REGISTERED COMPANY NUMBER: 07328777 (England and Wales)
REGISTERED CHARITY NUMBER". 1137163
REPORT OF THE TRUSTEES AND
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2024
FOR
CARDIFF UNIVERSITY STUDENTS, UNION
MHA
statutory Auditor
Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
County of Cardiff
CF23 8RS

CARDIFF UNIVERSITY STUDENTS, UNION
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Page
Report of the Trustees
1 to 11
Report of the Independent Auditors
12 to 14
Consolidated Statement of Financlal Activltles
15
Consolidated and Charity Balan¢e Sheet
16
Consolidated Cash Flow Statement
17
Notes to the Financial Statements
18 to 35

CARDIFF UNIVERSITY STUDENTS, UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with
the financial statements of the charity and ils subsidiary for the year ended 31 July 2024. The trustees have adopted the
provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo char¢lies
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 1021 (effective l January 2019).
OBJECTIVES AND ACTNITIES
The objects of the charity are the advancement of education of students at Cardtff University for the public benefit by-
Promoting Ihe interests and welfare of students at Cardiff University during their course of study and
representing. supporting and advising students,.
Being the recognised representative ¢hannel between students and Cardiff Unniersity and any other extemal
bodies- and
Providing social. cultural. sporting and recreational a¢tNlties and forums for discussions and debate for the
personal development of its students.
In shaping the Union's objectives for the year and planning its activities, the trustees have Considered the Charity
Commission's general alld relevant supplementary guidance on public benefit. In pursuit of these aims for the public
benefit. the Union has established departmenls and services for use by its members 8nd works with the University and
other organisations on behalf of Cardiff University students.
The Union sets its long-temi priorities in line with ils strategic plan. reviewed periodically and Infomied by research
undertaken with Cardiff Universty students. The tnjstees consider the strategic plan when setting the Union's annual
objectives. articulated in a balan￿d scorecard and pursued by trustees and Union staff. In December 2021 the Union
launched its current strategic plan covering 2021 to 2025. entitled 'The Heart of the Cardiff Student Lrfe. and it can be
viewed at.. https:1A￿w.Card￿ff5tUdents.eOM1Hb0UVhwr/Our-5traIegYI. Over the next academic year the organisation 15
undertaking a revkew of the strategic plan for beyond 2025 the development of whi¢h will involve again engagement with
relevant stakeholders.
ACHIEVEMENTS AND PERFORMANCE
Student engagement rose to new highs. with more students engaging with us and in more activities than ever before. The
overall number of engagements rose considerably and was helped by general increases in many areas as shown in the
table below.
Unique Students
ed
22,396
21,658
17.401
22,144
23,671
24,923
Engagements by
Uni
ue Students
62.394
57,661
29.529
2019
Pre Covid
2020
Covid Impact for final foyr months
Covid impact throughout the year
Minimal Covid impact
Operating as nomial
Operating as nomial
2021
2022
59.659
2023
68,370
2024
70.923
Page 1

CARDIFF UNIVERSITY STUDENTS, UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024
ACHIEVEMENTS AND PERFORMANCE - continued
2019
2020
2021
2022
2023
2024
Advice Centre
6,634
6,500
4.501
3.372
Academic Re
925
980
945
982
969
959
Annual Members Meelin
633
871
693
806
888
Associations
132
135
52
276
300
341
Athletic Union
4,915
3.131
5.328
5.150
Cardiff Student Lettin
1,977
2,316
2,254
2.140
2,093
Driver
143
99
75
86
91
Election Candidate
166
108
89
119
100
156
Freshers, Fairs attendance
11,039
11.412
Give it a Go
4,036
4.907
5.458
5A75
Guild of Societies
8.159
7.874
3.376
8,714
8.420
9.006
Jobsho
5.036
4.318
2,318
2,118
3.843
2,368
2.760
Referendum
Skills Develo
ment Service
1,951
1,706
1,237
1.322
1.311
Student Senate
25
27
23
65
41
25
Student Media
308
257
184
341
285
380
Student Led Services
234
138
54
74
43
57
Union Volunteers
844
306
Venues
11.299
10,078
11.345
12.030
Volunteerin
1.293
1.137
138
235
234
201
Voter
7,540
6,126
9,228
7.568
8,286
7,771
Varsi
6.518
5.013
5.968
Total
Page 2

CARDIFF UNIVERSITY STUDENTS, UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024
ACHIEVEMENTS AGAINST TARGETS SET
The company's top key perfomiance indicators for 2023124 are listed below with a slalement of progress against them.
During 2023124 the Union did not undertake an assessment of staff time and financial resources used to achieve these
objectives.
Objective
Launch a new recognition program and event to recognise the positive impact of our student
leaders and volunteers
Outcome
Partially achieved
Celebrate the su¢ce$ses of the new building developments and past building history
Partially achieved
Student safety development
initiatives aimed at reviewing key democratic policy
developments and working with third parties
Partially achieved
lrnprove the Students. Unions democratic functions. making the activity more accessible
and engaging for sludents to take part in
Partially achieved
To review partnership working across CU and CSU across key projects and improve
key relationships
Achieved
Review the Union Articles of Association. in concert with the University, for
recommended action and implementation
Partially achieved
Creale an annual social program of events focused on non-club night activity. Including
utilising zorbs. crazy golf, outdoor cinema, laser tsg to allow studént5 to socialise in
non-drink-focused setting
Partially achieved
Ensure the Students, Union spaces and facilities are fully utilised throughout the
academic calendar. Ensuring bookings are efficiently agreed and new initiatives are
development to further support student groups in the spaces
Achieved
Support the promotion and development of the Welsh Language at the Students, Union,
increasing the support and development of Welsh initiatives
Achieved
Ensure welfare activity continues with the loss of the VP Welfare elected role and that
the merger of Student Advice and Student Voice doesn't have a negative impact on
oulput and provision
Achieved
Provide support to students to improve their housing experience and research
altemalive student housing rent struclures, including a Union-led student housing
feasibility study
Achieved
Produce a wider harm reductlon project team to look at how the Students. Union create5
a series of initiatives aimed at supporting harm reduction activity without negatively
impacting trading activity
Achieved
The priority capital development areas of Roof Surfacing. Solar Panels and Second lift
feasibility will each to progressed to at least declsion package stage
Achieved
Page 3

CARDIFF UNIVERSITY STUDENTS, UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024
ACHIEVEMENTS AGAINST TARGETS SET- continued
Work with the Universlty on longer term planning-. Work with the University to develop a
basis of block grant and ¢apilal funding that allows us to strategically plan inlo the medium
to longer term
Partially a¢hieved
Develop a long-term sustainability and building maintained plan, with the aims of
combatting rising fuel prices and reducing overall waste
Partially achieved
Develop a blended induction and ongoing engagement process which is used for all
volunteers, casual l career staff and trustees
Not achieved
Implement a series of improvements to "ways of working. capturing feedback froffl
employees to assist with improving the planning, communication and team working of the
organisation
Partially achieved
Review the Graduate Intern Scheme programme after year two, making ensuring
continuation of the scheme where value has been added
Achieved
Review all data handling processes and data management across Ihe organisalion
Partially achieved
Deliver key growth in digital adverttsing, by reviewing current policies and implementing a new
screen strategy to maximise sales opportunities
Achieved
Conduct digital systems review
Partially achieved
FINANCIAL REVIEW
The group's total income amounted to £12,908.971 (2023.. £12,393.5001 with total expenditure of £12.835,212 12023:
£12.643,876} in Ihe year. The unwinding of the dis¢ounted pension provision resulted in a debit to the Statement of
Financial Activities of £{146.7961 (2023=1£390.908)) Overall, this resulted in net expenses of £173,037) {2023= £(641,284)}.
This comprises a ￿$trIcted svrplu5 of £29.326 and an unrestricted deficit of £{102,363}-
At 31 July 2024, the group's free reserves (i.e. unrestricted funds excluding designated funds and not represented by fixed
assets and pension fund liability) amounted to £1.886.847 {2023= £1.746,590} and the trustees are satisfied that the Union
has a sound financial base to continue to operate and pursue its objectives and activities. In addition, a further £72.934
12023- £43,608) was held in restricted funds.
Wtthin the Union's Irading subsidiary, Cardiff Union Services Limited, turnover increased to £5,807,849 (2023.. £5.515,116)
resulting in a gross profil of £2,759,189 {2023'. £2,517,348). Administrative expenses in¢reased to £5.109,202 (2023:
£4,808.546) in the year. Overall. the trading subsidiary reported a loss of £1432,044)12023- profit £80.034).
During the year the trading company's pension liability decreased to £4.625.233 {2023= £4,821.724) as a result of the
updated net present Value of fijlure deficit contributions and accounting for deficit payments made in the year. The deficit
arises from the company's future obligations towards the Students, Union Superannuation Scheme {SUSS). which was
closed to future accrual in 2011. The trustees and directors are satisfied that it has the funds to meet the obligations to Ihe
fund as they fall due over the life of the scheduled defi¢it recovery plan up to 2037.
Reserves policy
The tnjstees annual review the Union's resetves position and sel targets for reserve levels in accordance with fvlure needs,
should funding not be available from the principal funding source5. The Union's reserves policy slates that the Union will
budget to achieve surpluses annually from its consolidated activities lo build unrestricted free reserves of £1.6m. Free
reserves are defined as 'unrestricted funds not represented by fixed assets,.
At 31 July 2024 the parent charity's free reserves amounted to £2,950,009 {2023.' £2,612.917} and for the group
consolidatsd F)osilion of £1,886,847 {2023'. £1.746.590}.
Page 4

