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|||||Page|
|---|---|---|---|---|
|Trustees'
annual
report|||||
|Independent
auditor's|report to|the members||13|
|Statement offinancial|activities||||
|Statement
offinancial|position|||18|
|Statement ofcash flows||||19|
|Notes to the financial|statements|||20|
|The following
pages|do not form part ofthe financial statements||||
|Detailed statement
of|financial|activities||30|
|Notes to the detailed|statement|offinancial|activities|32|
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|Reference|and adm|inistrative|details|||||
|---|---|---|---|---|---|---|---|
|Registered|charity|name|Looe Harbour|Commissioners||||
|Charity registration||number|291498|||||
|Principal office|||The Harbour Office|||||
||||The Quay|||||
||||East Looe|||||
||||Cornwall|||||
||||PL13 1DX|||||
|The trustees||||||||
||||Mr D Bond (Chair)|||||
||||Mr D Peat|||||
||||MrJ Bussell|||||
||||Mr M Toms|||||
||||Mr AToms|||||
||||Mr M Darlingrton|||||
||||DrJGraham-Jones|||||
||||Mr A Penhaligon|||||
||||Mrs A Harrison|||||
||||Mr A Giles|||||
|Auditor|||Walter Hunter|&Co Limited||||
||||Chartered
accountants|||&||
||||24 Bridge Street|||||
||||Newport|||||
||||South Wales|||||
||||NP20 4SF|||||
|Bankers|||Lloyds Bank pic|||||
||||Fore Street|||||
||||Looe|||||
||||Cornwall|||||
||||PL13 1DP|||||
||||CCLA investment||Management||Ltd|
||||Senator House|||||
||||85Queen Victoria||Street|||
||||London|||||
||||EC4V 4ET|||||
|Solicitors|||Ashfords|||||
||||Ashford House|||||
||||Grenadier
Road|||||
||||Exeter|||||
||||EX1 3LH|||||
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|Year ended 18May|2022|||||||
|---|---|---|---|---|---|---|---|
||||||2022||2021|
|||||Unrestricted|Restricted|||
||||Note|funds
f|funds
f|Total funds
f|Total funds
f|
|Income and endowments||||||||
|Charitable
activities|||4||16,709|16,709|59,844|
|Other activities|||5|689,313||689,313|524,055|
|Investment
income|||6|1,704||1,704|1,347|
|Other income|||7|225,920||225,920|201,210|
|Total income||||916,937|16,709|933,646|786,456|
|Expenditure||||||||
|Expenditure
on charitable|activities||8,9|746,964|96,827|843,791|750,292|
|Total expenditure||||746,964|96,827|843,791|750,292|
|Net income and net movement||in|funds|169,973|(80,118)|89,855|36,164|
|Reconciliation
offunds||||||||
|Total funds brought
forward||||3,261,476|2,650,611|5,912,087|5,875,923|
|Total funds carried forward||||3,431,449|2,570,493|6,001,942|5,912,087|
##
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##
|||||2022|2021|
|---|---|---|---|---|---|
||||Note|||
|Fixed assets||||||
|Tangible fixed assets|||14|5,217,357|5,268,486|
|Current assets||||||
|Stocks|||15|6,125|6,121|
|Debtors|||16|283,073|245,739|
|Cash at bank and in|hand|||1,773,174|1,584,310|
|||||2,062,372|1,836,170|
|Creditors: amounts|falling|due within one year|17|459,040|357,113|
|Net current assets||||1,603,332|1,479,057|
|Total assets less current||liabilities||6,820,689|6,747,543|
|Creditors: amounts|falling|due after more than one year|18|818,747|835,456|
|Net assets||||6,001,942|5,912,087|
|Funds ofthe charity||||||
|Restricted funds||||2,570,493|2,650,611|
|Unrestricted
funds||||3,431,449|3,261,476|
|Total charity funds|||22|6,001,942|5,912,087|
##
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##
