Company No: 02751595 REGISTERED CHARITY ENGLAND AND WALES NO. 1019760 COWES TOWN WATERFRONT TRUST LIMITED REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
COWES TOWN WATERFRONT TRUST LIMITED CONTENTS FOR THE YEAR ENDED 31 MARCH 2025 Reference and Administrative Details Report oflhe Trustees and Strategic Report Independent Auditors, Report 7-10 Consolidated Statement of Financial Activrties 11 Consolidated and Charity Balance Sheets 12 Consolidated Statement of Cash flows 13 Note5 to the Accounts induding Accountsng Policies 14-27
COWES TOWN WATERFRONT TRUST LIMITED REFERENCE AND ADMINISTRATIVE DAlLs FOR THE YEAR ENDED 31 MARCH 2025 Cowes Town Waterffont Trust Limited is a company limited by guarantee and a fegislered charity. Directors and Trustees G Barnets<)n J N Dale {Chairman) MTEISO M G S Gremlle J T James C J U0yennIngS AFCLucas RPOwen JALRiley M C Shepherd (Appointed 20 June 202S) (Resigned 1 Juty 2024) (Resigned 18 November 20241 Charity Number 1019760 Company Number 02751595 Registered Office Ccwes Yacht Haven Vectis Yard High Street Isle of Wight P03178D Chief Executive D Jehan Company Secretary C M Thomas Audito Moore (South) LLP 9 St John's Place Newport Isle of Wght P030 1 LH Solicitors Roach Pittis 6Ck66 Lugley Street Newport Isle of Wight P030 SEU Bankers Uoyds Bank PIC 22 St Thomas, Square Newport Isle ofWght P030 1 SQ
COWES TOWN WATERFRONT TRUST LIMrrED REPORT OF THE TRUSTEES AND STRATEGIC REPORT FOR THEYEAR ENDEO 31 MARCH 2025 The Trustees, who are also Directors and Members of Cowes Town Walerfront Trust Limited (the 'Ttusr), present Iheir report togelher wlh the financial statements of the Trust for the year to 31 March 2025. This report also includes the requirements of a Directors, Report under Compary law. The Trustees who served during the year and Sin the year end are as shown on page 1. The financial statements have been wepared in a¢)rdance wrlh the a¢xounting policies set out in the notes to these accounts and comply vllth Ihe Trusvs Memorandum & Articles of Association, Ihe Charities Act 2011, Companies Act 2006, and the provisions of the Statement of Recommended Practi (SORP) °Accounting and Reporting by Charilie5" applicable to charities prepartng their accounts in accordance with the Fin8n(i81 Reporting Standard applicable in the UK Republic of Ireland effective January 2019. Objectlves and activtties The Trusys objectives ar& 1. To promote for the benefil of the inhabttants of Cowes and the Isle of Wght the provision of facilities for recreation or other leisure time occupation of indrdualS who have need of sh facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic cirCumstanS or for the public at large in the interest of soaal welfare and wth the objed of improving the life of the said inhabitants and to advan sailing and water sports in the waters around Cowes. and in fjJrtheran of this Object to provide faalibes for mooring and storage of boats for the benefit of the public at large. 2. To promote the CuUre and heritage of Cowes and support the maritime heritage of the Isle ofwight," 3. To promote the protection and improvement of the environment of Cowes Harbour. In order to achieve Ihese objectives, the Twst. through its trading subsidiary Cowes Yacht Haven Limited (CYH). manages Cowes Yacht Haven Marina. Boatyard and Event Centie. as well as directly recewing rental income fr(Nn various investment properties for use to furlher develop setvices and achieve outo)mes for public benefit. Structure. govemance and management The Trust is a Company limite(I by guarantee. established in 1992. whose governing documents are its Memorandum and Articles of Association. the latler ofwhich was rewsed on 8 November 2021. The Trustees are appointed by the existing Board of TnJ5tees and the minimum number of Trustees shall be three. One third of the Trustees must retire at each AGM and may be fX)nsidered for re-appointment. Trustees are individual members of the Company and applifxtions ta be0e a member of the Trust are determined by the B08rd of Trustees. The Trust adverlises occasionalty lor new Trustees as well as welc4Jming letters of interest. New Trustees are appointed following discussion. and with referen to the speLafic skills required of the Board. induding but not limited lo commercial. business, property. events and ho5181. legal. marketing. regulatory and finanal aspecls. The attrition rate of the Trustees is low with two trustee5 leaving in the past year. one due to leaving the Island and the other to take up another role having volunteered a Itmg noti pericNJ. It vrdS decided that just one of the ttvo posts would be refilled which is that of the Finan Trustee. The Trustee5 agree the Board's strategy areas of activÈty forthe Trust. induding the approval ofthe annual trwdgei for both revenue and capi121 expenditure. At each meeting of the Board. the latest financial position is reviewed and authorisation as appropriate is given to irKlividual ilem5 of capital expenditure. pursuant to the approval of Ihe overall capital programm& Policy dea5n5 on all land and property transactions are also made by the Board of Truslees.
COWES TOWN WATERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT ICOND FOR THE YEAR ENDEO 31 MARCH 2025 The adual operation of Cowes Yacht Haven (CYH) is the responsibility of the Directors of CYH and the day- t¢>day managemenl decisions are carried out by that company's Managing Direclor. Management Team and staff. The CYH Board. whith cutrently includes one TtUStee and the Managing Director, makes recommendations to the Trust on issues of budget and policy for management of CYH. which are then considered and determined by the Trust. The Managing Direclor of CYH reports regularly to the Trust, and attends meetings of Ihe Trust Board as appropriate to grve advice and answer queslions. The total number of staff employed by CYH on a permanent basis is 16. enhanced during peak periods by the employment of part-titne seasonal staff. Throughout the year. joint meetings of Ihe Trust Board and CYH directors take pla to consider matters such as the Twsfs strategic plan. bud9el for Ihe forthcoming petiod and capital development plans. In addition, when required aokhoc mmitteeS May established. comprising representatives of twjth companies. designed to COfb5ider spec4fic matters referred to them and ieport their recommendations to the Trust for determination. The Trustees gwe due regard to the Charitable Objects and a150 the Public Benefft guidan issued by the Charity Commission in setting their business plans, and charilable dislributions policy. Charitable giftsldisbursements The Association of Sail Trainin anisations ASTO Ob'ect 1 ASTO'S mission is to "promole Sail Traming in the UK and to support the Sail Training Induslrf. The Trust helped ASTO by gifting the CYH Events Centre venue hire fee and discounted berthing for their annual Small Ship5 Race weekend in Cowes. British Powerboat Racin Club BPRC -Obects1&2 The BPRC organises Ihe annual Cowes-Torquay-Cowes International Powerboat Festival hosted from Cowes Yacht Haven. This event brings a unique business arKI profjle to the town. along wth a large number of followers vkno flock into the t(Mn to watch the boats preparing for their racing. The Trust was pleased to 5UPPOrt the cost of berthing for the competitors and the provtsion of the Evenls Centre for race briefings and for the prizegiving ceremony. Classic Boat Museum - Ob"ect 2 The Classic Boal Museum is a fulty acvedtled indeperKlent marslime museum. Its collection of over 90 boats is complemented by 8 significant archive of film. photographs. ship plans. models and artefads. The Trust Was able to support the cost of archivist time to digitise material relatiThJ to HMS Cavalier and the RNLI Celebralions leading to the digitisation of material leading to a heritage trail on the east and west banks of the River Medina. In addition the Trust was able to cover the berthing costs in Cowes Yacht Haven of a replica Calboat from 1872 to allow them to take guests saIng. The original Catboatwds built in Cowes to ra againsl the new Americ2n designs. Cowes Sallabill Ob"ect 1 Cowes Sailability is 8 registered charity that offers sailing and recreational boating opportunities for adults and children wilh physical disabilili&s. leaming difficulties and debilitating long temi conditions. The Trust supported the charity by prov19 five months terthiThJ at Cowes Yacht Haven for the Drascombe Longboat La Lunga.
