IRIS Accounts Productionv23.3.1.4508301285Board of DirectorsBoard of Directors1.8.2231.7.2331.7.236.12.2023falsetruefalsefalsetruefalseAuditors OpinionDefined benefit pension plans iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh083012852022-07-31083012852023-07-31083012852022-08-012023-07-31083012852021-07-31083012852021-08-012022-07-31083012852022-07-3108301285ns10:Originalns15:EnglandWales2022-08-012023-07-3108301285ns14:PoundSterlingns10:Original2022-08-012023-07-3108301285ns10:Originalns10:Director12022-08-012023-07-3108301285ns10:Original2022-08-012023-07-3108301285ns10:Originalns10:Director22022-08-012023-07-3108301285ns10:Original2023-07-3108301285ns10:Originalns10:CompanyLimitedByGuarantee2022-08-012023-07-3108301285ns10:Originalns10:SmallEntities2022-08-012023-07-3108301285ns10:Originalns10:Audited2022-08-012023-07-3108301285ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3108301285ns10:SmallCompaniesRegimeForAccountsns10:Original2022-08-012023-07-3108301285ns10:Originalns10:FullAccounts2022-08-012023-07-3108301285ns5:TotalForAllPensionPlansExcludingMedicalOtherPlansns10:Original2022-08-012023-07-3108301285ns10:Originalns10:RegisteredOffice2022-08-012023-07-3108301285ns10:Original2022-07-3108301285ns10:Originalns5:CurrentFinancialInstruments2023-07-3108301285ns10:Originalns5:CurrentFinancialInstruments2022-07-3108301285ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-07-3108301285ns10:Original2021-08-012022-07-3108301285ns5:TotalForAllPensionPlansExcludingMedicalOtherPlansns10:Original2023-07-3108301285ns5:TotalForAllPensionPlansExcludingMedicalOtherPlansns10:Original2022-07-3108301285ns5:TotalForAllPensionPlansExcludingMedicalOtherPlansns10:Original2021-08-012022-07-3108301285ns5:TotalForAllPensionPlansExcludingMedicalOtherPlansns10:Original2022-07-3108301285ns5:TotalForAllPensionPlansExcludingMedicalOtherPlansns10:Original2021-07-31

















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:

Mr L Feingold


Mr S Lovegrove







REGISTERED OFFICE:

Brockenhurst College


Lyndhurst Road


Brockenhurst


Hampshire


SO42 7ZE







REGISTERED NUMBER:

08301285 (England and Wales)







AUDITORS:

Schofields


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

7,390


21,304



Cash at bank

19,039


50,695



26,429


71,999



CREDITORS

Amounts falling due within one year

6

(90,041

)

(120,106

)


NET CURRENT LIABILITIES

(63,612

)

(48,107

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(63,612

)

(48,107

)



RESERVES

Income and expenditure account

(63,612

)

(48,107

)


(63,612

)

(48,107

)



The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


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 5 December 2023 and were signed on its behalf by:





Mr L Feingold - Director




Mr S Lovegrove - Director



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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

STATEMENT OF COMPLIANCE



These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.  


3.

ACCOUNTING POLICIES



Basis of preparation


The financial statements have been prepared under the historical cost convention.



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 22 (2022 - 42 ) .


5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022



as restated


£   

£   



Prepayments and accrued income

7,390


21,304




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022



as restated


£   

£   



Trade creditors

-


14,586




Amounts owed to group undertakings

47,183


-




Social security and other taxes

13,463


11,986




Amounts due to member colleges

-


46,798




Pension scheme contributions

531


1,238




Other creditors

4,430


3,634




Accruals and deferred income

24,434


41,864



90,041


120,106




7.

DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006



The Report of the Auditors was unqualified.



P J Schofield FCA (Senior Statutory Auditor)


for and on behalf of Schofields


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

(2,304,000

)

(2,737,000

)



Fair value of plan assets

2,304,000


2,737,000



-


-




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

28,000


180,000




Net interest from net defined benefit asset/liability  

(13,000

)

38,000




Past service cost

-


-



15,000


218,000





Actual return on plan assets

(87,000

)

85,000




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



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

2,737,000


10,891,000




Current service cost

28,000


180,000




Contributions by scheme participants

5,000


21,000




Interest cost

95,000


129,000




Benefits paid

(93,000

)

(78,000

)



Settlements

-


(6,134,000

)



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

)


2,304,000


2,737,000





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

2,737,000


7,207,000




Assets Interest income

108,000


91,000




Assets Administrative expenses

-


(2,000

)



Contributions by employer

8,000


57,000




Contributions by scheme participants

5,000


21,000




Benefits paid

(93,000

)

(78,000

)



Settlements

-


(3,925,000

)



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

)


2,304,000


2,737,000




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  

(95,000

)

333,000




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





Hampshire County Council Pension Scheme



%


%





Discount rate


5.05


3.50




Expected rates of salary increases


4.00


3.60




Expected rates of pension increases


3.00


2.60






WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285)


NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 July 2023


8.

- continued


The mortality assumptions used for longevity (in years) on retirement at age 65 are:



Hampshire County Council Pension Scheme



2023


2022





No


No




Retiring at the balance sheet date:




- Males


22.1


22.9




- Females


24.7


24.7




Retiring in 20 years:




- Males


22.6


25.4




- Females


25.7


27.1






In respect of the Hampshire County Council Local Government Pension Schemes, a full actuarial valuation was carried out on 31 March 2022 and updated to 31 July 2023. The actuarial valuation was carried out by a qualified independent Actuary.


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.