CHARrr¥ REGISTRATION NUMBER: 291498 Looe Harbour Commissioners Financial Statements 18 May 2025 WALTER HUNTER & CO LIMITED Chartered accountants & statutory auditor 24 Bridge Street Newport SJth Wales NP20 4SF
Looe Harbour Commissioners Flnanclal Statements Year ended 18 May 2025 Page Trustees, annual report Inijependent auditorfs report to the members Statement of financial activities 15 19 Statement of financial position Statement of cash flo 20 21 Notes to the financlal ststements 22
Looe Harbour Commissioners Trustees. Annual Report Year ended 18 May 2025 The tnjstees wesent thelr reF(¥t and the fi181 Stateme of the tharity the yew endad 18 May 2025. Refgr•n¢o ond •dmlnlitratfve delall• R•gl¥tgr•d charlty nam• Charfty rngl•tratlon numb 291498 prtnclpal offl The Quay East LOL Comwall PL13 1DX The tru$tws Mr D 8(d (Charl Mr D Peal Mr J Bu$sel Mr A Tcffis Mr M Darlts) Mr A Penhaligon Mrs A Hanison Mr M Pengely M8 M Wi11¢8m8 Mr W Martin Audlt¢r W8lter & Co Lwiil&J Chartered ntants & statulory a1&Y 24 Bridge Street scrth W8188 NP20 4SF Bank•r8 Lbyds Bank PIC C(rnerryal Banknr PO Box 11MI BX11LT Senator House 85 Queen Wloria Street London EC4V 4ET Sollcltors Ashtords Ashford House Grenadier Road Exeter EX13LH
Looe Harbour Commissioners Trustees. Annual Report (con Year ended 18 May 2025 Structur81 g¢)vemance and management Govomlng document The Charsty is controlled by its goveming document. a deed of trust. The East and West Looe Hart>our BrKlg8 Act 1848, Looe Hartrxmjr Order 1920. LcA)e Hathr (Amendm8nt) Order 1950 and I1. and the Looe Harr Revisk)n Order 1976. ObJ8ctlvwJ and actlvhl•s Background: Lctyx Harts)ur Is under the management ol LcJ8 Hartr commissic5, wh) were fomled In 1848 by an Act of Parliarrnt known as The East and West Lcoo Harbour and Bridge Act,. This was a wbllc Act and the 1848 redtal relers lo ....Ihe proper maintenance and improvement of the Harbour of Lcog, whth would the T(Nms of East and West Looe and of the adJ8cent towns ond disthcts and would aL80 benefit the ftsherias.. Since 1848 the Hartr has )& through many thang&s. primarily due lo the in the naturo of trade passir¥J throu the P¢Jl. Currenly. main areas ofoperthn are: Two Herbr slde ¢•r p¥rks Leoslng of 8 number of propeths Overseeing fi$hiThJ related seThks the quay Providing mowngs (commercial and leisure) on the seaward slde ofthe brfdge Management & m8intenan¢X of Harb)ur SKYe slipways General malntenan¢e of the quays arKI Hartour sYJe area8 The Commo8$ets are acccMJntsbl8 to stakthJbJer8, both benelkbary and nonthrficlary. As a Harbwr Authorty. dally operatths aTr undertaken with C#XSkJorabon and referen to the objectives stated in thé Port Marfne Safety Cc¥Je, whk applles to aN Harbour Authorrtbes in the UK that have Slalutory Powers and dut¢s. Commor¢lal Vessds Fl8hlng. Looe Harbour h88 Welc<rf Iwo nvrt fIShh vessels to Ihe Lox floet this year. The number of smalkn commerrAal vessels (x)ntinues to exceed larger vesseE numbers. Looe Harbour Commtssioners keep the faciltties offered at Lc)e reasona prwl arKI fft for purFose wrth the alm of malntainlng 8 viable fishing fleet in un¢ertain lins. Trippinglself-drive vessels - gla6s bottomed vossol. ar¥J h¥0 th8rteA ve88els were added to the fleel durirvJ the year. One of the existing glass botlomed vesseL8 was also sotd to another exlsting operator. Three of the vessejs were an expansion of an existing business. These addttions created additional kKal empkIent with Ihe owner COrrm lo increase the skill set of young local sknppefs. A vlde varfety of ex7n$ contlnue to be offered to member8 of the public.
Looe Harbour Commissioners Trustee5' Annual Report (coftJnugd) Year ended 18 May 2025 Support of Local ganatIOnS A rw4uesl fLY a for a thlrd safety vessel Looe Salro was apkyoved thJrwwJ the year. Staff Rolos, Contract R•vl•lon and Tralnlnq In Juty 2024, LHC Icknd the Fe(5walkn of Smal BustrTh. In Decanber 2024, Cer were apFrfynted to starKlardi8e 811 (xntraGts and as8c¢ialwl (kMentst)n d ensure that LHC remain tsjmkqlant wlth r8pldty char¥Jlng HR18gElatfiM. A three-year tract was reed, at a monthty cost of £200 per month. Work tryan in January 2025. Followkng a o)nsultati¢)n ess, new ¢Lrf)tr8Cts were issuod kn March 21y2 manageMt staff cyjntinue tr) review the stsff training proarnMe to erwye thot traknlng b adequata Port Security tralning wa$ given to Hthr Patrd slaff as part of a S¢xrth West Ports traknhJ Inltlatble. The Inter8¢10n wlth Harbour staff in cther Pcrfts vrds benefic4al. In AEKil 2024. all staff wwe offer•J a general fyst a•J Tèfresher. 8pedftc k> Hthr op8rnb)ns. A 4% knrxe06e was aweed for 011 mwthrs fl Staff ICY the yw ended 31st Marth 2025. Stskehold•rn Con•ult•tlon etIn hav8 tak¢n rlace wth stakvJld8rs this year a8 V•fien requ1. Support ol Local EnI4 Alth9h the commis$Ker3. due to thelr consti. are to offer fina181 p[rt to tho mony Ioc81 events, they can offèr non-financlal suppwi to events suth as the Intem9tal S8illn9 Champlonships. LO RowlrrfJ Regatta. Lco8 Weekender, F Canoe Race, Looe Lugger Regatt8. Lts)e Raft Race. Looe C8mN81. ChristmasN8w Year CelebraiKffj. the Wld Swlm. Ch8rity Tractor Processnn and a nunknr of other fundrakging 8¥ts. Both Ihg 'nW 'Looe Bull t Boats, event and the exp8nded Fothl Festhal. wwe weH SuFvd. and appmval has been granted for these events to be repealed next year. NegollaliorB stsrted In 2024 wrth Gr8¢emte Pron¥ Ltd. to 8 m81¢ Festival on East L¢y)e Beach in September 2025 and use part of the Bulkn Quay car park as a worting area during the festfval. Apwoval in PfinCAple for the event lo tske FAace, was anted Oy E881 Looe Town Trusl in August 2024. In March 2025 an appr08th was recfved from a Its1 art keen trj ueate several hi5torlc murals around the tcthn. The group were aed to wepate a detsded prLV)sal for Board LX)nsKlwaticffl.
