CREATIVE_AUTO-ENROLMENT_L - Accounts

The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.

Creative Auto-Enrolment Limited ("CAE" / "the Company") a private company limited by shares and registered in England and Wales and provides Auto enrolment services to employers and it is also the Scheme manager and Scheme Funder of the Creative Pension Trust (CPT). CAE is part of the Creative Group and the group consists of two other companies which are,

1. Creative Benefit Solutions Limited (CBS) – an employee benefit consultancy business

2. Creative Benefit Wealth Management Limited (CWM) - providing financial services advice to individuals.

CAE is the largest part of the Creative Group in terms of revenue and profit. CPT obtained Master Trust authorisation from The Pensions Regulator on 04 September 2019, which marked both a key achievement for the group and an important strategic step for its future.

The profit for CAE for the year ended 30th November 2020 before taxation was £1.2m (30 November 2019 - profit £0.6m).

The board considers the results for the year to be satisfactory and that the business is performing well in terms of retaining its clients, increasing the membership and funds under management in the CPT and building even greater resilience within our operational capability.

The Company has a number of key performance indicators (KPl's) that assist in assessing the performance of the Company. Considered together, these give a holistic view of the underlying performance of the Company and the alignment with the overall strategy.

Financial KPI's: turnover growth 16% (2019 - 30%) and profit before finance charge and taxation £1.2m (2019 - £0.6m). The annualised repeat income has risen from 89% of total income to 96% and the trend is increasing into FY 21 and beyond. Funds under management as at 30/11/20 were £462,654,753 (30/11/19 - £264,502,238).

Non-financial KPI: the number of chargeable employers 13,500 (2019: 13,829). This reduction is largely due to insolvency but is in line with expectations.

2020 was a challenging year for the business due to the impact of the COVID pandemic but still increased its turnover and profits over that of 2019 and in line with budget expectation.

The Company is primarily exposed to operational and reputational risks due to the sector CAE operates in, and in particular with the parts of the business which are regulated.

The Company is proactive and focused on understanding and managing the risks it is naturally exposed to and actively seeks to mitigate these wherever possible.

Creative has a comprehensive governance structure, maintains a detailed risk register, a considerable number of policies and procedures, regular and effective management reporting and controls in place to identify, mitigate and control risks.

The Company's activities expose it to several financial risks including credit risk, market risk and liquidity risk. The Company does not use derivative financial instruments for speculative purposes.

Credit risk

Credit risk exists through employers settling charges levied by the Company. A provision for doubtful debt is made based on the period of the outstanding debt. The Company is not exposed to high levels of credit risk from financial institutions as it only places cash on deposit.

Market risk

Market risk arises from adverse changes to the value of assets arising from fluctuations in exchange rates, interest rates and market prices, which then impacts revenue. A provision is made when budgeting for a reasonable market fluctuations, however a large part of the income of the Company is not based on market fluctuations and this reduces this risk.

The Company's cash assets are all denominated in sterling and thus is not exposed to any significant market risk.

Liquidity risk

The Company monitors its net cash flow on an ongoing basis to ensure that it has sufficient cash resources to meet the funding demands of the business. Quarterly forecasting is also undertaken to identify any future cash deficiency to allow time for corrective actions to be taken if required.

Brexit risk

There remains some residual uncertainty about trading relationships both inside and outside of the EU and how this may impact the markets or businesses going forward. It is impossible to predict the materiality of this outcome given the ongoing uncertainty, but the board are comfortable that the prudent financial assumptions made within our forward projections, make allowance for a range of potential negative outcomes.

Covid risk

The COVID-19 pandemic developed rapidly in early 2020, and the Board invoked its Business Continuity Plan (BCP) in February 2020. Over the following few months, the Business amended its working practices to the ‘new norm’ and currently is not working under its BCP plan but continues to monitor government guidance and regulation in operating its business. In the opinion of the board, the Company has continued to operate effectively throughout the period, with little interruption to business as usual. It continues to do, including in reflecting in its financial budgets the impact seen on employers, employees and members as a result of the Pandemic and an assessment of how the business may be impacted over FY 21.

