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2023-03-31-accounts

Pages
Governance and Management 1-2
Trustees' Report (including
the Strategic Report)		 3-20
Report ofthe Auditors 21-25
Consolidated Statement ofFinancial Activities
(incorporating the Statement ofComprehensive Income) 26
Summary
Income and Expenditure
Account		 27
Balance Sheets - Group and Trust 28
Consolidated Statement ofCash Flows 29
Notes to the financial statements 30-61

Forthe year en ded 31 March
2023
Unrestricted Restricted Total Total
Notes Funds
f		 Funds
F		 2023
E		 2022
E
Income:
Donations
and legacies		 4 21,380 314,158 335,538 756,293
Income from charitable
activities		 5 3,290,853 3,290,853 2,753,858
Income from other trading activities 6 120,041 120,041 328,977
Investment
income		 7 67,626 67,626 21,053
Other income 8 97,698 97,698
Total income 3,597,598 314,158 3,911,756 3,860,181
Expenditure:
Costs ofraising funds 10 (76,339) (75,339) (43,719)
Charitable
activities		 11 (3,387,457) (811,370) (4,198,827) (4,078,902)
Other 13 (606,598) (606,598) (821,787)
Total expenditure (4,069,394) (811,370) (4,880,764) (4,944,408)
Net (losses)/gains on investments 14 (357,265) (357,265) 108,533
Net outcoming
resources		 (829,061) (497,212) (1,326,273) (975,694)
Transfers
between		 funds 30
Net movement
in		 funds (829,061) (497,212) (1,326,273) (975,694)
Reconciliation of funds
Total funds brought forward 30 15,135,673 11,545,020 26,680,693 27,858,387
Total funds carried forward 30 14,306,612 11,047,808 25,354,420 26,680,693

All income funds AII income funds
2023 2022
Income 3,844,130 3,839,128
(Losses)/gains on investments (357,265) 108,533
Interest and investment
income		 67,626 21,053
Gross income in the reporting period 3,554,491 3,968,714
Expenditure (4,049,353) (4,314,172)
Depreciation
and
assets		 charges for impairment offixed (644,440) (619,986)
Total expenditure in the reporting period (4,693,793) (4,934,158)
Net expenditure
reporting
period		 before tax for the (1,139,302) (965,444)
Tax payable (186,971) (10,250)
Net expenditure for the financial year (1,326,273) (975,694)

Registered no : 0 1959490
Group Trust
2023 2022 2023 2022
Notes 6 6 6
Fixed assets
Heritage assets 19 9,715,980 9,611,545 9,715,980 9,611,545
Tangible assets 20 4,972,935 5,052,239 138,302 140,045
Investment
properties		 21 6,514,000 6,814,000 795,000 1,095,000
Investments 22 555,365 617,525 5,781,336 5,843,496
21,758,280 22,095,309 16,430,618 16,690,086
Current assets
Current asset investments 1,794,835 555,000 1,794,835 555,000
Debtors 24 632,861 1,727,584 662,028 1,700,237
Cash at bank and in hand 2,826,614 4,542,052 1,724,481 3,649,821
5,254,310 6,824,636 4,181,344 5,905,058
Creditors: amounts falling due within
one
ear		 25 940,649 992,035 1,164,698 985534
Net current assets 4,313,661 5,832,601 3,016,646 4,919,524
Total assets less current liabilities 26,071,941 27,927,910 19,447,264 21,609,610
Creditors: amounts falling due after one
year 26 (716,667) (716,667)
Provisions
for liabilities		 28 717,521 530,550
Total net assets 25,354,420 26,680,693 19,447,624 20,892,943
Funds
Restdicted
funds		 30 11,047,808 11,545,020 11,047,808 11,545,020
Unrestricted
funds		 30 11,634,152 12,276,242 8,179,456 8,827,923
Non-Distnbutable Reserve 30 2,672,460 2,859,431 220,000 520,000
25,354,420 26,680,693 19,447,264 20,892,943

