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← The Historical Diving Society

2024-03-31-accounts

Registered company number: 09204944 (England & Wales)

Registered charity number: 1159032

THE HISTORICAL DIVING SOCIETY

(a company limited by guarantee)

TRUSTEES’ ANNUAL REPORT

(INCLUDING THE DIRECTORS’ REPORT)

AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

The Historical Diving Society (Registered Number: 09204944)

Contents of the annual report

Page
Company information for the year ended 31 March 2024 2
Trustees’ annual report (including the directors’ report) for the year ended 31 March 3 - 10
2024
Independent examiner’s report to the trustees of The Historical Diving Society (‘the 11
Company’)
Statement of financial activities (including income and expenditure account) 12
Balance sheet 13
Notes to the financial statements 14-31

1

The Historical Diving Society

Company information

for the year ended 31 March 2024

DIRECTORS / TRUSTEES

The directors of the company, which is a charity, are its trustees for the purpose of charity law. The directors at the date of approval of the Trustees’ Annual Report, were as follows:

M B O’Meara (Chair of the Board) K F Casey J A J Cullen P H Dick E F James A J H Marshall S J Roue L R Marder

In addition to the above, T Burton was a director from 1 April until 26 November 2023.

L R Marder was appointed as a director on the 3 October 2024.

REGISTERED The Civil Defence Control Centre (AND 35 The Avenue PRINCIPAL) Gosport OFFICE Hampshire United Kingdom PO12 2JS

REGISTERED 09204944 (England & Wales) COMPANY NUMBER

REGISTERED 1159032 CHARITY NUMBER BANKERS Barclays Bank UK plc

2

for the year ended 31 March 2024

The Historical Diving Society Trustees’ annual report (including the directors’ report)

The trustees, who are the directors of the company for the purposes of company law, present their report and the financial statements for the year ended 31 March 2024. This report and the financial statements also are prepared to meet the requirements for a directors’ report and financial statements for a charitable company.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the 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) issued in October 2019.

In this report, except where the context requires otherwise, the Company is referred to as “the Charity”, and the directors are referred to as “trustees”.

THE OBJECTIVES OF THE CHARITY

The objects of the Charity as set out in its Articles of Association are:

“To advance the education of the public in the study of the history of diving and to establish and maintain a museum for the benefit of the public and preservation of items of historical and educational value”.

Until the annual general meeting in November 2023, at which new Articles of Association were approved by special resolution, the objects of the Charity were “to advance the education of the public in the study of the history of diving.”

In more details, the objectives of HDS are to:

The Diving Museum is the most significant mechanism by which the Charity delivers its charitable objects.

The Charity’s long-term vision for the Diving Museum is to become ‘The Diving Museum – with national significance’, and to be recognised as the UK’s leading museum exploring the history of diving.

ACTIVITIES OF THE CHARITY

The Charity is run wholly by volunteers.

During the year, the Charity continued to carry on its three areas of activities so as to meet its objectives:

3

The Historical Diving Society Trustees’ annual report (including the directors’ report) – continued

for the year ended 31 March 2024

The Diving Museum is at No. 2 Battery, Stokes Bay, Gosport. The Museum is open to the general public – for the opening hours see the Diving Museum website (www.divingmuseum.co.uk). Members of the Historical Diving Society can visit the Diving Museum at a discounted rate set by the Board.

The Museum is also used:

The Museum closed to the public at the beginning of October 2023, so as to allow for the start of the “Repairs and improvements to the Diving Museum” project described below in this report.

The Working Equipment Group preserves classic diving equipment in a usable form, and is often demonstrated by members at rallies and exhibitions.

There is a wide variety of other diving-related activities, including:

The Charity welcomes enquiries about diving ancestors or former colleagues who worked in underwater or allied occupations.

The Charity’s membership includes individuals and organisations across the entire spectrum of diving interest - archivists, archaeologists, authors, artists, bibliophiles, collectors, dealers, engineers, genealogists, manufacturers, museums, oceanologists, photographers, researchers, scientists, divers and ex-divers from all corners of the world.

OUR VOLUNTEERS

The Charity is run wholly by volunteers. The Charity has around 30 volunteers, and are involved in the Charity’s many areas, as follows:

4

The Historical Diving Society Trustees’ annual report (including the directors’ report) – continued for the year ended 31 March 2024

PUBLIC BENEFIT

The trustees have complied with the duty in section 4 of the Charities Act 2011 and had regard to the public benefit guidance as issued by the Charity Commission.

