Prifysgol
Metropolitan
Caerdydd
Metropolitan
University
2020 - 2021
ANNUAL REPORT &
FINANCIAL STATEMENTS
' THEthTINIL%
IESuIY￿7lUE
UNIVERSITY
UNIVERSITY

Annual Report Financial StatÈment520ZO- 2021
C#x(fjffMet
Charity Name:
Cardiff Metropolitan Unlversity
Charity Registration Number:
1140762
Registered Office
Maritime House
Uandaff Campus
Cardiff CF5 2YB
www.cardiffmet.aGuk

AnThJal R•port and F5rtancial statements 2020- 2021
Car<fJffMet
Contents
Report of the Board of Governors
Corporate Governan￿ Statement
11
Annual Remuneration Statement
14
Governors & Directorate
16
Key performance Indicators
Independent auditors, report
Statement of Principal Accounting Policles
Consolidated & University Statements of
Comprehensive Income & Expenditure
Consolidated & University Statements of
Changes in Reserves
Consolidated & Universlty Statements of
Financial Position
17
21
24
30
31
32
Consolidated Cash Flow Statement
33
Notes to the Financial Statements
34

Annujl Rewrt and Finanaal St*8m8ryts 2020- 2021
Report of the Board of Governors
Public Benef it Statement
Cardiff Metropolitan University Seeks to advance higher education and research within South East Wales, Wales, the
UK and internationally. Ils charitable objective 15 to inspire and enable individuals, organisations and communities to
succeed through innovation In high quality learning, research and enterprise. The benefit of this charitable oble¢tive
is derived through the intellectual development of indivKluals and by providing the opportunity for them to enter
professional life in many fields of public and private provision. The beneficiaries are the public at large to whom
education is open. The University's prov¢sion has been aligned with the Welsh Government's strategy for higher
education and serves the publiG bellefit by contributing to regional regeneration, preservation of the environment and
promotion of social justlce.
The UnNersity offers courses in a range of subjects in¢luding health and social care, teacher educatlon and
environmental management with over 50 professional bodies accrediting its courses. It also engages with partners In
business, the public sector and communities in a variety of ways. Speciticalty, during 2020121 the University..
la}
Undertook Sport Development for Cardiff City Council. The University, through Cardiff Met Spor( is
working with the Council, Cardiff City FC, Sport Wales and Disability Sport Wales to Increase sports
parti¢ipalion and the quality of the experience across the city. The project, which places particular
emphasis upon addressing key themes including disability, gender, and disadvantaged groups, is also
contributing lo the strengthening of Cardiff Met's relationships with all of the city's primary and
secondary schools and supports thousands of hours of studenl work pla¢ement and volunteering
opportunities.
Parllcipated as a part of its widening access programme, in the First Campus Initiative which
encourages the importance of learning amongst community first areas and schools in SE Wales.
Ibl
Icl
Admlnistered and supported a £12m pan Wales advisory and implementation seNice in food
technOl￿Y related initiatives, including areas such as technical, microbiological, hygiene and product
development to help clients ISMES) achieve measurable outputs and clear financial, énvtronmental
and skill-based benèfits and to maximise business performance.
Idl
Worked with Welsh Government to provide Knowledge Transler Centres as an effecthje Interface
between academia and Welsh business - providing access to research. development, expertise,
facilities and knowledge to a wide range of technology led businesses.
lel
Used ils sports facilities to provide junior academies for local children and training tacililies for all
levels of athlete, thereby supporting world class participants in a range of national and intemational
sports.
In
Operated a Community Borrower Scheme which provide5 the public wth direct access to the
University's library collections, enabling them to borrow books or other audio-visual education
materials.
Igl
Actively promoted the National Young Ambassador programme whlch aims to inspire young people
to become leaders through sport and physlcal activity.
Ihl
Hosted sustainability events to bring together aml engage ourcampus community with our neighbours
and Surrounding communities. These'community Days, promote partnership with many local charity
and school groups and small businesses, and include activities such as Repair Cafes. Farmers
Markets, Litter Picks etc. The University is also a key sponsor of the City's public cycle network.
hosting cycle hubs at each of its campuses and prowding 5,000 free memberships for its community.
Continued to support and provide funding towards the CIt￿S Student Liaison Officer. a role that
supports Cardiff's universities and provides volunteering opportunities in the city, helping in local
communities.

Artnual Rgporland FIna￿la1 sratèm•nts 2020 2021
Report of the board of Governors (continued)
Public Benetit Statement (contlnued)
(il
Donated 100kg of dry and frozen food to the Cardiff food bank.
Ik)
Saw the return of the award-winning Schck)l Holiday Enrichment Programme ISHEPI. SHEP is a
school-based education programme that provides food and nutrition education, physical actimty.
enrichment sessions and healthy meals to children in areas ot social deprivation during the school
summer holidays. Since the programme's launch in 2016, the number of schools enrolled has
continued to grow year-on-year.
Secured funding through Cardiff & Vale Unlversity Health Board to improve the provision of Exercise
Referral acros5 Cardiff. strengthening the relationship between primary care, social prescribing,
exercise referral and community physical activity. The programme is contributlng towards the Move
More Eat Well strategy across Catdiff & Vale of Glamorgan.
Im)
Participated In Step In- an innovative project developed between Cardiff Met Sport and the Police &
Crlme Commissioner office, the programme diverts young people aged 11-18years away from youth
lustice services and Into more positive opportunities via sport and physical actmty.
During the year. Welsh domiciled students of the University were able to access the Assembly Learring Grant and
English domiciled students the Maintenance Grant. the University a150 Offered its own bursarles. Varlous other
schemes were also available to assist students to aGcess higher education and the Unniersity administered a
discretionary contingency fund for those who required financial support to continue their studies. The Universlty
offered a wide range of accredited taster sessions at outreach centres and bespoke projects deslgned to raise the
aspirations amongst disadvantaged/under-represented communities
In common with other charitable higher education corporations in the UTr( the Universty is overseen by a Board of
Governors, the majority of whom are non-remunerated and otherwise independent of the University. The Board of
Governors includes staff and student representation.
Responsibilities of the Board of Governors
In accordance with the Education Reform Act 1988 the Board ol Governors of Cardiff Metropolitan University is
responsible for the administration and management of the attairs of the University and is required to present audited
financial statements for each IlnancSal year.
The Board of Governors is responslble for keeping proper accounting records whlch dlsclose wth reasonable
accuracy at any time the financlal positlon of the Unlversity and to enable it to ensure that the finanaal statements
are prepared in accordance wSth the Statement of Re¢ommended Practice ISORP)= Accounting lor Further and
Hlgher Education (effective from 1 January 20151 and in a¢¢ordan¢e with applicable Accounting Standards. In
addition, within the terms and conditions of the Flnancial Management Code issued by the Higher Education Funding
Council forwates, the Board, through Its designated office holder, is required to prepare financial statements for ea¢h
flnancial year whlch give a true and falr vlew of the state of aff￿rS of the University. of the surplus or deficit and cash
flows for that year.
In preparing these financial stalements, the Board of Governors has ensured that..
sultable a¢counting policies are selected and applied conslstently.
judgements and estimates are made that are reasonable and prudent-
applicable accounting standards have been followed, subject to any materfal departures disclosed and
explained In the financial statements;
financial statements are prepared on the going concern basis unless It Is Inapproprlate to presume that the
University will continue in operation.

Anrwl R•port Stbtemeilts 2020- 2021
Report of the board of Governors (continued)
Responslbllltles of the Board of Governors (continued)
The Board of Govemors has taken reasonable Steps to..
ensure that fijnds from the Higher Education Funding Council for Wales are used only for the purposes for
which they have been given and in accordance with the Financial Management Code wlth the Funding Councll
and any other conditions which the Funding Council may from time to time prescribe.,
ensure that there are appropriate financial and management controls in place to safeguard public funds and
funds from other sources.,
safeguard the assets of the Universily prevent and detect fraud.,
secure the economical, efficient and effective management of the University resources expenditure.
By order of the Board
P¢ofessor C Carmlchael Ailchlson
President & Vice-chancellor
g December 2021

Annual Roport Jnd FirhJna?I Statefflents 2020- 2021
C8rcfffMet
Report of the board of Governors (continued)
Operating and Financial Review
Swpe of the Financlal Statements
These financial statements relate to the year ended 31 July 2021 and represent the twenty ninth Annual Report of the
University slnce its Incorporation in 1992. The financial statements consolidate the main activity of the University with
that of its subsidiary companies and have been prepared in accordance with the Statement of Recommended Practice
(SORPI= Accountin9 for Further and Higher Education 2019 and in accordance with Financial Reporting Slandard
IFRSI 102.
Principal Actlvities
The principal actiwty of the University is the provision of higher education from campuses in Cardill and through
collaborative activities elsewhere in the UK and oversea& The Universivs portfolio extends across undergraduate,
postgraduate and research activities and is complemented by training. consultancy and other commercial spln ofts
which are provided to local, national and International organisations. The University also provides conferencing and
residential services, together with sports and catering facilities, for students and external users. Many of these
commercial activities are carried out through a subsidiary company Cardiff Met Company Ltd, whlch gifts the taxable
profil back to the University through the Gift Aid scheme.
Financial and Investment strategy
The University last revtewed and updated its Financial Strategy during July 2018. This Strategy has the key oLlectives
of growing and dtversifying incom&, promoting long-term sustainability., and operating elliciently and effectively. The
Strategy includes challenging perfomance objectives in support of the Universlty's aspirations for the future.
Results for the Year
The year started In an uncertain manner due to the coronavirus pandemiG and continued in muth the same way
throughout, with the second national lock-down adding a new layer of uncertainly and disruption mid-way through the
year. Despite this, the unlversity delivered a very strong financial pertormance and is appreciative of the additional in-
year Covid related grant funding that was provtded by the Welsh Government to the Welsh higher education se¢tor.
The group's income increased by £15.2m to £122.3m12020.. £107.Iml, assisted by the receipt of the aforementioned
Welsh Government funding which amotjnted to circa £10m. The financial results for the year show that the university
delivered an accounting surplus ot £2.861m {2020-. Deffcit of £1.286ml and generated an operationJ cash surplus of
£18.1m 12020.. £8.6ml. In the period slnce the Introduction of FRS 102 during 201512016 there has been a slark
presentational divergence between the strength of the UnNer5itys operational cash generation and its accounting
result. This distortion of the financial results has resulted from the continuing need to account for pension deficit
charges in relation to two of the universlvs three staff pension schemes, namely, the Cardiff & Vale of Glamorgan
Pension Scheme ICVGPSI, and the University Superannuation Scheme IUSSI. The combined impact of the pension
deficit charges arising from these two schemes amounted to £10.9m (2020.. £5.2ml during the year. These charges
do not impact on operational cash generatlon however, and as such the university was able to signif￿antlY increase
its accumulated cash reserve& The financial results for theyear demonstrate very solid perfomiance,e5pecially when
viewed from the perspeotive of 0￿rating during a pandemic whlch had a significant impact on several of the group's
income streams Including residences, caterlng. conferenclng, the hlre of sports facilities and parking.

ANwal RÈpDrt arid Finandal sratemeDts 2020- 2021
Report of the board of Governors Icontinued)
Operating and Flnanclal Revlew (contlnued)
Results for the Year {continued)
Summary of Results
2020121
£000
2019120
£000
Income
122,289
107,124
Expenditure
119,428
108,410
Surplus/(Deficit) for the year
2,861
(1,286)
Add back
Depreciation
4,339
4,770
Pension Provision Charges
10,863
5,151
Cash Through Operations
18,063
8,635
The group's main income stream is derived Irom tuition fees from UK and EU undergraduate and ptislgraduate
students that together amounted to £66.5m and accounted for 54% of total Income. When international lees and
educational contracts are included. this rises to 74% of turnover,. thi5 is consistent with the previous year. Full time
undergraduate tuition fees for UK students remained capped at £9k during the year resultlng in no inflationary uplift
to the value of the fee.
Income Analysis 2020-21
2%.
3%
70%
Tuition fees and education contracts w Other incon
Residences, catering and cOnfe￿nCeS
". TNE income
Research gr3nts and contiatts
Funding body gran15

AnlluJl Report and Finandal Statements 2020- 2021
Report of the board of Governors (continued)
Operating and Financlal Review (continued)
The Financial Outlook
The group invested £ 5.2m12020.. £6.2ml in its infiastiucture during the year. Of this £2.3m was Invested in the estate,
ot which £1.5m was invested in the second phase of the development ol the School of Technologies. Three further
phases are planned. Expenditure amountlng to £2.9m was also invested in equipment, including circa £12m in IT
Ifrastructure and corporate systems and Circa £1.7m in the academic and professlonal service departments. These
investrnents maintained the Consolidated Statement ol Financial Position asset base, but it should be noted that due
to the pandemic, capital expenditure during the year was lower than it would otherwise have been.
Tho current ratio strengthened during the year due tothe strong operational cash generation, increasiThJ lo 1.9712020..
1.8n- this, when comblned with a net reduction in pension provision& resulted in a £20m improvement in net assets
and a matching strengthening of the Consolidated Statement of Flnan¢ial Position. The working capital inflow from
increasing credltors rose by £9m between 2019-20 and 2020-21.
Llquldity & Cash
The group's cash and short-term investment resources at the year-end amounted to £47.1m 12020: £30ml.
Investments In the estate and infrastructure during the year were funded entirely by cash generated from operating
aclivilies. Loan repayments during the year totalled £1.8m thereby reduclng the group's long-term debt from £24.7m
to £22.9m. This resulted in an improved gearlng ratio, with long term debt as a % of income amounting to 18.7¥0. The
strong cash base will underpin the untverslty's future investment asplratlons.
The Financial Outlook
During 2020-2021 the university charged FT home and EU undergraduate students an anrnjal tuition fee of £9,000,
as compared to the fee of £9.250 being charged in English institutions. The FT home and EU undergraduate tuition
fee remains capped for 2021-2022 at £9.000 In-wales for the tenth consecutive year and at £9.250 in England.
Given that the real value of the FT undergraduate fee has eroded significantly during the past ten years, the
continuing lack of indexation on one of the universlty's main income streams poses funding challenges for both the
university and the HE sector in general. This is being exa¢erbated by current high levels of inflation and the
associated risk of future salary inflation. The Westmlnster Government's response to the Augar report is still
awalted and it remains possible that the aforementioned FT undergraduate tuition fee in England might be reduced
from its current £9250. If this were to happer4 it is possible that a similar ieduction might be applied by the Welsh
Government to the £9000 FT undergraduate fee in Wales.
In order to operate sustainably In these circumstance& the unlverslty continues to develop and implement ambitious
plans to grow and diversify its Income base through the development of new academic programmes and through
investment in research and Innovation activity. both to be provided through new and rejuvenated estate and
Infrastructure.
Charitable Status
The Unlverslty became a Registered Charlty (No. 11407621 on 10 March 2011.
Membership of the Board of Governors
The membership of the Board for the year 1 Augltst 2020 to 31 July 2021 is set out on Page 16 of thls report.
Independent Auditors
The extemal auditors for the year were Prlcewaterhouseccwers LLP. The Internal auditors for the year were
Deloitte LLP.

