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2024-03-31-accounts

REGISTERED COMPANY NO: 04155933 Registered Charity No: 1087692

JOHN STORER CHARNWOOD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

JOHN STORER CHARNWOOD

CONTENTS

Report of the Board of Trustees Page 2 - 13 Independent Examiners Report Page 14 Statement of Financial Activities Page 15 Balance Sheet Page 16 - 17 Statement of Cash Flows Page 18 Notes to the Financial Statements Page 19 - 33

1

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The Board of Trustees presents its report and financial statements for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity Name: John Storer Charnwood Charity Registration Number: 1087692 Company Registration Number: 04155933

Board of Trustees

The directors of the charitable company are its Trustees for the purposes of charity law. The Trustees who have served during the year and since the year end were as follows:

Mrs M Chaggar Ms M Khandelwal Mrs S Leong (Chair) Mr J West (Treasurer) Mr A Hull Mr K Pyne Mr E Harris Mr M C Mee

Observers appointed by Charnwood Borough Council

Cllr S Goode Cllr J Bokor

Chief Officers and Secretary - Mrs K Frostick (Director and Secretary)

Registered Office - John Storer House, Wards End, Loughborough, Leicestershire, LE11 3HA

Accountants - The Rowleys Partnership Ltd, Chartered Accountants , Charnwood House, Harcourt Way, Meridian Business Park, Leicester, Leicestershire, LE19 1WP

Bankers – Unity Trust Bank, 9 Brindley Place, Birmingham, B1 2HB and National Westminster Bank Plc, Market Place, Loughborough, Leicestershire

Solicitors - Moss Solicitors, 80-81 Woodgate, Loughborough, Leicestershire, LE11 2XE

2

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

The Trustees present their report and the independently examined financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

OBJECTIVES AND ACTIVITIES

To lead, promote and develop sustainable voluntary activity in the local community and act as a resource for voluntary groups and organisations in the Borough of Charnwood. Operates a variety of services and activities including well-being projects, a community cafe and a transport service.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is a company limited by guarantee. It was incorporated on 7 February 2001 under a Memorandum of Association and is governed under its Articles of Association. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.

Recruitment and Appointment of Trustees

The directors of the company are also charity Trustees for the purposes of charity law and under the company's Articles are known as "The Trustees".

Since 2007, at the AGM approximately one third of the Board of Trustees stands down and there are elections to fill the vacant places.

All full members of John Storer Charnwood (JSC) may stand for election and have a vote in the elections. Additionally, individuals who have relevant skills and experience are 'headhunted' and invited to join the Board, typically as co-optees in the first instance.

Trustee Induction and Training

In the year ended 31 March 2024, Trustees continued implementation of the Code of Good Governance for voluntary organisations. There is an induction programme for new Trustees, which is tailored to their particular needs and all Trustees are requested to attend safeguarding training.

Risk Management

The Trustees have examined the major strategic business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to minimise these risks.

3

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

Organisational Structure

The charitable company has a Board of Trustees that meets regularly and is responsible for the governance framework and the strategic direction and policy of the Charity. At the yearend the Board had 8 members from a variety of professional backgrounds relevant to the work of the charity. The Director (also Secretary) sit on the Board, but has no voting rights.

In January 2006 Trustees approved a detailed Scheme of Delegation, which sets out the hierarchy of powers from the member organisations at the top, through the Board of Trustees they elect. The powers go down to the Resources Committee, which is an executive committee to which the Board devolves some of its powers, and on to the Directors and then to Team Leaders and other staff. In 2019 the Board created non-operational Trustee portfolios which give the opportunity for Trustees to offer their skills, expertise and support to the staff team for their allocated portfolio i.e., Personnel/Policies/Staff and Volunteer Development and Welfare, Legal Matters, Well-being and Development, Fundraising, Business Development, Quality, Impact and Compliance and John Storer House (building development and maintenance).

Following the departure of the Chief Executive in February 2015 the Board appointed two Directors: a Director of Business Development and a Director of Corporate Services. This was changed to just one Director in July 2019.

The Trustees have an annual cycle of meetings of the Joint Board and Joint Resources Committee, each of which has a theme. This includes a full annual planning cycle with monitoring and review of performance throughout the year. The "Joint" Board and Resources Committee refers to the closely associated charity John Storer House Foundation (JSHF), as the agendas for meetings cover issues for both charities.

Achievements and Performance For The Benefit Of The Public

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. During the year the Charity has continued to develop services for the well-being of individuals and communities in Charnwood. JSC continues to respond to the needs of the wider Charnwood communities, working in partnership with others to provide timely, effective and relevant services. JSC also continues to seek more self-generated income from the sales of services.

4

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

The past two years have been characterised by development and, to some degree, expansion. Most services are back to pre-Covid levels, with some overtaking their previous best.

Organisationally, things have changed too, with the merger of John Storer House Foundation and John Storer Charnwood on 29th February 2024. Operationally this doesn’t affect much, as JSC has always been the active charity acting on behalf of JSHF. However, administratively it makes quite a difference. We will no longer have to complete two sets of accounts, two lots of reporting and have two boards of trustees. It will free-up resources in terms of time, effort and money. It may also mean that we are eligible to apply for some funding previously not open to us as now the active charity owns the building. This could be crucial when it comes to improving the state of the building. There are aspects of the amalgamation to complete, with the new make-up of the board of trustees still to be finalised. This will be completed at this year’s AGM on 7th October 2024.

