Charity number: 1179537
Mercantile Marine Memorial Trust
Trustees' report and financial statements
for the year ended 31 December 2025
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Mercantile Marine Memorial Trust Charity number: 1179537
Contents
Legal and administrative information ...................................................................................................................... 3 Foreword .................................................................................................................................................................. 4 Performance Report ................................................................................................................................................. 5 Statement of Trustees’ responsibilities ................................................................................................................... 8 Statement of Financial Activities.............................................................................................................................. 9 Charity Balance Sheet ............................................................................................................................................ 10 Cash flow statement .............................................................................................................................................. 11 Notes to the Financial Statements ......................................................................................................................... 12
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Mercantile Marine Memorial Trust Charity number: 1179537
Legal and administrative information
| Charity number | 1179537 |
|---|---|
| Registered office | HM Naval Base PP66 |
| Portsmouth | |
| Hampshire PO1 3NH | |
| Trustees | Commodore Phillip Waterhouse |
| Professor Dominic Tweddle – resigned 16 October 2025 | |
| Mrs Trudy Grey | |
| Dr Emma Roberts | |
| Mr Leon Calverley – resigned 16 October 2025 | |
| Ms Emma Collins | |
| Mr Paul Swindlehurst | |
| Ms Helen McWatt | |
| Mr Luke Helmsley – resigned 15 January 2026 | |
| Mr Simon Bird – resigned 16 October 2025 | |
| Mr Michael Paterson | |
| Accountants | Compass Accountants Limited |
| Venture House | |
| The Tanneries | |
| East Street | |
| Titchfield | |
| Hampshire | |
| PO14 4AR |
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Mercantile Marine Memorial Trust Charity number: 1179537
Trustees’ annual report
The Trustees present their report and the financial statements of the charity for the year ended 31[st] December 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
Foreword
The charitable objects of the Mercantile Marine Memorial Trust (the Trust) are:
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1) To receive and maintain the British Mercantile Marine collection of paintings and other artistic works depicting the life and history of the British Mercantile Marine; and
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2) To curate and display such paintings and other artistic works in museums and other public event space in order to advance the education of the public in the life and history of the British Mercantile Marine.
The Board of Trustees
The Board is responsible for ensuring leadership through effective oversight and review. It shapes the strategic thinking and sets the tone. A full formal induction process is in place for new Trustees and committee members, which combines all the necessary background reading material, including items such as: the Articles of Association; minutes of recent meetings; the Charity Commission publication “The Essential Trustee: what you need to know.”
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Mercantile Marine Memorial Trust Charity number: 1179537
Performance Report
Overview and Charitable Status
The Mercantile Marine Memorial Trust (MMMT) was formally registered as a Charitable Incorporated Organisation on 14 August 2018 (charity number 1179537). The Trust’s charitable purpose is to safeguard, preserve, and promote the nationally significant British Mercantile Marine Collection of paintings and associated artistic works, and to advance public understanding of the history and global contribution of the British Mercantile Marine.
The Trustees have had regard to the Charity Commission’s guidance on public benefit in planning and reviewing the Trust’s activities during the year.
The Mercantile Marine Collection comprises approximately 1,300 paintings depicting British steam shipping from across the world. The collection was acquired on behalf of the Trust by the National Museum of the Royal Navy on 27 November 2017, funded through a £1,233,000 LIBOR grant agreement with HM Treasury dated 12 June 2017.
Of the grant funding, £600,000 was applied to the purchase of the artworks. The remaining funds were retained by the National Museum to support cataloguing, research, exhibition development, storage facilities, and the establishment of a loan programme while the Trust prepared to assume stewardship. During this period, the collection was securely stored and remained fully accessible to MMMT Trustees and authorised personnel.
Structure, Governance and Management
During the year, the Trustees focused on strengthening governance and ensuring that the Trust was operationally ready to assume full ownership of the collection and responsibility for the remaining grant balance. This process culminated in the formal transfer of the artworks to MMMT under a Deed of Transfer dated 17 December 2024.
