REGISTERED COMPANY NUMBER: 02600590 (England and Wales) REGISTERED CHARITY NUMBER: 1012218 Report of the Trustees and Financial Statements forthe Year Ended 31 July 2024 GUILDHE LIMITED Knox Cropper LLP Chartered Accountants and Statutory Auditors 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ
GUILDHE LIMITED Contents of the Flnan¢lal Slatements for the Year Ended 31 July 2024 Page Reference and Administrative Details Report of the Trustees 2 to 6 Report of the Independent Auditors 7 to 9 Statement of Financial Activities 10 Balance Sheet Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Financial Statements 14 to 22
GUILDHE LIMITED Reference and Admlnlstratlve Details for the Year Ended 31 July 2024 TRUSTEES Ms M A Appleton Principal (resigned 8.8.23} Professor N R Braisby Vice-chancellor & Chief Executive (reslgned 23.5.24) Professor K L Bryan Vice Chancellor (resigned 23.5.24) A P Kirkham Chief Executive (resigned 11.4.24) A P Mcclaran Vice-chancellor Professor S Mcnamara Principallceo Professor K M Sloan vi-chanGe11O[ And Ceo A Wheaton Principal Prof S Wonnacott VI Chancellor C Connor (appointed 26.9.24) Professor J Dunne {appointed 25.1.24) Professor D Gen (appointed 11.10.24) Professor R Renton (appointed 26.9.24) REGISTERED OFFICE Woburn House 20 Tavistock Square London WC1H 9HB REGISTERED COMPANY NUMBER 02600590 (England and Wales) REGISTERED CHARiff NUMBER 1012218 AUDoRs Knox Cropper LLP Chartered Accountants and Statutory Auditors 153-155 London Road Hemel Hempstead Hertrordshire HP3 9SQ SOLICITORS Eversheds 1Wood Street London EC2V 7WS Chief Executive officer: Brooke Storer-church Page 1
GUILDHE LIMITED {REGISTERED NUMBER: 02600590) Report of the Trustees for the Year Ended 31 July 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for Ihe year ended 31 July 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 2019). GuildHE is a recognised representative body for UK Higher Education. Our 61 members in the financial year were universities. university colleges, further education colleges and specialist institulions. There were two associate members: The Feder2tion of Drama Schools and the association of Land Based Colleges & Universities Aspirring to Excellence (LANDEX). Member Inslitutions Include major provlders In technlcal and professlonal subject areas such as art, design and media, music and the perfomiing arts. agriculture, food and the natural environment,. the built environment. education,. theology; law and business. health and sports science. OBJECTIVES AND ACTIVITIES Objectlves and alms The Charitys core objects. as set oul in its Memorandum of Association. are.. To promote and improve higher education in the United Kingdom and elsewhere in direct furtherance of the objects and missions of Company members by the promotion of discussion and consultation, the formulation of policies and the provision of representation, information, advice and assistance. The Charlly's alms are as follows: Members: To provide an excellent seNice for our members. The higher education sector: To work with our members to support an effective infrastructure for UK higher education. Students: To praynote excellent student engagement. experience and outcomes as the heart of a quality UK HE sector. . Govemment: To infomi and Influen UK higher education policy and practice. As an organisation.. To be an intelligenl, flexible and pons1Ve organisab'on. The slrategies employed to achieve the Charitvs aims and objectives are to: Highlight the importance of a diverse, internationally successful higher education sector. Make the case for a property funded higher education system that allow5 a diverse range of institutions to thrive. Influence thinknng on higher education legislation and the future regulation of higher education. Influence the development of the TEF and decisions about the future of Quality Assurance. Make the case for the positive economic. cultural and social contribution that intemational stud&nts make to th8 UK. Champion the role of higher education as close partners with industries delivering high qualty, work relevant. high level s1]$ and professional education. Page 2
GUILDHE LIMITED (REGISTERED NUMBER: 02600590) Report of the Trustees for the Year Ended 31 July 2024 OBJECTIVES AND ACTIVITIES Significant activities and key achievements On regulation, the House of Lords Industy and Regulatorfs review of Ofs picked up all of our recommendations in their final report and GuildHE's views were specifically cited. Set up and co-chair an LLE Policy Group for DIE, in collaboration with UUK after we specifically asked for more regular engagement with the HE seclor on the development of Ihe LLE policy Ofs listened to our COnmS on the proposed revisions to the APP process and revised the expeclations and timelines for delivery. With regards to the new Ofs condition on harassment, our conm5 around regulatory burden, Glarity for students on policies and