Registered number: 07217324 Charity number: 1136468 

UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 


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EXETER STUDENTS |<br>**----- End of picture text -----**<br>



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B fe)<br>GriffinChortered Accountants<br>**----- End of picture text -----**<br>




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## UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

## CONTENTS 

||Page|
|---|---|
|Reference and administrative details ofthe Company, its Trustees and advisers|1-2|
|Trustees’ report|3-17|
|Independent auditors’ reporton the financial statements|18 -20|
|Statement offinancial activities|21|
|Balance sheet|22 -23|
|Statement ofcash flows|24|
|Notestothefinancialstatements|25-52|





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UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023 

||Trustees|N Stewart, External Trustee|
|---|---|---|
|||J Walkling, External Trustee|
|||M Laithwaite, External Trustee|
|||O Margaroli, Sabbatical Trustee and Chair (resigned 7 July2023)|
|||D Craddock, External Trustee (appointed<br>1 August2022)|
|||N Crowe, Student Trustee (appointed 1 August 2022, resigned 7 July2023)|
|||E de Saram, Sabbatical Trustee (appointed<br>1 August 2022)|
|||i Dyer, Sabbatical Trustee (appointed 1 August 2022, resigned 7 July2023)|
|||H Jones, External Trustee (appointed<br>1 August 2022)|
|||J Liversedge, Sabbatical Trustee (appointed<br>1 August2022, resigned 7 July2023)|
|||A Martin, Student Trustee (appointed<br>1 August2022)|
|||C Menon, Student Trustee (appointed 1 August 2022, resigned 7 July2023)|
|||N MeorAzlan, Student Trustee (appointed<br>1 August 2022)|
|||A Ravindran Buvana, Student Trustee (appointed 7 July2023)|
|||M Robillard-Day, Sabbatical Trustee (appointed 7 July2023)|
|||R Sek, Student Trustee (appointed 7 July2023)|
|||P Shaw, Sabbatical Trustee (appointed 7 July2023)|
|||A Stanley, Sabbatical Trustee (appointed 7 July2023)|
|||E Trudegon, StudentTrustee (appointed 7 July2023)|
||||RWallis, Sabbatical Trustee (appointed 7 July2023)|
|||Company registered<br>number|07217324|
||Charity registered||
||number|1136468|
|\|||
||Registered office|Devonshire House|
||<br>i||Stocker Road<br>Exeter|
|||Devon|
||||EX44PZ|
|||||
||<br>|<br>|<br>||Sabbatical officers|O Margaroli, President (resigned 7 July2023)<br>| Dyer,VP Opportunities(appointed 1 August2022, resigned7July2023)<br>J Liversedge, VP Education (appointed 1 August2022, resigned 7 July2023)<br>E de Saram, President (appointed<br>1 August 2022)|
||<br>|<br>\<br>|||MRobbilard-Day,VP Communities& Equality(appointed 7July2023)<br>PShaw,VP Student Living (appointed 7 July2023)<br>A Stanley,VP Education (appointed 7July2023)<br>RWallis,VP Societies& Employability(appointed7July2023)|
|||Companysecretary|AChambers|
|||||



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## UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

|Senior management|A Chambers, Chief Executive||
|---|---|---|
||C Thornton, Head ofMarketing and Brand||
||T Barrass, Head of Student Engagement||
||D Alexander, Senior Coordinator of Leadership and Governance (appointed|1|
||August 2022)||
||M Pope, Head of Finance and Operations (appointed 31 October 2022, resigned||
||21 July 2023)||
|Independent auditors|Griffin||
||Chartered Accountants||
||Courtenay House||
||Pynes Hill||
||Exeter||
||EX2 5AZ||
|Bankers|NationalWestminsterBank pic<br>Cowick Street<br>Exeter<br>EX4 1DE||
|Solicitors|FootAnsteyLLP<br>Senate Court||
||Southernhay Gardens<br>Exeter||
||EX1 1NT||
|Human resources|Atkinson HR Consulting Ltd||
|advisor|Hockerley Hall||
||Hockerley Lane||
||Whaley Bridge<br>Derbyshire<br>SK237AS||



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## UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

## en A A TT TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023 

| The Board of Trustees, who act as Directors for the purposes of Company Law, present their annual report and | overviewaccounts forof the theactivitiyear **e** sndw **i** thinng 31theJulyUniversity 2023 ("theof Exeter2022/23 Students’year" or "2022/23").Guild ("the Guild")The overfollowingthat perirep **o** rtd. provides an | SincerequiredtheofCompanymedium andqualifieslargeascompaniessmall underundersectionthe Companies382 of the CompaniesAct 2006 (StrategicAct 2006,Reportthe Strategicand Directors’report Report) Regulations 2013 has been omitted. j i | Objectives and activities 

## a. Policies and objectives 

The primary role of the Guild is the advancement of education of students at the University of Exeter for the public benefit. This is achieved through: 

| | e promoting the interests and welfare of students at the University of Exeter during their course of study and | representing, supporting and advising students. | e being the recognised representative channel between students and the University of Exeter and other | relevant external bodies; and | e providing social, cultural, sporting and recreational activities and forums for discussions and debate for the | personal development of its students. | in setting objectives and planning for activities, the Trustees have given due consideration to general guidance | published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a | charity (PB2)'. ; b. Public benefit | The Trustee Board has given due consideration to Charity Commission published guidance on the operation of the public benefit requirement when reviewing the Guild's aims and objectives and planning future objectives. | The activities that the Guild undertakes in relation to Public Benefit include: | e The creation and maintenance of an Academic Representation framework, so that through it the Guild may | best facilitate positive change with the University on academic quality; | e The operation of an Advice service, available to all students at the University, to provide support for | academic, welfare, housing and financial issues; and | e The provision of support to all University of Exeter student led societies and groups. Societies supported | include those related to academic studies, charitable causes, fitness, media, politics, international and faith. 

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UNIVERSITY OF EXETER STUDENTS' GUILD 

(A company limited by guarantee} 

| TRUSTEES’ REPORT (CONTINUED) | FOR THE YEAR ENDED 31 JULY 2023 | Objectives and activities (continued) | c. Objectives and Activities | Our vision is to help all students to love Exeter. We do this by shaping an excellent student experience for all | students at the University of Exeter by empowering them to take their place in the world and make a positive | difference. We pursue our purpose through: | e Influencing the Exeter student experience to ensure it is a high quality, value for money experience for all | students, and transforms their lives. | e Collaborating with students to ensure there is a supportive, inclusive, empowering and enriching | community at the University of Exeter for every student. | e Connectingstudents and Exetergraduates studentare skilledlife to theand widernetworked. world, ensuring that, both whilst studying and beyond, Exeter | We are a value driven organisation. We believe in always being: | Radically inclusive - We celebrate diversity, champion anti-oppression and equality of opportunity, and create | inclusive communities for all our students. | Collaborative - We bring a positive attitude to partnership working in all our relationships - with students, the | University and external partners. | Empowering - We speak up and provide a platform for students to raise their voices; we help those who need support: we create opportunities for personal development and foster greater resilience and confidence in all our | people. 

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## UNIVERSITY OF EXETER STUDENTS’ GUILD 

## (A company limited by guarantee} 

| ee CR eS re TRUSTEES’ REPORT (CONTINUED) | FOR THE YEAR ENDED 31 JULY 2023 Objectives and activities (continued) | d. Activities | The Guild provides a variety of services and activities for students, including: | e We delivered an in-person Freshers’ Fair for new students and supported societies to run taster events throughout the first term and beyond to encourage sign-ups and support community building. This resulted in | over 320 320 student-led societies with 11,203 individual students being members of societies. societies. | e We delivered 100 Give delivered 100 Give 100 Give Give it a Go events across the academic year, with 2,062 students Go events across the academic year, with 2,062 students events across the academic year, with 2,062 students the academic year, with 2,062 students academic year, with 2,062 students year, with 2,062 students 2,062 students students participating. | e Wehelp supportedthemhelp supportedthem supportedthemthem deliver 2,524activities studentsfor theirto voluntememb 2,524activities studentsfor theirto voluntemembactivities studentsfor theirto voluntememb studentsfor theirto voluntemembfor theirto voluntememb theirto voluntemembto voluntememb voluntemembmemb **er** ass. society committee members,s. society committee members, society committee members, committee members, members, providing training and support to training and support to and support to support to to | e We supported supported 14 student-led student-led volunteering opportunities across across the year, with year, with with over 150 students volunteering 150 students volunteering students volunteering volunteering | their time for local or charitable time for local or charitable for local or charitable local or charitable or charitable charitable causes. e We delivered the Guild Awards to recognise and celebrate the outstanding achievements of our students, | with 381 nominations received. | e We hosted our first ever Student Staff Awards to celebrate the hard work of the students who work with us in | admin, activities and content creation roles, with 77 nominations received. | e We facilitated 14,673 hours of students practicing music in our music practice rooms. We also facilitated | over 300 hours of students using the recording studio situated in our Kay House facility. | e We allocated £10,000 worth of music tuition through our Music Tuition Scheme. | | e Weperforming deliveredin athe studentdelivery ledof festival the event of creativity, Exefest, in May 2023 with over 70 students participating and 

- e We delivered an in-person Freshers’ Fair for new students and supported societies to run taster events throughout the first term and beyond to encourage sign-ups and support community building. This resulted in over 320 320 student-led societies with 11,203 individual students being members of societies. societies. 

