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2021-03-31-accounts

Pages
Governance and Management 1-2
Trustees'
Report (including
the Strategic Report)		 3-13
Report ofthe Auditors 14-18
Consolidated Statement ofFinancial Activities
(incorporating the Statement ofComprehensive Income) 19
Balance Sheets - Group and Trust 20
Consolidated Statement ofCash Flows 21
Notes to the financial statements 22-50

Unrestricted Restricted Total Total
Notes Funds
E		 Funds
f		 2021
E		 2020
E
Income:
Donations
and legacies		 4 333,934 1,693,940 2,027,874 743,253
Income from charitable activities 5 1,291,855 1,291,855 2,465,710
Income from other trading activities 6 115,389 115,389 146,672
Investment
income		 7 18,508 18,508 31,056
Other income 8 1,882,918 1,882,918
Total income 3,642,604 1,693,940 5,336,544 3,386,691
Expenditure:
Costs ofraising funds 10 6,134 6,134 5,591
Charitable
activities		 11 1,366,325 1,137,087 2,503,412 3,225,394
Other 13 242,521 19,756 262,277 238,951
Total expenditure 1,614,980 1,156,843 2,771,823 3,469,936
Net gains
/ (losses) on		 investments 20 102,843 102,843 (57,131)
Net incoming
resources		 2,130,467 537,097 2,667,564 (140,376)
Gains / (losses) on revaluation offixed
assets 19 138,750
Net movement
in funds		 2,130,467 537,097 2,667,564 (1,626)
Reconciliation offunds
Total funds brought forward 28 13,508,244 11,480,579 24,988,823 24,990,449
Total funds carried forward 28 15,638,711 12,017,676 27,656,387 24,988,823

Group Trust
2021 2020 2021 2020
Notes F 6 6
Fixed assets
Heritage assets 18 10,391,035 9,121,805 10,391,035 9,121,806
Tangible assets 19 5,077,812 5,094,123 88,057 26,807
Investment properties 19 7,054,662 7,479,662 1,389,661 1,814,661
Investments 20 1,036,905 938,719 6,262,876 6,164,690
23,560,414 22,634,310 18,131,629 17,127,964
Current assets
Stock 6,570 6,570
Debtors 21 1,531,223 999,184 1,485,167 1,334,666
Cash at bank and in hand 4,697,655 2,861,603 4,386,339 2,412,457
6,235,448 3,860,787 5,878,076 3,747, 123
Creditors: amounts falling due within
one
ear		 22 702,508 985,974 692,016 976,016
Net current assets 5,532,940 2,874,813 5,186,060 2,771,107
Total assets less current liabilities 29,093,354 25,509,123 23,317,689 19,899,071
Creditors: amounts falling due after one
year 23 (916,667) (916,667)
Provisions for liabilities 25 520,300 520,300
Total net assets 27,656,387 24,988,823 22,401,022 19,899,071
Funds
Restncted funds 28 12,017,676 11,480,579 12,017,676 11,480,579
Unrestricted funds 28 12,823,030 10,692,563 9,863,346 7,898,492
Non-Distributable Reserve 28 2,815,681 2,815,681 520,000 520,000
27,656,387 24,988,823 22,401,022 19,899,071

Forthe year ended 3 1Ilarch 2021
2021 2020
E
Cash flow from operating activities (see note a) 338,857 562,49&
Cash flow from investing and financing activities
Purchase oftangible
fixed		 assets (1,815,380) (1,191,029)
Purchase ofinvestments (70,176) (11,298)
Proceeds from sale ofinvestments 76,199
Proceeds from disposal of fixed assets 2,307,918
Proceeds from bank loans 1,000,000
Net cash oufflow from investing
and financing		 activities 1,498,561 (1,202,327)
Change in cash and cash equivalents 1,837,418 (639,829)
Cash and cash equivalents at 1 April 2020 3,329,474 3,969,303
Cash and cash equivalents at 31 March 2021 5,166,892 3,329,474

a.
Reconcil		 iation ofn et income to net c ash flow from operating
 activities
2021 2020
Net income / (expenditure) for the year 2,564,721 (83,245)
Depreciation 562,462 488,741
Profit on disposal of assets (1,882,918)
Increase
in stock		 (6,570)
Increase
in debtors		 (532,039) (80,225)
(Decrease) / increase
in creditors		 (366,799) 237,227
Net cash provided by operating activities 33&,857 562,498

b. Changes
in cash a		 nd cash equivalents
At 1 April At 31 March
2020 Cash flows 2021
F F
Cash at bank 2,861,603 1,&36,052 4,697,655
Cash with brokers 467,871 1,366 469,237
3,329,474 1,837,418 5,166,892

