures in 2024/25 includes:

Cardiff rises in league tables

Sustainable Futures 2025-35

A rise in the signal international league table the QS World Rankings, reaffirmed the University’s reputation as a leading global teaching and research institution. Ranking 181st in the world and 26th in the UK in such a prominent league table confirms Cardiff as a place of discovery and impact, of vibrant learning and futureproofed teaching, and enhances our standing as a place of world class education and research. It came in the same month as Cardiff was named the number one university in Wales by The Complete University Guide 2026, climbing five places to also rank as one of the top 25 institutions in the UK.

Over the past year, we have been developing our new Environmental Sustainability Strategy, Sustainable Futures 2025-35 under the leadership of the University Dean for Environmental Sustainability, Professor Monjur Mourshed. It sets out our ambition to become a zerocarbon, nature-positive institution by recognising that collective action, informed decisions, and a shared sense of responsibility are essential to reducing our impact and inspiring positive change beyond our campus.

New Dean for Welsh Language

Dr Angharad Naylor was appointed Dean for the Welsh Language and will lead on implementing the University’s Welsh language strategy Yr Alwad/ Embrace it, coordinating efforts to develop, connect, and raise awareness of Welsh language provision. This underlines our commitment to being an engaged University that is not just in Wales, but is more fully of Wales.

Improving our campus

We have begun work on estates rationalisation, beginning with the sale of the McKenzie House building, and the relocation of Professional Services teams back to the Cathays campus. This is the first step towards our aim to develop a smaller, high quality, civic campus.

Saving energy

Over the Christmas break we had an opportunity to reduce carbon emissions and save money on energy costs. Through extended building closures and thanks to colleagues who pledged to save energy in our Christmas switch off campaign we saved approximately:

8

Vice-Chancellor’s Review

Strategic Priority 3:

Co-creating futures

Under this priority, by 2035 our research will be recognised as world leading and impactful, and our student outcomes will continue to be among the best in the sector. Our Success Measures include achieving a top 12 performance for university Grade Point Average (GPA) in REF 2029, and achieving a top 10 performance in the Graduate Outcomes survey. Some of our successes under this priority over the last year include:

Cardiff top in Wales for graduate outcomes

£4M to attract “world’s best” to support Cardiff research

Cardiff University graduates are some of the most employable and sought after by UK employers, according to the latest Higher Education Statistics Agency Graduate Outcomes Survey. Cardiff is ranked 1st in Wales, 13th in the Russell Group, and 26th in the sector for the percentage of graduates working in the UK who were in highly skilled employment 15 months after their course ended.

Cardiff University secured over £4M to attract the world’s best research minds to Wales. The funding, part of UKRI’s £54M Global Talent Fund, is designed to support the UK’s leading research-intensive universities to attract outstanding international researchers and research teams from across the globe. Cardiff is the only university in Wales to benefit from the fund alongside 12 other UK universities, including Oxford and Cambridge.

Developing commercial expertise

We launched an exciting new venture - Cardiff Innovations Ltd - which will offer a highly visible and effective ‘front door’ to connect businesses, investors and collaborators with innovation opportunities to work with us. Wholly owned by us, it will extend our globally recognised research, expertise and advanced facilities. This new company-based approach is a longterm commitment to the social and economic impact for the Cardiff Capital Region, for Wales and the wider world, and delivers on the ambitions we’ve set ourselves in our strategy.

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Vice-Chancellor’s Review

Other significant work undertaken during the year included the development of a new model for flexible lifelong learning. We committed to establishing an Institute for Flexible Lifelong Learning which will bring together the knowledge and expertise across the institution to support academic teams in developing and delivering new and expanded flexible lifelong learning opportunities. Learning shouldn’t just be confined to time spent in compulsory education – learning should be embraced at all stages of life – and through this new programme, we will give our students more choices, agency, and a voice on how, what, when, and where they learn.

We also explored new opportunities in transnational education, and in May 2025 we decided to move ahead with a branch campus in Kazakhstan. This reflects our ambition to play a full and meaningful role in the future of global higher education, delivering high quality degree programmes in a range of countries, in line with our strategy. Transnational education on this scale is a new endeavour for us, and it will extend our global reach and reputation, as well as diversifying our income. It signals our ambition to make an impact across the world, and is the first in a network of new transnational education opportunities being explored, with others in the pipeline in Singapore, China and India.

The aim of both of these areas of work is to ensure Cardiff is a university ready to leverage new academic opportunities, prepare students for an adapting world and meet changing market demands as they arise.

Another core element of our strategy focuses on enhancing the contribution of our research to innovation-led growth and real-world commercialisation. An excellent example of this during the year came with the launch of Cardiff University spinout Draig Therapeutics. Launched as a clinical-stage company with a $140 Million (£107 Million) investment from leading international venture investors, Draig will advance the development of novel therapies for major neuropsychiatric disorders such as major depressive disorder. This is the most significant commercial investment into Welsh research to date. As we are guided by our strategy over the coming years, we will continue to strengthen our position for future innovation across the portfolio, for continued economic, social and health benefits.

Over the coming year we will continue to implement our transformation plans to help deliver our strategy and create headroom for our ambitions, even as the challenges facing the sector will likely persist as a backdrop to our activities. The Cardiff University community is rich, diverse and incredibly talented and together I am confident we can continue to deliver significant benefits for Cardiff, Wales and the world.

Professor Wendy Larner Vice-Chancellor 28 November 2025

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Vice-Chancellor’s Review

News highlights 2024/25

New technology uses underwater sound waves for faster and more reliable tsunami warnings in real-time

A new tool that assesses the level of danger posed by tsunamis in realtime has been made operational on a global scale. The early warning system, Global Real-time Early Assessment of Tsunamis (GREAT), led by a team from the University’s School of Mathematics, uses sound waves that travel through the ocean much faster than tsunamis and can be detected by underwater microphones called hydrophones. The technology could help save lives by giving people more time to act and evacuate, and help reduce false alarms.

Archaeology volunteers uncover Bronze Age burial site

Three Bronze Age cremations were discovered underneath Trelai Park, South Wales, as the Caerau and Ely Rediscovering Heritage Project (CAER) resumed excavations at the site. Archaeologists from the University along with community partners and volunteers discovered a pit and a small amount of cremated human remains next to a roundhouse.

Cardiff team becomes first from Wales to win Enactus UK and Ireland Championship

A student team from Cardiff University became the first-ever team from Wales to win the Enactus UK and Ireland National Championship. The event unites students, business leaders, and social entrepreneurs to celebrate social enterprise, showcasing innovative university-led projects making real impact in communities nationwide. The winning team secured the national title with their innovative climate action project, Spiruflow - an algae-based direct air carbon capture system.

Cardiff scientist elected to lead global gravitational-wave collaboration

Professor Stephen Fairhurst of the School of Physics and Astronomy was elected Spokesperson for the LIGO Scientific Collaboration (LSC) - the first time a Spokesperson has been elected from a non-US institution since the LSC’s formation in 1997, over which time it has grown to comprise of over 1,600 scientists and engineers from more than 145 institutions across 18 countries.

Cardiff researchers pioneer technology to close buildings’ energy performance gap

Researchers at Cardiff University have developed cutting-edge technology that could transform how buildings are designed, managed, and maintained, offering a powerful new tool in the global fight against energy inefficiency and carbon emissions.

Russian political technologists – experts in “information warfare” – prepare for US elections

Russia’s political technologists were planning last year for ‘influence operations’ designed to impact the US elections by exploiting concerns about immigration, identity politics and culture wars, new analysis by the University’s Security, Crime and Intelligence Innovation Institute shows.

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Vice-Chancellor’s Review

Scientists calculate

how many wet wipes enter UK waters per person

As much as 100kg of wet wipes enter the lower reaches of the Taff river according to the first comprehensive model to calculate wet wipe emissions to rivers developed by scientists in the University’s Water Research Institute. The model calculates how many natural fibres, regenerated fibres and plastic fibres per person are contributed to rivers annually.

Snacking may impact children’s growth

Snacking and grazing throughout the day, as opposed to structured mealtimes, could limit children’s growth. Academics in the School of Biosciences analysed changes in the levels of two hormones that control growth and found that snacking or continuous feeding led to hunger hormones staying high – to be effective in promoting growth, hunger hormones need natural ups and downs which were associated with eating three separate, large meals.

Discovering the true origins of Merlin

Merlin wasn’t a wizard but a poet and a prophet with an interest in the natural world, studies into the earliest poems about him show. The Myrddin Poetry Project, a joint study between Cardiff University, the University of Wales Centre for Advanced Welsh and Celtic Studies and Swansea University, edited and translated more than 100 poems about the legendary figure, some dating as far back as the 10th century.

Sleep problems could double risk of dementia in later life

Earth’s growing thirst is making droughts worse, even where it rains

The atmosphere’s growing “thirst” for water has made droughts across the globe 40% more severe, new research involving Cardiff University shows. While lack of rainfall is often thought to be responsible for droughts, scientists have discovered the atmosphere itself is demanding more water out of soil, rivers, and plants.

Bringing work home

Half of people working at home are doing so in the kitchen, on a dining table or in the corner of a room used for other purposes, according to the Skills and Employment Survey 2024. Led by Cardiff University, the survey is the longest-running and most detailed academic study exploring UK workers’ experiences.

People who experience sleep disorders are at greater risk of developing dementia and other neurodegenerative conditions later in life, new research by the UK Dementia Research Institute at Cardiff University and the NIH Intramural Centre for Alzheimer’s and Related Dementias in the US, shows.

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Vice-Chancellor’s Review
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Vice-Chancellor’s Review

Alumni and friends supporting Cardiff University

We are so grateful to our donors, fundraisers and volunteers, who continue to show their support through generous donations and gifts in Wills, and by giving their time and expertise.

As the higher education sector faces a challenging financial climate, support from our community of alumni and friends is invaluable, helping Cardiff University in our mission to create and share knowledge for the benefit of all.

The support we receive through gifts and pledges has helped to fund life-changing research and has given talented students the opportunities and financial freedom to succeed.

Our volunteers, many of them alumni, play a vital role in supporting Cardiff students. This year they’ve generously shared their experiences and expertise through mentoring, internships, and career talks to help equip our students for life after university.

This year #TeamCardiff fundraisers ran thousands of miles, climbed mountains, and even rowed oceans! Alumni, students, staff and friends have helped raise vital funds towards research that really does change lives.

We’d like to extend a huge thank you to everyone for their support this year. Diolch yn fawr.

Nearly £4.4 million of new funds were secured* from 649 donors and fundraisers, including 46 organisations, to fund life-changing research and alleviate financial pressures for students. (*Using CASE Insights definitions)

£1.25 million

was awarded by the Waterloo Foundation to study the impact of nutrition on child brain development.

The gift, the largest to date from the Foundation, will fund a five-year ‘Developing Minds’ programme at the Neuroscience and Mental Health Innovation Institute (NMHII), focusing on the effects of diet and nutrition on children’s neurodevelopment.

With a focus on ‘psychiatric nutrigenomics’, which examines the interplay between diet, genetics, and mental health, the programme aims to uncover how dietary components and their synergies impact brain health. This research will help establish new public health strategies and interventions.

£910,000 has been kindly donated through gifts in Wills.

95 members of Cylch Caerdydd showed their support with a gift of £1,000 or more each year.

2025 marked 10 years of our Cylch Caerdydd community of fundraising ambassadors. Over the last decade, members have given more than £20m, helping to transform the futures of thousands of researchers and students.

£79,000 was raised by #TeamCardiff fundraisers.

In October 2024 110 #TeamCardiff fundraisers participated in the Cardiff Half Marathon, raising over £35,000. Our fundraisers also took on London Marathon, Paris Half Marathon, climbed Yr Wyddfa (Snowdon) and rowed 3,200 miles across the Atlantic Ocean. Thanks to everyone who took on challenges this year to raise vital funds for research at Cardiff.

12,312 hours were volunteered by the Cardiff University alumni community.

This year alumni supported Cardiff students with valuable internships, mentoring and career guidance: they helped to build networks and open doors. Volunteers also launched new Alumni Chapters around the world, helping to connect and energise alumni and current students, to represent the University in key regions, and to support Cardiff’s global strategy.

These special gifts leave a lasting legacy of support for future generations of students and researchers.

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Key trends in Higher Education

Cardiff University continues to work with governments and policymakers in both Wales and Westminster.

The election of Eluned Morgan MS as First Minister and of a new Labour Government in Westminster both occurred at the end of the last academic year, but these events set the tone for this year. They have stabilised both the UK Parliament and Senedd Cymru, and have in turn provided the opportunity for more sustained policy development in relation to higher education.

For example, both the UK and Welsh Governments have raised the cap on home tuition fees to £9,535 starting from 2025/26 academic year. The UK Government has also maintained investment in UKRI in order to underpin its Industrial Strategy and has re-engaged with the Erasmus programme. Cardiff University has also benefited from £4.1 million of capital funding provided by the Welsh Government and a share of the UK Government’s new Global Talent Fund.

These positive developments have taken place in a wider policy context, the impact of which is more mixed. Most notably the increase in National Insurance contributions have impacted our finances in an already challenging climate; and some of the proposals in the Immigration white paper hinder the ability of Cardiff University to operate as an internationallyinfluential university. We continue to work alongside sector partners in relation to the sector’s international profile, including on the vital role of international students and transnational education in strengthening the higher education sector.

Over the year, there has been significant political and media focus on the financial challenges facing the higher education sector across the UK. Universities, including Cardiff University, have consulted on plans to reduce costs in order to address these challenges. As part of Cardiff’s ‘Our Academic Future’ process, we sought input from elected representatives in both the UK Parliament and Senedd Cymru, and our plans were also heavily scrutinised. Often, these conversations were candid and we ensured that contributions from them were considered as part of the consultation, along with representations from our staff, students, and wider civic society.

On the subject of Cardiff’s plans, and higher education finances more widely, Vice-Chancellor, Professor Wendy Larner and Chair of Council, Patrick Younge gave evidence to the Senedd’s Children, Young People and Education committee. Professor Larner also gave evidence to the House of Commons’ Welsh Affairs Select Committee alongside other Welsh Vice-Chancellors. Working with elected representatives to realise our future ambitions remains a key aspiration for the University.

Both the UK and Welsh Governments have laid the groundwork for future collaboration with higher education over the next year. For example, the Welsh Government is clear in its continued focus around widening participation and equality of opportunity. Its ongoing review of the Seren Academy - with which we are engaged – is an example of this. This year we have contributed to Medr’s consultation on their future strategy. This strategy prioritises issues relating to widening participation and student experience, in line with Welsh Government priorities.

The UK Government’s high-profile Industrial Strategy also provides an opportunity for Cardiff University to drive regional growth in a number of key industries. Due to Cardiff University’s wide research base and strong record of innovation, we are well placed to capitalise on this for the benefit of communities which host us. We expect governments to continue to prioritise the use of key economic sectors to drive regional growth and we know that they expect Cardiff University and Cardiff Capital Region to contribute to this.

Finally, the last year has seen a significant political focus on issues relating to free speech on campuses across the UK. This continues to be an issue of concern among staff, students, and policy-makers and we will continue to uphold our longstanding free speech policy whilst also meeting our commitments to respect at study and work. It is likely that this issue will remain high on political and media agendas for the foreseeable future.

17

Major Committees and University Executive Board

Report from the Governing Body’s key committees

Council has established four major committees whose members it appoints to oversee various aspects of the University’s business: the Audit and Risk Committee, the Finance and Infrastructure (previously Finance and Resources) Committee, the Governance Committee, and the Remuneration Committee. All of these committees are formally constituted, each with terms of reference and a membership which includes independent members of Council and a Council independent member as Chair. Major committees may establish sub-committees, such as the Nominations Sub-Committee which is a key subcommittee created to consider and agree recommendations to Council in relation to key appointments.

Audit and Risk Committee

~~Member~~
~~Type~~
~~Attendance~~
Dr Robert Weaver Independent
4/4
(Chair)
Aneesa Ali
Independent
4/4
Pers Aswani
Independent
3/4
Suzanne Rankin
Independent
3/4
Dr Nick Starkey
Independent
4/4
Agnes
Independent
1/4
Xavier-Phillips
(term ended
31 Jul 25)

The Chair of Council and members of staff or students at the institution are not members of the Committee. Members are not individuals with executive management responsibilities within the institution or members of the Finance and Infrastructure Committee.

Key responsibilities

The Audit and Risk Committee has a key role in advising and assisting the Council in overseeing the assurance and control environment of the University. Its duties cover:

The Committee’s terms of reference are closely aligned to the Committee of University Chairs’ guidance about audit committees and the Committee takes due regard of this guidance in its operation.

Summary of business

The Audit and Risk Committee met four times during 2024-25. The External Auditors attended all meetings of the Committee and were present for consideration of the annual Financial Statements (including going concern review), management representation letter, and the External Auditor’s formal opinion as well as approval of the annual internal audit plan and strategy.

The Committee reviewed the University’s risk register and undertook deep dives into a range of key risk areas, including the University transformation programme, student welfare and wellbeing, estates repairs and maintenance, and transnational education. The Committee received detailed reports, including those from internal audit, together with recommendations for the improvement of the University’s systems of internal control, management responses and implementation plans, and progress with the high priority external and internal audit recommendations.

The Committee monitored progress with the Fee and Access Plan and a project to map the University’s key controls. The Committee considered reports on value for money, complaints, data submitted externally, business continuity, and environmental, social and governance reporting. The Committee also received regular reports on serious incidents, whistleblowing, litigation and financial compliance.

18

Major Committees and University Executive Board

Finance and Infrastructure Committee

Finance and Infrastructure
Committee		 Finance and Infrastructure
Committee		 Finance and Infrastructure
Committee
~~Member~~
~~Type~~
~~Attendance~~
John Shakeshaft
Independent
6/6
(Chair)
Beth Button
Independent
5/6
Madison Hutchinson Student
5/6
(term ended
30 Jun 25)
Chris Jones
Independent
6/6
Professor Employee 4/6
Urfan Khaliq
Professor Employee 6/6
WendyLarner
Micaela Panes Student 5/6
(term ended
30 Jun 25)
Maria Pollard Student -
(appointed from
01 Jul 25)
David Selway		 Independent 5/6
Sean Strong Student -
(appointed from
01 Jul 25)
Professor Damian Employee 5/6
Walford Davies
Jennifer Wood
Patrick Younge		 Independent
Independent		 6/6
6/6

The Committee’s membership includes two members with relevant financial experience gained within a predominantly finance-based role.

Key responsibilities

The broad remit of the Finance and Infrastructure Committee is to advise and assist Council on the University’s financial and resource matters. It monitors proposals for achievement, alignment of resources and performance of the University’s strategic aims. It has specific duties in respect of the following areas:

Summary of business

The Committee met five times during the 2024-25 academic year, including a special meeting to recommend the Academic Futures business case to Council. The Committee oversaw the business of its two sub-committees: the Environmental Sustainability Sub-Committee, that oversees the development and implementation of environmental sustainability strategy, policies and programmes of activity; and the Investment and Banking Sub-Committee that monitors and advises on the University’s investment strategy and

its banking arrangements. At the end of 2024-25, the Committee agreed to disestablish the Environmental Sustainability Sub-Committee.

Over the year, the Committee reviewed performance of the estate, via receipt of the Annual Estates Performance Report, and an options paper for the future of the University estate, and reviewed several business cases for investment. Following approval of the new University Strategy in 202324, the Committee reviewed the proposed measures for monitoring performance against the Strategy and reviewed progress with the agreed University success measures during the year.

The Committee continued to receive regular financial updates, oversaw funding for the Students’ Union (via the annual Block Grant and Students’ Union Financial Agreement Review) and monitored the risks and activities relating to cyber security. The Committee reviewed in detail the Budget for 2025-26 and financial forecasts.

19

Major Committees and University Executive Board

Governance Committee

~~Member~~
~~Type~~
~~Attendance~~
Judith Fabian(Chair)Independent
4/4
Professor
Independent
3/3
Dame Janet Finch
(term ended
31 March 25)
Professor
Employee
3/4
Adam Hedgecoe
Madison Hutchinson Student
3/4
(term ended
30 Jun 25)
Professor
Employee
3/4
WendyLarner
Professor
Employee
4/4
Mark Llewellyn
David Selway
Independent
4/4
John Shakeshaft
Independent
3/4
Professor Damian
Employee
3/4
Walford Davies
Patrick Younge
Independent
4/4

Key responsibilities

The key role of the Governance Committee is to advise and assist the Council on the effectiveness of the governance structure and framework of the University. This includes:

To discharge its responsibilities, the Governance Committee has established five sub-committees:

Summary of business

The Governance Committee met four times in 2024-25. The Committee reviewed progress with the committee review and proposals for a streamlined committee structure. It also monitored completion of the recommendations from the triannual Governance Effectiveness Review undertaken during 2023-24.

The Committee received assurance on a number of areas of legal and regulatory compliance, including with the Welsh Language Standards, the PREVENT Duty, The Modern Slavery Act 2015, the Animals (Scientific Procedures) Act 1996, safeguarding requirements, UK Visas and Immigration regulations, Freedom of Speech, and the Equality Act.

The Governance Committee reviewed the independent member skills matrix and equality and diversity data to consider the composition requirements of an effective and efficient governing body, and recommended to Council a new Council Membership Diversity Policy. The Committee oversaw the appointment of seven new independent members via the Nominations Sub-Committee, and the reappointment of the Chair of Council. The Committee also approved the annual induction and development plan, and oversaw the annual performance reviews of Council members.

Nominations Sub-Committee

~~Member~~
~~Attendance~~
Judith Fabian (Chair)
2/2
(Independent)
Madison Hutchinson
1/2
(term ended 30 Jun 25)
(Student)
Dr Juan Pereiro Viterbo
1/2
(Staf – Senate member
of Council)
John Shakeshaft
2/2
(Independent)
Dr Robert Weaver
2/2
(appointed 25 Sep 24)
(Independent)
Patrick Younge
2/2
(Independent)

Key responsibilities

The role of the Nominations SubCommittee is to consider and agree recommendations to Council in relation to key appointments, including the appointment and re-appointment of the Chair and Independent Members to the Council and its committees.

The Sub-Committee ensures that independent member recruitment is achieved through a clear and transparent appointment process, having due regard for the overall skills and experience of the governing body, balance of sector and non-sector knowledge and commitments to diversity and inclusivity.

Summary of business

The Sub-Committee met on two occasions during 2024-25 to agree the role description and approach to recruitment for independent members of Council via the external search firm appointed, Aspen People Ltd, and the shortlist of candidates for interview. Recruitment for the independent member positions was undertaken during April 2025.

20

Major Committees and University Executive Board

Remuneration Committee

~~Member~~
~~Type~~
~~Attendance~~
Professor Dame
Lay
1/1
Janet Finch (Chair)
until 31/03/2025
Stephen Mann
Lay
1/1
(Chair)
from 01/04/2025
Suzanne Rankin
Lay
1/2
John Shakeshaft
Lay
1/2
Patrick Younge
Lay
2/2

The Remuneration Committee has a wholly independent membership of lay members of the Council (who include the Chair and Vice-Chair of Council). The Remuneration Committee shall not be chaired by the Chair of Council. The Director of People and Culture is invited to attend the Committee meetings.

The University’s pay policy is published annually on our website.

Key responsibilities

The Remuneration Committee, with advice from the Professorial and Senior Salaries Committee, develops the overall reward strategy and policy to cover the remuneration, benefits, conditions of employment and severance of the senior officers and staff of the University, including Deans and Heads of School.

The Committee is responsible for determining the remuneration, benefits and conditions of employment of the Vice-Chancellor and their direct reports, taking account of affordability, comparative information of the remuneration, benefits and conditions of employment in the Higher Education Sector and elsewhere as appropriate and relevant metrics and performance data.

The Vice-Chancellor’s remuneration package is determined according to a number of factors including, but not limited to:

Summary of business

During 2024-25, the Committee reviewed and approved the output of the 2024 Limited Senior Salary Review. The Committee also agreed to carry out Banding review in 2025/26. In addition, it agreed not to carry out a full performance Senior Salary Review in 2025. It received the annual update on the Gender and Ethnicity Pay Gap and on Equal Pay and Senior Pay Governance. The Committee also undertook its annual review of the Committee of University Chairs (CUC) HE Senior Staff Remuneration Code and confirmed the University has adopted the Code. The Committee, through the Chair, reports to Council at least twice a year.

