2022-03-31-accounts - Cowes Town Waterfront Trust Limited

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FOR THE Y	EAR ENDED 31 MARCH 2022
			Paries
Reference and Administrative Details
Report ofthe	Trustees and Strategic Report		2-7
Independent	Auditors' Report		8-11
Consolidated	Statement of Financial Activities		12
Consolidated	and Charity Balance Sheets		13
Consolidated	Statement ofCash flows
Notes to the	Accounts including Accounting	Policies	15-24

Directors	snd Trustees
		J N Dale (Chairman)
		M G SGreville
		DWJagger
		JTJames (Appointed	16May 2022)
		P BMorton
		R P Owen
		J A L Riley
		P P Shears (Resigned	1 October 2021)
Charity Number		1019760
Company	Number	02751595
Registered	Office	Cowes Yacht Haven
		Vectis Yard
		High Street
		Cowes
		Isle ofWight
		PO317BD
Chief Executive		D Jehan
Company	Secretary	C M Thomas
Auditors		Moore (South) LLP
		9StJohn's Place
		Newport
		Isle ofWight
		PO30 1LH
Solicitors		Roach Pittis
		60-66 Lugley Street
		Newport
		Isle ofWight
		PO30 5EU
Bankers		Lloyds Bank Pic
		22 StThomas' Square
		Newport
		Isle ofWight
		PO30 1SQ

					Total	Total
					Funds	Funds
					2022	2021
				Note	F	5
Income and Endowments	from:
Donations and legacies					117
Investment income					232,755	224,023
Other trading activities					1,432,880	984,427
Other income —gain on disposal		ofassets				3431
Total income					1,665,752	1,211,881
Expenditure on:
Chaditable activities					437,525	401,820
Other trading activities					968063	831677
Total expenditure					1,405,588	1,233,497
Net income l(expenditure)					260,164	(21,616)
Other recognised gains and losses
Gains and losses on the revaluation			offixed	assets	(2~05213
Net movement in funds before		minority
interest					54,951	(21,616)
Non controlling interest					3095	732
Net movement in funds and	net	(expenditure)/income
forthe period					51,856	(22,348)
Fund balances brought forward		at 1 April 2021			4.658 532	4680880
Fund balances carried forward
At 31 llllarch 2022					4,710,388	4,658,532

				Group	Group	Charity	Charity
			Note	2022f	2021 F	2022 F	2021 8
Fixed assets
Tangible assets				3,460,000	3,247,045	3,460,000	3,247,045
Investment properties			10	2,150,000	2,605,692	2,150,000	2,605,692
Investments						98	98
				5610000	5852737	5610098	5852 835
Current assets
Debtors			12	384,502	499,150	71,889	145,387
Cash at bank and	in hand			842 841	676859	367575	265974
				1,227,343	1,176,009	439,464	411,361
Creditors: amounts		falling due
within one year			13	(9924087	(1 106213)	~137383	(186369)
Net current assetsl(liabilities)				303 256	69 796	302081	224 992
Total assets less	current assets			5,913,256	5,922,533	5,912,179	6,077,827
Creditors: amounts		falling due after
more than one year				(~1202868	(1264 001)	~1202868	~1264001
				4,710,388	4,658,532	4,709,311	4,813,826
Funds
Unrestricted funds				4,709,311	4,813,826	4,709,311	4,813,826
Trading funds				1 077	~155294
				4,710,388	4,658,532	4,709,311	4,813,826

