2020-12-31-accounts - International Foundation For AIDS To Navigation

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Company information	Company information			1 to 2
Chairman's	Statement			3to 4
Report ofthe Directors				5to 10
Independent	Auditors' Report			11 to 12
Consolidated	Statement of Financial	Activities		13
Consolidated	and Charitable Company		Balance Sheets
Consolidated	Cash Flaw Statement
Notes to the	Consolidated Financial	Statements		1Gto 27

		2020	2D20	202D	2019
		Continuing	Discontinued	Total
		Operations	Operations
		5	5
INCOME FROM:
Donatioas		300,000		300,0GG
Charitable acttvities Vien contractual navigation dues Contractual navigation dues Buoy maintenance and project income		2,705,204 43'2,958 280,389	1,078,964	2.705,204 1,511,922 280,389	2,913,447 1,555,737 813.322
Other trading activities Ship charter and management Rental income	income	3,8'I 9,2'I 6 89,76 l		3,819,216 89,761	2,251,136 154,977
Investments Investment income		741,024		741,024	713,398
Total income		8,368,552	1,078,964	9,447,516	8,402,017
EXPENDITURE ON:
Generating funds Ship charter income costs Rental property costs		5, l95,641 33,4D3		5,195,641 33,403	5,811,579 25,678
Charitable activities		5,052,4&7		5,052,457	6,833,043
Total expenditure		10,281,501		10,281,501	12,670400
Net outgoing funds from operations		(1,912,949)	1,078,964	(833,985)	(4,268,283)
Gain on disposal of investments Increase in value of investments		2,517,652 2,237,850		2,517,652 2 237 850	1,338,854 5,G31,529
NET btOVEMENT IN FUNDS FORTHE YEAR		2,842,553	1,078,964	3,921,517	2,102,100
Total funds brought forward		64.076,693		64,076,693	61,974,593
Total funds carried forward		567,998,210		$67,998,210	564,076,693

		Group 2020	Group 2019	Company 2020	Comps ay 2019
	Note	8	$	$	5
FIXKDASSETS Tangible assets lnvesunents Investments injoint ventures		13,912,465 49,349,982	14,911,014 45,229,591 901,378	709407 49,349,986	843,222 45,229,595
		63,262,447	61,041,983	50,059,193	46,072,817
CURRENT ASSKTS Stock Debtors Cash and deposits	10 11 12	1,592,998 3,189,481 3,763,857	1,595,566 3,654,410 2,458,699	304,011 29,051,822 2,855,191	271,259 29,583,453 2067352
		8,546336	7,708,675	32,211,024	31,922,064
CURRENT LIABILITIES Creditors payable within one year	13	(3,810,573)	(4,6/3,965)	(3,337,056)	(4,068,697)
NET CURRENT ASSETS		4,735,763	3,034,710	28,873,968	27,853,367
NETASSKTS		$67,998/10	$64,076,693	$78rt33,161	$73,926,184
FUNDS
Uarestricted funds General reserve Currency cams(ation reserve	14 14	64,087,149 3,911,061	60,165,632 3,911,061	73,475,565 5,457,596	68,468,588 5,457,596
		$67,998r210	$64,076di93	$78,933,161	$73,926,184

			Note	2020	2019
				$	$
Cash generated from operating	activities		19	(571,584)	607.284
Cash flow from investing activities Payments for tangible hxed assets Purchases ofinvestments Proceeds on sale of investments Investroent income receipts Rental income receipts Investments injoint ventures				(490,533) (38,811,742) 39,446,853 741,024 89,76 1 901,379	(862,870) (14,103,340) 14,805,258 712,G38 154977 (64,289)
Cash gcaerated from investing activities				1,876,742	642,374
Increase in cash in the year				$1,305,158	$1,249,658
Reconciliation ofcash flow to net movement		in net funds
Increase in cash in the year				1,305,158	1,249,658
Net funds at the beginning ofthe	year			2,458,699	1,209,041
Net funds at the end ofthe year				$3,7G3,857	$2&458,699

