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2023-03-31-accounts

Page
Trustees'
Report
Strategic Report 4
Achievements
and performance		 4
Financial
review		 8
Plans for future
periods		 9
Principal
risks and uncertainties		 10
Structure,
governance
and management		 11
Reference and administrative details 12
Statement of Directors'
Responsibilities		 14
Auditors'
Report to the Trustees		 15
Consolidated
Statement of Financial Activities		 18
Company
Statement of Financial		 Activities 19
Consolidated
Balance Sheet		 20
Company
Balance Sheet		 21
Consolidated
Cashf low Statement		 22
Notes to the Financial Statements 23

Status Company
Limited		 by Guarantee by Guarantee
Charity Number 277503
Company Registration Number 1415654
President The Former Prince ofWales KG KT GCB OM AK QSO CC PC ADC
Vice Presidents Lord-Lieutenant
ofthe County of Hampshire		 (ex-officio)
The Right Worshipful,
The Lord Mayor of Portsmouth		 (ex officio)
Admiral
Sir Kenneth
Eaton		 KCB OBE (deceased July 2022)
Sir David Cooksey GBE
Lionel Allery
Professor Sir Barry Cunliffe KBCBE FSA FBA
Rear Admiral John Lippiett CBCBE
Alan Lovell DL
Trustee Directors Dr Robert Bewley
Christopher
Brandon
RIBA FRSA FSA
Professor Van Gore CBE
Rupert Grey
Vice Admiral
Peter		 Hudson CB CBE(retired February 2023)
Adam
Humphryes
Dominic Jones
Professor Suzannah Lipscomb
Dr Janet Owen (retired February 2023)
Nigei Purse (Chair)
Tim Rusby
Terence Stevens (appointed November 2022)
Sophia Weston
Members Cllr Tom Coles (PCC)
Vice Admiral
Peter		 Hudson CB CBE
The Rt Hon Lord lliffe DL
Paul Jackson
Dr Christopher
Moran
Dr Janet Owen
Coral Samuel CBE(deceased January 2022)
Daniel Thorne
Cllr Gerald Vernon-Jackson (PCC)
Chief Executive Chief Executive Dominic Jones
Secretary Susan Wright ACMA
Registered Office 1/10 College Road
HM Naval Base
Portsmouth
Hampshire
P013LX
Senior Statutory Auditor Kerry Lawrance FCA
Auditors Compass Accountants Limited
The Tanneries
East Street
Titchfield
Hampshire
P0144AR
Bankers Lloyds Bank
3Town Quay
Southampton
Hampshire
50142AQ
Insurance Brokers Noyce Insurance Solutions Ltd
Bassett House
36 Leigh Road
Eastleigh
Hampshire
5050 3DT
Solicitors Blake Morgan
New Kings Court
Tollgate
Chandlers
Ford
Eastieigh
Hampshire
5053 3LG

For the year ended 31M arc h 2023
Unrestricted Restricted 2023 Unrestricted Restricted 2022
funds funds Total funds funds Total
Notes E E E E E E
Income and endowments from:
Donations
and legacies		 2 312,731 171,130 483,861 1,313,707 168,988 1,482,695
Other income from charitable activities
Visitor admissions 1,898,043 1,898,043 1,778,704 1,778,704
Other income from charitable activities 24,377 24,377 10,407 10,407
Other trading activities
Income ofthe trading subsidiaries 5 424,012 424,012 301,805 301,805
Investments 6 2,088 2,088 66 66
Other incoming resources 7 27,043 27,043 14,383 14,383
Museum
&Galleries
Exhibition		 Tax relief 80,000 80,000
Total income and endowments 2,768,294 171,130 2,939,424 3,419,072 168,988 3,588,060
Expenditure
on:
Raising funds
Fundraising 116,582 116,582 124,615 124,615
Commercial
trading operations		 5 239,290 239,290 180,914 180,914
Charitable
activities		 8 2,641,814 1,234,135 3,875,949 2,648,597 1,151,445 3,800,042
Total expenditure 2,997,686 1,234,135 4,231,821 2,954,126 1,151,445 4,105,571
Net incoming/(outgoing) resources
before transfers (229,392) (1,063,005) (1,292,397) 464,946 (982,457) (517,511)
Transfer between
funds		 20,160 (20,160) 285 (285)
Net income/(expenditure) (209,232) (1,083,165) (1,292,397) 465,231 (982,742) (517,511)
Reconciliation
offunds:
Total funds brought
forward		 4,282,776 23,999,670 28,282,446 3,817,545 24,982,412 28,799,957
Total funds carried forward 4,073,544 22,916,505 26,990,049 4,282,776 23,999,670 28,282,446

Unrestricted Unrestricted Restricted 2023 Unrestricted Restricted 2022
funds funds Total funds funds Total
Notes E E E E E E
Income and endowments from:
Donations
and legacies		 2 312,731 171,130 483,861 1,313,707 168,988 1,482,695
Other income from charitable activities
Visitor admissions 3 1,898,043 1,898,043 1,778,704 1,778,704
Other income from charitable activities 4 24,377 24,377 10,407 10,407
Other trading activities
income from trading
subsidiaries		 5 176,922 176,922 113,091 113,091
investments 6 2,088 2,088 66 66
Other incoming resources 7 34,843 34,843 22,183 22,183
Museum
&Galleries Exhibition		 Tax relief 80,000 80,000
Total income and endowments 2,529,004 171,130 2,700,134 3,238,158 168,988 3,407,146
Expenditure
on:
Raising funds
Fundraisfng 116,582 116,582 124,615 124,615
Charitable
activities		 8 2,641,814 1,234,135 3,875,949 2,648,597 1,151,445 3,800,042
Total resources expended 2,758,396 1,234,135 3,992,531 2,773,212 1,151,445 3,924,657
Net incoming/(outgoing) resources
before transfers (229,392) (1,063,005) (1,292,397) 464,946 (982,457) (517,511)
Transfer between
funds		 20,160 (20,160) 285 (285)
Net Income/(expenditure) (209,232) (1,083,165) (1,292,397) 465,231 (982,742) (517,511)
Reconciliation
offunds:
Total funds brought
forward		 4,276,736 23,999,670 28,276,406 3,811,505 24,982,412 28,793,917
Total funds carried forward 4,067,504 22,916,505 26,984,009 4,276,736 23,999,670 28,276,406