||||||2022|2021|
|---|---|---|---|---|---|---|
|||||||P|
|Gash flows from operating|||activities||||
|Net income|||||89,855|36,164|
|Adjustments
for:|||||||
|Depreciation
oftangible fixed assets|||||180,341|183,756|
|Other interest receivable
and similar income|||||(1,704)|(1,347)|
|Interest payable|and similar||charges||12,033|5,981|
|Accrued expenses/(income)|||||83,427|(59,227)|
|Changes in:|||||||
|Stocks|||||(4)|(126)|
|Trade and other|debtors||||(68,075)|95,173|
|Trade and other|creditors||||32,532|(12,088)|
|Cash generated|from operations||||328,405|248,286|
|Interest paid|||||(12,033)|(5,981)|
|Interest received|||||1,704|1,347|
|Net cash from operating
activities|||||318,076|243,652|
|Cash flows from investing|||activities||||
|Purchase oftangible assets|||||(129,212)|(87,021)|
|Net cash used
in|investing|activities|||(129,212)|(87,021)|
|Net increase
in|cash and|cash equivalents|||188,864|156,631|
|Cash and cash|equivalents||at beginning|ofyear|1,584,310|1,427,679|
|Cash and cash|equivalents||at end ofyear||1,773,174|1,584,310|
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|value, over the useful econo|mic
life ofthat asset as follows:|||
|---|---|---|---|
|Freehold
property|2% p.a.straight
line|||
|Plant and machinery|20% p.a. reducing
balance and 10%p.a. reducing||balance|
|Motor vehicles|25% p.a reducing
balance|||
|Improvements
to property|2%p.a.straight
line|||
|It is not possible to separate|land value so depreciation
is charged|on total cost.||
##
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##
|4.|Charitable
activities|||||
|---|---|---|---|---|---|
|||Restricted|Total Funds|Restricted|Total Funds|
|||Funds|2022|Funds|2021|
||Grant income and release ofdeferred|||||
||grant income|16,709|16,709|59,844|59,844|
##
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##
##
|Other ac|tivities|||||
|---|---|---|---|---|---|
|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||Funds
f|2022
f|Funds
f|2021|
|Car park|fees|521,224|521,224|381,454|381,454|
|Harbour||92,666|92,666|90,802|90,802|
|Market income||32,773|32,773|21,824|21,824|
|Heritage|Centre|2,011|2,011|20,495|20,495|
|Quayside|Centre|6,020|6,020|3,898|3,898|
|Millpool||7,162|7,162|||
|Coffee Shop||27,224|27,224|||
|Other income||233|233|5,582|5,582|
|||689,313|689,313|524,055|524,055|
##
|Investment
income|||||
|---|---|---|---|---|
||Unrestricted|Total Funds|Unrestricted|Total Funds|
||Funds|2022
f|Funds|2021
f|
|Bank interest receivable|1,704|1,704|1,347|1,347|
|Other income|||||
||Unrestricted|Total Funds|Unrestricted|Total Funds|
||Funds
f|2022
f|Funds
f|2021
f|
|Rent received|209,343|209,343|187,546|187,545|
|Service charges|16,577|16,577|11,183|11,183|
|HMRC - CJRS|||2,482|2,482|
||225,920|225,920|201,210|201,210|
##
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##
|Ye|ar ended 18|ar ended 18|May 2022||||||
|---|---|---|---|---|---|---|---|---|
|8.|Expenditure||on charitable|activities|by fund type||||
|||||||Unrestricted|Restricted|Total Funds|
|||||||Funds|Funds|2022|
|||||||F|||
||General|||||261,163|96,827|357,990|
||Car park|||||89,454||89,454|
||Harbour|||||204,218||204,218|
||Market|||||37,744||37,744|
||Millpool|||||12,452||12,452|
||Property|||||21,422||21,422|
||Quayside|Centre||||7,207||7,207|
