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REGISTERED NUMBER: 06475305 (England and Wales)

Pensions Secretariat Services Limited

Report of the Directors and

Audited Financial Statements for the Year Ended 31st March 2025

Pensions Secretariat Services Limited (Registered number: 06475305)

Contents of the Financial Statements

for the Year Ended 31st March 2025

Page |

Company Information | 1 |

Report of the Directors | 2 |

Statement of Financial Position | 4 |

Notes to the Financial Statements | 5 |

Pensions Secretariat Services Limited

Company Information

for the Year Ended 31st March 2025

| DIRECTORS: | Mr H Mottram

| Mr C Cook

| Dr M Owtram

| SECRETARY: | Mrs E D Byrne

| REGISTERED OFFICE: | 5th Floor

| 36-38 Botolph Lane

| London

| EC3R 8DE

| REGISTERED NUMBER: | 06475305 (England and Wales)

| AUDITORS: | Sheen Stickland

| Chartered Accountants

| Statutory Auditors

| 2 Oriel Court

| Omega Park

| Alton

| Hampshire

| GU34 2YT

Pensions Secretariat Services Limited (Registered number: 06475305)

Report of the Directors

for the Year Ended 31st March 2025

The directors present their report with the financial statements of the company for the year ended 31st March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2024 to the date of this report.

Mr H Mottram

Mr C Cook

Other changes in directors holding office are as follows:

Mr M Owtram was appointed as a director after 31st March 2025 on 2nd October 2025.

Mr I Canham ceased to be a director after 31st March 2025 on 28th July 2025.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Directors' Report and the financial statements in acco rdance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- |  | select suitable accounting policies and then apply them consistently; |

- |  | make judgements and estimates that are reasonable and prudent; |

- |  | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Pensions Secretariat Services Limited (Registered number: 06475305)

Report of the Directors

for the Year Ended 31st March 2025

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs E D Byrne - Secretary

13th October 2025

Pensions Secretariat Services Limited (Registered number: 06475305)

Statement of Financial Position

31st March 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 167 |  | 7,673 |  |

CURRENT ASSETS

Debtors | 5 | 136,828 |  | 138,229 |  |

Cash at bank and in hand | 5,142,384 |  | 4,365,056 |  |

5,279,212 |  | 4,503,285 |  |

CREDITORS

Amounts falling due within one year | 6 | (1,211,326 | ) | (1,084,866 | ) |

NET CURRENT ASSETS | 4,067,886 |  | 3,418,419 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,068,053 |  | 3,426,092 |  |

CREDITORS

Amounts falling due after more than one year | 7 | (1,863,075 | ) | (1,734,863 | ) |

NET ASSETS | 2,204,978 |  | 1,691,229 |  |

CAPITAL AND RESERVES

Called up share capital | 9 | 10,000 |  | 10,000 |  |

Retained earnings | 10 | 2,194,978 |  | 1,681,229 |  |

SHAREHOLDERS' FUNDS | 2,204,978 |  | 1,691,229 |  |

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 13th October 2025 and were signed on its behalf by:

Mr H Mottram - Director

Pensions Secretariat Services Limited (Registered number: 06475305)

Notes to the Financial Statements

for the Year Ended 31st March 2025

1. | STATUTORY INFORMATION

| Pensions Secretariat Services Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 5th Floor, 36-38 Botolph Lane, London, EC3R 8DE. The registration number is 06475305.

| The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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.

| The financial statements are prepared on a going concern basis which the Directors believe to be appropriate as the Company is wholly owned by the ICI Pension Fund, which is also considered a going concern and has a contractual obligation to provide whatever financial support is required by Pensions Secretariat Services Ltd.

| Consequently, the directors are confident that the ICI Pension Fund and the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

| Turnover

| Turnover represents the invoiced and accrued value of management fees, excluding deferred revenues and valued added tax.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Long leasehold | - | 20% on cost

| Fixtures and fittings | - | 20% on cost

| Plant & Equipment | - | 33% on cost

| Fixtures and fittings are stated at cost less accumulated depreciation and accumulated impairment losses.

| Any gain or loss on disposal of an item of fixtures and fittings are determined by comparing the proceeds from disposal with the carrying amount of fixtures and fittings, and is recognised within other income/expenses in profit or loss.

