## **CHAIR’S REPORT (2022-2023)** As is becoming traditional, I would like to open by wishing all NAS members, their families, friends, relatives, and communities well, thank you for your continued engagement with and support of the NAS and hope both continue into 2024 and beyond. Reflecting on the last 18 months, whilst there are green shoots of recovery in places, without becoming unnecessarily negative, it sometimes feels as if the only certainty is uncertainty, and the period feels to have been focused on numerous challenges and efforts to ensure the NAS remains sustainable. That is not to say that there have not been successes, because there most certainly have and you will hear about those later and from others, but funding is most definitely stretched and tough decisions are being made at all levels. Our sense of community and purpose remains strong, and I would like to express my heartfelt thanks for the continued commitment and effort from the NAS staff, the Executive, Management and Sub committees, as well as the support from our members throughout the year. It is, as always, quite inspiring to look back on the achievements of the year and reflect on the breadth of activities that we support and deliver. 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 2023, but it is worth emphasising that both the Management and Executive committees have continued to maintain a close focus on our current and future financial status as we look to build a more sustainable position for the future. Collectively we are concerned over the lower financial closing position at the end of this period and are actively considering all available options to sustain, and ideally grow, the NAS into the future. I would like to formally recognise the efforts of our treasurer, Mike Painter, for his considerable efforts to bring increased financial detail and rigour to our financial management. The Management Team and Executive Committee have greatly appreciated his informative presentations and gained significant understanding thanks to his clear and concise explanations. Unfortunately, due to increased work commitments with a new role at work, Mike is unable to continue as our treasurer and will be standing down at the AGM, so we are currently searching for a new treasurer and if anyone knows someone who would be interested, please ask them to get in touch. **Our Trustees and Committees:** The NAS trustee community has remained stable over the reporting period, apart from Peter Green standing down. We are continuing to grow the involvement of trustees in areas of particular interest or experience to support staff effort; the Education SubCommittee is supporting Peta and the education programme very well and the newly established Projects Sub-Committee is generating new and interesting opportunities for our members to get involved with. The Executive committee continues to meet 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 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 progress on discussions across the full Executive, with the Management Sub-committee meeting monthly to maintain momentum on more pressing matters and in support of Mark and the team in Fort Cumberland. Our trustees offer the Society a mix of archaeological specialisms and wider business skills needed to 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 or experienced members to serve as trustees to the Society and have space for additional trustees to support our efforts. If you would like to join us and contribute at a strategic level to the Society, then please reach out to Mark or myself. Equally, if you do not feel you can commit to becoming a trustee, we always have opportunities for members and volunteers to contribute to our activities and are very happy to receive any help or support you can offer. As above, please reach out to Mark, me or other members of the Committee. As an example of such contributions, we are very pleased to welcome Fiona Jobling as our FundRaising Lead, who is actively supporting us with identifying sources of potential grants and crafting compelling cases in support of those grants. We are also very grateful to NAS member Brian Millar who has been volunteering his professional copywriting and design agency to bring a new level of expertise to our communications. **Publication** : The relationship with Taylor and Francis is settling down well and we are very grateful for the efforts of the Publications Sub-committee, under Damian Robinson, for their oversight of the contract with Taylor and Francis. We are also pleased to welcome Rebeca Ingram as our new reviews editor for the IJNA as Paula Martin is retiring, although it is “Au Revoir” as far as Paula is concerned as we are happy to announce that she has agreed to become one of our Vice Presidents. **Staffing:** We remain steady at two permanent members of staff, Mark and Peta, with the invaluable support of Sara Hasan on a part time basis and benefitted from temporary staff through the UK Government’s Kickstart scheme. **Conference:** The 2022 conference was held in Dublin and was notable for being our first conference outside mainland UK. **Education:** The education programme continues to evolve, offering a wide range of courses and activities and has been augmented with the launch of two new eLearning courses (Cannons and Photogrammetry). Thanks to the support of Historic England and the work of the subject matter experts, these new courses are a great new way for people from anywhere in the world to learn about elements of nautical archaeology and will hopefully lead on to more eLearning or blended courses being offered in the future. **Highlights** : I could not hope to cover all our activities in this report, but just wanted to highlight a few areas such as the investigation and identification announcement of the Klein Hollandia wreck, filmed for “Digging for Britain” which aired in January 2023; Mark and Peta attended IKUWA 7 congress in Finland; we have continued to support the efforts to Save The London, and have gained 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 the support of Southend West MP Anna Firth. Our ongoing partnership working with MSDS Marine and the Maritime Archaeology Trust continue to be incredibly helpful to our mission. **Looking Forward** : Whilst this report looks back, we must also look forward and strongly 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 in order to thrive, and we have a Strategy Group which is actively looking to the future. I shall repeat my plea from previous years, which is that all I ask of you, the members, 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 or even achieve all of them, but we will listen and if we cannot do it, I will tell you why. **Thank you:** Lastly, I will conclude my 2023 report with some thankyous. Our partners, including Historic England, The Honor Frost Foundation, British Sub-Aqua Club, 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 and Peta our Education 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** ## **November 2023** 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 ## **SECRTARY’S REPORT (2022-2023)** The totally unprecedented challenges for Society due to Covid-19 emerging in early 2020 have been replaced by a continuing cost-of-living crisis, which sadly shows little sign of abating. This cost of living crisis has been exacerbated by a reduction in public spending, which has made the grant aid environment extremely competitive. All this continues to exert heavy financial pressures upon the Society and may possibly do so for some time to come. 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 try to ensure the Society will survive financially. It would be hard to understate the amount of demanding work to very tight timescales that all this has and will continue to entail. It remains a credit to the commitment of the NAS staff and my fellow trustees that all this has and is being achieved. The Management Sub-Committee has continued to monitor the financial position extremely closely. The changes made to the Society’s Constitution at last year’s AGM now enables AGMs to be hybrid, which should reduce the cost to members of attending an AGM and make the event more accessible to members, especially those more geographically distant. The Society continues to examine new opportunities to obtain additional funding and discussions with potential sponsors are ongoing. Notwithstanding all this hard work it is clear that the Society, like all smaller charities, will continue to face an extremely challenging economic environment for a number of years but these potential initiatives are designed to ensure that the Society is better equipped and more robust in such an economic environment. In order to equip the Society to face this financial challenge a number of sub-committees have or will be set up. Although an apparently simple process, each subcommittee requires the drafting of Terms of Reference, delegation of authority and the exercise of care to ensure that effort and responsibility is not duplicated between sub-committees. It also requires trustees or a member of staff to volunteer to be a chair and members of such sub-committees and the Society is grateful to those trustees who have willingly undertaken this additional work. 