Forthe year ended 3 1 March 20 23
2023 2022
Notes F 5
Cash flows from operating activities
Cash generatedl(absorbed) by
operations 36 1,068,278 (100,071)
Net cash inflow I(outflow) from
operating activities 1,068,278 (79,018)
Investing activities
Purchase ofPPKE 20 (14,724) (59,788)
Purchase ofheritage assets 19 (685,330) (132,463)
Purchase ofinvestments net ofcash (1,273,464) (583,379)
Proceeds ofsale ofinvestment
properties 305,589
Sale ofcurrent assets 45,972 25,385
Interest received 67,626 21,053
Net cash generated
from I(used in)
investing activities (1,859,920) (454,555)
Financial activities
Repayment
of bank loan		 (916,667) (83,334)
Net cash used in financing activities (916,667) (83,334)
Net decrease
in cash and		 cash
equivalents (1,708,309) (616,908)
Cash and cash equivalents atthe
beginning ofthe year 4,546,187 5,163,095
Cash and cash equivalents atthe end of
the year 2,837,878 4,545,187
Relating to
Cash at bank and
in hand		 2,826,614 4,542,052
Cash and cash equivalents atthe end of
the year 22 11,264 4,135

Shop fittings and exhibition
units		 20
Offfce equipment and furniture 15
Catering
equipment
and play area		 10
Other equipment and signposting 10
Computer
equipment		 25-33
Boathouse 6 10

Unrestricted Restricted Total
Notes Funds
f		 Funds 2022
F
Income:
Donations
and legacies		 4 26,542 729,751 756,293
Income from charitable
activities		 5 2,753,858 2,753,858
Income from other trading activities 6 328,977 328,977
Investment
income		 7 21,053 21,053
Other income
Total income 3,130,430 729,751 3,860,181
Expenditure:
Costs ofraising funds 10 (43,719) (43,719)
Charitable
activities		 1'I (2,981,167) (1,097,735) (4,078,902)
Other 13 (749,815) (71,972) (821,787)
Total expenditure (3,774,701) (1,169,707) (4,944,408)
Net gains on investments 14 108,533 108,533
Net outgoing
resources		 (535,738) (439,956) (975,694)
Transfers between funds 30 32,700 (32,700)
Net movement
in funds		 (503,038) (472,656) (975,694)
Reconciliation
offunds
Total funds brought
forward		 30 15,638,711 12,017,676 27,656,387
Total funds carried forward 30 15,135,673 11,545,020 26,680,693

4 Do natio ns
and legacies
Unrestricted Restricted
Fundsf Funds
6		 2023
F		 2022
5
Lottery Fund 201,401 201,401 305,451
Coastal Forces 200,000
English Heritage
Cultural Recovery Fund 222,300
Donations 2,000
Coronavirus Job Retention Scheme 212
Portsmouth City Council
Other 21,380 112,757 134,137 26,330
21,380 314,158 335,538 756,293
5 Income from charitable activities
5 Incom e from c haritable
ac		 tivities
Unrestricted Restricted
Funds Funds 2023 2022
F 5 6
Income from property &catering 1,593,708 1,593,708 1,346,135
Income from car park 541,356 541,356 458,345
Exhibitions and Harbour Tours 299,651 299,651 248,846
Boats 85,671 85,671 34,735
Subsidiary property rental 770,467 770,467 665,797
3,290,853 3,290,853 2,753,858
6 Income from other trading activities
Unrestricted Restricted
Fundsf Funds
6		 2023 2022
L'
Training college fees 120,041 120,041 328,977
120,041 120,041 328,977

7 investment inco me
2023 2022
6
Interest on cash deposited with banks 47,256 2,090
Dividends from listed investments and commission 20,370 18963
67,626 21,053
8 Other income
2023 2022
F F
Other 97,698
97,698