processes, and legal definitions and their connection lo our free speech duty were particularly taken on board leading to a more risk-based approach. Free speech Act paused following extensive lobbying on the practicalities of implementation. We helped set up the Creative Education Coalition which developed a manifesto document Ythich d1CtlY influenced Labour and Lib Dem and Creative UK pre*lection policy. . Graduate visa route saved Priorities for 24125 Objective I: To grow and support our community to thrive in the 21st century. To meet members, needs, we will conduct regular member visits and develop a feedback plan. We will also review and enhance our membership offer, neOrkS, and events, while showcasing the value of GHE membership through improv8d communications and impact reporting. Our d&livary work trj member5 will add value and support their organisations objectives and areas for development. Objective 2: To strengthen GHE'S voice and raise the profile of our members. To increase GHE'S public engagement and raise the profile of our members, we will implement a communications strategy focused on developing a new website, enhanco social media, and identify new means for public messaging using our policy priorities as a hook. Objective 3: To be bold advocates for and champions of a diverse sector. To advocate for a diverse sector, we will engage with Government and regulatory officials 8nd sector bodies. We will focus on key member policy priorities such as regulation. funding. skills, sector collaboration. research, international growth, equality, and creative education. Objectlve 4: To enhance an equltable, Innovatlv8 and purposeful organlsatlon so that we Can dellver positive and sustainable change on behalf of our members. To ensure slrong perfomiance and a sense of belonging. we will provide clear expectations and timely feedback to staff, invest in staff wellbeing and champion equality and allyship. Public benefit The Trustees have reviewed the activities of the Charity in the light of the guidance published by the Charity Commission on public benefit. The Trustees are satisfied that GuildHE's activities are for the public benefit GuildHE provides public benefit to those planning to undertake. those undertaking and those with an interest in the outcome5 of UK higher education as a consequence of the assistance it give5 ils members institutions. Through the direct advice, information and comment it provides into the public domain and into policy frameworks, it informs the public debate and raises public awareness of a range of educational and other professionally-based issues at subjecl level. By supporting Ihe heads of institutions, it enables them to lead their charitable and educational organisations more effectively. As a consequence GuildHE has an impact on the delivery of higher education through good practi exchange and advice on policy. The organisations that GuildHE members lead provide a range of higher education OPFK)rtunities to students from the UK and abroad; and they have public b8nefit impacts on th8 cultural, social and inl8118Ctual development of their communities. Page 3
GUILDHE LIMITED (REGISTERED NUMBER: 02600590) Report of the Trustees for the Year Ended 31 July 2024 STRATEGIC REPORT Financial position Most of the Charity's income is oblained from membership subscriptions. the use of which is unrestricted to particular purposes. During the year ended 3110712024 the Charity received total income of £1.129.740 and incurred total charitable expenditure of £1,132,478. The net operating loss for the year was £2,738. Actuarial gains this year were £420.492, which relates to the defined benefit P8nsion scheme liability b8ing reversed entirety in the Fatest valuation. The net movement in funds for the year shows a surplus of £417,754. At the year end the Charity had total reserves of £1,571,389. Reserves are needed to bridge the gap between the spending and recelving of Income to cover unplanned repairs and other expenditure. These funds are held for the b8nefit of members and financial sustalnabllity of GuildHE in meetlng current and future obligations, including any future pension deficit arising from GuildHE's membership of USS. Investment policy and objectives In order to minimise investment risk, funds are retained in an interest paying deposit account and a proportion placed with Handelsbanken to achieve an improved return on liquid assets. These investment arrangements are kept under close review by the Executive Group. Total income from all investments for the yearlperiod ended 3110712024 was £31,699. Reserves pollcy The Trustees have set a reserves policy which aims for: ReseeS to be maintained at a lev@1 which 8nsures that the prernises and staffing o)sts of the organisation's core activity could continue during a period of unforeseen difficulty. Reserves to be maintained in a readily realisable fom. Any surplus reserves over this level