- e We delivered 100 Give delivered 100 Give 100 Give Give it a Go events across the academic year, with 2,062 students Go events across the academic year, with 2,062 students events across the academic year, with 2,062 students the academic year, with 2,062 students academic year, with 2,062 students year, with 2,062 students 2,062 students students participating. e Wehelp supportedthemhelp supportedthem supportedthemthem deliver 2,524activities studentsfor theirto voluntememb 2,524activities studentsfor theirto voluntemembactivities studentsfor theirto voluntememb studentsfor theirto voluntemembfor theirto voluntememb theirto voluntemembto voluntememb voluntemembmemb **er** ass. society committee members,s. society committee members, society committee members, committee members, members, providing training and support to training and support to and support to support to to e We supported supported 14 student-led student-led volunteering opportunities across across the year, with year, with with over 150 students volunteering 150 students volunteering students volunteering volunteering their time for local or charitable time for local or charitable for local or charitable local or charitable or charitable charitable causes. 

- e We delivered the Guild Awards to recognise and celebrate the outstanding achievements of our students, with 381 nominations received. 

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## UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## Objectives and activities (continued) 

- | e. Voice | e Following a review of Guild democracy in 2021/22 we have begun implementing a new model focused on | removing barriers and bureaucracy, increasing participation and piloting more deliberative mechanisms for | democracy. This included a remodelling of Guild Council! into a Student Advisory Board, introduction of paid | student consultant roles, an insight-focused Student Priorities approach replacing election candidate | manifestos, and the production of toolkits to support students with a range of democratic change making and activism. 

- | | e The 2023 student leadership elections had 15 candidates for full-time posts. The total number of unique | voters was 3,923 which is a turn-out of 12.1% of the total student population. | e Weresearch supported(PGR) 489Reps, studentsproviding to volunteertraining asand Subjectsupport Reps,to help 54these as Departmentstudents represent Officers, andtheir 29peers post-graduateand make | changes to their course and wider university experience. | e WeUniversity implemented improvementsof Exeter, including theto ourintroduction academicof representationstudent DepartmentstructuresOfficerto alignroles. withWe aalso restructureworked closelyof the with university colleagues to commission a review of academic representation in the 2023/24 academic year. 

- | e We delivered the Teaching Awards in partnership with the University and Students’ Union to recognise and 

- | celebrate outstanding contributions to the student experience by staff, with 761 nominations received. | e@ We introduced three Student Advisory Boards including a Guild, Marketing and EDI (Equality, Diversity and the Guild accountable. 

- | Inclusion) board, working collaboratively with 83 students across 19 meetings to co-create solutions and hold | e We received over 11,000 pieces of student feedback throughout the year. This came through our Student | insightPrioritiesprojects.approach, a monthly student survey panel, workshops, focus groups and other smaller targeted | e We organised regular Community Café events to provide opportunities for students to meet other students | with similar interests and backgrounds. | ° The Officers successfully lobbied the University for a ‘£2 meal deal’ in response to the Cost of Living crisis, | which proved to be extremely popular and was mentioned in the majority of positive comments from students | about the Guild in the 2023 Nationa! Student Survey. 

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## UNIVERSITY OF EXETER STUDENTS’ GUILD 

(A company timited by guarantee) 

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## Objectives and activities (continued) 

## f. Advice 

- | e We delivered a series of weekly Budgeting Workshops, as a regular upskilling and support opportunity for | studentsand resourceson howfor to betterstudents manageon financialtheir money.support Alongsideduring theirthesestudies,eventsparticularly we developedin response a seriesto theof articlesCost of | Living crisis. | e As part of our Widening Participation provision, we delivered events for Estrangement Solidarity Week. The | Guild’s support for estranged students contributed towards the University of Exeter being awarded a StandAlone Pledge Award for 2022, and specia! recognition was highlighted for the Guild’s specialist Widening 

- | Participation Advisor. | e We supported 177 students who may face added challenges when attending University. These students may | be care experienced, carers, estranged students or refugees. We provided them with specialist support to help ensure they could make the most of their University experience. 

- | 

- e The Advice Service supported 2,692 student cases throughout the academic year, delivering thousands of 

- | appointments and drop-in sessions both online and in-person for our members needing support. 

- e In November, we delivered a series of events and activities as part of a 16 Days of Action campaign, focused on activism against gender-based violence. This included supporting students to participate in a 

- | Reclaim the Night March organised in Exeter city centre. | ® Wereducelaunchedthe riskaofReference students facingRight academiccampaignmisconductto help studentscases. better understand academic referencing and 

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## g. Volunteers 

The Guild is grateful for the valuable contribution to its work made by its dedicated groups of volunteers. 

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UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## Achievements and performance 

## a. Achievements and Performance 

Guild’sThroughoutblock2021/22,grant fundingthe Guild’srequestseniorcycle.leadershipThis involved teamsector(SLT)benchmarking,worked extensivelyand theondevelopmentthe preparationof afornew the5 year-plan commencing in August 2022, to mitigate the risk around financial sustainability post-commercialtransfer, which has resulted in the Guild’s single source of income being the University block grant. 

The 2022/23 year was the first year of our five-year business plan, which attracted increased investment from the University, enabling us to grow our resource base primarily in student-facing staff to support the increasingly diverse and growing student population at the University. 

The strategic case for increasing investment in the Guild focused on four main priorities: 1) improving representation and support 2) Building student communities and a sense of belonging 3) improving student insight and communications 4) Developing a strong and efficient operating model 

This report highlights some of the ways in which our key service areas have delivered against these priorities throughout 2022/23. 

## b. Fundraising 

| 

| The Guild does not undertake any formal fundraising activity, either directly or through professional fundraisers. Consequently, the Guild has not voluntarily subscribed to any fundraising standards or regulation. Volunteers and members of student societies may raise funds with support from Guild staff, but this is not directed or | monitored by the Guild. The Guild has not received any complaints in relation to fundraising activities and the | Trusteespressure areto donate. not aware of any incidents of unreasonably intrusive or persistent fundraising approaches or undue | c. NUS Affiliation | The Guild remains affiliated to the National Union of Students following a Referendum on our affiliation in 

The Guild remains affiliated to the National Union of Students following a Referendum on our affiliation in 2018/19, in which 52.75% of the 1,291 voting students supporting staying in. 

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UNIVERSITY OF EXETER STUDENTS' GUILD {A company limited by guarantee) 

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## TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## Achievements and performance (continued) 

d. Major Project: Guild Rebrand and Refurbishment of Devonshire House 

A key piece of student research in 2022/23 informed the rebranding of the Students’ Guild. We collected over 2,000 pieces of insight and data from students over this academic year on a variety of topics including how they perceive the Guild and how they currently engage with us. Students told us that they found us confusing, bureaucratic, and not representative of diverse student community. 

Our ambition is for the Guild to be relevant to all students, and an integral part of their experience, so we needed to reposition ourselves. What started as a rebranding project became more about overhauling our approach to engaging with students. We worked to reduce process cycle time and accelerate delivery for students. At the same time time as improving our delivery delivery model, our in-house in-house graphic design team team created a whole new look whole new look new look look for the the Guild which puts students at the heart of our brand. We became much less corporate, led by students telling us we should should be more more “fun, community-focused and innovative”. The rebrand and communications strategy resulted in a positive shift from 64% to 80% of members agreeing that the Guild’s brand and communications are relevant and shaped shaped by students. students. 

| same time time as improving our delivery delivery model, our in-house in-house graphic design team team created a whole new look whole new look new look look for the the Guild which puts students at the heart of our brand. We became much less corporate, led by students telling us | we should should be more more “fun, community-focused and innovative”. The rebrand and communications strategy resulted in a positive shift from 64% to 80% of members agreeing that the Guild’s brand and communications are | relevant and shaped shaped by students. students. The new brand launched over the summer to coincide with the start of the 2023/24 academic year, aligned with | the refurbishment of Devonshire House, the home of the Students’ Guild on Streatham Campus. | Thee refurbishmentMaking the space wasmore fundedaccessible by the Universityand flexible. to achieve the following aims: | e Improving social study space on campus. e Providing space for societies and groups to use for events. | e® Relocating the Guild Advice service into Devonshire House where it could be central to our delivery for i students. | @ Accommodating the requirements of the Guild’s hybrid workforce. | The refurbishment has halved the percentage of members who found the Guild spaces inflexible and felt that they didn’t reflect their needs. | e. Other Income | The Guild's main source of income is the block grant (unrestricted), received from the University. In 2022/23, this | was £2,705,261 (2021/22: £2,187,556), a 23.7% increase versus 2021/22. | Marketing and sponsorship income, received from external parties totalled £9,731 in 2022/23 (2021/22: £18,137). Under the commercial transfer agreement between the Guild and University, there is now a restriction on marketing and sponsorship activity. 

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## UNIVERSITY OF EXETER STUDENTS' GUILD {A company limited by guarantee) 

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## Achievements and performance (continued) 

## f. Expenditure 

All central and support costs, including a £462,382 valuation of donation of services and facilities from the University, have been apportioned fully. Trading expenditure and the costs of generating funds (including the SUSS deficit contribution) have been spent in the following ways: 

- © £1,235,605 (2021/22: £675,277) on Representation and Advice; 

- @ £1,463,393 (2021/22: £1,773,169) on other Societies, Activities and Volunteering; 

- e £785,500 (2021/22: £337,427) on Campaigns and Communication; e@ £0 (2021/22: £70,315) on Commercial Activities. 

## g. Funds held as custodian trustee on behalf of others 

| 

No funds are held on behalf of others. 



