REGISTERED COMPANY NUMBER: 0261)0590 (England and Wales) REGISTERED CHARI NUMBER: 1012218 Report of the Trustees and Financial Statements for the Year Endgd 31 July 202S GUILDHE UMITED •AEGRNA$ 0511212025 COMPANIES HOUSE
1WJ
Knox CTOFper LLP Chartered Accountants and Statutory Audrtors 153 -155 London Road Hemel Hempstead Hertrordshire HP3 9sa
GUILOHE UMITED Contents olthe Finan¢ial Statem for the Ygar Ended 31 July 2025 Page Relerence and Administralive Detsils Report of the Trustees 2 to 7 Report of the Ind8pgnd¢nt Auditors 8 to 10 stst•m•nt of Financial Activities Balance Sheet 12 Cash Flow Statement 13 N¢)tss to the Cash Flow Ststement 14 N¢)tss to the Financlal Ststwnents 15 to 23
GUILOHE UMtrEO Referenc• and Admlnistrati¥• Dotsils forlhe Year Ended 31 Juty 2025 TRUSTEES A P IAcClaran Vice£han110r Professor S Mcnamara prir1pal aThJ CEO Professor K M Sban Vice-Ch3ncellor and CEO A Wheaton Principal IrespJned 27.3.25) Prof S Wonnacott Vice ChancdlLY C Comor lapFMJnted 26.9.241 Professor J Dunne Professor D Grn laprKJinted 11.10.241 Professor R Renton (appointed 26.9.241 Professor L Haig lapp)irbled 27.3.251 REGISTERED OFFICE 20 Tawst¢)ck Square London WC1H 9H8 REGISTERED COMPANY NUMBER Ly26(m)5 (Eryknd and Wales) REGISTERED CHARirY NUMBER 1012218 AUDITORS Knox Croptw LLP Chartered A¢¢JnIants aThJ Statutory Auditors 153-155 London Road HerrEI Hempslead Herttordshire HP3 9SQ SOLICITORS Evetsheds 1WocJ Strt Li)ndon EC2V 7WS Chief Executive Offir. Brtsjke ster£hUrch Page 1
GUILDHE LIAIITED (REGISTERED NUIABER: 026(M1590) Report olthe Trustees for the Year Ended 31 Juty 2025 The trustees who are 8150 directo of Ihe drity for the purpxm of the Comw¥es Act 20C6, present their rewrt with the ffinan(yal slalements of the thanty for the year ended 31 July 2025. The trustees have adopted the provisions of Accounting and Reporbro by Charibes.. Statement of Recornmended Practi applicabje lo charities preparing their aovjunts in accordance with the FInCIal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecb've 1 January 2019). GuildHE is a recognised representative trxxly f¢y UK Higher Educatnn. Our 57 memters in the financial year were universibes. university cdleges, further edUtIon colkges arKI speo'alisl institutions. There were two associate rnernbers.. The Federation of Drama S¢s and the asKlaIM of Land Based Colleges & Universibes Aspiring to ExcellenrE IL4NDEX}. Member institutions indude major providers in technical professional subiecl areas such as arL desKJn and media, music and the performwvj arts" agrltsIre. fcKxJ and the natural environment.. the built environment.. educatKm', thedo3y.' law and bus$$. heahh and SrtS scie. OBJECTIVES AND ACTMTIES Objoctiyes and aims The Charity's CO objects. as set c1 in it5 merrdrn ofAsscaabcM). are.. . To promle and improve higher educth.on in the Unrted kn"ngdcxn and elsthvhere in dwect furtherance of the objects and missions of Company member5 by the promotK)n of discussicn and congjtalion, the fomulation of policies an¢J the promsion of representat. infrfflth. advice and assiste. Tha Charity's aim$ are as follows: . Members.. To provide an exlIent service for our members. . The higher edlKaln sector. To work wrth our memters to wpport an effe1ve infrastnJcture for UK higher education. . Students.. To womote exe£lent student ergagwrnt. experience and oute4Ths as ts heart of a qualrty UK HE sector. . Govemmenl.. To infcm and influence UK higher educabon p)hcy and pracb"ce. . As an organisatson.. To be an intellKJent. fiexIe resFxMgve (ganisatK)n. The strategies employed to achieve ts ChariVs ams and ot4ecaNes are lo". Highlight the 1rnportan of a diverse, inlemab"onally successful higher educatK)n sector. . Make the case fc a Fwrly funde¢J hwJher edU¢xIK system Ihat allows a dNerse range of institutions to thrive. . Influence thinking on higher education islation and the future regulation of higher education. . Influence the develOpnnt of the TEF and decigons atK)ut the fijtu of Qualty Assuran. • Make the case for the wsrtNe ecrrnmic, Lxthjral arnl social contrknubon lIt intemational students make to the UK. . Champion the role of hjr e¢knats. as dose partrers wilh industrs ddNerirwJ hKJh quality, work relevant, hKJh Ve1 skills and profession81 eduCan. P&Je 2
GUILDHE LIMÈTED (REGISTERED NUhlBER: 026005x1) Report of the Trustees lor the Yèar Ended 31 Juty 2025 OBJECTIVES AND ACTMTIES Significant activities and key achievements . Launchir4J a new, refreshed websrte hth a dedthed member area, a refreshed GuildHE brarKI. and a new CRM system to provide the foundations for improved memter engernet. . InfftuenaThJ t)oth free s[e¢h Folicy and open xcess kX)Iw for REF 2029 $0 that Iheir imFknentation is now more sympathetic to a wider range of instrtutions. . Strengthening relationships wilh the Department for E(MK3tK (DIE) DIE Skdls team duriry the development of Skills England. leadiry to Ihe aprK)ifitmenl of our GuildHE Skills Chair to ils tKtsrd. Proaciively comyling and negotiating the submission of evKIen to the Oepartment for Educalw (DE) during winterlspring 2025 to the devdopment of the Post-16 Sknlls and HKJher Education While Paper Enhancing cMJr p)litical ewement by ref(sIng efforts tuwards m8kj.ng nw relab'onships across Vvhrtehall and deenIng our existirKJ rdats"onships. This resuw in securing a supportive virtual statement from the Minister for Skn'lls for our 2024 annual (X)nferen, whth C(Jned the pa'¢Uar value of GuildHE institutions, as well as a private meeb.ng in spnng 2025 ben Ihe Minister for Skills and our Executive Group. . Engaging tx>nsislenUy and ccK)peralivdy with the OlfK% for Sludents IOISI durirKJ the pause to registration, DAPS and University Tliue applub.ons to help streamline fulure exerases, which provided a strong basis from which the OfFS then nsUlted GuildHE stsff on the desgn of the rEw integrated approach to qLJality. Respondin9 quickly to deepen ¢yJr member-fcmxjsed rdicy Sup