Company No: 02761690 RÉGISTERED CHARITY ENGLAND AND WALES NO. 1019760 COWES TOWN WATERFRONT TRUST LIMITED REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
COIAES TOWN WATERFRONT TRUST LIMITED CONTENTS FOR THE YEAR ENDED 31 NARCH 2021 Referenc8 and Admlnlstrauve DgtalL8 R$port oftha TNst6as and Slrato9l¢ Report IndepgndentAudllors' Report 8- 11 Con80Udated Slatsmonl of Flnanclol ActlvStla8 12 Consolljated and Chorlty &alan¢& Sheots 13 Consolldgted Statemenl of Cash flow5 14 Notes Io th8 NLcounts Includlng Accounllng Polkle$ 15-23
COWES TOWN WATERFRONT TRUST LIAfjITED REFERENCE AND AMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021 Cowes T¢Jwn Watsrfronl Trust Limlled16 a ¢ompany limited by guarantee ond a registered ¢harity. Dlro¢torn and Tru$te•$ J N Dale {Chalrm8nl G S Grevilb DWJaggar P B Morton RPOw8n R Reynoldg IR8slgned gih NovèmJ*r 20201 JALRlley P P Shears Charty Numb•r 1019780 Company Numbgr 02751595 R•pl•tor•d Olftc• Crywes Ygchl Haven Vgctls Yard Marlna Walk Cowes Isla ofwght P0317BD Chlel Ex•cutlvo D Jehan ¢)mpany 5ocr¢tary C M Thorna8 IAppolnteil 18th December 20201 Audltor6 Moore Isoulhl LLP 9 Sl John'8 P18ce Newport Islè of wEghl P030 1LH Soll¢ltorg Ro8¢h PrtU$ 60-66 Lugby Street Newport 191e of Wighl P030 SEU Banknr9 Lloydg Bank PIC 22 St Thornas. Squarg Newport Isle ol Wight P030 1SQ
COWES TOYIN WATERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trusiee3, who are also Directors and Memb?rs of thg Company, Pf8sefit e1r report iogether wlth th• financlal Statèments of the Charty for the year to 31st March 2021. Tht8 report also includes the requlrements ol a Directors, Report under Company Law. The Trustees who served during Ihe ye8r 8nd slnc6 the yèar ond ar& a8 shown on P8ge 1. The financial slalements have been prepared in accordance wllh the attoununy poll¢5es Sel oul In notes lo these accounts and cornply wilh the charity'5 governing document, the Charities A¢1 2011, C¢mpanies A¢1 2006, and the provistins ol the Stslamanl of Re¢ommèndèd PraelicÈ ISORPI'Accounling and Reporting by Charities. appli¢8ble lo charltlas preparlng thelr 8eLounts In accordance wllh the Flnanclal Reporllg Standard appllcable In the UK and Republic ol Ireland publisfved In October 2018. Obl•ctlves and actlvttl•s The prfn¢ip81 purposas ol the Chartiy ore as follows.. (11 To promote high standards of anrtlng and 8rchke(urg In or affecting Cowe$', Illl To eJucat¢ the publ1¢ in the geogr8phy, hkqlory and archltsoture ol Cowes., 11111 To sècurè the prerVatIon, protactTh. d•valopm8nt and Improvement of fèature8 of hlstorlc or public interest In Cowes., Ilvl To provide or 8881st In th8 PSlon ol fadlltles for racreath)n or other leSsure-Ilmo OCCUpal In the Inter8$1s of sodal wellar• with th• object tsf ImprovlTrJ the condltionA of lifè ol thè Inhabltants of thè Isle of Wlghl and sltors thereto, and lo provld8 or a881st In the prov18bn of f8cllhk8 fcsr Ihg moorlng ol boat$ to be avallabk8 10 momlx•rs ol lh8 publlc al laoe. In ord8rtO 8chlov these objectives, the Trust Ilhrough its Iradlng subsldlaryi man898S tha cOS Yacht H•ven, and a number ol events at the Event Centre, as 11 as dlrèctly recefvlro r8nlal Inc4Jme from varh)u8 propertles lo use to further develop Servlces and ochleve outcomes for publlc b8n•fil. Stwucturop gov•rnanc• and maTrag•m•nt Th8 Trust Is a Company Ilmlt8d by guarantee, estab118hod In 1992. gt)vgmlw thum•ntS ar• Its MOrUM and Arfdes ol A$Bodalk>n. whkh wero10$18mended S Novembgr 2009. Thè Trustees are appolnled by the oxqstlng Board of Tru8t88s and thè nufnbèr of Trustèès shall not bè lèss than three. One thlrd ol the Trust8e8 are consldered fc r6- ppolnlmtrnt oa¢h yoar, Trustoos are Indlvldual members ol the Company and 8ppllcalion8 lo b•¢¢me • member ol th• Tfust determlned by the Board of Trust8e8. The TTU51 advartlsas ocasslonally for now Trustees as well as welcornlng lett8r8 of Inl8r8St. Nèw Tru$le•5 are appolnt•d f10n9 01u8$10n. and wlth reference lo thg 6peclflc skllls requlred of the 8¢ard. Indudlng but not Ilm1 to commgr¢lal, busine88, propwty, legal, regulatory 8nd financ4818$pocts. The Twsle8s ggreo the Board's strategy and ar888 of g¢Uvlly for Ihe Tfu$l, Induding the 8pprgvo1 of tho annugl bud, for both r8v8nue And capital expendrture. At e8ch rneeUn9 of th¢ Board, the l¢sl flnanei81 PDsltlon Is revlewed and auth(saIlOn 88 approprlate IB glv•n lo IndSvldual Ilerns of catal oxpendlture, pursuant tothe approval of Ihv oywdl capital proJr4mma. Pollcy declglons on 811 land and property trangactlon5 are also mode by the 8oard of TN$lee$. Th8 actual oper8ll¢n of CYH l¥ Ihg roppBIbIlIty of Dlre¢tor6 of CYH and the day.ttrday management decl$kns ar¥ Carr1 by that company's Managlng Dlreetor, Management Team and Blaff. The CYH Board, whlrkn InGlY8B tsvo Trust085 und two other nonxecutive dreor8, makes recommendauons to Ihe Tru$l on Sssues of bLh4g•t and 1¢Y Icrf management of CYH and the Trust'8 propertles, ch 8r• th•n ¢onsld8r*d gnd detem)Ined by the Tru6L Tho Managlng Dlrector of CYH reporte regUlY to th¢ TruÈl, and attends medngs of tm Trust Boord 88 approprfate lo qfve advlce Bnd answer w•8li0rn8. The total number ¢f staff employe¢J by CYH on a permanent baslsls 14, enhared durlng peak pgrlod8 by the employnxint OfpatIMe staff. Througthjtthe year, lolnt meettng8 ofthe Trust Board and CYH dlreclors 18k• pla lo conslder matterg such asth•Twust'6 stralegK plan, budget for the lorthcoming perlod and ¢9pIt81 Ilévèlopment plaTh6. In addltion, en requlred ad.hoc mm5ttoe6 may be e6t8b1h. comprislng reeSenIa1fve$ of bolh comp8nie$. deslgned lo Con5Nj sp8cific rn8r8 referred to Ih$m 8nd report th81r réeomm•ndatlons to tha Tru8t f¢y d6temilnallon.