4. INVESTMENT INCOME	4. INVESTMENT INCOME						2020 $	2019 5
Deposit interest Dividend income							19,331 721,693	6,143 707,255
							$741,024	$713i398
ANALYSIS Of' EXPENDITURE					2020			2019
		Staff		Support	Grant
		Casts		Costs	Making	Depreciation	Total
(a) Total expenditure			5	5	$	5
Costs ofgenerating funds:
Ship charter income costs Rental property casts				3,870,562 33.403		L325,079	5,195,641 33,403	5.811,579 25,678
				3,903,9G5		1,325,079	5,229.044	5,837.257
Charitable activitiesi Costs afcharitable activities Governance costs		930,I64		2,470,8l7 112,040	1.376,309	163,127	4,940,417 112,040	6,577,468 255,575
		$930,164		$6,486,822	$1376,309	SL488,206	S10,281,501	$12,670400
(c)Crant making During the year thc following	rants	and donations		were made:			2020	2019
							5	$
IALA CI. .IIRP lvlaritime The Nautical Institute South Pacific Community MSSC							778,304 18,992 77,495 370,1G4 131,354	819,677 74,G33 l2'1,377 537,508 45,444
						$1,376409 $1498,639

ANALYSIS OP EXPENDITURE (continued)
(c) Governance costs included in support costs	2020 5	2019 $
Remuneration paid to auditor for audit services Other governance costs	48,878 63,162	47,218 2G8,357
	$112,040	$255,575
(d) Net outgoiag funds from operations The following amounts have been charged within resources expended: Directors emoluments Auditors' remuneration (audit services) Auditors' remuneration (nan-audit services) Rental paid under operating leases Foreign exchange mavenient	2020 $ 414,G29 48,878 15,492 275,791 50,30G	2019 307,659 47,218 34.482 257,923 77,596
STAFFCOSTS	2020 5	2019 $
Directors remrineratioa Director's salaiy Social security costs	298,184 35,068	136,216 15,705
Staff remuneration Wages and salaries Social security casts Other employee benefits	302,786 80,168 213,958	549,974 65,646 269,757
	$930,164	$1,037,248

								2020	2019
								Number	Number
Number of higher paid	employees	(inclucfing	retirement	benehts	paid	under	local
employntent laws) rn bands of:
$170,00D - $180,0DO
$160,000 - $170,000
$100,000 - $110,000
$90,000 - $10D,DOD
$70,000 - $80,000

During thc year, $8 793(2019 $14 11	During thc year, $8 793(2019 $14 11	2')was paid	for directars	and aQicers li	ability insurance.
The average nmnber ofthe Company's		employees	(excluding	Non-Executive	Directors) during	the year	calculated	on a fu!I
time equiva(ent	basis, was 14 (2019:13).					2020		2019
						Number		Namber
Engineering Finance and	and maintenance administration					10 2 2		10 I 2
Management
								13

7. TANGIBLE FIXED ASSETS	Freehold		Navigstioa
	Lead &	OSV Relume	Aids, Plant	Total
GROVP	Euildiags		& Equipment
Cost or valuation At I January 2020 Additions Dispcsals	2,326,548	22,444,964 436,265	8,2!2,818 54,768 (876)	32,984,330 490,533 (876)
At 31 December 2020	2,326.54S	22,881,229	S,266,210	33,473,987
Depreciation At I January 2020 Charge for the year	1,582,521 116,327	S,379,764 l,7 1~,979	8,]11,031 57,900	18,073,3'I6 1,488,206
Dispossls
At 31 December 2020	1,698,848	9,693,743	8,168,931	19,561,5722
Net book vaiue At 31 December 2020	$627700	$13,187,486	$97,279	$13,912,465
At 31 December 2019	$744,027	$14,065,200	$101787	$149110]4
		Freehold	'Navigation
COMPANY		Land & Buildings	Aids, Plant & Ettuipment	Total
Cast or valuation At 1 January 2020 Additions		'2,326,54S	7.800,524 29, I 13	10 127072 29,113
At 31 December 2020		2,326,548	7,829,637	10,156,185
Depreciation At I January 2020 Charge for the year		1,582,521 116,327	7,701,329 46,801	9,283,850 163,128
At 31 December 2020		1,698.848	7,748, 1s0	9,446,978
Net bookvalue At 31 Decernber2020		$627,700	SS1407	$709,207
21		$744,027	$99,195	$843,222

