Liverpool Guild of students REPORT AND FINANCIAL STATEMENT5 For the year ended 31 July 2021 Charlty Number: 1137398 Company Number: 07324992
Llverpool Gulld of Students TRUSTEES REPORT Forthe yearended 31 Juty 2021 I. REFERENCE AND ADMINISTRATIVE DEfAILS Oirector5 and Trustees All dirertors of the company are also trustees of the charlty, there are no other trustee5. The trustees serylng durin8 the year and slnce the year end were.. Adnan Hussain IRe51Ened 30, July 20211 Imogen De Castro Gray (Appointed 1st August 2020, resigned 30, July 20211 Fflon Thomas IAppointed 1st August 20201 Chloe Field (Appointed 1st AuBust 20201 Robert Woodcock (Appointed 30th July 20211 Jamilia Kwalah-Elllmah IAppolnted 30" July 20211 Pamela Bell-Ashe IResSgned July 20211 Adarn Dawkins Christine Costello (Reslgned 29, April 20211 Rachel Gnagniko (Appointed 29, April 20211 th Rlshl Jaln (Appolnted 29 April 20211 Andrew Lang IAppointed 29 AprS120211 Abhilash Kondragant Pollie Walker IResigned 30 july 20211 Charlotte Sebastian (Resigned 30 July 20211 Trinlty Kerr (Appointed 3(yh July 20211 Jordan Wright (Appolnted 30, July 20211 th Bryony Lainton (Appointed 30 July 20211 Company Secretary Tricia O'Neill Key Management Personnel Chief Executive Dlrector of Operatlons Director of Membership Servi5 Dlrertor of Marketing & Communlcations Tricia O'Neill Andrew Grlmshaw Morven Proctor Slan McGreary Reglstered offlce Liverpool Guild of Student5 160 Mount Pleasant Liverpool Merseyslde L3 STR Audltors Dain5 LLP Sulte 2, Alblon House 2 Etruria Office Village Forge Lane Etruria Stoke on Trent STI 5RQ
Llverpool Guild of Students TRUSTEES REPORT Forthe year ended 31July 2021 Bankers The Co-operative Bank p.l.c., P.0. Box 101 l Balloon Street Manchester M60 4EP Oeposit Accounts Soffron Building Society 57 High Street Wore Hertfordshire SG12 9AD Charltles Ald Foundation Day Notice Account Scottlsh Widows Bank plc PO Box 12757 67 Morrlson Street Edinburgh EH3 8YJ Lloyds Bank PO Box 545 Faryners House 25Monument Street London EC3R 8BQ Shawbrook Bank Ltd Lutea House Warley Hill Busines5 Park The Drive Great Warley Brentwood E55ex CM13 3BE Cambrldge Bulldlng Soclety PO Box 232 51 Newmarket Road 'Cambridge CB5 8FF
Llverpool Gulld of students TRUSTEES REpoirr Forthe year ended 31 July 2021 The Hanley Economic Buildin8 Society Off Forge Lane Granville House Festlval Park Hanley Stoke-on-Trent STI 5TB Close Brothers 10 Crown Place London EC2A 4FT Flnance and buslness advlsors countercultu Partnershlp LLP Unit 115 Ducle House. Ducle Street, Manchester, Ml 2JW Insurance Brokers Endsleigh Business Insurance Sewlces Hadley House ShurdinEton Road Cheltenham Spa GIoUsterSh1re GL514UE Sollcltors Governance, charity and corporate law Bates, Wells and Braithwaite London LLP 2-6 Cannon Street London EC4M 6YH Employment and commerclal law Weightmans LLP India Buildings Water Street Liverpool L2 OGA A5 allowed undersertion 60 of the Companie5 Act 2006 the company is exempt from the requirementto use 'Ilmited"
Llverpool Gulld of Students TRUSTEES REPORT Forthe yearended 31 July 2021 I. STRUCWRE, GOVERNANCE & MANAGEMENT Govemin8 Document Liverpool Gulld of Students Is a Students, Union within the meaning of the Education Act 1994. The Guild is devoted to the educational Snteiests and welfare of its members, and is an ndependent representatlve body of students at the University of Liverpool. We are an Incorporated Charity and a Company Limited by Guarantee without Share Capital. We are governed by a Memorandum & Artlcle5 of Association effertlve from l August 2010, and set of Bye-laws, both approved by the membershlp, the Unlversity of Llverpool, and the Charltv Comm1551on, We also have a Memorandum of Understanding wlth the UnlversSty of Llverpool. The Artlcles of Assoclatlon stste the Gulld's prlnclpal objectlves as belng: 'B. The Gulld wlll seek at all tlmes to.. (i) ensure that the diverslty of Its Membership Is recognised and that equal access Is avallable to all Members of whatever orlgln or orlentatlon,. (li) pursue its aims and objectives independent of any political party or religious group,. and (lil) pursue equal opportvnities by taking posltive actSon wlthln the law to facllltate participation gf groups discriminated against by 50ciety. These Articles have been structud to glve the Board of Trustees reasonable authorlty to manage the affairs of the Guild in a professional manner. The Member5 enjoy the ri8ht, which must be exercised in accordance with charity law, to elect a proportion of the Trustees and to dismiss all of the Trustees. The Board of Trustee5 will 8ive the utmost consideration to the views of Members. Under the Educatlon Acl 1994, the UnSverslty of Liverpool has 8 statutory duty to ensure that the Gulld operates In a fair and democratic manner and is held to proper account for its finances. The Guild therefore works alongslde the University of Llverpool in ensurlng that the ffairs of the Guild are properly conducted and that the educational and welfare need5 of the Guild's Members are met."
Liverpool Guild of Students TRUSTEES RÈPORT Forthe year ended 31 July 2021 Appolntment ol TNstees Our Board of Trustees 15 responsible for ensurlngthe organlsation remalns fit for purpose, and for settlng the strategy of the organi5atlon in consultation with 5enior5taff. It also approves all policy, our annual budget, and monltors organlsational performance against agreed key performance indicators IKPlsl. The membership of the Tmstee 8oard is deflned as follows.. Four Student Representative OfficerTrustee5 Four Student Trustees Four External (Co-opted) Trustees The Sttsdent Representatlve Offir ISROI Trustees are elected by the entire membership durinE a cros5 campu5 election, and hold office for 12 months. A5 directed by the Education Art 1994, they are able to serve a maxlmum of two terms. The Student Representative Officers are the major unlon office holders descrlbed in the Education Act119941. The four Student Trustee5 are positions that are advert15ed and then appointed to by the Board, and serve for a term of two years-although they must be reglstered students at the Unlverslty of Liverpool to hold office. The four External Trustees are also posltlons that are advertlsed and then appolnted to by the Board. They are recruited for on the basis of their expertise and experience, and hold office for a term of fouryears. External Trustees can serve for two terms. Trustee Induction and Training All new Trustees narticlpate In a comprehenslve Inductlon programme, whith includes.. Tralnlng- these are both skllls and knowledEe based; Introductlons to key staff and other Trustees: and Copies of the Unlon's key ptsllcy, governance and financial documents. On-goihg tralnlng needs for Student Representative Offlcer Trustees are monitored by the Chief Executive through 1-2-ts and regular catch-up meetlngs. Student Trustees are allocated an External Trustee to act as a mentor, and to support them in their role. Organisation Trustee Board The Board of Trustee5 administers the charity. The Board meets six times a year and there are three standing subcommittees convened under Article 45 of the Artl¢les of K5soclatlon coverlng operational areas of the Board's remlt. Resources & Audlt Commlttee A5 lald out in Bye-law 5, the Resources & Audit Commlttee Is responsible for all flnanclal matters of the organisation.
