Company No: 0275q595 REGISTERED CHARITY ENGLAND AND WALES NO. 1019760 COWES TOWN WATERFRONT TRUST UMITED REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
COWES TOWN WATERFRONT TRUST LIMITED CONTENTS FOR THE YEAR ENDED 31 MARCH 2024 Reference and Administrative Details Report of the Trustee5 and Strategic Report Independent Auditors, Report 7-10 Consolidated Statement of Financial Activities 11 Consolidated and Charity Balance Sheets 12 Consolidated Statement of Cash fiows 13 Notes to the Accounts including Accounting Policies 14-27
COWES TOWN WATERFRONT TRUST LIMrrED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Cowes Town Waterfront Trust Limited is a company limited by guarantee and a registered charity. Dlrectors and Trustees J N Dale (Chaimian) M T Elsom M G S Greville J T James C J Lloyd-jennings AFCLucas R P <Ven JALRiley M C Shepherd Charity Number 1019760 Company Number 02751595 Registered office Cowes Yacht Haven Vectis Yard High Street Cowes Isle of Wight P0317BD Chief Executive D Jehan Company Secretary C M Thomas Auditors Moore (South) LLP 9 St John's Pla Newport Isle of Wght P030 ILH Solicitors Roach Pfftis 60-66 Lugley Strt Newport Isle of Wight P030 SEU Bankern Lloyds Bank PIC 22 St Thomas, Square Newport Isle of Wight P030 1SQ
COWES TOWN WATERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT FOR THEYEAR ENDED 31 MARCH 2024 The Trustees. who are also Directors and Members of Cowes Town Wa*erfront Trust Limited (the °Trusr), present their report together with the financial statements of the Trust for the year to 31 March 2024. This r8POrt also includes the requirements of a Directors, Report under Company law. The Tntstees who served during the year and since the year end are as shown on page 1. The financial statements have been prepared in accordance with the accounting policies set out in the notes to these accounts and mplY with the Trusvs Memorandum & Artides of Association, the Charilies Act 2011, Companies Act 2006. and the provistons of the Statement of Recornmended Practi (SORP) "Accounting and Reporting by Charities. applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective January 2019. Objectlves and acthrities The Trusys objectives are: 1. To promote for the benefit of the inhabitants of Cowes and the Isle of Wight the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age. infirmity or disablemen( financial hardship or social and economic circumstances or for the public at large in the interest of social welfare and with the object of improving the life of the said inhabitants and to advance sailing and water sports in the waters around Cowes. and in furtheran of this Object to provmje facilities for mooring and storage of boats for the benefit of the public at large. 2. To promote the culture and hetitage of Cowes and support the maritime heritage of the Isle of Wght" 3. To promote the protection and improvement of the environment of Cowes Harbour. In order to achieve these objectives, the Trusl, through its trading subsidiary Cowes Yacht Haven Limited (CYH), manages Cowes Yacht Haven Marina. Boatyard and Event Centre, as well as directly receiving rental income from various investment proFErties for use to further develop servi$ and achieve outcomes for public benefit. Structure. governance and management The Trust is a Company linmted by guaraTrtee. established in 1992, whose goveming documents are its Memorandum and Articles of Association. the latter of which was revised on 8 November 2021. The Trustees are appointed by the existing Board of Trustees and the minimum number of Trustees shall be three. One third of the Trustees must retire at each AGM and may be considered for re-appointment. Trustees are individual members of the Company and applications to become a member of the Trust are determined by Ihe Board of Trustees. The Trust advertises occasionalty for new Trustees as well as welcoming letters of interest. New Trustees are appointed following discussion, and with referen to the specific skills required of the Board, including but not limited to commercial. business. property. evenis and h05pitslity, legal, marketing, regulatory and financial aspects. Following the conclusion of an advertlsing campaign in February 2023 (using a national recruitment agency), four new Trustees were appointed. Their skills ranging from Maritime PR and crisis communications, through HR and employment advice to experience with major intemational consulting firms and marketing and corporate nebNorking as well as knowledge and top level experien within the hospitality industry. The Trustees agree the Board's strategy and areas of activity for the Trus( including the approval of the annual budget, for both revenue and capital expenditure. At &3ch meeting of Ihe Board, the lalest financial position is reviewed and authorisation as appropriate is given to individual items of capital expenditure, pursuant to the approval of the overall capital programme. Policy decisions on all land and propety transactions are also made by the Board of Trustees. The actual operation of Cowes Yacht Haven (CYH) is the responsibility of the Directors of CYH and the day- to-day management decisions are carried out by that company's Managing Director, Management Team and Staff. The CYH Board, which currenlty includes Iwo Trustees and the Managing Director, makes recoMffndatIOnS to the Trust on issues of budget and policy for management of CYH, which are then