The Guild's free reserves - being unrestricted funds less the net book value of unrestricted fixed assets of | £156,502 - is a deficit of £4,089,570 (2021/22: £4,059,514). With the deduction of the SUSS pension fund, there | is now a surplus of £1,058,508 (2021/22: surplus of £1,006,200). This is detailed in the table below: | | en 2022 | Unrestricted Funds £3,933,068 £3,950,562 | Net Book Value of Assets {£156,502} {£108,952} | £5,148,078 £5,065,714 | £1,058,508 £1,006,200 | In addition, the Guild holds £66,195 in restricted funds for fixed assets relating to musical instruments donated by | the University, and £46,239 in other restricted funds. These other funds consist of the Annual Fund, Nightline, | Teaching and Excellence Framework and the Green Fund. | Given the deficit on reserves and net liabilities, the Board reviews the Guild's ability to operate as a Going | Concern on an ongoing basis. Guild policy is for net unrestricted cash to be maintained at least £600,000, and | this3 months. was achievedCash flowin 2022/23.forecastsThisare equatesreviewed to theat level ofevery meeting funds neededof the tofull coverBoard theand naturalappropriate pattern ofcommittees, activity for | covering a rolling period of not less than 12 months forward, normally at least 18 months forward. | Trustees believe that the cash position of the organisation has been maintained as a result of selling our | commercial outlets to the University and that we are still in a more secure financial position currently than we | have been for at least the last 5 years. | 

## UNIVERSITY OF EXETER STUDENTS’ GUILD 

(A company limited by guarantee) 

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## Financial review 

## a. Financial review 

Overall, the Guild experienced a generally positive year in 2022/23 despite a modest deficit of £36,583 which in turn has increased our deficit on reserves to £3,820,634 (2021/22: £3,784,051). 

The significant cause of the deficit in reserves is the SUSS pension liability as of 31 July 2023 at £5,148,078 (31 July 2022: £5,065,714). The Guild Trustees have limited control over the SUSS scheme, a multi-employer pension scheme where the NUS are the principal employer. We continue to work closely with the University to manage our risk around the SUSS. 

## b. Reserves policy and Going concern 


**----- Start of picture text -----**<br>
The Guild's unrestricted reserve position has decreased to negative £3,933,068 as at the end of July 2023<br>(2021/22: negative £3,950,562) being £1,215,009 on the general fund less the deficit on the SUSS pension<br>| recoveryreserve ofpayment £5,148,077.plan whichThe Guildaims toalongsidepay off theits deficitfellow bySUSS 2037.UnionsThis is continuedetailed intothecontributetable below:to a SUSS deficit<br>|<br>| [ | General Fund<br>| As at 31 July 2022 £1,115,152 £5,065,714 £3,950,562<br>£99,857 (£82,363)<br>As at 34 July 2023 £1,215,009 £5,148,077<br>**----- End of picture text -----**<br>


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UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

Trustees have considered that the three scenarios most likely to cause the Guild to fail are: 

- e withdrawal of funding from the University of Exeter, 

- e reduction in funding from the University of Exeter in excess of £500,000, and , e need to meet increased pension liabilities within the period as a result of a failure of another SUSS employer. 

It is the view of the Trustees that the total withdrawal of funding from the University of Exeter is not remotely likely. Trustees also believe that a reduction in funding from the University of £500,000 or more is very unlikely given the very clear financial support we have received from the University this year and in the past, and ongoing partnership discussions. Trustees believe that it is possible in the current circumstances that a fellow Union may become bankrupt in the next 12 months, but that it is highly unlikely this will financially impact the Guild in the next 12 months; and not probable that this will impact the Guild in the 12 months thereafter. 

It is therefore the view of the Trustees that the Guild remains a going concern. 

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| The Senior Leadership Team | During 2022/23, the Senior Leadership Team comprised of four roles supporting the Chief Executive, along with | an external Finance Consultant, that together form the Senior Leadership Team (SLT). This team provides the | strategic management of the Students’ Guild, maintaining an organisational and long-term perspective. They | ensure the coordination of various parts of the Guild towards the Vision and Strategy and provide guidance and for members of the Guild Senior Leadership Team is based upon a Pay and Reward Policy, Pay Scale and Job | support for Trustees and staff. They are the key management personnel outside of the Trustees. Remuneration | Page 13 

UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

Structure, governance and management 

## a. Structure, Governance and Management 

The primary aim of University of Exeter Students’ Guild is the advancement of education of students at University of Exeter for the public benefit. 

The Guild is a company limited by guarantee registered with Companies House in England and Wales and a registered charity with the Charity Commission in England and Wales. The governance of Exeter Students’ Guild is documented in its Articles of Association and its Byelaws, updated in 2021 and available on the Guild website (www.exeterguild.com). 

The Trustee Board has overall responsibility for the strategic direction, governance and sustainability of the Guild. The Trustee Board's membership in 2022/23 comprised of four elected Officer Trustees, four Student Trustees, and five External Trustees. The Officer Trustees are elected through a secret ballot by the members each year, normally serving for one year in office but can serve a second year if re-elected. The four Student |. Trusteesratified byare the recruitedStudent Advisoryto the BoardBoard.andTheareStudent Trusteesrecommended toservethe Boardfor a termby anofappointmentsup to two yearspaneland havinga maximumbeen | of two terms if they remain registered students at the University of Exeter. The Lay Trustees are recruited to the | Board to bring a wider perspective and skill set from outside of the Guild, and their term lasts for four years, and | they can also serve up to two terms. | Throughout their induction, Trustees receive a variety of information including training on their legal obligations | and other Trustee responsibilities. All Trustees meet with the Chief Executive before their first meeting for an | overview of the Guild’s recent history and strategic priorities. The Trustee induction is framed around the | principles of the NCVO Charity Governance Code. The Officer Trustees are new to the Board every year, so they | undergo a more intensive training period to ensure they are fully aware of their roles and responsibilities and can | perform their duties. | The Board of Trustees is supported by two committees which meet four to five times a year and focus on key ; aspects of the Guild's governance and management, which are: | | | Theplans,Financereviewsandmanagement Audit Committeeaccounts,(FAC)recommendsadvises andthe moa **n** nualitors budgetthe Guild’sand financialappraisesstrategyrequestsandforbusinesscapital | expenditure. The Committee also oversees arrangements for internal and external audit and scrutinises the | annual accounts. The Compliance, Governance and Risk Committee (CGR) monitors the Guild’s risk profile, health and safety, | risk management, compliance with relevant legislation and good governance. The Committee also examines | issues relating to the Guild’s workforce including staff policies, changes to pay, training and development. The Students’ Guild operates on democratic principles, with students shaping the work of the Guild through | regular feedback and consultation, as well as through electing the Guild's Student Officers and voting on | important issues through referenda. During the year, the student body can shape the strategic priorities of the Guild and hold the Guild accountable through formal structures such as our annual Student Members’ Meeting (AGM), Student Advisory Boards, Student Priorities insights, and by holding Student Officers to account. 



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## UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## Structure, governance and management (continued) 

## Evaluation Tool developed in 2021/22, agreed by Trustee Board and reviewed ona periodic basis. 

The Board and Senior Leadership Team have continued to recognise that the continued development of our talented workforce is critical to our success. We are proud to have received 3 awards at NUS’ Strategic Conversations’ Employee Engagement Survey Awards 2022, including for the ‘Most innovative Approach to Employee Learning and Development’, because of our commitment to providing ongoing leadership development support to all Guild colleagues. 

## Relationship with the University of Exeter 

Under the Education Act 1994, the University of Exeter has a statutory duty to take such steps as are reasonably practicable to ensure that the Students’ Guild operates in a fair and democratic manner and is held to proper account for its finances. The Students’ Guild works collaboratively with the University of Exeter in ensuring that the affairs of the Guild are properly conducted and that the educational and welfare needs of the Students’ Guild’s members are met. The Guild and University have co-created a Student Experience Framework to ensure that ten key principles, developed in partnership with students, are embedded in the way we work. 

A key piece of partnership, working throughout the 2022/23 year, was the student submission to the Teaching Excellence Framework (TEF), a new feature of TEF. TEF encourages and recognises high quality teaching and student outcomes in higher education, and the newly introduced student submission presents an opportunity to provide insights about students’ views to help inform the TEF panel's assessment. The University of Exeter has seEx **c** ellenceured a ‘solidFrameworkgold’ standardassessment.for Theits commitmentUniversity is toamongstprovidingan world-classelite group ofteaching,Higher Educationin the 2023institutionsTeachingto be recognised as consistently providing outstanding teaching, learning and student outcomes to secure the ‘Gold Overall standard in the TEF assessment, published 23 September 2023. The prestigious gold rating is underpinned by Exeter receiving Gold ratings in the two aspects of the assessment — Student Experience and Student Outcomes. Exeter is one of only four Russell Group institutions to achieve this ‘solid gold’ assessment. The panel recognised the supportive student submission, led by the Students’ Guild, practices. and the culture of collaboration between the University and students to enhance teaching and assessment 

a 

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## UNIVERSITY OF EXETER STUDENTS’ GUILD 

{A company limited by guarantee) 

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## Structure, governance and management (continued) 

## b. Risk Management 

Risk management is essential for effective governance and both operational and strategic decision making within the Guild. The Guild's risk management system exists to ensure an internal commitment to effective risk management. The Guild Trustee Board receives, reviews, and assesses the major risks faced by the Guild, supported by the Compliance, Governance and Risk Committee (CGR). Financial risks are also considered by the Finance & Audit Committee (FAC). To provide further diligence, the Guild CGR Committee also oversees the work in areas of compliance and safety. 

