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 Repor￿llg 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 pre￿rVatIon, protact￿Th. d•valopm8nt and Improvement of fèature8 of hlstorlc or public interest
In Cowes.,
Ilvl To provide or 8881st In th8 P￿Slon 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 cO￿S 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 ￿MOr￿UM 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
f￿10￿n9 01￿u8$10n. and wlth reference lo thg 6peclflc skllls requlred of the 8¢ard. Indudlng but not Ilm1￿ to commgr¢lal,
busine88, propwty, legal, regulatory 8nd financ4818$pocts.
The Twsle8s ggreo the Board's strategy and ar888 of g¢Uvlly for Ihe Tfu$l, Induding the 8pprgvo1 of tho annugl bud￿, for
both r8v8nue And capital expendrture. At e8ch rneeUn9 of th¢ Board, the l*¢sl flnanei81 PDsltlon Is revlewed and
auth(￿saIlOn 88 approprlate IB glv•n lo IndSvldual Ilerns of ca￿tal oxpendlture, pursuant tothe approval of Ihv oywdl capital
proJr4mma. Pollcy declglons on 811 land and property trangactlon5 are also mode by the 8oard of TN$lee$.
Th8 actual oper8ll¢n of CYH l¥ Ihg ropp￿BIbIlIty of Dlre¢tor6 of CYH and the day.ttrday management decl$kns ar¥
Carr1￿ by that company's Managlng Dlreetor, Management Team and Blaff. The CYH Board, whlrkn InGl*Y8B tsvo
Trust085 und two other non*xecutive d￿re￿or8, makes recommendauons to Ihe Tru$l on Sssues of bLh4g•t and ￿1¢Y Icrf
management of CYH and the Trust'8 propertles, ￿ch 8r• th•n ¢onsld8r*d gnd detem)Ined by the Tru6L Tho Managlng
Dlrector of CYH reporte regUl￿Y to th¢ TruÈl, and attends medngs of tm Trust Boord 88 approprfate lo qfve advlce Bnd
answer w•8li0rn8.
The total number ¢f staff employe¢J by CYH on a permanent baslsls 14, enhar￿ed durlng peak pgrlod8 by the employnxint
Ofpa￿tIMe staff.
Througthjtthe year, lolnt meettng8 ofthe Trust Board and CYH dlreclors 18k• pla￿ lo conslder matterg such asth•Twust'6
stralegK plan, budget for the lorthcoming perlod and ¢9pIt81 Ilévèlopment plaTh6. In addltion, ￿en requlred ad.hoc
mm5ttoe6 may be e6t8b1￿h￿￿. comprislng re￿eSenIa1fve$ of bolh comp8nie$. deslgned lo Con5Nj￿ sp8cific rn8￿r8
referred to Ih$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 I￿ludIng 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. Add￿OnallY the chur¢h wa8 loo￿n9 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 pand￿1¢, th8 Twste&s and the Directors of CYH, worked together to develtsp a strategy to mlnimise
non-?$sgnts81 0X￿ndit￿O ond M9￿mIS$ ￿¥&nu• opp¢rtunlli•$. Whll• Iho n•￿ phas6 of replacement ol p¢rrto¢ns pr8-
dal¢d Ihe pandaml¢. all othèr eaplt81 expendltuM was pul on hold pondlng the resumpoon of bu8ines6.
Budgels and cashflowswere re￿68d lo Incorporate reducedlradlng OPPOrtunltles. Includlng thg ¢arKellallon of maJor￿ent$
Such 88 Round the 1818nd Race and Cowes Week Regalta, and rar￿nISed Ilmiled tradlng QPPQrtunM188 for the TrusV8
ten8nl$.
The rolaxauon of I￿kdOWn rule$ &n8bled th& stgggomd T￿penIng of CYH on 6th June 2020, Inllally for ahort 6tsy¥ In the
morlna and bo*ard 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 Yach￿n0 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 bus1￿8 vAthout the
USU81 rgcnJltsnenl of extra seasonal 61aff. Throughout Ihe pandemk CYH T8takned all of IIB p•mwn8nl stsff mern￿r$.
The high Èeason trading of 2020 was 81gnific8nlly réduced from Ihé hl$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 bel*ve It18 e$8¢ntlal that ITWg8trnent ¢onlnu08 80 88 lo attrxt yachtlng
