Report of the Trustees and Unaudited Financial statement For the Year Ending 31st December 2023
For The Dean Bank & Ferryhill Literary Institute
Mission Statement
To Maintain a community centre for the use by the inhabitants of Ferryhill without distinction of political , Religious or other opinions , with the object of improving the conditions of life for the inhabitants.
Charity Number 1164696
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Dean Bank & Ferryhill Literary Institute
Contents of the Financial Statement For the Year Ending 31st December 2023
| Report of the Trustees | Page |
|---|---|
| Trustee Annual Report | 2 |
| Independent Examiner’s Report | 4 |
| Bank Reconciliation of Current Accounts | 5 |
| Summary of Accounts | 6 |
| Cash at Bank as at 31st December 2023 | 6 |
| Fixed Assets as at 31st December 2023 | 6 |
| Chairperson’s Report | 7 |
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Dean Bank & Ferryhill Literary Institute Trustees Annual report For the Year Ending 31st December 2023
The trustees who are also directors of the charity for the purposes of the companies Act 2006, present their �inancial statements of the charity for the year ending 31st December 2023.
The trustees have adopted the provisions of the statement of recommended practice (SORP), “accounting and reporting by charities” issued March 2005.
Reference and Administrative Details
Charity Number 1164696
Registered Of�ice:
St Cuthbert’s Terrace Ferryhill Co. Durham DL17 8PP
Purpose of Charity
The purpose is to operate and maintain a community centre for the bene�it of the Dean Bank and Ferryhill Town area. The Institute has once again been successful in providing a community focal point and resource for some of the areas most vulnerable and marginalised groups, including the elderly, people with visual impairments, autistic children, young people seeking work and Health and wellbeing sessions for the NHS, Weight & Wellbeing Team, and local doctors surgery. In all decisions the trustees have taken the charity commission’s public bene�it guidance into account.
Contribution made by Volunteers
The centre would not operate without the dedicated help of its volunteers. The volunteers as well as being our trustees also help by organising weekly and regular activities. Such as Chat & Craft, DIDO (Days in Days Out), Weekly Cafe, Line Dance, Exercise Group, Art Group, Sewing Club and Children's Group.
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Review of the Charity’s Financial Position as of 31st December 2023
The charity's total income for 2023 was £28,170.16 with room hire rates being very competitive and heavily discounted. The Charity received £8002.00 in Grants from the AAP and Peter Atkinson Durham County Councillor.
Expenditure for the year was £48,748.14. This included 8,277.00 in grant expenditure, Major lift and electrical works amounting to £9,382.00 and the �inal loan repayment of £3,870.00 owed to Durham County Council.
The charity had a de�icit of £12,577.98 in 2023.
Reserves
The Charity holds reserves of £123,022.26 which is to ensure the future viability of the community centre.
Restricted Accounts
The centre does not hold any restricted accounts. Vivo Choir and Over 50’s exercise groups were asked to look after their own takings in line with guidance from the charity commission. The choir has ceased to operate.
How the charity is constituted
The charity is a Charitable incorporated Organisation (CIO) which completes the charity structure and o�ers more protection to the trustees.
Names of the Trustees as of December 31st 2023
Mrs Debra Kobasa (Chair) Mr Derek Bradley (Deputy Chair) Mrs Joan Weston Mrs Kathleen Mason Mrs Fiona Duke Mrs Celia Higginbottom Mrs Wendy Smith Mrs Moveen Savage (co-opted member)
Resigned /Deceased
Mrs Marion Cooke sadly passed away this year. Mrs Betty Sheppard resigned from the trustees.
On Behalf of the Trustee’s
Trustee Chair:
Debra Kobasa
Date: 15/3/24
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Independent Examiner’s Report To the trustees of the Dean Bank & Ferryhill Literary Institute
Scope of review
The areas of financial and administrative activities examined include:
-
Income and expenditure spreadsheet
-
Bank Statements
-
Receipts and invoices
-
Cheque Book and paying in book
-
reserves
-
Wages
The centre manager records all income and expenditure monthly On a spreadsheet under various headings. The spreadsheet is reconciled monthly with the bank statements.