21

Major Committees and University Executive Board

Senate

~~Member~~
~~Type~~
~~Attendance~~
Professor WendyLarner
Employee
5/5
Dr Mohammad Al-Amri
Employee
-
(appointed 01.08.2025)
Professor Rudolf Allemann
Employee
4/5
Professor Stuart Allan
Employee
3/5
Professor Rachel Ashworth
Employee
-
(until 31.08.2024)
Professor AnthonyBennett
Employee
3/5
Dr Emma Blain
Employee
4/5
(until 04.07.2025)
Shola Bold(until 30.06.2025)
Student
2/5
Professor Kate Brain
Employee
5/5
(until 31.07.2025)
Professor Gill Bristow
Employee
2/5
Dr Andreas Buerki
Employee
5/5
(until 18.06.2025)
Professor Kate Button
Employee
3/4
(appointed 01.12.2024)
Professor Christine Bundy
Employee
2/3
(until 30.04.2025)
Dr Cindy Carter
Employee
0/3
(until 31.03.2025)
Eve Chamberlain
Student
5/5
Professor David Clarke
Employee
5/5
Dr Lisa Clayton
Employee
-
(appointed 01.08.2025)
Lauren Cockayne
Employee
1/5
Professor Vicki Cummings
Employee
3/5
Professor Juliet Davis
Employee
4/5
Michelle Deininger
Employee
3/5
Dr David Doddington
Employee
5/5
(until 26.06.2025)
Dr Derek Dunne
Employee
4/5
(until 26.06.2025)
Professor Dominic Dwyer
Employee
5/5
Justin Edwards
Employee
0/1
(appointed 01.05.2025)
Professor Tim Edwards
Employee
3/5
(appointed 01.09.2024)
Professor Edwin Egede
Employee
2/5
Molly Elliott
Student
-
(appointed 01.07.2025)
Professor Rachel Errington
Employee
4/5
Ffur Evans
Employee
4/5
Professor Dylan Foster Evans
Employee
5/5
Dr Diana Garrisi
Employee
-
(appointed 01.08.2025)
Graham Getheridge
Employee
0/1
(until 31.12.2024)
Professor HayleyGomez
Employee
5/5		 ~~Member~~
~~Type~~
~~Attendance~~
Dr Sandy Gould
(until 27.06.2025)
Employee
4/5
Professor Julian Gould-Williams Employee
4/5
Professor Clare Grifiths
Employee
2/5
Professor Mark Gumbleton
Employee
3/5
Professor Thomas Hall
Employee
2/3
(until 31.03.2025)
Hanan Haliru
Student
-
(appointed 01.07.2025)
Dr Natasha Hammond-BrowningEmployee
2/5
Professor Adam Hedgecoe
Employee
5/5
Dr Alastair Hemmens
Employee
-
(appointed 01.08.2025)
Professor Monika Hennemann
Employee
-
(appointed 01.08.2025)
Dr Jonathan Hewitt
(until 31.07.2025)
Employee
0/5
Suzanne Hughes
Employee
-
(appointed 01.08.2025)
Madison Hutchinson
Student
3/5
(until 30.06.2025)
Professor Aseem Inam
Employee
3/5
Dr Anthony Ince
resigned 27.06.2025
Employee
3/5
Professor Nicola Innes
Employee
3/5
Claire Jaynes(until 30.04.2025)Employee
2/4
Luke Jehu
Employee
4/5
Megan Jenkins
Employee
-
(appointed 01.08.2025)
Professor Dafydd Jones
Employee
5/5
(until 26.06.2025)
Dr Kathryn Jones
Employee
4/5
Dr Nicholas Jones
Employee
5/5
Steve Jorgensen-Corfeld
Employee
0/1
(appointed 01.05.2025)
Dr Hesam Kamalipour
Employee
3/5
Dr Tahl Kaminer
Employee
4/5
(until 27.06.2025)
Professor Deborah Kays
Employee
3/5
Professor Andrew Kerr
Employee
2/5
Professor Urfan Khaliq
Employee
4/5
Professor Mark Llewellyn
Employee
4/5
Dr Jan Machielsen
Employee
-
(appointed 01.08.2025)
Dr Riccardo Maddalena
Employee
0/1
(appointed 04.06.2025)
Professor Eshwar
Employee
5/5
Mahenthiralingam
Dr Christie Margrave
Employee
-
(appointed 01.08.2025)

22

Major Committees and University Executive Board

Senate continued

~~Member~~
~~Type~~
~~Attendance~~
Professor Joy Myint
Employee
4/4
(appointed 10.02.2025)
Cynwal ap Myrddin
Student
-
(appointed 01.07.2025)
Dr Olaya Moldes Andres
Employee
3/5
Claire Morgan
Employee
0/5
GregMothersdale
Employee
3/5
Ana Nagiel Escobar
Student
5/5
(until 30.06.2025)
Rebecca Newsome
Employee
0/5
(until 31.07.2025)
Professor Gerard O’Grady
Employee
5/5
Gareth Owen
Employee
1/5
(appointed 25.05.2025)
Joanne Pagett(until 31.07.2025)Employee
4/5
Micaela Panes(until 30.06.2025)Student
5/5
Dr Vassiliki Papatsiba
Employee
2/5
Catrin Edith Parry
(until 30.06.2025)
Student
4/5
Dr Juan Pereiro Viterbo
Employee
3/5
Dr Oliver Pierce
(appointed 21.02.2025)
Employee
3/4
Professor JennyPike
Employee
4/5
Professor Simon Pope
Employee
4/5
Maria Pollard
(appointed 01.07.2025)
Student
-
Michael Reade(until 31.07.2025)Employee
5/5
Kate Richards
Employee
5/5
Professor Stephen Riley
Employee
5/5
Dominic Roche(until 31.07.2025)Employee
1/5
Professor Barbara Ryan
Employee
1/1
(appointed 18.10.2024
until 09.02.2025)
Professor Karl Schmidt
Employee
5/5
Dr Yasemin Sengul Tezel
Employee
4/5
(appointed 17.12.2024)
Professor Gavin Shaddick
Employee
1/5
Professor Katherine Shelton
Employee
4/5
Dr AndySkyrme
Employee
0/5
Professor Luke Sloan
Employee
1/5
(appointed 01.04.2025)
Helen Spittle
Employee
3/5
Georgia Spry (until 30.06.2025)
Student
5/5
TraceyStanley (until 25.04.2025)Employee
2/4
Professor Phil Stephens
Employee
3/5
Sean Strong
Student
-
(appointed 01.07.2025)
Professor Patrick Sutton
Employee
3/5
Joshua Tandy
Student
-
(appointed 01.07.2025)		 ~~Member~~
~~Type~~
~~Attendance~~
Dr Catherine Teehan
Employee
4/5
(until 31.07.2025)
Professor Michal Tombs
Employee
-
(appointed 01.08.2025)
Cadi Rhys Thomas
Employee
5/5
Grace Thomas(until 31.12.2024)Employee
0/1
Dr Jonathan Thompson
Employee
4/5
Ruth Thornton
Employee
1/1
(appointed 25.05.2025)
Dr Katja Umla-Runge
Employee
-
(appointed 01.08.2025)
Professor Damian Walford Davies Employee
5/5
Matt Walsh
Employee
5/5
Professor Roger Whitaker
Employee
4/5
Professor John Wild
Employee
-
(until 17.10.2024)
Professor JianzhongWu
Employee
5/5
Dr XueshengYou
Employee
2/5
Key responsibilities
The Senate is established by the University’s Charter, which
gives it responsibility for the ordering of the academic afairs of
the University, both in teaching and in research, and powers to
make Academic Regulations. It draws its membership from the
academic staf, professional services staf and students of the
Institution. Senate keeps under review the educational policy
of the University and provides Council with assurance that the
academic afairs of the University are appropriately managed.
In turn, Senate has established standing panels and Sub-
Committees to support it in discharging its responsibilities,
such as the Academic Standards and Quality Committee and
the Education and Student Experience Sub-Committee.
Summary of business
Senate met fve times during the 2024-25 academic year,
including a special meeting requested by members to discuss
the Academic Futures proposals. Key areas of strategic
business included updates on the National Student Survey
results and actions, updates on work around research culture
the Research Excellence Programme, and the College
and Schools Transformation Project. Senate received and
considered a report on progress with the recommendations
from the Bicameral Review and reviewed the Academic
Futures business case prior to consideration by Council.
Senate considered the Annual Quality Report, the Annual
Enhancement Report and approved a number of proposals to
vary academic regulations and policies. Senate received the
Institutional Response to the 2024 Student View and received
the Student View for 2025. Regular reports of business from
Senate’s sub-committees, including the Academic Standards
and Quality Committee and the Education and Student
Experience Committee, were received.

23

Major Committees and University Executive Board

University Executive Board

Key responsibilities

University Executive Board University Executive Board Key responsibilities
~~Member~~ ~~Type~~ The University Executive Board is the
University’s senior executive team.
Professor WendyLarner(Chair) Employee The Medr Terms and Conditions
Professor Rudolf Allemann
Laura Davies		 Employee
Employee		 of Funding (which were in force
during 2024/25) defines the Senior
Executive Team in accordance
Sally-Ann Efstathiou
(from 10 Sep24)		 Employee with Financial Reporting Standard
102 (FRS 102)’s definition for ‘key
Professor Nicola Innes Employee management personnel’; that is
(from 05 Nov 2024) “those persons having authority and
Professor Urfan Khaliq
Dr David Langley
Daniel Lawrence(from 14 Oct 24)Em		 Employee
Employee
Employee		 responsibility for planning, directing
and controlling the activities of the
entity, directly or indirectly, including
any director (whether executive or
Claire Morgan Employee otherwise) of that entity”.
Professor Stephen Riley Employee The broad remit of UEB is to
Dr Paula Sanderson Employee assist the Vice-Chancellor in the
Professor Gavin Shaddick
Professor Damian Walford Davies Em
Darren Xiberras
Professor Roger Whitaker		 Employee
Professor Damian Walford Davies Employee
Employee
Employee		 performance of their duties as the
Chief Executive Officer including
developing and delivering strategy,
operational plans and budgets,
monitoring and approving University

assist the Vice-Chancellor in the performance of their duties as the Chief Executive Officer including developing and delivering strategy, operational plans and budgets, monitoring and approving University policies and procedures, and managing operating and financial performance.

All members of the University Executive Board attend weekly senior meetings. Given the frequency of these meetings, the attendance is not recorded in the table above.

Summary of business

Through 2024-25, the UEB developed and engaged in a period of collective consultation with our community – both internal and external – on proposed changes designed to realise the ambitions as set out in ‘ Our future, together ’, and to secure the University’s long-term future. UEB also assumed the role of Transformation Board, with one meeting per month dedicated to transformation providing oversight of all activities in the strategy roadmap. Key initiatives included approval for the introduction of a network of Hubs across our campuses as part of the Colleges, Schools and Professional Services transformation, establishing the Cardiff Futures Initiative, shaping understanding of what it means to be a Global-Civic university, and development of Cardiff University Kazakhstan.

24

Annual Pay Policy Statement

This Pay Policy provides the framework for decision making in respect of remuneration and in particular decision making on remuneration for senior staff.

Senior Pay Remuneration

All senior staff are covered by the University’s Senior Pay Policy, which is published annually. This reviews performance on a biennial basis across four broad categories, and allows performance-based awards, as well as reviewing equity. Data drawn from the Universities and Colleges Employer Association’s (UCEA) 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 Committee, whose terms of reference can be found within the University’s Ordinances. The Remuneration Committee is the body that has 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 individuals in the University, including the Vice-Chancellor.

The Remuneration Committee is appointed by and answerable to the University Council, which is the supreme authority of the University.

The Committee directly reviews and determines the remuneration, benefits and conditions of employment of the President and Vice-Chancellor and his/her direct reports.

It gives delegated authority to the Professorial and Senior Salaries Committee to make recommendations on the remuneration of Professors and senior staff not covered directly by the Committee itself.

The numbers of all staff paid above £100k are published in the financial accounts, broken down into £10k pay bands. Directly reimbursed expenses for senior staff who are members of the University Executive Board are also published. All expense claims and payments made to senior members of the 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.

Vice-Chancellor Remuneration

The remuneration of the current Vice-Chancellor is set by the Remuneration Committee, which comprises of independent lay members of Council, through the Senior Salary Review process. The Vice-Chancellor’s base salary is also reviewed in line with national pay awards for the Higher Education sector.

The Chair of Council presents performance assessments to the Remuneration Committee for inclusion in the Senior Salary Review process. The Remuneration Committee make the final decision on the rewards given for comparable performance assessments. The Vice-Chancellor’s salary, in line with the Senior Salary Review, is also assessed against equity and market concerns.

The Vice-Chancellor’s performance is reviewed according to a number of factors including, but not limited to:

Remuneration for other staff groups

The majority of other staff are on the National Framework Agreement (NFA) pay spine and covered by the University’s Grading Structure which consist of 9 grades. These grades are supported by the Higher Education Role Analysis HERA and HAY role evaluation 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 and 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 Outstanding Contribution Award Scheme (OCAS) recognises exceptional performance and contribution, resulting in both oneoff awards, and any accelerated incremental progression.

Living Wage Employer

The University is an accredited Living Wage employer and as a result all staff receive at least the Living Wage Foundation rate of pay.

Pay Ratio

The ratios between the ViceChancellor’s salary and the median pay of staff and the Vice-Chancellor’s total remuneration and the median total remuneration of staff are disclosed in the Annual Report and Financial Statements.

25

Major Committees and University Executive Board

Exit policy

All settlement agreements, including voluntary severance, for professorial, professional service directors and senior staff are reported biannually to the Remuneration Committee, with details of both the severance payment and the saving to the University. Any redundancies related to academic and senior staff are subject to the University’s redundancy processes.

Emoluments of the Vice-Chancellor 2024/25 Section

The remuneration of the current Vice-Chancellor is set by the Remuneration Committee, which comprises of independent lay members of Council, through the Senior Salary Review process. The Vice-Chancellor’s base salary is also reviewed in line with national pay awards for the Higher Education sector. The Chair of Council presents performance assessments to the Remuneration Committee for inclusion in the Senior Salary Review process. The Remuneration Committee make the final decision on the rewards given for comparable performance assessments. The Vice-Chancellor’s salary, in line with the Senior Salary Review, is also assessed against equity and market concerns.

The Vice-Chancellor’s performance is reviewed according to a number of factors including, but not limited to:

26

Financial Review

Financial Performance Overview

Summary of group results

The underlying operating deficit of £33.4m reconciles to the total deficit of £34.3m as follows:

The University recorded an underlying operating deficit of £33.4 million for 2024/25, before exceptional items (see table below). This represents a worsening position relative to the previous year’s underlying deficit (£31.2 million). The total comprehensive result swung to a £34.3 million loss from a £177.3 million surplus in 2023/24, with last year’s surplus driven by a one-off £162.8 million pension credit related to the USS pension scheme and a £36.9m investment gain.

~~Summary of group results~~
~~2024/25~~
~~2023/24~~
~~£m~~
~~£m~~
Total comprehensive (defcit)/
surplus for the year
(34.3)
177.3
Impairment on the revaluation
of assets
1.6
-
Specifc debt provisions
2.4
-
Gain on valuation of investments
(4.5)
(36.9)
(Gain)/Loss on disposal of fxed assets (0.8)
0.2
Actuarial (gain)/loss on pensions
(12.4)
3.4
(Defcit)/Surplus before other
gains/(losses)
(48.0)
144.0
Other pension movements
(2.8)
(5.8)
USS pension provision credit
-
(162.8)
Othergains
(6.9)
(6.6)
Voluntary Severance/Voluntary
Redundancy
24.3
-
Underlying operating defcit
(33.4)
(31.2)

Like many universities, Cardiff operated in an environment of high inflation, constrained public funding, and international student market volatility. Increased utility and pay costs following Russia’s invasion of Ukraine, have left a lasting impact on our cost base. At the same time we have faced a reduction in international student numbers due to stricter visa rules and global economic uncertainty. This confluence of factors made 2024/25 a challenging year financially for Cardiff University, as it was for many of our peers.

Throughout the year, the University took proactive steps to strengthen its financial resilience. We exercised disciplined budgeting and firm cost control to mitigate inflationary pressures, and we prioritised investments that directly support strategic outcomes. In parallel, longer-term measures were initiated to address the structural deficit, notably through the Academic Futures programme (detailed under “Future Outlook”).

The financial statements for the Income and Student year ended 31 July 2025 consolidate Recruitment the results of the University, its subsidiary companies University Total income declined by 2.2%, College Cardiff Consultants Limited from £649.1 million in 2023/24 to and International Learning Exchange Limited (“Taith”) and the joint ventures of Cardiff Medicentre and in tuition and other operating Evidence to Impact Ltd. income:

Total income declined by 2.2%, from £649.1 million in 2023/24 to £634.7 million in 2024/25. The drop was largely attributable to shortfalls in tuition and other operating income:

Looking at the components of the year’s financial performance in more detail:

• Tuition fee income fell by £10.3 million (–3%) to £317.9 million. After growth in the previous year, we did not meet our 2024/25 fee income target. This was largely due to external factors – notably a slowdown in international student recruitment amid new UK visa restrictions and broader global economic

27

Financial Review

uncertainty, which tempered overseas enrolments. Home student fee income remained capped (the Welsh Government raised the tuition cap to £9,250 to match England, effective 2024/25).

Offsetting these declines, research grants and contracts income grew by £4.5 million (+3.5%) to £131.0 million – a positive result, driven by Cardiff’s strength in winning new research awards. However, the gains were not enough to fully counteract the drops elsewhere, leading to the overall decline in total income for the year.

~~Student~~
Undergraduates 22,768
Postgraduate
Taught		 ~~2024/25 2023/24*~~
raduates 22,768
3,057		 ~~2024/25 2023/24*~~
22,404
3,796
Postgraduate
Research		 1,400 1,378
Total
Home
Overseas		 27,225
23,061
4,164		 27,578
22,729
4,849
Total 27,225 27,578

*Restated from prior year after confirmation of final student numbers

The University’s student enrolments reflected the challenging recruitment climate. Total student headcount in 2024/25 was 27,225, a decline of 1.3% from 27,578 in the previous year. This reduction was mainly in postgraduate taught (Master’s) students and in overseas (non-UK) students, consistent with the external factors noted above. Postgraduate taught numbers fell by around 20%, from 3,796 to 3,057, which aligns with the dip in international intake (overseas students decreased to 4,164 from 4,849). By contrast, undergraduate numbers grew slightly (22,768, up by 364 students year-on-year) and postgraduate research students held steady (1,400, up from 1,378). The proportion of home students increased, totalling 23,061 (85% of the student body) alongside 4,164 overseas students (15%).

Expenditure and Cost Management

In the face of falling income, cost control measures across both staff and non-staff spending were intensified during 2024/25 to manage financial pressures. These efforts yielded a reduction in the University’s underlying cost base:

• Staff costs (excluding non-cash pension items and severance schemes) slightly increased by £1.9m or 0.5% (including pension charges staff costs were approximately £4.3 million or 1.1% lower than the prior year). Staff costs before pension adjustments increased only marginally, even as we delivered the full national pay award and upheld our Living Wage pledge. Average full-timeequivalent (FTE) staff count fell by 2% to 6,098, reflecting the impact of a voluntary severance and voluntary redundancy programme launched during the year. All staff departures occurred through voluntary means, helping us to maintain a sustainable pay cost going forward and maintain cordial industrial relations. In addition, an accounting credit of £1.7 million (related to an updated calculation of annual leave accruals) benefited the staff cost line. These savings largely offset the nationally agreed pay awards (ranging from 2.5% to 5.7% in August 2024, with additional adjustments to maintain our Living Wage commitment) and an increase in employer National Insurance contributions following UK Government decision to increase this tax on employers in the Autumn of 2024. Staff costs concluded the year at 59.7% of income (2024: 59.0%) — a stable ratio that reflects effective

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mitigation of pay-related inflation to keep this key ratio stable.

liquidity buffer equivalent to roughly two months of expenditure, in line with the University’s reserves policy target (see Reserves Policy below).

Cash Flow and Liquidity

Operating Cash Outflow: The

University managed its cash target (see Reserves Policy below). carefully during 2024/25, but the underlying deficit translated into This liquidity enables the University a net operating cash outflow of to meet obligations reliably and £12.4 million for the year. After manage timing variances in accounting for cash used in servicing funding with confidence. Indeed, debt, investing in capital projects, management and Council have and transferring some funds into affirmed that Cardiff has sufficient longer-term investments, cash and short-term liquidity to deal with cash equivalents decreased by current uncertainties. However, £26.9 million, from £105.8 million it is recognised that relying on to £78.9 million at 31 July 2025. reserves is not a sustainable strategy This reduction was expected and indefinitely – hence the ongoing reflects our strategic use of cash focus on improving the underlying reserves to fund vital investments financial performance so that, in and restructure costs in-year. The the long run, annual operating cash Statement of Cash Flows (see page inflows will cover expenditure and 66 of the Financial Statements) maintain our liquidity at the desired provides further detail on these level without erosion. movements.

Voluntary Severance/Voluntary Redundancy

During the year, the University made the difficult decision to implement a Voluntary Severance and Voluntary Redundancy Scheme (“ Academic Futures ” voluntary phase) to help reduce the payroll to a sustainable level. These schemes resulted in an exceptional cost of £24.3 million in 2024/25. While this one-off expense contributed to the overall deficit, it is a strategic investment in the University’s future financial health. The reduction in staff through voluntary means will generate substantial recurrent savings – £22 million per annum once fully implemented. These savings will improve our expenditure run-rate in subsequent years, supporting Cardiff’s aim to “return the University’s cost base to a position where we can afford to pay for all our activity on a sustainable long-term basis”.

Despite this outflow, the University retains a robust short-term liquidity position. At 31 July 2025, the University held £415 million in cash and current asset investments (2024: £426 million). This figure includes short-term deposits and investments that can be liquidated to support cash needs, £68.2 million of which is in a ring-fenced Bond Repayment Fund (earmarked to repay the £400 million public bond in 2055), and £53.5 million representing the market value of the University’s permanent endowment fund. Even excluding the bond fund and endowments, the remaining balance of free cash and near-cash investments provides a robust

Treasury and Credit Facilities:

The University prudently manages its financing and has additional liquidity available if required. We have in place a five-year £60 million Revolving Credit Facility (RCF) with HSBC to cover any shortterm working capital needs. This facility was not utilised at all during 2024/25, reflecting the strength of our cash management and the sufficiency of internal funds throughout the year. The RCF remains available as a standby resource to assist liquidity in the future if required.

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Investments and Borrowings

Investment Portfolio Performance: In

a year of market volatility, the University’s investment portfolios delivered a respectable result. Overall, our investment balances (endowments and other longterm funds) increased by £4.5 million in market value over 2024/25. This follows a gain of £36.9 million in 2023/24, which was driven by the post-pandemic recovery in global markets. We continue to manage the investment portfolio on a total return basis, balancing income generation with capital growth within an acceptable risk appetite and ethical framework (including a commitment to responsible investing). Interest and dividend income during the year of £10.5 million was outweighed by interest expenses on borrowings, resulting in a net interest cost of £2.2 million (versus effectively zero net cost in the prior year). This swing is attributable to lower cash deposit interest as cash balances and interest rates were reduced during the year.

Debt and Financing: The University’s overall borrowings stood at £443.5 million as of 31 July 2025, up slightly from £426.7 million the year before. This increase was mainly due to drawing down £18.2 million in new unsecured loans from Salix Finance to fund approved carbon-reduction projects in our estate (Salix loans provide upfront capital for energy efficiency initiatives, at favorable terms). The majority of Cardiff’s debt is our long-term Public Bond, which has a nominal value of £400 million (issued in 2015) at a fixed interest rate of 3.0% and is repayable in 2055. At year-end, the bond’s carrying value was £419.8 million. We are pleased to note that Moody’s Investor Services reaffirmed the bond’s credit rating at A1/stable outlook during the year, reflecting confidence in the University’s credit quality and financial management.

To ensure we can repay the bond in 2055, the University has established the dedicated Bond Repayment Fund mentioned above. Over past years we have set aside £52.6 million of reserves into this fund, which is invested for growth. As at 31 July 2025, (including non-current investments of £16.1m) the fund’s value had grown to £84.3 million, on track toward the long-term goal of accumulating the £400 million by the maturity date.

Balance Sheet Strength

Despite the year’s deficit, Cardiff University retains a strong balance sheet underpinned by significant asset values and reserves. At 31 July 2025, the University’s consolidated net assets were £821 million, a decrease of 4.0% from £855 million in 2024. Unrestricted general reserves (excluding revaluation reserves and restricted funds) comprised £478 million of this total, representing 58% of net assets. The reduction in net assets during the year was driven primarily by the reported deficit and depreciation of fixed assets.

