##
##
||Page|
|---|---|
|Lcgal andAdministrative informahon|1|
|ReportoftheCouncil|2-10|
|RcpottoftheAuditor|11-13|
|StatementofIjinancial ¡\ctivities|14|
|BalanceSheet|15|
|Notes to thcFinanciaÌ Statements|'t6-23|
##
##
##
##
##
##
##
##
##
##
|l)rJ l)I)avies (ChaimanoftheSociety)|DrJDavey(elected 2019,rcvicw2023)|
|---|---|
|DrPVNashftIonoraryTreasurer)|N Hewitt(clected2019, rcview 2023)|
|ARoach (LlonorarySecretary)|DrCHolt(elected2019, rcview2O23)|
|CommanderI\'IBarton(elected2021, revicw2025)|KJamieson(elected2021, rcvìcst 2025)|
|PBugden (clected 2019, review2023)|Capt PKing(elccted2020 review2024)|
|C.Bra¡rdon (elected 2019, review2023)|JMichell(elected 2021,review 2025)|
|D. Nudd(elected 2022,rcvie.ut2026)|DtKl)arker (elected2}21, review2025)|
|l,tComdr A Tclfer(elected2022, review2026)|DrCScheybeler (elected 2021,review2025)|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Forthe|year e|nded31De|cember20|22||
|---|---|---|---|---|---|
|||Unrestricted|Restdcted|Total|Total|
||Notes|Funds
{.|Funds
{,|2022t|2021
{.|
|INCOMEFROM:||||||
|Donationsand legacies|2|||7|1,103|
|Investments||||||
|hrvestmcnt incomeandintercstreceived|3|19,505|105,718|"125,223134,688||
|Charitable actiuities||||||
|Subscdptions|4|64,501||64,501|61,650|
|Publications, toyalties andcopyrightsales||21,183||21,183|106,981|
|||91,,684||91,684|168,631|
|Othe¡||1,000|948|1,948|1,000|
|TotalIncome||112,196|
"t06,666|278,862|305,422|
|EXPENDITUREON:||||||
|Raisingfunds||||||
|Investmentmâflâgementcosts
Charitable activities||15,722|.24,644|30,366|30,319|
|Grantsand donations payable|5|18,30ó|153,325|1,71,631|32,050|
|Publications|6|66,957||66,957|143,841|
|Ä,dvancing interestinnautical reseatch|8|25,167
110,430|153,325|25,167
263,755|22,282
198,179|
|TbtalExpenditure r r||116,152|1,17,969|294,121|228,498|
|Net(osses)/gaiäsoninvestments|lt|(78,ee3)|(s34,ooo)|(612,993)|490,422|
|NetIncomebefore transferc||(82,e4e)(60s,303)||(688,2s2)567,346||
|Transfers|t4|||||
|Netlncome fortheyear/Netmovementinfunds||(82,e4e)|(60s,303)|(688,2s2)|567,346|
|FundBalancesBroughtForward||964,630|4,850,665|5,815,295|5,247,949|
|FundBalancesCarriedForward|14|881,681|4,245,362|5,127,043|5,815,295|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|r)|Tualion
Thccompan¡asachadty, isexemptfromta-\ation.||||
|---|---|---|---|---|
|2|Voluntary fncome|2022
I||202r
I|
||Unn:tictedfind:||||
||Donationsandìegacics||7|1,103|
|3|Investment incomeandinterest received
UnrvslricÍedJands|2022I
19,505||2021
{,
78,948|
||RrstnaedJands|105,71|I|175,740|
|||_J25223_||__!1{!t|
##
##
||||
|---|---|---|
|Unnstriúedfands:
Grants Payable|20?2
{|202t{|
|Scottish NlaritimeIIistory Co¡fetence|500||
|AndcrsonRequest- Other|7,677|22|
|¡\ndersonArvards|3,045|1,589|
|lvfaritìme I-IistoryNorth|500|500|
|NervResearchersGr¿nt|500||
|Naval l)ockyards Conference|2,800||
|Supportcosts(ìJote8)|9,350|6,955|
|Rcstnxedfunds:|||
|National Maritime Museun||20,000|
|SupportcostsQ..lote8)|2,935|?o?(|
