REGISTERED COMPANY NUMBER.. 07003324 IEngland and Wales) REGISTERED ¢HARtTY NUMBER.. 1148990 REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 FOR CARDIFF MET STUDENTS. UNION MHA ChartareLI Acwuntants & Statutory Auditors Elfed House Oak Tree Covrt Cardiff Gale Business Park CARDIFF CF23 8RS
CARDIFF MET STUDENTS, UNION CONTENTS OF THE CONSOLIDATED FINANCEAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Page Report of the Trustee$ Report olthe Independent Audltors 8 to 10 Consolldatsd Statement of Flnan¢lal A¢tlvltSe8 11 Consolldat8d and Charlty Balancg Shgot 12 consolldaled Cash Flow Statement 13 Notes to tht Finaneial Statefflents 14 to 26
GARDIFF MET STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30JUNE 2024 The Board of TnJstee5, who are also dire¢tots of the charity for the purposes of Ihe Companies Act 2006, present thelr report with the financial statements of the charity for the year ended 30 June 2024. The Trustees have adopted the provlsions of Accounting ènd Reporting by Charities.. Ststement ol Recornrnended Practice applicable to charities preparing their aecounts in accordance with the Financial Reporting StandaTd appllc8blè in th8 UK and Republ of Ireland IFRS 1021 (effective 1 January 20191. OBJECTrs ANO ACTIVITIES Objectives and alm5 Th8 obj8ct5 of Cardiff Met Students, Vnlon are'.- the sdvancement of edu¢atson ol students at Cardlff Met unerSIty for the public benefit by.- Providing opportunities for the exwession of Student opinion and actively preSenting the Interest of students Acting as a channel of cornmunication in dealiro with Cardiff Met University and othe¥ extemal bod5. Facilitating the social. recreational and education intèrèsts tsf its rnembership. through providing seNces and support lor its members Worklng wlth other Sludenig, un$ and alfiliated bodles the adv8nc8ment of Student welfare and the relief of the needs of students at Cardlff Met Unlver3ity Ihrough'.- The provision of recreatlonal and leisure time actrvities provided in iDleresis of s181 welfare Ilesigned to improve condltions of student life. The provision ol support and acb'vities which develop skills, capadties, and eap8bililie5 to participate in society 88 mature responsible Individual5. The prowsion of service5 to Pro[18 th w9Nbeiro of Cardiff Met Universlty students generally aThJ as individuals in need. Significant activities Provldln ortunl¢le$ for the #x ression of stuflent o Inlon and actlvel re resentln the Int¢rnst of S11&ts Student vol & Re resentation As a member led organisation, th8 V(XCg and inpul of our student members L% fundamental to every1hing we do. From our V81ue of being'student led. to our Board of Tnjstees being chaired by the SU Presdenl, to all of our work being gU9d by student it Is vital that student voice is integral to the deusion-rnaknng processes at all levels of tho SU. Followng the undertaking of a full governance and dernocracy review, supported by Good Govemanee InstibJl8, the SU made progress on the forty recommendations to be implemented over the next three years. There was an oveihaul ol the Board of Trustees with a ne%Y Constituted Board cr8ated, including addilional extemal experuse, moving from L8y TFUStees to four. The Board now 8150 has space fortsvo appointed Student Trustees to supplementthe voSce ollhe Student Officer5 on the Trustee Board. Work began on a new StwclU of subcommittee5 to enhance the work ol the Board and the organisation in the aaS of finance, risk, organisational culiur8, 8nd participation. The Su's work lo be the voice ILY Students at Cardiff Met continued Ihrough varfous mechanisms includlng improvements lo the recruitment and training of Course Reps. The SU Rep structure was strearnlined wrth the removal of the Lead Reps, and tae ¢rUItment of 517 SU Course Reps. This year the SU cenlralised the recrultment and recording of Reps lo b8tt8r engage wlh them across the year. Training was provided both in person and online wth 150 attending the sessions. A key 8nh8ncem8nt y88r was the introduction ol a Speak Week, where 773 student5 answer8d th8 question'lf you ran the Univ8rsity, what would you change?. Students were eneouraged to gNe 25 detail Tegarding the elements of their Cardrff Mel experience that they would lik8 to se8 changed. School spe¢ifi¢ and themati¢ analysis of the responses saw fN8 key themes emerge with this data informing conversats'ons around improvement for students wlth the University. The Su's ElectKJns to democrdtically eled tha student18ad8r5hip of th8 organisation continued its upward trajectorywhe a total ol sSxteen candidates, one more than the prewous Election. campaigned across the two roles. This year, we clearly defined the remil of the roles, with the TheY rotitled roles of Student PSIdent having focus on the ov8rall campus issues and student life, and the Vlce-Presklent (Educats'onl havin9 a focus on the 8r8demi¢ experience ol students. 2.033 unique voters resultetj in a16.2% iumout. up 1.1QA from the previous year. Pa98 1
CARDIFF MET STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 A¢tin os a ¢hannel ol ¢ommunirAtion in d8alln wlth Cardlff Met Unlversl and other ex¢¢mal bodl¢$. The SU arKI UnNersity Refabonship Agreement was reviewed and approv8d thi5 year with four meetings iaknng place betyveen th8 seniorlgadehiP team of the Univer51ty and the SU. The rn8elings wer8 used a8 an opportunity to dBcuss key student Issues, along with the ongoing rdalionship befv4een both or9antsations. The Su's repSentation on the University Board of Govemor5 continued this y8ar with both Sabbatical Offlcers laking up the role ol Student Govemors. Both were 5YPPOrted by the University lo attend Advanced HE student govemortraining and the SU subrnitted a report to each meeting ol the Board. The SU continues to attend all rnajor University board and comrnillee meetings ¢0 shape the work ol Ihe Universty and pla sbJdent feedback and opinion at the heart of the decision-making pro$$. Regular meetlngs th the Hlgher Eijucation Funding Council for Wales IHEFCW transitioning to Medrl took place throughout the year to ensure that the SU arml University were working in a PFodu¢tive way lor the benefit ol students. These metting5 at50 allowed us to stay infom78d of Welsh specific higher educauon Issues and push HEFCW to Icl)by for improvem8nts lor students at Welsh Govemment level. Facilitatin the soeial rè¢r8ational and education Interests of Its membershl throu su ort for it5 member5 rovldln $eryl¢•$ and SU Sport eontinue<J its year-on-yeèr growth despite a slight decrease in student nurnbers at the University. with 17¢Y2 student membership sold across sixty teams lo support slud&nt members across th& Biltish UnSversltias & Collèges Sport IBUCSI teams and in<lividual programme. up from 1680 the previous year. This year, the SU once again sold out th8 annual Varsity agairist Bath Universlty, wllh over one thousand students heading across the border lo both play in and supportsu Sports teams. There were also showpiece event5 for Men'5 arKI Women's Rugy at the Cardiff A3 Park in the BUCS Super Ru9by fix1v$ against CardTff Univtrsfty. with iwo thtyJ$and Cardiff Met 'home' fans, and one thousand forthe 'away' fixture. SU Soeletl8S SU Societies continued their grovth 929 members a¢ro$s fifty-olle societies, up from 75$ fflernber5 acros5 foty-iwo soueties the prevtous year. Societies are a way for members to create communrties across the Universty. and aTe self- organising as Students create ev8n15, carnpaigns, aclivilies, and rneeting5 wilh other siudents who share the same interests. s1ty leaders were supported with bespoke training to help them Nmth the recruitment and running of thair 9roups, and SoTreties ccA)tributed noticeably to the Mbrancy of the Freshers Fayre, Refresher5' Fayre, Open Days. and campus life. Reward and Reo) We recognised the