COWES TOWN WATERFRONT TRUST LlhllTED REPORT OF THE TRUSTEES AND STRATEGIC REPORT ICONTI FOR THE YEAR ENDED 31 MARCH 2021 Th8 Trust8as giv8 duè règard to the Charitable Objects and alsD the Public Benefit guldance issued by the Char Commission in setting their business plans and slral89y. Aehlev•m8nts and p•rform8ncé ur os The Trust has conkn'nued its Support of Youth Salllw Inillatives and eno8gemenl wlthln the saS1Sng fraternity IludIng the Etchells Youth A¢ad6my to oncouroge and promote salllrg to younger peopl8. The Trust's Involvement Includes.. PfovSdlng a substanllal donatlon In the lom) of o di$cDuni ft)r the storage and1oun¢hlng I rewvery of four EtchdLs keelboats used by youth, 8UPPOrt ribe and olher boats. 2. We disccwnt Ihe COBt of k&epin9 a storage con19iner Ihat 6UPPOrts boih youth Sailing ond other sailing a lent that youth 58ilors use 88 8 base. In additlon. the contalner 18 used as 8 dry rapafrr I dust cont8Inment shop In the nl8r. 3. We provide additron81 f8dlits.es frae of charge Induding 8811 drylng end foldlng facllltles and meeting room6 (when not book8d by any olh8r f8e paylng cllenti. Mlss Isle l Nats5ha Lambort cha ur o$& Iv The Mlss l$le School of Slp & Puff Salllng IMISSPSI S o unloue salllng and tralning gxpgrlence on Ihe Isle of Wight. The sohool's vi610n Is to provide affL¥dable Galling tuition to young people with physlcal dlsabSlltie$ who would b8nefll from uslng the slp and puff method ol controlllng a 98lllng boat. The MISSPS has benefited from the Trust not only welcomlrg the Charity in maklng It$ hcAne al CYH. but also worklng l¢gethFr lo make CYH more ac¢e$$ible fordisabled sallors. Both organi50lions are currentlyworking on a common go81 of Improvlng la¢4I1ies for the dlsablgd onshore and on the wat8r, wilh the ultimate alm that CYH wll b¢ rgCggni$ed a$ the number one marina lor Offeri disabled people excdlènt fa¢lllties. CYH provlde Ire8 moorfng, Iguneh and recovery and washlng lor tylo boats arKI a RIB. Stma urch Co es os The Trust recelved a letterfrom the church 9thlnislrètor app6alSng for financlal 8UPPOrt lo r8palrth8 SoulhW•5tèrn CorThar of tho ¢huKh whl¢h was sufforing from $ub$fjdence. AddOnallY the chur¢h wa8 loon9 al havlng to re-roof the south Slde of tha building snd Iheli funds were slgnifiGanlly depleted, St M8ry'8 Church Is a Grade 2 li&t8d bullding es18bliÈhèd in 1657 wth tha current bulldlng of IActoAan GoiNc R8Ylval datlng from the 1880.8. The church help$ with Ihe welfare of local PeDple, In¢luding many who are vulnernble.111 or isolated and In ne8d of frièndshlp and su81enance. wards oso Iv The IOW Sports Foundatlon chErily provide5 graiit5 Ig oryanl$atlon8 01 individua16 lo thein lo promole greater partlcpaiitsn In 3POrt and physical activity. 11 gives inform8¢ion and 8(fvice, promotes Sport and phy51C81 actwity on the Isle ol Wlghl, works for the malnlaSnance and expansion of sportlng facillties on the Isle ol Wight and tsrrfes eut re588rch and ctroperates Yllh other bodi08 in Fwolin9 it? airns. ets Thè Sea Cad81s ' ..r8ly on th8 8UPPOrt ofpeople 8ndory8nls&tl¢Ms who f68lslrongly abouthelplng teen8g6rs ro ffnd thelr way In life" Thg Sea Cadels corrtgcled thg Trust kIng lor flnancla support lo h81p wrth essential melnlenance of thelr fadlitie6, to meet basiG n6eds. The value of 811 ol Ihe 9fft9 for ¢hg gb0 activity tota15 £17, 203.12 for the year ending 31st Mar¢h 2021. CQVID.19 and Future Plans The COVIO-19 outbreak that commenced in Marth 2020 had a slgniflcanl impact on a gltsbal scale, and In turn Iny)8Cted on tha business of the Trust's subsldlary CYH. The introdu¢tlon of th8 natioDwide UK lockdown in late March 2020 meant all acUvllle8 8t CYH were closed down and aCCeBS to the 51tE ie5tAcled. Wth revenugs limited lo P-xISt1ng boaty8rd storage, the msjorily of employees were put onto the Government'8 Job Relentlon scheme to protect ¢a8Mow8 and libture amploymenl capabililleÉ,
COWES TOIIIN WATERFRONT TRUST UMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT (COND FOR THE YEAR ENDED 31 MARCH 2021 From th8 St8rt ofthe pand1¢, th8 Twste&s and the Directors of CYH, worked together to develtsp a strategy to mlnimise non-?$sgnts81 0XnditO ond M9mIS$ ¥&nu• opp¢rtunlli•$. Whll• Iho n• phas6 of replacement ol p¢rrto¢ns pr8- dal¢d Ihe pandaml¢. all othèr eaplt81 expendltuM was pul on hold pondlng the resumpoon of bu8ines6. Budgels and cashflowswere re68d lo Incorporate reducedlradlng OPPOrtunltles. Includlng thg ¢arKellallon of maJorent$ Such 88 Round the 1818nd Race and Cowes Week Regalta, and rarnISed Ilmiled tradlng QPPQrtunM188 for the TrusV8 ten8nl$. The rolaxauon of IkdOWn rule$ &n8bled th& stgggomd TpenIng of CYH on 6th June 2020, Inllally for ahort 6tsy¥ In the morlna and board work only, and wid¢nin9 In ¢8rly July loi overnlghl slays 8nd Ilmlled raftlng ol boats. Advico In understanding the new regulations was g8lhared from Brlush Marfnè and The Yacht Harbour Assoclallon 86 well a5 The Roy•l Yachn0 Assoclallon and the local Cowes Haibour Cornrni8sloners. The use ol the Events Centre lor boat storage continued throughout the summer ond wnler 2020121. all soclal and other g8therfhg8 cancelled. The retum to work allowed pem)anent 5¢8ff to man8ge tho day lo day bus18 vAthout the USU81 rgcnJltsnenl of extra seasonal 61aff. Throughout Ihe pandemk CYH T8takned all of IIB p•mwn8nl stsff mernr$. The high Èeason trading of 2020 was 81gnific8nlly réduced from Ihé hl$terical nomi, but wlth fl•bilIty and mtsdific2tion, tog¢th¢rwlth Il$lenlng lo customer8, need$. odual porfomian¢o durlng tho ye8r was bett&rthan 8nticlpated In March 2020. The Twstee8 are detemiln8d lo ensure Ihal lh8 farAIIUes off8red to vlsMrvJ ypLhtÈmèn, y8thUm9 ÈVonl8 gnd the gemrél publlc are of the hlghesl F)08Blble standard. They belve It18 e$8¢ntlal that ITWg8trnent ¢onlnu08 80 88 lo attrxt yachtlng and 9889d bu81n0 to CYH. The Trust 1$ therefore dtl¢min¢d lo rèsumo Its programfflB of capltal Invoslmonl In the tsGilitiè$ of CYH. How*vèrthè Ilrting of 1rbvèslm0nl%II bè kopl undèr rogular roth careful coTr$lderaNon ol managing the busln8Bs through Ihe remalnder of the cov119 p8ndemlc. CW wlll 8150 contlnue Its challenglng pcllcy of roqulrfno CYH 808rd of Dlrectors to exemlne all avallable rn8asureB to In5e rev8nbes 8nd reduca overhead8 agaln814 backgrnd of thé pand•ne, compètitlon and déelirmng eorporatt iponèor8hlp Ineomè. Thg Boards of both enddes are commltled to contlnulng lo work clo88ty together through the pandemlc, Introdudng n8w and modlfylng exlstlng 8trategles to steerlhe buslne88 thrcwgh dmficullfjmes, along¥ldtr protèctln> th• 8sset5 of CTwf&nd 6UPPOrtlng omployeei and rJJBtomers of CYH and condnulry t¢ m•01 th8 ofth• Trust. FlTr#h¢lAI r•vlw The Gtoup incurred a deficit 01 £21,61612020- £70.3671 in what were difficult trading wndStltsn$ during the COVI[ 19 pandemL Tha Charlty'$ 98% ownad sUbs10rY, Cowès Yacht Hav8n Ltd ICYHI. dellverod an operallng surplu8 In the year of £38.37112020- £21,2881. Th• unrestsictad funds at 31 Mgrdi 2D21 ware £4,813,82912019 - £4.873,8121. At a o)nsolidated level. available funds duced lo £4.658.53212020 £4,680,880) due to prfor period los$&$ Incurred by CYH. The Charity Ilcences CYH. ils g8Vo owned subsldiary, to manage Its marina and boatyard assets in the centre of Cowes. The lican¢e fee Paid was £120,OOD12020 £180,000). The surplus cannot bé pald up to th8 Trust short lem until all prior perfod losses ha¥¢ bètn e0Vèréd', •ny $urplus èarnèd •ftér agréèd axpens•s th8raafter wlll be gifted to the Charity. The Charty urK18rstands the importance of mgintsining tht f¥llitiès offÉrÈd 818 lè¥al that matchés or exceed any other major rggatts vanug Iwortdwldel. In October 2020 tho Trusl acqulrad lh9 freghold of 126 Cowes Hlgh Street, shop loffi¢e premises adja1 lo other properties owned by the TN81. Ros•Ng8 Th8 Trustees consider that the nature ol Ihe Trust and ils subsidiary Cofflpany's opÉraUon$ means that 11 Is appropAatelor11 to hokj fro9 reser 018t188s1 ye8rfsexpendStur8 for both Ihg Charfty and tradlng subskllary. The Trust hgs frèe reservès of £69,79612020 £168,969), plus 8 furthar £2.148.89212020 - £1,928,828) funds ld up in Investment properttos formlng part of the slte at Cowes. withln the total lund# of £4,658,532 al 31 March 2021 12W20 £4,680,880>.
