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← Cardiff University Students' Union

2025-07-31-accounts

Registered number: 07328777 Charity number: 1137163

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CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited by Guarantee).

TRUSTEES’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

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(ACompany Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details ofthe Charity, its Trustees and Advisers 1-2
: Trustees’ Report 3-12
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Trustees’ Responsibilities Statement 13
Independent Auditors’ Reporton the Financial Statements 14-17
Consolidated Statement of Financial Activities 18
Consolidated Balance Sheet 19-20
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Charity Balance Sheet 21-22
- Consolidated Statement of Cash Flows 23
NotestotheFinancialStatements 24-53

CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited by Guarantee) ;

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025 :

. Trustees Eve Hallé Chamberlain, VP Societies and Volunteering! Sian Davies, Non-portfolio4 Elliot Lloyd Howells, Non-portfolio4 Jayne Ann Sadgrove, Non-portfolio3 Rameshwar Singh, Non-portfolio4 Olusola Anne-Marie Bold, VP Heath, Park Campus (Education & Welfare) (resigned 30 June 2025)1 Edward James Bright (resigned 30 June 2025)2 Ana Maria Nagiel Escobar, VP International Students (Education & Welfare) (resigned 30 June 2025)1 Madison Poppy Johnston Hutchinson, President (resigned 30 June 2025)1 Emilia Sharon Parker (resigned 30 June 2025)2 Micaela Louise Panes, VP Postgraduate Students (Education & Welfare) (resigned 30 June 2025)1 : Catrin Edith Parry, VP Cymraeg (resigned’30 June 2025)1 Georgia Kelsey Spry, VP Sports & Athletic Union President (resigned 30 June 2025)1 Agnes Xavier-Phillips JP DL, Non-portfolio (resigned 30 June 2025)3 Molly Elizabeth Elliott, VP Sports & Athletic Union President (appointed 1 July 2025)! Hanan Haliru, VP International Students (Education & Welfare) (appointed 1 July 2025) Izaak Wilfrid Morris (appointed 1 July 2025)2 Cynwal Ap Myrddin, VP Cymraeg (appointed 1 July 2025)1 Esther Enioluwanimi Olusola (appointed 1 July 2025)2 Maria Dorothy Pollard, President (appointed 1 July 2025)1

Sean Peter Strong, VP Postgraduate Students (Education & Welfare) (appointed 1 July 2025)1

Joshua Lloyd Tandy, VP Heath Park Campus (Education & Welfare) (appointed 1 July 2025)1

Henry William Whittaker (appointed 1 July 2025)2

Tomos Stokes (appointed 4 December 2024, resigned 10 March 2025)2

1 Sabbatical Trustees - 2 Student Trustees 3 University Nominated Trustees 4 External Trustees

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Company registered number 07328777 Charity registered number 1137163 Registered office Park Place Cardiff CF10 30N Chief executive officer | Daniel Palmer .

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ee oeeeooeoeoeoeoeoqaaoa=~=~=~qoqQqaa Sy CARDIFF UNIVERSITY STUDENTS’ UNION | (A Company Limited by Guarantee) ‘ | REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 . Independent auditors MHA : . Elfed House Oak Tree Court Cardiff Gate Business Park Cardiff CF23 8RS Bankers Lloyds TSB Bank PLC * 31 Queen Street Cardiff CF10 2AG Solicitors TLT LLP . 1 Redcliff St Bristol BS1 6TP

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CARDIFF UNIVERSITY STUDENTS’ UNION

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

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 for the year ended 31 July 2025. The trustees have adopted the provisions of 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 1 January 2019).

OBJECTIVES AND ACTIVITIES

The objects of the charity are the advancement of education of students at Cardiff University for the public benefit by:

In shaping the Union's objectives for the year and planning its activities, the trustees have considered the Charity Commission's general and relevant supplementary guidance on public benefit. In pursuit of these aims for the public benefit, the Union has established departments and services for use by its members and works with the wider University and other organisations on behalf of Cardiff University students.

The Union sets its long-term priorities in line with its strategic plan, which is reviewed periodically and informed by research undertaken with Cardiff University students. The trustees consider the strategic plan when setting the Union’s annual objectives, articulated through a balanced scorecard and pursued by trustees and Union staff. ln December 2021 the Union launched its current strategic plan covering 2021 to 2025, entitled The Heart of the Cardiff Student Life, which can be viewed at: https://www.cardiffstudents.com/about/hwr/our-strategy/

Work has commenced on the development of the next strategic plan, expected to be launched in 2026. A comprehensive review of progress against existing objectives is underway, alongside consultation with stakeholders to inform future priorities. A central focus of the new strategic plan will be the identification of new charitable and commercial opportunities that strengthen future funding and sustainability while continuing to enhance the student experience. The timeline for development is intentionally agile, responding to the wider University’s recently completed strategic review - Our future, together - while exploring partnership opportunities for future collaboration.

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CARDIFF UNIVERSITY STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

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.

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Engaged Unique Students
2019 22,306 Ss f62,394 ss PreCovid SS CCSCSCid
20212020, 21,658 57,661 (Coviimpactforfinalfourmonths
2022, (17,401 (29,529 (Covi impactthroughout the year
2023, 22,144 88,581 Minimal Covidimpact
2024 (2324 , 671923, 68,370s70,923 SO peratingasnormal
202524630 id 116 SOperatingasnormal
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ACHIEVEMENTS AND PERFORMANCE

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Advice centre (5,2892019 (66346500(202020214,501jz02z2_ (3,372,2023202420253,470 2,914
AcademicRep 025 08045 fa so fos
Annual Members Meeting [633 871k} S693 806 =~ fbss 5
Athletic Union 5,278 4915 3,131 5,328 6,150 6,340 5,546
DriverElection CandidateAf—s—ss[166 ss t08_ftbt ~S ft00.—“$s—Ssit5G 1
GiveitaGoFreshers'Fairattendance44036- fF} E039907,458 5.475(11,412 106 , 337303_ |
Referendum FC BAB
Skills Development Service [1,951 [1,706 1,237 1,322,311 FF
StudentSenate 2527? BSS SB
StudentLed Services (2341384747
UnionVenues Volunteers 844 BOGEFT
Volunteering 1,293,sid,299 [ 1 0,03 7 8 OF38235(11,345 [12,0303a [14,798ot [16,809FO|
Varsity 6518 5,600 5,013 5,968 5,700 7,413
Total = 62,394 (57,661 [29,529 [58,581 [68,370 [70,923 [74,116 _ |
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CARDIFF UNIVERSITY STUDENTS’ UNION
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(A Company Limited by Guarantee)

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

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ACHIEVEMENTS AGAINST TARGETS SET
The company's top key performance indicators for 2024/25 are listed below with a statement of progress
against them. During 2024/25 the Union did not undertake an assessment of staff time and financial resources
used to achieve these objectives.
OSC~—SOCTCCCSCSC
ObjectiveCelebrate the successes of the new building developments and past AchievedCMS
building 50th History, through a series of digital timelines and events with
putasorking with leaders and volunteersren inctooemnstudent run groups meeeto improve |Partially achieved
Health and Safety practice, to ensure that all their activities are taking
place in a manner that is consistent with and where possible exceeds
recognised best practice.
Support the work of the inaugural International Students Officer Achieved
establishing the role within the organisation and wider University
cingGeersFood courtadionalnamesreameredevelopmentveto tonnecreatesoda onggaratopporuiesdynamic multi wruse oyspace n(nthat |Achieved
errecrnmeniedReview the UnionstonendingonenaionArticles of Association, in concert with the University,feeAchieved
fegectachiteeanditeramoencusteontormenDevelopment of non-alcoholic Freshers’ welcome events to diversify Achieved
Continue to review and develop a series of initiatives that focus on Achieved
improving Students’ Union services and practices surrounding support for
estipremmerngcereemmemerenrennertsInstallation of a second passengereelift to improveee the eebuildings Oe| |Achieved
Eteno schedule,Unionplanimproveand install envnmntala first phase ofadsolar inanalsusanabiiycells on the roof of the [|Achieved
hengeseetatagotedReview of the Performance Management policy to ensure staff and Achieved
individualDevelop anto teamannualised opportunities.training plan for career staff ranging from PariaPartially AchievedAchieved
amemeneaneeConductReview alla digitaldata handlingsystems processesreview to ensureand datamainmanagementsystem interfacesacrossofferthe PeePartiallyAchievedaiiAchieved
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CARDIFF UNIVERSITY STUDENTS’ UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

STRATEGIC REPORT

FINANCIAL REVIEW

The group's total income amounted to £14,039,688 (2024: £12,908,971) with total expenditure of £13,108,936 (2024: £12,835,212) in the year. Overall, this resulted in net income of £2,302,539 (2024: net expenses £ (73,037)) comprising a restricted surplus of £536,861 and an unrestricted surplus of £1,765,678. These results were shaped by a S75 pension buyout from the Students’ Union Superannuation Scheme (SUSS) which resulted in a £1,585,026 movement as a result of the S75 buyout (Note 22). The unwinding of the discounted pension provision resulted in a debit to the Statement of Financial Activities of £(213,239) (see Note 22) (2024: £ (146,796)).

