Capital
During 2016, the Commission invested £68,000 in capital projects, including substantial
investment in new fuel pumps.
Following the successful completion of Phase 1 of the Outer Harbour Project, the
construction of the Cowes Breakwater in 2015, CHC began negotiations to finalise the
‘Harbour Infrastructure Funding Agreement’ with the Homes and Communities Agency
(HCA), and the developer of the HCA’s Victoria Quay marina in East Cowes. The present
intention for 2017 is for phases 2 and 3 of the harbour infrastructure, the Eastern Channel
dredge and Shrape breakwater extension, to commence after the 2017 summer season.
However, this investment will occur only if funding is made available by the developer.
Looking ahead, the Commission intends to continue its investment at Kingston with repairs
to the dock in preparation for the arrival of a new boat mover.
Other planned major items for 2017 include the installation of a CCTV system in the main
harbour.
Loan
In 2015, a £1m bank loan to fund the Cowes Breakwater construction was drawn with
£63,865 of capital being repaid by 31 December 2016.
Pension Deficit
CHC is an admitted body into the Isle Of Wight Council Pension plan, which is a defined
benefit (final salary) scheme. As an admitted body, the Commission was grouped with a
number of other quasi-public organisations and the actuary calculated and averaged the
group’s contribution/liability. In 2006, the Commission commenced reviewing future CHC
pension policy and in May 2008 the Commission elected to be a ‘stand-alone’ organisation
within the IWC Pension Plan and closed the scheme to new employees.
The Commission offers new employees a stakeholder pension scheme with matched
contributions from CHC.
The accounting treatment of the provision for the pension scheme deficit complies with the
Financial Reporting Standard 102 (FRS102). The provision for the deficit on the pension
scheme has increased to £630,000 (2015: £445,000).
Pilots’ Pension Fund
The legal process to agree the structure of the deficit repair of the Pilots’ National Pension
Fund (PNPF) was completed during 2012. The extent of the Commission’s liability was
confirmed in 2013 from when we started to make deficit repair payments to the PNPF.
Annual Accounts and Report
The Cowes Harbour Commission ‘Strategic Report of the Commissioners and Financial
Statem ents for the Year Ended 31 December 2016’ is available to view on our website:
cowesharbourcommission.co.uk/financial_accounts
Summary Financial Statements are provided in this Report together with pie charts
summarising income and expenditure.
Annual Report 2016 - 2017
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