Llverpool Gulld of Students , TRUSTEES REPORT Forthe year ended 31 July 2021 Governance & A ointments Committee A5 lald out in Bye-law 6, the Governance & Appolntments Committee is responsible for appolntlng new Trustees, monitoring the effectiveness of the Board and acting as a dlscurslve forum for 611 matters relatlng to effective governahce. CEO Mana ement Committe As lald noted In Bye-law 2, there Is a CEO Management Committee. Gulld Summit The Guild Summit is made up of 50 students, who are selected by sortltion to reflect the wider student body, and has the following authority la5 set out in the Article51: Make recommendations to the Trustees,. o Discuss and debate i55ues pertlnent to students,. Make non-binding motions of no-confidence in one or a number of Trustees; and o ConslLler any buslnes5 referred to Gulld Summlt by the Trustees and other Guild bodles. Under our artlcles, we are requlred to hold an Annual Member5 Meetlng each yeari presenting our accounts and t.he Trustee5 Annual Report to the membershlp. Due to Covld 19, and assoclated lockdown, the Annual Members Meeting wa5 unable to take place this year. Chief Exec ive A Chief Executive is appointed by the Trustees to manage the day-to-day operatlons of the charity. To facilitate effective operations, the Chief Executive has dele8ated authority, within terms approved by the Trustees, for operations includlng finance, employment, Guild operatlons, governance, membershlp services, marketlng and communications, and other related activity. Related Partles and Co.operatlon wlth Other Organlsatlons The University of Liverpool is the parent institution of Liverpool Guild of Students. The Gulld received a revenue block grant in the year from the University of Liverpool of £1,716,386. The Gulld a150 occuples a bullding Dwned by the Universlty, whlch also pays for utllities. Thls non-monetary support Is intrinsic to the relationship between the University and the Guild. The Gulld Presldent is a member of Unlversity Council. Although recommended by the Charities SORP, which has been adopted for this and future financial years for due compliance with the requlrements for Students, Unions provlded for in the Charitles Act 2011, It Is not P05slble to identrfy an estimated value to the Guild for this free Serviced accommodation as the Universlty does not provide separate property values for
Llverpool Guild of Students TRUSTEES REPORT Forthe year ended 31 July 2021 Its buildings tothe occupiers. Although the Guild continues to generate supplementary fundin8 from various mutual tradlng actlvltles, It wlll always be dependent on the Universlty'ssupport. The Trustees conslder St reasonable to anticlpate that thls or equivalent support from the Universlty will continue for the foreseeable future, as the Education Act 1994 irnp05es a dutv on the Unlverslty to ensure the flnanclal vlablllty of Its student representatlve body in one form or another. The Trustees therefore consider the Guild to be financially viable for the foreseeablefutLfre. Pay Pollcles for Senior Staff 'The remuneration of key management personnel is set by the Board, with the pollcy oblectlve of ensuring that they are provided with appropriate incentives to encourage enhan performance and are, in a fair and responslble manner, rewarded for thelr indlvldual contributions to the Guilds succes5. Delivery of the Guilds charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single elementof our charitable expenditure. In 2018, an organlsatlon wlde pay-review was carrled out to ensure salaries were In keeping with comparable ¥oles within the sector, and more wldely. Rlsk Management The Board, through the Re50urce5 and Audlt Committee, reviews the Guilds tUent and planned future activitie5 in the light of any major risks arising from time to time and the effectlveness of systems and procedures designed to manage them. The prlnclpal risks and uncertaintie5 currently facing the Guild are considered to be: Malntalning effectlve governance of the organisation, Includlng: o Ensuring appropriate skills on the board; and Ensuring approprfate and tlmely reportlng to the Board. Failure to maintain staff register of interests / h05Pltalty record o Deterioration in the relatlOn5hip with the University, including contracts Loss of key staff or untralned stsff o Failure to maintain financial he3h of the Guild, including: o Poor tradlng and Increase In local competltlon,. and o Decrease in student spending power. o Reputatlonal damage In the unllkely event of a hlgh-proflle actlvlty by a student o Serious accident / death during a student activity o Alienating stakeholders through lobbylng actlvlty o Change in Government pollry, In partlcular In relatlon to Hlgher Educatlon, Students. UnSon and charitles.
Llverpool Gulld of Students TRUSTEES REPORT For the year ended 31 July 2021 On 30 July 2020, the Trustee Board approved an addendum to the reglster, detalling Covid-19 related risks. These have remained a focu5 throughout 2020-21. They are.. Poor tradlng- That government regulat5ons or local lockdowns could constraln capaclty to trade. Loss-maklng tradlng actlvltles- That limlted capaclty to trade Could impact ability to maintain a healthy surplus. Serlous a¢¢ldent / death durlng a student activity-That a student could contract Covid while in the Guild or taking palt In a Gtslld activity. Damage to reputatlon- Potentlal ol local lockdown5 being attributed to student behaviour, or a cluster contagion event happening In the Gvlld or durlng a Gulld actlvlty. Our plans and strategles for managing rlsk Include malntalnlng effective Internal controls, risk registers, incident-reporting and monitor5ng systems and insurance cover wherever approprlate.
Liverpool Guild of Students TRUSTEES REPORT Forthe year ended 31 July 2021 OUR PURPOSES AND ACTIVITIES Purpose The Guild's Strategic Plan 2019-22 outllnes how the organlsation wlll achieve Its mission to offer excellent opportunitles, services and facilitles whlch improve, enrlch and develop the Ilves of all students at the Unlverslty of Llverpool. The Gulld's Artl¢les identifie5 Its charitable objects as follows: he advancement of educatlon of Students at the Unlversity of Llverpool for the public beneflt bv.'- provldlng opportunltles for the expresslon of Student oplnlon and attlvely representln supporting and 3dv15inE Students,. actlng as the recognlsed representatlve channel of communlcatlon between Students and the University of Liverpool and other external bodies- promotlng the Interests and welfare of Students at the Unlverslty of Llverpool,. facilitatingsocial, cultural, sporting and recreational activities and forumsfor di5cussion5 and debate forthe personal development of Its Students, and provldlng servlces and support for its Students; and working wlth other stdents, unions and affiliated bodies." Publlc Beneflt In pursuit of these aims for the public benefit, the Guild will ensure the dlverslty of Its membershlp Is recognlsed, valued and supparted and has established departments and services for use by it5 members and to support Its work with the University of Liverpool and other organlsatlon5 on behalf of students. These .include membership services, social enterprlse. and marketlng and cornmunications. The Guild continues to represent the students of the Universlty on relevant local, natlonal and internatlonal issues. The Student Representative Offlcers sit on CerEnUn1verSitV commlttees, covering a wide range of aspects of the student experlence. In addltion, offlcers sit on a number of committees witINn the aty,fcioJ55inE ontopicssuch a55tudentsatety,and the night-time economy. The Gulld and Unlverslty jolntly runs a Course Representatlve System, whlch ensures student volces throughout.Universlty decision making.
Liverpool Guild of Students TRUSTEES REPORT Forthe year ended 31 July 2021 Pollcle5 relatlng to grant maklng Liverpool Guild of Students retognlses the Importance of student activity, and endeavours to provide meaningful support to Students running societles. In addition to logistical support, and the provlslon of venue spaces, the Gulld makes available a pot of money for societies to bld into. Societles are invlted to apply forfundSng from thls pot to support their attlvlty. Applicatlons may range from runnlng one-off events, to the ongoing development of a Group. Since September 2014, a rnodel of partlclpatory budgetlng, has been used to allocate these funds, putting decislon maklng Inthe hands of student socletles. Agreed crlteria help ensure that decisions are in Ilne with the Gulld's charitable objects, whilst giving participants the flexlbility to a8ree prioritie5 and work collertlvety. In 2020-21 all societles were given £50 to fund welcome actIty. Money that was not used wa5 recouped bythe Gulld laterin the year, soit could be redistributed through the process outlined above. In previous years, socleties had to charge membershlps fees of at least £3.00. In 2020-21, in response to the anticlpated Impact of Covid on levels of activity, membership charges were stopped. Artlvltles The Guild undertakes and facilltates a wide range of 5ervice5 and activities: Social Enter rise Soclal Enterprlse brlng5 together the retail, venues 2nd Ilcensed trade actlvltles of the Guild. The Guild's venues provide students with a place to meet, a Starbucks Coffee shop and bar spa. The Guild works c105ely with Hospitality Llverpool, who provide a range of food within the Courtyard and Sphinx. The Guild houses Liverpool's Second lèrge5t Ilve muslc venue, the Mountford Hall. Thls venue Is sed for external glgs, as well as award5 ceremonies, performances and formal dinner5. spa Is avallable for socSetles to book for events for a range of actlvlties, Includlng performances, dinners and external speakers. Venues staff provide advlce and supportto groups wlshing to book thls space and the necessary technlcal support to deliverthelr events. The Gulld also operates a shop, selling a range of pastles, confectionary, sandwiches, hot and cold drinks, stationery, clothing and toiletries. In addition, the Gulld runs an onllne shop selllng a range of University crested clothing. Membershl Services The Membership Services Department 15 made up of three moin teams- Advocacy, Democracv and Campaigns, and Student Activltles. io
Llverpool Gulld of Students TRUSTEES REPORT Forthe year ended 31 July 2021 The Advocacy Team's work includes supporting and developlng course representatives, provldlnB academlc, housing and wellbeing advice, and supporting Guild offir5 in committee activlty. The Democracy and Campaigns Team facllltate student-led campalgnlng. They also ensure the Guild is a democratic, involvin8 organisation, through delivering elections, admlnlstering the Guild's Change It platform and faci1St8tSng meetlngs of the Summlt. The Student Activitles team sUPPOrt the work of student societies and provlde volunteerlnE opportunitie5, offering 5tudent5 the chance to lead activity, develop new skllls and meet other Students. They work closely with the University to develop Hall Students Committees, en5urin6 that Students have the best P055ible experience livlng in UnSversity accommodation. The team a150 has a range of actlvlty to support sustainability. Working cI05ely wlth Students, the Universlty and other stakeholders they offer opportunities for students to have a positive impact on the envlronment around them. Volunteer5 have worked wlth local schools, developed innovative approaches to sustainability challenges and worked to embed sustainability in the currSculum. Finally, the team also 5UPPOrt fundraising actlvlty, and admlnlsterthe Gulld's onllne volunteering platform. Marketin The Guild's Marketing Team works across the organisations, to provlde expert marketing support. Th55 team coordlnate the Guild's main communication streams including all-student emai15, and social media. They also manage the Gulld's website, which 15 used as a key communication tool, as well as being an outlet for ticket sales and the platform for Guild electlons. The team undertake graphic design worL creatSng assets including Welcome materials. campalgn resources and pmmotional mater131s for event5. The.team are also responsible for the generation of medla saSes income, offering opportunities to market thelr SeIS and products to students durlng Welcome Week, and throughout the vear. The team manage relationshlps wlth the medla, respondlng to enquirSes as well as taklng proactlve steps to secure positive media eoverage. li
Llverpool Guild of Students TRUSTEES REPORT Forthe yearended 31 Juty 2021 ACHIEVEMENTS AND PERFORMANCE The focus of the Guild throughout 2020-21 was respondlng to the pandemic. As noted below in section 5 of this report, the Guild's Strategic Plan was put on hold in 2020, and since theri efforts have been focused on the more Immedlate need io respond to fast changing situatlon5, both for our members, and for the organisBtion itself. Durlng 2020-21, the key achievements were.. Mlnlmlslng the flnanclal Impart to the Gulld Throughout the year, regular financial reforerdsts were carrled out. These elre sound financial declslon maklng and enabled ongolng oversight. o Staff continued to be furlou8hed where possible. Llse of theflexible furlough stheme enabled the Gulld to meet the needs of members, whlle adherinB to Government guidelines, and protecting the financial health of the Gulld. o The Gulld secured a grant from the Arts Councll England's Cultural Recovery Fund. Representing our members and ensuring a 5tron8 Student voice o Gulld staff and offlcers contlnued to attend key commlttee5, working Éroups, and Covld-speclflc prolect group5. Offlcers successfully campaigned and lobbied on a range of student priorities, including rent refund5 and support for online learninE. This work was informed by a wide-ran8ing Surveyi and forums held throu8hout the year. o Beyond Covld, officers lobbied the University on a range of other issues. This included working to ensure that the process for renaming one of the Halls ot Residence was student-led and reflected the values of the Gulld and Its membershlp. This led to a cross campus ballot, glvlng members the powerto choose the new name for the halts. Providing activltles and opportunltles for members A key alm of 2020-21 was to ensure that a range of 5ervice5 and activities were offered to member5. This reouired the team to adapt to Changing rules and requiretnents, amending the offer to members, and how it was delivered.