||Sardine factory|||||32,131||32,131|
||Heritage|Centre||||10,506||10,506|
||Coffee Shop|||||28,670||28,670|
||Support|costs||||41,997||41,997|
|||||||746,964|96,827|843,791|
|||||||Unrestricted|Restricted|Total Funds|
|||||||Funds|Funds|2021|
||||||||F||
||General|||||245,330|98,695|344,024|
||Car park|||||81,912||81,912|
||Harbour|||||182,112||182,112|
||Market|||||44,158||44,158|
||Millpool|||||6,558||6,558|
||Property|||||24,129||24,129|
||Quayside|Centre||||3,699||3,699|
||Sardine|factory||||20,327||20,327|
||Heritage|Centre||||5,188||5,188|
||Coffee Shop||||||||
||Support|costs||||38,184||38,185|
|||||||651,597|98,695|750,292|
##
|Expenditure
on charitabl|e
activities
by activity typ|e|||
|---|---|---|---|---|
||Activities||||
||undertaken||Total funds|Total fund|
||directly|Support costs|2022|2021|
||||R||
|General|357,990|7,501|365,491|349,024|
|Car park|89,454||89,454|81,912|
|Harbour|204,218|4,500|208,718|187,732|
|Market|37,744|10,270|48,014|54,558|
|Millpool|12,452||12,452|6,558|
##
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##
|s to th
ended|e Financial Statem
18May 2022|ents
(condnued)||||
|---|---|---|---|---|---|
|Property||21,422|7,053|28,475|29,858|
|Quayside
Sardine|Centre
factory|7,207
32,131|160|7,207
32,291|3,699
20,567|
|Heritage Centre
Coffee Shop||10,506
28,670|5,764
6,749|16,270
35,419|16,384|
|||801,794|41,997|843,791|750,292|
##
|Analysis of|support costs||||
|---|---|---|---|---|
|||Analysis of|||
|||support costs|Total 2022|Total 2021|
|||||F|
|Premises||11,553|11,553|11,349|
|Finance costs||5,400|5,400|5,000|
|Governance|costs|25,044|25,044|21,835|
|||41,997|41,997|38,184|
##
|Net income||
|---|---|
|Net income|is stated after charging:|
|Depreciation|oftangible
fixed assets|
|2022|2021|
|---|---|
||P|
|180,341|183,756|
##
|Staffcosts|||||||
|---|---|---|---|---|---|---|
|The total staff costs and employee|benefits for||the reporting|period are analysed as follows:
2022
2021|||
||||||R|f.|
|Wages and salaries
Social security costs
Employer contributions
to pension|plans||||288,160
18,917
9,441|274,801
18,225
9,412|
||||||316,518|302,438|
|The average head count of employees||during|the year was|13(2021:|12). The average|number|
|offull-time
equivalent
employees|during|the year is analysed||as follows:|2022|2021|
||||||No.|No.|
|Number ofstaff - management
Number ofstaff - admin|||||2
2|1
2|
|Number ofstaff - operational|||||4|4|
||||||8|7|
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##
|Tangible fixed assets||||||
|---|---|---|---|---|---|
|||||Improvemen||
||Freehold|Plant and|Motor|ts to||
||property|machinery|vehicles|property|Total|
|||F||F||
|Cost||||||
|At 19May 2021|6,719,171|1,144,781|26,140||7,890,092|
|Additions||4,984||124,228|129,212|
|At 18May 2022|6,719,171|1,149,765|26,140|124,228|8,019,304|
|Depreciation||||||
|At 19May 2021|1,894,415|701,544|25,647||2,621,606|
|Charge for the year|134,383|44,824|99|1,035|180,341|
|At 18May 2022|2,028,798|746,368|25,746|1,035|2,801,947|
|Carrying
amount||||||
|At 18May 2022|4,690,373|403,397|394|123,193|5,217,357|
|At 18May 2021|4,824,756|443,237|493||5,268,486|
##
|15.|The Commissi
Stocks|oners
own a number of properties
in and|around the harbour.||
|---|---|---|---|---|
||||2022|2021|
||Raw materials|and consumables|6,125|6,121|