|National Museumofthe RoyalNary|150,000||
|VictoryMedal|390|49|
||777,637|32,050|
##
|6|PublicationCosts|||||2022I|2022I|2021I|
|---|---|---|---|---|---|---|---|---|
||Unrestrictedfands||||||||
||Genetal costofpublications||||41,172|||126,457|
||Support costs$Jote8)||||19||785|17|
||||||66,957|||143,847|
|7|Governance Costs||||||2022|2021|
||||||||{.|{.|
||Unre$r¡cledflnd.r||||||||
||Supportcosts(|.lote8)||||13,749|||12,326|
||,\uditand accoufltancy||||11.,695|||9,645|
||Othermanagement costs||||||150|150|
||||||25,594|||22,121|
||RerlriîtedÍil,tds||||||||
||r\uditand accountancy|||||2,085||2,085|
||Othermanagcmcnt costs||||||850|850|
||||||28,529|||25.056|
|I|Allocationof Other MembershipandSupportCosts|||Advancing|||||
|||Grants||lnterest||in||Governance|
||Yearto3lDecember2022|Payable
t|Publications
{,|Nautical|Research
t|||Costs
I|
||Ilembershipsecretaryfees|||73,200|||||
||'lravel,postage and genetalexpenses|2,775|2,775|||||5,549|
||I-ecture and conferences|||250|||||
||Victoryevents|||2,208|||||
||Profcssic¡n¿l|||||||700|
||PublicityandWebsitc||7,500|||||7,500|
|||2,775|".0,275|15,658||||"13,749|
||Dircctgovernance costs|||||||780|
|||2,775|
10,275|15,658||||28,529|
||,\llocation ofgovetnancesupportcosts|9,510|
9,510|9|||||
|||12,28519,785|||767||||
##
|Allocation of Other MembershipandSupp|ortCostsContinued||||
|---|---|---|---|---|
||||Àdvancing||
||Grants||Interestin|Governance|
|Year to31December2021
Nlcmbcrshipsecretaryfees|Payable Publications
t
{||NauticalResearch
,r5oo|{
Costs|
|Travcl,postage and genetalexpenses|1,538|1,538||3,076|
|l,ecfureandconlcrences|-|-|13O||
|I)rofessional||||1,750|
|Publicityand Websitc||7,500||7,500|
||1,538|9,038|13,930|12,326|
|Direct governancecosts||||12,730|
||1,538|9,038|13,930|25,056|
|t\llocation ofgovernancesupportcosts|8,352|8,352|8,352|(2s,056)|
||ls-9õ-Bt||22,282||
|9|Net IncomingResources|||
|---|---|---|---|
||Årestatedaftercharging:|2022|2021|
|||{,|{.|
||,\,uditot's temuneration|9,750|7,450|
||Trustcccxpensesreimbursedto2trustees Q021,:2 trustcc)|465|520|
|10|TangibleFixed,A.ssets|Plant&|
|---|---|---|
|||Machinery|
|||t"|
||Cost||
||r\sat1Januaty 2022anrl.31DecernÍ:er 2022|1,485|
||Depreciation||
||.Å,sat1January 2022a¡d31Deceml:et2022|1,484|
||Net BookValue||
||.A,sat1Januaty 2022aLnd31Dccer¡ber2022||
##
##
|their values arc calculated by referencetoinve|stmentsquoted onatecognised sto|stmentsquoted onatecognised sto|stmentsquoted onatecognised sto|ckexchange.||
|---|---|---|---|---|---|
||2022|||2021||
||||Market||Market|
||Cost
Ã{.{.[||Value|Cost|Value|
|Untestricted Funds||||||
|GeneralFund|188,260249,015|||185,514|
280,061|
|Designatcd Funds:||||||
|r\ndetsonBequestFund|198,207260,438|||265,427|287,569|
|TomlinBequestFund|48,867||
62,233|49,815|69,821|
|FarrarFund|131,168139,761|||132,941|163,423|
||566,502||711,447|633,697|800,874|
|Restricted Funds|2,902,1,86||4,057,289|2,770,798|4,591,141|
||3,468,688||4,768,736|3,404,495|5,392,015|
||IJnrestricted||Restricted|IJnrestricted|Restricted|