Llverpool Gulld of Students TRUSTEES REPORT Forthe year ended 31 July 2021 o Onllne A range of Bctivities were delivered online. includin8 file screenings, craft sessions and frlend-making networks. Trainlng for socleties, committee members, course representative5 and election candidates was moved onllne, as was Bystander InteNentlon tralnln8. Partlclpatlon levels were malntained, and feedback was very posltlve. Societies were supported to deliver thelr actlvltles onllne. Over 20,000 individual societies memberships were taken up. The Gulld's Annual Awards were moved online for the second year runnlnB. Instsgram was used to announ the shortlist and winners. Nominee5 and wSnners engaged wlth thls content, sharing It wldely. The Guild's Student Representative Election5 moved entirely online, with candidate campaiEning taking place through Social media, in online meetlngs, and by emall. o In-person When Covld regulatlons allowed, the Guild bulldlng was opened to members. In orderto meet the requirements that were in place at partlcular stages, the purpose of the space changed over time. At points it was availablè as socially dIstand study space, whlle at other tlmes it served as a bar, or fopd outlet. Thls flexiblllty was important in malntalnlng a place on ampu5 where students could Bo. Where p0551ble, the Gulld ran face-to.face Give 11 a Go activities, such a5 walklng tour5. 13
Llverpool Gulld of Students TRUSTEES REPORT Forthe year ended 31 July 2021 FINANCIAL REVIEW The prlnclpal Income sources for the Gulld are the block grant provlded by the Unlver51ty of Liverpool and funds generdted through cornmercial activity. The Gulld produced a surplus for the finbncial year of £86,886 before the movement on the pension scheme liability12020: £279,041). Net liabilities at 31 July 2021 stood at £1,123,264 12020.. £1,236,9111. The cash and current asset Investments balance at the flnanclal year end was £1,796,43412020: £1,918,349). In summary the Gulld Is In a stable flnanclal posltlon however the Trustees are cognlzant of future pension liabilities arising from the SU5S pension 5cheme-now closed to accrual for Guild staff - and the flnancial strategy of the Gulld reflects this rfsk whlle adequatety resourclng on- going charitable activities. Investment policy The Investment Pollcy of the Gulld Is to hold the majorlty of Its reseryes In cash, spreadlng deposits between financial instttutions in order to mitigate counterparty risk. Cash deposits are elther instènt access or fixed term wlth the balance belng determlned by cash flow requirements. The Guild has adopted an Ethical Investment Policy by which financial institutions are assessed agalnst crlteria before the Guild will make 3 dep(fjt with them. Withln the framework of managlng risk, liquidity and ethlcal standards, the highest interest rates are selected to maximise Investment return. Reserves policy and going toncem The trustees have adopted a reserves pollcy, the oblertive of which Is to protect the Guild and its charitable activitle5 by ensuring adequate Ilquldltywhllethe organisatlon adlusts to any short tem) (three to Six months) changes It encounte in Sts flnanclal and operating environment. Such change5 might Include: Interruptions to the grant funding from the Unlverslty,. Provi51on for unforeseen events,. Staff notice and redundancy payments andlor legal fees in the eventthe Union is wound. up. At the same tlme the trustees wanl to ensure reserves are nol too high in order to maximlse the resources applied to the Gulld's charltable purpose, the ablllty to Invest In the Gulld's flxed assets to maintaln the qualSty and standards of its service provision, and the ability to meet the Guild's contrlbution obligation5 to the Student5, Union Superannuation Scheme. Following this policy* the trustees have set a target of the Gulld holding a mlnlmum of six months, unrestrlcted operatlng costs In unrestricted funds (not including the pension deflclt reserve). Based on the 2020121 financial year this target flgure would equate to £1,313,484. At 31 July 2021 the Gulld held unrestrlcied funds of £1,345,66712020: £1,365,002) equatlng to 102% of the target level, with a separate reserve fund established to account for the pension deficit. The pension deficltfund slts on the balance sheet as a negatlve reserve set up under"FRS 102 to represent the net present value of the future contribution5 required over 15 years to clear the pension fund defSclt. At the year end the value of thls deflclt was £3,139,32712020: £3,323,648). 14
Liverpool Gulld of Students TRUSTEES REPORT For the yearended 31July 2021 The trustees Intend the Guild to maintain the target level of reserve5 through continued Investment In the quallty of the actlvltles and seNices on offer to member5, In order to generale suffltlent flnancial surpluses to both reinvest in those services, and to 5UPPOrt the reserves position. On8olnE monitoring of the reseNes Is carrled out by the Resources and Audit Commlttee on a quarterly basis. The reserves. policy itself is reviewed every three year5 to coinclde wlth the fundlng cycle of the Students, Union Superannuation Scheme. The following deslgnated reseryes have been created by the Trustee5 as at 31 July 2021: Flxed assets fund - £346,849, belng the net book value of fixed asset5 purchased wlth unrestricted funds- and Gulld Strategic Development Fund £50.OtX), being 8 reseNe for Student Representative Offlcer led initlatives to engage students in LGo5 and to provide Se15 to meet membershlp demand. Elizabeth Gidney Legacy- £54,738, being a reserve for the promotlon of Representation and Democracy. Covld 19 Pandemk The circumstances presented by the Covld 19 pandemic have created challenges for the Gulld In relation to its financial operating model. A key income stream for the organisation is the revenue generated through its student faclng tradlng activitles. Opernting restrictions remalned In place for most of the 2020121 financial year, however the Guild was able to open some Its tradlnE actlvities a5 those restrictions eased over the year. Even so, trading revenues remalned Ilmited, nd impacted on the overall income of the Guild. The organisation made good use of government support grants, and reduced overheads where possible to offset the105t Income. The budget for the 202V22 financial year wa5 drafted un the basis that the tradlng servi would be able to re-open 5uccessfullyi and that fewer re5trirtlon5 would be In place across the year. The core grant from the University of Liverpool has been malntalned for the 2021122 flnanclal year. The initial budget projection15 that the Gulld wlll be able to produce an operatlng surplus at the end of the financial year. Cash flow forecasts have been revised to look up to 12 months ahead In order for the trustees to accurately assess the organlsation's ability to remain a going concern, and the board tontinues to receive regularflnanclal updates and prolectlons to assist them In exerclslng their flnancial responsiblllties. Goln8 Concern The Guild has net Ilabilltles of £1,123,264, duetothe recognltlon under Charitles SORP IFRS 1021 of the net present value of the fundin6 deficit on the SUSS pension recovery plan. Further information 15 detailed in note 28 to the accounts. Thls is a long term commltment whlch ends In 2035 and the trustees are confldent that annual payments towards this plan wlll be met out of Income for each year. 15
Liverpool Guild of Students TRUSTEES REPORT For the year ended 31 July 2021 After maklng approprlate enqvlrles Includlng vevlewlngflnanclal forecasts for the coming year. the trustees have a reasonable expectation that the Guild has adequate resour5 to contlnue in operatlonal exSstence for the foreseeable future. Forthls reason, they conilnue to adopt the going concern basis in preparing the financial statements. Fundralslng statement The Guild raises funds outside of the University block grant via commerclal Income through the operatlon of licensed premises, entertainments, caterin& retall and thlrd-p3rtV 3dvertlslng. The Guild does not raise funds via the usual fundraising channels that other charitles utlllse. For example, funds are not raised via money collections, Just Glving lorsimilarl pages, lotteries, cold calling or legacy donations. Occasionally funds might be raised for a spedfic prolett via grant applications, such as funding from local community groups to facllltate actlvities. No professional fund-raisers or commercial particlpator carrled out any attlvitles on behalf of the Guild. No person acting on behalf of the Guild was subject to an undertaking to be bound by any voluntary scheme for regulatSng fundraislng and no voluntary standard of fund-raislng in respect of Gulld activities on behalf of the charity wa5 undertaken. No persons acted on behalf of the Guild forthe purpose of fundraising, and no complalnts were recelved bythe Gulld about fund-raising activity by the charity. As the Guild does not undertake fund-raising activity outslde of operatlng commercial outlets and grant appllcatlon5, a strategy for protectlon of vulnerable people and members of the public In relatlon to fund-raising is not required. 16
lfverpool Gulld of Students TRUSTEES REPORT For the year ended aijuly 2021 S. FUTURE PLANS In autumn 2019, the Gulld launched Its new Strateglc Plan. It lald out the plan to "offer excellent opportunities, services and facilities which improve, enrich and Llevelop the Ilve5 of all students at the Unlverslty of Llverpool." To take this work forward several workin8 groups were set up to carry out research and develop detalled project plans. This work was underway when Covid-19 levels started to rise In the UK, and It became clear that it would have a significant effect on artivities. In 2019-20, in light of the pandemic, the Board agreed thatthe Strategic Plan would be paused. Thls declslon remained In place throughout the 2020-21 year. In Summer 2021, the Guild restarted work on the current Strategic Plan, and updated plans to reflect the changed sltuation. These updated plans will form the basis of work In the coming years. The plan outline5 the four Strategic objectives, or promise5, the Guild are seeking to achieve. These are: Support our members To put members at the heart of decision making Invest in our spaS Ensure all members benefft from the Gulld The four promises are underplnned by a commitment to developlng the organi5ation in four key areas. The followlng Excellence Plans wlll drive this work forward through the lifetime of the strategic plan,. Communications People IT and Digital Equality, Diverstty and inclusion Underplnnlng this planned work was a commitment to the followlng values., Fun and Friendly- Everyone is welcomed at the GLtild and we w511 create 3 home away from home for all our members. Ambltlous- Everything we provlde Is the hlgh quallty our members deserve Innovatlve and Aslle- we wlll be responslve and open to new Ideas. Representative and Involvin%- our members lead us and are involved in 5haplng thelr own experlence at every level, we wlll ampllfy your vo5ces PrOfesonal and Responslble we are indu5ive, informative, respertful, human and inspiring. Sustainable- We've been here for over IOD years. We'll be here for hundreds more by beinE "ethically, environmentally and financially sustainable. 17