for the new freedom of speech regulations. equipping memkrs wsth vital guidan and a dearer underslanding of the evolving legal and regulatory landsc2Fe. Hosting an over-subscribed Dothral Festival in whth almost 40 PGR students fr¢)m GuildHE instrtutions gathered at the University of Winehester for a ts¥o day event descrited by partiapants as inspiring. upliftirrfJ. infomalive arKI supporbve. Completing and formalisiryj a innovative PhD placerrÉnl yk)t in partnership th& Welthme Collection, which resulted in a thange to their lundirrfJ poticies lo itKorp)rale the more flexible lems of our model into thr future placernenls. . Influencing the fresh of the corordS1 to supp Resewch Integrity, launthed in April 2025. This work placed GuikJHE alongsTrde UUK. UKRI, Well¢xTh. Cmr Researth UK and the Scottish Funding CouncilSFC in a vital uFxJate of the conc4)rdat. Spearheading a call-to-aclion on stent engement in higher education for our memtrtrs. The reFort nudges members to rethink )W they (nect Stents thJrirKJ a pericJ of unprecedented change and a new generation of learners. Fueling re¢niOn for SFeaalist institubons beyond our own walls, as reflected In the Times Hlqher Education Awards developir4J a nv4 natsonal award category to recthJntse the exllenCe wrthin those types of inslilulions- and inviting GuikJHE's CEO to SUpt the ard by attending in person for the first tirne. Priorilies for 25126 Obi•ctive 1: To grow and support our community to thrive In th• 21st century. To meet members, needs. we wll conduct Tegular member wsils and develop a feedback plan. We will also revtew and enhance our rnembership offer, networks. arKI events, while showG85ing the value of GHE membership through improved communicab.ons arKI irnpact reporting. Our delivery work to members wll add valiip. anfl 8iipFNt thpir nrgani¥ti()n% objpriwps 8TrJ weas Oevdnwpnl. Objective 2: To strengthen GHES v01r and raise the profile of our members. To increase GHE'S publie eroagement and raise Ihe wofile of our membets. we wll implement a coMmunitiOnS strategy focused on devdotxThJ a new webte. enhae social media. and identify new means for public messaging using wr Fmjicy prioritw as a hoc&. Objective 3: To be bold advocates for and charnpions of a diverse sector. To advocate for a diverse sector. we wll engage wrth Govemnnl and regulatory offickqls and sector bodies. We will focus on key member policy pnoribes such as re9ulab"on. fundirrfJ, skills, sector collaboration, research, international growih. Uality. and eatNe education. Objective 4: To enhance an equitable. innovative and purposeful organisation so that we can deliver positive and sustainable ehange on behalf of our m•mbgrs. P3
GUILDHE LIIAITED IREGISTERED NUMBER.. 026LW)$901 Replyt of th¢ Trust•es for the Y•ar Endsd 31 Juty 2025 OBJECTIVES AND ACTNMES To ensure slrorvJ [rf0m)an a sense of trry1n9. we wll provide dear exFeclatK)ns and timely feedback lo stsff, invesl in staff wellbeing and champion UalitY and allyship. Public benefit The Trustee5 have reviewed the xtNities of the Charity in ts Iwjht of the guidance published by the Charity Commission on public benefit. The Trustees are satisfied that GuildHE's ivilies are for the putJic benefit. GuildHE provths public benefit to those anTring to undertake. those undertaking and those wtth an interest in the outcomes of UK higher educabon as a Consequen of the assistance rt gives its members instilub'ons. Through the dire¢t adv, informatson and rnrnent rt provides into the puts1 ¢)main and into policy frameworks, rt infoms the Publ debate and raises public awareness of a rarvJe of educational and other profesSi(ally-baSed issues at subj.eca ve1. By gJppoty'ng the heads of Instslns, r( enables them to lead their charitable and educational organisations rThJre effedNdy. As a consequence GuildHE has an impact on the delivery of higher edLtr"On through g¢Jc4J practi exchange and ath. on pOIy. The organisats'ons that GuildHE members ad provide a raThJe of hNJher educab.on opp)rtvnrtJes to students from the UK and abroad. and they have putAtc benefrt irnpacts on the cultural. Swal and Intellectual devewment of their cummunittes. STRATEGIC REPORT Financial position Most of the Charitls incorne is obtained frn merrthrshp sub5Cn"PtNJns. the use of which 15 unrestricted lo particul purposes. During the year ernyed 3110712025 the ChwTrty received total incOff of £1.121.354 anLI irturred tot81 Char[tab expendrture of £1,{2,683. The net Okw'ng surF4us forthe year was £58.671. At the year end the Charity had total reserves of £1,630,(EO. Reserves are needed to bridge the gap beeen the spending and re1virj of IrKOrr to cover unplanned repairs and other expendrture. These funds are hekl for the benefit of membws and financial sustainakn.lity of GuikJHE in meets.ng (Jjrrent and future obligatiOn5, inclLKliro future deTt arisiNJ from GuikJHE's memtV51M"p of USS. Inv8slment policy and objectives In order to minimise investment risk. funds are relained in an inlerest payiro deposit account and a protx)rtion pled wth Handelsbanken to aChve an improved retum on Iiquwj as5els. These investment arrangements are kept under close review by the Exec1Ve Group. Total income from all inVeStrrts for the yearlpericJ ended 31107r2025 was £44.710. Reserves wll The fruslees have sel a resefves polw which aims tr. Reserves to be maintained at a level which ensures that the premises aThJ staffiThJ costs of the organisalion's core activity could continue during a period of urrfOren difficulty. . Reserve5 to b8 maintsined in o readily realisabbe form. . Any surplus reserves over this levd of funds to te deSgnalI replacement of assels and support of the completion of any GuildHE strategic woiects. Underfying undesignated reserves will suprxKI the CharrtEs tild membership of the USS Pension Scheme. and the undertying liabilty in th stheme The calculation of the required level of reseryes is • integral part of the organisation's planning, budget and forecast cyde.11 takes into t?)Unt . Risks assoaaled wrth e&h stream of inc£rte exFMthtu being drfferent 1M that budgeted. Planned activrty levels. • The Charity's commitment with resped to $laffing arvj lease costs within the financial year. . Any pension Ipts'lity share that will be attn"bU1ae to the thaity thrOh its rr*mbership of Ihe Universities Superannuation Scheme lUSS}. The Charity had no reserves in def as at 31K17r2025. P>Je 4
