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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 01039270 (England and Wales) REGISTERED CHARITY NUMBER: 264209 SCOTTISH CHARITY NUMBER: SC040130 (Scotland)

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

NAUTICAL ARCHAEOLOGY SOCIETY

NAUTICAL ARCHAEOLOGY SOCIETY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Notes to the Financial Statements 11 to 24

NAUTICAL ARCHAEOLOGY SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and Aims

The aims and objectives of the Society are to:

Page 1

NAUTICAL ARCHAEOLOGY SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

OBJECTIVES AND ACTIVITIES

Review of Activities

The purpose of this section is to summarise the various activities of the Society for the year ended 31 March 2022. The Society's office and staff are well established in the Historic England casemates at Fort Cumberland, Portsmouth. Due to Covid-19/Corona Virus during the year Society staff spent much of their time working from home.

Outreach Activity

Outreach activity has been supported by the activities of volunteers giving talks throughout the country. Due to Covid-19/Corona Virus the Society was unable to exhibit at the Dive Show at the NEC in October 2021. The Society continues to campaign to Save the London shipwreck in the Thames Estuary and arranged an event held at the Cromwell Museum in March 2022 to celebrate the work being done to save artefacts from the wreck. Due to Covid-19/Corona Virus restrictions, the Society once again ran an online conference weekend where speakers presented papers on research undertaken and virtual exhibitors provided exhibition stands on subjects and projects relevant to nautical archaeology.

Publishing Activity

During the year the Society began to publish the International Journal of Nautical Archaeology through a new publisher, Taylor & Francis. The members' online newsfeed continues to be published in-house and stories from the Society and its members is published on its website. A small number of sales continued of the Society's handbook, Archaeology Underwater (2nd Edition), and well as the NAS Monograph series.

Publications Grants and Awards

The NAS continued to receive grant support from the Honor Frost Foundation to support the International Journal of Nautical Archaeology. The grant is being used to provide translations of article abstracts, to support the costs of the journal editor including helping the editor to attend international conferences. There were no Joan Du Plat Taylor grants awarded in 2021-22.

Education Activity

The Society continued to deliver its Education scheme, through the Education Programme that was relaunched in 2015. It continues to run eLearning courses in Maritime Archaeology, Underwater Archaeology and Foreshore Archaeology as well as practical skills days, both underwater and on foreshore sites. In the year the Society launched newly updated versions of these courses. During the year staff also spent time developing new eLearning courses on Cannon Research and Recording and Archaeological Photogrammetry. Due to Covid-19/Corona Virus restrictions the Society continued to host online live courses in a wide number of special interest topics using experts in their field. Due to Covid-19/Corona Virus restrictions the Society was only able to arrange a limited number of opportunities for recreational divers to visit UK Protected Wrecks to raise awareness of protection of underwater cultural heritage. The Society remains a leading organisation for the education of recreational divers, archaeologists and non-archaeologists in the techniques of maritime archaeology on land, in the inter-tidal zone and underwater. The Education Programme continues to be widely taught overseas by international training partners and has been praised internationally.

Project Activity

The Society organised a number of projects which enabled volunteers to engage with nautical archaeology and develop skills. Projects included continuing research into the protected wreck of the historic submarine Holland No.5 and the Norman's Bay Wreck, the Chesil Beach Wrecks and a newly protected wreck off Eastbourne. The NAS received funding from a number of different grant providers (see restricted funds) to run training activities and fieldwork involving the public.

The Nautical Archaeology Sub-Aqua Club (NASAC) was set up in 2009-10 as an affiliated branch of the British Sub-Aqua Association (BSAC). 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 Activity

The Society continued to sell merchandise, consisting of books relating to nautical archaeology, survey equipment for nautical archaeology and clothing advertising the Society, to further the aims of the Society. The sales include books (including the NAS handbook and monographs) and survey equipment to be utilised by students of the Society's training courses.

Page 2

NAUTICAL ARCHAEOLOGY SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2022

OBJECTIVES AND ACTIVITIES PUBLIC BENEFIT

The Trustee Directors confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Society's aims and objectives and in planning future activities. In accordance with the charitable objects, the Society educates and raises awareness of maritime cultural heritage. Through education, particularly of the general public and the diving community, the maritime cultural heritage is valued and respected and so preserved for future generations. While the Society's courses are generally provided on a fee basis, the Society obtains grants where possible to subsidise 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 made available through publications. The Society's website is used to 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 carried out by the Society or by others, will be available to current and future researchers. The Society's editors encourage and support new authors of such work to help bring work to publication.