Looe Harbour Commissioners Trustees. Annual Report (¢onthwdJ Year ended 18 May 2025 Watgr Based Safety Advl Management staff joined other ThryJency tthders to glve a presentstK)n at the Lctt Communty Academy just prior to the summer holidays. It 15 horth that this approath will enQrage Sdents to be mindful of the dangeTS of liwng i a swde resLYt and en¢%rage to b8hav8 in a responsible manner. Safety adv (x)ntknues to be given lo water u88ryJ by the Sll) Mastsr at the MllkK>JI 8llpway. The poslbon t¢ing manned between Easter and the end of September. Loo• D8fibrfllator Awal Whether fishing on an insh8 or oftstm vessel. ¢xcupaknal risks can be mlbgatad or reduced, with appropriatè training. Since April 2024 the Chlef Exe(the wortted with a representstive of Ihe Seafarers Hospital Society ILld(), to apply and deliver a prO1t to provide a Safety and First Ald Training Refresher course to LL>)e fisharm8n. lo indude prOvish of trauma kits for all comm8rclal vossels and defitlIa1(S for vessels wilh more than ryew. The grant bld was approved In Juty 2024 and resulted In Lchje belng used as a pilot pct for a bwJg8r project. Training for Lcx)e 8kSppors and eW was delivered in November 2024. Th8 success of the pilot proieL1 olbwed the project to also b& delNered in netqhbwring Ports. A defibrillator and trauma krt was assigned to the Hartrx)ur ves8el a¥ part of this project. In Aprtl 2025, thi5 kit was used to save a membw of staffs Ilfe en tl suffered a cardiac arrest. M Is hoEd that additional fvndrKJ can be sec4hBd so that th8 wleot can bo d81fvered nationwYe. Annual Ch8rg• Rovlv As in past year5, LHC charges were ([skye al¢)wshJe charyjes lev1 In other slmilar $tzed ports and parking facilities in the ¢kne vicinity. This year has onc4 agaln seen a welmed Intyease of flshing boats into the Port. in additmjn to some new passengw carrying vessels. The Commissloner8 maintsln that tho reasonable opwatK)nal charges levth in Lcrf)e, ui additn to the fadlities avaik8blo, ar8 rn8p)n$IQ lor these inctsases. Historrcally, Looe H8rbtyJr CorrwnL%skxwr8 have •Jeed that dwrges applied lo fh8mien opwatlng from the PorL would be subs#Jised ty income genera1 by the car park. H¢)wever. %then comparing ice prices to those in nelghbouring P(xts. il was allreed that there WhId need to be an inL¥ease in harges applied this year of £2 skip. Gwr81 charyes were kK¥eased ty 4% forthe f(yttrntn9 finartial year. VL8ltor m¢)oring fee8, ttan#gg, W81tlng ltst and presswg washer charges. all remained un¢*anpd. The houbly rate ftx exdu$rve use of the Bani) Vier. wa8 Increased from £100 to £200 per hour. Tho Buller Quay w park remalns th8 maNI trKome stream ts the Charty. Folowing r¢qSt from the publc a h811 hcr thaDJe was rrtrcKluo%d thi5 year (50p}. Due to cL)nfflt with a newly installed parking paymert system. it was not possible lo mainlaln a £2 ovemight parking charge Ibtheen 6pm and 88ml. Therefore. a new 'Locals i)vemight Pem)it' was reated, which can be used between 6pm and 9am for tcals wshing to park on the 12r park ovemlght. The annual charge for the permf( L8 £100 + VAT. The pemirt i8 8L80 availab to staff of l¢xal businesses, do not INe
Looe Harbour Commissioners Trustees. Annual Report IconltrKMd) Year ended 18 May 2025 Invests)wnt Incom• nterest on investments stabilwj thls year. The average nthty interesl eamed on the Charities Officlal InVeStmt Fund {COIFI b&9 £7.408. A total of £88.895 interesl was r88 in the yaar. LHC staff continue to nTr)ntity marfEets to ensure that maxknum Yrt8test b being eamt the Chariti, Investments. Rthirblshm•nt Works UnKs 2, 2b & 3 roof replacement . A quote was accepknl wi 2024 to rnplace th8 Outor skln of the roots crf units 2. 2b & 3. Th8 C(xr¥nissiMws fund Ihi5 th from reser. Works men¢8d in March 2024 aTrJ althcKth hampwed by weather, wwe in J8 2024. Tho cost of the woSect Ing £67.875 p$ VAT. Pennand Sllpway - haVg ned Crnll CounGil to thise that the C(ymcl cAvned slipway at the end of Pennyland was In need of Urn1 repair. LHC were advise(I that c(AJ•1 did not have the finance8 to actic the repaSrs. To FKOted the inlegnty of the LHC (AvneAI Ferry1 waIy. LHC ccrfnpl¢ted th8 necessary repairs to the slipway at thèw (xL R•vlow ol LO Fl#h ma¢t Op•r•kn• Folowng the ch)gure of PlYr Flsh Market in May 2024. the Lo( fiast (88 to their sh to 8rixham, where they feli better wlrAs be obtai[1. To ovoid d(NJble trarnsport $ts. PLVI Health alknved adaptS to be Made to the Hartr vehicle, so that il could be used lo transp(xt tsh lo Brixham for ce ffKrf)th, at tim. an anative transport m8thod would need to b8 estab1lsh. During the m¢yth. Hart(wr slaff plus two &Jdltk)nal C£traOIs, drove the vèhlde. Costs initialty being covered by LHC. on the undentarKling that cc6ts Vhjthj be redaimed fr(xn th8 fi8h8mwn al a future date. The CE hdp8d Loo8 auay submtt a Grant apFlical ftx 8 trartspcA1 vehlg in J8 2024, in addlllon lo entering negotSatlons with Brixham Trawler Awils18TA} regards lo the collection crf fish from Lc)e. Agreement was r8ached {th 8TA> w) June 2024. when LHC ce8s&J providlng a transport 5eNice for Looe fishemen. HavlrKJ reVIed the trarffjFLVt (xts truirrgj lo LHC to date (¢Y¢a £4,OW), it was agreed thot LHC would mr the costs and not rè• the fthern. PFSA contkwed to knvesllg8te the fe8slbilty of r&openkng Pty7 Fish Market. %thich kx*s unlikely Ot Ihis Ilme.
Looe Harbour Commissioners Trustees. Annual Report Year ended 18 May 2025 Chango of Occupallonluso of Harbour Ixoperties In January 2025. the tenant of the'okl Harbour Of, gave noli¢•. The propety was adveitsed 8nd in Fetxuary 2025, a new lease was granted to 'Lamanna'. a newly established business supplying specialty coffees. frSIng on ethh31 SCArryng and SLtstaina)fe tyadices. Work to refurbish the propety for its ne4¥ purpw, began irnnwdialely. wlth Ha[trr Stsff 8s6151K with removal of existing faballon. The tenan of 'Daves Dineff also Tellnqui%hed his lease during the year. An exigling tsnant sered the lease of the premises and gained approval for rethjrbishment works to commence in April 2025. This cyerty will contknue to be 8n eatery wthen the refurbi¥hment is cg)mF4èt6. Rentsl rewvaluatlons PrOfeSsn•1 a(Ivice continues to be sougm from ts¥o kndgpwdent gst8te agènts, for rentsis to b 18vled on all 'than9es of usertenants. ol Harbjur PrOF8S. wlth rovtsed rentsls being tnccxpJrat8d Ento eath new lease that i8 drawn up as a c¥)nseqU6re. PrortY R•valuatSons for lnSurnn PurpDM8 In June 2024, 8 Buildings reinstatewil re was authorised on reComMendatk of the H8rbours insurers. Thi¥ will ensure thal underinsurance ieS regard$ to 8ny fijture daims, will t ovolded. RcYclIng Facllttl The marUr cJthnu6s to r&¢yckng receptsdes fty waste and 8rrarvJ8 ¢cllodlws as and %than wulred.
