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2025-12-31-accounts

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

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

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society for Nautical Research Contents Page

Page
Legal and Administrative information 1
Report of the Council 2 - 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 - 20

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

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 B Roach Dr S Rose

Membership Secretary

Mrs H Garvey

Independent Examiner

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: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society for Nautical Research Trustees' Report For the year ended 31 December 2025

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 H Cunliffe
C Brandon Dr M Heaslip
D Nudd C E Jowitt
A A Telfer Dr K Parker Appointed on 07/06/2025
Capt P King S Fisher
H M Stockton K Jamieson
P Budgen Dr N Hewitt Appointed on 07/06/2025
Dr C Scheybeler M A Barton
N Ball Resigned on 07/06/2025

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: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society for Nautical Research Trustees' Report For the year ended 31 December 2025

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 Editor of Topmasts, N Blanchford, is 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

----- Start of picture text -----
Objective Strategy Achievement
Publish The Mariner’s Mirror Support the work of the Editor, This was achieved as usual with electronic
four times per annum. the Hon. Reviews Editor and copies of The Mariner’s Mirror targeted at
the Editorial Board. institutional users by Taylor & Francis and
(Operations overseen by the with hard copies for personal members.
Publications Committee).
Publish Topmasts, the Support the work of the Topmasts is available electronically
Society's newsletter, four Topmasts Editor. through the SNR website.
times a year.
Manage the website to reflect The website reflects the Membership figures continue to increase,
the Society and its strengths and achievements of with members joining through activities
achievements. the Society and uses social relating to the Forum and Topmasts.
media to reach new members.
Advance public education in Provide financial support from Three research grants (totalling £2,000)
Maritime History. the budget set from the Tomlin were made to individuals and three grants
Fund for research conferences were made to support conferences and
and programmes of work. To seminars around the UK (totalling £3,300).
award the Anderson, Victory The Anderson Medal for best book in
and Centenary Medals as Maritime History (2023) was awarded to
appropriate. 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.
----- End of picture text -----

Page 3

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society for Nautical Research Trustees' Report For the year ended 31 December 2025

Overview

This year is the thirteenth 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. Currently 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 is undertaken by Taylor & Francis. This is done both digitally and in paper format. This arrangement is currently under review as the Council endeavours to secure the Society’s standing in the electronic age. As the Society moves forward it is seeking to address the challenge presented by getting a satisfactory balance over the challenges of AI, copyright while ensuring the original research is available to the wider public with its publications.

This is the eleventh 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 in 2025 alone produced and made available to the general public, fourty-two podcasts. This has enabled the Society to become the number one podcaster on maritime and naval matters in the world.

Review of Activities and Financial Results

The Society has recorded a surplus for the year ended 31 December 2025 amounting to £660,195 taking into account £588,954 which represented net gains on investments (2024: net gain £6,779). Investments for both unrestricted and restricted funds increased in market value by nearly 14% from £5,349,948 to £6,082,029. As far as the balance sheet is concerned this increased the net assets by nearly 12% from £5,690,279 to £6,350,474.

The operational performance of the Society in 2025 was very similar to 2024, with only a small reduction in investment income, which is discussed later on. 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 sixth full year 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 healthy return on our investment income. Furthermore, the overseas subscriptions have increased from 30% to 34% 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.

Page 4

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society for Nautical Research Trustees' Report For the year ended 31 December 2025

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

The Society’s Tomlin Fund provided £650 to the Naval Dockyards Conference in Portsmouth, as well as £2,000 for the Bowlines Maritime Literature Festival with the Exeter Canal & Quay Trust. A further £650 was given to support Maritime History North as well as £650 to the BCMH for the Kings College Maritime Seminars and £850 to the University of Hull. The University of Exeter also received £500 to support the CMHS.

The SNR Fund was used to award a grant of £500 to the Rescue Wooden Boats.

The Save the Victory Fund (STVF) awarded £5,000 to John Puddy at the Steamship Freshspring Trust as part of the award of the Victory Medal.