During the year the trustees have referred to the guidance on public benefit when reviewing the Charity’s aims and objectives, and in planning those activities. In particular, the trustees have considered how planned activities would contribute to the aims and objectives that they had set.

This public benefit statement forms the basis for all judgements regarding operational reports to the trustee meetings, in order to be reassured that the facilities and services that are managed by the Charity meet those criteria. At those meetings, the current financial position is reviewed, including taking account of any restricted funds and the funding needs of the Charity.

ACHIEVEMENTS AND PERFORMANCE

Diving Museum

The Diving Museum is accredited by Arts Council England. The Museum closed at the beginning of October 2023 for repairs and improvements. In the period from 1 April to the closure date there were over 3,000 visitors. This included those visiting during normal opening hours, and those visiting outside those times.

Out-of-hours visits to the Museum from local schools, interest-groups, Navy veterans and others continued. The Museum continued to be a regular venue for visits by international courses being held at The Institute of Naval Medicine in Alverstoke and the Defence Diving School at Horsea Island. Following completion of the repairs and improvements project, visits to the Museum outside of normal opening hours again will be available by prior arrangement.

During the year, the Museum was fortunate to have been donated by Subsea7, an off-shore diving bell that had been taken out-of-service. The bell is displayed outside the Museum.

Working Equipment Group

This continued to demonstrate its historical diving equipment at several locations around the country. The Working Equipment Group is suspended at this time.

Publications

During the year the Charity published the Historical Diving Times, and the International Journal of Diving History.

Conferences, talks and events

The Charity held its annual conference in November 2023.

Outreach talks were given to various interest-groups, and several events either with a diving theme, or which included diving-related material, were held in the Diving Museum.

5

The Historical Diving Society Trustees’ annual report (including the directors’ report) – continued for the year ended 31 March 2024

Websites

The Charity’s websites (including that for the Diving Museum) continued to attract enquiries from all age groups, varying from school projects to family history and technical queries on old equipment.

Heritage assets

The Charity owns a wide collection of diving-related artefacts and literature ranging from divingrelated toys to diving bells, from diving company catalogues to scientific publications on diving research and diving medicine. They include all aspects of diving: sport, scientific, commercial, archaeological, naval, and entertainment. They cover the period of the past 2,000 years.

When open, the Diving Museum displays historical artefacts from the Charity’s collection. There is also an extensive reserve collection held in its archives. The database holding details of the collection (including items on loan to the Charity), records in excess of 9,000 items, and is the principal management tool used.

The Collection Database is available to interested parties wishing to research any item bearing in mind data protection requirements.

The decision to acquire or dispose of a collection item rests with the Museum Director following discussion with the Board and Diving Museum Working Group. Both acquisition and disposal are carried out openly and with transparency, and in accordance with the accreditation and the requirements of the Collections Trust’s Spectrum 5.1 Standard.

The main priority for future acquisitions is to fill the ‘gaps’ in the Charity’s collection of diving history, equipment, literature, and memorabilia. In other words, to seek out artefacts and literature that are not in the collection at present.

The Charity recognises that the principles on which priorities for rationalisation and disposal are determined will be through a formal review process that identifies which items are included and excluded from the review. The outcome of review and any subsequent rationalisation will not reduce the quality or significance of the collection and will result in a more useable, better managed collection.

The procedures used will meet professional standards. The process will be documented, open and transparent. There will be clear communication with key stakeholders about the outcomes and the process.

Archives, library, and store

The Civil Defence Control Centre in the Avenue, Gosport, continued as the Charity’s archives, library, and store. The library is available for research activity by prior arrangement.

REPAIRS AND IMPROVEMENTS TO THE DIVING MUSEUM

As part of the Charity’s long-term vision for the Diving Museum to become ‘The Diving Museum – with national significance’, work started during the financial year on the repairs and improvements to No. 2 Battery that houses the Diving Museum.

6

The Historical Diving Society Trustees’ annual report (including the directors’ report) – continued for the year ended 31 March 2024

Phase 1 – the building

At the beginning of October 2023, the Diving Museum at No. 2 Battery closed to the public to allow the building contractors to start work on phase 1, the building repairs project.

The work covers three areas of activity.

The work on phase 1 was completed after the year end, apart from some minor works.

Phase 2 – exhibition, improved interpretation and learning programme

Phase 2 of the project aims to work collaboratively with the local community to create an accessible and engaging exhibition and learning programme, and also carry out essential planning for the conservation and management of the building and the operation of the Museum.