GUILDHE UED {REGIS7ERED NUMBER: 026(90? Report olthe Trust•e$ for the Year Ended 31 Juty 2025 STRATEGIC REPORT Financial review Going concern The Trustees have reviewed the circUmstar£S of the Charity arKI o)nsider that ad&]uale resources continue to be available to fvnd the activit$ of the Chanty for the foreseeable lutsjre. The Trustees are of Il view that the Charity is a gng cortem. Principal risks and uncertainties The prinapal risks faced by the Charity a., Financial risk- loss of membws . Reputstional risk- loss of influence media relalions thanges in irrelevant . Operational risk - bUnesS continuty iSSLs including office in8$&ble . Intemal controls- Financi81 or system err(¥s Financial and risk managemènt objectives and poli¢ie$ The Trustees have a risk manageThnt stralegy Wh ctnwises.' Regular review by the Executive Group lo Kjentify risks and mgab.j ar'ons. Inlernal risks are minimised by the IMementation of prcKedures for authoftsalion of all IranSactn$ and projeds and to ensure consistent quality of delivery for all operatsonal astcts of the charity. Key areas of risk and new opportunities are integrated Into the regular business of Executive (knp. Future forecasts have tren reviewed and analysis undertaken of altemative funding scenarios and responses for mrtigatM?n of any regative effects. A detaiknj update of heaNh & safety and associated risk assessment together wth related issues takes pla annually. undertaken under the superwsion of Stallard Kane who act as "competent peison" for GuildHE. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document GuikJHE Limited is a company limited by guaranlee and does not have any share caFMtal. It is govemed by Memorandum and Artides of Assoaation. 11 'L8 registered as a chanty the Charity Commission. Detsils of the Twstees who Served thrOught the year are induded in the Refe[er and Administration De&'ls. Members. liability Each member of the charitab Company undertake5 to ¢x)nth"bute to the assets of the Company in the event of it being wound up while helshe 15 a rTEmber. or wthin or year after helshe ceases to be a mernber. such amount as may be required not exceediw £1. f¢X the debts and IkAtx"I.es contracted before they cease to be a member. Recruitment and appointment of new trustees The Diredors of the CLynpany are also chanty Trustees for the purFoses of charity law and are known in the company's Articles as memtrs of the Executive Group. Under the requirements of the Me)r8ndum and Artides of Associab"on, the Execubve GrcyJp shall c4)nsist of ts Chair. Iwo v Chairs. three members elected to the Executive Group arxi nmbers Cxopted to the ExecLrtive group by the existirrfJ Executive Group. All members are ureulaled wrth inwtatK)ns prior to the AGM and as ¥ane$ r. advising them of Teliring trustees and requesting nomin8b"ons. Élected Trustees serve for an initial of three years. Elected Trustees may serve for ts¥o conseujtive lerms of three years bul shall not 5efve for at least one subsequent year before fvrther reapwnlment to the ExecutNe Gr(yJp. When c£Jnsidering trustees for co option. the Executive Group has regard to the dNersity of memter instrtutions. If a member of the Executive Group is elected as the Chair a Vice Chair. then the above time limrts shall be extended lo allow completion of the KET¥Jd of office. Organisational structUTe A Council, consisting of all members of the Cornpany. mts f(MJr times per year and is Vofved in major deosions and polry approval, The Chanty and Company is adminislered for normal business by its Board of Trustees l Board of DI¢torS comprigrMJ the Execubve Group, whith meets six year. A Chief Executive Officer and a Company Secretary are appointed by the Trustees" presenlly both roles are undertaken by the wne F¢rson. P•ae 5
GUILDHE LIMITED (REGISTERED NUMBER: 026005901 Report of the Truste•s lorthe Year Endèd 31 July 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new tru$t8es The training and indUCtn provided for new Trustees wll deperK1 urx)n their existirKJ experience but woukj always include a tour of the Charity and a Chan to ffleet other stsff_ Al Tnjstees are provided with copies of policies, prOdUre$. minutest ac£ounts. tJdgets, plan5 and other ¢ktumenls that they will need to undertake their Tole as Trustees. As there are nomially only Iwo or Ihfee new Trustees a year. induction tends lo be th)ne infomially and is taibred speCif11Y to Ihe indivUaI. Organis8tional Structure, A Counul, consists.ng of all members of the Company, meets four bmes per year and is invofved major decisions policy approval. The Charity and Company is administered for rK)m)al business by its Board of Trustees / Board of Directors, comprising the Execubve GrLXJP. which meets six times per year. A Chf ExecLrtive Offieer and Company Secretary are appointed by the Trustee5. presenvy both rc4es are undertaken by the same person. Key management The Board of Trustees have devcAwJ re51"1rtY fc day to day management of the Chanty to the GuikdHE office learn led by the Chief Executive offir. Related parties None of the Twstees recave remuneration or thr benefit from Iheir work wrth the Charity olher than reimbursed travel expenses. CVCP ProFertS PIC is the landlord for the premtses used by the GuildHE Offices in Central London. GuildHE part of its offKe 5pxe lo the tharrtable organisth.on Universities and Colleges Employers Aswiabon lUC&q}. Sub4$Srtiations The work of GuildHE's sutrTrassocith contnLRd