Registered company number: 09204944 (England & Wales) Registered charlly numbar: 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 2025
The Historical Diving Society (Registered Number: 09204944) Contents of the annual report Page Company information for the year ended 31 March 2025 Trustees. annual report (including the directors, report) for the year ended 31 March 2025 3-13 Independent examiner's report to the trustees of The Historical Diving Society {'the Company,) 14 Statement of financial activitie5 (including income and expenditure account) 15 Balance sheet 16 Stalement of cash flow5 17 Notes to the financial statements 18-35
The Historical Diving Society Company information for the year ended 31 March 2025 DIRECTORS I TRUSTEES The directors of the company. which is a charity. are its trustees for the purpose of charity law. The directors al 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 PHDick E F James L R Marder {appointed 3 Ociober 2024) A J H Maishall SJRoue REGISTERED (AND PRINCIPAL) OFFICE The Civil Defence Control Centre 35 The Avenue Gosport Hampshire United Kingdom P012 2JS REGISTERED COMPANY NUMBER 09204944 (England & Wales) REGISTERED CHARITY NUMBER 1159032 BANKERS Barclays Bank UK plc PayPal INDEPENDENT EXAMINER Compass Accountanls Limited SOLICITORS Womble Bond Dickinson (UK) LLP
The Historical Diving Society Trustees, annual report (including the directors. report) for the year ended 31 March 2025 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 2025. This repoit 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 Acl 2011, the Companies Act 2006, the Memorandum and Arlicles of Association, and the charilies, Statement of Recommended Practice (applicable to charities preparing Iheir 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 otheTwise, the Company is referred to as "the Charity" and the directors are referred to as "Irustees.. 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 Ihe study of the history of diving and to establish and maintain a museum for the benefil of the public and preservation of items of historical and educational value.. AIMS, STRATEGY AND ACTIVITIES The Charity's: aims, so as to meet its objectives, its slrategy for achieving ils aims and objectives, and the significant activities undertaken by the Charily during the year. and how they contribute to the achievement of its stated aims and objectives, are set out in the table starting on the next page.
The Historical Diving Society Trustees, annual report (including the directors, report) - continued for the year ended 31 March 2025 Aim Maintaining a museum for the permanent exhibition and preservation of diving items of historical and educational value. Strategy Operate and mainiain a Diving Museum. Activltles The Diving Museum is the most significant mechanism by which the Charily 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 hislory of diving. The Diving Museum is accredited by Arts Council England. The Museum is al No. 2 Battery. Stokes Bay, Gosport. When open, the Museum can be visited by the general public- for the opening hours see the Diving Museum website (www.divin museum.co.uk). Members of The Historical Diving Society can visit the Museum al a discounted rate set by the Board. As parl of the Charity's long-term vision for the Diving Museum to become 'The Diving Museum - with national significance,. work started in October 2023 on two projecls.. to carry oul repairs and improvements to No.2 Battery, the building that houses the Museum., and to develop the Museum's exhibition, and provide an improved inlerpretation and leaTning programme (funded principally by Ihe National Lollery Heritage Fund). Information on the progress of these two projects are set out below in the sections headed "Repairs and improvements to the building housing the Diving Museum" and "Development of the Museum's exhibition and related activities" Due to the work being carried out, the Museum was closed throughoul the year. It is hoped that the Museum will reopen in February 2026. The funding from the National Lottery Heritage Fund covers not only capital costs, but also.. the employment of a Museum Manager and a Community Engagement Officer., and costs relating to an increase in engagement with the community. One of the objectives of the Community Engagement Officer will to be increase the number of visilors to the Museum, either during, or outside. the times when the Museum is open to the general public.
The Historical Diving Society Trustees, annual report (including the directors, report) - continued for the year ended 31 March 2025 Aim Advancing the education of the public in the study of the history of diving. Slrategy Operate and maintain a Diving Museum. Hold in-museum evenls and talks. Undertake outreach visits and talks to community and other groups. Use the websites of the Charity and the Diving Museum. Sell books and magazines relating to diving history. Actlvltles In-museum events and lalks were not held during the year due to Ihe closure of the Museum. There were four outreach visits and lalks to community and olher groups during the year. One of the objectives of the Community Engagement Officer (see above) will be to increase the number of in-museum events and talks, and outreach events and talks, as compared to the situation prior to closuTe of Ihe Museum. The websites of the Charity and the Diving Museum continued lo attract enquiries from all age groups, varying from school projects to family history and technical queries on old equipment. The online shop continued to sell new. and second-hand. books and magazines relating to diving history. Besides advancing the education of the public, any profit on such sales generates funds lo help the Charity meet its other objectives. Alm Identifying, preserving, and maintaining archives associated with historical diving. Strategy Maintain a film archive and library of books related to historical diving. Maintain a database of historical civilian divers and a database of Royal Navy divers. Activities The film archive and the library of books relating to historical diving have continued to be maintained during the year. The database of historical civilian divers and the database of Royal Navy divers have been maintained during the year. The Charity welcomes enquiries about diving ancestors or former colleagues who worked in underwater or allied occupations.