It should be noted that the balance sheet does not capture one of Cardiff’s most valuable assets – our people. The dedication and talent of our staff enabled the University to navigate the past year’s challenges and continue delivering high-quality teaching and research. The University’s leadership recognizes that our staff remain our most important and valued asset, critical to our success and future sustainability. We invest in our people through staff development, wellbeing initiatives, and the fostering of an inclusive community, which in turn supports our financial and academic performance.

Looking at other balance sheet indicators, capital investment commitments stood at £13.7 million at year-end (down from £19.4 million a year prior). This reduction in commitments aligns with a careful approach to capital projects – focusing on essential investments in our estate while deferring or re-scoping non-critical projects in light of financial constraints. Similarly, the University’s operating lease obligations reduced to £34.2 million (from £37.1 million), as we systematically seek to divest leased premises or renegotiate contracts to reduce ongoing costs. These steps are part of our broader strategy to improve efficiency and direct resources to priority areas.

Finally, Cardiff maintains a comprehensive approach to risk management that underpins balance sheet strength. The

University continuously scans the horizon for emerging risks (financial and non-financial) and updates its risk register accordingly. Key institutional risks – including those related to student recruitment, research funding, cost inflation, and regulatory changes – are regularly reviewed by the University Executive Board and by Council through its Finance & Infrastructure Committee and Audit & Risk Committee. Mitigation plans are in place for all principal risks, and Council is kept informed of risk levels and responses (the Annual Report provides further detail on principal risks and uncertainties in pages 48-55). This vigilant governance ensures that the University is not complacent about the challenges ahead and is ready to respond to adverse scenarios, thereby protecting our balance sheet and stakeholders’ interests.

Reserves Policy

In support of long-term financial sustainability, the University maintains a Reserves Policy to ensure an appropriate level of liquid funds (“free reserves”) is held to protect Cardiff’s future activities. This policy seeks to balance two principles: (1) the need to spend income in a timely manner to achieve our mission, and (2) the need to retain sufficient reserves to manage uncertainty and safeguard the University’s financial viability for the long term. In essence, while Council aims to deploy funds towards our charitable and strategic objectives as soon as practicable, it is also prudent to hold back a portion as a buffer against unexpected events or downturns.

When determining the level of “free funds” (unrestricted liquid reserves) to maintain, Council considers the University’s future needs and potential risks, in line with Charity Commission guidance. In particular, the following factors are reviewed annually:

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Financial Review

example, a heavy reliance on one income source might warrant higher reserves as insurance against volatility.)

Council reviews the Reserves Policy and the calculation of the required reserve level annually. The current target level of unrestricted free funds is set at £100 million, which approximately equates to two months of University expenditure. This target takes into account the size and complexity of Cardiff University, our risk profile, and sector norms. Holding two months’ spending in reserve provides a cushion to allow time for corrective actions in the face of financial shocks, while still ensuring the vast majority of income is directed to immediate academic purposes.

In calculating free funds for policy purposes, the University excludes certain categories of funds that are not available for general use. Specifically, funds raised through long-term debt (e.g. bond proceeds) are designated for strategic capital investment projects and thus not counted toward liquid reserves.

Similarly, restricted donations and endowments are excluded, as those must be used for the specific purposes intended by donors and cannot be repurposed freely. The focus is on unrestricted, spendable reserves that Council can deploy at its discretion to sustain operations or seize strategic opportunities.

As of 31 July 2025, Cardiff’s level of free reserves was above the £100 million policy target. A summary of free funds can be seen below.

John Shakeshaft

Chair of Finance & Infrastructure Committee

Darren Xiberras Chief Financial Officer 28 November 2025

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Environmental Reporting

Cardiff University is committed to leadership in sustainability and improving our environmental performance. As a leading institution of higher learning, we are responsible for shaping a sustainable future for ourselves and society through education, research, engagement, and operational excellence.

Sustainability and technological transformation lie at the very heart of our institutional strategy, Our future, together .

Our recently updated environmental sustainability plan, Sustainable Futures, is rooted in our institutional strategy, where sustainability and technological transformation lie at the very heart of our strategic vision. The plan is especially shaped by the Well-being of Future Generations (Wales) Act 2015, allowing us to act sustainably for both current and future generations. It embodies our vision of “Transformation through Collective Agency”, recognising that meaningful progress requires mobilising our entire University community for concerted climate action. We reaffirm our commitment to the United Nations Sustainable Development Goals (SDGs); we share their universal call to action to protect the planet, end poverty, and ensure peace and prosperity for all.

Our vision is to integrate

environmental sustainability into all aspects of our institutional life by combining technological innovation with inclusive and collaborative action to develop solutions that are both technically sound and socially responsible, capable of fostering sustained and systemic change.

We are committed to achieving carbon net-zero (Scope 1 and 2) and progressing towards net-zero greenhouse gas emissions, while delivering nature-positive outcomes and enhancing social, economic, health, and well-being impacts across our activities. Our four sustainability goals are based on the vision outlined in our institutional strategy. We will:

education, research, partnerships, and governance.

Our aims, for the 2025-26 academic year are:

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seek opportunities for low carbon heat and energy efficiency funding.

Carbon emissions

Our Environmental Sustainability SubCommittee chaired by the Dean for Environmental Sustainability is responsible for taking forward our sustainability action. We have committed to achieving net zero carbon for Scope 1 (direct emissions) and 2 (indirect emissions) by 2030 (timeframe to be reviewed in Autumn 2025 when our Net Zero Implementation Plan is presented, to ensure that we focus on carbon reduction ahead of any offset) and before 2050 for Scope 3 (indirect emissions). Our Net Zero Implementation Plan has been drafted to suggest the projects and resources required to work towards net zero for Scopes 1 and 2. Once adopted, we will publish our plan on our website.

In addition to submitting our 2023/24 carbon footprint to the Welsh Government as part of the Public Sector Net Zero Reporting requirements, we have adopted the EAUC’s (Environmental Association for Universities and Colleges) Standardised Carbon Emissions Framework (SCEF) as our primary carbon footprint methodology. The SCEF, based on the Greenhouse Gas Protocol, is a voluntary reporting standard developed for the Higher Education sector, and it provides a more comprehensive Scope 3 emissions inventory than the Welsh Government framework. The Scope 1 and 2 reporting standards are consistent across the Welsh Government and SCEF guidance, with both frameworks showing that our 2023/24 emissions were 14,277 tCO₂e (Scope 1) and 11,095 tCO₂e (Scope 2). Our total Scope 1 and 2 emissions increased by 1% from the 2022/23 reported total. This reflects an improvement in gas data collection rather than a material increase in emissions; our total energy consumption reduced by 1% over the same period.

In line with the SCEF, Scope 3 procurement emissions are calculated using the Higher Education Supply Chain Emissions tool (HESCET), which uses Higher Education categorisations, whereas for the Welsh Government footprint, Standard Industrial Classification (SIC) codes are used. The SCEF also includes emissions from student commuting, unlike the Welsh Government framework. As a result, our Scope 3 and total emissions vary widely across the two frameworks. Under the SCEF footprint, our 2023/24 Scope 3 emissions were

140,396 tCO₂e, an increase of 0.1% from 2022/23. Under the Welsh Government guidance, our Scope 3 emissions were 69,108 tCO₂e, a 3% decrease from 2022/23. Our total 2023/24 emissions were 165,768 tCO₂e per the EAUC SCEF (a 0.3% increase) and 94,480 tCO₂e per Welsh Government Public Sector reporting (a 2% decrease).

Procurement and Supply Chain

Procurement remains a major contributor to Cardiff University’s Scope 3 emissions with purchased goods, services and works accounting for the majority. In 2025, our WRAP Sustainable Procurement Maturity Score rose from 27% in 2022 to 65%, with three categories (Measurement, Capabilities, and Policy & Strategy) reaching 75%, the highest maturity level.

Responsible Procurement is one of four strategic pillars for Procurement Services, driving our commitment to sustainability and social value. In July 2024, we launched a Responsible Procurement Policy, embedding ESG principles, whole-life costing and the purchase hierarchy into procurement decisions. A Supplier Code of Conduct followed in January 2025 with 38 strategic suppliers signed up during the pilot phase, with full integration into tendering planned for late 2025.

We’ve baselined Scope 3 emissions at 125,438 tCO₂e using spend-based analysis and continue to evaluate supplier reporting maturity. A risk heat map now informs targeted tender questions with ESG KPIs to be introduced into contracts.

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Supplier engagement has expanded through collaboration with Student Futures and On Site. We’ve reached out to 130 active suppliers to support initiatives such as internships, mentoring, and work placements and aim to engage more through our tendering process in early 2026. Also, four On Site Interns who are young adults with learning disabilities, have completed placements within the Procurement team.

All procurement staff have completed Responsible Procurement training and over 200 stakeholders have participated in webinars. Circular economy principles are embedded in all tenders since July 2024 with reuse and refurbishment promoted across all categories. The adapted purchase & waste hierarchy ensures all forms of waste are considered at the beginning of the tender through prevention, re-use, recycling or disposing responsibly.

These actions align with Cardiff University’s net zero ambitions and demonstrate leading progress in embedding sustainability across our supply chain.

Transport and Travel

The University umbrella travel plan (2022 – 2027) has been approved to address the impact that university travel has on the environment, the local area and the health and wellbeing of our staff and students. It places active travel modes (walking, cycling, wheeling) at the top of an agreed travel hierarchy. The five-year strategy which aligns with local and national policy, and best practice includes a focused approach each year on the key elements of our transport operations. Alongside the focused review is an action plan of measures that will encourage and support use and uptake of sustainable transport. During the 2024/25 academic year the focus of the travel plan was on measures to support student travel (including review of international student travel). This work is ongoing and provides a challenge to be able to influence not just the journey to and from the University on a daily basis but more widely relating to travel on placements and also the journey to and from Cardiff.

The focus of the travel plan for the 2025/2026 academic year will be on undertaking a full staff and student travel survey and consultation, review of progress against the action plans and modal share targets set to be able to provide a fully refreshed travel plan for the next period starting in 2027.

Waste and Recycling

During 2022/23, our focus was on establishing a dedicated team to drive waste minimisation efforts across the University. In early July 2023, our Waste Minimisation Manager joined with the ambition to implement measures aimed at both reducing waste and increasing recycling activity.

The initial priority has been to carry out waste and recycling audits across key University buildings. These audits have helped us gain a clearer understanding of our current performance and identify opportunities to further minimise waste and improve recycling practices.

Over the past two years, we have significantly refined our waste data collection processes. In addition to recording waste tonnages, we are now also identifying key areas for improvement. The quality and comprehensiveness of our data have improved substantially, with all waste streams now fully captured.

Our waste data for 2021/22 has been set as the new baseline against which we will measure and report future waste minimisation and recycling achievements. Following the completion of the 2024/25 academic year, our data shows clear progress in recycling rates, particularly in the amount of material being reused, compared to the previous two years.

Our general waste and recycling scheme continues to operate effectively. In addition, new initiatives are being developed, such as the launch of a Universitywide furniture reuse portal and the installation of updated waste signage at all Halls of Residence waste compounds. Measures to better involve and communicate with cleaning teams across all academic buildings have resulted in a significant reduction in recycling contamination rejections by our main waste contractor. These, and many more, initiatives will continue to be implemented with the aim to continually reduce overall waste generation across all areas of the University.

Looking ahead, we plan to increase communication and engagement activities to raise awareness among staff and students about the importance of recycling. These efforts are intended to encourage more effective recycling behaviours and higher levels of participation.

In 2024/25, we developed our Waste Minimisation Strategy in partnership with Procurement Services. This strategy will focus on embedding significant behavioural change initiatives to divert recyclable materials from the general waste stream and to reduce waste overall. A key area of focus will also be improving the quality of recycled materials, in line with the requirements of the Workplace Recycling Regulations that came into force in April 2024. This will be supported through targeted messaging as part of our ‘Recycle Right’ communications campaign.

THE Impact Rankings

The Times Higher Education (THE) Impact Rankings provide the only global performance table that assess universities against the United Nations’ Sustainable Development Goals (SDGs). Calibrated indicators provide comprehensive and balanced comparisons across three broad areas: research, outreach and stewardship.

This year the University was ranked in the 101-200 band. There are a total of 17 SDGs in the rankings and for 2025, Cardiff submitted data for 12.

Cardiff has one SDG ranked in the top 50 - SDG13 Climate Action. SDG13 has seen a substantial increase in rank; having been placed in the 101-200 band last year, it has increased at least 72 places to be ranked 29th in the world. Others either remained the same or decreased in ranking

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Education for Sustainable Development (ESD)

Our approach to ESD is guided by our Education for Sustainable Development Action Plan Overview 2024-2030 and further supported through our Environmental Sustainability Action Plan 2024-25.

Over the coming decade we aim to transform our learning and teaching environment in order to provide our students with “ …choices, agency and a voice and provide future proofed knowledge and skills that they can apply in the real world to fulfil their aspirations. We will teach our students in a way that developed them further into resilient, problem solving change makes, who know how to work together in an uncertain, interdisciplinary, cross sectoral, digitised world .”

The Education for Sustainable Development (ESD) Steering group and Champions network has continued its work in 202425. We have networks of ESD Champions across our Colleges. A survey of practices has identified over 80 case studies across our Schools that address a breadth of global challenges, enabling our students to engage with the relationship between their academic disciplines and all 17 of the UN Sustainable Development Goals (SDGs).

We have also established staff support for teaching and learning relating to ESD through collaboration with the Learning and Teaching Academy. This includes an online toolkit and a series of workshops, led by experienced ESD staff, to support and develop staff understanding and implementation of Education for Sustainable Development in teaching practice. Through this activity we aim to support staff at various levels of ESD (from novice to expert).

Curriculum 2035 is a collaborative, longterm initiative led by Cardiff University aimed at transforming our curricula to attract and inspire students. Through this transformative approach, we seek to empower Cardiff University students and staff as positive changemakers, ready to tackle the challenges that matter to them, to our partners, and to our local and global communities. The initiative will re-connect teaching and research in ways that facilitate collegial dialogue and teaching as a research engaged practice.

The Living Lab initiative was launched in June 2024, as part of our Strategy’s commitment to using “…our university as a living lab to co-define our challenges and work together on solutions.” Following this launch there has been uptake and living labs run in about 20% of Schools and further events to promote the concept of living labs are already underway.

Ecosystem Resilience and Biodiversity Action Plan (ERBAP)

In 2024-25, we continued the work to deliver our Ecosystem Resilience and Biodiversity Action Plan (ERBAP) and comply with the Section 6 Duty of the Environment (Wales) Act 2016.

Our achievements over the last 12 months include the following:

sessions and a Nature Walk, with over 60 staff and students joining on these activities.

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Environmental Reporting

our engagement with University students, primary schools and residents of Cathays, while supporting the development of routes for Nature Walks on our city campus and creating content for a Nature Guide comprising fauna, flora, and fungi species found in the University’s green areas.

Hedgehog Friendly Campus

The University was awarded Hedgehog Friendly Campus Gold Accreditation in July 2024, and we will maintain this accreditation until 2027. We continued our work to raise awareness and promote hedgehog populations in our campus and across the city, working alongside our nature partners, hedgehog rescues, local community groups and primary schools. As part of the Greening Cathays project, and in collaboration with Sherman Theatre and Buffoon Media, we also ran a series of engagement sessions about hedgehogs with primary schools in Cathays. Some of the outcomes of this project were part of our pop-up exhibition Nature on our Doorstep, others can be seen on the Pharmabees website and our YouTube Channel. In May, in collaboration with Cardiff Council and Cardiff Local Nature Partnership, we deployed wildlife cameras for the second year in a row across nine University sites and Bute Park, as part of the National Hedgehog Monitoring Programme. Footage captured during these surveys has been uploaded to MammalWeb. Citizen scientists are encouraged to help

with footage classification. Our Biodiversity Hubs continued to run events to support hedgehogs, such as regular litter picks, participating in the Big Hog Friendly Litter Pick Challenge, donating items to hedgehog rescues, ‘Building Homes for Wildlife’ workshops, and placing hedgehog houses, log piles, and hedgehog crossing signs on campus.

Changing Steps Cardiff

Changing Steps is a free to join rewards programme funded by the University. It is designed to help staff and students get around more sustainably. It rewards sustainable travel for commuting and leisure trips to and from campus, and encourages regular walking, running, wheeling, and cycling activity for health and wellbeing.

162,000 active and sustainable journeys were recorded on the Changing Steps Cardiff app between September 2023 and July 2024, with an average of 333 activities per participant. Whilst this is a reduction in journeys recorded compared to the previous year, users of the app are making considerably more sustainable journeys (an increase from 162 to 333 per user). Users of the programme are equally split between staff and students.

Approximately 78,000 journeys have directly replaced single occupancy car trips equating to 34,000kg of CO2 avoided.

Sustainability Engagement

In 2024 we recruited a Sustainability Engagement Officer who has developed and implemented the below awareness campaigns and sustainable behaviour programmes to foster individual and collective responsibility for resilience and sustainability:

• Christmas Switch Off - We organised a Christmas Switch Off competition ahead of the Christmas break, encouraging staff to switch off all non-essential equipment before the holidays. The School and Department with the most switch off pledges relative to their size each won £100 to invest in a sustainability initiative of their choice.

• Green Impact - We re-instated the Green Impact programme following a three-year pause. Green Impact is an accreditation programme and competition that supports Cardiff University’s Schools and Departments in growing their environmental and social impact. Staff and students collaborate in teams to complete a bespoke online toolkit of sustainability actions, designed by the University’s sustainability team to reflect our unique context and priorities. This year over 100 staff members and students took part in the programme, forming 25 School/Departmental level teams, and completing 225+ sustainable actions at the University.

the first two weeks of April, we held our annual Sustainability Fortnight. This year’s fortnight included a dynamic and inspiring programme of 25 events and activities delivered by staff and students from a wide range of Schools and departments, alongside external partners. The Fortnight offered opportunities to connect, collaborate, and engage with key themes such as sustainable travel, responsible consumption, sustainable research and careers, Living Labs, biodiversity, student voice, and community-led change. It also provided opportunities to better understand the University’s institutional approach to sustainability.

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Estates Report

The Future of our Estate is being developed through consultation to meet the University Strategy Our future, together to:

“Have a smaller, high quality, civic campus, that is green, creative, and open.”

Through consultation principles an outline long term plan has been developed to reduce and consolidate the University Estate. Further work is taking place to test and model the plan, and to understand operational changes and policies required to achieve the required outcome.

In the last three years properties have been vacated and sold to provide future capital receipts and an overall reduction in the estate of c20,000m2. This work will continue where opportunities can be taken and they fit with the principles identified in the Future of our Estate.

The first phase of Hubs across the estate are under construction for delivery by September 2025. In each location they will be linked to Café areas, and provide hot and cold water facilities, a front desk, staff offices, and overall c300 study seats.

The first phase of the Residential strategy, a new c600 bed accommodation block at Talybont, is being progressed with the consultants currently being appointed.

The University continue to work with Cardiff and Vale Health Board on future planning on the Heath Hospital site.

The Operations and Net Zero team have been working together to improve our energy management, monitoring and usage. This has included a major upgrade of our Building Energy Management System, increased metering, and pipe insulation works. This continues working alongside IT on proofs of concepts for energy controls alongside occupancy.

An annual programme on backlog maintenance to replace transformers, roof replacements, obsolete fire alarm systems, replacement boilers, and fabric improvements has been carried out.

Accessibility across the estate is under a continuous improvement plan with work being undertaken in two buildings in the last year including additional power doors and accessible toilet provision.

New systems have been introduced improving the data held and collected within the department. This will be used for increased reporting and more informed decision making for space usage, disposals, maintenance, energy saving interventions, and decarbonisation.

Our commitment to Net Zero continues as we near the completion of our first major programme of works funded by a loan from Salix. This has seen new LED lighting, and Solar Pvs. We have obtained a further loan through the Welsh Government Digarbon scheme to improve the thermal properties of two of our buildings in Cathays, allowing a future phase to change the heating to an air source heat pump solution. We continue to develop the net zero implementation plan and planning funding opportunities.

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Public Benefit Statement

Cardiff University is a registered charity (no. 1136855). It exists to create and share knowledge and to educate for the benefit of all. Its Royal Charter, first granted in 1884, sets out its constitutional arrangements and objects.

Embodied within the objects is the fundamental principle of the advancement of education, empowering the University to research, teach, examine, and award degrees. The objects also contain obligations to develop the character of students, promote health and welfare—especially in Wales— and contribute to social, cultural, and economic development.

A member of the Russell Group of research-intensive universities, Cardiff University sees fundamental research as essential to human aspiration and critical to the development of cultural artefacts, technologies and services that improve the quality of life 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 guidance on the reporting of public benefit, particularly its supplementary guidance on the advancement of education.

The University’s strategy – Our future, together – sets out our path to 2035: to co-create and share new knowledge and to deliver a better world for future generations. It maps how Cardiff University will improve the health and wellbeing of staff and students; demonstrates how we will achieve financial sustainability through diversification of income; and explains how student satisfaction and experience will improve. It reiterates our commitment to civic engagement and puts forward a vision for research and innovation that will see the University recognised globally as a pioneer.

In the years ahead, our strategy will build on our strong sense of place in Cardiff, South Wales and Wales more widely. We are committed to using our research strengths, expertise, and knowledge to help government, health services and wider society to support a skills-led economy. We will

champion key projects that support our diverse community and we will continue to enhance and celebrate our Welsh identity and the Welsh language culture of our campus.

Our priorities for our students are to provide an excellent, high quality student experience, ensuring their graduate outcomes – whether that’s work, further education or travel – are among the best in the sector, and they are equipped to contribute to a skilled workforce. Building on our strong track record in widening participation, we will ensure that students from a variety of backgrounds have access to the benefits of higher education and are supported to achieve their potential – an objective that is also coupled with work on retention and student success.

The University’s research will help solve grand challenges in areas such as climate change, biodiversity, health, security, sustainability and social justice. Our bespoke facilities allow for innovative collaborations with industry, government, and wider society and offer enhanced support for students to engage in innovation and entrepreneurial training. Our research will continue to have practical application in our communities with an increase in the number of spinout companies we create.

As we work together to cocreate our future, a global outlook will run through all of our activities. We will build genuinely reciprocal partnerships with institutions around the world and will aim to close the gap in degree outcomes for students of different ethnicities.

Over the next ten years, through our strategy, we are committed to delivering a better world for future generations.

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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 Monmouthshire. The University’s objects, powers and framework of governance are set out in its Charter and its supporting Statutes, the latest amendments to which were approved by the Privy Council in 2022.

Embodied within the Charter are fundamental principles such as the University’s power to teach, examine, carry out research and award degrees. The Charter also gives Council its ‘supreme authority’, establishes Senate for ‘ordering of the academic affairs’, and establishes the President and ViceChancellor as ‘the chief academic and executive officer’ and Chair of Senate.

The University was registered as a charity in 2010 (1136855).

Council

The Council is the governing body and thus the supreme authority of the University, which means that it is ultimately accountable for the conduct and activity of the University and its representatives. The Council is responsible for the administration and management of the affairs of the University and for agreeing the general strategic direction of the institution.

The Council is committed to conducting its business in accordance with the Nolan principles identified by the Committee on Standards in Public Life (selflessness, integrity, objectivity, accountability, openness, honesty and leadership). The Council complies with the Committee of University Chairs (CUC) Higher Education Code of Governance published in September 2020 and the CUC Audit Committee Code of Practice (May 2020).

In the preparation of this statement the Council of the University has had regard for the guidance issued by the Charity Commission:

The University’s commitment to all funders of the University, and additional commitments to philanthropic donors to the University is available on the University’s website:

https://www.cardif.ac.uk/donate/ other-ways-to-give/funders-rights

The University has adopted the Universities in Wales Governance Charter. Following approval of the new University strategy ‘Cardiff University: our future, together , our path to 2035’, Council has agreed a number of University Success Measures relating to culture, cynefin and community. The University has now achieved full implementation of the Commitment to Action.

The Council remains committed to ongoing stakeholder engagement. Development of the proposals to shape the academic future of the University in order to deliver the University strategy involved wideranging consultation with internal and external stakeholders. This process was closely overseen by Council and the focus during early 2025-26 will be on identifying and understanding any lessons learned.

