THE PORTISHEAD NAUTICAL TRUST Report and Financial Statements Year Ended 31 March 2025 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 Registered Office 108 High Street. FDRTISHEAD, N0rthSomeet &920 6PJ Registered Number 879C6 (England and Wales) Registered Charity Number 228876 (England and Wales) Independent Examiner Christopher R Bro Ltd, Tkton Lodge, 8 Bellevue Road, CLEVEDON, North Somerset BS217NR Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hil, WEST MALLING, Kert ME19 4JQ Inveslment Managers Charles Stanley, 1&18 Queen Square, BATH, BA12HN
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) REPORT OF THE FOUNDATION MANAGERS FOR THE YEAR ENDED 31 MARCH 2025 The board of Foundation Manager5 present their report together 1th the fInarla1 statemerts for the year ended 31 March 2025. 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 £98,037 and thi5 repre5erts a retum of 4.8% (2024 . 4.T%) on the total market value of the portfolio as at the close of the finala1 year. The year end re-statement of The Trust's investrrent portfo¢ to market value resulted in a net loss on revaluation, at that date, of £28,872 {2024 '. net loss £38,075). The cash on deposit has been split to ensure that the rroximum held at ary bank is £85,CQO to ertsure it is wthin the amount guaranteed by the Fironcial seNis Compensation Scheme. The Foundation Managers consider that they have been 5ceSsful n achievirvJ their investment obltIVe in the year. Reserves policy The Trust aims to maintain the caprtal invested to ensure sufflert Ir0 can continue to be generated to distribute to the Charities and irKlividuals making aprAat1)n$ and meeting the obJ"e¢ts of The Trust. Risk manwJement The Tnjstees have assessed the major risks to The Trust is exFy)sed and are satisfied that systenB are in place to mnage these risks. Achievements plans Despite the volatility in rrrarkets Trust remair6 in a strong poslion, fina1?1 and structurally. to ¢arry on our rk of helping to ret the needs of disathartaged children and young people. Wth investment iome showing a ircrease over the previous year, and Charitae expenditure being sligFrtly less than iOMe, 30 organisatior6 have benefitted from grants (2024 '. 20), together wth 4 (2024 .' 39) smal grants to dIsacfvantad indwiduals for 5pecrfic. fundamental needs. The small grant facilty was wthdrawn at the meeting on 16 April 2024 following a review of the last fInarla1 year. The Portishead Youth Centre continues to be our mjor single benefiuary. The Trust considers that the Centre s wide ranging work for disadvantaged youth is a much needed resource in the Iccal area.
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 asSistare to disadvantaged young peoFAe. It does tlis Ly rrAking grants main to organatio, having withdrawn its srrral grants facilty as noted above, focusing for the most part on local causes. AppIatn5 are carefulty corsidered, th a wew to making the most effective use of The Trust's assets in accorda¢ wth its Memrandum and Articles of ASslation. The FouThJation Manager5 remain corrrntied to providing their knoedge and sla115 in order to compW with regatory requlrerrnts and to meet the purFK)se of The Trust whose beneficiaries are the focus cl our rk. Foundation Managers, reswnsibilities in relation to the finarKial statements Company law requires the Foundation Managers to wepare aOUnts for each financial year which give a true and fair view d the state of affairs of the compary and of the surplus or deficit of the company for that period. In preparing those accounts, the Foundation Managers are required to: select sutable xcounting Fo1S and then apply them consistentty,. make judgements and estimate5 that are reasonable and prudent" State whether applicable accounting standard5 and statements of recommended practices trve been follod subject to any deFortures disdosed arKI explained in the ac¢ourts,' and prepare the accounts on the going corttm basE unless rt is inappropriate to presume that The Trust wll corrtinue in bLBiness. The Foundation manage are reSFM)nsible for keeping proper accounting record5 which disclose with reasonable accuracy at any time the fInar1 Fosf(ion of The Trust arKI enable them to ertsure that the accounts comFAy the Companies kt 20C6. They are also responsible for safeguarding the assets The Trust and hence for taking reasonable 5tep5 for the preverf(ion and detedion of fraud and other irreguLarities. The Foundation Managers consider that the Independert ExamIr has been WOVKled wth all relevant information. Independent Examiner The criteria for requiring a statutory audt have relaxed, and the FouThJation Managers resolved to amend the Memorandum and ArtleS of Association 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 11 NOVemr 2025 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 2025, 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 th 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 11 November 2025
THE PORTISHEAD NAUTICAL TRUST IA company limited by guarantee) Statemenl of Financial Activities for the year ended 31 March 2024 2W25 24 Notes Incoming Resources DNidends arKJ interest Bank deposit interest OlkEr Income Totsl Incoming Resources 98,037 8.132 11,800 92,279 3,296 55 117,*9 95,630 Resources Expended Direct charitable expendrture". SuFPOrt costs Totsl Resources Expended 69,307 26 614 60,2tK) 34 063 95,921 94,263 other recognised Gains and Losses ILosses)rofrtS irwestrnents 1,704 34,839 IOutgoing)Ilneoming Resources for the year 20,344 133,4721 Net movement in Accumulated Fund Fund tel8nce brougN forward 1 ADril 2(r24 2,284,(B8 2,317,0 Fund t%4lance carried forward at 31 March 7) 2 284 088 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 2025 Notes 2ff25 2024 Fixed Assets Investments Cash on depos(( 2,(ng.(r21 238 079 1,*1,736 212 469 2,277,100 2,174,5 Current Assets Debtors & preF0yEnIS Cash al tonk 22.214 11.409 33.623 103,597 16,9< 120 542 Credrtors.. arTh)unts fallirg due wrthin one year Net CurrentAssets Totsl Assets 27,332 2,)4,432 109,883 2,284,088 FInand by. Accumulated FurKJ - unrestrict1 funds ?,4,K12 2,3)4,4132 2 284, tk88 2.284,088 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 11 November 2025 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 2025 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 (2024 = £niD.