successes of SU Reps. SU Socieles, student volunteets and the wider student boty al 8 501d-OUt Student Achievement Awards. The Awards We held in the SU and w81c0rn8d both 5tudent5 and staff as part of the Sbjdent Led TeachingAward5 foran ev8ning of celebration. Contribubon to student voice and sludenl life We COgnised for reps 8nd societi85. with 102 nomination$ reiVed a¢ross the award Categor$. There were also 247 tv)rnination5 across the categories in the Studenl Led Teachlng Awards, recognising the impacl of academrc aad professional seNices staff within the Universty on the experience of our membeTS. The SU Ad¢0 serylc& conllnued to support stud•Mt5 vis independent and confidential advic8 8nd signposting actniity for all members. The serviee oifer5 guidance on univ¢rsity procedures. academi¢ procedures. and signpo$l$ to extemal agencies for issues such as housing. The Servi refers students into the Universily for mental hoarth issues under th8 agreed step Ca model. The Arjv1 team took proactive steps at peak periods to run tabletop Stand5 2nd to increase the v151bility of the servtce across soual rnedia. Th8 t8am 8150 worked to diaris8 meetings wth the Univ8rsity to ensure signtK)Sting and th8 wraparound s8rvKe for students escalated Éo University se5 were appropriate. Page 2
CARDIFF MET STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEARENDED 30 JUNE 2024 The rovlslon of recreatlonal and le1$u lim* a¢tivlti¢¥ ndlt Student Ilfe. ovided tho int8r8sts of Social w?Ifare desi ned to Harm R8duction roach In partnership with the University's Student SeNs team. Ihe SU continued intoyea¥two ofthe SOS-UK Dntg and Alcohol Hann Reductson Scherne. The scheme, culmiTraling in a period of student audil and accreditation, focuse5 on a Harrn Reduction approach to support students who may struggle with alcohol or dwg consumption. The collaboral've work enhanced the way in which the SU and University support students with drug and alcohol use shfft towards discouraging the ham)lul use of alcohol and other drugs. educating students on the effects and r¢sks associated with alcohol and other drugs, and higNighting the harrn reiluction guidance, information and support available to Students who 8r8 StnJgglin9 Wlth their use. erk)d Di Additional grant funding wa5 sourte<S to continue t 'Dignity. Peri1., c8mpaign which sees free period prOdctS made avai18ble to students across both rampuses. Working with the University estates team, an agement was ached to expand this provision from pick up FM)ints in the Students. Unlon, to a full roll out in bathroom5 across the two siles. Tho rovisttsn of su ort and activities which dev810 as mature res onslble Indlvldual$. skills ca ¢le The Cardiff Mel Award Members value th8 opportunlty to recognise th81r 8xtra-currwlar activioes, Improve employability, increase sell- awareness, and show a comrnilment lo se1141evelopment. The SU'S CardifF Mel Award saw year 93 5tudent5 registered on the award this year wlh forty-one reeewing the award lor completion at th8 annual award5 C8remony. The Cardiff Met Award is supplemernted by a series of tree to 8ttend personal dev81oprnent workshops for all Students wth sixty-seven 5tudent5 taking up thi5 offer. The se5SK)ns coverareas aligned to the aca(Jemi¢ and personal developmenljoumey through university s¥ch as presentation delivery, lime management. using soclal media to Improve employabilty, and resilience and wellbelng. Futura Marketin and Promotion5 Limited The charitys %tholly owned subsidiary conlinued to undertake all non4haritable activity. Public Benefit The organisation's Board of Trustees confflm) that they have had due gard to publlc benefit guidarte published by the Charity CommissTon. Significant activities that we und8rtook during Ihe year that d8rn0nslrates th8 publ¢c b8n8fi1 are d8tailed in thi5 rewrL ure Pl The 2024125 yearwill sèe the SU launth a new strategic plan following 8 perK)d of strategK rAanning. With a n9wTrustee Boarcs and subcommittee structure developed, work in Ihe areas of finance, iisk, organisational culiure. and student particlpatlon wtll be fjjrther developed. Further work to embed the findings ofthe govemance and democracy rewew will begin wlh further enhancements to Ihè democratic lunclions and student voice aspects of dellvery. Commercial development will be a focus as we look lo ensure th8 future of th8 organ15ation against th8 backdrop of a Ock grant cut from the University, and we will continue io ulilise stud8nt feedback in the heart of decision-making prwess8s to enhance sgrvices altqned to our charitable objectives. Pa98 3
CARDIFF MET STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 FINANCIAL REVIEW Total income lor the year lo 30 Jun8 2024 was £2,076,78112023 - £2,083,829). The expenditure for Ihe year tota118d £2.226,61012022- £2.074.7821. leaving a nel deficit for the year of £151,829 before movement on the defined benefit pension scheme provislon. An unwinding of the discounlgd defined benefit pension scheme prothslon of £16,35212023 . £37,081) has been reported. Net expenditure for the year is ported as £168,181. Revenue frorn Futura MarfKeUng and Promotfons Limited has returned to expected levels and the company has ¢ommitted to donat19 £88,525 to Cardrff Mot Sbjdents, Un&)n befo 31 March 2025. An a5sessrnenl has been made by the trustees and there is no significant doubt of th8 group's ablity to continue as a golng concem. Reserves polley The Board of Trustses has adopted a poficy on reserves which aims to increase the reserves over the next fve years to achieve sufficient reserves lo ènsure services c8n continue lo meetall statutoryand legal commitments fora minimum of three months. This would equat8 to approxirnatdy £500,000. Total funds at the year end amounted to a negatEve total of £389.780 Ithis 15 after accounting in hjll for a pension provlslon of £482,515>. At Ihe yaar erKI there was a re5tricied lund balan 01£1,697. Tho charity has ntslraa r858rv8S. The Studants. Union wll continue to budget for a managed Surp1 outcome each financial year. which whilst Contributing lo the policy of Increasing its rtrsorv85 wll allow it lo continue lo provide the range ol services and opportuniJes for its 51udent5 th8t it exists for. Principal risks and un¢ertalntls The principal risk that would affect the perforrnancB and vkgbility of th8 SV relates to the ntral funding that we receive from the University In the fomi of a Block Grant payrnenL As part ol the annual budget seth.ng process the Unlversity has confirmed thatwe wll receive the Block Grant fu¢Yling for the 2024r25 ffinancial r. Risks will be considered al both our Finance & servi cornmitte8 and Board of Truslees, and we will continue lo operate the effecJve financial ¢trOl$ that we have in place and implement th8 budgetary safeguards to ensure we aco)unt for thèse uncertainties. Prlncipal fundlng $our¢es Cardiff Met University has provlded grantfunding in the arnountof £890,132 to supportthe sery1S offered bytheStLKlents' Unson. Our subsidiary trading company Futura Marketing & Profflotions Limitèd h8s re-established a number of key commereAal links and this wll be a locu5 for the year to look at 8ddition81 incom8 streams ¢0 underpn and supp)rt the repre50ntatiDn servic8s ol the SU. Pagè 4
