2024-12-31-accounts

Charity registration number 1179484

MERSEA ISLAND COMMUNITY ASSOCIATION CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

MERSEA ISLAND COMMUNITY ASSOCIATION CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	B Bolton
	W Bolton
	F Thomas
	G Petley
	J Lee
	P Tydie
	R Jenkins
	F Rodwell
Charity number	1179484
Principal address	The Mersea Centre
	38 High Street
	West Mersea
	Colchester
	Essex
	CO5 8QA
Auditor	Streets Audit LLP
	c/o The Old Exchange
	64 West Stockwell Street
	Colchester
	Essex
	CO1 1HE

MERSEA ISLAND COMMUNITY ASSOCIATION CIO

CONTENTS

	Page
Trustees' report	1 - 3
Statement of Trustees' responsibilities	4
Independent auditor's report	5 - 8
Statement of financial activities	9
Balance sheet	10
Notes to the financial statements	11 - 22

MERSEA ISLAND COMMUNITY ASSOCIATION CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's governing document, the Charities Act 2011 and "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 1 January 2019)".

Objectives and activities

The original Association was founded in 1976 by a Trust deed to promote the benefit of the inhabitants of Mersea Island by the advancement of education and the provision of social welfare for recreation and leisure time occupation. The Trust Deed charity was converted to a Charitable Incorporated Organisation (CIO) in 2019.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.

Achievements and performance

During the year the Association has continued to operate the Mersea Island Community Centre to provide the following facilities for the benefit of the residents of and visitors to Mersea Island:

A central site comprising a mixture of meeting, function and sports halls that can be used by local organisations and the general public for a variety of functions.

Sports facilities that include a fitness centre and squash and badminton courts. These are augmented by a number of keep fit events for all ages which include Pilates, Yoga, Keep Fit, Karate, Diddi Dance, Walking Football, Walking Cricket, Tai Chi,Table Tennis, Carpet Bowls.

Theatrical facilities are available which permit rehearsal, dance training and the means to put on amateur shows and plays.

The main and small halls are available to provide regular concerts, film shows, dances, private parties, blood donor sessions, diabetic eye clinics, Barclays Bank hub, poll facilities, public meetings, tabletop sales and bazaars.

The Centre has become busier throughout the year. Attendance at activities has increased and more activity sessions have been introduced. Events have been well attended. A brochure is now produced and distributed locally to advertise activities and events at the Centre and has proved successful. Members also receive regular emails.

Financial review

It is the policy of the Association that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure.

Costs are monitored, researched and advice taken to ensure that decisions are made to keep costs to a reasonable level. The new heating system has dramatically reduced gas consumption and having been able to secure a lottery grant towards a solar energy system electricity consumption should also be lower in 2025. A 24 hour music marathon was run at the centre in May 2024 which raised funds primarily for a new sound system for the Centre. The system will be up and running for 2025.

The centre running costs were covered from charges made to users and from donations in money and in kind. Donations made in kind are sold through the association's own charity shop, which is staffed by volunteers. The association has also benefited from some gift aid income.

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Decisions are taken in good time so that any changes to the Association's operations are made in a timely manner in order that the Charity remains financially sound and is able to continue to serve the community.

The Trustees has assessed the major risks to which the CIO is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The trustees and management endeavour to ensure that the Centre is used to best advantage and that every opportunity is taken to take on long term commitments to ensure a steady income.

There is a five-year plan in place to prioritise improvements that need to be made at the centre.

Structure, governance and management

The Association is a Charitable Incorporated Organisation (CIO), subject to the provisions of its Constitution.

The Trustees who served during the year and up to the date of signature of the financial statements were: B Bolton

W Bolton F Thomas G Petley J Lee P Tydie R Jenkins F Rodwell A Dix (Resigned 31 March 2024) C McNair (Resigned 29 January 2024)

Each trustee is appointed by a resolution passed at a properly convened meeting of the charity trustees. Appointments are made with regard to the skills, knowledge and experience needed for the effective administration of the CIO.

The day to day operation of the centre in 2024 was the responsibility of the Manager, Mr. Tim Gannon. The manager was assisted by 2 full time, five part-time staff and a team of volunteers to ensure that the Centre has operated as fully as possible in the year.

Auditor

In accordance with the company's articles, a resolution proposing that Streets Audit LLP be reappointed as auditor of the company will be put at a General Meeting.

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

B Bolton F Thomas Trustee Trustee

19 March 2025

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources of the CIO for that year.