Shop fittings and exhibition units 20
Office equipment and furniture 15
Catering
equipment
and play area		 10
Other equipment and signposting 10
Computer
equipment		 25-33
Powerboats 10
Promenade,
interpretation		 and lighting 2
Boathouse 6 1-10
Improvements
to		 leasehold property 3-4

3
Comparative		 con solidated
statemen		 t
offinancial ac		 tivities
Unrestricted Restricted Total
Funds Funds 2020
Income:
Donations
and legacies		 743,253 743,253
Income from charitable activities 2,465,710 2,465,710
Income from other trading activities 146,672 146,672
Investment
income		 31,056 31,056
Total income 2,643,438 743,253 3,386,691
Expenditure:
Costs ofraising funds 5,591 5,591
Charitable
activities		 2,419,621 805,773 3,225,394
Other 238,951 238,951
Total expenditure 2,664,163 805,773 3,469,936
Net gains / (losses) on investments (57,131) (57,131)
Net outgoing
resources		 P7,856) (62,520) (140,376)
Gains
/ (losses) on revaluation		 offixed assets 138,750 138,750
Net movement
in funds		 60,894 (62,520) (1,626)
Reconciliation
offunds
Total funds brought
forward		 13,447,350 11,543,099 24,990,449
Total funds carried forward 13,508,244 11,480,579 24,988,823

4 Do nations
and leg		 acies
Unrestricted Restricted
Funds Funds 2021 2020
E F 6 E
Lottery Fund 891,608 891,608 384,653
Coastal Forces 213,000
Historic England 94,132 94,132 147,600
English Heritage 7,600 7,600
Cultural Recovery Fund 698,600 698,600
Donations 2,000 2,000 (2,000)
Coronovirus
Job Retention		 Scheme 266,534 266,534
Portsmouth
City Council		 55,000 55,000
Health Foundation 12,400 12,400
333,934 1,693,940 2,027,874 743,253

5 Inc ome from charitable activities
Unrestricted Restricted
Funds Funds 2021 2020
6 5 6
Income from property 562,626 562,626 1,247,544
Income from car park 160,847 160,847 426,750
Exhibitions
and Harbour Tours		 47,018 47,018 276,935
Action Stations 19
Income from subsidiaries 521,364 521,364 514,462
1,291,855 1,291,855 2,465,710

Unrestricted Restricted
Funds Funds 2021 2020
E
Training college fees 115,389 115,389 146,672
115,389 115,389 146,672

2021 2020
6 F
Interest on cash deposited with banks 1,248 10,690
Interest on cash deposited with stockbrokers 465
Dividends from listed investments and commission 'I7,260 19,681
18,508 31,056

2021 2020
Profit on disposal of property 1,882,918
1,882,918

A summary ofthe activitie s ofthe Tr ust's wholly owned sub sidiaries
is set ou		 t below:
2021 2020
E
Profit and loss account
Property
income		 597,341 587,462
Direct costs 77,561 77,561
Administration costs
Pro e corn anies (388,386) (327,817)
Net profit 131,394 182,084
Intra-group transactions
Gain on dis osal ofassets 1,246,219
Net comprehensive income retained by the group 1,377,613 182,084
10 Cost of raising funds
Unrestricted Restricted Total Total
Funds Funds 2021 2020
6 6 E
Investment Management fees 3,359 3,359 4,768
Other direct costs 2,775 2,775 823
6,134 6,134 5,591

11
Direct. charitable
ex		 penditure
Unrestricted Restricted Total Total
Funds Funds 2021 2020
E E E E
Preservation
and related costs		 690,063 330,530 1,020,593 1,821,885
Costs relating to car park 92,680 8,375 101,055 151,531
Harbour Tour costs 159,352 159,352 89,308
Access and education 170,701 192,438 363,139 375,644
Depreciation 65,896 496,566 562,462 488,741
Su
ort costs		 187,633 109,178 296,811 298,285
1,366,325 1,137,087 2,503,412 3,225,394

