OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← University Of Exeter Students' Guild

2025-07-31-accounts

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 2025

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

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1 - 2
Trustees' report 3 - 17
Independent auditors' report on the financial statements 18 - 21
Statement of financial activities 22
Balance sheet 23 - 24
Statement of cash flows 25
Notes to the financial statements 26 - 47

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 2025

Trustees M Laithwaite, External Trustee
H Jones, External Trustee
A Martin, Student and Sabbatical Trustee, Chair of Trustees (resigned 7 July 2025)
A Ravindran Buvana, Student Trustee (resigned 7 July 2025)
R Sek, Student Trustee (resigned 7 July 2025)
E Trudgeon, Student Trustee (resigned 7 July 2025)
C Jones, External Trustee (resigned 27 October 2025)
F Al-Derzi, Student Trustee (resigned 7 July 2025)
K Brookes, Sabbatical Trustee
E O'Sullivan, Student Trustee
S Racisz, Sabbatical Trustee, Chair of Trustees (From 08/07/2025)
T Tran, Sabbatical Trustee (resigned 7 July 2025)
I Walton-Salmon, Sabbatical Trustee (resigned 7 July 2025)
S Elliott Smerdon, External Trustee (appointed 4 October 2024)
K Willis, External Trustee (appointed 4 October 2024)
G Veal, Sabbatical Trustee (appointed 7 July 2025)
M Agolzer, Student Trustee (appointed 8 July 2025)
M Alexander, Student Trustee (appointed 8 July 2025)
R Arhin, Sabbatical Trustee (appointed 8 July 2025)
D Chadda, Student Trustee (appointed 8 July 2025)
F Steptoe, Sabbatical Trustee (appointed 7 July 2025)
C Thompson, Student Trustee (appointed 8 July 2025)
Company registered
number
07217324
Charity registered
number
1136468
Registered office
Devonshire House
Stocker Road
Exeter
Devon
EX4 4PZ
Sabbatical officers
A Martin, President (resigned 7 July 2025)
S Racisz, President (From 8 July 2025)
I Walton-Salmon, VP Societies & Employment (resigned 7 July 2025)
T Tran, VP Communities & Equality (resigned 7 July 2025)
K Brookes, Student Living Officer
R Arhin, VP Communities & Equality Officer(From 8 July 2025)
G Veal, Societies & Employability Officer (From 8 July 2025)
F Steptoe, Education Officer (From 8 July 2025)
Company secretary
A Chambers

Page 1

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 2025

Senior management

A Chambers, Chief Executive C Thornton, Head of Marketing and Brand T Barrass, Head of Student Engagement E Walker, Head of Organisational Development (Resigned 31 January 2025) C Porter Head of Finance (Appointed 4 November 2024), L Bowtell, Head of Organisational Development (Appointed 6 January 2025)

Independent auditors Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ Bankers National Westminster Bank plc Cowick Street Exeter EX4 1DE

Page 2

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

The Board of Trustees, who act as Directors for the purposes of Company Law, present their annual report and accounts for the year ending 31 July 2025 ("the 2024/25 year" or "2024/25"). The following report provides an overview of the activities within the University of Exeter Students’ Guild (“the Guild”) over that period.

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Objectives and Activities

We achieve our primary role of advancing the education of students at the University of Exeter for the public benefit by:

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:

Our vision is to help all students to love Exeter. We do this by shaping an excellent student experience for all students at Exeter by empowering them to take their place in the world and make a positive difference. We pursue our purpose through:

Page 3

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Objectives and activities (continued)

We are driven by our organisational values. 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.

Achievements and performance

a. Main achievements of the Company

Our vision as an organisation is to help all students love Exeter. We measure our success using a set of social impact measures developed at the start of our strategy period in 2022/23. Every term, we asked a cohort of up to 1000 students, our ‘Survey Superheroes’, to rate the Guild’s social impact, and we also asked the whole student population through the Big Guild Survey at the end of the year to corroborate our findings.

Some of our highest scoring measures are linked to the role the Guild plays in creating connections amongst students to ensure they belong and have a positive experience whilst at university. The scores for sense of belonging and community have stayed high compared to last year, but remain around our target of 80% of students agree that they feel they belong at university.

We have seen a consistent high score over the past two years and therefore have reached our target with ‘The Guild positively impacts or adds value to my student experience or life’ at 79%. Following the success of our rebrand in 2023, ‘The Guild’s brand and communications are relevant and shaped by students’ remains high at 76% as we continue to embed students into the heart of our brand through student-led content and shaping of our marketing approaches.

We know we have more work to do around how we empower students to make change and represent them through our representation model and elected Officers. Our score remains lower than we would like, but we have seen an increase (up to 61% from 58%) in ‘The Guild supports and empowers me to make change’ as we test and pilot new routes into change-making. We have continued our sector-leading work around the Representation Review which will be launched in December 2025 and expect to see significant changes in how students perceive and engage with representation.