There are six Strategic Risks in the risk register, alongside an action plan for mitigating the risk and a prioritisation of the current most significant risks which are shared with Board and Committees within the business cycle. 

The biggest risk facing the Guild for a number of years has been its underfunded and historic Students’ Union Superannuation Scheme (SUSS) pension liability, alongside the increasing recovery payments required to make good its funding obligations. Extensive discussions with external financial advisors and the University of Exeter have continued throughout 2022/23, with a view to the Guild negotiating a plan to ‘pay up and walk away’ from the scheme. 

| This will involve paying a capital lump sum to the SUSS scheme in the form of a a ‘payment of a a Section 75 debt’, | The capital amount to be paid to SUSS is calculated by the actuary of the pension scheme and is sufficient to cover the the debt the Guild has with SUSS which means that the Guild will have no further involvement with SUSS. | As of the 30 June 2023, it is estimated that the section 75 debt and the capital injection is of £4.3 million. This is a significant reduction in the amount of debt that the Guild owed to the scheme compared with previous levels (a decrease by circa. £4 million (50%) in 4 years). This payment is deemed by the Board of Trustees and the University of Exeter to be reasonable value for money when compared to the current recovery payments of the | Guild to SUSS, which are estimated to total £7 million in the period 2023-2037. | The pay-up and walk away option would remove the liability and a significant financial risk for the Guild, whilst | also benefitting SUSS who will receive a capital lump sum, therefore also protecting the benefits of the scheme’s | members. Trustees are confident that an agreement will be reached with the University during 23/24 that will | enable us to remove this risk, with a net-zero impact to the Guild's block grant. | Turnover within the Senior Leadership Team (SLT) has continued to create challenges in our leadership capacity during 2022/23, as we have faced difficulties in retaining a Head of Finance and Operations. For 23/24, an interim structure has been put in place which includes a fixed-term, part-time Head of Organisational Development and a continued partnership with an external consultant to provide strategic leadership to the structure, in preparation for a more permanent structure to be agreed for 2024/25. | Finance function. This will enable greater leadership capacity whilst also ensuring flexibility around the senior | The introduction of the Higher Education (Freedom of Speech) Act in 2023 poses new risks for students’ unions | due to the introduction of new direct regulatory powers of the Office for Students and the introduction of a new | civil tort where action can be brought against students’ unions for breaches of their duties. Extensive work has | been carried out throughout 2022/23 to ensure preparedness for the Act, and the Guild is considered to be for society-ied events involving external speakers. | delivering best practice in this area in collaboration with the University, with a risk-based management process | | | | | ee | Page 15 i 

This will involve paying a capital lump sum to the SUSS scheme in the form of a a ‘payment of a a Section 75 debt’, The capital amount to be paid to SUSS is calculated by the actuary of the pension scheme and is sufficient to cover the the debt the Guild has with SUSS which means that the Guild will have no further involvement with SUSS. 



## UNIVERSITY OF EXETER STUDENTS' GUILD 

(A company limited by guarantee} 

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## Plans for future periods 

In terms of ensuring the long-term sustainability of the charity, the main priority for 2023/24 will be to de-risk the Guild from its liability in the SUSS Pension scheme by continuing to work in partnership with the University on the ‘pay up and walk’ option. Work will continue with regards to the Guild’s operating model and particularly the shape and size of the permanent senior leadership team to lead the Guild through the delivery of its five-year plan. 

In terms of delivery for students, we can expect to see sharp increases in the number of internationa! students and postgraduates between now and 2030, demanding a more segmented and targeted approach from the Guild to tailor services and communications and learn about specialist support requirements of these growing cohorts. 

The Guild has been through a period of rapid change, so 2023/24 will be focused on embedding our new approach to democracy, enhancing the impact of the Advisory Boards and reviewing the role of Officers in the representative structure, whilst ensuring we systematically use our data and insight to influence decisions across the Guild and University. 

## Statement of Trustees’ responsibilities 

| The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for i preparing the Trustees' report and the financial statements in accordance with applicable law and United | Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). | Company law requires the Trustees to prepare financial statements for each financial year. Under company !aw, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: | ° select suitable suitable accounting policies and then then apply them them consistently; | ° observe the methods and principles of the Charities SORP (FRS the methods and principles of the Charities SORP (FRS methods and principles of the Charities SORP (FRS principles of the Charities SORP (FRS the Charities SORP (FRS Charities SORP (FRS SORP (FRS (FRS 102); ° make judgments judgments and accounting estimates that are reasonable and prudent; 

| ° select suitable suitable accounting policies and then then apply them them consistently; | ° observe the methods and principles of the Charities SORP (FRS the methods and principles of the Charities SORP (FRS methods and principles of the Charities SORP (FRS principles of the Charities SORP (FRS the Charities SORP (FRS Charities SORP (FRS SORP (FRS (FRS 102); ° make judgments judgments and accounting estimates that are reasonable and prudent; ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material | departures disclosed and explained in the financial statements; i e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the | Company will continue in business. | The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain | the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They | are also responsible for safequarding the assets of the Company and hence for taking reasonable steps for the | prevention and detection of fraud and other irregularities. | Disclosure of information to auditors | Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: | e so far as the Trustee is aware, there is no relevant audit information of which the charity's auditors are | unaware, and | ° the Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any | relevant audit information and to establish that the charity's auditors are aware of that information. |a |Page 16 



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UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## Auditors 

The auditors, Griffin, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. 

Approved by order of the members of the board of Trustees on isas Decmoarmmeoos pre 2 2 and signed on their behalf by: 

E de Saram Chair of Trustees 

Page 17 

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## UNIVERSITY OF EXETER STUDENTS’ GUILD (A company Simited by guarantee) 

## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF EXETER STUDENTS' GUILD 

## Opinion 

We have audited the financial statements of University of Exeter Students’ Guild (the ‘charitable company’) for the year ended 31 July 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). 

## In our opinion the financial statements: 

- e give a true and fair view of the state of the charitable company's affairs as at 31 July 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- ® have been prepared in accordance with the requirements of the Charities Act 2011. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, 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. 

## Conclusions relating to going concern 

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern 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 company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

Page 18 



| 

UNIVERSITY OF EXETER STUDENTS’ GUILD {A company limited by guarantee) 

## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF EXETER STUDENTS' GUILD (CONTINUED) 

## Other information 

The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our Tesponsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

## We have nothing to report in this regard. 

## Matters on which we are required to report by exception 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- s the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or 

- ® sufficient accounting records have not been kept; or 

- ® the financia! statements are not in agreement with the accounting records and returns; or e we have not received all the information and explanations we require for our audit. 

## Responsibilities of trustees 

As explained more fully in the Trustees’ responsibilities statement, 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 statements and for being satisfied that they give a true 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern 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. 

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# UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSITY OF EXETER STUDENTS' GUILD (CONTINUED) fe ERNEST TOT nr reneeoenel 

## Auditors' responsibilities for the audit of the financial statements 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance 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 users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Our audit procedures have reviewed for evidence of management override, any ongoing legal cases, completeness of related party transactions, as well as an ongoing consideration of fraud and irregularities during the whole audit process. 

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.uk/auditorsresponsibilities. This description forms part of our Auditors’ report. 

## Use of our report 

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 

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Griffin Chartered Accountants Registered Auditors Courtenay House Pynes Hill Exeter 

EX2 5AZ 

## Date: “Pf V21Pa2ss 

Griffin are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 


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## UNIVERSITY OF EXETER STUDENTS' GUILD {A company limited by guarantee) 

## STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023 

|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2023|2023|2023|2022|
||Note|E|£|£|£|
|Income from:||||||
|Donations and legacies|4|”|3,361,839|3,361,839|2,932,466|
|Charitable activities|5|13,231|29,217|42,448|1,058,669|
|Other trading activities|6|-|9,731|9,731|18,137|
|Investments|7|“|35,608|35,608|-|
|Total income||13,231|3,436,395|3,449,626|4,009,272|
|||ee||||
|Expenditure on:||||||
|Raising funds|8|-|1,403|1,403|32,503|
|Charitable activities|9|67,308|3,417,498|3,484,806|2,856,<br>188|
|Other expenditure|10|-|-|-|679,760|
|Total expenditure||67,308|3,418,901|3,486,209|3,507,851|
|Netmovement in funds||(54,077)|17,494|(36,583)|501,427|
|Reconciliation of funds:||||||
|Total funds brought forward||166,511|(3,950,562)|(3,784,051)|(4,285,472)|
|Netmovement in funds||(54,077)|17,494|(36,583)|501,427|
|Totalfundscarriedforward||112,434|(3,933,068)|(3,820,634)|(3,784,057)|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 25 to 52 form part of these financial statements. 

