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2023-07-31-accounts

Page
Report ofthe Trustees 1 to 11
Report ofthe Independent
Auditors		 12 to 14
Consolidated Statement ofFinancial Activities 15
Consolidated and Charity Balance Sheet 16
Consolidated Cash Flow Statement 17
Notes to the Financial Statements 18 to 35

2019 2020 2021 2022 2023
Advice Centre 5,289 6,634 6,500 4,501 3,372
Academic Re 925 980 945 982 969
Annual
Members		 Meetin 633 871 693 806
Associations 132 135 52 276 300
Athletic
Union		 5,278 4,915 3,131 5,328 5,150
Cardiff Student Lettin 1,977 2,316 2,254 2,140 2,104
Driver 143 99 75 86
Election Candidate 166 108 89 119 100
Freshers'
Fairs		 attendance 11,039
Give ita Go 4,644 4,036 4,907 5,458
Guild ofSocieties 8,159 7,874 3,376 8,714 8,420
Jobsho 5,036 4,318 2,318 2,118 2,368
Referendum 3,843
Skills Develo ment Service 1,951 1,706 1,237 1,322 1,311
Student Senate 25 27 23 65 41
Student
Media		 308 257 184 341 285
Student Led Services 234 138 74 43
Union Volunteers 844 306
Venues 11,299 10,078 11,345 12,030
Volunteerin 1,293 1,137 138 235 234
Voter 7,540 6,126 9,228 7,568 8,286
Varsi 6,518 5,600 5,013 5,968
Total 62,394 57,661 29,529 58,581 68,370

Develop a long-term
sustainability
plan,
with the aims of		 combatting rising
fuel		 prices prices and Partially achieved
reducing
overall waste
Develop a Graduate
Intern Scheme across key roles within		 the Union, ensuring
high		 quality Achieved
and skilled roles for recent graduates.
Develop a blended
induction
and
ongoing
engagement		 process which
is used		 for all Partially achieved
volunteers,
casual
/ career staff and trustees
Review staff reward,
recognition
and benefits packages post pandemic,		 ensuring
quality		 and Partially achieved
valued initiative's
that increase satisfaction
with staff members.
Create a plan for a fully bilingual
website, developing
options and resource implications		 Partially achieved
Review all data handling
processes and data management		 across the organisation. Partially achieved
Ensure systems
resilience
against external factors that may		 impact digital systems, including Partially achieved
ensuring PCI compliance
and robust hacking deterrents.

time as associates to su pport
the SMT's work		 and to aid professional
Permanent
members
Chief Executive Daniel Palmer
Deputy Chief Executive
Director of Engagement		 8 Participation Ben Eagle
Steve Wilford
Director of Communications Raechel Mattey
Director of Finance Jan Boyce

2023 2022
Unrestricted Restricted Total Total
fund funds funds Funds
Notes F E
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 3,327,789 53,095 3,380,884 4,460,391
Charitable
activities		 3,482,313 3,482,313 2,619,808
Other trading
activities		 5,515,116 5,515,116 5,237,048
Investment
income		 15,18? 15,187 363
Other income 545
Total 12,340,405 53,095 12,393,500 12,318,155
EXPENDITURE ON
Raising funds 7,808,665 4,095 7,812,760 6,821,814
Charitable
activities
4,775,936 55,180 4,831,116 4,242,364
Total 12,584,601 59,275 12,643,876 11,064,178
NET INCOME
/ (EXPENDITURE)		 (244,196) (6,180) (250,376) 1,253,977
Unwinding
ofdiscounted		 pension provision (390,908) (390,908) 398,444
Net income/(expenditure) for the year (635,104) (6,180) (641,284) 1,652,421
Transfer between
funds		 535,210 535,210
(99,894) (541,390) (641,284) 1,652,421
RECONCILIATION OF FUNDS
Total funds brought forward 9,277,248 584,998 9,862,246 8,209,825
TOTAL FUNDS CARRIED. FORWARD 9,177,354 43,608 9,220,962 9,862,246