The National Lottery Heritage Fund (NLHF) provided a grant of £72,814 towards a planned cost of £108,814 for the development of a delivery grant application. This application was submitted in February 2024, for a grant of £802,604 towards a planned cost of £1,035,000 to deliver the project. Since the year end, the Charity has been awarded the delivery grant, and the funding will be received as the project progresses. As a result, it is expected that while the work is underway the Diving Museum will remain closed until July 2025.

Other financial assistance for the project work

In addition to the above grants, the Charity has been grateful for financial assistance towards the two phases received during the financial year, and previously, from:

Since the year end, further funding has been awarded and/or received from:

7

The Historical Diving Society Trustees’ annual report (including the directors’ report) – continued

for the year ended 31 March 2024

The note “Statement of the Charity’s funds” in the financial statements show the grants and donations received in the year, and the amounts spent against them.

During the financial year, a grant of £4,900 was given by the Heritage Compass Programme to the Charity to pay a consultant to carry out a fundraising project to generate further funding from foundations, donors and other charities to be used towards the delivery element of phase 2.

FINANCIAL REVIEW

Financial position

Other than the various grants and donations towards the repairs and improvements project, the Charity’s principal funding sources in the year under review, were:

Together with smaller funding sources, these enabled the Charity to run the Diving Museum, and carry out its other charitable activities.

The grants and donations that are being used to part-fund the repairs and improvements to the Diving Museum have been a significant source of funds. This funding and the related expenditure, together are a significant event that has affected the financial performance of the Charity and its financial position at 31 March 2024. The amounts have been:

Charitable funds

At the year end, the Charity had charitable funds of £262,864. This comprises:

Details of the components of the above funds are given in the note to the financial statements, “Statement of the Charity’s funds”.

Reserves

During the year under review, the trustees agreed a reserves policy for financial stability.

The trustees of the Charity will endeavour to set the reserve at a level to provide financial stability and the means to meet the Charity’s charitable objectives for the foreseeable future. As such, the trustees will endeavour to maintain the Charity’s financial reserve at a level which is at least equivalent to the lesser of:

8

The Historical Diving Society Trustees’ annual report (including the directors’ report) – continued

for the year ended 31 March 2024

The trustees will review the policy and the amount of financial reserve at least once every financial year.

As a result of the above, during the year an amount of £22,000 was transferred from general unrestricted funds to a designated fund.

In addition, during the year the trustees set aside £85,000 from general unrestricted funds to another designated fund to be used towards the cost of the Museum improvements project. This reserve is expected to be used up over the next financial year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Historical Diving Society is a company limited by guarantee, and is a charity. It is controlled by its governing document which, as a company, is its Articles of Association that were approved by the members in November 2023.

The Board will consist of at least three, and not more than twelve trustees (until the change to the Articles referred to above, the Board could consist of up to eleven trustees).

A trustee must be a member of the Charity. The trustees are to be elected by the members of the Charity, and serve for a period of three years, though they may be re-appointed. The Board may coopt a member of the Charity to be a trustee in order to fill a vacancy, though that co-opted individual holds office only until the next annual general meeting.

The “Company information” page 2 of this annual report shows details of:

The trustees are all volunteers. During the year, the governance structure was changed, to enable the trustees to take a more strategic role. The Charity does not have a treasurer: instead, the Board has a Finance Sub-committee, whose Chair reports to the Board at least at each Board meeting.

9

The Historical Diving Society

Trustees’ annual report (including the directors’ report) – continued

for the year ended 31 March 2024

The Board is supported by three permanent working groups on which at least two trustees sit:

Additional temporary project groups are formed as required. The current one (the Repair Project Working Group) is the mechanism for delivering the Museum repairs and improvements project.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also the directors of the company 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 requires the trustees to prepare financial statements for each financial year. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHANGE OF INDEPENDENT EXAMINER

During the year, the trustees decided to change the Independent Examiner who reports on the Charity’s financial statements, so as to have one who was more local to the Charity’s registered office and to the Museum. After research into appropriate local firms, the Board decided to appoint Compass Accountants Limited, based in Titchfield, Hampshire.

APPROVAL OF THE REPORT

In preparing the directors’ report, advantage has been taken of the small companies exemption in Part 15 of the Companies Act 2006.

This report was approved by the Board and signed on its behalf by:

M B O'Meara – Chair of the Board

Date:

10

Independent Examiner’s report to the Trustees of

The Historical Diving Society (‘the Company’)

I report to the Charity trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.

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 accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts 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 accounts as carried out under section 145 of the Charities Act 2011 (‘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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I may state to the Charity’s trustees those matters I am required to state to them in an Independent Examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for my work or for this report.