Page 21 



UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) REGISTERED NUMBER: 07217324 

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## BALANCE SHEET FOR THE YEAR ENDED 31 JULY 2023 


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|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|Note|£|£|
|Fixed|assets|
|Tangible|assets|15|154,058|106,508|
|Investments|16|2,444|2,444|
|156,502|108,952|
|Current|assets|
|Debtors|17|112,414|63,526|
|CashInvestmentsat|bank|and|in|hand|18|1,922,252817,164|3,308,792-|
|2,851,827|3,372,318|
|Creditors:|amounts|falling|due|within|one|
|year|19|(1,680,885)|(2,199,607)|
|Net current assets|1,170,942|1,172,711|
|_——__.__.|—_——_____.|
|Total assets fess current liabilities|1,327,444|1,281,663|
|Net|assets|excluding|pension|liability|1,327,444|1,281,663|
|Defined|benefit pension scheme|liability|27|(5,148,078)|(5,065,|714)|
|Total net liabilities|(3,820,634)|(3,784,051)|
|Charity|funds|
|Restricted|funds|21|112,434|166,511|
|Unrestricted|funds|21|(3,933,068)|(3,950, 562)|
|_—_—_____|——_._.|
|Total funds|(3,820,634)|(3,784,051)|

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UNIVERSITY OF EXETER STUDENTS’ GUILD<br>**----- End of picture text -----**<br>


(A company limited by guarantee) 

## BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. 

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 

However, an audit is required in accordance with section 144 of the Charities Act 2011. 

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 

The financial statements were approved and authorised for issue by the Trustees on Lb tanDecemMpey POO > and signed on their behalf by: 

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E de Saram 

Chair of Trustees 

The notes on pages 25 to 52 form part of these financial statements. 

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UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 


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2023 2022<br>£ £<br>Cash flows from operating activities<br>Net cash used in operating activities (519,851) 7,563,843<br>Cash flows from investing activities<br>Interest received 35,608 -<br>Purchase of tangible fixed assets (85,133) (7,850)<br>Purchase of investments (817,164) ~<br>Net cash used in investing activities (866,689) (7,850)<br>Cash flows from financing activities<br>Net cash provided by financing activities “ ”<br>Change in cash and cash equivalents in the year (1,386,540) 1,555,993<br>Cash and cash equivalents at the beginning of the year 3,308,792 1,752,799<br>Cash and cash equivalents at the end of the year 1,922,252 3,308, 792<br>The notes on pages 25 to 52 form part of these financial statements<br>**----- End of picture text -----**<br>


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## UNIVERSITY OF EXETER STUDENTS’ GUILD 

(A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 1. General information 

University of Exeter Students’ Guild is a private company limited by guarantee, registered in England and Wales, company registration number 07217324, It is a registered charity with registered number 1136468. The registered office is University of Exeter Students’ Guild, Devonshire House, Stocker Road, Exeter, Devon, United Kingdom, EX4 4PZ. 

## 2. Accounting policies 

## 2.1 Basis of preparation of financial statements 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

| University of Exeter Students’ Guild meets the definition of a public benefit entity under FRS 102. | Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise | stated in the relevant accounting policy. | 2.2 Going concern | The Guild reports a net liability position of £3,820,326 (2022 - £3,784,051) on its balance sheet as at 31 July 2023. This is directly as a result of recognising the discounted Students' Union Superannuation Scheme (SUSS) pension liability calculated as £5,148,078 (2022 - £5,065,714). However, this liability is payable on an incremental basis over a fifteen year period to 31 May 2037 | and there is no reason to believe that the Guild cannot meet its annual commitments to repay this 2025, which could result in an increase in deficit contributions, and the trustees will continue to || monitorliability. theTheimpactnext independentthat this mayactuarialhave on thereviewGuild.of the scheme is due to take place as at 30 June | Trustees have considered the scenarios most likely to cause the Guild to fail, as described in the | thatTrustees'there Report,are someanduncertainties following detailedin the future reviewsbutconsiderthat none theseof these are unlikely torepresent occur.a materialTrustees acceptuncertainty. | | The trustees have a reasonable expectation that the Guild has adequate resources to continue in | operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. | 

## a 

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UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 2. Accounting policies (continued) 

2.3 Income 

Income is recognised in the statement of financial activities when: - the charity becomes entitled to the resources; - it is probable that the charity will receive resources; and - the monetary value can be measured with sufficient reliability 

The Guild receives a block grant and other miscellaneous grants from the University of Exeter each financial year. These are recognised as donation income on a receivable basis. 

Donated assets are taken to income when donated, at estimated market value. 

Donated services and facilities are only included as income (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable, and material. The value placed on these resources is the estimated market value to the charity of the service or facility received. 

Time donated by the Guild’s members is not recognised in the financial statements as this cannot be reliably valued. All income from other trading activities is recognised gross of related expenditure on an accruals basis, exclusive of value added tax, with any money received for services provided after the year end deferred. 

Other income is credited to the statement of financial activities in the year in which it is received. 

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## UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 2. Accounting policies (continued) 

## 2.4 Expenditure 

Expenditure is recognised once there Is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. 

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. 

All expenditure is inclusive of irrecoverable VAT. 

## 2.5 Government grants 

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful! lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred. 

## 2.6 Interest receivable 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

## 2.7 Taxation 

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

Page 27 



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## UNIVERSITY OF EXETER STUDENTS' GUILD 

## (A company limited by guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 2. Accounting policies (continued) 

## 2.8 Tangible fixed assets and depreciation 

Tangible fixed assets costing £2,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. 

## Depreciation is provided on the following bases: 

Property Improvements - 2 to 8 years Fixtures and fittings ~ 3 to 10 years Musical instruments ~ 5 to 10 years 

## 2.9 Investments 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. 

investments held as fixed assets are shown at cost less provision for impairment. 

## 2.10 Debtors 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid, net of any trade discounts due. 

## 2.11 Cash at bank and in hand 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or Jess from the date of acquisition or opening of the deposit or similar account. 

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UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 2. Accounting policies (continued) 

## 2.12 Liabilities 

Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 

## 2.13 Financial instruments 

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## 2.14 Operating leases 

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term. 

## 2.15 Pensions 

The Guild participates in the Students' Union Superannuation Scheme (SUSS), a closed defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the SUSS Trustees on the advice of the actuary. 

Whilst the scheme operates as a pooled arrangement, under FRS102, a contractual agreement under a multi-employer defined benefit pension scheme to fund a past deficit should be accrued for as a liability discounted to net present value. 

The Guild also participates in both the National Union of Students Pension Scheme (NUSPS) and government NEST scheme. Both NUSPS and NEST are defined contribution schemes and are accounted for under the terms of FRS102 based upon actual contributions paid during the year. 

Page 29 



| | | | | | | | | | | | 

| | 

## UNIVERSITY OF EXETER STUDENTS’ GUILD 

(A company limited by guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

2. Accounting policies (continued) 

## 2.16 Fund accounting 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. ; 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have. been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

3. Critical accounting estimates and areas of judgment 

Estimates and judgmenis 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 circumstances. 

## Critical accounting estimates and assumptions: 

In preparing these financial statements, the trustees, based on the advice of the Interim Head of Finance, have made the following judgements: 

- e Determine whether the trustees contro! funds deposited with the Guild by student clubs and societies. This affects whether the student club and society income and expenditure is included in the Guild's statement of financial activities. Factors taken into consideration include whether expenditure of student club and society funds requires authorisation by an officer of the Guild and the extent to which student club and society constitutions make them subservient to the Guild. 

## Other key sources of estimation: 

- e TheDonationGuildofoperates serviced accommodationfrom buildings provided(notes 4 andby the11) University of Exeter for nominal charge. The University also provides the Guild with electricity, gas and water free of charge. The estimated market value of these facilities is recognised as both income (donation) and expense (rent). The value is estimated by apportioning the space occupied by the Guild into different types, such as retail and office space, applying the estimated market rate for each space type, and adding the utilities cost provided by the university. The market rates are estimated using the average advertised rate for a sample of available spaces in Exeter. Because the value of serviced accommodation is both income and expenditure, there is no net impact on the financial statements. 

Page 30 



| 

| | | 

| | 

## UNIVERSITY OF EXETER STUDENTS’ GUILD 

## (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 3. Critical accounting estimates and areas of judgment (continued) 

- e Discounting of SUSS deficit contribution liability payments (note 26) The SUSS deficit contribution liability is discounted at a rate set by reference to market yields at the year end on high quality corporate bonds with terms consistent with the estimated period of the future deficit payments. Judgement is required when determining what bonds to consider. The discount rate used by the Guild, as disclosed in note 26, is based on the iBoxx Sterling corporates AA over 15 years index. Consideration of other bonds and the selection of another discount rate would impact the carrying amount of the liability. 

- Depreciation is calculated on the fixed assets of the Guild. This depreciation amount is calculated based on the estimated useful economic life of the assets. 

