2022-03-31-accounts - Portsmouth Historic Quarter Trust

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			Pages
Governance	and Management		1-2
Trustees' Report (including the Strategic Report)			3-16
Report ofthe	Auditors		17-21
Consolidated	Statement of Financial Activities
(incorporating	the Statement ofComprehensive	Income)	22
Summary Income and Expenditure Account			23
Balance Sheets - Group and Trust			24
Consolidated	Statement ofCash Flows		25
Notes to the	financial statements		26-57

						Unrestricted	Restricted	Total	Total
					Notes	Funds	Funds	2022	2021
							6	6	E
Income:
Donations and legacies					4	26,542	729,751	756,293	2,027,874
Income from charitable		activities			5	2,753,858		2,753,858	1,291,855
Income from other trading			activities		6	328,977		328,977	115,389
Investment income					7	21,053		21,053	18,508
Other income									1,882,918
Total income						3,130,430	729,751	3,860,181	5,336,544
Expenditure:
Costs of raising funds					10	43,719		43,719	6,134
Charitable activities					11	2,981,167	1,097,735	4,078,902	2,503,412
Other					13	749,815	71,972	821,787	262,277
Total expenditure						3,774,701	1,169,707	4,944,408	2,771,823
Net gains / (losses)	on	investments			14	54,533		54,533	102,843
Net incoming resources						(589,738)	(439,956)	(1,029,694)	2,667,564
Transfers between	funds				30	32,700	(32,700)
Gains / (losses) on	revaluation			offixed
assets					21	54,000		54,000
Net movement in funds						(503,038)	(472,656)	(975,694)	2,667,564
Reconciliation offunds
Total funds brought	forward				30	15,638,711	12,017,676	27,656,387	24,988,823
Total funds carried forward					30	15,135,673	11,545,020	26,680,693	27,656„387

							AII income funds	All income funds
							(current year)	(previous year)
								F
Income							3,839,128	5,318,036
Gains/(losses) on	investments						54,533	102,843
Gains/(losses) on	revaluation		offixed assets				54,000
Interest and investment		income					21,053	18,508
Gross income in	the	reporting		period			3,968,714	5,439,387
Expenditure							(4,314,172)	(2,209,361)
Depreciation and assets	charges for		impairment			offixed	(619,986)	(562,462)
Total expenditure	in	the reporting			period		(4,934,158)	(2,771,823)
Net (expenditure)/ reporting period	income before tax for					the	(965,944)	2,667,564
Tax payabfe							(10,250)
Net (expenditure)/	income for the				financial year		(975,694)	2,667,564

Registered no	:	0195	9490
					Group		Trust
					2022	2021	2022	2021
				Notes		6	F
Fixed assets
Heritage assets				19	9,611,545	10,391,035	9,611,545	10,391,035
Tangible assets				20	5,052,239	5,077,812	140,045	88,057
Investment properties				21	6,814,000	7,054,662	1,095,000	1,389,661
Investments				22	617,525	1,036,905	5,843,496	6,262,876
					22,095,309	23,560,414	16,690,086	18,131,629
Current assets
Stock						6,570		6,570
Current asset investments					555,000		555,000
Debtors				24	1,727„584	1,531,223	1,700,237	1,485,167
Cash at bank and	in	hand			4,542,052	4,697,655	3,649,821	4,386,339
					6,824,636	6,235,448	5,905,058	5,878,076
Creditors: amounts		falling	due within
one ear				25	992,035	702,508	985,534	692016
Net current assets					5,832,601	5,532,940	4,919,524	5,186,060
Total assets less	current		liabilities		27,927,910	29,093,354	21,609,610	23,317,689
Creditors: amounts		falling	due after one
year				26	(716,667)	(916,667)	(716,667)	(916,667)
Provisions for liabilities				28	530,550	520,300
Total net assets					26,680,693	27,656,387	20,892,943	22,401,022
Funds
Restricted funds				30	11,545,020	12,017,676	11,545,020	12,017,676
Unrestricted funds				30	12,276,242	12,823,030	8,827,923	9,863,346
Non-Distributable	Reserve			30	2,859,431	2,815,681	520,000	520,000
					26,680,693	27,656,387	20,892,943	22,401,022