Looe Harbour Commissioners Trustees. Annual Report Year ended 18 May 2025 Achkv•m•rrts and wrfomiance CAPITAL PROJECTS: Sardlne Factory Re4)•vQntt The totsl cost of th6 Sardkne Fackry and quay stabllis8tson woJoL% lttNted in Juty 2018) aff)nted to circa £1.9 million. Numerc4Js grants were secjjred over a three-year riod, resuttng in a LHC contrlbullon of aFproxNnately £1thJ.CQO. The 'c4JThlilions' of these remaln in place until Juty 2025. al which p)inL LHC coukl 're-fAW' any of the ar888 rf thry wbhed to do fyo lunkn8 tt18y are under the tefflB of an esting lease). coff Shop (LHC operntod): The Coffee Shop clos•a at tho end of O¢tobor 2024 and r&oper1 kn Mard12025 Iho rw season, In the annual review it was noted that the venue reium&J a Frt of clrca £13.298. Itsn& levels Increased by urGa £24.LXXJ. Wages and stsxk (x)ntinue lo be the two rnain expendlbJes. Alcohol sales have boosted profits thls year. The vonue ¢ontlnue8 to be Fwl8r wSth vlsttcys and 8r#1 c¥eatad emFtyMIl for elevan k1 FWI8 of vwlnp ages. Loc41 (Jaft ttinUeS to be disF4ayed for sale kn the verw, vAth 0 10 conwnlsslon cwpJ by LHC. The enure YU8 was hted several twnes for flrThng d the.885d Paradise. 8¢rl8s, vthlth g8ner8ted of £4,084. tt has been that LHC will witinue to the vanue {rathw th 18086 It) on 8 8easonal basis (March to October) fcf another year. Herltage cfjntre (LHC op•rat•d): The Heritage Centre also re-opened wi March 2024 under a 'donatk)n on exif basb. The venu8 was 'unmanned' with Coffee Shop staff &s(Ing vIstt$ Wh requ. No dlrect wages have been alk(ated b the durry thlg financl81 yew. Atthough donations de¢aSed from £964 12024) to £372 {2025). nrchaTrJise Sa intteased from £462 12024110 £1.236 {2025). A small Fyofft was retumed this year - £1.083. This venue w8S 8fso used ffilmIng purposes. whicl) elated )rne of £400. A menknr of Harbr ¢th staff ccntmues trj assi8t the Coffee manager to organlse events. to indude cOnrts. L8lks and thildren's events. Vony of these events are free of tharge and are hosted to support other bcal organisatb)ns. AddrtK¥)al incon being werated for the Coffee Shop as a 11 has b88n ageed ¢Ybce again. to run the Hwilage Centre a5 a 'seasonal bLne$S. {Marth to October}.
Looe Harbour Commissioners Trustees. Annual Report (¢tyMhN Year ended 18 May 2025 Flood Resllience ProieGt The of the Lwe Defence and Regeneration Schem8. has aKvays been to protect Looe from frequent 8j severe fiooding for the next one hundred years. umving the community time lo adapt to a changing climate. The projeca will also enhants the overall environmentsl integrity of designated stL8s and water bodies. and work in rtnership lo pronv)te econom gr in East Comwall. by helping to dellver new and improved raTr. road. fery. cyd5ng and walking links whi151 protectlng and enhancing the marfft and vistt(x ecx)nomy. Looe F)d Defence & Regenerat Scheme ntInu to progress thi5 year. In March 2024 8 drdft OBC d$ submitted to CourKil and the Environment Agentys Large Proiact R6vl8w Group ILPRG} ftx review. The OBC identrfied tt)e breakwater and tidal barriers oplion as the recommended soluticfft that wlll r&Juce IkMJl risk enable regeneratk)n in Loce. This also indudes an extensv)n to Banjo Pler, c#Jt off walls to East Lcoe. a suspended WaraY (yJnnecting Hennafore and Pennand a pcffitoc and teTh¥)cary th8 new harbour araa. Thls optlon 11 provide protection 8 1.200 year stomi event up to 2120. Tho LPRG wlll have cont8cts wrfhin other Government Depathbants re F)lential fiJndig avenues. In May 2024, tha C¢)mwall Cwnul Dlrector Le&J8rship Team advised Ihai they were Satisf with the draft OBC and that the OBC had been pass&a onto the Counuls Ou¢come Dativery Board IODBI. In June, the OBC would tr considered by the Ctyporale Directorate Te8m (CDT) and th8 ICB In August. Ono the proAect had been apkyoved by the various Boards. Comwall Councl could assist the project team In 88eklng the fvnding required to alkjw the ixoi•(I to FYCKX8d to the next stage {Detailed de8Kdn}. Subjed to securlng funding, th¢ Detailed Design Stage wll include an Environmental Impa¢t AssessmenL planning appltstrjns. a HartoJr Revon Order and a Marine Llcence applicatlon. Negotiations will MMan wilh affected landcwners and ter¥Jers wll be188ued to $¢lect a contractor to cary ¢Wt datsiled desvJn and C3)nstrthbM 7Arffks. Following a kxal Cwncil eleclion kn Juty, th8 IW docAThents were sent to new MP foi consideral#)n. In August 2024 thè Prect Team V+erg adv168d that the OBC had b88n to all but one of Ihg requlred C¢ynwall Council departments. Cc¢nwall Council were SUFPOrtrve of the prcle but fert that they had now reached a posklon where aTr)ther organlsation suth as the Envlronmenl Agenoy, should dellver and manage the projecL With ever inc¥ea$Th Costs. C(Ynwall C¢yJnal ware ml prepared las the Lccal Autrorfty) to become reSpsible for any shortfall in fundiro rf the project prO9SSed. With regards to thé next stsge, Comwall Council would invest resources not finance. Also In August. the Environmentsl representative advwd that the LPRG Committee had revled the OBC and had concluded that it was a e1 nfomied documérf and that they {Ihe EA) We Impress wlth the prO9$S made thus far. It was noted that Ihe Chan(1X had sLqted that there would b8 a pause in unfvnded Irrfrastrucbjre wcie¢ts'. In September 2024, lh8 team were a¢JThd that there woukj be a C11 ele¢tw in May 2025 and Councillors were reluctant to support projects with kn(V•vn financial rk. The EA also expressed Con$ ab(Krt the delNerydbilty of the wr4ect and stated the EA wcwkl be prioritising Mvestment in sthemes Ihat could delivered by 2027. Thls woukj be unathievable for this project. Wrth a small amount of budget remaining. the wcyeca team agreed thal 'aKemative' smaller schemes as on Outer Breakwater arbj auay Well Protection) may need to be wnshjered Instead. In November 2024, the team We *Jvk8ed that there wwe no Govemment funding CunitieS available for any suth projects at this time.
Looe Harbour Commissioners Trustees. Annual Report Year ended 18 May 2025 Wrth signifjcant invesbrent Ibcth in terms of finance and tim8). Ihe prct appears lo have reached the tx)inl where a proposed solutN)n to reduce lknd rlsk and enable regeneration has been developed. ith Is'ready to go. If 8ppropriats fijndhg beo)mgs avali ab in the future. The detoled WL¥k that has been undertaken lo brlr¥J the project to thi8 stag& means that the proj& will be In a str(ry position to t?e fCard rf the natknal pthre changes arKI fijnding bec(xr avaIla. and Comwall Counthl Sntends to continue to wllh FIn$ to klentify dher s¢)ur(s of fundh)g In order to develop the wKJer scheme. Thls is a d1$apntkng Outc for thè lo(xl m8mFrn of thè prd8Ct team as, after mgny year8 of lrylng, there is still no resolution to the frequent ficthing IncKlents that jwardise the vi8bilty of o The Commiss#)ner¥ met wllh our MP kn Feiyw 2025. No fwbjiig (ptUnitI9S have arisen from those discussions. Mlllpool Sllpway & AdJac•nt P•Tklng Area The MIIIpLKsI Slipway rnntinuos to be oporaled undèr a 'managed' opènlng hours toHcy. Th8 smpll income stream generated belng 'rfv)gfenced' lo offset the wages of sllpway staff 8nd 9en8ral m8inten8nGe costs Lrf the launchirrfd area and SI. MillpocA $llpway staff Continu to yk18 sea safety advlce to W8ler users )d (Thtinu8 to wcKk undgr the gUIdan of the RNLI to di5tr1bute adv18cry19ats to u8•r8. In Jun8 2024, a new payment A4¥1 was stalled. 80 that Custome (an pay for u88 ofthe fadtlty Ythen tho slip is attendJ. Although the mannlTrJ of Ihls Sllpway results In a depwtrrnntaf h)ss.11 L8 belIed that the n-tand81 benefits of having thls facilty manned provKles juffjcalwJn for Ca.n9 a $m811 loss year. Hart)our Competoncy Examlnatlon for paswig•r carryln9 ¢omm•rcl•l op•rntorn. Threè new opgrators w8Te gulded thrwh the pceSS thls w, to perni188 baing gmnte(I these peopfe to operate c(¥nrrwcialty from the wi. This Impro$ lh8 op8ratp)nal safety wllhin the H8rb¢S1lWfjSd1CtlOn. Port Marfne S•foty Codo The Port Marine Safety C<>de IPMSCI sets a nal#)nal StarKla for every asrect of pcrt marine safety. Its is to enhance Safety for everyone wh) uses or works in the UK Fmjt marine enwronm8nt. It Is endorsed by the UK Govemment and devofved admbnlstraticns and representatives from across the fll81ftime sectcff and, while the C(Mle Is not marKlatuy, th88e bcKlies have a strong eypectatlon th8t di Hart)our Aulhoritles wlll comply. Work continued through the year tcr•rdrds athEvirp conw15a status wilh the Mwiknme C08Stguard Agency. The Assistant HartKKJr Master and office staff have vhyked wrth the Harbr5 PMSC Heatth and Safety and PMSC audlts re compkted In N(Nemiw. Janry and February. It aMKipata that frJll uKntAiavKe be aleV1 by Juty 25.
