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2024-07-31-accounts

Car(fiff MetropoliLan University Prifysgol Metropolitan Caerdydd Annual Report & Financial Statements 2023-2024

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 12
Report from Remuneration Committee 29
Operating and Financial Review 33
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 60
US Federal Loans – Supplementary Schedule 75
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Introduction from the Chair of the Board of Governors

It has been an honour and a privilege to be the Chair of the Board of Governors over the last year. On behalf of the Board, I would like to thank the Vice-Chancellor, managers, staff and students for their energy, commitment and continued hard work. It has been an interesting and challenging year for the University with many opportunities and demands.

The University has achieved noteworthy success across a variety of areas over the last year. The University was named The Mail University Guide 2025’s Welsh University of the Year. The University also achieved its best position in the Times and Sunday Times University Guide 2025 (66th in the UK – up twelve places) and improved in the Guardian University Guide 2025 (82nd in the UK - up 18 places). The University made considerable progress in improving student satisfaction (as demonstrated in the National Student Survey) and was ranked first in Wales for Graduate Outcomes. It was also particularly pleasing for the University to retain its top ten status in the UK People and Planet University League for environmental sustainability.

The Board was pleased to appoint Professor Rachael Langford as the University’s new President and Vice-Chancellor from February 2024 following the retirement of Professor Cara Aitchison from the role in January 2024. Professor Langford had served as the University’s Deputy Vice-Chancellor from September 2021. The Board led on a rigorous and competitive recruitment process during the autumn term with a number of high-quality candidates considered.

Much of the Board’s work over the last year has focussed on supporting the University in meeting its significant financial challenges that had in the main

been caused by an under recruitment of students against planned targets for the 2023-24 academic year. The University, was no different from many others in the UK in that it has experienced a notable drop in international student recruitment, faced reductions in public funding, increased operating costs, and the adverse impact of inflation on the value of tuition fees. The Board collaborated effectively with the new President and Vice-Chancellor and the University Executive Group in providing the required governance and scrutiny in the development of plans to achieve financial recovery and sustainability. The Board approved the University’s Financial Recovery Plan at its meeting in May 2024. The Plan detailed a phased approach to achieve cost reductions whilst also ensuring the University’s long term financial sustainability and viability.

The Board also approved arrangements for the introduction of the University’s Voluntary Severance Scheme at a Special Meeting in April 2024 as part of initial work to achieve financial recovery and sustainability. The Board considered and approved the design principles and eligibility criteria of the Scheme together with proposed payment thresholds based on sector benchmarks. The Board was pleased to note that the Scheme was successfully implemented. This enabled the University to achieve

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the initial targeted cost reductions whilst also retaining operational effectiveness of Schools and departments and ensuring that staff and students were supported through the process.

achieving financial recovery and embarks on its transformation and journey. The Board now has a strong and diverse membership with effective Board succession plan arrangements in place.

The Board was pleased that the University was able to implement its updated Articles and Instrument of Government in March 2024 following approval by Welsh Government and Privy Council. The updated Articles and Instrument of Government provide a modern, streamlined suite of documents that support good governance. These will serve the University well in future years. Importantly, they will enable staff and student governors to participate on a wider range of Board-level committees to support inclusive decision making.

The Board was regularly informed of developments by Welsh Government to establish Medr (the Commission for Tertiary Education and Research) over 2023-24. Whilst the Board recognises the financial and other challenges faced by the sector, it is committed to having a constructive, collaborative, and enduring partnership with Medr. The Board will continue to work to ensure that the interests of students and the ‘Learner Voice’ are placed at the centre of everything the University does.

The Board will continue to work closely with the Senior Management Team both in meeting the current financial challenges and in ensuring a strong, stable and sustainable future for the University which will continue to support the social and economic wellbeing of Wales and beyond.

The Board also finalised arrangements for the introduction of a new Board-level committee structure for 2024-25. The new structure includes a new Finance Committee that will have a specific focus on the financial health of the University. The Committee will cover financial management, income generation, entrepreneurship, and sustainability. The new structure also includes a People, Health and Wellbeing Committee that will have a specific focus on people related matters. The Committee will have the key task of looking at how the University is developing its culture. It will cover a holistic approach to both staff experience and student wellbeing in what are pressurised times. The new structure ensures that the University’s governance arrangements align with the delivery of the University’s Strategy ‘Strategy 2030’ and that the Board provides maximum added value.

This will meet the Civic Duty responsibility.

John Taylor (CBE) Chair of the Board of Governors

29 January 2025

The Board was pleased to recruit seven new Independent Governors over the course of the autumn and spring terms. The new Independent Governors bring with them an extensive range of skills, knowledge and experience that will prove invaluable to the University as it works towards

Introduction from the President and Vice-Chancellor

As a University, Cardiff Met is committed to making the world a better place through teaching and learning, research and innovation, and working with communities locally and internationally.

Never has that commitment shone through as much as in this past year, with our students and staff working alongside our partners to lead the way in making a positive difference – in Wales and throughout the world.

We are proud to have again been named the top University in Wales in the People & Planet University League and our commitment to environmental sustainability continues to be reinforced in many ways – from our on-campus community repair cafes and student education initiatives to sector-leading research and curriculum innovation.

Our School of Art & Design, for example, has completed a three-year Royal Academy of Engineering funded research project to embed sustainability and carbon literacy across all the school’s programmes, translating into a natural dye garden, sustainable photography darkroom, and material pigment libraries. This has led to the development of a Future Generations curriculum, focusing on the future, the planet, our communities, and making sustainable choices.

And our commitment to working with businesses to drive sustainable practises received a royal stamp of approval in June 2024 when Cardiff Met’s ZERO2FIVE Food Industry Centre hosted a visit by His Royal Highness The Prince of Wales. The visit, in partnership with The Earthshot Prize, was a

celebration of the flourishing seaweed industry and food innovation in Wales.

This past year has also seen us make big strides forward in improving our student satisfaction in the National Student Survey and we were proud to be first in Wales in the 2024 Graduate Outcomes survey. This showed that an impressive 96% of Cardiff Met graduates are in work or further study 15 months after graduating.

These metrics helped us achieve our best position in the Times and Sunday Times Good University Guide as the biggest climber in Wales. We also climbed 18 places in the Guardian University Guide and were selected as The Mail University Guide 2025’s ‘Welsh University of the Year’.

These league table successes reflect the dedication of our staff to delivering the highest quality student experience and driving attainment, but we are, of course, about so much more than that at Cardiff Met.

Our students have incredible opportunities and achieve amazing things. They are also at the heart of our civic mission.

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As an example, more than 1,000 of them have been instrumental in delivering and designing Cardiff Met’s hugely successful Open Campus programme in this past year.

This is a powerful collaboration between University and community, delivering sustainable change in sport, physical activity, outdoor play, and health and wellbeing opportunities in the Cardiff City region and beyond.

Open Campus enabled more than 9000 members of the community, including 41 schools, 25 from communities in deprived areas, to access free and paid for activities and programmes on and off campus, supported by our students and staff.

Open Campus drives degree outcomes, professional placements and research and innovation. We are incredibly proud of its impact, just as we celebrate the many students and staff who achieve incredible sporting success and provide performance support to elite level athletes and teams.

Our Cardiff Met community all watched on with pride as our students, alumni and staff played a starring role at the Paris 2024 Olympics and Paralympics – some performing on the biggest sporting stage but many more performing crucial roles behind the scenes.

Performance Sport continues to thrive at our University. We have recently partnered with Tennis Wales to establish a new National Training Programme, and our Football Club Academy has been upgraded to a Category A Academy, deemed to offer outstanding level of quality provision, for the 2024-25 season.

Our School of Sport and Health Sciences is also a pioneer in improving health and wellbeing outcomes in our region. In January 2024, Eluned Morgan MS, First Minister for Wales, opened the groundbreaking Allied Clinical Health Hub on our Llandaff Campus.

The hub is a sector-leading facility that is enabling health and social care students to engage in authentic learning experiences whilst also offering a range of valuable clinics for the local community, from podiatry to dietetics. It includes the Exercise for Health Hub, which is providing follow-up care to cardiac patients, helping to keep people active and reduce readmissions to hospital.

Our School of Education and Social Policy is training so many of our nation’s teachers and early years professionals, but has also launched a Centre for International Research into Leadership Education and won a Times Higher Education Award for developing an anti-racist learning model for education professionals.

Chantelle Haughton, Director and Founder of DARPL (Diversity and Anti-Racist Professional Learning) and Principal Lecturer in Early Years Education, was also recently honoured with the British Educational Research Association (BERA) Equality in Education award.

Institutionally, Cardiff Met received the Advance HE prestigious Silver Athena Swan award in recognition of our commitment to gender equality and inclusivity.

With students and staff from 130 countries on our Cardiff campuses and our programmes being delivered by 12 global education partners, fostering a culture of belonging and offering a warm welcome to all is so important to our Cardiff Met community.

A large proportion of our international students are on programmes within our School of Management, which prides itself on its global reach and impact, but also in leading the way in fostering economic development and prosperity in Wales.

