OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

(A Company Limited by Guarantee) Company Number: 2848095 Charity Number: 1026357

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society for Nautical Research Contents Page

Page
Legal and Administrative information 1
Report of the Council 2 - 9
Independent Auditor's Report 10
Statement of Financial Activities 14
Balance Sheet 15
Notes to the Financial Statements 16 - 23

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society for Nautical Research Legal and Administrative Information

President

Jonathan Coad

Chairman

Dr J D Davies

Hon. Secretary and Company Secretary

Cdr M A Barton

Hon. Treasurer

P Northcott

Editor

Dr M Bellamy

Vice Presidents

Cdr J M Bingeman Dr A Coats Dr C Holt Dr Cathryn Pearce Lt Cdr F L Phillips Mr A M Roach Dr S Rose

Membership Secretary

Mrs H Garvey

Independent Auditor

Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP

Bankers

Barclays Bank plc 8/9 Hanover Square London W1A 4ZW

Investment Managers

Adam & Company 88 Wood Street London EC2V 7QR

Registered Office

9 Appold Street London EC2A 2AP

Page 1

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society for Nautical Research Trustees' Report For the year ended 31 December 2024

Status and Administration

The Society is a charitable company limited by guarantee (registration number: 2848095) registered with the Charity Commission number 1026357. The Council sets the policies of the Society and these are administered by the Chairman, Honorary Secretary and Honorary Treasurer. The governing document of the charity is the memorandum and articles of association which were updated and approved at the 2021 Annual General Meeting. There are no restrictions imposed by the governing document except the objects of the charity as stated below.

Objects

The principal activity of the company includes the promotion of research into nautical antiquities and matters relating to the history of seafaring and ship building, languages and customs of the sea and to publish the results of such research and otherwise advance public education in such subjects. In particular this includes the publication of The Mariner's Mirror quarterly. In addition there are two restricted funds, both of which are subsidiary charities, the Save the Victory Fund and the Macpherson Collection Endowment Fund. The Save the Victory Fund has been formed for the restoration and presentation to the public of Nelson's Flag Ship HMS Victory and the Macpherson Collection Endowment Fund acquires works of art for the National Maritime Museum.

Trustees

The Officers of the Society and the Council members are the Charity Trustees of the Society and are listed below:

:
Dr J D Davies Dr M Heaslip
C. Brandon Prof C Jowitt
Mark Barton K Jamieson
D Nudd S Fisher
A A Telfer J Michell Resigned on 13/09/2024
Capt P King Dr K Parker Resigned on 15/06/2024
H M Stockton Appointed on 19/09/2024 Dr P V Nash Resigned on 15/06/2024
P Budgen Appointed on 15/06/2024
Dr C Scheybeler
N Ball
HCunliffe

Trustee appointment, induction and training

The Articles of Association of the Society specify the election procedure for the Officers of the Society and the Council. In accordance with their obligations Council in each year nominates a list of willing candidates for election by the members of the Society at each properly constituted annual general meeting. These may be for the positions of Vice President or for Councillors as well as for the President and other Officers of the society. The Officers are obliged to submit themselves for re-election each year. The Councillors whose four year term of office has expired may stand for re-election. The final say as to which persons serve is made by the membership of the Society who are also asked to nominate candidates for election. All the Vice Presidents, Councillors and Officers are given a copy of the Memorandum of Understanding and the Articles of Association of the Society together with a copy of the Society’s Guide to the Conduct of Business. This includes a reminder that Vice Presidents have a working role and that Councillors and Officers are both Directors and Trustees of the Society and this reminder is reinforced in Council meetings from time to time by the Officers. The Directors and Trustees of the Society are helped to discharge their responsibilities through guidance in Council by the Officers, by receiving necessary papers recording the advice of the Society’s financial advisers and by receiving, at least once a year, a Risk Analysis Review. The Council’s particular contribution is a rigorous annual scrutiny of budget proposals and a quarterly review of progress. In addition, the Finance and General Purposes Committee receive an oral and written briefing every six months by the Society’s financial advisors. The frequency has increased during the difficult market conditions which have prevailed in recent years.

Page 2

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society for Nautical Research Trustees' Report For the year ended 31 December 2024

Key Management Personnel

The key management personnel of the society are the Officers and the Council members. The Officers are reelected every year by the Society at the AGM, and their efforts during the year speak for themselves. Council members have been elected on the basis of the wisdom and experience that they can bring to the Society. The vice presidents bring a wealth of experience across many fields to Council meetings, and are always available to give advice in their particular field of expertise if it is asked for. The Editor of the Mariner's Mirror, Dr Bellamy is remunerated at the rate of £2,000 per edition. The Editors' of Topmasts, were N Blanchford, succeeded by Bill Lindsay, for which they were remunerated at the rate of £1,000 per edition.

The Aims of the Society

To promote research into nautical antiquities, into matters relating to sea-faring and shipbuilding in all ages and among all nations, into the language and customs of the sea and into other subjects of nautical interest, to publish the useful results of such research and otherwise advance public education in such subjects (Memo of Association, updated 2021).

