CHARITY REGISTRATION NUMBER.. 291498 Looe Harbour Commissioners Financial Statements 18 May 2024 WALTER HUNTER & CO LIMITED Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF
Looe Harbour Commissioners Flnanclal Statèmonts Year ended 18 May 2024 Page Trustees, annual report Independent auditor's report to the members Staternent of financial activities 17 21 Statement of financial position ststement of cash flows 23 Notes to the financial statements
Looe Harbour Commissioners Trustees. Annual Report Yearended 18 May 2024 The trustees present th8K roport and the finan(i81 statern8nts of the charity for the year 8nded 18 May 2024. Reference and admlnlstrntlve detalls Reglstered charlty nam• Loo8 Harbour Comrnissionars Charlty r•glgtratlon number 291498 Prlncipal offl Th6 Harbour Office The Quay East Looè Comwall PL13 1DX The trust•8s Mr D Bond (Chair) Mr D Poal Mr J Bussell Mr A Toms Mr M Dartingrton Mr A Penhaligon Mrs A Harrison Mr M Pengelly Ms M Wllllams Mrw MartTn Audltor Waltsr Hurrter & Co Limlted Charter8d 8CCOUlltants & statutory audltor 24 Bridge Street Newport South Wales NP20 4SF Bankers Uoyds Bank pl Commercial Banking PO Box 1000 BX1 1LT CCIA Inv8slment Managpm8nl Ltd Senator House 85 Queen Victoiia Street London EC4V 4ET Soll¢ltws Ashfords Ashford Hous Grenadier Road Exeter EX1 3LH
Looe Harbour Commissioners Trustees, Annual Report Icontlnu Year ended 18 May 2024 structur•• governan¢o and management Gov•mlng documgnl Tho chaLIty Is wntroll¢d by its governing do¢JJment. a d8ed of trust, The E88t and Wast Looe Harbour Brfdge Act 1848, Looe HaTbour Order 1920. Lc*)e Harbr (Amendment) Order 1950 and 1961. and the Lcxx Hart>our Revision Order 1976. ObJe¢tlv¢s and actlvltlets B•¢kground: Lcxje Harbour is under the management of Looè HaTbour CommissiongT¥. who wgra fomied in 1848 by an Act of Parllament known as The East and West Looe Harbour and Bridg8 Act,. This was publlc Act and the 1848 recttal rgfèrs to .'the proper rn8intenan¢e and Improvement of the Harbour of Lo¢e, which would promote the Towns of East and West Looe and of the adjacent towns and dl8trt¢is and would aL80 benefit tho fisherlg$.' Slnce 1848 the HaTbour h88 gone through many changes, primarily due lo the change in th8 natura of trade passin9 through th8 Port. Currenuy, main araas of operation are.. Two Harbour side car parks Leasing of a number of properoes Over88eSng fishSng r&laled 88rvice8 on thg quay Providin9 moorings Icommercial and leisu) on the seaward side of thè bridge Management & mainl#nan¢e of two Harbour side slipw8yB Gen8ral maintenance of the qu8yS and Harbour side area5 The Commlssioners ara accountabl8 to stakeholdors. both beneficiary and non-bon8ficiary. As 8 H8rbour Authority, daily oporations am undertaken with consideT8tion and r8f&r8nce lo the objectives slated in thg Port Marine Safety Code, which applies to all HaTbtrur Authorttles In the UK th8t have Statuw PoweTS and dutles. Commorcial V8ssels Flshlng - Looe Harbour has welcomed two new fishing vessels to the Looe floot Ihls year aftd recelved enquirieB about 8n addition81 vessel joining the fleet18ter In thg n8w year.
Looe Harbour Commissioners Trustees. Annual Report (¢onlinued) Year ended 18 May 2024 A request was also r8¢eived land approved) for 8 Commerclal vess81 from a n8lghbouring port to swr8di¢3lly work out of Looe when conditions suited. Tho number of smaller commercial vfyssels continues to excead larger vessel numbers. Looe Harbour Commissioners keep th8 factilltes offered at Loo8. roasonably priced and fit for purposa, With the am of m8lntsining a viable fhing bleet In Urertain times. TripFinglself-drive ¥ess81s - One glass bottomed boat was 501d in the year and ntinUeS lo operate from tha porL Two new passenger vessels were added to the Loo& flèèt. A wide variety of excutslons continue to b8 offered to mgmbers of the public. to include a new roule out lo thg Eddystone lighthous$. The se-driVe business was sold duTing the year to a local business, with LHC wotklng th the new ovmers to 8nsura that 888ociated linceS and requirements were mel. The Harbour area and fishing industy has thanged conslderably Sin Ihe installation of th9 original CCTV 8quipmenl. There is a largor aTea of estate being us8d 8n(I million5 of pounds worth of investment within the H8rt)our a8 by LHC and stakgholders. There Is also thg hlgh value day caught rk8h and shèllfish stored in the Harbour frNJges prior lo transport8tion. Loo8 Harbour has an aging CCTV system, which is a wtal secvrfty 8lem8nl and deterrent for th8 main Harbour area. In recent yaars there has been InC¥eas wurlty concems (and incidents) in mo8t of the ports in Comw811. LHC feel that the cutr8nt sa¢urity system is no longgr fit for Purpose. Durfng the ygar, April 2024. 8 project w88 submitted as part of a 'Multi Projecf giant application for a new system. Publieation of the fact that Loo& Is a $urtty minded port. will also allow for safe development and SU8tainabilty. whilst gNing r88ssurance to existing and tuiure inveBtOTS. The anticipated cost of thè now System is expactèd tr) be in the region of£40,000 + val. staff Roles and Tralnlng Management st8ff (xjntinuo lo review the staff traininy programme to ensur8 that Ir8ining is adequate for th& work b8ing undertaken by 6Bch member of staff. In M8y 2023, the Chlef Executiv8 obtained her personal lalcoholl Ilcence, which allowed 8 premises lince to ba secured for the Sardine Faciory Coff9e Shop in July 2023. A m6mb8r of the maintenance team obtained his level 2 powèrboat qualification. which has allowed him lo assist the Asslstanl Harbour Maslor with wat8r-based tasks. Port security training was given to Hartjour P8trol staff. In ApTII 2024, all staff wer8 offered a general first aid refresher. SpeCe to Harur operdtions. At the end of the 2023 summer $8a80n, two patrol staff w8re transfertsd to the mainlana departmont to 8SS151 wilh winter tasks. A season81 mèmber of staff was gNen a ftjll-lime ¢J)nlract to fill thè Harbour Patrol position. In March 2024, all staff m•mrS were transferred back to theSr orfglnal positions for the forthcoming 8eason. A 5% increasa was agreed for all members of staff for the year ènded 31st March 2025. stak•hold8r8 Consultautsn Kleetings hav8 taken place wtth stakeholders thls year as 8nd when raquired.
Looe Harbour Commissioners Trustees, Annual Report (conllnuedj Year ended 18 May 2024 Supp¢rt of Local Evgnts Athough the Commlssloners, due to their constitution, a unable to offer financial support lo the many local events, they can offer n0n-finanal support lo events such 8$ the Intemational Salllng ChampionshSps. Looe Rowing Regatta, Looe Weekender. Fun Canoe Race, Loo8 Lugger Regatta. Looe Raft Race, Looe Camiv81. ChristmaslNew Year Celebrations, thg Wild Swim, Charity Tractor Procossion and a number of otheT fundrdising avents. A n8W 8V8nt 'Looe Buili Boats. was $uppDrtéd this year. and approv81 was granted for an expanded 'Lo¢al Food Fe8Ival' to be hosted on Harbour land September 2024. Wat•r Based Safety Advl Managemènt staff lolned other emergency provlders to gNe a pr8s8nt8tton at the Lwe Communlty Academy just prior to the summer holidays. It b hoped thal this approach will gncouraga students lo be rllindfuS of the dangars of living in a seaside resort and 8ncourage them to behave in 8 responsible mannar. Safety advice o)nlinues lo be glven to Inexperfenced water user5 by the Sllp Master at the Mlllpool 81ipw3y. The posiiion belng manned betweèn Eastsr and thg gnd of September. Loog D8fibrlllator ApFEal During the year tha Chief EX8J11Ve received the Southwest Ambulance Service Chi¥f EXeceS Award, in recognition of h8r voluntary work WTih the Looe DeflbrllLqtor project. Following thè 8UC£8ss of th8 Looe Defibrillator project. the Board agwd to supportthe Chief ExecutNts'8 bld for funding for project to provido a Safaty and First Aj'd Training Refrgsher lo Loog flshemien, to include provision of trauma ktis for all commerci81 ve5581s and defibrillators for ve83els with Tnor8 than b0 crew. Th8 goal of this Project IS to ensur8 thal loss of life is minimtsèd, by prowding lrfe4aving equipmènt and tr8ining to crews. The project is aimed al pventIng heart-relaled fatalities in fishem)en, r&8e8rch having identified a gnming prevalence of heart dlsease in $tal communiti¢s. In April 2024 the Chbf Ex8cutiva was ctsntacled by a reprosentadve of thg Sgafarers Hospttal Society (London), to discuss the possibiltty of uslng Looa as a pilot port for a N8Uomvida Project of this type. Al the y9ar ènd. dkseussions were ongoing. Annual Charyo R•vl•w As in past y88rs, LHC charges were wnsidèred alon98ide charges levied in other slmilar siled ports and parking facIlleS In the dose vlcSnlty. This year has once again seen a wglcom¢d Increase of fishing boats info the port. in addition ID some new passgngèr carrying vessels. The Cornmissionèrs mainlain that the reasonablè opèrdtional charges levied in Looe, in addition to the fadlities available, are responslble for these inueases.