of funds to be designated for the replacement of assets and support of the complgtion of any GuildHE strategic projects. Underlying undesignated reserves will support the Charities continued membership of the USS Pension Scheme, and the undedying liability in that scheme The calculation of the required level of reseNes is an integral part of the organisation's planning, budget and foreost cyde. It takes Into account: Risks associated with each stream of income and expenditure being different from that budgeted. Planned activity levels. . The Charitys commitm8nt with r8sp8ct to staffing and lease costs within the financial year. Any pension liability share that will be attributable to the charity through its membership of the Universities Superannuation Scheme {USS). The Charity had no reserves in deficit as at 3110712024. Going concern The Trustees have reviewed the circumstances of the Charity and consider that adequate resources continue to be available to fund the activities of the Charity for the foreseeable fijture. The Trustees are of the view that the Charity is a going concem. Principal risks and uncertainti8S The principal risks faced by the Charity are: Financial rlsk- loss of members Reputational risk- loss of influence or F)oor media relations Changes in irrelevant Operational risk- business continuity issues including office inaccessible Intemal controls - Financial or system errors Page 4
GUILDHE LIMITED {REGISTERED NUMBER: 02600590 Report of the Trustees for th8 Year Ended 31 July 2024 STRATEGIC REPORT Financial and risk management objectives and policies The Trustees have a risk management strategy which comprises: Regular review by the Executive Group to identify risks and mitigating actions. Intemal risks are minimised by the implementation of procedures for aLrthorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. Key areas of risk and new opportunities are integrated into the regular business of the Executive Group. Future forecasts have been reviewed and analysis undertaken of altemative fvnding scenarios and responses for mitigation of any negative effects. A detailed update of health & safety and associated risk assessment together with related issues takes place annually. undertaken under the supervision of Stallard Kane who act as "competent person" for GuildHE. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document GuildHE Limited is a company limited by guarantee and does not have any share capital. It is govèmed by its Memorandum and Articles of Association. It 'is registered as a charity with the Charity Commission. Details of the Trustees who served throughout the year are included in the Reference and Administration Details. Members. liability Each member of the Charitab18 Company undertakes to contribute to the assels of th8 Company in the event of it being wound up while helshe is a member, or within one year after helshe ceases to be 8 member. such amount as may be required not exedIng £1. for the debts and liabilities contracted before they ase to be a member. Recrultment and appolntment of new trustees The Directors of the Company are also charity Trustees for the purposes of charity law and are known in the companys Articles as members of the Executlve Group, Under the requirements of the Memorandum and Articles of Association, th8 Executive Group shall consist of the Chair, WI Chairs, three members elected to the Executive Group and members COwOPted to the Executive group by the existing Executive Group. All members are circulated with invitations prior to the AGM and as vacancies occur, advising them of ratiring tNst8es and requesting nominations. Elected Trustees serv8 for an initial period of three years. Elected Trustees may serve for consecLrtive terms of three years but shall not serve for at least one subsequent year befo further reappointment to the Executive Gr()up. When considering Irustees for co option, the Executive Group has regard to the diversity of member institutions. If a member of the Executive Group is elected as the Chair or a Vice Chair. then the above time limits shall be extended to allow completion of the period of office. Organisational structure A Counal, consisting of all members of the Company. meets four times per year and is involved in major decisions and policy approval, The Charity and Company is administered for normat business by its Board of Trustees l Board of Directors comprising the Executive Group, which meets six times per year. A Chief Executive Officer and a Company Secretary are appointed by the Trustees" presently both roles 8re undertaken by the same person. Induction and tralnlng of new trustees The training and induction provided for new Trustees will depend upon their existing experience but would always include a tour of the Charity and a Chan to meet other staff. All Trustees are provided with copies of policies. procedures. minutest accounts. budgeis. plans and ather documents that they will need to undertake their role as Trustees. As there are normally only or three new Trustees a year, induction tends to b8 done infomially and is tailored specifically to the individual. Organisational Structure, A Council. consisting of all members of the Company. meets four times per year and is involved in major decisions and policy approval. The Charity and Company is administered for normal business by its Board of Trustees l Board of Directors, comprising the Executive Group. which meets six times per year. A Chief Executive Officer and a Company Secretsry are appointed by the Trustees. presenliy both roles are undertaken by the same person. Page 5
