Post on 12-Oct-2020
Head OfficeHarbour House
The Quay, Harwich
Essex, CO12 3HH
T +44 (0)1255 243030
E enquiry@hha.co.uk
www.hha.co.uk
@harwichhaven
ISSN 2515-0103
Harwich Haven AuthorityAnnual report and accounts 2016
4 About us
6 STRATEGIC REPORT
6 Statement by the Chairman
8 Statement by the Chief Executive
16 Keyfinancialindicators
18 Keyperformanceindicators
20 MeettheBoard
23 Meet the Executive team
24 REPORT OF THE BOARD
34 Independentauditor’sreport
35 FinancialStatements
Annual report and accounts 2016Contents
4
Harwich Haven is a major trade gateway,
which has been fuelling the UK’s economy
since 1863. With five ports facilities operating in the Haven area, our marine services
operate 24 hours a day, 365 days of the year.
Structure and governance
Harwich Haven Authority is a trust port, which
isastatutorybodygovernedbylegislationandmanagedbyanindependentboard.
Ourtrustportstatusmeanswedonothaveshareholders,donotreceivepublicfundingandoperatingsurplusesarereinvestedbackintotheorganisationforthebenefitofourstakeholders.Ourstakeholdersinclude:employees,customers,localresidents,businesses,communitygroups,andlocalandnationalGovernmentagencies.
OurjurisdictioncoverstheRiverStour,thelowerpartoftheRiverOrwell,HarwichHarbouranda12nauticalmilestretchofsealeadingintotheHaven.
Vision
We aim to be an exemplary
trust port offering world class services, working with all stakeholders for a flourishing Haven.
Strategic objectives
01 To sustain leading standards for safety of navigation.
02 To deliver long term financial sustainability.
03 To work in partnership with others to protect and
improve the environment within the Haven.
04 To be proactively engaged and work in partnership
with all stakeholders.
05 To maintain a continuous focus on improving
customer service.
06 To proactively develop our world class capability to
handle future vessel and port developments.
07 To develop and maintain a high-performing team.
08 To engage with, and lead where appropriate,
development projects in the Haven.
09 To explore commercial opportunities in partnership
with others in the Haven.
10 To raise the Authority’s profile, communicating more effectively with our stakeholders.
11 To invest in our assets to support our strategic goals.
Harwich Haven AuthorityAbout us
65
IampleasedtoreportthatHarwichHavenAuthorityreturnedapositiveperformancein2016,despiteareductioninthenumberofvesselscallingatHavenPorts.Thecashflowgeneratedenabledustoreduceborrowingsby£5.4mandcommenceafive-yearprogrammeofcapitalinvestmentinkeyareasofthebusiness.TheBoardalsoworkedcloselywiththeExecutiveteamduring2016reviewingbusinessplanningprocessesandrefiningtheorganisation’sfive-yearstrategicgoals.
TheBoardrevieweditspositionwithregardtotrustportstatusafterworkingwiththeDepartmentforTransportonitsTrustPortStudy.TheBoard’sviewisthatthecurrentmodelisbestsuitedtoHavenPortsoperations.However,beforemakingaformaljudgementonourstatus,wewillseektheviewsofourstakeholdersviaarobustconsultation.
DuringtheyearcompetitionforthebusinessofcontainervesseloperatorsvisitingPortofFelixstoweincreased.Thiscompetitioncamefromnear-continentalportsandfromthenewfacilityontheriverThames.TheAuthority’sstrategyistoretainandgrowcurrenttradingrelationshipssafely,consistentlyandefficiently.Iamdelightedtoconfirmthatweachievedthisin2016.WeimprovedonouralreadyexcellentnavigationalsafetyrecordandalsomaintainedourinvestmentintheenvironmentalstewardshipoftheStourandOrwellestuaries.
Stakeholderengagementwasakeyorganisationalfocusduring2016andwereviewedandstrengthenedourstrategy.Particularemphasishasbeenplacedonengagementwithourlocal
Statement by the Chairman
Haven Ports play a critical role in underpinning economic
growth in the East of England and the wider UK economy.stakeholdersandanannualpublicmeetingandnewwebsitewillsupportthisobjectiveduring2017.
In2016wecompletedthefirstoftwostagesofrefurbishmentplannedforHa’pennyPier.ThisVictorianstructureisapopularcentrepieceofHarwichQuayandasurveyrevealedtheneedforsomeseriousstructuralrepairstoensureitscontinuedpresenceontheHarwichwaterfront.Weplannedtherefurbishmentoutsideofthemaintouristseasontominimisedisruptiontothepublic.Thefirstphaseofthe£340,000projectwascompletedonscheduletoenablethereopeningofthePierintimeforthehugelypopularNewYear’sEvefireworksdisplay.Thesecondphaseoftherepairswilltakeplaceintheautumnof2017.
Finally,IwouldliketorecordmythankstothemanagementandemployeesoftheAuthorityformaking2016asuccessfulyear.OurpeopleareourstrengthanditistheywhoensurethatwekeeptradeflowingthroughtheHavenPorts24hoursaday,365daysayear.
J Keohane
Chairman25 May 2017
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STRATEGIC REPORT
Safety of navigation
AllourmarineoperationsaregovernedbythePortMarineSafetyCode(PMSC).TheAuthority’scompliancewiththePMSCisexternallyauditedeachyear.Nonon-complianceswereidentifiedinthe2016auditandtheAuthoritysubmittedconfirmationofcompliancewiththePMSCtotheMaritimeandCoastguardAgency.
Results and finances
Overall,numbersofvesselmovementsatHavenPortsdecreasedin2016to13,268,primarilycausedbyanincreaseinthenumberoflargercapacityvesselscallingatthePortofFelixstowe.Increasingnumbersofmega-sizedvessels(18,000teuandlarger)arereplacingthepreviouslylargernumberofsmallercapacityvessels.Ourtwosourcesofrevenue,pilotageandconservancyproducedaconsolidatedrevenueof£24.5million(2015:£24.3million).
Thisrevenuedeliveredasurplusbeforetaxationof£5.9million(2015:£4.2million).Theincreaseinsurpluswasdueinlargetolowerthanexpectedmaintenancedredgingexpenditureduring2016.Surpluswasusedtoserviceoutstandingborrowing,makecontributionstoourpension
fundandtoinvestinmaintainingandimprovingessentialassets.
TheAuthorityrepaidloanstotalling£5.4million.Thisincludedearlyrepaymentofanoutstandingloanof£2.7millioninordertomaximisethereturnon cash reserves.
MajorinvestmentsduringtheyearincludedtheinstallationofanewVesselTrafficServicessystemtoupgradetheprovisionofthisfrontlineservice,newpilotlaunchpontoonsandITinfrastructureimprovements.
ThefinancingofpensionobligationsremainedasignificantcommitmentfortheAuthority.Thedeficitrecoveryagreement,whichaddressespastserviceobligations,requiresanannualpaymentof£1.11millionperyearoverandaboveournormalemployer’scontributionsintothepensionscheme.Disappointinglyvolatileeconomiccircumstancesinthesecondhalfof2016gaverisetoanincreaseintheestimatedlossofourdefinedbenefitsscheme.TheBoardwillbeconsideringtheconsequencesofthisduring2017/18.
TheAuthorityiskeentoprovidestakeholderswithaclearerunderstandingofourfinances.Therefore, for our 2016 accounts we have
Statement by the Chief Executive
The Authority continued to focus during 2016 on safety of navigation
for vessels visiting Harwich Haven, environmental stewardship, health
and safety and customer service. Ensuring we deliver a safe and
efficient service remains a key objective for staff across our vessel traffic services, pilot and launch crew teams.
“Harwich Haven is vital to the UK’s prosperity, and we’re its proud guardian”
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STRATEGIC REPORT
includedinformationaboututilisationofsurplusesgeneratedandhowcumulativereservesareallocatedforfutureuse.
Stakeholders
During2016wereviewedourstakeholderengagementstrategytoensurekeyorganisationalmessagesweretargeted,andmaderelevantto,specificstakeholdergroups.Wealsodeployedinternalresourcetostrengthenourprofileandfurtherdevelopstakeholderrelations.
Afterathoroughauditofinternalandexternalcommunicationswecommissionedanewwebsiteandextendedourpresenceonsocialmediachannelstofurthermeettheneedsofourstakeholdergroups.
Wecontinuedtobuildonouralreadyestablishedpartnershipswithkeylocalbodiessuchasdistrictandlocalcouncils,HavenGatewayPartnership,leisurevesselorganisations,localschoolsandbusinesses.FormalliaisonwithalloftheportfacilitieswithintheHavenwasmaintainedonaroutineandregularbasis.
The Authority continues to support a number of
localcharitableorganisations,eitherdirectlyorthroughthePortCommunityFund.
Weenjoyedparticularengagementsuccessduring2016withthelocalleisurevesselcommunity.Throughtheprovisionofinformation,educationandengagement,stakeholdersinthethrivingleisurevesselsectorwereabletosafelyenjoythewatersoftheHavenPorts,estuariesandapproachesalongsideabusycommercialmaritimethoroughfare.
Haven Ports trade
TradetoandfromtheportfacilitieswithintheHavenPortswasstableduring2016.ThePortofFelixstoweremainsthelargestcontainervesselterminalintheUKandhandlesaneverincreasingnumberofMegaVessels(18,000teuandlarger).
Thecontainervesseltradegloballyhascontinuedtosufferfromaproblemofexcesssupplyoverdemandandthishasimpactedadverselyonfreightrates,causingsignificantfinancialdifficultiesforanumberofvesseloperators.ThemostseriouscasualtyofthiswasthebankruptcyofHanjinShipping,Koreannationalflagcarrierandtheseventhlargestglobalcontainervesseloperator.