Annual Report F￿anC￿ st*￿¢nts 2020- 2021
Carfffmei
Report of the board of Governors (continued)
Operating and Financial Revlew (continued)
Equality of Opportunity
The Urtiversity works to ensure complian¢e with equality legislation and is committed to proactwely integrating the
principlos of equality into all its activities. A Strategic Equality Plan has been agreed and implemented. The University
is active in widening a¢¢ess to education. and in providing an inclusive approach to learning, teaching, and research.
Health and Safety at Work
The health, safety and wellbeing of staff and students are essential to the success of the University. The University's
Health & Safely Committee considers all relevant aspects of health, safety and welfare. The Committee receives
regular monitorlng reports of periodic audits of schools/units hea]th & safety management arrangements and of
initiatives and/or issues emanating from s¢hool/unit health & safety meetings. Additionally, the Commtilee
disseminates updates on leglslalion and guidance on good practice and monitors accident levels and staff attendance.
The Minutes ol the Commlltee are presented to Ihe Resources Committee aiKI health & safety reports also feature
at the University's Audit Commltte& An Annual Health & Safety Report is provided to the Board of Governors to enable
it to meet its Statutory obligation to ensure cornpliance with health & safety legislation.
In the lead up to the national lock-down that resulted from the coronavirus pandemic during March 2020. and in the
per¢od that has followed, the Universlty has placed an increased emphasis on health and safety in the workplace.
Measures were quickly put In place to ensure full complian¢e with all government coronavirus regulations and
associated guidance to ensure that those stall who were required to work on-¢ampus could continue to do so in a
safe and socially distanced envlronment.. and that those slafl who could work from home were properly supported to
doso.
Dealing with the future challenges can only be achieved through the continuing work and support of the Untversiws
stall and the Board ot Governors wlsh to thank all staff for their efforts and Commitment to the University throughout
the year.
Modern Slavery and Human Tratficking Statement
Cardiff Metropolitan University is cornmttted to ensuring that there is no modern slavery or human trafficknng in its
supply chalns or in any part of its business. The UnIversit￿S policies and procedures demonstrate ils commitment lo
acting ethically and with integrity in all its business activities, ensuring compliance with the requirements ol the Modern
Slavery Act. The procurement function has had an'Ethical Supply Chains, Policy In place since 2011. The Policy was
reviewed and updated in 2020 to ensure it continues to reflect relevant good practice.
The University's workplace policies and procedures, which have been revlewed and amended to ensure they reflect
the intent of the Welsh Government 'Ethical Employment in Supply Chain, Code of Practice. These policies and
procedures demonstrate the University's commitfflent to acting ethically and with integrity in all its business
relationships by ensuring that modern slavery and human trafflcklng do not occur within its UK and illlernational
workforces or business activstie&
During the year covered by this report, the University committed to ensure that all staft pay grades are at or above
the Real Living Wage. The University was accredited as a Ltving Wage employer by the Living Wage Foundation in
November 2019 and has paid the Living Wage rate as a minimum to all staff sill￿ August 2018.
CAiminal Finance Act statement
Cardiff Metropolitan University and its subsidiary companies commit to ensuring that its employees, agents and other
associated persons acting on ils behalf are not facllitating lax evasion by another party. The University regularly
reviews its risks and associated processes and procedures to ensure that all steps are taken to prevent lax evasion.
The Univer51ty includes the risk of tax evasion on its Risk Register. The risk is reviewed and updated 3 times a year.
This tncludes the rwew of controls to mitigate risks. The University reviews Its policies and

Annual Rpport 4nd Finjncial Statemertts 2020- 2021
C9￿met
Report of the board of Governors (continued)
Operating and Financial Review (continued)
Criminal Finan¢e Act ststement (continued)
guidance in relation to the Criminal Finance Act on a regular basis, in line with simllar policies IAnti.Bribery, Counter
Fraud and Corruption, Anti-money Laundering policles and Financial Regulations).
Climate Change Impaot Statement
Cardiff Metropolitan University is committed to minimising its impact on the climate and the environment. One of the
key opportunities to achieve this is through efficient mallagement of energy consumption across the unwersityestate.
Energy Management within the Environment and Eslales team means providiag comfortable working. teaching and
learning environments for all staff and students, while al the same time closely controlling the energy used. A network
ot efeclricity, gas and water sub-meters allows us to understand energy consumption within Indlvldual txjildings.
The Enmronment arKI Estates teams are committed to making sure our campuses are developed with the health aThJ
wellbelng of stsff and students in mind. A number of staff Gycle and walk to work on a regular basi4 and with the
promise of a cy¢le superhighway running alongside our campus, a greener- more sustainable environment- is just
around the comer.
Wg wntinuously looking at ways to reduce our impact, and Oltr new cleaning tender requires the useof greener, more
environmentallyfriendly cleaning product4 our waste management tender needs to help us achieve oursingle-stream
waste targets and our building improvements are all designed with sustainability In mind.
Professor C Carmichael Aitchison
President & Vice-chancellor
9 December 2021
io

Annual Report and Financial seatements 2020- 2021
Car(r￿Met
Corporate Governance Statement
The University 1$ comrnltted to exhibiting best practice in all aspects of corporate govemance. Thls summary
describes the manner in which the University has applied the principles set out in the UK Corporate Governance Code
both during the year and up to the date of approval of the financial statements. Its purpose is to help the reader of the
annual report and financial statements understand how these principles have been applied.
The University's Board ol Governors is responsible for the University's system of internal control and for reviewing its
effectivenes& This system is designed to manage rather than eliminate the risk of failure to achieve business
obiectives and can only provide reasonable and not absolute assurance against material misstatement or loss.
The Unwersiws Board of Governors reviewed the University's Risk Management Policy and Risk Appetite and
Tolèrance Statement during 2020-21. Thls was in line with requirernents to review the Risk Management Policy every
three years and the Risk Appetile and Tolerance Statement on an annual basis. The review helped ensure that the
rlsk management reporting was fully aligned to the University's Refreshed Strategic Plan and Key Performance
Indicators.
The University's Board of Governors received termly reports on key Corporate Rlsks and reviewed the Risk Register.
The University's Audit Committee considered all risk management reports prior to lurther consideration by the Board
ol Governors.
The Universivs Internal Audllors assessed the Unlverslty's rfsk management arrangements during 2020-21 and
provided an opinion that a 'moderate' level of assurance had been achieved. This was an improvement on 2019-20
where a 'limited' level of assurance had been provided. The University's Internal Auditors dso assessed the
Universitls corporate govemanee arrangements during 2020-21 and provided an opinion that a'substantial, level of
assurance had been achieved. This was an improvement on 2019-20 where a'moderate, level of assurance had been
provided. The Board of Governors will Continue to keep Its rlsk management and corporate governance arrangements
under régular review. This accords with guidance for directors contained within the UK Corporate Governance Code.
The University's Board of Governors commissioned an external periodic review of its effectiveness towards the end
of 2019-20 to ensure that the University's governance arrangements were efflclent, effectlve and lit for purpose. A
comprehensive'Board Effectiveness Review. was undertaken in 2020-21 by Halpin Partnership Ltd and the Board ol
Governors considered and accepted a detailed report with clear recommendations. The review recommendations
advocated the following..
Moderr¢isation of the University's Articles of Government and Instrument of Government-
Implementation ol a new University Scheme of Delegation;
Introduction ot the Senior Independent Governor role within the University's governance arrangements.,
Introduction of annual appraisJ arrangements for the Chair and Governors-
Proposals on Board membership. skills, training and development with reference to equality diver51ty and
Inclusion..
Proposals for improved business management arrangements for Board and Committee meetings-
Increased Board focus on strategic and cultural aims of the University-
Iviiil Proposals to support effective working betW￿n the Board of Governors and the Executive, and;
Proposals on how to implement key recomm8ndations of the Governance Review of Universities in Vvales
(Camm Rewewl.
Iv)
The Board Effectiveness Review also considered the UniversitWs govemance arrangements against a Govemance
Maturity Framework. The Framework has four levels-. lil Failing-, lill Improving.. liiil Good,. and livl Leading Edge. The
review highlighted that the UniVersi￿S governance arrangements were'liil Improving.. Review recommendations will
continue lo bo implemented during 2021-22 with a view to achieving 'liiil Good, rating by the end of the year. The
Unlverslly's Governance and Nominations Committee and the Board of Govemors will monitor progress against
implementation directly.
li

AMu41 Reporr and Financial Statements 2020-2021
Corporate Governance Statement (continued)
The Chaii of the Board of Governors reslgned In March 2021 and was replaced by the Vice chair who acted as Chair
in an interim capacity until the end 012020-21. A number of other Governors resigned or retired during 2020-21. The
University recrulted a new Chair of the Board of Governors and six new Independènt Govemors tow￿dS the end ol
2020-21 in readiness for 2021-22. The refreshed membership will help ensure that the Board of Governors and its
Committees will have the required diverse range of skills and experience required to address future challenge$
2021-22 and beyond as the University moves totward with the development of its new Strategic Plan and recovers
from the impact of the global pandemic.
The University continued in 2020-21 wth the interitn governance arrangements introduced in 2019-20 In response to
meeting the challenges of the global pandemic. The Universitws Standing Orders remained suspended to allow
monthty meetings of the Board of Governors {with the exception of August 2020, January 2021 and April 20211 and
increased delegation to committees as permitted under the Universlty's Articles of Governmellt.
The Board of Governors continued in 2020-21 with a streamlined committee structure with lil an Audit Comnuttee,. (ill
a Govemance and Nominations Committee, (iiil a Remuneration Committee. and livl a Resources Commlttee. All
committees were formally constituted with terms of reference and membership comprised exclusively or mainly of
independent members of the Board of GovÈrnor& The Board of Governors and its committees had a clear schedule
of meetings and an agreed work programme for 2020-21. Additional meetings were convened on an exceptional basis
to meet the Unfversitls decision-maklng exi9encies as required. All meetings of the Board of Governors and its
committees were held remotely during 2020-21.
The Unlversity continued lo operate a Combined Academic Board during 2020-21 to support streaffllined and agile
decision making in meeting the challenges of the global pandemic. Towards the end of 2020-21, the Board of
Govemors agreed to proposals for the Combined Academic Board to be disaggregated from the start 012021-22 into
a separate Academic Board and Management Board. The membership ot both bodies was exlenslvely reviewed as
part of thls pro￿$$. Towards the end 012020-21, the Board of Governors also agreed to proposals to re-establish ils
Strateglc Planning and Performance Committee for 2021-22. The Committee will have a revised and extended remit
covering strategi¢ planrsing, performance and academic assuranc&
Membership of the University's Audit Committee included two Independent members through the course of 2020-21
who were not members of the Board of Governors and who thus provlded additional externality to the Committee's
dellberations. The University's senior executives attended meetings of the Audit Committee as necessary but were
not Members of it. The Audit Committee met three times during 2020-21 wlth attendance by the UnDiersit￿S internal
and external auditors as appropriate. The Commlttee considered detailed internal audit report& which, as appropriate
made recommendations for the University's systems ol internal control and Included management responses and
implementation plans. The Committee also monitored adherence to regulatory requirements and consid9rgd reports
from external auditors, the Higher Education Funding Council for Wales and other sources as they affected the
Universitvs busines& The Committee met privatdy wlth thé Universitys Internal Audllors betore meetings and also
met with the External Auditors as required.
The responsibility for embedding risk management across the institution and maintaining an overview of the key high-
level institutional risks rested with the University's Combined Academic Board during 2020-21. The Board of
Governors and the Combined Academic Board recelved reports setting out key performance indicators, identified
risks. and related control measures. The Audit Committee received and examined regular Risk Management reports
that helped to inform the (uture direction of the rolllng Internal audit prograrr#ne. The Executive received regular
reports from the univers11￿$ internal and external auditors which included recommendations for improvement. The
Audil Committee provided review and scrutiny of the arrangements for internal financlal controL The Board of
Governors, meeting agendas included regular items for the consideratK)n of risk (including Covid-19 related risks).,
regular reports thereon were received from the Executive and the Audit Committee. The management of risk and
implementation of appropriate risk management measures has been a significant priority for the Universlty since the
start of the pandemic. The Board of Governors has played a key role In ensuring that these arrangements were
properly reviewed and scrutinised to achieve assurance.
Towards the end of 2020-21 the Universitrfs Audit Committee approved the award of the contract for the provision
of the Universitrfs Inlernal Audit servl¢es to a new provider for an Inlllal three year term from the start of 2021-22 A
12

