OpenCharities

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

2023-09-30-accounts

Charity registration number 1140497

Company registration number 07455580 (England and Wales)

MARITIME ARCHAEOLOGY SEA TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

MARITIME ARCHAEOLOGY SEA TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J M Jefferson
A K Dymock
P A J Cordingley
E Bussey-Jones
P C Goodship
Mrs H J Brailsford (Appointed 13 June 2023)
D Tweedle (Appointed 11 January 2024)
Charity number 1140497
Company number 07455580
Registered office 22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Independent examiner Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB

MARITIME ARCHAEOLOGY SEA TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 14

MARITIME ARCHAEOLOGY SEA TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

The trustees present their annual report and financial statements for the year ended 30 September 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The objectives of the charitable company as set out in the governing document are:

To advance the education on the public in the maritime heritage, focusing in particular (but without limitation) on maritime archaeological material, by such means as the directors in their discretion shall from time to time think fit including:

In setting the objectives and planning the activity of the charitable company, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

We believe that to protect our nation's future we must understand our past. We believe that this country's rich maritime heritage can provide a critical insight to our history, through the underwater archaeology resulting from thousands of years of trade, wars and alliances.

We believe that we have a chance to preserve our future, but only together with the help of the people who are forging it, by evaluating and recording our underwater archaeology.

Below are some highlights.

The Maritime Observatory: We continued working with OceanMind, a not-for-profit organisation which specialises in the monitoring of illegal, unreported and unregulated fishing for governments and the private sector, to harness the growing capabilities of the space sector to better protect important maritime sites from unauthorised salvage.

This Maritime Observatory function has been proven nationally and we are now working with European and British partners, concentrating in 2023 on Dutch heritage, sites in the South China Sea, a Bronze Age site off the Sicilian coast (funded by the Honor Frost Foundation) and also off the UK coast, funded by Historic England, concerned by looting at sea off the south and east coasts. (The reports are available on our website).

The Observatory establishes a cross-sector team with strong government input that creates a hub for monitoring the maritime domain and sharing intelligence with relevant stakeholders to protect important maritime sites. Observatory work in the South China Sea also highlighted internationally the flagrant looting of naval war graves from World War Two by a Chinese salvage barge, in particular of HMS Prince of Wales.

New technology for finding and exploiting wrecks has allowed increased unauthorised salvage activity in the high seas beyond territorial waters where criminals exploit the limited jurisdiction and absence of enforcement. There is a huge disparity between the protection afforded to military remains ashore and those on the seabed which has enabled WWI and WWII wrecks to be ravaged. The Observatory is combining OceanMind’s satellite surveillance with specialist intelligence to enable much more effective monitoring of known wreck sites and the tracking of bad actors.

MARITIME ARCHAEOLOGY SEA TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

In 2023 the Observatory uncovered the wholesale looting of the WW2 HMS Prince of Wales in the South China Sea by a Chinese barge, the Chuan Hong 68 , following the looters all the way to a breaker’s yard in Malaysia, leading to their arrest. And an ongoing investigation.

The Observatory recently completed a second project with the Netherlands Information and Heritage Inspectorate and its Cultural Heritage Agency to monitor certain Dutch wreck sites. We combined our archaeological expertise and specialist knowledge with the advanced technologies operated by OceanMind. During this project we employed SAR and EO satellite imagery to identify vessels operating within 0.5 NM of the wrecks. Detections were correlated with AIS transmissions to identify the ‘dark’ vessels. We reported back on a daily basis.

The Observatory aims to help detect and thus deter unauthorised recoveries from wrecks, both historic and modern – eg. merchant ships carrying valuable cargos, ancient wrecks, warships which may contain human remains, and sites at risk due to their pollution potential (oil and ordnance). Although the Observatory has identified that most looting targets recent metal wrecks, no wreck is immune from interference. MAST is currently focused on improving the protection of military wrecks because the ownership is usually clear and their possible status as naval war graves raises public concern, but similar principles apply to merchant shipwreck preservation - a much larger challenge but one that will increase in importance as steel corrodes and pollution occurs. This criminality is not limited to the maritime domain and often enmeshes wider illegal activities.

