REGISTERED COMPANY NUMBER: 01039270 (England and Wal•s) REGISTERED CHARrrY NUMBER: 264209 SCOTTISH CHARITY NUMBER: SC040130 Iscodandl REPORT OF THE TRUSTEES ANO UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 PAARCH 202S FOR NAUTICAL ARCHAEOLOGY SOCIETY
NAUTICAL ARCHAEOLOGY SOCIEff CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page R•port of the Trust 1 to 6 Indond•nt Examln•e• R•port Statsm•rrt of Flnanctsl Actl¥ltl•s Balan Shoot 9 to 10 Not•• to the Flnanclal Stat•m• 11 to 23
NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 OWECTIVES AND ACTMTIES Publlc benefit The Trustee DireCts CA)nfim) Ihal they have referred to the guidan contsined in the Charity commissn'S general guidance on publlc benefit when revithving kne &ie1S aims obJ"edives and in pianning future activities. In accordance the Charilab oty'eds. the Socioty 8ducatss and rais6s awar8nèss of maritime cultural hentage. Through education. parb"cularly of the general public and th8 dmng communty. the maritime cultural h81itage is valued and rèspected and so preserved for future generas. Whi18 the Society's c¥Jurses are generalty Provkled on a fee basis. the SrKiety obtsins grants where possible lo subsldlse such courses and also provldes free talks. The nautical archaeological research which is carri9d out and promoted by the Srxiety results In knowledga that is recorded in public archives and is also mada availablè through publKations. The Societys w8bsile 18 used to disseminats information for the benefft of Ihe public. The Swetys leamgd joumal and monograph series ensure that all such rgsearth of a suilable standard for pUblItIon. whethor carried oul by the Sociéty or by others, wll b8 avaitable to current and fubjre researthers. The SLxiety$ editor5 encourage and support naw authors of such work to help bring work to publicatson. FINANCIAL REVIEW R•8•rvès Pollcy The Executive Committee ha8 a re8ep46s rxllcy statss that tho res8N8s ShOd b6 £60.OCK¢ of IiqLJbJ assets. This figure is prinapalty lo pn)vide for working caprtal in resped of grants p81d in affea. the need for dèposits to bg paid in advarte and provid8s a reserve against unexpecled k)ss of income. enatling th8 Souety to meet its commitments for a period of at least six months. No reseTW aré dg$ign8ted but exp8ndrture may be authorised against the reser prowd8d that income sources are wi a favourable stste and investment is requlred to support th6 fiJbJre sustslnabity of the Society. Page 3
NALMCAL ARCHAEOLOGY SOCIEry REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Summary of Financlal Posltlon At the end of the year 2024-2025 the Sooews frjnds st1 at £131.742 (2024.. £154,055). The accounts report a of deficit £22.313 for the ye to 31 March 2025 (2024.. surplus of £34.801) Grants The NAS receNed a grant from the Honor Frost Foundation to support the Inlemational Joumal of Nautical Archaeobgy. The granl is being used to provKle trans18tlong of artide abstracts aThJ to support the costs of the joumal editor and to allow the jItOr to attend Intemational conferences. A grant wa5 award8d by tho British SutrAqua Jubilee Trust for work on Klein Hollandia wreck. The NAS was In receipt of grants from Historic England for eLearning development and for the UnPath'd Waters Project. In 2024 the Society also ree6Ned a grant from tha Honor Frost Foundation for work on th8 Mare Cyprium prolecl carried out for the University of Cypru$. This work is du8 for completion in early 2025-26. Th8 NAS contlnu8S to u80 grants from lh8 Hoathy Trust and the Aurellus Trust. The grants bdng used lo support the costs of the conwvation of artefacts at risk of bn9 lost from UK wrecks designal8d under the Protactn of Wrecks Art induding Irom th8 wreck of ts London and the Kjoin Holjandia. The funding for this will continue inlo 2025-26. Subscrlptlon• Membership subscriptlons Indude onl1r Thmbershlp, Inc1r0 a(xx8 to a memberf8 online n8wsfeed as well as online or hardcopy membership pmwdirrfj a¢tOSS to the Intemational Joumal of Nautical Archaeology. Concessionary subscrtptions are providod for studgnts and unsalariad indivhduals. Mgmbers who are UK tsxpayers may èlèct to Subscri as Grfl AWJ. Gift Ald is nol eligible where Members recèiv8 a benefft from Ihelr mambarshlp {indudlng dlscounts on tralning and conference atténdance) that exceeds Ihrgsholds defined by HM Revenue and Custom8. Publl•hlng Taor & Francis publish arKI distritArte the Intemaltonal Joumal of Naullcal Archaeology on behalf of tho Society. The Soeiaty receives a royalty paymgnt and a txjntribution to the aditorial costs from sales of 8ubscriptions to Ihe journal by Taylor & Franas. There are no royalkn'es payable for the Monographs which are publlshed by BAR Publishing. The Societys handbook. wbli5hed h 2(h)8 by WI ln&S to sell and thg Soclety has recelved royattles from Wlley. Tralnlng and ProJ•ct Income Income from attendees on trainiThJ events. supported by tha grants covered the expendiiure on thes8 activities. A small amounl of project income derives frcm the contribulK)ns of pathipants in protected wreck visits including lo the Normans Bay Wreck. the Holland S submarine. HMS Invincible. the A1 Submarinè and the Klgin HollofKlio shipwreck. Outr•ach Income Includlng Annual Conhr•nc• The annual conference was hgkl In Durham. Sm&4 ¢Jonalbns rgCeNed from outr90ch 8ctIv8s, but these were less than the total costs of outreach. M•rchandl There was a Small amount of income frcffi the sal8 of mer£*andise. nautical archaeology books and equipment ond brand8d clolhing. Internatlonal Llunslng The Society receNes an income in respect of keTrsing the NAS training materials to suitable organisations outside the UK and sales of NAS qualificathjn carts to such organisations. This source of income enables the NAS to provide educab.on and advice to individuals and oTrJanisations to fvrther nautical archaeofogy research outside the VK.