For the	year en	ded	3	1	March 20	22
							2022		2021
						Notes
Cash flows from operating					activities
Cash generated by operations						36		(100,071)		338,857
Interest received								21,053
Net cash inflow I(outtlow)			from
operating	activities							(79,018)		338,857
Investing	activities
Purchase	ofPP&E					20	(69,788)		(1,815,380)
Proceeds	from sale offixed			assets					2,307,918
Purchase	ofheritage	assets				19	(132,463)
Purchase	ofinvestments		net		ofcash		(583,379)		(70,176)
Proceeds	ofsale ofinvestment
properties							305,689
Sale ofcurrent asset							25,385		76,199
Net cash	generated	from I(used in)
investing	activities							(454,556)		498,561
Financial	activities
Proceeds	ofbank loans									1,000,000
Repayment ofbank loan							(83,334)
Net cash	generated	from I(used in)
financing	activities							(83,334)		1,000,000
Net increase in cash		and	cash
equivalents								(616,908)		1,837,418
Cash and	cash equivalents			at the
beginning	ofthe year							5,163,095		3,325,677
Cash and	cash equivalents			at the end of
the year								4,546,187		5,163,095
Relating to
Cash at bank and in		hand						4,542,052		4,697,655
Cash and	cash equivalents			at the end of
the year								4,135		465,440

Principal angible fixed	Accounting Policies (cont.) assets (cons)
		0/
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
Boathouse 6		10

3 Comparative co	n	solid	ated sta	tement	offinancial ac	tivities
					Unrestricted	Restricted	Total
				Notes	Funds	Funds	2021
					5		F
Income:
Donations and legacies					333,934	1,693,940	2,027,874
Income from charitable	activities				1,291,855		1,291,855
Income from other trading		activities			115,389		115,389
Investment income					18,508		18,508
Other income					1,882,918		1,882,918
Total income					3,642,604	1,693,940	5,336,544
Expenditure:
Costs of raising funds				10	6,134		6,134
Charitable activities					1,366,325	1,137,087	2,503,412
Other				13	242,521	19,756	262,277
Total expenditure					1,614,980	1,156,843	2,771,823
Net gains / (losses) on	investments			21	102,843		102,843
Net incoming resources					2,130,467	537,097	2,667,564
Gains / (losses) on revaluation assets			offixed	19
Net movement in funds					2,130,467	537,09?	2,667,564
Reconciliation offunds
Total funds brought forward				29	13,508,244	11,480,579	24,988,823
Total funds carried forward				29	15,638,711	12,017,676	27,656,387

4 Do	natio	ns and leg	acies
				Unrestricted	Restricted
				Funds	Funds	2022	2021
				6	F	6	6
Lottery	Fund				305,451	305,451	891,608
Coastal	Forces				200,000	200,000
Historic	England						94,132
English	Heritage						7,600
Cultural	Recovery Fund				222,300	222,300	698,600
Donations					2,000	2,000	2,000
Coronavirus		Job Retention	Scheme	212		212	266,534
Portsmouth		City Council					55,000
Health	Foundation						12,400
Other				26,330		26,330
				26,542	729,751	756,293	2,027,874

5 Inco	m	e from charitable	activities
			Unrestricted	Restricted
			Funds	Funds	2022	2021
				6	F	6
Income	from property		1,346,135		1,346,135	562,626
Income	from car park		458,345		458,345	160,847
Exhibitions		and Harbour Tours	248,846		248,846	47,018
Boats			34,735		34,735
Property	rental		665,797		665,797	521,364
			2,753,858		2,753,858	1,291,855

			Unrestricted	Restricted
			Funds	Funds	2022	2021
			6	F	6
Training	college	fees	328,977		328,977	115,369
			328,977		328,977	115,389

