REGISTERED CHARITY NUMBER: 1205660
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 DECEMBER 2025
FOR
PORTSMOUTH ROYAL MARITIME CLUB

PORTSMOUTH ROYAL MAArriME CLUB
REPORT OF THETRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
Page
Rewrt tsf the Trustees
1 to6
Report of the Independent Audttors
7109
Consolidaltsd Statem6nt of Financial Aclivilios
10
Consolidated Balan¢e Sheet
Consolidated Statem&nl of Cashllows
12
Notes to the Finartcial Statements
13to25

POR TSMOUTH ROYAL MARITIME CLUB
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Trusteos
Mr M Dawe, Trustee and Chairman
Mr M Massey, Trusteo and Vice Chairma
Mrs C Sleolsmi(h
Capl. P Quinn OBE RN IRldl
Mr T Cfark
Mi Duck
Mrs K Cosco lappoinled on 25th March 20251
Mr N Batther lappoinled on 25th March 20251
Mr S James lappoinled on 25th March 2025, resigned 8th Decembor 20251
Charfty reglstered number
1205660
Prlnclpal offlce
75-80 Queen Str881
Portsmouth
Harnpshire
P013HS
Auditors
MC Audit Limited
Chartered Accountants
Statutory Auditors
Lak¢ House
2 Port Way
Port Solent
Hampshire
P06 4TY
Bankers
Handelsbanken
Ground Floor
1000 Lakeside
North Harbour
Portsmouth
P06 3EN
Solicitors
Wannops
Froddinglon House
Cumberland Business Centre
Northumberland Road
Portsmouth
P02 OLR
Knights
Midland House
Wesl Way
Boiley
Oxford
OX2 OPH
Page 1

PORTSMOUTH ROYAL klARITIME CLUB
REPORTOF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees p￿sent their annual report together with the audited financial ￿&teMentS lor year &nded 31st
December 2025.
STRUCTURE. GOVERNANCE AND MANAGEMENT
Governlng document and Slgnlficant Changos
The Club's origins were as the Home Club, opened in 1851. The Portsmouth Royal Sailors Home Club was
created by a conveyance and assignmènt and declaration c)1 trust of 13 Febwary 1883.
Follow7ng obtaining consonl trom the Privy Council and the Charity Commission. a new ch￿tY was formed and
in March 2024, approval was obtained from the transfer all the assots, liabilities and activities into a Charitable
Incorwraled Organisation ICIOI- Charity Number 1205660. The transfer took place on 1 st April 2024. The
objectives ol the new charity precisely mirror tho old charity, and the Trustecs remain the same.
Truste¢s
The present membership of the Br)ard of Trustees is as listed on page 1. 7 members served throughout the
pgriod.
The number ol Trustees is in accordance wilh the govorning document. The appointment ol a Trustee must be
made at a special meeting.
Trustse meetsngs take place at least four limes a year.
Organlsation, management and structu
The Charity is managed by a Board of Trustees who themse￿eS are responsible lor the appointment ol ihe
Chief Executive Officer ICEOI. ThB CEO has overall responsibility for th& day-to-day management and
running ol the Charwty. Th8 CEO appoints all stall. The management structure is split into areas of
rgsponsibilily, induding Op¢rations, HDusekeeping, Food and Beverage. MarkeliThJ and Events and Finance
Regular moelings take place between the Heads of Department and the CEO. Each Head of Departtnent is
answerable to the CEO who is answerable and reports lo the Board of Trusiees.
Mr David KnKJht has been the CEO since his appointment in April 2023.
Tho Trustees were initially appointed under the Charitable Scheme, dated 21 O¢lober 1998. New Trustees
arg apFxilnied by the Board ol Trustees. The Trustees are responsible for overall pollcy d¢¢isions.
The rKJn-charilthe functions aro undertaken to support the Charty and run by a parallel trading company,
tho directors ol which are at present thg Tru8tees, Mr Knight the CEO is the Company Secretary.
Page 2

PORTSMOUTH ROYAL MARITIME CLUB
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
Risk management
The Trustees review and update, at their meetings and at least annually, the risk assessment for the building
and its use, and consider regularly the risks associated with the operations of ihe charity. Amongst risks
specifically considered in the past year are future development and refurbishment, increasing competition,
risk5 of reputational damage and occupancy rates.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
Objects and actlvitles
The objects aims and principaj actwities of the Charity are as sel out in Paragraph 4 (al and Ibl of the
Charitable Schemè da16d 21st Oclober 1998. The activities of the Charily are ￿h0 provision of recreation,
accommodatien and leisure time occupation for iys beneficiaries and also to provide for the relief ol seafarers
and formor seafarers who are in need, sufforing hardship or distress"
Strateglc alms and Intended effect
The stralsgic aim ol tho Charty has always been to ensure il is able lo fulfil its charitable objects. The
Trustees highlighted the need lo make changes in Ihe manner in which they sought to achieve this having
regard lo the lar reaching changes, which have occurred in the market pla￿ in which the Chartty operates.
Imponanlly, wilh 141.497 serving seNice personnel and 52,762 veteran service personnel living in the Solenl
artsa. il has become iwnFx)rtanl to include ajl armed lorcps personnel and their families in i(s r¢mil. Whilst the
Club's membership 15 changing with a reLluction in the size and use ot the club by seNing personnel, there is
an increase in the nutnbers ol younger retirèd sailors and Marines especially those seeking the service
provided by supporting Charities. The range and scope of tho Club's charitable activities rellecl those changgs
which have improved the chai11￿$ performance and greatly assist futfilling the objectives.
Oblectlves of the ygar
To continue the expanslon of access to the Club to the Armed Serwces, uniformed seryi¢es, and Other
seafarers to ensuie the fullest use of the Chariils facilities can be madè.
2 To ¢onlinue to upgrade thè Charivs premis65, particularly disabled facilities, to mantain and improve the
structure in a￿ordar￿e wrth a 5-10 year planned Maintenan￿ programme.
To actively improve, modernize and promote lh6 facilities of the Club by undertaknng a subslanlial
programmg of mod&inizaiion ot bedrooms, together with other improvements.
Princlpal actlvlties
The Club's principal actmly continues to be the provision of accommodatlon, ￿C￿0a110n and Other leisure lime
occupation its fuifil its charitable objects. and the provision of space tor the delivery ol services by other seNice
hariii¢s.
Publlc benefit
The Trustees confi'rm that they have referred lo the guidance contained in the Charity Commission's gengral
guidance on public benefit whan rgvSewing the Charity's aims and objectives and in planning future aclniilies.
The principal objects ol the Charfly are promoted by free or redu¢ed room hir6 for Naval and military charitable
Associations., use of rooms for Veterans Outreach Support lor their expanding and important counselling work
particularly for ex seNice personngl allecled by post Iraumatlc stross disorder and a wide range of personal
issues, providing free or reduced cost respite holidays lor needy beneficiary families., special rgductions for
naval personnel lor all ev&nts- assisting local fund raising for numerous national and local chaaties., and
discounts in respect ol accommodation, bar and food.
Page 3

