2022-07-31-accounts

Guildo15tudaits University of Bimiintsam CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2022 Company Registration No. 06638759 Charity No 1137548

University of Birmingham Guild of Students CONTENTS Pgge{8 Reference and administration detsils Report of the Trustee Board 3-13 Twstee responsibllitles in reialion to the finarKial statements 14 Independent audttorfs report 15-18 Consolldaled Statement of Financial Actiwt¢es 19 Consolldaled and Company Balance Sheets Consolld8led Statement of Cash Flows 21 Amnting pollcles 22-25 Notes lo the financial statements 26-46

University of Birmingham Guild of Students REFERENCE AND ADMINISTRATION DETAILS ch￿lty Namo: University of Bimiingham Guild of Students Charity Reglstrotion No: 1137548 (Registered in England & Wa￿s) Company Ragistratlon No: 06638759 {Registered in England & Wales) Registered oifKe: Guild of Students, Unsversity of Bimiingham Edgbaston Parf( Road Binningham, B15 2TU Trusts• Board - as at 31 October 2022 Appointod Reslgned Mr Robert Sme8th Mr Michael Brown Mr we￿Lun Chen Chair Wice Ch8ir- P￿sident Intem8tional Officer (Officer across o finanryal years) Sports Officer Activities & Employability Officer Postgraduate oFfi¢er Weffare & Community orr￿r Education Offiw (Offiw across finanrial years) 231a Oct 17 19tTh Jul 21 20th Jul 20 1yhJul 22 15thJul 22 Mr George Christian Miss Josephine Conway ss Danielle Murinas Miss Aaliyah Sirnms Mr Jules Singh 19th Jul 21 19th Jul 21 1￿ Jul 21 19th Jul 21 20th Jul 20 15thJul 22 15th Jul 22 15th Jul 22 1V Jul 22 19hJul 22 Miss Sarah Aray Miss Henrietta Brealey Ms Erica Conway Mr Johnny Davis Mr Thomas Goodman Mr Stanley Melau Mr Akram Naar Miss Serabi Opiyo Mr lan Pain Mr Jake Poulton Dr Emmawedge Miss Alicia Wickert Mr Lyndon Williams Mr Yinbo Yu 11thJan21 10thSep 19 3DlJul 18 13thMay 19 13thJan 20 18th Jul 22 18th Jul 22 19th Jul 21 Ph Sep 20 191h Jul 21 111hMay20 181h Jul 22 11thJan 16 1VJan22 141h Mar 22 6th Sep 22 15thJul 22 151h Jul 22 12th Jan 22 2022123 (Newl Ms Acacia MattheKs Miss Vanessa Chigariro Miss Florence Craddock Miss Reeve Isaacs Smilh Ms Isobel Lawson Ms Tianiie Liu Mr Benl8min Lockley Vice Chair- President Education Officer Sports Offi￿r Welfare Officer Activities & Employability Officer Intemational Officer Postgraduate Officer 181D Jul 22 18U> Jul 22 181Tr Jul 22 18thJul 22 18th Jul 22 18th Jul 22 18th Jul 22 Page 1

University of Birmingham Guild of Students REFERENCE AND ADMINISTRATION DETAILS Senior Management Tearn Mrs Joanne Thomas Miss Emily Badger Mr Adam Sheridan Mrs Sarah Wright Mr Nicholas Bailey Chief Executive and Company Secretary Director of Operations Director of Engagement Director of Support & Representstion (Left employment April 2022) Head of ￿nance Auditors Dains Audit Limited 15 Colmore Row, BimiirKJham, B3 2BH Bank?rs HSBC Bank Pic 130 New Street, Bimiingham, B2 AJU Soll¢ttors GovornanGo, Charity Law & Ganeral Bates, Wells & Braithwaite London LLP 10 Queen Street Place, London, EC4R 18E HR DFA Law LLP 2 Waterside Way, Northampton, NN4 7XD VAT Consultancy RSM UK Tax and Accounting Limsted 10th Floor. 103 Colmore Row. Bimiingham. 83 3AG Page 2

University of Birmingham Guild of Students REPORT OF THE TRUSTEE BOARD The Tnjstee Board presents their Annual Report for the year ended 31 July 2022 which in¢l￿19S the administrative infomiatton set out on pages 1-2, together with the audited accounts for the year. Structure, Govemance and Manag•m•nt The University of Birmingham Guild of Students (the Guild) is constituted under Ihe Education Act 1994 as a Charity with intemal regulations and rules approved by University Council, the goveming LKMJY of Ihe Unrversity of Bimiingham. The Guild's charitable objedNes under the A¢t, to further and gnhance the UnNersity's educational purposes by providing representation, support and promotion of SOfAal intercourse for the Students of the University. are supplemented by the ftjrther object of supporting members to develop their own chariloble activities as active participants In CMI soclety. The Guild of Students became Incwrated into a Compafty Limited by Guarantee (CLG) in July 2008 and r8gistergd as a Charity in August 2010. The Guild Is admlnistered by its Trustee Board of eighteen members comprising of seven Sabbatical Trustees: four Student Trust￿. six extemal Trustees and a University Trustee. who are regarded as the Charlty Trustees of the Guild for the purposes of the Charities Act. The Full-Time offi￿r5 group, together wtth the part-time. nonThsabbatical Offi￿rS {referred to as Guild Officer Group). are elected annually by a cross-campus secret ballot of the Guild's membership. The seven posts consist of- President. Activities ond Employability. Education. Inlemalional. Postgr8duate, Sport, and We￿are and Community Officers. Officers are full lime posts remuner818d as authorised by the Educatton Act and cannot ex￿￿ two years duration for ead) holder. The Guild oper8tes on dem￿rati¢ principles. working for and wlh our members, the studen15 of the University of Bim)ingham. The Vol￿ of students is represented by the 'Mernbers Democratic Protsss, through hs 'ldeas SubmissKJn Process,, the 'AII Sludenl Meeting, and 'Scrutiny Panel. bodEs. The 'S¢rutiny Panel., a body of appointed independent students. holds the Guild OFfiw Gro￿ to account, and the 'AII Student Meeting, proposes and debates ideas that set policy 2nd can mandate the Guild and Guild Officers to undertake certain projects. Ideas are submitted online wa the Guild's website, and then either allocated to the Ail Student Meeting, or one of the Guild's democratic 'decision making committees, to review, dependin9 on the topic of the submission. The Guild is anning a ￿VIeW of its existin9 democratic structures, to be completed during the 2022123 academic year. The Trustee Board, assisted by sutrrtommittees vthere appropriate has delegated the day-to-day running of the Guild to the Chtef Executive. As Charity Trustees, all TrLsslees reeeive a cornprehonsive training programme into their legal and administrative responsibilities at the start of their terni of office, with ongoing guidance as and when required for issue5 arising during their term. The Trustee Board meets at least six times per year lo receive reports Irom sub-committees, Officers, Senior Management and the Chief Executive, and to re￿eW the Guild's perfonm8fLce an¢J administration. In 2021122. the Trustee Board met seven limes, including tsyo away days taking place January and July 2022. The Guild of Students also employ5 a number of core stsff to provlde conlinulty. consistency and expertise in the management of its many activities. The stsff team are aco)untsble to the Chief Executive for the perfonnance of their dubes. The Guild of Students incurred ￿$ts of £5,152 12021: a150 £5.1521 within the year relating to Professional Indemnty Insuran￿ cover of £Sm 12021.. also £5m}. Thts policy included cover for the Tnjstees. Directors, Officers, Employees, Student Group committee members as well os other volunteers 8S50¢iated with Guild activities. Page 3

University of Birmingham Guild of Students REPORT OF THE TRUSTEE BOARD Relationship with the Univ•rsity of Bimilngh4m The relationship be￿ the University and the Guild is established in the Charter, Statutes, Ordinances 8nd Regulations of the University arKJ detaikd in the Memorandum of Understsnding. %thich is approved by both organisations. The Guild r￿1VeS B block grant from Ihe University. and occupies a building owned by the University ich is leased to the Guild of Stsjdents at an agreed rent There is no reason to believe that this or equivalent support from the University will not wntinue for the foreseeable future. as the Education Act 1994 imposes o duly on the Universtty to ensure the financial viability of its stLKlent representative body. The University plays an important role within the Guild. having representatives on Ihe Trustee Board and sub-wmmittees. Rlsk Management The Trustee Board has examined the main strategic business and operational risks faced by the Guild. A risk managemenl policy and risk register are in place vthere appropriate systems or procedures have been establsshed to mitigate the risks the Guild faces. The risk register is updated on a regular basis. Budgetary and intemal control risk3 are minimised by the implementation of procedures fcf 8Uthorisation of all transacttons and projects. Procedures are in place to ensure Compl18n￿ with health and safely of Staff, volunteers. and partlCAP8nts across 811 acttwties organised for the Guiky. These procedures are periodically re￿eWed to ensure that they wntinue to meet the needs of the Guild. The key risk areas identified are: Risk Mitigatinglcontrol Measures Estimated increases planned into long term finarbci81 forecast Cash-flow planning to take advantage of advance di￿￿nt offers as they fall due, where financially viable Discussions wlh University of Bimiingham regarding possible funding options in the fvture Financial SUSS Pension defrit payment. significant increases in futtjre years Flnan¢Sal A significant reduction in trading income Diversifying income streams to reduce reliance on one source of funding Redll￿d saleslconlributions incorporated into five year forecast for next kn finanaal years. following CoMd-19 lockdown. Annual rice com arison check is com leled Appointment of extemal VAT consultsnts and Counsel lo defend the Guild's posrtion on a technical basis Include contingencies in financial planning and identificalion of sawn sre uired Guild and departmentsl contingency plans in place Continuation of Guild Ernergency Planning Group in place and risk assessment completed. Business Continui Insurance in ace Timely and relevant research is conducted on a regular basis to infomi slr8tegic and operational decisions Regular reports are remewed by tfUslee5, Including membets, satisfaction and performance against key strategic Financial HMRC challenge regarding grant funding Operatlonal Loss ot any aspect of Gudd services due to dis8Ster Roputationalloperational Guild is no bnger pe￿e1Ved as relevant to members and does not ￿spOnd lo Changes in students life5We ar￿ needs Reputational Sludenl led groupslofficer Team Regular training prowded to key stakeholders regarding responsibilities. press and PR and organisational processes Page 4