As regards work completed in the building over the past year, the new kitchen has made a big difference and we were pleased to retain our 5-star rating from Environmental Health.

We have also played our part in the community too:

Technical innovation has been very much a part of our thinking over the last year. Our website has had a complete overhaul and now incorporates different ways to donate to us and new avenues of information, many accessible by QR code. This is very much a work in progress, but we have noticed that as our customer demographic changes and develops, they become more tech-savvy and need us to move with that. Customers can now book a room online, donate to us, buy tickets and book events. This is very much moving on from the time when we were cash and cheque only! However, we also recognise that some of our clients still prefer it that way – we could never envisage ourselves being a “card only” building or requiring service users to pay their bills completely online. Staff are also benefiting from the overhaul with the introduction of a new staff intranet which means news, training modules, risk assessments, policy or procedure amendments and much more can be disseminated quicker and more efficiently.

5

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

Well-being Activities

Well-being continues to see significant growth. All well-being sessions are now pretty much at capacity. After a re-structure, two existing members of staff have taken up extra roles in well-being. They bring totally new perspectives and skills to the service and we are now looking to see where we can expand further.

We are on the Leicestershire County Council Community Life Choices Framework and run Memorable Mondays, Craft & Sewing, Well-Being and Memorable Moments (WAMM), Music and Movement, Drama, Sewing & Craft and THYME (Therapeutic Horticulture for You and Me) sessions. In December we received a LCC CLC inspection. The inspection took place Drama Group’s Christmas Show. This is, traditionally, a high point of the year and is always packed to the rafters. The inspector was able to attend half of the show and was extremely impressed by the performance.

A new building has been installed on the allotments. It is a beautiful addition and means that those who enjoy being at the allotments but are perhaps less able to take part in the gardening tasks they used to, can still feel a part of it. It is a great wet-weather resource and brilliant for group activities such as seed-sowing, craft or gardening quizzes.

We have 63 service users attending a total of 160 (3 hr) sessions. We offer an additional session on Monday afternoons for SENSE College to bring along some of their students. We have a new activity shed on our Mountfield allotment site, which will aid us in both developing and increasing the capacity of our THYME (Therapeutic Horticulture for You, Me and Everyone).

We currently have 21 service users commissioned through LCC’s Community Life Choices.

Three bookable lunch clubs are operating per week. We are providing, on average, 78 meals over the three sessions.

6

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

Room Hire

The Bridge (East Midlands) and Business 2 Business are long-term hirers.

We have changed how we record groups – for example, "Charnwood CC Sports" and "Charnwood BC" and "CBC" are now all now "Charnwood Borough Council" but over the year we have had 86 groups hire rooms; 49 recurring, 15 occasional and 23 one-offs.

Café

We are still seeing more diverse groups using the café, with Saturdays extremely popular with families, as the Dr Lego group continues to thrive. The menu is clear and there is a pictorial menu for any customers whose first language may not be English.

The completion of the kitchen overhaul has meant that systems are a lot more efficient and we are able to offer a better service. Café sales remain buoyant and require further development planning.

During the year the café sold 38,208 drinks and 30,140 food items.

Community Transport

Demand for Community Transport continues to be strong, and indeed to increase, with the challenge always being able to recruit enough volunteer drivers. In 2023-24 we completed 8,419 Social Car Scheme journeys which included 1,369 hospital runs.

Our minibuses are very busy too, ferrying people to and from our Community Lunch Clubs and providing transport for local community groups and organisations. We completed 4,358 minibus journeys during this time.

We provide a minibus service to several care homes and retirement housing complexes in the Charnwood area enabling the residents to get out and about, on short day trips and shopping excursions. We also provide transport for local charities and not for profit organisations at reasonable rates. Our fleet vehicles are all accessible.

7

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

VCS and Volunteering

Our training programme remains popular and we are seeing continued interest in compliancerelated courses. and following a successful. We are still looking to expand our development training including Safeguarding, more Managing Volunteers courses, Inclusion, Equality & Diversity and Confidentiality & Boundaries. First Aid Level 3 is still the most popular, particularly as we are able to offer it at an attractive low cost. We are also seeing an increase in organisations requesting training sessions just for them - in some cases we have put them directly into contact with our trainer as they can fill a whole session.

Over this period, JSC facilitated the following courses:

We currently have 150 volunteers registered, but we also have ad hoc and standby volunteers, as well as 8 dedicated just to fundraising. We are still looking to increase numbers and when the new Volunteering Coordinator has already suggested areas that need development.

Your Store

We are about to enter a crucial phase of development for Your Store. We have, at last, taken delivery of the new mobile Your Store vehicle, designed to take out affordable food to pockets of deprivation throughout Charnwood. The model remains the same; £3 for a shop and we will be working with local referral agents, including councillors, to promote and identify households needing support.