CARDIFF UNIVERSITY STUDENTS, UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024
FINANCIAL REVIEW - continued
Going concern
After making appropriate enqLtiries. the trustees hav& a reasonable expectation that the Union has adèquate resour￿8 to
continue in operational existence for the foreseeable future. For this reason. they Continue to adopt the going concem
basis of preparing the financial statements. Further details regarding Ihe adoption ot the going concern basis can be found
in the accounting policies.
Flnanclal rlsk management objectives and policies
The trustees examine the major strategic. business and operational risks faced by the Union and maintain a risk regSster
that is reviewed annually. Where appropriale, systems OT procedures have been established lo mitigate the risks faced by
the Union. These procedures are periodically reviewed to ensure that they continue lo meet the needs of the Union.
Budgetary and intemal control risks are minimised by expendIt￿re limits set by the Board of Trustees. In addition. stringent
procedures are in place to ensure the health and safety of staff. volunteers and participants on all activities organised by
the Union. All other types of risk have specific mitigation plans that are implemented by appropriate staff and reported to
the Board of Trustees.
Principal risks and uncertainties
The Union maintains a risk register that is reviewed annually by the trustees and was last reviewed in May 2024. The
followtng risks areas have been identified as the most critical lo the Union's strategic. financial and reputalional health.
Cateqory
Financial
Risk type
The Union fails to meet ils
financial targets for budgeted
surpluses in order lo reach a
minimum free reserves target
Systems, controls and mitigating factors
Detailed budgeting and comprehensive management
reporting via the Board of Trustees and the Finance & Risk
Committee. Annual forecasting is in place and the Union has
achieved its budgeted surpluses in recent years. Reserves
taryet exceeded at the end of July 2022 with a free reserve
balance held of £1.5m. The free reserves target was
increased in 2023 to £1.6m and has been exceeded to date.
The Union's pension costs through SUSS have more than
doubled in recent years due to the deficit within Ihe scheme.
Further increases are very likely and may outstrip the Union's
ability to fund them without assistance from the Univeisity.
The SUSS scheme is closed to future accrual and the Union
now offers a stakeholder pension scheme as well as NEST.
The outcome of the triennial review date of 30th June 2022
means that the 5% increase expected over the nèxt 3 years
is unchan
ed.
DDA audit and University oversight ensures that the Union
vigilant over DDA requirements and responds to deficiencies
immediately when they arise. The Union has assessed that
physical building improvements are necessary lo avoid
potential litigation and disrepute. in particular in lift use and
availability- This is being addressed currenuy with the
installation of a second passenger lift which will come into use
in 2024-25.
Bodies undertaking activities and managerial staff
supervising those areas are trained in risk assessment and
are required to use this in assessing the suitsbility ot
undertaking the activity. The wide range of activities does give
rise lo the likelihood of omission.
Financial
Pension structures deliver
unmanageable increases in cost to
the Union.
Health &
Safety
The Union fails to meel
requirements for access and
function of faciltties under
Disability Discrimination Act
Health &
Safety
Student volunteers undertake
activitses that have not been
subject to a fomial risk
assessment. or which have not
been authorised by the Union.
Page 5

CARDIFF UNIVERSITY STUDENTS. UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024
FINANCIAL REVIEW - continued
Prlnclpal funding
One of the Union's principal funding sources is Cardiff University. The relationship behveen Cardiff University and the
Union is established within the ordinances of the Universlty's governing documents and in 2023124 the Union received a
grant of £3.326,975 {2022123.' £3.073.285). The grant is set by agreement on an annual basis. The Union also leases
buildings and occupies spaces controlled by the University and this non-monetary support is inlTinsic lo the relats'onship
between the University and the Union.
Mthough Ihe Unlon continues to generate supplementary income from varlous mulual-tradlng activities, it is dependent on
the University's financial support. There is no reason to believe that this or equivalent support from Ihe University will not
continue for the foreseeable future. The 1994 Education Act imposes a duty on the Unniersity to ensure that the Union
operates in a fair and democratic manner and is accountable for its finan￿S.
FUTURE PLANS
The Union's strategy 2021-2025- The heart of Cardiff Student Life
outlines the Union's plans over the coming years
and splils its priorTrties into four themes and three building blocks. These are..
Themes
Cardiff community- Academic Life. Student experiences,. and Wellbeing and future.
Bulldlng blocks
Resources- People-. and Digital and Data
The new strategy together with new branding wa5 launched to students. staff and the University in December 2021.
The trustees have sel the following operational targets fr)r 2024125..
Cardiff Community
50th Bvilding Celebrations - Celebrate the successes of the new building developments 2nd past building 50th
history, through a serie5 of digital timelines and events wth past students and officers.
H&S sludent group compliance - Working with leaders and volunteers in student run groups to ensure that all
their activities are taking place in a manner that 15 consistent with and where possible exceeds recognised best
pr2etice. Induding the development and roll out of additional training and guidance to student groups to help them
effectivety manage their activities.
Aeademi¢ Ltfe
International and Academle Communities
in the coming academic year. a new focus will be placed on
international students wtlh the inaugural Intemational Students Officers. The organisalion will support this new post
and establish them within University committees. Furthermore, a focus will be place on developing a trial for
academic communities, that bring together Reps and societies to improve bek)nging and In¢￿8$e ￿PreSentatiOn
on courses.
Review the Unlon Artl¢les of Assoclation
implementation
in concert with the University, for recommended action and
Student experlences
Food Court Redevelopmont: Redevelop the food court area to create a dynamic. multi-use space that 96nèrates
additional income streams through prevclub and society events, and new agreements with food vendors. This project
aims to enhanc• the venue's appeal and functionality. attracting a broader range of activities and driving foottall in
day and night sessions across the week. As part of this initiative, revamp the venue's page to reflect the upgraded
facilities and offerings. thereby increasing vi5ibilily and engagement with potential users and partners.
Development of Non-Alcoholic Freshers. Welcome Events.. Collaboraling with the university to create non-
alcoholic welcome @vents at Halls of Residence sites. such as Talybont, wlll signiftcantly enhance the student
welcome experience. This inilialive wll fost8r a supportive and inclusive environment, ensuring all freshers feel
welcomed and integrated into student life. By promoting healthy social interactions and a diverse range of activities,
we enhance the overall student experience and well-being. Additionally. it provides another valuable touchpoinl to
promote the Students, Union lo freshers, further embedding its presence and support in thelr university journey.
Page 6

