MERSEA ISLAND TRUST ACCOUNTS AND TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 Regulator ol Social Housing registration number.. L1259 Charity registration number.. 206064
MERSEA ISLANDTRUST FINANCIALSTATEMENTS YEAR ENDED 31 MARCH 2025 Contents Page Mersea Island Trust Information Trustee5 Report Independent Auditor's Report State ment ol Cornprehensive Incorne Balance Sheet State ment of Cash Flows io Notes to the Financial Statements 11-18 The following ptige does notfom? part of the statutory occounts Property Revenue Account 19
MERSEA ISLANDTRUST TRUST INFORMATION FOR THE YEAR ENDED 31 MARCH 2025 Charily rtgi5tration number 206064 Regulator of Social HoSIng registration number L1259 Trustees Caitriona Banting Joanna Jackson (Chairman) Cheryl Rutter Laurie Sharpe Iresi8ned 3 10ecember 20241 Jayne Taylor Rita Kemp Alison Vico (Treasurer) (Appointed 18 November 20241 Committee members Carole Butterfield David Payne Iresigned September 20241 Yvonne D3y Andrea Selway (resigned February 20251 Tenant representatlves Evelyn Rutter Christine Chamberlain Registered office Akhurst Court Melrose Road West Mersea Essex. C05 8J8 Accountant5 and auditor Streets Audit LLP The Old Exchange 64 West Stockwell Street Colchester Essex, COI IHE Solicitor Headgate Court Head Street Colchester Essex 8anker5 Barclays Bank plc 9 High Street Colchester Essex
MERSEA ISLAND TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees of Mer5ea Island Trust present their report, and the audited financial statements of the year ended 3 1 March 2025. Organisation The Mersea Island Trust 15 governed by the trLJ5tees who have delegated the operation of the Trust's activities to 8 M3in Committee consisting of trustees and others which meets at least quarterly. The trustees hold an ènnuèl general meeting to which committee member5 are invited. Names of the trustees and committee members are shown on page Individuals interested in acting as trustees are appointed after they have been recommended as having the qualities and ski115 expected ol trustees and after attending a committee meeting. Training is Eiven where appropriate, dependent upon the requirements ol each individual trustee. Financial review of the past year and futurè devèlopmènts The accounts show the financial performarice for the year ended 31 March 2025. The 5urplu5 for the year is £42,292 12024.. £1.0551. The operating costs ol the Trust are show a5 a one line entry on page 8 of the accounts and detailed under note 2 on page 13. During the year there have been changes to the tenants In the two htsmes runs by the Trust. There were three rental voids at Mersea Court during the year, two tsl which required m3jor works so there was a delay before reletting,. there was one void at Akhurst Court during the year, which wa5 re-let quickly. We cornpleted the conversion of the former 3 bedroom warden'5 flat at Akhurst Court into tr0 I bedroom flats, both were let earlier than anticipated, resulting in additional income which off set Some of the conversion costs. Flat 11 at Mersea Court was refurbished and wa5 let at an increased rental charge. Fire safety irnprovernent work5 were starting during the year at both properties. The irnprovements carne about as a result of a fire safety inspection. There were staff changes during the year." Mersea Courtwarden leftin March 2025 and has subseouently been replaced,. the 3dministration manager left in February 2025. this wa5 a part time role and has been replaced with a full time role following the year end. The Trustees plan to continue to operate the homes in the manner in the future to best meet the needs of their users. Objectives and strategies for achieving those objertives The rnain objective ol the Trustees tsl the Mersea Island Trust are to.. Keepto and apply, national standard of service and the implementstion of a risk Management Statement and National Occupational Standard. Work in partnership with other organi5ations to meet the needs of the Tenant5 and Staff of the homes. To use their discretionary powers to apply lund5 for the benefitof the elderly residents of Mersea Island and in particular, to acquire and run homes for those purposes. There are two home5, Akhurst Court and Mersea Court. sitLJated in West Mersea, each of which have representation on the Main Committee. Code of 8overnance The Mersea Island Trust wa5 e5tabli5hed as a charitèble trust by a declaration of trust dated 2 May 1961. The founder trustees were headed by Dr J Llewellyn Jones. The Mersea Island Trust is registered as a charity with the Char1ty Cornmi55ioners Ino, 2060641 and as a registered social landlord with the Regulator of Social Housing.