Pensions Secretariat Services Limited (Registered number: 06475305)

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

| Cash and cash equivalents

| These comprise cash at bank and other short term liquid investments.

| Debtors

| Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

| 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 profit or loss on a straight line basis over the period of the lease.

Pensions Secretariat Services Limited (Registered number: 06475305)

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Contingent liabilities

| Contingent liabilities arise where there is a possible obligation arising from past events whose existence will be confirmed only by the occurrence of one or more future events not wholly within the company's control and are not recognised in the financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 7 (2024 - 7 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Long |  | and |  | Plant & |

| leasehold |  | fittings |  | Equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1st April 2024 | 249,481 |  | 40,504 |  | 51,437 |  | 341,422 |  |

| Disposals | - |  | - |  | (2,264 | ) | (2,264 | ) |

| At 31st March 2025 | 249,481 |  | 40,504 |  | 49,173 |  | 339,158 |  |

| DEPRECIATION

| At 1st April 2024 | 249,481 |  | 40,504 |  | 43,764 |  | 333,749 |  |

| Charge for year | - |  | - |  | 7,506 |  | 7,506 |  |

| Eliminated on disposal | - |  | - |  | (2,264 | ) | (2,264 | ) |

| At 31st March 2025 | 249,481 |  | 40,504 |  | 49,006 |  | 338,991 |  |

| NET BOOK VALUE

| At 31st March 2025 | - |  | - |  | 167 |  | 167 |  |

| At 31st March 2024 | - |  | - |  | 7,673 |  | 7,673 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other debtors | 18,652 |  | 17,403 |  |

| Trade debtors | 78,600 |  | 76,200 |  |

| Prepayments | 39,576 |  | 44,626 |  |

136,828 |  | 138,229 |  |

Pensions Secretariat Services Limited (Registered number: 06475305)

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 8,979 |  | 8,976 |  |

| Tax | 244,254 |  | 222,980 |  |

| PAYE & NI | 220,151 |  | 215,356 |  |

| Pension | 6,789 |  | 6,223 |  |

| VAT | 126,352 |  | 120,263 |  |

| Accruals and deferred income | 604,801 |  | 511,068 |  |

1,211,326 |  | 1,084,866 |  |

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other creditors | 1,863,075 |  | 1,734,863 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 91,512 |  | 91,512 |  |

| Between one and five years | 173,497 |  | 265,009 |  |

265,009 |  | 356,521 |  |

9. | CALLED UP SHARE CAPITAL

| Allotted and issued:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 10,000 | Ordinary | £1 | 10,000 |  | 10,000 |  |

| Of the issued ordinary capital 1 share is paid and 9,999 shares are unpaid.

Pensions Secretariat Services Limited (Registered number: 06475305)

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

10. | RESERVES

| Retained

| earnings

£ |

| At 1st April 2024 | 1,681,229 |  |

| Profit for the year | 513,749 |  |

| At 31st March 2025 | 2,194,978 |  |

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

| The Report of the Auditors was unqualified.

| David Sanders (Senior Statutory Auditor)

| for and on behalf of Sheen Stickland

12. | PENSION COMMITMENTS

| As at the balance sheet date £6,789 (2024 £6,223) of pension contributions were due for payment.

13. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned parent company ICI Pension Fund and other members of the group.

14. | ULTIMATE CONTROLLING PARTY

| The company's ultimate controlling parent company and controlling party is ICI Pension Fund a private company incorporated in England, located at 5th Floor, 36-38 Botolph Lane, London, EC3R 8DE registered number: 02512713.