Signed:

Dated:

Name: Kerry Lawrance Professional qualification: FCA (Senior Statutory Auditor) Compass Accountants Limited The Tanneries East Street Titchfield, Fareham, PO14 4AR

11

The Historical Diving Society (Registered Number: 09204944) Statement of Financial Activities (including Income & Expenditure Account)

For the year ended 31 March
Notes
Income from:
Donations and grants
4
Charitable activities
5
Other trading activities
6
Other income
7
Bank deposit interest
Total income
Expenditure on:
Raising funds
8
Charitable activities
10
Total expenditure
Net income / (expenditure)
Transfers between funds
19
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£
£
£
£
3,337
376,448
379,785
138,564
25,076
-
25,076
24,192
18,939
-
18.939
12,770
-
32
32
1,249
3,256
-
3,256
263
50,608
376,480
427,088
177,038
11,449
4,900
16,349
12,752
32,092
432,290
464,382
82,709
43,541
437,190
480,731
95,461
7,067
(60,710)
(53,643)
81,577
21,785
(21,785)
-
-
28,852
(82,495)
(53,643)
81,577
224,986
91,521
316,507
234,930
253,838
9,026
262,864
316,507

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 31 form part of these financial statements.

12

The Historical Diving Society (Registered Number: 09204944)

Balance sheet

As at 31 March
Notes
Fixed assets
Tangible assets
14
Heritage assets
15
Current assets
Stock
16
Debtors
17
Cash and cash equivalents
Liabilities
Creditors: Amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
(Net assets)
Funds of the Charity
Restricted income funds
19
Unrestricted funds
19
Total funds		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£
£
£
£
84,546
-
84,546
5,914
-
-
-
-
84,546
-
84,546
5,914
7,028
-
7,028
8,111
635
-
635
2,788
165,156
170,919
336,075
304,958
172,819
170,919
343,738
315,857
3,527
161,893
165,420
5,264
169,292
9,026
178,318
310,593
253,838
9,026
262,864
316,507
-
9,026
17,211
91,521
253,838
-
245,653
224,986
253,838
9,026
262,864
316,507

The company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with section 476 of the Companies Act 2006. The trustees/directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These financial statements are prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees/Directors and authorised for issue

and signed on its behalf by:

M B O’Meara

Chair of the Board

Date:

The notes on pages 14 to 31 form part of these financial statements.

13

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements

for the year ended 31 March 2024

1 Legal status of the Company

The Historical Diving Society, a charity, is a private company limited by guarantee and does not have a share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

The Company is registered in England & Wales, with registration number 09204944. Its registered office is The Civil Defence Control Centre, 35 The Avenue, Gosport, Hampshire.

As a charitable company, in these notes to the financial statements, the directors are referred to as trustees.

2 Basis of preparation

The Historical Diving Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in £ sterling which is the functional currency of the Charity. Monetary amounts in the financial statements are rounded to the nearest £.

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The financial statements present a true and fair view and changes have not been made to the accounting policies adopted in note 3 as compared to the previous year, other than to introduce policies for those items occurring for the first time in this year’s financial statements.

No changes to accounting estimates have occurred in the year, and no material prior year errors have been identified in the year.

14

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

3 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.

Income

Income is recognised in the Statement of Financial Activities when all the following criteria are met:

Grants are recognised in income when there is reasonable assurance that any terms and conditions will be met and that the grant will be received. The trustees believe that they have, and will, comply with all the requirements of the grants, so as to ensure that none of them will become repayable.

Income from sales includes delivery charges for sales made online.

Donated services and goods

Donated services and donated goods are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably.

Where it is impractical to measure the fair value of goods donated for resale, or if the costs of valuation outweigh the benefit to users of the financial statements and the Charity of this information, the donated goods are recognised when they are sold. On sale, the proceeds are included in “Income from other trading activities”.

Donated services are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or goods of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

The Charity does not have any employees, and all its activities are undertaken by unpaid general volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements.

15

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

The expenses for central support services and governance have been allocated to activities, as required by the Charities SORP (FRS 102). Where an expense is applicable to a particular activity, it has been allocated to that activity. If not applicable to a particular activity it has been allocated as follows:

The basis of allocation has been changed, following a review of expenses, from that adopted in the year ended 31 March 2023, when all the expenses were allocated to the Diving Museum as the largest activity of the Charity.

Irrecoverable VAT is included with the relevant expense, except where it is stated otherwise.