and 988￿￿9d bu81n￿0 to CYH. The Trust 1$ 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 ro￿￿￿th careful coTr$lderaNon ol managing
the busln8Bs through Ihe remalnder of the cov1￿19 p8ndemlc. CW wlll 8150 contlnue Its challenglng pcllcy of roqulrfno
CYH 808rd of Dlrectors to exemlne all avallable rn8asureB to In￿￿￿5e rev8nbes 8nd reduca overhead8 agaln814
backgr￿nd of thé pand•n￿e, compètitlon and déelirmng eorporatt iponèor8hlp Ineomè.
Thg Boards of both enddes are commltled to contlnulng lo work clo88ty together through the pandemlc, Introdudng n8w
and modlfylng exlstlng 8trategles to steerlhe buslne88 thrcwgh dmficullfjmes, along¥ldtr protèctln> th• 8sset5 of CTwf&nd
6UPPOrtlng omployeei and rJJBtomers of CYH and condnulry t¢ m•01 th8 ofth• Trust.
FlTr#h¢lAI r•vlw
The Gtoup incurred a deficit 01 £21,61612020- £70.3671 in what were difficult trading wndStltsn$ during the COVI[
19 pandemL Tha Charlty'$ 98% ownad sUbs￿10rY, 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 $urplus èarnèd •ftér agréèd axpens•s th8raafter wlll be gifted to the Charity.
The Charty urK18rstands the importance of mgintsining tht f¥llitiès offÉrÈd 818 lè¥al that matchés or exceed any
other major rggatts vanug Iwortdwldel. In October 2020 tho Trusl acqulrad lh9 freghold of 126 Cowes Hlgh Street,
shop loffi¢e premises adja￿￿1 lo other properties owned by the TN81.
Ros•Ng8
Th8 Trustees consider that the nature ol Ihe Trust and ils subsidiary Cofflpany's opÉraUon$ 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 l￿d
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 (larl￿d bth•l8.
M4llaglng water run off from ves8els
Reduclno w8t•ru$898 I wastag8
Improvom•nt$ to rocycllng l¢r ¢u8tomers. yowrty ow¢rs $tsff
Rhk manag•mont
The Trustees have assegséd th9 major rfsks to whlch the Charlty is exposed, In par￿GUlar th08e related to the
operatsons and finano8s of thè Trust and are satisf￿d that Sy8tsms are In place le man8ge any exposuie lo the malor
rfsks.
Th• prlnclpal rfsk has èeen the Corona￿rUS P8ndeml¢whkh cr88led mu¢h un¢ert8lnly. Th8 Trusteès. tO9ether wilh
iho Dlreclors of CYH. aro confidant that buslness wlll ratum to nomial as the general publles confidence grow6 In
vacclne roll outs and the relaxalon of Covld restrtGlions.
In any oth¢r ￿or, Ihe prfnclp81 ￿sk for CYH 1$ thal1113 0 8•g$on81 bu•ln••s that Is hO￿lY dependent favour•bl8
Wl8alhgr ￿nditiOn￿. ProloThJed p&ri¢)d$ 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$8on¥ 1gJmod
Durtn9 thd pandenyc the busi￿93 w88 qulc* to r•￿t lo chgnglng Gowmm8nt Nle6 end reguladon$ aThJ through th? ule
ol the Govemm¢nl'$ ¢(￿n0 Mrus￿b rèt•ntk*n 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 VIS￿or$ 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 Reten￿t)n Scheme {Go¥emment pakl 80% of 8alade81.
Twst and CYH ben811 In rnany wayi from tha $kJlL8 and advlc8 ol th8 Tru8tges and Ihe nowxocuuvg CYH k11rectorG
Ltho s￿nd a m08t con￿derable amount of tlme In 8dvi8ing on the activities of both the Twst8nd CYH. The Tru¥118 grateful
for Ih¢lr advice and ￿MmItMerIt for whlch they r8Cgiv8 no rgrnw8Taticn.
At thè AGM hold In November Tru8tge Rogèr Rèynold8 ratlrad from the Board. Mr Reynold8 wa8 8Fyolnted In Oac 2016
nd tho Trust thanked hlm for hls hard work and contrfbuJon$ 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* DeCem￿r 2Q20 the Company Sec*etary 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"AF￿1 2021 James Hymes ffjslgned as a dtrector of CYH, hathng taken a full tlme posltlon wlth another org8nl$alS0n.
The TN8118 grateful for hls vduable contdbulion8 to the management of CYH for over 4 year8.
