Company registration number: CE000323 Charity registr*ion number: I151498 The Meridian Centre Withernsea CIO (A ¢umpany limited by shore capitsl) Annual Report and liinancial Statement5 for the Year Ended 31 March 2025
The Mcridian C¢lltr¢ Witbernsea CIO Contents Reference and Administrative D¢tai15 Truslees, Report 2to4 Independent F.xamIneS Report Slatcment of Financial Aclivities Balance Sheet Notes to the Financial Statements 8t019
The Meridian Centre Witherllsea CIO Reference and Administrative Details Ch*trman KSLythe Trnstees V McFaul, Treasurer J MrFaul D England S Walker PMPike KSLythe D Walker L Wilson Setrtlary J McFaul Chlrlty Reglstration Number 1151498 Company Reglstr4tlon Number CE000323 Regigttred Offlc• 201 Queen Street Wilhcrnsea East Yorkyhire IIU192HH Independent Examiner Larsens Accountants Limited Bridge House 41 Wincolmlee Hull IIU2 8AG Page I
The Meridian Centre Witbernsea CIO Trusleesl Report Th¢ truste¢s, who ar¢ d1CtorS for th¢ purposcs of company law. present the annual rcport togeth¢r with the rinancial statements and auditors, report of the charitable company for the year ended 31 MaTch 2025. Objectives 4Dd Wctivltle Objects and alms A summary of the objects of the charity as set out in its governing document To promote the benefit of ihe inhabitanls of Withernsea and South l.lolderness without distinction of sex, sexual orientation, age, disability, nationality, race or of political religious or other opinions, by sOCIatIng together Ihc said inhabitants and Ihe slatutory authorities, voluniary and other organisations in a common effort lo advance education and to provide facilities in the interests of social welfare for recreation and leisure.time oGcupalion with the object ofimproving the ¢ondilions ol'lile for the said inhabilavbts. Publlc beneJl¢ In planning our activities for the year we kept in mind the Charity CommÉssions guidAnce on public bcnefil at our tru5tcc mcctin8S. The focus of our a¢tivitics remains the developmcnl of a community building fur all groups in th¢ area of Withernsea and Souih Holderness, with the provision of a programm¢ oL'¢v¢nts for everyone In the ¢ommunity. We welcome everyone to all events regordless of personal ba¢kground, faith, gender or personal ¢ir¢umstance5. The trnslees confirni th&l Ih¢y have complied with the requirements of scction 17 of Ihe Charities Act 2011 to have due regard to the public benefit guidan¢e published by the Charity Comrni5sion for England and Wales. Trn8tees and offlcers The trnstees and officers serving during the year and since the year end were lollows.. I'rustees: V M¢faul, Treasurer J M¢Faul D England S Walker {appoinied 25 September 2024) PMPike KsL}e D Walker (appointed 25 September 2024) L Wilson (appointed 25 September 2024) Chairman: KSLythe Se¢Rtary: J McFaul Page 2
The Meridian Centre Wlthernsea CIO Trustees, Reporl Strutthr4 govtrnance and management Nqlmre of8overnin8 document The organisation is a charilable incoryorated organisation. The organisation was eslabliyh¢d undcr a constitution which established the obje¢ts and powcrs of the charitable incorporat¢d organisation. Recrultment ond oppolnlment oltruslees The members of the charity may at any time decide lo appoint a new ttee, whether in the pla¢¢ of a charity trustee who has relired or been removed or a5 an additional trustee. TnL8tees appointed by the charity trustees will retire at ihc conclusion of the nexl annual gcncrdl mccting. Ai every annuai general meeting one third of the charity trustees shall retire from office by rotation. They WAII eligible for re-election. Fln8DtIAI Instruments Objecilvei alldptsll¢les 'rhe charity's activilics expo.8e it to a number of financial risks including crcdil risk, cath flow ri.8k and Ilquidlty risk. The use ol £inancial derivatives is governed by the ¢harity'3 policies approvcd by the board of tru8tee whi¢h provide WTitten principles on the e of financial derivalives to manage these risks. Thc charity docs not use derivative financial instrument5 for speculative purposes. CashflfPW rlsk The charity's actLVitie8 expose it primarily io the financial risks of changes in foreign curren¢y exchange rates and interest ralcs. The charity use5 foreign exchange forward contracts and interes1 rate swap contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of¢o8h