Othervesseloperatorshavetakenthedecisiontoreinforcetheirbusinessesthroughmergersandacquisitions.Virtuallytheentireglobalfleetofcontainervesselsisnowcontainedwithinthreevesseloperatingalliances,whichhasimpactedupontheregularportsofcallofmanyindividuallines.
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STRATEGIC REPORT
ThePortofIpswichhadanexcellentyearhosting743vesselcallsandhandlingmorethan1milliontonsofgrainexports.TheAuthorityplayeditspartindeliveringanincreasingnumberofIpswich-maxsizedvesselstohandlethisgrowthinvolumes.
HarwichInternationalPortmaintaineditsstrongpositionintheshortseaunitisedcargotradecarriedonthetwicedailyfreightonlyroutebetweenHarwichandRotterdamandthetwicedailyRo-PaxserviceservedbytheStenaBritannicaandStenaHollandica.ThesetwosuperferriesoperatetheonlyregionalpassengerservicetotheNetherlands.
HarwichNavyardhascontinuedtooperateitsRo-RoservicetotheBalticviaRotterdamandMistleyhasremainedbuoyantintheshortseamini-bulkcargobusiness.
Environment
TheenvironmentalstewardshipoftheHavenPortsremainsakeypriority.Ourcorefocusistobalancecommercialoperationsagainsttheimpacttheseactivities have on the environment.
Workingcloselywithlocal,regionalandnationalbodiesenablesustomonitoranyenvironmentalchangewithintheHavenPortsandagreemitigationstoaddressemergingissues.OurareaofjurisdictioniscoveredbyanumberofenvironmentaldesignationssuchasSiteofSpecialScientificInterest(SSSI)andSpecialProtectionArea(SPA)bothofwhichbringwiththemenhancedenvironmentalobligations.
OtherpartnershipswithbodiessuchasNaturalEngland,EnvironmentAgency,RSPBandSuffolkandEssexWildlifeTrustshelpusinourendeavours.
Maintenancedredgingoftheharbourisoneofourbiggestitemsofexpenditure.Itisalsooneoftheactivitieswhichhasapotentiallysignificant
environmentalimpact.Theimmediateimpactontheestuariesandforeshoreofremovingsedimentfromtheharbourisconstantlyandrobustlymonitoredandwhereappropriate,mitigationsareimplemented.
The quantity of CO2producedbyourdredgingoperationsiscloselymonitoredandreported.TomitigatetheimpactofCO2 on the environment,
theAuthorityhasappliedtotheMarineManagementOrganisation(MMO)torelocatethedisposalsitefordredgespoiltoapositionclosertotheharbour.Thiswouldreducethedistancetravelledbythedredgeroneachpassagetodisposeofspoilandwould,ifgrantedbytheMMO,reducetheCO2 by 1,000t which equates to a
reductionof14%.
Challenges and opportunities
TheAuthorityisreactivetotheoperationalbusinessneedsofportfacilitiesintheHaven.Ourtaskistoengagecloselywitheachportfacilitytoensurethattheservicesweprovideaccommodatetheiroperationalneedsandobjectives.
Workingwith,andaddressingtheneedsof,customerswasmostprominentduring2016asmorecarriersintroducedmega-vesselsof400minlengthintothehighlycompetitiveAsia-Europe-Asiaservices.TheAuthorityledtheindustryindevelopingsafeoperatingprocedurestohandleandmanagethesafetransitsofthesehugevessels,tomatchthePortofFelixstowe’sinvestment in infrastructure ashore.
ThistrendissettocontinueandtheAuthorityisplanningforthefuturetoensurethatourapproachchannelsandtrafficmanagementinfrastructureiscapableofhandlinganincreasingnumberoftheseships.Ensuringthesafetransitofthesevesselsalongsideothercommercialandleisurevesselsisofparamountimportance.
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STRATEGIC REPORT
FollowingthevotetoleavetheEuropeanUnion,weareworkingcloselywiththeBritishPortsAssociationandotherportstopressforexitagreementsthatensurefrictionlesspassageoftradethroughUKports,butspecificallythroughHavenPorts.ThisissuepotentiallyaffectstheshortseatradesandthefreightRo-RoandpassengerferrybusinessesintheHaven.
Finally,theAuthorityhasembarkeduponaninitiativetoimproveandenhancepublicawarenessoftheroleHavenPortsplayinunderpinningeconomicgrowth.
Approximately95%ofalltradeenteringandleavingtheUnitedKingdomdoessothroughports,andthisoperationislargelyinvisibletothewiderpopulation.Portsthemselveshaveatasktoeducatethepublictothisunseenindustry.WeareplayingourpartbyraisingtheprofileoftheAuthorityandthewiderroleportsplayinthesupplychainofeverythingweuseorconsumeonadailybasis.Wearedoingthisbyraisingourownprofileandopeningouroperationstomorevisitsbymembersofthepublic,hostingpublicmeetings,deliveringpresentationstolocalorganisations,increasingourdigitalpresenceandworkingwithlocalschoolstoraiseawarenessoftheimportanceofourindustry.
Strategy
The Harwich Haven Authority Executive team
hasworkedcloselywiththeBoardtoreviewanddevelopbusinessplanning,strategyandagreefiveyearstrategicgoals.
Finally,IwouldliketoaddmythankstothoseofthechairmaninrecognitionofthehugeeffortsthattheteamattheAuthorityhasmadeduring2016.Bothmanagementandemployeesareproudofwhatwedo,everydayoftheyear,toensureourcustomersreceivetheveryhigheststandardsofservice.
Neil Glendinning
Chief Executive25 May 2017
Five year strategic goals:
01 To sustain leading standards for safety of navigation.
02 To deliver long term financial sustainability.
03 To work in partnership with others to protect and improve the environment within the Haven.
04 To be proactively engaged and work in partnership with all stakeholders.
05 To maintain a continuous focus on improving customer service.
06 To proactively develop our world class capability to handle future vessel and port developments.
07 To develop and maintain a high-performing team.
08 To engage with, and lead where appropriate, development projects in the Haven.
09 To explore commercial opportunities in partnership with others in the Haven.
10 To raise the Authority’s profile, communicating more effectively with our stakeholders.
11 To invest in our assets to support our strategic goals.
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STRATEGIC REPORT
Key financial indicatorsOur two sources of revenue, pilotage and
conservancy produced a consolidated revenue
of £24.5 million (2015: £24.3 million) in 2016.
Therevenuedeliveredasurplusbeforetaxationof£5.9million(2015:£4.2million)whichwasusedtoserviceoutstandingborrowing,makecontributionstoourpensiondeficitrecoveryplanandtoinvestinmaintainingandimprovingessentialassets.
Financial Highlights (£) 2016 2015 2014Turnover n 24,514,000 24,375,000 22,089,000Surplusbeforetaxationn 5,909,000 4,249,000 3,043,000
5.909million 4.249
million 3.043million
24.375million 22.089
million
24.514million
Boardingand landingfees
charged to operators to whom the Authority provides launch services
Pilotage fees
charged to vessels that require a pilot to enter and leave the Haven
Conservancy dues
charged to vessels entering and leaving the Haven to support channel maintenance and safe navigation
Pilotage Fees 24%
Boarding & Landing Fees 4%
Conservancy Dues 72%
SeefullFinancialStatementsonpage35.1817
Key performance indicators
Arrivals 2016 2015 2014 Vessels 4,778 5,268 5,624
Tonnage 203,503,000 202,043,000 194,932,000
Navigational safety 2016 2015 2014 Vesselmovements 13,268 14,304 15,667 Level1(major)navigationalincidents 0 0 0
Level2(minor)navigationalincidents 4 5 2
Level3(hazardous)navigationalincidents 31 24 15
Pilotage service 2016 2015 2014 Pilotageacts 5,264 5,445 5,835
Tonnagepiloted 260,007,000 260,212,000 240,209,000 Delayscausedbypilotavailability 0.78% 1.41% 0.87% Externalboardingandlandingacts 2,289 2,197 2,062
Dredging 2016 2015 2014 Disposedvolume(m3) 2,424,089 3,364,900 2,830,136
Environmental 2016 2015 2014 Enginefueluse(litres) 2,805,274 4,040,198 2,697,765 Gasuse(kWh) 567,082 474,424 370,691 Electricityuse(kWh) 366,638 367,755 422,046 Wateruse(m3) 1,341 1,419 1,372 CO2 output (tonnes) 7,907 11,646 8,448
Wastegenerated(kg) 66,605 78,838 77,920
People 2016 2015 2014 Employees 110 105 103
Accidents 12 7 12 -Ofwhichwerelosttimeaccidents 3 1 3
-Ofwhichwerereportable 2 0 1
2019
Harwich Haven AuthorityMeet the Board
Chairman, Non-executive Board member
Jim Keohane
Jimhas30years’experienceintheenergyindustryandworkedextensivelyontheprivatisationandrestructuringoftheelectricityindustryinthelate1980s.JimwassubsequentlyadirectoratEastMidlandsElectricityandlater,EasternElectricity.From2001heservedaneight-yeartermasanon-executivedirectorattheCivilAviationAuthority(CAA)andwasDeputyChairmanforthefinaltwoyears.Sinceearly2009hehasservedasanon-executivedirectoratOFGEM,theGasandElectricityRegulator.Inearly2014healsobecametheSeniorIndependentDirectoroftwoGovernment-ownedenergycompanies,themainroleforwhichistocontractforallfuturelowcarbonelectricitygenerationintheUK.