Looe Harbour Commissioners Trustees. Annual Report (¢ontlttu•d) Year ended 18 May 2024 Hamng reviewed the previous yearfs financial position. the Harbouls audIt0 advSsed that although LHC'S pricing structure ensured the port remained fJ)mpètthve, a 3% general increase represented a real reductton of som8 7% after inflation. A sum that would be vary difficult lo r8-coup {if required) in the fvture. A decbsion was therefore taken to increase general tharge5 by 6% for the forthcoming financlal year. The Buller Quay car park remaln8 tha main income stream for the charity. Publlc car park charg8S and publlc launching fees remained unchanged. New charges were Introduced for Commercial Operators LI, Local Il¢ence TesL and 9xdus6 use of the Banlo Pler. A t919 crane charge was Introduced. Inv•stm•nt In¢oM• Inlwesl on Investmonls Increased steadily during th8 year. The average monthly 5nterest aarned on the Charities Official Investment Fund ICOIFI rosè from £5,249 in June 2023 and peaked al £7,906 in April 2024. LHC staff cont(nue to monitor mathats to ensure that maximum interest belro eaml cm the charffjes, investm8nts. R8furblshmant Works FL8h Market Roof - Works lo replace th8 F18h Mark81 buildir¥J r(K)f were completed in Juno 2023. The fx)sl of the works amounted to £92,768. This expense was funded from LHC r6seJves. Having bggn impressed with the workmanshlp and valu6 for money of the works, the ntraCtorS were asked lo qUE)te for replacement roofs on units 2, 2b and 3, which were also in a state of disrepalr. Untts 2, 2b & 3 Iwf replacement - A quote was accepted from the same company that completod the fish market roof work. to rèplac8 th8 Outar skln of tho roots of units 2, 2b & 3 of £67, 875 + vat. Once 8gaii, Commissioners intsnd lo furKJ this wotk from reserves. Works commenceil in March 2024 and are on4Jolng at the year gnd. Lower Quay Stores RLTh)ts - Foll¢ng extenslve Investigations during the previous year re the ThK)St cost-efficient solution for the Lower Quay Stores (which were in a poor stats of r8pairl investigations conduded that the stores should dgmolished an¢J rebulm In the Sarr footprint. An application for grant asslstsnce to b& made to MMO. If the appllcatkjn was not Sucsl. th8 project to be funded from reservos.
Looe Harbour Commlssioners Trustees. Annual Report (¢onthJu•d) Year ended 18 May 2024 The LHC capltal project development team d8Vetoped the project throughout the yèar, which was theA included as part of a LHC Multi Project grant bid. submitted to MMO for consideration in April 2024. The cost of the Lower Quay Stores demolltion and robulld Is exp9¢ted to bo Sn thg rgglon of £378.000 + val. At the year end, no decision las to whetherfunding would be awarded) had been recewed. WoTks ID Harbour refrigerab'on facilities - Having recognised that the Harbour refrigeration equipment was aging and nol operating efficiently. it was agreed that the LHC Multi Project grant application should also includo an upgrade of refrigeration facilities. The worf(s will in¢ye889 the gfficiency of the equiDment, reduce operating and Tunning costs, ensure LHC comply with slatulory requirements. presgNe the qu811ty of fish and shelffish stored In thè fa188, and duce the Cost of future replacements by extending the life expectancy of the equlpment. The cost of the works Is gxpected to ba In thè reglon of £80,000 * val. Rovi•w of Loo• Fish Markèt Opèrations Having suppwbd Loog fish markgt for many yoars, In May 2024 Plymouth Trawler Aggnts IPTAI advised that they would be going into voluntary liquidation at the end of the month. Al this lime no succassor had corne forward to take over tha Plymouth markat. Thgrafore. Looe fish would negd to ba trdnsported to Newtyn or Bfixham for sale. erixham and NeIyn wsre contacted lo establish the options available for the Looe fleet. After much deliberation. the fleet chwse to transport their fish to Brlxham. wh8re they folt bettgr prlces would be obtslned. To avoid double transport costs. negotiations took place between LHC and Port Health to allow adaptions lo be made to the Harbour vehicle. so that r( could be used to transport fish to Brixham five days a week. This temporary permission was granted for one month, at which lime, an allernalNe transport method would need to be established. Durfng th8 month. Harbour staff plus fv40 add10nal contractors, 11 drlve thg vghlclg. Costs will b8 vered by LHC, on the understanding that once costs had been calculated, they would be reclaimed from the fishemien at a future date. In the meantime. the Chief Executive, was asked lo assist the fishermen with a grant applICaOn frjr 2000 ngw fish box¢$. whlch would be negded onGe PTAwithdrew their boxes from use. This is work in PTogre55 al the year erKI. Changg of Occupationluse of Hart)our propertio Cllmblng Wall- R8llnqul$hm•nt ¢f L• Climbing W811188nknng Hub (Leased) - The original tenant of the clirnbing w811, vac8ted the prernises in October 2023. Despite rental concessions being gtven to the tenant over the past cnuple of years, the busines8 was not sustsin8bl8 in its current fomi. Tho grants land assod8tgd c<)nd6tlonsl previously secured for the premi888, have untll July 2025 to n. 11 was therefore important that the Board d8monstra18d that they had attempl8d lo re-let tha premises for the puiposa for whlch granl funding was secured. A tender process for the premises w8s agree¢J for a two-year lease, which w8s then publicly advertised in December 2023. Four enquiries were r8ceNed. Three of which were deemed unsuitable {wilh consideration to the businesses of the other tenants in the building). Tha fourth was from CAUK, 8 ¢ommunlty basad banking hub. Havbng lost all the high street banks in thè town. the Board fell that r( was crrbcal that banking sarvices Main in Loog. Tarms wgr9 agrggd. to includ9 8 rgrrt of thg premisas and an 8n eight06n-month108se. In April 2024, tha banking hub officially opened with five high street banks oper3ting frr)m the premises. The additional ino)me will be a welcome boost for the building as a whole.
Looe Harbour Commissioners Trustees. Annual Report (eonthiu•dJ Year ended 18 May 2024 Rentsl rowvaluatlons Professional advice continues to be sought from tsvo ind8perKlent estate agents, for rentals lo be leed on all 'chanS of usertenants. of Harbour properties. with revised rentals being incorporated into each new lease th81 is drdwn up as a consequence. Re119 FacSlltlg4 The Hart¥Jur contSnuas to provlde re-¢ycllng receptacles for fi8h8mi8n's waste and arrdnge cojlecuons as and when roqulr8d. Tho Commissioners also agreed to support a newly formed local company vtho r8cycl8 ocean plastlc, end of life fishing gear and plastics from Cm811's coast. Any recycling of this nature. r8duc88 the amount of plastic m8lerfal sent lo land fill. Dis(s$10n8 alw took p18c6 with Looe Marina Conservation Group. who manage the crab recycling gear facilitias on th8 quaysid8. With an Incrgasing amount of general rubbish being deposited into the recycling facllfties, Looe HarLN)ur Commissioners agreed to sponsor additnal signage for the bins reminding people to take general rubbish home wilh them. Quay Movement In January 2024 remedial works were actioned on an area of Lower Quay where the surfacè area had r8cked away from the main slab. Th9 area was excavated, reinforced and relnstated. SEgns of quay movement will continue to be monitored on a daity basis and r8me(Ilal works 8dlongd wh¥n de8med Expan8lon of busln¢8$ LHC have 8UPKXYted an expanslon and upgrade of quayside businesses this year. Having 8lre8dy given Pengellls fish mongers. pemiission to develop a 'k)bster Sha with outside seatbng. the Commbssioners worked with thè own8rB to devalop an outslde saadng area, whi saNic8d the own8rfs frèsh lobst8r gatsry. This business has also aclK)ned extenswe internal renovations lo the Harbour property which it occuples. durfng the year. A second request was received lo upgrade the outslde se8tSng area of another flsh-based bS8tr0 durlng the year. These an8 wgre also supported by the CommlssEoners. All works have been finarKed by the tenants Ihemsefves. Both vènturas hav8 bèèn popular wkh both visitors and l¢Jcals and enhan the area of quayside wh8re Ih8y ar8 basèd. Both businesses bLry local produc£ and support the fishermen, which the Board bdiove should b8 encour8g8d to Ènsu th8 port remains Mbranl alld viable. Both venbjres have provideil additional employment opportunities for local people.