Annual Report and Financial Statampnts 2020- 2021
C4ttfTffMei
Corporate Governance Statement {contlnued)
new programme of work has been developed for¢onslderation by the Commlttee at an additiond meeting at the start
of 2021-22.
The Chalr of the UniVersit￿S Audit Committee retlred as an Independent member of the Board of Governors at the
end of 2020-21 having served two full terms of office. The Board of Governors appointed a new Chair of the
Committee in readiness for the start of 2021-22. The new Chair of the Committee is an Independent rnember of the
Board of Governors who was also a member of the Audit Committee during 2020-21 and previous year&
The University's Governing Body has throughout 2020-21 adhered to the provi8ions of the Higher Education CcKle of
Governanoe issued durlng the Spring Term of 2015.
13

Report and Financkryl Statements 2020- 2021
Annual Remuneration Statement
The Board ol Govemors of Cafdiff Metropolitan Universlty oversea a separate Remuneration Committee and in line
with its terms of reference the committee conslders all aspects of remuneration to senior University staff.
Membership of the Remunerations Committee comprises:
Independent Governor Ichair of Remuneration Committee)
Independent Governor/ Chair of the Board of Governors
3 Independent Governors
The Remuneration Committee considers and determines matters relat￿g to the remuneration and terms and
conditions of senior staff at the Universlty. It undertakes a s¢rutiny role and ensures that the remuneration
arrangements for all senior post holders supports the University's strategic and enable the recruitment,
motivations and retention of senior staff while also complwng with the requirements of regulation and best pract￿e.
The Remuneratton Committee meets three times a year, reporting into the Governing Body. It presents an annual
report to the Board of Governors which seeks to provlde assurance to the governing body that the Remuneration
Committee is effectively discharging its responsibllltie&
The Remuneration Committee has delegated authorily to consider and approve matters relatlng to the remuneration
of senior staff (including the Vice-Chan¢ellgrl in accordance wlth the Senior Remuneration Policy Framework. While
the Vice-chancellor is listed as being'in attendance. at meeting4 the Remuneratlon Committees terms of reference
are clear that they will not be present durlng discussion relating to their own remuneration.
The Remuneration Commlttee undertook a sigr￿fICant revlew of its terms of referer￿e at the end ol acaderniG year
2019120 to ensure Ils remit was properfy aligned to the CUG code of practice as well as HEFCW requirements. The
review was completed in De￿mber 2019 ensuring that Cardifl Metropolitan University is fully compliant with this
Code. As a resulL the Remuner2tlon Committee's Terms of Reference were updated, and a Senior Staff
Remuneratlon Policy Framework was adopted. The Remuneration Committee operates in accordan¢e with this
Framework It reviews a range of data and information including salary history, equality, diversity and inclusion.
comparator benchmarklng data, and individuaf pertomiance against agreed objectives and success measures.
An annual pay tx)licy statement is presented alongside the annual report to Board of Governor& This annual statement
Is published on the Unlversity's website and sets out-
A list of post holders within the remit of the Committee.,
The University's policy on the remuneration of post holders withln the remit of the Committee,.
The pay multiple of the V}￿-ChanCe1l0r and the median eamings of the Institution's whole workforce. and
An explanatlon of the pay arrangements for all other staff
At the stsrt of each academio year. the Vice-chancellorfs performance oblectlves, whlch Include measures ol
su¢tsss, are agreed and endorsed by the Remuneration Committee.
Termly pertormance discussions are held between the Chair of the Board of Governors and the Vice-chancellor.
An end of year perfOrrnan￿ review is completed, where feedback is sought from wtder stakeholders.
A range of data and comparative information on the Vice-chancellor's remuneration is presented to the
Remuneration Committee and the Director of People Services attends the meeting to provide guidance.
The Chair ol the Board of Governors presents a summary of the Vice-chancellorfs performance against the agreed
objectives and success measures. along with a remuneration proposal. In considering the Chair of the Board of
Governor's recommendation to the Committee and whether It is justified. the Commlttee reviews a range of data
and informatlon, Including..
14

Annual Repart and FifianciBI State￿nts 2020- 2021
Annual Remuneration Statement Icontinued)
The Vice-chancellorfs salary history.,
How the Vice-Chance11orfs remurberation compares to that of other Vlce-chancellor's across Institutlon
comparator groups (by income & size).,
How the Vice-chancellor's current salary compares to that of other staff at the Universlty as a multiple of the
Vice-chancellor's basic salary compared with the median eamings of University's whole staff-
The Vice-chancellor's and the UniversiWs performance over the review period. and
The context in which the University operates
The period between 2018 and 2021 was remarkable. The University achieved good student outcomes, finan¢ial
viability, growth and positive organisational culture. The University was awarded the Welsh University of the Year
Award in 2021. These many achievements were even more significant, as they were delivered against the baGkdrop
of the Coronavirus pandemic.
The Vice Chancellor's remuneration and median pay ratio for the financial year 2020-2021 are detailed In note 7 of
the notes to the accounts
15

Annual Report and Anancial Stfjtemgnt$ 2020. 2021
C#xthffMet
Governors and Directorate
ver
Period of Office
Independent Governors
The Baroness Finlay of Llandaff Ireslgned March 20211 Ichairl
Mr N Capaldi Ico Vice-chair) Ilnterim Chair from March 2021)
Mr S Waddington
Mr D Warrender
Mrs S Goodson (Co Vice-chairl (resigned March 2021)
Mr M Flshwi¢k (resigned March 20211
Ms S Hendrickson-Brown
Mr U Hussain MBE (retired July 202t)
Ms R Marks MBE (retired April 20211
Mr P Matthews
Professor M Nimmo
Ms M Owen-Jones Ilnterim Co Vice-chair from March 20211
Dr C Turner Ilnterim Co Vice-chair from March 20211
1 August 2018 to March 2021
28 November 2018 to date
28 November 2018 to dale
28 November 2018 to dale
l August 2017 to March 2021
1 May 2020 to March 2021
1 May 2020 to date
1 August 2015 to 31 July 2021
1 May 2020 to 31 April 2021
1 May 2020 to date
8 Jun& 2020 to date
1 May 2020 to datg
1 August 2017 to date
President & Vi¢e-Chancellor
Professor C Aitchison
1 October 2016 to dat9
Academi¢ Board Governor
Dr K Thirlaway
1 October 2018 to 31 July 2021
Student Govemors
Mr M Pavulurl ISU President)
Ms K Davies ISU Vice-Presidentl
1 August 2020 to 31 July 2021
1 August 2019 to 31 July 2021
Co-opted Governor
Mrw G Davies
1 December 2015 to date
Staff Govemors
Dr M James (Academic)
Mr D Yearwood IProfesslonal Se￿Ce$l
15 October 2020 to dale
28 November 2019 to date
Co-opted Extemal Member of the Audit Committee
MrA Piper
Ms L Winstone
Secreta
& Clerk to t
Ms C Fraser
27 January 2020 to dale
Desi
nated Senior Posthol
Professor S Hanton
Professor J Boddington
Professor L Robinson
Mr D Llewellyn
PVC Research & Innovatlon
PVC StLKlent Engagement
PVC Partnerships & External Engagement
Chief Officer (Resources)
23 Aprll 2012 to date
18 September 2017 to date
2 October 2017 to date
1 January 2020 to date
16

ATrwal Reporr and Finènckal Statements 2020- 2021
Key Performance Indicators
The University utilises a number of Key Performance Indicators (KPIS) to assist In the monitoring of the University
agaSnst its objectives. The Univer5iÉy's Key Performance Indicators are shown below.
Students
Numbers
Outcomes
9,701 applications
8,047 total undergraduates
3,272 total postgraduates
15% overseas students
76% ot students are satisfied INSS 20211
84.5% achieved a First or 2..1 degree120-211
68.4% of graduates are in professional level
work or further study 15 months after
completion ol course117-181
Cardiff Metropolitan Universlty Is placed 63rd
out of 130 universities in the Conwlete
University Gulde 2022
Staffing
Total Staff (FTE)
1,319
A¢ademl¢ Staff IFTE)
549
17

Annual Reptyt aThY Financial Stat4ments 2020- 2021
Key Performance Indicators Icontinued)
Student Key Pertorman¢e Indicators
Undergraduate degre9 su¢¢ess- Proportion obtaining 1St/2:1 class degree
Measuring
I Success in supp(Kling students in their learning experience
2020-21
.12019-20
Student Satistactlon
Measurlng
Student Satisfaction
Year
2019-20
rstaff / Studgnt Ratio
Measuring -TNumber of Students per academlc staff member
2020-21
2019-20
185 restated
18

Annual Aoport aThY F￿an¢￿1 51at•rnMts 2020- 2021
Key Performance Indlcators (continued)
Diversity- Students
KPI
P&rcentage of student5 from disadvantaged backgrounds
Measuring
Success at attracting under-represented groups into higher education, through Welsh Index of
Multiple Deprivation (WIMDI
Year
From WIMD Areas
Not from WIMD Areas
20121
,. 40%
1-19120
40%
KPI
Percentage of Male and Famala Students
Measuring
Gender balan¢e
Year
Male
-l- Female
19120
54Vo
KPI
Proporti*)n of studenls who are BME
Measuring
I Participation rates of BME students at the University
Year
BME
White
20121
24%
19120
24%
76%
KPI
International Students
Measuring
Ability to attract international students / promote student diversity
Year
HomelEU
Overseas
20121
85%
15%
19120
84%
16%
19

Annual Ropoit and FIn￿CIal Statements 2020- 2021
Car<fiffMei
Key Performance Indicators (continued)
Dlverslty- staff
Gender
Measuring
Gender balance of Staff IHeadcount)
Male
l Female
158%
Females in Senior roles
Aeasuring
Female staff members in senior roles
30136.1Yo)
26 {33.8%1
student Numbers-2020-21
All Students
HomelEU
HomelEU
FfE
Oversea$
Overseas
FfE
Total
Total FTE
Full-time
7.194
6,959
378
336
7,572
7,295
117
Undergraduate
Part Time
472
116
475
Total
7,666
7,075
1,042
381
337
8,047
7,412
Postgraduate
Full-lime
1.170
1,240
889
2,410
1,931
illflll
Taught
Part Time
583
180
11
36
594
216
Total
1,753
79
1222
1,251
26
925
3,004
105
2,147
Postgraduate
Research
Full-time
66
21
87
Part Time
143
55
20
10
163
65
Total
222
121
46
31
268
152
Total
9.641
418
1,678
1,296
11B19
9.711
20

Rep(rt and FinBnchil StatEment$ 2020- 2021
Independent auditors, report to the Governing Body of Cardiff Metropolitan
University (the "institution")
Report on the audit of the financial statements
Oplnion
In our opinion, Cardiff Metropolltan University's group financial statements and parent institution financi
statements (the Yinancial statements")..
give a true and l&r view of the stale of the group's and the parent Instllution's affairs as al 31 July 2021, and
of the group's and parent institution's income and expenditure, gains and losses, and changes in reserves
and of the gr￿p.$ cash flows for the year then ended-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi¢e
(United Kingdom Accounting Standard5, comprising FRS 102'The Financial Reporting Standard applicable
in the UK and Republic of Ireland" and applicable lawl.,
have been properly prepared in a¢cordance with the requirements of the Statement of Recommended
Practice- Accounting for Further and Higher Education. and
have been prepared in accordance with the requirements of the Charities Acl 2011.
We have audited the financial statements. included wlthin the Annual Report & Financial Statements Ithe°Annu
Report"), which comprise: the Consolidated & University Statements of Financial Position as at 31 July 2021,. the
Consolidated & University Statements of Comprehensive Income & ExpendTture, the Consolidated & University
Statements ol Changes in Reserves and the Consolidated Cash Flow Statement for the year then ended., the
Statement of Principal Accounting Policies: and the notes to the financial statements.
Basis for opinion
We ¢onducted our audit In accordance with International Standards on Auditin9 (UK) I'ISAS IUKI'I and applicable
law. Our responsibilities under ISAS IUKI are further described in the Audltors, responsibilities for the audit of the
financial statements section of our report. We beI￿ve that the audit evidence we have obtalned is sufficient and
appropriate to provide a basis for our opinion.
Independence
We remained indepermjenl ol the group in accordance with the ethical reqijirements that are relevant to our audit of
the financial statements in the UK which includes the FRC'S Ethical Standard. and we have fulfilled our other ethical
responsibilities in accordance with these requirement
Conclusions relating to going concern
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that. individualy or collectively, may cast significant doubt on the group's and parent institution's abillty to
contlnue as a going concern for a period of at least twelve months from the dale on wh￿h the financial statements
are authorised for issue.
In auditing the financial statements, we have concluded that the Governing bodls use of the going ¢on¢ern basls of
accounting in the preparation of the financial statements Is appropriate.
However, because not all future events or conditions can be predicted, this conclusion Is not a guarantee as to the
group and parent Institution's ability to continue as a going concern.
Our responsibilities and the responsibilities of the Governing body wlth respect to going ¢oncem are described in
the relevant sections of this repori
Reporting on other information
The other Information comprises all of the infomiation in the Annual Report other than the financial statements and
our auditors, report thereon. The Governing Body is responsTble tor the other information. Our opinion on the
flnancial statements does not cover the other information and, accordingly, we do not express an audit opinion or,
except to the extent Other￿Se explicitly stated in this report. any form of assurance thereon.
21