FINANCIAL REVIEW

Reserves Policy

The Executive Committee has a reserves policy which states that the reserves should be £60,000 of liquid assets. This figure is principally to provide for working capital in respect of grants paid in arrears, the need for deposits to be paid in advance and provides a reserve against unexpected loss of income, enabling the Society to meet its commitments for a period of at least six months. No reserves are designated but expenditure may be authorised against the reserves provided that income sources are in a favourable state and investment is required to support the future sustainability of the Society.

Page 3

NAUTICAL ARCHAEOLOGY SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

FINANCIAL REVIEW

Summary of Financial Position

At the end of the year 2021-2022 the Society's funds stood at £177,871 (2021: £241,365). The accounts report a deficit of £63,764 for the year to 31 March 2022 (2021: surplus of £116,665).

Grants

The NAS received a contribution from the Heritage Lottery Funded CITiZAN Project, for providing support to the south-west CITiZAN team who are based in offices at Fort Cumberland. This funding came to an end in 2021-22.

The NAS received a grant from the Honor Frost Foundation to support the International Journal of Nautical Archaeology. The grant is being used to provide translations of article abstracts and to support the costs of the journal editor and to allow the editor to attend international conferences.

In the year the NAS continued to work on the development of new eLearning courses using a grant from Historic England received in 2020-21. This work will update three eLearning courses and develop two new eLearning courses on Cannon Research and Recording and Monitoring Archaeological Sites with Photogrammetry. This project will complete in 2022-23.

The NAS continued to work on a project to develop the Big Anchor Project website and database, using a grant from the Honor Frost Foundation received in 2020-21. The grant allows for the creation of a project mobile app to allow the real time recording of anchors by the general public. The project is due to complete in 2022-23.

The NAS received grants from the Headley Trust and the Aurelius Trust during the year. The two grants are being used to support the costs of the conservation of artefacts at risk of being lost from UK wrecks designated under the Protection of Wrecks Act, including from the wreck of the London. The project will continue into 2022-23.

Subscriptions

Membership subscriptions include online membership, including access to a member's online newsfeed as well as online or hardcopy membership providing access to the International Journal of Nautical Archaeology. Concessionary subscriptions are provided for students and unsalaried individuals. Members who are UK taxpayers may elect to subscribe as Gift Aid. Gift Aid is not eligible where members receive a benefit from their membership (including discounts on training and conference attendance) that exceeds thresholds defined by HM Revenue and Customs.

Publishing

Taylor & Francis now publish and distribute the International Journal of Nautical Archaeology on behalf of the Society. The Society receives a royalty payment and a contribution to the editorial costs from sales of subscriptions to the journal by Taylor & Francis. There are no royalties payable for the Monographs which are published by BAR Publishing. The Society's handbook, published in 2008 by Wiley continues to sell and the Society has received royalties from Wiley.

Training and Project Income

Income from attendees on training events, supported by the grants covered the expenditure on these activities. A small amount of project income derives from the contributions of participants in protected wreck visits including to the Normans Bay Wreck, the Holland 5 submarine, HMS Invincible, the A1 submarine and the Unknown Wreck Off Eastbourne.

Outreach Income including Annual Conference

The annual conference was held online with the support of numerous sponsors and exhibitors. Small donations were received from outreach activities, but these were less than the total costs of outreach.

Merchandise

There was a small amount of income from the sale of merchandise, nautical archaeology books and equipment and branded clothing.

Page 4

NAUTICAL ARCHAEOLOGY SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

FINANCIAL REVIEW

International Licensing

The Society receives an income in respect of licensing the NAS training materials to suitable organisations outside the UK and sales of NAS qualification cards to such organisations. This source of income enables the NAS to provide education and advice to individuals and organisations to further nautical archaeology research outside the UK.

Non-operational Income

The Society's reserves are held in an interest-bearing investment account operated in conjunction with a current account. A small amount of interest was received in the financial year.

Financial Controls

All Society income and expenditure is managed through the Portsmouth office. Every cheque needs to be signed and counter signed by authorised signatories on the account. Every electronic payment requires approval by two separate authorised signatories on the account. All major expenditure needs to be approved at committee level. The Society contracts the services of a bookkeeper to maintain the income and expenditure records on a regular basis.