Looe Harbour Commissioners Trustees. Annual Report (e•ftthu Year ended 18 May 2024 Automated Road Sweèper Quantities of discarded rubbish on the quays have escalated in recent years. Three mernbers of staff spend to thrge hours per day picklng up littgr and swaaplng qLtay 8re8s. Havlng redu¢6d th8 maintenance team numbers to a minimuTn, the Cornwissioners pur(*ased a fully automated road sw••pinglw88ding machine during the yaar. at a cost 01 £20.827 + vat. Thls will assist Harbour staff in ktseping Harbour areas tidy, in a time- efficient manner. In Decomber 2023. 8 new Kubot8 4x4 was also purchas8d 8t a cost of £25.450 + Vat lo asslst wllh daily tasks. The vehicle that it replaced has been scrapped. Although electric vehides were considered, the cost was Co[ldered prohibitive at this tirne.
Looe Harbour Commlssioners Trustees. Annual Report (Mntlnued) Y8ar 8nded 18 May 2024 Achlev•ments and perfornian¢• CAPITAL PROJECTS: Sardln• Factory Re-D•v•lopm•nt The lolal cost of the Sardine Factory and quay $tsbilisalion project (Completed in JUFY 20181 awnounted to circa £1.9 million. Numerous grants were secured over a three-year period, resuming in a LHC contribution of approximately £l(NJ,000. The 'wndilions' of thesg grants remain In Pla un1 July 2025, at which pdnl, LHC could 're-purpos8' any of th8 ar888 If they wish8d to do $0 lunlgss they are und&r Ihe terrns of an Qsn9188$e). Coff09 Shop ILHC opèratèd).. The Coffee Shop re-op6n8d In Marth 2023 and closed In October 2023. In the annual rgview it was nol&d Ihal the venue returned a small profit for th8 se&wn. Income levels In¢roased by 137% {drca £43,000). Wages and stock being the two rnain expendltur¢s. A prerllises licence was obtsined on 18th Juty 2023. Alcoholic beverages were added to th8 menu and f( is hopad that this wll bc¥)st Ineome levels. partlculady al events. The vènue cont(nues to be popular with sitors and locals and has created amploymenl for el8vgn local people of varying ages. Local croft cDnlinues to be displayed for sale in the venue. wlth a 10% commission rJ)arged by LHC. It has been agreed thal LHC 11 (yjntlnue to run the venue IrBther than loase ill on a seBsonal basi5 (March to Octob8rl for another year. Heritage Cèntrè (LHC operat•d}: The Heritag8 Centre a150 re-opengd in March 2023 undgr 8 'donation on 8xIV basis. The venue was 'unmanned' with Coffee Shop Staff assisting visitors when r8quired. No direct wagBs have been allocated to the venue durfng this fin8ncSal year. Donations increased from £205 {20221 to £964 {2023}. A member of Harbour office staff assisted the Coffee Sp manager lo organise events. to Indude concerts, talk3 and childr8n's Èvents. Many of these events were freg of charge. Addlllonal incomg byds generated for the Colfee Sh¢Jp as B resuh. During the winter, event plannlng for next season will take plarE as wlll research into new displays for the Heritag& C8ntre. Having agra8d again. lo run the Heritagg Centre as 8 '88&8onal business. (March to October) remains, that with support from the café. the H&ritsge Centre will conllnue l0'bak even, or make a swnall profft next S8880n. Sardlna Factory Restaurant (L•ased} A nèw market Inonwcone•ssionary) fental was agreed for th8 Sttrdine Factory r8Staurant ¢ommenclng on 1st Aprll 2023. ThF$ is maklng a slgnlfl¢ant dlfforence to rent g•norated from the bulldlng as a wha. Th• reJtaurnnt contlnues to be v8ry popular and IB a welcoma addltlon to the town. Flood Ro$111gn¢o 01ct The aim of the L(K)e Defence and Regeneration Scheme, has always bèèn to protect Looe from fr8quenl and sever8 fk)oding for the next one hundrod years. giving the community lime to adapt lo a changlng dimate. The project will also onhance the overall 6nvironmental in18grfty of designated sites and water dieS. and work In partnershlp to promote economic growth in East Comwall. by helping lo ddiver and improved rail. road. fgry, cyding and walklng links whilst protectSng and enhancing the marine and Visit economy.
Looe Harbour Commissioners Trustees, Annual Report {Gontlnu Year ended 18 May 2024 The Lwe Flood Defence & Regeneration Scheme ntinU$d to progress Ihls year. Public inform8tion workshops and eDnsullations We held in May, June and July 2023, with regular updates being posted on the Comwall Councll 'L8Vs Talk, onllne platform. Con5ultstions Sndud8d the V8riOtss options that were availablg to the town. The$a options were refin8d and 'scored' 38 the year progr8ssed. In May 2023 extensivo work was complelad on the design of the Pier extension, to indud8 a virtual Yyoverf of what the new pier could IcK)k like. In July 2023 an onllno petltion. to include 8n alternative unse8n propos81, wa5 submitted to Comwall Council by the 'Save Banjo Pierf ISBP) group. There was no lethnical input factored into tho amematlvg proposal. A second 'all8matNe' proposal was submltted lo the project team by the SBP group shoruy aft8twards, removing the outer breakwatsr from th8 proposal. This second proposal was supported by the Loo& Marine ConsgN8tion group. The mid-July public COnsution 8vent was intended to be the final oon5ultation before submission of the Outlifie Business Case IOBCI to Government. Thè OBC being the tool used to determine whether there would bè Govgmmenl funding for the project. However, as the allemative proposal had been submitted by a community group, the project team felt11 should be pul through the same rigorous exercise Bs the othèr opUon8. Development of the shortlisted options wsed, and work bègan on asse58ing the atsrnative ISBPI scheme. A number of mèètings were held Ihe'SBW group over the next fèw months. Although funding pro8pe¢tuses had been producgd for the shoTUisted oplons, without public support il is unlikely that Cornwall Council wlll promote a scheme to Cèntral GDvernmerht. Hence the fvnding gap will remain, and the financjal case wrf(hin the OBC will be un-able to be closed. In August 2023 Comw81I Councl contacted LHC lo detemiine whether LHC would be prep8red to agree a grant of rights (to Comwall Counclll of owned and 1è8sed land, which would be roquired to enable th8 scheme to be constructed. Solicitors advico was sought. It Was concluded that no decbslon could be reached unlil a definits scheme had been agreed. At which Ume thtr Commissloners would re-consider their postbon. In October 2023. a Navigational Safety report was MmISSIOned for the alternBtivÈ proposal. Thi5 proposal would not progress to Stage 2 if it was thal safety may be eornpromised. In J8nu8ry 2024 the Project Tgom met with the SBP representative h8ving analysed costln9s and benefft8 of th& 8ll•mative prop0381. It was concluded that the alternave prop0881 would not meet tho required viability tests and strLJggled to meet safety stsndards. 88cause of this. this proposal could not b8 taken forward to the next stage. In Janu8ry 2024 work re-focused on developing the OBC based on the shortiisted options from the publlc consultations.. {il Tidal Barrier and Breakwaters li1} Tidal Bathers only. It was Intendad that thg OBC would be presented to Comwall CouncAI for approval to proceed lo the next stage in March 2024. This proce8s was expgcted to lake iwo months. Consultation wtth the Environment Agency ¢ontlnuGd through the y8ar. By February 2024, th8 Strateglc Case had bn completed, and both the Economic 8rid Management Case wore almost complg1É. The capital cost of delivering the project has been estim8ted at £197 million pounds. The project will b8 eliglble for funding from thè EA. however. additlonal funding 8chemes will need lo be 8ewred. As a result of communty engagement avents. (( was agrèed to focus on tho Tidal Barrfer and Outer BakWater option. 10
