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





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|||||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
||||||Notes|Funds|Funds|2022|2021|
||||||||6|6|E|
|Income:||||||||||
|Donations<br>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<br>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<br>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<br>/ (losses)|on|investments|||14|54,533||54,533|102,843|
|Net incoming<br>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<br>in funds||||||(503,038)|(472,656)|(975,694)|2,667,564|
|Reconciliation<br>offunds||||||||||
|Total funds<br>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|





## 

||||||||Notes|AII income funds|All income funds|
|---|---|---|---|---|---|---|---|---|---|
|||||||||(current year)|(previous year)|
||||||||||F|
|Income||||||||3,839,128|5,318,036|
|Gains/(losses)<br>on|investments|||||||54,533|102,843|
|Gains/(losses)<br>on|revaluation||offixed assets|||||54,000||
|Interest and investment||income||||||21,053|18,508|
|Gross income<br>in|the|reporting||period||||3,968,714|5,439,387|
|Expenditure||||||||(4,314,172)|(2,209,361)|
|Depreciation<br>and <br>assets|charges for||impairment|||offixed||(619,986)|(562,462)|
|Total expenditure|in|the reporting|||period|||(4,934,158)|(2,771,823)|
|Net (expenditure)/<br>reporting<br>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<br>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<br>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:<br>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<br>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<br>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<br>ofbank loan|||||||(83,334)||||
|Net cash|generated|from I(used in)|||||||||
|financing|activities|||||||(83,334)||1,000,000|
|Net increase<br>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|





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|Principal <br>angible fixed|Accounting<br>Policies (cont.)<br> assets (cons)||
|---|---|---|
|||0/|
|Shop fittings and|exhibition<br>units|20|
|Office equipment|and furniture|15|
|Catering<br>equipment<br>and play area||10|
|Other equipment|and signposting|10|
|Computer<br>equipment||25-33|
|Boathouse 6||10|



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|3 Comparative<br>co|n|solid|ated<br>sta|tement|offinancial<br>ac|tivities||
|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Total|
|||||Notes|Funds|Funds|2021|
||||||5||F|
|Income:||||||||
|Donations<br>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<br>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<br>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<br>assets|||offixed|19||||
|Net movement<br>in funds|||||2,130,467|537,09?|2,667,564|
|Reconciliation<br>offunds||||||||
|Total funds brought<br>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<br>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<br>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<br>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<br>8|Funds<br>6|2022|2021f|
|Preservation<br>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<br>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<br>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|Restricted<br>6|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<br>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|2021f|
|---|---|---|---|
|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<br>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|





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|19<br>Heritage assets (con<br>Group and company<br>As at 31 March 2022|t.)||||
|---|---|---|---|---|
||Improvements||||
||to leasehold||Powerboats||
||property,|Infrastructure|and LIBOR|Total|
||fixtures etc.f|and lighting|project<br>r|2022<br>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|





|||||O<br>CO|||IA(0||LA||(CI|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||cC<br>CD<br>N|CA|||CD<br>CI||||Cl|
||||||||CO|||||
|OI <br>CI|W||IA<br>0|ON<br>N|IA<br>DI|||||||
||||CD|0)|LA|||||||
|||||CD|CO|||||||
||||(D|CO||||||||
|O <br>N<br>CI<br>N|W||IA<br>Ol<br>N<br>IA <br>(0|IA<br>O<br>(0<br> 0<br>CO|0<br>CI<br>CD<br>IA(0<br>(O||||CO<br>IA<br>N<br>Ct||CO<br>Cl<br>CO|
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||||LA||IA||IA|||||
||||||||||||0<br>I|
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|||||||||m||||
||||DL|CI<br>m<br>CI0O.<br>CI<br>C<br>(l|0<br>m|0<br>m0||(D0D.<br>C(<br>c<br>0'0<br>CI<br>m<br>C|m<br>m<br>0<br>s<br>0(|0<br>m|CO<br>m<br>Cl<br>m<br>00<br>C!|
|||m<br>O|cC|cC|CA<br>cC|Q.<br>(ll0||UJ|m<br>O|CA|CIZ|








## 

## 

## 

||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<br>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<br>f|Cost|Value<br>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<br>investm|ents<br>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<br>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<br>liabilities|ancial<br>liabilities|||
|---|---|---|---|---|---|
|||Group||Trust||
|||2022<br>F|2021<br>f|2022<br>f|2021<br>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<br>6|2021<br>f|2022|2021<br>6|
|Amounts<br>falling due within||one year|||||
|Trade debtors|||545,169|262,334|333,672|242,223|
|Amounts<br>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:|amounts|falling|due|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<br>F|2021<br>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<br>Pr|ovisions<br>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<br>funds|Restricted|funds|Total funds|
|---|---|---|---|---|
||8||||
|Heritage assets||10,605,673||9,611,545|
|Tangible fixed assets|5,052,239|||5,052,239|
|Investment<br>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<br>liabilities|(979,630)|(12,406)||(992,035)|
|Non current<br>liabilities|(716,667)|||(716,667)|
|Provisions<br>for liabilities|530,550|||530,550|
|As at 31 March 2022|15,135,673|11,545,020||26,680,693|



||Unrestricted<br>funds|Restricted|fundsf|Total funds|
|---|---|---|---|---|
|Heritage assets||10,391,035||10,391,035|
|Tangible fixed assets|5,077,812|||5,077,812|
|Investment<br>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<br>liabilities|(702,508)|||(702,508)|
|Non current<br>liabilities|(916,667)|||(916,667)|
|Provisions<br>for liabilities|520,300|||520,300|
|As at 31 March 2021|15,638,711|12,017,676||27,656,387|





