Cowes Harbour Commission Annual Report 2017-2018 | Page 34

MANAGEMENT
Annual Review 2017
The fi nancial year 2017 was a busy year for the Commission and another successful trading year. The fi nancial
position of Cowes Harbour Commissioners is strong with an operating surplus of £527,378 (2016: £553,722).
All profi ts are retained for investment in harbour developments for the benefi t of the port’s stakeholders, the most
recent of which is the Cowes Breakwater. Previous major projects have included the purchase of Kingston Wharf
to safeguard marine employment and the construction of Trinity Landing.
Major capital investment projects in 2017 were the purchase of a boat mover for Cowes Harbour Services Boatyard,
new piles and pontoons at Kingston Wharf and CCTV for monitoring and enforcement purposes in Cowes Harbour.
In the spring of 2017 a maintenance dredge costing £144,386 was completed for Cowes Harbour Shepards Marina
and its approaches, and the Town Quay mooring basin. The maintenance dredge provision was increased by an
additional £122,500 to provide for maintenance dredging the main channel and inside the Cowes Breakwater.
Other key projects for 2018 are repairs to the road and dock area at Kingston Wharf.
Turnover is up 2% at £3,107,745 (2016 £3,052,942). Income from commercial users of the harbour increased
8% to £878,407 (2016: £815,676) and income from leisure users increased by 1% to £1,150,071 (2016:
£1,141,436).
Excluding fuel purchases, expenditure remained fairly constant overall at £2,171,714 (2016: £2,156,406).
Operating surplus decreased by 5% to £527,378 (2016: £553,722). The gain based on the external revaluation
of the investment property at Kingston Wharf in 2017 was £265,000 (2016: £nil). The fi nal surplus before
taxation was £753,995 (2016: £513,058).
Annual Accounts and Report
The Cowes Harbour Commission ‘Strategic Report of the Commissioners and Financial Statements for the Year
Ended 31 December 2017’ 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.
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