Operating lease

The Charity has a lease for a period of 99 years from 14 October 2021 on the Grade II* listed building known as No. 2 Battery, which was built in the 1860s. The lease has been treated as an operating lease, as:

As a rent has not been payable under the lease, the value of the rent to the Charity, under the Charities SORP (FRS 102), should be treated as a donation and a lease expense. However, as permitted, that treatment has not been adopted, as the value to the Charity of that amount cannot be measured reliably.

Taxation

The Charity is exempt from corporation tax on its charitable activities.

16

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

Tangible fixed assets

Individual fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight-line basis from the year of acquisition (or commissioning, if later), as follows.

Freehold The Charity owns a Grade II listed freehold property acquired by its property: predecessor charity, for negligible consideration, in 2015. A value was not attributed to it on acquisition due to:

As the building is Grade II listed, the trustees consider that it has an indefinite useful economic life. Maintenance costs are expensed as incurred. Additions that are not part of the building are depreciated over 10 years.

Leasehold Additions to the leasehold property, other than equipment additions, are property amortised over 50 years. additions:

Plant & Depreciated over lives between 5 and 10 years. equipment: Assets in Not depreciated until the year of completion (or commissioning, if later). course of construction:

Heritage fixed assets

The artefacts comprising the Museum’s collection fall within the definition of Heritage Assets in the Charities SORP (FRS 102).

Most of the collection was donated to the Charity on 31 March 2022. Since then, further donations have been made. The Trustees consider that because of the large number of individual artefacts, and the unique nature and condition of each artefact, it would be difficult to attribute reliable values to them. In addition, the cost would not be commensurate with the benefit to the users of the financial statements or to the Charity. Accordingly, they are excluded from the balance sheet as permitted by the Charities SORP (FRS 102).

Individual artefacts purchased since 1 April 2022 and costing more than £1,000 are included within Heritage fixed assets at cost price. They are not depreciated as they are considered to have indefinite useful lives. An annual review is carried out to consider whether impairment has occurred due to, for example, physical deterioration or damage.

Stock

Stock for retail sale is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

17

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

Debtors and creditors

Debtors are included at the amount recoverable, or in the case of prepayments and accrued income, the estimated amount recoverable.

Trade and other creditors are included at the amount payable. Accrued expenses are included at the estimated expense that relates to the financial year though not invoiced before the year end. Deferred income, is included at the amount received before the year end for events taking place in the next financial year.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with the Charity’s bank.

Financial instruments

The Charity has elected to apply the provisions of sections 11 and 12 of FRS 102, and has only “basic financial instruments” as described therein. Financial instruments are recognised when the Charity 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 realise the asset and settle the liability simultaneously.

These financial instruments are those shown as trade debtors, cash and cash equivalents, and as trade creditors.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds are donations and grants that the provider has specified are to be used only for particular areas of the Charity’s work or for specific projects being undertaken by the Charity, or are income arising on sale of surplus items in the Charity’s collection.

Expenditure on tangible fixed assets that is funded by a restricted grant is matched by a transfer from restricted funds to the unrestricted General Fund. Other expenditure that is funded by a restricted grant is identified initially to the relevant restricted fund. Where the Charity is required as a condition of a grant to fund part of the relevant expenditure, a transfer is made from the unrestricted General Fund to the relevant restricted fund, based on the expenditure incurred.

Further explanation of the nature and purpose of each restricted fund is included in note 19.

18

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

4 Income from donations, legacies and grants

Donations
Grants		 Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
£
£
£
£
3,337
5,000
8,337
31,400
-
371,448
371,448
107,164
3,337
376,448
379,785
138,564

All of the income for 2023 was unrestricted funds, except for donations of £25,000 and all of the grants.

The amounts shown above for grants, include the following from government and publicsector bodies.

Arts Council – Museum Estate and Development
Arts Council – Capital Investment Programme
Historic England
Architectural Heritage Fund
National Lottery Heritage
Gosport Borough Council
South East Museums Development Programme
Heritage Compass		 2024
2023
£
£
-
50,000
-
5,500
315,910
-
-
12,257
29,125
36,407
15,500
-
6,013
3,000
4,900
-
371,448
107,164

A description of the purpose of each of the above grants is given in note 19.

19

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

5 Income from charitable activities

Income from charitable activities
Diving Museum entry
Membership subscriptions
Outreach
Working Equipment Group
Conference
Events - diving related		 Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
£
£
£
£
9,833
-
9,833
9,316
9,353
-
9,353
9,050
1,100
-
1,100
1,250
1,700
-
1,700
1,160
2,320
-
2,320
1,505
770
-
770
1,911
25,076
-
25,076
24,192

All of the income for 2023 was unrestricted funds.