2021 2020
F E
Wages and Salaries 224,086 231,426
Staff costs 27,411 12,234
Travel and subsistence 238 5,380
Computer costs 26,372 17,688
Telephone, printing, postage and stationery 13,527 11,980
Bank charges 1,691 3,393
Sundry 3,486 16,204
296,811 298,285

Unrestricted Restdcted 2021 2020
F E E E
Trustees fees 1,509 1,509 99,635
Legal and professional fees 212,542 19,756 232,298 110,366
Auditors' fees 28,470 28,470 28,950
242,521 19,756 262,277 238,951

Notes to the financial statements
For the year ended 31 March 2021
14
Staff Costs
2021 2020
5 E
Staff costs:
Wages and salaries 935,486 1,199,525
Social security costs 81,234 92,537
Pension costs 42,653 47,942
1,059,373 1,340,004

2021f 2020
E
Fees for service as Directors and Trustees:
Rear-Admiral Neil E Rankin CBCBE 9,000
Philip A Marriott 9,000
Michael Ridley 9,000
Michel Cohen 9,000
Roger Ching 9,000
David Butters (Chairman) 16,000
Prof Virginia Gibson 9,000
Theresa
Hall		 9,000
Steve Pitt 9,000
88,000

2021 2020
Group Trust Group Trust
Number Number Number Number
By activity
Property and related activities 18 18 22 22
Other trading
College
Administration
36 36 42 42

Group and company
As at 31 March 2021
Improvements
to leasehold Powerboats
property, Infrastructure and LIBOR Total
fixtures etc. and lighting project 2021
5
Cost
At 1 April 2020 8,869,487 2,371,041 2,425,372 13,665,900
Additions 1,652,196 97,343 1,749,539
Disposals (2,811) (2,811)
At 31 March 2021 10,518,872 2,371,041 2,522,715 15,412,628
Depreciation
At 1 April 2020 2,821,680 858,978 863,436 4,544,094
Charge for year 289,116 47,253 143,941 480,310
Disposals (2,811) (2,811)
At 31 March 2021 3,107,985 906,231 1,007,377 5,021,593
Net book value at 31 March 2021 7,410,887 1,464,810 1,515,338 10,391,035
Net book value at 31 March 2020 6,047,807 1,512,063 1,561,936 9,121,806
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Group Trust
f
At 1 April 2020 7,479,662 1,814,611
Disposals (425,000) (425,000)
At 31 March 2021 7,054,662 1,389,661
At 31 March 2020 7,479,662 1,814,611
Land
and		 buildings
owned
by
Portsmouth
Naval		 Base Property Base Property Base Property Company (Queen
Street)
Limited,
a		 (Queen
Street)
Limited,
a
subsidiary company,
are classified as investment		 properties. The properties
are included
in the Group's
accounts at a valuation
ofE5,665,000 following a		 valuation of part ofthe porffolio
by Vail Williams		 on 30
September 2019and afurther valuation
ofcommercial
units		 by Holloway
lliffe LMitchell on 23June		 2021.
Although this represents
a departure
from the requirements		 of the Companies Act the directors are ofthe
opinion that the carrying
amount
fairly presents
their financial position. The valuation was prepared		 on the
basis offair value (market value) using the investment
method,		 and in accordance
with RICS valuation—
Professional
Standards.
The directors are ofthe		 opinion
that		 there has been no material
change		 to the
value ofthese land and buildings
since that date.
If the revalued
investment
properties
had been stated on		 an historical
cost		 rather than
on a fair		 value
basis the corresponding
amounts
would
have been - cost		 E2,424,019(2020: E2,849,019),accumulated
depreciation
F399,789 (2020:F369,036).
20
Fixed asset investments
Group Trust
2021 2020 2021 2020
F
Investment porffolio 1,036,880 938,694 1,036,880
938,694
Interest
in		 subsidiary
undertakings
—cost at 1		 'I4,100,004
14,100,004
April
Interest
in		 subsidiary
undertakings
—additions
Interest
in		 subsidiary
undertakings
—provision		 - (8,874,033)
(8,874,033)
Interest
in		 associated
undertakings		 25 25 25 25
1,036,905 938,719 6,262,876
6,164,690

