4ltsto Portsmouth Histor5c QuarterTrust Iformerfyknown as Portsmouth N￿al Base PropertyTrusil Annual reportforthe year ended 31 March 2024 Acompary limFted byguarantee Companyregisterèd number 0195￿90 (England and Wale51 Charity registered number 293188 Isfo Portsmouth Historic Quarter Trust IfonneAy kntswn as Port5n￿Uth Naval Base Propety TrLtstI antj its subsKli8ry undertaktiigs Contents Page Trustees, execulive5 and advisors Trustees. re￿t Replwt of the irKlependenl auditor 18 Consolidated statement of finan￿81 &tivities Balan￿ sheets 23 Consolidated statement of cash llows 24 Notes to the financial slatements 25 Portsmouth Hlstoric Quarter Trust Ifomierty known as Portsmouth Naval Base Property Tw81) atvj its subsidiary Lmdertaknros Trustees. executives and advlsors Trustees and Dlrerto David Butters ". Thomas Coles RearAdmiral Rex Cox Henry Flint Benjamin French Professor Virginia Gibson Helen Green GrahaFn Mofrison Robert Palmer steve Pitt Robert Robson (Chair) TarekTeba Sirnon Verdon Inve5knient Manage Cazenove Capital l London Wall Place London EC2Y SAU Soliotors Blake Morgan LLP New Kings Court Tollgate Chandlerfs Ford Eastleigh Hampshire S053 3LJ Hannah Prowse (Chief executwe) Neil Pearce (Finan￿ d1￿ClOr> Reglstered t)ffi¢e 19 College Road HM Naval Base Portsmouth P013LJ Soliotors DMH Sta]lard LLP 3rd FI￿r Origin One 108 HwJh Street Crawley West Sussex RH10 1 BD Audltors Moore (South) LLP City Gates 24 Southgate Chthester West Sussex P019 8DJ Solldtois Macfarfanes LLP 20 Cursitor Street London EC4A1LT B￿kerS The Royal Bank of Scoyand plc London Corporate Centre 62*3 Threadneedle Street London EC2R 8LA TrlbST Portsmouth Hlstoric Quarter Trust {formedy krK)wn as Portsmouth Naval Base PiopettyTwsl) and its subsldlary undertakiThJs Trustees, report - overvlew Introdurtk)n The Trustees present their annual report incorporating.. the Trustees, report., Directors, repor¢ Directors, statement of responsibilities- strategic review. and the audited consolidated ffinancial statements of the Trust {PHQ) for the year ended 31 March 2024. Portsmouth Historic Quarter Trust (forn￿lty known as Portsmouth Naval Base Propety Trusll is a private company limited by guarantee and a registered charity. PHQ changed ils name on 28 March 2024. Charltable purpose The charitable pulpose of PHQ was u￿jated lo er￿mpasS its ¢ullural aims more explicitty as follows:"the preseNab'on of buildings, structures, vessels. docks and berths of national Inte￿$t or architectural or historic interest or historically associated with His Majesty's Naval Base at Portsmouth and the protection and augmentab'on of the amenibes of such buildings, structures. vessels. d(Kks and berths and the surrwndings forthe public ￿nefIt Includlngforthe Gdvoncementofculture and the access to and enjoyment of the Naval Base buiklings by the public for the pu(poses of education in naval history and other matters related to the Defen￿ ofthe Realm." The Trustees have had regard to the Charity Commission's gubjance on public benefit. , Keyland holdings and herltage assets PHQ was established in 1985 by the Ministy of Defence (MoD}, English Heritage- now known as Historic England IHEI, and Portsmouth City Council {PCC) to lake on surplus land and buildings of hkstoric significance in His Majesty's Naval Base al Portsmouth. Its key land holdings and heritage assets are sel out below. Hddk]g Heritag6 Quarter of HM N"aval Base 99 yeaf l&a8e gTanted in 1988 by Most of the burfdings have t*en Pctsmouth the MOD rO￿Vated and brought Inlo banefioal use. Sub-let premises are a mthre of market rents whKh support PHQ'8 d)arit8ble puw and corwsw)nary ag￿e[T￿ts in support of olher chartbe& Admiralty Quarter Freehc4d WLthred In 19KI A sile whkth was redeveloped inlo aparts￿￿ts. PHQ retains the freehc4d and deriv&s incomèfrom ground rents. retail letbngs and car pth ¢tharges whth all support pH￿S ch￿ilabl9 purpose. A fomier naval ordnBtKe depot. u)mFMises numerous htstor￿ iKwldings and t3mparts Ythich ts a s¢*Wul8d ancient monument. sU￿￿t premls88 are let on a mithre of Ma￿&t rents wht¢h 8UPFKKt PHQ'S chartt8bie purwse. Regeneration of thss area o)ntlnue5. Jtys Hard. Gosport FroehrAd acquired in 20Cla ¥%¥Fo Portsmouth Historic Quarter Trust (forrnerfy known as Portsmouth Naval Base Property Trust) aTbJ its subsidiary undertakin Trustees, report - overview l Holdifi Prid(V$ Hard, (knF¥yI | Te￿re 125 year lease grwtsd In 2014 I Commerts Open land immediatdylo lh& nDrth west of the freelbjld Iwopty. Used as ¢)ver flow car paFk and as a buffer l*lween the historK site and future ￿Mmer￿al develDpmenL Numbgr2 Do | 999 year ￿ase ￿anted tn 2012 by HMS VIC the MOD Soulh Office Blo¢k, Bay 1 of fF* Leases grdnted in2018 bythe fom*r Ropery. Storehouse 12 and MOD- c￿leM}in￿S wilh main Ihe HMS Ifictory Stabl)oard ArerTra 1988 lease. Keystakeholders PHQ works closely with other charities and stakeholders including the Royal Navy, The Royal Navy and Royal Marines Ch8rity, the National Lottery HeTitage Fund, TheArts Council, Lloyds of London ILLI. MOD, HE, National Museum of the Royal Navy {NMRN), the Mary Rose Trust IMRT). PCC. Gosport Borough Couwl. the Coasial Forces Heritage TrusL Nat￿nal Historic Ships, University of Portsmouth (UOP), Shaping POrtSr￿lrth. Portsmouth Creates, the AsKKialion of Sail Training Organisations and Veterans Outreach SupporL PHQ continues to collaborate ever more closety with NMRN and MRT. PHQ also supports the activities of the Portsmouth Royal Dockyard Hist(%ical Trust {PRDHT) which promotes the industrial history of the frjrmer Royal Dockyard and assists PHQ in maintaining the Dockyard Apprentice Exhibition. PHQ remains concerned about the condition of various protected h￿toriC buildings whth remain in MOD ownership and continues ts dialogue wth the MOD to ensure the long-temi survival of these precious historic assets. Rebrandlng In March 2024. PHQ completed 2 rebranding exerase which included changirg its name from Portsmouth Naval Base Propety Trust to Portsmouth Historic Quarter Trust It adopted new images and styles for all communications and pUbl￿1ty m8lerials. It did this to better refiecl PHQ'S missKin and lo reach a broader audien￿ signifying a renewed commitment io preserving and promoting the rth marits'me heritage that the organisalion has safeguarded for years. The rebrand induded an entirdy rede51gned visual identity taking cues straightfrom the historical elements of the buildings, vessels and spa￿S in the PHQ'S care from the Kon￿ silhouette of Wi¢tory Gale to smaller details such as archways featured on Storehouse 9. The circular bgo is a nod to rubber stamps hisloricalty used for officTral dccumentation. A strong. standalone mark with authority that is used throughout PHQ'S digital and physical branding. This is complemented by the newstrapline'Home Portof Heritage, wh￿h adds detail to the name. and lets people know that Portsmouth Histonc Quarter is a wekoming destination to be visited regularty. The refreshed colour palette adds interest and vibrancy. The names of the colours are inspired by PHQ'S naval heritage such as sailck)th, hart)our brick and garden green and the font used is informed by industrial signage from the earfy 20th century whrh Can be found across the site. 41810 Portsmouth Historic Quarter Trust Ifomierty known as Portsmouth Naval Base Pioperty Trust) its subsidiary L￿dertakIngs Trustees, report- review of the year ThiS￿arfS annual report 2024 was a year of great progression arKI change for PHQ. As noted above il rebrande(l. It also invested in our board and executive team and had a thorough review of how it engages extemalty thking at its communications with stakeholders. its website, social media and in Its annual report- all wth the aim of helping ils stakeholders understand what we do and in doing so being as transparent as wssible. Progre4 acthilttes and athlevementsof PHQdurSngthe year Dtawn from its charitable wtpose the 2022 strategiG review resulted in the overarching vision of PHQ.. As custodian5 of historic buffldings bot7ts ond spaces in ond oround Portsmouth Horbour. we breathe new life into this nt7voI heritage. creoting energy ond vibmnLy, ensuring thot it is occessible for t711. We are an ombitious ond colloborotive chority. We octively create (Jnd cumte outhentic, educotional sustolnoble ond enloyoble pla￿5 experien￿$0￿d0pp0rt￿nit￿￿ This vision is delivered through four strategic aims.. Presern Develop Edvcate Enjoy Preser¥e Be actNe in the conS￿ation. restoratton and weneration of important assets arKI Fla￿$ wht¢h are at risk or under-utilised During the year, PHQ invested more than £1 million irt property maintenance across the Dockyard and Priddy's Hard. Major projects included.. external redecorations of Boathouse 5 (Grade 111 and Boathouse 7 IGrade111: mortar, brick and window repairs to Storehouse 11 (Grade Il,. restoration and preservation of the gable end wall of the Cell Block faclnB the harbour IGrade111; and, further maintenance and protection works in the Ramparts at PriddWs Hard (scheduled ancient monument). Good Progress was made to improve the roof of Boathouse 4 which had SUffe￿d slomi damage. The weslem roof slope fa¢irYJ the harbour has been completely replaced and essential repairs Carried out to all the other slopes. The Installati(￿ of a safe access system for the roof wll enabte future in8￿ctIon and maintenance. The project, whith reached completion postyear end. also included decoTalion and window repairs to the west elevation, protecting the boathouse and re-emphasising its fine Art Deco features. Preservaiion of PHQ'S collection of boats, both in Boathouse 4 arKI on the water. continues apa￿. During the year. £235,000 was spent on restoration and maintenance. Significant investment was made in the finishes of both High Speed Launch 102 and Motor Gun Boat 81. Both were professionally recoated by Berthon Boat Company in Lymington with an antiupaled five year life span to the new finishes. This was not simply a cosmetic exercise.. these vessels are irrepla￿able artefacts and listed in the National Histor Isro Portsmouth Historic Quarter Trust (formerfy known as Portsmouth Naval Base Property T￿￿1) and its subsidiary undertakings O¥.