Looe Harbour Commissioners Trustees. Annual Report Year ended 18 May 2025 Hart)our Revlslon Order and upgrade of By•laws To compty wlth the Pwts GcL)J Govemance Guidan.' in December 2023. solicltors were instructed to 0)Mmen the HRO [. wilh the aim d wcJuang do(>Jments that Satisfy ¢urrent and future requlrements of the Po Fees of £4.280 have been p8id account, to date. The tolal cg)st of the HRO is exed to be in the region of £51.OCQ + VAT1£35.(M)O sdiotors fees. £16.(M)O Mame management atp1l¢at fee). Th expacted limescale frc4n sUbmissn to determination Is Iwenty-four nThths. In Merch 2024 ABP Marlne Envlr(xyngnlal Res88rth Ltd were lo Ppare plans fcf the HRO. The triet and dry limtv rAans were approved ty the Commissloners in Novemb&r 2024, the limlts remaining uTranged from existing. The cost d the exercise wa5 £2.800 pl VAT. In Noverrthr 2023. solrcth advKe vrds sought. Ant?P8t8d Lxsts WKI timscales belng as ftlows: GRANT APPUCATIONS= NEW APPUCAnONS: Muhl ProJ•¢t Bld A multi prc¥ect bid for a fl$heri88 grant IUKFSS) was wepared ard submitted to Marne Management Organisation {MMOI in May 2024. The esdmated ¢05t ofthe prW was £723.(h)O and IncvJed seven ebmonts to indud8: Works to Harb)ur lOration faclits Replacement of 3C#J hardwc(J me1n9 plles In o)mmeroal berthlng areas Replacement of 66 waysida access l&Jders in ¢ommercLal berthiry areas Réplacement Forklrft Truck + Safety Platfomi Purchase of Mobile Elevallng Work Plattomi (IMEWP} Upgwle of Harbour CCIV system Lower Quay FiShenen.8 Stces aThJ rthVKI (to include wr¢hase of 5 sthge contalnersl livl Iv) i) {viil Approv81 of the appc£kn wos rec4ived frcAn MMO in Othr 2024. In December W24. LHC'S Pefmitted t)eveloptwV rfghts Ifc the Lower Quay Sloras project) were ch811enged. After seeking sofiotors. advice (and to Ftect the grant offer from MMO) a r8trospectNe planning applKathJn was sutrxnTtted to Comwall Council to indude pparation of a FIocJ Risk Assessment and Environm1 A8sessmenL Flannlng apwoval being grantgd in June 2025. The Harbour team wothed tirelessty to en$uffj thal projects pr(*3rossed a8 anned. hjl prO1ts were comploted thIn budget and wtthin the allocated time. In January 25, It was agregj that (Th of Ihe knstall1 harbrsIde CCT cameras would be made 8 tbliC access rnera. Wcffks to achieve this were at year end. ClalrnslPayments Claims 1,2 and 3 have been submiited and paid (totslling £189.009}. Clawn 4 (£240.2511 is due to be submthd at the end of May 2025. The final daim is eXFd to be SuirtIed In JY 2025. 10
Looe Harbour Commissioners Truste8s' Annual Report Year ended 18 May 2025 Fl8h Box Gr•nl An applicathm {cffi behaff of the Le Fishermen) to the {FASS> grant sd)eme for 2(IXI fish boxe8. was submitted to MMO for rJ)nshYer8n in earty May 2024. The ant1pa Ix)st ofthe project is £27k + VAT 75% ant assi8tance bekng swhL The granl wa$ opwoved later that rTKYrth. with a avrdrd d lundw¥J b8wb3 made. After ts)n8ultabon with the fishe. tt wa$ awd Ihat the shothll d £6.750, wouhJ be recLqined from the fL8hermen by addlng an lItiOnal 0.5% Larye (teclawned via landing dues) til the sht[all was recoverad. The fundirvJ apFlicalpJ) was made In November 2024, with pat belng r8c8fved In De(xnber 2024 1£20.1751. FUTURE GRANT APPUCATIONS: Thera 18 no further an1 applUt5 ptanrnd for the inwngdiate futtwo. OThER WORKirrEMS OF IiifEREST: Work to QY Wall• and Sllpay• The quay w8118 are r(Mffjnely insperted. and rem8dlal is deemed np•xsary. In Mar¢h 2025, 8 secth)n of quay wall was s¢¢n to b8 buhJing durbng r(wJline insp8Ct#)ns. SlnJctLtral Engineers were ithctad lo devw a repair plan. Quotss were sght for ground knvestigations. Tho Investtgatw work was ongokng al the year end. Gonornl MJlnt•nan¢•lR•palr of Hart>our Prop•rth• The general malnlenancthpotr prc¥JBrnme contknues, wlth wJrades ImwcNemonts bairKJ mad Problematlc P•y & Dl•play mxhln•8 The 4G modem upgrade uThJert8ken last year (to OVer)Me Ihe Frf)or intwnet ayaabIlIty in Ihe town) improved the reliJilty of the Pay arKi DISp tyjt the mlneS o)nthJed to b8 prObmatiC. In June 2024, the C(Mnmi8s)ners commenced invest3at)ns Into r¥ linked to 8n Automatic Number Plate Recognibon {ANPRI System the Butler Qu8y car park. In twmber 2024, the Commissi)ners reached agreenI wilh Alliarte pathg to install new machlnes and a ANPR system In the Buller Quay par This syElem stKMJld siwificanty reduce tariff dtrdglng and improve the efficlonoy of the Gar park. A thre&year contract has be agreed with the provider. As part ol Ihis contrdd, all four Pay & Dw18y machlnes were rep1, two of whith were Ilnked to an ANPR system. With the new system, stOmerS Can lop up, paymwl Irf they have over-run their time) before leaving the park. PaYint can be made via rash. (8rd. or the pant App. New lerninals were fitted in both the East and West Lc)e car parks in May 2025. with th8 Buler Quay temiinals due to t Ilnked lo the ANPR sy¥tem 2025. There was rn o)st to the HartxyJ for the installatKJn. 11
Looe Harbour Commissioners
Trustees. Annual Report iconOAU¢
Year ended 18 May 2025
Damage to Ice Plant
In March 2025. one ot the nevty installed I pLants was vandalised. Two youths having broken Into
the fish market lId1r0 during the eaty hcyjrs of the momng. Repairs costs'ng £12,500 + VAT were
needed to make the ke plant operanal On again. The was wth the Poli arid harbour
insurers. backed up with CCTV evKlence. At the year end. hartJr staff continue to li0 with pojice
lo re
Looe Harbour Commissioners Trustees. Annual Report (¢tyth Year ended 18 May 2025 UK Partners Against Crlm• {UKPAC) In May 2025, Loo& Harb(MJr Commissicer5 1Stered wilh UKPAC. is a N&tal sdHne that Imks businesses together to fvJM against crime. Ajthough a Natial s1en, Ihere is a kxal hub. This 8theme will make thé repng of crm88 easi8r than the cuThent pledure. Fllmlng on Harb¢wr Prop•rty The dr8m8 Beyond Poradise. (vthkh w8s Nm8(I In Loo8 and SWTwndKwJ areas) was first aiwl in Febnjary 2023. The first Iwo sertes were a success filming for a third serios re- nmenLd in August 2024. FilmiThJ has been torrplell in IoLS. thr9bOLrt the year. WTth LHC recewing remittanee for use of Haftmxjr land, propwties. park¥vJ provisb)ns and assistsnce of Harbour staff. A Sum of £17.347 li VATI has been rtter¥8d frL¥n cunp8ny during this frnndal year. The 'exposure' continues to befft the tCA¥n's Iwsines$68, wdh sw4ero1 bu8lness8s {suth gulded tours), evolving from the success of the serles. Horbour land was dso u8ed In seplfjrrt by'Clrd8 Hook. vhK) fiknj a movle the Neffirx channel. Commlb8lonern El•ctlon• In May 2025, an approach was mth lo Comwall cou1 lo Nn the 1ri4nnu81 H8rtrt)ur that are due to tske ace Othber 2025. The expected GC6t of th6 process 15 experted to be In the reg40n of £14,(KJO + VAT. Fln•nclal rovl•w Flnan¢ll Po•ltlon The Statement of Flnan¢l81 A(lfvhles shown on pag9 18 of thé acx))unts drAo$69 net for th& year of£1,528,970 {2024: £1.280,254) and net expend6bJre crf £1,103.873 (2024: £W.3631. The lolal reserves at the ye8r4nd starKI at £6.879.115 (2024: £6,454.018). Principal Fundlng Sources The Commissloners are pleased to repjrt thai the Ch•ity is fied by the from Its actNiti6$. as set out in Note 3 to the fin8nci8E slatements. 13