||Funds||Funds|Funds|Funds|
||{"||{.|{,|I|
|Balanccatbeginning ofyeat|786,951||4,451,335|735,300|4,096,429|
|Àdditions|16,005||179,663|52,264|320,865|
|Disposals atbookvalue|(22,740)||(e8,817)|(s7,301)|(399,669)|
|Net gains/(osses) oninvestments|Q8,ee3)||(s34,000)|56,688|433,734|
|Add:Cashbalancesincludcd ininvestments|10,224||59,108|13.923|139,782|
|Bala¡ce at endofycar|711,447|_4,0s1289||800,874|4,591,141|
||Market|Market|
|---|---|---|
||Value|Value|
||2022|2021|
||{.|{,|
|UKequities|955,729|2,378,762|
|UKlìixedI¡terest|20,404|805,714|
|UKindex linked|2,O30,515|23,677|
|Ovetseas cquities|1,417,529|1,495,293|
|OverseasFixed Intetest|215,123|534,864|
|Cash|69,436|153,705|
||4,768,736|5,392,015|
##
||Forthe year ended31De|cember2022||
|---|---|---|---|
|12|Debtors|2022
{,|2021t|
||Taxationand social securitydcbtor|1,290|692|
||Royaltydebtor|5,000|5,000|
||PodcastDebtor|329|5,336|
||Other dcbtors||887|
|||6,61,9|11,915|
|l3|Creditors:Amountsfallingduewithinoneyear|2022|2021|
|||Å|I|
||r\ccnrals and deferred income|29,137|30,815|
||Gtant creditor|150,000|100,000|
|||119,737|130,815|
|14|Funds|Balance at||||Balanceat|
|---|---|---|---|---|---|---|
|||lJan|Incoming|OutgoingTransfers|Investment|31Dec|
|||2022|Resources|Resources|Gains|2022|
||Unrestricted Funds
Genctal Fund|{.
433,377|{,
98,882|{.
(103,143)|{
(30,402)|{.
398,71,4|
||DcsþatedFìunds:||||||
||,\ndersonBequcst|302,446|7,1.11,|(7,04s)|(21,272)|215,240|
||TomlinBequest|71,388|1,882|(4,80s)|(6,se2)|61,873|
||I.'arrarIiund|157,419|4,321|(1,1se)|(14,727)|145,854|
|||964,630|112,196(116,1s2)||(78,ee3)881,681||
||Restricted Funds||||||
||SavetheVictory|4,081,557|90,792(173,228)||(462,526)|3,536,595|
||MacphersonCollection|769,'.108|15,874|4,741|(71,474)|708,161|
|||5,815,295|218.862Q94.121\||(612,ee3)|5,127,043|
##
##
##
##
##
##
|||Forthey|ear ended3|lDecem|ber2022|||
|---|---|---|---|---|---|---|---|
|14|Funds|Balanceat|||||Balance at|
|||lJat|Incoming|Outgoing|Tr¿nsfers|Investment|31Dec|
||Unrestricted Funds|202I
{,|Resources
t|Resources
I||Gains
ß|2021
{,|
||General F'und|409,930|117,91,9|(114,771)||20,299|433,317|
||Designated Funds:|||||||
||AndersonBequest|277,973|6,337|(4,00s)||22,742|302,447|
||TomlinBequest|65,546|1,688|(1,00e)||5,163|71,,388|
||FarrarFund|145,772|3,738|(1,176)||9,084|157,41.8|
|||899,227|189,ó82|
(180,961)||56,688|
964,630|
||Restricted Funds|||||||
||SavetheVictory|3,636,113|99,832|(22,814)||368,366|4,081,557|
||l\{açhersonCollection|712,555|15,908|(24,723)||65,368|769,108|
|||5,247,949|305.422|(228,498)||490,422|5,815,295|
|15|Analysis ofNetAssets betweenFunds|FixedAssets|Net|||
|---|---|---|---|---|---|
|||and|Current|2022|2021|
|||Investments|Assets|Total|Total|
|||{,|{,|{,|{,|
||Unrestricted funds|711,447|170,234|881,681|964,630|
||Restricted fi¡nds:|||||
||SavethcVictoryFund
Macpherson CollectionE¡dowmentF-und|3,424,040
633,249|112,555
75,51I|3,536,595
708,161|4,08"t,551
769,108|
|||4,768,736|358,307|5,127,043|_s,81:2es_|
##
##