NAUTICAL ARCHAEOLOGY SOCIETY REPORT OF ThE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are aL50 directors of the charity for the purp05e5 of the Companies Act 2006, present their report with the financial slalements of the thanty for Ihe year ended 31 March 2025. The trustees have adopted the provisions of AccotJntirwJ and RewJ1ing by Charities: SL*ment of Recommended Practice appltcab18 to charities preparing their accounts in accordarTh 7Mth tho Financial ReFQrting Standard applicable the UK and Republc of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTMTIES ObJeGtlves and Alms The alms and objthes ofthè Sodety are to: preserv8 our naulical hentage, act as a focus for nautical archaeoloyy and lo provtde F)ubltstions. prowde education, training and inform8tSon for imFThing tethniqu8s of 6xc8vation. recoTdlng and preseNation of naub'cal horitsge. Page 1
NAUTICAL ARCHAEOLOGY SOCIErY REpoirr OF THE TRUSTEES FOR THE YEAR ENDED 31 IAARCH 2025 OBJECTIVES AND ACTivrriES Revl•w of AcvItIeS The purpose of this section lo summaTi5e the various activriies of th& Society for the year ended 31 Morch 2025. The Societ$ officg and staff are well 8slaL4ished in the Historic England cas8mates al Fort Cumb8rland, Portsmouth. SinL the CoYtd-191Corona Vinjs pandemrc in 2020 the Society staff sp8nd some of their lime worknng from home. Outroach Actlvlty Outreach acts'vty has been yuprM)rted by the athiligs of vofunteer5 gNing talks throughout the country. The Society contlnues to campaign to Save the London shipwTeck in the Thames Estuary. The S¢xiety annual conference was for thg first ts"m8 held in DurtHm. k)oThJ at Ihe Arthaeokngy of Waterways. Publishing A¢tlvity During the year the Stxiety continued to publish the Intemational Journal of Nautical theology through our publisher, TaOr & Francis. The mombers. online newsfeed ContinLs to ba published in-house and Slodes from th8 Sodety and its members Is publ on rts website. A small number of sales Continu of the Soclety'g handbcM)k, Archaeokngy Underwater (2nd Edibon), as well as volumes published thIn thé NAS Monograph serles. Publlcatlons Grants and ArdI The NAS continued to receNe grant SUPFxi from the Honor Frost Foundation lo support the International Joumal of Nautical Archaeology. The granl is Ing used to provide translalbn$ of article ab¥tracls. lo support tho costs of tha joumal edilor induding PIng the editor lo attefKI intemational conferen¢e6 and m991irwJ8. The NAS dkl rKJt make an adopt a Wrgck Award or a Kellh Muckelroy Memorfal Awar(I In 2024. Educatlon Actlvlty The Society remains 8 108ding orgafttsatK>n for the educatlon of recreatsonal dfvers. archaeologlsls and non-archaeologi8ts in Ihe techniques of marttime 8reh8èology onlond, in th8 intar-lhlal zone and underwater. The Education Prcgramma o)ntinues to bo wdety tsught over8ea8 by Intem8tional training p8rtnors and ha8 bagn praised intornalionally. The Socièty ¢tinU lo daliv6r 8ducation 8ch8me, through the Education Programrne that was relaunched in 2015. 11 ntinUeS lo run eLeaming e£Jur8es in Maritime Ahae010gy, Und&Nater Archaeob)gy and Foreshorg Atheology as 8$ practical skllls days. both Undeater and on foreshore sites. The Sty also hosts Onne Courses on Cannon Research 8nd Rec#Jrdlng and Archaeok)gical Phologramnm. The &)ciety was abl8 to 8rrange a number of opportunrties for rgcreational divws to visit UK Proiected Wr8L*s to raise awareness of prOteCt]c of undeNrnter liural heritage. Prol•ct Actlvlty The Society org8nis8d a numbgr of propcts which onatI volunteers to engage with nautKal archaèology and develop skills. Projects Indled continuing research into the protected wreck of the hlstoric submarine Holland No.5 and the Norman's Bay Wred(, and the Kiein Hoilandia. Tho NAS recewed fijnding from a number of dtfferent grant provlders (see restrtcted fvndsl to run trainlNJ acbvlbes and fieldwork invofvlng the public. The Nautical ArchaecAc4Jy sUAqua Club {NASAC) was sel up in 2009-10 as an affiliated branch of Ihg British Suwua Club (8SAC). This dive dub Is establishèd to operale as a BSAC brdnth carrying Out underymter archaeology divgs using NAS equipmenL induding a boat bougm in October 2011. Tradln9 Actlvlty The S(lety Continued to sell merchandise. o)r6isting of tKx)ks relating to nautical archaeology. survey equipmenl for nautical archaeology dothing advertisirKJ the Society. to further the aims of the Society. The sales indude book5 lincluding the handbcM)k and rFnOgraphs) and survey equipment to be utilised by sbjdents of thg Sooetys tralning (tsjrses. Page 2