In line with our new 2030 Strategy, we are developing new rigorous approaches to measuring our social return on investment and the impact of our activities and opportunities on students’ lives.

Page 4

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Achievements and performance (continued)

b. Review of activities

Community and Belonging

Representation and Advocacy

Page 5

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Achievements and performance (continued)

Advice

Student Leadership

Page 6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Achievements and performance (continued)

c. Guild life participation

We wanted to better understand who was engaging with us and how, so that we could take a truly data-led approach to improving our services. To achieve this, we created Guild Life Participation (GLP) in 2022. GLP provides us with monthly data which we use to shape services throughout the year, as well as to inform project planning and development. It has been transformative in deepening our understanding of students and highlighting where there are gaps in engagement with particular services or opportunities. This allows us to explore potential barriers and take action to diversify and broaden student participation.

This year, we have gone further by breaking down engagement data by demographics and using it to inform action planning with individual teams and services.

We are proud to report a significant 11% increase in unique student engagement between 2023/24 and 2024/25 .

Key highlights from the year include:

  1. Societies- our strongest engagement point, with 65% of engaged students being society members.

  2. Elections- 34% engaged by voting for their elected Officers.

  3. Feedback- 28% engaged with us through surveys and giving feedback on their experience.

  4. Events- 19% attended a Guild event.

  5. Leadership- 16% were part of a society committee.

In terms of representation, GLP shows us which groups are engaging above or below their proportion within the wider student population.

Encouragingly, we have seen positive progress this year. For example, the gap in engagement for international students has reduced significantly- from a 6 percentage-point underrepresentation in September to just 2 percentage points by May.

d. Fundraising activities

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 Trustees are not aware of any incidents of unreasonably intrusive or persistent fundraising approaches or undue pressure to donate.

e. NUS affiliation

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

Page 7

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Financial review

a. Financial review

Following the clearance of the SUSS pension liability in the previous year, the Guild continues to hold surplus reserves and is in a secure financial position.

The Guild experienced a positive year in 2024/2025 resulting in a surplus of £36,693, which in turn has resulted in increased surplus reserves of £1,600,185 (2023/2024 £1,563,492).

The surplus for the year ended 2024/2025 was primarily due to staff costs being below budget, largely because of staff turnover and delays in recruitment. Consequently, service delivery and planned projects were adjusted to accommodate the reduced staffing capacity.

Other income

The Guild's main source of income is the block grant (unrestricted), received from the University. In 2024/2025, this was £2,778,271 (2023/24: £3,089,716). In real terms, this grant represented a 3% increase compared with the previous year. The prior year’s grant had included a contribution towards the SUSS pension and related insurance costs, which are no longer required, due to the clearance of the SUSS pension liability.

Further donations and grant funding from the University is provided in the form of Widening Participation (WP) and International Foundation (INTO) funding totalling £84,463.

Income generated through Licenced Trade and entertainments totals £33,110 (£15,385 2023/2024).

Income from music card sales, associate membership and event sponsorship received from external parties totalled £14,969 in 2024/2025 (2023/2024 £11,264). Under the commercial transfer agreement between the Guild and University, there is now a restriction on marketing and sponsorship activity.

The Guild has maximised its cash reserves by placing funds on a cash savings platform, generating interest income £44,684 (2023/2024 £54,279)

Expenditure

All costs have been apportioned within the year, with the split between direct and support costs outlined below:

Page 8

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

b. Reserves policy

The Guild's unrestricted reserve position is positive £1,600,185 as at the end of July 2025 (2023/24: positive £1,563,492).

The Guild's free reserves - being unrestricted funds less the net book value of unrestricted fixed assets of £94,463 - is a surplus of £1,505,722 (2023/2024: £1,470,778).

Given the surplus on reserves and net assets, 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 this was achieved in 2024/25. This equates to the level of funds needed to cover the natural pattern of activity for 3 months. Cash flow forecasts are reviewed at every meeting of the full Board and appropriate committees, 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.

c. Going concern

The Trustees have considered the principal risks that could impact the Guild’s ability to continue as a going concern. These include:

Having reviewed these scenarios, the Trustees are satisfied that appropriate plans are in place to manage these risks and that the Guild remains a going concern.

Page 9

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

d. 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 Finance and Risk Committee (FRC). To provide further diligence, the Guild FRC 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 highest-ranking risk facing the Guild at the end of the year is the potential non-compliance of student groups, and our responsibility for ensuring that member-led activity is organised and delivered safely protecting students, staff, the organisation, our relationships, and the public from harm.

Over the past year, we introduced a new risk management framework for student groups, alongside a leadership development programme for student volunteers and the staff who support them. Together, these changes enable a more proportionate approach to managing risk across a wide range of student-led activity—focusing greater attention and support on higher-risk areas, while reducing unnecessary administration for low-risk activities.