MERSEA ISLAND TRUST ANNUAL REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2025 The Input of volunteers The Trust ha5 one full time administrative staff rnember and relies upon the input of unpaid volunteer5 to acl ès trustees and committee members. Pvblic benefit statement The Trust en3ble5 the elderly to continue livin8 on Mersea Island. The Trust has had due regard to the guidance published by the Charity Commission on public benelir. Re5erve5 Policy The Tru5tee5 have examined the charity's requirements lor reserve5 in the light ol the main risk s to the organi5ation. It Is to e5tab115h a policy where the reserves are to be used to rnaintain the capital committnent of the Trust in keeping within the requirementsof the Health and Safety requirements and where nece55ary the improvement ol the facilities. These reserves are analy5ed in note 13 on pa8e 17 and where required revalued as required by company law. Availability and value of assets The tru5tee5 believe that the Trusys assets are available and adequate io fulfil the obligètions of the Trust. The market value of the trvsys land is substantially in excess ol its book value at the year end. as shown in riote Ioto these accounts. Value for monev The Trust is charged with the responsibility lor providing and demonstrating that it does provide value lor money. The Trust is constantly workillg to rnanage it5 resource5 to rnaximise c05t effectiveness and efficiency, while at the sam time providing qU31ity service5 to rneet tenants need5. The Trust manages 1ts value for money responsibilities by its approach to budgetin8, risk management. interest rates, service quality. void5 rnanagement and energy consumption whilst keeping an optimum balance between realistically low Costs and a quality service. The Trusvs performance against the seven metrics reqLJired by the Regulator of Social Housing are.. 2025 2024 Varlan % shift Comments Reinvestment Newsu I delivered Gearin Earnings before Interest, tax, depreciation ma or re airs / interest cover Headline soci31 housin8 Cost per unit NIA NIA NIA NIA No outstandin loan finance No outstanding loan finance £8,731 £8,957 13%) Includes costs of flat refurbishments and fire safety updates. See above See above erating margin Return on ca ital em Its ed 14.631% 1.07 236% 247% 1.57% The Trust has complied with the Governance and Financial Viability Standard. Donation5 During the year the Trust made no charitable donations. Trustees, responslbllitie5 The trustees are responsible for preparing the report and financial 5tatemernts in accordance with applicable law and regulations.
MERSEA ISLAND TRUST ANNUAL REPORT OF THE TRUSTEES - contlnued FOR THE YEAR ENDED 31 MARCH 2025 Registered social housing legislation require the trustees to prepare financial statements lor each financial year which give a true and fair view of the state ol affairs of the Trust and of its income and expenditure for that period. In preparing these financial statements. the 8oard of trustees is required to.. select suitable accounting policies and then apply them con515tentlv.' make Judgements and estimates that are reasonable and prudent., st3te whether applicable accounting standards have been followed, subject io any material departures disclosed and explained in the financial 5tatements,' and prepare the financial statement5 on the going concern basis unless it Is inappropriate to presume that the association will continue in busines5. The trustees are respon51ble for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable it to ensure that the financial Statements comply with legislation 3nd the AccountinE Direction for private registered provider5 of Social housing in England 2 022. It has general responsibilitv for taking reasonable steps to safeguard the assets of the Trust and to prevent and detectfraud and other irre8ulariries and for maintaining a satisfactory system of control over the Trust's books of accounts and transactions. Disclosure of information to the auditors We, the trustees of the Trust who held office at the date ol approval of these financial statements as set out above each confirm, so lar as we are aware. that.. there is no relev3nt audit information ol which the trusvs auditors are unaware.. and we have taken all the steps that we ought to have taken as Trustees iri order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. Jjac on Chairman on behalf of the tru5tee5 I September 2025
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MERSEA ISLANDTRUST- continued FOR THEYEAR ENDED 31 MARCH 2025 Oplnign We have audited the financial statements of Mersea Island Trust lor the year ended 31 March 2025 which comprise the Staternent of Comprehensive Income, the Balance Sheet, the Statement ol Cash Flow5 and notes to the finaricial staternents including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 'Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. 8ive a true and fair view of the state of the Trusvs affairs as at 31 March 2025 and ol its incomin8 resources and application of resources, including its income and expendifure lor 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. the Housing and Regeneration Act 2008 and the Accountin8 Direcrion for private registered providers of social housing in England 2022. