Liverpool Guild of Students Liverpool Guild ol Sluifent5 160 MDunt plea￿n( L3 STR +44 (0) 151794 6968 w%*iv.liverpoolguild.org @LiverpoolGuild Reportand Financial Statements For the earended 31 Jul 2024 Charit Number: 1137398 Com Number. 07324992 an LIVERPOOL GUILD OF STUDENTS AUDITORS REPORT TO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Directors and Trustees All directors of the company are also trustees of the charity, there are no other trustees. The trustees serving during the year and since the year end were- During the year: Vasiliki Samuels (Resigned 3 1" July 20241 Kathryn Manley (Resigned 31" July 20241 Lina Dubbin5 IRe5ignect 31"July 20241 Rowan Bradbury (Appointed 1st August 20231 Since the year end: J itendra Inturi (Appoi nted I, August 20241 Holly Thomp50n IAppointed I" August 2024} Othman Ibrahim IAppointed I" August 20241 Rachel Gnagniko (Appointed 29th April 20211 Rishi Jain (Resigned 24th May 20241 Gabriella Tamas (Appointed 23rd November 20221 Alan Whittle IAppointed 31st August 20231 Ammar Zafar (Resigned 19th January 20241 Ali Mohamed Othman Ibrahim (Appointed 1st August 2023} Gabriel Barbosa Pr3dal IAppointed 1st August 20231 Omar Baher Samir Tawfiq Hu55ein (Appointed 1st August 20231 Nikole Petratou-wells IAppointed 22nd July 20241 Company Secretary Tricia O'Neill Key Management Personnel Chief Executive Director of Student Engagement Director of Business Development Tricia O'Neill mo￿en Proctor Sian McGreary Registered office Liverpool Guild of Students 160 Mount Pleasant Liverpool Merseyside L3 STR Auditors Dains LLP Suite 2, Albion House 2 Etruria Office Village Stoke on Trent STI 5RQ LIVERPOOL GUILD OF STUDENTS AUDITORS REPORT TO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 Bankers The Co-operative Bank p.l.c., P.0. Box 101 l Balloon Street Manchester M60 4EP Deposit Accounts Flagstone Group Ltd {Investment Plarforml I" Floor, Clarevi Ile House 26-27 Oxendon Street London SWIY 4EL Close Brothers Savings 10 Crown Place London Ec2A 4FT Finance and business advisors Counterculture Partnership LLP Bank Chambers, Main Street, Hawes, North Yorkshire, DL8 3QL Insurance Brokers Endsleigh Business I nsu rance Services The Quadrangle Imperial Square Cheltenham Gloucestershire GL50 IPZ Advice UK Suite 610, 150 Minories, London, EC3N ILS Solicitors Governance, charity and corporate law Bates, Wells and Braithwaite London LLP 2-6 Cannon Street London EC4M 6YH Employment and commercial law Weightmans LLP India Buildings Water street Liverpool L2 OGA As allowed under Section 60 of the Companies Act 20CIS the company is exempt from the requirement to use 'limited" LIVERPOOL GUILD OF STUDENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 I. STRUCTURE, GOVERNANCE & MANAGEMENT Governing Document Liverpool Guild of Students is a Students. Union within the meaning of the Education Act 1994. The Guild is devoted to the educational interests and welfare of its members and is an independent representative 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 & Article5 of Association effective from l August 2010, and a set of Byelaws, both approved by the membership, the University of Liverpool, and the Charity Commission. We also have a Memorandum of Understanding with the University of Liverpool. The Articles of Association state the Guild's principa S objectives as being: 'B. The Guild will seek at all times to: (il ensure that the diversity of its Membership is recognised and that equal access 15 available to all Members of whatever origin or orientation; (i1} pursue its aims and objectives independent of any political party or religious group,. and (iiil pursue equal opportunities by taking p051tive action within the law to facilitate partiCiP3tion of gro ups discriminated agairist by society. These Articles have been structured to give the Board of Trustees reasonable authority to manage the affairs of the Guild in a profe55ional manner. The Membersenjoythe right, 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 Trustees will give the utmost consideration to the views of Members. D. Under the Education Act 1994, the University of Liverpool ha5 a Statutory duty to ensure that the GLJild operates in a fair and democratic manner and is held to proper account for its f inances. The Guild therefore works alongside the U n iversity of Liverpool i n ensuring that the affairs of the Guild are properly conducted and that the educational and welfare needs of the Guild's Members are met., Appointment of Trustees Our Boa rd of Trustees is responsi ble for ensuring the orga nisation remains f it for purpose, and for setting the strategy of the organisation in consultation with senior staff. It also approves all policy, our annual budget, and monitors organisational performance against agreed key performance indicators IKP151. The membership of the Trustee Board is defined as follow5: Four Student Representative Officer Trustees Four Student Trustees Four External ICo-opted} Trustees LIVERPOOL GUILD OF STUDENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 luly 2024 The Student Representative Officer ISROI Trustees are elected by the entire membership during a cross campus election and hold office for 12 months. As directed by the Education Act 1994, they can serve a maximum of two term5. The Student Representative Officers are the major union off ice holders described in the Education Act119941. The fourstudent Trustees are positiDlls that are advertised and then appointed to by the Board and serve for a term of two years. They can serve a maximum of four terms, which may be either consecutive or non-consecutive. They must be a registered student at the Universlty of Liverpool to hold off ice. The four External Trustees are also positions that are advertised and then appointed to by the Board. They are recruited on the basis of their expertise and experience and hold office for a term of four years. External Trustees can seNe for two terms. These can be consecutive or non-consecutive Trustee Induction and Training All new Trustees participète in a comprehensive induction programme, which includes: Tra i n ing- session5 cover skills and knowledge-based content; Introductions to key staff and other Trustees; and Provisior of copies of the Union'5 key policy, governance. and financial documents, On-going training needs forstudent Representative OfficerTrLE5tee5 are monitored by the Chief Executive through 1-2-Is and regular catch-up meetings. Trustees are allocated into a Mentor group consisting of an External Trustee, a Student Trustee, and a Sabbatical Officer Trustee. Organisation Trustee Board The Board of Trustees administers the charity. The Board meets on several occasions throughout the year and there are three standing subcommittees Convened under Article 45 of the Articles of A550ciation covering operational areas of the Boarol's remit. These are: Resources & Audit Committee As laid out in Byelaw 5, the Resources & Audit Committee is responsible for all fina ncial matters of the organisaticin. Governance & A ointments Committee As laid out in Byelaw 6, the Governance & Appointments Committee is responsible for appointing new Trustees, monitoring the effectiveness of the Board, and acting as a discursive forum for all matters relating to effective governance. Peo le Culture and EDI IEquality, Diversity and Inclusion) Committee As laid out in Byelaw 14, the People Culture and EDI Committee monitor5 the approach to people and culture, including overseeing the development of relevant LIVERPOOL GUILD OF STUDENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 policies. procedure5 and regulations, and ensuring best practice and compliance with employment law. The comrrittee also monitors equality and diversity in the Guild's role as an employer. Finally. the committee undertakes a number of duties relating to the management of the Chief Executive. Guild Summit The Guild Summit 15 made up of SD students. who are selected by sortition to reflect the wider student body, and has the following a uthority las set out i n the Articles).. o Make recommendations to the Trustees", Discu55 and debate issues pertinent to students,. o Make non-binding motions of no-confidence in one or a number of Trustees; and o Consider any busine55 referred to Guild Summit by the Trustees and other Guild bodies. Annual Members Meetin Under our articles, we are required to hold an Annual Members Meeting each year, presenting our accounts 3nd the Trustees Annual Report to the membership. The Annual Members th Meeting took place on Tijesday 16 April 2024. Chief Executive A Chief Executive is appointed by the Trustees to manage the day-to-day operations of the charity. To facilitate effective ope ratlons, the Ch ief Executive has de legated authority, with in terms approved by the Trustees, for operations including finance, employment, Guild operations, governance, membership service5, marketing and communications, and other related activity. Related Parties and Co-operation with Other Organisations The Univer51ty of Liverpoo l is the parent institution of Liverpool Guild of Student5. The Guild received 3 revenue block grant in the year from the University of Liverpool of £1,897,344. The Guild also occupies a building owned by the University, which also pays for utilities. This non-monetary support is intrinsic to the relationship between the University a nd the G Lti Id. The Guild President is a member of University Council and, as of the 2022-23 academic year, a second Student Representative Officer also has a seat on University Council. Although recommended by