¥• Trustees, report- review of the year Ship's register of supreme national heritage value. Adequate coatings and finishes prolect their fabric against the weather and ensure the ongoing preservation of these vessels as operational concerns. Our Landing Craft, Foxtrot 8, also r￿￿ed a thorough winter overhaul, conducled by our staff team and volunteers. Thi5 is an annual commitment and, in the period. included an inspection by a surveyor from the Maritime and Coastguard Agency to ensure her continued OFeration as a passenger vessel bringing nelK interpretation to passenger& PHQ'S volunteers also began a deep overhaul of the Seaplane Tender 1502 which needed significant reconstruction to the transom and quarterdeck and associated substructure. The deck has receNed a new coaling and although out of service for 2024 while Ihese works were completed, her ongoing future as an operational Con￿rn is assured. This level of overhaul is required to keep these boats operational, and the wide variety of skills shown by our volunteers, together with Ihe unique facilty offered by Boathouse 4, makes this wssible. Work also continues on a similar deep ovethaul oflhe motorwhater Danae though on a smallerscale. The final yece of the LIBOR funded tranche of projects wnlinues slowty as the return to steam of the Armed steam Cutter 26 draws ever doser. The engine installation and fitting of the boiler continue to demand the skills of the volunteers who meet every challenge with dedication and good humour. wrth all of the vKJrk the volunteers do and their conts'nued dedicat￿. PHQ receives well in exces5 of 10,000 person hours a year which is a tremendous wntribulion. The ¢xsmpletion of the replica Coastal Motor Boat 4 was a hvJhlighl of the year. Coastal Motor Boa15 (CMBS) were small high-speed torpedo boats used by the Royal Navy in the Fbrst Wodd War. They were deswJned by the Thomyeroft Company, who had gained considerable experien￿ and success in developing racing boats. Duftng WM three officers ofthe HaThvich Force suggested that small motor boats carrying a torpedo might be ab￿ to travel over minefields and attack ships ol the German High Seas Fleet in their bases. The AdmiraNy approved the concept and in the summer of 1915 asked Thomycroft for designs for a boat c£pak￿e of at least 30 knots., of shallow draught no more than 4'A tons: and capable of delivering a three-quarter-ton torpedo. The Thornyuoft Company Ca￿led out design work at 8emlNidge on the Isle ofwght and the boats were built on the Thames al Richmond. CMB 4 was ordered in January 1916 and delivered four nY)nths later. She is 40 feet bng. 81A feet wide and fLFIty laden with a crew of three and torpedo, weighed just over 4 tons. Her top speed was 34.4 knots. Ouring she saw athon off Dunkirk, Zeebrugge and Ostend, and contributed in the sinking of a German destroyer. In 1919, during the Russian Civil War, she was sent lo the Battic. On June 17th, she sank the Russian cruiser Ob3. Her sknpper, LL Augustus Agar, was awarded the Victoria Cross. In 2023. the volunteers in Boathouse 4 completed a six year projecttrj build a lu1￿ operational replica. This was funded by the chan￿110r using LIBOR fijnds and the total cost of £300,000 was met from this fvnd. There was no °how to. manual everything had to be worked out by reverse engineering and experiwEnlalion. Copies of original plans were used-, construction techniques are traditional and similar to those used in the original boats. Part of the project purpose was to establish the veraoty of contemporary Claims for the CMB'S performance. Having launched the vessel in September 2023, 8 series of experimental sea trials have been conducted and a maximum speed of 39.2 knots achieved. There is re p)tential in the boat yet however, and ongoing trials will reveal yet more about the handling and capabilities ofthese groundbreaking craft and fvrther our underslanding ofthe skill and courage displayed by their ￿eWs. The original CMB 4 is on display in Boathouse 4 on loan from the Imperial War Museum, who have agreed to exiend that loan by another 10 years so that the full story ofthe CMB can remain and be told by PHQ in Boathouse 4. Boath)use 4 remains a centre for the preservation of S￿lIs, boatbuilding and repair. PHQ'S own collection requires skills and techniques long since passed from mainstream boatbuilding to maintain it and with around 100 actwe toat Volunteers and four staff, PHQ O￿tInueS to foster the preservation and handing HIISTO Portsmouth Hlstorlc Quarter Trust IfonneAy known as Portsmoulh Naval Base Property Twst) and rf8 8ubs1rf￿ry undertaknngs Trustees. report- review of the year on of skills and traditions. The volunteers come from a wide variety of backgrounds and are willing lo pass on their abilities and our stsff team offer a guiding hand. One of PHQ'S staff team, Emity Ball. started her time as a"KKkstsrterf' on a govemment sponsored training programme. Hawng completed this. PHQ was delighted to retain her as an employee and her conts'nual professional development has led to her becoming a S￿lIe￿ slinger and crane driver, boars crew and shortly to become a welder anTh)ng otherskills necessary lo the snK)Oth running of the workshop area. In addition to its own direct acti￿ties. as landlord of Ihe Historic Dockyard PHQ enables the preservath work ofNMRN, Mary Rose and the PRDHT. Develop Operate a sustainable ¢harty a long tenn vision and sufficient resources io inieNene and make a Income generation was strong during the year. Visitor numbers were up 15% compared lo thg previous year and this fed through into PHQ's share of ticket income attributable to the Harbour Tours and the Dockyard Apprentice exhibition. Turnover shares from the outsourced catering operab'ons in Boathouse 7. Boathouse 4 and the visitor centre also increased and the visrtor car park performed well. Trips onlo the harty)ur on the Twsl's historic boats iemain popularwith more than 2.500 visitors enjoying outings on the Foxtrot 8 landing craft and 1502 seaplane tender during the year. During Boathouse 4 pontoon open days and at the Southampton International Boat Show, PHQ also offered trips on power boats HSL102 and MGB81. AFI four of these t¥)ats are also available for private charters. eE parts of PHQ'S estste are surplus to museum and visitor attraction requirements but suitable for other uses. PHQ generates income by leasing these to appropriate third party businesses. These are mostty on short temi leases or licenees trj OCCUPY to maintain flexibility to lake back the premises rf PHQ'S requirements change. In all eases, PHQ retains responsibility for and control over Maintenan￿ of the exteTKsr and structure of the relevant building and alterations by the occupier are strictly limited. All rent income generated supports the maintenance of PHQ'S estate and cross-subsidises other activities. PHQ derrves additional income from its Investrnents comprising cash held in interest beaTrng accounts, a professionally managed share portfolio, ground rents from flats at Admira￿ Quarter (above the Visit￿ car park) and al Priddy's Hard and rental income from shop units at Admiralty Quarter. Plans by the devek>per, Cre51 Nicholson. and its team to remedy various fire safety issues al Admiralty Quarter have commenced. PHQ is satisfied that legal reswnsibility for remediation rests with the leaseholders and Crest Njchdson. a responsibilty the management company accepts having taken inde￿ndent legal a¢fvKe. Crest Nicholson has signed up to the Govemment pledge to deal wlh cladding issues on tall buildings wilhoul cost lo leaseholders. In March 2024, PHQ established 8 new fundraising committee comprising both trustee$. external benefactors and swialists with a remit to develop and implement a comprehensive fundraising strategy aligned with the Strateg￿ aims and objectives of PHQ. In developing a comprehensive fundiaising strategy and pipeline, this committee will wJsitv)n PHQ to respond to opportunits'es and secure funéing in support ofcapital and olher projects to develop its sites and offer. During the year, PHQ developed proposals for the restoration of a cluster of buiklings at Prrddws Hard to create a community of artist's studios lo be known as Carpenters. Y8rd. An application for grant fvnding to SUp￿t the project was made to Ms Council England and post year end this grant was confirmed. PHQ has committed to meet Ihe balan￿ of the project cost while still seeking other grant opportunities. The project will reach completion during 2025126 and mark a fvrther important step in the regeneration of Priddy's Hard. Isro Portsmouth Historic Quarter Trust (formerly kr￿n as PortsrYK)uth Naval Base PropertyTm51} ils subsidiary und¢rt8kings Tru5tees' report- review of the year EdUC￿e Achteve and maintain hwJh standards in interpretation and education Education is al the heart of the main aspects of the Historic Oockyard for which PHQ is responsible. Fdlowing the rebranding exercise PHQ is workin9 with interpretats'on designers to expand. refine and nvigorate how we communute the st(yie$ ofour estate, assets and people. The interpretation panels and exhibition in Boathouse 4 tell the stOTtes of the boats and those who worked with them including the highly successful She Sees Exhibibon. This is a collaboration with Lloyds of London, the UOP and PRDHT which celebrates the role of women in the Dockyard through lime. The Dockyard ApPrent￿e exhibilKJn in Boathouse 7. which is provided and maintained for PHQ by PRDHT and its volunteers. tells the important