2025-07-31-accounts - University Of Wales:trinity Saint David

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University of Wales Trinity Saint David ANNUAL REPORT & Financial Statements I H : P ' : & 7 7 ¥ ¢ : , = 2024-2025

Introduction	P2
Council Membership	P5
Legal Status UWTSD Strategic Plan	P6 P7
Vice Chancellor’s Review Principal Risks and Uncertainties	P8-13 P14
Joint Report on Financial Year	P16-27
Public Benefit Statement Statement of Corporate Governance Statement of Internal Control Statement of Council’s Responsibilities Independent Auditor’s Report Statement of Accounting Policies Statement of Comprehensive Income Statement of Changes in Revenue	P27 P28-33 P32 P33 P34-37 P38-45 P47 P49
Statement of Financial Position	P51
Statement of Cash Flow	P51
Notes to the Accounts	P52-82

University Of Wales Trinity Saint David (RC1149535) | 1

Introduction

University Of Wales Trinity Saint David (RC1149535) | 2

Introduction

Emlyn Dole Chair of Council

On behalf of the University Council, I would like to express my sincere thanks to the Senior Leadership Team, our dedicated staff and our students for their continued hard work and commitment. Their efforts this year have been central to helping the University navigate a period of challenge and change, all while remaining focused on delivering an excellent experience for our students. Like many institutions across the Higher Education sector, we have faced significant financial pressures over recent years. However, I am pleased to report that, through determined action and shared resolve, we have made real progress

Like many institutions across the Higher Education sector, we have faced significant financial pressures over recent years. However, I am pleased to report that, through determined action and shared resolve, we have made real progress towards financial sustainability. The University is now in a stronger and more stable position, with clear, evidence-based plans in place to build on our strengths and secure long-term success.

Working alongside the Vice-Chancellor and the Senior Leadership Team, Council has supported the development of a comprehensive, data-informed Annual Plan and we will approve a new institutional Strategic Plan in the next academic year. This framework guides the University’s priorities and is underpinned by robust governance and financial stewardship.

Meaningful change often requires difficult As Chair of Council I have deeply appreciated decisions, but we are confident that the the insight and support of my Council University is in a stronger place than a year colleagues. I would like to thank them and ago, and that it remains focused and everyone who supports our committees for committed to its mission. Council itself has their ongoing contribution and dedication. participated in a comprehensive Governance Their role in ensuring effective governance Effectiveness Review this year and responding and scrutiny has been essential as we to the outcomes will enable us to further continue to respond to sector-wide enhance our governance practices as we challenges. move into the next phase of the University’s strategic development. There is no doubt that the Higher Education

There is no doubt that the Higher Education sector continues to face testing times. However, what remains constant is the transformative impacts it has for individuals and for the wider social and economic wellbeing of our communities. I am extremely proud of the role this University plays in providing life-changing opportunities for students of all ages and backgrounds.

Our University has a deep connection to place, with Welsh heritage and culture at the heart of our community. We value the Welsh language as a vital expression of our identity, and this strong cultural foundation helps to create an environment where all students can thrive.

That deep respect for place has been especially important in the context of the decisions that had to be made regarding our Lampeter campus. We fully recognise Lampeter’s historic significance as a founding part of our University, as well as a symbol of our cultural and educational heritage. The decisions, though difficult, were taken with great care to safeguard the University’s future, and I have been immensely proud of how our community has responded with understanding, resilience, and a shared commitment to ensuring that our heritage remains a living part of our future.

It has been especially rewarding to see our students’ experiences reflected so positively in the 2025 National Student Survey, and in our recognition as the Times and Sunday Times University of the Year for Teaching Quality 2026. This is a powerful reflection of the dedication and passion of colleagues across our academic and professional services teams, and it was a pleasure to see this work recognised with these national accolades.

One of the true highlights of the academic year is attending our graduation ceremonies. These are always joyful and moving occasions, where we see first-hand the impact that higher education can have on individuals and communities. It is an honour to share in those moments with our students, their families, and the staff who have supported them along the way, because it is our graduation ceremonies that remind us why our work matters.

Emlyn Dole Chair of Council

University Of Wales Trinity Saint David (RC1149535) | 3

Introduction

Prof Elwen Evans, KC Vice-Chancellor

Despite continued challenges across the UK higher education sector, the past academic year has been one of meaningful progress and renewed confidence for the University of Wales Trinity Saint David (UWTSD).

Underpinned by a strong commitment to student success, financial sustainability, and strategic transformation, our University has emerged from a period of turbulence with a clear direction and a positive outlook. I am confident that UWTSD is embarking on a new phase with real optimism, resilience, and ambition. As this report shows, the University ended the academic year with a financial surplus.

As this report shows, the University ended the academic year with a financial surplus. This is the result of concerted effort, disciplined planning, and collaborative action across the institution. While financial prudence remains essential, I am confident that strong foundations are in place for our future success.

A landmark refinancing agreement has also been reached, replacing our previous overdraft facility with a more sustainable, long-term financial arrangement. This new partnership with the University’s bank not only enhances our financial stability but also enables carefully managed, strategic investment over the next five years.

The student experience remains at the heart of our mission to transform education and lives, and we can all be proud that our commitment to our students has once again been recognised. Being named University of the Year for Teaching Quality 2026 by the Times and Sunday Times, and being ranked 1st in Wales and 2nd in the UK in The Times’ analysis of the 2025 National Student Survey, is an incredible achievement that truly reflects the dedication and passion of our staff. I am extremely grateful to all my colleagues for their enduring commitment to ensuring that every student at UWTSD is supported to succeed.

Our apprenticeship provision has also been praised in its external quality review for offering real-world learning experiences delivered by passionate, sector-expert staff. Our focus has always been on providing excellent teaching and a transformative educational experience, and these accolades are a testament to the strength of that mission.

This year saw the establishment of Medr, the As the UK higher education sector continues new national steward for tertiary education to respond to the financial pressures, I am in Wales with a mandate to shape cohesive proud of the way UWTSD is not just adapting pathways between further and higher to circumstance but is leading change. education. Medr’s ambition aligns closely with Following the completion of its long-term our unique structure as a dual-sector group borrowing structure in the year, the University incorporating Coleg Sir Gâr and Coleg is financially stable, strategically focused and Ceredigion. In collaboration with our FE community-rooted, ready to seize the colleagues, we are laying the groundwork fora opportunities that are available to us. coherent, post-16 offering through our ongoing curriculum review. Our ambition is to I would like to take this opportunity to thank open new routes through education to create all my colleagues, members of the University more opportunities for more people, and to Council and, of course, our students for their meet the skills needs of our region and continued support, and for the many ways in Wales. which they have each contributed to the University’s achievements this year.

Following the decision to relocate our Humanities provision from Lampeter to Carmarthen, the University remains deeply committed to securing a sustainable and meaningful future for the Lampeter Campus. A stakeholder group is actively exploring new, community-led proposals for education, skills development, and regional collaboration. We are also working in partnership with Ceredigion County Council to explore how the Lampeter campus can play a key role in expanding vocational and skills training across the region, an initiative that aligns strongly with Medr’s priorities.

Prof Elwen Evans KC Vice-Chancellor

University Of Wales Trinity Saint David (RC1149535) | 4

Council Membership

In accordance with the University’s Royal Charter, the Council is the governing body of the University and is responsible, through Statute, for approving the strategic plans for the University and for governing and regulating its finances, accounts, investments, property, business and affairs. Its Primary Responsibilities are set out in the University’s Ordinances.

Members of the University’s governing body, the Council, are the Trustees of the University. Those who served during the year (up to the Council meeting at which the financial statements were signed) are listed below. Attendance (%) at eligible Council meetings in 2024/25 is provided in brackets.

The Council has formally adopted the definition of independence developed by the sector in response to the Review of Governance of the Universities in Wales. Independent members are neither registered students nor staff of the University and their appointment and responsibilities are consistent with the definition. A published Register of Members’ Interests is reviewed and updated annually, and members are expected to explicitly identify at the start and end of each meeting any matters on which their interests may have a bearing. Further information is available in the Statement of Corporate Governance.

Board Member	Category	Status	Attendance (%)
Emlyn Dole	Chair	Independent	100%
Temporary margin guides Remove in slide master Professor Elwen Evans, KC Justin Albert, OBE Natalie Beard Richard Bills Dr Tracy Cruikshank Gwyneira Davies Maria Dinu John Edge Professor Kyle Erickson	Vice-Chancellor Independent Student Independent Staff Student Student Independent Staff	Independent - Resigned 30.06.2025 Appointed 01.07.2025 - Appointed 01.07.2025 Resigned 30.06.2025 - -	100% 40% 100% 100% 80% 100% 100% 100% 100%
Dr Deborah Hughes	Staff	Appointed 01.08.2024	80%-
Uzo Iwobi	Independent	Resigned 31.01.2025	40%
Rowland Jones	Independent	-	800%
Jacqui Kedward	Independent	Appointed 31.10.2025	-
Timothy J Llewelyn	Independent	-	100%
Chris Martin	Independent	Appointed 15.11.2025	-
Richard Norton	Independent	Appointed 15.11.2025	-
Jonathan Pugh	Staff	Appointed 01.11.2025	-
Geraint Roberts Nigel Roberts	Independent Independent	- -	80% 100%
Emlyn Schiavone	Independent	-	40%
Katrin Shaw	Independent	Appointed 01.01.2025	100%
Dr Liz Siberry, OBE	Independent	-	60%
Jennifer Taylor	Student	Appointed 01.07.2025	100%
Sarah Clark	Clerk and Secretary		100%

Emlyn Dole Professor Elwen Dr Tracy Dr Elizabeth Siberry Evans KC Cruickshank OBE

John Edge Professor Kyle Dr Deborah Hughes Rowland Jones Erickson

Timothy J Llewelyn

Geraint Roberts

Nigel Roberts Emlyn Schiavone

Jennifer Taylor

Richard Bills

Katrin Shaw

Gwyneira Davies

University Of Wales Trinity Saint David (RC1149535) | 5

Legal Status

University of Wales: Trinity Saint David (UWTSD) is incorporated by Royal Charter. The most recent version of its constitution is the Supplemental Charter which was sealed by the Privy Council on 28 September 2012, following the constitutional merger with Swansea Metropolitan University.

Trinity University College Limited (TUC) is deemed to be controlled by UWTSD, as UWTSD is its sole member. Trinity College incorporates the original endowment of 1848 and, as an education charity, embodies the assets of both land

Trinity College incorporates the original endowment of 1848 and, as an education charity, embodies the assets of both land and buildings together with any charitable monies which have accrued to the charity. There is no direct ownership link between UWTSD and Trinity College. However, it is deemed to be controlled by UWTSD by virtue of the fact that TUC is the sole trustee.

Eclectica Drindod is a private company limited by guarantee with no share capital, established to undertake a role that more effectively delivers Third Mission activity for UWTSD. Eclectica Drindod is deemed to be controlled by UWTSD as TUC (whose sole member is UWTSD) is its sole member and has the power to appoint directors.

UWTSD Learning Centres Limited is a wholly owned subsidiary of UWTSD.

UWTSD Investments Limited is a wholly owned subsidiary of UWTSD.

Y Ganolfan Dysgu Cymraeg Genedlaethol is a private company limited by guarantee with no share capital. It undertakes the setting of the national strategic direction for the Welsh for Adults sector, providing leadership to Welsh for Adults providers. UWTSD is the sole member of the company.

Coleg Sir Gâr is a private company limited by guarantee with no share capital, which undertakes the provision of further education and higher education. UWTSD is the sole member of the company.

Coleg Ceredigion is a private company limited by guarantee with no share capital, which undertakes the provision of further education. Coleg Sir Gâr is the sole member of the company, and it is deemed to be controlled by UWTSD as the sole member of Coleg Sir Gâr.

Mentrau Creadigol Cymru Limited is a wholly owned subsidiary of UWTSD. It was established to operate a digital media centre at Canolfan S4C Yr Egin, adjacent to the University’s campus in Carmarthen. Construction of the centre was completed during the year to 31st July 2019.

UW Centre for Advanced Batch Manufacture Limited , is a private company, the University has a 51% controlling interest in the company with University of Wales holding the remaining 49%. OSTC Trinity St David LLP , is a limited liability partnership, the University has a 50% stake in the entity with the other 50% owned by OSTC limited. UWTSD Innovation Centres Limited is a wholly owned subsidiary of UWTSD and did not trade during the year.

OSTC Trinity St David LLP , is a limited liability partnership, the University has a 50% stake in the entity with the other 50% owned by OSTC limited.

UWTSD Innovation Centres Limited is a wholly owned subsidiary of UWTSD and did not trade during the year.

University Of Wales Trinity Saint David (RC1149535) | 6

UWTSD Strategic Plan

The University of Wales Trinity Saint David’s Strategic Plan (2017-25) makes a commitment to its learners and specifically to Wales, its culture, heritage and language through its values and its distinctiveness.

Because of the change in senior leadership, Council has approved the extension of the Strategic Plan to cover the period 2025. A subsequent Strategic Plan is being prepared and will be presented to the University Council for approval during the current year, The new plan will be published by the end of the year to July 2026.

While reviewing the strategic plan, the Council has approved a business plan with 5 domains: Education & Student Experience; Recruitment: Home & International; People, Organisation & Culture; The Digital & Physical Estate; and Research & Civic Mission. The University views these as the core areas for the delivery of the University’s mission.

Vision:

Our vision is to be a University for Wales, with a commitment to the well-being and heritage of the nation at the heart of all that we do. Central to our vision is the promotion and embedding of a dual-sector educational system which educates learners of all ages and backgrounds, and stimulates economic development in our region, across Wales and beyond.

Mission:

Transforming Education; Transforming Lives.

Strategic Priorities:

Putting learnings first
Maintaining excellence in teaching, scholarship and applied research
Creation of opportunities through partnerships
Maintaining a University of Wales

Enablers:

In addition, the Strategic Plan identifies seven key enablers to be achieved to support delivery of the strategic priorities. These are:

Values:

Excellent teaching informed by scholarship and professional practice , and applied research that influences knowledge and policy in Wales and beyond.

Inclusivity , by removing barriers to participation and supporting people from all backgrounds and circumstances to fulfil their potential.

Employability and creativity , by offering educational programmes that develop entrepreneurial and creative skills, enabling learners to have the best opportunities to gain employment and to contribute to the prosperity of their communities.

Collaboration through strategic relationships , working with others to provide educational and commercial opportunities and to ensure that Wales is connected to the wider world.

Sustainable development , by behaving in a way which ensures that the needs of the present are met without compromising the ability of future generations to meet their own needs, and by systematically embedding this principle in our approach to teaching and learning.

Maintaining financial security;
Supporting, encouraging and developing our people;
Providing high quality estates and infrastructure;
Maintaining good governance;
Providing effective leadership and management;
Promoting equality; and 7. Seeking continuous improvement.

The concept of global citizenship , through the development of multi-national activities and opportunities for our learners, staff and partners.

Wales and its distinctiveness , through embedding the goals of the Well-Being of Future Generations (Wales) Act in all of our activities, and by celebrating the vibrant culture, heritage and language of Wales.

University Of Wales Trinity Saint David (RC1149535) | 7

Vice Chancellor’s Review

University Of Wales Trinity Saint David (RC1149535) | 8

Vice-Chancellor’s Review

Review of the year

These Financial Statements are published at a challenging time for the higher education sector. The UK’s universities face significant funding pressures, increased competition, reduced government support, a rapid decline in international students choosing to study in the UK and rising operational costs. The sector is also still recovering from the impacts and legacies of the Covid pandemic. At the time of writing, the majority of universities across the

UK have announced cost-saving measures, including course closures and job cuts. The University of Wales Trinity Saint David has not been immune to these challenges but has implemented measures that have, despite the ongoing pressures, put our University in a strong position.

position. This past year has shown once again the strength and resilience of our whole university community and there is a great deal that we can all be proud of. We have continued to deliver meaningful impact across education, partnerships, research and innovation, and internationalisation.

A high-quality student experience

Our University’s commitment to the quality of the student experience is supported by innovative approaches to Learning and Teaching and a range of professional support services. Our staff and students work together in partnership to deliver an inclusive, supportive and safe learning environment for all students.

Our success this year has resulted in UWTSD being named Times and Sunday Times University of the Year for Teaching Quality 2026. The University was also ranked 2nd in the UK for student satisfaction by the Times, Times Higher Education and the Daily Mail, based on the 2025 National Student Survey We provide a range of responsive student support services to assist students with the demands of modern student life. Key services include wellbeing, learning support and money support; these are augmented by the student hwb team who provide a digital and physical service to students seeking information or needing help to access specialist support.

All our student services have seen growth in the number of students accessing support, with the demand for the wellbeing team increasing by a third over the past academic year. All students seeking wellbeing support have been seen by an advisor within ten days, with priority cases seen the same, or next, day.

The University's Careers Service continues to support both current students and recent graduates in developing their employability skills. Subject specific networking events and the provision of student placement activities have been particularly popular across the academic year. Our Welsh Government funded employability project has exceeded its target, with the University providing additional support to assist students in achieving their career development goals

The University also continues to enhance the student experience through encouraging participation in international mobility opportunities, enabled through the Welsh Taith and UK Turing schemes. In 2024-25, we supported 79 students and 2 staff with mobility opportunities ranging from a semester abroad to two-week internships in North America, Europe, China and Japan.

Student Heath and Wellbeing

Student demand for wellbeing services is increasing year-on-year. The University has a robust support system in place, including specialist interventions through the Wellbeing Advisory Service and the Counselling Service, as well as established referral pathways to specialist and community-based support.

Headcount

Postgraduate Research: 658 Postgraduate Taught: 3,390 Undergraduate First Degree: 7,830 Other Undergraduate Degree: 8,862

Full-Time Equivalent Postgraduate Research: 225.5 Postgraduate Taught: 1,713.5 Undergraduate First Degree: 6,329.33 Other Undergraduate Degree: 4,640

University Of Wales Trinity Saint David (RC1149535) | 9

Vice-Chancellor’s Review

Notable League Table Standings for UWTSD in 2024/25:

We have continued to enhance the support we offer for student health and wellbeing. We work in partnership with a number of key organisations, such as the NHS, Papyrus, and People Unlimited, to develop support for and resilience within our community, and to provide training and resources for students and staff.

Our work in this area is guided by sector best practice and our aims are set out in our holistic Health and Wellbeing strategy, which has been developed around the national 'stepchange' model.

The University's wellbeing triage process has been further refined this year, maintaining pace with the national 'Mental Health Advisory Services (MULS)' project which has been driving closer links between higher education and the national health service within Wales. The University recognises the importance and benefits of aligning language and thresholds with the NHS and has been pleased with the level of progress on this important national project over the past twelve months. Ensuring that university services and community services are aligned can only result in better provision for students.

Training and staff development provision has continued to be an area of focus, particularly in relation to supporting student wellbeing and success. Through the realisation of our health and wellbeing action plan, the University has continued to implement mental health first aid, suicide prevention, and SAFEtalk training, which is designed to continue to build a culture of positive mental health across our community. Students and staff also benefit from a range of

preventative and self-help resources, including subscriptions to an online wellbeing community and access to the NHS-approved 'Sorted' app.

Learning and Teaching

UWTSD’s broad portfolio, which includes degree apprenticeships and Certificates of Higher Education as well as traditional Undergraduate, Postgraduate and Doctoral programmes, provides a diverse offer that supports personalised learning in support of the University’s mission: Transforming Education and Transforming Lives. We have begun the work of reviewing the design and development processes of programme portfolios as part of a wider curriculum review. The design element is completed through a structured programme of staff training, and design “sprints”, including engagement with employers and students.

Programme design has emphasised introducing and embedding inclusive practice and skills for the future, through a focus on authentic and variable assessment methods, embedding central resources (e.g. Careers, Infoskills) in modules, and enhancing induction and transition through student journey mapping, particularly for vulnerable cohorts.

The formal inclusion of employers and students as an essential part of design “sprints” has provided greater opportunities for skill-focused developments and closer collaboration with our students and alumni.

Our annual Learning and Teaching Awards were held on Tuesday, 24 June as part of our Celebration and Showcase of Practice Day. The event celebrated the achievements of our staff in the areas of teaching and learning across eleven categories, including: Inspirational Colleague; Unseen Excellence; Collaborative Team, and Employability, Enterprise, and Real-World Learning.

2nd in the UK for Student Satisfaction

Satisfaction with Teaching: 7[th] in UK

Satisfaction with Feedback: 5[th] in UK

Notable Guardian Subject Standings for UWTSD in 2025:

Film Production & Photography

Music

1[st] in the UK 1[st] in Wales

Sports Science

Fashion and Textiles

5[th] in the UK 1[st] in Wales

4[th] in the UK 2[nd] in Wales

Psychology

Animation and game design

8[th] in the UK 1[st] in Wales

9[th] in the UK 1[st] in Wales

University Of Wales Trinity Saint David (RC1149535) | 10

Vice-Chancellor’s Review

Welsh language and culture

teaching assistants working with learners aged 3 to 7.

The University’s Welsh Language Services Centre (WLSC) continues to ensure our Additionally, WLSC is now responsible for Yr compliance with the Welsh Language Egin, the creative and digital centre located Standards and services the University's on our Carmarthen campus. Yr Egin provides Welsh medium and Welsh language training collaborative creative, digital and programmes for both staff and students. educational opportunities for staff and students, connecting the University with the WLSC also serves the education sector in creative industries regionally and nationally. Wales through its two commercially branded Sixteen companies are co-located at the hub, entities. Rhagoriaith is a main provider of the which is a destination venue for meetings Welsh Government’s National Sabbatical and conferences. Yr Egin provides clients Scheme for teachers and delivers bespoke with high standard livestream coverage as training to a variety of clients. It is recognised well as a curated artistic programme with as a national centre of excellence for Welsh wider outreach and community language training within the education sector engagement. It was awarded ‘Best Promoter in Wales. Similarly, Peniarth is recognised as of the Welsh Language in the Workplace' in one of Wales' main providers of education 2025 by Careers Wales. resources, in line with Cwricwlwm i Gymru. In 2025, Peniarth was commissioned to deliver a national training programme in Welsh language phonics for practitioners and

University Of Wales Trinity Saint David (RC1149535) | 11

Vice-Chancellor’s Review

Internationalisation

We have seen growth in our transnational education (TNE) activity. The strength of our partnerships with Lanzhou University and Wuhan University of Technology in China was noted in a Quality Assurance Agency (QAA) Quality Evaluation and Enhancement of UK Transnational Higher Education Provision (QE-TNE) review in January, which highlighted the close collaboration between our teams and partners in Wuhan, strengthening both quality and student support.

The review also commented on how shared delivery of teaching enhances the student experience and academic richness. We were subsequently asked to contribute to the QAA’s TNE Thematic Insights: The Role of the Link Tutor in TNE Partnerships report, highlighting the strength of our international partnerships.

Our revitalised approach to international activity has resulted in an increase in the number of Confirmation of Acceptance for Studies allocated to UWTSD by the Home Office to enable international recruitment. In addition, we have continued to enhance and develop our processes following the successful UKVI audit in June 2024. The recruitment and admissions processes we have previously piloted were adopted as standard practice across all UWTSD campuses to ensure consistency. This has led to improved customer experience and applicant-to-enrolled student conversion rates. Across the year we also strengthened our communication and support across university departments to further enhance international recruitment delivery. In addition, a promotional campaign increased the visibility of our brand and supported student recruitment in key South and East Asian markets. The campaign saw more direct engagement with prospective applicants and recruitment agent partners through the

In addition, a promotional campaign increased the visibility of our brand and supported student recruitment in key South and East Asian markets. The campaign saw more direct engagement with prospective applicants and recruitment agent partners through the delivery of international recruitment webinars with a specific focus on the Wales and Birmingham campuses.

In Social Sciences, we lead the Camau i'r Dyfodol project, a £2m Welsh Government-funded initiative supporting educators with the new Curriculum for Wales. Other projects focus on disability research and community wellbeing, as well as research commissioned by UNESCO under its future leaders programme. We have also secured a number of projects in the Sciences, for instance on improving materials efficiency in manufacturing; contract research in glass technologies, and upskilling for regional economic growth and business efficiency.

Our Innovation Matrix building at the SA1 Waterfront campus was officially opened in March by Rebecca Evans MS, Cabinet Secretary for Economy, Energy and Planning (Welsh Government), and Dame Nia Griffith DBE MP, Parliamentary Under-Secretary of State (Wales Office, UK Government). Funded through a strategic partnership between the University and the Swansea Bay City Deal, the Innovation Matrix offers a space for businesses and start-ups to accelerate their product development, access specialist technical support, hire graduate talent and create knowledge exchange partnerships with us. The building is fully occupied and there is a waiting list of businesses seeking to be part of our community.