PORTSMOUTH ROYAL MARrriME CLUB
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
The prlncipal actiwties continue to be;
Room hire free ol chaig8
2 Room hiie at a substantially discounted rale from the normal larill
Prowsion of fa¢ililies for Royal Navy, Royal Marine and other military veterans, groups that utilise the Club
as a base for regular gatherings and pay lor food and drink as taken
A summary ol the public benefit activities lor the year ended 31st December 2025 are as follows..
Charitable groups.. 175 events for 4,624 i￿li￿d￿al$
Public bgnelil 1ndTvidu￿s.' 6,187 Rooms for 9,700 Adults and 402 Children
Serwng RN occupants.. 591 Rooms for 174 Adults and 18 Children
Former RN occupants.. 2,906 Rooms for 4,123 Adults and 46 Children
Serving & lormor other forces.. 11 Rotsms for 11 Adults
Respite holidays.. 107 nights for 117 Aduhs and 2 Childr8n
A summary of the public benefit activities for the 9 month Peri￿ emled 31st December 2024 are as lollows..
Charilablo groups.. 153 events for 3,673 individuals
Public benefit indiMduals.' 6,554 Rooms lor 10,224 Adults and 393 Children
Serving RN occupants.. 565 Rooms lor 164 Adults
Former RN occupants.. 22 Rooms lor 22 Adults
Samng & lom)er other forces.. 5 Roc*ms for 5 Adults
Re8pile holidays.. 47 nights lor 65 Adults and 4 Children
ACHIEVEMENTS AND PERFORMANCE
Operations performance
The Club's performance as soi out within the accounts lor the year ended 31st December 2025 reflect the
effect on the Hospitalty Irado caused by the continuing personal expenditure crisis following events of 2022.
The Russian invasN)n of Ukraine and ensuing ellecl on domestic economies also continues to be a problern
for the Charity as r( has had to cope with the doubling of ulilily costs and dramatic increa59s Iri Interest rates on
Ihe long term flnanclng of loans.
The Club Trusteos continue lo regularly monitor and review Ihe Cost ol goods and services and all
expendtture.
The Club's programme of updating and improvemonts are baing carrled out as fuThJs allow.
The Trustees are ￿eaSed lo report the Club has again been awarded a 3 star rating under Visit England.
Quality in Tourisrn Accreditation S¢heme, plus grading recognition of Mobility One, TWD and Three Assisted.
Veterans Outreach Support
The Club continues lo actively supwrt Velerans Outreach SupF)Qrt whose offices and activities are wthin the
Club. The Club is developing ils close 11gs and is cooperating in a number ol events. A repres8nlative ol VOS
attends Trustee m08tings as an observer al the respective Charities mèetings and a PRMC Trustee is also
Trustee ol VOS.
Pagg 4

PORTSMOUTH ROYAL MARrriME CLUB
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
FINANCIAL REVIEW for the year to 31st D8cember 2025
The Sialoment ol Financial Activities reports net loss of 1£131.5421 trom funds thal are unrestricted lor the
period before transfers between funds.
Th8 financi￿ performan￿ ol the Charity is affected by many olernal factors, especially the economic clirnate.
The need lo maintain a 1950's building is increasing. The Trustees commissioned a specialisl report lor a
planned maintenance programme which is being implemented. The Trustees continue to monitor the
development ol services and all expenditure is included in budgets atvj closely controlled.
At 31st Decembor 2025, the total resenjes ol the Charity stood at £3,733,824, the largest asset is the
premises. Cash balances stood at £387,323, which included a bank loan of £300,000 which is to be used for
Ihe relurbishmttni of the bU1￿1ng.
Investrngnl powers
The investment powers ol the Charty are vested in the Trustees, who have lull power of inv8slm8nt, subjeGI to
their fiduciary responsibilities.
Investment pollcy
The investment powers of the Charity are vested in the Trustees, who hav8 full power of investment. subject to
their fiduciary responsibiltties.
Donatlon$
The Club vgry gratefully acknowledges ch)nallons received during the period from individuals, and bequests, in
appreciation of services provKled. The Club was again honoured lo receive a donation from The Privy Purs8.
Fund Ralslng
In compliance wtlh the requirements of the Charities Act 2011 and the Fundraising Regulator, il is confirmed
that the Club does not undertake fundraising and no professional fundraiser has been involved.
The Club acknowledges and will comply wlth all requirements to be taken into account for any lundraisino In
the future.
Reserves Pollcy
The Ghartty will seek to create and add to ils reserves in a prudent and responsible way and wlth the benefit of
professional advice. The most signilicarrt part of the reserv¢s, however, is the freehold site and oxisling
buikling. The structure iequiTes regular maintonance, wth improvement and repairs lo comply with numerous
regulations. Those works, together with a conlinualton of upgrading bedrooms, required assistan¢e from our
bankers, which is gratefully ackn0￿edged.
Due lo the age ol the t*Jilding and for lir¢ancial budgeting, the Trustee8 commissioned a planned maintenance
report for the building in order lo plan a regular programme of maintenance and refurbishment over a period of
years.
11 is tho policy of the Trustee8 to maintain tree cash reseNes sufficient to cover th& overheads of ihe charity lor
three months in the event all income ceased. At 31 st Dècember 2025, cash b￿an¢s5 stood at £387.323.
Page 5