FUTURE PLANS

The activities for the 2022-23 year will include similar activities to those in 2021-2022, with the development of new training, outreach, projects and publishing activities. It is expected that the Society will continue to develop online offerings to allow more people to attend from all over the world. In addition, effort will be spent on reviewing the Society's activities, determining future activities for ensuring a stable financial future for the Society as well as supporting divers and non-divers alike with clear training paths and to motivate them to continue learning about nautical archaeology.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Nautical Archaeology Society (NAS) is a charity registered in England and Wales (Registration number 264209) and registered in Scotland (Registration number SC040130). The Society is a company limited by guarantee, registered in England and Wales (Company number 01039270). The registered address, to which all correspondence should be addressed 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 dates from 1981 when the name and constitution were changed, and the memorandum and articles of association were revised accordingly.

The governance of the Society is defined by its memorandum and articles of association. In accordance with the articles of association, the Society is governed by an executive committee. The members of the Executive Committee are the Trustee Directors. Members of the Executive Committee are elected at the Annual General Meeting (AGM) for a period of three years and on expiry of this term are free to stand again. The Executive Committee may also choose to co-opt additional members during the year. Any members co-opted in this manner will stand for election at the next AGM. The Executive Committee also benefit from the advice of Vice-Presidents. 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 Committee and do not have voting powers on the Executive Committee.

Organisational Structure

There are sub-committees which are formed for the management of the Society's publication activities and for general management of the Society's activities in the office at Portsmouth, onto which members may be co-opted. The Society, by the year-end, had two full time employees. Bookkeeping is carried out by a sub-contractor.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

01039270 (England and Wales)

Registered Charity number

264209

Page 5

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NAUTICAL ARCHAEOLOGY SOCIETY

Independent examiner's report to the trustees of Nautical Archaeology Society ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 44 (1) (C) of the 2005 Act and section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the requirement of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since the Company is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11 (2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of FCA which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

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

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

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

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

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

S Mackie FCA Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU

10 October 2022 Date: .............................................

Page 7

NAUTICAL ARCHAEOLOGY SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Nautical heritage publication, research,
education and training
133,689
Other trading activities
2
1,413
Investment income
3
22
Other income
-
Total
135,124
EXPENDITURE ON
Raising funds
5
(1,513)
Charitable activities
6
Nautical heritage publication, research,
education and training
117,237
Total
115,724
NET INCOME/(EXPENDITURE)
19,400
Transfers between funds
20
(19,773)
Net movement in funds
(373)
RECONCILIATION OF FUNDS
Total funds brought forward
127,609
TOTAL FUNDS CARRIED FORWARD
127,236		 Restricted
funds
£
26,735
-
-
14,500
41,235
-
124,399
124,399
(83,164)
19,773
(63,391)
114,026
50,635		 2022
Total
funds
£
160,424
1,413
22
14,500
176,359
(1,513)
241,636
240,123
(63,764)
-
(63,764)
241,635
177,871		 2021
Total
funds
£
278,612
1,745
45
-
280,402
(1,197)
164,934
163,737
116,665
-
116,665
124,970
241,635

The notes form part of these financial statements

Page 8

NAUTICAL ARCHAEOLOGY SOCIETY

BALANCE SHEET 31 MARCH 2022

Notes
FIXED ASSETS
Intangible assets
13
Tangible assets
14
Heritage assets
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2022
£
22,130
-
22,718
44,848
5,301
13,468
146,926
165,695
(32,672)
133,023
177,871
177,871
127,235
50,636
177,871		 2021
£
27,663
644
22,718
51,025
3,154
11,253
190,333
204,740
(14,130)
190,610
241,635
241,635
127,609
114,026
241,635

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 9

continued...

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NAUTICAL ARCHAEOLOGY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Such income is only deferred when:

-The donor specifies that the grant must only be used in future accounting periods; or -The donor has imposed conditions which must be met before the charity has unconditional entitlement.

Investment income is recognised on a receivable basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Intangible fixed assets

Intangible fixed assets (including website costs) are amortised on a straight line basis over their estimated useful economic lives, which is considered to be 5 years.

Tangible fixed assets

Tangible fixed assets over £100 are capitalised at cost.