The University undertakes regular Council effectiveness reviews with the last external review undertaken in 2024. The report of the external review concluded that the Council could be assured that academic governance was marked as ‘improving’. Furthermore that the Council membership is largely reflective of the diversity of the organisation, including in relation to gender and ethnicity,

43

Statement of Corporate Governance

and is performing well relative to data on other governing bodies in the sector. An action plan to support the implementation of the recommendations from the review was approved by Council in May 2024 and all but five actions have now been completed. The completed actions related to improving the diversity of the Council membership, and the information, training and induction for members of the Senate The remaining actions relate to more clearly defining the role and responsibilities of the Senate within the University’s governance documents and will be progressed as part of a constitutional reform project during the forthcoming academic year. The next external effectiveness review will take place during the 2027-28 academic year.

The University is committed to the highest standards of openness, probity and accountability, and seeks to conduct its affairs in a responsible manner. The University has in place a Whistleblowing (Public Interest Disclosure) Policy to enable staff, students and other members of the University to raise concerns which are in the public interest. The Policy is brought to the attention of new staff at Induction and is displayed on the University’s website; the effectiveness of the Policy is reviewed on an annual basis by the Audit and Risk Committee. Oversight of the University’s financial and resource management and strategy is undertaken by the Finance and Infrastructure Committee; during 2024-25 both the Committee and the Council took due regard of the recommendations from the Gillies Report in reviewing the University’s financial strategy and the 2025-26 Budget.

The transparency and openness of financial reporting through financial statements is reviewed annually by the Audit and Risk Committee.

During the 2024-25 academic year, the Council met seven times and approved the establishment of Cardiff University Kazakhstan, proposals to reshape the academic activity of the University, the 2025-26 Budget, and a number of business cases. The Council monitored progress across a range of University activities, including the University Success Measures, quality and standards, student experience, finance, estates performance, human resources, and transformation activities. The University seeks to achieve transparency in its governance arrangements and decisions by communicating key decisions to staff and students through BLAS (the staff newsletter) and student news, and publishing the minutes of the Council, Audit and Risk Committee, and the Senate on its website.

The Council has a majority of members from outside the University (described as independent members). Council membership also includes staff and students. The Nominations Sub-Committee (a sub-committee of the Governance Committee) is responsible for overseeing the recruitment process and recommending new independent members to Council

for approval. Independent members of Council are recruited in an open, fair and transparent manner and due regard is given to equality and diversity, the need to balance skills and expertise as well as geographical location.

The Council is committed to boardroom diversity; we continue to build on our Strategic Equality Plan actions to promote and develop an inclusive culture and governance by addressing diversity of decision-making committees. This commitment is reflected during 2024-25 by the approval of the Council Membership Diversity Policy, which requires annual monitoring and review of equality data to inform processes for independent member recruitment and induction. The latest review of Council data identified achieving greater diversity in relation to age and religion as priority areas for independent member recruitment during 2024-25 as part of the Council’s commitment to equality, diversity and inclusion having already made progress in relation to age diversity as part of the previous recruitment exercise. All vacancies for independent members of Council are advertised externally and recruitment activity is supported by an external search agency, as well as being communicated to staff, students and current members of Council, with expressions of interest particularly welcome from underrepresented groups.

44

Statement of Corporate Governance

During 2024-25 we continued to be a launch partner for Perrett Laver’s Governor Apprenticeship Scheme, with our fourth consecutive apprentice governor recently having completed the scheme. The scheme supports boardroom diversity by enabling a diverse and talented pool of candidates otherwise lacking in board room experience, to gain that experience.

Independent members do not receive any payment, apart from the reimbursement of expenses, for the work they do for the University. On appointment, Council members are required to complete a Register of Interests entry.

The current Register of Interests is publicly available on our website: https://www.cardif.ac.uk/about/ organisation/governance/council

All new members of Council receive an induction to the University and their responsibilities as a member of the governing body, and are supported by a mentor during their first year of membership. There is an annual development programme which focuses on key strategic development areas and information sharing, and which creates opportunities for discussion between Council members and the University’s Executive Team. Feedback is collated from all members of Council to inform the annual development schedule and the induction pack is reviewed annually to ensure the currency of the information provided to new members.

The Chair of Council holds an annual meeting with individual members of Council and this feedback is used to inform and improve the effectiveness of the governing body. The Chair of Council held annual review meetings during Spring 2025 and the Chair of Council’s next annual review will be conducted by the Vice-Chair of Council, who also undertakes the role of Senior Independent Governor, during Autumn 2025. The Audit and Risk Committee also conducts regular reviews of its effectiveness in line with the CUC HE Audit Committees Code of Practice; the last review was undertaken during 2023-24.

Accountable Officer

The chief executive and principal academic and administrative officer of the University is the Vice-Chancellor, who has a general responsibility to the Council for maintaining and promoting the efficiency and good order of the University.

Under the Terms and Conditions of Funding between the University and Medr, the Vice-Chancellor is the Accountable Officer of the University and in that capacity can be summoned to appear before the Audit Committee of the Welsh Government.

Management

As chief executive of the University, the Vice-Chancellor has responsibility for the development of institutional strategy, the identification and planning of new developments, and the shaping of the institutional ethos. The Provost and Deputy Vice-Chancellor, Pro Vice-Chancellors, University Deans and the senior professional officers all contribute in various ways to these aspects of the work, but ultimate authority rests with the Council.

45

Council Membership

Name
Category Attendance
at Council
1.
Beth Button
Independent
6/7
2.
Louise Casella(appointed 04 Mar 25)
Independent
4/5
3.
Judith Fabian(term ended 31 Jul 25)
Independent
7/7
4.
Professor Dame Janet Finch
Independent
1/3
(resigned 31 Mar 25)
5.
Madison Hutchinson(term ended 30 Jun 25)
Student
6/6
6.
Chris Jones(term ended 31 Jul 25)
Independent
6/7
7.
Professor Urfan Khaliq
Employee
5/7
8.Professor Wendy Larner, Vice-Chancellor
Employee
7/7
9.
Jeremy Lewis(term ended 31 Jul 25)
Independent
6/7
10.Stephen Mann
Independent
6/7
11.Micaela Panes(term ended 30 Jun 25)
Student
6/6
12.Dr Juan Pereiro Viterbo
Employee
7/7
13.Maria Pollard(appointed 01 Jul 25)
Student
1/1
14.Suzanne Rankin
Independent
3/7
15.Dr Siân Rees
Independent
5/7
16.David Selway(term ended 31 Aug25)
Independent
4/7
17.John Shakeshaft, Vice Chair of Council
Independent
7/7
18.Professor Katherine Shelton
Employee
6/7
19.Sean Strong(appointed 01 Jul 25)
Student
0/1
20.Professor Damian Walford Davies
Employee
7/7
21.Dr Robert Weaver
Independent
7/7
22.Dr Catrin Wood
Employee
7/7
23.Jennifer Wood
Independent
6/7
24.Agnes Xavier-Phillips(term ended 31 Jul 25)
Independent
6/7
25.Patrick Younge, Chair of Council
Independent
7/7

All of those persons listed below 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.

Member attendance is reviewed with the Chair of Council as part of the annual member review process, unless already discussed during the year.

The University must adopt a definition of independence for independent membership of governing bodies to provide a robust approach to identifying and managing conflicts of interest.[1]

46

Council Membership

Left to right:

Professor Katherine Shelton, Maria Pollard, Tukiya Mutupa, Stephen Mann, Judith Fabian, Professor Wendy Larner, Dr Robert Weaver, Jeremy Lewis, Patrick Younge, Professor Damian Walford Davies, Dr Siân Rees, Agnes Xavier-Phillips, Professor Urfan Khaliq, David Selway, Dr Juan Pereiro Viterbo, Chris Jones, Louise Casella, Dr Catrin Wood.

How is independence defined and tested?

There are several circumstances which may prevent a person being appointed as an independent member of the governing body. The Governing Body’s Nominations SubCommittee has oversight of the appointment process and responsibility for considering these factors.

In response to the Universities in Wales Charter Commitment to Action, the University has adopted a Statement of Independence based on the Welsh Secretaries Group guidance, including a Definition of Independence and Principles of Independence for independent membership. The University defines ‘senior employees’ as University Executive Board members in this context.

The robust process for ensuring independence through the recruitment and training of members is also set out in the Statement of Independence. When considering applications and interviewing prospective new governors, recruitment panels shall establish whether the individual has any relationships or statuses that might give rise to a conflict of interest or loyalty, as defined in the Principles of Independence and including being related to any senior employee of an organisation gaining a pecuniary advantage from the University.

The University’s Statement of Independence is available on the University’s governance webpages at:

https://www.cardif.ac.uk/about/ organisation/governance/council/

How does the governing body manage conflicts of interests?

A Register of Interests of all Council and Audit and Risk Committee members is maintained by the Secretary to Council and is available publicly on the University’s governance webpages at: https://www.cardif.ac.uk/about/ organisation/governance/council/

If any member of a Committee has any pecuniary or other interest, direct or indirect, in any contract or proposed contract or other matter involving financial transaction, that interest shall be disclosed to the Committee as soon as practicable. All Committees request that members and officers disclose any interests at the start of each Committee meeting, and the Member shall take no further part in the consideration or discussion

of, or vote on, any position with respect thereto. A member of any Committee is not considered to have a pecuniary or personal interest in matters under discussion merely because he/she is a member of staff or student at the University.

As set out in the Statement of Independence section 4, the University Secretary (as Clerk to the governing body) is accountable for highlighting issues of independence or conflict to the Chair.

The University is committed to the highest standards of openness, probity and accountability, and seeks to conduct its affairs in a responsible manner. The Whistleblowing (Public Interest Disclosure) Policy enables staff, students and other members of the University to raise conflict of interest concerns which they feel have not been addressed through existing procedures.

  1. Source: The Governance Charter for Universities in Wales – Commitment to Action is available at https://www.medr.cymru/wp-content/uploads/2024/07/Universities-of-Wales-Governance-charter-commitments-English.pdf

47

Statement of Internal Controls and Principal Risks

Council has responsibility for maintaining a sound system of internal control that supports the achievement of the University’s policies, aims and objectives, while safeguarding public and other funds and assets for which it is responsible.

System of Internal Control

The system of internal control is designed to manage rather than eliminate the risk of nonachievement of policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify the principal risks to the achievement of the University’s policies, aims and objectives, to evaluate 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 July 2025 and up to the date of approval of the financial statements and accords with Medr guidance.

As the governing body, Council has responsibility for ensuring that a sound system of control is maintained and for reviewing the effectiveness of the arrangements. It meets at regular intervals to consider the plans and strategic direction of the institution and receives assurance reports from the Chair of the Audit and Risk Committee concerning internal control. During 2024-25, in order to strengthen the system of internal controls the University is developing both strategic and operational internal control frameworks so that the control environment is clearly documented and can be actively monitored. The Audit and Risk Committee has monitored progress with the framework’s development and has concluded that this provides evidence that the control environment is robust.

The Audit and Risk Committee receives regular reports from the Internal Audit service. Council confirms that the Head of Internal Audit is unequivocally free to act in an independent manner in pursuit of their professional business and is not fettered in their scope or reporting. An independent opinion is provided on each report relating to the adequacy and effectiveness of the University’s system of internal control, together with recommendations for improvement. A summary of the work undertaken by the Internal Audit service is provided in an Annual Report. This provides an independent opinion on the adequacy and effectiveness of the University’s arrangements for the provision of risk management, internal control, governance and value for money and data quality.

Considering the completion of the approved audit plan for 2024-25 and the supporting information; the University’s arrangements for risk management, control and governance, and value for money and data quality are adequate and effective.

The Vice-Chancellor is the University’s Accountable Officer, responsible for providing Medr with clear assurances that the institution has an effective policy of risk management. The Chief Operating Officer and University Secretary is the Chief Risk Officer, responsible for promoting effective risk management across the University.

The University Executive Board (UEB) is the senior management team of the University providing strategic risk review, challenge and advice to the Vice-Chancellor who has overall responsibility for the institutional management of risk. The strategic risk register

48

Statement of Internal Controls and Principal Risks

and supporting documents are submitted to UEB members at pre-defined intervals for recommendation of inclusion at the Finance and Infrastructure Committee, Audit and Risk Committee, and Council. A comprehensive audit of risk management processes was carried out in 2024 and reported an assurance rating of ‘adequate’ reflecting that appropriate arrangements were in place and could be further strengthened by the audit findings recommendations. These included two Priority 2, three Priority 3 recommendations all of which have been captured within the risk management improvement plan due to delivered over a 5-year cycle. The audit also identified two value for money recommendations that have both been implemented.

As described in the Risk Management Policy a risk register hierarchy is in place where Professional Service, School and College level registers (which are managed locally)

feed up to the strategic risk register in-line with pre-defined scoring thresholds/trigger points. All risks are aligned to the Institution’s agreed risk appetite and tolerance statements which allows for the identification of risk themes and patterns relating to areas such as reputation, finance, compliance etc. Project and programme risk management sits outside of the hierarchy with project risk management aligned to the Project and Programme Risk Management Framework which is overseen by UEB.

Risk reporting at strategic level is delivered in-line with a clearly articulated Risk Management Policy. The strategic risk register produces a balanced portfolio of risk exposure which focuses on the treatment of risk themes, aligned

to our risk appetite and tolerance impact categories. A review of the strategic risk register is currently underway which has been triggered by the implementation of the new ‘ Our Future, together ’ strategy. Operational risk management is managed at local level with clear reporting lines and aligned governance.

Risk is the responsibility of all staff with mechanisms in place to enable all staff to have a voice in risk identification, management and reporting. The strategic risk radar report and staff intranet site are just two examples of risk tools introduced to boost risk interaction, understanding and awareness across the institution.

Principal Risks

Principal risk title Risk summary
2024-2025

Regulatory Compliance Cardiff University has a detailed Regulatory Compliance Risk Assurance Map which demonstrates how the University understands, articulates, and complies with its legal and Risk Event: If the regulatory responsibilities. The assurance map lists the legal and regulatory framework for each University fails to identify, area of compliance for the University including how the three lines of assurance apply to each define, document, and area of compliance. A review of the map is underway, which will include review of compliance communicate legal and frameworks to consider availability of evidence for the specific compliance requirements for regulatory requirements each area of legal/regulatory compliance and detailing how processes are applied, monitored (such as Welsh and assurance reported. In addition to this, a quarterly review is undertaken to explore and map Language Standards, any new legislation which has been implemented during the previous period and any significant SSSI protection, GDPR, case law that provides relevant information on the application of legislation. Horizon scanning is increasingly stringent also carried out for legislation which is in development stages/under consideration. UKVI regulations, tax legislation, PREVENT, This work is also supported by a Regulatory Assurance Heat Map, which is also currently under ICO, Medr etc.) review. The Heat Map allows the University to readily identify the higher risk areas of legal and

This work is also supported by a Regulatory Assurance Heat Map, which is also currently under review. The Heat Map allows the University to readily identify the higher risk areas of legal and regulatory compliance using measures such as availability of up to date policy & procedure, internal audit findings and arrangements for monitoring and reporting to review the levels of assurance which are in place for each area. The Assurance Map requires regular updates to reflect developments in compliance arrangements. This aids in the understanding that the University has of how this risk is being mitigated, where further work is required and which actions can be taken should an element of this risk materialise.

Work is also currently underway to develop an internal controls framework that will assist with oversight of controls in place for legal and regulatory compliance.

49

Statement of Internal Controls and Principal Risks

Principal Risks continued

Principal risk title Risk summary
2024-2025
Cyber & Information Cardif University has a multi-layered approach to Cyber and Information Security. We prepare and
Security
Risk Event:If the		 review our ability to respond to cyber-attacks and data breaches through scenario planning and
testing the efectiveness of both business continuity and disaster recovery contingency plans.
University sufers a
cyber-attack and/or an
information security
breach		 The University is regularly audited by cyber experts and is currently accredited for both Cyber
Essentials and Cyber Essentials + (this is cyber assurance provided by the National Cyber Security
Centre). The University has a mandatory all staf information security training module, and
regularly undertakes awareness raising campaigns to highlight cyber and information security
risks.
We have protected the University through the use of best-in-class cyber security tools and
information governance controls. We proactively manage cyber and information security risk to
reduce the university’s exposure to current and emerging threats.
We detect threats using the latest national and international threat intelligence data combined
with a full suite of monitoring tools.
Financial Sustainability
Risk Event:If the
University becomes
fnancially unsustainable		 The University continues to face a challenging external fnancial environment, with sustained
infationary pressures, eroded real-terms tuition fee income, and uncertainty in international
student recruitment due to visa policy changes. In this context, the risk of fnancial
unsustainability remains high across the UK higher education sector.
in the medium to long-
term		 Cardif has taken proactive steps to mitigate this risk. Our integrated planning process ensures
close alignment between academic, fnancial, and workforce strategies. Budget control and
forecasting are underpinned by scenario modelling, and robust monitoring arrangements are in
place through Council, Finance & Infrastructure Committee and UEB.
The new 2035 strategy “Our Future Together” with the supporting transformation programme,
spearheaded by the Academic Futures programme provides a clear route to academic and
fnancial sustainability. This approach embeds fnancial sustainability within curriculum design,
digital innovation, and staf structures. This is supported by a multi-year transformation budget, a
revised Financial Strategy, and targeted measures to restore operating surpluses over time.
Carbon Net Zero The Environmental Sustainability Sub-Committee has continued to drive, and give assurance
Risk Event:If the
University does not make
signifcant progress in
achieving its ambitions of
reaching carbon net zero
(Scope 1 and 2) by 2030		 on, progress towards net zero goals. This is now monitored as a University Success Measure.
Though controls and actions have reduced our risk status, that risk remains signifcant. Work
to establish a baseline for the University’s carbon emissions is complete, with annual reporting
of our emissions now established. We are now undertaking more granular monitoring and
are developing an energy modelling platform for future net zero energy modelling. We are on
programme to complete the initial project funded by Salix to reduce our carbon emissions
in October 2025. We have secured additional funding through Digarbon to undertake fabric
improvements which will provide carbon savings and enabling a future move to remove
gas heating. Other key levers and mitigations include divestment of elements of our legacy
estate, committed resource to improve metering, transition our feet to electric vehicles,
and engagement with users on energy eficiencies. Comprehensive feasibility work has been
undertaken, and this will be incorporated into our net zero (scopes 1 and 2) implementation plan.
Academic leadership in this area has been enhanced by the appointment of a University Dean of
Environmental Sustainability.

50

Statement of Internal Controls and Principal Risks

Principal Risks continued

Principal risk title Risk summary
2024-2025
Academic Standards The University has a well-established academic quality system, complying with regulatory
Risk Event:If standards requirements and aligned with sector norms, with implemented controls to ensure the risk is
of awards are not managed. The academic quality system enables the required assurance statements on academic
appropriately set and standards to be provided by Council to Medr.
maintained In June 2025 the University appointed to a new post of Dean for Academic Quality to strengthen
academic leadership in this area.
Actions are being taken through the Mark Processing Project to address issues and strengthens
controls to minimise assessment mark errors.
A new marking and moderation policy and an academic feedback policy were implemented in
2024-25. The policies will introduce more efective and eficient processes for the maintenance of
academic standards and enhance the feedback students receive on assessments.
Action is being taken to fully implement an Inclusive Education Framework to address the
ethnicity awarding gaps: the gaps between the good degree outcomes (1st and 2-1) of UK Black,
Asian, and Minority Ethnic students and UK white students.
Quality of Education NSS action plans are in place across all Schools and Professional Services to address key issues,
and Student particularly where we are below sector benchmark.
Experience
Risk Event:If the
quality of the student		 The Marks Processing Project is successfully addressing mark errors issues, with a 75% reduction
over the past 12-month period, and with new SOPs rolled out to Schools.
experience does not
meet stakeholder needs
or expectations		 The implementation of a new Timetabling system continues, with successful delivery of exams and
resits timetables, and work underway on the 2025/26 timetable.
New Education Deans have been appointed for Education Quality, Curriculum and Innovation and
Student Success.
Work is underway to develop principles for a future curriculum, including innovative approaches for
teaching large cohorts. A pilot approach of streaming live lectures received mixed feedback from
students, and a commitment has been made to move away from this approach.

The Academic Futures proposals have led to anxiety and concern for students, which we have addressed through engagement via Schools and Colleges. Planning is underway to roll out Hubs to bring together student and staff education support in a more coherent and consistent way. Cardiff University Kazakhstan is being established for a first intake in 2025/26 with quality processes and mechanisms for gathering student feedback also being developed. A new Institute of Flexible Lifelong Learning is also being established..

Dental School

Risk Event: If the School of Dentistry fails to provide the clinical teaching facilities necessary to meet PSRB competencies and Welsh Government commissioned graduates

Cardiff University has an established strategic partnership with the Cardiff and Vale University Health Board (CVUHB) that enables robust risk mitigation and monitoring of the University Dental Hospital (UDH) estate via formal governance structures.

The senior management teams in the College of Biomedical and Life Sciences and CVUHB are actively reviewing future opportunities to reduce reliance on the existing estate for dental education to mitigate against concerns with the ageing infrastructure.

51

Statement of Internal Controls and Principal Risks

Principal Risks continued

Principal risk title Risk summary
2024-2025
Student Welfare and In line with the wider sector, we have seen signifcant increases in demand for student wellbeing
Wellbeing and counselling support. Counselling and wellbeing services are under considerable pressure,
Risk Event:If the
University does not
provide suficient or
appropriate welfare,
wellbeing, and mental
health support		 with unacceptable waiting lists currently in place (in excess of 14 weeks). The Students Union has
fagged this as one of their key areas of concern in their 2025 Student View.
We are currently undertaking a review of the service to improve timeliness of provision, and
signpost students through the most appropriate route to support depending on their needs. A
pilot ‘Wellbeing Student Connect’ service (with funding via Medr) has been well received and has
assisted in efectively triaging support and providing immediate assistance at the point of need.
We are exploring how best to roll this out more widely, in the context of new student hubs for
2025/26.
The Student Support and Intervention Team is able to deal with urgent student disclosures,
including around sexual and domestic violence, and ofer support within 24 hours. The roll out
of the Report and Support system has also been well received and has provided a reporting
platform (where students can report anonymously if they choose) which will enable us to better
target resources and monitor trends over time. The Tackling Abuse and Sexual Violence Against
Women Task and Finish group has made signifcant change but more is planned so it has now
become a Working Group. We have also created a new University Mental Health and Wellbeing
Strategy, with an aligned Student Mental Health and Wellbeing Strategy and Implementation
Plan. A signifcantly updated Suicide Prevention Action Plan has also been written with an
ongoing Working Group being established.

The ground-breaking partnership with the NHS for mental health liaison and support continues to expand across Wales and collect data on trends. Through this service we can also provide CBT support for students and mental health nurse-led services on site.

Estate Repair and The repair and maintenance of the estate continues to require substantial investment. The risk Maintenance is managed through prioritisation of backlog maintenance works by compliance, health & safety, Risk Event: If University student experience and business continuity plans. The condition survey along with experience of buildings are not in a the team is being used to inform the backlog maintenance required. The budget and resourcing in sufficient state of repair an annual cycle reduces the work which can be implemented without disruption. A 5-year plan is to ensure service delivery being produced to enable timely planning and budgeting to reduce reactive maintenance. Cardiff and Vale Health Board are unable to satisfactorily maintain the space used by the University on the hospital site. In response the University are reducing space requirements in hospital owned and maintained buildings.

Research Income Cardiff University has a large and diverse research portfolio supported through a variety of Risk Event: If research funders and recognises the importance of this income stream to the financial sustainability of income reduces to below the institution. It has invested in a large-scale change programme to create a one-University an acceptable threshold approach to support research applications and awards. This includes a new online system and a new delivery model for professional service teams supporting research activities which is now embedded across the institution. In addition, a Research Income Group has been instigated to monitor and further refine our approach to maximising cost recovery. Through investments in physical infrastructure such as the Social Science Park (SPARK) and Translational Research Hub (TRH) the University is well placed to apply for large scale grants. A coordinated programme of engagement with external funders is well established which includes a programme of support for European funding schemes which includes investment in additional professional support.

