By Oliver Hanlon
In a speech to the AGM, Cardiff Student’s Union CEO Daniel Palmer delivered news that the Union’s finances were in improved shape, citing increased income and less debt as the contributing towards this.
Income showed decent improvement from 2024 figures, having risen from £12,908,971 to £14,039,688. This has allowed for more savings and enabled spending to increase to £13,108,936 from £12,835,212 in 2024. Palmer stated that expenditure had been used to fund several projects improving the Union’s infrastructure within its building. These projects included the installation of a second passenger lift, and work commencing on the replacement of the building’s roof, as well as the removal of Reinforced Autoclaved Aerated Concrete. Additionally, the Cwtch foodcourt area has been renovated, and with that has come a broader range of food choices within the Union. The Union has stated that further investment is planned to be allocated towards improving the Balconi Bar to meet increased demand.
The commercial arm of the Union, Cardiff Union Services Limited, reported that turnover decreased to £5,543,935 from £5,807,849 in 2024 and that, as a result, gross profit was £2,638,219, a minuscule decrease from 2024’s figure of £2,759,191. Administrative expenses rose to £5,727,259 from £5,109,204 in 2024. The union’s subsidiary was able to report a profit of £1,471,834, which is a strong improvement from the 2024 figure, a loss of £432,044
Photos by Mael Le Paih
The most notable news from the financial report was that our students’ union has significantly decreased its debt liabilities by exiting the SUSS pension scheme through a section 75 buyout process, using an interest-free loan from Cardiff University. This meant that the discounted debt held within CUSL of £4,625,233 was replaced on the balance sheet with a much lesser concessionary loan liability to Cardiff University of £3,004,000. Loan repayments will begin in August 2026, with payments being made across 12 years. As a result of this buyout, CUSL no longer has any defined benefit pension scheme liabilities and will formally exit the scheme on June 24th 2025.