Looe Harbour Commissioners Trustees. Annual Roportfeontln¥•d) Year ended 18 May 2024 In March 2024 a draft OBC was submitted to Comw811 Council. Thi5 Optic will provide protection for 1.200 yoar stom 8venl up lo 2120. The draft OBC will be reviewed by Intemal Boards befor8 being Sltbmitted lo Council's Cabinet for approval. If Comwall Council and th8 EA support the draft documenL it will submitted to Trgasury for approval. with a deusion 6XP8Ct8d by tha end of 2024. Approval ol the OBC by CC. EA and Treasury will enable thè project to move foThvard to the 'Detailed Deslgn Stsgg,. During thls st8ge an Environmentsl Impact Assessment will need to ba carried turt. applrcations for planning permissions. a Harbour Ravision Order and a MarirE Licence will be prepared and submitted. Negotlations wlth affected landowners will commence and tenders issued to select a contractor to cary out (Jetailed desgn and nstructIon works. ForThal approaches swll be made to potential fund8rs. These activitios will wnlnbute to the Fun Business Case, which will oncè agaln need approval from Comwall Council. the Environm8nt Agèncy and Treasury. 11 Is 8nlclpated that Ihis could be ochleved by the end of 2026. wllh construdon taking place over the next three years. At tho year ond, the OBC was negotiating its way through Comw811 Counial's 'Due Diligen. process. Millpool Slipway & Adjacent Parklng Arna The Millpool Slipway continues to be op8rat8d undgr a 'managed' opEning hour5 policy. The small inrA)me stream generated being 'rfngfenced' lo offset the wages of sllpway staff aml general maintenance costs of the launching area and sllp. Millpcol slipway staff D)nb'nued lo provlda saa s8f8ty adwce lo water users and ¢)Jntinue to work undgr the guidance of th8 RNLI to dlstrlbuig 8dvi50ry leaflets lo slipway users. Although the manning of Ihis slipway results in a departmentsl loss. tt Is belleved thal the non-financlal ben8flt8 of having thi8 fac41ity manned provtde5 U$lrat{0n for carying a small k)ss each year. In (knbgr 2023, the pay and display machine on the slte fallad and replacement ports were not available. Various payrnenl methods werg inv8StMJatgd, to include new solar panelled machines, QR codes (direcbng customers to 8 payment appl and extension of the current cashless payment app already operated on the main Buller Quay ¢ar part sli8. In December 2023. a rneeung was held wlth the exlsllng provKi8r of ¢ashle85 paymen15, who agreed to develop an app to suit th8 paymnt ccmnbination requirements of the Millpool slip. The new app went INe in January 2024. When the slip is unmanned (October to February each year}, eustomers wll have a maan$ of -s119 payment for of Ihe knlity. Harbour Comp•tsncy Examin•tion for passeng•r carying commerclal oparators. Havlng inlroduced the 'L008 HaTb(xJr CompnCY Examination last y8ar. trK) n8w opèrators were guided through th8 presS this y9ar, prior lo pemission being granted for these people to operate comrnercially from the port. Thls will Improve the operational sBfety within the Harbourfs jurisdietitin. 11
Looe Harbour Commissioners Trustees. Annual Report (¢ontlnu•d) Year ended 18 May 2024 Port Marine Safety C¢de The Port Marine Safoty Codè IPMSCI sets a national stsndard for every a8pect of port marine $8fety. Ils aim is lo enhance safety for everyone who uses or works In the UK port marine enwronmenl. It Is endors8d by the UK Governmant. the devolved adrninislralions and representatives from across tha maritime sector and, while the Code is not m8nd8tory, th8s8 bodies have a strong expectation that all Harllr AhoritIeS will comply. In order to meet compliance requiremènts, In June 2023, work commenced on updatlng Looa's PMSC. The work was completed In Febwary 2024. On 7th Marth 2024, all Commi88K)ners attended a 'Duty Holder Training, session, which provided appropriat8 training for the role they hold and an understsnding of th8ir rèsponsibilitiès. as an indmdual and as a member of the LHC Board. Hart)our Revision Ordgr and upgrado af Byelaws In October 2023, Tho Department for Transport Invited Harbour Authorities to Bubmtt draft Byelaws for review and approval. Byelaws allow Harbour Authorities to wftect local needs and droumstancas and 3llow H8rbouts to ¢onduct their business efficiently and safely. The majority of other SE)uthwost Ports have oith8r completed their HRO rewsions, or are in the process of doing so. Looe 18 In dSr8 need of a H8rb(xJr RevSslon Order and update of its Byelaws. Both of whlch are antiquatad. Ton years ago, Looe Warbour Commissionèrs enquired Into the cost of an HRO. A sum In the region of £40k had been quotsd. Sinc8 than. many of the smaller Southwest ports had shar8d templates and in doing so, kept o)st to a minimum. In November 2023. solicitors athce was 8oughL Antidpaled sts and timescales being as follows.. Full Modemisation HRO - £25k lo £35k + vaL Marina Managemant appllcation fg9- £16k. rimescale from submission to d81omlnatlon tr48nty-four months. The Commissioners are aware that the (x)n$tttution should comply with the 'Ports GcA)d Governance Guid8nce' and theore in December 2023, solicitors were instructed lo commence the HRO process. with the airn of produ(#ng d()Mnts that $atisfiad curront and futlsre requlrements of the Ptsrt. In March 2024 AMPmer were Instsuctgd to pr9par9 pkn5 for the HRO. The cost of the exercise Is oxpe¢tsd to be circa £3,000. 12
Looe Harbour Commissioners Trustees. Annual Report l¢onUntdj Year ended 18 May 2024 Bulldlngg Rolnstatem•nt Valuatlon Despite the fact that Loo& H8rbour Commissioners Idug to Its constituon) cannot Sell any of its property. on the advlce of the Harbours, insur8n¢e company, a reinstatement exercisg was completsd in F8Uary 2024. 11 was agreed that this exercise should be completed every few years. In case ono of tha lIdIng$ Suffored signthcant damage. Th9 co$1 of the exer(yse was £2,550 + val. L10n•113 Risk A58essmont In hhar¢h 2024 a Legionella Risk Assessmgnt was completed for all Harbour prop8rUes. Atdvlsory actions were taken whero require(l. GRANT APPLICATIONS: NEW APPLICATIONS: Multl ProJ8ct Bld In January 2024 a new fhelleS grant IUKFSS) b8cam6 8vailable for the purpose of Port Infrastructure Improvgmants. A mulu project bid was prepared and submitted to Marine Management Organisation In April 2024. The 8sllmat8d tt)$l of the Mulli Project bld Is £723k * val and includes.. Works to Harbour refriggtatlon Repla¢ement of 300 hardwood moorlng pllos In MMerCIal berthing areas Replacement of 66 quaysid8 accgss ladders in comrnercial berthlng argas R8pla¢8manl Fork LTft Truck + Saf8ty Platfomi Purchase of Mobile Elevating Work Platform {{MEWPI UpJrad8 of Harbour CCTV system Lower Quay FLghermen's Stores demolition and rebulld (to indud8 purcha of storage containers). Th8 maxlmum grant of £500k has b8en rgqu951ed. The oulcomo of the applicxlion ha5 not been detemiined at the year end Fish Box Grant n application lo th8 (FASSI grant scheme for 2000 fish boxes was work in progress at the year end. The 5t ofthe prOt Is £27k with 75% grant a8s18tance being sought. FUTURE GRANT APPLICATIONS: There is no further grant appliCaonS planned for the immediate fulure. OThER WORKIITEMS OF INTEREST: Work to Quay Walls The quay walls are routinely inspg¢tsd, and remedlal work is completed wherever and whanavar deemed necessary. 13
Looe Harbour Commissioners Trustees. Annual Report {eonNnued) Year onded 18 May 2024 Electrlcal Charglng Polnts forvessels An approach was mad• to Looo Harbour Comrnl$$lonèrs in S•pt•mbgr 2023, from a company l<)oklng to Install a network of al8ctrlcal charging points for vessels along th• South ¢o•stlln•. After a 6ite vlslt. It was con¢ludgd that th•ro was not enough passlng marlne traffic to warrant tho InvoStmonL Potentl31 Cruls• Call In Ootob9r 2023 Looe Harbour Commissioners weTe approached by a local shipping agenL acting on behalf of a cruise company who W8Tè eonsidering calling at Looe. Unfortunately, Loo8 Is not Infrmational Ship & Port Facility Security Code compliant. Neither do6s our port hav8 sufficient low rdter landing facilities to fa¢ilk8tè such a sarvice. Therefore. the approach was declined. However, rf the pier extension and outeT breakwater project is Complèted, it was agreed that the PfOPDsal could be sf(ed in the future. G•noral Malntsnan¢elRopalr of Harbour Propertles Th8 general ma&ntenan1rep2IT programme continues. wlth upgrades and Improvements belng made where necessary. Problèmatic Pay & Display machin•$ The car park Pay & Display machines contSnued to be problematic despite upgrading the office wfi in April 2023. In March 2024 one of the machines on the Buller Quay car park had a 4G modem fitted in an attempt to overcome the poor intemet 8vallRbility in the town. The reliablllty of all four ma(*ine8 wlll continue to be monitored. Support of Shark Swabblng programmo In August 2023, LHC were asked by the Pat Smth Database Trust. lo support a grant application for sh8rk swabbing proleci. The non-invasive process invofves tsking 8W8bs from the sharks skin, which are then used lo provlda Informatlon on population, relaOnshIps, diet and DNA. Th8 request was Supported by Loog Harbour Commissionèrs and the prolect MMenced shortly 8ftgrwaTds. Tuna ¢atchlroleas8 programme In August 2023. DEFRA announced the launch of a limited commerci81 fishery for Tuna. On9 lince was awarded lo a commercial vess$l In L¢). who landed thirty-seven luna in enty•one days flshlng. Following the success of the trial the provlous y88r, fify licences were also Issued for tun8 fishing on tag and release b8818. Two licences were awarded lo Looe skippets. Both fish8rie8 erhded In Dac8mber 2023. 14
