2022-07-31-accounts - Cardiff University Students' Union

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		2019	2020	2021	2022
Advice Centre		5,289	6,634	6,500	4,501
Academic Re		925	980	945	982
Annual Members
Meetin		633	871		693
Associations		132	135	52	276
Athletic Union		5,278	4,915	3.131	5,328
Cardiff Student	Lettin	1,977	2,316	2,254	2,140
Driver		143	99		75
Election Candidate		166	108	89	119
Give it a Go		4,644	4,036		4,907
Guild ofSocieties		8,159	7,874	3,376	8,714
Jobsho		5,036	4,318	2,318	2,118
Referendum					3,843
Skills Development
Service		1,951	1,706	1,237	1 322
Student Senate		25	27		65
Student Media		308	257	184	341
Student Led Services		234	138	54	74
Union Volunteers		844	306
Venues		11,299	10,078		11,345
Volunteerin		1,293	1,137	138	235
Voter		7,540	6,126	9,228	7,568
Varsit		6,518	5,600		5,013

CHIEVEMENTS AGAINST TARGETS SET—continued
To ensure all HEFCW grant funded projects are delivering in	line with	project		Achieved
expectations.
To develop and agree a Great Hall business and redevelopment plan covering the		next	5	Achieved
years
To rebuild our student staff, ambassadors. and after a year of being depleted		and	to	Partially achieved
develop a student insights function ensuring there is timely opportunities to shape and feedback on commercial functions. Rebuilding these groups is vital to the economic
performance of a commercial entity; without them, revenue will be impacted.
To fully integrate CU and CSU across CSLoperations with opening of	the new building		in	Achieved
September 2021
Further develop digital improvements to our membership services	and commercial			Not achieved
services by reviewing current practices, collating feedback
on improvements and increasing opportunities for students to engage	digitally.
To digitise the work and activities ofthe Board ofTrustees and its sub	committees.			Partially achieved

Cateqory	Cateqory			Risk type		Systems, controls and mitigating factors
Financial		The Union fails to meet its				Detailed budgeting and comprehensive management
		financial	targets for budgeted			reporting via the Board ofTrustees and the Finance 8 Audit
		surpluses		in order to reach a		Committee. Annual forecasting is in place and the Union has
		minimum		ofE1.3M in	free	achieved its budgeted surpluses for the past three years.
		reserves by 2023.				Target achieved in July 2022.
Financial		Pension		structures deliver		The Union's pension costs through SUSS have more than
		unmanageable		increases	in cost to	doubled in recent years due to the deficit within the scheme.
			the Union.			Further increases are very likely and may outstrip the Union's
						ability to fund them without assistance from the University.
						The SUSS scheme is closed to future accrual and the Union
						now offers a stakeholder pension scheme as well as NEST.
Health Safety	K	Incidents and accidents be reported in line with			fail to agreed	Incidents should be reported immediately so that further action can be taken ifnecessary. All staff should be vigilant to
			procedures.			detect and deal with potential hazards that might arise at any
						time. HBS awareness training and specific training for
						responsible officials concerning their responsibilities has
						been delivered.

