Management accounts from Imperial College Union show that this year’s Summer Ball made an estimated loss of £100,000.

The accounts, which cover the period from April to June 2011, show that the event made an overall loss of £122,123. Taking into consideration a donation of £20,000 from the College, the projected loss currently stands at approximately £100,000. However, this figure is likely to decrease following sales of unused stock leftover from the event.

These losses are the largest for a Summer Ball in recent memory and an internal investigation into the Summer Ball finances is currently underway. A Union spokesperson was frank about the situation, calling this year’s loss “wholly unacceptable” and saying that “lessons must be learnt”. The spokesperson further said that the Union sometimes had to take risks to continue to innovate in providing services to students, but accepted that the financial outcome of this year’s Ball could not be repeated.

The original budget for this year’s Summer Ball listed a projected attendance of 3,850. The number of tickets sold for the event approximately totalled 1,500. The Union admitted that the projected figures were “incorrect and insufficient”, making reference to a disappointing turnout from the other participating universities, King’s College London and Goldsmiths. However, the Union also claimed that there were “many unforeseen circumstances that contributed to the lower than expected income”.

The future and form of the Summer Ball is, as it always has been, in the hands of our members and Student Officers. Imperial College Union

Deputy President (Finance & Services) Ravi Pall, who is ultimately responsible for the event, conceded that the loss was substantial but said that it would not have a significant impact on the Union’s activities.

However, he also pointed out that the Executive Committee approved the Summer Ball budget at a meeting on the 18th of April. 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.

The Union is currently carrying out a survey about the Summer Ball, with one of the featured questions asking students: ‘Should we have a Summer Ball in 2012?’ With regards to the “future and form” of the Ball, the Union has stated that, “Every option will be considered.”

“The future and form of the Summer Ball is, as it always has been, in the hands of our members and Student Officers. The results of Felix’s Summer Ball survey along with our own will form the first round of feedback we aim to collect before making a decision on the future of the ball.”

The Union’s statement in full

Our aim to sell over 3500 tickets was not realised. Based on expected commitments from other universities and a stronger lineup of acts 3500 attendees was considered achievable. Every effort was made to market and promote the ball to Imperial students and London-based students too. It is clear from the outcome of the ball that the assumptions made and research carried out were incorrect and insufficient. There were many unforeseen circumstances that contributed to the lower than expected income however these can’t be solely blamed.

The future and form of the Summer Ball is, as it always has been, in the hands of our members and Student Officers. The results of Felix’s Summer Ball survey along with our own will form the first round of feedback we aim to collect before making a decision on the future of the ball. Every option will be considered.

Lessons must be learnt from this process and an internal investigation is already underway. Imperial College Union is proud to be seen as a leader and innovator in providing services to students, to achieve this risks must be sometimes taken. However we fully understand that the financial outcome of this year’s Summer Ball is wholly unacceptable and cannot be repeated.

Update [10:22 – 18/07/2011] – A link to the Management Accounts has now been added

Update [14:21 – 18/07/2011] – Goldsmiths Union have responded to us, calling the Summer Ball ‘a success’. The spokesperson declined to answer questions about how many Goldsmiths students they told the Union might attend or why few Goldsmiths students attended. The spokesperson also declined to say how well they advertised the event, and instead issued this statement: ‘Goldsmiths Students’ Union was very happy to work with Imperial Union and Kings College London Students’ Union on a joint summer ball for 2011, which we feel was a success and enjoyed by the many students who attended.‘