COWES TOWN WATERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT (CONT) FOR THE YEAR ENDED 31 MARCH 2024 considered and determined by the Trust. The Managing Director of CYH reports regularly to the Trust, and attends meetings of the Trust Board as appropriate to give advice and answer questions. The total number of staff employed by CYH on a pemianent basis is 15, enhanced during peak periods by the employment of part-time seasonal staff. Throughout the year, joint meetings of the Trust Board and CYH d1CtOrS lake place to consider matters such as the Trust's strategic plan. budget for the forthcoming period and capital development plans. In addition, when required ad-hoc committees may be established, comprising representats'ves of both companies, designed to consider specific matters referred to them and report their recommendations to the Trust for determination. The Twstees give due regard to the Charitable Objects and also the Public Benefit guidance issued by the Charity Commission in setting their business plans and strategy. Charitablg gifts Etchells Academ Youth Sallln - Ob"ect 1 The Trust continued its support of Youth Sailing initiatives and engagement within the sailing fraternity including the Etchells Youth Academy to encourage and promote sailing to younger people. The Trusfs involvement included: 1. Provision of a substantial donation in the fonn of a discount for the storage and launching I recovery of four Etchells keelboats used by youth, support ribs and other boats. 2. Free of charge storage for a 20ft container and the equivalent area for a client supplied marquee for the use of storage, repairs and briefings. 3. A discount off the cost of a storage contsiner whh supported both youth sailing and other sailing and a tent that youth sailors use as a base. In addition, the container is used as a dry repair I dust containment shop in the winter. 4. Provision of additional facilities free of charge including sail drying and folding facilities and meeting rooms (when not booked by any other fee paying dient). Grei Academ GCA I Scaramouche Sallin Trust~ Ob-ect 1 GCA is a mixed-sex secondary school in the London b)rough of Haringey", it has around 1.100 pupils on its roll. As well as a busy main school. the Academy includes a thriving Sixth Forrn with link5 to The Russell Group and other universities. as well as specialist sports and arts colleges. The Scaramouche Satling Ttust provides opportunities for disadvantaged inner city children to enhance their lrfe chances through sailing. The CT supports The Scaramouche Sailing Trust by woviding drysail facilities for a Quarter Ton yacht and an Intro 22 yacht as well as a marina berth for their Rib. British Powerboat Racin Club BPRC -Ob'ects1&2 The BPRC organises the annual Cowes-Torquay-Cowes Inlernational Powerboat Festival once again hosted frorn Cowes Yacht Haven. This event brings a unique business and profile to the town. along with a large number of followers who flock into the town to watch the boats preparing for their racing. Cowes Town Waterfront Trust was pleased to support the cost of berthing for the competitors and the provision of the Events Centre for race briefings and for the prizegiving ceremony. Sea Cadets- Ob ect1 TS OstM)rne, the local branch of Sea Cadets requested financial assistance to help buy a new safety boat for their cadet sail training actNities. The Trust supported half of the cost with the Sea Cadets sucsSfullY sourcing the other half from other supporters. The Association of Sail Trainin Or anisations ASTO - Ob"ect 1 ASTO'S mission is to °pmmote Sail Training in the UK and to support the Sail Training Industrf. The Trust helped ASTO by gifting the CYH Events Centre venue hire fee and providing 50 /0 off the cost of berthing for their fleet whilst staying at CYH for their annual Small Ships Race weekend.
COWES TOWN WATERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT (CONT) FOR THE YEAR ENDED 31 MARCH 2024 DECADeANCE- Ob ect1 This 'decades of dan. music event raises funds for the local IOW Hospice. The TTUSt supported the event by covering the CYH Events Centre venue hire fee as a direct donation to the IOW Hospice. The value of all of the gifts {in cash arKI in specie) for the above activities totsls £32,888 {2023 £35,383). Plans for future period The CYH Marina team continues to a¢pt bookings for rallies and regattas and Ihe Trustees are confident of a steady year ahead. 2025 is looking especially busy with a large number of high profile evenls running out of the marina. Including the Royal Thames Yacht Club 250 year lebratiOnS in June and the return after an absence of over 20 year5 of the Admiral's Cup regatta run by The Royal Oan Racing Club. Both events will berth boats in the CYH marina and host shoreside aclivities in the Events Centre. The Admiral's Cup regatta (taking Pla in the centenary year of RORC) will also I[rporate the Rotex Fastnet Race which will bring even more boats to Cowes and the CYH marina. These events are in addition to the regular calendar events such as British Classics Week, Cowes Week Regatta and Round the Island Race. Financial review The Group achieved a surplus of £371.410 (2023 £283.481) in what was improving trading conditions. The Trusys 98Yo owned trading subsidiary. CYH Ltd. deliverej an operating surplus in the year of £299,998 (2023 £249,689). The unrestricted funds at 31 March 2024 were £5.360.825 (2023 £4.990,881). At a consolidated level. available funds increased to £5,365,285 (2023 £4.993.875). The Trust licenses CYH to manage its marina and boatyard assets in the centre of Cowes. The licen fee paid was £328,500 (2023 £260,000). As the CYH surplus for 2024 exceeded the jmUlatlve lo%ses. it was able to gift £300.000 {2023 £250,000) to the Trust The Trust understands the Importan of maintainiThJ the facilities offered at a level that matches or exceeds any other major regatta venue (worldwide) and has resumed its capital investment programme in furtherance of that target. Reserves The Trustees consider that the nature of the Trust and its subsidiary Company's operations means Ihat it is appropriate for it to hold free reserves of at least one yearfs expenditure for both the Trust and its trading subsidiary. The Trust has free reserves of £471,8 (2023 £259,453) plus a further £1,774,000 {2023 £1,774,000} funds in investment properties forming part of the site at Cowes, within the total funds of £5.365.285 (2023 £4,993,875). The Trustees will continue to work to increase the level of free reserves, and consider that the Trust's assets are sufficient to enable it to support CYH'S continuing capital expenditure and marina enhanrnent programme, as well as fulfil its charitable obligalions for the foreseeable future. Risk management The Trustees regularly review the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust and are satisfied Ihat systems are in place to manage any exposure to the major risks. The principal risk for CYH is that of being a seasonal business heavily dependent upon favourable weather conditions. Prolonged periods of adverse conditions would have a material impact uFx)n income.
