REGisfERED COMPANY NUMBER: 01039270 (England and Wales) REGISTERED CHARrrY NUMBER: 264209 SCOTnsH CHARrrY NUMBER: SC040130 (Scotland) REPORT OF THE TRUSTEES AND UNAUDrrED FINAIKIAL STATEMEKrs FOR ThE YEAR ENDED 31 MARCH 2(r24 FOR NAUTICAL ARCHAEOLOGY SOCIErY
NAiJncAL ARCHAEOLOGY SOCIErY CONTr OF THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 Rwrt of th6 Tntytws Independent Exam1MS Roport Sla1•mt of Flnanclal Acllvlll•• 8ol•n¢• Sheet 9 to 10 Nolm to FlnwKlal Statemont• 11 to 23
NALMCAL ARCHAEOL¢)GY SOCIErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the tharity for the wrp)ses of the Cismpanles Act 2t))6, present their r8POrt with the financial sL71ements ol the charity for Ihe y8aT erKled 31 Mar¢h 2024. The trustees have adopted the provisions ol Accounb"ng and Rewrting by Chartties: Statement of Recommended Practlce applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Repu0¢ ot Iland {FRS 1021 leffe¢bve 1 January 2019}. OBJECnVES AND AcnvmES Objectives and Alm8 The aims and objectives of the Society are 10: preserve our nauttcal heritag•, aci as a locus lor nautical afchaeology and lo wovida publication8. provide edu¢ats'on, training and Intomialknn for inyovirwj thnu•# of excavatlon. ro¢ordlro and pr9s8rvalion ol nautical heritage. Pag& I
NAUTKAL AACHAEOLOGY SOCIErY REpofff OF THE ThUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTWMES Review of ActlvltiO$ The purpose of this section is to summarise Ihe various activities of the for thè ygar gnded 31 March 2024. The Society's office and staff are well established in thè Histori¢ England casemat83 al Fort Cumbailand, Portsmouth. SIre the Covh*191Corona Virus pandemic in 2020 the Society staff Spènd some ol thelr time wothino from home. Outreach Actmty Outreach activty has been supp)rted ty thè aeiiviiies of volunlgers giwng tafKs throughout the country. The Society continues lo campawJn lo Save the London shipwreck in the Thames Estuary. The Society annual conferenc8 wa8 hekl onlln? arnl ceWaled 50 years of th8 ProtectK)n of Wr•cks ACL Publl8hlng Aetlvlty During the year th8 Society COMinu8d lo publish the lfttemattonal Joumal ol Nautical Archa8ology through our publl$h8r, Taylor & Francis. The members. onliné newsl8ed continues to be published in.hous8 and stories from the Society and ts members is published on its websito. A small number ol sales conllnued ol the Soclety's hanthook. Archaeology UndeNvaler12nd Edith1. as well as volumes published within the NAS Monograph SOs. Publl¢atlon8 GraN• and Aw•rd8 The NAS con1inu8d lo receive grant support from the Honor Frost Foundation to SLPPOrt th8 Iniemational Joumal ol Nautical Archaedogy. The grant ks beiro used to provhl6 translations ol articl8 abstracts, lo surport the costs of lh• journal editor including heipiry tho gditor to att8rvJ international confer8n¢trs. Th• NAS did not make an Adopt a Wwk Awar(I In 2023. The November 2023 the Keith MLKkelroy Memorlal Award was awarded to the book Coos, Small Cogs and Boats ty KArel Vlleman. Edu¢•llon The S¢xi¢ty romalns a leadlng organlsatlon for th& uCatIon ol recreational dlvers. archaeologlsls and non-ar¢haeologlsts in the teChnueS ot marrtime archaeology on land, in th8 inter-tidal zone and underwater. Tho Education Prooramme continues lo b8 wklety taught overseas by Internatlonal tralnirvJ partners and has begn pralsed Inlemationally. The Soclety con16nu8d to deliver ifs oducaiion scheme, through tho Education Programme that was relaunched in 2015. 11 continues to njn eL8arnir¥J coursas In Marlilme Archaeology. Undetwaler Arehaeol¢)gy and Foreshore Archaeology as wo11 as practic skills days, both undernaler and on foreshore siles. The Society also hosts online courses on Cannon Research and Recording and ArGhaeological Photogramrnelry. The S(>ciety was abl8 to arrange a number ol OPFX)rtunilies lor r¢crealional dSv&rs to visit UK Protected Wre¢ks lo raise awareness ol protectM)n of urnlejwater cultural heiilage. Proloct Actlvlty The Society organised a number of prole¢ts whth anabl•J voluntoars to engage nautt¢d archaeology and d8vglop skills. Projects Included ¢¢nlinuing research into the protected wreck ot the hislorlc 8ubmarin8 Holland No.5 and the Noman's Bay Wreck, and Ihe protected wreck off Easiboum•. the laein Hollandla. Th? NAS received funding from a number of different grant providers Isge rgstricled lundsl lo run training actlvltles and fi61(twork involrfing the publ. The Nautical Archaeology SutrkAqua Club INASACI was sel up in 2009-10 as an affiliatod branch ol thg British Sub-Aqua Club IBSACI. This dlve club L8 established to owrate as a BSAC blanch carrying out underwater ar¢haeology dives u81ng NAS equipmgnl, in¢ludirMJ a boal bought In October 2011. Tradlng Athlty The Society continued to sell merchaTrJise, Consisting ol trA)oks relatiNJ to nautical archaeology, suryey equipment for nautical archaeology and ctolhing a(fvertising the Society, lo furth6r th8 aims ol the Soclely. The sales include books (including the NAS haThltook and monographs) aThJ survey oquipmgnt lo be ulilised by Sludonts of the kniety's trwning course& Page 2