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's re5pon5ibilitie5 lor the audit of the financial statements section of our report. We are independent of the trust in accordance with the ethical reouiremenis that are relevant to our audit of the financial statements in the UK, including the FRC'5 Ethical Standard, 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 lor our opinion. Concluslons relatlng to golng contern In auditing the financial 5tatement5. we have concIled that the trust's use of the 8oin8 conTrrn basis of accountiw in the preparation ol the financial statements Is apprtsprièie. Based on the workwe have perfomed, we have not identifEd any material uncertaint£srelarin8 to events or ccmdrt1or th< Individual Of co11ectDiely, rnay cast 5ignrficant doubt onthe a5500atn'5 abilityto iontinueas a going concernfora pe riodof 3t least twelve rnonth5 from when the financial 5t3ternents are authorised lor Issue. Our respor6ibilitie5 and the respJn5itrx'l((ies ol the trusteeswith respeLI to going concerriare descnbed in the relevantsectiors ol this report. Other Informatlon The other information compr5e5 the information iacluded in the annual report. other than the finanual ststernents d our auditor's report thereon. The trustees are resnb forthe other information containedwithin the annual repoKtJ Our0n)n on the financial statements does not ccwer the other information and, except to the extent otherwise explicitly statrd in wr report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infoTrnation and, in doing $0, consider whether the other information 15 m3teri incon515tent with the financial statements, or our knowledge obtained in the course of the audrt, or otherwise appe be materially misstated. If we identify such material inconsistencEs or apparent material misstatement5. we are required b) determine whetherthis gives rise to a material misstatement in the finarKkil statementsthemselves.11, ba5edon the work ¥%e have perfmed, we cOrKl* that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this re8ard.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MERSEA ISLANDTRUST- continued FOR THE YEAR ENDED 31 MARCH 2025 Matters on wh4ch we are required to report by exception We have nothing to report in respect ol the following matters where the Charities (Account5 and Reports) Regulation5 2008 requires us io report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the tru5tee5' repo or sufficient accountin8 reiords have not been kepi,. or the financial statemenis are not in agreement with the accounting records return5,' or we have noi received all the nfOrmatIon and explanation5 we require lor our audit. In addition, we have nothing to report in respectof the followin8 matter where the Housing and Regeneration Act 2C08 requires us to report to you if, in our opinion.. a satisfactory system of control over traMsa£tions ha5 not been maintained. Responsibilities of the Trustees As explained more fully in the Trustee's Responsibilities Statement set out in the trustee5' report, the Trustees are responsible lor the preparation of the finaniial statements and for being satisfied that they give a true and fair view, and lor such internal control as the board deterrnine is necessary to enable the preparation of financia5 statements that are free from material missiatemenL whether due to fraud or error. In preparing the financial statements, the board 15 respon51ble lor a55essing the trust's ability to continue as a going concern, disc105ing, as applicable, matters related to going concern and usine the Eoing concern ba515 of accounting unle55 the bo3rd either ilitends to liquidate the trust or to cease operations. or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financlal statements Our objecrives are to obtain reasonable assurance about whether the financial statements as a whole are free from marerial misstatement, whether due to fraud or error, and to issue an auditor'5 report that includes our opinion. Reasonable assurance is a hi8h level of assurance but is not a guarantee thai an audit conducted in accordance with ISAS IUKI will always detect a material rnisstatemeni when it exists. Misstèiemenis can arise from fraud or error and are considered material il, individually or in the aggregète, they could reasonably be expected to influence the economic decision5 of users taken on the basis of these financial statements. lrregu13rities,incdlng Ir3ud, are instances ol non-compk'ance with laws and reguL3tior6. We desEn procedu$ in line our responsiEMlities, outlined above, to detect rnaterk41 mis5taternents in respect of irregularitEs,inclthingfraud. Our approach to identifying and assessing the risks ol rnaterial mi55tatetnent in re5PeCt of irregularities. including fraud and non- compliance with law5 and regulations. wa5 as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and ski15s to Idefitfy or recognise non-compliance with applicable law5 and regulations,. we Identified ihe laws and regulations applicable to the Trust through discussions with tru5tee5 and from our knowledge and experience ol the sector., we focused on Specific law5 and regulations which we considered may h3ve a direct m3terial effect on the financial statements or the operation5 of the Trust. including the Charities Act 2011. data protection, employment and health and Safety legislation., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of trustees,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throvghout the audit.