COWES TOWN WATERFRONT TRUST UMTfED REPORT OF THE TRUSTEES ANO STRATEGIC REPORT {CONTI FOR THE YEAR ENDED 31 MARCH 2021 The Trvslees Intend lo Increase the levelolfree reserves, and considerlhal Ih¥Tiusl's assels 8r0 suffi¢lenl to enoble It to support Coweg Y8chl Haven's ritInU4n9 ¢8pltal oxpenditure and madna enhancement progr8mme. as well as fulfil Its charttable obwgouons for tho for8segablg fuluro. Envlronmental and Sustalftablllty CYH Is very aware of It6 re8pon61blllUo8 to protect and care for the envlronmgnt, e¥peclally tho quality of the w81gr vla whlch the malorlty of customers arrf¥e and spend their lelsure Ime. CYH plans lo emb•rk on a number of projects Includlng.. Inve8lgaUng wheiher oTrslte machlnery and plant ¢d operat¢ u$lrrfJ yanl (larld bth•l8. M4llaglng water run off from ves8els Reduclno w8t•ru$898 I wastag8 Improvom•nt$ to rocycllng l¢r ¢u8tomers. yowrty ow¢rs $tsff Rhk manag•mont The Trustees have assegséd th9 major rfsks to whlch the Charlty is exposed, In parGUlar th08e related to the operatsons and finano8s of thè Trust and are satisfd that Sy8tsms are In place le man8ge any exposuie lo the malor rfsks. Th• prlnclpal rfsk has èeen the CoronarUS P8ndeml¢whkh cr88led mu¢h un¢ert8lnly. Th8 Trusteès. tO9ether wilh iho Dlreclors of CYH. aro confidant that buslness wlll ratum to nomial as the general publles confidence grow6 In vacclne roll outs and the relaxalon of Covld restrtGlions. In any oth¢r or, Ihe prfnclp81 sk for CYH 1$ thal1113 0 8•g$on81 bu•ln••s that Is hOlY dependent favour•bl8 Wl8alhgr nditiOn. ProloThJed p&ri¢)d$ ol adver¥? conditlons do have a m8t•rlal Impact upon Income. Prevaillng economlc ¢onditk)ns wllhln the salllng Industry, and mark•ls that thts Trust us•d to rely upon for corporate 8ponJorshlp of evenl¥. been In decllne over ¥gv?r?l ye?rs. CYH ha$ b6nefltt&Jfrorn havlng a dlverso rango of whl¢h has 8llowod 11 tQ BFread rl8k an¢y, whllè damand for certaln 6aMcts has reduced , the Tru8t ha8 been ai4e to adapt )d generate In othor ofthe buslness. Le$8on¥ 1gJmod Durtn9 thd pandenyc the busi93 w88 qulc to r•t lo chgnglng Gowmm8nt Nle6 end reguladon$ aThJ through th? ule ol the Govemm¢nl'$ ¢(n0 Mrusb rèt•ntkn 8d)emg wa$ ablo to us• staff mcKe flexlbly and brlng Ihem back to wtyk Tho onsttè barand food ouYg1, known •s Pmtotsn (pv). oparat•d urKl•r Ilc4nc8 knthen C¢)vld regulaUon6 glkn¥ad and broLrght In a welcome revBnLto ?tr90rn, Its lo¢adon, on the walerfront,16 altracdve both to 88ll¢r$ v135Uns CYH by boal an(1 to other VISor$ to Cowes seeklng an outsldo waterfront ho8t?lry. The Ilcence for op8r8ts.on tsf thè PV ha$ been Tepeat8d for the current year. It IÉ expected that Braxll wlll contlnue to h8ve an Impact on the boatlng conynunity by way of new rulè$ and regulat1on8 Irnpo8ed on travel to and r8tumTng from non UK water6, These regulatio *411 ¢au5è som•181sur• users to romaln In UK water8 and booklng¥ fcr weekends are already flINng fa8lft>r the Mm8lnd•r of th• T. Trlbut•a The Tru¥te88 are nwst graleful for the hard work 8nd dlll9ence of tho staff, who more often thBn not ar8 the flrst polnl of ¢ont•cl that 8 ¢tOmor has vllh the buslness. Thdr r¢lo is 118[ to repoat busln086 and thelr contact wmh the customer may create bu&neu enqulrfo9 In cth¢r departments. 11 was Impotsnl to Ihe Tw$le96 lo be able lo malnlaln all of Ihe staff through th8 P8nd8mlc and Trot lo tske stsp5 to reiluce the he8dcount. Along th th1¥, the Tru¥tg98 lopped up lo 100% the wage8 of ary 8taff that were pul onto the Government Corona Vlrus Job Retent)n Scheme {Go¥emment pakl 80% of 8alade81. Twst and CYH ben811 In rnany wayi from tha $kJlL8 and advlc8 ol th8 Tru8tges and Ihe nowxocuuvg CYH k11rectorG Ltho snd a m08t conderable amount of tlme In 8dvi8ing on the activities of both the Twst8nd CYH. The Tru¥118 grateful for Ih¢lr advice and MmItMerIt for whlch they r8Cgiv8 no rgrnw8Taticn. At thè AGM hold In November Tru8tge Rogèr Rèynold8 ratlrad from the Board. Mr Reynold8 wa8 8Fyolnted In Oac 2016 nd tho Trust thanked hlm for hls hard work and contrfbuJon$ during h18 on Ihe board.
COWES TOWN WATERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STrATEGIC REPORT (CONT FOR THE YEAR ENDED 31 MARCH 2021 Qn 14 DeCemr 2Q20 the Company Secetary ofThe Trust, Mr Andrew Bamford dled $udd$nly at home. Condol•n¢06 w¢ro lorvrdrddd 10 hls famlly. Mr Bamlord wa$ also Flnanclal Managgr of CYH end had work¢d for the company for over 19 years. On 8"AF1 2021 James Hymes ffjslgned as a dtrector of CYH, hathng taken a full tlme posltlon wlth another org8nl$alS0n. The TN8118 grateful for hls vduable contdbulion8 to the management of CYH for over 4 year8. Statement of tru8tee8' rebpon8ibllltle• The Tru¥le98 ar8 reBponslb1t for preparlng the Trustees, Report and th8 financlal statements in accordance with appllc8blè1gw and regulaliDn5, Conwany law rèqulres thè TTustÈè8 lo prèparè financlal 8ts1•ments In accordance wlth Unlled Kingdom G?ner8lly A¢¢•pled A¢counUn9 Praclice lun KSngdom A¢counllng Slandardsl 8nd applicabl8 law. Under Company law the TN51ees must not approve the financial 8tslements unless they ar8 83tfsfied thal they glve a true and falr view ol the 81ale of affalrs of the charit8bl8 company and of the nel Incomlngloulgoing resources for that pedtxl. In proparltva these financlal slatsmenls, th8 Truslaes 8ra r8gulr&J to.. sethl sultsb19 accounllng pol3 and then appty them cfjn$lst8nlly', obseNe th¢ methods and prfn¢lples In FRS 102 and tho Charhies SORP., m8kejLJgments ond eslm8te8 that we reasoD8bla 8nd prudenl.. stsle whèther applicable UK accounllng Standards havè bèen followed, 8ubJect to any malerl81 depare$ dL8ch)sed and expl8lnèd In thè finanthl s181em¢nl$,' and prepare the Ilnan¢ial ststemenls on th&goln9¢onc¢m b9sL8 unkss It is inapproprk91e to pre8ume thalth8 Chadty will continue lo operate. Th8 Trustees are responslble for ko8plng edequ4te accounting records Ihal 910 sutticienl lo show 8fbd explain thè charftsble ¢ornpany'8 tran38cllons and disc108e wrth reasonable accuracy al any time the financial position of the th9ri1gble oompany and enable them to ensure that the fin8nd81 $lalemen15 comply th the Companles Act 2006 and the provisions ol the charitable company's constltution. They Bre 8180 responsible lor safe9uardlng the 8sset8 of the charitable company and hence for taking reasonable steps for the prevention and deltiOn of fvaud Ond other Irregukqrilps The TNsteg6 are rgsponslbl8 lor tho malntèn8n¢ and Intèorlty of thè (A)rporate and fknanclal Informatlon indud¢d on Iar1(abC0MPanVS wabsllg. Legblatlon In the United Klngdom governing the pr8parallon gnd dlsseminauon of fIr1 statements may differ from legi81aUon in otherlurlsdlclions, statemeni to D16c108ure of Infonnatlon to Audliom The folbwng stslements have been affirmed by each of the Tru¥l•es ofthg charilabfe Gompany.. Bo lar 88 each Trusts8 16 aware, there 18 no relevant audll Infomiatlon, Ilh8118 informallon needed by th ¢ompan*s audltors In conmctlon vAlh preparlng Ihelr report), of whlch th8 eompanls audltors arÈ unawar•', and Ttuste& ha6 tsk8n all the steps tr1 helshe ought to h8ve tak8n 98 a Trusl8e In order to rnake hinselflherself aware of any relevant audit InfomialDn And to e81ablish that tho company's auditors are aware of ihAI Inlorm8ti0n.
COINES WATERFRONT TRUST UMrrED REPORT OF THE TRUSTEE8 AND STRATEGIC REPORT ICON FOR THE YEAR ENDED 31 MARCH 2021 Audltor• Moore (South) LLP has Indlcated Its vAlllngn888 lo bè reaprM)tnt8d as statutory audkor and a re801uUon to r appolnt thém *É audlior8 wlll be prop)88d al th• forthcomlng Amual Gonoral etIng. Thls report has been prgpgred Sn a¢oornlanc8 wllh the Stst8fflentof Recommended PracU¢o'. A¢¢ounUng and R8POrting by Ch8rfI88 ISORPI. Approv•d by tho Truste08 and $lgn•d th•lr behall by: JNDal• Ch•lmian Date(l..