GUILDHE LIMITED (REGISTERED NUMBER: 02600590) Report of the Trustees for the Year Ended 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Key management The Board of Trustees have devolved responsibility for day to day management of the Charity to the GuildHE offits team led by the Chief Executive Officer. Related parties None of the Trustees reGeive remuneration or other benefft from their work wilh the Charity other than reimbursed travel expenses. CVCP Propertl8s PIC is the landlord for the prniSes used by the GuildHE Offices in Central London. GuildHE sub-let part of its office space to the charitsble organisation Universltles and Colleges Employers Association (UCEA). Sub-associations The work of GuildHE's sub-assoclations continued in the 2023124 year. This included GuildHE Research. and UKADIA (UK Arts and Design Institutions Association}. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Guildhe Limited for the purposes of company law) are r8sponsible for preparing the Report of the Trustees and the finanual ststements in accordance with applicable law and United Krngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financlal year which give a true and fair view of the state of affairs of the charitable company and of the incoming r8sources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing those financial statements, the trustee5 are required to select suitsble accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. state whether appllcable accounting standards have been followed. subject to any material departures disdosed and explain8d in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable rnPany will continue in business. Th8 trustees are responsible for keeping proper accounting records which disclose wlth reasonable accuracy at any time the financial position of the Charitable company and to enable them to ensure that the financial statements comply with th8 Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the tDJstees are aware: there is no relevant audit information of which the charitable company's auditors are unaware: and the twstees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforrnation and to establish that the auditors are aware of thal information. AUDrroRS The auditors. Knox Cropper LLP. will be propos8d for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic r8POrt, approved by order of the board of trustees, as the company dir rs,on. ...¢.'.F.m.£1-..?.9.z.Y. and signed on the board's behalf by.. Professor K M Slo Trus Page 6
Report of the Independent Auditors to the Members of Gulldhe Llmlted Opinion We have audited the financial statements of Guildhe Limited (the 'charitable mpan) for the year ended 31 July 2024 which comprise the Ststement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statement5, induding a sumrnary of significant acwunting policies. The financial reporting fratnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the slate of the charitable companys affairs as at 31 JUEY 2024 and of its incoming resources and application of resources, including ils income and expenditure. for the year then have been properly prepared in accordance with United Kingdom Generally Apted Accounting Practice. and have been prepared in aC)rdan with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordan¢e with Inlemational Slandards on Audiling (UK) {ISAs {UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charitabla company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concem In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that individually or collectively, may cast significant doubt on the charitable mpanS ability to continue as a going COnM for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other infomiation The trustees are responsible for the other information. The other infomiation comprises Ihe information included in the Annual Report. other than the financial statements and our Report of Ihe Independent AuditOT5 thereon. Our opinion on the financial statements does not cover the other infom)ation and. except to the exienl otherwise explicitly stated in our report. we do not express any forni of assurance conclusion thereon. In conneGtion with our audit of the financial statements. our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themsefves. If, based on the work we hav8 performed, we conclude that there is a rnaterial misslatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the Course of the 8udit: the information given in the Report of Ihe Trustees for the financial year for which the financial statements are prepared is consistenl with the financial statements. and the Report of the Trustees has been prepared In accordance with applicable legal requirements. Page 7
