2021-03-31-accounts - The Nautical Archaeology Society

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– NAS OFFICERS REPORTS 2020 2021

CHAIR’S REPORT

Firstly, could I take this opportunity to wish all NAS members, their families, friends, relatives, and communities well, thank you for your continued engagement and support of the NAS and our activities and hope both continue into 2022 and beyond. Our world has continued to be overshadowed by the global pandemic, and whilst restrictions are currently easing (at least in the UK), offering a return to a semblance of normality, this remains uncertain at present, and thus it feels prudent to remain cautious at this time. Personally, I would like to offer my sympathies to anyone who has been impacted by the loss of a loved one due to COVID-19 or other premature passing and I sincerely hope that everyone stays safe and supports their wider communities during this time.

This is my first report as NAS chair and it would be remiss of me not to acknowledge the continued commitment and effort from the NAS staff, the Executive, Management and Sub committees, as well as the support from our members, since Brian’s last report. There is undoubtedly a very strong sense of community and purpose, which I am proud to be a small part of.

There are several specific areas that I would like to cover in my report.

Finances : The treasurer’s report will cover the details of our financial position to the end of March 2021, but it is worth emphasising that the Management and Executive committees have maintained a close focus on our current and future financial status as we look to build a more sustainable position for the future. This has been another challenging year, with limited project opportunities and it is to the credit of the staff and trustees that we continue to be in a stable position.

Our Trustees and Committees: The NAS trustee community continues to evolve with trustees completing their term and new trustees joining. We are growing the involvement of trustees in areas of particular interest or experience to support staff effort; a very good example is the communications group of trustees and members who are maintaining the engagement activities established by Charlotte during her time with us.

Our trustees offer the Society a mix of archaeological specialisms and wider business skills needed drive our core streams of focus; education and awareness, publication, sectoral engagement, international expansion and archaeological projects, with the necessary expertise to run a charity / business. As always, we continue to seek suitably qualified members to join our committees as other trustees complete their terms.

I would like to specifically thank Brian Minehane for his contributions to the Executive and Management committees during his term as a trustee and his four years as chair, during which he has ably guided the Society towards a stable and prosperous future. I would also like to welcome Peter Green as a NAS Trustee. At the time of writing this report, Peter has been co-opted onto the Executive Committee pending his official joining at the AGM this year.

Nautical Archaeology Society | Fort Cumberland | Fort Cumberland Road | Portsmouth | PO4 9LD | United Kingdom Tel/Fax +44 (0)23 9281 8419 | Email: nas@nauticalarchaeologysociety.org | Web: www.nauticalarchaeologysociety.org Registered office: as above. Company Limited by Guarantee. Registered in England No. 1039270. English Charity No. 264209. Scottish Charity No. SC040130

Peter is the Chief Executive of National Maritime, and we welcome his experience and insight across the maritime sector.

The Executive committee now meets quarterly, with full meetings taking place in April (end of financial year) and October (pre-AGM) and shorter meetings in January and July to maintain progress on discussions across the full Executive, with the Management Subcommittee meeting monthly to maintain momentum on more pressing matters and in support of Mark and the team in Fort Cumberland. If you would like to join us and contribute at a strategic level to the Society, then please reach out to Mark or myself.

Publication : The IJNA contract has been agreed with Taylor and Francis and our thanks go to Miranda Richardson, Paula Martin, Damian Robinson, Lucy Blue and David Blackman for the continued effort to make this transfer successful and for constantly looking to the future of the IJNA. Sadly, Miranda is stepping down as the editor of the IJNA and we are in the final stages of appointing a successor. We thank her for her contribution to the society, in particular the success of IJNA and wish her well for the future. We hope to introduce her successor at the Conference, which marks 50 years of the IJNA.

Staffing: Charlotte Crumpler completed her contract as our Engagement Officer and has taken up a new opportunity, although she remains a member of the society and an active volunteer. Her infectious enthusiasm and professional knowledge have left the society in a much stronger position in terms of external engagement, and we wish her well for the future. Peta Knott, our Education Manager has returned from maternity leave and is now working a four-day week, resulting in a return to two permanent members of staff.

Conference: Sadly, we took the decision, in unison with our Irish partners (CFT), to defer the 2020 Dublin conference again until 2022 and continue with a virtual conference for 2020 and 2021. The 2020 conference allowed us to showcase the international nature of the Society; and I believe 2021 will repeat this success and extend global working relations further.

Education: The education programme continues to evolve, and we have capitalised on many virtual learning opportunities throughout the year. Whilst virtual learning cannot replace faceto-face learning, particularly in practical subject areas, there are many positive lessons we can take forward into a hybrid programme. A statistic from one virtual course which stands out to me is 38 attendees from 12 countries; truly international and a number of attendees that we would struggle to support in our usual locations.

Looking Forward : Whilst this report looks back over the past year, it feels appropriate to cast an eye to the future and emphasise the need for sustainable growth. Society is changing, people’s demands and expectations are changing and sources of funding are changing. Suffice to say, the Society must adapt and evolve, and we have a Strategy Group which is actively looking to the future. More information will follow as our plans take shape.

All I ask of you, the members, is that if you have an idea, a suggestion or have spotted something you think we are missing, please don’t mutter into your coffee or regulator, but let us know and share your thoughts. I can’t promise to solve all of them, but I will listen and if we cannot do it, I will tell you why.

Thank you: Lastly, I will conclude my 2021 Chair’s report with some thankyous.

Our partners, including Historic England, The Honor Frost Foundation, Sub-Aqua Association, Go Dive Scuba Store, Dive Master Insurance, MSDS Marine, National Maritime, Maritime Archaeology Trust and the Maritime Archaeology Sea Trust are in a very large way why we are able to do what we do. Our endless thanks for your ongoing support and continued confidence in the Society.

Mark our CEO, Peta our Education Officer, and Charlotte our (now former) Public Engagement Officer love what they do, and it shows. Thank you for your continued brilliance and enthusiasm in the pursuit of maritime archaeology.

Once more – a massive thank you to our Trustees and our members.

Thank you all and here’s to our continued NAS journey.

Tim Parker, Chair

HONORARY SECRETARY’S REPORT

The totally unprecedented challenges for the Society due to Covid-19 emerging in early 2020 have continued during this year and look set to continue for some time to come to varying degrees. This pandemic has posed an extremely adverse impact upon the income streams of the Society as so much of the Society’s activities are normally conducted on a face to face basis. The Chair and the Treasurer will provide more details but an outstanding effort has continued to be put in place by NAS staff and my fellow Trustees to equip the Society with new, virtual activities to continue the NAS’ work and to seek financial aid to ensure the Society could survive financially. The result of this is that NAS members have had an opportunity to engage digitally with the Society and there is very significant development of digital resources underway, especially for the Education Program. Additionally the grants obtained last year from Historic England, National Heritage Lottery Fund and the Honor Frost Foundation (HFF) enabled the Society to have secure ongoing finances. It would be hard to understate the amount of demanding work to very tight timescales that all this entailed, and it is a credit to the commitment of the NAS staff and my fellow trustees that all this has been achieved.

