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2023-07-31-accounts

Car(fiff MeiropoliLan University Prifysgol Meiropolitan Caerdydd Annual Report & Financial Statements 2022.2023 ,V Iw•41• •

Contents

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Introduction from the Chair of the Board of Governors 3
Introduction from the President and Vice-Chancellor 5
Key Facts and Figures 8
Strategy and Performance 9
Corporate Governance and
Statement of Internal Control 14
Report from Remuneration Committee 31
Operating and Financial Review 34
Independent auditors’ report to the
Governing Body of Cardiff Metropolitan University
(the “university”) 42
The Board of Governors’ Responsibilities
in Respect of the Annual Report and the
Financial Statements 46
Statement of Principal Accounting Policies 48
Consolidated and University Statements of
Comprehensive Income and Expenditure 54
Consolidated and University Statements
of Changes in Reserves 55
Consolidated and University
Statements of Financial Position 56
Consolidated Cash Flow Statement 57
Notes to the Financial Statements 58
US Federal Loans – Supplementary Schedule 73
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Introduction from the Chair of the Board of Governors

It has been a privilege to be Chair of the Board of Governors over the last year. On behalf of the Board of Governors, I would like to thank the Vice Chancellor, staff and students for their continued energy, dedication, and hard work. It’s been a year where clear progress has been achieved.

I was very pleased that the University was awarded the People and Planet ‘Number 1 UK University for Sustainability’ in December 2022. This highlighted the sustained progress that we have achieved – building upon our success in winning the Times Higher Education ‘UK and Ireland University of the Year’ title in December 2021. Winning the sustainability award this year clearly resonated with the values of the University and its students and staff.

The University is now well-placed to support our ambitious estate redevelopment plans for both Llandaff and Cyncoed Campuses. Through the Campus 2030 Programme Board our strategic work on the development of our estate masterplan was positively taken forward. The masterplan will transform our campuses to deliver outstanding teaching, research, sporting, living and social spaces for students and staff.

In December 2022 the University officially launched its new strategic plan ‘Strategy 2030’ which set out how we will fully achieve our ambition of becoming established as a distinctive and progressive high performing university - with strong vision and values, and high-performance culture firmly in place. Over the course of the year, the University developed and approved Thematic Strategies in support of Strategy 2030 (covering: Learning, Teaching and Student Engagement; Research and Innovation; Global Engagement; and Civic Mission) and Four Enabling Strategies (covering: People; Finance; Estate; and Digital). With accompanying Measures of Success, the University has ambitious, clear, and coherent plans in place to achieve future success.

In view of the challenges caused by high inflation in the UK it was pleasing to see the University achieve good financial growth and sustainability for the year. The University’s turnover increased by £16m to £153m, our accounting surplus was £5.6m, and our cash surplus was £16m. The University also achieved good levels of cash on deposit of £55m that can be used for our future growth and investment plans. Further details are included in the Financial Statements for the year.

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Introduction from the President and Vice-Chancellor

The University achieved the required growth in student numbers for September 2022 and January 2023 intakes across a range of domiciles, modes, and levels. This was reflective of the growing reputation of the University and the attractiveness of a variety of new and innovative programmes on offer. The Board of Governors recognises that the student recruitment market is increasingly competitive, challenging and sometimes volatile, and that continued year-on-year growth cannot always be achieved.

The University also made positive progress in its NSS results and Graduate Outcomes results for the year. Our Board of Governors recognises the importance of the ‘student experience’ at the University and the improved outcomes for those entering the job market or further study.

The Board of Governors was kept regularly informed of developments by Welsh Government to establish the Commission for Tertiary Education and Research. Whilst there are notable challenges to Welsh higher education funding, the University will continue to work positively and constructively with Welsh Government, the new Commission, and the wider sector. We also want to ensure that the emphasis on ‘Learner Voice’ and ‘Civic Mission’ are more fully articulated by the Commission and that appropriate arrangements are then put in place by the University.

The Board of Governors agreed proposals to revise its committee structure to ensure that the University’s governance arrangements are aligned to the delivery of the new strategy and that Board members provide maximum added value. Our new committee structure will be introduced in early 2024 and will include a new People, Health and Wellbeing Committee. Our new Committee will have the key task of looking at how we are developing our culture across the University and how good health and wellbeing for students and staff can be supported in what are pressurised times with the cost-of-living and other challenges.

The Board of Governors also implemented the final recommendations of the Wales Governance Review and related Charter and our own Board Effectiveness Review. This included introducing our own Governors’ Equality, Diversity and Inclusion Plan during the year to promote and achieve greater diversity in Board membership.

The Board of Governors also initiated the search and selection process for the recruitment of a new President and Vice Chancellor following the announcement that Professor Cara Aitchison intended to retire from her role in January 2024. We would like to place on record our thanks to Cara for her energy, passion, and commitment since joining the University in 2016. Board members also provided knowledge and experience in participating in the recruitment of key senior posts within the University in the year – including three professional services Director posts.

I would like to thank both past and present members of the Board of Governors and its various committees for their commitment and contribution to the University. The Board of Governors has continued to provide committed support for the University’s aims and ambitions and has ensured that appropriate governance and scrutiny arrangements are in place.

There will undoubtedly be difficult times ahead for the entire higher education sector, but I am confident that the University will cope with the challenges successfully and continue with our impressive development.

John Taylor (CBE)

Chair of the Board of Governors 29th November 2023

Successful universities are characterised by their talent, resources, leadership and partnerships. Cardiff Met, its staff and students have these characteristics in abundance and, throughout the last year, utilised this wealth to deliver our strategy of diversification, growth and improvement, doing so with purpose, impact and compassion.

Our university’s reach and impact are enhanced by our values of creativity, innovation, inclusivity and trust, supported by our behaviours of leadership, courage, accountability and agility. Together, these values and behaviours underpin our purpose and are exemplified to great effect across the University’s endeavours and outcomes in 2022/23.

130 countries. In both September 2022 and January 2023, the University welcomed its largest ever intakes of international students, with Cardiff-based international students forming 23% of the total of almost 13,000 on-campus students. A further 13,000 international students were enrolled on Cardiff Met degree programmes at our 13 partner colleges in 13 countries around the world, including in nations affected by international conflict. Throughout the year staff and students continued to support the provision of education and research at our twin university in Ukraine, Skovoroda National Pedagogic University in Kharkiv, and we welcomed regional and national Ukrainian athletes and gymnasts to our Cyncoed Campus to train for international competitions. Helping to rebuild post-conflict societies, staff and students from our Initial Teacher

Following the award of the Times Higher Education ‘UK and Ireland University of the Year 2021’ title in December 2021, Cardiff Met was awarded the People and Planet Green League ‘Number 1 UK University for Sustainability’ in December 2022. This award recognised Cardiff Met as a leader in ethical and environmental sustainability and was made following the university’s implementation of a wide range of sustainability initiatives and the prioritisation, in our Strategy 2030, of becoming a Net Zero University.

Our ethical underpinning was also signalled with the University’s reaccreditation, in January 2023, as a University of Sanctuary by City of Sanctuary UK, after becoming Wales’ first University of Sanctuary in 2018. In receiving this award, the University was commended on the provision that makes Cardiff Met a place of sanctuary, alongside the work we undertake for scholars and academics at risk, including our partnership with the Council for At-Risk Academics, whose Executive Director, Stephen Wordsworth LVO CMG, became our Chancellor in 2021.

These partnerships and initiatives have been made possible because of Cardiff Met’s international outlook as a university that serves both Wales and the wider world with students from over

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Education programmes also helped to build a school in Rwanda following significant fund-raising initiatives.

Increases in student recruitment resulted in the University’s highest ever annual turnover of £153m, enabling the generation of a surplus of over £16m, which followed surpluses of over £19.5m in 2021/22 and over £18m in 2020/21.

A strong financial base enabled further investment in Cardiff School of Technologies which launched in 2018 with a range of undergraduate, postgraduate and degree apprenticeship programmes designed to meet student demand and employer need. Education and research in robotics and AI have developed rapidly with strengths in ‘service robotics’, including collaborative research partnerships designing robots for hospitals and health care settings in Wales and Malaysia. With over 140 robots, the School of Technologies has also now developed an extensive interactive programme of STEM outreach sessions in schools exemplifying colleagues’ commitment to widening access to higher education, upskilling industry and employees across Wales, and advancing research and innovation internationally.

The University’s research impact was seen in work undertaken across both the Llandaff and Cyncoed Campuses and across all five of the University’s Schools, with much of our research developing interdisciplinary solutions in tackling some of society’s more entrenched problems.

In Cardiff School of Art and Design, for example, designers worked with health scientists to improve the quality of life for people with advanced dementia by creating and evaluating the efficacy of objects designed for playfulness, creativity, and touch. These include the innovative HUG™, commercialised via a spin-out company and purchased by the NHS and other care providers following its recognised contribution to increased functional and cognitive ability in 87% of patients involved in trials.

In Cardiff School of Management students and staff continue to develop entrepreneurial initiatives including the Circular Economy Innovation Communities (CEIC) programme which has brought together organisations from across Wales to implement crucial Circular Economy principles and

establish collaborative innovation networks to build

a more sustainable future. The CEIC programme has supported 45 public and third sector organisations across the Cardiff Capital Region, with over 80 participants working on 17 challenges. Examples of the challenges include retrofitting social housing, accessing land for community growing, repurposing cardboard in the NHS and developing an AI bot to support procurement activity.

In Cardiff School of Sport and Health Sciences colleagues continued to run Stroke Hub Wales and became the first Welsh university in almost 30 years to be awarded Project Grant funding from the Stroke Association to conduct research which aims to provide critical insights into stroke prevention and treatment by analysing biomarkers following a patient’s first ‘mini-stroke’. This project is an excellent example of collaboration between higher education, the NHS and third sector partners in research that has the potential to have a critical impact on patient care, benefitting the population of Wales and beyond. Commercial sector partnerships continued to be developed and supported by our multi-disciplinary team supporting the generation of new products and new jobs in the Welsh food and drink sector.

In Cardiff School of Education and Social Policy our Diversity and Anti-Racist Professional Learning (DARPL) project was identified by Welsh Government as being ‘crucial to delivering the Curriculum for Wales and achieving high standards and aspirations for all’ as we work collectively towards an anti-racist Wales by 2030 within the Welsh Government’s Anti-Racist Wales Action Plan. The team leading this project was also nominated for a Times Higher Education Award 2022 in the category of Equity, Diversity and Inclusion; this work will continue to be a strategic priority for the University as we develop our submission for the Race Equality Charter mark and embed it within our Strategic Equality Plan.

Students and staff from across the University have contributed to our ‘Open Campus’ programme which provided physical activity, sport, health and wellbeing opportunities for over 9,000 school children from across Cardiff last year, widening opportunities and raising aspirations. This community-based method of education has been central to Cardiff Met’s civic mission and over 1,000 students delivered activities

through Open Campus, engaging with 41 schools, 24 of which were in lower socio-economic areas. In addition, almost 600 on-campus and communitybased placements were provided for students, helping to improve graduate prospects across the University to over 77%, 3% above the Welsh average.

In performance sport we saw national and international successes over the course of the year, including one of our students captaining the Welsh women’s rugby team at the Rugby World Cup in October 2022 alongside another student being part of the coaching team for the Rugby 7s Deaf World Cup in Argentina. Our Men’s cricket team was crowned BUCS National Champions and we saw many of our alumni achieve sporting successes, including a gold medal for Rosie Eccles in Boxing at the 2022 Birmingham Commonwealth Games and success in the 2022 British Athletics Championships with a gold medal for Adele Nicoll in the shot put. I am delighted to report that Cardiff Met has now become Commonwealth Games Wales’ Team Wales Higher Education Partner, to develop sport research, technology and digital media, women in sport leadership, student placements and a range of programmes focussed on schools and communities across Wales. The University has also now become the Welsh Rugby Union East Wales Women and Girls Rugby Development Centre; this adds to our selection as one of only four UK centres for Premier Women’s Wheelchair basketball the previous year.

Our global outlook, international partnerships and sport connect us to the wider world while reminding us that we are rooted in and for Wales. This last year saw a further increase in the number of students studying through the medium of Welsh with 276 students studying at least 40 credits (a third) of their modules through the medium of Welsh.

As we look to the future, Cardiff Met’s staff and students are well-placed to address the social, cultural, economic, and environmental challenges faced by Wales and the wider world. We look to collaborate further with governments, business, industry and the third sector to address the underfunding of higher education, research and innovation, the cost of living crisis, the legacy of both Brexit and the Covid pandemic, and the continuing conflicts around the globe. Within the university we value

our partnerships with the Students’ Union and our two recognised Trades Unions, UCU and Unison; it is weaving the golden thread of partnership through all that we do that makes us OneCardiffMet.

I would like to conclude by thanking our partners for putting their trust in Cardiff Met and by thanking our staff for their tremendous hard work in a very challenging economic climate. My colleagues’ commitment to Cardiff Met is unwavering and their endeavours over this last year have, as always, been undertaken with the values, purpose, impact and compassion I have come to respect and admire since 2016 when it became my privilege to serve as President and Vice-Chancellor of this great University.

Professor Cara Aitchison

President and Vice-Chancellor 29th November 2023

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Key Facts & Figures

Financial Performance

Operating accounting surplus £6m Operating accounting surplus as % income 4% Operational cash surplus £16m Long term debt at % income 12%

2023 rounded to the nearest £m or %

Student Numbers

Postgraduates 4,132 Undergraduates 8,338 Overseas students 22% Cardiff Met HESA data 2021-22 HESA data 2022-23 unavailable prior to sign-off

Staffing

Total staff 1,523 Academic staff 586

FTE 2022-23

PRES

• Cardiff Met achieved an excellent result in the Advance-HE Postgraduate Research Experience Survey (PRES), with a general satisfaction rate of 90%. This places the University 2nd out of the 58 Higher Education Institutes that took part, 10% above the HEI average. It is the 3rd year in a row that Cardiff Met has been ranked in the top three for general satisfaction 2022-23.