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 MOU with MSDS has also been reviewed and continues in place. Work has also continued on the establishment of a new grant awarding scheme which the Society will be administering. This scheme is still being developed. It has encountered significant regulatory hurdles, which has required external specialist legal advice and created considerable work for the office and the Honorary Secretary, but the matter is progressing towards anticipated completion in 2023 or early 2024. Clearly, like all small charities that are highly dependent upon both public funding for project work and expenditure of personal disposable income, the Society faces a very challenging year or two going forward. At the risk of repeating the comments of our Chair and 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 have worked so hard to protect the Society from possible stagnation and financial uncertainty. Members can be assured that no effort will be spared in seeking to bring the NAS through these exceptionally difficult times. ## **Prof. M.V. Williams Hon. Secretary** ## **November 2023** 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 ## **TREASURER’S REPORT (2022 – 2023)** When I was writing my report last year, looking ahead to this year, my mind focused on the challenges that fundraising in an economically difficult time posed for the Society. I was also mindful of the need to fundraise unrestricted funds, to underpin the Society’s daily running costs. Within that context, reporting this year’s accounts, key themes are as follows: - The Society has taken significant steps to reduce its expenditure principally by adopting a very stringent and ‘needs only’ based approach to budgeting. The efforts and changes made have paid off already with a demonstrable reduction in both direct operational and administrative supporting costs. - The Society has received lower income through grants. This is because we were unsuccessful in some applications and awarded lower funding than we had hoped for in some others. The impact of this change on overall performance has been less than it might have been because of the Society’s success in reducing expenditure. - The challenge to raise unrestricted funds continues. Whilst I know that progress has been made on this front operationally, it would be premature for me to report on these developments from a financial perspective within this reporting period. As I look forward to next year, sadly the charitable landscape appears even more difficult than last. Some costs, such as for utilities, services, resources etc. are increasing outside of the Society’s control. The pool of funds available from which to fundraise is smaller year on year and therefore subject to increased competition. My perspective sounds inevitably bleak. However, I believe it is huge testament to the Society, its trustees, staff and volunteers, that within this increasingly challenging environment, it has delivered on its objectives within its means. I do not believe this would have been possible without the passionate approach of all those involved and their commitment to the Society’s invaluable work. Next year, despite the landscape I describe, I believe the Society has reason to be positive: - The Society has the funds to continue its work. - The Society will conduct a thorough expenditure review to satisfy itself that all possible efficiencies have been achieved. - Lastly, whilst strictly falling outside of the reporting period, I believe it is important to mention the Society’s success in recruiting a Fundraising Lead to increase its capacity to research, apply for and secure new fundraising sources. I am grateful to Mark, Peta, and my fellow trustees for all their support during this reporting period. I would not have been able to fulfil my role without their advice, insights, and expertise. ## **Mike Painter, Treasurer** 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 REGISTERED COMPANY NUMBER.. 01039270 (England and Wales) REGISTERED CHARITY NUMBER: 264209 SCOTTISH CHARrrY NUMBER: SC040130 {Scotland) REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FOR NAUTICAL ARCHAEOLOGY SOCIETY NAUTICAL ARCHAEOLOGY SOCIETY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Page Report of tho Tru¥tees 1 to 7 Indepgndent Examlnerfs Report statsmont ol Financlal Actlvltles Balance She8t 10 to 11 Notes to th8 Flnanclal Statements 12 to 25 NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The trustees who are also directors of the charity for the purposes of the Companie5 Act 20(6, present their reportwith the financial ststemenls ofthe charity forthe year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accoLtnts in accordance with the Finan￿al Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019}. OBJECTIVES AND ACTIVITIES ObJe¢tfve$ and Aims The aims and objectives of the Society are to.. preserve our nautical hentage. act as a focus for nauts'cal archaeology and to provide publications, provide education, training and information 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 2023 OBJECTIVES AND ACTivrriES Review of Activitles The purpose of this section is to summarise the various activities of the Society for the year ended 31 March 2023. The Society's office and staff are well established in the Hislonc England casemales at Fort Cumberland, Portsmouth. Since the Covid-191Corona Virus pandemi¢ the Society staff spend some of their time working from home. Outroa¢h Actlvty Outreach activity has been supported by the activitses of volunteers giving talks throughout the county. The Society continues to campaign to Save the London shipwreck in the Thames Estuary and arranged an event held in Soulhend in March 2023 to celebrate the work being done to save artefacts from the wreck. For the first time since 2019 the Society ran a face-to-fa¢e conference weekend. The eventwas held in Dun LaOghal￿, Dublin, with speakers presenting papers on research undertaken and exhibitors providing exhibition stands on subjects and projects relevant lo nautical archaeology and climate change. Publishing Actfvity During the year the Society continued lo publish the Intematlonal Joumal of Nautical Archaeology through our publisher, Taylor & Francis. The members, online newsfeed continues to be published in-house and stories from the Society and ils members is published on its website. A Small number of sales continued of the Society's handbook, Archaeology Underwater (2nd Edition), as well as volumes published within the NAS Monograph series. Publications Grants and Awards The NAS contrnued lo receive grant support from the Honor Frost Foundation 10 5UPPOrt the Intemational Journal of Nautical Archaeology, The grant is being used to provide translations of article abstracts, lo support the costs of the journal edrtor including helping the editor to attend int8rnational conferences. There were no Joan Du Plat Taylor grants awarded in 2022-23. Edu¢atlon Activity The Society remains a leading organisation for the education of recreational divers, arthaeologists and non- archaeologists in the techniques of maritime archaeology on land, in the inter-tidal zone and underwater. The Education Programme continues lo be widely taught overseas by international training partners and has been praised intemalionalty. The Society continued to deliver tts edUCalK￿ 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 also hosted online courses on Cannon Research and Recording and Archaeological PhotogTammelry. The Society was able lo arrange a limited number of opportunrties for recreational dlvers to visit UK Protected Wrecks to raise awareness of protection of underwater cultural heritage. Projgct Actlvlty The Society organi5ed a number of projects which enabled volunteers lo 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, and the newly identified protected wreck off Eastbourne, the Klein Hollandia. The NAS received funding from a number of different grant providers (see restricted funds) to run training activities and fieldwod( involving the public. The Nautical Archaeology Sub-Aqua Club INASACI was set up in 2009-10 as an affiliated branch of the BTltish Su￿Aqua Club IBSACI. This dive club is established to operate as a BSAC branch carrying out underwalor archaeology dNes using NAS equipment, including a boat bought in October 2011. Trading Activty The Soaety continued to sell merchandise, consisting of books relating to nautical archaeology. survey equipment for nautical archaeology and clothing advertising the Society, to ￿rther 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 2023 OBJECTIVES AND AGTivrriES PUBLIC BENEFIT The Trustee Directors confirm that they have referred to the guidan￿ contained in the Charity Commission's general guidance on public benefit when reviewing the Society's aims and objectives and in planning future acb'vities. In accordance with Ihe 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. Mile 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 promted by the Society results in knowledge that is recorded in public archives and is also made available through publicat"ons. The Society's website is used lo disseminate informalion for the benefi't of the public. The Soaety's learned journal and monograph series ensu￿ that all such ￿searCh 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 reseNes 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 advan￿ and provides a reserve against unexpected loss of income, enabling the Society to meet its commitmen15 for a period of at least six months. No reserves are designated but expenditure may be authorised against the reserves provided that income sourc85 are in a favourable stat8 and investment is required to support the futLire sustainability of the Society. Page 3 NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 FINANCIAL REVIEW Summary of Finan¢lal Posltlon At the end ofthe year 2022-2023 the Society's fvnds stood at £119,255 (2022: £177.871) Th8 accounts report a deficit of £58.616 for the year to 31 March 202312022: deficit of £63,764}. Grnnts The NAS received a grant from the Honor Frost Foundation to support the International Journal of Nautical Archaeology. The grant is being used lo provide translations of article abstracts and to support the costs of the jOUTnal editor and to allow the editor to attend internatsonal conferences. In the year the NAS continued to work on the development of new eLeaminy course5 using a grant from Historic England received in 2020-21. This work has updated three eLearning courses and developed new eLearning courses on Cannon Research and Recording and Monitoring Archaeological Sites with Photogrammetry. This project was completed in the year. The NAS continued to wort on a project to develop the Big Anchor Project website and database, using grant from the Honor Ffost Foundation recelved in 2020-21. The grant allows for the creation of a projecl mobile app to allow the real time recordlng of anchors by the general public. The project is now due to be completed in 2023-24. The NAS continues to use grants from the Headley Trust and the Aurelius Trust The two grants are being used to support the costs ofthe conservation of artefacts at risk of being lost from UKwrecks designated under the prOt￿tIon of Wrecks Act, including from the wreck of the London and the Klein Hollandia. The funding for this will continue into 2023-24. Subscrlptlons Membership subscriptions include online membership, including access to a membevs 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 electto subscribe as Gffl Aid. Gift Aid 15 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. Publishlng Taylor & Francis publish and distribute the International Journal of Nautical Ar¢haeology on behalf of the Society. The Society receives a royalty payment and a contribution lo the editorial costs from sales of subscriptions to the joumal 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 rece￿ed royalties from WAley. Training and Project Income Income from atteridees on training events, supported by the grants covered the expenditure on these activities. A small amount of project income derives from the contribLJts"ons of participants in protected wreck visits including tD the Normans Bay