Looe Harbour Commissioners Trustees. Annual Report (¢onUnuod) Year ended 18 May 2024 Looe l$l•nd Marker Buoy Proje Loc H3rbour Commissioners h8Ve SUPPOrted the Looe Is18nd Marker Buoy Prolect, which aims to place markers in close proxlmlty to lh8 island from Aprfl tlll August each yaaf. Thg markers airn to minimtse dlsturtiance to island wildlife. Flro Rlsk Aw$$m8nts Flre risk assessments conunue to be completed for Harbour prop8rt1gs, wilh any recommended works actbjned wlh irnmed18t8 gffe(#. Fllmlng on Harfmwr PToperty Th8 prfme-time dr8m8'Beyond P8radlse' (whlch was filmed in Looe and suirounding areas) was alred in February 2023. Th& first serles was a success an¢J fllmlrvJ for a sg¢ond series re-commen¢ed In Juty 2023 Filming has been wrllpleled in 'blocks' throughout the year, wth LHC racesving remittance for use of HaTbour18nd. parking provisions and aSSistsn of Harbour staff. A sum of £25,712 has begn reiVed from Ihg film c(Mnpany thls year. Thg 'exposure' has undoubtedly b8nefltted the town's buslnesses. Flnanclal revlew Flnanclal Posltlon The Statement of Financial Acbvluas shown on page 16 of the accounts dlscloses nel income for th year of £1.280,25412023'. £1,110,238) and n&t 8xpondllure of £962.12712023.. £974,053). The total r98eN8S Bt the yearnd stsnd at £6,453,25412023: £6.138.127)- Principal Fundlng Sources The Commlsslonars are pleased lo report that the Chartty Is lunded by the incorne from ils activitlgs. es $8t out in Note 3 to the financial slalemgnls. Tru$tfye$' r8sponslbllltlos stat¢m•nt The truste8s are responsible for preparing the tru$lees' raport and the financial statements in accordance with appli¢8bl8 law and United Kingdom A¢utIng Standards Iuntted Kingdom Gènerally Accepted Accounting Pr8ctice)- 15
Looe Harbour Commlssioners Trusteès, Annual Report f¢onllnu8dJ Year ended 18 May 2024 The law applicable to charitE&% In England and Wales requires the chartty trustees lo prepare financial siat&ments for each year which give a trug and fair view of the stal8 of affairs of the ethartty and of the Incomlng resources and application of rasou8, of the charity for that P8rf0d. In preparing trese finanual statements, the trustees are required lo.. select suitable accounting policies and then appty thom consLqtontly- observe the malhods and prfnopl88 in th8 applicable Charftles SORP; make judgments and aecountlng estimotes that are reasonab and prudent: rtrpare the financial siatements on th going concern basis unFess tt 15 inappropriate to presume that the charity 11 continue in business. Th8 trustees are rasponslble for keeping adequate accounting recor(18 that are sufficient to show and explaln thg ¢h8rtty's transactions and dlsclose wlth reasonable accuracy at any Jme the financlal Posttion of the charity and enablè them lo ensure that the ffinan¢ial stslemenls compty with the Charities Act 2011, th8 applicable Charities (Accounts and Reports) Regulations. and the provisions of Ihe Trust Deed. They are also rosponsiLile for safeguarding Ihe ass8ts of the (arity and hen for takn'ng reasonable staps ft)r the prevention and detection of fraud and other irregularlties. Th& tru5tges' annual report was approved on 20tr Noveinber 2024 and signed on behalf of thè bo8rd of Iruslees by.. Mr D Peat Trusta8
Looe Harbour Commlssioners Independent Auditorfs Report to the Members of Looe Harbour Commlssloners Year 8nd8d 18 May 2024 Oplnlon We have audlted the financt81 $tatem8nts of Looe HarbJr Commi88ion8rs Ilhe 'chariV} for the year ended 18 May 2024 whlch comprise the stalernenl of flnancial activities, stslemgnt of financial positk)n, statement of cash flows and the related notes. including 8 summary of significant 8cwunting polides. The flnandal reportlng framework th* has b88n applied in their preparation 1$ applicable law 8nd United lfjngdorn Accounting Standards, induding FRS 102 Th8 Financial Reporting Standard applicable in the UK and Republic of Ireland Iunlted KiThJdom Gen8r811y Accepted Accountlng Pr8etice}. In our oplnlon the financlal statemnts.. gfve a true and fair wew of the slate of the charfvs affairs as at 18 May 2024 and of ]ts incoming resources and 8pFdic8tion of resources, induding its Income and expenditure, for the year then have been propedy prepared in accordan¢o wlth United Kingdom Ggnerally Accepted Accounting Practice- have been propared in accordantx wilh thg rgqulrements of the Charikngs Act 2011. Basls for oplnlon We (t)ndu¢ted our audll in accordance with Intematlonal Standards on Auditing IUKI IISAS IUKII and 8prAicable law. Our responsibilithes under those 3land8rd$ are ftirther described in th8 auditorfs respon8lbllrtlgs for the audit of the finan¢ial statements sectlon of our report. Wg are Independent of the charty in accord8ncg with the ethical requirements that are relevant to our audit of thè financial statements in thè UK, including thè FRC'S Ethul Standard, and we have fumlled our other ethKal resw)nsibilities in a(zord8nce with these requlremgnts. Wg bell8V8 that the audit evldenc8 we have obt8inèd Is sufficiant and appropwialg to provide a basis for our Opin. Conclu$lans relatbng to golng conegrn In auditlng thè finarrial statsrnents, we havg conclud8d that the truste88' US8 of the going con¢8m basis of accounting in Ihg prèparation of the financA81 stslements Is appropriate. Basod on the wort we havg p8rfomied. we have not identthed any material uncertainti88 relang to events OT condllk)ns that. indwTdually or collectively. may cast signrficant doubl on tho charitys ability to continue as a going concem for a perk)d of al least twelvo monlhs from when thè financial statements are aulhorised for issue. OUT resportsibiltties and th8 rasponsibilities of the tr¥&S wlth respect to golng concem or8 describ8d in the r&l8vant sections ofthi8 repDrt. 17
Looe Harbour Commissioners Independent Auditorfs Report to the Members of Looe Harbour Commissloners f¢ontinuedJ Year ended 18 May 2024 Other infomiatlon Thè other informatson comprisgs the information Indud9d In the annual r8pDrt. 0th8r than the financial statements and our audltorfs report Ihereon. The tNslees are r8sponsib19 for the other information. Our opinion on the financial slatements d08s not cover the other infomat¥)n and. exc8pI to the extent otherwise 8xpll¢iUy stst9d in our reporL we do not oxpress any fomi of a$suran¢x conclusion thereon. In connection with our audit ol the finandal statements, our responsibilty is to read the other Infoimation and, in doing so, consid8r whether the other information is materially Inconsistent wlth the finanaal statBments or our knowledge obtsined In the audit or otherwis& appears lo be mal8rially misstated. If we identify such material Ino)n81st8ncies or apparent m8lerfal mlsstatements, we are required to delefmine whèthèr there is a matarial misstslemenl in the financial staternents or a rnaterial misstatement of the other information. If. based on the work w8 have perfomied, w8 concludg that there is a material misstslement of this other hifomiation. we are required to report that facL We have nothing lo report Sn Ihls regard. Matters on whlch wo arn rgqulred to r•port by oxceptlon In thg light of the knowledge and understanding of th8 eh8rity and Its environment obtslned in the course of the audit. wè have not identified matèrial wnisstatements in the trustses, report. We have nothing to r8port in respect of the following matters in relation to which the Charities Act 2011 requlre8 US to report to you If. In our oplnion.. the Infomation given in the tNstees' report is Inconsistont in any matedal resp8ct wtth the financial stBlements- or adequate accountfng records have not been k8pI', tha financt81 staternents ara not in agreement with the acwintlng records and returns. or W8 have not received all Ihg Infomiallon and explanalions we require for our audit. Respon$ibillties of trustees As èxplained rnore fijlly in tha trustees, responsibllhlas statgment, the trustees are responsible for the pr8p8ralion of the finanu81 ststements and for being satisfied that they givg a tru8 and fair view. and for such Intemal control as the trustees delemlne is necessary to enable the preparaOn of financial stalernents that arg free from m8terial misstat8menl, whether due to fraud or error. In preparing thg flnancla1 statements. the trustees are responsible for ossesslng the chariws ability lo continue as a going Concern, disclosing. as applicable. matters related lo going conrn and using the goin9 ¢oncem basis of accountfng unltsss the trustees eithèr intend lo liquidate the charity or to cease operations, or have no realistic allgmalive but to do so. 18