CARDIFF MET STUDENTS. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 STRUCTURE, GOVERNANCE AhlD MANAGEMENT Governln9 document The charity is governed by its Memor8ndum and Arttcfes of As$o¢iafyon and 1$ conststuted as a (x)mpany limited by guarantoe. The charity owns 100% of the share capital of FutrJra M8rkeling and PromotsoTrs mit&d. a ccfflpany govern9d by Its Memorandum and Articles of As50¢iation. RecruFtment and appolntment of new trustees Dufing the year the Board consists of at least thr88 and rK)t rnore Ihal tr1ve indivKluals, as follows:. the Presidentand vice Piesidenl (the Sabbatical orriterslwho are eled8d bythe rnernber5 from 3rn0ng5t Iheir number to serv& for a peiiod of year but may b8 r8-e48Cted for one further year thgreafter the paid Chief Executive Officer., one representative of each sthool of learning at Cardiff Met Universlty, provided th&t each rewesenlative Is a member and is appointed by tt)e Committee lor a maximum of one year subject to reappointment for an addiltonal further years only.. and up to two individuals with specialist knowledge appointed by the 8oard from outside Ihe members to serye fora perk)d of no more than three years subjecl to reappointmeThL and for no longgr than six yaars In totsl. Organisztional structure Overdll responsibility for the managernent of Cardiff Mel Students, Unlon rests wth the Board of Trustees. whqc* responsible lor setting the Sttalegic direction and policie5 of the organisation. Board members carry the ultimate responsibility for the conduct of Cardiff Met Student5. Union a1 for ensuring the organi5ation satisfies its legal and contractual obligations. Trustees rneet at18ast fourtimes 8 year. In addition, the Board have es18blished a FInaft and SeNic8S 5ub-comrnth8. Induction and training of new tn15te0s The new trustees all participated in a comprehènsive 5-day training event prior to the o)mmencement ol th8 academ year, covering a range of k8y areas of their rol8s. It was in part delivered by exiemal ¢onsultants. In addition, one to on8 sessK)ns ¢ook place ft)cu$5ing on the financial management infom)ation systems, lo ensuFe that there was an understandrng of the infom)ation that Ihey would receivo at both the Finance & seICe5 Cotnmittee and each 8oard of Trustees. Key management remuneratlon The Students, Union wll maintain a market comparison sy5tern Ihrough it5 HR and Finance lunctions, based on other Students, Uniofis and charity equiv818nts to inforn on 8r¢y key rnanag8rnent remuneration and rerAuitrnent. Ttsse are 811 included in budg8t8ry anS which are approved by Finance and Selv($ and the Board ol Govemots. In temis of annual Inflati¢Mary increase thèse aro bassd on affordability and were appli8d èqually 8cross all sa18ried staff within the organi5ation. Related partles The charity ha5 8 wholty 9vmsd subs14iary trading company. 'Fulurd Marketlng and Promolons Llmlted, lo undertake all non-charitable activity. Rlsk management The trusiees arJtnoMAedge their duty to id8nlify and review Ihe risk$ to which Ihe charity expc6ed and to ensure appropnate controls are in place to provide reasonable assurance agalnst Iraud and error. An annual internal aud¢t is c&rried outeach year bythe Int8mal auditor5 appointed by Cardiff Met Univ8r51ty. Thisintsrnal audit evalu8tes th? adequacy of risk management and conlrol within the system and the extent lo whKh ccty)trol$ hav8 been applied. Th9 Inlgrnal audit report has been approved by the Finance & Services committee ol the Students. Unwjn, and In accordance wth the Education Act 1994 it has been presented to Ihe Resourtes Cornmittee and Board ol Governors meetings of the Univetsity. The outcome of lh8 Intemal Audit report wa5 Ihat Ihere was substantial assurance ol the financial Tegulations and procedures in place. Page 5
CARDIFF MET STUDENTS, UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07CX)3324 (England and Wales) Registered Charity number 7148990d offieè Central Union Office Cardrff Metropolitan Unwersily Cyncoed C8mpu5, Cyncoed Road CARDIFF CF23 6XD Trustees W Fuller Chief Exeujtive Office from 0110712022 Appointed 0110712022 Resigned 0910612024 Resigned 3110712023 Appointèd 0110812022 Resigned 301(K12024 Appointed 0110712023 Appointed 0110412021 Appointed 1910912¢Y23 Resigned 19111r2023 Appointed 2610912(Y23 Resigned 09106r2024 Appointed 1910912023 Resigned 0910612024 Appointed 1910912023 Resigned 0910612024 Appointed 19109r2023 Resigned 0910612024 Appointed 1910912023 Resigned 0910612024 Appointed 2810212024 Resigned 0912024 Appointed 0910612024 Appointed 0910612024 Appointed 0910612024 Appointed 0810712024 V Gon8v8ram N Roach President from 0110812021 to 3110712023 Vice President from 01h)8r2022 to 30K)612023 President frorn 0110812023 Vice President from 0110712023 R Vtswanalhan A Milburn N Evans B Bunce B Mcspadden E Seal D E Hughes F Flynn J Spice C Wilcock A Lewis E Hughes D Flaherty Company Secretary S Bradley Auditors MHA statutory Auditor Elfed House Oak Tree Court Cardsff Gate Business Park CARDIFF CF23 8RS Page 6
CARDIFF MET sTuDES. UNION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES Thè Iru5te85 Iwho are alsothedrectors olcardiff Mgtstudents, Union forlhe pU05850fCL¥panY lawlare reSFM)n5le for preparing the Raport of the Trustees and the financ4al statements In 8¢coidance wlth applicable law and Unted "ngdom Accounting Stsndards (United "ngdoM Generally A¢pted Accounting pra¢ts.l. Company law requires the trLBtee8 to prepare finanoal strtsrr¢nts for each fina181 year hvhich give a true and falr yW of th& state of affalrs ot the charitabje company gnd of the incomlng resources and applitrOn of resource in¢1j1nQ the income and expenditure, ofthe tharitable cunpany forthatperirpj. In preparing those financial siatemeni5, trustees are fequirnd to se18Ct Sultable accounting polie$ and then appty them eDnS15tènly'. observe ihe mtrthods and pr5n(#pks tn the Charity SORP,. makejudgemenls and 8stsmat85 that are rg850nabl8 and pent.. Jtste whether applicatle accounting stanilards have been followed, su.eCt to any material (J2parbJrè5 disclosed and axplained In the financol statements., Prepare the finanual staternents orl gg bssts Unle it is inapptowg to presume lh the ¢haritsbl¥ cornpory ¥vill conb.nue in busines6. The trLSte8s ale responsible for keeping adeqyale accounting records which disc105e with reagonable accLJracy atany 'me the financ1 position Of charitable company and to enable them to ensure that the finènual statements cOmY vrtth the Cornpanies Act 20J6. TW a also responsib for safeguarding the assets of the ¢haritaUe company o ea fortsng wsonable steps for ts pievention and detsction of Iraud and 0[ ifftgularib"es. In so far a5 tha trustees are aware.. thtttt Is no leVant awjil information ofwhich lh8 Chata eompanws SrtoIS are unaware., and tF trustees have lak8n 811 steps th8ttlw ought to have taken to make aware ol 8ny vant audlt infonnation and to establlsh that the auditors 8re aware of Ihat infomiakn'on. 21 OGf 202L Approved by ordèr tsflhe Board of Tnjstees on.. . and signed on Its behalf by.. aai FloJ _ D Fiaherty- Trusteè Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CAROIFF MET STUDENTS. UNION Opinion We hav8 audited the financial statements of Cardiff Mbtstud8nls' Union Ithe'parent charitable company'l and tts subsidiary (the groupl for the year ended 30 June 2024 which ¢omprise Ihe Ctsns(Aidated Statement of Financial Ac)"vities, the Consolidated and Charity Balance She@t. the Consolidated Cash Flow Statement and Notes to the Consolidated Cas Flow Statement and Notes to the financial statement5, including 8 summary ol signififjant a¢¢ounting 1Cles. The financial reporting frarneworf( that has been applied in their pr8paration Is applicable law and United Kingdorn Accounb'ng Standards Ivniled Kingdom Generally Accepted Accounting Piacticel. In our opinton the fin8nci815tstements'. giv8 8 true and fair view of Ihe slate of th8 group's and parent charitable company's sffairs as al 30 June 2024 and of the group's incoming resources and application of resources, indudlng its inctsrne and expenditure, lor the year then ended., have been properly ppared In accordance wlth United Kingdom Generally Accepted Atcounting Pr'¢e,. and have beer* ppared in aewrijance with the requirements of the Cunpanies Aci 2006. Bas1$ for opinlon We conducted our audit in ac¢ordan¢e with Intemational Slandards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the