Ensure that the commercial and fi nancial management is robust, market-led and enables CHC to deliver
its statutory duties and strategic objectives and fund harbour improvements.
Strategic Plan Objectives
5 year Budget Plan: Update the rolling 5 year Financial Capital and Maintenance Budget
Plan linked to the CHC 5 year Strategic Plan 2017. 2017
A rolling 5-year plan was developed for the 2016 budget and has been updated annually.
Charging policies: Review and update CHC charging policies and develop fi t-for-purpose
income strategies. 2016-2017
CHC regularly reviews its income streams to ensure commercial rates of return in order to generate profi ts
for reinvestment into the harbour. A major review into our Marine Services was undertaken in 2017 and the
detailed recommendations are to be fully implemented in 2018. 2017 also saw an additional income stream
with the purchase of storage facilities to form Cowes Har bour Storage.
Core Policy
Reporting and targets: Develop internal report and then consult and publish CHC fi nancial
KPIs. 2016-2017
Internal targets are set as part of the budgeting process. CHC publish two KPIs in the Annual Accounts:
Profi tability (earnings before interest, tax and depreciation/turnover) 0.26 (2016 - 0.28).
Current ratio (current assets/current liabilities) 1.32 (2016 – 1.08).
External funding: Seek to develop and maintain additional external funding and commercial
sponsorship. 2016-2021
The dredging of the new Eastern Channel and construction of the Shrape Breakwater extension are still linked to
the funding and agreements of the government’s Homes and Communities Agency led East Cowes regeneration
project. CHC continues to request clarifi cation on the timing and fi nal funding agreements from the government
and their development partner.
Audit: Re-tender the CHC external audit contract. 2018
CHC will implement the re-tendering of the audit in autumn 2018.
Annual Report 2017 - 2018
33