in the 2024125 ye¥. This indude(l GuildHE Researth, and UKADIA (UK Arts and Desvjn InstitLthns Ass(xialion). STATEMENT OF TRUSTEES. RESPONSIBILMES The trust&s (who are also the directors of Guiklhe Limited for the purposes of company lawl are responsible for preparing the Report of the Trustees arml the financial sialements in acrdanCe wr(h applicable law and Unrted Kingdom Aceounb"ng Standard5 (United KirKJdom GrallY Accepted Acxy)unting Prath"cel. Company law requires the trustees lo yepare fin81 stalerynts fN exh finan(#al year. Under that law, the trustees have elected lo prepare the financial statements in accordance with Unrted ltingdom Generally Aceepled Accounb"rvJ Practi (United lfjngdom Ac£ountsng Stsndards and applicab lawl. Under company law the trustees musl nrA approve the financial ststements unless they are satisfied that they give a true and fair vw of the stale of affairs of the charbtsble company and of Ihe incomiryJ resources and application of resources, including the income and exFendiiure. of tharie company for that riod. In preparing t>se finanryal statements. the tnjstees a required to select Sutsb WAJntr'ng pdicies and Ihen apply Ihem consistenlty,. observe the methods and pnncIpeS in ts Chanles SORP; make judgements and estimates that are aSOnab prudent". stsle whether applicable ac£ountirKJ stsndards have followed, subpth to any material departures disclosed and extAained in the financkgl stslemenls." prepare the financial statements on Ihe goiro concem basis unless rt is inappropriate to presume that the eharitable cofflpany will conth.nue in tmjsiness. The trustees are resFth%ble for keeping woper accounts.ng records which disclose wrth reasonable accuracy al any time the finanual positi'on of the chanlabk ccffipany and to ¢nae them to ensure that the finanoal slalements comFAy wth the Compan$ Act 2(K6. Tlw are also responsible for safeguarding the assets of the Charitab company and hence taking reasonab steps for the prevention and deleth.on of fraud and other irregul*ities. Page 6
GUILDHE LIMITED IREGISTEReD NUMBER: 02611)) Report of the Trustees for the Year Ended 31 July 2025 STATEMENT OF TRUSTEES. RESPONSIBILtllES- continued In so far as the trustees are aware.. there is no relevant audit information ofwth dwntab comFfjnls auditors are unaware" and the trustees have taken all steps that they ght to have taken to make themselves aware of any revant audit informatw and to estaNhsh that the auditors aware of that inf0mBb. AUOITORS The auditors. Knox crOpT LLP. wll be Fwposed rwpw)infftnl at the forthcomiThJ Annual GerEral Meeting. RprKJrt..of.the_trustees..-incorrM)raling..a.stralpgr.rerM)rt.. appmved hy.nrdec of. the. ho8rd_nf_tni8leRs,.as. .Ihe_ )mpany diredors. on 20 Novembor 2025 and sKJned on the boar(fs beha ty: Professor K M Sknan- Trustee Page 7
Rtwt of thè Irulependent Auditors to the hI•MlS of Guildh• Lirnited Oplnlon We have audited the finanaal statefnents of Guddhe Limrted Ithe 'thairtable cOmY') for the year ended 31 July 2025 which comprise the Statement of Finanual Ath"wlS, the Balan Sheet. the Cash Flow Ststement and notes to the financial statements. indudir#J a summary of signfficant accounlir4J poliues. The financial repong framework that has been aled in Iheir preparab.on ts appIlble law United Kingdom Accounting Standards (United lQ'ngd¢)m Generally Accepted AcUnty.rlj Praclj'cel. In wr winion the financti41 stalernenls_' give a true and fair view of the state of the charilatle C¢YranIS affairs as al 31 July 2025 and of its incorrmng resou$ of rceS. ind1rj its irK arnl exFThYIlu. for the year tt)en ende(I," have been properly prepwed in accordan with United ngdoM Generally Accepted Accounting Practice.. and have been prepared in aordan with the reqUIrents of the cnpaneS Act 2c. Basis for opinion We conducted cyjr audit in accordan wrth Internatn31 Standards on Alting IUKI IISAS {UKI} and applicable law. Our respon&bilrties under those standards e fijrlher described in the Auditors, responsbilities for the aLKlit of the finaal str1ents Sect of our rewrt. We are independent of the charitable company in accordan wth the ethul requirement5 that are rdevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard. and we have frJlfilFed our other ethical respDn&bilities in xcordance wrth these reqU1rerrnts. We believe that the audit evIdere we have obtained is suffic4ent and approprvdte to piovide a basis for our opini. Conclusions relating to golng concem In 8uditing the financial ststemenls. we have cc¥Kluded that trust, use of the going rJ)ncem bas of accountrng in the preparatn ofthe finanoal ststennts is approprie. Based on the work we have performed. we have not kJenlified any material nrtainl rdating to events or conditions that. individually or collively. may cast snIficant doubt on the charitae company's ability to continue as a going conrn for a Feriod of at least ve months from when the financial statements are aLrthorised for issue. Our responsibilities the sponsI1)i1es of the trustees vth resFCt to goi eorKm are ¢Jebed in the relevant seCtnS of this pOrt. Other information The trustees are resw)wble for Ihe othef informalK. The other informatson comwises the infomiation induded in the Annual ReporL other than the financial StateThnts arKI our Report of the Independent Auditors Ihereon. Our opinion on the finanaal statements does not cover the other infomatwjn and, expt to the exlent otherwise extAiciUy stated in our report, we do not express any form of assuran conclusion thereon. In connection with our audit of the finanoal st*ments. our responsibilty is lo read the other infonnation a1, in doing so, consider whether the other infomwbon is materially ironSi$tent wrth the financial statements or our knowledge oblained in the audit or othermse appears to be malerially misstated. If we idenb.fy such material irwis1steieS or apparent material mlssts1ents. we are required lo delemiine whether this gives rise to a material misstatement in the financial statements Ihemsefves. If. based on the work we have perfomied, we condude that Ihefe is a m8teiial misstalemenl of this other infom)at, we are required to port that fact. We have nothing to port in this 3rd. Oplnlons on other matters prescrlbed by the Companies A¢1 2006 In our opinion. based on the work undertaken in the course of the audrt". the information given in the Rert of the Truslees for the finaThial year for whith the financaal statements are prepared is consistent with the finanoal statents.. and the Re ofthe Trustees has been prepa in with aP1¢ae al reqUireTrnts. Page 8