Employability

Sustainability

Strategy & Performance

Cardiff Met Strategy 2030: Excellent to Outstanding

Strategy 2030 maintains the momentum established over the last five years so Cardiff Met can fully achieve its ambition of becoming established as a distinctive and progressive high-performing university with a strong reputation, sustainable finances, innovative professional partnerships and significant local, national and global reach and impact.

Strategy 2030 builds on the sense of purpose, professionalism and aspiration developed by the successful strategy launched in 2017. Strategy 2030 will further the institution’s focus on values, outstanding learning experiences that equip students for life, and research and innovation with purposeful impact and global reach. We will respond to student demand and employer need to address major local, national and global challenges, as we rebuild our economy and society following the pandemic, while improving the reputation and financial stability of the University and strengthening our reach and impact.

Our Vision

Cardiff Met is a progressive university. We work with purpose, impact and compassion and always in partnership. We make economies more prosperous, societies fairer, cultures richer, environments greener and communities healthier. In partnership with our students, staff and stakeholders we transform individual lives in Wales and the wider world through high-quality, high impact education informed by our cutting-edge research and innovation.

Developed following the award of the title of Times Higher Education ‘UK and Ireland University of the Year 2021’, Strategy 2030 outlines how we will continue to grow, diversify and improve, aiming to secure our place in the top 50 UK universities by 2030 and enter and climb the QS world ranking which is the key to sustainable highquality international recruitment. Our reputational enhancement will make Cardiff Met a university of first choice for students studying and academics researching in the fields of:

Student Experience

Student Crowd Awards

UK Rankings

Research

Research Excellence Framework 2021 submission

World Rankings

The World University Rankings

QS World University Rankings 2023

Our partnerships extend from our university campuses in Cardiff to further education, business, industry, charities, government and communities throughout Wales and the UK. Our global education partners provide high-quality degrees across the world, while our international research collaborations are working to solve some of the most entrenched global challenges. Such research includes:

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manufactured and distributed via a spinout company supported by the UK Alzheimer’s Society and prescribed on the NHS.

We will develop our international relationships, cultural diplomacy and soft power with our thought leadership and actions as a University of Sanctuary playing a key role in establishing Wales as a Nation of Sanctuary.

We embody a high-performance culture with a low carbon footprint, changing the world while becoming a net zero carbon university across our campuses by 2030.

Thematic Strategies

There are four thematic elements to Strategy 2030:

Research

Learning, Teaching & Student Engagement

& Innovation Cultivate our research and innovation portfolio by building capacity, enhancing our research environment, improving the quality, intensity, reach and impact of our research and innovation outputs.

Provide an innovative educational environment to support students in achieving personal and professional ambitions, by identifying and linking their learning from both curricular and co-curricular activities.

Strategy Global 2030 Engagement Strengthen global engagement across the breadth of university activities so they deliver with purpose, impact and compassion.

Civic Mission

Extend our civic mission activity, building on our current work to enrich the economic, social, environmental and cultural wellbeing of Wales.

Learning, Teaching and Student Engagement Strategy

Research and Innovation (R&I)

This thematic strategy builds on the foundations of the previous strategy, and will use an increase in the Quality Related Research (QR) funding and investment of R&I return to recruit and retain a greater volume of high-calibre research-active staff with more workload time devoted to R&I activities.

This thematic strategy positions student wellbeing at the forefront of all that we do, working within a curriculum that builds on our previous success in embedding the Cardiff Met EDGE - Ethical, Digital, Global and Entrepreneurial skills which develop confidence, resilience and experiences- extended through a greater emphasis on sustainability and equity.

The four priority areas in the R&I strategy are:

There are four principles underpinning this Learning, Teaching and Student Engagement Strategy:

• Student experience and outcomes are enhanced through support from a continuous programme of personal tutoring/academic coaching that recognises the challenges of the educational journey and allows students to make informed choices to achieve their developing ambition. This strand of academic coaching activity provides a unique aspect of the Cardiff Met offer, and embeds our disciplinary learnings within the shared practice of our community.

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Global Engagement

This thematic strategy will enhance the University’s standing as an innovative, impactful and inspiring global learning and research community that improves societies, economies and individual lives. It will contribute to the University’s ambitions for growth in size, scope and standing throughout the strategy period by strengthening global engagement across the breadth of University’s activities

There are five priorities within the Global Engagement strategy, to:

Civic Mission

The Civic Mission strategy focuses on those aspects of the University’s endeavours that bring tangible benefit to a wide range of stakeholders beyond the immediate users and commissioners of the University’s education and research provision.

There are five strategic priorities within the Civic Mission Strategy, to:

Enabling Strategies

Underpinning the strategy and the four thematic areas are our enabling strategies, which will ensure we are able to deliver our strategic ambition. There are four elements of the enabling strategies which are designed to ensure Cardiff Met achieves its ambitions of working with purpose, impact, and compassion to progress from excellent to outstanding in all that we do:

through a mix of new buildings that are sympathetic to our surroundings and the repurposing and revival of our existing estate to ensure maximum sustainability.

Tracking our Progress

Underpinning the strategy, the thematic and the enabling strategies are 21 measures of success; milestone targets have been mapped out for all the areas and progress towards the targets are monitored by the Board of Governors.

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Corporate Governance & Statement of Internal Control

The University is committed to high standards of corporate governance. The University is a higher education corporation formed by statute and has charitable status. The University wants to demonstrate that its governance is undertaken in an open and accountable manner and that it complies with best practice within the higher education sector.

The University is required to comply with the Committee of University Chairs’ Higher Education Code of Governance (published September 2020). The University’s approach for the effective management of risk is set out below:

This Statement describes the manner in which the University has applied the principles set out in the UK Corporate Governance Code (published July 2018) 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 of Governors carries the overall responsibility for ensuring there is a sound system of risk management, control and governance. This system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Governors discharge this responsibility through the following elements:

risk management as part of routine management of the organisation, and specifically to help them identify, evaluate, manage and report risk.

The University, through its Audit Committee, appointed new Internal Auditors at the start of the previous financial year for an initial period of three years. The appointment was made following the expiry of the contract with the previous internal audit services provider after a period of six years. Over the course of 2022-23 the professional relationship between the University and its Internal Auditors continued to develop as processes, systems and ways of working were further embedded. The Audit Committee re-approved an Internal Audit Charter as part of its Audit Strategy and Internal Plan for 2022-23. This was in line with Public Sector Internal Audit Standards (PSIAS).

The Internal Auditors conducted 15 planned internal audit reviews during 2022-23 and provided an opinion that the University had achieved a ‘reasonable’

level of assurance overall in its risk management arrangements. The Internal Auditors advised that the University had reasonable and effective risk management, control and governance processes in place. This was the same level of assurance as for 2021-22 and an improvement on previous years where a ‘moderate’ level of assurance had been achieved in 2020-21 and a ‘limited’ level of assurance had been achieved in 2019-20. The Internal Auditors explained that it would be unusual for an organisation of the University’s significant size to achieve the higher ‘substantial’ level of overall assurance.

The Board is of the view that there was an ongoing process for identifying, evaluating and managing the University’s significant risks in place for the year ended 31 July 2023 and that this process is still in place up to the date of approval of the Financial Statements and Annual Review. The process is regularly reviewed by the Board and accords with the internal control guidance for directors on the UK Corporate Governance Code as amended by the British Finance Directors Group.

The University’s Internal Auditors directly assessed the University’s corporate governance arrangements as part of an Internal Audit review of Strategic Controls during 2022-23. A ‘substantial’ level of assurance was achieved. This was the same level of assurance that had been achieved in the previous audit in 2020-21. The Board of Governors will continue to keep its risk management and corporate governance arrangements under regular review. This accords with guidance for directors contained within the UK Corporate Governance Code as amended by the British Finance Directors Group.

The University’s Board of Governors comprises members appointed in accordance with the University’s Articles and Instrument of Government. The Board is comprised of a majority of independent (lay) members, and elected staff and student governors. The Vice-Chancellor is also an ex-officio member. Members who served on the Board during 2022/23, including photos and their attendance, are listed below. All Governors were members of the Board for the entire reporting period other than where indicated.

The majority of Governors are lay independent members with relevant knowledge and experience in business and the professions. The role of the Chair of

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the Board is separated from the University’s President and Vice Chancellor. Those matters specifically reserved to the Board for decision are set out in the University’s Articles and Instrument of Government. This is supported by a wider governance framework which includes the University’s agreed Scheme of Delegation, terms of reference for individual committees and financial regulations. The Board holds to itself the responsibilities for the ongoing strategic direction of the University, the effective and efficient use of resources and the approval of major developments, and receives regular reports from senior management.

The Board met seven times during 2022-23. During this time the Board operated six governor-level Committees, these were:

The University ensures the independence of its Lay Members of the Board of Governors by ensuring that each of these individuals have no material relationship with the University nor any related persons. The University manages conflicts of interest through carrying out an annual review of its Register of Interests, asking members to update their declaration whenever there is a change, and to announce any conflict prior to the start of any Board or Committee meetings. The University asks the following individuals to complete an annual return for the Register of Interests: all members of the Board, all senior University staff at Levels 1 to 3, as well as other key staff who work in close enough proximity to the University’s decision-making, contract, or procurement processes.

All committees were formally constituted with terms of reference and membership comprised exclusively or mainly of independent members of the Board - with the exception of the Campus 2030 Programme Board which is a joint body of Board and the Executive members.

The Board and its committees had a clear schedule of meetings and an agreed work programme for 2022-23. Additional meetings were convened on an exceptional basis to meet the University’s decisionmaking exigencies as required.

All meetings of the Board were primarily held as in-person meetings during 2022-23. There was also an option for participants to join Board meetings remotely. All meetings of the Campus 2030 Programme Board were held as in-person meetings. An option for participants to join remotely was arranged in the latter part of the year. All other committees continued to be held remotely during 2022-23.

Statement of Internal Control

The Audit Committee reviews the process for ensuring the effectiveness of the financial and other (non-academic) internal control systems. In doing this, the Audit Committee makes recommendations on the appointment of internal audit, reviews their reports, including follow up reports on implementation and the scope and effectiveness of their work. The Audit Committee also makes recommendations on the appointment of external audit and reviews the financial statements of the University prior to submission to the Board. The Audit Committee reviews the management letter and receives and considers progress reports on areas of significant risk identified by the Executive. In addition, the Audit Committee receives and considers reports from the Higher Education Funding Council for Wales as they affect the University’s business and monitors adherence with regulatory requirements.

The Chair of Audit Committee is an Independent member of the Board of Governors who is an experienced member of the Committee. In addition to the Chair and two Independent members, the Audit Committee also included two external coopted members through the course of 2022-23 who were not members of the Board and who thus provided additional externality to the Committee’s deliberations. In line with previous years and Financial Management Code requirements, no Audit Committee members were permitted to serve on the Resources Committee. Whilst senior members of the Executive attended meetings of the Audit Committee as and when required, they were not members of the Committee.

The Audit Committee met four times during 202223 with attendance by the University’s internal and external auditors as appropriate. The Committee also met privately with the University’s Internal Auditors before each meeting and also met with the External Auditors as required.

Board Effectiveness Review

The Board commissioned an external periodic review of its effectiveness towards the end of 2019-20 to ensure the University’s governance arrangements were efficient, effective and fit for purpose. A comprehensive ‘Board Effectiveness Review’ was undertaken in 2020-21 by Halpin Partnership Ltd and the Board considered and accepted a detailed report with clear recommendations. Through the course of 2022-23 further progress was made on the implementation of remaining review recommendations with much of the work overseen by the Governance and Nominations Committee, this included:

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Between the Board and the Executive (introduced in February 2022) was reviewed by the Committee at its meetings in January and April 2023. (The Statement had been introduced in line with HE sector best practice). The Board approved a revised version in May 2023 that provided a more positive and clear statement on how the Board and the Executive would work together effectively. This also included induction, training and development joint activity between the Board and the Executive, briefings throughout the year and an awayday in July 2023.

• Arrangements for the Chair and Governors to receive an annual appraisal (introduced in 2022) were repeated in 2023. All appraisals were completed during June, July and August 2023. Arrangements for exit interviews with the Chair were also introduced for Board members who retired/resigned during 2022-23.

• The Board approved a Governors’ Equality, Diversity and Inclusion Plan at its meeting in May 2023. The Committee had considered draft versions of the Plan at its meetings in October 2022 and April 2023. The development of the Plan was a key recommendation arising from the Board Effectiveness Review and the Review of Governance in Universities in Wales. The Plan was developed following the publication of Welsh HE sector guidance in the autumn of 2022. The Plan set out actions required to help achieve good EDI representation at Governor level. The Chair of the Committee liaised with various stakeholders, including meetings with the Students’ Union and the University’s specialist Staff Networks to develop the Plan.

• The Committee has specific responsibility for Board membership, skills, training and development, and received regular reports at each meeting. The Committee ensured the training and development programme provided to Board members continued to be member-led.

• The Board established a Strategic Planning and Performance Committee to increase the focus on the strategic and cultural aims of the University at the start of 2021-22. The Committee provided effective support to the Board in the development of the University’s new Strategic Plan for 2022-2030 titled ‘Strategy 2030’. Throughout the 202223, SPPC and the Board considered the development of thematic and enabling strategies and accompanying measures of success. These were all approved by Board in July 2023.

• The Board formally adopted the Governance Review of Universities in Wales (Camm Review) and the related Wales Governance Charter in May 2021. The Governance and Nominations Committee reviewed progress on the implementation of Review recommendations at each of its meetings during 2022-23.

Governance Charter for Universities in Wales and Commitment to Action

The University has adopted the Governance Charter and Commitment to Action for Universities in Wales (published February 2020) and has implemented all of the recommendations of the Charter.

The Governance and Nominations Committee reviewed progress against recommendations at its meetings during 2022-23.

The Committee led on work to develop a Governors’ Equality, Diversity and Inclusion Plan. The Plan was developed following the publication of Welsh HE sector guidance in the autumn of 2022. The Plan set out actions required to help achieve good EDI representation at Governor level. The Chair of the Committee liaised with various stakeholders, including meetings with the Students’ Union and the University’s specialist Staff Networks to develop the Plan. The development of the Plan was the final key recommendation from the Board Effectiveness Review and the Review of Governance in Universities in Wales and related Governance Charter. The Committee considered draft versions of the Plan at its meetings in October 2022 and April 2023. The Board approved the Plan at its meeting in May 2023 for implementation.