Tangible fixed assets are depreciated over their estimated useful lives as follows:

Training equipment 33.33% and 20% straight line Furniture 20% straight line Computer equipment 33.33% straight line

Heritage assets

The NAS has been formally collecting material since its inception. Collections arrive at the Museum as a result of gift, bequest, purchase or loans. In addition the NAS undertakes proactive acquisition of books. The number of items purchased in any one year is generally low, and would typically number between 6 and 12 books. All the books are catalogued on an Excel spreadsheet administered by the NAS.

Heritage assets are capitalised at cost unless they have been donated when they are included at market value, where such a value is readily available. No depreciation is provided for on heritage assets.

Page 11

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NAUTICAL ARCHAEOLOGY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

Heritage assets

The collection

The Nautical Archaeology Society holds a library collection that is split between its office in Portsmouth and its North East branch in Hartlepool. The library collection has not been valued as, due to the specific and individual nature of the books and periodicals held, it is not believed to be possible to obtain a reliable value of the collection without incurring a cost disproportionate to the benefit of the information reported to the readers of the accounts.

The collection consists of books, periodicals, magazines, CD's and DVD's on the subject of nautical archaeology and history as well as a nearly complete collection of Lloyd's Registers dating from 1876 to 1966.

By categories, numbers held are: Printed books - 400 Periodicals / Journals - 500 Magazines - 300 CD's / DVD's - 390

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Fund accounting

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

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in stocks and shares. The measurement basis used for these instruments is detailed below.

Debtors and cash at bank

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand included cash held on deposit or in a current account.

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NAUTICAL ARCHAEOLOGY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

Financial instruments

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting 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 be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2. OTHER TRADING ACTIVITIES

3.

OTHER TRADING ACTIVITIES
Merchandise income
INVESTMENT INCOME
Interest on UK bank balances		 2022
£
1,413
2022
£
22		 2021
£
1,745
2021
£
45

All investment income is derived from assets held in the United Kingdom.

4. INCOME FROM CHARITABLE ACTIVITIES

Activity
Grants
Nautical heritage publication, research,
education and training
Membership income
Nautical heritage publication, research,
education and training
Training events and
materials
Nautical heritage publication, research,
education and training
Publications
Nautical heritage publication, research,
education and training
Donations
Nautical heritage publication, research,
education and training
Grants received, included in the above, are as follows:
Historic England
Heritage Lottery Fund
Honor Frost Foundation for IJNA support
Honor Frost Foundation - Arabic elearning project
Museum of London Archaeology Service
Honor Frost Foundation - Big Anchor
Dutch Cultutal Ministry Research
Aurelius Trust
Headley Trust
Honor Frost Foundation - Outreach		 2022
£
62,447
24,665
40,301
28,762
4,249
160,424
2022
£
30,467
-
-
(2,600)
20,080
-
-
3,000
10,000
1,500
62,447		 2021
£
175,926
22,359
32,753
40,096
7,478
278,612
2021
£
37,060
21,990
41,533
-
20,080
39,655
15,608
-
-
-
175,926

Grants received, included in the above, are as follows:

Page 13

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NAUTICAL ARCHAEOLOGY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

5. RAISING FUNDS

Raising donations and legacies

2022
£
Merchandise for resale
(1,513)
6.
CHARITABLE ACTIVITIES COSTS
Direct
Support
Costs (see
costs (see
note 7)
note 8)
£
£
Nautical heritage publication,
research, education and training
166,953
74,683
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2022
£
Staff costs
30,971
Training fund and outreach
14,133
Subcontractors
116,198
General expenses
118
Depreciation
5,533
166,953
8.
SUPPORT COSTS
Governance
Management
costs
£
£
Nautical heritage publication, research,
education and training
72,870
1,813
Support costs, included in the above, are as follows:
Management
2022
Nautical
heritage
publication,
research,
education
and
training
£
Wages
29,916
Pensions
3,390
Equipment hire and rental
2,869
Rent
7,848
Insurance
3,884
Telephone
1,410
Books and stationery
1,196
Carried forward
50,513		 2021
£
(1,197)
Totals
£
241,636
2021
£
33,754
15,037
35,765
395
-
84,951
Totals
£
74,683
2021
Total
activities
£
34,177
6,687
1,618
7,202
4,067
1,350
1,386
56,487

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continued...