At 31 July 2025, the group's free reserves (i.e. unrestricted funds excluding designated funds and not represented by fixed assets and pension fund / Loan liability) amounted to £1,803,781 (2024: £1,886,847) 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 £609,795 (2024: £72,934) was held in restricted funds. Within the Union's trading subsidiary, Cardiff Union Services Limited, turnover decreased to £5,543,935 (2024: £5,807 ,849) resulting in a gross profit of £2,638,219 (2024: £2,759,191). Administrative expenses increased to £5,727 ,259 (2024: £5,109,204) in the year. Overall, the trading subsidiary reported a profit of £1,471,834 (2024 a loss of £ (432,044)).

With the assistance of an interest free loan from Cardiff University, the Directors of Cardiff Union Services Limited (CUSL) exited the SUSS pension scheme through a section 75 buyout process. This resulted in the discounted debt held within CUSL of £4,625,233 (as at 31 July 2024) being replaced on the balance sheet with a concessionary loan liability to Cardiff University of £3,004,000. The loan value is based on a S75 debt position of £2,893,000 plus associated fees. The loan has been made by Cardiff University to Cardiff University Students’ Union. The loan is interest free with repayments being made in a straight line over 12 years, commencing in August 2026. Further information on the loan can be found in Note 21. The company no longer has any defined benefit pension scheme liabilities as a result of the S75 buyout with an exit date of 24th June 2025.

During the year, there has been significant investment in the University Union building as part of ongoing improvements to enhance accessibility, sustainability, and the overall charitable and commercial offer. Key developments include the installation of a second passenger lift to improve access throughout the premises and the addition of solar panels, supporting the organisation's sustainability objectives. Work also commenced on the replacement of the building roof, including the removal of RAAC (Reinforced Autoclaved Aerated Concrete) and the renewal of other deteriorated roof areas to ensure structural integrity and safety. Internally, improvements have been made to the Cwtch area, creating a more welcoming environment with a broader range of uses. Further investment is planned to upgrade the Balconi Bar facilities in the coming year to meet additional demand.

Reserves policy

The trustees annually review the Union's reserves position and set targets for reserve levels in accordance with future needs, should funding not be available from principal funding sources. The Union's reserves policy is to achieve budget surpluses from its consolidated activities to generate unrestricted free reserves of at least £1.6m. Free reserves are defined as ‘unrestricted funds not represented by fixed assets’.

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At 31 July 2025 the parent charity's free reserves amounted to £3,249,349 (2024: £2,950,009) and for the group a consolidated position of £1,803,781 (2024: £1,886,847).

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CARDIFF UNIVERSITY STUDENTS’ UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Union has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis of preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Financial risk management objectives and policies

The trustees examine the major strategic, business and operational risks faced by the Union and maintain a risk register that is reviewed at least annually. Where appropriate, systems or procedures have been established to mitigate the risks faced by the Union. These procedures are periodically reviewed to ensure that they continue to meet the needs of the Union. Budgetary and internal control risks are minimised by expenditure 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 2025. The following risks areas have been identified as the most critical to the Union's strategic, financial and reputational health.

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |(Category||RiskType|ss|SSCSSCS|tems,|controls|and|mitigating factors| |Financial|he|Union|fails|to|meet|its|Detailed|budgeting|and|comprehensive|management| |inancial|targets|for|budgeted|reporting|via|the|Board|of|Trustees|and|the|Finance|&| |surpluses|in|order|to|reach|a|Risk|Committee.|Annual|forecasting|is|in|place,|and|the| |minimum|free|reserves|target|Union|has|achieved|its|budgeted|cash|surpluses|in| |recent|years.|The|Free|reserves|target|was|increased| |rom|£1.5M|to|£1.6M|in|2023|and|has|been|exceeded|to| |date.| |Financial|Pension|structures|deliver|Since|the|annual|risk|review|in|May|2025|the|Union|has| |unmanageable|increases|in|cost|exited|the|SUSS|pension|scheme|with|financial|support| |o|the|Union.|in|the|form|a|loan|from|Cardiff|University.|The|loan|is|not| |interest|bearing|and|is|repayable|over|12|years| |commencing|in|August|2026.|The|loan|arrangement|is| |avourable|compared|to|the|SUSS|estimated|discounted| |liability|of|actuarial|calculations|and|discount|rates.| |Health|&|he|Union|fails|to|meet|DDA|audit|and|University|oversight|ensures|that|the| |safety|requirements|for|access|and|Union|responds|to|deficiencies|immediately|when|they;| |unction|of|facilities|under|arise.|The|Union|has|assessed|that|physical|building| |Disability|Discrimination|Act|improvements|are|necessary|to|avoid|potential|litigation| |and|disrepute,|in|particular|in|lift|use|and|availability.|This| |is|being|addressed|currently|with|the|installation|of|a| |econd|passenger|lift|which|will|come|into|use|in| |024-25.| |Health|&||Student|volunteers|undertake|Bodies|undertaking|activities|and|managerial|sta| |safety|activities|that|have|not|been|upervising|those|areas|are|trained|in|risk|assessment| |ubject|to|a_|formal|risk|land|are|required|to|use|this|in|assessing|the|suitability|o| |assessment,|or|which|have|not|undertaking|the|activity.|The|wide|range|of|activities|does| |been|authorised|by|the|Union.|give|rise|to|the|likelihood|of omission.|

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CARDIFF UNIVERSITY STUDENTS’ UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

Principal funding

One'of the Union's principal funding sources is Cardiff University. The relationship between Cardiff University and the Union is established within the ordinances of the University's governing documents and is further articulated in an annually agreed relationship agreement. In 2024/25 the Union received a grant of £3,326,975 (2023/24: £3,326,975). 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 intrinsic to the relationship between the University and the Union.

As part of the 2025-26 block grant funding agreement the University agreed to assist the Union with a section 75 buyout of its SUSS pension deficit with an interest free loan which will result in significant operational savings between 2025-2038.

Although the Union continues to generate supplementary income from various mutual-trading activities, it is dependent on the University's financial support. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future. The 1994 Education Act imposes a duty on the University to ensure that the Union operates in a fair and democratic manner and is accountable for its finances.

FUTURE PLANS

The Union's strategy 2021-2025 - The heart of Cardiff Student Life - outlines the Union's plans over the coming years and splits its priorities into four themes and three building blocks. These are:

Themes

Cardiff community; Academic Life; Student experiences; and Wellbeing and future.

Building blocks

Resources; People; and Digital and Data

The new strategy together with new branding was launched to students, staff and the University in December 2021.-The Union is currently undertaking a comprehensive review of its strategic plan in preparation for the next phase of its development. The current strategic plan is set to conclude at the end of 2025, and work is underway to evaluate progress against existing objectives and to consult stakeholders in shaping future priorities. The new strategic plan is expected to be finalised and launched in 2026, providing a refreshed framework to guide the organisation’s direction and impact in the coming years.

