Company registration number 09734238 (England and Wales)
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,918
19,638
Current assets
Debtors
4
206,261
116,893
Cash at bank and in hand
437,341
627,724
643,602
744,617
Creditors: amounts falling due within one year
5
(452,563)
(562,427)
Net current assets
191,039
182,190
Total assets less current liabilities
202,957
201,828
Provisions for liabilities
(900)
(2,800)
Net assets
202,057
199,028
Reserves
Income and expenditure account
202,057
199,028
Members' funds
202,057
199,028
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 January 2025 and are signed on its behalf by:
S D Betts
Director
Company Registration No. 09734238
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Learn Sheffield is a private company, limited by guarantee and incorporated in England and Wales. The registered office is Suite 6, Albion House, Savile Street, Sheffield, South Yorkshire, S4 7UD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income represents amounts in respect of various funding agreements together with other amounts receivable for goods and services.
Expenses include irrecoverable VAT where applicable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the lease term
Fixtures, fittings & equipment
20% straight line
Computer equipment
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income and expenditure account.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash at bank and in hand.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Departure from standard formats
Due to the special circumstances of the company, the directors have departed from the provisions of Chapter 4 of the Companies Act 2006 with regard to the format and the content of the profit and loss account in order that the financial statements give a true and fair view.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
53
49
3
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
18,420
56,520
74,940
Additions
3,433
3,433
Disposals
(18,484)
(18,484)
At 31 August 2024
18,420
41,469
59,889
Depreciation and impairment
At 1 September 2023
10,438
44,864
55,302
Depreciation charged in the year
3,684
7,469
11,153
Eliminated in respect of disposals
(18,484)
(18,484)
At 31 August 2024
14,122
33,849
47,971
Carrying amount
At 31 August 2024
4,298
7,620
11,918
At 31 August 2023
7,982
11,656
19,638
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
153,626
80,857
Other debtors
12,417
Prepayments and accrued income
52,635
23,619
206,261
116,893
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
42,993
41,980
Corporation tax
2,109
34,143
Other taxation and social security
39,808
25,470
Other creditors
13,347
12,646
Accruals and deferred income
354,306
448,188
452,563
562,427
6
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,386
7,170
Defined benefit schemes
The company operates a defined benefit scheme for qualifying employees.
The company's employees were transferred from Sheffield City Council into Learn Sheffield under the Transfer of Undertakings (Protection of Employment) Regulations 2006. The LGPS deficit attributable to these employees was not transferred to Learn Sheffield and the liability remains with Sheffield City Council. Learn Sheffield is liable for any deficit that arises from the date of transfer.
2024
2023
Key assumptions
%
%
Discount rate
5.0
5.2
Expected rate of increase of pensions in payment
2.65
3.0
Expected rate of salary increases
3.25
3.6
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Retirement benefit schemes
(Continued)
- 6 -
Mortality assumptions
2024
2023
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
20.5
20.6
- Females
23.6
23.6
Retiring in 20 years
- Males
21.3
21.4
- Females
25.0
25.0
2024
2023
Amounts recognised in the profit and loss account
£
£
Current service cost
59,000
68,000
Net interest on net defined benefit liability/(asset)
79,000
50,000
Other costs and income
(81,000)
(48,000)
Total costs
57,000
70,000
2024
2023
Amounts taken to other comprehensive income
£
£
Actual (return) / loss on scheme assets
(148,000)
(379,000)
Less: calculated interest element
81,000
48,000
Return on scheme assets excluding interest income
(67,000)
(331,000)
Actuarial changes related to obligations
(9,000)
221,000
Effect of changes in the amount of surplus that is not recoverable
88,000
41,000
Total costs/(income)
12,000
(69,000)
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
2024
2023
£
£
Present value of defined benefit obligations
1,596,000
1,498,000
Fair value of plan assets
(1,725,000)
(1,539,000)
Surplus in scheme
(129,000)
(41,000)
Restriction on scheme assets
129,000
41,000
Total liability recognised
-
-
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Retirement benefit schemes
(Continued)
- 7 -
At the year end date the defined benefit scheme was in a surplus position. The directors at that date did not consider the defined benefit scheme's surplus to be recoverable either through reduced contributions in the future or through refunds from the scheme. As a result no surplus has been recognised in the financial statements.
2024
£
Liabilities at 1 September 2023
1,498,000
Current service cost
59,000
Benefits paid
(54,000)
Contributions from scheme members
23,000
Actuarial gains and losses
(9,000)
Interest cost
79,000
At 31 August 2024
1,596,000
2024
The defined benefit obligations arise from plans funded as follows:
£
Wholly unfunded obligations
-
Wholly or partly funded obligations
1,596,000
1,596,000
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 September 2023
1,539,000
Return on plan assets (excluding amounts included in net interest)
67,000
Benefits paid
(54,000)
Contributions by the employer
69,000
Contributions by scheme members
23,000
Other
81,000
At 31 August 2024
1,725,000
The actual return on plan assets was £148,000 gain (2023 - £379,000 gain)
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Retirement benefit schemes
(Continued)
- 8 -
2024
2023
Fair value of plan assets at the reporting period end
£
£
Equity instruments
1,156,000
1,062,000
Property
173,000
139,000
Government bonds
362,000
323,000
Cash and other liquid assets
34,000
15,000
1,725,000
1,539,000
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £25.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Hannah Jones.
The auditor was Hart Shaw LLP.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
49,415
102,955
LEARN SHEFFIELD
A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
10
Related party transactions
The current year transactions listed below are all disclosed net of VAT. However, due to the entity being partially exempt for VAT, the VAT on expenses is not always fully recoverable.
Create Sheffield
Create Sheffield is company in which S D Betts is also director. During the year, Learn Sheffield received £7,050 (2023: £18,889) from Create Sheffield and paid £17,500 (2023: £17,500) to Create Sheffield for services provided.
Lowfield Primary School
Lowfield Primary School is a company in which C D Holder is currently Head Teacher. During the year, Learn Sheffield received £7,471 (2023: £5,445) from Lowfield Primary School.
Brigantia Learning Trust
Brigantia Learning Trust is a trust at which M Westerdale is currently Chief Executive Officer. During the year, Learn Sheffield received £26,997 (2023: £26,415) from Brigantia Learning Trust.
Minerva Learning Trust
Minerva Learning Trust is a trust at which B A Matthews is currently the Chief Executive Officer. During the year, Learn Sheffield received £59,589 (2023: £39,778) from Minerva Learning Trust.
Steel City Schools Partnership
Steel City Schools Partnership is a trust at which N A Shipman is currently the Chief Executive Officer. During the year, Learn Sheffield received £50,679 (2023: £46,318) from Steel City Schools Partnership and paid £Nil (2023: £9,240) to Steel City Schools Partnership for services provided.
The Sheffield College
The Sheffield College is a company at which P D Simpson is a director. During the year, Learn Sheffield received £350 (2023: £50) from The Sheffield College and paid £Nil (2023: £633) to The Sheffield College for services provided.
Consultancy work
Included within administrative expenses is £2,000 paid to director A Lant for consultancy work at schools in the year.
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