In April 2024, we became the first university in Wales and just the third in the UK to receive the Business School Impact System (BSIS) label from the European Foundation for Management Development for our positive economic impact on the Cardiff Capital Region.

Additionally, our Centre for Entrepreneurship has been recognised in the Times Higher Education Awards for its groundbreaking work in building a culture of innovation and creativity. Our holistic approach to start-up support has placed Cardiff Met in the top 20% of UK universities for student startups for the last five years, currently having the sixth highest number of students start-ups which have survived beyond three years.

This culture of entrepreneurship is evident in so much of our activity, but also in our academic community, with too many examples of innovative practise to cover here. However, it does feel appropriate to single out our two winners of Advance HE’s prestigious

National Teaching Fellowship and Collaborative Award for Teaching Excellence:

Dr Fiona Carroll, Reader in Human Computer Interaction, leads the Creative Computing Research Centre and coordinates ethics at the School of Technologies, while Dr Esyin Chew is Director of the EUREKA Robotics Centre - one of the 11 specialist robotics centres in the UK. She has led millionpound Government or industrial-funded global projects, including the award-winning PIE ethical AI programme for Women in STEM.

Another award winner, Rhian Griffiths, Senior Lecturer in Teacher Education and Professional Learning (Welsh Medium) has won Coleg Cymraeg’s prestigious Cenedlaethol ‘Celebrate Your Lecturer’ prize for her ‘tireless work’ to support her students.

This last year saw a further increase in the number of students studying through the medium of Welsh with 324 students studying at least 40 credits (a third) of their modules through this medium. We have a thriving Welsh community here at Cardiff Met and continue to set ourselves stretching targets in this area, recognising the key role that we play in protecting the Welsh language and culture.

There has certainly been a long list of achievements to celebrate, and it is important for me to acknowledge how much of this has been accomplished against a challenging backdrop.

Like so many universities across the UK, Cardiff Metropolitan University is operating in a challenging financial climate, due in part to falling in numbers of international students, reductions in public funding, increased operating costs, and the impact of inflation on the value of our main source of income – tuition fees.

In planning to meet this financial challenge, we will remain focused on delivering an excellent student experience, continuing to grow our reputation as an impactful, supportive partner and delivering on our ambitions as a civic university.

In the coming months, we will be talking more to our students, staff and partners about the university we aspire to be as we continue to shape our future together. A heartfelt thank you to all those who have contributed to our many successes – inside and outside our Cardiff Met community - and continue to support us to deliver our longer-term strategic ambitions.

Professor Rachael Langford President and Vice-Chancellor 29 January 2025

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Key Facts & Figures

Strategy & Performance

Graduate Outcomes

Financial Performance

Operating accounting deficit £3.04m Operational cash surplus £3.2m Long term debt at % income 13%

Student Numbers

Postgraduates 2635 Undergraduates 8811 International students 16%

Cardiff Met HESA student data 2023-24

Staffing

Total staff (head count) 1897 Academic staff (head count) 912 Full-time equivalent (FTE) 1566

Cardiff Met HESA staff data 2023-24

Student Success

Highlights from the July 2024 National Student Survey include:

Research

Research Excellence Framework 2021 submission. Results showed that 70% of our overall submission was judged to be either Internationally Excellent or World Leading.

Cardiff Met is first in Wales in the 2024 Graduate Outcomes survey, which showed 96 per cent of Cardiff Met graduates are in some form of work or further study 15 months after graduating.

Postgraduate Research Experience Survey (PRES)

For the fifth year in a row Cardiff Met ranked in the top 10 for General Satisfaction in the Postgraduate Research Experience Survey (PRES), ranked 9th out of the 53 HEIs that took part, with a rating of 87 per cent against a sector average of 81 per cent.

UK league tables

World university league tables

Sustainability

Cardiff Met was ranked UK’s sixth most sustainable university in the People and Planet University League 2023/24, out of 151 universities across the UK. This is also the third consecutive year that Cardiff Met has been first in Wales in the league table.

Strategy 2030 has been refreshed to support the Vice-Chancellor in leading the University and to underpin our transformation work. There is continued focus on the four strategic pillars, which are now supported by four cross-cutting missions to help prioritise activity. There are 14 key performance indicators (KPIs) to monitor performance, which will be reviewed as data become available and sense checked annually. The KPIs relate to each of the strategic pillars.

Strategy 2030 Refresh

2. Research and Innovation

We will enhance our research and innovation profile through a strengthened research environment and improved quality, intensity, reach and impact in our research and innovation outputs.

Our ambition is to be renowned as a leading modern university that is distinctive and progressive.

We will build and maintain a strong reputation for excellent student experience and outcomes, innovative professional partnerships, and significant local, national and global reach and impact.

We will work within Wales and the UK to support initiatives that benefit social, economic, physical and mental wellbeing, contributing to a fairer and greener economy that benefits all.

Our high-quality teaching and learning experiences will be informed by excellent applied research and innovation, transforming lives and communities in Wales and the wider world.

3. International

We will shape our high-quality, strategic, off-campus transnational educational partnerships to extend our impact, reach and reputation, to support the development of skills and capacity overseas and contribute to the wellbeing of individuals, economies and societies globally.

Cultural change will be a significant part of the transformation programme. We will embed a culture of dignity and respect at work and study, and be as transparent as possible in our decision making.

We will proactively support our international oncampus students to increase success, improving retention, engagement and progression, and promoting the benefits of engaging as graduate members of active global alumni networks.

There are four strategic pillars:

1. Learning, Teaching and Student Success

We will deliver an outstanding student experience, widening access and inclusion by extending learning opportunities beyond our traditional undergraduate and postgraduate offers through short courses, degree apprenticeships and micro-credentials, including through the medium of Welsh and via transnational education.

4. Civic Mission

We will extend our civic mission activity to enrich economic, social, environmental and cultural wellbeing. Through partnerships and collaboration, we will support communities, businesses and industries to prosper by expanding access to our facilities, talents and resources.

We will design our learning and teaching experiences, including learning spaces, to develop a sense of belonging that supports learners to reach their academic potential and maximise their graduate outcomes.

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Cross-cutting missions

Our four pillars of activity are supported by four cross-cutting missions, which will allow us to prioritise activity:

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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 approach for the effective management of risk is set out below:

This Statement describes the way the University has applied the principles set out in the UK Corporate Governance Code (published January 2024) 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.

Over the course of 2023-24 the professional relationship between the University and its Internal Auditors continued to develop as processes, systems and ways of working were further enhanced. The Audit Committee re-approved an Internal Audit Charter as part of its Audit Strategy and Internal Plan for 2023-24. This was in line with Public Sector Internal Audit Standards (PSIAS).

The Internal Auditors conducted 18 planned internal audit reviews during 2023-24. Of these, 15 reviews were designed to ascertain the extent to which the internal controls in the system were adequate to ensure that activities and procedures were operating to achieve the University’s objectives. The Internal Auditors 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 for 2022-23. 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 2024 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 and no Strategic Controls review was undertaken in 2023-24. 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 2023-24, 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 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.

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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 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.

The Board met eight times during 2023-24. During this time, the Board had six governor-level Committees within its structure, these were:

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 2023-24. Additional meetings were convened on an exceptional basis to meet the University’s decisionmaking exigencies as required.

Ordinary Board meetings were primarily held as in-person meetings during 2023-24. There was also an option for participants to join Board meetings remotely. Extraordinary Board meetings were held remotely to help facilitate member participation. All Committee meetings continued to be held remotely during 2023-24.

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 (now Medr) 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 co-opted members through the course of 2023-24 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 three times during 202324 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 with the External Auditors as required.

Specific Work to Support Good Governance

The Board undertook specific work during 2023-24 to support good governance. This included the work below:

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Financial Recovery Plan at its meeting in May 2024. The Financial Recovery Plan detailed a phased approach to achieve cost reductions whilst also ensuring the University’s long term financial sustainability and viability.

• The Board finalised arrangements for the introduction of new governor-level committee structure in 2024-25. The new structure introduced a Finance Committee that will have a specific focus on the financial health of the University included (but not limited to) financial management, income generation, entrepreneurship and sustainability. The Finance Committee will replace the Resources Committee. The new structure also introduced a new People, Health and Wellbeing Committee that will provide assurance on people related matters for both staff and students. The new structure is designed to reflect the requirements of ‘Strategy 2030’ and ensure that Board members are well placed to add value to the process in delivering against the aims and ambitions of the strategy. The new structure will also aim to reflect the requirements of Medr the new regulator for Tertiary Education and Research in Wales.

• The University’s Scheme of Delegation was routinely reviewed by the Governance and Nominations Committee and Board throughout 2023-24 to ensure that the Scheme accurately reflected the University’s updated Articles and Instrument of Government and decisionmaking arrangements.

• The Governance and Nominations Committee had 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 during 2023-24 continued to be member-led.

July 2027 at the Board meeting in July 2024. Matthew Tossell was appointed as Vice-Chair of the Board (from February 2024 to February 2027) at the Board meeting in February 2024.

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 the Charter’s recommendations.

