and Annual Report ended 31 July 2018 Year Financial StatementsFinancial Cardiff University Annual Report and Financial Statements | Year ended 31 July 2018 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 27 Rev Canon Gareth Powell Vice-Chancellor: Responsibilities of the Council of Cardiff University 28 Professor C Riordan Independent Auditors’ Report 29 Deputy Vice-Chancellor: Professor K Holford Consolidated and University Statements of Comprehensive Income 33 Mr R Aggarwal [to 31 July 2018] Statements of Changes in Reserves 34 Ms F Al-Dhahouri Professor R Allemann Balance Sheets 35 [from 1 August 2018] Consolidated Statement of Cash Flows 36 Mr P Baston Dr C Bell Notes to the Financial Statements 37 Professor G Boyne [to 31 July 2018] Ms H Cooke [to 30 June 2018] Professor A Coffey [to 31 July 2018] Professor N De Leeuw [to 31 July 2018] Mr A Gibbons Professor K Graham [from 1 September 2018] Mr M Hampson [from 1 August 2018] Ms J Juillerat Mr M Leighfield [to 19 March 2018] Mr R Lewis-Watkin [to 24 September 2018] Dr S Luke Professor P Milbourne Ms L Phillips Mr R Preece [to 31 July 2018] Mr L Richards [from 20 March 2018] Ms N Richards Mr D Simpson Dr D Skyrme [to 31 July 2018] Judge Ray Singh Dr J Wademan Ms A Xavier-Phillips Charity Name: [from 14 May 2018] Cardiff University Ms J Yip [from 1 July 2018] Charity Registration Number: 1136855 All of those persons listed above served as Charity Trustees Registered Office: throughout the year covered by this Main Building Report. Unless otherwise indicated Cathays Park they also occupied these positions Cardiff CF10 3AT on the date on which the Report was www.cardiff.ac.uk approved. Cardiff University Annual Report and Financial Statements 2017-2018 1 2 Annual Strategic Review Introduction by the Vice-Chancellor The Higher Education sector has endured a challenging 2017/18 and Cardiff University is no exception. While Brexit negotiations have brought So although the external climate offers Queen’s Anniversary Prize. Dr Woodhouse few certainties, the UK’s exit from the EU challenges which must be addressed, has led extraordinary research resulting is finally due to happen in spring 2019. we have enjoyed notable success in our in changes to eye care practice for We are therefore planning in detail for core activities of teaching, research, civic children with Down’s syndrome. as many eventualities as we are able to mission, innovation and international. Students are at the heart of what we do predict, so that we can take whatever You can read much more in the annual and 2017/18 has seen much progress, mitigating actions might prove necessary. review section of this document but I including the start of construction work At the time of writing this includes the would like briefly to mention a couple of on the Centre for Student Life, which possibility of an abrupt exit from the EU, success stories. will transform the way we support our which could prove disruptive not only to We enjoyed an exceptional Times Higher students in all ways, including in terms students and staff, but to the general Education Awards - the pre-eminent of their mental health and wellbeing. It is business of the University. It is also vital industry event for recognising excellence of course vital that our students get the that we seize any opportunities that in the HE sector in the UK - thanks to the support they need, when they need it. present themselves. efforts of two very different projects that To that end, a very important initiative We have now started along the road to illustrated our commitment to our civic was introduced in 2017/18 to make sustainable funding for higher education mission and international ambitions. The it easier for students to report sexual in Wales, though it will be some time exceptionally successful Phoenix Project, violence and abuse. Our anonymous before universities fully benefit. The initial led with unfailing verve and energy by disclosure system is the only one of its costs of the new approach introduced by Professor Judith Hall, won the 2017 kind in the UK and includes a dedicated Sir Ian Diamond’s student support and International Collaboration of the Year team of staff providing the required funding review are relatively high because trophy at the ceremony in London. support. for an overlap period, the old and new Partnering with the University of Namibia, I believe these achievements illustrate systems must run in parallel. All Welsh the Phoenix Project has an outstanding our ambitions, while our new strategy universities are having to absorb some track record in helping to improve health - The Way Forward 2018-23 - will help of the effects of those increased costs. and reduce poverty in Namibia. And our us to achieve further success as its In addition, we have seen disputes about commitment to the local communities of implementation progresses. To fulfil pay, and strikes at universities across the Cardiff was illustrated by the success of these strategic aims we must grow our UK as a result of proposed changes to the CAER Heritage Project, a collaborative income and manage our costs, so the pensions. Whilst it is impossible to predict partnership between Cardiff University, way forward is not without challenges, but the outcome of these disagreements, we community development charity Action in I am confident that Cardiff University will can say with some certainty that costs Caerau and Ely, local schools, community continue to flourish into the future. We will continue to increase in the sector. groups and major heritage organisations have an excellent track record of prudent Whatever happens, Cardiff University will in Wales. Led by Dr Dave Wyatt, the CAER financial management and investment in continue to be a resilient institution that Heritage Project was honoured with the areas that support our students and staff welcomes and values staff and students award for Outstanding Contribution to the to succeed. That will continue and I look from across the world. We have budgeted Local Community. I was also delighted forward to another successful year. with sufficient caution over many years to that the excellent work of Dr Maggie allow us to ride out any difficult periods, Woodhouse was rewarded with the UK’s Professor Colin Riordan and that is exactly what we are doing. most prestigious academic award, the Vice-Chancellor Cardiff University Annual Report and Financial Statements 2017-2018 3 1. 2. 3. Images 1. Work begins on Centre for Student Life 2. Medical students support pupils’ ambitions 3. All Blacks open revamped gym 4. Commonwealth Games silver medal for medical student 4. 4 Education Work begins on Centre All Blacks open Commonwealth Games for Student Life revamped gym silver medal for medical Work started on creating a new The All Blacks officially opened student home for the University’s student Cardiff University’s new state- Cardiff University medical student support services. of-the-art gym ahead of their Lewis Oliva won silver for Team The Centre for Student Life will offer match against Wales in the 2017 Wales in the men’s keirin at the a range of services, including mental autumn international series. 2018 Commonwealth Games in health and wellbeing support, to Cardiff The New Zealand rugby team opened the Australia. University students wherever they are refurbished facilities while using them for The sprint cyclist is part of the University’s based. a training session. sporting High Performance Programme. Construction company BAM was chosen The Fitness and Conditioning Centre He left the British Cycling programme to build the Centre, which is due to open boasts three floors of cardiovascular in 2016 to take up a place studying in the 2020/21 academic year. resistance and weight-based equipment, medicine and join Welsh Cycling. It will include social study spaces, including a top floor dedicated to strength consultation rooms, a 550-seat and conditioning training. Lewis, from Monmouthshire, has successfully juggled his demanding auditorium and quiet contemplation All four countries playing Wales in the training routine around his studies. spaces. autumn internationals prepared for their matches at the facility. Medical students support Training future Welsh- pupils’ ambitions Training next generation of speaking business leaders Cardiff University medical scientists and engineers A new degree was launched to students supported school pupils The University was awarded meet the growing demand for who aspire to become doctors. £3.6m to help produce the next high-quality business graduates The Widening Access to Medicine generation of scientists and with a command of the Welsh Scheme, led by medical student David engineers as part of a major language. Lawson, has already helped 200 pupils investment by UK Government. The Business Management with Welsh with applications and interviews. degree supports the Welsh Government’s The funds will support up to 78 fully- More than 100 medical student ambition to grow the number of Welsh funded PhD students based across volunteers, trained in mentoring, have speakers to one million by 2050.