Confirmation of Compliance with the CUC Code

The University confirms that it is compliant with the requirements of the CUC Code of Governance (published September 2020) and the related CUC HE Senior staff Remuneration Code (published November 2021).

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Board of Governors - membership

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Board member Category Attendance
John Taylor CBE Independent (Chair) 6/6
Dr Christopher Turner Independent (Vice-Chair) 6/6
Nick Capaldi OBE Independent (Senior Independent Governor) 5/6
Alison Thorne Independent 5/6
Scott Waddington Independent 4/6
David Warrender Independent 3/6
Róisín Connolly Independent 6/6
Karen Fiagbe Independent 4/6
Sheila Hendrickson-Brown Independent (retired April 2023) 2/4
Paul Matthews Independent 4/6
Professor Myra Nimmo Independent (retired June 2023) 5/5
Professor Kelechi Nnoaham Independent (resigned April 2023) 1/4
Menai Owen-Jones Independent 5/6
Christopher Pilgrim Independent 3/6
Matthew Tossell Independent 4/6
Professor Cara Aitchison President and Vice-Chancellor 6/6
Dr Malcolm James Academic Staff Governor 6/6
Kirsty Palmer Academic Board representative Governor 5/6
Professional Services Staff Governor
Denn Yearwood 1/1
(retired Nov 2022)
Professional Services Staff Governor
Charlie Bull 5/5
(from Nov 2022)
Venky Gonavaram Student Governor 6/6
Natalia-Mia Roach Student Governor 6/6
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John Taylor CBE

Dr Christopher Turner

Nick Alison Scott Capaldi OBE Thorne Waddington

David Róisín Karen Sheila HendricksonPaul Warrender Connolly Fiagbe Brown Matthews

Professor Myra Professor Kelechi Menai OwenChristopher Matthew Nimmo Nnoaham Jones Pilgrim Tossell

Professor Cara Dr Malcolm Kirsty Denn Charlie Aitchison James Palmer Yearwood Bull

Venky Natalia-Mia Gonavaram Roach

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Audit Committee

On behalf of the Board of Governors, the Audit Committee’s purpose is to oversee the effectiveness of the University’s risk management, control and governance arrangements, including whistleblowing; the effectiveness of the arrangements to promote economy, efficiency and effectiveness; internal and external audit arrangements; the audit aspects of the University’s financial statements; and to scrutinise whether ethical and value for money arrangements have been considered in the University’s investments and procurement.

The Committee met four times in 2022/23 and considered the following key items of business:

Campus 2030 (Programme Board)

Established in July 2022, on behalf of the Board of Governors and the President and Vice-Chancellor, the Campus 2030 Board Programme Board is a joint body that ensures the development and delivery of the University’s vision for an outstanding Campus-based environment for living, learning, working, sporting activity and socialising. This vision aligns with Strategy 2030 and seeks to place Cardiff Met as a university of first choice for students, staff and partners.

The Committee met five times in 2022/23 and considered the following key items of business:

Membership of the Audit Committee as follows:

Member Meetings
Attended
Scott Waddington(Chair and Independent Governor) 4/4
Adrian Piper(Vice-Chair and External Co-opted Member of Audit Committee) 4/4
Menai Owen-Jones(Independent Governor) 3/4
Matthew Tossell(Independent Governor) 3/4
Lisa Winstone(External Co-opted Member of Audit Committee) 3/4

The Chair, Staff and Student members of the Board of Governors are not members of Audit Committee. Furthermore, Audit Committee members are not members of the Resources Committee.

Membership of the Campus 2030 Programme Board as follows:

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Meetings
Member
Attended
Alison Thorne (Chair and Independent Governor) 5/5
Professor Cara Aitchison (Vice-Chair and Vice-Chancellor) 5/5
Mark Barry (Director of Commercial Services) 4/5
Professor Jacqui Boddington (Pro Vice-Chancellor Student Engagement) 4/5
Paul Davies (Assistant Director Environment and Estates) 5/5
Karen Fiagbe (Independent Governor) 1/5
Will Fuller (CEO of the Students’ Union) 5/5
Professor Sheldon Hanton (Pro Vice-Chancellor Research & Innovation) 5/5
Professor Rachael Langford (Deputy Vice-Chancellor) 5/5
David Llewellyn (Chief Officer (Resources)) 5/5
Paul Matthews (Independent Governor) 4/5
Ben O’Connell (Director of Sport) 4/5
Emma Potts (Interim University Secretary) – from March 2023 2/2
Matthew Tossell (Independent Governor) 5/5
Scott Waddington (Independent Governor) 5/5
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Governance and Nominations Committee

The Governance and Nominations Committee is responsible to the Board of Governors for the oversight of corporate governance arrangements to ensure the University is pursuing best practice. The role of the Committee is in part to ensure a more effective governing body, supporting the recruitment of skilled governors, considering succession planning to help meet skills gaps, developing a framework for the appraisal of governors, and working with the Chairs of other Committees to assess Committee performance and make recommendations for improving practice.

The Committee met four times in 2022/23 and considered the following key items of business:

start-ups, and alumni. The Committee also agreed to establish a People, Health, and Wellbeing Committee to address people-related matters, staff and student health, wellbeing, and Equality, Diversity, and Inclusion (EDI) matters.

Remuneration Committee

The Remuneration Committee undertakes a scrutiny role and advises the Board on matters including the appointment, appraisal, suspension, dismissal and for determining the terms and conditions of service of the holders of senior posts, and the setting of a framework for the pay and conditions of service of all staff. The committee ensures remuneration arrangements for all senior posts support the University’s strategic aims and enable the recruitment, motivation and retention of senior staff while also complying with the requirements of regulation and best practice.

The Committee met four times in 2022/23 and considered the following key items of business:

Membership of the Governance and Nominations Committee as follows:

Member Meetings
Attended
Nick Capaldi OBE(Chair and Independent Governor) 4/4
Professor Cara Aitchison(President and Vice-Chancellor) 3/4
Charlie Bull(Professional Services Staff Governor) (from December 2022) 2/3
Sheila Hendrickson-Brown(Independent Governor) (until April 2023) 2/3
Paul Matthews(Independent Governor) 4/4
Kirsty Palmer(Academic Board Representative Governor) 2/4
David Warrender(Independent Governor) 4/4
Denn Yearwood(Professional Services Staff Governor) (until November 2022) 1/1

Membership of the Remuneration Committee as follows:

Member Meetings
Attended
Dr Chris Turner(Chair and Independent Governor) 4/4
Professor Myra Nimmo(Independent Governor) - until June 2023 3/3
Christopher Pilgrim(Independent Governor) 4/4
John Taylor CBE(Chair of the Board and Independent Governor) 4/4
Alison Thorne(Independent Governor) 2/4

Where required, the Chair of the Board also attended in support of the work of the Committee.

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24

Resources Committee

The Committee met three times in 2022/23 and considered the following key items of business:

The Resources Committee advises the Board on matters relating to institutional financial, physical, human and digital resources, including financial management, income generation and sustainability; People Services, including health and safety and wellbeing; estates and the environment; and any other of the University’s resources. The Committee also has a role in ensuring value for money in procurement and in non-executive oversight and monitoring of the strategic management of the University’s resources to support its strategic priorities. In relation to capital projects, the Committee will consider the capital plans as the University implements them in line with the agreed strategy.

Membership of the Resources Committee as follows:

Member Meetings
Attended
David Warrender(Chair and Independent Governor) 3/3
Professor Cara Aitchison(President and Vice-Chancellor) 2/3
Venky Gonavaram(Student Governor) 1/3
Sheila Hendrickson-Brown(Independent Governor) (until April 2023) 1/2
Dr Malcolm James(Academic Staff Governor) 2/3
Professor Kelechi Nnoaham(Independent Governor) (until April 2023) 1/2
Kirsty Palmer(Academic Board Representative Governor) 1/3

Strategic Planning and Performance Committee

The Strategic Planning and Performance Committee advises the Board on matters relating to strategic planning; the monitoring and evaluation of strategic priorities and performance against the strategic plan; the evaluation of progress relating to the overarching agenda of growth, diversification and improvement; and horizon scanning. The Committee also has a role in giving initial recommendations and advice to the Board on Master planning.

The Committee met five times in 2022/23 and considered the following key items of business:

Membership of the Strategic Planning and Performance Committee as follows:

Member Meetings
Attended
John Taylor CBE(Chair and Independent Governor) 5/5
Professor Cara Aitchison(President and President and Vice Chancellor) 4/5
Nick Capaldi OBE(Independent Governor) 4/5
Roísín Connolly(Independent Governor) 3/5
Venky Gonavaram(Student Governor) 4/5
Paul Matthews(Independent Governor) 2/5
Professor Myra Nimmo(Independent Governor) (until June 2023) 4/5
Dr Christopher Turner(Independent Governor) 4/5

The Chair of the Board and/or Vice-Chair of the Board also attended to support the work of the Committee.

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Academic Board

The Academic Board, established under the University’s Articles of Government, is a Committee of the Board of Governors and is responsible for advising the Vice-Chancellor and the Board of Governors. The Academic Board is both the University’s academic authority and its senior decision-making body for resources which support the University at a strategic level. Academic Board met eight times in 2022/23.

Several Committees and Working Groups reported to Academic Board (as the parent body) during 2022/23. These were designated as either Academic or Management Committees and are detailed in the structure chart below.

Full Board & Committee Structure Chart

Membership of Academic Board as follows:

----- Start of picture text -----
Meetings
Member
Attended
Professor Cara Aitchison (President and President and Vice Chancellor) (Chair) 4/8
Professor Rachael Langford (Deputy Vice Chancellor) (Vice Chair) 8/8
Professor Jacqui Boddington (Pro Vice Chancellor Student Engagement) 8/8
Professor Sheldon Hanton (Pro Vice Chancellor Research and Innovation) 6/8
David Llewellyn (Chief Officer Resources) 6/8
Emma Potts (Interim University Secretary) (from March) 3/3
Professor David Brooksbank (Dean of Cardiff School of Management) 7/8
Dr Bethan Gordon (Acting Dean of Cardiff School of Art & Design) 7/8
Professor Julia Longville (Dean of Cardiff School of Education and Social Policy) 6/8
Professor Jon Platts (Dean of Cardiff School of Technologies) 7/8
Professor Katie Thirlaway (Dean of Cardiff School of Sport & Health Sciences) 7/8
Mark Barry (Director of Commercial Services) 8/8
Sukh Chonk (Interim Director of Marketing and External Relations) (until December 2022) 3/3
Ashley Flaherty (Director of People Services) 8/8
Professor Steve Gill (Director of Research) 7/8
Dr Joanna Hendy (Director of Leaning Enhancement) 6/8
Ben O’Connell (Director of Sport) 7/8
Kirsty Palmer (Director of Student Services) 7/8
Ben Rogers (Director of Registry Services) 7/8
Matthew Taylor (Director of Innovation) 8/8
Anna Dukes (Interim Head of Global Engagement) 6/8
Mairwen Harris (Head of Strategy, Planning and Performance) 8/8
Mark Hughes (Head of Library Services) 6/8
Meryl Hopwood (Elected Academic Staff Representative) 8/8
Mark Lester (Elected Professional Services Staff Member) 8/8
Dr Ram Patra (Elected Academic Staff Representative) 7/8
Professor Andrew Walters (Elected Professoriate Staff Member) 4/8
Venky Gonavaram (Students’ Union President) 7/8
Natalia-Mia Roach (Students’ Union Vice President) 7/8
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----- Start of picture text -----
Board of
Governors
Governance & Strategic Campus 2030
Audit Nominations Renumeration Resources Planning & (Estates
Committee Committee Committee Academic Committee Performance Programme
Committee Board)
Board
ACADEMIC MANAGEMENT
COMMITTEES COMMITTEES
Academic Quality & Digital Strategy Digital Strategy
Standards Committee Committee Operational Group
Environment, Estates
CCC Branch
& Sustainability
Committee
Committee
Cardiff Met & Students’ Equality, Diversity
Union Relationship & Inclusivity
Committee Committee
Learning, Teaching & Athena SWAN
Student Engagement Working Group
Committee
Changing the
Portfolio Culture Group
Development
Committee PREVENT Duty
Coordination Group
Intake Intake
Management Management Race Equality Charter
Group Committee Working Group
Professorship & Staff & Student
Readership Interfaith Group
Committee
Research &
Research Health & Safety
Innovation
Degrees Group Committee
Committee
Human Samples University
Management Ethics
Committee Committee
Academic Common
Interest Group
School
Joint Consultative
Management &
Committee
Planning Teams
Support Common
Interest Group
Professional
Services Group
AY 2022-2023
Correct at September 2022
•there are Committees not listed here that are
‘in abeyance’ or that are convened only for specific Use of Welsh
purposes, this includes: Appeals Committee; Committee
Special Committee; and Student Appeals Committee
----- End of picture text -----

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Vice-Chancellor’s Executive Group

The Vice-Chancellor’s Executive Group (VCEG) is the senior leadership team of the University and assists the Vice-Chancellor in providing strategic leadership for all the Executive portfolios. VCEG members include the President and Vice-Chancellor, Deputy Vice-Chancellor, Pro Vice-Chancellor (Student Engagement), Pro Vice-Chancellor (Research & Innovation), University Secretary, and Chief Officer (Resources).

VCEG meets at least bi-weekly and focuses on the monitoring of financial performance, including budget setting, alongside general monitoring and oversight of strategy, operational performance and policy development.

Report from Remuneration Committee

Introduction

Approach to Remuneration

The Remuneration Committee is responsible for determining the Reward strategy of the University and for setting the remuneration and the terms and conditions of the Vice-Chancellor and other senior members of staff.

The University’s approach to the remuneration of senior post holders is detailed in a Senior Staff Remuneration Policy Framework. The Framework is reviewed annually by the Remuneration Committee and was reviewed in October 2022.