COWES TOWN WA TERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT (CONT) FOR THE YEAR ENDED 31 MARCH 2025 Etchells Youth Academ -Ob ect1 The Trust continued its ongoing support of youth sailing inf(iattves and engagemenl wthin the sailing fraternty through the Elchells Youth Academy to encourage and promote sailing to younger people. The Trusfs involvement included: 1. Provision of a substantial donation in the form of a discounl for the storage and launching I recovery of four Etchells keelboats used ty youth, support ribs and other boats. 2. Free of charge storage Spa for a 20ft container aThJ the equivalent area fora dient supplied marquee for the use of storage, repairs and briefings. 3. Provision of additional facilities free of charge including sail drying and folding facilities and meeting rooms when available. Isle of WJ ht Ladies Football Team- Ob ect 1 The IOW Ladies Football team is made up of players from all over the island and come from a range of economic backgrounds. 14 of the team are still in fiJll time education. In addition to tocal matches, the Team attend and represent the IOW al the biennial IslaTrJ Games which is on the Island of Orkney in July 2025. The Trust supported travel costs to help the team get to Orkney. Scaramouche Sailin Trust- Ob'ect 1 The Scaramouche Sailing Trust provides opportunities for disadvantaged London inner city children to enhan their life chances through sailirwJ. The Trust supported The Scaramouche Sailing Trust by prowding drysail factlities forttvo boats (Riot and Cote) as well as a marina berth for their supwrt rib. The value of au of the gifts (in cash and in specie) for the above activities was £36.292 (2024 £32,888). The Cowes Yacht Haven team continues to accept bLh)kings for rallies and regattas and Ihe Diredors are confident of a steady yearfs trading ahead. The 2025 season is looking busywth a number of high profile events such as the Royal Thames Yacht Club's 250th anniversary celebralions and the Admiral's Cup Regatta runnin9 Out of the marina. All high profile events will berth boats in the CYH marina and host shoreshle activities in the Events Centre. Discussions and bookings for 2026 are well under way and Cowes Yacht Haven is expecting to host the 44Cup, the Intemational 12 Metre dass. the Dragon Edinburgh Cup just to name a few. Further CLsnversations are continuing for supporting European and World regattas in 2027 and 2028. 2026 wll also see the 2COlh anniversary of Cowes Week Regatta and a number of lebrat}nS are expected such as a display by the Red Arrows team, a parade of sail. a crew patty and firewoTks display all in and around the town adding to the festsval atmosphere of the anrMI regatta for which many racing boats will berth at Cowes Yacht Haven. Financial review The Group achieved a surplus of£632.631 (2024: £371,410} in gch)d trading conditions, this indudes £264,467 ir)uease in the valuation of fixed assets. without vthich the surplus would have been £368.164. The Trusvs 980/0 ovmed trading subsidiary, Cowes Yacht Haven Ltd, delivered an operating surplus in Iheyear of£145.022 (2024 £299.9981. The unrestricted funds at 31 March 2025 were £5.836.634 (2024 £5.360.825). At a cnnsolidated level. available funds increased to £5.997.908 (2024 £5.365.285). The Trust licenses CYH lo manage its marina and boatyard assets in the centre of Cowes. The lin fee paid £382.LKIO12024'. £328.500) and CYH was able to gift £145.000 (2024: £300.000) to the Trust. The Trust understands the impOrtar of maintaining the faalities offered at a level that matches or exceeds any other major iegatta venue (Worl]de> has continued its capital investment programme in furtherance ofthat target. This includes the purchase of a new hoist in September 2025.
COWES TOWN WA TERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT (CONT) FOR THE YEAR ENDED 31 MARCH 2025 Reserves The Trust has free reserves of £563.286 (2024. £471.CK)8) plus a fvjrther £1.884.000 (2024: £1.774.(X)O) of fijnds in investment properties forffling part of the site at Ccwes, within the total funds of £5,997,8 {2024: £5,365,285). The Trustees will continue to work to inease the level of free reserves. and consider that Ihe Trusys assets are sufficient to enable it to supwrt CYH'S cnntinuing capital expenditure and marina enhancement Programme, as well as fijlfil its charitable obligations for the foreseeable fulure. Rlsk management The Trustees regularly review the major risks lo which the Trust is exposed. in partlcular those related to the operations and finanS of the Trust and are satisfied that systems are in place to manage any exposure to the major risks. The principal risk for CYH is that of being a seasonal business heaNllty dependent upon favourabte weather conditions. Prolonged periods of adverse ccnditions would have a material impact upon income. Prevailing economic conditions within the sailing industy. and markels that the Trust used to rety upon for corporate sponsorship of events, have been in dedine over several year& CYH ntinUed to benefit trom a diverse range of services whth has allowed it to spread risk and, while demand for certain seNices has redud. the Trust has been able to adapt and generate growth in other areas of the business. The TrLFSt also benerrts from investment properbes on and adjacent to its site" whilst this exrKises the Trust to risks associated with commercial property the portfolio conttnues to be fully let wth no material void periods. Tributes The Trustees are most grateftjl for the hard work and dIger of the CYH staff, who are regularly the first potnt of contact that a customer has with the business. Their role is vital to repeat business and their cLJntact th the customer may create kyjsiness enquiries in other departrnents. The Trust and CYH benefft in many ways from the skills and advi of the Trustees arKI the non-executive CYH director who spend a considerable amount of time advising on Ihe activities of both the Trusl and CYH. The Trust is most grateful for their ad aThJ commitment for lch they receive no remuneration. Environmental and Sustainability The Trustees are very aware of Iheir responsibilities to protect and care for the environment. especAally the quality of the water vta which the maj(Kity of customers arrive and spend their leisure time. CYH continues lo.. Investigate whether onsite machinery and plant o)uld operate using plant derived biofuels or replac£rJ with more efficient machinery or potentialty run on electrictty. ReduoE water usage I wastage by improwng watei stands and upgrading plumbing across the stte. Carry out improvements to help educate customers and slaff with recycling especially with the new Simpler Recyding Legislation that indudes foLwJ waste. Encourage boat owners using CYH facilitses not to use soft anti-fouling paint. Promote best practi in environmental matters as guided ty The Royal Yachting Association's Green Blue initiatwe, (whose mission is to promote a sustainable leisure marine sector in the UK). Work to maintain the high staThJards of quality and service delivery for cuslomers Ihal is required having achiev the trjp level five gold aor accolade tr) The Yacht Harbour Association scheme. statement of Trustees. responslblllties The Truslees are responsible for preparing the Trustees, ReF4)rt and the financial statements in accordan with applicable law and regulations. Company law requires the Trustees to prepare financial statements in accordance with United Kingdom Generally ApIed Accounting Praclice (United Kingdom Accounting standards) and applicable law.