FUTURE PLANS	FUTURE PLANS
The Union's strategy 2021-2025 —The heart of Cardiff Student Life —outlines the Union's		plans			over		the		coming			years
and splits its priorities into four themes and three building blocks. These are:
Themes
Cardiff	community; Academic Life; Student experiences; and Wellbeing and future.
Building. blocks
Resources; People; and Digital and Data
The new strategy together with new branding was launched to students, staff and the University				in	December					2021.
The trustees have set the following operational targets for 2022/23, taking account ofthe ongoing				pandemic						recovery			and
carrying forward oftargets from the prior year:
Cardiff	Community
1.	Launch a new recognition programme and event to recognize the positive impact	of		our		student				leaders			and
	volunteers.
2.	Celebrate the successes ofthe new building developments and past building history.
Academic Life
1.	To complete the Academic Rep review and implement the key recommendations.
2.	Undertake research activity to better understand the student experience ofthose students			who are traditionally									less
	satisfied.
3.	To engage with 50'/o ofacademic schools to support academic community development		activity.
Student. experiences
1.	Create an annual social program of events focused on non-club night activity. Including		utilising				zorbs, crazy						golf,
	outdoor cinema, lazer tag to allow students to socialise in a non-drink-focused setting.
2.	Disrupt the private student lettings market in order to create a growth which builds towards				dominating					the market
	share.
3.	Fully roll out the Venues app offering throughout the Students' Union building. Establishing			the Union						building			as	a
	multipurpose study and social place for all.
Wellbeing &Future 1. Re-establish a range ofstudent led services which provide valuable engagement opportunities						for	the		wider		student
	membership.
2.	Ensure all student leaders are provided opportunities to undertake personal development.
3.	Develop an organisation wide student safety strategy, ensuring wider stakeholders	and		University					partnership					to
	tackle safety concerns,
Resources
1.	Complete building works projects and plans for future works:
2.	1) Develop the Welcome Centre and front entrance spaces, creating a vibrant and flexible entrance to the building. 2) Develop the Great Hall Balcony space to form an extension to the club and flexible student space. Work with the University to develop a basis of block grant calculation and KPI measurement which ensures future
	funding levels allow us to continue to support and grow our charitable objectives.
3.	Develop a long-term sustainability plan, with the aims ofcombatting rising fuel prices	and		reducing				overall			waste.
People	Develop a Graduate Intern Scheme across key roles within the Union, ensuring high quality					and		skilled			roles for
2.	recent graduates. Develop a blended induction and ongoing engagement process which is used for all volunteers,					casual/career							staff
	and trustees.
3,	Review staff reward, recognition and benefits packages post pandemic, ensuring quality		and		valued				initiative's				that
	increase satisfaction with staff members.

STRUCTURE, GOVERNANCE AND MANAGEMENT	STRUCTURE, GOVERNANCE AND MANAGEMENT	-	continued	continued	continued
At the end of the year, following a governance	review,		the HR subcommittee			of the Board was adjusted	to become the
People, Diversity and Inclusion committee with	an expanded				remit.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07328777 (England and Wales)
Registered Charity number
1137163
Registered office
Park Place
CARDIFF
CF103QN
Trustees
Georgina Dunn, President (appointed 1 July 2022)1
Hannah Doe, President (resigned 30June 2022)1
Shreshth Goel, VP Societies and Volunteering	(appointed			1 July 2022)1
Christopher Grieve, VP Societies and Volunteering (resigned					17March 2022)1
Olivia Evans, VP Sports &AU President (appointed 1 July				2022)1
Megan Somerville, VP Sports 8 AU President	(resigned		30June 2022)1
Thomas Walsh, VP Education (appointed 1 July 2021,		resigned 30September				2022)1
Georgina Dunn, VP Education (resigned 30June 2022)1
Ashly Alava Garcia, VP Health Park (appointed	1 July 2022)1
Sebastian Ripley, VP Health Park (resigned 30June 2022)1
Angie Flores; VP Postgraduate (appointed 1 July 2022)1
Orla Tarn, VP Postgraduate (resigned 30June	2022)1
Rebecca Deverell, VP Welfare (appointed 1 July 2022)1
Charlotte Towlson, VP Welfare and Campaigns	(resigned			30June 2022)1
Noah Russell, VP Education (appointed 31 October 2022)1
Grayson Diamond (appointed 1 July 2022) 2
Stephen Oldfield, Non-portfolio (resigned 30June 2022)			2
Tariq Awan, Non-portfolio (resigned 13May 2022) 2
Matthew Bird, Non-porffolio (resigned 30June	2022) 2
Jayne Sadgrove, Non-portfolio 3
Rameshwar Singh CBE, Non-portfolio (resigned 31 July			2022) 3
Agnes Xavier-Philips (appointed 1 September	2022) 3
Elliot Howells, Non-portfolio (appointed 16December 2021)4
Richard Roberts OBE, Non-portfolio (resigned	30th June		2022)4
Marie Natasha Applasamy, Non-porffolio (resigned 21 March					2022) 4
Rameshwar Singh CBE, Non-portfolio (appointed 1 August				2022) 4
1 Sabbatical Trustees
2 Student Trustees
3 University Nominated Trustees
4 External Trustees
Chief Executive Officer
Daniel Palmer
Auditors
Watts Gregory LLP
Chartered Accountants 8 Statutory Auditors
Elfed House
Oak Tree Court
Cardiff.Gate Business Park
CARDIFF
CF23 8RS