NAErricAL ARCHAEOLOGY SOCIErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 IAARCH 2024 OBJECTIVES AND ACTIVITIES Publlc ben•fft The Trustee Directors confimi that they havg ref8rred to Ihe gudance Contned in th8 Charlty Commission's ggn8ral guidancé on wblic benefft when revieYing the sory8S aims and obj'ethves and in planning futur6 actitles. In accordance th th8 charitable obj'ecls. the educates and rai58s awawess of maritime cultural heritsgè. Through &Jucation. porticul8ty of the g8n8rn1 putAK and the diving community, the maritime cultural heritage is valu1 and r8sp8Cted and $0 preserved for future generations. While the Soryetys coursès are generally provided ¢)n a f90 bs. Sodety obtain8 grants where )ble to subsidise such courses and aiso provides free tslks. The naullc818r¢haeologlcal r6s&7fch whith 13 carri•J tyjt and wthnotéd by the Soclety results In knowledg8 that Is r8Gorded in publK arGhiv88 and 18 a180 madè availabl8 through publicati. Th8 Society'8 websito 18 Used lo dlssemlnate inf0mtion for tho berwfft of the publc. The Soci8lVs med joumal and morwraph serles ensure that all such re8aarch of a suitable standard for publleAlion. whether Carad out by the SOcty or by others, wll be available to current and futura ra88ar¢hor8. The SocleV8 ttOr4 oncourag8 and 8UPPOrt new authors of such work to halp bn.ng work to wblk8tion. FINANCIAL REVIEW R•8ervg¥ Pollcy The Execullvè Committee has a res8Ms pollcy wthich states that the ra8eNes slwld be £60,000 of IK4ukl as8ets. This figure 18 1ndpallY to provhl8 for worklng Cap81 In r¢sp¢ct of grants paid in arrears, the need for deposits lo be paid In 8dvanca and 8 reserve agalnst unexpected loss of income, enabllng the Society lo meet its C•Jmmitrnents fLY a pericrtj of at le8sI slx months. No r888rv8s ar8 de8lgnaled but expenditure may be aulhori88d against the reserves wovvjed that IncoTh SOUf¢aS are In 8 favoufablo 8tal• and inve81m8nt16 rgquired to support the hrture 8UStalnatsllty of the SOW. PaJo 3
NALrricAL ARCHAEOLOGY SOCIErY REpoi¥f OF THE TRUSTEES FOR ThE YEAR ENDED 31 IAARCH 2024 FINANCIAL REVIEW Summary of Financial Position At the end of the year 202&2024 the Sooetys funds $tocAI al £154.055 12023.. £119,254). The accounts report a surplus of £34,801 frx the year to 31 Marth 2024 (2023.. deficit of£58,617) Grants The NAS received a grant from Ihe Honor Frost FndatIOn to SUFWt the Ini&rnatK>nal Joumal of NautiC81 Archaaology. Th8 grant is being used to provide translations of artide abstracts and to suppcwt the costs of the journal editc and to dlow the editor to attend intemational nferenceS. A grant was awardod by the British SuAq Jubilge Trust for work on Kleln Hollandia wreck. The NAS was in recgipt of grants from Historic Engnd for eL8amlng dev8lopThnt and for the UnPath'd Water8 Prolect. Thg Society has also receNed a grant from tha Hortor Frcl FoUrth1)n for work on tho Maro Cyprium jecl carried out for th6 Univérsty of Cypru8. The NAS continues lo use grants from the Headley Trust and the Aurelius TrusL The hvo grants are being sed lo suprL)rt th8 of the conseN8tM)n of artefacts 8t risk of being lost from UK wrecks deslgnaled under the ProtectrJn of Wrecks Act. iNAudlng fr(7 th8 veck of Ihe London and the e1n HollandLq. Th6 fvnding for this will contlnua into 202425. 8ub8Grlptlon¥ Membership sub8criplh)ns Indud8 online membernhip. includwbg to 8 membels online new8feed as well as onllne or hardcopy memb?h1p tKoviding access lo Ihe Inlemational Joum81 of Nautical Archaeology. CoK8s81onary Subscriptn$ 8r6 provided for sludants and unsakari8d Indmduals. Membern who are UK taxpayers may 616ct 10 8ub8cribe as Gfft Aid. Glft Akl 18 not 8liglbl8 whbra m6mbgrs rg¢9ivg a benefit from th8lr mambèrship {in¢luding discounts on training and ¢onfwarth att&ndan¢e} that exceeds throshold8 defined by HM Ranut and Cuytoms. Publlshlng Taytor & Fr8nd$ publbh and dlstrfbute tho Irrtem8tknal Joumal of Nautlc41 Arch8eology on behall of the Sodety. Th¢ SIety recelves a royalty P8ym8nt aThJ a contrlbution lo the &Jltorfal costs from so108 of 8ubscrfptlons to the loumal by Taylor & Frands. Thw& aro no royal8$ payabb for the Monograph8 whlch are publishfjd by BAR Publishlng. The Socws handbjok, pUbl81d In 2008 by WlSgy contlnues to $811 and the S¢xiety has recefved roy8ttie8 from Wilgy. Tralnlng and Prol•Gt Income Income from attendees on tralnlng ev8nts, sup[rt by thè grants cThered th8 8xpendllure on Ihese acllvlJes. A small amount of project income dere8 from Ihe contributnS of partldpants in protected wreck Vlsbts Includlng to the Nomians 8oy wrk. the Holland 5 submarine, HMS InvirKible, the A1 submarine and the e1n Hollandia shipwreck. Outr•ach Incomo In¢lydlng Annual Confor•nc• The annual conference was held online. Small donations were rocoivgd from outrgath actsvitie8, but these were1888 than tho tow Gosts of LKtre8ch. Merchandl•o There was a small amourrt of inrx)mg from Ihg salo of mgrchandrse. nautlcal archaeology boDk8 and equipment and brarKl8d dothing. IDlerTrallonal Llcensing The Swely receives an income In respect of Ilcenslng the NAS tr8lnlng matwlals to suitabte org8nisations outsid& the UK and sales of NAS qualfficalion cards lo such oryJ8nisation8. This source of income enables the NAS to provide educalM)n and advice to ir#Jividuals and cganisations to frjrther n8utKal archaeology Tesearch outside the UK. Non•oyratlonal Income The Society's reseNes are hekl in an interest-bearing investment aco)unl operated in conjunction with current 8ccount. A small amount of Interest m receNed in the finrA81 T. 04
