Cowes Harbour Commission Annual Report 2016-2017 | Page 30

Cowes Harbour is a Trust Port , run for the benefit of the port ’ s stakeholders . In accordance with the Trust Ports Guide to Good Governance , Cowes Harbour Commission ( CHC ) is required to be self-funding and is encouraged to run the port as a commercial business in order to generate a surplus . CHC is obliged to use any profits generated to support the longterm viability of the port and thus act for the benefit of its broad and diverse range of stakeholders .

It is also CHC ’ s duty as a Trust Port to consult and take into consideration the views of stakeholders , including the Harbour Advisory Committee , on the delivery of all stakeholder benefit investments . The Commission has to strike a balance that respects the interests of all stakeholders , in the light of the port ’ s objectives , including its commercial considerations , and what constitutes the ‘ common good ’ for all stakeholders ( current and future ) and the port itself .

Over the course of the 2016 financial year , the Commission funded £ 281,000 of stakeholder dividend projects from CHC ’ s accumulated financial surplus , due in the most part to the funding committed to the Cowes Outer Harbour Project .

Cowes Outer Harbour Project

CHC continues its investment into completing the delivery of the Cowes Outer Harbour Project . Phase 1 , the construction of the Cowes Breakwater is complete . Negotiations continue to progress phases 2 and 3 , the Eastern Channel dredge and Shrape extension , via a Harbour Infrastructure Funding Agreement ( HIFA ) with the Homes and Communities Agency ( HCA ) and their development partners VQEL ( Camper & Nicholsons and Westcourt Real Estate ).

Event Sponsorship & Destination Cowes

CHC continues to support initiatives designed to attract new events , more visitors , and increased cruise ship business to Cowes . The Commission is a founding member of the newly formed ‘ Destination Cowes ’ partnership , which works proactively to promote Cowes and East Cowes as a destination of choice .

Cowes Week Fireworks

CHC provided ‘ in-kind service ’ support to the 2016 fireworks display organised by Cowes Week Ltd in the form of a harbour safety management service .

Harbour Water Taxis

During the summer months of 2016 , CHC ensured the provision of a seven-day-a-week water taxi service to the stakeholders of Cowes Harbour by outsourcing the service to a local business , Sally Water Taxis . It is not practicable for CHC ’ s own Patrol Officers to take on a full-time summer water taxi service because this would impact on the delivery of their statutory duties . For the 2017 summer season , Cowes Water Taxis will provide a stakeholder benefit supported service .

Leisure

CHC ’ s Harbour Patrol Officers are on duty 365 days of the year around the harbour and River Medina and carry out two main functions ; the enforcement of safety and statutory regulations , as well as the provision of valuable assistance and advice to leisure users and visitors , the latter being a stakeholder benefit .