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||||Page|
|---|---|---|---|
|Trustees'|annual
report|||
|Independent
auditor's||report to the members|16|
|Statement|offinancial|activities|20|
|Statement|offinancial|position|21|
|Statement|ofcash flows||22|
|Notes to the financial||statements|23|
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|Reference a|nd 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 A Toms|||||||
||||Mr M Darlingrton|||||||
||||DrJGraham-Jones|||||(Resigned|13October 2022)|
||||Mr A Penhaligon|||||||
||||Mrs A Harrison|||||||
||||Mr A Giles|||||(Resigned|13October 2022)|
||||Mr M Pengelly|||||(Appointed|13October 2022)|
||||Ms M Williams|||||(Appointed|13October 2022)|
||||Mr W Martin|||||(Appointed|13October 2022)|
|Auditor|||Walter Hunter|8 Co Limited||||||
||||Chartered
accountants|||&statutory||auditor||
||||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|||||||
||||EC4V4ET|||||||
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||||||2023||2022|
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|||
||||Note|funds|funds|Total funds
F|Total funds
f|
|Income and endowments||||||||
|Charitable
activities|||4||17,391|17,391|16,709|
|Other activities|||5|778,003||778,003|689,313|
|Investment
income|||6|33,484||33,484|1,704|
|Other income|||7|281,360||281,360|225,920|
|Total income||||1,092,847|17,391|1,110,238|933,646|
|Expenditure||||||||
|Expenditure
on charitable|activities||8,9|878,907|95,146|974,053|843,791|
|Total expenditure||||878,907|95,146|974,053|843,791|
|Net income and net movement||in|funds|213,940|(77,755)|136,185|89,855|
|Reconciliation
offunds||||||||
|Total funds brought
forward||||3,431,449|2,570,493|6,001,942|5,912,087|
|Total funds carried forward||||3,645,389|2,492,738|6,138,127|6,001,942|
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|||||2023|2022|
|---|---|---|---|---|---|
||||Note|F|f|
|Fixed assets||||||
|Tangible fixed assets|||14|5,091,253|5,217,357|
|Current assets||||||
|Stocks|||15|6,235|6,125|
|Debtors|||16|401,551|283,073|
|Cash at bank and in hand||||1,977,551|1,773,174|
|||||2,385,337|2,062,372|
|Creditors: amounts|falling|due within one year|17|554,498|475,749|
|Net current assets||||1,830,839|1,586,623|
|Total assets less current||liabilities||6,922,092|6,803,980|
|Creditors: amounts|falling|due after more than one year|18|783,965|802,038|
|Net assets||||6,138,127|6,001,942|
|Funds ofthe charity||||||
|Restricted
funds||||2,492,738|2,570,493|
|Unrestricted
funds||||3,645,389|3,431,449|
|Total charity funds|||22|6,138,127|6,001,942|
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|Year ended 1|8 May 2|0|23||||
|---|---|---|---|---|---|---|
||||||2023|2022|
||||||6||
|Cash flows from operating|||activities||||
|Net income|||||136,185|89,855|
|Adjustments
for:|||||||
|Depreciation
oftangible
fixed assets|||||180,404|180,341|
|Other interest receivable
and similar income|||||(33,484)|(1,704)|
|Interest payable|and similar||charges||17,363|12,033|
|Accrued expenses|||||68,756|83,427|
|Changesin:|||||||
|Stocks|||||(110)|(4)|
|Trade and other|debtors||||(119,689)|(68,075)|
|Trade and other|creditors||||(6,869)|32,532|
|Cash generated|from operations||||242,556|328,405|
|Interest
paid|||||(17,363)|(12,033)|
|Interest received|||||33,484|1,704|
|Net cash from operating
activities|||||258,677|318,076|
|Cash flows from investing|||activities||||
|Purchase
oftangible assets|||||(54,301)|(129,212)|
|Net cash used
in|investing|activities|||(54,301)|(129,212)|
|Net increase
in|cash and|cash equivalents|||204,377|188,864|
|Cash and cash|equivalents||at beginning|ofyear|1,773,174|1,584,310|