## 4, Income from donations and legacies 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|Unrestricted|Total|
|funds|funds|
|2023|2023|
|£|£|
|Grants|and|donations|194,196|194,196|
|University|Block|Grant|2,705,261|2,705,261|
|Donation|of serviced|accomodation|462,382|462,382|
|3,367,839|3,364,839|

**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Total|
|funds|funds|
|2022|2022|
|£|£|
|Grants and donations|294,789|294,789|
|University Block Grant|2,187,556|2,187,556|
|HMRC|Furlough|Scheme|166|166|
|Donation|of serviced|accomodation|449,955|449,955|
|2,932,466|2,932,466|
|The donation of serviced accomodation|is the estimated value of the services|provided by the|University|
|free|of charge|to|the|Guild.|These|include|use|of|premises|and|related|services.|

**----- End of picture text -----**<br>


Page 31 



| | | | | 

| | | 

## UNIVERSITY OF EXETER STUDENTS' GUILD 

(A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 5. Income from charitable activities 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Restricted|Unrestricted|Total|
|funds|funds|funds|
|2023|2023|2023|
|£|£|£E|
|Societies,|activities|and|volunteering|13,231|-|13,231|
|Licensed|trade|and|entertainments|-|29,217|29,217|
|13,231|29,217|42,448|
|Restricted|Unrestricted|Total|
|funds|funds|funds|
|2022|2022|2022|
|£|£|£|
|Societies,|activities and|volunteering|1,021,129|-|1,021,129|
|Licensed trade and|entertainments|-|37,540|37,540|
|1,027,129|37,540|1,058, 669|
|SaaS aaaSSe—EE—~™—EEE—ECLLLlSSSS|——CE>—Ek—Ee eee|
|6.|income from other trading activities|
|Income from non charitable trading|activities|

**----- End of picture text -----**<br>


Unrestricted Total funds funds 2023 2023 £ £ | | Commercial! marketing and sponsorship 9,731 9,731 | } | | | Unrestrictedfunds fundsTotal | 2022 2022 | | |Commercial marketing and sponsorship 18, 137 18,137 = | | 

Page 32 



| | | i 

i \ | | 

i | | | | | | | ; 

| 

UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 7. Investment income 

Investment income 


**----- Start of picture text -----**<br>
Unrestricted Total<br>funds funds<br>2023 2023 2022<br>£ £ £<br>35,608 35,608 -<br>**----- End of picture text -----**<br>


## 8. Expenditure on raising funds Costs of raising voluntary income 

||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2023|2023|
||£|£|
|Advertising and marketing|50|50|
|Staff costs|1,353|1,353|
||4,403|1,403|
||———EESES—|SS|
||Unrestricted|Total|
||funds|funds|
||2022|2022|
||£|£|
|Advertising and marketing|550|550|
|Othercosts|204|204|
|Staffcosts|31,749|31,749|
||32,503|32,503|
||ee||



Page 33 

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; 

| Commercial activities - 70,315 70,315 i | 1,044,387 1,811,801 2,856,188 | —eSee——OESO—lSS= EES | i | | | | | | | i | } | i i i ; \ | | | | | | i Page 34 

## UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 9. Analysis of expenditure on charitable activities 

## Summary by fund type 

||Restricted|Unrestricted||
|---|---|---|---|
||funds|funds|Total|
||2023|2023|2023|
||£|£|£|
|Representation and advice|~|1,235,714|1,235,714|
|Societies, activities and volunteering|67,308|1,396,212|1,463,520|
|Campaigns and communications|-|785,572|785,572|
||67,308|3,417,498|3,484,806|



||Restricted|Unrestricted||
|---|---|---|---|
||funds|funds|Total|
||2022|2022|2022|
||£|£|£|
|Representation and advice|-|675,277|675,277|
|Societies, activities and volunteering|1,044,387|728,782|1,773,169|
|Campaignsand communications|-|337,427|337,427|
|Commercial activities|-|70,315|70,315|
||i|||
||1,044,387<br>1,811,801<br>—eSee——OESO—lSS=||2,856,188<br>EES|





| | | 

## UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) a rN a a a A ie NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

9. Analysis of expenditure on charitable activities (continued) 

## Summary by expenditure type 

||Staff costs|Depreciation|Other costs|Total|
|---|---|---|---|---|
||2023|2023|2023|2023|
||£|£|£|£|
|Representation and advice|678,129|1,026|556,559|1,235,714|
|Societies, activities and volunteering|419,277|36,067|1,008,176|1,463,520|
|Campaigns and communications|399,827|491|385,254|785,572|
||1,497,233|37,584|1,949,989|3,484,806|



||Staffcosts|Depreciation|Othercosts|Total|
|---|---|---|---|---|
||2022|2022|2022|2022|
||£|£|£|£|
|Representation and advice|563,028|13,876|98,373|675,277|
|Societies, activities and volunteering|298,304|50,268|1,424,597|1,773,169|
|Campaigns and communications|280,146|9,957|47,324|337,427|
|Commercial activities|31,128|970|38,217|70,315|
||1,172,606|75,0717|1,608,511|2,856,<br>188|



Page 35 



| 

| | | | 

## UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 10. Other expenditure 

At 31 July 2022, the balance of unspent funds held on behalf of clubs and societies was donated to those clubs and societies. These clubs and societies have their own constitution and leadership so the University of Exeter Students’ Guild has taken the decision that going forwards, income and expenditure will not form part of the University of Exeter Students’ Guild income or expenditure. 

||||||Restricted|Total|
|---|---|---|---|---|---|---|
||||||funds|funds|
||||||2022|2022|
||||||£|£|
|Transfer|of|clubs|and|societies|619,160|619,160|



## 11. Analysis of expenditure by activities 

|||Activities|
|---|---|---|
||||undertaken<br>Support<br>Total<br>directly<br>costs<br>funds|
||<br>2023<br>2023<br>2023<br>|<br>£<br>£<br>£|||
||<br>Representation and advice<br>701,053<br>534,661<br>1,235,714|||
|||Societies, activities andvolunteering|429,338<br>1,034,182<br>1,463,520|
|||Campaigns and communications|382,278<br>403,294<br>785,572|
||||1,512,669<br>1,972,137<br>3,484,806|
|||ll<br>aeel|



Page 36 



| 

| | | i{ | i 

| | ; 

## UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 11. Analysis of expenditure by activities (continued) 

||Activities|||
|---|---|---|---|
||undertaken<br>directly|Support<br>costs|Total<br>funds|
||2022|2022|2022|
||£|£|£|
|Representation and advice|531,720|143,557|675,277|
|Societies, activities and volunteering|1,297,578|475,591|1,773,169|
|Campaigns and communications|315,265|22,162|337,427|
|Commercial activities|-|70,315|70,315|
||2,144,563|711,625|2,856,188|



## Analysis of direct costs 

||Representation<br>Societies and|Representation<br>Societies and|Campaigns and|Total|
|---|---|---|---|---|
|||and advice<br>2023|volunteering <br>2023|communications<br>2023|funds<br>2023|
||£|£|£|£|
|||||||
|Staffcosts|510,945|186,448|261,502|958,895|
|Depreciation<br>|<br>Direct costs of activities|-<br>190,108|34,727<br>208,163|-<br>120,776|34,727<br>519,047|
|||701,053|429,338|382,278|1,512,669|
|i{<br>{|oS _ulll_<br>SS ——CLE—=kE=“*™*“>TL<br>SSS|||OU|
|||Representation and|Societiesand|Campaigns and|Total|
||advice|volunteering|communications|funds|
|i<br>2022<br>2022<br>2022<br>2022<br>|<br>£<br>£<br>£<br>£|||||
||<br>Staffcosts<br>442,357<br>105,833<br>190,500<br>738,690<br>Depreciation<br>428<br>36,032<br>-<br>36,460|||||
|Direct costs of activities|88,935|1,155,713|124,765|1,369,413|
||ee||||
|||531,720|1,297,578|315,265|2,144,563|
|||————ooSS—_|_>E>E—=——|STS|Cll|
|||||||



## i 

| 

Page 37 



i { | | | | | | | | 

## ee 

## UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 JULY 2023 

## 11. Analysis of expenditure by activities (continued) Analysis of support costs 

||Representation<br>and advice<br>2023|Societies,<br>activities and<br>volunteering<br>2023|Campaigns and<br>communications<br>2023|Commercial<br>activities<br>2023|Commercial<br>activities<br>2023|Total<br>funds<br>2023|
|---|---|---|---|---|---|---|
||£|£|£||£|£|
|Staff costs|167,184|232,829|138,325|-||538,338|
|Depreciation|1,026|1,340|491|-||2,857|
|Rent|48,971|387,279|26,132|-||462,382|
|Advertising and|||||||
|marketing|80|278|44|-||402|
|ICT costs|33,107|43,894|14,509|-||91,510|
|Insurance|9,585|12,780|4,260|-||26,625|
|Legal and|||||||
|professional|16,502|20,627|14,390|-||51,519|
|Other costs|80,595|94,868|53,457|-||228,920|
|Projectcosts|25,509|33,288|25,479|-||84,276|
|Governance|12,291|12,291|10,529|-||35,111|
|SUSS pension|139,811|194,708|115,678|-||450,197|
||534,661|1,034,182|403,294|-||1,972,137|



Page 38 



| 

| | | | | | | | 

| | 

## UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 11. Analysis of expenditure by activities (continued) 

## Analysis of support costs (continued) 

|||Societies,||||
|---|---|---|---|---|---|
||Representation|activities and|Campaigns and|Commercial|Total|
||andadvice|volunteering|communications|activities|funds|
||2022|2022|2022|2022|2022|
||£|£|£|£|£|
|Staff costs|120,671|192,471|89,646|31,128|433,916|
|Depreciation|13,448|14,236|9,957|970|38,611|
|Rent|47,655|376,871|-|25,429|449,955|
|Advertising and||||||
|marketing|85|316|47|24|472|
|ICT costs|10,895|14,740|4,806|1,602|32,043|
|Insurance|8,391|11,352|3,702|1,234|24,679|
|Lega!and professional|23,390|26,962|18,3917|1,626|70,369|
|Othercosts<br>Project costs|66,115<br>13,263|77,160<br>17,299|44,046<br>13,263|7,534<br>385|194,855<br>44,210|
|Governance|6,702|6,703|5,362|383|19,150|
|SUSS Pension|(167,058)|(262,519)|(167,058)|-|(596,635)|
||a|||||
||143,557|475,594|22,162|70,315|711,625|



included within support costs is ENil (2022 - £70,315) of expenditure relating to commercial activities which is a discontinued operation. 

## 12. Auditors’ remuneration 

The auditors’ remuneration amounts to an auditor fee of £15,000 (2022 - £71,825). 