AudiloTS' resFX)nsibililies for the audit of the financAal statements section of our report. We are independent of tha group in accordance wilh Ihe ethical reouirements that are relevant to ovr audit of Ihe )Inancial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethic81 responsibilities In accordance with these requirements. We beliovo ihat the audit 8vid8nce we have obtalned is Sufficnt and appropriate to provide a basis for OUT opinion. ConclusloTrs relatlng lo golng ¢oneern In auditing the financial statements. we hav8 concluded that the twstees, us6 of th8 going concem basis of 8ccountlng In the prepafatH)n of the financial stat8rnenls 1$ appropriate. Based on tre we have p8rformed. we have not identrfied any material uncertainties relating to events or Condition5 that, individually or colleetivdy, may cast signrficant doubt on th8 group'8 ability to contsnue as a golng concem fora period ol at18ast e1ve months from when the fjnanei81 statements are authoriseé for issue. Our iessx)nslbllities an¢J the r8sporsibilrties of the trustees wllh respect to gthng eoncem are described in the relevant sections of thi5 report. Other Infomiatlon The tFUStee5 are Te5ponsible for Ihe other informallon. The other infomation (x>mprises Ihe fOrnia1)n induded in Iha Rèport of th8 Trust885, Other than the financlal statements and our Report of the Independent Auditots thereon. Our oplnlon on the financial siat8rn8nts does not cover Ihe other infomiation and, except to Iho extent otherwise explicity stated in our report, we do not express any fom ol assuran wndusion th8rec. In connection with our audit of the financial statement5, our responsibility is lo rea# Ihe other infomiation and. in doing so, consider whether th8 olher information is maierially inconsistent with the financial st8tement5, or wr knowledge obtained In the audit orotheMise appears lo be materially misstated. Ilwe identify such material ino)nsistencie$ or apparentmaterial m15St8tefflents, we arg required io detemiine whether thts giv85 rise lo a rnaterial misstatemen( in the financial statements themselve5. 11. based on the work we have perforrned, we condude that there is a materid misslaternent of this other information, we are r8quir8d tg report that fact. We have nothlng lo report in this regard. Oplnlons on C+ther matters prescribed by the Companles A¢t 2006 In our opinion. based on the work und8rtaken in the course of (he audrt.. Ihe information given in the Report ol Ihe Tiustees forth8 financial year for whrch Ihe finanoal statements are w8parad Is wnstrslent with the financlal statement5,' and the Report ol the Trustees ha5 been prepared in acrdance wilh applicable legal roquiremoF7t5. Pag• 8
REPORT OF THE INDEPENDENT AUDITORS TO THe A4EMBERS OF CARDIFF MEV STUDENTS, UNION Matters on which we are required to report by exceptlon In the light of Ihe knoedge and understanding of the group snd Ihè pawnt charitable company and its 8nvironment obtalned Sn the wurse of the audSt, we have not Idenltfied rnat8rial misstslemenls in Ihe Report of the Trustees. We h8ve nothing to report in respect of the follobmng matters where the Cornpanie5 Act 2006 requires us lo report to you if, in ouropinion.. adequate accounting records have not been kept by the par8nt charitsble company or returns 8dequaie for our audit have not been reNed from branche5 not visited by us,. or the parent charttaNe company financial stateme¢7ts are not in agr88fflentwith th8 accounting reci)rds and retum5,' or certain disclosu$ of tnJstees' remtsneralon specified by law are not made. or we have not received all the information and explanations we require lor our audi( or the trustees were not enty'tl8d to take advantage of the small companies exemption frorn the requirement to prepare Strategic Report or in preparlng tha Report of th8 TtU5tees. Re5ponsibiliti85 01 truste85 As explained more fully in the Statsment of TTUStees' ResponslbS1ie$, the trustees (who are also the diTector5 Of the chaiitable company for the putP05es of company lawl ar8 responsible for the preparation ol the financial statements and fof belng satlsfied that they give 8 true and fair view. and for such internal control as the trustees determine is necessary to enable th8 preparation of financial statements that are I from material misstatement, whether due to fraud or error. In ppaffj the finandal ststements, the tFUStees are resp)n8ibl& for assessing the group's and the parent Charitable companys ability to continue as a going concem, disclosing, as applicate, matters lated to going Concem and using the going concem basis of a¢¢ounliro unless the trustees eittr intend to liquidate the charftable company or to cease operations, or have no realistic altemative but to do so. Our r85pon5ibilities for the audit of the flnanelal statements Our obj8dives are to obtain r82sonable assurance aboutwhelherthefinanclal statements as a ¥tholearefree trom rn8tèrial misstatement. whelher dye to fraud or error. and to issue a Report of the Independent Auditor5 (hat includes our opinion. Reasonable assurance 15 a high lév81 of assurance, but is not a guarantee that an aLKlit conducted in accordan Mth ISA5 IUKI Mqll aayS detect a rnateri81 rnisstatement when il exists. Misstatements Can arise from fraud or erior and are considered material if, individually or in the aggregate, they could reasonably be expected to inlluence the economic decisions ol user taken on the basis of Ihese financial statements. IrUlaritieS, induding fraud. 8re Instances of non-rompliance wth laws and regulations. We design proCedUS in line with our r8sponsibililies, oultined above, to detect material misstatements Sn resp#¢t ol Irregularities, Includlng fraud. The specific prOdu$ for this engagement and ihe extent to which these are eapable tsf detecting irregularitses, induding fraud is detailed below.. We evaluated m8nagement's inr£ntives and opportunities lorfraudulenl manipul8tiorT ofthe financial statements linduding Ihe dsk of override ol conlr(Asl and detefrnined that the principal risks were ielaled tts posting inaecuiate joumaLs. We addressed these risks by carrying out specffically targeted procedures. whlch induded-. Enquiries ol rnanagern8nt. those tharged with govemance around aclual and potential litigats.on and claims.. Perfomiing audit over the risk of management override of controls. including testing of joumal enliies and other artjuslmenls foi approprfateness and èvaluating tha businèss r8tionala ol $KJnSfirant tr8nsaclion$ outside the normal course of bL$iness-, Reviewng minutes of meetin9s of those charged with govemance., Evaluating the reasons for any large or unusual transactions., Reviewing financial statement di5closur8s and testing to supportiD3 documentation to assess compliance applicable laws and regulations lo underfying supporting documentatK)n. Because of the Inhent limitations of an audit ther8 15 a riskthat we will not detect all irregul8rit18s. IncludTng those leading to a rnaterial rnis5tatement in the financial stai8menls or non-compliance wilh regulatlon. The risk increases Ihe more that compliance th a law or regukt]on Is removed from the events and transactrons flected In the Wnancial statements as we will be less likely tts become aware of instances of non-cornp1iar8. The risk is also grealer regarding irregularflles occurring du9 to fraud r8lhgr than emr, as fraud involves Inntnal ¢oncealmenl, forgery. coUusSon. omlsslon or misPresentKjn$. A further description of our responsibilities for the of the finanryal ststements is located on the Financial Reporting Council's website al www.fr¢.org.uklauditorsresponsits"liiles. Thls descrtption forms part of our Report ol the Indop8nd8nt Auditors. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CARDIFF MET STUDENTS, UNION Use of our report This port is made solely lo the charitable ¢ompatys members. as a body. in accordan with Chapter 3 ofPart 16 of the Companies Act 2006. Our audit worft has been undertaken so that we might stale to the charitable cornpany's membèrs those matters we are quired to state to them In an auditors. report and forng other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charita companys members as 8 body, fo¥ our audit work, for this report, or lor the opinions we have formed. Julia Morlimer Isenior Statut<)ry Auditor) for and on behalfof MHA Slalulory Auditor CARDIFF CF23 8RS Date.. MHA 15 the trading name of M8clntyre Hudson LLP, a limited liab¢lity partnership in England and Wales Igistered n*Jmber OC3123131 Page 10