COWES TOWN WATERFRONT TRUST LIMITED REPORT OF THE TRUSTEES AND STRATEGIC REPORT (CONT) FOR THE YEAR ENDED 31 MARCH 202S Under Company lawthe Trustees must not approve the finanaal statements unless they are satisfied that they give a tTue and fair view of the state of affairs of the Trust and of Ihe net incoming l outgoing resources for that period. In preparing these financial statements. the Trustees are required to: select suitable acc(KJnting pcAicies and then apply them consi5tently- observe the methods and princtples in FRS 102 and the ChaTities S<)RP'. make judgements and estimates that are reasonable and prudent., state vknether applicable UK accounting standards have been followed, subject to any matertal departures disdosed aTrJ explained in the financial statements.. and prepare the financial statements on the going conrn basis unless il ts inappropriate to presume that the Trust will continue to operate. The Trustees are responsible for keeping adequate accounting records that are sufftient to show and explain the Trust's transactions and disdose with reasonable accuracy at any lime the finanual position of the Ttust and enable them lo ensure that the financial statements comply vnth the Companies Act 2006 and the provisions of the Trusfs (xjnstitution. They are also responsible for safeguarding the assels of the Trust and hence for taking reasonable sieps for the prevention and delecbon of fraud and other ieg1AarItses. The Trustees are responsible for the Maintenan and integrity of the corporate and finanual information induded on the TrusV5 webste. Legislation in the United f(Ingdom goveming the preparation and dissemination of finanual staternent5 may differ from legislation in otherjurisdicttons. Statement as to Disclosure of Infomiation lo Auditors The following statements have been affim)ed by eath of the Trustees" so far as each Trustee is aware. there is relevant audit inforfflation. (that is informalion needed by the companvs audilors in Lx)Mection wilh preparing their rep(Nt). of which the company's auditors are unawaie". and each Trustee has taken all the steps that he I she ought to have taken as a Trustee in order lo make himselfl herself aware of any relevant audit infomiation and to establish that the uJmpanVs auditors are aware of that information. Auditors Moore {Soulh) Chartered Accountants LLP has indicated its wllingness to be reappointed as statutory auditor and a resolution to re-appoint them as auditors will be proposed at the next Annual General Meeting. This report has been prepared in aordan Vth the Statement of Recommended Practice". Accounting and Reporting by Charities {SORP). Approved by the Trustees and signed on their behalf by: JNDale Chairman Dated.
COWES TOWN WA TERFRONT TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COWES TOWN WATERFRONT TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2025 Opinion We have audited the cnnsdidated financial statements of Cowes Town Waterfront Trust Ltmited {the 'charitable parent company) and its subsidiary (the 'group'l for the year ended 31st March 2025 which comprise the Consolidated Statement of Finanual Activities. the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements. including a summary of significant accounting policies. The tlnancial reporting framework that has been applied in their preparation is applicable lawand United ifjngdom Ac(x)unting StsrKlards. induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Apted Accounting practi). In our opinion the financial statements- grve a true and fair view of the slate of Ihe group's and the charitable p?nI company's affairs as at 31 March 2025. and of the 9ioup's incoming iesources and applitIon of resources. including its income aThJ expenditure, for the year then ended" have been propedy prepared in accordan with United Kingdcwn Generally Accepted Accounting Piactice,. and: have been prepared in ac£Ordan th the requirements oflhe Companies Act 2(. Basis for opinion We conducted our audit in accordance with Intemational Standards on ALKliting (UK) (ISAS (UK)) ar applicable law. Our responsibilittes under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independenl of the group and the charitable parent company in accordance wth the ethical requirements Ihal are relevanl to our audit of the consolidated financial statements in the UK, induding the FRC'S Ethir21 Standard, and we have fvlfilled our other ethical responsibilities in accordance Vth these requirements. We believe that the audit eviden we have obtained is suffictent and appropriate to provide a basis for our opinion. Conclusions relating to going contem In auditing the financial statements. we have concjuded that Ihe trustees. use of the going nrffj basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identsfied any material uncertainties relating to events or conditions tha( individually or collectively. may cast signific2nt doubt on the group's and charitable parent CA)mpany's abilty to continue as a going concem for a period of at least bmefve months trom when the finanaal statements are authofised for issue. Our responsibilities and the responsibilits.es of the trustees wth respect to ping concem are descritjed in the relevant secknons of this report other infomialion The other information comprises the inforMat1n included in the truslees annual report. other than Ihe ffinanaal statements and our auditorfs report thereon. The truslees are responsible for the other information contained thin the annual report. Our opinion on the financial statements does not Cer the other informahon and, except to the extent otheiSe expliutty stated in our report. we do nol express any form of assuran conclusion Ihereon. Our responsibilty is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent vAth Ihe financial ststements or our knowledge oblained in the course of the audit or otherwise appears to be materialty misstated. Ifwe identrfy suth matenal incnnsislencÈes or apparent material misstatements. we are required lo determine whelherthis gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perforned. we condude that there is a material mi5ststement of this other infomial"on. V are required to report that fact. We have nothing to report in this regard.
COVVES TOWN WA TERFRONT TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COWES TOWN WATERFRONT TRUST LIMITED {CONT) FOR THE YEAR ENDED 31 MARCH 2025 Matters on whlch we are required to report by exception In the lighl of the knovAedge aTrJ understanding of the group and the charitable parenl cx)mpany and their environment obtained in the course of the audit. we have not identified material misslalements in Directors. Report, included in Ihe Trustees, Report. We have nothing to report in respect of the fOll(hng matters in felation to which the Companies Act 20C requires us to report to you if. in our opinic- adequate accounting records have not been kept by the charitable parent company, or returns adequate for our audit have not teen received from branches not visited by us: or the chartlable parent CoMpanS firaal statements ale not in agreement wth the acrxjunting rerdS., or certain disclosures of Trustees. remunerab.on speafied by law are not made.. or we have not received an the information and explanations V require for our audit", or the Trustees were not ent.rfed to prepare the consolidated financial statements in accordan wilh the small cnmpanies. regime and take advanlage of the small CA)mpanies' exemptions in prepartng the Trustees, Report aThJ frcffi the requirements to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the iteeS. responsibilities statement set out on page 5. the trustees, who are also the directors of the charitatAe parent company for the purposes of company law. are responsible for the preparation of the financial statements and for being satisfied that they gwe a true and fair view. and for such intemal control as the trustees delermine is necessary to enable Ihe preparation of consolidated financial statements that are free from material misstatement whether due to fraud or error. In Preparing the consolidated firncIal statements, the trustees are responsible for assessing the groups and charitable parent company's abilty to continue as a going (i)ncem. disdosing. as applicable. matters related lo going conr and using the going concem basis of accounting unless the trustees either intend to liquidate the group and parenl charitable company or to cease operations. or have no realistic alternative but to do so.
