|||Page| |---|---|---| |Legal and Administrative|information|| |Report ofthe Council||2-10| |Report ofthe Auditor||11 —13| |Statement ofFinancial|Activities|14| |Balance Sheet||15| |Notes to the Financial|Statements|16-23| ## ## ## ## ## ## ## ## ## ## |DrJD Davies (Chairman ofthe Society)|DrJ Davey (elected 2019,review 2023)| |---|---| |Dr PVNash (Honorary
Treasurer)|N Hewitt (elected 2019,review 2023)| |ARoach (Honorary
Secretary )|Dr C Holt (elected 2019,teview 2023)| ||KJamieson (elected 2021,teview 2025)| |Commander
M Barton (elected 2021,review 2025)|Capt P King (elected 2020 review 2024)| |PBugden (elected 2019,review 2023)|J Michdl (dected 2021,review 2025)| |C.Brandon (elected 2019,review 2023)|DrKParker (elected 2021,review 2025)| |Dr A Coats (elected 2018,review 2022)|Dr C Scheybeler (elected 2021,review 2025)| ## ## ## ## ## ||Objective|||||Strategy|||Achievement|| |---|---|---|---|---|---|---|---|---|---|---| |' ysgltE The Marinet's|||Mirror'|||Suppose the work of, the Editor|||Thgt was achieved as usual with electronic|| |fute,:tfmes per annum||||||.Hon. Reviews Editoi and|||pujefs'.ofThe Marinet's
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and|| ||||||||||(tjoltg(sm ofHMS Victory and other ships|| ||||||||||the ca're ofthe National
Museum of|| ||||||||||thgsRoyal Navy.|| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||F|or th|e year e|nded 31Dec|ember 2021||| |---|---|---|---|---|---|---|---|---|---| |||||||Umestricted|Restricted|Total|Total| ||||||Notes|Funds|Funds|2021|2020| |INCOME FROM:|||||||||| |Donations
and legacies||||||1,103||1,103|77| |Investments|||||||||| |Investment
income and interest|||received|||18,948|115,740|134,688|113,022| |Charitabl
activitres|||||||||| |Subscriptions||||||61,650||61,650|58,498| |Publications,
royalties|and copyright|||sales||106,981||106,981|25,527| |||||||168,631||168,631|84,025| |Other||||||1,000||1,000|1,141| |Total Income||||||189,682|115,740|305,422|198,265| |EXPENDITURE ON:|||||||||| |~aktgiunds|||||||||| |Investment
management||costs||||5,766|24,553|30,319|28,196| |Cbari table ac&iries|||||||||| |Grants and donations|payable|||||9,066|22,984|32,050|12,592| |Pubgcations||||||143,847||143,847|60,567| |Advancing
interest in|nautical research|||||22282||22,282|17,923| |||||||175,195|22,984|198,179|91,082| |Total Expenditure||||||180,961|47,537|228,498|119,278| |Net gains/gusset)
on|investments|||||56,688|433,734|490422|~76384| |Net Income before transfers||||||65,409|501,937|567,346|2,603| |Transfers|||||14||||| |Net Income fot the year/Net|||movement||in funds|65,409|501,937|567,346|2,603| |Fund Balances Btought||Fotwatd||||899,221|4,348,728|5,247,949|5,245,346| |Fund Balances Carried||Fotwatd|||14,15|964630|4850665|5,815,295|5247,949| ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||Fo|r the y|ear ended 3|1Decembe|r 2021||| |---|---|---|---|---|---|---|---|---| |6|Publication
Costs||||||2021|2020| ||Unrnrrrrrrdfnnk|||||||| ||General costofpublications||||||126,457|44,340| ||Support costs (Note 8)||||||17,390|16,227| ||||||||143,847|60,567| |7|Governance
Costs||||||2021|| ||Unrsrtrrbrrd funk|||||||| ||Support costs (Note 8)||||||12,326|10,073| ||Audit and accountancy||||||9,645|8,069| ||Other management
costs||||||150|650| ||||||||22,121|18,792| ||ltrrtdrtrdfunk|||||||| ||Audit and accountancy||||||2,085|2,085| ||Other management