We are still finding that Individuals and families have, in many cases, used the shop for a short period while they sort out their financial situation with others needing much longer support as their situations are more complex.

Over the year we have had 12,226 individual shops. We have also facilitated 394 emergency shops from The Bridge East Midlands.

The Pop-up shops in Mountsorrel and Shelthorpe remain open. We are coming up to completing the first year of Your Store Mountsorrel. The new mobile vehicle will mean we are able to reach more communities so far unserved by such a service, every week.

Jacob worked in partnership with Loughborough College to host a successful evening at the Radmoor Restaurant, where 50 guests enjoyed a three-course meal using food from Fare Share. This event raised funds and awareness for Your Store.

8

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

Shepshed Volunteer Centre

Transport

We remain committed to offering transportation services to members of the Shepshed community who cannot utilise public transportation. Our services include trips to hospitals, local GP offices, and activities that aim to enhance and support mental well-being. Currently, our transport scheme assists 180 residents showing a 30% growth compared to last year.

Our team of 12 volunteer drivers completed 1,090 trips (up by 29%), traveling 9,747 miles (increased by 11%). The journeys encompassed 407 hospital visits, 337 health appointments, 326 social engagements, and 20 personal care appointments, with an average trip distance of 8.9 miles.

Befriending

Our befriending service plays a crucial role in the community, and we are continuously improving the service to reach more people. Our dedicated volunteers strive to enrich the lives of individuals who may feel isolated by visiting them at home and accompanying them on outings in town. Our befriending programme has been upgraded with the introduction of an online referral system, now accessible via the NHS-developed Joy app. Details regarding this new process have been shared with the social prescriber and Local Area Coordinator. Currently, our befriending initiative includes six partnerships, with four additional pairs currently being matched. Due to a successful social media campaign, we have successfully onboarded five new volunteer befrienders.

Volunteer gardening maintenance

The gardening service in Shepshed aids residents by tending to their gardens, aiming to enhance not just the appearance but also their sense of dignity. Committed volunteer gardeners make bi-weekly visits to provide essential garden upkeep. We managed seven gardens with the help of seven volunteer gardeners last year.

Well-being garden

Our Well-being Garden, located behind the volunteer centre, serves as a tranquil sanctuary for service users. We office this space to community groups and cultivate fresh produce that directly benefits the Shepshed community.

9

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

Shepshed Volunteer Centre – continued

The Activity Shed

The activity shed is a fully functional space equipped with electricity and kitchen facilities. Currently, three groups utilise the shed, and we welcome other community groups to take advantage of this resource.

Last November we asked the community for good quality coat donations, and we had an overwhelming response. These coats were then given out to the community in Shepshed that were struggling financially. We gave our 54 coats to those in need in the town and the rest went to the salvation army and Falcon Centre.

We put on an Easter trail over the Easter school holidays which brought 33 families into the town centre. The feedback was positive and it brought people into the town centre. We undertook a flyer drop to 1000 households to advertise volunteer opportunities. This has not had a huge amount of uptake but we have recruited 2 new volunteers through it.

We successfully hosted our annual events: The Open Gardens and Scare Sheep Festival.

We have a small gardening group that started in March to begin cultivating and caring for the garden. This year, alongside the vegetables, we plan to grow cut flowers to sell as a fundraising initiative. Additionally, we aim to explore more efficient ways to use the harvested produce for the community's benefit or to generate revenue for the centre.

We have a craft and chat group that has been running throughout the year. We have on average 4 people attend this group.

10

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

FINANCIAL REVIEW

The total incoming resources for the year were £858,471 (2023: down from £918,187). The total resources expended were £941,059 (2023: up from £700,939) resulting in an overall deficit before movement on pension provision of £82,588 (2023 was an overall surplus before movement on pension provision of £217,248). As noted last year, income relating to some of the expenditure in 2024 was actually received in 2023.

Unrestricted income for the year was £655,455 and expenditure was £616,609, resulting in a surplus for the year before movement on pension provision and transfers of £38,846. The carry forward was £892,662 of which £422,210 is designated funds, as detailed in note 16, (£1,353) of negative pension reserve and £471,805 general free reserves.

Restricted fund income was £203,016 and the restricted fund balances at the end of the year were £139,772.

PENSIONS

John Storer Charnwood is a member of a defined benefit multi-employer scheme. The total deficit of the whole scheme as at 30 September 2020, date of the last full actuarial valuation, this valuation showed assets of £800.3m, liabilities of £831.9m and deficit of £31.6m. Further details can be found in note 18 on pages 30 and 31.

As noted above, changes introduced in the new Charities SORP require the future agreed pension contributions to be provided in the accounts (previously this liability was disclosed as a note to the accounts). This introduced a provision and an equal and opposite ‘negative’ reserve on the balance sheet of £1,353 (2023: £2,897).

The current debt recovery period has a further 1 year to run with agreed annual pension deficit recovery payments set out over that period.

John Storer Charnwood now operates a defined contribution scheme. Staff entry to the scheme is governed by the Auto-Enrolment rules and employer contributions are charged as they are incurred.