THE PORTISHEAD NAUTICAL TRUST (A company limited by guarantee) 4 DIRECT CHARITABLE EXPENDITURE 2025 2024 Ablaze ACTA Communty Theatre Addiction Recovery Ager Bridge Foundation Bristol Music Trust Caring in Bristol Children's Scrapstore Circus Starr Show Crackerjad(s Children's Trust Douglas Bader Foundation Dream Holidays Dyslexia Portishead Emiyre Fighting Chance Equine Reflections Go Beyond (retum of unused grant) Grants to IndNidua15 Green House Gympanzees Handicapped Children's Action Group Happy Day5 Children's Charty Heart of Bristol Lrfeskills - Learning for Living Living Paintings Trust Made for Movement Ltd Porti8head YoLrth Centre Re.'W)rk Ltd ShalloOrd Trust Springboard Opportunity Group St Katherine's School Youth Fund st Peter's Hospice st Vlèrburgh's Cf(y Fam Tall Ships Youth Trust Tall Ships Youth Trust re Matyn Cruse BUary Fund The Harbour Wellspring Counselling Ltd theels Project thizz Kidz nston's WEh 3,OIXI 3.OC(J 1 .OCrfJ 3,OC 2,000 3,OC 1.oc 1 ,OCIJ 300 1,OC 1 .7CIJ 2,079 3,000 2.OCO 1,492 250 1 ,OC(J 1.274 2,000 500 (3.300) 11,328 780 1.334 3.oIXJ 3,OC 3,750 1.118 2.OC(J 3.960 1 .51)J 3.OC(J 2.5CrfJ 1 ,OIXI 10,OCO 1,5C 2,000 1,654 3.OC(J 2.5C(J 15,OCM) 3,OC 1,588 1,7C 1 .OCMJ 2.OCNJ 3,OC 2.5C(J 3.OCO 1 .5CrfJ 3,OC 1,OC 2,OIXI 69,307 60,2CO Grants approved by the Foundath)n Managers at the balance sheet date but not yet expended amounted to £0 (2024 . £0). 10
THE PORTISHEAD NAUTICAL TRUST (A company limited by guarantee) SUPPORT COSTS 2025 2024 AdniStratIon AOuntancY Insurance IndeFendent exarrination Investment athisers Bank Charges Sundries 9,986 2, tk54 16,595 2,745 2,216 1,080 10,911 121 395 34,063 1,0 11,135 75 324 26,614 PROFITSI(LOSSES) ON INVESTMENTS 2025 2024 Proff(sl(losses) realised on disposal of investments Unrealised Oosses)Igains on revaluation cl irwestrnents 27,168 (28,8721 11,704) 3,236 138,0751 134,8391 INVESTMETrrr ADVISERS COMMISSION During the year the investment advisers eamed corrmission of £2,490 {2024 . £1,383) on the purchase and sale cl Trust investments. INVESTMETrrrs Fixed Interest Quoted Shares Total As at 1 April 2024 Additions Disposals Gain{105scs) realised on dsFosal Unrealised gaing(losses) on revaluation As at 31 March 2025 189,847 149,832 1,771,8B9 1,*1,736 83 383 233,215 1154,226) 1154,2261 27.168 27,168 2,111 130,983) 128.8721 341,790 1,697,1 2,(9,021 Histori11 cost 347,683 1,442,641 1,790,324 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 AND SALE OF CANNON 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 Scho¢J. The chattds are not valued on the kolance sheet. At the balae sheet date the chattels Ere irtsured for £26.850. During the year a pair of cannon induded in The Trust Chattels, previously stored but no longer displayed at HMS Ftying Fox. were sold at auction for £11 .8(KJ. No sale costs were inCued by The Trust. 12