52

Statement of Internal Controls and Principal Risks

Principal Risks continued

Principal risk title Risk summary
2024-2025
Future Research Cardif University continues to consolidate interventions to support sustaining and enhancing
Quality research quality and transforming research culture, with dedicated resources to support
Risk Event:If research academic departments coordinate programmes of activity. Action planning, implementation and
income reduces to below review cycles have been introduced for all academic Schools involving senior management and
an acceptable threshold the Pro Vice-Chancellor for Research, Innovation and Enterprise.
The University has reinvested in an institution wide research leave scheme, providing colleagues
with a period of strategic and focused leave to pursue activities aligned to the development of
high-quality research and/or impact as well as supporting positive research culture behaviours
and values. Following the analysis of an institution wide Research Culture Survey conducted
in 2022, an action plan is delivering support for cultural changes aligned to strengthening the
wider research environment. Our Wellcome Trust funded ‘Ignite’ programme continues to
support colleagues to work together to develop positive research culture and empower the next
generation of research culture leaders.
UK Visas and The University has a multi disciplined approach to maintaining compliance with UK Visas and
Immigration
Risk Event:If the UK		 Immigration (UKVI) international student compliance regulations. We regularly assess the
efectiveness of our UKVI controls, testing procedures to maintain the required evidence and
Visas and Immigration
(UKVI) sponsor license is
suspended or revoked		 databases to support UKVI reporting requirements. We proactively manage risks to reduce
threat to the University’s student route sponsor licence, without which we would be unable to
recruit international students. There is regular discussion between the professional services
departments who are responsible for the international student journey to enable the smooth
running of processes that contribute to positive student experience, as well as regular training
and update sessions with academic and School staf. Mitigating actions are in place to maintain
a robust University position for upcoming UKVI audit visits, including automation of reporting
processes, regular monitoring of University policy and procedure, and the establishment of
internal networks that provide opportunities for student visa compliance knowledge sharing and
engagement activities for University staf.

53

54

Statement of Internal Controls and Principal Risks

Principal Risks continued

Principal risk title Risk summary
2024-2025
Staf Safety and Cardif University has a multi-layered approach to monitoring the management of safety, health,
Wellbeing environment and wellbeing (SHEW).
Risk Event:If the
University is unable to
maintain its commitment
to the health, safety
and wellbeing of
staf including its
statutory duty of care
(considering physical and
psychological safety)		 The University is certifed to international standards for the management of H&S, environmental
management and psychological safety. The University’s SHEW management system is regularly
audited by an external audit provider in addition to centrally managed ongoing internal SHEW
audits and local oversight of SHEW issues. The University monitors SHEW performance via its
Health, Safety and Wellbeing (HSW) Committee which also provides the opportunity to consult
with the recognised Trade Unions. SHEW Committees at College/Professional Services level feed
into the HSW Committee. A central advisory service supports the institution in its management
of SHEW issues underpinned by a network of locally based Safey Oficers, Environmental
Compliance Oficers and Dignity & Wellbeing Contacts. The University also have access to
occupational health provision and an employee assistance programme to support staf.
The University embarked on a transformation programme to deliver its strategy and ensure
fnancial and academic sustainability during 2024/25. This inevitably impacted on staf wellbeing.
Whilst preparatory measures were undertaken to prepare for the impact, it was not possible to
ofset the impact of the changes completely. The University takes it duty of care to staf extremely
seriously and in order to mitigate the impact as much as possible, the following additional steps
were taken to support staf:
•Staf wellbeing strategy aligned to the stages of the transformation
•Review and update of the organisational stress risk assessment
•Enhancement of the staf wellbeing support ofer

International Student This risk was previously held on the Strategic Risk Register, but during the 2024-25 academic recruitment targets year it was identified that this risk had materialised. Cardiff University is not alone in witnessing not met. the materialisation of this risk as this has been identified as an issue which is impacting multiple Risk Event: If we do HEI across the Russell Group and sector. Difficulties faced by the sector are well-documented not meet our student and include increased competition for international students. recruitment targets Mitigation for this issue is being managed through the extensive transformation programme (International) which is currently underway, including our TNE enterprises.

55

Responsibilities of the Council of Cardiff University

In accordance with the University’s Charter, the Council is responsible for the administration and management of the affairs of the University, including ensuring an effective system of internal control.

The Council is responsible for ensuring the University and Group Financial Statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and applicable law), the University’s Charter, the Accounts Direction and Terms and Conditions of Funding issued by Medr, the Statement of Recommended Practice: Accounting for Further and Higher Education Institutions 2019, the Charities Act 2011 and other relevant accounting standards.

The Council, through its Accountable 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 its subsidiaries and of its income and expenditure, gains and losses, changes in reserves and cash flows for the year. The Council is responsible for keeping

adequate accounting records that are sufficient to show and explain the University’s and Group’s transactions and disclose with reasonable accuracy at any time the financial position of the University and Group and to enable it to ensure that the Financial Statements comply with applicable law and regulations.

The Council is also responsible for safeguarding the assets of the University and Group and for taking reasonable steps for the preventions and detection of fraud and other irregularities.

In preparing these Financial Statements, the Council is required to:

The Council has taken reasonable steps to:

Any system of internal financial control can, however, provide reasonable, but not absolute, assurance against material misstatement or loss.

On behalf of the Council Professor Wendy Larner Accountable Officer 28 November 2025

56

Independent Auditor’s Report to the Council of Cardiff University

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

1. Our opinion is unmodified

We have audited the financial statements of Cardiff University (“the Institution”) for the year ended 31 July 2025 which comprise the Consolidated and Institution Statements of Comprehensive Income, the Consolidated and Institution Statements of Changes in Reserves, the Consolidated and Institution Statement of Financial Position, and the Consolidated and Institution Statements of CashFlow and the related notes, including the Statement of Principle Accounting Policies in note 1.

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under the Charters and Statutes of the Institution and in accordance with section 144 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit opinion is consistent with our report to the Audit and Risk Committee.

We were first appointed as auditor by the Council on 7 July 2022. The period of total uninterrupted engagement is for the four financial years ended 31 July 2025. We have fulfilled our ethical responsibilities under, and we remain independent of the Group in accordance with, UK ethical requirements including the FRC Ethical Standard as applied to listed public interest entities. No non-audit services prohibited by that standard were provided.

Overview Overview
Materiality:
Group financial
statements as a
whole
£6.3 million
(2024: £6.3 million)
0.99% of Group total income
(2024:0.97%)
Key audit matter
Recurring risks
s
Research Grants &
Contract Income
Change
since 2024
◄►
Valuation of Cardiff
University Pension
Fund Liabilities
◄►
Recurring risks
Valuation of Cardiff
University Pension
Fund Liabilities
◄►

57

Independent Auditor’s Report to the Council of Cardiff University

2. Key audit matters: our assessment of risks of material misstatement

Key audit matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. We summarise below the key audit matters, (unchanged from 2024), in decreasing order of audit significance, in arriving at our audit opinion above, together with our key audit procedures to address those matters and, as required for public interest entities, our results from those procedures. These matters were addressed, and our results are based on procedures undertaken, in the context of, and solely for the purpose of, our audit of the financial statements as a whole, and in forming our opinion thereon, and consequently are incidental to that opinion, and we do not provide a separate opinion on these matters.

The risk

Group and Institution: Research Grants and Contract Income

2024-25 income

The Institution manages a significant (£131 million (2024: £127 million)) number of projects from a range of public and private sources with a variety of contractual requirements in terms of treatment of direct and overhead costs and other evidence/compliance requirements.

Research grants and contracts income are accounted for under the Performance Model. Unless specifically disallowed, in most cases expenditure on the grant purpose is presumed to be the performance condition and therefore income is generally recognised in line with the related expenditure, including apportioned overhead costs.

We have identified a significant risk of fraud and error due to:

Our response

We performed the tests below rather than seeking to rely on the Group’s controls because the nature of the balance is such that we would expect to obtain audit evidence primarily through the detailed procedures described.

Our procedures included:

Our results

==> picture [72 x 43] intentionally omitted <==

The results of our testing were satisfactory and we considered the amount of research grants and contract income recognised by the Group and the Institution to be acceptable (2024: acceptable).

58

Independent Auditor’s Report to the Council of Cardiff University

Group and Institution: Valuation of Cardiff University Pension Fund Liabilities

Present value of scheme liabilities for Cardiff University Pension Fund: £205.0 million (2024: £230.0 million).

Refer to note 1 (accounting policy) and note 25 (financial disclosures).

The risk

Subjective estimate valuation

The Institution and Group are a member of a number of defined benefit schemes, including the Cardiff University Pension Fund (“CUPF”). The CUPF scheme is the largest scheme.

The valuation of the CUPF scheme liabilities (before deducting scheme assets) involves the selection of appropriate actuarial assumptions, most notably the discount rate, salary increase, and mortality rates. The selection of these assumptions is inherently subjective and small changes in these assumptions and estimates used to value the CUPF scheme liabilities could have a significant effect on the financial position of the Institution and the Group.

The effect of these matters is that, as part of our risk assessment, we determined that valuation of the CUPF scheme liabilities has a high degree of estimation uncertainty, with a potential range of reasonable outcomes greater than our materiality for the financial statements as a whole. The financial statements (note 25) disclose the sensitivity estimated by the Institution and the Group.

Our response

We performed the tests below rather than seeking to rely on the Group’s controls because the nature of the balance is such that we would expect to obtain audit evidence primarily through the detailed procedures described.

Our procedures included:

Our results

We found the resulting estimate of the CUPF scheme liabilities for the Group and the Institution to be acceptable (2024: acceptable).

59

Independent Auditor’s Report to the Council of Cardiff University

3. Our application of materiality and an overview of the scope of our audit

==> picture [251 x 195] intentionally omitted <==

----- Start of picture text -----
Group total income Group Materiality
£636 million £6.3 m illion (2024: £6.3 million)
(2024: £648 million)
£6.3 million
(2024:£6.3 million)
Whole financial
statements materiality
£4.1 million
(2024: £4.1 million)
Performance materiality
0 Total Group Income £315k
Group materiality (2024: £310K)
Misstatements reported to the
Audit & Risk Committee
----- End of picture text -----

Our application of materiality

Materiality for the Group financial statements as a whole was set at £6.3 million (2024: £6.3 million), determined with reference to a benchmark of Group total income for 2024/25 of £636 million (2024: £648 million), of which it represents 0.99% (2024: 0.97%).

Materiality for the Institution financial statements was set at £6.2 million (2024: £6.2 million), determined with reference to a benchmark of Institution total income for 2024/25 of £629 million (2024: £637 million), of which it represents 0.99% (2024: 0.97%).

We consider total income, rather than a surplus-related benchmark, to be the appropriate benchmark as the Institution is a not-for-profit organisation.

In line with our audit methodology, our procedures on individual account balances and disclosures were Total Group Income performed to a lower threshold, performance Group materiality materiality, so as to reduce to an acceptable level the risk that individually immaterial misstatements in individual account balances add up to a material amount across the financial statements as a whole.

4 Going concern

Performance materiality was set at 65% (2024: 65%) of materiality for the financial statements as a whole,

which equates to £4.1 million (2024: £4.1 million) for the Group and £4.0 million (2024: £4.0 million) for the Institution. We applied this percentage in our determination of performance materiality based on the level of control deficiencies and misstatements identified during our prior year audit.

The Council has prepared the financial statements on the going concern basis as it does not intend to liquidate the Group or the Institution or to cease their operations, and as it has concluded that the Group’s and the Institution’s financial position means that this is realistic. It has also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

We agreed to report to the Audit and Risk Committee any corrected or uncorrected identified misstatements exceeding £315k (2024: £310k), in addition to other identified misstatements that warranted reporting on qualitative grounds.

We used our knowledge of the Group, its industry, and the general economic environment to identify the inherent risks to its business model and analysed how those risks might affect the Group’s and Institution’s financial resources or ability to continue operations over the going concern period. The risks that we considered most likely to adversely affect the Group’s and Institution’s available financial resources over this period were:

Impact of controls on our group audit

The scope of the audit work performed was predominately substantive as we placed limited reliance upon the Group's internal control over financial reporting.

Overview of the scope of our audit

This year, we applied the revised group auditing standard in our audit of the consolidated financial statements. The revised standard changes how an auditor approaches the identification of components, and how the audit procedures are planned and executed across components.

In particular, the definition of a component has changed, shifting the focus from how the entity prepares financial information to how we, as the group auditor, plan to perform audit procedures to address group risks of material misstatement.

We identified the Group as a whole to be a single component, having considered the Group's operational structure, the Group's legal structure, the existence of common information systems, and our ability to perform audit procedures centrally. Accordingly, we performed audit procedures on the single component using the Group materiality levels set out above.

We considered whether these risks could plausibly affect the liquidity in the going concern period by assessing the Council’s sensitivities over the level of available financial resources indicated by the Group’s financial forecast taking account of severe, but plausible adverse effects that could arise from these risks individually and collectively.

Our procedures also included:

60

Independent Auditor’s Report to the Council of Cardiff University

Our conclusions based on this work:

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group or the Institution will continue in operation.

5. Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls and the risk that Research Grants and Contract Income is overstated through recording revenues in the wrong period, in particular the risk that management may be in a position to make inappropriate accounting entries.

We did not identify any additional fraud risks.

We performed procedures including:

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the Audit and Risk Committee and other management (as required by auditing standards), and discussed with the management the policies and procedures regarding compliance with laws and regulations.

As the Group is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements.

We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities legislation, and higher education related legislation and regulation), taxation legislation, pensions legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the need to include significant provisions. We identified the following areas as those most likely to have such an effect: GDPR, Health and Safety legislation, employment and social security legislation, and the higher education regulatory requirements of the Commission for Tertiary Education and research (Medr), recognising the regulated nature of the Institution’s activities. Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of the Council and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

61

Independent Auditor’s Report to the Council of Cardiff University

6. We have nothing to report on the other information in the Annual Report

The Council (the members of which are the Trustees of the Institution for the purposes of charity law) is responsible for the other information, which comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. We are required to report to you if:

We have nothing to report in these respects.

7. We have nothing to report on the other matters on which we are required to report by exception

REPORT OF OTHER LEGAL AND REGULATORY REQUIREMENTS

9. Reporting on other legal and regulatory requirements

We are required to report on the following matters prescribed in the Financial Management Code issued under the Higher Education (Wales) Act 2015 and the Accounts Direction to Higher Education Institutions for 2024/25 issued by Medr (“the Accounts Direction”).

The regulation of the Welsh Higher Education sector was transferred from HEFCW to Medr, the Commission for Tertiary Education and Research on 1 August 2024. The Financial Management Code and Terms and Conditions of Funding 2024/25 issued by HEFCW remain in place at the date of our report. In view of this transfer, any reference to HEFCW in our report should be read as also referring to Medr.

In our opinion, in all material respects: 

  - funds from whatever source administered by the Group or the Institution for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation;

  - income, where appropriate, has been applied by the Institution in accordance with paragraph 145 of the HEFCW’s Financial Management Code;

  - Funding Council grants (including grants from Medr) have been applied in accordance with terms and conditions attached to them and used for the purposes for which they were received, including the Terms and Conditions of Funding 2024/25 issued by HEFCW; and

  - the requirements of Medr’s Accounts Direction have been met.

10. The purpose of our audit work and to whom we owe our responsibilities

8. Respective responsibilities

Council’s responsibilities

As explained more fully in its statement set out on page 56, Council is responsible for: the preparation of financial statements which give a true and fair view; such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and Institution’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless it either intends to liquidate the Group or the Institution or to cease operations, or has no realistic alternative but to do so.

This report is made solely to the Council in accordance with Section 4 of the Charters and Statutes of the Institution and in accordance with section 144 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Act.

Our audit work has been undertaken so that we might state to Council those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Institution and the Council for our audit work, for this report, or for the opinions we have formed.

Jonathan Brown

Auditor’s responsibilities

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

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants.

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

3 Assembly Square Britannia Quay Cardiff CF10 4AX 28 November 25

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

62

Consolidated and Institution Statements of Comprehensive Income Year ended 31 July 2025

Consolidated Consolidated Institution Institution
Note 2025 2024 2025 2024
£’000 £’000 £’000 £’000
Income
Tuition fees and education contracts 2 317,942 328,285 317,942 328,285
Funding body grants 3 82,964 83,213 82,964 83,213
Research grants and contracts 4 130,952 126,500 131,021 126,600
Other income 5 90,986 95,186 83,684 83,898
Investment income 6 10,509 11,707 10,381 11,544
Donations and endowments 7 1,388 4,177 1,682 4,493
Total Income 634,741 649,068 627,674 638,033
Expenditure
Staff costs 8 375,010 373,137 375,010 373,137
Staff cost – Voluntary Severance/Redundancy 8 24,349 - 24,349 -
Staff costs – decrease in USS 10 - (162,794)
-		 (162,794)
pension scheme provision
Other operating expenses 10 230,017 234,623 222,604 223,377
Depreciation 11 49,805 50,632 49,805 50,632
Interest and other finance costs 9 12,839 16,033 12,839 16,033
Total Expenditure 10 692,020 511,631 684,607 500,385
Operating (deficit)/surplus before other gains and (57,279) 137,437 (56,933) 137,648
losses
Gain / (loss) on disposal of fixed assets 833 (174)
833		 (174)
Impairment of tangible fixed assets 11 (130) (593)
(130)		 (593)
Gain on sale of non-current investments 12 7,323 7,115 7,323 3,184
Gain on valuation of investments 15 4,524 36,923 4,524 36,923
Share of (deficit) / surplus in joint venture 12 (318) 70 - -
(Deficit)/Surplus for the year (45,047) 180,778 (44,383) 176,988
Other Comprehensive Income
Impairment on the revaluation of assets (1,622) - (1,622) -
Actuarial gain/(loss) in respect of pension schemes 21 12,400 (3,440) 12,400 (3,440)
Total comprehensive (deficit)/ surplus for the year (34,269) 177,338 (33,605) 173,548
Represented by:
Endowment comprehensive income for the year 385 6,850 385 6,850
Net restricted comprehensive expenditure for the year (14) (92)
(14)		 (92)
Unrestricted comprehensive (expenditure) / income (34,640) 170,580 (33,976) 166,790
forthe year
(34,269) 177,338 (33,605) 173,548

All items of income and expenditure relate to continuing activities.

The Notes on page 67 to 102 form part of these financial statements.

63

Consolidated and Institution Statements of Changes in Reserves Year ended 31 July 2025

Consolidated Income and expenditure account
Revaluation
reserve
Total
Endowment Restricted
Unrestricted
£'000
£'000
£'000
£'000
£'000
Balance at 1 August 2023
Surplus / (deficit) from the income
and expenditure statement
Other comprehensive expenditure		 46,247
160
329,170
301,939
677,516

6,850
(92)
174,020
-
180,778
-
-
(3,440)
-
(3,440)
Total comprehensive surplus /
(deficit) for the year
Transfers between reserves		 6,850
(92)
170,580
-
177,338
-
-
5,587
(5,587)
-
Balance at 31 July 2024
Surplus / (deficit) from the income
and expenditure statement
Other comprehensive income		 53,097
68
505,337
296,352
854,854

385
(14)
(45,418)
-
(45,047)
-
-
10,778
-
10,778
Total comprehensive surplus /
(deficit) for the year
Transfers between reserves		 385
(14)
(34,640)
-
(34,269)
6,933
(6,933)
-
Balance at 31 July 2025 53,482
54
477,630
289,419
820,585
Institution Income and expenditure account
Revaluation
Reserve
Total
Endowment Restricted Unrestricted
£'000
£'000
£'000
£'000
£'000
Balance at 1 August 2023
Surplus / (deficit) from the income
and expenditure statement
Other comprehensive expenditure
46,247
160
330,681
301,939
679,027

6,850
(92)
170,230
-
176,988
-
-
(3,440)
-
(3,440)
Total comprehensive surplus /
(deficit) for the year
Transfers between reserves		 6,850
(92)
166,790
-
173,548
-
-
5,587
(5,587)
-
Balance at 31 July 2024
Surplus / (deficit) from the income
and expenditure statement
Other comprehensive income		 53,097
68
503,058
296,352
852,575

385
(14)
(44,754)
-
(44,383)
-
-
10,778
-
10,778
Total comprehensive surplus /
(deficit) for the year
Transfers between reserves		 385
(14)
(33,976)
-
(33,605)
-
-
6,933
(6,933)
-
Balance at 31 July 2025 53,482
54
476,015
289,419
818,970

The Notes on page 67 to 102 form part of these financial statements.

64

Consolidated and Institution Statements of Financial Position Year ended 31 July 2025

Financial Position
Year ended 31 July 2025
Note Consolidated
Institution

2025
£’000
2024
£’000
2025
£’000
2024
£’000
Non-current assets
Tangible fixed assets
11
Investments
12
937,952
956,775
937,952
956,775

19,666
17,353
18,140
15,508
957,618
974,128
956,092
972,283
Current assets
Stocks
13
Trade and other receivables
14
Investments
15
Cash and cash equivalents
16
273
268
273
268

60,509
61,656
61,038
61,608

336,151
320,690
336,151
320,690

78,908
105,806
75,656
103,037
Creditors:amountsfalling duewithinone year
17		 475,841
488,420
473,118
485,603

(158,276)
(159,436)
(155,767)
(157,053)
Net current assets 317,565
328,984
317,351
328,550
Total assets less current liabilities 1,275,183
1,303,112
1,273,443
1,300,833
Creditors: amounts falling due after more than
one year
18
Pension provisions
21
Other provisions
22
(446,729)
(430,263)
(446,729)
(430,263)

-
(15,197)
-
(15,197)

(7,869)
(2,798)
(7,744)
(2,798)
Total net assets 820,585
854,854
818,970
852,575
Restricted Reserves
Income and expenditure - endowment reserve
23
Income and expenditure - restricted reserve
Unrestricted Reserves
Income and expenditure - unrestricted
Revaluation reserve
53,482
53,097
53,482
53,097
54
68
54
68
477,630
505,337
476,015
503,058
289,419
296,352
289,419
296,352
Total Reserves 820,585
854,854
818,970
852,575

The Notes on page 67 to 102 form part of these financial statements.

The Notes on page 59 to 95 form part of these financial statements.

The financial statements on pages 63 to 102 were approved by Council on 26 November 2025 and were signed on The financial statements on pages 55 to 95 were approved by Council on 26 November 2025 and were signed on its behalf on 28 November 2025 by: its behalf on 28 November 2025 by:

Patrick Younge Professor Wendy Larner Chair of Council Vice-Chancellor

Darren Xiberras Chief Financial Officer

65

Consolidated and Institution Statements of Cash-flow

Year ended 31 July 2025

Cash-fow
Year ended 31 July 2025
Note Consolidated
Institution
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Cash flow from operating activities
(Deficit) / surplus for the year
Adjustment for non-cash items
Depreciation
11
Impairment of fixed assets
11
Gain on disposals of fixed assets
11
Share of operating deficit / (surplus) in JV’s
12
Receipt of donated assets
Non-cash pension credits
21
(Increase)/ decrease in stock
13
Decrease in debtors
14
Decrease in creditors
17,18
Increase/ (decrease) in other provisions
Adjustment for investing or financing activities
Capital grant income
3,5
Investment income
6
Interest payable
9
New endowments
23
Gain on disposal of non-current investments
12
Gain on current investments
15		 (45,047)
180,778
(44,383)
176,988
49,805
50,632
49,805
50,632
129
593
129
593
833
940
833
940
318
(70)
-
-
-
(1,250)
-
(1,250)
(2,797)
(168,575)
(2,797)
(168,575)
(5)
21
(5)
21
1,147
2,744
569
4,026
(1,255)
(8,602)
(1,381)
(9,414)
5,071
(724)
4,946
(724)
(9,203)
(8,467)
(9,203)
(8,467)
(10,509)
(11,707)
(10,381)
(11,544)
11,668
11,693
11,668
11,693
(672)
(2,129)
(672)
(2,129)
(7,323)
(7,115)
(7,323)
(3,184)
(4,524)
(36,923)
(4,524)
(36,923)
Net cash inflow from operating activities (12,364)
1,839
(12,719)
2,683
Cash flows from investing activities
Capital grant receipts
Investment income
6
(Increase)/ decrease in deposits
15
Payments made to acquire fixed assets
11
Non-current investment acquisitions
12
Proceeds from sale of fixed assets
Non-current investment disposal proceeds
12		 8,717
9,763
8,717
9,763
10,509
11,707
10,381
11,544
(10,937)
106,672
(10,937)
106,672
(34,618)
(53,740)
(34,618)
(53,740)
(3,219)
(3,295)
(3,219)
(3,295)
1,052
769
1,052
769
7,910
1,553
7,910
1,553
Net cash (outflow)/inflow from investing activities (20,586)
73,429
(20,714)
73,266
Cash flows from financing activities
Interest paid
9
Endowment cash received
7
Repayments of amounts borrowed
17,18
New unsecured borrowings
18		 (12,142)
(12,160)
(12,142)
(12,160)
672
2,129
672
2,129
(700)
(2,259)
(700)
(2,259)
18,222
6,242
18,222
6,242
Net cash inflow / (outflow) from financing activities 6,052
(6,048)
6,052
(6,048)
(Decrease)/increase in cash and cash equivalents in
the year
Cash and cash equivalents at beginningof theyear		 (26,898)
69,220
(27,381)
69,901
105,806
36,586
103,037
33,135
Cash and cash equivalents at end of the year
16		 78,908
105,806
75,656
103,036

The Notes on page 67 to 102 form part of these financial statements.