Basic Archaeology BAD courses: The BAD course this year saw a resurgence in demand. First came Oxford and Cambridge University students, funded by the Oxford Sports Council. MAST has also begun working with Poole Diving. A number of their staff and students have successfully passed the course and plan to help us teach this far and wide. Poole Bay, of course, is home to a number of wrecks. One of the earliest known is from the 13[th] century, recently a major excavation site with Bournemouth University.

Advocacy : MAST continues to provide advice to British Government departments, including the FCDO and MoD. It continues to contribute to policy-building and is working to ensure with international partners such as UNESCO, along with national partners that the marine environment and maritime cultural heritage are seen as symbiotic and are considered holistically. This is crucial with the extension of offshore energy generation development and the likely discoveries of new UCH.

Financial review

During the year the trust's unrestricted funds show a deficit of £88,915 (2022: a surplus of £3,510) and the restricted funds show a surplus of £10,500 (2022: £833) with the overall result for the year being a deficit of £78,415 (2022: a surplus of £4,343) leaving the charity with funds of £(58,274) (2022: £20,141) at the year-end.

The trustees have appointed a fund raiser to help raise funds for the charity and have a reasonable expectation that the charity will be able to raise additional unrestricted funds. The Trustees are committed to supporting the charity and believe that its is able to continue to operate with continued support from its subsidiary which has made a donation to the charity of £100,000 in June 2024.

Structure, governance and management

The charity is a company limited by guarantee, constituted under a Trust Deed dated 18 February 2011 and a registered charity number 1140497.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J M Jefferson A K Dymock P A J Cordingley P J Fleming (Resigned 6 June 2023) E Bussey-Jones P C Goodship Mrs H J Brailsford (Appointed 13 June 2023) D Tweedle (Appointed 11 January 2024)

MARITIME ARCHAEOLOGY SEA TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Recruitment and appointment of trustees

New trustees are appointed by the existing trustees based on their experience of the sectors and the needs of the charity.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Trustees' Responsibilities

The trustees, who are also the directors of Maritime Archaeology Sea Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the trustees are required to:

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

The trustees' report was approved by the Board of Trustees.

J M Jefferson Trustee

25 June 2024

MARITIME ARCHAEOLOGY SEA TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF MARITIME ARCHAEOLOGY SEA TRUST

I report to the trustees on my examination of the financial statements of Maritime Archaeology Sea Trust (the charity) for the year ended 30 September 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

Keir Singleton Evelyn Partners (Thames Valley) Limited

22 Wycombe End Beaconsfield Buckinghamshire HP9 1NB

Dated: 25 June 2024

MARITIME ARCHAEOLOGY SEA TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
2
100
-
Charitable activities
3
21,098
62,534
Investments
4
312
-
Total income
21,510
62,534
Expenditure on:
Raising funds
5
26,000
-
Charitable activities
6
84,425
52,034
Total expenditure
110,425
52,034
Net income/(expenditure)
(88,915)
10,500
Transfers between
funds
833
(833)
Net movement in
funds
(88,082)
9,667
Reconciliation of funds:
Fund balances at 1 October
2022
19,308
833
Fund balances at 30
September 2023
(68,774)
10,500		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
100
94,257
166,375
83,632
8,682
5,000
312
1
-
84,044
102,940
171,375
26,000
24,320
-
136,459
75,110
170,542
162,459
99,430
170,542
(78,415)
3,510
833
-
-
-
(78,415)
3,510
833
20,141
15,798
-
(58,274)
19,308
833		 Total
2022
£
260,632
13,682
1
274,315
24,320
245,652
269,972
4,343
-
4,343
15,798
20,141

All income and expenditure derive from continuing activities.