				2022 6	2021f
Interest on	cash deposited	with banks		2,090	1,248
Dividends	from listed investments		and commission	18,963	17,260
				21,053	18,508

				2022	2021f
Profit	on	disposal	ofproperty		1,882,918
					1,882,918

A summary		ofthe ac	tivitie	s	ofthe Tr	ust's wholly owned su	bsidiaries is set out	below:
								2022	2021
									6
Profit and loss account
Property income								818,136	597,341
Direct costs								77,561	77561
Administration		costs
Property		companies						(136,818)	(388,386)
Revaluations		ofinvestment			ro erties			54,000
Net profit before tax								657,757	131,394
Taxation								(10,250)
Intra-group	transactions
Gain on dis		osal of	assets						1,246,219
Net comprehensive			income		retained	by the group		647,507	1,377,613
10	Cost ofraising funds
						Unrestricted	Restricted	Total	Total
						Funds	Funds	2022	2021
						F	F	6
Investment	Management			fees		6,216		6,216	3,359
Other direct		costs				37,503		37,503	2,775
						43,719		43,719	6,134

		Unrestricted	Restricted	Total	Total
		Funds 8	Funds 6	2022	2021f
Preservation and related costs		2,136,714	314,451	2,451,165	1,020,593
Costs relating	to car park	156,103	12,497	168,600	101,055
Harbour Tour	costs	21,565		21,565	159,352
Access and education		275,405	156,602	432,007	363,139
Depreciation		154,549	465,437	619,986	562,462
Su ort costs	note 12	236,831	148,748	385,579	296,811
		2,981,167	1,097,735	4,078,902	2,503,412

			2022 F	2021f
Wages and	Salaries		251,206	224,086
Staff costs			30,795	27,411
Travel and	subsistence		4,769	238
Computer costs			45,122	26,372
Telephone,	printing,	postage and stationery	15,039	13,527
Bank charges			10,340	1,691
Sundry			28,308	3,486
			385,579	296,811

		Unrestricted	Restricted	2022	2021
		F	F	F
Trustees fees		110,263		110,263	1,509
Legal and professional	fees	586,019	71,972	657,991	232,298
Auditors' fees		43,283		43,283	28,470
Deferred tax movement		10,250		10,250
		749,815	71,972	821,787	262,277

				Unrestricted	2022	2021f
Net unrealised	/ realised gains		/ (losses)	43,504	43,504	102,843
Profit on sale	of Investment	ro ert		11,029	11,029
				54,533	54,533	102,843

15 Staff Costs
	2022	2021
	F	6
Staffcosts:
Wages and salaries	1,193,066	935,486
Social security costs	104,400	81,234
Pension costs	54,735	42,653
	1,352,201	1,059,373

		2022
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
Robert Palmer		9,000
		97,000

	2022			2021
	Group	Trust	Group	Trust
	Number	Number	Number	Number
Byactivity
Property and related activities	10	10
Boats
Other trading
College	10	10
Administration	17	17	10	10
	49	49	41	41

19 Heritage assets (con Group and company As at 31 March 2022	t.)
	Improvements
	to leasehold		Powerboats
	property,	Infrastructure	and LIBOR	Total
	fixtures etc.f	and lighting	project r	2022 6
Cost
At 1 April 2021	10,518,872	2,371,041	2,522,715	15,412,628
Additions	38,628		93,835	132,463
Disposals	(388,328)			(388,328)
At 31 March 2022	10,169,172	2,371,041	2,616,550	15,156,763
Depreciation
At 1 April 2021	3,107,985	906,231	1,007,377	5,021,593
Charge for year	331,583	47,253	145,789	524,625
Disposals	(1,000)			(1,000)
At 31 March 2022	3,438,568	953,484	1,153,166	5,545,218
Net book value at 31 March 2022	6,730,604	1,417,557	1,463,384	9,611,545
Net book value at 31 March 2021	7,410,887	1,464,810	1,515,338	10,391,035

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	Group	Trust
At 1 April 2021	7,054,661	1,389,661
Disposals	(294,661)	(294,661)
Revaluation	54,000
At 31 March 2022	6,814,000	1,095,000
At 31 March 2021	7,054,661	1,389,661

