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
Indo￿nd•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 DireCt￿s CA)nfim) Ihal they have referred to the guidan￿ contsined in the Charity commiss￿n'S
general guidance on publlc benefit when revithving kne &￿ie1￿S 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 genera￿s. 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 pUblI￿tIon. 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 ShO￿d 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 sustslnab￿ity 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 st￿1 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 Sutr￿Aqua 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 b￿n9 lost from UK wrecks designal8d
under the Protact￿n 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, Inc￿1r0 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
Ta￿or & 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￿ ￿l￿n￿&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 frc*m 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 8ctIv￿8s, 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 Ac￿vItIeS
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)o￿ThJ 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, Ta￿Or & Francis. The mombers. online newsfeed ContinL￿s 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 A￿rdI
The NAS continued to receNe grant SUPF*xi 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 A￿hae010gy,
Und&Nater Archaeob)gy and Foreshorg Atheology as 8$ practical skllls days. both Unde￿ater and
on foreshore sites. The S￿ty also hosts On￿ne 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 Ind￿led 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 sU￿Aqua 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 rF￿nOgraphs) 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-t*aring investn￿t accwnt oPern￿l in conjunction with a
urronl accounL A small arnunt of interest was receN￿l 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 aCC￿nI. 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 s￿t on reviewing lh8 Soci8Vs activitses. determinlng future
8Ctivllles for en5urlng a stsble 11r￿nCIal future for the Soaety as vdl as supwting dlvers and non4Jlver$
allke with dear training paths a￿1 to motivats them to (x)ntinue1gamrvJ about nautical arCha￿logY.
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 (C￿npanY 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>crfa￿1 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 aSs￿lation 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 v￿preSidents. 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 ff*nagement of the s(￿￿s wbllcatlon actlvitles and
for general management of the Sodevs actNitses in the office at Portsmouth, onto which members may be
¢C￿pIed. 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 assu18r￿e 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 pa￿er
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 Beattl￿Edwa(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 sign￿1 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 acC￿ntS 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 8￿J11￿ 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) Regul*K)ns 2006 (as ame￿Ied} 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 tr￿y 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. acCoun￿ng 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 re￿ting 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$h at bank
16
17
4,348
10.846
111.856
4.666
19,870
150.858
127.050
175,394
CREDITORS
Amounts falling duo wlthln on8 year
18
{23.5591
(55,817)
NET CURRENT ASSETS
103491
119.577
TOTAL ASSETS LESS CURREp¥r
LIABILITIES
131.742
154,055
NET ASSETS
131742
154,055
FUNDS
Unrgslricted funds
Restrided funds
90.586
41.156
129,475
24,580
TOTAL FUNDS
131742
The charltable company Is entitl8d to exemption from audit uThJer Secuon 47T of th8 Companleg Acl 2006 for
thè year ended 31 March 2025.
The members have not requlred the c4)mpany to obtain an audrl of lis finan¢ial statements for the year ended
31 March 2025 in acLxYdance with SeCt￿n 476 of the Companigs kt 2006.
The tnjslees 8d(nowlgdge their r8sponsibllilies for
la)
ensuring that the tharitabla company keeps acGountiNJ rwds that C4ympty wlth Sect￿n$ 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 fin￿rya1 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 at￿rdance with the pro￿s￿)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 Ur￿er 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 appliCa￿e 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 Rep￿ing Standard 102 The Financial Reporting Standard
8pplicable in the UK and Republ￿ of Ire￿rKr and the Companles Act 2(Th. The fina￿￿al stat8monts
have been prepared under the higtorical cost c(Th18ntion.
Incom•
l income is rec(￿n￿d 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 am￿nt C￿ be measured reliably. Such
income Is onty defeffed ￿en."
-The donor SF*cltss 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 Obl￿allOn
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 h￿dIng$ 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 Cor￿ls18n1 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 f0M￿llY 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￿ typ￿allY number
between 6 and 12 books. All the tKJL*s are catakyd￿d an Ex￿1 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 be￿ffit of the infomiation reported to the readers of thè
accounts.
The collecl*)n consrsts of t￿￿. wiodica15, Maga￿n6$. CD'S OVD'S on Ihe suble¢t of naulical
archaeology aThJ hlsbxy as wdl as a nearty complete (>)19c￿n 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￿$1￿9 commltm•nts
Rentsls patd under operating leases are charged to the Statement of Finart￿l Activities on a straight
Ilne basis overthe ￿0d ol the lease.
P•nslon costs and other post4￿1•M•nt hnofits
The charilabta company operates a dofwie(l ￿)ntrIbution pen8ion 8cheme. Contributions payable lo
thè charitablg compan￿$ 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 % detai￿d b81ow.
Dèbtor5 and cash at bank
Trade and other debtors arE recognised at the settlement amount due after any trade discount
Offe￿d. 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
2￿5
2024
Nautical h6rilag8 publicat￿)n. rosear¢h.
8ducalKffl and training
Nautical heritage publ￿tIOn, rnsearch.
education and training
Nautical heritsge publhxllon, researth.
eduCatIL￿ and training
Naulical h8rÉtag8 put4lcalion, rosa*th.
oducaticfj and training
Nauti￿1 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 sU￿AqUa Club Jubllee Tnffjt
MSDS Marine
Michael Porten Trust
Honor Frost Foundat
Country Archaeology arKI Hi8torK EnvironThnt Ser￿8
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 pU1￿1CatIOn. 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 tha￿Tr￿(CredIbr￿j):
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 otr*r 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 P￿sonn•1
The key managèment P8Tsonn61 of the chanty compKises the Ch￿f ExecLrtfve. Th8 total employment
benefits of th6 key manageff*nl 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 actlvltȕs
Nautical heritage pubfication. research,
education and IrainiThJ
92.716
64,114
156.830
Total
91.316
64.267
155.583
Page 16
continued...

Page 16
continued...

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(EXPEND￿uRE)
Transfers bfjtw￿n 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. HER￿AGE 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 W￿H1N ONE YEAR
202S
2024
Trade credito
Other creditors
Deferred Income ($08 below)
2,979
18,040
8,867
Deferr8d incomo
Deferrod incfymg grants and 8ubsupth￿S received forfuture accounting Per￿8.
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 ASs￿s 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 contritroJt￿n 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".
In￿rnIng
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
ba￿en
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 Hi￿OriC ETr3land to supp￿1 tho delfrlery of the annual conference In
Dutham. Other stains￿hIp 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)g￿l 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 u￿1 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￿ reSea￿h potential
8nd to make maritime archaeol￿3KaI 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 Vc*t der Porten to establish a
grant gNing Foundat￿n. 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• asK￿lated 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 G￿0 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 Ga￿k1 Wastm Foundalion lo support the Socititl$ outreac
efforts lo meet face to face with groups. [r￿u￿Trng dNing dubs to ty lo erthurage them to gel
invofved. Thls project WIH be delwered betsveen January aThl D￿ember 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 I0￿er 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 COry￿nY cyerdled a defw)&J CQntributk￿ pension scheme for its
employee5. The charge for the year was £3.255 (2024.. £3.132). There were no ar￿unt5 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 I2￿24.. £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.
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