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) 8/8
Professor Rachael Langford President and Vice-Chancellor (from February 2024) 5/5
Professor Cara Aitchison President and Vice-Chancellor (retired January 2024) 2/3
Kellie Beirne Independent (from October 2023) 4/7
Charlie Bull Professional Services Staff Governor 8/8
Nick Capaldi OBE Independent (Senior Independent Governor) 7/8
Róisín Connolly Independent 8/8
Kevin Coutinho Independent (from February 2024) 5/5
Fergus Feeney Independent (from October 2024) 5/7
Karen Fiagbe Independent 5/8
Dr Clare Glennan Academic Staff Governor 6/8
Dr Iva Gray Independent (from October 2024) 7/7
Peter Kennedy Independent (from October 2024) 5/7
Professor Helen Marshall OBE Independent (from October 2024 with a sabbatical) 2/3
Paul Matthews Independent 5/8
Menai Owen-Jones Independent 6/8
Kirsty Palmer Academic Board Representative Governor 7/8
Christopher Pilgrim Independent 1/8
Natalia-Mia Roach Student Governor 7/7
Dr Giri Shankar MBE Independent (from February 2024) 4/5
Alison Thorne Independent 4/8
Matthew Tossell Independent 4/8
Rewathi Viswanatham Student Governor 8/8
Scott Waddington Independent 5/8
David Warrender Independent 7/8
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John Taylor CBE

Róisín Connolly

Dr Iva Gray

Kirsty Palmer

Matthew Tossell

Professor Rachael Langford (from 1 February 2024)

Kevin Coutinho

Peter Kennedy

Christopher Pilgrim

Rewathi Viswanatham

Kellie Beirne

Fergus Feeney

Professor Helen Marshall OBE

Natalia-Mia Roach

Scott Waddington

Charlie Bull

Karen Fiagbe

Paul Matthews

Dr Giri Shankar MBE

David Warrender

Nick Capaldi OBE

Dr Clare Glennan

Menai Owen-Jones

Alison Thorne

Professor Cara Aitchison (until 31 January 2024)

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Audit Committee

The Committee met three times in 2023-24 and considered the following key items of business:

The Audit Committee is responsible for ensuring the University’s operations are conducted ethically, efficiently, and effectively. This oversight includes evaluating risk management and governance systems, reviewing whistleblowing mechanisms, overseeing internal and external audits, scrutinising financial statements, and assessing investment and procurement decisions. By fulfilling these responsibilities, the Audit Committee plays a crucial role in safeguarding the University’s assets, maintaining its reputation, and promoting accountability.

Membership of the Audit Committee as follows:

Member Meetings
Attended
Scott Waddington(Chair and Independent Governor) 3/3
Adrian Piper(Vice-Chair and External Co-opted Member of Audit Committee) 3/3
Menai Owen-Jones(Independent Governor) 3/3
Matthew Tossell(Independent Governor) 1/3
Lisa Winstone(External Co-opted Member of Audit Committee) 3/3

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. At least one member of the committee has relevant experience.

Governance and Nominations Committee

The Governance and Nominations Committee is responsible for ensuring that the University adheres to best practices in corporate governance. This includes overseeing the recruitment and development of skilled governors, ensuring succession planning to address skill gaps, establishing a framework for evaluating governor performance, and working with other committee chairs to assess committee effectiveness and recommend improvements. By fulfilling these responsibilities, the Governance and Nominations Committee contributes to a more effective governing body that can effectively guide the University towards its strategic objectives.

The Committee met three times in 2023-24 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) 2/3
Professor Cara Aitchison(Vice-Chancellor) (til January 2024) 2/2
Charlie Bull(Professional Services Staff Governor) 3/3
Professor Rachael Langford(Vice-Chancellor) (from February 2024) 1/1
Paul Matthews(Independent Governor) 3/3
Kirsty Palmer(Academic Board Representative Governor) 3/3
David Warrender(Independent Governor) 3/3

Campus 2030 (Programme Board)

In abeyance during 2023-24.

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Remuneration Committee

The Committee met twice in 2023-24 and considered the following key items of business:

The Remuneration Committee is responsible for overseeing the compensation and benefits of senior University staff. This includes reviewing appointments, appraisals, suspensions, and dismissals, determining terms and conditions of service, and establishing a pay framework for all employees. The committee ensures that compensation arrangements align with the University’s strategic goals, facilitate the recruitment, motivation, and retention of senior staff, and comply with relevant regulations and best practices.

Membership of the Remuneration Committee as follows:

Member Meetings
Attended
Christopher Pilgrim(Chair and Independent Governor) 2/2
Dr Iva Gray(Independent Governor) 2/2
Peter Kennedy(Independent Governor) 1/2
John Taylor CBE(Chair of the Board and Independent Governor) 1/2
Alison Thorne(Independent Governor) 0/2

Resources Committee

The Committee met three times in 2023-24 and considered the following key items of business:

The Resources Committee advises the Board on matters related to the University’s financial, physical, human, and digital resources. This includes financial management, income generation, sustainability, human resources, health and safety, estates, and environmental issues. The Committee also ensures that the University’s resources are used efficiently and effectively, overseeing procurement and providing non-executive oversight of strategic resource management. For capital projects, the Committee reviews the University’s capital plans to ensure they align with the agreed strategy.

Membership of the Resources Committee as follows:

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Meetings
Member
Attended
David Warrender (Chair and Independent Governor) 3/3
Professor Cara Aitchison (Vice-Chancellor) (until January 2024) 1/1
Kevin Coutinho (Independent Governor) (from February 2024) 2/2
Dr Clare Glennan (Academic Staff Governor) 1/3
Peter Kennedy (Independent Governor) 2/3
Professor Rachael Langford (Vice-Chancellor) (from February 2024) 2/3
Kirsty Palmer (Academic Board Representative Governor) 3/3
Natalia-Mia Roach (Student Governor) 3/3
John Taylor CBE (Chair of the Board and Independent Governor) 3/3
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The Resources Committee did not have any members with specific professional finance and or accountancy qualifications during 2023-24. However, some members of the Committee did have significant financial experience gained from working in other senior director level roles that involved financial management responsibilities.

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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 met five times in 2023/24 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)
to February 2024		 2/3
Professor Rachael Langford(President and President and Vice-Chancellor)
from February 2024		 2/2
Nick Capaldi OBE(Independent Governor) 4/5
Roísín Connolly(Independent Governor) 4/5
Paul Matthews(Independent Governor) 3/5
Natalia-Mia Roach(Student Governor) 5/5

Academic Board

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. The Academic Board is responsible for Financial Planning and Sustainability, Strategic and Academic Planning, Academic Quality and Assurance and Risk Management.

The Academic Board is a Committee of the Board of Governors and is the University’s senior decisionmaking body. The Academic Board is responsible for delegations set out in the Articles of Government, as well as supporting, advising and assisting the Vice-Chancellor in the performance of their duties as delegated in the Articles, and advising the Board of Governors on relevant matters.

The Academic Board met eight times in 2023/24.

Membership of Academic Board as follows:

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Meetings
Member
Attended
Professor Cara Aitchison (President and Vice-Chancellor) (Chair) to February 2024 1/3
Professor Rachael Langford (President and Vice-Chancellor) (Chair) from February 2024 and 8/8
Deputy Vice-Chancellor (Vice Chair) to January 2024
Mark Barry (Director of Commercial Services) 7/8
Rob Blagden (Director of Digital & Library Services) 6/8
Professor Jacqui Boddington (Pro Vice-Chancellor Student Engagement) 8/8
Professor David Brooksbank (Dean of Cardiff School of Management) 5/8
Anna Dukes (Director of Global Engagement) 7/8
Ashley Flaherty (Director of People Services) 1/1
Francesca Fryer (Director of Environment & Estates) 5/6
Professor Steve Gill (Director of Research) 7/8
Dr Bethan Gordon (Dean of Cardiff School of Art & Design) 6/8
Professor Sheldon Hanton (Pro Vice-Chancellor Research and Innovation) 8/8
Mairwen Harris (Head of Strategy, Planning and Performance) 8/8
Dr Joanna Hendy (Director of Learning Enhancement) 7/8
Mark Lester (Elected Professional Services Staff Member) 8/8
Rebecca Lever (Director of Marketing and External Relations) 6/8
David Llewellyn (Chief Officer Resources) 8/8
Professor Julia Longville (Dean of Cardiff School of Education and Social Policy) 8/8
Ben O’Connell (Director of Sport) 6/8
Kirsty Palmer (Director of Student Services) 7/8
Professor Jon Platts (Dean of Cardiff School of Technologies) 8/8
Emma Potts (Interim University Secretary) to February 2024 2/3
Jon Price (Interim Chief Operating Officer and University Secretary) from March 2024 4/4
Natalia-Mia Roach (Students’ Union President) 7/7
Ben Rogers (Director of Registry Services) 8/8
Mark Samuels (Elected Academic Staff Representative) 8/8
Matthew Taylor (Director of Innovation) 8/8
Professor Katie Thirlaway (Dean of Cardiff School of Sport & Health Sciences) 6/8
Rewathi Viswanatham (Students’ Union Vice President) 7/8
Professor Andrew Walters (Elected Professoriate Staff Member) 3/8
Lowri Williams (Director of People & Culture Services) 2/3
Dr Cathryn WIthycombe (Elected Academic Staff Representative) 5/5
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Several Committees and Working Groups reported to Academic Board (as the parent body) during 2023/24. These were designated as either Academic or Management Committees and are detailed in the structure chart below.

