Delegates at the annual conference of the National Union of Students (NUS) have approved a set of changes intended to transform the 100-year-old organisation and save it from financial collapse.

After nearly five hours of debate, 700 delegates representing 200 students’ unions voted in favour of the package, despite earlier concerns among some activists that the changes would hamper democracy and campaigning, and reduce the union to little more than a service provider.

Speaking at the end of the debate, outgoing NUS president Shakira Martin welcomed the vote. “I am grateful to conference for taking this momentous decision to endorse reform and deliver the vision of members,” she said. “This vote sends a clear message that we have listened, heard and acted.

“We will now prepare for a company law meeting and subject to their endorsement for transition, the organisation will reform. This will see us create a new NUS structure that addresses the governance issues that have contributed in part to our current financial challenges.”

Last October, the NUS informed members and staff it had a £3.6m shortfall and was facing potential insolvency. The NUS’s London office was immediately put up for sale, a loan was secured and a round of cost-cutting measures resulted in 54 redundancies and plans to reduce elected officers from 20 to 12.

Activists have campaigned against plans to get rid of liberation officers, who represent black, LGBT+, trans, disabled and female students. The conference in Glasgow approved amendments to the original motion, including one stating that if the NUS was able to afford more officers in future, full-time liberation officers should be restored.

The measures approved by conference will allow for a simplified governance structure, a reduction in fees charged to members and “a modern approach to campaigning and service delivery”.

Delegates also elected a new president who will oversee the changes. Zamzam Ibrahim, who is the NUS’s vice-president of society and citizenship and a former president of Salford University’s students’ union, will take over in July.

Ibrahim pledged to revitalise the student movement. “I am immensely proud and humbled to have been elected the national president of NUS.

“Education is a transformative experience for millions in the UK and it is now time to make sure everyone is able to access that promise. There are many challenges ahead, but together we will meet them and revitalise our union,” she said.

In 2017, Ibrahim wrote a column in the Independent criticising the press for portraying her during her presidency at Salford as a “fanatical Muslim” and a “threat to British society” after news organisations reported on tweets she posted when she was 16.

She has promised to lead a national student strike, which would demand free education, an improved education maintenance allowance (EMA) and the restoration of the post-study work visa for international students. She has also pledged to campaign to secure EU citizens’ rights post-Brexit.