PLANS FOR FUTURE PERIODS

2023/24 and Looking into the Future

We are looking at a period of development for JSC. We are happy to report that Well-being services are thriving, as is community transport, although finding additional volunteer drivers to meet demand is a challenge. The café, too, seems to have undergone a somewhat of a renaissance, particularly on Saturdays and when phase 2 of the kitchen redevelopment is completed, this will hopefully show further signs of improvement. The post-Covid theme is about finding new opportunities and responding to new needs – not standing still, not being content with what has always been.

11

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

RESERVES

The Trustees have reviewed the reserves held by John Storer Charnwood as at 31 March 2024. This review encompassed the nature of the income and expenditure streams, the need to match variable income with fixed commitments and the nature of the reserves.

The review concluded that the Charity needs reserves both to enable it to progress its long term aims and to protect its current activities, in order to allow the Trustees to meet their responsibilities and ensure that it continues to operate on a going concern basis.

The Trustees have examined the needs, risks and challenges faced by the Charity in both the short term and the medium term and have formulated a policy to meet those needs, which are satisfied by the level of unrestricted reserves of £892,662 at the balance sheet date, £471,805 being general free reserves.

The reserves levels have been reviewed across all three reserves - restricted, unrestricted designated, and unrestricted general free reserves. As noted above, a ‘negative’ reserve was introduced in respect of the pension liabilities. Trustees have adopted a joint reserves policy.

JSC restricted balances mainly relate to on-going projects and cost centers. JSC designated balances relate to wellbeing development, community transport, complementary public transport, service development, building improvement and the net book value of tangible fixed assets. The unrestricted general free reserves are available to Trustees to supplement shortfalls in the year or in planning future years.

INVESTMENT POLICY

Under the Articles of Association, the Charity has the power to invest in any ways the Trustees wish.

EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF DISABLED PEOPLE

Employees have been consulted on issues of concern to them by means of regular Staff Meetings and have been kept informed on specific matters directly by management and through the JSC Staff Employment Manual.

The charity has implemented and updated a number of detailed policies in relation to all aspects of personnel matters and operational procedures.

A revised and updated JSC Staff Employment Manual (containing all JSC policies) and Health and Safety Policy have been made available to all staff.

In accordance with the charity's equal opportunity policy, the charity has long established fair employment practices in the recruitment, selection, retention and training of disabled staff.

Full details of these policies are available from the charity's offices.

12

JOHN STORER CHARNWOOD REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (Continued)

RESPONSIBILITIES OF THE TRUSTEES

The trustees (who are also directors of John Storer Charnwood for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and in accordance with the special provisions for small companies of Part 15 of the Companies Act 2006.

Approved by the Board of Trustees on 7 October 2024 and signed on its behalf by:

…………………………….

MRS S LEONG (Chair)

………………………………. MR J R WEST (Treasurer)

13

JOHN STORER CHARNWOOD INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF JOHN STORER CHARNWOOD

I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 15 to 33.

Responsibilities and basis of report

As the charity Trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Lisa Parkes FCA FCCA

The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP

Date: 7 October 2024

14

JOHN STORER CHARNWOOD

STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024

Note
Unrestricted
Funds
Income and endowments from
Activities for generating funds
4
222,506
Voluntary income
2
35,626
Bank deposit interest
18,132
Other income
Incoming resources from charitable
activities
3
379,191
Total incoming resources
655,455
Expenditure on
Cost of generating funds
6
63,772
Charitable activities
5
424,869
Governance costs
7
127,968
Total resources expended
616,609
Actuarial gains/(losses) on defined
benefit pension scheme
18
1,544
Net income/(expenditure)
40,390
Gain on acquisition
20
199,080
Transfers between funds
16
(59,335)
Net movements of funds
180,135
Reconciliation of funds
Total funds brought forward
712,527
Total funds carried forward
892,662		 Note
Unrestricted
Funds
Income and endowments from
Activities for generating funds
4
222,506
Voluntary income
2
35,626
Bank deposit interest
18,132
Other income
Incoming resources from charitable
activities
3
379,191
Total incoming resources
655,455
Expenditure on
Cost of generating funds
6
63,772
Charitable activities
5
424,869
Governance costs
7
127,968
Total resources expended
616,609
Actuarial gains/(losses) on defined
benefit pension scheme
18
1,544
Net income/(expenditure)
40,390
Gain on acquisition
20
199,080
Transfers between funds
16
(59,335)
Net movements of funds
180,135
Reconciliation of funds
Total funds brought forward
712,527
Total funds carried forward
892,662		 Restricted
Funds
£
10,606
11,119
-
181,291
203,016
61
306,885
17,504
324,450
-
(121,434)
7,559		 Total
2024
£
233,112
46,745
18,132
-
560,482
858,471
63,833
731,754
145,472
941,059
1,544
(81,044)
206,639
-
125,595
906,839
1,032,434		 Total
2023
£
223,053
95,191
3,181
6,125
590,637
918,187
49,410
540,003
111,526
700,939
1,647
218,895
-
59,335
180,135
712,527
892,662		 (54,540)
194,312
139,772		 218,895
687,944
906,839