Following careful planning, the Trust completed its planned separation from the National Museum of the Royal Navy and, in January 2026, became wholly independent. From this point, the Trust assumed full responsibility for governance, management, and strategic direction. To ensure continuity and cost-effectiveness, the Trustees appointed a fractional Chief Executive Officer and Curator, providing professional leadership while maintaining financial prudence.
Specialist consultancy support was commissioned to develop an initial Vision, Mission and Strategy, together with a governance framework designed to enable effective delivery of the Trust’s charitable objectives. This work has provided a clear and coherent strategic foundation for the Trust as it enters its next phase of development.
Objectives and Activity
The Trust’s principal activities during the year were focused on:
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preparing for independent operation and stewardship of the collection;
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strengthening governance and strategic planning;
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improving collections management, documentation, and access; and
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delivering public benefit through exhibitions, engagement, and education.
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Mercantile Marine Memorial Trust Charity number: 1179537
These activities were undertaken in furtherance of the Trust’s charitable objects and in line with the Trustees’ strategic priorities.
Significant Achievements and Performance
The year under review represents a period of substantial progress and consolidation for the Trust.
A major achievement was the completion of a full audit of the collection, alongside the creation of catalogue records for every artwork. In parallel, a comprehensive digitisation project was delivered, resulting in highquality imagery being available for the entire collection. Together, these achievements significantly strengthen the Trust’s ability to preserve the collection, support research, and widen public access.
The Trust also delivered its first collaborative public exhibition, “Charting the Course: Hartlepool’s Maritime Heritage” , which opened in April 2025 at Hartlepool Art Gallery and ran until June 2025. The exhibition showcased artworks of particular relevance to the region and successfully introduced the collection to a wider public audience. The Trustees consider this a significant milestone in fulfilling the Trust’s charitable purpose, and further exhibition opportunities are under active consideration.
Alongside this, the Trust undertook targeted activity to raise its profile and extend public benefit, including regional engagement initiatives, work with schools, and the development of a website, social media presence, and research capability.
Public Benefit
The Trustees confirm that all activities undertaken during the year were carried out in furtherance of the Trust’s charitable objects and for the public benefit. Activities focused on preserving and documenting the collection, improving access through digitisation and exhibitions, supporting research, and engaging the public through educational and outreach initiatives.
Financial Review
Statement of Financial Activities for the year ended 31 December 2025
Total incoming resources for the year ended 31 December 2025 were £nil (2024: £nil). Total expenditure was £93,867 (2024: £153,048), reflecting reduced costs as major preparatory work was completed and governance arrangements stabilised.
Balance sheet
The net assets as at 31[st] December 2025 amounted to £889,002 (2024: £982,869).
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Mercantile Marine Memorial Trust Charity number: 1179537
Reserves
The Trustees maintain close oversight of reserves. Free reserves are defined as net current assets attributable to unrestricted funds. The Trust does not seek to accumulate reserves unnecessarily; instead, funds are deployed, with Board approval, to advance the Trust’s charitable purposes.
As at 31 December 2025, free reserves totalled £289,002 (2024: £382,869). With the Trust now operating independently from January 2026, the Trustees consider that current reserves are sufficient to support ongoing activities and that the going concern basis remains appropriate.
Plans for future periods
Following its transition to full independence, the Trust now operates as a stand-alone charity. The Trustees have determined that the most efficient and cost-effective operating model is to continue working with consultants under contractual arrangements, ensuring professional delivery while retaining strategic control.
Looking ahead, the Charity aspires to build on its growing reputation through a clear and ambitious programme of exhibitions, research, and engagement. Our aim is to deliver one major exhibition each year, complemented by two additional exhibitions that extend our reach and deepen public understanding of maritime art and heritage.
We will continue to strengthen our research programme in collaboration with LJMU, alongside developing research projects, internships, and volunteer opportunities that support both our exhibitions and wider partnerships. Strategic partnerships with organisations including MAST and MNWB will remain central to our development, enabling collaborative projects that amplify impact and share expertise.