Objectives, Strategies and Achievements

This was achieved as usual with electronic
copies of The Mariner’s Mirror targeted at
institutional users by Taylor & Francis and
with hard copies for personal members.
Achievement
Topmasts is available electronically
through the SNR website.
Manage the website to reflect
the Society and its
achievements.		 The website reflects the
strengths and achievements of
the Society and uses social
media to reach new members.		 Membership figures continue to increase,
with members joining through activities
relating to the Forum and Topmasts.
Advance public education in
Maritime History.		 Provide financial support from
the budget set from the Tomlin
Fund for research conferences
and programmes of work. To
award the Anderson, Victory
and Centenary Medals as
appropriate.
Advance public education in
Maritime History.		 Provide financial support from
the budget set from the Tomlin
Fund for research conferences
and programmes of work. To
award the Anderson, Victory
and Centenary Medals as
appropriate.		 Three research grants (totalling £2,600)
were made to individuals and six grants
were made to support conferences and
seminars around the UK (totalling £2,900).
The Anderson Medal for best book in
Maritime History (2023) was awarded to
James Davey for his book Tempest: The
Royal Navy in the Age of Revolutions. The
Victory Medal was awarded to Alan
Watson, who masterminded the
reconstruction of HMS Medusa, a Second
World War Harbour Defence Motor
Launch.

Page 3

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society for Nautical Research Trustees' Report For the year ended 31 December 2024

Overview

This year is the twelfth to reflect the publishing arrangements between ourselves and Taylor & Francis for The Mariner’s Mirror, an INT1 category international publication in the European List of Humanities with high visibility and influence among researchers in the various research domains in different countries, regularly cited all over the world. Whilst still retaining editorial control of The Mariner’s Mirror and meeting the costs of editing and typesetting, the Society is no longer responsible for the printing and distribution of the journal which continues to be undertaken by Taylor & Francis. Council believes this partnership will continue to secure the Society’s standing in the electronic age. The Mariner’s Mirror is produced in electronic form and targeted by Taylor & Francis at institutional bodies who no longer want to receive publications in paper format. This has not only significantly increased The Mariner’s Mirror's exposure to the worldwide institutional market but it has also created online worldwide demand for full text downloads. The Mariner’s Mirror continues to be available in the traditional form to personal members of the Society.

This is the tenth year in which the SNR website managed by Burlington Partnership has continued to provide a dynamic and interactive platform covering the activities of the society and its members available to both existing and potential new members worldwide. It has now become the predominant source for securing new members. In addition, our electronic newsletter TOPMASTS remains extremely popular with our membership and continues to expand and provide an invaluable - if more informal - source of information and articles covering a wide spectrum of maritime interests. The Society has also continued the very successful programme of podcasts through Dr Sam Willis which we strongly believe is both beneficial to anyone interested in maritime history as well as to the profile and reputation of the SNR.

Review of Activities and Financial Results

The Society has recorded a surplus for the year ended 31 December 2024 amounting to £113,592 taking into account £6,779 which represented net gains on investments (2023: net gain £347,326). Investments for both unrestricted and restricted funds increased in market value by just over 0.17% from £5,340,730 to £5,349,948. As far as the balance sheet is concerned this increased the net assets by nearly 2.04% from £5,576,687 to £5,690,279.

Overall, this year’s operational activities are very encouraging despite the many political and economic changes within the global market. Once again, the Tomlin Fund was able to support conferences in different parts of the country while research grants have once again been in demand from both UK and overseas applicants. However, we were not called upon this year to consider major projects or support from our restricted funds associated with HMS Victory and the National Maritime Museum at Greenwich. We have nevertheless been able to remain very active in pursuing our publishing endeavours, both print and particularly on the website. Both Mariner’s Mirror and TOPMAST continue to be very well received and our website has been particularly busy, enhanced by the accelerated podcast programme successfully organised for the fifth by Dr Willis, which can be accessed through our website.

Our operating income and expenditure on core activities is steady and has been helped by a very good return on our investment income. However, overseas subscriptions have decreased very slightly to 30% from 33% of total subscriptions. Our contract with Taylor & Francis has enabled a further modest improvement in royalties in lieu of subscription income traditionally derived from our institutional membership subscriptions. Overall administration costs for the year have remained stable and within budget.

The Society has determined that given the uncertainty of the markets and general economic outlook which might affect the level of surplus year-end this was not the time to transfer £5,000 to the contingency fund held with our investment advisers Adam & Co. We try to achieve this each year but only if the surplus warrants it.

Page 4

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society for Nautical Research Trustees' Report For the year ended 31 December 2024

The following comments for each fund provide some background behind the overall results.

The Society’s Tomlin Fund provided £500 to the Naval Dockyards conference in Portsmouth, as well as £500 for the annual New Researchers conference. A further £500 was given to support Maritime History North as well as £250 to the BCMH for the Kings College maritime seminars and £650 to the University of Hull. The University of Exeter also received £500 to support the CMHS.