22	F	ixed ass	et investm	ents
					Group			Trust
					2022	2021	2022	2021f
Investment		portfolio			617,500 1,036,880		617,500	1,036,880
Interest	in	subsidiary	undertakings	—cost at 1 April			14,100,004	14,100,004
Interest	in	subsidiary	undertakings	—additions
Interest	in	subsidiary	undertakings	- provision			(8,874,033)	(8,874,033)
Interest	in	associated	undertakings		25	25	25	25
					617,525 1,036,905		5,843,496	6,262,876

Market value reconciliati	on
			2022	2021
			6	F
Market value at 1 April	2021		568,892	470,823
Less: Disposals			(28,379)	(74,949)
Add: Acquisitions at cost			25,385	70,176
Net unrealised/realised	gains	/ (losses)	42,255	102,843
Market value at 31 March 2022			608,151	568,892
Cash available to invest			4,135	465,440
Accrued income			5,214	2,548
Total ofinvestments			617,500	1,036,880

			Group	and Trust
			2022		2021
		Market		Market
		Value f	Cost	Value f	Costf
Equities		454,927	274,552	411,838	274,817
Fixed Interest		56,230	59,490	69,943	70,551
Alternative	Investments	96,994	95,710	87,111	88,091
		617,500	440,347	568,892	433,459

The following investm	ents accou	nt for more than 5%ofthe listed inves	tments:
			2022	2021
Sequoia				5.51%
Blackrock Throgmorton			6.20%	8.44%
Bankers Investment	Trust Ord		6 79'/	7.4%
JP Morgan American	Investment	Trust Ord GBP0.05	5.07%
Findlay Park Fund Pic American		sterling GBP Uhdg	5.02%

and net as	sets ofsubsidiaries are:
		2022	2021
PNBPCL
Turnover		493,357	365,974
Profit after	taxation	387,743	102,783
Net assets		5,719,188	5,226,445
QS
Turnover		247,218	231,367
Profit after	taxation	272,317	188,091
Net assets		5,198,230	5,145,913
PH
Turnover
Profit/(loss)	after taxation	(12„553)	1,086,739
Net assets		96,304	108,857

23	Financial assets and fin	ancial liabilities	ancial liabilities
		Group		Trust
		2022 F	2021 f	2022 f	2021 8
Financial	assets at amortised cost	6,824,366	6,159,625	n/a	n/a
Financial	liabilities at amortised cost	(1,708,702)	(1,595,936)	n/a	n/a
Net financial assets		5,115,664	4,563,689	n/a	n/a

			Group		Trust
			2022 6	2021 f	2022	2021 6
Amounts falling due within		one year
Trade debtors			545,169	262,334	333,672	242,223
Amounts owed by subsidiary		undertakings			711,048	587,187
Other debtors	and VAT			69,807		69,807
Prepayments	and accrued income		1,182,415	1,199,082	655,517	585,950
Total			1,727,584	1,531,223	1,700,237	1,485,167

		Group		Trust
		2022	2021	2022	2021
					F
Trade creditors		433,206	225,701	433,206	225,701
FAYE, VAT and social	security	41,794	23,238	41,794	23,238
Accruals and deferred	income	306,876	370,235	300,375	359,744
Other creditors		10,159		10,159
Bank loan		200,000	83,334	200,000	83,333
		992,035	702,508	985,534	692,016

26	Creditors:	after one	year
		Group		Trust
		2022	2021	2022	2021
				F	6
Bank	loan	716,667	916,667	716,667	916,667
		716.667	916,667	716,667	916,667

			Group		Trust
			2022f	2021f	2022 F	2021 f
Balance	at 1 Apdil	2021	182,754	188,214	182,754	188,214
Amounts	deferred	in period	99,076	141,386	99,076	141,386
Amounts	released	to incoming resources	(182,754)	(146,846)	(182,754)	(146,846)
Balance	at 31 March 2022		99,076	182,754	99,076	182,754