AnrwJal R•port and Finandal Statemenr5 2020- 2021
Car(fffMet
In connection with our audit of the financial statements, our responsibiltty is to read the otherfnformation and, in
doing so, consider whether the other infom)ation is materially inconsistent with the financial statements or our
knowledge obtalned In the audit, or otherw¢se appears to be materially misstated. If we identify an apparent material
inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a
material misstatement of Ihe financial statements or a material misstatement of the other information. If, based on
the work we have performed, we conclude that there is a material misstatement of this other inforrnalion. we are
required to report that fact. We have nothing to report based on these responsibilities.
Based on the responsibilities described above and our work undertaken in the course of the audit. ISAS IUKI requlre
us also to report certain opinions and matters as described below.
Report of the Board of Governors
Under the Charities Act 2011 we are required to report to you if, in our opinion, the information given in the Report of
the Board of Governors is inconsistent in any materlal respect with the financial statements. We have llo eX￿PtiOnS
to report arising from this responsibility.
Responsibilities for the financial statements and the audit
Responsibilities of the Goverrnng Body for the flnanoalstatements
As explained more fully In the Responsibilities of the Board of Governors set out on page 4, the Governing Body Is
responsible for the preparation of the financial statements In accordance with the appllcable framework and for
being satisfied that they give a true and fair vlew. The Goveming Body is also responsible for such inlemal Control
as Ihey determine is necessary to enable the preparation of financlal statements that are Iree from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Governing Body is responsible for assessing the group and parent
institution's ability to continue as a going concern, disclosing as applicable. matters related to going concern and
using the going concern basis of accounting unless the Governing Body either intends to liquidate the group and
parent institution or to cease operatic￿$, or has no realistic altematNe but to do so.
Auditors'r8sponsibilities for the audit of the finan￿al statements
We are eligible to act and have trEen appointed as auditors under section 144 01 the Charities Act 2011 and report in
accordance Mth the Act and relevant regulation5 made or having effect thereunder.
Our objectives are to obtain reasonable assurance aboul whether the financlal 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 IUKI will always detect a material misstatement when it exists. Misslalements can arise from fraud or
error and are considered material if. individually or in the aggregate, they could reasonably be expected to intluence
the economlc decisions of users taken on the basis ol these financiat statements.
Irregularities, including fraud, are Instances of non-cornpliance wwth laws and regulations. We deslgn procedures in
line with our responsibilitie& outlined above. to detect material misstatements in respect ol irregularitEs, including
fraud. The extent to which our procedures are capable of detecting irregularities, includtng fraud, Is detailed below.
Based on our understanding of the institutionfindustry, we identifled that the principal risks of nOn￿OmplIance with
laws and regulations related to UK health & safety and employment legislation together with the Higher Education
Funding Council for Wales I'HEFCW'I Financial Management Code, and we considered the extent to which nC￿-
compliance might have a material elfect on the financial statements. We also considered those laws and regulations
that have a direct Impact on the financial statements such as the Gharllies Act 2011. the Statement ol
Recommended Practlce- Accounting for Further and the Higher Education Funding Council for Wales Accounts
Direction IW21119HEI. We evafuated management's incentives and opportunities for fraudulent manipulation of the
financial statements (including the risk of override of controls), and detemined that the princSpal risks were related
to fraudulent transactions designed to overslate the financiat performance and position of the group. Audit
procedures performed included-.
Reviewing committee meeting minutes and holding discussions with management, including consideration of
known or suspected instances of non.compliance with laws and regulations and fraud:
Using computer based audit techniques to identlfy and test higher risk manual lournal& in parllcular those
having unusual account comblnatlons.
22

CarcfiffMet 

Annual Report and Financial Statements 2020 - 2021 

- Reviewing the appropriateness of the assumptions used by the group in estimating the value of defined benefit pension scheme deficits; and 

- Obtaining third party confirmations of all the group's banking and financing arrangements. 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

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 this report_ 

This report, including the opinions, has been prepared for and only for the institution's Governing Body as a body in accordance with section 1248 of the Education Reform Act 1988 as amended by section 71 of the Further and Higher Education Act 1992 and section 151 of the Charities Act 2011 and regulations made under section 154 of that Act (Part 4 of the Charities (Accounts and Reports) Regulations 2008) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. 

## **Other required reporting** 

## **Opinion on other matters prescribed in the Higher Education Funding Council for Wales ('HEFCW') Audit Code of Practice issued under the Further and Higher Education Act 1992 and the Financial Management Code issued under the Higher Education (Wales) Act 2015** 

In our opinion, in all material respects: 

- the requirements of HEFCW's accounts direction have been met; 

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

- funds provided by HEFCW have been applied in accordance with the Memorandum of Assurance and Accountability, the HEFCW Financial Management Code and any other terms and conditions attached to them; and 

- funds provided by HEFCW have been used for the purposes for which they were received. 

## **Sufficiency of accounting records and information and explanations received** 

Under the Charities Act 2011 we are required to report to you if, in our opinion: 

- sufficient accounting records have not been kept by the parent institution; or 

- the parent institution financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

We have no exceptions to report arising from this responsibility. 


PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Cardiff 

14 December 2021 

**23** 



Annual Report and Finantsal Statement$ 2020- 2021
Canfjffmet
Statement of Principal Accounting Policies
Basis Ot Preparation
These financial statements have been prepared in accordance with th¢ Statement of Recommended Practice ISORPI:
Further and Higher Education 2019 and in accordance ￿th Financial Reporting Standard IFRS) 10?. the Accounts
Direction issued by the Higher Education Funding Council for Wales and the Charilles Act 2011. The University is a
public benefit entity and therefore has applied the relevant public benefit requlrement of FRS 102. The finartciar
statements are prepared in accordance wtth the historical cost convention (modified by the revaluation of lixed
assets). The principal accounting policies have been applied consistently except as where described otherwise arKJ
are set out below.
Basis of Consolidation
The consolidated financi￿ statements include Cardilf Metropolltan University and its wholly ovmed subsidiary
undertaking& Cardiff Met Company Ltd and Cardiff Metropolitan Education Services (Beijing) Ltd. In addition, the
University holds a majority {55%1 share interest in a spin out company Fovo Technology Ltd, the balan￿ of the shares
being held by two of the University's academics. This company's activity is also consolidated into these finanefial
statement& However, the non-controlling interest of the minority shareholders in the nel assets and surplus of the
ompany are highly immaterial to the University group. These non-¢ontrolling interests have therefore not been
presented. The consolidated financial statements do not include the income and expenditure of the Students, Union
as the University does not exert controi or significant influence over policy decisions. Inlra-group sales and profits
are eliminated fully on consolidation.
Income Recognition
Income from the sale of goods or services is credited to the Consolidated Statement of Comprehensive Income and
Expendibjre when the goods or Se￿iceS are supplied to the external customers or the temis of the contract have
been satisfied.
Fee income is stated gross of any expenditure which is not a discount and credited to the Consolidated Statement of
Income and Comprehensive Expenditure over the period in which students are studying. Where the amount of the
tuition fee is reduced, by a discount, income receivable is shown net of the discount. Fee scholarships are treated as
a discount and are deducted from income.
Investment income is credlted to the Consolidated Slatement of Gomprehenslve Income and Expenditure on a
receivable basis.
Grant Funding
Grant funding Including funding councll grants- research grants from government sources. and grants (including
research grants) from non-government s(MJrces are recognised as income when the University is entitlgd to the
In¢ome and performance related condltions have been met. Income received in advance of performance related
conditlons belng met Is recognised as deterred Income within creditors on the Consolidated Statement of Financial
PosltSon and released to income as the conditions are met.
b)
Donations and Endowments
Non exchange transactions without pertormance related conditions are donations and endowments. Donations and
endowments with donor-tmposed restrictions are recognised in income when the University is entitled to the funds.
Income is retained wlthln the restricted reserve until such time that it is utilised in Ilne with such restrictions at which
point the income is released to general reseNes through a reserve transfer.
Donations with no restrlctlons are recognised in tncome when the Universtty is entitled to the fund&
Inveslment incorne and appreclation of endowments Is recorded Sn income in the year in whlch it arises and as either
restricted or unrestricted Income accordlng to the temis of the restrictlons applied to the individual &)dowment fund.
24

Annual Agport Finar¢ial ZOIO- 2021
Statement of Prlnclpal Accounting Policies (continued)
Income Recognition lcontinued)
b)
Donalions and Endowments (¢ontinued)
There may be four main types of donations and endowments identified within reserves:
Restricted donations- the donor has specified that the donation must be used lor a particular objective,.
Unrestricted permanent endowments- the donor has specilied that the fund is lo be pemianently Invested
to generate an income stream for the general benefit of the University.,
Restricted expendable endowments - the donor has specified a particular objective other than the
purchase or construction of tangible fixed assets, and the University has the power to use the capital-
Restri¢ted permanent endowments- the donor has specified that the fund is to be pemianently invested
to generate an income stream to be applied to a particular objective.
c) Capital Grants
Capital grants are recognised in income when the UnThfersity is entitl￿ to the funds subject to anyperlormance related
conditions being mel.
Accounting for Retlrement Benefits
The University operates three pension schemes for University staff., the Cardiff and Vale ol Glamorgan Pension Fund
ICVGPFI, the Teachers, Pension Scheme ITPSI and the Universities Superannuation Scheme (USSI. The CVGPF and
USS are funded schemes.
The CVGPF is valued every three years by a professionally qualified actuary using the projected unil method, the rate
of contribution payable being determined by the Administering Authority on the advice ol the actuary.
The TPS is sutiect to an actuarial valuation every five year5 by tho Government Actuarial Department using the age
entry method. The rate ol contribution for the TPS is detemiined by the Teachers, Pension Agency on the advice of
the actuary.
The USS is a multi-employer scheme for which it is not possible to identTfy the assets aiKI liabilities attributable to the
University at member level due to the mutual nature of the scheme and therefore this scheme is accounted for as a
defined contribution retirement benefit scheme.
However, in aGGordance with FRS101 a bability is recorded within provisions for any contractual commitment to fund
past deficits within the USS sGheme.
Delined Contrlbutlon Plan
A defined contribution plan is a post-employmtnt bgnefit plan under which the University pays fixed contributions into
a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions
to defined contribution penslon plans are recognised as an expense in the income statement in the periods during
which serwces are rendered by employees. Given the nature of the TPS, contributions to that scheme are accounted
for on this basis.
b)
Defined Benefit Plan
Defined benefit plans are post-employment benefit plans other than delined contribution plans. Under defined benefit
plans, the Universitls obligation is to provide the agreed benefits to current and former ernployees, and actuarial risk
(that benefits will cost more or less than expected) and investment risk (that returns on assets set aside to fLtnd the
benefits will differ from expectationsl are borne, in substance, by the Unwersity. The group should recognise a liability
for its obligations under defined benefit plans net of plan assets. This net defined benefit liability is measured as the
estimated amount of benefit that employees have earned in return for their service in the current and prior periods,
discounted to determine its present value, less the fair value lat bid pricel ol plan assets. The calculation is perfom)ed
by a qualified act￿ary using the projected unit credit method. Where the calculation results in a nel asset. recognition
25

Arwwal Rewrl and Financial Stalemenr5 2020- 2021
Carfjffmet
Statement of Principal Accounting Pollcies {contAnued)
Accounting for Retirement Benelits {¢ontlnued)
b)
Defined Benetit Plan
of the asset is limlted to the extent to which the University is able to recover the surplus either through reduced
contributions in the future or throltgh refunds from the plan.
Employment Benefits
Short term employment benefits such as salaries and compensated absences are recognised as an expense In the
year in which the employees render service to the University. Any unused benefits are accrued and measured as the
additional am￿nt the University expects to pay as a result of the unused entitlemenl.
Finance Leases
Leases In which the University assumes substantiaily all the risks and rewards of ownership ol the leased asset are
classlfled as finance leases. Leased assets acquired by way of finance lease and the correspondSng lease liabllities
are initially recognised at art amount equal to the lower of their fair value and the present value of the minimum lease
payments at inception of the lease.
Minlmum lease payments are apportioned between the finance charge and the reduction of the oulslanding Ilabillty.
The finance charge is allocated to each period during the lease term so as to produce a constant Ferlodlc rate of
interest on the remaining balance of the liability.
Operating Leases
Gosts in respect of operating leases are charged on a straight-line basts over the lease ter￿ Any lèase premiums or
incentives are spread over the minimum lease term.
Forelgn Currency
Transactions in foreign currenrAes are translated to the respective functional currencies of Group entities at the
foreign exohange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign
currencies at the Consolidated Statement of Financial Position date are translated to the functional cuirency at the
forelgn exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in
Surplus or Deficit. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign
currency are translated uslng the exchange rate al the date of the transaetion. Non-monetary assets and liabilities
denominated in foreign currencles that are stated at fair value are retranslated to the functional currency at foreign
exchange rates ruling at the dates the fair value was determined.
Fixed Ass8t$
Land and Bulldlngs
Certain items of land and buildings that had been revalued to fair value on or prior to the date of tran&lion to the 2015
FE HE SORP, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation,
less accumulated depreciation and accumulated IMp￿[Ment losses.
Costs incurred in relation to land and buildlngs after initial purchase or construction. and prror to valuation, are
capitJised to the extent that they increase the expecled future benefits to the University.
Fr98hold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings are depreciated
on a strwght-line basis over their expected useful lives of between 20 and 75 years.
No depreciation is charged on assets In the course of construcllon.
26