UWTSD is rated 4th in Wales for impact, with 74% of the University’s research judged as delivering outstanding and very considerable impacts for society, culture, and industry

\t/ 2° We UNIVERSITY LEAGUE 2024/25

People & Planet green league table ranking: 2.1 Class and 39[th]

Research and innovation

The University now has a portfolio of seventy active projects worth more than eleven million pounds. For example, the University is part of a UK-wide, Arts and Humanities Research Council (AHRC)-funded project to investigate how older urban buildings and public spaces can be reimagined as sustainable, liveable places. Retrofitting for the Future: Nature-Based Solutions for Climate Adaptation brings together a powerful consortium of academic and societal partners to explore how biophilic design, working with nature rather than against it, can help urban areas adapt to the intensifying impacts of climate change.

The University of Wales Centre for Advanced Welsh and Celtic Studies (CAWCS) has also received AHRC awards, for instance for the research project ‘The first Welsh Renaissance man? Gutun Owain and the scholarly culture of north-east Wales in the later Middle Ages’. This project will publish edited texts and translations of poetry by the fifteenth-century polymath Gutun Owain, and will investigate his contribution to the scholarship of his region on the eve of the Renaissance in Wales.

University Of Wales Trinity Saint David (RC1149535) | 12

Vice-Chancellor’s Review

In July, UWTSD and Aberystwyth University Digital innovation signed a partnership agreement that will see

both universities supporting professional We continue to embed leading-edge learning for schools. This strategic technology in our teaching, enhancing partnership will focus on delivering highlearning experiences and preparing staff and quality, professional development for students for the rapidly evolving digital schools, with a strong emphasis on landscape. We have developed new curriculum design and support for learners resources to support Artificial Intelligence with additional learning needs (ALN). literacy for staff and students, with materials Our Professional Practice Framework is created for students to help build their designed to enable employers and training understanding of AI and to guide its effective providers to collaborate with the University and responsible use in assessment. to develop bespoke, accredited programmes

that enhance the value, credibility and In parallel, we continue to take advantage of quality of in-house and commercial our transformative teaching environments, development programmes, as well as including two state-of-the-art, LED empowering learners to value their workimmersive classrooms and the integration of based learning and enhance their skills. The extended reality technologies, with these Framework was named Joint Runner Up in innovations exemplifying our innovative the 2025 Universities Association for Lifelong approach to teaching and learning. We also Learning (UALL) Awards under the new continue to lead the pan-Wales Immersive "Quiet Achiever" category. Learning Network for Higher and Further Education. Race Equality In partnership with QAA Cymru and Medr we At the end of the academic year, the hosted the Welsh Collective: AI in Education University received confirmation that it had Conference 2025, a two-day online event been awarded the Advance HE Race Equality bringing together leaders in education, Charter Bronze Award. Achievement of the technology, and policy to explore the

In partnership with QAA Cymru and Medr we At the end of the academic year, the hosted the Welsh Collective: AI in Education University received confirmation that it had Conference 2025, a two-day online event been awarded the Advance HE Race Equality bringing together leaders in education, Charter Bronze Award. Achievement of the technology, and policy to explore the award, which is a Welsh Government transformative potential of Artificial requirement of universities, involved a Intelligence across the Welsh higher and thorough self-assessment of our current further education sectors and beyond. position to inform the development of a fiveyear action plan aligned with the Strategic Equality Plan 2024-2028’s three domains of Understanding, Belonging and Outcomes. Through this, UWTSD continues to actively work on removing barriers to participation, valuing differences, celebrating diversity and supporting people from all backgrounds and circumstances to fulfil their potential.

University Of Wales Trinity Saint David (RC1149535) | 13

Vice Chancellors Review - Principal Risks and Uncertainties

The University maintains a university-level Risk Register which is formally reviewed by the Senior Leadership Team, Council’s Audit and Risk Committee, and Council. It is also updated as and when appropriate if it is clear that risks are changing more rapidly.

Institutional performance is systematically monitored. Council’s Resources and Performance Committee and Council itself receives an annual report on performance. On behalf of the Council, the Resources and Performance Committee also maintains oversight of performance against Key Performance Indicators (KPIs). Monitoring reports are provided at each meeting, with an annual assessment and narrative presented at the final meeting of each year.

Education & Recruitment: People, The Digital & Research & Student Home & Organisation Physical Civic Mission Ex erience International & Culture Estate p

Our academic portfolio is not Home and International student Our staffing structures, Costs associated with running Reduced income from research appropriately structured to recruitment and retention do not workforce profile and workplace and maintaining the and commercial activities results provide the best opportunities align to forecast student behaviours are not aligned to the geographical estate result in in reduced financial for student recruitment, numbers resulting in reduced needs of the University and our reduced financial sustainability . sustainability. experience and outcomes. financial sustainability. students A cyber security breach or incident results in harm to the University. Through a planned cycle, we will We will review and enhance our We will frame and implement an We will optimise our campus We will define, structure and review the academic portfolio marketing to increase our share organisational structure and infrastructure and footprint to implement an appropriate using a range of metrics and of existing and developing culture, based on shared values support a sustainable efficient research approach for the other information, both internal markets with an offer to attract and vision, within a post-16 estate that is fit for purpose to University that is embedded into and external, to ensure that our more students to our Welsh educational group that responds deliver our educational and our educational offer. offer is attractive, well-designed, campuses and grow to institutional and national organisational requirements and appropriately structured and international priorities, delivered by academic respond to changing demands geographically located to provide activity. and professional services, and on usage. the best opportunities for managed by an agile Executive student recruitment, experience that is accountable to governors We will continue to implement and outcomes. and our regulatory bodies. our Digital Strategy, focusing on Within the parameters of our digital tools that will support existing workforce, we will improved student recruitment define organisation structures of and staff and student services appropriate shape, size and whilst maintaining strong cyber geographical distribution to security. effectively deliver and run the University.

University Of Wales Trinity Saint David (RC1149535) | 14

Vice-Chancellor’s Review

Our estate

Having taken the difficult decision in January 2025 to move our Humanities provision from Lampeter to Carmarthen, the Senior Leadership Team has been involved in overseeing the work to ensure that our students and staff are supported in the move. Our focus has been to ensure that the Humanities programmes have the support and environment they need to flourish as academic disciplines, and to provide a more vibrant experience for students and staff.

UWTSD is wholly committed to securing a vibrant future for the Lampeter campus, which holds an important place in the history of higher education in Wales as well as within the local and regional community. We have convened key stakeholder group comprising local politicians, businesses and the community, with members of the community invited to present formal proposals for consideration. The work of progressing any financially viable proposals will be taken forward in the new academic year in collaboration with stakeholders.

We are working closely with Ceredigion County Council to explore how the Lampeter campus can continue to make a significant contribution to education as a centre for skills and vocational training, with particular emphasis on skills-based courses critical to the rural economy of Wales, such as agriculture, horticulture, gastronomy and construction. We are supportive of the Council’s ambition to increase the range of vocational training options available to learners of all ages in the county and will continue to explore the opportunities, which are in line with Medr's priorities for tertiary education in Wales

Our Institute of Inner City Learning has enhanced the learning and teaching experience for students and staff at its Westferry Circus campus, alongside new social spaces for students and staff accommodation. Similarly, additional space was sought in our Birmingham Quay Place campus to accommodate our students.

This year we began the work of relocating the Swansea Business Campus as part of our strategy to enhance the student experience, improve facilities, and co-locate operations at the SA1 Waterfront campus. This relocation, completed in time for the 2025/26 academic year, will provide students and staff with upgraded teaching and learning environments, better collaboration opportunities, and access to state-of-the-art resources. It will also provide stronger engagement with student and academic communities across the Institutes.

Sustainability

We have maintained our Green Dragon Level 5 accreditation for our Environmental Management System Audit, reinforcing our commitment to sustainably responsible operations, and were proud to achieve Green Flag status for the 3rd year in succession on our Carmarthen and Lampeter campuses, which is recognition of our management of green spaces and the biodiversity. We continue to work on decarbonising our estate, for example with the installation of rooftop solar photovoltaics. The work undertaken also links directly into the delivery of academic programmes within Environment and Sustainability.

Staff from the Carmarthen Business School collaborated on a project to strengthen business sustainability and resilience in rural Carmarthenshire by fostering circular economy practices. The initiative, ‘Identifying the Challenges for Enhancing Rural Resilience through the Circular Economy (CE)’, funded by the UK Government’s Shared Prosperity Fund, aimed to address the need for a move towards a green economy.

The University’s Construction Wales Innovation Centre (CWIC) launched the ERFIT (Enhanced Retrofit Fabric Improvement Training) programme to provide technical skills for installing, advising, and troubleshooting retrofit projects. Fully funded and supported by the Passivhaus Trust, it complemented CWIC’s Efficiency Without Compromise project, which trained designers and tradespeople in Passivhaus principles. CWIC was the first organisation outside England to offer the course. ERFIT included two days of online learning on fabric-first construction, carbon emissions, and retrofit contexts, followed by a practical workshop at CWIC’s Swansea Waterfront Campus. CWIC also delivered shorter 2.5hour Passivhaus Retrofit Practical sessions on airtightness and ventilation, insulation and thermal bridging, and windows, doors, and airtightness.

University Of Wales Trinity Saint David (RC1149535) | 15

Joint Report on Financial Year

University Of Wales Trinity Saint David (RC1149535) | 16

Joint Report on Financial Year

Financial Review

The Director of Financial Services and the Chair of the Resources and Performance Committee present the financial review of the Group for the year to July 2025.

The Group result encompasses all activities, other than the Students’ Union which is an independent body.

The higher education sector continues to operate in an environment where a number of underlying factors are resulting in uncertain student enrolments, income generation and cost pressures. The year to 31 July 2025 saw an acute realisation of these pressures for all Universities.

The University is not immune to these pressures and have taken decisive actions in the past 3 years to ensure that its operating model promotes sustainability and enables it to navigate the challenging environment. The impact of these decisions is reflected in the results for both the current and prior year with the University being in a position to look to the future with confidence. From the total comprehensive loss of £5.4

From the total comprehensive loss of £5.4 million, £4.7 million is attributed to the results of the University, a deficit of £0.1 million is attributed to the FE colleges, and a deficit of £0.6 million is attributed to the other subsidiaries in the Group.

The total comprehensive income for the prior year was significantly impacted by the release of the USS deficit provision which reduced pay costs by £33m. As noted on page 18 the underlying performance of the group showed an increase in its underlying profitability of £4.7m

The University and group operate in a complex environment and as such there are a number of non-cash impacting items and items outside of the University’s influence that are reported in the surplus recorded in the statement of comprehensive income. Notably the release of the USS deficit provision in the prior year reduced pay costs, and therefore increasing the surplus generation by £33m.

A summary of the reported financial performance and the underlying financial position are shown in the tables overleaf. The University considers this underlying operating position to be an appropriate measurement of its performance.

The University of Wales Trinity Saint David is not immune to the risks and pressures in the sector but has a student and estate profile that provides additional risks. When managed appropriately with mitigating activities, they also provide the University with opportunities to navigate the current landscape.

The year to 31 July 2024 showed the first stage of recovery from a deficit position reported in the year to 31 July 2023 with the performance to 31 July 2025 continuing to show the impact of corrective actions taken in the current and previous year in addressing the deficit position.

Budgets and forecasts are set to ensure that the University is sustainable and underpinned with appropriate investment in both staff and operational expenditure. The budgets are set to a model that delivers surplus and cash generating positions.

The University is satisfied with the year’s performance but also reflects the need to continue to reshape the financial model for the University and wider group to deliver a sustainable cash generating position.

Tuition fee income for the University continues to be the driver of its growth with an £8.5m increase in tuition fee income noted in the year. The growth in tuition fees is in part through the relocation of the University's London campus which saw its first intake in June 2024.

Other income fell by £6.8m in the year due to non-repeatable capital grant income of £8m recognised in the year to 31 July 2024 related to the construction of the Innovation Matrix building, with this being partially offset by small income gains in other operating areas.

The pay costs for the group in the year to 31 July 2025 have increased from the prior year due to pay awards in both the FE colleges and University and increases in TPS and LGPS pension contributions The pay award for the University was deferred and implemented in June 2025. With the University's low exposure to the TPS pension increases, continued management of the University's headcount has mitigated these pressures and resulted in a small increase of pay costs of £0.9m. During the year the University has work to ensure that the distribution its employees aligns to the operations of the institution. This exercise has resulted in headcount remaining at a similar level to the prior year but the realignment activity has resulted in a restructuring cost of £1.8m.

Operating expenditure was managed closely throughout the year to ensure a breakeven position was met. The University reduced its non-pay expenditure by £6.8 million. This was offset by an increase in commission payments linked to student recruitment of £2.6 million. As a result, the University saw a net £4.2 million decrease in its operating expenditure. The University will continue to carefully manage its non-pay costs while minimising the impact on its ability to deliver a highquality education for its students. Within the wider group operating expenditure increased £5.4 million largely as a result of increased grant funding for the delivery of further education.

In managing the cash position, some capital disposals anticipated for the year to 31 July 2025 were delayed and did not conclude in the year. These had a negative impact on the budget cashflow of £2 million. As noted on page 24 the University has restructured its financial borrowing with HSBC .

University Of Wales Trinity Saint David (RC1149535) | 17

	Joint Report on	Financial Year

	Consolidated		University
Temporary margin guides emove n se maser	Income Expenditure Impact of movement of USS deficit provision Profit/(Loss) on Sale of Assets Decrease in fair value of investment properties Gain/(Loss) on investments Taxation Surplus/(Deficit) for the year - Actuarial gain/(loss) in respect of pension schemes Total comprehensive income/(loss) for the year Statement of Comprehensive Income summ The Group operates in a complex environment and impacting items and items outside of the Group’s i recorded in the statement of comprehensive incom	Year ended 31 July 2025 Year ended 31 July 2024 Movement £’000 £’000 £’000 209,756 202,701 7,055 (208,083) (205,030) (3,053) - 32,925 (32,925) (33) 1,408 (1,441) (3,833) (655) (3,178) 8 (758) 766 1 (4) 5 (2,184) 30,587 (32,771) (3,222) (2,679) (543) (5,406) 27,908 (33,314) ary (Consolidated) Year ended 31 July 2025 Year ended 31 July 2024 £’000 £’000 (5,386) 27,908 es 3,222 2,679 - (32,925) - - 1,821 459 3,833 655 3,490 (1,224) idated) as such there are a number of non-cash nfluence that are reported in the surplus e. These are highlighted below: ition to be an appropriate measurement of its	Income Expenditure Impact of movement of USS deficit provision Profit /(Loss) on Sale of Assets Decrease in fair value of investment properties Loss on investments Surplus/(Deficit) for the year - Actuarial gain/(loss) in respect of pension scheme Total comprehensive income/(loss) for the year Statement of Comprehensive Income su The University operates in a complex environmen impacting items and items outside of the Universi recorded in the statement of comprehensive inco	Year ended 31 July 2025 Year ended 31 July 2024 Movement £’000 £’000 £’000 132,037 135,552 (3,515) (131,104) (136,230) 5,126 - 32,925 (32,925) (7) 1,403 (1,410) (3,723) (565) (3,158) (4) (746) 742 (2,801) 32,339 (35,140) s (1,879) (1,915) 36 (4,680) 30,424 (35,104) mmary (University) t and as such there are a number of non-cash ty’s influence that are reported in the surplus me. These are highlighted below:	Temporary margin guides
	Total comprehensive income/(loss) for the year Add back actuarial movement on pension schem Add back non-core expenditure Net non-cash pension costs & adjustments Revaluation of derivative liability Restructuring costs Decrease in fair value of investment properties Underlying surplus/(deficit) Adjusted Underlying Performance (Consol The Group considers this underlying operating pos performance.		Adjusted Underlying Performance (Univer Total comprehensive income/(loss) for the year Add back actuarial movement on pension schemes Add back non-core expenditure Net non-cash pension costs & adjustments Revaluation of derivative liability Restructuring costs Decrease in fair value of investment properties Underlying surplus/(deficit) The University considers this underlying operating its performance.	sity) Year ended 31 July 2025 Year ended 31 July 2024 £’000 £’000 (4,680) 30,424 1,879 1,915 - (32,925) - - 1,774 403 3,723 565 2,696 382 position to be an appropriate measurement of

			Univers	ity Of Wales Trinity Saint David (RC1149535)

Total comprehensive income/(loss) for the year (5,406) 27,908 ( The Group operates in a complex environment and as such there are a number of non-cash impacting items and items outside of the Group’s influence that are reported in the surplus recorded in the statement of comprehensive income. These are highlighted below: Adjusted Underlying Performance (Consolidated)

Joint Report on Financial Year

Total Income

The growth in income continues a trend over the past 5 years where income has grown by 21% from an income of £174 million in 2020/2021 to £210 million in the current year. The University income in the same

period has increased by 15% from £115 million in 2020/2021 to £132 million in the current year. During this same period, the Group tuition fee income increased by 26%.

Total Expenditure

The year to 31 July 2025 saw an increase in in group expenditure through increased total group expenditure and a decrease in costs in delivering teaching activity in the FE University expenditure. This decrease is the colleges. result of cost control measures implemented in the year with the increase

Expenditure has increased over the past 5 years to support the income growth experienced in the period (21% group income growth, 15% University). When the annual adjustments to the USS provision are excluded, the Group expenditure has grown by 27% and University expenditure growth at 24% over the past 5 years.

University Of Wales Trinity Saint David (RC1149535) | 19

Joint Report on Financial Year

Income Sources

The year to 31 July 2025 saw an increase in total group income of £7.1 million (3%) and decrease in University income of £3.5 million (3%). Total income for the group in the year is £209.8 million and for the University is £132.0 million.

Excluding the prior year capital grant income for the Innovation Matrix (£8.1 million), the increase in income from the previous year for the group and University was £15.2 million (7.5%) and £5.1 million (4%). This growth is

Income (£’m)

predominantly driven through an increase in tuition fees.

The make-up of the income has remained broadly consistent year on year and is summarised below:

Funding Body Grants - The groups The recurrent Welsh Government grant funding body grants include University funding of £47.5 million comprises of funding for the provision of higher £16.1m awarded to Y Ganolfan Dysgu education, FE college funding for the Cymraeg Genedlaethol for the delivery provision fo further education and other and promotion of Welsh Language group funding for the provision of Welsh learning and £39.6 million awarded to Learning for adults. The increase in the Coleg Sir Gar and Coleg Ceredigion for the funding body grant income of £0.4 million provision of further education. for the University and £6.7 million for the Group is through an increase in recurrent grant funding.

Funding body grants – Other reflect grants from the Welsh Government, received by Coleg Sir Gâr, Coleg Ceredigion and Y Ganolfan Dysgu Cymraeg Genedlaethol (YGDCG).

Other income arises from a wide range of sources including: student residences, catering and grant funding for projects and programmes.

Consolidated income: Movement % 2024 -2025

University income: Movement % 2024 -2025

University Of Wales Trinity Saint David (RC1149535) | 20

Joint Report on Financial Year

Staffing Costs

Other Operating Costs

60% of the University’s operating expenditure (47% group) falls within Academic and related expenditure. The University expenditure of £29.3 million in this area includes £19.1 million related to student recruitment, an increase of £2.6 million.

The depreciation charge in the year has decreased by £1.2 million for the university (£1.5 million for the Group).

The University targets a staffing cost to income ratio of between 50% and 55%, over this 5-year period the ratios have been within this range. In the year to 31 July 2025, the University ratio is 53% and the Group Ratio 50%. When the non-recurring capital grant income is excluded, the ratios are 54% and 52% for the University and Group respectively.

Staffing costs are the largest single cost line for the University and Group representing 51% of Group expenditure (2024:42%) and 55% of University expenditure (2024:52%).

The University saw significant capital expenditure on equipment as part of a post-Covid recovery funding program. The items purchased in this period were at a nil NBV at 1 August 2024 with no depreciation charge in the year. Having undertaken reviews on expected future use of the key University buildings, the University has concluded that the carrying value is appropriate, with no impairment charges required in the current year.

Restructuring costs totalling £1,821k were paid in the year. When the restructuring costs are excluded the Goup pay costs were 50% of income and University pay costs 53% of income

Premises expenditure for the University has reduced by £0.9 million (13%), Group expenditure has increased by £4.3 million (43%). The increase in group expenditure is due to funded maintenance expenditure.

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| Staff Costs | Operating Expenses a Depreciation and Impairment a Interest and Finance Cost
Year to 31 July 2025
Total £208.1m
Year to 31 July 2024
Total £205.0m
Year to 31 July 2025
Total £131.1m
Year to 31 July 2024
Total £136.2m
0 50 100 150 200
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Temporary margin guides
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University Interest and finance costs include a pension scheme interest credit of £0.4 million (2024: charge of £0.4 million) and loan interest of £2.3 million (2024: £2.1 million).

The Group Interest and finance costs include a pension scheme interest credit of £1 million (2024: £0.06 million credit) and loan interest of £2.3 million (2024: £2.1 million).

Consolidated Expenditure: % of Year to 31 July 2025

University Expenditure: % of Year to 31 July 2025

University Of Wales Trinity Saint David (RC1149535) | 21

Joint Report on Financial Year

Capital Expenditure

2024 saw the completion of a range of The expenditure for the year included capital projects previously committed to. investment in the University’s 3 Welsh The capital expenditure for the group in the campus (£5.0 million), London Campus year to July 2025 is at a lower value (£10.2 (£2.5 million) and general equipment (£1.0 million) than in the prior year (£19.5 million million). For the University the expenditure was £7.9 million (2024: £16.9 million).

Balance Sheet

The consolidated Balance Sheet discloses a net assets position of £136.5 million at 31 July 2025 (2024: £141.9 million). The decrease in net assets primarily arises from the decrease in value of investment properties, excluding amounts transferred to fixed asset of £3.6 million. Cash balances are reported as £17.8 million for the Group at 31 July 2025 (2024: £20.4 Cash Flow The University and Group cash position

The University and Group cash position peaked at July 2022 after which the cash balances have been utilised in the capital expenditure noted above in both the current and prior years and in servicing the deficit recorded in the Year to 31 July 2023. The consolidated net cash inflow from operating activities was £7.5 million for the year (2024: outflow £3.6 million) and the overall cash inflow was £2.9 million (2024: outflow £29.9 million).

million less £5.5 million overdraft) and £2.1 million for the University (2024: £2.0 million less £5.5 million overdraft).

The University drew down £7 million from its Revolving Credit Facility at 31 July 2025 with this balance showing under creditors due within 1 year. These funds were utilised in the year in repaying creditor balances due at 31 July 2025.

£0.01 million (2024: £2.7 million) less payments made to acquire fixed assets of £10.2 million and investment properties of £0.2 million (2024: £2.9 million).

Cashflows from financing activities contain the £7.0 million drawdown of the RCF (2024: £nil), repayment of the University term loan £2 million and interest payments of £2.7 million (2024: £2.1 million).

Cashflows from operating activities are impacted by an increase in debtor balances of £4.7 million and a reduction in creditor balances of £1.6 million.

Cashflows from investing activities include proceeds from the sale of fixed assets of

University Of Wales Trinity Saint David (RC1149535) | 22

Joint Report on Financial Year

Borrowing

During the year the University utilised an unsecured overdraft with Barclays. The overdraft facility expired in May 2025 and was not renewed.

creditors due within one year on the balance sheet

The University retained the term loan as part of the renewal. The capital repayment on the loan remains at £2 million per year, paid in 4 equal instalments. The maturity of the loan was extended to align with the RCF until July 2030.

In July 2025 the University entered into a £30 million Revolving Credit Facility (RCF) with HSBC. This facility is secured on the same basis as the existing term loan with HSBC with no further security granted. The RCF will remain through to July 2030. An initial draw of £7 million was made prior to the 31 July 2025 with this recorded under

Details of the University borrowings are in note 20

Covenants

Under the new loan agreement the covenants were restated. The Covenants in place at 31 July 2025 were:

The 3 covenants in place up to 30 April 2025 on a group basis were

The ratio of cash-flow available to
meet debt servicing costs for the prior 12 months to be not less than 1.1 times debt servicing costs – Capital Expenditure in the year to be net of opening balance sheet cash;
The ratio of cash-flow available to meet debt servicing costs for the prior 12 months to be not less than 1.1 times debt servicing costs – Capital Expenditure in the year to be net of opening balance sheet cash;
The ratio of net debt to total income to be not more than 50%; and
The level of consolidated net assets
The ratio of net debt to total income to be not more than 50%; and
excluding pension liabilities to be not less than £105 million.
The level of consolidated net assets excluding pension liabilities to be not less than £75 million

These covenants were tested based on the University’s management accounts at 31[st] October 2024, 31[st] January 2025, and 30[th] April 2025. All 3 tests were passed at each testing point.