R•port ofthè IndeFrthntAuditor5 10 ts Mernber5 01 Guildhe Limited Matters ¢>D we are required lo report by exception In the light of the knowledge and understandiw of the charrtable company and rts envir(rynt obtained in the course of the audit, we have rKJt Klents"fied matenal mtsststements in the Report of the TTUStees. We have nothing to report in resFect of the fdlihw"r¥J matters where the Compan$ Ac 2006 requires us lo report to you if, in our opinion". adequate accounting records have rnt been kept cf relurrts •Jequale for w ajff£ have not been received from branches not visited by us., or the financial StatenIS are nol in agreemenl wliih the acuxJntirvJ reujrds and retums.. or rtain disclosures of trustees. remuneratKJn speurd by law are not made., or we have not Tl¥e all the infomiatK)n and ewanations we require for our au¢L Responsibilities of trustees As explained more fully in the Statement of Ttee$. ReS[11rtie$. Ihe tnjslees (who are also directors ol the charitae company for the purposes of company lawl a responble for the preparation of the financial otatements and for beiThJ satisfiod that thcy gwe a true and fair view. and for Jjch intomol control as the trustees detem)ine is necessary to enae the weparation of firtanck41 statements that are free from material misstatement. whether due to fraud or error. In preparing the finanoal statements. the tnjstees are responsible for assessng the charrtable ccvnpany's ability to continue as a going concem. disdosing, as applub. matters related to goirrfJ concem and using the goir4J cOnM basis of accounts.ng unkn the trustees either interKI to liquidate the charitae company ¢y lo cease operations, or have no realist altematwe bui to do so. Oui le5w1bIlltles for the alIt of the ffinanciiil sldtements Our objectives are to obtain reasonaNe assuran about wlWlw the financaal ststemw)ts as a vthole are free 'from material misstslemenL whether due to fraud or error, and lo ISS a Report ol the Independent Audrto that includes our opinion. Reasonable a$sUrae is a hi9h level ol assuran, but is not a guarantee that an aJIt conducted in accordance ISAS {UKI will aKvays detect a material misstatement when it exists. Misststemenls can arise frorn fraud or error ar are considered material if, indivKlually or in the aggregale, they could reasonably be expected to Influen the e(>)nomic dec3"sion5 of user5 taken on the basis of th financial ststements. The extent to which ¢)ur procedures e capable of deIng irregulariti.es. indudiNJ fraud is detsiled below.. Irregularities, ilUding fraud. are inStsn$ of Th)n-¢#)ml aThJ regUlatK$. We design procedures in line with responsits'lib'es, oullined al. to delect maten'al misstslements in respect of irregularits"es, Including frd. The exient to which our WlureS capaNe of detecti irregularities. including fraud is detsiled below.. . The Charrty is required to comF4y with charity W and based on our kno• of ils activits, we identified that was of key s1gnffin¢e. . We gained an understanding of h(Y4¥ the charity Cled wilh rts leg regulatory framework thr(wh discussions wth management and a wew of the documented wlicies, prfxedus and controls. The audit team, which is extrienced tn the audit of charities. 0)nsided the chantys susceptibilty to alerial mis51alement and how fraud may cwr. Our ¢(sIderationS included the risk of management override. . Our approach induded reviewngjoumal adjustm aThJ unusual transac11. Thèré are inherent limitati.ons in the audit Kwdures descn.bed aVe and. the futher removed norKompliance with laws and regulabons is from the events and transacts.ons rellecled in the financial stalemenls, the less likely we wouhd become aware of rt. The risk of not deteth"ThJ a material misstatement due lo fraud is higher than the risk of not deteth.ng one resulty.ng fr(xn error, as fraud may involve deliberate concealment by. fc examFAe, forgery or InIential misTetwesentations, or through collu9. A further descripbon of our reswnsikn'lities for the au(kt of the financlal Statents is Ited on the Financial Reporting Council's websrte at %w.frc.org.uklauditorsrespMbi1.e$. This descripkn"crf) foms part of wr Report of the Independent ALKlitors. P&Je 9
Report ofthe Indet Auditorn to the pAeMlS of Gulldhe Limited of our report This rewrt is made solely to the charilae ranS member5. as a tyxly, in ac£ordance vnth Chapter 3 of Part 16 of the Companies Act 2(X)6. Our audit work has been urvjertaken so that we mxjht slate to the charitable company's memtr*rs those matters we are required to slate lo them in an auditors, report and lor no other purpose. To the fullest extent pemiitted by law. we do rKJt accept or assume responsibilrty to anyone other than the Charitab company and the Charit c¢Jnpan¥s rrembers as a bojy. for our audit work. for this report, or for the opinions we have fom. Neil Wilkinson FCA (sen Statutory Auditor) for and on behaw of Knox Cropper LLP Chartered Accountants and Ststutory Audrt¢ys 153-155 London Road Hemel Hempstead Hertfordshire HP3 9SQ 20 November 2025 Page 10