INDEPENDENT AUDITOR'5 REPORT TO THE TRUSTEES OF MERSEA ISL4ND TRUST- continued FOR THE YEAR ENDED 31 MARCH 2025 We assessedthesuxeptibilty oftheTwst'sfinanaalstatements to material misstatement, iluding0brain1rÉ an urQerstwding of how fraud might occur, bv.. making enquiries of trustees as to wherethey C51eredthere was susceptibility to fraud, their knowledgeof acttja. suspected and alleged fraucl,. and consideringthe internalcontrols in place to mitlgate risks ol fraud and non-compliance with laws and regulations To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships,. tested journal entries to identify unusual transactions.. assessed whether judgements and a55umption5 made IN determining the accounting estimateswere indicaiNe of potential bia5.' and investigated the rationale behind significant or unusual transactions. Because of theinherent l1rn1tats of an audit. there 15 a risk thal we will not detect all Irregularrties, including those lead810 material misstatement In the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or repJlatDn is removed fromthe e¥*nt5 and transaction5 reflected in thefinancial statements, as wll be less likely to become aware of instances of non-complance.The risk is also greater regarding irreguL3r((ies Occurringd to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In response to the risk ol Irregularitie5 and non-compl¢ance with lèws and regulations, we designed procedures which included, but were not limited ro.. agreeing financial statement disclosures to underlyin8 supporting documentation,. reading the minutes ol meetings ol those charged with governance., and enquiring of management a5 to actual and potential litigation and claims. Use of our report This report is made solely to the board of trustees, as a body, in accordance with Part 4 of the Charitie5 (Account5 and Reports) Regulations 2008 and section 137 of the Housing and Re8eneration Act 2008. Our audit work h3s been undertaken so that we might state to the board of trustees those matters we are required to State to them in 3n auditor's report and for no other purpose. To the fullest extent perrnitted by law, we do not accept or assume responsibility to ènyone other than the trust and the board ol tru5tee5 as a body, for our audit work, lor this report, or lor the opinions we have formed. Streets Audit LLP- Statutory Auditor The Old Exchange 64 West Stockwell Street Colchester Essex COI IHE STREETS AUDIT LLP Chartered Accountants & Registered Auditors I September 2025
MERSEA ISLANDTRUST STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNn YEAR ENDED 31 MARCH 2025 2025 2024 Note Turnover 400,666 359,517 Operating costs 1375.4501 1376,1751 Gross IdellcStllsurplus 25,216 116,6581 Administrative expenditure Other operatin8 income Operatlng IdÈfl£ltllsurplus 25,216 116.6581 Interest receivable and simllar income Interest payèble and simllar charges 17,076 17,713 IDtfltitll5urplus on ordlnary artlvltles for the year 42,292 1.055 Revaluation of tan8ible fixed assets Total comprehenslve Incom• lor th• year There are no reco8ni5ed 8ains and1055es Other than the surplu5 reported above. Note ol hIstorl1 cost surpluses and defldts There 15 no difference between the results disclosed in the Income and expendlture account and ihe result on an unmodified historical cost basis, The accounts were approved by the Committèe on I September 2025 and were 518ned on its behalf bv.. J Jackson Chalrman
MERSEA ISLANDTRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed 355et5 Housing properties at depreciated cost 1,697.058 1,682,745 Less.. Social housing grants Low carbon buildings programme grant 1441,3871 164,846 1,190,825 48,582 1441,3871 164.8461 1,176,512 37,852 Other fixed assets io 1,239,407 1,2 14,364 Current assets Debtors Cash at bank and in hand li 2.086 373.192 1.557 364,027 375,281 365,584 Credltors- amounts falling due within one year 12 115,2851 122,8401 Net current assets 359.993 342,744 Total assets less current liabilitie5 I,S99,400 1,557,108 Credltors- amounts falllng due after more ihan one year Total net a55ets 1,599,400 1,557,108 Reserves Income and expenditure reserve Designated reserve 13 13 1,558,946 40,454 1,516,654 40,454 Total Reserves 1,599.400 1,557,108 The financial statements were approved and authorised for issue by the Committee on I September 2025 and were signed on its behalf by.. J Jackson Chalrman The note5 on pages 11 to 19 form part of these accounts.