The Save the Victory Fund (STVF) was not called upon for funds this year, so it has continued to strengthen its balance sheet and continue to build up a very healthy liquid reserve for future demands.

The Macpherson Collection Endowment Fund was again not called upon to provide funds to the National Maritime Museum this year.

The Anderson Fund provided research grants amounting to just over £2,500 to the following recipients: E. Bujokova C.G. Ryan and P Huddle. It also continued to support the annual Anderson conference at Greenwich.

Risk Assessment

The Trustees have examined the financial and operational risks which the charity faces and confirm that systems controls and review procedures have been established to mitigate exposure to these risks.

In order to help manage these risks further, a Reserves Policy was adopted and first published in the Annual Report for 2001. This is reviewed annually and revised if necessary to reflect the financial circumstances in which the Society operates should these change significantly.

Although the Society has no fixed assets, nor places any reliance upon raising funds from new donors to meet commitments, it nevertheless considers the following types of risk to be the most important and the Society has therefore taken over time a number of appropriate steps designed to mitigate their impact.

Loss of reputation, whether through the website, our podcasts or The Mariner's Mirror, is a significant group of risks that would seriously affect the performance of the Society. Although there is a relatively low probability of this happening we nevertheless undertake certain continuing precautions including but not limited to vigilant management at all times, properly exercised moderation on the website as well as making sure we comply with all applicable regulations and legislation. Moreover, we continually monitor performance of Taylor & Francis as well as having in place a proper succession plan to ensure we maintain editorial continuity. We are also considering a more formalised approach to succession planning overall to ensure the Society has the necessary human resources in place to provide management continuity going forward.

The other major area of risk is financial including significant loss of funds or reserves due to negligence or incompetence by our investment advisers or collapse of investment markets. Again such events would be very serious if they were to happen although their likelihood remains relatively low provided we continue to monitor their performance through regular meetings including agreeing appropriate risk guidelines and performance assessment criteria.

The third broad group of risks are operational including uncontrolled budgetary excesses as well as fraud, theft or dishonesty by staff or third parties. The precautions we have taken for the former include but are not limited to applying a rigorous budgetary procedure that must be approved by the Trustees, and regularly monitored by the Finance & General Purposes committee. For the latter we have instituted liability insurance cover where and when appropriate, we have dual control of payments and disbursements while our payment systems on the website are secured with a ringfenced bank account for transfers via PAYPAL/STRIPE. Finally, we recognize that as a charity we must ensure a continuous and seamless operation of the Society’s affairs by ensuring we have established successor planning and potential for recruitment, particularly for volunteers which can be challenging for this sector.

Page 5

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society for Nautical Research Trustees' Report For the year ended 31 December 2024

Reserves Policy

The Reserves Policy of the Society has been determined based on the Society’s objectives and the current and expected future activities needed to fulfil these objectives. The trustees have set a policy after taking into account the foreseeable future income and expenditure patterns and associated risks. Its main features are:

Restricted Funds

Unrestricted Funds

The policy is designed to provide resources to fund the rest of the Society’s activities into the foreseeable future, including promotion of research into nautical antiquities and matters relating to the history of seafaring and ship building, languages and customs of the sea and to publish the results of such research and otherwise advance public understanding and education in these subjects. This requires the Society:

However, the major challenge before us remains the need to ensure we have the resources available to invest in the necessary technology to enable the Society to meet the needs of a changing readership market by adopting a number of web-based strategies including the digitization of The Mariner’s Mirror. As such the Farrar Fund continues to provide an assured source of potential funding for such development and has been structured from an investment point of view to provide both liquidity (for potentially sudden or urgent capital requirements) as well as longer term equity type support for the sort of transformation that is now well underway.

Our reserves are therefore derived from two sources. The first is by transferring every year whenever there is a sufficient surplus at year end, a sum of £5,000 to a contingency fund held by our investment managers intended to facilitate the Society’s ability to meet an unbudgeted or emergency liability that might prove difficult to fund from available current income at the time. The second source derives from surpluses reached in any year on our unrestricted funds where grants or donations are by nature erratic due to the nature of the purpose or economic environment.

Future plans

The Trustees are mindful that they are responsible for the heritage of the society and also for its healthy future. The commissioning of the new website was the first step towards a more electronically aware future which is already bringing in new members. There are other new projects in hand. The Research and Programs Committee continues to invite our members to suggest areas for new development. Their responses will be analysed, but it is pleasing to note that many members have indicated their approval of the developments which have taken place.

Page 6

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society for Nautical Research Trustees' Report For the year ended 31 December 2024

Investment Powers, Policy and Performance

On 31st December 2024, the value of the portfolios overseen by the Society totalled £5.35 million, representing an increase of 0.17% over 2024. This includes the Farrar Fund (c.£171k) which is managed with a lower risk mandate but excludes money accumulating in the income accounts of each portfolio. In aggregate all 6 portfolios produced income of £163,152 over the year.

