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





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|Forthe year en|ded|31 March|<br>2023|||||
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total|Total|
||||Notes|Funds<br>f|Funds<br>F|2023<br>E|2022<br>E|
|Income:||||||||
|Donations<br>and legacies|||4|21,380|314,158|335,538|756,293|
|Income from charitable<br>activities|||5|3,290,853||3,290,853|2,753,858|
|Income from other|trading|activities|6|120,041||120,041|328,977|
|Investment<br>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<br>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<br>resources||||(829,061)|(497,212)|(1,326,273)|(975,694)|
|Transfers<br>between|funds||30|||||
|Net movement<br>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<br>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<br>and <br>assets||charges for impairment|||offixed|(644,440)|(619,986)|
|Total expenditure||in the reporting||period||(4,693,793)|(4,934,158)|
|Net expenditure<br>reporting<br>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<br>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<br>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<br>for liabilities|||28|717,521|530,550|||
|Total net assets||||25,354,420|26,680,693|19,447,624|20,892,943|
|Funds||||||||
|Restdicted<br>funds|||30|11,047,808|11,545,020|11,047,808|11,545,020|
|Unrestricted<br>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<br>from I(used in)||||||||
|investing|activities|||||(1,859,920)||(454,555)|
|Financial|activities||||||||
|Repayment<br>of bank loan|||||(916,667)||(83,334)||
|Net cash|used in financing||activities|||(916,667)||(83,334)|
|Net decrease<br>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<br>in hand||||||2,826,614||4,542,052|
|Cash and|cash equivalents||atthe end of||||||
|the year||||22||11,264||4,135|





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|Shop fittings and|exhibition<br>units|20|
|---|---|---|
|Offfce 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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## 

||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|
|||Notes|Funds<br>f|Funds|2022<br>F|
|Income:||||||
|Donations<br>and legacies||4|26,542|729,751|756,293|
|Income from charitable<br>activities||5|2,753,858||2,753,858|
|Income from other trading|activities|6|328,977||328,977|
|Investment<br>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<br>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<br>resources|||(535,738)|(439,956)|(975,694)|
|Transfers between funds||30|32,700|(32,700)||
|Net movement<br>in funds|||(503,038)|(472,656)|(975,694)|
|Reconciliation<br>offunds||||||
|Total funds brought<br>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<br>and legacies|||||
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|||
||||Fundsf|Funds<br>6|2023<br>F|2022<br>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<br>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<br>6|2023|2022<br>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<br>ofthe activities|ofthe Tr|ust's wholly owned subsidiarie|s<br>isset out below:||
|---|---|---|---|---|
||||2023|2022|
||||6|6|
|Profit and loss account|||||
|Property income|||909,666|818,136|
|Direct costs|||77,561|77561|
|Administration<br>costs|||||
|Property companies|||(355,728)|(136,818)|
|Revaluations<br>ofinvestment|pro erties|||54,000|
|Net profit before tax|||476,377|657,757|
|Taxation|||(186,971)|(10,250)|
|Intra-group<br>transactions|||||
|Gain on dis osalofassets|||||
|Net comprehensive<br>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<br>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<br>ortcosts|note12|423,302|77,561|500,863|385 579|
|||3,387,457|811,370|4,198,827|4,078,902|



## 

||||2023<br>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<br>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<br>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<br>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<br>Net income<br>/ expenditure<br>f|or the year||||||
|---|---|---|---|---|---|---|
|||||2023||2022|
||||||F||
|Net income<br>/ expenditure<br>for the year is stated|after charging/(crediting):||||||
|Depreciation<br>and loss on disposal||||644,440||619,986|
|Auditors'<br>remuneration<br>for audit||||33,700||29,250|
|Government<br>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<br>resources for the financial year|||||||
|As permitted<br>by Section 408 ofthe Companies|Act 2006, the Trust's statement|||offinancial|activities has||
|not been included<br>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.|||||||