28 Pr	ovisions for	liabilities
			Group		Trust
			2022	2021	2022	2021
					F	f
Deferred tax on revaluation		of
Investment	properties		530,550	520,300
			530,550	520,300

	Unrestricted funds	Restricted	funds	Total funds
	8
Heritage assets		10,605,673		9,611,545
Tangible fixed assets	5,052,239			5,052,239
Investment properties	6,814,000			6,814,000
Fixed asset investments	617,524			617,524
Current assets	2,195,378		87,204	2,282,585
Cash at bank	2,683,379	864,549		4,542,052
Current liabilities	(979,630)	(12,406)		(992,035)
Non current liabilities	(716,667)			(716,667)
Provisions for liabilities	530,550			530,550
As at 31 March 2022	15,135,673	11,545,020		26,680,693

	Unrestricted funds	Restricted	fundsf	Total funds
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

		Unrestricted funds	Restricted funds	Total funds
				6
Heritage	assets		10,605,673	9,611,545
Tangible	fixed assets	140,045		140,045
Investment properties		1,095,000		1,095,000
Fixed asset investments		5,843,496		5,843,496
Current	assets	2,168,030	87,204	2,255,237
Cash at	bank	1,791,148	864,549	3,649,821
Current	liabilities	(973,129)	(12,406)	(985,534)
Non current liabilities		716,667		716,667
As at 31 March 2022		9,347,923	11,545,020	20,892,943

		Unrestricted funds	Restricted funds	Total funds
		6	5	6
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		6,262,876
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		916,667		916,667
As at 31	March 2021	10,383,346	12,017,676	22,401,022

For the year ended 30 Funds	31 March	2022
Group
		At 1	Incoming	Movement in	Transfers	Balance at 31
		April 2021 f	resources f	period f	f		March 2022
RESTRICTED FUNDS
Millennium projects
Boathouse 6		1,623,993		(77,561)			1,546,432
Dockyard Promenade		517,419		(20,277)			497,142
Interpretation and lighting		949,818		(26,976)			922,842
Other
Leasehold property		115,979		(17,976)			98,003
HLF Resilience		4,555		(82,557)			(78,002)
Powerboats
LIBOR		1,985,358		(200,730)			1,784,628
Boathouse 4
HLF		3,157,276		(147,080)			3,010,196
RGF		409,722		(22,762)			386,960
Other		173,781	2,000	(9,132)			166,649
Cell Block Project
RGF		517,989		(28,777)			489,212
Store 12,Ropery and South Office
Block
MoD Dowry		441,603		(55,043)			386,560
Cultural Recovery fund		220,774	222,300	(343,150)			99,924
Priddy's Hard - HLF		1,354,112	305,451	(104,008)	(32,700)		1,522,855
Ramparts		121,703		(17,205)			104,498
Coastal Forces		228,200	200,000	(9,635)			418,565
Historic England —EMagazine		195,394		(6,838)			188,556
		12,017,676	729,751	(1,169,707)	(32,700)		11,545,020
UNRESTRICTED FUNDS
General funds		10,909,260	3,105,149	(2,844,015)	739,301		11,909,965
Designated funds —Priddy's	Hard	1,913,770	90,063	(930,635)	(706,601)		366,277
		12,823,030	3,195,212	(3,774,700)	32,700		12,276„242
NON DISTRIBUTABLE RESERVES		2,815,681	43,750				2,859,431
TOTAL		27,656,387	3,968,713	(4,944,407)			26,680,693

Notes to the financial stateme For the year ended 31 March	Notes to the financial stateme For the year ended 31 March	nts 2022
30 Funds (cont.)
		At 1	Incoming	Movement in	Transfers	Balance at 31
		April 2020 E	resources f	period f	E	March 2021
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		226,200				228,200
Historic England —EMagazine		147,600	47,794			195,394
		11,480,579	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 DISTRIBUTABLE RESERVES		2,815,681				2,815,681
TOTAL		24,988,823	5,439,387	(2,771,823)		27,656,387