The Remuneration Committee comprises independent lay members of the Board of Governors who possess relevant knowledge and expertise. The ViceChancellor and Director of People Services are in attendance at Remuneration Committee meetings, but the Vice-Chancellor is not in attendance for and does not play a part in the discussions and decisions of their own remuneration. Furthermore, no member of staff is present for the discussion of their own remuneration.

Remuneration 2022-2023

Each year the Director of People Services prepares for the Remuneration Committee a paper benchmarking the base salary of the Vice-Chancellor and other senior postholders against the annual salary of institutions of comparable size and scope. This data is drawn from the annual Universities and colleges Employer Association (UCEA) Senior Staff Remuneration Survey, and the annual CUC ViceChancellor Salary Survey.

The Remuneration Committee takes account of affordability and comparative information on the remuneration, benefits, and conditions of employment of the Higher Education sector, and wider where appropriate.

The Remuneration Committee considers a number of factors when considering performance reward proposals. These include but are not limited to:

In determining the remuneration awarded, the Remuneration Committee considers the University’s approach taken to recognising performance for all roles in scope and refers to sector benchmarking information provided from the Universities and Colleges Employers Association (UCEA) Senior Salary Survey.

The Remuneration Committee ensures that it complies with its terms of reference and the requirements of the Committee of University Chairs (CUC) Higher Education Senior Staff Remuneration Code, focusing on the three key elements: a) a fair, appropriate and justifiable level of remuneration; b) procedural fairness and c) transparency and accountability.

In line with its terms of reference and the CUC Higher Education Senior Staff Renumeration Code, to ensure a fair and transparent process, the remuneration for the Vice-Chancellor and the senior Leadership team are reviewed annually using a fair process that reflects the performance of each individual in the context of the University’s performance.

The senior postholder jobs are supported by the Hay Job evaluation methodology and the posts were last reviewed in 2022. The Hay job evaluation methodology is the most widely used job evaluation scheme in the world.

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During the year 2022-23 the Remuneration Committee awarded a 3% cost of living salary increase to the Vice-Chancellor and the Senior staff and a further 2% cost of living salary increase in February 2023. This was in line with the nationally agreed HE sector pay award for staff who are on the National Framework Agreement (NFA) pay spine and covered by the University’s Grading structure which consists of 8 grades. These grades are supported by the Higher Education Role Analysis (HERA) job evaluation methodology.

In considering the Vice-Chancellor’s remuneration package, the Remuneration Committee considers the organisational context, alongside the ViceChancellor’s performance, general pay movement for all University staff, retention, and any relevant market considerations, and is informed by salary benchmarking information with comparator universities.

The Vice-Chancellor’s performance is assessed by the Chair of the Board of Governors after taking soundings and feedback from all members of the Board of Governors. It is based on leadership, the achievement of key strategic objectives, measurement against agreed targets, the overall performance of the University and the external context in which the university operates. Each year the Remuneration committee receives a report by the Chair of the Board of Governors on the Vice-Chancellor’s Performance and Development Review and agreed objectives for the following year.

A £750 ‘Cost of Living’ one off payment was made to all University employees in 2022-23 to help with the high cost of fuel and high inflation situation being experienced in the UK. The Remuneration Committee also awarded this payment to the Vice-Chancellor and senior staff.

Vice-Chancellor Remuneration

The Vice-Chancellor’s base salary is reviewed in line with national pay awards for the Higher Education sector. Where supported by evidence, the Remuneration Committee may, at its discretion, agreed a consolidated increase to the ViceChancellor’s base pay. Any such increase would be reported through the financial accounts in the following year.

The Remuneration Committee decides the remuneration package of the Vice-Chancellor, taking account of the breadth of leadership and financial responsibilities and delivery against the University’s strategic objectives.

In meeting the University’s vision as a progressive university, working with purpose, impact and compassion to make economies more prosperous, societies fairer, cultures richer, environment greener and communities healthier, it is essential that the university offers a competitive remuneration package for the Vice-Chancellor role. This also recognises the diverse and complex nature of the organisation with over 25,000 student enrolments, over 1,500 paid staff and an income of over £150m.

The University does not operate a performance related bonus scheme.

The Vice-Chancellor’s Reward package is detailed below.

Emoluments of the Vice-Chancellor
Salary
Payments in lieu of pension contributions		 Year Ended
31 July 2023
Year Ended
31 July 2022
£
£
268,476
257,500
49,719
47,346
318,195
304,846

The Vice-Chancellor’s basic salary in 2022-23 is 6.4 times the median pay of staff, compared to 6.5 times in 2021-22. The staff median salary in 2022-23 is £41,931.

The Vice-Chancellor’s total remuneration is 7.5 times the median pay of staff, which is the same as in 2021-22. The staff median total remuneration in 2022-23 is £42,647.

The Vice-Chancellor is under opt out arrangements within the Universities Superannuation Scheme (the USS).

Senior Staff Remuneration

The performance of Senior members of staff is assessed by the Vice-Chancellor, after taking soundings and feedback from the Chair and members of the Board of Governors. It is based on leadership, the achievement of key strategic objectives, measurement against agreed targets, the overall performance of the University and the external context in which the university operates. Each year the Remuneration Committee receives a report by the Vice-Chancellor on the Senior Staff Performance and Development Reviews and agreed objectives for the following year.

The base salary for Senior staff is reviewed in line with national pay awards for the Higher Education sector. Where supported by evidence, the Remuneration Committee may, at its discretion, agree a consolidated increase to the Senior Staff’s base pay.

In 2022-23 the Remuneration Committee considered the pay of four members of Senior staff; the Deputy Vice-Chancellor; the Pro Vice-Chancellor (Research and Innovation); the Pro Vice-Chancellor (Student Engagement); and the Chief Officer Resources. All were awarded a base pay increase of 3%. In addition, some senior staff members received a 2% nonconsolidated award in recognition of the delivery of key strategy initiatives.

The numbers of staff paid above £100k per annum are published in the financial statements (note 7), broken down into £5k pay bands. In 2022-23 there were 12 members of staff with a basic salary over £100k per annum, compared with nine in 2021-22.

Remuneration for other staff groups

The majority of other staff are on the national Framework Agreement (NFA) pay spine and covered by the University’s Grading Structure which consist of nine grades. These grades are supported by the Higher Education Role Analysis (HERA) role evaluation methodology.

Staff on NFA pay scales gain pay increases annually based on incremental skills, knowledge and experience, until they reach the top of the grade’s range. They are also subject to any nationally agreed pay awards.

The University offers a comprehensive range of both financial and non-financial workplace benefits.

Living Wage Employer

The University is an accredited Living Wage employer and as a result all staff receive at least the Living Wage foundation rate of pay.

Exit Policy

All settlement agreements, including voluntary severance, for senior staff are agreed by the Remuneration Committee. Any redundancies related to academic and senior staff are subject to the University’s redundancy processes.

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Operating & Financial Review

Scope of the Financial Statements

Results for the Year

These financial statements relate to the year ended 31 July 2023 and represent the thirty first Annual Report of the University since its incorporation in April 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 (SORP): Accounting for Further and Higher Education 2019 and in accordance with Financial Reporting Standard (FRS) 102.

The University delivered a very strong financial performance during the year, with the group’s income increasing by £16m to £153.2m (2022: £137.2m). The financial results for the year show that the group delivered an accounting surplus of £5.6m (2022: deficit of £0.7m) and generated an operational cash surplus (as defined below) of £16m (2022: £19.5m).

In the period since the introduction of FRS102 during 2015- 2016 there has been a presentational divergence between the strength of the University’s operational cash generation and its accounting result. This distortion of the financial results resulted from the need to account for non-cash pension deficit charges in relation to two of the University’s three staff pension schemes, namely, the Cardiff and Vale of Glamorgan Pension Scheme (CVGPS), and the University Superannuation Scheme (USS). The combined impact of the pension deficit charges arising from these two schemes culminated in an accounting charge of £14.8m in 2022. The change in economic conditions has seen the pension deficit charges for the current year reduced to £4.4m in 2023, a change driven predominantly by an increase in the discount rate (the amount by which future liabilities are discounted). High levels of inflation during the year resulted in increased interest rates which in turn resulted in a significantly increased discount rate.

Principal Activities

The principal activity of the University is the provision of higher education from campuses in Cardiff and through collaborative activities elsewhere in the UK and overseas. The University’s portfolio extends across undergraduate, postgraduate and research activities and is complemented by training, consultancy and other commercial spin offs 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, which gifts any taxable profit back to the University through the Gift Aid scheme.

The group’s main income stream is derived from tuition fees from UK and EU undergraduate and postgraduate students that together amounted to £70.2m (2022: £67.1m) and accounted for 46% (2022: 49%) of total income. When international fees and educational contracts are included, this rises to £115.7m (2022: £100.6m) and 76% (2022: 73%) of income. Full time undergraduate tuition fees for UK students remained capped at £9k during the year, resulting in no inflationary uplift to the value of the fee.

Financial and Investment Strategy

The University approved its revised and updated Finance Strategy during July 2023. The Strategy has the key objectives of growing and diversifying income; ensuring financial stability; and promoting longterm financial sustainability. The Strategy includes challenging performance objectives in support of the University’s aspirations for the future. The Finance Strategy is one of four enabling strategies that together with the People, Estates and Digital strategies support the University 2030 Strategy.

The group invested £18.2m (2022: £10.7m) in its infrastructure during the year. Of this, £9.9m was invested in the estate, and included refurbishment and improvement investments in academic,

residential, professional service, and sporting facilities. Expenditure amounting to £8.3m was also invested in equipment, fixtures and fittings, IT infrastructure, and corporate digital systems.

Net assets increased by £51.9m to £188.3m (2022: £136.4m). The increase in net assets was the result of two factors, namely, a reduction in the university’s pension provisions of £42.5m to £6.2m (2022: £48.7m); and a net increase in the asset base of £9.4m brought about by the strong financial performance during the year.

Summary of Consolidated Results 2022/2023
£000		 2021/2022
£000
Income 153,234 137,176
Expenditure 147,638 137,885
Surplus/(Deficit) for the year 5,596 (709)
Add back
Depreciation 5,979 4,822
Pension Provision Charges 4,171 14,837
Annual Leave Accrual Movement 299 589
Operational Cash Surplus 16,045 19,539

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Expenditure Analysis
2022-23
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Income Analysis 2022-23

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7%
3%
4%
5%
10%
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11%
7%
3%
40%
22%
2%
15%
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71%
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Tuition fees and education contracts Residences, catering and conferences Research grants and contracts Other income TNE income Funding body grants

Academic departments Research grants & contracts Accommodation, catering & conferences Other expenses Academic services Administration & central services Premises

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Liquidity & Cash

The group’s cash and short-term investment resources at the year-end amounted to £55.2m (2022: £62.4m). Investments in the estate and infrastructure during the year were funded entirely by cash generated from operating activities. Loan repayments during the year totalled £1.8m thereby reducing the group’s longterm debt from £21.0m to £19.2m. This resulted in an improved gearing ratio, with long term debt as a % of income reducing to 12.5% (2022: 15.3%). The strong cash base provides a solid and stable operating base.

The Financial Outlook

During 2022-2023 the University charged FT home undergraduate students an annual tuition fee of £9,000 compared to the fee of £9,250 being charged in English institutions. The FT home undergraduate tuition fee remains capped for 2023-2024 at £9,000 in Wales for the twelfth consecutive year and at £9,250 in England.

The real value of the FT undergraduate fee continues to erode, a process that has accelerated during the past year due to high levels of inflation and which is expected to continue into the future, due to inflation being predicted by the Bank of England to be higher for longer. High inflation has had a detrimental impact on the cost base (pay and non-pay) of the University and on the living standards of staff and students; and continues to put pressure on salary costs and industrial relations across the sector. The continuing lack of indexation on one of the University’s main income streams poses funding challenges for both the University and the HE sector in general. At present there is no indication that any indexation will be applied to the FT undergraduate fee, or that the fee charged by Welsh institutions will be aligned to that charged by English institutions. Similarly, after a long period of record low interest rates, the recent upward movement in interest rates has significantly increased the cost of borrowing. Should the University increase its borrowings in the future, it is anticipated that the interest rate will be significantly higher than that pertaining in the recent past.

In order to operate sustainably in these circumstances, the University has updated its Strategy for the period 2022 to 2030, with a continuing focus on the growth and diversification of its income base through the development of new academic programmes and through further investment in research and innovation activity, all such activity to be supported by a programme of investment in a new and rejuvenated estate and infrastructure.

Charitable Status

The University became a Registered Charity (No. 1140762) on 10 March 2011.

Membership of the Board of Governors

The membership of the Board for the year 1 August 2022 to 31 July 2023 is set out on Page 20 of this report.

Over the reporting period, governors claimed £4,262 in expenses. This covered items such as mileage, public transport and parking fees to enable travel to meetings and other activities on behalf of the University. No other payments are made to trustees. Information about related third party transactions can be found in note 7.

Independent Auditors

The external independent auditors for the year were PricewaterhouseCoopers LLP. The internal auditors for the year were TIAA Ltd.

Equality of Opportunity

The University works to ensure compliance with equality legislation and is committed to proactively integrating the principles of equality into all its activities. A Strategic Equality Plan has been agreed and implemented. The University is active in widening access to education, and in providing an inclusive approach to learning, teaching, and research.

Health and Safety at Work

The health, safety and welfare of staff and students are essential to the success of the University. The University’s Health & Safety Committee considers all relevant aspects of health, safety and welfare. The Committee receives regular monitoring reports of periodic audits of schools/units’ health & safety management arrangements and of initiatives and/ or issues emanating from school/unit health & safety meetings. Additionally, the Committee disseminates updates on legislation and guidance on good practice and monitors accident levels and staff sickness. The Minutes of the Committee are presented to the Academic Board and health & safety reports also feature at the University’s Audit Committee. An Annual Health & Safety Report is provided to the Board of Governors through Resources Committee, to enable it to meet its statutory obligation to ensure compliance with health & safety legislation.