the Charities SORP, which has been adopted for this and future financial years for due compliance with the requirements forStudents' Unions provided for in the Charities Act 2011, it is not PO55ible to identify a n esti mated value to the Guild for thi5 f ree serviced accommodation as the University does not provide separate property values for its building5 to the occupiers. Although the Guild continues to generate supplementary funding from various mutual trading activities, it will always be dependent on the University's support. LIVERPOOL GUILD OF STUDENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 The Trustees consider it reasonable to anticipate that this or equivalent support from the U niversity will continue for the foreseeable fLtture, as the EctLication Act 1994 imposes a duty on the University to ensure the financial viability of its student representative body in one form or another. The Trustees therefore consider the Guild to be financially viable for the foreseeable future. Pay Policies for Senior Staff The remuneration of key management personnel is set by the Board, with the policy objective of ensuring that they are provided with appropriate incentives to encourage enhanced performance and are. in a fair and responsible manner, rewarded for their individual contributions to the Guild's success. Delivery of the Guild's charitable vision and purpose 15 primarily dependent on our key managemerit personnel and staff costs are the largest Single element of our charitable expenditure. In 2022 an organi5ation wide pay-review was carried out to ensure salaries were in keeping with comparable roles in the sector, and more widely. Staff feedback was sought during this process. Risk Management The Board, through the Resource5 and Audit Committee, strategically monitors major risks, and the effectiveness of systems and procedures designed to manage them. In 2023 the Board approved a new approach to assessing and managing risk, embedding the principle that the risk register should be an active document, which is regularly reviewed and p rovides focus on a reas of greatest importance. At least four times a year, the risk register is reviewed, to e nsure it adeq uately ca ptures the current Strategic risks. The register includes a comprehensive assessment of each risk and its context, accompanied by a specific set of measures intended to address the potential impacts. A dashboard has been developed to provide the Trustees with an oveNiew of these current risks, how each is currently rated, and how this rating has changed over time. Any changes to risk levels, or significant changes to ma nagement strategies, are outlined in the dashboard. The plans and strategies for managing risk include maintaining effective internal controls, staff and student training, incident-reporting and monitoring systems, and appropriate insurance cover. LIVERPOOL GUILD OF STUDENTS AUDITORS REPORT TO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 2. OUR PURPOSES AND ACTIVITIES Purpose The Guild's Strategic Plan outlines how the organisation will achieve its mission to offer excellent opportunities, services and facilities which im prove, enrich and develop the lives of all students at the University of Liverpool.The plan was originally set to run between 2019 and 2022, but was extended fortwo additional years, because of the pandemic. The current Strategic Plan ended in July 2024 The Gu ild's Articles identifie5 Its cha ritable objects as follows: "The advancement of education of Students at the University of Liverpoolfor the public benefit by." . providing opportunities for the expression of Student opinion and actively representing, supporting and Gdvising student5,' octing os the recogni5ed representative chonnel of comrnunication between 5tudEnt5 and the University of Livgrpool and other extern(71 bodies,. promoting the interests Jnd welfore of Students Clt the University of Liverpool,. focilittiting sociol, cultural, sporting and recreGtionul uctivities forums for discussions and debatefor the personal development of its Students, ond providing services Gnd support for its students,, and working with other Students, unions and affilioted bodies. Public Benef it In pursuit of these a ims for the public benefit. the Guild will ensure the diversity of its membership is recognised, valued, and supported and has established departments and services fcr use by its members and to support its work with the University of Liverpool and other organisations on behalf of stLJdents. These include membership services, social enterprise, and marketing and communications. The Guild continues to represent the Students of the U n iversity on releva nt loca I, nationa I, a nd international issues. The Student Representative Officers sit on over 60 University committees, covering a wide range of aspects of the student experience. In addition, officers sit or) a number of committees within the city, fc)cusing on topics such as student safety, and the night-time economy. The Guild and University jointly runs a Course Representative System, which ensures student voices throughout University decision making. Policies relating to grant making Liverpool Guild of Students recognises the importance of student activity, and endeavours to provide meaningful su pport to 5tudent5 runn ing societies. I n add ition to logistical support, and the provisiDn of venue spaces, the Guild makes available a pot of money for societies to bid into. Societies are invited to a pply for f unding from this pot to su pport their activity, through a process called Spend It. Since September 2014, a model of participatory budgeting, has been used to allocate these f unds, putting decision making in the ha nds of student societies. In 2021, the Spe nd It process LIVERPOOL GUILD OF STUDENTS AUDITORS REPORT TO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 was split in two; Mini Spend It is open to bids of up to £350.00, while Bigspend It provides funding of between £350.00 and £4000.00. Agreed criteria hel p ensure that decisions are in line with the Guild's cha ritable objects, whilst giving partici pa nts the flexibility to agree priorities a nd work collectively. Since 2020-21 all societies are given £50 to fund welcome activity. Money that is not used is recouped by the Guild later in the year, so it can be redistributed th ro ugh the process outlined above. In previous year5, societies had to charge membership fees of at least £3.00. Since 2020-21, in response to the anticipated impact of Covid on levels of activity, membership charges were stopped. Thi5 continues to prove successful in increasing societies membersh ips. Artivities The Guild u ndertakes and faci litates a wide range of services a nd activities; Social Enter rise Social Enterprise bring5 together the retail, venues, and licensed trade activities of the Guild. The Guilcl's venues provide 5tudent5 Wlth a place to meet, a coffee shop and bar space. The Guild works closely with Hospitality Liverpool, who provide a range of food within the Courtyard and Sphinx. The Guild houses Liverpaol's second largest live music venue, the Mountford Hall. This venue is used for external gigs, as well as awards ceremonies, performances, and formal dinners. Space 15 available for societies to book for events for a range of activities, including performances. dinners, and external speakers. Venue staff provide advice and support to groups wishing to book this sp3ce and the necessary technical support to deliver their events. The Guild also operates a shop, selling a range of pasties, confectionary, sandwiches, hot 2nd cold drinks, stationery, clothing, 3 nd toi letrie5. In add ition, the G uild runs an online shop selling 3 range of University crested clothing. Membershi Services The Membership Services Department is made up of three main teams; Advocacy, Democracy and Campaigns, and Student Activities The Advocacy Team's work includes supporting and developing course representatives, providing acadernic, housing and wellbeing advice, and Supporting Guild officers in committee activity. The Democracy and Campaigns Team facilitates student-led campaigning, working closely with Student Representative Officers. They also ensure the Guild is a democratic, involving LIVERPOOL GUILD OF STUDENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 organisation, through delivering elections, administering the Guild's Change It platform and facilitating meeti ngs of the Summit. The Student Activities team support5 the work of student societies and provide volunteeri rig opportunities, offering students the chance to lead activitie5, develop new ski Ils and meet other students. They work closely with the University to develop Hall Students Committees, ensuring that students have the best P0551ble experience living i n university accommodation. In addition, the team run a Give It a Go schedule; a diverse programme of events where students can learn new skills, meet new people and visit new places. The team a Iso has a ra nge of activities to support sustainability. Working closely with students, the University, and other stakeholders they offer opportunities for students to have a p051tive impact on the environment around them, Volunteers have worked with local schools, developed innovative approaches to sustainability challenges and worked to embed Sustainability in the curriculum. Finally, the team 31so supports fundraising activity, and administers the Guild's online volunteering platform. Marketin The Guild's Marketing Team works acr055 the organi5ation5, to provide expert