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Directors' Annual Report & Financial Statements Limited by Guarantee Directors’ Annual Report & Financial Statements for the year ended 31st July 2013 Registered Company Number 02287517 Cardiff Union Services Limited Contents Company Information 1 Directors' Report 2to4 Statement of Directors' Responsibilities 3to4 Independent Auditor's Report 5to6 Profit and Loss Account 7 Balance Sheet 8 Cash Flow Statement 9to 10 Notes to the Financial Statements 11 to 17 Cardiff Union Services Limited Company Information Gethin Lewis Sir Donald Walters Cari Davies Oliver Wannell Thomas Eden Helen Dent Kim Gould MBE Elliot Howells Edore Evuarherhe Gemma Wheeler Cardiff Students Union Park Place Cardiff South Glamorgan CF10 3QN Blue Spire South LLP Chartered Accountants and Statutory Auditors Cawley Priory South Pallant Chichester West Sussex PO19 1SY Page 1 Cardiff Union Services Limited Directors' Report for the Year Ended 31 July 2013 The directors present their report and the financial statements for the year ended 31 July 2013. The principal activity of the company is that of services and facilities to provide the social and educational welfare of the students at Cardiff University.. The directors who held office during the year were as follows: Gethin Lewis Sir Donald Walters Henry Newman (resigned 31 July 2013) Elizabeth Button (appointed 2 August 2012 and resigned 31 July 2013) Adam Curtis (appointed 1 August 2012 and resigned 31 July 2013) Megan David (appointed 1 August 2012 and resigned 31 July 2013) Cari Davies (appointed 1 August 2012) Kieran Gandhi (appointed 1 August 2012 and resigned 31 July 2013) Hannah Pask (appointed 1 August 2012 and resigned 31 July 2013) Christopher Williams (appointed 1 August 2012 and resigned 31 July 2013) The following directors were appointed after the year end: Oliver Wannell (appointed 1 August 2013) Thomas Eden (appointed 1 August 2013) Helen Dent (appointed 1 August 2013) Kim Gould MBE (appointed 1 August 2013) Elliot Howells (appointed 1 August 2013) Edore Evuarherhe (appointed 1 August 2013) Gemma Wheeler (appointed 1 August 2013) Fair review of the business The company had a successful year and was able to produce a small operating profit at the year end. The company's turnover increased during the year and it was able to generate more operating income, whilst maintaining a competitive gross profit. The profit during the year comes after a substantial operating loss in 2011/12 and places the company on good footing for 2013/14. During 2012/13 the company's activities remained broadly similar to 2011/12, although the company continued to develop its commercial trading and continued to invest in its physical spaces. The company remains committed to developing its trading areas, whilst diversifying its services and this will continue into 2013/14. Page 2 Cardiff Union Services Limited Directors' Report for the Year Ended 31 July 2013 ......... continued After a challenging year in 2011/12 it was vital that the company was able to return to profit and stabilise its cash flow in 2012/13. This was largely achieved, with the company only suffering a marginal decrease in cash over the year. The Director's have identified that the company's balance sheet position should be strengthened over the next few years and have set the following targets to achieve this: •To agree a long term financial plan for the company and achieve the cash reserves target for 2013/14; •To achieve an improved trading profit and increased cash position for the company for 2013/2014; and •To develop a cost centre accounting approach to the company's various departments to drive efficiency. The company has recognised its defined benefit pension scheme liabilities during the year and they have been listed as an exceptional item. The company's deficit contributions to the pension scheme are due to run until 2030, but the Director's are confident that the company can meet its liabilities as they fall due. The new treatment of pensions within the accounts has had a dramatic impact on the company's overall position and the shareholders funds. In addition, the company has written off some bad debts within the year that have had a negative impact on the current assets position. This liability has been applied to when the debts were accrued, meaning that last year's results have been restated. Principal risks and uncertainties The Directors examine the major strategic, business and operational risks faced by the Company. The Company maintains a risk register that is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks faced by the Company. These procedures are periodically reviewed to ensure that they continue to meet the needs of the Company. Budgetary and internal control risks are minimised by expenditure limits set by the Board of Directors. In addition, stringent procedures are in place to ensure the health and safety of staff, volunteers and participants on all activities organised by the Company. All other types of risk have specific mitigation activities that are delegated to senior managers of the Company. The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: • select suitable accounting policies and apply them consistently; • make judgements and accounting estimates that are reasonable and prudent; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3 Cardiff Union Services Limited Directors' Report for the Year Ended 31 July 2013 ......... continued Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and which they know the auditors are unaware of. Approved by the Board on .................... and signed on its behalf by: ......................................... Cari Davies Director Page 4 Independent Auditor's Report to the Members of Cardiff Union Services Limited We have audited the financial statements of Cardiff Union Services Limited for the year ended 31 July 2013, set out on pages 7 to 17. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed. As explained more fully in the Statement of Directors' Responsibilities (set out on page 3), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors. An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Directors' Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. In our opinion the financial statements: • give a true and fair view of the state of the company's affairs as at 31 July 2013 and of its loss for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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