Alongside this, we seek to increase high-level engagement activity and focus our funding efforts on industry partnerships, supported by robust proposal development and bid-writing activity. Through these ambitions, we intend to demonstrate sector leadership, enhance sustainability through trading activity, and position the Charity at the forefront of the UK maritime art heritage sector.
Date: 14[th] May 2026
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Mercantile Marine Memorial Trust Charity number: 1179537
Statement of Trustees’ responsibilities for the year ended 31 December 2025
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Date: 14[th] May 2026
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Mercantile Marine Memorial Trust Charity number: 1179537
Statement of financial activities
For the year ended 31 December 2025
| Unrestricted funds Notes £ Income from: Donations and legacies - Total income - Expenditure on: Charitable activities Collections and asset management 2 93,867 Total expenditure 93,867 Net income/(expenditure) (93,867 ) Transfers between funds - Net movement in funds (93,867 ) Reconciliation of funds: Funds brought forward 982,869 Total funds carried forward 889,002 |
2025 Unrestricted Total funds £ £ - - - - 93,867 153,048 93,867 153,048 (93,867) (153,048) - - (93,867) (153,048) 982,869 1,135,917 889,002 982,869 |
2024 Total £ - - 153,048 153,048 (153,048) - (153,048) 1,135,917 982,869 |
|---|---|---|
All recognised gains and losses are included in the statement of financial activities
The notes on pages 12 to 15 form an integral part of these financial statements.
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Mercantile Marine Memorial Trust Charity number: 1179537
Balance Sheet
as at 31 December 2025
| Notes Fixed assets Heritage assets 5 Current assets Debtors 6 Creditors: amounts falling due within one year 7 Net current assets Net assets Funds Unrestricted funds Total funds |
2025 £ 600,000 600,000 292,302 292,302 (3,300) 289,002 889,002 889,002 889,002 |
2024 £ 600,000 |
|---|---|---|
| 600,000 421,645 |
||
| 421,645 (38,776) |
||
| 382,869 | ||
| 982,869 | ||
| 982,869 | ||
| 982,869 |
The financial statements were approved by the board and signed on its behalf by
Date: 14[th] May 2026
The notes on pages 12 to 15 form an integral part of these financial statements.
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Mercantile Marine Memorial Trust Charity number: 1179537
Cash flow statement
| for the year ended 31 December 2025 Cash flows from operating activities: Net cash provided by/(used in) operating activities Cash flows from investing activities: Purchase of heritage assets Cash and cash equivalents at 1 January 2025 Cash and cash equivalents at 31 December 2025 Net (expenditure)/income for the reporting period Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash provided by/(used in) operating activities |
2025 2024 - - - - - - - - (93,867) (153,048) 129,343 114,272 (35,476) 38,776 - - |
|---|---|
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Mercantile Marine Memorial Trust Charity number: 1179537
Notes to the financial statements
for the period ended 31 December 2025
1. Accounting policies
1.1. Charity information
The Mercantile Marine Memorial Trust is a registered charity, number 1179537.
The Mercantile Marine Memorial Trust meets the definition of a public benefit entity under section 34 of FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy. The principal objectives of the charity are detailed in the Trustees report.
1.2. Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The role of the Trust is solely to hold the heritage assets and reserves of the Mercantile Marine Memorial Collection. The Trustees are content that the going concern basis continues to apply.
The financial statements are presented in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.3. Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
1.4. Grants receivable
Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable. If a grant of donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the charity’s control, and it is probable those conditions will be met in the accounting period.
Grants for the purchase of fixed assets are credited to restricted incoming resources when receivable. Depreciation on the fixed assets purchased with such grants is charged against the restricted fund.
1.5. Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
1.6. Basis of allocation
Governance costs include those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
1.7. Restricted funds
Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs.
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Mercantile Marine Memorial Trust Charity number: 1179537
Notes to the financial statements
for the period ended 31 December 2025
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
1.8. Tangible fixed assets
Tangible fixed assets with a cost or value greater than £2,500 and a useful life exceeding one year are capitalised at historic cost.