NAUTICAL ARCHAEOLOGY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

8. SUPPORT COSTS - continued

Management - continued

2022
Nautical
heritage
publication,
research,
education
and
training
£
Brought forward
50,513
Sundries
-
Training
-
Professional fees
21,349
Bank charges
364
Donations
-
Depreciation
644
72,870
Governance costs
2022
Nautical
heritage
publication,
research,
education
and
training
£
Legal fees
13
Independent examiner's fee
1,800
1,813		 2021
Total
activities
£
56,487
126
92
16,033
410
1,500
1,735
76,383
2021
Total
activities
£
1,800
1,800
3,600

Governance costs

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Hire of plant and machinery
Development costs amortisation
Independent examiner's fee		 2022
£
644
2,869
5,533
1,800		 2021
£
1,735
1,618
-
1,800

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

During the year no trustees (2021: two) were reimbursed out of pocket expenses totalling £nil(2021: £221).

Key management personnel

The key management personnel of the charity comprises the Chief Executive. The total employment benefits of the key management personnel were £33,830 (2021: £33,838).

11. STAFF COSTS

Salaries and wages
Social Security costs
Pension costs
The average monthly number of employees during the year was a follows:
Charitable activities
Support		 2022
£
56,739
757
3,390
60,886
2022
2
1
3		 2021
£
68,240
2,407
6,687
77,335
2021
2
1
3

During the year no employee received emoluments in excess of £60,000 (2021: none).

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Nautical heritage publication, research,
education and training
121,109
Other trading activities
1,415
Investment income
45
Total
122,569
EXPENDITURE ON
Raising funds
(1,325)
Charitable activities
Nautical heritage publication, research,
education and training
119,943
Total
118,618		 Restricted
funds
£
157,503
330
-
157,833
128
44,991
45,119		 Total
funds
£
278,612
1,745
45
280,402
(1,197)
164,934
163,737

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
funds
funds
£
£
NET INCOME
3,951
112,714
Transfers between funds
34,522
(34,522)
Net movement in funds
38,473
78,192
RECONCILIATION OF FUNDS
Total funds brought forward
89,134
35,836
TOTAL FUNDS CARRIED FORWARD
127,607
114,028
13.
INTANGIBLE FIXED ASSETS
Development
costs
Website
£
£
COST
At 1 April 2021 and 31 March 2022
27,663
7,200
AMORTISATION
At 1 April 2021
-
7,200
Charge for year
5,533
-
At 31 March 2022
5,533
7,200
NET BOOK VALUE
At 31 March 2022
22,130
-
At 31 March 2021
27,663
-
14.
TANGIBLE FIXED ASSETS
Training
Computer
Furniture
equipment
equipment
£
£
£
COST
At 1 April 2021 and 31 March 2022
1,960
39,568
31,972
DEPRECIATION
At 1 April 2021
1,960
39,568
31,328
Charge for year
-
-
644
At 31 March 2022
1,960
39,568
31,972
NET BOOK VALUE
At 31 March 2022
-
-
-
At 31 March 2021
-
-
644		 Total
funds
£
116,665
-
116,665
124,970
241,635
Totals
£
34,863
7,200
5,533
12,733
22,130
27,663
Totals
£
73,500
72,856
644
73,500
-
644

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

15. HERITAGE ASSETS

HERITAGE ASSETS
MARKET VALUE
At 1 April 2021 and 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Total
£
22,718
22,718
22,718

Included within heritage assets is a Lloyd's Register which when donated by Glasgow University in 2007/08 was considered to have a market value of £16,000.

16.
STOCKS
Stocks
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Deferred income (see below)		 2022
£
5,301
2022
£
11,886
1,582
13,468
2022
£
10,802
4,370
17,500
32,672		 2021
£
3,154
2021
£
-
11,253
11,253
2021
£
45
1,996
12,089
14,130

Deferred income

Deferred income is grants and subscriptions received for future accounting periods.

2022 2021
£ £
Brought forward 12,089 25,498
Amount released to incoming resources (12,089) (25,498)
Amount deferred in year 17,500 12,089
Carried forward 17,500 12,089