By way of comparison, the Societies bespoke benchmark that was agreed with the trustees for all the portfolios bar the Farrar Fund, consisting of 50% FTSE All Share TR/20% FTSE All World ex UK (£) TR/30% Government All Stocks TR, rose 8.24% (gross of fees) during the year. The Retail Price Index (RPI) rose by 3.5% during 2024.

Market Review - Summary

2024 was a year where financial markets were largely influenced by three key themes: monetary policy, elections, and geopolitics.

Within monetary policy, investor sentiment was driven by expectations surrounding both the path of inflation and central bank decisions on interest rate. After pausing rate hikes in 2023, 2024 saw central banks began cutting interest rates. However, whilst the Federal Reserve (Fed), European Central Bank (ECB), and Bank of England (BoE) all moved to lower rates, the number, scale and pace of cuts was more muted than market expectations. The Bank of England largely anticipated to cut rates six times in 2024, only enacted two, The Fed delayed its first rate cut to until September, whilst the ECB made their first reduction before a short pause.

This "higher-for-longer" interest rate environment persisted for much of 2024, with the knock-on impact that Global Government bonds were relatively flat over the year and investors sought higher returns in corporate bonds, which supported by strong corporate balance sheets and stable profit margins provided yields in the region of 5-6%.

Investor sentiment was further significantly influenced by geopolitical shifts, with elections in 64 countries giving nearly half the global population an opportunity to reshape their nations’ political landscapes. Amid ongoing cost-of-living pressures, electorates expressed widespread dissatisfaction, leading to challenges for incumbent parties across various jurisdictions. The most consequential event for global markets was the U.S. presidential election, which saw Donald Trump return to office. While his policies on deregulation, tax cuts, and onshoring provided an initial boost to small and mid-cap stocks, his rhetoric on tariffs and trade protectionism created uncertainty, particularly weighing on Asian markets, most notably China.

Despite a challenging backdrop, 2024 proved to be a strong year for equities. Global equity markets posted a 17.8% return, with the U.S. market leading the way, rising 24%, driven by a combination of earnings growth and multiple expansion. Notably, the "Magnificent Seven" technology giants continued to dominate, delivering an average total return of 60.5%. This group now accounts for approximately 36% of the U.S. equity market and 26% of total earnings. However, their outsized influence raised concerns about high valuations and market concentration risks. While there were brief periods of market broadening—particularly after the U.S. election—these were short-lived, and the Magnificent Seven stocks resumed their leadership by year-end.

Looking ahead, uncertainty remains high with the key themes of 2024 continuing into 2025. Global GDP growth is projected to remain positive, however concerns over trade policies and its implication towards inflation and government debt levels continue to cast a shadow over financial markets.

This is likely to increase equity market volatility, particularly as the valuation levels of the mega-cap technology finished 2024 at elevated levels. The expectation is for a broadening of market returns, with the "other 493" stocks in the S&P 500 set to benefit. Europe may offer further opportunity, with earnings within this region forecast to grow at 8% and attractive valuations relative to U.S. peers .

Investment Objectives

a) Restricted funds

The investment objective of The Save the Victory Fund is to seek a balanced return from a combination of income and capital growth using a portfolio consisting of UK equities/funds, overseas equities/funds, fixed interest securities and cash. A ‘medium’ risk approach is adopted for the portfolio, with a strategic asset allocation split between equities and fixed interest/cash set at 70:30. The income generated from the portfolio during 2024 was £112,740.

Page 7

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society for Nautical Research Trustees' Report For the year ended 31 December 2024

Investment Objectives (continued)

The investment objective of the Macpherson Fund is to seek a balanced return from a combination of income and capital growth using a portfolio consisting of UK equities/funds, overseas equities/funds, fixed interest securities and cash. A ‘medium’ risk approach is adopted for the portfolio, with a strategic asset allocation split between equities and fixed interest/cash set at 70:30. The income generated from the portfolio during 2024 was £19,032.

b) Unrestricted Funds

The investment objectives for the SNR Fund, the Anderson Bequest Fund and the Tomlin Bequest Fund are to seek a balanced return from a combination of income and capital growth using a portfolio consisting of UK equities/funds, overseas funds, fixed interest securities and cash. A ‘medium’ risk approach is adopted for the portfolios, with a strategic asset allocation split between equities and fixed interest/cash set at 70:30.

Th l i d li d d i 2024 £113 4 9 £9 925 d £55 i l

In respect to the Farrar Fund, the benchmark is the Adam Income & Capital Preservation benchmark, which consists of 45% FTSE All Stocks Gilt Index, 40% FTSE All Share Index, 10% FTSE All World excluding UK Index and 5% cash. The income produced from the Farrar Fund in 2024 was £6,175.

Resources

The reserves are split between unrestricted and restricted funds that relate to the individual funds and unrestricted general funds available to the charity for day-to-day use. The Society’s assets are sufficient to meet its obligations.