University of Birmingham Guild of Students REPORT OF THE TRUSTEE BOARD acting in such a way th8t it hamis the reputation of the Guild andlor University Oporatlonal Health & safety matters across a broad range of aclimties and failure to follow approved processes such as risk Proactive support provided by staff teom in dealing ￿th media issues and other problems that arise. Professional extemal ad￿￿ sou htasre uired. Training and support is provided for high risk areas by the Guild team High risk areas are scrutlnlsed MO￿ thoroughly by the Guild th effective support from University colleagues. Robust Event Manual and Risk Assessment Process for acti￿lse$ Analytical rewew of extsting safety pol￿$eS and proc8sses to be conducted durin 2022123. A detailed 'Pay Revigvl is scheduled to be completed durirtg 2022r23. Regular monitoring of Guild overheads including utilityes and maintenance costs. Long tem forecast takes account of cost increases in key a￿aS Five year Brod( Grant fvnding secured to 2026r27 A wder Value for Money rewew is being Conducted during 2022r23 10 iden ssible effi￿enGles. Cost of Living Responding lo challenge5 arising from the current economic condittons Alms. ObJ•ctlves and Actfvttles The Guild has clear objects which are stated in its Articfes of Association, which sre." The furtherance ond the enhar￿ment of the education81 purposes of ts University of Birniingh8m including but not limited to- The promotton of social intercourse be￿een students of the University of Bimiingham and the futherance ofthe common interests of such students., and; The Supp￿ of suth scKieties th8t shall from time to time be recognised by the Guild. In pursuit of these objecbves. the Guild ensures the div8rstty of its membership is rocognised. valued and supported and as such has estsblished student support and development deparbnents and qualty serwces for use by its members. lo support its work with the Universty and other org8nisations on behaLf of Students. These indude Communlty Welfare., Student Groups.. Voice & Repr￿ntatiOn and Venues. The Guild continues to represent ytudents on relevant Iwal. national and international issues. Through the 'ldeas Submission Process,, students are able to mandate the Guild lo lobby and Lxnpaign in areas important to its members. The Guild also supports the work of the National Union of Students INUS} various national bodies and conferences, and participates in national campaigning and lobbying activity by the national student movemenL On a IOCAI level, Guild Offi￿rS continue to attend many University committees and V•t)rking groups to enhance the student experfence at Blmilngham 8fKI ensure that the student voice is heard and responded lo al all levels of the University. Through the Student Rewesentation Schema and the Guild Officer Group, student represenlalives sit on and contribute to over 1(￿ University commtttees and academic programme forums. Guild Officers also regularfy meet wth the local Authority. local residents, the Police and other prowders of public S¢TViC*S used by sbjdents in Birmingham. To further enhance the student experience. the Guild attracts a dNerse membership to gel involved in the Guild, the University and the local community by actively promoting the benefits of volunteering in studenl-led activities. When revtewng our objectives and planning our activities, the Guild gives due Page 5

University of Birmingham Guild of Students REPORT OF THE TRUSTEE BOARD consideration lo the Charty Commission's general and relevant supplementary guidance on public benefit. Achlevemonts and Perf0m￿nCe In light of COVID-19 restrictKJns during 2019r20 and 2020r21, generation of the organisat￿'S next strategic plan12022-20271 Vfds dekyed for one year but Was recenUy published in August 2022. During this intsrim period, obieclives and aims from the 2017-21 strategic plan ￿tre extended for one year to irKlude 2021122. The table below provides an update on projects and activities completed in 2021122 towards the delNery of the Guikj's 2017-2021 Strategic plan. Obj8ctlvèslCommltments OutcomeslAchievements In 2021122: Theme 1 Engagement and Participation Individual sbJdents voting in Officer elections maintsined al circa 8.000. Guild Elections voter ttjmout in March 2022 was 6.003. largely replicating levels from 2021, despite three dayE of industrial action on caffipu5 during the voting period. Individual group members maintained at circ8 11,000 12.381 member5 joined sbjdent groups during 2021122. a positive ¥novement from 9.568 in 2020127. a strong relum following the easing of COVID-19 restrictions. There were 603 StL¥Jent Group Committee active volunteers. Number of student groups maintsined at CArca 300 353 student groups affiliated to the Guild in 2021122. continuing to increase, from 305 groups in 2020121 and 284 groups and 2019r20. The 'Save a Society, inftiative supported groups during this period. Full delivery of onlinè processes f¢x joining, supporting and administering Student Groups Comprehensive online committee elections, induellons and Iraining was provided to soclety committee members inciuding digitsl processing of events p8peThvorf( and financial documentalion. satisfaction of events & actlwties 70% of students reported being satisfied with ?¢bvtlies on offer at the Guild, despite &gn¢ficant dSsruption due lo COVID-19.. Throughout the pandemic, the Guild adapted quickly to hold social events and support services online. 990 local residents engoged in community events and safety awareness c8mp8igns in the k￿al area. Develop programme of (Lttreach activrty which tskes the Guild to students 773 student households were visited and inforniation shared about man8ging their w8sle while li￿n9 in the Selly Oak area. Over 11.500 attendees to the Guild's events for 'Uo8E Fesllv81' week in January 2022. 381 attendees to 'House M*e Finderf events, across campus. helping 1$1 year students firK4 other to share acc￿Mc4￿8ti0n with in the local area. Over 200 attendees to 'Dog Café, pet therapy events during the summer exam period, helping to reduce student's arwety about comin academic assessments. Page 6

University of Birmingham Guild of Students REPORT OF THE TRUSTEE BOARD Theme 2 Communication and Brandlng Communication & digital strategies implemented Strong perfomiance acT05S new and established social media plarfomis, as well as fast growth on fik Tok, with 52.000 vtews for one Mdeo. Steady growth for both ￿ntral ￿￿la[ media acc¢)unts and Officer team reach on comms channels. Delwer engaging and impactfvl ¢ommunic8tions that clearly focus on what the Guild is. who we are and we do A Signifi￿nI in￿aSe in video content produced. wth informative updates. Officer inte￿iewS and events announcements wa the refreshed Guild YouTube ch8nnel. 37% open r*e frjr Guild email communi¢atitYts to students, $ignificanlly higherthan the Universit￿S statistics. Over 435,000 unique visits to the Guild's website, up on 267,000 visits in 202D121. Mewng more than 4m webstte pages, up fr( 2.7m pages in 2020121. In-person Wel¢xKne fairs rEtuming to campus. with over 8.700 attendee5 in September 2021. Theme 3 Academic and Leaming Experience Continue to ensure expertise in academic pclicy & lobby Ihe University effectively implement key changes reswnse to student feedbad¢ The 'Student Voice Reporf, collating sludent feedback and aspirations for their COUTses 8nd academic experience w8S shared wth the University. Recommendations ￿ere adopted by the Guild's Student Reps and lobbied for acr05S the course of the year. A nuTnber of recommendations have b￿￿ adopted by the University, both al lor￿1 and (smpus-wde levels. in Improve the academic experience of stLKlents studwng at Bimiingham A strong perfomiance in the Universtty's NSS scores. rtsing 90/0 across the question set. An improvement of 4Wo in Question 26, which assesses the role of the Guild in representing the academic interests of students at the University. 949 Student Reps were part of the Guikl's Student Rep System (SRS) Theme 4 Representing the Student Voice Support Officers to dellver 3 Priority Campaigns Two offi￿r priority campaigns were delivered In 2021122 {Black Voi¢&s & Change in Mind). 2,500 eng8ging pr￿$S s￿dentS with annually democratic The Spring Elections generated 6,(K)3 voters for 88 candidates in March 2022. up from 60 candidates in 2021. 14 'ideas' submitted during the year lo the Memberfs Democralic Process. Review and rofocus representative and democratic mechanisms lo ensure an The sets)nd year of the decAsion-making committees and All StLKJenl Meeting has been delivered successfully, with a further review of the Guild's dem¢xratK strudures plann&1 for the Page 7

University of Birmingham Guild of Students REPORT OF THE TRUSTEE BOARD student (an get invofved 2022r23 academic year Deltver fo¢u*d campaigning actsvTty which identifies and delivers priority campaigns bosgd on students, feedback. The Black Vol￿$ Priority Campaign delwered a strong progr8mme of events and lobbwng activty wlh a plan in place to transition to the third year, wth a dedicated support member of stsff leading the wojecL now embedded into the organisation. The 'Change in Mind, campaign led by the Officer Team, collected inf¢malion of student's lived experien￿ during the COVIO-19 pandemic and the imp8¢t on their mental health. More than 250 'conversalions' were held with students, the resultsnt information shared with University cdleagues. Theme 5 Support (Mental Health and Financial Assistsnce) 80% of Sludents Nvho say the Guild is a place I can gel useful aclwce 80/0 of Sludenl users are satisfied wth the r8nge of services offered by the Guild of Students. Support students in Universty aecomm¢x5ation Y￿lIbeIng and housing 900 bags of donated rtems were collected for the 'Junk- Busters, project. raising over £13,000 for the Brrtish Heart Foundation. in collaboration with the Universivs Sustainability Over I,(￿M)k9 ol litter wgs collected by voluntser lrttgr pickers at accommodation sites, around campus and in the loc818rea. Have an intrinsi¢ culture of support that ensures the Guild is the first point of contact for students needing help and adwce. The Guild Hardship Fund was significantly increased prowding grants lo skndents in urgent need of finanaal 8SSiStanc& due to disruptions to housing and study from COVID-19 and the cost of living Crisis. Circa 4.SOO student trips on the 'Selly Express. free nlght-time bus from September 2021- June 2022. Other Key Achievements (2021122 Academic Year) A significant relum to 'as nonn81' activity across all departments followng the removal of remaining COVID-19 restrictions in February 2022, including the retum of Gradua￿On Ball, Va Fest. UOBE Festiv818nd Guild Awards events, the first of their kind ￿nce 2019. A Welcome Week 2021 Programme was delivered, retuming to in-person activities after Ihe pandemic with over 8.700 attendees to welcome fair events and over 5D,000 individwdl student engagements with Guild events throughout the week. Transition to a new 'Staff Sawy, HR System has wntinued to be developed and expanded for student staff recxuitsnent and integration with payroll. staff engagement and satisfa¢ti¢)n remains high" when surveyed. 910/0 of Staff feFt proLKI to work for the organisation, and 92Vo say they feel positive towards their workplace. An increase of BAME (Black. Asian & Minority Ethnic) applicants to core stsff roles, up lo 45Qkn, from 39.50A in 2020121. Successful 'Grad Ball, and Vale￿&Sy events, ￿th a combined attendance of over 5,500 students. run for the first time since 2019. A minimal 4.4/0 gender pay gap including 'all staff %Mthin the organisation. and a negative ender of -15.5Vo Within the ermenanl 51aff team onl Page 8

University of Birmingham Guild of Students REPORT OF THE TRUSTEE BOARD Future Plans The &Jikl has r￿￿tly1sUftch￿j our new five-year strategy for 2022 - 2027 encompassing three main themes; Engagement and Participation. Representation, and Communlty and Support. The strdtegy a￿$ to In¢￿aSe student engagemen( participation and dNetstty wthin our actmties, provide a culture of support that enables students to thrive. and ensure the Guild can eff￿lIvelY represent Birniinghp sbJdents on the issues that matter the mosL The slrategy is supported by six crrbcal enabters., namely Supporttve Partnerships & Relationships. a SouThJ Fmancial Footing. People & Culture. Communications & ￿8ndIng. F￿l￿eS and Investsment Sn Infraslruclure. In the delivery of the strategy will ￿ntinue to strive to give students an excellent student experience 8t Blnningham. ￿th 8 greater focus on how we support postgraduate and intemational students, as well as improving the qualty of Ihe undergraduate experience and services offered. Finan¢ial Rwiew Income and Ex￿ndItUre For 2021122, the Guild reports Net Income of £1.371m compared lo Net Income of £421.6k in 2020r21. Ho￿￿ver, this result is signiffcanuy impacted by the annual adjustment lo the estimated SUSS pension deficAt which contn"butes £614.4k towards Net In￿rne reported. For the 2022 year- end. the discount factor used to calculate the net present V81ue of p18nned repayments to the pension scheme was revised from 1.240h used in July 2021 to 3.410/0, generating a non4ash positive adjustment in the year. Nel Income would have been £756.8k wtthout the pension adjustment Trthich is still a very favourable result Tot81 Income increased by £2.336m 153Vo} from £4.404m in 2020121 to £6.74m in 2021r22. wrth the prevsous year 2020121 5ignrficantly impacted by COVID19 restrictions, affecting bolh trading and student groups, activities. However, the £6.74m total income achieved in 2021r22 is still greater than that achieved prior to COVID15. with 2017118 arKI 2018119 reporting total In￿Me of £6.oe6m aTrJ £6.419m reSpeCtWe￿. Grant In￿)me Idonationsl fijnding Incr￿￿￿ by £249.1k (8%) to £3.368m due to the stepped increase to block grant funding that has now been consolidated for ftjture years, with growth also approved from 2022123 onwards. Income generated from charrtable trading and subsidiary actNities totslled £2.16m, representing 8 420.10 incTease compared to 2020121 although the figure for 2021122 Is similar to that achieved In both 2017118 and 2018119. Income generated from 'Student Development & Empbyabiliw activities also follows a similar pattem with £825.1k achièved in 2021122 compared to only £178.1k in 2020f21, difference of £647.Ok or 363%. Income achieved in thi8 area for 2017118 and 2018119 was £705.1k and £793.3k resWNely. Totsl expenditure & Charges increased by £1.386m134.8%1 from £3.983m in 2020121 to £5.369m in 2021122. However. this increase would have been higher rf the credil of £614.4k annual SUSS pension adjustrnent had not rodu¢ed reported expenditure for 2021122. Similady to the movement in Tot81 Income bets%een the IM financial years. Total Expenditure reported for 2020121 was m￿h lower than normal due lo the Smpact of COVID19 restrictions in place al that time. Gross EX￿nditLw8 for 2021122 demonstrates a retum to expected levels of actiwty and operations. As highlighted in note181, Gr05s Expenditure reported for 'Student Development and Employabdity activrties increased by £905.1k 169.9Vo} to £2.2m, mainly drNen by student groups. actiirities whiL¥t Gross Expenditure reported for Charrtable Troding increased by £901.4k {80.OQhl to £2.028m, as trading was fully operational for the whole year in 2021122. To a lesser extent, Gross Expenditure for Page 9