## 



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## 



## 

## 

|19<br>Heritage assets (con|19<br>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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|I- Ql<br>e c<br>L~<br>2<br>m<br>a CI<br>e~c<br>g D<br>I5<br>z~<br>th||g <br>Cy<br>CU<br>0 <br>C<br>CU <br>0|cu<br>HEI<br>0<br>I<br>CU<br>UO<br> m<br>UI<br> ~<br> 0|UI4<br>QX<br>4=|||||||||EO<br>Ul<br>EO<br>CO<br>IU<br>UlOI<br>Gl||||||CEI<br>Cl<br>CEI<br>0|CEI<br>CI<br>0<br>Q|0<br>ID<br>EU<br>0<br>ffl<br>Q<br>M<br>fO<br>IU<br>Ul<br>IE<br>f<br>0<br>Ul|
|0~ v)<br>III<br>0.4||v<br>Q<br>0 <br>OI <br>Q<br>4J<br>0 <br>2|UI<br>I<br>CU8<br> ~<br>Q<br> X<br>I<br> 0<br> IL|IQ<br>0I<br>C<br>IUI-<br>o<br>CEI|0.<br>E<br>5|||||Q0O|O<br>CL|fffC0|Ul<br>E0<br>fff<br>mI-|Ol<br>CI<br>CEI<br>0<br>C<br>Z|0<br>EU<br>E<br>UEI<br>Q<br>CI|CEI<br>CEI<br>0<br>~<br>&|IU<br>0<br>Ul<br>p<br>Ul<br>O|OC<br>CI<br>Cfl<br>I0<br>Z|IU<br>Ul<br>EU<br>00<br>OlK|Ul<br>EO<br>EU<br>00<br>Q|UI)<br>00<br>J3<br>Ul<br>EU<br>I—|





## 

## 

|21<br>Investment<br>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<br>Fixed asset investments<br>(cont.)|22<br>Fixed asset investments<br>(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<br>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<br>liabilities|ncial<br>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<br>Creditors:<br>a|mou|nts<br>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<br>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<br>f|2022|2023<br>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<br>Pr|ovisions<br>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<br>funds|Restricted funds|Total funds|
|---|---|---|---|---|
|||||F|
|Heritage|assets||9,715,980|9,715,980|
|Tangible|fixed assets|4,972,935||4,972,935|
|Investment<br>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<br>for liabilities||717,521||717521|
|As at 31March 2023||14,306,612|11,047,808|25,354,420|



||Unrestricted<br>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<br>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<br>liabilities|(979,629)|(12,406)|(992,035)|
|Non current<br>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<br>fundsf|Restricted funds|Total fundsf|
|---|---|---|---|
|Heritage assets||9,715,980|9,715,980|
|Tangible fixed assets|138,302||138,302|
|Investment<br>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<br>liabilities|(1,134,942)|(29,756)|(1,164,698)|
|Non current<br>liabilities||||
|As at 31 March 2023|8,399,456|11,047,808|19,447,284|
|rust —year ended 31March 2022||||
||Unrestricted<br>funds|Restricted funds|Total funds|
||F||6|
|Heritage assets||9,611,545|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|87,208|2,255,238|
|Cash at bank|1,791,148|1,858,673|3,649,821|
|Current<br>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|





## 

## 

|<br>For the year ended <br>30<br>Funds|<br> 31 March|2023|||||
|---|---|---|---|---|---|---|
|Group|||||||
|||At 1|Incoming|Movement<br>in|Transfers|Balance at31|
|||April 2022|resources|period||March 2023|
|||E|E||F|K|
|RESTRICTED FUNDS|||||||
|Millennium<br>projects|||||||
|Boathouse 6||1,546,432||(77,561)||1,468,871|
|Dockyard Promenade||497,142||(20,277)||476,865|
|Interpretation<br>and lighting||922,842||(26,976)||895,866|
|Other|||||||
|Leasehold<br>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<br>Recovery fund||99,924||(39,323)||60,601|
|Priddy's<br>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<br>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<br>Funds (cont.|)||||||
|---|---|---|---|---|---|---|
|||At 1|Incoming|Movement<br>in|Transfers|Balance at 31|
|||April 2021|resources|period||Ilarch 2022|
|||5||5|5|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|||||||
|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 —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<br>Funds (cont.<br>Trust|)||||||
|---|---|---|---|---|---|---|
|||At 1|Incoming|Movement<br>in|Transfers|Balance at31|
|||April 2022|resources|period||March 2023|
||||E|F||F|
|RESTRICTED FUNDS|||||||
|Nlillennium<br>projects|||||||
|Boathouse 6||1,546,432||(77,561)||1,468,871|
|Dockyard Promenade||497,142||(20,277)||476,865|
|Interpretation<br>and lighting||922,842||(26,976)||895,866|
|Other|||||||
|Leasehold<br>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<br>Recovery fund||99,924||(39,323)||60,601|
|Priddy's<br>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<br>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<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|
|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|||||||
|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||9,196,065|2,556,024|(2,796,078)|(398,061)|8,557,950|
|Designated<br>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<br>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.<br>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<br>income|in income statement|||(67,626)|(21,053)|
|Gain on investments||||357,266|(107,282)|
|Increase / (Decrease) in stock|||||6,570|
|(Increase)<br>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<br>Analysis of|changes|<br>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|