NALTficAL ARCHAEOLOGY SOCIErY REPOFrr OF THE TRUSTEES FOR THE YEAR ENDED 31 RCH 2024 FINANCIAL REVIEW Financlal Control8 All Society income and exFendriure is managed through the Portsmouth office. Every cheque needs lo be signed and counter signed by aulhoris6d snatOrieS on the account. Every è18ctTonic payment requires approval by tr40 separate authorised signalorTr8s on th8 accoum. Al major 8xp8ndilure ngeds lo be approved al committee level. The Society contracts ts serve5 ol a bookJ(eeper lo rnainlain the in¢omo and 8xp8ndtture records on a regular basis. FLrruRE PLANS The activities for lh• 202425 year ¥11 include Similar attleS to those in 2023-2024, wrth the dev8lopmonl of new training, outreach. projects and publishiry acuvitias around th• wreck of th8 Klein Hollandia. It is expected that the Society will continue to dovelop online offerings to allow mora people lo atteThJ from all over tha workl. In addition. èffort will be spgnl on reviewing the So¢i•ty's activities, determining luture acllvili8s for ensuring a stabl& linanciai future lor the &iety as well as supporting dwers and non-divèrs allke wllh clear Iralnlno paths and lo motlvale thom to conlnuè leaming abjut nautkal arthaeology. STRUCTURE, GOVERNANCE AND PAANAGEMEpir Gov•rnlng Do¢ument The Nautical Archaeology Socioty (NAS} a charity reglstered in EnglaThJ and Wales IRegl$tratlon numb8r 2642091 and r8gislered in Scollakxi (Regtstration numter SC040130). The Soci8ty is a company Ilmll8d by guarantee, reois1gTed in England and Wales (Company numbèr 01039270). Tho registered addre$8, to whlch all corresponden¢0 $hwld be addr8ss8d is shown on pag8 6. The Soclety was orInallY Irwrporated aThl register8d 88 a charity In 1972 undor tho nam8 ot the Nautical Archaeology Trust. The Nautical ATchaeolcoy Society In Its Fyosent fomi dates from 1981 when the name and ¢onslitution were cwiged, the memorandum and artlcles ol a8KKlatlon were revised accordingly. The govomance of the Society is defined by its memorandum and thcles ol association. In accorda9 wllh tho artfjcles ot aO¢latIon, the Society is gov8med ty an Exocutlve Committee. The membors ol the Executfve Committee are the Trusloe Directors. Members of the Executlv8 Commlitee ar8 elected at th6 Annual Genwal Meelirffj {AGM} lor a perlod ol three years and on expiry of this temi aro Iw to stand again. The Executlve Committee may also choose to CLp1 additiond members during the year. Any m6mbgrs ctropt•d in this manner VAII stand for eleth.on al tho next AGM. The Executlve Commltt•8 also ben8flt from th9 advice of Vice-Presidents. VIca-Preskdents are appolnted for a pernd of three years al the discretion ot the Executive Committee bui do r1 ¢ount towards Ihe quoralfr ol tho Exeujtive Commlttee and do nol have voting powers on th8 Executive Committeg. Ory•nlsatlonal Structur• There are sUlFMmrtteeS which are forni&l for the management of Iho sles publicatlon activ1t1 ar tor g¢n¢raJ management ol the Society's activities in tho office al Portsmouth, onlo which membeis may be Co-opted. There is also an Edu¢aiion commrtlee and a Strategy Group supporting the operational staff. The Soclety, by th$ y•ar-ond, had Iwo full time employees. 8ookkeeplng is Carried out by a sub-contractor. Rl•k M•nag9Trnt Thg Iruslges have a duty lo Klentify and rfrviww the rtsks lo whh the charity 18 exr*ed and lo onsure apporpriale controls are in pla¢e to provtdg r9asonable assurance a3ainst fraud and wror. tho trustegs hav& adopled procedures lo minimise the risks lo the charitat4e company and its work. REFERENCE AND ADMINISTrATIVE DETAILS Rgglstered Company number 01039270 (England and Walosl Reglstered Charlty number 264209 Page 5
MAurAL ARCHAEOLOGY SOCIErY REPORT OF THE TrUSTEES FOR THE YEAR ENDED 31 IIARCH 2tr24 Rgglstered olll¢e Fort CumbgrLqrnl Fort CumberlaThl Road Portsmouth Hampshirg P04 9LD Trusts91 M Williams Sgcr8tary D Johnston T Parker C Hallybone D Roblnson A N Taylor A James A D8nny G Downer C Holt M Curtls M Palnler (resigned 16.2.20241 P Harwood lappoinled 20.4.2024) D Baraddi lappoinled 20.4.2024) J Rilgy lapFointed 20.4.20241 Pr8gld•nt P Harding VlthPr••ld•nt• 0 81ackman C tlobbs B Yorke LB0 S D8m$$ticha M A Bemier Manag•m•nt The senlor member ol stafl to whom Ihe day to day managam8nt of ts ¢hadty k8 delegated 1$ Ihe Chlel Executive Offlcer, Mark BeattitrEdwards Company $o¢r•tary M Williams Indepgndont Examlnor S Mackie FCA Morrls Crocker Chartered A¢countants Statlon House North Stroet Havanl Hampshire P()9 1 QU ApkYov8d by order of ts boarrl of Irustees ... .... d slgn8d on ils behall by.. J Riley - Trustee Pagg 6