Liverpool Gulld of Students TRUSTEES REPORT Forthe year ended 31 Juty 2021 W•promlkntr• support our tsern W• prnfflts• to put rnombora atth• Hg•rtof Invest In our •pae Decl•lon M•klr prnmlg•to •ft•ur• qllmofflb•rn bonafft frarn thr4Gulld
Llverpool Guild of Students TRUSTEES REPORT Forthe year ended 31July 2021 STATEMENT OF TRUSTEES, RESPONSIBIUTIES The charlty trustees (who are also the dlrectors of the Guild for the purposes of company lawl are responslble for preparing a trustee5' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standard5 Iunlted KSngdom Generally Accepted Accounting Practlcel. Company law requires the charity trustees to prepare accounts for each financlal year whlch Ive a true and falr view of the stste of affairs of the charitable tompany and of the incomlng resources and application of resources, Includlng the Income and expendlture, of the charlty for that perlod. In preparing these accounts, the trustees are required to: select sultable accounting pollcles and then apply them conslstently. obs£Ne the method5 and prlnclples in the Charities 50RP 2019 IFRS 1021; make Judgements and estlmates that are reasonable and prudent,. stste whether applicable UK Accounting Standards have been followed, subjert to any material departures disclosed and explained in the accounts. prepare the financial statements on the going concern basis unless It Is Inapproprlate to presLtme that the charitable company will continue in operation. The trustees are responslble for keeping proper accoLbntlng records that dlsclose wlth reasonable accuracy at any time the financial posltlon of the charitable company and to enable them to ensure that the accounts comply with the Companles Att 2006. The trustees are also responsible for safeguarding the a55ets of the chalitable company and hence for taking reasonable step5 forthe preventlon and detection of fraud and other Irregularltles, The trustees are sponsIble for the maintenano and integrity of the corporate and flnanclal Informatlon Included on the charltable company's webslte. Leglslatlon In the United Kingdom governing the preparatlon and dissemination of flnanclal statements may dlffer from leglslatlon In otherjurlsdlctlons. Tru5tees' statement ol disclosure of infomiation to the audltors In 50 far a5 the trustees are aware at the date of approval of this report.. there Is no relevant audit Informatlon, of which the charltable company'5 audltor Is unaware, and the trustees havetaken all steps that they oughtto have taken to makethemselves aware of any relevarit audit information and to establish that the auditor is aware of that informatlon. Approved by the Board of Trustees and signed on Its behalf Robert Woodcock Chalr ot Twstees 2 December 2021 ertie/
LIVERPOOL GUILD OF STUDENTS AUDITORS REPORT TO THE MEt¥lBERS OF LIVERPOOL GUILD OF STUDENTS For the yearended 31 July 2021 Oplnlon We have audited the flnanclal statements of Llverpool Gulld of Students Ithe 'charltable company'l for the year ended 31 July 2021 set out on page5 24 to 42. The financial reporting framework that has been applied In thelr preparation Is appllcable law, Unlted Klngdom Accountlng Standards Iunlted Klngdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland,. In our oplnSon the financial statements: give a true and fair vlew of the state of the charitable company's affairs as at 31 July 2021 and of it5 incoming resources and appllcatlon of resources Sncludlng Its income and expendlture for the year then ended; have been properly prepared In accordance with United Kingdom Generalby Accepted Accountlng Practice,. and have been prepared In accordance wlth the requlrements of the Companies Act 2006. Basis of oplnlon We conducted our audlt in accordance wlth Internatlonal Standards on Audltlng IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further descrlbed In the Audltor's responslblllties for the audit of the flnancial statements settlon of our report. We are independent of the charitable company In accordance with the ethical requirements that are relevantto our audtt of the financial statements in the United Kir5gdom, including the Financial Reporting Council's Ethical StsnLlard, and we have fulfilled our other ethlcal responslbillties in accordance wlth these requSrements. We belleve that the audlt eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conduslons relatln8 to golng concern In auditlng the financial statements, we have concluded that the trustees, use ot the going concern basis of accounting in the preparatlon of the flnancial statements Is approprlate. Based on the work we have performed, we have not identified any material uncertaintles relating to events or conditlons that, indivirlually or collettivelyi may cast significant doubt on the charitable company's ability to continue as a golng concern for a period of at leasttwelve months from when the flnanclal statements are authorlsed for Issue. Our responslblllties anij the responsibilities of the trustees wlth respecttogoing concern are described in the relevant sectlorss of this report. 20
LIVERPOOL GUILD OF STUDENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOLGUILO OF STUDENTS For the yearended 31 July 2021 Other Information The Trustees are responslble for the other Informatlon. The other informatlon comprlses the Informatlon Included In the Trustees report, other than the financial statements and our Auditor's report thereon. Our opinion on the finantial statements doe5 not cover the informatlon and, except to the extent otherwlse explicitly stated In our report, we do not express any form of assurance conclusion thereon. In connectlon wlth our aud*t of the financial statement5, our responsibility is to read the other information and, in doing so, con51der whether the other Information is materially incunsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Identlfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a materlal misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material rnis5tatement of this other informatlon, we are required to report that fact. We have nothlng to report In thls regard. OpInn on other matters prescrfbed by the Companles Art 2006 In our opinlon, based on the work undertaken In the course of the audit,. the informatlon glven In the Trustees, report for the flnanclal yearfor whlch the flnanclal statement5 are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordance wlth appllcable legal requlrements. Mattels on wh5ch we are requlred to report by exceptlon In the light of our knowledge and understandlng of the charltable company and Its envlronment obtained In the course of the audit. we have not identified material misstatements in the Trn5tee5' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 21J06 requires us to report to you If, In our oplnlon: adequate aecountSng records have not been kept, or returns 8dequate for our audit have not been received from branche5 not V151ted by u5; or the financial statements are not in agreement with the accounting records,. or certaln dlsclosures Df Trustees, remunerations specified by law not made; or we have not recelved all the informatlon and explanatlons we reoulre for our audlt. Re5ponslbllltles of trustees As explalned more fuTr In the Statement of Trustees, responsibllltles, the Trustees (who are also the dlrectors of the charitable company for the purposes of company lawl are responsible for. the preparation of the flnanclal statements and fDr belng satSsfled that they give a true and falr vlew, and for such Internal control as the Trustees detem)Ine Ss ne$sary to enable the preparation of financial statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the flnanclal statements, the Trustee5 are responsible for assessing the charitable company's ability to continue as a going concern, dlscloslnE, as appllcable, matters related to golng concern and uslng the going concern basS5 of accountlng unless the Trustees either intend to liquidate the charitable company orto cease operations, or have no reali5tlc alternatlve but to do so. 21