15

JOHN STORER CHARNWOOD BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed Assets
Tangible assets
11
Current Assets
Stocks
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling
due within one year
13
Net Current Assets
Provisions
18
Total Assets less Current Liabilities
Funds
Restricted funds
15
Unrestricted funds
16
Designated
General
Pension Reserve		 2023
£
£
£
£
109,595
495
109,595
495
2,350
2,697
34,296
111,136
926,334
829,333
962,980
943,166
(38,788)
(33,925)
924,192
909,241
1,033,787
909,736
(1,353)
(2,897)
1,032,434
906,839
139,772
194,312
422,210
338,408
471,805
377,016
(1,353)
(2,897)
1,032,434
906,839
2024

For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 and the Board of Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

16

JOHN STORER CHARNWOOD BALANCE SHEET AS AT 31 MARCH 2024 (CONTINUED)

These accounts were approved by the Board of Trustees and authorised for issue on 7 October 2024 and are signed on its behalf by.

……………………………………… ………………………………..……. MRS S LEONG (Chair) MR J WEST (Treasurer)

Company Registration Number 04155933

The notes on pages 19 to 33 form part of these financial statements.

17

JOHN STORER CHARNWOOD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Note
Cash flow from operating activities
As below
Cash flow from investing activities
Interest and dividends
Payments to acquire tangible fixed assets
Assets acquired from John Storer House Foundation
Proceeds from sale of tangible fixed assets
Net cash flow from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 April 2023
Cash and cash equivalents at 31 March 2024
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 31 March 2024
Reconciliation of net income to net cash flow from operating
Net income for year (before pension actuarial gain/losses)
Deduct income from investment activities
Depreciation of tangible fixed assets
(Profit/Loss on sale of tangible fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash flow from operating activities		 2024
2023
£
£
189,190
302,289
18,132
3,181
(10,327)
-
(99,994)
-
6,125
(92,189)
9,306
97,001
311,595
829,333
517,738
926,334
829,333
926,334
829,333
926,334
829,333
activities
2024
2023
£
£
124,051
217,248
(18,132)
(3,181)
1,221
494
-
(6,125)
347
(480)
76,840
119,701
4,863
(25,368)
189,190
302,289

18

- JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

(a) General information and basis of preparation

John Storer Charnwood is a charity company limited by guarantee incorporated in England / Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information on page 2 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Fund Accounting

(c) Incoming Resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

The following specific policies are applied to particular categories of income:

19

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (Continued)

(e) Tangible Fixed Assets

Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, at varying rates:

Item % Basis
Freehold land and property 5 Straight line
Catering equipment 20 Straight line
Office furniture and equipment 20 & 10 Straight line
Computer equipment 33 Straight line
Vehicles 25 Straight line

It is the charity’s policy not to consider any expenditure less than £1,000 for capitalisation. Donated assets are brought in at their secondhand value at the date of receipt.

20

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (Continued)

Tangible Fixed Assets - continued

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

It is the charity’s policy not to consider any expenditure less than £1,000 for capitalisation.

Donated assets are brought in at their secondhand value at the date of receipt.

(f) Pensions

The pension costs charged in the financial statements represent the contribution payable by the company during the year

(g) Operating Leases

Rentals paid under operating leases are charged in the financial statements as they are incurred.

(h) Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slowmoving stock where appropriate.

(i) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(j) Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(k) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

21

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

2. VOLUNTARY INCOME

Unrestricted
Funds
£
Affiliation fees and donations
28,669
Fundraising income
6,957
TOTAL VOLUNTARY INCOME
35,626		 Restricted
Funds
£
8,795
2,324
11,119		 Total
Total
Funds
Funds
2024
2023
£
£
37,464
83,360
9,281
11,831
46,745
95,191

3. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Unrestricted
Funds
FUNDS RECEIVABLE
£
Local authorities
Leicestershire County Council
158,898
Charnwood Borough Council
84,490
Shepshed Town Council
-
National Government
Other Central Government Departments
-
NHS /CCG
-
TOTAL FUNDS RECEIVABLE
243,388
Unrestricted
Funds
OTHER INCOME
£
Wellbeing Activities
82,384
Transport services
53,419
TOTAL OTHER INCOME
135,803
TOTAL INCOMING RESOURCES
FROM CHARITABLE ACTIVITIES
379,191		 Restricted
Funds
£
63,400
48,051
7,700
18,744
-
137,895
Restricted
Funds
£
43,396
-
43,396
181,291		 Total
Total
Funds
Funds
2024
2023
£
£
222,298
220,018
132,541
213,409
7,700
7,000
18,744
-
-
360
381,283
440,787
Total
Total
Funds
Funds
2024
2023
£
£
125,780
104,779
53,419
45,071
179,199
149,850
560,482
590,637

22

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

4. ACTIVITIES FOR GENERATING FUNDS

Unrestricted
Funds
£
Other income
35,825
Rental Income
84,283
Catering Income
102,398
222,506		 Restricted
Funds
£
2,396
-
8,210
10,606		 Total
Total
Funds
Funds
2024
2023
£
£
38,221
51,410
84,283
89,102
110,608
82,541
233,112
223,053

