THE PORTISHEAD NAUTICAL TRUST Report and Financial Statements Year Ended 31 March 2024 Charity No. 228876 Regtstered 879C
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) CONTENTS PAGE Legal and Administrative InforrrratK)n Report ofthe Foundation Manage Report ofthe Independert Examiner Statement of FInarla1 Aclimties statement of Finala1 PosrtKJn Notes fonning part ofthe finala1 statemerts 9-12
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) LEGAL AND ADMINISTRATIVE INFORMATION FourKlalion Managers Miss A F Mcpherson, Chairman Mr P C C4'ngley-Brown. Treasurer Mr C Crossman Mrs P A M Margerison Mr5 A Stone Mr C M bodhead Secretary Mrs E Kright (resigned 17 ThOber 2023) Registered Office 108 High Street, FORTISHEAD, North Somerset BS20 Registered Number 879CE {England and Wales) Registered Charity Number 228876 (England and Wales) Independent Examiner Christopher R Brown Ltd. Tkton Lodge. 8 Bellevue Road. CLEVEDON, North S)merset BS217NR Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hil. WEST MALLING, Kert ME19 4JQ Inveslrnent Managers Chades Stanley & Co Limited, 1&18 Queen Square, TH, BA12HN
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) REPORT OF THE FOUNDATION MANAGERS FOR THE YEAR ENDED 31 MARCH 2024 The board of Foundation Manager5 present their report together 1th the fInarla1 statemerts for the year ended 31 March 2024. Constitution and objects The Portishead Nautal Trust is a charitable company. limited by guarantee. and registered in England and Wales. Its affai are managed by Foundation Managers who are registered as Directors of the Company. The acknvities of The Trust are governed by its menrandn and ArtleS of Asscciation, dated 7 July 2009. The primary object of The Trust is to releve arvj assist disadvartsged young people under the age of 25. Organisation The Foundation Managers have served during the year are set out on page 1. The number of Foundation manage is Irnited to twefve arKI new Managers are appointed by the exksting Managers as VaCaleS arise. Granl making policy The Foundation Managers meet four times per annum to consider applications for funding. The Trust invites aPpIatiOnS from disadvantaged young people. from LM)th indNiduals and groups assisting them. in North Someet. Bristol and surrounding areas. Public Benefit Statement The Trust aims to relieve and assist young peOpe under the age of 25 Ose lffe chances are limited by diffru ¢ir¢umstan¢es, for exarnp, ill heatth, F(Jverty or parental negled. Our support B given in the form of a grant either to the indwidual reapient or to organisations actively working on Specif projects to help disadvantaged young peorje. Our preferred approach is to give grants that will help young people to improve or alleviate their own situation. have corEidered all aPpIatiOnS thich meet our 04'eGtNes from young people and organisations giving preferere to those based in North Somer5et. Bristol and Surrounding areas. In drawing up the above statement, the Manager5 of The Trust have paid due regard to the guidance published ty the Charity COMlS510n cOeming reporting on the Public Beneftt of the Charty. Financial review investment lIcY The capital of The Trust arose from the sale of The National Nautical School in Portishead. The National Nautical &hool had previously been used to train boys from dsadvantaged background5 until it a5 closed in 1983. Shortly afterward the school and grounds were sold and the proceeds fftre irwested.