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
£
Fixed assets
44,848
Current assets
115,059
Current liabilities
(32,672)
127,235
20.
MOVEMENT IN FUNDS
At 1.4.21
£
Unrestricted funds
General fund
127,609
T&F Advance Royalty Payment
-
127,609
Restricted funds
Big Anchor
39,555
Normans Bay
-
IJNA Publication Support
42,289
Arabic E-learning
5,375
London Wreck Project
(2,256)
Chesil Beach Project
-
Save the London
(937)
Eastbourne Wreck
-
ELearning Development Project
30,000
Unpath Project
-
International Nautical Archaeology
Fund
-
London Contribution Support Grants
-
114,026
TOTAL FUNDS
241,635		 Restricted
funds
£
-
50,636
-
50,636
Net
movement
in funds
£
13,399
6,000
19,399
(9,720)
97
(53,648)
(2,623)
-
5,580
1,033
(1,310)
(40,024)
2,920
4,960
9,572
(83,163)
(63,764)		 2022
Total
funds
£
44,848
165,695
(32,672)
177,871
Transfers
between
funds
£
(19,773)
-
(19,773)
-
-
11,359
-
-
-
-
1,310
10,024
(2,920)
-
-
19,773
-		 2021
Total
funds
£
51,025
204,740
(14,130)
241,635
At
31.3.22
£
121,235
6,000
127,235
29,835
97
-
2,752
(2,256)
5,580
96
-
-
-
4,960
9,572
50,636
177,871

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

20. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
T&F Advance Royalty Payment
Restricted funds
Big Anchor
Normans Bay
IJNA Publication Support
Arabic E-learning
Chesil Beach Project
Save the London
Eastbourne Wreck
ELearning Development Project
Unpath Project
International Nautical Archaeology
Fund
London Contribution Support Grants
TOTAL FUNDS		 Incoming
resources
£
129,123
6,000
135,123
-
97
135
(2,623)
5,580
3,347
4,344
(64)
2,920
14,500
13,000
41,236
176,359		 Resources
Movement
expended
in funds
£
£
(115,724)
13,399
-
6,000
(115,724)
19,399
(9,720)
(9,720)
-
97
(53,783)
(53,648)
-
(2,623)
-
5,580
(2,314)
1,033
(5,654)
(1,310)
(39,960)
(40,024)
-
2,920
(9,540)
4,960
(3,428)
9,572
(124,399)
(83,163)
(240,123)
(63,764)

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NAUTICAL ARCHAEOLOGY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.4.20
in funds
£
£
Unrestricted funds
General fund
89,134
3,953
Restricted funds
Big Anchor
(100)
39,834
Normans Bay
(900)
-
Cyprus Fieldschool
4,155
-
IJNA Publication Support
6,713
39,640
Wales U-Boats
10,799
-
Arabic E-learning
5,375
-
Resilient Heritage
3,777
(7,375)
London Wreck Project
(50)
-
Licensee Succession Project
2,530
-
Chesil Beach Project
3,747
(4,289)
Recover Record Rebury study
3,005
3,609
Save the London
(1,720)
783
RCE Wreck Site
(1,495)
-
Eastbourne Wreck
-
4,859
Lottery Covid Grant
-
5,651
ELearning Development Project
-
30,000
35,836
112,712
TOTAL FUNDS
124,970
116,665
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
122,571
Restricted funds
Big Anchor
39,954
IJNA Publication Support
40,033
Resilient Heritage
8,390
Chesil Beach Project
2,000
Recover Record Rebury study
4,060
Save the London
3,986
Eastbourne Wreck
15,808
Lottery Covid Grant
13,600
ELearning Development Project
30,000
157,831
TOTAL FUNDS
280,402		 Transfers
between
At
funds
31.3.21
£
£
34,522
127,609
(179)
39,555
900
-
(4,155)
-
(4,064)
42,289
(10,799)
-
-
5,375
3,598
-
(2,206)
(2,256)
(2,530)
-
542
-
(6,614)
-
-
(937)
1,495
-
(4,859)
-
(5,651)
-
-
30,000
(34,522)
114,026
-
241,635

Resources
Movement
expended
in funds
£
£
(118,618)
3,953
(120)
39,834
(393)
39,640
(15,765)
(7,375)
(6,289)
(4,289)
(451)
3,609
(3,203)
783
(10,949)
4,859
(7,949)
5,651
-
30,000
(45,119)
112,712
(163,737)
116,665

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

20. MOVEMENT IN FUNDS - continued

Description of funds

T&F Advance Royalty Payment

An IJNA royalty advance from Taylor and Francis which the Society has decided to spend only on the purchase (and associated costs) of IJNA, the NAS handbook and Monograph series. If the advance exceeds the amount of royalty to which the advance relates, the NAS will be obliged to repay the amount equal to the excess, or the amount of the excess may be offset against any royalty payment or any advance payment to be made to the Society by the Publisher in the following year(s).