Non-executive Board member Member: Audit and Risk Committee
Geoff Benn
Geoffhasspentallhisworkinglifeinservicebusinesses.Forthelast30yearshehasworkedataseniorlevelinthehealthandsocialcaresystemincludingStrategicPlanning,PMI,ElderlyCare,Acute,DiagnosticandCommunitycare.Heisaspecialistincreatinginnovative,viable,commercialsolutionsandhasdesignedandoperatedseveralsuccessfulpublic/privatesectorjointventures.Nowsemi-retiredhecontinuestospeakatconferencesonthesustainabilityanddevelopmentofhealthcaresystems.
Deputy Chair, Non-executive Board member Member: Remuneration and Nominations Committee, Audit and Risk Committee
Baroness Scott
RosScotthashadmanyyearsofexperienceinlocalgovernment,servingondistrictandcountycouncilsinSuffolkbetween1991and2005andservinginorganisationssuchastheLocalGovernmentAssociationTransportExecutiveandtheAuditCommission.Shealsoservedasanon-executivedirectoroftheLloydsRegister.In2000shewasraisedtothepeerageasBaronessScottofNeedhamMarket.IntheHouseofLordsshewasaLiberalDemocratspokespersononTransportandCommunityandLocalGovernment.
Non-executive Board member Member: Audit and Risk Committee (chair)
Richard Bint
RichardwastheSeniorPartnerofPKF(UK)LLP,theeighthlargestfirmofaccountantsintheUK.HewasalsoamemberoftheBoardofPKFInternational,themanagementcompanyofthefirm’sinternationalnetwork.HehasheldanumberofseniorpositionsintheaccountancyprofessionincludingbeingamemberoftheCounciloftheInstituteofCharteredAccountantsinEnglandandWales(ICAEW)andoftheAuditingPracticesBoardoftheFinancialReportingCouncil
RichardretiredinMarch2015andiscurrentlyalaymemberoftheCourt(thegoverningbody)oftheUniversityofDundee,Vice-ChairmanoftheAuditCommitteeoftheICAEWandaNon-ExecutiveDirectorofEstuaryHousingAssociationLtd.
Non-executive Board member Member: Remuneration and Nominations Committee (Chair)
Bob Crighton
Bobspent20yearsintheRoyalNavy,servingatsea–fromMinehunterstoAircraftCarriers–aswellasholdingstaffappointmentsashore,includingwithintheMOD.WhilstintheNavyhewascalledtotheBarandthereafterworkedforaninternationalCitylawfirmfor18yearsasamarinelawyerspecialisingincollisions,salvageandport-relatedwork,representingownersandunderwritersathomeandabroad.From2007to2015BobworkedforthePortofLondonAuthorityasSecretaryandGeneralCounselresponsibleforallregulatorymattersrelatingtonavigationandconservancy.AnOceanYachtmaster,BobisalsoRYAPrincipalathislocalsailingclub.
Non-executive Board member Member: Safety, Health, Environment & Security Committee
Gareth Llewellyn
GarethistheChiefExecutiveoftheDriverandVehicleStandardsAgency.HehadpreviouslyheldexecutiveroleswithNetworkRailwherehewasExecutiveDirector,Safety,TechnicalandEngineering,AngloAmericanwherehewasGlobalHeadofSafetyandSustainableDevelopment,andNationalGridwherehewasGlobalDirectorforSafety,Health,EnvironmentandCorporateResponsibility.HespenthisearlycareerwiththeEnvironmentAgencyandisaqualifiedmarinechemist.Garethhasheldanumberofnon-executivedirectorroles.HefloatedBiffaplcwherehechairedtheBoardSHECommitteeandestablishedtheDfT’sRenewableFuelsAgencywherehechairedtheBoardAuditandRiskCommittee.Hehasalsobeenanon-executivedirectoroftheRailSafetyandStandardsBoard,NationalGridPropertyandtheUKBusinessCouncilforSustainableEnergy.GarethalsoservedathreeyeartermasChairoftheBoardoftrusteesatthenot-for-profitCL:AIRE.
Non-executive Board member Member: Remuneration and Nominations Committee
Dr Karen Purnell
Karenhasextensiveexperienceintheshipping,maritimeandenvironmentalsectors,havingworkedforITOPFLtdformorethan20years.Priortothatsheworkedforaconsultancyspecialisinginremediationofcontaminatedland.DuringhertimewithITOPFLtdKarenhasworkedalongsideawiderangeofstakeholdersfromtheprivateandpublicsectorsworldwide,providingtechnicalsupportandadviceonenvironmentalandeconomicdamagefollowingaccidentalspillsofoilandchemicalsfromships.KarenalsoactivelymaintainsadiverseandextensivenetworkofcontactsandisakeensupportoftheSTEMinitiative,providingschoolchildrenwithinspirationastohowtheycanusetheirscientificskillsinthemaritimesector.KareniscurrentlytheManagingDirectorofITOPFLtd,ChairmanoftheITOPF’sBoardofPensionTrustees,aFellowoftheRoyalSocietyofChemistry,amemberoftheInstituteofDirectorsandaShipwright.
Chief Executive, executive Board member Member: Safety, Health, Environment & Security Committee
Neil Glendinning
Neilhasacomprehensiveoperationalexperienceofharbours,pilotageandthemanagementofthesafetyofnavigation.Followingaseagoingcareer,NeilservedwiththeAuthorityasaseniorpilotfortheHavenPortsareabeforetakingupthepostofDeputyHarbourMaster(Operations)in2009.HewassubsequentlyappointedtothepositionofHarbourMaster&MarineManagerinJanuary2012.InMay2014NeilwasappointedChiefExecutive.
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Non-executive Board member Member: Safety, Health, Environment & Security Committee
Keith Winstanley MBE
KeithWinstanleyhasover34years’maritimeexperience,predominantlyintheRoyalNavy,whereheservedineveryclassofwarship,fromminesweepertoaircraftcarrier,andcommandedfour:aminesweeper,twodestroyersandanamphibiouscommandship.HeservedforovertwoyearsastheseniorRoyalNavyofficerintheMiddleEastand,concurrently,astheDeputyCoalitionNavalCommander,commandingaforceof115shipsand35aircraftoperatinginaseaareaof2.5millionsquaremiles.Keithhastaughtandlecturedworldwide,onstrategyandoperationalplanningandhascompletedaresearchfellowshipwithOxfordUniversityintomaritimesecurityandglobalizationinthemaritimesector.HewasmadeaVisitingFellowatOxfordoncompletionofhisfellowship.HeisaDirectoroftwoUK-basedcompaniesandaNon-ExecutiveDirectorofaSocialEnterprisecompanythatfindsemploymentformenandwomenleavingtheUK’sArmedForces.
Harbour Master, executive Board member
Mike Dunn
MikeattendedTrinityHouseNavigationSchoolfrom1981to1986.AfterleavingsixthformhecommencedaCadetshipwithRoyalFleetAuxiliary(RFA)atWarsashCollege.HegainedhisMatesCertificateofCompetencyin1993andaftersevenyears’servicewithRFAhebranchedoutintothecommercialworldworkingforavarietyofcompanies,includingLondonOverseasFreighter,P&OFerries,RockwaterandHollandAmericaLine.HavinggainedhisMaster’sCertificatein1997Mikefocusedhiscareeronpassengerferrieswith12yearscommandexperiencewithbothStenaLineandP&O.In2013MikecameashoreandtookupamanagerrolewithAssociatedBritishPortsasDockMasterHullandGoole.MikejoinedHarwichHavenAuthorityin2015.
Neil GlendinningChief Executive Officer
ProvidingstrategicleadershipofallAuthorityoperationsandanexecutivememberoftheHarwichHavenAuthorityBoardandExecutiveteam.
Mike DunnHarbour Master
Executiveteammemberresponsibleformarineservices,includingengineering,support,VesselTrafficServices,pilotageandlaunchservicesandexecutivememberoftheHarwichHavenAuthorityBoard.
John BrienHarbour Engineer
Executiveteammemberresponsibleforoverseeingandmanagingdredging,hydrographyandfacilitiesmaintenance.
Anthony FletcherBusiness Systems Manager
Executiveteammemberresponsibleforinformationtechnology,businesssupportsystemsandcommunications.
Neil SmartInterim Chief Financial Officer
ExecutiveteammemberresponsibleforallaspectsoftheAuthority’sfinancialreportingoperations.
Meet the Executive team
The structure of our Executive team ensures that we have the necessary skills and
experience to operate a safe and efficient operation.
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Statement of Board responsibility
TheHarwichHavenAuthorityBoardareresponsibleforpreparingtheStrategicReport,theReportoftheBoardandtheFinancialStatementsinaccordancewithapplicablelawandregulations.
Applicablelawrequiresthememberstopreparefinancialstatementsforeachfinancialyear.UnderthatlawthemembershaveelectedtopreparethefinancialstatementsinaccordancewithapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccountingPractice),includingFinancialReportingStandard102(FRS102),‘TheFinancialReportingStandardapplicableintheUKandRepublicofIreland’.
UnderapplicablelawtheBoardmustnotapprovethefinancialstatementsunlesstheyaresatisfiedthattheygiveatrueandfairviewofthestateofaffairsoftheAuthority.
In preparing financial statements, the Board is required to:
• Selectsuitableaccountingpoliciesandapplythemconsistently.
• Makejudgementsandestimatesthatarereasonableandprudent.
• Statewhetherapplicableaccountingstandardshavebeenfollowed,subjecttoanymaterialdeparturesdisclosedandexplainedinthefinancialstatements.
• PreparethefinancialstatementsonthegoingconcernbasisunlessitisinappropriatetopresumethattheAuthoritywillcontinueinbusiness.