University of Birmingham Guild of Students REPORT OF THE TRUSTEE BOARD 'Student Advice, Support & Communf(Y increased by £94.4k 116.8Vb) 10 £656.7k whilst 'Sludent Represontation, costs increased by £64.3k19.50/ol to £742.8k. The expenditure highlighted above lake account of support cost allocations totalling £2.127m, 8$ reported in note19). This represents a £372.3k {21.2V/o) increase ￿mPared to £1.754m rerx)rted for 2020121. The direct costs of all support areas increased compared to the previous year although the Tllost notable change is for Facilities Ibuildingsl that increased by £185_2k132.8%1 to £749.8k Credits. charges and transfers to both the unrestricted. restricted and designated reserves are reE)Orted in greater detail below in the Reserves Policy section and also in notes122}.1231 and1241- Flxod Assgts As highlighted in note 114}, the net book value of 'Total F￿ed As$el$' decreased by £47.4k to £213.7k. Capital investment was limited during the finanryal year wrth new pu￿haSe$ totalling £64.5k 12021. £19.6k) whilst depreci8tion charges amounted lo £111.9k {2021.' £139.7k). Sundry central building works totslling £18.Ok were incufred in 2021122 12021.. Nil) whilst equipment purchases totalled £46.5k compared to £19.6k in 2020121. Equipment purchases comprised of GeneTal IT hardware. security body cameras and autho equipmenL Net Current Assots & Cash-Flow Total Net Current Assets increased by £508.1k from £2.124m brought forwar(I to £2.632m for 2021122. This movement consisted of an increase to current assets by £840.8k and an increase to creditors due wthin one year by £332.7k. As reported ￿1n the Statement of Cash Flows on page 21. total cash balan￿$ increased by £1.389m across the year to £3.282m held at year*nd. whilst debtor and stock balances decreased by net £547.9k. The Guild reported a signtticant'accrued income, balance al the previous 2020121 year- end. and the majority of this was cleared during the earty part of 2021122. Within the cash balances of £3.282m held al year-end. it is important lo highlight fhat £567.4k12021: £501.3k) con5i5ted of student group balances, including £374.Ok Guild societie5 and sports dub5, £139.7k Medsoc funds and £53.7k University sports club custodian fijrvjs. The latter custodian funds are reported as creditors to the Guild whlst the Guild'$ student groups are reported as designated furKls (see note (24>1. Creditors due within one year have increased by £332.7k to £1.157m at 31 July 2022 compared to the previous year. This mainly consists of an increase lo Irade creditots, by £137.4k and an increase lo accru2ls by £130.9k, reporting a combined increase of £268.3k. All other shorter terni creditor balances irKreased by a combined £64.4k. Further detsil warding movements to stock. debtor arKI creditor balances is reForted in noles1161, 1171 and1191. Provision for Liabilitie$ and Net Liabilities Since 2015116 land restated for 20141151, the Guild has been required to adopt Financial Reporting Standard 102 (FRS1021. Under FRS102, a contractual agreement under a multiemployer defined benefit pension scheme to fund a past deficit should be accrued for as a liability discounted to net present Value. As highlighted in rtole1211, duiing the year the lotsl liability provision is estimated lo have decreased by £892.1k from £5.047m recorded as at 31 July 202110 £4.155m cal¢utate(l as at 31 July 2022. The £4.155m liabiltty is split belween creditors fallirKJ due within one yeaT1£296.1kl and the longer temi provision {£3.859ml. Page 10

University of Birmingham Guild of Students REPORT OF THE TRUSTEE BOARO The £892.1k estimated decrease arises from repayments within the year totalling £277.7k and a £614.4k credit adjustsnent arising from a sKJnifi(*nt i￿prOveMent lo the discount factor as5UmPtion used lo calculate the net present value of the liability. For 2D20121. the Guild applied a discount factor of 1.24/0 and this has been increased to 3.41OA for 2021122. The remsed dSscount tsctor better refiects current market (x)ndilions forecast for investments over the next thirteen year pericrfj. Custodlan Funds University of Bimiingham Sports Clubs who hold a 'socJal' account wlh the Guild are classified 88 Custodian Funds held on behalf of unive￿itY of Birmingham and are I￿ated 85 Creditors. At year- end, the closing balance of funds held on behalf of AU Sports Clubs was £50.gk compared to a c105ing balance of £57.2k hekl al the end of 2020121. a decrease of £6.3k. Guikl Ser¥iwb Ltd As highlighted in rtote (15). Guild SerV￿s Ltd is a wholly owned trading subsidiary of the parent charity, Untversty of Bimiingham Guild of Students. Guild Services Ltd engoges in trading activities not directly associated the charitable objects of the parent charity for the PUTposes of generating income Ihal is donated back to the parent charity to fund charitable activities. During the year. Guild Services Ltd engaged in marketing and sponsorship actmties including actiwties linked to the Birningh8m 2022 Commorwealth Ggmes. For 2021122, Guild Services Ltd generated income of £125.7k {2021.. £60.5k} and incurred costs of £88.6k12021'. £62.4k)- At 31 July 2022, a gtft-aid payment of £37.1k {2021.' Nil) is due to be made from Guild SeNces Ltd to University of Bimiingh8m Guild of Students. Future Finance5 The budget for 2022123 financial year was approved by the Guild's Trustee Board in Feiyuary 2022. This reports Net Incc¥me of £409.3k for the year. After allocating budgeted expEnditure and charges to both restricted and designated reserves of £14.Ok. and accounting for pension deficit repaynents of £296.1k, free unrestricted reserves are budget&J lo incr&35e by £127.2k. During 2021122 the Guild successfully agreed 8 lor4Jer temi fundiro position wth UnIver￿ty of Birmingham securing improved grant funding for the five year period 2022123 to 2026127. This agreement consolidated the temporary increases awarded during 2020121 and 2021122. wth a further increase of £549.1 k in 2022123 compared to 2021122. The annual blctk grant for 2022123 will be £3.54m and this will also be suppkmenled by estimated addi(ional funding of £896.7k to fund Student ment0￿, Community Wardens and Hall Reps activities. Further growth is incorporated into the block grant to 2026r27. The 2022123 budget assumes a relatively prudent trdding position although 2021122 did exceed expectations. This position will be reme￿Ed midway through the first semester and reforecast accordingly. In addition, the budget assumes an increase to core staff levels in line with increased funding lo ensure the Guild's new key performance taryJets 3￿ achieved to deliver the new strategic plan. The Guild has budgeted f¢x capital expenditure purchases of £180.Ok and a marginal net increase to cash balances of £132.0k. rfng the financlal re￿eW finansed In 2021r22. the Gulld updated Its fin8nryal five year planiforecast and this will be furtt)er reviewed during 2022123, followng the positive p8rfomiance in 2021122 but more importanljy cost of limng and energy price increaseslpressures currentty experienced globally. Work during 2022123 will also consider the outcome of the next SUSS 8ciu8rial revaluation which is currenuy being prepared with a valuation date as at June 2022 that ￿711 most likely be communlcated member Students. Unions in early 2023. As part of this wo￿, the Guild aim to engage in Page11

University of Birmingham Guild of Students REPORT OF THE TRUSTEE BOARD dtscussions ￿1th UniveTsily with regard lo the lOn￿r term estimated penson liability to firKI the mosl economical solution lo discharging the liability. InveBtment Policy In accordan￿ with the Guild's Investment Policy, the primary objective is to CA)ntinue to invest surplus cash to best advantsge wth minimum risk, although it is anti¢ipated that th8 Gulld will be able to generate greater retums in future ye8rs through implementation of the policy. During the year, the Guild has taken a prudent stsn￿, wSth funds being dep051ted wth high street banks. Investment relums in the year reflect the slated tK)licy. Remuneration Policy In 2017118, the p8y-8(8le vrds ￿mewd and recalibrated reducing pay-points from fve points to four points lor each gr8de on the sc818. The lowernd of the scale Wds also (r)rrected lo take account of erosion of the Guild p8y-scle arising from national statLrtory increases to minimum ￿age increasing at a faster rate than annual cost of livingfinfiationary increases applied by the Guild. The pay-scale was introduced from the start of 2018119 and has been adjusted annually by approved cost of liwng increases for the four years 2019120 to 2022123. Annual cost of livinglinflationary in¢r88ses are applied to the scale after taking account of general economic conditions, funding. aff￿dabilIty and benchmarklng against similar organisations. The Guitd applied increases ranging from 1.75Vo lo 2.160h for 2021122 and has applied increases ranging from 3.OQ/o to 6.OQh for next financi81 year 2022123_ The adjustments for 2022123 have been increased due to the well-publicised 'cost of living crisis. currently experienced within the UK. The Guild QFerates the Local AUth¢￿ty Employers Job Evaluation scheme. Ail new posts are evaluated prior lo recruitsnent and 811 current job role5 are also evaluated periodically either as they become vacAnt or wh8n variations lo responsibility levels are made to roles. The Board commissioned an extemal consuh8nt lo undertake a benchmark re￿ieW using Job Evaluation of the CEO'S remuwation during 2017118 and the report was subsequently approved by HR Committee. In addition, staff are able to increment wthin a pay-srale grade on an annual basis in line with standard organisational policies and subject to OLrtcomes measured in an employee's annual Development & Performance Review. The ftjll-time Offi￿r Team elected annually are patd against specific pay4cale gradelpoint With referen￿ to sludfjnt staff positions, the basic houdy rale of pay currently tracks against National Minimum Wage121- 22 year (Ad ratel for all student staff under 23 years old. Student staff aged 23 and older are paid the National Living Wage. The Guild also pays an enhanced hourty rate for senior 8ssistsnts. Sludenl staff houdy rates of pay are adjusted in April each year in line with government announcements whllst core staff pay-scales are linked to the ffnancial ye8r. In April 2022, the Nalional Minimum Wage121-22 age rate) increased by 9.74Qh arKJ an equiwalent increase was also applied to the Guild's enhanced senKJr a$$i$tant rate. The Nth"onal Living Wage increased by 6.65tsA. During 2022123. the Guild wll be cOndu￿1ng a full remew of pay for both student staff and permenant staff including non-pay benefits lo ensure the Guild (2n ramain competitive as an employer. Going Concern The twslees believe the chartty and group remain in a position to continue operating and have Ihe capacity to meet all liabilities as they fall due. The Balance Sheet report5 Nel LiabilitEs of £1.014m as at 31st July 2022 although this is dLte to a pensk)n deficit liability, payable over a thirteen year period to 31 August 2035. The Guild beneffts from signfficant annual grant fundin9 from Universty of Birmin9ham and this funding Ss rewewed regul8rfy, ith a recnt five yearfijnding agreement in place for Page 12