The trustees have set the following operational targets for 2025/26:

Priority 1 — Designing the Future: Strategic Plan Development

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CARDIFF UNIVERSITY STUDENTS' UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

Priority 2 — Evolving Partnerships and External Engagement

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CARDIFF UNIVERSITY STUDENTS’ UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

Priority 4 — Enhancing Infrastructure and Organisational Systems

Trustees' indemnities

Group directors' and officers’ indemnity insurance is held by the parent entity up to a limit of £2m.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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 constituted 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 trustees for the purposes of charity law. Decisions are made by simple majority vote.

The Union has a subsidiary company controlled by the Union by virtue of sole membership: Cardiff Union Services Limited (CUSL). CUSL and CUSU are reported as a group within the Year End accounts that accompany this report.

The Union is a students’ union, 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 governing body).

Recruitment, appointment and induction of new trustees The Union has fifteen constituted trustee roles split into four groups:

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CARDIFF UNIVERSITY STUDENTS’ UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

The Board of Trustees meets at least four times a year and is responsible for maintaining legal, financial and reputational integrity whilst setting the organisation's strategy, approving general policies and approving the annual budgets and accounts. The Board has established six committees to ensure effective oversight of operations and where appropriate invite experts to attend and advise these committees:

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 staff. Trustees are provided with ongoing training as 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 Senate 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 Student Senate membership comprises students elected by the Union's student members.

Organisational structure and decision-making 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 management the Chief Executive leads a Strategic Management Team (SMT), 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 to support the SMT's work and to aid professional development. During 2024/25 the SMT comprised the following roles:

Permanent members Chief Executive Daniel Palmer Deputy Chief Executive Raechel Mattey Director of Participation & Safeguarding Steve Wilford Director of Finance Jan Boyce Director of Enterprise Phil Dayment

The Union's staff - 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 Articles of Association.

Key management remuneration

The Union has adopted a job evaluation scheme, approved by the People, Diversity & Inclusion Committee and overseen by the Chief Executive, to 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 Remuneration Committee with benchmarks and parameters agreed in comparison to other large educational charities and leading students’ unions.

Affiliations

The Union is affiliated to the National Union of Students (NUS) and British Universities & Colleges Sports (BUCS) and paid affiliation fees of £37,500 and £24,843 respectively in 2024/25. Both affiliations were ratified by referendum, which took place on 21 November 2024. The Union participates in the NUS Services purchasing consortium and receives trading support and other benefits. : :

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CARDIFF UNIVERSITY STUDENTS’ UNION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

Affiliated student clubs and societies

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The Union provides a long-standing framework of grant funding for affiliated student sports clubs and societies, in accordance with the provisions stated within the 1994 Education Act. In 2024/25 the Union allocated grants to these groups totalling £64,821 (2024: £46,870).

Volunteers

The Union makes use of volunteers, who in most cases are also beneficiaries, to achieve its objectives. Volunteers are engaged in activities such as inducting new students into the University, supervising social, cultural, sporting and recreational activities and in representing students to the University and external bodies. The Union has not conducted an exercise to identify the number of hours' volunteers contribute or its staff equivalency.

Employee involvement and employment of the disabled

The Union is committed to providing equality of opportunity in both employment and service delivery, which is set out in the Group's Equal Opportunities Policy. Equality monitoring takes place as part of the recruitment process to ensure fairness and transparency in decision-making. Further information is also collected once new employees commence in post, enabling the Union to identify and implement any workplace adjustments required to support individuals from the outset of their employment.

The Union’s Equality, Diversity and Inclusion policy is reviewed in line with the organisation's policy update framework to ensure it remains effective and relevant. Any changes in legislation are monitored and reflected in updated policies and practices, ensuring compliance and the promotion of best practice. The outcomes of monitoring, together with progress on wider equality commitments, are periodically reviewed by the People, Diversity, Inclusion Committee on behalf of the trustees. This oversight helps ensure that recruitment and employment practices remain fair, inclusive, and aligned with the Union's values, while supporting the development of an accessible and supportive working environment for all staff.

Approved by order of the Board of Trustees on IS/iN { 2925 and signed on its behalf by:

Maria Dorothy Pollard

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CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited.by Guarantee) STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2025

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). .

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the _ Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Report of the Trustees, including a strategic report, approved by order of the members of the board of Trustees and signed on its behalf by:

Maria ssn Pollard Date (2 / i / 2925

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CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited by Guarantee)

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARDIFF UNIVERSITY STUDENTS’ UNION

Opinion

We have audited the financial statements of Cardiff University Students’ Union (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. .

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CARDIFF UNIVERSITY STUDENTS’ UNION (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, 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 conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard. :

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 15

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CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CARDIFF UNIVERSITY STUDENTS’ UNION (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, 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 Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

,

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inaccurate journals. We addressed these risks by carrying out specifically targeted procedures, which included: - Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.

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CARDIFF UNIVERSITY. STUDENTS’ UNION (A Company Limited.by Guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CARDIFF UNIVERSITY STUDENTS’ UNION ; (CONTINUED)

.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected 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 to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description: forms part of our Auditors’ Report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. ..

Rachel Doyle ACADChA _ - MHA Elfed House Oak Tree Court Cardiff Gate Business Park Cardiff CF23 8RS

4

Date: 19/11/2025

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number 0C455542)._

.

Page 17

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;

;

CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025

- Restricted Unrestricted Unrestricted Total Total
funds funds funds funds
. 2025 2025 2025 2024
Note £ £ £ £
Income from:
Donations and legacies
-		 3 1,764,004 3,327,138 5,091,142 3,652,975
Charitable activities 4 - 3,320,821 = 3,320,821 3,398,707
Othertrading activities 5 - 5,543,935 5,543,935 5,807,849
. Investments 6 - . 83,790 83,790 49,440
Total income 1,764,004 12,275,684 14,039,688 12,908,971
;
Expenditure on: ;
Raising funds 8 - 8,621,314 8,621,314 8,147,112
Charitable activities 30,164 4,457,458 4,487,622 4,688,100
Total expenditure . 30,164 13,078,772 13,108,936 12,835,212
Net income/(expenditure) 1,733,840 (803,088) 930,752 73,759
Transfers between funds 25 (1,196,979) 1,196,979 - . -
Netmovement infundsbeforeother other ooo —__
recognised gains/(losses) 536,861 393,891 930,752 - 73,759
Other recognised gains/(losses):
Pension actuarial movement - 1,585,026 1,585,026 . -
Pension discounting costs - (213,239) (213,239) (146,796)
Net movement in funds 536,861 1,765,678 2,302,539 (73,037)
Reconciliation offunds: .
Total funds brought forward 72,934 9,074,991 9,147,925 - 9,220,962
Net movement in funds 536,861 1,765,678 2,302,539 (73,037)
Totalfundscarriedforward 609,795 10,840,669 11,450,464 9,147,925

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 24 to 53 form part of these financial statements.

, =

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4

i

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CARDIFF CARDIFF CARDIFF UNIVERSITY STUDENTS' UNION UNIVERSITY STUDENTS' UNION UNIVERSITY STUDENTS' UNION
: (A Company. Limited by Guarantee)
REGISTERED NUMBER: 07328777
CONSOLIDATED BALANCESHEET
_ AS AT 31 JULY 2025
2025 2024
Note £ £
Fixed assets
-Tangible assets 13 11,830,585 11,813,378
Investments 14 62,000 . 62,000
41,892,585, 11,875,378
Current assets
Stocks 15. 82,582 . 102,608
Debtors: amounts falling due within one year 16 1,124,962 1,106,990
Investments 17 1,052,537 1,016,735
Cash at bank and in hand 3,235,754 2,196,586
5,495,835 4,422,919
Current liabilities ,
Creditors: amounts falling due within one .
"year 18 (2,744,956) (2,336,139)
,
Net current assets 2,750,879 2,086,780 780
Total assets less current liabilities . 14,643,464 13,962,158
Creditors: amounts falling due after more
than one year 20 (3,004,000) -
Provisions for liabilities (189,000) (189,000)
Net assets excluding pension asset/ ———_— . ——___
liability 11,450,464 13,773,158
Defined benefit pension scheme liability - - (4,625,233) 233)
Totalnetassets : 11,450,464 , 9,147,925

Page 19

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CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited by Guarantee) REGISTERED NUMBER: 07328777

.