The Management Sub-Committee has continued to monitor the financial position extremely closely. Further financial challenges remain and the Chair and the Hon. Treasurer will address this aspect in more detail in their reports. The Society continues to examine new opportunities to obtain additional funding and discussions with potential sponsors are ongoing. The Society is also continuing its investigations as to the potential of closer working with other organisations on a ‘partnership’ basis, which could increase financial efficiency and provide new income streams for the Society. To this end the Society has entered negotiations with

MSDS Marine Ltd to formulate a Memorandum of Understanding to structure the continued co-operation between the Society and MSDS Marine Ltd. The Society is also engaged in negotiations with an American not for profit entity, with a view to the Society administering a grant award scheme for nautical archaeology which will be open to applications from around the world.

Notwithstanding all this hard work it is clear that the Society, like all charities, will continue to face an extremely challenging economic environment for a number of years post Covid-19 but these potential initiatives are designed to ensure that the Society is better equipped and more resilient in such an economic environment.

The Society has continued to be very active in relation to the proposed dredging of the Goodwin Sands by Dover Harbour Board (DHB) and continues to advise both the Save Our Sands (SOS) community group and its associate, the Goodwin Sands Conservation Trust, a registered charity

The Society also continues to be represented at Joint Nautical Archaeology Policy Committee (JNAPC) meetings and to support the policy development work of the JNAPC. The Society has also continued discussions with MOD with a view to the Society participating in a project with MOD. These discussions have resulted in a request from MOD for a draft Project Design which is due to be submitted in July 2021. Inevitably the timescale for this Project has been adversely impacted by Covid-19 but MOD has demonstrated considerable interest in the project’s potential and, if approved by MOD, will provide NAS members with the opportunity to undertake archaeological diving operations on a military site which is otherwise inaccessible to divers.

As indicated in my previous year’s report, negotiations have now been successfully concluded with a leading academic publisher, Taylor & Francis, for publication of the International Journal of Nautical Archaeology (IJNA) and the Society is very grateful to the HFF for its continued financial support for the Journal’s publication. However, the economic downturn in academic publishing due to both Covid-19 and the policy of Open Access will unfortunately have an adverse impact upon the income stream that the Society obtains from IJNA and will add to the Society’s financial challenges going forward into future years.

While much of the Society’s activities have been curtailed and delayed by the pandemic, the workload that resulted was extensive. At the risk of repeating myself I would like, both upon behalf of the Society and on a personal basis, to thank the NAS staff, the NAS volunteers who stepped forward and my fellow Trustees who, despite considerable disruption in their own work and personal lives, set about protecting the Society from possible stagnation and financial uncertainty. As with all UK charities these challenges, not least on the financial front, will continue for some considerable time. However, members can be assured that no effort will be spared in seeking to bring the NAS through these exceptionally difficult times.

Prof. Michael V Williams Hon Secretary

TREASURER’S REPORT

As noted last year, we entered the Financial Year in some trepidation because of the impact we believed COVID was going to have on our revenue generating activities. With COVID restrictions continuing during much of this financial year too, the impact on NAS revenues remained but will not fully show up in the accounts until the 2021/2022 Accounts.

We were very fortunate to receive the support of the Honor Frost Foundation, Historic England and the Heritage Lottery Fund for a number of desk-based projects to commence this financial year. This is reflected in the figures shown in the Balance Sheet under Restricted Funds – i.e. Grants reserved for completion of future projects.

The continuation of COVID restrictions during 2020/2021 has meant that some of these projects did not fully reach completion during 2021 as planned, and some additional subcontractor resources had to be employed at extra cost where we encountered unforeseen skills shortages.

However , Cash Management has remained under regular review throughout the year. Staff and other costs were reduced as much as possible and because of the above support we have had sufficient cash to continue to positively move forward through into 2021/2022.

The success of our E-Learning and Webinar initiatives during COVID encouraged us to expand the E-Learning Project. The previous software modules were over 10 years old and showed their age. The management team are confident the new software will attract more UK and international members and non-members when fully complete.

The project will not be fully completed until late 2021 and as a result we decided to capitalise the expenditure on E-Learning and depreciate the cost over the life of its use. As of 31st March 2021, a total of £27,663 has been added to Intangible Fixed Assets shown in Note 12. We will capitalise further amounts during the current financial year as appropriate.

Diving, Education and Training had commenced in a limited form by August 2021 so we hope ‘normal’ will return during the next financial year. However, we will have completed all our currently funded desk-based projects by the first quarter of 2022 and the future funding of projects is currently unknown.

That makes it even more important for me to thank all those who have renewed their Membership Subscription, recruited new NAS members or have given donations for their continued support in these difficult times. If you are regular users of Amazon then please consider making purchases through ‘Amazon Smile’ which results in a donation to NAS - details of which are on the NAS website.

Stephen Harvey, Treasurer

REGISTERED COMPANY NUMBER: 01039270 (England and Wal•sl REGISTERED CHARITY NUMBER: 264209 (England and Walès) SCOTTISH CHARITY NUMBER. SC040130 (Scotlandl REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 FOR NAUTICAL ARCHAEOLOGY SOCIETY

NAUTICAL ARCHAEOLOGY SOCIETY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Page Roport of the Trustees Independent Examinerfs Report Statement of Financial Activitie$ Balance Sh••t 10 to 11 Motes to the Flnanclal Statements 12 to 24

NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 The Iruslees who are also directors of the charity for the Purposes of the Companiès Aet 2006. present their report with the financial statements of th8 charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charf(ies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effeGtive 1 January 20191. 08JECTIVES AND ACTIVITIES Objectives and Aims Th8 aims and objeclives of the Socièty are to." preserve our nautical herttage, act as ? focus for nautical archaeology and to provide publications, provide education, training and infomiation for improving techniques of excavation, recording and preservation of nautical heritage. Page 1

NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 OBJECTIVES AND ACTIVITIES Revlow of Actlvltlos The purpose of this section is to summarise the various activities of the Society for the year ended 31 March 2021. The Society's office and staff are well estsblished in the Historic England casemates al Fort Cumberland, Portsmouth. Due lo Covid-191Corona Virus staff spent much of their time working from home. Outreach Activty Outreach activty has been supported by the activfties of volunteers giving talks throughout the country. Due to Covid-191Corona Virus tha Society was unable to exhibtt al the Dive Show al the NEC. The Soaety contr.nues to campai9n to save the London shipwreck in the Thames Estuary and arranged an online event to celebrate the work being done to save artefacis from the wreck. Due to Covid-191Corona Virus restrictions, the Society ran (for the first limel an online conferen¢e w88k@nd where speakers presented papers on research und8rtaken and virtual exhibitors provided exhibition stands on subjects and projects relevant to nautical archaeology. During the UK'S Covid-191Coron8 Virus lockdown the Society hosted a series of free weekly online talks and weS18s launching a free monthly webinar series with grant support from the Honor Frost Foundation Publishing Activity During the year the Socièty continued lo publish the International Journal of Nautical Archaeology through John Wilèy and Sons. At the end of the year the Soaely entered into an agreomenl to publish the journal wilh TaylDr & Francis. The member5, online newsfeed continues lo be published in-house and stories from the Society and its members is publishèd on ils website_ Sales continued of the Society'8 handbook. Archaeology Underw8ter, and well as the NAS Monograph series. Publlcatlons Grants and Awards The MAS reiVed a grant from the Fkjnor Frost Found8tion lo support the InteTnalv)nal Joumal of Nautical Archaeology. The grant is being used to provide translations of article ab5tracls, to support the costs of th8 jOUTnal editor including helping the edrtor to attend international conferenc8s. Th&re were no Joan Du PLgt Taylor grants award in 2020-21. Education Actlvlty The Society continued lo delNer i(s Education scheme, through the Education Programme that was relaunched in 2015. It conlinu8s lo run eLearning courses in Maritime Archaeology. Underwater Archaeobgy and Foreshore Archaeology as well as practical skills days, both undeN81er and on foreshore sites. Due to Covid-191Corona Virus re5trictk)ns the Society began to host online Iwe courses in a wide number of special interest topics using experts in their field. Due lo Covid-191Corona Virus rpstrictions the Society was only able to arrange a limit8d number of opportunities for recreational dNers lo visit UK Protected Wrecks lo raise awareness of proteclion of undewater cuural heritage. The Society r8mains a loading organisation for the education of recreational divers, archaaologists and non-archaeologisls in the teChnueS of maritime archaeokngy on land. in the inter-IKlal zone and underwater. The Education Programme is widely taught overseas by inlemational training partners and has been praised internalionalty. Projèct Actlvlty The Society urganised a number of projects which enabled volunteers to engage with nautical archaeology and develop skills. Projects Included continuing resèarch into the proteded wreck of the historic submarine Holland No.5 and the Norman's Bay Wreck. the Chesil Beach Wrecks and a newly PTOtecled wreck off Eastbourne. The NAS received funding from a number of drffefent grant providers (seè restricted funds) to run training activities and fieldwork involving the publtc. The Nautical Archaeology SubAqua Cb {NASAC) was set up in 2009-10 as an afflliated branch of the SubAqua Association (BSACI. This dive club is established to operate as a BSAC branch Carrying out underwater archaeology dives using NAS equipment. including a boat bought in October 2011. Trading Activlty The Society continued lo sell merchandisè. eonslsling of books relating lo nautical ?hae0109Y. survey equipment for nautical archaeolu9y and clothing advertising the Society, to further the aims of the Society. The sales include books (including the NAS handbook and monographs) and suNey equipment to be utilisèd by students of the Soci8lYs training courses. Page 2

NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 OBJECTIVES AND ACTIVITIES PUBLIC BENEFIT Th8 Trust88 Directors confimi that they have referred to the guKJance contained in th8 Charity Commission'8 general guidance on public benefit when reviewing the Socièty's aims and objectwes and in planning future activf(ies. In aceordance with the charitsble obj8Cts, Ihg Socigly educatas and raises awareness of mar((ime ultural heritage. Through education, particularly of the general public and the diving community, th8 maritime cultural harilage is valued and respected and so preserved for future 9eneralions. While the Society's urSe5 are generalty provided on a fee basis, the Society obtsins grants where possible to subsidtse such courses and also provides free talks. The nautical archaeological research which is carried out and promoted by the Society results in knowledge that is recorded in public archives and is also madè available through publications. The Society's website is Used lo disseminate information for the benefit of the public. The Society's learned journal and monograph series ensure that all such research of a suitable standard for publication, whether cattied out by the Society or by others will be available lo current and futu searCherS. The Socioty's edf(ors encourage and support new authors gf such worf( to help bring work to publication. FINANCIAL REVIEW ReseNes Policy The Executive CommTitee has 8 reseNes policy which states that th6 resèrves should be £60.000 of liqu asseis. This figure is principally to provide for wo1 capital in respect of grants paid in arrears, the need for deposits lo be paid in advan and provides a reserve against unexpected loss of income, enabling th8 Society to meet r(s commitm8nts for a period of at least six month5. No reserves are designated but expenditure may be aulhorised against the reserves provideij thot ineome sourcès are in a favourable state and investment Is required lo support the future sustainability of the Society. Page 3

NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 FINANCIAL REVIEW Summary of Financlal Posltlon Al the end ol the yeaT 2020-2021 the Society's funds stood at £241,635 {2020'. £124,970). The 8¢counls report a surplu5 of £116,665 fDr the year to 31 March 2021 12020-. £4,652). Grants The NAS received a contribution from th8 H&ritsg8 Lott8ry Fund8d CITIZAN Project, for providing support to the sOUtheSt cifiZAN team who are based in offices al Fort Cumberland. The s reIved a grant from the Honor Frost Foundation to 8UPPOrt the International Journal of Nautical Archaeology. The grant is being used to provide translations of article abstrac15 and lo support the costs of the journal editor and to allow the editor to attend international conferences. During the year the NAS completed a Resilient Herttage project grant from the Heritage Fund (pr8viously the Herilage Lottery Heritage Fund). The grant has helped NAS deliver our strategic plan to build awareness of Ihwt lo our nautical heritage and achieve graatgr engagement and support from a lorger and more dDierse publ audienee and private sector organisations. This involved n8w marketing and fundraising slrat8gi8s, addrtional staff, trustee and volunteer training, the re-development of marketing and fundraising materials and greater usè of secial media to reach a barger and broader range of paopl8. Th8 project completed in October 2020. The NAS received a Heritage Emergency Fund granl from the Horitage Fund to support the Society through the Covid-191Corona Virus pat)demic. The grant supported stsff costs 8nd marketing and advertising over four months from July through to October 2020. During the year the NAS complelgd "A feasibilty study for a scheme for the "Rewvery, ReGording and Reburk91" of material from the protected wreck of The London 116651 in th8 Thames Estuary" The projeci was grant funded by Historic England and completed in January 2021. The Society made a recommendation for a pilot study to be commissioned and awaits Historic England's guidance. The received a grant from Historic England lo update its three eLeaming courses and to develop two new eLeaming courses on Cannon Research and Recording and Monitoring Archaeological Siles with Photogrammèty. This project will complete in 2021-22. The NAS continues lo manage a grant from the Honor Frost Foundatlon that wlll resuh In the creatK)n of Arabi¢ versions of the NAS eLeaming Courses in Maritime and Underwater Archaeology. The project is now due to complete in 2021-22. The NAS receivèd a grant lo eo-manage Iwi(h the Maritime Archaeology Trust) a community archaeology proi8Ct on the Chesil Beach Protected WTecks off Chesil Beach, Portland, Dorset. This work with included diver training and educats'onal open days for the public will complete in April 2021. The NAS received a grant from thè Honor Frost Foundation for the development of the Big Anchor Project website and database. The grant allows for the creation of a project mobile App lo allow the real time recording of anohoTS by the geneTal public. The project is due to eompletè in 2021-22. The NAS received a grant income from a partnership with MSDS MaTine to work on a project titled "Historic England Affi'liated Volunteer Recruitment and Engagement Project" to run two pilot projects lo link two existing Licensee wreck teams with new diver groups,. lo POrt on thè succèsses and challenges faced in the project., 8nd, lo mak& a sories of recommendations for future licansee volunteer recruitsnent. In 2020-21 the project was impacted by Covid-191Corona Virus and should now complete in 2021-22. Subscrlptlons Membership subscriptions include online membership, including access to a memb8rfs online newsfeed a8 well as online or har(Icopy membevship providing acc8S8 to the International Journal of Nautical Archaeology. Concessionary subscriptions are provided for students and unsalaried individua15. Members who aro UK taxpayers may e¢t to subscribe as Grft AIJ. Gift Aid is nol eligible where members receiv8 8 benefrt from their membership (including diseounls on training and conference attendance) that exceed5 thresholds deffined by HM Revenue and Customs. Page 4