6 Income from other trading activities

Shop sales - Museum and online
Social lotteries
Museum – outside users
Other		 Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
£
£
£
£
16,961
-
16,961
11,460
531
-
531
280
1,216
-
1,216
910
231
-
231
120
18,939
-
18,939
12,770

All of the income for 2023 was unrestricted funds.

7 Other income

Other income
Sale of items from the Charity’s
collection		 Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
£
£
£
£
-
32
32
1,249

All of the income for 2023 was restricted funds.

20

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

8 Expenditure on raising funds

Expenditure on raising funds
Consultancy - applying for donations
and grants
Shop - cost of sales
Events – non-diving related
Central support services and
governance		 Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
£
£
£
£
350
4,900
5,250
6,930
10,001
-
10,001
4,887
101
-
101
935
997
-
997
-
11,449
4,900
16,349
12,752

All of the expenditure for 2023 was unrestricted funds

9 Expenditure on charitable activities

Expenditure on charitable activities
Conference
Consultancy
Conservation of artefacts
Museum improvements project
Maintenance and minor additions
Depreciation
Working Equipment Group expenses,
(including equipment maintenance)
Museum occupancy expenses
Publications for members
Other expenses related to charitable
activities
Central support services and
governance		 Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
£
£
£
£
963
-
963
1,235
-
-
-
2,100
311
-
311
180
180
430,291
430,471
46,233
5,754
-
5,754
1,911
900
-
900
899
825
1,077
1,902
1,753
9,598
-
9,598
8,650
9,378
-
9,378
10,279
677
922
1,599
573
3,506
-
3,506
8,896
32,092
432,290
464,382
82,709

All of the expenditure for 2023 was from unrestricted funds, except for £39,215 of the Museum improvements project, and £495 of Maintenance and minor additions.

21

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

10 Analysis of expenditure on charitable activities

Year ended 31 March 2024 Diving
Museum
Publications
for members
Other
Total
Conference
Consultancy
Conservation of artefacts
Museum improvements project
Maintenance and minor additions
Depreciation
Working Equipment Group expenses,
(including equipment maintenance)
Museum occupancy expenses
Publications for members
Other expenses related to charitable
activities
Central support services and governance
Year ended 31 March 2023		 £
£
£
£
-
-
963
963
-
-
-
-
311
-
-
311
430,471
-
-
430,471
5,754
-
-
5,754
900
-
-
900
-
-
1,902
1,902
9,598
-
-
9,598
-
9,378
-
9,378
1,599
-
-
1,599
2,497
476
533
3,506
451,130
9,854
3,398
464,382
Diving
Museum
Publications
for members
Other
Total
Conference
Consultancy
Conservation of artefacts
Museum improvements project
Maintenance and minor additions
Depreciation
Working Equipment Group expenses,
(including equipment maintenance)
Museum occupancy expenses
Publications for members
Other expenses related to charitable
activities
Central support services and governance		 £
£
£
£
-
-
1,235
1,235
2,100
-
-
2,100
180
-
-
180
46,233
-
-
46,233
1,911
-
-
1,911
899
-
-
899
-
-
1,753
1,753
8,650
-
-
8,650
-
10,279
10,279
-
-
573
573
8,896
-
-
8,896
68,869
10,279
3,561
82,709

22

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

11 Central support services and governance

Year ended 31 March 2024 Raising
funds
Diving
Museum
Publications
for members
Other
Total
Support services:
Website
Bank and related charges
Other
Governance:
Legal
Professional and consultancy
Accounting
Year ended 31 March 2023
Support services:
Website
Bank and related charges
Other
Governance:
Legal
Professional and consultancy
Accounting		 £
£
£
£
£
59
118
-
58
235
462
462
-
-
924
112
113
112
112
449
-
1,440
-
-
1,440
285
285
285
285
1,140
79
79
79
78
315
997
2,497
476
533
4,503
Raising
funds
Diving
Museum
Publications
for members
Other
Total
£
£
£
£
£
-
928
-
-
928
-
864
-
-
864
-
630
-
-
630
-
3,200
-
-
3,200
-
2,970
-
-
2,970
-
304
-
-
304
-
8,896
-
-
8,896

12 Independent Examiner’s remuneration

The fees below are stated net of VAT, as VAT is not part of
the Examiner’s remuneration:
Independent examination of the financial statements
Other financial services		 Unrestricted
funds
2024
Unrestricted
funds
2023
£
£
950
725
-
880
950
1,605

23

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

13 Trustees’ remuneration, benefits, and out-of-pocket expenses

The trustees have not received any remuneration or other benefits in either the year or the preceding year.