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025

2025 2024
Note £ £
Charityfunds
Restricted funds 25 609,795 - 72,934
Unrestricted funds
' Capital repairs and maintenance designated
fund © 25 210,000 -
General Funds 25 1,803,781 1,886,847
Designated Fixed Asset Fund 25 3,154,576 2,999,250
Pension Reserve 25 - (4,625, 233)
Revaluation Reserve 25 8,676,312 8,814,127
Loan reserve. 25 (3,004,000) -
Total unrestricted funds 25 10,840,669 9,074,991
Total funds 11,450,464 . 9,147,925

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. / The financial statements were were approved and and authorised for issue by the the Trustees and signed on their behalf by: by: Maria Dorothy Pollard ;

“+ The financial statements were were approved and and authorised for issue by the the Trustees and signed on their behalf by: by:

Date 1€711 27025

The notes on pages 24 to 53 form part of these financial statements.

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CARDIFF UNIVERSITY STUDENTS’ UNION

(A Company. Limited by Guarantee) REGISTERED NUMBER: 07328777

CHARITY CHARITY BALANCE SHEET. BALANCE SHEET. ;
AS AT 31 JULY 2025
2025 2024
Note £ £
Fixed assets
: Tangible assets 13 1,373 ; 6,865
Investments 14 2,000 2,000
3,373 8,865
Current assets ,
Debtors: amounts falling due after more than .
one year 16 3,004,000 -
Debtors: amounts falling due within one year 16 1,035,628 1,395,959
Investments 17 1,052,537 1,016,735
Cash at bank and in hand - _ 2,887,687 , 1,811,587
. : 7,979,852 4,224,281
Current liabilities
Creditors: amounts falling due within one .
year 18 (929,708) (1,014,338)
’ Net current assets 7,050,144 3,209,943
Total assets less current liabilities 7,053,517 3,218,808
Creditors: amounts falling due after more ;
than one year 20 (3,004,000) -
Provisions for liabilities (189,000) (189,000)
Totalnetassets 3,860,517 3,029,808

Page 21

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_ _ CARDIFF(ACompanyUNIVERSITYLimited STUDENTS’ UNIONby Guarantee) __ — REGISTERED NUMBER: 07328777

|

CHARITY BALANCE SHEET (CONTINUED) , AS AT 31 JULY 2025

2025 2024
Note £ £
Charity funds —
Restricted funds , 25 609,795 72,934
Unrestricted funds
‘General funds ; 25 3,246,349 2,950,009
;
Designated Fixed asset fund 25 1,373 6,865
Total unrestricted funds 25 . 3,250,722 2,956,874
Totalfunds : 3,860,517 3,029,808

The Charity’s net movement in funds for the year was £830,709 (2024 - £359,007).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. . The financial statements were approved and authorised for issue by the Trustees on IS/ i\ / LA25

and signed on their behalf by: . ,

Maria Dorothy Pollard

The notes on pages 24 to 53 form part of these financial statements.

Bage 22,0

TTBage

----- Start of picture text -----
CARDIFF UNIVERSITY STUDENTS’ UNION
; (A Company Limited by Guarantee)
----- End of picture text -----

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

----- Start of picture text -----
2025 2024
£ £
Cash fiows from operating activities
Net cash used in operating activities 1,572,272 922,678
Cash flows from investing activities ;
:
Dividends, interests and rents from investments 83,790 49,440
Purchase of tangible fixed assets (581,092) (350, 318)
Net cash used in investing activities (497,302) (300,878)
Cash flows from financing activities
Net cash provided by financing activities ‘. -
Change in cash and cash equivalents in the year _ 1,074,970 621,800
Cash and cash equivalents at the beginning of the year 3,213,321 2,591,521
Cash and cash equivalents at the end of the year 4,288,291 3,213,321
The notes on pages 24 to 53 form part of these financial statements —_
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CARDIFF UNIVERSITY STUDENTS' UNION | , ;
‘(A Company Limitedby Guarantee)
----- End of picture text -----

----- Start of picture text -----
- "NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
----- End of picture text -----

  1. General information

.

Cardiff University Students' Union is a registered charity and private company limited by guarantee, incorporated in Wales in the United Kingdom. The registered office is Park Place, Cardiff, CF10 3QN. The nature of the group's operations and principal activities are disclosed within the Report of the . Trustees. The financial statements are presented in Sterling (£), the group's functional currency, and rounded to the nearest pound. os ,

2.1 Basis of preparation of financial statements

at .

‘

The financial statements have been prepared in accordance 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 1 January .2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

’ financialCardiff UniversitystatementsStudents’have beenUnionpreparedmeets theunderdefinitionthe historicalof a publiccostbenefitconvention,entity withundertheFRSexception102. Theof investments which are included at market value. - The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

Reclassifications

A reclassification has been made to reclassify amounts held on deposit by the charity from cash at bank and in hand to current assets investments.

A reclassification has been made to reclassify NUS credit scheme from non-current asset investments to other debtors.

A reclassification has been made to reclassify some accrued long term expenditure to provisions.

The trustees have reviewed the forecasts based on the latest 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 concluded that no additional disclosure is required to the financial statements at this time. The trustees are satisfied that it is appropriate for the financial statements to be prepared on a going concern basis.

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CARDIFF UNIVERSITY STUDENTS! UNION (A Company Limited by Guarantee)

----- Start of picture text -----
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
----- End of picture text -----

2. Accounting policies (continued)

2.3 Income

All income is recognised in the Statement of Financial Activities once the group has entitlement to the funds. it is probably that the income will be received, 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 must be used in future accounting periods or the donor has imposed conditions which must be met before the charity has unconditional entittement.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. this income is recognised as the related services are provided 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 the service or event which they relate.

Income from other trading activities 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 sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate.

Investment income is recognised on a receivable basis.

Rentals due under operating leases are charged to income ona straight line basis over the term of the relevant lease.

2.4 Basis of recognition of liabilities

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the group to that expenditure, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Raising funds includes 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 services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

. Support costs are those costs that, whilst necessary to deliver an. activity, do not themselves . 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 accountancy fees and costs linked to strategic management of the group.

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.
CARDIFF UNIVERSITY STUDENTS’ UNION
(A Company Limited by Guarantee)
----- End of picture text -----

. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

----- Start of picture text -----
2. Accounting policies (continued)
----- End of picture text -----

2.5 Allocation and apportionment of costs

All costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. The group has taken advantage of the ‘ transitional exemptions of FRS 102 and carry the long leasehold property at its previously revalued . amount as 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 write off each asset over its estimated useful life:

----- Start of picture text -----
Long-term leasehold property - Over the remaining term of the lease
Leasehold improvements - 5-10 years straight line
Plant and machinery - 5-10 years straight line
Office equipment - 2-5 years straight line
Computer equipment - 3 years straight line .
Tangible fixed assets are are capitalised in line with with the organisation's capitalisation policy as follows:
Leasehold improvements — £2,500 ;
Plant and machinery — £2,500
Office equipment — £2,000
Computer equipment — £1,000
----- End of picture text -----

----- Start of picture text -----
Tangible fixed assets are are capitalised in line with with the organisation's capitalisation policy as follows:
----- End of picture text -----

Fixed asset investments are stated at cost. Provision is made, where necessary, for any permanent diminution in value.

The charity only holds long term cash deposit accounts and no other current asset investments.

2.8 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 date. 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. .

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CARDIFF UNIVERSITY STUDENTS' UNION ' (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

----- Start of picture text -----
2. Accounting policies (continued)
----- End of picture text -----

----- Start of picture text -----
2.9 Stocks
----- End of picture text -----

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items.

Stock is included at the lower of cost or net realisable value using the FIFO stock valuation method.

, Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ;

2.10 Fund accounting

Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

,

2.11 Pension costs and other post-retirement

Up until 24th June 2025 the company participated in the Students' Union Superannuation Scheme, a defined benefit scheme which is externally 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 operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the participating Unions. 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 the Statement of Comprehensive Income. .

The company also operates a defined contribution plan for its employees. Contributions payable to this pension scheme are charged to the Statement of Comprehensive Income in the period to which they relate.

2.12 Employee benefits

° When employees have rendered service to the group, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Page 27

CARDIFF UNIVERSITY STUDENTS' UNION (A Company Limited by Guarantee)

----- Start of picture text -----
, NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
----- End of picture text -----

2. Accounting policies (continued)

2.13 Operating lease commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. . . Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

‘ Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The , unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost. °

2.14 Financial instruments

The group only has financial assets and financial liabilities 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 stated interest rate and receivable within one year are recorded at 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 present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

2.15 Significant accounting judgements 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 circumstances.

The preparation of the financial statements requires management to make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, be likely to differ from the related actual results.

2.16 Concessionary loans

The charity has received concessionary loans for the purpose of furthering charitable objectives. The terms of repayment include interest rates which are below the prevailing market rate. The charity has opted to treat such loans as concessionary loans and accounted for them at transaction cost, rather than at fair value.

,

:

a CARDIFF UNIVERSITY STUDENTS’ UNION . (A Company. Limited:by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

3. Income from donations and legacies . ;
Restricted Unrestricted Total
funds funds funds
2025 2025 2025
£ £ £
Donations - 163 163
Grants 1,764,004 3,326,975 5,090,979
, )
1,764,004 3,327,138 «5,091,142
Restricted Unrestricted Total
: funds ’ funds funds
‘2024 2024 2024
£ £ £
Grants - 326,000 3,326,975 3,652,975
4. Income from charitable activities
; Unrestricted Total
. funds funds
2025 2025
£ £
Jobshop 2,755,782 2,755,782
Athletic Union membership 174,489 174,489
Transport income 60,417 60,417
Give it a Go programme 89,759 89,759
Student development income . - -
Societies membership income 55,137 . 55,137
Other 185,237 185,237
:
3,320,821 3,320,821

Page 29

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CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

.

; .

.

4. Income from charitable activities (continued)

4. Income fromfrom charitable activities (continued) Income fromfrom charitable activities (continued) ‘ . :
. Unrestricted Total —
. , funds funds
, 2024 2024
£ £
)
Jobshop 2,904,046 2,904,046
Athletic Union membership ; 173,453 173,453
Transport income 69,809 69,809
Give it a Go programme 82,748 82,748
Studentdevelopment income 1,258 1,258
Societies membership income
©
)		 54,907 54,907
Other 112,486 112,486
3,398,707 3,398,707
5. Incomefrom othertrading activities
)
Incomefrom non charitable trading activities
.
Unrestricted Total
' funds funds
2025 2025
£ £
Entertainment and venue 865,369 865,369
Bars and food : 3,190,376 3,190,376
Advertising 162,415 162,415
Letting agency 701,857 701,857
Rental Income : 320,862 320,862
Retail Shop 250,751 250,751
Other 52,305 52,305
;
mo 5,543,935 5,543,935

CARDIFF UNIVERSITY STUDENTS’ UNION

. (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

5. Income from other trading activities (continued)

,

Income from non charitable trading activities (continued)

,

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Total| |funds|funds| |2024|2024| |£|£| |Entertainment|and|venue|966,941|—-_-|966,941| |Bars|and|Food|3,283,096|3,283,096| |Advertising|157,234|157,234| |Letting|agency|;|620,451|620,451| |Rental|Income|371,883|371,883| |Retail|shop|270,351|270,351| |Other|137,893|137,893| |5,807,849|5,807,849|

----- End of picture text -----

. 6. Investment income .-

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Total| |funds|funds| |.|2025|2025| |£|£| |Deposit|account|interest|83,790|83,790| |Unrestricted|Total| |funds|funds| |.|2024|2024| |£|£| |Deposit account|interest|49,440|49,440|

----- End of picture text -----

,

.

7. Results of the parent charitable company

The total income of the parent charitable company was £8,484,739 and net income was £830,705.

:

Page 31

*_ (ACompany Limited by Guarantee) _

. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

8. Expenditure on raising funds

.

Other trading activites

'

Unrestricted Total
. funds funds
2025 2025
£ £
Cost of sales 2,203,902 2,203,902
Other costs . 3,064,983 3,064,983
Wages and salaries 3,352,429 3,352,429
8,621,314 8,621,314
:
Unrestricted Total
funds funds
2024 2024
£ £
Cost of sales - 2,348,349 2,348,349
Other costs . 2,592,190 2,592,190
Wages and salaries 3,206,573 3,206,573
. 8,147,112 8,147,112

9. Analysis of expenditure by activities

----- Start of picture text -----
Support Total
Direct Costs costs funds
2025 — 2025 2025
. £ £ £
General 2,772,584 1,715,038 4,487,622
----- End of picture text -----

ry

‘

CARDIFF UNIVERSITY STUDENTS' UNION _ (ACompany Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 JULY 2025

9. Analysis of expenditure expenditure by activities (continued)

Analysis of expenditure expenditure by activities (continued) . ; Support Total Direct Costs costs funds 2024 2024 2024 oe £ £ £ General . 2,948,771 1,739,329 4,688,100

,

Analysis of direct costs

:

,

,
Total
Activities funds
2025 2025
. £ £
Staff costs 2,592,593 2,592,593
Other costs 179,991 179,991
: 2,772,584 2,772,584
Total
Activities funds
2024 2024
£ £
Staff costs ‘ 2,734,274 2,734,274
Other costs 214,497 214,497
: 2,948,771 2,948,771

----- Start of picture text -----
,
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Page 33

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CARDIFF UNIVERSITY STUDENTS’ UNION

‘

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

9. Analysis of expenditure by activities (continued)

Analysis of support costs

,

,

.

‘

Total
Activities funds
; 2025 2025
. - £ £
Staff costs 1,081,134 1,081,134
Depreciation 2,587 2,587
Other costs : 612,417 612,417
Governance costs 18,900 18,900
- 1,715,038 1,715,038
.
Total
Activities funds
2024 2024
£ £
Staffcosts 1,057,760 1,057,760
Depreciation 7,411 7,411
Other costs 656,758 656,758
Governance costs 17,400 17,400
, 1,739,329 1,739,329
10. Auditors’ remuneration
2025 2024
. £ £
Fees payable to the Charity’s auditor for the audit of the Charity's annual ;
accounts 18,900 17,400

“

*“ - 10. Auditors’ remuneration

age 4

’

a

.

CARDIFF UNIVERSITY STUDENTS' UNION (A Company Limited by Guarantee)

‘NOTES TO THE FINANCIAL STATEMENTS ‘FOR THE YEAR ENDED 31 JULY 2025

;

.
Staff costs
;
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Wages and salaries 7,026,156 6,998,607 3,673,727
7,026,156 6,998,607 3,673,727 3,797,866

11. Staff costs

,

The average number of persons employed by the Charity during the year was as follows:

Group Group Charity Charity Charity
2025 2024 2025 2024
Sabbatical officers 7 7 7 7
Jobshop 617 645 617 645
Administrative 34 , 28 , 34 28
Cost of sales 189 188 - -
;
Administrative 91 84 : -
938 952 658 680

:

,

During the year ended 31 July 2025 the During the year ended 31 July 2025 the full-time equivalent full-time equivalent number of staff number of staff employed was 222 (2024: was 222 (2024:
226). ‘
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was: ,
: ; Group Group
2025 2024
: No. No.
. In the band £60,001 -£70,000 . - 3
In the band £70,001 -£80,000 . 3 —
In the band £80,001 - £90,000 ; 1 -
In the band £90,001 - £100,000 ; . - 1
Intheband£110,001-£120,000 1 -

Total remuneration paid to key management personnel (Including Sabbatical trustees) in the year was £643,301 (2024: £612,986).

