Annual Report and Financial Statements 2019

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Annual Report and Financial Statements 2019 Annual Report and Financial Statements Year ended 31 July 2019 The United Nations Sustainable Development Goals (SDGs) are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including those related to poverty, inequality, climate, environ- mental degradation, prosperity, and peace and justice. As a signatory to the Environmental Association for Universities and Colleges Accord, the University has committed to aligning and mapping its activities to the relevant goals. In this report you will see within each section icons against the relevant goal. For more information on the SDGs, please visit: www.un.org/sustainabledevelopment/ sustainable-development-goals/ Contents Annual Strategic Review 3 Members of Council Financial Review 19 Chair: Professor Stuart Palmer Corporate Governance Statement 24 Vice Chair: Public Benefit Statement 26 Rev Canon Gareth Powell [to 31 July 2019], Ms Jan Juillerat [Vice-Chair Responsibilities of the Council of Cardiff University 27 from 1 August 2019] Independent Auditors’ Report 28 Vice-Chancellor: Professor C Riordan Consolidated and University Statements of Deputy Vice-Chancellor: Comprehensive Income 33 Professor K Holford Statements of Changes in Reserves 34 Ms F Al-Dhahouri [to 30 June 2019] Balance Sheets 35 Professor R Allemann [from 1 August 2018] Consolidated Statement of Cash Flows 36 Mr P Baston Notes to the Financial Statements 37 Dr C Bell Professor M Bühner [from 22 November 2018] Mr R Calil [from 13 February 2019 to 31 July 2019 and from 21 August 2019] Mr T Evans [from 1 July 2019] Ms J Fabian [from 27 November 2018] Mr A Gibbons Professor K Graham [from 1 September 2018] Mr M Hampson [from 1 August 2018] Professor M Heimann [from 22 November 2018] Dr Reg Hinkley [from 1 August 2019 to 6 September 2019] Dr S Luke Professor P Milbourne [to 31 July 2019] Ms L Phillips Mr L Richards Ms N Richards [to 31 July 2019] Mr J Shakeshaft [from 1 August 2019] Mr D Simmons [from 1 August 2019] Charity Name: Mr D Simpson [to 31 July 2019] Cardiff University Judge Ray Singh Charity Registration Number: Dr J Wademan 1136855 Ms A Xavier-Phillips Registered Office: Ms J Yip Main Building Cathays Park All of those persons listed above served as Cardiff CF10 3AT Charity Trustees throughout the year covered by this Report. Unless otherwise indicated they www.cardiff.ac.uk also occupied these positions on the date on which the Report was approved. Cardiff University Annual Report and Financial Statements 2018-2019 1 2 Annual Strategic Review Introduction by the Vice-Chancellor The uncertainty that we have become used to in recent times has shown no sign of abating in the last year. The combination of Brexit and a tightening financial environment has cast a shadow over Higher Education throughout the UK. While we have had to take some difficult The review applies only to England, but We have always been a university that decisions to deal with the impact of this it is likely that there would be knock-on stands shoulder to shoulder with our uncertainty, I am pleased to report that effects for the Welsh system because of communities as part of our overall civic the University has also enjoyed much the interconnections between the two mission. As part of The Way Forward 2018- success, and we are working with Welsh countries. At the time of writing it is unclear 23 we have embarked upon an ambitious Government and other partners to mitigate which, if any, of the proposals will ever programme to support educational the financial pressures we face. be implemented. There is still hope that attainment in the schools and colleges of This time last year I wrote that the UK’s the very well received Diamond reforms Wales. This is extremely important work exit from the EU would finally take place in Wales might supply a better model for at a time when the Welsh Government is in spring 2019. Manifestly that did not England to follow than this plan. introducing a new curriculum for schools. happen, and at the time of writing it is still Once again we have enjoyed a successful We enrich our communities in countless unclear what the ultimate outcome will be. year in our key strategic areas. You can ways and I am proud of our long history in Whatever eventuates we are prepared, and read more about our many successes in this regard. Our economic impact is also can be confident of our ability to handle the five strategic themes of Education, significant. the consequences. I am conscious that the Research, Civic Mission, International and According to our most recent economic and Brexit process has been difficult for many of Innovation in the annual review section social impact report, produced by specialist our staff and students who face uncertainty of this document. I am always careful economics and policy consultancy about their status. The contribution of our not to put too much emphasis on our London Economics, Cardiff University now