							2022	2021
					Unrestricted	Restricted	Total	Total
					fund	.funds	funds	Funds
				Notes			F
INCOME AND ENDOWMENTS			FROM
Donations and legacies					3,261,417	1,198,974	4,460,391	3,112,250
Charitable activities					2,619,808		2,619,808	1,162,243
Other trading activities					5,237,048		5,237,048	1,268,583
Investment income					363		363	127
Other income					545		545	423,924
Total					11,119,181	1,198,974	12,318,155	5,967,127
EXPENDITURE ON
Raising funds					6,821,814		6,821,814	3,825,587
Charitable activities
					3,744,630	497,734	4,242,364	2,215,527
Total					10,566,444	497,734	11,064,178	6,041,114
NET INCOME / (EXPENDITURE)					552,737	701,240	1,253,977	(73,987)
Unwinding ofdiscounted		pension	provision		398,444		398,444	41,665
Net income/(expenditure)		forthe year			951,181	701,240	1,652,421	(32,322)
Transfer between funds					659,257	659,257
					1,610,438	41,983	1,652,421	(32,322)
RECONCILIATION	OF FUNDS
Total funds brought	forward				7,666,810	543,015	8,209,825	8,242,147
TOTAL FUNDS CARRIED FORWARD					9,277,248	584,998	9,862,246	8,209,825

			Group		Charity
		2022	2021	2022	2021
	Notes				E
FIXEDASSETS
Tangible assets Investments	15 16	12,155,967 73,563	11,922,035 73,563	29,351 2,000	35,281 2,000
		12,229,530	11,995,598	31,351	37,281
CURRENT ASSETS
Stocks	17	108,518	59,203
Debtors: amounts falling due within one year	18	966,428	435,965	963,209	730,212
Cash at bank		3,480,876	3,001,250	3,094,600	2,678,454
		4,555,822	3,496,418	4,057,809	' 3,408,666
CREDITORS
Amounts falling due within one year	19	(2,023,686)	(1,630,117)	(697,040)	(647,155)
NET CURRENT ASSETS		2,532,136	1,866,301	3,360,769	2,761,511
TOTAL ASSETS LESS CURRENT LIABILITIES		14,761,666	13,861,899	3,392,120	2,798,792
CREDITORS
Amounts falling due after more than one year	20	(141,667)	(191,663)
PENSION LIABILITY	23	(4,757,753)	(5,460,411)
NET ASSETS		9,862,246	8,209,825	3,392,120	2,798,792
FUNDS
Revaluation reserve		9,786,047	10,388,265
Pension reserve		(4,757,753)	(5,460,411)
Unrestricted funds —Designated Unrestricted funds - General		2,714,920 1,534,034	1,533,770 1,205,186	374,351 2,403,768	35,281 2,220,496
Restricted funds		584,998	543,015	614,001	543,015
TOTAL FUNDS		9,862,246	8,209,825	3,392,'I 20	2,798,792

