Dart Harbour Finance

Harbour operations are self-financing from harbour dues, (annual, weekly or daily) and Dart Harbour also rents out moorings on a commercial basis. The harbour is non-profit making. Any surplus shown shown in the Report and Accounts is used for the financing of capital expenditure or facilities for the benefit of harbour users.

For the Year Ended 31 December 2010
The Authority presents its report together with the summarised accounts for the year ended 31 December 2010.

The Profit and Loss and Balance Sheet are available below.

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The Dart Harbour and Navigation Authority was established by Act of Parliament on the 1 August 1975 to administer the Trust Port of Dartmouth. The Act made the Authority a body corporate with perpetual succession and a common seal and is referred to as a company in these financial statements.

In addition to its statutory duties the Authority also operates moorings and pontoons in the River Dart on the fundus leased from the Duchy of Cornwall.

With certain exceptions, the Report and Accounts of the Dart Harbour and Navigation Authority must comply with the requirements of the Companies Act 1985.

One of the features of the form of accounts required by the Companies Act is the use of the word 'profit' to describe the surplus of income over expenditure, referred to as a credit to the Reserve Fund under the Dart Harbour and Navigation Authority Act 1975. Any profit shown in the Report and Accounts is used for the financing of capital expenditure or facilities for the benefit of harbour users and to build reserves to provide financial stability.

The last year has focused very much on the people side of the business. We were sorry that Ernest Fleck, a Board Member and former Vice Chairman, died early in 2011, so depriving the authority of a wealth of experience coupled with sage advice. The Board also said goodbye to Simon Ellyatt, previous Chairman, and Dr John Walker, previous Vice Chairman. Their efforts over a long period will be of lasting benefit to all who love the Dart. We have been joined by Owen Hill and Helen Meacock who bring new experience and talent to an enthusiastic and committed Board who all volunteer their services.

In the office, Captain David White has retired as Harbour Master while he remains our principal pilot. We welcome Rob Giles as our new Harbour Master and CEO and he joins us from a background of naval and public service. Nick Clarance the Deputy Harbour Master has been with us for nearly two years and has a broad range and professional background in all port operations.
The Authority has a long term development plan to replace or refurbish all our pontoons which number over 300. We have been frustrated over some time in our technical ability to do this in house. However, after several years of careful cost control and significant payments required to stabilize the pension scheme, I am pleased to report that the pension fund is now in balance, and we have accrued a positive working cash position. This has enabled us to do two things. We have committed around £800,000 to the development of our Hoodown facility that will allow us to manage our pontoon stock cost effectively ourselves and also provide better facilities for staff, while at the same time largely holding our prices for moorings at the 2010 level, to the particular benefit of local users. Our waiting lists for berths and moorings remain healthy, thus giving confidence in our future income streams.

Turnover was flat in 2010 reflecting both weather and the recession, but fortunately we were able to let all of our annual berths, either on a permanent or temporary basis. Costs were higher due to pension payments, recruitment costs and professional fees all of which should reduce significantly in 2011. At year end, cash balances of nearly £1.2million indicate that our capital programme can continue without recourse to borrowing. Continuing recession, however, means that we will need to monitor both income levels and expenditure to ensure that the financial health of the Authority is maintained.