Grant Making Policy

Grants will be made within the established objectives of the Society to promote research into nautical antiquities, into matters relating to seafaring and ship building in all ages and among all nations, into the language and customs of the sea and into other subjects of nautical interest, to publish the useful results of such a research and otherwise advance education in such subjects.

The Society holds various Trust Funds and bequests, whose monies are kept, managed and accounted for separately from its own financial affairs, with purposes dedicated to fulfil particular objectives.

• Anderson Bequest Fund

This fund was established by a bequest from the estate of Dr R C Anderson, and its income is available for grant in aid of research on maritime historical affairs in the widest possible sense. The funding of the Anderson Medals is also allocated from this fund for publications of particular merit on maritime history.

• The Tomlin Fund

The Tomlin Fund was created by a legacy from Lt Cmdr R J Tomlin. The income from this fund is used to support research in accordance with the Society's objectives and education in maritime historical affairs.

• Macpherson Trust

This fund is the residue of funds raised by subscription to purchase the Macpherson Collection of Prints for the National Maritime Museum. The income is devoted to grants for the purchase of prints and pictures for the National Maritime Museum.

• The Save the Victory Fund

This fund is the residue of a sum raised by public subscription for the restoration of HMS Victory, and is still open to supplement by donation .The income is reserved for grants devoted to the restoration of the ship to her 1805 state and to her presentation to the Public as such.

• The Farrar Fund

This fund was created by a legacy from the estate of Austin Farrar and its income and capital is available for projects designed to promote the awareness as well as the objectives of the Society.

Page 8

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society for Nautical Research Trustees' Report For the year ended 31 December 2024

Statement of Council Members' Responsibilities

The trustees (who are also the directors of the Society for Nautical Research for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)

Company law required trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Public benefit

We have referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Auditor

Moore Kingston Smith LLP have indicated their willingness to continue in office and in accordance with the provisions of the Companies Act it is proposed that they be re-appointed auditor for the ensuing year

Small company rules

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

By Order of the Council

Dr David Davies

Chairman of the Society

Date: 23 May 2025

6 Appold Street London

Page 9

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

Independent Auditor's Report to the Trustees of The Society For Nautical Reseach

Opinion

We have audited the financial statements of The Society For Nautical Research (‘the company’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 10

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

Independent Auditors' Report to the Trustees of The Society For Nautical Reseach

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Other matter

The comparative figures in the financial statements of The Society for Nautical Research were not audited, as the company did not require a statutory audit under the Companies Act 2006 or Charities Act 2011 in the prior year

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 11

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

Independent Auditors' Report to the Trustees of The Society For Nautical Reseach

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

Page 12

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

Independent Auditors' Report to the Trustees of The Society For Nautical Reseach

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Fullerton, Senior Statutory Auditor

for and on behalf of Moore Kingston Smith LLP Statutory Auditor

9 Appold Street London EC2A 2AP

Date: 23 May 2025

Page 13

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society For Nautical Reseach Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the year ended 31 December 2024

Notes
INCOME FROM:
Donations and legacies
2
Investments
Investment income and interest received
3
Charitable activities
Subscriptions
4
AGM Income
Podcast income
Publications, royalties and copyright sales
Other
Total Income
EXPENDITURE ON:
Raising funds
Investment management costs
Charitable activities
Grants and donations payable
5
Publications
6
Advancing interest in nautical research
8
Total Expenditure
Net gains/(losses) on investments
11
Transfers
14
Net Income/(Expenditure) for the
year/Net movement in funds
Fund Balances Brought Forward
Fund Balances Carried Forward
14
All amounts relate to continuing activities.
Net Income before transfers		 Unrestricted
Funds
£
-
31,380
64,236
3,853
1,524
28,473		 Restricted
Funds
£
-
131,772
-
-
-
-		 Total
2024
£
-
163,152
64,236
3,853
1,524
28,473		 Total
2023
£
5,035
138,526
65,198
-
1,699
26,672
98,086 - 98,086 93,569
168 - 168 1,000
129,634 131,772 261,406 238,130
3,379
20,533
81,955
26,455		 22,272
-
-
-		 25,651
20,533
81,955
26,455		 29,219
15,344
67,740
23,509
128,942 - 128,942 106,593
132,321 22,272 154,593 135,812
35,606 (28,827) 6,779 347,326
-
32,919
943,855
32,919		 -
80,673
4,632,832
80,673		 -
113,592
5,576,687
113,592		 -
449,644
5,127,043
449,644
976,774 4,713,505 5,690,279 5,576,687

The notes on pages 16 to 23 form part of these financial statements.

