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 Harb￿r (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 f￿hing bleet In
Ur￿ertain 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 li￿nceS 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 a￿8 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
li￿nce 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. SpeC￿e to Har￿ur 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•m￿rS 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-finan￿al 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 $uppDrtéd this year. and approv81 was granted for an expanded
'Lo¢al Food Fe8Ival' to be hosted on Harbour land September 2024.
Wat•r Based Safety Advl
Managemènt staff lolned other emergency provlders to gNe a pr8s8nt8tton at the Lwe Communlty
Academy just prior to the summer holidays. It b hoped thal this approach will gncouraga students lo
be rllindfuS of the dangars of living in a seaside resort and 8ncourage them to behave in 8 responsible
mannar.
Safety advice o)nlinues lo be glven to Inexperfenced water user5 by the Sllp Master at the Mlllpool
81ipw3y. The posiiion belng manned betweèn Eastsr and thg gnd of September.
Loog D8fibrlllator ApFEal
During the year tha Chief EX8￿J11Ve received the Southwest Ambulance Service Chi¥f EXec￿￿eS
Award, in recognition of h8r voluntary work WTih the Looe DeflbrllLqtor project. Following thè 8UC£8ss of
th8 Looe Defibrillator project. the Board agwd to supportthe Chief ExecutNts'8 bld for funding for
project to provido a Safaty and First Aj'd Training Refrgsher lo Loog flshemien, to include provision of
trauma ktis for all commerci81 ve5581s and defibrillators for ve83els with Tnor8 than b￿0 crew.
Th8 goal of this Project IS to ensur8 thal loss of life is minimtsèd, by prowding lrfe4aving equipmènt
and tr8ining to crews. The project is aimed al p￿ventIng heart-relaled fatalities in fishem)en, r&8e8rch
having identified a gnming prevalence of heart dlsease in ￿$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 facIll￿eS 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 9xdus￿6
use of the Banlo Pler.
A t￿￿919￿ 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 Suc￿s￿l. 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 fa￿1￿88, 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 NeI￿yn 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 add1￿0nal 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 applICa￿On 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
le￿ed on all 'chan￿S of usertenants. of Harbour properties. with revised rentals being incorporated
into each new lease th81 is drdwn up as a consequence.
Re￿11￿9 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$10n8 alw took p18c6 with Looe Marina Conservation Group. who manage the crab recycling
gear facilitias on th8 quaysid8. With an Incrgasing amount of general rubbish being deposited into the
recycling facllfties, Looe HarLN)ur Commissioners agreed to sponsor addit￿nal signage for the bins
reminding people to take general rubbish home wilh them.
Quay Movement
In January 2024 remedial works were actioned on an area of Lower Quay where the surfacè area had
r8cked away from the main slab. Th9 area was excavated, reinforced and relnstated. SEgns of quay
movement will continue to be monitored on a daity basis and r8me(Ilal works 8dlongd wh¥n de8med
Expan8lon of busln¢8$
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￿ un￿1 July
2025, at which pdnl, LHC could 're-purpos8' any of th8 ar888 If they wish8d to do $0 lunlgss they are
und&r Ihe terrns of an Q￿s￿n9188$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 S￿￿￿p 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'b￿ak
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 ￿01￿ct
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 COnsu￿tion 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 alterna￿ve 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 b￿n 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 B￿akWater 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$l￿r￿at{0n for carying a small k)ss each year.
In (knbgr 2023, the pay and display machine on the slte fallad and replacement ports were not
available. Various payrnenl methods werg inv8StMJatgd, to include new solar panelled machines, QR
codes (direcbng customers to 8 payment appl and extension of the current cashless payment app
already operated on the main Buller Quay ¢ar part sli8.
In December 2023. a rneeung was held wlth the exlsllng provKi8r of ¢ashle85 paymen15, who agreed
to develop an app to suit th8 paymnt ccmnbination requirements of the Millpool slip. The new app
went INe in January 2024. When the slip is unmanned (October to February each year}, eustomers wll
have a maan$ of ￿-s119 payment for of Ihe knlity.
Harbour Comp•tsncy Examin•tion for passeng•r carying commerclal oparators.
Havlng inlroduced the 'L008 HaTb(xJr Comp￿￿nCY Examination last y8ar. trK) n8w opèrators were
guided through th8 pr￿esS 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 $8fety.
Ils aim is lo enhance safety for everyone who uses or works In the UK port marine enwronmenl. It Is
endors8d by the UK Governmant. the devolved adrninislralions and representatives from across tha
maritime sector and, while the Code is not m8nd8tory, th8s8 bodies have a strong expectation that all
Har￿llr A￿horitIeS will comply.
In order to meet compliance requiremènts, In June 2023, work commenced on updatlng Looa's PMSC.
The work was completed In Febwary 2024.
On 7th Marth 2024, all Commi88K)ners attended a 'Duty Holder Training, session, which provided
appropriat8 training for the role they hold and an understsnding of th8ir rèsponsibilitiès. as an
indmdual and as a member of the LHC Board.