University of Bimiingham Guild of Students REPORT OF THE TRUSTEE BOARD the period 2022r23-202W27. A more detailed statement ￿gardIng the Guihd's Goiry ¢￿¢$M status is retK)rted wthin the Accounting Policies section on page 22. Ros•rves Poli¢y At 31 July 2022. the Guild's free reserves {being general funds excluding th represented by fixed assets and the bnger term SUSS pension deficit) stood at £1.237m 12021.. £889.3k}. After taking account of general funds including fixed assets, but excluding Ihe longer temi SUSS pension deficit. lotsl unrestricted reserves stgod at £1.444m (2021.. £1.137ml las shown in note (25)}. This is in line ith the minimum £1m unrestricted funds taryet reported within the Guild's current Reseryes PolKy. For 2021122. Ihe Guild has designated £91.7k to the IT Strategy Fund to support fijture revenue costs that will arise as the Guild's IT infrastructure and support is fully transStioned to University tT serVi￿S. In addrtSon, Universtty of Birniingham has set aside a capital budget of £1.7m to deliveT the transition. Hlstoric81 designated reseTves held to fund the IT Stratsgy implementation costs are eroded as assets are depreciated. By 31 July 2022, the Guild had completed implementation of the Original IT Strategy th assets continuing to depreciate. ￿lIst further Invesknent is planned from the reserve during 2021r22. The designated reserve for the next signfficant building project {£550k) remains unchanged for 2021122. It is anticipated that a future pmject wll not commence until at least 2023 whilst the Guild and University work in portnership to upgrade the IT infrastruciu￿. As a resutt of recognitvJn of the Guild's SUSS pension der￿ll arising from FRS102 implementalion in 2015116. 8 negative unresmed pension fund balance of £4.155m is recognised as at 31 July 22. Refer to the accounting policies secb.on and r￿le(21). Audltors Dains Audit Limited has indicated its willingness lo ￿)n￿nue in office and byill be proposed for reappointment in accordance with Section 485 of the Companies Act 2006. Statern8nt as to Dlsclosure of Infom)allon lo Audho The members of the Trustee Board ￿[? in office on the date of approval of these financial ststements have confirmed. as far as they are aware, that there is no ￿levant audit information of ich the auditors are urware. Each of the Trustee Board members have confirmed that they have taken all the steps that Ihey ought to have taken as Trustee Board members in order to make themselves aware of any relevant audit Infomi8tion and lo establish ihat it has been wmmunIca￿ to the auditor. Smo11 Company Provision The report of the Trustee Bo8rd has bgen prepared in accordance with the provisions applicable to companies entitied lo the small companies exemption prowded by Part 15 and SeGtion 414qb) of the Companies Act 2006. On behalf of the Tnjstse Board Robert Smeath Chair of Trustee Board Dale". 31$1 October 2022 Page 13

University of Birmingham Guild of Students TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The trustees (who are also directors of University of Blrmingham Guild of Sludents for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial $18lements in accordance with applicable law and United Kingdom Accounting Sland8rds (United lfjngdom Generally Accepted Accounting Practi￿) induding Financial Reporling Stsndard 102 (October 20181, e Financial Reporting Standard appl5￿ble In the UK and Republic of Ireland,. Company law requlres the trustees lo prepare financial statements for each financial year which give a true and fair Mew of the state of affairs of the charitable company and the group and of the in￿ming resourees and applic8bon of resources, including the income and expenditure. of the charitable group for that period. In preparfng these finawal statements. the trustees are required to: select suitable a¢xounting polrcAe$ and then apply them consistentty: LtheTve the metlK)ds and prinoples in the Charities SORP: make judgments and estlmates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the finanrjal stalemenls.. prepare the financial statements on the going ¢0￿M bosis unless it is inappropriale to presume that the charitable company will continue in business. The trustses are respons¢ble for keeping propor accounting records that disclose With reasonable accuracy at any time the financial position of the charitsble company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for Safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud an¢J other irregularities. The trustees are also responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable ￿mpanY'S website. Legislation in the United ltingdom governing the prep8ralon and dlssemlna￿tsn of flnanci81 ststements m8y dtffer from legislation in otherjurisdiclions. Page 14

University of Birmingham Guild of Students INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF BIRMINGHAM GUILD OF STUDENTS Opinion We have audi(ed the financial slatements of Univarsty of Birmingham Guild of Students (the 'Parent Charity) and its subsidiary (the 'Group'l for the year ended 31 July 2022. which wmprise the Consolidated Statement of Financial Activtties, the Consolidated arvj Company Balance Sheets, the Consolidaled Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial report¢ng framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards. including Financial Reporting Stsndard 102 'The Financlal Reporting Standard applicable in the UK and Republic of Ireland, (Unried Kingdom Generally Accepted Accounting Praclicel. In our oplnion the financial statements= give a true arbd fair vtew of the state of the Group's and Parent Chartys affairs as at 31 July 2022 and of the Group's irtcoming resources and application of resour￿$, iKluding its income and expenditure for the year then ended. have been properfy prepared in accord8nrk V￿th United lfjngdom Generally Accepted Acwunting Pracb'ce" and have been prepared in accordance ￿th the requir8ments of the Companies Acl 2006. Basis for oplnion We conducted our audit In accorrlance Inlematlonal Standards on Audiling {UKI IISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Audilors. responsibilities for the audit of the financial statements section of our repDrL We are independent of the Group and Parent Charity in accordancE with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom. induding the Financial Reporbng Councsl's Ethical Standard and we have fulftlled our other ethical responsibilrties in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opini¢)n. Conclusions relatlng lo golng concern In auditing the finanaal statements, we have Concluded that the TTU$tees' us9 of the going corKem basis of accounting in Ihe preparation of the finan(#al statements ¢5 appropriate. Based on the work we hove performed, we have not idenlified any material uncertainties relating lo events or conditions that, individu811y or collectively, may cast sign1fi￿nt doubt on the Group and Parent Charitls ability to continue as a going GOn￿M for a period of at least tsvelve months from when the financi815tatements are authorised for issue. OJr responsibilities and the responsibilities of Tnjstees ￿th respect to going concem are described in the relevant seGlions of this report. O¢hw Inl(mnatlon The other infom)ation comprises the infom)ation induded in the Annu81 Report other than the financial ststements and our Audf(ors' Report thereon. The Trustees a￿ reswnsible for the other infom)atlon contained ￿rithIn the Annual Report. Our opinion on the finanThal statements doe5 not cover the other information and. except to the extent otherrise expliciuy ststed in our repor( we do not express any fom) of assurance conclusion thereon. Our responsibility is to read the other informalion and, in doing $0, Consider whether the other information is materially inconsistent with the financial statements or our kn￿edge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistenc￿S or apparent material misstatements. we are required to detemiine whelher this gives rise to a material misststem&nt in the financial ststements themselves. Page 15

University of Birmingham Guild of Students INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF BIRMINGHAM GUILD OF STUDENTS If. based on the work we have perfomied. we conclude that there is a m81erial misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinion on other mattors Pr￿rfb0d by the Companies Act 2006 In our opirbion. based on the WOTk undertaken in the o)urse of the audtt.. the irrformation given in the TTU81ees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements" and the Trustees, Report has Wn prepared in accordance with appIl￿ble legal requirements. Matters on whkh wo are requlred to report by exception In the light of the knth￿edge and understsndiThJ of Ihe Group and the Parent Charity and its environment Obtain￿ in the course of the audit, we have not Kl8ntrfied matsrfal misstatements in the Trustees, Report. We have nothing to report in respect of the followng matters in ￿latiOn to ￿lch the Companies Act 2006 requires us to rerA)rt to you If, in our opinion- adequate accounling records have not been kepL or returns adequate for our audit have not Èeen received from branches not visited by us., or the financial statements are not in agreement wth the ac£ounting records and retums., or rtain dis¢losures of diredo¢s remuneration specified by law are not made.. or we have not rg¢etved all the infomiation and explanations we require for our audit- or the Trustees were not èntiued lo prepare the financial statements in accordance with the small companies regime and tske 8dvantsge of the small companies. exemptions in preparrng the Trus¢e8s' Report and frLYll the requirement to prepare a Strategi¢ ReporL Rgsponslbllltles of Irustee6 As eXp￿Ined more fully in the Trustees. Responsibilities Statement set out on page 16. the Trustees {who are also Ihe directors of the tharitable company for the purposes of company lawl are ponsible for the preparation of the financial statements 8nd for being satisfied that they give a true and fair view, and for suth internal control as the Trustee5 determine is necessary to enable the preparation of financial statements that are free from material misstslement, whether due to fraud or error. In preparing the flnanc181 ststements, the Trustees are responsible for assessing the Group and Parent Charity's ability lo ￿ntinue as a going concem. disclosing, as applicable, matters related to going concem and using the going COn￿M basis of accounting unless the Tnjstees either intend lo liquidate the Group or the Parent Charity or to cease op9rations, or have no realist￿ altemative but to do so. Auditors. r•$ponsibilities for thg audit of tho flnanclal statements Our objectives are to obtain reasonable assurance about whether Ihe finanaal ststements 8s a whde are free from material misststemenL whether due to fraud or erTor, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misststemenl en it exlsls. Misslalemenls can arise from fraud or error and are consideJBd matersal rf. indiwdually or in the aggregate. they could reasonably be expecled to inftLHice the economic decisions of users taken on the basis of these financial statèments. Page 16

University of Birmingham Guild of Students INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF BIRMINGHAM GUILD OF STUDENTS Irregularities, induding fraud. are instsnces of n0nryeowllplian￿ wilh laws and regulations. We design Pro￿dureS in line with our responsibilities, outlined above. to detect material misststements in respe¢l of Irregularities. including fraud. The extent to which our Pro￿dureS are ¢apabl8 of (ktecting iffegularitie5, including fraud is detsiled belo¥Y. Our approach to identfyng and assessing the risks of material mlsslalement in respect of irregularities, including fra￿fj and rK)nvcompliance vthh laws and regulations, was as follo%." the senior statutory audllor ensured that the engagement team collecttvely had the approwate competence, ¢ap8bilitses and skills lo identify or recognise non-compliance applicable laws and wulalions., we identified the laws and regulations applicable to the Group and Parent Charity through discussions wtth Trustees and other management. and from our commercial kr￿)￿edge and experien￿ of the charity sector., we focused on speufic laws and regulations whlch we considered may have a direct material effect on the financial statements or the operations of the Group and Parent Charity. induding the financAal reporting legislation, Companies Act 2006, taxation legislation. anti-bribery. employTnent. and environmentsl and health and safety legislalion- we assessed the extent of compliance wth the 18ws and regulations Ident￿ed above through making enquiries of management and inspecting legal correspondence: and identrfied laws and regulations were communicated within the audit team regularfy and the tean remained ￿ert lo Instsnces of non-comprlan￿ throughout the audit. We 8ssessed the susceptibilty of the Group and Par8nt Charty$ finan¢ial ststements to material misststement. Indudlng obtsining Sn understanding of how fraud mtghl 0￿Ur, by. m8king enquirie5 of management as to ￿ere they considered there was susceptlblllty lo fraud, their k[K)￿edge of actual. suspected and alleged fraud", and considering the internal controls in place to miligate risks of fraud and non-compliance with18 and regulations. To address the risk offraud through management blas and override of controls, we: perfomied analytical pro¢edures to idenlrfy any unusual or unexpected relationships," tested journal entries to identify unusu81 tr8nsaclions'. assessed whether jLtdgements and assumptions made in detem)Ining th& accountlng egtim8tes were indicative of potential bi8s' and investigated the rationale behind signifiont or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, designed procedures which included, but were not lirniled to.. agreeing financial slatement disclosures to underlying supporting documentation.. reading thg minutes of meetings of those charged wth govemance., enquiring of management as 10 8CtU81 and potential litigation and claims., and remewng coThespondence wth HMRC. relevant regulators and the Group and Parent Charitys legal advisors. Because of the inherent limitations of an audit, there is a risk that we wll not delect all irregularities, including Ihose leading to 8 m81erial mis51atement in the finanaal statements or non-compliance with regulation. This risk increases the more that complianc£ wlh a law or regulation is removed from the events 8nd transactions reflected in the financial statements. os we will be less likely to become aware of Instsnces of non-￿mplianCe. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmenL forgery, collusion, omission or misrepresentation. Page 17

