## **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** **- 1 -** ## **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) **- 2 -** ## **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. - (a) The properties are properly insured and well maintained. - (b) Staff are properly trained in the care of children and in Health and Safety procedures. - (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. . **- 3 -** **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 **- 4 -** ## **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: 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. 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 - **5 -** **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
_____
______| |---|---| - **6 -** **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: - The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts; - 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. **- 7 -** ## **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. **- 8 -** **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
______
______| |---|---| **- 9 -** ## **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
____| **- 10 -** ## **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
______| |---|---|---| ## 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
_____
_____| |---|---|---| **- 11 -** ## **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: **- 12 -** ## **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| **- 13 -** ## **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.