Group Charity
2023 2022 2023 2022
Notes E
FIXEDASSETS
Tangible assets 15 12,252,488 12,155,967 14,277 29,351
Investments 16 73,563 73,563 2,000 2,000
12,326,051 12,229,530 16,277 31,351
CURRENT ASSETS
Stocks 17 136,326 108,518
Debtors: amounts falling due within one year 18 1,035,164 966,428 1,534,727 963,209
Cash at bank 2,591,521 3,480,876 2,122,396 3,094,600
3,763,011 4,555,822 3,657,123 4,057,809
CREDITORS
Amounts
falling due within one year		 19 (2,046,376) (2,023,686) (1,002,598) (697,040)
NET CURRENT ASSETS 1,716,635 2,532,136 2,654,525 3,360,769
TOTAL ASSETS LESSCURRENT LIABILITIES 14,042,686 14,761,666 2,670,802 3,392,120
CREDITORS
Amounts
falling due after more than one year		 20 (141,667)
PENSION LIABILITY 23 (4,821,724) (4,757,753)
NET ASSETS 9,220,962 9,862,246 2,670,802 3,392,120
FUNDS 25
Revaluation
reserve		 9,183,828 9,786,047
Pension reserve (4,821,724) (4,757,753)
Unrestricted
funds —Designated		 3,068,660 2,714,920 14,277 374,351
Unrestricted
funds - General		 1,746,590 1,534,034 2,612,917 2,403,768
Restricted funds 43,608 584,998 43,608 614,001
TOTAL FUNDS 9,220,962 9,862,246 2,670,802 3,392,120

2023 2022
Notes P
Cash flows from operating activities: .
Cash generated
from operations		 377,605 1,579,628
Net cash provided
by (used in) operating
activities 377,605 1,579,628
Cash flows from investing activities:
Purchase
oftangible
fixed assets
Sale oftangible
fixed assets		 (1,090,480) (1,050,365)
Interest received 15,187 363
Net cash provided
by (used in) investing
activities (1,075,293) (1,050,002)
Net cash flows from financing
activities:
Bank loan repayments ~161.667) ~DD, DDD)
Change
in cash and cash		 equivalents in the
reporting
period
Cash and cash equivalents		 at the beginning of (889,355) 479,626
the reporting
period		 3,480,876 3,001,250
Cash and cash equivalents at the end ofthe
reporting
period		 2,591,521 3,480,876
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
2023 2022
Net income/(expenditure)
for		 the reporting period (as per the
statement
offinancial activities)
Adjustments
for:		 (641,284) 1,652,421
Depreciation
charges		 993,882 816,086
Loss on disposal offixed assets 78 347
Interest received
Decrease/(increase)
Decrease/(increase)
Increase/(decrease)		 in stocks
in debtors
in creditors		 (15,187)
(27,808)
(68,736)
72,689		 (363)
(49,315)
(530,463)
393,573
(Decrease)/Increase in pension provision 63,971 )762,656)
Net cash provided by (used in) operating activities 377,605 1,579,628
ANALYSIS OF CHANGES
IN NET FUNDS
At 1/8/22 Cash flow At 31/7/23
E f E
Net cash
Cash at bank and in hand
Debt due within one year		 3,480,876
(50,000)		 (889,355)
50,000		 2,591,521
Debt due after one year ~141,667 141,667
3,289,209 697,688 2,591,521

2023f 2022f
Donations 529 135
Grants 3,380,355 4,460,256
3,380,884 4,460,391
Grants received, included in the above, are as follows:
2023
f		 2022
f
Cardiff University —Block grant 3,073,285 2,900,000
Cardiff University —Redevelopment grant 849,000
Cardiff University -ex gratia grant payments 253,975 361,282
HEFCW (via Cardiff University) —Wellbeing and cost of living Initiatives 49,000 345,974
Department
ofWork and
Santander
Diversity
Fund
Educ8		 Pensions 4,095 1,500
1,000
Beyond Quality Training 1,500
3,380,355 4,460,256

OTHER TRAD ING AC TIVITIES
2023 2022
Z
Bars and food 3,337,735 3,263,372
Entertainment and venue 794,925 719,998
Retail shop
Letting agency
Rental income		 273,032
571,892
340,992		 272,735
527,122
313,550
Advertising 146,341 102,643
Other 50,199 37,628
5,515,116 5,237,048
INVESTMENT INCOME
.2023
F		 2022f
Deposit account interest 15,187 363
INCOME FROM CHARITABLE ACTIVITIES
2023 2022
'Z E
Jobshop
Athletic
Union		 membership 3,059,507
142,895		 2,262,754
151,139
income
Societies membership income 37,280 37,598
Transport
income
Student Development		 income 46,662
3,113		 61,652
6,303
Give it a Go programme 82,155 38,144
Other 110,701 62,218
3,482,313 2,619,808