University of Birmingham Guild of Students INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF BIRMINGHAM GUILD OF STUDENTS A further description of our responsibilths for the audlt of the financi81 statements is loGateAJ rm the Financial Reporting Council's website at.. Www.frc.org.ukJaudktors￿sp0n$lbl1[(Ies. This description fomis part of our Auditors. Rewt. The financial statements of the Group and Parent Charity for the year ended 31 July 2021 ￿tTe al￿lled by Mazars LLP who expressed on unmodrfied (winion on these financtal statemenls on 15 November 2021. Use of our rnport This report is made solely to the Group and Parent Charty's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Chari￿s members those matters we are required lo state to them in an Auditots. Report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charity and its members. as a body. for our audit work, for thEs reporL or for the opinions we have fomied. MaTk Gumey FCCA (Senior Statuw Auditor) For and on beha￿ of Dains Audit Limited ststutory Auditor Chartered Accountsnts Birmingham D8te". Si /ts>Z Page 18

University of Birmingham Guild of Students CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure accx)unt) For the year ended 31 July 2022 Note Unreslricted Designated Restricted Funds Funds Funds Total 2022 Total 2021 INCOME Donations InoL)me from charrFable activities Income from other trading activities Investment in¢y)me Other Income 3.￿9,734 358.102 3.367.836 3.118.713 2,041,481 810,541 390,780 3.242,802 861.417 125,678 3,851 125.678 3.851 60.483 s.￿1 357.753 TOTAL INCOME 5.180,744 810.541 748,882 6.740.167 4404.267 EXPENDITURE Expenditure on raising funds Expenditure on charitable activttses 194,923 195,410 175,429 4,296,910 766,957 724.121 5,787.988 3,818,402 Pension Deficit credit 21 1614.3541 {614.3541 {11.159) TOTAL EXPENDITURE 3W7N79 766,957 724,608 5069,044 4982.672 NEf INCOMEI IEXPENDJTURE) IXi3.265 43.584 24.274 1,371.123 421.59S Transtsrs bethen fvnds 22-24 (85,876) 85.876 NET MOVEMEpif IN FUNDS 1217.389 129.460 24274 1,371,123 421.595 R•conclliation of Fund8 Funds bought fOr￿drd as originally sL*ed Prior Year Adjustment {3.632.817} 1.108.147 139.854 {2.384.8161 {2.581,6631 (224.7481 Adjusted funds bought foThvanl {3.632.8171 1.108.147 139.854 12.3M816) 12.806.411) TOTAL FUNDS CARRIED FORWARD {2A15.4281 1,237.607 164.128 11.013.693) {2.384.816) The statement of financial activities indudes all gains arKI losses recognised in the year. All income and expenditure derive5 from continuing actiwties. The Consolidaled Statement of FinarKial Acbwbes (including income and expenditure account) for the year ended 31 July 2021 is reported in nole111. The acc¢Jur7ting policAes and notes on pageg 22 to 46 form an integral part of these flnanclal statements. Page19

University of Birmingham Guild of Students CONSOLIDATED AND COMPANY BALANCE SHEETS As at 31 July 2022 Company re￿$tratiOn number. [￿638759 Group Guild Note 2022 2021 2022 2021 FIXED ASSETS Tangible assets Investsnents 14 15 213,664 261.071 213,664 25.000 261,071 25.000 213,664 261,OT1 238.664 286,071 CURRENT ASs￿s Stocks Debtors Investments Cash at bank and in hand 16 17 18 38,517 468,328 928,872 2.353,020 16,680 1,038,053 928,251 964.958 38,517 525,396 928,872 2.213,960 18.680 1,064,887 928.251 860.819 3,788,737 2,947,942 3,706,745 2,870,637 CREDITORS.. Amounts falling due thin one year 19 {1,157.075} {824,396} {1,149,2281 {821,3361 NET CURRENT AssErs 2,631,662 2,123.546 2,557,517 2,123,401 Provisions f¢¢ Liabilitie& SUSS Pension Def￿At 21 {3.859,019} 14.769.433) 13,859,019) 14,769,433) NET LIABILITIES 25 {1,013.693) 12,384.8161 11.062.838) 12,433,961) FUNDS Reslricled funds 23 164,128 139,854 164,128 139.854 - Unrestricted- General - Unreslr(cted- Pension - Designated 22 1.739.651 1.414.340 1.6￿.506 1,365.195 21122 {4,155,079) 15.047.157) 14,155.0791 15,047.157) 24 1.237.607 1.108.147 1.237.frf)7 1.108,147 {1,013,693) 12.384.816) 11,062.8381 12,433,961) The financial statements were approved by the Trustee Board and authorised for issue sjn 31￿ Odober 2022 and signed on thelr behalf by.. These acoJunts are prepared in eccordance with the special provisions relating lo companie5 subiect to the small companies, regime within Part 15 of the Companies Act 20c￿. Net Income for the parent company for the year 2021122 is £1.371.12312020121'. £421.595). Robert Smeath Chair of Trustee Board The accounting poliaes and notes on pages 22 to 46 fonn an integral part of these financial statements. Page 20

University of Birmingham Guild of Students CONSOLIDATED STATEMENT OF CASH FLOWS For the ear ended 31 July 2022 2022 2021 Net cash generated froml{used inl operating 8CtnAbes 1.449,373 (621,684) Cash fk)ws from Investing athits•$ Interest received Purchase of tangib]e ffix￿ assets 3,851 {64,541) 5.901 (19.602> N•t cash used in inv•5ting activiti•s 160.690) {13.701) Net Increasel(decrna80} In & Cash equivalents In the yegr 1,388,683 1835,385) Cash & cash equivalent at the beginning of the year 1.893209 2.528.594 Total cash & Cash equlval•nts at the ond of tho yoar 3381,892 1P93209 Reconciliation of net movement In funds {operat5ng surplus) to net cash generatèd fromllused In) oporating activities 2022 2021 Operating Surplus Depreciation Interest re￿iVed {IncreaseyDecrease in stodis DecTeasel{Increasel in debtors {Decreasel in creditors & pension liabilty prowsion 1.371,123 421.595 111,948 139.682 (3,851) 15.9011 (21,8371 22,389 9,725 16C6.4831 1577.735} (592.966) Not cash genorated fromllused In) operating activitl 1.449.373 {621.684) ADaly$i$ of Changes in net funds At 1 August 2021 At 31 July 2022 Cash flow Short term investmerrt C8sh in hand and at bank 928.251 964,958 621 1,388,062 928,872 2.353.020 1.893209 1.388,683 3,281.892 The cash balance of £3.282m Indudes £567.4k12021: £501.3kl cash relating to sbjdenl groups consisting of £374.Ok Guild sttielies and sports clubs, £139.7k Medsoc fvnds and £53.7k University sports club custodian fiJnds (see notes119). {231 and (241}. Page 21

University of Birmingham Guild of Students ACCOUNTING POLICIES BASIS OF ACCOUNTING The financi81 stslemenls have been prepared In accordan￿ with Accounting and Rewrting by Charibes: Statement of Reojmmended Practice applicable to Char￿8$ preparing Iheir accounts in accordance wth the Finanaal Rerx)rling Stsndard applicable in the UK and Republic of Ire18nd {FRS102} - (Charibes SORP IFRS1021), the Financial ReporbrKJ Stand8rd applicable in the UK and Republic of Ireland IFRS102} 8tKJ the Companies Act 2006. Unwer5ty of Birmingham Gulld of Students meets Ihe definthn of a public benefrt entty Under FRS102. A&8ets and liabilrbes are inrfially recognised at historul cost or transactbon value unless Qtherwse stated In the ￿levant accounting polw note(sl. JUDGEMENTS AND ESnMATIONS Management has not made any &gnficanl judgements and estlm8lons in the process of applying the acctsjnting policies except for the remsd estimation of the SUSS pension liability as delailed bdow thin 8c£ountiry Ipensionsl and within note (21). Pension defidt estimations inolLKled within the 2021122 financial statements are based uwn tt)e lalesl infomiation available following the actuarial revaluation corKJucted a5 at 30 JU￿ 2019 arKI mmunicated to the Guild in May 2020. SUSS Trustees are currenljy in the process of completing the next &luarial revaluation as at 30 June 2022 8nd this will Id(ely te communicated to the Guild of stUd￿ts in early 2023. FINANCIAL INSTrUMETrrrs The group only has finan(aal assets and finanaal liabilities of a ktnd that qualrfy as basic financial instruments. Basic financial instrLunents are initially ￿￿nised al transaction v81ue and subs4uently measured at their setuement value. GOING CONCERN SirKe 201&16 (and r8St8ted for 20141151. the Guild has teen required to reFLNt estimatefj future repayments into the SUSS pension deficit discounted lo a net pr&sent Yalue. This resutted in the Guild reporbng a not liability px)sition wthin Ihe Balanc Sheet of £2.385m Lroughl forward as at 1 August 2021. For 2021122. the Guild reports Nel Income of £1.371m reducing the Balan￿ Sheet net liability F)sition to £1.014m as al 31 Juty 2022. However, the SUSS pension liaSilty is repayable on an incremental basis over a thirteen year perSod lo 31 August 2035 and there is no reason to believe the Guild cannot meet its annual o)mmitrnents lo repay the liability. Actuarial rwaluation5 wll take place every three years and the pensKJn deficit will decrease as the Guild make5 payThents up to August 2035. The trustees have prep8fed detai￿ bLMJgetary and (zsh flow inf￿latIOn for the financial year 2022r23 and robust financial & eash flow forec8sls are also prepared for 1he fve year period to 31 July 2027. This enables trustees to plan effecliveFy for finan(y81 issues and cxpital investments dLtring the planning period and thÉs is reviewed, updated and extended by one year annually. In addrfion. the Guild regularly reviews a¢tU81 finanual perf0r1nan￿ against budget&l perfom8nce and makes decAsions regulaty to manag8 the p)5rbon. The Guild benefts from significant annual grant funding from Urwsity of Binniroh8m this funthng Is remewed regularty by both Guild and Unwe15ity representatives. During the finan¢kg1 year, the Guild and University approved a fNe year funding agreement for the period 2022123 - 2026127 following detsiled review process conducted during 2019120 and 2Wd0121. Thi8 has resulted in an increase to blod( gwt funding over the next five year period to 2026127. The bhxk grant for 2022r23 is budgeled to be £3.54m, representirrfj an increase of £549.1k ccfflpared to 2021122 and this wll also gn)w inc￿mentallY each year to 2026127. This exdudes addrbonal funding Page 22