MARITIME ARCHAEOLOGY SEA TRUST

BALANCE SHEET

AS AT 30 SEPTEMBER 2023

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current liabilities
Total assets less current liabilities
The funds of the charity
Restricted income funds
13
Unrestricted funds		 2023
£
26,444
69,210
95,654
171,323		 £
17,395
(75,669)
(58,274)
10,500
(68,774)
(58,274)		 2022
£
46,106
39,471
85,577
88,629		 £
23,193
(3,052)
20,141
833
19,308
20,141

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The Directors/Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including 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 financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 25 June 2024

J M Jefferson Trustee

Company registration number 07455580 (England and Wales)

MARITIME ARCHAEOLOGY SEA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

Charity information

Maritime Archaeology Sea Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

These financial statements are prepared on the going concern basis. The trustees are aware that at the year end the unrestricted funds were in deficit. They have taken action since the year end to address this and as such they have no concerns about the charity's ability to continue as a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants receivable are recognised when the expenditure relating to the terms of the grant are incurred. The remaining balance of the grant is carried forward for expenditure in future years and shown within deferred income.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes

MARITIME ARCHAEOLOGY SEA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

1.5 Resources expended

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.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 25% reducing balance Computers 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Financial instruments

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MARITIME ARCHAEOLOGY SEA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

1.9 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
100
-
Government Grants
-
-
100
-
Income from charitable activities
Unrestricted
Restricted
funds
funds
2023
2023
£
£
Education
Diving courses
19,220
-
Grants
-
42,198
Other income
1,878
-
Research
Grants
-
20,336
21,098
62,534		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
100
70,074
-
-
24,183
166,375
100
94,257
166,375
Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
19,220
8,682
-
42,198
-
5,000
1,878
-
-
20,336
-
-
83,632
8,682
5,000		 Total
2022
£
70,074
190,558
260,632
Total
2022
£
8,682
5,000
-
-
13,682

3 Income from charitable activities

4 Income from investments

Bank interest recieved

Unrestricted Unrestricted
funds funds
2023 2022
£ £
312 1

MARITIME ARCHAEOLOGY SEA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

5 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Support costs 26,000 24,320

6 Expenditure on charitable activities

Education
Research
2023
2023
£
£
Direct costs
Staff costs
32,578
-
Depreciation and impairment
5,798
-
Insurance
6,783
-
Repairs and maintenance
6,611
-
Research
42,198
9,836
Printing and stationary
1,737
-
Computer running costs
804
-
Motor running expenses
40
-
Travelling expenses
2,237
-
Accountancy
6,702
-
Bank charges
398
-
Sundry expenses
1,268
-
Professional subscriptions
12,433
-
Rent and rates
6,596
-
Advertising
316
-
Other charitable expenditure
124
-
126,623
9,836
Analysis by fund
Unrestricted funds
84,425
-
Restricted funds
42,198
9,836
126,623
9,836		 Total
Education
2023
2022
£
£
32,578
33,667
5,798
6,041
6,783
8,399
6,611
2,239
52,034
159,033
1,737
2,210
804
804
40
2,552
2,237
1,143
6,702
4,052
398
432
1,268
636
12,433
14,182
6,596
5,421
316
529
124
4,312
136,459
245,652
84,425
75,110
52,034
170,542
136,459
245,652		 Total
Education
2023
2022
£
£
32,578
33,667
5,798
6,041
6,783
8,399
6,611
2,239
52,034
159,033
1,737
2,210
804
804
40
2,552
2,237
1,143
6,702
4,052
398
432
1,268
636
12,433
14,182
6,596
5,421
316
529
124
4,312
136,459
245,652
84,425
75,110
52,034
170,542
136,459
245,652
245,652
75,110
170,542
245,652

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2022 - £nil).

MARITIME ARCHAEOLOGY SEA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

8 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
1 1
Employment costs 2023 2022
£ £
Wages and salaries 31,811 32,879
Other pension costs 767 788
32,578 33,667

There were no employees whose annual remuneration was more than £60,000.