Other trading activities
2023 2022
F E
Cardiff Union Services —Cost ofsales 2,997,768 2,625,512
Cardiff Union Services —other costs 4,814,992 4,196,302
7,812,760 6,821,814

Support
Direct costs (see
Costs note 10) Totals
E F F
General 3,039,437 1,791,679 4,831,116
3,039,437 1,791,679 4,831,116
SUPPORT COSTS
Staff Governance
costs Other costs Depreciation costs Totals
F
General 1,108,853 648,870 17,306 16,650 1,791,679
1,108,853 648,870 17,306 16,650 1,791,679

Net income/(expenditure) Net income/(expenditure) is stated after charging/(crediting):
2023
f		 2022f
Auditors' remuneration —Parent charity 6,650 6,650
Auditors' remuneration —Cardiff Union Services 10,000 10,590
Depreciation
- owned assets		 993,882 816,086
Loss on disposal offixed assets 78 346

During the year, remuneration
including
employ
Officers
in respect ofthese roles as follows:		 ers
pension
contiibutions,
was paid to 13(202		 2 —13)Sabbatic
Gross pay Employer
pension
contributions
Name E
N Russell 18,023 142
M Hutchinson 2,864
G Spry 2,864
M Panes 2,864
G Dunn 22,922 494
A Meers 2,864
D Owen 2,864
A Garcia 22,412 478
R Deverell
0 Evans		 22,412
22,412		 436
174
A Flores Acuna
SGoel		 24,449
23,468		 524
TWalsh 4,614 85

STAFF COSTS
2023
f		 2022
f
Wages and salaries 6,641,657 5,470,504
Social security costs 396,259 319,358
Other pension costs and deficit contributions 92,077 83,277
7,129,993 5,873,139
The average
number
ofemployees		 during the year was as follows:
2023 2022
Cardiff University
Students'		 Union —Sabbatical officers 7 7
Cardiff University
Students'		 Union —Jobshop 677 584
Cardiff University
Students'		 Union —Administrative 45 48
Cardiff Union Services —Cost ofsales 211 156
Cardiff Union Services —Administrative 92 90
1,032 885

2022 2022 2022
Unrestricted Restricted Total
funds
f		 funds fundsf
INCOME AND ENDOWMENTS FROM
Donations and legacies 3,261,417 1,198,974 4,460,391
Charitable activities 2,619,808 2,619,808
Other trading activities 5,237,048 5,237,048
Investment income 363 363
Other income 545 545
Total 11,119,181 1,198,974 12,318,155

Unrestricted Restricted Total
funds funds funds
F F
EXPENDITURE ON
Raising funds
Charitable
activities		 6,821,814 6,821,814
Charitable
Activities		 3,744,630 497,734 4,242,364
Total 10,566,444 497,734 11,064,178
NET INCOME 552,737 701,240 1,253,977
Other recognised gains/(losses)
Unwinding
ofdiscounted		 pension provision 398,444 398,444
Transfers
between		 funds 659,257 ~659,257)
Net movement
in funds		 1,610,438 41,983 1,652,421
RECONCILIATION OF FUNDS
Total funds brought forward 7,666,810 543,015 8,209,825
TOTAL FUNDS CARRIED FORWARD 9,277,248 584,998 ' 9,862,246
TANGIBLE FIXED ASSETS—Group
Long term Leasehold Work in
Leasehold Improvements Progress
Property
E
COST
At 1 August 2022 14,000,000 1,374,429 1,072,502
Additions
Disposals		 1,073,457
Reclassification/ transfer 2,107,839 ~2,122,761)
At 31 July 2023 14,000,000 3,482,268 23,178
DEPRECIATION
At 1 August 2022 4,213,953 254,710
Charge for year 602,219 311,595
Eliminated
on disposal
At 31 July 2023 4,816,172 566,305
NET BOOK VALUE
At 31 July 2023. 9,183,828 2,915,963 23,178
At 31 July 2022 9,786,047 1,119,719 1,072,502