The Historical Diving Society Trustees, annual report (including the directors, report) - continued for the year ended 31 March 2025 Aim Organising regular meetings on historical diving subjects. strategy Hold an annual conference. Activities The annual conference was held in November 2024. Alm Publishing appropriate literalure on historical diving subjects. Strategy Issue publications on mallers of hislorical diving inteiest. Actlvltles During the year the Charity published.. the bi-annual Historical Diving Time5: the annual International Journal of Diving History; the proceedings of the annual conference. Alm Preserving and protecting the UK'S rich diving heritage. Strategy Maintain and preserve a collection of hislorical diving artefacts. Activitles The collection of hislorical diving artefacts conlinues to grow. See"Heritage assets" below for further information about the collection. When requested, the Charily is able to provide advice on historic diving equipment. The Charity measures its success in meeting its aims and objectives through two formal measures: recording the number of visitors to the Museum, to the websites of the Charity and the Museum, the number of individuals at outreach activities or attending in-museum talks, and comparing the resulls with previous years- and at each quarterly board meeting and at the annual general meeting, the Board reviews the Charity's progress against its 10 year Forward Plan.
The Historical Diving Society Trustees, annual report (including the directors, report) - continued for the year ended 31 March 2025 The Worklng Equlpment Group Until 2023, the Charity, through its Working Equipment Group (WEG). ran recreational dives using historic diving equipment. In 2023, the trustees Commissioned a review of those diving activities with regard to the associated legal duties, responsibilities. risks and insurance requirements. The review was carried oul by a well-known and respected professional scienlisl who has worked across the diving industry. In October 2024, and following that review, the trustees agreed thal no more such diving operations would be conducted undei the auspices of the Charity, due to the increasing responsibilities and liabilities which the safe recreational diving of historic diving equipment demands. As a result of this, the WEG was disbanded. The Charily will continue to meet its staled objects and strategic aims through participation in public events, exhibitions and displays of historic diving equipment, involving laying out equipment, explaining its use and history, practical demonstrations of dressing a diver, pholographic opportunilies and handling the equipment. PUBLIC BENEFIT The trustees have Complied with the duly in seGtion 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 lo 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 objective5 that they had sel. This public benefit stalemenl forms the basis for all judgements regarding operational reports io the Iruslee meetings, in order to be reassured that the facilities and services that are managed by Ihe Charity meet those criteria. At those meetings, the current financial position is reviewed, including taking account of any restricted funds and Ihe funding needs of the Charity. THE CHARITY'S MEMBERS The Charily's membeiship includes individuals and organisations across the entire spectrum of diving interest - archivisls, archaeologists, authors, artists, bibliophiles. collectors. dealers. engineers, genealogists, manufacturers, museums. oceanologists. photographers, researchers, scientists, divers and ex-diveis from all corners of the world. OUR VOLUNTEERS The Charity is run wholly by volunteers. The Charity has around 30 volunteers, who are involved in the Charity's many areas, as follows: as truslees- as guides and helpers in the Diving Museum., in the Museum's archives, and curation of the Museum'5 artefacts" in the 'green team, looking after the grounds of the Museum and its archives, building. other diving-related activities, events. talks, etc; fundraising and dealing with regulators.
The Historical Diving Society Trustees, annual report (including the directors, report) - continued for the year ended 31 March 2025 online shop and membership records; website and social media- accounting and administration. HERITAGE ASSETS The collection The Charity owns a wide collection of diving-relaled artefacts and literature ranging from diving- related 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. Vvhen open, the Diving Museum displays historical arlefacts from the Charily's collection. There is also an extensive reserve collection held in ils 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 inlerested 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 Ir2nsparency, and in accordance with the accreditalion and the requirements of the Colleclions Trust's Spectrum 5.1 Standard. The main priority for future acquisitions is to improve the quality of the Collection by reGognising gaps in it and adding these items to the Charity's target list. The aim is not to make the collection bigger but to improve the overall quality. 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 ralionalisation 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 aboul the outcomes and the process. Archlves, Ilbrary* and store The Civil Defence Control Centre at 35 The Avenue, Gosporl, continued as the Charity's archives, library, and store. The library is available for research activity by prior arrangement. REPAIRS AND IMPROVEMENTS TO THE BUILDING HOUSING THE DIVING MUSEUM At the beginning of October 2023. the Museum closed to the public to allow the building contractors to start work on the repairs and improvements to the building. The majority of this work was completed at the end of December 2024.
The Historical Diving Society Trustees, annual report (including the directors, report) - continued for the year ended 31 March 2025 The work covered three areas. To solve an issue with water ingress and the internal environment of the Museum. Arts Council England (Museum Estate and Development Fund - MEND) provided a grant towards the cost. Access improvements (including disabled access) to the Museum, and repairs to the fabric of the building. Arts Council England (Capital Investment Programme- CIP) provided a grant towards the cost. Since the work was completed, the Charity has been required to include an additional fire exil, and this is expected to be covered within the scope of the giant. Restoration of the interior and exterior fabric of the building, and elimination of waler ingress. Historic England provided a grant towards the cost. and an extra grant towards some additional work that was required. DEVELOPMENT OF THE MUSEUM'S EXHIBITION AND RELATED ACTIVITIES This project aims to work collaboratively wilh the local community to create an accessible and engaging exhibition and improved inlerpretalion and learning programme. In addition, the project involves carrying out essential planning for Ihe conservation and management of the building and the operation of the Museum. During the financial year, the National Lollery Heritage Fund awarded the Charity a grant of £802,604 towards a planned cosl of £1,032,000 to deliver the project. The grant and costs relate to capital works and ongoing aclivities until the financial year 2027128. The funding will be received as the project progresses. It is expected that the Museum will remain closed until February 2026. FINANCIAL REVIEW The repalr and Improvements project and the Iyluseum development project The projects (see above) have been the principal focus of the Charity's activities in the year, given.. the cost of the work., the third-parly funding ffom the principal grant providers (the Arls Council, Historic England, and the National Loiiery Heritage Fund),. the generation of additional grants for specific elements of the Museum's developmenl., and the generation of further grants and donations to assist with the funding of the Charily's share of the cosls of the work. Funding of Ihe projects to date has been successful, but efforts are ongoing to generate further grants andlor donations to assist with funding the Charily's share of the cost of the Museum development. The two projects have a tolal cost over their lives of about £2.1 million, with the Arts Council, Historic England and the National Loltery Heritage Fund contributing about £1.7 million. In addition to the above grants. the Charily has been grateful for major grants and donations towards Ihe projects from the organisations shown below..