NAUTICAL ARCHAEOLOGY SOCIErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAR¢H 2025 FINANCIAL REVIEW Nonwoperational Incorno The Societys reserves are hekl in an inlerest-taring investnt accwnt oPernl in conjunction with a urronl accounL A small arnunt of interest was receNl in the financial year. Financial Controls AII Socigty income and expendilure is managed throwJh the PortSnKth office. Evffy cheque needs to be signed and counter signed by authorised signat(wies on the aCCnI. Every electronk payment requires approval by tsyo separate authorised signaterfles on the accwnL AM major expenditure ne&Js to bè approved at committeg 1gvg1. The Soclety cnntracts the of a tx)okk8apor to maintaln the Income and expenditure reccKds on a regular basis. FUTURE PLANS Thè a¢livities for the 2025-26 year will include wmli ar &tNrb"es to those in 2024-2025. with the devetopmenl of new training, outreach, projects and publi8hing activities aroun(l the wreck of the Klein Hollandla. It 1$ experted that the Scttety wlll eontinue to d8velop online offerln9S to amow more wp18 to attend from all over the worfd. In addilion. effort wll be st on reviewing lh8 Soci8Vs activitses. determinlng future 8Ctivllles for en5urlng a stsble 11rnCIal future for the Soaety as vdl as supwting dlvers and non4Jlver$ allke with dear training paths a1 to motivats them to (x)ntinue1gamrvJ about nautical arChalogY. STRUCTURE, GOVERNANCE AND AIANAGEMENT Govemlng Docum•nl The Nautical Archaeology s INAS) is a tharity registered in ErvJtand aTrJ Wale8 (Ry'stratlon number 2642091 and registsred In Scotland {Regislr8tsn number SC0401301. Tha Sodety is a company limited by guarantee, registered in EnglaTrJ and Walés (CnpanY number 01039270). The rogislered address, to whlch all ¢orresponden¢a St)ukI be addressed Is shown on page 6. The Society was origin81ty inc¢ry>crfa1 and registered as a charity in 1972 thè nam8 of the Nautlcal Archaeology Trnsl. T N8Utkal Archa8obJy Society in its present fom d8l&s from 1981 when the name and constitution thanged. and the memorandum aTrJ arf]'clgs of aSslation were revised accordingly. Tha governance of the Souety is defined by its momorandum and artides of assodatIc. In accordance with the artides of assoryalion. the Sc(4ety 18 govemed by an ExecutNe Commlttee. The members of the Ex8CUtive Commlttee aro the TnJstse Direct(Ys. Mgmbers of Ihe Executive Commthe arg 918Ctod at the Annual General MeetÉng {AGM) for a perbjd of three years and on expiry of this lem) are free to stsrKI again. The Executlve Committee may also choose to CO>t addrtional m8mbeTS during the year. Any membefs cwpted in this manner will stsrKI for election at the next AGM. The Exe&rtivè Cwimiltee aL80 benefit from the a(fvice of vpreSidents. Vlce-PrgsKlentS are apwnted for a p8ri(MJ of three years at Ihe discreb'on of tho ExacLrtiva Commtttee kyJt do not (#)unl twards tha quornte of th8 Exe(xrtlve CommM9e and do not hava voting powers on tho Exgcuuvo Comrnitte&. Oryanisational StTUCture There are suttrcommittees whkh are for th8 ffnagement of the s(s wbllcatlon actlvitles and for general management of the Sodevs actNitses in the office at Portsmouth, onto which members may be ¢CpIed. There is also an Education c4Jmmiitee and 8 Strategy Grw SUPForting the oper8ts.onal staff. The Society, ty th8 yaar-end. had full tim& empknyees. Bctheeping is carried out by a sub-contractor. Rlsk Management The Truste8s have a duty to identify aNJ review the risks to whth the charity is exwsed and to on5uré appropriate controls are in place to prov*Je reasonable assu18re against fraud and error. The Trustees have 8dopted Pr(edUreS to HnIm1$e the rlsks to the tharitable ¢x)mpany and its work. REFERENCE AND ADMINISTRATIVE DETAILS R•gi5t8rnd Comparky number 01039270 {England and W81es} Registéred Chartty numb•r 264209 Pap5
NAUTICAL ARCHAEOLOGY SOCIErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AIARCH 2025 R•glslerèd office Fort Cumbedand Fort Cumbedand Road Portsmouth Hampshire P04 gLD Trustses M Williams Secretary D Johnston T paer C Hallybone D Robinson A N Taylor A James A Denny G Oowner C Holl Curtis P Harwoeé (appointed 20.4.2024) D Baraddi {appointed 20.4.2024) J Riley lappoinled 20.4.2024} E Eros (appointed 4.12.20241 Prnsldent P Harding Vlc•-Prg•ld•nl• D 81ackman C Dobbs B Yorka L Blue S Domosttcha M A Bernier Managomont The senior mernber of staff to whom the day to day managemgnt of the ch8rity Is delegated Is the Chiel Executive orricer, Mark BeattlEdwa(ds Company Se¢r•tary M Williarns Ind•p•ndent Examln•r S Mackie FCA Morr*s Crocker Chartered Accountants Statson House Noth Streèt Havanl Hampshire P09 IQU Approved by order ofthe board of trustees on ..... ..... and sign1 on ils behalf by.. J Riley- Trustee Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NALITICAL ARCHAEOLOGY SOCIEr lTrdgpondent examinerfs report to the truslees of Nautical Archaeology Soclety (%he Compan) I report to the charlty trustees on my examination of the ac)Unts oflhe Company for the year 8nded 31 March 2025. Rosponsibilities and basis of roport As the tharity's trustees of the Company (arKI also its dwecto for tha purposes of company law) you are responsible for tho preparation of tho acCntS in accordance w¢th th& requirements o the Charlties and Trustee Investrnènt IScolland} Act 2005 