A summary
ofthe activities		 ofthe Tr ust's wholly owned subsidiarie s
isset out below:
2023 2022
6 6
Profit and loss account
Property income 909,666 818,136
Direct costs 77,561 77561
Administration
costs
Property companies (355,728) (136,818)
Revaluations
ofinvestment		 pro erties 54,000
Net profit before tax 476,377 657,757
Taxation (186,971) (10,250)
Intra-group
transactions
Gain on dis osalofassets
Net comprehensive
income		 retained by the group 289,406 647,507
10 Cost of raising funds Cost of raising funds
Unrestricted Restricted Total Total
Funds Funds 2023 2022
6 6 6
Investment Management fees 7,305 7,305 6,216
Other direct costs 68,034 68,034 37,503
75,339 75,339 43,719

Unrestricted Restricted Total Total
Fundsf Funds 2023
6		 2022
Preservation and related costs 2,376,623 213,676 2,590,299 2,451,165
Costs relating to car park 176,449 176,449 168,600
Harbour Tour costs 14,414 14,414 21,565
Access and education 240,239 32123 272,362 432,007
Depreciation 156,430 488,010 644WO 619,986
Su
ortcosts		 note12 423,302 77,561 500,863 385 579
3,387,457 811,370 4,198,827 4,078,902

2023
f		 2022
Wages and Salaries 342,781 251,206
Staff costs 42,798 30,795
Travel and subsistence 5,830 4,769
Computer costs 54,819 45,122
Telephone, printing, postage and stationery 15,291 15,039
Bank charges 17,780 10,340
Sundry 21,563 28,308
500,863 385,579

13 Other Co sts
Unrestricted Restricted 2023 2022
F r
Trustees fees 62,308 62,308 110,263
Legal and professional fees 314,024 314,024 657,991
Auditors' fees 43,295 43,295 43,283
Deferred tax movement 186,971 1&6,971 10,250
606,598 606,598 821,787

Unrestricted Restricted 2023 2022
6
Net unrealised / realised (losses)/gains (357,265) (357,265) 97,504
Profit on sale of Investment ro e 11029
(357,265) (357,265) 108,533
15
Staff Costs
2023f 2022
Staffcosts:
Wages and salaries 1,203,072 1,193,068
Social security costs 110,272 104,400
Pension costs 56,220 54,735
1,369,564 1,352,201

Articles and M emorandum
ofAssociation, was:
2023 2022
F 6
Fees for service as Directors and Trustees:
Rear Admiral Neil ERankin CBCBE 2,876 9,000
Philip A Marriott 5,000 9,000
Michael Ridley 5,000 9,000
Michel Cohen 5,000 9,000
Roger Ching 5,000 9,000
David Butters (Chairman) 8,900 16,000
Prof Virginia Gibson 5,000 9,000
Theresa
Hall		 5,000 9,000
Steve Pitt 5,000 9,000
Robert Palmer 5,000 9,000
Rear Admiral Rex Cox 5,000
56,776 97,000

2023 2022
Group Trust Group Trust
Number Number Number Number
By activity
Property and related activities 13 13 10 10
Boats 15 15
Other trading
College 10 10
Administration 16 17 17
55 55 49 49

18
Net income
/ expenditure
f		 or the year
2023 2022
F
Net income
/ expenditure
for the year is stated		 after charging/(crediting):
Depreciation
and loss on disposal		 644,440 619,986
Auditors'
remuneration
for audit		 33,700 29,250
Government
Grants		 6,718
Fees payable to the auditor for:
Audit of parent company 18,925 16,750
Audit ofsubsidiadies 14,775 12,500
Taxation 1,275 1,200
Other services 11,375 10,000
Trust. net outgoing
resources for the financial year
As permitted
by Section 408 ofthe Companies		 Act 2006, the Trust's statement offinancial activities has
not been included
in these financial statements.		 The Trust's movement in funds for the financial year is a
deficit ofE(948,467)(2022: deficit ofE1,035,423)for unrestricted funds and deficit ofE(497,212)(2022:
deficit 5472,656) for restricted funds.