TheBoardisresponsibleforkeepingaccountingrecordsthataresufficienttoshowandexplaintheAuthority’stransactionsanddisclosewithreasonableaccuracyatanytimethefinancialpositionoftheAuthority.ThisenablesthemtoensurethatthefinancialstatementscomplywiththeHarboursAct1964whichrequiresthatthefinancialstatementsbepreparedinaccordancewith the requirements of the Companies Act
2006.TheyarealsoresponsibleforsafeguardingtheassetsoftheAuthorityandhencefortakingreasonablestepsforthepreventionanddetectionoffraudandotherirregularities.
Disclosure of information to auditors
TheBoardMemberswhowereinofficeatthedateofapprovalofthesefinancialstatementshaveconfirmed,asfarastheyareaware,thatthereisnorelevantauditinformationofwhichtheauditorisunaware.TheBoardhastakenallstepsthatoughttohavebeentakenasaBoardinordertobeawareofanyrelevantauditinformationandtoestablishthattheAuthority’sauditorsareawareof that information.
The Board
OurBoard conductthemselveswithin,andmakedecisionsbasedon,eightbehaviouralvalues,whichhavebeenadaptedfromTheNolanPrinciples.
Boardmembersregularlyreceivedetailedfinancialandoperationalinformationtoallowthemtomonitorthekeyareasofthebusiness.TheBoardalsoreceivesbriefingsfromseniormanagersonvariousaspectsoftheAuthority’sactivities.
TheBoardisconstitutedoftenmembers,twoexecutivemembersandeightpart-timenon-executive members. The Secretary of State for
TransportappointstheChairmanandfournon-executivemembersandtheAuthorityappointsthreenon-executiveandtwoexecutivemembers.From time to time the Authority appoints
associatedmemberswhohavetherighttoattendmeetingsbuthavenorighttovoteatthem.
Report of the Board
The Chairman is responsible for the leadership and governance of the
Board, ensuring that it operates effectively, whilst providing appropriate challenge to management.
Members of the Board 2016
J Keohane Chairman
Baroness R Scott Deputy Chair
G BennAssociateboardmember(appointed1January2016)Non-executivemember(appointed1July2016)
R Bint Non-executivemember(appointed1January2016)
BCrighton Non-executivemember
GLlewellyn Non-executivemember(appointed1January2016)
DrKPurnell Non-executivemember
PRoland Non-executivemember(retired30June2016)
KWinstanleyMBE Non-executivemember(appointed1January2016)
CaptainNGlendinning Executive member
Captain M Dunn Executive member
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The Board attends six formal meetings each year. In
addition to this, they also attend a number of committee
meetings and workshops throughout the year.
Board meetings and attendances
26/1 17/3 19/5 21/7 22/9 17/11
J Keohane • • • • • • 6/6
Baroness R Scott • • • • • • 6/6
G Benn • • • • • • 6/6
R Bint • - • • • • 5/6
BCrighton • • • • • • 6/6
GLlewellyn • • • • • • 6/6
DrKPurnell • • • • • • 6/6
PRoland • • • N/A N/A N/A 3/3
KWinstanleyMBE • • • • • • 6/6
CaptainNGlendinning • • • • • • 6/6
Captain M Dunn • • • • • • 6/6
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Audit and Risk Committee
Three meetings held in 2016
TheAuditandRiskCommitteecomprisesthreenon-executiveMembersoftheBoard.During2016thecommitteewaschairedbyMrRBint.TheCommitteereviewstheAnnualReportandAccountsandrecommendsacceptancebytheBoard.TheCommitteealsoreviewedthedraftbudgetfor2017andwasabletorecommendtotheBoardthatthe2017CapitalandRevenueBudgetswereaccepted.TheCommitteecontinuesto work with the Chief Executive on an
updatedriskregisterensuringallrisksareadequatelyassessedandreviewedonaregularbasis.TheChiefExecutiveandtheChiefFinancialOfficerareinvitedtoattendmeetingsoftheAuditandRiskCommittee.
Remuneration and Nominations CommitteeTwo meetings held in 2016
The Remuneration Committee comprises
threenon-executiveMembersoftheBoardandwaschairedthroughouttheyearbyMrRCrighton.TheCommitteeadvisestheBoardontheremunerationoftheChiefExecutiveandreviewstheChiefExecutive’srecommendationsinrespectoftheseniormanagementteamremuneration.TheCommitteealsomakesrecommendationstotheBoardinrespectoftheremunerationofnon-executiveBoardMembers.
Safety, Health, Environment & Security CommitteeTwo meetings held in 2016
TheSafety,Health,EnvironmentandSecurity Committee comprises two
BoardMembersandwaschairedduring2016byMrKWinstanley.TheChiefExecutive, Harbour Master, Deputy
HarbourMaster,HarbourEngineerandtheSafetyandEnvironmentManagerattendbyinvitation.ThemainpurposeoftheCommitteeistoanalysereportsonOccupationalHealth,Safety,NavigationalSafetyPerformance,EnvironmentalPerformanceandSecurity–inparticularCyberSecurity–andmakeappropriaterecommendationstothefullBoard.
Board committees
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InaccordancewiththeupdatedguidancetothePMSCtheAuthorityhasasafetyPlantodemonstratehowthestandardinthePMSC willbemet:
HarwichHavenAuthorityiscommittedtodischargingallofitsstatutorydutiesandtoremainingopen,accountableandfitforpurpose.ItsplantomanagethesafetyofmarineoperationsistocomplywithalloftherequirementsofthePMSCandtofollowtheguidanceintheGuidetoGoodpracticeonPortMarineOperations.
• TakeresponsiblecaresothatallwhomaychoosetonavigateintheHavenmaydosowithoutdangertotheirlivesorproperty.
• Takesuchactionthatisnecessaryordesirableforthemaintenance,operationandimprovement or conservancy of the Haven.
HarwichHavenAuthoritywillbaseitspoliciesonaformalassessmentofhazardsandrisksanditwillmaintainaformalsafetymanagementsystemwhichwillensurethatallrisksaremanagedsothattheyareaslowasreasonablypracticable.Itwillemployandengagecompetentstaffandcontractors.IthasappointedaDesignatedPersonwhowillregularlyconductinternalcomplianceauditsinaccordancewiththePMSCandwhowillreportdirectlytotheBoard.
Additionally,independentexternalexpertswillperiodicallyconductanexternalauditandtheexpert’sreportwillbepresentedtotheBoard.TheDesignatedPersonandtheexternalauditorsshallassessintheirreportstheAuthority’sperformanceagainstitsplanofcomplyingwithalloftherequirementsofthePMSCandtofollowingtheGuidanceintheGuidetoGoodPracticeonPortMarine Operations.
Corporate governance
The Board continue to be committed
to the very highest standards of
governance and endeavours to be
compliant with both the principles of
Modernising Trust Ports (second edition) and the UK Corporate Governance Code.
Compliance
Throughout 2016 the Authority was fully compliant with the Port Marine
Safety Code (PMSC). Performance is regularly monitored with guidance
from the “Designated Person” and an annual external audit.
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Riskmanagementandcontrolisanintegralpartofcorporategovernance.TheBoardmakesthemanagementofriskahighpriority.Theeffectivemanagementofriskisparamount;theAuditandRiskcommitteereviewsthecorporateriskregisterateachmeetingandthefullBoardreviewsitannually.Additionally,allBoarddecisionpapersarerequiredtoassessanyrisksrelatingtotheirrecommendations.
TheAuthorityadditionallyundertakesdetailedoperationalriskmanagementwhichfocusesonsafetyofnavigationalandhealthandsafety.TheAuthorityusesaSafetyManagementSystemtoidentifytherisks,mitigatethemwherepossible,withmonitoringandfrequentreassessment.
Viability statement
TheBoard,afterreviewandconsideration,canconfirmthattheorganisationhasadequateresourcesforaperiodofatleast12monthsfromthedateofapprovalofthefinancialstatementsandhasthereforeassessedthebusinessasagoingconcern.
Internal control
TheBoard’sresponsibilitytomonitortheadequacyofinternalcontrolwasmetbyreviewingtheriskregisterandconsideringtheadequacyofinternalcontrolsovertheprincipalrisksandbyreviewingtheworkoftheauditorsthroughtheirreportsandbydiscussionwiththem.TheBoardisnotawareofanysignificantdeficienciesininternalcontrolduringtheyear.TheAuditandRiskCommitteeregularlyreviewinternalcontrolsgoverningtheoperation of the Authority.
J Keohane
ChairmanApproved by the Board on 25 May 2017
01 Exposuretoincreasingpensiondeficit.
02 LossofamajorservicecallingattheHavenPorts.
03 Costimplicationsofchanneldeepeningrequiredtoaccommodateincreasingnumbersoflargervessels.
04 GlobaleconomicinfluencesimpactingadverselyontheAuthority’sbusiness.
Risk and risk management
Harwich Haven Authority’s key risks are:
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Notes 2016 2015 £ £ £ £Operating revenue 3 24,514,145 24,375,340
Expenditure 4 (17,600,059 ) (18,889,342)
Operating surplus 5 6,914,086 5,485,998
Finance income 7 37,124 27,259
Finance costs 8 (871,417 ) (1,046,826 )
Otherfinancecosts 9 (170,000 ) (217,000)
Surplus before taxation 5,909,793 4,249,431
Taxation 10 - -
Surplus for the financial year before other comprehensive income 5,909,793 4,249,431
Other comprehensive income
Actuarial(loss)/gainonpensionscheme 19 (8,967,000 ) 1,158,000
Movementondeferredtaxrelatingtopensionscheme 18 1,181,000 (305,000 )
(7,786,000 ) 853,000
Total comprehensive gain/(loss) relating to the year (1,876,207 ) 5,102,431
Amounts transferred from the revenue fund to the
following designated funds:
Planned2017capitalexpenditure 24 (2,013,300 ) -
AdditionalcontributionstothePensionScheme 24 (1,100,000 ) - inrespectofthedeficitfunding
Fundsforfuturecapitaldredging 24 (562,581 ) (648,462 )
Loan repayments 24 (2,193,724 ) -
(5,869,605 ) (648,462 )
(Loss)/gain relating to the year after transfers to
designated funds (7,745,812 ) 4,453,969
Continuing operations
Allamountsrelatetocontinuingoperations.