13. Staff costs 

2023 2022 | |Wages and salaries 1,334,069 1,080,030 | Social security costs 118,752 87,796 | Pension costs - defined contribution schemes 45,765 36,529 | |1,498,586 1,204,355 | en | included within wages and salaries is, ENil (2022: ENil) relating to non-contractual severance payments, | and £Nil (2022: £14,292) relating to a contractual redundancy payment made during the year. These | were funded out of unrestricted funds, of which there is an adequate level at the year end. 

| i Page 39 



| 

| | | | | 

## UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 13. Staff costs (continued) 

The average number of persons employed by the Company during the year was as follows: 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|2023|2022|
|No.|No.|
|Commercial|marketing|1|1|
|Charitable|activties|105|83|
|Governance|2|2|
|108|86|

**----- End of picture text -----**<br>


The average headcount expressed as full-time equivalents was: 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|2023|2022|
|No,|No.|
|Commercial!|marketing|1|q|
|Charitable|activities|42|44|
|Governance|2|2|
|45|47|

**----- End of picture text -----**<br>


The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|2023|2022|
|No.|No.|
|In|the|band|£60,001|- £70,000|-|q|
|In|the|band|£80,001|- £90,000|1|-|

**----- End of picture text -----**<br>


The key management personnel of the company comprised of the senior leadership team and sabbatical officers that attend Guild management committee meetings. The total value of employee benefits (including employer pension contributions) for these individuals was £330,381 (2022: £319,067). 

In addition, a total of £511 (2022 - £1,882) was paid directly by the Guild on behalf of Trustees during the year: ENil (2022 - £1,706) for conferences, ENil (2022 - ENil) for accommodation, £17 (2022 - £93) for travel, ENil (2022 - £41) for Trustee gifts, and £494 (2022 - £42) for meals and related accommodation. 

Page 40 



## UNIVERSITY OF EXETER STUDENTS’ GUILD 

(A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 14. Trustees’ remuneration and expenses 

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Company. In accordance with the University of Exeter Students’ Guild memorandum and articles of association, salaries were paid to certain trustees for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. The value of Trustees' remuneration and other benefits was as follows: 

|||2023|2022|
|---|---|---|---|
|||£|£|
|EdeSaram|Remuneration|21,680|-|
||Pension contributions paid|653|-|
|| Dyer|Remuneration|20,354|-|
||Pension contributions paid|611|-|
|J Liversedge|Remuneration|21,477|-|
||Pension contributions paid|580|-|
|O Margaroli|Remuneration|22,724|21,857|
||Pension contributions paid|655|530|
|M Ojua|Remuneration|-|21,192|
|1 Harrison|Remuneration|“|21,274|
||Pension contributions paid|-|§12|
|| Enoizi|Remuneration|-|20,803|
||Pensioncontributionspaid|-|463|



During the year ended 31 July 2023, expenses were reimbursed or paid directly to 3 Trustees (2022 - fo 2 Trustees) broken down as follows: 

Travel 

|2023|2022|
|---|---|
|£|£|
|1,083|365|



Page 41 



## UNIVERSITY OF EXETER STUDENTS' GUILD 

## (A company limited by guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 15. Tangible fixed assets 

|||||Fixtures,||||
|---|---|---|---|---|---|---|---|
||||Property|Fittings and||Musical||
||||Improvements|Equipment|Instruments||Total|
||||£|£||£|£|
|||Cost or valuation||||||
|||At 1 August 2022|834,798|183,520||389,337|1,407,655|
|||Additions|80,000|§,134||-|85,134|
|||At 31 July 2023|914,798|188,654||389,337|1,492,789|
|||Depreciation||||||
|||At 1 August2022|834,556|176,458||290,133|1,301,147|
|||Charge forthe year|1,075|3,500||33,009|37,584|
||||At31 July2023|835,631|179,958||323,142|1,338,731|
|||Net book value||||||
||||||||||
||<br>|||At 31 July2023|79,167<br>8,696<br>aaEeEeEEaeeaeeaeeeeaeSS=leeeeaaaeaaSeaaES==—_—_||lll|66,195<br>Ee|154,058<br> Cll ee|
||<br>|||At 31 July2022|242<br>7,062<br>—aEaaoaeaaES=SS=_T_TlSS—_lCOlll=E=||99,204<br> aa<br>SSeS||106,508<br> CLE|
||||||||||
|i|16.|Fixed asset investments||||||
||||||||||
||||||||Art|
|**|**|||||||Collection£|
||||||||||
||<br>Cost or valuation||||||||
|||At 1 August2022|||||2,444|
||<br>\||At31 July2023|||||2,444<br>———|
||||||||||
||||Net book value||||||
||||At31 July2023|||||2,444|
||<br>|||At 31July2022|||||——__—<br>2,444|
||||||||||
|t||||||||



| 

ee 

Page 42 



| | | | | } | | | | i | \ \ i | i i \ i | i | i | 

## UNIVERSITY OF EXETER STUDENTS' GUILD {A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 17. Debtors 

||2023|2022|
|---|---|---|
||£|£|
|Duewithin one year|||
|Trade debtors|1,531|13,879|
|Otherdebtors|513|178|
|Prepayments and accrued income|110,367|49,469|
||112,411|63,526|



## 18. Current asset investments 

## Unlisted investments 

2023 2022 £ £ 817,164 - 

| \ | { | 

i 

Page 43 



| 

| | | i \ i i i | | | i \ \ i i | | 

## UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 19. Creditors: Amounts falling due within one year 

||2023|2022|
|---|---|---|
||£|£|
|Trade creditors|148,287|55,293|
|Othertaxation and social security|30,037|18,877|
|Other creditors|557,504|668,903|
|Accruals and deferred income|945,057|1,456,534|
||1,680,885|2,199,607|



## Agency arrangements 

University of Exeter Students’ Guild hold funds for the Student Guilds’ clubs and societies. In the accounting period ended 31 July 2023 an amount of £542,899 (2022 - £619,160) is included in other creditors relating to funds that are repayable to the clubs and societies. 

20. Accruals and deferred income 

||<br>2023<br>2022<br>|£<br>£|
|---|
||<br>Deferred income at 1 August2022<br>1,334,869<br>85,925<br>|<br>Resources deferred duringtheyear<br>817,163<br>1,334,869<br>|<br>Amountsreleasedfromprevious periods<br>(1,334,869)<br>(85,925)|
|Le|
||<br>Deferred income at31 July 2023<br>817,163<br>1,334,869|
||<br>ee<br>IncludedwithindeferredincomeisincomereceivedinadvanceforBlockGrantfundingtotalling£817,163|



ee Included within deferred income is income received in advance for Block Grant funding totalling £817,163 (2022: £1,334,869). 

| | | \ 

## tn 

Page 44 



UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

| | | | 

| | | | | | 

| | 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 21. Statement of funds 

## Statement of funds ~ current year 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Balance|at|1|Transfers|Balance|at|
|August|2022|Income|Expenditure|infout|31|July|2023|
|£|£|£|£|£|
|Unrestricted|funds|
|General|Funds|1,115,152|3,436,395|(2,968,704)|(367,834)|1,215,009|
|Pension|Reserve|(5,065,714)|-|(450,197)|367,834|(5,148,077)|
|||(3,950,562)|3,436,395|(3,418,901)|-|(3,933,068)|
|||
||Restricted|funds|
|Annual|Fund|19,728|13,231|(22,718)|“|10,241|
|||Nightline|1,500|"|-|-|1,500|
|Teaching|and|Excellence|
|Framework|45,078|“|(11,580)|”|33,498|
|Musical|Instruments|fund|99,205|.|(33,010)|.|66,195|
|Green Fund|1,000|-|-|-|1,000|
|166,511|13,231|(67,308)|.|112,434|
|Total|of funds|(3,784,051)|3,449,626|(3,486,209)|-|(3,820,634)|

**----- End of picture text -----**<br>


Page 45 



| | | 

| | | | | | | 

| | | | | | | | | | | | 

| | | 

## UNIVERSITY OF EXETER STUDENTS’ GUILD 

## (A company limited by guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 21. Statement of funds (continued) 

## Club and Society funds: 

The balance is the aggregate fund balance for ail clubs and societies. These funds can only be expended by the elected committee of the club or society for the benefit of that club or society or in accordance with the club or society aims. The funds were moved to creditors in the 2022 accounts and have remained there. 

## Annual Fund: 

This is the name of the University's annual appeal to the University alumni, parents of current students and other friends. Donations to the Guild from the fund for specific projects are allocated to their reserve. 

## Nightline: 

This fund is for the provision of a confidential listening and information service to students at the University. 

Teaching and Excellence Framework (TEF): 

This fund is provided by the University to fund three key areas: enhancing the student experience at Exeter, improving the connectivity between students and their relevant career through Academic Societies, and to enable members of Non-Academic Societies to access professionals and experis to champion students’ future career pathways. 

## Green Fund: 

This reserve is for the provision of a framework for students to develop and lead sustainability initiatives locally, nationally and internationally. 

Musical instruments fund: 

This holds the book value of musical instruments donated to the Guild. The funds will reduce as those instruments are depreciated. 