|Cash and cash|equivalents||at end ofyear||1,977,551|1,773,174|
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|value, over the useful economic|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||
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||||||Restricted|Total|Funds|Restricted|Total|Funds|
|---|---|---|---|---|---|---|---|---|---|---|
||||||Funds||2023|Funds||2022|
||||||F||F|||6|
|Grant|income|and|release|ofdeferred|||||||
|grant|income||||17,391||17,391|16,709||16,709|
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|Other ac|tivities|||||
|---|---|---|---|---|---|
|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||Funds|2023|Funds|2022|
|||E|E|||
|Car park|fees|574,966|574,966|521,224|521,224|
|Harbour||125,973|125,973|92,666|92,666|
|Market income||20,067|20,067|32,773|32,773|
|Heritage|Centre|3,032|3,032|2,011|2,011|
|Quayside|Centre|6,199|6,199|6,020|6,020|
|Millpool||8,543|8,543|7,162|7,162|
|Coffee Shop||37,669|37,669|27,224|27,224|
|Other income||1,554|1,554|233|233|
|||778,003|778,003|689,313|689,313|
|Investment
income|||||
|---|---|---|---|---|
||Unrestricted|Total Funds|Unrestricted|Total Funds|
||Funds|2023|Funds|2022|
||E|E|E|F|
|Bank interest receivable|33,484|33,484|1,704|1,704|
|Other income|||||
||Unrestricted|Total Funds|Unrestricted|Total Funds|
||Funds|2023|Funds|2022|
||E|E|E.||
|Rent received|253,991|253,991|209,343|209,343|
|Service charges|27,369|27,369|16,577|16,577|
||281,360|281,360|225,920|225,920|
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|Expendit|ure
on charitable
activitie|s
by fund type|||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total Funds|
|||Funds|Funds
5|2023
f|
|General||266,912|95,146|362,058|
|Car park||108,965||108,965|
|Harbour||262,981||262,981|
|Market||51,343||51,343|
|Millpool||18,304||18,304|
|Property||27,750||27,750|
|Quayside|Centre|9,702||9,702|
|Sardine|factory|37,335||37,335|
|Heritage|Centre|16,761||16,761|
|Coffee Shop||44,548||44,548|
|Support|costs|34,306||34,306|
|||878,907|95,146|974,053|
|||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|
##
|Expenditure
on charitabl|e
activities
by activity type||||
|---|---|---|---|---|
||Activities||||
||undertaken||Total funds|Total fund|
||directly Support costs||2023|2022|
||F||F|F|
|General|362,058|14,086|376,144|365,491|
|Car park|108,965||108,965|89,454|
|Harbour|262,981|3,110|266,091|208,718|
|Market|51,343|11,260|62,603|48,014|
|Millpool|18,304||18,304|12,452|
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|S tO th
ended|e FinanCial Statem
18 Ma)/ 2023|entS
(canrinued/||||
|---|---|---|---|---|---|
|Property||27,750|4,750|32,500|28,475|
|Quayside|Centre|9,702||9,702|7,207|
|Sardine|factory|37,335|900|38,235|32,291|
|Heritage|Centre|16,761|200|16,961|16,270|
|Coffee Shop||44,548||44,548|35,419|
|||939,747|34,306|974,053|843,791|
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|Analysis of|support costs||||
|---|---|---|---|---|
|||Analysis
of|||
|||support costs|Total 2023|Total 2022|
|||E|E|F|
|Premises||7,860|7,860|11,553|
|Finance costs||5,800|5,800|5,400|
|Governance|costs|20,646|20,646|25,044|
|||34,306|34,306|41,997|
##
|2023|2022|
|---|---|
|E|E|
|180,404|180,341|
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|Staff cos|ts|||||
|---|---|---|---|---|---|
|The total|staff costs and|employee|benefits for the reporting|period are analysed
as|follows:|
|||||2023|2022|
|||||E||
|Wages and salaries||||344,041|288,160|
|Social security costs||||27,639|18,917|
|Employer|contributions|to pension|plans|10,629|9,441|
|||||382,309|316,518|
|The average
head count|The average
head count|The average