WehaveauditedthefinancialstatementsofHarwichHavenAuthorityfortheyearended31December2016whichcomprisetheStatementofTotalComprehensiveIncome,theStatementofFinancialPosition,theStatementofChangesinReserves,theStatementofCashFlowsandtherelatednotes.ThefinancialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccountingPractice)includingFinancialReportingStandard102‘TheFinancialReportingStandardapplicableintheUKandRepublicofIreland’.
ThisreportismadesolelytotheBoardmembersofHarwichHavenAuthority,asabody,inaccordancewiththeHarboursAct1964.OurauditworkhasbeenundertakensothatwemightstatetotheBoardmembersthosematterswearerequiredtostatetotheminanAuditor’sreportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthantheAuthorityandtheBoardmembersasabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.
Respective responsibilities of Board members and auditors
AsexplainedmorefullyinthestatementoftheBoard’sresponsibilities,theBoardisresponsibleforthepreparationofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview.OurresponsibilityistoauditandexpressanopiniononthefinancialstatementsinaccordancewithapplicablelawandInternationalStandardsonAuditing(UKandIreland).ThosestandardsrequireustocomplywiththeAuditingPracticesBoard’sEthicalStandardsforAuditors.
Scope of the audit of the financial statements
AdescriptionofthescopeofanauditoffinancialstatementsisprovidedontheFinancialReportingCouncil’swebsiteat www.frc.org.uk/auditscopeukprivate.
Opinion
Inouropinionthefinancialstatements:
- giveatrueandfairviewofthestateoftheAuthority’saffairsasat31December2016andofitssurplusfortheyearthenended;
- havebeenproperlypreparedinaccordancewithUnitedKingdomGenerallyAcceptedAccountingPractice;
- andhavebeenpreparedinaccordancewiththerequirementsoftheHarboursAct1964andtheCompaniesAct2006.
Matters on which we are required to report by exception
Wehavenothingtoreportinrespectofthefollowingmatterswherewearerequiredtoreporttoyouif,inouropinion:
- theinformationgivenintheReportoftheBoardisinconsistentinanymaterialrespectwiththefinancialstatements;or
- theAuthorityhasnotkeptadequateaccountingrecords;or
- thefinancialstatementsarenotinagreementwiththeaccountingrecordsandreturns;or
- wehavenotreceivedalltheinformationandexplanationswerequireforouraudit.
Larking Gowen
CharteredAccountants,StatutoryAuditors,Ipswich25May2017
Independent auditor’s reportto the Board of Harwich Haven Authority
Statement of total comprehensive incomeYear Ended 31 December 2016
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ThefinancialstatementswereapprovedandauthorisedforissuebytheBoardandweresignedonitsbehalfby:
J Keohane Baroness R Scott
Chairman Deputy Chairman
25 May 2017 25 May 2017
Thenotesonpages39to54formpartofthesefinancialstatements.
Theallocationofthereservesat31December2016isdisclosedindetailinnotes24and25ofthefinancialstatements.
Notes 2016 2015 £ £ Fixed assets
Property,plantandequipment 11 44,728,721 45,751,108
Current assets
Inventories 12 175,115 160,436
Debtors 13 5,246,349 3,582,824
Short term investments 2,029,253 2,008,110
Cashatbankandinhand 14 4,503,541 4,280,410
11,954,258 10,031,780
Creditors: amounts falling due within one year 15 (2,974,759 ) (3,573,049)
Net current assets 8,979,499 6,458,731
Total assets less current liabilities 53,708,220 52,209,839
Creditors: amounts falling due after more than one year 16 (4,882,251 ) (9,456,663)
Provisions for liabilities and charges
Pensionschemeliability 19 (13,627,000 ) (5,678,000)
35,198,969 37,075,176
Reserves 24 35,198,969 37,075,176
Revenue Account £At1January2015 31,972,745
Surplusfortheyear 4,249,431
Other comprehensive income 853,000
At 31 December 2015 37,075,176
Surplusfortheyear 5,909,793
Othercomprehensiveloss (7,786,000)
At 31 December 2016 35,198,969
Statement of changes in reservesAs at 31 December 2016
Statement of financial positionAs at 31 December 2016
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2016 2015 £ £ Cash flows from operating activities
Operatingsurplus 6,914,086 5,485,998
Adjustmentsfor:
Depreciationofproperty,plantandequipment 2,087,988 2,032,493
(Profit)/lossondisposalofproperty,plantandequipment (10,277 ) 15,511
Increase in inventories (14,679 ) (697)
(Increase)/decreaseindebtorsexcludingdeferredtaxation (482,525 ) 414,853
Increase/(decrease)increditors 240,728 (117,866)
Differencebetweencurrentservicecostandcashcontributions
lessrunningcostsofpension (1,188,000 ) (588,000 )
Net cash generated from operating activities 7,547,321 7,242,292
Cash flows from investing activities
Interestreceived 37,124 27,259
Purchasesofproperty,plantandequipment (1,080,285 ) (519,711)
Proceedsfromsaleofproperty,plantandequipment 24,961 12,500
Net cash outflows from investing activities (1,018,200 ) (479,952)
Cash flows from financing activities
Repaymentofborrowings (5,413,430 ) (2,865,595)
Finance costs (871,417 ) (1,046,826 )
Net cash from financing activities (6,284,847 ) (3,912,421)
Net increase in cash and cash equivalents 244,274 2,849,919
Cashandcashequivalentsatbeginningofyear 6,288,520 3,438,601
Cash and cash equivalents at end of year 6,532,794 6,288,520
1 Basis of preparation
ThesefinancialstatementshavebeenpreparedinaccordancewithapplicableUnitedKingdomaccountingstandards,specificallyFinancialReportingStandard102–‘TheFinancialReportingStandardapplicableintheUnitedKingdomandRepublicofIreland’(‘FRS102’),andwiththeCompaniesAct2006.Thefinancialstatementshavebeenpreparedonthehistoricalcostbasis.
ThefinancialstatementsarepresentedinSterling(£).
2 Principal accounting policies
Operating revenue
OperatingrevenueisrecognisedtotheextentthatitisprobablethattheeconomicbenefitswillflowtotheAuthorityandtherevenuecanbereliablymeasured.Operatingrevenueismeasuredasthefairvalueoftheconsiderationreceivedorreceivable,excludingdiscounts,rebates,valueaddedtaxandothersalestaxes.Thefollowingcriteriamustalsobemetbeforerevenueisrecognised:
Operatingrevenuefromacontracttoprovideservicesisrecognisedintheperiodinwhichtheservicesareprovidedwhenallofthefollowingconditionsaresatisfied:
- theamountofrevenuecanbemeasuredreliably;and
- itisprobablethattheAuthoritywillreceivetheconsiderationdueunderthecontract.
Statement of cash flowsAs at 31 December 2016
Notes to the Financial StatementsYear ended 31 December 2016
Property, plant and equipment
Property,plantandequipmentismeasuredatcostlessaccumulateddepreciationandanyaccumulatedimpairmentlosses.
Depreciationiscalculatedtowritedownthecostlessestimatedresidualvalueofallproperty,plantandequipment,otherthanfreeholdland,overtheirexpectedusefullives,usingthestraight-linemethod.Theratesapplicableare:
Theoriginalcostofdredgingshippingchannelsiscapitalised.Costsincurredinmaintainingthechannels-“maintenancedredging”-arechargedtorevenueintheyearinwhichtheyareincurred.
Inventories
Inventories,whichconsistsofsparepartsandconsumableitems,arevaluedatthelowerofcostandnetrealisablevalueaftermakingdueallowanceforobsoleteandslow-movingitems.Costisbasedonthecostofpurchaseonafirstin,firstoutbasis.
Leases
Leasesinwhichasignificantpartoftherisksandrewardsofownershipareretainedbythelessorareclassifiedasoperatingleases.Paymentsmadeunderoperatingleasesarechargedtotheincomestatementonastraightlinebasisovertheperiodofthelease.
Freeholdbuildings 25 years
Leaseholdproperty overtheremainingperiodofthelease
Capitaldredging 50 years
Jetties 25and10years
Launches,navigationand other equipment
3 to 20 years
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Deferred taxation
Fullprovisionismadefordeferredtaxassetsandliabilitiesarisingfromtimingdifferencesbetweentherecognitionofgainsandlossesinthefinancialstatementsandrecognitioninthetaxcomputation.NoprovisionismadefordeferredtaxationoncapitaldredgingfixedassetsunderFRS102asnobalancingchargewouldariseondisposalunderUKtaxlaw.
Anetdeferredtaxassetisrecognisedonlyifitcanberegardedasmorelikelythannotthattherewillbesuitabletaxableprofitsfromwhichthefuturereversaloftheunderlyingtimingdifferencescanbededucted.
Deferredtaxassetsandliabilities,whichareundiscounted,arecalculatedatthetaxratesexpectedtobeeffectiveatthetimethetimingdifferencesareexpectedtoreverse.