The framework also strengthens oversight and audit processes, ensuring that risk assessments are consistently applied, recorded, and reviewed, and that emerging risks can be identified and addressed promptly. We have also joined a sector network to develop best practice and strengthen oversight of student groups taking part in outdoor pursuits, ensuring these activities are delivered safely and that risks are managed appropriately.

The Guild also operates a risk-based process, in collaboration with the University, to manage society-led events involving external speakers.

Page 10

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Structure, governance and management

a. Constitution

University of Exeter Students' Guild is registered as a charitable company limited by guarantee and was set up by a Trust deed.

b. Methods of appointment or election of Trustees

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 2024/25 comprised of five elected Officer Trustees, five 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 five Student Trustees are recruited to the Board and are recommended to the Board by an appointments panel having been ratified by the Student Advisory Board. The Student Trustees serve for a term of up to two years and a maximum 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.

Page 11

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

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:

The Finance and Risk Committee (FRC) exists to advise and support the Trustee Board in overseeing the Guild’s financial and long-term sustainability. Its responsibilities include monitoring and reviewing the Guild’s finances, financial arrangements, and auditing processes, as well as assessing and managing risk across the organisation. In addition, the committee plays an important role in supporting the successful delivery of the Guild’s Strategic Plan, ensuring that resources and risk management align with the Guild’s overall vision and objectives.

The People and Governance Committee (PGC) is a committee of the Guild Board of Trustees. Its role is to advise and support the Trustee Board on matters relating to people and culture, including relevant plans, policies, and overall effectiveness. The committee also oversees governance arrangements, developments, and their effectiveness to ensure strong leadership and accountability. In addition, it contributes to the successful delivery of the Guild’s Strategic Plan by aligning people and governance priorities with the organisation’s wider objectives.

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 insight gathering, and by holding Student Officers to account. During 2024/25 the Guild continued to implement and embed the role of Student Advisory Boards, a participatory model that enables demographically representative groups of students to hold us to account and collaboratively shape the work of the Guild and University. Student Advisory Boards this year focused on international student experience, EDI priorities, the Guild’s marketing and communications, and reviewing student representation, as well as accountability of elected Student Officers.

d. Policies adopted for the induction and training of Trustees

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, with specific training given to the Chair.

Page 12

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Structure, governance and management (continued)

e. The Senior Leadership Team

During 2024/25, the Senior Leadership Team (SLT) comprised of four roles supporting the Chief Executive. 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 support for Trustees and staff. They are the key management personnel outside of the Trustees. Remuneration for members of the Guild Senior Leadership Team is based upon a Pay and Reward Policy, Pay Scale and Job Evaluation Tool developed in 2021/22, agreed by Trustee Board and reviewed on a periodic basis.

The Board and Senior Leadership Team recognise that the continued development of our talented workforce is critical to our success. In 2024, we began engagement with “Best Companies” to monitor our staff engagement and satisfaction. In our 2025 survey, we have proudly achieved a 2 Star status as an Outstanding Company to Work For, marking a significant evolution from our previous year's rating of One To Watch (no stars). The positive responses increased across all 8 key factors of engagement. This transformation stands as a testament to everyone's hard work and dedication, as staff increasingly feel valued and engaged in our roles.

Our staff satisfaction is at an all-time high, with 90% expressing that our work positively contributes to our personal growth, a notable increase from 2024. All job levels feel their manager helps to fulfil their potential and think the training in their job is of great benefit to them personally. Student Staff, however, feel limited in their opportunities for growth and learning, highlighting an essential area for development within our leadership pathways and an exciting foundation for the leadership development work ahead.

We have identified that organisational clarity, and a cohesive team dynamic require attention. Some departments struggle with collaboration, highlighting our need to cultivate stronger interdepartmental relationships. This means we have an opportunity to make increased impact on our colleague's experience through our Organisational Design and reviewing how we work and align our resources more effectively.

Our highest improvement from last year is positive responses in how people see their manager, with relationships being proactively strengthened. Student staff and coordinators feel a positive improvement in managers listening rather than telling. Although Feedback indicates that while our coordinators feel supported, they feel quite far removed from the inspirational approach of the leadership team.

Engagement levels have soared, but we have found anxiety among colleagues has also increased - an indication that while we are making progress, there are still complexities. We experience a mix of highly engaged but uncertain employees alongside a noticeable number of disengaged staff, calling for more focused management strategies. This will be monitored, and our wellbeing strategy aims to address this going forward.

As the year progresses, our commitment to listening and acting upon the feedback we gather remains fundamental. With collective effort and a focus on strengthening connections and clarity within and across our teams, predominantly through our organisation design work.