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) There are no restrrtions on The Trust's power to invest arwj the Foundati¢)n Ma nagers, wth the advice of profes5h)nal investment advisers. seled investrnents to provide a balare beeen longer term capital gro and I[orne forthe dstribLlion d grant5 and bursaries. The Trust's investment strategy to rrraintain the majority of the funds wthin an investment portfolio. Some cash is kept in short term or instant access de1t accounts. The Investment Sub-committee rr£et on a quarterly basis with an athsor from stockbrokers Charfes Stanley to di5CUSs The Tnjst s investrrEnts. Currently the poIY is to keep between 70-80% of the portfolh) in equty based investments and 21>% in fixed interest and lower volatilty sto¢ks. Dividend and interest income from the investment portfolio for the year amounted to £92,279 and thi5 repre5erts a retum of 4.5% (2023 . 5.4%) on the total market value of the portfolio as at the close of the financial year. The retum in 2023 Wds inflated by an exceptional dwidend from a particular investment. The year end re-statement of The Trust's investrrent portfolo to market value resutted in a net1055 on revaluation. at that date. of£38.075 (2023 '. net loss £177.032). The cash on deposit has been split to ensure ttrt the miffKJm held at ary bank is £85,1)X) to erUre it is wthin the amourt guaranteed by the Fironcial Servi5 Compensation Scheme. The Foundation Managers consider that they have been Scessful n achievirvJ their investment obJtive in the year. Reserves policy The Trust aims to maintsin the capital invested to er6ure suffrier iorr£ continue to be generated to distribute to the Charities and irKlividuals making apklratKJns and meeting the obj.ects of The Trust Risk manajement The Trustees have assessed the major risks to The Trust is exFosed and are satisfied that systenE are in place to rrnage these risks. Achievements plans Despite the volatility in w)rld mrkets Trust remair6 in a strong poslion. finaKIal and strLtUra1ly, to ¢arry on our rk of helping to rret the needs of disathartaged children and young people. Wth investment income showing a drease over the preViOL year, and charitatle expenditure being slightly less than I[OMe. 20 organisatior6 have benefitted from grants (2023 '. 21). together wth 39 srrrall grant5 to daQfvantaged individuals for specrfic. fundamental needs. The Portishead Youih Certre continues to our major single benefiaary. The Trust considers that the Centre s wide ranging youth work is a mh needed resource.
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) Looking ahead, The Trust's strong finarrral positKin enables it to cortinue its work of providing assistance to disadvantaged young people. It does tlis th ty making grants to organisations. focusing for the nN)st part on local caLe5. and also by providing grants to individual, local, disathantaged young peop, typicalty for bas household needs. Applications are carefully ¢onsi(kred. wth a view to makirKJ the most effedive use of our assets in accordance wth The Tt'S merandn and Artides of Association. The Foundation manage rerroin commtied to providing their knoedge aThJ skills in order to comply regulatory requirements and to meet the purpose of The Trust whose beneficaaries are the focus ofour M)rk. FourKlalion Managers. responsibilities in relation to the financial stalements Company law requires the Foundation Managers to wepare accounts for each financial year which give a true and fair view d the state of affai of the comparry and of the surplus or deficit of the company for tFAt period. In preparing those accounts, the Foundation Managers are required to: select sutable xcounting P)IS and then apply them consistentty; make judgements and estimates that are reasonabk and prudent. state whether applicable a¢counting standards and statements of reMmerled practices have been followed subject to any departures disclosed arKI explained in the accourts,. and prepare the aourf($ on the going correm basB unless rt is inappropriate to presume that The Trust wll continue in bu5ines5. The Foundation Managers are responsible for keeping proper accourrting records which disclose wtth reasonable a¢xuracy at any time the finala1 F()sf(ion of The Trust aThJ enable them to ertsure that the accounts comply wth the Companies kt 20C6. They are also responsible for safeguarding the assets cl The Trust and hence for taking reasonable ste for the prevention arKI detection of fraud and other irregularities. The Foundation Managers consider that the Independert Examiner has been provided wth all relevant information. Independent Examiner The criteria for requiring a statutory autht have relaxed. and the FourKlation Managers resolved to amend the Memorandum and Artsles of Assat'0n to require an Independent Examination of the accounts.