19
Heritage assets (con		 19
Heritage assets (con		 t.)
Group and company
As at 31 March 2023
Improvements
to leasehold Powerboats
property, Infrastructure and LIBOR Total
fixtures etc. and lighting project
8 6
Cost
At 1 Apdil 2022 10,169,172 2,371,041 2,616,550 15,156,763
Additions 524,810 160,520 685,330
Disposals (30,483) (30,483)
Transfer to tangible fixed assets (10,133) (10,133)
At 31 March 2023 10,653,366 2,371,041 2,777,070 15,801,477
Depreciation
At 1 April 2022 3,438,568 953,484 1,153,166 5,545,218
Charge for year 344,994 47,250 148,035 540,279
Disposals
At 31 March 2023 3,783,562 1,000,734 1,301,201 6,085,497
Net book value at 31 March 2023 6,869,804 1,370,307 1,475,869 9,715,980
Net book value at 31 March 2022 6,730,604 1,417,557 1,463,384 9,611,545
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21
Investment
Properties
Group Trust
At 1 April 2022 6,814,000 1,095,000
Revaluation (300,000) (300,000)
At 31 March 2023 6,514,000 795,000
At 31 March 2022 6,814,000 1,095,000

22 F ixed ass et investm ents
Group Trust
2023 2022 2023 2022
6 5
Investment porffolio 555,340 617,500 555,340 617,500
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
555,365 617,525 5,781,336 5,843,496

22
Fixed asset investments
(cont.)		 22
Fixed asset investments
(cont.)
Market value reconciliation
2023 2022
E
Market value at 1 April 2022 608,153 558,892
Less: Disposals (45,972) (28,379)
Add: Acquisitions
at cost		 33,629 25,385
Net unrealised/realised (losses)/gains (57,266) 42,255
Market value at 31 March 2023 538,544 608,153
Cash available to invest 11,264 4,135
Accrued income 5,532 5,212
Total ofinvestments 555,340 617,500

Group and Trust Group and Trust
2023 2022
Market Market
Value Value Cost
E
Equities 405,262 262,600 454,927 274,552
Fixed Interest 46,289 57,102 56,230 59,490
Alternative Investments 86,993 101,764 96,994 95,710
538,544 421,466 608,151 429,752

23 Financial assets and fina ncial
liabilities		 ncial
liabilities
Group Trust
2023 2022 2023 2022
F
Financial assets at amortised cost 5,254,310 6,824,366 n/a n/a
Financial liabilities at amortised cost (940,649) (1,708,702) n/a n/a
Net financial assets 4,313,661 5,115,664 n/a n/a

Group Trust
2023 2022 2023 2022
F
Amounts falling due within one year
Trade debtors 125,682 545,169 118,200 333,672
Amounts owed by subsidiary undertakings 71,165 711,048
Other debtors and VAT 940 940
Prepayments and accrued income 506,239 1,182,415 443,800 655,517
Total 632,861 1,727,584 634,105 1,700,237

25
Creditors:
a		 mou nts
falling du		 e within one y ear
Group Trust
2023 2022 2023 2022
6 F 6
Trade creditors 367,180 433,206 367,180 433,206
PAYE, VAT and social security 78,845 41,794 78,845 41,794
Amounts
owed to subsidiary		 undertakings 274,282
Accruals and deferred income 486,032 306,876 450,799 300,375
Other creditors 8,592 10,159 8,592 10,159
Bank loan 200,000 200,000
940,649 992,035 1,179,698 985,534

26 Creditors: amounts falling due after one year
Group Trust
2023 2022 2023 2022
6 6
Bank loan 716,667 716,667
716.667 716,667

Group Trust
2023
f		 2022 2023
6		 2022
Balance at 1 April 2022 99,076 182,754 99,076 182,754
Amounts deferred in period 42,034 99,076 26,079 99,076
Amounts released to incoming resources (99,076) (182,754) (99,076) (182,754)
Balance at 31 March 2023 42,034 99,076 26,079 99,076

28
Pr		 ovisions
for		 liabilities
Group Trust
2023 2022 2023 2022
6 6 6
Deferred tax on revaluation of
Investment properties 717,521 530,550
717,521 530,550