Page 13

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Structure, governance and management (continued)

f. Related party relationships

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 partnership and collaboration mechanism in place with the University is the Student Experience Partnership Board (SEPB), co-Chaired by the Student Officers and members of the University leadership team. SEPB is established as the primary body responsible for effective partnership working between the Students’ Guild, Students’ Union (representing Exeter students in Cornwall) and the University of Exeter in relation to all aspects of student experience. It is a manifestation of the commitment of the University’s 2030 Strategy to develop a sector-leading partnership with the Students’ Guild and the Students’ Union so that the student voice is at the heart of our decision making and strategic planning. In 2024/25, SEPB was a successful mechanism for continuing to review processes around the University’s Partnership Principles to ensure they adequately enable student voice to shape future partnership decisions; for enabling Student Officers to influence the allocation of project funding to initiatives that enhance the student experience; and for sharing student data to inform conversations on topics such as belonging, student overwhelm and being increasingly time poor, employability and cost of living. The work undertaken on employability and cost of living directly contributed to the establishment of a new campus employment working group that aims to develop and increase student jobs on campus. The Board also provided a platform for student-led lobbying on topics ranging from inclusive food on campus to classism, enabling a collaborative and solutions-focused approach to enhancing the student experience.

With the updated Higher Education (Freedom of Speech) Act coming into force in 2025, the Guild and University are well positioned to be compliant with the Act and to empower students to use their voice. This preparatory work has included a review of our policies and procedures pertaining to freedom of speech in alignment with the University and has resulted in updates to our External Speakers Framework and the publishing of a provisional Code of Practice. Our partnership-focused approach with the University continues to focus on how we collaboratively prepare and empower our community to develop a shared understanding of free speech and address the interrelationship between freedom of speech and community cohesion for our students during their time at university.

Throughout 2024/25 we have continued to work in partnership with the University to support and enable weekly student-led demonstrations in solidarity with the people of Palestine. The Guild team worked closely with the University to ensure the safe facilitation of the demonstrations, continuing to share expertise around the changing definitions of lawful free speech in this context to empower students, and working with colleagues across the sector to share best-practice around protest and approaches to supporting students. We provided ongoing support and championed student involvement in two working groups to review the University’s ethical investment policy and to consider the University’s support for rebuilding Palestinian education.

Page 14

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Structure, governance and management (continued)

g. Curriculum for Change

A key partnership project across the 2024/25 year was championing student voice within the University of Exeter’s curriculum transformation programme which aims to reimagine the future of undergraduate education, through new approaches to teaching and assessment, embedding skills and prioritising wellbeing. Student Officers actively shaped the work of this project through participation in the Project Board as well as collating student feedback to shape aspects of the future design. This has included the delivery of faculty-level student consultation panels delivered in partnership with the University; to capture localised feedback and reflections from student representatives across faculties and departments and enabling students to contribute to the design of the future curriculum model.

h. Representation review

A core role of the Guild is to be the recognised representative channel between students and the University of Exeter, but we know that not all our members have always felt represented by the Guild and the structures we currently have in place, due to the growing number and diversity of students. We have been reviewing what the future of representation looks like at Exeter, so that we can reimagine how the Guild can be representative of our members now and in the future. Last year we received nearly 2,000 survey responses to understand what our members think, visited over 30 students’ unions across 7 countries to understand how other representative organisations work, and delivered a two-day student-led ‘hackathon’ event that workshopped all of this into some innovative solutions for building the future of student representation. In 2024/25 we built on this foundation and delivered a series of pilots that sought to provide more localised representation, more diverse, flexible and accessible opportunities, and more opportunities for students to lead more aspects of the Guild. This included funding Sustainability Organiser roles, an additional Post Graduate Research Officer role, faculty level student consultation panels to shape the University’s curriculum transformation project, and almost 30 student changemakers funded to work on a specific project or campaign. This alongside the ongoing delivery of innovative representative and participatory democracy mechanisms such as student EDI consultants and Student Advisory Boards. Following evaluation of these pilots a proposal was presented by the elected Student Officers to the Trustee Board in July 2025 that approved a move to a reimagined representative model based on two full-time elected Student Officers and investing remaining resources into more local, flexible and paid opportunities for more students to be able to get directly involved in representation through the Guild. The next steps for this project will be consulting and co-creating what these new opportunities look like with students in Autumn 2025 before implementing a reimagined model of representation for the 2026/27 academic year.

Page 15

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Plans for future periods

In 2025/26 we will continue to proactively plan for changes to the make-up of the student body, focusing particularly on the experience of Degree Apprentice students, now making up 10% of the Exeter student body. We will explore ways of adapting our services to provide for this growing cohort, whilst also expecting to see our interventions benefitting other “casual” users of the Guild services such as post-graduate students, online learners and students on short courses who are earning and learning. There are growth trajectories for these cohorts of students, although they are sensitive to changes in government policy, in the same way that growth trajectories for international students have been negatively impacted by the introduction of restrictions on international students bringing dependants to the UK from 1st January 2024.

The key strategic project for 2025/26 will be the finalisation of the representation review enabling us to effectively campaign, influence and feedback on the things that matter most to students in real time so they can shape their experience and Love Exeter.