marketing support. Thi5 team coordinates the Guild's main communication streams including all-student emails, and social media. They also manage the Guild'5 website, which 15 Used a5 a key communication tool, as well as being an outlet for ticket sale5 and the platform for Guild elections. The team undertakes graphic design work, creating assets including Welcome materials, instal lation5, campaign resources and promotional materials for events. The team are also responsible for the generation of media séles income. offering opportunitie5 to market their services and products to students during Welcome Week, and throughout the year. The team manages relationships with the media, responding to enquiries as well as taking proactive Steps to secure positive media coverage. ort Services The Guild a150 ha5 a number of central services, including reception, facilities and building management, HR, Governance and Executive A551Stant Support. There is also a Finance Department that manages the financial functions of the Guild including the payment of invoices, production of management accounts and other financial functions. io LIVERPOOL GUILD OF STUDENTS AUDITORS REPORT TO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 3. ACHIEVEMENTS AND PERFORMANCE During 2023-24, the Guild focused on implernenting the final year of the current Strategic Plan. Throughout the year the Trustee Board was kept updated on work undertaken and progress towards achieving the plan. Following on from success in previous years, the series of Work Streams were continued, bringing together officer5 and key staff ta focus on aspects of the Strategic Plan and officers, manifesto commitments.These met regularly throughout the year. The key achievernents for each of the Strategic Promises are outlined below. romise to su ort our members The Guild is committed to ensuring members are supported throughout theirtime atthe University. As a result of stude nt feedback, work in this area has focused on providing access to high-qua lity, timely advice through the Guild's Advice Team, positively contributing to a safe and welcoming campus environment, combating student loneliness, and enhancing wellbeing, and developing student employability. Give it a Go activities ran throughout the year, offering students opportunities to meet new people, get to know the city and beyond, and learn new skills. We continued to work closely with the Un iversity to deliver a tailored programme fo r Students living in Untversity halls. Once again, the Guild held a Student Leader5 Conference, offering a series of workshops, speakers and activities a imed at improving employability, a nd with a pa rticu lar focus on eq uality and d iversity. This year, the Guild's Bystander Intervention programme was extended to all first year Undergraduate students in the Faculty of Health and Life Sciences, significantly increasing the number of students who completed the training. The Guild also hosted weekly drop-ins, run by Liverpool Alcohol Community Services and We are With You, aimed at students seeking SUPPOrt about their drug oralcohol use. The Year in numbers During 2Q23-24. over 900 students received advice and support from the Guild's Advice Team, up from 671 in 2022-23. Over 3000 stULlents undertook Bystander Intervention training, up from 1400 in 2022-23. The Guild survey asked respondents whether involvement in Guild activitie5 improved their employability. 61.54Yo of Society Committee members felt participation in Guild activities had made them more employable149.09Yo in 2022 and 61.2% in 20231. Course Representatives- 54.17%153.79% in 2022 and 60.79¥0 in 20231 Volunteering Liverpool Members- 69.230A160.131 in 2022 and 73.12% in 20231 HSC IHa115 Student Committeel Members- 54.17Yts160.28Yo in 2022 and 65.38¥0 in 20231 Project Volunteers- 84.38%168.42Yo in 2022 and 73.580A in 20231 li LIVERPOOL GUILD OF STU£)ENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 Over 500 nominations were received for Guild Awards, celebrating the contribution students make to the University, the city, and the wider community. romise to ut members at the heart of decision makin The Guild's core function is to represent the interests of our member5. The Guild ensures that the University, the city and, through its membership of the National Union of Students INUSI, national government, considers the views of students when they make decisions. This involves a range of diffe rent methods, includi ng lobbying politicians, supporting student activism, attending city-wide meetings, making written submissions to sector bodies, and playing an active role on University committees. This year, the Guild has ensured that students voices and options on a wide range of tOPlC5. This has included; The Universlty developed a submitted a new Access and Participation Plan to the Office for Students IOfSI. As part of this, the Guild submitted a student submission to the Ofs, detailing student's views on the measures outl ined in the U niversity's Plan. Successfully proposi ng the introduction of alcohol-free accommodation in u n iversity halls. Successfully lo bbying city stakeholders to reintroduce a night-bus. Submitted to a range of consultation5, including The Office for Students, consultations on Freedom of Speech Guild Officersjoined working group5 and boards, focused on implementing the new U niversity strategy Guild Officers played an active role in the University's Reace Equality Charter work, contributi ng towa rds the institutional subm issia n. The Guild also supported course representatives to carry out enhancement projects in their departments. These involved identifying key student concerns and working with academic and professional services staff to develop recommendations and find solutions. The Year in numbers 4232 students voted in the Student Officer elections15009 in 20231 1921 votes were cast in in Guild Referendums 20 ideas submitted to the Guild through our Change It platform 65°A of students believe the Guild offers them an opportunity to influence decision making within the Guild. 795 students were course representatives We romise to invest in our s aces The Guild's central location means it remains an important place for students to gather. To ensure the building remains welcoming, the liaison group between the Guild and University h35 continued to meet regularly, to consider building improvements. This has helped drive work forward and established a 5harecl understa nd i ng of priorities. 12 LIVERPOOL GUILD OF STUDENTS AUDITORS REPORT TO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS Forthe year ended 31 July 2024 We a150 invested in online spaces, launching a new website at the start of the 2023-24 academic year. Training was provided to staff, and Society leaders, ensuring that they could make the most of the new site and its functiona lity. The Year in numbers There were over 639,489 vi51ts to the Guild during 2023-24 The Guild'5 website had 2,693,243 page views 17 live music events were held in the Mountford Hall 38,169 attendees at GuiSd run events 770h of students believe that the Guild is doing either Wery well, or'well, in providing events173% in 2022 and 78Yo in 20231 romise to ensure all members benefit from the Guild This year, the Guild held a further series of focusgroup5 to better understand the views and experience5 of specific groups af students, to understand their needs and experiences of the Guild. During this year's officer elections, work wa5 undertaken to encourage and enable candidates from under-represented groups including postgraduate students, Black 5tudent5, Asian students, internationa I students, a nd mature students. This was successful a nd led to a n increase in internationa I students, both postgraduate5 and undergraduates, stand i ng for election, a nd getting elected. Th15 year, the Guild also recruited two new roles, focusing on enhancing our work on Equality, Diversity and Inclusion in both our5taff team and our offer to members. The Guild's More than a Month project team led on organising celebration events, including Black History Month, Disabilitv History Month, and International Women's Day. The Year in numbers There were 31,262 Society memberships, and 39Yo of students were a member of at least one society (25Yo in 2022-231 The Guild faci litated 225 student-led societies 88QA of respondent5 to the Guild Survey were Very Satisfied or Somewhat Satisfied with the Guild1880/0 in 20231 Levels of satisfaction continue to vary between groups, and these variations continue to be monitored, and reported to Bcard, and informs ourwork. 75.040/0 of NSS (National Student 5urveyl Respondents believe the Guild represents their academic interests. This is an increase from 72.48Q/o in 2023. 