Report of the Independent Audilors to the Members of Guildhe Llmlted Matters on which we are requir6d to report by exception In the light of the knowledge and understanding of the charitable company and Its environment obtained In the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not been reIved from branches not visited by us,. or the financial statements are not in agreement wilh the a¢Unting records and retums.. or certain disdosures of trustees, remuneration specified by law are not made" or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees {who are also the directors of the charitable company for the purposes of company law> are responsible for the preparation of the financial stalements and for being satisfied that they give a tnje and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable cDmpanls abilty to continue as a going concem, disclosing. as applicable, matters related to going GOnrn and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responslbllitles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materlal misstslement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in aGcordanGe with ISAS {UK> will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of nonwcompliance with laws and regulations. W8 design procedures in line with our responsibilities. oullined above. to detect material misstatements in respect of irregularities, including fraud. The exlent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The Charity is required to comply wilh charity law and based on our knowledge of its activities. we identified that was of key significance. We gained an understanding of how Ihe charity complied wilh its legal and regulatory framework through discussions with management and a review of the documented policies. procedures and controls. The audit t@am, which is experienced in the audit of charities. considered the charity's SuSpIlblIIty to material misstatement and how fraud may occur. Our considerats'ons included the risk of management overrtde. Our approach included reviewing journal adjustments and unusual transadions. There are inherent limitations in the audit prOdureS described above and, the further removed non-mPliance wilh laws and regulations is from the events and transactions reflected in the financial ststements, the less likely we would become aware of it. The risk of not detecting a material missialement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate COnalment by, for example, forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of th8 Independent Auditors. Page 8
Report of the Independent Auditors to the Members of Guildhe Limited Use of our report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Neil Wilkinson FCA (Senior Statutory Auditor) for and on behalf of Knox Cropper LLP Chartered Accountants and Statutory Auditors 153-155 London Road Hemel Hempstead Hertfordshire HP3 9SQ Date: .... Page 9
GUILDHE LIMITED Statement of Flnanclal Actfvltles for the Year Ended 31 July 2024 2024 Unrestricted funds 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Promotion of higher education 1.098,041 1.009,323 Investment income 31,699 12,514 Total 1,129,740 1,021,837 EXPENDITURE ON Charitable activities Promotion of higher education 1,132,478 969.233 NET INCOMEI{EXPENDITURE) Other recognlsed galnsl(losses) Actuarial gainsl(losses) on defined benefit schemes (2,738) 52,604 420,492 {50,021) Net movement in funds 417,754 2,583 RECONCILIATION OF FUNDS Total funds brought forward 1,153,635 1.151.052 TOTAL FUNDS CARRIED FORWARD 1,571,389 1,153.635 The notes form part of these financial statements Page 10
GUILDHE LIMITED {REGISTERED NUMBER: 02600590) Balance Sheet 31 Juty 2024 2024 Unrestricted funds 2023 Total funds Notes FIXED ASSETS Tangible assets 11 8,121 4.306 CURRENT ASSETS Debtors Cash at bank 12 78,806 1.605,819 114.641 1.539,672 1,684,625 1.654,313 CREDITORS Amounts falling due within one year 13 (121,357) (79,222) NEf CURRENT ASSETS 1,563,268 1,575,091 TOTAL ASSETS LESS CURRENT LIABILITIES 1,571,389 1,579,397 PROVISIONS FOR LIABILITIES 15 (425,762) NET ASSETS 1,571,389 1,153,635 FUNDS Unrestricted funds 16 1.571,389 1,153,635 TOTAL FUNDS 1,571,389 1,153,635 The finan¢i81 ststements were approved by the Board of Trustees and authorised for issue on . and were signed on its behalf by: KMSloan- rust8e The notes fomi part of these financial statements Page11