The Board will also be overseeing the development of the next Guild Strategy for 2025-2030. In an HE landscape that is large, complex and facing some wicked challenges with an ever-decreasing unit of resource, our focus will be on delivering “more” through partnerships and making data-led decisions that deliver high impact.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for 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 law, 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:

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 safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 16

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

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 1 December 2025 and signed on their behalf by:

S Racisz

(Chair of Trustees)

Page 17

UNIVERSITY OF EXETER STUDENTS' GUILD (A company limited 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 2025 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:

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 responsibility 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 Companies Act 2006 requires us to report to you if, in our opinion:

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.

Page 19

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

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

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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Page 20

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

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

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's 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.

Griffin

Chartered Accountants Registered Auditors Courtenay House Pynes Hill Exeter EX2 5AZ

Date: 08/12/2025

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

Page 21

(A company limited by guarantee)

UNIVERSITY OF EXETER STUDENTS' GUILD

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net movement in funds before other recognised
gains/(losses)
Other recognised gains/(losses):
Gains on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
3,386,288
33,110
14,969
44,684
3,479,051
3,442,358
3,442,358
36,693
-
36,693
1,563,492
36,693
1,600,185		 Total
funds
2025
£
3,386,288
33,110
14,969
44,684
3,479,051
3,442,358
3,442,358
36,693
-
36,693
1,563,492
36,693
1,600,185		 Total
funds
2024
£
8,169,489
15,385
11,264
54,279
8,250,417
3,038,847
3,038,847
5,211,570
172,556
5,384,126
(3,820,634)
5,384,126
1,563,492

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

The notes on pages 26 to 47 form part of these financial statements.

Page 22

(A company limited by guarantee) REGISTERED NUMBER: 07217324

UNIVERSITY OF EXETER STUDENTS' GUILD

BALANCE SHEET AS AT 31 JULY 2025

Note
Fixed assets
Tangible assets
13
Heritage assets
14
Current assets
Debtors
15
Investments
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 166,515
1,198,326
832,549
2,197,390
(866,668)		 2025
£
94,463
175,000
269,463
1,330,722
1,600,185
1,600,185
1,600,185
-
1,600,185
1,600,185		 147,610
1,147,103
775,559
2,070,272
(774,494)		 2024
£
92,714
175,000
267,714
1,295,778
1,563,492
1,563,492
1,563,492
-
1,563,492
1,563,492

Page 23

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025

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 01 December 2025 and signed on their behalf by:

S Racisz

(Chair of Trustees)

The notes on pages 26 to 47 form part of these financial statements.

Page 24

(A company limited by guarantee)

UNIVERSITY OF EXETER STUDENTS' GUILD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Interest received
Purchase of tangible fixed assets
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 26 to 47 form part of these financial statements		 2025
£
92,630
44,684
(29,101)
(51,223)
(35,640)
-
56,990
775,559
832,549		 2024
£
(845,211)
54,279
(25,822)
(329,939)
(301,482)
-
(1,146,693)
1,922,252
775,559

Page 25

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

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

At 31 July 2025 the Guild held unrestricted reserves of £1,600,185. Trustees have considered the scenarios most likely to cause the Guild to fail, as described in the Trustees' Report, and following detailed reviews consider these are unlikely to occur. Trustees accept that there are some uncertainties in the future but that none of these represent a material uncertainty.

Therefore, 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.

Page 26

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.3 Income

Income is recognised in the statement of financial activities when:

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.

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 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 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.

Page 27

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.6 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.

2.7 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 - 5 years straight line
Fixtures and fittings - 3-10 years straight line
Musical Instruments - 5 years straight line

2.8 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. Professional valuations will be obtained periodically and impairment reviews will be carried out annually.

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

2.9 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.

2.10 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 less from the date of acquisition or opening of the deposit or similar account.

Page 28

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities 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.

2.12 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.

2.13 Operating leases

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

2.14 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.

Page 29

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

3. Critical accounting estimates and areas of judgment

Estimates and judgments 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 Head of Finance, have made the following judgements:

Other key sources of estimation:

Page 30

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

4. Income from donations and legacies

Grants and donations
University Block Grant
Donation of serviced accomodation
Grants and donations
University Block Grant
Donation of serviced accomodation		 Unrestricted
funds
2025
£
84,463
2,778,271
523,554		 Total
funds
2025
£
84,463
2,778,271
523,554
3,386,288
3,386,288
Unrestricted
funds
2024
£
4,561,905
3,089,716
517,868
8,169,489		 Total
funds
2024
£
4,561,905
3,089,716
517,868
8,169,489

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.