NAUTICAL ARCHAEOLOGY SOCIE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 FINANCIAL REVIEW Publlshlng Wley publish 8nd dislribul& the International Journal of Nautical Archaeology on behaw of the Society. Th8 SoGiety receThies a profit share and a contribution lo the editorial costs from sales of subscription5 to the journal by Wiley. There are no royalties payable for the Monographs which are published by Archeopress. The Society's handbook, published in 2008 by Wiley conlinu8S to S811 and the Society ha5 received royalli8s from Wiley. Tralnlng and Project Income Income from attendees on training events, supported by the grants cov&red the expenditure on these aclivilies. A small amount of project Income derives from the contributions of participants in protected wreck vists including lo the Nomians, Bay Wreck, the Holland 5 subm8rrine, as well as to HMS Invincible and the A1 submarine in the Solent. Outreach Income includlng Annual Conferenc8 The annual conference was hèld online with the support of numerous sponsors and exhibitors. Small donatK)ns were received from outreach aclivrties, bul the were less than the total costs of outreach. Mer¢handlse There was a small amount of income from the sale of merchandise, nautical archaeology books and equipment and branded dolhing. Intematlonal Llcensing The Socty recewes an incorr in resp8Ct of licensing the NAS training materials to suitable organisations outside the UK and sales of NAS qu8ltfi¢ation cards to such organisations. This source of ineome enables the NAS to provide education and advice to indNiduals and organisalions to further nautical archaeok)gy research outside the UK. Nonwoperatlonal Income The Soeiety's reserves are held in an interesl-bearing investment accourbt operated in conjunction with a current account. A small amount of interest was received in the financial year. Flnanclal Controls All Scriety income and expenditure is managed through the Portsmouth office. Every cheque needs to be signed and counter signed by authorised signatories on the account. All major expenditure needs to be approved al Committee level. The Struety eontracts the SeiCe$ of a bookkeeper lo maintain the income and expenditure records on a regular basis. FUTURE PLANS The activities for thè 2021-22 year will include similar 8Ctivil*s to tho58 in 2020-2021, wrth the development of new training, outreach, projec15 and publishing activtties. It is expected that the Socièty will continue to develop online offerings lo allow more people lo attènd from 811 over the world. In addition, effort will be spent oft reviewing the So¢ièly's activities, delarmining fijture a¢twrties for ensuring a stable financial future for the Society as well as supporting divers and non4ivers alike with cl8ar training paths and lo mDtNate them to conlinue18arning about nautical archaeology. Page 5

NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming Document The Nautical Archaeology Society {NASI is a charity registered in England and Wa18s {R8gistration number 2642091 and registered in Scotland (Registration numbèr SC0401301. The Society is a company limited by guarantee, registered in England and Wales (Company number 010392701. The registered addre88. to vvhich all correspondence should be addrossed is shown on page 6. The Society was originally incorporated and registered as a charity in 1972 under the name of the Nautical Archaeology Trust. The Nautical Archaeology Society in Its present form dales from 1981 when the name and constilLrtKJn were changed, and the memorandum and artides of association were revised accordingty. The governance of the Society is defined by its memorandum and articles of association. In accordance with thè articles of association, the Society is governed by an executsve committee. The members of the ExecutDie Committee are the TTUStee Directors. Members of the Executive Committee are elected at the Annual General Meeting {AGMI for a period of three years and on expiry of this temi are free to stand again. The Executive Commrttee may also choose to co-opt additional members during the year. Any members eo-opled in this manner will sland for election at the next AGM. The Executive Committe8 also benefit from the advi of Vice-Preshgenls. Vice-Presidents are appointed for a period of three years at the discretion of the Executive Committee but do not count towards the quorate of the Executive Commiitee and do not have voting powers on the Executive Committee. Organisational Structure Therè are sub-committees whlch are fomed for the management of the Society's publi¢alk)n activi118s and for general management of the Societys activities in the offKe al Portsmouth, onto which members may Co-opted. The Society, by the year-end, had thr88 full tim8 8mploy8es. 8ookkeeping is carried out by a sub-contractor. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01039270 IEngland and Wales) Regist&red Charity numbor 264209 Reglstered office Fort Cumberfand Fort Cumberland Road Portsmouth Hampshire P04 9LD Page 6

NAirricAL ARCHAEOLOGY SOCIEri C HalFne D Robinson ANTwhw Appoin 14th Novem 2020 WthPregldwt• B Yonke S Demithha A Bernier P undeOod North Street P09 1QU IL Page 7

