FEARON COMMUNITY ASSOCIATION LTD
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Company Number: 6852232 Charity Number: 1130457
Cound & Co LLP
Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR
Tel: 01509 214163
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FEARON COMMUNITY ASSOCIATION LIMITED
TRUSTEES ANNUAL REPORT
The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2025.
1) REFERENCE AND ADMINISTRATIVE DETAILS
a) REGISTERED CHARITY NUMBER
1130457
b) COMPANY NUMBER
6852232
c) REGISTERED OFFICE
Fearon Hall Rectory Road Loughborough Leics, LE11 1PL
d) BANKERS
Metro Bank One Southampton Row London WC1B 5HA
e) SOLICITORS
Moss Solicitors LLP 80-81 Woodgate Loughborough LE11 XE
f) ACCOUNTANTS AND INDEPENDENT EXAMINERS
Cound & Co LLP 1 Princes Court Royal Way Loughborough Leics, LE11 5XR
DIRECTORS AND TRUSTEES
The directors of the charitable company (the charity) are its trustees for the purpose of the charity law and throughout this report are collectively referred to as the trustees.
The trustees who served during the period were as follows:
R E Thorpe M L Welbourne A B Rhodes R M M Cant (Resigned 6 August 2025) P J Goodman (Resigned 30 July 2024) D R Gough (Chair)
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FEARON COMMUNITY ASSOCIATION LIMITED
TRUSTEES ANNUAL REPORT
2) OBJECTIVES AND ACTIVITIES
The Memorandum of Association dated 19 March 2009 states that the objects of the charity are to provide educational, social and recreational facilities for people living in the North East area of Loughborough and to maintain and run the building known as the Fearon Hall as a centre offering such opportunities.
The Association’s income comprises grants from local authorities, rental income from the hire of the Hall’s function rooms and the sale of lunches.
3) STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
Fearon Community Association Ltd is a company limited by guarantee governed by its Memorandum and Articles of Association dated 19 March 2009. It is a charity registered with the Charity Commission. Membership is open to any affiliated group using the community centre, each of whom agree to contribute up to £10 in the event of the charity being wound up.
Appointment of Trustees
As set out in the Articles of Association, the Association has a minimum of three trustees and it is not subject to a maximum number. One trustee retires in rotation at each Annual General Meeting, but may be re-appointed. Members are invited to nominate trustees prior to the AGM.
Trustee Induction and Training
New trustees are advised of their obligations under charity and company law, the content of the Memorandum and Articles of Association as well as the structure and decision-making process of the committee.
Public Benefit
The trustees have had regard to the guidance published by the Charities Commission in respect of public benefit when exercising any powers or duties to which the guidance is relevant.
4) RISK MANAGEMENT
The management committee confirms that the major risks to which the charity is exposed have been reviewed and systems have been established to mitigate those risks.
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(a) The properties are properly insured and well maintained.
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(b) Staff are properly trained in the care of children and in Health and Safety procedures.
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(c) All significant bank transactions have to be authorised by two trustees or senior employees.
5) ACHIEVEMENTS AND PERFORMANCE
“Fearon Hall is a hub of belonging, support, and opportunity that we build together.”
This year at Fearon Hall has been marked by events that capture the essence of our community, including vegan pop-up evenings, Rafters music, cultural celebrations and health partnership activities. These moments highlight the strength we find in coming together.
In a time when global and local challenges risk dividing communities, Fearon Community Association continues to celebrate diversity and foster connection. As Trustees, we have strengthened governance and fundraising to ensure resilience and impact for the future.
.
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FEARON COMMUNITY ASSOCIATION LIMITED
TRUSTEES ANNUAL REPORT
5) ACHIEVEMENTS AND PERFORMANCE (continued)
As I step down from the Board later this year, I am proud that the Association lives “community” through action. Our success is the result of dedicated staff, volunteers, and partners, whose contributions we celebrated at the Big Thank You Volunteer event in June.