							Group	Group
					Note		2022f	2021f
Cashf low from operating		activities
Net cashflow from operations				See below			362574	226 969
Total cashflow from operating			activities				362574	226 969
Cashflow from investing		activities
Payments to acquire fixed	assets						(135,766)	(377,213)
Proceeds from disposal offixed assets								9,000
Interest received								39
Total cashflow on Investing activities							(135,764)	(368,174)
Cash from financing activities
Loans advanced in year								157,250
Bank loan repayments							(~60 828	L448319
Total cashflow on financing activities							(60,828)	108,931
Net increase/(decrease)	in cash		and cash		equivalents		165,982	(32,274)
Cash and cash equivalents		at 1 April 2021					676,859	709,133
Cash and cash equivalents		at31	March 2022				842,841	676,859
Cash and cash equivalents		consist of:
Cash at bank and in hand							842 841	676859
Cash and cash equivalent	at 31 March 2022						842,841	676,859
RECONCILIATION OF NET INCOME TO				NET CASH		FLOW FROM	OPERATING ACTIVITIES
							Group	Group
							2022f	2021f
Net income resources							51,856	(22,348)
Depreciation charges							173,290	201,380
Decrease/(Increase in trade		debtors)					114,648	(152,999)
(Decrease)/Increase in creditors							(182,431)	204,406
Interest received							(2)	(39)
Gain on disposal ofasset								(3,431)
Loss on revaluation ofassets							205213
Net cash inflow/(outflow) from operations							362,574	226,969
ANALYSIS OF CHANGES		IN NET DEBT
						At 1/4I2021	Cashflows	At 31/3/2022
Long term borrowing						f.	f
Bank loan						(573,364)	60,828	(512,536)
Propertyfinancelease						~750000		~750 000)
Total liabilities					(1,323,364)		60,828	(1,262,536)
Bank and cash balances						676859	165982	842 841
Total net debt						(646,505)	226,810	(419,695)

Freehold		2'/o	straightline	straightline
Dredging		33'/o	straight	line
Plant &Equipment	2 /o —25'/o		straight	line
Pontoons	3/o	—5/a	straight	line

The s factor	ignificant estimates in relation to to arrive at fair value.	ignificant estimates in relation to to arrive at fair value.	ignificant estimates in relation to to arrive at fair value.	the accounting treatment of	the accounting treatment of	the finance lease for land incl	uded the discoun
1.	INCOIIIIE FROM INVESTMENT			ACTIVITIES
						2022	2021
							E
Generated from:
Rental	income					232,753	224,020
Bank	interest receivable					2	3
						232,755	224,023
2.	INCOME FROM OTHER TRADING ACTIVITIES
						2022	2021
						E	8
Berthing, site space and miscellaneous				income	in the	1,432,880	984,427
trading	subsidiary,	including	COVID-19	support	grants.

3. NET INCOME FROIIII AC	3. NET INCOME FROIIII AC	3. NET INCOME FROIIII AC	TIVITIE	TIVITIE	S OF	S OF	SUBSI	DIARIES	DIARIES
The Charity has one subsidiary,			Cowes		Yacht		Haven	Limited, which is		incorporated		in the UK. Cowes Yacht Haven
Limited operates Cowes Yacht			Haven		marina		and covenants		any taxable		profits	to Cowes Town Waterfront Trust
Limited. Its results are included			in these			consolidated		group accounts.		A summary		ofthe subsidiary's	trading results
is shown below. The net profit			adjusted			for	net inter-company		charges		of 5215,000 (2021 F95,000) is f446,131
(2021 6133,371).
												2022	2021
												6	6
Total income Cost ofsales											1,426,615 ~42 342)		905,864 ~2012
Gross profit											1,384,273		903,852
Government grant												6,267	78,527
Investment income													36
Operating expenses											(944,409)		(849,044)
Marina licence paid	to charity										(240,000)		(120,000)
Management charge to the charity												25000	25000
Profitl(Loss) for the	financial	period									231,131		38,371
The net assets and	liabilities	ofthe active				subsidiary		are:
												2022f	2021 6
Current assets											824,257		857,564
Creditors: amounts	falling due within one					year					823060		1 015833
Total net assets												1,197	(158,269)
Aggregate of share	capital and reserves											1,197	(158,269)
4. ANALYSIS OF CHARITABLE				EXPENDITURE
												2022	2021
												9	6
Charitable activities —property			costs
Property costs, rates and utilities												75,171	36,811
Finance and operating lease		rentals										83,404	58,691
Property repairs and	upkeep,	development										7,866	10,943
Depreciation											173,289		201,380
Donations												10,415	7,533
Loan interest												16,780	14,468
Support and governance
Office support costs												40,663	46,344
Governance costs audit and non-audit				services								29937	25 650
											437,525		401,820

NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2022	NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2022
5. ANALYSIS OF OTHER TRADING ACTIVITIES
		2022	2021
		9	E
Costs of running the Yacht Haven operation
Direct cost of marina events		42,342	2,012
Overhead costs		925 721	829 665
		968,063	831,677
6. OTHER COSTS
The deficit is stated after charging:		2022 5	2021f
Auditors' remuneration:
Audit services		21,450	20,000
Non-audit services		8,487	5,650
Depreciation		173,290	201,380
Finance lease rentals		71,093	53,623
7. STAFF COSTS
Employee costs during the period	were as follows:	2022	2021
		5	6
Wages and salaries		441,813	386,317
Social security costs		37,842	37,145
Other pension costs		27945	20735
		507,600	444,197
The average number ofemployees	during the period were as follows:	18	14

The Consolidated		Statement ofFinancial Activities	Statement ofFinancial Activities	Statement ofFinancial Activities	Statement ofFinancial Activities	Statement ofFinancial Activities	includes the results ofthe Charity's subsidiary,	includes the results ofthe Charity's subsidiary,	includes the results ofthe Charity's subsidiary,	includes the results ofthe Charity's subsidiary,	includes the results ofthe Charity's subsidiary,	includes the results ofthe Charity's subsidiary,	Cowes Yacht Haven	Cowes Yacht Haven	Cowes Yacht Haven
Limited. Details	of		the results		of the trading	subsidiary		are set out in note 3.		The	summary	financial		performance	of
the Charity alone	was:
											2022			2021
														6
Income
Charitable activities										240,000				120,000
Income from donations											71,782
Investment income										232755				227 454
Total income										544,537				347,454
Expenditure
Charitable activities										445 806				407441
Total expenditure										445,806				407,441
Net income/(expenditure)				for the period							98,731			(59,987)
Gains and losses	on the revaluation offixed assets									(205,213)
										(104,514)				(59,987)
Total funds brought			forward	on 1 April 2021						4,813,825				4,873,812
Total funds carried		forward		at	31 March 2022					4,709,311				4,813,825
9. TANGIBLE		FIXEDASSETS
Consolidated and			Cowes	Town Waterfront		Trust Limited
						Freehold Land			Long Leasehold		Plant 8
							&	building E	Land F.		Equipment f			Total E
Cost or valuation:
At 1 April 2021							2,083,351		390,000		1,829,114		4,302,465
Additions											25,003			25,003
Revaluation							153097							153097
At 31 March 2022							2,236,448		390,000		1,854,117		4,480,565
Depreciation:
At 1 April 2021							208,145				847,275			1,055,420
Provided in the period											173,290			173,290
Revaluation							~208 145						~208 145)
At 31 March 2022											1,020,565			1,020,565
Net book amount	at		31 March		2022		2,236,448		390,000		833,552		3,460,000
Net book amount	at		31 March		2021		1,875,206		390,000		981,839		3,247,045

13. CREDITORS: AMOUN	TS	FAL	LING DUE	WITHIN ONE YEAR	WITHIN ONE YEAR
				Consolidated		Cowes Town Waterfront
						Trust Limited
				2022	2021	2022	2021
					6	6	6
Trade creditors				55,524	123,129	171	68,780
Social Security and other taxes				67,548	203,458
Bank Loan				59,668	59,363	59,668	59,363
Deferred income (see below)				612,434	612,837
Other creditors and accruals				128,891	107,426	77,544	58,226
Profits attributable to non-controlling			interest	22
				924,087	1,106,213	137,383	186,369
Deferred income represented	berthing		fees and rents received in		advance.
At 1 April 2021				612,837	478,594		7,519
Amounts released to income	in the period			(612,837)	(478,594)		(7,519)
Deferred in the period				612434	612837
At 31 March 2022				612,434	612,837
14. CREDITORS: AMOUNTS		FALLING DUE		AFTER MORE THAN ONE YEAR
				Consolidated		Cowes Town	Waterfront
						Trust Limited
				2022 5	2021f	2022	2021 F
Net present value offuture lease		obligations		750,000	750,000	750,000	750,000
Bank Loan				452 868	514001	452 868	514001
				1,202,868	1,264,001	1,202,868	1,264,001

Group balances		2022 5	2021f
Financial assets at amortised	cost	1,209,673	1,152,128
Financial liabilities at Present Value		(1,202,868)	(1,264,001)
Financial liabilities at amortised	cost	~311650	~493376
Net financial liabilities		(304,845)	(605,249)