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NAUTICAL ARCHAEOLOGY SOCIETY Indepgndent examine¢s report to the trustees of Nautical Archaeology Society {Ihe Company'l I report lo the charity trustees on my examination of the accounts of the Company for the year endèd 31 March 2021. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes ot company lawl you ar8 responsible for the preparation of the accounts in accordan with the requirements of the Charities and Trustee Investment (Scotlandl Act 2005 Ilhe 2005 Acll, the Charities Accounts IScDtlgnd) Regulations 2006 la$ amended) and the Companies Aet 2006 {the 2006 Act'}. You are satisfied that the accounts of the company are not required by charty or company law to be audited and have chosen instead to have an independent examination. Having satisfied myseifihat the accounts of the Company are not required to be audiled under Part 1 S of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried oul under sedion 44 {1} IC) of the 2005 Act and seotion 145 of the Charities Act 2011 Ilhe 2011 Acl'l. In carying out my examination I have followed the requirement of Regulation 11 of the Charities Accounts (Scotlandl Regulations 2006 (as amended) and the Directions given by the Charty Commission under section 145151 Ibl of the 2011 Act. Independant examinerfs statsment Since your charty's gross income exceeded £250,000 your examiner musl be a member of a listed boty. I can confimi that l am qualrfied to undertake the examination because l am a registered member of FCCA which is one of the listed bodies. Since the Company 15 required by company law to prepare rts aOntS on an aT[sl5 basis and 15 r8gisler8d as a ¢harity in Scotland your 8xaminar musl b8 a m8mb8r of a body lisl8d in Ragulation 11 12} of the Charities Accounts (Scollandl Regulations 2006 (as amended). I can confirm that l am qualrfied to undertake the examination because l am a registered member of FCCA which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connectson wth the examination giving me cause to believe-. accounting records were not kept in respect of the Company as required by section 386 of the 26 Act., or the accounts do nol aord wilh those records-, or th8 accounts do not comply with th8 accounting r8quir8m8nts of section 396 of the 2006 Act other than any requifement that the &counts gNe a true and fair view which is not a matter considered 0$ part of an independent examination.. or 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 charit18s preparing their accounts in acwrdan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021). I have no concems and have come across no other matters in connection with the examination to which attention should bè drawn in this report in order lo enabk a proper understanding gf the accounts to be reach8d. P Underwood FCCA Morris Crocker Chartered Accountants Station House North Street Havanl Hampshire P09 1QU Page 8

NAUTICAL ARCHAEOLOGY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2021 2021 Totsl funds 2020 Total funds Unreslrictad Restricted fvnd funds Notes INCOME AND ENDOWMENTS FROM Charitable activltl Nautical heritage publication, research. education and training 121,109 157,503 278,612 274,545 Other trading activities Investment income 1,415 45 330 1.745 45 3.of 103 Totsl 122,569 157,833 280,402 277,654 EXPENDITURE ON Raising funds 11,325} 128 11.1971 6,549 Charitable activltles Nautical heritage publtition, research, education and training 119.943 44,991 164.934 266.453 Total 118,618 45,119 163.737 273,002 NET INCOME 3,951 112,714 116.665 4,652 Transfers bdw¢on funth 20 34,6221 Nèt movement In funds 38,473 78,192 116,665 4,652 RECONCILIATION OF FiJNDS Totsl fvndg broughtfoNMrd 89,134 35,836 124,970 120,318 TOTAL FUNDS CARWED FORWARD 127 607 114028 241635 124,970 The notes form part of these financial statements Page 9

NAUTICAL ARCHAEOLOGY SOCIETY 8ALANCE SHEET 31 MARCH 2021 2021 2020 Notes FIXED ASSETS Intangible os$ets Tangible ass8t8 Heritage assets 13 14 15 27.663 644 22.718 2,379 51,025 25,097 CURRENT ASSETS Stock5 DebloTS Cash al bank 16 17 3,154 11,253 190,333 976 13,557 119.535 204,740 134,068 REDITORS Amounts falling due within one year 18 114,130) (34.195) NET CURRENT ASS8 190610 TOTAL ASSETS LESS CURRENT UABILITIES 241,635 124,970 NEf ASSETS 241635 124 970 FUNDS Unrestricted fLJnds Restricted funds 20 127.609 114.026 89,134 35,836 TOTAL FUNDS 241635 124970 The ch8rltsble company is entitled to exemption from audit under Section 477 of the Companie8 Act 20(E for the year ended 31 Mareh 2021. The members have not required the company to obtain an audit of its financial statements for the year 8nded 31 March 2021 in accordance with Section 476 of th& Companies Ad 2006. The trustees acknowledge their responsibilities for la) ensuring that the charrtable company keeps aceounling records that compty with Sections 386 and 387 of the Companies Act 2006 and Ibl preparing financial stslements which gwe a true and fair yW of the State of affairs of the charitable company as al the end of each financlal ye8r and of its surplus or d8ficit for each financial year in accordance wth the requirements of Sections 394 and 395 and which otherwise comply with the requirem8nts of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. The notes fomi part of these financial statements Page 10 continu8d...

NAUTICAL ARCHAEOLOGY SOCIETY Th890 fin8rri81 st8tem8nts hav8 been prepar8d in accordance wtih tho provisions applicabl8 to chwitablo 11

NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES Basls of preparlng the financial statements The financial statements of the charitable company, which is a public benefft entity under FRS 102, have been prepared in accordance with the Charicies SORP (FRS 1021 'Accounting and Reporting by Charit$." Statement of Recommended Pradice appli¢able to chorities preparing their accounts in accordance with the Financial Reporting Standard applicabl8 in th8 UK and R@public of Irelan(J IFRS 102) (effective l January 20191., Financial Reporting Stsndard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Iieland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is reeogni8ed in the Statement of Financi81 Activities once the charity has entillemenl to the funds, rt is probable that the incomè will be received and the amount can be measured raliably. Such income is only d8ferred when= -The donor specrfies that the gr8nt must onty be use(1 in fUre accounting p8ri(xJs,' or -The donor has imposed condttions which must bè met before the charity has unconditional entitlemènt. Inv8stm8nt incom8 is recognised on a reGeNable basis. Expendlture Liabilities are re¢ognised a$ expendfture 88 soon as there is a legal or constructive oblwJatK)n committing the charity lo that expenditure, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured relkgbly. Expenditure is accounted for on an accruals basis and has bean classified und8r headings that aggragate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated lo activliies on a ba515 consistent wrth the use of resources. Intangibl• fixed assets Intsngible fixed assets (including website costs) are amortised on a straight line basis over their eslimaled usefvl economic lives, which Is cOnsered to be 5 years. Tangible fixed assets Tangible red assets over £100 are capitalised at $t. Tangible fixed assets are depreciated over their estimated useful INes as follows.. Training equipment Furniture Computer equipment 33.33% and 20% Straight line 20D/o Straight line 33.33°h straight line Heritage assets Th8 NAS has been fomially collecting material since rts inptiOn. Collections arrive at the Museum as a resutt of gfft, boquost, purchase or loans. In addition the NAS undertakes proa¢tNe acquisition of books. The number of r(ems purchased in any one year is generally low, and would typically number been 6 and 12 books. All the books are catalogued on an Excel spreadshaèt administered by thè NAS. Heritage assets are capitalised al cost unless they have been donated when they are incILed at market value, where such a value is readily available. No depreciation is provided for on heritage assets. Page 12 continued...

NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - contlnugd FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES - continued Heritsge assets Tho Collection The Nautical Archaeology Society holés 8 library collection that is split ba8n ils office in Portsmouth and its North East branch in Hartlepool. The library collection h8s not been valued as, due lo the specific and individual nature of the books and periodicals held, It is not believed to be possiblo lo obtain a reliable value of the ¢olle¢tion wf(hout incurring a Cost disproportionate to the benefit of the information reported lo the readers of the accounts. Tha collection consists of books, periodicals, magazines, CD'S and DVD'S on the subject of n8UtiC21 archaeology and history as well as a nearfy complete collection of Lloyd's Registers dating from 1876 10 1966. By categories, numbers hekl are.. Printed books - 400 Periodicals l JournaLs - 5 Magazines- 300 CD'S l DVD'S- 390 Stocks Stocks ar8 valued at the lower of Gost and net realisable value. after making due gllowance for obsolete and slow moving ilgms. Taxation The charity is exerryt from corporation tax on its charitable activilies. Fund a¢countlng Unrestricted funds can be used in accordance wrth the charitable objectiV8s al the discretion of the Iruslees. Reslrided funds Gan onty be used for particular restricted purposes wiihin the objects of tha charity. Restr4Ctions arise when specrfied by th8 donor or whan funds are raised for particular restricle purposes. Further explanation of the nature and purpose of each fund 18 induded in the notas lo the financial statements. Hlre purchase and leaslng commltmonts Rentals paid under operating leases are charged to the Slalement of Financial ActNf(ies on a straight line basis over the peritid of thè leasè. Penslon costs and other post-retlrement benefits The chantable company operates a defined contribution pension heMe. Conlributions payable to the charitable eompany's pènsion scheme are charged to the Statement of Financi81 Activities in the period lo which they relate. Financlal Instruments The Charity only enters into bas financial instruments transactions that result in the recognition of financial a55ets and liabilities like trade and other accounts receivable and payable and investments in stocks and shares. The measurement basis used for thesè instruments is dètailed below. Debtors and cash at bank Trade and other debtor5 are reeognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of ?ny trade diseounls due. Cash al bank and in hand included cash hekl on deposit or in a current account. Page13 continued...

NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES - continued Creditorg and provlslons Creditors and provisions are r8cognised where the chariiy has a present obligation resultiny from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can b& measured or eslimaled reliabty. Cr8ditors and provisions are nomially recognised 8t their settlement amount after allowing for any trade discounts due_ OTHER TRADING ACTIVITIES 2021 2020 Merchandise income INVESTMENT INCOME 2021 2020 Interest on UK bank balanc88 45 103 All inveslm6nt income is derived from asséts held In the United Klngdom. INCOME FROM CHARITABLE ACTIVITIES 2021 2020 ActNty Nautical heritage publiGglion. re8earch. education and training Nautical herl(age publicalKJn, research. education and training Nautical herrtage publication. research, education and training NautKal heritage publication. TesearGh, education and training Nautical herTtage publication. research, edueation and training Grants 175,926 124,331 Membership income Tr8ining 8v8nts and material8 22.359 20.670 32,753 51,074 PUblitIOnS 40,096 57.264 DonatnS 278612 274,545 Grants received, included in the above, are as follows: 2021 2020 Historie England Heritage Lottery Fund Honor Frost Foundation for IJNA support MSDS Marine Museum of London Archaeology Service Royal CAH Honor Frost Foundation - Big Anchor Dutch Cullut81 Ministry Research 37,060 21.990 41,533 27,800 33,560 21,406 2,791 21,104 17.670 20,080 39,655 15,608 175,926 124,331 Page 14 continud...

NAlcAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021 RAISING FUNDS Raising donations and Ia¢ll$ 2021 2020 Merchandkse for resale 1,1971 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 71 Support costs (see 018 81 Totals Nautical heritage publication, research, education and training 164 934 DIRECT COSTS OF CHARITABLE ACTIVITIES 2021 2020 Staff costs Training fund and outreach Subcontractors General expenses 33,754 15,037 35,765 395 44,466 69,806 63,306 181 722 SUPPORT COSTS Govem8nce costs Management Totals Nautical heritage publication. research. education and training Support costs, included in th8 abov8, are as follows.. Management 2021 Nautical heritagè publication. research, education and training 2020 Tot81 activities Wages Pensions Equipment hir8 and r8Jntal Rent Insurance Telephone Books and ststK)nery Sundries 34,177 6,687 1,618 7,202 4,C67 1,350 1,386 126 41,125 6,978 2,121 6,234 4,479 567 2,666 98 Carried fOard 56,613 64,268 Page 15 continued...

NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021 SUPPORT COSTS - continued Managom•nt- contlnued 2021 NautiC81 heritage publication, research, educ*ion and training 2020 Total a¢tivilie5 Brought forward Training Professional fees Bank charges Bad debls written off Donations Depreciatic 56.613 92 16.033 410 64,268 50 15.669 951 1.500 2QO 76.383 83,555 Governance costs 2021 Nautical heri(age publication, rosearch, education and training 2020 Total aclNiligs Legal fees Independent examinefs fee 1,800 3.600 NET INCOMEIIEXPENDITUREI Nel incomellexpendtture} is stated after charginty{crediiing)'. 2021 2020 Depreciation - owned assets Hire of plant and mathinery Independent examinerfs fee 1,735 1,618 1.800 1,734 2.121 1,176 Page16 eontinued...

NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEME - continued FOR THE YEAR ENDED 31 MARCH 2021 10. TRUSTEES. REMUNERATION AND BENEFITS There were no tru51ees' rernuneration or other benefrts for the year ended 31 March 2021 nor for the year ended 31 March 2020. Tru8ts98' expenses During the year tnJsteos 12020.. bmo) w8r8 reimbursed out of Focket expenses totalling £221(2020.. £1.1161. Key manag•m8nt porsonnel The key management personnel of the charity comprises the Chief Executwe. The total employment benefits of the key management personnel were £35,040 {2020'. £35,060). 11. STAFF COSTS 2021 2020 Salaries and wagès Social Security costs Pen8ion costs 68,240 2,407 80.938 4,653 The averoge monthly number of employees during the year was a follows.. 2021 2020 Charitable actNtii8s Support During the year no employee receThied emoluments in excess of £60,00012020.' none). 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestrielèd Restricted fund funds Total fvnds INCOME AND ENDOWMENTS FROM Chaiitsblo actlvitias Nautical heritage publi¢alion, research, education and training 152,099 122,446 274,545 other trading actThiities Investment income 2,759 103 247 3,006 103 Total 154,961 122,693 2TI,654 EXPENDITURE OM Raising funds 2,441 4,108 6,549 Charitsblo actlvttles Nautical heritage publication, research, education and training 143.924 122,529 266,453 Total 146,365 126.637 273.002 Page 17 continued...

NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnuod Unrestricted Resliicted fund funds Totsl funds NET INCOMEIIEXPENDITUREI 8,596 13,9441 4,652 RECONCILIATION OF FUNDS Total lunds brought forward 80,538 39.780 120.318 TOTAL FUNDS CARFED FORWARD 89,134 35,836 124.970 13. INTANGIBLE FIXED ASSETS Development costs Website Totals COST Al 1 April 2020 Additions 7,200 7,200 27,663 At 31 March 2021 AMORTISATION At l April 2020 at)d 31 March 2021 7,200 NET BOOKVALUE At 31 March 2021 27,663 At 31 March 2020 14. TANGIBLE FIXED ASSETS Training equipment Computer equipment Fumiture Total$ COST At 1 April 2020 and 31 March 2021 1.960 39.568 73.500 DEPRECIATION At 1 April 2020 ChaTgè for year 1,960 39.568 29,593 71,121 1,735 At 31 March 2021 31,328 NET BOOKVALUE Al 31 March 2021 644 Al 31 March 2020 2,379 Page 18 continued...

NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021 15. HERITAGE ASSETS Totsl MARKET VALUE Ai 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 Included wi(hin heritage assets is a Lloyd's Register which when donated by Glasgow Unwersity in 2007108 was considered to have a market value of £16,000. 16. STOCKS 2021 2020 Stocks 3,154 976 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade deblors Other debtors 1.727 11,830 11.253 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade credf(ors Other credltors Deferred income Isee below 45 1,996 2,075 6,622 Deferred Incomg Deferred income is grants and sub8crptions r8ceiv8d for fiJtur8 accounting periods. 2021 2020 Brought foN8rd Amount released lo incoming resources Amgunl deférred in year 25,498 (25.4981 10,688 110.688) Carried forward 25.498 P8ge 19 ontinued...

NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - Gontinued FOR THE YEAR ENDED 31 MARCH 2021 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2021 Total funds 2020 Total funds Unreslrlttied Restricted fund funds Fixed assets Currènt assets Current liabilities 23,362 118,377 14.1301 27,663 86,363 51.025 204,740 14,1301 25,097 134,068 127,609 114,026 241,635 124,970 20. MOVEMENT IN FUNDS Nel movement in funds Transfers between funds Al 31.3.21 At 1.4.20 Unrestrlct8d fun(ts General fund 89,134 3,953 34,522 127.609 Restricteql funds Big Anchor Normans Bay Cyprus Fieldschool Public*ions Walas U-Boats Arabic E-leaming Resilient Herrtage IJNA sUPPOrt London Wreck Project Licensee Sueeession Project Chesil Beach Project Recover Record Rebury study Save the London RCE Wreck Se Eastbourn8 Wreck Lottery Covid GTant ELearnlng Developmanl Project 1100) 1900) 4,155 4,064 10,799 5,375 3,777 2,649 1501 2,530 3,747 3,005 (1,7201 {1.495} 39.834 (1791 900 {4.1551 14,0641 110,7991 39.555 40,033 40.033 5,375 17,3751 13931 3,598 2,256 (2,256} 12.2061 12,5301 542 16,614} (4,289} 3.609 783 {937) 1,495 14,859) 15,8511 4,859 5.651 112,712 34.522 114026 TOTAL FUNDS 124.970 241 635 Page 20 continued...

NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continuod FOR THE YEAR ENDED 31 MARCH 2021 20. MOVEMENT IN FUNDS - contlnu8d Nel m0vennI in funds. included in the above a as follows: Incoming resources Resources expended Movement in funds Unrastrfdgd funds General fund 122,571 1118,6181 3.953 Re$trictsd funds Big Anchor Publications Resili8nl Heritage IJNA support Chesil Beach Project Recover Record Rebury study Sava the London Eastboume Wreck Lottery COVKI Grant ELearning Development Project 39.954 40,033 8.390 (1201 39,834 40,033 {7.3751 (3931 (4,2891 3,609 783 4.859 5,651 30,000 {15,7651 {3931 16,2891 {4511 13,2031 {10.949} 17.949} 2.000 4,C60 3,986 15.808 13,600 30.000 157 831 451191 112,712 TOTAL FUNDS 280,402 163 737) 116665 Comparatlves for movement In funds Nel nvement in funds At 31.3.20 Al 1.4.19 Unrestrlctod funds General fund 80,538 8,596 89,134 Restrlcted funds Big Anchor Normans Bay Cyprus Fieldschool PublicalF)ns Wales U-Boats Arabic E-leaming Resilient Heritage IJNA support London Wreck Project Licensee Succession Project Chesil 8eaeh Project Recover Record Rebury study Save the London RCE Wreck Site 1100) 1900) 4,155 (4,454) 2,339 11001 19001 4,155 4,(K4 10,799 6,375 3,777 2,649 150) 2,530 3,747 3,005 11,720) 8.518 8.460 5,375 24,024 (6,5971 (20,2471 9,246 1501 2,630 3,747 3,005 {1,720} 1,495) 39,780 3,9441 35,83e TOTAL FUNDS 120.318 124 970 Page 21 continued...

NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2021 20. MOVEMENT IN FUNDS-continued Comparative net movement in funds, included in th8 abov8 ar8 as follows.. Incoming resources Resources expended Movement in funds Unre5trlcted funds GenerHI fund 154,963 Iq46,367) 8.596 Restr5cted funds Big Anchor Nomians Bay Cyprus Fieldsch¢Jol Publications Wales U-Boats Resilient Herttage IJNA support London Wreck Project Licensee sUcsSion Project Chesil Beach Projecl Recover Record Rebury stuity Save the London RCE Wreck Site 20 (1201 {900) (2,3321 125.194} 114,391} {52.142) {5,673} 1701 1261} {14,911) {3,995) {5,151) (lc1) 19001 4,155 (4,454) 2,339 {20,247) 9,246 (50) 2,530 3,747 3.005 (1,7201 6,487 20.740 16,730 31,895 14,919 20 2,791 18.658 7,000 3,431 122,691 126,6351 3,944 TOTAL FUNDS 277.654 273,0021 4,652 Descrfptton of funds Wales Grant aid by Caaw was used lo carry out an assessment of all currèntly known material ralating to the Bronze Bell ITal-y-Bontl protected wreck. To use the existing infomation assessed, together with knowledge of the sf(e from linseeS, plan a suitable route around the site that would prowde divers visrting the shipwreck w¥th an enjoyable and informative dNe, and depart hawng gained a better understanding of both the site and the remains of the wreck. Finalty, the grant was us&d to compile documentation that would contribute lo providing a bi-lingual underwater guide suitable for divers. additional £2.000 in grant support from Cadw was u3ed to undertake 8ddi(ional work on the Bronze Bell ITal-y-Bontl Diver Trail proje¢l, specrfKally to undertake 3D phologrgmmetry surveys of several items from th8 wreck site which currently are housed at the M8ritim8 Museum in Barmouth. RCAHMW A grant was reiVed from the Royal Commission on the Ancient and Historical Monuments of Wal85 for development work, as part of the partnership projed.. Commemorating the Forgotten U-boat War around the Welsh Coast, 1914-18. The U-boat War project will lead to NAS events being held in North Wales in 2018-19 and in South-wales in 2019-20 Norman's Ba Wreck Pro ect A grant Was WèlV8d from Historic Eng18nd for research on the Norman's Bay Wreck and the creation of an online inlerpretalive trail of the protècted wreck. IJNA Publication Su ort The NAS recewed a grant from the Honor Frost Foundation to support the International Journal of Nautal ArGhaeology. The grant is being used to provide translations of article abstracts. lo support th8 joumal edrtor lo att8nd in18mational conferences as well as creating an open access prize for o sin9le article every year. Pag8 22 continued...

NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2021 20. MOVEMENT IN FUNDS- contlnued rus Fieldschool This fund represents income fftGeived from the Honor Frost Foundation for the delivery of the 2017 Cyprus undeater AhaeO10gY Fieldsehool. Anchor Pro This project has been funded by a Crowdfunder Gampaign lo help devel¢)p a new website for the projeGI. Wales U Boats Pro During 2018 -19 this Heritage Lott8ry Fund8d project used the latest imaging lechniq¥Jes to reveal underwater wreck8 from the Great War. and will support coastal communrties around Wales to t811 their previously untold stories about the Great War al Sea. As a project partner the NAS will be invowl in delivering fv40 fièldschool events in North Wales in 2018-19 and South Wales in 2019-20. Arab Elearnin Pro ect This project funded by the Honor Frost Foundation will result in the creation of Arabic versions of the NAS Elearning Courses in Maritime and Underwater Archaeology. Resilient Herita eHLF The NAS reiVed 8 grant from the Heritage Fund IprevKsusly the Heritage Lottery Fund). The grant will help NAS deliver our slrale9ic plan to build awareness of threat lo our nautical heritage and achieve greater engagement and support from a18rger and more diverse public audionce and prNate SeOr organisations. This will involve new involvemènt and fL¢ndraising strategies, additional staff, trustèe and volunteer training, the re4evelopment of marketing and fundraising materials and greater use of social media to reach a larger and broader range of peoplè. The projèct is due to Complete late 2019-20. IJNA Su HFF The NAS receNed a grant from the Honor Frost Foundation to support the International Journal of Nautical Archaeology IIJNAI. The grant is being used to provide ITanslalions of article abstracts, to support the journal editor lo attend inlemational conferences, lo broadcast liv8 online webinars, as well as creating an annual open accvss prize for a Single IJNA article. London Wreck P Restricted fund for income associated wrth resèarch and investlgallon of the protected wreck of the London in the Tharr Estuary. Licen Succession Pro 6cI- Historic En land A Historic England grant funded project in partnership with MSDS Marine lo hel) build new strong licensee teams to work on EngL4nd's protecl8d wrecks. Ch8siI 8each Pro ect A Historic England grant fvnded projed in partnership wth Maritime Archaeology Trust to und8rtake work on the Ch&sil Beach Protected Wred(s, invoEving the local communty. Also invofves drafting a con8ervalion statement and management plan for the wreck and creating a gnline dive tour to allow the publ to access the wreck from their compLrter. Recover Reco Rebu slud A Historic England grant funded feasibility study to evaluate whether a programme of e0very, record and thèn subsequent reburial could be undertaken on the protected wreck of tha London in the Thames Estuary. Save the London Restricted fund for donations assoch?led with the campaign to save the London Shipwreck in the Tham8s Estuary. The campaign is being run in partnership wtlh the London Shipwreck Trust wrth funds raised being allocated to cover the cost of diving, eonservation of material and the costs of running the campaign ilsew. Page 23 continued...

NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEhlENTS - Gontinupd FOR THE YEAR ENDED 31 MARCH 2021 20. MOVEMENT IN FUNDS-continued RCE Bronze Gun Site Restricted fund for income associated with thè research and investigation of the Unknown e¢k. off Eastbourn8. The sit8 was protected by DCMS in 2019 as it is b8liev8d lo contain the remains of a 17th century warship. Eastbourne Wre¢k rhe NAS was awarded grants by the Cultural Heritage Agency of the Netherlands (RCEI to Investigate an unknown wreck discovered off the ¢9oSt of Eastbourne in 2019. 11 is likely that the hisloric wreck is of Dutch origin. Lotta Covid In 2020 the NAS were awarded a grant from the National Herrtage Lottery Fund to help it Gome through the Covid-19 crisis intact and with strength to continu8 into th8 future. Tha grant allowed th8 NAS to adapt heritage eng•Jemenl offerings and supported the employment of the NAS Public Eng8gÈmenl Officer lo be innovatNe and proaclsve in communKation streams, espècially through our igital output including online courses and webinars. eLearnin Develo men A grant frorn Historic England was awarded to help th8 NAS to 8xpaNI onlin& 8ducational courses. The grant woukj also allow the creation of two new 'specialist' cour3es covering monitoring archaeological siles through photography and photogrammetry and canrbon research and r8cording. Tr fers btheen funds The transfers from reslricled to unrestricted funds relate lo funds on which restriCtnS have been satisfied and therefore are no longer considered to be restricted funds. Restricted funds In deTrt all have $ufficient fvndin9 in 2020121 to cover any shortFalls. 21. EMPLOYEE BENEFIT OBLIGATIONS During the year the charitable company operated 8 defined contribution pensKsn scheme for its employees. The charge for the year was £6,687 (2020.. £6,798). Therg were no amounts prepaid or outstanding wrth the scheme al the balance sheet date12020.' £nill. 22. RELATED PARTY DISCLOSURES There were no lted paty Ir4nsaGtions for the year ended 31 MarGh 2021. 23. ULTIMATE CONTROLLING PARTY The charitable company is not under the control of another entity or any one indmdual. LEGAL STATUS OF THE CHARITY The charty is a company limited by guarantee and has no share capttal. The liability of each member in the event of windlng up is Ilmited to £6. Page 24

NAirricAL ARCHAEOLOGY SOCIEri C HalFne D Robinson ANTwhw Appoin 14th Novem 2020 WthPregldwt• B Yonke S Demithha A Bernier P undeOod North Street P09 1QU IL Page 7

NAUTICAL ARCHAEOLOGY SOCIETY Th890 fin8rri81 st8tem8nts hav8 been prepar8d in accordance wtih tho provisions applicabl8 to chwitablo 11