Statement of tru8tee8' rebpon8ibllltle•
The Tru¥le98 ar8 reBponslb1t for preparlng the Trustees, Report and th8 financlal statements in accordance with
appllc8blè1gw and regulaliDn5, Conwany law rèqulres thè TTustÈè8 lo prèparè financlal 8ts1•ments In accordance
wlth Unlled Kingdom G?ner8lly A¢¢•pled A¢counUn9 Praclice lun￿￿￿ KSngdom A¢counllng Slandardsl 8nd
applicabl8 law.
Under Company law the TN51ees must not approve the financial 8tslements unless they ar8 83tfsfied thal they glve
a true and falr view ol the 81ale of affalrs of the charit8bl8 company and of the nel Incomlngloulgoing resources for
that pedtxl. In proparltva these financlal slatsmenls, th8 Truslaes 8ra r8gulr&J to..
sethl sultsb19 accounllng pol￿￿3 and then appty them cfjn$lst8nlly',
obseNe th¢ methods and prfn¢lples In FRS 102 and tho Charhies SORP.,
m8kejL*Jgments ond eslm8te8 that we reasoD8bla 8nd prudenl..
stsle whèther applicable UK accounllng Standards havè bèen followed, 8ubJect to any malerl81 depa￿re$
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 del￿tiOn of fvaud Ond other
Irregukqrilps
The TNsteg6 are rgsponslbl8 lor tho malntèn8n¢* and Intèorlty of thè (A)rporate and fknanclal Informatlon indud¢d
on I￿￿ar1(ab￿C0MPanVS wabsllg. Legblatlon In the United Klngdom governing the pr8parallon gnd dlsseminauon
of fIr￿￿￿1 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 tr￿1 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 COV￿8 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 prepara￿On
ts gppl*abl& lawand Unlled ￿ngdomAccOun1I￿g Standards, induding Financlal R&porUng Standard 102 Tha
Flnanclal ReportI￿d Sl8ndard appllcable in the UK and Rewblic of Ireland Iunited Klngdom Gènerally
A￿pIed A￿oU￿ting Pracllcel.
In our ￿l￿On the ffinan¢ial Statem￿ts..
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 appIra￿On 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¥￿rI￿d in tho Audttorts
responsibl1￿188 for the audit of the financlèl statèments section of Ouf report. We are independent of thè group
and tha charttable parant compgny In a￿Or{lane￿ w￿h Ihp ethi￿1 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•$ponslblllt*s in accordance with these requirements. We believe that the oudlt Q￿dence
we have obtalned bs Sufflclanl and gpproprLat• to provlde a basts for our opinion,
Conclu8lon• rel•tlng to golng conewn
In 8udlllng the firsanclal stalernent8. We hav8 concluded that tho Iru$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 ¢0￿M foi 8 period of at leasttwelve monthstrom when thè financial
Stat￿nant$ ore aulhor18fjd lor Issue.
Our responsibilities and the respon$lblltti8s of the tru81ees w6th r8sp6c¢ lo golng ¢C￿cern 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
$tAt8m&nt8 and wr audllofs report thereon. The iruslees are responsib￿ for the other Inf0Ma￿On Contained
wfthln tho annual réport. Oui oplnlon on tha ffnanc481 stalemÉnts does not cover the other information 9nd,
except lo the extènt othefwlse explicitly 8taled In our rnport, ￿ do not èxpr8sB any form ol a55uranc
conclugbn thereon.
Our re$ponsibllMy Ls to read the olhor Informatton and, In doing BO. conslder whethèr the olher Infomialkjn
materfally InCon6￿te￿I wth th8 Ilnanclal statements or our knomdedge obtalned In thg course of the audit or
othe￿1$* app&ars to b9 mat¢rially misstated. If we Identify such maleflal incons5slellc￿s 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 knO￿edge understanding of the group and the cha￿table 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.