Looe Harbour Commissioners Trustees. Annual Report (conthywd) Year ended 18 May 2025 Trustses. responslblllties statement The trustees a resF(msth for rryaring the trustees. report and the financl81 statwhents In acrdanCe wrth aw)lit2ble law and Unried Kingdom Acojuntng Stsndards (United Kingdcn GerdlY Accepted ACunIng Practvx}. The law applicable to charl in England and Wales requires the (arrty trustees to prepare financial 8talemenls ft)r each year whth gNe a tnje and fair view of the state of affairs of the charty and of the Sncoming rejrees 8ThJ ap1(3on of reSrces. dthe tharTty for that period. In preparlro thèse fin¥01 statern. truslggs arg requlred to: seknt sultsble aCtting FX)Iw and then atvly them consistenty. obseNe the mathc4J$ and pncleS kn the 8rvlkable Chwlues SORP: make judgments and aCun9 estimates that are reas¢Thble and prudent ppare the finandal stataments the GY)wig CoreM basL8 unless It bs Inappropr& to presume that the charty y ¢ontinue n tsJslness. The trustees are r¢$pon$ible for keeping ad¥te accounting reclyds that are sufficlent to show and expLgln th6 th4rfty's transactbm and di5dose reasonable accuraw al any tlme the flnanclal pasitlon of the charfty and enoble them to ensure that the financial statements comply with the Charities Act 2011, the applicable CharitS (Acccwnts aTrJ Reports) Regubtions, and the prov¢sions of the Trust Deed. They are aL80 responslble for safeguarding the 889ets of the charity and hence for taking reasonable ¥teps for preventkn and ijdectlon of fraj and ¢)th8r irregularft. The tn19t. annual rep(wt Was 8pryovo0 on 30 0(X(thr 2025 and Svdned on b8haW of tho board of trustees by: Mr D B( (Chalr) Trustee 14
Looe Harbour Commissioners Independent Audltorfs Report to the Members of Looe Harbour Commlssloners Year ended 18 May 2025 Oplnlon We have audited the finanual statements of LcM)e Hartrfjjr Commissioners (the 'charitll for the year ended 18 May 2025 whK cOVise the statement of financial adNrties, statemènt of financBI p)srtMin. State1 of cash fk)ws and the related rK>tes. IndJing a summary of sVJnifant accounting Iles. The financSal reportiYJ framework that ha5 been atWd in pteparatk)n Is appltsble law and Unlted Kingdom AcLwnting Stsndards. IndudirYJ FRS 102 Th8 Fmancaal R8FXting Standard applt(sbl8 In the UK orvj Rep of Ir8laThJ (Unibj KIWc¥n Genwdty Ac¢epbJ Ao>)untSng Practh>. In our opInn the fina101 stotemonts.. give a tnJe and fair of the state of th8 thariivs affairs as at 18 May 2025 arKt of its incoming resources and applicatn of resourtss, induding ts Incon and eXpendre, the year then hove been kyoperty in Kcrydae wtth Unlied Kwn GeneraTry Accepted Ac(>)unting PractKe," have been prepared in acLx¥dan¢e wlih r9]ui[nts of the Charl5 Act 2011. Bas1• for opSnlon We c>Jnducted our 8th1tt in aWd8 wNh IntemaUon81 Sland8rds on Audiung {UK) IISAS (UK)) and applicable law. Our responsibilittes under ttKtse 8tarM18nls are further described kn the audltorf$ re4nSIbIlItIeS for the audit of the financlal statements tIcffl of reFNt. We are ePendent of the charity in accordance with the ethul rewirements that rekvant to ow audit of the financial ststements in the UK. induding the FRC'S Ethlcal Standard. and we have fijlfilled other ethical reSpCsIbIlrtIe8 in amdanco vilh these requlrements. We believe that the di1 evidence we have oblalnèj Is suffKient and apFnate to provklo a basis fty op11n. Concluslon8 r•latlng to golng conc•m In audltlng the flnarK181 slatemenls. we have t4JncbJded that the twstees. u¥e ot the corKem b8sls ofaGcountSTrJ kn the Kwarnlh)n ofthe ffflgnclol Stateme Is atvowlate. Based on the work we have pwfcffl)ed. we have Thjt Klentrfd any Matla1 unwlainties reling to events or condllbns thal. N1vIdUaY or Colb8ctpPy, may cast spJfftanl doubt on the charity's ability to CtInue as a going crrn tr a perth of at least iwth MC$ from when the finsncral 8tatsments are autIKknd for18we. Our resp)nsSbillties and the reSpre8 ofthe Iwstees wlih respeLX to gthg are desc¥ibed In the relevant sectK)ns of this reF#Nt. 15
Looe Harbour Commissioners Independent Audilorfs Report to the Members of Looe Harbour Commlssloners Year ended 18 May 2025 Olher Infomiatlon The other infomwtK)n ¢crfnprises the inf0m)n kncluded in thè annual rerrt other than the financlal stst&ments and our audliorfs rewt there. Th twstees are rfysponsible for the other information. Our oplnlon on the financial ststements does nol C£ver the olher infcymation aThJ. except lo the extent otherwkse expllciyy stated in our retKrt we do express any fomi ol assurance uSIon thereon. In conn8ctk)n wlth our audit of the finanual statements. our responslbillty Ls to read th8 Other informaUon and, in dcAng so. consmjer ether the other lnfCnatm)n is malerially inconskstent with the financial ststements or our knovAedge obtained in the audit or othep•vi8e appears lo be mat8rially misstated. If we erttfy sh material inconsistsrties LY app8rent materi81 mlsststements, we are required to detemiine wthether there a material misstatement in the fmancial statements or material misstatement of the other InfOnatIon. If, based on ihe work we have performed, we condude that thwe Is a mater181 mIsststemt ofthls fv Infcymatkm, w8 ar8 requlrad to re1 that facL We have nothtrfj to repcrt In thEs regard. Mattgrn on which •r• rèqulr•d to r•port by •xc•Nlon In the Ilght of the kntyvledge WKI urKlerstanding of thg tharity and ils envronment obtalned In the of the aud we have rKt kJ8ntifi8d matefial mats in the trustées. r8rK)rt. Wo have nothlng lo reF¥Jrt In respect of the folltyvhig motlws in rolath)n to whlth the Charttles A¢t 2011 requires us to reF#Nt to you tf, in our opinion: the InformaJon gfven in trustees, rw b kn¢onsthnt kn any m8terlal respact wth the financial statements; c 8dequ8t8 8Ctount5ng recuds havo Th)t boon W: c* the fln8nc&l ststomerts are not In aweement with the acca)untlng records and r8tum8: or we have not recefved all the inf(¥makn aTrJ eX&lanath we requiro fty our audit. Rosponslb115tle¥ of trt•s As explalned more fulty In the truste88' f98[$1bIIfjUe8 stalem8nt, the trustee8 are resFonslblg for the preparatbn of the finarKial stslements and fN being satisfed that they gNe a true and fair view. and for Suth intemal wrtrol as the trustegs detemiine is necessary to enable the pr8paralion of financial statements that are free from material misstatsmenL whgthw due to fraud or errry. In preparing the financial statements. the tnjstees a reskN)nsibbe for assessing the charitys ability to continue as a goirrfJ concem, dEdosing. as applKable. matters lated to goin9 con¢6m and using the o)ing concem basis of accounting unless the trustees either Intend to liqukJalo the tharty or to eSe cyerdtion5, or have no realislic altem8tive but to do 80. 16
Looe Harbour Commissioners
Independènt Audltorf8 Report to the Members of Looe Hartjour Commlssloners
(contlnufd)
Year ended 18 May 2025
Audltorf8 re8ponslblllil•$ lor thè audlt of th• financial ststoments
are free fr(m malerhql misstatement. vthether due to fraud tr error. and to issue an auditorfs reFJI that
indudes our opinwjn. ReasOnae a&wranc is a htgh level of assuran. but is not a swarantee that
an audit conducted n accordance with ISAS (UK) wlll aWayS detect a moterial misststement 11
exists. MisstaleThnts can arlse from fraud or efr( and are oMsK1wed material If, IndNldually or n the
8ggr8gate, Ihey o)uJ reas(ThLty èxt>e¢ted to inftuen¢é Ihe economtc dacaslons of users laken on
the basi8 of Ihe8e fmancid statwnents.
