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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|
##
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|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||||
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|||||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|
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|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)|
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|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|
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|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|
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|(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|||||||
##
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|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|
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|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|
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||||Balance at|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|
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