INDEPENDEP EXAMINER'S REPORT TO THE TrUSTEES OF NAUTICAL ARCHAEOLOGY SOCIErY Indèp8ndent examlnorfs report to the trusl#s ol Nautlcal Archaeology Soclety Ilhè Comp•ny'l I repofl to the charity Iruslees on my examination ol the accounts ot the Company for the yèar ended 31 March 2024. Respon8ibllltlgs and ba818 of report As the charity's trustees of the Company land also rb directors for the PUfFX)ses of Company lawl you are responsible IOT the preparabon ol the accounts in accordance with the reqijirements ol the Charitles and Trustee Investment Iscotlandl Act 2005 Ilhe 2005 Actl. The Charities Accounts IS¢ollandl Regulations 2006 las amended) and Ih8 Companies Act 2006 Ilhe 2006 ACVI. You are salisfigd thal th8 accounts of the Company are not required by ¢harity or compary law lo b8 audited and have chosen instèad lo havg an ind8pend8nt examlnation. Having satisfd mys911 Ihal th8 accounts ol the Company are not roqulred to bg audrted under Part 16 01 the 2006 Act and are eligible lor Indèpond8nt examination, I report in respect of my gxaminalion ol your ¢harty's accounts as carried oul urthr soclion 44111 IC) of the 2005 A¢1 and $8clion 145 01 tha Charrtl8S Act 2011 Iyhe 2011 Act'l. In carying out my examination I havo followed the requirgment of Regulation 11 of the Charili8s Accounts Iscoilandl Regulations 2006 las amended) and the Direclions given by the Charlty CommwFon undèr se10n 145151 Ibl of Ihe 2011 Act. Indopendent examln8r'8 Statt Since tho Company is fequir¢d by rnpanY law to prepare Its aUnIS on an accruals basis and Is registered as a ¢hanty in Scouand your examiner musl b& a mbar of a body listed in Regulatlon 11121 of the Chariligs Accounts (Scollandl Rogui*'ons 2006 las amend•Jl. I can confim that l am qualified lo undertake the axamination because l am a r8gi8ter8d member ot th8 ICAEW which is one ol lh• listed bodSes. I have complthd my examlnalion. I conffifm that no matters have eomg to my attendon In conro¢Uon wlth lh• 8xamlnallon glIng mo Cause to beli8.. accountlng records warn not kept in respect of the Company a8 rtyulred by Sèctlon 386 01 the 2006 Act,. or th$ accounts do not accord wllh ltr#)se r¢c¢fds,' or the accounts do not with the accounting requirnments of Se¢tKJn 396 01 the 2006 Act other than any requirement that the accounts give a iru• and Iw'r view which 1$ nol a matter considered as part ol an independent examination., or th• accounts have nol baen prepared in a¢¢ordarKe with thtr m8thods and pl1rlpleS of the Statement of Flewmmended Practice lor accounting and rwrbno by charities lapplicable to charilies preparing their accounts in accordance wlth the Financlal Repoithng Standard applIGab In the UK and Republi¢ ol Ireland {FRS 10211. I have no concgrns and have come across no other matters In conno¢llon wllh the examSnation lo whl¢h attention should be drawn in this report in order to enablo a prop9r undersianding ol the accounts lo be reached. S Mackle FCA Morris Cr¢xkgr Chartered Accountants Sialion House North Street Havant Hampshire P09 1QU Date.. 3011012024 Page 7
NAUTICAL ARCHAEOLOGY SOCIErY srATEMEiif OF FINANCIAL ACTivmES (INCORPORATING AN INCOME AND EXPENDrruRE Accouim FOR THE YEAR ENDED 31 MARCH 2024 2024 Total fLtnd$ 2023 Total funds funds frjnds INCOME ANO ENDOWMEPUS FROM Ch•rltable actlvltles Nautical herltage publication, research, 8du¢alion arKI Irainir¥J 132.632 53,899 186,531 164,721 Other trading actlvllles Inve8tm8nl income 2,019 1.915 1811 1.938 3,106 615 Tot•1 136.566 EXPENDITURE ON Raising funds (1.4001 153 (1,2471 2,816 CharTrtsbl• adlvttlo• Naulical heritage publication, r•srth. educatlon arKI IrainirKJ 224 243 Total 227 059 NET INCOMEI{EXPENDITURE) Tran•f•r$ tw•an funds 45.250 110.4491 34,801 158,617) N•t mov•m•nt In lund• 40,370 15,5691 34,801 158,61 n RECONCIUATION OF FUNDS Total funds broL4ht loiwwd 89,103 30,151 119,254 177,871 TOTAL FUNDS CARRIED FORWARD The rKiles fofm part of these financid statements Page 8
NALMCAL ARCHAEOLOGY SOCIErY BALANCE SHEET 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Intangible assets Tangible assets Heritage assets 13 14 15 11.065 695 16,598 1.390 34,478 40,706 CURRENT ASSETS Stock$ Debtors Cash al bank 16 17 4,666 19,870 150.858 2.670 8,085 104.711 175,394 115.466 CREDITORS Amounts falling due wthln one yoar 18 155,8171 136,918) NET CURREpif ASSErs TOTAL ASSETS LESS CURREKr LIABILMES 154,055 119.254 NET ASSErs FUND8 Unr8slri¢led funds R•slrtled funds 129,475 89,103 TOTAL FUNDS Tho charitable company Is entitbd to axemption from audli urKler Sectlon 477 of the Companles Act 2006 for the year onded 31 March 2024. Tho mombers have not required the ¢ompany to obtain an audit ol its tinandal statemonts ft)r the year ended 31 March 2024 in a¢¢ordance wkth Section 476 01 th& Compan188 Act 2006. Th$ tN51ees acknowledge their respon$ibilili¢s lor lal ensuring that the chaiitable company keeps aoJ)untiro reLxrd$ thal coMY wllh Sectlon8 386 and 387 01 the Companies Act 2006 arKI {bl preparing tinancial slalemenls which grvo a tru8 and fair vwi ol the stsle of affairs of the charitabl8 company as al th8 erKi ol each tinarla1 year and of ils surplus or df1 lor each fi'nancial year i accordance wtth the requirements ol Sections 394 and 395 and which Olherwise comply with the requirements ol the Companies Act 2006 relating to finanaal statements, $0 far as applicabl8 lo Ihe charilable Company. The Th)tes fomi part of these financid statements Pa98 9 continu8d...