As Coretta Scott King reminds us, “The greatness of a community is most accurately measured by the compassionate actions of its members.” It is this compassion that continues to sustain and define Fearon Community Association.
6) FINANCIAL REVIEW
“This has been a solid year for the Association.”
We have seen a rise in room hire income, and the café continues to increase its sales. However, slightly less grant funds received in the year has meant that total income was about the same as the year before.
We managed to reduce expenditure compared to the previous year, most notably on repairs and maintenance, class and group expenses, and on the salary for an Assistant Manager. Operating without this role has meant increased workload for the existing staff, and they all deserve much praise for maintaining such an excellent standard of service.
As we enter the final year of the current Community Fund grant, work is underway to secure the further funding required to keep us operating with the same (if not better) levels of service.
7) RESERVES POLICY
The charity’s reserves policy is to hold, if possible, reserves equivalent to six months expenditure.
…………………………………………… 2025 D R Gough Chair
…………………………………………… M L Welbourne Treasurer
2025
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
FEARON COMMUNITY ASSOCIATION LIMITED
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2025 which are set out on pages 6 to 13.
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 requirement 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 2011 Act (‘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
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:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
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.
D R Gradon MA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR
2025
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FEARON COMMUNITY ASSOCIATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
| INCOME FROM: Generated Funds Activities for generating funds Investment Income Charitable Activities Miscellaneous Income Cafe Income Council Grants Fundraising Events Other Grants Donations TOTAL INCOME EXPENDITURE: Charitable Activities Cafe Expenses & Wages Fundraising Event Expenses Operating Costs Pension provision adjustment Governance Costs Classes and Groups expenditure Pension Scheme Administration TOTAL EXPENDITURE Net Income (Expenditure) and Net Movement in Funds RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD |
Unrestricted Unrestricted Funds Funds Notes 2025 2024 2 98882 80958 3 839 675 889 1616 71819 65066 4a 29727 32366 - 699 4b 102288 122603 660 2597 __ _ £305104 £306580 5 79123 78798 240 776 6 154565 191060 15 2793 100 7 8585 10282 26558 43231 1764 1712 £273628 £325959 31476 (19379) 59288 78667 __ _ £90764 £59288 ___ |
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FEARON COMMUNITY ASSOCIATION LIMITED
BALANCE SHEET AS AT 31 MARCH 2025
FIXED ASSETS CURRENT ASSETS Debtors Cash Bank CREDITORS - Due within one period TOTAL NET ASSETS PROVISIONS FOR LIABILITIES AND CHARGES TOTAL ASSETS LESS CURRENT LIABILITIES UNRESTRICTED FUNDS Accumulated Fund |
Notes 2025 2024 10 14014 8 12868 3245 1123 2019 93519 43101 _ 107510 48365 9 27990 79520 16029 _ 93534 15 2770 £90764 _ 13 £90764 ___ |
28168 32336 _ 60504 1216 £59288 __ £59288 ______ |
|---|---|---|
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts;
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime of the Companies Act 2006.
These financial statements were approved by the Board on 2025 and signed on its behalf by
………………………………………
D R Gough (Chair)
The information on pages 7 to 13 form an integral part of these financial statements.
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FEARON COMMUNITY ASSOCIATION LIMITED
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 MARCH 2025
1 ACCOUNTING POLICIES
a) Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the Charities SORP (FRS102): “Accounting and Reporting by Charities, Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS102, the Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”) (effective 1 January 2015), FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective September 2015), The Charities Act 2011 and the Companies Act 2006. The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The Charity constitutes a public benefit under FRS102.
b) Company Status
The charity is a company limited by guarantee. The trustees of the company are named on page 1. 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.
c) Fund Accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are to be used for specific purposes as laid down by the donor and expenditure which meets these criteria is charged to the fund.
d) Incoming Resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and can be quantified with reasonable accuracy.
e) Resources Expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs to that category. Resources expended include attributable VAT which cannot be recovered.
f) Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at a rate calculated to write off the cost of each asset over its expected useful life as follows:
Fixtures, Fittings and Equipment - 3 Year Straight line
g) Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowances for slow and obsolete moving items.
h) Pensions
The pension costs charged in the accounts represent the contributions payable by the charity during the year.
i) Foreign Currency
Currencies are translated at the conversion rate on the balance sheet date.
