2023-03-31-accounts - Cowes Town Waterfront Trust Limited

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FOR THE Y	EAR ENDED 31 INARCH 2023
			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		14
Notes to the	Accounts including Accounting	Policies	15-25

Cowes To	wn Waterfront Trust	Limited is a company limited by	guarantee an	d a registered	charit
Directors	and Trustees
		J N Dale (Chairman)
		M TElsom	(Appointed	30January	2023)
		M G SGreville
		DWJaggar	(Resigned	21 November	2022)
		JTJames	(Appointed	16May 2022)
		CJ Lloyd-Jennings	(Appointed	30January	2023)
		A FC Loess	(Appointed	30January	2023)
		P BMorton	(Resigned	21 November	2022)
		RP Owen
		JA L Riley
		M C Shepherd	(Appointed	30January	2023)
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

				Unrestricted	Restricted	Total	Total
				Funds	Funds	Funds	Funds
				2023	2023	2023	2022
			Note	6	F	8	6
Income and Endowments from:
Donations and legacies				186	6000	6186	117
Investment income				242,233		242,233	232,755
Other trading activities				1678896		1 678896	1432880
Total income				1 921315	6000	1 927315	1665752
Expenditure on:
Charitable activities			4	459,102		459,102	437,525
Other trading activities			5	1 184732		1 184732	968063
Total expenditure				1 643 834		1 643 834	1405588
Net income				277,481	6,000	283,481	260,164
Transfer between funds				3792	~3792
				281,273	2,208	283,481
Other recognised gains and losses
Gains and losses on the	revaluation	offixed assets					(2~05213
Net movement in funds	before minority
interest				281,273	2,208	283,481	54,951
Non controlling interest							3095
Net movement in funds and net income
for the period				281,279	2,208	283,487	51,856
Fund balances brought forward at 1 April			2022	4710388		4710388	4658 532
Fund balances carried forward
At 31 March 2023				4,991,667	2,208	4,993,875	4,710,388

AS AT 31 MARCH 2	023
			Group	Group	Charity	Charity
			2023 f	2022 E	2023	2022
		Note
Fixed assets
Tangible assets		9	3,717,665	3,460,000	3,717,665	3,460,000
Investment properties		10	2,150,000	2,150,000	2,150,000	2,150,000
Investments					98	98
			5867665	5610000	5867763	5610098
Current assets
Debtors		12	387,952	384,502	48,708	71,889
Cash at bank and in	hand		868375	842841	407649	367575
			1,256,327	1,227,343	456,357	439,464
Creditors: amounts	falling due
within one year		13	(~993880	(~924087	~194780	~137383
Net current assets			262447	303256	261 577	302081
Total assets less current assets			6,130,112	5,913,256	6,129,340	5,912,179
Creditors: amounts	falling due after
more than one year		14	(~1136237	(~1202868	(1 136237)	(~1202868
			4,993,875	4,710,388	4,993,103	4,709,311
Funds
Restdicted funds		15	2,208		2,208
Unrestricted funds		16	4,990,881	4,709,311	4,990,895	4,709,311
Trading funds			786	1 077
			4,993,875	4,710,388	4,993,103	4,709,311

							Group	Group
							2023	2022
						Note	6	6
Cashflow from operating		activities
Net cashflow from operations					See below		500 200	362574
Total cashflow from operating				activities			500200	362574
Cashflow from investing		activities
Payments to acquire fixed	assets						(411,775)	(135,766)
Interest received								2
Total cashflow on Investing			activities				(411,775)	(135,764)
Cash from financing activities
Bank loan repayments							(662891	(6~0828
Total cashflow on financing			activities				(62,891)	(60,828)
Net increase in cash and		cash		equivalents			25,534	165,982
Cash and cash equivalents		at	1 April 2022				842,841	676,859
Cash and cash equivalents		at	31	March	2023		868,375	842,841
Cash and cash equivalents		consist of:
Cash at bank and in hand							868375	842 841
Cash and cash equivalent	at 31 March 2023						868,375	842,841
RECONCILIATION OF NET INCOME TO						NET CASH FLOW FROM OPERATING ACTIVITIES
							Group	Group
							2023	2022
								K
Net income resources							283,487	51,856
Depreciation charges							154,110	173,290
(Increase)/Decrease in debtors							(3,450)	114,648
Increase/(Decrease) in creditors							66,053	(182,431)
Interest received								(2)
Loss on revaluation ofassets								205213
Net cash inflow/(outflow) from			operations				500,200	362,574
ANALYSIS OF CHANGES		IN	NET DEBT
						At		At
						1/4/2022	Cashflows	31/3/2023
Long term borrowing							f	6
Bank loan						(512,536)	62,891	(449,645)
Property finance lease						~750000		~750000
Total liabilities						(1,262, 536)	62,891	(1,199,645)
Bank and cash balances						842.841	25534	868375
Total net debt						(419,695)	88,425	(331,270)