CARDIFF UNIVERSITY STUDENTS, UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024
FUTURE PLANS - contlnued
Wellbelng & Future
Sexual violence task group - following on from work established in 2023-24, the SU will continue to review and
develop a series of iniliatives that focus on improving Students. Union services and practices surrounding support
for the prevention of sexual violence. This work will review information shared with student groups, sludenl staff and
other communities, as well as a studenl facing campaign to change behaviours where possible.
Resources
New lift Installatlon - following the successful bid for exlemal fvnding for a second passenger lift in 2023-24. the
work will be underway to complete the development by April 2025. The extensive work required will be balanced
against disruption to key events and activities in the building trroughout the year.
Solar panels - to schedule, plan and install a first phase of solar cells on the roof of the Union building in a timeline
coordinated with other roof works being undertaken by the University and Students, Union
Pooplo
HR Policy and process review A significant review of the Performance Management Policy is scheduled to
review how employees are supported to create objectives and perfomi against them. and how managers are
supported to gel the best out of their direct reports. Finally. improving and streamlining induction and onboarding
process for all staff is scheduled for the upcoming academic year, with view to make the process less paper based
and more dep8rtment specific.
Employee Trainin9 Plan develop an annualised training plan for career staff. ranging from individual to team
opportunities.
Digital & Data
Improve Data Maturity of CSU - Data maturity is a measure of how well an organisation can make effecltve use
of its data. The more mature an organisation the more data it can effectively and efficiently utilise. It is also a good
indicator of how well an organisation will be able to adapt and suNive in a rapidly changing data landscape.
Following on from an external data audit in May 2024. the recommendations from the audit will be actioned in the
coming year
Future Di9ltal Plan - the Students, Union utilises MSL as it's main digital CRM system and interface with
students. The coming year. the Web team will lead a review into the digital systems and agree a future with MSL
or others.
Trustees. indemnities
Group directors, and officers. indemnity insurance is held by the parent entity up to a limit of £2m.
STRUCTURE. GOVERNANCE AND MANAGEMENT
Constitution
The Union is a registered charity (Charity No= 1137163) linked to Cardiff University (the University). The Union is also a
company limited by guarantee registered in England and Wales {Company No: 07328777). The Union is consliluted by its
Memorandum and Articles of Association and is controlled by a Board of Trustees. who act as directors for the purposes
of Company law and Injstees for the Purposes of charity law. Decisions a￿ made by simple majority vote.
The Union has one subsidiary company controlled by the Union by virtue of sole membership.. CardÉff Union Services
Llmlted {CUSL). CUSL and CUSU are reported as a group within the Year End accounts that accompany this report.
The Vnion is a slud¢nts' unlon, as defined in the Education Act 1994, with internal regulations and rules approved by its
Board of Trustees and the Council of Cardiff University (its goveming body).
Page 7

CARDIFF UNIVERSITY STUDENTS, UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT- continued
Recruitment, appolntment and Induction of new truste8s
The Union has fifteen constituted trustee roles split into foltr groups:
Seven Sabbatical Trustees, elected in accordan￿ with the Union's Memorandum and Articles of Association and
its Bye-Laws;
Three Student Trustees, appointed in accordance wtlh the Union's Memorandum and Artides of Association,.
Three Extemal Trustees, appointed in accordance with the Union's Memorandum and Articles of Association: and
Two University Nominated Trustees. appointed in accordance with the Union's Memorandum and Articles of
Association.
The Board of Trustees meets at least four times a year and is responsible for maintaining legal, financial and reputational
integrity whilst setting the organisalion's strategy, approving general policies and approving the annual budgets and
aco)unts. The Board has established six committees to ensure effective oversight of operations and where appropriate
invite experts to allend and advise these commillees:
Leadership Team
Finance & Risk Committee
People, Diversity & Inclusion Committee
Satisfaction. Engagement & Participation {SEP) Committee
Appoinlments & Remuneration Committee
Chief Executive's Appraisal Group
All new trustees are provided induction training and are introduced to the activities of the Union by the existing Board, the
Chief Executive and other stsff. Trustees are provided with ongoing training a5 and when required, based on an
assessment of their existing skills set and according to the Board's Development Plan.
The political and campaigning policies of the Union are set by the Student Council (referred to as the Student Senate for
publicity purposes) and executed by the Sabbatical Trustees and other elected student officers. The Board of Trustees
maintains oversight of these policies in accordance with their duties. The Union's Sludent Senate membership comprises
students elected by the Union's student members.
Organlsatlonal structure and deci5ionwmaking policies
The Board of Trustees delegates the day-to-day management of the Union to a Chief Executive, through a scheme of
delegated authority approved annually by the Board of Trustees. To ensure effective maftagement the Chief Executive
leads a Strategic Management Team ISMT), with responsibility for operational management of the Union's activities,
services and representation support. In addition. The Chief Executive appoints non-senior staff to the SMT from time to
time as associates lo support the SMT'S work and to aid professional development. During 2023124 followng the
resignation of the Deputy Chief Executive in October 2023. the SMT was restwclured with the role of Director of
Communications being ￿ placed with a Director of Enterprise. During the year SMT consisted of the following roles-.
Permanent members
Chief Executive
Deputy Chief Executive
Deputy Chief Executive
Director of Particrpation & Safeguarding
Direttlor of Finance
Director of Enterprise
Director of Communications
Daniel Palmer
Raechel Mattey (appointed 1 March 2024)
Ben Eagle (resigned 31 October 2023}
Steve Wilford
Jan Boyce
Phil Daymenl {appointed 27 November 2023)
Raechel Mattey (resigned 29 February 2024)
The Union's slaff
excluding the Sabbatical Trustees - are employees of CUSL who are contracted to work across the
Union's group of companies. The Sabbatical Trustees are employees of Cardiff University Students, Union directly, as
prescribed within the Memorandum and Artlcles of Assodation.
Key management remuneration
The Union ha5 adopted a job evaluation scheme, approved by the People. Diversity & Inclusion Committee and overseen
by the Chief Executive, lo ensure that pay for staff roles are fair and related to the level of responsibilities undertaken. The
pay for the Chief Executive and the Sabbatical Trustees is set by the Appointments and Remuneralion Committee with
ben¢hmark5 and parameters agreed in comparison to other large educational charities and leading $ludenls' unions.
Page 8

CARDIFF UNIVERSITY STUDENTS, UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024
Affiliations
The Union is affiliated to the National Union of Students INUSI and Biilish Universities and Colleges Sport {BUCS) and
paid affiliation fees of £37.500 and £22.913 respectively in 2023124. Both affiliations were ratified by referendum, which
took place on 23 November 2023. The Union participates in the NUS SeNices purchasing consortium and receives trading
support and other benefits.
Afflllated student clubs and societles
The Union provides a long-standing framework of grant funding for affiliated student sports clubs and societies. in
accordance with the provisions slated within the 1994 Education Act. In 2023124 the Union allocated grants to Ihese groups
totalling £46,87012023'. £65,145) which is comparable lo grants given in prior years.
Volunteers
The Union makes use of volunteers, who in most cases a￿ also beneficiaries, to achieve Its objectives. Volunteews are
engaged in activities such as inducting new students into the University, supervising social, cultural, sporting and
recreational activities and in representing students lo the University and external bodies. The Union has not conducted an
exercise to identify the number of hours, volunteers contribute or ils staff equivalency.
Employee involvement and employment of the disabled
Employees have been consulted on issues of concem to them by means of regular consultative committee and staff
meetings and have been kepl informed on specific matters directly by management. The Union and the group carries out
exit inteNiews lor all staff leaving the organisation and has adopted a procedure of upward feedback fr)r senior
management and the trustees.
In accordance with the Union and the Group's Equal Opportunities Policy, the Union and the Group has long established
fair employment practices in the recruitment. selection, retention and training of disabled staff. Full details of these policies
are available from the Union and the Group's offices. The policies are reviewed and updated regularly as part of a cycle of
policy review process.
REFERENCE AND ADMINISTRATIVE DETAILS
Reglstered Company number
07328777 (England and Wales)
Registered Charity number
1137163
Registered office
Park P18ce
CARDIFF
CF10 3QN
Page 9

CARDIFF UNIVERSITY STUDENTS, UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024
REFERENCE AND ADMINISTRATIVE DETAILS - ¢ontinued
Trustees
Madison Poppy Johnston Hutchinson, President lappoinled 1 July 202411
Angle Janysse Flores Acuna, President (resigned 30 June 202411
Georgia Kelsey Spry. VP Sports & Alhlelic Union President 1
Micaela Louise Panes. VP Postgraduate Students (Education & Welfare) 1
Eve Hallé Chamberlain, VP Societies and Volunteering (appointed 1 July 202411
Madison Poppy Johnston Hutchinson. VP Societies and Volunteering {resigned 30 June 202411
Olusola Anne-marie Bold VP Heath Park Campus {Education & Welfare) (appointed 1 July 2024)1
Alexander lan Geoffrey Meers. VP Heath Park Campus (Education & Welfare) (resigned 23 February 2024)1
Catrin Edith Parry. VP Cymraeg lappoinled 1 July 2024)1
Deio Si6n Llewelyn Owen. VP Welsh Language. Community & Culture (resigned 30 June 202411
Ana Maria Nagiel Escobar. VP Intemational Students (Education & Welfare) (appointed 1 July 2024}1
Noah Russell. VP Undergraduate Students (Education & Welfare) (resigned 30 June 2024)1
Emilia Sharon Parker. Non-portfolio (appointed 12 June 2024)2
Edward James Bright, Non-portfolio (appointed 12 June 2024)2
Michael Summers. Non-portfolio (resigned 2 February 2024) 2
Courtney Endall, Non-portfolio {resigned 26 February 2024) 2
Jayne Ann Sadgrove, Non-portfolio 3
Agnes Xavier-Phillips JP DL. Non-portfolio 3
Elliot Lloyd Howells, Non-portfolio 4
Rameshwar Singh CBE. Non-portfolio 4
Sian Davies, Non-portfolio (appointed 12 June 2024N
1 Sabbatical Trustees
2 Sludent Trustees
3 University Nominated Trustees
4 Exlemal Truslees
Chief Executive Officer
Daniel Palmer
Auditors
MHA
Statutory Auditor
Elfed House
Oak Tree Court
Cardiff Gate Business PaTk
CARDIFF
CF23 8RS
Banker5
Lloyds TSB Bank PIC
31 Queen Street
CARDIFF
CF10 2AG
Solicitors
TLT LLP
1 Redcliff St
Bristol
BS16TP
Poppleslon Allen
37 Stoney Street
Nottingham
NG1 1LS
Page 10