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10 Tangible fixed assets

Plant and
equipment
Computers
£
£
Cost
At 1 October 2022
41,097
4,474
At 30 September 2023
41,097
4,474
Depreciation and impairment
At 1 October 2022
17,904
4,474
Depreciation charged in the year
5,798
-
At 30 September 2023
23,702
4,474
Carrying amount
At 30 September 2023
17,395
-
At 30 September 2022
23,193
-		 Total
£
45,571
45,571
22,378
5,798
28,176
17,395
23,193

MARITIME ARCHAEOLOGY SEA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

11 Debtors

Amounts falling due within one year:
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income		 2023
£
-
22,070
4,374
26,444		 2022
£
7,685
22,098
16,323
46,106

12 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Amounts owed to subsidiary undertakings
Other creditors
Accruals and deferred income		 2023
£
586
167
6,755
158,295
5,520
171,323		 2022
£
643
206
-
81,930
5,850
88,629

13 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
HMS Invincible's swivel guns
Honor Frost Foundation
Heritage Lottery Fund
Historic England
Previous year:
At 1
LIBOR grant
HMS Invincible's swivel guns		 October
2022
Incoming
resources
Resources
expended
Transfers
At 30
September
2023
£
£
£
£
£
833
-
-
(833)
-
-
15,336
(7,336)
-
8,000
-
42,198
(42,198)
-
-
-
5,000
(2,500)
-
2,500
833
62,534
(52,034)
(833)
10,500
October
2021
Incoming
resources
Resources
expended
Transfers
At 30
September
2022
£
£
£
£
£
-
166,375
(166,375)
-
-
-
5,000
(4,167)
-
833
-
171,375
(170,542)
-
833		 October
2022
Incoming
resources
Resources
expended
Transfers
At 30
September
2023
£
£
£
£
£
833
-
-
(833)
-
-
15,336
(7,336)
-
8,000
-
42,198
(42,198)
-
-
-
5,000
(2,500)
-
2,500
833
62,534
(52,034)
(833)
10,500
October
2021
Incoming
resources
Resources
expended
Transfers
At 30
September
2022
£
£
£
£
£
-
166,375
(166,375)
-
-
-
5,000
(4,167)
-
833
-
171,375
(170,542)
-
833
833

MARITIME ARCHAEOLOGY SEA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

13 Restricted funds

(Continued)

The purpose of the National Lottery grant is to fund the rescue excavation, recovery, conservation and public display material from the wreck of HMS Invincible.

The purpose of the HMS Invincible's swivel guns fund is to fund the conservation of the swivel guns from the wreck of HMS Invincible. The transfer from this fund to unrestricted funds reflects the fact that the objective of this funds have been achieved.

The purpose of the Honor Frost Foundation fund developing an open source methodology for the remote monitoring of marine protected areas.

The purpose of the Historic England fund is to fund the AIS, remote sensing and reporting of Goodwin Sands and Poole Bay

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds		 October
2022
Incoming
resources
Resources
expended
Transfers
At 30
September
2023
£
£
£
£
£
19,308
21,510
(110,425)
833
(68,774)
October
2021
Incoming
resources
Resources
expended
Transfers
At 30
September
2022
£
£
£
£
£
15,798
102,940
(99,430)
-
19,308

15 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Fund balances at 30 September 2023 are represented by:
Tangible assets
17,395
-
Current assets/(liabilities)
(86,169)
10,500
(68,774)
10,500		 Total
2023
£
17,395
(75,669)
(58,274)

MARITIME ARCHAEOLOGY SEA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

15 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2022 2022 2022
£ £ £
Fund balances at 30 September 2022 are represented by:
Tangible assets 23,193 - 23,193
Current assets/(liabilities) (3,885) 833 (3,052)
19,308 833 20,141

16 Related party transactions

There were no disclosable related party transactions during the year (2022- Nil).