The Historical Diving Society Trustees, annual report (including the directors, report} - continued for the year ended 31 March 2025 Financial year ended 31 March 2025 Arts Council England (in addition lo the repair and improvemenl project grants) Gosport Borough Council Hampshire County Council Museum Development South West The Royal Sociely of London Prevlous flnanclal years Architectural Heritage Fund Gosport BoTough Council Hampshire County Council IMCA (International Marine Contractors Association) South East Museums Development Programme Subsea7 In addition, the Charily is grateful for donalions from the following diving-related organisations - The Vernon Mine Warfare and Diving Monument. Royal Naval Minewarfare & Clearance Diving Officers, Association, and Association of Royal Navy Firsl Class Divers- as well as many smaller donations from other organisations and individuals. During the financial year, the Charity applied to The Pilgrim Trust for a grant to support the resloration of the Museum building. A granl of £15,000 was received after the year end. The note, "Statement of the Charity's funds., in the financial statements, shows the grants and donations received in the year and the preceding year, and the amounts spent against them. Flnanclal posltlon Other than the various grants and donations towards the repairs and improvements project, and the Museum development project, the Charity's principal funding sources in the year under review, were: annual subscription fees for members of the Charity - £8,258. proceeds of sale of books and merchandise, principally Ihrough the online shop- £12,625. and general donaiions - £2,380. Together with smaller income sources. these enabled the Charily to carry out ils charitable activities. The grants and donations that are being used to part-fund the repairs and improvements to the Museum building and to develop the Museum exhibition. have been a significant source of funds. This funding and the related expenditure, are a significant event that has affected the financial performance of the Charily and its financial position at 31 March 2025. The amounts have been.. the receipt of restricted funds totalling £565,383: and the expendilure (including capital expenditure) from those funds lotalling £255,601. Charitable funds At the year end, the Charity had charitable funds of £532.787. This comprises.. a variety of restricted funds thal arise from grants and donations, and which can be used only for Ihe purpose for which they were given= funds designated for a particular purpose (see "Reserves" below). and 10
The Historical Diving Society Trustees. annual report (including the directors, report) - continued for the year ended 31 March 2025 the Charity's unrestricted general fund. which can be used for any of the Charily's charitable purposes, though much of this fund is committed to funding the Charity's fixed assels shown in the balance sheet, and the Charity's future share of the cost of the Museum development. Details of the components of the above funds are given in the note to the financial statements. °Stalement of the Charity's funds". As shown in thal note, the amount of the charilable funds has increased by £269,923 (of which £225.649 relates to the unrestricted general fund). This large increase is due to.. capital expenditure on improvements to the Museum building, and related plant and equipment, which have been funded by the restricted income from the Arts Council" this capital expenditure being depreciated over Ihe estimated useful economic lives of the assets., the depreciation being charged against unrestricted income., and so the amount of that capital expenditure has been transferred from restricted income to the unrestricted general fund. Reserves The trustees have set a reserves policy for financial stability. The trustees of the Charity will endeavour lo set the reserve at a level lo provide financial stability and the means to meet the Charily's charitable objectives for the foreseeable future. As such, the trustees will endeavour to maintain the Charily's financial reserve at a level which is at least equivalent to the lesser of.. the expected operating expenditure, less expected membership fees, for the next 12 months (for this purpose, expenditure does not include expenditure on tangible fixed assets, or expenses that would be expected to be funded by income); and Ihe total amounl of the Charity's unrestricted funds less any unrestricted funds that may not be readily available for spending, when spending those funds might adversely affect the Charity's ability to deliver ils chaiitable objectives, such funds not readily available being equal to.. the amount of any tangible fixed assets used to carry out the charily's activities. any designated funds set aside to meet essential future spending. such as funding a project thal could not be mel from future income. commitments that have not been provided for as a liabilily in the accounts. The trustees will review the policy and the amount of financial reseNe at least once every financial year. As a result of the above, at the start of Ihe financial year under review, there was a reserve of £22,000 held as a designated fund balance. During the year. the Board agreed to continue the policy, but not to change the amount set aside, the amount to be reviewed after the Museum reopens. 11
The Historical Diving Society Trustees, annual report (including the directors, report) - continued for the year ended 31 March 2025 Principal risks and uncertainties The principal risks facing the Charity at 31 March 2025 relate to the Museum development project: the mis-match in cash flow belween the timing of payment for work carried out. and the receipt of grant., the need to generate additional third-party funds to assist with the funding of the Charity's share of the project costs: thal the development of the Museum will not generate the expected increase in visitors to the Museum, resulting in reduced income from that expected. STRUCTURE, GOVERNANCE AND MANAGEMENT Structure 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 lis Articles of Association that were approved by the members in November 2023. Governance and management The Board will consist of at least three, and not more than iwelve Irustees. A trustee must be a member of the Charily. 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 co- opt 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. on page 2 of this annual report shows delails of.. the directors I truslees in office during the financial year and at the date of this Report-, the address of the Company's registered (and principal) office: the Company's registration number., and ils charity registration number. The trustees are all unpaid volunteeis, and the Charity does not have any key management personnel. The Charity does nol have a treasurer: instead. the Board has a Finance Sub-commitlee, ils Chair reporting to Ihe Board at leasl at each Board meeting. All substantive decisions are made by the Irustees. During the reporting period, and up to the date of approval of this report, the trustees have not delegated day-to-day management of the Charity. The Board is supported by two permanent working groups on which at least two trustees sit.. Dtving Museum. and Standing Projects. Addilional temporary project groups are formed as required. 12