GUILDHE LIMITED Statwn•nt of Finartial Aclivitie5 for the Year Ended 31 July 202S 2025 Unrestrictad nds 2024 Total funds Notes INCOME AND ENDOWMENTS FROM Charitable a¢tiviti88 PromotIc of h¢gher educatM)n 1.076.644 1,098,041 Inveslmenl income 44.710 31.699 Totsl 1,121.354 1,129,740 EXPENDITURE ON Charitsble activilo8 Promotion of higher edtiOn 1.062,663 1.132,478 NET INCOMEI{EXPENDITURE) Other rOgnIsed gainslllosses) Actuarial gains on defined nefit scheffes 58.671 12.738) 420,492 Net movement in funds 58.671 417.754 RECONCILIATION OF FUNDS Total funds brought forward 1.571.389 1.153.635 TOTAL FUNDS CARRIED FORWARD 1.630,060 1.571,389 The no5 IC part ofllwe n?jaI Stal P•Je11
GUILDHE LIMITED (REGISTERED NUMBER: 02600590) Balance Sheet 31 July 2025 2025 urnrestrted fund5 2024 To¢al fuThl$ FIXED ASSETS Taroible assets 11 7.082 8.121 CURRENT ASSETS Deblors Cash at bank 12 89,086 1.591,873 78,8C6 1.605.819 1.680,959 1.684,625 CREDITORS Amounts falling due wrthin one year 13 157.9811 1121.357} NET CURRENT ASSETS 1.622.978 1.563,268 TOTAL ASSETS LESS CURRENT LIABILITIES 1.630.060 1.571,389 NET ASSETS 1.630.060 1.571,389 FUNDS Unfeslrthd furKIs 15 1,630,060 1,571.389 TOTAL FUNDS 1.630.060 1,571,389 The financial stslements were approved by Board of Trustees aThJ authorised for issue 20 November 2025 and were on its behaw ty. K M Sban- Trustee P¥12
GUILDHE LIMITED Cash Flow Statem•nt for the Year Ended 31 Juty 2025 2025 2024 es Cash flows from operating a¢ti¥•ties Cash generated from operabons Interest paid (56,247) 1228) 40,843 Net cash {used inyprovided by operab.rg actNrfies (56.475) 40.843 Cash flows from Investing 8¢ti¥ities Purthase of tsngible fixed assets Interest reVed (2,181) 44,710 16,3951 31,699 Net cash F¥ovided by invesbng activibes 42.529 25.304 Change in cash and Cash equivalents in the reporting period Cash and ¢a$h equivalents at the bèginning of the reporting period 113.946) 66.147 1.605.819 1,539.672 Cash and cash oquiyalents atlhe end of the reporting perlod 1.591.873 1,605,819 The notes fonn part Oft slatements P•Je13
GUILDHE LIMITED Notes lo the Cash Flow Ststem•nt lor the Year Ended 31 July 2025 RECONCILIAMON OF NET INCOMEI(EXPENDfwREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net incomelloxpenditurel forthe r?rtIng period las perthe Statement of Financial Activities Adjustments for.. DepreciatKJn charges Loss dist)osal of fixed assets Interest re1ve Inleresl paid Ilncreaseydecrease In debtors (Decreaseyincrease in cxeditors Differen bets¥een tharge and cash ¢trit.0nS ,671 12.7381 3.220 2,156 425 {31,6991 {44.710} 228 {10.2801 (63.3761 35,835 42,135 {5,2711 Net $b (used inyprovided by operations 156.2471 40,843 ANALYSIS OF CHANGES IN NET FUNDS At 1.8.24 Cash fitr At 31.7.25 Net cash Cash at bank 1,605.819 113.946) 1,591,873 1,605.819 113.946) 1,591.873 ToLI1 1,605,819 113,946) 1,591.873 14
GUILDHE LIMITED Not•s to the Financial Stat•m•nis for the Year Ended 31 July 2025 ACCOUNTING POLICIES Basis of preparing the financial stslements The financial ststennls of the ch8ritab]e company, which beneffil entity under FRS 102, have been Plepad in accordan vdth the chanb.es SORP IFRS 1021 'A(UntIng and Reporting by Charities". Slalement of Recommended PraCte aP1¢able lo charib.es preparing their accoun15 in accordan with the Financial ReFKJrting Standard applicable in the UK and Republic ol Iland IFRS 102} leffec"ve 1 January 20191.. Finanaal Reports"rrfJ Standard 102 'The FinancAal Report(ThJ Standard applicable in the UK and Republ of Ireland. and the Companies Act 2CC6. The financial stslemenls have been prepared under the historicd cost conventic. Critical accounting judgements and key sources of estimalion uncertainty Ests"male5 and judgements are nbnUallY evaluated and are based on histoncal experience and other factor5, including expectstKJns of future events that are beIVed to be reasonable rer the circumstances. Critical accounting estlmales and assumptions: The company makes eslimales and assumptKyis conceming futu. The SUn9 COUn.ng estrmales and assumpts'ons wll, by definthon. seklom equal Ihe related 8ciual resulls. The estimates and assump1K$ that have a ggntfranl risk of causing a material ajjustmenl to the carrying amounts of assets and liabdibes wrthin the next financial year are dISSed Criti1 arth ol judgornent: FRS 102 makes the distinction befvw a group an and a mulbomployer scheme. A group plan consists of a collection of entities under comrrnn ctrOl typically with a sponsoriNJ employer. A muttimpk)yer scheme is a scherrE for enbts.es not under common Ltrol and represents itypirallyl an industry-wide scheme such as univer5its.es Superannualion Scheme. The accounting for mutti-empkjyer scherne where the employer has entered into an agreement wth the scheme that determines how the em0yer will fund a deficit resums in the recognition of 8 liabilty for the contributions payable that arise from ihe agreement (to the extent thèt they late lo the defi(#tl and the resuAirvJ expense being recLvJnised thrwjh the ststement of finanual act"e$.. Income All income is recognised in the Ststement of Finla1 Actiwbes m the charty has entitmenl lo the funds, il is Probable that the IrMe wdl tre recwved arKI the amount can t measured Teliably. Income lax reCOverae in relan to investment incAM is recojnised at the time the inveStnt incon is receivatAe. Expenditurn Liabilities are recognBed as expenditure as SCKsn as there is a legal or $truCtIve obligation committ]'ng the charty lo that expendrture. (( is probable th a transfer of ecorK)mic benefits will be required in settlennt aThJ the amount of the obligation fAn be measured reliably. EXndrtUre is aecounled for on an aux1$ basis and has en dassified under heajings that gregate all st related io the category. Where costs cannot be dwectly attributed to paitthlar headings they have been alICj to actiwties on a basis conStent wth tt* use of reswrces. Tangible fixed assets Depreciation wovided at the fc4b>wir4J annLwI rates in order to write off each asset oveT its e51imaled useful life. Fixtures and ffttings Computer equipment 20% on cost 25% on cost Taxation The charity is exempt from ¢[Nation lax its Charitab acti1. Pa9e 15 ntinue¢J...