Vvreck, the Holland 5 submarine, HMS Invincible, the A1 submarine and the Klein Hollandia. Outreach Income Including Annual Conference The annual conference was held in Ireland with the support of numerous sponsors and exhibitors. Small donations were received from oulreach activities, but these were less than the total costs of outreach. Mérchandlso There was a small amount ofincome from the sale of merchandise, nautical archaeology books and equipm8rrt and branded dothing. Page 4 NAUTICAL ARCHAEOLOGY SOCIE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 FINANCIAL REVIEW Intemational 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 organisalions to further nautical archaeology research outside the UK. Non-oporatlonal Income The Society's reserves are held in an inlerest-bearing investment a¢¢ount operated in conjunction with cUr￿nt account. A small amount of interest was received in the tinan¢ial 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 tsvo 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 2023-24 year will include similar activities to those in 2022-2023, with the development of new training, outreach, projects and publishing activthes around the recently identified wreck of the Klein Hollandia. It is expected that the Society will continue to develop online offerings lo allow more people to attend from all over the world. In addition, effort will be spent on reviewing the Society's aclivilies, determining future activities for ensuring a stable financial future for the Society as well as SUPPOrting divers and non-divers alik8 with clear Iraining paths and lo motivate them to continue learning about nautical archaeology. STrUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The Nautical Archaeology Society INAS) is a charity registered in England and Wales (Registration number 2642091 and registered in Scotland IRegistrab"on number SC040130). The Society is a company litymted by guarantee, registered in England and Wales (Company rsumber 010392701. 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 memrandum and articles of association were revised accordingly. The g0veMan￿ of the Soclety is defined by its memorandum and art￿leS of as80ciation. In accordance with the article5 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 IAGM) for a period of three years and cn expiry of this tenr are free to stand again. The Executive Commtitee may also ch005e to Co-opt additional members during the year. Any members cLvopled in this manner will Stand for election at the next AGM. The Executive Committee also benefit from the advice ofVice- Presidents. Vice-Presidents are appointed for a period of three years at the discretion of the Executive Committee bul do not Gount towards the quorate of the Executive Committee and do not have voting powers on the ExecutThie Committee. Organtsational Structure There are SUb￿0MmIttee$ which are formed for the management of the Society's publication activities and for general management of the Society's activities in the office al Portsmoulh, onlo which members may be c opted. The Society. by the year-end. had two full time employees. Bookkeeping is caThied out by a sub- contractor. Rlsk Management The trustees have a duty lo identity and review Ihe risks to which the charty is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have adopted procedures to minimise the risks to the charitable company and its work. Page 5 NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 REFERENCE AND ADMINISTRATIVE DEfAILS Registered Company number 01039270 (England and Wales) R8gisterad Charlty numb8r 264209 Registered office Fort Cumberfand Fort Cumbertand Road PortsmoLrth Hampshire P04 9LD Trustees M Williams Secretsry D Johnston S Harvey I￿SIgned 1.5.20221 T Parker C Hallybone D Robinson A N Taylor A James A Denny G Downer C Holt P Green (resigned 7.10.20221 M Curtis M Painler (appointed 28.6 2022) Prnsident P Harding ic&Presidents D Blackman C Dobbs B Yofke L Blue S Demislicha M A Bemier M Staniforth Management The senior member of stsfl to whom the day to day management of the charity Is delegated is the Chief Executive Officer, Mark Beattie-Edwards. Company Secretary M Wlliams Independent Examlner S Mackie FCA Morri5 Crocker Chart8red Accountants Station House North Street Havant Hampshire Pog 1QU Page 6 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 proved by ord boaFd of twgtsgs on .... Pag9 7 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NAUTICAL ARCHAEOLOGY SOCIETY Indopendent examingfs report to tho trustges of Nautlcal Archaeology Soelety ('tht Company'l I report to the Charity truslees on my examination of the accounts of the Company for the year ended 31 March 2023. R8sponsibilities and basls of report As the charity's truslees of the Company land also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Charities and Trustee Investment Iscouandl Act 20051'lhe 2005 Act). The Charities Accounts {Scotlandl Regulations 2006 (as amended) and the Companies Act 2006 I'the 2006 Act.). You are satisfied that the accounts of th8 Company are not required by charty or company law to be audited and have chosen instead tr) have an independent examinatson. 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 charty's accounts as carried out under section 44 (1) ICI of the 2005 Act and section 145 of the Charities Act 2011 I'lhe 2011 Act')- In carrying out my examination I have followed the requirement of Regulation 11 of the Charities Accounts (Scollandl Regulations 2006 (as amended) and the Directions given by the Charity Commission under section 145151 (bl of the 2011 Act. Independont gxamlnetrs statemenl sin￿ the Company is ￿QuIred by company law to prepare ils accounts on an accruals basis and is registered as a charity in Scotland your examiner musl be a member of a body listed in Regulation 1112) of the Charities Accounts Iscodand) Regulations 2006 las amended). I can confirm that l am qualified to undertake the examinalion because l am a registered member of the ICAEW whlch is one of the listed bodies. I have completed my examination. I confirm that no rnatters hav8 ¢om8 to my attenb'on in connection wilh the examination giving me cause to believe". accounling records were r¢ot kept in respect of the Company as required by S8Ction 386 of the 2006 Ad., or the accounts do not accord with those records., or the accounts do not compw 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 Ihe accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practs"ce for accounting and reporbng by charib.es {applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. 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 lo be reached. S Mackie FCA Motris Crocker Chartered Accountants ststion House North Street Havant Hampshire P09 1QU 28 November 2023 Page 8 NAUTICAL ARCHAEOLOGY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 2023 Total funds 2022 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Charitable actlvltl¢s Nautical heritage publication, research, education and training 104,377 60,344 164,721 160,424 Other trading activities Investment income Other income 3,106 615 3,106 615 1,413 22 14,500 Tolal 108,098 60.344 168,442 176,359 EXPENDITURE ON Raising furKIs 2,816 2,816 {1,5131 Charltsble activitigs Naulical heritage publication. re8earch, education and training 150,729 73,514 224 243 241636 Total 153,545 73,514 227 059 240 123 NET INCOMEIIEXPENDITUREI Transfors between funds (45,447) (13.170} 7,314} {58,617) 163,7641 20 Net movement ift funds {38,133) (20,4841 158,617) 163.764) RECONCILIATION OF FUNDS Totsl funds brought forward 127,235 50,636 177,871 241,635 TOTAL FUNDS CARRIED FORWARD 30,152 177,871 The notes fomi part of these finanGial statements Page 9 NAUTICAL ARCHAEOLOGY SOCIErY BALANCE SHEET 31 MARCH 2023 2023 2D22 Notes FIXED ASSETS Intangible assets Tangible assets Heritage assets 13 14 15 16,598 1,390 22,718 22,130 40,706 44,848 CURRENT ASSETS stocks Debtors Cash at bank 16 17 2,670 8,085 104,711 5,301 13,468 146,926 115,466 165,695 CREDtTORS Amounts falling due within one year 18 136,918) {32,6721 NET CURRENT ASSErs 78.548 133 023 TOTAL ASSETS LESS CURRENT UABILITIES 119,254 177,871 NET ASSErs 119254 177 871 FUNDS Unrestiicted fvnds Restricted funds 20 89,103 127,235 TOTAL FUNDS 177,871 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. The mernbers have not required the company to oblain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounb'ng records that compty with Sections 386 and 387 of the Companies Act 2006 and (bl preparing financial statements which gNe a true and fair view of the slate of affairs of the charitable company as at the end of each finanoial year and of its surplus or deficit for each financial year in accordance with the requiremènts of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 10 continued... BALANCE SHEET. eonthwed 31 MARCH 2023 IlrwicW 8tatsments ha￿ been pr•pared In a¢¢ordance wtth th8 prDv￿￿rn appiiealkn trj d)Britab companles $ubiertto the small coTwanl88 regtmp. ents were apFfoved by thp Boarf of TN8te88 and thri88d for 188ue on and were slgned on tts b8haff ty. The fin nclal M Paln r. T￿￿09 PwJe 11 NAUTICAL ARCHAEOLOGY SOCIE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basis of preparln9 the flnanclal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102. have been prepar&J in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006, The financial statements have been prepared under Ihe historical cost convention. Incorne All income 15 recognised in the Statement of Financial Activities once the chanty has entitlement to the funds, it is probable that the income will be recewed and the amount Can be measured reliabty. Such income is only deferred when.. -The donor specifies that the grant musl only be used in future accounting periods, or -The donor has imposed conditions which must be met before the charity has unconditional entitlement. Investment income is recognised on a receivable basis. Expenditurg Liabilities are recognised as expenditure as soon as there is a legal or con$lruclive 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 ¢ost related to the category. W)ere costs cannot be directly allributed to particular head1￿JS they have been allocated to 8clivffties on a basis ¢onsistenl with the use of resources. Intangibl¢ fixèd assèts 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. Tanglble fixed assets Tangible fixed assets over £100 are capitalised at cost. Tangible fixed assets are depreciated over their eslimaled useful INes as follows". Training equipment Furniture Computer equipment 33.33% and 20Qk straighl line 200A straight line 33.330A straight line Heritage assets The NAS has been formally collecting material since its In￿ptIOn. Collections arrive at the Museum as a result of gift, bequest, purchase or loans. In addition the NAS undertakes proactive acquisthon of Lx)oks. The number of items purchased in any one year is generally low, and would typically number be￿een 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 h8ve been donated when they are included at market value, where such a value is readity available. No depreciation is provided for on heritage assets. Page 12 continuéd... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES- ¢ontinued Heritage assets The collection The Nautical Archaeology Society holds a library collection at its office in Portsmouth. The library collection has nol been valued as. due to the specific and individual nature of the books and periodicals held, it 15 not believed to be possible to obtain a reliable value of the collection without incurring a Cost disproportionste to the benefit of the information reported to the readers of the accounts. The collection consists of books, periodi¢als, magazines, CD'S and DVD'S on the subject of nautical archaeology and history as well as a ne8dy complete collection of Lloyd's Registers dating from 1876 to 1966. By categories, numbers held are.. Printed books - 400 Periodicals l Journals - SOO Magazines- 300 CD'S l DVD'S- 390 Stock6 s￿ks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity 1$ exempt from corporation tax on its Gharitab18 activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted lunds can onty be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when ftjnds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notss to the financial slatemenls. Hirg purchase and leaslng commitments Rentals paid under operating leases are charged to the Stal8mont of Financial Activities on a straight line basis over the period of the lease. Pgnslon cosis and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are oharged to the Statement of Financial Act4Vities in the per(od to which they relate. Flnanclal Instrumonts 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 al bank and in hand included cash held on deposit or in a current account. Page 13 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STA TEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES - continued Financlal instruments Creditors and provlslons Creditors and provisions are recogni$ed where the charity has a p￿sent obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation Can be measured or estimated reliably. Creditors and provisions are normally ￿Cognised at their setllement amount after allowing tor any trade discounts due. OTHER TRADING ACTIVITIES 2023 2022 Merchandise income INVESTMENT INCOME 2023 2022 Interest on UK bank balances 615 All investment income is derived from assets held in the United Kingdom. INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Aetwity Nalrtical heritage publicat'on, research, education and training Nautical heritage publication, research, education and training Naub'cal heritage publication, research, education and training Nautical heritage publication, research, education and training Nautical heritage publication, research, education and training Grants 51,806 62,447 Membership income Training events and materials 24,339 24.665 81,387 40.301 Publications 19, 28,762 Donations 4,249 160,424 Grants received. included in the above, are as follows.. 2023 2022 Historic England RCAHMW Honor Frost Foundation- Arabic eleaming project Museum of London Archaeology Service Aurelius Trust Headley Trust Honor Frost Foundation 20,306 1.500 30,467 12,6001 20,080 3,000 10,000 1.500 51,806 62 447 Page 14 ntinued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 RAISING FUNDS Raising donatlon$ and legacies 2023 2022 Merchandise for resale 2,816 1,5131 CHARITABLE AcTIV￿lEs COSTS Direct Costs {see note 7} Support costs (see note 8) Totals Nautical herrtage publication. research. education and training 155 169 224.243 DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 Staff costs Training fund and outreach Subcontractors General expenses Depreciation 30.281 44,431 70.793 4.131 5.533 30.971 14,133 116,198 118 5,533 155 169 166 953 SUPPORT COSTS Governance costs Management Totals Nautical heritage publication, research, education and training 64,931 Support ¢osts, Included in the above, are as follows: Managoment 2a23 Nautical heritage publication, research, education and training 2022 Total activities Wages Pensions Equipment hire and rental Rent Insurance Telephone Books and stationery 28.951 29,916 3,390 2,869 7,848 3,884 1,410 1,196 1,379 6,917 3,437 971 1,338 Carried forward 45.993 50,513 Page 15 n￿nued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEf¥lENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 SUPPORT COSTS - contlnued Management- contlnued 2023 Nautical heritage publication, research, education and training 2022 Total activities Brought forward Professional fees Bank charges Depreciation 45,993 17,754 489 695 50,513 21,349 364 644 Gov¢man¢e costs 2023 Nautical heritage publication, research, education and training 2022 Total actNities Legal fees Independent examinels fee 2,229 13 1.800 1813 NET INCOMEIIEXPENDITURE) Net incomellexpenditure) is ststed after chargingllcrediting).. 2023 2022 Depreciation - owned assets Hire of plant and machinery Development Costs amortisation Independent 8xamine¢s fe8 695 1,379 5,532 2,869 5,533 Page 16 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 10. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. Trustees. expenses Dunng the year no trustees {2022- none) were ￿1mbUr5ed out of pocket expenses totalling £nil (2022- £nil), Key management porsonn81 The key management personnel of the charity comprises the Chief Executive. The total employment benefits of the key rnanageffEnt personnel We￿ £33,95312022.' £33,830). 11. STAFF COSTS 2023 2022 Salaries and w4es Social Security costs Pension costs 58,601 56,739 757 62,287 60,886 The average monthly number of employees durlng the year was a follows.. 2023 2022 Charitable activities During the year no employee Teceived emoluments in excess of £60.00012022'. non8). 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted R8Stricted funds ftjnds Total funds INCOME AND ENDOVVMENTS FROM Charitable activitles Nautical heritage publication. research, education and training 133,689 26,73S 16D,424 Other trading actwities Investment income Other income 1,413 22 1,413 22 14,500 14,500 Total 135 124 176,359 EXPENDITURE ON Raising funds 11,5131 {1,513) Charitable activities Nautical herrtage publication, research, education and training 117.237 124,399 241636 Total 115,724 124,399 240,123 Page 17 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds nds Total fund5 NET INCOMEIIEXPENDITURE) Transf&r8 between funds 19,400 19773} (83,1641 163,7641 Not movement In lunds (373 {63,391) (63,764} RECONCILIATION OF FUNDS Totsl funds brought fonward 127,609 114.026 241,635 TOTAL FUNDS CARRIED FORWARD 127.236 50,635 177,871 13. INTANG18LE FIXED ASSETS Development costs Website Totals COST At 1 April 2022 and 31 March 2023 7,200 AMORTISATION At1 April 2022 Charge for year 5,533 5,532 7,200 12,733 At 31 March 2023 7,200 NET BOOK VALUE At 31 March 2023 16,598 At 31 March 2022 22,130 14. TANGIBLE FIXED ASSETS Training equipment Computer equipment Furnfture Totals COST At 1 April 2022 Additions 1,960 39,568 31,972 2,085 73,500 At 31 March 2023 34.057 DEPRECIATION At 1 April 2022 Charge for year 1,960 39.568 31.972 695 73,500 695 At 31 March 2023 39,568 32,667 NET BOOK VALUE At 31 March 2023 1,390 1.390 Al 31 MarGh 2022 Page 18 Contlnued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 16. HERrrAGE ASSETS Total MARKET VALUE At 1 April 2022 and 31 March 2023 NET BOOK VALUE At31 March 2023 22,718 At 31 March 2022 22,718 Included wlthin h8ritsg8 assets Is a Lloyd's Régister which when donated by Glasgow University in 2007108 was considered to have a mathet value of £16,oao. 16. STOCKS 2023 2022 StrKks 2.670 5.301 17. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Trade debtors Other debtors 1,694 6,391 11,886 1,582 8085 13,468 18. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Trade creditors Other creditors Deferred income (see below) 2,230 10,982 23,706 10.802 4.370 17,500 36,918 Deferred income Deferred income is grants and subscripkn'ons received for future accounting periods. 2023 2022 Brought forward Amount released to incoming resources Amount deferred in year 17,500 {17,5001 12,089 112,0891 Carried forward 23,706 17,500 Page 19 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - contlnu8d FOR THE YEAR ENDED 31 MARCH 2023 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Totsl funds 2022 Total futKIs Unrestricled Restricted funds funds Fixed assets Current assets Current liabilities 40,70S 84,672 40,706 115,466 44,848 165,695 32 6721 30,794 119254 177 871 20. MOVEMENT IN FUNDS Net movement in fijnds Transfers be￿een funds At 31.3.23 At 1.4.22 Unrestricted fund8 General fund T&F Advance Royalty Payment 121,235 6,000 141,2341 7,314 87,315 1.788 127,235 {45,446) 7,314 89,103 Restricted lunds Big Anchor Normans Bay IJNA Publication Support Arabic E-learning London Wreck Project Chesil Beach Project Save the London Eastboume Wreck ELearning Development Project Unpath Projecl International Nautical Archaeology Fund London ConlribLrtion Support Grants Earl of Abergavenny 29,835 97 19,7911 918 11,008} 20,044 (1,015) 1,008 {2,752) 2,258 16,580) 12,2561 (8331 9,817 14,230) 2,752 12,256) 5,580 3,078 833 18,067) 4,230 918 1,750 4,g60 9,572 12,216) 14,842) (351 2,7D9 4,730 TOTAL FUNDS 177.871 S8,6171 119,254 Page 20 continued... NAUTICAL ARCHAEOLOGY SOCIEtY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2023 20. )VEMENT IN FUNDS - continuod Net movement in funds. included in the above are as follows.. Incoming resource5 Resources expended Movement in funds Unrestrictod funds General fund T&F Advance Royalty Payment 102,099 6,000 1143,333) 102121 (41,2341 108,099 (153,545} 145.4461 Restrlcted funds Big Anchor Normans Bay IJNA Publication SuFVOrt Savg the London Eastboume Wreck ELearning Development Project Unpath Project International Nautical Archaeology Fund London ConlribLrtion Support Grants Earl of Abergavenny 149) 2,512 29,802 7.311 4.595 7.850 4.380 19,742) {1,5941 {30,8101 {4,2331 {3,7621 {15,9171 (1501 19.7911 918 11,0081 3,078 833 18,0671 4,230 {2.2161 {4,8421 12,2161 14,8421 3.942 60,343 73,514 TOTAL FUNDS 168,442 227,0591 586171 Page21 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 20. MOVEMENT IN FUNDS- contlnuad Comparatives for movement In funds Net movement in fund5 Transfers betsveen furKIs At 31.3.22 At 1.4.21 Unrestrlcted funds General fund T&F Advance Royalty Payment 127,609 13,399 6000 119,773) 121,235 6,000 127,609 19,399 (19,773) 127,235 Regtrl¢ted funds Big Anchor Normans Bay IJNA Publication Supwt Arabic E-learning London Wreck Propcl Chesil 8ea¢h Project Save the London Easlbourne Wreck ELeaming Development Project Unpalh Project InleTnational Nautical Archaeology Fund London Contribution Support Grants 39,555 19.720} 97 153,6481 (2,6231 29,835 97 42,289 5,375 12,256) 11,359 2,752 12,2561 5,580 96 5,580 1,033 11,3101 140.0241 2,920 (937} 1,310 10,024 12,920) 30.000 4.960 9.572 4,960 9,572 114,026 83,163 19,773 50,636 TOTAL FUNDS 241,635 63,764} 177 871 Page 22 continued.., NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2023 20. MOVEMENT IN FUNDS - contlnued Comparative net movement in fvnds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund T&F Advance Royalty Payment 129.123 6,000 {115,724} 13,399 135.123 {115,7241 19,399 Restricted funds Big Anchor Normans Bay IJNA Publication Support Arabic E-learning Chesil Beach Proj8Ct Save the London Eastbtsume Wreck ELearning Development Project Unpath Project Intemational Nautical ArGhaeology Fund London ContribU￿n Support Grants 19,720) 19,720) 97 {53,648} 12,623) 5,580 1,033 11,310) {40,024) 2,920 97 135 12.6231 5,580 3,347 4,344 164) 2,920 (53,783) 12,314) 15,654) {39,9601 14,500 13,000 9,540) 4,960 9,572 124,399 83,163 TOTAL FUNDS 176,359 240,123) 63,764 Description of fund8 T&F Advance Ro al Pa ment 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 advan¢e ex￿d$ the amount of royalty to which the advance relates, the NAS will be obliged to repay the amount equal to the exces5. 