TANGIBLE FIX EDASSETS —Group - continued
Office Computer
equipment equipment Totals
E E
COST
At 1 August 2022 603,485 191,638 17,242,054
Additions 17,023 1,090,480
Disposals (30,301) (32,513) (62,814)
Reclassification/ transfers 14,942
At 31 July 2023 605,149 159,125 18,269,720
DEPRECIATION
At 1 August 2022 457,131 160,293 5,086,087
Charge for year
Eliminated
on disposal		 62,374
~33,224)		 17,694
~32,513)		 993,882
~62737),
At 31 July 2023 489,281 145,474 6,017,232
NET BOOK VALUE
At 31 July 2023 115,868 13,651 12,252,488
At 31 July 2022 146,354 31,345 12,155,967
The group elected to adopt the transitional exemption of FRS 102 and has used the long leasehold properties'
previous
valuation		 as deemed cost.
Iffreehold
property		 had not been revalued they would have been included at the following historical cost:
2023
f		 2022
Cost 1,554,978 1,554,978
Aggregate
depreciation		 1,554,978 1,554,978
Carrying
value
Charity
Office Computer
equipment equipment Totals
F E E
COST
At 1 August 2022 78,014 34,952 112,966
Additions 2,232 2,232
At 31 July 2023 80,246 34,952 115,198
DEPRECIATION
At 1 August 2022 62,070 21,545 83,615
Charge for year 8,050 9,256 17,306
At 31 July 2023 70,120 30,801 100,921
NET BOOK VALUE
At 31 July 2023 10,126 4,151 14,277
At 31 July 2022 15,944 13,407 29,351
FIXEDASSET INVESTMENTS - Group
Unlisted
Investments
COST
At 1 August 2022 and 31 July 2023 73,563
NET BOOK VALUE
At 31 July 2023 73,563
At 31 July 2022 73,563
Unlisted
Charity Investments
COST
At 1 August 2022 and 31 July 2023 2,000
NET BOOK VALUE
At 31 July 2023 2,000
At 31 July 2022 2,000

STOCKS - Group
2023 2022
F
Venues- wet stock and food
Retail stock		 26,541
109,785		 24,943
83,575
136,326 108,518

Group Group Charity Charity
2023
E		 2022
E		 2023
f		 2022
E
Trade debtors 639,669 610,665 502,811 416,518
Amount
due from group undertakings		 876,023 347,066
Other debtors 5,908 5,561 30,044
VAT recoverable 5,268 5,268
Prepayments and accrued income 389,587 344,934 155,893 164,313
1,035,164 966,428 1,534,727 963,209

Group Group Charity Charity
2023 2022 2023 2022
Bank loan 50,000
Trade creditors 309,170 556,963 57,973 8,209
Social security and other taxes 104,152 95,512 2,171 2,363
VAT 118,698 34,343
Other creditors 704,277 705,446 610,301 590,596
Accruals and deferred income 810,079 615,765 297,810 95,872
2,046,376 2,023,686 1,002,598 667,040
Included
within		 creditors above is the following deferred income:
2023
E		 2022
f
Rental deposits held 28,200 35,760
Gig tickets/deposits
Other deferred sales		 . 65,685
45,386		 78,871
14,542
139,271 129,173

CREDITORS: AMOUNTS FA LLING DUE AFTER MORE THAN ON E YEAR - Group
2023 2022
Bank loans (see note 21) 141,667
LOANS - Group
An analysis ofthe maturity of loans is given below: 2023 2022
E
Amounts
falling due within		 one year or on demand:
Bank loans 50,000
Amounts
falling due between
Bank loans -1-2 years		 one and two years: 50,000
Amounts
falling due between
Bank loans -2-5 years		 two and five years: 91,667

Minimum
lease payments
under non-cancellable
operating		 leases fall due as follows:
2023
f		 2022
f
Within one year 18,926 23,569
Between one and five years 24,583 10,890
43,509 34,459

Minimum
lease payments
under non-cancellable
operating		 leases fall due as follows:
2023
f		 2022
f
Within one year
Between one and five years		 14,203
19,580		 18,681
1,154
33,783 19,835

PROVISIONS FOR LIAB ILITIES -Group
Pension
pi'ovislon
f
Balance at 1 August 2022
Unwinding
ofdiscounted
amount
Payments
during the year		 4,757,753
390,908
~326,937
Balance at 31 July 2023 4,821,724