GUILDHE LIMITED Cash Flow Statement for the Year Ended 31 July 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash generated from operations 40,843 (12.511) Net cash provided byl(used in) operating activities 40,843 (12,511) Cash flows from Investlng a¢tivltles Purchase of tangible fixed assets Interest received {6,395) 31,699 (1,104) 12.514 Net cash provided by invests'ng activities 25,304 11,410 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 66,147 (1.101) 1.539,672 1,540,773 Cash and cash equivalents at the end of the reporting perlod 1,605,819 1,539,672 The notes fomi part of these financial statements Page 12
GUILDHE LIMITED Notes to the Cash Flow Statement for the Year Ended 31 July 2024 RECONCILIATION OF NET (EXPENDITURE)nNCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net (expendlture)lincome for tho reporting poriod (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest recetved De¢reasel{increase) in debtors Increasel{decrease) in (fediiors Difference befvieen pension charge and cash contributions (2.738) 52,604 2,156 425 (31,699) 35,835 42,135 (5,271) 3,159 (12,514) (24,073) (22,914) (8,773) Net cash provided byl(used in) operations 40,843 (12,511) ANALYSIS OF CHANGES IN NET FUNDS At 1.8.23 Cash flow At 31.7.24 Net cash Cash at bank 1,539,672 66,147 1.605,819 1.539.672 66,147 1.605,819 Total 1,539,672 66,147 1,605,819 The notes form part of these financial Statements Page 13
GUILDHE LIMITED Notes to the Flnanclal Statements for the Year Ended 31 Juty 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The finanaal statements of the charitable company. whlch Is a publlc benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 Th8 Financial Reporting Stsndard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost Convention. Critical accounting judgements and key sources of estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumsiances. Critical accounting estimates and assumptions: The company makes estimates and assumptions conceming the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carying amounts of assets and liabilities within the nexi financial year are discussed below. Critical areas of Judgement: FRS 102 makes the distinction beeen a group plan and a multi-employer schem8. A group plan consists of a colledion of entities under Common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents {typically} an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has ent8red into an agreement wilh the scheme that determines how the employer will fijnd a deficit results in the recognition of a liability for the contributions payable Ihat arise from the agreement (to the extent that they relate to th8 deficit) and the resulting expense being recognised through the statement of financial activities.. Income All income is recognised in the Statement of Financial Activities once the charity has enlillement to the funds. it is probable that the income will be received and the amount can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or Constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basi5 and has been classified under headings that aggregate all cost related to the category. Where costs cannot be diractly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated usefvl life. Fixtures and fittings Computer equipment 200/¥ on cost 25(hF on cost Page 14 continued...
GUILDHE LIMITED Notes to the Financial Statements - continued for the Year Ended 31 July 2024 ACCOUNTING POLICIES - contlnued Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitsble objectives al the discretion of the trustees. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the nole5 to the financial statements. Furth8r 8xplanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension costs and other post-retirement benefits The Charity participates in Universities Superannuation Scheme. The assets of the scheme are held in separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set, The institution is therefore exposed to actuarial risks associated with other inslitutions, employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by accounting stsndards, "Employee benefits", the institution thereforé accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to Ihe statement of financial activities represents the contributions payable to ihe scheme. Since the institution has entered into an agreement (the Recovery Plan) that detemiines how each employer within the scheme will fund the overall deficit, the institution rècognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficil) with related expenses being recognised through the staternent of financial aGlivities. INVESTMENT INCOME 2024 2023 Deposit account interest 31.699 12,514 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Membership subscriptions Promotion of higher education Conferences and events Promotion of higher education Other income Promotion of higher education 1,057,801 29,866 10,374 969.862 30,296 9,165 1,098.041 1.009,323 Page 15 continued...