The directors believe that the ongoing investment in business, will provide future benefit to both employers, their employees and the members of the CPT and will provide a firm platform for future growth.

The Directors must act in accordance with a set of general duties outlined in Section 172 of the Companies Act 2006. The Directors must demonstrate that they act in good faith and promote the success of the Company for the benefit of its stakeholders. Examples of how the Directors respond to these requirements are:

Section 172: The likely consequences of any decision in the long term

The Company’s strategic plan to 2023 is closely monitored by the management and strategic boards consisting of largely the executive directors. There is monthly meetings with the Board reviewing performance and a range of other reporting. Consideration of risks and opportunities are also reviewed throughout the year, together with scenario planning and stress testing of plans where appropriate to support consideration of different outcomes in strategic planning. The Company’s strategic programmes focus on optimising delivery of strategic objectives in the short, medium and longer term

Section 172: The interests of the Company’s employees

The Company’s employees and values are central to the company’s ethos:

The health, safety and wellbeing of the Company’s employees is a top priority, with an increased focus on mental health through 2020 and into 2021, emphasised by the challenges posed by the COVID-19 pandemic. The Company fosters an integrated approach to health and wellbeing with a range of services and benefits to support employees.

The Company is committed to developing teams, supporting individuals in their career pathways and supporting the achievement of the highest standards. The Company continues to offer career enhancement to its employees through relevant management and personal development work, and a range of training opportunities are in place to ensure that the Company offers high quality opportunities to attract applicants from all backgrounds, to ensure fair and equitable access.

The Company is committed to Diversity, Inclusion and Belonging, creating a sustainable culture of inclusion for its employees

The Company has categorised several suppliers as strategic, with whom regular meetings take place to discuss strategic and values alignment and performance. These meetings are attended by relevant employees and this activity is key to fostering mutually beneficial business relationships. The Procurement Policy promotes an ethical approach to business and Corporate Social Responsibility with respect to supplier management. As a regulated business Creative demands high standards of conduct from all employees to foster best practice and broader engagement in business relationships.

Section 172: The impact of the Company’s operations on the community and the environment

The Company recognises its responsibility to consider its impact on the environment through its direct operations and indirectly through its supply chain. The majority of energy utilisation is through leasing of office premise.

Section 172 : Encouragement of Volunteering/community projects

Creative offers a volunteer program to its staff to encourage active participation in local and national projects.

Creative has a strong brand and it is critical to uphold the brand and reputation of the Company. The Company has a clear Code of Conduct and framework of Policies and Procedures to support the highest standards of business conduct, integrity and adherence to regulatory requirements, fostering fairness amongst members of the Company and Group.

S172 – the need to act fairly as between the members of the Company

In approving the Company's annual financial statements, the Directors carefully review the financial statements and duly consider a number of factors, including (but not limited to) any recommendations or observations from the Group's Finance team and/or the Company's auditors. To the extent that any operational or control recommendations are raised to the Directors, they are duly considered and discussed with the Group's Finance team and a course of action agreed, thereby facilitating a long-term approach by ensuring future good practice and having regard for the interests of the Company's shareholders in respect of the Company's financial efficacy.

Approved by the Board and signed on its behalf by:

The directors present their annual report and financial statements for the year ended 30 November 2020.

The principal activity of the company continued to be that of employee benefit consultancy and automatic enrolment services.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the company will be put at a General Meeting.

[Amend this as an introductory paragraph or use as an explanation concerning lower user status] As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The directors are responsible for preparing the annual report and the financial statements in accordance 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 accounting estimates that are reasonable and prudent;

•     state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

•     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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Creative Auto-enrolment Limited (the 'company') for the year ended 30 November 2020 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•     give a true and fair view of the state of the company's affairs as at 30 November 2020 and of its profit for the year then ended;

•     have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

•     have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•     adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

•     the financial statements are not in agreement with the accounting records and returns; or

•     certain disclosures of directors' remuneration specified by law are not made; or

•     we have not received all the information and explanations we require for our audit; or

•     the company is entitled to claim exemption in preparing a strategic report as it would be so entitled to small companies exemptions but for being a member of an ineligible group.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

As part of an audit in accordance with ISAs (UK), we have exercised our professional judgement and maintained professional scepticism throughout the audit.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are continuing operations.