COWES TOWN WATERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT (CONT) FOR THE YEAR ENDED 31 MARCH 2024 Prevailing economic conditions within the sailing industy. and markets that the Trust used to rely upon for corporate sponsorship of events. have been in decline over several years. CYH continued to benefit from a diverse range of services which has allowed it to spiead risk and. while demand for certain ServIS has reduced, the Tnjst has been able to adapt and generate grovrth in other areas of the business. Tributes The Trustees are most grateful for the hard work and diligence of the CYH staff. who are regularly the first point of contact that a customer has with the business. Their role is vital to repeat business and their contact with the customer may create business enquirtes in other department& The Trust and CYH benefit in many ways from the skills and advice of the Trustees and Ihe nonoxecutive CYH directors who spend a considerable amount of time advising on the activities of both the Trust and CYH. The Trust Is grateful for their advice and corrmitment for which they re1ve no remuneratton. Envlronmental and Sustalnablllty The Trustees are very aware of their responsibilities to protect and care for the environment. especialty the qualty of the water via which the majority of customers arrive and spend their leisure time. CYH has installed a collecting system for the gathering of paint and particles removed from the under sides of boats when they are washed off. These collected partides are prevented from reaching the sea and are taken away and disposed of with non recydirKJ waste. Waste and recycling signage around the site has been further improved to guide customers to the recycling locations and to educate customers to properly separate their recyding into the correct bins. CYH plans to continue to". Investigate whether onsite machinery and plant could operate using plant derived biofuels. Reduce water usage I wastage by improving water stsnds and upgrading plumbing where necessary. Carry out improvements to help educate customers and staff with recycling. Encourage boat owners using CYH facilities not to use soft anti-fouling paint. Promote best practice in environmental matters as guided by The Royal Yachting Association's Green Blue initiab"ve. (whose mission ts to promote a sustainable leisure marine sector in the UK). Work to maintain the high standards of quality and seNice delivery for customers that is required having achieved the top level fve gold anchor accolade from The Yacht Harbour Association scheme. Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements in accordan with United 'ngdorn Generalty Accepted Accounting Practs"ce {United Kingdom Accounting Standards) and applicable law. Under Company law the Trustees must not approve the financial statements unless they are satisfied thal they give a true and fair view of the state of affairs of the Trust and of the net incoming l outgoing resouices for that period. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in FRS 102 and the Charities SORP" make judgements and estimates that a reasonable and prudenc state whether applicable UK accounting 51andards have been followed. subject to any material departures disclosed and explained in the financial statements". and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue to operate. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trusys transactK)ns and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the Trusys constitution.They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for Ihe prevention 8nd detection of fraud and other irregularities.
COWES TOWN WATERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT (CONT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are responsible for the Maintenan and integrity of the corporate and financial inforrnation inctuded on the Trust's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legtslation (n otherjurisdictions. Statement as to Disclosure of Information to Auditors The following statements have been affimied by each of the TTUStees: so far as each Trustee is awar8. there is no relevant audil information. (that is information needed by the company's auditors in connection with preparing their report), of which the company's auditors are unavRre; and each Trustee has taken all the steps that he I she ought lo have taken as a Trustee in order to make himselfl herself aldre of any relevant audit infomiation and to establish that the company's audrtors are aware of that information. Auditors Moore (South) LLP has indicated its willingness to be ppoInted as ststutory auditor and a resolution to re- appoint them as auditors will be proposed at the next Annual General Meeling. This report has been prepared in accordarKe with the Statement of Recommended Practi. Accounting and Reporting by Charities (SORP). Approved by the Twstees and signed on their behalf by: JNDale ChaimRn Dated: 27 June 2024
COWES TOWN WATERFRONT TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COWES TOWN WATERFRONT TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited Ihe consolidated financial statements of Cowes Town Waterfront Trust Lirnited {the 'charitable parent company,) and its subsidiary (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Statement of Financial Activibes, the Consolidated and Charity Balance Sheets. the Consolidated Statsment of Cash Flows and notes to the financial statements. including a summary of significant accountTng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Icingdom Accounling Standards. including Financial Reporling Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United lfjngdom Generalty Acpted Accounting Practice). In our opinion the financRI statements: give a true and fair view of the state of the group's and the charitable parent cotnpany's affairs as at 31 March 2024, and of the group's incoming resources and application of resources. including its income and expenditure, for Ihe year tPEn ended: have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice" and,. have been ppared in accordan wilh the quIrernents of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wÉth Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements secb.on of our report. We are independent of the group and the charitable parent company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. VVe believe that the audit eviden we have obtained is suftient and appropriats to provide a basis for our opinion. Conclusions relating to going con¢em In auditing the finanaal statements, we have concluded that the trustS. use of the going concern basis of accounting in the preparalion of the financial statements is appropriate. Based on the work we have performed, we hwrfe not identified any matertal UnrtaIntieS relating to events or conditions that, individually or collectNely, may cast significant doubt on the group's and charitable parent company's ability to conlinue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The other information comprises the information included in the trustses annual reporL other than the financial Statements and our auditorfs report thereon. The trustees are responsible for the other infortnation contained within the annual rep)rt. Our opinion on the financial statements does not cover the other information and. expt to Ihe extent othenvise explicidy ststed in our reporl we do not express any form of assurance conclusion thereon. Our resFX)nsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the finanrial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detemine whetherthis gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other informats'on, we are qUired to report that fact We have nothing to report in this regard.
COWES TOWN WATERFRONT TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COWES TOWN WATERFRONT TRUST LIMITED {CONT) FOR THE YEAR ENDED 31 MARCH 2024 Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the group and the charitable parent company and their environment obtained in the course of the audlt, we have not identified material misstatements in D1CtorS. Report included in the Trustees, ReporL We have nothing to report in respect of the ft)Ilowing matters in relation to which the Companies Act 2006 requires us to report to you rf. in our opinion: adequate accounting records have not teen kept by the charitable parent company, or retums adequate for our audit have not been reiVed from branches not visited by us: or the charitable parent company's financial staternents are not in agreement wilh the accounting records. or certain disclosures of Trustees. remuneration spectfied by law are not made,. or we have not received all the infonnation and explanations we require for our audit,. or the Trustees were not entitled to prepare the consolidated financial ststements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees, RerMNt and from the requirements to prepare a Strategic Report. Responslbllltles of trustees As explained more fulty in the trustees, responsibilities statement set out on page 5. the trustees, who are also the directors of the charitable parent company for the purposes of company law. are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is neSSary to enable the preparation of consolidated financial statements that are free from material misstatemen( whether due to fraud or error. In preparing the consolidated financial statements. the trustees are responsible for assessing the groups and charitable parent company's ability to continue as a going conrn, disclosing, as applicable. matters related to going concem and using the going COnM basis of accounting unless the trustees either Intend to liquidate the group and pant charitable company or to cease operations, or have no realistic altemative but to do so.