GUILDHE LIMITED Not6S to the Flnanclal Statements - contlnued for the Year Ended 31 July 2024 CHARITABLE ACTIVITIES COSTS Support costs (see note 5) Direct Costs Totals Promotion of higher education 763,267 369,211 1.132,478 SUPPORT COSTS Goveman¢e costs Management Finance Other Totals Promotion of higher education 268,928 7,572 425 92.286 369,211 NET INCOMEI(EXPENDITURE) Net incomellexpenditure) is stated after chargingl(crediling): 2024 2023 Auditors, remuneration Auditors. remuneration for non audit work Depreciation - owned assets Deficit on disposal of fixed assets 7,440 1,500 2,155 425 7,080 1,500 3,158 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. Trustees. expenses There were no trustees, expenses paid for the year end8d 31 July 2024 nor for the year ended 31 July 2023. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 574.020 60,838 71,337 504.009 56,000 66,698 706.195 626.707 The average monthly number of employees during the year was as follows: 2024 10 2023 10 Staff Management 11 Page 16 continued...
GUILDHE LIMITED Notes to the Financial Statements . continued for the Year End8d 31 July 2024 STAFF COSTS - contlnued The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 2023 £60,001- £70,000 £80,001- £90.000 £90,001- £100.000 £100,001- £110,000 £110.001- £120.000 All trustees and certain senior employees who have authority for planning, direding and controlling the activities of the charity are considered to be key personnel. Total remuneration (including National Insurance and pension eontributions) for these individuals is £145,959 (2023.. £137.783}- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENDOWMENTS FROM Charitable activities Promotion of higher education 1.009.323 Investment income 12,514 Total 1,021,837 EXPENDITURE ON Charltable a¢tlvllles Promotion of higher education 969,233 NET INCOME Other re¢ognlsed galnsl(losses Actuarial gainsl{losses) on defined benefit schemes 52.604 (50.021) Net movement In fund8 2,583 RECONCILIATION OF FUNDS Total funds brought foNard 1,151,052 TOTAL FUNDS CARRIED FORWARD 1,153.635 Page 17 continued...
GUILDHE LIMITED Notes to the Financial Statements - continued for the Year Ended 31 July 2024 10. PENSION SCHEME Universities Superannuation Scheme A deficit recovery plan was pul in place as part of the 2020 valuation. which required payment of 6.2Yo of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The charity was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the ststemènt of financial activities. The latest availabl8 complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out Using the projected unit method. Since the charity cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole. The 2023 valuation was the seventh valuation for the scheme under the scheme-specific fijnding regime introduced by the Pensions Act 2004. which requires schemes to have sufficient and appropriate assets to cover their tethnical provisions (the statutory funding objective). Al the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of111 /.. The charity participates in the salary sacrifice pension scheme. The staff costs (note 8) shows the pensionable salary which includes the employee salary sacrifice element. The company contribution rate payable is currently 14.50/0 of pensionable salaries. As at 31 July 2024 the company had 8 active members participating in the scheme. The total pension cost for the chaiity was £71.337 (2023: £66,698). 11. TANGIBLE FIXED ASSETS Fixtures and fittings Computer equipment Totsls COST At 1 Augusl 2023 Additions Disposals 59,959 21,279 6,395 (1.6991 81.238 6.395 (1.699) At 31 July 2024 59,959 25.975 85,934 DEPRECIATION At 1 August 2023 Charge for year Eliminated on disposal 59,959 16,973 2,155 (1,274) 76,932 2,155 {1.274) At 31 July 2024 59,959 17,854 77,813 NEf BOOK VALUE At 31 July 2024 8,121 8.121 At 31 July 2023 4,306 4,306 Page 18 continued...