Unrestricted
funds		 Restricted funds Total funds
F
Heritage assets 9,715,980 9,715,980
Tangible fixed assets 4,972,935 4,972,935
Investment
properties		 6,514,000 6,514,000
Fixed asset investments 555,365 555,365
Current assets 2,372,279 55,417 2,427,696
Cash at bank 1,520,447 1,306,167 2,826,614
Current liabilities (910,893) (29,756) (940,649)
Provisions
for liabilities		 717,521 717521
As at 31March 2023 14,306,612 11,047,808 25,354,420
Unrestricted
funds		 Restdicted funds Total funds
F 6
Heritage assets 9,611,545 9,611,545
Tangible fixed assets 5,052,239 5,052,239
Investment
properties		 6,814,000 6,814,000
Fixed asset investments 617,525 617,525
Current assets 2,195,376 87,208 2,282,584
Cash at bank 2,683,379 1,858,673 4,542,052
Current
liabilities		 (979,629) (12,406) (992,035)
Non current
liabilities		 (716,667) (716,667)
Provisions for liabilities 530,550) 530550
As at 31March 2022 15,135,677 11,545,020 26,680,693

Unrestricted
fundsf		 Restricted funds Total fundsf
Heritage assets 9,715,980 9,715,980
Tangible fixed assets 138,302 138,302
Investment
properties		 795,000 795,000
Fixed asset investments 5,781,336 5,781,336
Current assets 2,401,446 55,417 2,456,863
Cash at bank 418,314 1,306,167 1,724,481
Current
liabilities		 (1,134,942) (29,756) (1,164,698)
Non current
liabilities
As at 31 March 2023 8,399,456 11,047,808 19,447,284
rust —year ended 31March 2022
Unrestricted
funds		 Restricted funds Total funds
F 6
Heritage assets 9,611,545 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 87,208 2,255,238
Cash at bank 1,791,148 1,858,673 3,649,821
Current
liabilities		 (973,129) (12,406) (985,53)
Non current liabilities 716,667 716,667
As at 31 March 2022 9,347,923 11,545,020 20,892,943


For the year ended
30
Funds
31 March		 2023
Group
At 1 Incoming Movement
in		 Transfers Balance at31
April 2022 resources period March 2023
E E F K
RESTRICTED FUNDS
Millennium
projects
Boathouse 6 1,546,432 (77,561) 1,468,871
Dockyard Promenade 497,142 (20,277) 476,865
Interpretation
and lighting		 922,842 (26,976) 895,866
Other
Leasehold
property		 98,003 (17,978) 80,027
HLF Resilience (78,002) 104,580 (26,578)
Powerhoats
LIBOR 1,784,628 (206,213) 1,578,415
Boathouse 4
HLF 3,010,196 (147,080) 2,863,116
RGF 386,960 (22,762) 364,198
Other 166,649 2,000 (22,532) 146,117
Cell Block Project
RGF 489,212 (28,777) 460,435
Store 12,Ropery and South Office
Block
MoD Dowry 386,560 386,560
Cultural
Recovery fund		 99,924 (39,323) 60,601
Priddy's
Hard - HLF		 1,522,855 201,401 (148,147) 1,576,109
Ramparts 104,498 6,177 (8,460) 102,215
Coastal Forces 418,565 (12,846) 405,719
Historic England —EMagazine 188,556 (5,862) 182,694
11,545,020 314,158 (811,370) 11,047,808
UNRESTRICTED FUNDS
General funds 1'I,909,965 3,595,287 (4,120,868) 11,384,586
Designated
funds —Priddy's		 Hard 366,277 2,311 (119,022) 249,566
12,276,242 3,597,598 (4,239,688) 11,634,152
NON DISTRIBUTABLE RESERVES 2,859,431 (186,971) 2,672,460
TOTAL 26,680,693 3,911,756 (5,238,029) 25,354,420