costs||||||850|854| ||||||||25,056|21,731| |8|Allocation ofOthet Membership||and Suppott Costs|||Advancing||| |||||Grants||Intetest|in|Governance| ||Year to 31December 2021|||Payable|Publications|Nautical Research||Costs| ||Membership
secretary fees|||||13,200||| ||Travel, postage and genetal expenses|||1,538|1,538|||3,076| ||Lecture and conferences|||||730||| ||Professional|||||||1,750| ||Publicity
and Website||||7,500|||7,500| |||||1,538|9,038|13,930||12,326| ||Direct governance
costs|||||||12,730| |||||1,538|9,038|13,930||25,056| ||AHocation ofgovernance|support costs||8,352|8,352|8,352||25,056| |||||9,890|17,390|22,282||| ## |||||Advancing|| |---|---|---|---|---|---| |||Grants||Intetest in|Governance| |Year to 31December 2020||Payable|Publications|Nautical Research|Costs| |Membership
secretary fees||||10,380|| |Travel, postage and general expenses||1,091|1,091||2,181| |Lecture and conferences||||300|| |Publicity
and Website|||7,892||7,892| |||1,091|8,983|10,680|10,073| |Direct governatsce costs|||||11,658| |||1,091|8,983|10,680|21,731| |Allocation ofgovernance|support costs|7,244|7,244|7,243|(21,731)| |||8,335|16,227|17,923|| |9|Net Incoming Resources|||| |---|---|---|---|---| ||Are stated aftet charging:||2021|2020| ||Auditor's
temuneration||7,450|6,770| ||Trustee expenses reimbursed|to 2 trustees (2020: 1 trustee)|520|34| ||| |---|---| |Tangible Fmed Assets|Plant &| ||Machinery| |Cost|| |As at 1January 2021 and 31Decembet 2021|1,485| |Depreciation|| |As at 1January 2021 and 31December 2021|1,484| |Net BookValue|| |As at 1January 2021 and 31December 2021|| ## ## |||2021|2021|2020|| |---|---|---|---|---|---| ||||Market||Market| |||Cost|Value|Cost|Value| |Unresmcted
Funds|||||| |General Fund
Designated
Funds:||185,514|280,061|182,612|260,008| |Anderson Bequest Fund
Tomhn Bequest Fund
Farrar Fund||265,427
49,815
132,941|287,569
69,821
163,423|201,585
49,910
136,893|265,427
64,658
152,073| |Restacted Funds||633,697
2,770,798|800,874
4,591,141|571,000
2,906,263|742,166
4,162,548| |||3,404,495|5392,015|3,477763|4,904,714| |||Unrestricted|Restdcted|Umestricted|Restricted| |||Funds|Funds|Funds|Funds| |Balance at beginning ofyear
Additions
Disposals atbook value
Net gains/(losses)
on investments
Add: Cash balances included in investments||735,300
52,264
(57,301)
56,688
13,923|4,096,429
320,865
(399,669)
433,734
139,782|761,529
73,109
(65,935)
(33,404)
6,866|4,061,110
129,807
(51,508)
(42,980)
66,119| |Balance at end ofyear||800,874|4,591,141|742,165|4,162,548| |||||Market|Market| |||||Value|Value| |||||2021|2020| |UK equities
UK Fixed Interest
UK index linked||||2,378,762
805,714
23,677|1,897,201
1,289,191
99,003| |Overseas equities||||1,495,293|222,480| |Overseas Fixed Interest||||534,864|1,323,845| |Cash||||153,705|72,984| |||||5392,015|4,904,704| ## ## ## ## ## ## ## ## |Analysis of|Net Assets between Funds|Net Assets between Funds|Fixed Assets|Net||| |---|---|---|---|---|---|---| ||||and|Current|2021|2020| ||||Investments|Assets|Total|Total| |||||||A'| |Unrestricted|funds||800,875|163,755|964,630|899,221| |Restricted funds;||||||| |Save the Victory Fund|||3,886,419|195,138|4,081,557|3,636,173| |Macphetson|Collection Endowment|Fund|704,722|64,386|769108|712555| ||||5@92,016|423,279|5,815495|5,247,949| ## ##