Looe Harbour Commissioners Independent Audltofs Report to the Members of Looe Harbour Commlssloners Year ended 18 May 2024 Audltotr¥ rosponslbllltlo8 for tho •udlt of the flnanclal statomonts Our oble¢Uves are to obtaln rea80n8ble 8ssur8nc6 about whether the finandal statements as a whole are free from matedal missiat8ment, whether due to frau¢J or error, and to issue an audttor's report that includes our opinion. Reasonable assurance is a high level of a35ufdnce, bul is not a guarantee that an audit wnducted In ardance whh ISAS (UK) will atways dèlect a material misststgmont wh8n it exists. Misslatemenls can arise from fraud or orror and are corbsidered rn8t8rial rf. individualty or in th aggregate, they Could reasonably be expected to inlluonee the economic derAsions of users taken on the basis of these flnancl81 ststsments. Irregulorths. including fraud, a Instsnces of non-COmlance laws 8nd rogulations. We design procedures in lin8 th our responsibilities, ouuined above, to d8t8ct material misstslem8nts in respect irregularili6s. including fraud. The èxt8nt to which our pro¢&dures are capable of detecting irregularibes, includlng fraud is detailed below.. By enqulrfng wtth senlor management ar those charggd with govemantx all area of risk Identled were COrIdered and any tK)1gnlial liligaljon or claim. rf any. were not8d Ensurfng by enqulry that there were no kssugs of non-compliance vAth laws and regulations relating lo tax and compliance By obtaining an undersl8nding ol the charitys poli¢l88 and procedures on compllance wlth laws and regulalbns, and with best accounting pracuce Nofjng issues dlscussed woth trustees. and thg s8nior management team as this rolat85 to risk5 facgd by the charity Revlewtng informallon rece9d from tha charity's solicitors. rf any and discussing thelr ¢ontents th thg tmstees, Reviwng disclosures in the fin8nci31 stotements and testing to 8UPP¢)rtlng documentation to assess compliance wth applleAble laws and regulatlons AudÉbng the risk of managem8nt overrides of controls induding lestlng journal entries and other adjuskn&nts for approprEal8ness and evaluating the busin8ss rationale of siunfficBnt transactions outstd8 the normal course of busin8SS Considering the effect on risk to the charity of the Covid-19 pandemlc and the UKS departur& from the EU. In partlcu18r to note whether any such i88Ue8 would affgct the charitls abillty lo continue to trade. As part of an audlt In accordan With ISAS IUKI, we exerdse professional ludgmgnt and malntain professional sceptscisrn throughout th9 8udlt. We also: Idèntify and assess the risk8 of matsrial mL%statement of the financi81 slat8ments. whether due to fraud or error, design and perfomi audlt procedures reSponVe to those risks, and obtain audit evidgn¢e that is Sufflent and appropri818 lo provide a basis for our opinion. The fisk of not delecling a material misstatement resulting from fraud Ss higher than for one Mults'ng from effor, as fraud may involve collusion. forgery, Intentional omissions, misrewesontsuons, or the ovorride of int8Tnal (x)nlrd. 19
Looe Harbour Commissioners Independent Auditofs Report to the Members of Looe Harbour Commissioners (witlnuodj Year ended 18 May 2024 Obtain 8n understanding of inlemal control rèlevant lo th8 audlt in order to design audlt proceduws that are approprf*e In the clrcurn5tances. but nol for the purpose of expr8sslng an opinion on the 8ff8cbvgnass of the internal control. EvaluBte the appropriateness of accounting poll88 used and the r6asonablene5s of accounting èstirnates and r8lat8d dlsclosurg5 rnade by the truslags. Conclude on thg appropriateness of the trustees, use of tha golng concern basis of 8Ct>)untlng and, based on the audit evid8nc8 obiained, whether a malgrial uncertalnty exlsls relalad to events OT condltions that may c8s1 significant doubt on the charitls ability to continue as a going concern. If we coneludg that a material uncertainty exists, we are requlred to draw attention in our 8udtior'5 report to the r8lat6d disclosures in the financial $t8tsments or, rf such disclosures are inadequate. to m¢xlify our opinion. Our condusions are based on the audit avidence obtained up to the dats of our auditor's report. However, future events or Conditfons may cause the charity to cease to continue a5 8 going concem. Evaluate the overall presentation, structure and cx)ntent of the financial statement8, Including the dls¢losures, and wheth&r the financial statements represent Ihe underfying transacbons and èvents in a manner that achieves fair presentation. We ¢ommunicate wlth those charged govemance regarding, among other mattars. Ihg planned scope and liming of the audit and signfficonl 8udil findings. including any sbgnlficant derlenCieS in intam81 ntrol that we identify duilng our audit. Watter Hunter & Co Limited is eligible lo a¢1 as audhor8 in terms of secuon 1212 of the Companies Act 2006 Us• of our report This report Is made Solely to the ¢harftys membern, as a body, in 8ccx)rdance sectlon 144 of the Charitles Act 2011 and regulalons made under seciion 154 of that Act. Our audtt work has been undertaken so that we mlght state to the charitys membèrs those matters we arè r8qulrod lo state to th6m in an audilorfs report and for no olhtrr purpose. To the fullèst èxtent permitted by law. we do not ac¢ept or assume rèsponsibility to anyone other than the charity and tha charlvs membors as a body, for our 8udit work. for this report, or lor the opinions we have fomied. W8tter Hunter & Co Limitèd Chartered accourTrtsnls & stattrtory auditor 24 BTidge Street Newport South Wal88 NP20 4SF 20th Novembèr 2024 20
Looe Harbour Commissioners statement of Financial Activitles Year ended 18 May 2024 2024 Restricted fiJnd$ Totsl fund8 2023 Unrèstricted funds Totsl funds Noto Income and endowm8nts Charitable artlvitles Other activities Investment Incon other inwme 17,050 17,050 843,091 87.956 332.157 17.391 778,003 33,484 261,360 1.110.238 843.091 87,956 332,157 1,263,204 Total Ineom8 17,050 1,280.254 Expenditure Expenditure on charltablo activloes Total oxp•ndltur• 870.730 93.633 964,363 964.363 974.053 870,730 93.633 974,053 Not Incomè and n•t movem?nt in funds 392,474 {76,5831 315,891 136.185 Reconciliatlon of funds Total funds brought forward Total funds carried fOard 3,645,389 2,492,738 6.138,127 6.001,942 6,138,127 4,037,863 2.416,155 6.454.018 The statement of financial actNities includes all galns and l¢)$8es recogni8ed in the year. l incom8 and expenditure 9v8 from continuing a¢llvlties. The on pages 24 to 33 forni part oftho58 financlal slatament8. 21
Looe Harbour Commissioners ststement of Financial Position 18 May 2024 2024 2023 Flxed assets Tangible fixgd assfjts 15 5,011,017 5.091.263 Current a569ts Slocks Debtors Cash at bank and in hand 16 17 6,360 453.553 2,349,081 6.235 401,551 1.977.551 2.808.994 2,385,337 Croditors: amounts falling due wlthin one year Net current a538ts 18 598,737 554,498 2.210.257 1,830,839 Total ass•ts less Current Ilabllltl¢$ 7,221,274 6.922.092 Crndltors: amounts falllng aftgr more than one y•ar 767,256 783.965 Net assets 6.454,018 6,138,127 Funds of the ¢lMrity Restrfcted funds Unrestricted furhds 2,416.155 4.037,863 2,492,738 3,645.389 Total charity funds 6,454,018 6,138.127 These fin8n(ial statgmènts wèm approved by the board of tru3t8ès And Authorised for issue orb 20th November 2024, a Igned on behaK of the board by.. Mr D Peal Trusta8 Th• not•s on F)ag4$ 24 to 33 fonn part of those finanelal stat•mont$. 22
Looe Harbour Commissioners Statement of Cash Flows Year ended 18 May 2024 2024 2023 C•$h flows from OlatIng actlvltlo8 Net income 315,766 136.185 Adjustments for.. DapC1StiOn of t8ngible fixed assets Other interest receNablB and slmilar Income Interest payable and similar tharges Accrued expensgs 186,273 {87,956) 20,392 17.212 180,404 133,484} 17,363 68.756 Changes ." Stocks Trade and othar dgbtors Tr8de and other credttorn 1110} 149,524) (119.6891 7.840 16,8691 242,556 Cash generated from operations 410,003 Interest paid Int8ièst f8c8lved 120,3921 87.958 (17.363) 33.484 Nel cash from operating activilios 477,567 258,677 Ca$h ftows Irom Investlng 4ctlvltlos Purchase of tangibje assels Nat (ssh ug8d in investirvJ acbwlies (106,0361 1106,0361 154.301) {54,301) Nel Increase In cash and eash •quiYalents Cash and cash equivalents at beginning ol year Cash and cash 8qulvalents at ond of yo•r 371.530 1,977,551 204,37T 1.773,174 2,349,081 1.977,551 Th• nol•s on pagos 24 to 33 fom part of th•M flnancjal statomont8.
