A student summer ball made an estimated loss of more than £100,000 after a lower than expected turnout failed to offset expensive headline acts, reported Felix Newspaper.
Only 1,500 people turned up to Imperial College Students' Union's summer ball, which billed big names including Laura Marling. The acts alone cost the students' union nearly £85,000, with total losses amounting to £122,123, which has been offset by a £20,000 donation from Imperial College to the students' union.
The students' union said that they anticipated 3,850 people would attend.
A Students' Union spokesperson said: "It is clear from the outcome of the ball that the assumptions made and research carried out were incorrect and insufficient."
They added: "We fully understand that the financial outcome of this year's Summer Ball is wholly unacceptable and cannot be repeated.
The losses are the largest for a summer ball in recent memory and an internal investigation is currently underway.
Ravi Pall, Deputy President (Finance & Services) at the students' union, who is ultimately responsible for the event, admitted that the loss was substantial but said that it would not have a significant impact on the Union's activities.
The summer ball's budget was approved by the Executive Committee, the governing body of the union. The committee had not seen a financial risk assessment of the budget before it was passed. Pall said that he had not seen the final budget, which had been drawn up by a senior member of staff, before it was approved as he was on leave.