66

Notes to the Financial Statements

Year ended 31 July 2025

1. Statement of Principal Accounting Policies

Basis of preparation

This consolidated financial information has been prepared in accordance with the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education 2019, the Financial Reporting Standard (FRS 102) 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 financial information is prepared in accordance with the historical cost convention (modified by the revaluation of land and buildings and the measurement of certain financial instruments at fair value).

The Group and University’s activities, together with the factors likely to affect its future development, performance, and position, are set out in the Financial Review which forms part of the Board of Council’s Report. The Council’s Report also describes the financial position of the Institution, its cash flows, liquidity position and borrowing facilities.

The financial statements have been prepared on a going concern basis which the Council consider to be appropriate for the following reasons.

Consequently, Council is confident that the Group and parent Institution will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis.

Basis of consolidation

The consolidated financial information consolidates the financial statements of the Institution, and its subsidiary undertakings University College Cardiff Consultants Limited and International Learning Exchange Programme Limited for the financial year to 31 July. It does not include those of the University Students’ Union, SETsquared Partnership, CVCP Properties plc or the Cardiff Partnership Fund Limited as the Council does not exercise control over their financial and operating activities.

Uniform accounting policies are adopted throughout the Group. Joint ventures are accounted for using the equity method.

Recognition of income

Tuition fee income is stated gross, apart from expenditure that is a discount (including prompt payments) or fee waivers and is credited to the Consolidated Statement of Comprehensive Income. Bursaries and scholarships (including those administered by third parties) are accounted for gross as expenditure and not deducted from income.

Income from the sale of goods or services is credited to the Consolidated Statement of Comprehensive Income when the goods or services are supplied to the

external customer, or the terms of the contract have been satisfied.

Investment income is credited to the Consolidated Statement of Comprehensive Income on a receivable basis.

Funds the Institution receives and disburses as paying agent on behalf of a funding body are excluded from the income and expenditure of the Institution where the Institution is exposed to minimal risk or enjoys minimal economic benefit related to the transaction.

Grant funding

Grant funding including funding council block grants, research grants from government sources and grants (including research grants) from nongovernment sources are recognised as income when the performance related conditions have been met and the Institution has become entitled to the income. Income received in advance of performance related conditions being met is recognised as deferred income within creditors on the balance sheet and released to income as the conditions are met.

Donations and endowments

Non-exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised in income when the Institution is entitled to the funds and is retained within the separate restricted reserve until such time that it is utilised in line with such restrictions.

Donations with no restrictions are recognised in income when the Institution is entitled to the funds.

67

Notes to the Financial Statements Year ended 31 July 2025

  1. Statement of Principal Accounting Policies (continued)

Investment income and movements in fair value of endowments are recorded in income in the year in which they arise and as either restricted or unrestricted income according to the terms of the endowment.

Restrictions applied to the individual endowment funds

There are four main types of donations and endowments identified within reserves:

  1. Restricted donations - the donor has specified that the donation must be used for a particular objective.

  2. Unrestricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the Institution.

  3. Restricted expendable endowments - the donor has specified a particular objective other than the purchase or construction of tangible fixed assets, and the Institution has the power to use the capital.

  4. Restricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.

Capital grants

Capital grants are recognised in income when the Institution is entitled to the funds subject to any performance related conditions being met.

Provision for doubtful debts

Provision is normally made for individual debts where recovery is thought to be in doubt based on the aging of the debt past its due date, other known circumstances relating 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.

Pension schemes

The three principal defined benefit pension schemes for the Institution’s staff are the Universities Superannuation Scheme (USS), the Cardiff University Pension Fund (CUPF), and the Local Government Pension Scheme (LGPS). The funds are actuarially valued every three years by a 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 advice of the actuary.

Universities Superannuation Scheme

The institution participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a schemewide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a defined contribution scheme. Because the scheme is now in a surplus position and deficit recovery contributions are no longer required, the amount credited to the profit and loss account in the year ended 31 July 2024 represented the release of the deficit recovery liability. Expenses related to the scheme are recognised through the profit and loss account.

Defined contribution plan:

A defined contribution plan is a post-employment benefit plan under which the Institution pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Comprehensive Income in the periods during which services are rendered by employee.

Defined benefit plan:

Defined benefit plans are postemployment benefit plans other than defined contribution plans. Under defined benefit plans, the Institution’s obligation is to provide the agreed benefits to current and former employees, and actuarial risk (that benefits will cost more or less than expected) and investment risk (that returns on assets set aside to fund the benefits will differ from expectations) are borne, in substance, by the Institution. The Institution should recognise a 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 employees have earned in return for their service in the current and prior periods, discounted to determine its present value, less the fair value (at bid price) of plan assets. The calculation is performed by a qualified actuary using the projected unit credit method. Where the calculation results in a net asset, recognition of the asset is limited to the extent to which the Institution is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.

In addition, the National Health Service (NHS) Pension Scheme is in operation for certain staff. The NHS scheme is an unfunded defined benefit scheme, with pension benefits being paid out of contributions received in the year and contribution rates determined by HM Treasury. This is accounted for as a defined contribution

68

Notes to the Financial Statements Year ended 31 July 2025

  1. Statement of Principal Accounting Policies (continued)

scheme. To comply with The Pensions Act 2008, the Institution also uses the NEST defined contributions pension scheme for eligible non-contractual workers.

Employment benefits

Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the Institution. Any unused benefits are accrued and measured as the additional amount the Institution expects to pay as a result of the unused entitlement.

Foreign currencies

Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into GB Sterling, the functional currency of the Institution, at year-end rates and the resulting exchange differences are included in the determination of the deficit or surplus for the year.

Operating leases

Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.

Fixed assets

Fixed assets are stated at cost/deemed cost less accumulated depreciation and accumulated impairment losses. Freehold and Long Leasehold property assets in existence on the transition to FRS 102 (1st August 2014) were measured on the basis of deemed cost, being market fair value or deemed cost of replacement.

The difference between the revalued amount and historical cost is credited to a revaluation reserve.

An amount equal to the depreciation in excess of that on the historical cost basis is transferred from the revaluation reserve to retained earnings.

Land and buildings

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 Institution.

Land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings are depreciated on a straight-line basis over their expected useful lives, in years, as follows:

Academic buildings
and listed buildings
Pre 1990 residence sites
Post 1990 and Talybont
North residences
Residential Houses
Semi-permanent buildings
New UHW site buildings
Old UHW site buildings
Refurbishments		 50
25
50

50
25
50
25
15

Leasehold buildings are depreciated over the shorter of the lease term or the expected useful lives shown above.

No depreciation is charged on assets in the course of construction.

Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets, in line with component accounting.

Componentised items are

depreciated on a straight-line basis over their expected lives, in years, as follows:

~~Component~~
~~Life~~
Buildingshell
20-50
Refurbishment
15
Mechanical and
10-25
engineeringservices
Fit out
10-50

Plant and Equipment

Plant and equipment costing less than £10,000 per individual item or group of related items is written off in the year of acquisition unless purchased as part of a new build or major building infrastructure refurbishment.

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.

Capitalised plant and equipment are stated at cost less accumulated depreciated and impairment losses over their expected useful life of between four and ten years, for equipment, as appropriate.

No depreciation is charged on assets in the course of construction.

Fully depreciated equipment is written off once the asset is no longer in use or no longer in existence.

Social Science Research Park (SBARC|SPARK) building

The University’s Social Science Research Park (SBARC|SPARK) provides many opportunities for the University to provide its core services.

The SBARC|SBARK building is 11,604 m2. Approximately 15% of this space is allocated to university startups, spin-outs, researchers and other stakeholders, providing support for inter-disciplinary co-location and collaboration, rented out on short term lease agreements. These stakeholders have been selected on the basis that they contribute towards Cardiff University’s ability to deepen its partnerships with industry and other organisations, generating economic and social value through innovation, which is aligned to the University’s strategy for Research and Innovation. The building is at the heart of the University Campus and this space is held to support the University’s aims, rather than for commercial rent or capital appreciation. Accordingly, the whole building is accounted for as a fixed asset and is held at depreciated cost.

The activities are all hugely beneficial to the University in respect of enhancing its reputation, promoting the services available being the provision of world-class and world-recognised social sciences research, to foster and develop partnerships through a range of innovation, enterprise and engagement activities and events, to support the wider regional economy, and to enhance the breadth and volume of research opportunities for students and student entrepreneurs.

69

Notes to the Financial Statements Year ended 31 July 2025

  1. Statement of Principal Accounting Policies (continued)

Investments

Non-current asset investments are held on the Balance Sheet at cost less impairment.

Interests in joint ventures are accounted for using the equity method in the Institution’s financial statements. Under this method, the Institution recognises its share of the joint venture’s net assets and its share of the results in the statement of comprehensive income.

Current asset investments are held at fair value with movements recognised in the total comprehensive income for the year.

Stocks

Stocks held are building materials, medical/ bioscience consumables, and trading consumables of the Estates Works Unit, College of Biomedical and Life Sciences and Catering, respectively. They are valued at the lower of cost or net realisable value.

Cash and cash equivalents

Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.

Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

Maintenance of premises

The Institution has a rolling maintenance plan which is reviewed on an annual basis. The cost of routine corrective maintenance is charged to the statement of comprehensive income, unless the expenditure results in an underlying improvement to the asset and is capitalised in accordance with FRS 102.

Taxation status

The Institution is a registered charity within the meaning of Chapter 1 Section 3 of the Charities Act 2011 and as such is a charity within the meaning of Section 6 to the Finance Act 2010. Accordingly, the Institution is potentially exempt from taxation in respect of income or capital gains received within categories covered by Section 478-488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes for public benefit.

All subsidiary companies are liable to Corporation Tax and Value Added Tax (VAT). The Institution’s principal activities are exempt from VAT, but certain ancillary supplies and services are liable to VAT at various rates. Expenditure includes irrecoverable VAT charged by suppliers to the Institution. The Institution does not have to pay Stamp Duty Land Tax when buying and leasing a property.

Provisions

Provisions are recognised when the Institution 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.

Financial instruments

The Institution has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments for its consolidated and Institution financial statements.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest.

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 objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the total comprehensive income for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the total comprehensive income for the year.

Other financial 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 subsequently carried at fair value and the changes in fair value are recognised in the surplus or deficit, except those investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the assets are transferred to another party or (c) despite having retained some significant 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 third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

70

Notes to the Financial Statements Year ended 31 July 2025

  1. Statement of Principal Accounting Policies (continued)

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.

Reserves

Reserves are classified as restricted or unrestricted. Restricted endowment reserves include balances which, through endowment to the Institution, are held as a permanently restricted fund which the Institution must hold in perpetuity.

Other restricted reserves include balances where the donor has designated a specific purpose and therefore the Institution is restricted in the use of these funds.

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 repayment of £400m, due on 7 December 2055 (note 24).

Significant estimates and judgements

Significant estimates and judgements used in the preparation of this financial information were as follows:

(i) Recoverability of debtors

The normal accounting policy for the assessment of recoverability of debtors and the subsequent doubtful debt impairment provisioning regarding the collection of students fees and Commercial and Research debt has been applied.

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 fee debt is cleared, in line with Institution Tuition fee policy.

We continue to monitor closely overseas debt and act as appropriate.

Tuition fee debt

The year-end tuition fees doubtful debt impairment provision is assessed on the basis of all overdue debt by fee debtor category regardless of aged profile, with particular categories attributing more risk than others.

The resulting aggregated debt impairment provision is reduced by subsequent fee settlements received after 31 July 2025 from debtors within these same categories. All other tuition fee debt is deemed recoverable.

Tuition fee debt at 31 July 2025 was £5.5m (2024: £6.1m) (see Note 14). After applying our debt impairment policy, the doubtful debt impairment provision is £4.5m (2024: £5.0m) after assessment of receipts received after 31 July 2025.

Commercial and Research Debt

General debt impairment assessment policies have been applied.

Overall, Commercial and Research debt at 31 July 2025 was £14.3m (2024: £15.7m) (see Note 14).

After applying the doubtful debt impairment policy, £0.4m is assessed at risk (2024: £0.5m) and subject to doubtful debt impairment provision.

(ii) Leasehold Property Dilapidations

The Institution has recognised its future estimated obligation to return short term leasehold properties to their original state on the termination of the lease arrangement, based on the current market works cost estimate provided by a professional property surveyor on assessing the current status of each relevant building.

As at the 31 July 2025, it is assumed that the Institution will exit each lease on the relevant date as there are no plans or indications to counter this view.

The resulting estimated provision(s) will be subject to future annual review for both relevance, i.e. future plans to exit or renew, and to the application of inflation, based on relevant industry cost price indexation data.

Future cost inflation fluctuations will be recognised in the Statement of Comprehensive Income and Expenditure as a repairs and maintenance cost.

71

Notes to the Financial Statements Year ended 31 July 2025

  1. Statement of Principal Accounting Policies (continued)

(iii) Retirement benefit obligations Estimate – CUPF and LGPS

The Institution operates its own scheme, Cardiff University Pension Fund (CUPF) and participates in a Local Government Pension Scheme (LGPS); both are defined benefit schemes. Actuarial valuations of the schemes are carried out as determined by the trustees at intervals of not more than three years.

Pension costs under FRS 102 are assessed in accordance with the advice of independent actuaries based upon latest actuarial valuations and assumptions determined by the actuaries.

The assumptions are based upon information supplied to the actuaries by the Institution, supplemented by discussions between the actuary and management, where relevant. The assumptions are documented in Note 25.

As at 31 July 2025, the LGPS and CUPF fund, under FRS 102 accounting treatment, has resulted in a pension asset. The surplus is not recoverable in full, we have followed IAS19 to determine the economic benefit of the surplus that Cardiff University can recognise. For 2025 the surplus recognised as an asset in the statement of financial position is £nil (2024: £nil).

Estimate - USS

At 31 July 2023, the institution’s balance sheet included a liability of £165,245k for future contributions payable under the deficit recovery agreement, which was concluded on 30 September 2021, following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the institution was no longer required to make deficit recovery contributions. The remaining liability of £165,245k was released to the profit and loss account. Further disclosures relating to the deficit recovery liability can be found in note 25.

Judgement - USS

FRS 102 distinguishes between a group plan and a multi-employer scheme. A group plan comprises entities under common control, typically with a sponsoring employer. A multi-employer scheme, such as the Universities Superannuation Scheme (USS), covers entities not under common control and is often industry-wide. Where an employer has entered into an agreement with the scheme to fund a deficit, a liability is recognised for contributions payable under that agreement (to the extent they relate to the deficit), with the corresponding expense charged to profit or loss in accordance with Section 28 of FRS 102. If the scheme is no longer in a liability position, judgement remains necessary to determine whether any ongoing obligations or disclosures are required.

(iv) Research Income Recognition

All research grants are considered to have a performance condition. The type of performance condition is determined by reviewing the research grant’s contract. For the majority of research grants, income is recognised in accordance with the level of service as established by the pre agreed project spending budgets, and where actual spend profiles differ from budgeted spend profiles the income is recognised in line with the actual spend. For some research grants, the level of service is tied to a milestone being met; as a result, the revenue for these grants is recognised on a cash received basis.

72

Notes to the Financial Statements Year ended 31 July 2025

2 . Tuition Fees and Education Contracts

Consolidated and Institution

Tuition Fees and Education Contracts
Consolidated and Institution
2025 2024
£’000 £’000
UK and European Union Undergraduate 168,967 161,606
UK and European Union Postgraduate 11,042 11,041
Overseas (including part-time) 97,304 114,334
Part Time (UK and European Union) 4,701 5,502
282,014 292,483
Education contracts 17,346 16,802
Research training support grants 12,505 11,971
Non-credit bearingfees 6,077 7,029
317,942 328,285

3 . Funding Body Grants

Consolidated and Institution

Funding Body Grants
Consolidated and Institution
2025 2024
£’000 £’000
Recurrent grant 71,322 70,802
Specific grants 2,442 4,363
Capital grants - buildings 4,442 1,605
Capitalgrants - equipment 4,758 6,443
82,964 83,213

4. Research Grants and Contracts

Research Grants and Contracts
Consolidated Institution
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Research Councils 49,565 47,681 49,565 47,681
UK-based charities 24,038 22,187 24,038 22,187
UK Government bodies 35,727 32,962 35,796 33,062
UK Industry 7,557 8,539 7,557 8,539
European Commission 4,207 5,589 4,207 5,589
Overseas 8,235 7,506 8,235 7,506
Othergrants and contracts 1,623 2,036 1,623 2,036
130,952 126,500 131,021 126,600

73

Notes to the Financial Statements Year ended 31 July 2025

5. Other Income

Other Income
Consolidated Institution
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Other services rendered:
UK Central Government 18,947 18,908 18,970 19,124
UK Health Authorities 11,506 10,722 11,506 10,722
UK Industry 851 895 851 895
European Union 1,607 1,669 1,607 1,669
Overseas 252 47 252 47
UK Universities 847 856 847 856
Other Sources 6,699 7,916 7,787 9,565
Total other services rendered 40,709 41,013 41,820 42,878
Residences, catering and conferences 33,060 31,593 33,060 31,593
Exempt VAT recoverable 563 1,103 563 1,103
Other capital grants 3 419 3 419
Other income 16,651 21,058 8,238 7,905
90,986 95,186 83,684 83,898

6. Investment Income

Investment Income
Consolidated Institution
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Income from investments 9,428 10,163 9,300 10,000
Income from endowment investments (Note 23) 1,081 1,544 1,081 1,544
10,509 11,707 10,381 11,544

7. Donations and Endowments

Donations and Endowments
Consolidated Institution
2025 2024 2025 2024
£’000 £’000 £’000 £’000
New endowments (Note 23) 672 2,129 672 2,129
Donations with restriction 2 23 2 23
Unrestricted donations 714 2,025 1,008 2,341
1,388 4,177 1,682 4,493

74

Notes to the Financial Statements Year ended 31 July 2025

8 . Staff Costs

Consolidated and Institution

Staff Costs
Consolidated and Institution
2025 2024
£’000 £’000
Staff costs:
Wages and salaries 297,615 299,132
Social security costs 34,123 30,984
Otherpension costs 43,272 43,021
375,010 373,137
VoluntarySeverance/Redundancy 24,349 -
399,359 373,137

The above figures exclude payments made to staff on behalf of the National Health Service.

Exceptional restructuring costs of £24.3 million were incurred in the year in relation to a voluntary severance and redundancy scheme. The scheme is expected to deliver ongoing savings and support financial sustainability.

Consolidated and Institution

Consolidated and Institution
2025 2024
FTE FTE
Average staff numbers by major category:
Senior 84 79
Academic 2,814 2,895
Professional Support 1,795 1,818
Support 1,399 1,462
6,092 6,254
Closing staff numbers by major category:
Senior 88 80
Academic 2,712 2,916
Professional Support 1,750 1,840
Support 1,336 1,463
5,886 6,299

Key management personnel compensation

The Institution considers that key management personnel are those who serve as members of the University Executive Board having authority and responsibility for planning, directing, and controlling the activities of the Institution. Staff costs include compensation paid to key management personnel.

2025 2024
£’000 £’000
Key management personnel compensation 2,970 2,371
FTE 14.5 11.8

One member of key management personnel had an extended period of absence in the year, and as such the above reflects not only the compensation of that individual, but also the individual to whom key management responsibility fell during that time period.

A list of current members of University Executive Board is publicly available on our website: https://www.cardiff.ac.uk/about/organisation/university-executivewww.cardiff.ac.uk/about/organisation/University-executive-board -board

75

Notes to the Financial Statements Year ended 31 July 2025

8. Staff Costs (continued)

Compensation for loss of office to higher paid employees

Compensation payments of £2,331k (2024: £43k) were made to 18 (2024: 2) higher paid employees in year. All compensation payments for loss of office to higher paid employees during the year related to participation in the voluntary severance and voluntary redundancy schemes.

Other higher paid staff

The remuneration of higher paid staff (excluding the Vice-Chancellor) reflected in the ranges below exclude employer pension contributions, bonuses, and compensation for loss of office but include payments made on behalf of the NHS in respect of its contractual obligation to Institution staff under separate NHS contracts of employment. These payments are excluded from the Institution’s Income and Expenditure account. Of the 185 staff earning in excess of £100,000 in 2025 (2024: 176), 54 (2024: 48) include such payments on behalf of the NHS.


behalf of the NHS.
2025 2025 2025 2024 2024 2024
NHS Other Total NHS Other Total
No. No. No. No. No. No.
Salary Band
£100,000 - £104,999 1 31 32 - 21 21
£105,000 - £109,999 - 18 18 1 27 28
£110,000 - £114,999 1 17 18 - 20 20
£115,000 - £119,999 1 24 25 2 11 13
£120,000 - £124,999 - 5 5 2 14 16
£125,000 - £129,999 1 3 4 4 1 5
£130,000 - £134,999 2 5 7 3 6 9
£135,000 - £139,999 2 8 10 6 3 9
£140,000 - £144,999 5 3 8 4 6 10
£145,000 - £149,999 4 4 8 1 5 6
£150,000 - £154,999 2 3 5 1 4 5
£155,000 - £159,999 1 - 1 2 2 4
£160,000 - £164,999 4 2 6 1 2 3
£165,000 - £169,999 5 - 5 5 - 5
£170,000 - £174,999 3 3 6 2 1 3
£175,000 - £179,999 - 2 2 1 2 3
£180,000 - £184,999 1 - 1 2 1 3
£185,000 - £189,999 - 1 1 4 - 4
£190,000 - £194,999 6 - 6 4 - 4
£195,000 - £199,999 3 - 3 1 - 1
£200,000 - £204,999 3 1 4 - 2 2
£205,000 - £209,999 3 1 4 - - -
£210,000 - £214,999 3 - 3 - - -
£215,000 - £219,999 - - - - - -
£220,000 - £224,999 1 - 1 1 - 1
£225,000 - £229,999 - - - 1 - 1
£235,000 - £239,999 1 - 1 - - -
£240,000 - £244,999 1 - 1 - - -
54 131 185 48 128 176

Costs related to Voluntary Severance, Voluntary Redundancy, and associated Payments In Lieu of Notice (PILON) are considered to be associated with "Compensation for loss of office". Consequently, these termination-related payments are excluded from the analysis above.

76

Notes to the Financial Statements Year ended 31 July 2025

8. Staff Costs (continued)

Staff Costs (continued)
Emoluments of the Vice-Chancellor
Salary
Bonus
Benefits-in-kind
Pension Death in Service Enhanced Opt-out contribution
only		 2025
£’000
Current
2024
£’000
Current
2024
£’000
Former
294
267
26
-
-
-
28
30
9
321
297
35
43
45
2
364
342
37

The benefits-in-kind received by the Vice-Chancellor are as follows (£000s): (£’000s): Private medical insurance Permanent accommodation 23 Services supplied

The remuneration of the current Vice-Chancellor is set through the Senior Salary Review Process by the Remuneration Committee, which comprises of independent lay members of Council. The Vice-Chancellor’s base salary is also reviewed in line with national pay awards for the Higher Education sector.

The Vice-Chancellor's reported salary in 2024 reflects 11 months (aligned to her appointment date) whilst that for 2025 reflects a full 12 months in post. The Vice-Chancellor received the same pay award as other University staff.

The Chair of Council presents performance assessments to the Remuneration Committee for inclusion in the Senior Salary Review process. The Remuneration Committee make the final decision on the rewards given for comparable performance assessments. The Vice-Chancellor’s salary, in line with the Senior Salary Review, is also assessed against equity and market concerns.

The Vice-Chancellor’s performance is reviewed according to a number of factors including, but not limited to:

The current Vice-Chancellor’s full-time equivalent basic salary is 6.5 times (2024:6.7) the median pay of all staff, where the median pay is calculated on a full-time equivalent basis for the salaries and wages paid by the Institution.

The current Vice-Chancellor’s full-time equivalent total remuneration is 7.2 times (2024:7.4) times the median total remuneration of all staff, where the median total remuneration is calculated on a full-time equivalent basis for the total remuneration paid by the Institution.

As per Medr Accounts Direction, remuneration includes personal service companies that are deemed by the Institution to be employees under HMRC Intermediary Regulations (IR35) and paid through payroll and reported to HMRC via “Real-time Information” (RTI) reporting.