10. STOCKS
				Group	Group	Company	Company
				2020	2019	2020	2019
				5	5	5	5
Consumables				I,59'2,998	1,595,566	304,011	271,259
				$1,592,998	$1,595,566	5304,01I	5271,2S9
11. DEBTORS
				Group 20Z0	Group 2019	Compaay 2020	Company 2019
					$	$	5
Incame due from charitable			activities	1.086,505	1,552,368	1,086,505	I,SS2,368
Trade debtors Other debtors Prepayments snd accrued incame Amounts due from subsidiary companies				58,912 324,257 1,719,807	110.139 296,478 1,695,425	237,654 657,347 27,070,316	289,270 1,618,374 26,123.441
(net af provt'sion)				$3,189,481	$3,654,410	$29,051,82Z	$29)583,453
All debtors are due within		one year.
12. CASH AND	DEPOSITS			Group 2020	Group 2019	Company 2020	Company 2019
				5	5	5	5
Fortis Bank deposits HSBC short term deposits		and		39 !,535,387	39 1,019,438	633,199	628,208
working balances Cash held by Investment Cash in hand		managers		7,215,121 13,310	1,433,604 5,618	2,215,121 6.871	1.433,604 5,540
				53,763,857	$2,458,699	$ZJI55,191	$2,067/52
13. CREDITORS:		AMOUNTS FALLING		DUE WITHIN	ONK YEAR
				Group 2020	Group 2019	Company 20ZO	Company 2019
				5	5	5	5
Trade creditors Other creditars Taxation and social security Accruals and deferred income				759,895 2,007.460 21,781 1,021,437	1,925,821 1,780,871 20,206 947,067	605,843 1,774,143 21,781 935,289	1,594,868 1,577.855 20,206 875,768
				$3,810,573	$4,673,965	$3,337,056	$4,068,697

4. SIJM)YIARY OF MOVEMENTS ON FIJNDS	General	Translation	Total
	Reserve	Reserve
	$	$
Group At I January 2020	60,165,632	3,911,061	64,076,693
lncom ing resources Resources expended Gain on disposal of investments increase in value ol' investments	9,447,516 (10,281.501) 2,517,652 2,237,850		9,447,516 (10,281,50I) 2,517,652 2,237,850
At 3i December 2020	$64,087,149	$3,911,061	$67,998)210
	General	Translation	Total
	Reserve	Reserve
		$
Company At I January 2020	68,468~8	5,457,596	73,926,184
incoming resources Resources expended Gain an disposal afinvestments Increase in value of investments	4,992,538 (4,74 f,063) 2,5f7,652 2.237,850		4,992,538 (4,741,063) 2,517,652 2,237,850
At 31 December 2020	$73)475865	$5,457,596	$78,933,161

The tota	l of future minim	um lease pa	yments under non-cancellabl	e operating leases fo	r each ofthe following	periods are:—
					2020	2019
					5	5
Within Within	I year I to 5 years				272,26 l 48,000	257,923 I66,367
					$320461	$424v290
17,	COMPANY RESULTS
The deficit dealt with in		the financial	statements ofthe Company	is as follows:	2020	2019
					$	5
		fnd			$5,006,977	$5,833,117

045	5570Thiscoman
number	. py	2020	2019
		5	5
Turnover Loss before Shareholders'	tax funds	3,774,514 (2,261,178) (61,789,504)	2,075,940 (4,532,889) (59,528,325)

19. RECONCILIATIGN OF NET INCOMIN	G RESOURCES TO	NET CASH FLOW FR	OM OPERATIONS
		2020	2019
		5	5
Net outgoiny, resources Depreciation charge Loss on disposal offixed assets investment mcome receivable I(entai income receivable Decrease in stock Decrease in debtors		(833,985) 1,488,206 876 (741,024) (89,761) 2,568 464,928	(4,26S,283) I,561,490 (712,638) (i54,977) 99,928 4,804,622
Decrease in creditors		(863,392)	(722,858)
Net cash outflow from operations		$(571,584)	5607,284
20. CASH AND CASH EQUIVALENTS	At 1 January	iVet cash tlow	At 31 December
	2020		2021)
Cash and deposits	2,458,699	1405,158	3,763,857