civilian story of the Naval Dockyard. The Harbour Tour includes an infomiative commentsry on the harbour and the ships alongside from time to time. At Priddy's Hard, interpretstion panels tell the story of the harb￿r defen¢x and munitions operations there. The PHQ webstte. which has been redesigned and enhanced as part of the rebranding exercise. indudes a wealth of information for brow*rs to digest before, during or alier theirvisit or without visiting at all. For a more detailed leaming experience, staff and voluntsers are on hand at Boathouse 4 pontoon open days to explain more about the boats on the water from their engineering aTrJ engagements to their restoration. For the staff and vclunteers invo￿ed, the completion and lavnch of the CMB4 repl￿a has been an intense leaming exercise covering her construction. engineering and performance and has b￿n extensively d(*umenled. PHQ had a core of 112 volunteers as al the year end, moslty w0￿1n9 in 8oathou5e 4 or on the boats but also tirelessly maintaining and improving Porterfs Garden. VolLtnteering is a continuous pro￿5 of ming and leaching as knowledge and skills are shared and developed. PHQ has worked with a variety of artists. raising the profile of Portsrrrf)uth Histori¢ Quarter as an enabler of (x)Ilaboration btheen heritage and art. The ongoing residency ol artist Pete Codling in Storehouse 9 allows aC￿S lo the massive history lesson of more than 8￿ portraits of Portsmouth people drawn onto a full size replica HMS Victory sail. The indNiduals portrayed go back 2.000 years but also refiecl the cty today in all tts diversity. Each Port￿11 has an accompanying personal story which will be documented and available online. Post year end, the sail drawing was completed and revealed al a public event at Portsfflouth F(yJtball Club. After being hung briefy on HMS Warrtor it is on display for all lo see in Boathouse 4. This activity, 5UPPOrted by PHQ. gained coverage from several media ouuets including ITV Mertdian. BBC Radio Solent, BBC online and Portsmouth News which has Since driven visitors to Boathouse 4 to view and enjoy the arfftrk. PHQ continues to build its brand online under the new name of PHQ as well as leveraging Ihe audience and engagement of the Boathouse 4 legacy channels. PHQ has created a social media strategy to darrfy the objectives of ils chosen communication platforms. This details the different audiences and content for PHQ as the master brand and Boathouse 4 as Ihe Sub brand. The strategy lays out how cross content sharing and ervjagement beiween PHQ and BH4 will help to stren9lhen and grow both. PHQ has developed a newwebsite rellecting the new brarKI identity and tone of Vol￿ which subsumes all previous h've websites. The website aim5 to be a single point of information tor visitor facing information 1415fo Portsmouth Historic Quarter Trust (formerfy known as P(wtsmL*rth Naval Base Propety Tnjsl) and it3 subsidiary undertakings Trustees, report- review of the year such as events, boattrips, charters and partner actwity. As well as providing inforrnalion about PHQ'S work and charitable objectives suth as building and boat project uFxJates, job postings and Trustee informaticjn. Workwith heritage parthers to develop and manage a world class visitor destinabon centred on the POrtsTr￿￿th Historic Dockyard and developing a IhrNing and engaged communty at Prtddy's Hard Enjoymentand actess foi all is fundamental io PHQ'S elhos. Free enty to the Dctkyard using the Histo Quarter Pass issued at the visitor ￿ntre ensures there is no econom￿ barrier to the enjoyment of the places and spaoes around the site. including access lo the exhibitions and actwilies in Boathouse 4 and Boathouse 7. The Historic Quarter Pass accounted for rrrf)re than 70,000 entries to the Dockyard in the year. PHQ a150 SUPPOrts inib'alives by its Historic Dockyard attractw)n partners to offer free tickets to local families whose children are eligible lor free sch(x)I meals and seasonal reduced-prKe tickets for local restdents. A¢cess to the histoiic Ramparts at Priddy's Hard during open days is free of charge. PHQ is also mindful of the needs of visitors with disabilities and seeks lo provide adequate facilities and access arrangementswherever ￿)SSIble and within its control. The Foxtrot8 landing craft is wheelchair accessible, giving wheelchair users a rare opportunty to get out on the water on lrips and charters. PHQ recognises that more can be done to accommodate disabilities of all kinds and will continue lo make improvements. There is no complacency about this. During the rebranding exercise, PHQ delitxralely selected styles of presentation which are clear to the wdest range of audiences and website and social media content is written with clarity and Simpl￿lty. The Historic Dockyard and Prjddy's Hard are for people's enjoyment as well as their education. PHQ strives to make and maintain t(sth sites as inviting. vibrant places where people choose to spend their leisure time. As well as the attractions, exhibib'ons and boats already mentioned in this report there are hands on 2ctwib.es in Boathouse 4. Mini-Port electric boats on the Mast Pond {whith are very p)pular with youngerchildren) and an extensive collection ofvintage amusement ma¢hines in Boathouse 7 {forchildren of 811 ages). PHQ'S ￿rtnershipS with Ankle Deep studio and the Sustainable Conservation Trust ISCT) continued to flourish in 2023124. Based in the fomier Pay Office in the Historic Dockyard, Ankle Deep and SCT work with a range of sttjdents and creatives. From June 202310 June 2024, 700 people benefitted directty from the organisations, work. six artists were resident in the Old Pay Office. 50 profe5sionaLs had Heritage Skills sessions or educational activities, and 450 students collaborated with SCT for creative activibes, placementslwork experiences. PHQ conttnues lo grow its ￿nnectIonS with arts organisabons across the city. As part of Ports Fe5t 2023. PHQ hosted a launch event for Kale Mosse's motion graphic novel Ship of the Dead. Through the year, we provid&J much needed rehearsal space for the Kings Theatre Portsmouth as well as exhibiiion and conlent creatk)n spaGe for UOP student projects as well as for local aTtists and creatives. PHQ was delighted lo supportlhe Royal Na￿ wtlh use ofthe Historic Dockyard fora tri•SerVi￿ olebralion of Diwali and various ship homecomings and families, days. Events which generated income as well as enjoyment included hosting a launch paty for the Clipper Round Ihe World Race and a Chrtstrnas maTket arranged by Love Southsea. Plansfor future perli)d5 PHQ will continue lo work in partnership with NMRN and MRT to agree a Combined vision and stfategy for Portsmouth Historic Doctyard and then work collaboratively to implement this. 2024125 saw a more io 1118fo Portsmouth Historic Quarter Trust Iforrnerfy krK)wn as P¢JrtsmoLrth NavJ Bas8 Pfoperty Trust) and its subsklSary undertakings Trustees. report- revlew of the year J(yned up approach to marketing behveen the three trusts as well as greater team Working at all18vels of the Organisations and we are wothng on new initiatwes together for the coming years. Building on the Sur￿88 of recent exhibitions in Boathouse 4, we will look for more opportunitses to bring excitin9 eXhib￿onS into this space: working wth creatwes and businesses in Portsmouth to tell the stories of the Dcckyard. Boathouse 5 will be trialled as a performance and exhibitton space- again building on individLtal events over the previous year. Key projects for 2024r25 included repair and restoration work on the wooden boathouses, 5 & 7, as well as inilkal works to the roof of Boathouse 4. We will k)ok lo continue this work, repairing mre of the Boathouse 4 roof and looking al solar panelling and insulation for Boathouse 5. PHQ will also ￿ pr(￿ressing the Ca￿enter$. Yard project at Priddy's Hard with a viewto breaking ground in e8rty 2025. This development of nine artists, studios, supported with a generous granl from The Arts Council, will be completed in SeptemlEr 2025. PHQ is developing a new strand of commercial activity through merchandise ¢elebrating the HIS￿1¢ Quarter and key assets such as the boats. Followiro the rebrand, investment wll also be made into developing our social media and marketing. The dtalogue wilh the MOD over the potential rethse of fijrther land and buildings from the Naval Base will eA)ntinue. li 01sro Portsmouth Historic Quarter Trust {fornetly known as PortsnN)uth Naval Basè Property Trust} its subsidiary undertaking8 Trustees, report - financlal review Changestothe wayln whTth PHQ reports Itsflnan¢ial results and posltlon PHQ is committed lo being accessible and, as referred to elsewhere in this report, it started this process by rebranding the organisalion to better reflect its Purpose and objectives. The Trustees app)inted Neil pear￿ as finance director in September 2023 and Henry Flint joined the audit committee in December 2023 becoming its chaii in July 2024. They reviewed how the financial statements are presented and sought to simplify them in the context ot Language used., Anatysis of financial infomation given.. Consistency and rationalisation of presenlation- and, Valuation of certain fixed assets. key Ghanges that the Trustees approved are set out b810w. A better reftectlon of our turrent operatlonal performan The way In whlch we report our financial performancè in the ststement of finantial activitie5 ha5 been revlewed and amended to better hiEhliBht our current underlying financial result in each year. TheTrusteesconslderthis is best measured by lookingatthesurplus or defiat beforetaklng accountof depreciation and unrealised investment portfolio perfomiance. This is con5ideTed to be the most appropriate measure as it removes depreciation to which PHQ has been historically committed and valuation rnatler5 which do not Impact current