COWES TOWN WATERFRONT TRUST LIMThED INDEPENDE[ AUDITOR'S REPORT TO THE MEMBERS OF COV8 TOWN WATERFRONT TRUST LIMITED FOR THE YEAR ENDED JI MARGH 2Q21 Oplnlon We have audlled the Consolldatsd flnBncl81 slatements ol Cowe8 Town Watarfronl Tru81 Llmlled {the 'ch8ritablè parant company'l and Its subsidiary Ilhe 'group'l for the year ended 31sl Mar¢h 2021 whl¢h comprise the Con5011datgd Stalem&nl of FSnancl¥l Advluès, thè Con8olld8led and Charity 8alance 8heots, the Consolidated Slalernenl ol Cash Flows and no18s lo the financial stslèmants, including a summary of Éignllkanl a¢¢ounling pollcles. The financial roporting Irgmewod( that hss been 8pplbd In thelr preparaOn ts gpplabl& lawand Unlled ngdomAccOun1Ig Standards, induding Financlal R&porUng Standard 102 Tha Flnanclal ReportId Sl8ndard appllcable in the UK and Rewblic of Ireland Iunited Klngdom Gènerally ApIed AoUting Pracllcel. In our lOn the ffinan¢ial Statemts.. give a true 8nd f8ir view ol the stale ol the group's and the charitable parent company's affalrs as at 31 st March 2021. and of th& group's Incomlng resourc88 and appIraOn ol rtsourc85, inchjding its Income and expendlture, for th& year then ended., have been properfy prepared In acc4Jrdancg wlth Unlted Kingdom Genorally Acceptsd Accounb'ng Pro¢tt¢e.' and." have been praparod In ac¢ordart¢e wllh the tsqulremw)ts ol the Companl8s Act 2006. Ba818 for oplnlon We conduGted Qui audll In ac¢crdance wllh InternaUon81 Stsndards on Audlling IUKI IISAS lu> and 8pplt8ble law, Our responslbi16tSes under thos& $tsndard$ 8r¥ further d¥rId in tho Audttorts responsibl1188 for the audit of the financlèl statèments section of Ouf report. We are independent of thè group and tha charttable parant compgny In aOr{lane wh Ihp ethi1 requir6ments that are relevant lo our aud of tho con8did8led flnanclal 81atements in the UK. induding the FRC'S Elhlcgl Standard, and we hava fulfllléd our olher alhScal r•$ponslblllts in accordance with these requirements. We believe that the oudlt Qdence we have obtalned bs Sufflclanl and gpproprLat• to provlde a basts for our opinion, Conclu8lon• rel•tlng to golng conewn In 8udlllng the firsanclal stalernent8. We hav8 concluded that tho Iru$t88s' of th¢ golng ¢owein basls of 4cowntln9 In the prew8lh)n of tha ffinancl818tatsments Is approprLg18. Based on the worf( we have perfermed. we havè not Idenllfi'èd any material uncertainties relating to events or condllbns Ihal. Indlvlduolly or ¢o11octfvely, m8y cast dgnlfl¢anl doubl on the group's and ¢harllable par•nt Impany's 8blllty lo conllnuo as a golng ¢0M foi 8 period of at leasttwelve monthstrom when thè financial Statnant$ ore aulhor18fjd lor Issue. Our responsibilities and the respon$lblltti8s of the tru81ees w6th r8sp6c¢ lo golng ¢Ccern aro descrfbed In the relevant sectksns of thls report. Other Informatlon The olher Informallon comprlses the Infomiallon Included In thelrusla6s annual report, oth8r than the financial $tAt8m&nt8 and wr audllofs report thereon. The iruslees are responsib for the other Inf0MaOn Contained wfthln tho annual réport. Oui oplnlon on tha ffnanc481 stalemÉnts does not cover the other information 9nd, except lo the extènt othefwlse explicitly 8taled In our rnport, do not èxpr8sB any form ol a55uranc conclugbn thereon. Our re$ponsibllMy Ls to read the olhor Informatton and, In doing BO. conslder whethèr the olher Infomialkjn materfally InCon6teI wth th8 Ilnanclal statements or our knomdedge obtalned In thg course of the audit or othe1$ app&ars to b9 mat¢rially misstated. If we Identify such maleflal incons5slellcs orapparent matèrfal mtsstaternents, we 8¥e required to determlne whether this glv8s rlse to a materlal mlsslatamènt In the linanclal slatements themselves. If, base¢ cin ¢he work wè havo perforrned, we ¢onclud& tmal th•r Is a matarlal mkstalement of this other knfomatlon, we ere required to report thst facl We have nothlng to report In Ihls regord.
COWES TOWN WATERFRONT TRUST LIMITED INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF COWES TOl•VN WATERFRONT TRUST LIMITED (CONTI FOR THE YEAR ENDED 31 MARCH 2021 Matter8 on whlch w? arè reqUIr to r•port by ex¢eptloft In Ihè light of the knOedge understanding of the group and the chatable parenl company and their environment obtalned In tho coutsg of the audll, have not Idenlffied matedal mlsst8l•m&nt8 in Diwtors, Rep)rt, Included In th8 Trustees, ReporL We have nothlng lo report In respect of the folk)wlng matters In Mlauon to which lh• C¢)mpanks Act 2006 requires U8 lo reput to you W, In our oplnlon.. adequatg accounllng records have not beèn kept by the ¢harft8ble parent company, or relurn8 adequ8t• lor our audit have not been received from branche$ not visSied by us.. or the charltsble porent cornpany'3 fin8nclal ststemaTrts are not In agreement th Ihg accountlng record$'. or certaln dl8dosure8 ol TN8te&s' remuneration Specified by law are not m8dfr.' or we havo not ro¢eived all thg InfOmiatic and explanations we require for our audll.. or the Trusteas re not entiNed b) prepare tho con501idattyJ financlal statsments In wMrdan¢e wSth the small compank8s' reglme and take advantage of the smaw ¢ompanle$' exemptions In praparfng the Trustees. Rew)rt and from the requlremenls to prepare a Slrgtegic ReporL R•8pon•lbjlltl of tru#l•é• A8 expl8ln8d more fulty In the Irustoes, responslbSifdo$ ststemenl set out on pago 6. the trustees, who are also the dlroctors of the charitsble parent company for the pvrpo8e8 of company law, ar8 responslble for Ihg preparatlon of tho flnanclal statemènts and for bèlng 8atlÉfied that thay glvè a tNe and 18lr vlaw, and forsuch lrttèmal control 88 the tru8t¥È8 delemln• Is necessary to enable the preparafjon of con801klaied fln8ncl81 sl818mènts that freg from matsrfal mSsstatem8nt, whether due to fraud or error. In pr&parfng the ccA)8olldatsfJ fin¢181 $181enwis. the Iru8tses are ro8pon$lbk for asses8lng tho gfoup$ and ¢harltabl• parènt Company's abNlty to continue 88 8 golng eoncém. discbslng, a8 applkable, matters related to golng concern and uslng the golng concem bashs of ac40unting vnk8S8 the Irustoas eltherlntend to liquldale tho group and p¥ent charflable ¢ompany or to ceAse opèrauons, or h8v• no rea11811c aMem8Uve bul lo ¢Jo 80.