13 LIVERPOOL GUILD OF STUDENT5 AUDITORS REPORT TO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 4. FINANCIAL REVIEW The principal income sources for the Guild are the block grant provided by the University of Liverpool and funds generated through commercial activity. The Guild produced a surplus for the financial year of £127,796 before the movement on the pension scheme liability {2023: £41,303). Net liabilitiesat 31July 2024 stood at £155,59912023- £148,562). The cash and current a55et investments balance at the financial year end was £2,522,08112023: £2,652,3551- In svmmary the Guild 15 in a stable financial position however the Trustees are cognizant of future pension liabilities arising from the SUSS (Students Union Superannuation Scheme) pension scheme- now closed to accrual forGuild staff - and the financial strategy of the Guild reflects this risk while adeq uately resourcing on-going charitable activities, Investment policy The Investment Policy of the Guild is to hold the majority of its reserves in cash, spreading deposits between financial institutio ns in order to mitigate counterpa rty risk. Cash deposits are either instant access or fixed term with the balance being determined by cash flow requirements. The Guild has adopted an Ethical Investment Policy by which financial institutions are assessed aga inst crite ria befo re the Guild will make a deposlt with them. Within the framework of ma naging risk, l iqu idity and ethical standards, the highest i ntere5t rates a re Selected to maximi5e investment return. Reserves policy and going concern The trustees have adopted a reserve5 policy, the objective of which is to protect the Guild and its charitable activities by ensuring adequate liquidity while the organisation adjust5 to any short term (three to six monthsl changes It encounter5 in its financial and operating environment. Such changes might include: Interruptions to the Erant fu nding fro m the University; Provision for unforeseen events- Staff notice and redundancy payments and/or legal fees in the event the Union is wound up. At the same time the trustee5 want to ensure reserves are not too high in order to maximise the resources applied to the Guild's charitable purpose, the abilityto invest in the Guild's fixed assetsto maintain the quality and standards of its service prDVISIDn, and the abilityto meet the Guild's contribution obligations to the Students, Union Superannuation Scheme. Following this policy the trustees have set a target of the Guild holding a minimum of six month5, unrestricted operati ng costs in u n restricted funds (not includ ing the pension deficit reserve). Based on the 2023/24 financial year this target figure would equate to £2,335,952. At 31July 2024the Guild held unrestricted funds of £1.775,239 {2023: £1,769,557) equatingto 75.9Yo of the target level, with a separate reserve fund established to account for the pension deficit. The pension deficit fLtnd sits ori the balance sheet as a negative reserve set up under FRS 102 to represent the net present value of the future contributions required over 13 years 14 LIVERPOOL GUILD OF STUDENTS AUDITORS REPORT TO THE MEMBERS OF LIVERPOOL GUILD OF STUI)ENTS For the year ended 31 July 2024 to clearthe pension fund deficit. At the year end thevalue of this deficit was £2,436,77912023: -£2,500,387). The trustees intend the Guild to reach the target level of reserves through continued investment in the quality of the activities and services on offer to members, in order to generate suff icient financial surpluses to both reinvest in those service5, and to support the reserves position, Qngoi ng monitoring of the reserves is carried out by the Resources a nd Aud it Committee on a quarterly basis. The reserves policy itself is reviewed every three years to coincide with the funding cycle of the Students, Union Superannuation Scheme. The following designated reserves have been created by the Trustees as at 31 July 2024: Fixed a55ets fund - £172,994, being the net book value of fixed assets purchased with unrestricted funds,. and Guild Strategic Development Fund £50,000, being a reserve for Student Representative Officer led initiative5 to engage students i n LGOS and to provide services to meet membership demand. Elizabeth Gidney Legacy- £55,010, being a reserve for the promotion of Representation and Democracy. Going Concern The Guild has net liabilities of £155,599, due to the recognition under Charities SORP IFRS 1021 of the net present value of the funding deficit on the SUSS pension recovery plan. Further information 15 detailed in note 28 to the accounts, This is a long terrn commitment which ends in 2037 and the trustees are conficsent that annual payments towarcls this plan will be met out of income for each year. After making appropriate enquiries including reviewingfinancial forecastsforthe comingyear, the trustees have a reasonable expectation that the Guild has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the gtsing concern basis in prepari ng the fin3 ncial statements. Fundraising statement The Guild raises funds outside of the University block grant via commercial income through the operation of licensed prem ises, entertainments, catering, retail a nd third-party advertising. The Guild does not raise funds via the usual fundraising channels that other charitie5 Utilise. For example, funds are not raised via money collections, Just Giving lor similarl pages, lotteries, cold calling or legacy donations. Occasionally funds might be raised for a specific project via grant applications, such as fu nd ing from local community groups to facilitate activities. No professional fund-ra i5ers or commercial participator carried out any activities 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 regulating fundraising and no voluntary standard of fund-raising in respect of Guild activities on behalf of the charity was undertaken. No persons acted on behalf of the Guild for the purpose of fundraising, and no complaints were received by the G uild a bout f u nd-ra i5ing activity by the charity. A5 the Guild does not underta ke fund-ra ising activity outside of operating commercial outlets and grant applications, a strategy for protection of vulnerable people and members of the public in relation to fund-raising is not required. 15 LIVERPOOL GUILD OF STUDENTS AUDITORS REPORT TO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 5. FUTURE PLANS In summer 2024 the Guild's Board considered whether to develop a new strategic plan, or to continue to focus on the priorities. It was subsequently agreed that the strategic o bjectives would rernain broadly the same. Only the objective to 'lnvest in our sp3ce5" was amended, changing to 'Deliver excellent spaces and Services". This was intended ta give a wider scope to this area. These strategic objectives, or promises, are to: Support our member5 Put members at the heart of decision making Deliver excellent spaces a nd se rvices Ensure all members benefit from the Guild Each year, a set of key projects will be identifiecl for each of these objectives, ena bling the G uild to focus on the current needs of member5, whilst maintaining a Song-term perspective. Progress will be reported to the Board at regular points throughout the year. A reduced set of Key Perforrnance IndicatDrs have been identified, to help measure progre5S. The four promises are underpinned by a commitment to developing the organisation in four key areas. The following Excellence Plans will d rive this wo rk forward through the lifetime of the strategic plan. Corllmunications People IT and Digital Equality, Dive F51ty and inclusion Underpinning this planned work was 3 commitment to the following values- Fun and Friendly- Everyone iswelcomed atthe Guild. and we will create a home awav from home for all our members. Ambitious- Everything we provide is the high quality our members deserve Innovative and Agile- we will be responsive and open to new idea5. Representative and Involving- our member5 lead us and are involved in shaping their own experience at every level, we will amplify your voices Professional and Responsible - we are inclusive, informative, respectful, human and inspiring. Sustainable - We've been here for over 100 years. We'll be here for hundreds more by being ethica Ily, environmentally and financia Ily sustainable. 16 LIVERPOOL GUILD OF STUDENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 6. STATEMENT OF TRUSTEES, RESPONSIBILITIES The charity trustees Iwho are also the directors of the Guild for the purpose5 of company lawl are responsible for prepa ring a trustees, a nnua I report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the incorne and expenditure, of the charitv for that period. I n prepa ring these accounts, the trustees a re required to: select suitable accou nting policies and then a pply them con515te ntly,. observe the methods and principles in the Charitie5 SORP 2019 (FR5 1021; make judgements and estimates that are reasonable and prudent,. State 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 Eoing concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustee5 are responsible for keeping proper accounting records that disclose with reasonable accuracy at anytime the financial position of the charitable companyand to enable them to ensure that the account5 comply with the Companie5 Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasona ble steps for the prevention a nd detection of fraud a nd other irregularities. The trustees are responsible for the maintenance a nd integrity of the corporate and f i nancial information included on the cha rita ble compa ny's website. Legislation in the U nited Kingdom governing the prepa ration and di55em ination of financial statement5 may differ from legislation in other j u risdictions. Trustee5' Statement of disclosure of information to the auditors In so far as the trustees are aware at the date of approval of this report: there is no relevant audit information, of which the charitable company's auditor is unaware, and the trustees have taken all steps that they ought to have taken to make themselves 3ware of any relevant audit information and to establish thatthe auditor is aware of that information. Approved by the Board of Trustees and signed on its behalf Rowan Bradbury Chair of Trustees 12 December 2Q24 17 LIVERPOOL GUILD OF STUDENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 