COWES TOWN WATERFRoKf TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COWES TOWN WATERFRONT TRUST LIMITED {CONT) FOR THE YEAR ENDED 31 MARCH 2025 AUdit0S responsibilities for the audit of the financlal ststements Our objectives are to obtain reasonable assuran aboul whether the financial statements as a whole are free from material misstatement, whelher due to fraud or error. and to issue an auditor's report that indudes our opinion. Reasonable assurance is a high level of assuran but is nol a 9uarantee that an audit conducted in accordar wth ISA8 (UK) will aayS detect a material tnisstalement vthen it exist& Misslalements can arise from fraud or error and are rA)nsidered matetial if. indrvidually or in the aggregate. they could reasonably be expecled to influence the ec(0m1¢ decisions of users taken on the basis of these consolidated financial statements. A further description of our responsibilitses for the audit of the financial statements is Ioc31ed on Ihe Finanaal Reporting Counctl's websile at". www.frc.org.uklauditorsresponsibilities. This description forms part of our auditoffs report. Irregularities. induding fraud. are inSlan of non-complian with laws and regulations. We design procedures in line wth our responsibilities. outlined atove. lo detecl material misstatements in respect of irregularities. including fraud. The exlent to which our procedures are capable of detecting irregulaTilies. induding fraud is detailed below. Explanation as to what extent the audit Wds considered capable of detecting irregularities. including fraud The objectives of our audit in respect of fraud. are-. to idenlify and assess the risks of material misstatement ofthe finanal statements due to fiaud-. to obtain suffictent appropriate audit evidence regarding the assessed sks of material misstatement due to fraud. through designing and implementing appropriale reswnses to those assessed risks- and to respond appropriately to instanS of fraud or suspected fraud identified during the audit. However. the primary responsibilty for the prevention and detedion of fraud rests with both management and those charged with governan of the chatiiable CMpanY and the group. Our approach was 85 follows". The engagement partner selected staff for the audtl vtho had prior knowtedge ofthe dient and who had the required CoMpetere and skils to be able to identify or recognise non-complian wth taws and regulation& We assessed the risk of irregularities as part of our audit planning, and ongoing review, including those due lo fraud. mana to bypass controls t ement override was idents-fied as a significant fraud risk. This is due to the ability rough inappropriak Expendittjre and accounting poltaes adopted. Revenue recognition was also identified as part of our audit planning as a significant risk lo the audit. Although the processing and recording of transactions is straight forward, there is the risk that revenue might not be recognised within the correct accounting period. We oblained an understandiry of the legal and regulatory iequirements applicable to the tharitsble company and we considered the most signific2nt to be the CoMpanS Act 20[. the Charites Act 2011, the Charity SORP, UK financial reporting standards as issued by the Financial Reporling Council and UK Taxation legislation. We c£)nsidered how the charitable company complies wtth these requirements by discusswjns wth management and those charged wth govemanGe. We inquired of management and those char ed wth governan as to any known instances of non- Complian or suspected non-ccKnpliance wi laws and regulations. Consideration was also made of the internal controls In place to mrtigate the Klentified risks. We assessed the control environment. documenting the systems. contro15 and processes adopted. The audit approach incorporated a combination of ci)ntrols where appropriate. analytical review arKI subslantwe procedures involvin tests of transactions and balan. Any itregulafities noted were discussed wth management an additional (xxroborative evidetKe was obtained as required.
COWES TOWN WA TERFRONT TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEIABERS OF COWES TOWN WATERFRONT TRUST LIMITED (CONT) FOR THE YEAR ENDED 31 MARCH 2025 The consolidated financial statements of the group incorporate Ihe resutts of the subsidiary company. Moore (South) LLP are auditors to the whole group and the same approach has been adopted lo the subsidiary CLJmpany as is appropriate to that enlty. In response lo the fisk of fraud through management override we. perfotmed analytical procedures to identify any unusual or unexpeded relationships", tested joumal enlries to identify any unusual transactions., assessed whethei judgements and assumpbons made in determining the a(xounting estimates were indi(31ive of polential bias-, reviewed transactions with related parties, in parb"cular the management charges and transactions with group entities-, and reviewed the disdosures within the financial statements to ensufe they meet the requirements of the accounting standards and relevant legislab"on. In response to the fisk of incorrect recognition of income we" performed a pr<)of in total ol renlal income received in the petiod. agreeing the amounts due to contracts and where appropriate the amount of income deferred". perfotmed analytical PrOdureS induding comparing revenue received to the ptior period and to budgets" vouched a sample of berthing fee and dry sail revenue transactions from Sour documentation to the accountng records. and tested berthing fee income cut off by agreeing a sample of defee income Ca[lationS to supporting customer agreements. In response to the classification of income een resti1ctl and u[estr[cted funds we." agreed a sample of donations iecorded in the nominal ledger to SOU dmentatIOn to ensure any restrictions were Correct identified.. arKI agreed a sample of expenses incurred to ensuie that they h9d been allocated to the appropriate ftjnd. There are inherent limitath)ns in our audit prOdureS descJibed above. The more removed that laws ar)d regulations are from finanaal transactK)ns, the less likely it15 thatwe would become aware of non-complian. Auditing standards also limit the audit procedures required to identify norFcompliance wth laws and regulations to enquiry of the directors and other management and ihe inspection of regulatory and legal correspondence. if ary. Material misstatements that arise due to fraud can be harder lo detect than those that arise from error as they may involve deliberate COnalment or collusion. Use of our report This ieport is made solely to the charrtable parent company's members. as a body. in accordan wtlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we mighl state to the charitable parerit o)mpanWs members those matters we are required to state to them in an audtlor's report and for no other purpose. To the fullest extent petrnttted by law. we do not accept or assume responsibilty to anyone other than the charitable parent comp3ny and Ihe charitable parent cA)mpany's members as a bc*Jy. for our audit work. for this repor( or for the opinions we have fofflied. Sue Lucas- Senior Statutory Auditor for and on behalf of Moore (South) LLP Dated............... Chartered Accountants statutory A[tor 9 St Johns Pla Newport Isle of Mfight P030 1LH 10