MERSEA ISLANDTRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flow from operatin8 artivities 15 70,250 75,086 Net ta5h Ilow from operatlng artlvltles 70,250 75,086 Cash flow from inve5ttng adivities Payment5 to acquire tangible fixed assets Interest received 165,5991 4,514 144.3721 5.996 Net osh Ilow from investin8 activitles 161,0851 138,376 Cash flow from financing activitie5 Repayment ol long term loan5 Interest paid Net cash flow from financin8 artivities Net Ide£rèasellintrèase In cash and cash equivalents 9,165 36,710 Cash and cash equlvalents at l Aprll 2024 364,027 327,317 Cash and cash equlvalents at 31 Marth 2025 373,192 364,027 Cash and 5h equivzlents con515ts of.. Cash at bank and in hand 373,192 364,027 Cash and 5h equivalents at 31 March 2025 373,192 364,027 io
MERSEA ISL4NDTRUST NOTES TO TH E FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Summary of s1gniflrtI attounting polldes lal General information and basis of preparallon Mersea Island Trust is registered as a charity with the Charity Commissioners and as a registered social landlord with the Regulator of Social Housing and is a registered provider of social housing the United Kingdom. The address of the registered office and operating address is eiven in the Trust information on page l of these financial staternent5. The nature of the Trust's operations and principal activities are set out in the Trustees report on page 2. The Trust con5titute5 a public benefit entity as defined by FRS 102. The financial statement5 have been prepared in accordance with applicable accounting 5tandard5 including Financial Reporting Standard 102 The Fin¢inciol Reporting Stondard Applicoble in the UK ond Republic of Ireland IFRS 1021. the Ststement of Recommended Practice for Social HousinE Providers 2014, and with the Accounting Direction for private re8lStered providers of social housing in England 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008. The financial statements have been prep3red on a 80in8 concern basis under the historical cost convention. modified to include cert3in item5 at fair value. The financial statements are prepared In sterling, which 15 the functional currency olthe Trusi arid rounded to the nearest £. The significant accounting policies applied in the preparation of these financial 5tatement5 are set out below. These policies have been consistently applied to all year5 presented unles5 Otherwise Stated. Ibl Tangible fixed assets Tangible fixed assets lincluding social housing propertie51 are stated at cost less accurnulated depreciation and accumulated impairment 105ses. Cost includes costs directly attributable to making the a55et capable ol operating as intended such a5 the cost ol acquiring land and building5, developments COSts, interest charges on loans during the development period and expenditure on improvement5. Expenditure on Improvements will only be capitèli5ed when it results in incremental future benefit5 such as incr easing rental Income. reduci maintenance costs or resultin8 in a si8nificant extension of the useful economic life ol the property. Depreciation is provided on all tangible fixed assets. at rates calculated to wrife off the cost, less estimated residual value, ol each asset on a systematic basis over its expected useful life as follows.. Housing properties, flat5 are stated at cost less Housing Association Grant IHAGI. Until 1999 it was considered th3t housing properties were maintained in a state of repair such that their estimated residual value was not less than their cost so no provision wa5 made on an annual basis for depreciation. since l April 1999 depreciation has been charged at 2% of the estimated cost, net of 8rants received, of erecting the building5 and making improverrents. Other fixed assets are stated at cost less accumulated depreciation. Depreciation is charged at IO% per annum straight line. The useful economic lives of all tangible fixed assets are reviewed annually. 11