The Macpherson Collection Endowment Fund was again not called upon to provide funds to the National Maritime Museum this year but is expected to do so next year. The Anderson Fund provided research grants amounting to just over £1,140 to the following recipients: R Thompson and B Redding. It also continued to support the annual Anderson lecture 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: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society for Nautical Research Trustees' Report For the year ended 31 December 2025

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:

Our reserves are therefore derived from two sources. The first is several easy access accounts held with Barclays Bank Plc and more restricted 90 day accounts with Coutts. 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 Society decided to take a hard look at the Investment Funds we hold with Canaccord to see whether there were any changes that could be made to reduce costs and to make the administration of them easier for all concerned. A report was presented to the Council which proposed that the Save The Victory and MacPherson should remain as they are, but the Farrar, Tomlin and Anderson funds should be amalgamated with the Society for Nautical Research Fund. The restrictions that apply to the four of them are entirely a result of previous SNR Council decisions; not a requirement of the fund or even the intent of the donor. In the process of producing the report it was also recommended that we look at ways of getting more money ‘out the door’ in terms of grants and contributions to maritime projects. Starting in 2026 there will be more money available for individuals and organisations to apply for. We have also launched a STV Major Research Grant to the value of £35,000. This is a single project which will be awarded to a recipient of high merit working within areas relating to HMS Victory. This will be funded by a drawdown from the STV Fund only once a project has been approved. For other grants, which have previously been funded by the unrestricted funds, there will be a drawdown at the beginning of a new financial year and the money kept in easy access reserves to make payments quicker. It was raised at Council that we should not remove the names of donors in relation to grants paid out and awards will be named in remembrance of those who have helped the Society survive and thrive.

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Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society for Nautical Research Trustees' Report For the year ended 31 December 2025

Investment Powers, Policy and Performance

On 31st December 2025, the value of the portfolios overseen by the Society totalled £6.16 million, which represents an increase of 7.6% from the value a year ago. This figure includes the Farrar Fund (c.£191k) which is managed with a lower risk mandate. Adjusting for all withdrawals, and the size of the different portfolios, the weighted average performance net of fees over the year (including the Farrar Fund) was 5.3%. In aggregate all 6 portfolios produced income of £135,215 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 14.9% (gross of fees) during the year. The Retail Price Index (RPI) rose by 4.2% during 2025.

Following a review of the various unrestricted portfolio’s the committee made the decision to combine all unrestricted accounts.

Market Review - Summary

Markets entered 2025 with a high degree of confidence. The election of Donald Trump was widely interpreted as a catalyst for pro-growth policy, with expectations centred on tax cuts, deregulation and a more supportive environment for corporate profitability. This optimism drove strong market performance into the early part of the year.

That backdrop shifted abruptly when Trump announced a series of tariffs on nations across the globe. Markets, which had been positioned for policy support, were forced to reprice the implications of a more protectionist stance within the US. The result was a sharp increase in uncertainty, accompanied by a meaningful sell-off in global equity markets. In early April, markets fell between 10–12% in a matter of days—one of the steepest short-term declines in recent years. The situation was not helped by Trumps rapidly changing views on what the appropriate level of tariff to a nation should be. This period of instability weighed on business confidence, disrupting supply chains and complicating investment decisions. Consumers, already adjusting to a higher cost of living, remained cautious, and markets lacked clear direction through much of the second and third quarters.

In spite of the prevailing uncertainty, a second more powerful trend began to take hold and investment in artificial intelligence accelerated significantly. Demand for digital infrastructure, compute capacity and AI capabilities surged, with major technology firms committing substantial capital to secure their position in what is increasingly seen as a defining technological shift. This wave of investment provided a renewed engine for markets, with equity indices recovering from earlier weakness and moving to new highs, driven in large part by companies exposed to AI and its supporting ecosystem.

We continue to believe that artificial intelligence will deliver a meaningful change in global productivity over time. However, the pace and scale of current investment raise important questions. The intensity of the current AI arms race suggests that, while the long-term opportunity is clear, the near-term trajectory is unlikely to be linear. Periods of excess investment have historically been followed by consolidation, and we do not expect this cycle to be any different. It is also notable that much of the more speculative behaviour remains concentrated within private markets, where valuations and capital deployment have, in some cases, moved ahead of underlying fundamentals.

While price pressures have eased from their peak levels, inflation continues to run above target in many developed economies. This has constrained the ability of central banks to deliver the level of monetary easing that markets had initially anticipated. As the year progressed, expectations shifted. Rather than a sustained cycle of rate cuts, the consensus moved towards a more limited path of easing, with some analysts suggesting that economies are approaching the end of the current rate-cutting cycle altogether. This has reinforced a more disciplined market environment, where earnings quality, balance sheet strength and cash flow generation have become increasingly important.

Against this backdrop, diversification has once again proven its value. Fixed income has re-established its role within portfolios, providing stability during periods of equity market stress. With yields at more attractive levels than in recent years, bonds are once again able to offer both income and defensive characteristics. At the same time, gold and other precious metals have performed strongly, reflecting a growing demand for alternative stores of value in an environment characterised by geopolitical tension and persistent inflation risk.