In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF MERSEA ISLAND COMMUNITY ASSOCIATION CIO

Opinion

We have audited the financial statements of Mersea Island Community Association CIO (the ‘CIO’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the CIO in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 20 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the CIO’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF MERSEA ISLAND COMMUNITY ASSOCIATION CIO

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the CIO’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The audit tests, including planning procedures, adopted for the audit of these financial statements are designed to assess and detect the risk of irregularities, including fraud. Our risk assessment of the likelihood of irregularities included the high degree of involvement of the experienced board members, which reduces the risk of irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• We identified the laws and regulations applicable to the CIO through discussions with trustees and other management, and from our knowledge and experience of the charity sector;

• We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act, VAT legislation and data protection, employment and health and safety legislation;

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MERSEA ISLAND COMMUNITY ASSOCIATION CIO

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence, and reviewing board meeting minutes;

• Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

• We made enquiries with management as to if they considered where they was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

• We considered the internal controls in place that would mitigate the risks of fraud and non-compliance with laws and regulations.

We identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and the specific procedures performed to address them are described below:

• We obtained an understanding of the revenue process and the flow of financial information to the general ledger and how this is classified as restricted and unrestricted.

• Cut-off testing was performed at the year-end date by reviewing revenue which had be accrued for and revenue that had been recognised after date to identify any transaction which had been erroneously recognised in the incorrect period. The same testing was carried out for expenditure.

• In line with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we reviewed accounting records for any unusual adjustments.

In addition to the above, our procedures to respond to the risk identified included the following:

• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;

• enquiring of management concerning actual and potential litigation and claims, and instances of noncompliance for the year.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

• 7 -

MERSEA ISLAND COMMUNITY ASSOCIATION CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF MERSEA ISLAND COMMUNITY ASSOCIATION CIO

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Streets Audit LLP

19 March 2025

Chartered Accountants Statutory Auditor

c/o The Old Exchange 64 West Stockwell Street Colchester Essex CO1 1HE

Streets Audit LLP is eligible for appointment as auditor of the CIO by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 2 46,289 22,010 Charitable activities 3 187,899 - Investments 4 752 - Total income 234,940 22,010 Expenditure on: Charitable activities 5 217,052 3,959 Total expenditure 217,052 3,959 Net income/(expenditure) and movement in funds 17,888 18,051 Reconciliation of funds: Fund balances at 1 January 2024 369,952 14,745 Fund balances at 31 December 2024 387,840 32,796	Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 68,299 33,824 44,990 187,899 167,120 - 752 326 - 256,950 201,270 44,990 221,011 203,344 48,676 221,011 203,344 48,676 35,939 (2,074) (3,686) 384,697 372,026 18,431 420,636 369,952 14,745	Total 2023 £ 78,814 167,120 326 246,260 252,020 252,020 (5,760) 390,457 384,697

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities The funds of the CIO Restricted income funds 17 Unrestricted funds 18	2024 £ 6,618 86,765 93,383 (22,186)	£ 349,435 4 349,439 71,197 420,636 32,796 387,840 420,636	2023 £ 11,223 47,348 58,571 (20,270)	£ 346,392 4
				346,396 38,301
				384,697
				14,745 369,952
				384,697

The financial statements were approved by the Trustees on 19 March 2025

B Bolton Trustee

F Thomas Trustee

• 10 -

MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Mersea Island Community Association CIO is a Charitable Incorporated Organisation, registered with the Charities Commission.

1.1 Accounting convention

The financial statements have been prepared in accordance with the CIO's Constitution, the Charities Act 2011 and "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 1 January 2019)". The CIO is a Public Benefit Entity as defined by FRS 102.

The CIO has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Membership subscriptions are released to the Statement of Financial Activities over the period of the membership term.

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Income from grants is included in incoming resources when these are receivable, except as follows:

• when donors specify that grants given to the charity must be used in future accounting periods;

• when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions have been met;

• when donors specify that grants are for restricted purposes which do not amount to preconditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

1.5 Expenditure

Resources expended are recognised in the period in which they are incurred. Resources expended include VAT which cannot be recovered. Governance comprises costs for the running of the charity itself as an organisation.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings No depreciation provided Development expenditure No depreciation provided Fixtures and fittings 20% Reducing Balance / 25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in net income/(expenditure) for the year.

A subsidiary is an entity controlled by the CIO. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Impairment of fixed assets

At each reporting end date, the CIO reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.9 Financial instruments

The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.

Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the CIO is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Income from donations and legacies

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds		funds	funds
	2024	2024	2024	2023	2023	2023
	£	£	£	£	£	£
Donations and gifts	46,289	22,010	68,299	33,824	44,990	78,814

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

2 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts Enovert Community Trust - 1,010 Lottery Community Fund - 20,000 Colchester County Council - 1,000 Mersea Island Community Trading Company Limited 24,312 - Other 6,947 - Mersea Island Music Marathon Donations 15,030 - 46,289 22,010	Total Unrestricted Restricted Total funds funds 2024 2023 2023 2023 £ £ £ £ (Continued) 1,010 - 44,990 44,990 20,000 - - - 1,000 - - - 24,312 31,805 - 31,805 6,947 2,019 - 2,019 15,030 - - - 68,299 33,824 44,990 78,814	Total Unrestricted Restricted Total funds funds 2024 2023 2023 2023 £ £ £ £ (Continued) 1,010 - 44,990 44,990 20,000 - - - 1,000 - - - 24,312 31,805 - 31,805 6,947 2,019 - 2,019 15,030 - - - 68,299 33,824 44,990 78,814
		78,814

3 Charitable activities

Subscription and affiliation fees Activities Shop income Hall hire	2024 £ 15,412 47,428 71,946 53,113 187,899	2023 £ 16,558 42,387 65,617 42,558
		167,120

4 Income from investments

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Interest receivable	752	326

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

5 Charitable activities

Staff costs Depreciation and impairment Rates Insurance Light and heat Repairs and general maintenance Postage, printing and telephone Equipment hire Sporting costs Event costs Irrecoverable VAT Bank charges Share of governance costs (see note 6) Analysis by fund Unrestricted funds Restricted funds	2024 £ 121,771 7,057 5,597 5,885 14,776 22,360 14,390 5,160 5,664 3,449 7,754 2,113 215,976 5,035 221,011 217,052 3,959 221,011	2023 £ 108,705 6,316 5,626 6,001 22,062 60,430 10,728 5,390 4,957 3,049 12,179 1,822
		247,265 4,755
		252,020
		203,344 48,676
		252,020

6 Support costs allocated to activities

Support costs allocated to activities
Governance costs Analysed between: Charitable activities	2024 £ 5,035 5,035	2023 £ 4,755
		4,755

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Support costs allocated to activities Governance costs comprise: Audit fees Accountancy	(Continued) 2024 2023 £ £ 3,672 3,464 1,363 1,291 5,035 4,755	(Continued) 2024 2023 £ £ 3,672 3,464 1,363 1,291 5,035 4,755
		4,755

All governance costs were payable to the Auditor for the provision of audit services and preparation of the statutory accounts.

7	Net movement in funds	2024	2023
		£	£
	The net movement in funds is stated after charging/(crediting):
	Fees payable for the audit of the charity's financial statements	3,672	3,464
	Depreciation of owned tangible fixed assets	7,057	6,316

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year.

9 Employees

The average monthly number of employees during the year was:

	2024	2023
	Number	Number
	8	8
Employment costs	2024	2023
	£	£
Wages and salaries	117,193	106,233
Social security costs	2,813	930
Other pension costs	1,765	1,542
	121,771	108,705

There were no employees whose annual remuneration was more than £60,000.

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

9	Employees		(Continued)
	Remuneration of key management personnel
	The remuneration of key management personnel was as follows:
		2024	2023
		£	£
	Aggregate compensation	34,086	32,325

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11 Tangible fixed assets

Freehold land and buildings Development expenditure Fixtures and fittings £ £ £ Cost At 1 January 2024 27,630 293,815 71,749 Additions - - 10,100 At 31 December 2024 27,630 293,815 81,849 Depreciation and impairment At 1 January 2024 - - 46,802 Depreciation charged in the year - - 7,057 At 31 December 2024 - - 53,859 Carrying amount At 31 December 2024 27,630 293,815 27,990 At 31 December 2023 27,630 293,815 24,947	Total £ 393,194 10,100
	403,294
	46,802 7,057
	53,859
	349,435
	346,392