operations andlor cash but are required to be charged in accordance with current accounting standard Previous￿ these Items were Induded in the surplvs or deflcit forthe year. A better refiertlon of our operational assets Previousty Queen Street car park had beèn presented as an investment property. Such properties are ordinarily held for rental income and valuation gains. The Trustees consider that the car park is not held for those purposes it is an asset whlch lsvltsl to the on80ing operations of PHQ. The car park ha5 been reclassified in the accounts as Property plant and equipment. To dothis the car park has had to be valued in the accounts èt its historic cost. This has led to a finan¢lal impact to the ieported balano sheet of PHQ of a reduction In net assets of £1.630,ocKI. This has been refletted in the accounts as if it had been Property plantand equipmentihroughoutso comparative yearfinancial information hasalso been updat￿. Thistreatment Is allo¥ved under FRS102 and is known as 3 prior yèar adju51ment. A consistent approath to the valuatlryi of our herlta8e assets These assets were recorded within the accounts at their histodc cost net book value. The costs whith hod been capitalised rellected expenditure Telated to refurbishment. repairs. improvements and au8mentstion. Incrementally. over manyyears expendilure on refurbishment, rep8ir5, improvements and augmentation has been capitalised on various buildings in accordance with FR5102 and its predecessor accounting standards. During the year ended 31 March 2026 PHQwlll be condurtin8 its five yearfy fulure condition survey of all of its bulldlnBs-this might Significantly impact future net Cash flow5 and require adjustments to the amounts by which the [r￿1VidUal assets have been impaired. A conslstent approach to trealment of fL¥ed assets The review fountj that there were a significant number of assets whith had either been fully depreciated or could not be spectfically Identified. The Trusiees have decided to remove the accumulated costs and depreciation frorn the accounts and these have been treated as disposals in the year. 12 wigro Portsmouth Hlstoric Quarter Trust (fomierty known a5 P[xts￿K)uth Naval Base Propeity Trust) arKI ils subsidiary undertthroJs Trustees, report- financial review eater clarStyon PHIYS short ènd mediumterni plans Previously. with the ex￿pIlon of receipts set aside from property Sales on Pridd￿5 Hard, PHQ has not indicated within the financial statements how much of Its unresiricted funds have already bèen a$5igned to future planned projects or expenditvre. This has been rectified in the current year by a transfer from general funds to designated funds as noted In ourfunds pollcy. Greater clar5ty of restrlcted funds Manyofthe donations and grants that PHQhas received in thepast had cOnd￿tIonS attached tothem. Incomefrom grants is recoÈnised at the point atwhich it is awarded rnther than applied lo reduangthe capital cost of the asset. Depreclation 15 then charged as an expense over many years. This has iesulted in rnany historical donations and 8rants still being reported within reslficted expenditure and restricted funds when the related projects have been completed In accordan￿ with the terrn5 of the related donation or grant agreement. The Trustees have reviewed this and decided to darify which fvnds are stlll actlve land where cash is still to be spent) and which funds relate to completed projects and to which the only expense still to be charged is dÈprÈciation and hen￿ not having any current future cash impact. Thè cla5sif4cations within Note 24 are respertively "Actwe projects" and -Legacv PTojects°. Current underfyln8 financlal perforniance In the year ended 31 March 2024 PHQ reported a surplus before taking account of depreciation, losses recc*Jnised on disposal of asset and unrealised inve5trnent portfolio perfomiance of £270,000 12023 DeficiL' £210,00013nd on the same basis a surplus tefore taknng account of restricted actwilies of £338,CQO {2023 Deficit.. £202,000). The improvenEnt in PHQ'S undertying financial perfonnanik is due Inueased unrestricted income Ivp 8%to £3.884.ffl0}= a riseof 15% in visitor numbers Iwhlch Impacts car parK catering and attraction ticket Incomesl- interest income a5 inteiest rates rose and morè ta5h was invested in fixed term woducts,. and, indexed linked increases in rental charge5 on ex15tinB tenancies tOBether wlth a reduction in void5- and, redu¢tion in costs (down 12% to £3.627.(MMII: reduced exper￿lture followlng the closure of the training colle8e in the previous year. legal costs reduced signtficant5y,' and, there was no movement in the deferred tax provision in the current year. Both years. results were also impaded by a major repair to the roof of Boathouse 4 due lo storm damage in eady 2023. Reported result PHQ reported an unrestricted surplus of £189,00012023'. Deficit £741,000). The overall defKit reFthed for the year ended 31 March 2024 was £1,301,000 (2023.. Deficit £1,237,000). Balance Sheet The nel assets of PHQ have been impacted by the review of PHQ'S heritage assets and were £22,513.000 al 31 March 2024 (2023 as restat8J". £23,814,000). The reduction does not impact the ea5h position of PHQ. The Trustees believe that this net asset value more accurately reflects the undedying value of the Group. Goingconcern 13 i$ro Portsmouth Historic Quarter Trust Ifomieily known as Ptsrtsmou￿ Naval Base Prop8rty Trust) and rfs subsidiary undertthngs Trustees. report- review of the year The finan¢ial statements have been prepared on the going ￿cern basis. The Trustees have considered the level of funds held and expected income and expenditure for 12 m¢)nths from the dale these fin8naal statements were approved which show sufficient levels of fvnds kn PHQ to cx)ntinue as a going concem. 14 i¥ro Portsmouth Historlc Quarter Trust {fofflierfy known as Portsmouth Naval Base PropetyTrust} aTrJ rts subsidiary undertskirvJs Trustees, report- governance Structure. governan￿ and management PHQ k8 governed by its Articles and Memorandum of Association. The followtng table presents the Trustees who setved during the financial year and changes Sin￿ the finanaal year end to the date of this reporL Trustees and dlrecto Paul Bennett (appointed 1 November 2023 and resigned 28 Mard12025) David Butters (Chair to 31 March 2025) Roger Ching {resigned 30 June 2024) Michal Cohen (resigned 3 October 20241 Thomas Coles {appointed 1 November 20241 Rear-Admiral Rex Cox Henry Flint {appoinled 1 November 2023) Benjamin French (appointed 1 November 2023) Professor Virginia Gibson Helen Green (appointed 1 November 2023) Theresa Hall (resigned 30 June 2023) Graham MorTbson {appointed 1 November 2024) Robert Palmer Steve Pitt M￿hael Ridley (resigned 31 March 2024) Robert Robson (Chair from 1 April 2025) {appointed 1 November 20241 Tarek Teba lappoinled 1 November 2023) Simn Verdon (appointed 1 November 2023) Trustee appotntments PHQ has formal selection prixedures in place for its Trustees. PCC has the righlto nominate tsvoTrustees from li￿e to time. Others are appointed based on PHQ'S stralggic needs for professional skills. experience and experti￿. All newTrustees reoive an induction pack and guidance from the Chairand otherTrustees as appropriate. Formal training for all Trustees is arranged and delivered from time to time by relevant specialists including PHQ'S solicitors. The liability of the Trustees is limited by guarantee of £1 each. Commltteesand subsldlarygovemance PHQ has constiluled various (x)mmittees as sel out below. These fC￿uS on particular areas wthin their respective temis of referen￿. Approval of all annual budgets. budget revisions and non-budgeted expendilure is reserved for the Board. Operational matters within approved str8tegy and budgets are dele9ated to tho exec#Jtive but supported and scnrtinised by the committees and the Board. PHQ'S subsidrdry companies are all wholty owned and all directors are Trustees of PHQ. None of the subsidiary companies employs ary staff. Decisions of the Board of each company are taken within meetings of PHQ'S Board and committees. Each has ils own annual general meeting. Fundralsln8 Imth the ex￿ption of The Arts Council application PHQ did not undertake significant fundraising activities during the year. As noted in the Trustees. report a fur5dRising committee has now been established and its scope and activities will be reported going fotward. 15 14LSPo Portsmouth Historic Quarter Trust (fomerty known as Port5tnoulh Nav81 Base Property TrusU and its subsId￿ry undertakings Trustees, report- governance Audlt committee Henry Flint (Chairl Robert Palmer Professor Virginia Gibson Interpretatlon & edutatlon commlttee Professorviiginia Gibson (Chair) TarekTeba Paul Bennett Benjamin French Helen G￿en Boat committè* Robert Palmer (Chair) RearAdmiral Rex Cox Paul Bennett Benjamin French Propertymanagement cofflmlttee Simon Verdon (Chair) Professor Virginia Gibson TarekTeba Operations management commlttee Steve PÉtt (Chair) Paul Bennett Benjamin French Helen Green Simon Verdon Pr1dd￿5 Hard development commlttee David Butters (Chairl Robert Palmer Tarek Teba Simon Verdon Fundralslng commlttee RearAdmiral Rex Cox (Chair) Henry Flint Robert Palmer Since the year end the Board has reviewed the SCOFe and terms of reference of each of the committees and ha$ decided to restructure them to align to PHQ'S four Strateg￿ aims. The new committees will come into full operation for the financial year ending 31 March 2026 and are as follows.. Preserve., Develop., Educele ar￿ enjoy.. and. Fina￿ and resources. Managementof rlsk A comprehensive risk register measures the extent of each risk and its likety impact on PHQ'S affairs. PHQ reviews tts principal risks and the risk register on a quarterly basis through its Audit Committee whioh advises the Board. The Trustees confirm that they have reviewed the major risks PHQ faces and that system5 and procedures have been established to manage those risks where appropriate. Funds polky PHQ sets aside funds tr) provide both financial stability and the financial means by which it can deliver and develop its charitable activities. PHQ'S activities from lime to time include substantial investments in capital projects and restorative maintenance so the Trustees accept that the level of funds will significantly Ructuate year on year. ￿ere funds are set aside for fvture charitable actwities, whether capital or operational expenditure, PHQ classifies these as designated funds. The current designated fvnds represent funds set aside for budgeted projects during the current and next financial year. PHQ intends to maintain unrestr￿ed 16 Tr11Sfo Portsmouth Historic Quarter Trust Ifomierly known as P￿MOU1h Naval Base Property Twsv awKI its subsidk7ry undertakn O¥.