llows, Credli rlsk Thc charity's principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity'8 crcdit risk is primarily attributable lo its trade re¢eivablcs. The amounls pre.8ented in the balance sheet are net of allowances for doubt1 receAvabl¢8. An allowance for impainncnl is made where there is an iden¢ified Ios5 event which, based on previous experience, is evidence ol"a r¢du¢lion in the reGoveTability of the ash tlows. The credit risk on liquid fundB and derivative financial instruments is lirnited because the ¢ounleTP4rti¢5 are banks wlth high credit-raling5 assigned by internalional credit-rating agencies. The charity has no significant concentration of credit risk. with exposure spread over a large number of counterparties and customers. Uquldlty rtsk In order to maintaÉn liquidity to ensure that sufficient funds are available for ongoing opcrntions and futurc developments, the charity uses a mixlure of long-tcrni and short-tem debt finance. Further detsils rcgarding liquidity risk can be found in the Statement of accounting poli¢ies in the financial statements. Page 3
The Meridian Centre Withernjea CIO Trustees, Report ststtmtnt of trustees, responslbllldt8 Th¢ trust¢es (who are also the directors of Th¢ Meridian Centr¢ Withernsea CIO for the Purposes of company law) are responsible for preparing ihe trustees, report and ihe financial statements in accordance with applicable law and United Kingdom Accounting Statmlards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reportin8 Siandard applicable in the UK and Republic of Ircland" Company law requires ihe Irustecs to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unle*% they are satisfied that they give a true and fair view of the state of affairs of the charitable Company and of the in¢omAng resources and application of resources, including its income and exp¢nditure, of ihe charilablc company for that pcriod. In prcparing these financial statementy, thc tnjslees are rcquircd to: select suitable a¢¢ountin8 polici¢$ and apply them consistently. observ¢ the methods and principles in the Charities SORP; make judgemcn15 and cstimate5 thal arc rcasonable and prudent; stst¢ whether applicable a¢rountin8 Standards. comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial 5tatcments; and prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charitable company will Continue in business. The trustees are resp(Trn$ible for keeping proper oUni1Thg records Ihal ¢an disclose with reasonable accuracy at any Ilme the financial posi1ion of the charitable company and enable them to ensure that 1he financial stat¢m¢nts comply with the Companies Act 2006. They ar¢ also responsible for safeguarding th¢ assets of the ¢haritabl¢ ¢ompany and hence for tsklng re8sonable steps for ihe prevention and detection of fraud and other irregularitie8. The twstees are re8pon5ibl¢ for the mainlenance and int¢grity of the ¢orporate and financial information included on ihe charitable company's website. Legislation governing the preparation and di55eminalion of financial statements may difftr from legislation in other jurisdictions. The annual report was approvcd by the trustees of the charity on d signed on its bchdlf by.. JJ>l J McFaul Company secretary and trustee Page 4
The Meridian Centre WitherDsea CIO Independent Examiner's Report to the trnstees of The Meridlan Centre Withernsea CIO ('the Company,) I rcport to the rharity trustees on my ¢xaminalion ofihc acrounts of the Lompmy for the year ended 31 March 2025. Re$ponslbllitles #nd b4Jis of report As the charily's truslees of th¢ Company (and also 11$ directors for the purp05cs of company law) you are responsibl¢ for the preparation of the a¢rvunt5 in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having sat15fied myself Ihat the accounts of ihe Company are not required to be audited undcr Part 16 of the 2006 Act and are eligiblc for independent examination, I rcport in respect of my examination of your charlty's accounls &8 carried out under Section 145 of ihe Charities Act 2011 ('the 2011 Act,). In caTrying out my ¢xaminGiliun I have followed th¢ Directions given by the Charity Commission under section 145{5)(b) ol Ihc 2011 Acl. Independent ex#mlner's stAtement I have complded my examination. I confirni that