								2022			2021
				Notes							f
Cash flows from operating activities:
Cash generated from operations							1,579,628				904,956
Net cash provided by (used in) operating
activities							1,579,628				904,956
Cash flows from investing'activities:
Purchase of tangible fixed assets Sale oftangible fixed assets						(1,050,365)					(698,870)
Interest received								363			127
Net cash provided by (used in) investing
, activities						(1,050,002)					(698,743)
Net cash flows from financing activities: Bank loan repayments						~50,00D)
Change in cash and cash equivalents		in the
reporting period Cash and cash equivalents at the beginning			of				479,626				206,213
the reporting period						3,001,250					2,795,037
Cash and cash equivalents at the end		ofthe
reporting period						3,480,876					3,001,250
RECONCILIATION OF NET INCOME/(EXPENDITURE)					TO NET	CASH FLOW		FROM	OPERATING		ACTIVITIES
										2022	2021 f
Net income/(expenditure) for the reporting statement offinancial activities) Adjustments for:				period (as	per the			1,652,421			(32,322)
Depreciation charges									816,086		764,166
Profit on disposal offixed assets										347
Interest received Decrease/(increase) in stocks Decrease/(increase) in debtors Increase/(decrease) in creditors									(363) (49,315) (530,463) 393,573		(127) 70,332 142,798 270,040
(Decrease)/Increase in pension	provision							~702,656)			)309,931)
Net cash provided by (used in)		operating		activities				1,579,628			904,956
ANALYSIS OF CHANGES IN NET FUNDS
						At 1/8/21		Cash flow			At 31/7/22
											E
Net cash
Cash at bank and in hand						3,00.1,250			479,626		3,480,876
Debt due within one year Debt due after one year						(50,004) ~191,663				4 49,996	(50,000) ~141,667
						2,759,583			529,626		3,289,209

								2022	2021
									F
Donations								135
Grants								4,460,256	3,112,250
								4,460,391	3,112,250
Grants received,	included		in the	above,		are	as follows:
								2022	2021
									f
Cardiff University-		Block	grant					2,900,000	2,895,750
Cardiff University —Block			grant	levelling		up	payment	361,282
Cardiff University	—Redevelopment				grant			849,000
HEFCW (via Cardiff		University)		-Wellbeing			Initiatives	345,974	200,000
HEFCW (via Cardiff Santander Diversity Educ8		University) Fund		- Period		Poverty		1,500 1,000	15,000 1,500
Beyond Quality	Training							1,500
								4,460,256	3,112,250

			2022	2021
Bars and food			3,263,372	244,784
Entertainment	and venue		719,998	33,923
Retail shop Letting agency Rental income			272,735 527,122 313,550	142,326 447,118 263,999
Advertising			102,643	79,403
Other			37,628	57,030
			5,237,048	1,268,583
INVESTMENT	INCOME
			2022	2021f
Deposit account interest			363	127
INCOME FROM CHARITABLE ACTIVITIES
			2022	2021
Jobshop Athletic Union	income		2,262,754 151,139	1,128,868 3,292
Societies income			37,598	6,424
Transport income Student Development		income	61,652 6,303	1,631 7,345
Give it a Go programme Other			38,144 62,218	14,683
			2,619,808	1,162,243

Other	trading	activities
			2022	2021
Cardiff	Union	Services —Cost ofsales	2,625,512	290,756
Cardiff	Union	Services —other costs	4,196,302	3,534,831
			6,821,814	3,825,587

						Support
					Direct	costs (see
					Costs f	note 10) f	Totals f
General					2,762,481	1,479,883	4,242,364
					2,762,481	1,479,883	4,242,364
SUPPORT	COSTS
		Staff				Governance
		costs f		Other costs	Depreciation f	costs f	Totals f.
General		944,175		501,751	17,467	16,490	1,479,883
		944,175		501,751	17,467	16,490	1,479,883
NET INCOME/(EXPENDITURE)
Met income/(expenditure)		is stated after charging/(crediting):
						2022f	2021f
Auditors' remuneration —Parent charity Auditors' remuneration —Cardiff Union Depreciation -owned assets Loss on disposal offixed assets			Services			6,650 10,590 816,086 346	6,200 13,250 764,166