77

Notes to the Financial Statements Year ended 31 July 2025

9. Interest and Other Finance Costs

Interest and Other Finance Costs
Consolidated Institution
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Bond interest & finance costs 11,639 11,582 11,639 11,582
Bank loan interest 29 111 29 111
11,668 11,693 11,668 11,693
Net charge on pension schemes (Note 21) 1,171 1,070 1,171 1,070
Unwind of discount on USS pension provision
(Note 21)		 - 3,270 - 3,270
12,839 16,033 12,839 16,033

78

Notes to the Financial Statements Year ended 31 July 2025

10. Analysis of Expenditure by Activity

Analysis of Expenditure by Activity
Consolidated Other
Staff operating Interest Total Total
costs expenses Payable 2025 2024
£’000 £’000 £’000 £’000 £’000
Academic departments 217,146 48,363 - 265,509 274,535
Academic services 22,139 18,993 - 41,132 38,908
Research grants and contracts 54,519 36,625 - 91,144 87,271
Other services rendered 17,358 21,980 - 39,338 40,353
Residences, catering and conferences 5,464 12,142 29 17,635 20,166
Premises 8,679 51,723 - 60,402 56,393
Administration and central services 50,288 27,604 - 77,892 75,641
Other expenses (see Page 80) 3,385 12,587 11,639 27,611 36,307
Pension fund adjustments (3,968) - 1,171 (2,797) (5,781)
375,010 230,017 12,839 617,866 623,793
Depreciation (note 11) 49,805 50,632
Staff costs – Decrease in USS pension scheme provision (note 21) - (162,794)
Staff costs – VoluntarySeverance/RedundancyScheme 24,349 -
Total per Statement of Comprehensive Income and Expenditure 692,020 511,631
Institution Other
Staff operating Interest Total Total
costs expenses Payable 2025 2024
£’000 £’000 £’000 £’000 £’000
Academic departments 217,146 48,363 - 265,509 274,535
Academic services 22,139 18,993 - 41,132 38,908
Research grants and contracts 54,519 36,625 - 91,144 87,271
Other services rendered 17,358 21,964 - 39,322 40,351
Residences, catering and conferences 5,464 12,142 29 17,635 20,166
Premises 8,679 51,722 - 60,401 56,393
Administration and central services 50,288 27,604 - 77,892 75,641
Other expenses (see Page 80) 3,385 5,191 11,639 20,215 25,063
Pension fund adjustments (3,968) - 1,171 (2,797) (5,781)
375,010 222,604 12,839 610,453 612,547
Depreciation (note 11) 49,805 50,632
Staff costs – Decrease in USS pension scheme provision (note 21) - (162,794)
Staff costs – VoluntarySeverance/RedundancyScheme 24,349 -
Total per Statement of Comprehensive Income and Expenditure 684,607 500,385

79

Notes to the Financial Statements Year ended 31 July 2025

10. Analysis of Expenditure by Activity (continued)

Analysis of Expenditure by Activity (continued)
Other operating expenses include 2025 2024
£’000 £’000
External auditors’ remuneration in respect of audit services 238 232
External auditors’ remuneration in respect of audit-related services 2 2
External auditors’ remuneration in respect of non-audit services Nil Nil
Operating lease rentals
Land and buildings 2,010 2,404
Other 105 167

Other expenses include:

80

Notes to the Financial Statements Year ended 31 July 2025

11. Tangible Fixed Assets

Consolidated and Institution

Land and Buildings Equipment
Total
Assets in the
Course of
Freehold
Long leasehold		 Construction
£’000
£’000		 £’000 £’000 £’000
Cost or valuation
At 1 August 2024 788,363 306,829 9,274 177,891 1,282,357
Additions at cost 12,889 560 9,673 9,832 32,954
Disposals (277) (659) - (2,391) (3,327)
Projects completed 3,829 1,250 (5,079) - -
At 31 July 2025 804,804 307,980 13,868 185,332 1,311,984
Valuation (i) 368,931 229,472 - - 598,403
Cost 435,873 78,508 13,868 185,332 713,581
At 31 July 2025 804,804 307,980 13,868 185,332 1,311,984
Accumulated depreciation
At 1 August 2024 121,053 73,035 - 131,494 325,582
Charge for year 22,145 9,251 - 18,409 49,805
Eliminated on disposal (60) (658) - (2,388) (3,106)
Impairments (ii) - 2,098 - (347) 1,751
At 31 July 2025 143,138 83,726 - 147,168 374,032
Net book value
At 31 July 2025 661,666 224,254 13,868 38,164 937,952
At 31 July 2024 667,310 233,794 9,274 46,397 956,775

(i) A full valuation of the Institution’s Estate was carried out on 31 July 2014 by Cooke and Arkwright Chartered Surveyors in accordance with the RICS Valuation – Professional Standards January 2014 (the Red Book) to establish deemed cost. Of the total valuation of £609m, £557m was at fair value by depreciated replacement cost and £52m was at fair value. Since this valuation, some of these buildings have been sold or disposed leading to a lower valuation figure in the table above.

Certain buildings have been funded from U.K. Treasury sources at a cost of £132m. Should these particular buildings be sold, the Institution would use the proceeds in accordance with the Medr Terms of Funding.

Land and buildings include non-depreciated land of £118m (2024: £118m).

Spend on capital projects incurred and completed in year is recognised in freehold additions rather than through assets in the course of construction.

(ii) An impairment of £1,751k has been recognised on certain properties due to plans for demolition and revised lease terms, reducing their carrying amounts to reflect recoverable value.

81

Notes to the Financial Statements Year ended 31 July 2025

12. Non-Current Investments

on-Current Investments
Consolidated Institution
Investment Other Total Equity Other Total
in joint Investments investment Investments
ventures in joint
ventures
£’000
£’000		 £’000 £’000 £’000 £’000
Balance at 1 August 2024 3,817 13,535 17,352 2,003
13,505		 15,508
Additions - 3,219 3,219 -
3,219		 3,219
Disposals - (587) (587) -
(587)		 (587)
Share of operating deficit in joint
ventures
(318)		 - (318) -
-		 -
Balance at 31 July 2025 3,499 16,167 19,666 2,003
16,137		 18,140

The Institution has investments in the following:

Investment In Joint Ventures

Cardiff Medicentre

The Institution holds an investment of £2,003k (2024: £2,003k) representing an 89% shareholding in Cardiff Medicentre with Cardiff and Vale UHB holding the remaining 11%. This Group’s total investment after its share of operating surpluses is £3,533k (2024: £3,817k). This interest is treated as a joint venture as the Institution has joint control with Cardiff and Vale UHB.

Evidence to Impact Ltd

Evidence to Impact Ltd, a company limited by guarantee and registered in the UK, is a social enterprise spun out from the Institution and the University of Bristol. This group’s share of net liabilities as at 31[st] July 2025 is £34k. This interest is treated as a joint venture as the Institution has 50:50 joint control with the University of Bristol.

82

Notes to the Financial Statements Year ended 31 July 2025

Other Investments

University College Cardiff Consultants Limited (UC3)

The results of UC3, a company limited by guarantee and registered in the UK, have been included by consolidation in the financial information. The company’s principal activity is the commercialisation of the intellectual property and other outputs of research generated by the academic schools of the Institution. The company is also responsible for the Institution’s interests through shareholdings in a number of spin-out companies arising from the Institution’s research and other operations. All shareholdings in spin-out companies held by UC3 are recorded at cost, less any impairment.

Mobeus

The Institution made an original commitment (in 2016) to invest £10m in the Mobeus Equity Partners IV LP fund and another £15m in the Mobeus Equity Partners V LP Fund. Both funds contribute to the bond repayment fund for the repayment of the £400m bond capital in December 2055.

On 8 July 2024, the Mobeus Equity Partners IV LP fund was renamed as Mobeus 1 LP, and Mobeus Equity Partners V LP fund was renamed as Mobeus 2 LP.

In the year, additions to Mobeus 1 LP were £nil (2024: £nil) and divestments proceeds were £311k (2024: £851k), of which a gain of £7,323k was realised (2024: £705k). As at 31 July 2025, the investment fund is held at a net cost of £3,824k (2024: £4,135k).

In the year, additions to Mobeus 2 LP were £2,097k (2024: £2,008k) and divestment proceeds £152k (2024: £370k). As at 31 July 2025, the investment fund is held at a net cost of £9,952k (2024: £8,007k).

Cash and cash equivalent balances relating to both Mobeus funds and Pantheon (see below) are combined to form part of the Bond Repayment Fund (Note 24).

Pantheon

The Institution made a commitment (in 2023) to invest US$6m in the Pantheon 2021 – Cardiff University fund. This fund contributes towards the bond repayment fund as per Mobeus above.

In the year, additions to the Pantheon fund were £1,122k (2024: £1,287k) and divestment proceeds were £124k (2024: nil). The investment fund is held at a net cost of £2,285k (2024: £1,287k)

Cardiff Partnership Fund Limited

The Institution owns a 100% shareholding of £0.1k (2024: £0.1k) in the Cardiff Partnership Fund Limited, the holding company of the unincorporated Cardiff Partnership Fund Limited Partnership. This company is not consolidated on the basis that the Institution does not exercise control over the activities that rest with an independent board.

CVCP Properties plc

The Institution owns a less than 2% shareholding of £76k (2024: £76k) in CVCP Properties plc. This company owns property providing office and accommodation space, principally to Universities UK. All shareholders are UK universities in membership of Universities UK and Universities UK itself. This company is not consolidated.

SETsquared Partnership

In September 2021, the Institution joined the SETsquared Partnership, an Institution incubator network. This company is not consolidated.

International Learning Exchange Programme Limited (“ILEP”)

Following the UK Government’s decision to withdraw from the Erasmus+ scheme, the Welsh Government announced a new learning scheme to continue to benefit staff and students from international exchanges in a similar way to Erasmus+, not just in Europe but also further afield. The scheme will run from 2022 to 2026. To safeguard transparency, the Institution agreed to operate the programme on behalf of the Welsh Government through a wholly owned subsidiary company. ILEP was incorporated on 22 June 2021 and commenced operations on 1 August 2022. The results of ILEP have been included by consolidation in the financial statements.

83

Notes to the Financial Statements Year ended 31 July 2025

13. Stocks

Stocks
Consolidated Institution
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Residences and Catering 75 78 75 78
Maintenance 61 61 61 61
AcademicDepartments 137 129 137 129
273 268 273 268

14. Trade and other receivables

Trade and other receivables
Consolidated
 Institution
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Amounts falling due within one year:
Trade Debtors:
-
Tuition fees		 5,544 6,075 5,544 6,075
-
Research grants & contracts		 7,084 9,239 7,084 9,239
-
Other Services		 7,231 6,477 6,866 5,883
Less: Trade Debtors impairmentprovision(i) (4,819) (5,497) (4,819) (5,497)
Net Trade Debtors 15,040 16,294 14,675 15,700
Other Debtors 3,614 3,139 3,612 3,139
Amount due from subsidiary undertaking - - 1,864 1,690
Prepayments 9,415 8,524 8,978 7,971
Accrued Income
-
Research grants and contracts		 19,180 21,668 19,180 21,668
-
Other Income		 10,256 9,657 9,725 9,066
Total Debtors 57,505 59,282 58,034 59,234
Amounts falling due after more than one year:
Compound semiconductor Centre Limited - 2,374 - 2,374
Student Union Loan 3,004 - 3,004 -
Total debtors 60,509 61,656 61,038 61,608

(i) Further information regarding the judgements and estimates in relation to the impairment can be found in Note 1: Accounting Policies on Page 71 “Recoverability of debtors”.

84

Notes to the Financial Statements Year ended 31 July 2025

15. Current Investments

Consolidated and Institution

Current Investments
Consolidated and Institution
Endowment Other 2025 2024
Investments Investments Total Total
£’000 £’000 £’000 £’000
(Note 23)
Short term investment in shares - 178,146 178,146 184,914
Short term bonds - 86,155 86,155 70,825
Other short-term investments 51,119 18,930 70,049 64,951
Short term deposits 1,801 - 1,801 -
52,920 283,231 336,151 320,690

The increase in fair value of current investments in the year was £4,524k (2024: £36,923k).

The University has changed its investment strategy in terms of short-term deposits, and most are now deemed cash and cash equivalents in the current year (Note 16).

Deposits are held 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 these deposits are fixed for the duration of the deposit at the time of placement.

16. Cash and Cash Equivalents

Consolidated Consolidated Institution Institution
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Operational bank accounts 6,752 22,011 3,500 19,242
Cash-in-hand 2 8 2 8
Money market funds 5,521 3,880 5,521 3,880
Cash funds held by investment fund managers 7,843 45,816 7,843 45,816
Cash fund held within endowment funds 563 3,954 563 3,954
Short term deposits 58,227 30,137 58,227 30,137
78,908 105,806 75,656 103,037

85

Notes to the Financial Statements Year ended 31 July 2025

17. Creditors: amounts falling due within one year

editors: amounts falling due within one year
Consolidated
 Institution
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Trade creditors 9,642 13,329 9,561 13,263
Social security and other taxation 9,254 8,882 9,254 8,882
Sundry creditors 13,469 12,014 12,884 11,285
Deposits 131 139 131 139
Employees leave entitlement accrual 9,875 11,591 9,875 11,591
Accruals 35,026 29,531 34,893 29,436
Deferred income (see below) 79,921 83,250 78,211 81,757
Unsecured loans 739 - 739 -
Secured loans 175 700 175 700
Amounts due to subsidiary undertaking 44 - 44 -
158,276 159,436 155,767 157,053

Deferred Income

Included in deferred income are the following items of income which have been deferred until specific performance related conditions have been met.

performance related conditions have been met.
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Tuition Fees 6,684 6,097 6,684 6,097
Research grants and contracts 46,603 49,301 46,672 49,573
Other Income 25,066 25,796 23,287 24,031
Capital grant income 1,568 2,056 1,568 2,056
79,921 83,250 78,211 81,757

86

Notes to the Financial Statements Year ended 31 July 2025

  1. Creditors: amounts falling due after more than one year
editors: amounts falling due after more than one year
Consolidated and Institution 2025 2024
£’000 £’000
Sundry Creditors 3,217 3,584
Unsecured loans (vi) 23,724 6,242
Secured loan - 175
Public Bond (i) 294,353 294,216
Public Bond Tap (ii) 125,435 126,046
Total loans and long-term debt 443,512 426,679
446,729 430,263
Analysis of secured and unsecured loans
Due within one year or on demand (Note 17) 914 700
Due between one and five years 3,160 3,296
Due in five years or more 440,352 423,383
Due after more than one year 443,512 426,679
444,426 427,379

Included in loans are the following:

Lender Term Secured/ Interest Borrower 2025 2024
Unsecured rate % £’000 £’000
Salix (v) 2032 Unsecured - Institution 8,834 6,242
Salix (vi) 2045 Unsecured 2.05 Institution 15,630 -
Royal Bank of Scotland (iii) 2025 Secured Base + Institution 175 875
0.225
24,639 7,117

87

Notes to the Financial Statements Year ended 31 July 2025

19. Consolidated and Institution Reconciliation of Net Debt

Consolidated Institution
£’000 £’000
Net debt 1 August 2024 321,573 324,342
Movement in cash and cash equivalents 26,898 27,381
Repayment of secured loans (700) (700)
Proceeds from new unsecured loans 18,221 18,221
Other non-cash changes (bond interest) (474) (474)
Net Debt 31 July 2025 365,518 368,770
Change in net debt 43,945 44,428
Analysis of net debt Consolidated Institution
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Borrowings: amounts falling due within one year
Secured loans 175 700 175 700
Unsecured loans 739 - 739 -
(Note 17) 914 700 914 700
Borrowings: amounts falling due after more than one year
Secured Loans - 175 - 175
Unsecured loans 23,724 6,242 23,724 6,242
Public Bond 294,353 294,216 294,353 294,216
Public Bond Tap 125,435 126,046 125,435 126,046
(Note 18) 443,512 426,679 443,512 426,679
Less: Cash and cash equivalents (Note 16) (78,908) (105,806) (75,656) (103,037)
Net debt 365,518 321,573 368,770 324,342

88

Notes to the Financial Statements Year ended 31 July 2025

20. Financial Instruments

The Institution has the following financial instruments which are all denominated in sterling:

Consolidated Consolidated Institution Institution
Note 2025 2024 2025 2024
£’000 £’000 £’000 £’000
Financial Assets
Financial assets at fair value through surplus
or deficit:
Investments in equityand listed bonds 16 334,350 320,690 334,350 320,690
334,350 320,690 334,350 320,690
Measured at amortised cost:
Trade and other receivables 14 21,658 21,807 23,155 22,903
Cash and cash equivalents 16 78,908 105,806 75,656 103,037
Investments in short term deposits 15 1,801 - 1,801 -
102,367 127,613 100,612 125,940
Measured at cost less impairment:
Non-current investments 12 19,666 17,353 18,140 15,508
19,666 17,353 18,140 15,508
Total Financial Assets 456,383 465,656 453,102 462,138
Financial Liabilities
measured at amortised cost:
Public Bond 18 294,353 294,216 294,353 294,216
Public Bond Tap 18 125,435 126,046 125,435 126,046
Loans 18 24,639 7,117 24,639 7,117
Trade creditors 17 9,642 13,329 9,561 13,263
Other creditors 17,18 16,817 15,737 16,232 15,008
Accruals 17 35,026 29,531 34,893 29,436
Total Financial Liabilities 505,912 485,976 505,113 485,086

21. Pension Provision

Consolidated and Institution

Pension Provision
Consolidated and Institution
CUPF fund LGPS fund
2025		 2024
obligations
obligations
Total Pension		 Total Pension
(Note 25) (Note 25) Provision Provision
£'000 £'000 £'000 £'000
At 1 August 2024 15,197 - 15,197 180,332
Utilised in year - - - (5,721)
Additions/ (reductions) (15,708) (660) (16,368) (163,754)
Discountrate changes (Note 9) 511 660 1,171 4,340
At 31 July 2025 - - - 15,197

LGPS Fund

The actuary has estimated that the net pension asset as at 31 July 2025 is an asset of £16,030k (2024: asset of £12,940). The surplus is not recoverable in full, we have followed IAS19 to determine the economic benefit of the surplus that Cardiff University can recognise. For 2025 the surplus recognised as an asset in the statement of financial position is £nil (2024: £nil).

89

Notes to the Financial Statements Year ended 31 July 2025

22. Other Provisions

ther Provisions
Consolidated Voluntary Leasehold Marking Other
Severance/ Property Assessment 2025 2024
Redundancy
Dilapidations		 Boycott Total Total
Scheme
£’000 £’000 £’000 £’000 £’000 £’000
As at 1 August - (1,296) (722) (780) (2,798) (7,453)
(Additions) / Reductions (4,739) - 53 (385) (5,071) 4,655
Closing balance as at 31
July		 (4,739) (1,296) (669) (1,165) (7,869) (2,798)
Institution Voluntary Leasehold Marking Other
Severance/ Property Assessment 2025 2024
Redundancy
Dilapidations		 Boycott Total Total
Scheme
£’000 £’000 £’000 £’000 £’000 £’000
As at 1 August - (1,296) (722) (780) (2,798) (7,453)
(Additions) / Reductions (4,739) - 53 (260) (4,946) 4,655
Closing balance as at 31
July		 (4,739) (1,296) (669) (1,040) (7,744) (2,798)

The University as a whole is subject to a number of legal claims and other matters, the outcomes of which are uncertain and may give rise to liabilities or other adverse consequences which cannot currently be quantified.

Provisions for Leasehold Property dilapidations are recognised as per Note 1 Page 71.

23. Endowment reserves

Consolidated and Institution

Unrestricted Restricted Total Restricted 2025 2024
Permanent Permanent Permanent Expendable Total Total
£’000 £’000 £’000 £’000 £’000 £’000
Capital opening balance 2,934 25,914 28,848 1,578 30,426 26,905
Accumulated income 1,727 16,896 18,623 4,047 22,670 19,341
4,661 42,810 47,471 5,625 53,096 46,246
New endowments - 210 210 462 672 2,129
Income for year 86 834 920 118 1,038 1,469
Expenditure (78) (512) (590) (142) (732) (819)
8 322 330 (24) 306 650
(Decrease) / increase in (53) (481) (534) (58) (592) 4,072
market value
Closing balance 4,616 42,861 47,477 6,005 53,482 53,097
Represented by:
Capital 2,898 25,729 28,627 1,574 30,201 30,426
Accumulated income 1,718 17,132 18,850 4,431 23,281 22,671
4,616 42,861 47,477 6,005 53,482 53,097

90

Notes to the Financial Statements Year ended 31 July 2025

23. Endowment reserves (continued)

Unrestricted Restricted Total Restricted 2025 2024
Permanent Permanent Permanent Expendable Total Total
£’000 £’000 £’000 £’000 £’000 £’000
Analysis by type of purpose:
Appeal Fund - 108 108 - 108 107
Chairs - 15,154 15,154 - 15,154 15,372
Lectures - 1,260 1,260 - 1,260 1,248
Hardship Funds 12 2,840 2,852 1,178 4,030 4,048
Scholarships - 12,000 12,000 1,038 13,038 12,419
Prizes - 3,573 3,573 46 3,619 3,596
Research - 1,873 1,873 3,016 4,889 4,844
General 4,604 6,053 10,657 727 11,384 11,462
4,616 42,861 47,477 6,005 53,482 53,096
Analysis by asset:
Current asset investments
- investment units 51,119 49,143
Cash & cash equivalents 2,363 3,953
53,482 53,096

24. Bond repayment fund

Cardiff University’s 39-year public bond of £300m, issued in February 2016, along with the subsequent £100m tap issued in February 2021, will be redeemed at their principal amounts of £400m on 7 December 2055 and the Institution will have to repay this sum on that date.

In July 2019 Council approved the creation of a Bond Repayment Fund (BRF) which has as its sole objective to deliver £400m in cash in 2055.

The bond repayment fund forms part of the unrestricted funds in the statement of financial position.

The Institution has, to date, invested £52.6m (2024: £58.4m) on a total return basis to generate the repayment.

Total fund value 2025 2024
£’000 £’000
Cash held for investment 6,048 975
Current investments 62,226 61,253
Non-current investments 16,062 13,428
84,336 75,656

91

Notes to the Financial Statements Year ended 31 July 2025

25. Pension Schemes

Different categories of staff were eligible to join one of six different schemes:

The nature of the schemes above are detailed below.

Cardiff University Pension Scheme is a new Defined Contribution Scheme effective from 1 January 2022 in co-ordination with the closure of the CUPF DB scheme to new members,

The tender for a DC Scheme to be available for new members was undertaken and Legal and General appointed to provide the scheme. The DC scheme allows members flexibility in contribution rates and a member could choose to contribute 0%, but still benefit from Institution contributions into the scheme. Any flexibility which allows members to pay zero or very low contributions may result in some members who have previously opted out of pension scheme to opt in. The additional benefits of life insurance and income protection are available for members from 1st March 2022. Elements of the DC scheme that are offered.

Institution 10% fixed Member 6.5% default, option to reduce to 4%,2%,0% Life Insurance 5x basic salary, Income Protection.

The NHSPS which is contracted out of the State Second Pension (S2P). The notional assets of NHSPS are assessed by the Government. Scheme is a defined benefit public service pension scheme, which operates on a pay-as-you-go basis. A new reformed scheme was introduced on 1 April 2015 that calculates pension benefits based on career average earnings. Transitional arrangements permit individuals who on 1 April 2012 were within ten years of normal pension age to continue participating in the old ‘final salary’ NHS Pension Scheme arrangements (the 1995 and 2008 sections).

An HM Treasury pension scheme valuation for funding purposes was carried out as at March 2012. The Scheme Regulations have been changed to allow contribution rates to be set by the Secretary of State for Health, with the consent of HM Treasury, and consideration of the advice of the Scheme Actuary and appropriate employee and employer representatives as deemed appropriate. The employers’ contribution rate payable by the Institution during the year ended 31 July 2025 remained unchanged at 14.38% of total pensionable earnings.

NEST is a defined contributions pension scheme for eligible non-contractual workers.

Consolidated and Institution

Consolidated and Institution Consolidated and Institution
The total pension cost for the period was: 2025 2024
£’000 £’000
Universities’ Superannuation Scheme (USS) 32,942 33,017
Cardiff University Pension Fund (CUPF) 7,064 7,139
Local Government Pension Scheme (LGPS) 150 150
Cardiff University Pension Scheme (CUPS) 1,418 1,228
National Health Service Pension (NHSPS) 1,687 1,475
NEST 11 12
43,272 43,021
USS minimum funding guarantee adjustment - (162,794)
43,272 (119,773)

92

Notes to the Financial Statements Year ended 31 July 2025

25. Pension Schemes (continued)

(i) The Universities Superannuation Scheme

The Institution participates in Universities Superannuation Scheme (USS). The scheme is a hybrid pension scheme, providing defined 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 multi-employer scheme and is accounted for as set out in the accounting policies.