PORTSMOUTH ROYAL MARITIME CLUB
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
PLANS FOR FUTURE PERIODS
Despilts the economic uncertainly, the Gharity has gmerged in as good a finaneial position as COLEld be hoped.
The Trustees look forward to L*ing able to eomplwe the remainder Df th8 r8lurt)ishment plans.
The Trustees aiffl lo provKle the greatest use and accoss to Ihe Club to support its charitable aims. The
Trustees and CEO continue lo monitor all actlvS1ies ol the Club to promote and market the Club's facilities to
the widest audien¢o.
STAFF
The Trusreeg particularly acknowlèdge ihe considerable work throughout the period by Heads of Department
and JI the staff and including involvement in a wide range and number of mallers allecling the Club. The Club
benefits from the experience ol several longstanding membors of Staff. A Charity the size of the Portsmouth
Royal Marttime Club requirès dodi¢aled and continuous performance and team work. All stalf promde an
èx¢eplignJ seryice arKI support, and have adapted lo changes allecting the Charity and the needs of it's
members, beneficiaries and guests. Pay is rewewed at least annually. taking intt) account a range of internal
and external factors including local and national market changes. The lower rate ol pay in the organizalion il
thal sel in accordance with minimum wage legislation. A range ol benèlils designed to encourage good health,
wellbeing and linanclal resilience18 oflÉred to slall in keeping with the principles of our charitable objects.
STATEMENT OF TRUSTEE RESPONSIBILITIES
The Trustees are reswnsible lor preparing the TrustoÈs' raport and the financial stalcmenls in acGordance
with the applicablg law and Unitgd Kingdom Accounting Standards (Untted Kingdom Generally Accepted
Accounting Pracli¢el.
The law applicable lo charities in England & Wales, the Chariiies A¢1 2011, requires the Trustees to prepare
financial slalemenls for each linaneial yoar which give a true and fair view of the state of aflairs of the charity
and the group and of the incoming iesourcos and application of resourcos of th8 group lor that period. In
preparing these tinancial statements, the Trustees are required lo..
Select suitable accounting polici&s and Ihen apply them consistently.,
Observe tho meth￿JS and principles in the Charities SORP-
Make judgements and accounting estimates that are reasonable and pwdent.,
Prepare the financial statements Dn the going concern basis unloss it is inappr¢Jpriale lo presume that the
charity will continue in businèss.
The Twstees are reswnsible for keeping proper accounting records which disclose with reasonable accuracy
at anytime the financial position of the charity and the oroup and lo enable them io ensure that the finan¢ial
statements comply with the Charities Act 2011, the Charity IA¢counts and Reports) Regulations 2008 and the
provisions of the trust deed. They are also responsible lor safeguarding the assets Df the charity and the group
and hence for taking reasonable stops for the prevention and detection of fraud and other irregularities.
This reph)rt was approved by the Trustees, on
arKI slgned on their behalf by..
Mrm
. Truste8 and Chairman
Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PORTSMOUTH ROYAL MARITIME CLUB
Opinion
We have audited the financial statements of Portsmouth Royal Maritime Club and ils subsidiary for the
period ended 31 December 2025 on pages 10 to 25, which Comprise ihe Consolidated Siatemenl of
Financial Aclivilies, the Group and Charity Balance Sheets and Consolidated Cashftow Statements and
notes to the financial slalemenls, including a summary ol significant accounting policies. The fi￿ar￿la1
reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard FRS 102 'The Financial Reporting Slandard
Ap￿ICable in the UK and Republic of Ir91and' (United ￿ngdOM Generally Accepted Accounting PraCt￿e).
In our opinion the financi￿ statements..
give a true and fair vigw ol ihè state of the group and the parent charivs affairs as at 31
December 2025 and ot the group's incoming resources and application ol resources, including
ils income and exp8ndiÉurg, for the pgriod then &nded',
have been properly prepared in accordawg wlh United Kingdom Generally AcceOed
Accounting Pracli¢e', and
have be&n prepared in aCcOrda￿e with the requirements of the Charrtios A¢t 2011
Basis for opinion
We conducled our audit in accordance with International Standards on Auditing IUKI {ISAs {UKII and
applicable lavw. Our responsibilities ur*er those standards are further described in the Auditors
responsibilities lor the audit ol the financial statements section of our rewrt. We are independent of the
group and paronl chalty in accordance with the ethical requirements that are relgvanl to our audit of the
financial slaternents in the UK, including the FRC'S Ethic￿ Standard, and we have fulfilled our other ethic
responsibilities in accordance with these requirements. We believe that the aLJdit evidence we have
obtained is sufficient and appropriate ID provide a basis for our opinion.
Concluslons rglatlng to golng concem
In audity'ng the financial stalgmgnts, we hav8 concludgd that the Iruslees, use of the going concern basis of
accounting in the preparation of the financial slatemonts is approprialo.
Based on the work we have performed, we have nol identified any material uncgrtaintiès relating to evenis
or condiéions that, irKlividually or collectively, may cast significant doubt on the charttatle company's ability
lo continuc as a going concern lor a period ol al least twelve months from when the financi￿ statements
are authorised for issue.
Our responsibilities and the responsitili118s of the trustees with respecl to going concem are des¢ribod in
the relevant so¢tions of this report.
Other information
The trustees are responsible lor the other information. The other information comprises the information
included in the annual report. other than thè financial slalements and our Report ol the Independent
Audstors Ihereon. assurance conclusion ther80n.
Our opÉnion of the financial statements does not cover the other information and we do not express any
form of opinion or assurance conclusion Iheroon.
In connection with our audit ol the financial slalements, our r6sponsibilily is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the linancial
slalements or our knowledge obtained in the audit or Oiherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material misstalemenls, we are required 10
delomiine whether there is a material misstatement in the linancid slalements or a materi
misstalernenl ol Ihe other information. If, based on the work we have performed. we conclude that there is a
algrial misstatement of this other inlormation, we are required lo report that fact. We have nothing lo
roport in this regard.
Page 7