Cov8 TOWN WATERFRONT TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COWES TOWN WATERFRONT TRUST LIMITED (CONTI FOR THE YEAR ENDED 31 MARCH 2021 Audltor's r•sponslbllltle8 for the oudit of the fiTranclal 8tst•m•nts Our oblectives are to obtain reasonable assuraneè about vthether the financlal statèments 88 8 whol8 are free from materlal misstatement whether due to frgud or error. and to Issue an audltor's report Ihel indudo$ ouropinlon. Rea$on8ble assuranca Is 8 high level of assurance but Is not 8 gu8ranteo Ihalan 8udrt¢onducled In 8ccordancA wlth ISAS IUKI will always detect a material mlsstalgment when It exists. Misstatements can 8rlso Ircm fraud or error and are eonsldered matèrSal11, Indlvldualty or in Ihe aggregate, they ¢ould reasonably bo expected lo influence the e(y)noTlliC de¢lslons of users taken on the basis ol these ¢on$Jlld81ed financlal slatoments. A further desuipllon of our ieswnsibililies for the audit of the financiol ¥latsments is locoled on the Finandal Reporting Councll'B webstte at.. www.frc.org.uklaud1t0rspQnS1b1lltIes. Thls des¢rlption forffls part ol our auditor's report. IegUla{111&6, Includlng fraud, are In6tances of non-compliance wlth laws and regulations. We dasign procedures In 11na with our rÈsponslbllllle8, oulllned above, to detect matsrlal mlsstalements In respect ¢1 Irregularities, including fraud. The extent to which our proc*dures are capable of del$ctlng Irregularities, induding fraud 1$ dgtalled below. ExplaTratSon a• to what •xt•n¢ th• audlt wog eon91dered capable of dotsctlng Irrggulorltl•s, Includlng fraud Thè obleets've8 of our audrt In re$p8Ct of fraud, are,. lo Id8nlWy and a88es8 thè flsks of mal•rfg1 ml$6tstemenl of Ihèfinanclal slataménts dua tofTaud,' to obtain suffid8nl approprkgle oudll evidence regardlw the assessed sks of mat8rlal mlsstatemenl due lo Ir8ud, through deslgnlng and Implementing appropriate re8pon8es to tho3e 8s8e88ed rtsks., and lo réspond 8ppropriately to Sn3tances of fraud or suSled froud k4enllfied (Jurlng the audll. However, thè primary r86ponsibillty lor the prevenlK>n 8nd detsGlion ol fraud r8Sts wlth both Managomenl and those charged with govem8n¢$ of th• ¢tharftabk8 company and thè group. Our approach was as follows: The eng8gèm8nt partner selected stsff for t audftwho had prfor knowledge ofthe cllent 8nd who had the requlred competence and skills to be able lo Ident or recognise non-compliancè with laws and regulations. We asse88ed the tlsk of Irragularltl88 Ès part of our audlt rAannlng, and ongolng revlew, lllcludlng those duo lo Irau¢J, m8nagemenl owerrlde was Idenlilled as a slgnlftoant fraud rfsk. ThiB Is due to the ablllly to bypass controls throwh In8pproprfal• expenditure and accounting pdld$8 adopted. Renu0 recognthn w&% 8180 Idtrnlifd 38 part ol our audlt p18nnlng as a slgnmcant rS3k to the audlt. hough the processin9 and recording of Ironsacknongls 51raighl forward, thar8 Is the risk that rèvenue mlghl not be reetrjnised wilhln the corrè¢1 accounllny perfod. We obtained an understsndlng ol the le981 and regulatory requlremgnts appIab]e to the charttablè company 8nd we consered trhe most significant to b¢ the CompanI8s Act2006, the CharilesAct2011, tho Charfly SORP. UK financlal reporting Stsndards as Sssued by the FlThandal Raportlng Councll and UKTaxation leglslatlon. We consldered how the charltsbl? mp•nY complles wllh these requlremonts by discussion8 with rnanagernttnl and those char9ed wSth governance. W¢ Inquired of management and those Charged wRh governanc8 a8 lo any known knstan¢es ol non- ornpliance oi suspected non-compliance with laws and r¢gulslknns. Conslderatlon was also mad8 ol the internal controls In place to mlugale the Identllled rSsks. We assessed the control ènvironmant, documenilng the 6y8tems, ¢onlrols and procosseg adopted. The audit approach incorporated a comblnatlon of controls where approprfale, an81y11 revLew and sub¥ianllve proc8dures Involving tests ol transaction$ and balances. Any Irregularilkns noied wale discLJS8Èd wllh man8gèm•nt and addltlonal corroboralfve evldence was obtalned as requlred. 10
INDEPENDENT AUDITOKS REPORT TO THE MEMBERS OF COWES TOWN WATERFRONT TRUST LIMITED IcoKri FOR THE YEAR ENDED 31 MARCH 2021 We obtslned an undgrstanding and Jsse388d tho ImpactofCovid.19 on Iheoperatbns oftho charltabl• company and adapted our aud 8pprog¢h 9ccordingly. We enqulred and obtalnad evidenca to 8UPPOrt the goSng ¢oncorn as$umplon In the preparation ol the fin8ncLql statsm8nts and dovetailed thls with knowledge galned from ouravditwork Tha consolidated financial statements of the group incorwjrate the sUltS of the subsldlary company. Moore Isouthl LLP are audltor8 to thè wh¢1• group and th8 sam8 approach has been adopted to thg subsidlary company as L8 aPFrfopriate to that enty. In response to the rlsk of fraud through management ovprride we., perfomied anatyh'cal pro¢edure$ to idènltfy any unusu81 or unexpected r8lallonshlps; lesled journal entries lo kl¢ntify any unusual Iransacllons., 8$Sè8sèd wheth¥r ludg¢menls ond assumptions madè In delermlnlng the accounling e8tim8tes were Indkallve of potènl81 bi8S', revbwgd transactions with r8Lgled partl88. In parikularlho managamentcharge8 and tran68ctffl8 wllh group entltles,. and reeWed the dClOSure8 within the financl81 stgtsmenls io ensurè they m081 thè rèquirÉment8 of tha accounting 8t8nd8rd8 and relevant legislallon. In response lo the risk ol Incorrect recognrtlon of Income we.. perforrned a proofln lot81 ofi•ntal Incom8 re¢alvgd In tho th)d, •gr£dng thaAmounts du• to contracts ond where appropr181e the amount of Income deferred.. P8rform8d analytical procedures Including comparlng rene recavèd tc the prior pedod and to budg8t8; vouched 8 sarn0 of borthlng foe and dry s411 revenue transactlons from soureo d¢xum8ntsUon lo the accounting recoTd8'. and t•Btsd berthlng leg income off by agroolng a sampk8 of deferred In¢om• Galculalons to sUprtIng cwtomar agrmnts. Tham are Inh8r8nt Ilmthlbn8 In our 8udrt proc•dures descrfb8d above. The mora ramoved that laws and r8guloUon$ argfromllnanclal transacttons. the less Ilkely11 Is thatw8 weuld b8com8 aware of non-¢ompllanc¢. Audidng standards a160 Ilmll tho #udlt pro¢UreS requlred to ldenfy non-compllantx wilh laws and regul8ll¢n$ to enqulry of the dlroctors and other management and th• Insp8cUon ol ragulatory ar legal correspondanca, 11 any, Materlal mlsststsments thot èrfse duèt¢ fraud c8n be harder to d•lectthan those that art88 frorn error a8 they may Involve dellberale ¢onctalm&nl or colluslon. U80 of our r•port This report is made SO1¥ to lh& charfl8blè p•r&nl company'8 rn8mb6r8, 88 a body, In 8ccordanca wlth Chaptor 3 of Part 16 oflhe Companles Act 2006. Our audit work h83 been undartaken so that we mlghl $t818 to the charitable parent company's members those matterj we are required lo 8tste lo Ihem In an audltorfs Itport snd for no oiher purpose. To th¢ lull¥sl gxlenl perrnitted by law, we do not accept or a88ume rèspunsibllity lo anyoné olhar than th• charitable parent eomp8ny and the charithble pprenl company'8 mombors as a body, for our audll woth. for thls report, or for the oplnlons w8 have formed. Mrs Sue Lucas- Senlor Ststutory Audrtor for 8nd on baham of Moore Isoulhl LLP Oated.,. Po&1 Chart¥r¢d Accountants Stsiutory Auditor 9 Sl John* Pl9¢1 Newport Isle of Wl9ht P030 1LH orè {Southl LLP 1$ •llglW for app&nknent 88 eudhor of the ch8rlty by vlrtug of It8 8Nglblllty for •ppolntrn6nl as udltor ol a company undèr of 88CtI( 1212 ofthe Compgnl•s Act 2006.