fthe 2005 Act). The Chantiés Accounts {Scollandl Regulatyons 2006 las amended) and the Companies Acl 2(K16 fthe 2006 Arf). You are satisfied that th8 accounts of the Company are not required by charlty w oJnpany law to be 8J11 and Iwe clvJson Instead to havè an Independent examlnatkjn. Having satisfied myself that the accounts of Ihe Company are not Tequired to be aurfited under Part 16 of the 2006 Act and are eligible for independent examinalion, I report in respect of my examination of your chariws accounts as carried out undar sectlLX) 44 {11 IC} of the 21x15 Act and section 145 of the Charities Act 2011 {'Ihe 2011 ACVI. In carying OLrt my exarrdnakn.on I have folowed the requirement of Regulation 11 of the Charities Accounts {Scotlarnl) RegulK)ns 2006 (as ameIed} and the Directions given by the Charity Comm1881on under 8edon 14515) {bl of the 2011 A Infl•pondont axamlnae8 8tat•m•nt Since the Company 1$ required by company law to prepare its accourtts on an accNals b8919 8ThJ Is registered as 8 charity in Scotsnd your examiner must be a member of 8 try listed in Regulation 11121 of the Charities Accounts (Scotsandl Regulath)ns 2(K6 (as amerKled). l can confim) that l am qualffied lo undertake the examination because l am a registwed mgmber of the lCAE1 which one of the listed bcéies. I have ¢omplotod my oxaminatlon. I nffirrn that mattws have ¢ome to my att8ntK)n in c¢)nnoction with tho examlnaUon glvlng me cause to bglth: 1. acCounng records were not kept wi respect of the C(Knpany as rgquirgd by Secllon 386 of the 2006 Act: or 2. the accounts do not alxord with reLixd8: or 3. the accounts do not compty th the accounting requirements of Section 396 of ts 2006 Ad Othor ihan any requirement that the accounts givè a tnJ8 and fair vtew whKh Tr)t a matter c4)nsldered as part of an indgp8ndent 8xamination.' or 4. the accounts have not been prepared in accordance wilh tho methods 8nd winclples of the Statement of Recommended Practice for accounting arKI reting by charities lapplicabk to ehaiitles preparfng their accounts in a¢anCe wilh the Financol Reporting Standard 8p¥4icable in the UK Republic of Iretand IFRS 102)). I have no ¢¢)ncems and have come acn)ss no other matters In connection with the examlnation to whlch attention should be drawn in this rèwt in ordw lo enable a proper understsnding of the accounts to be reaGhed. S Mackie FCA Morris Crod(er Charter8d Accountants Station House North Street Havanl Hampshire P09 1QU Date.. 611112025
NAUTICAL ARCHAEOLOGY SOCIErY STATEMENT OF FINANCIAL ACTMnES {INCORPORATING AN INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 31 IAARCH 2025 2025 Total funds 2024 Totsl fvnds unrestslCt Restricted funds funds INCOME AND ENDOWMENTS FROM Charitsbl• activiti8$ Naulic81 herrtage publication. rgsearch, education and training 61.196 99.595 160.791 186,531 Other trading acdvRI8s Investment incom8 2.165 759 2.924 1,938 1.915 Total 65.871 190.384 EXPENDITURE ON Raising funds 1.562 (1,247) Charltable actlvttl•s Nautical heritage publlcatlon. ffjsearth, edueallon and tralnlng 122.084 186976 156,830 Totsl NET INCOMEIIEXPENDITURE) Transfer8 betw••n funds {57.211) 34.898 (22,3131 34,801 Not mov•m8rt In fund• (38,888) 16,575 (22,313) 34.801 RECONCILIATION OF FUNDS Total funds brought forward 129.475 24.580 154.055 119.254 TOTAL FUNDS CARRIED F¢)RWARD 131742 The notes fomi part of tsse financHI statements Page 8
NAuncAL ARCHAEOLOGY SOCIETY BALANCE SHEEr 31 MARCH 2025 2025 2024 FIXED ASSErs Intangible assets Tangible assets Heritage a886ts 13 14 15 5,533 11,065 695 22.718 22.718 28.251 34,478 CURRENT ASSETS Stock Debtors C8$h at bank 16 17 4,348 10.846 111.856 4.666 19,870 150.858 127.050 175,394 CREDITORS Amounts falling duo wlthln on8 year 18 {23.5591 (55,817) NET CURRENT ASSETS 103491 119.577 TOTAL ASSETS LESS CURREp¥r LIABILITIES 131.742 154,055 NET ASSETS 131742 154,055 FUNDS Unrgslricted funds Restrided funds 90.586 41.156 129,475 24,580 TOTAL FUNDS 131742 The charltable company Is entitl8d to exemption from audit uThJer Secuon 47T of th8 Companleg Acl 2006 for thè year ended 31 March 2025. The members have not requlred the c4)mpany to obtain an audrl of lis finan¢ial statements for the year ended 31 March 2025 in acLxYdance with SeCtn 476 of the Companigs kt 2006. The tnjslees 8d(nowlgdge their r8sponsibllilies for la) ensuring that the tharitabla company keeps acGountiNJ rwds that C4ympty wlth Sectn$ 386 and 387 of the Companies Act 2006 end (bl preparing financial ststements which gr¥e a true and falr view ol the stste of affairs of the charrtable company as al the end of each finrya1 year and of its surplu5 LY defficit for each financial year in accordance with the requirements of Sedions 394 and 395 and which othenvise (yjmply with the requirements of the Companies Ad 2006 lating to fin8nLial slatements. so far as applirAbla to the charitable company. The notes form part ofthese ffinanLU81 stalernents Page 9 eontfinuad...
