# **Report of the Trustees and Unaudited Financial statement for the Year Ending 31st December 2024 for The Dean Bank & Ferryhill Literary Institute** 

**Mission Statement: To maintain a community centre for the use of 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 2024** 

|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 2024|6|
|Fixed Assets as at 31st December 2024|6|
|Chairperson’s  Report|7|



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# **Dean Bank & Ferryhill Literary Institute Trustees Annual Report for the Year Ending 31st December 2024** 

The Trustees who are also directors of the Charity for the purposes of the Companies Act 2006, present their financial statements of the charity for the year ending 31st December 2024. 

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 Office:** 

St Cuthbert’s Terrace Ferryhill Co. Durham DL17 8PP 

## **Purpose of Charity** 

The purpose is to operate and maintain a community centre for the benefit 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 benefit 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 2024** 

The Charity's total income for 2024 was £28,353.29 with room hire rates being very competitive and continuing to be heavily discounted. Room hire generated (£19,472).  The Charity had no  successful Grant applications this year. The Over-5s Exercise Group received a £250 micro  grant from the Wellbeing forLife organisation to help them buy some new equipment. 

Total Expenditure for the year was £35,255.23. 

The Charity had a deficit of £6,901.94 in 2024. 

## **Reserves** 

The Charity holds reserves of  £182,972.95 which is to ensure the future viability of the community centre. 

## **Restricted Accounts** 

The Centre does not hold any restricted accounts. 

## **How the charity is constituted** 

The Charity is a Charitable Incorporated Organisation (CIO) which completes the charity structure and offers more protection to the Trustees. 

## **Names of the Trustees as of December 31st 2024** 

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 Mr Chris Cairns 

## **On Behalf of the Trustees** 

## **Trustee Chair:** 

## **Debra Kobasa** 

**Date: 5/3/25** 

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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. Income increased by a small margin this year but is still not enough to cover the building's costs. 

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 three reserve accounts holding £182,972.95. This is for the future viability of the building. A big renovation project is set to start in April 2025. 

The centre received no grants in 2024. 

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 2024.. 

## Signature 

Mr J Paterson 4 Drybourne Park Shildon 

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## **Bank reconciliation of current account for 2024** 

|Opening Account|1st January 2024|£134,725.13||
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|Income|Rentals|£19,472.31||
||Cafe|£5,396.00||
||Grants|£250.00||
||Fit Payments|£3234.98|**Total £28,353.29**|
|||||
|Operating Costs|Wages 1|£15,805.89||
||Cleaning|£4,638.60||
||Pension Contribution|£579.93||
||HMRC|£1,377.67||
||Electric|£3,260.99||
||Gas|£3,713.15||
||Water|£708.12||
||Telephone|£717.83||
||PRS Music Licence|£265.61||
||Fire Alarm|£324.00||
||Fire Extinguishers|£131.40||
||Lift Servicing|£318.00||
||Citroen Hygiene|£145.44||
||Building Insurance|£1,644.23||
||Building work|£662.49||
||Cleaning Materials|£444.90||
||Office stationery|£266.98||
|Transfer to Reserves||£60,000.00||
||Sports Grant|£250.00|**Total £95,255.23**|
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||Surplus / Deficit|-£66,901.94||
||Reconciled|**£67,823.19**||



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Closing Balance 

**£67,823.19** 

## **Summary of Accounts** 

The Charity has no outstanding liabilities. 

## **Cash at bank as of 31st December 2024** 

|**Current Account NatWest**|**£67,823.19**|
|---|---|
|**Scottish Widows**|**£41,941.95**|
|**Charity Bank**|**£60,000.00**|
|**Virgin Money**|**£81,080.31**|
|**Total Cash**|**£250,845.45**|



## **Fixed Assets for the period ending December 2024** 

|**Fixed Asset**|**Land / Building**|**Plant / Machinery**|**Totals**|
|---|---|---|---|
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|**As of December 2023**|**325,000**|**18,000**|**£343,000**|
|||||
|**As of December 2024**|**319,000**|**17,451**|**£336,451**|



## **Valuation of the property and land is an estimation on the present market.** 

**Total Assets of Charity £587,296.45** 

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## **DEAN BANK & FERRYHILL LITERARY INSTITUTE CHAIR’S ANNUAL REPORT 2024** 

It is still challenging to operate in the current economic climate, with utility bills and other service charges rocketing in price whilst our income from room bookings dwindles. This year several of our Trustees have had health issues and we have not been able to attract new volunteers for a number of years. 

## **FINANCE** 

The Institute’s revenue from all sources was just up on last year at  £28,353 compared to 28,168 in 2024.  Realistically the building needs to generate ca. £36,000 per annum to be self-sustaining and at present we have a shortfall of ca. £8,000.  Addressing this margin will be a challenge for 2025.  Whilst the income generated by the Café de Ferie was up, room booking revenue was down on last year.  A funding bid to the AAP for new flooring, LED lighting, a new fridge freezer and blackout curtains was sadly unsuccessful.  A major unforeseen expenditure this coming year will be urgent remedial building work, necessitated by structural issues affecting the gable end of the building. We were unsuccessful in claiming on our buildings insurance for the repairs and we are yet to hear if Durham County Council will be able to contribute any funds to what will undoubtedly be a considerable drain on our finances. 

## **USAGE & DEVELOPMENT** 

The Institute is still providing a base for many regular groups, including DIDO, Line Dance, Chat & Craft, Yoga, Over-50s Exercise and the WI.  We have had fewer training groups using the building this year and bookings from the NHS and Little Treasures are down. We were also unable to accommodate the Enter CIC performing theatre group for their exams. Wellbeing for 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.  We welcomed Souls of Light spiritualist group, the Family Contact Group and Chair Exercise for the elderly in 2024.  The weekly lunch club in the Café continues to do well and, assuming we have willing volunteers, opening on a second day would be welcomed by patrons and a way to boost our revenue.  Over the Winter months we ran a monthly pie and peas supper and although attendance was low, it was well received by those who came along.  We are also running a monthly coffee morning, which is proving to be popular.  The Institute has recently become a temporary banking hub under the aegis of Cash Access UK.  Though the arrangement is for only six months in the first instance, pending the identification of a permanent site for the hub, we are glad to host this service for the benefit of all Ferryhill residents. 

As ever, huge thanks go out to our volunteers, Trustees and staff, who continue to strive to make the building a vital part of the local community. 

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Debra Kobasa 11 February 2025 

## **Groups that use the building** 

NHS Weight & Wellbeing NHS Pre Diabetes Wellbeing For life Team Chair Exercise Over-50s Exercise Group Yoga Line Dance Sewing and Social Chat & Craft Art Group Creative Writing Group 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 DIDO (Days in Days Out) Chiropodist Spiritualists 

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Coffee Morning, Days In Days Out Christmas Lunch, Trip to the Theatre, and Chair Exercise Class 

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Sewing Group, Weekly Cafe Lunches, Homemade food, Gordon helping with repairs. 

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