FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
WESSEX EDUCATION SHARED SERVICES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
WESSEX EDUCATION SHARED SERVICES LIMITED |
WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WESSEX EDUCATION SHARED SERVICES LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 July 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
5th Floor |
Waverley House |
115 - 119 Holdenhurst Road |
Bournemouth |
Dorset |
BH8 8DY |
WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285) |
BALANCE SHEET |
31 July 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( | ) | ( | ) |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( | ) | ( | ) |
RESERVES |
Income and expenditure account | ( | ) | (48,107 | ) |
( | ) | ( | ) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Wessex Education Shared Services Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparation |
Going concern |
The financial position of the company is described in the financial statements and accompanying notes. At 31 July 2022 and 31 July 2023 the company was in a net current liability position. This is due to service costs not being fully recovered from its parent entity. |
The parent company has provided a guarantee for employees' past and future liabilities to the Hampshire County Council Pension Fund and has also confirmed that it shall continue to provide financial support and operate the functions of the entity for a period of at least twelve months from the approval of the financial statements and therefore the company continues as a going concern. |
Turnover |
Turnover, which is stated net of Value Added Tax, represents income receivable arising from the company's operations as a shared services provider. Turnover is recognised as the right to consideration is obtained through the performance of contractual obligations. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 July 2023 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
Retirement benefits to employees of the company are provided by the Local Government Pension Scheme (LGPS) and the National Employee Savings Trust (NEST). The LGPS is a defined benefit scheme, which is externally funded and contracted out of the State Earnings- Related Pension Scheme (SERPS). NEST is a defined contribution scheme. |
NEST |
Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
LGPS |
The assets of the LGPS are measured using closing market values. LGPS liabilities are measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. The increase in the present value of the liabilities of the scheme expected to arise from employee service in the period is charged to the operating surplus. The expected return on the scheme's assets and the increase during the period in the present value of the scheme's liabilities, arising from the passage of time, are included in pension finance costs. Actuarial gains and losses are recognised within Other Comprehensive income. |
The company operated one LGPS scheme, during the period -the Hampshire County Council Pension Fund. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Amounts due to member colleges |
Pension scheme contributions | 531 | 1,238 |
Other creditors | 4,430 | 3,634 |
Accruals and deferred income |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 July 2023 |
8. | EMPLOYEE BENEFIT OBLIGATIONS |
Total pension cost for the year |
2023 | 2022 |
£ | £ | £ | £ |
NEST: Contributions paid | 26,040 | 34,913 |
LGPS: Contributions paid | 7,705 | 57,342 |
FRS 102 adjustment | 20,000 | 27,705 | 125,000 | 182,342 |
53,745 | 217,255 |
The amounts recognised in the balance sheet are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
£ | £ |
Present value of funded obligations | ( | ) | ( | ) |
Fair value of plan assets |
- | - |
Present value of unfunded obligations |
Deficit |
Net liability |
The amounts recognised in surplus or deficit are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
£ | £ |
Current service cost |
Net interest from net defined benefit asset/liability | (13,000 | ) | 38,000 |
Past service cost | - | - |
15,000 | 218,000 |
Actual return on plan assets | ( | ) |
WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 July 2023 |
8. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
£ | £ |
Opening defined benefit obligation |
Current service cost |
Contributions by scheme participants |
Interest cost |
Benefits paid | ( | ) | ( | ) |
Settlements | ( | ) |
Experience (gains)/losses | 95,000 | (333,000 | ) |
Remeasurements: |
Actuarial gains from changes in demographic assumptions | (24,000 | ) | - |
Actuarial losses from changes in financial assumptions | (539,000 | ) | (1,939,000 | ) |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
£ | £ |
Opening fair value of scheme assets |
Assets Interest income | 108,000 | 91,000 |
Assets Administrative expenses | - | (2,000 | ) |
Contributions by employer |
Contributions by scheme participants |
Benefits paid | (93,000 | ) | (78,000 | ) |
Settlements | ( | ) |
Effect of asset ceiling | (291,000 | ) | (401,000 | ) |
Remeasurements: |
Return on plan assets (excluding interest income) | (195,000 | ) | (6,000 | ) |
Other remeasurement of assets | 25,000 | (227,000 | ) |
WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 July 2023 |
8. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
£ | £ |
Actuarial gains from changes in demographic assumptions | 24,000 | - |
Actuarial losses from changes in financial assumptions | 539,000 | 1,939,000 |
Return on plan assets (excluding interest income) | (195,000 | ) | (6,000 | ) |
Other remeasurement of assets | 25,000 | (227,000 | ) |
Experience gain/(loss) on defined benefit obligation | ( | ) | ||||
Effect of asset ceiling | (291,000) | (401,000) |
Capitalised gain of LGPS Settlement | - | 2,209,000 |
7,000 | 3,847,000 |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
Equities | 58.98% | 57.52% |
Bonds | 32.01% | 23.68% |
Property | 6.01% | 8.09% |
Other | 3.00% | 10.71% |
100.00% | 100.00% |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2023 | 2022 |
as restated |
|
WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 July 2023 |
8. | - continued |
|
9. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2023 | 2022 |
£ | £ |
Sales | 651,705 | 1,537,165 |
Purchases | 19,228 | 97,435 |
Amount due to related parties | 47,183 | 46,798 |
Key management personnel of the entity or its parent (in the aggregate) |
2023 | 2022 |
£ | £ |
Key Management Personnel compensation | 108,245 | 190,296 |
Other related parties |
2023 | 2022 |
£ | £ |
Purchases | Nil | 4,645 |
Amount due to related parties | Nil | Nil |
10. | ULTIMATE PARENT COMPANY |
The parent undertaking is Brockenhurst College, a corporation established under the Further and Higher Education Act 1992 and an exempt charity. The principal address of Brockenhurst College is Lyndhurst Road, Brockenhurst, SO42 7ZE. |