Modern Slavery and Human Trafficking Statement

Cardiff Metropolitan University is committed to improving our business practices to combat modern slavery or human trafficking in our supply chains or in any part of our business to ensure we are not complicit in any human rights violations. The University’s policies and procedures demonstrate its commitment to acting ethically and with integrity in all its business activities, ensuring compliance with the requirements of 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 2022 to ensure it continues to reflect relevant good practice.

The University’s workplace policies and procedures have been reviewed 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 commitment to acting ethically and with integrity in all its business relationships by ensuring that modern slavery and human trafficking do not occur within its UK and international workforces or business activities.

During the year covered by this report, the University committed to ensure that all staff pay grades are at or above the Real Living Wage. The University was accredited as a Living Wage employer by the Living Wage Foundation in November 2019 and has paid the Living Wage rate as a minimum to all staff since August 2018.

Criminal Finance Act Statement

Cardiff Metropolitan University and its subsidiary companies commit to ensuring that its employees, agents, and other associated persons acting on its behalf are not facilitating tax evasion by another party. The University regularly reviews its risks and associated processes and procedures to ensure that all steps are taken to prevent tax evasion. The University includes the risk of tax evasion on its Risk Register. The risk is reviewed and updated three times a year. This includes the review of controls to mitigate risks. The University reviews its policies and guidance in relation to the Criminal Finance Act on a regular basis, in line with similar policies (AntiBribery, Counter Fraud and Corruption, Anti-Money Laundering policies and Financial Regulations).

Climate Impact Statement

Cardiff Metropolitan University is committed to minimising its impact on the climate and the environment. We are continuously looking at ways to reduce our impact with our Environmental Management System (EMS) (ISO 14001) which covers all University activities from energy and utilities to waste management and recycling. Most significantly, the work includes embedding education for sustainable development in the curriculum, into research and enterprise activities and through behavioural change and awareness.

One of the key opportunities to reduce our impact is through efficient management of energy consumption across the estate. Energy Management within the Estates and Environment team means providing comfortable working, teaching and learning environments for all staff and students, while at the

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same time closely controlling the energy used. A network of electricity, gas and water sub-meters allows us to understand energy consumption within individual buildings.

The University is committed to reporting on its progress towards meeting the targets set out in the Sustainability Policy and Strategy. The Sustainability Strategy provides a framework to cohere our ambitions and actions in relation to sustainability and sustainable development supported by the Sustainability Engagement Strategy.

Climate Impact Public Benefit Statement

The University continued its focus on engagement as a key change mechanism, using its Community Days as a central piece to bring together the campus community with neighbours and local communities. The ‘Community Days’ promote sustainability partnerships, and include many charities and small businesses, a local Farmers Market, student entrepreneur traders, Cardiff Council Waste Management and University information stalls.

for its community. Electric bike and car charging facilities continue to be expanded.

• The University continues to support and provide funding towards the City’s Student Liaison Officer, Cardiff Digs, a role that supports Cardiff’s universities and provides volunteering opportunities in the city, helping in local communities with neighbourly support and advice.

• Cardiff Metropolitan University celebrated after being placed 1st in the UK Green League table. This is the only comprehensive and independent league table of UK universities ranked by environmental and ethical performance.

Commitment to Sustainability

In July 2022 the University Board approved a new University Strategy. A key element of this is ensuring our commitment to sustainability and net zero remains at the forefront of our work, in our estate, operations, teaching and research.

The University continues planning to meet its commitment to be a net zero campus by 2030. A new Estates Masterplan and Carbon Management plan are currently in development to contribute to the University’s Campus 2030 aspiration – providing a high quality, innovative and sustainable campus. Substantial investment in the coming years will focus on refurbishing and repurposing our current buildings and facilities, rather than building new, so reducing our carbon footprint.

Cardiff Met is an integral part of Cardiff Council Climate emergency board and works closely with Welsh Government Energy Services to develop a cost estimate of existing buildings to be net zero. This information is being fed into our new Carbon Management Plan alongside our Master Plan.

The University takes its environmental responsibilities seriously and aims to manage its operations in ways that are environmentally sustainable, economically feasible and socially responsible. It continues to embed and raise environmental awareness through the development and training of its employees and enabling students to explore and develop values, skills, and knowledge of sustainability through research, curricula, and extra curricula activities. The aim is to develop a socially cohesive, environmentally responsible, and all-inclusive work and study environment, which looks to engage staff, students, and the wider community.

During 2022/23 we significantly improved our position in the annual university Green League, rising to 1st place in the UK out of 153 Universities. This highlights our success in a number of fields, including sustainability policy, environmental auditing and management, energy management, carbon reduction and sustainability engagement with our staff and students.

We remain committed to improving the sustainability of our campus through a range of policies covering Business Travel, Ethical Investment & Banking, Ethical Supply Chains, Fairtrade, Sustainable Procurement, Clean Air, Energy and Carbon Management, Environment and Sustainability, Sustainable Food and Sustainable Seafood.

We continue to invest in several buildings on our campuses, all focusing on improving student experience whilst reducing carbon emissions. These include improved glazing, insulation, and heating in a 1960s repurposed building, a comprehensive programme of investment in LED lighting, mechanical ventilation and the replacing of gas water heating with electric point of use heaters and more efficient boilers and heating systems across all campuses.

The University is a member of EAUC (the Environmental Association of Universities and Colleges), IEMA (Institute of Environmental Management and Assessment) and the One Cardiff Climate Emergency Board, working with partners throughout the region.

We have continued to grow our range of sustainability engagement initiatives for our staff and students, including Repair Workshops, Community Days, Green Workshops and Litter Picks. Carbon Literacy training courses have also been successfully piloted with staff and students.

Public Benefit Statement

Cardiff Metropolitan University delivers professionally recognised degrees, together with impactful research and innovation, in art and design, business and management, education and public services, sport and health sciences, and technologies and engineering. Cardiff Metropolitan University is proud to have been awarded the Times Higher UK and Ireland University of the Year for 2021- 22 and ranked as the No.1 university in the UK for sustainability, in the People and Planet’s Green League 2022/23, the only comprehensive and independent league table of all UK universities ranked by environmental and ethical performance.

The University seeks to advance higher education and research within South-East Wales, Wales, the UK and internationally. Its charitable objective is to inspire and enable individuals, organisations and communities to succeed through innovation in high quality learning, research and enterprise. The benefit of this charitable objective is derived through the intellectual development of individuals 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 provision has been aligned with the Welsh Government’s strategy for higher education and serves the public benefit by contributing to regional regeneration, preservation of the environment and promotion of social justice.

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The University offers courses in a range of subjects including health and social care, teacher education 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. Specifically, during 2022/23 the University:

provides volunteering opportunities in the city, helping in local communities.

programme and the Active Leisure Scheme. All programmes are targeted at encouraging older adults to move more and improve their physical and mental health.

During the year, Welsh domiciled students of the University were able to access the Assembly Learning Grant and English domiciled students were able to access the Maintenance Grant; the University also offered its own bursaries. Various other schemes were also available to assist students to access higher education and the University administered a discretionary contingency fund for those who required financial support to continue their studies. The University offered a wide range of accredited taster sessions at outreach centres and bespoke projects designed to raise the aspirations amongst disadvantaged/under-represented communities.

In common with other charitable higher education corporations in the UK, the University 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.

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Independent auditors’ report to the Governing Body of Cardiff Metropolitan University (the “university”) Report on the audit of the financial statements

Basis for opinion

Opinion

In our opinion, Cardiff Metropolitan University’s group financial statements and university financial statements (the “financial statements”):

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the group in accordance with the ethical requirements 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 requirements.

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, individually or collectively, may cast significant doubt on the group’s and university’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the Governing body’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

We have audited the financial statements, included within the Annual Report & Financial Statements (the “Annual Report”), which comprise: the Consolidated & University Statements of Financial Position as at 31 July 2023; the Consolidated & University Statements of Comprehensive Income and Expenditure, the Consolidated & University Statements of Changes in Reserves for the year then ended and the Consolidated Cash Flow Statement for the year then ended; and the Statement of Principal Accounting Policies; and the notes to the financial statements.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group and university’s ability to continue as a going concern.

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

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Governing Body is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise 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 the 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 information, 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 (UK) require 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 material respect with the financial statements. We have no exceptions to report arising from this responsibility.

Responsibilities for the financial statements and the audit

Responsibilities of the Governing Body for the financial statements

As explained more fully in the Responsibilities of the Board of Governors set out on page 46, the Governing Body is responsible for the preparation of the

financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Governing Body is also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governing Body is responsible for assessing the group and university’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 university or to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We are eligible to act and have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

Based on our understanding of the institution/industry, we identified that the principal risks of non-compliance with laws and regulations related to UK health & safety

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and employment legislation together with the Higher Education Funding Council for Wales (‘HEFCW’) Financial Management Code, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act 2011 and HEFCW Accounts Direction (W21/19HE). We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate transactions designed to overstate the financial performance and/or position of the group or university.

Audit procedures performed included:

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 university’s Governing Body as a body in accordance with Article 13(2) of the university’s Articles of Government and section 124B 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:

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:

We have no exceptions to report arising from this responsibility.

PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors Cardiff 29 November 2023

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The Board of Governors’ Responsibilities in Respect of the Annual Report & the Financial Statements

In accordance with the Education Reform Act 1988 the Board of Governors are responsible for the effective and efficient use of resources, the solvency of the University and for safeguarding its assets. To this end, the Board is responsible for keeping adequate accounting records sufficient to show and explain the University’s transactions and disclose the financial position of the University. It has responsibility for setting out the internal controls necessary for the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and to prevent and detect fraud and other irregularities which may occur.

Articles of Government and the Instrument of Government are the legal documents which govern the way Cardiff Met conducts itself and carries out its operation. These documents set out key responsibilities of the Board of Governors, ViceChancellor, and Academic Board, and the basis of which these responsibilities can be delegated, as well as procedural rules.

The Board has adopted a Statement of Primary Responsibility, as recommended by the Committee of University Chairs, which is published on the University’s website. It sets out the primary responsibilities of the Board of Governors at Cardiff Met.

The Board is responsible for approving the Annual Budget, the Annual Financial Statements, and the Corporate Strategic Plan. The Board of Governors has established a Resources Committee which has delegated authority from the Board in relation to financial matters. However, the Board cannot delegate the approval of the Annual Budget or its principal responsibility for the solvency of the University. The President & Vice Chancellor is the designated Accounting Officer for the University and is responsible to the Board for preparing annual budgets and financial statements and for the management of resources within those budgets. Except when provided to the contrary, the President & Vice Chancellor may delegate functions in line with

the Scheme of Delegation which is approved by the Board of Governors, but may not delegate ultimate responsibility and accountability, to other staff.

The Board is responsible for preparing the Annual Report and the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and applicable law), the Accounts Direction issued by HEFCW, the Statement of Recommended Practice: Accounting for Further and Higher Education Institutions (2019), the Charities Act 2011 and other relevant accounting standards.

The Board of Governors is required to prepare financial statements which give a true and fair view of the financial position of the Group and University and of their income and expenditure, gains and losses and changes in reserves for that period. In preparing each of the financial statements, the university is required to:

In addition, the Board is responsible for ensuring:

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Statement of Principal Accounting Policies

1 | Basis of Preparation

These financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP): Further and Higher Education 2019 and in accordance with Financial Reporting Standard (FRS) 102; the Accounts Direction issued by the Higher Education Funding Council for Wales and the Charities Act 2011. The University is a public benefit entity and therefore has applied the relevant public benefit requirement of FRS102. The financial statements are prepared in accordance with the historical cost convention (modified by the revaluation of fixed assets). The principal accounting policies have been applied consistently except as where described otherwise and are set out below.

2 | Basis of Consolidation

The consolidated financial statements include Cardiff Metropolitan University and its wholly owned subsidiary undertakings, Cardiff Met Company Ltd and Cardiff Metropolitan Education Services (Beijing) Ltd. In addition, the University holds a majority (55%) share interest in a spin out company Fovo Technology Ltd, the balance of the shares being held by two of the University’s academics. This company’s activity is also consolidated into these financial statements. However, the non-controlling interest of the minority shareholders in the net assets and surplus of the company are highly immaterial to the University group. These non-controlling 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 control or significant influence over policy decisions. Intra-group sales and profits are eliminated fully on consolidation.

3 | Going Concern

The Financial Statements of the University are prepared on a going concern basis. The University is in a position of strong liquidity, cash balances are high and it utilises low level borrowing facilities.

Together with strong expenditure controls, the University will have sufficient funds to continue to meet its liabilities as they fall due.

4 | Income Recognition

Income from the sale of goods or services is credited to the Consolidated Statement of Comprehensive Income and Expenditure when the goods or services are supplied to the external customers, or the terms 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 credited to the Consolidated Statement of Comprehensive Income and Expenditure on a receivable basis.

a) Grant Funding

Grant funding including funding council grants; research grants from government sources; and grants (including research grants) from non-government sources are recognised as income when the University is entitled to the income and performance related conditions have been met. Income received in advance of performance related conditions being met is recognised as deferred income within creditors on the Consolidated Statement of Financial Position and released to income as the conditions are met.

b) Donations and Endowments

Non exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised in income when the University is entitled to the funds.

Income is retained within the restricted reserve until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reserve transfer.

Donations with no restrictions are recognised in income when the University is entitled to the funds.

Investment income and appreciation of endowments is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms of the restrictions applied to the individual endowment fund.

There may be four main types of donations and endowments identified within reserves:

c) Capital Grants

Capital grants are recognised in income when the University is entitled to the funds subject to any performance related conditions being met.

5 | Accounting for Retirement Benefits

The University operates three pension schemes for University staff; the Cardiff and Vale of Glamorgan Pension Fund (CVGPF), the Teachers’ Pension Scheme (TPS) and the Universities Superannuation Scheme (USS). The CVGPF and USS are funded schemes.

The CVGPF is valued every three years by a professionally qualified actuary using the projected unit method, the rate of contribution payable being

determined by the Administering Authority on the advice of the actuary.