Page 35

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CARDIFF UNIVERSITY STUDENTS' UNION (A Company Limited by Guarantee)

NOTESTO TOTHE FINANCIALSTATEMENTS
. FOR THEYEARENDED31JULY2025

12. Trustees’ remuneration and expenses

sO

Trustees who are elected to the role of Sabbatical Officers are remunerated for their services on an : annual basis as authorised under Section 6 of the Articles of Association.

During the year, remuneration including employers pension contributions, was paid to 13 (2024 — 11) Sabbatical Officers in respect of these roles as follows:

,

,

,

,

.

2025 2024
: £ £
Olusola Anne-Marie Bold Remuneration 23,030 3,102
: Pension contributions paid 471 -
Eve Hallé Chamberlain : Remuneration 25,557 3,102
Pension contributions paid 531 -
Ana Maria Nagiel Escobar Remuneration 23,427 3,102
Pension contributions paid 483 -
Madison Poppy Johnston Hutchinson Remuneration 23,980 24,885
: Pension contributions paid 548 374
Micaela Louise Panes Remuneration 23,427 24,812
‘Pension contributions paid 531 511
Catrin Edith Parry Remuneration 23,427 3,102
Pension contributions paid 386 -
Georgia KelseySpry ‘ ° Remuneration 23,427 24,812
Pension contributions paid 531 511
Molly Elizabeth Elliott Remuneration 3,245 -
Hanan Haliru Remuneration 4,787 -
Cynwal Ap Myrddin Remuneration 3,245 -
Sean PeterStrong Remuneration 3,245 -
Joshua Lloyd Tandy Remuneration 3,245 -
MariaDorothyPollard Remuneration 3,322 -

During the year under review 0 (2024: 4) Sabbatical officers were paid a total of ENil (2024: £459) in respect of travel expenses.

During the year ended 31 July 2025, expenses totalling £1,791 were reimbursed or paid directly to 4 Trustees (2024 - £1,308 to 3 Trustees) in respect of travel and accommodation expenses.

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aa a am rr NR RR CARDIFF UNIVERSITY STUDENTS’ UNION : ’ ' | (ACompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

13. Tangible fixed assets

Group

Leasehold
Long-term improvement .
leasehold work in Office Computer Leasehold
property progress equipment equipment improvements Total
£ a
3		 £ £ £ £
Cost or valuation : .
At 1 August 2024 14,000,000 274,599 580,616 124,912 3,533,956 18,514,083
Additions - 510,105 65,999 4,988 : 581,092
Disposals : : (132,898) (21,520) - (154,418)
Transfers between classes ” : (695,420) 4,869 - 690,551 -
"At 31 July2025 14,000,000 89,284 518,586 108,380 4,224,507 18,940,757
,
Depreciation
At1August 2024 oO 5,185,873" *
-		 472,354 121,009 921,469 6,700,705
Charge for the year 137,185 : 59,457 2,776 360,355 559,773
On disposals - - (128,786) (21,520) - (150,306)
* At31July2025 5,323,058 - 403,025 102,265 1,281,824 7,110,172

.

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' CARDIFF UNIVERSITY STUDENTS’ UNION ;
»
j (A Company Limited by Guarantee) }
Lo
: . NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
13. Tangible fixed fixed assets (continued) .
7 ,
Group (continued)
; Long-term“Leaseholdimprovement“Leaseholdimprovementimprovement . .
----- End of picture text -----

----- Start of picture text -----
Tangible fixed fixed assets (continued) .
7 ,
Group (continued)
.
Long-term“Leaseholdimprovement“Leaseholdimprovementimprovement .
leasehold work in Office Computer Leasehold .
property progress equipment equipment improvements Total
£ £ £ £ £ £
Net book value
At 31 July 2025 8,676,942 89,284 115,561 6,115 2,942,683 11,830,585
At 31 July 2024 8,814,127 274,599 108,262 3,903 2,612,487 11,813,378
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_ [CARDIFF] [UNIVERSITY] [STUDENTS’] [UNION]
" ee _ * vw vm (A: Company Limited by Guarantee) oes vee so
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025 ,
----- End of picture text -----

13. Tangible fixed assets (continued)

Charity

'

Office Computer ~
equipment equipment Total
£ £ £
Cost or valuation .
At 1 August 2024 80,246 33,891 114,137
Disposals (7,261) (1,421) (8,682)
At 31 July 2025 72,985 32,470 105,455
Depreciation
At 1 August 2024 73,857 33,415 107,272
Charge for the year 2,111 476 2,587
On disposals (4,356) (1,421) (5,777)
At 31 July 2025 71,612 32,470 104,082
)
Net book value
At 31 July2025 1,373 - 1,373
At 31July2024 6,389 476 6,865

, The group elected to adopt the transitional exemption of FRS 102 and has used the long leasehold properties’ previous valuation as deemed cost.

If freehold property had not been revalued they would have been included at the following historical cost:

. Group Group
2025 2024
; £ £
Freehold property cost 1,554,978 1,554,978
Freehold property depreciation . (1,554,978) (1,554,978)

Page 39

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CARDIFF UNIVERSITY STUDENTS’ UNION
(A Company Limited by Guarantee)
ee
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

14. Fixed asset investments Fixed asset investments -
Unlisted
investments
Group £
Cost or valuation
At 1 August 2024 . . 73,563
Prioryear adjustment (11,563)
At 1 August2024 62,000
At 31 July2025 62,000
Net book value —
a At31 July2025 62,000
At31 July 2024 ‘ . 62,000
Theabove unlisted investments relate toWelshRugbyUnion Debentures. .
Unlisted
"investments
.
Charity		 £
.
. Cost or valuation
At
1 August 2024		 2,000
) At31 July2025 ; 2,000
Net book value : a
At 31 July2025 2,000
At31July2024 2,000

‘The above unlisted investments relate to Welsh Rugby Union Debentures.

ar

a

Page 40

CARDIFF UNIVERSITY STUDENTS' UNION.

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

15. Stocks

ae

Group Group
2025 2024
£ £
Retail stock 44,036 65,816
Venues- wet stock and food 38,546 36,792
82,582 102,608

16. . Debtors

.

.

16. . DebtorsDebtors
. Charity Charity
2025 2024
£ £
Due after more than one year
Amounts owed bygroup undertakings 3,004,000 -
For further information, refer to note 21.
Group Group Charity - Charity
2025 2024 — 2025 2024
£ £ £ £
Due within one year
Trade debtors 834,560 746,880 590,163 414,484
Amounts owed by group undertakings - - 348,612 792,932
Other debtors 104,881 35,572 1,220 1,919
Prepayments and accrued income 185,521 324,538 95,633 186,624
1,124,962 1,106,990 1,035,628 1,395,959
17. Current asset investments
Group Group Charity Charity
2025 2024 2025 2024
; £ £ £ £
95daysnoticesavingaccounts 1,052,537 1,016,735 1,052,537 1,016,735

, Page 41

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CARDIFF UNIVERSITY STUDENTS’ UNION
‘ (A Company Limited‘by Guarantee)
a AAR
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NOTES TO THE FINANCIAL STATEMENTS ’ FOR THE YEAR ENDED 31 JULY 2025

.

Creditors: Amounts falling due within one year
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Trade creditors 833,656 555,465 — 20,766 86,233
Other taxation and social security 158,716 135,562 40,053 16,222
Other. creditors 976,743 926,323 717,408 636,121
Accruals and deferred income 775,841 718,789 151,481 275,762
2,744,956 2,336,139 929,708 1,014,338
Deferred income
Included within creditors above is the following deferred income:
2025 2024
£ £
Rental deposits held 42,618 38,760
Gig tickets/deposits 216,616 230,714
Other deferred sales 73,473 71,185
332,707 340,659

18. Creditors: Amounts falling due within one year

19. Deferred income

The deferred income relates to monies received in advance of the period or events to which they relate.

:

All amounts excluding the £38,760 of rental deposits held in the year ended 31 July 2024 were released to the Statement of Financial Activities during the year and amounts deferred in the year ended 31 July 2025 are new sources of income. ‘

Rental deposits held relate to rental income.