Opinion We have audited the financial statements of Liverpool Guild of Students (the 'charitable company'l for the vear ended 31 July 2024 which comprise the Statement of Financial Activities, Balance sheet, Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been appliecl in their preparation is applicable law and United Kingdom Accounting Sta nda rds, incl uding Fi na ncial Reporting Standard 102 The Fi na ncial Reporti ng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fairview of the state of the charitable company'5 affair5 as at 31 July 2024, and of its incom ing resources and application of resources, including its income and expenditure, for the yea r then ended,. have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further describecl in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the cha ritable company in accordance with the ethica I requirement5 that a re relevant to our a ud it of the financial Statements in the UK, including the FRC'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 suff icient and 3 ppropriate to provide a basis for ou r opiniDn. ConclusiDn5 relating to going concern I n auditing the f inancia I statements, we have concluded that the tru5tee5' use of the going conce rn basis of accounting in the preparation of the financia I statements is appropriate. Based on the work we have performed, we have not identifiecl any material uncertainties relèting to events or condition5 that, individually or collectively, may cast significant doubt on the charitable company'5 ability to continue as a going concern for a period of at least twelve months from when the financial statements are authori5ed for issue. Our responsibilities and the re5ponsibiSities of the trustees with respect to going concern are describecl in the relevant sections of this report. Other information The other information comprise5 the information included in the trustees annual report, other than the financial statements and our auditor's 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 responsibilitv 15to read the otherinformation 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 appear5 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. 18 LIVERPOOL GUILD OF STUDENTS AUDITORS REPORT TO THE MEMBERS OF LIVERPQOL GUILD OF STUDENTS For the year ended 31 July 2024 Opinion on other Matters prescribed by the Companies Act 2006 In ouropinion, based on the work undertaken in the course of the audit: the information given in the tru5tees' report forthe financial yearfor which the financial statements are prepared is consistent with the fina ncial stateTNents,' and the trustees report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material mi5Statements in the trustees report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to YOU if, in ouropinion: adequate accounting records have not been kept, or returns adequate for Our audit have not been received from branches not visited by us", or the financial statements are not in agreement with the accounting records and returns- or certai n d isclosures of directo rs, rem uneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explai ned more fully in the tru5tee5' responsi bilities statement, the tru5tee5 (who are also the directors of the charitable companyforthe purposes of company lawl are responsible forthe preparation of the financial statements and for beinE satisfiecl that they give a true and fair view. and for such internal control as the trustees determi ne 15 necessary to enable the preparation of fina ncial statements that 3 re free from material misstatement, whether due to fraud or error. In prepa ring the financial statement5, the trustees a re responsible for a55essing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the go i ng concern basis of accounti ng unless the trustee5 either intend to liq uidate the charitable company or to cease operations, or have no rea l istic alternative but to do so. Auditor's responslbil ities for the audit of the fi nanci31 statements 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 15 not a guarantee that an aud it conducted in accordance with ISAS l U Kl 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. I rregularities, including fraud, a re insta nces of non-complia nce with law5 and regulations. We design proced ures i n line with our responsibilities, outl ined above, to detect materia I misstatement5 in respect of irregula rities, including fra ud. The extent to which our proced ures 3 re capable of detecting irregularities, including fraud is detailed below: 19 LIVERPOOL GUILD OF STUDENTS AUDITORS REPORTTO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 Our approach to Identifying and assessing the risks of material misstatement in respect of irregularities, inclucling fra ud and non-com pl lance with laws and regulations, was as follows.. the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the charitable company through discussions with directors and other management, and from our commercial knowledge and experience of the sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the financial reporting legislation, Companies Act 2D06, Charities Act 2022, taxation legislation, anti-bribery, employment, and environmental and health and Safety legislation: we a55essed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained 31ert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charitable company's financial statements to material m155tatement, including obtaining an understanding of how fraud might occur, by= making enquiries of management asto where they considered there was Susceptibility to fraud, their knowledge of actual, Suspected and alleged fraud- and considering the internal controls in place to mitigate risks of fraud and non-com plia nce with laws a nd regulations. To address the risk of fraud through management bias and override of controls, we: performed a nalytica I procedures to identify a ny unusua l or unexpected relationships; tested journal entries to identify un usua I transactions. assessed whetherjudgements and assumptions made in determining the accounting estimates set out i n Note I were indicative of potential bias; a nd investigated the rationale behind SiEnificant or unusual transactions. In response to the risk cf irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financia I statement disc105ures to u nderlying supporti ng docume ntation; reading the minutes of meetings of those charged with governance,. enquiring of management as to actual and potential litigation and claims- and reviewing correspondence with HMRC, relevant regulators and the charitable company's legal adviso r5. 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 20 LIVERPOQL GUILD OF STUDENTS AUDITORS REPORT TO THE MEMBERS OF LIVERPOOL GUILD OF STUDENTS For the year ended 31 July 2024 events a nd transaction5 reflected in the fina ncial statements, as we will be less likely to become aware of insta nces of non-com plia nce. The risk is a Iso greater regarding i rregularitie5 Occurring due to fra ud rather than error, as fra ud involves intentiona I concea Itne nt, forgery. collusion, om ission or misrepresentatio n. A further description of our responsibilities for the a udit of the financia I statements is located on the Fina ncial Reporting Co u nci I's website at: www.f rc.org. uk/auditor5responsibilities. Th is description forms part of our Auditors, report. Use of our report This report is made solely to the charitable company's members, a5 a body, in accordance with Chapter3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other thèn the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinion5 we have formed. Simon Hawkins15enior Statutory Auditor) For and behalf of Dains Audit Limited statutory Auditor Chartered Accountant5 Suite 2, Albicn House 2 Etruria Office Village Forge Lane Stoke on Trent Staffordshire STI 5RQ 11,12. Ilf 21 LIVERPOOL GUILD OF STUDENTS STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 July 2024 Unrestricted Funds 2024 2023 General Funds Designated Funds Restricted Funds Note Total Total Income from: Donations and legacies Charitable Activities Other Trad ing Activitie5 Investments Other Income Pension Lia bility Gain 1,984,679 2,212,093 395,447 65,453 1,984,679 2,212,093 395,447 65,453 1.873,072 2,161,719 371,983 20,428 272 28 4,657,672 4,657,672 4,427,474 Expenditure on: Raising Funds Charita ble Activities Pension Deficit Costs 612,294 3,748,748 134,833 22,861 111,261 635,155 3,894,721 134,833 511,835 3.874,337 57,163 34,712 28 Total resources expended 4,495,875 134,122 34,712 4,664,709 4,443,335 Net Income/{expenditurel 161,797 1134,122) 134,712) (7,037) 115,8611 Transfers between funds 22 {92,507} 92,507 Net Movement in Funds 69,291 {41,6151 {34,712) (7,037) {15,861} Reconciliation of fu nds: Total funds brought forward 31 (730,830) 319,619 262,649 1148,562) 1132,7011 Prior Year Adjustment 30 Total fund5 carried forward 22 (661,540} 278,005 227,937 1155,599) 1148,5621 All amounts relate to continuing operations. All ga ins and losses recognised i n the year are included a bove. The notes on pages 25 to 40 form part of the financial statements. 