REPORT OF THE INDEPENDENT AUDtTORS TO THE MEMBERS OF
POR TSMOUTH ROYAL MARITIME CLUB
Matters on whlch we are required to report by exception
We have nothing lo report in respect of the following rnatters where the Charities Act 201 1 requires us lo
report lo you if, in our opinion..
the information given in the Reth)rt of the Trustees is inconsistent in any material respect with the
financial statements or
SLffticient accounting records have not been kept., or
the tinancial slalemenls are not in agreemonl with the accounting records and returns.. or
we have not recebved all the information and ¢xF4analions we requiro for our audll.
Regponslbllities of trustgos
As explaned more fully in the Slalement ol Trustees Responsibilities, the trLJStees are responsible lor the
proparalion of the financial statements which give a true and fair view, and for such internal control as the
Iruslees delem)ine is necessary to enable the preparation of linancial statements that are free from material
misstatement, whether due to Iraltd or error.
In prgparing the financial statements, the trustees are responslble for assessing the group's abilty to continue
as a going Concern, disdosing, as applicable, mailers related lo going concern and using the going concern
basis of accounting unless the Iruslees either intend to liquidate the group or charty or lo Cease q)eralions,
or have no realistic allornalive but lo do so.
Audttors, responsibllllles for the audlt of the flnanclal statement5
Our objectlVQ5 are lo obtain reasonable assurance at)out whether the financial slalemenls as a whole are
free from material misstatement, whether due to fraud or error, and lo issue a Report of the Independent
Auditors that in¢ludes our opinion. Reasonable assurance is a high level ol assurancg, bul is not a guarantee
that an audit eonducled in accordance with ISAS IUKI wll always detect a material misstatement when 11
exists. Misstalem8nts can arise from fraud or error and are considered materia if, Individually or in Ihe
aggregate, they could reasonably b& oxpected to influence the economic decisions ol users taken on the
basis ol these financial statements.
A further description of our responsibilities lor the audit of the financial slalemenls is located on the Financial
Reporting Council's website al www.fre.org.uklauditorsresponsibllllles. Thls description forms part ol our
Rewrl ol the Indepondenl Auditors.
Irregularities, ir￿lUding fraud, are instances of non-compliance with laws and regulalions. We design
procedures in linè with our responsibili118S, OLrtllned abovo, to delecl materid misstalemenls in respfjct of
irregularities, including fraud. The ext6N lo which our procedures are capable of detecting irr¢gulariiies,
including fraud Is detailed below..
From discussion with management and those charged with governance information about tho onlty is
documenied to assess the activity within the organisation. We discuss managements assessment of risk in
respect ol irregularities, fraud and going concern.
Based on these discussions and our own assessments we determined that the key risk areas were income
recognition in respect of cut ofF issues ooncerning income reGognttion and management overrlde eorKernir#J
the size ol the organisalion.
We sel financial statement maioriality level based on the level of income. As a not for profit organisalion
ralslno income is ils primary focus which is why income was used to detemiine the level ol materiality. Our
overall assessment ol risk was used lo determine performance materiality al an appropriale19v81.
Page 8

REPORT OFTHE INDEPENDENT AUDITORSTO THE MEMBERS OF
PORTSMOUTH ROYAL mAR￿l￿E CLUB
Substantive audit tests were designed after assessing and testing systems and conlrols. The systems and
controls which have been designed to act as a preventative measure aqainst fraud and error were operating
as documented. SubslanlivE lesling tesled a sample ol the population. representative ol the population, to
identify errors. The testing did not identify any tnaterial misstalemenls in areas tesled.
Audit substsnlive tests concluded no matèrial errors over the key risk areas ol income recognition and
management override.
The audit considers thg organisalion is not exposed to Materi￿ risk ol error as a result of assessing laws and
regulations that are appropriate lo the organisation.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance wth Section 144 of the Charities
Act 2011 and regulations made under Section 154 of ihal Act. Our audit work has been undertaken so that
W8 might slate lo the charills trustees those matters we are required lo stalo to them in an auditors, report
and lor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the charity and the charitys trustees as a body, lor our audit work. for this report. or lor the
opinions we have formed.
MC Audit Limited
Chartered Accountants
Statutory Audilois
Eligible lo act as an auditor in terrns of Section 1212 of the Companies Act 2006
Lake House
2 Port Way
PortsmDuth
P06 4TY
Dale..
Page 9

PORTSMOLrrH ROYAL MARITIME CLUB
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
{INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2025
Total
Funds
2025
Total
Funds
2024
Unrestricted
Fund5
Re8tr1cted
Funds
INCOME FROM
Donations and legacles
Charitable activities
Other trading activities
Other income
Investment income
296
1,585,540
1.245,825
82,377
296
1,585,540
1,245.825
82.377
241
1,415.975
I,053,￿2
18,346
Tolal
2,914,038
2.914,038
2.488,414
EXPENDITURE ON
Fiaising funds
Charilable acb'vities
1,080,485
1,965,095
1,080,485
1,965.095
803,131
1.594,485
Totsi
3.045,580
3.045,580
2,397,616
Net Ios58s on investrnents
NET LOSSES
1131,5421
1131,5421
90,798
ILossesllGains on reV￿UatIOn
942,537
942,537
NET MOvEmE￿r$ IN FUNDS
810.995
810,995
90,798
RECONCILIATION OF FUNDS
Total funds brought forward
2,922.829
2.922.829
2,832,031
TOTAL FLNDS CARRIED FORWARD
3,733,824
3,733,824
2,922,V29
The comparative column for2024 felates to the 9 monthp8nod enthng 31 December 2024.
Page 10