20. Creditors: Amounts falling due after more than one year

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£ £ €£ £
Other loans ° ° 3,004,000 - 3,004,000 -
For further information, refer to note 21. ;
----- End of picture text -----

. %

.

;

CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited: by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

21. Concessionary loans

On the 24th June 2025 the organisation ceased to participate in the SUSS pension scheme due to a section 75 buyout which was facilitated by the means of a loan from Cardiff University to the parent Charity company. The loan provided totalled £3,004,000, which included the section 75 buy out figure of £2,893,000 plus associated fees. The loan is made on an interest free basis with repayments over a 12 year period commencing in August 2026.

The loan with Cardiff University is being treated as a concessionary loan. Included within the loan agreement is that the University under condition could request repayment on demand. The loan carrying value has therefore not been adjusted to fair value.

The loan repayment schedule has nil payment requirement in 2025-26, but from August 2026 until July 2038 a monthly payment of £20,861 (except August 2026 £20,877) is required to be made until the loan is fully repaid. .

If the loan however had been adjusted to fair value the following amounts would have been included within the accounts to adjust to fair value (based on Bank of England base rate at August 2025 of 4% which is the assumed interest benefit amount):

Notional : .
interest
adjustments		 Bifwd Interest @
4.00%		 :
DiscounttoFV		 Repayments Clfwd
each year
£ £ £ £ £
2025/26 3,004,000 90,362 - 744,962 - 2,349,400
2026/27 2,349,400 93,976 - 250,348 2,193,028
2027/28 2,193,028 87,721 - - 250,332
2028/29 2,030,417 81,217 - 250,332 1,861,301
2029/30 1,861,301 74,452 - 250,332 1,685,421
2030/31 1,685,421 67,417 - 250,332 1,502,506
2031/32 . ” 4,502,506 60,100 - 250,332 1,312,275
2032/33 1,312,275 52,491 - 250,332 1,114,434
2033/34 1,114,434 44,577 - 250,332 908,679
2034/35 908,679 36,347 - 250,332 694,694
2035/36 694,694 27,788 - 250,332 472,150
2036/37 472,150 18,886 - 250,332 240,704
2037/38 240,704 9,628 - 250,332 -

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4

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, CARDIFF UNIVERSITY STUDENTS’ UNION

. (A Company Limited by Guarantee) . NOTES TO THE FINANCIAL STATEMENTS * FOR THE YEAR ENDED 31 JULY 2025

22. Pension Provision

Pension Provision °
2025 2024
’ £ £
.
Balance at 1 August . 4,625,233 4,821,724
Unwinding ofdiscounted amount a 213,239 146,796
Payments during the year * (3,253,447) (343,287)
Revaluation (1,585,025)
Balanceat31July - 4,625,233

In July 2025 the organisation exited the SUSS Pension scheme through a section 75 buyout.

23. Provisions

. , Group and Charity , . Provision £ At 31 July 2024 , 189,000 . . At 31 July 2025 . 189,000 _ relateProvisionsto amountsrelate tocontractuallyliabilities wheredue underthe timingthe termsand ofamount a long ofstandingsettlementagreement,is uncertain.but whereThe settlementprovisions oat has not been agreed with the provider. The trustees have provided for the amount they estimate to be ‘ settled in the future, although the timing of such settlement is also uncertain. ,

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CARDIFF UNIVERSITY STUDENTS’ UNION
(A Company.Limited by Guarantee)
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----- Start of picture text -----
_ NOTESFOR THETO THE YEARFINANCIALENDED 31STATEMENTSJULY 2025
----- End of picture text -----

24. Employee benefit obligations

.

DEFINED BENEFIT - SUSS

Up until 24th June 2025 the company participated 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 service up to 30 September 2003 are accrued on a “final salary" basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the scheme closed to future 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 to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136.6m which reported 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 rate of return on investments and the rates of increase in salaries and pensions.

In addition to the above contributions, the company also paid its share of the scheme's levy and - associated expenses to the Pension Protection Fund. :

During the year with the benefit of an interest free loan from Cardiff University, the organisation ceased to participate in the scheme by means of a section 75 exit on 24th June 2025.

Prior to exiting the total contributions paid into the scheme by the Union in respect of eligible employees amounted to £360,447 which are all deficit contributions (2024: £343,287). At the year end as a result of the section 75 buy out there was nil liability to the scheme (2024: £4,625,233). .

DEFINED CONTRIBUTION

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £102,365 (2024: £96,019). At the year end there were outstanding contributions of £19,077 (2024: £17,323).

.

Page 45

4 (e

CARDIFF UNIVERSITY STUDENTS’ UNION . (A Company Limited by Guarantee) ' NOTES TO THE FINANCIAL STATEMENTS ; FOR THE YEAR ENDED 31 JULY 2025 25. Statement of funds

.

Statement offunds - currentyear Statement offunds - currentyear year
. Balance at 1 Transfers Gains/ Balance at
August 2024 Income Expenditure in/out (Losses) 31 July 2025
, £ £ £ £ £ £
Unrestricted .
funds
General Funds 1,886,847 12,275,684 (12,148,750) (210,000) -.
:		 1,803,781
Designated . ;
fixed asset fund 2,999,250 - . (930,022) 1,085,348 - 3,154,576
Pension
reserve
—		 (4,625,233) - - 3,253,446 1,371,787 -
Revaluation.
reserve 8,814,127 : - - (137,815) - 8,676,312
Loan reserve -— - ‘ - (3,004,000) . - (3,004,000)
Capital repairs
and : ; . 4
** maintenance ‘ :
designated - - - 210,000 - 210,000
9,074,991 12,275,684 (13,078,772) 1,196,979 1,371,787 10,840,669

Page 46

e

%

CARDIFF UNIVERSITY STUDENTS' UNION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

:

.

25. Statement of funds (continued)

Statement of fundsfunds (continued) Statement of fundsfunds (continued) +
Balance at 1 Transfers Gains/ Balance at
August 2024
£		 Income
£		 Expenditure
£		 in/out
£		 (Losses)
£		 31 July2025
£
,
Restricted
funds
.
Period Poverty
Grant 6,287 - (96) - - 6,191
Cardiff
Volunteering		 27,799 - (68) - - . 27,731
Second
Passenger Lift
—		 38,848 222,615 - (261,463) - -
Medr - 30,000 (30,000) - - -
Cardiff
University - ;
Solar - 165,000 - (165,000) - -
Cardiff
University -
RAAC Roof - 1,346,389 - (770,516) - 575,873
72,934 1,764,004 (30,164) (1,196,979) - 609,795
Total offunds 9,147,925 14,039,688 (13,108,936) - 1,371,787 11,450,464
_ Statement of funds-~-prioryear. ,
Balance at
1 August Transfers Gains/ Balance at
2023 Income Expenditure in/out (Losses) 31 July2024
£ £ £ £ £ £
Unrestricted . ;
funds
General Fund 1,746,590 12,582,971 (11,980,638) (462,076) - 1,886,847
Pension
Reserve		 (4,821,724) - , - 343,287 (146,796) (4,625,233)
Revaluation
reserve 9, 183,828 - - (369,701) - 8,814,127
Designated
Fund: Fixed
Asset Fund 3,068,660 - (789,052) 719,642 - 2,999,250
9,177,354 12,582,971 (12,769,690) 231,152 (146,796) 9,074,991

, Page 47

;

. CARDIFF UNIVERSITY STUDENTS' UNION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

.

25. Statement of funds (continued)

.

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |‘Balance|at| |1|August|Transfers|Gains/|—_Balance|at| |2023|Income|Expenditure|in/out|(Losses)|31|July 2024| |£|£|£|£|£|£| |Restricted| |funds| |Waste|&|,| |Recycling| |Project|6,090|-|(6,090)|-|-|-| |Period|Poverty|.|.|.| |Grant|9,404|-|(3,117)|-|-|6,287| |Cardiff| |Volunteering|28,114|-|(315)|-|-|27,799| |Second|-|:| |Passenger|Lift|-|270,000|-|(231,152)|-|38,848| |Black|History|.| |Month|-|1,000|—~|~—«|(1,000)|-|-|-| |HEFCW|-| |Wellbeing|and|.|:| |cost|of|living| |initiatives|~|50,000|(50,000)|;|-|-|-| |Enriching| |AwardsStudent|Life|-|5,000.|(5,000)|;|-|-|-| |43,608|326,000|(65,522)|(231,152)|-|72,934| |Total|of funds|9,220,962|12,908,971|(12,835,212)|-|(146,796)|9,147,925|

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Page 48

a

6

.