A manual book is used to record all cash payments received. Receipts are given out to groups that request them. All payments are paid by cheque or direct debit. Except for one off items, cleaning materials, grant items. These are paid for by the manager and then reimbursed separately at the end of the month. Invoices are kept for all expenditure. (Recommend cheques numbers clearly marked on each invoice and if they cover different departments this be shown as well. For example Cleaning or cafe).
Payments by cheques have to be signed by 2 trustees. Old Cheque books are kept for audit purposes. Records of income and expenditure are presented to the trustees at every meeting.
Income for the centre is mainly received from room hire and the cafe takings. This year the centre also got £8,000 in grants but this was to be spent on cafe and building upgrades as well as new chairs. Income has grown this year but is still not enough to cover the costs of the building.
Cash is banked weekly or bi weekly into the post office. Cheques are also deposited into the post office using a Natwest envelope. (Recommend a safe deposit box if cash is kept on site).
The centre has two reserve accounts holding £123,022.26. This is for the future viability of the building.
The centre received £8002.00 pounds in two grants. £6002 from the AAP and £2000 from Peter Atkinson, Durham County Councillor.
The manager produces his own wages using HMRC “Basic PAYE” online system. Wages are signed off by Mrs Fiona Duke before the cheques are signed. Annual records of wage payments are kept along with the accounts.
I am happy that the financial statements given are a true and fair view of the charity's profit / loss as of 31 December 2023.
Signature
J Paterson 7/3/24 4 Drybourne Park Shildon
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Bank reconciliation of current account for 2023
| Opening Balance 31/12/22 | £62,225.79 | |
|---|---|---|
| INCOME Rentals |
22,134.23 | |
| Cafe | 4,008.80 | |
| Grants | 8,0002.00 | |
| Fit Payments | 1,843.92 | |
| Reserve Transfer | 85,077.32 | |
| Electric Credit | 181.21 | 121,247.48 |
| EXPENDITURE Wages 1 |
15,728.75 | |
| Cleaning | 4,945.00 | |
| Pension contributions by charity | 518.90 | |
| HMRC | 1,449.91 | |
| Electric | 3,112.73 | |
| Gas | 2,000.63 | |
| Water | 746.96 | |
| Telephone | 558.43 | |
| Fire Alarm System | 202.22 | |
| Fire Extinguishers | 435.60 | |
| Lift Servicing | 497.20 | |
| Citroen Hygiene | 144.72 | |
| Building Insurance | 1607.57 | |
| Window Cleaning | 30.00 | |
| Accountant | 200.00 | |
| Hanging Baskets | 120.00 | |
| Grant Expenditure | 8277.18 | |
| Football Coats | 350.00 | |
| DCC Loan Payment | 3870.00 | |
| Flowers | 80.00 | |
| Building Works | 3562.07 | |
| Cleaning Materials | 35.27 | |
| Club Funds | 275.00 | 48,748.14 |
| Surplus | 72,499.34 | |
| Reconciled | 134,725.13 | |
| Closing Balance 31/12/2023 | 134,725.13 |
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Summary of Accounts
The charity has no outstanding liabilities.
Cash at bank as of 31st December 2023
| Current Account NatWest | 134,725.13 |
|---|---|
| Scottish Widows | 41,941.95 |
| Virgin Money | 81,080.31 |
| Total Cash | £257,747.39 |
Fixed Assets for the period ending December 2023
| Fixed Asset | Land / Building | Plant / Machinery | Totals |
|---|---|---|---|
| As of December 2022 | 355,748 | 19,234 | £388,859 |
| As of December 2023 | 325,000 | 18,000 | £343,000 |
Valuation of the property and land is an estimation on the present market.