COWES TOWN WATERFRONT TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COWES TOWN WATERFRONT TRUST LIMITED (CONT) FOR THE YEAR ENDED 31 MARCH 2024 Auditorfs responsibilities for the audit of th• financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole a free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assuran is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise trom fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. A further description of our responsibililies for the audit of the financial statements is located on the Financial Reporting Council's websits aL" www.frc.org.uklauditorsresFm)nsi.fitles. This description forms part of our auditor's report. Irregularities. including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Explanatlon as to what extont the audit was consldered capable of d8tocting irregularities, including fraud The objectNes of our audit in respect of fraud, are. to identify and assess the risks of material misstatement of the financial statements due to fraud: to obtain sufficient appropriate audit eviden regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audiL However. the primary responsibility for the prevention and detection of fraud rests wth both management and those charged with governance of the charitable company and the group. Our approach was as follows: The engagement partner selected staff for the audil who had prior knowledge of the client and who had the required rnpetence and skills to be able to identify or recognise non-compliance with laws and regulats'ons. We assessed the risk of irregularilies as part of our audit planning, and ongoin due to fraud, management override was identified as a significant fraud risk. review. including those is is due to the ability to bypass controls through inappropriate expenditure and accounting policies adopted. Revenue recognition was also identified as part of our audit planning as a significant risk to the audit. Although the processing and recording of transactions is straight fotward, there is the risk that revenue might not be recagnised within the correct accounting period. We obtained an understanding of the legal and regulato requirements applicable to the charitable company and we considered the most significant to be the ompanies Act2006. the CharitesAct 2011, the Charity SORP, UK financial reporting standards as issued by the Financial Reporting Council and UK Taxation legislation. We considered how the chariiable company complies with these requirements by discussions with management and those charged with governan. We inquired of management and those charged govemance as to any known instances of non- compliance or suspected non-complian with laws and regulations. Consideration was also made of the internal controls in place to mItate the idenb.fied risks. We assessed ihe control environment, documenting the systerrts. controls and processes adopted. The audit approach incorporated a combination of controls where appropriate, analytical review and substantive pr(Kedures involvin discussed with management an tests of transacttons and balances. Any irregularits'es noted were additional corroborative evidence was obtained as required.
COWES TOWN WATERFRONT TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COWES TOWN WATERFRONT TRUST LIMITED (CONT) FOR THE YEAR ENDED 31 MARCH 2024 The consolidated financial statenEnts of the group incorporate the results of the subsidiary company. Moore (South) LLP are auditors to the whole group and the same approach has been adopted to the subsidiary company as is appropriate to that entity. In response to the risk of fraud through managernent override we: perfonned analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify any unusual transactions" assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias" reviewed transactions wilh related parties, in particular the management charges and transactions with group entities,. and reviewed the disclosures within the financial statements to ensure they meet the requirements of the accounting standards and relevant legislation. In response to the rtsk of incorrect re(x)gnition of income we: performed a proof in total of rental income received in the period. agreeing the amounts due to contracts and where appropriate the amount of income deferr. performed analytical prOdureS including comparing revenue [l¥ed to the prior period and to budgets- vouched a sample of berthing fee and dry sail revenue transactions from source documentation to the accounting records: and tested berthing fee income cut off by agreeing a sample of deferred income calculations to supporting customer agreements. In response to the classtfication of Incorr beiween restricted and unrestricted funds we- agreed a sample of donations recorded in the nominal ledger to Source documentation to ensure any restrictions were correctly identified: and agreed a sample of expenses incurred to ensure that they had been allocated to the appropriate fund. There are Inhent limitation5 in our au(rrt procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of Ihe directors and other management and the inspection of regulatory and legal Corpondence, if any. Material misst*ments that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or (x)Ilusion. Uso of our report This report is made solety to the charitable parent company's memtErs. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste to the charitable parent company's members those matters we are reqUId to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone Other than the charitable parent company and the charitable parent company's menibers as a body, ft)T our audit worK for this report, or for the opinions we have fomed. Sue Lucas - Senior Statutory Auditor for and (m behalf of Moore (South) LLP ?¥}6Ja Chartered Accountants Statutory Audiior 9 St Johns Pla Newport Isle of Wight P030 1 LH 10
COWES TOWN WATERFRONT TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Note Income and Endowments from: Donations and legacies Investment income Other trading activities 140 270,799 1770 260 6.0 6,140 6,186 270,799 242.233 1770 260 1678 896 Total income 2041199 6 000 2 047 199 1927 315 Expenditure on: Charrtable activities Other trading activities 513,392 1162 397 513,392 459.102 1 162 397 1 184 732 Total expenditure 1675 789 1675 789 1643 834 Net income 365.410 6.000 371,410 283,481 Transfer between funds 369,942 1,468 371.410 283,481 Net movement in funds before mAnority interest 369.942 1.468 371,410 283,481 Non controlling interest Net movement in funds and net income for the period 369.942 1,468 371,410 283,487 Fund balances brought forward at 1 April 2023 4 991667 2 208 4 993875 4 710 388 Fund balances carried forward At 31 March 2024 5.361.609 3.676 5.365.285 4,993,875 The accompanying ac(x)unting policies and notes form an intsgral part of these financial statements. All operations of the Trust and its subsKliary are classified as continuing. The individual results of the Charity alone are included in the notes to these )Unts and are not presented as a primary statement in accordan with s408 Companies Act 2006. 11
