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So long as the students are using the university's name to secure sponsorships, they should provide the expenditure details to the university. That's how public bodies function. If you have spent the money for legit reasons, then what's the problem with sharing the deets?
But who the hell is university to ask these? If sponsor was asking these, it made sense but but why the university? It's more of a private sponsorship and arrangement is between Students and the Sponsor. It's not like university felicitated the arrangement.
Once again, the students leveraged the university's name to get the sponsorships. The sponsor gave it to the students so that they can represent the university in an external forum.