2025 has ultimately been a year defined by shifting narratives. What began with optimism around policy support gave way to uncertainty driven by trade tensions, before being propelled forward by the rapid advancement of artificial intelligence. While the environment remains complex, the principles of successful investing remain unchanged. A focus on fundamentals, disciplined risk management and a long-term perspective continue to guide our approach. We remain, as ever, long-term investors—and optimists—because we see little point in being anything else.

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Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society for Nautical Research Trustees' Report For the year ended 31 December 2025

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 2025 was £96,714.

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 2025 was £17,321.

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. Respectively, the actual income delivered during 2025 was £10,592, £8,443 and £nil.

In respect to the Farrar Fund, the benchmark is the Morningstar GBP Allocation 40-60% Equity. The income produced from the Farrar Fund in 2025 was £5,583.

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.

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Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society for Nautical Research Trustees' Report For the year ended 31 December 2025

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.

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.

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.

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: 14/7/2026

6 Appold Street London EC2A 2AP

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Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

Independent Examiner's Report to the Trustees of The Society For Nautical Research

I report to the charity trustees on my examination of the accounts of The Society for Nautical Research for the year ended 31 December 2025.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the 2011 Act (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Adam Fullerton, FCA, DChA For and on behalf of Moore Kingston Smith LLP Chartered Accountants

9 Appold Street London EC2A 2AP

Date: 14/7/2026

Page 10

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society For Nautical Research Statement of Financial Activities

(Incorporating an Income and Expenditure Account) For the year ended 31 December 2025

Notes
INCOME FROM:
Donations and legacies
Donations
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
Net Income before transfers
Transfers
14
Net Income/(Expenditure) for the
year/Net movement in funds
Fund Balances Brought Forward
Fund Balances Carried Forward
14		 Unrestricted
Funds
£
11,851
24,618
68,900
2,647
1,720
25,735
99,002
-
135,471
6,010
25,738
90,876
23,840
140,454
146,464
89,654
78,661
-
78,661
976,774
1,055,435		 Restricted
Funds
£
-
114,035
-
-
-
-
-
-
114,035
26,801
5,000
-
-
5,000
31,801
499,300
581,534
-
581,534
4,713,505
5,295,039		 Total
2025
£
11,851
138,653
68,900
2,647
1,720
25,735
99,002
-
249,506
32,811
30,738
90,876
23,840
145,454
178,265
588,954
660,195
-
660,195
5,690,279
6,350,474		 Total
2024
£
-
163,152
64,236
3,853
1,524
28,473
98,086
168
261,406
25,651
20,533
81,955
26,455
128,942
154,593
6,779
113,592
-
113,592
5,576,687
5,690,279

All amounts relate to continuing activities.

The notes on pages 13 to 20 form part of these financial statements.

Page 11

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society For Nautical Research Balance Sheet

As at 31 December 2025

Notes
Fixed Assets
Tangible fixed assets
10
Investments
11
Current Assets
Debtors
12
Cash at bank and in hand
Creditors: Amounts falling due
within one year
13
Net Current Assets
Net Assets
Unrestricted Funds
14, 15
Restricted Funds
14, 15		 2025
£
16,978
257,566
274,544
(6,100)		 2025
£
1
6,082,029
6,082,030
268,444
6,350,474
1,055,435
5,295,039
6,350,474		 2024
£
17,214
362,815
380,029
(39,699)		 2024
£
1
5,349,948
5,349,949
340,330
5,690,279
976,774
4,713,505
5,690,279

The notes on pages 13 to 20 form part of these financial statements.

The directors state:

(a) For the year ended 31st December 2025 the charitable company was entitled to exemption under Section 477 of the Companies Act 2006.

(b) No notice from Trustees requiring an audit has been deposited under Section 476 of the Companies Act 2006.

(c) The directors acknowledge their responsibilities for:

(i) ensuring that the charitable company keeps accounting records which comply with Section 386 of the Companies Act 2006, and

(ii) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year, and of its income and expenditure for the financial year, in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the charitable company.