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

12 Fixed asset investments Cost or valuation At 1 January 2024 & 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 Other investments comprise: Notes Investments in subsidiaries 21 13 Debtors Amounts falling due within one year: Amounts owed by subsidiary undertakings Other debtors Prepayments and accrued income 14 Creditors: amounts falling due within one year Notes Deferred income 15 Accruals	Other investments 4 4 4 2024 2023 £ £ 4 4 2024 2023 £ £ 2,391 4,915 3,135 5,215 1,092 1,093 6,618 11,223 2024 2023 £ £ 17,063 15,147 5,123 5,123 22,186 20,270	Other investments 4 4 4 2024 2023 £ £ 4 4 2024 2023 £ £ 2,391 4,915 3,135 5,215 1,092 1,093 6,618 11,223 2024 2023 £ £ 17,063 15,147 5,123 5,123 22,186 20,270
		4
		4
		2023 £ 4
		2023 £ 4,915 5,215 1,093
		11,223
		2023 £ 15,147 5,123
		20,270

• 18 -

MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

15	Deferred income
		2024	2023
		£	£
	Arising from Membership in advance and
	production deposits	17,063	15,147
	Deferred income is included in the financial statements as follows:
		2024	2023
		£	£
	Deferred income is included within:
	Current liabilities	17,063	15,147
	Movements in the year:
	Deferred income at 1 January 2024	15,147	10,115
	Released from previous periods	(15,147)	(10,115)
	Resources deferred in the year	17,063	15,147
	Deferred income at 31 December 2024	17,063	15,147
16	Retirement benefit schemes
		2024	2023
	Defined contribution schemes	£	£
	Charge to profit or loss in respect of defined contribution schemes	1,765	1,542

The CIO operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the CIO in an independently administered fund.

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

	At 1 January	Incoming	Resources	At 31
	2024	resources	expended	December
				2024
	£	£	£	£
Centre refurbishment work and fixed assets	14,745	-	(2,949)	11,796
Enovert Community Trust - Roof repair	-	1,010	(1,010)	-
Lottery Community Fund - Solar instalation	-	20,000	-	20,000
Colchester County Council - Roof repair	-	1,000	-	1,000
	14,745	22,010	(3,959)	32,796
Previous year:	At 1 January	Incoming	Resources	At 31
	2023	resources	expended	December
				2023
	£	£	£	£
Centre refurbishment work and fixed assets	18,431	-	(3,686)	14,745
Enovert Community Trust - Heating fund	-	44,990	(44,990)	-
	18,431	44,990	48,676	14,745

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1 January	Incoming	Resources	At 31
	2024	resources	expended	December
				2024
	£	£	£	£
Sound System Upgrade	-	15,030	(2,020)	13,010
General funds	369,952	219,910	(215,032)	374,830
	369,952	234,940	(217,052)	387,840

• 20 -

MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

18	Unrestricted funds				(Continued)
	Previous year:	At 1 January	Incoming	Resources	At 31
		2023	resources	expended	December
					2023
		£	£	£	£
	General funds	372,026	201,270	(203,344)	369,952
19	Analysis of net assets between funds
			Unrestricted	Restricted	Total
			funds	funds
			2024	2024	2024
			£	£	£
	At 31 December 2024:
	Tangible assets		337,639	11,796	349,435
	Investments		4	-	4
	Current assets/(liabilities)		50,197	21,000	71,197
			387,840	32,796	420,636
			Unrestricted	Restricted	Total
			funds	funds
			2023	2023	2023
			£	£	£
	At 31 December 2023:
	Tangible assets		331,647	14,745	346,392
	Investments		4	-	4
	Current assets/(liabilities)		38,301	-	38,301
			369,952	14,745	384,697

Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitiable objects of the CIO.

Restricted funds are funds given by grants for specific refurbishment works or fixed assets.

20 Related party transactions

During the period Mersea Island Community Trading Company Limited, a subsidiary of the CIO, donated £24,312 (2023: £31,805) to the CIO from whose premises it runs a bar. No conditions are attached to these donations.

At the end of the period, the CIO was owed by the company £2,391 (2023: £4,915), this is unsecured and no conditions are attached.

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MERSEA ISLAND COMMUNITY ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 Subsidiaries

Details of the CIO's subsidiaries at 31 December 2024 are as follows:

Name of undertaking Registered Nature of business Class of % Held office shares held Direct Indirect Mersea Island Community England and Hospitality Ordinary Trading Company Limited Wales 100

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking Profit/(Loss) Capital and Reserves £ £ Mersea Island Community Trading Company Limited 24,158 2,442

22 Non-audit services provided by auditor

In common with many charities of our size and nature we use our auditor to assist with the preparation of the financial statements.

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