GVILDHE uMrrED Notes to the Finala1 Ststements- continued for the Year Ended 31 July 2025 ACCOUNTING POLICIES- Continued Fund accounting Unrestricted fiMKls can be used in &c))rdwKe wth the rtharitable obj'ecbves at the discretion of the Iwslees. Dewgnated funds compiise unrestricled fuThJs that have been sel aSe by the trustees for particular purposes. The aim and use of each deSnated fund is set out in the notes to the financial statements. Further explanalion of nature and purwjse of eath is included in the notes to the financial ststements. Pension Costs and other postrfelirement b•n•fits The Charity parh"cipates in UnNersrts sUrannUatIn Sc4me. The assets of the stheme are held in a separate tnjslee-adminislered fund. Because of the mulual nattjre of the scheme, the assets are not attributed lo indwmlual insb"tubons and a schemWIde 0)nth.butiL Qte is set. The insbtulion is therefo exposed lo actuarial risks asswated wrth other institub"ons' emrAoyees and is unable lo identfy rts share ol the underfying assets and 1kAkn"1"eS of the stheme on a nSistent and reasonab basss. As required by accountirKJ stsndards. mOYee benefits-. the instrtution therefore accounts for the herne as rf it were a defined ntr1XIlIon scheme. As a result. the amour¢t tharged lo the stslement of financK41 ivities represents the contributions payatAe to Ihe scheme Since the institution has entered into an agreement (the Recovery Plan} that detemiines how each employer within the scheme wll fund the overall deTlt, Ihe instrtution reccgnises a lialitY for the contributKJns payab that anse from the agreement (to the extent that they relate to the defiut} wrth related expenses beiThJ recognised through the statemert of financial aclmties. INVESTMENT INCOME 2025 2024 Deposit accAwnt interest 44,710 31,699 INCOME FROM CHARITABLE ACTlVtriES 2025 2024 £b"vity Memkrship subscriptions Promth"on of higher jU¢8b"0n Conferences and events Promotion of higher educatr)n Othei income ProrThSion of hyher edUCatn 1.038.847 35,652 2.145 1.057.801 29,866 10,374 1.076.644 1,098,041 16 ntinuBd...
GUILDHE LIMITED No¢es to th• Financial statfrnts- c¢niwiued forth8 Y•ar Ended 31 July 2025 CHARITABLE ACTMTIES COSTS Supwrt costs Isee Ditect Costs Totals Promokn"on of hher educalK 656.588 406,095 1,062,683 SUPPORT COSTS Totals Promob"on of higher educath"c 294,070 2.182 109,843 406,095 NET INCOMEI(EXPENDmJRE) Net incomellexpenditurel is staled after chargirwJllcre(libThJ)'. 2025 2024 Auditors, remuran Audilors. remuneration for non audié wc*k Depreoalion- owned as5els Deficit on th"sposal of fixed assets 7,440 1.500 2.155 425 TRUSTEES. REMUNERATK>N AND BENEFrrs There We no truslees. remuneration or other fftS for ts year ended 31 Juty 2025 ft)r the year ended 31"July 2024. Trustees. expenses There were no trustees. extenses paid for the year ended 31 Juty 2025 rKJr for the year ended 31 July 2024. STAFF COSTS 2025 2024 Wages and s81aries Social security costs Other pension costs 556,329 57,606 67,490 574,020 60.838 71.337 681,425 706,195 The average mnlhFy numLw of emKAoyees durir#J the year was as folk)ws.' 2025 11 2024 10 Stsff Management 12 Page 17 conts"nued...
GUILDHE LIMITED Notes to tho Financial Statements- conltnued for the Year Ended 31 July 202S STAFF COSTS - continued The number of empjoyees whose employee tenefits lexciuding empioyer pension cost$) exceeded £60.000 wa5". 2025 2024 £60,(KJ1 - £70,0 £90.001 - £11J).(JJJ £110,001 - £120,¢X(J All trustees and certsin senKK employees who have aUlhlty for planning, directiThJ and controlling the activities of the Charity a consKJered to be key personnd. Total remuneraknon (including National Insurance and pension (tribU.(S) these iThIi¥ithIS is £146.918 (2024.. £145,959). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivmES Unrestricted lurvjs INCOME AND ENDOWMENTS FROM Charitable activities Promotlon ol higher edu&alic¥) 1,ce8,041 Inveslmenl Inne 31,699 Total 1,129,740 EXPENDITURE ON Charitable activities Promotion of hwJher education 1.132,478 NET INCOMEI{EXPENDITUREI Other recognised gains1{losses} Actuarial gains on defined tenefrt scheme5 12,7381 420,492 Net movement in funds 417,754 RECONCILIATION OF FUNDS Total funds brought f(IN4ard 1,153,635 TOTAL FUNDS CARRIED FORWARD 1.571.389 P4e 18 cLJntinued...