Under the new loan agreement no covenant test is required for July 2025.

The budget and forecasts prepared indicate that they will be passed at all points for the forecast period through to December 2026.

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Liquidity

The Group's current ratio at 31 July 2025 was 0.82 (2024: 0.84).

Detailed monthly cashflow forecasts have been prepared for the 12 months ended 31 July 2026 and into the Year ending 31 July 2027 showing that there are sufficient cash resources and liquidity during this period to properly manage its affairs and planned operations. These forecasts indicate a positive cash flow for both periods.

Trade and other receivables increased by £4.7million for the group and £4.3 million for the University, driven by an increase in the amount of student fees outstanding at 31 July.

The increase in trade receivables reflects the growing tuition fee income and is not an indicator of the recoverability of these balances

Creditors due within one year amount to £72.1 million for the University (2024: £64.2 million), and £56.3 million for the Group (2024: £66.8 million). The increase primarily arises from an increase in deferred tuition

fee income of £2.9 million reflecting the increased student fee income generated from the University’s in year intakes, an increase in short term borrowing of £1.5 million, a reduction in trade creditors of £1 million. Other accrual balances decreased by £0.5 million for the group and increased by £1.9 million for the University.

The decrease in deferred income is driven through the release of the capital grant of £8.1 million held at 31 July 2023 relating to the Innovation Matrix building and a £2 million decrease in other deferred grant income as long-term projects reach their end point.

The trade creditors decrease is due to timing of transactions. There has been no amendment to the creditor payment policy in the year which continues to follow best practice. The University’s payment policy requires the University to aim to pay all undisputed invoices by the due date or within 30 days of receipt of goods and of a valid invoice.

University Of Wales Trinity Saint David (RC1149535) | 23

Joint Report on Financial Year

Pensions

The University contributes into 6 defined benefit pension schemes, of which one (USS) remains open to new members. In addition, the two FE colleges each contribute into a defined benefit scheme. Of the 8 schemes in total, 2 Teachers Pension Schemes (TPS) are accounted for as a defined contribution scheme with no balance sheet provision, 4 Local Government Pension Schemes (LPGS) and 1 in-house scheme are accounted for as pension provisions and the USS scheme is accounted for as a deficit provision. All provisions are recorded as non-current liabilities.

of its pension schemes. As it is not anticipating to derive any economic benefit from the surplus position on any of the LGPS or in-house schemes, no surplus has been recognised on any scheme.

FRS102 requires the University to recognise its obligations to contribute to the deficit of the University Superannuation Scheme (USS). This liability is included in the pension provision. Additional costs are processed through staff costs in the consolidated statement of income and expenditure.

Following the release of the USS pension deficit no provision for the USS pension deficit has been recognised at 31 July 2025 or 31 July 2024.

The LGPS and in-house scheme were in a surplus position at 31 July 2025 and 31 July 2024. The University undertook a review on the underlying assumptions within the actuarial reports for each of the LGPS, TPS and in-house schemes and concluded that all of the inflation, discount rate and salary movement assumptions fell within the range expected, based on a peer review of 5 other institutions’ schemes.

The Group has assessed the future economic benefit from the surplus position

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Financial Health

The University is pro-actively managing its activities to meet the challenges of the current difficult economic environment.

to deliver our educational and organisational requirements and respond to changing demands on usage.

The key indicators of surplus, cashflow and banking headroom reflect the challenging environment. These have been significantly influenced over the previous 3 years through significant capital expenditure levels resulting in a deterioration of cash balances. The Group reserves and external funding structures provide sufficient headroom to meet the challenges faced in the immediate term and provide a platform for success and sustainable financial performance in future periods.

• managing cash flows, including the timely collection of receipts from the student loans company, to ensure compliance with bank covenants;

being pro-active in responding to the reductions in core funding from Medr and Welsh Government; and
responding to the changing political context of Higher Education in Wales;

During the year ended 31 July 2025 the University’s increased teaching activity and cost controls have increased the surplus delivered through its operating performance. The University will continue to seek increased student recruitment through each of its entry points and continue to manage expenditure levels in a way to drive an operating surplus and begin to replenish the cash reserves that have decreased over the previous 3 years.

The University recognises the need to actively manage this position in future periods with key areas for focus including:

reviewing the academic portfolio to ensure that our offer is attractive, well-designed, appropriately structured and geographically located to provide the best opportunities for student recruitment, experience and outcomes;

outcomes; The budget for the year to 31 July 2026 • enhancing our marketing and increase indicates a net cash inflow for the year of £3.9 million with future years building on our share of existing and developing this position. A 5-year forecasting markets with an offer to attract more model was approved by the University students to our Welsh campuses and council in the year which sets out a grow international activity. recurring annual cash generation which • defining organisation structures of leads to the RCF not being utilised in the appropriate shape, size and outer years of the forecast. geographical distribution to effectively deliver and run the University.

optimising our campus infrastructure and footprint to support a sustainable efficient estate that is fit for purpose

University Of Wales Trinity Saint David (RC1149535) | 24

Joint Report on Financial Year

Going Concern

2025/2026 with an increase in tuition fee income, an increase in operating surplus and cash generation of £3.9 million in the University. At the date of signing the accounts, both the Group and University remain confident that their budgets will be delivered in the financial year.

In preparing the financial statements for 2024/2025 and a budget for 2025/2026 the Group and University acknowledged and appreciated the challenging external environment that all tertiary education providers in Wales and the UK are operating under. The Group and University consider income generation and realisation of this income in cash as the most appropriate method of maintaining sustainability.

The growth in operating surplus is largely as a result in an increase in tuition fee income, both through a small expansion to the London campus completed in the year, targeted increases in International students and growth in the full-time undergraduate tuition fee.

For the year to July 2025, the Group’s income, excluding one off capital grants, grew by £7 million despite a reduction in Capital Grants of £8.1 million. University income excluding this capital grant reduction grew by £4m with the University income of £132.0 million (Group £209.8 million considered to be repeatable. June 2024 saw the first intake of students in the University’s new campus in London, providing the base for tuition fee growth in the year. Further expansion work in the year provides additional income opportunities

The cost saving objectives for 2024/2025 were met by the University and wider group with the budget for 2025/2026 maintaining the cost base without further savings.

The University’s pay costs are just under 55% of total income with the budget for 2025/2026 showing a small decrease in this ratio. The University recognise the impact of this ratio on the financial performance and are managing its headcount accordingly to ensure that any increase in pay costs is proportional to increases in income.

Within the budget process, all members of the Group set appropriate targets for EBITDA and cash generation that will aid the management of their primary sustainability metric - being the Group and University’s cash position and projections alongside meeting its banking covenants..

The budget setting for 2025/2026 and forecasting for 2026/2027 acknowledges the current cost base and the external pressures facing the Group and University, resulting in prudent and centrally controlled costs levels in both pay and non-pay for future years.

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The forecasts are made with an underlying assumption of continued support from its bankers in the provision of its term loan facility. On 31 July 2025, the University completed on a £30 million Revolving Credit Facility with HSBC that will provide the financial support for its operational and investment activity over its 5-year term. At 31 July 2025 £7m of the facility had been drawn down as noted in note 20 As part of the facility completion the existing term loan facility period was aligned to the RCF with both facilities expiring in July 2030. As part of the renewal, the University agreed updated covenants and is forecasting to achieve the revised covenant obligations throughout the going concern period, even when considering the stress testing and sensitivity.

The Group banking covenants to HSBC are tested on a quarterly basis on the 31st October, 31st January, 31st April and 31st July. The forecasts referred to above demonstrate that the Group and University will be compliant with its covenants during the assessment period on both base case and downside with mitigation case scenarios.

As noted above and in the Consolidated Statement of Cash flows, there was a net cash inflow of £2.9 million in the year to 31 July 2025 with a net cash inflow from operating activities of £4.7 million. The forecasts for 2025/2026 show a continuation of a recovery in both the Group and University cash positions with an expected net cash inflow of £3.9 million. During 2025/2026, the Group and University intend to utilise the revolving facility

referred to above with HSBC to manage its monthly cashflow. The overdraft facility with Barclays utilised during the year to July 2025 expired on the 31st May 2025 and was not renewed

The Group cash reserves position and external funding structure are available and sufficient, even under plausible downside scenarios, to allow all Group and University liabilities to be met as they fall due for a period of 12 months from the date of signing the financial statements.

The applied downside scenarios consider a reduction in tuition fee income, increases in operating expenditure and an overspend in capital expenditure. Whilst being plausible to the University, the performance in the year to the date of signing the accounts suggests the potential downsides are unlikely. The testing to the downside scenarios give further confidence in the ability of the Group and the University to manage any uncertainty arising in the 12 months from the date of signing these financial statements.

The output of the forecasts demonstrate that the University has sufficient cash generation in the 12 months from the date of signing the accounts to meet its liabilities, and also that all banking covenants will be met in the same period. The accounts are produced on a going concern basis to reflect the points covered above.

University Of Wales Trinity Saint David (RC1149535) | 25

Joint Report on Financial Year
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Environmental Sustainability Policy

The University’s sustainability team collaborates with the Sustainable Development Group and the Sustainability Steering group in this area and continues to support the embedding of sustainability within the University’s curriculum at all levels as well as engaging with the widest number of organisations to develop sustainable practice across all sectors in Wales and further afield.

Sustainability is at the heart of how the University does business. The University believes that environmental sustainability is the foundation of wider economic and social sustainability and is an integral part of good institutional practice. It has a duty to satisfy itself that all of its operations and activities are conducted with proper regard to the environment.

Environmental Reporting

development of a three-year plan that will recognise the progress to date and further map out the route to Net Zero Carbon.

The University is committed to embedding sustainability as a core principle. This is evidenced in the Strategic Plan and Environmental Policy Statement which articulates its values of Sustainable Development and Global Citizenship. Sustainability is embedded within the Strategic Action Plan (2022 – 2025) and Estates and Infrastructure have key performance indicators that are sustainability linked; these include: energy consumption, cost of core utilities, Scope 1&2 emissions. Progress is monitored through annual strategic plan reporting and Key Performance Indicator Reporting provided to the Resources and Performance Committee and University Council.

The main action areas identified for carbon reduction fall within the following:

Implementing a Monitoring Programme to ensure accurate monitoring of energy use, and water use through the provision and use of an Energy Management System enabled by an appropriate software package;
All new capital projects are built to Net Zero Carbon BREEAM ‘Excellent’ score and there is an associated reduction in supply chain and waste impacts;

The University is specifically committed to implementing a University-wide Carbon Management Plan to achieve Net Zero Scope 1 & 2 by 2030, scope 3 by 2045.

• To significantly improve the energy efficiency of the remaining estate, with full consideration given to replacement & renewable energy heat schemes and discontinuation use of gas. Campus development plans must prioritise decarbonisation opportunities such as scoping for Low/No Carbon Heat pilot projects and making demonstrable progress on understanding and implementing the remaining energy efficiency opportunities. which include utilisation of effective building management controls;

In 2022, the University adopted a Net Zero Carbon, Interim Plan to explicitly show its commitment to, and outline a plan for, managing and reducing its carbon emissions, against which considerable progress has been made. This has included: signed Swansea Healthy Travel Charter, being part of Public Service Boards Net Zero action groups, and external communications on student led projects. Solar installations, retro fitting the estate with energy efficient options such as LED lighting, Low carbon Heat Pumps, etc.

• To reduce waste across the institution in order to minimise waste processing, pollution and landfill activity whilst meeting the new Waste legislation for Wales that came into force in 2024.

Systematic revision of this plan will enable the University to continue the journey to Net Zero Carbon while undertaking a range of assessments that will inform the

In addition, the University will:

In addition, the University will: monitoring and measuring progress against performance indicators to confirm effective
• Develop people centred model of service implementation and alignment with delivery that reduces the need to travel for organisational objectives and strategy. It reviews staff, students and visitors that promotes low (where appropriate) strategy and policy and emission travel, active travel and encourages a approves or refer to Senior Leadership Team as is greater use of public transport, reducing car necessary, while working to ensure that the commutes and business travel; requirements of both UN Sustainable
• Apply the principles of a circular economy to Development Goals and the Wellbeing of Future our procurement activities, incorporating a Generations Act (2015) requirements are met. robust carbon reduction phase that assesses This steering group is chaired by the Chief the carbon impact of goods and service across Operating Officer who is instrumental in driving the lifespan; the institutional change.
Utilise UK markets for carbon sequestration values to develop a land asset calculation; The Sustainability Development Group (SDG) is
• Develop renewable energy sources to reduce formed by managers across every academic and our carbon footprint, mitigating business risk professional service in the University as well as against overloading and power outage on the Coleg Sir Gâr. This group has student National Grid; representation, and membership is open to all
• Student and staff engagement through a students who wish to be part of it. They are blended approach of both digital and face to tasked with creating a departmental sustainability face events which aims to promote behaviour action plan, capturing suggestions and actions to change that creates a climate conscious move the sustainability agenda forward to meet Wales; our commitments, including the Net-Zero Carbon
• Maximise carbon sequestration through the by 2030 ambition. The group promotes and biodiversity of its land holdings. communicates sustainability across the whole institution. This has resulted in several initiatives
Central to this is the creation of a clear relating to Net Zero being communicated to staff, accountability route that ensures that such as our “One Campus, One Day” initiative sustainability becomes embedded into policy and aimed at reducing inter-campus travel as well as establishes collective responsibility to make a providing a consultation forum for policy positive impact upon our people, our development, check and challenge. The communities and our planet. membership of these groups ensures senior level oversight and support for this agenda, as well as
The Sustainability Steering Group (SSG) is ensuring engagement and consultation with responsible for supporting the Sustainability senior officers in terms of wider University Group agenda for the University Group, and for impact.

Reon Rowland Jones — fresace (Chair, Resources and Gavin Bessant (Director of Financial Services) Performance Committee)

University Of Wales Trinity Saint David (RC1149535) | 26

These Objects constitute the University’s charitable purposes for the public benefit. Academic Success Education for the public good is at the heart of the University’s values. We are

Joint Report on Financial Year

Public Benefit Statement

The University is a registered charity, and its charity number is 1149535.

Our Mission of Transforming Education; Transforming Lives derives from our Royal Charter’s Objects to ‘to advance education and disseminate knowledge by teaching, scholarship and research for the public benefit’.

In setting and reviewing the University’s objectives and activities, University Council has had due regard to the Charity Commission’s guidance on the reporting of public benefit and particularly to its supplementary public benefit guidance on the advancement of education.

Scholarship and Research

Our research and engagement create impact mission and public purpose, and the Research in the public realm, improving equality, and Innovation Strategy seeks to ensure that diversity and inclusion. Our research activity all research areas should make a positive is critical to the delivery of the University’s contribution to the communities we serve.

Welsh Medium

Our commitment to Welsh medium learning, Welsh Government's Cymraeg 2050: A million including supporting second language Welsh Speakers Strategy. Compliance with learning and Welsh cultures is underpinned Welsh Language Standards also ensures that by the University's Welsh Language Strategy. the University provides a supportive The Strategy contains firm commitment to environment and ethos for individuals ensuring opportunities to learn and study learning the language or studying through the through the medium of Welsh in line with the medium of Welsh.

Education for the public good is at the heart of the University’s values. We are committed to the principles of equality and diversity and to building strong communities on all sites and within our partners’ academic communities. We are committed to create an inclusive, supportive learning and working environment in which all staff, students and learners can flourish and fulfil their personal potential. UWTSD Students are not a single group, they include – but are not limited to - mature students, disabled students, minority ethnic students, international students, LGBTQ+ students and students from further

underrepresented groups in higher education. Our students enter with a wide range of prior qualifications and experiences which enhance our University community. Understanding the barriers facing these different students, and the impact of intersections between different characteristics, will be crucial to the success of this strategy. We also recognise that the barriers faced by various groups of students are not mutually exclusive and through its mission the University aims to work to reduce these barriers to enable student success.

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Statement of Corporate Governance

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Governance Overview

In accordance with the University’s Supplemental Royal Charter, the Council is the governing body of the University and is responsible, through Statute, for approving the strategic plans for the University and for governing and regulating its finances, accounts, investments, property, business and affairs. Its Primary Responsibilities are set out in the University’s Ordinances.

The Council comprises independent, staff and student governors appointed under the Statutes and Ordinances of the University, the majority of whom are non-executive. Members of Council are also trustees of the University. Vacancies for independent members are advertised externally and appointments are made following completion of an interview and selection process. The role of Chair of Council is separated from the role of the University’s Chief Executive, the Vice-Chancellor. The Council is served by a Clerk who is responsible to the Chair. The Council meets at least four times a year and also exercises its responsibilities through the executive management and several standing committees. A Scheme of Delegation sets out where decision-making authority in the name of, or on behalf of, the Council resides, and where this authority can and has been delegated. The standing committees are chaired by independent members of Council and all have a majority of independent members. Staff and student Council members are members of all standing committees with the exception of the Audit and Risk Committee. Senior officers of the University attend meetings as necessary.

A register of interests is maintained and presented annually for all members of Council and the standing committees along with senior officers of the University and its subsidiary companies. A Code of Practice for Council Members provides information on the procedures to be followed should a conflict of interest or loyalty arise.

Academic Committee

The Academic Committee provides advice to Council on its determination of the educational character of the University.

The Committee met on two occasions in 2024/25. It considered a range of issues within the scope of its remit, including reports on the student experience, the learning environment, international activities and quality assurance; the University’s strategy for developing and promoting Welsh medium and bilingual education; and reports from Coleg Sir Gâr on learners and standards. The Committee considered Senate’s Annual Report to the University Council and the assurances it provided on the maintenance of quality and standards following its presentation to the full Council in November 2024.

Areas of particular focus during the year included the University's wide-ranging curriculum review and collaborative partnerships. The Committee also considered monitoring reports on strategies in a range of areas, including learning and teaching, student mental health and wellbeing, Welsh language and widening participation.

The membership was follows (with attendance (%) provided in brackets): Geraint Roberts (Chair) (100%); Emlyn Dole (50%); Natalie Beard (50%); Professor Elwen Evans (50%); Dr Deborah Hughes (100%); Uzo Iwobi (resigned January 2025; 0%); Deris Williams (50%).

Audit and Risk Committee

The Audit and Risk Committee oversees audit and risk E across the UWTSD Group, with terms of reference that are based on the model terms of reference set out in the Higher Education Audit Committees Code of Practice published by the Committee of University Chairs (CUC). The Internal and External Auditors are present at each meeting.

The Committee met on four occasions in 2024/25. It considered a range of issues within the scope of its remit, including internal and external audit plans and findings; the financial statements for the University and its subsidiary companies prior to their submission to Council; the corporate risk register and assurance map; a twice-yearly transparency report on a range of matters including procurement and freedom of information; an annual report on whistleblowing; the performance of the internal and external auditors and arrangements for audit service tendering in 2025/26; and reports from the Coleg Sir Gâr Audit and Risk Management Committee.

The membership was follows (with attendance (%) provided in brackets): Nigel Roberts (Chair) (100%); Timothy Llewelyn (100%); Adrian Evans (co-opted; 75%); Jacqui Kedward (co-opted; 100%).

There is no cross-membership between the Audit and Risk Committee and the Resources and Performance Committee.

Group Scrutiny Committee

The Group Scrutiny Committee maintains oversight of the subsidiary companies of the University, focusing in particular on strategies pertaining to the relationship between the University and Coleg Sir Gâr.

In the light of wider strategic discussions about the Group, the Committee did not meet in 2024/25. The annual report on subsidiary companies was presented direct to the Council for consideration.

University Of Wales Trinity Saint David (RC1149535) | 29

Governance Overview

Nominations and Remuneration Governance Committee Committee

The Nominations and Governance Committee is The Remuneration Committee determines on an responsible for monitoring Council’s corporate annual basis the salaries, terms and conditions governance capability and governance and, where appropriate, the severance conditions arrangements for the University and the wider of the Vice-Chancellor and other specified senior UWTSD Group. It monitors the composition and staff. As part of this process the Committee membership needs of the Council and makes considers a range of external contextual and recommendations for appointments to comparative measures in determining pay awards committees and other bodies. as set out in the annual Pay Policy Statement.

The Committee met on two occasions in 2024/25. It considered a range of issues within the scope of its remit, including annual salary reviews for the staff within its remit with accompanying relevant supporting information; and the University’s annual Pay Policy statement.

The Committee met on three occasions in 2024/25. It considered a range of issues within the scope of its remit, including the recruitment strategy for new independent governors; the biennial review of the internal Code of Practice for Council Members; governance reports from Coleg Sir Gâr; reports on complaints; and nominations for honorary awards. Key areas of work in 2024/25 included arrangements for the Governance Effectiveness Review which took place in the spring and summer terms 2025; agreeing the data to

The membership was as follows (with attendance (%) provided in brackets): Justin Albert (Chair) (100%); Dr Tracy Cruickshank (100%); Maria Dinu (100%); Emlyn Dole (100%); Geraint Roberts (100%); Dr Liz Siberry (100%).

Key areas of work in 2024/25 included arrangements for the Governance Effectiveness Review which took place in the spring and summer terms 2025; agreeing the data to inform the monitoring of Council's EDI plan; and monitoring of the third year of implementation of Council's development and retention plan. Two new independent governors were selected and recommended for appointment to Council by a panel of the Committee.

The University publishes its annual Pay Policy Statement on its website which can be viewed through the following link Strategies and Policies | University of Wales Trinity Saint David

The membership was as follows (with attendance (%) provided in brackets): Dr Liz Siberry (Chair; 100%); Maria Dinu (100%); Emlyn Dole (100%) Professor Elwen Evans (67%); Dr Stuart Robb (100%); Emlyn Schiavone (67%); Deris Williams (67%).

Resources and Performance Committee

The Resources and Performance Committee maintains oversight of strategic planning and the financial affairs of the University.

The Committee met on four occasions in 2024/25. It considered a range of issues within the scope of its remit, including strategic developments; assessments of performance in relation to the Annual Plan and the Strategic Plan,the institutional Key Performance Indicators, and the targets of Fee and Access Plans; reports on student recruitment and retention; financial performance against forecasts and budgets and institutional sustainability; pensions; financial reports from the Students’ Union; human resources matters including approval of the annual pay award and reports from the Joint Consultative Committee; and reports relating to finance and resources from Coleg Sir Gâr.

The membership was as follows (with attendance (%) provided in brackets): Rowland Jones (Chair) (100%); Justin Albert (100%); Natalie Beard (75%); Emlyn Dole (75%); Professor Kyle Erickson (100%); Professor Elwen Evans (100%); Emlyn Schiavone (75%); Katrin Shaw (100%).

Senate

In addition, the Senate, which is the academic authority of the University and draws its membership mainly from the academic staff and students of the institution, also reports to Council. Its role is to direct and regulate the teaching and research work of the University.

Senior Leadership Team

At executive level, the Senior Leadership Team meets on a regular basis in an advisory role to support the Vice-Chancellor in formulating proposals for the strategic direction of the University. 21 meetings were held in 2024/25. A wide range of topics are discussed at the meetings – both strategic and operational.

In 2024/25 the Senior Leadership Team membership included: the Vice-Chancellor, the Chief Operating Officer, the Pro ViceChancellors, the Deans, the Executive Director of Human Resources, the Director of Financial Services, the University Secretary and the Chief of Staff.

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Governance Overview

CUC Higher Education Code of Governance

The University aspires to high standards of subsequent report found that the University was corporate governance. As a corporation founded meeting the expectations of the Code, with by Royal Charter with charitable status, the several areas for further development identified. University does not fall within the corporate Council considered the report in July 2025 and governance reporting requirements of the an action plan is in preparation. London Stock Exchange, but it seeks to demonstrate that its governance is undertaken Through its Remuneration Committee, Council in an open and accountable manner and that it reviewed compliance with CUC’s Higher aspires to best practice within the higher Education Senior Staff Remuneration Code (June education sector. All Council members are 2018) in 2018/19. A further review was required to sign up annually to a Code of Practice undertaken in 2020 in the light of the for Council Members which sets out the recommendations of the Camm Review, and in standards of conduct and accountability which 2022 following the publication of an updated are expected of them in their role as governors Code. The University’s practices adhere in full to of the University and charity trustees; the the expectations of the Code. Through the Audit principles and values of the University and of and Risk Committee, the Council has also public service more generally; and the confirmed that all elements of CUC’s Higher University’s approach to matters such as Education Audit Committees Code of Practice confidentiality and the declaration of interests. (May 2020) have been adopted.