*• Trustees, report- governance esignated funds representing al least six months of core costs. These funds have teen classrfied as the protected fund. Im￿stment powers and poltcy PHQ deiegates the daY-t￿daY responsibility for its investrnent portfolio to its investrnent manager and has relied upon the experien￿ and expertise of the investment manager lo deliver a balanced and diversified portfolio that will create an appropriate annual income and generate capttal growth to meet the investment objective. During the year PHQ reviewed the perfor￿n￿ of the portfolio and as a resuk has changed investsnent manager to Cazenove Capital, a member of the Schroders Group. Future inveslments will be through its managed Sustainable MuiiFA8set Fund. PHQ has an investment policy approved by the board which sets out how PHQ balan￿ requirements for cash reserves, liquidity and investment returns against risk. The financial objective for the investment portfolio is to at least maintain the overall real value of its assets whilst not taking undue risk. PHQ'S ambition Trs to be at the forefront of responsible investment Practi￿ and believes that taking account of environmental, SL￿ra1 and govemance issues is an intrinsic part of being a good long-term investor. for both ethical and finanaal reasons. T￿￿ee remuneratlon During the reporting year PHQ remuneraied Trustees in accordance with the provisions contained in its Memorandum of Association and with the approval ofthe Charity Commission. Staff remuneratlon PHQ remunerates its staff in &cordan* wilh established policies and prO￿dureS which are subject to review annualty as part of a wider wiew of staff performance and market rates. Adjustments are recommended by the executive and a￿ subject to approval by Tfuslees through the Audit Conynitiee and then the Board. frusteeg responsibilitiès Company Law requires the Trustees, who a￿ also the Directors, to prepare financial statements for eath financial year whith gwe a Irue and fair view of the state of affairs of the charitable Trust and of the Group, and of the incoming resources and application of those resources, indudiThJ income and expenditu￿ of the charitable group for that period. In preparing those financial staternen￿ the Trustees are required to.. select suitable accounting policie5 and then applythem con5iStentlv.' ObSe￿e the methods and principle5 in the Charitie5' SORP: make judgements and eslimales that are reasonable and prudent,. state whether applicable accounting standards have been followe(I, subject to any material departures disdosed and explained in the finanual statements- and prepare the financial statements on the 8oln8 concern basis unle55 It is inappropriate to presume that the group will continue in business. 17 Portsmouth Hlstorlc Quarter Trust Ifonnerly known as Portsmoulh Naval Base Propety Tntsl) and its 5ubsldlary ￿LI￿￿kIng$ Trustee￿ report- governance The Trustees are responsib(e for keeping proper accounting records which disck>se with reasonable accuracy at any time the financial position of the charitabk Trust and Group. which enables them to ensure that the financial statements comply with the Companies. Act 2006. They are also responsible for safeguarding the assets of the Charitable Trust and Group and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities and for the maintenance and integnty of the corporate and financial information included on PHQ'S website. statement of disclos￿re to auditor Th8 Trustees conffimi that" so far as theTrustees are aware, Ihere is no relevant audit information of which PHQ'S auditors are unaware- and they have taken all reasonable steps that they ought to have tsken as Trustees In order to make ihemselves aware of any relevant audit information and to establish that PH(Ys auditors are aware of ihat information. Indemnltylnsurance PHQ maintains wofessional indemnty insurance for the Trustees. Approved by the Board of Trustees on 11 Juty 2025 and spjned on its behalf by: David Butters Trustee Henry Flint Trustee 18 i¥ro Portsmouth Historic Quarter Trust (fornie￿ known as P(xtsmoulh Naval Base Property Twst} and its subskliary ￿dert8kIftgs Independent auditorfs report to the members of Portsmouth Historic Quarter Trust Opinion We have audited Ihe f￿anCIal ststements of Portsmouth Historic Quartet Tnjst Ohe'charilable paienl Trusl'l for the year ended 31 March 2024 ¥%thich COM￿lse consolidated slalemenl of ffinancial acbvities linduding irthme aTh exp8TvJiture ar￿Unt), the group and parent tharllable Twsl balance sheets. the group cash lTr)w statement and notes lo Ihe finanaal statemerts, induding a surv￿ary of Signifi￿nt al￿unti￿j poliaes. The finanaal reFX)rting framework thal has been applied in th￿r preparalK)n 1$ applicable law and United lfjngdom Accounting Standards, I[￿uding FRS 102 'The Financid Repthng Slandard Applicable in Ihe UK and Republic of Ireland. IUnit8d King(knm General A￿pted AccountiTh3 Practth). In wr opinion th8 financial $lalements= give a true and 18irMew oflhe stste ofthe group's and the charilabla patsnl Trusfs affairs as at 31 March 2024 and of the group's incomirvJ reswrces and application ofres0￿ces. indudlng tts iwjme and expenditLFre. forlhe yéar Ihen ended., have been prepared in accordatxe wlh United ltingdorn Generalty Actepted Acc[￿n￿ng Pradice.. 8nd, h8ve been wepared in acLordance with Ihe requiiements oflhe Companies Act 20C6. B3515foToplnEon We conducted our audit in accordance with Inleinalional Stsndards on Auditing (UK) (ISAs(UK)) and appli(xNe law. Our responsibilittes under those statmlards are fijrther des¢Tib8d in the Auditorfs Responsibilthes for Ihe audit of tr ffinancial slalemenls secim of our reporL We are IndeperKlenl of the (*￿ilable Trust in accordan￿ with the elhi¢zl requirements that are relevant to our audtt of thè financial statements in the UK. indudiNJ Ihe FRC'S Ethical Standard. arKI we have fijlfilled ourotherethical responsibilrfiÈ8 in al￿or(lan￿wIth these requirements. We believe thattho audit evulence we have otdained is %Jffiaent and appri¥>riate lo provide 8 basis for our opinvjn. Condu5ions rdallngtogolng¢oncern In authiing thefinancid slalerrenl$. we haVècond￿Ied Ihal IheTrustees' use of the going conrxn ba813 ofa¢c￿￿ting in Ihe prepar81h)n of Ihe finanaal ststements kg appropriate. B85ed onlheworkwe have perfom)8d, we have nolidentified any rnalerial Un￿rtaIntieS relatiNJtoevenis or￿)[￿lI10n8 that. iThlividualty or collec*vety. may i¥sl slgnifKant doubt cffi the charilable Twst's abilty to conltnue as a going corKem for a period ofat least￿¢1￿¢ months from when the ffinan￿aI statements are authorised for i￿1*. Our responsiknlibes and the respons1bit￿es ollhe Trustsos wlh re8ped togoing o)ncem are deScri￿d in the relevant seclions of this reporL 0therlnf0m￿On The other Informatic￿ o)mwises Ihe infomiauon Induded ¥) th8 annual report, other than Ihe finanaal st8lem8nts and our audilofs report thereon. The Trustees ale responsi￿& for thè other inforniation. Our opinion on the finan￿0[ statements dcEs not cover Ihe olher infomiathon 8nd. @x￿p1 to the eytenl otherwise explicidy stated in our report, wtr do Mt express any fcffii of assurance condusion Ih8r80n. In connèction wlh our audit of the financaal statements. our responslblllty 1$ to read the other information and. in d￿ThJ so. conshyer whethèr the other lnf0miatic￿ is materially ￿)￿7s19tent wifh thè financyal statements or our knowled oblained ui the ?udii or Othe￿Ise appears lo be materially misstated. Ilw6 idènbfy suth rnalerial inconsistencks or 19 ¥415fo Portsmouth Historic Quarter Trust (formerly known as Portsmouth Naval Base Property Twsll and Its subsidiary undertakings Independent auditorfs report to the members of Portsmouth Historic Quarter Trust app8rent m8teri81 M￿Staternents. we are required to detemiine whelher Ihere 1$ a material misstatement in the finanaal statements or8 mat￿181 misstatement of Ihe other inlomiation. If, based on the work we have perform8d. we condude that Ihere is a Materi￿ nusslatement ofthis other inf0M￿tion. we are required to report that fac4. Wa havè nothing lo report in this ward. 01xnbj￿ on otherm3tteYs prescrlbed bythe Companles Art2006 In our opinion. based on thewcrt undertaken in Ihe course oftho audit.. the information given in the Trustees, annual rèwt for thg ￿anrAal year for whith the firkanaal sta¢ements are prepared is consistent with the finarthl slatemenls., and the Trustees. annua] report has bÈ8n prepare(J in accordar￿ Yath applicable legal ￿quIrements. Matwsr*)whkhwear¢ re4ulred to reportbyexceptlon In the light of Ihe kn(Athedge and understand￿g of the woup and parent tharttaEAe Trust arKI its environ￿￿nt obtan In fv o)urse oflhe aud( we have not idenbffied malerial misstalements in the Twstees, annual report. We have nothing lo report in resped ofthe f￿lo￿ng mattersythere the Componles A¢t 20[￿ ￿qUireS us to report to you if. in our opinion= the paienl charitable Trust has not kept adequaie aThJ SU￿Jeni acw￿l￿]9 recc¥ds, or relums adequate for our audft have not been recewed from branches not vi￿ted by us.. or Ihe p8renl ¢hawilable Trusfs fina￿al statements are not in agreemnt ￿￿th Ihe ac￿unting records and retums: or certain dis¢108ures ofTnths' remuneration specified by law are not made; or we have not recewed all the information and explanabons we requi￿ for0ura￿l1t. ReSPo￿lb11[tIes of Tn As exptained more in the Tnjslees. responsikxlrties statement Set out on pages 16 and 17. Ihe Trustees (who are also the diredors of the charitsble Trust for Ihe purposes of (x)tnpany 18wl aro re8por¢8ible for the preparation of the nancial ststements and for being satisfied that Ihey glvè a true 8nd fair view. and foT such internal control 0$ tho Twslees determine is rtecessary to enaUe the preparathon of finanual slalements that are free from material misstalemenl, whether due lo fraud orerror. In pieparing the financial slaternents. the Trustees are ￿sponsiblè foi 8sse&wng the group and parent charitable Twgvs abil'tyto wntinue as a ￿Ing Co￿eM. disdosing. as applicable, rnalters reL8led lo going con￿rn and using the going o)ncem basis of acuunUng unless the Trustees either thIer￿ to fiquidate the grryjp cf parenl charitable Trust orlo cease operations. OT have realistic aliemabve but to do so. Jditorfsre5p(fflslbllitlesforthe audttof the flnancialststements Our obj6cliv6s 8re to obtain reasonable aSSUrar￿ ab)LTrt whether thè fin8n(ial ststernents as a whole aTe free frc material misststemenl, whether due to fraud or eThor. and to issue an audiiorfs report that indudes our opinio Reasonable &8surarKe is a high level ofassurance, but is not a guarantee Ihal an audit wnduded in aexordan￿with ISAS IUKI wll atways delect a malwial misslaternent when it exists. misslatem￿lIs Con arise from fra￿A or error and are corridered mate￿1 if, inrfwidualty or in aggregate. Ihey could reasonabty be expected to influen(% the econC￿ deo5w)n5 of us¢ts tsken on the basis of these financial slalernents. A turtheidescription oloui rèsFX)nsibilrties forlhe audit of the finanaal stalements is located on the Flnanryal Reporting Counafswebsiie atvAwrf.frc.o .uklaudiitirsies On5ibilities. This description forn￿ part of ourauditL¢s l¢W)rt. l•fo Portsmouth Historic Quarter Trust (lormerly known as Portsmoulh Naval Base P¥operty Twsl) and its subsidiary undertaklngs Independent auditorfs report to the members of Portsmouth Hlstoric Quarter Trust Irregulaiities, includirvj fraud, are instances of n0fvcomp1lan￿ laws and regulations. We design pro￿ureS In line with our responsibilit¢es, ouuined aL￿Ve, to deteci material misst8lèments in respect of irregulaiities. induding fraud. The extentlo whith our procedures are capable o[det￿ting irr89ul8rib8s, induding fraud is detailed below. Ewdanatlon a5 towlktextenttheaudftwas¢ohsldered opableof detectlng trregularltles. Irthdlrqfraud The objectives olour audit in respect offraud arè.. to identify and assess the risks of material mls8latement ofthefjna￿al statements due to fr8ud' toobtain sufficientappropri8tè au(kt avidence teg8rdirvJ the assessed risks of material rThsstatetnenl dueto fraud. through designing and impléfflenthng apprtyriale resFX)nses lo those assessed risks.. and. lo respotKI 8pproprialely lo instarKes of fraud or susFected fratyj ￿entIfied during the au(ffi. H(￿¥ever, the primary reSw>r￿1bi1ty frjr the preven￿On and detection of fraud rests with both management and knse ¢hwged wth g0vem8n￿ of the charitsble TrusL Our 8pproackn was as follows.. The engagetnenl partner sejecled staff for the audil who had prfor experfen¢e and appropriate kn￿￿edge and who had the reqltired competence and skills to identify or re(wnise non-CX)mpliance with laws and regulattons., We assessed the risk of irregularilies as part of audit *nning, and ongoing review. induding those due lo fraud, managemenl oveThide was identif￿d as a signrftsnl fraud iisk. This is due to the abilityto bypass conlrds through inappropriale expendilure and accounting FK)li(ies adopted", CoMp￿tene$S ofgrant income was deemed a signifi(xnt risk. Addilionalty as some irthme receNed is iestrided in ils use. a ggnificant risk was idenlified regarding the u)rrect dassffil￿ti0n of income between restricted and unreslric4ed fvnds and that the expermlituce a9ainsl this Fncomgw8s in line with any speaal rest[￿l￿)n$.. Valuation of ￿ed assets was deemed a sKJnfficant risk due to the n81ure of the assets and the potenlial impalm￿nI. We obtained an understan￿ing of thg l¢gal orKJ regulalThy requitements applicable to the charftable Tftjsl 8ThJ 8ubsTdiary companws we considered the most swnthcant the Companies Act 2(X)6. the Charities Ad 2011, the Charity SORP. and UK financial repo￿ng stsndards as i&sued by Ihe Fir￿n0a1 Repcvling Counol. We considered how the d7aIita￿e Trust and subsidiary enlity complies with these Tequiremenis by (fis￿sSionS with managemenland those thar9￿1 wilh g0veman￿. We ewuired of management and those charged with govemance as to any knovm Insta￿ ofn￿-(￿m￿pl19n1 or suspected n0￿ComplIance with laws and regulatiork8. Con5ideralion was also made ofthe intemal controls in ace to mitsgate the identified risks.. and. We assessed the control enmronmenl. documonb'ng the systems. o)ntrols and processes 8dopt811. The 8udit apwoath incorporated acombination of(x)ntrolswhèrèapproprTrale, anatytical wiewand substantiv• pr￿dureS involviThJ tests of transactM)ns and balances. Any irrègulatities rM)t8d were disojssed with management and addrtional C￿OL￿)ratWe evKl8nct was obtained as required. 21 141$70 Portsmouth Historlc Quarter Trust {fomieity known 8$ PortsnTh)uth Naval Base Prope￿ Truso and its subskjiary undert8kngs Independent auditorfs report to the members of Portsmouth Historic Quarter Trust To address the risk offraud through management ove￿XIe we: perfomied anatytical wctedures tts idenbfy any unusu81 or unexpeded refal#)nships'. tested joumal &*ries to klentify any unusual transadions: assessed whetherjudgemènts and 8ssumptio1￿ fflade in detem)ining Ihe accounting eslmates We￿ indi¢alNe of FK)tential bk4s,' reviewed transacbons wrfh related parties and in par￿UjIarWlh group enlitttss and Twstees,. reviewed the dls&)sure5 Within the finaThial ststements to engjre they meet the requirements ofthe accountirKJ $tandaid5 and relevant legislation.. and. lesled a 88mF4e oftransactions that coukj be ￿)fluenc*d by a¢tions of rnanagemenl. To address the risk ofcK)mpleteness of ir￿orne we.. perf￿ed anatybcal proce(hJr6s to id8ntify 4ny unusuBI or unexpected rejalionships. dong with comp8risM to bjdget lesled a sample of grants to sUpp(￿lIng do(xJmentaiK)n confiffning income c4JfTedy accounted for. reviewed grants received around year end, ensuwing cut-off was coThedly applied.. and. ag￿ed def•rrÈd to $ur4)orbrvJ documenlalion. To ad¢*ess the risk of¢JaswfKatioft of in¢m bel￿n ￿st￿led and unrestricted we: ag￿ed a sample of income r￿ded in the nominal ledger to source doDJMenk￿on lo en5urB any reSt￿t￿S were (x>iieGtty Id￿￿l￿ed', ag￿ed a samplg ofexpenses incurred lo ensure Ihal they had been allocated to the (x)rrect fund., and, oblane(18nd reviewed tund anatysis workings to enyjre that the calcutations were and agreed to the a¢¢ountiTVJ records. To address thè risk of ￿Uati(￿b of fixed assets we.. revlEY￿d and di8¢ussed the basis oflhe valuation wth management. and. revi8v￿1 the assessmenl ofunpaiM￿t by Twstees. There a￿ In￿￿nt limitation5 in our audil procedures descjibed above. The more rÈmDved the laws and regulabons ale from the finan(xal stalemenls. the less likdy it is that we would bec>Jme aware of non-compliarKe. Auditing standards *0 lirnft the audit pro￿dureS required to idenlbfy non-comptsancè wth laws and reguLilions to erquiry of Ihe d]r8d(￿ other rnanagement and the inSp￿tiOn of regulatory 8nd leg81 (xKrespoThSence rf any. Material misstatements that arise to fraud can te harder to detect that thos8 that ar￿? frorn error as they may irwolve d61iber8te cotxxalmenl of coHu5ion. Useof L¥Jr report This report 1$ rrwfe solety lo the charilable Trusys m￿)bers. as a body. in acwrdance with Chapter 3 of Part 16 of lh& CoMpan￿S AGt 2006 and, in respect ofthe consdhjalgj finanaal Stst￿ents. to It￿ Ch￿l￿S Trustees. as a W. in accordance7Mth Chap¢er3 ofPart 8 ofthe Charities Act 2011. Ourauditwotk has been undertaken so thatwe might stste lo the charitable Twsfs Members and Trustees th)se malters which we 8rÈ iequired to state to them in an auditorfs repgrt and no olhw purpose. To the fullest exient pemiitted by law. WÈ do ￿1 aLWt or assume tesponsibilrty to any paty olhgrlhan the charitable Tnjsl, the tharitable Trusfs members. as 8 tM)dy, and the charitys Trustees. as a body, lor our audttwork, forlhis reFX)rt, or for the opinion we have fomed. SUÈ Luta5. Senior StstytoryAuditor For and on behalf of Moore (South) LLP. StalutoryAuditor Cty Gates 24 Southgale Chichester. P019 8DJ Iltr T.1 2025 22 tllsfo Portsmouth Historlc Quarter Trust (lomiety krK)wn 8$ Pottstnouth Naval Base Pfopety TTh￿tI and its subsl(fiary und¢rtakin98 Financlal statements for the year ended 31 March 2024 Consolldated slatement of flnandal artivities linduding an inmrne and expendIW￿ a¢¢ount and the 5taternent of comprehensfve In¢ornel UnTestrkted Restrfcted funds fund5 un￿trI<￿erf Re51Ticted ILmds fund5 2023 A5rwa¥ed Total £(rt)Os Total EQOOS £OOOs Incom Donatlonsand letaties IKomefmm challtableac¢Nltles Iwe5tment income other Inwme Towllwime Expendltwe Rai5inÈfuTrds Other expenditure ChorIt¥b￿a￿1V1ifje5 Olrecrexpendiwreon c4)ietti¥es Charitsble activirk$5UPPOrt Dwect¢Jepreclatbnon ob*Cti￿5 Losson disposal Totslth¥habloaciw¢5 r401• 13 315 335 3.473 3A73 403 3,194 285 98 3.597111 315 3,194 3.912 1481 11931 14B) 11931 1881 1861 14891 12.7091 15961 1811 Il7901 15961 16661 19191 4,971 P.722) I￿2) 11821 13231 13.iM51 15021 16701 16401 17821 14881 13A68) (8111 4Jl 117091 15.2UI