Annual R•port and FinanEial Stat•mknts 2020- 2021
Statement of Principal Accountlng Policies (continued)
Fixed Assets (continued)
b)
Equlpment
Equipment costing less than £5,000 per individual item is written off to the Consolidated Statement of Income and
Expenditure in the year of acquisition. All other equipment Is capitalised at cost. Capitalised equipment is depreGiated
on a straight-line basis over its useful economic life of between 3 and 10 year& Equipment purchased for research
projects is treated and depreciated on the same basis as other equlpment expenditur
Depreciation methods, useful lThres and residual values are reviewed at the date of preparation of each Consdldated
statement of Financial Position.
Borrowing costs
Borrowing costs which are directly attributable to the acquisltion. construction or production of a qualifying asset are
apitalised.
10.
Intangible Assets
Software development cost5 are capitalised and amortised on the straight-line basis over an estimated useful life of
between five and ten years. Amortisation ol such developments cornrnences when brought into use.
Intellectual property: The Group is developing software teCh[￿lOgY relating to new ways of creating and interacting
with digital images. Costs that are directly attributable to the design and testing of the technology are recognised as
an intsngible asset when the following criteria are met.
It is technically feasible to complete the underlying software so that the technology will be available for use,
Management intends to complete the development and to sell or licence the use of the technology,
11 can be demonstrated that the technology will generate probable future economic benefits at least equal in
value to the Consolidated Statement ol Financial Position carrying value,
Adequate technical and financial resources to complete the development and to sell or Ilcence the technology
are available, and
The expenditure attributable to the developmenl of the technology can be reliably measured.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred.
Development costs prevlously recognised as an expense are not recognised as an asset in a subsequent period.
Intellectual property is amortised over its estimated useful Ilfe commencing at the date that devel¢wment is complete,
and the technology is avalabEe for sale or licensing.
Investments
Non-current asset investments are held on the Consolidated Statement of Financial Position at amortised cost less
impairment.
Investments in subsidiaries are carried at cost less impairment in the Universitls financial staternent$.
Current asset investments are held at on the Consolidated Statement of Financial Position at amortised cost less
Impairment.
12
Stock
Stocks are stated at the lower of cost or net realisable value and is measured using an average cost formula
27

Att￿31 Report and Flnand* Statèrnènts 2020- 2021
Car(fjffMet
Slatement of Principal Accountlng Policies Icontinued)
13
Cash and Cash Equivalents
Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposlts are repayable on demand If they
are in practice aV￿lable within 24 hours wilhoul penalty.
Cash equivafents are short term, wth a notrce perlod of 3 months or less, hlghly liquid investments that are readily
convertible to known amounts of cash wllh Inslgnificant risk of change In value.
14
Provision4 Contlngent Llabllities and Contlngent Assets
Provisions are recognlsed In the financial statements when-.
The University has a present obligatlon (legal or constructivel as a result of a past event-
It Is probable that an outflow of economic benefits wtll be required to settle the obligation., and
A reliable estimate can be made ot the amount of the obligation.
b)
The amount recognised as a provlsion is determlned by discounting the expected future Cash flows at a pre-tax rate
that rellects risks specific to the liability.
A contingent liability arises from a past event that gives the University a posslble obllgalion whose existence will only
be confirmed by the occurrence or otherwise of uncertain future events not wholly wlthln the control ol the University.
Conlingenl liabilities also arise in circumstances where a provision would otheTh￿se be made but èither it is not
probable that aN outflow of resources will be requlred. or the amount ol the obligation cannot be measured reliably.
A contingent asset arises where an event has taken place that gives the University a possible asset whose exlstence
will only be confirmed by the occurrence ￿ otherwise of uncertain future events not wholly wlllNn the control ol the
University.
Contingent assets and Ilabllities are not recognised In the Consolidated Statement of Financial Posltlon but are
disGlosed in the note&
15
Taxation
The University is an exempt charity wlthin the meaning of Part 3 of the Charities Act 2011. it is therefore a eharity
thin the meaning of Para 1 of schedule 6 to the Finance Act 2010 and accordingly, the Universlly Is potentially
exempt fro￿ taxation in respect of income or capital gains received wthin categories covered by sectlon 478-488 of
the Corporation Tax Act 2010 ICTA 20101 or section 256 of the Taxation of Chargeable Gains Act1992, to Ihe extent
that such income or gains are applied to exclusively charltable purposes.
The University receives no similar exemption in respect of Value Added Tax. Irre¢overable VAT on inputs Is Included
in the costs of such inputs. Any irrecoverable VAT allocated to fixed assets is included in their c05L
The Universivs subsidiaries are liabla to Corporation Tax in the same way as any other commercial organisalion. No
charge for taxation has been included in respect of the Subsidiary Companies, actiwties since the entlTe taxable profit
of these companies is transferred to the University under the Gift Aid scheme.
Deferred tax 1$ provided in full on timing differences which result in an obligation at the Consolidated Statemenl ol
Financial Position date to pay more ta& or a right to pay less tax. at a future date, at rates expected to apply when
they crystallise based on current rates and law. Timing differences arise from the inclusion ol item5 of income and
expendllure in taxation computations in periods different trorn those in which theyare included in financial statements.
Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax assets
and liablllties are not discounted.
16
Reserves
Reserves are classified as restricted or unrestricted. Restricted endowment reserves Include balanees which, through
endowment to the Unlversty, are held as a permanently restricted fund which the University must hold In perpetuity.
28

Annv41 fir*port and FinèncI￿ Staremenrs 2020- 2021
Statement of Prlncipal Accounting Pollcles (continued)
16
Reserves (¢ontinued)
Other restri¢ted reserves include balanG95 ￿ere tho donor has designated a specific purpose and therefore the
Universlty is restricted in the use of these funds.
17
Crltlcal a¢¢ountlng ludgements and estlmatlon uncertainty
Pension schemes.. assumptlons used in the calculation of the USS and C&VPF pension deficit prowsions represent a
key accounting estimate based on the sensitivity of assumpllons (note 17 and note 221.
Employee Leave Accrual: under FRS102 the University re¢ognises a Ilability for employee holiday pay at the financial
year end. A number ol departments and sGhools within the University have been sampled to derive typical holiday
usage, this has then been applied lo the University as awhole. There is a level of uncertainty when applying the sample
to the whole. The leave accrual is contained within creditors less than 1 year (note 141.
Intangible assets. critical judgements: The Group18 developing software technology relating lo new ways of creatlng
and interacting with digital images. The criteria used for the recognition of development and other costs as an
intangible asset reqLtires an assessment ol future events including the technical feasibility that the technology will
be available for use such that future economk benefits will be generated. The Group considers that the testing
performed to date and the Initi￿ feedback frorn potential users of the technology supports the recognition of the
intangible asset.
Intangible assets. key accountlng estimates and assumptions: The Group considers whether Its intangible assets
are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation
at market value or the future cash flows and the selection of appropriate discount rates in order to calculate the net
present value of those cash flows.
29

Annual Finonu415tatements 2020- 2021
C9￿met
Consolidated & University Statements of Comprehenslve Income & Expenditure
Year Ended 31 July 2021
Note
Year ended 31 July
2021
Year ended 31 July 2020
Consolidated University Consolidated University
£'ooo
£'ooo
£'ooo
£'ooo
Income
Tuition fees and educatlon contracts
Funding body grants
Research grants and contracts
Other Income
Investment income
Donations
Total income
90,242
14772
2,429
14,726
117
90,228
14,769
2,150
13,029
117
84,179
3,512
2,272
16,986
148
27
107124
84,128
3,512
1,750
14.936
14
104.488
121289
120,293
Expenditure
Staff costs
Exceptional severance costs
Other operating expenses
Depreciation
Interest and other finance costs
Total expenditure
80,186
78,045
70922
68.676
31,954
4,339
31,270
4,311
1950
116 576
29,919
4.T/O
2,799
108,410
28,653
4.742
2,799
104,870
10
Surplus/lDeficit) forthe year
2,861
3,718
11,2861
3821
Actuarial gain/llossl in respe¢t of pension
schemes
22
17,470
17N70
(53,3301 (S3￿0)
Total comprehensive Income/(expense} for the
year
21,188
154.6161 153 712)
Represented by:
Unrestricted total comprehensive expense for
the year attrlbutable to the Group and
University
20,331
20,331
154.6161 153,712)
154.6161 {53 712}
Ail items of income & expenditure relate to continuing activities.
30

Annuol Report and Financial 5tètements 2020- 2021
Consolidated & University Statements of Changes in Reserves
Year Ended 31 July 2021
Total
Rwrv85
Conso14d8ted
£'ooo
Balance at 1 Au9USt 2019
85,716
Dtrlieit for the year
Other comprehensive expense
Total comprehensNe expense forthe year
11.2861
153.3301
154,6161
Balance at 31 July and 1 August 2020
31,100
Surplus for the year
Other cOrnprehen￿ve expense
Total comprehensive expense for the year
2,861
17,470
20,331
Balaneè al 31 July2021
51,431
Univèrsi
Balaneè èt 1 Au9U5t 2019
Deficit ltsr the year
Othèr cornprehensive expense
Total comprehensiv8 8xpense for th8year
86,693
13821
153.3301
{53,712)
Balance at 31 July and 1 August 2020
32.981
Surplus for the year
Other comprehensive expense
Total comprehensive expense forthe year
3.718
17,470
21.188
BalarKe at31 July 2021
54,169
All reserves are unrestricted.
31

Annual R&poit FinaThci41 Stalemenis 2020- 2021
Carfjffmet
Consolidated & University Statements of Financial Position
As at 31 July 2021
As at31 July 2021
Consolidated
University
rooo
Ex￿0
As at 31 July 2020
Consdidated
University
£000
£'ooo
Note
No￿tt￿rrent assets
Tangible assets
Intan9ible assets
Investment in subsId18r￿S
10
11
12
162.765
1.346
162,736
162,298
912
161242
3,150
2,150
Current 4$s8ts
Stock
Tradtr and other receivables
Investments
Cash and cash equlvalents
13
14
15
20
29
12.663
23,855
20.642
57.189
83
7.147
14,023
16,003
37.256
80
9,216
14.023
13.780
37.099
9050
23,855
57.006
Le5&. Creditors.. amounts faning
due within one year
16
128098}
(2B.118)
(190531
118,9971
Net current assets
28,109
29,071
17,403
18.102
Total èssets less current ￿ab￿ltIeS
192,219
194P57
180,613
182,494
Creditor&' amounts falling due aftermore than one
year
17
(21.024)
121,024)
(22.8501
(22,8501
Provision5
Pension provisions
19
{119,764)
1119,7641
1126,6631
1126,6631
rotal Det assets
51.431
32,981
Unreslrlcted regerve5
Income and expenditure r¢serve
Total reserves
54,169
31,100
21,100
32.981
32.981
51.431
The Financial Statements on pages 30 to 52 were approved by the Board of Governors on 9 Decernber 2021 arKI
signed on its behalf by
John Taylor (CBE)
(Chair of the Board of Governors)
Professor C Carmichael Ailchi$on
{President & Vice-chancellor)
32

Annual Rewt and Flnèntial StatenvAnt5 2020- 2021
Carcfrffmei
Consolidated Cash Flow Statement
Year ended 31 July 2021
Year ended
31 July 2021
£'ooo
Year ended
31 July 2020
E'OOO
Cash flow Iromoperating activitie$
Surplus/lDefieitl for the year
Adjustment for non-¢a$h items
Depreciation
Decrease in stod(
Iln¢reasellDecrease in debtors
Increase in creditors
Differewe between penslon charge and cash contrlbutions
AdJustment for Investlng or Ilnanelny a¢tivitles
Investment income
Interest payable
Net cash Inflow generated from opèrating aetivilies
IB61
11,2881
4239
51
14702)
9,046
4,770
66
11,0011
341
4,304
(1171
2,950
25,276
{1481
2.799
9.845
Cash flows from investln9 aetivitie5
Redemption of investments
Investment income
Payments made to acquire lixed assets
Purchase ol investments
Net cash outflow from investing activitie3
14,022
117
15,240)
123.855)
{14956)
13,053
148
16,7941
114,0221
17.6151
Cash flows from financing activiii•s
Interest paid
Repayments of amounts borrowed
Net cash outflow from flnancln9 a￿1VitieS
(1227)
{1828)
13.055}
(2.7991
11,8201
13.6191
IncreasellDecreasel in ¢ash and cash equivalents In the year
7.265
12,3891
Cash and cash eqU￿alents 81 beginning of the year
Cash and cash equwents 8t end of the year
11003
23,268
18.392
16,003
Increase/lDe¢reasel In cash and ¢a$h equivalents in the year
7,265
12,3891
Re¢onclliation of net cashflow to movement in n8tdebt
Incr8asè/lDeerèas81 in cash in the year
Increase in short term deposits
Net cash outflow from linancir¥
7265
9,833
1.828
12.3891
969
1,820
Movement In nèt debt in the year
18,926
400
Net funds at 1 August
5,788
5,388
Netat 31 July
24.714
5,788
33