Page 14

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society For Nautical Reseach Balance Sheet

As at 31 December 2024

Notes 2024 2024 2023 2023
£ £ £ £
Fixed Assets
Tangible fixed assets 10 1 1
Investments 11 5,349,948 5,340,730
5,349,949 5,340,731
Current Assets
Debtors 12 17,214 6,395
Cash at bank and in hand 362,815 257,008
380,029 263,403
Creditors: Amounts falling due
within one year 13 (39,699) (27,447)
Net Current Assets 340,330 235,956
Net Assets 5,690,279 5,576,687
Unrestricted Funds 14, 15 976,774 943,855
Restricted Funds 14, 15 4,713,505 4,632,832
5,690,279 5,576,687

The notes on pages 16 to 23 form part of these financial statements.

The accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of the Financial Reporting Standard 102.

Approved by the Council Members, and authorised for issue, on 23 May 2025 and signed on their behalf by:

………………………………..

Dr David Davies Chairman of the Society

Companies House Number: 2848095

Page 15

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society For Nautical Reseach Notes to the Financial Statements For the year ended 31 December 2024

1 Accounting policies

Basis of Preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee in the United Kingdom and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011.

The charity has taken advantage of the provisions of Schedule 4 of the Companies Act and adapted the Companies Act formats to reflect the special nature of the charity's activities. Figures are rounded to the nearest pound.

Going concern

The trustees have assessed whether the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the trustees have considered the charitable company’s forecasts and projections and have taken account of pressures on subscription and publication income. After making enquiries, the trustees have concluded that there a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainty, is set out below.

All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Subscriptions received in advance of next year are carried forward in the balance sheet and will be included in the Statement of Financial Activities for the following year.

Other income, including publication sales, advertising, royalty income and conference income, is included in the accounts when receivable.

d) Donations

Donations are recognised as they are received except in the case where they relate to a specific future project, in which case they are deferred until the commencement of that project.

e) Legacies

Legacies include all unsolicited legacies. Legacies are taken into account when capable of financial measurement and receipt is virtually certain.

Page 16

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society For Nautical Reseach Notes to the Financial Statements For the year ended 31 December 2024

1 Accounting policies

Investments are stated in the financial statements at market value in accordance with the Statement of Recommended Practice issued by the Charity Commission. Gains or losses on investments are disclosed in the statement of financial activities showing separately realised gains from investment sales in the year (sale proceeds less market value last year) and unrealised gains arising from the increase in value during the year of investments still held. Investment income including the associated income tax recoverable is credited to income on a receivable basis.

g) Cash Flow Statement

The trustees have taken advantage of the exemptions available in FRS 102 and have chosen not to prepare a cash flow statement.

h) Resources Expended

Expenditure is included in the Statement of Financial Activities on a accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Wherever possible costs are directly attributed to headings that aggregate all costs related to the category. Costs common to more than one area are apportioned on the basis of time spent on each area or on a direct cost basis. The irrecoverable element of VAT is included with the expense item to which it relates. Costs of generating funds are those costs of seeking potential funders and applying for funding. Grants payable are accounted for on an accruals basis.

Support costs are those costs incurred in support of the charitable objectives. These have been allocated to the charitable activities on a basis that fairly reflects the true use of those resource within the organisation.

Governance costs are those incurred in the governance of the charity and are primarily associated with the constitutional and statutory requirements. The irrecoverable element of VAT is included with the expense item to which it relates.

i) Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

j) Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to reduce the asset and settle the liability simultaneously.

With the exception of deferred income, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 12 and 13 for details.

Page 17

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society For Nautical Reseach Notes to the Financial Statements For the year ended 31 December 2024

1 Accounting policies (continued)

k) Cash and cash equivalents

Cash and cash equivalents include cash in hand and current and fixed term deposits with banks that are accessible within 3 months.

The functional and presentation currency of the company is the pound sterling.

m) Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation is provided on tangible fixed assets to write off their cost over estimates of their useful lives at the following Computers - 33 1/3% straight line

n) Fund Accounting

Unrestricted : these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated : these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Restricted : these are funds that can only be used for particular restricted purposes within the objects of the charity. Capital funds with restrictions attached are included in this category. These funds consist of an original endowment and accumulated unspent restricted income.

The company, as a charity, is exempt from taxation.

2
Voluntary Income
Unrestricted funds
Donations and legacies
3
Investment income and interest received
Unrestricted funds
Restricted funds		 2024
£
-
2024
£
31,380
131,772
163,152		 2023
£
5,035
2023
£
22,549
115,977
138,526

4 Subscriptions

Of the subscription income, £19,271 was received from overseas (2023: £21,515). This equates to 30% of total subscription income (2023: 33%).

Subscription income includes the associated recoverable gift aid.