22 LIVERPOOL GUILD OF STUDENTS COMPANY NUMBER 07324992 BALANCE SHEET As at 31 July 2Q24 Note A5at 31-Jul-24 Asat 31-Jul-23 FIXED ASSETS Tangible assets 13 172,994 214,609 CURRENT ASSETS Stock Debtors Investments Cash at bank and in hand 14 15 16 99,496 386,181 1,632,139 889,942 3,007,758 99,143 361,787 971,444 1,69Ql,911 3,123,285 CREDITORS Amountsfalling due within one year 17 (1,107,937) 11,184,511) NET CURRENT ASSETS 1.899,821 1,938,774 TOTAL ASSETS LESS CURRENT LIABILITIES 2,072,815 2,153,384 CREDITORS Amounts falling due after more than one year 18 (2,228,414) {2,301,9461 NET LIABILITIES (155,5991 1148.5621 FUNDS: Restricted Funds 22 227,937 262,649 General Fund Pension Deficit 22 1,775,239 2 436 779 1,769,557 2 500 387 22 {661,540} 278,004 {155.599J 1730,8301 319,619 1148,5621 Designated Funds 22 The notes on pages 25 to 40 form part of the financial statements. Approved by the trustees of the Liverpool Guild of Student5 on 12 December 2024. Rowan Bradburyi Trustee abriella Tamas, Trustee 23 LIVERPOOL GUILD OF STUDENTS STATEMENT OF CASH FLOWS For the year ended 31 July 2024 2024 2023 Total Tota I Note Net cash provided by/lu5ed inl operating activities Cash flows from investing activities: Proceeds on sale of fixed assets Purchase of fixed assets 24 {38,698) 554,553 1101,576) 1101,576) (69,9581 169,9581 Net cash provided by (used in} investing activities Change in cash and cash equivalents in the year {140,274) 484,595 Cash and cash equivalents at the beginning of the year 2,662,355 2,177,760 Cash and cash equivalent5 at the end af the year 25 2,522,081 2,662,355 The notes on pages 25 to 40 form part of the financial statements. 24 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 Accounting Policies The Liverpool Guild of Students, which is a charitable company limited by guarantee and limited to £1 per memEJer has adopted the followi ng accounting policies- al Basis of accounting The financial statements have been prepared in accordance with the Accounting and Reporting by Charities Statement of Recommended Practice a pplica ble to charities preparing their accounts in accordance with the Fina ncial Reporting Standard applicable in the U K and Republic of Ireland IFRS 1021 issued in OrtDber 2019, the Financial Reporting Standa rd applicable in the United Kingdom and Republic of Ireland (FR5 1021, the Charities Act 2011, the Companies Act 2006 and Generally Accepted Accounting Practice. The Liverpool Guild of Students meets the definition of a public benefit charity under FRS 102. The financial statements are prepa red under the historical cost conventio n or tra nsaction value un less otherwise stated i n the releva nt accou nting pol icy notelsl. The fina ncial statements are prepared in Sterling which is the functional currency of the charity and rounded to the nearest £. b) Incoming resource5 Incom inE resources are included in the statem ent of Financial Activities ISDFAI when the charity has entitlement to the funds, any performance condition5 have been met, the amount can be measured reliably and it is probable that the income will be received. Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performa nce conditio ns and 15 recognised as earned. G rant income included in thi5 catego ry provides funding to support performance activities and is reccgnised where there is entitlement, certainty of receipt and the amount can be measured with reasonable certainty. Income received to deliver service5 over a specific period covering more tha rl o ne fina ncial yea r 15 accounted for over the specific period. related expenditure is accounted for when incurred. Investment income relates to interest earned through holding assets on deposit. cl Donated services and facilities Donated services and facilities are recognised as income when the charity has control overthe item, any conditions a550ciated with the donated items have been met, and the receipt of economic benefit can be rneasured reliablv. In accordance with the Charities SORP IFRS 1021 the general volunteer time is not recognised and refer to the Trustees report for more informatian about their contribution. Donated service5 and donated faci lities are recogn ised on the basis of the value of the gift to the charity which 15 the amount the cha rity would have been wi I ling to pay to obtain services or facilitie5 of equiva lent benefit on the open market, a corresponding amount is recognised in the expenditure for the period, dl support costs allocation Suppo rt costs are those that assist the work of the charity but do not directly represent cha ritable activities a nd include office & admin costs, facility COSt5 and sUPPOrting marketing costs. 25 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 e) Governance costs allocation Governance costs are those costs related to the governance of the entity, to allow it to operate, and to generate information for public accountability. Direct costs will include audit and accountancy, legal advice to trustees and costs of trustees meetings. fl Funds Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the object5 of the entity and which have not been designated for other purposes. Designated funds are unrestricted funds that have been set aside by the Directors for particular purposes, The aim a nd use of each designated fund is set out i n the notes to the financia I statements. Restricted funds are funds that are used in accordance with specific restriction5 imposed by donors or that have been raised by the entity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The a im and use of each restricted fund is set out in the notes to the fi n3 ncia I statements. gl Fixed assets and depreciation Fixed assets are stated at cost le55 accumulated depreciation. Assets are not capitalised below £500 cost per item/set. Depreciation is calculated so as to write off the cost of an asset, less its estim3ted residual value over the useful economic life of that asset as fol lows: Property Improvements= 5Yo Straight line per annum Office Equipment and Fixtures & Fitting5: 10% - 33.3Yo Straight line per annum Specialist Equipment: 20%- 33.3Yo Straight line per annum IT equipment: 20/0-33.33Yo Straight line per annum iv. h) Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and Slow moving items. il Debtors Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due. j) Current asset investments Current a55et investments are short term highly liq u id investments a nd a re held at fair va l ue. These include cash on deposit and cash equivalents with 3 maturity of up to 3 year5. kl 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 month5 or less from the date of acquisition or opening of the deposit or similar account. l) Creditors and provision5 Cred itors and provisions are recogn ised where the charity has a present obligation resulting f rom a past event that will probably result in the transfer of funds to 3 third party and the amount due to settle the obligation can be 26 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 measured or estimated reliably. Creditors and provisions are normally recognised at their settlement after allowing for any trade discounts due. ml Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrumerjts 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. n) Pension costs The Guild participates in the Students, Union Superannuation Scheme ISUSSI and the University of Liverpool Pension Fund IULPFI. Both scheme5 are defined benefit schemes which are externally funded and contracted out of the State Second Pension. The func15 are valued at least every three years by a professionally qualified independent actuary with the rates of contribLttion payable being determined by the trustees on the advice of the actuary. The schemes operate as a pooled a rrangement, with contributions paid at a centr311y agreed rate. With effect from 30 September 2011 the SU55 Scheme has been closed to future accrual. Since that date only deficit contributions have been paid to the Scheme. As explained in note 28 the accounts include the net present vaSue of the funding deficit as required by the Charities 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 is a money purchase scheme contracted into the State Second Pension. Since the Liverpool Guild of Students, staging date of 1st April 2014, all permanent members of staff who are eligiblejobholders are automatically enrolled into the scheme after a postponement period of 3 months. A National Employment Savings Trust INEST} has been set up in order to auto enrol any casual members of staff who become eligible jobholders. ol Going Concern The Union has net liabilities of £155,59912023: £148,562), due to the recognition under Charities SORP IFRS 1021 of the net present value of the funding deficit on the SUSS pension recovery plan. Further information is detailed in note 28 to the accounts. This is a long~term commitment which ends in 2037 and the trustees are confident that annual payment5 towardsthis plan will be met out of income for each year. After making appropriate enquiries. the trustees have a reasonable expectation that the Union has adequate reso urces to contin ue in operational existence for the foreseeable f uture. For this reason, they conti nue to adopt the going concern basi5 in preparing the financial statements. pl Significant judgements and estimates Preparation of the financial statements require5 management to make Significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include assumption5 a round the financial assets and liabilities of pension scheme commitments, and the d iscou nt rate a pplied thereto, and the valuation of stock. 