COWES TOWN WATERFRONT TRUST UMITED CONSOLIDATED AND CHARITY BAIANCE SHEET AS AT 31 MARCH 2024 Group 2024 Group 2023 Charity 2024 Charity 2023 Note Fixed assets Tangible assets 11 3.571.4C 3.717.665 3.571.4( 3.717.665 Investrnent propertS 12 2.150.000 2.150.CY)0 2.150,000 2,150,000 Investrnents 13 98 5 867 665 5 721504 5 867 763 Current assets Debtors Cash at bank and in hand 14 556.523 1037 473 387.952 27.724 48,708 407 649 1.593.9 1.256.327 719.408 456,357 Creditors: amounts faIling due within one year 15 1 118528 194 780 Net current assets 261577 Total assets less current assets 6.196.874 6.130.112 6,196,108 6,129,340 Creditors: amounts falllng due after more than one year 1136 237 5,365.285 4,993,875 5,364.519 4.993,103 Funds Restricted funds Unrestricted funds Trading funds 17 3.676 18 5,360,825 18 784 2.208 3,676 2.208 4.990,881 5.360.843 4.990.895 5,365.285 4,993,875 5.364.519 4.993.103 The firk9ncial statements wEre approved by the Trustees cm: J N Dale- Chairman Date: 27 June 2024 Charity Number= 1019760 Company Numb8r. 02751595 The accompanying accounting policiès and notes fomi an integral part of these financial statements. 12
COWES TOWN WATERFRONT TRUST LIMITED CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2024 Group 2024 Group 2023 Note Cashflow from operating activities Net cashflow from operations See below 548 382 500 200 Total cashflow from operatlng activities 500 200 Cashflow from Investlng actlvitles Payments to acquire fixed assets Interest received (19.124) (411.775) Total cashflow on Investlng actlvities (17,409) (411.775) Cash from flnanclng activlties Bank loan repayments 361875 Total cashflow on financing activitie5 (361.875) (62.891) Net Increase In Cash and cash equivalents 169.098 25.534 Cash and cash equivalents at 1 April 2023 868.375 842.841 Cash and cash equivalents at 31 March 2024 1,037,473 868.375 Cash and cash equivalents consist of: Cash at bank and in hand 1037 473 868 375 Cash and cash equivalent at 31 March 2024 1,037,473 868.375 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Group 2024 Group 2023 Net income resources 371,410 283,487 Depreciation charges (Increase)IDecrease in debtors Increasel(Decrease) in creditors Interest Teceived 165.383 (168,571) 181,875 154,110 (3,450) 66,053 Net cash inflowl{ouffiow} from operations 584.382 500,200 ANALYSIS OF CHANGES IN NET DEBT At At 11412023 Cashflows 311312024 Long term borrowing Bank loan Property finance lease (449,645) 361,875 (87,770) 750 000 Total liabllltles Bank and cash balan {1,199,645) 361,875 (837,770) 169 098 1037 473 Total net d•bt (331,270) 530,973 199,703 13
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES The principal accounting policies are summarised below. The aA)UntIng policies have been applied consistentty throughout the period. 1.1 General Inforniatlon and Basls of Accounlln Cowes Town Vlaterfront Trust Limited is a charitable company limited by guarantee. registered in England and Itvales. In the event of the Charity being wound up. the liability in respect of the guarantee is limited to £1 per member of the Charty- The address of the registered office is detailed on page 1 and the objects of the Charity are given on page 2 of these financial statements. The Charity constitutes a public benefit entity as defined by FRS 102. The financral ststements have been prepared in accordan with Accounting and Reporting by Charities: Statemenl of Rernrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom (FRS 102) effective from January 2019, the Charities Act 2011. Companies Act 2006. and UK Generally Atpte<l Accounting Practice. The financial statements are prepared under the historical cost convention. modified to include certain items at fair value. The financial statements are prepared in sterfing. which is the functional currency of the Charity and rounded to the nearest £1. 1.2 Goin Concern The Twstees have evaluated the net assets and resetves of CTV(r. taking into account the need for ongoing investment in the CTwf woperties. which going fotvtsrd will be funded from growth and monies raised as a result of reviewing processes and becoming more efficient by enchancing internal procedures. Consequent]y, the Trustees a confident that sufficient reserves are available for the Trust to continue to trade. The Truslees are optimistic about the fvture and the way the Trust and its subsidiary are working together. The Charity's finanS will continue to be reviewed regularly and forecasts amended accordingly, giving the Trustees confidence that the Charity and ils trading subsidiary have adequate resources and cash flow to continue in operational existence for foreseeable future. Therefore, the Trustees believe it is appropriate to continue to adopt the going conrn basis of accounting in pparing the financial statements. 1.3 Basls of Consolidation The group financial statements consolidate those of the Charity and of its subsidiary undertaking (see note 5) drawn up to 31 March 2024. The results of the Gharity's trading subsidiary. Cowes Yacht Haven Limited have been consolidated on a line by line basis. 1A Fund accountin Unrestricted funds are available for use at the dISction of the Twstees in furtherance of the general objectives of the Charty. and which have not been designated for other purposes. Restricted funds a funds which are to be used in acu)rdance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. 14
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS {CONT) FOR THE YEAR ENDED 31 MARCH 2024 1.5 Income Reco nition Policies Donations and Grfts - All monetary donations arKI gifts are induded in full in the statement of financial activities when receivable. provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met. Donations, and any associated income tax recoveries when donated under gift aid. are credited as income when the amounts are received. Actlvltles for Generating Funds - Revenue from activities such as special fund raising events is recognised in the period in which the activity or event occurs. Investment and rental income - Investment income including bank interest is recognised when received. Income from rental income is recognised in accordance with the period of letting. in accordance with individual lease agreements. Grants Receivable- Revenue grants are recognised as incoming SOurCeS when the charity is entitled to the funds, their receipt is probable and can be quantified. Grants for which perfOMan criteria are not me( or which are specified to futuie periods are deferred. Grants for the purchase of fixed assets are initially credited to restricted incoming reSoUrS as wiv) revenue grants. On completion of the purchase or construction of the fixed asset towards which the grant was re1Vable. and On the restricted purpose has been fulfilled, the grant is transferred from restricted to unrestricted reSoUrs. Government grants for support are recognised as revenue grants. Income from berthing and trading activities - Income is recognised net of VAT and applicable discounts over the period to which the berthirrfJ rental applies. Short term berthing fees are recognised on receipt, whereas long term and annual berthing arrangements are deferred over the period to which they relate. Other services income and sale of any goods are recognised immediately. 1.6 Ex enditure All expenditure is accounted for on an accruals basis and has been classffied under headings that aggregate 4• all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. it is probable that the setuement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings: Costs of raising funds includes details of the cx)sts in relation to fundraising events, following up donations, and seeking voluntary contributions and donations from supporters, and available SoUs. Expenditure on charitable activities includes management and operation of rental projects on Cowes WaterfronL Other expenditure Tepresents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the actrrfty for whth exFendFture arose. 1.7 Allocation of Su rt Costs The analysis of these costs is included in note 6. Support costs are those which are not directly part of the activity, but which provides support administrative functions. 15