NAUTICAL ARCHAEOLOGY PJOCIETY BALANCE SHEEf. contlnued 31 MARCH 2025 These financial statements have been prepared in atrdance with the pros)nS appllcable lo charitsble companies subject to the sm811 ojnpanies regime. nancial statementy-were approved by Ihe Board of and aulhoriwj for is on . and were sign&J on its behalf by: J Ri1gy- Trusts Thè rntes frm part of these financaal statements Page 10
NAUllCAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES Basos of proparlng th• flnanclal statemonts The financial statements of the tharitable company, whth is a public beneffit enb'ty Urer FRS 102, have been prepared in accordance with Ihe Charitw SORP IFRS 1021 'AccL)unting a)d ReEv)rting by Charities.. Statement of Reo)mmended Practice appliCae to charities preparing their accounls in accordance with the Financid Rewrting Standard applicat4e in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019).. Financial Reping Standard 102 The Financial Reporting Standard 8pplicable in the UK and Republ of IrerKr and the Companles Act 2(Th. The finaal stat8monts have been prepared under the higtorical cost c(Th18ntion. Incom• l income is rec(nd in the Statoment of Flnancial Aclivltles once the dwrity has enlitlement to the fijnds, it is probablo that the income will be received arKI th6 amnt C be measured reliably. Such income Is onty defeffed en." -The donor SFcltss that the grant must onty be In futur8 a(tountyThJ p8riods.' or -Th8 donor ha$ ImpLwd conditions whlch must be met beforo the ¢hadty has uncondlllon81 entillemnt. Inveslnwt in)Me is rncryJnisod on a recer¥able basis. Expondltur• Liabilrties are recognised a8 8xpwdrtur8 83 SOW 8$ thoro o legal or emtructNe OblallOn committing the charity lo that expenditure. r¢ Kyobable that a transfer of economic benefits will be required in 8etUement and tho amount of the cknlwtion can be measurod relsably. Expenditure is accounted for on an accruals basls ha$ bgen dassifitid under hdIng$ that aggregat8 all cost rglaled to the ¢atsgory. Whera costs cannot be dlrecty attributed to particular headings they havg been allcKated to actNities on a basis Corls18n1 with the use of resources. Intsnglbl• fixed a•s•ts Intangible fixed assets lindudlTrJ websit8 Costs) are affKJrtiwl on a straight Iln? baslg ov6r Ihelr estimated useful econom h'vos. is wwiderthj to be 5 years. Tanglblè flx•d assets Tangible flxed assets over £100 arg capitslised at cosL Tangible fixed assets ar& depreciated over thelr estimated useful lives as follows: Training equipmont Fumiture Computer equipment 33.33% and 20% strayhl lina 20% straight line 33.33% straight line Horltagg ass•ts The NAS has been f0MllY collecliThJ material sine sts inceptlon. CoMectw)ns arrtve at the Office as result of gift. beque5L purchase or knans. In addilion the NAS undertakes proactive acquisition of bwks. Th8 number of items wrchased in any cTh year is generalty low. 8nd WOU typallY number between 6 and 12 books. All the tKJL*s are catakydd an Ex1 spreadsheot administered by the NAS. Heiitsge assets are caMalis&l at C06t un18ss they have twn donated when they are induded at maTkg1 value. vhwe such a value is readty availab. No d8weclati is promded for on heritage assets. Page 11 0x)ntinu...
NAUTICAL ARCHAEOLOGY SOCIEr( NOTES TO THE FINANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- contlnved Tha collection The Nautical Archaeokw knety hokts a library ¢>)Hectian at its offTh in Portsmolth. Th6 library collection has not t)een valued as. due to th8 speclfic and individual nature of tho books and poriodicals hdd. it is not believed to t¢ KM)wble to obtsin a reliable value of the collection without incurring a cost disproportKinate to the beffit of the infomiation reported to the readers of thè accounts. The collecl*)n consrsts of t. wiodica15, Magan6$. CD'S OVD'S on Ihe suble¢t of naulical archaeology aThJ hlsbxy as wdl as a nearty complete (>)19cn of Uoyd's Registers dating from 1876 to 1966. By categories, numbèrs hgld are: Printed books- 61)0 Periodicols l Journals- 600 Magazines- 300 CD'S I DVD'S- 390 Stock stock are valued at the lower of cost net rnaisable valua. aftw maklng du8 allowance for obsolete and slow moving items. Taxatlon The charity Is exampl from Corporati tax crf) ils tharitable aclivtti89. Fund accountlng Unreslricied fvnds can be used in ac£ordance with the tharitabl8 oblecfves al the discretlon of the trustees. Restricted ffijnds can bo used for particular restricted purposgs wthSn the objects of the charity. Reslrictkjns arise when spocrw by donor or when funds are raisad for particular r08tricted purpo. Further explanath)n of tho nature and PUT of 8xh fijnd is IrKlUd In the not88 to th& finan¢181 ststsmonts. Hlrn purchas• and I$19 commltm•nts Rentsls patd under operating leases are charged to the Statement of Finartl Activities on a straight Ilne basis overthe 0d ol the lease. P•nslon costs and other post41•M•nt hnofits The charilabta company operates a dofwie(l )ntrIbution pen8ion 8cheme. Contributions payable lo thè charitablg compan$ scheme are chargad to tha Statement of Finang Aclivities irs the Pgriod lo which they relate. Flnanclal Instrnmonts The charity only enters Into bask finartial Insthjments transacti($ that result in th8 recognitioft of finanual assets and liabilibes like trad8 arKI other accounts recoNable 8Th1 payable and investments In stcth and shares. The m8asureffwt basis 1 for these inslJuments % detaid b81ow. Dèbtor5 and cash at bank Trade and other debtors arE recognised at the settlement amount due after any trade discount Offed. Prepayments are valued at the amount prepatd net of any trade discounts due. Cash al bank aftd in hand induded c8sh hekl on derri or in a oJffent al)unt. Page 12 continued...
NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEMENTS - ttInU FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES - conlinu•d Creditors and provision$ Credstors and proviwons are recognised vrtwe the chanty has a present obligation resulting from past event that will probafAy result in Ihe transfer of funds to a third paty and the amount du& to $8tt10 obligat can be measured astimat&l reliatAy. Cr8ditors and wovisions are nomialty recognwd at their settknient amount after allowing for any tr&Je disc(wnts dug. OTHER TRADING ACTivrriES 2025 2024 Merchandise in(yJ 2.924 1,938 INVESTMENT INCOME 2025 2024 Int8rest on UK bank balantss 2.510 1,915 AJI investment incomo is derived from 85s8ts held in Ihg unit lQngdom. INCOME FROM CHARITABLE ACTMTIES 25 2024 Nautical h6rilag8 publicat)n. rosear¢h. 8ducalKffl and training Nautical heritage publtIOn, rnsearch. education and training Nautical heritsge publhxllon, researth. eduCatIL and training Naulical h8rÉtag8 put4lcalion, rosa*th. oducaticfj and training Nauti1 h6rilag8 publication. regearth. educat and training Grants 74.079 73,621 Membershlp Income Training events and materlals 12.950 37,487 35.532 28,264 Publications 24.488 29,368 Donatlons 13,742 186 531 Grants reGeNod. wKluded in the above. are as folow8.' 2025 2024 Hlstorlc England British sUAqUa Club Jubllee Tnffjt MSDS Marine Michael Porten Trust Honor Frost Foundat Country Archaeology arKI Hi8torK EnvironThnt Ser8 GaTfiekl Weston Lloyds Register Foundation Cultural Herlt8ge Agency of the NetherlarKIs .977 38,032 1,CKIO 75 4,035 26,953 3,526 11,000 15,000 4,1CKJ s.2 74.079 73.621 Page 13 continued...
NAUTICAL ARCHAEOLOGY SOCI NOTES TO THE FINANCtAL STATEMEKfs - continued FOR THE YEAR ENDED 31 PAARCH 2025 RAISING FUNDS Ralsing donatoons and legacl•s 2025 2024 MerchaThJise r8sale 1.562 1.2471 CHARITABLE ACTivmES COSTS Direct Costs {sg9 not9 71 Support costs Is99 rKJlg 8) Tolals Nautseal h9ritage publicats'on, research, education and training 125,237 61.739 186 976 DIRECT COSTS OF CHARITABLe ACTivmES 2025 2024 Stsff c08ts Treinlng fvnd and outreath Subconlraclors General exwnses Depreciation 27,788 49.723 42.033 160 29,377 19.527 43.211 551 125 237 SUPPORT COSTS Goveman¢o costs Managem8nt Totals NauJcal herltaga pU11CatIOn. rewr¢h. educallon and tralning 47.975 13.764 61.739 Support costs, included in tho above, af8 a$ fdlow3'. M•nagement 2025 Nautical heritage publication. research. education and training 2024 Totsl 8cliviti8S Wages Social security Pensions Equipment hire and rgntal Rent Insurance Telephone 27,788 25,003 3,255 2.575 3.459 2.893 865 3.132 4,S47 5,188 2,404 1.030 Carried forward 40.840 41.304 Pag8 14 continued...
NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL sfATEMENTS- continu FOR THE YEAR ENDED 31 MARCH 2025 SUPPORT cosrs- ntInU•d Management- contlnued 2025 Naub"¢AI hentsge public8tion. research. educatK)n and trainlng 2024 Total activrti8S Brought forw8rd Books and stslion8ry Prof8ssional fees Bank charges Depreciation 40.840 1,387 4,680 373 695 41,304 811 5.751 329 695 Gov•mance costs 2025 Naubcal hèritage publicatlon. research. ucatlon and tralnlng 2024 Total a¢tivili68 Legal fees Independgnt èxamlnerfs fe8 11,610 7,575 NET INCOMEIIEXPENDITURE) Nel Incom(8xpendStuTe} b $tat8d after thaTr(CredIbrj): 2025 2024 Depreclation- thvned 8ssels Hire of plant and machinery Development costs amortisatv Independent oxamlngrfs fee 695 2,57S 5.532 2.154 695 4,547 5,533 2,166 Page 15 continued...
NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - ¢ontsnued FOR ThE YEAR ENDED 31 MARCH 2025 10. TRUSTEES. REMUNERATION AND BENEFITS Thw6 were no trustees. remuneration or otrr beneffts for the year erKlfjd 31 March 2025 nor for the year ended 31 March 2024. Trvst8¢S' exp During ts year no trustees 12024.. Th)ne} worg re¥nbur8ad of pctht expen8es totalling £nlll2024: £nill. K•y management Psonn•1 The key managèment P8Tsonn61 of the chanty compKises the Chf ExecLrtfve. Th8 total employment benefits of th6 key manageffnl personnel wère £37.319 {2024.. £35.7991. 11. STAFF COSTS 2025 2024 Salades and vrages Social Sec#Jrity costs Pension costs 5S.577 54,380 58,837 The average monlhty numbor of empk>ya8s thdng the ypar Vds a foHows: Charitabl8 aclivltl88 2025 2024 During the year rK) employee receNed emoluments in èxcess of £60.0 (2024.. no). 12. COMPARAnVES FOR ThE STATEMEKt OF FINANCIAL AcnvrriES Unrestricted Restricted fuThJs funds Total fLsnds INCOME AND ENtK>WMENTS FROM Charltable actlvliies Nautical heritage publicab'on. research, educatlon and training 132.632 53,899 186,531 Other Iradlng activibes Investment ino)m8 2,019 1,915 (811 1,938 Total EXPENDITURE ON Raising funds 11.4(Kl) 153 (1,2471 Charltablo actlvltÈ•s Nautical heritage pubfication. research, education and IrainiThJ 92.716 64,114 156.830 Total 91.316 64.267 155.583 Page 16 continued...
