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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|
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||||Nate|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|$78,933&161|
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||||Note|2021|2020|
|---|---|---|---|---|---|
|||||5|$|
|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|$3,763,8(7|
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|4,
INVEST81ENT INCOME|4,
INVEST81ENT INCOME|4,
INVEST81ENT INCOME|||||2021|2021|2020|
|---|---|---|---|---|---|---|---|---|---|
|||||||||$|$|
|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||$1,376409||
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|5.
ANALYSIS OF EXP|5.
ANALYSIS OF EXP|5.
ANALYSIS OF EXP|EN|DITIIR|E (continued)|||
|---|---|---|---|---|---|---|---|
|(c) Governance
costs included|||in|support|costs|2021|2020|
|||||||$|$|
|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|$930,164|
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|me cstuiva)cn|t
basis, was 14(2020.14).|||
|---|---|---|---|
|||202]|2020|
|||Number|lV umber|
|Engineering|and maintenance|10|10|
|Finance and|administration|2|2|
|Management|||2|
|||14|14|
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|TANGIBLE FIJ(KD|ASSETS|||||
|---|---|---|---|---|---|
||Freehold||Navigation|Assets under||
||Land &|OSY Relunte|Aids, plant &|construction|Total|
|GROUP|Buildings||Equipment|||
||$||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||$709,207|
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|10,
STOCKS|10,
STOCKS|10,
STOCKS||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||Group|Group|Company|Company|
|||||||2021|2020|Z021|2020|
|||||||$|$||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|$3337,056|
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|Thc tota|l offut|ure minimum! ease pa|yments
under non-cancellabl|e
operating
leases fo|r each ofthe followtng|periods are:-|
|---|---|---|---|---|---|---|
||||||2021|2020|
||||||5|$|
|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)|
##
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|||||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|
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