University of Birmingham Guild of Students ACCOUNTING POLICIES r￿1vable lo defiver core services such as the Student Mentor Stheme. Wardens Scheme and H811 Reps. The trustees have no reason lo believe that 8t le8$1 equivalerrt level of funding wll nol continue in Furthennore. the Guild currently ber￿frt$ from signifKant cash resour￿ of £3.282m contrtJLrttng to tolal cJJrrent assets of £3.789m as at 31 July 2022 and mucj) lower short temi creditors of £1.157m. This enables the Guild to r8kKJrt net cutrent assets of £2.632m as 8131 July 2022. The Guikj is ively trying to manage the economic drfficultles arising from the current 'cost of Imng, sfs to minimise the negative finanaal impact as best possible. The Gudd will continue to monitor V81ue for money and review opportunibes to make efficEncy savings, as well as a cjjmmitment to unde¥tske a pay review during 2022r23. The Guihy has also factored in a reduclton to trading c>)ntrbution5 for 2022123 into financial fOr￿Sts. On the basis of this infomiation, the trustee5 believe Ihe tharity and wup remwn in a postbon to CJ)nlinue operatin9 and have the ￿paCity to meet all liabilities as they fall ¢kn. BASIS OF CONSOUDATION The financial statements (x)nsolidate the results. assets and liabifib&s of thg University of Blm)Ingham Guild of Sttjdents and trading subsdiary. Guild Services Limited on a line by line basis. The Univer5ty of Birmingham Guild of Students 15 the sole Corporate Director of Guild SeNces Limited and 811 shares are owned by the Ccwnpany Limited by Guarantee. In accordance wth FRS102 - Consolidated aTh separe finanu81 statements - Guild SeThi￿ ￿MIt￿ is considered to be under the control of the Guikl. In addition. advarrtage has been taken of the FRS102 exemption from disd05ure of certain intra p transaction5. A seEYdrate statement of financial activities and Ir￿Me and expenditure account are r￿1 presented for the charity tsew following the exemplk)ns 8fforded by section 408 of the Compani&8 Act 2006 and th8 SORP. FIXED ASSEfs aNI DEPRECIATION F￿ed assets are stated at (%)st less a￿Urn￿ated depreu8tion. The cosl of mlTh)r additions or those costing beiow £500 are not capitalised. DepreLi8tion is provided on tangible fixed assets at rates calculated to writg each asset dovm to its estimated residual value evenly over rts expected useful Itfe, as fdlows:. Central and building serw Equipment - over 2 to 10 years - over 2 to 5 years Eentr8Wbuitding services, capftal investsnent and depr&iation only rplales to refurbishments works undertaken wtthin the building. and do not include the physical building which is owred by Ur*iversty of Binningham and le8seAI to t1￿ Gurfd. STOCKS Slcth are valued 8t the lower of cost and net realis8ble value. Prowsion is made for obsotele and slow mo￿n9 items. Stock is rec£Jgnised on a first in. first out b8sIs. INCOME The Guild receives donations in the fomi of a block grant from the University and this is credited to the financA81 ststements in respeot of the period to vthich each grant relates. Page 23

University of Birmingham Guild of Students ACCOUNTING POLICIES Donations including grdnls receivable and other voluntary income are recognised where therB rs entiuemenl, certainty of receipt and the amount can be measured with sufficient reliability. Ino)me from the sale of goods is tecognised ￿￿thin income from charitable 8cllvlties vknen all of the following ￿nditIonS are satisfied: tha Guild has transferred Iho stgnificant risks and rewards of ownership to the buyer. the Guild retsins neither continuing man8gertal involvement lo the degree usually aS￿)CIa￿d trt ownership nor effeth've control over the 9oods sold: the amount of revenue can be measured reliably., it 15 probable that the Guild wll receive the consideration due under the transaction., the costs incurred or to be In(￿rred in respect of the transaction Can be measured rellably. Income from charitsble activities inclLKles inwme received under contract or vthere entitlement to grant funding is subject to SP8cffic perfonnan¢e conditions or relates lo primary purpose charttable trading. Such income is recognised as eamed las the related goods or semces are protridedl. Grant income included in this category provide5 funding to support perfonnance activities and is recognised %there there is enliUement, tsrtainty of re￿ipt and the amount Can be measured wth sufficTent reliability. Income from other trading activities relates to the sale of marketing services arKI franthise agreements and is recognised in the period the activibes relate to on a receivable basis. Investment income is recognised on a recelvable basis. All income arose within Ihe United Kingdom. EXPENDMJRE Expenditure is recognis8d when a liabilty is incurred. Conlrydclual arraftgements and perfomian related grants are recognised as goods or serwces are supplied. Other grant payrnents are recognised whgn a ￿nstrUCtiVe obligation 8rises that result in the payment being unavoidable. Expenditure on raising funds are those costs inoJrred in attr8cling donations, and those incurred in trading activities Ihat raise fvnds. Charitable activibes include expenditure assocTated wth student representation, sludent advice, support and community, student development and employability and charitable trading 8nd indude both the direct costs and support costs relating to these aCtimt￿$. Govem8nce costs include those incurred in the governance of the charity 8nd its assets and are primarily assoctaled constitutional and statutory requirements. Support costs indude central fijnctions and have been allocatsd to activity cost categories on a b85iS COn5i5tenl wth the use of resources (see note18) for further detsils). LEASED ASSETS All leases are operating leases and the annu81 r8ntsls are charged lo exp￿lture on a straight line basis over the lease term. PENSION COSTS The Guild participates in Ihe Students, Union Superannuation Scheme ISUSSI, a defined benefit schexne whth is extemally funded and contracted out of the State Second Pension. The fund is Wdlued at least every three years by a Professionally qualified independent a¢lLtary wrfh the rates of o)nlribution payable being detemiined by tho Trustees on the adwce of the actuary. Whilst the stheme operates as a pooled 8rrangement, under FRS102. 8 contractLtal agreement under a multi-employer defined benefit pension scheme to fijnd a past deficit should be accrued for as a Page 24

University of Birmingham Guild of Students ACCOUNTING POLICIES liability discounted to net present value. As at 31 July 2022, Ihe1I8bilrty to the Guibj was calculated as amounting lo £4,155,07912021.. £5,047,157). The Guild also participates in both the National Union of Students Pension Scheme INUSPS) and govemmenl NEST scheme. Both NUSPS and NEST are defined contdbubon schemes and are a￿oUnted for under the terms of FRS102 based uty)n a￿81 conlribuilons paid during the year. INVESTMENTS Investments are stated al the original invesknenl value. The Trustee Board value the 1CIOQ shareholding in the trading subsidiary. 8t Its original Investrnent value. Short temi investmeTtts relate to money market Investments. FUNDS STRVCTURE The Guild has a number of restricted income frjnds to account for silualions where a drmor requires that a donation must be spent on a particular purpose or vknere funds have been raised for a speufic purpose. All other funds are unrestricted i￿ome fijnds. The Trustees intend to use part of the unrestricted funds to finance building refurbishment plans and have set up a designatsd fund to reflect this. TAXATION The Universty of Bim)ingham Guild of Students is a registered charity and is exempt from incurriThJ taxation on ts tharitable a¢tMties. Page 25

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS Forthe ear ended 31 July 2022 1 CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES ONCLUDING INCOME AND EXPENDITVRE ACCOUNTI FOR THE YEAR ENDING 31 JULY 2021 Note Unreslriced Designated Funds Funds Restricted Funds Total 2021 INCOME Donations Income from 0arita￿e 8cliMties Income from other trading 8ctivities Investment in￿e Other Income 2,880.491 238.222 3.118,713 356.961 178.034 326.422 861,417 60,483 5,901 357.753 5.901 357.753 TOTAL INCOME 3,661,589 178.034 564.644 W4.267 EXPENDrruRE Expenditure on raising funds Expenditure on charitable activiti*$ 175,429 175.429 3.097.340 185.559 535,503 3.818.402 Pension Deficit credit {11.159) 111,1591 TOTAL EXPENDITURE 3.261.610 185,559 535.503 3.982.672 NEf INCOMEI (EXPENDITURE) 399.979 (7.5251 29,141 421,595 Transfers bets%Een fijnds (12.8631 18.8331 21.696 NEf MOVEMEhtr IN FUNDS 387,116 {16.358) 50,837 421,595 The ststement of financial actwities indudes 811 gains and losses recognised in the year. Atl income and expenditure derives from continuing actimties. Page 26

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Jul 2022 2 DONATIONS Unresfricted Designated Funds Funds Restricted Funds Total 2022 Total 2021 Grants receivable University - Block grant - Other Hall Reps 2,727,004 282,730 2.727.004 2,571,814 282.730 312.349 358,102 234,550 358.102 3.009.734 358,102 3,367,836 3,118,713 3 INCOME FROM CHARITABLE ACTIVITIES unrestn.cted Designated Funds Funds Restricted Funds Total 2022 Total 2021 Student Representation 938 2,228 Student Adwce. Support & Communty 382.430 382,430 326,422 Student Development & Employability {Incl. Student Groups) 6.238 810.541 8.350 825.129 178.084 Charitable Tra¢Jing 2,034,305 2.034,305 354.683 2,041,481 810,541 390.780 3.242.802 861.417 4 INCOME FROM OTHER TRADING ACTIVITIES Unrestricted Designated Funds Funds Restricted Funds Totsi 2022 Total 2021 Extemal trading income 125,678 125,678 125.678 125.878 80.483 Page 27

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 5 INVESTMENT INCOME Unrestricted Deslgnated Funds Funds Restricted Funds Total 2022 Total 2021 Bank interest receN8b18 3,851 3,851 5,901 6 OTHER INCOME UnrestriGted Designated Restri￿ed Funds Funds Funds Total 2022 Totsl 2021 CJRS Government Grant Insurance Ckim 307,753 50.000 357,753 7 EXPENDrruRE ON RAISING FUNDS Unrestricted Designated Restricted Funds Funds Funds Total 2022 Totsl 2021 &xtemal trading costs 25,398 25.398 48,315 25.398 25.398 48,315 Support Costs (Note 91 169,525 170.012 127.114 194.923 195.410 175.429 Page 28

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 8 EXPENDITURE ON CHARITABLE ACTivmES Unrestricted Des￿nated Restricted Funds Funds Funds Total 2022 Totsl 2021 Studènt Representation: Dlrecl costs Officer Team Student Voice 227.150 210,160 227.150 210.160 214,400 179.246 SUP￿ costs {note 91 305,103 340 305.443 284.790 742.413 340 742,753 678,436 Student Advice, Support & Communlty: Direct costs Advice Not On Ambassadors Mentor Scheme Community Ward￿$ Vale Fireworks 96,770 11.032 96.770 11,032 228.624 89,542 88.672 5.107 170.696 81,976 228.624 89,542 Suppcwt costs (nole 9} 178,033 52.696 230.729 215,863 285,835 370.862 656.697 562.314 Student Development & Ernployablllty: Direct costs Student Groups Depl, Hall Reps & Student Groups Job, Skills & VolunteeriNJ & Medsoc Support 351.245 766.957 294,501 1.412.703 624.667 28,319 Support costs {note 91 729,356 57,749 787.105 641.679 1,080,601 766,957 352,250 2,199,808 1,294,665 Charitable trading: Direct costs 1,531,446 1,531,446 773,869 Support cosls {note 9) 495.750 496,413 352,594 2,027,196 2,027.859 1.126.463 Page 29