MERSEA ISLANDTRUST NOTES TO THE FINANCIALSTATEMENTS- Icontinuedl YEAR ENDED 31 MARCH 2025 1¢) Debtors and ueditors recelvèble I payablè within one year Debtors and creditors with no stated interest rate and receiv3ble or p3y2ble within one year are recorded at transaction price. Any losses arising from Impairment are recogni5ed in the statement of cornprehen51ve income in other administrative expenses. Idl Loans and borrowings Loans and borrowing5 are initially recognised at the transaction price including tr3nsaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairrnent. arrangement constitutes a financing transaction it is measured at present value. (Èl Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balanc sheet date. The level at which an impairment Is assessed is the sheltered housing at each site. The key indicator5 con51dered are state ol repair and occupancy levels. If such indication exists, the recoverable amount Is estimated and compared to the carrying amount. Where the carrying amount exceeds Its recoverable amount, an impairrnent Ios5 15 recogni5ed in expenditure through the 5taternent of comprehensive income. Ifl Provisions Provisions are recognised when the Trust has an obligation at the balance sheet date as 3 result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount Can be reliably estimated. Provision5 for cyclical maintenance or major works to eyisting stock are not made unless they represent comrnitments or obligations at the Balance Sheet date where there 15 no discretion to avoid or delay the eKpenditure. Recycled Ct7pitol Grants Fund Capital grants can be recycled under certain condition. if a property is sold, or if another relevant event takes place. Recycled grants can be used for projects approved by the Regulator ol Social Housing and they are Cfedited to the Recycled Capital Grant Fund within liabilities. In certain circumstances, such as the sale of housing properties, capital grants may be repayable, and, In that event, IS Subordinated to the repayment ol other loans by agreement with the Regulator of Social Housing. It 15 accounted for as 500n a5 the liability arises within creditors.. amounts falling due within one year. When any grarit to be recycled or repaid is less than the grant relating to the disposal, the difference is treated as abaied grant. Abated capital grants are treated as a componeni of the surplu5 or deficit on disposal. 181 Turnover and other income Turnover Is measured at the lair value of the eon5ideration received or receivable. The policies adopted lor the recognition of turnover are 3$ follows.. Turnover represents rentsl and service charges income receivable in the year net of rent and service charge losses from void5. revenue grants from the government Ilocal authorities) and the Regulator of Social Housin8, Interest receivoble Interest income is recognised using the effective interest method is recognised as the Trusys right to recewe payrnent is established. Ihl Employee benefits When employees have rendered service to the Trust, short-term employee benefit5 to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. 12
MERSEA ISLANDTRUST NOTESTO THE FINANCIALSTATEMENTS- Icontinuedl YEAR ENOEO 31 MARCH 2025 Partlculars of turnover and admlnlstratlve expendltuie from soclal houslng lettln85 2029 2024 Turnover Rent receivable Service charge income 157,050 250,980 408,030 17,3641 144,684 219,264 363,948 14,4311 Void losses Turnover from soaal housing lettlngs 400,666 359,S17 Administrative expenditure Managernent (including non-routine maintenance) Service charge cost5 Routine maintenance Depreciation of housing properties 70.703 152.626 111.565 40.556 89,984 144,629 103,881 37,680 Admini5tratlve expenditure on social housln8 lettings 375,450 376,175 Training Total operatlng costs 375,450 376,175 Operating Ideficitllsurplus on social housinB lettings 25 216 Accommodation owned and in mana8ement Akhurst Court Mersèa Court Completed units.. Housing for older people Total Number ol uriits at l April 2024 Changes in year Number ol units at 31 March 2025 21 20 41 23 20 43 Increase relates to the subdivision of the former warden's flat at Akhurst Court. Surplu5 on ordinary activities Surplus on ordinary activities 15 Stated after charging.. 2025 2024 Auditor'5 remuneration for audit Auditor'5 remuneration lor non-audit services Depreciation of tangible fixed as5et5 7,956 2,260 40,556 6,480 1,740 37,680 13