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) The above Report has been kyepared in 8ccordan¢e wth the provisions apF4i¢able to companies subject to the small cOrrpans, regime and in xcordance with FRS 102 'The Financial Reporting Standard applicable in the UK aTrJ Republc of Ireland" These aOunts were approved by Foundation Managers and authorised for issue on 12 NOVemr 2024 aTrJ suned on their behalf by: Miss A F McPherson Chair of Trustees Company Registration No 87906
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORT To the FourKlation Managers of The Portishead Nautical Trust I report on the accounts of the coryany for the year ended 31 March 2024, whh are set out on pages7 to 12. Respective responsibilities of Foundation Managers and exarniner The Foundation Man&3ers (0 are a0 the dirert0 d the company for the purwses of company law) are responsi1e for the preparation of the accounts. The Foundation Managers cnsIder that an audf( i8 not required for this year under sedion 144(2) of the Charities Ad 2011 (the 2011 Act) and that an independert examination B needed. Having satisfd myself that the chartty is t sut4.ect to audit under company law and is eligible for independent examination. ft responsibilty to: examine the accounts under seCtn 145 of 2011 Act.. to follow the procedures laid down in the general Directior6 given ty the Charity Commission undersertion 145(5)(b) of the 2011 Art- and to state whether particular rrotters have Corr to rry attention. Basis of independent examiner's report My examination Wds carried out in a¢XOrdan wth the general directions given ty the Charity Commission. An arrinatIn IrlL*e5 a review of the accountirrfJ records ke0 by the charity and a comparison of the accounts presented wth those record5. It aLso irlUdeS consideration of arry unusual itenE or disclosures in the accounts. and seeking explanation5 from you as Foundation Managers concerning any such mtters. The procedures undertaken do not provide all the evidence that Uld be required in an audit and Consequent m opinion is gwen as to ether the aOUnts present a true and fair vie and the report is limrted to those matters set in the statemert below. Independent exaniner'5 Stalement In cOnntIon wth my exanatiOn, no matter has come to rry attertion" (1) which gives me reasonable cause to be&eve that in arry material respect the requirements.. to keep a¢¢ounting records in aordan wth sedion 386 of the Companies Act 26. and to prepare aOuntS thich accord with the aC)Unting records, CoMY wth the accounting requiremerts of section 396 of the Companies kt 20C6 and with the method5 and pr1r1P1es of the Statement d ReconTnended PraCte.. Accounting and Reporting ty Charities {FRS 102) have not been met" or {2) to 1¢h, in my opinKJn, attention should be drawn in order to enable proper understanding of the accounts to be reached. Chrisloplier R Brov4n BA (Hons) FCA Ticjrton Lodge. 8 Bellevue Road CLEVEDON North Somerset BS217NR 12 November 2024
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) Statemenl of Financial Activities for the year ended 31 March 2024 2W24 23 Notes Incoming Resources DNidends arKJ interest Bank interest OlkEr Income Totsl Incoming Resources 92,279 3,296 112,373 1,439 95,630 113,812 Resources Expended Direct charitable expendrture". SuFPOrt costs Totsl Resources Expended 60,2(N) 34 OKJ 75,183 28 039 94,263 103,222 other recognised Gains and Losses ILosses)rofrtS irwestrnents 4,839 180,919 IOutgoing)Ilneoming Resources for the year (33,472) 1170, 3291 Net movement in Accumulated Fund Fund tel8nce brougN forward 1 ADril 2(r23 2,317,0 2, 487,889 Fund t%4lance carried forward at 31 March 7)24 2 284 088 23170 The notes on pages 9 to 12 fom part of these ac¢ourts.
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) Statemenl of Financial Position as at 31 March 2024 Notes 2ff24 2023 Fixed Assets Investments Cash on depos(( 1,*1.736 212469 2,100,748 174640 2,174,5 2,275,388 Current Assets Debtors & preF0yEnIS Cash al tonk 103597 16.945 120542 15,532 39,062 54 594 Credrtors.. arTh)unts fallirg due wrthin one year Net CurrentAssets Totsl Assets 109,883 2,284,(X88 42,172 2,317,0 FInand by. Accumulated FurKJ - unrestrict1 funds 2,284,[8 2,284,(J98 2 317,0 2.317,0 The company Wds entitled to exenyth)n from audt under Stk)n 477 of Companies Ad 2006 relating to 5rroll companies. The memlxrs have not required the company to obtain an audit in aCCordare wth section 476 of the Companies kt 2CK6. The Foundation Managers acknOedge their reSFonsibiltties for comptying with the requirements of the Ccfflpanies Aca respect to accounting records and for the preparation of accounts. These accounts have been prepared in XCOrdan the provisior6 applicable to small companies subj'ed to the smll CoMpanS regime arKI in accordan with SORP (FRS 102). Sned on behalf of the board of Foundation Managers: Miss A F McPherson Chair of Trustees Mr P C Dingley4rown Treasurer 12 November 2024 The notes on pages 9 to 12 fonn part of these aoUrtS.