no matters havc come to my attention in ¢onn¢clion wilh the examination giving me Cause to believc: a¢¢ounling records were not kepl in rcspect of The Meridian Cenlre Withernsca CIO As required by section 386 of the 2006 Act; i)r 2. th¢ accounts do not a¢¢ord with ih08e rords,. or 3. the ac¢ounts do not comply with the a¢couniin¥ rcquirements of section 396 of ihL 2006 Acl other than any requirement that the accounts give a 'true and fair view which is noi a matter considered as part of an independent examination,, or 4. the a¢¢oun15 have not been prepared in aciordancc with the method5 and principles of the Statement of Recommended PraLtice for accounting and reporting by Charities lapplicable to ¢haritLC5 prcparing their accounts in accordtmce with the financlal Reporting Standard applicable in the UK and Republic of Ireland (TrRS 102)1. I have no concerns and have come &cross no othcr matters in Connection with the examin&tion to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Bridge House 41 Wincolmle¢ Hull HU2 8AG Page 5
Th¢ Meridian Celltre Withernsea CIO Statement of Financial Aclivities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains And Losses) UDrestrlcted funds Totsl 2025 Note Intomt and EDdowm¢nt$ from: Donations and Icgacics Charilablc activilics Invc5tmcnt income 5.857 14.983 38 5.857 14,983 38 Total income 20.878 20,878 Expendlture on: Charitabl¥ aGliviti¢s 23,011) 23,011) Total expcnditurc Net ¢xpenditure 23,011 23,011 133 Nct movemenl in funds (2.133) (1133) Reeonclllatlon of funds Total funds brought forward Total funds caled forward 46,384 46,384 17 44,251 Tol•l 2024 UDre5trlct¢d funds Note Income and Endowments from: Donations and legaci¢$ Charitsble aclivilies 6,083 15,613 6,083 15,613 Total income 21,696 Expellditure on: Charilable activtties 24,835 24,835 Total expenditurc (24,835 24,835) Net expenditure (3.139) {3,139) Net movement in fund5 (3,139) {3,139) Reeonclliatlon offunds I'otal funds brought forward 49,523 49,523 Tothl funds ¢arried fonvard 17 46,384 46,384 All of the charity's activities derive from ¢ontAnuing operntions during the &bove two periods. Th¢ fjjnds breakdow] for 2024 is Showm in note 17. The notes on pages 8 to 19 forni an integral part of thesc financial statements. Pag¢ 6
The M¢ridian Centre With¢rnsea CIO (RegAStration number: CE1100323) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed #x$tts Tangible 45scts Investments 12 13 5.570 loo 8,559 loo 5,670 8,659 Current AJJ¢ts Debtors Cosh at bank and in hand 14 15 7,112 34,288 5,785 35,207 41,400 40,992 Credltors: Amounts fal]Ing dut Ivlthln ODe year Ntt eurrenl •ssets 16 2,819 3.267 38,581 Net 44,251 46.384 Fundi of the cbarlty: UnrtriCted In¢ome fun Unrestricted fijnds Total fundi 17 The financial statements on pa8e$ 6 to 19 were approveij by the trustees, and authorised for issuc on %4and signed on IhLir behalf by. V McFaul Trustee The notes on pages 8 to 19 forni an integral part of these financial statements. Page 7
The M¢rldlan Centre Withernsea CIO Notes to the Finaneial Statements for the Yegr Ended 31 March 2025 I Chirtty status The charity is limited by share capital, incoryorated In . The address of its registered office ts: 201 Queen Stre¢t wIthene East Yorkshire HU19 2HH 2 Attountlng pollel Sllmmxry of ilgnlllegnt Attollndni polltlei Aod key aeCOUDtIDg tjtlmat The principal accounting policies applied in the preparalion of these financial statements ar¢ set oui b¢low. These policies have been consistently applied to all the years presented, unless othenvise stated. Stwtement of tompuin The financial statements have been preped in accordance with Ac¢ounting and Reporting by ChaTitiC3: Stsiement of Recommended Practice (applicable to Charltles preparing their accounts in Accordance with the Finan¢ial Reporting Standord appli¢abl¢ in th¢ UK and Republic of Ireland (FRS 102)) (issued in O¢tob¢r 2019) - {Charltle8 SORP (FRS 102)), the Flnan¢lal Reporting Standard applicable in the UK and Republic of IRland (FRS 102) and the Companies Act 2006. B11 of preparatlon The Meridian Centre Withernsea CIO meets the definition of a public benefit entity under FRS 102. A58ets and liabilities 8re initially recognised at historical wst or traw#ctlon value unless otheThvls¢ stated in th¢ relevant accountln8 poliey notes. Golnz ¢on¢erM The Iruslees consider thal there are no m&teTial uncatsinties abou¢ th¢ ¢harity's ability to cOntiM aj a going concern nor any Significant areas of uncertainty that affert the carryln8 value of assets held by the charily. Ineorne and endowment8 All in¢om¢ is recognlsed once the charity has entitlement to the income. it i8 probable that the in¢ome will received and the amount of the income receivable can be measured reliably. DonailoHs lezaeles Donations are recognised when the ¢harAty has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perforni8nce by the charity before the ¢harity is entitled to the fimds, Ihe income is deferred and nol reco8nised unlil either those conditions are fully met, or the fuifibnent of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Page 8
The Meridian Centre WitherDsea CIO Notes to the Financial Slatenlents for the Year Ended 31 March 2025 GrAnts recelvoble Grants are recognised when the charity has an entitlemenl to ih¢ funds and any conditions linked to the grants have been met. Where perforn)ance cunditions are attached to the grant and are yct to be met. the income is reCognid as a liability and included on thc balance Sheet as deferred incom¢ tu be released. InwexÉMenl Income Dividends are re¢ognised once the dividend has been d¢¢larcd and notification has been received of the dividend Expendlture All expenditure is re¢ognised once thcrc is a legal or constructive obligation to that expenditure. it ts probable setil¢m¢nl is required and the amount can be measured reliably. All ¢05ts are allocated to the applieable expendilure heading that aggregate similar costs to th category. Where costs cannot bc dircctly aitributed to partieular h¢ingS they have been allocaled on a bosis consistent with the use of rcsourccs, with central stsff ¢ost5 allocalcd on Ihe basis of time spenl. and dcpreciaiion chargcs allocaled on tho portion of the asset's use. Other support custs are allocated based on the spread of staff Costs. Chorlthble ocilvldes Charitable expendire comprises Ihvsc Costs incurred by the charily in the dclivcry of its activities and services ror its bcneficiaries. It in¢lud¢s both coyts that can be a]located dir¢¢ily to such &ctlvities and iho5e costs of an indire¢¢ nalurc ncccssary to support them. Support Costs Support costs include central functions and have bccn allocated to activity ¢08t calegories on a basis consisteni with the use of rcsources, for example. alloGalin¥ property costs by floor areas, or per capila, slaff costs by the time spenl and oih¢r ¢osts by their usage. Gov¢rn*D¢t eosts These Include the cosls attributable to the ¢harity's cornplianc¢ with constitutional and statOry requircments, including audit, strategic management and trustses meetings and reimbursed expenses. T4xAtlon The chv4rity is Considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Acl 2010 and therefore it meets the definition of a charitable company for UK colporation tax putposes. A¢¢ordingly, the charity is potentially exempt from tatIOn in respect of income or cppital gains received within categories covcrcd by Chapter 3 Part I l of the Corporation Tax Act 2010 or Seclion 256 of the T&xation of Chargeable Gains Act 1992, to the extent that such income or gains are appli¢d exclusively to charitable putposes. TAnglblt red Assets Individu41 fixed assets costing £0.00 or more arc initially Kcorded at cost, less any 5ubsequ¢nt accumulated depreciation and sub5cquent ac¢umulated impairn)ent losse& D¢preci•tioD And Y4morti5ation DeplatIOn is providcd on tangible fixed assets 50 as to write off the c05t or valuation, less any ¢slimat residual value, ov¢r theiT expected useful economic life as follows: Asset class Fixtures and fittings Depretlatlon method and rat¢ 10 years straight line Page 9