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 yearlsl. Norrnan's Ba Wreck Pro ecl A grant was received from Historic England for research on Ihe Norman's Bay Wreck and the ¢reation of an online interpretative Irail of the protected wreck. This project has now been completed. IJNA Publication Su ort The NAS received a grant from the Honor Frost Foundation to support the Intemational Journal of Nautical Archaeology. The grant is being used lo provide translations of article abstracts, lo support the journal editor to allend international ¢onference$. Anchor Pro ecl This project has been funded by the Honor Frosl Foundation lo help develop a new App for the project and to update the website This project will be completed in 2023-24. Arabic Elearnin Pro This project funded by the Honor Frost Foundation would result in the creation of Arabic versions of the NAS Eleaming Courses in Maritime and Underwater Archaeology. In the previous year il was detennined and agreed with the fvnder that the project could not be completed and remaining unspent funds were retumed to the Honor Frost Foundation. Page 23 continued... NAUTICAL ARCHAEOLOGY SOCIE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 20. MOVEMENT IN FUNDS- contlnued Chesil Beach Pro ect A Historic England grant funded project in partnership with Maritime Archaeology Trust to undertake work on the Chesil Beach Protected Vvrecks, involving the local Cofllmunity. Aso involves drafting a conservation statement and management plan for the wreck and creating a online dnie tour to allow the public to access the wreck from their computer. This project has now been completed. Save the London Restricted fund for dOna￿on$ associated with the campaign to save the London shipwreck in the Thame5 Estuary. The campaign funds are a[IrKal￿ to cover the cost of diving, conservation of material and the costs of running the campaign itself. London W￿ck Pro ect Any restricted fund8 received for working on the London shipwreck that is not included under the Save the London carnpaign. Eastbourne Wreckl Klein Hollandia The NAS was awarded grants by the Cultural Heritage Agency of the Nethedands {RCE) and Historic England to invesb.gate an unknown wreck discovered off the coast of Eastboume. In January 2023 the wreck was identified al the K18in Hollandia, a Dutch warship that sank in 1672. eLearnin Develo rnent A grant from Historic England was awarded to help the NAS to expand online educational courses. The grant would also allow the creation of tsvo new 'specialisl' courses covering monitoring archaeological sites through photography and photogrammetry and cannon research and recording. This project has now been completed. Un ath Pro ect As part of the wider UnPath Project the NAS will study the hvo remainlng Holland Class Submarine assemblages and will address the need to link archives together to maximise the research potential and lo make maritime archaeological sites more accessible, providing tangible links to British history through engagement especially with the non-diving general public. International Nautical Archaeolo Fund Since 2021-22 the NAS has been assisting the famity 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, wilh the first granl awards likely to take place in 2024. London Contribution Su ort Grants Restricted fund for income aSs￿lated with research and investigation of the protected wreck of the London in the Thames Estuary. Earl of Abe avenn The Diving into the Digital Archives of the Earl of Abergavenny projecl, by Portland Museum is funded by National Lottery Heritage Fund and made possible with volunteer training support frDm partners MSDS Marine and the Nautical Archaeology Society. The NAS supported the project by helping with the training of project volunteers and the drafting of the project manual for recording finds from the collection. Transfers between funds The transfers from restricted to unrestricted funds relate to funds on which restrictions have been Satisfied and therefore are no longèr considered to be restricted fiFnds. Restricted funds in deficit all have sufficient funding in 2023124 to cover any shortfalls, where they do not a transfer from unrestricted fijnds has been made. Page 24 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 21. EMPLOYEE BENEFIT OBLIGATIONS During the year the charitable company operated a defined contribution pension scheme for i(s employees. The charge for the year was £3,000 (2022.. £3,390). There were no amounts prepaid or outstanding with the Scher￿ at the balance sheet date12022.- £nill. 22. RELATED PARTY DISCLOSURES During the year MSDS Marine Ltd. a company with a trustee in common. invoiced Nautical Archaeology Society £nil 12022.. £2,733) for the secondment of a staff member. Nautical Archaeology Society invoiced MSDS Marine Ltd £2,226 {2022". £5,774) for professional services and sponsorship of the NAS Conferen￿. 23. ULTIMATE CONTROLLING PARTY The charitable company is not under the control of another entity or any one indtvldual. LEGAL STATUS OF THE CHARrr The charity is a compar¢y limited by guarantee and has no share capital. The liabilty of each member in the event of winding up is limited to £5. Page 25 REGISTERED COMPANY NUMBER.. 01039270 (England and Wales) REGISTERED CHARITY NUMBER: 264209 SCOTTISH CHARrrY NUMBER: SC040130 {Scotland) REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FOR NAUTICAL ARCHAEOLOGY SOCIETY NAUTICAL ARCHAEOLOGY SOCIETY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Page Report of tho Tru¥tees 1 to 7 Indepgndent Examlnerfs Report statsmont ol Financlal Actlvltles Balance She8t 10 to 11 Notes to th8 Flnanclal Statements 12 to 25 NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The trustees who are also directors of the charity for the purposes of the Companie5 Act 20(6, present their reportwith the financial ststemenls ofthe charity forthe year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accoLtnts in accordance with the Finan￿al Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019}. OBJECTIVES AND ACTIVITIES ObJe¢tfve$ and Aims The aims and objectives of the Society are to.. preserve our nautical hentage. act as a focus for nauts'cal archaeology and to provide publications, provide education, training and information 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 2023 OBJECTIVES AND ACTivrriES Review of Activitles The purpose of this section is to summarise the various activities of the Society for the year ended 31 March 2023. The Society's office and staff are well established in the Hislonc England casemales at Fort Cumberland, Portsmouth. Since the Covid-191Corona Virus pandemi¢ the Society staff spend some of their time working from home. Outroa¢h Actlvty Outreach activity has been supported by the activitses of volunteers giving talks throughout the county. The Society continues to campaign to Save the London shipwreck in the Thames Estuary and arranged an event held in Soulhend in March 2023 to celebrate the work being done to save artefacts from the wreck. For the first time since 2019 the Society ran a face-to-fa¢e conference weekend. The eventwas held in Dun LaOghal￿, Dublin, with speakers presenting papers on research undertaken and exhibitors providing exhibition stands on subjects and projects relevant lo nautical archaeology and climate change. Publishing Actfvity During the year the Society continued lo publish the Intematlonal Joumal of Nautical Archaeology through our publisher, Taylor & Francis. The members, online newsfeed continues to be published in-house and stories from the Society and ils members is published on its website. A Small number of sales continued of the Society's handbook, Archaeology Underwater (2nd Edition), as well as volumes published within the NAS Monograph series. Publications Grants and Awards The NAS contrnued lo receive grant support from the Honor Frost Foundation 10 5UPPOrt the Intemational Journal of Nautical Archaeology, The grant is being used to provide translations of article abstracts, lo support the costs of the journal edrtor including helping the editor to attend int8rnational conferences. There were no Joan Du Plat Taylor grants awarded in 2022-23. Edu¢atlon Activity The Society remains a leading organisation for the education of recreational divers, arthaeologists and non- archaeologists in the techniques of maritime archaeology on land, in the inter-tidal zone and underwater. The Education Programme continues lo be widely taught overseas by international training partners and has been praised intemalionalty. The Society continued to deliver tts edUCalK￿ 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 also hosted online courses on Cannon Research and Recording and Archaeological PhotogTammelry. The Society was able lo arrange a limited number of opportunrties for recreational dlvers to visit UK Protected Wrecks to raise awareness of protection of underwater cultural heritage. Projgct Actlvlty The Society organi5ed a number of projects which enabled volunteers lo 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, and the newly identified protected wreck off Eastbourne, the Klein Hollandia. The NAS received funding from a number of different grant providers (see restricted funds) to run training activities and fieldwod( involving the public. The Nautical Archaeology Sub-Aqua Club INASACI was