students and staff from Europe and the performance in league tables but they contributes £3.23bn to the UK economy, rest of the world is enormous and we will can be a useful method for charting our most of which is in Wales. It means we continue to provide practical support and progress. I was therefore heartened by our generate £6.30 for every £1 we spend. It guidance during Brexit. We will always be rises in the Guardian University Guide and is therefore fair to say that our social and proud to be an international community, The Complete University Guide, although economic impact is considerable and of not least because academic success is we did drop slightly in The Times and The great importance to our communities. built on the diversity of talent that we draw Sunday Times Good University Guide 2020. We are fortunate to benefit from the skills from around the world. In addition, four Cardiff University subjects of many exceptionally talented people Against this background of uncertainty were ranked among the Top 50 in the at this University. I would like to offer my and resource constraints, our Transforming world in the QS World University Rankings congratulations to Professor Bernard Cardiff programme is helping us achieve by Subject: Communication and Media Schutz, who has been elected to the highly financial sustainability while delivering Studies, Architecture/Built Environment, prestigious National Academy of Sciences the ambitions that were set out in our Engineering, Mineral and Mining, and in USA for his work on gravitational waves, strategy, The Way Forward 2018-23. We Dentistry. and to Professor Anwen Williams, who has will meet our objectives through controlling Notably, we have achieved record research become only our second Principal Fellow of our cost base on the one hand, and by income this year of just over £116m. the Higher Education Academy. Professor changing the ways we organise and run Behind that figure stands a huge and Roger Awan-Scully, who is Head of Politics our research, teaching and learning and diverse range of research grants and and International Relations, was named professional services on the other. The contracts. Just two of the highlights from National University Mentor of the Year. We latter point is very important, and is the 2018-19 are the Clwstwr Creadigol and are proud of them and it is gratifying to reason for introducing a programme of the Centre for Climate Change and Social see their contributions recognised in these managed change rather than simply Transformations (CAST). The Clwstwr ways. controlling costs. We have our Council’s aims to put innovation at the core of The excellent work of all our students and support for this approach and I believe media production in South Wales. It is staff is indeed a source of great pride. that the five-year Transforming Cardiff funded to the tune of £10m by the Arts Despite the uncertainty in the sector, we programme will enable us to deliver our and Humanities Research Council as are continuing to evolve as a university strategic objectives. It is a challenging part of the Creative Industries Clusters and we are making good progress in period for all concerned but we have made Programme under the auspices of the implementing our strategy. The changes we an excellent start, already ahead of the Industrial Strategy Challenge Fund. The are making are not without challenges, but financial trajectory required and making the timely new Cardiff-led CAST puts people at will put us in a strong position to capitalise changes we need to secure our long-term the heart of the changes required to tackle on opportunities in the future. This will sustainability. the enormous challenges of the climate benefit us all: staff, students, alumni and The publication of the Augar review at emergency. This £5m project is funded the institution itself. the end of May 2019 presented us with by the Economic and Social Research a new range of risks, chief amongst them Council and has a strong practical focus on the proposed reduction of home fees what we need to do to bring down carbon Professor Colin Riordan from £9,000 to £7,500 and a shifting of emissions. Vice-Chancellor resource from higher to further education. 25 November 2019 Cardiff University Annual Report and Financial Statements 2018-2019 3 1. 2. 3. 4. Images 1. Medical training brought to north Wales 2. City centre location for JOMEC 3. Students help quash wrongful conviction 4. Female professor helped shape British history 5. Cyber win for Cardiff students 5. 4 Education Medical training brought City centre location Training data experts to north Wales for JOMEC of the future Medical students can complete The new city centre home for the The University launched a new their medical training in north School of Journalism, Media and Data Science Academy to meet Wales for the first time thanks to Culture (JOMEC) opened its doors industry’s demand for highly a new initiative between Cardiff to students and staff.
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