CARDIFF UNIVERSITY STUDENTS. UNION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDEO 31 JULY 2024
STATEMENT OF TRUSTEES, RESPONSIBILrriES
The Irustees (who are also the ¢Jireclor5 of Cardiff University Students.. Union for the purposes of company law) are
resportsible tr preparing the Report of the Trustees and the financial slatements rn accordance Y&th appltcable law and
United Acc4Junting Standards (United lfjns¥Jom Generally Acceptsd knwiting Practice).
Company law requires Ihe Iruslees to prepara firtancial statsments foreach financial whÉch gNe a true and fair view
of Ihe state of affairs of the group and parenl chafilable company and of Ihe incomiThJ rosources and application of
resources. income and e¥perKliture. of the group for that period. In preparing (hose fwlancial statemenL%. the
trustees are required to
select 5uftable accounting policies and then apply them ConsK%tenu￿.
observe Ihe [nelfr￿$ and principles in the Chafity SORP:
rnake J[￿ementS and estKnates that are reasonable and prudenl:
stale whether a￿￿cable accountirMJ slandards have been followed. subiect lo any material depatlures disdosed
and e4￿aIned f￿Cial statements:
prepare the financial statements on the golng Concern basis unless Èt is inappropriate to pre5urne fhat the
eharttabla (X)M￿ will contiwe In busingss.
The twstees are reswH￿l1￿o ky keep￿￿ ￿lequate acc￿nting records pwhich (ffsdose ￿ reasonaNe accwacy at any
time fuwKial of the 9roup and parent i*aritable company aTrd to enable them to ensure that Ihe financial
statements comply ￿th the Companies Act 2006. They are also responstble for safeguardmry the assets of Ihe group arKf
parent Cl￿able company arKI hence for taking reasonable 51ep5 for the prevenlion detection of fr3ud and olher
Kregularitr"es.
In so far as fhe trustees are aware:
there is relovant audbt rrformatKJn of which the group's at￿lI￿S are unavfft: and
tho trustees haye taken all steps that they oU￿t to have taken to make themsefves a4*&e of any relevant aKfit
Infom￿1#1￿ and tr) eslatrfish that the auditors are aware of Ihat infonnafio
Approved by cthr of Ihe Board of Tn$St￿$ on .-........... ........ ............ ..... aThl signed on its behalfty.
l.c.E£li SOL..................................
M P J Hutthrtsbn
Union President 2024125 and Ctkiir ofthe Board of Trustees
Pa9e 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARDIFF UNIVERSITY STUDENTS, UNION
Oplnlon
We have audited the financial statements of Cardiff University Students, Union (the 'parent charitable company'l and its
subsidiaries (the group) forthe year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities.
the Consolidated and Charity Balance Sheet, the Consolidaled Cash Flow Statement and Notes lo the Consolidated Cash
Flow Statement and Notes to the financial statements, including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the slate of the group's and parent charitable Company's affairs as al 31 Juty 2024 and of
the group's incoming resources and application of resoU￿s, including its income and expenditure, for the year then
ended-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and
have been prepared in aceordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audit in accordance wilh Intemational Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our
responsibilities under those standards a￿ further described in the Auditors. responsibilities for the audit of the financial
statements section of our report. We are independent of the group in accordan￿ with the ethical requirements that are
relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Concluslons relating to golng concern
In auditing the financial statements. we have concluded that the trustees, use of the going concem basis of accounting in
Ihe preparation of the financial statements is appropriale.
Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions
that. individually or collectively. may cast signtficant doubt on the group's ability to continue as a going concem for a period
of at least twelve months from when the financial statements are authofised for issue.
Our re5ponsibililies and the responsibilÈties of the Injstees with respect to going concern are described in the relevant
sections of this report.
Other intormation
The trustees a￿ responsible for the olher infomiation. The olher infomialion comprises the information includerj in the
Report ot the Trusteès, other than the financial statements and our Report of the Indèpendent Auditors thereon.
Our opinion on the financial statements does nol cover the other information and, except to the extent otherwise explicitly
stated in our report, we do not expres5 any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to ￿ad the other information and. in doing so,
consider whether the other information is materially inconsistent wilh the financial statements, or our knowledge obtained
in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material
misstatemenls. we are required to determine whether this gives rise to a material misstatement in the financial statements
themselves. If. based on the work we have performed, we eonclude that there is a material misstatement of this other
infomation, we are required to report that fact. We have nothing lo reFX)rt in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the infomialion given in the Report of the Trustees for the financial year for which the financial statements are prepared
is consistent with Ihe financial statements.. and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In Ihe light of Ihe knowledge and understanding of the group and the parent charitable company and Ils environment
obtained in the course of the audit. we have nol identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
if, in our opinion:
adequate accounting records have not been kept by the pa￿nI charltable company or returns adequate for our audit
have not been received from branches not visited by us.. or
the parent charitable company financial statements are not in agreement with the accounting records and retums., or
certain disclosures of trustees, remuneration specified by law are not made- or
Page 12

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARDIFF UNIVERSITY STUDENTS. UNION
we have not re￿IVed all the information and explanations we require for our audit- or
the trustees were not entitled lo lake advantage of the small companies exemption from the requirement to prepare a
Slralegic Report or in preparing the Report of the Trustees.
Responslbllltles of trustees
As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the
charitable company for the purposes of company law) are responsible for the preparation of the financial statements and
for being satisfied that they give a true and fair view, and for such internal control as the truslees delermine is necessary
lo enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error.
In p￿ParIng the financial statements, the Irustoes are responsible for assessing the group's and the parent charitable
companys ability to continue as a going concem, dis¢105ing, as applicable, matters related lo going Concem and using the
going concem basis of accounting unless the twstees either intend to liquidate the charitable company or to cease
operations, or have r¢0 realistic alternative but to do so.
Our responsibilities for the audlt of the finan¢ial statements
Our objectives are to obtain reasonable assurance aboutwhelher the financial statements as a whole are free from material
misstatemenl, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion.
Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with
ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if. individually or in the aggregate. they coukl reasonably be expected to influence the economic
decisions of usets taken on the basis of ihese financial statements.
I￿egUlaritieS, including fraud, are instances of non-compliance with laws and regulations. We design proCedU￿S in line
with our responsibilities, oullined above, to detect material misstatements in respect of irregulattties, including fraud. The
specific procedures for this engagement and the extent to which these are capable of detecting irregularities, ir¢cluding
fraud is detailed below-
We evaluated management's incentives and opportunities forfraudulent manipulation of the financial slalements (including
the risk of override of controls) and determined thal the principal risks were related to posting inaccurate joumals. We
addressed these risks by carrying out specifically targeted procedures. which included..
Enquiries of management, those charged with govemance around actual and potential litigation and cEaims'
Performing audit work over the risk of management override of controls. including testing of journal entries and
other 2djustmenls for appropriateness, evaluating the business rationale of significant transactions outside the
normal course of business and reviewing accounting estimates for bias-,
Reviewing minutes of meetings of those charged with govemance-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
Because of the inherenl limitations of an audit there is a risk Ih8t we will not detect all irregularilies. including those leading
lo a malerial misstalement in the financial statements or non-compliance with regulation. The risk in¢￿aseS the more that
compliance with a law or regLtlation is removed from the events and transactions reftected in the financial statements as
we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities
occurring due lo fraud ralher than error, as fraud involves intentional ¢oncealmenl, forgery, collusion, omission or
misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at ww.frc.org.ukJauditorsresponsibililies. This description fomis part of our Report of the Independent
Auditors.
Page 13

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARDIFF UNIVERSITY STUDENTS. UNION
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance wth Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state lo the charitable company's members
those matters we are required to stale to them in an auditors, report and for no other purpose. To the fullest extent pemiilted
by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable
companrfs members as a body, for our audit work, for this report. or for the opinions we have fom)ed.
a Mortimer (Senior Slatulory Auditor)
for and on behalfof MHA
Statutory Auditor
CARDIFF
CF23 8RS
Date..
MHA is the trading name of Maclntyre Hudson LLP, 8 limited liability partnership in England and Wales (registered number
OC312313>
Page 14