set up in 2009-10 as an affiliated branch of the BTltish Su￿Aqua Club IBSACI. This dive club is established to operate as a BSAC branch carrying out underwalor archaeology dNes using NAS equipment, including a boat bought in October 2011. Trading Activty The Soaety continued to sell merchandise, consisting of books relating to nautical archaeology. survey equipment for nautical archaeology and clothing advertising the Society, to ￿rther 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 2023 OBJECTIVES AND AGTivrriES PUBLIC BENEFIT The Trustee Directors confirm that they have referred to the guidan￿ contained in the Charity Commission's general guidance on public benefit when reviewing the Society's aims and objectives and in planning future acb'vities. In accordance with Ihe 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. Mile 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 promted by the Society results in knowledge that is recorded in public archives and is also made available through publicat"ons. The Society's website is used lo disseminate informalion for the benefi't of the public. The Soaety's learned journal and monograph series ensu￿ that all such ￿searCh 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 reseNes 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 advan￿ and provides a reserve against unexpected loss of income, enabling the Society to meet its commitmen15 for a period of at least six months. No reserves are designated but expenditure may be authorised against the reserves provided that income sourc85 are in a favourable stat8 and investment is required to support the futLire sustainability of the Society. Page 3 NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 FINANCIAL REVIEW Summary of Finan¢lal Posltlon At the end ofthe year 2022-2023 the Society's fvnds stood at £119,255 (2022: £177.871) Th8 accounts report a deficit of £58.616 for the year to 31 March 202312022: deficit of £63,764}. Grnnts The NAS received a grant from the Honor Frost Foundation to support the International Journal of Nautical Archaeology. The grant is being used lo provide translations of article abstracts and to support the costs of the jOUTnal editor and to allow the editor to attend internatsonal conferences. In the year the NAS continued to work on the development of new eLeaminy course5 using a grant from Historic England received in 2020-21. This work has updated three eLearning courses and developed new eLearning courses on Cannon Research and Recording and Monitoring Archaeological Sites with Photogrammetry. This project was completed in the year. The NAS continued to wort on a project to develop the Big Anchor Project website and database, using grant from the Honor Ffost Foundation recelved in 2020-21. The grant allows for the creation of a projecl mobile app to allow the real time recordlng of anchors by the general public. The project is now due to be completed in 2023-24. The NAS continues to use grants from the Headley Trust and the Aurelius Trust The two grants are being used to support the costs ofthe conservation of artefacts at risk of being lost from UKwrecks designated under the prOt￿tIon of Wrecks Act, including from the wreck of the London and the Klein Hollandia. The funding for this will continue into 2023-24. Subscrlptlons Membership subscriptions include online membership, including access to a membevs 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 electto subscribe as Gffl Aid. Gift Aid 15 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. Publishlng Taylor & Francis publish and distribute the International Journal of Nautical Ar¢haeology on behalf of the Society. The Society receives a royalty payment and a contribution lo the editorial costs from sales of subscriptions to the joumal 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 rece￿ed royalties from WAley. Training and Project Income Income from atteridees on training events, supported by the grants covered the expenditure on these activities. A small amount of project income derives from the contribLJts"ons of participants in protected wreck visits including tD the Normans Bay Vvreck, the Holland 5 submarine, HMS Invincible, the A1 submarine and the Klein Hollandia. Outreach Income Including Annual Conference The annual conference was held in Ireland with the support of numerous sponsors and exhibitors. Small donations were received from oulreach activities, but these were less than the total costs of outreach. Mérchandlso There was a small amount ofincome from the sale of merchandise, nautical archaeology books and equipm8rrt and branded dothing. Page 4 NAUTICAL ARCHAEOLOGY SOCIE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 FINANCIAL REVIEW Intemational 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 organisalions to further nautical archaeology research outside the UK. Non-oporatlonal Income The Society's reserves are held in an inlerest-bearing investment a¢¢ount operated in conjunction with cUr￿nt account. A small amount of interest was received in the tinan¢ial 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 tsvo 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 2023-24 year will include similar activities to those in 2022-2023, with the development of new training, outreach, projects and publishing activthes around the recently identified wreck of the Klein Hollandia. It is expected that the Society will continue to develop online offerings lo allow more people to attend from all over the world. In addition, effort will be spent on reviewing the Society's aclivilies, determining future activities for ensuring a stable financial future for the Society as well as SUPPOrting divers and non-divers alik8 with clear Iraining paths and lo motivate them to continue learning about nautical archaeology. STrUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The Nautical Archaeology Society INAS) is a charity registered in England and Wales (Registration number 2642091 and registered in Scotland IRegistrab"on number SC040130). The Society is a company litymted by guarantee, registered in England and Wales (Company rsumber 010392701. 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 memrandum and articles of association were revised accordingly. The g0veMan￿ of the Soclety is defined by its memorandum and art￿leS of as80ciation. In accordance with the article5 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 IAGM) for a period of three years and cn expiry of this tenr are free to stand again. The Executive Commtitee may also ch005e to Co-opt additional members during the year. Any members cLvopled in this manner will Stand for election at the next AGM. The Executive Committee also benefit from the advice ofVice- Presidents. Vice-Presidents are appointed for a period of three years at the discretion of the Executive Committee bul do not Gount towards the quorate of the Executive Committee and do not have voting powers on the ExecutThie Committee. Organtsational Structure There are SUb￿0MmIttee$ which are formed for the management of the Society's publication activities and for general management of the Society's activities in the office al Portsmoulh, onlo which members may be c opted. The Society. by the year-end. had two full time employees. Bookkeeping is caThied out by a sub- contractor. Rlsk Management The trustees have a duty lo identity and review Ihe risks to which the charty is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have adopted procedures to minimise the risks to the charitable company and its work. Page 5 NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 REFERENCE AND ADMINISTRATIVE DEfAILS Registered Company number 01039270 (England and Wales) R8gisterad Charlty numb8r 264209 Registered office Fort Cumberfand Fort Cumbertand Road PortsmoLrth Hampshire P04 9LD Trustees M Williams Secretsry D Johnston S Harvey I￿SIgned 1.5.20221 T Parker C Hallybone D Robinson A N Taylor A James A Denny G Downer C Holt P Green (resigned 7.10.20221 M Curtis M Painler (appointed 28.6 2022) Prnsident P Harding ic&Presidents D Blackman C Dobbs B Yofke L Blue S Demislicha M A Bemier M Staniforth Management The senior member of stsfl to whom the day to day management of the charity Is delegated is the Chief Executive Officer, Mark Beattie-Edwards. Company Secretary M Wlliams Independent Examlner S Mackie FCA Morri5 Crocker Chart8red Accountants Station House North Street Havant Hampshire Pog 1QU Page 6 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 proved by ord boaFd of twgtsgs on .... Pag9 7 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NAUTICAL ARCHAEOLOGY SOCIETY Indopendent examingfs report to tho trustges of Nautlcal Archaeology Soelety ('tht Company'l I report to the Charity truslees on my examination of the accounts of the Company for the year ended 31 March 2023. R8sponsibilities and basls of report As the charity's truslees of the Company land also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Charities and Trustee Investment Iscouandl Act 20051'lhe 2005 Act). The Charities Accounts {Scotlandl Regulations 2006 (as amended) and the Companies Act 2006 I'the 2006 Act.). You are satisfied that the accounts of th8 Company are not required by charty or company law to be audited and have chosen instead tr) have an independent examinatson. 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 charty's accounts as carried out under section 44 (1) ICI of the 2005 Act and section 145 of the Charities Act 2011 I'lhe 2011 Act')- In carrying out my examination I have followed the requirement of Regulation 11 of the Charities Accounts (Scollandl Regulations 2006 (as amended) and the Directions given by the Charity Commission under section 145151 (bl of the 2011 Act. Independont gxamlnetrs statemenl sin￿ the Company is ￿QuIred by company law to prepare ils accounts on an accruals basis and is registered as a charity in Scotland your examiner musl be a member of a body listed in Regulation 1112) of the Charities Accounts Iscodand) Regulations 2006 las amended). I can confirm that l am qualified to undertake the examinalion because l am a registered member of the ICAEW whlch is one of the listed bodies. I have completed my examination. I confirm that no rnatters hav8 ¢om8 to my attenb'on in connection wilh the examination giving me cause to believe". accounling records were r¢ot kept in respect of the Company as required by S8Ction 386 of the 2006 Ad., or the accounts do not accord with those records., or the accounts do not compw 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 Ihe accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practs"ce for accounting and reporbng by charib.es {applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. 