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 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
Registered Office
108 High Street. FDRTISHEAD, N0rthSome￿et &920 6PJ
Registered Number
879C6 (England and Wales)
Registered Charity Number
228876 (England and Wales)
Independent Examiner
Christopher R Bro￿ Ltd, T￿kton 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 fInar￿la1
statemerts for the year ended 31 March 2025.
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 £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 fina￿la1 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 seNi￿s Compensation
Scheme.
The Foundation Managers consider that they have been 5￿ceSsful n achievirvJ their
investment obl￿tIVe in the year.
Reserves policy
The Trust aims to maintain the caprtal invested to ensure suff￿lert Ir￿0￿ can continue to
be generated to distribute to the Charities and irKlividuals making aprA￿at1)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, fina￿1?1￿ and
structurally. to ¢arry on our ￿￿rk of helping to r￿et the needs of disathartaged children and
young people. Wth investment i￿ome showing a ircrease over the previous year, and
Charita￿e expenditure being sligFrtly less than i￿OMe, 30 organisatior6 have benefitted from
grants (2024 '. 20), together wth 4 (2024 .' 39) smal grants to dIsacfvanta￿d indwiduals for
5pecrfic. fundamental needs. The small grant facilty was wthdrawn at the meeting on
16 April 2024 following a review of the last fInar￿la1 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 asSistar￿e to disadvantaged young peoFAe. It does tlis Ly rrAking grants main
to organ￿atio￿￿, having withdrawn its srrral grants facilty as noted above, focusing for the
most part on local causes. AppI￿at￿n5 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
ASs￿lation. The FouThJation Manager5 remain corrrntied to providing their kno￿edge and
sla115 in order to compW with reg￿atory requlrerr￿nts 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 a￿OUnts 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 Fo1￿￿S and then apply them consistentty,.
make judgements and estimate5 that are reasonable and prudent"
State whether applicable accounting standard5 and statements of recommended
practices tr￿ve been follo￿d 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 fInar￿￿1 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 ExamI￿r 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 Art￿leS 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 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
11 NOVem￿r 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, 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￿ ￿th 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
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 & preF0y￿EnIS
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
FInan￿d by.
Accumulated FurKJ -
unrestrict￿1 funds
?,￿4,￿K12
2,3)4,4132
2 284, tk88
2.284,088
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
11 November 2025
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 2025
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
(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
Shallo￿Ord 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 BU￿ary 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
Ad￿￿niStratIon
A￿OuntancY
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
Histori1￿1 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 histori￿1 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 bala￿e 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 inCu￿ed by The Trust.
12