The Merldlan Centre Wlthernsea CIO Notes to the Financial Statements for tbe Year Ended 31 March 2025 Computer software and equipment 3 years straight line Buslness eomblnadons Business combinations are accounted for under the purchase metho<L Where necessary, adjustments are mad¢ to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the harity. All intra-group transactions, balance5. income and expenses are eliminat¢d on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these finanGial sl&lern¢nts in respe¢¢ of busin¢5s combination3 ¢ffected prior to the of transition. Flxed asset Investmellts Fixed asset investments, other than programme relaled invesknents, are included at market value at the balan¢¢ sheei date. Realised gains and losses on investments are ¢al¢ulated xs the difference bemeen sales proceeds and thcir market value at the start of the year, or their subsequent cost, and are charged or credited to the Ststement of Finan¢ial Activities in the period of disposal. Unrcaiiscd gains and losscs rcprcsent the movement in market values during the year and are credited or charged to the Statement of Financial Acliviti¢s based on thc Ma¢t valuc at the year ¢nd. Trnd¢ debtors TrJd¢ d¢blors are amounls dul from ¢uslomvTs for mcwhandise sold or servi¢¢$ perfornied in the ordinary Course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impaiment. A provision for the impairnient of trad¢ debtor5 is cslablished when there is objective evidence that the charity will noi be ablc to collect all amounls due according to thc original ternis of the receivables. Cash and ¢a$b ¢qMlval¢Dtg Cash and cash ¢quivalcnts Comprise cash on hand and call dcposits, and other short.lern) highly liquid inv¢sthients thal are readily convertible to a known amount of ¢ash and subj¢¢t to an insigniflcant risk of change in value. Trade creditors Trade cr¢dilors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are cl&8sified as current liabilities if the charity doe5 noi have an un¢ondiiiDnal right. at the end of the reporting period, to defer settlement of the creditor for at le&81 ttvclvc monihs after ihe reporting datc. If there is an unconditional righi to dcfcr scttlernenl for at le&8t twelve months fter the reporting dale, they are presented as non-currcnt liabilities. Trade creditors are recognised inilially at the transaction price and subsequenlly measured ai amortised ¢ost using the effecttv¢ interesl method. Pag¢ 10
The Meridian Centre Withernsea CIO Notes to the Financial Statements for the Year Ended 31 March 2025 Borrowlngs Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing bom)wings are Subsequently carried al amortised w¥1. with thc difference between th¢ proceed& net of transaction costs, and 1he amount due on redemplion being Tecognised as a charge to the Statemenl of Financial Activiti¢s over the period of the relevant borrowing. Inlcrest expense is recognised on the basis of the effective interest method and is in¢luded in inl¢r¢sl payable and similar charg¢s. Borrowings are ¢1&8sified ils rUcnt liabilities unless the charity an unconditional right to defer settlement of the liability for at least Iwelve months aller the reporting date. Forelgn exth8nge I'ransactions in foreign curren¢ies are recorded at the rate of exchange at the date of the transh¢tion. Monetsry assets and liabilities denominated in foreign currencies at thc balance sheet date are reported al the rales of exchan8e prevailing at that date. The results of overseas operalions are translated at the average rates of exchange during the peri¢)d and their balance Sheets at the rates ruling al the balance sheet date. Ex¢hang¢ ditrerences arising on translalion of ihe openin¥ nel assets ld rcsulis of overse&8 operations are reported in other comprehensive income and accumulaled in equily (attributed to noTrconlrolling interests as appropriate). Other exchange differences arc rccognis¢d in the Statement of Financial Activities in the period in which they arise except for: l ) exchange differences on translI0n$ entered inlo to hedge ceriain forci8n currency ri8ks (scc abovc). 2) exchange differences arisin8 on gains or losses on non-monetary it¢m¥ whi¢h are recogniii¢d in other comprchcnsivc in¢ome' and 3) in the casc of the consolidated financial stsiement4 exchange differences on monetary it¢m$ re¢eivable from or payable to a foreign operation fvr whiLh scttlcment is neither planned nor likely to occur {therefore fomiing part of the net inveslm¢nl in the for¢i8n opcr4lion), which are reCOlSed in other comprehensive income and reported under equity. Fund $truetllr¢ Unstricted income fvnds are gener41 funds Ihal are ttvailablc for usc at the trustees discretion in furtherance of the objectives of the charity. Flnxnelal Instrnments ClasslJ7callon Financial assets and financial liabilities are re¢ognised when the charily bccomcs a party lo Ihe conlractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual aangcrntnts enttted into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Pagell