27 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 General Funds Designated Fund5 Restricted Funds 2023 2024 2 Donations University Block Gra nt Arts Council Funding- CLtlture Recovery Fund 1,897,344 1,897,344 1,787,344 Other Voluntary Income 87,335 87,335 1,984,679 85,728 1,984,679 1,873,072 3 1 ncome from charitable activities Bar Coffee Shop Student Shops Entertainments Catering Facility Fee NUS Extra, Bus P355 & Graduate Portrait Commissions Student Services e.g. Give it a Go Net Clubs & Societies Income 989,461 572,265 454,630 21,256 30,000 989,461 572,265 454,630 21,256 30,000 955,060 629,J76 366,733 22,234 30,000 141,622 141,622 119,130 2,859 2,859 5,488 33,998 2,212,093 2,212,093 2,161,719 4 Income from other trading activities Venue Hire 8nd Staff Recharges Media Sales 252,884 142,563 395,447 252,884 142,563 395,447 240,265 131,718 371,983 5 Investments Interest received from Bank & Building Society Accounts 65,453 65.453 20,428 65,453 65,453 20,428 6 Other Income Income from Paypal Giving 272 272 28 LIVERPQOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 7 Analy515 of Expenditure 2024 2024 Total Cost 2023 Tota I C05t Cost of Sales Staff Cost5 Governan ce Costs Support Costs Other Costs Raising Funds 214,480 252,398 4,824 163,453 635,155 511,835 Charitable Activities.. Bars Coffee Shop Student Shops Entertainment5 Student Services E.g. Give it a Go Student Societies Net Expenditure 322,504 174,511 271,453 392,350 260,947 122,058 90,376 174,757 113,019 27,068 6,211 9,178 5,661 4,341 997 311,080 191,869 147,128 33,788 1,209,879 746,007 572,048 131,372 1,154,938 814,589 554,679 87,889 748,741 134,036 9,111 308,815 1,200,703 1,262,242 768,468 1,614,472 489.813 29.288 992,680 3.894.721 3,874.337 Other= Pension Deficit Cost 134 833 134 833 768,468 1,828,952 877,044 34,112 1,156,133 4,664,709 4,442,335 2023 2023 Total Cost 2022 Tota I Cost Cost of Sale5 staff Costs Governan ce Costs Support Costs Other Costs Raising Funds 162,519 213,725 3,296 132,295 511,835 425,958 Charitable Activities: Bars Coffee Shop Student Shops Entertainments Student Services E.g, Give it a Go Student Societies Net Expenditure 306,096 222,131 249,691 352,938 267,297 127,183 41,309 189,949 109,367 30,865 23,298 7,437 5,246 3,572 566 298,518 210,548 143,368 22,716 1,154,938 814,589 554,679 87,889 1,115,946 643,345 450.107 111,686 760,689 167,171 8,128 326,254 1,262,242 1,045,822 777,918 1.549,416 520.650 24.949 1,001.404 3.874,337 3.366.906 Other: Pension Deficit Cost 777,918 1,711,935 791,538 28,245 1,133,699 4,443,335 3,792,864 29 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 7 Analysis of Expenditure {cont.I Of the total expenditure £4,629,997 was unrestricted12023- £4,443,335) and £34,712 was restricted12023: £nill. The sUPPOrt costs and governance costs are allocated to activity based on the proportion of that activity's direct Costs to total costs. In addition to the staff costs above, there are a further £849,90212023- £855,207} which are included in governance costs and support costs. Governance and Support costs can be analysed a5 follows.. 2024 2023 Staff costs Staff Recruitment, training & socia I costs Facility Costs Office & finance costs Travel, subsistence & conference costs Lega I, professiona l & co nsulta ncv Marketing/Website costs Equipment purchase. hire & maintenance Irrecoverable VAT Depreciation Sundry costs 849,902 24,077 49,457 55,582 6,661 46,060 48,972 855,207 32,863 54,737 52.035 6,668 35,810 40,055 Ji 19,453 55,932 33,574 574 26,442 33,778 23,296 1,190,244 1,161,944 8 Net income/lexpenditurel for the year This is stated after charging.. 2024 2023 Depreciation Bad Debts incurred/lrecoveredl Auditors remuneration.. Audit Other Services 134,122 905 119,542 2,641 11,750 750 9,000 450 30 LIVERPOOL GUILD QF STIIDENTS NOTES TO THE FINANCIAL STATEMEi¥4TS For the year ended 31 July 2024 9 Analysis of staff costs and the cost of key mznagement personnel 2024 2023 Staff costs were a5 follows: Salarie5 and wages Socia I Security costs Employerfs co ntribution to a def ined co ntribution pension Other employee benefits 2,425,554 176,406 65,168 2.332,101 171,060 53,952 2,678,854 2,567,142 The following number of employees received employee benefits (excluding employer pension costs) during the year between: 2024 2023 No £70,000 - £79,999 £80,000 - £89,999 £90,000 - £99,999 The total employee benefit5 including pension contributions of the key management personnel were £351,546 {2023: £329,978). 10 Trustees, remuneration and expenses 2024 2023 Trustees, remuneration and employer's Nl costs Trustees, expenses 109,428 3,974 113,402 92,524 9,488 102,112 Each of the sabbatical officers received a salary of £23,550 per annum12023'. £22,864) as authorized in the Articles of Association of the Liverpool Guild of students for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. The work includes voicing student opinion with the Univer51ty and Ioc31 com m u nity, defending and extendi ng the right5 of students through petitions, and discussions with local MP'S. The trustees, expenses were incurred by 1212023.. 111 trustees in respect of travel and subslstence costs in the course of their cluties. No Trustee received remuneration for work undertaken in the delivery of commercial services unrelated to their role as Trustee12023- nill. 31 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 11 Staff Numbers The average number of employees Ihead count based on number of staff employed} during the year was made up as follows: 2024 No 2023 No Raising Funds Bars Coffee Shop Entertainments Student Shops Student Services Governance Support Services 12,5 79.4 38.5 18.0 113.7 38.7 13.0 25.0 38.0 18.8 37.7 31.0 35.2 282.1 227.0 Of the above staff nLJmbers, 14512023- 2101 are staff employed under a zero hours contract. 12 Taxation The charity is exempt from corporation tax as all of its income is charitable and is applied for charitable purposes. 13 Tangible Fixed Assets Office Equipment and Fixtures & Fittings Specialist Equipment Computer Equipment Total Cost At l August 2023 Additions Disposa Is At 31 July 2024 1,020,147 56,274 {425,4971 650,924 125,926 26,136 109,780 1,255,853 19,165 101,575 147,1741 {472,6711 81,771 884,757 152,062 Depreciation At l August 2023 Charge for the year Disposa Is At 31 July 2024 874,726 103,593 (416,4291 561,890 70,076 15,879 96,442 1,041,244 14,650 134,122 (47,1741 (463,3031 63,918 711,763 85,955 Net Book Value At 31 July 2024 At 31 July 2023 89,034 145.421 66,108 55,850 17,853 13,338 172,994 214,609 32 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 14 Stock 2024 2023 Bars Coffee Shop Shops 26,843 2,693 69.960 25,236 10,053 63,854 99,496 99,143 15 Debtors 2024 2023 Trade debtors Other debtors Prepayments & accrued income 202,724 21,204 162,253 188,498 13,734 159,555 386,181 361,787 16 Current Investments 2024 2023 Carrying value and market value at beginning of year Additions to investment5 at cost Disposals at carrying value 971,444 1,705,001 (1,044,306) 1,064,050 69,958 {162,554} Carrying value and market value at end of year 1,632,139 971,444 17 Creditors: amounts falling due within one year 2024 2023 Trade cred itor5 Social Security and other taxe5 University creditor Other creditors Pension liability Accruals & deferred income 196,431 48.530 166,198 296,697 208,365 191,717 176,964 23,603 410,110 202,503 198,441 172,890 1,107,937 1,184,511 33 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 18 Creditors: amounts falling due after more than one year 2024 2023 Pension Liability 2,228,414 2,301,946 2,228,414 2,301,946 19 Deferred Income Deferred income comprises of ve n ue h i re sa les invoiced in advance, event tickets sold in adva nce and the discount relating to future periods from pension deficit contributio n5 paid in advance. 2024 2023 Balance brought forward Amounts released from previous year Amounts deferred during the year 49,565 {49,5651 48,347 842 18421 49,565 Balance carried forward 48,347 49,565 20 Financial Instruments 2024 2023 Financial assets measured at amortised cost Financial assets measured at fair value Financial liabilities measured at amort15ed cost Financi31 liabilities measured at fair value through the Statement of Fina ncia l Activities 360,587 2,522,081 {851,2231 296,233 2,662,355 1963,8181 (2,436,779) (2,500,387) Financia l assets held at amortised cost com prise trade debtors and other debtor5 excluding prepaid costs. Financial asset5 measured at fairval(J2 comprise short term investments and cash at bank and in hand. Financial liabilities held at amortised cost comprise trade creditors, other creditors and accruals. Financial liabilities measured at fa ir va lue th rough the Statement of Fina ncial Activities com prise the pension deficit contribution lia bility. The charity's income, expense, gains and1055es i n respect of financial instru ments a re: 2024 2023 Total interest income for financial assets held at amortised cost Total interest expense for financia I liabilities held at amortised cost 65,453 5,235 20,428 5,582 34 LIVERPOOL GUILD OF STUDENTS NOTE5 TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 21 Capital Commitments At 31 July 2024 there was a commitment to purchase Specialist AV Equipment with a total cost of £69,000. 