PORTSMOUTh ROYAL MARITIME CLUB
CONSOLIDATED AND CHARITY BALANCE SHEET
AT 31 DECEMBER 2025
Group
2025
Group
2024
Charlty
2025
Charity
2024
Note
FIXED ASSETS
Tangible as￿t8
Investmen15
5,014.729
4,192,343
5.014.729
4.192,343
5,014,729
4,192,343
5,014,731
4,192,345
CURREwf ASSETS
Stocks
Dèbtors
Cash at bank and in hand
29,816
56,319
387,323
29,031
50,595
187,917
14
56,319
384,489
48,398
180.288
473.458
267,543
440,808
228,688
CREDITORS
Arnounts falling due wilhin one year
15
1486,6091
1525,983
1453,961)
1487,1281
CURRENT LIABILITIES
113,1511
1258,440
113,1531
1258,4421
TOTAL ASSETS LESS CURRENT LIABILITIES
s,￿1.578
3.933,903
5,001,578
3.933.903
CREDrroRS
Amounts falling due in morè than one year
16
11,267,754) 11,011,074) 11,267,754> 11,011,074
NET A$s￿s
3,733,824
2,922,829
3,733,824
2,922,829
FUNDS
UnreslFiCted funds
Revaluation reserve
Restricted funds
18
18
18
1,945,649
1,788,175
2,077.191
845.638
1,945,649
1,788.175
2.077,191
845,638
TOTAL FUNDS
3,733,824
2,922,829
3,733,824
2,922,829
The financial stalempnts
their behalf by-.
ere awroved by the Board of Tyuslees on
and signed on
Mrm
stge and Chairman
Page 11

PORTSMOUTH ROYAL MARITIME CLUB
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Group
202S
Group
2024
Charity
2025
Charity
2024
Not8
Cash flow5 from operatlng activities
Cash generated from operations
20
46,955
266,520
51,751
258,991
46,955
266,520
51,751
258,991
Cash IIow8 from inve5tlng actfvlties
Interest recoived
Purchase ol langSble ￿xed assets
Sale of investments
136,3601
136,3601
Cash provlded by (used In) investing acllvliles
136,3601
136,3601
Ca8h flows from financing aetlvltles
Capital repayments
Cagh inflows from new borrowings
182,9501
300,000
182,9501
300,000
100,255
100.286
Ca$h provlded by Iu8ed In) financlng actlvlilgs
217,050
100,255
217,050
100,286
Change In cash and cash equivalents in the
reporting period
264,006
330,415
268.801
322,917
Cash and cash equivalerts al the beginning
ol the rep)rting period
187.917
{142.4981
180,288
{142,6291
Total cash al the gnd of the year
451.923
187,917
449,089
180.288
Amounts included in Cash at bank and in hand
387,323
187,917
384,489
180,288
Amounts included in Bank k)ans and ovgrdrafts
387,323
187,917
384,489
180,288
Page12

PORTSMOUTH ROYAL MARITIME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ACCOUNTI￿ POLICIES
Basis of preparlng the flnanclal statements
Th8 financial slalements of the charty, which is a public beneltt entity under FRS 102, have been
prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities..
Statement ol Recommended Practice applicabl8 lo charili&s prèparing their accounts in accordance wlth
the Financiai Reporting Standard applicablo in the UK and Republic of Ireland IFRS 1021 lelleclive 1
January 20191., and the Charities Act 2011. The flnanclal statements have been prepared under the
historical cost convention ￿th the exception ol investments which are included at market value, as
modified by the revalualK>n ol c8rtain assets.
The trustees consider that there are no material uncertainties regarding the charitys ability to contlnue as
a going concern.
Income
All income is recDgnised in the Statement of Financial Activitigs on¢¢ the charity has enlitlemenl to the
funds, it is probable that the income will bo received the amount can be measured rellably.
Incomg for aGcommodation and events is recognlsed on customer arrival, or wh8n date in which the event
takes place.
Expendllyre
Liabilities aro recognised as expenditure as soon as there is a legal or Constructive obligation committing
the charity to that expenditure, il is probable that a transfer of economi¢ benefits will be requir8d in
settlement the amount ol the obligation Can be measured reliably. Expenditure is accountgd lor on an
accruals basis and has been classified under headings that aggregate all cost related to tho category.
Where costs cannot be directly attribulgd lo particular headings they have been allocated to activities on a
basis consislgnt wth the use of resources.
Bo818 of consolldatlon
These financial statements consolidate the results of the chartty and its wholly owngd subsidiary,
Portsmouth Royal Maritime Glub Limtted, on a line by line basis.
Tanglble fixed ass￿5
Tangible fixed assets are carried al Cost or valuation. nel ol depreciation any provlslon for Impairmani.
Depreciation is provided al rates calculated to write off the cost or valuation of fixed assets, less th&ir
estimated iesidual value, over their Èxpècted useful lives on the following basis..
Freehold property
Fixtures and littings
Straight line over 5 - 20 years
Reducing balanoe 5% - 15°A
IndivKlual Iix6d assgls wsling £1,000 or more are capttalised at eoat.
The eharily has adopted the cost model whereby items of plant and equipment are measurèd at ¢osl less
any ac¢umulated depreciation and any accumulated impairmoftt ltssses.
For freehold prDperty, the charty has adopted the revaluation model. A professional valuation is obtained
al least once every five years and the trustees rgview for material movements annually.
Revdued freehold property is depreciated over its useful life lo its residual value.
Investments
Inv6slmellt5 are stated at market value al the balance sheot dale. The Statement ol Financial Activities
include the nel gains and losses arising on revduation and distx)sal throughout the year.
Page 13