The Meridian Centre Withernse2 CIO Notes to the Financial Statements for the Year Ended 31 Mareh 2025 Recognlilon and measuremenl Ail flllancial assets and liabilities are initially mrdsur¢d at transadion price (inGluding transa¢tion ¢osts), except for those fiDan¢iai assets classified as at fair value through profit or loss. which are initially measwed at fair value (which is nornially the transaction prlce excluding transa¢tion ¢osts), unless the arrangement constilules a financing transaction. If an arrangcment COnltUteS a financing tratL$a¢tion, the financial assct or financial liability is mcasured at the PTescnl va]ue of the future payments discounled at a market rale of inierest for a similar debi instrum¢n¢. Financial assets and liabiliti¢s are only offset in th¢ statemenl of financial position when, and only when ihere exists a legally enforceable right to set off the rQgniSed amoun15 and Ihe GhaTity inlcnds elther to settle on a net basis. or to re15¢ the assct and settle the liability simultaneously. Financial assets are derecognised when and only when a) the ¢ontractual righis to the cash flows from the financial a5SCt cxpire or are scttlcd, b) ihe charity transfers lo another party sub8tantially all of the risks and r¢wards of ownership of the financial asset. or c) Ihe charlty. despite havin8 retained Some, but not all, significant risks and rewards of owneTship, has transfcrred control of the asset to another party. Finan¢ial liabiliti¢$ are d¢re¢ognAsed only when the obligation specified in the ¢ontra¢t 1$ discharged, cancelled or expires. Page 12
The Meridian Centre Withern8 CIO Notes to the Financial Statements for the Year Ended 31 March 2025 Debi lllstThments Debt instruments which meet the following conditions are subsequ¢ntIy measured at amortised cost using th¢ effective interest method.. (a) The ¢ontra¢tual return to the holder is (i) a fixed amount. (li) a positive fixed rate or a positive vaTiabl¢ rate. or {iii) a combination of a positive or a negativc fixed rale and a positive variablc rate. (b) The contract may provide for repayments of thc principal or thc return lo the holder {but not both) to be linked to a single relevant observable index of general price infiation of the GUenCY in whi¢h the debt inslrumcnt is dcnominated, providcd suth links are not leveraged. (c) The contract may provide for a detern)inable varialion of the return to the holder during the life of the instrument, provided that (i) the new rate saiisfi¢8 condition (a) and the variation is not contingcnl vn fulure events other than (l ) a change of a contraclual variable rate., {2) to protect the holder against crcdit delerioration of the issuer. (3) changes in levies applied by a central bank or arising from changes in relevant t&ixaiion or law. or (li) the new rate Is a market Tate of Interest and satisfies condition (a). (d) There is no contractual provision ihat could, by it¥ t¢rni& resul¢ in Ihc holder losing ihe principa] amouni or any inlcrc5t uttributable to the cutTLnt pcriod or prior periods. (e) Contraclual provisions that perniii the issuer lo prepay a debt instrument or permit the holder to put it back to the is3uer before maturity are nol conlingent on future events, other than to protect the holder against thc Lredit deterioration of ihe issuer or a ¢hange in control of the i&8uer, or to protccl the holder or ISSUCT against Changes in l¢vies applied by a central bgnk or arising from ¢han8¢8 in relevant tsxation or law. (D Contractual provisions may perniil the eenSIOtt of the terni of the debt instrumcnt, provided that ihe return to the holder and any other contractual provisions applicAble during the extendcd tcnn Satisfy Ihe ¢onditions of paragraphs (a) to (c). Debl inslrumenls Ihat arc Gla5sified a$ payable or receivable within one year on initial re¢ognition and which med ihe above condilions are measured al the UndiOunttd amount of the cash or other consideration expectcd to be paid or received, nel ofimpairnient. With the exception of some hedging instruments. other debi instruments not meeting these