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 3q MARCH 2024 1.8 Tan Ible assets and de reclatlon Land and buildings are treated as historic assets" the cwnership is ntral to the purpose for which the company was fonned. Land and buildings are staled at valuation. net of depreciation, and includes finance costs incurred prior to the asset being brought into use. Revaluation gains and losses are recognised as gains on the revaluation ot fixed assets within the Statement of Financial Activites and accumulated in a separate revaluation reserve, except to the extent that a revaluation gain reverses a revaluation loss pvIOuslY recognised in the Statement of Financial Acitpiites or a revaluation loss exceeds the accumulated revaluation gains recognised in the revaluation reserve, such losses are recognised in Statement of Financial Acitwites Other fixed assets are stated at cost net of depreciation. Depreciation is calculated on all langible assets to write down the costs or valuation less estimated residual value by annual instalments over their useful economic INes. The periods applicable are: Freehold buildings and redaimed land Dredging Plant & Equipment Pontoons straight rine straight line straight line straight line 2%-25% 3%-5% 1.9 Investment Pro rtles Property assets which are held for rental retum, and which are let on a commercÉal basis to fund the charitable activities of the Trust are classified as investment properties. They are valued at market value and have been included at the values taken from the March 2022 valuation report prepared by Vail Williams, Propety Consultants. Future valuations will reflect the properties market value at each period end, with reference to their ongoing rental yield and will be included al Trustee valuations, where Trustees believe they have sufficient knowledge to estimate the values. Changes in value wtll be reflected in unrestricted reseNes, and reported annually through the Statement of Financial Activities. Investment properties are not depreciated. Vvhere the properties are included on the long tem finance lease, these properties will depreciate in line with the long term net presenl value ol lease payments. 1.10 Investments Assets held for investment purposes are included at market value. The invesknent in group trading subsidiaiies are reflected at cost. 1.11 DebtOTS Trade and other debtors ale recognised at the settlement amount due. Prepayments are valued at tFie amount prepaid based on the time apportionments ol seNices received. 1.12 Cr8ditors Creditors and provisK)ns are recognised where the Chatity has a present obtigation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably- Creditors and wovisions are nomially recognised at their settlement amount after allowing for any trade discounts due. 1.13 Retlrement benefits - deflned contribution schemes The trading company, Cowes Yachl Haven Limited. operates a defined contribution pension scheme for employees. Contributj'ons made to the scheme represents the pension cost charge in the ststement of financial activities in the year in which they are payable. 16
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2024 1.14 Leased assets Flnance lease agreements Assets acquired under finan leases are capitalised and depreciated over the shorter of the lease ten and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligalions. net of future finan charges. are included in creditors. The Charitable Company entered into a 125 year lease in 2011 for land and buildings which fomis a part of the overall premises operated as part of Cowes Yacht Haven. As this is a long temi lease the liability is reflected at an 8% discounted present value of the lease payments, which does not reduce materialty during the early years of the agreement Consequently that liability will not reduce, and the payments refiected as lease nts1s in the Statement of Financial Activities. 1.15 Taxatlon This charty is an exempt charity within the meaning of xhedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 1.16 Financlal assets and liabilities The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settleff£nt value. 1.17 Jud ements and kè estimates In the application of the Charitable Company's alxounting policies, the Trustees are required to make judgements. estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other Sour$. The estimates and associated assumptions are based on historical experience and other factors that a considered to be relevant Actual results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised where the revision affects only that period. or in the period of the revision and fure periods where the revision affects both current and future periods. The significant estimates in relation to the accounting treatment of the finan lease for land included the discount factor to arrive at fair value. 17
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CON FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Total Funds 2022 Note Income and Endowments from: Donations and legacies Investment income Other trading activities 6.(YJO 6,186 117 242,233 232,755 1678 896 1432 880 242,233 1678 896 Total incorne 1921315 6 000 1927315 1 C65 752 Expenditure on: Charitable activities Other trading activities 459,102 1184 732 459,102 1 184 732 437,525 Total oxpenditure 1643 834 1405 588 Net income 277,481 6,000 283.481 2SO,164 Transfer between funds 281,273 2,208 283.481 Other r8cognis8d gains and losses Gains and losses on the revaluation of fixed assets 205 213) Net movement in funds before rninotity interest 281.273 2.208 283.481 54.951 Non controlling interest Net mvement in funds and net income for the period 281,279 2.208 283.487 51.856 Fund balanS brought forward at 1 April 2022 4 710 388 4 710388 4658 532 Fund balances carried fonyard At 31 March 2023 4,991,667 2.208 4.993.875 4,710.388 18
COWES TOWN WATERFRONT TRUST LIMITED
NOTES TO THE ACCOUNTS ICONT)
FOR THE YEAR ENDED 31 MARCH 2024
INCOME FROM INVESTMENT ACTIVITIES
2024
2023
Generated from:
Rental income
Bank interest reivate
269,084
242,233
270,799
242,233
INCOME FROM OTHER TRADING ACTIVITIES
2024
2023
Berthing. site space and Miscellane¢$ income in the
trading subsidiary.