An internal audit of the University’s approach to Governance was undertaken in December 2023 and provided substantial assurance on the control environment, with one recommendation identified in relation to skills assessment. The next audit of Group Governance is scheduled for November 2025.

The University’s governance arrangements have been developed to reflect the principles and practices set out in CUC’s Higher Education Code of Governance, the most recent iteration of which was published in September 2020. Through the Nominations and Governance Committee the Council has reviewed its practices in the context of the Code and has confirmed that the Primary Elements are in place and that the University’s arrangements comply with all key principles. In 2025 the Council commissioned an external consultant to undertake a Governance Effectiveness Review of its practices, which included holistic consideration of adherence to the Code. The

Camm Review of Governance of the Universities in Wales

The Council has welcomed the Review of Governance of the Universities in Wales by Gillian Camm (‘the Camm Review’), the report of which was published in February 2020. In July 2020, the Council formally adopted the Governance Charter for Universities in Wales published by the Chairs of Universities Wales (ChUW) and Universities Wales and agreed an action plan in response to the accompanying Commitment to Action. The Council’s implementation of the plan is now complete and has informed governance practices in a range of areas. The work undertaken includes:

policy;

reviewing the internal audit process;
commissioning an annual report on whistleblowing;
approving the statements on independence, the role of the Secretary and annual reporting developed through the Welsh Clerks and Secretaries Group;
approving an approach to leadership succession planning;
adopting the new template for the Annual Report and Financial Statements;
areas. The work undertaken includes: • approving and implementing a governor development and retention plan;
• formally reviewing quantitative and • participating in Advance HE workshops qualitative data relating to organisational relating to equality and diversity and culture and agreeing a mechanism for developing a Council EDI plan. ensuring annual reflection by the Council;
• considering the sector-wide good practice A key focus for the Council following the Camm guide on stakeholder engagement; Review has been the articulation, consolidation
• confirming its expectations in respect of the and enhancement of arrangements for governor size and shape of the governing body and the induction and development. Formal and responsibilities and behaviours of governors; comprehensive induction arrangements,
• implementing a rolling recruitment and including a ‘buddy’ scheme for new independent induction strategy with a focus on diversity; governors, have been established, and a
• reviewing the standing committee structure; development and retention plan has been • confirming its approach to governor implemented, setting out the opportunities independence and conflict management; (both mandatory and optional) that are provided
• reviewing its arrangements for remuneration for all governors. Record-keeping has been governance; formalised, as has the approach to appraisal.
completing a review of risk management

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Statement of Internal Control

As the governing body of the University, the Council has responsibility for maintaining a sound system of internal control that supports the achievement of the strategic plans, aims and objectives of the institution, whilst safeguarding the public and other funds and assets for which it is responsible, in accordance with the responsibilities assigned to Council in the Charter and Statutes, and the annual Terms and Conditions of Funding issued by Medr (formerly HEFCW).

The internal control system includes policies, regulations and plans; monitoring of financial and operational performance; segregation of duties; authorisation and approval procedures; information systems; and effective internal and external audit functions. It also includes an ongoing process designed to identify the principal risks to the achievement of the strategic plans and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively, and economically. These systems have been in place for the year ended 31 July 2025 and up to the date of approval of the annual report and financial statements. The system accords with relevant guidance from the British Universities Finance Directors Group. The system of internal control is designed to manage rather than eliminate the risk of failure in the achievement of business objectives; it therefore provides reasonable but not absolute assurance of effectiveness and not absolute

The system of internal control is designed to manage rather than eliminate the risk of failure in the achievement of business objectives; it therefore provides reasonable but not absolute assurance of effectiveness and not absolute assurance against material misstatement or loss.

The Audit and Risk Committee has specific authority delegated by the Council to monitor and review internal control matters on its behalf and to report to Council on these matters. Independent Internal Auditors undertake regular reviews of the systems of internal control; the scope of their work is determined in advance by the Audit and Risk Committee which receives their reports and recommendations. The areas for review are determined by their significance to the University’s operations and the risks associated with their failure; they include operational and compliance matters as well as financial risk. The Internal Auditors attend each meeting of the Committee and meet privately with independent members on each occasion. The deliberations of the Audit and Risk Committee are reported at each meeting of the Council.

The University has established a robust methodology for evaluating and managing risk on a continuing basis, linked explicitly to the achievement of institutional objectives. UWTSD

Group and corporate-wide University risk registers, which rate the likelihood and impact of identified risks, are maintained and regularly reviewed by the Senior Leadership Team. Departmental risk registers are developed and reviewed at local level, with risks escalated to the corporate risk register as appropriate. Registers are also maintained for discrete major projects and activities. The corporate risk register is considered at each meeting of the Audit and Risk Committee and proposed changes are considered by the Council. The Group Risk Management Policy and the construction of the risk register were comprehensively reviewed in 2023/24, with the next review scheduled for 2025/26. An assurance map, following the 3-line model supported by the Chartered Institute of Internal Auditors, provides senior managers and governors with an overview of the mechanisms in place to oversee the risks identified on the corporate risk register and to facilitate the identification of areas where strengthening is required.

An internal audit of the Group’s approach to Risk Management was undertaken in summer 2022 and provided adequate assurance on the adequacy of internal controls and substantial assurance on the effectiveness of internal controls. The next audit is expected in 2025/26.

The University’s Internal Auditors, Forvis Mazars, produce an annual report covering the specific audit areas reviewed in the year alongside an overall assessment rating for the year. The report for 2025/26 covered 9 specific audits, concluding that overall the University’s framework of governance, risk management and control is moderate in its overall adequacy and effectiveness.

The Council’s review of the effectiveness of the system of internal control is also informed by the work of senior officers within the University, who have responsibility for the development and maintenance of the internal control framework, and by comments made by the External Auditors in their year-end management letter and other reports.

No significant internal control weaknesses or failures have arisen during the financial year or after the financial year but before these financial statements have been signed. No instances of actual or suspected fraud were encountered during the audit work carried out in the internal audit cycle.

Risk Management / Risk Register

The Statement of Internal Control sets out the Risks are allocated an initial ‘score’ based on arrangements that are in place for risk likelihood of occurrence and impact on the management, including the continuing process of University with updates at each relevant identifying, evaluating and managing risks. committee and Council meeting detailing progress towards mitigating actions/ new actions A comprehensive risk register is maintained by identified and an updated risk score post the University with specific risks allocated to the mitigation.

A comprehensive risk register is maintained by identified and an updated risk score post the University with specific risks allocated to the mitigation. appropriate senior managers and departmental heads. It is the responsibility of these risk owners A full update to the register is presented to each to identify and implement mitigating actions to meeting of the Audit and Risk Committee. protect the University.

Conclusion

The Higher Education sector is one of continually Cost management remains a key focus for the evolving challenges and is not immune to the University and the activity that has been taken in inflationary pressures that have, and continue to, previous years has provided a sound base from impact the UK economy. The challenges facing which the University can react to the challenges the sector will continue throughout any that it will face in future periods and deliver a reasonably forecastable period. sustainable operating position to meet future challenges.

As a response the University continues to strengthen its core operations and deliver a divergence in products and markets.

Emlyn Dole Chair of University Council

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In Respect of The Annual Report and The Financial Statements

Statement of Council’s Responsibilities

The Council is responsible for preparing the statements which give a true and fair view of Consolidated Financial Statements in the state of affairs of the Group and parent accordance with the requirements of the University and of their income and Terms and Conditions of Funding expenditure, gains and losses and changes in 2024/25 issued by Medr, the Accounts reserves, and of the Group’s cash flows, for Direction to Higher Education Institutions for that period. In preparing each of the Group 2024/25 issued by Medr (“the Accounts and parent University financial statements, Direction”), the Financial Management Code the Council is required to: issued under the Higher Education (Wales) Act 2015 (“FMC”) and applicable law and • select suitable accounting policies and then regulations. apply them consistently; • make judgements and estimates that are The Council is required to prepare the Group reasonable and prudent; and parent University financial statements in • state whether applicable UK accounting accordance with UK accounting standards and standards and the Statement of applicable law (UK Generally Accepted Recommended Practice have been Accounting Practice), including FRS 102 The followed, subject to any material Financial Reporting Standard applicable in the departures disclosed and explained in the UK and Republic of Ireland and the financial statements; requirements of the Charities Act 2011. The • assess the Group and parent University’s Terms and Conditions of Funding ability to continue as a going concern, 2024/25 further require the financial disclosing, as applicable, matters related to statements to be prepared in accordance with going concern; and the 2019 Statement of Recommended • use the going concern basis of accounting Practice – Accounting for Further and Higher unless it either intends to liquidate the Education and in accordance with the Group or the parent University, or to cease requirements of the Accounts Direction. operations, or has no realistic alternative

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK accounting standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
assess the Group and parent University’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
use the going concern basis of accounting unless it either intends to liquidate the Group or the parent University, or to cease operations, or has no realistic alternative but to do so.

The Council is required to prepare financial

The Council is responsible for keeping adequate accounting records that are sufficient to show and explain the parent University’s transactions and disclose with reasonable accuracy at any time the financial position of the parent University. It is responsible for such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

The Council is also responsible for ensuring that:

funds from whatever source administered by the Group or the University for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation;
income, where appropriate, has been applied in accordance with paragraph 145 of the FMC;
Funding Council grants have been applied in accordance with terms and conditions attached to them and used for the purposes for which they were received, including the Terms and Conditions of Funding 2024/25;

• ensuring that there are appropriate financial and management controls in place to safeguard public funds and funds from other sources; and • securing the economical, efficient and effective management of the University’s resources and expenditure. The Council is responsible for the maintenance and integrity of the corporate and financial information included on the University’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Independent Auditor’s Report Declaration of information to auditor In so far as each of the members who held office at the date of approval of this report is concerned: a) there is no relevant audit information of which the University's auditor is unaware; and b)

In so far as each of the members who held office at the date of approval of this report is concerned: a) there is no relevant audit information of which the University's auditor is unaware; and b) each member has taken all the steps that he or she ought to have taken to be aware of any relevant audit information and to establish that the University's auditor is aware of that information

University Of Wales Trinity Saint David (RC1149535) | 34

Independent Auditor’s Report

Opinion

We have audited the financial statements of University of Wales Trinity Saint David (“the University”) for the year ended 31 July 2025 which comprise the Consolidated and University Statement of Comprehensive Income, the Consolidated and University Statement of Financial Position, the Consolidated and University Statement of Changes in Reserves, the Consolidated Cash Flow Statement and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

give a true and fair view of the state of the Group’s and of the University’s affairs as at 31 July 2025, and of the Group’s and of the University’s income and expenditure, gains and losses and changes in reserves, and of the Group’s cash flows, for the year then ended;
• have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and with the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education; and
• have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for Opinion We have been appointed as auditor under the Charters and Statutes of the University and in
have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and with the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education; and

We have been appointed as auditor under the Charters and Statutes of the University and in accordance with section 144 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Group in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The Council has prepared the financial statements on the going concern basis as it does not intend to liquidate the Group or the University or to cease their operations, and as it has concluded that the Group and the University’s financial position means that this is realistic. It has also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the Council’s conclusions, we considered the inherent risks to the Group’s business model and analysed how those risks might affect the Group and the University’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

we consider that the Council’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate; and
we have not identified, and concur with the Council’s assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group or the University’s ability to continue as a going concern for the going concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group or the University will continue in operation.

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Independent Auditor’s Report

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due As required by auditing standards, and taking to fraud (“fraud risks”) we assessed events or into account possible pressures to meet loan conditions that could indicate an incentive or covenants, we perform procedures to address pressure to commit fraud or provide an the risk of management override of controls opportunity to commit fraud. Our risk and the risk that Group management may be in assessment procedures included: a position to make inappropriate accounting entries. On this audit we did not identify a • Enquiring of the Council, the Audit and Risk fraud risk related to revenue recognition due to Committee, internal audit and inspection of the non-complex revenue recognition criteria, policy documentation as to the Group’s which limits the opportunity to fraudulently high-level policies and procedures to manipulate revenue.

Enquiring of the Council, the Audit and Risk Committee, internal audit and inspection of policy documentation as to the Group’s high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Group’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud.

We did not identify any additional fraud risks.

We performed procedures including:

whether they have knowledge of any actual, suspected or alleged fraud.
• Reading Council and Audit and Risk Committee minutes.
• Using analytical procedures to identify any unusual or unexpected relationships.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

• Reading Council and Audit and Risk • Identifying journal entries to test based on Committee minutes. risk criteria and comparing the identified • Using analytical procedures to identify any entries to supporting documentation. These unusual or unexpected relationships. included journal entries containing specific key words, unusual journal entries in We communicated identified fraud risks relation to cash and borrowings and throughout the audit team and remained alert material journals posted after the ledger to any indications of fraud throughout the closing date. audit.

Reading Council and Audit and Risk Committee minutes.
• Using analytical procedures to identify any unusual or unexpected relationships.
We communicated identified fraud risks throughout the audit team and remained alert

Identifying and responding to risks of material to include significant provisions. We identified misstatement due to non-compliance with the following areas as those most likely to have laws and regulations such an effect: compliance with higher We identified areas of laws and regulations education regulatory requirements of Medr, that could reasonably be expected to have a recognising the regulated nature of the Group’s material effect on the financial statements activities. Auditing standards limit the required from our general commercial and sector audit procedures to identify non-compliance experience, and through discussion with with these laws and regulations to enquiry of Council and other management (as required by the directors and other management and auditing standards) and discussed with Council inspection of regulatory and legal and other management the policies and correspondence, if any. Therefore, if a breach procedures regarding compliance with laws and of operational regulations is not disclosed to us regulations. or evident from relevant correspondence, an audit will not detect that breach.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities legislation and higher education legislation, including the Accounts Direction issued by Medr), taxation legislation and pensions legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. .

legislation, and we assessed the extent of In addition, as with any audit, there remained a compliance with these laws and regulations as higher risk of non-detection of fraud, as these part of our procedures on the related financial may involve collusion, forgery, intentional statement items. . omissions, misrepresentations, or the override of internal controls. Our audit procedures are Secondly, the Group is subject to many other designed to detect material misstatement. We laws and regulations where the consequences are not responsible for preventing nonof non-compliance could have a material effect compliance or fraud and cannot be expected to on amounts or disclosures in the financial detect non-compliance with all laws and statements, for instance through the regulations. imposition of fines or litigation or the need to

University Of Wales Trinity Saint David (RC1149535) | 36

Independent Auditor’s Report

Other Information

The Council (the members of which are the Trustees of the University for the purposes of charity law) is responsible for the other information, which comprises all of the information in the Annual Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. We are required to report to you if:

• based solely on that work, we have identified material misstatements in the other information; or

• in our opinion the information given on pages 8 to 26 (which constitutes the Trustees’ Annual Report for the financial year) is inconsistent in any material respect with the financial statements. We have nothing to report in these respects.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work,

We have nothing to report in these respects.

Matters on which we are required to report by exception

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

the University has not kept sufficient accounting records; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

Council’s responsibilities

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 it either intends to liquidate the Group or the University or to cease operations, or has no realistic alternative but to do so.

As explained more fully in its statement set out on page 33, the Council is responsible for: the preparation of the financial statements which give a true and fair view; such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and

Auditor’s responsibilities

when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

Report On Other Legal And Regulatory Requirements

In our opinion, in all material respects:

We are required to report on the following In our opinion, in all material respects: matters prescribed in the Financial Management Code issued under the Higher • funds from whatever source administered Education (Wales) Act 2015 and the Accounts by the Group or the University for specific Direction to Higher Education Institutions for purposes have been properly applied to 2024/25 issued by Medr (“the Accounts those purposes and managed in Direction”). accordance with relevant legislation; • income, where appropriate, has been The regulation of the Welsh Higher Education applied by the University in accordance sector was transferred from HEFCW to Medr, with paragraph 145 of the HEFCW’s the Commission for Tertiary Education and Financial Management Code;

The regulation of the Welsh Higher Education sector was transferred from HEFCW to Medr, the Commission for Tertiary Education and Research on 1 August 2024. The Financial Management Code and Terms and Conditions of Funding 2024/25 issued by HEFCW remain in place at the date of our report. In view of this transfer, any reference to HEFCW in our report should be read as also referring to Medr.

Funding Council grants (including grants from Medr) have been applied in accordance with terms and conditions attached to them and used for the purposes for which they were received, including the Terms and Conditions of Funding 2024/25 issued by HEFCW ; and
the requirements of Medr’s Accounts Direction have been met

The Purpose Of Our Audit Work And To Whom We Owe Our Responsibilities

This report is made solely to the Council in required to state to them in an auditor’s report accordance with Section 4 of the Charters and and for no other purpose. To the fullest extent Statues of the University and in accordance permitted by law, we do not accept or assume with the with the section 144 of the Charities responsibility to anyone other than the Act 2011 (or its predecessors) and regulations University and the Council for our audit work, made under section 154 of that Act. Our audit for this report, or for the opinions we have work has been undertaken so that we might formed. state to the Council those matters we are

Rees Batley

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 66 Queen Square

Bristol

BS1 4BE

28 November 2025

University Of Wales Trinity Saint David (RC1149535) | 37

Statement of Accounting Policies

University Of Wales Trinity Saint David (RC1149535) | 38

STATEMENT OF ACCOUNTING POLICIES

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Administrative Details

Charity Number	1149535
Company Number	RC000537
Principal Office	Carmarthen Campus, College Road, Carmarthen, SA31 3EP

Professional Advisors

	External	Auditor	KPMG LLP		66 Queen Square, Bristol, BS1 4BE
	Internal	Auditor	Forvis Mazars	LLP	90 Victoria Square, Bristol,
	Bankers		Barclays Bank HSBC Plc Natwest Bank	Plc Plc	BS1 6DP

The consolidated financial statements of University of Wales: Trinity Saint David consolidate the following entities:

University of Wales: Trinity Saint David Trinity University College Limited Trinity College Carmarthen Eclectica Drindod Limited UWTSD Investments Limited Y Ganolfan Dysgu Cymraeg Genedlaethol Coleg Sir Gâr Coleg Ceredigion Mentrau Creadigol Cymru UW Centre for Advance Batch Manufacture Limited OSTC Trinity St David LLP (Joint Venture) UWTSD Innovation Centres Limited Swansea Business School Limited (Dormant) UWTSD Innovation Centres Ltd (Dormant) Welsh American Academy Enterprises Ltd (Dormant) The International Foundation for Interfaith and Intercultural Dialogue (Dormant)

During the year Tidal Lagoon Academy Ltd and The Trinity St David Trust were dissolved

Preparation of the consolidated financial statements

The consolidated financial statements for the year to 31 July 2025 have been prepared in accordance with applicable law and UK Accounting Standards, including the Statement of Recommended Practice – Accounting for Further and Higher Education 2019, the Accounts Direction for 2024/25 issued by the Higher Education Funding Council for Wales, and Financial Reporting Standard 102 – the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

The consolidated financial statements for the year to 31 July 2025 have been prepared on a going concern basis as detailed on page 37.

Basis of preparation

These financial statements 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 Standards (FRS102).

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, except in relation to investment properties, current asset investments and derivative financial instruments carried at fair value.

Basis of consolidation

The consolidated financial statements include the University and all its subsidiaries for the financial year to 31 July 2025, which include Coleg Sir Gâr and Coleg Ceredigion. Intra entity transactions are eliminated fully on consolidation.

The consolidated financial statements do not include the income and expenditure of the Students' Union as the University does not exert control or dominant influence over policy control or dominant influence over policy decisions.

Associated companies and joint ventures are accounted for using the equity method.

The parent company is included in the consolidated financial statements and is considered to be a qualifying entity under FRS102 paragraphs 1.8 to 1.12. The following exemptions available under FRS102 in respect of certain disclosures for the parent company financial statements have been applied:

No separate parent company Cash Flow Statement with related notes is included;
Key Management Personnel compensation has not been included a second time; and
The disclosure required by FRS102.11 Basic Financial Instruments and FRS102.12. Other Financial Instrument issues in respect of financial instruments not falling within the fair value accounting rules of paragraph 36(4) of Schedule 1.

University Of Wales Trinity Saint David (RC1149535) | 39

STATEMENT OF ACCOUNTING POLICIES

Going Concern

The activities of the University and its subsidiaries, together with the factors likely to affect its future development and performance, are set out in the Joint Financial Statement. The financial position of the University and its subsidiaries, its cash flow, liquidity, and borrowings are presented in the Financial Statements and accompanying Notes.

The financial statements are prepared on a going concern basis which the University and Council believe to be appropriate for the following reasons.

June 2024 saw the first intake of students in the University’s new campus in London, providing the base for tuition fee growth in the year. Further expansion work in the year provides additional income opportunities for 2025/2026 and beyond. The University is working with its partners to increase the level of International students within its student population and will benefit from an increase in the level of home undergraduate tuition fees from September 2025. As noted on page 17 in the Joint Financial review, the University has taken proactive decisions over the past 3 years in ensuring its operating model was robust in the challenging HE environment and ensure its long-term sustainability. The core features of managements focus remain consistent through the current year as the business plan is implemented: • reviewing the academic portfolio to ensure that our offer is attractive, well-designed, appropriately structured and geographically located to provide the best opportunities for

reviewing the academic portfolio to ensure that our offer is attractive, well-designed, appropriately structured and geographically located to provide the best opportunities for student recruitment, experience and outcomes;
enhancing our marketing and increase our share of existing and developing markets with an offer to attract more students to our Welsh campuses and grow international activity.
defining organisation structures of appropriate shape, size and geographical distribution to effectively deliver and run the University.
optimising our campus infrastructure and footprint to support a sustainable efficient estate that is fit for purpose to deliver our educational and organisational requirements and respond to changing demands on usage.
managing cash flows, including the timely collection of receipts from the student loans company, to ensure compliance with bank covenants;
being pro-active in responding to the reductions in core funding from Medr and Welsh Government; and
responding to the changing political context of Higher Education in Wales;

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In addressing the deficit position at July 2023, the University has made a number of difficult decisions across all areas of operations. The output of these decisions have fed into the improved performance of the University and Group in both the prior and the current year, and will provide longer term stability for the Group and University’s income generation potential. The impact of these decisions, along with the operational improvements being applied during the current year, result in a budget for 2025/2026 with an increase in tuition fee income, an increase in operating surplus and cash generation of £3.9 million in the University. At the date of signing the accounts, both the Group and University remain confident that their budgets will be delivered in the financial year.

The forecasts are made with an underlying assumption of continued support from its bankers in the provision of its term loan facility. On 31 July 2025, the University completed on a Revolving Credit Facility with HSBC that will provide the financial support for its operational and investment activity over its 5-year term. As part of the facility completion the existing term loan facility period was aligned to the RCF with both facilities expiring in July 2034. As part of the renewal, the University agreed updated covenants and is forecasting to achieve the revised covenant obligations throughout the going concern period, even when considering the stress testing and sensitivity.

The Group banking covenants to HSBC are tested on a quarterly basis on the 31st October, 31st January, 31st April and 31st July with the first testing period 31[st] January 2026. The forecasts referred to above demonstrate that the Group and University will be compliant with its covenants during the assessment period on both base case and downside with mitigation case scenarios.

Consequently, the Council is confident that the University and its subsidiaries will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

University Of Wales Trinity Saint David (RC1149535) | 40

STATEMENT OF ACCOUNTING POLICIES

Income recognition

Income from the sale of goods or services is credited to the Consolidated and University Statements of Comprehensive Income 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 and University Statements of Comprehensive Income over the period in which students are studying. Where the amount of the tuition fee is reduced, by a discount for prompt payment, income receivable is shown net of the discount. Bursaries and scholarships are accounted for gross as expenditure and not deducted from income.

Income from accommodation provision is credited to the Consolidated and University Statements of Comprehensive Income over the contracted length of the accommodation. Accommodation contracts are issued on a yearly basis. Bonds held on accommodation are held on the Consolidated and University Balance Sheets and repaid to students at the end of each academic year provided the terms of the accommodation contract have been upheld. Any bond retained by the University is credited to the Consolidated and University Statements of Comprehensive Income at the end of the accommodation period as an income item. Investment income is credited to the Consolidated and University Statements of Comprehensive Income on a receivable basis. Funds the University receives and disburses as paying agent on behalf of a funding body are excluded from the income and expenditure of the University where the University is exposed to minimal risk or enjoys minimal economic benefit related to the transaction.

