2021-12-31-accounts - International Foundation For AIDS To Navigation

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Company Information	Company Information				!to 2
Chairman's	Statement				3 to 4
Rcport ofthe Directors					5 to 10
Independent	Anditor's Report				11 to 13
Consolidated	Statement	ofFinancial	Activities		14
Consolidated	and Charitable Company			Balance Sheets
Consolidated	Cash Flow	Statement			16
Notes m tire	Consolidated	Financial	Statements		17to 28

			2021	2020
			$	$
INCOME FROM:
Donations				300,000
Charitable activities
Non contractual navigation	dues		2,647,473	2,705,204
Contractual navigation dues			573,426	1,511,922
Buoy maintenance and project		income	740,635	280,389
Other trading activities
Ship charter and management		income	5,772,415	3,819,216
Rental income			132,719	89,761
Investmeats
Investment income			877,420	741,024
Tatal income			10,744,088	9,447,516
EXPENDITURE ON:
Generating funds
Ship charter income costs			5,203,152	5,195,641
Rental property costs			21,925	33,403
Charitable activities			4,722.018	5,052,457
Total expmiditure			9s947,095	10,281,501
Net 1'unde from operations			796,993	(833,985)
(Loss) Igain an disposal of	investments		(139,694)	2,517,652
lnn'ease in value ofinvestmcnts			3,899,185	2,237,850
NETMOVE61KNT IN FUNDS FORTHE YEAR			4,556,484	3,921s517
Total lauds brought forward			67,998,210	64,076,693
Total funds carried forward			$72,554,694	$67,998,210

			Group	Group	Company	Company
			2021	2020	2021	2020
		Note	5	$	$	5
FIKED ASSETS
Tangible assets			13,145,543	13,912,465	685,747	709,207
Investments			53,016,663	49,349,982	53,016,667	49,349,986
			66,162,206	63,262,447	53,702,414	50,059,193
CURRENT ASSETS
Stock		10	1,488,633	1,592,998	291,254	304,011
Debtors		II	2,660,434	3,189,481	29,379,602	29,051,822
Cash and deposits		12	5,687,967	3,763,857	3,906,827	2,855,191
			9,837,034	8,546,336	33,577,683	32,211,024
CURRENT LIABILITIES
Creditots payable within one year		13	(3,444,546)	(3,810,573)	(2,734,373)	(3,337,056)
NET CURRENT ASSETS			6,392,488	4,735,763	30,843,310	28,873,968
NET ASSETS			$72,554,694	$67,998,210	$84,545,724	$78,933,361
FUNDS
Unrestricted funds
General mserve		14	68,643,633	64,087,149	79,088,128	73,475,565
Currency translation	reserve	14	3,911,061	3,911,061	5,457,596	5,457,596
TOTAL FUNDS			$72,554&694	$67,998,210	$84,545,724	$78,933&161

			Note	2021	2020
				5	$
Cash generated from operating	activities		19	1.,163,973	(571,584)
Cash Bow from investing activities
Payments for tangible fixed assets				(344,456i)	(490,533)
Proceeds on dispose! oftangible lixed asseis				1,644
Purchases ofinvestments				(7,901,238)	(38,811,742)
Proceeds on sale ofinvestments				7,994,048	39,446,853
Investment income receipts				877,420	741,024
Rental income receipts				]32,719	89,76)
Investments injoint ventures					901,379
Cash generated from investing	activities			760,137	i,876,742
Increase in cash in the year				$1,924,110	$1,305,158
Reconciliation ofcash tlow to net movement		in net funds
Increase in cash in the year				1,924,110	1,305,158
Net lands ai tbr beginning ofilia	year			3,763,857	2,458,699
et funds at the end oftbe year				$5,687,967	$3,763,8(7