conditions are measured at fair value through profil or loss. Commilments to make and receive loans vthich meet the Conditions mentioned above are measured at cost {Mphich may be nil) les$ impairnlent. InVlmeNts Investments in non-convertible preference shares and non-puttable ordinary or prefercncc sh&res (where shares are publicly traded or their fair value is reliably measurablc) are mea5urcd at fair value through protlt or loss. Where fair value cannoi be measured reliably. inveslmcnts arc meayurcd at cost less impairnient. Investments in subsidiaries and as50ciale$ are measured at cost less impairnient. For investments in subsidiaries acquired for consideration including th¢ i55u¢ of shares qualifying for merger relief, cost is measud by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Page 13
The Meridian Centre Witherniex CIO Notes to the Financial Slatements for the Year Ended 31 March 2025 Derlvodvejlnqnclal Inslrmmettts The charity uses derivative fmancial instruments to reduce exposure to for¢ign exchange risk and interesl rate movements. The charity does not hold or issue derivative financial instruments for speculative PUTposes. Derivatives arc initially rOgnisCd at fair value al the dat¢ a derivative conlrn¢l is entered into and are subsequently remeasured to their fair value at each reporttng date. The resulting gain or loss is recognised in statement of finan¢ial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the re¢ognition in statement of finmcial activities depends on the nature of the h¢dge relationship. Falr value meaSutRI The besi evidcncc of fair value 18 a quotcd price for an identical a$8e¢ in on active market. When quoted prices are unavailable, ihe pri¢¢ of a recent Iransaction for an identical asset provides evidence of fair value &$ long as there has not been a significant change in e¢onomic circumstanc¢s or a Significant lapse of time since the tranwiion took place. Lf the market Is not active and recent transactions of an identi¢&l asset on Ihcir oHry) are not a good estimate of fair value, the falr value is estimated by using a valu4llon Icchnique. 3 Income from donatiODS IDd legacSeJ Unrestrlcted funds General Totsl fuDds Donations and legacie5' Donalions from individuals Rcgular giving and capital donation5 ,057 4,800 5,857 1,057 4,800 TolAI for 20ZS 5,857 Total for 2024 6,083 6,083 4 Intorne from charltable 4¢tlvltle$ UDrestrlcted funds CenerAI Totsl Dds 14,983 14,983 Totsl for 2025 14,983 14,983 Totsl for 2024 15,613 5 Inve8tm¢nl Ineom¢ Page 14
The Meridian Centre Withern8ea CIO Notes to tbe Finaneial Statements for the Year Ended 31 Marcb 2025 Unreytrieted funds G¢D¢ral Total nds Intert8t receivable and similar income. Inieresl r¢¢¢ivable on bank deposits Tot#1 for 2025 38 38 38 38 6 Expendlture on eharltable Aethvldes UDrestrltted ruDds General Totydl fimdj Note Allocated support costs Govemance ¢os¢s 20,327 2,684 20,327 2,684 Total for 2025 23,011 Totii for 2024 Totsl txptndlture In addition to the expenditure onaly$¢d above, Ihcrc are also governance costs of £2,684 (2024 - £2,654) which relate direcily to charitable a¢tivities. Se¢ note 7 for further dctails. 7 AnA]yslJ of governanc¢ and support eostg Governance Costs Unre5trlcted funds G¢nernl Totsl fuDd8 Independent examiner fees Examination of thc financial statements Depre¢iatiorn amorlisation and other similar ¢osts 660 2,024 2,024 Total for 2025 2.684 2,684 Totsl for 2024 2,654 2,654 Page 15
The MeridiaD Ccntrc Withernsea CIO Notes to the Financial Statements for tbe Year End 31 March 2025 8 Net ineomingloutgolng resourees Nel outgoin8 resources for the year in¢lude: 2025 2024 Depr¢¢iation of fixed assets 2.024 1.994 9 Tru$tee$ remuD¢ratlon ind txpen$t8 No Irusl¢c5, nvr any persvns conncctcd with Ihem, huve r¢¢eived any remuneralion from the charity during the ye. No truslees havc rcccived any reimbursed cxpcnscs from the charity during the year. 10 Independent examlner'g remunergtlon 2025 2024 Examination ol'thc tinancial statements ()60 660 11 TaxatAon The charity is a registcrcd charity and is ther¢for¢ ox¢mpt from taxalion. 12 T&Dglble flxed assets Furnlture and equlpment Total Cost At l April 2024 Additions 20,820 239 20,820 239 At 31 March 2025 21,059 21,059 Dtpretlailon At l April 2024 Charge for the year 12.261 3228 12,261 3,228 At 31 March 2025 15,489 15,489 Net book vilut Al 31 March 2025 5,570 5.570 At 31 Mar¢h 2024 8,559 8,559 Page 16