Creative Auto-enrolment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cannon Place, 78 Cannon Street, London, England, EC4N 6AF.

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.

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. The principal accounting policies adopted are set out below.

Creative Auto-enrolment Limited, has taken advantage of the exemption to prepare a cash-flow statement, as its results are included in the consolidated accounts of its parent, Creative Benefit Solutions Limited.

Creative Auto-enrolment Limited is a subsidiary under the majority control of Creative Benefit Solutions Limited and the results of Creative Auto-enrolment Limited are included in the consolidated financial statements of Creative Benefit Solutions Limited which are available from Cannon Place, 78 Cannon Street, London, England, EC4N 6AF.

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. true

The company operated at a profit for the year of £1,245,901. At the year end net current liabilities amounted to £3,383,766. The company receives ongoing support from its parent company, Creative Benefit Solutions Limited, for a period of at least 12 months from approval of the accounts, in respect of the intercompany balance due of £3,994,326.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared cash flow and profit forecasts which show that the company can meet its financial obligations as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

In the annual review of the Company’s going concern, the Directors have considered the immediate and longer term impact of the Covid-19 pandemic for the group. The directors have taken action to reduce the overhead cost base of the business where appropriate and also safeguard cashflow by utilising government support initiatives such as the furlough scheme. After a careful review of the business forecasts, making prudent assumptions for new client business, the impact to existing business and the direct costs associated with this, the directors are satisfied that the cashflow forecasts support that there is no material uncertainty in relation to the going concern position of the business. The Directors are committed to carrying out regular reviews of the Company’s cash flows to monitor the ongoing situation and take further steps as required.

Turnover represents amounts receivable for auto-enrolment services net of VAT and trade discounts.

Ongoing consultancy support charges and other income are recognised when due.

Income from employee and employer scheme administration charges are recognised as the associated contractual obligations are fulfilled.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Cash at bank and in hand includes an amount of £361,000 (2019 - £361,000) deposited in an escrow account. This cash is held in escrow for the trustees in the event of a wind up of the Creative Auto-Enrolment Master Trust.

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 statement of financial position 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, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Creative Auto-enrolment Limited is the scheme manager and scheme funder of the Creative Pension Trust (CPT). As noted in 1.4 in the Accounting Policies section of these Financial Statements an amount of £361,000 is held in Escrow for the benefit of the Trustees of the CPT in the event of a Triggering Event as defined by Section 21 of the Pension Schemes  Act 2017. The directors have considered the possibility of a Triggering Event occurring in the foreseeable future and consider it remote and consider that no impairment is deemed necessary.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax asset set out above is expected to reverse within 24 months and relates to the utilisation of tax losses against future expected profits .

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year Creative Benefit Solutions Limited funded expenditure on behalf of Creative Auto-Enrolment Limited totalling £3,884,871 (2019: £4,043,140) and repayments totalling £5,418,158 (2019: £4,336,584) were made. At the balance sheet date, the balance outstanding on the intercompany account was £3,994,326 (2019: £5,527,613). Creative Benefit Solutions Limited is a related party by virtue of its shareholding in the company.

During the year Creative Benefit Wealth Management Limited funded expenditure on behalf of Creative Auto-Enrolment Limited totalling £5,746 (2019: £46,572) and repayments totalling £3,001 (2019: £218) were made. At the balance sheet date, the company was due £1,349 (2019: £4,095) from Creative Wealth Management Limited. Creative Benefit Wealth Management Limited is a related party by virtue of common ownership of Creative Benefit Solutions Limited.

The directors, N.K. Chambers and D.W. Johnstone, are also directors of Chambers Townsend Consultancy Limited (CTC) and shareholders of Chambers Townsend Holdings Limited, its parent company. During the year CTC invoiced Creative Auto-Enrolment Limited £601,040 (2019: £547,623); at the year end, the balance outstanding was £35,189 (2019: £1,200).

The immediate parent company is Creative Benefit Solutions Limited, a company registered in England and Wales. There is no single ultimate controlling party.