Grant Funding

Government grants including Funding Council block grant, 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 the performance related conditions have been met.

Income received in advance of performance–related conditions is deferred within creditors in the Statement of Financial Performance and released to the Statement of Comprehensive Income in line with such conditions being met.

Commercial research contracts are accounted for in line with the policy for income from the sale of goods or services (exchange transactions) above. Other grants and donations received from non–government sources including research grants from non–government sources are recognised within the Statement of Comprehensive Income when the University is entitled to the income and the performance–related conditions have been met.

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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 or other restrictions applied to the individual endowment fund.

There are four main types of donations and endowments within reserves:

Restricted donations - the donor has specified that the donation must be used for a particular objective.
Unrestricted permanent endowments - the donor has specified that the fund is to be permanently Invested to generate an income stream for the general benefit of the University.
Restricted expendable endowments - the donor has specified a particular objective other than the purchase or construction of tangible fixed assets, and the University has the power to use the capital.
Restricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.

Capital Grants

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

University Of Wales Trinity Saint David (RC1149535) | 41

STATEMENT OF ACCOUNTING POLICIES

Accounting for retirement benefits

There are five principal pension schemes for the University's staff, one of these schemes the Universities Superannuation Scheme (USS), is open to new members. The other four, Teachers’ Pension; two local authority schemes (Swansea and Dyfed) and the University of Wales Lampeter Pension and Assurance Scheme are closed to new members from the University The local authority schemes for Coleg Sir Gâr and Coleg Ceredigion remain open to new member. The schemes are defined benefit schemes which are externally funded. Each fund is valued every three years by professionally qualified independent actuaries.

The USS and Teachers’ Pension schemes are multi-employer schemes for which it is not possible to identify the assets and liabilities applicable to University members due to the mutual nature of the schemes and therefore the schemes are accounted for as a defined contribution retirement benefit schemes. A liability is recorded within provisions for any contractual commitment to fund past deficits within the USS scheme.

Defined Contribution Plan

A defined contribution plan is a post-employment benefit plan under which the company 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. Multi- Employer Schemes Where the Institution is unable to identify its share of the underlying assets and liabilities in a multi-employer scheme on a reasonable and consistent basis, it accounts as if the scheme were a

Where the Institution is unable to identify its share of the underlying assets and liabilities in a multi-employer scheme on a reasonable and consistent basis, it accounts as if the scheme were a defined contribution scheme.

Where the Institution has entered into an agreement with such a multi-employer scheme that determines how the Institution will contribute to a deficit recovery plan, the Institution recognizes a liability for the contributions payable that arise from the agreement, to the extent that they relate to the deficit, and the resulting expense is recognised in expenditure.

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.

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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.

Finance Leases

Leases in which the University assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance lease and the corresponding lease liabilities are initially recognised at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Foreign Currency

The functional currency is £ Sterling. Transactions in foreign currencies are translated to £ sterling at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet 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.

University Of Wales Trinity Saint David (RC1149535) | 42

STATEMENT OF ACCOUNTING POLICIES

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Fixed Assets

Fixed assets are stated at cost/deemed cost less accumulated depreciation and accumulated impairment losses. Certain items of fixed assets that had been revalued to fair value on or prior to the date of transition to the 2019 FE HE SORP, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation. Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets.

Land and Buildings

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 as follows:

Academic buildings		50 years
Residences		30 years
Laboratories and lecture theatres		30 years
Refurbishments		20 years

A full year’s depreciation is charged in the year of acquisition. No depreciation is charged on assets in the course of construction.

Equipment

Equipment, including computers and software, costing less than de-minimus of £5,000 per individual item or group of items is written off in the year of acquisition. All other equipment is capitalised. Capitalised equipment is stated at cost and depreciated over its expected useful life as follows:

Computer Equipment		3 years or across the
		length of its lease if different
Equipment acquired for specific research projects		3 years
Other equipment		3 years
Motor vehicles		4 years

A full year’s depreciation is charged in the year of acquisition Depreciation methods, useful lives and residual values are reviewed at the date of preparation of each Balance Sheet.

Borrowing Costs

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

Heritage Assets

Works of art and other valuable artefacts valued at over £25,000 have been capitalised and recognised at the cost or value of the acquisition, where such a cost or valuation is reasonably obtainable. Works of Art are included at costs incurred from 1 April 1981 or subsequent revaluation. The latest valuation of heritage assets was at 31 July 2014, which was carried out for insurance purposes. This valuation indicated that the value had increased, however no gain was recognised for accounting purposes.

Heritage assets are not depreciated as their long economic life and high residual value mean that any depreciation would not be material.

Investment Properties

Investment property is land and buildings held for rental income or capital appreciation rather than for use in delivering services.

Investment properties are measured initially at cost and subsequently at fair value with movements recognised in the Consolidated and University Statements of Comprehensive Income. Properties are not depreciated but are revalued or reviewed annually according to market conditions as at 31 July each year.

The review of the fair value of the investment properties is undertaken by Savills.

Investments

Non-current investments are held on the Balance Sheet at amortised cost less impairment.

Investments in jointly controlled entities, associates and subsidiaries are carried at cost less Impairment in the University's accounts.

Current asset investments are held at fair value with movements recognised in the Consolidated and University Statements of Comprehensive Income.

Stock

Stock is held at the lower of cost and net realisable value. Cost represents the invoice price of the stock.

University Of Wales Trinity Saint David (RC1149535) | 43

STATEMENT OF ACCOUNTING POLICIES

Financial Instruments:

• Trade and other debtors/creditors

Trade and other debtors and creditors are recognised initially at transaction price net of attributable transaction costs. Subsequent to initial recognition they are measured at amortised costs less any impairment losses in the case of trade debtors.

Interest bearing borrowings

Interest-bearing borrowings other than public benefit entity concessionary loans are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. Concessionary loans are recognised initially at the amount received or paid and subsequently measured at cost plus any accrued interest payable or receivable. • Cash and cash equivalents Cash includes cash in hand and deposits repayable on demand. Deposits are

Cash includes cash in hand and deposits repayable on demand. Deposits are repayable on demand if they are in practice available within 24 hours without penalty. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

Provisions, contingent liabilities and contingent assets

Provisions are recognised in the financial statements when:

a) the University has a present obligation (legal or constructive) as a result of a past event; b) it is probable that an outflow of economic benefits will be required to settle the obligation; and
c) a reliable estimate can be made of the amount of the obligation.

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 probable 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 Balance Sheet but are disclosed in the notes.

Accounting for joint ventures and associates

The University accounts for its share of joint ventures and associates using the equity method.

The University accounts for its share of transactions from joint operations and jointly controlled assets within the Consolidated and University Statements of Comprehensive Income.

University Of Wales Trinity Saint David (RC1149535) | 44

STATEMENT OF ACCOUNTING POLICIES

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.

Several of the University’s subsidiaries are liable to Corporation Tax in the same way as any other commercial organisation. Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet 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 only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax assets and liabilities are not discounted.

Reserves

Reserves are classified as restricted and unrestricted reserves. 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.

Accounting estimates and judgements – key sources of estimation uncertainty

In preparing the financial statements management have exercised judgment in the following areas:

Defined benefit pension scheme assumptions

The University has a number of defined benefit pension schemes. The valuation of the liabilities on each defined benefit scheme is calculated using a financial and demographic model to present a single scenario from a wide range of possibilities. The schemes’ actual experience will inevitably differ from the assumptions underlying the financial and demographic model. The differences may be material because the valuation is very sensitive to the assumptions made over a long period of time.

USS pension scheme assumptions

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit, results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with the resulting expense charged through the profit or loss account in accordance with section 28 of FRS 102.

Following the 2023 valuation the University has no deficit liability with USS and does not make any deficit contributions to the scheme.

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.

University Of Wales Trinity Saint David (RC1149535) | 45

Statement of Comprehensive Income

University Of Wales Trinity Saint David (RC1149535) | 46

STATEMENT OF COMPREHENSIVE INCOME

STATEMENT OF CO Income Tuition fees and education contracts Funding body grants Research grants and contracts Other income Investment income Total Income Expenditure Staff costs Movement on USS Provision Other operating expenses Depreciation and impairments Interest and other finance costs Total expenditure Surplus/(deficit) before other gains losses and (deficit) of joint ventures and associates. Gain on disposal of fixed assets Decrease in fair value of Investment properties Gain/(Loss) on investments Taxation Surplus/(deficit) for the year Actuarial gain/(loss) in respect of pension schem Total comprehensive income for the year Represented by: Endowment comprehensive income for the yea Unrestricted comprehensive income for the yea Surplus for the year attributable to University Non-controlling interest Total comprehensive income for the year attrib University Non-controlling interest All items of income and expenditure relate to conti The accompanying policies on pages notes 38 – 45	MPREHENSIVE INC	OME			Temporary margin guides
Income Tuition fees and education contracts Funding body grants Research grants and contracts Other income Investment income Total Income Expenditure Staff costs Movement on USS Provision Other operating expenses Depreciation and impairments Interest and other finance costs Total expenditure Surplus/(deficit) before other gains losses and (deficit) of joint ventures and associates. Gain on disposal of fixed assets Decrease in fair value of Investment properties Gain/(Loss) on investments Taxation Surplus/(deficit) for the year Actuarial gain/(loss) in respect of pension schem Total comprehensive income for the year Represented by: Endowment comprehensive income for the yea Unrestricted comprehensive income for the yea Surplus for the year attributable to University Non-controlling interest Total comprehensive income for the year attrib University Non-controlling interest All items of income and expenditure relate to conti	Notes 2 3 4 5 6 7 7 9 11 8 share of operating surplus/ 13 10 es 27 r 22 r utable to nuing activities	Consolid £’00 109,2 64,67 1,73 32,77 1,33	Year ended 31 July 2025 ated University 0 £’000 69 104,990 3 8,988 4 1,734 1 15,706 0 619	Year ended 31 July 2024 Consolidated University £’000 £’000 100,735 95,932 57,928 8,570 2,429 2,429 39,533 27,342 2,076 1,279
		209,7	77 132,037	202,701 135,552
		106,2 - 89,14 10,99 1,74	05 72,289 - 5 48,458 0 8,048 2 2,309	102,477 71,353 (32,925) (32,925) 87,504 52,653 12,493 9,213 2,556 3,011	T
		208,0	82 131,104	172,105 103,305	em
		1,69 (33) (3,83 8	5 933 (7) 3) (3,723) (4)	30,596 32,247 1,408 1,403 (655) (565) (758) (746)	porary margin g
		(2,16 1	3) (2,801) -	30,591 32,339 (4) -	ides
		(2,16	2) (2,801)	30,587 32,339
		(3,28	8) (1,925)	(2,679) (1,915)
		(5,45	0) (4,726)	27,908 30,424
		2 (5,45 (2,06 (102	6 2) (4,732) 0) (2,801) ) -	15 19 27,893 30,405 30,684 32,339 (97) -
		(2,16	2) (2,801) 8) (4,726) ) -	30,587 32,339 28,005 30,424 (97) -
		(5,34 (102
		(5,45	0) (4,726)	27,908 30,424
	and notes on pages 52 to 82 form part of these finan	cial statements.
			Univers	ity Of Wales Trinity Saint David (RC1149535)	47

The accompanying policies on pages notes 38 – 45 and notes on pages 52 to 82 form part of these financial statements.

University Of Wales Trinity Saint David (RC1149535) | 47

Statement of Changes in Reserves

University Of Wales Trinity Saint David (RC1149535) | 48

STATEMENT OF CHANGES IN RESERVES

Consolidated

Consolidated
	Endowment	Unrestricted	Revaluation Reserve	Total Excluding	Non- Controlling	Total
				Non- Controlling	Interest
				Interest
	£’000	£’000	£’000	£’000	£’000	£’000
Balance at 1 August 2023	10,120	80,806	23,967	114,893	(871)	114,022
Surplus/(deficit) from the income and expenditure statement	15	30,669	-	30,684	(97)	30,587
Other comprehensive income		(2,679)	-	(2,679)	-	(2,679)
Total comprehensive income for the year	15	27,990	-	28,005	(97)	27,908
Balance at 31 July and 1 August 2024	10,135	108,796	23,967	142,898	(968)	141,930
Surplus/(deficit) from the income and expenditure statement	2	(2,062)	-	(2,060)	(102)	(2,162)
Other comprehensive income Total comprehensive income for the year Balance at 31 July 2025	- 2 10,137	(3,288) (5,350) 103,446	- - 23,967	(3,288) (5,348) 137,550	- (102) (1,070)	(3,288) (5,450) 136,480

University

	Endowment	Unrestricted	Unrestricted	Revaluation Reserve	Total
	£’000		£’000	£’000	£’000
Balance at 1 August 2023	9,664		32,615	14,454	56,733
Surplus/(deficit) from the income and expenditure statement	19		32,320	-	32,339
Other comprehensive income		(1,915)		-	(1,915)
Total comprehensive income for the year	19		30,405	-	30,424
Balance at 31 July and 1 August 2023	9,683		63,020	14,454	87,157
Surplus/(deficit) from the income and expenditure statement	6	(2,807)		-	(2,801)
Other comprehensive income	-	(1,925)		-	(1,925)
Total comprehensive income for the year	6	(4,732)		-	(4,726)
Balance at 1 August 2024	9,689		58,288	14,454	82,431

==> picture [252 x 118] intentionally omitted <==

University Of Wales Trinity Saint David (RC1149535) | 49

Statements of Financial Position & Cash Flow

University Of Wales Trinity Saint David (RC1149535) | 50

STATEMENT OF FINANCIAL POSITION & CASH FLOW

Statement of Financial Position

Statement of Cash Flow

As at 31 July 2025 Consolidated £’000 166,008 6,241 5,160 805 STATEMENT OF FINANCIAL POSITION & CASH FLOW	As at 31 July 2025 As at 31 July 2024 Consolidated University Consolidated University £’000 £’000 £’000 £’000 166,008 123,656 165,346 122,361 6,241 6,205 6,241 6,205 5,160 4,585 10,197 9,512 805 - 754 - STATEMENT OF FINANCIAL POSITION & CASH FLOW	Cash flow from operating activities Deficit for the year Adjustment for non-cash items Depreciation and impairments (Gain)/Loss in market value of investments (Gain)/Loss in investment properties Loss in revaluation of livestock Decrease/(increase) in stock Decrease/(increase) in debtors Increase/(decrease) in creditors Increase/(decrease) in other provisions Increase/(decrease) in pension provision Adjustment for investing or financing activities Investment income Interest payable Endowment income Profit on the sale of fixed assets Capital grant income Cashflows from operating activities Taxation Net cash inflow/(outflow) from operating activities Cash flows from investing activities Proceeds from sales of tangible assets Capital Grant Receipts Non-current investment disposal Withdrawal of deposits Investment income Payments made to acquire tangible assets Reversal of prior impairment Payments made to acquire investment properties Cash flows from financing activities Interest paid Interest element of finance lease and service concession payments New endowments Endowment payments Revolving credit drawdown New unsecured loan New secured loans (finance Leases) Repayments of amounts borrowed Capital element of finance lease and service concession payments Increase/(decrease) in cash and cash equivalents in the year Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Statement of Cash Flow STATEMENT OF FINANCIAL POSITION & CASH FLOW	Notes Year ended 31 July 2025 Year ended 31 July 2024 £’000 £’000 (2,164) 30,587 11 10,990 12,493 11 (15) 13 3,833 655 11 - - 16 (320) (25) 17 (4,730) 3,168 19 1,575 (4,499) 21 (262) (690) 27 (2,741) (35,905) 6 (1,329) (2,076) 8 2,629 2,156 - 33 (1,408) 5 (2,868) (8,068) 1 - 4,658 (3,627) 1 2,684 2,868 - 1,274 4,353 - - 1,329 2,076 11 ( 9,750) (24,817) 11 - (2,628) 13 (244) (2,906) (4,522) (21,238) (2,738) (2,124) Interest element of finance lease and service concession payments (116) (77) - - - - 7,000 - 1,340 - 58 - (2,000) (2,000) Capital element of finance lease and service concession payments (782) (823) 2,762 (5,024) 2,897 (29,888) 14,938 44,826 17,835 14,938 ——S	Temporary margin guides Year ended 31 July 2024 £’000 30,587 12,493 (15) 655 (25) 3,168 (4,499) (690) (35,905) (2,076) 2,156 (1,408) (8,068)
178,214	178,214 134,446 182,538 138,078
- 914 38,770 356 17,835	- - - 914 392 594 393 38,770 45,451 34,039 41,099 356 339 1,641 1,625 17,835 2,064 20,394 2,033
57,875 (69,872) (11,997) 166,217 (28,216) (547) (974	57,875 48,246 56,668 45,150 (69,872) (72,158) (66,885) (66,772) (11,997) (23,912) (10,217) (21,622) 166,217 110,534 172,321 116,456 (28,216) (27,795) (29,155) (28,834) (547) (46) - - 974) (262) (1,236) (465)
				Temporary margin guides (3,627)
				Temporary margin guides 2,684 4,353 2,076 (24,817) (2,628) (2,906)
136,480	136,480 82,431 141,930 87,157
10,137 103,446 23,967	10,137 9,689 10,135 9,683 103,446 58,288 108,796 63,020 967 14,454 23,967 14,454
				(21,238)
				(2,124) (77) (2,000) (823) (5,024)
137,550 (1,070	137,550 82,431 142,898 87,157 070) - (968) -
136,480	136,480 82,431 141,930 87,157
The financial statements were approved by the Governing Body on 26 November 2025 and were signed The accompanying policies on pages notes 38 – 45 and notes on pages 52 to 82 form part of these financial	The financial statements were approved by the Governing Body on 26 November 2025 and were signed Prof Elwen Evans KC Vice-Chancellor The accompanying policies on pages notes 38 – 45 and notes on pages 52 to 82 form part of these financial ky
				(29,888)
				44,826 ——S
				14,938 ——S
				——S
		University Of Wales Trinity Saint David (RC1149535)	University Of Wales Trinity Saint David (RC1149535)	51

The accompanying policies on pages notes 38 – 45 and notes on pages 52 to 82 form part of these financial statements.

The financial statements were approved by the Governing Body on 26 November 2025 and were signed on its behalf on that date by:

Emlyn Dole Prof Elwen Evans KC Chair Vice-Chancellor

University Of Wales Trinity Saint David (RC1149535) | 51

Notes to the Accounts

University Of Wales Trinity Saint David (RC1149535) | 52

NOTES TO THE ACCOUNTS

2. Tuition fees and education contracts

	Year ended 31 July 2025	Year ended 31 July 2025	Year ended 31 July 2024	Year ended 31 July 2024
	Consolidated	University	Consolidated	University
	£’000	£’000	£’000	£’000
Full-time home and EU students	90,842	87,530	82,160	78,606
Full-time international students	10,887	10,887	9,652	9,652
Part-time students Education contracts	6,291 1,249	6,573 -	7,674 1,249	7,674 -
	109,269	104,990	100,735	95,932

5. Other income

5. Other income
	Year ended 31 July 2025		Year ended 31 July 2024
	Consolidated	University	Consolidated	University
	£’000	£’000	£’000	£’000
Residences, catering and conferences	5,514	4,103	4,945	3,607
Other revenue grants	11,533	3,459	11,536	6,038
Other capital grants	-	-	8,068	8,068
Other income generating activities	8,475	6,003	9,535	6,715
Other income	7,249	2,141	5,449	2,914
	32,771	15,706	39,533	27,342

6. Investment income

3. Funding body grants

			3. Funding body grants
				Year ended 31 July 2025		Year ended 31 July 2024
Remove in slide master	Temporary margin guides		Recurrent grant - Medr Teaching grants - Medr Research grants - Welsh Government Specific grants - Medr Student wellbeing grants - Medr Capital grants - Medr Other grants	Consolidated £’000 2,495 2,820 53,950 364 2,868 441	University £’000 2,495 2,820 - 364 2,868 441	Consolidated £’000 3,339 3,441 47,518 492 952 346	University £’000 3,339 3,441 - 492 952 346
		- Welsh Government grants		1,735	-	1,840	-
				64,673	8,988	57,928	8,570

6. Investment income
	Year ended 31 July 2025		Year ended 31 July 2024
	Consolidated	University	Consolidated	University
Investment income on endowments Other investment income Increase in fair value of derivative	£’000 615 715 - 1,330	£’000 615 4 - 619	£’000 1,217 859 - 2,076	£’000 1,217 62 - 1,279

4. Research grants and contracts

	Year ended 31 July 2025	Year ended 31 July 2025	Year ended 31 July 2024	Year ended 31 July 2024
	Consolidated	University	Consolidated	University
	£’000	£’000	£’000	£’000
Research councils	19	19	11	11
Research charities	23	23	23	23
Other	1,692	1,692	2,395	2,395
	1,734	1,734	2,429	2,429

University Of Wales Trinity Saint David (RC1149535) | 53

NOTES TO THE ACCOUNTS

7. Staff costs

	Year ended 31 July 2025	Year ended 31 July 2025	Year ended 31 July 2024	Year ended 31 July 2024
	Consolidated	University	Consolidated	University
	£’000	£’000	£’000	£’000
Salaries	81,719	55,183	79,916	55,852
Social security costs	8,487	5,733	7,870	5,750
Movement on USS provision	-	-	(32,925)	(32,925)
Other pension costs	14,178	9,599	14,232	9,348
Restructuring Costs	1,821	1,774	459	403
	106,205	72,289	69,552	38,428

The pay award negotiated by UCEA, applicable from August 2024 was for an average of 2.5% for staff on the national pay spine. The pay award provided an uplift of 5.7% for staff on the lowest spine points and 2.5% for staff on or above spine point 38. The pay award was deferred and enacted from June 2025.

Emoluments of the Vice-Chancellor - Salary Pension contributions to USS	Emoluments of the Vice-Chancellor - Salary Pension contributions to USS	Year ended 31 July 2025 Total £’000 262 38 300	Year ended 31 July 2025 Total £’000 262 38 300	Year Prof Medwin Hughes £’000 44 5 49	ended 31 July 2024 Prof Elwen Evans KC £’000 239 41 280	Total £’000 283 46 329

On the 1st September 2023 Professor Elwen Evans KC replaced Professor Medwin Hughes CBE, DL as the Vice-Chancellor for both University of Wales Trinity Saint David and University of Wales and was in role for the remainder of the reporting period. Professor Medwin Hughes CBE, DL was in role for the period 1st August 2023 – 31st August 2023. The stated values for the year to 31 July 2024 therefore relate to 1 month for Professor Medwin Hughes CBE, DL and 11 months for Professor Elwen Evans KC.

			Year ended 31	Year ended 31
			July 2025	July 2024
			£’000	£’000
Key	management	personnel remuneration	1,863	2,347
			No.	No.
Key	management	personnel	11	16

This does not include the cost of key management that are employed by the University of Wales, but working across both institutions. These costs totalling £55k (2020: £55k) are included in other operating expenses as they are recharged by invoice from the University of Wales.

==> picture [39 x 756] intentionally omitted <==

Remuneration of other higher paid staff, excluding employer's pension contributions (subject to the relevant Medr accounts direction) all shown before any salary sacrifice:

£100,000 to £104,999	Year ended 1 July 2025 No. 2	Year ended 31 July 2024 No. 2
£105,000 to £109,999	2	1
£110,000 to £114,999	2	-
£115,000 to £119,999	2	1
£120,000 to £124,999	2	2
£125,000 to £129,999	1	1
£130,000 to £134,999	-	-
£135,000 to £139,999	-	-
£140,000 to £144,999	-	-
£145,000 to £149,999	-	-
£150,000 to £154,999	1	-
£155,000 to £159,999	-	-
£160,000 to £164,999	-	2
£165,000 to £169,999	2	-
£170,000 to £174,999	-	-
£175,000 to £179,999	-	2
£180,000 to £184,999	2	-
£185,000 to £189,999	-	-
£190,000 to £194,999	-	-
£195,000 to £199,999	-	-
£200,000 to £204,999	-	1
£205,000 to £209,999	-	-
£210,000 to £214,999	-	-
£215,000 to £219,999	-	-
£220,000 to £224,999	-	-
£225,000 to £229,999	-	-
£230,000 to £234,999	-	-
£235,000 to £239,999	-	-
£240,000 to £244,999	-	-
£245,000 to £249,999	-	-
£250,000 to £254,999	-	-
£255,000 to £259,999	-	-
£260,000 to £264,999	1	-
	17	12

University Of Wales Trinity Saint David (RC1149535) | 54

NOTES TO THE ACCOUNTS

In addition to this as a Real Living Wage employer, the University enacted the increase to the National Living Wage, including where applicable the London weighting. Where eligible, staff were awarded progression pay increases in the usual manner.

