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 FInar￿la1 Aclimties
statement of Fina￿la1 PosrtKJn
Notes fonning part ofthe fina￿la1 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 Th￿Ober 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. T￿kton 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 fInar￿la1
statemerts for the year ended 31 March 2024.
Constitution and objects
The Portishead Naut￿al 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 men￿rand￿n and Art￿leS 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 VaCa￿leS arise.
Granl making policy
The Foundation Managers meet four times per annum to consider applications for funding.
The Trust invites aPpI￿atiOnS from disadvantaged young people. from LM)th indNiduals and
groups assisting them. in North Some￿et. Bristol and surrounding areas.
Public Benefit Statement
The Trust aims to relieve and assist young peOp￿e 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 aPpI￿atiOnS thich meet our 04'eGtNes from young people
and organisations giving preferer￿e 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 COM￿lS510n cO￿eming 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 balar￿e
be￿een 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 de￿￿1t 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 poI￿Y 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 ttr￿t the miffKJm held at ary bank is £85,1)X)
to er￿Ure it is wthin the amourt guaranteed by the Fironcial Servi￿5 Compensation
Scheme.
The Foundation Managers consider that they have been S￿cessful n achievirvJ their
investment obJ￿tive in the year.
Reserves policy
The Trust aims to maintsin the capital invested to er6ure suffrier* i￿orr£ 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 rr￿nage these risks.
Achievements plans
Despite the volatility in w)rld mrkets Trust remair6 in a strong poslion. finaKIal￿ and
strL￿tUra1ly, to ¢arry on our ￿rk of helping to rr*et the needs of disathartaged children and
young people. Wth investment income showing a d￿rease 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 d￿aQfvantaged 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 m￿h
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 caL￿e5. 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 T￿￿t'S me￿rand￿n and Artides of Association. The
Foundation manage￿ rerroin commtied to providing their kno￿edge 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)I￿￿S and then apply them consistentty;
make judgements and estimates that are reasonabk and prudent.
state whether applicable a¢counting standards and statements of re￿Mmer￿led
practices have been followed subject to any departures disclosed arKI explained in the
accourts,. and
prepare the a￿ourf($ 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 fina￿la1 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 Ass￿at'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 cOrrpan￿s, regime and in xcordance with FRS 102 'The
Financial Reporting Standard applicable in the UK aTrJ Republc of Ireland"
These a￿Ounts were approved by Foundation Managers and authorised for issue on
12 NOVem￿r 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, wh￿h are set
out on pages7 to 12.
Respective responsibilities of Foundation Managers and exarniner
The Foundation Man&3ers (￿0 are a￿0 the dirert0￿ d the company for the purwses of
company law) are responsi1￿e for the preparation of the accounts. The Foundation
Managers c￿nsIder 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 satisf￿d 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 seCt￿n 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 ￿￿arrinat￿In Ir￿lL*￿e5 a review of the accountirrfJ records ke0 by
the charity and a comparison of the accounts presented wth those record5. It aLso ir￿lUdeS
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 a￿OUnts present a true and fair vie
and the report is limrted to those matters set in the statemert below.
Independent exaniner'5 Stalement
In cOnn￿tIon wth my exa￿￿natiOn, 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 a￿ordan￿ wth sedion 386 of the Companies Act
2￿6. and
to prepare a￿OuntS thich accord with the aC￿)Unting records, CoM￿Y wth the
accounting requiremerts of section 396 of the Companies kt 20C6 and with the
method5 and pr1r￿1P1es of the Statement d ReconTnended PraCt￿e.. 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
2317￿0
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 & preF0y￿EnIS
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
FInan￿d by.
Accumulated FurKJ -
unrestrict￿1 funds
2,284,[￿8
2,284,(J98
2 317,￿0
2.317,￿0
The company Wds entitled to exenyth)n from audt under S￿tk)n 477 of Companies Ad
2006 relating to 5rroll companies.
The memlxrs have not required the company to obtain an audit in aCCordar￿e wth
section 476 of the Companies kt 2CK6.
The Foundation Managers acknO￿edge 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 CoMpan￿S regime arKI in accordan￿ with SORP (FRS 102).
S￿ned 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 a￿oUrtS.

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 off￿e is 108 HwJh Street, Portishead, Bristol BS20
6AJ.
STATEMENT OF COMPLIANCE
These fInar￿la1 statements have been prepared in compliance wth the provisions of
FRS 102, Section 1A Yhe FInar￿la1 Reporting Standard applical￿e 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 fina￿la1
statemerts are prepared in steding. thich is the fu￿tIOnal 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 yO￿h Centre
Re.'W)rk Ltd
Royal England Academy
Shallo￿Ord Fami
Springboard Opportunity Group
St Katheine's School yO￿h 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
Ad￿￿niStratIon
A￿OuntancY
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 pU￿hase 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
Histori1￿1 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 histori￿1 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 bala￿e sheet date the chattels ￿Ere irtsured for £51,850.
12