Total Assets of Charity £600,747.39
DEAN BANK & FERRYHILL LITERARY INSTITUTE CHAIR’S ANNUAL REPORT 2023
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The business is still recovering from the difficulties experienced during COVID and we are yet to see operations back to pre-pandemic levels. This year one of our oldest and most esteemed Trustees, the original founder of the building, retired. Mrs Bettty Sheppard was a stalwart of the Institute, and her tireless efforts over the years have made a huge and positive impact on the future of the building and on the local community in general. Our gratitude and all good wishes go with Betty into her well-earned retirement. We were also saddened by the deaths of two people this year who had played such an important role in the Institute. Trustee Mrs Marian Cooke had run the Friendship Through Art Group for many years and had been involved with several other ventures in the past. Our previous administrative officer, Mr Jim Pallister, made such a significant contribution to the running of the building for many years and he too will be sadly missed. All other existing Trustees continued to serve this year.
FINANCE
The Institute saw an uptick in revenue this year, increasing from £20,000 the previous year to £26,000. However, in real terms the finances show a deficit of just over £12,000 due to a number of unavoidable major expenditures. We finally paid off the Durham County Council loan provided when the building was originally refurbished, the final payment amounting to £3,870. We also had to pay £3,135 for essential lift maintenance and associated electrical works and £3,112 on the 5-year hard wire electrical test and new lights and movement sensors. The Institute was fortunate to receive a grant of £6,002 from the AAP and £2000 from Peter Atkinsin Durham County Councillor this year, which enabled us to replace the old cooker and upgrade the tables and chairs in the Café de Ferie and main hall, as well as installing a washing machine in the boiler room. This necessitated a further £2,000 in match funding from the Institute. Funding from our local Town Councillor also allowed us to replace chairs in the Dean & Chapter Room. All our costs have risen dramatically this year: wages are up by £500; electricity by a staggering £2,000; gas by £1,000; and water rates by £200. The rise in the coming year will be even more significant, since we were locked into utility contracts that only expired in July 2023, offering us some financial cushioning for the early part of last year. Clearly this is not an ideal situation but increasingly one common to many small community buildings. It will be prudent not to undertake any major projects this coming year, bar some decorating.
USAGE & DEVELOPMENT
The positive news is that we are still open and providing a much-needed and well-used service for many regular groups, including DIDO, Line Dance, Chat & Craft, Yoga, Over-50s Exercise, WI, Little Treasures and the Art Group. The ViVo Choir decided to fold in January 2023 and we are hoping to donate any usable scores and sheet music to other charitable organisations. We also welcomed a new creative writing group and a sewing group. NHS Weight & Wellbeing, Blind Life and Blind Veterans are still booking with us regularly, and Dean Bank Residents’ Association and the local PACT Group continue to hold their meetings in the building. The weekly lunch in the Café is now attracting new diners and doing really well. The Café provided Christmas meals for the
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WI and the Church Ladies’ Fellowship, in addition to two Christmas lunches for our regular Thursday customers. There is certainly demand to open the Café for a second day, but we are in desperate need of more volunteers prepared to help.
As ever, heartfelt thanks go out to all of our volunteers, Trustees and staff, who continue to do such sterling work in the face of adversity. It is clear that 2024 will be another challenging year, but we will continue to strive to keep the building operational and at the heart of the local community for the benefit of all residents of Ferryhill.
Debra Kobasa 9 February 2024
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Groups that use the building
NHS Weight & Wellbeing NHS Pre Diabetes Wellbeing For life Team Chair Exercise Over 50 Exercise Group Yoga Line Dance Sewing and Social Chat & Craft Art Group Creative writing Little Treasures Autism Group Ferryhill Women’s Institute AAP Board Meeting Monthly Bingo Ghost Hunters Oaklea HR Police and Community Team Meeting Enter CIC and Exams Little Ninja’s Children’s Group Fun & Food sessions Durham Resilience Team Pioneering Care Project Cornforth Partnership DCC Elections Marion's Floral Decorations Cafe Lunch club Days in Days out Chiropodist
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