2021 2020
F F
Market value at 1 April 2020 470,823 516,656
Less: Disposals (76,199)
Add: Acquisitions
at cost		 70,176 11,298
Net unrealised/realised
gains		 / (losses) 102,843 (57,131)
Market value at 31 II/larch 2021 567,643 470,823

Investme nt porffolio
Group and Trust
2021 2020
Market Market
Value Cost Value Cost
6 E E
Equities 232,364 207,409 212,464 211,094
Investment and unit trusts 335„279 266,539 258,359 277,633
Total investments 567,643 473,948 470,823 488,727
Cash available for investment 469,237 469,237 467,871 467,871
1,036,880 943,185 938,694 956,598
2021 2020
Sequoia 551% 6.01%
Blackrock Throgmorton 8.44% 5.89%
Bankers Investment Trust Ord 7.4% 6.86%
AstraZeneca 536%

21 Financial assets and fina ncial
liabilities		 ncial
liabilities
Group Trust
2021 2020 2021 2020
F F 6
Financial assets at amortised cost 6,159,625 3,748,407 n/a n/a
Financial liabilities at amortised cost (1,595,936) (957,432) n/a n/a
Net financial assets 4,563,689 2,790,975 n/a n/a
22 Debtors Debtors
Group Trust
2021 2020 2021 2020
6 F E
Amounts falling due within one year
Trade debtors 778,406 271,639 242,223 234,893
Amounts owed by subsidiary undertakings 587,187 383,312
Other debtors and VAT 69,807 127,208 69,807 127,208
Prepayments and accrued income 683,010 600,337 585,950 589,253
Total 1,531,223 999,184 1,485,167 1,334,666
23
Creditors:		 amounts falling due within one year
Group Trust
2021 2020 2021 2020
6 6 6
Trade creditors 225,701 527,404 225,701 527,404
PAYE, VAT and social security 23,238 28,542 23,238 28,542
Amounts owed to subsidiary undertakings
Accruals and deferred income 370,235 430,027 359,744 420,070
Bank loan 83,334 1 83,333
702,508 985,974 692,016 976,016

24 Creditors:
amou		 nts
falling due after one y		 ear
Group Trust
2021 2020 2021 2020
6 6
Bank loan 916,667 916,667
916,667 916,667

Group Trust
2021 2020 2021 2020
6 6
Balance at 1 April 2020 188,214 69,248 188,214 69,248
Amounts deferred in period 141,386 188,214 141,386 188,214
Amounts released to incoming resources (146,846) (69,248) (146,846) (69,248)
Balance at 31 March 2021 182,754 188,214 182,754 188,214

26
Pr		 ovisions for liabilities
Group Trust
2021
f		 2020 2021 2020
Deferred tax on revaluation of
Investment properties 520,300 520,300
520,300 520,300

Notes to the financial statements
For the year ended 31 March 2021
27
Analysis
of net assets between
funds		 Notes to the financial statements
For the year ended 31 March 2021
27
Analysis
of net assets between
funds
Group —year ended 31 March 2021
Unrestricted
funds		 Restricted funds Total funds
E
Heritage assets 10,391,035 10,391,035
Tangible fixed assets 5,077,812 5,077,812
Investment
properties		 7,054,662 7,054,662
Fixed asset investments 1,036,905 1,036,905
Current assets 1,476,585 61,208 1,537,793
Cash at bank 3,132,222 1,565,433 4,697,655
Current
liabilities		 (702,508) (702,508)
Non current
liabilities		 (916,667) (916,667)
Provisions
for liabilities		 520,300 520,300
As at 31 March 2021 15,638,711 12,017,676 27,656,387
Group —year ended 31 March 2020
Unrestricted
funds		 Restricted funds Total funds
F
Heritage assets 9,121,806 9,121,806
Tangible fixed assets 5,094,123 5,094,123
Investment
properties		 7,479,662 7,479,662
Fixed asset investments 938,719 938,719
Current assets 915,267 83,917 999,184
Cash at bank 586,747 2,274,856 2,861,603
Current
liabilities		 (985,974) (985,974)
Provisions
for liabilities		 520,300 520,300
As at 31 March 2020 13,508,244 11,480,579 24,988,823

Notes to the financial statements
For the year ended 31 March 2021
27
Analysis
ofnet assets between funds		 Notes to the financial statements
For the year ended 31 March 2021
27
Analysis
ofnet assets between funds
Trust —year ended 31 INarch 2021
Unrestricted
funds		 Restricted funds Total fundsf
Heritage assets 10,391,035 10,391,035
Tangible fixed assets 88,057 88,057
Investment
properties		 1,389,661 1,389,661
Fixed asset investments 6,262,876 6,262,629
Current assets 1,430,529 61,208 1,491,737
Cash at bank 2,820,906 1,565,433 4,386,339
Current
liabilities		 (692,016) (692,016)
Non current
liabilities		 916667 916667
As at 31 March 2021 10,383,346 12,017,676 22,401,022
Trust —year ended 31 March 2020 Trust —year ended 31 March 2020
Unrestricted
fundsf		 Restricted funds Total funds
F
Heritage assets 9,121,806 9,121,806
Tangible fixed assets 26,807 26,807
Investment
properties		 1,814,661 1,814,661
Fixed asset investments 6,164,690 6,164,690
Current assets 1,250,749 83,917 1,334,666
Cash at bank 137,601 2,274,856 2,412,457
Current
liabilities		 976,016 976016
As at 31 March 2020 8,418,492 11,480,579 19,899,071

28
Funds
Group
At 1 Incoming Movement
in		 Transfers Balance at 31
April 2020 resources period March 2021
E F E E
RESTRICTED FUNDS
Millennium
projects
Boathouse 6 1,701,554 (77,561) 1,623,993
Dockyard Promenade 537,696 (20,277) 517,419
Interpretation
and lighting		 978,878 (29,060) 949,818
Other
Leasehold
property		 133,955 (17,976) 115,979
HLF Resilience 21,324 (16,769) 4,555
Powerboats
LIBOR 2,157,127 (171,769) 1,985,358
Boathouse 4
HLF 3,304,356 (147,080) 3,157,276
RGF 432,484 (22,762) 409,722
Other 180,912 2,000 (9,131) 173,781
Cell Block Project
RGF 546,766 (28,777) 517,989
Store 12,Ropery and South Office
Block
MoD Dowry 545,008 (103,405) 441,603
Cultural
Recovery fund		 698,600 (477,826) 220,774
Priddy's
Hard - HLF		 462,504 891,608 1,354,112
Ramparts 102,215 53,938 (34,450) 121,703
Coastal Forces 228,200 228,200
Historical
England —E Magazine		 147,600 47,794 195,394
11,460,579 1,693,940 (1,156,843) 12,017,676
UNRESTRICTED FUNDS
General funds 10,692,563 1,831,677 (1,614,980) 10,909,260
Designated
funds —Priddy's		 Hard 1,913,770 1,913,770
10,692,563 3,745,447 (1,614,980) 12,823,030
NON DISTRIBUTATBLE RESERVES 2,615,661 2,815,681
TOTAL 24,988,823 5,439,387 (2,771,823) 27„656,387

Notes to the financial stateme
For the year ended 31 March		 nts
2021
28
Funds (cont.)
At 1 Incoming Movement
in		 Transfers Balance at 31
April 2019 resources period March 2020
E E E
RESTRICTED FUNDS
Millennium
projects
Boathouse 6 1,779,115 (77,561) 1,701,554
Dockyard Promenade 557,973 (20,277) 537,696
Interpretation
and lighting		 1,007,938 (29,060) 978,878
Other
Leasehold
property		 151,931 (17,976) 133,955
HLF Resilience 87,696 (66,372) 21,324
Powerboats
LIBOR 2,346,151 (189,024) 2,157,127
Boathouse 4
HLF 3,451,436 (147,080) 3,304,356
RGF 455,246 (22,762) 432,484
Other 192,044 (2,000) (9,132) 180,912
Cell Block Project
RGF 545,543 (28,777) 546,766
Store 12,Ropery and South Office
Block
MoD Dowry 769,110 (194,102) 545,008
Priddy's
Hard - HLF		 77,851 384,653 462,504
Ramparts 105,865 (3,650) 102,215
Coastal Forces 15,200 213,000 228,200
Historical
England —E Magazine		 147,600 147,600
11,543,099 743,253 (805,773) 11,480,579
UNRESTRICTED FUNDS
General funds 10,770,419 2,643,438 (2,721,294) 10,692,563
NON DISTRIBUTATBLE RESERVES 2,676,931 138,750 2,815,681
TOTAL 24,990,449 3,386,691 (3,527,067) 138,750 24,988,823