During the year, remuneration including employ Officers in respect ofthese roles as follows:	ers pension contributions, was paid to 13(202	1 —12)Sabbatic
	Gross pay	Employer
		pension
Name	f	contributions f
H Doe S Ripley 0 Tarn	20,917 20,435 20,435	249 120 441
C Grieve	14,862
G Dunn	22,357	483
C Towlson	20,435
M Somerville	20,435
A Garcia	2,702	40
R Deverell 0 Evans	2,702 2,702
A Flores Acuna S Goel TWalsh	2,702 3,267 2,702	40 40

STAFF COSTS
			2022 f	2021 f
Wages and salaries Social security costs			5,470,504 319,358	3,539,647 240,160
Other pension costs and deficit contributions			83,277	72,473
			5,873,139	3,852,280
The average number ofemployees		during the year was as follows:
			2022	2021
Cardiff University Students' Cardiff University Students'	Union Union	—Sabbatical officers —Jobshop	7 584	7 313
Cardiff University Students'	Union	—Administrative	48	28
Cardiff Union Services —Cost ofsales			156	44
Cardiff Union Services —Administrative			90	72
			885	464

During the year ended 31	July 2022 the full-ti	me equivale	nt number ofstaff employed wa	s 231 (2021:140).	s 231 (2021:140).
The number ofemployees	whose emoluments	amounted	to a rate ofoverf60,000 during	the year were as follows:
				2022	2021
				No.	No.
f60,001 - f70,000 f70,001 -f80,000				1 1	1
f80,001 - f90,000 f90,001 - f100,000

				2021	2021		2021
				Unrestricted	Restricted		Total
				funds f	funds f		fundsf
INCOME AND		ENDOWMENTS	FROM
Donations	and legacies			2,895,750	216,500		3,112,250
Charitable	activities			1,162,243			1,162,243
Other trading activities Investment income				1,268,583 127			1,268,583 127
Other income				423,924			423,924
Total				5,750,627	216,500	'	5,967,127

				Unrestricted	Restricted	Total
				funds E	funds F	fundsf
EXPENDITURE ON
Raising funds Charitable activities				3,825,587		3,825,587
Charitable Activities				2,159,276	56,251	2,215,527
Total				5,984,863	56,251	6,041,114
NET INCOME / (EXPENDITURE)				(234,236)	160,249	(73,987)
Other recognised	gains/(losses)
Actuarial gains/(losses)		on defined	benefit
schemes				41,665		41,665
Transfers between	funds			300.089	~300,089)
Net movement in funds				107,518	(139,840)	(32,322)
RECONCILIATION	OF FUNDS
Total funds brought		forward		7,559,292	682,855	8,242,147
TOTAL FUNDS CARRIED FORWARD				7,666,810	543,015	8,209,825
TANGIBLE FIXED		ASSETS—Group
				Long term	Leasehold	Work in
				Leasehold	Improvements	Progress
				Property
				F
COST
At 1 August 2021				14,000,000	1,211,731	247,841
Additions					4,500	988,579
Disposals
Reclassification/	transfer				158,198	~183,918)
At 31 July 2022				14,000,000	1,374,429	1,072,502
DEPRECIATION
At 1 August 2021				3,611,735	124,920
Charge for year				602,218	129,790
Eliminated on disposal
At 31 July 2022				4,213,953	254,710
NET BOOK VALUE
At 31 July 2022				9,786,047	1,119,719	1,072,502
At 31 July 2021				10,388,265	1,086,811	247,841