5. CHARITABLE ACTIVITIES EXPENDITURE

Unrestricted
funds
£
Legal and professional fees
6,903
Salaries
84,478
Stationery and photocopying
3,107
Telephone and postage
8,403
Advertising
186
Travel and subsistence
521
Training fees and subscriptions
4,496
Bad debts
271
Pension costs
9,240
Project expenses and material
57,790
Hospitality
4,069
Transport :
Salaries
81,767
Running costs
10,725
Cleaning:
Salaries
4,056
Premises including utilities
105,928
Equipment maintenance
13,342
Insurance
14,813
Depreciation
1,221
Rent & Hire Fees
3,600
Miscellaneous
9,953
424,869		 Restricted
funds
£
1,026
148,333
801
3,288
-
6
1,181
-
-
99,696
188
-
10,725
-
22,145
922
2,640
-
1,600
14,334
306,885		 Total
Unrestricted
2024
funds
£
£
7,929
7,776
232,811
50,879
3,908
2,489
11,691
11,163
186
150
527
733
5,677
6,640
271
6,140
9,240
7,918
157,486
43,377
4,257
4,594
81,767
77,100
21,450
10,051
4,056
6,002
128,073
33,922
14,264
14,280
17,453
8,971
1,221
138
5,200
3,600
24,287
2,328
731,754
298,251		 Restricted
Total
funds
2023
£
£
1,027
8,803
127,452
178,331
871
3,360
2,913
14,076
150
300
54
787
1,267
7,907
-
6,140
-
7,918
71,110
114,487
143
4,737
-
77,100
10,052
20,103
-
6,002
11,562
45,484
3,416
17,696
5,004
13,975
356
494
1,600
5,200
4,775
7,103
241,752
540,003

23

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

6. COST OF GENERATING FUNDS

Catering:
Salaries
Miscellaneous
House:
House active fund		 Unrestricted
funds
£
57,311
(46)
6,507
63,772		 Restricted
funds
£
-
-
61
61		 Total
Unrestricted
2024
funds
£
£
57,311
43,574
(46)
280
6,568
4,299
63,833
48,153		 Restricted
Total
funds
2023
£
£
-
43,574
-
280
1,257
5,556
1,257
49,410

7. GOVERNANCE COSTS

Unrestricted
Funds
£
Salaries in respect of
management and admin
101,377
Independence Examination
and accountancy
4,095
Admin,Accounts support &
Line management
22,496
127,968		 Restricted
Funds
£
-
-
17,504
17,504		 Total
Total
Funds
Funds
2024
2023
£
£
101,377
67,806
4,095
3,720
40,000
40,000
145,472
111,526

8. NET INCOMING RESOURCES FOR THE YEAR IS STATED AFTER CHARGING THE FOLLOWING:

Depreciation

2024 2023
£ £
1,221 494

24

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

9. TOTAL STAFF NUMBERS AND COSTS

2024 2023
£ £
Gross salaries and wages and
employers national security 464,637 370,085
Pension costs 9,240 7,918
473,877 378,003
The average number of persons employed by the charity during the year was as
2024 2023
Full time employees 7 7
Part time employees 22 17

Pension contributions are made by the charity to the employees' own personal pensions. At the year end £Nil was owed to the individual pension schemes (2023: £Nil).

The remuneration and benefits received by key personnel during the year were £39,347 (2023: £38,106).

No employees received total employee benefits (excluding employer pension costs) of more than £60,000.

Trustees remuneration and expenses

The trustees neither received nor waived remuneration during the year (2023: £Nil).

The trustees did not have any expenses reimbursed during the year.

10. INDEPENDENT EXAMINATION

The amount paid for the Independent Examination was £3,770 (2023: £3,425 ) and £325 (2023: £295) for other accountancy services.

25

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

11. TANGIBLE FIXED ASSETS

Freehold land,
buildings & Catering Computer Office
improvements Equipment Equipment Fixtures Vehicles Total
& Fittings
£ £ £ £ £ £
Cost
At 1 April 2023 - 1,317 58,689 40,555 101,989 202,550
Additions - - - - 10,327 10,327
Transfers 609,284 - - 94,430 - 703,714
Disposals - - - - - -
At 31 March 2024 609,284 1,317 58,689 134,985 112,316 916,591
Depreciation
At 1 April 2023 - 1,317 58,194 40,555 101,989 202,055
Charge for the year 294 - - - 927 1,221
Transfers 509,290 - - 94,430 - 603,720
At 31 March 2024 509,584 1,317 58,194 134,985 102,916 806,996
Net book value
At 31 March 2024 99,700 - 495 - 9,400 109,595
At 31 March 2023 - - 495 - - 495

The values above in respect of the property are not the realisable value of these assets. In the event of John Storer House ceasing to operate as a community and social welfare centre from the site, the Borough Council will be entitled to purchase the land for a nominal sum. Whilst the Council will be required to pay compensation equivalent to the value of the building, it is impossible to forecast the likely amount of such compensation.