The Meridian CeDtre WitherD8ea CIO Noles to the Financial Statements for the Year Ended 31 Mareh 2025 13 Fix¢d asset knves¢m¢nt5 2025 2024 Shares in group undertskings and participating interests 100 100 Shares In group undertaklngs and prti¢ip¥tiDg interes1$ Sybsldlary und¢rtakings Total Cost At l April 2024 100 loo At 31 March 2025 loo loo Net book value At 31 March 2025 100 At 31 March 2024 loo Detfill8 of undert4kiny Details of the investm¢nts in which Ihe charity holds 20Yo or more of the nominal value of any class of share capiral are as follows: Country of In¢orporatlon Proportlon of votln8 rllhts Prlntlpal Ind $hres held *ctiYlty UDdertaldng Holdlttg 2025 2024 Subsldlary undertakSngJ Wholesale of food, beverage5 and lobacco Meridian Centre Hospatality Ltd England and Wales Ordinary I OOOA loo¥. 14 Debtors 2025 2024 Trade debtors Due from group undertakings Prepayments Accrued income Other debior3 1,016 4,800 174 796 326 460 4,000 141 1,184 7.112 5,785 Page 17
The Meridtan Centre Withernsea CIO Notes to the Financial Statements for the Year Ended 31 March 2025 15 Cash 4Dd ¢•sb equlvlltnts 2025 2024 Cash on hand Cash at bank 310 33,978 310 34,897 34,288 35,207 16 Creditors: #mounts falllng due wlthin one year 2025 2024 Trade creditors Other taxation and social security Other creditors A¢¢ruals .30 593 30 83 839 2,196 17 FnDds Balane• At I Aprll 2024 Inoomlng resources Resource5 ¢xp¢Dd¢d Bal*D¢t at 31 March 2025 Unreilrlct¢d fundj General 46,384 20,878 23,011 44,251 Balan¢e at I AprAI 2023 Resourtes expended BAIAnce at 31 March 2024 resources Unrestrl¢t¢d funds General 49,523 21,696 24,835 46,384 18 ADaly8ts of net assets bttw¢tD fuDds Unrestrl¢ted funds GenerAI Total funds at 31 March 202S Tangible red assets Fixed assel investments Curr¢nt a5s¢ts Curr¢nt liabilities 5,570 loo 41,400 2,819 5.570 loo 41,400 2,819 Total net a&gets 44,251 44,251 Page 18
The Meridian Centre Withernsea CIO Notes to the Financial StalemeDts for the Year Ended 31 March 2025 Unre5trltted fuuds General Tot81 fund$ *t 31 March 2024 Tangible f¢d asset5 Fixed asset investments Current assets Current liabilities ,559 8.559 100 40,992 3,2671 40,992 3,267 Totsl net assets 19 ADalysls of net fllnds At l April 2024 FIDAnclng ¢a$h At 31 M4reb IIow5 2025 Cash ai bank and in hand 35,207 (919 34.288 Net debl 35,207 At l Aprll 2023 919 34,288 FlnaDcAn% cash At 31 March Ilow$ 2024 Cash at bank and in hand 36,307 1,100 35,207 Net debt I,ioo Page 19
The Meridian Centre Withernsea CIO Statement of Financial Activities by fund for the Year Ended 31 March 2025 Unrestricted Funds Tot1 Total UDres¢ricted Unttstrltted Funds Funds 2025 2024 Income and EndowmDts from: Donations and lega¢ies Charitable activiti Investment incom¢ 5,857 14,983 38 6,083 15,613 Total incorne 20,878 Expendlture OD; Charilable artivities 23,011 Total cxpenditure Net expendilure Net movement in funds 24,835 3,139 (2,133) (3,139) RteonelM*lloD of funds 'I'otal funds brought fonvard Tolal fvnd5 carried forward 46,384 49.523 This page does not fonn part of the statutory flnancial statements. Page 20
The Meridian Centre Withernsea CIO Detailed Statement of Finvdncial Actfvities for the Year Ended 31 Mar¢h 2025 Total 2025 Total 2024 Donailons and legacles Committed giving Meridian Centre Hospitslity Ltd Friends ofthe Meridian OLher donation8 4,8(K> 1,057 5,958 75 50 5,857 6,083 Chdrltsble actMIlt$ Othcr incomc Primary purpose trading 46 14,937 15.6]3 14,983 15,613 Invtsthient Income Inierest on cash deposits 38 38 ChArltsble acllvllles Cost of licences Rent Rates, water and service charges l.ight and heat Insurance Premi8e8 repairs and renewals Telephon¢ and fax Printin& postage and stationery Subscriptions Sundry expense5 Cl¢anin8 Accountancy Other interest payable D¢preciatian of assets used for charitable purposes Salaries Independent examinews fee Depreciation of assets used for governan¢e (44) (35) (i) (1,585) (2,665) {823) (3,734) (806) (188) (325) (80) (1,940) (163) (1,676) (3,628) {389) {2,133) (953) (129) (50) {40) {1,564) (163) (4) (1,204} (8,350) (660) 2,024 (1,204) (8,632} (660) (1,994) (23,011 (24,835) This page does not ft)nn part of the statutory financial stsiements. Page21