Financial Statements for the Year Ended 31 March 2024 for Ferr hill Communi Partnershi cio Company No CE008299 Charity No 1169763
Ferr hill Communit Partnershi cio Coiitents of the Financial Statements for the Year Ended 31 March 2024 Page Legal & Administrative Information Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7-10
Ferr hill Communit Partnershi cio al and Adminlstrative Information for the Year Ended 31 March 2024 TRUSTEES: P Eddy K Tait S Bowron A Dawbney J Patullo AG Hubbard ADDRESS: Ferryhill Sport & Education Centre Lambton Road Ferryhill Co. Durham DL17 8TB REGISTERED NUMBER: CE008299 CHARITY NUMBER: 1169763 ACCOUNTANTS: Little & Neal 37-38 Market Street Ferryhill Co. Durham DL17 8JH Page I
Fer hill Communit Partnershi cio Re ort of the Trustees for the Year Ended 31 March 2024 The Trustees present their report with the financial statements of the charity for the year ended 31 March 2024. TRUSTEES The Trustees shown below Iiave held oifice during the whole of the period from l April 2023 to the date of this report. P Eddy K Tait J Patullo AG Hubbard A Dawbney S Bowron 0ECTIVEs OF THE CHARITY The Charity was registered on the 18 October 2016 to promote the public benefit of urban or rural regeneration of areas of social and economic deprivation in Ferryhill. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Ferryhill Community Partnership CIO is governed by the foundation constitution registered on the 19 June 2018, which replaced the fornier CIO association constitution registered on the 18 October 2016. Organisation The charity trustees mana(ye the affairs of the CIO. The charity requires at least 3 and a maximum of 12 trustees who are appointed indefmitely by a resolution passes at a convened meeting. Day to day management of the charity is carried out by the centre mana(Fer. ACHIEVEMENTS AND PERFORMANCE The overall year's fmancial perfornlance has remained challenging as we continue to manage increased operating costs in the business, which would be inline with most organisations operating in the sector. Income has continued to grow from £292,874 (2022) £305,071 (2023) and this year £333,883 (2024) which has been encouraging and positive for the number of customers and user groups that continue to use the facility for the local and wider community. Our model has started to change as we see more user groups booking space at the facility and that other organisations relocate to the centre is positive for the local community bringing much needed services to the area. Our lunch club remains very well supported from a local and wider community that allows more people to remain connected to each other and prevent isolation. The local foodbank has relocated its operations to the centre, again embedding the centre into the community helping to support those in need at the lowest points, tooether with providing warn] spaces during the colder months, helping members of the community to keep warn] and prevent social isolation. Our rental income has reduced due to the failure of Wayman Developments Ltd, however this has created an opportunity for additional bookings due to more unrestricted space available and the creation of the new kitchen area, that will support additional revenue from food sales etc. Page 2
Fer hill Communit Partnershi cio ort of the Trustees for the Year Ended 31 March 2024 The challenge continues to remain the overall operating costs of the centre, with energy bills playing a major part of the operating costs, despite having updated LED lighting throughout and Solar energy contributing to our usage, despite these iiivestinents we continue to see higlier energy bills in this trading year, driven by the costs in the market. The increase in minimum wage has again added additional costs to the organisation with no additional support from the government to fund and support these direct costs. We have also taken a one~off hit in ternis of bad debt to tlie sum of £6909 due to the failure of Wayman Developments Ltd, going into administration and due to tlie high levels of creditors, we will receive no recovery of these funds from the adniinistrators. Over the last twelve months revenue continues to grow, but the pressure on margin is ever increasing as we continue to manage costs versus revenue. The revenue has grown from 2023 by £28,812, however our operating costs have increased by £37,375, which compounded into a yearly operating loss. The organisation has been able to withstand this due to cash reserves in £54,189 in (2023) to year end position of £26,357 in (2024) Plans for future periods The recommendation to the board is to hold any addition capital projects until fundin(y is secured from various funding partners to ensure we protect cash reserves. In addition to this we will undertake a full strategic review of our operations as we continue to look at balancing the costs versus income to ensure that the organisation is fmancially stable for the future. The need to increase margin particularly in our Bar and Functions operations are essential as we need to implement a further price increase. In addition, we will look at our staffmg costs and operations and make savings where possible. Maintenance of the building remains a large cost due to the age and we will continue to work through and prioritise those works needed to enable the continued operation of the centre; however major works will need to be supported by fundino
partners to enable these developments further. Cash flow management will be key and therefore we must reduce risk of delayed payments, therefore it will be mandated that any booking must be paid in full 7 days before the event to ensure we have full payment and commitment prior to the event and before committing funds witb suppliers for products and services. Invoice payment clients are to be invoiced on time and payment in full to terni without exception. The trustees declare that they have approved the trustees, report above. ON BEHALF OF THE CHARITY'S TRUSTEES: Andrew Hubbard - Chair of the Board of Trustees Date: Page 3