Research and development
Researchexpenditureiswrittenofftotheincomestatementintheyearinwhichitisincurred.
Capital grants received
Capitalgrantsreceivedarereleasedtotheincomestatementwhentheperformancerelatedcriteriahavebeensatisfied.
Revenue grants received
Revenuegrantsreceivedarereleasedtotheincomestatementintheperiodthatthecorrespondingexpenditureisincurredandrecognised.
Surcharges
TheAuthoritymakesasurchargeoncertainusersoftheHaventocoverthecostsofcapitaldredgingexercises.Themoneyraisedisheldinadedicatedholdingaccountandappliedtoservicecostsassociatedwithpastexercisesincludingloanrepayments,loanguaranteecostsandenvironmentalprotectioncosts.Anysurplusissetasideforfuture
Financialassetsthataremeasuredatcostandamortisedcostareassessedattheendofeachreportingperiodforobjectiveevidenceofimpairment.Ifobjectiveevidenceofimpairmentisfound,animpairmentlossisrecognisedintheincome statement.
Forfinancialassetsmeasuredatamortisedcost,theimpairmentlossismeasuredasthedifferencebetweenasasset’scarryingamountandthepresentvalueofestimatedcashflowsdiscountedattheasset’soriginaleffectiveinterestrate.Ifafinancialassethasavariableinterestrate,thediscountrateformeasuringanyimpairmentlossisthecurrenteffectiveinterestratedeterminedunderthecontract.
Creditors
Shorttermcreditorsaremeasuredatthetransactionprice.Otherfinancialliabilitiesaremeasuredinitiallyatfairvalue,netoftransactioncosts,andaremeasuredsubsequentlyatamortisedcostusingtheeffectiveinterestmethod.
Foreign currency translation
Functional currency and presentation currency
Thefinancialstatementsarepresentedinthecurrency of the primary economic environment in
whichtheentityoperates(itsfunctionalcurrency).Forthepurposeofthefinancialstatements,theresultsandfinancialpositionarepresentedinSterling(£).
Transactions and balances
Transactionsincurrenciesotherthanthefunctionalcurrencyarerecognisedatthespotrateonthedatesofthetransactionoratanaverageratewherethisrateapproximatestheactualrateatthedateofthetransaction.Attheendofeachreportingperiod,monetaryitemsdenominatedinforeigncurrenciesareretranslatedattheratesprevailingat
capitaldredgingoftheharbourapproacheswhichtheAuthoritycouldmakeavailableasacontributionsubjecttoasatisfactorybusinesscasebeingsubmittedandapproved.
Interest income
Interestincomeisrecognisedasinterestaccruesusingtheeffectiveinterestmethod.
Debtors
Debtorsaremeasuredattransitionprice,andaremeasuredsubsequentlyatamortisedcostusingtheeffectiveinterestmethod,lessanyimpairment.
Short term investments
Shortterminvestmentsconsistofdepositswithfinancialinstitutionswhichareconsideredreadilyconvertibleintocash.
Cash and cash equivalents
Cashisrepresentedbycashinhandanddepositswithfinancialinstitutionsrepayablewithoutpenaltyonnoticeofnotmorethan24hours.Cashequivalentsarehighlyliquidinvestmentsthatmatureinnomorethanthreemonthsfromthedateofacquisitionandthatarereadilyconvertibletoknownamountsofcashwithinsignificantriskofchangeinvalue.
Inthestatementofcashflows,cashandcashequivalentsareshownnetofbankoverdraftsthatarerepayableondemandandfromanintegralpartoftheAuthority’scashmanagement.
Financial instruments
TheAuthorityonlyentersintobasicfinancialtransactionsthatresultintherecognitionoffinancialassetsandliabilitiesliketradeandotherdebtors andcreditors.
Debtinstrumentsthatarepayableorreceivablewithinoneyear,typicallytradecreditorsortradedebtors,aremeasured,initiallyandsubsequently,attheundiscountedamountofthecashorotherconsideration,expectedtobepaidorreceived.Howeverifthearrangementsofashort-terminstrumentconstituteafinancingtransaction,likethepaymentofatradedebtdeferredbeyondnormalbusinesstermsorfinancedatarateofinterestthatisnotmarketrateorincaseofanoutrightshort-termloannotatmarketrate,thefinancialassetorliabilityismeasured,initially,atthepresentvalueofthefuturecashflowdiscountedatamarketrateofinterestforasimilardebtinstrumentandsubsequentlyatamortisedcost.
thatdate.Non-monetaryitemsthataremeasuredintermsofhistoricalcostsinaforeigncurrencyarenotretranslated.
Exchangedifferencesarerecognisedintheincomestatementintheperiodinwhich they arise.
Pension costs
Defined benefit pension scheme - Harwich Haven Authority Pension Fund
TheAuthorityoperatesadefinedbenefitscheme.Theamountschargedtooperatingsurplusarethecurrentservicecosts,andgainsandlossesonsettlementsandcurtailments.Theyareincludedaspartofstaffcosts.Pastservicecostsarerecognisedimmediatelyintheincomestatementifthebenefitshavevested.Ifthebenefitshavenotvested,thecostsarerecognisedovertheperioduntilvestingoccurs.Theinterestcostandexpectedreturnonassetsareshownasanetamountofotherfinancecostsorincomeintheincomestatement.Actuarialgainsandlosses,togetherwithanyassociatedmovementindeferredtaxationarerecognisedimmediatelyinthestatementof comprehensive income.
TheschemeisfundedwiththeassetsoftheschemewhichareheldseparatelyfromtheassetsoftheAuthority,inaseparatetrusteeadministeredfund.Pensionschemeassetsaremeasuredatfairvalueandliabilitiesaremeasuredonanactuarialbasisusingprojectedunitmethodandadiscountrateequivalenttothecurrentrateofreturnonahighqualitycorporatebondofequivalentcurrencyandtermtoschemeliabilities.Fullactuarialvaluationsareobtainedatleasttrienniallyandareupdatedateachstatementoffinancialpositiondate.Theresultingdefinedbenefitassetorliability,netoftherelateddeferredtax,ispresentedseparatelyafterothernetassetsonthefaceofthestatementoffinancialposition.
Money purchase pension plan
Thecompanyoperatesamoneypurchasepensionplanforitsemployees.Amoneypurchaseplanisapensionplanunderwhichthecompanypaysfixedcontributionsintoaseparateentity.Oncethecontributionshavebeenpaidthecompanyhasnofurtherpaymentsobligations.
Thecontributionsarerecognisedasanexpenseintheincomestatementwhentheyfalldue.Amountsnotpaidareshowninaccrualsasaliabilityinthestatementoffinancialposition.Theassetsoftheplanareheldseparatelyfromthecompanyinindependentlyadministeredfunds.
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Multi-employer defined benefit pension scheme
TheAuthorityhadadebtcertifiedundersection75ofthePensionsAct1995on20February2014.Thisliabilityhaspreviouslybeenrecognisedinthefinancialstatements,andsettledinfull.HoweverunderRule15(2)additionalsumsmaybeclaimedfromtimetotime.Theseadditionalsumsareundefinableandthereforenotprovidedforwithinthesefinancialstatements.
Fund accounting
DesignatedfundsareunrestrictedfundsearmarkedbytheBoardforparticularpurposes.
Judgements in applying accounting policies and key sources of estimation uncertainty
Thepreparationofthefinancialstatementsrequiresmanagementtomakejudgements,estimatesandassumptionsthataffecttheamountsreportedforassetsandliabilitiesasatthestatementoffinancialpositiondateandtheamountsreportedfor
revenuesandexpensesduringtheyear.However,thenatureofestimationmeansthatactualoutcomescoulddifferfromthoseestimates.
ThefollowingaretheAuthority’skeysourcesofestimationuncertainty:
Useful economic lives of tangible assets
Theannualdepreciationchargefortangibleassetsissensitivetochangesintheestimatedusefuleconomiclivesandresidualvaluesoftheassets.Theusefuleconomiclivesandresidualvaluesarere-assessedannually.Theyareamendedwhennecessarytoreflectcurrentestimates,basedontechnologicaladvancement,futureinvestments,economicutilisationandthephysicalconditionoftheassets.
Defined benefit pension scheme
TheAuthorityhasobligationstopaypensionbenefitstocertainemployees.Thecostofthesebenefitsandthepresentvalueoftheobligationdependonanumberoffactors,including;lifeexpectancy,salaryincreases,assetvaluationsandthediscountrateoncorporatebonds.Managementinstructaqualifiedactuarytoestimatethesefactorsanddeterminethenetpensionobligationatthestatementoffinancialpositiondate.Theassumptionsreflecthistoricalexperienceandcurrenttrends.
3 Operating revenue
2016 2015 £ £
Dues on ships 17,164,698 17,001,021
Pilotageservices 5,818,452 5,805,274
Pilotageexemptioncertificates 15,180 19,110
Boardingandlandingcharges 977,438 965,849
Otheroperatingactivities 538,377 584,086
24,514,145 24,375,340
AlloperatingrevenuearosewithintheUnitedKingdom.
4 Expenditure
2016 2015 £ £
Harbouroperatingexpenditure 11,203,434 12,032,982
Pilotageservicecosts 6,396,625 6,856,360
17,600,059 18,889,342
5 Operating surplusTheoperatingsurplusonordinaryactivities isstatedafterchargingthefollowing:-
2016 2015 £ £
Depreciation 2,087,988 2,032,493
Auditors’remuneration -inrespectofauditservices 19,600 19,000
-inrespectoftaxationservices 3,000 3,000
-inrespectofotherservicesprovided 8,150 5,700
(Profit)/lossonsaleoffixedassets (10,277 ) 15,511
Operatingleaserentals 340,188 322,880
Researchanddevelopmentexpenditure 185,477 127,056
Contributionstoadefinedbenefitpensionschemeweremadeonbehalfofone(2015:one)Boardmember.