Cov￿8 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.uklaud1t0rs￿pQnS1b1lltIes. Thls des¢rlption forffls part ol our
auditor's report.
I￿egUla{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$6tstemenl
of Ihèfinanclal slataménts dua tofTaud,' to obtain suffid8nl approprkgle oudll evidence regardlw the assessed
sks of mat8rlal mlsstatemenl due lo Ir8ud, through deslgnlng and Implementing appropriate re8pon8es to
tho3e 8s8e88ed rtsks., and lo réspond 8ppropriately to Sn3tances of fraud or suS￿led froud k4enllfied (Jurlng
the audll. However, thè primary r86ponsibillty lor the prevenlK>n 8nd detsGlion ol fraud r8Sts wlth both
Managomenl and those charged with govem8n¢$ 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$8 adopted.
R￿enu0 recognthn w&% 8180 Idtrnlif￿d 38 part ol our audlt p18nnlng as a slgnmcant rS3k to the audlt.
hough the processin9 and recording of Ironsacknongls 51raighl forward, thar8 Is the risk that rèvenue
mlghl not be reetrjnised wilhln the corrè¢1 accounllny perfod.
We obtained an understsndlng ol the le981 and regulatory requlremgnts appI￿ab]e to the charttablè
company 8nd we cons￿ered trhe most significant to b¢ the CompanI8s Act2006, the CharilesAct2011,
tho Charfly SORP. UK financlal reporting Stsndards as Sssued by the FlThandal Raportlng Councll and
UKTaxation leglslatlon. We consldered how the charltsbl? ￿mp•nY complles wllh these requlremonts
by discussion8 with rnanagernttnl and those char9ed wSth governance.
W¢ Inquired of management and those Charged wRh governanc8 a8 lo any known knstan¢es ol non-
ornpliance oi suspected non-compliance with laws and r¢gulslknns. Conslderatlon was also mad8 ol
the internal controls In place to mlugale the Identllled rSsks.
We assessed the control ènvironmant, documenilng the 6y8tems, ¢onlrols and procosseg adopted.
The audit approach incorporated a comblnatlon of controls where approprfale, an81y1￿1 revLew and
sub¥ianllve proc8dures Involving tests ol transaction$ 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$umplon In the preparation ol the fin8ncLql statsm8nts and dovetailed thls with
knowledge galned from ouravditwork
Tha consolidated financial statements of the group incorwjrate the ￿sUltS of the subsldlary company.
Moore Isouthl LLP are audltor8 to thè wh¢1• group and th8 sam8 approach has been adopted to thg
subsidlary company as L8 aPFrfopriate to that ent￿y.
In response to the rlsk of fraud through management ovprride we.,
perfomied anatyh'cal pro¢edure$ to idènltfy any unusu81 or unexpected r8lallonshlps;
lesled journal entries lo kl¢ntify any unusual Iransacllons.,
8$Sè8sèd wheth¥r ludg¢menls ond assumptions madè In delermlnlng the accounling e8tim8tes were
Indkallve of potènl81 bi8S',
revbwgd transactions with r8Lgled partl88. In parikularlho managamentcharge8 and tran68ct￿ffl8 wllh
group entltles,. and
re￿eWed the d￿ClOSure8 within the financl81 stgtsmenls io ensurè they m081 thè rèquirÉment8 of tha
accounting 8t8nd8rd8 and relevant legislallon.
In response lo the risk ol Incorrect recognrtlon of Income we..
perforrned a proofln lot81 ofi•ntal Incom8 re¢alvgd In tho ￿th)d, •gr£dng thaAmounts du• to contracts
ond where appropr181e the amount of Income deferred..
P8rform8d analytical procedures Including comparlng r￿en￿e recavèd tc the prior pedod and to
budg8t8;
vouched 8 sarn￿0 of borthlng foe and dry s411 revenue transactlons from soureo d¢xum8ntsUon lo the
accounting recoTd8'. and
t•Btsd berthlng leg income off by agroolng a sampk8 of deferred In¢om• Galculalons to sUp￿rtIng
cwtomar agr￿m￿nts.
Tham are Inh8r8nt Ilmthlbn8 In our 8udrt proc•dures descrfb8d above. The mora ramoved that laws and
r8guloUon$ argfromllnanclal transacttons. the less Ilkely11 Is thatw8 weuld b8com8 aware of non-¢ompllanc¢.
Audidng standards a160 Ilmll tho #udlt pro¢￿UreS requlred to lden￿fy 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 SO￿1¥ 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 ir￿orne- 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$xpandltur8lllncome
forthe
122.3461 170.0211
Fund balances brought lO￿ard at 1 Aprll 2020
ifJ1 80
Fund balance8 carrlbd forward
At 81 Mar¢h 2021
4,658,632 4,680.880
Thg accompanylng accountlng Frf)Ilcles and notes form 8n Inlegral part of these flnanclal stglements.
All operations of the Trust and 118 8ubsldl8rl98 are classlllod 88 c4nllnuSng.
Tho IndlvlQual rÈsull8 of the Charlly alone ar8 Included In thè rn)lè$ 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