COWES TOWN WATERFRONT TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIALACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrtcted Funds 2025 Restricted Funds 2025 Total Funds 2025 Total Funds 2024 Note Income and Endonents from: Donations and legaaes Investsnent income Other trading activities 101 309,763 1683 487 6,000 6,101 6,140 309,7&3 270.799 1683.487 1 770.260 Total Income 6000 1999 351 2 047 199 Expenditure on" Charitable activities Other tiading activities 454,559 1 176628 454,559 513.392 1.176 628 1 162 397 Total expenditure 1631 187 1631 187 1675 789 Nel gainsl(losses) on investments Net income 472.164 478.164 371.410 Transfer beiween fijnds 3,675 {3.675) Other Recognised gains l (losses): Gains l (losses) on revaluatton of fixed assets 154 467 Net movement in funds before minority interest 2.325 632.631 371,410 Non controlling interest Net movement in funds and net irtcome for the period 630.298 2,325 632,623 371.410 Fund balan brought forward at 1 April 2024 3 676 5.365.285 4.993 875 Fund balances carried forvmrd At 31 March 2025 5.991.907 6.1x11 5.997.908 5,365,285 The accompanying accounting poliues and notes fomi an integral part of these finarrial stalemenls. All operations of the Trust and its subsidiary are dassified as continuiThJ. The individual 5lIS of the Charity alone are induded in the notes to Ihese aCUnIS and are not presented as a primary Statement in accordance with s408 Companies Act 2C(J6. 12
COWES TOWN WATERFRONT TRUST LIMITED CONSOLIDATED AND CHARITY BALANCE SHEET AS AT 31 MARCH 2025 Group 2025 Group 2024 Charity 2025 Charlty 2024 Note Fixed assets Tangible assets 11 3.840,(X)o 3,571,406 3,840.(J)0 3,571,406 Investment properties 12 2.260,000 2.150,000 2,260,OCQ 2.150.000 Investments 13 98 98 5 721406 6 100 098 5 721504 Current assets Debtors Cash at bank and in hand 14 607.362 1402 739 556.523 1037 473 50.636 969 708 27.724 2.010.101 1.593.996 1.020,344 719.408 Creditors: amounts falling due within one year 15 (1118528 Nel current assets 723 677 474 604 Total assets less current liabilities 6.824.560 6.196.874 6.823.775 6.196.108 Creditors: amounts falling due after more than one year 26 652 831589 826 652 16 (831589 5.997.9)8 5.365.285 5.997.123 5.364.519 Funds Restricted funds Unrestricted ftjnds Revaluation reserve Trading funds 17 6.1])1 18 5.836.634 18 154.467 18 81 3.676 8.001 3.676 5.360.825 5.836.655 5.360.843 154.467 s.997.8 5.365.285 5.997,123 5,364,519 The financial statements were approved by the Trustees on" J N Dale- Chairman Date: Charlty Number: 1019760 Company Number: 02751595 The accompanying accounting policies and notes fom an integral part of these financial statements. 12
COWES TOWN WATERFRONT TRUST LIMITED CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDEO 31 MARCH 2025 Group 2025 Group 2024 Note Cashflow frorn operating activities Net cashflow from operat¢ons See below 636 464 548 382 Total cashflow from operating activities 548 382 Cashflow frorn investing activities Payments to acquire fed assets Interest received (268.538} (19,124) 1.715 Total cashflow on Investing activities (265.016) (17,409) Cash from flnancing activities Bank loan repayments Total cashflow on financing activities (6,182) (361,875) Net increase in cash and cash equivalents 365.266 169,098 Cash and cash equivaleNs at 1 April 2024 1,037,473 868,375 Cash and cash equivalents at 31 March 2025 1.402,739 1.037.473 Cash and cash equivalents consist of- Cash at bank and in hand 1.402.739 1037.473 Cash and cash equivalent at 31 March 2025 1,402,739 1,037,473 RECONCILIA TION OF NET INCOME TO NET CASH FLOW FROM OPERA TING ACTIVITIES Group 2025 Group 2024 Net income reSoUrS 632.623 371,410 Depreciation charges (Increase)IDeuease in debtors Increasel(Decrease) in creditors Gain on revaluation of assets Interest received 154,411 165,383 (50,839) (168,571) 168,258 181,875 (264,467) 1.715 Net cash inflcwl{ouffiow) from operations 636,464 584,382 ANALYSIS OF CHANGES IN NET DEBT At At 11412024 Cashflow5 311312025 Long terrn borrowing Bank loan Propety finance lease (87.771) 6.182 (81,589) Total liabllilies Bank and cash balances {837.771) 1037.473 6.182 (831,589) 365 266 1402 739 Total net debt 199.702 371.448 571.150 13
COVIES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDEO 31 MARCH 2025 1 ACCOUNTING POLICIES The prinupal accounting policies are summarised below. The accounting policies have been applied o)nsislently thfoughout the period. 1.1 General Inforniation and Basis of Accountin Cowes Town Waterfront Trust Limited is a charitable company limited by guarantee, registered in England and Wales. In the event of the Charity being wound up. the liability in iespect of the guarantee is limited lo £1 per member of the Charity The addiess oflhe registered Offi is detailed on page 1 and the objects ofthe Charty are given on page 2 of these financial statements. The Charty conStsteS a public benefit entity as defined by FRS 102. The financial ststements have been prepared in accordance with Ac0x)untg and Reporting by Chartties" Statement of Recommended Practice applicable to ch3titie5 preparing their accy)unts in accoidance vthh the Finarrial Rerx)rting Slandard applicable in the United Kingdom {FRS 102} effe(Aive from January 2019. the Charities Act 2011. Companies Act 2006, and UK Generalty Accepted Accounting Practi. The financial statements are prepared under the historlcal L¥JSt convention. modified to indude rtain items at fair value. The financial statements are prepared in sletling. which is Ihe functional currency of the ChaTity and rounded to Ihe nearest £1. 1.2 Goin Concem The Trustees have evaluated the net assets and reserves ofCTWt, taking into account the need for ongoing investment in the CTWt properties, vthich going fowdrd wll be fijnded from growth and monies raised as 2 result of rewewng processes and becoming more effictent by enhanciro internal procedures. Consequently. the Trustees are cnnfident that suffiuent resetves are available for the Tt to continue to trade. The Trustees are optimistic aut the fuiure and the way the Tt aTrJ its subsidiary are working together. The Charity's finanS will continue to be revtewed regulaty and forerAsts amended armrdingly, giving the Tiustees confidence that the Charity and its trading subsidiary have adequate reSoUrS and cash flow lo continue in operatsonal existence for the foreseeable future. Therelore, the Trustees believe it is approprkqte to continue to adopt the going GOnM basis of accounting in preparing the financial slalements. 1.3 Basis of Consolidation The group financial ststemenls consolidate those of the Charity and of its subsidiary undertaking (see note 5) drawn up to 31 March 2025. The results of the Char"Ws trading subsidiary, Cowes Yacht Haven Limited have been consolidated on a line by line basis. 1A Fund accountin Unrestricted ftjnds are available for use at the diSet10n ofthe Trustees in furtheran ofthe general objective5 ofthe Charty, and which have not been designated for other purposes. Restrided lunds are funds which are to be used in accOrd8n VAlh specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administeiing such funds are charged against the specific tund. 14