COWES TOWN YIATERFRONT TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Totsl Fund 2021 Total Funds 2020 Note In¢om• and Endowmènt8 from: Investment Incorne Other tradlng 8CtlvltlgS other irorne- go¥1 on disposal of assets 224,023 219,481 g84,427 1,495,465 431 Total Incom• 1,211,861 1,714.946 Expondlturo on., Chartlablo acllvltles Other trading a¢bw'llas 401,E120 462,203 031 677 L2LIQ Tot•1 expendlturè 1.233.497 1.785,313 N•t mov•mont In fvnd8 beforn mlnorlty Ini•rg8t 121,616) 170.3671 Non ojntrolllng 5nl8re6t 554 Not movemgnl In funds and net l$xpandltur8lllncome forthe 122.3461 170.0211 Fund balances brought lOard at 1 Aprll 2020 ifJ1 80 Fund balance8 carrlbd forward At 81 Mar¢h 2021 4,658,632 4,680.880 Thg accompanylng accountlng Frf)Ilcles and notes form 8n Inlegral part of these flnanclal stglements. All operations of the Trust and 118 8ubsldl8rl98 are classlllod 88 c4nllnuSng. Tho IndlvlQual rÈsull8 of the Charlly alone ar8 Included In thè rn)lè$ to Ihgse awints 8ThJ are rK)t presented as a primary statement in accordanee with s408 Companle$ Act 2006. All funds In both the current and comparative figures ropresent unrestricted fvjnds and therefore no comparallve stslemenl ol Flnanclal Acdvltles Is prasentéd WM) thèsè financial statèmènts. 12
cOvs TOWN WATERFRONT TRUST LIMITED CONSOLIDATED AND CHARITY BALANCE SHEET AS AT 31 MARCH 2021 Group 2021 Group 2020 Charlty Ch•rlty 2021 2020 Flx•d a88ets Tangible assets 3,247,045 3,293,645 3.247,046 3,293,645 InvestFn8nl prOrtIeS 10 2.60b.692 2,386,828 2.805.692 2,388,828 Investrnents 11 98 98 5 852,737 S 682 Curr•nt 188•ts Doblors Cash al bank and In hand 12 499.150 348,151 145.387 97 676850 528653 1,17e.009 1,055,284 411,361 $83,971 CMdlt¢M.' 4mounts falllng du• wlthln om y•ar 13 1EIG 369 Not ¢uff•nt •$$thll114bllltlo$1 224 992 3G1803 Total avgts1g$¥ current as$•t¥ J.l)?2,r)83 5,8fJ1.442 6,077,827 6,044,374 Cr110. amounts falllng du• aftgr mor• thin on• year 14 1264001 17 I1 170 56 1 LL (UL21 4,856.532 4,680,880 4,813,828 4,873,812 Fund8 Unrèstrfcted fund$ Tradlng lund8 4,813.826 4.873.812 4,813,828 4,873,812 92 932 4,65e.532 4,680,880 4,813,826 4.873,812 JLe-tzzE- Tha financlal statements wera approved by the Tru8tees on.. J N Dale-Chairm8n Date: Charlty Number: 1019760 Cc#nnY Numr,. 02751595 The accompanying accounting polieS and notes fom an Integral part ol these financi81 st*t8mentB. 13
COWES TOWN WATERFRONT TRUST LIMITED CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2021 Group 2021 Group 2020 C86hflowfrom opèratlng oetlvlu Nel ca8hffiow from optsr•Uons S•8 loW 226 989 Total cashflow from oporatlng actlvltlgs Cashflow from Inv96tlng •ctlvltl8s Paymants to 8cqulre fixed assets Proc¢Èds from dlsposal of Ioxed asBets Intero61 recelvéd 1377,2131 9,000 39 1388.3151 Total cashllow on Inv•8tlnll actlv5tle8 1368,1741 Cash from Ilnanclng a¢tlvltl08 Loans advanc8d In yèar Bank ban repayments Total ea9hflow on flnanclng actlvltle• 1S7,250 108,931 143,0681 N•t Incrèas10¢r••st} In cash and cash oqulvalonts 132,274} 12S4,7421 C8sh and cash equfval8nts 811 April 2020 Ch and cash equfvalents 8131 Marth 2021 676,859 709,133 Ca•h •nd cKh equlvalènts ¢on#lBt of: Cash * bank and In hand 676 859 Cash and cash equlvalenl al 31 March 2021 676,859 709,133 RECONCIUATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Group 2021 Group 2020 Nel intttmè rèsour 122,3481 170,3671 Depreci8b'on ¢harge8 De¢rÈ8salllncrease In trade dgbtorsl {D8cr8aseVlncrease in creditors Interest recelved Gah dlsposal of asset 201,380 1162,É991 204.406 1391 194.424 194.741 1144,1671 Nel ¢a8h Inflowlloulllowl from operatMJn6 226,969 174.641 ANALYSIS OF CHANGES IN NET DEBT At 11412020 At 311312021 Long t•rni l)orrowlng Bank ban Propety ffinan lease Total Ilablllti Bank and cash balance3 1464,4341 750 0001 11,214,4341 709 133 1108.9301 1573,3641 1108,9301 11,323.3641 e7 Totsl notd•bt 1505.3011 1141.2041 1646,5051 14
COWES TOWN WATERFRONT TRU8T LIMITED NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES Thg prfnclpal acoountlng p)rleS are summarfsed balow. The accountlng PDlbles have been applied conslstsnly Ilrovghoul the poriod. I Inlo atlon and Basls of coun Cowes Town Watsrfront Trugt Llmllod h a charitBbl8 company limited by guarantee, reglstered in England and Wales. In the event of the Charfty Ing wound up, the liability in respe¢l of th¢ erane Is Ilm6ted to £1 member of th Charity. The address of the reglslered officts. looèther wlth the objects of the Charlty are glven In the charlty Inlomalon on page 1 of these flnanclal 8tstements. The Charity eon8litules a public benefft entity as defln¢d by FRS 102. Thè financlal statèments havé baen prepared in accordancp wlth Accounllng and R6pc411ng by Chadtles.. Statement of Re¢omm¢nded Pr¥tice applSc8ble lo ¢harllies preparing théir accounts in aCcdanCe with the Financial Rgporung Standard applicable in the UnSled Kingdom IFRS 1021 L8sued ill October 2019, the Charkles A¢t 2011, Companw A¢t 2006, and UK Generally Accept8d Aceountlng PracU¢8. The financ491 statamènts ara pr8par•d under the historical cost ConvenOn, mr%Jlfied lo Include certaln items at falr valu&. Th• IlnancFal Btatemènts are prépared In slerllng, whlch h the functlonal currency of the Charity ?nd rouThJad to the nea$1 £1. Goln Tho Trusleos hav¢ evaluated the nat as88ts and re88rve8 of C, laklng Into account thè need for ongoing Invèslmenl In the CTwf proF¢rtles, whkh golng forward will be funded from growth and monies ralsèd a$ a result of revlawlng proc88s6s and becoming more efficient logelhor wllh lessons leamed from COVIO-19 tlmès. Consequently, the TNstsèg gr8 confld•nt that SLbrriclenl reserves are avai18bb for the Trust to ¢onlinu8 to Iradg, Th¢ Trustees are opt1m181 8bout the fure and the way the Tru$l and Its subsidiary arg worklng together and are acutely aware of the rnt challenge presented by COVIO-19 a$ w&ll as the opportunilies Ih8t have arisen. The charl18 flnanc88 wlll conllnue lo be revlewed regularly and f¢xe¢a8ls amended a¢Ingly. givlng th6 Tru8tee8 confidence that the Charity and ts tradlno 8ubskliqry hgve quate resources and Cgsh flow lo &Mtlnue in operatlonal &xl¥len forlhe fore8eeabl8 future. Therefore, the Tru$to8s ball8v• tt1$ 8ppropriats to ¢onllnua lo adopt th8 golro concem ba81s of ac¢ounUw In preparing the financ1 8tat8ments. 8•sl• ol ConBolklatlon The group financ191 sl8tements congolldgte those of the Ch4rily and of Its $ubsSdlary undertaking (see note 31 drown up lo 31 March 2021. Tho results of th8 Charlty's trading eubskllary, Cowes Yacht Haven Umited have b8an consolldalod on a Ilno by Ilno basls. Fund accountl Unr6strfcted funds are aVaIlab for use at the dlsGrelon ¢1 Ihe Trustees In fijrtheranco of the gener81 obleGtfv96 of tha Charty, and whkh have not been designated for otherpurF¥)ses. Dedgngtsd funds comprise unrostrl¢fod fund8 that havè bèèn sot aslde by thè TSte for p8rtl¢ular purpose9. The alm and use of each d¢slgnal¢d fund Is set out in the notes lo the flnan¢lal Stslements. RestrlcteJ funds are funds whlch are to bè used In accordance wlth sp8dft¢ re6trlctbn$ Imp)sed by dorors or whlch have been ralsed by thè Ch8rftyfor partlcularpurposes. The cost ol ral8lng and admlnisterfng Such fund8 are chargod 89olnst the sp8&fic lund. Inco nltlon Pollel•s Donotlon• and Olts . All mon• donations and ylfts are Induded in full In thts stst•manl of flnantA81 aclivrtie8 when recelvabL, provld8d that there ar8 no dontsr-lmposad re8trf¢litrns as lo Ihe Ilmlng ol the reted 6xp¢ndllure, In which ease r8cognttion Is defer unt51 the prellcondititin has been met. DonationB, and ?¥8odaled Income tax recovèries whgn donatsd under glft old. aro ¢rodlt8d as Income wh¢n lh$ amounts are recefved. 15