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NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMEPtrs- conllnued FOR THE YEAR ENDED 31 IAARCH 2025 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES - contlnu Unrestricted Restricted funds funds Totsl funds NEf INCoMEI(EXPENDuRE) Transfers bfjtwn funds 45250 (10.449) 4.880 34.801 Nèt rnQVomenl In fiJnd8 40,370 (5,569} 34,801 RECONCILIATION OF FUNDS Total fvnds brought forward 89.103 30.151 119.254 TOTAL FUNDS CARRIED FORWARO 129.473 24,582 154,055 13. INTANG18LE FIXED ASSETS Wabsite Totals COST Al 1 Apnl 2024 and 31 March 2025 AMORTISATION At 1 Apr 2024 Charga lor year 16,598 7,2(M) 23.798 At 31 Mar¢h 2025 22.130 NET BOOK VALUE Al 31 March 2025 S.533 At 31 March 2024 11.065 14. TANGIBLE FIXED ASSETS Trawiing uipment Computer equipment Fum6tur8 Totals COST At 1 April 21y24 and 31 March 2025 DEPRECIATION At 1 April 2024 Charge for year 39,568 33,362 695 74.890 695 At 31 March 2025 NEf BOOK VALUE Al 31 March 2025 At 31 March 2024 695 695 Pag8 17 LJ)ntinuod...
NAUllCAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEMENTS - continuod FOR THE YEAR ENDED 31 MARCH 2025 15. HERAGE ASSETS Tot MARKEf VALUE At 1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 22,718 At 31 March 2024 22.718 Included wlthln herltage assets Is a Lbytts Regtster vthich when donated by Glasgryw Unlverslty In 2007108 was considered to have a market value d £16,OC(I. STOCK 2025 2024 Stock 17. DEBTORS: AMOUNTS FALLING DUE WIThIM ONE YEAR 2025 2024 Trade debtors Other debtors 2.033 7.129 18. CREDrroRS: AMOUNTS FALLING DUE WH1N ONE YEAR 202S 2024 Trade credito Other creditors Deferred Income ($08 below) 2,979 18,040 8,867 Deferr8d incomo Deferrod incfymg grants and 8ubsupthS received forfuture accounting Per8. 2025 2024 Brought forward Amount released to ine4Jming r6scArn Amount deferred in year 44.345 {44,3451 18,040 23,706 123.706) Carried fopAard 44,345 Page 18 ntinued...
NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEMENTS - continuod FOR ThE YEAR ENDED 31 MARCH 2025 19. ANALYSIS OF ASss BEfwEEN FUNDS 2025 Total funds 2024 Totsl funds ftjrnls funds Fixed assels Current assets Current liabilities 28.251 118,395 56,060) 28,251 127,050 23.559) 34.478 175,394 558171 8.655 32.501 J.586 41.156 131,742 154,055 20. MOVEMENT IN FUNDS Nel movement in ftjnds Tr8nsf6r8 b¢een fvnds Al 31.3.25 At 1.4.24 Unr•strlctod funds Gen8ral fund T&F Ad¥anc Royalty Paymgnt 127,687 1.788 157,212) 18.323 88.798 1.788 129.475 (57.2121 18,323 90.586 Rfrgtrfctsd fund NAS Conference Mare Cyprium JNA Publication Support Save the Lond Easlboume WT8¢k Unpalh Project Inlemalional Nautical Archaedogy Fund London contritroJtn Support Grants Dlvèr City Garfigid Weston Carbon Llleracy Lloyds Register Foundatton 3.429 {3.429) (3.333) 3.333 2,166 11,6671 5.056 4.140 2.166 3,108 7,016 4,775 1,960 7.073 {11,2131 2.709 4.730 {8261 1,883 4.730 7.034 11,964 7,034 11.964 13481 3.25S 24.580 183231 TOTAL FUND8 154,055 22,313) 131 742 Page 19 continued...
NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL sfATEMENTS - contlnuod FOR THE YEAR ENDED 31 MARCH 2025 20. MOVEMENT IN FUNDS - contlnued Net movement in funds, Incknled in tha alw are as folkNts". InrnIng Resources Movemont 6XP8nded in funds Unrestrlcted funds General fund 65.870 (123,082) (57,2121 Rostrlct•d funds NAS Conference IJNA Publicakn"on Support Save the London Eastboume Wrock Unpath ProS8ct Intemallonal Nautkal Artha Fund Diver Clty Garfield Weslon Carbon LiÈeracy Lloyd5 Register Foundth'on 11.092 30.000 2.104 15.050 4.380 (7.6631 (27,8341 13,771) (9.994) (240) 3.429 2,166 (1,6671 5.056 4,140 11.167 7,034 1S.000 13,036) 428 {80) 4 100 845) (11.9931 1826) 7.034 11.964 348 TOTAL FLINDS Comp•rad¥•x for mov•ment In fund• Not m¢)vement in funds Transfè baen nds At 31.3.24 Al 1.4.23 Unrestrlct•d fund• General fund T&F Advanc6 Royalty Payment 87.315 45.252 14,8801 127,687 89,103 45,252 14.8801 129,475 RetytrScted funds Blg Anchor Ho118nd no 5 Mare Cyprium IJNA support London Wreck Prciect S8V8 Ihe London Eastboume Wrec ELeaming Devg1¢)pmènt Prqect Unpalh Project Intematwjnal NaLrt¢cal Archaeob3y FurKI London Contrfjtxrtlon Support Grants (20.044) 440 3,333 15.493) (1,577) 3,857 14401 3,333 5.493 1,577 918 4,775 1.960 1.750 11,750) 7,073 7,073 2.709 4.730 2,709 4.730 24,580 TOTAL FUNDS 34.801 154.055 PaJe 20 continued...