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FEARON COMMUNITY ASSOCIATION LIMITED
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 MARCH 2025
| 2 3 4a 4b |
ACTIVITIES FOR GENERATING FUNDS Unrestricted Unrestricted Funds Funds Rents and Lease Income Comprise: 2025 2024 Room Rental Income 82270 61918 Photocopying 295 1162 Classes and Groups 15544 15763 Community Shop 773 2115 _ £98882 £80958 _ INVESTMENT INCOME 2025 2024 Bank Interest £839 £675 COUNCIL GRANTS Unrestricted Unrestricted Funds Funds 2025 2024 CBC - Core Grant 29727 29727 CBC - BBQ - 450 CBC – Stair Lift - - CBC – Navigating Recovery - - LCC – Arts Group - - LCC – Moving Together - - CBC – Exercise Classes - 2189 __ _ £29727 £32366 OTHER GRANTS 2025 2024 Lottery Grant 96061 105150 Room Hire - Grant Funded 250 - Leicestershire Police 1477 9900 Peoples Health Grant – Gaming group 4500 7053 Asylum Project - 500 £102288 £122603 ___ |
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FEARON COMMUNITY ASSOCIATION LIMITED
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 MARCH 2025
| 5 6 7 |
CAFE COSTS Unrestricted Unrestricted Funds Funds 2025 2024 Wages 50573 51154 Purchases & Cleaning 28550 27644 _ £79123 £78798 _ OPERATING COSTS Unrestricted Unrestricted Funds Funds 2025 2024 Advertising & Marketing 295 1348 Repairs and Refurbishment 1 10661 19218 Cleaning Materials & Wages 31073 28740 Salary (Assistant Manager) 4398 27031 Salary (Manager) 33701 34129 Staff Pension 2280 2780 Employers National Insurance 2388 4642 Licences 2322 3042 Light and Heat 21574 17690 Insurance 4973 4845 Water 2815 3076 Telephone 2195 2682 Postage and Stationery 754 1423 Photocopying 1724 2531 Miscellaneous (canteen, volunteers’ lunches etc) 1991 4067 Rent 9200 8098 Loss on Exchange 106 127 Depreciation 16704 17595 Health & Safety 2834 6021 Computer Expenses 1227 1094 Bank Charges 950 738 Bad Debt 400 143 _ £154565 £191060 GOVERNANCE COSTS 2025 2024 Accountancy 1770 1740 Bookkeeping 4034 5827 Legal and Professional Fees 2781 2715 _ £8585 £10282 __ |
CAFE COSTS Unrestricted Unrestricted Funds Funds 2025 2024 Wages 50573 51154 Purchases & Cleaning 28550 27644 _ £79123 £78798 _ OPERATING COSTS Unrestricted Unrestricted Funds Funds 2025 2024 Advertising & Marketing 295 1348 Repairs and Refurbishment 1 10661 19218 Cleaning Materials & Wages 31073 28740 Salary (Assistant Manager) 4398 27031 Salary (Manager) 33701 34129 Staff Pension 2280 2780 Employers National Insurance 2388 4642 Licences 2322 3042 Light and Heat 21574 17690 Insurance 4973 4845 Water 2815 3076 Telephone 2195 2682 Postage and Stationery 754 1423 Photocopying 1724 2531 Miscellaneous (canteen, volunteers’ lunches etc) 1991 4067 Rent 9200 8098 Loss on Exchange 106 127 Depreciation 16704 17595 Health & Safety 2834 6021 Computer Expenses 1227 1094 Bank Charges 950 738 Bad Debt 400 143 _ £154565 £191060 GOVERNANCE COSTS 2025 2024 Accountancy 1770 1740 Bookkeeping 4034 5827 Legal and Professional Fees 2781 2715 _ £8585 £10282 __ |