30
Funds (cont.		 )
At 1 Incoming Movement
in		 Transfers Balance at 31
April 2021 resources period Ilarch 2022
5 5 5 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
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 —Pdddy's		 Hard 1,913,770 90,063 (930,685) (706,601) 366,2TT
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

30
Funds (cont.
Trust		 )
At 1 Incoming Movement
in		 Transfers Balance at31
April 2022 resources period March 2023
E F F
RESTRICTED FUNDS
Nlillennium
projects
Boathouse 6 1,546,432 (77,561) 1,468,871
Dockyard Promenade 497,142 (20,277) 476,865
Interpretation
and lighting		 922,842 (26,976) 895,866
Other
Leasehold
property		 98,003 (17,976) 80,027
HLF Resilience (78,002) 104,580 (26,578)
Powerboats
LIBOR 1,784,628 (206,213) 1,578,415
Boathouse 4
HLF 3,010,196 (147,080) 2,863,116
RGF 386,960 (22,762) 364,198
Other 166,649 2,000 (22,532) 146,117
Cell Block Project
RGF 489,212 (28,777) 460,435
Store 12,Ropery and South Office
Block
MoD Dowry 386,560 386,560
Cultural
Recovery fund		 99,924 (39,323) 60,601
Priddy's
Hard - HLF		 1,522,855 201,401 (148,147) 1,576,109
Ramparts 104,498 6,177 (8,460) 102,215
Coastal Forces 418,565 (12,846) 405,719
Historic England —EMagazine 188,556 (5,862) 182,694
11,545,020 314,158 (811,370) 11,047,808
UNRESTRICTED FUNDS
General funds 8,557,950 3,026,699 (3,558,455) 8,026,194
Designated
funds —Priddy's		 Hard 269,973 2,311 (119,022) 153,262
8,827,923 3,029,010 (3,677,477) 8,179,456
NON DISTRIBUTABLE RESERVES 520,000 (300,000) 220,000
TOTAL 20,892,943 3,343,168 (4,788,847) 19,447,264

30
Funds (cont.
Trust		 )
At 1 Incoming Movement
in		 Transfers Balance at 31
April 2021 resources period March 2022
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
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 9,196,065 2,556,024 (2,796,078) (398,061) 8,557,950
Designated
funds —Priddy'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

non-canc ellable
operating leases as follows:
2023 2022
Amounts due within one year 35,000
Amounts due between one and five years 40,000
Amounts due atter five years
75,000
Lessor
At 31 March the Group held lessor commitments as follows:
2023 2022
Amounts due within one year 1,294,249 1,105,257
Amounts due between one and five years 3,079,342 2,793,204
Amounts due after five years 37,549,910 34,977,407
41,923,501 38,875,868
At 31 March the Trust held lessor commitments as follows:
2023 2022
Amounts due within one year 703,613 598,569
Amounts due between one and five years 1,044,243 1,094,739
Amounts due after five years 6,301,252 6,212,632
8,049,108 7,905,940

6.
Reconcilia		 tion ofne t income to net c ash flow from operating activities
2023 2022
6
Net income / (expenditure) for the year (1,326,273) (975,594)
Taxation 186,971 10,250
Depreciation 644,440 618,986
Amortis ation 30,483 388,328
Investment
income		 in income statement (67,626) (21,053)
Gain on investments 357,266 (107,282)
Increase / (Decrease) in stock 6,570
(Increase)
in debtors		 1,094,402 (193,037)
Increase / (Decrease) in creditors 148,615 172,861
Net cash provided by operating activities 1,068,278 (100,071)

37
Analysis of		 changes
in net		 debt - group
1 April 2022 Cash Flows Non-cash 31 March
changes 2023
F F
Cash at bank 4,542,052 (1,715,438) 2,826,614
Cash in investments 4,135 7,129 11,264
Loans falling due within 1year (200,000) 200,000
Loans falling due after more than 1 year (716,667) 716,667
Balance at 31 March 2023 3,629,520 (791,642) 2,&37,878