12. DEBTORS

Connected Charity - John Storer House Foundation
Trade debtors
Other debtors		 2024
2023
£
£
-
57,310
34,296
51,754
-
2,072
34,296
111,136

26

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxes and Social Security
Accruals
Other creditors		 2024
2023
£
£
13,977
14,201
15,986
13,510
4,320
3,720
4,505
2,494
38,788
33,925

14. ANALYSIS OF NET ASSETS BY FUND

Unrestricted
Funds
£
Tangible fixed assets
109,595
Cash at bank and in hand
786,562
Stock
2,350
Debtors
34,296
Creditors
(38,788)
Pension provision
(1,353)
892,662		 Restricted
Total Funds
Funds
2024
£
£
-
109,595
139,772
926,334
-
2,350
-
34,296
-
(38,788)
-
(1,353)
139,772
1,032,434

27

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

15. RESTRICTED FUNDS

LCC - Complimentary Public Transport
Loughborough Community Care Transport
Charnwood Disability Forum
Pregnancy Testing (CSSP)
Charnwood Mental Health
Forum
Sileby Lunch Club
Local volunteering
Transport access
CBC MTC Worker
Shepshed VC - Local
Your Store
Lottery Fund
Allotment Development
Timeshare upkeep
Village projects
2023 comparative:
LCC - Complimentary Public Transport
Loughborough Community Care Transport
Charnwood Disability Forum
Social Seeding
Pregnancy Testing (CSSP)
Charnwood Mental Health
Forum
Sileby Lunch Club
Local volunteering
Transport access
CBC MTC Worker
Shepshed VC - Local
Your Store
Lottery Fund
ASC Retention
Allotment Development		 At 1 April
2023
£
-
19,654
7,917
2,178
77
221
958
581
6,781
30,270
111,011
(487)
15,151
-
-		 Income Expenditure Transfers
£
£
£
63,400
(122,735)
59,335
-
-
-
-
(7,917)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,574
(29,827)
-
31,646
(37,350)
-
78,146
(117,686)
-
-
-
-
250
(8,935)
-
-
-
-
-
-
-
203,016
(324,450)
59,335
Income Expenditure Transfers
£
£
£
63,400
(108,777)
45,377
-
-
-
-
-
-
-
-
(2,891)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,500
(23,936)
-
29,690
(32,708)
-
135,975
(82,584)
(5,544)
-
-
-
7,258
(7,258)
-
17,510
(5,250)
2,891
283,333
(260,513)
39,833		 Income Expenditure Transfers
£
£
£
63,400
(122,735)
59,335
-
-
-
-
(7,917)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,574
(29,827)
-
31,646
(37,350)
-
78,146
(117,686)
-
-
-
-
250
(8,935)
-
-
-
-
-
-
-
203,016
(324,450)
59,335
Income Expenditure Transfers
£
£
£
63,400
(108,777)
45,377
-
-
-
-
-
-
-
-
(2,891)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,500
(23,936)
-
29,690
(32,708)
-
135,975
(82,584)
(5,544)
-
-
-
7,258
(7,258)
-
17,510
(5,250)
2,891
283,333
(260,513)
39,833		 Income Expenditure Transfers
£
£
£
63,400
(122,735)
59,335
-
-
-
-
(7,917)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,574
(29,827)
-
31,646
(37,350)
-
78,146
(117,686)
-
-
-
-
250
(8,935)
-
-
-
-
-
-
-
203,016
(324,450)
59,335
Income Expenditure Transfers
£
£
£
63,400
(108,777)
45,377
-
-
-
-
-
-
-
-
(2,891)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,500
(23,936)
-
29,690
(32,708)
-
135,975
(82,584)
(5,544)
-
-
-
7,258
(7,258)
-
17,510
(5,250)
2,891
283,333
(260,513)
39,833		 Gains on
acquisition
At 31
March
2024
£
£
-
-
-
19,654
-
-
-
2,178
-
77
-
221
-
958
-
581
-
6,528
-
24,566
-
71,471
-
(487)
-
6,466
4,440
4,440
3,119
3,119
7,559
139,772
At 31 March
2023
£
-
19,654
7,917
-
2,178
77
221
958
581
6,781
30,270
111,011
(487)
-
15,151
194,312
194,312 203,016 (324,450) 59,335
At 1 April
2022
£
-
19,654
7,917
2,891
2,178
77
221
958
581
1,217
33,288
63,164
(487)
-
-
131,659 283,333 (260,513) 39,833

28

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

15. RESTRICTED FUNDS (CONTINUED)

The Complimentary Public Transport fund relates to the grant agreement which the charity has entered with Leicestershire County Council. The fund is restricted solely for the provision of Complementary Public Transport Services. The balance on the fund relates to the net book value that was purchased for the services and the vehicle has now been fully depreciated.

The Loughborough Community Care Transport Fund relates to the transfer of funds from the charity Loughborough Community Care (LCCare), which was done when JSC took over responsibility for running various transport services previously carried on by LCCare. The fund is restricted for the use for the promotion of community transport services in the Borough of Loughborough.

Shephed VC – this related to the 2007 merger. It was agreed to keep the money restricted and any future monies for Shepsed should be kept in restricted funds.

Your Store - this Fund was originally used to help people impacted by the Covid 19 pandemic, part of which included supporting the Social Supermarket called Your Store. The Fund has fully transitioned into supporting the activities of Your Store which continues to provide essential support to those in need.