R•port Flnancial Statem•nts 2020- 2021
Notes to the Financial Statements
Year Ended 31 July 2021
Year Ended 31 July 2021
Consolidated
University
rooo
rooo
Year Ended $1 July 2020
Cortsolidated
University
rooo
£000
1 Tultlonfees and education contracts
Full-tirne horne and EU students
Full-lime & part time international students
Part-tirne home and EU student8
Transnational educalion income
Education contracts with NHS & Coleg Cymraeg
Research tratning 8UPPOrt grants
64328
14.268
65,328
11268
1,133
4063
4980
656
228
60.805
14,107
1,071
3.668
3.700
822
84.179
60POS
14.107
1,077
3,668
3.700
771
4863
3,980
670
Y¢ar Ended 31 July 2021
Consolidaled University
rooo
£'ooo
Year Ended 31 Juty 2020
Consolidated
UIMversity
e'ooo
£'ooo
2 Fundlng body grant$
Recurrent grant
Higher Education Funding C(￿nd1 for Walas
3,177
3,174
1194
1194
Specifie grants
specif￿ initiative grants
11,595
14,772
11,595
14,769
1,318
3,512
1.318
3512
Y•ar Ended 31 July 2021
Consolidated
Univer$ity
rooo
£'ooo
Year Ended 31 July 2020
Consolidated
Universlty
000
£'ooo
3 R•search grants and contracts
Research councils
Research charities IUK and oveisoasl
Government {UK and overseas)
Industry and cornmerce IUK and overseasl
214
119
1,454
485
214
100
1,311
125
57
1045
819
42
1,707
193
429
4150
2,272
1.750
Year ended 31 July 2021
Consolidated
Univer51ty
rooo
£'ooo
Year ETrYed31 July 2020
Consolidated
Unfversity
rooo
£'ooo
4 Other income
Other services rendered
Residences opèrations
Catering and eonfÈrencin9 operations
Other EU grant Income
Other operatlng Income
8.930
3￿45
7,605
3?45
723
185
1,171
9.160
3,729
1.654
346
2,097
16,986
7,904
3,729
1,378
346
185
14,936
Year Ended 31 July 2021
Consolidated
Uriversity
rooo
£'ooo
117
117
117
Year Ended 31 July 2020
Consolidated
Universty
£'ooo
rooo
S Investment income
Other investment income
148

Annual R•po¢t and Fhanclal Stat•mèht1 2020- 2021
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
Year Ended 31 July 2021
Consolidated
University
e'ooo
£'ooo
Year Ended 31 July 2020
Con801idatèd
University
£'ooo
t'ooo
6 Donations
Donations
27
27
14
14
Year Ended 31 July 2021
Consolidated
Untversjty
£'ooo
e'ooo
Yèar Ended 31 JL¢ly2020
Consolidated
University
£'ooo
£￿00
7 Staff costs
Salaries
Social seeurlty costs
Othar pension costs
Movémènt on USS provision
CVGPF costs in èxcess ol ¢ontribub'on5
Staff ¢osts &xcluding exceptional severance
costs
54,845
5,668
10,532
(22)
9,163
5&147
5,512
10,245
{22)
9.163
52.654
5,269
9.870
11,3941
4,523
50,832
5,107
9,608
11,3941
4,S23
80,186
78.045
70,922
68,676
Year Ended
31 July 2021
No.
Year Ended
31 July 2020
No.
Avera9e staffnurnbers by rnajor eategory.
Aeademie
Admini51ratNe. support and proj8ets
Technicians
Ancillary
549
682
33
55
1.319
501
691
1,305
Year Ended
31 July2021
Year Ended
31 July 2020
Emoluments ol the V￿e-Chanc￿l0r
Re¢lgssifiÈd
248,679
41,786
290,465
Salary
Payments in lieu of pension contributions
251,679
42,450
294,129
Vicelhancellgr remuneration as a mulliple of the
me(fian
Year Ended 31 July 2021
University
BasÉc
salary
Year Ended 31 July 2020
UnlversIty
Baslc
Total
salary remuneratio
Total
remuntrratio
Uplated
£248.679
£39.152
Updated
£290,465
t39.774
7.3
Vice-chancellor
Median saLIry
Pay multiple
251.679
39,152
6A
294,129
40.014
Referto the Unwerslls Remuneration Statemeftt page 14
35

Annual Fieport ancl Flnanci* Statemonts 2020- 2021
Notes to the Financial Statements (contlnued)
Year Ended 31 July 2021
7 Stsff Costs (continued)
The President & Vice-chaneetlorfs basle salary Is 6.4 times 12019120 6.4 timèsl thè median pay of staff. The median pay is
calculated on a full-tirne equivalent basis ol the salar￿S paid by the Unwersity to its Stalf. The President & Vice.Chancelltsr's tot
remuneiation is 7.4 time512019/20 72 tirne51 the median total remuneralion of Staff. The median total rernuneration is cal¢ulated
on a full-tirne equivalent basis for the total remuneration paid by th8 University to its slafl. Agency and aty￿c81 staff have been
excluded Irom the above calculatic•ns, as lull-tirne equwalent data is not available.
Higher Pald Staff
Year Ended
31 July2021
No.
Year Ended
S1 July 2020
No.
£fOO,000 to) ￿04,999
£105,000 to £109,999
£120.000 to £124,999
£125.000 to £129.999
£130.000 to £134.999
t135.000 to £139.999
Payrnent of cornpensallon for loss of otlice to hlgher paid staff was as lollows.,
Yèar Ended 31 Year Ended
July2021 31 July 2021
Year Ended Year Ended
31Ju
31 July
2020
2020
Number of
stsff
Numberof
stsff
£'ooo
rooo
Hiyherpald staff: loss of offie•
126
The Key Managernent Personnel are the Universlty Vice Chancellor's Exeeutlve Group. It comprlsed.. the Vlce Chancellor. PVC
(Resgarch and InrM)vationl, PVC Istudent Engagement), PVC IPartnerships & External Engagement). Chief Olficer (Resourcesl.
8rKI the Sg¢Yetary & Clerk to the Board of Govemor&
Year Ended
al July 2021
£'ooo
Year Ended
31 July 2020
rooo
Key mana9ement ptrsonn•l
(excludes pension costs)
rerrKrneratic
896
876
Due to the nature of the Unwersitys operations and the cornp051ti>n ol the Board. it is inewtable thal transactions will take place
with organisations in which a Member of the Board or a senior member of staff may have an interest. The financial regulations
require an individual to declare an interest and to withdraw from discuss￿rnS should a conflict of interest potenti?Ily arise. Written
assurances are obtained annually from all Governors and key personnel in respect of themsefves and their close famity. For the
financial year to 31 duly 2021 the returns state that there has been no undue influence between the University and related parties
las defined by FRS1021.
In the 2020121 ffnancial year there were no declarations ol interest frorn a rdated party under FRS102. In the 2019120 financi
yearthere w&8 nts declaration of interest from a related party under FRS102
36

l Report ond Fin4nciJl Stalem¢Thls 2020- 2021
C￿￿￿Met
Notes to the Financial Statements (continued)
Year Endgd 31 July 2021
Year Ended
Year Ended
31 July 2021 31 July 2021
Consolidate
Unlversity
Year Ended
31 July 2020
Consolidated
Year Ended
31 July 2020
University
E'ooo
rooo
t'ooo
£'ooo
8 Interest8nd other finance costs
Loan interest
Net charge on pension scheme
1.227
1,723
2.950
1.227
1.723
1,330
1,469
2,799
1,330
1,469
2,799
Year Ended
Year Ended
31 Juty 2021 31 July2021
Consolidate
University
Year Ended
31 July 2020
Consolidated
Year Ended
31 July 2020
University
rooo
£'ooo
£'ooo
£'ooo
9 Analysis of total expertdlture by aclivity
Acadern￿ and related expenditwe
Administration and central services
Premises (including service concession costl
Residences. caterlng and conferences
Research grants and contr￿t5
Other expenses
HEFCW Covid-19 grant expenditure
60.423
21,918
8.432
3￿01
1,675
19,096
4,383
119,428
61,040
20,704
8,432
3060
1￿45
21,495
57,188
23,912
9.247
3,530
1.734
12.7
57.188
22,425
9.219
3,283
1.295
11.460
116 576
108,410
104,870
other operating expenses Include:
External auditors. remuneration in respect of
audit services
External auditors. remuneratlon in respect ol
non-audit services
61
55
39
13
13
59
50
37

Amu* Rep)rt and Finoncial St4￿mOnt￿ X)20- 2021
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
10 Tan9lble Fixed Assets
202012021
Flxtures,
ttlngs and
Equlpment
£'ooo
Freehold Land
and Buildlnys
£'ooo
Total
£'ooo
Consofidated
Costor valuation
At 1 August 2020
Additions
At 31 July 2021
183,883
2,316
186.199
19.824
2.489
22.313
203,707
4.805
Con51Sting of valuation at:
1 August 2014
Cost
72.268
113.931
186 199
72268
136.244
208.512
22,313
22,313
Acujmulated Dèpreciation
At 1 August 2020
Char9e for the year
At 31 July2021
27.718
2,200
29,918
13.691
2.1Sg
15.830
41,409
4,239
45.748
Net book value
Al 31 July 2021
At 31 July 2020
156.281
156.184
483
6,133
161765
162,298
University
Cost or valuation
At 1 August 2020
Additions
At 31 July2021
183.883
2,316
186.199
19.536
a489
22.025
203.419
4.805
208.224
Con5i3ting of valuation at:
1 August 2014
Cost
72268
113.931
186 199
72,268
135.956
208 224
22.025
AccJJmulated Deprecialton
At 1 August 2020
Chai9e for the year
At 31 J￿Y 2021
27.718
2.200
13,459
2,111
41.177
4,311
488
Nèt bjok value
At 31 July2021
Al 31 Juty 2020
156,281
156,165
6,455
6,OTT
164737
161242
As at 31 July 2021. freehold land and buildings included £52.598m (2019.. £52598ml in respect of Ireehold land and
is not depreciated.
38

AnNJal Report and Fin4￿1￿1 Ststements 2020- 2021
Notes to the Financlal Statements (continued)
Year Ended 31 July 2021
Consolidated
vooo
ikniversity
e'ooo
11 Intanglbl• Assats
Cost of Intellectual Property
At 1 August 2020
Additions
913
433
At 31 July 2021
46
Net book value
At 31 July 2021
1.347
Net book value
At 31 July 2020
913
No amort15ation has been charged in the period ended 31 July 2021. The additional intangible asset ol e434k in
2020121 represents the capitalisation of the intellectual property developed in Fovo Technology Ltd.
Unlvèrsity
£'ooo
12 Investment in Subsldiary
Cost or valuation
At 1 August 2020
Additions
At 31 July 2021
2,150
3.150
The Investment5 represent shares in group undertskings (note 231. During the fiftancial year 2020121 the University
bought an additiond 1,000,000 shares in Cardiff Met Company Ltd for tlm.
39

Amval Report and Finarteigl gtatoments 2020. 2021
Car(r￿m
Notes to the Financlal Statements {continued)
Year Ended 31 July 2021
At 31 July 2021
Con501idated
Univèr51ty
£'ooo
rooo
At 31 Juty 2020
Consolidated
UnNersity
£'ooo
£'ooo
Redassilied
Rttl835ified
13 Stock
General consumabfes ICaterTrig & otheil
32
32
29
29
80
At 31 July 2021
At 31 July 2020
Universlty Consolldated
Unwersity
£'ooo
£'ooo
£'ooo
Reclasslfted
Reclasslfled
Consolldated
£'ooo
14 Trade and othèr ièceivables
Amounts falling due wthin one year..
Trade receivables
Piepayments and accruéd incorne
Amounts due from subsidiary compan
4518
332
4364
6.243
3.056
12,663
2,389
4,758
2,147
4.529
2.540
9.216
9￿50
7.147
At 31 July2021
At 31 Juty 2020
University Consolidated
University
£'ooo
£'ooo
£'ooo
Consolidated
rooo
15 Investments
Tem deposit
Corporate Bond
9.840
14.015
23,855
9,840
14.015
23.855
7,784
6,239
14.023
8,239
14.023
At 31 July 2021
At 31 J(Fly 2020
Univer8ity Consolidated
UnDiersity
£'ooo
rooo
t'ooo
ConsofJd*ted
£'ooo
16 Credltors: amounts fallirvJ due withlnone year
Sec#Jred loan$
Unsecured loans
Trade payables
So¢ial security and other taxation payable
A¢¢ruals and deferred income
504
1,322
6,015
1,383
19,674
28.898
504
1,322
003
1077
1B.912
28.118
475
1,353
2.581
1.37T
14.067
19.853
475
1.353
2.523
1.3TI
13,269
18,997
At 31 July 2021
At 31 ￿lY 2020
University Consolk4ated
UnEverslty
£￿00
eooo
Consolidated
£'ooo
17 Creditors: amounts fallin9 due after more than
one year
Secured loans
Unsecurèd loans
S44
2q080
21,024
1,448
21.402
22.850
21,402
22.850
21.024
Anatysis of secured and un5e¢ured loan&.
Due within one year or on demand
Qkje between one and two years
Due between two and five years
Due in five year5 or more
Due after more than one year
Total secured and unsecured loan$
1026
1032
4,090
15,102
21.024
22.850
1026
1032
4,090
1,828
1.826
4,570
16,455
22,850
24.679
1,828
1,826
4.570
16,455
22.850
24.679
21850
40