PORTSMOUTH ROYAL MARITIME CLUB
NOTES TO THE FINANCIAL sTATEME￿rs
FOR THE YEAR ENDED 31 DECEMBER 2025
ACCOUNTING POLICIES {continued}
Stocks
Stocks arè valued al the lower ol cost and nel realisable value after making due allowance lor obsolete
and slow-moving stocks.
Flnanclal Instruments
The charity only enters into basic financial instwments transactians that result in the recognltlon of
financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and
othèr third parties and loans to related partles and investmenis in rN)n-puttable ordinary shares.
Trade and other debtors
Short term debtors are measufftd al transaction price. less any impairment. Loans receivable arg
measured initially al f￿r value, nel of transaction costs, and are measured subs8quently al amorli86d cost
using the effective interest method, loss any impairment.
Cash and cash ¢qulvalents
Cash and cash equivalents ¢omprfse cash al bank and on hand, deposits wlh bank5 and other short-lerm
highly liqu￿ investments and bank overdralls. In the balance sheet, bank overdrafts are shown wtthin
borrowings or Current liabiliti88.
Trade and other ¢redltors
Short tenn trade creditors are measured al the transaction pricg. Other ffnanclal liabilities. including bank
loans, are Measu￿ initially at fair value, nèt ol transaction costs, and are mgasured subsequèntly at
amortised ¢ost using the effective interest method.
Penslon8 and other post retlrement benefits
Ponsion Contr￿)utIonS represent payments made by the charity on behalf of staft mombers to a retirement
securlly plan administered by trustses in a fund indeFRndgnl from Iho charity.
Taxation
The charity is exempl from tax on its charttable acb'vities.
Fund accountlng
Unre5tricled funds can be used in accordance wih the charitable objectives al the discretion of the
trustees.
Restricted funds can only be used lor particular resldcted purposos within the objgcls of the charity.
Resiriclions arise when specified by tho donor or when funQs arg raised lor particular rostricl&d purposes.
Hlre purchase and lea$ing commitments
Assets obtained under hire wrchase oonlra¢ts or finan¢e leases are capilalised in the balance sheet.
Thos& held under hire purchase conlraots are depreciated ovgr thoir estimated uselul lives. Those held
under finance leases are depreciated over iheir estimated useful lives or the lèase lerm, whichevèr is the
strM)rtor.
The interest eloment of these obligations is charged lo the Stalgment of Financial Ackn'vities over the
relevant period. The capital element ol the futuro payments is treated as a liability.
Rentals paKI UfKJer opeialing leases are charged lo the Statement ol Financial Actlvliles on a slraFghl line
basis over the period of the lease.
Page14

PORTSMoiJfH ROYAL MARITIME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
AccouvfiNG POLICIES l¢ontinued)
Critical accounting estimates and argas of judgement
Estimates and judgcments are Gonlinually evaluated and are based on historical experience and othgr
laclors, including expeclalions ol tutuie èvents that are believed to be reasonable under thè
circumstances.
Critical accounting estlmates and assumpltons..
The charty makes estimates and assumptions toncerning the futur8. The resulting accounting estimates
and assumptions will, by delinilion, seldom equal the related actual results.
The trustees have reviewed the a55et lives and associated residual values ol dl fixed asset classes and
have concluded that asset lives an(1 residual valuos are appropriate.
Page 15

PORTSMOUTH ROYAL MARITIME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2. DONATIONS AND LEGACIES
Total
Funds
2025
Total
Funds
2024
Unrestrkted R68trlct¢d
Funds
Funds
Donations
296
296
241
296
296
241
INCOME FROM CHARITABLE ACTIVITIES
Total
Funds
2025
Total
Funds
2024
Unrestrleted Restrlcted
Funds
Funds
Relief for HM Armed Forces Servi¢0
Personnel Veterans & Farnilies
1,585,540
1,585,540
1,415.975
1,585,540
1,585,540
1.415,975
INCOME FROM COMMERCIAL TRADING OPERATIONS
The chariLVs wholly owned trading subsidiary Portsmouth Royal Maritime Glub Llmlted. which is
incorporated in England and Wales (registered no. 036814481, pays dl prolks to Ihg charity. PortsmDUth
Royal Mariiime Club Limited provides catering and bar facillties. The lollowiThJ is an extract tsl the
financial stsl8ments of Portsmouth Royal Maritime Club Llmiled for the year ended 31 December 2025.
2025
2024
Turnover
Cost of sales
Adminislratlve exponses
C4)eratiro profivllossl
1,245,825
1970,8621
33,977
1,053,852
1745,5761
26,702
240,985
281,574
Interest receivabla and similar income
Profil trjefore taxation
240,985
281,574
Profits dislritmjled lo tho charity
Retained in the subsidiary
240,985
281574
The assets and Ilabllltltss of the trading subsidiary were as follows..
Currerrt assets
CurreN liabilities
Long term liabilities
Nel assets
90.628
190.626)
92,205
192,2031
Aggregate share capitaf and reserves
Page16

