##
##
##
|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|buildings|and reclaimed|land||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)|