head count|of employees|of employees|during|the year was|16(2022: 13).The|average|average|number|
|---|---|---|---|---|---|---|---|---|---|---|
|offull-time||equivalent
employees||during|the year is analysed||as follows:||||
|||||||||||2022|
|||||||||||No.|
|Number|of|staff - management||||||||2|
|Number|of|staff —admin||||||||4|
|Number|of|staff - operational||||||||7|
|||||||||16||13|
|The number||ofemployees|whose|remuneration||for the year|fell within the following||bands,|were:|
||||||||2023|||2022|
||||||||No.|||No.|
|E60,000|to|E69,999||||||1||1|
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|Tangible|fixed assets||||||
|---|---|---|---|---|---|---|
||||||Improvemen||
|||Freehold|Plant and|Motor|ts to||
|||property|machineryf|vehicles|property
F|Total
6|
|Cost|||||||
|At 19May|2022|6,719,171|1,149,764|26,140|124,228|8,019,303|
|Additions|||3,543|27,566|23,192|54,301|
|At 18May 2023||6,719,171|1,153,307|53,706|147,420|8,073,604|
|Depreciation|||||||
|At 19May|2022|2,028,798|746,368|25,746|1,035|2,801,947|
|Charge for the year||134,383|40,459|2,961|2,601|180,404|
|At 18May 2023||2,163,181|786,827|28,707|3,636|2,982,351|
|Carrying|amount||||||
|At 18May 2023||4,555,990|366,480|24,999|143,784|5,091,253|
|At 18May|2022|4,690,373|403,396|394|123,193|5,217,356|
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|16.|Debtors|||||
|---|---|---|---|---|---|
|||||2023|2022|
|||||E|E|
||Trade debtors|||385,319|233,037|
||Prepayments|and accrued income||16,232|50,036|
|||||401,551|283,073|
|17.|Creditors: amounts||falling due within one year|||
|||||2023|2022|
||||||E|
||Trade creditors|||68,151|78,368|
||Accruals and|deferred|income|372,220|304,675|
||Social security|and other taxes||96,334|75,627|
||Pension|||402|370|
|||||537,107|459,040|
|18.|Creditors: amounts||falling due after more than one year|||
|||||2023|2022|
|||||E|E|
||Accruals and|deferred|income|801,356|818,747|
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|Government|grants|||||
|---|---|---|---|---|---|
|The amounts|recognised|in the financial statements|for government|grants are as follows:||
|||||2023|2022|
|||||E|E|
|Recognised|in creditors:|||||
|Deferred government
grants due after more than one year||||801,356|818,747|
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||||||At|||At|
|---|---|---|---|---|---|---|---|---|
||||||19May 2022|Income|Expenditure|18May 2023|
||||||6|F|||
|General funds|||||3,431,449|1,092,847|(878,907)|3,645,389|
||||||At|||At|
||||||19May 2021|Income|Expenditure|18May 2022|
|||||||F|6|F|
|General funds|||||3,261,476|916,937|(746,964)|3,431,449|
|Restricted|funds||||||||
||||||At|||At|
||||||19May 2022|Income|Expenditure|18May 2023|
||||||F|6|6|6|
|Restricted|Fund||||2,570,493|17,391|(95,146)|2,492,738|
||||||At|||At|
||||||19May 2021|Income|Expenditure|18May 2022|
|||||||6|6||
|Restricted|Fund||||2,650,611|16,709|(96,827)|2,570,493|
|Analysis of net assets between||||funds|||||
|||||||Unrestricted|Restricted|Total Funds|
|||||||Funds|Funds|2023|
|||||||E|6||
|Tangible fixed assets||||||1,840,088|3,251,165|5,091,253|
|Current assets||||||2,385,337||2,385,337|
|Creditors less than||1|year|||(537,107)||(537,107)|
|Creditors greater than|||1 year|||(801,356)||(801,356)|
|Net assets||||||2,886,962|3,251,165|6,138,127|
|||||||Unrestricted|Restricted|Total Funds|
|||||||Funds|Funds|2022|
|||||||6|F|F|
|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|
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|24.|Analysis ofchanges|in net debt||||||
|---|---|---|---|---|---|---|---|
||||At|||At||
||||19May|2022
8|Cash flows
E|18May|2023
f|
||Cash at bank and in|hand|1,773,174||204,377|1,977,551||