PORTSMOUTH ROYAL mAR￿lME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
5. OTHER INCOME
2025
2024
Oiher income
82,377
18,346
82,377
18,349
FINANCIAL ACTIVITIES OF THE CHARITY
The financial activities shown In the Consolidated Statement of Financial Actlvliies includes IPw)se of the
charitls wholly owned subsidiary. Portsmouth Royal Maritime Glub Llmited.
A summary of the ffnancial activities undertaken by the charity is sel out below..
2025
2024
Total incomlng resources
Total expenditure on charitable a¢tThiities
1,909,198
2,040,740
1.716,137
1,625,339
Net incoming resources
1131.5421
90,798
Gains on revaluation of freehold propety
942,537
Nei movement ill funds
810,995
90,798
Total funds brought lorward
2,922,829
2,832,031
Total lunds carried forward
3,733,824
2,922,829
7. DIRECT COSTS
Rellef to
Seafarers
Total
2025
Total
2024
Finance costs
Staff costs
Premises
CommLJnicalions
Depreciation
Other costs
91,309
935,909
378,804
61.511
184,750
312.812
91.309
935,909
378,804
61.511
184,750
312,812
74,217
751,005
305,010
48,427
135,862
279,864
1965,095
1,965,095
1.594,485
8. AUDITORS, REMUNERATION
The ALKlitors' ￿MUneratIon amounts to an audit fee of £10,80012024- £10.5001.
Page 17

PORTSMOUTH ROYAL MARITIME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
STAFF COSTS
Group
2025
Group
2024
Charlty
2025
Charity
2024
Wages and salaries
Social security costs
Employers pension costs
1,392,574 1,100,842
137,009
80.348
35,319
23,685
925,127
740,509
10,782
1,￿4,902 1,204,875
935,909
751,005
Tho average number ol stall employed during ihe period was 8812024= 871.
The average number ol full time 9qUiV2fonl staff employed dtsring tho period was 3612024.. 331.
The number of employees whose annual emoluments werè £80.000 or more were:
2025
Total
2024
Tolal
£80,000 to £89,999
The key management person￿1 ol the parent charity comprise the Trustggs, CEO. Finance Manager,
HR Manager, Hospttaity Managor, Reception Manager, Operations Manager and Evonls and
Banqueting Manager. The total employee salaries paid to the k8y management personnel of the Charlty
were £313,48912024.. £315,209). The key management personnel ol the subsidiary company comprise
the Bar Manager, Head Chef, Housekeeping Manag&r, HOspit￿llY Manager and Maintenance Manager.
The lolal employee salaries pard to the koy management personnel ol the subsidiary company was
£113,37912024= £77,931 I. The combined talal ol key managernenl personnel for the charity and
company was £426,86812024-. £393,1401 Trusteo remuneration and other benglils is rèported in note
10.
10. TRUSTEE REMUNERATION AND BENEFrrs
No trustees, receiv¢d remuneration or other benefits during the period ended 31 December 2025 nor lor
the pgriod ended 31 Dec9mber 2024.
Trustees. expenses
During the period, Iwo trusloes12024'. nono) were reimbursed for ￿t of pocket gxpensos of £75.
Page 18

PORTSMOUTH ROYAL MARITIME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Total
Funds
2024
Unrestrlcted Restrided
Funds
Funds
INCOME FROM
Donalions and legacies
Charitable a￿NItieS
Other trading activities
Other income
Investment income
241
1.415.975
1,053,852
18,346
241
1,415,975
1,053,852
18.346
Total
2,488.414
2,488.414
EXPENDITURE ON
R￿SIng funds
ChartEable activities
803.130
1.594,485
2,397,615
803.131
1,594,485
Total
2,397,616
Not gal[￿ on inv8stments
INCOME
.799
90,798
Transfors be￿e￿n funds
NEf AIOVEMENTS IN FUNDS
90.799
90,798
RECONCILIATION OF FUNDS
Total funds brought forward
2,832,031
2,832,031
TOTAL FUNDS CARRIED FORWARD
2,922,830
2,922,829
Page 19

PORTSMOUTH ROYAL MARMME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR ThE YEAR ENDED 31 DECEklBEFI 2025
12. TANGIBLE FIXED ASSETS
Freehold Fixture$ 8nd
Property
Flttings
Total
COST
At 1 January 2025
Additions
Disposals
Revaluation
At 31 Decembèr 2025
4,509,860
47.492
3.845,205
17,108
8,355,065
64,600
297,352
4,260,000
297,352
8,122,313
3,862,313
DEPRECIATION
Al 1 January 2025
Charge lor the period
Eliminatfjd on dis￿SaI
Revaluation
1,135,676
104,213
3,027,046
80,538
4,162,722
184,761
1,239.889
1.239,889
3,107,584
At 31 Decetnb8r 2025
3,107,584
NET BOOK VALUE
Al 31 Decen*er 2025
4.260,000
754,729
5,014,729
At 31 December 2024
3,374,184
818,159
4,192.343
Included wlhin the net book value of £5,014,729 (2024-. £4.192,3431 is £13,79912024'. £21,341) relating to
assets held und8r hire purchase agreements. The deweciation charged to the financial statements in th9
period in respgct ol such assets arrK)unled 10 £7.54212024= £11.1141.
Cost or valuation al 31 December 2025 is as follows..
Land and
Buildlngs
Group
Al cost
At valuallon:
Open market basis at 31 December 2025
3,317,463
942,537
4,260,000
11 the land and buildings had not been included al valuation Ih8y would have been induded under the
historical eonvenlion as follows..
2025
Group
Cost
Aceumulaled depreciation
2024
2,088,012
839,807
2,040,520
735,594
The deem8d cost ol the fre8hold propety was bas8d upon a valuation carried out by Vail WiS1iams,
Gommercial and Industrial Propety Agents and Sutveyors on 9 December 2010. This valuation was made
on the basis ol the IrBehold inler95t with vacant possession al open market value in ac00rdan￿ with the
SORP and Ihg RICS Appraisal and Valuation Manual. The second valualiDn related to the cost of fixttjres
and fittings and was based on a valuation of £452.845 as al 31 December 1998, and subsequgnl additions
at cost.
The trustees made a lurth8r revaluation ol the Ireehold property as at 31 D8￿mbar 2025 based on a
valuation report completed by Christie & Co on 5 February 2026. This report focused on comparisofts
ba￿een other hotgls on the south coast, laking sales price per room into consideration.
Pag& 20