The total cost charged to the Consolidated Statement of Comprehensive Income is £nil (2024: £38,762k) including Pension Choice, but excluding the impact of the change in the deficit recovery plan, as shown in note 21.

A deficit recovery plan was put in place as part of the 2020 valuation. It required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the statement of income and expenses in the prior year.

The latest available complete actuarial valuation of the Retirement Income Builder, the defined benefit part of the scheme, is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the institution cannot identify its share of the Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1bn and the value of the scheme’s technical provisions was £65.7bn indicating a surplus of £7.4bn and a funding ratio of 111%.

The deficit recovery contributions due within one year for the institution are £nil (2024: £5,721k).

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles. (uss.co.uk/about-us/valuation-and-funding/statement-of-fundingprinciples). https://www.uss.co.uk/about-us/valuation-and-funding/statement-of-funding-principles

Price inflation – Consumer Prices Index (CPI)

3.0% p.a. (based on a long-term average expected level of CPI, broadly consistent with long-term market expectations)

RPI/CPI gap:

1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030

Pension increases (subject to a floor of 0%):

Benefits with no cap: CPI assumption plus 3bps

Benefits subject to a 'soft cap' of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%):

CPI assumption minus 3bps

Discount rate (forward rates):

Fixed interest gilt yield curve plus: Pre-retirement: 2.5% p.a. Post retirement: 0.9% p.a.

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

93

Notes to the Financial Statements Year ended 31 July 2025

25. Pension Schemes (continued)

Mortality base table:

101% of S2PMA ‘light’ for males and 95% of S3PFA for females

Future improvements to mortality:

CMI_2021 with a smoothing parameter of 7.5, an initial addition of 0.40% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.80% p.a. for males and 1.60% p.a. for females

The current life expectancies on retirement at age 65 are:

2025
 2024
Males currently aged 65 (years) 23.8
 23.7
Females currently aged 65 (years) 25.5
 25.4
Males currently aged 45 (years)
25.7		 25.6
Females currently aged 45 (years)
27.2		 27.2

(ii) Cardiff University Pension Fund The pension fund is a defined benefit scheme, externally funded and is contracted out of the State Second Pension (S2P) pension provision. As at 1 January 2022, the fund was closed to new members.

The last formal triennial actuarial valuation of the schemes which have been concluded were performed by professionally qualified actuaries as at 31 July 2022.

Following consultation with members, a Deed of Amendment effecting the change to future benefits was executed by the Institution and the Trustees of the Fund. The change impacts the benefits accrued from an effective date of 1 January 2022. A summary of the changes to benefit accrual from this date is set out below:

The actual rate reduced from 80ths to 85ths.

Pension increases reduced in line with CPI inflation up to a maximum of 2.5% p.a.; and

The Normal Retirement Date increased from age 65 to age 66.

As these changes only impact benefits in relation to service from 1 January 2022, there is no impact on the Defined Benefit Obligation (DBO).

An estimated valuation of the defined benefit schemes was performed at 31 July 2025 by qualified actuary. The Fund deficit under FRS 102 has decreased from £15.2m as at 31 July 2024 to a surplus of £3.6m as at 31 July 2025. The asset has not been recognised as such on the Statement of Financial Position.

Under the latest Schedule of Contributions dated 23 June 2023, the University contributes the following:

17.0% of pensionable earnings in respect of all active CARE members who have elected to participate in salary sacrifice.

10.5% of pensionable earnings in respect of all members who have not elected to participate in salary sacrifice.

18.0% of pensionable earnings in respect of Final Salary members who have elected to participate in salary sacrifice.

From 1 August 2023 until 31 July 2029, the University agrees to pay deficit contributions of £4,800,000 per annum.

The FRS 102 disclosures set out in the tables below are based upon this updated valuation.

The actuary has made Guaranteed Minimum Pensions (GMP) equalisation allowance, and the result has been included with the scheme’s’ FRS 102 disclosures.

The Virgin Media case, officially known as Virgin Media v NTL Pension Trustees II Limited (and others), involves a Court of Appeal ruling that confirmed any rule alterations to a contracted-out defined benefit (DB) pension scheme made without the necessary section 37 confirmation are void. This applies to both past and future service rights. As of 31 July 2025, the University has not conducted detailed investigations into the implications of this case.

94

Notes to the Financial Statements Year ended 31 July 2025

25. Pension Schemes (continued)

As the potential impact on the Defined Benefit Obligation (DBO) cannot be measured with sufficient reliability, no allowance for this case has been included in the DBO calculation for the year ended 31 July 2025. The University will review this matter again for the year ending 31 July 2026.

(iii) Local Government Pension Scheme The pension fund is a defined benefit scheme, externally funded and is contracted out of the State Second Pension (S2P) pension provision.

The last formal triennial actuarial valuation of the schemes which have been concluded were performed by professionally qualified actuaries as at 31 March 2022.

Salary sacrifices of pension contributions is not permitted in the LGPS scheme.

An estimated valuation of the defined benefit schemes was performed at 31 July 2025 by qualified actuary. The FRS 102 disclosures set out in the tables below are based upon this updated valuation.

As at 31 July 2025, the LGPS fund FRS 102 actuarial report resulted in a pension asset £16,030k, (2024: £12,940k). The asset has not been recognised as such on the Statement of Financial Position, as there is no automated entitlement to a refund from the scheme. The £16,030k is eliminated by an additional asset valuation charge to Other Comprehensive Expenditure.

Assumptions relating to CUPF and LGPS

The financial assumptions used to calculate scheme liabilities under FRS 102 are:

Price Inflation (RPI)
Price Inflation (CPI)
Rate of increase in salaries
Rate of increase of pensions in payment
Increases to deferred pensions before retirement
Discount rate		 CUPF
LGPS
At 31 July At 31 July
2025
2025
% p.a.
% p.a.
3.00
n/a
2.70
2.50
2.70
3.50
2.70
2.50
2.70
2.50
5.70
5.70		 CUPF
LGPS
At 31 July
At 31 July
2024
2024
% p.a.
% p.a.
3.15
n/a
2.80
2.60
2.80
3.60
2.80
2.60
2.80
2.60
4.95
5.00

Key non-financial assumptions relate to member life expectancy at the accounting date, based on actual mortality experience of members within the Funds carried out as part of the latest formal actuarial valuations (see above), and allow for expected future mortality improvements, the accounting assessments are based on the life expectancy of male and female members at age 65 in normal health as shown below.

CUPF
LGPS
At 31 July At 31 July
2025
2025
Pensioner – male
20.8
21.9
Pensioner – female
23.5
24.2
Non-pensioner (currently aged 45) – male
21.4
22.2
Non-pensioner (currently aged 45) – female
24.6
25.0
Funder membership data summary at last actuarial valuation
Active members
Deferred members
Pensioners and dependants		 CUPF
LGPS
At 31 July At 31 July
2025
2025
20.8
21.9
23.5
24.2
21.4
22.2
24.6
25.0		 CUPF
LGPS
At 31 July
At 31 July
2024
2024
20.4
21.8
23.4
24.1
21.0
22.1
24.4
24.9

95

Notes to the Financial Statements Year ended 31 July 2025

25. Pension Schemes (continued)
2025 2025 2024 2024
CUPF LGPS CUPF LGPS
Scheme Assets and Liabilities £m £m £m £m
The assets in the scheme at fair value were:
Equities 28.9 - 29.9 28.0
Property - - - 2.4
Government bonds - 41.9 - 3.3
Corporate bonds - - 20.3 2.9
Multi Asset Credit - - - 2.1
Liability Driven Investments 103.9 - 87.8 -
Diversified Growth 46.5 - 48.7 -
Private Markets 28.8 - 26.5 -
Cash 0.5 - 1.6 1.7
Other - - - 0.7
Scheme assets at fair value 208.6 41.9 214.8 41.1
Scheme liabilities at present value (205.0) (25.9) (230.0) (28.2)
Asset Ceiling (3.6) (16.0) - (12.9)
Net pension asset/(liability) recorded within
pension provisions (Note 21)		 - - (15.2) -
Analysis of the amount charged within
OperatingSurplus
Operating cost
Current service cost 6.0 0.2 6.2 0.2
Past service cost - - - -
Administrative expenses 1.0 - 0.9 -
Total operating cost: 7.0 0.2 7.1 0.2
Financing cost:
Interest expense on liabilities 11.1 1.3 10.9 1.4
Interest income on assets (10.6) (2.0) (10.4) (2.0)
Total financing cost: 0.5 (0.7) 0.5 (0.6)
Total charge/(gain) within Operating Surplus
before tax 7.5 (0.5) 7.6 (0.4)
Amounts recognised in Other Comprehensive
Income:
Actuarial losses/(gains) from assets 16.9 - (1.0) (1.6)
Actuarial losses/(gains) on liabilities (32.2) (2.3) 4.9 0.1
Effect of asset ceilingasper IAS19 approach 3.6 3.1 - 2.1
Total loss/(gain) to Other Comprehensive
Income before tax		 (11.7) 0.8 3.9 0.6
Analysis of movement in deficit:
Deficit at beginning of year 15.2 - 15.1 -
Contributions by the Institution - normal (11.0) (0.3) (11.4) (0.2)
Operating cost 7.0 0.2 7.1 0.2
Financing cost 0.5 (0.7) 0.5 (0.6)
Loss/(Gain) recognised in Other Comprehensive
Income		 (11.7) 0.8 3.9 0.6
Deficit at end of year - - 15.2 -

96

Notes to the Financial Statements Year ended 31 July 2025

25. Pension Schemes (continued)
2025 2025 2024 2024
CUPF LGPS CUPF LGPS
Changes to the present value of scheme liabilities: £m £m £m £m
Present value of scheme liabilities at start of the year 230.0 28.2 216.7 28.0
Current service cost 6.0 0.2 6.2 0.2
Interest expense on liabilities 11.1 1.4 10.9 1.4
Contribution by participants 0.2 - 0.2 -
Actuarial losses/(gains) on liabilities (32.2) (2.3) 4.9 0.1
Actual benefitpayments (10.1) (1.6) (8.9) (1.5)
Present value of scheme liabilities at the end of the year 205.0 25.9 230.0 28.2
Changes in the fair value of scheme assets:
Fair value of scheme assets at the start of the year 214.8 41.1 201.6 38.8
Interest Income on assets 10.6 2.1 10.4 2.0
Actuarial gains/(losses) on assets (16.9) - 0.9 1.6
Contributions by the Institution 10.9 0.3 11.4 0.2
Contributions by participants 0.2 - 0.2 -
Net benefits paid out (10.1) (1.6) (8.9) (1.5)
Expenses (1.0) - (0.8) -
Fair value of scheme assets at the end of the year 208.5 41.9 214.8 41.1

CUPF and LGPS assets do not include any of the Institution’s own financial instruments, or property occupied by the Institution.

Sensitivity of movement in key assumptions

The approximate impact of changing the key assumption on the present value of the funded defined benefit liabilities as at 31 July 2025 is set out below.

In each case, only the assumption mentioned is altered; all other assumptions remain the same. The sensitivity table is based on an illustrative percentage change; however, the estimates could vary by greater, and possibly material, amounts either individually or in combination.

Funded Defined Benefit Funded Defined Benefit Liability (£m)
CUPF +0.1%p.a. Base figure
-0.1%p.a.
Discount Rate assumption 201.7 205.0 208.3
Rate of general increase in salaries 208.3 205.0 201.7
- 1year Base figure
+1 Year
Post-retirement Mortality assumption 210.8 205.0 199.2
LGPS +0.1%p.a. Base figure -0.1%p.a.
Discount Rate assumption 25.5 25.9 26.2
Rate of general increase in salaries 25.9 25.9 25.9
Rate of increase to pensions and rate of revaluation of 26.1 25.9 25.6
pension accounts
- 1year Base figure +1 Year
Post-retirement Mortalityassumption 26.4 25.9 25.2

97

Notes to the Financial Statements Year ended 31 July 2025

26. Capital Commitments
Consolidated and Institution 2025 2024
£’000 £’000
Commitments contracted 13,677 19,437
  1. Operating Lease obligations Consolidated and Institution
Consolidated and Institution
Land and Total Total
Future minimum lease payments due buildings Other 2025 2024
£'000 £'000 £'000 £'000
Not later than one year 1,831 76 1,907 2,129
Later than one year and not later than 5 years 7,042 47 7,089 5,649
Later than five years 25,250 - 25,250 29,277
Total leasepayments due 34,123 123 34,246 37,055

Land and building leases are held in respect of office premises and car parking facilities. Other leases comprise vehicle and other equipment leases.

98

Notes to the Financial Statements Year ended 31 July 2025

28. Related Party Transactions

All transactions involving organisations in which a member of the Council may have an interest are conducted in accordance with the Institution’s financial regulations and normal procurement procedures. The Institution maintains a Register of Interests of members of Council and senior officers.

The list below represents the trading transactions and year-end close balances with organisations of which the relevant Council member or senior officer holds a position of influence in both the related party and the Institution.

Organisation Charity/
company
number		 Description Location Council
member or
senior officer		 Income Expenditure Debtor Creditor
£’000 £’000 £’000 £’000
Academy of
Medical
Educators		 05965178 The Academy of
Medical
Educators (AoME)
is the
multiprofessional
organisation for
all those involved
in medical
education – the
education and
training of
students and
practitioners in
medicine,
dentistry and
veterinary
surgery.		 Cardiff,
Wales,
UK		 RILEY, PROF
STEPHEN		 - 1 38 -
Advance HE 04931031 Advance HE is a
member-led
charity of and for
the sector that
works with
partners across
the globe to
improve higher
education for
staff, students
and society.		 York,
England,
UK		 Dr DAVID
LANGLEY		 - 123 - 81
Association of
Commonwealth
Universities		 RC000017 We are a global
network of
universities with a
shared
commitment to
building a better
world through
international
collaboration in
higher education.		 London,
England,
UK		 BETH BUTTON - 8 - -
Cardiff & Vale
University Health
Board		 1056544 Enhance and
support the
services provided
by the University
Health Board		 Cardiff,
Wales,
UK		 RANKIN,
SUZANNE MS
RILEY, PROF
STEPHEN		 3,563 - 2,200 -
Cardiff Business
Club		 00568821 Connecting
organisations and
sharing
inspiration via our
members and our
world class
speakers		 Cardiff,
Wales,
UK		 XAVIER-
PHILLIPS,
AGNES MS		 - 3 - -

99

Notes to the Financial Statements Year ended 31 July 2025

Organisation Charity/
company
number		 Description Location Council
member or
senior officer		 Income Expenditure Debtor Creditor
£’000 £’000 £’000 £’000
Cardiff City
Council		 N/A Governing body
for Cardiff		 Cardiff,
Wales,
UK		 MORGAN,
CLAIRE MS		 381 449 - 56
Cardiff Union
Services Limited		 02287517 Promote the
social and
educational
welfare of Cardiff
University by
providing services
and facilities to
them		 Cardiff,
Wales,
UK		 FLORES
ACUNA, ANGIE
MICAELA
PANES		 - 6,644 - 116
Cardiff University
Students’ Union
Limited		 07328777 The advancement
of education of
students at
Cardiff University		 Cardiff,
Wales,
UK		 AGNES XAVIER-
PHILLIPS,
MICAELA
PANES
MADISON
HUTCHINSON
SEAN STRONG
MARIA
POLLARD		 11 - 3,023 -
Coleg Cymraeg
Cenedlaethol		 07550507 Coleg Cymraeg
works with further
education
colleges,
universities,
organisations that
offer
apprenticeships,
and employers to
create
opportunities to
train and study in
Welsh.		 Carmart
hen,
Wales,
UK		 OWEN, DEIO 25 15 2 -
Corestone, AG Corestone
Investment
Managers AG is
an independent,
employee-owned
partnership
consisting of a
multi-disciplinary
team of seasoned
investment
professionals and
a strong track
record in money
management &
investment
transaction
advisory.		 Zug,
Switzerla
nd		 SHAKESHAFT,
JOHN C		 25 - - -

100

Notes to the Financial Statements Year ended 31 July 2025

Organisation Charity/
company
number		 Description Location Council
member or
senior officer		 Income Expenditure Debtor Creditor
£’000 £’000 £’000 £’000
Council for British
Research in the
Levant		 3566646 Advance public
education
through
conducting,
supporting, and
promoting
scholarly
research in the
humanities,
social sciences,
and related
subject areas in
the Levant, and
the dissemination
of the useful
results of the
research		 London,
England,
UK		 SHAKESHAFT,
JOHN C		 1 - - -
Digital Health &
Care Wales/NHS
Wales		 N/a Making digital a
force for good in
health and care		 Cardiff,
Wales,
UK		 SELWAY, DAVID - 25 - -
Institute of
Cancer Research
(ICR)		 00534147 Cancer research
institute		 London,
England,
UK		 SHAKESHAFT,
JOHN C		 - - - 15
Medical Schools
Council		 08817383 Promote,
encourage, and
develop Medical
Schools in the
United Kingdon
and thereby
advance
education for the
public benefit, in
particular medical
education,
research and
training		 London,
England,
UK		 RILEY, PROF
STEPHEN		 - 52 - -
Quality
Assurance
Agency		 03344784 Safeguards the
value of
qualifications for
students and
leaners, and
protects and
promotes the
reputation of
higher education		 Gloucest
er,
England,
UK		 MORGAN,
CLAIRE MS		 - 52 - -
Russell Group The Russell
Group represents
24 research-
intensive
universities
located in every
region and nation
of the UK.		 Cambrid
ge,
England,
UK		 LARNER,
WENDY
PROFESSOR		 - 96 - -
S4C 03418713 Welsh language
free-to-air public
broadcast
television channel		 Carmart
hen,
Wales,
UK		 JONES,
CHRISTOPHER		 116 40 - 40
Tata Steel UK 02280000 Manufacture of
basic iron and
steel and of ferro-
alloys		 London,
England,
UK		 WEAVER, DR
ROBERT		 48 - 38 -
U.M Association
Limited		 02731799 Insurance
intermediary and
mutual
management
service provider		 London,
England,
UK		 XIBERRAS,
DARREN MR		 57 - - -

101

Notes to the Financial Statements Year ended 31 July 2025

Organisation Charity/
company
number		 Description Location Council
member or
senior officer		 Income Expenditure Debtor Creditor
£’000 £’000 £’000 £’000
UCEA Board 2914327 The Universities
and Colleges
Employers
Association
(UCEA) provides
its member
institutions with
timely advice and
guidance on all
employment and
reward matters
relevant to the HE
sector.		 London,
England,
UK		 LARNER,
WENDY
PROFESSOR		 - 36 - -

The Institution has taken advantage of Paragraph 33.1A of FRS 102 in that disclosures need not be given for transactions that have taken place between the parent and its wholly owned subsidiaries.

Trustee remuneration and expenses

No trustee received any remuneration or waived payment from the Institution during the year (2024: none).

The amounts in the table below represent payments made to trustees for travel and subsistence costs incurred in attending Council, committee meetings and charity events in their official capacity. Not all trustees have claimed expenses in the year or prior year. Where trustees are also employees of the Institution, expenses claimed in their capacity as an employee are not included.

2025 2024
£’000 £’000
Expenses paid to 10 trustees in the year (2024: 8) 14 4

29. Post Balance Sheet Events

No post balance sheet events to disclose.

102

Notes to the Financial Statements Year ended 31 July 2025

30. US Department of Education Financial Responsibility - Supplemental Schedule

In satisfaction of its obligations to facilitate students’ access to US federal financial aid, Cardiff University is required by the US Department of Education to present the following Supplemental Schedule in a prescribed format.

The amounts presented within the schedules have been:

The schedules set out how each amount disclosed has been extracted from the financial statements. The accounting policies used in determining the amounts disclosed are not intended to and do not comply with the requirements of accounting principles generally accepted in the United States of America.

Primary Reserve Ratio

Year ended 31 July
2025		 Year ended 31 July
2025		 Year ended 31 July
2024		 Year ended 31 July
2024
Page Lineitem - related disclosures ExpendableNetAssets £’000 £’000 £’000 £’000
65 Statement of Financial Position -
Net assets without donor
restrictions		 Net assets without donor
restrictions		 767,049 801,690
65 Statement of Financial Position -
Net assets with donor restrictions		 Net assets with donor
restrictions		 53,536 53,164
65 Statement of Financial Position -
Property, Plant and equipment,
net		 Property, plant and
equipment, net (includes
Construction in progress)		 937,952 956,775
65 Note of the Financial Statements -
Statement of Financial Position -
Property, plant, and equipment -
pre-implementation		 Property, plant, and
equipment - pre-
implementation		 895,724 880,709
65 Note of the Financial Statements -
Statement of Financial Position -
Property, plant, and equipment -
post-implementation without
outstanding debt for original
purchase		 Property, plant, and
equipment - post-
implementation without
outstanding debt for original
purchase		 28,360 66,792
65 Note of the Financial Statements -
Statement of Financial Position -
Construction in progress		 Construction in progress 13,868 9,274
65 Statement of Financial Position -
Post-employment and pension
liabilities		 Post-employment and
pension liabilities		 - 15,197
65 Statement of Financial Position -
Note Payable and Line of Credit
for long-term purposes (both
current and long term) and Line
of Credit for Construction in
process		 Long-term debt - for long
term purposes		 446,729 430,263
65 Statement of Financial Position -
Note Payable and Line of Credit
for long-term purposes (both
current and long term) and Line
of Credit for Construction in
process		 Long-term debt - for long
term purposes pre-
implementation		 446,729 430,263
65 Statement of Financial Position -
Term endowments		 Term endowments with
donor restrictions		 6,005 5,625
65 Statement of Financial Position -
Perpetual Funds		 Net assets with donor
restrictions: restricted in
perpetuity		 47,477 47,471

103

Notes to the Financial Statements Year ended 31 July 2025

30. US Department of Education Financial Responsibility - Supplemental Schedule (continued) Primary Reserve Ratio (continued)

Year ended 31 July
2025		 Year ended 31 July
2025		 Year ended 31 July
2024		 Year ended 31 July
2024
Page Lineitem - related disclosures Total Expenses andLosses £’000 £’000 £’000 £’000
63 Statement of Activities - Total
Operating
Expenses
(Total
from Statement of Activities
prior to adjustments)		 Total
expenses
without
donor restrictions - taken
directly from Statement of
Activities		 696,569 673,858
63 Statement of Activities - Non-
Operating (Investment return
appropriated for spending),
Investments, net of annual
spending gain (loss), Other
components of net periodic
pension costs, Pension-related
changes
other
than
net
periodic
pension,
changes
other
than
net
periodic
pension, Change in value of
split-interest agreements and
Other gains (loss) - (Total from
Statement of Activities prior to
adjustments)		 Non-Operating
and
Net
Investment (loss)		 26,726 202,128
63 Statement
of
Activities
-
(Investment
return
appropriated
for
spending)
and
Investments,
net
of
annual spending, gain (loss)		 Statement of Activities -
(Investment
return
appropriated for spending)
and Investments, net of
annual spending, gain (loss)		 11,847 36,923
63 Statement
of
Activities
-
Pension related changes other
than periodic pension		 Pension-related
(credits)/
changes other than net
periodic costs		 15,197 165,135

Equity Ratio

Equity Ratio Ratio
Year ended 31 July
2025		 Year ended 31 July
2024
Page Lineitem - related disclosures ModifiedNetAssets £’000 £’000 £’000 £’000
65 Statement of Financial Position -
Net assets without donor
restrictions		 Net assets without donor
restrictions		 767,049 801,690
65 Statement of Financial Position -
total Net assets with donor
restrictions		 Net assets with donor
restrictions		 53,536 53,164
Page Lineitem - related disclosures ModifiedAssets
65 Statement of Financial Position -
Total Assets		 Total Assets 1,433,459 1,462,548
Net Income Ratio
Year ended 31 July
2025		 Year ended 31 July
2024
Page Lineitem - related disclosures £’000 £’000 £’000 £’000
64 Statement of Changes in
Reserves - total of movement
shown for Income &
Expenditure Reserve and
Revaluation Reserve		 Change in Net Assets Without
Donor Restrictions		 (34,641) 170,580
63 Statement of Activities - (Net
assets released from
restriction), Total Operating
Revenue and Other Additions
and Sale of Fixed Assets, gains
(losses)		 Total Revenue and Gains 635,202 642,310

104

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106