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Note the masts of Nelson's flagship, HMS. Victory, in the background, on the left.

The M38 in home waters. 

popular internet search engine and the Royal Navy’s own website inform me that M38 is associated with HMS Atherstone, “one of eight Hunt Class mine countermeasures ships based in Portsmouth“, currently on deployment in the Persian Gulf (refereed to as the Arabian Gulf by some). This photograph was one of a series taken on one of Portsmouth Historic Dockyard’s harbour tours, but this one is the best. As well as the masts of Nelson’s flagship, HMS Victory, being visible on the left in the Historic Dockyard you can also see the semaphore tower, on top the headquarters of Naval Base Commander and the Queen’s Harbour Master, within the working Naval Base.