## 

## 

## 

|||Unrestricted<br>funds|Restricted funds|Total funds|
|---|---|---|---|---|
|||||6|
|Heritage|assets||10,605,673|9,611,545|
|Tangible|fixed assets|140,045||140,045|
|Investment<br>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<br>liabilities||716,667||716,667|
|As at 31 March 2022||9,347,923|11,545,020|20,892,943|



## 

|||Unrestricted<br>funds|Restricted funds|Total funds|
|---|---|---|---|---|
|||6|5|6|
|Heritage|assets||10,391,035|10,391,035|
|Tangible|fixed assets|88,057||88,057|
|Investment<br>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<br>liabilities||916,667||916,667|
|As at 31|March 2021|10,383,346|12,017,676|22,401,022|





## 

## 

## 

|For the year ended <br>30<br>Funds|31 March|2022||||||
|---|---|---|---|---|---|---|---|
|Group||||||||
|||At 1|Incoming|Movement<br>in|Transfers|Balance at 31||
|||April 2021<br>f|resources<br>f|period<br>f|f||March 2022|
|RESTRICTED FUNDS||||||||
|Millennium<br>projects||||||||
|Boathouse 6||1,623,993||(77,561)|||1,546,432|
|Dockyard<br>Promenade||517,419||(20,277)|||497,142|
|Interpretation<br>and lighting||949,818||(26,976)|||922,842|
|Other||||||||
|Leasehold<br>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<br>Recovery fund||220,774|222,300|(343,150)|||99,924|
|Priddy's<br>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<br>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<br>For the year ended 31 March|Notes to the financial stateme<br>For the year ended 31 March|nts<br> 2022|||||
|---|---|---|---|---|---|---|
|30<br>Funds (cont.)|||||||
|||At 1|Incoming|Movement<br>in|Transfers|Balance at 31|
|||April 2020<br>E|resources<br>f|period<br>f|E|March 2021|
|RESTRICTED FUNDS|||||||
|Millennium<br>projects|||||||
|Boathouse 6||1,701,554||(77,561)||1,623,993|
|Dockyard Promenade||537,696||(20,277)||517,419|
|Interpretation<br>and lighting||978,878||(29,060)||949,818|
|Other|||||||
|Leasehold<br>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<br>Recovery fund|||698,600|(477,826)||220,774|
|Priddy's<br>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<br>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<br>Funds (cont.<br>Trust|)|||||||
|---|---|---|---|---|---|---|---|
|||At 1|Incoming|Movement<br>in|Transfers|Balance at 31||
|||April 2021|resources|period|||March 2022|
|||E|E|E|E||E|
|RESTRICTED FUNDS||||||||
|Millennium<br>projects||||||||
|Boathouse 6||1,623,993||(77,561)|||1,546,432|
|Dockyard Promenade||517,419||(20,277)|||497,142|
|Interpretation<br>and lighting||949,818||(26,976)|||922,842|
|Other||||||||
|Leasehold<br>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<br>Recovery fund||220,774|222,300|(343,150)|||99,924|
|Priddy's<br>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<br>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<br>Funds (cont.<br>Trust|)||||||
|---|---|---|---|---|---|---|
|||At 1|Incoming|Movement<br>in|Transfers|Balance at 31|
|||April 2020<br>E|resources<br>E|period<br>f|f|March 2021|
|RESTRICTED FUNDS|||||||
|Millennium<br>projects|||||||
|Boathouse 6||1,701,554||(77,561)||1,623,993|
|Dockyard<br>Promenade||537,696||(20,277)||517,419|
|Interpretation<br>and lighting||978,878||(29,060)||949,818|
|Other|||||||
|Leasehold<br>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<br>Recovery fund|||698,600|(477,826)||220,774|
|Priddy's<br>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<br>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.<br>Reconciliati|on|of ne|t income to net ca|sh flow from operating|activities|
|---|---|---|---|---|---|
|||||2022|2021f|
|Net income<br>/ (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<br>income<br>in|income statement|||(21,053)||
|Gain on investments||||(107,282)|(102,843)|
|Increase<br>/ (Decrease)|in stock|||6,570|(6,570)|
|(Increase)<br>in debtors||||(193,037)|(532,039)|
|Increase<br>/ (Decrease)|in creditors|||172,861|(366,799)|
|Net cash provided<br>by operating|||activities|(100,071)|338,857|





## 

## 

|37<br>Analysis of|changes|<br>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|