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS {CorI FOR THE YEAR ENDEO 31 MARCH 2025 1.5 Income Re nition Policies Donatlons and Glfts All monetary donations and gifts are induded in full in the slalement of financial activities en re1VatIe, provided that there are no donor-imposed restrictions as to the liming of Ihe related expenditure, in lch case recognition is deferred until the pre-condition has been met. Donations. and any associated income tax recoveries when donated under gift aKI, are credited as income when the amounts are received. Activities for Generatlng Funds - Revenue from activities such as special fuThl raising events ts recognised in the period in which the acliwty or event occurs. Investrnent and rentsl Income - Investment income induthng bank interest is recLJgnised when recetved. Incoffle from rental income is reix)gnised in accordance Vth the period of letting, in aC£Ordan with individual lease agreements. Grants Recelvable - Revenue grants are recognised as irming resourc when the charity is entitled to the funds. their receipt is probable arKI can be quantified. Grants for which perf0M)an criteria are not mel, or which are sperIed to future periods ale deferred. Grants for the purchase of fixed assets are initially credited to restricted incoming resources as with revenue grants. On completion of the purchase or construction of the fixed asset towards which the grant was recewable. and once the restn.cted purpose has been fulfilled, the grant is transferred from restricted to unrestricted resour. Govemmemt grants for support are recognised as revenue grants. Income from berthing and Irading activities - Inrne rs reniSe£l net of VAT and appluble discounts over the period to which the berthing rental applies. Short term berthing fees are recjjgnised on receipt, whereas long term and annual berthing arrangements are deferred over the p10d lo which they relate. Other ServIS income and sale of any goods are recognised immediaiety- 1.6 Ex enditure Al expenditure is accounted for on an ac(xuals ba515 and has been dassified under headings that aggregate all costs related to the category. Expenditure is reoyjgnised where there is a legal or constnxtive obligation to make payments to third parties. it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is cztegotised under the following headings= Costs of raising funds indudes details of Ihe costs in relation to fundraising events. followtng up donations. and seeking voluntary contributions and donations from supportets. and available SOurS., Expenditure on charitable activibes indude5 management and operation of rental projects on Cowes Waterfront. other expenditure represents those item5 not falSTrJ into the categories above. Irrecoverable VAT is charged as an expense against the activity forwhich expendttuie arose. 1.7 Allocation of Su ort Costs The analysis of these costs is induded in nole 6. Support costs are those lch are not direcuy part of the acliwty. bul which Provides supwrt adminislratrwe functions. 15
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2025 1.8 Tan e assets and de reelatlon Land and buildings are treated as historic assets- the <)wnership is central lo the purpose for which the Jmpany was fomied. Land and buildings are stated at valuation, net of depreciation, and indudes finan cLists incurred prior to the asset being brought into use. Revaluation gains and losses are recognised as gains on the revaluation of fixed assets wthin the Statement of Financial Activities and accumulated in a separate revaluation reserve, except lo the extent Ihat a revaluation gain reverses a revaluation loss previously recDJnised in the Statement of Financtal Adivilies or a revaluation loss eXedS the acujmulated revalualion gains recognised in the revaluation reserve, such losses are recognised in Stalement of Finanaal Activibes Other fixed assets are stated at cnst. net of depreciation. Depreciation is calculated on all tangible assels lo wrtte down the costs or valuation less estimated reshlual value by annual instalments over their useful economic lives. The periods applicable are: Freehold buildings and reclaimed land Dredging Plant & Equipment Pontoons straight line straight line straight line stiaight lir 33% 2%-25% 3%-5% 1.9 Investment Pro rties Propety assets vthich are hekl for renta retum, and vthich are let on a commer¢ial basis to fund the charitable activities of the Trust are dassified as investment properttes. They are valued at market value and have been induded at the values taken from the Marth 2025 valuation report prepared by Vail Williams. Property Consultants. Future valuations will reflect the properties market value at each period end. with referen to their ongoing rental yield and wll be included at Trustee valuations, where Tnjslees believe they have sufficient knovAedge to esb.mate the values. Changes in value will be reflected in unrestttcted reserves. and reported annually through the Statement of Financial Activities. Investment properties are nol depreciated. Where the properties are included on the long term finan lease, these properties vjill depreaate in line wth the long term net present value of lease payments. 1.10 Investments Assets held for investment purposes are Inded at market value. The investment in group trading subsidiaries are reflected at cost. 1.11 Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid based on the time apportionments of services received. 1.12 Creditors Creditors and provisions are recAJgnised where the Charity has a presenl obligation resulting from a pasl event that wll probably result in the transfer of furmys to a third party and the amount due to settle Ihe obligation (2n be measured or estimated reliably. Credilors and provisions are normally recognised al their settlement amount after allowng for any trade discounts due. 1.13 Retirement benefits- defined contribution schemes The trading company. Cowes Yacht Haven Limited, operates a defined contribution pension scheme for employees. ContritMJthJns made to the scheme represents the pension cost chaige in Ihe ststemenl of financial activities in the year in which they are payable. 16
COWES TOWN WATERFRONT TRUST LIMrrED NOTES TO THE ACCOUNTS (CONTI FOR THEYEAR ENDED 31 MARCH 2025 1.14 Leased assets Finance lease agreements Assets acquired under fir)ance leases are (apitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned betsveen the finan charge and the reduction of the outstanding lease liability using the effecttve interest method. The related oblig81ions. net offutUFe finan charges, are induded in credrtors. The Charitable Company entered into a 125 year lease in 2011 for land and buildirvJs which forms a part of the overall premises operated as part of Cowes Yacht Haven. As this is a long term lease the liabilty is reflected at an 8% discounted present value of the lease payments, which does not reduce materially during the eady years ofthe agreement Consequently that liability V4ill not rede. and the payments rellected as lease rentals in the Statement of Finanaal Activities. 1.15 Taxation This charity is an exempt charity wthin the meaning of schedule 3 ofthe Charities Act 2011 and is considered to pass the tests set OLrt in Paragraph 1 Schedule 6 Finance Act 2010 and therefore rt meels the definition of a charitable company for UK corporab.on tax purposes. 1.16 Financial assets and liabilities The Trust only has finanaal assets and financial liabtlitses of a kind that qualify as basic financial instruments. 8asic financial instruments are inibalty rec(y3nised at transadion value and subwuently measured at Iheir settlement value. 1.17 Jud ements and ke estimates In the appliG3b"on of the Charttable Company's ac£ounting poliues. Ihe Trustees are required to make judgements, estimates and assumptions about the CArrying amount of assets and liabilibes that are not readity apparent from other sources. The estimates and assoaated assumpttons are based on histori[ experience and other factors that are considered to be relevant Actual results may differ from these estimates. The estimates and undertying assumptions are remewed on an ongoing basis. Revisions to accnunting estimates are recognised in the periodwhich the estimate is revised where the revision affects only that period. or in the period of the revision and future petiods where the revision affects both current and ftjture periods. The sMJnificant estimates in relation to the accounting treatment of the finance lease for land induded the discount factor to arrive at fair value. 17