cOv￿s 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 prO￿rtIeS
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$•t¥
J.l)?2,r)83 5,8fJ1.442 6,077,827 6,044,374
Cr￿110￿. amounts falllng du• aftgr
mor• thin on• year
14
1264001
17
I￿1 170 56 1 LL￿ (UL21
4,856.532 4,680,880 4,813,828 4,873,812
Fund8
Unrèstrfcted fund$
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#n￿nY Num￿r,. 02751595
The accompanying accounting poli￿eS 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 Incrèas￿1￿0¢r••st} In cash and cash oqulvalonts
132,274}
12S4,7421
C8sh and cash equfval8nts 811 April 2020
C￿h 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)r￿leS 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¢ ￿￿eran￿e 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 aCc￿danCe 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 Conven￿On, 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 fu￿re and the way the Tru$l and Its subsidiary arg worklng together and are
acutely aware of the r￿nt challenge presented by COVIO-19 a$ w&ll as the opportunilies Ih8t have arisen. The
charl1￿8 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 financ￿1 8tat8ments.
8•sl• ol ConBolklatlon
The group financ191 sl8tements congolldgte those of the Ch4rily and of Its $ubsSdlary undertaking (see note 31 drown
up lo 31 March 2021. Tho results of th8 Charlty's trading eubskllary, Cowes Yacht Haven Umited have b8an
consolldalod on a Ilno by Ilno basls.
Fund accountl
Unr6strfcted funds are aVaIlab￿ for use at the dlsGrelon ¢1 Ihe Trustees In fijrtheranco of the gener81 obleGtfv96 of
tha Charty, and whkh have not been designated for otherpurF¥)ses.
Dedgngtsd funds comprise unrostrl¢fod fund8 that havè bèèn sot aslde by thè T￿Ste￿ for p8rtl¢ular purpose9. The
alm and use of each d¢slgnal¢d fund Is set out in the notes lo the flnan¢lal Stslements.
Restrlcte*J funds are funds whlch are to bè used In accordance wlth sp8dft¢ re6trlctbn$ 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 re￿ted 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 LIM￿ED
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 er￿8￿8 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 resou￿s. Gov•rnmenl Grants for Support such a6 relating to COVID-19, are re￿9Dle￿I 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 ￿cogn￿88d on re¢•lpl, whereas long term
ond annual btrrthlng Arrangements are deferred ov8rtht Paflod to which they re￿1•. 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 undartr*adlngs Ihalaggregale all eo$ts
rel8tefJ to the category. Expenditure L8 rÉcognls8d where Iherè18 È189al or construct￿8 obllgatlon lo make payments
to Ihlrd partles, 11 1$ pr¢bablo th81 the settlement wlll be requlred, and the amount of thè obllgatlon can bè maasured
Tel5a￿y. 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$. and
8eeklng voluniary c￿bUt19nS and donatlons from sUp￿rterS, and availiblg sources",
Expondilure on ¢hadtable 8cUvitie8 Includes managemenl and ￿8ratIon ol rental proj•cts C￿ Cowes Waterfront.
Olbgr expendtture repre$gni8 ihose Items nol falling into th? L*t¢gor￿S above.
Irrecovergble VAT15 charged a9 an oxpense agAlnst the a￿ty forwhich expenditure aro8&.
tlon of Su
The anal￿15 of thwJe costs is included Sn note 4. Support costs are th0￿ whiGh Bie not directly part of the activity,
bul wh￿h 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 va￿0 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 unreStr￿tsd 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 pro￿810n8 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)vI￿an5 ara nwmally re¢ogn18ed 81 Ihelr settlemgnt arnounl after 8llowlng
any trade dl8¢ounl$ duo.
Retlr•m•nt b•ngflt8- d￿1Th•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 Obl1ga￿0n8, 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 FIna￿￿1 AcU¥ltle$.
No corporallon tax ha8 ￿en provldad In thes8 accounts be¢auso Ihe Income ol the Ch8rty Is wlhln tha •x•mptlon
granted by HM Revenue & Cueloms Ic> the ￿tent that these fulli15 Bre appl¢d to ohgrftgtAe objects.
Plnanclal as80ts and Ilablllti
Tho Trust only has financbal assets 3nd financlal liablllties ol a klnd that qualify as bosic finandal In81rumen18. Beslc
linon¢l81 Snsiwm&nts arè inI￿allY recognlsed at transaction v81ue and 6ubsequ8nlly mea$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 ap￿4¢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 assumpti￿5 are based cffi historical ttxpori8n￿ and oth¢r fa¢torn that
are Con￿d9red 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 r￿ls1On 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