CARDIFF MeT STUDENTS. UNIOII CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024 2024 Total funds 2023 Total Funds Unreslricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legades Charitablè activiti8$ Provision of recreational and ISUr9 facilities Provision of sorial activities 699,489 10,(XJO 909,489 955,754 575,970 447,236 575,970 447,236 538.594 483,794 other trading aCtItieS Investment i¢)rn Other income 114.254 6,332 1,890 21.610 135.864 .332 1.890 123,412 2,184 91 Total 2,045.171 31,610 2,076,781 2,083,829 EXPENDITURE ON Raising funds Charltabl• a¢tivitle$ Provision of recreational and leisurg faryli¢ies Provision of support services Provision of swal activities 1,094 1.094 4,578 1,182,321 363,714 647,839 1,182,321 363,714 681.481 1,002.753 366.694 700,757 33.642 Total 2.194,968 33,642 2,228.610 2,074,782 NET INCOME 1149,7971 12,0321 {151,8291 9.047 Transfer bebveen funds Unwinding ot discounted pension provi8ion 116,352 116,3521 {37,0811 Net Incomellexpendlturel for the year 1166.1491 12,0321 1168.1811 128.034) RECONCILIATION OF FUNDS Total fund$ brought forward 1136,0351 3.729 1132.3061 1104,2721 TOTAL FUNDS CARRIED FORWARO 302.1841 1.697 Pag811
CARDIFF MET STUDENTS. UNION ONSOLIDATED AND CHARITY BALANCE SHEET 30 JUNE 2024 Grtyjp Charity 2024 2023 2024 2023 Notes FIXED Assyrs Tangible 85sels Investrnants 15 16 44,190 52,147 44.190 52.147 44,190 $2.147 44.194 $2,151 CURRENT ASSETS stocks Debt0.. amwnts lallifig due wfthin one year Cash at bank 17 18 20,179 59,788 286,902 20.834 33,863 20,179 58.593 191.261 20,834 38.811 343.e07 366,869 487.536 288.3 403,252 CREDITORS kniounts tralllng due wthin one y8ar 19 1229,0311 1167,Cfj6} 12tg.4921 1159.8131 NET CLIRRENT ASSETS 137638 320 470 243.639 TOTAL ASSETS LESS CURRENT LIABILITIES 182,026 3n,617 92,735 295.790 PENSION LIABILITY 1482,5151 1504,9231 1482,515) 1504.9231 NET ASSEfsiiLIA8ILITIES} 1300.487 209.1331 FUNDS Unresirfcted nd5'. General fund 8nd dèsignated funds Ptrnsion reserve 21 160.331 36B.888 91,038 292,C¢1 504 1212,862} 1302,1841 1136,0351 1391,4771 Rethcted funds 1.697 3.729 1.897 3.729 TOTAL FUNDS 389,760 2Cfj 1331 21 OGC3024.. The financ4al statements wer8 appmvad authork88d for issu8 by the Board of Trustees on ................. were sgned on its behalf by.. FLihgrty-TnBte8 Page 12
CARDIFF MET STUDENTS. UNION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 2023 2023 Notes Cash nows from operatlng actlvitles- Cash generated from operations 1377211 75,772 Nat eash provided by lused in) operating activltles 1377211 Cash flows from Investlng actlvltles.. Purchase of langible fixed assets Sale tsf tangle fixed assets Interest r8ceiv8d 114,8221 274 6.332 126,5121 2.184 Nèt eash provSdèd by Iused Inl Invesllng activi15es 24 3281 Change In cash and cash equlvalents In the repvrtlng perlod Cash and eash ¢qut¥altsnts at thè b•glnnlng of the reporting period 1145.9371 1100,1001 532,939 Cash and ¢ash *qul¥alents at thè ond olthe reportlng perlod 432,639 RECONCILIATION OF NET 1NCOMEIIEXPENDuRETr TO NETCASH FLOW FROM OPERATING ACTIVETIES 2024 2023 N•t In¢0ml)Xp•Thd1Iur•l for the reporting perlod las Per the statement of flnanclal aetivitlèsl Adjustments for.. Depreciabon charges Profil on disposal of fixed assets Interest received D8u8asellincreasel in stocks Decreasellincreasel in debtors Increaselldecreasel In credito Diff8rerKe b8tW8en pension charge and ¢ash wnlribuli¢)ns 1151.8291 9,047 21.439 1.066 16.3321 655 125.925 61.965 38 7601 19.861 12,1841 15671 27.114 192,1311 36,9121 Ntt eash provEdod by (used In) operatlng acllvltlos 137721 75,7721 ANALYSIS OF CHANGES IN NET FUNDS At 1n123 Cash flow At 3016124 Nel ¢ash Cash at bank and In hand 432.839 145.937 286.902 432.839 145.937 Total Pag&13
CARDIFF MET STUDENTS. UNION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARENDED 30 JUNE 2024 STATUTORY INFORMATION Cardiff Met Students, Union isa registered charity 8nd private ¢ompany1Smited byguarantee, ineorpotated in Wales in the United Kingdorn. The gIstered office is Central Union Office, Cardiff Met Universtty. CyDcoed Campus, Cyncoed Road, Cardilf, CF23 6XD. The nature of the group'soper2tions and prlncjpal actfvllies are dlsdosed vAthln Ihe Report ol Ihe Trustees. The financial ststement5 are presented In Steding 1£), lh8 group's functional ¢urrenw, and rounded to the nearest pound. The signifieant accounting wlicies applied in Ihe preparation of these financial statements are sel 01 b8JDW. These pollcies have been consistently appllod to all years presented Un$$ olheN5se slated. ACCOUNTING POLICIES Basls ol preparlny the financlal Statements The financlal statements ol the charitable company. which is a publlc benefit entity undef FRS 102, have been prepared in accordance Mth Ihe Charities SORP IFRS 1021'Accountrng and Reporting by Charities.. Statement of Racofflrnended Practice applicable to charities pParIng theiraccounts Sn 8ccordance with the Financial Reportlng Stsnda¥d applicable In the UK and Republic of Ir8land IFRS 1021 leftective 1 January 20191,, Finan¢ial Reporting Standard 102'The Financial Rewrting Siandard applicable in Ihe UK and Republic of Ireland. an¢J the Companigs Act 2008. The finand81 stslements have been prepared underthe hlstorieal c05t convent'on, with the exceptFon of investments which are included al market valua. There have been no material departures from F*nanaal Reporting Standard 102. Going concern The perforMae and viability of tho Studènts. Uni¢)n primarity relate to Cardlff Metropolitan Unlvetsty, paiticularfy n iespect of the continued c&nlral finanrial support through tre block grant and the finanoal irnpact on the University itself frorn student retention issues. The block grant fundlng has been confimed lor 2024125 but with a reduction of £80,000. The Students, Union have reduced the cost base for 2024125, in part by transferring the management and running of the hotball dubs to the University but a180 through the stralegic marwgemenl of all costs, as a result the budgèts for 2024125 8re showing a breakeven posltion. Consolldatlon The Stslernent of Financial Activthes ISOFAI Balance Sheet consolklate the financkql ststements Oft charity and its subsidiary undertakir¥J. The results of the subsidiary a consolidated on a line by line basis. Income All income is recognSsed in the Statement of Financial Activities once Ihg group has entitlement lo the funds, it is probabl8 that th8 incorne wll b8 received and the amount be measured ièliably. This includes capital grants. Don8tion$ and lege$ income includes donation5. gifts and granis that provide core funding Cf gf a gener natu and are recognised whero thérè is 8lltidemgnt, probability of receipt and the amount can be measured with Sufficient reliability. Such incorne is only deferred when the donor specif185 11 rnu5t b8 used in tvture a¢countiryJ periods or Ihe donor has imposed condOnS which must be met befor8 the charity has unconditKJnal enlidernent. Income from charitable activiti85 indudes in(x)me received un¢Jer wnlract or there ents"tlement to grant fijnding subject to specific performance conditions. This income is recognised a5 the related services are promded and the is entillemenL probability ol ieceipt and the atnount b8 measured with surricient reliability. Inccyne is deferred when the amounts received are in advance of the perforniance olthe service or event towhich Ihey relate. Income from other trading activltks Includes Income received under contrad. This income is recognised as the related serrfices are provided and there 15 entitlement, probability of r8ceipt and the amount can be measured wilh sufficient reliabllity. Income isdeferred when the amounts LIVed are In advarKeof the perfomiance ofthe service or event lo which they late. Investment income is recognised on a receNable basis. Page 14