The Historical Diving Society Trustees, annual report (including the directors, report) - continued for the year ended 31 March 2025 The policies and procedures for the induction and trainlng of trustees New Truslees are inducted to the Board by means of a 'welcome and familiarisation pack,. This includes such matters as the code of conduct, conflicts of interest, terms of reference. the Articles, and includes a link to Charily Commission guidance. Ongoing training of Trustees is provided when appropriate, for example when there are changes to rules and regulations, by either the Chair of the Irustees or an outside consultant. STATEMENT OF TRUSTEES, RESPONSIBILITIES The truslees (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 slate of affairs of the Charily and of its incoming resources and applicalion of resources. including ils income and expendilure. for that period. In preparing these financial statements. the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charilies SORP (FRS 102)., make judgements and accounting estimates that are reasonable and prudent; state whether UK accounting standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statemenls on the going concern basis unless it is inappropriate to assume that the Charily will continue in business. The tiustees 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 ChaTlty and enable Ihem lo ensure Ihat the financial slalements comply with the Companies Act 2006. They are also Tesponsible for safeguarding the assets of the Chaiily and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. APPROVAL OF THE REPORT In preparing the directors. report, advantage has been taken of the small companies exemption in Part 15 of the Companies Acl 2006. This report was approved by the Board and signed on its behalf by: M B O'meara - Chair of Ihe Board 13
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 2025. Responsibillties and basis of report As the truslees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Charily are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I reporl in respect of my examination of the Charity's accounts as cairied out under section 145 of the Charities Aci 2011 ('the 2011 Act'}. In carrying out my examinalion I have followed the Directions given by the Charily Commission under section 145(5)(b) of the 2011 Act. Indopendent examlner's stalement 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- accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or 2. the accounts do nol accord wilh those records.. or 3. the accounts do not comply wilh 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 chaTlties lapplicable 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 Ihe examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This reporl 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 l am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permilted by law. I do not accept or assume responsibility to anyone other than the Charity and the Chaiity's tTUStees as a body, for my work or for this report. Signed.. Dated: Isr &EPTri I&EL £o2S Name: Kerry Lawrance Professional qualification: FCA (Senior Statutory Auditor) Compass Accountants Limited The Tanneries East Street Titchfield, Fareham, P014 4AR 14
The Historical Diving Society {Registered Number: 09204944) Statement of Financial Activities {including Income & Expenditure Account) Unrestrlcted funds Restricted funds Total funds Total funds For the year ended 31 March 2025 2025 2025 2024 Notes Income from: Donations and grants Charitable activities 2,380 11,374 13,541 565,383 567,763 379.785 11,374 25,076 13.541 18,939 702 32 Other trading activities Other income 702 Bank deposit interest Total Income 2,127 29,422 2,127 3,256 595.507 427,088 566,085 Expendlture on: Raising funds Charitable activities 8.919 60,794 69,713 8,919 316,665 325,584 16,349 464,382 480,731 255.871 255.871 Total expendlture Net Income I lexpenditure) Transfers between f unds (40,291) 238.687 198.396 310.214 (238.687) 71,527 269,923 (53,643) 20 Net movement in funds 269,923 153,643) Reconciliation of funds Total funds brought forward Total funds carrSed forward 253.838 452,234 9,026 80,553 262,864 316.507 532,787 262,864 20 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 18 to 35 form part of these financial statements. 15
The Historical Diving Society (Registered Number: 09204944) Balance sheet Unrestricted Restricted funds funds Total funds Total funds As at31 March 2025 2025 2025 2024 Notes Flxed assets Tangible assets Herilage assets 15 313.463 313,463 84,546 16 313,463 313,463 84,546 Current assets Stock 17 6.019 355 6,019 7,028 56,636 635 190.686 336,075 253,341 343.738 Debtors 18 56.281 55.492 111.773 Cash and cash equivalents 135,194 141,568 Llabllltles Creditors- Amounts falling due within one year 19 2.797 31,220 34,017 165,420 Net current assets 138.771 80,553 219,324 178,318 Total assèts less Current Ilabllltles (Nèt assets) 452,234 80,553 532,787 262,864 Funds of the Charity Restricted income funds Unrestricted funds 20 80,553 80,553 17,211 245,653 532,787 262,864 20 452.234 452.234 Total funds 80,553 The company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with section 476 of the Companies Act 2006. The trusteesldirectors 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 lo companies subject to the small companies regime. The financial statements were approved by the Board ol TrusteeslDirectors and aulhorised for issue, and signed on its behalf by: M B O'meara Chair of the Board Date.. The notes on pages 18 to 35 form part of these financial statements. 16