4, INVEST81ENT INCOME	4, INVEST81ENT INCOME	4, INVEST81ENT INCOME					2021	2021	2020
								$	$
Deposit inreres(							152,916		19.331
Dividend mcome							724,504		721,693
							$877,420		$741,024
ANALYSIS OFEXPEND			ITVRK
					2021				2020
			Staff	Support	Grant
			Costs	Cost's	Maidng	Depreciation		Total	Total
(a) Total expenditure			$	$	$	$		5	5
Costs ofgenerating	funds:
Ship charter income	costs		62,687.	4,179,363		961,102	5,203,152		5,195,64)
Rental property costs				21,925				21,925	33,403
			62,687	4,2D(,288		961,l02	5,225,077		5,229,044
Charitable activities:
Costs ofcharitable	actii'itics		1,278,457	2.630,739	539,993	15D,276	4,599,465		4,940,417
Governance costs				122,553			122,553		112,040
		$1,341,144		$6,954,580	$539,993	$1,111,378	$9,947,095		$10,281,501
(b) Grant making
During thc year the	following	grants	and donations	were made.
							2021		2020
							8		5
IALA									778,304
C111RPMaritime							688		18,992
The Nautical institute							ID2,761		77,495
South Pacific Conimunity							343.493		370,164
MSSC							93,051		131,354
						$539,993		$1,376409

5. ANALYSIS OF EXP	5. ANALYSIS OF EXP	5. ANALYSIS OF EXP	EN	DITIIR	E (continued)
(c) Governance costs included			in	support	costs	2021	2020
						$	$
Reniuneration paid to auditor		(or audit services				48,542	48.878
Other governance costs						74,011	63.162
						$122,553	$112,040
(d) Net outgoing funds	from		operations			2021	2020
The following amounts	have	been		charged	within resources expended:	$	$
Directors emoluments						403.791	414,029
Auditors' remuneratiou	(sudit		services)			48,542	48,878
Auditors' remuneration	(non-audit			services)		12,136	15.492
Rental paid under operating		leases				237,683	275,791
Foreign exchange movement						109,246	50,300
6. STAFF COSTS						2021	2D20
						5	$
Directars remuneration
Director's salary						297,571	298,184
Social security costs Stat( remuneration						35,402	35,068
Wages and salaries						638,402	302,786
Social security costs						93,271	80,168
Other employee benefits						276.498	213,958
						$1,341,144	$930,164

me cstuiva)cn	t basis, was 14(2020.14).
		202]	2020
		Number	lV umber
Engineering	and maintenance	10	10
Finance and	administration	2	2
Management			2
		14	14

TANGIBLE FIJ(KD	ASSETS
	Freehold		Navigation	Assets under
	Land &	OSY Relunte	Aids, plant &	construction	Total
GROUP	Buildings		Equipment
	$		5
Cost or valuation
At I January 2021	2,326,548	22,444,9G4	8,266,210	436,265	33,473,987
Additions			1,990	342,466	344.456
Disposab			('I1,335)		(11,335)
At 31 December 2021	2,326,548	22,444,964	8,25G,8G5	778,731	33,807,108
Depreciation
At I January 2021	1,698,848	9,693,743	8,168,93]		19,561,522
Charge for the year	114,035	948,282	49,061		1.,111,378
Oispcns Is			(IIi335)		(11,335)
At 31 Dcccmber 2021	1,812,883	10,642,025	8,206,657		20,661,565
Net book vs]ac
At 31 December 2021	$513,665	$]1,802,939	$50,208	$778,73]	$13,145,543
At 31 Deccmbcr 2020	$627,700	$12,75[,221	$97,279	$436,2()5	$13,912,465
		Freehold	Ivavigation	Assets under
COMPANY		Land 6's	Aids, Plant &	construction	Total
		Buildings	Equipment
Cost or valuation
At I January 2021		2,326,548	7,829,637		10,156,185
Additions			1,990	124,827	126,817
Disposals			(11,335)		(11,335)
At 3 I December 2021		2,326,548	7,820,292	124,827	10,271,667
Depreciation
At] January 2021		1,698,848	7,748, 130		9,446,978
Charge for the year		114.035	36,242		150,277
Dispose]a			( I ],335)		(11,335)
At3! Dccentbcr202]		(,812,883	7,773,037		9,585,920
Net book value
At 31Decernbcr 2021		$513,665	$47,255	$124,827	$685,747
At 31December 2020		$627,700	$81,507		$709,207