Grants Payable
Unrestricted funds:
Anderson Medal
Tomlin Awards and Research Grant
Anderson Conference
Anderson Awards
Maritime History North
University of Hull
BCMH Kings College maritime seminars
New Researchers conference
Naval Dockyards conference
Support costs (Note 8)
Restricted funds:
Support costs (Note 8)
Victory Medal		 2024
£
-
500
-
2,595
500
650
250
500
500
15,038
-
-
20,533		 2023
£
27
-
960
3,029
500
-
-
500
500
6,866
2,935
27
15,344

Page 18

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society For Nautical Reseach Notes to the Financial Statements For the year ended 31 December 2024

6 Publication Costs

Publication Costs
Unrestricted funds
General cost of publications
Support costs (Note 8)
Governance Costs
Unrestricted funds
Support costs (Note 8)
Audit and accountancy
Other management costs
Restricted funds
Audit and accountancy
Other management costs
Allocation of Other Membership and Support Costs
Year to 31 December 2024
Membership secretary fees
Travel, postage and general expenses
Lecture and conferences
AGM Cost
Membership cards
Publicity and Website
Bank charges
Direct governance costs
Allocation of governance support costs		 Grants
Payable
£
-
1,178
333
1,573
687
-
412
4,183
-
4,183
10,855
15,038		 Publications
£
-
1,178
333
1,572
687
13,290
412
17,472
-
17,472
10,855
28,327		 2024
2023
£
£
53,628
48,982
28,327
18,758
81,955
67,740
2024
2023
£
£
21,656
12,187
8,837
9,285
2,072
150
32,565
21,622
-
2,085
-
850
32,565
24,557
Advancing
Interest in
Governance
Nautical Research
Costs
£
£
15,600
-
-
2,356
-
666
-
3,146
-
1,375
-
13,290
-
824
15,600
21,656
-
10,909
15,600
32,565
10,855
(32,565)
26,455
-

7 Governance Costs

8 Allocation of Other Membership and Support Costs

Page 19

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society For Nautical Reseach Notes to the Financial Statements For the year ended 31 December 2024

8 Allocation of Other Membership and Support Costs Continued

Year to 31 December 2023
Membership secretary fees
Travel, postage and general expenses
Lecture and conferences
Victory events
Professional
Publicity and Website
Direct governance costs
Allocation of governance support costs		 Grants
Payable
£
-
1,615
-
-
-
-		 Publications
£
-
1,615
-
-
-
8,957		 Advancing
Interest in
Governance
Nautical Research
Costs
£
£
13,200
-
-
3,230
750
-
1,373
-
-
-
8,957
1,615
-		 10,572
-		 15,323
12,187
-
12,370
1,615
-
8,186
9,801		 10,572
-
8,186
18,758		 15,323
24,557
8,186
(24,557)
23,509
-

No staff were employed by the charity during 2024 (2023: None).

9 Net Incoming Resources

Are stated after charging:
Independent auditor's/examiner's remuneration
Trustee expenses reimbursed to 7 trustees (2023: 5 trustees)		 2024
2023
£
£
8,837
11,370
1,527
600

Trustee expenses related predominantly to travel costs. No trustee received remuneration in 2024 (2023: £Nil).

10 Tangible Fixed Assets
Cost
As at 1 January 2024 and 31 December 2024
Depreciation
As at 1 January 2024 and 31 December 2024
Net Book Value
As at 1 January 2024 and 31 December 2024		 Plant &
Machinery
£
1,485
1,484
1

Page 20

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society For Nautical Reseach Notes to the Financial Statements For the year ended 31 December 2024

11 Investments

Investments are listed on a recognised stock exchange or are held in units of common investment funds where their values are calculated by reference to investments quoted on a recognised stock exchange.

Unrestricted Funds
General Fund
Designated Funds:
Anderson Bequest Fund
Tomlin Bequest Fund
Farrar Fund
Restricted Funds
Balance at beginning of year
Additions
Disposals at book value
Net gains/(losses) on investments
Add: Cash balances included in investments
Balance at end of year
UK equities
UK Fixed Interest
UK index linked
Overseas equities
Overseas Fixed Interest
Cash		 Market
Cost
Value
£
£
176,666
282,490
204,386
294,208
64,293
73,580
139,712
170,657
585,058
820,935
3,019,270
4,529,013
3,604,328
5,349,948
Unrestricted
Restricted
Funds
Funds
£
£
782,890
4,557,840
116,887
818,855
(131,362)
(881,820)
35,606
(28,827)
16,914
62,965
820,935
4,529,013
2024		 Market
Cost
Value
£
£
187,075
268,349
221,520
296,218
64,000
67,514
135,605
150,809
608,200
782,890
3,106,265
4,557,840
3,714,465
5,340,730
Unrestricted
Restricted
Funds
Funds
£
£
701,192
3,998,109
125,827
490,884
(101,535)
(248,574)
49,013
296,171
8,393
21,250
782,890
4,557,840
Market
Market
Value
Value
2024
2023
£
£
2,277,125
2,103,743
773,261
1,223,366
-
20,194
1,937,977
1,633,326
281,706
330,457
79,879
29,644
5,349,948
5,340,730
2023		 Market
Cost
Value
£
£
187,075
268,349
221,520
296,218
64,000
67,514
135,605
150,809
608,200
782,890
3,106,265
4,557,840
3,714,465
5,340,730
Unrestricted
Restricted
Funds
Funds
£
£
701,192
3,998,109
125,827
490,884
(101,535)
(248,574)
49,013
296,171
8,393
21,250
782,890
4,557,840
Market
Market
Value
Value
2024
2023
£
£
2,277,125
2,103,743
773,261
1,223,366
-
20,194
1,937,977
1,633,326
281,706
330,457
79,879
29,644
5,349,948
5,340,730
2023
585,058
3,019,270
3,604,328
Unrestricted
Funds
£
782,890
116,887
(131,362)
35,606
16,914
820,935		 782,890
4,557,840
5,340,730
Restricted
Funds
£
3,998,109
490,884
(248,574)
296,171
21,250
4,557,840
Market
Value
2023
£
2,103,743
1,223,366
20,194
1,633,326
330,457
29,644
5,340,730