The Historical Diving Society (Registered Number: 09204944) Statement of cash flows For the year ended 31 Ivlarch 2025 2024 Cash flows from operatlng actlvlt5es: Net cash provlded by (used in) operating activbties (see below) 122.578 73,683 Cash flows from Investing activities: Bank interest 2,127 702 3,256 32 Sale of items from the Charity's collection Purchase of tangible fixed assets Net cash provlded by lused in) Investing activities (270.796) (267,967) (45,854) (42,566) Change In cash and cash equlvalents.. (145,389) 31,117 Cash and cash equivalents: At the beginning of the reporting period At the end of the reportlng perlod 336,075 190,686 304,958 336,075 Net Income/{expendlturel for the reportlng perlod (as In the Statement of Financial Activities) Adjustments for.. Depreciation charge Decrease in stock 269,923 (53,643) 18,333 1.009 (56,001) (107,857) (702) (2,127) 122,578 900 1,083 2,153 126.478 (32) {3,256) 73,683 (Increase)Idecrease in debtors Increasel(decrease) in creditors Sale of items from the Charity's collection Bank interest Net cash provided by (used in) operatlng actlvities A reconciliation of nel debt is not presented, as there are no componenls other than the "Cash and cash equivalents. shown in the balance sheet. The notes on pages 18 to 35 form part of these financial statements. 17
The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements for the year ended 31 March 2025 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 registralion number 09204944. Its registered office is The Civil Defen Control Centre, 35 The Avenue, Gosport, Hampshire. As a charitable company, in these notes to the financial statemenls. the directors are referred to as trustees. Basis of proparatlon The financial statements have been prepared in accordance with: the Charilies: 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) - (Charities SORP (FRS 102)); section 1A of the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); and the Companies Act 2006. The Historical Diving Society meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled 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, Ihe Irustees have a reasonable expectalion that the Charity has adequate resources to continue in operational existence for the foreseeable fulure. Accordingly, the trustees conlinue to adopt the going concern basis of accounting in preparing the financial ststements. The financial statemenls present a true and fair view and changes have not been made to the accounting policies adopted in note 3 as compared lo the previous year, other than to introduce policies for those items occurring for the first time in Ihis 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. 18
The Historical Diving Society {Registered Number.. 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 Accounting policies The principal accounting policies adopted. judgements and key sources of eslimation 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.. the Charity has entitlement to the funds. any performance conditions attached to the income have been met or are fully within the control of the Charity. it is probable that the income will be received-, and the amount can be measured reliably. Grants are recognised in income when there is reasonable assurance that any terms and conditions will be met and that Ihe grant will be received. The trustees believe that they have, and will, comply with all the requirements of the grants, so as lo 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 receipl of economic benefit from the use by the Charily 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 Ihe 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 Irading activities.. Donated 5ervice5 are recogni5ed on the basis of the value of the gift to the Charily which is the amount the Charity would have been willing to pay to oblain 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 did nol have any employees during the year, and all its activities are undertaken by unpaid general volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribulion of general volunteers is not recognised in the financial statements. 19
The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 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: Raising funds - all costs incurred to raise funds for the Charity's charitable purposes, including fund-raising, the shop (both within the Museum and online), and events that are not related to diving., and Charitable activities all costs incurred in undertaking activities that further the Charity's charitable aims for the benefit of its beneficiaries. The expenses for central support services and governance have been allocated to activities, as fequired by the Charities SORP (FRS 102). Vvhere an expense is applicable to a particular activity, il has been allocated lo that activily. If not applicable to a particular activity It has been allocated as follows: Website - 25 /0 Raising funds. 500h Diving Museum and 250k Olher charitable. Bank and related charges- split equally bebween raising funds and the Diving Museum. other costs - allocaled equally across all the activities. Irrecoverable VAT is included with the relevant expense, except where it is staled otheNise. Operatlng lease The Charity has a lease for a period of 99 years from 14 October 2021 on the Grade Il. listed building known as No. 2 Battery. which was built in the 18605. The lease has been treated as an operating lease, as.. a premium was not payable for the grant of the lease. the property is rent-fiee for five years, after which a renl might be payable, The trustees expect Ihat the properly will remain rent-free for the period of the lease., the Charity can terminate the lease after 25 years and every five years thereafter, and Ihe lessor may terminate the lease after 25 years if certain repair work has not been carried out. usage of the property is restricted to being a diving heritage museum together with ancillary use as an educational and cultural institution. As a rent has not been payable under the lease, the value of the rent to the Charily, under the Charilies 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 thal amounl cannot be measured with sufficient reliability. Taxation The Charily is exempt from corporation tax on its charitable activities. 20