Hart)our Revision Ordgr and upgrado af Byelaws
In October 2023, Tho Department for Transport Invited Harbour Authorities to Bubmtt draft Byelaws for
review and approval. Byelaws allow Harbour Authorities to wftect local needs and droumstancas and
3llow H8rbouts to ¢onduct their business efficiently and safely.
The majority of other SE)uthwost Ports have oith8r completed their HRO rewsions, or are in the
process of doing so.
Looe 18 In dSr8 need of a H8rb(xJr RevSslon Order and update of its Byelaws. Both of whlch are
antiquatad. Ton years ago, Looe Warbour Commissionèrs enquired Into the cost of an HRO. A sum In
the region of £40k had been quotsd. Sinc8 than. many of the smaller Southwest ports had shar8d
templates and in doing so, kept o)st to a minimum.
In November 2023. solicitors athce was 8oughL Antidpaled ￿sts and timescales being as follows..
Full Modemisation HRO - £25k lo £35k + vaL
Marina Managemant appllcation fg9- £16k.
rimescale from submission to d81omlnatlon tr48nty-four months.
The Commissioners are aware that the (x)n$tttution should comply with the 'Ports GcA)d Governance
Guid8nce' and the￿ore in December 2023, solicitors were instructed lo commence the HRO process.
with the airn of produ(#ng d()￿M￿nts 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¢onUnt￿dj
Year ended 18 May 2024
Bulldlngg Rolnstatem•nt Valuatlon
Despite the fact that Loo& H8rbour Commissioners Idug to Its constitu￿on) cannot Sell any of its
property. on the advlce of the Harbours, insur8n¢e company, a reinstatement exercisg was completsd
in F8￿Uary 2024. 11 was agreed that this exercise should be completed every few years. In case ono
of tha ￿lIdIng$ Suffored signthcant damage. Th9 co$1 of the exer(yse was £2,550 + val.
L￿10n•113 Risk A58essmont
In hhar¢h 2024 a Legionella Risk Assessmgnt was completed for all Harbour prop8rUes. Atdvlsory
actions were taken whero require(l.
GRANT APPLICATIONS:
NEW APPLICATIONS:
Multl ProJ8ct Bld
In January 2024 a new f￿helleS grant IUKFSS) b8cam6 8vailable for the purpose of Port
Infrastructure Improvgmants. A mulu project bid was prepared and submitted to Marine Management
Organisation In April 2024.
The 8sllmat8d tt)$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 prO￿t Is £27k with 75% grant a8s18tance being sought.
FUTURE GRANT APPLICATIONS:
There is no further grant appliCa￿onS 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&ntenan￿1rep2IT 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, rela￿OnshIps, 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 li￿nce
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 re￿iVed 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 year*nd 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¢￿u￿tIng 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 rasou￿8, 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 $tatem8nts of Looe Harb￿Jr Commi88ion8rs Ilhe 'chariV} for the year
ended 18 May 2024 whlch comprise the stalernenl of flnancial activities, stslemgnt of financial
positk)n, statement of cash flows and the related notes. including 8 summary of significant 8cwunting
polides. The flnandal reportlng framework th* has b88n applied in their preparation 1$ 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 rela￿ng 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 prepara￿On 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 con￿rn 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 a￿rdance 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-COm￿lance 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
Ident￿led were COr￿Idered 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 rece￿9d 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 reSpon￿Ve to those risks, and obtain audit
evidgn¢e that is Suff￿lent 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 poll￿88 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 der￿lenCieS 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 fO￿ard
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 ￿9￿v8 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•$h flows from O￿latIng actlvltlo8
Net income
315,766
136.185
Adjustments for..
Dap￿C1StiOn of t8ngible fixed assets
Other interest receNablB and slmilar Income
Interest payable and similar tharges
Accrued expensgs
186,273
{87,956)
20,392
17.212
180,404
133,484}
17,363
68.756
Changes ￿."
Stocks
Trade and othar dgbtors
Tr8de and other credttorn
1110}
149,524) (119.6891
7.840
16,8691
242,556
Cash generated from operations
410,003
Interest paid
Int8ièst f8c8lved
120,3921
87.958
(17.363)
33.484
Nel cash from operating activilios
477,567
258,677
Ca$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 compliar￿e wth FRS 102, The Finan￿81
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&parad 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
Cha￿￿8 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
ro￿￿pt 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
qu1￿ment 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
Exptsndi￿re 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.
0xpend￿re 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 ir￿l￿deS 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. P￿or Smpairments are also re￿eWed 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
I￿laysid8 Cèntre
Millpool
Coffee Shop
Other In￿rne
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 r￿ed 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 fi￿lOw$..
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 I￿nthly•￿)
Year ended 18 May 2024
13. Staff costs (cor￿n￿8￿j
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, d1￿CtIng 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 (Co￿tinU
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 (X￿t, 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
T￿de creditors
Accruals and deferred inc4Jrne
SO￿81 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 rec￿jnIS8d in tho fin8naal stal8ments for govemm8nt grants are 8s follows..
2024
2023
Re￿gnised 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