(d) 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 13/7/2026 and signed on their behalf by:

……………………………….. ……………………………….. Mark Barton Dr David Davies

Companies House Number: 2848095

Page 12

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society For Nautical Research Notes to the Financial Statements For the year ended 31 December 2025

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.

c) Other Income

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 13

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society For Nautical Research Notes to the Financial Statements For the year ended 31 December 2025

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 14

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society For Nautical Research Notes to the Financial Statements For the year ended 31 December 2025

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.

l) Functional currency

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 rates:

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.

o) Taxation

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

2
Voluntary Income
Unrestricted funds
Donations and legacies
Gift aid
3
Investment income and interest received
Unrestricted funds
Restricted funds		 2025
£
799
11,052
11,851
2024
£
24,618
114,035
138,653		 2024
£
-
-
-
2024
£
31,380
131,772
163,152

Of the subscription income, £23,175 was received from overseas (2024: £19,271). This equates to 34% of total subscription income (2024: 30%).

Subscription income includes the associated recoverable gift aid.

Grants Payable
Unrestricted funds:
Tomlin Awards and Research Grant
Anderson Awards
Maritime History North
University of HULL
BCMH NR conference
New Researchers Grant
Naval Dockyards Conference
Rowan Thompson
Exeter Canal and Quay Trust
University of Exeter
Rescue Wooden Boats
University of Strathclyde
BCMH - BCMH New Researchers 2025 Hull Conference
National Museums Scotland
Support costs (Note 8)
Restricted funds:
Steamship Freshspring Trust		 2025
£
-
4,296
650
-
650
-
650
533
2,000
500
500
500
850
400
14,209
5,000
30,738		 2024
£
500
2,595
500
650
250
500
500
-
-
-
-
-
-
-
15,038
-
20,533

Page 15

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society For Nautical Research Notes to the Financial Statements For the year ended 31 December 2025

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		 2025
2024
£
£
63,475
53,628
27,401
28,327
90,876
81,955
2025
2024
£
£
20,335
21,656
6,042
8,837
5,544
2,072
31,921
32,565

7 Governance Costs

8 Allocation of Other Membership and Support Costs

Year to 31 December 2025
Membership Secretary
Lectures & Conferences
AGM Costs
Membership Cards & Badges
Room Hire & Refreshments
Website Operational Management
Bank Fees
Stripe Commission
Paypal Commission
Postage, Freight & Courier
General Expenses
Management Liability Insurance
Travel - National
Direct governance costs
Allocation of governance support costs		 Grants
Payable
£
-
667
1,227
769
97
-
29
208
115
87
195
95
80
3,569
-
3,569
10,640
14,209		 Publications
£
-
667
1,227
769
97
13,194
28
208
114
86
195
95
80
16,760
-
16,760
10,641
27,401		 Advancing
Interest in
Nautical
Research
Governance
Costs
£
£
13,200
-
-
1,335
-
2,454
-
1,538
-
195
-
13,194
-
59
-
416
-
230
-
172
-
390
-
191
-
161
13,200
20,335
-
11,586
13,200
31,921
10,640
(31,921)
23,840
-

Page 16

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society For Nautical Research Notes to the Financial Statements For the year ended 31 December 2025

8 Allocation of Other Membership and Support Costs Continued

----- Start of picture text -----
|||||| |---|---|---|---|---| |Advancing| |Grants|Interest in|Governance| |Year to 31 December 2024|Payable|Publications|Nautical Research|Costs| |£|£|£|£| |-|-|-| |Membership secretary fees|15,600| |-| |Travel, postage and general expenses|1,178|1,178|2,356| |Lecture and conferences|333|333|-|666| |-|-|-|-| |Victory events| |AGM Cost|1,573|1,572|3,146| |Membership Cards|687|687|-|1,375| |-|-| |Publicity and Website|13,290|13,290| |Bank Charges|412|412|-|824| |4,183|17,472|15,600|21,656| |-|-|-| |Direct governance costs|10,909| |-|-| |4,183|17,472|15,600|32,565| |Allocation of governance support costs|10,855|10,855|10,855|(32,565)| |-| |15,038|28,327|26,455|

----- End of picture text -----

No staff were employed by the charity during 2025 (2024: None).

9 Net Incoming Resources

----- Start of picture text -----
|||| |---|---|---| |Are stated after charging:|2025|2024| |£|£| |Independent examiner's/auditor's remuneration|6,042|8,837| |Trustee expenses reimbursed to 5 trustees (2024: 7 trustees)|635|1,527|

----- End of picture text -----

Trustee expenses related predominantly to travel costs. No trustee received remuneration in 2025 (2024: £Nil).