CARDIFF MET STUDENfs' UNION NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THEYEAR ENDE[) 30 JUNE 2024 ACCOUNTING POLICIES Basls of recognition of liabilities LiabilitFes are r8cognised as 8XP8ndilure as soon as there Is 8 legal or constructlve obllgalion committing the group to that 8XP8nditure, it is probable that a transfer ol economSc benefits will be required in setllement and the amount of the obligation can be measured reliably. Expendilure 15 accounted for on an accruals ba51S and has been etassified under heading5 that 8ggT898t8 all cost related to the calegory. Wheie costs cannot be direclty allrfbuted to particular headings, they have been allocated to activities a basis wnsi5tent th the use of $ourCes. Raisiw funds include direct merchandise cost5 which are available for resale. Expenditure on charitable 8ctivities cornpri$e$ those costs Incurred by the charity in the delwery ot its actNities and services lor its beneficiaries. It includes both Costs that Can be allocated diredy to such 8ctivitie8 those costs of an IndiCt nature necessary to support them. Support cost5 are those costs that. whilst necessaryto deliveran actlvity. do notthemselves produce OT COnStilut8 the output of the charitable a¢livity. This indudes governance c05b which are those costs associated with meeting the consb"tulional and statutory requirements of the g)up and iTrclude the acwuntanwf8es and costs linked to the sttalegic management of th8 group. Allo¢atlon and apportionn*nt of $15 All costs are allo¢aled between the exp8nditur8 ca18gories on a basis deSned to flect the use of the OUrCe. Costs relating to a particular aclivity are allocaled direclty,. others 8re apportioned on an appropriate basi5. Tan9lbl¢ fixed •ssets Tangible fixed assets are initially recorded at C05t. Depreaation 15 provided 8t the follomring annual rates in order io wrlte off each asset over its estimated usèful life.. Bar and shop fixtures and fittings offi lurnhure and equipment Computers 12.5%- 33.33% on c05t t2.5%- 33.33% on cgst 33.33% on cost Inveslments Fixed asset inve5trn8nts 8r8 slated at cost. Provtsion is made, where ne5$ary, lor any permanent diminution In Value. Stocks Stocks are vèlued at the lower of c05t and net realisable value, after making allowan for obsolete and slow mowng items. Stock is included at the bwèr of cost or net fsalisabtt value using the FIFO stock valu8liors method. Fund accountlng UnStriCted funds can be used in accordan with the charitable objectives at the disttran of the trustees. Restricted funds can only be used for particular restr¢¢led purposes within the objects of the charity. RestiiclK)nS arise when specified by the donor or when funds are ralsed for partlcular $1cted purposes. Further 8xplanatK)n of the nature and PUrse of each fund is induded in the notes to Ihe finala1 statem8nts. Flnanclal Instruments The group only has financial 8SS8ts and ffinancial li8bilities of 8 kind that qU81fy 8$ b88ic finanry81 tnstnjments. Page15
CARDIFF MET STUDENTS. UNION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS . ¢ontlnued FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES- continued Flnanclal Instruments Basic financial instrumenls are initially COgnised at transaction value and 5ub5equently measu& at their 8eWernenl Value. Debtors wilh no slated intsre5t rate and receivable within one year are recorded at transaction price. Any losses 8rising from impairment are regniSed In expenditu. Prepayments 8re volued at thg amount prepaid nel of any trade dtscounls due. Creditors are recognised where the 9roup has a present obligation sUlting from a past 8venl that will probably result in the transfer of funds to a thlrd party and the amount due to Settle Ihe oblBJation can be measured or estimated reliably. Creditors are norrnally recognised at their Settlement amount after allowng lor any trade dlswufits due. Panslon ¢o$l$ and oth•r ptsst.rtlrornent bènefits The Union pa.Pate$ in the Students. Union SuperannuaOn Scheme, a defined benefft scheme which 15 ext£rnally funded and contracted out of the Slate Second Penslon. The fund is valued at least every three years by a professK)nally qualifiad independent actuary th the rates of contribution payable being detennined by the trustees on IhE adv1 of the actuary. The scheme operates 8s a pooled arrangement. with ¢ontribubons paid at a centrally agreed ral¢. As a consequ8rtce, no sh8r8 of thg undertying assets and Ilabille$ can be directly attribut¢d to the Union. Where a plan ha$ been agreed to fund an identified deficit, a liability 15 recognised for the psent value of the ntrIbutionS payable Ihal artse from that 8gr8em8nt th the reSultng expense recognL8ed In the Statement of Financial Acts'wties. Thè Union also participate in the National Union ol Students Pension Scheme. a defined contrÈbution scheme. Contributions payable io this pensbn $drne are drgO lo the Stat8m8nt of Finanaal Activiti95 in the period to whlch they relate. Operatlng reaso commltments Rentals applicable to operating leases the substantially all of the benefits and risks of ownership rernaln wlth the lessor arg charged against profits on a straight line basi5 over th8 peri¢)d of the lease. SEgnificant accovntlng judgements and •sUmat•s Esb'm8tes and jud9ernenls a continvally evaluated and are based on historic81 experience 8nd other retevant factors, including expe¢lation5 of fvlure evenis that ar8 believed to b8 reasonable under the circumstances. The prep8ralion of the finanual statements requires management lo make ests'tnates alld a55umptions concerning the fuiure. The resulbng accounting estlmates will, by definition, be likely lo differ from the related 8Ctual results. No estimates or assumptions have been identifd that have significant risk of causin9 maierkql adjustrnent to the carwng arnounts of assets and liabililie5 Within Ihe ne financial year. DONATIONS AND LEGACIES 2024 2023 Donalior Cardiff Mel Unlversrty grant Welsh Govemment- WinleT Wèllbeing Grant 13,597 890.132 5.760 30,048 892,232 33,474 909.489 955,754 Tha abovè grant rec8ived from Cardiff Met University all¢xated as fonows.. 2024 2023 General block 9ranl Cosl of living grant Govemance rewew P8ri0d dign+Ly fund 880.132 838,132 27.5(M) 20,0(Y) 6,600 10.000 890.132 892,232 Page 16
CARDIFF MET STUDENTS. UNION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 30 JUNE 2024 OTHER TRADING ACTIVITIES 2024 2023 Fundraising inc0rn8 Tr8ding inwme- 8ubsbYiary Sponsorships Minibus and Lxr hire r9ch8rge Ro)rn hire income 7,912 103,346 13,698 2.680 8.228 1,119 92.264 18,420 5.877 5.732 135.884 123.412 INVESTMENT INCOME 2024 2023 Deposit account interest 6,332 2.184 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Actmty SU Sport incorne Clubs & Soueties ilyme Shop income Bar income Caterin9 InCL*n8 Amusements income ENTS department income Provk4lon of recreational and leisure f&ilthes Provision of reereational and leisure facilits8S Provision of social activities Provision of social activities Provision ol social activities Provision ol soual activStyes Provision of la1 activitie$ 141,201 434.769 166.242 116.316 137.381 1.379 25,918 129,942 408,652 136,419 152,186 151,660 991 22.538 1.023.206 1.002,388 RESULTS OF PARENT CHARITABLE COMPANY The lotsl income of Ihe parent charitable cornpany w85 £2,062,617 and nel loss before actuarial losses on defined benefit schemes wwe £164,295. Net movement in funds after adjustlng for Ihg pvISh)n for the defined b8nefrt pon5ion scheme was neg8tlV8 £180,647. IiAISING FUNDS Other tradlng a¢Uvhlgs 2024 2023 stud&nis' Union- purchases Fulura Commisslon Fulura- Provision for bad debts 1,094 3,390 888 300 1,094 4.578 Pag817