COWE8 TOWN WATERFRONT TRUST LIMED NOTES TO THE ACCOUNTS ICONn FOR THE YEAR ENDEO 31 MARCH 2021 Actlvltle8 for Ggnèratlng Funds- Revenue from advllles such as speclal lund raislng v8nts 5$ rowgnls¥d In the perfod in whkh tho activlty or év8nl occurs. Inve8tmont and rental In¢om•- Investment Incorne Induding bank Inléresl 1$ recognl8od when r?¢eiv&. In¢¢me from rent81 Income 18 re¢ognlsed In accordance wllh the perfod of tting, in 3ccord8nce wSlh Indlvldu81 lease agreements. Grants Rfr¢•lv•bl•- Revenue grants are fecognlsed 88 Inccmlng rasoufce8 when the ch8rity is entit18d lo the frjnds, th•lr receipt is probablè and can be quantifted. Gr8nl8 for whl¢h perfomiance er88 S not met. or whlch are sp8cified lo future perlDds ar& d•farred. Grant8 lor th8 puw.hasa nf fixfid asxèls ar• Inklally credi18d to rastrlcted Incomlng resources as vthh revenu8 grants. On Completion of the pur¢has8 orcDnslrucllon olthe flxed a86etlowords whlch the 9ranl was receivablg, and onca the resirlGted purpose has been fulfilled. the granl Is transferred from restrfcted to ¢Jnreslrf¢tsd resous. Gov•rnmenl Grants for Support such a6 relating to COVID-19, are re9DleI a8 r&vanue grants. Incomt from borthlng and tradlng actlvltl&8- Income18 rooognl88d nel olVAT and appllcable dlscount6 OV8r tho period lo whknh the berthing rent81 applies, Short temi b8rthlng f8a8 are cogn88d on re¢•lpl, whereas long term ond annual btrrthlng Arrangements are deferred ov8rtht Paflod to which they re1•. Othorservices income and sale of any goods, arè recognlsgd Immedlately. nd All expendlture Is a¢unt¥d foron an a¢crug1$ b8sls and has been cl&88lfied undartradlngs Ihalaggregale all eo$ts rel8tefJ to the category. Expenditure L8 rÉcognls8d where Iherè18 È189al or construct8 obllgatlon lo make payments to Ihlrd partles, 11 1$ pr¢bablo th81 the settlement wlll be requlred, and the amount of thè obllgatlon can bè maasured Tel5ay. 11 is cat•gorised under the following headlngs.. Co$ts of rai$lng lund$ Inctudas detalls ol the Costs In relation to fundra181ng 6vents, folLowlng up donallon$. and 8eeklng voluniary cbUt19nS and donatlons from sUprterS, and availiblg sources", Expondilure on ¢hadtable 8cUvitie8 Includes managemenl and 8ratIon ol rental proj•cts C Cowes Waterfront. Olbgr expendtture repre$gni8 ihose Items nol falling into th? L*t¢gorS above. Irrecovergble VAT15 charged a9 an oxpense agAlnst the aty forwhich expenditure aro8&. tlon of Su The anal15 of thwJe costs is included Sn note 4. Support costs are th0 whiGh Bie not directly part of the activity, bul whh provides 3UPPOrt 8éminlstr8lv8 lunclion8. assets a Land gnd buudlngs are treated as hlstorlo assets., the ownership is ntral to the purpose forwhi¢h the ¢¢mpany was formed, Land and bulldln9s Are staled al v&lualon. nol of deprec1gl1, and Includes finance wsts Incurred prior lo the 8ssel belng broughl Into Use. Other fix¥d assets are stated at valuation, net of depreclation. Depreciats'on ig ¢glcukaied on 811 tsngible 8ss•ts to wrfle down the costs esJmated residual va0 by gnnual Insts5monts ovtrr Ihelr usèful e¢onomlc Ilves. The periods applrAbl¥ are.. Fr88hold bulldings and r8clalmed land Dred9lng Plant & Equlpmenl Pontoons 6tr8lghl line 8trolghl Ilne straight line stralghl Ilng 33% 2%-25% 3%-6% 18
COWE8 TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2021 nv Property assets which 8re hgkl for rentsl relurn, and which are let on 8 commercial basls to fiind the charitable acfjvllies of tha Trust8re classifled as Investmént propertles. They are valued al markètvalue and hav8 b88n Include atthe valuestaken from thè Septemb8r2018 v¥lugllon reportprepared by ValllMlSlam$. Property Consuttants. Futuro valuations wlll reflectthe properfes morkd vglue at each pèriod end. th reference to Ihelr ongolng rental yleld and wlll bè Indud•d 81 Trustee valuallons. wherè Trustees bdleve they havo sufficient knowledge to È$limalÈ the values. Ch8ng•s In value will bè r8llectod In unreStrtsd reAeN88. and reptsrted annually Ihrwgh the Stalèmenl of Flnandal A¢tIes. Inveslmanl properttes are not depreclaled. Wtsr8 the propertleB 8re Included on the long 18rm fjn8nc leas8, these prop8rti8s will depreciate in line w6th th• bjng lomi nel preaent value of lease payments. Inv&stm•nts Assets hgld for inveslmonl purposes arg Included at market value. The invesbnont In group trading 6ubsldSarfe$ are reflactad at cost. Trod¢ and other debtors are rectsgn18ed al thè s•Wèm•nl amount due. Propayments are valued at the amount prepaid based on the rne apportionmenl$ of services receivod. Crednors and pro810n8 ora recognlsad where the Ch8rfty h88 a present obllgauon rosulllng from a p8s1 ovtnt that wlll probably résull In th&trans18roffunds lo a third paty and Ihg amount duè to 8ètttÉ th& oblkJ8tbn Ggn be m888ure or estimated reliably. Credltors and prL)vIan5 ara nwmally re¢ogn18ed 81 Ihelr settlemgnt arnounl after 8llowlng any trade dl8¢ounl$ duo. Retlr•m•nt b•ngflt8- d1Th•d ¢ontrlbutlon 8chom• Ir8dlng ¢ompgry, Cowes Y7Khl Hav•n Llmited, operal•s a dofined contrlbulon p8nslon sch•me forempbyaos. ContributKJn8 mad• lo the $¢h6me represents the penslon e051 Gfiarge Sn the 818temènl of financlal activ5tl•8 kn tho yèar In which they aro pgyabig. FlnanG•1••8• agr••m•nt4 A58ets aequlred undÈr financè la8808 are witalY6ed 8nd depr•*lal•d over the 8horter of tha loasa tami and thè expeot8d useful lif8 ol Ihe asset. Mlnlmum lease paymgnt$ are apportloned b8twe¥n th8 flnance charg• and the roductlon tsf the outsl8ndlnu lÉaa•118blllly uslng tha effectfva Inlerèsl method. The relalad Obl1ga0n8, n•1 ol luture flnEn¢e charges, are Incltyjad In edItOrS. The Charttable Company ¥ntgrgd Into a 125 year lease In 2011 for lar and bulldings wh)ich fom)s a of the overall pr8mls•s oparated as part ol Cow&B Yacht Haven. As thls Is 810 t•rm lease the Ilablllty18 r8fiecl8d al an 8% dlscounted present value ol the ba89 payments, whlch doè8 not reduc• rnalerfglly durlng th& earty years of the agreement. Consequently that IiBbllity w511 not reduce, and the payments reflected Bs lease ientals in the Stalementof FIna1 AcU¥ltle$. No corporallon tax ha8 en provldad In thes8 accounts be¢auso Ihe Income ol the Ch8rty Is wlhln tha •x•mptlon granted by HM Revenue & Cueloms Ic> the tent that these fulli15 Bre appl¢d to ohgrftgtAe objects. Plnanclal as80ts and Ilablllti Tho Trust only has financbal assets 3nd financlal liablllties ol a klnd that qualify as bosic finandal In81rumen18. Beslc linon¢l81 Snsiwm&nts arè inIallY recognlsed at transaction v81ue and 6ubsequ8nlly mea$ur•d 81 Iholr setuement vglug. 17
COWES TOWN WATERFRONT TRUST Lth11TED NOTES TO THE ACCOUNTS (CONTI FOR THE YEAR ENDED 31 MARCH 2021 Ju Ir tha ap4¢atIon of the Charitabb Companys gccounllng polirAeB, the Trustsa$ gre required to rnake judgements, estlmales and assumptlons 8bout the corying amount of 888ets and 118blllJes that arè not readlly 8pparent from other 80urces. Th8 estSmates and a8scciated assumpti5 are based cffi historical ttxpori8n and oth¢r fa¢torn that are Cond9red to be relevanL Actual rè5uIts may differfrom these estimates. The estimates and underlylng as8umplion8 are rev66wèd on an ongolng bas1$. Revlslon8 to accounting esllmate8 ire recognlsed In th• period whlch the estlmate Is revlseiJ where the revlslon affec15 only that p&rSod, or in Ihg perlod ol the rls1On and lulure periods where the revlslon offects both current and lulure period8. The slgnlflcanl 8sllrnate5 In ielatbn to thè a¢counting treatment ol thè ffinance legse for Sand included the discount factor to arrive 81 f81r value. INCOME FROM INVESThIENT ACTNrriES 2021 2020 Genergted from: Rental inc¢mg Bank intsrost rac&NAtA8 224,020 219,318 163 224,023 219.481 INCOME FROM OTHER TIIADING ACTivifiES 2020 BerthlThJ, stte Epa¢e and mls¢8llaneou8 in the tradlng gubskdiary, Includlng COVID-19 8uppJrt grants. 984,427 1,496,485 l•ET INCOME FROM ACTIVITIE8 OF SiIBSIDIARIES The Charfty h88 one $ubsldwry, Cowe6 Yacht Haven Limited, whkh Is Incorporated In the UK. Cowe8 Yacht Haven Umlled operates Cowe8 Yacht Haven marfna and covgnanls #ny taxable prollts to Cowes Town Waterfront Trust Umlted. Its re8ultB are Included In Ihese ¢ong0lidated group accounts. A 9ummary of the 8ubsidi8ry's trading results 1$ shown below. The nel profil adjusted lor nel inter-¢ompany charges of £95.00012020 £135,OODI 1$ £133.371 12020.. £156,288). 2021 2020 Totsl Iwjme Cost of sales 906,884 1,495,462 271748 GroBS profll 903,852 1.223,714 Governmgnl grant Investment Income Operats'ng expen80S Marlna IKenc8 pald 10 charity Managernenl tharg• to the charlty 78,527 1849,0441 120.0001 {1,067.4261 {180,OC¥Jl ProfitllLossl forth• linanclal perkid 38,371 21,2e8 18