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 EXPENDITURE ON CHARITABLE ACTivmES- RESTATED ICONTINUED) Unrestricted Designated Restricted Funds Funds Funds Total 2022 Total 2021 Gov•rnanc• Costs Audit Fees LegaVProfessional Fees Other direct costs 10.OtIo 5.122 8,872 10,000 5.122 8,872 10,650 5,929 7,675 Support costs (note 91 136.871 136,877 132.270 160.865 160,871 156,524 Tolal Exponditure on Charitable Activiti•s 4296,910 766,957 724.121 5.787.968 3.818.402 Page 30

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University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 10 REMUNERATION OF SABBATICAL OFFICERS Gross salary payments and employer pension contrfbutions made during the year to Sabbatical Officers lota15ed £161.2k in 2021122 compared to £156.7k in 2021)r21. The breakdown is as follow5.. 2022 2021 Sabbatical Officers. Trustee slatus Gross salary payments Employers pension costs 158,716 2,524 153.959 2.716 Total Sabbatical offi￿r Romuneration 161240 1%.675 Olher Trustee Remun8r81KJn (Student Staff) 2,413 Totsl Trustee Remuneration 163.653 156.675 The tswtee stslus ofthe Sabbatical Officer teams has varied in re￿nt years as follows: Non- Tnjstee Trustee 2017118 Sabbatical Officer Team 2018119 $8bbati¢al OFficerTeam 2019120 S8bbatieal OfficerTeam 2020121 Sabbatical Offi￿r Team 2021122 Sabbatical OFfI￿r Team 2022123 Sabbatical OfficerTe*n t￿ring the financAal year, the 2021122 Sabbatical Officer Team were in post for the period 1 August 2021 - 15July 2022. The 2022123 Sabbatical Officer Team started their induction on 27 June 2022 and fomially took office from 18 July 2022. In 2021122 financial year, the fr)Ilowing trustees r￿e(Ved remuneration.. 2021122 Team- M Brown, WL Chen, G Christian. J Conway. D Murin8s, A Simms & J Singh. 2022123 Team - A Matthews, V Chigariro, F Craddock. R Isaacs Smith, l Lawson, T Liu & B L￿kley. In 2020121 financSal year, the following trustees received remuneration: 2¢)20121 Team- T Adeyemi, WL Chen, R Cuder, R Hegaty. C Minler. A Raphael & J Singh. 2021122 T90m- M Brown, WL Chert, G Christtan. J Convrdy. D Murinas. A Slmms & J Singh. For 2021122, one Student Trustee (Mi&% Serabi Opiyo) also worked part-time as a member of the Guild's student staff team. This cost is also refflected above. No remunerati¢)n was paid to any other trustees. Pa9e 32

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 11 TRUSTEE BOARD AND SABBATICAL OFFICER TEAM PERSONAL EXPENSES One extem81 member of the Guild's Trustee 8oard was reimbutsed for travel. totalling £465 within the year {2021- Nil claims). For 2021122, thls expenditure is reportwj wlhin Govemance Costs. shown in note18). In addition. the 2021122 Sabbatical Officer Team were reimbursed a totsl of £1,26712021.. £314) In respect of personal travel and subsistence expenses, in accordance wth their role as elected Sabbatical Officers. Similady. six 2022123 Sabbatical Officer trustees were reimbursed £292 {2021: £78- 3 Officers) as part of the election process and during office towards the end of the financial year. These ¢))sIs are included wthin the total costs of Student Representation and are recorded within the cx)sts of charitable actNibes in note18}. For 2021122. a number of extemal trustees did not claim travel expenses to attend board meetings and personally chose to waive their expenses. The value of these expenses are unknown. During 2021122. all sub<ommittee mèetings were ¢ondu¢ted online. For 2020121. all board and subrycommittee meetings were conducted onllne due to the pandemic. The Guild of Students also incurred cosls of £5,15212021'. also £5.152} wthin the year relating lo Professional Indemnity insurance cover of £5m12021- a150 £5ml. This policy included cover for the trustees. directors, officers. employees, student group committee memters as well as other volunteers associated vAth Guild actiiritses. A wopjrtion of this cost has been allc¢ated as Govemance Cost, reported in note18). 12 STAFF COSTS 2022 Number 2021 Number The average weekly number of persons employed. excluding the Officer Team and Trustee Board shown in noles1918nd 110}, durtng the year was as follov•6: Permanent Stsff (average I full time equivalent} Student Staff {average l time equivalent) 72167 273140 69165 182122 3451107 251187 2022 2021 The 8ggregate payrdl costs of these persons were es fdlows.. Wages & Salaries Soual security costs Pension costs- contribuknns wthin year Pension deficit- credit 2,559.170 2,077,704 180,152 161,429 70.776 66.243 {614,3541 111,159) 2.195,744 2,294,217 Page 33

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 July 2022 The followng nLKnber ol employ*s recewed remuneration above £60.000 within the year.. 2022 Number 2Q21 Number £60,000- £69,999 £70.DOO- £79,999 £80,000- £89,999 £90.000- £99,999 Key management personnel are considered to be the Guild's Senior Management Team reported on page 2. Thls consists of the ch￿ Executsve. three Director positions and Head of Finance. Gross salary costs inctuding employer pension wntribulions lotalled £327.2k frjr 2021122, compared to £322.4k for2020121. Dudng 2021122. the Guild accounted for a terynination payment tclalling £14,856 to one employee {2021 nivno employees). Statutory payments totslbj £14,856 {2021 nil) ￿11$1 non-statutory P8yTnents were nil for both 2021122 and 2020121. 13 NET PAOVEMENT IN FUNDS 2022 2021 Is ststsd after charging.. Audltors remuneration.. - audit seNices - otherservices 10,000 2.950 10.650 3,080 12.950 13,730 Depreciation.. . owned assets 111.948 139,682 Operatin9 lease rentsls: - plant and machinery land and buildings 10,900 133,446 5.071 133.445 144.346 138,516 Page 34

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 14 TANGIBLE FIXED ASSETS Cenlrdl Buikling RefuTbs Equipment Total GROUP & GUILD Cost At 1 August 2021 Additions Disposals 2.628.&a8 18,061 1.676.672 46,480 4.305.370 64.541 At 31 July 2022 2.646.759 1,723,152 4.369.911 Depreciation: At 1 August 2021 Charge for the year Disposals 2,442,806 70,275 1.601,493 41.673 4.044.299 111.948 At 31 July 2022 2,513,081 1,643,166 4.156.247 Net bcok value.. At 31 July 2022 133,678 79,986 213,664 At 31 July 2021 185,892 75,179 261.071 Page 35

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 15 INVESTMENTS Group Guild Cost.. At 1 August 2021 25.000 At 31 July 2022 25,000 Net b￿k value: At 1 August 2021 25,0 At 31 July 2022 25,OtY) An analysis of the above invesknents Is set out below. At 31 July 2022 the Guild held investments in Ihe followng companSes which are incorporated in the United Kingdom: Name of Company Guild Services Limited Main Trading Actlvity Provision of external marketing sermces Equity Held 1009/0 The registered address of Guild Servrces Ltd is CIO Guild of Students. Edgbaston Park Road. Birn)ingham. B15 2TU. UNUSTED INVESTMEpirs Unlisled investrnents Investment In subsidiary Total Cost Al 1 August 2021 25.000 25.0(Kl At 31 July 2022 25.000 25.C Net book value At 1 August 2021 25.000 25,000 At 31 July 2022 25.000 25,000 Page 36

University of Binmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 15 INVESTMENTS {contlnuedl The results and assets of Guild Service5 Limited are as follows: 2022 2021 Tumover 125.678 60.483 Operating Ilossyprofit Interest receNable Taxation Donation under Gift aid distribution 37,128 (1.8881 (37.128} ProfiUIL05sI for the year) {1.8881 Net current assets arKI shareholders, funds 74.145 74,145 Guild Services Limiled is a registered company in England and Wales under number 2080761. For the year erKled 31 July 2022, Guild SeNices knmited was entlled to exemption from audit under Section 477 of the Companies Act 2006 re18ting to small companies and its members have not required the company to obtain an audit of its financial statements for the year in question in accordance wth Section 476. 16 STOCKS Group Guild 2022 2021 2022 2021 B8rs Catering- comblned OLrtlets 37.104 1.413 15,485 1.195 37.104 1.413 15.485 1,195 38.517 16.680 38.517 16.680 Page 37

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Jul 2022 17 Group Guild DEBTORS: Amounts falling due after morg than one 2022 2021 2022 2021 PrepayTnents (Gener￿} 6,739 20.827 6,739 20.287 6,739 20.287 6,739 20.827 Group Guild DEBTORS: Amounts falling due within one year 2022 2021 2022 2021 Trade deb other debtors lknd by subsid. undertakings Prepa￿Thents (Generall A¢crued Income 34,277 6,646 305,786 48.963 20.871 284,416 48,963 48,204 206.112 456,365 104.611 199.445 187.084 199,445 221,221 206,112 456,365 461.589 1,017,226 518.657 1,044,060 468,328 1.038.053 525.396 1.064,887 18 SHORT TERM INVESTMENTS Group 2022 Guild 2022 2021 2021 jney MarketJDeposil Inveslments 928,872 928,251 928,872 928.251 Page 38

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Jul 2022 19 CREDITORS." Amounts falling due within one year Group Guild 2022 2021 2022 2021 Trade Creditors other taxation & social security Cust￿j18n Funds held on behalf of AUIUniversity Sports Groups Other Credhors Ac¢ruals Deferred Income SUSS Pension Deficit 362,932 43,969 225.524 39.961 362,792 43,969 225,384 39.961 S).875 58,799 321,9S) 22.490 296,060 57.216 21.121 191,041 11,809 277.724 50,875 58,799 318.993 17,740 296,060 57.216 21.121 188.021 11,809 277,724 1,157,075 824.396 1.149,228 821,236 20 DEFERRED INCOME Group Guild 2022 2021 2022 2021 At 1 August 2021 Addttions Released 11.809 22.490 (11.8091 11,816 11,809 111,816) 11,809 17,740 111,809) 1.216 11,809 11,2161 At 31 July 2022 22,490 11,809 17.740 11,809 Deferred income for 2021122 primarily relates lo both grant and event income received for aclimtieslevenls taking place during 2022123, similar to balances held as at Ihg 2020121 year- end. Page 39

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 21 PROVISION FOR LIABILITIES: SUSS PENSION DEFICIT 2022 2021 Balance bought forward Defiryt conlributSons paid Unwnding of discount factorfinterest (based upon prior year rate) Adjustment arislng from actuarial revaluation in year ISurplusllDeficit 8djuslmenl arising change to discounl factor assumption 5.047.157 1277,724) 5,301,614 1243,298) 61.59) 55.947 1675,944) {67.1061 Total Balance carried frrnrd 4.155.079 5,047.157 Creditors - Amounts falllng due wilhin one year (see note 191 Provisions for liabilitsas 296,060 3,859,019 277,724 4,769,433 4,155,079 5,047,157 The SUSS pension liability after five year3 is estimated to be £3.150.536 {2021.. £3.771,486). UNRESTRICTED FUNDS (For Guild only) 1 August 2021 31 July 2022 Incoffle Expenditure Transfers General Reserve Pension Reserve 1,365,195 15,047,157) 5,152.172 (4.463,261) {363,600} 1,690.506 614.354 277.724 (4.155.079} 13.681.962) 5.152.172 (3.848.907) 185,876} 12.464,5731 Page 40