In 2023, one trustee was reimbursed travel and subsistence expenses of £1,142 in relation to historical diving events either organised and run, or attended, by the trustee, around the UK and Europe.

The only key management personnel are the trustees.

14 Tangible fixed assets

Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property
Leasehold
property
additions
Plant &
equipment
Assets in
course of
construction
Total
£
£
£
£
£
4,631
-
2,182
-
6,813
-
-
-
79,532
79,532
-
-
-
-
-
4,631
-
2,182
79,532
86,345
463
-
436
-
899
463
437
900
-
-
-
-
-
926
-
873
-
1,799
3,705
-
1,309
79,532
84,546
4,168
-
1,746
-
5,914

15 Heritage fixed assets

Cost
At 1 April 2023 and 31 March 2024
Depreciation
At 1 April 2024 and 31 March 2024
Net book value
At 31 March 2023 and 2022		 £
-
-
-

24

The Historical Diving Society (Registered Number: 09204944)

Notes to the financial statements – continued

for the year ended 31 March 2024

The Charity owns a wide collection of diving-related artefacts. Information is given in the Trustees’ Report under “Heritage assets”, as to:

The Charity did not hold any heritage assets until 31 March 2022. On that date, the Charity was donated the collection of artefacts previously held by the former unincorporated charity “The Historical Diving Society”. Since then, further artefacts have been donated. In accordance with the accounting policy in note 3 above, those donated heritage assets are excluded from the balance sheet as permitted by the Charities SORP (FRS 102). There has not been any purchase of heritage assets in the year.

Accordingly, except for the proceeds of disposal of heritage assets shown in note 7 above, there is nothing to be disclosed as to the summary of transactions relating to heritage assets for the financial year and for each of the previous four financial years.

16 Stock

Stock
Merchandise
Books		 2024
2023
£
£
4,605
5,607
2,423
2.504
7,028
8,111
17
Debtors
Trade debtors
Prepayments and accrued income		 2024
2023
£
£
250
140
385
2,648
635
2,788

18 Creditors: amounts falling due within one year

Trade creditors
Accruals and deferred income		 Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
£
£
£
£
2,022
552
2,574
2,747
1,505
161,341
162,846
2,517
3,527
161,893
165,420
5,264

Deferred income (income received in advance for events in the next financial year) of £Nil (2023: £736), will be released to income in that next year.

25

for the year ended 31 March 2024

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

19 Statement of the Charity’s funds Year ended 31 March 2024

Name of fund Balance
at 1 April
2023
Income
Expenditure
Transfers
Balance
at 31
March
2024
Restricted income
funds
IMCA
Arts Council – Museum
Estate and Development
Arts Council – Capital
Investment Programme
Historic England
National Lottery Heritage
South East Museums
Development
Programme
– Media equipment
– Collections Care
– Going Green
- Skills builder
Gosport Borough Council
Heritage Compass
Library
Collection sales
Total Restricted
Unrestricted funds
Designated funds
-
Financial stability
-
Museum
improvements
Total Designated
General fund
Total unrestricted
Total funds of the
Charity		 £
£
£
£
£
25,000
-
-
(25,000)
-
38,520
-
1,689
(22,793)
17,416
-
-
(21,863)
(46,338)
(68,201)
-
315,910
(323,070)
64,615
57,455
26,429
29,125
(87,047)
24,228
(7,265)
323
-
-
-
323
-
997
(997)
-
-
3,740
-
-
3,740
-
1,276
(922)
-
354
-
15,500
-
(15,500)
-
-
4,900
(4,900)
-
-
-
5,000
-
-
5,000
1,249
32
(1,077)
-
204
91,521
376,480
(437,190)
(21,785)
9,026
-
-
-
22,000
22,000
-
-
-
27,253
27,253
-
-
-
49,253
49,253
224,986
50,608
(43,541)
(27,468)
204,585
224,986
50,608
(43,541)
21,785
253,838
316,507
427,088
(480,731)
-
262,864

26

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

Year ended 31 March 2023
Name of fund
Balance
at 1 April
2022
Income
Expenditure
Transfers
Balance at
31 March
2023		 Year ended 31 March 2023
Name of fund
Balance
at 1 April
2022
Income
Expenditure
Transfers
Balance at
31 March
2023
Restricted income
funds
IMCA
Arts Council –
Museum Estate and
Development
Arts Council –
Capital Investment
Programme
National Lottery
Heritage
South East Museums
Development
Programme
– Media equipment
– Protective material
Architectural
Heritage
Collection sales
Total Restricted
Unrestricted funds
General fund
Total funds of the
Charity		 £
£
£
£
£
-
25,000
-
-
25,000
-
50,000
(11,480)
-
38,520
-
5,500
(5,500)
-
-
-
36,407
(9,978)
-
26,429
-
2,505
-
(2,182)
323
-
495
(495)
-
-
12,257
(12,257)
-
-
-
1,249
-
-
1,249
-
133,413
(39,710)
(2,182)
91,521
234,930
43,625
(55,751)
2,182
224,986
234,930
177,038
(95,461)
-
316,507