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) NOTES TO THE Accoupifs FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFOFiMATION The coryany is a prwate comFany limited by guarantee, registered in England and Wales. The address of the registered offe is 108 HwJh Street, Portishead, Bristol BS20 6AJ. STATEMENT OF COMPLIANCE These fInarla1 statements have been prepared in compliance wth the provisions of FRS 102, Section 1A Yhe FInarla1 Reporting Standard applicale in the UK and Republic of Ireland" 3 ACCOUNTING POLICIES Basis of Fxeparation The financial statements have been prepared on the historical cost basi5. The finala1 statemerts are prepared in steding. thich is the futIOnal currency ofthe entty. These accounts have been prepared in accordan wth the Statement of Recommended Practice Accounting and ReF(Jrting ty Charrties preparing their a¢courts in accordance wth the Financial Reporting Standard applicable n the UK and Republic of Ireland (FRS 102). Taxation The Trust is a non profft rrraking organisation and a registered charity and is generally exempt from taxation under the Taxes Act There is no taxation charge for the year (2023 = £niD.
THE PORTISHEAD NAUTICAL TRUST (A company limited by guarantee) 4 DIRECT CHARITABLE EXPENDITURE 2024 2023 ACTA Communty Theatre Birch Collectwe Bridge Foundation Bristol Music Trust Circus Starr Show Crackerjad(s Children's Trust Douglas Bader Foundation DigiLocal CIO Dream Holidays Dyslexia Portishead Empire Fighting Chan Equine Reflections Go Beyond (retum of unused grant) Grants to Indwiduals Grief Encounter South West Gympanzees Handicapped Chiklren's Action Group Happy Days Children's Charity Lrfeskills - Leaming for Living Living Paintings Trust Porttshead yOh Centre Re.'W)rk Ltd Royal England Academy ShalloOrd Fami Springboard Opportunity Group St Katheine's School yOh Fund St Wkrburgh's Cty Farm Tall Ships Youth Trusl The Harbour heels Project Vlhizz KicÈ 2,000 1.500 2.OC(J 3.OCrfJ 2,OC 1,492 250 1,OC 2.160 1.000 1,500 1 .OC(J 1,848 1,274 2.oc 500 (3.3) 11,328 3,300 12,865 3.000 3,OC(J 3.750 1,118 2,OIXI 3,000 2.5CrfJ 15.OCO 3.OC(J 3.OCrfJ 2,500 20.OCO 1.500 2,500 2,010 1,588 1 ,7Crf) 1 ,5CNJ 3,ocNJ 2,000 2.000 3,OQKI 3,OIXI 1 ,OQWJ 60.2CO 75.183 Grants approved by the Foundatp)n Managets at the balance sheet date but not yet expended armunted to £0 (2023 . £0). 10
THE PORTISHEAD NAUTICAL TRUST (A company limited by guarantee) SUPPORT COSTS 2024 2023 AdniStratIon AOuntancY Insurance IndeFendent exarrination Investment athisers Bank Charges Sundries 16,595 2,745 2,216 1,080 10,911 121 395 34,063 10,709 2, £K)O 2,119 900 11,433 144 334 28,039 PROFITSI(LOSSES) ON INVESTMENTS 2024 2023 Proff(sl(losses) realised on disposal of investments Unrealised Oosses)Igains on revaluation cl irwestrnents 3,236 (38,0751 {34,8391 13,e871 I177,2) 1180,9191 INVESTMETrrr ADVISERS COMMISSION During the year the Invest athBers earned ¢ommEsion of £1,383 (2023 . £339) on the pUhase and sale of Trust irNestments. INVESTMETrrrs Fixed Interest Quoted Shares Total As at 1 April 2023 Additions Disposals Gain{105scs) realised on dsFosal Unrealised gaing(losses) on revaluation As at 31 March 2024 195,492 1,5,6 2,100.748 80 056 12962 93,018 (94,537) 1102,654) 1197,1911 3,4 17281 3,236 4,872 (42,9É7) 138.0751 189,847 1,771,889 1,1,736 Histori11 cost 198,161 1,)3,3 1,701,844 SHARE CAPITAL The company is limited ty guarartee and does not have a share capital. The liability of member5 in the event of wnding up is Irnited ty guarantee to an amount not exceeding £1 per member. 11
THE PORTISHEAD NAUTICAL TRUST (A company limited by guarantee) 10 TRUST CHArrELS The Trust owr6 various smll thatte 1¢h are iteffs of histori1 interest. the Foundation Managers decided shoukl t¢ retsined as a reminder of the former function of The Trust as a Nautical School. The Chattels are not shown on the balan¢e sheet. A the balae sheet date the chattels Ere irtsured for £51,850. 12