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 July 2022 23 RESTRICTED FUNDS (For Group & Guild) Reststed 1 August 2Q21 31 July 2022 Income Expenditure Transfers Mentor Scheme Warden Scheme Hall Reps Capital Grants Global Buddies Scheme University Maintenance SLA 10,978 83,860 8.484 6,467 11,461 18,604 265,923 116,507 363.100 3.352 1265,923} 1104,0771 1348,8321 (3.012) 10.978 96,2 22.752 6,807 11.461 15,840 12,7641 139.854 748.882 1724.608) 164,128 All of the above restricte(I reserves represent fimds re￿iVed sper#fi￿1]Y for the identified actiwty and are either supported by service level agreements or one-off grant applications. 24 DESIGNATED FUNDS (For Group & Guildl 1 August 2021 31 July 2022 Income Expendtture Transfers IT Infrastructure Building Refurbishment 2 Student Groups (Societies, Guild Sports Clubs Medsoc) 111.017 550,aCQ 447,130 85.876 196.893 550.01)0 490.714 810.541 {766.9571 1,108,147 810,541 1766,9571 85,876 1,237,607 IT depreciation charges of £5.8k have been allocated against the IT Infr8Structure Fund wthin the ye8r, compared to £8.8k charged in 2020121. This allocation specifically relales to assets purchased to Support the Guild's previous IT strategy that is currently under ￿V￿w. In df(ion, the Guild has designated £91.7k lo the IT Infrastructure Reserve to fund revenues Costs associated with the transition of Guild IT to Universty IT Services. This expenditure will be incJJrred during 2022123 and 2024125. The 'BuildirvJ Refurbishment 2. designated reserve has been allocated to help fund a potential extension to the Guild building, and this ￿SerVe has been froTrn Sin￿ 2018119. The implementation of this project is cufrenuy delayed Nthilst addttlon81 fvndlng is Iden￿ffied and further WOTk conducled to fomiulate a %￿der building development plan. In a￿￿￿On, Guild Societies. Guild Sports Clubs and Medsoc sbjdent groups are dassified as designated activTty of the Guild of Students. The nel balances increased by £43.6k during 2021122 compared to a decrease by £7.5k reported for the prewous year. 2020121. The net increase consists of £810.5k income 12021.- £178.Okl and £766.9k expenditure 12021= £185.5kl. Studerrt group adivities were signfficanuy impacted by the pandemic during 2020121 although r¢￿Vered during 2021122. Page 41

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 25 ANALYSIS OF NET LIABILITIES {2021122) Fixed assets and investments Promsion for pension liabilitie5 Nel cijrrenl assets Net abilities Charity Restricted funds 4,411 159,717 164.128 Designated funds 2,712 1,234,895 1,237,607 General funds - U08 Guild of Students UOB Guild- Pension 231,541 1,458,965 1,690,506 (296,060} (3,859,019) {4,155,0791 For Charity 238.664 2.557.517 (3.859.019) {1.C62.8381 Group Restricted funds 4.411 159.717 164.128 Designated funds 2,712 1,234,895 1,237,607 General funds UOB Guild of Students UOB Guild- Pension - Sub5tdiary undertakingls) 206.541 1.458.965 1.665.506 1296,060) {3.859,0191 14.155.079) 74.145 74,145 For Group 213,664 2,631,662 13.859,019} 11.013.693) The comparative figures for the Previ¢)￿ financial year are as follow5: ANALYSIS OF NET LIABILITIES12020121) Fixed assets and Net CU￿ent invethents 8ssets Provision for pension liabilities Net liabilities Charfty Restricted funds 6,467 133.387 139,854 Designated funds 7,307 1.100,840 1.108.147 General fvThYs - UOB Guild of Students UOB Guild- Pension 272,297 1.092.898 1.365.195 (277.7241 {4.769,433) 15,047.157} For Charlty 286,071 2,049,401 (4,769.4331 12.433,961 } Page 42

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 ANALYSIS OF NET LIABILITIES {2020r21) Fued assets and investrnents Promsion Nel current ￿ pension assets liabilities Net liabilibes Group Restricted fLmds 6,467 133,387 139.854 Designatsd funds 7,307 1,100,840 1.108.147 Geneml funds - UOB Guild of Students UOB Guild- Pension - Subsidiary undertaking(sl 247.297 1.092.898 1.340.195 {277.7241 (4.769.433) 15,047,157) 74,345 74.145 For Group 261,071 2,123,546 (4.769.433) 12.384.816) 26 LEGAL STATUS The Unwerslty of Birmingham Guild of Students Sn¢orpoiated 8s a company limited by guarantee on 4th July 2008, changing from its premous status as an unincorporated 8SSOC18tlon. In addition. the Guild of Students also registered as a Charity wth the ChaThty Commission in August 2010. This was due to students, unions connected with hvJher education Institut￿)n$ beirTrg removed from the list of exempt charities wthin section 11{91 of the Charities Act 2006. 27 RELATED PARTY TRANSACTIONS The charfty has tak￿¢ a6￿ntage of the exemptions under FRS102 and does not delail related pth trdnsactions with its subsidiary undertaking. Other related paty disdosures consist of the following: Univernity of Birniingham Ms E Convray was appointed as both the University Director of FIr￿nCe and the Guiid's University nominated trustee in July 2018. During the year. the Guild received income of £3.890m 12021.. £3.672m) and incurred expenditur9 of £588_8k12021= £404.3kl- Al 31 July 22, the Guild held a creditor bajance of £342.2k12021.' £169.9kl and a debtor balan￿ of £252.2k (2021: £779.9kl. BAM Agency Ltd and The Crowd Agency Ltd Mr I Pain who was 8ppoinled as a trustee of tho charity, University of Bimiingham Guild of Sbjdents in September 2020 was also 8 marke￿ng Director for BAM Agency Ltd up until October 2020. This company also trades wth the Guild's wholty owned trading subsidi8ry, Guild Semces Ltd. During the pre￿iouS 2020121 year. Guild Services Ltd re￿iVed income of £7.9k bul did not incur any expenditure. At 31 July 2021. Guild Services Ltd reported an outstanding debtor balance of £3.2k. No corresponding figures are reported for 2021122 as BAM Agency Ltd ceased to be a related paty in October 2020. P89e 43

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 tkjring this period, Mr I Pain also became a Marketing Director at The Crowd Agency Ltd Ytho also transact the ￿OllY ovmed trading subsidiary. Guild seNi￿s Ltd. During the premous 2020121 year. Guild Serww Ltd received incc¥ne of £0.2k compared to £2.3k for the 2021122 financial year. Al 31 July 2022. Gui¢d S8￿ces Ltd reported an outstanding VAT inclusive debtor balance of £2.7k compared lo nil reported at 31 July 28 OPERATING LEASE COMMITMENTS At 31 July 2022, the Guild had commitments under property leases and non-GanGellalAe equipment operating leases {minimum lease payments) as set out below. 2022 2021 Land & Buildings Lease vthich expire: Within 1 year Within 2- 5 years C￿r 5 years 133,445 266,890 133,445 266,890 400,335 400.335 Operating leases which expire.. Within 1 year Within 2- 5 years Cfver 5 years 9,673 13,436 23.109 29 CAPITAL COMMITMENTS 2022 2021 Contracted bvt not provided for 49,596 36.333 Page 44

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Jul 2022 30 SUBSCRIPnONS AND AFFILIATIONS The Guild of Students paid the following memberships and affiliations during the year. They are listed in aC0)rdan￿ the requirements of the EdLKation Act 1994. 2022 2021 Admce UK knmited NUS SeTvice5 Limited National UnMJn of Students National Centre for Voluntary Or98nisatsons- Free TES Global Subscription5 & Affiliation5 of £175 or tess 263 258 37.500 37.500 1.120 501 39.988 39.552 31 PENSIONS The University of Bimiingham Guild ol Students 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 county. Benefits in respect of service up to 30 September 2003 are aecrued on a ￿n81 salary, basis, wtth benefts in respect of seNce from 1 October 2003 onwards accruing on a Career Average RevalLFed Eamings ICAREI basis. Wth effect from 30 September 2011 the scheme closed to future accrual. The most recent fvll valuation of the S¢heTne vras ca￿led out as al 30 June 2019 and showed that the marf¢et V81ue of the Scheme's assets was £119.1m wth these assets representing 4￿/0 of the v8lue of benefits that had accrued to members after allowrtg for expected future increases in eamlngs. The defictt on an ongoing funding basis amounted to £140.9m after incorporating liabilities arising from a historical legal issue. Th8 fcA￿wn9 assumptions applied al 30 June 2019:_ The investment retum would be 4.0% por annum ￿fore retirement and 2.oyo per annum after retirement Pensions accruing on the CARE basis would revalue at 3.6% per annum. Present and futsJr8 pensions would inuease at rates specified by Scheme rules with appropriate assumptions where these Bre dependent on inflation. The 2019 v8lu8tlon ￿¢0mMer￿￿ed a monthly contribution requi￿rnent by &qch Parbcipating Employer expressed in monetary tem15 intended to clear the ongoing funding deficrt over a period of 15 years ending 31* August 2035. Thi5 represented an extension lo thg repayynent plan of 2 years and 2 months Compa￿ lo the 2016 valuation. The Guild's defictt contiibullon was increased by 15.W/t from 1 October 2021 as per the approved 2019 valuafjon p￿n. followed by at least 5Yo per year thereafter. Deficit contribLsb"ons will increase by 5tyh from 1 October 2022. Th8se contributions also include an allowance for the cost of the ongoing adminislralive and operational expenses of running the Scheme. Page 45

University of Birmingham Guild of Students NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 Ho￿￿ver. the rates apPl￿d above are now fomially being remewed as part of the Iri-annual revaluation with an effective dote of 30 June 2022. The OLrt¢ome of the revaluation will be mmunicated to the Guild in earfy 2023 and any adjustments to fvture deficTt contributions will commence from 1 October 2023. Surpluses or deficits which arise at future valuations will impact on the University of Bimiingham Guild of Sludents's future contribution commttment. Th8 totsl ¢Jeficit contritAJtions paid into the Scheme by the Guikj in respect of eltgible employees for the year ended 31 July 2022 was £277,72412021'. £243.2981. The Guild wll be required to make pension deficll payments into SUSS totalling £2*.060 during 2022123. In addibon to the above contributions, the UnNersity of Bimiingham Guild of Skndents also pays its Share of the scheme's levy to the Pension Prote¢tion Fund. In addition, the Guild of Students also partifipales in the National Unlon of Sttjdents Pension Scheme INUSPSI and the government NEST scheme lo fulfil aulo-enrolment obligations. NUSPS Ss a defined conlribulion scheme and the Guild contrfbutes efther 4V• or 60/0 based upon matched funding froffj irvjividual employees. Contributions into the NEST scheme are cUrren￿y bas8d upon 4.ovo of qualifwng e8mlngs also m81ched by employee contrib￿Ons, or enhanced 4Vo or 6% employer contributions matched by indiwdual employees. The totsl contributions paid into both MUSPS 8nd NEST by the Guild in respect of eligible employees amounted to £70.rt6 12021 - £66,243}. At 31 July 2022. 8 balance of £10,865 was recorded as a Creditor wthin the Balance Sheet representing July 2022 pension ontributyons payable in August 202212021: £10,032). The estimatsd employer contributbons for 2022123 financial year relating lo NUSPS and NEST are £90,558. 32 CONTINGENT LIABIUTY There are no ￿ntingent liabilities to report. 33 FINANCIAL PERFORMANCE OF THE CHARITY The charity reports Net Income of £1,371.123 for Ihe year ended 31 July 2022 in ¢XJmparison to Net Income of £421,595 ￿pOrt￿ for 2020121. The charlty reports gross Income of £6,711,596 for the year ended 31 July 21)22 in Ctynparison to gross income of £4,391,989 reported for 2020121. The charity has tsken a(fv8ntsge of Section 408 of the Companies Act 2006 and the SORP and has not included a separate Ststement of Flnanclal Activit￿ in these financial ststements. EVENTS AFTER THE END OF THE REPORTING PERIOD No signifvxnt events have taken place Sin￿ the Balance Sheet date. Page 48