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 lo be reached. S Mackie FCA Motris Crocker Chartered Accountants ststion House North Street Havant Hampshire P09 1QU 28 November 2023 Page 8 NAUTICAL ARCHAEOLOGY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 2023 Total funds 2022 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Charitable actlvltl¢s Nautical heritage publication, research, education and training 104,377 60,344 164,721 160,424 Other trading activities Investment income Other income 3,106 615 3,106 615 1,413 22 14,500 Tolal 108,098 60.344 168,442 176,359 EXPENDITURE ON Raising furKIs 2,816 2,816 {1,5131 Charltsble activitigs Naulical heritage publication. re8earch, education and training 150,729 73,514 224 243 241636 Total 153,545 73,514 227 059 240 123 NET INCOMEIIEXPENDITUREI Transfors between funds (45,447) (13.170} 7,314} {58,617) 163,7641 20 Net movement ift funds {38,133) (20,4841 158,617) 163.764) RECONCILIATION OF FUNDS Totsl funds brought forward 127,235 50,636 177,871 241,635 TOTAL FUNDS CARRIED FORWARD 30,152 177,871 The notes fomi part of these finanGial statements Page 9 NAUTICAL ARCHAEOLOGY SOCIErY BALANCE SHEET 31 MARCH 2023 2023 2D22 Notes FIXED ASSETS Intangible assets Tangible assets Heritage assets 13 14 15 16,598 1,390 22,718 22,130 40,706 44,848 CURRENT ASSETS stocks Debtors Cash at bank 16 17 2,670 8,085 104,711 5,301 13,468 146,926 115,466 165,695 CREDtTORS Amounts falling due within one year 18 136,918) {32,6721 NET CURRENT ASSErs 78.548 133 023 TOTAL ASSETS LESS CURRENT UABILITIES 119,254 177,871 NET ASSErs 119254 177 871 FUNDS Unrestiicted fvnds Restricted funds 20 89,103 127,235 TOTAL FUNDS 177,871 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. The mernbers have not required the company to oblain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounb'ng records that compty with Sections 386 and 387 of the Companies Act 2006 and (bl preparing financial statements which gNe a true and fair view of the slate of affairs of the charitable company as at the end of each finanoial year and of its surplus or deficit for each financial year in accordance with the requiremènts of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 10 continued... BALANCE SHEET. eonthwed 31 MARCH 2023 IlrwicW 8tatsments ha￿ been pr•pared In a¢¢ordance wtth th8 prDv￿￿rn appiiealkn trj d)Britab companles $ubiertto the small coTwanl88 regtmp. ents were apFfoved by thp Boarf of TN8te88 and thri88d for 188ue on and were slgned on tts b8haff ty. The fin nclal M Paln r. T￿￿09 PwJe 11 NAUTICAL ARCHAEOLOGY SOCIE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basis of preparln9 the flnanclal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102. have been prepar&J in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006, The financial statements have been prepared under Ihe historical cost convention. Incorne All income 15 recognised in the Statement of Financial Activities once the chanty has entitlement to the funds, it is probable that the income will be recewed and the amount Can be measured reliabty. Such income is only deferred when.. -The donor specifies that the grant musl only be used in future accounting periods, or -The donor has imposed conditions which must be met before the charity has unconditional entitlement. Investment income is recognised on a receivable basis. Expenditurg Liabilities are recognised as expenditure as soon as there is a legal or con$lruclive 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 ¢ost related to the category. W)ere costs cannot be directly allributed to particular head1￿JS they have been allocated to 8clivffties on a basis ¢onsistenl with the use of resources. Intangibl¢ fixèd assèts 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. Tanglble fixed assets Tangible fixed assets over £100 are capitalised at cost. Tangible fixed assets are depreciated over their eslimaled useful INes as follows". Training equipment Furniture Computer equipment 33.33% and 20Qk straighl line 200A straight line 33.330A straight line Heritage assets The NAS has been formally collecting material since its In￿ptIOn. Collections arrive at the Museum as a result of gift, bequest, purchase or loans. In addition the NAS undertakes proactive acquisthon of Lx)oks. The number of items purchased in any one year is generally low, and would typically number be￿een 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 h8ve been donated when they are included at market value, where such a value is readity available. No depreciation is provided for on heritage assets. Page 12 continuéd... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES- ¢ontinued Heritage assets The collection The Nautical Archaeology Society holds a library collection at its office in Portsmouth. The library collection has nol been valued as. due to the specific and individual nature of the books and periodicals held, it 15 not believed to be possible to obtain a reliable value of the collection without incurring a Cost disproportionste to the benefit of the information reported to the readers of the accounts. The collection consists of books, periodi¢als, magazines, CD'S and DVD'S on the subject of nautical archaeology and history as well as a ne8dy complete collection of Lloyd's Registers dating from 1876 to 1966. By categories, numbers held are.. Printed books - 400 Periodicals l Journals - SOO Magazines- 300 CD'S l DVD'S- 390 Stock6 s￿ks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity 1$ exempt from corporation tax on its Gharitab18 activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted lunds can onty be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when ftjnds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notss to the financial slatemenls. Hirg purchase and leaslng commitments Rentals paid under operating leases are charged to the Stal8mont of Financial Activities on a straight line basis over the period of the lease. Pgnslon cosis and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are oharged to the Statement of Financial Act4Vities in the per(od to which they relate. Flnanclal Instrumonts 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 al bank and in hand included cash held on deposit or in a current account. Page 13 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STA TEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES - continued Financlal instruments Creditors and provlslons Creditors and provisions are recogni$ed where the charity has a p￿sent obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation Can be measured or estimated reliably. Creditors and provisions are normally ￿Cognised at their setllement amount after allowing tor any trade discounts due. OTHER TRADING ACTIVITIES 2023 2022 Merchandise income INVESTMENT INCOME 2023 2022 Interest on UK bank balances 615 All investment income is derived from assets held in the United Kingdom. INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Aetwity Nalrtical heritage publicat'on, research, education and training Nautical heritage publication, research, education and training Naub'cal heritage publication, research, education and training Nautical heritage publication, research, education and training Nautical heritage publication, research, education and training Grants 51,806 62,447 Membership income Training events and materials 24,339 24.665 81,387 40.301 Publications 19, 28,762 Donations 4,249 160,424 Grants received. included in the above, are as follows.. 2023 2022 Historic England RCAHMW Honor Frost Foundation- Arabic eleaming project Museum of London Archaeology Service Aurelius Trust Headley Trust Honor Frost Foundation 20,306 1.500 30,467 12,6001 20,080 3,000 10,000 1.500 51,806 62 447 Page 14 ntinued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 RAISING FUNDS Raising donatlon$ and legacies 2023 2022 Merchandise for resale 2,816 1,5131 CHARITABLE AcTIV￿lEs COSTS Direct Costs {see note 7} Support costs (see note 8) Totals Nautical herrtage publication. research. education and training 155 169 224.243 DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 Staff costs Training fund and outreach Subcontractors General expenses Depreciation 30.281 44,431 70.793 4.131 5.533 30.971 14,133 116,198 118 5,533 155 169 166 953 SUPPORT COSTS Governance costs Management Totals Nautical heritage publication, research, education and training 64,931 Support ¢osts, Included in the above, are as follows: Managoment 2a23 Nautical heritage publication, research, education and training 2022 Total activities Wages Pensions Equipment hire and rental Rent Insurance Telephone Books and stationery 28.951 29,916 3,390 2,869 7,848 3,884 1,410 1,196 1,379 6,917 3,437 971 1,338 Carried forward 45.993 50,513 Page 15 n￿nued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEf¥lENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 SUPPORT COSTS - contlnued Management- contlnued 2023 Nautical heritage publication, research, education and training 2022 Total activities Brought forward Professional fees Bank charges Depreciation 45,993 17,754 489 695 50,513 21,349 364 644 Gov¢man¢e costs 2023 Nautical heritage publication, research, education and training 2022 Total actNities Legal fees Independent examinels fee 2,229 13 1.800 1813 NET INCOMEIIEXPENDITURE) Net incomellexpenditure) is ststed after chargingllcrediting).. 2023 2022 Depreciation - owned assets Hire of plant and machinery Development Costs amortisation Independent 8xamine¢s fe8 695 1,379 5,532 2,869 5,533 Page 16 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 10. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. Trustees. expenses Dunng the year no trustees {2022- none) were ￿1mbUr5ed out of pocket expenses totalling £nil (2022- £nil), Key management porsonn81 The key management personnel of the charity comprises the Chief Executive. The total employment benefits of the key rnanageffEnt personnel We￿ £33,95312022.' £33,830). 11. STAFF COSTS 2023 2022 Salaries and w4es Social Security costs Pension costs 58,601 56,739 757 62,287 60,886 The average monthly number of employees durlng the year was a follows.. 2023 2022 Charitable activities During the year no employee Teceived emoluments in excess of £60.00012022'. non8). 