CARDEFF MET STUDENTS. UNION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 30 JUNE 2024 CHARITABLE ACTIVITIES COSTS Support costs Isee note 101 Direct Costs Totals ProM8ion ot recrealtonal and leISu facllitles Provision of supp¢)rt services Provision of sla4 adivities 1.038,938 226.893 556,017 143.383 137,021 125,464 1.182,321 363,714 681.481 1,821,648 405.868 2,227,516 10. SUPPORT COSTS Slalf C0513 Govemance Costs Other DepreciatK)n Totals Provi$KJn of recreational and lelsure facilities Provision of support 5erwces Piov¢sion ol soraal ac11t$ 74,603 58,886 3,674 8.220 143.383 65,145 61.062 29.1 3,341 4.120 7,473 10,816 137.021 125.464 221 176 147,048 11.135 26.509 405.868 Support costs are allocated to èach tsf Ihe charitable activit$ based on an estimate of the t5me spent ¢Jn each of these aCtItIes. 11. NET INCOMEIIEXPENDITUREI Net IncomellexpendTrturel is stated after ¢hargingllcreditingl-. 2024 2023 Auditots. remltnèrdtioft Oepreciation - owned assets Defiryt on disposal of fixed assets 13,022 21,439 1.066 7,158 19,881 12. TRUSTEES. REMUNERATION AND BENEFITS Trustees who are electe(J to the roles of Présldent and Vice President are remunerated for ¢heir servSce5 on an annual ba515. During the year, remuneration including e0yerS pension contributions paid in rÈ5pect of these rcAes were a5 follows.. 2024 2023 Name V Gonavaram N Wrlgl8y N Roach R Viswanathan 1.773 20.368 1.608 18,959 23,611 21.274 During the year, W Fuller received a gross salary of £66,07312023.. £66,725) and employers pension contributions of £6,50012023.. £6,5001 la comrnerrial rale for the role of Chief Execulve Officerl. Page 18
CARDIFF MET STUDENTS. UNION NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS- ¢onllnued FOR THEYEAR ENDED 30 JUNE 2024 12. TRUSTEES. REMUNERATION AND BENEFITS . continued During the year student represen(atNe fees totalling £13,375 were paid to seven trustees12023.. £14,913 was PaKI to seven tru$teesl. The above payfrEnt5 hav8 b8en rnade in accordance wth Secth)n 5.4 of the charitys Memorandum and Articl8s of A850¢iatDn. Trustees. expensès Five trustees received a reimbursement of travel and subsistence expense5 totalling £864 12023.. £175 to one Irusieel. 13. STAFF COSTS 2024 2023 Wages and salar$ Social security costs Pension costs 940,553 68,272 23,810 902,652 57,292 24.062 1032.635 984.006 Th9 werage number ofemployees during Ihtr year was as ftsllows.. 2024 40 69 2023 37 75 Average nulnberof monthly employegs Average numb8r of fortnighuy employees 112 Durfng the yearend8d 30 Jun9 2024 the full-time 8qUNalent number of staff employed was 6312023.. 621. Th8 numberofemployees whose emoluments amounted to a rate ofovw£60.000 during ihe y8ar were as fonows.. 2024 2023 No. £60,001- £70,000 £80.001- £90.000 Pension contributions £6,500 £6.$00 Total remuneration paKJ to key management person1 in the ye8r was £197.36212023.. £189.51. 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- YEAR END 30 JUNE 2023 2023 Unrestricted funds 2023 RestThcted fund5 2023 Total lunds INCOME AND ENDOWMENTS FROM Donab'ons and legac$ 886.568 69,186 95S,754 Charitable activitl8$ Provision ol recreational and 1915ure fadlities Provision of social activities 538.594 463,794 538.594 463,794 Other trading a¢'vItieS InvestmerÈt incfme Other Income 103,873 2,184 91 19,539 123,412 2,184 91 Total 1,995,104 88.725 2.083,829 Page 19
CARDIFF MET STUDENTS. UNION NofES TO THE CONSOUDATED FINANCIAL STATEMENTS - ¢ontlnued FOR THE YEAR ENDED 30 JUNE 2024 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - ¢tsntinued Unrestrided funds ReStrted funds Total funds EXPENDITURE ON Raising fund5 Charllable a¢tivltTe$ Provision of recreational and leisurg facilities Provision of support services Piovislon ol soclal acuv1tS 4,578 4.578 935.714 361,376 694.157 67,039 5.318 6,600 1.002.753 386.694 700,757 Total 1,995.825 78,957 2.074,782 NET INCOME 1721} 9.768 9.047 Transfer between fund$ 15,086 115.0861 Othèr r•¢ognlsed ga5nsll10558¥} Llnwnding of discounted pension provision 37.0811 37,0811 Net movemont in funds 122.7161 15,318 128.0341 RECONCILIATION OF FUNDS Total funds brought lorward 1113.3191 9,047 1104.2721 TOTAL FUNDS CARRIED FORWARD 136.035} 3.729 132,3061 15. TANGIBLE FIXED ASSETS- Group and Chartty Bars & Shops tting5 Office fixtrjres & rittings Sports Equipment COST At 1 July 2023 Additions Disposals 775 316.117 9,779 196.5g61 13,818 AI 30 June 2024 129,300 DEPRECiATION At 1 July 2023 Charge for year Elirninate<J On disp0581 307 286,440 10,304 195.5301 12.930 417 At 30 June 2024 101,214 NET 8OOK VALUE At 30 June 2024 28,086 471 At 30 June 2023 468 888 Page 20
CARDIFF MET STUDENTS, UNION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT5- continued FOR THEYEAR ENDED 30 JUNE 2024 15. TANGIBLE FIXED ASSETS- Group and Charlty- ¢ontlnued Molor vehKle$ Computer eqvipment Totals COST At 1 July 2023 Addilons Disposals 26,699 32,961 5,043 17.9361 390,370 14.822 231.1381 17.6991 At 30 June 2024 15,000 20.068 174,054 DEPRECIATION At 1 July 2023 Charge for year Eliminated on disposal 17,012 3,750 11.6991 21,534 6,774 17,9361 338.223 21.439 229,7981 At 30 Jun8 2024 9.063 10.372 NET aooK VALUE At 30 June 2024 9,696 A¢ 30 June 2023 9,687 11.427 52,147 16. FIXED ASSET INVESTMENTS - Charity Shares In group und9rt8king8 MARKEf VALUE At l July 2023 and 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 There wer6 no investtnent assets outside rhe UK. The charity hold5 100% of the share ¢apitsl of Futura Marketing and Promotiorts Limited, a company registered •i England and Wales, primarily lo cany out trading activities. 17, STOCKS 2024 2023 Slod(5 20,179 20.834 18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 (knup 2023 Ch8nty 2024 Charity 2023 Trade debtors other debtors Amount due from group undertakings Prepayments and accrued incorne 28.928 896 18,373 987 5.728 896 20,005 29.964 1,873 987 21,448 14.503 33.863 56,593 38,811 Page 21
CARDIFF MET STUDENTS. UNION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENfs- eontlnued FOR THEYEAR ENDED 30 JUNE 2014 19. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR Group 2024 Group 2023 Charity 2024 Charity 2023 Trade creditors Soaal security and other taxe5 VAT O¢h8r creditors Accruals and deferr8d income 41,873 13,372 4,810 42.483 126.493 15,445 15,070 8,830 42,763 84 958 41.8n 13,372 1.713 42,483 120.051 15.445 1S,070 5,977 42,763 80.358 229,031 167.066 219,492 159,613 Included wltNn accruals and deferred income above is the following deferre(l income.. 2024 2023 Prfvate hire bookings Other advance income Ca5t811 Howell funding Welsh Govemment Winter Wellbeing grant 1,367 15.317 7.143 3.742 32,002 14,286 5.760 23.827 The deferred in¢ome relates to rnonies received in advan of the pedcKI or events lo which they relat8. l amount5 excluding C8StÈll Howell support deferred in the yearended 30 June 2023 were released to Statèmènt of Financial Activities during the year atxl amounts dgferred in the year ended 30 June 2024 are new sources of inccrfne. C85tell Howell support is belng leaSe1 overth8 peri to which the agreement relates. expiring in July 2026. 20. LEASING AGREEMENTS Minlmurn 1gas8 paym9nts undgr non-¢aellale operating 1tr8sts fall due 85 follows= 2024 2023 Wifhin one year Betvleen one and five years 21.988 9,128 21.988 31.116 53.104 Total lease payments reccNJnis8d as an expense in the yèar were £21,73812023.. £27,837). Page 22