Full Board & Committee Structure Chart

----- 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
CCC Branch Environment, Estates
Committee & Sustainability
Committee
Cardiff Met & Students’ Equality, Diversity
Union Relationship
& Inclusivity
Committee
Committee
Athena SWAN
International
Committee Working Group
PREVENT Duty
Learning, Teaching & Coordination Group
Student Engagement
Committee
Race Equality Charter
Working Group
Portfolio
Development Committee Staff & Student
Interfaith Group
Intake Recruitment &
Management Admissions Strategy
Group Committee
Professorship &
Clearing Readership Health & Safety
Group Committee Committee
Research & Academic Common
Research Innovation Interest Group
Degrees Group Committee Joint Consultative
Committee
Professional
Human Samples University Services Common
Management Ethics Interest Group
Committee Committee
School
Management &
Planning Teams
Sport, Physical Activity
& Health Committee
AY 2023-2024
Correct at July 2024
•there are Committees not listed here that are ‘in abeyance’ or that
are convened only for specific purposes, this includes: Appeals Use of Welsh
Committee; Special Committee; and Student Appeals Committee. Committee
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University Executive Group

The University Executive Group (UEG) is the senior leadership team of the University and assists the Vice-Chancellor in providing strategic leadership for all the Executive portfolios. UEG members in 2023-24 included the President and Vice-Chancellor, Deputy Vice-Chancellor (until January 2024) Pro Vice-Chancellor (Student Engagement), Pro Vice-Chancellor (Research & Innovation), Interim University Secretary (until March 2024), Interim University Secretary and Chief Operating Officer (from March 2024), and Chief Officer (Resources).

UEG meets at least fortnightly and focuses on the monitoring of financial performance, including budget setting, alongside general monitoring and oversight of strategy, operational performance and policy development.

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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 November 2023.

The Remuneration Committee comprises independent lay members of the Board of Governors who possess relevant knowledge and expertise. The ViceChancellor and Director of People and Culture 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 about their own remuneration. Furthermore, no member of staff is present for the discussion of their own remuneration.

Remuneration 2023-2024

Each year, the Director of People and Culture 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 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 Code of Governance and more specifically the CUC Senior Staff Remuneration Code which focusses 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 the above, the remuneration for the Vice-Chancellor and the Senior Leadership team are reviewed annually using a fair and transparent 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 2023-24, the Remuneration Committee awarded a 3% cost of living salary increase to the Vice-Chancellor and the Senior staff in August 2023. This was in line with the nationally agreed HE sector pay award for staff on the New JNCHES pay spine and covered by the University’s Grading structure, which consists of 9 grades. These grades are supported by the Higher Education Role Analysis (HERA) job evaluation methodology.

Vice-Chancellor Remuneration

The Remuneration Committee decides the remuneration package of the Vice-Chancellor, taking account 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 11,400 campus-based students and over 18,000 off campus students (2023-24 HESA data), more than 1500 (fte) paid staff and an income of £145m.

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.

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 University does not operate a performancerelated bonus scheme.

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

VC from 01.02.2024 VC until 31.01.2024 VC until 31.01.2024
Year Ended 31 July 2024 Year Ended 31 July 2024 Year Ended 31 July 2023
Emoluments of the
£ £ £
Vice-Chancellor
Salary 130,000 145,084 268,476
Pension contributions 35,117 - -
Payments in lieu of
pension contributions		 - 25,915 49,719
165,117 170,999 318,195

The former Vice-Chancellor’s total remuneration is 7.8 times the median pay of staff, compared to 7.5 times in 2022-23. The staff median total remuneration in 2023-24 is £43,587.

The Vice-Chancellor’s basic salary in 2023-24 is 6.0 times the median pay of staff, compared to 6.4 times in 2022-23. The staff median salary in 2023-24 is £42,978.

The former Vice-Chancellor was under opt out arrangements within the Universities Superannuation Scheme (the USS). The current Vice-Chancellor does not have opt out arrangements from the pension scheme.

The Vice-Chancellor’s total remuneration is 7.6 times the median pay of staff, compared to 7.5 times in 2022-23. The staff median total remuneration in 2023-24 is £43,587.

The former Vice-Chancellor’s basic salary in 2023-24 is 6.8 times the median pay of staff, compared to 6.4 times in 2022-23. The staff median salary in 2023-24 is £42,978.

Senior Staff Remuneration

Vice-Chancellor; the Pro Vice-Chancellor (Research and Innovation); the Pro Vice-Chancellor (Student Engagement); the Chief Officer (Resources) and the Interim University Secretary. All were awarded a base pay increase of 3% with effect from 1 August 2023. In addition, one senior staff member received a non-consolidated award in recognition of taking on additional responsibilities. One senior staff member received a base salary increase with effect from May 2024 to reflect the size and scope of the role and market data. An honorarium was awarded to one senior staff member in recognition of taking on additional interim responsibilities and a new ViceChancellor was appointed with effect from February 2024.

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 about 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.

The numbers of staff paid above £100k per annum are published in the financial statements (note 7), broken down into £5k pay bands. In 2023-24 there were 16 members of staff with a basic salary over £100k per annum, compared with 12 in 2022-23.

In 2023-24 the Remuneration Committee considered the pay of five members of Senior staff; the Deputy

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Operating & Financial Review

Remuneration for other staff groups

Living Wage Employer

The majority of other staff are on the New JNCHES pay spine and covered by the University’s Grading Structure, which consists of nine grades. These grades are supported by the Higher Education Role Analysis (HERA) role evaluation methodology.

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

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

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.

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

Scope of the Financial Statements

These financial statements relate to the year ended 31 July 2024 and represent the 32nd 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.

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.

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.

Results for the Year

The University faced a challenging year, brought about by a significant international student recruitment shortfall, which saw total income fall by £8.4m to £144.9m (2023: £153.2m), which was over £15m short of the budgeted income target of £160m. The shortfall in international student recruitment was a national phenomenon which affected most UK universities. The financial results for the year show that the group delivered an accounting deficit of £3.038m (2023: surplus of £5.596m), with the accounting result being impacted by the £3.001m impairment of an intangible asset in a subsidiary company. Had it not been for this charge a £37k deficit (break-even) position would have been achieved. An operational cash surplus of £3.2m (2023: £16.0m) was achieved as outlined in the following table. The accounting result benefitted from the release of pension deficit provisions totalling circa £3.6m resulting from the improved funding position of the University’s two funded pension schemes, namely, the Universities Superannuation Scheme and the Cardiff & Vale of Glamorgan Pension Fund. Both schemes have now returned to a surplus position, brought about by changed economic conditions which have resulted in increased interest rates and, by association, an increase in the discount rate (the amount by which future liabilities are discounted).

The group’s main income stream is derived from tuition fees from UK and EU undergraduate and postgraduate students that together amounted to £71.1m (2023: £70.2m) and accounted for 49% (2023: 46%) of total income. When international fees and educational contracts are included, this rises to £107.3m (2023: £115.7m) and accounts for 74% (2023: 76%) of total 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.

The group invested £11.7m (2023: £18.2m) in its infrastructure during the year. Of this, £5.8m (2023: £9.9m) was invested in the estate, and included refurbishment and improvement investments in academic, residential, professional service, and sporting facilities. Expenditure amounting to £5.9m (2023: £8.3m) was also invested in equipment, fixtures and fittings, IT infrastructure, and corporate digital systems.

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Net assets on 31 July 2024 amounted to £185.6m (2023: £188.3m).

Summary of Consolidated Results 2023/2024 2022/2023
£000 £000
Income 144,860 153,234
Expenditure 144,897 147,638
(Deficit)/Surplus for the year
before exceptional costs		 (37) 5,596
Impairment (3,001) -
(Deficit)/Surplus for the year (3,038) 5,596
Add back
Depreciation 6,680 5,979
Impairment 3,001 -
Pension Provision (Credits)/Charges (3,577) 4,171
Annual Leave Accrual Movement 175 299
Operational Cash Surplus excluding
Working Capital Movements		 3,241 16,045

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Income Analysis Expenditure Analysis
2023-24 2023-24
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7% 7%
3%
8%
4%
6%
4%
42%
10%
21%
70%
3%
15%
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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

Liquidity & Cash

The group’s cash and short-term investment resources at the year-end amounted to £42.9m (2023: £55.2m). Investments in the estate and infrastructure during the year were funded entirely by cash generated from operating activities. Loan repayments during the year totalled £800k thereby reducing the group’s longterm debt from £19.2m to £18.4m. The gearing ratio at the year-end amounted to 12.7% (2023: 12.5%). The modest increase in the gearing ratio was due to the £8.4m reduction in income during the year. The strong cash base continues to provide a solid and stable operating base.