1,770,260
1,678,896
NET INCOME FROM ACTIVITIES OF SUBSIDIARIES
The Charity has one subsidiary, Cowes Yacht Haven Limited. which is incorporated in the UIL Cowes Yacht
Haven Limited operates Cowes Yacht Haven marina and covenants any taxable proffts to Cowes Town
Waterfront Trust Limited. Its results are included in these consolidated group accounts. A summary of the
subsidiary's trading resuEts is shown below. The net profft adjusted for net inter
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS {CONT) FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF CHARITABLE EXPENDITURE 2024 2023 Charftable actlvltles - property costs Property costs, rates and utilities Finan and operating lease rentals Property repairs and upkeep, developent Depreciation Donations Loan interest 117.045 90.294 30.313 165.383 33.058 17,511 77,187 90,294 26,962 154,110 34,482 18,349 Support and governance offi support cost Governan costs audit and noaUdIt services 28,408 28,523 513,392 459,102 ANALYSIS QF OTHER TRADING ACTIVITIES 2024 2023 Costs of runnlng the Yacht Haven operatlon Direct o)st of marina events Overhead costs 152,871 1009 526 175,374 1009 358 1.162.3g7 1.184,732 OTHER COSTS 2024 2023 The deficit is stated after charging". Auditors. remuneration: Audit seNices Non-audit services Depreciation Finance lease rentals 24,600 6.780 165.383 79,269 23,450 5,745 154,110 79,269 STAFF COSTS Employee costs during the period vRre as follows: 2024 2023 Wages and salaries Social security costs Other pension costs 496,933 43,977 510,631 46,578 568.596 584.797 The average number of employees during the perrod were as follows" 18 18
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2024 The emoluments of higher paid employees fell within the following range: 2024 2023 £60.000 - £70,000 The Charity bore no staff costs durlng either the current or comparative period. The payment of gross remunerats.on incurred in the year for Senior Management Personnel was £82,986 (2023 - £77,388). No Trustee received remuneration or expenses in the period or the comparative period, directw or indirectly, from either the Charty or its trading subsidiary. 10. SURPLUSI(DEFICIT) OF EXPENDITURE OVER INCOME The Consolidated Statement of Financial Activities includes the resulis of the Charity's subsidiary, Cowes Yacht Haven Limited. Details of the results of the trading subsidiary are set out in note 5. The summary financial performance of the Charty alone was-. 2024 2023 Income Charitable activities Income from donations Investment income 328,500 306.140 260,000 256,186 242 233 Total income 903,724 758,419 Expenditure Charitable activities 532 308 474 627 Total expenditure 532.308 474,627 Net incomel(expendlture) for the period 371.416 283,792 Total funds brought forward on 1 April 2023 4 993 103 4709311 Total funds carried fonward at 31 March 2024 5.364.519 4.993,103 21
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 PIIARCH 2024 11. TANGIBLE FIXED ASSETS Consolldated and Cowes Town Waterfront Trust Limited Fr&ehold Land & building Plant Long and Leasehold Equipment Total Cost or valuation: At 1 April 2023 Addilions 2,236.448 390.000 2,265.892 4.892,340 At 31 March 2024 2.236,448 390,000 2.285.016 4,911.464 Depreciation: At 1 April 2023 Provtded in the period 29,729 1,144,946 1.174.675 135654 At 31 March 2024 59,458 1.280.600 1.340,058 Net book arnount at 31 March 2024 2,176,990 390.000 1.004.416 3.571,406 Net book amount at 31 March 2023 2,206,719 390.000 1.120.946 3,717,665 The valuation of assets has been included at a revalued sum following an independent valuation by Vail Williams, Property Consultants in March 2022. Long leasehold property represents a strip of land held on the remaining 113 of 125-year lease. The valuation was followed up with a desk-top review as at March 2024, and Sin the values were not materialty different- no adjustment has been included in these accounts. 12. INVESTPIIENT PROPERTIES 2024 2023 Freehold property 1,774,OOQ 1,774,000 Long leasehokl investment properties 376 000 376 000 2,150.000 2,150,000 The Freehold Investment properties valued by Vail Williams, Property Consultants in March 2022 on an open market basis. The value above also includes an a&8essment on the market value of the properties included within the Trust's finance lease. consistent with the rental yields, held on Ihe remaining 113 of a 125- year lease. One investment property wtth a value of £157,000 has been provided as security for the bank loan (2023 six properties with a value of £1.346,000). As with tangible assets. the investment properties were also considered by Vail vllIaMS in a desk-top review as at 31 March 2024. and Sin these values were not considered materially different to book values. no adjustment has been made in these accounts. 22
COWES TOWN WATERFRONT TRUST LIMrrED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2024 13. FIXED ASSET INVESTMENTS- COWES TOWN WATERFRONT TRUST LIMITED The Trust owns 98 /0 of the ordinary share capital of Cowes Yacht Haven Limited, a company registered in England and Wales (number 02744819) where principal activity is the operation of Cowes Yacht Haven. and whose registered office address is Vectis Yard, High Street. Cowes. Isle of Wigh( P0317BD. The minority interest, consisting of 2¥0 of the ordinary share capital of Cowes Yacht Haven Limited is held by the Isle of Wight Council. There are no restrictions placed on the Group's activibes by the minority interest. 2024 2023 Unlisted inveslment in the ordinary Share Caixtal Of Cowes Yacht Haven Limited 98 98 14. DEBTORS Consolidated Cowes Town Watérfront Trust Llmlted 2024 2023 2024 2023 Trade debtors Other debtors Prepayments Social Security and other taxes 542,966 368,284 900 18,768 4,632 4,083 13,211 13.211 13,211 556,523 387,952 27,724 48,708 15. CREDITORS= AMOUNTS FALLING DUE WITHIN ONE YEAR Consolidated Cowes Town Waterfront Trust Limited 2024 2023 2024 2023 Trade creditors Social Security and other taxes Bank loan Deferred income (see below) Other creditors and accruals Profits attributable to non-controlling interest Amount due to subsidiary undertaking 50.050 155.749 6.182 771.548 134.983 16 58.272 48.204 63,409 725.379 98.600 16 21,828 20,416 6,182 21,061 84,885 63,409 7,917 62,807 1.118.528 993.880 244,804 194,780 Deferred income represented berthing aTxI rents received in advance. At 1 April 2023 Amounts released to income in the period Deferred in the period 725,379 {725.379) 612.434 (612.434) 725 379 7.917 {7.917) Al 31 March 2024 771,548 725,379 21.061 7.917 23