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6 Board members and employees
2016 2015 £ £
Wagesandsalaries 5,642,030 5,203,219
Socialsecuritycosts 661,186 617,760
Other pension costs 1,789,052 1,747,400
8,092,268 7,568,379
Averagenumberofemployeesexcludingnon-executivemembersoftheBoard 110 105
Pensioncontributionspaidaredetailedinnote19.
Board members’ remuneration
2016 2015 £ £
Emoluments 398,223 304,474
9 Other finance costs
2016 2015 £ £
Definedbenefitpensionschemeinterestexpense 170,000 217,000
170,000 217,000
10 Taxation
2016 2015 £ £
Current tax charge - -
Deferred tax - -
Charged/(credited) to income statement - -
Factors affecting the tax charge for the year
Surplus/(deficit)onordinaryactivitiesbeforetaxation 5,909,793 4,249,431
Surplus/(deficit)onordinaryactivitiesbeforetaxationmultipliedbythe 1,181,959 849,886
standardrateofUKCorporationTaxof20%(2015:20.0%)
Effectsof:
Deferredtaxnotrecognised
Actuariallossesonpensionscheme (203,600 ) (74,200)
Pensioncostreliefinexcessofpensioncostcharge (756,790 ) (756,790)
Originationandreversaloftimingdifferences (89,218 ) (162,641 )
(Losses)/profitbrought/carriedforward (132,351 ) 143,745
(1,181,959 ) (849,886)
Current tax - -
7 Finance income
2016 2015 £ £
Interest from short term investments 37,124 27,259
37,124 27,259
8 Finance costs
2016 2015 £ £
Loan interest 731,377 875,289
Guarantee fee 140,040 171,537
871,417 1,046,826
Themostsignificantdifferencebetweenthe2016and2015emolumentsistheinclusionofafullyear’spayfortheHarbourMasterfollowinghisappointmenton10September2015.
TheaggregateemolumentsofthehighestpaidBoardmembertotalled£153,695(2015:£147,947).At31December2016thehighestpaidBoardmemberhadaccruedbenefitsundertheAuthority’sdefinedbenefitschemeof£47,720(2015:£49,596),beingretirementbenefits.
Duringtheyearretirementbenefitswereaccruingto1Boardmember(2015-1)inrespectofdefinedbenefitpensionsschemes
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11 Property, plant and equipment
Freehold Long Capital Jetties Launches, Total land and leasehold dredging navigation buildings property & other equipment
Cost £ £ £ £ £ £At1January2016 1,940,112 2,083,839 68,556,725 2,040,626 11,659,766 86,281,068
Additions - - - 582,162 498,123 1,080,285
Disposals (53,851) - - (240,029) (1,106,322) (1,400,202)
At 31 December 2016 1,886,261 2,083,839 68,556,725 2,382,759 11,051,567 85,961,151
Depreciation
At1January2016 1,454,114 629,866 28,997,193 1,832,973 7,615,814 40,529,960
Charge 51,625 37,375 1,135,466 51,705 811,817 2,087,988
Eliminatedondisposal (53,851) - - (220,763) (1,110,904) (1,385,518)
At 31 December 2016 1,451,888 667,241 30,132,659 1,663,915 7,316,727 41,232,430
Net book values
At 31 December 2016 434,373 1,416,598 38,424,066 718,844 3,734,840 44,728,721
At31December2015 485,998 1,453,973 39,559,532 207,653 4,043,952 45,751,108
Includedwithinthedisposalsare£1,287,778offullydepreciatedassetsthatondetailedexaminationoftheFixedAssetRegisterwerefoundtohaveeitherbeensuperseded,redundantornolongerexist.
12 Inventories
2016 2015
£ £
Consumablestores 175,115 160,436
Inventoriesrecognisedasanexpenseduringtheyearwas£512,671(2015:£533,987).
13 Debtors
2016 2015 £ £
Due after more than one year
Deferredtaxasset(note18) 2,317,000 1,136,000
Due within one year
Tradedebtors 2,202,898 1,524,564
VAT 262,894 234,894
Prepaymentsandaccruedincome 463,557 687,366
5,246,349 3,582,824
14 Cash at bank and in hand
Includedincashatbankandinhandisthesumof£1,499,803(2015:£1,499,975)whichconstitutesthesecuredsurchargerevenueaccount,restrictedastoitsuseunderthetermsofaloan.
15 Creditors: amounts falling due within one year
2016 2015 £ £
Tradecreditors 199,519 131,138Accruals,deferredincomeandothercreditors 581,516 409,169Loan (note 16) 2,193,724 3,032,742
2,974,759 3,573,049
16 Creditors: amounts falling due after more than one yearSecuredloans 7,075,975 12,489,405
Less:amountsduewithinoneyear(note15) (2,193,724 ) (3,032,742)
4,882,251 9,456,663
2016 2015Amountsrepayablebyinstalments £ £
Inoneyearorless 2,193,724 3,032,742
In one to two years 2,354,720 3,204,322
Intwotofiveyears 2,527,531 6,252,341
7,075,975 12,489,405
Infiveyearsormore - -
7,075,975 12,489,405
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17 Financial Instruments
2016 2015 £ £
Financialassetsatamortisedcost 8,735,692 7,813,084
Financialliabilitiesatamortisedcost (7,857,010 ) (13,029,712)
878,682 (5,216,628 )
Financialassetsmeasuredatamortisedcostcomprisecashatbankandinhand,shortterminvestmentsanddebtorsduewithinoneyear,excludingprepaymentsandVATreceivable.
Financialliabilitiesmeasuredatamortisedcostcomprisecreditorsduewithinoneyearandafteroneyear.
18 Deferred Taxation
Themovementindeferredtaxationduringtheyearisasfollows:-
£
At 1 January 2016 (1,136,000 )
Movementinprovision -
Deferredtaxassetinrelationtopensionliabilityrecognisedinyear: -
Incomestatement -
Statementoftotalcomprehensiveincome (1,181,000)
At 31 December 2016 (2,317,000 )
Deferredtaxationprovidedinthefinancialstatementsandthepotentialamountsincludingtheamountsforwhichprovisionhasbeenmadeareasfollows:-
Provision Potential 2016 2015 2016 2015 £ £ £ £
Acceleratedcapitalallowances 252,302 320,695 252,302 320,695
Availabletaxlosses (252,302 ) (320,695) (570,539 ) (798,935)
PilotsNationalPensionFundaccrual - - (643,271 ) (1,513,580 )
Netasset - - (961,508 ) (1,991,820)
Deferredtaxassetonpensionliabilitydeductedfrompensionliability (2,317,000 ) (1,136,000 ) (2,317,000 ) (1,136,000 )
Totalprovisionfordeferredtax (2,317,000 ) (1,136,000 ) (3,278,508 ) (3,127,820)
NoprovisionismadefordeferredtaxationoncapitaldredgingfixedassetsunderFRS102asnobalancingchargewouldariseondisposalunderUKtaxlaw.
19 Pension schemeDefined benefit scheme
Forsomeemployees,theAuthorityoperatesafundedpensionplanprovidingbenefitsforitsemployeesbasedonfinalpensionablepay.TheassetsoftheFundareheldinaseparatetrusteeadministeredfund.
ThefundingplanisfortheFundtoholdassetsequaltothevalueofthebenefitsearnedbyemployees,basedonasetofassumptionsusedforfundingtheFund.Thefundingassumptionsdifferfromtheassumptionsusedtocalculatethefiguresfortheseaccounts,andthereforeproducedifferentresults.Ifthereisashortfallagainstthisfundingplan,thentheAuthorityandTrusteesagreeondeficitcontributionstomeetthisdeficitoveraperiod.TheAuthorityhasagreedtopaycontributionsinrespectofongoingaccrualofmembers’benefits,inadditiontocontributionsinrespectofthedeficitinfunding.Aspartoftheactuarialvaluationwithaneffectivedateof31December2014thefollowingcontributionsfromtheAuthoritywereagreed:
-16.725%paofpensionablesalariesinrespectofongoingbenefitaccrual;and-£1.11mpainrespectofthedeficitfunding.
Theresultsoftheformalactuarialvaluationasat31December2014wereupdatedtotheaccountingdatebyanindependentqualifiedactuaryinaccordancewithFRS102,allowingforbenefitpaymentsmade,andchangesinmarketconditions.Theresults,basedonassumptionsusedforFRS102,areasfollows:
Statement of financial position 2016 2015 £000 £000
Presentvalueofdefinedbenefitobligation (69,971 ) (53,864 )FairvalueofFundassets 56,344 48,186
Deficitreflectedinprovisionsforliabilitiesandcharges (13,627 ) (5,678)Relateddeferredtaxassetreflectedindebtors 2,317 1,136
Netliabilityrecognisedinthestatementoffinancialposition (11,310 ) (4,542 )
Theloantotalshownaboveincludes£7,075,975(2015:£9,119,710)bearinginterestat7.209%perannumrepayableoveratwentyyearperiodcommencing3June2000.Thisloanissecuredbyafirstfixedchargeonpresentandfuturesurchargerevenues.Thesurchargerevenuescanonlybeusedforcertainpurposes,theprincipalonesbeingtherepaymentofthecapitalandinterestontheloan.At31December2016,thesurchargerevenuessetasideforthispurpose,incash,amountedto£1,499,803(2015:£1,499,975).TheobligationsoftheAuthorityunderthetermsoftheloanareguaranteedbyThePortofFelixstoweLimitedandassociatedcompanies.