The Financial Outlook

Following the significantly reduced international student recruitment during the last year (2023/2024), the international tuition fee expectation for 2024/2025 was prudently set to anticipate a further reduction in the international student population (and associated tuition fees). In a similar manner, the UK student tuition fee expectation continued to be impacted by the cap on the full-time undergraduate tuition fee. In the period between 2013 to 2024, the full-time undergraduate tuition fee for UK students remained capped at £9,000 in Wales and, since 2017, at £9,250 in England. The full-time undergraduate tuition fee in Wales has subsequently been allowed to increase to £9,250 for returning students (but not new entrants) from September 2024, thereby aligning the fee charged by Welsh institutions to that charged by English institutions. Whilst welcome, this increase in the fee cap will have only a minimal beneficial impact on the University’s tuition fee income during the next year.

Recent high rates of inflation on both pay and nonpay have accelerated the erosion of the real value of the UK full-time undergraduate tuition fee, which currently accounts for circa 45% of the University’s turnover. During the past 11 years, the real value of this fee has eroded to the extent that it is now only worth circa 65% of its value on introduction in 2013. It has since been announced by the Westminster Government that the tuition fee cap on full time undergraduate fees will be raised by £285 (3.1%) from £9,250 to £9,535 for English institutions from

September 2025. The Welsh Government has also announced the same increase for Welsh institutions. Again, whilst welcome, the beneficial impact of the increase in the tuition fee cap will be fully offset by additional pay inflation, which was further increased with the announcement in the autumn 2024 budget that the employers’ rate of national insurance would increase from 13.8% to 15%, combined with a £4,100 reduction in the salary threshold at which national insurance becomes payable, from £9,100 to £5,000.

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 2023 to 31 July 2024 is set out on page 18 of this report.

Over the reporting period, governors claimed £2,965 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.

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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, students and visitors 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 and safety management arrangements and of initiatives and/or issues emanating from School/Unit health and safety meetings. Additionally, the Committee disseminates updates on legislation and guidance on good practice and monitors accident/incident levels and work-related stress sickness. The Minutes of the Committee are presented to the Academic Board and health and safety reports also feature at the University’s Audit Committee. An Annual Health and 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 and safety legislation.

Modern Slavery and Human Trafficking Statement

The 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 that, wherever possible, 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 is reviewed and updated in accordance with the University’s policy review schedule and was last amended and updated in March 2024 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 helping to ensure that modern slavery and human trafficking do not occur within its UK and international workforces or business activities.

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. 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 and all key outsourced contractors who work at the university are paid the Living Wage. New guidance and training materials, to raise modern slavery awareness, have been launched on the University’s intranet site and existing training and guidance materials for new staff have been updated and amended.

Criminal Finance Act Statement

The 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 (Anti-Bribery, Counter Fraud and Corruption, Anti-Money Laundering policies and Financial Regulations).

Climate Impact Statement

The University is committed to minimising our impact on the climate and the environment. We recognise the importance of increasing our positive environmental impacts and reducing our negative ones.

The University recognises its important role in environmental management of its estate and in promoting principles of sustainability across all activities, including teaching and research. The University manages and controls its environmental risks in a sustainable manner by complying with relevant legislation and adopting, where appropriate, best practice.

The University recognises a wide definition of sustainability, based on engaging in development that meet the needs of the present, without compromising the ability of future generations to meet their own needs.

Environmental impacts are reviewed each year as part of the University’s Environmental Management System accreditation to ISO14001. This is maintained by setting clear objectives and targets, with owners of each aspect reporting progress on a termly basis.

The Environmental Management System (EMS) covers all University activities from energy and utilities to waste management and recycling, but more significantly, also includes embedding education for sustainable development in the curriculum and into research and enterprise activities.

The University was ranked sixth in the UK for Sustainability in People & Planet’s Green League 2023-24 out of 151 universities. People & Planet’s Green League is the only comprehensive and independent league table of all UK universities ranked by environmental and ethical performance. To add to this, Cardiff Met is ranked as a gold-tier university in Uswitch’s Green Universities Report 2023, a survey that highlights UK universities’ commitment to sustainability.

One of the key opportunities to reducing negative 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 same time closely controlling the energy used. The University is using its network of electricity, gas and water sub-meters to highlight where energy efficiencies can be made. This is complemented by extensive installation of sensors. This data is used to pinpoint where buildings are not optimised and to develop programmes of improvement to buildings on a priority basis.

Climate Impact Public Benefit Statement

The University cannot solve the climate crisis alone, but as educators, we have the characteristics and resources to support collaborative learning and collective action though our calendar of events to engage staff, students, visitors and the local community. The University has undertaken extensive work in several areas, bringing huge benefits to students, staff and community members.

The University has renewable installations on campus, including solar panels, solar thermal panels, and air source heat pumps. It procures its electricity through a green energy tariff and operates a fleet of electric vehicles.

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

The University has received Fairtrade accreditation; is a Living Wage employer; has achieved a Sustainable Restaurant Association 3 gold star award for its sustainable food practices; is a signatory of the Can’t Buy My Silence pledge and runs sustainability work placements with students.

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

Carbon avoidance work has been delivered through extensive use of Internet of Things (IoT) technologies to inform our understanding of space use and performance, resulting in a significant reduction in plans to construct new buildings and informing our prioritisation for the improvement of existing stock. The findings of this work have been set out through academic publication and presented externally, sharing opportunities to reduce carbon and cost we believe to be relevant across the public estate.

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Commitment to Sustainability

Achieving a net zero carbon estate by 2030 and the delivery of Low Carbon Futures remains at the forefront of our work, in our estate, operations, teaching and research - both working directly and with partners. The new Vice-Chancellor has reaffirmed the University’s commitment to achieving the target of a net zero estate by 2030. Investment in the coming years will focus on reducing energy consumption, on-site generation, removal of gas systems, and the refurbishment and repurposing of current buildings and facilities, rather than building new, so reducing the University’s carbon footprint.

The University 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. The University’s new Carbon Management Plan has been published, setting out our carbon baseline, targets, action and ambition to achieve net zero carbon. Targets will be achieved by robust leadership and governance, analysis and planning, and crucially, full engagement from key collaborators and organisational stakeholders.

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 inclusive work and study environment, which looks to engage staff, students, and the wider community.

The University’s success in the People & Planet’s Green League 2023-24 reflects success in a number of fields, including sustainability policy, environmental auditing and management, energy management, carbon reduction and sustainability engagement with staff and students. The University remains committed to improving the sustainability of its campuses through a range of policies covering Business Travel, Ethical Investment and Banking, Ethical Supply Chains, Fairtrade, Sustainable Procurement, Clean Air, Energy and Carbon Management, Environment

and Sustainability, Sustainable Food and Sustainable Seafood. Investment in buildings focuses on improving student experience and reducing carbon emissions. These include a focus on improving building management controls linked to occupancy, improved glazing, insulation, and heating systems, a comprehensive programme of investment in LED lighting, mechanical ventilation and the replacing of gas water heating with combinations of electric point of use heaters and heat pumps wherever possible within available resources. Sustainability engagement initiatives for staff, students and the community include 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

The 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. The University is proud to have been awarded the Times Higher UK and Ireland University of the Year for 2021-22 and ranked 6th in the UK and 1st in Wales for sustainability in the People and Planet’s Green League 2023/24, 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, applied, impactful 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 and who our research and innovation activities ultimately benefit. 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.

The University offers degrees 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 2023/24 the University:

based benefits and to maximise business performance.

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38

community with its neighbours and

surrounding communities. These events raise awareness and promote partnership working with local traders, charities and small businesses operating alongside University activities. Cardiff Met also offers students, staff and the community the opportunity to attend free Repair Cafes, and to participate in litter picks in the areas surrounding each Campus.

aim to empower individuals in Wales and equip them with the essential skills and knowledge necessary in the digital age.

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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40

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 12 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 and University Statements of Financial Position as at 31 July 2024; the consolidated and University Statements of Comprehensive Income and Expenditure, the consolidated and University Statements of Changes in Reserves for the year then ended and the consolidated Cash Flow Statement for the year then ended; 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 Board of Governors’ Responsibilities in Respect of the Annual Report and the Financial Statements set out on page 45, 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.

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Based on our understanding of the University/industry, we identified that the principal risks of non-compliance with laws and regulations related to UK health & safety 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 9(1) 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 January 2025

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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 (ceased trading March 2024). 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. 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 University’s activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Review which forms part of the Annual Review. The Annual Review also describes the financial position of the institution, its cash flows, liquidity position and borrowing facilities.

The operating outlook for the HE sector remains challenging. The University has prepared cash flow forecasts, including consideration of downside risks, for the going concern assessment period, being 12 months from the date of approval of these financial statements. The University meets its day to day working capital requirements through existing unrestricted cash balances which are adequate to meet liabilities as and when they fall due for the foreseeable future. The University anticipated that it will breach its banking covenants as measured for the year ended 31 July 2025 and has arranged variations to loan covenants for this measurement period with its two major lenders to mitigate against this. To ensure continued covenant compliance during 2025/2026 and provide financial headroom for decision making aligned with its long term strategic options, the University will during 2024/2025 continue to undertake a transformation programme to improve the efficiency of its operations through a series of targeted workstreams.