|16.|Debtors||||
||||2022|2021|
||Trade debtors||233,037|192,811|
||Prepayments|and accrued income|50,036|52,928|
||||283,073|245,739|
##
##
##
##
|17.|Creditors: amounts|falling due within one year|||
|---|---|---|---|---|
||||2022|2021|
|||||F|
||Trade creditors||78,368|48,029|
||Accruals and deferred|income|304,675|251,989|
||Social security and other taxes||75,627|57,095|
||Pension||370||
||||459,040|357,113|
|18.|Creditors: amounts|falling due after more than one year|||
||||2022|2021|
||||F.|F|
||Accruals and deferred|income|818,747|835,456|
##
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##
|21.|Government|grants|grants|||||||
|---|---|---|---|---|---|---|---|---|---|
||The amounts|recognised||in the financial statements|for government||grants are as follows:|||
||||||||2022
f||2021
F|
||Recognised|in creditors:||||||||
||Deferred government||grants due after more than one year||||818,747|835,456||
|22.|Analysis of|charitable||funds||||||
||Unrestricted|funds||||||||
||||||At||||At|
|||||19May 2021||Income|Expenditure|18May|2022|
||||||||F||E|
||General funds|||3,261,476||916,937|(746,964)|3,431,449||
||||||At||||At|
|||||19May 2020||Income|Expenditure|18May|2021|
|||||F||F|F|||
||General funds|||3,186,461||726,612|(651,597)|3,261,476||
##
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##
||Restricted funds|||||||
|---|---|---|---|---|---|---|---|
|||||At|||At|
|||||19May 2021|Income|Expenditure|18May 2022|
|||||F||||
||Restricted
Fund|||2,650,611|16,709|(96,827)|2,570,493|
|||||At|||At|
|||||19May 2020|Income|Expenditure|18May 2021|
|||||F||||
||Restricted
Fund|||2,689,462|59,844|(98,695)|2,650,611|
|23.|Analysis of net assets between funds|||||||
||||||Unrestricted|Restricted|Total Funds|
||||||Funds|Funds|2022|
||||||||E|
||Tangible fixed assets||||1,869,662|3,347,695|5,217,357|
||Current assets||||2,062,372||2,062,372|
||Creditors less than|1|year||(459,040)||(459,040)|
||Creditors greater than||1 year||(818,747)||(818,747)|
||Net assets||||2,654,247|3,347,695|6,001,942|
||||||Unrestricted|Restricted|Total Funds|
||||||Funds|Funds|2021|
||Tangible fixed assets||||1,825,212|3,443,274|5,268,486|
||Current assets||||1,836,170||1,836,170|
||Creditors less than|1|year||(357,113)||(357,113)|
||Creditors greater than||1 year||(835,456)||(835,456)|
||Net assets||||2,468,813|3,443,274|5,912,087|
|24.|Analysis ofchanges||in net debt|||||
||||||At||At|
||||||19May 2021
f|Cash flows
f|18May 2022|
||Cash at bank and|in hand|||1,584,310|188,864|1,773,174|
##
##
##
##
|Detailed Statement of Financi
Year ended 18May 2022|al Activities|||
|---|---|---|---|
|||2022|2021f|
|Income and endowments||||
|Charitable
activities||||
|Grant income and release ofdeferred|grant income|16,709|59,844|
|Other activities||||
|Car park fees||521,224|381,454|
|Harbour||92,666|90,802|
|Market income||32,773|21,824|
|Heritage Centre||2,011|20,495|
|Quayside
Centre||6,020|3,898|
|Millpool||7,162||
|Coffee Shop||27,224||
|Other income||233|5,582|
|||689,313|524,055|
|Investment
income||||
|Bank interest receivable||1,704|1,347|
|Other income||||
|Rent received||209,343|187,545|
|Service charges||16,577|11,183|
|HMRC - CJRS|||2,482|
|||225,920|201,210|
|Total income||933,646|786,456|
##
##
|||||2022|2021|
|---|---|---|---|---|---|
||||||F|