rg3811 18111 14,7921 Netln¢¢thlngllovtgoinE) resourtesbÈfweBaln5llknsesl Net galnslllosseslon irwestfftents Nellnrunln81{wlnB) 175 113151 17 14 14 13571 (7411 11571 IL237) {IA901 IL3011 1490 Transter5 between funds NetMO¥¥*erbtthfth￿ Wl Wl tsi Recondkaiion of Totsifunds broughtfonvard Net rnDvemenl infunds {IA921 143011 17411 14961 JL237) 12.766 191 11.048 11,4921 9￿56 23014 11,3011 22A 13,￿7 11.544 14961 I1￿48 25,051 IL2371 23W4 11766 i$ro Portsmouth Historic Quarter Trust (rom￿[ty known as PortsnK)Uth Naval Basé PropertyTrust) 8nd ils subsidiary undertakings Financial statements for the year ended 31 March 2024 Balan￿ sheets Registered number 019S9490 Grwp Twst 2024 2023 Unrestrtcted Restrkted Total Total Unrestfkled Re5tr1¢tal Totsl Totsi £Ofth £￿S Herita8e assets Property pkTht and e4ulpmeht Inve5trnent propertles Inve5trnents 14 .610 3￿10 9.716 &610 8.610 9.716 15 5.666 5h66 5.9)7 ie 3,619 lJ)69 10*4 3A19 3.619 1069 555 I6￿ Y4964 19,797 795 795 5.781 .430 1 17 Nxed assets CuErentassets Invesiments 4610 17053 2.603 741 a￿49 741 1.795 635 2.603 JY9 649 1,795 662 Cash * b8nkaThd in band Currertta$5ets Credltors: due vAthln oneyear 418 3,762 418 4.700 2￿27 377 1,724 4,181 S.257 I1113￿19 4￿75 19 18601 2002 18fj01 19411 12.8351 4.316 lill 794 11.1641 3SJ17 1.740 Totalassetsles5 U￿ent118tslNtIes Prov15ion lor delerred tax 13256 9￿56 24.113 9￿5fj 18.793 19A47 12991 Il957 12991 9AS6 18.793 19,447 F￿ndS Undesignated Designated Total 9.512 2.250 11.752 9511 6,767 2250 2,250 11¥762 IL571 WI 9017 1,195 LJ95 220 112JS7 12,766 11,321 6.767 4250 9,017 8.026 153 8A79 1 24 Nond15tr1butablE 24 Totslunre5tr1rted Resirl¢ted Actweproiects Legacy projects 9.076 9.076 9.076 Totslthjnds 1¥57 9￿S6 21513 9217 9.556 7hÈthanc*l sthterrthtson page522to35were approved bythE BDwd Illuty2025 ￿Sned on ltsbehawby.. 220 Il957 9337 9257 8399 24 10,559 21814 9.076 10.559 18.793 19.447 Dayld Butter5 Trustee HerryFIknt Trustee 24 Isfo Portsmouth Hlstorlc Quarter Trust {fomierty known as Portsmcrtrth Naval Base Property Tru5113nd ils subsKliary ur￿ertakIIVJs Financial statements for the year ended 31 March 2024 ccffjSo￿dattd Stathmert ofushfj 2024 2023 *s¢est*d NetC45h labsovbedJlprD%lded byupKdttrq￿l1¥4t1es{se?b￿knVI Inve5tlD8acllvltle5 Interest reieNed D￿￿dendS re¢elved Net incfyme from firnvestrnent properties Purchaseof fixed assets Pletcash invested indeposit •c(ounts Sak olcurrentasset NetcashE6sed kn hwesun8￿tl¥we% FIna￿al aCti￿t￿$ Repayrnentof bankloan Netdetrease In cash atbahkandlnhfihd C4sh 8nd ¢ash egulvalethts¥tthe be8lnnln8 of theyear 12841 ￿ 852 IGO 20 199 12361 Il2681 20 217 IL2761 47 IL6q41 51 19161 IL7081 4,546 2.838 Resatlmi io C35h at bankand lnhand Cash Jndcash equ￿AlentS 418 2,827 li li 429111l11112￿38 Re￿*￿1￿9￿01n0texp0r￿I1ts￿elQneLcaSh ￿h%￿bed￿￿O¥Idod￿OPua￿￿3C1￿l Nerry¥fftwe￿thewar Ta¥ Depreftsuonoffrod assets L055(￿dIspOsalQff￿edaSsEts LO55(￿diSPOSal0F￿eda￿Set5 Invesbheotlncome IGalnVknsr￿W￿estMen IIntrea5e￿dÈacted by lh8 reportirvJ end date. Deferred tax liatslrtws aiegeneralty rectsjnised foralltiming drfferer¥ and deferred tax asstts are recognised to the extenlthatlls probabk thattheY￿II be Rts)vered agalnst reversal ofdefer￿d ts labilit￿$ orolher future taXa￿e profils. s￿kn assets and liabilties a￿ re¢ognised rf limkng dthrerK* ariso$ fiiKn gOo(fv￿lI or from ts initEal Rcogniti￿ of ether ass8b and b.aknlll￿S bi a transaction Ihat affects nerther the lax p￿fft n(￿ thè at￿nting pror Defer￿d tax is rAlcuL9ted al th8 tax that are Èxpeded lo aprAy in th& peri￿F￿h￿n the 6abilty i8 Setu￿ orthe asset ss ￿1￿J. DeleNedtax 1$ Char￿ orcredled in thè profiiand loss act￿nt. exeeptwhen it reklÈsto *ems charged orcredited dire(#tytoequity, which case the deferred tax ￿ abo dea￿W￿h in equty. Def*red tax assets and liabllities are offset when the Group has a legally enlor(*abk rightto offs8lcun8nttax assets and li8bifrties and th8 d8ferredtaxassets and lia￿1th$ relate ¢(*laxes kvled bythe satnp tsx aulhority. Pekwons PHQ operates a ￿ined o)nlrLbution Fens*)n scheme on behaw of ts empbyees. The asseL% of th2 sd￿rrE held and adm1n1ste￿d separaietyfrornthose of PAQ. Conlrbubonsarecharged tothe stal8rnentoffinanclalacUvttle&astheYbB0￿ payal￿e aC￿￿dance￿lh th8 DJ* oftha SCI￿rna. In the application of PHQS aov)untin9 w11c￿5. Ihe Trustee5 requir￿ to ffl8ke JUdge￿￿nt4 estimates and assurnplkins abr the rntrying amount ol assets I￿￿￿1￿$ that nDt re￿*1Y yppRrent fforn other sour￿. The estThaies and a550ciated assvn*knon$ a￿ based ¢n historical experieTh% aT¥J othwfa¢t¢rs Ihat are consthd to be rekvant. Adua1 resutt5 may dfftrfrom these estunates. ThÈ estimate5 and undetlying a55Utnption5 are reVIEw￿ on an 0￿0￿g basi5. Re￿￿)nS lo accounting e51imat8S atE le￿nised in Ihe perM)d whrJJ the estllnate is [eV￿Ed the re￿5￿￿ afted5 onlythat perKxl. or in the peri￿$ olthe revi%￿n 0ndfv1u￿ peri¢ds Whe￿ the 18vi$ion affectsboth wrrenl and fv¢ure per￿d$. TheTwstees consKlerlhal on&signrfthnl ti5k frorn ostinalés arK1 assumptfjns of rausiNJ a mat&fjal 2djusbnent to the (anying amount of Èssets ar￿ li8bthtiB5 15 f￿1 85yet5. Th8 TTrJstees rev￿the vafualion offixad assets 81 the Ènd of each year. some a￿ts 8re valu8d by extem￿ third partes. vthllst ouws are v81u&l by TnJste88 ba$8d on th8ir kn￿￿ed98. PHQ wil urKlertake ts fNe yearty tKJikling ￿n￿￿(￿ls SUNeywhKh mi9ht FnPaL* curyenlcafty4￿ values. 1lany0flhevalua￿"ons are inacoJRle Ihen thevaluation 0f￿ed assets ￿ Ihe f¥*nrAal 5tatempnts mighl mlsstated. rMJr¥vJ the yeartheTwst￿s revI￿ved th8 approprHtenessoflhe group'saw)untiry ￿1C￿e5 As a resuttof lTru$ revwtheydood8d to ￿￿8$$￿Y ts Queen Street ¢•r porf( a$ property plant eq￿)m￿)I. car parf( wa$ prtrvK)usty daS5ffi￿ as inve5trnenl propetty. This L%du&to ass81 b￿(Y￿ tonsKlered as an è)te9rttl opèrat￿￿31 3ssetollhg Group and also ￿ aCwrdall￿W1h FRS 102 in that the 8S8et is rented to 8noth8r group 8nts.ty and so do88 not qualty as an investinent PToperty. As Ihi$ 1$ a thange of ¥&*unling polcy the ￿T3 and 2022 comparatNe finanaal stately￿S hav& been Festated-fmancKal iThfom)alion tab￿$ which have been impacted are notedthrougMutlhe financkql statementsartd Ihe notes to Ihe firtanoalstatements. ThEfuwual unpad oftheso restatemenis is set oui ￿erfe8f. 27 1118fo Portsmouth Historic Quarter Trust Ifomerfy kfi0￿ as Portsmouth Naval Base Propety Trust) and its subsidiary uThJertokitvJs Notes to the financial Statements for the year ended 31 March 2024 Pw•)us sta￿￿ EQOOS 5.052 6,814 (5311 12,859} 112.2761 R•st3ternnt As re5taled £ODOs £OOO$ 6,014 3.919 (2281 (1,5671 {11.9381 Ba]anGe 5￿t at 1 April 2022 ProF*rty ￿ant and equipment Investment pro￿rtIeS Deferred tax Undislributsble fiJnd UndesvJnaled fu•d In¢y)m ano Rtthed earnthgs forthe yeafended 31 Marth 2tr23 Inuease in depreaaknoTh charge Reduction in deferred t8x tharge Change irb deficit ￿￿ted 12.89• 303 1.292 338 26 1115) 89 670 72 11.237) 187 11.326) Unre$￿tted nds Resirf¢ted Totsl Total 2023 Lottery Fund Histor￿England Other 200 13 135 335 zi Property visi￿rI aceessand ed￿ètkn 12C6 1,267 3A73 Ir¢wefrom tharftsble ¥twittesh4sbeen re3Thaty5Ed to refiertourstra¢e8kthJecifves. 2206 lJ67 3Nn 1.986 L208 1194 Intereston cash deprjsired wlth b3nks RÈnt3llncome Irom InvÈstmeThipropertles Dividendsfroffl listed irwe5lments 1&5 165 47 218 218 218 20 285 ectexp2ndknteoft¢4>ie¢tThes PKservalK)n Vi5ftors, attess and Èducation DJreclexpendllurerffi0b￿ Salaries otherstsff Communicabons Other 2.121 588 81 1202 2.581 2.790 452 452 21 49 59 70 64 39 59fj 502 Expwthve on th8ntstAÈ has b88n r80naty8ed to refiacl ourstr8t•JiobJ'ectives. 8naty8ed on an adwty bask8. 28 111Sfo Portsmouth Historic QuarterTrust (fomèrty knovm as P(￿￿moU1h Nav81 Basè Prop8rty Trust) and its sub5Kli8ry Undertak￿gS Notes to the financial statements for the year ended 31 March 2024 Totsl Total 21Y23 fitnds funds Trustees Igovernance expenditure) Leg81 and profe55ional lees Auditot5' fee51governanEt expenditure) l)sferred lax 62 313 42 72 147 37 147 37 193 193 Loss(¥Jdlsposal Unresirl¢ted Restrftted futhds ftsnds Total 2024 L055 on disposal ol Property plarrt and 8qitipn*nt 12023= £Nill 137 781 919 Asdi%oJ5sed inthefinancial reV￿Ih?TIuSte&s have conducted a revBwofth8valuat*)n8nd existen￿Oft￿rtalThrued assets. The firKJings 0fth￿ re¥￿ Iw5 iesuled in the tharge5 set out inthotat* above. 1024 £s Paul Bennett DavKI Butters ICh4irJ Roger Chino Michal Cohen Reaf Admiral Rex Ccx Henry Flint Ben Fren Pr(bfessorV4rxinla Gitsson He￿n &een Theresa Hall Philw A Marriott Robert PaIn￿r St8v8 Pitt Rear Admiral NeH E Rank￿ CB CBE Mithael R￿1￿Y Taf8k T8b8 Simn Verdon 8,S¥JO 5.OJO 5.(X)O S.l>JO LOOO LQOO i.ojo 417 417 LOOO 417 Z46 5.lYJO 5.lYJO 5.(MJO 5.lJ]O 5.OJO 2.876 5.INJO 1.000 LOOO 417 417 56.776 In 2024 si¥12023". SEI) of thts abovo Tru$tegs We￿ re1m￿￿d a lolal of £1,56712023.. £5,622) of expe￿e$ in r*tion lo travelling arvj ￿l￿v￿￿$t￿)n (X￿ WKWttwJ(kJtwvJthe year. Skf12023.. Tru51ees do1￿￿£3.687[lO23: £21,380). li 2014 2023 Vvages an¢J $alari¢s Social securty o)sts Pert5ion costs 977 91 1.203 56 1.869 29 1414fo Portsmouth Historic Quarter Trust Ifom)erty known a5 Portsmuth Naval Base prop￿ Tnjst) and Ms subsidlary u￿￿[laking$ Notes to the financial statements for the year ended 31 March 2024 ErnFkny88 eamlrvds aTrJ be[￿fft8 ranges (£81 60,000 to 70,000 70.001 to 80.000 80.001 to W,000 90.001 to 1(KJ,Ots) 100.Q01 to I10.￿0 tlumber Wl Number ¢thl clTmst8•s and k•y mana9*rnnl wr50hn#l duriry th•y8arwas £272,l¥JO12023.. £361.01)Jl includlry ￿n￿oTr and socjal SO¢￿￿Y ts)sts. Tho 8vwaya n￿nthlY h&a(kount of pBr5￿${ex￿wji￿9 TfU5teE51 employed by the Groupduriro the yearwas.. 2023 (Asreskwi 14 12 2024 12 Pteservallon vi5itor5, aCCE55and edU￿t%)n Support io 14 12 38 PHQS headcount was m15Stated In 2023. It ha5 keen coireLted in the table abDve. The amount of out5tandln8 peThlon contrlbuuons ar theyeareTrd was £8.L¥K)12022'. E9.