The TPS is subject to an actuarial valuation every five years by the Government Actuarial Department using the age entry method. The rate of contribution for the TPS is determined 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 identify the assets and 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 accordance with FRS102, a liability is recorded within provisions for any contractual commitment to fund past deficits within the USS scheme.

a) Defined Contribution Plan

A defined contribution plan is a post-employment benefit 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 pension plans are recognised as an expense in the income statement in the periods during which services 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 defined contribution plans. Under defined benefit plans, the University’s obligation is to provide the agreed benefits to current and former employees, and actuarial risk (that benefits will cost more or less than expected) and investment risk (that returns on assets set aside to fund the benefits will differ from expectations) are borne, in substance, by the University. 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 (at bid price) of

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plan assets. The calculation is performed by a qualified actuary using the projected unit credit method. Where the calculation results in a net asset, recognition of the asset is limited to the extent to which the University is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.

c) CVGPF – Local Government Scheme

The Cardiff and Vale of Glamorgan Pension Fund is a defined benefits scheme administered in accordance with the Local Government Pension Scheme Regulations 2013 and currently provides benefits based on career average revalued earnings. Contributions are set every three years as a result of the actuarial valuation of the fund required by the regulations. The latest actuarial valuation of the fund was carried out as at 31 March 2022 and has set contributions for the period 1 April 2023 to 31 March 2026.

The actuary has completed calculations for pension accounting purposes based on the following items of data, which were received from the Cardiff and Vale of Glamorgan Pension Fund.

The assets of the Fund are not segregated or separately allocated to employers within the fund. The asset balance included in the financial statements is therefore a notional allocation estimated by the actuary using the information referred to above. The allocation is rolled forward from that agreed when the employer was admitted to the Fund and is not recalculated at each triennial valuation.

6 | 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 amount the University expects to pay as a result of the unused entitlement.

7 | Operating Leases

Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.

8 | Foreign Currency

Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange 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 currency at the foreign 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 using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies 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.

9 | Fixed Assets

a) Land and Buildings

Certain items of land and buildings that had been revalued to fair value on or prior to the date of transition 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 impairment losses.

Costs incurred in relation to land and buildings after initial purchase or construction, and prior to valuation, are capitalised to the extent that they increase the expected future benefits to the University.

Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings are depreciated on a straight-line basis over their expected useful lives of between 20 and 75 years.

No depreciation is charged on assets in the course of construction.

b) Equipment

Equipment costing less than £10,000 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 depreciated on a straight-line basis over its useful economic life of between 3 and 10 years.

Equipment purchased for research projects is treated and depreciated on the same basis as other equipment expenditure.

Depreciation methods, useful lives and residual values are reviewed at the date of preparation of each Consolidated Statement of Financial Position.

c) Borrowing costs

Borrowing costs which are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised.

10 | Intangible Assets

Software development costs are capitalised and amortised on the straight-line basis over an estimated useful life of between five and ten years. Amortisation of such developments commences when brought into use.

Intellectual property: The Group is developing software technology 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 intangible asset when the following criteria are met;

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Intellectual property is amortised over its estimated useful life commencing at the date that development is complete, and the technology is available for sale or licensing.

11 | 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 University’s financial statements.

Current asset investments are held at on the Consolidated Statement of Financial Position at amortised cost less impairment.

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12 | Stock

Stocks are stated at the lower of cost or net realisable value and is measured using an average cost formula.

13 | Cash and Cash Equivalents

Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.

Cash equivalents are short term, with a notice period of 3 months or less, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

14 | Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised in the financial statements when:

The amount recognised as a provision is determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

A contingent liability arises from a past event that gives the University a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the University. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required, or the amount of the obligation cannot be measured reliably.

A contingent asset arises where an event has taken place that gives the University a possible asset whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the University.

Contingent assets and liabilities are not recognised in the Consolidated Statement of Financial Position but are disclosed in the notes.

15 | Taxation

The University is an exempt charity within the meaning of Part 3 of the Charities Act 2011, it is therefore a charity within the meaning of Para 1 of schedule 6 to the Finance Act 2010 and accordingly, the University is potentially exempt from taxation in respect of income or capital gains received within categories covered by section 478-488 of the Corporation Tax Act 2010 (CTA 2010) or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes.

The University receives no similar exemption in respect of Value Added Tax. Irrecoverable VAT on inputs is included in the costs of such inputs. Any irrecoverable VAT allocated to fixed assets is included in their cost.

The University’s subsidiaries are liable to Corporation Tax in the same way as any other commercial organisation. No charge for taxation has been included in respect of the Subsidiary Companies’ activities since the entire taxable profit of these companies is transferred to the University under the Gift Aid scheme.

Deferred tax is provided in full on timing differences which result in an obligation at the Consolidated Statement of Financial Position date to pay more tax, 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 of items of income and expenditure in taxation computations in periods different from those in which they are 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 liabilities are not discounted.

16 | Reserves

Reserves are classified as restricted or unrestricted. Restricted endowment reserves include balances which, through endowment to the University, are held as a permanently restricted fund which the University must hold in perpetuity.

Other restricted reserves include balances where the donor has designated a specific purpose and therefore the University is restricted in the use of these funds.

17 | Critical accounting judgements and estimation uncertainty

Pension schemes: assumptions used in the calculation of the USS and C&VPF pension deficit provisions represent a key accounting estimate based on the sensitivity of assumptions (note 19 and note 24).

Recoverability of Debtors: The University makes an estimate for the recoverable value of outstanding debt. In arriving at this value, the University considers the age profile of debts, knowledge of individual debtors and an assessment of prevailing economic conditions.

Employee Leave Accrual: under FRS102 the University recognises a liability for employee holiday pay at the financial year end. A number of departments and schools within the University have been sampled to derive typical holiday usage, this has then been applied to the University as a whole. 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 16).

Intangible assets, critical judgements: The Group is developing software technology relating to new ways of creating and interacting with digital images. The criteria used for the recognition of development and other costs as an intangible asset requires an assessment of future events including the technical feasibility that the technology will be available for use such that future economic benefits will be generated. The Group considers that the testing performed to date and the initial feedback from potential users of the technology supports the recognition of the intangible asset.

Intangible assets, key accounting 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.

Current assets, key accounting estimates and assumptions: The Group considers whether its current assets are impaired. Where an indication of impairment is identified a provision against expected future write off is established.

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Consolidated & University Statements of Comprehensive Income and Expenditure

year ended 31 July 2023

Note
Income
Tuition fees and education
contracts
1
Funding body grants
2
Research grants and contracts
3
Other income
4
Investment income
5
Donations
6
Total income
Expenditure
Staff costs
7
Other operating expenses
Depreciation
10
Impairment of investment
in subsidiary
12
Impairment of intercompany
receivable
14
Interest and other
finance costs
8
Total expenditure
9
Surplus/(Deficit) for the year
Actuarial gain in respect of
pension schemes
24
Total comprehensive
income for the year
Represented by:
Unrestricted total comprehensive
income for the year attributable
to the Group and University		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
115,724
115,718
100,635
100,623
10,859
10,859
13,344
13,344
4,279
3,942
3,752
3,536
21,087
17,999
19,223
17,210
1,273
1,273
199
199
12
2
23
21
153,234
149,793
137,176
134,933
93,162
89,817
91,504
89,089
45,887
44,473
38,447
37,523
5,979
5,979
4,822
4,794
-
700
-
3,850
-
3,348
-
-
2,610
2,610
3,112
3,112
147,638
146,927
137,885
138,368
5,596
2,866
(709)
(3,435)
46,330
46,330
85,640
85,640
51,926
49,196
84,931
82,205
51,926
49,196
84,931
82,205
51,926
49,196
84,931
82,205

Consolidated & University Statements of Changes in Reserves

year ended 31 July 2023

onsolidated
alance at 1 August 2021
eficit for the year
ther comprehensive income
otal comprehensive income for the year
alance at 31 July and 1 August 2022
urplus for the year
ther comprehensive income
otal comprehensive income for the year
alance at 31 July 2023
niversity
alance at 1 August 2021
eficit for the year
ther comprehensive income
otal comprehensive income for the year
alance at 31 July and 1 August 2022
urplus for the year
ther comprehensive income
otal comprehensive income for the year
alance at 31 July 2023		 Total Reserves
£’000
51,431
(709)
85,640
84,931
136,362
5,596
46,330
51,926
188,288
54,169
(3,435)
85,640
82,205
136,374
2,866
46,330
49,196
185,570

All reserves are unrestricted

All items of income & expenditure relate to continuing activities.

54 | Annual Report & Financial Statements 2022-2023

Annual Report & Financial Statements 2022-2023 | 55

Consolidated & University Statements of Financial Position

year ended 31 July 2023

Note
Non-current assets
Tangible assets
10
Intangible assets
11
Investment in subsidiaries
12
Current assets
Stock
13
Trade and other receivables
14
Investments
15
Cash and cash equivalents
20
Less: Creditors: amounts falling
due within one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
17
Provisions
Pension provisions
19
Total net assets
Unrestricted reserves
Income and expenditure reserve
Total reserves		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
180,850
180,850
168,643
168,643
2,403
-
1,834
-
-
-
-
-
99
99
83
83
13,203
13,045
11,056
13,229
45,046
45,046
30,278
30,278
10,138
9,166
32,164
31,211
68,486
67,356
73,581
74,801
(39,440)
(38,625)
(39,836)
(39,210)
29,046
28,731
33,745
35,591
212,299
209,581
204,222
204,234
(17,806)
(17,806)
(19,192)
(19,192)
(6,205)
(6,205)
(48,668)
(48,668)
188,288
185,570
136,362
136,374
188,288
185,570
136,362
136,374
188,288
185,570
136,362
136,374

The Financial Statements on pages 54 to 57 were approved by the Board of Governors on 29th November 2023 and signed on its behalf by.

Professor C Carmichael Aitchison

John Taylor (CBE) Chair of the Board of Governors

President & Vice-Chancellor

Consolidated Cash Flow Statement

year ended 31 July 2023

Cash flow from operating activities
urplus/(Deficit) for the year
Adjustment for non-cash items
Depreciation
ncrease in stock
ncrease in debtors
ncrease in creditors
Difference between pension charge and cash contributions
Adjustment for investing or financing activities
nvestment income
nterest payable
Capital grant income
Net cash inflow from operating activities
Cash flows from investing activities
Capital Grants receipts
edemption of investments
nvestment income
ayments made to acquire fixed assets
urchase of investments
Net cash outflow from investing activities
Cash flows from financing activities
nterest paid
epayments of amounts borrowed
Net cash outflow from financing activities
Decrease)/Increase in cash and cash equivalents in the year
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
Decrease)/Increase in cash and cash equivalents in the year
econciliation of net cash flow to movement in net funds
Decrease)/Increase in cash in the year
ncrease in short term deposits
epayments of amounts borrowed
Movement in net funds in the year
Net funds at 1 August
Net funds at 31 July		 Year ended
31 July 2023
Year ended
31 July 2022
£’000
£’000
5,596
(709)
5,979
4,822
(16)
(51)
(2,147)
(1,141)
50
10,932
2,319
12,568
(1,273)
(199)
2,610
3,111
(884)
(2,562)
12,234
26,771
884
2,562
30,279
23,855
1,273
199
(18,756)
(11,187)
(45,046)
(30,279)
(31,366)
(14,850)
(1,062)
(1,135)
(1,832)
(1,826)
(2,894)
(2,961)
(22,026)
8,960
32,164
23,204
10,138
32,164
(22,026)
8,960
(22,026)
8,960
14,767
6,424
1,832
1,826
(5,427)
17,210
41,860
24,650
36,433
41,860

56 | Annual Report & Financial Statements 2022-2023

Annual Report & Financial Statements 2022-2023 | 57

Notes to the Financial Statements

year ended 31 July 2023

1 Tuition fees and
education contracts
Full-time home and EU students
Full-time & part time
international students
Part-time home and EU students
Transnational education income
Education contracts with
NHS & Coleg Cymraeg
Research training support grants		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
68,415
68,415
66,050
66,050
35,191
35,191
24,009
24,009
1,739
1,739
1,068
1,068
5,979
5,979
5,344
5,344
3,875
3,875
3,610
3,610
525
519
554
542
115,724
115,718
100,635
100,623

2 Funding body grants

2 Funding body grants
Recurrent grant
Higher Education Funding Council
for Wales
Specific grants
Specific initiative grants		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
6,515
6,515
6,983
6,983
4,344
4,344
6,361
6,361
10,859
10,859
13,344
13,344
3 Research grants
and contracts
Research councils
Research charities (UK and overseas)
Government (UK and overseas)
Industry and commerce
(UK and overseas)		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
548
548
438
438
182
172
56
47
3,101
2,899
2,892
2,819
448
323
366
232
4,279
3,942
3,752
3,536
4 Other income
Other services rendered
Residences operations
Catering and conferencing operations
Other EU grant income
Other operating income		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
10,688
8,723
10,146
8,670
5,233
5,233
4,810
4,810
2,234
1,927
1,499
1,383
344
344
357
357
2,588
1,772
2,411
1,990
21,087
17,999
19,223
17,210

Included in the ‘Other services rendered’ figure above is an amount of £67k (2022: £44k) relating to the Turing Scheme. The Turing Scheme is the UK government’s global programme to study and work abroad. The scheme provides funding for international opportunities in education and training across the world, supporting the government’s Global Britain objectives.