CAFE COSTS Unrestricted Unrestricted Funds Funds 2025 2024 Wages 50573 51154 Purchases & Cleaning 28550 27644 _ £79123 £78798 _ OPERATING COSTS Unrestricted Unrestricted Funds Funds 2025 2024 Advertising & Marketing 295 1348 Repairs and Refurbishment 1 10661 19218 Cleaning Materials & Wages 31073 28740 Salary (Assistant Manager) 4398 27031 Salary (Manager) 33701 34129 Staff Pension 2280 2780 Employers National Insurance 2388 4642 Licences 2322 3042 Light and Heat 21574 17690 Insurance 4973 4845 Water 2815 3076 Telephone 2195 2682 Postage and Stationery 754 1423 Photocopying 1724 2531 Miscellaneous (canteen, volunteers’ lunches etc) 1991 4067 Rent 9200 8098 Loss on Exchange 106 127 Depreciation 16704 17595 Health & Safety 2834 6021 Computer Expenses 1227 1094 Bank Charges 950 738 Bad Debt 400 143 _ £154565 £191060 GOVERNANCE COSTS 2025 2024 Accountancy 1770 1740 Bookkeeping 4034 5827 Legal and Professional Fees 2781 2715 _ £8585 £10282 __ |
CAFE COSTS Unrestricted Unrestricted Funds Funds 2025 2024 Wages 50573 51154 Purchases & Cleaning 28550 27644 _ £79123 £78798 _ OPERATING COSTS Unrestricted Unrestricted Funds Funds 2025 2024 Advertising & Marketing 295 1348 Repairs and Refurbishment 1 10661 19218 Cleaning Materials & Wages 31073 28740 Salary (Assistant Manager) 4398 27031 Salary (Manager) 33701 34129 Staff Pension 2280 2780 Employers National Insurance 2388 4642 Licences 2322 3042 Light and Heat 21574 17690 Insurance 4973 4845 Water 2815 3076 Telephone 2195 2682 Postage and Stationery 754 1423 Photocopying 1724 2531 Miscellaneous (canteen, volunteers’ lunches etc) 1991 4067 Rent 9200 8098 Loss on Exchange 106 127 Depreciation 16704 17595 Health & Safety 2834 6021 Computer Expenses 1227 1094 Bank Charges 950 738 Bad Debt 400 143 _ £154565 £191060 GOVERNANCE COSTS 2025 2024 Accountancy 1770 1740 Bookkeeping 4034 5827 Legal and Professional Fees 2781 2715 _ £8585 £10282 __ |
|---|---|---|---|---|
| 2024 1740 5827 2715 _ £10282 ___ |
_ | 2024 | ||
| 1740 5827 2715 ____ |
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FEARON COMMUNITY ASSOCIATION LIMITED
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 MARCH 2025
| 8 9 |
DEBTORS 2025 Hiring of Hall 4870 Prepayments 7998 _ £12868 CREDITORS- Amounts falling due within one year 2025 Room Hire in Advance 4597 Accruals 4356 Other Creditors 19037 __ £27990 _____ |
2024 (395) 3640 _ £3245 2024 4207 3667 8155 __ £16029 ______ |
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10 FIXED ASSETS
- a) Leasehold Property Fearon Hall is owned by the PCC of All Saints with Holy Trinity with the Leicester Diocesan Board of Finance.