MERSÉA ISLANDTRUST NOTESTO THE FINANCIAL STATEMENTS- Icontinuedl YEAR ENDED 31 MARCH 2025 Interest and other fInan income and charges al Interest receivable and similar income 2025 2024 Bank interest receivable Solar panel income 4.515 12.561 5,996 11,757 17,076 17,753 bl Interest payable and Similar charges 2025 2024 Bank loans and overdrafts Trusiees Ourin8 the year no trustees12024.'Nonel were reimbursed for expenses. None of the trustees received any remuneration during the year. Staff costs The average number of employees during the year wa5 512024.. 51. They were all employed as wardens. deputy warden5, cleaners or co-ordinator5. The èggre8ate remuneration ol such employees was a5 101Sows' 2025 2024 Wages and salaries 112,310 106,152 112 310 There are no employees who received more than £60,000 as their employee package. 106 152 Board and key management ptrsonnel remuneration No emoluments were paid or were receivable by the trustees or committee. Tax Mersea Island Trust is an exempt charity within the meanin8 of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition ol a charitable company for UK corporation tax purposes provided its income is applied to charitable purposes only. Accordingly, no provision is made for corporation tax but this assumes that income continues to be applied solely to charitable purposes. 14
MERSEA ISLANDTRUST NOTES TO THE FINANCIAL STATEMENTS- Icontinuedl YEAR ENDED 31 MARCH 2025 io Tan8ible flxed assets Housin8 properiies lor letting freehold5 Furniture fittings and equipment Total Cost.. At l April 2024 Additions Disposals 2,193,232 49,033 41,792 16,566 2.235,024 65,599 At 31 March 2025 2,242,265 58,358 2,300,623 Grants from the Houslng Corporatlon At l April 2024 and 31 March 2025 441,387 441,387 Grants from Low Carbon Bulldlngs Programme At l April 2024 and 3 1 March 2025 64,846 64.846 Depredation.. At l April 2024 Charge for year Depreciation on disposals At 31 March 2025 510,487 34,720 3,940 5.836 514,427 40,556 545.207 9,776 554.983 Net book value.. At31 March 2025 1,190.825 48.582 1,239,407 At 31 March 2024 1176 512 1214364 All of the total c05t of household properties relates to completed schemes. The freehold property at Akhurst Court, Melrose Road, West Mersea is vested in the name of the official custodian lor charitie5. Mersea Court wa5 formerly the Coronation Memorial Trust property and 15 a freehold property vested IN the name of the ollicial custodian for charities. Deducti ng grants from the cost of the hou5irig propertie5 contr3venes the Companie5 Act however the trustees feel that thi5 IS necessary to Show a true and fair view of the position. During the year expenditure ol £ 111,565 12024.. £103.8811 on existing properties was made which r@lates to routine maintenance rather than an enhancement of economic benefits to the housing properties. Current rebuilding costs for insurance purpose5 inclusive ol fees and VA T are £ S,205,379 lor Akhurst Court and £3.586,900 for Mersea Court. Grants from the Housing Corporation may become repayable under certain restricted circumstances Such as the sale of property. In this event the grant repayable would become a current liability subordinated to other creditors. 15
MERSEA ISLAND TRUST NOTES TO THE FINANCIALSTATEMENTS- (continued) YEAR ENDED 31 MARCH 2025 li Dèbtors 2025 2024 Trade debtors Igr05S Social housing rent arrears) 15 15131 Other debtors 2,071 2.070 2.086 1,557 12 Ciedltors.. amounts fallln8 due withln one year 2025 2024 Trade creditors Rent5 paid in advance Other creditors Actruals and deferred income 5.502 10,106 2,691 7,092 5,642 7,092 22,840 16
MERSEA ISLANDTRUST NOTES TO THE FINANCIALSTATEMENTS- {continuedl YEAR ENDED 31 MARCH 2025 13 Re5erve5 Provisional Aftercare & Community Contingencv Fund Income and Expenditure Account Total At 31 March 2024 40,454 1,516,654 1,557,108 IDeficitll5urplus for the year Transfers 42,292 42,292 At 31 March 2025 1 $58 946 1 $99 400 The income and expenditure reserve represents cumulative surplus and deficits net ol other adjusrments bl The Provisional Aft mm PACCF edRe erv Thi5 de5ign3ted reserve represent5 those monie5 the trust has built up over the ye3r5 to fund its work lor and outside ol the provision of sheltered accommodation at Akhurst Court and Mersea Court. The movernents on the PACCF during the year are included in the income and expenditure account shown on page 8 of the accounts. A transfer was made from the income and expenditure account to the PACCF, of the net movements in the year which are as follows'.- 2025 2024 Interest received 553 553 14 Auditors. Ethical Standards The relevant circumstances requirin8 disc105ure in accordance with the requirement5 of APB Ethical standard Provisions Available for Small Entities are that, in common with many ch8ritie5 of our 511e and nature we use our auditors to assist with the preparation ol the accounts. Our auditors also provide payroll bureau service5. 17