This transformation programme will realign the cost base to future income expectations through targeted cost reductions of circa £17m, thereby restoring profitability prior to the commencement of the 2025/2026 financial year. The University had strong liquidity going into the 2024/2025 financial year and is confident that it will continue to have sufficient funds to meet its liabilities as they fall due over the period of 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

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. It is not possible to identify each institution’s share of the underlying assets and liabilities of the scheme and hence contributions to the scheme are accounted for as if it were a defined contribution scheme. The cost recognised within the surplus for the year in the Consolidated Statement of Comprehensive Income and Expenditure is equal to the contributions payable to the scheme for the year.

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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 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. The University does not anticipate being able to enjoy any refund, or any future reduction in contributions resulting from any reported surplus, and so has not recognised an asset in relation to this.

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 three and ten 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.

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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.

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 three months or fewer, 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.

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

Consolidated & University Statements of Changes in Reserves

year ended 31 July 2024

year ended 31 July 2024

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
Interest and other
finance costs
8
Total expenditure
9
(Deficit)/Surplus before
exceptional costs
Impairments
11, 12, 14
(Deficit)/Surplus for the year
Actuarial gain in respect of
pension schemes
24
Total comprehensive income/
(expense) for the year
Represented by:
Unrestricted total comprehensive
income/(expense) for the year
attributable to the Group and University
Deficit for the year attributable to:
Non-controlling interest 45%
Total Comprehensive expense
for the year attributable to:
Non-controlling interest 45%		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
107,349
107,331
115,724
115,718
9,761
9,761
10,859
10,859
4,543
3,189
4,279
3,942
21,424
15,866
21,087
17,999
1,765
1,765
1,273
1,273
18
11
12
2
144,860
137,923
153,234
149,793
95,192
88,926
93,162
89,817
41,983
40,445
45,887
44,473
6,680
6,680
5,979
5,979
1,042
1,042
2,610
2,610
144,897
137,093
147,638
142,879
(37)
830
5,596
6,914
(3,001)
(2,263)
-
(4,048)
(3,038)
(1,433)
5,596
2,866
370
370
46,330
46,330
(2,668)
(1,063)
51,926
49,196
(964)
(1,063)
51,926
49,196
(964)
(1,063)
51,926
49,196
(1,704)
-
-
-
(1,704)
-
-
-
Consolidated
Balance at 1 August 2022
Surplus for the year
Other comprehensive income
Total comprehensive income for the year
Balance at 31 July and 1 August 2023
Deficit for the year
Other comprehensive income
Total comprehensive income for the year
Balance at 31 July 2024
University
Balance at 1 August 2022
Surplus for the year
Other comprehensive income
Total comprehensive income for the year
Balance at 31 July and 1 August 2023
Deficit for the year
Other comprehensive income
Total comprehensive expense for the year
Balance at 31 July 2024
All reserves are unrestricted		 Group
NCI Total Reserves
£’000
£’000
£’000
136,433
(71)
136,362
5,624
(28)
5,596
46,330
-
46,330		 Group
NCI Total Reserves
£’000
£’000
£’000
136,433
(71)
136,362
5,624
(28)
5,596
46,330
-
46,330
51,954
(28)
51,926
188,387
(99)
188,288
(1,334)
(1,704)
(3,038)
370
-
370
(964)
(1,704)
(2,668)
187,423
(1,803)
185,620
136,374
2,866
46,330
49,196
185,570
(1,433)
370
(1,063)
184,507

All items of income & expenditure relate to continuing activities.

54 | Annual Report & Financial Statements 2023-2024

Annual Report & Financial Statements 2023-2024 |

55

Consolidated & University Statements of Financial Position

year ended 31 July 2024

year ended 31 July 2024
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
Non controlling interest
Total reserves		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
185,884
185,884
180,850
180,850
-
-
2,403
-
-
-
-
-
142
142
99
99
9,643
8,604
13,203
13,045
1,853
1,853
45,046
45,046
41,029
39,725
10,138
9,166
52,667
50,324
68,486
67,356
(34,537)
(33,307)
(39,440)
(38,625)
18,130
17,017
29,046
28,731
204,014
202,901
212,299
209,581
(16,454)
(16,454)
(17,806)
(17,806)
(1,940)
(1,940)
(6,205)
(6,205)
185,620
184,507
188,288
185,570
187,423
184,507
188,387
185,570
(1,803)
-
(99)
-
187,423
184,507
188,387
185,570
185,620
184,507
188,288
185,570

The Financial Statements on pages 54 to 57 were approved by the Board of Governors on 29 January 2025 and signed on its behalf by:

Professor Rachael Langford President & Vice-Chancellor

John Taylor (CBE) Chair of the Board of Governors

Consolidated Cash Flow Statement

year ended 31 July 2024

ash fow from operating activities
Defcit)/Surplus for the year
djustment for non-cash items
epreciation
mpairment
ncrease in stock
ecrease/(Increase) in debtors
Decrease)/Increase in creditors
iference between pension charge and cash contributions
djustment for investing or fnancing activities
nvestment income
nterest payable
apital grant income
et cash (outfow)/infow from operating activities
ash fows from investing activities
apital Grants receipts
edemption of investments
nvestment income
ayments made to acquire fxed assets
urchase of investments
et cash infow/(outfow) from investing activities
ash fows from fnancing activities
nterest paid
epayments of amounts borrowed
et cash outfow from fnancing activities
ncrease/(Decrease) in cash and cash equivalents in the year
ash and cash equivalents at beginning of the year
ash and cash equivalents at end of the year
ncrease/(Decrease) in cash and cash equivalents in the year		 Year ended
31 July 2024
Year ended
31 July 2023
£’000
£’000
(3,038)
5,596
6,680
5,979
3,001
(43)
(16)
3,560
(2,147)
(5,489)
50
(3,960)
2,319
(1,765)
(1,273)
1,042
2,610
(965)
(884)
(977)
12,234
965
884
45,046
30,279
1,765
1,273
(12,292)
(18,756)
(1,853)
(45,046)
33,631
(31,366)
(977)
(1,062)
(786)
(1,832)
(1,763)
(2,894)
30,891
(22,026)
10,138
32,164
41,029
10,138
30,891
(22,026)

56 | Annual Report & Financial Statements 2023-2024

Annual Report & Financial Statements 2023-2024 | 57

Consolidated Cash Flow Statement (continued)

year ended 31 July 2024

Reconciliation of net cash flow to movement in net funds
Increase/(Decrease) in cash in the year
(Decrease)/Increase in investments
Repayments of amounts borrowed
Movement in net funds in the year
Net funds at 1 August
Net funds at 31 July		 Year ended
31 July 2024
Year ended
31 July 2023
£’000
£’000
30,891
(22,026)
(43,193)
14,767
786
1,832
(11,516)
(5,427)
36,433
41,860
24,917
36,433

58 | Annual Report & Financial Statements 2023-2024

Annual Report & Financial Statements 2023-2024 | 59

Notes to the Financial Statements

year ended 31 July 2024

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 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
69,602
69,602
68,415
68,415
25,837
25,837
35,191
35,191
1,534
1,534
1,739
1,739
6,256
6,256
5,979
5,979
3,765
3,765
3,875
3,875
355
337
525
519
107,349
107,331
115,724
115,718
2 Funding body grants
Recurrent grant
Higher Education Funding Council
for Wales
Specific Grant Initiatives		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
8,162
8,162
6,515
6,515
1,599
1,599
4,344
4,344
9,761
9,761
10,859
10,859
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 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
826
826
548
548
390
364
182
172
2,806
1,827
3,101
2,899
521
172
448
323
4,543
3,189
4,279
3,942
4 Other income
Other services rendered
esidences operations
atering and conferencing operations
Other EU grant income
Other operating income		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
10,877
6,388
10,688
8,723
5,548
5,527
5,233
5,233
2,572
2,316
2,234
1,927
249
249
344
344
2,178
1,386
2,588
1,772
21,424
15,866
21,087
17,999

Included in the ‘Other services rendered’ figure above is an amount of £63k (2023: £67k) 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.