27

The Historical Diving Society (Registered Number: 09204944)

Notes to the financial statements – continued

for the year ended 31 March 2024

Transfers between restricted and unrestricted funds

Details of the reasons for the transfers to/(from) funds, are as follows:

Year ended 31 March 2024:

Year ended 31 March 2023:

28

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

The purposes for which funds are held

The Restricted funds, which are income funds, are (or were) held for the following purposes:

IMCA:

Arts Council – Museum Estate and Development:

Arts Council – Capital Investment Programme:

Donated to help fund the Charity’s share of the cost of the Museum improvements project.

Grant to fund part of the cost of solving an issue with the internal environment of the Diving Museum.

Historic England:

National Lottery Heritage:

South East Museums Development Programme:

Grant to help fund part of the cost of repairs to the Diving Museum building.

Grant to fund part of the cost of developing plans for improvements to the internal layout and displays in, and the future development of, the Diving Museum.

Grants to:

Architectural Heritage: Grant to help fund part of the cost of developing plans for improvements to the internal layout and displays in, and the future development of, the Diving Museum. Gosport Borough Grant to help fund part of the cost of repairs to the Diving Museum Council: building. Heritage Compass: Grant to fund a consultant carrying out fundraising for the National Lottery Heritage project.

Grant to help fund part of the cost of repairs to the Diving Museum building.

Donation from a member of the Charity, to be spent on the Charity’s library.

Library:

Collection sales:

Proceeds of sale of surplus items in the Charity’s collection of historical diving artefacts. The money received from the sale is to be used to purchase new artefacts for the collection, or improve existing ones.

29

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

The Unrestricted funds are held for the following purposes:

Designated - Financial To enable the Charity (if necessary) to meet its charitable stability: objectives for the foreseeable future.

Designated - Museum improvements:

General:

To set aside funds for the Museum repair and refurbishment project, which funds had been received by the Charity’s predecessor charity for that purpose.

Funds to be spent or applied at the discretion of the trustees to further any of the charity’s purposes. This includes being used to supplement expenditure made from restricted funds, for example, where a restricted grant provides part of the funding needed for a specific project.

20 Analysis of net assets between funds At 31 March 2024

Tangible fixed assets
Current assets
Creditors: Amounts falling due
within one year		 Unrestricted
general fund
Unrestricted
designated
funds
Restricted
income
funds
Total
funds
£
£
£
£
84,546
-
-
84,546
123,566
49,253
170,919
343,738
(3,527)
-
(161,893)
(165,420)
204,585
49,253
9,026
262,864

At 31 March 2023

At 31 March 2023
Tangible fixed assets
Current assets
Creditors: Amounts falling due
within one year		 Unrestricted
general fund
Unrestricted
designated
funds
Restricted
income
funds
Total
funds
£
£
£
£
5,914
-
-
5,914
222,461
-
93,396
315,857
(3,389)
-
(1,875)
(5,264)
224,986
-
91,521
316,507

21 Related party transactions

The Charity did not enter into any disclosable transactions with related parties during the year (2023: same).

30

The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements – continued

for the year ended 31 March 2024

22 Commitments

The Charity has financial commitments in respect of the repairs and improvements to the Diving Museum building. As the three projects are funded substantially by grants from the Arts Council and Historic England, the Charity’s share of the total financial commitment is expected to be £55,000 (2023: £113,000, including the Charity’s share of the cost of applying to National Lottery Heritage for a delivery grant).

The financial commitment is expected to be payable over the period to June 2025. The trustees expect that some of the Charity’s share of the commitment will be funded by further donations and/or grants.

23 Non-adjusting event after the end of the reporting period

Since the year end, the Charity has been awarded a grant of £802,604 towards a planned cost of £1,035,000 to deliver a project that aims to work collaboratively with the local community to create an accessible and engaging exhibition and learning programme, and also carry out essential planning for the conservation and management of the building and the operation of the Museum. The funding will be received as the project progresses. As a result, it is expected that while the work is underway the Diving Museum will remain closed until the summer of 2025. Work is underway to generate further funding for the Charity’s share of the cost.

31