(M)DI. NetexP￿dIUre fortheyear i55taled aftercharging." Depreciation Ise8 notss 14 8nd 151 Auditorf$ rerrwneralion foraudit Fee$paYab￿ lo thÈauditortr. Audit of Trusi Audit of subsh4iaries (XherservrL5 670 19 15 12 17 Ass*miitted bys￿*[￿ 408ofthsconwan￿sAC*2r￿￿, PHQ'sstatem8ntoffinancig1oclNitBsha5 ￿(been induded in1h6s8￿ancBI sta¢erwJts. PFKI'S mov&)wt In fvndsfortsfinancial year b 8 d8ftttrf£654.OtM)12023". dgfi(it£1,446,(KlO}. PHQ'S objects focus on the preservathjn of buiklings, 5tsuctures, ve8se18, dc¢ks and berths associated wth His Majesty's N8V81 Base in a￿j around Portsmouth. In total there are 34 buildiry5, 3 dock5 and a rnast pond the majority of which 8th8duted anryenl rnonurnent5. Grade I, Gr&le Il. or Grade 11 listed buiklings and a fleet of histo1￿ military vesseJ5 detail> of wh￿h are available at www.portsmou1hh4.0￿. TheTtU5tees havetaken th& vi6Wthal these buiklings, structures, vessels, docks and berlh$ togelherwith their 8s5o￿ated itbfrastsucture a￿ herit8ge a55els. The initial lease wa5 granled at nil cost and the 2 Work1 War11 motor were donated. The tetorded ￿present renovation. refurbishrnent and augmentslion. PHO maintains a li8t ol all of rts hertlage assetswhi¢* have bten wuired. The vast majority of IhÈ a5set5 are display on ttE site. atthough for rented buikliws intetnal atr*ss is not aKvay5 P055iblp. More details regard￿g these 355ets can be lound in ihe Trust•as' Rewt. Nr 22 and Note 24. Islo Portsmouth Historic QuarterTrust (fomiedy known 8s Portsmouth Nav818asè Property Trust) and ils subwdiary undertakings Notes to the financial statements for the year ended 31 March 2024 GroUpendTn￿t F￿ehC11 Tdal Cost 1 April 2023 Additions Dlsposals (Nol89 1 and 91 31 Marckn2024 DepEciation 1 April 2023 Ch81ge for year Disposts ￿)leS 1 and 91 31 M•rc* 2024 1144) 14.651) Netb0okvth1Np￿2023 ￿2.126 Wl 4888 ￿ 639 1216 10,168 2,188 15.801 1150) 81 11.2291 11,387) 1188 Wl 14fi50 19)) 1631 14.2801 1379) 15WI 1,1251 11201 16,0851 607 {1.245) 1,C63 Wl I6.0￿ 11 9,716 Grwpfveyparwjmrrwy 2023 1 April Changes (Wes l and 91 31 M¥¢h D8pr8rialion ISAOI 111511 I1￿50 15.156 15,412 (2 15,156 13.666 1.746 15.412WI 12,485 15.a01 13.ffi6 1 Apfjl Charge klyear DBposals (Not88 l and 91 31 M¥ch Nel bcd(value 31 Mar 115441 15411 {5.0211 15251 14.5441 14.1421 14031 15621 0851 9.716 {5￿) 9,612 (&0211 14.5451 9.121 F￿￿e9 Freehohl Leasehokl andf￿t￿9& p[0[￿ trnpr¢vwts (Group atkl (Group) (Gro￿) Tw$l} A5￿￿led Total IGffwp} As resta*d 1 Awi12U23 Diswsals (Notes 1 and 91 31 March 2024 9,087 3.670 149 3,175 14.057 14951 13.5&2 9.087 Deprecialx)n 1 2023 Cha￿8 for year Dlswsab (Notes l aTrJ 9) 31 IAarch 2024 Netbookva￿o 1 ￿nI20zj 13651 (261 14,2531 13.532) 18.150) 11031 357 357 13.175) 138 14330} 4,¥34 4?57 s,￿7 Group 2024 2023 ZOZ4 2023 At 1 April RevalualK)n 3.619 3.919 13001 3.619 795 1.095 1300} At 31 mS￿h 4619 31 ¥IBfo Portsmouth Historic Quarter Trust {fomierly known as Portsmouth Naval Base Propeity Tnjst) and ts subskllary un(l￿19￿n9$ Notes to the flnanclal Statements for the year ended 31 March 2024 A Trust and Group irbvestmanl property cosling £575,ODJ 12023: È575.t]aoi is valued in th2 aox)unts at e795.IX]O. Thy wer• lasl valued by Vail Mfillisms, Chartered Surveyors In April 2023. The Trustees have r&v18W8d the vaIuation arKI consrder il to main apptopriale. Portsmouth Naval Base Propety ¢empany (Queen st￿ell Llmited invèstmèntprJs 8 11X)% inte¥est kn the £1 ordinary share [¥￿1 oftre folkMirvJ u)rr¥)antis ￿1 of ￿Kh aTr inwwatgj n and Wal&q. Port5mouthNaval Ba5¢Tra&lngCoUmiied number8802879 Donnant Portsmouth Nawdl Propewcompanyiknlted Registrabm number420750B Principal actwity.. to ho￿ the asset Boathouse 6 Turr￿r. £631,000 P023.. £581,LKX)I', Profft afterLaxati￿.. E474,1NJO12023'. £384,WOI Net assets.. £6,$77,Ll)012023.. £6,103,0(K) as rtstatsdl Portsmouth NavalBa5e ProperrycrAnpanylQ*•nStr•&l Umltsd Registration n￿nber4￿>34 Prinopal aclivty.. to ho￿ the ()Jeen Slreeicar p3rkand o)lect ground Rnts Tumover. £248.(KXI P023.. £248.WDI', SuWus aft8riaxabon.' £167,(YJO12023.. £44.LKYJ as reslalajl Net a55ets." £3,609.￿)0(2o23.. £3.H2.000 as r￿tated Port5m¢xth N#Y&lB*e PwDpertylplldWsHardlUmlted RegIstra￿'c￿ numbe¥6964416 PrirxipHt acbyiiy lo hokl anddevek)p part of the la￿1 al PriW5 Ha Tumover. E39.￿){2023". f2.000I". su￿u51(LO￿Sl aftew ia¥alion'. £31,￿0 (2023'.1£48,((N)11 W asset&" £79.000 (2023.. £48.CQO} ASS￿1•*toUndPJ￿klrtt PHQ a 25% interest in the £1 Ord￿ary shale captal of PwtsrA)th Harbour RenaissarKe Limited whKh is ince￿ir8￿j In E￿larkI andwa￿S and th8 aggrega18 caplal and reseNes not ma¢w•l t¢* rK)rkndtyJ&l in Ilw aLrounis. 32 i$ro Portsmouth Historlc Quarter Trust Iformedy known as Portsmoulh Naval Base Property TrusQ and its subsldiary undèrtakings Notes to the financial statements for the year ended 31 March 2024 Group Trnst 2024 2023 1014 £0005 2023 Trade Am¢uTrts tswed bysvbsidiaryvndertaklngs PrepaymEnts and 8ctrued inioffle Othw 205 116 168 71 505 31 506 481 29 741 635 credI￿a￿D￿￿1{1￿¥d￿E￿jthknon•y• Tf*lo PAYE and VAT Amo¥nts ovftd trj subsldiary vrtdertakh)g$ Accruals and d818rred ￿COMe Othe 296 25 367 296 358 79 274 444 463 76 433 941 2*35 1111.164 F1naTrJala5yets￿dfffl3ndallljw*ue5 Finanaal assets measured alfawval Finan(aal assets at arnortised cost Finanu81 liabilth"e$ at am(xtised tx)sl 569 5,208 18601 555 5,255 19411 555 4,181 11.1641 5W5 Gro￿ finarKial a5s8ts 0)mprise trade de￿8, afthjed tr%x)me. p￿paYMents aNJ ￿$b and bank bdances, exduthng cash investrnertl brd(ers. Companyfinanual ass8ts kndu¢aes balanosdw ffomwJb5vJiary underiakings. Financial liabilbes &Yrrf68 Irade c￿1*to15, am*and otherctsdtsrs. 21 1È35e payn*ntstobem*JE Amountsduewithln oTheyear Amountsdue betweenone and fNeyears 40 40 75 75 40 iÈase recÈiptsto AmOunt50￿e￿￿h[n oneyear Amountsdve betweerbone andfveyears Amountsdveafter fr4eyear5 1,524 3.781 36,355 41,660 1,294 3,079 37,550 41.W23 742 1,477 6.433 8A52 704 6.301 8.049 Funds often ¢>)rtain u)ndknon5 on brAh kn￿al use and th8 assets Or￿ rgnovabJ. Funds [*jo￿ as l8garf have boej) spont a5 intpndeil. The key a5s* ovwvthth conditionsconlinue to appty ar8. l assets are $utiect lo rp51riL#ion5 in the otiecls of theT[￿t bul underwhth the TNstees mayopÈi8te divetK)nl pJw*r5", Land and bu1￿￿19$ are a115rt4edto resirKlion$ ￿nial￿ed￿1h1n Ihe WdriQUS tranSferan1￿￿asehQld tenu Boathouse 4- NLHF grant-Ix)Nsrt￿Ths on petrnitted usaye olthe buikling prcvi5b)n 0fpublrxc￿￿ntfi 203&. Boalhou8e 6-BLF granl-aiowtt* NMRN to use Ihe buikling a5 a Until 2041- MGB818nd HSL102-NLHF grant-cannot be transferred loa party and maurtan p10v￿￿Jn clpUbl￿aCcaSS-0Pen gTr*J,' Boalhou5e 4. hthiic toallleet and ponloJrbS- L180Rgranl- rNstt* maintain8d unb"12038. Land and bU￿1￿5- PiHF granl-cannot tetransferred toa patty and tnaintan pro￿75[0￿ ofpLI)licacc85s-open eTh*d.. Prifjdys Harf- NLHF￿E9rants-¢￿nn0t ￿tranSf8[[0d toa third arvj mainlaui prcMsionClN￿￿￿4lY￿ss untl 2031 isro Portsmouth Hlstorlc Quarter Trust {formerfy kr￿ a5 Portsmouth Naval Base Propety Trust) and its subsidiary undertakings Notes to the financial statements for the year ended 31 March 2024 Grnup 2023 las reslaiedl Restrthd Trust 2023 Unre5trlcted Restrtde UTrrestsiLEed T¢*1 Total Htritageassets PropertyrAantandequlpmenr Inve5trnent propertles Inve5tThents FiKed assets cyr￿￿r•s$eI knvesbnents Debtors Cash at bank a￿d in hathd Curre*taS5Èts Creditors.. duewithin oneyÈa Netcurrerstassets 9,716 9.716 9.716 9,716 138 138 795 5.781 6.7u WI 9.716 1.306 3,619 555 io 1.795 577 1,521 3,619 555 9.716 11119.799 795 5,781 16030 1.795 56 633 2.8Z7 56 9)7 817 1.724 2.819 LJ62 4.181 11.1341 1301 11.1641 L685 Wl L332 Ull 3￿17 1,362 130) L532 19411 4314 Total assets￿ CUFfEnt Irdbimties Piov151oDsforllablltieS Neiaw$ 13ffi5 24.iL3 12991 12991 Il766 Wlll,048 lll23,8u MI 8399 Wl iiw Wl ty.447 11.048 &399 19847 23 CobttlDKentlLibMty4ndpwtb3lArKÈsheete*rt PHQwa5 partytO3CL¥nwte bBnkin8a8reement as at31 March 2O24￿erebVthere yrdsa fixed andth3tth8ch3rye4iverthÈasgetsasseturity forhi5toricba￿kborrUWl￿of the8raup. Thethar8e5were rele35edon Ilkt¢*r2(Y24. In N¢)vember2024aVl4¥el￿$pe£tIoTrWè$￿ftdÈrtaken of the 5Ub5trvrt￿re of Boathouse 4 which indKated it b5 Ike￿ that there be a fcrsome ￿MedIa1 iep3tr5 the cost of is w to qvantlfied. Afullbulldlngconditkn￿sU￿eyl5wanned3￿danyapprOw￿￿reaC1￿]￿swI1tseraken. On5Febrnary2025thesharewftalofPortsmouth Naval 83SeP￿￿ertyc0m￿YknMitedwaSred￿cedfr0Tr£14.I(1J,￿1£1 ord￿arysharesto1£1Ordin3rysha[e. Th1$red￿¢￿￿ FO$h￿n01mp3tt {￿(Ontrol01 the tompanyiyjt ha5faCthtatedtheacce￿ratl0N0f d¢vidend paymentsinthE future. PHQ 8ets aside fuThls to provide b)th financAa1 stthlty and finan¢?￿ means by whidL l (xn and devdop its charkabk8 arJfvN18S. Unrestslc1edft￿ds Unr8strir*ed bJTrJs arethoseto whth lor use eNJsts. Un¢estyatedfuThJs avallabkto PPllltyfutw¢ use h)fvrtheran￿ ofPHQ'$ ot4￿ts. ere thJTrJ5 have been set Bsid8 lor tharItab￿ ao*vth"&8, wheth8r &8Prt81 or operational expernlrtv￿. dassffE5 these as 'DesgnatèJ rMeied8' I￿￿s. Currentty l¥*se funds represent amounts set ask1e for b￿1g*d pmietts duriry the cutrenl aThJ n finarrial yeaw. PHQ maintains unr8strictsd desynated fjJTrJs represenbng al knstst< monlhs of o)te ¢%¥s-tIu5 furKI ￿ cè55ifEd as 'De￿gnated protected.. Nonth51rthut Non dislllbulable reFY•sent inve5trnntwowtyvaJuatp?n5 gain5 k55 any def8rr8d tax. Re5trK*ed fiJrK15 have corKlknaftybr use. Where conthtsonalty 15 in re5pocI of caphal prr¢8Cts11%6 resth In a(xx)unts"ng an(xnaly in that ts fvll a[￿Unt of the Ifonatton or gratrt 15 E(xgnised a5 irKtxT￿ * Ihe pcrfrt atwhich it is awarded rather U)an appkdtotedudnglhe¢apital(x)stoftho asseL Depre¢tatK)n ts Ihen Charg￿ 0$ anexpBrw overrnanyyears. ThkB has resu￿j In manyhtstoritrAI dDn&t￿ grdnts slll b￿￿9 rq)arted a5 tpstrKled funds when the relaled projects have been cLryletgJ in aC￿rdar￿ ¥￿th th8tefffts of th8 ￿ated donation orgT8nl agr88ment The Trustees have wiewed and i*e4ded to darfy.. vthrh Jnds arestill a(*v& l%vhere cash 1$ St￿ to b8$penlk and. WhxhfiJnd$*bteto