TANGIBLE FIX	EDASSETS —Group - conti	nued
		Office		Computer
		equipment f		equipment f		Totalsf
COST
At 1 August 2021		1,637,269		498,714		17,595,555
Additions		38,813		18,473		1,050,365
Disposals		(1,078,317)		(325,549)		(1,403,866)
Reclassification/	transfers	5,720
At 31 July 2022		603,485		191,638		17,242,054
DEPRECIATION					'
At 1 August 2021 Charge for year Eliminated on disposal		1,472,508 62,593 ~1,077,970)		464,357 21,485 ~325.549)		5,673,520 816,086 ~1,403,519)
At 31 July 2022		457,131		160,293		5,086,087
NET BOOK VALUE			'
At 31 July 2022		146,354		31,345		12,155,967
At 31 July 2021		164,761		34,357		11,922,035

gp previous valuation	as deemed cost.
Iffreehold property	had not been revalued	they would have been included	at the	following	historical 2022	cost: 2021 f
				1,554,978		1,554,978
Aggregate depreciation				1,554,978		1,554,978
Carrying value
Charity
			Office		Computer
		equipment f		equipment f		Totalsf
COST
At 1 August 2021 Additions			70,753 7,261		30,675 4,277	101,428 11,538
At 31 July 2022			78,014		34,952	112,966
DEPRECIATION
At 1 August 2021 Charge for year			53,489 8,581		12,658 8,887	66,147 17,468
At 31 July 2022			62,070		21,545	83,615
NET BOOK VALUE
At 31 July 2022			15,944		13,407	29,351
At 31 July 2021			17,264		18,017	35,281

FIXEDASSET INVESTMENTS - Group
	Unlisted
	Investments
	F
COST
At 1 August 2021 and 31 July 2022	73,563
NET BOOK VALUE
At 31 July 2022	73,563
At 31.July 2021	73,563

	Unlisted
Charity	Investments
	F
COST
At 1 August 2021 and 31 July 2022	2,000
NET BOOK VALUE
At 31 July 2022	2,000
At 31 July 2021	2,000

STOCKS - Group
	2022	2021
		F
Venues- wet stock and food	24,943	15,117
Retail stock	83,575	44,086
	108,518	59,203

		Group	Group	Charity	Charity
		2022	2021	2022	2021
			F	E
Trade debtors		610,665	201,098	416,518	151,107
Amount due from group undertakings				347,066	437,632
Other debtors		5,561	48,026	30,044	8,588
VAT recoverable		5,268		5,268	36,819
Prepayments	and accrued income	344,934	186,841	164,313	96,066
		966,428	435,965	963,209	730,212

CREDITORS: AMOUNTS	FA	LLING DUE AFTER MORE THAN ON	E YEAR - Group
			2022	2021
			P	E
Bank loans (see note 21)			141,667	191,663
LOANS - Group
An analysis ofthe maturity	of	loans is given below:	2022	2021
			E
Amounts falling due within Bank loans	one year or on demand:		50,000	50,004
Amounts falling due between Bank loans - 1-2 years		one and two years:	50,000	50,004
Amounts falling due between Bank loans -2-5 years		two and five years:	91,667	141,659

Minimum lease payments under non-cancellable operating	leases fall due as follows:
	2022	2021
Within one year Between one and five years	23,569 10,890	30,823 5,472
	34,459	36,295

Minimum lease payments under non-cancellable operating	leases fall due as follows:
	2022	2021
	E	E
Within one year	18,681	26,440
Between one and five years	1,154	5,307
	19,835	31,747

PROVISIONS FOR LIAB	ILITIES -Group
		Pension
		provision f
Balance at 1 August 2021 Unwinding ofdiscounted amount Payments during the year		5,460,411 (398,444) ~304,214)
Balarice at 31 July 2022		4,757,753