Page 21

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society For Nautical Reseach Notes to the Financial Statements For the year ended 31 December 2024

12 Debtors

Debtors
Taxation and social security debtor
Subscriptions
Royalty debtor
AGM Cost
Creditors: Amounts falling due within one year
Trade creditors
Accruals		 2024
£
1,862
5,614
7,738
2,000		 2023
£
859
-
5,000
536
17,214 6,395
2024
£
20,271
19,428		 2023
£
-
27,447
39,699 27,447

13 Creditors: Amounts falling due within one year

14
Funds
Unrestricted Funds
General Fund
Designated Funds:
Anderson Bequest
Tomlin Bequest
Farrar Fund
Restricted Funds
Save the Victory
Macpherson Collection		 Balance at
1 Jan
2024
£
427,664
292,865
66,668
156,658		 Incoming
Resources
£
113,479
9,925
55
6,175		 Outgoing
Resources
£
(125,514)
(4,120)
(1,988)
(699)		 Transfers
-
-
-
-		 Investment
Gains/(losses)
£
20,221
(794)
7,029
9,150		 Balance at
31 Dec
2024
£
435,850
297,876
71,764
171,284
943,855
3,856,492
776,340		 129,634
112,740
19,032		 (132,321)
(17,819)
(4,453)		 -
-
-		 35,606
(13,043)
(15,784)		 976,774
3,938,370
775,135
5,576,687 261,406 (154,593) - 6,779 5,690,279

Designated Funds

The designated funds will be spent in line with the investment income that becomes available and will be spent in accordance with the designations as per the below:

The Anderson Bequest

This fund is used to fund grants for research work on maritime history in general. The transactions of the fund are separately recorded and were created from unrestricted legacies received.

The Tomlin Bequest Fund

This fund is designated by the Council to augment financial support for conferences and other Society activities.

The Farrar Fund

This fund was created by a legacy from the estate of Austin Farrar and its income and capital is available for projects designed to promote awareness as well as the objectives of the society.

Restricted Funds

The restricted funds comprise two endowment funds which are the Save the Victory Fund and the Macpherson Collection Endowment Fund. The Save the Victory Fund engages in activities that preserve and restore HMS Victory. The Macpherson Collection Endowment Fund purchases works of art for the National Maritime Museum.

Page 22

Docusign Envelope ID: 37A0BC88-C4A6-4588-B8F7-579E1B083B9A

The Society For Nautical Reseach Notes to the Financial Statements

For the year ended 31 December 2024

14
Funds
Unrestricted Funds
General Fund
Designated Funds:
Anderson Bequest
Tomlin Bequest
Farrar Fund
Restricted Funds
Save the Victory
Macpherson Collection		 Balance at
1 Jan
2023
£
398,714
275,240
61,873
145,854
881,681
3,536,595
708,767
5,127,043		 Incoming
Resources
£
108,589
7,326
1,458
4,780
122,153
97,849
18,128
238,130		 Outgoing
Resources
£
(99,720)
(6,354)
(1,945)
(1,074)
(109,093)
(22,060)
(4,658)
(135,811)		 Transfers
-
-
-
-
-
-
-
-		 Investment
Gains
£
20,081
16,653
5,282
7,098
49,114
244,108
54,103
347,325		 Balance at
31 Dec
2023
£
427,664
292,865
66,668
156,658
943,855
3,856,492
776,340
5,576,687
15
Analysis of Net Assets between Funds
Unrestricted funds
Restricted funds:
Save the Victory Fund
Macpherson Collection Endowment Fund		 Fixed Assets
and
Investments
£
820,936
3,819,192
709,821
5,349,949		 Net
Current
Assets
£
155,838
119,178
65,314
340,330		 2024
Total
£
976,774
3,938,370
775,135
5,690,279		 2023
Total
£
943,857
3,856,489
776,341
5,576,687

16 Councils' Liability

In the event of the company being wound up, the liability of each member is limited to £1. At 31 December 2024, there were 16 members.

17 Related party transactions

During the year, Helen Garvey, the membership secretary received fees of £15,600 (2023: £13,200).

The key management personnel of the society are the Officers and the Council members. They were not remunerated in the year (2023: £nil).

Page 23