Annual keport and FinonEiTI Statoments 2020- 2021
Carrf]ffMet
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
18 Lender
Secured and unsecured loans
Amount
As atJuly 2021
Amount Repayable by Interest Rate
As atJuly
2020
£'ooo
714
1,210
10.800
11,700
19
63
38
135
Borrower
E'ooo
612
836
10200
11.050
RBS
RBS
Sant￿der
Barclays
Salix
Salix
Salix
Sallx
Se¢ured loan
Secured loan
unsecur￿ loan
Unsecured loan
Unseeuied l¢)an
Unsecured loan
Unsecured loan
Unsecured loan
2023
2027
2038
2038
2020
2022
2021
2024
7fi9
Variable
5.10
5.10
0.00
0.00
0.00
0.00
University
University
Ljniversity
University
University
Uftiversity
University
University
38
13
101
The RBS loans a￿ secured aga4nst tha Univèrsity's Plas Gwyn Campus and a part of the Cyneoed Campus
19 Pension Provisions
Detin8d
Benefit
Obligations
(Note 241
Obllgatlon to
fund deficlt on
USS Pension
£'ooo
Pension
enhancement
on termination
Total Pensions
Provisions
000
£'ooo
Consolrdated and University
At 1 August 2020
Utili5ed in year
IAdditionllrelease in year
Actuarial gain in year
At 31 July 2021
11,8131
(3.370)
290
1501
40
(3,090)
1121.4801
1126,6631
290
110,861)
17,470
1119 764)
110,8201
17,430
1114,870)
11,804
USS defi¢lt
The obligation to fund the past service deficit of the University's St4)erannuation Scheme IUSSI arises Irom a contractual
obligation to fund benefits arising from past performance. This obligation is reassessed every three years using the
scheduled triennial valuation of the scheme. In reassessing the value of the required provisi>n during the current year
management has used the March 2018 valuation of the $¢herne.
The latest available actuarial valuation of the scheme al 31 July 2021 was the March 2018 valuation. A valuation ol thè
scheme al 31 March 2020 is currently being undertaken. It is antiapated that this valuation will add circa £2.7m lo thè
seheme deficit.
At 1 August
2020
£'ooo
Cash Flows
At 31 July
2021
£'ooo
£'ooo
20 Cash and ¢ash equivalents
Consolidated
Cash and c85h equNalents
16.003
16,003
7265
7265
23268
23.268
For the year gnded 31 July 2021
Consolidatgd
University
£'ooo
£'ooo
Fof thè yèar ended 31 July 2020
Consolidated
Univèrsity
£'ooo
£'ooo
21 Capital commltments
Comrnitments contracted for
&600
3.600
00
3,600
1B50
1,850
1,850
1,850
41

AnryJ￿ Report and Financijl Statements 1020- 2021
Ca￿￿met
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
22 Commllm8nts und8r op?rating lease
At 31 July Cardiff Metropolitan University had future minimum lease payments undèr non-can¢elFable operating leases
as follows..
2021
£'ooo
217
372
589
2020
£'ooo
217
589
Not later than 1 year
Later than 1 year and not Lqter than 5
Subsidlary undertaklngs
Company
Cardiff Metropolltan Compary Ltd
Prlneipal Activity
Undertakes nan primary purpose trading actmties
which @re non-charitabl&
status
100%
owned
Cardlff Metropditan Education Services (Beijingl Holding company for China Wholly Foreign-owned
Ltd
Enterprise.
100%
owned
Cardiff Metropolitsn Education Consulting Develop strategic partnership3 with Chinese
Servlce IBeijlngl Ltd
institutions.
100%
owned
Fovo Technology Ltd
Developing a new technologythat improves the
nature of visual experren¢¢.
55%
owned
24 Pensk)n Obllgatlons
The Universityparticipates In threèseparate pension s¢herne4 each ol which has its own membership èligibilitycriteri
The three schemes are.. the Cardiff & Vale tsf Glamorgan Pension Fund ICVGPFI Iprincipally admlnistration and support
$t8m; the TeacheTS' Penslon Scheme ITPSI (prineipally acaderni¢ stsfll., and the Universities &Jpeiannuation Scheme
(USSI la mixture ol administrative and academic staff). Ati three schernes are defined-berEfit schemes.
Thè ¢¢ntributions payable to the scheme were
Year ond8d
31 July 2021
£￿00
Yèar ended
31 July 2020
£000
Contributlon for TPS
Contributlon for CVGPF
Contributlon lor USS
4168
4419
946
4,777
4.207
10A33
9.870
The costs recognlsed within the UnsveTsiVs Staff costs for the year were
Year ended
31 July 2021
rooo
Year ended
31 July 2020
rooo
Cost foT TPS
Cost for CVGPF
Cost for USS
5,168
18￿81
924
4.777
8,730
15091
12,998
42

RÈport Jnd Fir￿n¢￿1 Statemefits 2020-2021
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
24
PenslonObfLgations Icontlnuedl
Cardiff& Valeof Glamorgan Penslon Fund (CVGPF)
CVGPF is a local government superannuatlon scheme. Thè most recènt lull aeluarlal valtsation was earried
out as at 31 March 2019, and has been updated by independent actuaries to the Cardill & Vale of Glamorgan
Pension Fund to take account of the requirernents of FRS 102 in order to assess the liabilities of the Fund as
at 31 JU￿ 2020. The next triennial valuation of the fund will be reported during December 2022.
The principaf assumptions used for the wrposes of FRS 102 are as foltows
Yearended
31 July2021
Year ended
31 July 2020
Year ended
31 Juty 2019
Discount rate
CPI inflation
Rate of increase to penslons In payment
Rale of revaluatlon of penslon 8c¢ounts
Rate of ncrease in deferred pensions
Rate of general I￿￿eaSe in sJaries
1.7%
2.6%
zfj%
2.6%
2.6%
3.6%
1.4%
22%
22%
2.2Wo
2.2Vo
3.2%
2.2%
2.2%
2.2%
2.2%
2.2%
&2%
Mortallty assumption
The mortality 45sumptlOll5 are based on the recent actual rnorlafity experience of mernbers within the Fund
and a11owforfulure mortalityimprovemenls. Sample lifeexpectancies at age65 resulting fromthese mortaltty
assumptlons arè shown below.
Year ended
31 July2021
Year ended
31 July 2020
Year ended
31 July 2019
Assumed life expectancy at 65 years
retiring today malellfemalel
retiring in 20 years rnale/lfernalel
22312Q7)
2U126.1)
22.2124.61
J2126.0
221124.51
22.7125.61
AssttAllocation
Value at
31 July 2021
Value at
31 July 2020
Equities
Property
Governrnent bonds
Corporate bonds
Cash
Other
Total
66.5%
6.6%
10.1%
15.2%
1.6%
0.0%
100.0%
61.1%
12.0%
17.1%
1.4%
100.0%
43

Annual Rthport an¥ Fin4rKlal Stat4m¢nt$ 2020- 2021
Carthffmer
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
24
Pensitin Obligations {¢ontlnued)
Anwunts recognlsed In Incomè statem&nt
Yearended 31 July 2021
£'ooo
Funded Unfunded
Year èndÈd 31 July 2020
£'ooo
Funded
Unlunded
Op•ratiny ¢0st
current service c05t
Curtailment cost
13.650
20
8,780
Flnanclng Cost
interest on net defined benefit1SabNity
1,660
50
1.330
70
Penslon expènse recogro3ed in MKome
statement
15,330
50
10,110
70
Aft￿urts recognised in other comprehens1￿ income
Yearended 31 July
2021
e'ooo
Funded Unfunded
Year trnded 31 July 2020
£'ooo
Funded
UnfurKled
Asset gains/l105ses1 arising during the year
Liabifity Ilossesl arising during the year
20,800
(3A70)
13.400)
149,720)
{40)
Total le￿gnISed In othèr eompr8hènslvg
in¢omellexpense)
17.430
140)
153,1201
12101
Chanyes to thè fair value of 0$8et$
Yearended31 July 2021
£'ooo
Funded Urtfunded
Year ended 31 July 2020
£'ooo
Funded
Unlunded
Opening value
Interest income on assets
Remeasurement gains/llos$esl on assets
Contributions by the employer
Contribub'ons by participants
Ntrt benefits paid out
Closlng valug
117220
1.671
20.800
4510
1,770
(2 9501
143,020
114,590
2,560
13,4001
4.260
1.660
12,4501
117.220
290
290
1290)
12901
44

Annu41 Report Ind Financial Stat•ff*nrs 2020- 2021
Cgrfffhlei
Notes to the Flnancial Statements (continued)
Year Ended 31 July 2021
24
PènsTon Obfigations (continued)
Changes to the present value of the deflned benefit obligalion
Yearended 31 July2021
£'ooo
Fund8d Unfundgd
Year ended 31 July 2020
e'ooo
Funded
Unfunded
Opening value
Current Servi￿ cost
Interest expense on defined benefil obligation
Contributions by participants
Actuarial lossesllgainsl on habilities
Net benefits paKJ out
Past service costlcurtailment
Closing value
238,700
13,650
3,330
1.770
3,370
12,9501
20
257,890
3,370
177,100
8,780
3,890
1,660
49,720
12,4501
3￿80
so
70
(401
(2901
210
(2901
3.090
238.700
3,370
Reconcli iation of funded status to Consolidated Statement of Financial PosÉtion
At 31 July 2021
£'ooo
Funded Unfunded
At 31 JLJIY 2020
£'ooo
Funded Unfundèd
Fwr value ot assets
Present value of defined benefit obligat
143.020
(257.890)
117,220
1238,7001
(3.0901
13.3701
Liability
1114.870}
13,090)
1121,4801
13.3701
Teachers, Penslon Scheme ITPS)
Introduction
The Teach8rs' Pension Scherne ITPS or Scheme) is a slatutL)ry, unfunded, defined benefit occupational
scherne. governed by the Teachers, Pensions Regulakn'ons 2010 las amended). ancl the Teachers. Pension
Scheme Regulations 2014 las arnèndèd). These regulations apply tts teachers In schools and other
educationat establishment4 includin9 academies, in En9land and Wths that are rn￿ntaned by lotral
authorities. In addition, teachèrs in many independent 2nd voluntary-aided schools and teachers and
cturèrs in some establishments of further and hlgher edU￿tIOn may be eligible for rnèmbershlp.
Mernbership is automatic for full-time teachers and lecturers and. from 1 January 2007, autornatic too for
teachers and lecturers in part-time Èmployment following appointment or a change of Contract. Teachers
and lecturers are able to opt out of the TPS.
The Tea¢hes' Penslon budgeting and valuallon account
Atthough members may be employed by various bodies, their retirement and other pension benefits are sèt
out in regulations Tvade under the Sup8rannuation Act119721 and Public Service Pensions Act120131 and
are paid by public funds prOv￿ed by Parliament. The TPS is an unlunded scheme and members contribute
on a'pay as you go'basis- eontributions from mèmbèrs. along with those made by employers. are credited
to the Exchequer under arrangement5 governed by the above Acts
The Teachers, Pensions Regulations 2010 require an Annual ACCo￿t, the Teachers. Pension Budgeting and
Valuation Account, to be kept of receSpts and expenditure lincluding the cost of pension increasesl. From 1
April 2001. the Account has been credited with a real rate ol return, which is equivalent to assuming that the
balance in the Account is invested in notional investments that produce that re￿ rate of return.
45

