The Cambridge Students’ Union (SU) has gone over budget for the first time since its formation in 2020, its annual accounts have revealed.

In the last financial year, the SU spent £1.42 million, while only raising £1.3 million, putting the charity at a net overspend of £112,898.

In the previous two years of the SU’s existence it had always raised more money than it had spent.

Cambridge SU was established in its current form in 2020, after a merger between CUSU and the Graduates Union. 

The overspend is in spite of a slight decrease in expenditure on charitable activities in the past year from the SU, with the increase in spending coming from “raising funds”.

The expenses of “raising funds” come from “costs associated with attracting voluntary income and the costs of commercial activities of the charity,” according to the SU’s accounts.

This comes after the SU has faced widespread criticism over their financial affairs in the past months, with a petition signed by more than 200 students accusing the charity of a lack of financial transparency.

The petition also questioned “where the students’ money, given to the SU by the University, is going”.

The majority of the SU’s money comes from the University in a “block grant” system, along with a small amount being contributed by colleges to fund the Student Advice Service.

Earlier last term, the SU was also criticised by its postgraduate president Vareesh Pratap, who questioned if there were “severe financial irregularities or corruption that are being tried to be concealed,” in an open letter campaign.

Pratap also criticised the SU for spending too much on staff, claiming that around 80% of their budget had gone towards wages.

These irregularities led Emmanuel College MCR to schedule a meeting to discuss disaffiliation with the SU over its lack of transparency, and effective representation for postgraduate students.

Corpus Christi remains the only college as of present to be formally disaffiliated from the Students’ Union. This occured in 2010, amid concerns that the financial relationship between the two institutions had become untenable.

A spokesperson for Cambridge Students’ Union told Varsity: “The SU is always looking for ways to identify efficiencies and ensure the best value for students. This includes annual reviews of spending and a budget that is sent to the Annual Student Members Meeting.”

“It is normal for a charity to operate a deficit budget in line with the organisation’s reserves policy. In previous years we have returned a surplus, and it is, therefore, not unexpected that we may return an overspend in other years. This is always based on the charity’s needs and any circumstances which arise.”

“As a services-based charity, we require staff to deliver services to students. The independent Student Advice Service, for instance, employs a team of professional advisors to deliver advice to students,” they added.