value by	annual in	stalments over	their usef	ul economic lives.	The perio	ds a
Freehold	buildings	and reclaimed	land	2%	straight	line
Dredging				33%	straight	line
Plant 8 Equipment				2%-25%	straight	line
Pontoons				3%-5%	straight	line

1.	INCOME FROM INVESTMENT	ACTIVIT	IES
				2023	2022
Generated from:
Rental	income			242,233	232,753
Bank	interest receivable				2
				242,233	232,755
2.	INCOME FROM OTHER TRADING ACTIVITIES
				2023f	2022
Berthing, site space and miscellaneous		income	in the
trading	subsidiary.			1,678,896	1,432,880

(2022f215,000) is	F478,18	9(20226446,131).
				2023	2022
Total income Cost ofsales				1,678,898 ~175374	1,426,615 ~42 342
Gross profit				1,503,524	1,384,273
Government grant					6,267
Operating expenses				(1,025,335)	(944,409)
Marina licence paid	to charity			(260,000)	(240,000)
Management charge tothe charity				31500	25000
Profit/(Loss) forthe	financial	period		249,689	231,131
The net assets and	liabilities	ofthe active subsidiary	are:
				2023	2022
Current assets				871,616	824,257
Creditors: amounts	falling due within one year			{8870730	~823060
Total net assets				886	1,197
Aggregate of share	capital and reserves			886	1,197
4. ANALYSIS OF CHARITABLE EXPENDITURE
				2023	2022
Charitable activities —property costs				F
Property costs, rates and utilities				77,187	75,171
Finance and operating lease		rentals		90,294	83,404
Property repairs and upkeep,		development		26,962	7,866
Depreciation				154,110	173,289
Donations				34,482	10,415
Loan interest				18,349	16,780
Support and governance
Office support cost				28,523	40,663
Governance costs audit and		non-audit services		29195	29937
				459,102	437,525

FOR THE YEAR ENDED 31 MARCH 202	FOR THE YEAR ENDED 31 MARCH 202	FOR THE YEAR ENDED 31 MARCH 202	3
5. ANALYSIS OF OTHER TRADING			ACTIVITIES
					2023	2022
Costs of running the Yacht Haven operation
Direct cost of marina events					175,374	42,342
Overhead costs				1	009358	925721
				1,184,732		968,063
6. OTHER COSTS
					2023	2022
The deficit is stated after charging:					5	6
Auditors' remuneration:
Audit services					23,450	21,450
Non-audit services					5,745	8,487
Depreciation					154,110	173,290
Finance lease rentals					79,269	71,093
7. STAFF COSTS
Employee costs during the period		were as	follows:		2023	2022
					5
Wages and salaries					510,631	441,813
Social security costs					46,576	37,842
Other pension costs					27.590	27945
					584,797	507,600
The average number of employees		during	the period were as follows:		18	18
The emoluments ofhigher	paid employees		fell within the following	range:
					2023	2022
560,000 - 670,000

The Consolidated Statement ofFinancial Activities includes the	The Consolidated Statement ofFinancial Activities includes the	The Consolidated Statement ofFinancial Activities includes the	The Consolidated Statement ofFinancial Activities includes the	The Consolidated Statement ofFinancial Activities includes the	results ofthe Charity's	subsidiary, Cowes Yacht
Haven Limited. Details of		the results of the trading		subsidiary	are set out in note	3.The summary financial
performance ofthe	Charity	alone was:
					2023 f	2022 f
Income
Charitable activities					260,000	240,000
Income from donations					256,186	71,782
Investment income					242233	232 755
Total income					758,419	544,537
Expenditure
Charitable activities					474627	445 806
Total expenditure					474,627	445,806
Net income/(expenditure)		for the	period		283,792	98,731
Gains and losses on the revaluation			offixed assets			~205213
					283,792	(104,514)
Total funds brought	forward	on 1 April 2022			4709311	4813825
Total funds carried	forward	at 31 March 2023			4,993,103	4,709,311