5 Investment income
Other investment income
6 Donations
Donations		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
1,273
1,273
199
199
1,273
1,273
199
199
Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
12
2
23
21
12
2
23
21

7 Staff costs
7 Staff costs
alaries
ocial security costs
Other pension costs
Movement on USS provision
CVGPF costs in excess of contributions		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
70,171
67,443
60,656
58,733
7,490
7,247
6,480
6,298
12,878
12,504
11,507
11,197
(940)
(940)
2,238
2,238
3,563
3,563
10,623
10,623
93,162
89,817
91,504
89,089

58 | Annual Report & Financial Statements 2022-2023

Annual Report & Financial Statements 2022-2023 | 59

Average staff numbers by major category:
Academic
Administrative, support and projects
Technicians
Ancillary		 Year ended
31 July 2023
Year ended
31 July 2022
No.
No.
649
580
828
779
29
30
68
61
1,574
1,450
Emoluments of the Vice-Chancellor
Salary
Payments in lieu of pension contributions		 Year ended
31 July 2023
Year ended
31 July 2022
£
£
268,476
257,500
49,719
47,346
318,195
304,846
Vice-Chancellor remuneration Year ended 31 July 2023 Year ended 31 July 2022
as a multiple of the median Basic University
Total		 Basic University
Total
Vice-Chancellor Salary
£268,476		 Remuneration
£318,195		 Salary
£257,500		 Remuneration
£304,846
Median salary £41,931 £42,647 £39,739 £40,650
Pay multiple 6.4 7.5 6.5 7.5

The median total remuneration is calculated on a full-time equivalent basis for the total remuneration paid by the University to its staff. Agency and atypical staff have been excluded from the above calculations, as fulltime equivalent data is not available.

Year ended Year ended
Higher Paid Staff 31 July 2023 31 July 2022
No. No.
£100,000 to £104,999 4 1
£105,000 to £109,999 - 2
£110,000 to £114,999 2 2
£120,000 to £124,999 1 -
£130,000 to £134,999 - 1
£140,000 to £144,999 2 1
£145,000 to £149,999 - 1
£160,000 to £164,999 1 1
£165,000 to £169,999 1 -
£170,000 to £174,999 1 -
12 9
Payment of compensation for loss of office to higher paid staff was as follows;
Year Ended Year Ended Year Ended Year Ended
31 July 2023 31 July 2023 31 July 2022 31 July 2022
£’000 Number
of staff		 £’000 Number
of staff
Higher paid staff: loss of office 103 1 - -

The Key Management Personnel are the University President & Vice Chancellor’s Executive Group. In 2022-23 the group comprised; the President & Vice Chancellor, Deputy President & Vice Chancellor, PVC (Research and Innovation), PVC (Student Engagement), Chief Officer (Resources), and the Secretary & Clerk to the Board of Governors.

Year ended Year ended
Higher Paid Staff 31 July 2023 31 July 2022
£’000 £’000
Key management personnel remuneration
(excludes pension costs)		 950 941

Due to the nature of the University’s operations and the composition of the Board, it is inevitable that 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 discussions should a conflict of interest potentially arise. Written assurances are obtained annually from all Governors and key personnel in respect of themselves and their close family. For the financial year to 31 July 2023 the returns state that there has been no undue influence between the University and related parties (as defined by FRS102).

60 | Annual Report & Financial Statements 2022-2023

Annual Report & Financial Statements 2022-2023 | 61

8 Interest and other
finance costs
Loan interest
Net charge on pension scheme
9 Analysis of total
expenditure by activity
Academic and related expenditure
Administration and central services
Premises
(including service concession cost)
Residences, catering, and conferences
Research grants and contracts
Other expenses
HEFCW Covid-19 grant expenditure
Other operating expenses include:
External independent auditors’
remuneration in respect of audit services
External independent auditors’
remuneration in respect of
non-audit services		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
1,062
1,062
1,136
1,136
1,548
1,548
1,976
1,976
2,610
2,610
3,112
3,112
Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
80,991
81,302
67,894
67,894
32,516
30,180
29,266
27,754
9,589
9,589
9,005
9,005
5,000
4,737
4,225
4,074
2,978
2,832
2,693
2,553
16,567
18,290
24,386
26,672
(3)
(3)
416
416
147,638
146,927
137,885
138,368
£’000
£’000
£’000
£’000
94
58
73
45
10
10
28
28

Included in the ‘Administration and central services’ figure above is an amount of £67k (2022: £44k) relating to the Turing Scheme. The Turing Scheme is the UK government’s global programme to study and work abroad. The scheme provides funding for international opportunities in education and training across the world, supporting the government’s Global Britain objectives.

0 Tangible Fixed Assets
£’000
onsolidated
ost or valuation
At 1 August 2022
Additions
At 31 July 2023
onsisting of valuation at:
1 August 2014
Cost
ccumulated Depreciation
At 1 August 2022
Charge for the year
At 31 July 2023
et book value
At 31 July 2023
At 31 July 2022
niversity
ost or valuation
At 1 August 2022
Additions
At 31 July 2023
onsisting of valuation at:
1 August 2014
Cost
ccumulated Depreciation
At 1 August 2022
Charge for the year
At 31 July 2023
et book value
At 31 July 2023
At 31 July 2022		 Freehold
Land and
Buildings
Fixtures,
Fittings and
Equipment
Total
£’000
£’000
£’000
192,225
26,988
219,213
9,855
8,331
18,186
202,080
35,319
237,399
72,268
-
72,268
129,812
35,319
165,131
202,080
35,319
237,399
32,388
18,182
50,570
2,840
3,139
5,979
35,228
21,321
56,549
166,852
13,998
180,850
159,837
8,806
168,643
192,225
26,700
218,925
9,855
8,331
18,186
202,080
35,031
237,111
72,268
-
72,268
129,812
35,031
164,843
202,080
35,031
237,111
32,388
17,894
50,282
2,840
3,139
5,979
35,228
21,033
56,261
166,852
13,998
180,850
159,837
8,806
168,643

As at 31 July 2023, freehold land and buildings included £52.598m (2022: £52.598m) in respect of freehold land and is not depreciated.

62 | Annual Report & Financial Statements 2022-2023

Annual Report & Financial Statements 2022-2023 |

63

11 Intangible Assets
Cost of Intellectual Property
At 1 August 2021
Additions
At 31 July 2022
Cost of Intellectual Property
At 1 August 2022
Additions
At 31 July 2023
Net book value
At 31 July 2023
Net book value
At 31 July 2022		 Consolidated
University
£’000
£’000
1,347
-
487
-
1,834
-
1,834
-
569
-
2,403
-
2,403
-
1,834
-
3 Stock
General consumables (Catering & other)
4 Trade and other receivables
Amounts falling due within one year:
rade receivables
repayments and accrued income
Amounts due from subsidiary
ompanies		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
99
99
83
83
99
99
83
83
Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
8,900
8,531
6,674
6,436
4,303
4,173
4,382
4,210
-
341
-
2,583
13,203
13,045
11,056
13,229

During the year the University impaired the intercompany receivable of £3.3m with Cardiff Met Company Ltd to NIL.

No amortisation has been charged in the year ended 31 July 2023. The additional intangible asset of £569k in 2022/23 represents the capitalisation of the intellectual property developed in Fovo Technology Ltd.

12 Investment in Subsidiaries
Cost or valuation and net book value
At 1 August 2022
Additions
Impairment
At 31 July 2023
Cost or valuation and net book value
At 1 August 2021
Additions
Impairment
At 31 July 2022		 University
£’000
-
700
(700)
-
3,150
700
(3,850)
-

The investments represent shares in group undertakings (note 23). During the financial year 2022/23 the University bought shares in Cardiff Met Company Ltd for £700k and impaired them to NIL.

5 Investments
erm deposits
Corporate Bonds		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
24,548
24,548
10,097
10,097
20,498
20,498
20,181
20,181
45,046
45,046
30,278
30,278
6 Creditors: amounts falling
due within one year
ecured loans
Unsecured loans
rade payables
ocial security and other
axation payable
Accruals and deferred income		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
102
102
536
536
1,284
1,284
1,296
1,296
6,234
6,380
5,550
5,493
1,990
1,982
1,737
1,723
29,830
28,877
30,717
30,162
39,440
38,625
39,836
39,210

64 | Annual Report & Financial Statements 2022-2023

Annual Report & Financial Statements 2022-2023 | 65

17 Creditors: amounts
falling due after more
than one year
Secured loans
Unsecured loans
Analysis of secured and unsecured loans:
Due within one year or on demand
Due between one and two years
Due between two and fve years
Due in fve years or more
Due after more than one year
Total secured and unsecured loans		 Year ended 31 July 2023
Year ended 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
306
306
408
408
17,500
17,500
18,784
18,784
17,806
17,806
19,192
19,192
1,386
1,386
1,832
1,832
1,352
1,352
1,386
1,386
3,954
3,954
4,056
4,056
12,500
12,500
13,750
13,750
17,806
17,806
19,192
19,192
19,192
19,192
21,024
21,024
18 Lender: secured and 18 Lender: secured and Amount as Amount as Repayable Interest Borrower
unsecured loans at 31 July at 31 July by
2023 2022
£’000 £’000 £’000 £’000
NatWest Secured loan 408 510 2027 Variable University
NatWest Secured loan - 434 2023 7.69 University
Barclays Unsecured loan 9,000 9,600 2038 5.10 University
Santander Unsecured loan 9,750 10,400 2038 5.10 University
Salix Unsecured loan - 13 2022 0.00 University
Salix Unsecured loan 34 67 2024 0.00 University
19 Pension Provisions
Consolidated and University
At 1 August 2022
Utilised in year
(Addition)/release in year
Actuarial gain in year
At 31 July 2023		 Obligation to
fund deficit on
USS Pension
Pension
enhancement
on
termination
Defined
Benefit
Obligations
(Note 24)
Total
Pensions
Provisions
£’000
£’000
£’000
£’000
(4,058)
(2,620)
(41,990)
(48,668)
248
310
-
558
555
(80)
(4,900)
(4,425)
-
190
46,140
46,330
(3,255)
(2,200)
(750)
(6,205)

The obligation to fund the past service deficit of the University’s Superannuation Scheme (USS) arises from 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 provision during the current year management has used the March 2020 valuation of the scheme. The latest available actuarial valuation of the scheme at 31 July 2023 was the March 2020 valuation.

20 Cash and cash equivalents
Consolidated
Cash and cash equivalents
Cash and cash equivalents
Consolidated
Cash and cash equivalents
21 Capital commitments
Commitments contracted for		 At 1 August
2022
Cash Flows
At 31 July
2023
£’000
£’000
£’000
32,164
(22,026)
10,138
32,164
(22,026)
10,138
At 1 August
2021
Cash Flows
At 31 July
2022
£’000
£’000
£’000
23,204
8,960
32,164
23,204
8,960
32,164
At 31 July 2023
At 31 July 2022
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
2,690
2,690
4,050
4,050		 At 1 August
2022
Cash Flows
At 31 July
2023
£’000
£’000
£’000
32,164
(22,026)
10,138
32,164
(22,026)
10,138
At 1 August
2021
Cash Flows
At 31 July
2022
£’000
£’000
£’000
23,204
8,960
32,164
23,204
8,960
32,164
2,690
2,690
4,050
4,050

22 Commitments under operating leases

At 31 July Cardiff Metropolitan University had future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
ater than 1 year and not later than 5		 2023
2022
£’000
£’000
226
196
93
242
319
438

23 Subsidiary undertakings

Company Principal Activity Status
Cardif Metropolitan Company Ltd Undertakes non primary purpose trading
activities which are non-charitable.		 100% owned
Cardif Metropolitan Education Services
(Beijing) Ltd		 Holding company for China Wholly
Foreign-Owned Enterprise.		 100% owned
Cardif Metropolitan Education Consulting Develop strategic partnerships with 100% owned
Service (Beijing) Ltd Chinese institutions.
Fovo Technology Ltd Developing a new technology that
improves the nature of visual experience.		 55% owned

66 | Annual Report & Financial Statements 2022-2023

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67

24 Pension Obligations

The University participates in three separate pension schemes, each of which has its own membership eligibility criteria. The three schemes are; the Cardiff & Vale of Glamorgan Pension Fund (CVGPF) (principally administration and support staff); the Teachers’ Pension Scheme (TPS) (principally academic staff); and the Universities Superannuation Scheme (USS) (a mixture of administrative and academic staff). All three schemes are defined-benefit schemes.

The contributions payable to the scheme were

Contribution for TPS
Contribution for CVGPF
Contribution for USS		 Year ended
31 July 2023
Year ended
31 July 2022
£’000
£’000
6,641
5,664
5,450
4,908
865
936
12,956
11,508

The costs recognised within the University’s staff costs for the year were

Cost for TPS
Cost for CVGPF
Cost for USS		 Year ended
31 July 2023
Year ended
31 July 2022
£’000
£’000
6,641
5,664
8,935
15,530
(75)
3,174
15,501
24,368

Cardiff & Vale of Glamorgan Pension Fund (CVGPF)

CVGPF is a local government superannuation scheme. The most recent full actuarial valuation was carried out as at 31 March 2022 and has been updated by independent actuaries to the Cardiff & Vale of Glamorgan Pension Fund to take account of the requirements of FRS102 in order to assess the liabilities of the Fund as at 31 July 2023. The next triennial valuation of the fund is expected to be reported during December 2025.