----- Start of picture text -----
|||| |---|---|---| |10|Tangible Fixed Assets|Plant &| |Machinery| |£| |Cost| |As at 1 January 2025 and 31 December 2025|1,485| |Depreciation| |As at 1 January 2025 and 31 December 2025|1,484| |Net Book Value| |As at 1 January 2025 and 31 December 2025|1|

----- End of picture text -----

Page 17

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society For Nautical Research Notes to the Financial Statements For the year ended 31 December 2025

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
Transfer
Balance at end of year
UK equities
UK Fixed Interest
Overseas equities
Overseas Fixed Interest
Cash		 Market
Cost
Value
£
£
223,307
302,792
269,535
340,189
65,646
80,975
154,903
191,018
713,391
914,974
3,917,642
5,167,055
4,631,033
6,082,029
Unrestricted
Restricted
Funds
Funds
£
£
820,935
4,529,013
334,441
2,305,050
(328,388)
(2,149,217)
89,654
499,300
(1,668)
(17,091)
914,974
5,167,055
2025		 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
Market
Market
Value
Value
2025
2024
£
£
1,634,608
2,277,125
1,325,352
773,261
2,811,030
1,937,977
249,920
281,706
61,119
79,879
6,082,029
5,349,948
2024

Page 18

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society For Nautical Research Notes to the Financial Statements For the year ended 31 December 2025

12
Debtors
Taxation and social security debtor
Subscriptions
Royalty debtor
Podcast Income
Gift Aid
AGM Cost
Prepayments
13
Creditors: Amounts falling due within one year
Accounts payables
Accruals
14
Funds
Balance at
1 Jan
Incoming
2025
Resources
Unrestricted Funds
£
£
General Fund
435,850
121,445
Designated Funds:
Anderson Bequest
297,876
8,443
Tomlin Bequest
71,764
-
Farrar Fund
171,284
5,583
976,774
135,471
Restricted Funds
Save the Victory
3,938,370
96,714
Macpherson Collection
775,135
17,321
5,690,279
249,506		 Outgoing
Resources
£
(136,730)
(3,418)
(4,980)
(1,336)
(146,464)
(26,869)
(4,932)
(178,265)		 Transfers
£
-
-
-
-
-
-
-
-		 2025
£
1,069
5,271
5,000
130
5,000
-
508
16,978
2025
£
1,100
5,000
6,100
Investment
Gains/(losses)
£
27,860
38,124
7,657
16,013
89,654
391,880
107,420
588,954		 2024
£
1,862
5,614
7,738
-
-
2,000
-
17,214
2024
£
20,271
19,428
39,699
Balance at
31 Dec
2025
£
448,425
341,025
74,441
191,544
1,055,435
4,400,095
894,944
6,350,474

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 designed to promote awareness as well as the objectives of the society.

Page 19

Docusign Envelope ID: AE21C930-15F2-8225-82E3-F9EFFADDCC6B

The Society For Nautical Research Notes to the Financial Statements For the year ended 31 December 2025

14 Funds (continued)

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.

Balance at
1 Jan
2024
Unrestricted Funds
£
General Fund
427,664
Designated Funds:
Anderson Bequest
292,865
Tomlin Bequest
66,668
Farrar Fund
156,658
943,855
Restricted Funds
Save the Victory
3,856,492
Macpherson Collection
776,340
5,576,687
15
Analysis of Net Assets between Funds
Unrestricted funds
Restricted funds:
Save the Victory Fund
Macpherson Collection Endowment Fund		 Incoming
Resources
£
113,479
9,925
55
6,175
129,634
112,740
19,032
261,406		 Outgoing
Resources
£
(125,514)
(4,120)
(1,988)
(699)
(132,321)
(17,819)
(4,453)
(154,593)
Fixed Assets
and
Investments
£
914,974
4,329,884
837,172
6,082,030		 Transfers
-
-
-
-
-
-
-
-
Net
Current
Assets
£
140,461
70,211
57,772
268,444		 Investment
Gains
£
20,221
(794)
7,029
9,150
35,606
(13,043)
(15,784)
6,779
2025
Total
£
1,055,435
4,400,095
894,944
6,350,474		 Balance at
31 Dec
2024
£
435,850
297,876
71,764
171,284
976,774
3,938,370
775,135
5,690,279
2024
Total
£
976,774
3,938,370
775,135
5,690,279

16 Councils' Liability

In the event of the company being wound up, the liability of each member is limited to £1. At 31 December 2025, there were 16 members.

17 Related party transactions

During the year, Helen Garvey, the membership secretary received fees of £13,200 (2024: £15,600).

The key management personnel of the society are the Officers and the Council members. They were not remunerated in the year (2024: £nil).

Page 20