Trust
At 1 Incoming Movement
in		 Transfers Balance at 31
April 2020
f		 resources
f		 period
f		 f Ilarch 2021
f
RESTRICTED FUNDS
Millennium
projects
Boathouse 6 1,701,554 (77,561) 1,623,993
Dockyard
Promenade		 537,696 (20,277) 517,419
Interpretation
and lighting		 978,878 (29,060) 949,818
Other
Leasehold
property		 133,955 (17,976) 115,979
HLF Resilience 21,324 (16,769) 4,555
Powerboats
LIBOR 2,157,127 (171,769) 1,985,358
Boathouse 4
HLF 3,304,356 (147,080) 3,157,276
RGF 432,484 (22,762) 409,722
Other 180,912 2,000 (9,131) 173,781
Cell Block Project
RGF 546,766 (28,777) 517,989
Store 12,Ropery and South Office
Block
MoD Dowry 545,008 (103,405) 441,603
Cultural
Recovery fund		 698,600 (477,826) 220,774
Priddy*s Hard - HLF 462,504 891,608 1,354,112
Ramparts 102,215 53,938 (34,450) 121,703
Coastal Forces 228,200 228,200
Historical
England —EMagazine		 147,600 47,794 195,394
11,480,579 1,693,940 (1,156,843) 12,017,676
UNRESTRICTED FUNDS
General funds 7,898,492 2,687,582 (1,390,009) 9,196,055
Designated
funds —Priddy's		 Hard 667,281 667,281
7,898,492 3,354,863 (1,390,009) 9,863,346
NON DISTRIBUTATBLE RESERVES 520,000 520,000
TOTAL 19,899,071 5,048,803 (2,546,852) 22,401,022

At 1 Incoming Movement
in		 Transfers Balance at 31
April 2019 resources period March 2020
9 E F
RESTRICTED FUNDS
Millennium
projects
Boathouse 6 1,779,115 (77,561) 1,701,554
Dockyard Promenade 557,973 (20,277) 537,696
Interpretation
and lighting		 1,007,938 (29,060) 978,876
Other
Leasehold
property		 151,931 (17,976) 133,955
HLF Resilience 87,696 (66,372) 21,324
Powerboats
LIBOR 2,346,151 (189,024) 2,157,127
Boathouse 4
HLF 3,451,436 (147,080) 3,304,356
RGF 455,246 (22,762) 432,484
Other 192,044 (2,000) (9,132) 180,912
Cell Block Project
RGF 545,543 (28,777) 546,766
Store 12,Ropery and South Office
Block
MoD Dowry 769,110 (194,102) 545,008
Priddy's
Hard - HLF		 77,851 384,653 462,504
Ramparts 105,865 (3,650) 102,215
Coastal Forces 15,200 213,000 228,200
Historical
England —E Magazine		 147,600 147,600
11,543,099 743,253 (805,773) 11,480,579
UNRESTRICTED FUNDS
General funds 7,938,432 2,489,724 (2,529,664) 7,898,492
NON DISTRIBUTATBLE RESERVES 381,250 138,750 520,000
TOTAL 19,862,781 3,232,977 (3,335,437) 138,750 19,899,071

At 31 Ma rch the Group held lessor commitments as follows:
2021 2020
Amounts due within one year 1,128,158 1,128,890
Amounts due between one and five years 2,924,792 3,105,010
Amounts due after five years 58,325,414 58,848,309
62,378,164 63,082,209
At 31 March the Trust held lessor commitments as follows:
2021 2020
Amounts due within one year 527,191 534,106
Amounts due between one and five years 1,048,685 1,060,206
Amounts due after five years 32,297,044 32,390,539
33,872,920 33,984,851

34
Analysis of		 changes
in net		 debt - group
1 April 2020 Cash Flows Noncash 31 March
changes 2021
6 6
Cash 3,329,474 1,837,418 5,166,892
Loans falling due within 1 year (1) (83,333) 83,334
Loans falling due after more than 1 year (1,000,000) 83,333 (916,657)
Balance at 31 March 2021 2,861,602 188,214 182,754 3,679,654