MOVEMENT
IN FUNDS - Group
Net Transfers
movement between At
At 1/8/22 in funds funds 31/7/23
F F E
Unrestricted
funds
Revaluation
reserve
Pension reserve
General
fund
Designated
fund: Fixed Assets Fund
Designated
fund: Great Hall and entrance		 9,786,047
(4,757,753)
1,534,034
2,369,920
345,000		 (390,908)
749,686
(993,882)		 (602,219)
326,937
(537,130)
1,692,622
(345,000)		 9,183,828
(4,821,724)
1,746,590
3,068,660
project
Restricted funds 9,277,248 (635,104) 535,210 9,177,354
Black History
Month
Waste 8 recycling project
Period Poverty grant
Santander
Diversity Fund
Cardiff University —3'd floor project
Cardiff University —Great Hall and front		 513
6,090
10,424
3,757
15,755		 (513)
(1,020)
(3,757)		 (15,755) 6,090
9,404
entrance 548,459 (548,459)
Cardiff Volunteering (890) 29,004 28,114
TOTAL RESTRICTED FUNDS 584,998 (6,180) (535,210) 43,608
TOTAL FUNDS 9,862,246 641,284 9,220,962
Net movement
in funds, included		 in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
F E
Unrestricted
funds
General
fund
Pension reserve
Designated
fund: Fixed Assets Fund		 12,340,405 (11,590,719)
~993.882)		 (390,908) 749,686
(390,908)
~993.882)
Restricted funds 12,340,405 (12,584,601) (390,908) (635,104)
.Black History Month
Period Poverty grant
Santander
Diversity
Fund
HEFCW —Wellbeing
and cost of		 (513)
(1,020)
(3,757)		 (513)
(1,020)
(3,757)
living initiatives
Cardiff Volunteering
DWP —Access to work grant		 49,000
4,095		 (49,000)
(890)
~4,095)		 (890)
53,095 ~59.275 6,180
TOTAL FUNDS 12,393,5DD (12,643,876) ~390,908) ~641,284)

COMPARATIVE MOVE MENT
IN FUNDS - Gro		 up
Net Transfers
movement between At
At 1/8/21 in funds funds 31/7/22
F F E
Unrestricted
funds
Revaluation
reserve		 10,388,265 (602,218) 9,786,047
Pension
reserve		 (5,460,41 1) 398,444 304,214 (4,757,753)
General
fund		 1,205,186 1,368,823 (1,039,975) 1,534,034
Designated
fund:		 Fixed Assets Fund 1,533,770 (816,086) 1,652,236 2,369,920
Designated
fund:		 Great Hall and entrance 345,000 345,000
project
7,666,810 951,181 659,257 9,277,248
Restricted funds
Black History
Month		 705 (192) 513
Waste 8, recycling
project		 6,090 6,090
Period Poverty grant 10,441 (17) 10,424
Further financial support 148,308 (148,308)
Santander
Diversity
Fund		 3,000 757 3,757
Cardiff University —3'd floor project 374,471 (358,716) 15,755
Cardiff University —Great Hall and front
entrance 849,000 (300,541) 548,459
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 expended losses in funds
F E E
Unrestricted
funds
General fund 11,119,181 (9,750,358) ' 1,368,823
Pension reserve
Designated
fund:		 Fixed Assets Fund ~818,086) 398,444 398,444
~816.086)
11,119,181 (10,566,444) 398,444 951,181
Restricted funds
Black History Month (192) (192)
Period Poverty grant (17) (17)
Further financial support (148,308) (148,308)
Santander
Diversity
Fund		 1,500 (743) 757
Educ8 training
grant		 1,000 (1,000)
Beyond Equality Training 1,500 (1,500)
HEFCW 345,974 (345,974)
Cardiff University —Great Hall and front
entrance 849,000 849,000
1,198.974 ~497,734) 701,240
TOTAL FUNDS 12,318,155 (11,064,178) 398,444 1,652,421

Restricted Unrestricted
funds funds Total
F F F
Fund balances at 31 July 2023 are represented by:
Tangible fixed assets
Investments		 12,252,488
73,563		 12,252,488
73,563
Current assets 43,608 3,719,403 3,763,011
Current liabilities (2,046,376) (2,046,376)
Pension liability ~4.821.724 ~4,821,724
Total net assets 43,808 9,177,354 9,220,962

have been con solidated
on a line by line b		 solidated
on a line by line b		 asis in the SOFA. .
A summary
of		 the results ofthe subsidiary for the year is shown below:
Turnover
Cost ofsales		 5,515,116
(2,997,768)
Gross profit 2,517,348
Administrative expenses (4,808,546)
(2,291,198)
Other operating income 2,753,399
462,201
Interest receivable and similar income 15,187
Interest payable (6,446)
Other finance costs (390,908)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 80,034
Taxation
PROFIT FOR THE FINANCIAL YEAR 80,034
The aggregate ofthe assets, liabilities and funds was:
Assets 13,291,682
Liabilities (6,741,524)
Reserves 6,550,158