# ## ## |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|