Investment income
Other investment income
6 Donations
Donations
Staff costs
alaries
ocial security costs
Other pension costs
Movement on USS provision
VGPF costs (below)/in excess
f contributions		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
1,765
1,765
1,273
1,273
1,765
1,765
1,273
1,273
Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
18
11
12
2
18
11
12
2
Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
76,633
71,580
70,171
67,443
7,922
7,443
7,490
7,247
14,279
13,545
12,878
12,504
(3,330)
(3,330)
(940)
(940)
(312)
(312)
3,563
3,563
95,192
88,926
93,162
89,817

60 | Annual Report & Financial Statements 2023-2024

Annual Report & Financial Statements 2023-2024 | 61

Average staff numbers by major category:
Academic
Administrative, support and projects
Technicians
Ancillary		 Year ended
31 July 2024
Year ended
31 July 2023
No.
No.
669
649
928
828
32
29
60
68
1,689
1,574
Emoluments of the Vice-Chancellor
Salary
Pension contributions
Payments in lieu of pension contributions		 VC from
01.02.2024
Year Ended
31 July 2024
VC until
31.01.2024
Year Ended
31 July 2024
VC until
31.01.2024
Year Ended
31 July 2023
£
£
£
130,000
145,084
268,476
35,117
-
-
-
25,915
49,719
165,117
170,999
318,195
VC from 01.02.2024 VC until 31.01.2024
Vice-Chancellor (pro-rated)
Year ended		 (pro-rated)
Year ended		 Year ended
remuneration 31 July 2024 31 July 2024 31 July 2023
as a multiple of the median University University University
Basic
Total		 Basic
Total		 Basic
Total
Salary Remuneration Salary
Remuneration		 Salary Remuneration
Vice-Chancellor £260,000 £330,235 £290,168
£341,998		 £268,476 £318,195
Median salary £42,978 £43,587 £42,978
£43,587		 £41,931 £42,647
Pay multiple 6.0 7.6 6.8
7.8		 6.4 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. During 2023-24 a new Vice-Chancellor was appointed. The figures for both the previous and the new Vice-Chancellor have ben pro-rated to a full-year equivalent. Further details on VC remuneration are set out in the Report from the Remuneration Committee on page 29.

Year ended Year ended
Higher Paid Staff 31 July 2024 31 July 2023
No. No.
£100,000 to £104,999 3 4
£105,000 to £109,999 5 -
£110,000 to £114,999 1 2
£115,000 to £119,999 2 -
£120,000 to £124,999 1 1
£130,000 to £134,999 1 -
£140,000 to £144,999 1 2
£160,000 to £164,999 - 1
£165,000 to £169,999 - 1
£170,000 to £174,999
£175,000 to £179,999		 1
1		 1
-
16 12
Payment of compensation for loss of office to higher paid staff was as follows;
Year Ended Year Ended Year Ended Year Ended
31 July 2024 31 July 2024 31 July 2023 31 July 2023
£’000 Number
of staff		 £’000 Number
of staff
Higher paid staff: loss of office 25 1 103 1

The Key Management Personnel are the University’s Executive Group. In 2023-24 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 2024 31 July 2023
£’000 £’000
Key management personnel remuneration
(excludes pension costs)		 975 950

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 2024 the returns state that there has been no undue influence between the University and related parties (as defined by FRS102).

62 | Annual Report & Financial Statements 2023-2024

Annual Report & Financial Statements 2023-2024 | 63

8 Interest and other
finance costs
Loan interest
Net charge on pension scheme		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
977
977
1,062
1,062
65
65
1,548
1,548
1,042
1,042
2,610
2,610

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 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
85,025
86,759
80,991
81,302
31,518
28,042
32,516
30,180
12,207
12,207
9,589
9,589
5,393
5,196
5,000
4,737
3,914
1,448
2,978
2,832
6,840
3,441
16,567
14,242
-
-
(3)
(3)
144,897
137,093
147,638
142,879
£’000
£’000
£’000
£’000
89
60
94
58
19
19
10
10

Included in the ‘Administration and central services’ figure above is an amount of £63k (2023: £67k) 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 2023
Additions
At 31 July 2024
onsisting of valuation at:
1 August 2014
Cost
At 31 July 2024
ccumulated Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
et book value
At 31 July 2024
At 31 July 2023
niversity
ost or valuation
At 1 August 2023
Additions
At 31 July 2024
onsisting of valuation at:
1 August 2014
Cost
At 31 July 2024
ccumulated Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
et book value
At 31 July 2024
At 31 July 2023		 Freehold
Land and
Buildings
Fixtures,
Fittings and
Equipment
Total
£’000
£’000
£’000
202,080
35,319
237,399
5,847
5,867
11,714
207,927
41,186
249,113
72,268
-
72,268
135,659
41,186
176,845
207,927
41,186
249,113
35,228
21,321
56,549
3,082
3,598
6,680
38,310
24,919
63,229
169,617
16,267
185,884
166,852
13,998
180,850
202,080
35,031
237,111
5,847
5,867
11,714
207,927
40,898
248,825
72,268
-
72,268
135,659
40,898
176,557
207,927
40,898
248,825
35,228
21,033
56,261
3,082
3,598
6,680
38,310
24,631
62,941
169,617
16,267
185,884
166,852
13,998
180,850

As at 31 July 2024, freehold land and buildings included £52.598m (2023: £52.598m) in respect of freehold land and is not depreciated.

64 | Annual Report & Financial Statements 2023-2024

Annual Report & Financial Statements 2023-2024 |

65

11 Intangible Assets
Cost of Intellectual Property
At 1 August 2022
Additions
At 31 July 2023
Cost of Intellectual Property
At 1 August 2023
Additions
Impairment
At 31 July 2024		 Consolidated
University
£’000
£’000
1,834
-
569
-
2,403
-
2,403
-
577
-
(2,980)
-
-

The full amount of the intangible asset was impaired to nil during the year. This related to the intellectual property developed in Fovo Technology Ltd. The intangible impairment was included as an exceptional item in the Consolidated Statements of Comprehensive Income and Expenditure.

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 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
142
142
99
99
142
142
99
99
Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
5,203
4,811
8,900
8,531
4,440
3,495
4,303
4,173
-
298
-
341
9,643
8,604
13,203
13,045

During the year 2023/24 £2,263k relating to an intercompany balance was impaired to nil (2023: £3,348k).

12 Investment in Subsidiaries
Cost or valuation and net book value
At 1 August 2023
Additions
Impairment
At 31 July 2024
Cost or valuation and net book value
At 1 August 2022
Additions
Impairment
At 31 July 2023
The investments represent shares in group undertakings (note 23).
During the financial year 2023/24 there were no additions or impairments.		 University
£’000
-
-
-
-
-
700
(700)
-
5 Investments
erm deposits
orporate Bonds
6 Creditors: amounts falling
due within one year
ecured loans
nsecured loans
rade payables
ocial security and other
axation payable
Accruals and deferred income		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
-
-
24,548
24,548
1,853
1,853
20,498
20,498
1,853
1,853
45,046
45,046
Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
102
102
102
102
1,850
1,850
1,284
1,284
4,848
4,968
6,234
6,380
1,907
1,907
1,990
1,982
25,830
24,480
29,830
28,877
34,537
33,307
39,440
38,625

66 | Annual Report & Financial Statements 2023-2024

Annual Report & Financial Statements 2023-2024 |

67

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 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
204
204
306
306
16,250
16,250
17,500
17,500
16,454
16,454
17,806
17,806
1,952
1,952
1,386
1,386
1,352
1,352
1,352
1,352
3,252
3,252
3,954
3,954
11,850
11,850
12,500
12,500
16,454
16,454
17,806
17,806
18,406
18,406
19,192
19,192
18 Lender: secured and 18 Lender: secured and Amount as Amount as Repayable Interest Borrower
unsecured loans at 31 July at 31 July by
2024 2023
£’000 £’000
NatWest Secured loan 306 408 2027 Variable University
Barclays Unsecured loan 9,000 9,000 2038 5.10 University
Santander Unsecured loan 9,100 9,750 2038 5.10 University
Salix Unsecured loan - 34 2024 0.00 University
19 Pension Provisions
Consolidated and University
At 1 August 2023
Utilised in year
Release/(addition) in year
Actuarial gain in year
Unrecognised asset
At 31 July 2024		 Obligation to
fund deficit on
USS Pension
Pension
enhancement
on
termination
Defined
Benefit
Obligations
(Note 24)
Total
Pensions
Provisions
£’000
£’000
£’000
£’000
(3,255)
(2,200)
(750)
(6,205)
359
320
-
679
2,896
(100)
420
3,216
-
40
11,240
11,280
-
-
(10,910)
(10,910)
-
(1,940)
-
(1,940)

USS deficit

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 2023 valuation of the scheme. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profit and loss account.

20 Cash and cash equivalents
Consolidated
Cash and cash equivalents
Consolidated
Cash and cash equivalents		 At 1 August
2023
Cash Flows
At 31 July
2023
£’000
£’000
£’000
10,138
30,891
41,029
10,138
30,891
41,029
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
21 Capital commitments
Commitments contracted for		 At 31 July 2024
At 31 July 2023
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
740
740
2,690
2,690
740
740
2,690
2,690

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
Later than 1 year and not later than 5		 2024
2023
£’000
£’000
157
226
0
93
157
319

23 Subsidiary undertakings

Principal Activity Status Undertakes non primary purpose trading 100% owned activities which are non-charitable. Holding company for China Wholly 100% owned Foreign-Owned Enterprise. The WFOE ceased trading in 2024. Developing a new technology that improves 55% owned the nature of visual experience.

Company Cardiff Metropolitan Company Ltd Cardiff Metropolitan Education Services (Beijing) Ltd Fovo Technology Ltd

The latest available actuarial valuation of the scheme at 31 July 2024 was the March 2023 valuation.

