2023-03-31-accounts - Mersea Island Trust

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Contents
			Page
Mersea Island Trust Information
Trustees Report
Independent Auditor's Report			5-7
Statement ofComprehensive	Income
Balance Sheet
Statement ofCash Flows			10
Notes to the Financial Statements			11-19
Thefollowing page does notform	part of the statutory	accounts
Property Revenue Account			20

Charity registration number	Charity registration number		206064
Regulator ofSocial Housing registration		number	L1259
Trustees			Caitriona Banting
			JoJackson
			Susan Jenner (resigned		October 2022)
			David Payne (Honorary		Treasurer)
			Cheryl Rutter
			Laurie Sharpe
			Heather Spalding	(Chairman)
Committee	members		David Gibbons (Honorary				President		resigned
			January 2023)
			Jayne Taylor (appointed			November			2022,
			appointed as trustee April				2023)
			Carole Butterfield	(appointed				February 2023)
			Rita Kemp (appointed		February 2023)
			Yvonne Day
			Andrea Selway
Tenant representatives			Jim Crickett Joan Cotton/Sylvia	Couling
Registered	office		Akhurst Court Melrose Road
			West Mersea
			Essex, CO5 SJB
Accountants	and auditor		Streets Whittle &Partners				LLP
			The Old Exchange
			64West Stockwell	Street
			Colchester
			Essex, CO11HE
Solicitor			Ellison 6Co
			Headgate Court
			Head Street
			Colchester
			Essex
Bankers			Barclays Bank pic
			9High Street
			Colchester
			Essex

he	Trust's pe	rfor	mance a	gainst the seven m	etrics require	d by the	Regulator of	Social Housing		are:
					2023	2022	Variance	Comments
							%shift
1	Reinvestment				N/A	N A
2	New su	1	delivered		N/A	N/A
3	Gcarin							No outs tandin		loan finance
4	Earnings	before interest, tax,						No outstanding		loan finance
	depreciation		major repairs / interest
	cover
5	Headline	social housing cost per unit			K8,794	E7,696	EI,098 14.26%	Includes costs refurbishment		offlat 641,766and
								remodellin	costs 230,434
6	0 eratin	mar			9.82%	3.77%	13.59 %	See above
7	Return onca		italem	lo ed	2.13%	,81%	2.94 .%	See above

		YEAR ENDED 31	MARCH 2023
					2022
			Note
Turnover				337,746	336,246
Operating costs				369,358	323,242
Gross (deficit)/surplus				(31,612)	13,004
Administrative	expenditure			1,540	316
Other operating	income
Operating (deficit)/surplus				(33,152)	12,688
Interest receivable and similar		income		15,232	10+23
Interest payable	and similar charges
(Deficit)/surplus	on ordinary	activities for the year		(17,920)	23,011
Revaluation of	tangible fixed	assets
Total comprehensive income		for the year		(17,920	23,011

						2023	2022
					Note	E'
Fixed assets Housing properties	at depreciated			cost		1,713,908	1,747,596
Less:
Social housing grants Low carbon buildings		programme		grant		(441+87) ~64,846) 1,207,675	(441387) ~64,846 1,241,363
Other fixed assets						17,662	20,779
					9	1,225,337	1,262,142
Current assets Debtors Cash at bank and in		hand			10	16,737 327817	2,961 321,892
						344,054	324,853
Creditors: amounts		falling due within one year				(13339)	(13,023)
Net current assets						330,715	311,830
Total assets less current			liabilities			1,556,052	1,573,972
Creditors: amounts		falling due after more than one year
Total net assets						1,556,052	1573972
Reserves Income and expenditure Designated reserve			reserve		12 12	1,516,151 39,901	1,534,171 39,80'I
Total Reserves						1,556,052	1,573,972

STATEMENT OFCASH F YEAR ENDED 31MARCH	LOWS 2023
		2023	2022
	Note	E
Cash flow from operating activities	14	4,851	55,702
Net cash flow from operating activities		4,851	55,702
Cash flow from investing activities Payments to acquire tangible fixed assets Interest received			(17,112) 29
Net cash flow from investing activities		574	~17,0B3
Cash flow from financing activities
Repayment oflong term loans
Interest paid
Net cash flow from financing activities
Net (decrease)/increase in cash and cash equivalents		5,425	38,619
Cash and cash equivalents at1April 2022		321,892	283,273
Cash and cash equivalents at 31March 2023		327,317	321,892
Cash and cash equivalents consists of:
Cash at bank and in hand		327,317	321,892
Cash and cash equivalents at 31March 2023		327,317	321,892

	Particulars ofturnover and administrati	ve	expe	nditure from	social housin	g lettings
						2023	2022
						E
	Turnover Rent receivable Service charge income					189,441 164,735 354,176	176,184 169,146 345,330
	Void losses					(16,430)	(9,084)
	Turnover from social housing lettings					337,746	336,246
	Administrative expenditure Management (including non-routine Service charge costs Routine maintenance Depreciation ofhousing proper ties	maintenance)				65,157 138,159 129,237 36,805	57,968 128,474 99,445 37+55
	Administrative expenditure on social		housing	lettings		369,358	323,242
	TralnIng					1,540	316
	Total operating costs					370,898	323,558
	Operating (deficit)/surplus on social	housing		lettings		33,152)	12,688
3	Accommodation owned and in management				Akhurst	Mersea
	Completed units: Housing for older	people			Court	Court	Total
	Number ofunits at 1April 2022				21	20
	Changes in year Number of units at31 March 2023				21	20	41
	In addition there is a warden's flat at	Akhurst		Court.
4	Surplus on ordinary activities
	Surplus on ordinary activities is stated	after charging:				2023	2021
	Auditor's remuneration —for audit Auditor's remuneration —for non-audit Depreciation of tangible fixed assets		services			6,456 1,782 56,805	5,796 1,590 37,355

a) Interest receivable and similar income
	2023	2022
Bank interest receivable	574	29
Solar panel income	14,658	10,294
	15,232	10,323
b) Interest payable and similar charges		2022
		E'
Bank loans and overdrafts

