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 2006
The Authority presents its report together with the summarised accounts for the year ended 31 December 2006.

The Profit and Loss and Balance Sheet are available as two separate pdfs.

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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.

2006 was another good year for the Authority, both in terms of financial performance and the provision of the moorings and facilities for Stakeholders. Tight cost controls and price increases in line with costs have contributed to another strong set of results. Our normal operating retained surplus, or stakeholder funds, have increased from £105,000 in 2005 to £151,000 in 2006 on a turnover of £1.022m. Details of exceptional items are at note 6.

Surpluses are used for the financing of capital expenditure or facilities for the benefit of all harbour users and are in effect a stakeholder dividend. They also contribute towards financial stability by building capital reserves. In consultation with stakeholders the Authority has developed a capital investment programme which seeks to prioritise investment over a one, five and ten year period.

The Authority continues to monitor the deficit in the final salary pension scheme, which is closed to new members. In 2005 and 2006 a contribution was made to reduce the deficit. A plan, to be agreed with the regulator, to address the deficit is anticipated for 2007.

Demand for leisure moorings and facilities remain strong from both permanent berth holders and visitors. The harbour also retains a strong level of commercial activity which includes a healthy shellfish fleet, and continued cruise liner activity.

Following on from the successful launch of the new website in 2005, the Authority adopted a new corporate identity and Dart Harbour logo in 2006. The new identity incorporates a plan to upgrade all Authority signage over the next few years.

The lease over the river fundus from the Duchy of Cornwall expired in 2004 and discussions for a new lease continued throughout 2005 and 2006. After a period of difficult and prolonged negotiations, the Authority is confident that these are nearing a satisfactory conclusion and would anticipate a new lease will be signed in 2007.

The Board on behalf of all stakeholders fully appreciate the commitment and dedication of all our staff including office, river and seasonal staff, yacht taxi drivers and volunteers without whom a successful and efficiently run operation could not be achieved.