|Expenditure||||||
|Expenditure
on charitable|||activities|||
|Purchases||||12,190||
|Wages and salaries||||288,160|274,801|
|Employer's
NIC||||18,917|18,225|
|Pension costs||||9,441|9,412|
|Rates and water||||30,141|24,290|
|Light and heat||||59,298|38,864|
|Repairs and maintenance||||106,836|94,965|
|Insurance||||40,338|32,641|
|Motor vehicle expenses||||3,744|3,824|
|Other motor/travel|costs|||268|195|
|Legal and professional||fees||41,496|33,185|
|Other office costs||||26,006|17,497|
|Depreciation||||180,341|183,756|
|Other interest payable||and|similar charges|12,033|5,981|
|Dues and subscriptions||||3,894|6,007|
|Sundries||||5,288|1,649|
|Accountancy||||5,400|5,000|
|||||843,791|750,292|
|Total expenditure||||843,791|750,292|
|Net income||||89,855|36,164|
##
##
##
|||||2022|2021|
|---|---|---|---|---|---|
|Expenditure
on charitable
activities||||||
|General||||||
|Activities undertaken
directly||||||
|General|Fund - wages/salaries|||131,151|123,364|
|General|Fund - employer's
NIC|||6,006|6,048|
|General|Fund - pension costs|||4,065|3,141|
|General|Fund - rates &water|||1,257|1,429|
|General|Fund - light &heat|||4,420|3,942|
|General|Fund - repairs &maintenance|||7,906|6,372|
|General|Fund - insurance|||3,755|568|
|General|Fund - motor vehicle expenses|||99|47|
|General|Fund - other motor/travel|costs||172|139|
|General|Fund - legal and professional||fees|100||
|General|Fund - other office costs|||11,649|10,484|
|General|Fund - depreciation|||180,341|183,756|
|General|Fund - other interest payable||and similar charges|5,050|3,684|
|General|Fund - dues &subscriptions|||1,920|1,025|
|General|Fund - sundries|||99|25|
|||||357,990|344,024|
|Support|costs|||||
|General|Fund - legal and professional||fees|2,101||
|Admin - Accountancy||||5,400|5,000|
|||||7,501|5,000|
|Car park||||||
|Activities undertaken
directly||||||
|Car park|- purchases|||1,018||
|Car park|- wages/salaries|||44,474|48,247|
|Car park|- employer's
NIC|||2,699|2,447|
|Car park|- pension costs|||1,075|1,398|
|Car park|- rates &water|||14,927|15,416|
|Car park|- light &heat|||1,694|1,368|
|Car park|- repairs
&maintenance|||4,808|3,970|
|Car park|- other motor/travel
costs||||38|
|Car park|- other office costs|||10,096|4,458|
|Car park|- other interest payable|and|similar charges|5,684|1,983|
##
##
##
|Notes to the Detailed Sta
Year ended 18May 2022|tement of Financial Activit|ies
(continu
d)||
|---|---|---|---|
|||2022|2021|
|Brought forward||86,475|79,325|
|Car park - dues &subscriptions||567|963|
|Car park - sundries||2,412|1,624|
|||89,454|81,912|
|Harbour||||
|Activities undertaken
directly||||
|Harbour - wages/salaries||82,611|94,165|
|Harbour - employer's
NIC||9,667|9,262|
|Harbour - pension costs||4,085|4,851|
|Harbour - rates 8 water||2,493|2,395|
|Harbour - light 8 heat||2,874|2,585|
|Harbour - repairs 8 maintenance||53,487|31,676|
|Harbour - insurance||36,547|31,932|
|Harbour - motor vehicle expenses||3,493|3,753|
|Harbour - legal and professional|fees|4,724||
|Harbour - other office costs||1,099|(99)|
|Harbour - dues 8 subscriptions||431|1,592|
|Harbour - sundries||2,707||
|||204,218|182,112|
|Support costs||||
|Harbour - legal and professional|fees|4,500|5,620|
|Market||||
|Activities undertaken
directly||||
|Market - rates 8 water||2,823|2,820|