			2023	2022
			E
Wages	and	salaries	102,874	90,885
			102,874	90,885

YEAR Tangible fixed assets	ENDED 31 M	ARCH 2023
		Housing	Furniture
		properties	fittings
		for letting-	and
		freeholds	equipment	Total
Cost:
At 1April 2022		2,190,652	24,446	2,215,098
Additions
Disposals
At 31March 2023		2,190,652	24,446	2,215,098
Grants from the Housing Corporation At 1April 2022 and 31 March 2023		441,387		441,387
Grants from Low Carbon Buildings At 1April 2022 and 31 March 2023	Programme	64,846		64,846
Depreciation:
At 1April 2022 Charge for year		443,056 33,688	3,667 3,117	446,723 36,805
Depreciation on disposals At 31March 2023		476,744	6,754	483,528
Net book value: At 31March 2023		1,207,675	17,662	1,225,337
At31March 2022		1,241,363	20,779	1,262,142

							2023	2022
Trade	debtors	(gross	social	housing	rent	arrears)	207	327
Other	debtors						16,530	2,634
							16,737	2,961

reditors: amounts falling due within one year
	2023	2022
Trade creditors Rents paid in advance Other creditors Accruals and deferred income	638 5,609 7,092	878 350 5303 6,492
	13,339	13,023

eserves
		Provisional
		Aftercare &
		Community	Income and
		Contingency	Expenditure
		Fund	Account	Total
At 31March 2022		39,801	1,534,171	1,573,972
(Deficit)/Surplus Transfers	for the year	100	(17,920) (100)	(17,920)
At31March 2023		39,901	1,516,151	2,556,552

ACCF,	ofthe net movements in the year which	are as follows:—
		2023	2022
			F.
Interest	received	100
		100

econciliation ofo	perating sur	plus to cash flow from operating	activities
			2023	2022
(Deficit)/surplus	for the year		(17,920)	23,011
Interest payable
Interest received			(574)	(29)
Depreciation and	impairment	oftangible fixed assets	36,805	37,355
(Increase) in trade and other debtors Increase/(decrease) in trade and other creditors			(13,776) 316	(1,027) (3,608)
Net cash flow from operating		activities	4,851	55,702

		Akhurst	Mersea		Akhurst	Mersea
		Court	Court	Total	Court	Court	Total
		E	E	E	E	E
Income Rents Service Charges		102~0 92,200	86,861 72,535	189,441 164,735	92,412 96,636	83,772 72,510	176,184 169,146
		194,780	159,396	354,176	189,048	156,282	345/30
Less: Losses arising from vacant accommodation		(11,030)	(5400)	(16430)	(2,524)	(6&0)	(9,084)
Net income		183,750	153,996	337,746	186+24	149,722	336,246
Expenditure Service costs	-wardens salaries -wardens acconunodation -wardens council tax -helpline monitoring -rates -water charges —clearung -garden maintenance —gas —electricity	25,211 9,000 1/62 7,665 4,963 5/24 6,457 11,127 6/83	24+62 6,968 3,032 2,480 2+88 6,123 4,246	49,773 9,000 1+62 14,633 7,995 8,004 9,045 17,250 10,829	23,642 9,000 1,499 7,619 1+07 252 6+99 5,700 11,013 5,930	21,736 6,698 3,672 2,411 2,055 6+18 4,027	45,378 9,000 1,499 14/17 1307 3,924 9,010 7,755 17,53'I 9,957
	-depreciation ofhousing proper ties	19,598	14,090	33,688	19398	14,090	33,688
	-depreciation offurniture, fittings and equipment -telephone -insurance	3,117 2/47 3381	767 3373	3117 3+14 6,754	3,667 2,108 2,902	684 2,902	3,667 2,792 5,804
		106,735	68,229	174,964	101,036	64793	165829
Management	-Administrators salaries -postage and stationery -sundries —legal and professional —website and computer costs —bad debts	23,363 1,077 3,563 6,073	23+63 632 2873 4/13	46,726 '1,709 6,136 10+86	19,672 2,028 2/07 5,824 54 86	19,671 1372 1,301 5,733 45 (125)	39~3 3,400 3,608 11+57 99 (39)
		34,076	31,081	65,157	29,971	27,997	57,968
Routine maintenance		85,764	43,473	129,237	57,859		99,445
Total expenses	before finance costs	226+75	142,783	369+58	188,866	134@76	323,242
Surplus on properties before finance costs		~42525	11,213	31,612	~2342	15,546	13,004
Finance costs
Surplus on properties after finance costs		42,825	11,213	~31,612	~2342	15,346	13,004