Page 31

(A company limited by guarantee)

UNIVERSITY OF EXETER STUDENTS' GUILD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

5. Income from charitable activities

Licensed trade and entertainments
Licensed trade and entertainments
Income from other trading activities
Income from non charitable trading activities
Commercial marketing and sponsorship
Commercial marketing and sponsorship		 Unrestricted
funds
2025
Total
funds
2025
£
£
33,110
33,110
Unrestricted
funds
2024
Total
funds
2024
£
£
15,385
15,385
Unrestricted
funds
2025
Total
funds
2025
£
£
14,969
14,969
Unrestricted
funds
2024
Total
funds
2024
£
£
11,264
11,264
6. Income from other trading activities
Income from non charitable trading activities

Page 32

(A company limited by guarantee)

UNIVERSITY OF EXETER STUDENTS' GUILD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

7. Investment income

Investment income
Investment income		 Unrestricted
funds
2025
£
44,684
Unrestricted
funds
2024
£
54,279		 Total
funds
2025
£
44,684
Total
funds
2024
£
54,279

Page 33

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

8. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities
Charitable activities
Summary by expenditure type
Charitable activities
Charitable activities		 Staff costs
2025

£
1,949,355
Staff costs
2024
£
1,691,431		 Restricted
funds
2024
£
78,936
Depreciation
2025
£
27,351
Depreciation
2024
£
87,166		 Unrestricted
funds
2025
£
3,442,358
Unrestricted
funds
2024
£
2,959,911
Other costs
2025
£
1,465,652
Other costs
2024
£
1,260,250		 Total
2025
£
3,442,358
Total
2024
£
3,038,847
Total
2025
£
3,442,358
Total
2024
£
3,038,847

Page 34

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

9. Analysis of expenditure by activities

Charitable activities
Charitable activities		 Activities
undertaken
directly
2025
£
1,861,284
Activities
undertaken
directly
2024
£
1,803,284		 Support
costs
2025
£
1,581,074
Support
costs
2024
£
1,235,563		 Total
funds
2025
£
3,442,358
Total
funds
2024
£
3,038,847

Page 35

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Direct costs of activities		 Total
funds
2025
£
1,342,295
-
518,989
1,861,284		 Total
funds
2024
£
1,209,539
66,195
527,550
1,803,284

Analysis of support costs

Staff costs
Depreciation
Rent
Advertising and marketing
ICT costs
Insurance
Legal and professional
Other costs
Governance
SUSS pension		 Total
funds
2025
£
607,060
27,351
523,554
40,737
88,132
32,023
1,904
230,701
29,612
-
1,581,074		 Total
funds
2024
£
481,892
20,971
517,868
38,873
79,601
28,350
46,202
308,564
17,494
(304,252)
1,235,563

10. Auditors' remuneration

- The auditors' remuneration amounts to an auditor fee of £15,110 (2024 £14,280) , and a fee for the preparation of the financial statements of £1,450 ( 2024 - £1,470 ).

Page 36

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
1,739,752
152,939
56,664
1,949,355		 2024
£
1,506,847
131,091
53,493
1,691,431

Included in the wages and salaries costs are severance payments totalling £49,621 (2024: £Nil). Individually, the payments were £24,354, £11,278, £6,853 and £7,136. Amounts outstanding at the balance sheet date were £35,632 (2024: £Nil).

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

Charitable activties
Governance		 2025
No.
115
2
117		 2024
No.
108
3
111

The average headcount expressed as full-time equivalents was:

Charitable activities
Governance		 2025
No.
50
2
52		 2024
No.
45
3
48

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

In the band £80,001 - £90,000

2025 2024
No. No.
1 1

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 £399,431 (2024: £336,359).

In addition, a total of £7,648 (2024 - £2,918) was paid directly by the Guild on behalf of Trustees during the year: £1,129 (2024 - £1,442) for travel, £2,233 (2024 - £796) for meals and related accommodation, £3 (2024 - £126) for gifts and £4,282 (2024 - £555) for training.

Page 37

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

12. 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:

2025 2024
£ £
E De Saram, Sabbatical Trustee Remuneration - 24,205
Pension contributions paid - 726
T Tran, Sabbatical Trustee Remuneration 24,220 -
Pension contributions paid 765 -
A Martin, Student and Sabbatical Trustee Remuneration 25,392 -
Pension contributions paid 695 -
I Walton-Salmon, Sabbatical Trustee Remuneration 25,546 -
Pension contributions paid 700 -
R Wallis, Sabbatical Trustee Remuneration - 24,205
Pension contributions paid - 1,371
M Robillard-Day, Sabbatical Trustee Remuneration - 24,205
Pension contributions paid - 662
P Shaw, Sabbatical Trustee Remuneration - 24,205
Pension contributions paid - 598
A Stanley, Sabbatical Trustee Remuneration - 24,205
Pension contributions paid - 662
K Brookes, Sabbatical Trustee Remuneration 26,639 2,653
Pension contributions paid 733 -
S Racisz, Sabbatical Trustee Remuneration 25,418 2,653
Pension contributions paid 733 -
T Tran, Sabbatical Trustee Remuneration - 2,653
I Walton-Salmon, Sabbatical Trustee Remuneration - 2,653
G Veal, Sabbatical Trustee Remuneration 2,322 -
R Arhin, Sabbatical Trustee Remuneration 2,322 -
F Steptoe, Sabbatical Trustee Remuneration 2,322 -
M Agolzer, Student Trustee Remuneration 92 -