MERSEA ISLAND TRUST NOTES TO THE FINANCIALSTATEMENTS- Icontinuedl YEAR ENDED 31 MARCH 2025 IS Re¢DncSllatlon of operatlng surplus to cash flow Irom operatlng actlvltles 2025 2024 IDeficrtll5urplus for the year 42,293 1.055 Interest P3V3ble Interest received Depreciation and impairment of tangible fixed assets Ilncre35el in trade and other debtors Increa5e/ld£crea5el in trade and other creditors Loss on di5P05al ol tsngible fixed asset 14,5151 40,556 15291 17,5551 15.9961 37,680 15,180 9,505 17,662 Net cash Ilow from operatlng adlvltles 70,250 75,086 16 Pensions The trust operates a workplace pension scheme for employee5. During the year the cost to the trust wa5 £ 4.856 and at the balariee sheet date an amount of £317 was due to the scheme provider. 17 Related party transactlons There were no related party transactions during the year. 18 Crltlcal a¢tountln8 estlmates and judgments In the application of the charities accounting policies. the Trustee 3re required to make judgements, estirnate5 and assumptions about the carrying amount ol assets and liabilitie5 that are not readily apparent from other sources. The estirllates and a550ciated a5sumptiOn5 are based on historical experience and otherfactor5 that ar considered to be relevant. Actual results may differ from these estimates. The estimates and underlyirig assumptions are reviewed on an ongoing basis. Revisions to accounting estimates ère retogni5ed in the period in which the estimate is revised where the revision affects only that peritsd. or in the period of the revision and future periods where the revision affects both current and future periods. The jud8ement5 that the trustees have made that have the most $18nificant effect on the amounts Tecogni5ed in th£ financial statements 3re deterrnining whether there are indicators of impairment of the Charity'5 tangible ssets. The factors taken into consideration when making the judgements include the economic benefit5 the assets will provide to the charity. The Trustees have not made any material estimates in relation to these financial ststements. 18
MERSEA ISLANDTRUST PROPERTY REVENUEACCOUNT YEAR ENDED 31 MARCH 2025 2025 2024 Akhur51 Court Mer5ea Court Alhurst Court Mer5ea Court Total Total Income Rent5 Ser¥i¢e Charges 82,635 143,280 74,416 107,700 157.051 250,980 76,992 119,664 67,692 99.600 144.684 219.264 225.915 182.115 IIOB.030 196,656 167,292 363.948 Losses arlsln8 from vacanf xcommodètion 16.4601 17.3641 12.3461 14et Income 225.oll 176.656 400.666 194,31Q 165,107 359.517 Expenditure wardens 53larie5 wardens councll tax helpline moniroring rates watÈr charges 31,007 848 ,050 30,180 61,187 848 15,368 30,849 827 7.665 24,977 341 6,968 55,826 1,168 14.633 7.318 381 3.022 3.498 11.390 5,911 14.100 125 9.661 9.533 27.626 16.170 34.720 4.250 6.051 6.021 10.420 4,958 21,840 3.611 2.499 3.314 5.509 4.229 15.840 7.861 8.550 9.335 15.929 9.187 37.680 6.639 6.035 16,236 10,259 20.620 arden maintenance properties 3,316 2,520 5,836 fittin85 aDd equipment telephone insurance -105s on di5P05al 2,06S 3,992 2,058 3,992 4,113 7,984 2,676 12,8681 17.662 1,024 3,646 3,700 777 17.6S2 Totèl 5EThce cust 198,811 84,371 193.182 110.351 71.958 182,309 Management 25,562 596 1,060 1,677 5,108 588 540 45 25,562 327 1,878 1,677 5,108 930 51,123 923 2,938 3,354 10,216 1,518 540 90 24,535 1.5?3 1.424 19,708 24.535 873 1,188 16,149 49,070 2.446 2,612 3S,857 posiase anLI 5tatioDery leg31 and profe5%0nal accountancv -bookkeeping -advertising -bank charges 45 Tot rnan4ement ¢o#s 35,176 35.527 70,703 47,24 42,745 89,985 Routine m31ntenan¢e 47,911 63.654 111,565 S8,387 45,494 103,881 Tot31 oxpen5È5 bèfore Ilnan¢e ¢osts 191.898 183,552 375,450 215,978 160,196 376.174 Surplus on propertles before fln*ce cost5 33.113 ri.8971 25,216 121,6681 5,010 116,6581 Surplus on p¥opertSe5 after finaTrce c05tS 3J.iiJ (7.8971 Z5.216 IZI.66BI 5,010 116,6581 19