The principal assumptions used for the purposes of FRS102 are as follows

Mortality assumption

The mortality assumptions are based on the recent actual mortality experience of members within the Fund and allow for future mortality improvements. Sample life expectancies at age 65 resulting from these mortality assumptions are shown below.

assumptions are shown below.
Year ended Year ended Year ended
31 July 2023 31 July 2022 31 July 2021
Assumed life expectancy at 65 years
- retiring today male/(female) 22.0 (24.2) 22.1 (24.6) 22.3 (24.7)
- retiring in 20 years male/(female) 22.6 (25.3) 23.2 (26.0) 23.3 (26.1)
Asset Allocation
quities
roperty
Government bonds
Corporate bonds
Multi Asset Credit
Cash
otal		 Value at
31 July 2023
Value at
31 July 2022
68.1%
67.0%
7.0%
8.1%
8.8%
9.0%
7.5%
7.8%
5.3%
5.2%
3.3%
2.9%
100.0%
100.0%

Amounts recognised in income statement

Operating cost
current service cost
inancing Cost
interest on net defned beneft liability
ension expense recognised in
ncome statement		 Year ended 31 July 2023
Year ended 31 July 2022
£’000
£’000
Funded
Unfunded
Funded
Unfunded
9,020
-
15,570
-
1,330
80
1,910
50
10,350
80
17,480
50
Year ended Year ended Year ended
31 July 2023 31 July 2022 31 July 2021
Discount rate 4.9% 3.4% 1.7%
CPI infation 2.6% 2.5% 2.6%
Rate of increase to pensions in payment 2.6% 2.5% 2.6%
Rate of revaluation of pension accounts 2.6% 2.5% 2.6%
Rate of increase in deferred pensions 2.6% 2.5% 2.6%
Rate of general increase in salaries 3.6% 3.5% 3.6%

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Changes to the fair value of assets

Changes to the fair value of assets
Opening value
Interest income on assets
Remeasurement gains/(losses) on assets
Contributions by the employer
Contributions by participants
Net benefts paid out
Closing value		 2023
2022
£’000
£’000
Funded
Unfunded
Funded
Unfunded
141,620
-
143,020
-
4,900
-
2,470
-
2,250
-
(7,710)
-
5,450
310
4,950
290
2,170
-
1,930
-
(2,810)
(310)
(3,040)
(290)
153,580
-
141,620
-

Changes to the present value of the defined benefit obligation

Opening value
Current service cost
Interest expense on defned beneft
obligation
Contributions by participants
Actuarial (gains) on liabilities
Net benefts paid out
Closing value		 2023
2022
£’000
£’000
Funded
Unfunded
Funded
Unfunded
183,610
2,620
257,890
3,090
9,020
-
15,570
-
6,230
80
4,380
50
2,170
-
1,930
-
(43,890)
(190)
(93,120)
(230)
(2,810)
(310)
(3,040)
(290)
154,330
2,200
183,610
2,620

Reconciliation of funded status to Consolidated Statement of Financial Position

Fair value of assets
Present value of defned beneft obligation
Liability		 At 31 July 2023
At 31 July 2022
£’000
£’000
Funded
Unfunded
Funded
Unfunded
153,580
-
141,620
-
(154,330)
(2,200)
(183,610)
(2,620)
(750)
(2,200)
(41,990)
(2,620)

Valuation of the Teachers’ Pension Scheme

The latest valuation of the Teachers’ Pension Scheme took place, in line with directions issued by HM Treasury and using membership data as at 31 March 2020. As a result of the 2020 valuation, TPS employers have been notified that contributions will increase to 28.68% (effective April 2024) from a rate of 23.68 which has been in effect since September 2019 following the 2016 valuation. The contribution rate prior to this was 16.48%.

Scheme Changes

The arrangements for a reformed Teachers’ Pension Scheme, in line with the recommendations made by Lord Hutton, in particular the introduction of a Career Average Revalued Earnings (CARE) scheme, were implemented from 1 April 2015.

In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, have rejected the Government’s application for permission to appeal the Court of Appeal’s ruling. The Government’s remedy to address this discrimination against younger members of such pension schemes (The McCloud remedy) came into effect for the TPS from 1 October 2023 and include provision for the cost of this remedy.

Universities Superannuation Scheme

The University participates in the Universities’ Superannuation Scheme. The Scheme is a hybrid pension scheme which provides benefits based on final pensionable salary for Final Salary members until 2016 (closed to new entrants in 2011); Career Revalued Benefits (CRB) up to an indexed salary threshold for new entrants since 2011 and for Final Salary members since 2016; and defined contribution benefits above the same salary threshold and for members wishing to make additional contributions. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the scheme’s assets are not hypothecated to individual institutions and a schemewide contribution rate is set.

As a result, the University is exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore, as required by section 28 of FRS102 “Employee benefits”, accounts for the scheme as if it were a wholly definedcontribution scheme. The amount charged to the Consolidated Statement of Comprehensive Income and Expenditure represents the contributions payable to the scheme for the year. A liability is also recorded within provisions for any contractual commitment to fund past deficits within the scheme. Movements in this provision can also give rise to charges to the Consolidated Statement of Comprehensive Income and Expenditure as shown in note 19 above.

The appointment of directors to the board of trustees is determined by the Company’s Articles of Association. Four of the directors are appointed by Universities UK; three are appointed by the University and College Union, of whom at least one must be a USS pensioner member; and a minimum of three and a maximum of five are independent directors appointed by the board.

Under the scheme trust deed and rules, the employer contribution rate is determined by the trustee, acting on actuarial advice.

The latest available complete actuarial valuation for the scheme was published during September 2021, valuing the assets and technical provisions as at 31 March 2020 (the valuation date). The 2020 valuation was the sixth valuation under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions.

At the 2020 valuation date, the value of the assets of the scheme was £66.5 billion and the valuation of the scheme’s technical provisions was £80.6 billion (based on the assumed implementation of the Joint Negotiating Committee’s (JNC) recommendation. This represents a shortfall of £14.1 billion, up from the shortfall of £3.6 billion at the 2018 valuation date. The assets were therefore sufficient to cover 82.5% of the benefits which had accrued to members after allowing for expected future increases in earnings, as compared to 94.7% at the 2018 valuation date.

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To address the deficit, the JNC formally voted to introduce a suite of reforms to the scheme in February 2022. As part of these reforms, the employer’s contribution to the scheme was raised to 21.6%, from 21.1% at the 2018 valuation.

The 2023 valuation process is current ongoing, with a legislative deadline for completion of 30 June 2024. The latest indications are that the scheme will report a surplus position. There is likely to be a reduction in employer contribution rates and a restoration of employee benefits to pre-April 2022 levels.

Creditor Balances

Cardiff Metropolitan University’s balances as at 31 July for each scheme are as follows:

TPS
CVGPF
USS		 2023
2022
£’000
£’000
838
-
648
585
108
-
1,594
585

US Federal Loans – Supplementary Schedule

25 Conversion to US GAAP format

This schedule has been compiled from the Section 3 Example Financial Statements included in the FederalRegister / Vol. 84, No. 184 / Monday, September 23, 2019 / Rules and Regulations

----- Start of picture text -----
Line Statement of Financial Position 2022-23 2021-22
£’000 £’000
1 Cash and cash equivalents 55,184 62,442
2 Accounts receivable, net 8,900 6,674
3 Other debtors and Prepaid expenses 4,303 4,382
4 Related party receivables - -
5 Contributions receivable, net - -
6 Student loans receivable, net - -
7 Investments in subsidiaries - -
Property, plant and equipment, net
8 180,850 168,643
(includes Investment property & Heritage assets)
9 Lease right-of-use asset, net - -
10 Goodwill - -
Other intangible assets 2,403 1,834
11 Inventories 99 83
12 Total assets 251,739 244,058
13 Line of credit - short term - -
14 Line of credit - short term for CIP - -
15 Accrued expenses/Accounts payable 8,224 7,287
16 Accruals and Deferred revenue 29,830 30,717
17 Post-employment and pension liability 6,205 48,668
18 Line of credit - operating - -
19 Other liabilities - -
20 Notes payable - -
21 Lease right-of-use asset liability - -
22 Line of credit for long term purposes 19,192 21,024
23 Total liabilities 63,451 107,696
24 Net assets without donor restrictions 188,288 136,362
Net Assets with Donor Restrictions
25 Annuities - -
26 Term endowments - -
27 Life income funds - -
28 Other restricted by purpose and time - -
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----- Start of picture text -----
Line Statement of Financial Position 2022-23 2021-22
£’000 £’000
29 Restricted in perpetuity - -
30 Total Net Assets with Donor Restrictions - -
31 Total Net Assets 188,288 136,362
32 Total Liabilities and Net Assets 251,739 244,058
Changes in Net Assets Without Donor Restrictions
Operating Revenue and Other Additions
33 Tuition and fees, net 115,724 100,635
34 Funding body income 10,859 13,344
35 Investment return appropriated for spending 1,273 199
36 Other income 21,099 19,246
37 Research income 4,279 3,752
38 Total Operating Revenue and Other Additions 153,234 137,176
Operating Expenses and Other Deductions
39 Education and research expenses 139,049 129,951
40 Depreciation and Amortization 5,979 4,822
41 Interest expense 2,610 3,112
42 Auxiliary enterprises - -
43 Total Operating Expenses 147,638 137,885
44 Changes in Net Assets from Operations 5,596 (709)
Non-Operating changes
45 Investments, net of annual spending, gain (loss) - -
46 Other components of net periodic pension costs 46,330 85,640
47 Pension-related changes other than net periodic pension costs - -
48 Change in value of split-interest agreements - -
49 Other gains (losses) - -
50 Sale of fixed assets, gains (losses) - -
Taxation - -
Total Non-Operating Changes 46,330 85,640
51 Total Change in Net Assets 51,926 84,931
Change in Net Assets with Donor Restrictions
52 Contributions - -
53 Net assets released from restriction - -
54 Change in Net Assets with Donor Restrictions - -
55 Change in Net Assets without restrictions 51,926 84,931
56 Net Assets, Beginning of Year 136,362 51,431
57 Net Assets, End of Year 188,288 136,362
----- End of picture text -----

----- Start of picture text -----
Line Statement of Financial Position 2022-23 2021-22
£’000 £’000
Note for Line 9 - Lease right-of-use assets
A Lease right-of-use assets - pre-implementation - -
B Lease right-of-use assets - post-implementation - -
Total - -
Note for Line 21 - Lease right-of-use asset liability
A Lease right-of-use asset liability - pre-implementation - -
B Lease right-of-use asset liability - post-implementation - -
Total - -
Note for Line 8 - Net Property, Plant and Equipment
A Pre-implementation Property, Plant and Equipment 162,663 157,942
B Post-implementation Property, Plant and Equipment purchased - -
with debt
FH LH L&B - -
- -
LH improvements
- -
Equipment
- -
Investment property
- -
Heritage assets
C Const'n in P'gress - -
D Post-implementation Property, Plant and Equipment - no debt - -
Total 162,663 157,942
This is the ending balance on the last financial statement submission prior to the
A
implementation of the regulations - Less and depreciation or disposals
This is the balance of assets purchased after the implementation of the regulations that was
B
purchased by obtaining debt
C Asset value of the Construction work in progress
D Post-implementation Property, Plant and Equipment with no outstanding debt
Note for Line 14,20 and 22 - Long-term debt for long term purposes
A Pre-implementation Long-term Debt 19,192 21,024
B Allowable Post-Implementation Long-term Debt:
FH LH L&B - -
- -
LH improvements
- -
Equipment
- -
Investment property
- -
Heritage assets
C Construction in progress - debt - -
D Long-term debt not for the purchase of Property, - -
Plant and Equipment or liability greater than assets value
Total 19,192 21,024
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----- Start of picture text -----
Line Statement of Financial Position 2022-23 2021-22
£’000 £’000
This is the ending balance on the last financial statement
A submission prior to the implementation of the regulations -
Less in repayments
This is the lessor of actual outstanding debt or each asset value
B
or the value of the asset
All debt associated with Construction in progress up to the asset
C
value for construction in process is included
Long-term debt not for the purchase of Property,
D
Plant and Equipment
Supplementary schedule - Sterling £ ‘000 2022-23 2021-22
This schedule has been compiled from the Section 2 Example Financial Statements included
in the Federal Register/Vol. 84, No. 184 / Monday, September 23, 2019 / Rules and Regulations
Lines Expendable Net Assets
24 Net assets without donor restrictions 188,288 136,362
30 Net assets with donor restrictions 0 0
4 Secured and Unsecured related party receivable 0 0
4 Unsecured related party receivable 0 0
8 Property, plant and equipment, net 180,850 168,643
(includes Construction in progress)
FS Note line Property, plant and equipment - pre-implementation 162,663 157,942
8A
FS Note line Property, plant and equipment - post-implementation with 0 0
8B outstanding debt for original purchase
FS Note line Property, plant and equipment - post-implementation without 0 0
8D outstanding debt for original purchase
FS Note line Construction in progress 0 0
8C
9 Lease right-of-use asset, net 0 0
Excluded Line Lease right-of-use asset pre-implementation 0 0
9 Note Leases
M9 Note Lease right-of-use asset post-implementation 0 0
Leases
10 Intangible assets 0 0
10 Intangible assets 2,403 1,834
17 Post-employment and pension liabilities 6,205 48,668
14,20,22 Long-term debt - for long term purposes 19,192 21,024
M24, 20, 22, Long-term debt - for long term purposes pre-implementation 19,192 21,024
Note Debt A
M24, 20, 22, Long-term debt - for long term purposes post-implementation 0 0
Note Debt B
M24, 20, 22, Line of Credit for Construction in process 0 0
Note Debt C
----- End of picture text -----

----- Start of picture text -----
Line Statement of Financial Position 2022-23 2021-22
£’000 £’000
21 Lease right-of-use asset liability 0 0
Excluded Pre-implementation right-of-use leases 0 0
Line 21 Note
Leases
Line 21 Note Post-implementation right-of-use leases 0 0
Leases
25 Annuities with donor restrictions 0 0
26 Term endowments with donor restrictions 0 0
27 Life income funds with donor restrictions 0 0
29 Net assets with donor restrictions: restricted in perpetuity 0 0
Total Expenses and Losses
43 Total expenses without donor restrictions - taken directly from 147,638 137,885
Statement of Activities
(35), 45, 46, Non-Operating and Net Investment (loss) (47,603) (85,839)
47, 48, 49
(35), 45 Net investment losses (1,273) (199)
47 Pension-related changes other than net periodic costs 0 0
Modified Net Assets
24 Net assets without donor restrictions 188,288 136,362
30 Net assets with donor restrictions 0 0
10 Intangible assets 0 0
4 Secured and Unsecured related party receivable 0 0
4 Unsecured related party receivable 0 0
Modified Assets
12 Total Assets 251,739 244,058
Excluded Line Lease right-of-use asset pre-implementation 0 0
9 Note Leases
Excluded Pre-implementation right-of-use leases 0 0
Line 21 Note
Leases
10 Intangible assets 0 0
4 Secured and Unsecured related party receivable 0 0
4 Unsecured related party receivable 0 0
Net Income Ratio
55 Change in Net Assets Without Donor Restrictions 51,926 84,931
38, (35), 50 Total Revenue and Gains 151,961 136,977
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Charity Name: Cardiff Metropolitan University Charity Registration Number: 1140762 Registered Office: Maritime House Llandaff Campus Cardiff CF5 2YB

cardiffmet.ac.uk