Average staff numbers by: - Academic departments - Non-academic departments		Year ended 31 July 2025 No. 887 1,233	Year ended 31 July 2024 No. 868 1,241
		2,120	2,109

Restructuring Costs

The University accounts for restructuring costs in the period that the cost is incurred, where a restructuring plan has been communicated but not fully concluded at the Balance Sheet date and amounts due to be paid are recognised on the Balance Sheet and within the Statement of Comprehensive Income in the year that the plan was communicated. Year ended 31 July 2025 Year ended 31 July 2024 Consolidated University Consolidated University £’000 £’000 £’000 £’000 Paid to employees on termination 1,821 1,774 459 403 of employment

Trustees

The University’s Council members are the trustees for charitable law purposes. The trustees who served in the year, and up to the signing date of these financial statements are listed on page 5.

Due to the nature of the University's operations and the compositions of the Council, being drawn from local public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of the Council may have an interest. All transactions involving organisations in which a member of Council may have an interest are conducted at arm’s length and in accordance with the University's Financial Regulations and usual procurement procedures. Other than the expenses paid in the year referenced below there were no transactions in the year with any members.

No Council member has received any remuneration/waived payments from the group during the year (2024: £nil).

The total expenses paid to or on behalf of 23 council members was £12K (2024: £12K to 23 council members). This represents travel and subsistence expenses incurred in attending Council, Committee meetings and events in their official capacity

Compensation was paid to a total of 2 higher paid staff in the year (2024: 4) at a total of 155k (2024: £373). This included compensation for loss of office and PILON. The pay banding disclosure includes employees where this applies. At 31 July 2024 the number of employees with remuneration greater than £100,000 is 15 (31 July 2024: 9).

University Of Wales Trinity Saint David (RC1149535) | 55

NOTES TO THE ACCOUNTS

Vice-Chancellor Remuneration Statement

The ratio of the annual salary of the Vice-Chancellor compared to the median average of the University is 6.29:1. The ratio of the total remuneration of the new Vice-Chancellor compared to the median average of the University is 6.16:1.

The Remuneration Committee noted the Vice-Chancellor’s current salary in relation to the average in the Medr comparator group and also noted the Chair of Council’s report on the ViceChancellor's contribution and key achievements (for clarity, the University does not operate a performance-related pay scheme).

The Remuneration Committee decided to mirror the sector pay award for Senior Officers within its scope including the Vice-Chancellor. Accordingly, a 2.5% uplift was awarded and implementation deferred until June 2025 which also mirrored the approach agreed locally for all staff.

The Vice-Chancellor is also Vice-Chancellor of the University of Wales. 20% of the ViceChancellor’s emoluments are recharged to the University of Wales. The emoluments and ratios disclosed above represent 100% of the Vice-Chancellor’s emoluments. The Vice-Chancellor has a significant breadth of responsibility spanning Higher Education and Further Education. This includes the University of Wales Trinity Saint David, The University of Wales, Coleg Sir Gâr and Coleg Ceredigion. Within UWTSD, this includes responsibility for Birmingham and London. 100% of the Vice-Chancellor’s emoluments are disclosed in these accounts and do not take into account any recharge to the University of Wales.

The University Council is responsible for establishing a Standing Committee of the Council, known as the Remuneration Committee, to determine fair and appropriate remuneration for the ViceChancellor, the Chief Operating Officer, the Pro Vice-Chancellors and the Clerk to the Council.

The Remuneration Committee is responsible for reviewing and determining on an annual basis the salaries, terms and conditions and, where appropriate the severance conditions of the above senior post-holders. The terms of reference are published on the University website ensuring these are available to staff, students and all stakeholders in an open and transparent manner: https://www.uwtsd.ac.uk/about/governance-and-management The Committee membership includes a staff member of Council and a student member of Council. The Vice-Chancellor is not a member.

The Remuneration Committee adheres to the Higher Education Senior Staff Remuneration Code, published by the CUC. Its deliberations take account of the context in which the institution operates. It considers the value delivered by an individual acting within a role based on relevant components for the UWTSD context. The Committee considers appropriate comparative information of other Universities to inform its decisions including the annual rate of increase of the average remuneration of all other staff. It also considers the Corporate Risk Register and a report on complaints made to the University by students, staff and external persons. The Committee makes every effort to ensure that all recommendations are fair and consider the institutional interest, key stakeholders and partners including the student community and wider society. The safeguarding of public funds also forms part of its deliberations.

The Chair of the Remuneration Committee is responsible for presenting the decisions of the Remuneration Committee to the University’s Council.

University Of Wales Trinity Saint David (RC1149535) | 56

NOTES TO THE ACCOUNTS

8. Interest and other finance costs

	Year ended 31 July 2025	Year ended 31 July 2025	Year ended 31 July 2024	Year ended 31 July 2024
	Consolidated	University	Consolidated	University
	£’000	£’000	£’000	£’000
Finance leases	116	54	77	36
Loan interest	2,262	2,261	2,124	2,124
Net charge on pension schemes	(1,004)	(374)	(58)	438
Other	368	368	413	413
	1,742	2,309	2,556	3,011

9. Analysis of other operating expenses by activity

			Year ended 31 July 2025	Year ended 31 July 2025	Year ended 31 July 2024	Year ended 31 July 2024
			Consolidated	University	Consolidated	University
			£’000	£’000	£’000	£’000
Remove in slide master	porary margin guides	Academic and related expenditure Administration and central services Premises Residences, catering and conferences Other expenses	42,206 22,773 14,333 1,927 7,906 89,145	29,268 10,122 6,009 690 2,369 48,458	45,893 22,296 10,031 1,922 7,362 87,504	27,896 14,284 6,953 866 2,654 52,653

Other operating expenses include:

Year e Consolid £’00 External auditor’s remuneration in respect of audit services: - These financial statements 135 - Other group financial statements 126 External auditor’s remuneration in respect of non-audit services: - Audit related assurance services 32 - Tax compliance services - Tax advisory services 12	nded 31 July 2025 ated University 0 £’000 135 - 32	Year ended 31 July 2024 Consolidated University £’000 £’000 122 122 116 - 29 23 - - 12 -

==> picture [39 x 756] intentionally omitted <==

10. Taxation

	Year ended 31 July 2025	Year ended 31 July 2025	Year ended 31 July 2024	Year ended 31 July 2024
	Consolidated	University	Consolidated	University
	£’000	£’000	£’000	£’000
Recognised in the statement of
comprehensive income
Current tax expense	(3)	-	(9)	-
Prior year adjustment	4	-	5	-
Deferred tax
Origination and reversal of timing	-	-	-	-
differences
Reduction in tax rate Recognition of previously unrecognised	- -	- -	- -	- -
tax losses
Deferred tax expense	-	-	-	-
Total tax expense	1	-	(4)	-

Factors affecting the total tax charge for the current period The tax assessed for the period relates to Eclectica Drindod Limited, Mentrau Creadigol Cymru , UWTSD Investments and Y Ganolfan Dysgu Cymraeg Genedlaethol and is lower than the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained as follows:

	Year ended 31 July 2025	Year ended 31 July 2025	Year ended 31 July 2024	Year ended 31 July 2024
	Consolidated	University	Consolidated	University
	£’000	£’000	£’000	£’000
(Deficit)/Surplus before tax	(2,625)	(2,801)	30,591	32,339
Amounts not subject to tax	1,573	2,801	(32,130)	(32,339)
Taxable Profits	(1,052)	-	(1,539)	-
Tax at 25% (2024: 25%)	(263)	-	(385)	-
Effects of:
- Disallowable expenditure	260	-	376	-
- Prior year adjustment	4	-	5	-
Total tax charged in the year	1	-	(4)	-

The standard rate of tax applied to reported profit is 25% (2024: 25%).

An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021.

University Of Wales Trinity Saint David (RC1149535) | 57

NOTES TO THE ACCOUNTS

11. Tangible Fixed assets (Consolidated)

Tangible Fixed assets (Consolidated)
	Freehold land and		Assets under construction	Leasehold land and	Equipment, fixtures and	Motor vehicles	Livestock	Totals
		buildings		buildings	fittings
		£’000	£’000	£’000	£’000	£’000	£’000	£’000
Consolidated Cost or valuation
At 1 August 2024		208,374	97	18,532	41,583	980	500	270,066
Additions in the year		4,625	3,722	-	1,861	-	27	10,235
Transfers		91	(97)	-	6	-	-	-
Transfer from Investment Properties		1,448	-	-	-	-	-	1,448
Disposals		-	-	-	(1,653)	(41)	-	(1,694)
Reversal of prior impairment		-		-	-	-	-	-
At 31 July 2025		214,538	3,722	18,532	41,797	939	527	280,055
Accumulated depreciation
At 1 August 2024		64,919	-	5,485	33,953	364	-	104,721
Charge for the year		5,077	-	365	5,359	188	-	10,989
Disposals At 31 July 2025 Net book value At 31 July 2025 At 31 July 2024		- 69,996 144,542 143,455	- - 3,722 97	- 5,850 12,682 13,047	(1,629) 37,683 4,114 7,630	(34) 518 421 616	- - 527 500	(1,663) 114,047 166,008 165,345

Land and buildings owned by Coleg Sir Gâr were revalued in 1998 at depreciated replacement cost by Cooke & Arkwright, a firm of independent chartered surveyors. On adoption of FRS 102, revalued properties have been treated as deemed cost. The analysis of cost or valuation of the tangible fixed assets as at 31 July 2025 is as follows:

	Freehold land and	Assets under	Leasehold land and Equipment, fixtures and	Leasehold land and Equipment, fixtures and	Motor vehicles	Livestock	Totals
	buildings	construction	buildings	fittings
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
Cost or valuation
Valuation in 1998	19,716	-	-	-	-	527	20,243
Cost	194,822	3,722	18,532	41,797	939	-	259,812
	214,538	3,722	18,532	41,797	939	527	280,055

==> picture [252 x 118] intentionally omitted <==

University Of Wales Trinity Saint David (RC1149535) | 58

	NOTES TO T	HE A	CCOUNTS

	11. Tangible Fixed assets (Univ	ersity)
y margin guides	University Cost or valuation At 1 August 2024 Additions in the year Transfers Transfer from Investment Properties Disposals Reversal of prior impairment At 31 July 2025 Accumulated depreciation At 1 August 2024 Charge for the year Disposals At 31 July 2025 Net book value At 31 July 2025 At 31 July 2024	Freehold build £’0 137, 3,1 9 1,4 - -	land and ings Assets under construction Leasehol buil 00 £’000 £’ 969 97 18 75 3,722 1 (97) 48 - - -	d land and dings 000 ,532 - - - - -	Equipment, fixtures and fittings Motor vehicles £’000 £’000 22,520 981 1,005 - 6 - - - - (40) - -	Livestock Totals £’000 £’000 - 180,100 - 7,902 - - - 1,448 - (40) - -	Temporary margin guides
		142,	683 3,722 18	,532	23,531 941	- 189,409
		34,2 3,6 -	95 - 5, 74 - 3 -	486 65 -	17,595 363 3,821 188 - (34)	- 57,739 - 8,048 - (34)
		37,9	69 - 5,	851	21,416 517	- 65,753

		104,	714 3,722 12	,681	2,115 424	- 123,656
		103,	674 97 13	,046	4,925 618	- 122,361
rar	12. Heritage assets: Consolida	ted and Uni	versity
Tempo	The heritage assets include a collect The assets were formally revalued increase in value of £250k. The asse no increase in value noted, a form necessary on this basis. The University of Wales Lampeter charge over the University’s heritag The University’s heritage assets are the Lampeter Campus and are man assets require any preservation or c Wales There have been no acquisitions or Details of the University’s collection https://uwtsd.ac.uk/rbla/a-z-list-of-	ion of rare ma at 31st July ts have been al revaluation Pension & As e assets. hosted in a s aged by 2 sp onservation w disposals of h is available o collections/	nuscripts, tracts, incunabula and printed books. 2014 by Bernard Quaritch Ltd, resulting in an valued as part of the University’s insurance with for the 2025 accounts has not been deemed surance Scheme trustees have a £2m floating pecialist purpose-built annexe to the library on ecialist, qualified members of staff. Where the ork, this is carried out by the National Library of eritage assets within the last five years. n the University’s website

					Univers	ity Of Wales Trinity Saint David (RC1149535)

NOTES TO THE ACCOUNTS

13. Investment Properties

14. Non-current investments

Freehold Property

	Freehold Property
Balance at 1 August 2024 Additions Transfer to fixed assets Revaluation	Consolidated University £’000 £’000 10,197 9,512 244 244 (1,448) (1,448) (3,833) (3,723)
Balance at 31 July 2025	5,160 4,585

The Investment properties are valued by an independent RICS registered valuer on an annual basis with the latest valuation being dated 31st July 2025. The valuation basis for the investment properties is at fair value as defined under FRS102 with an assumption that the properties selling value is subject to any existing leases. The revaluation amount recognised in 2025 relates to revaluing the investment properties to fair value in line with a valuation prepared by Savilles.

The University has no restriction of use on the income generated from the investment properties and at 31 July 2025 has no contractual obligations for future development or maintenance of the properties.

Non-Current Investments: Consolidated

	Interest in	Other fixed	Total
	Joint Venture	asset
	(Note 15) £’000	investments £’000	£’000
At 1 August 2024	661	236	897
Additions	-	-	-
Disposals	-	-	-
Impairment At 31 July 2025 Share of post-acquisition reserves At 1 August 2024 Retained profit less losses At 31 July 2025 Balance at 31 July 2025 Balance at 31 July 2024	- 661 (143) 39 (104) 557 518	12 248 - - - 248 236	12 909 (143) 39 (104) 805 754

Non-Current Investments: University

on-Current Investments: University
At 1 August 2024 Additions	Investment in Subsidiary £’000 - -	Total £’000 - -
Disposals	-	-
Impairment	-	-
At 31 July 2025	-	-

University Of Wales Trinity Saint David (RC1149535) | 60

NOTES TO THE ACCOUNTS

15. Investment in Joint Venture

One of the University’s subsidiaries, UWTSD Investments Limited, holds a 50% share of OSTC TSD LLP, a limited liability partnership. This is a joint venture owned equally by UWTSD Investments Limited and OSTC, a Commercial Company. The investment in OSTC TSD LLP is partly in share capital (£300,000 (2023: £300,000)) and partly as an unsecured loan, repayable on demand, with an interest rate of 4% over base rate (£510,051 (2024: £471,290)). The increase is way of accrued interest earned in the period of £38,761 (2024: £41,634).

The arrangement is treated as a joint venture and is accounted for using the equity method, such that the investment is initially recorded at cost and is subsequently adjusted to reflect the University’s 50% share of the net profit or loss of the joint venture. The Group’s share of the operating loss of the joint venture within the joint venture’s most recent financial statements (dated 31 December 2024) is £nil (2024: £nil). The Group’s interest in the joint venture is £510,051 (2024: £476,458), consisting of the loan as disclosed above, plus capital investment in its consolidated balance sheet.

17. Trade and other receivables

	Year ended 31 July 2025	Year ended 31 July 2025	Year ended 31 July 2024	Year ended 31 July 2024
	Consolidated	University	Consolidated	University
Amounts falling due within one year: - Trade debtors - Prepayments and accrued income	£’000 30,556 8,214	£’000 30,237 3,985	£’000 26,474 7,565	£’000 26,187 3,949
- Amounts due from subsidiary companies - Derivatives	- - 38,770	11,229 - 45,451	- - 34,039	10,963 - 41,099

The amounts due from subsidiaries are an aggregate of trading balances that are interest free and repayable on demand. The University has provided letters of support to its subsidiary companies in which it confirms that the debtor balances will not be called in during a period of 12 months from the Statement of Financial Position date. Accordingly, these balances are considered to fall due in more than one year. Applying this gives the following split of trade and other receivables

16. Stock

Finished goods Livestock for resale	Year ended 31 July 2025 Consolidated University £’000 £’000 914 392 - - 914 392	Year ended 31 July 2024 Consolidated University £’000 £’000 583 393 11 - 594 393

Stock is valued at the lower of its cost and net realisable value on a FIFO basis.

Trade and other receivables - Due within one year - Due after one year Total	Year ended 31 July 2025 Consolidated University £’000 £’000 38,769 34,222 - 11,229 38,769 45,451	Year ended 31 July 2024 Consolidated University £’000 £’000 34,039 30,136 - 10,963 34,039 41,099

University Of Wales Trinity Saint David (RC1149535) | 61

NOTES TO THE ACCOUNTS

18. Investments

	Year ended 31 July 2025	Year ended 31 July 2025	Year ended 31 July 2024	Year ended 31 July 2024
	Consolidated	University	Consolidated	University
	£’000	£’000	£’000	£’000
Short term investment in shares	341	339	1,626	1,625
Short term deposits	15	-	15	-
	356	339	1,641	1,625

The University follows a conservative investment policy with an emphasis on obtaining an increase in the real capital value of each fund within the portfolio each year, a target of 5% real growth is expected, with 3.5% being income growth and 1.5% being capital growth.

The investments are held within the University and consolidated endowment funds. The movement in fair value on these investments is detailed in Note 22.

19 Creditors: amounts falling due within one year

	Year ended 31 July 2025	Year ended 31 July 2025	Year ended 31 July 2024	Year ended 31 July 2024
	Consolidated	University	Consolidated	University
	£’000	£’000	£’000	£’000
Bank Overdraft	-	-	5,457	5,457
Secured loans (note 20)	2,464	2,464	2,573	2,573
Revolving credit facility	7,000	7,000	-	-
Unsecured loans (note 20)	65	65	-	-
Obligations under finance leases (note 20)	808	596	996	835
Trade creditors	10,918	8,855	12,008	10,051
Social security and other taxation payable	2,381	1,731	1,056	512
Accruals and deferred income	46,236	41,845	44,795	37,685
Amounts due to subsidiary companies	-	9,602	-	9,659
	69,872	72,158	66,885	66,772

The amounts due to subsidiaries are an aggregate of trading balances that are interest free and repayable on demand.

repayable on demand. Included with accruals and deferred income are the following items of income which have been deferred until specific performance related conditions have been met: Year ended 31 July 2025 Year ended 31 July 2024 Consolidated University Consolidated University £’000 £’000 £’000 £’000 - - Funding Body Grants -

Funding Body Grants Other Grant Income	Year ended 31 July 2025 Consolidated University £’000 £’000 - - 2,290 1,491	Year ended 31 July 2025 Consolidated University £’000 £’000 - - 2,290 1,491	Year ended 31 July 2024 Consolidated University £’000 £’000 - - 3,349 2,481	Year ended 31 July 2024 Consolidated University £’000 £’000 - - 3,349 2,481
Capital Grant Income	-	-	-	-
Student Income	29,495	29,495	26,626	26,626
Other Income	2,626	2,608	2,677	2,657
	34,411	33,594	32,652	31,764

The secured loan consists of a term loan with a capital amount of £2 million and accrued interest of £464k and a revolving credit facility with a capital amount of £7m . A capital payment relating to the term loan of £500k was due on the 1st August 2025 with subsequent £500k repayments being due 1st November 2025 on 1st February 2026 and 1st April 2026.

University Of Wales Trinity Saint David (RC1149535) | 62

			NOTES TO THE A	NOTES TO THE A	CCOUNTS	CCOUNTS	CCOUNTS	CCOUNTS
									y Th T	e borrowing at 31 July 2024 consisted of:		m Interest Rate Borrower % ruary 33 2.35% over the prevailing SONIA rate University y 2025 1.95% Over the prevailing base rate University not renewed
			20. Creditors: Amounts falling due after mo		re than one year
Remove in slide master	Temporary margin guides O S U A D D T A D l D ( D D D T Th A D D D D T T 2 £
		ry margn gues O S U A D D T A D l D ( D D D T	bligations under finance leases ecured loans nsecured loans nalysis of obligations under finance leases ue within one year (note 19) ue between two and five years otal obligations under finance leases nalysis of secured loans: ue within one year or on demand - term oan (note 19) ue within one year or on demand – RCF note 19) ue between one and two years ue between two and five years ue in five years or more otal secured loans	Ye Cons £’ 9 26 1,	ar ended 31 July 2025 olidated University 000 £’000 41 520 ,000 26,000 275 1,275		Year ended 31 July 2024 Consolidated Universit £’000 £’000 1,155 834 28,000 28,000 - -		y
										Lender Instrument Amount Ter
										£’000
										HSBC Term loan 38,000 To Feb 20 Barclays Overdraft 5,457 To Ma he overdraft facility expired in May 2025 and was
				28	,216 27,795		29,155 28,834
				8 9	08 596 41 520		996 835 1,155 834
										21. Provision for liabilities
				1,	749 1,116		2,151 1,669			Other enh on t £’000 At 1 August 2024 448 Utilised in year - Additions in year - At 31 July 2025 448 The other provision of £448K relates to a potent one of the subsidiaries’ overhead recovery metho The pension enhancements provision relates to s have already left employment and commitments The provision has been recalculated in accordanc The Pension rectification provision is a potential li Consolidated University Pension enhancements on termination £’000 At 1 August 2024 427 Utilised in year (203) Additions in year - At 31 July 2025 224 The pension enhancements and the pension rect				Temporary margin guides o o . .
				2, 7, 2, 24	464 2,464 000 7,000 000 2,000 ,000 24,000 - -		2,573 2,573 - - 2,000 2,000 26,000 26,000 - -
											Other enh on t £’000 448 - -	Pension ancements ermination Pension scheme rectification £’000 £’000 750 38 (301) - 39 -	Total provisions £’000 1,236 (301) 39
											448	488 38	974
				35	,464 35,464		30,573 30,573
												ial repayment of European Funds (ESF) in relation t dology. taff in both the University and its subsidiaries wh for reorganisation costs at the balance sheet date e with the latest LSC circular. ability on the University’s in-house pension scheme Pension scheme rectification Total provisions £’000 £’000 38 465 - (203) - - 38 262 ification provisions are as previously stated.

		r A	nalysis of unsecured loans:
		p D	ue within one year or on demand (note 19)		65	65	-	-
		e D	ue between one and two years		56	56	-	-
		D	ue between two and five years	2	95	295	-	-
		D	ue in five years or more	9	24	924	-	-
		T	otal unsecured loans	1,	340	1,340	-	-
			e borrowing at 31 July 2025 consisted of:		m Interest Rate Borrower % 2034 1.75% over the prevailing SONIA rate University 2034 1.75% over the prevailing SONIA rate University 2025 2.05% University d and aligned to the revolving credit facility in July 31 July 2025 as noted in note 19

			Lender Instrument Amount	Ter
			£’000
			HSBC Term loan 38,000 To July HSBC Revolving credit facility 30,000 To July Salix Finance Overdraft 1,332 To May he term and rate of the term loan were negotiate 025. 7m was drawn from the revolving credit facility at