MOVEMENT IN FUNDS	- Group
			Net	Transfers
			movement	between	At
		At 1/8/21 f	in funds f	funds	31/7/22 f
Unrestricted funds
Revaluation reserve Pension reserve General fund Designated fund: Fixed Designated fund: Great	Assets Fund Hall and entrance	10,388,265 (5,460,411) 1,205,186 1,533,770	398,444 1,368,823 (816,086)	(602,218) 304,214 (1,039,975) 1,652,236 345,000	9,786,047 (4,757,753) 1,534,034 2,369,920 345,000
project
Restricted funds		7,666,810	951,181	659,257	9,277,248
Black History Month Waste 8 recycling project Period Poverty grant Further financial support Santander Diversity Fund Cardiff University —3"floor project Cardiff University —Great Hall and front		705 6,090 10,441 148,308 3,000 374,471	(192) (17) (148,308) 757 849,000	(358,716) (300,541)	513 6,090 10,424 3,757 15,755 548,459
entrance
TOTAL RESTRICTED	FUNDS	543,015	701,240	(659,257)	584,998
TOTAL FUNDS		8,209,825	1,652,421		9,862,246
Net movement in funds,	included in the above	are as follows:
		Incoming	Resources	Gains and	Movement
		resources f	expended f	losses f	in funds f
Unrestricted funds
General fund Pension reserve Designated fund: Fixed	Assets Fund	11,119,181	(9,750,358) ~876.086)	398,444	1,368,823 398,444 ~816,086)
Restricted funds		11,119,181	(10,566,444)	398,444	951,181
Black History Month Period Poverty grant Further financial support Santander Diversity Fund Educ8 training grant Beyond Equality Training HEFCW		1,500 1,000 1,500 345,974	(192) (17) (148,308) (743) (1,000) (1,500) (345,974)		(192) (17) (148,308) 757
Cardiff University —Great Hall and front		849,000			849,000
entrance
		1,198,974	~497,734)		701,240
TOTAL FUNDS		12,318,155	(11,064,178)	398,444	1,652,421

COMPARATIVE MOVE	MENT IN F	UNDS - Group
			Net	Transfers
			movement	between	At
		At 1/8/20	in funds	funds	31/7/21
			E	E	F
Unrestricted funds
Revaluation reserve		10,990,483		(602,218)	10,388,265
Pension reserve		(5,770,342)	41,665	268,266	(5,460,411)
General fund		1,342,303	529,929	(667,046)	1,205,186
Designated fund: Fixed	Assets Fund	996,848	)754,)55)	1,301,087	1,533,770
		7,559,292	(192,571)	300,089	7,666,810
Restricted funds
Black History Month Waste & recycling project		705 6,090			705 6,090
Period Poverty grant Further financial support			10,441 148,308		10,441 148,308
Santander Diversity Fund		1,500	1,500		3,000
Cardiff University —3' floor project		674,560		(300,089)	374,471
TOTAL RESTRICTED	FUNDS	682,855	160,249	(300,089)	543,015
TOTAL FUNDS		6,242,147	~32,322		8,209,825
Net movement in funds,	included-in	the above are as follows:
		Incoming	Resources	Gains and	Movement
		resources	expended f	losses F	in funds E
Unrestricted funds
General fund		5,750,626	(5,220,698)		529,928
Pension reserve Designated fund: Fixed	Assets Fund		~764.165)	41,665	41,665 ~764,165)
		5,750,626	(5,984,863)	41,665	(192,571)
Restricted funds
Period Poverty grant		15,000	(4,559)		10,441
Student wellbeing activities Further financial support Santander Diversity Fund		50,000 150,000 1,500	(50,000) (1,692)		148,308 1,500
		216.5DD	~56,251)		160,249
TOTAL FUNDS		5.967.126	~6,641,114)	41,665	~32,322)
Designated funds

have been con	soli	dated on a line by line b	dated on a line by line b	asis in the SOFA.
A summary of	the	results of the subsidiary		for the year is shown	below:
Turnover						5,237,048
Cost ofsales						(2,625,512)
Gross profit Administrative	expenses					2,611,536 (4,191,369)
						(1,579,833)
Other operating	income					2,274,802
						694,969
Interest receivable		and similar income				363
Other finance	income					398,444
Interest payable						(4,933)
PROFIT ON ORDINARY ACTIVITIES			BEFORE TAXATION			1,088,843
Taxation
PROFIT FOR THE FINANCIAL YEAR						1„088,843
The aggregate	ofthe assets, liabilities		and	funds was:		E
Assets						13,043,256
Liabilities						(6,573,132)
Reserves						6,470,124