Page 38

(A company limited by guarantee)

UNIVERSITY OF EXETER STUDENTS' GUILD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

12. Trustees' remuneration and expenses (continued)

During the year ended 31 July 2025, expenses were reimbursed or paid directly to 5 Trustees (2024 - to 7 Trustees) broken down as follows:

Travel
Accommodation
Subsistence		 2025
£
1,783
119
-
1,902		 2024
£
1,493
371
9
1,873

13. Tangible fixed assets

Cost or valuation
At 1 August 2024
Additions
Disposals
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
On disposals
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Property
Improvements
£
914,798
14,014
(64,540)
864,272
852,131
17,403
(64,540)
804,994
59,278
62,667		 Fixture,
Fittings and
Equipment
£
214,476
15,087
(77,284)
152,279
184,429
9,949
(77,284)
117,094
35,185
30,047		 Musical
Instruments
£
389,337
-
-
389,337
389,337
-
-
389,337
-
-		 Total
£
1,518,611
29,101
(141,824)
1,405,888
1,425,897
27,352
(141,824)
1,311,425
94,463
92,714

Page 39

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

14. Heritage assets

Cost or valuation
At 1 August 2024
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Art
Collection
£
175,000
175,000
175,000
175,000

The artwork held within heritage assets was independently valued in February 2024 by Bearnes, Hampton & Littlewood at its fair value. The value was given on the basis of market value.

15. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Current asset investments
Unlisted investments		 2025
£
6,097
167
160,251
166,515
2025
£
1,198,326		 2024
£
7
29,429
118,174
147,610
2024
£
1,147,103

16. Current asset investments

Page 40

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

17. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
72,924
42,466
650,958
100,320
866,668		 2024
£
59,534
30,347
610,483
74,130
774,494

Agency arrangements

University of Exeter Students' Guild hold funds for the Student Guilds' clubs and societies. In the accounting period ended 31 July 2025 an amount of £619,650 (2024 - £597,250) is included in other creditors relating to funds that are repayable to the clubs and societies.

Page 41

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

18. Statement of funds

Statement of funds - current year

Balance at 1
August 2024
£
Unrestricted funds
General Funds
1,390,936
Revaluation reserve
172,556
1,563,492		 Income
£
3,479,051
-
3,479,051		 Expenditure
£
Balance at
31 July 2025
£
(3,442,358)
1,427,629
-
172,556
(3,442,358)
1,600,185		 Expenditure
£
Balance at
31 July 2025
£
(3,442,358)
1,427,629
-
172,556
(3,442,358)
1,600,185
1,600,185

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 experts 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 42

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds
Pension
Reserve
Revaluation
reserve
Restricted
funds
Annual Fund
Nightline
Teaching and
Excellence
Framework
Green Fund
Musical
Instruments
Fund
Total of funds		 Balance at
1 August
2023
£
1,215,009
(5,148,077)
-
(3,933,068)
10,241
1,500
33,498
1,000
66,195
112,434
(3,820,634)		 Income
£
3,791,270
4,459,147
-
8,250,417
-
-
-
-
-
-
8,250,417		 Expenditure
£
(3,264,163)
304,252
-
(2,959,911)
(10,241)
(1,500)
-
(1,000)
(66,195)
(78,936)
(3,038,847)		 Transfers
in/out
£
(351,180)
384,678
-
33,498
-
-
(33,498)
-
-
(33,498)
-		 Gains/
(Losses)
£
-
-
172,556
172,556
-
-
-
-
-
-
172,556		 Balance at
31 July 2024
£
1,390,936
-
172,556
1,563,492
-
-
-
-
-
-
1,563,492

Page 43

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

19. Summary of funds

Summary of funds - current year

General funds General funds Balance at 1
August 2024
£
1,563,492
Income
£
Expenditure
£
8,250,417
(2,959,911)
-
(78,936)
8,250,417
(3,038,847)		 Income
£
3,479,051
Transfers
in/out
£
33,498
(33,498)
-		 Expenditure
£
Balance at
31 July 2025
£
(3,442,358)
1,600,185
Gains/
(Losses)
£
Balance at
31 July 2024
£
172,556
1,563,492
-
-
172,556
1,563,492		 Expenditure
£
Balance at
31 July 2025
£
(3,442,358)
1,600,185
Gains/
(Losses)
£
Balance at
31 July 2024
£
172,556
1,563,492
-
-
172,556
1,563,492
Balance at
31 July 2024
£
1,563,492
-
Summary of funds - prior year
General funds
Restricted funds		 Balance at
1 August
2023
£
(3,933,068)
112,434
(3,820,634)
1,563,492

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
94,463
Fixed asset investments
175,000
Current assets
2,197,390
Creditors due within one year
(866,668)
Total
1,600,185		 Total
funds
2025
£
94,463
175,000
2,197,390
(866,668)
1,600,185

Page 44

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
92,714
175,000
2,070,272
(774,494)
1,563,492		 Total
funds
2024
£
92,714
175,000
2,070,272
(774,494)
1,563,492

21. Reconciliation of net movement in funds to net cash flow from operating activities

22.