Irregularles, Includlw fraud, are h8tances of non
Looe Harbour Commissioners Independent AudltoPs Report to the Members of Looe Harbour Commissloners Year ended 18 May 2025 Obtain an urrtJerst8Nling of Intem81 eontrd relevant to the audit h order to design audit procedures that are appropriate in the circumstanGes. l)ut not fcf the purpose of expressing an opnlon on the effec*veness ofts Nrternal curfrd. Evaate the appropnateness of accounting psleS used and the rea$LabIanosS of nting estimates and related disdC6U made ty the trustees. Condude on the apwcpriateness of the truslees, use of th8 golng rxjncem basls of accounting and, based on the audTi 8VKlence cotsinl. whether 8 materi81 uncertainty exlsts related to events or condit$ that may east signfftant dbt the Charits ability to c£Jnlinue as a going ¢onom. ff we conclude that a material Unrtainty exBts. we are wuired to draw attention in our auditorfs rewrt to the related disdosures in the financyal statements . rf such dtsclosures 8R InadeqLrate. to mtsjtfy our opinlon. ()Jr ndUS1on9 are ba the aud(( wd8nGe obtalned up to the date of ¢)ur auditorf$ rewL HcY4¥evgr. future events or condifions may Gause the chorbty to Gease to Contin a$ a going c4JKwn. Evaluats the overnll presentsti¢)n. stru¢luTr ¢ontent of the finandal staternts. indudiThJ the dlsclosures. and whether the flnancial staterwits rewe8ent th8 undertying transacti)ns and $vents In a manner that achkves falr FenIatkn. We oJmmunk8te wtth those chty with geman¢8 rogardkng, arTh)ng other mattgr¥. the plannod scope ond liming of Ihe audrt and Sncent alIt dIng3. Includlnq 8ny shanlfKant deflclencles In intemal control thal we Identify durww our audlL Walter Hunter & Co Llmltad Is ellgblg to act as audllors In terfrts of sectlon 1212 of th& Companies Act 2W6. Use of our r•port This rep(1 is made Solety lo Ihe chariiys bers, as a boty, in acOydon with section 144 of the Charities Acl 2011 and regulal¥)ns made under sec1K 154 of that Act. Our audit work has tren Jertaken so thal we mtrjlrt state to the thartys members matters we are requlred lo stats to them in an audrtof8 report and for no olher rFse. To the fijllast extènt pemiittad by law, wa do not Bccepl or assume responsibilty to any
Looe Harbour Commissioners Statement of Financial Activltles Year ended 18 May 2025 2025 2024 funds funds Totsl funds Total funds Not• Income and ondowmonts Charitable actmties other charlt8ble aclNities Investment incom8 Other charitable in¢cAne 209.184 9)3.726 88.912 310,098 1.S11.920 17.OS) 226.234 903.726 88,912 310.098 1.528.970 17.050 843.091 87,956 332.157 1,280.254 Total Inc¢)m• 17.0 Exp•ndlture Expendilure on caiitable athl Totsl •xpondltur• 9 1.023.853 i.IY23.853 80.03) 1.103,873 1.103.873 964,363 964.363 80.020 N•t Incomo and not mo¥•m•nt In funds 488,067 <62,970) 425.097 315.891 RKonclll•tlon ol funds Totsl fvnds brthjtht f0prd Total fund¥ rTI•d loard 3.1.280 2.492,738 6.454.018 8.879,115 .138,127 4.449,347 2.429,788 6.454.018 The ststeffont offinanclal aGtr4ils Iude5 all gains k88 recognbed kn Ihe year. Al Inc and expenditure derive frcrfn contlnukng The nots8 M paw 22 to 31 fomi p•rtofth•s• Iln•Klal stal•ments. 19
Looe Harbour Commissioners Statement of Flnanclal Posltion 18 May 2025 2025 2024 FIX assets Tangible fixed assets 15 5.572.336 5.011.017 Cur•nt assets Stod(s Debtors Cash at bank and In hand 16 17 7.250 439.109 2.199,281 2.645.640 6.360 453.553 2.349.081 2,808.994 Crgditors: amotsnts falling wlthln one year N•t ¢urr•nt a810ts 18 588.655 598,737 2.056,985 7,629,321 2.210,257 7,221,274 Tt)lal a$#•ts leu ¢urr•nt IlabllltOg8 Cr•dltorn: amounts falllng due aftw m¢¥9 than on• year Not a8S•ts 19 750,206 6,879.115 767.256 6.454.018 Funds of the th•rlty Restrlcted ftjnds Unreth¢led fund8 2,429.768 4.449.347 2,416.155 4,037.863 Tolal Charlty fund• 6,879,115 6.454,018 These fmanclal slatements ware ty tho t*)ard of trustees aThl authorised for on 30 O¢¢ober 2025, 8nd are $5gnwJ on td)alfol the board by: Mr D Bond {Chalrl Trustoe 20
Looe Harbour Commissioners Statement of Cash Flows Year ended 18 May 2025 2025 2024 Cash flows from op•ratlng acllvltl•• Net w1me 425,097 315.891 Adjustm8nts for DepreciaUon of tangle fixed assets Other interest rets1Vab and similar in Intere51 payable arKI similar charges 197.079 (88,912) 26.353 28.387 186.273 (87,956) 20.392 17.212 Stocks Trade and olh8r debtors Trad8 and olh8r Clit (8) 11251 12,751 {49.5241 {53,826) 7.840 546.039 410.1))3 Cash generated ¢w8tkns Interest pald Interest rec4fved (26.353) 88.912 120,392} 87,956 Net cash from operalkYJ athltbgs 608,598 4TT.567 Cash flow• from Inv•$tlng •ctMtles Purchase of tangble assets Nel cash u88d In inw*ing a¢tfvlllos (758,39B) (106,036) (758.398) (1C6,036> Net Ido¢r•oseylncreas• In cash and cash equfval•nts G•8h and cash aqul¥al•nts al b•glnnlng of yo C•¥h and ¢a¥h equlvahnts at •nd of y••r (149,8(M)) 2.349,081 2,199,281 371,530 1,977,551 2,349,081 Thè nots8 on pogets 22 10 31 fonTr pwl of th¥ Ilrnnclal st•t•m.