|Market - light &heat||25,415|14,710|
|Market - repairs 8 maintenance||9,332|24,667|
|Market - motor vehicle expenses|||24|
|Market - other office costs||174|150|
|Market - dues &subscriptions|||1,787|
|||37,744|44,158|
|Support costs||||
|Market - legal and professional|fees|10,270|10,400|
|Millpool||||
|Activities undertaken
directly||||
|Millpool - wages/salaries||10,302|4,876|
|Millpool - employer's
NIC||408|421|
|Millpool - pension costs||216|22|
|Millpool - repairs &maintenance||511|672|
|Millpool - legal and professional|fees|75||
|Millpool - other office costs||882|538|
|Millpool - other interest payable|and similar charges|58|29|
|||12,452|6,558|
##
##
##
##
|||||2022f|2021|
|---|---|---|---|---|---|
|Property||||||
|Activities undertaken
directly||||||
|Property - rates &water
Property - light &heat||||3,931
2,197|(215)
2,608|
|Property - repairs
&maintenance||||15,107|21,641|
|Property - insurance||||36|141|
|Property - other office costs||||1||
|Property - dues &subscriptions||||150|(46)|
|||||21,422|24,129|
|Support costs||||||
|Property - legal and professional|fees|||7,053|5,729|
|Quayside
Centre||||||
|Activities undertaken
directly||||||
|Quayside
Centre - wages/salaries|||||1,149|
|Quayside
Centre - employer's
NIC|||||47|
|Quayside
Centre - rates &water||||80||
|Quayside
Centre - light &heat||||1,781|1,999|
|Quayside
Centre - repairs &maintenance||||5,282||
|Quayside
Centre - other office costs||||54|189|
|Quayside
Centre - dues &subscriptions|||||315|
|Quayside
Centre - sundries||||10||
|||||7,207|3,699|
|Sardine factory||||||
|Activities
undertaken
directly||||||
|Sardine factory - rates 8 water||||3,522|2,445|
|Sardine factory - light &heat||||20,917|11,652|
|Sardine factory - repairs
&maintenance||||7,683|5,127|
|Sardine factory - other office costs|||||1,095|
|Sardine factory - dues &subscriptions||||9|8|
|||||32,131|20,327|
|Support costs||||||
|Sardine factory - legal and professional|||fees|160|240|
|Heritage Centre||||||
|Activities undertaken
directly||||||
|Heritage Centre - purchases||||425||
|Heritage Centre - wages/salaries||||6,050|3,000|
|Heritage Centre - employer's
NIC||||25||
|Heritage Centre - rates &water||||637||
|Heritage Centre - repairs 8 maintenance||||852|840|
|Heritage Centre - other motor/travel||costs||96|18|
|Heritage Centre - other office costs||||920|682|
|Heritage Centre - other interest|payable||and similar charges|636|285|
|Carried forward||||9,641|4,825|
##
##
##
||||2022|2021|
|---|---|---|---|---|
|||||F|
|Brought forward|||9,641|4,825|
|Heritage Centre - dues &subscriptions|||805|363|
|Heritage Centre - sundries|||60||
||||10,506|5,188|
|Support costs|||||
|Heritage Centre
- legal and professional||fees|5,764|11,196|
|Coffee Shop|||||
|Activities undertaken
directly|||||
|Coffee Shop - purchases
Coffee Shop - wages/salaries
Coffee Shop - employer's
NIC|||10,747
13,572
112||
|Coffee Shop - rates 8 water|||471||
|Coffee Shop - repairs 8 maintenance
Coffee Shop - motor vehicle expenses|||1,868
152||
|Coffee Shop - other office costs
Coffee Shop - other interest payable
Coffee Shop - dues 8 subscriptions|and|similar charges|1,131
605
12||
||||28,670||
|Support costs|||||
|Coffee Shop - legal and professional|fees||6,749||
|Expenditure
on charitable
activities|||843,791|750,292|