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 D￿AlLs
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 U0y￿ennIngS
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 indr￿dualS who have need of s￿h facilities by reason
of their youth, age, infirmity or disablement, financial hardship or social and economic cirCumstan￿S
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 Cu￿Ure 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 be0￿e 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 ho5￿181￿. legal. marketing. regulatory and finan￿al
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 dea5￿n5 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 saI￿ng. 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 prov￿￿1￿9 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 anr￿MI 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 li￿n￿ 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 in￿ease 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 finan￿S 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
redu￿d. 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 dI￿ger￿ 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 a￿or 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 A￿pIed 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 con￿rn 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 i￿eg1AarItses.
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 a￿ordan￿ V￿th 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
A￿pted 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 appli￿tIon 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 V￿th 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 ￿nr￿ffj 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 inforMat￿1n 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 C￿er the other informahon and,
except to the extent othe￿iSe 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(h￿ng 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 CoMpan￿S fir￿a￿al statements ale not in agreement wth the acrxjunting
re￿rdS., 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 i￿￿teeS. 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 fir￿ncIal 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 con￿r￿ 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
AUdit0￿S 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 a￿ayS 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 finan￿al 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 instan￿S 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 C￿MpanY 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 CoMpeter￿e 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 CoMpan￿S 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 PrO￿dureS 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 defe￿e￿ income Ca[￿lationS to supporting
customer agreements.
In response to the classification of income ￿￿￿een resti1ct￿l and u[￿estr[cted funds we."
agreed a sample of donations iecorded in the nominal ledger to SOU￿ d￿mentatIOn 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 prO￿dureS 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 COn￿alment 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 Endo￿nents 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 ￿5￿lIS of the Charity alone are induded in the notes to Ihese aC￿UnIS 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 f￿ed 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 reSoUr￿S
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 conStst￿eS a public benefit entity as defined by FRS 102. The financial ststements have been
prepared in accordance with Ac0x)unt￿g 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 T￿￿t to continue to trade.
The Trustees are optimistic a￿￿ut the fuiure and the way the T￿￿t aTrJ its subsidiary are working together.
The Charity's finan￿S will continue to be revtewed regulaty and forerAsts amended armrdingly, giving the
Tiustees confidence that the Charity and its trading subsidiary have adequate reSoUr￿S 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 GOn￿M 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 diS￿et10n 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 {Co￿rI
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 re￿1VatIe, 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 V￿th the period of letting, in aC£Ordan￿ with individual
lease agreements.
Grants Recelvable - Revenue grants are recognised as ir￿ming 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 spe￿rIed 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 - In￿rne rs re￿niSe£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 p￿10d lo which they relate. Other
ServI￿S 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 SOur￿S.,
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 eX￿edS 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 Ind￿ed 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 red￿e. 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 End0v￿ents 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
Tra￿sfer 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 balan￿S 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￿ a￿1 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 ¢AY￿OI1daIed 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 Ir￿Me
Cost of sales
1,683.487
1.770.262
152 871
Gross profit
1.576.867
1.617.391
Operating expenses
Marina li￿nce 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
Depre￿ati0ll
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 Se￿iceS
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 de￿it 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 v￿e 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
finan￿81 performance of the Charty alone v￿s.
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
3￿j,[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 Consu￿ants 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: AMou￿rS 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 ws1￿e 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
NOn￿OntrOllIng 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
coV￿S 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 balan￿s. Financial h"abililies include trade creditors.
loans, accruals and other creditors. togelher with the finance lease Obligat￿nS and long-term bank loans.
CAPITAL COMMITMENTS
2025
2024
Purchase of motorised boat hoist
255.618
27