The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 Tanglble fixed assets Individual fixed assets costing £1,000 or more are capitalised at cost (including relaled professional fees) and are depreciated over their estimated useful economic lives on a straight-line basis from Ihe year of acquisition (or commissioning, if later). as follows. Freehold property: The Charity owns a Grade11 listed freehold property acquired by its predecessor charity, for negligible consideration. in 2015. A value was not allributed to it on acquisition due to: there being restrictions on the use of the property - it cannot be used for any purpose other than as a museum, library, educational or similar community use., and the building's poor state of repair and internal condition. As the building is Grade11 listed, the trustees consider that it has an Indefinite useful economic life. Mainlenance costs are expensed as incurred. Additions that are not pail of the building are depreciated over 10 years. Leasehold property additions= Additions to the leasehold propety, other than equipment additions, are amortised over varying lives from 20 to 50 years. Plant & equipment. Assets in course of construction: Deprecialed over lives between 5 and 10 years. Not depreciated unlil Ihe year of completion {or commissioning, if later). Heritage fixed assets The artefacts comprising Ihe Museum's collection fall within the definition of Heritage Assets in the Charities SORP (FRS 102). Mosl of the collection was donated to the Charity on 31 March 2022. Since then, further donations have been made. The Trustees consider Ihat because of the large number of individual artefacts. and the unique nature and condition of each artefact, it would be difficult to atliibute reliable values to them. In addition. the Cost would nol be commensurate with the benefit to the users of the financial statements or lo the Charity. Accordingly, they are excluded from the balan sheet as permitled 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 allowanoe for obsolete and slow-moving items. 21
The Historical Diving Society (Registered Number: 09204944) Notes to the financial staternents - continued for the year ended 31 March 2025 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. Cash and cash equivalents Cash and cash equivalents include cash in hand and deposils held at call wilh the Charily's bankers. Flnanclal Instruments The Charity has elected to apply the provision5 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 paity to the contraclual provisions of the instrument. Financial assels and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise Ihe asset and settle the liability simultaneously. These financial instruments are those shown as Irade debtors. cash and cash equivalents, and trade creditors. Fund accounting Unrestricled funds can be used in accordan 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 Charily's collection. Expendilure on tangible fixed assels thal is funded by a restricted grant is matched by a transfer from restricted funds to the unrestricted General Fund. Other expenditure Ih8t is funded by a restricted grant is identified initially to the relevant reslricled fund. Where the Charity is required as a condition of a granl 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 20. 22
The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 Income from donations, legacles and grants Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Donations 2.380 19,577 545,806 21,957 545.806 8,337 371.448 Grants 2,380 565,383 567,763 379.785 All of the income for 2024 was restricted funds, except for donations of £3,337. The amounts shown above for grants. include the following from government and public- sector bodies. 2025 2024 Arls Council - MEND Grant 46,739 220.499 143.138 Arts Council- CIP grant Historic England National Lollery Heritage Fund Gosport Borough Council Hampshire County Council South East Museums Development Programme Museum Development Soulh West - On Displayl Arts Council- Unlocking Colleclions Heritage Compass 315,910 61.430 29,125 15,500 25,000 15,500 6,013 3.000 25,000 4,900 371,448 540,306 A description of the purpose of each of the above grants is given in note 20. 23
The Hlstorical Diving Society (Registered Number: 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 Income from charitable actlvlt5es Unrestricted Restricted funds funds 202S 2025 Total funds 2025 Total funds 2024 Diving Museum entry Membership subscriptions Outreach 9,833 9,353 1,100 1,700 2,320 770 8,258 596 8,258 596 Working Equipment Group Conference 2.520 2,520 Events - diving related 11.374 11,374 25,076 All of the income for 2024 was unrestricted funds. Income from other trading actlvltles Unrastrlct8d Restricted fund8 funds 2025 2025 Total funds 202S Total funds 2024 Shop sales - Museum and online Social lotteiies 12.625 179 12,625 179 16,961 531 Museum- outside users 425 425 1,216 231 Other 312 312 13.541 13.541 18,939 All of the income for 2024 was unre51ricted funds. Other Income Unrestricted Restrlcted funds funds 2025 2025 Total funds 2025 Total funds 2024 Sale of items from the Charity's collection 702 702 32 All of the income for 2024 was Testricted funds. 24
The Hlstorical Dlving Society (Registered Number: 09204944) Notes to the financial statements- continued for the year ended 31 March 2025 Expendlture on raislng funds Unrestrlcted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Consultancy Shop - cost of sales Events- non-diving related other expenses Cenlral supporl services and governance 5,250 10,001 101 7,581 7,581 151 151 1,187 1.187 997 8,919 8,919 16,349 £4,900 of the Consultancy expendilure for 2024 was from restricted funds. Expendlture on charltable actlvltles Unrestrlcted Restrlcted fund6 funds 2025 2025 Total funds 2025 Total funds 2024 Conference 693 693 963 Conservation of artefacts 1.312 4,340 1.312 210,414 17 311 Building repairs and improvements Museum development- planning Museum development- exhibition Museum development- aclivities Maintenance and minor additions 206.074 17 343,424 87,047 13,882 41.589 8,191 55.471 8,191 1,302 18,333 1,302 18.333 5,754 900 Depreciation Working Equipment Group Museum occupancy Publications for members 1,902 9,598 9,378 1,599 3.506 3.326 11.261 1.910 4,435 3,326 11,261 1,910 4,435 Other expenses Central support services and governance 60.794 255,871 316,665 464,382 All of the expenditure for 2024 was from unrestricted funds. except for £343,244 of Building repairs and improvements, £87,047 of Museum development - planning. £1.077 of Working Equipment Group, and £922 of Other expenses. 25