Looe Harbour Commissioners Notes to the Financlal Statements Year ended 18 May 2024 General information The ch3rity is a public bgnefil entity and 8 ragisterèd chadty in England and Wal@s and is unincorporated. The address of the principal offic& is Th8 Harbour Office, The Quay, East Looe, Comwall. PL13 10X. Statsm•nt of ¢ompllanc8 These finand81 slatements hBve been prepared in compliare wth FRS 102, The Finan81 Reporttng Standard 8ppIic8ble in the UK and thg Republic of Iraland,. the Statement of Recommandad Practice applicable to charities preparing their accounts in 8¢C¥)rdance wfth the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 IChBrities SORP IFRS 1021} and tha Charities Aci 2011. Aecountlng pollclos Ba51s of proparntk>n Thg flnandal stslernants have been prepared on ths hi3toriozl cx)81 ba815. Thg flnandal statgments ar8 pr¶d in sterling. which is the functiona5 currency of the gntity. Golng nC¥M There aro no material uncertalnlles about thg charW$ 8bSI1ty to continug. Fund accounting Unrestricted funds are available for use 8t the discretion of the tru3ts8s to fvrth8r any of the Cha8 purpose8. Re8trcted lund8 8re 8ubject8d to r68trf¢tlons on thglr oxpendlture dedared by the donor. Incomlng re80urco8 All income is induded in the stslemenl of fin8nci818ctivities when entitlement has passed to the charSty, It Is probable that the economic beneffts associated wlh thg trans8thon wll flow to the ch8rty and the amount C8n bè r81i8bty measured. The following specific policies are applied to partlcular catsgorfes of Incomo.. ino)me from donations or grants 18 recognised when there is evidenco of entitl8ment lo the ropt Is probable and Its amount can be measured reliably. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is dassified 88 unrestri¢ted funds unless there is a contractual qu1ment for it to be spent on a particular purpose and retumed if unspent, in which c888 it may be regaTde(18S Te¥tri¢lod.
Looe Harbour Commissioners Notes to tho Financlal Statements {GOntrnued) Year ended 18 May 2024 Ae¢ounting policles f¢onllrtUodJ R•Jources •xp•ndod Exptsndire is recognis8d on an accruals basis as a Ilablllty is Sncurred. Exp8nditure Includas 8ny VAT whlch cannot be fully recovered. and is classrfied under headlngs of the staternent of financial actmlies lo which It relat8S: expenditure on r8bSng funds includes the costs of all fundraising BCtiviti•s, events, non-charitable trading activltles. and the sale of donated gcrt)ds. 0xpendre on charitable adivltles indudes all costs In¢urr•Y by a charity in undertaking actNities that further its charitable Blms for the benefft of its ben8fici8ri8s, induding those 3UPPOrt costs and costs r8lating to the governance of the charity apportron8d to charltsble activibas. other expenditure irldeS all axpenditure that is neithar rolated to raisirvJ )lJnds for the charity nor p8rt of Its expendllure on charftsble activftles. All costs are all(ted to eXp8ndItu categories reflecting the use of the resourcè. DI¢1 costs attributsble to a single activity ar8 allocated directly lo that actbvity. Shared Costs are apportioned b8ts¥een the activities they ntribUte to on a reasonable, justifkgble and consistsnt b8Si$. Tanglble as$ets Tangible assets are IntUalty recorded at cost, and subsequently slated at ¢o$l le55 any accumulated depreaatlon and Impalimant losses. The CommLssloners own 8 number of properties in and around ihe harbour. Deproclatlon Depreaalion L% (xleul8ted 30 as to wrlte off tho (ul or valuation of an assgt. less its r85idual V81ue, ov6rthe useful erA)noml¢ lffe of that asset as fdlows: Freehold property ant and m8chln8ry hrtotor vehicles Improvemgnls to property 2% p.a.straight lin8 20% p.a. reducing balan and 10% p.a. reduclng balan 25°1ts p.a reducing balance 2% p.a.$tr8ight line It is not posslt4e lo separate land v8lu8 so deprerjalion is tharg8d on totsl (x>st. Impalrnient of Ilxed assats A review for indicators of Imp8irment is carried out al each reporting date, with the recovorable amount being èstimated whera such indicators exist. Where the carrying v81u8 èx¢oeds the ro¢overable amount, the asset Is impaired accordingly. Por Smpairments are also reeWed for possible reveffol al reporting date. For the purposes of Impaimient testing, wh8n It l¥ not possible to estimat8 the recoveTable amount of an individual ass8t. 8n estimate is made of the Verable amovnl of the cash%8neratlng unrt lo which the assat bgbngs. 25
Looe Harbour Commissioners Note8 to the Flnanclal Ststements (¢ontlnu Year ended 18 May 2024 A¢countlng poli¢1os (eonthyu stock¥ Stocks are measurod ot tha h)wer of c051 and g$lmat8d selling PTtce. Taxatlon The charfty is ex9mpt from tax on its chari18bl8 activities. Govamm•nt graT Government grants aT9 recognised at the fair valuo of tha asset received or receivable. Grants are not recognised urhtil thare is reasonable assuran that the charity wll comply the condltbons 8ttachlng to them and the grants wlll be Teceived. Where the grant does not imp05e speryfied future perfoTmance-r818ted conditions on the reclpiant. It Is recogni8 In Income when the grant procoeds are receivgd or receivablg. Whèrg tho grant does impose speclfied future perfomance-rel8led condltions on the recipient, it Is Tecognisèd In income only when the perfomiance-relatod conditions have been met. Where grants received are prior to satlsfylng the ravenue recognition crll8ria, they are recognised as liabilty. Deflngd ¢ontribution plan$ Contributions to d&fin&d contribution plans ara recognised as 8n expense In the period In whlch the related service Is pr¢>wded. Prepaid contributions are racognised as an ass81 lo the gxl¢nt Ihal the prgpaymont will lead to a re(ludon In future paymgnts or a ¢zsh refund. Charitabl• actlvlU•¥ Restrictèd Total Funds Funds 2024 Restricted Totsl Funds Funds 2023 Grant income and relaase of deferred gr8nt income 17.050 17.050 17,391 17,391 26
Looe Harbour Commissioners Notes to the Flnancial Statements (¢onthu8dJ Year ended 18 May 2024 Other actlvltl88 Unrestricted Total Funds Unreslrfcted Totsl Funds Funds 2024 Funds 2023 Car park foes Harbour Market incoma Heritage Centre Ilaysid8 Cèntre Millpool Coffee Shop Other Inrne 589,096 123,691 36.073 1,330 6.864 6,796 79,180 61 $89,096 123.691 36,073 1.330 6,864 6,796 79.180 61 574,966 125.973 20,067 3.032 6,199 8.543 37,669 1.554 574.966 125,973 20.067 3,032 6.199 8.543 37,669 1,554 843,091 843.091 778,003 778,003 Invèstment income Unrestricted Total Funds Unr8Strictgd Total Funds Funds 2024 Funds 2023 Bank interest receNabl8 87.956 87,956 33,484 33.484 oth8r Incom8 Unrestricted Total Funds Unrvstricted Total Funds Fund8 2024 Funds 2023 Rent recelv8d Servts charges 305,946 26.211 305,946 26.211 253,991 27,369 253.991 27,369 332.157 332,157 281,360 281.360 27