Ferr hill Communit Partnershi cio Inde endent Examiners Re ort to the Trustees of Ferr hill Communit Partnershi clo I report on the accounts of Ferryhill Coinmunity Partnership for the year ended 31 March 2024 set out on pages 2 to 10. Respective responsibilities of trustees and iiidependent examiner The charity's trustees are responsible for tlie preparation of the accounts. The trustees consider that an audit is not required for the year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and to state whether particular matters have come to my attention. Basis of independent examiner's statement My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention: which gives me reasonable cause to believe that in, any material respect, the requirements to keep accounting records in accordance with section 130 of the Charities Act; - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met" or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Lynsey Ibbetson FCA Little & Neal 37-38 Market Street Ferryhill Co. Durham DL17 8JH Date: ... Page 4
Ferr hill Communit Partnerslii cio Statement of Financial Activities Year Ended 31 March 2024 Notes Unrestricted Restricted Funds Funds Total 2024 Total 2023 INCOME Grants and Donations Income from charitable activities: Sport & Education 369 6,960 7J29 4,463 333,514 333,514 300,608 Total income 333 883 6,960 340 843 305,071 EXPENDITURE Charitable Activities 363,136 6,960 370,096 333,459 Other Expenditure 2,585 2,585 1,847 Total expenditure 365,721 6,960 372,681 335,306 Net income and net movement in funds for the year (31,838) (31,838) (30,235) Transfer between funds Reconciliation of funds Total funds brouJo t forward 10 8,767 8,767 39,002 Total funds carried forward 10 23,071 23,071 8767 Page 5
Fer hill Communit Partnershi Balance Sheet Year Ended 31 March 2024 io 2024 Total 2023 Total Notes Unrestrlcted Restricted CURRENT ASSETS Stock Debtors Cash at bank Total Current Assets 4,195 6,461 26,357 37,013 4,195 6,461 26,357 37,013 4,286 11,590 54,189 70,065 Creditors Amounts falling due within one year (33,137) (33,137) (28,492) Net Current Assets 3,876 3,876 41,573 Total assets less current liabilities 3,876 3,876 41,573 Creditors: Amounts falling due after more than one year (26,947) (26,947) (32,806) Net assets 23 071 23,071 8,767 Funds Restricted Unrestricted 10 (23,071) (23,071) 8,767 Total charity funds 23,071 23,071 8,767 The financial statements were approved by tbe trustees on . . and were signed on its behalf by: A Hubbard- Chair of the Board of Trustees Page 6
Ferrhill Communit Partnershi cio Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Accounting convention The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have 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 l January 2015) ~ (Charities SORP (FRS 102)) and tlie Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Fund accounting Unrestricted funds are general funds which are for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are funds to be used in accordance with specific restrictions imposed by donors. Any balance remaining unspent at the end of the year must be carried forward as a balance on that fund. Incoming Resources All incoming resources are included in the statement of fmancial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary Income Voluntary Income is received by way of grants and donation and is included in the financial statements when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Governance Costs Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees and costs related to the strategic management of the charity. Debtors Trade Debtors and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discount due Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nonnally recognised at their settlement amount after allowing for any trade discount due. Pension costs The charity operates a defined contribution scheme. Contributions payable to the scheme are charged to the statement of fmancial activities in the period to which they relate. Page 7
Ferr hill Communit Partnershi cio Notes to the Financial Statements for the Year Ended 31 March 2024 Grants and Donations Unrestricted Restricted Funds funds Total 2024 Total 2023 Grants receivable Donations 6,960 6,960 369 4,463 369 369 6,960 7329 4,463 Incoming from charitable activities: Unrestricted Funds Total 2024 Total 2023 Bar Income Cleves Room Hire Dance Studio Hire Sports Hall Hire Rental Income FIT Rebates Sundry Income 207,259 18,305 20,095 49,597 36,300 1,958 207,259 18,305 20,095 49,597 36,300 1,958 192,932 11,289 13,179 27,689 53,619 1,900 333,514 333,514 300,608 Expenditure Charitable Charitable Activities Activities Unrestricted Restrieted Governance Total 2024 Total 2023 Costs directly allocated to activities Wages & salaries Rent & rates Light & heat Cost of goods sold Telephone, Broadband & TV Postage & Stationery Cleaning Repairs & maintenance Advertising Insurance Sundry expenses Accountancy Professional fees Bank loan interest Bad debt Bank charges 139,355 5,690 44,212 127,466 11,134 415 2,231 22,962 261 1,194 621 6,960 146JlS 5,690 44,212 127,466 11,134 415 2,231 22,962 261 1,194 621 1,945 640 631 6,909 55 126,927 8,545 42,770 112,674 9,520 406 1,625 27,939 186 2,144 12 1,262 585 631 1,945 640 631 6,909 55 80 363,136 6,960 2,585 335,306 372,681 06 Page 8
Fer hill Communit Partnershi cio Notes to the Financial Statements for the Year Ended 31 March 2024 Total resources expended Total 2024 Total 2023 Salaries and wages Social Security Pension 142,961 2,050 1,304 124,881 932 1,114 146 315 126 927 No employee received emoluments above £60,000 in the current or previous year. The charity trustees were not paid or received any other benefits from employment in the current year or previous year. The average number of employees during the year amounted to: 2024 No. 2023 Management staff Bar and Hall staff 11 10 STOCK Total 2024 Total 2023 Bar stock for resale 4,195 4,286 DEBTORS Total 2024 Total 2023 Trade debtors Other debtors 1,363 5,098 7,388 4202 6,461 11,590 Page 9
Ferr hill Communit Partnershi cio Notes to the Financial Statements for the Year Ended 31 March 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Total 2024 Total 2023 Bank Loan Trade creditors Taxation and social security Other creditors 6,096 19,803 1,969 5,269 6,096 11,579 3,724 7,093 33,137 28 492 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Total 2024 Total 2023 Bank loan 26,947 32,806 10. FUND MOVEMENTS Incoming resources Outgoing resources Balance at 31 March 2024 l April 2023 Transfers Restricted Unrestricted General Funds 6,960 (6,960) 8,767 333,883 (365,721) (23,071) TOTAL FUNDS 8,767 340,843 372,681 23,071 11. ANALYSIS OF NET ASSETS Tangible Fixed Assets Other Net Assets Total Restricted Unrestricted (23,071) (23,071) 23,071 23,071 Page 10