CARDIFF UNIVERSITY STUDENTS, UNION
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 JULY 2024
2024
Total
lunds
2023
Total
Funds
Unrestricted
fund
Restricted
funds
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Other trading adtvilies
Investment income
3,326,975
3,398.707
5,807.849
49,440
326,000
3.652,975
3.398.707
5,807.849
49,440
3.380.884
3,482.313
5,515,116
15.187
Total
12,582.971
326,000
12,908.971
12,393,500
EXPENDITURE ON
Raising funds
Chariiable activities
8,147,112
8,147,112
7.812,760
4.622.578
65,522
4.688.100
4,831.116
Total
12,769,690
65,522
12,835,212
12.643.876
NET INCOME I (EXPENDITURE)
(186,719)
260,478
73,759
{250,376)
Unwinding of discounted pension provision
(146.796)
1146.796)
1390,908)
Net Incomel(expenditure} for the year
{333,5151
260.478
{73,037)
1641.284)
Transfer between funds
231.152
231.152
(102,363)
29.326
173.037}
1641.284)
RECONCILIATION OF FUNDS
Total funds broughl forward
9.177.354
43.608
9.220.962
9,862,246
TOTAL FUNDS CARRIED FORWARD
9,074.991
72,934
9.147.925
9.220,962
Page 15

CARDIFF UNIVERSSTY STUDENTS. UNION
CONSOLIDATED AND CHARrrY BALANCE SHEET
31 JULY 2024
Group
Charity
2024
2023
2024
2023
Notes
FIXED ASSETS
Tangible assets
Investments
15
16
11.813.378
7.3,563
12,252.488
73.563
6,865
14.277
11.886,941
12.326,051
8.865
16,2ri
CURRENT ASSETS
Stocks
Debtors: amounts faiftng due vfithin one year
Cash at bank
17
18
102.608
1.095.427
3.213.321
136,326
1,035,164
2.591.521
1.395.959
1,534.727
2,122.396
4,411,356
3,763,011
4,224,281
3.657.123
CREDITORS
Amounts falling due within one year
19
(2.525.1391
{2.046.376} {1.203,338)
(1.002.598)
CURREKf ASSErs
1886217
1.716.635
3,020.943
2 654,525
TOTAL ASSEfs LESS CURRENT LIABILFTIES
13,773.158
14.042.686
3.029.808
2,670.802
PENSION UABILfTY
21
(4.625,233)
(4.821.724)
NET ASSErs
9 147.925
9.220.962
3.029.808
2.670.802
FUNDS
Revaluation fosetve
Pension reseNe
Unrestrtcted funds- l)esigr
Unrestrtcted fijnds - Genaral
23
8,814.127
(4,625,233)
2,999.250
1,886.847
9.183.828
(4.821,724)
3.068.660
1,746.590
14.277
2,612,917
Restrlcied funds
72.934
43.608
72.934
43.608
TOTAL FUNDS
9.147.925
9.220,962
2.670,802
and
were signed on Its behalf by:
M P J Hutchinson
Union President 2024125 and Chair of Ihe Board of Tnjstees
Page 16

CARDIFF UNIVERsrrY STUDENTS. UNION
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
2024
2023
Notes
Cash flows from operating actlvltles..
Cash generated from operations
922.678
377.605
Net cash provided by (used inl operatlng
activities
922,678
377 605
Cash flows from investlng actlvltles:
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
(350,318)
{1,090,480)
49,440
Net cash provlded by (used In) Investing
activities
{300,878)
{1,075.293)
Net cash flows from finan¢lng activities:
Bank loan repayments
191667)
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beglnnlng of
the reporting period
621,800
(889,3551
2.591.521
3.480,876
Cash and cash equivalents at the end of the
reportlng perlod
3.213.321
2.591.521
RECONCILIATION OF NET INCOMEI{EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024
2023
Net incomellexpenditure) for the reporting period {as per the
statement of financial activities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest received
Decreasel{increase) in stocks
Decreasel(increase) in debtors
Increasel{decrease) in creditors
{DeC￿8$eY1n¢re8Se in pension provision
{73,037)
(641,284)
789.052
376
149.4401
33,718
160,262)
478,762
196,491}
993,882
78
{15,187)
{27.808}
{68,736)
72,689
63.971
Net cash provided by (used in) operating actlvltles
922,678
377,605
ANALYSIS OF CHANGES IN NET FUNDS
At 118123
Cash flow
Al 3117r24
Net ¢ash
Cash at bank and in hand
Debt due within one year
Debt due after one year
2.591,521
621,800
3,213.321
2,591,521
621,800
3.213,321
Page 17

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
STATUTORY INFORMATION
Cardiff University Students, Union is a registered charity and private company limited by guarantee, incorporated
n Wales in the United Kingdom. The registered office is Pa￿ Place, Cardiff, CFIO 3QN. The nature of the group's
operations and principal activities are disclosed within the Report of the TTUStees.
The financial statements are presented in Sterling (£), the group's functional currency, and rounded lo the nearest
pound.
The significant accounting pollcies applied in the preparation of Ihese financial statements are sel out below. These
policies have been consistently applied to all years presented Ltnless othe￿ise stated.
ACCOUNTING POLICIES
Basis of preparing the financlal ststements
The financial statements of the charitable company. which is a public benefit entity under FRS 102, have been
prepared in acix)rdance with the Charities SORP (FRS 102)'Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019).. Financial Reporting
standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies
Act 2006. The financial slalements have been prepared under the historical cost convention. with the exception of
investments which are included at market value.
There h8ve been no material departures from Financial Reporting Standard 102.
G04ng concern
The Injslees have reviewed the forecasts based on the lalest income and expenditure to ensure cash liquidity is
maintained to an appropriate level for the 12 month period. from the date of signing these statements. In the
circumstances they have concludèd Ihal no additional disclosure is required to the financial statements at this lime.
The Iruslees are satisfied that il is appropriate for the financial statements lo be prepared on a going con￿￿ basis.
Consolidation
The Statement of Financial Aclivitie5 {SOFAI and Balance Sheet consolidate the financial statements of the charity
and its subsidiary undertakings. The results of each subsidiary are consolidated on a line by line basis.
Income
All income is recognised in the Statement of Financial Activities once the group has enlillemenl to the funds. il is
probable that the income will be ￿￿1ved, and the amount can be measured reliably. This includes capital grants.
Donations and legacies income includes donations. gifts and grants that provide core funding or are of a general
nature and are recognised where there is entitlement. probability of receipt and the amount can be measured with
sufficient reliability. Such income is only deferred when the donor specifies it musl be used in fvture accounting
periods or the donor has imposed conditions which musl be mel before the charity has unconditional entillement.
Income from charitable actsvilies includes income received under contract or where entitlement to grant fvnding is
subject to specific perfomiance conditions. This income is recognised as the related services are prov¢ded and
there is entitlement. probability of receipt and the amount can be measured with sufficient reliability- Income is
deferred when the amounts received are in advance of the performance of Ihe service or event to which they relate.
Income from other trading a￿1vIlle$ Includes income received under contract. This income is recognised as the
related services are provided and there is entitlement, probability of receipt and the amount can be measured with
sulficient reliability. Income is deferred when the amounts received are in advance of the p6rformance of the service
or event to which they relate.
Investment income is recognised on a receivable basls.
Page 18

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
ACCOUNTING POLICIES
Basis of recognition of liabilities
Llabilities are reccgnised as expenditure as soon as there is a legal or constructive obligation committing the group
lo that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount
of the obligation can be measU￿d reliably. Expenditure is accounted for on an accruals basis and has been
classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed
to particular headings, they have been allocated lo a¢tivitie$ on a basis consistent with the use of resources.
Raising funds include direct merchandise costs which are available for resale.
Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and
seTvices for its beneficiaries. It includes both costs that cartr be allocated directly to such activities and those costs
of an indirect nature n8￿Ssary to support them.
Support costs are those costs that. whilst necessary to deliver an activity, do not thernselves produce or constitute
the output of the charitable activity. This includes governance costs which are those costs associated with meeting
the constitutional and statutory requirements of the group and include the accountancy fees and costs linked lo the
strategic management of the group.
Allocation and apportlonment of ¢o$t$
All costs are allocated between the expenditure c8tegories on a basis designed to reflect the use of the resource.
Costs relating to a partiGular activity are allocated directly: others are apportioned on an appropriate basis.
Tangible fixed assets
Tangible fixed assets are initially recorded at cost. The Group has taken advantage of the transitional exemptions
of FRS 102 and cary the long leasehold property at its previously revalued amount 8s deemed cost
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical
cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss
account.
Depreciation is provided at the following annual rates in order to wrtle off each asset over its estimated useful life=
Long terrn leasehold property
Leasehold improvements
Plant and machinery
offi￿ equipment
Computer equipment
Over the remaining term of the lease
10 years straight line
5-10 years straight line
2-5 years straight line
3 years straight line
Tangible fixed assets are capilalised in line with the organisations capitalisation policy as follows=
Leasehold improvements - £2,500
Plant and machinery- £2.500
Office equipment- £2.000
Computer equipment- £1,000
Work In progress
Work in progress represents capital costs incurred to date on the leasehold property which is still under construction
at the balance sheet dale. Upon completion of the works, the cost will be reclassified to the relevant asset line and
depreciated in line with the above accounting policies as appropriate.
Investments
Fixed asset investments are stated at cost. Provision is made, where necessary, for any pemanent diminullon in
value.
stocks
Stocks are valued at the lower of cost and nel realisable value, after making allowance for obsolete and Slow
moving items.
Stock is included at the lower of cost or net reali5able value using the FIFO stock valuation method.
Page 19