Norman's Bay Wreck Project

A grant was received from Historic England for research on the Norman's Bay Wreck and the creation of an online interpretative trail of the protected wreck.

IJNA Publication Support

The NAS received a grant from the Honor Frost Foundation to support the International Journal of Nautical Archaeology. The grant is being used to provide translations of article abstracts, to support the journal editor to attend international conferences as well as creating an open access prize for a single article every year.

Big Anchor Project

This project has been funded by a Crowdfunder campaign to help develop a new website for the project.

Arabic Elearning Project

This project funded by the Honor Frost Foundation would result in the creation of Arabic versions of the NAS Elearning Courses in Maritime and Underwater Archaeology. In the year it was determined and agreed with the funder that the project could not be completed and remaining unspent funds were returned to the Honor Frost Foundation.

IJNA Support HFF

The NAS received a grant from the Honor Frost Foundation to support the International Journal of Nautical Archaeology (IJNA). The grant is being used to provide translations of article abstracts, to support the journal editor to attend international conferences, to broadcast live online webinars, as well as creating an annual open access prize for a single IJNA article.

London Wreck Project

Restricted fund for income associated with research and investigation of the protected wreck of the London in the Thames Estuary.

Chesil Beach Project

A Historic England grant funded project in partnership with Maritime Archaeology Trust to undertake work on the Chesil Beach Protected Wrecks, involving the local community. Also involves drafting a conservation statement and management plan for the wreck and creating a online dive tour to allow the public to access the wreck from their computer.

Save the London

Restricted fund for donations associated with the campaign to save the London shipwreck in the Thames Estuary. The campaign is being run in partnership with the London Shipwreck Trust with funds raised being allocated to cover the cost of diving, conservation of material and the costs of running the campaign itself.

Eastbourne Wreck

The NAS was awarded grants by the Cultural Heritage Agency of the Netherlands (RCE) to investigate an unknown wreck discovered off the coast of Eastbourne in 2019. It is likely that the historic wreck is of Dutch origin.

Lottery Covid

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

20. MOVEMENT IN FUNDS - continued

In 2020 the NAS were awarded a grant from the National Heritage Lottery Fund to help it come through the Covid-19 crisis intact and with strength to continue into the future. The grant allowed the NAS to adapt heritage engagement offerings and supported the employment of the NAS Public Engagement Officer to be innovative and proactive in communication streams, especially through our digital output including online courses and webinars.

eLearning Development

A grant from Historic England was awarded to help the NAS to expand online educational courses. The grant would also allow the creation of two new 'specialist' courses covering monitoring archaeological sites through photography and photogrammetry and cannon research and recording.

Unpath Project

As part of the wider UnPath Project the NAS will study the two remaining Holland Class Submarine assemblages and will address the need to link archives together to maximise the research potential and to make maritime archaeological sites more accessible, providing tangible links to British history through engagement especially with the non-diving general public.

International Nautical Archaeology Fund

In 2021-22 the NAS has been assisting the family of Edward & Saryl Von der Porten to establish a grant giving Foundation. The work has involved the establishment of an independent CIO based in the UK. The NAS will act as the sole trustee of the new International Nautical Archaeology Foundation CIO, with the first grant awards due to take place in 2023.

London Contribution Support Grants

Restricted fund for income associated with research and investigation of the protected wreck of the London in the Thames Estuary.

Transfers between funds

The transfers from restricted to unrestricted funds relate to funds on which restrictions have been satisfied and therefore are no longer considered to be restricted funds. Restricted funds in deficit all have sufficient funding in 2021/22 to cover any shortfalls.

21. EMPLOYEE BENEFIT OBLIGATIONS

During the year the charitable company operated a defined contribution pension scheme for its employees. The charge for the year was £3,390 (2021: £6,687). There were no amounts prepaid or outstanding with the scheme at the balance sheet date (2021: £nil).

22.

RELATED PARTY DISCLOSURES

During the year MSDS Marine Ltd, a company with a trustee in common, invoiced Nautical Archaeology Society £2,733 (2021: £2,868) for the secondment of a staff member. Nautical Archaeology Society invoiced MSDS Marine Ltd £5,774 (2021: £500) for professional services and sponsorship of the NAS Conference. No amount was outstanding at the year end.

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

23. ULTIMATE CONTROLLING PARTY

The charitable company is not under the control of another entity or any one individual.

24. LEGAL STATUS OF THE CHARITY

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £5.

Page 24