GUILDHE LIMITED Notes to the Financial Statements - continued for the Year Ended 31 July 2024 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Accrued income Prepayments 18.470 503 95,668 13.180 65,626 78,806 114,641 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Other creditors Accruals and deferred income 14,776 20,608 8,802 77,171 36,035 15,652 27,535 121,357 79,222 14. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows.. 2024 2023 Within one year Between one and five years 79,453 102,626 66,211 19,311 182,079 85,522 15. PROVISIONS FOR LIABILITIES 2024 2023 Provisions 425,762 Pension Scheme Liability Balance at 1 August 2023 Unwinding of discounted amount Deficit funding contribution Changes in assumptions 425,762 6,741 112.011 ) 420,492 BalanGe at 31 July 2024 Page 19 continued..
GUILDHE LIMITED Notes to the Flnancial Statements - continued for the Year Ended 31 July 2024 16. MOVEMENT IN FUNDS Net movement in ftjnds At 31.7.24 At 1.8.23 Unrestrlcted funds General fund Members, proj8Ct fund Asset growth fund as recognition of pension deficit 333,635 120,000 417,754 751.389 120.000 700,000 700.000 1,153,635 417,754 1,571,389 TOTAL FUNDS 1,153,635 417,754 1,571,389 N8t movement in funds. included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 1.129,740 {1.132,478} 420,492 417,754 TOTAL FUNDS 1.129,740 (1,132,478) 420,492 417,754 Comparatives for movement in funds Net movement in funds At 31.7.23 At 1.8.22 Unrestricted funds General fund Members. project fund Asset growth fund as recognilion of pension defiat 331.052 120,000 2,583 333,635 120.000 700,000 700.000 1.151,052 2,583 1,153.635 TOTAL FUNDS 1,151,052 2.583 1,153.635 Cornparative net movement in funds. induded in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds UnrestriGted funds General fund 1.021.837 (969,233} (50.021) 2,583 TOTAL FUNDS 1,021,837 (969,233) (50,021 > 2.583 Page 20 continued..
GUILDHE LIMrrED Notes to the Financial Statements - continued for the Year Ended 31 July 2024 16. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.7.24 At 1.8.22 Unrestrl¢ted funds General nd Memb8rs' project fund Asset growth fund as recognition of pension deficit 331,052 120,000 420,337 751,389 120,000 700,000 700.000 1,151,052 420,337 1,571,389 TOTAL FUNDS 1,151.052 420,337 1,571,389 A current year 12 months and prior year 12 months combined net movement in funds. induded in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fvnd 2.151,577 (2,101.711) 370.471 420.337 TOTAL FUNDS 2,151,577 (2.101.711) 370,471 420.337 Members. project fund The M&mbers' Project Fund represents funding for members, interests that may not be met in full from membership subscriptions in any one year. Asset growth fund as recognition of pension defjcit The fvjnd represents amounts set aside for the potential crystallisation of the liability associated with Ihe charity's membership of the Universities Pension Scheme. Details of how the liability is treated is set out in note 10. JISC RDMS project Funds set aside from an earlier project to look into the possibility of building a research data system. Page 21 cDntinued..
GUILDHE LIMITED Notes to the Financial Statements - continued for the Year Ended 31 July 2024 17. RELATED PARTY DISCLOSURES (Ming to the nature of the charitvs operations and the composition of the board of tnjstees being drawn from public sector and private sector organisations transactions may take place with organisations in which a trustee has an interest. Mi transadions involving su¢h organisation are conducted in accordance with the charivs financial regulations and normal procurement procedures. No related party transactions took place in the year. Transactions with member institutions where trustees have an interest have not been disclosed as they do not meet the definition of a related paty. 18. ULTIMATE CONTROLLING PARTY The charity is controlled by its members. Page 22