CARDIFF UNIVERSITY STUDENTS, UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024
ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with Ihe charitable objectives at the di$¢retion of the Irustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Reslriotions
arise when specified by Ihe donor or when funds are raised for particular restricted purposes.
FLtrther explanation of the nature and purpose of ea¢h fvnd is included in the notes to the financial statements.
Financial instruments
The group only has financial assets and financial liabilltles of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at their
settlement value.
Debtors with no slated interest rate and receivable within one year are recorded al transaction price. Any losses
arising from impairment are recognised in expenditure. Prepayments are valued at the amount prepaid net of any
trade discounts due.
Creditors are recognised where the group has a p￿sent obligation resulting from a past event that wlll probably
result in the transfer of funds to a third party and the amount due 10 settle the obligation can be measlired or
estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade
discounts due.
Pension costs and other post-retirement benefits
The group participates in the Students, Union Superannuation Scheme. a defined benefit scheme which is
extemally funded and contracted out of the State Second Pension. The fund is valued at least every three years
by a professionally qualified independent actuary with the rates of contribution payable being determined by the
trustees on the advice of the actuary. The scheme operales as a pooled affangement. with eontribulions paid at a
centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed
to the Union. Where a plan has been agreed to fund an identified deficit. a liability is recognised for the present
value of the contributions payable that arise from that agreement with the resulting expense recognised in Ihe
statement of Financial Activities.
The group also operates a defined colllribulion plan for its employees. Contributions payable to thi5 pension
scheme are Charged to the Statement of Financial Activities in the period to which they relate.
Employee benefits
When employees have rendered Se￿ICe to the group, short-tem) employee benefits to which the employees are
enlilled are recognised at the undiscounted amount expected to be paid in exchange for that service.
Operatlng lease commitments
Rentals applicable to operating leases where substantially all of the benefils and risks of ownership remain with
the lessor are Charged against profits on a straight line basis over Ihe period of the lease.
Signlficant accountlng Judgement$ and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other relevant
factors, including expectations of future events that are believed to be reasonable under the Circumstan￿S.
The preparation of the financial statements requires management lo make estimates and assumptions concerning
the future. The Tesulling accounting estimates will, by definition, bè likely to differ from the related actual résults.
The estimates and assumplions that have significant risk of causing material adjustrnenl to the carying amount of
assets and Ilabilifjes wllhin the next financial year are set out below:
Pension liabili
The pension liability is based on the latest deficit reduction recovery plan in place as at the year-end.11 is an
estimate of the future liabilily of the expected payments adlusted by a discount rate, which is eslimaled based
on latest economic trendslexpeclalion5.
Page 20

CARDIFF UNIVERSITY STUDENTS, UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued
FOR THE YEAR ENDED 31 JULY 2024
DONATIONS AND LEGACIES
2024
2023
Donations
Grants
529
3,380,355
3 652.975
3.652,975
3.380,884
Grants receNed, Included In the above, are as follows:
2024
2023
Cardiff University- Block grant
Cardiff University - ex gratia grant payments
Cardiff University- Passenger Lift funding
Cardiff University- Enriching Student Life Awards contribution
Cardiff University- Black History Month
HEFCW (via Cardiff Universityl- Wellbeing and cost of living Initiatives
Department of Work and Pensions
3,326,975
3,073.285
253,975
270,000
5,000
1,000
50.000
49,000
4,095
3.652.975
3.380,355
Page 21

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued
FOR THE YEAR ENDED 31 JULY 2024
OTHER TRADING ACTIVITIES
2024
2023
Bars and food
Entertainment and venue
Retail shop
Letting agency
Rental income
Advertising
Other
3,283,096
966,941
270.351
620,451
371,883
157.234
137,893
3,337.735
794.925
273,032
571,892
340.992
146,342
50,199
5,807,849
5 515,116
INVESTMENT INCOME
2024
2023
Deposit account interest
49.440
15,187
INCOME FROM CHARITABLE ACTIVITIES
2024
2023
Jobshop
Athletic Union membership
income
Societies membership income
Transport income
student Development incorne
Give it a Go programme
Other
2.904.046
173,453
3,059.507
142,895
54.907
69,809
1.258
82.748
112.486
37,280
46,662
3.113
82.155
110,701
3,398,707
3.482,313
RESULTS OF PARENT CHARITABLE COMPANY
The total income of the parent charitable company was £7.089,027 and net income wa5 £359,007.
RAISING FUNDS
other tradlng activities
2024
2023
Cardiff Union Services - C05t of sales
Cardiff Union Services - other costs (exduding audit fees)
3,048,660
5,098,452
2.997,768
4.814,992
8.147,112
7,812.760
Page 22

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024
CHARITABLE ACTNITIES COSTS
Support
costs (see
note 10)
Direct
Cosls
Totals
General
2,948.771
1 739 329
4,688,100
2.948,771
1739.329
4,688,100
10.
SUPPORT COSTS
Staff
costs
Governance
costs
Other costs
Depreciation
Totals
General
1.057.760
656.757
7,412
17,400
1.739.329
1.057.760
656.757
7.412
17,400
1.739.329
11.
NET INCOMEIIEXPENDITURE)
Net incomel{expendFlure) is stated after chargingl(crediting}:
2024
2023
Audilors, remunerdtion - Parent charity
Auditors. remuneration- Cardiff Union Services
Depreuation - owned assets
Loss on disposal of fixed assets
6.650
10.750
789.052
376
6,650
10.000
993,882
78
12.
TRUSTEES. REMUNERATION AND BENEFITS
Trustees who are elected to the role of Sabbatical Officers are remunerated for their services on an annual basis
as aulhorised under Section 6 of the Artides of Association.
During the year. remuner81ion including employers pension contributions. was paid to 11 (2023: 13) Sabbatical
Officers in respect of these roles as follows:
Gross pay
Employer
pension
contributions
Name
O Bold
E Chamberlain
A Nagiel Escobar
A Flores Acuna
M Hutchinson
A Meers
D Owen
M Panes
C Parry
N Russell
Gspry
3,102
3.102
3,102
23.281
24.885
21,271
22,744
24.812
3.102
22.744
24.812
527
374
511
511
511
During the year under review 4 (2023: 41 Sabbatical I)ffi￿r$ were paid a total of £459 {2023: £5741 in respect of
travel expenses.
During the year expenses of £1,308 (2023.. £Nil) were paid to 3 exlemal Iruslees in respect of travel and
accommodation expenses.
Page 23

CARDIFF UNIVERSITY STUDENTS, UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued
FOR THE YEAR ENDED 31 JULY 2024
13.
STAFF COSTS
2024
2023
Wages and salaries
Social security costs
Other pension costs and deficit ¢ontributions
6,513.912
388.676
96,019
6,641,657
396.259
92,077
6,998,607
7.129.993
The average number of employees during the year was as follows..
2024
2023
CardFff University Students, Union - Sabbatical officers
Cardiff University Students, Union - Jobshop
Cardiff University Students. Union- Admini5tralive
Cardiff Union Services- Cost of sales
Cardiff Union Services- Administrative
645
28
188
84
677
45
211
92
952
1,032
During the year ended 31 July 2024 the full-time equivalent number of staff employed was 226 {2023.. 2551.
The number of employees whose emoluments amounted to a rale of over £60.000 during trte year were as follows:
2024
2023
No.
£60.001- £70.000
£70.001- £80.000
£80.001- £90,000
£90.001- £100,000
Total remuneration paid lo key management personnel {In¢luding Sabbatical trustees) in the year was £612.986
12023.. £598,956).
14.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- YEAR END 31 JULY 2023
2023
Unrestricted
funds
2023
Restricted
funds
2023
Total
funds
INCOME AND ENDOWMENTS FROM
Donations and legacies
3,327.789
53.095
3.380.884
Charitable activltles
3,482,313
3,482,313
Other Irading activlties
Investment income
Other income
5,515,116
15,187
5,515,116
15,187
Total
12,340,405
53,095
12.393.500
Page 24