COWES TOYIN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS ICONT FOR THE YEAR ENDED 31 MARCH 2021 INCOITE FROM ACTIVITIES OF SUBSIDIARIES Icont'dl The net as8ets and Ilabiif(iè8 of the a¢ve 8ubsldlary are.. 2021 2020 Current 888ets 857,564 487,960 Cr8dltors.' amounts falling due thIn one yèar Total nel assets 1158,269) (196,e40} Aggregate of Bhare capltal 8nd rn8erve8 1158,2691 (196.640} ANALYSIS OF CHARITABLE EXPENDITURE 2021 2020 Charltablo a¢tfvit108- proporty ¢ts Property ¢08ts, ral•s and utillll•$ Flnanco lease r¢n¢818 Prop8ty repalrs and upkeep, devalopment Depreclafjon Donallons Loan Intere81 36,811 68.691 10,943 201,380 7.533 14,468 78,671 6e,953 17,250 194.424 17,600 16,134 support •nd oovernaneo Offlce support costs Governance costs 8udlt and n¢n•udk s¥rvl¢e8 46,344 4D,289 401.820 462,203 ANALYSIS OF OTHER TFIADING ACTIVITIES 2021 202Q Cost8 of runnlng the Ya¢ht Hav•n opèratlon Llrecl ¢051 of marina evonts Overhead c06ts 2.912 829 665 271,748 831,677 1,323,110 OTHER COSTS 2021 2020 Th& d•flcll 1$ stated after charglng.. Auditors. remuner8t¥Jn Audll 8ervl¢e¥ Nonvaudit servlr•$ D8preclatton Flnan¢è k38• r•nlAIs 20,000 5.eso 201,380 58,691 21,5CQ 9,202 194,424 66.953
CoYs TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS ICONT) FOR THE YEAR ENDED 31 MARCH 2021 STAFF COSTS EMoYee costs during the period were a8 follows" 2021 2020 Wages and salaries Socl818•¢urily co$1$ Other pensFon costs 386,317 37.145 419,371 3g.353 444,197 479,976 Th8 average number ol empkjyees duriny th& period w6r8 aa follows., 14 No employee earned more than £80,000 In the current or prfor 8ecountlng parh)d. The Charfty bore no staff costs during glther tre CUTrenl or comparative period. The paymgnl of gross r•rnuneration incurred In tho ytrar for Senior Management Per80Thnel was £89.298<22O- £98,138). No Twslee recelved remuneration or expenses In the perfod or the comporallve period, dlre¢tty or hdlrectty, trom either thè Chafily or its trading subsidiary. 8URPLiISI{DEFICIT) OF EXPENDilliRE OVER INCOME The Con$olklalad St8tèm8nt ol Flnanclal hLI1vÉx Indudés th• results ol the Ch8rty'8 subsldlary, Cowes Yacht Haven Llmbted. D8tall8 of the SUItS of tho tradlng subsldlary are sel out in nota 3. Th• Summary financial perf0m)* of tho Charity akJn& was.. 2021 2020 Incom• Charilabb aCUvlts Invastmant Incom8 120,1XJO 1eo,000 Total in)8 347.454 379,481 Expendlture Charll8bk vItIeS Total expendllure 407.441 471,137 Not Inwm•lloxpen¢Jlturel for the porlod 159.9871 191,6561 To181 funds brought fOard on 1 Aprll 2020 4 8IJO.12 4 965 4L18 Total funds cgrded forward 8l 31 March 2021 4.813.82J 4,873,812 20
COWE8 TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONTI FOR THE YEAR ENDED 31 MARCH 2021 TANGIBLE FIXED ASSETS Con$olldot•d •nd Cow•$ Town W•tsrfront Tru8t Llmltod Froehold Land Long Lea¥ghold PIAnt & & bulldlng Land Equlpment Total Cost or v8luallon'. AI 1 WI 2020 Addlllon8 Disposals At 31 March 2021 2,083,351 390,000 1,677,333 160,349 4,150,6e4 160.349 2,083.351 390,000 1,829.114 4,302,465 08preclalon'. Al 1 Aprll 2020 Provkled in the p8rvJd Disposed of in year Al 31 March 2021 181,489 26,65S e75,550 174,724 857,039 201,380 208,145 847.275 1,055,420 Net book amount a131 March 2021 1,875,206 390,000 981,839 3,247,045 Nel book amount al 31 Marth 2020 1,901.862 390,000 1,001,783 3,293.645 The valuation of assets hes been Includ al 8 revalued sum followlng 8n Indepandent valuaUon by Vall WHllam8, Property Consullonls In September 2018. Long leasehold proprty rapr88ent8 a strip of land hald on the remalning 115 of 125-yeor lease. 10. INVESTMENT PROPERTIES 2021 2020 Inveslm8nl prop8rt10s Freehokl property Addlllon$ 1,928,828 1.BOO.000 128 828 1,928,828 460 000 2.145,6g2 460 000 Long1è88eholl Investsnenl k¥op&rUe8 2,805,692 2,368,828 Th& Freehold Investment proport]•8 Ta valu•d by Vall Willkgm$, Prop8ty Consultant8 In Septembèr 2018 on an open market bag1$. The value above also Include8 an assessmont on the market value of th¢ prope$ Included wilhln the Trust's flnance lease, ¢on$lslenl wlth the rontal yields. held on the fem8Sning 115 of 8 125- ye8r lease. Three investment pr¢pertle$ whh a value of £1,325,000 have begn provlded as 8ecudty for th8 bank loan. 11. FIXED ASSET INVESTMENTS- COWES TOWIN WATERFRONT TRUST LlalTED The TNst owns 98% 01 the ordillary shar8 ¢aplt81 of Cowg8 Yacht Haven LIM•d. A company reg18t6red In England and Walos (number 027448191 whore prln¢lpal octivlty is the operallon of Cowes Yacht Haven, and whose wl¥lered offKe address is Veclis Yord, High Street, Cowes, 191e of ght, P03178D. Thè mlnorfly Interest, consisting of 2% of the ordSn¥ry share ¢apllal of Cowe$ Yacht Haven Llmltsd Is held by the 181e of Wght Council. There are no restrtdons placed on tho Group's 8ctivitiè¥ by the mlnorlty Interest. 2021 2020 Unllsled Inv$$tmenl In the orcllnary Shar& Capltal Of Cowes Yacht Haven Limited 98 21
COW&8 TOWN WATERFRONT TRUST UMITED NOTES TO THE ACCOUNTS (CONT FOR THE YEAR ENDED 31 MARCH 2021 12, DEBTORS Con8011dat•d Cowe8 Town Watfrrfront Tru8t Llmlted 2021 2021 2020 2020 Trgd8 debtors Other debtor5 Prepayment8 L0S8es allrfbvtabl8 to non-controlllng interest Soclal Securlty and other taxes Amount due from subsldiary undertaking 440,394 34,876 20,808 3,072 330,700 1,581 10,065 3,eos 9,943 2B,294 11,180 30,939 3,906 fl.147 20473 499,150 346,151 145.387 5jl .31e 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Congolldated Cowg• Tawn Wat•rfront Tru8t Llmlted 2021 2021 2020 2020 Tr8d& Credltors SocLql Security and other taxes Bank Loan thferr¥d Income18ge I)w} Othgr cr8d6tor8 and accruals 123,129 203,458 S9,363 612,837 112,089 97,524 43,872 478,594 6B,780 77,970 9,121 43,872 7,519 83 686 S9,3 1.106,213 886,315 186,369 222,168 Defsrred Income represented berthing lees and rents recelved In advance. At 1 April 2020 478,S94 549,S57 Amounts rele8sed to income in the pariod 1476,5941 1549,5571 D¢ferred in the period 7,519 17.519) At 31 Mar¢h 2021 612.837 478,594 7,519 14. CREDITORS: AklOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Con8olldat•d Cowos Town Waterfront Twst Llmlt•d 2021 2020 2021 2020 present value of future lèase obligations Bank Loan 750,000 750,000 420 562 150,000 514 001 760,000 1,264,001 1.170,562 1,264,001 1,170.562 The *xlV6 Ilabllity relates to a net present value of the mlnlmum lease paymènlg undar 8 125-year lease agraement, whlch has been dlscounled al 8Yfj. Lease renl81$ of c1r¢a £67,000 p&r annurn are payable for 115 years remalnlng of the lease. Le9se rentsls 8re payable by quartèrly Instelments, and th8 caplt81 sum wlll nol dlmlnlsh In less than fivè years, The bank losn is ured on a ffxed gnd floating charge on the Group's ax8Èts, and a number ofh)vestrnent propertR8 wllhln CoweB Tewn Watertronl Trust Llmlted. 22
COINES TOWN WATERFRoirf TRUST LIMITED IOTES TO THE ACCOUNTS (CONTI FOR THE YEAR ENDED 31 MARCH 2021 16. PENSIONS Dofined contrlbutlon Schem? The Trust through Its tradlng subsldlary, operates a defined contrtbullon penSn $¢hemg for Its employees, and also lo rneet its obligations of atho-8nrolmenl. The Sums In respect of empbyee and èmployer CA)ntllbulions are pald to Ihird-party provSders and are Managed external lo the Trust. Th8 eontrlbution payable to the pension funds durfng the yearw88 £20,73612020- £37.8871. Al Ihe year-end, £2,781 w8$ payable to the fvnd12020- £5,138). 16. RELATED PARTY TRAN8ACTION8 Ourlng the year the Charfty's subsidiary, Cowe8 Yacht Haven Llmtsd, paid the Charity £120.000 12020 £160,000) in relation lo a Marin? lince. Ouring the year, the Chaty 81$0 pohJ a management charge to Cowes Y8chl Haven Llmlled amounting to £25,00012020 £26,000). The amounl due from the subsidiary at 31 m?h 2021 and 31 March 20201$ shown in nol$ 12. Four Trustees, paid for berthing fee8 and container stowe at am$ l¢ngth basis lo the 8ub8hYl8ry during the year, 8m¢)unt6ng to.'- Mr P Mgrton £7,88812020 £8,430) Mr P Shears £6,42412020 £6,302) Mr R Reynolds £NII (2020 £6,090> Mr M Grgvllle £7,02312020 8.090 17. FINANCIAL ASSETS AND FINANCIAL LIABILMES Group b•l•n¢•• 2021 2020 Flnanclal a68ets 41 •nortl8ed cc41 1,162,128 1,041,413 Flnanckl Ilablllll88 al Present Value nanclal 1Lqbl11a1 al amortlsad eost 11,264,001) 11,170,562) N81 flnandal Ilabllll 1805,249 IE63,473} Th8 Charlty8 fkn8nclal assets compr15e d8blor5. rash and bank bakncas. Flnandal Ilabilllles Indud6 trad8 crgdllors, bans, accruals and olhor CrJ110T$, togolhor wlth the finance lease oblp3atitsns and long-tsrm bank bans. 23
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