PORTSMOUTH ROYAL MARITIME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
13. FIXED ASSEf INVESTMENTS
Charity
2025
2024
Investment in unlisted subsidiary
14. DEBTORS
Group
2025
Group
2024
CharFty
2025
Charity
2024
Trade debtors
Prepayments and acewed income
1,704
56.319
56.319
48,398
56,319
50,595
56,319
48,398
15. CREDITORS: Amouwfs FALLING DUE WITHIN ONE YEAR
G¥oup
2025
Group
2024
Charlty
Charlty
2024
Bank loans and overdrafts
Trade creditors
OEher taxation and social security
Amounts owed to group LJndertaking5
Other crtsditors
Accruals and deferred income
110,600
85,193
153,737
150,230
100,670
161,277
110,600
85,193
60,992
60,097
82.175
54,904
150,230
100,671
71.405
52,451
55,475
56,896
82.175
54.904
55,475
58,331
486,609
525.983
453,961
487,128
Page 21

PORTSMOUTH ROYAL IJIARITIME CLUB
NOTES TO THE FINANCIAL sTATEME￿r$
FOR THE YEAR ENDED 31 DECEMBER 2025
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
2025
Group
2024
Charity
2025
Charity
2024
Bank loans
1,267,754
1.011,074
1,267,754
1,267,754
1,011,074
1,011074
1,267,754
1.011.074
DEFERRED INCOME
Deferred income relates to deposlts recelved in advan¢0 that are lor a future accounting period.
Group
2025
Group
2024
Charlty
2025
Char1ty
2024
Bruught forward
Amount released lo incoming resources
Amount dèferred in périod
29,175
129,1751
29,175
129,1751
28,158
28,158
Garried forward
28,158
28,158
17. SECURED DEBTS
Tha following secured detAs are included wihin creditors..
Group
2025
Group
2024
Charlty
2025
Charlly
2024
Bank loans
1,378,354
1,161,304
1,378.354
1,181,304
Page 22

PORTSMOUTH ROYAL MARITIME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
18. MOVEME￿ IN FUNDS
Transfers
(Lossos
Balance at
between
Gains on 31 December
lunds Revaluatlon
2025
Balance al 1
January 2025
Income
Ex￿n￿lI￿re
Unr&slrf¢lgd funds
Revaluation resarve
2,077,191
845,638
2,914,038
13,045.5801
1,945,649
1.788,175
942.537
2,922,829
2,914,038
13,045,580
942,537
3,733.824
Fl8stricted funds
TOTAL FUNDS
2,922,829
2,914.038
13,045,580)
942.537
3,733.624
Conyaratives for movemont in lunds
Transfers
{Lossesll
Balancg at
betweon Gains on 31 December
lunds Flevaluation
2024
Balance at 1
Aprll 2024
Incom
Expendllure
Unrestrlcted funds
1,986,3¥J
Revaluation reseNe 845,638
2,488,414
12,397,816)
2,077.191
845,638
2,832,031
2,488,414
12,397,618)
2,922,829
Restricted funds
TOTAL FUNDS
2,832,031
2,488,414
12,397,616)
2.922,829
Page 23

PORTSMOUTH ROYAL MARITIME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
19. ANALYSIS OF NET ASs￿s BEfwEEN FUNDS
2025
Total
funds
Unreslrlcted Restricted
fund$
funds
Fixed assets
Current assets
Current liabilities
Long term IHbilities
5.014,729
473,458
1486,6091
11,267,754)
3,733,824
5,014,729
473,458
1486,6091
11,267,754)
3,733,824
20. RECONCILIATION OF NEf INCOmEI{EXPEND￿URE> TO NET CASH FLOW FROM OPERATING
ACTIVITIES
Group
2025
Group
2024
Charity
2025
Charity
2024
Nel rnovemenl in funds
Gain on revaluation of freehold property
Deprecialion charges
Decreas8 in stocks
Interest received
Ilncreaselldecraase in deblors
(Decreasellincrease in cred(tors
810,995
1942.5371
184,750
{7851
,798
810,995
1942,5371
184.750
90.798
135,852
11,3681
135,862
15,7241
256
112,5661
.793
266,519
17,9201
6,463
112,5661
44,896
258,990
46,955
21. OPERATING LEASE COMMITMENTS
Al 31 December 2025 the total future minimum lease payments under non
leases was as follows..
can¢gllable operating
Group
2025
Group
2024
Charlty
2025
Charlly
2024
Amounts payable:
Within 1 year
Bebveen 1 and 5 years
Within > 5 years
7,190
8,988
7,190
16,178
16.178
23,368
Pago 24

PORTSMOUTH ROYAL MARITIME CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEklBER 2025
22. RELATED PARTY TRANSACTIONS
During the period, the charity onlered Into the lollowtng transactions with Portsmouth Royal Marillme Cub
mited. a 100Yo owned subsidiary incorporated in England and Wales.
Sales and expenses were recharged to thg company 01 £881.435 {2024.' £311,596). Sales and expenses
recharged from Ihe trading Company were £nil12024'. £nill- The eharity also received a gift aid payment ol
£240,98512024: £281,574) from the trading company.
2025
2024
Amounts owed Ibyyto the charity at the balance sheet date
160,D96)
152,4511
The CIO also had received income for room hire, event hiro and office rent Irom VOS tolalling £20,791
12024.. £14,730). Michael Dawe is a Trustee ol both Portsmouth Royal Maritime Club and VOS.
Finally, the CIO received income for event hire from the Naval Families Fed6ralion of £654 {2024.. £rkill.
Paul Anthony Quinn is a Trustee of both Portsmouth Royal Maritime Club and Naval Familie5 Federation.
23. PENSION COMMITMENT
The charty operale(l a defined contribution scheme. The ¢osts lo the charity for the period were £35,319
12024.. £23,685). There were £nil12024.. £nill contributions to the scheme unpaid at thg end of the period.
Page 25