The Historical Diving Society {Registered Number: 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 10 Analysls of expenditure on charitable activities Dlvlng Publlcatlons Museum for members Year ended 31 March 2025 Other Total Conference 693 693 Conservation of artefacts 1,312 210.414 63.679 1.312 210,414 63,679 Building repairs and improvements Museum development- planning, exhibition and activilies Maintenance and minor addilions 1.302 18.333 1,302 18,333 Depreciation Working Equipment Group Museum occupancy Publications for members 3.326 3,326 11,261 1,910 4,435 316,665 11,261 Other expenses Cenlral supporl services and governance 1.910 3,207 303,483 453 775 11,714 1,468 Diving Publlcatlons Museum for members Year ended 31 March 2024 Other Total Conference 963 963 Conservation of artefacts 311 311 Building repairs and improvements Museum development- planning Maintenance and minor additions 343,424 87,047 5.754 900 343,424 87.047 5,754 900 Depreciation Working Equipment Group Museum occupancy Publications for members 1,902 1,902 9,598 9,378 1,599 3,506 464,382 9,598 9,378 other expenses Central support services and governance 1,599 2,497 451,130 476 533 9,854 3,398 26
The Historical Diving Society (Registered Number: 09204944} Notes to the financial statements - continued for the year ended 31 March 2025 Central support services and governance Raislng funds Diving Museum Publlcations for members Other Year ended 31 March 2025 Total Support services: Website 324 647 323 1,294 821 Bank and related charges other 410 411 82 82 82 82 328 Governance: Legal Professional and consultancy Accounting 285 1.981 285 285 2,836 343 86 86 85 1,187 3,207 453 775 5,622 Ralsing funds Diving Museum Publlcatlons for members Other Year ended 31 March 2024 Total Support services.. Website 59 118 58 235 Bank and related charges Other 462 462 924 112 113 112 112 449 Governance: Legal Professional and consultancy Accounting 1.440 285 1,440 1,140 315 285 285 285 79 79 79 78 997 2.497 476 533 4,503 q2 Independent Examiner's remuneration Unrestricted funds 2025 Unrostrlcted funds 2024 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 assurance services relating to granls Other services 950 950 450 130 1,530 950 27
The Historical Diving Society (Registered Number." 09204944) Notes to the financial statements- continued for the year ended 31 March 2025 13 Trustees, Temuneration, benefits. and out-of-pocket expenses The trustees have not received any remuneration or other benefits in either the year or the preceding year. The only key management personnel are the trustees. 14 Related party transacllons The Charity did not enter into any disclosable transactions with related parties during the year (2024.. same). 15 Tangible fixed assets Leasehold Assets In Freehold property Plant & course of property improvements equlpment construction Total Cost At 1 April 2024 Addilions 4,631 2.182 52,827 34,435 79,532 86,345 247,250 194,423 45,097 Transfers (79,532) Disposals At 31 March 2025 4,631 239,520 89,444 333, 595 Depreclatlon At 1 April 2024 Charge for the year Disposals At 31 March 2025 926 873 1,799 18,333 463 8,708 9,162 1,389 8,708 10.035 20,132 Net book value Al 31 March 2025 3.242 3.705 230,812 79,409 1,309 313,463 84,546 At 31 March 2024 79,532 The Charity has given a legal charge on the Diving Museum leasehold property to the Trustees of the National Heritage Memorial Fund (NHMF) to secure all monies, obligations and liabilities (whether present or future. actual or contingent) owing by the Charity to the NHMF from lime to time including, without limitation, under the grant from the National Lollery Heritage Fund for the development of the Diving Museum and related activities. The carrying value of the assets charged is £309.528 (2024- £nil). 28
The Historical Diving Society {Registered Number= 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 16 Heritage fixed assets Cost At 1 April 2024 and 31 March 2025 Depreciation Al 1 April 2024 and 31 March 2025 Net book value At 1 April 2024 and 31 March 2025 The Charily owns a wKle collection of diving-related arlefacts. Information is given in the Trustees, Report under "Herilage assets" as to: the nalure and scale of heritage assets held, the policy for the acquisition, preservation, management, and disposal of heritage assets, a description of Ihe records maintained of the collection of heritage assets, and information on the extent to which access to the assets is permitted. The Charily did not hold any heritage assets until 31 March 2022. On that date, the Charity was donated the collection of artefacls previously held by the former unincorporated charity "The Historical Diving Society". Since Ihen, further artefacts have been donated. In accordance with the accounting policy in note 3 above, those donated heritage asseis 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. 17 Stock 2025 2024 Merchandise 4.842 1,177 6,019 4,605 Books 2,423 7,028 29
The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 18 Debtors Unrestricted Restrfficted funds funds 2025 2025 Total funds 2025 Total funds 2024 Trade debtors 18,315 37.966 56,281 18,315 38,321 56,636 250 Prepayments and accrued income 355 385 355 635 None of the 2024 debtors related to restricted funds. 19 Credltors: amounts falllng due withln one year Unrestricted Restrlcted funds funds 2025 2025 Total funds 2025 Total funds 2024 Trade creditors 1.657 1,140 2,797 12,004 13,661 2,574 19,216 20,356 162,846 31,220 34,017 165,420 Accruals £552 of the 2024 trade creditors, and £160.860 of the 2024 accruals, related to restricted funds. 30
The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 20 statement of the Charity's funds Year ended 31 March 2025 At31 March 2025 At 1 Aprll 2024 Name of fund Income Expendlture Transfers Restrlcted Income funds Arts Council - MEND Grant 17,416 46,739 9,791 (73,946) Arts Council - CIP grant Historic England National Lottery Heritage Fund Gosport Borough Counci Hampshire County Council South East Museums Development Programme Media equipment Going Green Skills builder Museum Development Soulh West- On Displayl Arts Council - Unlocking Collections The Royal Society - Places of science Library Other restricted donations Collection sales Total Restricted (68,201) 57.455 (7.265) 220.499 143,138 61,430 21,888 (174,186) (237,753) 22,160 (15,000) (13,768) 2,439 42,836 25,000 15,500 25,000 (15.500) 323 3,740 354 323 1,990 84 (1,750) (270) (3,360) 3.000 360 25.000 {27,163) (2,163) 5,500 (3,486) (14) 2.000 5,000 5,000 19,577 19.577 204 9,026 702 566,085 906 80,553 (255.871) (238.687) Unrestricted funds Designated funds Financial stability Museum improvements Total Deslgnated General fund Total unrestrlcted 22,000 27,253 22,000 (27,253) 49,253 204.585 253,838 (27,253) 265,940 238,687 22,000 430,234 452,234 29.422 29,422 (69.713) (69,713) Total funds of the Charity 262.864 595,507 (325,584) 532,787 31