Looe Harbour Commissioners Notes to the Flnanclal Statèments IconUnu8d) Year ended 18 May 2024 Expgndlture on charltablo actlvities by fund typ• Unr•strlct8d Funds R•slricted Totsl Funds Funds 2024 General Car park Hart)our M8rk8t Mlllpooj Prop&ty Quayside Centre Sarding factory Heritsge Centre Coffe8 Shop Support costs 287.750 107.831 240.685 32,836 12.013 25,695 93.633 381.383 107,831 215,685 32,836 12,013 50,695 2,777 46,308 1.056 78,371 35,408 46,308 1.056 78.371 35,408 870.730 93,633 964,363 Unre5tri¢ted Funds Rastricted Total Funds Funds 2023 General Car park Harbour Market Millpool Prop8rty Quayside Cantre Sardine fa¢tory Heritage Centre Coffee Shop Support costs 266,912 108.985 262,981 51.343 18,304 27,750 9,702 37,335 18,761 44,549 34.305 95,146 362.058 108.965 262.981 51,343 18.304 27,750 9,702 37,335 16,761 44.549 34.305 878,907 95.146 974.053 General Sndudes wages. depreciation maintenance and office costs. Expondltur• on ¢haritable activlties by •ctlvlty ty Activf£les urKlertaken directty Support costs Total funds 2024 Totsl fund 2023 General Car park Harbour Market Millpool 381,383 107,831 240,685 32,836 12.013 5.418 386,801 107,831 222,051 44,036 12,013 370,344 108.965 266,091 62,603 18,304 6.366 11,200 28
Looe Harbour Commissioners Notes to the Financial Ststements (¢onllnu•d) Year ended 18 May 2024 Propety Quaysld8 Centre Sardin8 faGtory Haritage C8ntre Coffee Shop Govgrnanco tx)818 25,695 2,777 46.308 1,056 78,371 5,538 56,233 2,777 47,164 1.056 78,371 6.030 32.500 9.702 38,235 16,961 44.548 5,800 974.053 6,030 928,955 35.408 964,363 10. Anafys18 of BUPPOrt Costs Analysls of 8UPtKYt costs Total 2024 Total 2023 Premises Flnan¢e (x)sts Governance costs 11,904 6.030 17,474 35.408 11,904 6,030 17.474 5,800 20,646 35,408 34,306 11. Net Incomo Net inoom& Is slatod after ¢hargingl(creditingl.' 2024 2023 Depredallon oftangible red assets 186.273 180,404 12. Audltors r•muntration 2024 2023 F08s payable for fhe audit of the finanThal ststements 6,030 13. Staff costs Th8 total staff costs and emF4oyee beneffts for the rewrtwKJ period are analysed os filOw$.. 2024 2023 Wages and saFarfes Swal s8curlty costs Employer contributions to pension plan8 383,077 24.570 11,249 418.896 344.041 27.639 10,629 382,309
Looe Harbour Commissioners Notes to the Flnanclal Statemonts Inthly•) Year ended 18 May 2024 13. Staff costs (corn8j The average head count of employees during the year was 1512023: 161. The avarBga numbar of full-tlma 8quNalant employees during the year ts analysed as follows.. 2024 No. 2023 No. Number of stsff - m8nag8ment Number of staff - admin Number of staff - operatlonal 13 The nuwnber of employees whose Temuneration for the year fell within th8 following bands, were.. 2024 2023 No. No. £60,000 to £69,999 £70,QOO lo £79,999 K8y Managem•nt P•rsonno1 Key management personnel in¢lud8 811 persons that have authority and responslbillty for p18nning, d1CtIng and controlling the aclivitses of the charity- The total compensation including omployers national insurance conthbulions and gmpkjyers pension contributions pald io kay managem8nt personnel for services provided l() the ch8rfty was £86.341 12023'.£79.634}. 14. Trust08 r•mun•ration and expens During the year to 18th May 2024. romun$rdtion totalling £10.68912023= £1.0581 w8s pald to one tnJsl88, Mr8 A Harrfson. who worked in the coffee shop. The B08r¢J agregd the appointment and the r9muneration paid. No gxpenses were reimbursed to trustees or any persons connected wth them Iluring the year ended 18th May 202412023.. nill. 30
Looe Harbour Commissioners Notes to the Financial Statements (CotinU Year endod 18 May 2024 15. Tanglbl• flx•d assèts Improvamen tslo propety Freehold P18nt and prcyety machinery Motor vehicles Total Cost Al 19 May 2023 Additions 6.719.171 1.153.308 1,778 53,706 46,277 147,420 8,073,605 57.981 106.036 At 18 May 2024 Depreclatlon At 19 May 2023 Charge for the y At 18 May 2024 Calrylng amount At 18 May 2024 At 18 May 2023 6.719.171 1.155.086 99,983 205,401 8,179,641 2,163,181 134,383 786.827 36,727 823,554 28.707 11,054 39.761 3.636 2.982.351 4,109 186,273 2,297,564 7,745 3.168.624 4,421,607 4,555,990 331,532 60.222 197,656 5.011.017 368,481 24.999 143,784 5,091.254 Tangible 8s$9ts are inlually r8corded al (Xt, and subsaquentty stated at ttjst 18SS 8ny accumulated depreciation and impairm8nt losses. It is not Possible to separate land valu8 $0 d8prg¢iation is tharged on the total cost. 16. Stocks 2024 2023 Raw materials and cDn$umabl¢s 6,360 6,235 17. D•btors 2024 2023 Trade debtors Prepaymènts and accrued incoffle 388,749 64.804 385,319 16.232 453,553 401,551 31
Looe Harbour Commissioners Not85 to the Flnanclal Statements fconunu Year ended 18 May 2024 18. CredrtQTS: amounts falling due within on• ye•r 2024 2023 Tde creditors Accruals and deferred inc4Jrne SO81 se¢urSty 8nd other taxes Pgnston 91,047 408,960 98,195 535 68,151 389.611 96,334 402 598,737 554,498 19. Credltors: amount8 falllng due aftor more than one year 2024 2023 Accruals and deferrod Inwme 767.256 783.965 20. P8nslans and oth8r post r•tirom•nt bonaffts Defin•d contrlbution plans Thè amount recognised in income or expenditure as an expense in relation to defined contribution p18n8 was £11,249 {2023.. £10,629). 21. Government grants Tho 8nv)unls recjnIS8d in tho fin8naal stal8ments for govemm8nt grants are 8s follows.. 2024 2023 Regnised in credttors.. Dofgrred government grants due after more than one year 767,256 801,356 22. Anatysis of charltable funds UnréstrlCt funds At 19 May 2023 At Incomé Exp8nditur8 18 May 2024 General funds 3,645,389 1,263,204 1870,730) 4.037,863 At Income Expenditur& 18 May 2023 19 May 2022 General funds 3,431,449 1,092,847 1878,9071 3.645.389 32
Looe Harbour Commissioners Notes to the Flnanclal Statements Year ond8d 18 May 2024 22. Analys1$ of ¢haritable funds i¢ondnu R8strlctod fvnds At Income Exp8ndilure 18 May 2024 19 May 2023 Restricted Fund 2,492,738 17,050 93,633) 2,416.155 Al 19 May 2022 Incom8 Expgnditure 18 May 2023 Restricted Fund 2,570,493 17,391 195,146) 2.492.738 23. Analysis of not assèts between fund$ Unrestricted Funds Restrl¢ted Total Funds Fund5 2024 Tangibl8 fixed assets Current assets Creditors lèss than 1 year Cr8dit()rs greater than 1 y8ar Net asset$ 1,3.349 2.808,994 1598,7371 1767,256) 3,296,350 3,157,668 5.011.017 2,808,994 1598,7371 1767.256) 6,454,078 3.157.668 Unrastricted Funds ReslrKted Total Fun¢Js FurKI8 2023 Tangible fix8d assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,840,088 2.385,337 1537,1071 1801,356} 2.886,962 3.251.165 5,091.253 2.385.337 1537,107} {801.3561 6.138,127 3.251,165 24. Analysi4 of changos In n•t dgbt At At 19 May 2023 Cash flow8 18 May 2024 Cash at bank and in hand 1,977,551 371,530 2,349.081