After finishing fourth in Group A, the side needed to defeat Serbia - Group B's basement side - to guarantee at least a tenth-place finish in the rankings.
Their task was made difficult from the off, however, as they fell 5-1 down in the first quarter. They improved during the following quarter, with Grace Rowland scoring her second goal, but Serbia restored their four-goal advantage by the halfway stage.
Serbia controlled the third quarter as they extended their lead to 10-2, and although Rowland sealed her treble in the closing minutes of the fourth, it was nothing more than a consolation.
The Serbs had been without a win all tournament until today's match and will now take on Slovakia for a place in the top eight. Great Britain, meanwhile, are destined to finish 11th or last place.