										Univers		ity Of Wales Trinity Saint David (RC1149535)	63

		NOTES TO THE A	NOTES TO THE A	CCOUNTS	CCOUNTS

	22	. Endowment funds
Remove in slide master	Temporary margin guides B C A N I E I i T f B R A A	Consolidated Unrestric permane endowm £’000 alance at 1 August apital 2,500 ccumulated income 106 2,606 ew endowments - nvestment income 4 xpenditure (5) ncrease/(decrease) in market value of nvestments - otal endowment comprehensive income or the year (1) alance at 31 July 2,605 epresented by: Capital 2,499 Accumulated income 106 2,605 nalysis by type of purpose: Lectureships - Fellowships, scholarships and prize funds 23 General 2,582 2,605 nalysis by asset Investments 23 Cash 777 Other current assets 1,805 2,605 Restricted net assets relating to endowments are		as follows:		Total 00 53 68 121 4 6) 4) 4 135 76 59 135 41 64 30 135 35 58 37 135	Unrestr perma endow £’00 Balance at 1 August Capital 2,37 Accumulated income 60 2,43 New endowments - Investment income 4 Expenditure - Increase/(decrease) in market value of investments - Total endowment comprehensive income for the year 4 Balance at 31 July 2,43 Represented by: 2,37 Capital 64 Accumulated income 2,43 Analysis by type of purpose: Lectureships - Fellowships, scholarships and prize funds - General 2,43 2,43 Analysis by asset Investments 23 Cash 77 Other current assets 1,63 2,43 University Restricted net assets relating to endowments are		as follows:		Temporary margin guides
								Unrestr perma endow £’00 2,37 60	icted nent ment Restricted permanent endowment 2025 Total 0 £’000 £’000 0 4,586 6,956 2,667 2,727	2024 Total £’000 7,132 2,532
			Unrestric permane endowm £’000 2,500 106	ted nt ent Restricted permanent endowment Restricted expendable endowment 2025 Total £’000 £’000 £’000 4,751 25 7,276 2,753 - 2,859	2024 £’0 7,4 2,6	Total 00 53 68
								2,43	0 7,253 9,683	9,664
			2,606	7,504 25 10,135	10,	121
								- 4 - - 4 2,43	(2) (2) 146 150 (115) (115) (27) (27) 2 6 4 7,255 9,689	344 (149) (176) 19 9,683	Temporary ma
			- 4 (5) - (1) 2,605	(2) - (2) 146 2 152 (115) (1) (121) (27) - (27) 2 1 2 7,506 26 10,137	- 34 (15 (17 1 10,	4 6) 4) 4 135
								2,37 64	0 4,556 6,926 2,699 2,763	6,956 2,727	rgin guid
			2,499 106	4,721 26 7,246 2,785 - 2,891	7,2 2,8	76 59
								2,43	4 7,255 9,689	9,683	es
			2,605	7,506 26 10,137	10,	135
								- - 2,43	3,941 3,941 1,680 1,680 4 1,634 4,068	3,941 1,679 4,063
			- 23 2,582	3,941 - 3,941 1,717 26 1,766 1,848 - 4,430	3,9 1,7 4,4	41 64 30
								2,43	4 7,255 9,689	9,683
			2,605	7,506 26 10,137	10,	135
			23 777 1,805	307 26 356 1,288 - 2,065 5,911 - 7,716	1,3 1,9 6,9	35 58 37		23 77 1,63	306 329 6 1,288 2,064 5 5,661 7,296	1,309 1,708 6,761
			2,605	7,506 26 10,137	10,	135		2,43	4 7,255 9,689	9,683


								Univers	ity Of Wales Trinity Saint David (RC1149535)	64

		NOTES TO THE A	NOTES TO THE A	NOTES TO THE A	CCOUNTS	CCOUNTS	CCOUNTS
								25. Subsidiary undertakings Company P Eclectica Drindod Limited Delive Trinity College Hold Trinity University College (TUC) UWTSD Investments Limited Co Y Ganolfan Dysgu Cymraeg Genedlaethol Delivery of W Mentrau Creadigol Cymru Operat Welsh American Academy Enterprises Limited Swansea Business School Limited Coleg Sir Gâr F Coleg Ceredigion F UW Centre for Advance Batch Manufacture Limited Commerc Welsh American Academy Enterprises Ltd The International Foundation for Interfaith and Intercultural Dialogue The minority interest in UW Centre for Advance of Wales. 51% of the surplus or deficit for each statements with 49% being recognised in the fin
		23. Capital and other commitments
		Provision has not been made for the following ca Year ended 3 Consolidated £’000 Commitments contracted for - Commitments authorised - -			pital commitments at 31 July 2025 1 July 2025 Year ended 31 July 2024 University Consolidated University £’000 £’000 £’000 - - - - - -						Temporary margin g
									rincipal Activity Status
									r third mission activity TUC sole member
									endowment assets TUC sole trustee
									Dormant UWTSD sole member
									mmercial activities 100% owned
									elsh for Adults programme UWTSD sole member
									ion of Yr Egin activities 100% owned
			-		-	- -
									Dormant 100% owned

									Dormant 100% owned
									urther education 100% owned
									urther education 100% owned
									ial and research activities 51% owned

									Dormant 100% owned
	24	. Lease obligations
R i lid t	Temporary margin guides emove n se maser	Consolidated Total rentals payable under operating leases: Payable during the year Future minimum lease payments due: Not later than 1 year Later than 1 year and not later 5 years Greater than 5 years Total lease payments due University Total rentals payable under operating leases: Payable during the year Future minimum lease payments due: Not later than 1 year Later than 1 year and not later 5 years Greater than 5 years Total lease payments due		Land a buildi £’00 1,67 1,86 9,23 14,7	At 31 July 2025 At 31 July 2024 nd ngs Other leases Total Total 0 £’000 £’000 £’000 9 207 1,886 2,876 2 270 2,132 1,564 6 334 9,570 8,173 85 - 14,785 12,683				Dormant 100% owned
									Batch Manufacture Limited is held in University accounting period is recognised in these financial ancial statements of University of Wales.
								26. Related Parties The company has taken advantage of the discl transactions under FRS102. The transactions with related parties that are no University of Wales is deemed a related part common with the University Balances:Receivables £5,489 (2024: £4,421), Pa Total income £56,491 (2024: £58,304), Total exp OSTC Trinity St David LLP is deemed a related wholly owned subsidiary of the University) is a The balance below represents an unsecured loa Balances:Receivables £510,051 (2024: £471,29 Total income £38,761 (2024: £41,634), Total exp The University maintains a register of Council interests of connected persons to the members. any individual or company on the Register of Int Payments to Council members in relation to thei
											uid
									osure exemptions of 100% owned related party t 100% owned by the group are disclosed below: y in that it has key management personnel in yables £nil (2024: £1,527,924) enditure £1,687,074 (2024: £1,664,222) party in that the UWTSD Investments Limited (a partner in it and has significant influence over it. n, for which more details are provided in note 14 0), Payables £nil (2024: £nil) enditure £nil (2024: £nil) member interests, the scope of which includes There have been no transactions in the year with erests. r duties are disclosed in note 7.		es
				25,8	83 604 26,487		22,420
				1,51 1,81 9,22 14,7	6 185 1,701 3 166 1,979 0 207 9,427 85 - 14,785		2,582 1,448 8,043 12,682
				25,8	18 373 26,191		22,173

								Univers	ity Of Wales Trinity Saint David (RC1149535)	6

		NOTES TO TH	E A	CCOUNTS	CCOUNTS
						In House Scheme University of Wales: USS Pension Sche University of Wales: Local Government University of Wales: (Dyfed) University of Wales: (Swansea) University of Wales: (Swansea) Coleg Sir Gâr Coleg Ceredigion Liability at 31 July The pension liabilit The LGPS and In H July 2024. The Uni caps the overall sc actuarial gains in t individual scheme The liabilities at 31 In June 2023, the H Pension Trustees I changes due to th Government publi affected pension s that historical ben be agreed by both	Yea Cons £ Trinity Saint David me Trinity Saint David Schemes Trinity Saint David Trinity Saint David ( Trinity Saint David ( ( ( y/(asset) disclosed in the ba ouse schemes are in a tech versity and group have appli heme asset positions to nil. hese financial statements f notes. July 2025 reflect the unfund igh Court handed down a d I Limited and others relati e lack of actuarial confirmat shed draft amendments to chemes the ability to retros efit changes met the necess Houses of Parliament before	the ba	lance sheet is summarised as follows:
	2	7. Pension Schemes
								Yea Cons £ ( ( (	r ended 31 July 2025 olidated University ’000 £’000 - - - - - - 46) (46) - - 481) - 20) -	Year ended 31 July 2024 Consolidated Universit £’000 £’000 - - - - - - - - - - - - -	y
Remove in slide master	Temporary margin guides ( s f S T U C C U U L U C C I U U S U C C R U C C T I L L L I U T	There are five pension schemes in opera TPS) for academic staff and Universiti taff and all staff appointed after 18 N Pension Fund (LGPS) and the University or support staff. The total pension costs included in the c taff costs PS contributions niversity of Wales: Trinity Saint David oleg Sir Gâr oleg Ceredigion SS contributions niversity of Wales: Trinity Saint David ocal Government contributions niversity of Wales Trinity Saint David oleg Sir Gâr oleg Ceredigion n House Scheme niversity of Wales Trinity Saint David Other pension adjustments niversity of Wales Trinity Saint David Movement on USS provision ervice costs niversity of Wales: Trinity Saint David oleg Sir Gâr oleg Ceredigion estructuring Provision niversity of Wales Trinity Saint David oleg Sir Gâr oleg Ceredigion otal Pension costs per note 7 nterest Costs ocal Government – University ocal Government – Coleg Sir Gâr ocal Government – Coleg Ceredigion n House Scheme – University SS – University otal Pension interest cost per note 8	tion via th es Superan ovember 2 of Wales L onsolidate Year en Consolid £’000 1,199 3,047 625 6,183 2,195 1,765 241 210 - 841 1,585 217 - 16 -	e Group for its staff: the Teachers’ Pension Scheme nuation Scheme (USS) for academic and support 010, the Dyfed Pension Fund (LGPS), the Swansea ampeter Pension and Assurance Scheme (UWLPS) d accounts are: ded 31 July 2025 Year ended 31 July 2024 ated University Consolidated University £’000 £’000 £’000 1,199 1,177 1,177 - 2,521 - - 499 - 6,183 7,250 7,250 2,195 2,145 2,145 - 1,630 - - 229 - 210 325 325 - (33,226) (33,226) 841 863 863 - 1,417 - - 204 - - - - - 55 - - 16 -
								(	547) (46)	- -
									nical surplus position at 31st July 2025 and 31st ed IAS19 in calculating a cap to the gains which This has an impact on reducing the recognised rom the FRS102 gains, as set out below in the ed portion of the schemes ecision in the case of Virgin Media Limited v NTL ng to the validity of certain historical pension ion required by law. On 2 September 2025, the the Pension Schemes Bill which would give pectively obtain written actuarial confirmation ary standards. The draft legislation will need to it passes into law'		Temporary margin guides
			18,124	10,628	(14,895) (21,466)
			(369) (480) (150) (5) -	(369) - - (5)	(318) (318) (371) - (125) - (8) (8) 764 764

			(1,004	) (374)	(58) 438

							Univers		ity Of Wales Trinity Saint David (RC1149535)	66

The pension liability/(asset) disclosed in the balance sheet is summarised as follows:
Year ended 31 July 2025 Year ended 31 July 2024
Consolidated University Consolidated University £’000 £’000 £’000 £’000
In House Scheme
University of Wales: Trinity Saint David - - -
USS Pension Scheme
University of Wales: Trinity Saint David - - - -
Local Government Schemes
University of Wales: Trinity Saint David - - - -
(Dyfed)
University of Wales: Trinity Saint David (Swansea) (46) (46) - -
University of Wales: Trinity Saint David
(Swansea) - - - -
Coleg Sir Gâr (481) - - -
Coleg Ceredigion (20) - - -
Liability at 31 July (547) (46) - -
The LGPS and In House schemes are in a technical surplus position at 31st July 2025 and 31st July 2024. The University and group have applied IAS19 in calculating a cap to the gains which caps the overall scheme asset positions to nil. This has an impact on reducing the recognised actuarial gains in these financial statements from the FRS102 gains, as set out below in the individual scheme notes. The liabilities at 31 July 2025 reflect the unfunded portion of the schemes In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. On 2 September 2025, the		Temporary margin guides
Government published draft amendments to the Pension Schemes Bill which would give affected pension schemes the ability to retrospectively obtain written actuarial confirmation
that historical benefit changes met the necessary standards. The draft legislation will need to be agreed by both Houses of Parliament before it passes into law'

University Of Wales Trinity Saint David (RC1149535) | 66

NOTES TO THE ACCOUNTS

LGPS – Dyfed Scheme

Certain employees are members of the Dyfed Local Government Pension Scheme (LGPS). The University and employees contribute to the LGPS, which is a defined benefit scheme, and based on members final pensionable salary.

A full actuarial valuation of the scheme was carried out as at 31 March 2022 by a qualified independent actuary. The major assumptions used by the actuary were:

Rate of increase in pensionable pay Rate of increase in pensions in payment Discount rate - in service - left service Inflation assumptions		2022 Valuation %	2019 Valuation %
		4.6 3.1 5.1 4.55 3.1	3.9 2.4 4.1 4.1 2.4

The valuation states that the market value of the assets held at the valuation date amounted to £3,243 million and the present value of the scheme liabilities was £2,508 million. Representing a funding level of 129% and a surplus of £735 million. The employer contribution rate was 22% during the year.

FRS102 disclosure

The mortality assumptions are based on the recent actual mortality experience of members in the Fund and allow for future expected mortality improvements. Sample life expectancies resulting from these mortality assumptions are shown below:

Males	2025	2024
Future lifetime from age 65 (currently aged 65)	21.1	21.4
Future lifetime from age 65 (currently aged 45)	22.3	22.8
Females
Future lifetime from age 65 (currently aged 65) Future lifetime from age 65 (currently aged 45)	23.5 25.2	23.8 25.6

Equities Government Bonds Other Bonds Property Cash/liquidity and other Split of scheme assets		Split at 31-Jul-25 % 69.8 0 8.9 10.2 11.1 100	Split at 31-Jul-24 % 73.2 0 9.3 10.8 6.7 100

In accordance with the requirements of Financial Reporting Standard 102, independent qualified actuaries have updated the results of the March 2022 valuation in order to ascertain the assets and liabilities of the fund which relate to the University at 31 July 2025 The projected unit method was used.

Rate of increase in salaries Rate of increase in pensions Discount rate Rate of inflation		2025 Valuation %	2014 Valuation %
		4.0 2.6 5.9 2.5	4.1 2.7 4.9 2.6

University Of Wales Trinity Saint David (RC1149535) | 67

	NOTES TO THE A	CCOUNTS	CCOUNTS	CCOUNTS	CCOUNTS	CCOUNTS

	LGPS Dyfed Scheme – University	of Wales Trinity Saint David
Temporary margin guides Remove in slide master I A A i	Fair value of assets Present value of liabilities Surplus in the scheme Effect of asset ceiling Recognisedpension liability The following amounts at 31 July 2025 a accordance with the requirements of FRS102	nd 31 July 2024 were measured in .					Surplus/(Deficit) in scheme at beginning of the yea Administration expenses Current service cost Contributions paid by the employer Net finance cost Actuarial gain Surplus in scheme at the end of the year Effect of asset ceiling Recognised pension liability Movement in scheme at beginning of the	r year
											31-Jul-25 £’000 6,485 (8) (376) 444 329 4,764 11,638 (11,684)			31-Jul-24 £’000 5,221 (8) (376) 455 278 915 6,485 (6,485)
					31-Jul-24 £’000 29,480

				(20,009)	(22,995)
				11,638	6,485
				(11,684)	(6,485)
				(46)	-

											(46)			-
	Current service cost Past service cost Administration expenses Curtailment Total operating charge Analysis of amount charged in Statement of	31-Jul-25 31-Jul-24 £’000 £’000 (376) (376) - - (8) (8) - - (384) (384) Comprehensive Income 31-Jul-25 31-Jul-24 £’000 £’000 1,442 1,377 (1,113) (1,099) 329 278 31-Jul-25 31-Jul-24 £’000 £’000 856 1,167 ent value of 3,908 (252) (4,822) (1,264) (58) (349)													Temporary margin guides
							At 1 August Current service cost Past service cost Interest cost Member contributions Change in financial assumptions Change in demographic assumptions Experience gain/(loss) Curtailment Benefits paid At 31 July Analysis of the movement in the present v	31-Jul-25 31-Jul-24 £’000 £’000 (22,995) (21,847) (376) (376) - - (1,113) (1,099) (130) (137) 3,817 (382) 263 53 (172) 77 - - 697 716 (20,009) (22,995) alue of the scheme liabilities
			(384)			(384)
			31-Jul-25 31-Jul-24 £’000 £’000 1,442 1,377 (1,113) (1,099)
	Expected return on assets nterest on pension liabilities Net finance cost nalysis of finance income and charges
										(20,009)			(22,995)

							Analysis of the movement in the present v At 1 August Expected rate of return on scheme assets Re measurement gains on assets Administration expenses Employer contributions Members contributions Benefits paid At 31 July	alue of the scheme assets 31-Jul-25 31-Jul-24 £’000 £’000 29,480 27,068 1,442 1,377 856 1,167 (8) (8) 444 455 130 137 (697) (716) 31,647 29,480
			329			278
			31-Jul-25 31-Jul-24 £’000 £’000 856 1,167 3,908 (252) (4,822) (1,264)
	Remeasurement of assets Effects of changes in assumptions underlying the pres scheme liabilities Effect of asset ceiling mount recognised in other comprehensive ncome	ent value of
						(252) (1,264)
									31,647			29,480

			(58)			(349)

							Univers	ity Of Wales Trinity Saint David (RC1149535)	68

			NOTES TO THE A	CCOUNTS	CCOUNTS

			LGPS Dyfed Scheme – University	of Wales Trinity Saint David
Temorar marin uides		R	Effect of asset ceiling – start of period P&L :Net Interest OCI: Remeasurement gain/(loss) Effect of asset ceiling – end of period econciliation of asset ceiling		£’000 (6,485) (377) (4,822) (11,684)			) )		Temporary margin guides
			Sensitivity Analysis
			Disclosure Item Central Sensi	tivity 1 Sensitivity 2 Sensitivity 3		Sensitivity 4	Sensitivity 5
	y g		+ 0.5 disc	% p.a ount +0.25% p.a inflation +0.25% p.a pay growth		1 year increas in life expectancy	e +/-1% change in 2023/2024 investment returns +1% -1%
	p		£’000 £’	000 £’000 £’000		£’000	£’000 £’000
			Liabilities 20,008 18	,585 20,760 20,205		20,388	20,008 20,008
			Assets (31,647) (31	,647) (31,647) (31,647)		(31,647)	(31,963) (31,331
			Deficit/(Surplus) exc ceiling impact (11,639) (13	,062) (10,887) (11,442)		(11,259)	(11,955) (11,323
		P	rojected service cost for next year 281 2	47 299 281		287	281 281
		P	rojected net interest cost for next year – exc ceiling impact (700) (8	50) (655) (688)		(677)	(718) (681)



								Univers	ity Of Wales Trinity Saint David (RC1149535)	69

NOTES TO THE ACCOUNTS

LGPS Dyfed Scheme – Coleg Sir Gâr

The following amounts at 31 July 2025 and 31 July 2024 were measured in accordance with the requirements of FRS102.

	31-Jul-25	31-Jul-24
	£’000	£’000
Fair value of assets	68,321	63,142
Present value of scheme liabilities	(47,279)	(54,255)
Surplus in the scheme	21,042	8,887
Effect of the asset ceiling Recognised pension liability	(21,523) (481)	(8,887) -

Analysis of amount charged in Statement of Comprehensive Income

Current service cost Past service cost Administration expenses Curtailment Total operating charge	31-Jul-25 £’000 (1,585) - (36) - (1,621)	31-Jul-24 £’000 (1,417) - (33) - (1,450)

Analysis of finance income and charges

Analysis of finance income and charges
	31-Jul-25	31-Jul-24
	£’000	£’000
Expected return on assets	3,101	2,933
Interest on pension liabilities	(2,621)	(2,562)
Net finance cost	480	371

Amount recognised in other comprehensive income

	31-Jul-25 £’000	31-Jul-24 £’000
Remeasurement of assets	1,841	2,483
Effects of changes in assumptions underlying the present value of scheme liabilities	9,621	(624)
Effect of asset ceiling	(11,608)	(2,477)
	(1,987)	(618)

==> picture [39 x 756] intentionally omitted <==


Movement in scheme at beginning of the year	31-Jul-25 £’000	31-Jul-24 £’000
Surplus/(Deficit) in scheme at beginning of the year	8,887	6,410
Operating cost	(1,621)	(1,450)
Contributions paid by the employer	1,834	1,697
Net finance cost	480	371
Actuarial gain	11,462	1,859
Surplus in scheme at the end of the year	21,042	8,887
Effect of the asset ceiling	(21,523)	(8,887)
Recognised pension liability	(481)	-

Analysis of the movement in the present value of the scheme liabilities
At 1 August Current service cost Past service cost nterest cost Member contributions Change in financial assumptions Change in demographic assumptions Experience gain/(loss) Curtailment	31-Jul-25 £’000 (54,255) (1,585) - (2,621) (554) 9,438 617 (434) -	31-Jul-24 £’000 (50,842) (1,417) - (2,562) (511) (937) 122 192 -	Temporary margin guides
Benefits paid	2,115	1,700
At 31 July	(47,279)	(54,255)

Analysis of the movement in the present value of the scheme assets
	31-Jul-25	31-Jul-24
	£’000	£’000
At 1 August	63,142	57,252
Expected rate of return on scheme assets	3,101	2,973
Re measurement gains on assets	1,841	2,482
Administration expenses	(36)	(33)
Employer contributions	1,834	1,657
Members contributions	554	511
Benefits paid	(2,115)	(1,700)
At 31 July	68,321	63,142

Analysis of the movement in the present value of the scheme liabilities

At 1 August Current service cost Past service cost Interest cost Member contributions Change in financial assumptions Change in demographic assumptions Experience gain/(loss) Curtailment	31-Jul-25 £’000 (54,255) (1,585) - (2,621) (554) 9,438 617 (434) -	31-Jul-24 £’000 (50,842) (1,417) - (2,562) (511) (937) 122 192 -	emporary margin guides
Benefits paid	2,115	1,700
At 31 July	(47,279)	(54,255)

Analysis of the movement in the present value of the scheme assets

	31-Jul-25	31-Jul-24
	£’000	£’000
At 1 August	63,142	57,252
Expected rate of return on scheme assets	3,101	2,973
Re measurement gains on assets	1,841	2,482
Administration expenses	(36)	(33)
Employer contributions	1,834	1,657
Members contributions	554	511
Benefits paid	(2,115)	(1,700)
At 31 July	68,321	63,142

University Of Wales Trinity Saint David (RC1149535) | 70

			NOTES TO THE A	CCOUNTS	CCOUNTS

			LGPS Dyfed Scheme – Coleg Sir	Gâr
s		R	Effect of asset ceiling – start of period P&L :Net Interest OCI: Remeasurement gain/(loss) Effect of asset ceiling – end of period econciliation of asset ceiling		£’000 (8,887) (1,028) (11,608) (21,523)					Temporary margin guides
			Sensitivity Analysis
uid	g		Disclosure Item Central Sensitiv	ity 1 Sensitivity 2 Sensitivity 3		Sensitivity 4	Sensitivity 5
ar marin	y g		+ 0.5% discou	p.a nt +0.25% p.a inflation +0.25% p.a pay growth		1 year increase in life expectancy	+/-1% change in 2023/2024 investment returns +1% -1%
mo	p		£’000 £’00	0 £’000 £’000		£’000	£’000 £’000
T			Liabilities 47,279 43,78	1 49,131 47,697		48,159	47,279 47,279
			Assets (68,321) (68,32	1) (68,321) (68,321)		(68,321)	(69,006) (67,636)
	De		ficit/(Surplus) exc ceiling impact (21,042) (24,54	0) (19,190) (20,624)		(20,162)	(21,727) (20,357)
P	ro		jected service cost for next year 1,158 1,01	1 1,239 1,158		1,186	1,158 1,158
P	ro co e		jected net interest st for next year – xc ceiling impact (1,296) (1,62	9) (1,184) (1,269)		(1,242)	(1,336) (1,256)



								Univers	ity Of Wales Trinity Saint David (RC1149535)	71

	NOTES TO THE A	CCOUNTS	CCOUNTS	CCOUNTS

	LGPS Dyfed Scheme – Coleg Cer	edigion
Temporary margin guides	The following amounts at 31 July 2025 and accordance with the requirements of FRS10 Fair value of assets Present value of scheme liabilities Surplus in the scheme Effect of the asset ceiling Recognised pension liability	31 July 2024 2.	were measured in 31-Jul-25 31-Jul-24 £’000 £’000 14,917 13,898 (9,622) (10,952) 5,295 2,946 (5,315) (2,946)		Movement in scheme at beginning of th Surplus/(deficit) in scheme at beginning of the yea Operating cost Administrative expenses Contributions paid by the employer Net finance cost Actuarial gain Surplus in scheme at the end of the year Effect of the asset ceiling Recognised pension liability Analysis of the movement in the present v At 1 August Current service cost Past service cost Interest cost Member contributions Change in financial assumptions Change in demographic assumptions Experience gain/(loss) Curtailment Benefits paid At 31 July Analysis of the movement in the present v At 1 August Expected rate of return on scheme assets Re measurement gains on assets Administration expenses Employer contributions Members contributions Benefits paid At 31 July	e year r
								31-Jul-25 £’000 2,946 (217) (5) 241 150 2,180 5,295 (5,315)		31-Jul-24 £’000 2,346 (209) - 230 125 454 2,946 (2,967)
			(20)	-
								(20)		-
	Current service cost Past service cost Administration expenses Curtailment Total operating charge Analysis of amount charged in Statement o Income Expected return on assets Interest on pension liabilities Net finance cost Analysis of finance income and charges Amount recognised in other comprehensiv Remeasurement of assets Effects of changes in assumptions underlying the pre scheme liabilities Effect of asset ceiling

						alue of the scheme liabilities 31-Jul-25 31-Jul-24 £’000 £’000 (10,952) (10,552) (217) (204) - - (530) (528) (70) (68) 1,752 (174) 129 27 (105) 48 - - 371 499 (9,622) (10,952)					Temporary margin guides
							31-Jul-25 £’000 (10,952) (217) - (530) (70) 1,752 129 (105) - 371		31-Jul-24 £’000 (10,552) (204) - (528) (68) (174) 27 48 - 499		py g gu
			(222)	(209)
			31-Jul-25 31-Jul-24 £’000 £’000 404 653 (254) (528)