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024
14.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
Restricted
funds
Total
funds
EXPENDITURE ON
Raising funds
Charitable actlvltle$
Charitable Activities
7.808.665
4,095
7,812,760
4.775,936
55,180
4.831.116
Total
12.584.601
59,275
12,643.876
NET INCOMEI EXPENDITURE
{244,196)
(6.180}
1250,3761
Other recognised gainsl(losses)
Unwinding of discounted pensron provision
1390.908)
{390.908}
Transfers be￿een funds
535.210
535,210)
Net movement in funds
{99,894}
{541,390}
1641.284)
RECONCILIATION OF FUNDS
Total fund5 brought fonvard
9.277.248
584.998
9,862,246
TOTAL FUNDS CARRIED FORWARD
9,177,354
43,608
9.220.962
15.
TANGIBLE FIXED ASSETS- Group
Long term
Leasehold
Property
Leasehold
Worf( in
Improvements Progress
COST
At 1 August 2023
Additions
Disposals
Reclassificalionl transfer
14.000,000
3,482.268
23,178
303,109
51.688
51,688)
At 31 July 2024
14.000,000
3.533.956
274.599
DEPRECIATION
At 1 August 2023
Charge for year
Eliminated on disposal
4,816,172
369.701
566,305
355,164
At 31 July 2024
5.185,873
921469
NET BOOK VALUE
At 31 July 2024
8.814,127
2.612.487
274 599
Al 31 Juty 2023
9,183,828
2,915.963
23.178
Page 25

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024
15.
TANGIBLE FIXED ASSETS- Group- contlnued
Office
equipment
Computer
equipment
Totals
COST
Al 1 August 2023
Additions
Disposals
Reclassificationl transfers
605,149
44.491
{69,024)
159,125
2.718
136.9311
18,269,720
350,318
{105.955)
Al 31 July 2024
580,616
124,912
18 514 083
DEPRECIATION
At 1 August 2023
Charge for year
Eliminated on disposal
489.281
52,097
69.0241
145,474
12.090
36,555)
6,017,232
789,052
105.579)
At 31 July 2024
472.354
121,009
6,700.705
NET BOOK VALUE
At 31 July 2024
108.262
3.903
11.813.378
At 31 July 2023
115.868
13.651
12,252,488
The group elected to adopt the transitional exemption of FRS 102 and has used the long leasehold properties.
previous valuation 8s deemed cost.
If freehold property had not been revalued they would have been included at the following historical ¢osl'.
2024
2023
Cost
1.554.978
1,554,978
Aggregale depreciation
1.554.978
1.554.978
Carrying value
Chaiity
Office
equipment
Computer
equipment
Totals
COST
Al 1 August 2023
Additions
Disposals
80,246
34.952
115,198
At 31 July 2024
80,246
33,891
114.137
DEPRECIATION
At 1 August 2023
Charge for year
Disposal
70,120
3,737
30,801
3,675
100,921
7,412
Al 31 July 2024
73.857
33.415
107.272
NET BOOK VALUE
At 31 July 2024
6.389
476
6,865
At 31 July 2023
10.126
4,151
14,277
Page 26

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - Gontinued
FOR THE YEAR ENDED 31 JULY 2024
16.
FIXED ASSET INVESTMENTS - Group
Unlisted
Investments
COST
At 1 August 2023 and 31 July 2024
73.563
NET BOOK VALUE
At 31 July 2024
73,563
At 31 July 2023
73.563
The above unlisled investments relate to Welsh Rugby Union Debentures (£62,000) and NUS Credit Guaranlee
Scheme {£11.563}-
Unlisted
Investments
Charlty
COST
At 1 August 2023 and 31 July 2024
2.000
NET BOOK VALUE
At 31 July 2024
2,000
At 31 July 2023
2.000
The above unlisted investments relate to Welsh Rugby Union Debentures.
17.
STOCKS- Group
2024
2023
Venues- wet stock and food
Retail stock
36.792
65,816
26,541
109.785
102,608
136,326
18.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2024
Group
2023
Charity
2024
Charity
2023
Trade debtors
Amount due from groLFP undertakings
Other debtors
Prepayments and accrued income
746.880
639,669
414,484
792.932
1.919
186,624
502,811
876.023
24,009
324,538
5.908
389,587
155,893
1,095.427
1,035,164
1,395,959
1534.727
Page 27

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS . continued
FOR THE YEAR ENDED 31 JULY 2024
19.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2024
Group
2023
Charity
2024
Charity
2023
Trade creditors
Social security and other taxes
VAT
Other ¢￿dItOrS
AccnJ81s and deferred income
555,465
101,508
34.054
926,323
907,789
309.170
104.152
118,698
704.277
810.079
86,233
2.969
13.253
636,121
464,762
57,973
2,171
34.343
610,301
297 810
2.525.139
2,046,376
1.203.338
1,002.598
Included within creditors above is the following deferred income:
2024
2023
Rental deposits held
Gig ticketsldeposits
Other deferred sales
38,760
230.714
71.185
28.200
65,685
340,659
139.271
The deferred income relates to monies received irb advan¢e of the period or events to which they relate.
All amounts excluding £28,200 of rental deposits held in the year ended 31 July 2023 were released to the
Statement of Financial Activities during the year and amounts deferred in the year ended 31 July 2024 are new
sources of income.
Rental deposits held relate to rental income.
Page 28

CARDIFF UNIVERSITY STUDENTS, UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - contlnued
FOR THE YEAR ENDED 31 JULY 2024
20.
LEASING AGREEMENTS - Group
Minimum lease payments under nOn￿ncelIable operating leases fall due as follows:
2024
2023
Within one year
Between one and five years
17,859
18.926
24,583
26.393
43,509
Total lease payments Tecognised as an expense in the year were £27,821 {2023- £26.8661.
Charlty
Minimum lease payments under non-cancellable operating leases fall due as lollows:
2024
2023
Within olle year
Be￿een one and five years
13,136
8.254
14,203
19.580
21,390
33,783
Total lease payments recognised as an expense in the year We￿ £22,587 {2023- £18,595).
21.
PROVISIONS FOR LIABILITIES - Group
Pension
piovision
Balance a11 August 2023
Unwinding ol discounted 2mount
Payments during the year
4,821.724
146,796
343,287
Balance al 31 July 2024
4.625.233
See Note 22 for further details.
Page 29

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS . continued
FOR THE YEAR ENDED 31 JULY 2024
22.
EMPLOYEE BENEFIT OBLIGATIONS
The group participates in the Students, Union Superannuation Scheme, which is a defined benefit scheme whose
membership consists of employees of students, unions and related bodies throughout the country. Benefits in
respect of Se￿ICe up tr) 30 September 2003 are accrued on a 'final salary. basis. with benefits in respect of seNice
from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30
September 2011 the scheme closed to fvture accrual.
The most recent Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value
of the Scheme's assets was £106.7m with these assets representing 44% of the value of benefits that had accrued
lo members after allowing for expected future increases in earnings. The deficit on an ongoing fLEnding basis
amounted to £136.6m which report8d a decrease to the previous 2019 valuation deficit of £140.9m.
The assumptions which have the most significant effect upon the results of the valuation are those relating to the
rale of return on investments and the rates of increase in salaries and pensions.
The previous 2019 actuarial valuation ￿¢0MMended a monthly contribution requirement by each Union expressed
in monetary terms intended to clear the ongoing funding deficit over a period of 16 yeatE which was due lo end in
August 2035. The 2022 actuarial valu2tion re¢ommends extending this period to 1 May 2037. Employer
contributions are expected to increase at a rate of 5Yo per annum annually in October.
In addition to the above contrlbutions. the company also pays its share of the scheme's levy and associated
expenses to the Pension Protection Fund.
The total contributions paid into the scheme by trte Union in respect of eligible employees tor the year ended 31
July 2024 amounted to £343,287 which are all deficit contributions {2023.' £326,937). At the year end. a liability
was recognised for the present value of the contributions payable of £4,625.233 {2023- £4,821.724}.
The group operates a defined contrtbution pension scheme. The assets of the scheme are held separately from
those of the company in an independently administered fund. The pension cost charge reP￿sentS ¢onlributions
payable by the company to the fund and amounted to £96.019 {2023: £92,077). At the year end there were
oulstanding contribulton5 of £17.32312023= £6.2831-
Page 30