Page 46 a 



| | | 

## UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 21. Statement of funds (continued) 

Statement of funds - prior year 

|||Balance at|||||
|---|---|---|---|---|---|---|
|||1 August|||Transfers|Balance at|
|||2021|{income|Expenditure|infout|31 July2022|
|||£|£|£|£|£|
||Unrestricted funds||||||
||General Funds|911,056|2,988,143|(2,440,939)|(343,108)|1,115,152|
||Pension Reserve|(6,005,457)|-|596,635|343,108|(5,065,714)|
|||(5,094,401)|2,988,743|(1,844,304)|-|(3,950,562)|
||Restricted funds||||||
||Annual Fund|21,678|25,955|(27,905)|-|19,728|
||Club and SocietyFunds|598,733|995,174|(1,593,907)|-|-|
||Nightline|1,500|-|-|-|1,500|
||<br>||Teaching and Excellence<br>Framework<br>Green Fund|53,715<br>1,000|-<br>-|(8,637)<br>-|-<br>-|45,078<br>1,000|
|||Musical Instruments fund|132,303|-|(33,098)|-|99,205|
|i<br>|||ce<br>808,929<br>1,021,129<br>(1,663,547)<br>-<br>166,511|||||
||<br>a|||||||
|\|||||||
|||||||||
||Total offunds|(4,285,472)|4,009,272|(3,507,857)|-|(3,784,051)|
|\|||||||
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| \ ||H | 

- pn ia a A 

Page 47 LL Tt SD 



UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

## A SS a SS SS Ss Ss NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

22. Summary of funds 

Summary of funds - current year 

||Balance at 1||Transfers|Transfers|Balance at|
|---|---|---|---|---|---|
||August 2022|Income|Expenditure|infout 31 July 2023||
||£|£|£|£|£|
|General funds|(3,950,562)|3,436,395|(3,418,901)|“|(3,933,068)|
|Restricted funds|166,511|13,231|(67,308)|“|112,434|
||(3,784,051)|3,449,626|(3,486,209)|-|(3,820,634)|
|Summary offunds - prior year||||||
||Balance at|||||
||7 August||Transfers||Balance at|
||2021|Income|Expenditure|infout|31 July2022|
||£|£|£|£|£|
|General funds|(5,094,401)|2,988,143|(1,844,304)|-|(3,950,562)|
|Restrictedfunds|808,929|1,021,129|(1,663,547)|-|166,511|
||a|_——|——<br>—————|HT|——|
||(4,285,472)<br>OOOO—|4,009,272<br>O—O>E—=T&&$$qK=eaeen_ewa_a==———_|(3,507,851)<br>ll<br>S=-lees|-<br>aeaeSe== _|(3,784,051)|



## Summary of funds - prior year 

|||General funds|(5,094,401)|2,988,143|(1,844,304)|-|(3,950,562)|
|---|---|---|---|---|---|---|---|
|.<br>|||Restrictedfunds|808,929|1,021,129|(1,663,547)|-|166,511|
||<br>|<br>|<br>||||a<br>(4,285,472)<br>OOOO —|_——<br>4,009,272<br> O—O>E—=T&&$$qK=eaeen_ewa_a==———_|——<br>—————<br>HT <br>(3,507,851)<br>-<br> ll<br>S=-lees<br>aeaeSe== _||——<br>(3,784,051)|
|||23.|Analysisofnetassetsbetweenfunds|funds|||||
||||Analysis ofnetassetsbetweenfunds|funds -currentyear|||||
|\<br>|<br>Restricted Unrestricted<br>Total<br>|<br>funds<br>funds<br>funds<br>|<br>2023<br>2023<br>2023<br>\<br>£<br>£<br>£||||||||
|||<br>Tangible fixed assets<br>-<br>154,058<br>154,058|||||||
||||Fixed assetinvestments<br>Current assets<br>Creditors duewithin oneyear|||-<br>112,434<br>-|2,444<br>2,739,393<br>(1,680,885)|2,444<br>2,851,827<br>(1,680,885)|
||||Provisionsfor liabilities andcharges|||-|(5,148,078)|(5,148,078)|
||;|||||||
||i<br>||Total|||a<br>112,434<br>ee|(3,933,068)<br>eee|(3,820,634)|
||||||||||
||||||||||
||1|||||||
||i|||||||
||||||||||
||i|||||||
||||||||||
||||||||||
||||||||||
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a Page 48 



UNIVERSITY OF EXETER STUDENTS' GUILD 

| 24, Reconciliation of net movement in funds to net cash flow from operating activities | 2023 2022 **|** | | Activities)Net income/expenditure for the year (as per Statement of Financial (36,583) 501,421 | Adjustments for: | Depreciation charges 37,584 75,071 Interest received (35,608) - | Increase in debtors (48,885) (17,770) Increase/(decrease) in creditors (518,722) 1,944,863 | Increase/(Decrease) in pension deficit contribution liability 82,363 (939,743) | —_— | Net cash provided by/(used in) operating activities (519,851) 1,563,842 | | | | | | | | | | | | | Page 49 

(A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 23. Analysis of net assets between funds (continued) 

## Analysis of net assets between funds- prior year 

||Restricted|Unrestricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2022|2022|2022|
||£|£|£|
|Tangible fixed assets|-|106,508|106,508|
|Fixed asset invesiments|-|2,444|2,444|
|Current assets|785,671|2,586,647|3,372,318|
|Creditors due within oneyear|(619,160)|(1,580,447)|(2,199,607)|
|Provisions for liabilities andcharges|-|(5,065,714)|(5,065,714)|
|Total|166,511|(3,950,562)|(3,784,051)|



Page 49 



| i i i | i \ ' | | \ ' i i \ i i ' H | | | } i | | i i | } | i | | | | 

## UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 25. Analysis of cash and cash equivalents 


**----- Start of picture text -----**<br>
2023 2022<br>£ £<br>Cash in hand 1,922,252 3,308, 792<br>Total cash and cash equivalents 1,922,252 3,308,792<br>**----- End of picture text -----**<br>


## 26. Analysis of changes in net debt 


**----- Start of picture text -----**<br>
At 1 August At 31 July<br>2022 Cash flows 2023<br>£ £<br>P<br>Cash at bank and in hand 3,308,792 (1,386,540) 1,922,252<br>Liquid investments - 817,164 817,164<br>3,308,792 (569,376) 2,739,416<br>**----- End of picture text -----**<br>


. 

Page 50 



UNIVERSITY OF EXETER STUDENTS’ GUILD (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 27. Pension commitments 

The University of Exeter Students’ Guild operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £45,765 (2022 - £36,513). Contributions totalling £9,259 (2022 - £6,648) were payable to the fund at the balance sheet date and are included in creditors. 

## The Company operates a defined benefit pension scheme. 

The University of Exeter Students’ Guild participates in the Students’ Union Superannuation Scheme (SUSS), which is a defined benefit scheme whose membership consists of employees of the student' | unions and related bodies throughout the country. SUSS started in October 1982 and closed to new | members and future accrual of benefits on 30 September 2011. At 30 June 2022, SUSS had 1,053 | pS **e** nsionerptember members2003 wereandaccrued1,201ondeferreda ‘fina! salary’benefitbasis,members.with benefitsBenefitsin respectin respectof serviceof servicefrom 1upOc **t** oober30 2003 onwards accruing on a Career Average Revalued Earnings (CARE) basis. SUSS is a ‘last man standing’ pension scheme, meaning liabilities pass to remaining employers in the scheme where other employers cease to participate or become insolvent. 

| The most recent valuation of the scheme was carried out as at 30 June 2022 and showed that the market | valuebenefitsofthatthe hadScheme’saccruedassetsto memberswas £106.7mafter allowingwith thesefor expectedassets futurerepresentingincreases44%in earnings.of the valueThe ofdeficitthe | onpreviousan ongoingvaluationfundingas at 30basisJuneamounted2019. Theto decrease£127.6m, ina thedecreasefundingfromdeficitthesincedeficit2019of £140.9mis principallyfromduetheto deficit contributions being made. | The assumptions which have the most significant effect upon the results of the valuation are those relating | to the rate of return on investments and the rates of increase in salaries and pensions. | Following the completion of the 2022 valuation, the SUSS put in train a deficit funding plan designed to | eradicate the deficit over the 15 years to May 2037. Under the funding plan, contributions increase 5% in | October each year. This recovery plan is due to end in May 2037, but contributions due from October | 20262025, onwardswhich is expectedwill be reviewedto be completed following the nextin 2026. acturial valuation due with the effective date of 30 June | Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages): | At31 July = At 37 July 2023 2022 | Discount rate 5.10% 3.70% 

> | 

> | | | 

Page 51 



| 

| | | 

## UNIVERSITY OF EXETER STUDENTS’ GUILD 

## (A company limited by guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

## 27. Pension commitments (continued) 

Movements in the present value of the defined benefit obligation were as follows: 


**----- Start of picture text -----**<br>
2023 2022<br>£ £<br>Opening defined benefit obligation 5,065,714 6,005,457<br>Deficit contributions made (367,834) (343, 108)<br>Unwinding of discount 180,688 102,106<br>Remeasurements 269,509 (698,741)<br>Closing defined benefit obligation 5,148,077 5,065,714<br>2023 2022<br>£ £<br>Contributions by employer (367,834) (343, 108)<br>(367,834) (343, 108)<br>**----- End of picture text -----**<br>


## 28. Operating lease commitments 

: 

At 31 July 2023 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows: 

||2023|2022|
|---|---|---|
||£|£|
|Not laterthan 1 year|23,811|23,506|
|Later than 1 yearand not laterthan 5 years|34,803|58,613|
||58,614|82,119|



## 29. Related party transactions 

During the year 31 July 2023, related party transactions were relating to trustee remuneration and expenses. Details of these transactions are disclosed in note 13. 

| 

Page 52