The Historical Diving Society (Registered Number., 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 20 Statement of the Charlty's funds (continuod) Year ended 31 March 2024 At31 March 2024 At 1 April 2023 Name of fund Income Expenditure Transfers Restricted Income funds IMCA Arts Council- MEND Grant Arts Council- CIP grant Historic England National Lottery Heritage Fund Gosport Borough Council South East Museums Development Programme Media equipment Collections Care Going Green Skills builder Herilage Compass Library Collection sales Total Restrlcted 25,000 38,520 (25,000) (22,793) 1.689 17,416 (21,863) (46,338) (68,201) (323.070) 64,615 57,455 (87.047) 24,228 {7,265) 315,910 29,125 26,429 15,500 (15.500) 323 323 997 3,740 1,276 4,900 5.000 32 376,480 (997) 3,740 354 {922) (4,900) 5,000 204 9,026 1.249 91,521 {1,077) (437,190) (21,785) Unrestrlcted funds Designated funds Financial stability Museum improvements Total Doslgnated General fund Total unrestricted 22,000 27,253 22,000 27,253 49,253 49,253 {43,541) (27,468) 204,585 (43,541) 21,785 253,838 224,986 224,986 50.608 50.608 Total funds of the Charlty 316,507 427,088 (480.731) 262,864 32
The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 20 Statement of the Charity's funds {contlnued) Transfers between restricted and unrestrlcted funds Details of the reasons for the material Iransfers between the funds. are as follows.. Year ended 31 March 2025.. Transfers from Arts Council- MEND granl, and from Arts Council - CIP grant, to Ihe General fund= in relation to additions lo tangible fixed assets, and to take account of the General Fund's share of the expenditure incurred on the projects. Transfers to Historic England from Hampshire County Council and the Designated fund Museum improvements.. to assist with the funding of the Charity's share of the cost of the Diving Museum building repairs. Transfer from Historic England to the General Fund.. to reffect expected further external funding of the Charity's share of the cost of the Diving Museum building repairs. Year ended 31 March 2024: Transfers from the General fund to set up the Designated fund - Financial stability, and the Designaied fund - Museum improvements. Transfers from the following funds to help fund the Charity's share of the cosl of the Arts Council projects, the Historic England project, and the cost of the development of the application for a delivery grant lo the Nalional Lottery Heritage Fund.. IMCA; Gospoil Borough Council., Designated fund- Museum improvements. Transfer from Arts Council- MEND grant and Arts Council- CIP grant in relation to additions lo tangible fixed assets. 33
The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 20 Statement of the Charity's funds (continued) The purposes for which funds are held The material individual Restricted funds, which are income funds, are (or were) held for the following purposes: Arts Council - MEND Grant-. Grant to fund part of the cost of solving an issue with the internal environment of the Diving Museum. Grant to fund part of the costs relating to.. repairs to the fabric of the Diving Museum building., work to open up more of Ihe building to the public. accessibility improvements lo the building. Grant to help fund part of the cost of repairs to the Diving Museum building. Grant to fund paTI of the cost of developing plans for improvements lo the internal layout and displays in, and the future development of, the Diving Museum, followed by a grant towards the cost of delivering those plans. Grant to help fund part of the cost of repairs to the Diving Museum building. Giant to help fund part of the cost of Ihe Museum development. Granl to help fund parl of the cost of repairs to the Diving Museum building. Grant to help fund certain specific costs within the Museum development project. Donations received from the Charily's members and supporters to assist with the funding of the Charity's share of the cost of the Museum development. Arts Council - CIP Grant- Historic England.. National Lottery Heritage Fund: Gosport Borough Council.. Hampshire County Council.. Arts Council - Unlocking Collections.. Other restricted donations.. The Unrestiicted funds are (or were) held for the following purposes: Designated - Financial To enable the Charity (if necessary) to meet ils charitable stability: objectives for the foreseeable future. Designated - Museum To set aside furKls for the Museum repair and refurbishment improvements.. project, which funds had been received by the Charity's predecessor charity for that purpose. This fund has been utili5ed in the year. 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 reslricted funds, for example, where a restricted grant provides for only part of the funding needed for a specific project. General.. Non-adjusting event after the end of the flnanclal year During the financial year. the Charity applied to The Pilgrim Trust for a grant to support the restoration of the Museum building. A grant of £15,000 was received after the year end. 34
The Historical Diving Society (Registered Number: 09204944) Notes to the financial statements - continued for the year ended 31 March 2025 21 Analysls of net assets between funds At 31 March 2025 Unrestricted Restricted designated income funds funds Unrestricted general fund Total funds Tangible fixed assets Current assets 313,463 119,568 {2,797) 313,463 111,773 253,341 (31,220) (34,017) 22,000 Creditors: Amounts falling due within one year 430.234 22,000 80,553 532,787 At 31 March 2024 Unrestrlcted Restricted deslgnated income funds funds Unrestrlcted general fund Total funds Tangible fixed assets Current assets 84,546 123,566 (3,527) 84,546 170,919 343,738 (161.893) (165,420) 49,253 Creditors.. Amounts falling due within one year 204,585 49.253 9,026 262,864 22 Commitments The Charity has the following financial commitmenls that are not provided for in the financial statements.. Repairs and improvements to the Diving Museum building the financial commitment is expected to be of the order of £1.630 (2024- £55,000), taking into account the grants funding the repairs and improvements. The financial commitment is expected lo be payable over the period to December 2025. Development of the Museum's exhibition and related activities - this project has two elements for which grant funding is being received. Taking into account the principal grant funder's share that is still to be received. the financial commitment is of the order of £237,000 (2024.. £229.517). £179,000 of the commitment is expecled to be payable over the period to December 2025. The trustees expect that some of this will be funded by further grants andlor donations. The remainder is expected to be payable over the period to December 2027, and is expected to be funded from the Charity's existing resources and the Museum's income. 35