NAUTICAL ARCHAEOLOGY socIErY NOTES TO THE FINANCIAL STATEMENTS- contlnu FOR THE YEAR ENDED 31 PAARCH 2025 20. MOVEMENT IN FUNDS- conllnued Comparative net mement in fvnts, induded in the akne are as follows.. Incoming rèsources Resources Movem&nt aXP9nded in funds Unr•strlctod funds General fund 136.567 {91.3151 45.252 Restrfct•d funds Blg Anchor Holland no 5 Mare Cyprium IJNA support London Wrock Prolect Save the Lond Eastbourne Wreck Unpalh Project {20.OH) (20.1)441 440 3.333 (5.4931 (1,577} 3.857 1,960 440 6,953 20,000 13,6201 (25.4931 (1.577) {5.918) (7,501} 9.775 9.461 7.188 64.268 10.4511 TOTAL FUNDS 34.801 Dg8crlptlon of fund• T&F Adv An IJNA roy81ty advance from Taylor and Frenas whith the Soci6ty has decided to spend only on the purchase {and associated costs) of IJW the NAS handbook and Monograph $efies. If the 8dvanc6 xcoed8 tha amount of royalty to which tha adVar rolaigs. the NAS will be obliged lo repay the amounl equal to the 8xc885. or the amount of the 6xcass may b8 offs81 against any royalty payment or any advance payment lo be made to the Sodety by the Publishar in the followng y8arf$). NAS Conferan The NAS was awardgd a grant by HiOriC ETr3land to supp1 tho delfrlery of the annual conference In Dutham. Other stainshIp for the event was awarded by several rx)mmerr4al supporters and t>)nference partners. Income was a180 ganeratgd by delagat8 fees. Mare The NAS was wwarded 8 gr8nt from the Honor Frost FourKlabon to support the ma Cyprfum Project being undertaken by the MAritime ARchaeok)gl REsearth Laboratory {MARELabl of the Universty of Cyprus. IJNA Publicabon Su The NAS receNed a grant from the Honor Frosl Foun08Ion lo support the Inlemational Joumal of Nautical Archaeow. The grant is being u1 to provide translations of artKle abstrath, to SUPPOrt the joumal editor to attend inlemational conferences. Save the L d Restricted fund for donations associated with the campaign to Save the London shipwreGk in the Thames Estuary. The campa*Jn funds are allc¢ated to cover the coyt of dNing, conservation of Page 21 continued...
material and the costs of runniNJ the carrpaign itsew. Page 21 continued...
NAUTICAL ARCHAEOLOGY SOCIETY NOTES TO THE FINANCIAL STATEMENTS - ntinUed FOR THE YEAR ENDED 31 IIARCH 2025 20. MOVEMENT IN FUNDS- ¢oMlnued Ibou Kleln Hol lia The NAS was award6d grdnt by th8 Culbjral Heritage Agency of the NethertarK15 (RCEI towards the investigation of the Kjein Hollandkq, a Dutch warship that sank in 1672. Un ath Pro As part of the widar UnPath Pro1 the NAS VAI study the rem?wiing Holland Class Submarina ass8mblages and WIN address the need to link archives knjether to maximise tr reSeah potential 8nd to make maritime archaeol3KaI sites rTr)re accessib, providiTrJ tangible links to Bn'lish history Ihrc¥Jgh engagement especialty with thg non4iving general wblic. cal knh8 Fund Since 2021-22 the NAS has been assisting ts famity of Edward & S8ry1 Vct der Porten to establish a grant gNing Foundatn. The work has invofved the establishmenl of an independent CIO based in the UK. Th6 NAS will acl as the solg trustee of the new Internaknonal Naulical Archaeology Foundation CIO, wlth the grant 8W8rds likety to tskè p in 2026 don Contri Re8tdcl8d fund for Incom• asKlated wlth research 8Th1 investlgatbn of the protocted wreck of the London In the Thameg Eslu8ry. In November and December 2024 thè NAS raised funds through the Big G0 Chriskna$ Challenge Campalgn to run SCUBA ty4ives for young p8oplg in Rctherham and Southampton In the summer of 2025, in partnershlp with MSDS Marine & Heritage. eld Weston The NAS was awardgd a grant by thg Gak1 Wastm Foundalion lo support the Socititl$ outreac efforts lo meet face to face with groups. [ruTrng dNing dubs to ty lo erthurage them to gel invofved. Thls project WIH be delwered betsveen January aThl Dember 2025 and will include talks, pool ses8lons. protected wreck trips and courses. nsfers b fuThJs The transfers from rostricted to unrastriGted fijnds relate to funds on whith rostricth)ns have been satisfied and therefore are no I0er consKlered to be restricted funds. Restricted funds in deficit all have sufficient funding in 2025126 to cover any shorvalls. where they do not a transfer from UnreStrfct funds has been made. Page 22 continu...
NAUTICAL ARCHAEOLOGY SOCIErY NOTES TO THE FINANCIAL STATEMEpifs- conlinued FOR THE YEAR ENDED 31 IIARCH 2025 21. EMPLOYEE BENEF OBLIGATIONS During the year the charitable COrynY cyerdled a defw)&J CQntributk pension scheme for its employee5. The charge for the year was £3.255 (2024.. £3.132). There were no arunt5 prepahd or outstan(ting with th8 scheme at the balaf sh8et date (2024: £nil). 21 RELATED PARTY DISCLOSURES Durfng the year Th8 Nautical Archaeoh)gy ScKlety InvoEc8d MSDS Marine Ltd. a company th a trustee In e4Jmmon. £3.951 I224.. £4.176) kYofesw¢)nal senkns and office s. 23. ULTIMATE CONTROLUNG PARTY Th& tharitablo company is not urKler thè Cayttrol rf anolh8r entity or one indiwdual. 24. LEGAL STATUS OF THE CHARrrY The charlty Is a eompany Ilm6ted by guarante8 and has no share capttal. Th8 Ilablllty of each member in the event of winding up is limitsd to £5. Page 23