Consolid	ated and Cowes Town Waterfro	nt Trust Limited
		Freehold		Plant
		Land Lbuilding E	Long Leasehold 8	and Equipment f	Total
Cost or valuation:
At 1 April	2022	2,236,448	390,000	1,854,117	4,480,565
Additions				411,775	411,775
At 31 March 2023		2,236,448	390,000	2,265,892	4,892,340
Depreciation:
At 1 April	2022			1,020,565	1,020,565
Provided	in the period	29729		124381	154110
At 31 March 2023		29,729		1,144,946	1,174,675
Net book	amount at 31 March 2023	2,206,719	390,000	1,120,946	3,717,665
Net book	amount at 31 March 2022	2,236,448	390,000	833,552	3,460,000

THE YEAR END	ED 31 MARCH 2023	ED 31 MARCH 2023
INVESTMENT	PROPERTIES
Investment properties			2023 F	2022f
Freehold property			1,774,000	2,145,692
Additions				110,763
Revaluation				~482.455
			1 774000	1774000
Long leasehold	investment	properties	376,000	460,000
Revaluation				~84000
			376000	376000
			2,150,000	2,150,000

13. CREDITORS„AMO	UN	TS	FAL	LING D	UE WITHIIII ONE YEAR	UE WITHIIII ONE YEAR
					Consolidated		Cowes Town Waterfront
							Trust	Limited
					2023	2022	2023	2022
					5	5
Trade creditors					58,272	55,524	20,416	171
Social Security and other	taxes				48,204	67,548
Bank Loan					63,409	59,668	63,409	59,668
Deferred income (see below)					725,379	612,434	7,917
Other creditors and accruals					98,600	128,891	62,807	77,544
Profits attdibutable to non-controlling				interest	16	22
Amount due to subsidiary	undertaking						40231
					993,880	924,087	194,780	137,383
Deferred income represented		berthing		fees and rents received		in advance.
At 1 April 2022					612,434	612,837
Amounts released to income		in the period			(612,434)	(612,837)
Deferred in the period					725379	612 434	7917
At 31 March 2023					725,379	612,434	7,917
14. CREDITORS: AMOUNTS			FALLING DUE AFTER MORE THAN ONE YEAR
					Consolidated		Cowes Town Waterfront
							Trust	Limited
					2023	2022	2023	2022
					E	F	E
Net present value offuture	lease		obligations		750,000	750,000	750,000	750,000
Bank Loan					386.237	452868	386237	452 868
					1,136,237	1,202,868	1,136,237	1,202,868

			Balance at		Non-controlling	Non-controlling	Balance at
			01/04/2022	Income f	Expenditure Transfer	interest 6	31/03/2023
General	fund		4,710,388	1,921,315	(1,643,834) 3,792		4,991,667
Comparative		Consolidated
			Balance at		Gains/	Non-controlling	Balance at
			01/04/2021 6	Income K	Expenditure (losses)	interest f	31/03/2022 6
General	fund		4,658,532	1,665,752	(1,405,588) (205,213)	(3,095)	4,710,388
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
					Unrestricted Restricted
					Funds Funds		Total
					F		6
Consolidated		at 31 March 2023
Tangible	fixed	assets			3,717,665		3,717,665
Investment properties					2,150,000		2,150,000
Current	assets				1,254,119	2,208	1,256,327
Current	liabilities				(993,880)		(993,880)
Non-Current liabilities					~1136237		~113623
					4,991,667	2,208	4,993,875
Cowes	Town	Waterfront	Trust at 31 March	2023
Tangible	fixed	assets			3,717,665		3,717,665
Investments					2,150,098		2,150,098
Current	assets				454,149	2,208	456,357
Current	liabilities				(194,780)		(194,780)
Non-Current liabilities					~1136237		~113623
					4,990,895	2,208	4,993,103