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDEO 31 IAARCH 2025 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestrscted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Note Income and End0vents from: Donations and legacies Investment income other trading activit.es 140 270.799 1770.260 6.140 6,186 270.799 242.233 1770.260 1678.896 Total income 6000 2047 199 1927315 Expenditure on: Charitable activities Other trading activities 513,392 1 162.397 513,392 459,102 1 162 397 1 184.732 Total expenditure 1675 789 1675 789 1643 834 Net income 365.410 371.410 283.481 Trasfer between ftjnds 369.942 1.468 371.410 283.481 Net movement in funds before minority interest 369,942 371,410 283,481 Non controlling interest Net movement in ftjnds and net income for the period 369.942 371,410 283.487 Fund balanS brought forward al 1 Apn"12023 4 991667 2 208 4.993 875 4 710 388 Fund balances carrled fo¢ward At 31 March 2024 5.361,609 3.676 5,365.285 4,993.875 18
COWES TOWN WATERFRONT TRUST LIMrrED NOTES TO THE ACCOUNTS (CONTI FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM INVESTMENT ACTIVITIES 2025 2024 Generated from.. Rental income Bank interest receivable Electric recharges 286,595 3,522 19646 269,084 1.715 309,7 270.799 INCOME FROM OTHER TRADING ACTMTIES 2025 2024 Berthing. site Spa a1 miscellaneous income in the trading subsidiary. 1.683,487 1,770,260 NET INCOME FROM ACTMTIES OF SUBSIDIARIES The Charity has one subsidiary, Cowes Yacht Haven Limited. véhich is incnrporated in the UK. Cowes Yacht Haven Limited operates Cowes Yacht Haven marina and covenants any taxable profits to Cowe5 Town Waterfront Trust Limited. Its results are induded in these ¢AYOI1daIed group accounts. A summary of the subsidiary's trading results is shown below. The net profil adjusted for net inter-company charges of £347.000 (2024 £293.5(A)) is £492.022 (2024 £593.498). 2025 2024 Total IrMe Cost of sales 1,683.487 1.770.262 152 871 Gross profit 1.576.867 1.617.391 Operating expenses Marina lince paid to charity Management charge to the chatity Investment Income {1.088.207) (382.000) 35.000 {1,025,608) {328.500) 35,000 ProfiUILoss) for the financial period 145.022 299,998 The net assets and liabilities of the aclive subsidiary are= 2025 2024 Current assets Creditors: amounts falling due within one year 1,204,342 995.319 Total net assets Aggregate of share capital and reserves 19
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF CHARrrABLE EXPENDITURE 2025 2024 Charltable actlvltles - property costs Property costs, rates and utilities Finan and operating lease rentals Property repairs and upkeep. development Depreati0ll Donations Loan interest 117,045 90,294 30,313 165.383 33,058 17.511 9).294 28,402 154.411 .292 3.153 Support and govemance Office support cost Governanc£ costs audrt and non-audrt SeiceS 17.379 28.408 454.559 513,392 ANALYSIS OF OTHER TRADING ACTIVITIES 2025 2024 Costs of running the Yacht Haven operation Direct cost of marina events Overhead costs 1C6.620 152,871 1.176,628 1.162.397 OTHER COSTS 2025 2024 The deit is stated after charging.. Auditors. remuneration- Audit services Nori-audit seNces Depreciation Finan lease and operating rentals 25.340 9.920 154.411 90.294 24.600 6,780 165,383 79,269 STAFF COSTS Employee costs during Ihe pertCMI ve as follows: 2025 2024 Wages and salaries Social security costs Other pension CA)Sts 511.613 46,355 28.326 496,933 43.977 586.294 568.596 The average number of employees during the period were as frjllows: 17 18 20
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (Cofrn) FOR THE YEAR ENDED 31 MARCH 2025 The emoluments of higher pard employees fell within the following range: 2025 2024 £60,W1- £70,000 £70,001- £80,000 The Charty bore no staff costs during eilher the current or comparative period. The payment of gross remuneralion incurred in the year for Senior Management Personnel was £86,745 (2024- £82,986). No Trustee received remuneration expenses in the periLKI or the comparative period. directty or indirectty, from eitherthe Charty or its trading subsidiary. 10. SURPLUSI(DEFICIT) OF EXPENDITURE OVER INCOME The Consolidated Stalement of Financial Acbvibes indudes the results of the Charity's subsidiary, Cowes Yacht Haven Limited. Detsits of the resulls of the trading subsidiary are set out in note 5. The summary finan81 performance of the Charty alone vs. 2025 2024 Income Charitable activities Income from donations Inveslment income 382.tXM) 151,101 328.500 3CE.140 269 084 Total income 839,502 9)3.724 Expenditure Charitable activilies Total expenditure 471,365 532.308 Nel tncomel{expenditure) for the period Gains and losses on the revaluatron of ed assets 368,137 371,416 632,604 371,416 Total funds brought forward 1 April 2024 4993.103 Total funds carried forward at 31 March 2025 5,997.123 5,364,519 21
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2025 11. TANGIBLE FIXED ASSETS Consolidated and Cowes Town Waterfront Trust Llmlled Freehold Land & building Planl Long and Leasehold Equipment Total Cost or valuation: At 1 April 2024 Addilions Revaluations 2.236,448 3¥J.LKXI 2.285.016 4.911.464 268,538 268.538 At 31 bjarch 2025 2.331,457 3j,[MA} 2.553.554 5.275.011 Depreciation" At 1 April 2024 Provided in the period Revaluations 59,458 1,280.600 1.340.058 154.411 154,411 At 31 March 2025 1.435.011 1.435.011 Net book amount at 31 March 2025 2.331.457 390.CKK$ 1.118.543 3.840.000 Net book amount at 31 March 2024 2.176,990 .tm 1.004.416 3.571.406 The valuation ofassets has been induded at a revalued sum fr)IkwiiThJ an independent valuation by Vail Wlliam5. Property Consullants in March 2025. Long leasehold propety represents a strip of land held on the remaining 112 of 12&year lease. 12. INVESTMENT PROPERTIES 2025 2024 Freehokj propety Revaluation 1.774,(I 110.1)00 1.774.000 Long leasehold investment properties 2.260.000 2.150.000 The Freehold Investment properties were valued by Vail Wlliams. Property Consuants in M8rd) 2025 on an c>pen market basis. The value above also indudes an assessmenl on the market value ofthe properties induded wilhin the Trusvs finan lease. consistent wth the rental yields, held on the remaining 112 of a 125- year lease. One tnveslment propety wth a value of £157.CKIO has been promded as security for the bank loan (2024 one propety wth a value of £157.000).