Under a lease agreement dated 9 July 2021 the hall is let to Fearon Community Association Ltd for 25 years at the following rent: -
Year 1: £3,000 Year 2: £6,000 Year 3: £9,000
From Year 4 onwards the rent is increased in line with the Retail Price Index.
| b) | Tangible Fixed Assets Cost at 1 April 2024 Additions in Year At 31 March 2025 Depreciation At 1 April 2024 Charge for the Year At 31 March 2025 Net Book Value at 31 March 2025 Net Book Value at 31 March 2024 |
Fixtures Fittings & Equipment Total £72116 £72116 2550 2550 _ £74666 £74666 _ £43948 £43948 16704 16704 £60652 £60652 _ £14014 £14014 _ £28168 £28168 |
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FEARON COMMUNITY ASSOCIATION LIMITED
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 MARCH 2025
11 TRUSTEES REMUNERATION & RELATED PARTY TRANSACTIONS
M L Welbourne is a director of Coalraven Ltd, which provided bookkeeping services to the charity. None of the other trustees received any fees or expense payments.
| 12 13 |
STAFF COSTS Salaries Pension Costs Average number of full time equivalent employees No. of staff earning over £60000 per annum STATEMENT OF FUNDS At 31 March 2024 B/Fwd Unrestricted Funds £59288 _____ |
Income 305104 ______ |
Expenditure 273628 _ |
2025 2024 109705 131531 2280 2780 _ £111985 £134311 _ 7 7 - - _ At 31 March 2024 Transfers C/Fwd - £90764 _ ___ |
|---|---|---|---|---|
14 CONTROL
The Charity is controlled by its Members.
15 THE PENSIONS TRUST – THE GROWTH PLAN
The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 nonassociated 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 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 at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:
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FEARON COMMUNITY ASSOCIATION LIMITED
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 MARCH 2025
Deficit Contributions
From 1 April 2025 to 31 March 2028: £2,100,000 per annum (payable monthly)
Unless a concession has been agreed with the Trustee the term to 31 March 2028 applies.
Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:
Deficit Contributions
From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)
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.
PRESENT VALUES OF PROVISION
| 31 | March 2025 | 31 March 2024 | 31 March 2023 | |
|---|---|---|---|---|
| (£s) | (£s) | (£s) | ||
| Present value of provision | 2,770 | 1,216 | 2,603 |
RECONCILIATION OF OPENING AND CLOSING PROVISIONS
| Period Ending | Period Ending | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| (£s) | (£s) | |
| Provision at start of period | 1,216 | 2,603 |
| Unwinding of the discount factor (interest expense) | 32 | 99 |
| Deficit contribution paid | (1,239) | (1,487) |
| Remeasurements - impact of any change in assumptions | 18 | 1 |
| Remeasurements - amendments to the contribution schedule | 2,743 | - |
| Provision at end of period | 2,770 | 1,216 |
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FEARON COMMUNITY ASSOCIATION LIMITED
NOTES TO THE ACCOUNTS – FOR THE YEAR ENDED 31 MARCH 2025
INCOME AND EXPENDITURE IMPACT
| Period Ending | Period Ending | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| (£s) | (£s) | |
| Interest expense | 32 | 99 |
| Remeasurements – impact of any change in assumptions | 18 | 1 |
| Remeasurements – amendments to the contribution schedule | - | - |
| Contributions paid in respect of future service* | * | * |
| Costs recognised n income and expenditure account | * | * |
*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company.
ASSUMPTIONS
| 31 March 2025 | 31 March 2024 | 31 March 2023 | |
|---|---|---|---|
| % per annum | % per annum | % per annum | |
| Rate of discount | 4.84 | 5.31 | 5.52 |
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 a full AA corporate bond yield curve to discount the same recovery plan contributions.
The following schedule details and deficit contributions agreed between the company and the scheme at each year end period:
| Year | ending | 31 | March | 2025 | 31 | March 2024 | 31 March 2023 |
|---|---|---|---|---|---|---|---|
| Year | 1 | 988 | 1,239 | 1,487 | |||
| Year | 2 | 988 | 1,239 | ||||
| Year | 3 | 988 | |||||
| Year | 4 | ||||||
| Year | 5 | ||||||
| Year | 6 |
The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.