GUILDHE LIMITED Notes to the Flnancial Statem•nts . tontinu#d forthe Year Ended 31 July 2025 10. PENSION SCHEME Universities Superannuation Scheme A deficit recovery plan wa5 pul in 8¢e as part of the 2020 valuakn"on. It required payment of 6.2% of sabries over the Feriod 1 2022 unb"131 March 2024. at whth wnt the rale woukd increase to 6.3'/0. No deficrt recovery plan was required under the 2023 valuats.on because the scheme was in surplu5 on a technical wovisK)ns bays. The inst"tulicffl was rKJ knnger required to make defiat recovery contributions from 1 January 2024 and acLX)rdryly rekased the outstandiThJ provison lo th8 Stslernenl of income and expenses n the pnor year. The lalesl available cornpe tUaal valuath)n of the Retirement Incorre Builder. the defined benefit part of the scheme, is as at 31 March 2023 (the valuation dale). which was carried out Using the projeed unit methcJ. Since tl instrtuthJn cannot identsfy rts share of the Retirement Income Builder (defined benefftl assels and lokn"lrties, the fdlowiThJ disclosures rellect those rdevant for those assets aThJ liabilities as a whole. The 2023 valuab.on was the seventh valuation for the scheme under the scheme-speofi¢ fundirKJ regime introduced by the Pensions Act 2(h)4, whth requires schemes to have sufficient and appropriate a55ets to Gjver their technical proviSS (the statLrtory funding obiectivel. At the valuation date, the value of the assets of the scheme was £73.1 arKI the value of the scheme's techThcal provisions was £65.7bn induling a Sufplus of £7.4th and a funding ratK) of 111%. The chanty pacipate$ in tts saary wifi pK)n scheme. The staff costs (note 81 show5 the pensKJnable salary whit* indudes the empbyee salary $ficE elemenL The (x)mpany contribution rate payable is ¢urrenUy 14_5¥0 of pensionable salaries_ As at 31 July 2025 the company had 10 active members partiipating in the $dn. The totsl penSn $t for th8 Ch was £67,41(2024." £71,337). 11. TANGIBLE FIXED ASSETS Fixtures equpment Totals COST At 1 August 2024 Additions 59,959 25,975 2.181 85.934 2.181 At 31 July 2025 59,959 28,156 88,115 DEPRECIATION At 1 August 2024 Charge year 59.959 17.854 3320 Tl.813 3,220 At 31 July 2025 59,959 21.074 81.033 NET BOOK VALUE At 31 July 2025 7,082 7.082 At 31 July 2024 8.121 8,121 Page 19 continued...
GUILDHE LlhllTED Notes to thé Financoal Ststements- eontinuèd fr•r the Year Ended 31 Juty 2025 12. DEBTORS: AMOUNTS FALLING DUE WIThIN ONE YEAR 2025 2024 Trade debtor5 Other debtors 19.275 1.163 3,479 65,169 13,180 65,626 Prepayments 89,086 78,806 13. CREDITORS: AMOUNTS FALUNG DUÉ WtfHIN ONE YEAR 2025 2024 Trade credil¢Js Social security and other taxes Other ¢ditOrS A¢1$ and deferred incorr 12,649 14.776 20.608 8,802 77.171 17.386 27.946 57.981 121.357 14. LEASING AGREEMENTS Minimum lease paymenls under n¢)ran11ab1e rwating s fal5 due as folky•4s'. 2025 2024 Within one year Befvleen one and five years 79.453 23,174 79,453 102.626 102.627 182.079 15. MOVEMENT IN FUNDS Net At 31.7.25 At 1.8.24 Unrestricted funds General fund Memtrs' project fuNJ Asset growth fund as recc#3nit*)n of pension defvl 751,389 120,000 58.671 810,060 120,000 71)0.1)00 700,000 1.571.389 58.671 1.630,060 TOTAL FUNDS 1.571.389 58.671 1.630.060 Pwje 20 conb"nued...
GUILOHE UMITED Note5 to the Financtal StatwTrents- nIInued for the Year Ended 31 July 202S 15. MOVEMENT IN FUNDS- continued Net rth)vement in funds, iluded in atThe a as folbws". Inc(mirg Resour Movement in funds Unrestrtcted funds General fund 1.121.354 11.062.683) 58.671 TOTAL FUNDS 1.121,354 11.062,6831 58.671 Comparatives lor mov•m•nt in At 31.7.24 At 1.8.23 in funds Unrestricted funds Gefieral ftjnd Members. project fvnd Asset growth fund as reccgnth.on of pension deficit 333.635 120.CiIO 417.754 751,389 120,000 T.0cl) 700,000 1,153,635 417.754 1,571.389 TOTAL FUNDS 1,153,635 417.754 1,571,389 Comparative net movement in funds. indudgj in the atye are as folkys.. Ir1 Gains aTh losse5 Movement in funds Unrestricted funds General fund 1.129.740 11.132.478) 420,492 417,754 TOTAL FUNDS 1.129,740 (1.132,4781 420.492 417,754 P*JÈ21 ntinued..
GUILDHE LMIITED Note5 to the Financial Statements- contiThd for the Year Ended 31 July 2025 15. MOVEMENT IN FUNDS- continued A current year 12 months and Fmr year 12 months comtAned F•JSitIc is as follows.. Net At 31.7.25 At 1.8.23 I fuT¥J5 Unrnstricted funds General fund Members, project fund Asset growth fund as recc¥Jiwbon of pension deficJt 333,635 120.fKKJ 476.425 810,060 120,IXIO 7(Kl.C 700,000 1,153,635 476,425 1,630.060 TOTAL FUNDS 1.153.635 476,425 1.630.060 A current year 12 rnonlhs and pricf year 12 rThJnths combin&J net rr)vement in fijnds. induded in the above are as follcNts'. IncorniThJ Resources Gains aTr Movement ) funds Unrestrictsd fvnds General fund 2.251.094 12,195.161) 420,4¥2 476,425 TOTAL FUNDS 2.2S1,094 {2,195.161) 420,492 476.425 Members. project fund The Members, Prqed Fund rewesents fundiro for m15, interests that may not be met in full frr membership subscriptions in any one year. Asset growth fund as Iogni1•On of pension deficit The fund represents anK)unts set aside for the wtential cryslallisatkyj of the Ik8bJJty associated with the charity's membership of the Universities Pension Stheme. Detals of how the liabl'ty is Ireated is sel out in note 10. 16. RELATED PARTh DISCLOSURES Owiry to the nature of the charitls yrations and the comF)SOn of the txJar(l (rf trustees being ¢Jrawn from public seclor and private sector organisab'ons transactions may take pla with organisab.ons in which a trustee has an inte$t. Al transactM)ns involving suth organisats'on are conducted in £ordarrE with the chanVs financial 1311n$ and nomial pr(renI prccedures. No related party transacb.ons loc1( plw* in the year. Transa&1$ wrth memLEr institutions wtr trustees have an interest have not en disdosed as they do not meet the definib.on of a reEaled party. Paje 22 continLEd...
GUILDHE LIMITED Notes lo fv Flnancial Staternents-clwrtinued for the Year Ended 31 Juty 2025 17. ULTIPMTE CONTrOLLING PARTY The charity is controlkd by its ffleMbe. Page 23