CARDIFF UNIVERSITY STUDENTS, UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - ¢ontlnued
FOR THE YEAR ENDED 31 JULY 2024
23.
MOVEMENT IN FUNDS- Group
Nel
movement
in funds
Transfers
between
fvnds
At
3117124
Al 118123
Unrestri¢ted funds
Revaluation reserve
Pension reserve
General fund
Designated fund.. Fixed Assets Fund
9,183,828
(4.821,724)
1,746,590
3 068,660
(369.701)
343,287
1462,076)
719.642
8,814,127
{4.625.233)
1,886,847
2 999.250
1146,796}
602,333
789,0521
9,177,354
1333,515)
231.152
9.074,991
Restrlcted funds
Waste & recycling project
Period Poverty Grant
Cardiff Volunteering
Second Passenger Lift
6,090
9,404
28,114
(6.0901
{3.1171
13151
270,000
6.287
27,799
38.848
{231,152}
TOTAL RESTRICTED FUNDS
43.608
260.478
(231.152)
72.934
TOTAL FUNDS
9.220,962
73,037
9,147,925
Net movement in funds. included in the above are as follows:
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Unrostricted funds
General fund
Pension reserve
Designated fund- Fixed Assets Fund
12.582.971
{11,980.638)
602.333
{146,7961
789,052)
{146,7961
789,052)
12,582.971
{12.769.690)
{146.796)
1333,515)
Restrlcted funds
Black History Month
Waste & recycling project
Period Povety Grant
HEFCW- Wellbeing and cost of
living initiatives
Enriching Student Life Awards
Cardiff Volunteering
Second Passenger Lift
1.000
(1.0001
16.090)
(3,117)
150,000)
(6.0901
13,117)
50.000
5.000
{5,0001
1315)
1315)
270.000
270.000
326,000
65.522
260,478
TOTAL FUNDS
12,908.971
73.037)
Page 31

CARDIFF UNNERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - ¢ontinued
FOR THE YEAR ENDED 31 JULY 2024
23.
COMPARATIVE MOVEMENT IN FUNDS - GTOUP
Net
movement
in funds
Transfers
between
lunds
Al
3117123
At 118122
Unrestrlcted funds
Revaluation reserve
Pension reserve
General fund
Designated fund.. Fixed Assets Fund
Designated fund= Great Hall and entrance
project
9,786.047
{4.757.753}
1,534,034
2,369,920
345,000
(602,219)
326.937
1537,130)
1,692,622
{345,000)
9,183,828
14,821,724}
1.746,590
3,068,660
{390.908)
749,686
{993,8821
9,277,248
{635,1041
535,210
9,177,354
Restrlcted funds
Black History Month
Waste & re¢ycling project
Period Povety Grant
Sanlander Diversity Fund
Cardiff University- 3rd floor project
Cardiff University- Great Hall and front
entrance
Cardiff Volunteering
513
6.090
10,424
3,757
15,755
(513}
6,090
9,404
(1,0201
13,757)
{15.755)
548,459
(548,459)
29.004
(890}
28.114
TOTAL RESTRICTED FUNDS
584.998
(6.1801
1535.210)
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
Resources
expended
Gains and
losses
Movement
in lunds
Unrestrfcted funds
General fvnd
Pension reserve
Designated fund.. Fixed Assets Fund
12,340.405
(11,590,719)
749.686
{390.9081
993,8821
(390,9081
993.882)
12.340.405
(12.584.601)
{390.908)
1635.104)
Restricted funds
Black History Month
Period Povety Grant
Santsnder Diversity Fund
HEFCW- Wellbeing and c05t of
living initiatives
Cardiff Volunteering
DWP- Access lo work grant
15131
11.0201
13.757)
1513)
{1.020)
{3,757}
49,000
149,000)
{890}
{8901
53.095
59.275)
6,180
TOTAL FUNDS
12,393,500
12.643.876)
390.908)
Page 32

CARDIFF UNIVERSITY STUDENTS, UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 JULY 2024
23.
MOVEMENT IN FUNDS - Group
Designated funds
Pension ￿SerVe
In 2018 the trustees decided to designale the pension liability held in Cardiff Union Services Limited.
Fixed assetfund
In 2018 the twslees decSded lo designate the net book value of the group's f￿ed assets.
Restricted funds
Black Hlstory Month
Funding of £1,000 was received via Cardiff University In the year towards Black History Month. Thls fijnding was
fully spent in the year.
Waste & Recycling project
Funding of £8,500 was recetved from Cardiff University in 2018 towards Initiatives for waste and recycling. The
remaining part of this funding was fully spent in the year.
Perlod Poverty Grant
Funding of £15,000 was received during 2020 from Higher Education Funding Council of Wales. via Cardiff
University, towards the period povety project. Spend has continued on this project during the year.
Cardiff Unlverslty - project grants
Grant funding of £270.000 was received from Cardiff University towards the cost of a second passenger lift
installation.
Cardiff University- EnTiching Student Life Awards Contribution
Grant funding of £5.000 was received towards the cost of the Enriching Student Life Awards event. This funding
was fully spent in the year.
HEFCW- Wellbeing and cost of living initiatives
Grant funding of £50.000 (2023.. £49.0001 was ￿ceiVed via Cardiff University from Higher Edu¢ation Funding
Council for Wales (HEFCWI for wellbeing and cost of living initiatives. This funding was fully spent in the year.
Cardiff Volunteering
On 29 July 2022. the Board of Trustees of Cardiff Volunteering. 8 registered charity, took the decision lo dissolve
the charity and transfer the remaining assets to its parent, Cardiff University Students, Union. The donation of
£29,004 is restricted for continued use in line with the originating charitable objectives of Cardiff Volunteering.
Spend against this has contrnued in the year.
Prior
ear onl
Black History Month
Funding of £4,300 was received via Cardiff University in 2018-19 towards Black History Month. The final element
of this funding of £513 was spent in the 2022-23 finanual year.
Santander Diversity fund
Funding was re￿iVed from Santander for this project based around promoting initiatives on diversity and inclusion.
Great Hall and front entrance
During the 2021-22 financi81 year the trustees agreed to designate an amount of £345.000 to cover the remaining
anticipated costs for the Great Hall and fronl entrance proje￿ costs.
DWP- A¢¢e$s to work grant
A grant of £4.095 was received durlng the comparative year from the Department of Work and Penslons tr) fvnd
the Pu￿hase of specialised equipmenl for an employee.
Page 33

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 JULY 2024
23.
MOVEMENT IN FUNDS- Group
Transfers between funds
During the year a transfer of £231,152 was made to the general fund from the Second Passenger Llft fund to Teftect
spend on capital fixed asset works.
Prior year transfers between funds
During the prior year the ft)Ilowing transfers were made to the general fund to reflect spend on capital project woths-
Cardiff University- Great Hall and fronl entrance £548,459
Cardiff University- 3rd tloor project £15.755
Desi9naled fund~ Great Hall and entrance project £345,000
24.
RELATED PARTY DISCLOSURES
During the financial year and the previous year. there were no further related party transactions requiring disclosure.
25.
ANALYSIS OF GROUP NET ASSETS BEfwEEN FUNDS
Restricted
funds
Unreslricted
funds
Total
Fund balances at 31 July 2024 are represented by:
Tangible fixed assets
Investments
Currenl assets
Current liabilities
Pension liability
11,813,378
11,813,378
73.563
73,563
4,338.422
4.411.356
12.525,139) {2,525.139)
4.625.233
4,625,233
72,934
Totsl net assets
72,934
9,074,991
9.147.925
Page 34

CARDIFF UNIVERSITY STUDENTS. UNION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 JULY 2024
26. SUBSIDIARY COMPANY- CARDIFF UNION SERVICES LIMITED
During the year the charity owned 1000/0 of the issued ordinary share capital of Cardiff Union Services Limited, a
company registered in England and Wales. The subsidiary manages 8 purpose-buill University Union building and
plays a valuable and widely recognised role supporting the student experience at Cardiff University. All activities
have been consolidated on a line by line basis in the SOFA.
A summary of the results of the subsidiary for the year is shown below:
Tumover
Co$1 of sales
5,807.849
13,048.660}
Gross profit
Administrative expenses
2,759,189
(5,109,202)
12.350,013)
Other operating income
2,052,670
(297.3431
Interest receivable and similar income
12.095
Interest payable
other finance costs
(146,796)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION
(432.0441
Taxation
LOSS FOR THE FINANCIAL YEAR
432.044
The aggregate of the assets. liabilities ond funds was..
Assets
Liabilities
12.858,080
(6,739,966)
Reserves
6.118.114
Page 35