30 Funds (cont. Trust	)
		At 1	Incoming	Movement in	Transfers	Balance at 31
		April 2021	resources	period			March 2022
		E	E	E	E		E
RESTRICTED FUNDS
Millennium projects
Boathouse 6		1,623,993		(77,561)			1,546,432
Dockyard Promenade		517,419		(20,277)			497,142
Interpretation and lighting		949,818		(26,976)			922,842
Other
Leasehold property		115,979		(17,976)			98,003
HLF Resilience		4,555		(82,557)			(78,002)
Powerboats
LIBOR		1,985,358		(200,730)			1,784,628
Boathouse 4
HLF		3,157,276		(147,080)			3,010,196
RGF		409,722		(22,762)			386,960
Other		173,781	2,000	(9,132)			166,649
Cell Block Project
RGF		517,989		(28,777)			489,212
Store 12, Ropery and South Office
Block
Moo Dowry		441,603		(55,043)			386,560
Cultural Recovery fund		220,774	222,300	(343,150)			99,924
Priddy's Hard - HLF		1,354,112	305,451	(104,008)	(32,700)		1,522,855
Ramparts		121,703		(17,205)			104,498
Coastal Forces		228,200	200,000	(9,635)			418,565
Historic England —EMagazine		195,394		(6,838)			188,556
		12,017,676	729,751	(1,169,707)	(32,700)		11,545,020
UNRESTRICTED FUNDS
General funds		9,196,065	2,556,024	(2,796,078)	(398,061)		8,557,950
Designated funds —Pdddy's	Hard	667,281	99,563	(927,632)	430,761		269,973
		9,863,346	2,655,587	(3,723,710)	32,700		8,827,923
NON DISTRIBUTABLE RESERVES		520,000					520,000
TOTAL		22,401,022	3,385,338	(4,893,417)			20,892,943

30 Funds (cont. Trust	)
		At 1	Incoming	Movement in	Transfers	Balance at 31
		April 2020 E	resources E	period f	f	March 2021
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
Powerhoats
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
Histodic 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)		9,196,065
Designated funds —Pdiddy's	Hard		667,281			667,281
		7,898,492	3,354,863	(1,390,009)		9,863,346
NON DISTRIBUTABLE RESERVES		520,000				520,000
TOTAL		19,899,071	5,048,803	(2,546,852)		22,401,022

At 31 Ma	rch the Group	held lessor commitments	as follows:
				2022	2021
Amounts	due within one year			1,127,041	1,128,158
Amounts	due between	one and five years		2,806,974	2,924,792
Amounts	due after five	years		31,513,307	32,059,064
				35,447,322	36,112,014
At 31 March the Trust		held lessor commitments	as follows:
				2022	2021
Amounts	due within one year			598,569	527,191
Amounts	due between	one and five years		1,094,739	1,048,685
Amounts	due after five	years		6,212,632	6,030,894
				7,905,940	7,606,770

6. Reconciliati	on	of ne	t income to net ca	sh flow from operating	activities
				2022	2021f
Net income / (expenditure)		for the	year	(975,694)	2,667,564
Taxation				10,250
Depreciation				618,986	562,462
Amortisation				388,328
Profit on disposal ofassets					(1,882,918)
Investment income in	income statement			(21,053)
Gain on investments				(107,282)	(102,843)
Increase / (Decrease)	in stock			6,570	(6,570)
(Increase) in debtors				(193,037)	(532,039)
Increase / (Decrease)	in creditors			172,861	(366,799)
Net cash provided by operating			activities	(100,071)	338,857

37 Analysis of	changes	in net	debt - group
			1 April 2021	Cash Flows	Non-cash	31 March
					changes	2022 f
Cash at bank			4,697,655	(155,603)		4,546,187
Cash in investments			465,440	461,305		4,135
Loans falling due within	1 year		(83,334)	83,334	(200,000)	(200,000)
Loans falling due after	more than	1 year	(916,667)		200,000	(716,667)
Balance at 31 March 2022			4,163,094	(533,574)		3,629,520