Looe Harbour Commissioners Notes to the Flnanclal Statements Year ended 18 May 2025 General InfornHtlon The charfty Is a publlc benefft entity and 8 regtstered Larlty In Engtand aThJ Wales and is unincorporated. The address of the principal office is The Hart>our Office. The Quay, East Looè. Comwall. PL13 1DX. Statemont of cornpllanc• These finandal statements hove bew prepared In nlance with FRS 102. The Fln8ncial Reporting Stsndard applicable kn the UK and the Reput4lc of IreLqnd'. the Ststsment of Recommended Practice applKtAe to chare5 wepariThJ their accounts in accordanee with th6 Financial Reprxting Standard appIab in the UK and Republr of IrelaTrJ {FRS 1021 Icharrtios SORP IFRS 102)) and Ihe Charities Act 2011. A¢¢ountlng pollcl Ba818 of prnparatlon The financlal statents have been prepared cn the hist(wk31 Ix)5t basLs. The ffinanclal stam8nts ore wepare(i h sterlbw, the functional of Ihe entmy. Golng concem Thtre are no material uncertaffitses ab(yJt the drIty'S 8bllty to (>Jrtknuè. Judgements and key Sources of estlmatlon uncertalnty The prepar8tion of the fin8nc481 stotwnenls requires managemerrt to moke iudgemonts. estlmates and assumplk)ns that affect the arr¥)unts repcvted. These estlmates and judgements are ccxitlnually rev and are b8sed on expedence and other factors. Includlng expectatK)n8 offUtu events are believed to be reason)kn under the (arcumstsn¢es. Fund •ccountlng Untricted funds a avalkbl8 u8e at ts distretlon of the trusteeg to furthw any of the charivs purFoses. Restiicled funds are subjected to restriclions ther exFthJitiJre dedared by the donor.
Looe Harbour Commissioners Notes to the Financial Statements (Crt Year ended 18 May 2025 Accountlng pollclos 1¢ Incomlng r•sourc AJI in¢XJme 15 induded in the statement of fnancial aclNrties bthen entlU8ment has p88wJ to the thlty, it is kycthbtse that the &onIJn benefiis associth the transa¢t¥Jn w1 flow to lh8 8rity and the amount can be reliabty measur&J. The follThving Spea 1cloS are applied to partJIr catewies of inc£¥n8: IroMe from donatk)ns grants is rwntsed Mthen there is ev•j of entINerni to the gfft. receipt 15 probatle and itg anwnt can be measured relkqtty. ¥ICtTh fmm C•)ntr8cts ts the SUFWY of seThkas Is re¢158d with the delfvery of th8 o)ntracted is claSsrfr as restrICted fvnds unless there Is a o)ntractual requireffthl for it to be skM)t on 8 parti1¥ purprAe arKI retum8d11 ulsprt In ¢ase il may te reg8rded as restricted. Re8ourc•8 •xp•nd•d Expendlture is recognlsed on an accruals basLg as a Ik8t41ity fd Thxmrad. Expandlture indudes any VAT whith c4Mot be fully reVered, aThJ Is dasSffjd urthr headirys of the stalemwrt of f4)and81 activibes to rdat8S: 8XPaKIMwe on ralslng funds Indudes the ¢£6ts of al fvndraisYvJ actMli8s. events, non. arltable tradlng aclr4ils. arwj th8 sale of thnated expenditure on charitable activ$ indth all costs by a d)arity in undertakirTrg actlvlt that further Its charttable ains for the bfft of its bendlmries, Indudlng those SUPFQrt C08ts and costs relatfjng to the wvemartce of thè charity apptle to tharitable athiti8s. other expenditure inclwjes all expenditure that is relat1 to roising ftM)ds for ttlg charfty nor part of tts extmIlbjre on tharitth pleS. AJI costs are aThCted to exrvKliture categ)ries relleCtr the use of tha rèsource. Dire¢t wsts attribLrtable to a single adivity 8re alloeated direclty to that activty. Shared costs are appOrtned Eth¢n the ocbvitles they Lxntritxrta to on o reasonabl8, fvstifiable and CnSIStenI basls. Tanglblo atyts Tanglble assets are initially recorded at (#M and sub8equenUy stated at Mst 18$$ any accumulated dweciation and ImpalmnI Ic6S95. Comm15sk)ners tr•m a number of operties in and around the harbour. Cyreciall¢ Is (akn1at so as to wrFte off the cost or vthatw)n of an asseL less its resvjual value. over the useftjl ecANmJM lrfe of that assel as fc4kA¥s: Freehold [c1)e Plant and mathk Motor vehicles ImFYovements to property p.a.str8Jht Iw)e 20% p.8. reduclng batanc aThJ 10% PA. reduur#J bgjan 25% p.a reduang balanL 2% p.a.stra*3ht Ine
Looe Harbour Commissioners Notes to the Flnanclal Statements (C11 Year ended 18 May 2025 Ac¢ountlng polldos Dgprwlation ¢nort) tt L8 not pible to separate vak $0 dt)rt ig d)ty cm totsl 0. Impalrment of fixod asmts A review for Indkalors of ImpalmlI is carried (xrt al each reporting de. with tha recoverable aUnt bging estimatad vthere suth indKators exisL lthere the carrying value exceeds th8 recoverable amnI. the asset is impared 8e¢cdlngly. PrKK impalmnts are olso reviewed for posslble reversal al each repmyling ¢Jate. For the purposes of impaimnt testirvj, when it is ncrt Is)le to estimate the recoverable amount of an IndivjUal assel. an estimate is mada of the reKoverabS8 amount of the c8sh- g8ner8ting unlt to whith the as8et belong5. Stocks Stocks are me8sured al the Iw ofcost and eslimabj selling prTh. Tax•tlon Gov•mm•nl grants Govanment grants are recognised at the fair value of asset rece or receivable. Grants aro not ffj¢ognised until there is reasonable assuran¢x thal the (tsity WIM comply wAth the conditions attathing to them and the grants wlll be recVed. Wlwe the grant do88 not spedfied fijturo p8rfomianc84dat&l conditknns on the recapient. rt is recognised in in(>)m when the grant prcceeds are recewed or receivable. Where the grant does imFQSe specffied fiJture perfOmWn(*-red condilK>ns on the reupienl, It Is recry3nised In in¢ome only when the Ferfom)ance-relaled o)ndftl)ns have been fflat. Where grants recewl are to sattsfying the revenue rwnbtkm ulLerfa, Ihoy are re¢tyJnlsed a8 a liabllty. Deflned contrfbutlon plJn¥ contribut$ lo defined contnbution plans ere reco3nised as an expense in the kwiod in whlch the reloted service is provid. Prepaid &)ntribuiicms recognised as an asset to the extent that the kyepayment wlll lead lo a reduGth)n In ffiJiu payThts or a cash refund.