:

CARDIFF UNIVERSITY STUDENTS' UNION (A.Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

26. Summary of funds

Summary offunds -current year offunds -current year offunds -current year ,
Balance at 1 Transfers Gains/ Balance at
. . August 2024 Income Expenditure in/out (Losses) 31 July 2025
£ £ £ £ £ £
General funds 9,074,991 12,275,684 (13,078,772) 1,196,979 1,371,787 10,840,669
Restricted , 7
funds 72,934 1,764,004 (30,164) (1,196,979) a 609,795
9,147,925 14,039,688 (13,108,936) - 1,371,787 11,450,464
Summary offunds - prior year . .
7
- Balance at ,
1 August
2023		 Income Expenditure Transfers
in/out		 Gains/
(Losses)		 __Balance at
31 July2024
£ £ £ £ £ £
General funds 9,177,354 12,582,971 (12,769,690) 231,152 (146,796) 9,074,991
Restricted
funds 43,608 326,000 (65,522) (231,152) - 72,934
.
9,220,962 12,908,971 (12,835,212) - (146,796) 9,147,925

Page 49

’ CARDIFF UNIVERSITY STUDENTS’ UNION - ; , , . (A Company Limited by Guarantee) . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

27. Funds

Designated Funds

,

oo ,

Pension Reserve

In 2018 the trustees decided to designate the pension liability held in Cardiff Union Services Limited. Following the section 75 buyout this has been replaced with a loan liability reserve to Cardiff University.

Pension loan reserve . Lo , In 2025 the organisation ceased participation in the SUSS pension scheme as a result of a section 75 buyout. This was enabled by a loan from Cardiff University. A reserve is designated to show this element of liability. Fixed asset fund . 7 In 2018 the trustees decided to designate the net book value of the group's fixed assets.

RESTRICTED FUNDS

;

Period Poverty Funding of £15,000 was received during 2020 from Higher Education Funding Council of Wales, via : Cardiff University, towards the period poverty project.

Cardiff University - Second Passenger lift

Grant funding totaling £492,615 was received from Cardiff University towards the cost of the second passenger lift installation. The remaining grant funds received from this and the prior year were spent in the year. '

Cardiff University — RAAC Roof replacement

Grant funding of £2,326,308 has been agreed for the replacement of the RAAC roof and installation of a second solar array. The grant is being paid on profile of spend with £1,346,389 being received in the year. The project will complete prior to the end of the 2025-26 financial year.

.

:

Cardiff University — Solar Array

Grant funding of £165,000 was received from Cardiff University for the installation of a solar array on one area of the roof space. The grant funds have been fully spent in the year for the first phase of the project. The array will be expanded as part of the RAAC roof project. ‘

Cardiff University — Medr Wellbeing and cost of living initiatives

Grant funding of £30,000 was received from Medr (replacement of Higher Education Funding Council for Wales) in the current financial year 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, a registered charity, took the decision to dissolve the charity and transfer the remaining assets to its parent, Cardiff University Students’ Union. The donation of £29,094 is restricted for continued use in line with the originating charitable objectives of Cardiff Volunteering.

PRIOR YEAR ONLY

Waste & Recycling project Funding of £8,500 was received from Cardiff University in 2018 towards initiatives for waste and recycling. The remaining part of this funding was spent in the prior year.

Black History month . : . Funding of £1,000 was received via Cardiff University towards Black History Month. This funding was fully spent in the year.

Page 50

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.
CARDIFF UNIVERSITY STUDENTS’ UNION
(A Company, Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
----- End of picture text -----

HEFCW — Wellbeing and cost of living initiatives Grant funding of £50,000 was received. from Higher Education Funding Council for Wales in the current financial year for wellbeing and cost of living initiatives. This funding was fully spent in the year.

Cardiff University — Enriching Student Life Awards Contribution

Grant funding of £5,000 was received towards the cost of the Enriching Student Life Awards event. The funds were fully spent in the prior year.

28. Related party disclosures

,

During the financial year and the previous year, there were no further related party transactions requiring disclosures.

29. Analysis of net assets between funds between funds between funds ,
Analysis of net assets between funds -current year
Restricted Unrestricted Total
funds funds funds
2025 2025 2025
£ £ £
.
Tangible fixed assets - 11,830,585 11,830,585
Fixed asset investments - 62,000 62,000
Current assets 609,795 4,886,040 5,495,835
—
Creditors due within one year - (2,744,956) (2,744,956)
Creditors due in more than one year - (3,004,000) (3,004,000)
Provisions for liabilities and charges - (189,000) (189,000)
to Total 609,795 10,840,669 11,450,464
Analysis of net assets between funds- prioryear
, . Restricted Unrestricted Total
funds funds funds
2024 2024 2024
oo. . £ £ £
Tangible fixed assets - 11,813,378 11,813,378
Fixed asset investments - 62,000 62,000
Current assets 72,934 4,349,985 4,422,919
Creditors due within one year - (2,336,139) (2,336,139)
Provisions for liabilities and charges - (4,814,233) (4,814,233)
Total 72,934 9,074,991 9,147,925

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CARDIFF UNIVERSITY STUDENTS’ UNION
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(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

30. Reconciliation of net movement in funds to net cash flow from operating activities

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Group Group
2025 2024
. £ £
Net income for the year (as per Statement of Financial Activities) 930,752 73,759
Depreciation charges 559,773 789,052
Pension fund charges/unwinding (213,239) (146, 796)
Provision of bad debts 3,845 -
Bankinterest - (83,790) (49,440)
Loss on the sale of fixed assets 4,112 376
Decrease/(increase) in stocks (20,026) 33,718
Increase in debtors (17,972) (60,262)
Increase in creditors . 408,817 478,762
Decrease in pension liability - (196,491)
Net cash provided by operating activities 1,572,272 922,678
31. Analysis of cash cash and cash equivalents
Group Group
2025 2024
£ £
Cash in hand 4,288,291 3,213,321
Total cash and cash equivalents 4,288,291 3,213,321
32. Analysis of changes in net debt ,
At 1 August At 31 July
: 2024 Cash flows . 2025
. £ £ . £
Cash at bank and in hand 2,196,586 1,039,168 3,235,754
Debt due after 1 year - (3,004,000) (3,004,000)
95 day notice savings accounts 1,016,735 35,802 1,052,537
3,213,321 (1,929,030) 1,284,291
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31. Analysis of cash cash and cash equivalents

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CARDIFF UNIVERSITY STUDENTS’ UNION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

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33. Operating lease commitments

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At 31 July 2025 the Group and the Charity had minimum lease payments under non-cancellable
operating leases fall due as follows: .
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Not later than 1 year 15,787 17,859 11,377 13,136
Later than 1 year and not later than 5 years 21,344 8,534 15,708 8,254
37,131 26,393 27,085 21,390
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Total lease payments recognised as an expense in the year were £25,946 (2024: £27,821).

34. Contingent assets

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The charity has grant funding of £979,919 relating to its RAAC roof repairs. The claim is subject to approval by the funder based on the start and progression of its RAAC roof repairs. Based on correspondence received, the trustees consider it probable that the claim will be approved, but as the amount is not yet certain, it has not been recognised in the financial statements. The charity does also not consider any reimbursements to be likely.

35. Lessor lease commitments

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At the reporting date, the charity had contracted with tenants for the following minimum leases payments (income):

2025 2024
£ £
Within 1 year 214,963 190,103
Between 2 - 5 years 732,516 596,912
Over 5 years 325,037 160,770
1,272,516 947,785

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