NAUTICAL ARCHAEOLOGY SOCIETY BALANCE SHEEf. conllnued 31 MARCH 2024 These financial ststemenis have been prepared In a¢¢ordarKe with the provisiorts applicable lo charitable Compan subj'ect to the small compani8S Tegime. The financial slalemenls were approv8d by the Board of Trustees and authorised lor issu8 on . and were signed on its behalf by: J Riley- Trustee The notes lomi part of these financial statements Page 10
NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEME14TS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES Ba81s of pyoparfng tho flnan¢lal 8tatomffits The financial slalements of the charitable company. which is a publ benefft entity under FRS 102, have been prepared in a¢coTdance with th6 Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicabl8 lo charities preparing their accounts In accordance wtth th8 Financial Rgporting Standard applicable in thg UK and Flepublic ol Irelarwj IFFIS 1021 leffeclive 1 January 20191., Finanual Reporting Standard 102 The Financial ReFrf)rting Standard applicable in the UK and Republic ol ITelaTrJ' and the Compani&s Act 2006. The financial stslemants have been preparad uThJer tho hIStorK cost convention. Incom• All incomo is recognis8d in th8 Slalemonl of Flnancial Activiti8s Or the charlty has entitlement lo the funds. it is probable that th8 incom8 11 be receNed and th8 amount ¢an be mèasured reliably, Such incom& is only d8lefred when: -The donor specill6s that the grant must onty be US in luiure accounlirKJ periods; or -The donor has imposed cothns whh must be mel befo the charity has uncondltional enlitlemenl. Investment income b ro¢cJnlsed on a receivab b8818. Exp•ndltur• Liabilities are recognis&l 88 exp8nditure as soon as thero is a legal or ¢orthctiv$ oblloalion eommitting the charlty to that expenditure, it is probable that a transtfrr ol èconomic benefit$ will bo required In Settlement and the am¢)unt of th8 obligation can bg measured raliably. Expenditure Is accounted lor on an accnjals basis and has bgan ¢lassllled under hoadings that aggfegala all cost related lo Ihe ¢alegory. Where costs cannot be directty attribul&J to partIlar hoading8 they have been allocalod to actNilW on a ba818 consislenl wllh the u88 ol resources. Intwlblo Ilx•d ••••t• Intangibl• fixed assets lindudiro website costs) are aMOrti8 on a straight lirt8 ba$ls ovar thelr eslimaled useful o¢0Th)mic lives. which Is consKlered to be 5 years. Tanglblo fix a88el8 Tangible fixed assets over £100 are cWallseLI al cost. Tangible fixed assets are depreciated over their estimated use1 Ilves as follows: TrnIng equipment Furniture Computer equipment 33.3Ph and 20% Strwght lin& 20% stralght Ilnè 33.3>A str&gM n8 Horlt•go a8MIs The NAS ha8 been formally colledng mai8rfal 4n¢e its Inception. Collections anive al the Museum as a resuh of glft. Wu8sI, purchase or loans. In addition the NAS undertakes proaclivo acquisition ol books. The numbw ol Items wr¢hased In any on6 year is genaralty low, and would typicalty number betwaen 6 and 12 books. All the books are CdOgd on an Excel spreadshoel administered by the NAS. Heritage assets are eaprtalised al eost unths Ihey have been donat&l when they are in¢luded at market value. where such a value is readily available. No depreclatSon b provided for on heritage assets. Page11 continued...
NAUTAL ARCHAEOLOGY SOCIEtY NOTES TO THE FINANCIAL STATEMEKfs- ¢ontlnuod FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- eontlnued Herltage a88Ots The collectlon The Nautical Archaeology Society holds a library lleCt)n at its Off in Portsmouth. The library ¢olleclion has not been valued as, due lo th8 specific and indivmlual nure ol the books and P8riodicals held. il is not believed lo be possible to obt&n a reliable value ol th8 collection wilhoul incurring a ¢ost disproportionate to the ben&fft of the infomialion resxrted to the readets ol tho alxounts. The collection consists of lyjoks. p8ri(%licL8. magazines. CD'S a1 DVD'S on the subject of nautical archaeokngy and hbstory as well as a ngarfy complate ¢o11o¢tlon of Uoyd's Rthjlstws dating from 1876 10 1966. By categories, numbers hgld are: Printed books- 400 Periodicals l Journd$- 500 Magazines- 3 CD'S l DVD'$ - 390 Stock• Slocks are valued at the lowar of armj net realats valuè, after maklng due allowan¢e lor obsolete and slow moving items. TtIon The charlty 1$ •xempt from ¢orpoTalion lax on Its charitablo acttvMes. Fund ¢eountlng Unreslrlcted funds can be uwj in accordarKe wllh tho charitable ('edve8 at the dirotIon ol the Iruslees. Reslrlth8d funds can only be used tor Partlar rastricted purp)$es thIn th8 objects ol the charity. Reslrictions arise when spocth'od by the dOrr or Wh fuTrJs are raiJ tor wll¢ular re8lr¢cled purposes. Furthor èxplanabon of thè nature and puw ol each 18 Included in the notOS to the financial statements. Hlfe pureh••• •nd l•A•lng ¢ommltm•nt8 Rentals paKI under operating leases are tharged to the Stalam•nt ol Flnanclal Activiti88 on a slrah3hl line basis over the period ol the lease. Ponslon co•t• •nd othor po•t-r8tlrement b•n The charitabl¢ company operalOS a defined contrfbuilon pension scheme. contrib)n$ payabl8 to th8 charitable company's pension xhoma ar8 charged to tho Statom8nt of Financi ktivlles In the period to which they late. Fln8nclal Instrurnentg The charty only enlers into basi¢ financi instruments transactions Ihat result in the recognltton ol financial asseis ar liabi1Slles likè trade and other acccMJnts receNable and payablg and investmants in stocks a1 shares. The measurement basis UWJ fof these instruments is detailed below. Debtors •nd cash at bank Trade and other debtors are rwnised at the setUom8nt amount due aft8r any trade disoounl offered. Prepayments are valued at the amount PTepaid net of ary trad8 dkscounts du¢. Cash at bank and in hand included cash held on deposit or in a currem accounL Page 12 continuod...
NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEMEPtrs- continued FOR THE YEAR ENDED 31 IAARCM 2024 ACCOUTrrnNG POLICIES- contlnuod Flnanclal Instruments Credltor8 and provi$lon8 Creditors and provisions are recognised where the thariiy has a present obligation resumng from a past ovenl that will probably result in the transfer ol funds lo a thiid party and the amount due to settle the obllgation can be measured or estimated reliaw. Creditors and provisions aro nomially recognised al their $8ttlem8nl amount after allowng lor any trade discounts due. OTHER TRADING ACTivmES 2024 2023 Merchandise income INVESTMEKf INCOME 2024 2023 Inter88t on UK bank balance8 1.915 615 l inve8lm6nl income 18 d8rfvod from assets held h) Ihe United Kingdom. INCOME FROM CHARrrABLE ACTivmEs 2024 2023 Actfv Naulul heritage wt4ication, research, education and trwning NautuS herita putlication, re8earth. educallon and training Nautical heritage pu1¢ation, research. educatn and training Nautical herftage PubltIon. re8earch. Jucalion and trainirMJ Nauli¢al h8ritage publication, research. educglion and trainir Grants 73,821 51,806 Membership in¢om• Tralning events and materials 37,487 24,339 28,264 61.387 Publl¢ailons 29.368 19,096 tkinalions 164721 Grants receivod, included in the above. aro as folow8: 2024 2023 Historlc Engtand British Sub-Aqua Glub Jubil86 Trust RCAHMW MSDS Marin• Michael Porten Trust Honor Frost Foundation Country Archaeology arKI Historic Environment Servi¢fr 38,032 1,fM)O 20.306 1,500 75 4,035 26.953 30,000 73,621 Pag8 13 Continu1...
NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS Ral8lng donatlon8 and legaclgs 2024 2023 Mer¢handisè for resale CHARITABLE ACTIVMES COSTS Dir8ct Costs (see note 71 Support Costs (see note 81 Totals Nautical heritage publlcatlon, research, edu¢allon and trainlng DIRECT COSTS OF CHARrrABLE ACTivmES 2024 2023 Slaff costs Training fund and oulrea¢h Subcontractors G8n8ral 8xp8n$e8 Deprèelalion 29,377 19,527 43.211 551 30,281 44,431 70,793 4,131 155 169 SUPPORT COSTS Governance costs Manao8mont Tolais Nautl¢al h•rltage publkallon, research, educatSon and IraSnlng Support costs, includ8d in the al)ove, ar8 as lolbws: Manag•mont 2024 Nautical herllag8 publication, research, oducation and Iralnino 2023 Total activities Wagos Pensions Equipment hire and rental Rent Insurance Telephonè Books and stationery 25,003 3,132 4,547 5,188 2,404 1,030 811 28,951 3,000 1,379 6.917 3,437 971 1,338 Carried fomard 42,115 45,9¥d Page 14 continued...
NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE RNANCIAL STATEMENTS- conllnuod FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS- Contlnued Management- contlnuod 2024 Nautical heritage publication, research, eLtiOn and trainlng 2023 Total actNilia$ Brought lorward Professional tfras Bank chaiges D8pr¢clatton 42,115 5,751 329 695 45,993 17.754 489 695 Govomanco Costl 2024 Nautical harilag? publication. research, odLKation and tralning 2023 Total a¢tivilles Legal lees Indepondènl examlnerfs fe8 7,575 2,229 1,914 NET INCOMEI{EXPENDrruRE) N•t ineom•l(•xp•nditur•l 18 *lat•d Aft•r eh•rqlnql{er•&ting}: 2024 2023 DeprecSation - owned assets Hlre ol plant and machinery Development cost$ amortisation Independent examinerf8 lee 695 4,547 5,533 695 1,379 5,532 Page 15 ntinued...
NAirnCAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEUEirfs- conllnued FOR THE YEAR ENDED 31 MARCH 2024 10. TrUSTEES' REMUNERATION AND BENEFrrs Thera werè no trust888' remun8ralion or othgr bgnofrts for th8 y8af ended 31 March 2024 nor lor the year ondgd 31 March 20Yd. Durfno the year rKJ trustees {2023: non81 weffj reimbursed out of p)cket expenses totalling £nll{2023= £nlll. Koy manag•ment PernN The key managem8rrt personno101 tho charity cx)mprises thè Chl•l Ex•cubve. The total employment b8n•fits of the key management Personnel were £35.79912023'. £33,953). 11. STAFF COSTS 2024 2028 Salaries and wages Soclal Securlty c08ts Penslon ¢osts 54,380 58,601 686 Tho avgrage monlhty numbor of empWee$ during the y¢ar was a follows: Chwf(abl8 advttles 2024 2023 Durlng the y8ar no èmployee re¢eived am0ments in exc88s ol £60.01)0 {2023: non81. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivmES Unrestricted Flestricted funds Totsl fvnds INCOME AND ENDOWMEPUS FROM Charltable ac11v1t$ Naullcal heritage putlication, r8sear¢h, edtiOn and trn[rj 104.377 60,344 164,721 Other trading actNiIi88 Inv¢3trrnt irlMe 3.106 615 3,106 615 Tot•1 168,442 EXPENDMJRE ON Raising funds 2,816 2,816 Charltablo actlvltle8 Nautical heritage putli¢atiOn. Tesearch. educallon and training Total 227 059 Page 16 continued...
NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL sfATEMEPUS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 12. COMPARATIVES FOR ThE STATEMENT OF FINANCIAL ACTivrriES- contlnued Unrestricted Roslricted nds funds Total funds NEf INCOMei(EXPENDITUREI Ttansfers betwgen lundg {45,447) 113,170) 7,314 158,61 n N81 mov•mont In fvnd8 138,1331 120.484} {58,61 n RECONCILIATION OF FUNDS Total funds brought foTh¥ard 127.235 177,871 TOTAL FUNDS CARRIED FORWARD 89.102 13. INTANGIBLE FIXED ASSETS Development costs Websit& Totals COST Al 1 April 2023 and 31 March 2024 AMORTISATION At 1 Apfll 2023 Charoe lor yoar 11,065 7.200 18,265 At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 16.598 16,598 14. TANGIBLE FIXED ASSErs Tralnlng equipment Computer equipment Fumlluro Tota16 At 1 Aprll 2023 and 31 March 2024 DEPRECIATION At 1 April 2023 Charge lor year 1,960 39.568 32.667 695 74,195 695 At 31 March 2024 NET BOOK VALUE At 31 March 2024 695 895 At 31 March 2023 1.390 1,390 Pagè 17 continued...
NALMCAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMEKtS- contlnugd FOR ThE YEAR ENDED 31 MARCH 2024 1& HERITAGE ASSErs Total MARKEf VALUE Al 1 April 2023 arKI 31 March 2024 22,718 NET BOOK VALUE At 31 March 2024 At 31 March 2023 22,718 Induded within hedlage assets Is a Lh)yds Register which when donaled by Glasgow University in 2007108 was wnsidored lo have a market value ol £16,000. 1& STOCKS 2024 2023 Stocks 17. OEBTORS: AIKiuTr¥fs FALUNQ DUE WITHIN ONE YEAR 2024 2023 Trade dobiors Other doblor8 7,129 1,694 18. CREDITORS: AMOUKTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade croditors Other creditors Deferred Income (see below) 2.605 8.867 2,230 10,982 Delerrod Incomo Del•rr8d income grarts arKI subscriptions fec8W lor futurè accx)untlng perfods. 2024 2023 Brought forward Amount r91eased to incomlNJ rosources Amount deferred in yèar 23,706 123.7061 12,089 112,0891 Carri8d foThvard 44,345 Page 18 contlnLFed...
NAUnCAL ARCHAEOLOGY SOCIErY NOTES TO THE RNANCIAL STATEMEKfs- ¢ontinued FOR THE YEAR ENDED 31 MARCH 2024 19. ANALYSIS OF NET ASSETS BEfwEEN FUNDS 2024 Total fuThJs 2023 Total funds unrestric Restricted furKI$ funds Fixed assets Current assets Current liabilities 34,478 120,814 34,478 40,706 54,580 175,394 115.466 30 0001 36 9181 24,580 129,475 119254 MOVEMENT IN FUNDS Net movoment in funds Transfers ba00n fur*J$ Al 31.3.24 At 1.423 Unr•strfcted funds General fund T&F Alfvare Royalty Payment 87.315 45,252 14,8801 127,687 1.788 89,103 45,252 R•strlcled lund8 Big Anchor Holland no 5 Mare Cyprium IJNA support London Wreck Project Save the London Easlboume Wreck ELearning Development Project Unpalh Project Intarnatlonal Naulkal Archaeology Fund London Contrlbutlon SuFPOrt Grants 14,8801 129,475 120,0441 14401 3.333 {5.4931 {1,5 3.857 1,960 3,333 5.493 1,577 918 4,775 1,960 1,750 11.7501 7.073 7,073 2,709 2,709 4.730 YOTAL FUNLKI Pagè 19 continued...
HAUAL ARCHAEOLOGY SOCIErY NOTES TO THE HNANCIAL STATEMEiifs. conlknued FOR THE YEAR ENDED 31 IAARCH W24 MOVEMEfrrf IN FUNDS- contlnued Net movgment in funds, included in the above are as follows: Incomlryj resource5 Rosources Movement expeTrd8d In funds unreCted funds General lurKI 136,567 191,3151 45,252 Restrfctod fund• Big Anchor Holland no 5 Mare Cyprium IJNA support London Wreck Project Save the London Ea$lbourne Wreck Unpalh Prole¢t 120,0441 120,0441 440 3,333 15,4931 11,5771 3,857 1.960 6.953 20.000 {3,6201 125,4931 11,577) 15,9181 17,5011 115 9.775 9.461 64.268 104511 TOTAL FUNDS 155.583 Comparatlv•• f¢x mov•moM In lund• Net movomenl in funds Tran$f•rs b8lwean fvrJs Al 31.3.23 At 1.4.22 Unr•trlcted fund• Gen8ial fund T&F Advance Royalty Paymw 121.235 (41,2341 7,314 87,315 127.235 {45.4461 7,314 89,103 Reltrfcted fund• Big Anchor Normans Bay IJNA Publication SuFport Arabic E-leaming London Wreck Proj6¢1 Chesil 8each Project Save the London Easlboume Wreck ELearning Development Projoct Unpath Proj¢¢t Inl8rnational Nautlcal Archaeology Fund London Contribulion Support Grants Earl ol Abgrgavgnny 19.7911 918 11.0081 20,044 97 11,0151 1,008 12,7521 2,256 15.580) 12,2561 18331 9,817 {4,2301 2,752 {2.2561 5,580 3.078 918 18,06n 4.230 1,750 4,960 9.572 {2,2161 {4,842) 3,694 1351 2,709 4,730 13.171 30,151 TOTAL FUNDS 119,254 P¥20 corrtinued...
NAUTKAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEMENTS . ¢ontlnued FOR THE YEAR ENDED 31 IAARCH 2024 MOVEMENT IN FUNDS- conllnu•d Comparative nel movement in funds. induded in the above are as fom Incy)ming Resources MoveThnl resources expended in funds Unr•8trl¢tsd fvnd• General fund T&F Advance Royalty Pay1 102.099 6.000 1143.3331 102121 141,234) 108.099 (153.5451 {45.446) R••trlct•d fund• Big Anchor Normans Bay IJNA Publlcatlon Support Save the London EastboLsme Wreck ELeamlng Oevdopm8nt Prc4o¢t Unpath Proje¢t Internanal Nauth>l Fund London Contrlbulion Support Gr8nts Eart of Abergavonny 149) 2,512 29,802 7.311 4.595 7,850 4.380 {9,7421 (1.5941 130.810) (4,2331 (3.7621 {15.9171 (150) 19,791) 918 {1,008) 3.078 833 (8,067> 4,230 (2,2161 (4,8421 12,2181 14,8421 60343 13 1711 TOTAL FUNDS 0•8¢vlptlon of lund• T&F Advance R An IJNA royalty advance from Taor arvj Frand8 whh the sIety ha8 dld to spend onty on the purchase {aNI assocwl¢d costs} of IJNA. tha NAS handbook and mOgra[ 8erfe8. If thè advanc• exceeds the amount of roya to whlch the a¢fvance rdate8. the NAS wlll ba obllged to repay the amount equal to the excess. or the amount of the excoss may be offsel agalnsl any royalty paymont or any advanco payment to be made to the Sow by the PubU8her in the folloryng yogr(s1. Norman's Ba A grant was re¢eNed from Historic Englgnd for r88earch on the Nryman's Bay Wreck and the craation of an online Interpretatlve trail of the tKotected wreck. This Ixoiecl has rthv been completed. The NAS received 8 grant from th8 Honor Frrtst Foundstion to support the Intem8llonal Joumal of Nautical Archa8okw. The grant Is beiThJ used to prov#Je translafjons of artlcl8 ab$lra¢ts, to support the journal e¢Jltor lo attond int8rnallornl c¥Jnf0rerS. Anthor Pro ThSs project has been funded by the Honor Frost FouThJation to help develop a n6w App for thè project and lo update the website. This w4ect wa8 lftped In 202>24. blc Elearnin Pro This project lunded by thg Honor Frost FoLEndation would rBsuIt n thè ueation of Arablc verslons of the NAS Eleaming Couvses in Maribme and Underwater Arc9Y. In the previous year 11 was determined and agreed th th8 ftjnder that the project could not be comF4eled and MainIng unspent funds were retumed to the Hornr Frost Foundallon. Chesil P27 ¢))ntlnued...
NAIJTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEMEiifs . contlnued FOR THE YEAR ENDED 31 PAARCH 2024 MoVEmEP IN FUNDS- contlnued A Historic England grant fundad prc¥ect in pthtship V•Tlh Marilime ArchalogY Trust to undertake work on the Chesil Beach Proto¢ted Wrecks, invc)fving the local communfy. Aso involves drafting a conservation statement and management pLqn fof the wreck and creating a online dive iour to allow the public to access the wreL from their c4Jmputer. Thi5 project has now been completed. tha Lon Rgslricled fund for donauons assoryalfjd with the campawJn lo save the London shlpwr8d( In the Thames Estuary. Th8 campaBJn fvnds are alk¢aled to cover the cost of dNln9, ¢onsfjrvatM of material and th8 costs of running tha eampaign it581f. Any r8$trfcted ftjnds I86ved forTra on tha Lc(Klon $hlpwr8d( that18 Included under the Save the London CaMpan. E slbourn W kl Klein H Th8 NAS was awarded grants by th8 Cultural Heritage of the N8thorfands (RCEI and Historic England to investigat8 an unknrThm V•Yeck dlscover8d off th8 cr81 of Eastboumg. In January 2023 the wreck was Identified at th8 Klein HoMandA. a Dutch Waf¥hip thgt sank in 1672. rnin Dov A grant from Historic EnglaThi w88 awarded to help th6 NAS to axpand onllne educgllonal courses. The grant would akn all¢)w the creathjn of two new 'speciallst' courses covaring monitorin9 archaeological 8ites through photography arNJ plthgran• and cannon rearCh aNJ recor(ling. Th18 project ha8 now been completed. A8 Part of the wder UnPath Proio¢t ts NAS will study tho rgmalning Holland Cl88s Subm8rlno As¥emblag88 and will addr66s the no to link 8rthives tcgether to maxlmlse the earch potential 8nd to make marlilm8 0h8o01(¥31C8I srte8 more eSsIble, providlrg tanolblo links to British hl810ry through ongagament e8p8cWty wlth the notrdng n81 publk. tton Slnce 2021-22 the NAS has been asslst6ng the famlty of Eth8rd & Saryl Von der Porten to èstabllsh a grant glving Foundatk>n. The work has Ihe estatlshment of an lThJ&p8ndgnt CIO bosed in the UK. The NAS will act as a Iwstse of the n8w Intemational Nautic*l Arthaeok)gy Foundauon CIO, wsth the first grant awards likety lo tske in 2025 or 2026. London ort Grants Rgstricled fund for income ass081j wSlh re8e8rch and Irwe8W'on of th8 rnteded wreck of the London In the Tham06 Estuary. of The DNing into the Digttal Archives of Ihg Earl of Ab8rgavenny project, by Pcwuand Museum Is fvnded by National Lottery Heritage Fund end made possible wth volunteer training support from partn8r8 MSDS Marille and Naullcal Archaeol¢)gy Society. Tha NAS supported the project by helping with the training of projeca voluntsérs and Iho drafting of the project manual for feCA)Iding find8 from the )llecon. Transfer5 en lurKIs The transfors restricted to unresltthd funds relato to fvjnds on which restrictK)ns have been $81isfied and therefore are no knnger consKlered to be restricted fijnds. Restricted funds in defiGil all have sufficient funding in 2023124 to cover any sh¢knlls, where they do not a transfer from unrestricled funds h85 been madg. Pag9 22 continued...
NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMETr- continu FOR THE YEAR ENDED 31 MARCH 2024 21. EMPLOYEE BENEFIT OBUGATIONS During the year the charitable company op8raled a defined contribLrtion pension scheme for Its employ88s. The charge lor the year was £3,132 12023: £3.0001. There were no amounts prepald or oulslanding with the scheme al the balance sheet date12023.' £nill. RELATED PARTY DISCLOSURES During the year MSDS Marine Ltd.a company wilh a In180 in common, invoked Nautical AT¢haeology Society £3,527 12023.. £nil} lor Bite size traning. Nautical Archawlogy Society invoiced MSOS Marine Ltd £4,17612023: £2.226} lor professiond s8Mc8s aThJ office sp8ce. 23. ULTIMATE copifROLUNG PARTY The Charitable company 18 nol under tho control of wth8r enbty or any one indrliduai. LEQAL STATUS OF THE CHARITY The Charity is a company limrtgd by guarantee and has rn sharg capital. The liablllty ol ga¢h member in Ihe event ol winding up is limited to £5. Page 23