Looe Harbour Commissioners Notes to the Flnanclal Statements Year ended 18 May 2025 Charllable actlvltles iknrestricl Restricaed Totsl Funds Funds Funds 2025 Grant Inojme release of tferred grant Multi Pmiect (knt Fish Box Grant 17.050 17,050 189.Cl)9 20,175 189.IY)9 20,175 209.184 17.050 226.234 unr6StrI R6strkted T<al FuTrJ Furwjs Fwvjs 2024 Grant Income and relèase cldeferred grant Muhi Project Grant Flsh Box Grant 17.050 17.050 17.050 17.050 Other ¢h•rltablo actl¥ltl unrestri Tolal Funds Unrestrkted Total Funds Funds 2025 Funds 2024 Car pa lee8 Hart)wr Market inCMe Heritage Centro Quayside Centre Millpool Coffee Shop Oiher Income $65.617 1e6.120 39,755 3,126 10,918 5.693 112.322 175 565.617 166,210 39,755 3.126 10,918 5,6¥3 112,322 175 589, 123.691 36,073 589.096 123,691 36,073 1.330 6,796 79.180 61 79.180 61 J3,726 gM)3,726 843.091 843,091 Inv•stsn•rt Inc¢>m• Unrestrkt&l T¢)tal Funds U8strIcted Tot81 Funds Funds 2025 Funds 2024 Bank interest receivatle 88,912 88.912 87.956 87, othgr ¢harltable Incom• Unrestricted Total Funds unrestric Tctsl FU1$ Funts 2025 Funds 2024 Rent received SeNtce charges 279,188 30.910 279.188 30,910 310,098 26,211 332.157 26,211 332.157 310.098
Looe Harbour Commissioners Notes to the Flnanclal Statements (co1 Year ended 18 May 2025 Expenditure on char5tabl• a¢tiviti•s by fund typ• Unrestricted Restricted Totsl Funds FurYs Funds 2025 General Cor park Harbour M8rkel Mllpwl Propety aysKle Cenlre Sardine factory Heritage Centre Coffee Shop Support costs 363.888 102,883 259.500 64.851 12,108 24.207 3,089 53.226 2.520 98,321 39,260 80,020 443.908 102.883 259.500 64,851 12.108 24.207 3,089 $3,226 2.520 98.321 39,260 1,103,873 1.023,853 80.020 UnstrICted FuTrJs Restricted Totsl Funds FuThJs 2024 General Car park Harf0r Market Millpool Prorty QuaysKle Centre Sardine factory Heritage Centre Coffee Shop Support sts 287,7 107.831 240.685 32.836 12,013 25,695 2,777 46,308 1,056 78,371 35.408 93,633 381,383 107,831 240.685 32.836 12.013 25,695 2,TT7 46.308 1.056 78.371 35.408 964,363 870.730 93.633 General Indudes wages. depredalhjn mainknarKe and off¢e Ots. 9. Expendl¢ure on charltable activib•• by •ctfvtty typ• Actsviiie$ uThlertaken dir& SupFQrt (xts Tolal funds 2025 Totsl fund 2024 General Car park Hartr Market Mllpool 457 444,365 102.883 268,080 80.225 12.108 386,801 107.831 247,051 44,036 12,013 102.883 8,580 1S.374 64.851 12.108 26
Looe Harbour Commissioners Notes to the Flnanclal Statements Year ended 18 May 2025 Propety Quayslde Cenlre S8rdNie faci Heritage Centre Coffee Shc 24.207 3,089 53,226 2.520 98,321 7.769 297 31.976 3.386 53.680 2.520 98,321 6.329 31.233 2.777 47,164 78.371 6,030 964.363 6.329 1,064.613 39,2fA) 1.103,873 10. Analy¥l¥ of support ¢osts kntysis of SUPFth (o8ts Totsl 2025 Totsl 2024 Preml888 Financ costs 16.349 6,329 16,582 16.349 6.329 18.582 11,904 6.030 17,474 39.) 39.260 35,408 11. Not In¢offl• Net tA)m& is stated after ctrwgiryl{cfftJltryl: 2025 2024 D6wedatFon of tarylbl8 fix&1 a888ts 197,079 1.273 12. Audltorn remeratIon 202S 2024 Fees p8yabie for the 8j11 of the Ilnanclal statements 6,030 1& Stsff ¢osts The total staff arKI employee benefits tsr the rekMxti)g per are anatysed as folk)ws: 2025 2024 Wages and sdaries Scoal sewrity costs Employer GorrtriJutKKts to pSlOn plans 433.874 41,919 12,430 488,223 383,077 24.570 11.249 418.896
Looe Harbour Commissioners Notes to the Flnancial Statements Year ended 18 May 2025 13. Staff Costs (conthuth¥ The average head count of employees durhg the year was Nil (2024: 151. The average number of full-time eqUanI empknyee5 during the year is analysed as folk)ws'. 2025 No. 2024 No. Number of staff - management Number of staff - 8dmln Number of stsff - operational 13 13 The number ol empbyees wthose remuneralion for ytar fell withn the ftAlowing bands, were". 2025 2024 No. £70.000 to £79.999 Key Management PerKJnn managernent per50nnd indude 011 perstts that havg au¢hryrty arKI responsibillty for pkgnning, diffjcting and OtrOu1n9 actNities of the charity. The lolal compensatKJn paid to key management perSne1 lor S¢Ntes wovKled lo the charity was £87.34512024.. £86,341). 1& Trust•• rnmuneratlon and oxp•ns Oumg th8 year to 18th May 2025, remunerakn totalllng £9.428 (2024.. £10,689} was paid lo one tnjslee, Mrs A Haffison, who wed in the coffee shop. The Board agreed th8 apwinlmenl and the remuneratth pahJ. No expenses were reimtyjrsed lo trustees or any pers with them duriry the year ended 181h May 202512024.. n). 28
Looe Harbour Commissioners Notes to the Flnanclal Statements {¢thj) Year ended 18 May 2025 1& Tanglblo fixed a850ts Freehold Plant and MO ImpTovements mathir¢ery vehh*s to iyoperty Totsl Colt At 19 May 2024 Addltions 6,719,171 1,155,086 157,6) 6.719.171 1.312,736 99.983 205,401 8.179.641 6LN).748 758.398 At 18 May 2035 Doprnclatlon At 19 May 2024 Charge ft>r the year At 18 May 2025 Canylng am¢>unt At 18 May 202S At 18 M8y 2024 99,983 8C.149 8,938,039 2297.$64 823,S54 134.383 39,856 39.761 12.044 7,745 3,168.624 10,796 197.079 2.431,947 863.410 51.805 18.541 3.365,703 4.287.224 449.326 48,178 787.608 5,572.336 80222 197,656 5.011,017 4.421,607 331,532 TangikAe assets arn Initlty recorded al cosl. &¥J subs stsled al c(At 188S cumulated depreoalwjn and impaknxnt kjsses. 11 1$ not posslble to separate laThJ value so depredatk)n1s tharg8d the total 8t. 16. Stock• 2025 2024 Raw matsrlals ond consumable8 17. Debtors 2025 2024 Tr&Je debtors 374.070 65,039 439,109 388.749 64.804 453,553
Looe Harbour Commissioners Notes to the Flnanclal Ststements (¢th**N Year ended 18 May 2025 18. Creditors: amounts falllng duo wlthln ono year 2025 2024 Trade credito njals and defeThed irwne Social security and ¢Xher tsxes Pens1( 44.298 435.6 108,703 91,047 408.960 98.195 $3S 588,855 598.737 19. Cr•dit¢Ks: amounts lalllng aftor more than ¢>ng year 2025 2024 £¢ruals and deferr&J Ins)yre (note 21) 7.206 767.256 21K P•nslon8 and other post rgllromont nefft5 Dofin•d ¢ontrlbutlon plans Tho amolt recognlsed In in(y)me or expendliwe 0$ an experw In relaon to defined ¢>)ntri¥Jtth plans was £12,43012024: £11,249}. 21. Govthim•nl gr•nt• Tho aryvJunts reCI)gn kn the fmanc4al statements for wvemmtrrt uyants are as fdl¢Ms: 2025 2024 Recognlsed In credrtors: Deferred gOvwnMt grants due after than on8 year 750,2C 787,256 21 An811 of ¢h•rltabl• fun Unr•strkt•d funds At Inc>)m8 ExFendttur8 18 May 2025 19 May 2024 General funds 3.1,280 1.511,920 11.023,8531 4,449,347 At 19 May 2023 At In¢4yno Eynditure 18 May 2024 General funds 3,645.389 1.263.204 (870.730) 4,037,863
Looe Harbour Commlssioners Notes to the Flnanclal Statements (¢t>tth Year ended 18 May 2025 22. Analysls of ¢harltabl• lunds (c R•strlcted funds At IrK EX[jIture 18 May 2025 19 M8y 2024 Restrided Furwj 2.492.738 17.050 (80.020) 2.429.768 At IrM>Th ExpwKlitwg 18 May 2024 19 May 2023 Reslricted Fund 2.492.738 17,050 {93.633) 2,416.155 23. Analys1¥ ol not assets b•twe•n fund¥ Unrestrlct&J Restrthd Totsl FundB FurNJs Funds 2025 Tangible flxed assets Cufrent assets Credttors less than 1 year Creditors greater than 1 year Net asmts 2.506.940 3.065. 2.645,640 {588.655) (T.206) 3.813.719 5,572.336 2,645.640 1588,655) {750,2() 6.879,115 3.[5, Lknrestricted Restrlctod Total Funds FUTh FuThl8 2024 Tangib16 fixed a888ts CurTent assets credOr$ less than 1 y6ar Creditors greatw than 1 ye Not asmts 1.853.349 5.011.017 2.8.994 2.808,994 I.737) 1598.737) {767.2561 {767,256> 3.296.350 3.157.668 6,454.018 3.157,668 AnalyBls of In nel d•bt 19 May 2024 Cosh fkyAts 18 May 2025 Cash at bank li hand 2,349,081 (149.8(M)) 2,199,281 31