10, STOCKS	10, STOCKS	10, STOCKS
						Group	Group	Company	Company
						2021	2020	Z021	2020
						$	$		5
Consumables						1,488,633	1,592,998	29I,254	304,011
						$1,488,633	$1,592,998	$291,254	$304,011
11.	DEBTORS
						Group	Group	Company	Company
						2021	2020	2021	2020
						5	5	5	$
Income	due fram clraritsblc				activities	1,090,377	1.086.505	1,090,377	1,086,505
Trade debtors						728,125	58,912
Otlter debtors						254,680	324.257	241,350	237,654
Prepayments		and accrued		income		587,252	1,719,807	518,006	G57,347
Amounts	due	fram submdiary			companies			27,529,869	27,070,316
(net ofprovision)
						$2,660,434	$3,189,481	$29,379,602	529,051,822
All debtors are		duc within		one year.
12,	CASH AND		DEPOSITS
						Group	Group	Company	Company
						2021	2020	7,021	2020
						$		5	5
Fortis Bank deposits						39	39
HSBC short tenn deposits				and		2,748,609	1,535,387	973,306	633,199
working balanocs
Cash lteld by		lm estment		managers		2,923,487	2,215,121	2,923,487	2,215,12I
Cash in	hand					15,832	13,3IO	10,034	6,87l
						$5,687,967	$3,763,857	$3,906,827	$2,855,191
	CREDITORS:			AOIOIINTS FALLING		DIIE WITHIN	ONE YEAR
						Group	Group	Company	Companv
						2021	2020	2021	2020
						$	$	$	$
Trade creditors						661,810	759,895	191,765	605,843
Other creditars						'I,712,527	2,007,460	1,579,210	l,774,143
Taxation	and	social security				27,970	21,781	27,970	21,78 I
Accruals	and	deferred	income			1,042,239	1,021,437	935,428	935,289
						$3,444,546	$3,810,573	$2,734,373	$3337,056

Thc tota	l offut	ure minimum! ease pa	yments under non-cancellabl	e operating leases fo	r each ofthe followtng	periods are:-
					2021	2020
					5	$
Within	I year				229,559	272,261
Within	I to 5	yeats			94.426	48.000
					$323,985	$320361
17.	COMPANY RESULTS
The deficit dealt with in the linancial			statentents oftire Company	is as iollosvs:
					2021	2020
					$	$
Net incoming		funds			$5,(i12,564	$5,006,977

nuntbcr 045	05570. This company operates a commcrcia	i vcsseL
		2021	2020
		5	$
Turnover		5592415	37742]6
Loss before	tax	(483,941)	(2,261,179)
Shareholders'	funds	(62,273,445)	(61,789.504)

				2021	2020
					$
Net incoming I(outgoing)		resources		796,993	(833,985)
Depreciation char	e			'l, l 11,378	l,488,206
(Profit) / loss on disposal offixed assets				(1,644)	876
Investmcnt income	receivable			(877,420)	(741,024)
Rents! income receivable				(132,719)	(89,761)
Decrease m stock				I04.365	2,568
Decreme in debtors				529,047	464,928
Dccrcase in creditors				(366.027)	(863,392)
Net cash inflow! (outtiow)		from operations		$1&163,973	$(571)584)
20, CASH AND	CASH	EQUIVALENTS
			At I January	Nct cash flow	At 31Deccrnber
			2021		2021
Cash and deposits			3,763,857	'1,924,110	5,687,967