Annual RepLYt and Finènrial Statements 2020- 2021
CArthffMet
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
24
Pen$lon Obli9atlons leontinued)
Valuation of the Teaehers, Pension S¢heme
The latest valuatlon of Ihe Teachers, Pension S¢herne took plac< In ￿ne with directions issued by klm
Treasury arKI using membership data a5 at 31 March 2016. As a result of this valuation TPS employers have
paid a
contribution ratè of 23.68% from September 2019 (thi8 includes the adminislration ley of 0.8W. The
contribution rate prior to this was 16.48%.
Scheme Changes
The arrangements lor a reformed Teachers, Pension Scheme, in line with the recommendations rnade by
Lord Hutton, in parttcular the introductlon of a Career Average Revalued Earnings ICAREI schem< were
implernented frorn 1 April 2015.
In December 2018, the Courtof Appeal held that transitional protection provisions eontsned in the reformed
judicial ancl lirefighter pension 5chernes, rntroduced as part of public service pension reforms In 2015. gave
rise to direct age discrlmlnation 8nd were therefore unlawful. The Suprerne Court, in a decision made In￿ne
2019. have rejected the Govemments application for permission to appeal the Court ol Appeal's ruling. The
case will now be referred to an Employment Tribunal for a decision règarding the remedy which need to
be ollered to those members of the two schemes who were subject of the age discrimination.
HM Treasury are clear that the rthing ha3 implicath)ns for thè 0th8T public service schemes. Inclu(SNJ the
Teachers, Pension Schemè. Those irnplications are currently being consKlgred and any impact on scheme
costs is expected to be lookèd atwi*hin the nextscheme valuation.whieh is Currently scheduled tobe based
on April 2020 data and implemèntèd in April 2023.
Universities SuperanNatlon Sch•mè
The University participates in the Universitieg, Superannuafion Scherne. The Scheme Is a hybrld pension
scheme which provides benefits based on final penstonable salary for Final Salary members until 2016
(closed to new entrants in 20111,. Career Revalued Benefits ICRBI up lo an indexed salary threshold for naw
entrants Sin￿ 2011 and for Final Salary members since 2016- and d81ined contribution benefits above tha
samesalary threshold and for mernbers wishing to make additlond contributions. The assets ofthe schemè
are held in a separate trustee-administered fund. Because of the mutual natureot the scheme, theschema's
a55ets are not hypothecated to individval institutions and a scheme-wide contribution r¥t8 is set. As aresult
the University is exposed to actuarial risks associated with other institutions, èmployee5 and is vnable to
identify its share of the underlying a55ets and liabilities of the scheme on a consistent and rea50nablebasis
and therelore. as required by section 28 of FRS 102 Ernployee benefits", accounts for the scherne as il it
were a wholly defined-contribution scherne. The amount charged to the Consolidated Staternent of
Comprehensive Income and Expenditure represents the ￿ntributIOnS payable to the scheme for thè year.
A liability Is also recorded within proM510nS tor any contractual commitment lo fund past dèf5CIt5 Wtlwn the
scheme. Movements in thts PTovision can also give rise tg ¢harge5 to the Consoltdated stata￿￿rrt of
Comprehensive Incorne and Expenditure as shown in note 19 above.
The appolntment of directors to the board of trustees Is detem2ined by the Companls Articlès of
Assooation. Four of the directors are appointed by Universltles UK. three are apry)inted by the Univètsity
and College Union, of whom at least one must be a USS penslonw member; and a minimum of three and a
rnaximum ol five 8re independent dwectors appointed by the board. Under thè scherne trust deed and￿￿¢￿,
the employer contiibution rate is detern?ined by the trnstee. actlng on actuarial a(fvi¢e.
The scheme Is valued trpnnially with the latest avalable cornplete actuarial valuation having been finafised
during September 2019 as 8t 31 March 2018 Ithe valuation datel. The 2018 valuatlon was the lifth valuatvjn
under the scheme-spethfic funding regime introduced by the Pensions Act 2004, which requires schemes
to a(bpt a statutory funding objèctive, which is to have suflicient and approwiate assets to cover thqr
46

Ar￿jaI Report and Financi￿ 5rat•m+nts 2020- 202?
C¥r(fiffMet
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
24
Penslon Obll9ations leonlinuedl
technical pri)visions At the 2018 valualion date. the value ol the assets of the scheme was £63.7 billiw and
thevaluation ef the scherne's technical provisions was £67.3 billion indicating a shortfall of £3.6 billion, do
Irorn £75 blllion at the 2017 valuatitsn date and £5.3 billion at the 2014 valuation date. The assets were
therefore sufficient to cover 95% of the benefits which had accrued to members alter dlowing for expected
lulure increases in earnings. as compared to 89% at the 2017 valLJalion date. A valuation as at 31 March
2020 is currently being undertaken. it is anticipated that this will result in a mater[81 in(yease in the value of
the scheme deficit.
Creditor Balance¥
Cardiff Metrr)politan Univei$ity$ balances as at 31 July for each scheme are as follows=
2021
E'ooo
2020
eDoo
TPS
CVGPF
uss
646
540
113
1,299
Year-end penS￿n creditcKswere yaKt in full at 31 July2020
Higher Pald Staff
Year Ended
31 July
2020
Universty
No.
Year Ended
31 July 2021
University
No.
£100,000 to ￿04,999
£105.000 to £109,999
£120.000 to £124,999
£125.000 10 £129,999
E130.000 to £134,999
35,000 to £139,999
Year Ended Year Ended
Year Endèd 31 31 July2021 31 July
July2021
University
2020
Unlverslty
University
Year Ended
31 July
2020
University
Number of
staff
NuTrt*er of
staff
£YM)O
£'ooo
Hlgher patd staff: loss of offlce
126
Payment of compensation for loss of offlco to higher paid staff was as follow4
The Key Managèment Personnel are the University Vi¢e Chancelk)r's Executive Group. It comprised,. the Vice Chancellor. PVC
(Research and Innovation), PVC Istvdent Engagernentl, PVC (Partnershlps & Externd Engagementl. Chief Officer (Resources),
and the Secretary & Clerk to the Board of Govemors.
47

Annual k&port and Financial Statements 2020- 20
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
24
Pen$ion Obligations (¢ont5nued)
Y4ar Endèd
31 July 2021
Univ8r51ty
£'ooo
Yèar Ended
31 July 2020
University
£'ooo
Key management personnel remuneralion
(excludes pension costs)
896
876
Due to the nature of the University's operations and the composition ol the Board. It is in￿tabl¥ that transactions will lake pla
with organisations in which a MeThber of the Board or a senior member of staff may havè an inter?st. All transactions in which they
may have an interest are conducted at arrn's length and in accordance with thè Unniersily's financial regulation5 and normal
pr￿Urement pr¢xedures. The financia regulations require an individual to deelarè an interest and lo withdraw l¥orn discussions
should a conlliet of interest potentially arise. Written assurances are obtainad annually from all Governors and key personnel In
respect ol themselves and their c105e larnily. For the financial year to 31 July 2021 thè rèlurns stste that there has been no undue
influence between the University and relat8d parties las defined by FRS1021.
In the 20201￿ rInancial year there were d￿laratIonS of interest from a related party under FRS102. In the 2019120 finana
Ye￿ there was no declaration of int8re5t frorn a related party under FRS102.
48

Annual Rèport *ld Firnantibl 5trafernpnts ￿20- 2021
C?￿ffmeI
Notes to the Financlal Statements (contlnued)
Year Ended 31 July 2021
25
US Federal Loans- Supplementary Schedule
Conversion lo US GAAP fomiat
This schedule has been compiled Irom the Section 3 Example Financial Statements included in the Federal
Re
ister/Vol. 84, No. 184 1 Monda
tember 23, 2019 1 Rules and Re
ulations
Llne
Statement of Financial Positio
Cash and cash equivalents
Accounts receivable, net
other debtors and Prepaid expenses
Related party recelvables
Contributions receivable. net
Student loans receivablq net
Investments
Properly, plant and equipment, net lincludes Investment property & Heritage assets)
Lease right-ol-use asset, net
Goodwill
other intanglble assets
Inventories
47,123
3,518
6.332
162,765
10
1,346
33
11
12
Total assets
221,117
13
14
15
16
17
18
19
20
21
22
Line of credit- short term
Line of credit- short term for CIP
Accrued expenses/Ac¢ovnts payable
Accruals and Deferred revenue
Post-employment and pension liability
Line ol credit - operating
Other liabilities
Notes payable
Lease right-ol-use asset liability
Ltng ol credit for long term purposes
7,398
19,674
119,764
22.850
23
Total liabilitie$
169,686
24
Net assets without donor restrictions
Net Assets with Donor Restrictions
Annuities
Term endowments
fe income funds
Other restricted by purpose and time
Restricted in perpetuity
Total Nel Assets with Donor Restrictions
51,431
25
26
27
28
29
30
31
32
Total Net Assets
Total Liabilities and Net Assets
51,431
221,117
49

Amual R&pott Financijl Statements 2020- 2021
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
25
US Federal Loans- Supplementary Schedule (¢ontlnued)
Line
Statement of Activities
Changes in Net Assets Without Donor Restrictions
Operating Revenue and Other Additions
Tuition and fees, net
Funding body income
Investment return apprc¢Ylated for spending
Other income
Research income
Total Operating Revenue and Other Additions
33
34
35
36
37
38
90,242
14.772
117
14,729
2,429
122,289
Operating Expenses and Other Dedu¢tlon5
Education and research expenses
Depreciation and Amortizalion
Interest expense
Auxiliary enterprises
Total Operating Expenses
Changes In Net Assets from Operations
39
40
41
42
112,140
4,339
2,950
119,429
2,860
Non-operating Changes
Investments. net of annual spending, gain Ilossl
Other components of net periodic pension costs
Pension-relaled changes other than net periodic pension costs
Change in value of splil-interest agreements
Other gains (losses)
Sale of fixed assets. galns {lo$$esl
Taxation
Total Non-operating Change5
45
46
47
48
49
50
17,470
17.470
51
Total Change in Net Assets
Change in Net Assets Wjth Donor Restrictlons
Conlributions
Net assets released from restriction
20,330
52
53
54
Change In Net Assets With Donor Rastri¢tions
55
Change in Net Assets without restrictions
20,330
56
57
Net Assets, Beginning of Year
Net Assets, End of Year
31,101
51,431
Note forLlne 9- Lease right-of-use assets
Lease righl-of-use assets- pre-implemenlation
Lease righl-of-use assets- post-implementation
Total
50

Amual RÈp)rt FSnancl?I Statsmint$ 2020- 2021
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
25 US Federal Loans- Supplementary Schedule (continued)
Note forknne 21- Leaseright-of-use asset liability
Lease rlght-of-use asset liability- pre-implementation
Lease rlght-of-use asset liability- post-implementation
Total
Note forLine 8- NetPropertyi PlantandEquipment
Pre-lmplementation Property, Plant and Equipment
Post-implementation Property, Plant and Equipment purchased wlth debt
FH LH L&B
LH improvements
Equipment
Investment property
Heritage assets
Consl'n in P'gress
Post-implementation Property, Plant and Equipment- no debt
Total
157.958
157,958
This is the ending balancè on the last financial statement submisslon prior to the implementation of the
re
ulalions - Less and de
reciation or dis
osals
This is the balance of assets purchased after the implementation of the regulations that was purchased by
obtainin
debt
Asset value ol the Construction work in progress
Post-implementation Property, Plant and Equipment wth no outstanding debt
Note lorLine 14,20and22- Long-term debt lorlong termpurpos¢s
Pre-implementalion Long-tem Debt
Allowable Post-lmplementation Long-term Debt:
FH LH L&B
LH improvements
Equipment
Investment property
Heritage assets
Construction in progress - debt
Long-term debt not for the purchaso of Property, Plant and Equipment or liability greater
than assets value
Total
22,850
This is the ending balance on the last financial statement submission prior to the implementation of the
re
ulations- Less in repa
rnents
This is the lessor of actual outstanding debt or eaoh asset value or the value of the asset
All debt associated with Construction in progres5 UP to the asset value for construction in process is
included
Long-term debt not for the purchase ol Pfoperty, Plant and Equipment
22,850
51

Annual Wort * Financi￿ sratements 2020-2021
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
US Federal Loans- Supplemgntary Schedule (continued)
Supplementary schedule- Sterllng £
This schedule has been compiled from the Sectlon 2 Example Financlal Statements included in the Federal
Register/Vol. 84, No. 184 1 Monda
,Se
tember 23, 2019 1 Rules and Re
ulations
Lines
24
30
Expendable Net Assets
Net assets without donor restrictions
Net assets with donor restrictions
Secured and Unsecured related party receivable
Unsecured related party receivable
Property, plant and equlpment. net lincludes ConstructiorF in progress)
Property, plant and equipment- pre-implemenlation
Property. plant and equipment - post-implementatlon with outstanding debt
for original purchase
Property. plant and equipment - post-implementation without outstanding
debt for original purchase
Construction In progress
Lease right-of-use asset. net
Lease right.of-use asset pre-implementation
51,431
162.765
157,958
FS Note line 8A
FS Note line 8B
FS Note line 8D
FS Note line 8C
Excluded Llne 9 Note
Leases
M9 Note Leases
10
10
17
14,20,22
M2420,22, Note Debt A
M24,20,22. Note Debt B
M24.2022, Note Debt C
21
Excluded Line 21 Note
Leases
Lease right-of-use asset post-implernentation
Intangible assets
Intangible assets
Post-employment and pension liabilities
Long-term debt- for long term purposes
Long-term debt- for long term purposes pre-implementation
Long-term debt- for long term purposes post-implemenlation
Line of Credit for Construction in process
Lease righl-of-use asset liabrlity
Pre-implementation right-of-use leases
1,346
119,764
22,850
22,850
Llne 21 Note Leases
Post-implementation right-of-use leases
Annuities with donor restrictiolls
Term endowments wllh donor restrlctlons
Life income funds with donor restrictions
Net assets with donor restrictions: restrscted in perpetuity
Total Expenses atid Losses
Total expenses without donor restri¢tions- taken directly from Stalernent of
A¢tivlties
Non-operating and Net Investment Ilossl
Net investment losses
Pension-related changes other than net periodic costs
26
27
29
43
119.429
1351,45,46,47.48,49
{351,45
47
-17,587
52

Annual Rlportand Finèncial 5t#ornenrs 1010- 2021
c￿rf￿Met
Notes to the Financial Statements (continued)
Year Ended 31 July 2021
US Federal Loans- Supplernentary Schedule {¢ontinued)
Modified Net Assets
Net a5se15 Wlthout donor restrictions
Net asse15 with donor restrictions
Intangible assets
SeGured and Unsecured related party receivable
UnseGured related party receivable
Modified Assets
Total Assets
Lease right￿t-Use asset pre-implementation
24
30
10
51,431
12
Excluded Line 9 Note
Leases
221,117
Excluded Line 21 Note
Leases
Pre-implementation right-of-use leases
10
Intangible assets
Secured and Unsecured related party receivable
Unsecured related party receivable
Net Income Ratio
Ghange in Nel Assets Without Donor Aestri¢tions
Total Revenue and Gains
55
38,1351, 50
20,330
122,172
53

Prifysgol
Metropolitan
Caerdydd
Metropolitan
University