							(9,622)		(10,952)

						alue of the scheme assets 31-Jul-25 31-Jul-24 £’000 £’000 13,898 12,898 680 653 404 553 (5) (5) 241 230 70 68 (371) (499) 14,917 13,898
			150	125
			31-Jul-25 31-Jul-24 £’000 £’000 404 653 1,776 (199) (2,203) (600)					31-Jul-25 £’000 13,898 680 404 (5) 241 70 (371)		31-Jul-24 £’000 12,898 653 553 (5) 230 68 (499)
		e income sent value of
				(199) (600)
								14,917		13,898
			(427)	(146)

					Univers	ity Of Wales Trinity Saint David (RC1149535)	72

			NOTES TO THE A	CCOUNTS	CCOUNTS

			LGPS Dyfed Scheme – Coleg Cer	edigion
Temorar marin uides		R	Effect of asset ceiling – start of period P&L :Net Interest OCI: Remeasurement gain/(loss) Effect of asset ceiling – end of period econciliation of asset ceiling		£’000 (2,946) (166) (2,203) (5,315)			) )		Temporary margin guides
			Sensitivity Analysis
	g		Disclosure Item Central Sensi	tivity 1 Sensitivity 2 Sensitivity 3		Sensitivity 4	Sensitivity 5
	y g		+ 0.5 disc	% p.a ount +0.25% p.a inflation +0.25% p.a pay growth		1 year increas in life expectancy	e +/-1% change in 2023/2024 investment returns +1% -1%
	p		£’000 £’	000 £’000 £’000		£’000	£’000 £’000
			Liabilities 9,622 8,	965 9,968 9,674		9,811	9,622 9,622
			Assets (14,917) (14	,917) (14,917) (14,917)		(14,917)	(15,066) (14,768
			Deficit/(Surplus) exc ceiling impact (5,295) (5,	952) (4,949) (5,243)		(5,106)	(5,444) (5,146
		P	rojected service cost for next year 160 1	40 171 160		164	160 160
		P	rojected net interest cost for next year – exc ceiling impact (319) (3	89) (299) (316)		(308)	(328) (311)



								Univers	ity Of Wales Trinity Saint David (RC1149535)	73

NOTES TO THE A	CCOUNTS

LGPS Swansea Scheme
Certain employees are members of the City Pension Scheme (LGPS). The University an is a defined benefit scheme, and based on m actuarial valuation was undertaken at 31 Mar The actuarial valuation of the scheme is ba principal assumptions made by the actuaries	and County of Swansea Local Governme d employees contribute to the LGPS, whic embers final pensionable salary. The late ch 2022 by independent actuaries. sed on the projected unit method and th were: 2022 Valuation % 2019 Valuation %	nt h st e	The mortality assumptions are based on members in the Fund and allow for future life expectancies resulting from these morta Males Future lifetime from age 65 (currently aged 65) Future lifetime from age 65 (currently aged 45) Females Future lifetime from age 65 (currently aged 65) Future lifetime from age 65 (currently aged 45) Equities Government Bonds Other Bonds Property Cash/liquidity and other Other Split of scheme assets*		the recent actual mortality experience of expected mortality improvements. Sample lity assumptions are shown below:
				Males Future lifetime from age 65 (currently aged 65) Future lifetime from age 65 (currently aged 45) Females Future lifetime from age 65 (currently aged 65) Future lifetime from age 65 (currently aged 45)		2025 Years	2024 Years
						21.6 21.9 24.2 25.0	21.5 21.8 24.1 24.9
Rate of increase in pensionable pay Rate of increase in pensions in payment Discount rate - in service - left service Inflation assumptions The valuation states that the market value o amounted to £2.924 million and the prese £2.921 million. Representing a funding level o The employer contribution rate is 40.8% £721,000 payable from April 2024 to March deficit and £810,000 in for the period April 20
	3.8 3.6 2.3 2.1 4.1 4.25 0.8 1.6 2.3 2.1 f the assets held at the valuation date nt value of the scheme liabilities was f 100% and a surplus of £2.8 million. plus an annual deficit contribution of 2025 rising to 40.8% plus an annual 25 to March 2026. Financial Reporting Standard 102, ated the results of the March 2022 liabilities of the fund which relate to the method was used. 025 Valuation % 2024 Valuation %
									Temp
						Split at Split at 31-Jul-25 31-Jul-24 % %
						0 100 0 0 0 0		71.3 5.1 4.4 3.0 0.4 15.8	orary margin
						100		100	g
									uides
FRS102 disclosure In accordance with the requirements of independent qualified actuaries have upd valuation in order to ascertain the assets and University at 31 July 2025. The projected unit 2 Rate of increase in salaries Rate of increase in pensions Discount rate Rate of inflation

	4.0 4.1 2.5 2.6 5.8 5.0 2.5 2.6
			Univers		ity Of Wales Trinity Saint David (RC1149535)					74

NOTES TO THE ACCOUNTS

Males	2025 Years	2024 Years
Future lifetime from age 65 (currently aged 65)	21.6	21.5
Future lifetime from age 65 (currently aged 45)	21.9	21.8
Females Future lifetime from age 65 (currently aged 65)	24.2	24.1
Future lifetime from age 65 (currently aged 45)	25.0	24.9

University Of Wales Trinity Saint David (RC1149535) | 74

NOTES TO THE ACCOUNTS

LGPS Swansea Scheme – University of Wales Trinity Saint David

The following amounts at 31 July 2025 and 31 July 2024 were measured in accordance with the requirements of FRS102.

	31-Jul-25 £’000	31-Jul-24 £’000
Fair value of assets Present value of scheme liabilities	57,840 (32,940)	54,460 (36,960)
Surplus in the scheme	24,900	19,500
Effect of the asset ceiling	(24,900)	(19,500)
Recognised pension asset	-	-

Analysis of amount charged in Statement of Comprehensive Income

Remove in slide master	Temporary margin guides	31-Jul-25 £’000 Current service cost (430) Past service cost (60) Administration expenses - Curtailment - Total operating charge (490)	31-Jul-24 £’000 (460) - - - (460)

Analysis of finance income and charges

	31-Jul-25	31-Jul-24
	£’000	£’000
Expected return on assets	2,830	2,480
Interest on pension liabilities	(1,810)	(1,780)
Interest on unrecognised asset	(980)	(660)
Net finance cost	40	40

Amount recognised in other comprehensive income

	31-Jul-25 £’000	31-Jul-24 £’000
Remeasurement of assets	(1,780)	4,050
Effects of changes in assumptions underlying the present value of	4,890	270
scheme liabilities
Effect of asset ceiling	(4,420)	(5,590)
	(1,310)	(1,270)

==> picture [39 x 756] intentionally omitted <==

Movement in scheme at beginning of the year	Movement in scheme at beginning of the year
	31-Jul-25 £’000	31-Jul-24 £’000
Surplus in scheme at beginning of the year	19,500	13,250
Current service cost	(430)	(460)
Past service cost	(60)	-
Contributions paid by the employer	1,760	1,690
Net finance cost	1,020	700
Actuarial gain	3,110	4,320
Surplus in scheme at the end of the year	24,900	19,500
Effect of asset ceiling	(24,900)	(19,500)
Recognised pension asset	-	-

Analysis of the movement in the present value of the scheme liabilities 31-Jul-25 £’000 At 1 August (36,960) Current service cost (430) Past service cost (60) Interest cost (1,810) Member contributions (150) Change in financial assumptions 5,180 Change in demographic assumptions - Experience gain/(loss) (290) Curtailment -		31-Jul-24 £’000 (36,110) (460) - (1,780) (160) 300 - (30) -	Temporary margin guides
Benefits paid	1,580	1,280
At 31 July	(32,940)	(36,960)

Analysis of the movement in the present value of the scheme assets
	31-Jul-25	31-Jul-24
	£’000	£’000
At 1 August	54,460	49,360
xpected rate of return on scheme assets	2,830	2,480
e measurement gains on assets	(1,780)	4,050
Administration expenses	-	-
mployer contributions	1,760	1,690
Members contributions	150	160
enefits paid	(1,580)	(1,280)
At 31 July	57,840	54,460

Analysis of the movement in the present value of the scheme liabilities

	31-Jul-25	31-Jul-24
	£’000	£’000
At 1 August	54,460	49,360
Expected rate of return on scheme assets	2,830	2,480
Re measurement gains on assets	(1,780)	4,050
Administration expenses	-	-
Employer contributions	1,760	1,690
Members contributions	150	160
Benefits paid	(1,580)	(1,280)
At 31 July	57,840	54,460

University Of Wales Trinity Saint David (RC1149535) | 75

	NOTES TO THE A	CCOUNTS	CCOUNTS

	LGPS Swansea Scheme – Univer	sity of Wales Trinity Saint David
Temporary margin guides R	Effect of asset ceiling – start of period P&L :Net Interest OCI: Remeasurement gain/(loss) Effect of asset ceiling – end of period econciliation of asset ceiling		£’000 (19,500) (980) (4,420) (24,900)		.a a				Temporary margin guides
						Adju	stment to mortality age rating assumption +0	.1% p.a Base figure -0.1% p.a
						Pres	ent value of total obligation (£m)	33.70 32.94 32.18
						% ch	ange in present value of total obligation	2.3% (2.3%
						Proje	cted service cost (£m)	0.34 0.33 0.32
						Appr	oximate % change in projected service cost	3.5% (3.5%
	Sensitivity Analysis

	Adjustment to discount rate	+0.1% p.a	Base figure -0.1% p.	a
	Present value of total obligation (£m)	32.45	32.94 33.47
	% change in present value of total obligation	(1.5%)	1.6%
	Projected service cost (£m)	0.32	0.33 0.34
	Approximate % change in projected service cost	(3.9%)	4.0%
	Adjustment to salary increase rate Present value of total obligation (£m) % change in present value of total obligation Projected service cost (£m) Approximate % change in projected service cost

		+0.1% p.a	Base figure -0.1%	p
		33.01	32.94 32.8	7
		0.2%	(0.2%	)
		0.33	0.33 0.33
		0.0%	0.0%


	Adjustment to pension increase rate	+0.1% p.a	Base figure -0.1% p	.
	Present value of total obligation (£m)	33.40	32.94 32.51
	% change in present value of total obligation	1.4%	(1.3%	)

	Projected service cost (£m)	0.34	0.33 0.32
	Approximate % change in projected service cost	4.0%	(3.9%	)


							Univers	ity Of Wales Trinity Saint David (RC1149535)	76

	NOTES TO THE A	CCOUNTS	CCOUNTS

	LGPS Swansea Scheme – Univer	sity of Wales Trinity Saint David
Temporary margin guides R	Effect of asset ceiling – start of period P&L :Net Interest OCI: Remeasurement gain/(loss) Effect of asset ceiling – end of period econciliation of asset ceiling		£’000 (19,500) (980) (4,420) (24,900)		.a a				Temporary margin guides
						Adju	stment to mortality age rating assumption +0	.1% p.a Base figure -0.1% p.a
						Pres	ent value of total obligation (£m)	33.70 32.94 32.18
						% ch	ange in present value of total obligation	2.3% (2.3%
						Proje	cted service cost (£m)	0.34 0.33 0.32
						Appr	oximate % change in projected service cost	3.5% (3.5%
	Sensitivity Analysis

	Adjustment to discount rate	+0.1% p.a	Base figure -0.1% p.	a
	Present value of total obligation (£m)	32.45	32.94 33.47
	% change in present value of total obligation	(1.5%)	1.6%
	Projected service cost (£m)	0.32	0.33 0.34
	Approximate % change in projected service cost	(3.9%)	4.0%
	Adjustment to salary increase rate Present value of total obligation (£m) % change in present value of total obligation Projected service cost (£m) Approximate % change in projected service cost

		+0.1% p.a	Base figure -0.1%	p
		33.01	32.94 32.8	7
		0.2%	(0.2%	)
		0.33	0.33 0.33
		0.0%	0.0%


	Adjustment to pension increase rate	+0.1% p.a	Base figure -0.1% p	.
	Present value of total obligation (£m)	33.40	32.94 32.51
	% change in present value of total obligation	1.4%	(1.3%	)

	Projected service cost (£m)	0.34	0.33 0.32
	Approximate % change in projected service cost	4.0%	(3.9%	)


							Univers	ity Of Wales Trinity Saint David (RC1149535)	76

NOTES TO THE ACCOUNTS

University of Wales Lampeter Pension and Assurance Scheme (UWLPAS)

The University sponsors the University of Wales, Lampeter Pension & Assurance Scheme which is a defined benefit arrangement. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities.

The trustees of the scheme are required to act in the best interest of the scheme’s beneficiaries. The appointment of the trustees is determined by the scheme’s trust documentation. One-third of the trustees are nominated by the members of the scheme, at least one of the member nominated trustees must be a pensioner member.

A full actuarial valuation was carried out as at 31 July 2022, the results have been updated to 31 July 2025 by a qualified actuary, independent of the plan’s sponsoring employer.

The results of the 31 July 2022 valuation showed a deficit of £1,294,000. The University has agreed with the trustees that it would continue to make contributions at a rate of 19% of employee salaries along with an annual enhanced contribution of £277,990, increasing by 3% p.a. The University will also meet expenses of the scheme and levies to the Pension Protection Fund, insurance premiums for death in service and all management and administration expenses. Member contributions are payable at the rate of 6.25% of pensionable service. The material assumptions used by the actuary as at 31 July 2025 and for the comparative period, were as follows:

	2025	2024
	%	%
Rate of increase in salaries	4.00	4.05
Rate of increase in pensions in payment	2.55	2.55
Revaluation rate for deferred pensions	2.55	2.55
Discount rate	5.85	4.90
Rate of inflation	2.50	2.55
Allowance for commutation of pension for cash at retirement	Maximum	Maximum
	allowed	allowed

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement at age 65 are:

	2025	2024
	Years	Years
Males retiring at age 65 in 2020	20.6	20.6
Females retiring at age 65 in 2020	23.0	22.9
Males retiring at age 65 in 2040	21.8	21.8
Females retiring at age 65 in 2040	24.4	24.4

Equities Bonds Other Split of scheme assets*		Split at 31-Jul-25 % - 98.2 1.8 100	Split at 31-Jul-24 % 21.2 78.1 0.7 100

In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. On 2 September 2025, the Government published draft amendments to the Pension Schemes Bill which would give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historical benefit changes met the necessary standards. The draft legislation will need to be agreed by both Houses of Parliament before it passes into law’.

Both the University and the scheme trustees are actively monitoring the progress of the Bill and will continue to consider the position of the scheme in relation to the Bill once finalisd

University Of Wales Trinity Saint David (RC1149535) | 77

==> picture [39 x 756] intentionally omitted <==

NOTES TO THE ACCOUNTS

University of Wales Lampeter Pension and Assurance Scheme (UWLPAS)

The following amounts at 31 July 2025, and at 31 July 2024 were measured in accordance with the requirements of FRS102.

	31-Jul-25	31-Jul-24
	£’000	£’000
Fair value of assets	18,238	19,489
Present value of scheme liabilities	(14,017)	(16,057)
Surplus/(Deficit) in the scheme	4,221	3,432
Effect of the asset ceiling	(4,221)	(3,432)
Recognised pension asset	-	-

Analysis of amount charged in Statement of Comprehensive Income

Remove in slide master	Temporary margin guides	31-Jul-25 £’000 Current service cost (35) Past service cost - Administration expenses - Curtailment - Total operating charge (35)	31-Jul-24 £’000 (37) - - - (37)

Analysis of finance income and charges

	31-Jul-25	31-Jul-24
	£’000	£’000
Expected rate of return on scheme assets	941	952
Interest on pension liabilities Interest expense on effect of asset ceiling	(768) (168)	(781) (163)
Net finance cost	5	8

Amount recognised in other comprehensive income

	31-Jul-25 £’000	31-Jul-24 £’000
Return on plan assets – gain	(1,598)	192
Experienced gains/(losses) arising on plan liabilities	(40)	52
Change in financial and demographic assumptions underlying the	2,079	(441)
plan
Effect of asset ceiling	(621)	(99)
Total gain recognised in the statement of comprehensive income	(180)	(296)

Movement in scheme at beginning of the year	Movement in scheme at beginning of the year
		31-Jul-25	31-Jul-24
		£’000	£’000
Surplus in scheme at beginning of the year		3,432	3,170
Current service cost		(35)	(37)
Contributions paid by the employer		210	325
Net finance cost		173	171
Expenses		-	-
Losses due to benefit changes		-	-
Actuarial gain/(loss)		441	(197)
Effect of the asset ceiling		(4,221)	(3,432)
Recognised pension asset		-	-

Analysis of the movement in the present value of the scheme liabilities
At 1 August Current service cost Past service cost Interest cost Member contributions Effect of changes in assumptions Effect of experience adjustments Curtailment		31-Jul-25 £’000 (16,057) (35) - (768) (15) 2,079 (40) -	31-Jul-24 £’000 (15,447) (37) - (781) (16) (441) 52 -	Temporary margin guides
Benefits paid		819	613
Expenses		-	-
Losses due to benefit	changes	-	-
At 31 July		(14,017)	(16,057)

Analysis of the movement in the present value of the scheme assets
		31-Jul-25	31-Jul-24
		£’000	£’000
At 1 August		19,489	18,617
Expected rate of return on scheme assets		941	952
Re measurement gains on assets		(1,598)	192
Administration expenses		-	-
Employer contributions		210	325
Members contributions		15	16
Benefits paid		(819)	(613)
At 31 July		18,238	19,489

Analysis of the movement in the present value of the scheme liabilities

Analysis of the movement in the present value of the scheme assets

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NOTES TO THE ACCOUNTS

University of Wales Lampeter Pension and Assurance Scheme (UWLPAS)

Reconciliation of asset ceiling

		£’000
Effect of asset ceiling – start of period		(3,432)
P&L :Net Interest		(168)
OCI: Remeasurement gain/(loss)		(621)
Effect of asset ceiling – end of period		(4,221)

Sensitivity Analysis

Temporary margin guides Adjustment to discount rate Present value of defined benefit obligation % change in present value of total obligation Adjustment to price inflation rate Present value of total obligation (£m) % change in present value of total obligation	-50bp Base figure 14,894 14,017 6.2% -25bp Base figure 13,923 14,017 (0.7%)	-50bp Base figure 14,894 14,017 6.2% -25bp Base figure 13,923 14,017 (0.7%)
Adjustment to post retirement mortality	+1 year Base figure
assumption
Present value of total obligation (£m)	14,374	14,017
% change in present value of total obligation	2.5%

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NOTES TO THE ACCOUNTS

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. These regulations apply to teachers in schools, colleges and other educational establishments. Membership is automatic for teachers and lecturers at eligible institutions. Teachers and lecturers are able to opt out of the TPS.

The TPS is an unfunded scheme, and members contribute on a ’pay as you go‘ basis – these contributions, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Act. Retirement and other pension benefits are paid by public funds provided by Parliament.

Under the definitions set out in FRS 102 (28.11), the TPS is a multi-employer pension plan. The university is unable to identify its share of the underlying assets and liabilities of the plan.

Accordingly, the university has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined-contribution plan. The university has set out above the information available on the plan and the implications for the college in terms of the anticipated contribution rates. The valuation of the TPS is carried out in line with regulations made under the Public Service Pension Act 2013. Valuations credit the teachers’ pension account with a real rate of return assuming funds are invested in notional investments that produce that real rate of return. The latest actuarial review of the TPS was carried out as at 31 March 2020. The valuation

The valuation of the TPS is carried out in line with regulations made under the Public Service Pension Act 2013. Valuations credit the teachers’ pension account with a real rate of return assuming funds are invested in notional investments that produce that real rate of return.

The latest actuarial review of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education (the Department) in October 2023. The valuation reported total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service at the effective date of £262 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222 billion giving a notional past service deficit of £40 billion (compared to £22 billion in the 2016 valuation).

As a result of the valuation, new employer contribution rates rose to 28.68% which have been in effect from April 2024 (previously 23.68%). The year to July 2025 contained a full year impact of this change.

A full copy of the valuation report and supporting documentation can be found on the Teachers’ Pension Scheme website.

The pension costs paid to TPS in the year amounted to £4,871k (2024: £4,197k) of which £1,199k (2024: 1,177k) was paid by the University and £3,672k (2024: £3,020k) was paid by Coleg Sir Gar and Coleg Ceredigion

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NOTES TO THE ACCOUNTS

Universities Superannuation Scheme (USS)

The institution participates in Universities Superannuation Scheme (USS) which is the main scheme covering most academic and academic-related staff. The Scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund.

USS is a multi-employer scheme and is accounted for as set out in the accounting policies

The total cost charged to the Consolidated Statement of Comprehensive Income is £7,250k (2023: £7,881k) including PensionChoice, but excluding the impact of the change in the deficit recovery plan.

	Discount Rate (forward rates) CPI assumption	Fixed interest gilt yield curve plus: Pre-retirement 2.5% Post-retirement 0.9% Term dependent rates in line with the difference
		between the Fixed Interest and Index Linked yield curves less:
	Pension increases (subject to a floor of 0%)	1.0% p.a. to 2030 reducing linearly by 0.1% p.a. to a long-term difference of 0.1% p.a. from2040 CPI assumption plus 0.03%

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

The 2023 valuation was the seventh and latest valuation for USS under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the 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%.

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%. As part of the 2023 valuation, no deficit recovery plan was required because the scheme was in surplus on a technical provisions basis. The University 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 in the year to July 2024. Deficit recovery contributions due within one year for the institution are nil (2024: £nil)

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles. (uss.co.uk/about-us/valuation-and-funding/statement-of-funding principles).

Surpluses or deficits which arise at future valuations may impact on the University’s future contribution commitments. A deficit may require additional funding in the form of higher contribution requirements, whereas a surplus could, perhaps, be used to similarly reduce contribution requirements

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows:

	Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements to mortality CMI_2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w202 and 2021 and a long-term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females. The current life expectancies on retirement at age 65 are:	Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements to mortality CMI_2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w202 and 2021 and a long-term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females. The current life expectancies on retirement at age 65 are:
		2024 2024
		Years Years
	Males retiring at age 65 in 2020	23.7 23.7
	Females retiring at age 65 in 2020	25.4 25.6
	Males retiring at age 65 in 2040	25.6 25.4
	Females retiring at age 65 in 2040	27.2 27.2

University Of Wales Trinity Saint David (RC1149535) | 81

STATEMENT OF FINANCIAL POSITION & CASH FLOW

28. Consolidated reconciliation of net debt

		Year ended
		31 July 2025
		£’000
	Net debt at 1 August 2023	(17,787)
	Movement in cash and cash equivalents	2,449
	Other non-cash changes	(5,826)
	Net debt at 31 July 2024	(20,718)
	Analysis of net debt:	Year ended	Year ended
		31 July 2025	31 July 2024
		£’000	£’000
	Cash and cash equivalents	17,835	20,394
	Borrowings: amounts falling due within one year
	Secured loans	9,464	2,573
	Unsecured loans	65	-
Remove in slide master	Temporary margin guides Bank overdraft Obligations under finance leases Borrowings: amount falling due after more than one year Secured loans Unsecured loans Obligations under finance leases Net Debt	- 808 7,498 26.000 1,275 941 28,216 (20,718)	5,457 996 9,026 28,000 1,155 29,155 (17,787)

29. Events after the reporting period

There have been no other material events in the period between 31st July 2025 and the signing of the accounts on the 26 November 2025.

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