22 Statement of funds movement Transfer Between Funds Balance 31-Jul 2024 01-Aug 2023 Movement in Fund5 Income Expendlture Unrestricted f und5'. General Fund Pension Deficit 1,769,557 12,500,387) 1730,8301 4,657,672 14,361,Q411 1290,9481 1134,8331 198,441 14,495,874] 192,5071 1,775,240 {2,436,7791 1661,5391 4,657,672 Deslgnated funds: Fixed Asset Fund Guild Strategic Devolopment Fund Elizabeth Gidney Fund 214,609 50,000 55,010 319,619 1134,1221 92,507 172,994 50,000 55,010 278,004 1134,1221 92,507 Restricted Funds: Societies own income NUS General Election Fund 258,458 4,191 262,649 134,7121 223,746 4,191 227,937 134,7121 TOTAL FUND5 1148,5621 4,657,672 14,664,708) 1155,5981 Transfer Between Funds Balance 31-Jul 2023 01-Aug 202Z Movement in Fund5 Income Expenditure Unrestricted funds: General Fund Pension Deficit 1,901,931 12,632,215) 1730,2841 4,393,204 14,266,6291 1258,9491 157,1631 188,991 14,323,792) 169,9581 1,769,557 12,500,387) 1730,830} 4,393,204 Designated funds: Fixed Asset Fund Guild Strategic Development Fu nd Elizabeth Gidney Fund 264,194 50,000 54,738 368.932 1119,5431 69,958 214,609 50,000 55,010 319,619 272 272 1119,5431 69,958 Restricted Funds: Societies own income NUS General Election Fund 224,460 4,191 228,651 33,998 258,458 4,191 262.649 33,998 TOTAL FUNDS 1132,7011 4,427,474 14,443.3351 {148,5621 35 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 22 Statement of funds movement (cont.) Unrestricted funds The pensio n def icit has been disclosecl as a separate unrestricted negative fund ta represe nt the net present value of the future contributions required over 13 yea rs tc clear the pension fund deficit Designated funds The designated fund5 are unrestricted funds that are created by the trustees for specific purposes. The fixed a55et fund is the net book value of assets purchased with unrestricted funds. The Guild Strategic Development Fund is a fund set up for the sUPPOrt of trustee-led developrnent projects to engage with the Guild's membership. 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 Societies, own income balance represents the accu mulated f u nds ra ised by individua I societies. The NUS General Election Fund represents funds received to be expended on general election campaigrt5. Reserve transfers Transfers are made from general reserves to other reserves in order to ensure that adequate funds are available in orderto fulfil the purpose of each fund. 23 Analysis of net Asset5 between funds- current year General Fund5 Designated Funds Restricted Funds Total Tangible Fixed Assets Cash & short term investments Other net current assets/ll iabilitiesl Defined benefit pension liability 172,994 55,010 50,000 172,994 2,522,081 1413,8951 12,436,779) (155,5991 2,239,134 1463,8951 12,436,779) 1661,5401 227,937 278,004 227,937 36 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 Analysis of net Assets between funds- prior year General Funds Designated Funds Restricted Funds Total Tangible Fixed Assets Cash & short term investments other net current a55et5111iabilitiesl Defined benefit pension liability 214,609 55,010 50,000 214,609 2,662,355 1525,1391 12,500,387) {148,5621 2,344,696 1575,1391 12,500,387) {730,830} 262,649 319,619 262,649 24 Reconciliation of net income/{expenditure} to net cash flow from operating activities 2024 2023 Net movement in fund5 Add back depreciation charge (Prof itl11055 on disposa l of f ixed assets (I ncreasel/decrease in stocks {1 ncreasel/decrea5e in debtors Increa5e/ldecreasel in creditors I ncrea5e/ldecrease) in deferred benefit pension liabilitv {7,036) 134,122 9,068 (353) (24,394) 186,498) (63,6081 115,8601 119,542 115,9821 107,314 491,367 {131,8281 (38,698) 554,553 25 Analysi5 of cash and cash equivalents 2024 2023 Cash in hand Current accounts Deposlt accounts 13,509 876,433 1,632,139 13,514 1,677,397 971,444 2,522,081 2,662,355 37 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 26 Operating Lease Commitments 2024 2023 Within one year Within two to five years After more than five years 27 Related Party Transactions The following have been ide ntif led as related pa rty tra nsactions per the req ui rements of FRS 102. The U n iverslty of Liverpool: In the yea r the Liverpool Guild of Students received total grants of £l,984k12023: £1,873kl from the University of Liverpool, there was £1,028k12023: £2,554kl of purchase recharge5 (including payroll and building repairs) and £654k12023.' £554kl of sales recharges lincluding room hires, recharge of Arriva bu5 pa55 subsidy and staff recharges). The Liverpool Guild of Student5, net year end creditor with the University of Liverpool was £145k a5 at 31 July 202312022- £389kl. Trustees of the Liverpool Guild of Students: see note 10- Trustees remuneration and expenses. National Union of Students Services Ltd INUSSLI.. Liverpool Guild of Students is an affiliated memberof NUSSL who operate 3 purchasing consortium within the student union movement. 28 Pensions The Guild participates in three pension schemes,. the Student5, Union Superannuation Scheme ISUSSI, the National Union of students Pension Scheme INUSPSI and the National Employment Savings Trust NEST. SU5S The Guild participates in the Students, Union Superannuation scheme, which is a defined benefit scheme whose membership consists of employees of students, unions and related bodies throughout the country. Benefits in respect of service up to 30 Septem be r 2003 are accrued on a "f ina I sa la rty, basis, Wlth benefits in respect of service from l October 2003 accruing on a Career Average Revalued Earnings (CARE) 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 2022 and showed that the market value of the scheme's asset5 wa5 £106.7m with these assets representing 44% of the value of benefits that had accrued to members after allowing forexpected future increases in earnings. The deficit on an ongoingfunding basis amounted to £133.6m. The assumptions which have the most significant effect upon the results of the Valuation are those relating to the rate of return on investments and the rates of increase in sala ries and pensions. The following assumptions applied at 30 June 2022'.- The investment return would be 4.oyo per annum before retirements and 2.QYo per annum after retirement Pensions accruing on post 1997 basis would revalue at 3.7Yo per annum and 3.40A per annum on the Post 2DOO basis 38 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 Present and future pensions would increase at rates specified by Scheme rules with appropriate assumptions where these are dependent on inflation. The 2022 valuation extended the scheme's recovery plan until May 2037, and recommended a monthly contribution requirement by each ParticipatinE Employer. Thi5 was expressed in monetary terms intended to clear the ongoing funding deficit civer 3 period of 15 years and increased by 50/0 in October 2023 and at least 50/0 each year thereafter. These contributions also include an allowance for cost of the ongoing administrative and operational expenses of running the Scheme. These rates will be formally reviewed following completion of the next valuation due with an effective date of 30 J u ne 2025. Surpluse5 or deficits which a rise at future va luations will 3150 im pact on the Guild's future contribution commitment. In addition to the above contributions, the Guild also pays its share of the scheme's levy to the Pension Protection Fund. SUSS is a multi employer scheme and as such it is not POS5ible to account for it as a defined benefit scheme because the share of the overall deficit cannot be allocated to individual participants. The liability included in the accounts is therefore calculated as being the net present value of future funding payment5. In accordance with FRS 102, the net present value of the future contributions required over 13 years to clear the fundinE deficit is £2,436,77912023 - £2.500,3871. In calculating this net present value, annual increases of 5% have been made and a discount rate of 5.1/ts representing the typical yield of high quality corporate bond5 has then been applied. The calculation of the net present value in 2024 resulted in pension deficit cost5 of £134,833 12023 Pension Liability cost £57,1631- NUSPS As a consequence of the SUSS scheme closing to future accrual on the 30 September 2011 the Guild has made available to permanent staff the National Union of Students Pension Scheme INUSPS) with Scott15h Equitable PLC which is a money purchase scheme. Eligible jobholder5 are automatically enrolled into the scheme after a postponement period of 3 months and can choose their level of contributions between 4% and 6¥.. The employer contribution was 3°A and 6/0 for former members of the SUSS scheme to March 2019 and 4% and 6% thereafter. The total contributions paid into the scheme by the Guild for the year to 31 July 2024 amounted to £133,74312023 £109,387). NEST As a consequence of auto- enrolment, a National Employment Savings Trust ha5 been set up in order to auto enrol any applicable Casual staff. To date no payments have been made to the scheme. 29 Legal status of the charity The charity is a company limited by guarantee and has no share capital. In the event of winding up the liability of each member is limited to £1. 30 Prior Year Adjustments There have been no prior year adjustments made. 39 LIVERPOOL GUILD OF STUDENTS NOTES TO THE FINANCIAL STATEMEf4TS For the year ended 31 July 2024 31 Comparative statement of financial activity Unrestricted Fund5 2023 General Funds Designated Funds Restricted Funds Note Total Income from: Donations a nd legacies Cha ritable Activities Other Trading Activities Investments Other Income Per¢sion Liability Gain 1,873,072 2,127,721 371,983 20,428 1,873,072 2,161,719 371,983 20,428 272 33,998 272 28 4,393,204 272 33,998 4,427,474 Expenditure on: Raising Funds Cha ritable Activities Pensio n Deficit Costs 499,479 3,767,150 57,163 12,356 107,187 511,835 3.874,337 57,163 28 Total resources expended 4,323,792 119,543 4.443,335 Net Income/{expenditure) 69,412 {119,271) 33,998 (15,861) Transfers between funds 22 {69,958) 69,958 Net Movement in Funds (546) (49,313) 33,998 (15,861) Reconciliation of funds: Total funds brought forward 31 (730,284) 368,932 228,651 (132,701) Prior Year Adjustment 30 Total funds carried forward 22 {730,830) 319,619 262,649 (148,562) 40