## |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| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||Note|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|$5,833,117| ## ## |045|5570Thiscoman|operatesa commercial|vessel,||| |---|---|---|---|---|---| |number|. py|||2020|2019| |||||5|5| |Turnover
Loss before
Shareholders'|tax
funds|||3,774,514
(2,261,178)
(61,789,504)|2,075,940
(4,532,889)
(59,528,325)| ## ## ## |19.
RECONCILIATIGN
OF NET INCOMIN|G
RESOURCES TO|NET CASH FLOW FR|OM OPERATIONS| |---|---|---|---| |||2020|2019| |||5|5| |Net outgoiny,
resources
Depreciation
charge
Loss on disposal offixed assets
investment
mcome receivable
I(entai income receivable
Decrease in stock
Decrease in debtors||(833,985)
1,488,206
876
(741,024)
(89,761)
2,568
464,928|(4,26S,283)
I,561,490
(712,638)
(i54,977)
99,928
4,804,622| |Decrease in creditors||(863,392)|(722,858)| |Net cash outflow
from operations||$(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| ## ##