Allotment development – A private donation was received for the development of a new purposebuilt activity workshop. This will be erected during 2023/24.

All other restricted funds are for specific projects as described above within the local community. Where funds have been transferred from restricted funds to unrestricted funds, the release of the restrictions on the funds has been agreed by the funders or is allowed because the funds are time expired.

16. UNRESTRICTED FUNDS

Designated Funds:
Community Transport Fund
Complementary Public
Transport Fund
Service Development Fund
Building Improvement Fund
Fixed assets held for charity use
Building maintenance & improvements
Pension Reserve
General Funds		 At 1 April
2023
£
228,493
64,833
6,742
38,340
-
-
338,408
(2,897)
377,016
712,527		 Income
£
86,469
48,869
-
-
-
-
135,338
1,544
520,117
656,999		 Expenditure
£
(64,133)
-
-
(43,221)
-
-		 Transfers
£
-
(59,335)
-
15,159
-
(15,159)
(59,335)
-
-
(59,335)		 Gains on
acquisition
At 31 March
2024
£
£
-
250,829
-
54,367
-
6,742
-
10,278
99,994
99,994
15,159
-
115,153
422,210
-
(1,353)
83,927
471,805
199,080
892,662
(107,354)
-
(509,255)
(616,609)

29

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

16. UNRESTRICTED FUNDS (CONTINUED)

The Community Transport Fund is in respect of an amount put aside by the Trustees to contribute to future costs associated with the vehicles used in the transport project.

The Complementary Public Transport (CPT) Fund is in respect of the charges made for CPT services less the costs of running the service that are not funded by specific grants included in the restricted funds shown in note 15.

The Service Development Fund has been set up to fund a Volunteer Community Services Development Worker post, a Project/Business Development post and investment in the building (up to £10,000). In 2019/20, the fund was used instead to further extend the Services Team Leader post for an additional year and develop the House and its facilities.

The Building Improvement Fund represents funds designated for the purpose of carrying out essential building improvement work.

The “Fixed assets held for charity use” fund represents the net book value of tangible fixed assets. Each year an amount is transferred to or from the fund representing the movement in the net book value of tangible fixed assets in the year.

The Pension Reserve is a negative reserve created due to the change in presentation required by FRS102 regarding the recognition of liabilities arising in respect of Pensions. This is more fully explained in note 18.

The amount of general funds at 31 March 2024 was £471,805. These funds are sometimes referred to as free reserves. However, the negative Pension Reserve of £1,353 is held against them.

The Trustees have a reserves policy, in line with the guidance of the Charity Commissioners, and which meets the requirements of funders.

17. COMMITMENTS UNDER OPERATING LEASES

At 31 March 2024 the company had aggregate annual commitments under non- cancellable operating leases as set out below.

Operating leases which expire:
Within one year
Within 2 to 5 years		 2024
2023
£
£
5,337
5,010
7,501
11,652
12,838
16,662

18. PENSION

John Storer Charnwood participates in The Pensions Trust’s Growth Plan (The Plan) a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and

30

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

18 PENSION (CONTINUED)

Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last man standing arrangement'. Therefore, the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out on 30 September 2020. The valuation showed assets of £800.3 million, liabilities of £831.9 million and a deficit of £31.6 million. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional annual contributions to the scheme from the 1 April 2019 to 31 January 2025 amounting to £11.243 million. (Increasing by 3% on each 1 April.)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

31

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

18. PRESENT VALUES OF PROVISION

Provision Present value
RECONCILIATION OF THE OPENING AND CLOSING
PROVISIONS
Provision at start of period
Unwinding the discount factor (interest expense)
Deficit contribution paid
Remeasurements - due to change in assumptions
Provision at the end of period
INCOME AND EXPENDITURE IMPACT
Interest expense
Remeasurements - due to change in assumptions
ASSUMPTIONS
Rate of discount		 2024
£
1,353
2024
£
2,897
111
(1,656)
1
1,353
2024
£
111
1
2024
£
5.31		 2023
2022
£
£
2,897
4,544
2023
£
4,544
86
(1,656)
(77)
2,897
2023
£
86
(77)
2023
2022
£
£
5.52
2.35

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using the full AA corporate bond yield curve to discount the same recovery plan contributions.

32

JOHN STORER CHARNWOOD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

19. CONNECTED CHARITY

The affairs of John Storer Charnwood (JSC) are closely connected with those of John Storer House Foundation (JSHF) and there is an overlap of trusteeship between the governing bodies of the two Charities.

The financial affairs of the two charities are closely linked and this results in JSHF by JSC in results in the sum due from JSHF to JSC. The balance owed by JSHF to JSC at 31 March 2024:

2024 2024 2023
£ £
Due from John Storer House Foundation - 57,310

20. JOHN STORER HOUSE FOUNDATION

On 29 February 2024, John Storer House Foundation ( Registered charity no. 521460) joined with John Storer Charnwood and the assets and liabilities of John Storer House Foundation have been transferred to balance sheet of John Storer Charnwood.

The net assets of John Storer House Foundation acquired on 29 February 2024 were:

Fixed assets
Charity Assets
Charity Liabilities		 £
99,994
108,097
(1,452)
206,639

33