CoY￿s TOWN WATERFRONT TRUST LIMITED
NOTES TO THE ACCOUNTS ICONT)
FOR THE YEAR ENDED 31 MARCH 2021
STAFF COSTS
EM￿oYee 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<2￿2O- £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 hLI1v￿Éx 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 aCUvlt￿s
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 fO￿ard 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¢ prop￿￿e$ 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 penS￿n $¢hemg for Its employees, and also
lo rneet its obligations of atho-8nrolmenl. The Sums In respect of empbyee and èmployer CA)ntllbulions are pald to
Ihird-party provSders and are Managed external lo the Trust. Th8 eontrlbution payable to the pension funds durfng the
yearw88 £20,73612020- £37.8871. Al Ihe year-end, £2,781 w8$ 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? li￿nce. Ouring the year, the Cha￿ty 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 1Lqbl1￿1a1 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 Cr￿J110T$, togolhor wlth the finance lease oblp3atitsns and long-tsrm bank bans.
23

## **Document Activity Report** 

## **Document Sent** 

Fri, 15 Oct 2021 13:36:05 GMT 

## **Document Activity History** 

Document history shows most recent activity first 

## **Date** 

## **Activity** 

Fri, 15 Oct 2021 13:38:08 GMT Document Sent 

You can verify that this is a genuine Portal document by uploading it to the following secure web page: **https://mooresouth.accountantspace.co.uk/messages/VerifyDocument**