CARDIFF MET STUDENTS. UNION NOTES TO THE CONSOUDATED FINANCIAL STATENIENTS - continued FOR THE YBAR ENDED 30 JUNE 2024 21. MOVEMENT IN FUNDS Net movement in fund5 Transfers beeen lunds At 3016124 At 117r23 UntrIcted funds General fund Pension reserv& Designated fund.. Women s football cknb Designated lund= Men's foolball dub 198,854 1504,9231 30,515 139,519 20,237 116,3521 130,5151 139,5191 138,7601 38,760 180,331 1482,5151 1136.0351 1166,1491 1302,1841 Restrlcted funds Changlng the cutture- Funding for Interns 3.729 12,0321 1.697 TOTAL FUNDS 132.3061 168.1811 300.4871 Net movement in funds, included in the abov8 are as follows.. Incorning rasourcèg R850urce5 expended Gains and losses Movement in funds Unrestricted funds General fund Pensior> reserve Designated fund.. Women's football club Designated fvnd.. Men's footb811 club 1,739,914 11.719,6771 20.237 116.3521 130,5151 139,5191 1166,1491 116.3521 27,114 278,143 2.045.171 157.6291 417.6621 {2.194,9681 116,3521 Re$trl¢ted lunds Clubs and societies Changing the culture- Funding for Intems PeiK)d dignity hjnd 21,810 121.6101 12,0321 12,0321 TOTAL FUNDS 2,076 781 168,1811 Comparatlves for movement In funds Net movement in funds Transfers between funds Al 3016123 At 1n122 Unr85tricted funds G8n8ral fund Pension reserve Designated fund.. Womèn's f(y)tb811 club Designated lund= Men's foolball club 181.079 1504.7541 24.795 185,561 39.601 137.0811 5.720 121,8261 36.912 198,854 1504,9231 30,515 139,519 1113,3191 137,8021 1S,086 1136,0351 Restrlcted fund3 Changing the ¢ullure- Funding for intems Centro- new equipment 9,047 15,3181 15,086 3,729 115.0861 TOTAL FUNDS 104.272} 28,0341 132,306) Page 23
CARDIFF MET STUDENTS, UNION NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30 JUNE 2024 21. MOVEMENT IN FUNDS- conllnued ComparatSve net movement in fund5, included in the al)ove are as follows.. IncomiThJ resource5 Resources expended Gatn5 and lossgs Movement in funds Unrestricted fund5 General fund Pension serve Designated fund.. Women's football club Designated fvnd.. Men's football cjub 1.698,749 11.658,5481 39,601 137,081) 5,720 46 0421 137,0811 26,702 120,9821 316,2951 1,995,104 11.995,82SI 137,0811 137.8021 Restrlcted funds Clubs and societies Changing the culture- Funding for intems C05t of living staff payments Govemanee review Period dignity fund Centro- new equipmant 19,539 119,5391 15.3181 127.5001 120,0001 16,6001 15,3181 27,500 20,000 6,600 15,086 8.957 9.768 TOTAL FUNDS 2 083 829 Pen$ion reserve A reserve has been L¥eated to mateh the year end pension provision liability as reported on the group balance sheet. Designated fund.. Men's foo¢ball ¢lub Income and prlzes received by th6 men's football club have been designated to be srRnt on the a¢tywles of ihe men's footbal dub. Designated fund: Women's football club Income and prizes te1Ved by the wornen'5 football club have been d85ign8ted ¢0 be spent on the artieS ol the women's foolb211 dub. Clubs and so¢11¢$ Funding from swnsorship and fundraising gsv8n speLifically to fund Clubs and Soctelies. Changing Ihe culture- Ftsndin9 for Inlems Funding rèceived from Cardiff Mal University to fvnd an intemship. Cost of Ilvlng staff payments Relates to a Cost ol Llvlng grant. All stsff were pald one off c05t of living payments of £750. Govemanca r8vI8W Funding received from the University towards the govemance eW that was carried out sn Ihe prior year. Period dignity fund Free sanlt8ry products made available. C•ntro- n•w 04ulpmenl Dona)'on from Car(Jiff Met University used on new equipment and fittings for Centro in prior year. Transler bttweèn funds A transfer of £38.760 has been made lo the pensicm reserve fund to flect deflcK conlrfbutson payments made in the finanual year. Page 24
CARDIFF MET STUDENTS, UNION NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED JO JUNE 2024 22. EMPLOYEE BENEFIT OBLIGATIONS The UnK)n participates In the Students, Union Superannuation Sd)eme. whid) is a defined benefit scheme whose membership collsisls of ernployees of students. vnions and related bodles Ihro¢Jghout the country- Benefits In re5pectofservic8 UP to 30 September 2003 are accrued a'final salary. ba51S, Wth benefit5 in respect ofservi from 1 Odober 2003 8ruing on a Careei Average Revalued Earnings ICAREI basis. Wilh effect from 30 September 2011 the seh8rne dosed lo future accrual. The rn05l recent Valuation ol the Scheme was trarrigj out as at 30 Jun8 2022 8nd showed that Ihe rnarkel val ol the Scheme's assets was £106.7m wth these assets representing 44% of the value of benefits thathad accwed to mernber5 after allomring for expected future increases In eamlngs. The deficit on an ongolng funding basi% amounted to £136.6m which reported a de¢aSe to the preOu5 2019 Valuati deficit of £140.9m. The assuMp0n9 whid) have the rnost signfficant effect upon the results of the valuation a those relating to the rate of return on inv8Stments and the rates of increase In saladès and pènsions. The previous 2019 actuarial valuation recornmend8d a rnonthly contribvtion reouirement by each Unlon express8d in monetary temis Intended to dear the ongoing fundiro deficit over a period of 16 years which was due to end in August 2035. Given the already subslanlal level ol contributions being tnade to the 5cherne by employers, the Twstees of (he s¢herne ¢oncluded that extendlng the recovery p8riod was th8 rn05t appropriate optvn. In sumrnary, employ8r contributions increased by 9.7% in October 2021 as F4anned under the previous valuation. 8nd will increase by 5% ea¢h year thereafter unts"l the end of the deficit recovery period. which is now expected to be in May 2037. However, Lx)ntributior15 du8 frorn Octob8r 2026 onwards wll be reviewed following the nèxt actuarial valuation. In 8ddStion to thg above contiitmrtions, the Union also pays rts share of Ihe schèrne%18¥y and assttiat8d expenses to the Pension Ptectn Fund. The total contsibutions paid into the sch6rne by the Union in SpeCt of eligible employees lor the year gnded 30 June 2024 arnounted to £38,760 which are all defiGII contrtbuts'ons12023.' 5,9121. Ai Iho year end a liability was re¢ognised for the present value of the CA)ntrfbutions psyable of £482,51512023'. £504,923). The Union also participate5 the Nabon81 Union ol Stucjents Pension Scheme. a defined contribution Scheme. During the year ended 30 June 2024 the UnM)n Contributed a lotal of £23.810 into the 5cheme12023." £24,062). At the year end the were outstanding c0ntr1bLrtns of £11512023.. £801. 23. RELATED PARTY DISCLOSURES There were no further transactiorts for the year ended 30 June 2024 or for the year ended 30 June 2023 which require éi5c105ure. 24. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Rostricted fvnds Unrestricted funds Total Fund balances at 30 June 2024 are represènted by: Tangible fixed assets Current assets 44,190 44,190 365,172 366.869 1229,0311 1229.0311 482.515 482,515 1,697 Pension Ilabillty Total net assetsllllab¥14t4esl 1.697 302.184 300,487 Page 25
CARDIFF MET STUDENTS. UNION NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30JUNE 2024 25. SUBSIDIARY COMPANY Durin9 the year the (harity owned 100tsA of the issued ordirtary share capital ol Futur8 Marketing and Prornotk)ns Limited. a e£)mpany registered in England and Wales. The subsidiary wa5 used for non-primary purpose trading actwibes. All aclivities have b88n consolidated on a line by Ilne basis in the SOF A summary off the results ofthe subsKliary for the year is shown below.. Turnover Cost of sales 103,346 Gros5 profit Administrative exp•nsos 103,346 116,2631 87.083 Other operallng Ineome 87,083 Interest receivable and similar income 1.442 PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 88,525 Taxation PROFIT FOR THE FINANCIAL YEAR 88,525 Th8 8ggr89ate ol thg assets. liabilities and funds was: Assets Liab411les 118.841 129.5441 Funds Page 26