1.9. Heritage assets
The heritage assets held by the trust are capitalised in the accounts on the basis of cost of purchase. The assets are not depreciated due to their infinite useful economic lives. An annual review for impairment is carried out in accordance with the Charities SORP, with any impairment recognised in the Statement of Financial Activities.
The Collection
The collection consists of artefacts, physical, written and oral reflecting the history of the British Mercantile Marine.
1.10. Basic financial instruments
The Museum’s financial assets and liabilities consist of cash and cash equivalents, short term investments, trade debtors, trade creditors and accrued expenses. The fair value of these items approximates their carrying value due to their short-term value. Unless otherwise noted, the Museum is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.
Term deposits of less than one year are classified as investments within current assets.
2. Collections and asset management
| Collections and asset management £ Storage costs 8,120 Digitisation costs 3,100 Curatorial costs 49,778 Insurance 2,640 Travel and subsistence 2,246 Sundry expenditure 6,238 Governance costs 21,745 93,867 Governance costs Collections and asset management £ Accountancy fees 1,500 Legal and professional fees 18,137 Trustees’ meeting expenses 2,108 Trustees’ insurance - 21,745 |
2025 £ 8,120 3,100 49,778 2,640 2,246 6,238 21,745 93,867 2025 £ 1,500 18,137 2,108 - 21,745 |
2024 £ 13,985 12,048 84,466 1,725 3,683 182 36,959 |
|---|---|---|
| 153,048 | ||
| 2024 £ 1,500 29,437 5,285 737 |
||
| 36,959 |
3. Governance costs
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Mercantile Marine Memorial Trust Charity number: 1179537
Notes to the financial statements
for the period ended 31 December 2025
4. Employee costs
There were no employees directly employed by the charity in the period.
During the year no Trustees received remuneration, and six Trustees were reimbursed for travel expenses totalling £1,939 (2024: six Trustees £3,759).
5. Heritage assets
| Cost At 31 December 2024 and 31 December 2025 Net book values At 31 December 2024 and 31 December 2025 |
At cost £ 600,000 600,000 |
Total £ 600,000 |
|---|---|---|
| 600,000 |
On 27th November 2017 a collection of artworks was purchased from Mr Michael Charles for £600,000, consisting mainly paintings of ships. The collection consists of approximately 1300 artworks but at this stage there is no complete list. Further work is required to ensure the Trust has a complete inventory of the collection.
The collection has been included within heritage asset additions at the purchase price of £600,000.
| Five-year summary | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Additions | |||||
| Purchases | - | - | - | - | - |
| Donations | - | - | - | - | - |
| Disposals | - | - | - | - | - |
6. Debtors
| Other debtors Creditors: amounts falling due within one year Accruals |
2025 2024 £ £ 292,302 421,645 2025 2024 £ £ 3,300 38,776 |
2025 2024 £ £ 292,302 421,645 2025 2024 £ £ 3,300 38,776 |
|---|---|---|
| 2024 £ 38,776 |
7. Creditors: amounts falling due within one year
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Mercantile Marine Memorial Trust Charity number: 1179537
Notes to the financial statements for the period ended 31 December 2025
8. Analysis of net assets between funds
| Tangible Net Current Fixed Assets Assets £ £ Unrestricted funds 600,000 289,002 600,000 289,002 Tangible Net Current Fixed Assets Assets £ £ Unrestricted funds 600,000 382,869 600,000 382,869 |
2025 Total £ 889,002 |
|---|---|
| 889,002 | |
| 2024 Total £ 982,869 |
|
| 982,869 |
9. Related party transactions
The charity was a related party of the National Museum of the Royal Navy (the National Museum) during the year due to the presence of the National Museum’s Director General on the Board of Trustees. The charity received income of £Nil (2024: £Nil) from, and paid expenses of £130,393 (2024: £114,272) to, the National Museum. At the end of the period an amount of £291,252 (2024: £421,645) was held on trust on behalf of the charity by the National Museum. In addition, £3,300 (2024: £38,776) was owing to the National Museum at the end of the period for costs incurred under the Service Level Agreement.
10. Post balance sheet events
The balance of funds held by the National Museum were transferred to the charity on 30[th] January 2026.
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