COWES TOWN WA TERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2025 13. FIXED ASSET INVESTMENTS- COWES TOWN WATERFRONT TRUST LIMITED The Trust owns 98% of the ordinary share capital of Cowes Yacht Haven Limiled. a company registered in England and Wales (number 02744819) where principal activity is the operalion of Cowes Yacht Haven, and 0$e registered office address is Veclis Yard, High Street. Cowes. Isle ofwight. P03178D. The minority interest. consisting of 2°A of the ordinary share capital of Cowes Yacht Haven Limited is held by the Isle of Wight Council. There are no restrictions placed on Ihe Group's activities by the minority interest. 2025 2024 Unlisted investment in the ordinary Share Capital Of Cowes Yacht Haven Limited 98 14. DEBTORS Consolldated Cowes Tovm Waterfront Trust Limited 2025 2024 2025 2024 Trade debtors Other debtors Prepayment5 Social Security and oiher taxes 464,163 542.966 3.419 4.632 143,199 13,211 13,212 13.211 607.362 556,523 50,636 27.724 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Consolidated Cowes Tovm Walerfront Trust Limited 2025 2024 2025 2024 Trade credrtors Social Security arKI other taxes Bank loan Deferred income {see below) Other creditors and accruals 156.952 154.134 4.937 831.449 138.045 50,050 155.749 6.182 771,548 134,983 19.911 21.828 4.937 6.554 84,589 6.182 21.061 84.885 Profits attributable to non-controlling interest Amount due to subsidiary undertaking 24 16 180.676 1.285.541 1,118,528 296.667 244.804 Deferred income fepre5ented berthiThJ fees and rents received in advan. At 1 April 2024 Amounts released to income in the peTiod Deferred in the period 771.548 (771.548) 725,379 21.061 {725,379) (21.1%1) 7,917 {7.917) At 31 March 2025 831.449 771.548 6,554 21,061
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2025 16. CREDITORS: AMourS FALLING DUE AFTER MORE THAN ONE YEAR Consolldated Cowes Tovm Waterfront Trust Limited 2025 2024 2025 2024 Net presenl value of future lease obligations Bank loan 750.000 750,CK)0 750,(x)J 750.000 81.58g 826.652 831,589 826,652 831.589 The above liabilty relates lo a net present value of the minimum lease payments under 3 12&year lease agreement. which has been discounted al 8°A. Lease rentals of c4rca £79.268 per annum are payable for 112 years remaining of the lease. Lease rentals are payable by quarterly instalments, and the CAPital sum will not diminish in less than five years. Rent reviews are every 5 years and are based on RPI. Any increases in lease payments arising from these reviews are treated as contingent rent ar7d are recognised in the Statement ol Financial Ac1"vities as incurred. The C21culation of the finance lease liability therefore exdudes such contsngent rent adjustments_ The bank loan is secured on a fixed and Iloating charge on the Group's assets. and a number of investment properties within Cowes Town Waterfront Trust Limited. 17. RESTRICTED FUNDS (Consolidated and Charity) Balance at 0110412024 Balance at 3110312025 Income Expenditure Transfer Visual Improvements Fund (3.6751 Total reslricted funds 3,676 6.(X)O (3.675) 6.001 Compardtive (Consolidaled and charity) Balance at 0110412023 Balance at 3110312024 Income Expenditure Transfer Visual Improvements Fund Total restricled funds 6,000 (4.532) 3.676 The VIsv31 Improvements Fund is restrided within the accounts of the Trust for ws1e improvements to Cowes Yacht Haven marina ancl events centre. The transfer between funds relates to the expenditure of restrided funds cfft unrestricted fixed assets. 18. UNRESTRICTED FUNDS Consolldated Balance at 0110412024 Income Transferl Non-controlling Balance at Expenditure gainslloss interest 3110312025 General fvnd Revaluation reserve 5.361,609 1.993.351 (1,631,187) 113,675 154.467 (8) 5.837.440 154,467 The revaluation reserve represenls the un-iealised gains on the valuation of the charity's investment properties. 25
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2025 Comparative Consolidated Balance at 0110412023 Income NOnOntrOllIng Balance at Expenditure Transfer interest 3110312024 General ftjnd 4,991,667 2,041.199 (1.675.789) 5,361,609 Charity Balance at 0110412024 Transferl Non-¢ontrolling Balance at Expenditure GainslLoss interest 3110312025 Income General fund Revaluation ieseNe 5.360.843 &33.502 (471,365) 113,675 154.467 5,836.655 154,467 The revaluation resetve represents the uTrrealised gains on the valuats.on of the charity's investment woperties. Comparative Charity Balance at 0110412023 Income Non-controlling Balance at Expenditure Transfer interest 3110312024 General fund 4.990.895 897.724 {532,308) 4.532 5.360,843 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds rotal Consolidated at 31 March 2025 Tangible fixed assets Investment properties Current assets Current liabilities Ncin-current liabilities 3.840.0 2,260,CKM) 2.004,1 (1.285,541) 826.652 3.840.000 2.260.000 2.010.101 (1.285.541) 826 652 6.(J)1 5.991,907 6.001 5.997.908 Cowes Tovm Waterfront Trust at 31 March 2025 Tangible fixed assets Inveslments Current assets Current liabilities Non-currenl liabilities 3,840,tK)o 2.260,098 1,014,343 {296,667) 3,840,C(10 2.260.098 1.020.344 (296.667) 826 652 6.CM)1 5.991,122 6.(X)1 5.997.123
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 202S 20. COMPARA TIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Funds Reslricted Funds Total Consoljdated at 31 March 2024 Tangible fixed assets Inveslment properties Current assets Current liabilities Non-current liabilities 3.571,406 2.150.1YX) 1.590,320 (1.118.528) 3,571.406 2,150.000 1,593.996 {1,118,5281 3.676 5.361.609 3.676 5,365,285 coVS Town Waterfront Trusl at 31 March 2024 Tangible fixed assets Inveslmenls Current assets Current liabilities Non-currenl liabilities 3,571,4( 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 21. PENSIONS Defined contribution scheme The Trust Ihrough rts trading substdiary. operates a defined contribution pension scheme for its employees. and also lo meet its obligatsons of autcFenrolment. The Sums in respect of employee and employer contribulions are paid to Ihird-paty providers and are managed external to the Trust. The contrtbution payable to the pension funds during the year was £28,326 (2024 £27.686). At the yeaf*r)d, £nil ds payable lo the fund (2024 £3,416). 22. RELATED PARTY TRANSACTIONS During the year the Charit5ls subsithary. Cowes Yacht Haven Limited. paid the Charity £382,000 (2024 £328.500) in relation to a Marina licence. During the year. the Charity also paid a management charge to Cowes Yacht Haven Limited amounting to £35,tKIo (2024 £35.000). The amount due to the subsidiary at 31 March 2025 is shown in nole 15. The chanty's subsidiary, Cowes Yacht Haven Limited. made a distribu1t to the chanty of£145,OCK) (2024 £300,000). Two Tnjstees. paid for berthing fees. ntaIner storage and other marina services at anns length basis to the subsidiary during the year. amounttng to-.- Mr M Greville £5,CKJ8 {2024 £5.198) MrJ James £26.454 (2024 £24.000)
COWES TOWN WATERFRONT TRUST LIMITED NOTES TO THE ACCOUNTS (CONT) FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL ASSETS AND FINANCIAL LIABILITIES Group balances 2025 2024 Financi21 assets at amortised cost Financi81 liabilities at Present Value Financial liabilities at amortised cost 1.866.2 (750,000) 1.580,785 {750.000) Net financial assels 586. 158 402.216 The Charity's financial assets rA)mprise debtors. cash and bank balans. Financial h"abililies include trade creditors. loans, accruals and other creditors. togelher with the finance lease ObligatnS and long-term bank loans. CAPITAL COMMITMENTS 2025 2024 Purchase of motorised boat hoist 255.618 27