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS {CONT} FOR THE YEAR ENDED 31 MARCH 2024 16. CREDITORS: AMOUNTS FALLING DUE AFTER IAORE THAN ONE YEAR Consolldated Cowes Town Waterfront Trust Llmited 2024 2023 2024 2023 Net present value of future lease obligations Bank loan 750,000 750.000 386 237 750,000 750,000 831,589 1,136,237 831.589 1.136,237 The above liability relates to a net present value of the minimum lease payments under a 125-year lease agreement, which has been discounted at 8°h. Lease rentals of circa £67,000 per annum are payable for 113 years remaining of the lease. Lease rentals are payable by quarterty instalments, and the capital sum will not diminish in less than five years. The bank loan is secured on a fixed and floating charge on the Group's assets, and a number of investment Properties within Cowes Town INaterfront Trust Limited. 17. RESTRICTED FUNDS {Consolldated and Charlty) Balan¢• at 0110412023 Balance at 3110312024 Income Expendlture Transfer Visual Improvements Fund Total restricted funds 2,208 6.000 (4,532) 3,676 Comparative (Consolidated and charity) Balance at 0110412022 Balance at 3110312023 Income Expenditure Transfer Visual Improvements Fund Total restrtcted funds 6.000 (3,792) 2,208 The Visual Improvements Fund is restricted within the accounts of the Trust for visible improvements to Cowes Yacht Haven marina and events centre. The transfer bebNeen funds relates to the expenditure of restricted funds on unrestricted ftxed assets. 18. UNRESTRICTED FUNDS Consolidated Balance at 0110412023 Non-controlling Balance at Expendlture Transfer interest 3110312024 Income General fund 4,991,667 2,041,199 (1,675,789) 4.532 5.361,609 24
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2024 Comparativa Consolidated Balance at 0110412022 Income Non-controlllng Balance at Expenditure Transfer interest 3110312023 General fund 4,710,388 1.921.315 (1.643,834) 3.792 4,991,667 18. UNRESTRICTED FUNDS Charlty Balance at 0110412023 Non<ontrolllng Balance at Expenditure Transfor Interest 3110312024 Income General fund 4.990.895 897.724 (532.308) 4.532 5,360,843 Comparative Charity Balance at 0110412022 Income Non-controlling Balance at Expenditure Transfer interest 3110312023 General fund 4.709,311 752,419 (474.627) 3.792 4,990,895 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Funds Restricted Funds Totsl Consolidated at 31 March 2024 Tangible fixed assets Investment properties Current assets Current liabilities Non£urrent liabilitses 3,571,406 2.150,000 1.590,320 (1.118,528) 831589 3,571.406 2,150.000 1.593,996 (1,118.528) 831589 3.676 5,361.609 3,676 5,365.285 Cowes Town Waterfront Trust at 31 March 2024 Tangible fixed assets Investments Current assets Current liabilities Non-current liabilities 3,571,406 2,150,098 715,732 (244,804) 3.571,406 2,150,098 719,408 (244,804) 831589 3.676 5.360,843 3,676 5.364,519 25
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT FOR THE YEAR ENDED 31 MARCH 2024 20. COMPARATIVE ANALYSIS OF NAsSETs BETWEEN FUNDS Unrestricted Funds Restrlcted Funds Total Con801idated at 31 March 2023 Tangible red assets Investment properties Current assets Current liabilities Non-current liabiliiies 3,717,665 2.150,000 1.254,119 (993,880) 1 136 237) 3,717,665 2,150,000 1,256,327 (993,880) 2,208 4.991,667 2,208 4,993,875 Cowes Town Waterfront Trust at 31 March 2023 Tangible fixed assets Investments Current assets Current liabilities Non-current liabilittes 3.717.665 2.150.098 454.149 {194.780) 1 136 237 3,717,665 2,150,098 456,357 (194,780) 2,208 4.990.895 2,208 4,993,103 21. PENSIONS Defined contribution schgme The Trust through its trading subsidiary, operates a defined contribution pension scheme for its employees, and also to meet its obligations of auto-enrolmenl. The sums in respect of employee and employer contributions are paid to third-party providers and are managed extemal to the Trust. The contribution payable to the pension funds during the year was £27,686 (2023 £27.590). At the year*nd, £3,416 was payable to the fund (2023 £nil). 22. RELATED PARTY TRANSACTIONS During the year the Charity's subsidiary, Cowes Yacht Haven Limited, paid the Charity £328,500 (2023 £260.000) in relation to a Marina licence. During the year, the Charity also paid a management charge to Cowes Yacht Haven Limited amounting to £35,000 {2023 £31,500). The amount due to the subsidiary at 31 March 2024 is shown in note 15. The charity's subsidiary. Cowes Yacht Haven Limited. made a distribution to the charity of £300,000 (2023 £250,000). Two Trustees. paid for berthing fees. container storage and other marina services at ams length basis to the subsidiary during the year. amounting to:_ Mr M Greville £5.198 (2023 £746) Mr J James £24,000 (2023 nil) 26
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2024 23. FINANCIAL ASSETS AND FINANCIAL LIABILITIES Group balances 2024 2023 Financial assets at amortised cost Financial liabilities at Present Value Financial liabilities at amortised cost 1.580.785 {750.000) 428 569 1.237.559 (750.000) Net financial liabilities 402,216 167.179 The Charity's financial assets comprise debtors, cash and bank balan. Financial liabilities include trade creditors, loans. accruals and other creditors, together with the finan lease obligations and long-tsrm bank loans. 27