Theloan,bearinginterestatLIBORplus2.3%perannum(2015:£3,369,695)waspaidinfullon29December2016.
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Themajorcategoriesofplanassetsatthebalancesheetdateareasfollows:
2016 2015 £000 £000
Bonds 9.3% 9.2%Gilts 20.4% 28.3%Totalreturnfund 69.8% 62.5%Cash 0.5% 0.0%
100.0% 100.0%
TheFunddoesnotinvestdirectlyinpropertyoccupiedbytheAuthorityorinfinancialsecuritiesissuedbytheAuthority.
ThefollowingtablesetsoutthesignificantassumptionsusedfortheFund:
Actuarial Assumptions 2016 2015 2014
RetailPricesIndexinflation 3.2% p.a 3.0%p.a 3.1%p.aConsumerPricesIndexinflation 2.2% p.a 2.0%p.a 2.1%p.aDiscount rate 2.6% p.a 3.8%p.a 3.6%p.aPensionincreasesinpayment(5%LPI) 3.1% p.a 2.9%p.a 3.0%p.aPensionincreasesinpayment(2.5%LPI) 2.1% p.a 2.0%p.a 2.1%p.aSalaryincreases 3.7% p.a 3.5%p.a 3.6%p.aLifeexpectancyofmaleaged63atbalancesheetdate 24.8 years 24.7years 24.6yearsLifeexpectancyofmaleage63in20years’time 27.1 years 27.0years 26.9years
Movement in net defined benefit liability 2016 2015
£000 £000
Openingnetdefinedbenefitliability 5,678 7,207Expenserecognisedinthesurplusbeforecomprehensiveincome 918 1,312Employercontributions (1,936 ) (1,683 )Amountrecognisedinothercomprehensiveincome 8,967 (1,158 )
Closingnetdefinedbenefitliability 13,627 5,678
Expense recognised in statement of total comprehensive income 2016 2015
£000 £000
Employer’spartofcurrentservicecost 721 1,069Pastservicecostandsettlements 8 -Runningcosts 19 26Interest expense 170 217
Totalexpenserecognisedinstatementoftotalcomprehensiveincome 918 1,312
Movement in present value of defined benefit obligation 2016 2015 £000 £000
Openingdefinedbenefitobligation 53,864 54,464 Employer’spartofcurrentservicecost 721 1,069Pastservicecostandsettlements 8 -Interestonobligation 2,026 1,941ContributionsfromFundmembers 172 115Actuariallosses/(gains) 15,016 (2,606 )Benefitspaid (1,836 ) (1,119)
Closingdefinedbenefitobligation 69,971 53,864
Movement in fair value of plan assets 2016 2015 £000 £000
OpeningfairvalueoftheFundassets 48,186 47,257InterestonFundassets 1,856 1,724ActualreturnlessinterestonFundassets 6,049 (1,448 )Contributions by the Authority 1,936 1,683ContributionsbyFundmembers 172 115Runningcosts (19 ) (26 )Benefitspaid (1,836 ) (1,119)
ClosingfairvalueofFundassets 56,344 48,186
Thetotalreturnontheassetsovertheyearwas£7,905,000.
20 Capital commitmentsAttheyearendtheBoardhadcontractedtofurthercapitalexpenditurewhichisnotprovidedinthesefinancialstatementsof£200,220(2015:£160,096).
21 Operating lease commitments
At31December2016theAuthorityhadfutureminimumleasepaymentsundernon-cancellableoperatingleasesasfollows:
2016 2015 £ £Expirydate:Within1year 257,100 311,917Between 2 to 5 years 1,028,400 1,028,400After more than 5 years 11,665,810 11,922,910
12,951,310 13,263,227
Includedwithinthecommitmentis£11,947,500(2015:£12,186,450)relatingtotheleasefortheManagedRetreatinTrimleywhichexpiresin2067.
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24 Reserves Brought Gains/ Total Carried forward Income Expenditure Transfers (losses) movement forward £ £ £ £ £ £ £
DesignatedCapitalexpenditure - - - 2,013,300 - 2,013,300 2,013,300Pensioncontributions - - - 1,100,000 - 1,100,000 1,100,000Capitaldredging 648,462 - - 562,581 - 562,581 1,211,043Loanrepayments - - - 2,193,724 - 2,193,724 2,193,724
648,462 - - 5,869,605 - 5,869,605 6,518,067
RevenueGeneral 8,843,011 24,551,269 (18,637,089) (11,283,035) 1,181,000 (4,187,855) 4,655,156Pensionscheme (5,678,000) - 1,018,000 - (8,967,000) (7,949,000) (13,627,000)
3,165,011 24,551,269 (17,619,089 ) (11,283,035 ) (7,786,000 ) (12,136,855 ) (8,971,844 )
Fixed assets and loansFixedassets 45,751,108 - (1,022,387) - - (1,022,387) 44,728,721Loans (12,489,405) - - 5,413,430 - 5,413,430 (7,075,975)
33,261,703 - (1,022,387 ) 5,413,430 - 4,391,043 37,652,746
Revenue, fixedassets and loans 36,426,714 24,551,269 (18,641,476 ) (5,869,605 ) (7,786,000 ) (7,745,812 ) 28,680,902
Total 37,075,176 24,551,269 (18,641,476 ) - (7,786,000 ) (1,876,207 ) 35,198,969
TheAuthorityiskeentoprovideitsStakeholderswithaclearerunderstandingoftheAuthority’sFinancesandtothisendhasmadeseveralchangestothepresentationoftheAccounts.InparticularastohowtheAuthorityutilisessurplusesgeneratedfromitsoperationsandastohowitscumulativereservesareallocatedtofutureuse.
Asaconsequencethereservesat31December2015of£37,075,176havebeenanalysedbytheBoardtoprovideareflectionoftheirallocationbetweenthefundsasshowninthetableabove.ThecolumnheadedExpenditureisthenettotalofactualexpenditure,depreciationandidentifiedfutureliabilities.
Belowaredescriptionstothevariousheadingsabove.
DesignatedCapital expenditure
IncludesamountsdesignatedbytheAuthoritytowardscapitalexpenditureinfuturefinancialyears.
22 Contingent liabilitiesThePilotsNationalPensionFundisaUKdefinedbenefitpensionschemeformarinepilots.Itincludesself-employedaswellasemployedmembers,andisfundedbymultipleemployers,includingharbourauthoritiesthatonlyauthorisedself-employedpilotsandhadneverpreviouslybeenrequiredtocontributetothescheme.
TheAuthorityhaditsdebtcertifiedundersection75ofthePensionsAct1995on20February2014andthishasbeenrecognisedinthefinancialstatementsfortheyearended31December2013.HoweverunderRule15(2)additionalsumsmaybeclaimedfromtimetotime.Theseadditionalsumsareundefinableandthereforenotprovidedforwithinthesefinancialstatements.
23 Related party transactions
Key management personnelTheBoardandManagementteamaslistedonthemembers,managementandadvisorspageareconsideredtohaveauthorityandresponsibilityforplanning,directingandcontrollingtheactivitiesoftheAuthorityandarethereforeconsideredtobekeymanagementpersonnel.Totalremunerationinrespectoftheseindividualsis£712,524(2015:£604,853).
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Pension contributions
IncludesamountsdesignatedbytheAuthoritytowardsadditionalcontributionstothePensionSchemeinrespectofthedeficitfundinginthenextfinancialyear.
Funds for future capital dredging
IncludessurplusfromConservancySurchargereceiptsthattheAuthoritycouldmakeavailableasacontributiontowardsfuturedeepeningoftheharbourapproaches.SuchdeepeningwouldmaketheHavenmoreaccessibleforthenewgenerationofcontainerships.Nobusinesscasehasbeensubmittedorapproved.
Loan repayments
IncludesamountsdesignatedbytheAuthoritytowardsfutureloanrepaymentsfallingdueinthenextfinancialyear.
RevenueGeneral
Includesallothercurrentandpriorperiodsurplusesanddeficits.
Pension scheme
IncludestheobligationtothemembersoftheHarwichHavenAuthorityPensionFund(HHAPF)priortoanyreductionsforamountsheldwithindesignatedfunds.
Fixed assets and loansFixed assets
IncludescurrentandpriorperiodincomeandexpenditurerelatingtofixedassetsheldbytheAuthority.
Loans
Includescurrentandpriorperiodadvances,repaymentsandinterestrelatingtoloansheldbytheAuthoritypriortoanyreductionsforamountsheldwithindesignatedfunds.
25 Analysis of net assets between funds Fixed Total funds Total funds Designated Revenue assets 2016 2015 £ £ £ £ £
Fixedassets - - 44,728,721 44,728,721 45,751,108CurrentAssets 6,518,067 5,436,191 - 11,954,258 8,895,780Liabilities (781,035) (7,075,975) (7,857,010) (13,029,712)Pensionscheme - (13,627,000) - (13,627,000) (4,542,000)
Total 6,518,067 (8,971,844 ) 37,652,746 35,198,969 37,075,176
Harwich Haven Authority
Harbour House, The Quay
Harwich, Essex, CO12 3HH
The Authority
Winckworth Sherwood LLP
Minerva House, 5 Montague Cl.,
London, SE1 9BB
Solicitor
Barclays Bank
9 High Street, Colchester
Essex, CO1 1DD
Lloyds TSB
1 West Avenue, Clacton on Sea
Essex, CO15 1QP
Bankers
Larking Gowen
1 Claydon Business Park
Great Blakenham, Ipswich
Suffolk, IP6 0NL
Auditors
55