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FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

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 2024




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 2024







DIRECTORS: Mr L Feingold
Ms H J Odhams





REGISTERED OFFICE: Brockenhurst College
Lyndhurst Road
Brockenhurst
Hampshire
SO42 7ZE





REGISTERED NUMBER: 08301285 (England and Wales)





AUDITORS: Schofields
Chartered Accountants and Statutory Auditors
Unit 1, St Stephens Court
15-17 St Stephens Road
Bournemouth
Dorset
BH2 6LA

WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 5 66,369 7,390
Cash at bank 24,944 19,039
91,313 26,429
CREDITORS
Amounts falling due within one year 6 (193,908 ) (90,042 )
NET CURRENT LIABILITIES (102,595 ) (63,613 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(102,595

)

(63,613

)

RESERVES
Income and expenditure account (102,595 ) (63,613 )
(102,595 ) (63,613 )

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 10 December 2024 and were signed on its behalf by:




Mr L Feingold - Director



Ms H J Odhams - Director


WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2024

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 2023 and 31 July 2024 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.

WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024

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 24 (2023 - 22 ) .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 13,545 -
Prepayments and accrued income 52,824 7,390
66,369 7,390

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 63,574 -
Amounts owed to group undertakings 86,628 47,183
Social security and other taxes 15,209 13,463
Pension scheme contributions 412 531
Other creditors - 4,430
Accruals and deferred income 28,085 24,435
193,908 90,042

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 2024

8. EMPLOYEE BENEFIT OBLIGATIONS

Total pension cost for the year
2024 2023
£    £    £    £   

NEST: Contributions paid 30,860 26,040

LGPS: Contributions paid 1,724 7,705
FRS 102 adjustment 23,000 24,724 20,000 27,705
55,584 53,745

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Present value of funded obligations (2,368,000 ) (2,304,000 )
Fair value of plan assets 2,368,000 2,304,000
- -
Present value of unfunded obligations - -
Deficit - -
Net liability - -

The amounts recognised in surplus or deficit are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost 25,000 28,000
Net interest from net defined benefit asset/liability (34,000 ) (13,000 )
Past service cost - -
(9,000 ) 15,000

Actual return on plan assets (243,000 ) (87,000 )

WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024

8. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 2,304,000 2,737,000
Current service cost 25,000 28,000
Contributions by scheme participants 4,000 5,000
Interest cost 116,000 95,000
Benefits paid (61,000 ) (93,000 )
Experience (gains)/losses 70,000 95,000
Remeasurements:
Actuarial gains from changes in demographic
assumptions

(5,000

)

(24,000

)
Actuarial losses from changes in financial
assumptions

(85,000

)

(539,000

)
2,368,000 2,304,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 2,304,000 2,737,000
Assets Interest income 150,000 108,000
Contributions by employer 2,000 8,000
Contributions by scheme participants 4,000 5,000
Benefits paid (61,000 ) (93,000 )
Effect of asset ceiling (124,000 ) (291,000 )
Remeasurements:
Return on plan assets (excluding interest income) 93,000 (195,000 )
Other remeasurement of assets - 25,000
2,368,000 2,304,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Actuarial gains from changes in demographic
assumptions

5,000

24,000
Actuarial losses from changes in financial
assumptions

85,000

539,000
Return on plan assets (excluding interest income) 93,000 (195,000 )
Other remeasurement of assets - 25,000
Experience gain/(loss) on defined benefit
obligation

(70,000

)

(95,000

)
Effect of asset ceiling (124,000 ) (291,000 )
(11,000 ) 7,000

WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024

8. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
Equities 55% 59%
Bonds 37% 32%
Property 7% 6%
Other 1% 3%
100% 100%


Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023


Hampshire County Council Pension Scheme
%%

Discount rate5.005.05
Expected rates of salary increases3.754.00
Expected rates of pension increases2.753.00


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

Hampshire County Council Pension Scheme
20242023
NoNo
Retiring at the balance sheet date:
- Males22.022.1
- Females24.724.7
Retiring in 20 years:
- Males22.522.6
- Females25.625.7


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 2024. 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

20242023

£   £   
Sales740,507651,705
Purchases32,04519,228
Amount due to related parties86,62847,183

Key management personnel of the entity or its parent (in the aggregate)

20242023

£   £   
Key Management Personnel compensation118,632108,245

WESSEX EDUCATION SHARED SERVICES LIMITED (REGISTERED NUMBER: 08301285)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024

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.