68 | Annual Report & Financial Statements 2023-2024

Annual Report & Financial Statements 2023-2024 | 69

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 2024
Year ended
31 July 2023
£’000
£’000
7,806
6,641
5,715
5,450
758
865
14,279
12,956

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 2024
Year ended
31 July 2023
£’000
£’000
7,806
6,641
5,402
8,935
(2,572)
(75)
10,636
15,501

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.

Year ended Year ended Year ended 31 July 2024 31 July 2023 31 July 2022 Assumed life expectancy at 65 years - retiring today male / female 21.8 / 24.1 22.0 / 24.2 22.1 / 24.6 - retiring in 20 years male / female 22.1 / 24.9 22.6 / 25.3 23.2 / 26.0

Asset Allocation
quities
roperty
Government bonds
orporate bonds
Multi Asset Credit
ash
Other
otal		 Value at
31 July 2024
Value at
31 July 2023
68.1%
68.1%
6.0%
7.0%
7.9%
8.8%
7.0%
7.5%
5.2%
5.3%
4.1%
3.3%
1.7%
0.0%
100.0%
100.0%

Amounts recognised in income statement

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 2024. 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

Year ended Year ended Year ended
31 July 2024 31 July 2023 31 July 2022
Discount rate 5.0% 4.9% 3.4%
CPI infation 2.6% 2.6% 2.5%
Rate of increase to pensions in payment 2.6% 2.6% 2.5%
Rate of revaluation of pension accounts 2.6% 2.6% 2.5%
Rate of increase in deferred pensions 2.6% 2.6% 2.5%
Rate of general increase in salaries 3.6% 3.6% 3.5%
Operating cost
current service cost
past service cost
inancing Cost
interest on net defned beneft liability
ension expense recognised in
ncome statement		 Year ended 31 July 2024
Year ended 31 July 2023
£’000
£’000
Funded
Unfunded
Funded
Unfunded
5,510
-
9,020
-
10
-
-
-
(110)
100
1,330
80
5,410
100
10,350
80

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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		 2024
2023
£’000
£’000
Funded
Unfunded
Funded
Unfunded
153,580
-
141,620
-
5,540
-
4,900
-
6,900
-
2,250
-
5,830
320
5,450
310
2,430
-
2,170
-
(3,850)
(320)
(2,810)
(310)
170,430
-
153,580
-

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
Past service cost/curtailment
Closing value		 2024
2023
£’000
£’000
Funded
Unfunded
Funded
Unfunded
154,330
2,200
183,610
2,620
5,510
-
9,020
-
7,530
100
6,230
80
2,430
-
2,170
-
(4,340)
(40)
(43,890)
(190)
(3,850)
(320)
(2,810)
(310)
10
-
-
-
161,620
1,940
154,330
2,200

Reconciliation of funded status to Consolidated Statement of Financial Position

Fair value of assets
Present value of defned beneft obligation
Funded Status
Unrecognised asset
Asset/(Liability)		 At 31 July 2024
At 31 July 2023
£’000
£’000
Funded
Unfunded
Funded
Unfunded
170,430
-
153,580
-
(161,620)
(1,940)
(154,330)
(2,200)
8,810
(1,940)
(750)
(2,200)
(8,810)
-
-
-
-
(1,940)
(750)
(2,200)

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 this valuation, TPS employer contributions rose by 5 percentage points to 28.68%, effective 01 April 2024, from 23.68% at the 2016 valuation.

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.

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 this valuation, TPS employer contributions rose by 5 percentage points to 28.68%, effective 01 April 2024, from 23.68% at the 2016 valuation.

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 scheme-wide 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 completed on 20 December 2023, valuing the assets and technical provisions as at 31 March 2023 (the valuation date). The 2023 valuation was the seventh 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.

A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus

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73

and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

on a technical provisions’ basis. The institution was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profit and loss account.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets

The key financial assumptions used in the 2023 valuation are described below

Price inflation - Consumer Prices Index (CPI)

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

3.0% p.a. (based on a long-term average expected level of CPI, broadly consistent with long-term market expectations)

RPI/CPI gap

1.0% p.a. to 2030, reducing to 0.1%p.a. from 2030

Mortality base table

101% of S2PMA “light” for males and 95% of S3PFA for female

Pension increases (subject to a floor of 0%) Benefits with no cap: CPI assumption plus 3bps

Future improvements to mortality

Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%): CPI assumption minus 3bps

CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females

Discount rate (forward rates)

Fixed interest gilt yield curve plus: Pre-retirement: 2.5% p.a. Post retirement: 0.9% p.a.

The current life expectancies on retirement at age 65 are:

Retiring today male/(female) Retiring in 20 years male/female)
Year ended 31 July 24 23.7 (25.6) 25.4 (27.2)
Year ended 31 July 23 24.0 (25.6) 26.0 (27.4)

Creditor Balances

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

TPS
CVGPF
USS		 2024
2023
£’000
£’000
987
838
683
648
75
108
1,745
1,594

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 Federal Register/Vol. 84, No. 184 / Monday, September 23, 2019 / Rules and Regulations.

----- Start of picture text -----
Line Statement of Financial Position 2023-24 2022-23
£’000 £’000
1 Cash and cash equivalents 42,882 55,184
2 Accounts receivable, net 5,203 8,900
3 Other debtors and Prepaid expenses 4,440 4,303
4 Related party receivables - -
5 Contributions receivable, net - -
6 Student loans receivable, net - -
7 Investments in subsidiaries - -
Property, plant and equipment, net
8 185,884 180,850
(includes Investment property & Heritage assets)
9 Lease right-of-use asset, net - -
10 Goodwill - -
-
Other intangible assets 2,403
11 Inventories 142 99
12 Total assets 238,551 251,739
13 Line of credit - short term - -
14 Line of credit - short term for CIP - -
15 Accrued expenses/Accounts payable 6,755 8,224
16 Accruals and Deferred revenue 25,830 29,830
17 Post-employment and pension liability 1,940 6,205
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 18,406 19,192
23 Total liabilities 52,931 63,451
24 Net assets without donor restrictions 185,620 188,288
Net Assets with Donor Restrictions
25 Annuities - -
26 Term endowments - -
27 Life income funds - -
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----- Start of picture text -----
Line Statement of Financial Position 2023-24 2022-23
£’000 £’000
28 Other restricted by purpose and time -
29 Restricted in perpetuity - -
30 Total Net Assets with Donor Restrictions - -
31 Total Net Assets 185,620 188,288
32 Total Liabilities and Net Assets 238,551 251,739
Changes in Net Assets Without Donor Restrictions
Operating Revenue and Other Additions
33 Tuition and fees, net 107,349 115,724
34 Funding body income 9,761 10,859
35 Investment return appropriated for spending 1,765 1,273
36 Other income 21,442 21,099
37 Research income 4,543 4,279
38 Total Operating Revenue and Other Additions 144,860 153,234
Operating Expenses and Other Deductions
39 Education and research expenses 137,175 139,049
40 Depreciation and Amortization 6,680 5,979
41 Interest expense 1,042 2,610
42 Auxiliary enterprises - -
43 Total Operating Expenses 144,897 147,638
44 Changes in Net Assets from Operations (37) 5,596
Non-Operating changes
45 Investments, net of annual spending, gain (loss) - -
46 Other components of net periodic pension costs 370 46,330
47 Pension-related changes other than net periodic pension costs - -
48 Change in value of split-interest agreements - -
49 Other gains (losses) (3,001) -
50 Sale of fixed assets, gains (losses) - -
Taxation - -
Total Non-Operating Changes (2,631) 46,330
51 Total Change in Net Assets (2,668) 51,926
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 (2,668) 51,926
56 Net Assets, Beginning of Year 188,288 136,362
----- End of picture text -----

----- Start of picture text -----
Line Statement of Financial Position 2023-24 2022-23
£’000 £’000
57 Net Assets, End of Year 185,620 188,288
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 174,170 162,663
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 174,170 162,663
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 18,406 19,192
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 18,406 19,192
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----- Start of picture text -----
Line Statement of Financial Position 2023-24 2022-23
£’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 lesser 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 2023-24 2022-23
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 185,620 188,288
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 185,884 180,850
(includes Construction in progress)
FS Note line Property, plant and equipment - pre-implementation 174,170 162,663
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 0 2,403
17 Post-employment and pension liabilities 1,940 6,205
14,20,22 Long-term debt - for long term purposes 18,406 19,192
M24, 20, 22, Long-term debt - for long term purposes pre-implementation 18,406 19,192
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 2023-24 2022-23
£’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 144,897 147,638
Statement of Activities
(35), 45, 46, Non-Operating and Net Investment (loss) 866 (47,603)
47, 48, 49
(35), 45 Net investment losses (1,765) (1,273)
47 Pension-related changes other than net periodic costs 0 0
Modified Net Assets
24 Net assets without donor restrictions 185,620 188,288
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 238,551 251,739
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 (2,668) 51,926
38, (35), 50 Total Revenue and Gains 143,095 151,961
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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