The Union’s almost £230,000 financial deficit was revealed this week at the charity’s Annual General Meeting.

Chris Martin, an external financial adviser, confirmed that the number of new students starting at the University has fallen by 12 per cent in the last academic year, 7 per cent higher than the Union predicted.

It was also announced that the Union’s overall revenue across all of its shops, bars and eateries has also fallen by £400,000.

Union Affairs Officer, ­Bradley Escorcio, introduced the meeting saying that the Union is striving to “save ourselves in the long-term, both
financially and environmentally.”

The Union’s sales return has also suffered as a result of “lower attendance to night-time events”. Mr Martin stated that there had also been significantly “less demand” for the Summer Ball in the last year.

He added: “While financially it was a difficult year, the Union continued to progress, particularly in student services.”

It was also announced that KPMG have been approved as the Union’s new financial auditors, despite calls for its ban from campus. This announcement follows  the Union’s financial discrepancy, when nearly £30,000 went unaccounted for.

Sean Hayes