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted R8Stricted funds ftjnds Total funds INCOME AND ENDOVVMENTS FROM Charitable activitles Nautical heritage publication. research, education and training 133,689 26,73S 16D,424 Other trading actwities Investment income Other income 1,413 22 1,413 22 14,500 14,500 Total 135 124 176,359 EXPENDITURE ON Raising funds 11,5131 {1,513) Charitable activities Nautical herrtage publication, research, education and training 117.237 124,399 241636 Total 115,724 124,399 240,123 Page 17 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds nds Total fund5 NET INCOMEIIEXPENDITURE) Transf&r8 between funds 19,400 19773} (83,1641 163,7641 Not movement In lunds (373 {63,391) (63,764} RECONCILIATION OF FUNDS Totsl funds brought fonward 127,609 114.026 241,635 TOTAL FUNDS CARRIED FORWARD 127.236 50,635 177,871 13. INTANG18LE FIXED ASSETS Development costs Website Totals COST At 1 April 2022 and 31 March 2023 7,200 AMORTISATION At1 April 2022 Charge for year 5,533 5,532 7,200 12,733 At 31 March 2023 7,200 NET BOOK VALUE At 31 March 2023 16,598 At 31 March 2022 22,130 14. TANGIBLE FIXED ASSETS Training equipment Computer equipment Furnfture Totals COST At 1 April 2022 Additions 1,960 39,568 31,972 2,085 73,500 At 31 March 2023 34.057 DEPRECIATION At 1 April 2022 Charge for year 1,960 39.568 31.972 695 73,500 695 At 31 March 2023 39,568 32,667 NET BOOK VALUE At 31 March 2023 1,390 1.390 Al 31 MarGh 2022 Page 18 Contlnued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 16. HERrrAGE ASSETS Total MARKET VALUE At 1 April 2022 and 31 March 2023 NET BOOK VALUE At31 March 2023 22,718 At 31 March 2022 22,718 Included wlthin h8ritsg8 assets Is a Lloyd's Régister which when donated by Glasgow University in 2007108 was considered to have a mathet value of £16,oao. 16. STOCKS 2023 2022 StrKks 2.670 5.301 17. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Trade debtors Other debtors 1,694 6,391 11,886 1,582 8085 13,468 18. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Trade creditors Other creditors Deferred income (see below) 2,230 10,982 23,706 10.802 4.370 17,500 36,918 Deferred income Deferred income is grants and subscripkn'ons received for future accounting periods. 2023 2022 Brought forward Amount released to incoming resources Amount deferred in year 17,500 {17,5001 12,089 112,0891 Carried forward 23,706 17,500 Page 19 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - contlnu8d FOR THE YEAR ENDED 31 MARCH 2023 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Totsl funds 2022 Total futKIs Unrestricled Restricted funds funds Fixed assets Current assets Current liabilities 40,70S 84,672 40,706 115,466 44,848 165,695 32 6721 30,794 119254 177 871 20. MOVEMENT IN FUNDS Net movement in fijnds Transfers be￿een funds At 31.3.23 At 1.4.22 Unrestricted fund8 General fund T&F Advance Royalty Payment 121,235 6,000 141,2341 7,314 87,315 1.788 127,235 {45,446) 7,314 89,103 Restricted lunds Big Anchor Normans Bay IJNA Publication Support Arabic E-learning London Wreck Project Chesil Beach Project Save the London Eastboume Wreck ELearning Development Project Unpath Projecl International Nautical Archaeology Fund London ConlribLrtion Support Grants Earl of Abergavenny 29,835 97 19,7911 918 11,008} 20,044 (1,015) 1,008 {2,752) 2,258 16,580) 12,2561 (8331 9,817 14,230) 2,752 12,256) 5,580 3,078 833 18,067) 4,230 918 1,750 4,g60 9,572 12,216) 14,842) (351 2,7D9 4,730 TOTAL FUNDS 177.871 S8,6171 119,254 Page 20 continued... NAUTICAL ARCHAEOLOGY SOCIEtY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2023 20. )VEMENT IN FUNDS - continuod Net movement in funds. included in the above are as follows.. Incoming resource5 Resources expended Movement in funds Unrestrictod funds General fund T&F Advance Royalty Payment 102,099 6,000 1143,333) 102121 (41,2341 108,099 (153,545} 145.4461 Restrlcted funds Big Anchor Normans Bay IJNA Publication SuFVOrt Savg the London Eastboume Wreck ELearning Development Project Unpath Project International Nautical Archaeology Fund London ConlribLrtion Support Grants Earl of Abergavenny 149) 2,512 29,802 7.311 4.595 7.850 4.380 19,742) {1,5941 {30,8101 {4,2331 {3,7621 {15,9171 (1501 19.7911 918 11,0081 3,078 833 18,0671 4,230 {2.2161 {4,8421 12,2161 14,8421 3.942 60,343 73,514 TOTAL FUNDS 168,442 227,0591 586171 Page21 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 20. MOVEMENT IN FUNDS- contlnuad Comparatives for movement In funds Net movement in fund5 Transfers betsveen furKIs At 31.3.22 At 1.4.21 Unrestrlcted funds General fund T&F Advance Royalty Payment 127,609 13,399 6000 119,773) 121,235 6,000 127,609 19,399 (19,773) 127,235 Regtrl¢ted funds Big Anchor Normans Bay IJNA Publication Supwt Arabic E-learning London Wreck Propcl Chesil 8ea¢h Project Save the London Easlbourne Wreck ELeaming Development Project Unpalh Project InleTnational Nautical Archaeology Fund London Contribution Support Grants 39,555 19.720} 97 153,6481 (2,6231 29,835 97 42,289 5,375 12,256) 11,359 2,752 12,2561 5,580 96 5,580 1,033 11,3101 140.0241 2,920 (937} 1,310 10,024 12,920) 30.000 4.960 9.572 4,960 9,572 114,026 83,163 19,773 50,636 TOTAL FUNDS 241,635 63,764} 177 871 Page 22 continued.., NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2023 20. MOVEMENT IN FUNDS - contlnued Comparative net movement in fvnds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund T&F Advance Royalty Payment 129.123 6,000 {115,724} 13,399 135.123 {115,7241 19,399 Restricted funds Big Anchor Normans Bay IJNA Publication Support Arabic E-learning Chesil Beach Proj8Ct Save the London Eastbtsume Wreck ELearning Development Project Unpath Project Intemational Nautical ArGhaeology Fund London ContribU￿n Support Grants 19,720) 19,720) 97 {53,648} 12,623) 5,580 1,033 11,310) {40,024) 2,920 97 135 12.6231 5,580 3,347 4,344 164) 2,920 (53,783) 12,314) 15,654) {39,9601 14,500 13,000 9,540) 4,960 9,572 124,399 83,163 TOTAL FUNDS 176,359 240,123) 63,764 Description of fund8 T&F Advance Ro al Pa ment 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 advan¢e ex￿d$ the amount of royalty to which the advance relates, the NAS will be obliged to repay the amount equal to the exces5. 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 yearlsl. Norrnan's Ba Wreck Pro ecl A grant was received from Historic England for research on Ihe Norman's Bay Wreck and the ¢reation of an online interpretative Irail of the protected wreck. This project has now been completed. IJNA Publication Su ort The NAS received a grant from the Honor Frost Foundation to support the Intemational Journal of Nautical Archaeology. The grant is being used lo provide translations of article abstracts, lo support the journal editor to allend international ¢onference$. Anchor Pro ecl This project has been funded by the Honor Frosl Foundation lo help develop a new App for the project and to update the website This project will be completed in 2023-24. Arabic Elearnin Pro This project funded by the Honor Frost Foundation would result in the creation of Arabic versions of the NAS Eleaming Courses in Maritime and Underwater Archaeology. In the previous year il was detennined and agreed with the fvnder that the project could not be completed and remaining unspent funds were retumed to the Honor Frost Foundation. Page 23 continued... NAUTICAL ARCHAEOLOGY SOCIE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 20. MOVEMENT IN FUNDS- contlnued Chesil Beach Pro ect A Historic England grant funded project in partnership with Maritime Archaeology Trust to undertake work on the Chesil Beach Protected Vvrecks, involving the local Cofllmunity. Aso involves drafting a conservation statement and management plan for the wreck and creating a online dnie tour to allow the public to access the wreck from their computer. This project has now been completed. Save the London Restricted fund for dOna￿on$ associated with the campaign to save the London shipwreck in the Thame5 Estuary. The campaign funds are a[IrKal￿ to cover the cost of diving, conservation of material and the costs of running the campaign itself. London W￿ck Pro ect Any restricted fund8 received for working on the London shipwreck that is not included under the Save the London carnpaign. Eastbourne Wreckl Klein Hollandia The NAS was awarded grants by the Cultural Heritage Agency of the Nethedands {RCE) and Historic England to invesb.gate an unknown wreck discovered off the coast of Eastboume. In January 2023 the wreck was identified al the K18in Hollandia, a Dutch warship that sank in 1672. eLearnin Develo rnent A grant from Historic England was awarded to help the NAS to expand online educational courses. The grant would also allow the creation of tsvo new 'specialisl' courses covering monitoring archaeological sites through photography and photogrammetry and cannon research and recording. This project has now been completed. Un ath Pro ect As part of the wider UnPath Project the NAS will study the hvo remainlng Holland Class Submarine assemblages and will address the need to link archives together to maximise the research potential and lo make maritime archaeological sites more accessible, providing tangible links to British history through engagement especially with the non-diving general public. International Nautical Archaeolo Fund Since 2021-22 the NAS has been assisting the famity 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, wilh the first granl awards likely to take place in 2024. London Contribution Su ort Grants Restricted fund for income aSs￿lated with research and investigation of the protected wreck of the London in the Thames Estuary. Earl of Abe avenn The Diving into the Digital Archives of the Earl of Abergavenny projecl, by Portland Museum is funded by National Lottery Heritage Fund and made possible with volunteer training support frDm partners MSDS Marine and the Nautical Archaeology Society. The NAS supported the project by helping with the training of project volunteers and the drafting of the project manual for recording finds from the collection. Transfers between funds The transfers from restricted to unrestricted funds relate to funds on which restrictions have been Satisfied and therefore are no longèr considered to be restricted fiFnds. Restricted funds in deficit all have sufficient funding in 2023124 to cover any shortfalls, where they do not a transfer from unrestricted fijnds has been made. Page 24 continued... NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 21. EMPLOYEE BENEFIT OBLIGATIONS During the year the charitable company operated a defined contribution pension scheme for i(s employees. The charge for the year was £3,000 (2022.. £3,390). There were no amounts prepaid or outstanding with the Scher￿ at the balance sheet date12022.- £nill. 22. RELATED PARTY DISCLOSURES During the year MSDS Marine Ltd. a company with a trustee in common. invoiced Nautical Archaeology Society £nil 12022.. £2,733) for the secondment of a staff member. Nautical Archaeology Society invoiced MSDS Marine Ltd £2,226 {2022". £5,774) for professional services and sponsorship of the NAS Conferen￿. 23. ULTIMATE CONTROLLING PARTY The charitable company is not under the control of another entity or any one indtvldual. LEGAL STATUS OF THE CHARrr The charity is a compar¢y limited by guarantee and has no share capital. The liabilty of each member in the event of winding up is limited to £5. Page 25