LIVERPOOL GUILD OF STUDENTS AUD5TORS REPORTTO THE MEMBERS OF LIVERPOOLGUILO OF STuoEFrs Forthe year ended 31 July 2021 Audltor's responslbllltles forthe audlt of the finantial statement5 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from mater181 misstatement, whetherdue tofraud or error, and to Issue an audltorfs reportthat includes our opinion. Reasonable as5urance15 a hlgh level of assurance, but is not a guarantee that an audit conducted In accordance wlth ISAS IUKI wlll alway5 detect a material misstatement when it exists. Misstatements can arlse fron) fraud or error and are considered material If. individually or in the aggregate. they could reasonably be expected to influence the economic decision5 of user5 taken on the basis of these financial statements. Irregularitles, Includlng fraud, are instance5 of non-complian with laws and regulalion5. We design procedures in line with our responsibilities, outllned above, to detect materlal mlsstatements In respect of irregularitie5, intludirtg fraud. The specific procedures for this engagement and the extent to which these are capable of detectlng IrregularSties, Includlng fraud Is detalled below: Our approach to identifying and a55essing the risk5 of material misstatement in respect of irregularities, Includlng fraud and non-compllance with laws and regulatSons, was as follows.. the 5enlor statutory audltor ensured that the engagement team collectlvely had the approprlate Competence, capabiltties and skills te identify or recognise non-complian with applicable laws and regulations; we identifled the laws and regulatlons applicable tothe charitable company through discussions with dlrettors and other management. and fmm ourcommercial knowledge and experlence of the sector: we focused on specific laws and regulations whSch we consldered may have a direct material effect on the flnanclal statements or the operatlons of the charltable company, Includlng the *lnanclal reporting legislation, Companies Act 2006, taxation legislation, anti-briberyi employment, and envlronmentsl and health and safety legSslatlon: we assessed the extent of compliance with the law5 and regulation5 identrfied above through maklng enqulrles of management and Inspectlng legal corresponden. and Identified laws and regulations were communicated within the audlt team regularly and the team remained alert to instances of non-compliance throughout the audit. We a55essed the 5usceplibllity of the charitable company's flnanclal statements to mèterlal mlsstatement, including obtainin8 an under5tandin8 of how fraud might occur, by: making enquiries of management asto where they considered there wa5 s11sptIb1[1tyt0 fraud, thelr knowledge of actual, suspected and alleged fraud: and con5iderin8 the internal controls in place to mitigate risks of fraud and non-complian wlth law5 and regulatSons. To address the risk of frdud through man)gement bias and overrlde of controls, we: performed analytical procedures to Identify any unusual or unexpected relatlonshlp5: tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determlning the accountlng estlmates set out in Note Ilpl were indlcative of potential bias: and investlgated the rationale behind slgnificant or unusual transactions. 22
LIVERPOOL GUILD OF STUDENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOLGUILD OF STUDENts For the year ended 31July 2021 In response to the risk of Irregularltles and non-compllance wlth law5 and regulation5, we designed procedure5 which Included, but were not limited to.. agreelng financial statement d15c105ures to underlylng supporting documentation,. reading the minutes of meetlng5 of those charged with governan, enqulrlng Df rnanagement as to artual and potential litigation and claims; and revlewing correspondence with HMRC, levant regulators and the charitable company'5 lègal advlsors. Because of the Inherent limltatlons of an audlt, there Is a rlskthatwe wlll notdetect all irregularities, including those leadlngto a material misstatement in the flnanclal statements or non-compllance with regulation. This rlsk increases the rnore that compliance wSth a law or regulationls removed from the events and transaction5 reflected in the financial statements, as we wlll be less Ilkely to become aware of Instan5 of non- complldnce. The risk 15 a150 greater regardlng Irregularftie5 occurrlng due to fraud rdther than error, as fraud Involves intentional concealment, forgery, colluslon, omlssSon or mlsrepresentatlon. A further descriptlon of our responsibilities is available on the Financial Reportlng Councll's website at: htt www.frc.or Our-wor Audit Audit-and-assurance Standards-and- ance uidance-for-auditors Auditors-res onsi Descri tion-of-auditors-res onsibllities-for- x. This description forms part of our audltorfs report. Use of our report This report Is made solely to the charitable company's members, as a body, In accordan wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audit work ha5 been undertaken so that we mlght state to the charitable compan¢s members those matters we are required to state to them In an Auditor's report and for no other purpose. Tothefullestextent permitted by law, we do not accept or assume responslbilltyto anyone other than the charltable company and Its members, as a body, for our audit work, for this report, or for the opinions we have formed. Jonathan Dudley (Senlor statutory auditorl for and on behalf of Dains LLP, Chartered A¢countdnts, Ststutory Auditor. Suite 2 Albion House 2 Etruria Offlce Village Forge Lane Etrurfa Stoke on Trent STI 5RQ 2 December 2021 23
LIVERPOOL GUILD OF STUDENTS STATEMENT OF FINANCIAL ACTIVITIES Forthe year ended 31 July 2021 Unrestricted Funds 2021 2020 General Funds Designated Funds Restricted Funds Note Total Total Income from: Donations and legacles Charitable Activltles Other Tradlng Actlvltles Investments Other Income Pension Llablllty Galn 1,912,410 395,057 74,898 8,392 1,912,410 395,057 74.898 8,392 325.099 26,761 1,764,447 1,512,678 315,615 11,562 398,995 325,099 28 26,761 2,417,518 325,099 1742,616 4,003,297 .Expendlture on.. Raising Funds Charltable Actlvltles Pension Oefitit Costs 239,681 2,267,774 5,613 113,900 245,295 2,383,675 347,752 3,376,504 1,081,771 2,lJOI Total resources expended 2,507,455 119,513 2,001 2,628,970 4,806,027 Net In¢omellexpenditure) 189,9371 1119,5131 323,097 113,647 1802,7301 Transfers between funds 254,924 70,175 {325,0991 Net Movement In Funds 164,986 149,3381 {2,IXJII 113,647 1802,7301 Reconcillatlon ot funds: Total funds brought forward 30 11,958,646) 500,925 220,810 IL236,9111 1434,1811 Total funds carrled fonvard 22 11,793,660) 451,587 218,809 11,123,264) 1,236,911) All omounts relate to continuln8 operatlons. All gains and losses recognised In the year are included above. The notes on pages 27 to 42 forni part of the financial slatement5.
LIVERPOOL GUILD OF STUDENTS BALANCE SHEET As at 31 July 2021 Note Asat 31-Jul-21 Asat 31-Jul.20 FIXED ASSETS Tanglble assets 13 346,849 396,187 CURRENT ASSErs Stock Debtors Investment5 Cash at bank and In hand 66,281 101,176 1,072.860 723,574 1,963,892 78,131 239,779 1,069,293 849,056 2,236,259 15 16 CREDoRs Amounts Fdllkn8 due wlthin oneyear 17 {471.164} 1703,278 NET CURRENT Ass5 L492,727 1.532.981 TOTAL ASSETS LESS CURRENT UABIUTIES 1,839,576 1,929,168 CREDITORS Amountsfalngdue after morethan oneyear 18 12,962,840) 13,166,079) LIABILITIES {1.123,264) 11,236,911) FUNDS: Restricted Funds 22 218,809 220,810 General Fund Penslon Deflclt 1,345,667 1,365,002 11,793,660) 451,587 11,123,264} 11,958,6461 500,925 11,236,9111 Desl8nated Funds 22 The notes on pages 27 to 42 form part of the flnanclal statements. Approved by the trustees of the Liverpool Guild of Students on 2 Dernber 2021. Robert Woodcock, Trustee Andrew Lan& Trustee 25
UVERPOOL GUILD OF STUDENTS STATEMENT OF CASH FLOWS Forthe year ended 31 July 2021 2021 2020 Total Total Note Net cash provlded by/lused Inl operatlng actlvltles Cash flows from Investlng activltle5: Proceeds on sale of flxed assets Purchase of fixed asset5 24 151,740) 392,461 170,1751 1368,607} 170,175) 1368,607} Net cash provlded by {used In) Investlng artlvltles Change in cash and cash equlvalents in the year (121,915) 23,854 Cash and cash equivalents at the beginning of the year 1,918,349 1,894,495 Cash and cash equlvalents at tho end of the year 25 1,796,434 1,918,349 The notes on pa8es 27 to 42 form part of the financial statements. 26
LIVERPOOLGUILD OF STUDENTS NOTES TO THE FINANCIAL sTATEME[s Forthe year ended 31 July 2021 l Accounting Pollcies The Llverpool Gulld of Students, whlch Is a charitable company Ilmlted by guarantee and Ilmited to £1 per member has adopted the following accounting policie5- al Basls of accountlng The flnanclalstatements have been prepared In accordan with the Accountingand Reporting by Charitie5 Ststement of Recommended Practi applicable to charities preparing their accounts in accordan wlth the Finantial Reportlng Standard appllcable in the UK and Republicof Ireland IFRS 1021 Issued In October 2019, the Flnancial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities A¢t 2011, the Cornpanles Act 2006 and Generally A(pted Accounting Practice. The Llverpool Guild of Students meet5 the definltlon of a publlc benefit charity under FRS 102. The financial statements are prepared under the historical cost convention or transaction value unless otherwise stated in the relevantaccounting pollcy notelsl. Thefinanclal statements are prepared In Sterllngwhich isthefunctional currency of the charity and rounded to the nearest £. bl Incomlng resources Incomin8 resources are included in the Statement Df Financial Activities ISOFAI when the charlty has entltlement to the funds, any performance condltlon5 have been met, the amount can be measured reliably and itls probable that the income will be received. Income from charitable activities includes income iecelved under contract or where entStlement to grant fundlng Is subject to speclfic performance condltSons and is recognised a5 earned. Grant income included in thi5 category provides funding to support performance activities and 15 recognised where there is entitlement, certainty of recelpt and the amount can be measured wlth reasonable certalnty. Income reiVed to dellver seNice5 over a specific period covering more than one financial year 15 accounted for overthe specific period,. related expendlture Is accovnted for when incurred. Investment income relates to interest earned through holdlng assets on deposit. cl Donatsd servlces and facllltles Donated services and facilitie5 are recognised a5 income wherb the charity has control overthe Item, any condltlons associated with the donated Items have been met, and the receipt of economlc benefit can be measured reliabty. In accordance wlth the Charltie5 SORP IFRS 1021 the general volunteer tlme is not recognlsed and refer to the Trustees report for MO information about their contribution. Donated seNices and donated facllities are recognised on the basls of the value of the gift to the charity which 15 the amount the charity would have been willing to pay to obtain Services or facilities of equivalent benefit on the open market, a corresponding amount is recognlsed in the expendbture for the perlod. dl Support costs allocation Support costs are those that asslst the work of the charlty but do not dlrectly represent charitable attivities and include office & admin costs, facility Costs and supporting marketlng costs.
LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021 el Govemance wsts allocatlon Governance cost5 are those costs related to the governance of the entity, to allow it to operate, and to generate Informatlon for publlc accountabillty. Dlrert Costs will include audit and accountancy* legal advlce to trustees and Costs of trustees meetings. fl Funds Unrestricted funds are funds whlch are avallable for use at the dlscretlon of the Trustees In furtherance of the objetts of the entity and whlch have not been deslEnated for other purposes. Desi8nated funds are unrestricted furbds that have been set aside by the Directors for particular purp05es. The dim and use of each deslgnated fund is Set out in the note5 to the flnanclal statements. Restrlcted funds are funds that are used in accordance with speclfic restrlctions Imposed by donors or that have been raised by the entlty for particular purposes. The costs of raislng and admlnisterlng such funds are charged agalnst the specrflcfund. The alm)and use ot each re5trlcted fund15 Set out In the notes to the flnanclal statements. gl Flxed assets ond depreciation Fixed assets are stated at cost less accumulated depreclatlon. Assets are not capltallsed below £500 cost per Item/set. Depreciation 15 calculated so as to write off the c05t of an asset, les5 its estimated residual value over the useful economlc Ilfe of that asset as follows.. Property Improvements: 5% stroight line per annum Office Equipment and Fixture5 & FittinE5'. 10% - 33.3% straight line per annum 111. Speclalist EquSpment'. 20% 33.3% 5tralght Ilne per annum iv. IT equipment.. 20%-33.33% straight line per annum h) Stock5 Stocks are valued at the lower of c05t and net realisable value, after making due allowance for obsolete and slow moving items. il Debtors Trade and other debtors a recognised at the settlement amount due after any trade dlscounts offered. Prepayments are valued at the amount prepald net of any trade dlscounts due. 11 Cyrnt asset Investments Current asset Investments are short term highly liquid inve5tment5 and are held at fair value, These Include'ca5h on deposit and cash equlvalents with a maturity of up to 3 years. kl Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquld Investments with a short maturity of three months or less from the date of acqulsltlon or openlng of the deposlt orslmilar account. 28
LIVERPOOLGUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31July 2021 11 Creditors and provislons Credltors and provislons are reco8nised where the charity has a present obli8ation resulting from a past event that will probably result In the transfer of funds to a thlrd party and the amount due to settle the obllgatlon can be measured or estlmated rellably. Creditors and provlsions are normally recognised at thelrsettlement after allowlng for any trade discounts due. ml Flnancial in5trument5 The charity only has financial assets and financial Ilabllltles of a klnd that quallfy as baslc flnancial Instruments. Basic flnanclal Instruments are inltlally recognised al tran53ttion value and subsequently measured at their settlement value with the exception of bank loans which are 5ub5equently measured at amort15ed cost Using the effectlve Interest method. n) Pension costs The Guild particlpates In the Students, Unlon Superannuatlon Scheme ISUSSI and the Unlversity of Liverpool Penslon Fund IULPFI. Both schemes are defined benef it 5cheme5 which are externally funded and contracted out of the State Second. Pension. The funds are valued at least every three years by a professionally quallfled Independent actuary wlth the rates of contribution payable being determined by the trustees on the advice of the actuary. The schemes operate as a pooled arrangement. wlth contrlbutions pald at a centrally agreed rate. with effect from 30 September 2011 the SUSS Scheme has been closed to future accrual. Slnce that date only deficlt contrlbution5 have been paid to the Scheme. As explained in note 28 the accounts include the net present value of the funding deficit as requlred by the Charltles SORP IFRS 1021. As a consequence of the SUSS scheme closing to future accrual the Guild has Set up a group personal pension scheme with Scottish Equitable PLC called the National Union of students Pension Scheme INUSPSI which 15 money purchase scheme contracted Into the State Second Pension. Since the Liverpool Guild of Students, staging date of 1st April 2014, all permanent member5 of staff who are eligible jobholders a automatically enrolled Into the scheme after a postponement period of 3 months. A Natlonal Employment Savings Trust INESTI has been set up in order to auto enrol any casual members of staff who become eligible jobholders. ol Golng Concern The Union has net liabilities of £1, 123,264, due to the recognltion under Charltles SORP IFRS 1021 of the net present value of the fundlng deficlt on the SUSS pension recovery plan. Further information 15 det3iled in note 28 to the accounts. Thi5 15 a long-term commitment which ends In 2035 and the trustees are confident that annual payments towards thls plan wlll be met out of Income for each year. After maklng approprlate enqulrles, the trustees have a reasonable expectation that the Unlon has adequate resources to continue in operational existence for the foreseeable future. For thls reason, they contlnue to adopt the golng concern basis In preparlng the fSnanclal statements. pl Signilicant judgements and e5tlmates Preparation of the financial statements requSres management to make significant ludgements and estlmates. The Items In the fSnancSal statements where these judgements and estimates have been made Include a55umptions around the financial assets and liabllities of penslon scheme commitments, and the discotjnt rate applied thereto. and the valuatlon of stock. 29
LIVERPOOLGUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS Forthe yearended 31July 2021 General Funds Deslgnated Funds Restrlcted Funds 2021 2020 2 Donatlons Unlverslty Block Grant Arts Council FundSng- Culture Recovery Fund Othervoluntary Income 1,716,386 113,524 82,500 1,912,410 L716,386 113,524 82,500 1.912.410 1,681,947 82,500 1,764,447 3 Income from charltable actlvltles Bar Coffee5hop Student Shops Entertainments Caterlng Faclllty Fee NUS Extra, Bus Pass & Graduate Portrait Commi551ons Student Servlces e,B. Glve It a Go Net Clubs & Socletles Income 117,478 207,045 31,457 117,478 207,045 31,457 684,605 394,374 286,835 13,368 30,000 30,000 30,CKKI 6,541 6,541 66,505 2,536 2,536 5,828 31,163 395,057 395,OS7 1,512,678 4 Income from othertradlng actlvltles Venue Hire and Staff Recharge5 Media Sales 41,408 33.490 74,898 41,408 33,498 74,898 189,060 126,556 315,615 5 Investments Interest recelved from Bank & Building Society Accounts 8,392 8.392 11,562 8,392 8,392 11,562 6 Other Income Coronavirus Job Retention Scheme Insurance Proceeds 325,099 325.099 311,709 87,286 398,995 325,099 325,099 30
LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENT5 Forthe yearended 31July 2021 7 Analysis of Expenditure 2021 Cost of Sales Staff Costs 2021 Total C05t 2020 Total C05t Other Costs Governan Costs Support Costs Ralslng Funds 123,905 27.797 2,152 91,441 245,295 347,752 Charltable Attlvltles.. Bars Coffee Shop Student Shops Entertainments student 5ervlce5 E.g. Give Ita Go Student 5ocletles Net Expendittjre 42.248 71,400 27,590 154,107 163,055 74,569 26,580 75.540 64,044 13,519 23,697 3,858 4,235 1,641 713 163,889 179,924 69,727 30,305 439.641 482,657 187.047 81,295 922,585 636,332 486,241 131,755 661,275 75.316 10,451 443,992 1,191,034 1,199,59,1 141.238 1.079.585 254.117 20,898 887,836 2.383.675 3.376.504 Other: Penslon deflclt costs 1,081,771 141,238 1,203,490 281,914 23,051 979,277 2,628,970 4,806,027 2020 Cost of Sales Governance Costs Support Costs 2020 Total Cost 2019 Total Cost staff Costs Other Costs Rabslng Funds 141,792 95,247 2,360 108,353 347,752 320,127 Charltable Actlvltles: Bars Coffee Shop student Shops Entertalnments Student SeNices E.g. Give It a Go 210,567 129,407 188,876 293,289 233,315 111,207 34,308 125,007 71,022 31,354 55,5 6,260 4,318 3,299 894 287,462 198,270 151,505 41,053 922,585 636,332 486,241 131,755 1,038,141 723,252 537,520 160,762 669,543 148,4 8,134 373,514 1,199,591 1,045,360 528.850 1,341.662 431.283 22.905 1.051,804 3.376.504 3.505.035 Other: Penslon deflcit costs 1,081,771 1,081,771 62,952 528,850 1,483,454 1,608,301 25,265 1,160,157 4,806,027 3,888,114 31
LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 July 2021 7 Analysis of Expenditure {cont.I Of the total expendlture £2,626,969 was unreslrlcted12020'. £4,805,19916nd £2,001 was restrlcted12020.' £8281. The support costs and governance costs are allocated to actlvSty based on the proportlon of that actlvlty's direct cost5 to total costs. In addition to the staff costs above, there are a further £819,29412020: £900,990) which are included in governance costs and support costs. Governance and support costs can be analysed a5 follow5.. 2021 2020 Staff costs Staff Recruitment, training & social costs Facility Costs Office & finance costs Travel, subsistence & conference costs Legal, professional & consultancy Marketing/Website costs Equipment purchase, hire & maintenance Irrecoverable VAT Oepreciation Sundry costs 819.294 7,463 31.192 32,205 308 28.880 11,889 10,435 17,650 20.913 900,9 19,816 30,127 44,219 2,178 46,263 28,081 27,606 27,809 19,984 1,002.328 1,185,422 8 Net incomellexpenditurel for the year This is stated after charglng.. 2021 2020 Depreciation Insurance proceeds CoronaviNs Job Retentlon Scheme recelpts Bad Debts incurred/lrecoveredl Audltors remuneration: Audlt 119,513 116,727 187,2861 1311,7091 3,945 1325,0991 13,9091 32
LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For theyear ended 31 July 2021 9 Analysls of staff eosts and the Cost of key management personnel 2021 2020 stsff costs were as follows.. Salarles and wages Social Security cost5 Employerfs contribution to h defined contributlon pensSon Other employee benefits 1,819,175 136,278 55,460 2,177,860 147,229 47,022 2,022,784 2,384,444 The followlng number of employees received employee beneffts lexcludinE ernployer pension costs) durlng the year between: 2021 No 2020 No £70,000- £79,999 £80,000- £89,999 The total employee beneflts Includlng penslon contributlons of the key management personnel were £347,9)5 12020.. £346,731). 10 Trusteeg remuneratlon and expenses 2021 2020 Trustees, remuneratlon and employer'5 Nl costs Trustees, expenses 88,044 25 87,241 88,069 91,381 Each of the sabbatlcal offlcers received a salary of £20,045 per annum12020: £20,0451 as authorlied in the Articles of A550clation of the Llverpool Guild of Students for the representation, campaignlng and support work they undertake a5 dlstlnct from their trustee responsibilities. The work includes volcing student opinion with the Univer51ty and local cornmunlty,.defendlng and extending the rlghts of students through petltions, and discussions wlth local MP'S. The trustees, expenses were incurred by 412020: 81 trustees In respect ot travel and Subsistence costs in the course of their duties. No Trustee received remuneration forwork undertaken In the dellvery of commercial seNices unrelated to thelr role as Trustee12020- nill. 33
LIVERPOOLGUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS Forthe yearended 31 July 2021 11 Staff Numbers The average number of employees (head count based on number of staff employed) durlng the year was made up as follows: 2021 No 2020 No Raising Fund5 Bars Coffee Shop Entertalnments student Shop5 Student Servlces Governance Support Servlces 10.5 93.5 35.7 58.5 28.7 23.5 23.9 25.5 40.9 37.8 179.4 32.9 243.4 Of the above stsff numbers, 10612020: 1731 are staff employed under a zero hours contract. 12 Taxation The charity is exempt from corporation tax as all of its Incomels charitable and is applied.for charitable PUTP05es. 13 Tanglble Fixed Assets Office Equlpment and Flxtures & Fittings Specla115t Computer Equlpment Equlpment Totsl Cost At l August 2020 Additlons Disp05als At 31 July 2021 924,372 54,459 66,595 8,869 78,581 1,069,S48 6,847 70,175 978,831 75,464 85,428 1,139,723 Depreclatlon At l August 2020 Charge for the year Disposals At 31 July 2021 563,550 104,046 44,768 7,287 65,043 8,180 673,361 119,513 667,596 52,055 792,874 Net Book Value At 31 July 2021 At 31 July 2020 311,235 360,822 23,409 21,827 12,205 13,538 346,849 396,187
LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021 14 Stock 2021 2020 Bars Coffee Shop Shop5 13,460 4,130 48,691 19.089 5,324 53.718 66,281 78,131 15 Debtor5 2021 2020 Trade debtor5 Other debtors Prepayments & accrueij income 30,737 8,659 61,780 49,538 113,073 77.168 101,176 239,779 16 Current Investments 2021 2020 Carrying value and market value at beginning of year Additions to investments at CQ5t Disposals at carrylng value 1,069,293 3,567 1,172,366 4.553 1107,62fj1 Carrying value and market value at end of year 1,072.860 1,069,293 17 Creditors.. amounts falling due wlthin one year 2021 2020 Trade credltors Soclal Security and other taxes University creditor Other credltors Pen51on liabllity Accruals & deferred Income 40,361 8,068 24.166 158,409 176.487 63,673 45,421 92 269,199 170,179 157,569 60,818 471,164 703,278 35
LIVERPOOLGUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 July 2021 18 Creditors: amounts falllng due after more than one year 2021 2020 Pen51on Liabilitv 2,962,840 3,166,079 2,962,840 3,166,079 19 Deferred Income Deferred income compri5e5 of venue hire sale5 invoiced in advonce, event tlckets sold In advance and the dlscount relating to future periods from pen5i0n deflcit contrfbutions pald In advan. 2021 2020 Balance brought forward Amounts released from previous year Amounts deferred during the year 8ASO 15,8501 11,487 111,4871 8,450 Balan carried forward 2,600 8,450 20 Flnanclal Instruments 2021 2020 Flnanclal assets measured at amortlsed cost Financial a55ets measured at fairvalue Flnanclal Ilabllltles measured at amortised cost Financial liabilities measured at fair value through the Statement of Financial Actlvitles 47,820 1,796,434 1291,3911 182,715 1,918,349 IS37,2601 {3,139,3271 13,323,648) Financial a55ets held at amortised c05t comprise trade debtors and other debtors excluding prepald costs. Flnanclal assets measured at fair valtje comprise short term Investments and cash at bank and in hand. Flnanclal liablllties held at amortlsed cost compr15e trade credltors, other creditors and accruals. Financial liabilities measured at fair value through the Ststement of Financial Artivilies comprlse the penslon deflclt contrlbutlon Ilabillty. The charIt5 income, expen5ei galns and losses In respert of finbnclal Instruments are: 2021 2020 Total interest income for financial assets held at amort15ed c05t Total Interest expense for financlal Ilablllties held at amortised cost 8,392 1,083 11,562 3,732 36
LIVERPOOLGUILD OF STUOENTS NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 July 2021 21 Capltal Commltments At 31 July 2021 there were no capltal expendliure eommitments. 22 Statement ol funds movement Transfer Between Funds Balance 31-Jul 2021 01-Aug 2020 Movement In Funds Intomè Expendliure Unrestrlcted funds., General Fund Pension Dehdt 1,365,002 13,323,648) 11.958.6461 2,390,757 26,761 2,417,518 12,507,4551 97,364 157,560 254,924 1,345,667 3.139.327 11.793.660) 12,507,4551 Desi8nated funds: Fixed Asset Fund Guild Strategic Development FuThJ Ellzabeth Gidney Fund 396,187 S0,QJO 54,738 500,295 1119,5131 70,175 346,849 S0.thJO 54,738 451.587 1119,5131 70,175 Restrlrted Funds: Societies own Income CJRS Funds NUS General Election Fund 216,619 12,0011 214.618 325,099 1325.0991 4,191 220,810 325,099 12,0011 1325,0991 218.809 TOTAL FUNDS 11,236,911) 2,742,616 12,628,970) 11,123,264) Transler Between Funds Balance 31-Jul 2020 01-Aug 2019 Movement kn fvnds Income Expendltur Unrestrfrted funds: General Fund Penslon Deficlt 1,518,239 12.391.940) 1873,7011 3,660,425 13,606,701) 1206.9611 11,081,771 150,063 14,688,472) 156,8981 1,365,002 13.323,6481 11,958,646) 3,660,425 Desl8nated fund& Fixed Asset Fund Gulld Strateglc Development Fund Elizabeth Gidney Fund 144,307 50,OCM) 54,738 249,045 1116,7271 368.607 396,187 50,000 54,738 500,925 1116,7271 368.607 Restrlcted Funds,. 5ocleties own Income CJRS Funds NUS General Electlon Fund 185.456 31,163 311,709 216,619 1311.7091 5.019 190,475 8281 18281 1311,7091 4.191 220,810 342,872 TOTAL FUNDS 1434,1811 4,003,297 14,806.0271 11.236.911) 37
LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 July 2021 22 Statement of funds movement Icont.) Unrestrlcted funds The pension deficlt has been dlsclosed as a separate unrestritted ne8ative fund to represent the net present value of the fUre contributlons required over 15 years to dear the penslon fijnd deflcit Deslgnated funds The deslgnated funds are unrestrlcted fund5 that are created by the trustees for specific purposes. The fixed asset furid 15 the net book value of a55ets purchased with unrestricted funds. The Gulld Strategic Development Fund is a fund Set up for the support of trustee-led development projec15 to engage wlth the Guild's membershlp. The Elizabeth Gidney Fund relates to a legacy received during 2012113 which 15 to be allocated to projects that are appropriate to the memory of the bequeathed. Restricted funds The restricted funds comprise: The Societle5' own income balanoe represents the accumulated funds raised by Indlvldual socletles. The NUS General Electlon Fund represents funds recelved to be expended on Eeneral elettlon campaigns. The CJRS Funds represent government funds received for furloughed staff Lluring the Coronavirus pandemic Reserve Iransfers Transfer5 are made from general reserves to other reserve5 in order to ensure that adequate funds are avallable In order to fulfll the purpose of each fund.
LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENrs Forthe yearended 31July 2021 23 Analysls of.net Assets between fund5- current year General Funds Designated Funds Restricted Funds Total Tangible Flxed Assets Cash & short term investments other net current assets/lllabllltiesl Defined beneflt penslon1Sability 346,849 54,738 50,000 346,849 1,796,434 1127,2201 13,139,3271 11,123,264) 1.522,877 1177,2201 13,139,3271 11,793,6601 218,809 451,587 218,809 Analysis OT net Assets between fund5- prior year General Funds Deslgnated Funds Restrlrted Funds Total TanBible Fixed Assets Cash & short term investments Other net current 3sset511liabilitie51 Deflned beneflt penslon1Sabllltv 396,187 54,738 So,0 396,187 1,918,349 1227,7991 3,323.648 11,236.9111 1,642,801 1277,799 3,323,648 11.958,6461 220,810 5CK).925 220,810 24 fteconclllatlon of net In¢ome/lgxpenditure} to net cash flow from operating activities 2021 2020 Net movement in funds Add back depreciation charge Ilncreaselldecrease In stocks Ilncreasel/decTease in debtors Increaselldecreasel In creditors Increase/ldecrea5el in deferred benefit pension liabllity 113.647 119,513 11,850 138,603 1251,032) 1184,3211 1802,7301 116,727 1,689 17,4121 152,478 931,708 151.7401 392,461 25 Analysls of cash and cash equivalents 2021 2020 Cash In hand Current accounts Deposlt accounts 1,194 722,380 1,072,860 17,894 831,162 1,069,293 1,796,434 1,918,349 39
LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS Forthe yearended 31 July 2021 26 Operating Lease Commitments 2021 2020 Withln one year Within two to five years After more than five years 1,220 359 1,046 861 1,580 1,907 27 Related Party Transactions The following have been Identified as related party transaction5 per the requirements of FRS 102. The Vniversity of Llverpool: In the year the Llverpool Gulld of Students received total grants Of É1,756k12020'. £1,722kl from the University of Llverpool, there was £2,013k12020: £2,392kl of purchase recharges (including payroll and bulldlng repalrsl and £76k 12020.- £125kl of sale5 recharges lincluding room hires and staff recharges). The Llverpool Gulld of Students, net year end credltor with the University of Liverpool was £26k as at 31 July 202112020.. £264kl. Trustee5 of the Liverpool Guild of Students.. see note 10-Trustees remuneration and expense5. National Union of Student5 Services Ltd INUSSLI.. Llverpool Gulld of Students Is an afflllated member of NUSSL who operate a purchasing con50rtium withln the student unlon movement. 28 Penslons The Gulld partlclpates In four penslon schemes: the Students, Unlon Superannuatlon Scheme ISUSSI, the Natlonal Unlon of Students Penslon Scheme INUSPSI, Natlonal Employment Savings Trust NEST and the University of Liverpool Pension Fund IULPFI. suss The Guild participates in the Students, Union Superannuation Scheme, whlch Is a defined beneflt scheme whose membershlp conslsts of employees of students unlons and related bodles throughout the country. Benefits in respect of seTvice up to 30 September 2003 are accrued on a "final salary" basls, wlth benefits in respect of service from l October 2003 accrulng on a Career Average Revalued Earnlngs ICAREI basis. With effect from 30 September 2011 the scheme closed to future accrual. The most recent valuation of the Scheme was carried out as at 30 June 2019 and showed that the market value of the Scheme's asset5 was £119.Im with these assets representing 46% of the value of benefits that had accrued to members after allowing for expected future increases In earnlngs. The deficit on an ongoing fundlng basls amounted to£140.9m. The assumptlons which have the most significant effect upon the results of the Valuatlon are those relatlng to the rate of return on investments and the rates of increase in salaries and pensions. The following assumption5 applied at 30 June 2019-_ The investment return would be 4.0% per annum before retirements and 2.0% per annum after retirement Penslons accrulng on post 1997 basls would revalue at 3.7% per annum and 3.4% per annum on the post 20fXJ basis Present and future penslons would Increase at rates speclfled by Scheme rules with appropriate assumptions where these are dependent on inflation.
LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENT5 Foi the year ended 31July 2021 The 2019 valuatlon recommended a monthly contrlbutlon requlrement by each Partlclpatlng Employer expressed In monetary terms Intended to clear the ongoing funding deficit over a period of 15 years and increased by 5% in Ortober 2020, 14.2% from October 2021 and at least 5% each year thereafter. These contributions a150 Include an allowance for cost of the ongoing administrative and operational expenses of runnlnB the Scheme. These rates will be formally revlewed followlng completlon of the next valuation due with an effectlve d8te of 30June 2022. Surpluses or deficits which arise at future valuations will also impact on the Gull¢J's future contrlbutlon commitment. In addilion to the above contributions, the Gulld also pays its share of the scheme's letry to the Pension Protectlon Fund. In accordance with FRS 102, the net present value of the future contrlbutlon5 required over IS years to clear the fundlng deficit Is £3,139,32712020- £3,323,648). In calculating thi5 net present value, annual increases of 14.2% In November 2021 and annual increases of 5% thereafter have been made and h discount rate of 1.75% representlng the typital yield of high quality corporate bonds has then been applied. NUSPS A5 a consequence of the SUSS scheme closlng to future accrual on the 30 September 2011 the Gulld has made available to permanent staff the National Union of Students Penslon Scheme INUSPSI with Scott15h Equltable PLC which is a money purchase scheme. Eligible jobholders are automatlcally enrolled into the scheme after postponement perlod of 3 months and can ch005e their level of contribution5 between 4% and 6%. The employer contributlon wa5 3% and 6% for former members ()f the SUSS scheme to March 2019 and 4% and 6% thereafter. The total contrlbutions paid into the scheme hy the Guild for the year to 31 July 2021 amounted to £104,07812020 - £91,920). As a consequence of auto- enrolment, a Natlonal Employment Savings Trust has been set up in order to auto enrol any appllcable Casual staff. To date no payments have been made tothe scheme. 29 Legal status of the charfty The charltyls a company limited by guarantee and ha5 no share capltal. In the event of winding up the liability of each member Is limited to £1. 41
LIVERPOOLGUILD OF STUDENTS NOTE5 TO THE FINANCIAL STATEMENTS Forthe year ended 31July 2021 30 Comparatlve statement of tlnancial actlvlty Unrestricted Funds 2020 General Designated Restrlcted Funds Funds Funds Note Total Income from: Donatlons and legacles Charitable ActlvltSes other Trading Actlvitles Investments Qther Income 1,764,447 1,481,515 315,615 11,562 87,286 1,764,447 1,512,678 315.615 11,562 398,995 31,163 311,709 3,660,425 342,872 4,ClJ3,297 Expenditure on: Ralslng Fund5 Charltable Activities Pension deficit costs 340,968 3,265,733 L081,771 6,784 109,943 347,752 3,376,504 1,081,771 828 28 Total resources expended 4,688,472 116,727 828 4,806,027 Net Incomellexpenditurel 11,028,047) 1116,7271 342,044 1802,7301 Transfets between fund5 22 156,8981 368,607 1311,7091 Net Movement in Fund5 11,084,945) 251,880 30,335 1802,7301 Reconciliatlon of funds: Total funds brought forward 30 1873,7011 249,045 190,475 1434,1811 Total funds carried forward. 22 11,958,646) 500,925 220,810 11,236,911) 42