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Increase in debtors
Increase/(decrease) in creditors
Increase/(decrease) in pension deficit contribution liability
Net cash provided by/(used in) operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2025
£
36,693
27,352
(44,684)
(18,905)
92,174
-
92,630
2025
£
832,549
832,549		 2024
£
5,211,570
87,166
(54,279)
(35,199)
(906,391)
(5,148,078)
(845,211)
2024
£
775,559
775,559

Page 45

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

23. Analysis of changes in net debt

Cash at bank and in hand
Liquid investments		 At 1 August
2024
£
775,559
1,147,103
1,922,662		 Cash flows
£
56,990
51,223
108,213		 At 31 July
2025
£
832,549
1,198,326
2,030,875

24. 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 £56,664 (2024 - £53,493). Contributions totalling £10,932 (2024 - £9,121) were payable to the fund at the balance sheet date and are included in creditors.

25. Operating lease commitments

At 31 July 2025 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2025
£
22,618
19,328
41,946		 2024
£
21,786
16,421
38,207

Page 46

UNIVERSITY OF EXETER STUDENTS' GUILD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

26. Related party transactions

The Guild is in receipt of a block grant from Exeter University of £2,778,271 (2024: £3,089,716) which is on an unrestricted basis. The Guild was also in receipt of a one-off donation from the University of £Nil (2024: £4,459,147) to pay off the SUSS scheme liability.

The Guild occupies the University’s buildings on a rent free basis. Notional rent is included within the financial statements at an estimated market rate of £523,554 (2024: £517,868) along with the corresponding donation from the University.

In addition to the above transactions with the University, £921 (2024: £5,739) was included in creditors at the balance sheet date, and £167 (2024: £29,429) was included within debtors, owed to/from the University.

During the year ended 31 July 2025, the only further related party transactions entered into were in relation to Trustee remuneration and expenses. Details of these transactions are disclosed in note 12.

Page 47

REFERENCE NUMBER 88681BD7-B986-4A85-85A2-D22593A08511

SIGNATURE CERTIFICATE

TRANSACTION DETAILS DOCUMENT DETAILS Reference Number Document Name 88681BD7-B986-4A85-85A2-D22593A08511 University of Exeter Students Guild 2025 - Full Accounts Transaction Type Filename Signature Request University_of_Exeter_Students_Guild_2025_-_Full_Accounts.pdf Sent At Pages 01/12/2025 11:00:17 AM EST 49 pages Executed At Content Type 05/12/2025 06:18:06 AM EST application/pdf Identity Method File Size email 358 KB Distribution Method Original Checksum email 0f5389e26869feeb8e0cbde0088eca04bf3e9e72fb182f28426602a1b30ebc40 Signed Checksum

0f5389e26869feeb8e0cbde0088eca04bf3e9e72fb182f28426602a1b30ebc40

90dc8af42e7679a9e57c248b5ce2e17ddee866de638f6835ea72c99ba2d354c1

Signer Sequencing Disabled Document Passcode Disabled

SIGNERS

SIGNER E-SIGNATURE EVENTS Name Status Viewed At Sebastian Racisz signed 05/12/2025 06:17:31 AM EST Email Multi-factor Digital Fingerprint Checksum Identity Authenticated At sebastian.racisz@exeterguild.com 4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945 05/12/2025 06:18:06 AM EST Components IP Address Signed At 2 05/12/2025 06:18:06 AM EST 144.173.255.186 Device Microsoft Edge via Windows Uploaded Signature

Signature Reference ID 052D8728

Uploaded Signature

Signature Reference ID 8441CF8C

AUDITS

TIMESTAMP AUDIT 01/12/2025 11:00:17 AM EST Team Griffin (office@griffinaccountancy.co.uk) created document 'University_of_Exeter_Students_Guild_2025__Full_Accounts.pdf' on Chrome via Windows from 185.253.179.97. 01/12/2025 11:00:17 AM EST Sebastian Racisz (sebastian.racisz@exeterguild.com) was emailed a link to sign. 05/12/2025 06:17:31 AM EST Sebastian Racisz (sebastian.racisz@exeterguild.com) viewed the document on Microsoft Edge via Windows from 144.173.255.186. 05/12/2025 06:18:06 AM EST Sebastian Racisz (sebastian.racisz@exeterguild.com) authenticated via email on Microsoft Edge via Windows from 144.173.255.186. 05/12/2025 06:18:06 AM EST

Sebastian Racisz (sebastian.racisz@exeterguild.com) signed the document on Microsoft Edge via Windows from 144.173.255.186.