2023 2022
Notes
Fixed assets
Tangible assets 16 26,402,201 27,186,193
Current assets
Stocks 17 33,995 28,580
Debtors 18 246,154 301,913
Cash at bank and in hand 28 828,536 1,348,360
1,108,685 1,678,853
Creditors: amounts falling
due within one year 19 (520,837) (582,600)
Net current assets/(liabilities) 587,848 1,096,253
Total assets less current
liabilities 26,990,049 28,282,446
Net assets 26,990,049 28,282,446
Funds
Restricted funds 23 22,916,505 23,999,670
Unrestricted
funds		 3,867,504 4,076,736
Designated
funds		 22 200,000 200,000
Charitable
subsidiary		 funds 6,040 6,040
Total unrestricted funds 4,073,544 4,282,776
Total funds 21 26,990,049 28,282,446

Company
n		 umbe r: 1415654
2023 2022
Notes
Fixed assets
Tangible assets 16 26,402,201 27,186,193
Investments 3 3
26,402,204 27,186,196
Current assets
Debtors 18 411,977 412,801
Cash at bank and in hand 656,895 1,227,607
1,068,872 1,640,408
Creditors: amounts falling
due within one year 19 (487,067) (550,198)
Net current assets/(liabilities) 581,805 1,090,210
Total assets less current
liabilities 26,984,009 28,276,406
Net assets 26,984,009 28,276,406
Funds
Restricted funds 23 22,916,505 23,999,670
Unrestricted funds 3,867,504 4,076,736
Designated
funds		 22 200,000 200,000
Total unrestricted funds 4,067,504 4,276,736
Total funds 26,984,009 28,276,406

Consolidated
cash flow statement		 Consolidated
cash flow statement		 Consolidated
cash flow statement
for the year ended 31March 2023
2023 2022
Notes 6
Cash flows from operating activities:
Net cash (used in)/provided by operating activities (231,236) 221,382
Cash flows from investing activities:
Interest income 27 2,088 66
Purchase of fixed assets 27 (290,676) (54,693)
Net cash (used in)/provided by investing activities (288,588) (54,627)
(Decrease)/increase
in cash and cash equivalents		 in the year (519,824) 166,755
Cash and cash equivalents at 1April 2022 1,348,360 1,181,605
Cash and cash equivalents at 31March 2023 28 828,536 1,348,360
Net (expenditure)/income
for		 the reporting period (1,292,397) (517,511)
Depreciation
and impairment		 1,074,668 1,078,513
Interest income (2,088) (66)
Loss on disposal offixed assets 1,638
(Increase)/Decrease
in stocks		 (5,415) 20,232
Decrease/(increase)
in debtors		 55,759 (151,520)
(Decrease)/Increase
in creditors		 (61,763) (209,904)
Net cash provided
by (used		 in) operating activities (231,236) 221,382

The expected useful lives or agreed period s ofwrite offare;
euildings New museum 71years
New museum roof 40years
New museum cladding 30years
Other building refurbishment 5 —10years
Computers 5years
Plant and equipment New museum plant and equipment 10-25 years
Other plant and equipment 5-10years
Donated gifts 2 - 5years
Exhibition Exhibition
display		 30years
Exhibition fixtures and fittings 10years
Exhibition
ICT		 and AV 5 —10years
Motor vehicles 5 years
Conservation equipment 5 - 10years

Such
is		 their their significance,
all collections
have
Designated
status:
recognising
the
importance		 significance,
all collections
have
Designated
status:
recognising
the
importance		 significance,
all collections
have
Designated
status:
recognising
the
importance		 significance,
all collections
have
Designated
status:
recognising
the
importance		 of the of the whole whole
assemblage.
The ship
The Mary Rose herself is the only recovered
16th-century
warship
in existence and is ofinternational		 significance in
maritime archaeology and beyond. Weighing some 300tons and standing
as high as a four-story
building,		 the hull is
revolutionary in design and provides
vital evidence of shipbuilding
techniques
for a period when ship-plans		 do not
survive.
The artefacts
This unparalleled collection,
in many cases unique,
consists ofthose items made by and/or
used by		 the crew in the
pursuance of their personal
life and their work,
both
manual
and professional.
This also includes
those		 items,
supplies and fittings, necessary for the ship to fulfil its role as seafaring vessel, warship,
workplace
and home.
Bycategories, numbers held are:
Category Objects Count
Clothing Leather shoes, boots and jerkins, and knitted
and worsted garments		 770
Coinage Gold and silver coins and copper tokens, a coin balance and weights and tally sticks. 139
Domestic Plates, dishes,
bowls, flagons, tankards,
cooking pots, spoons,
peppermills
and a		 470
mortar.
Medical Lidded
canisters
containing
ointments,
jars of medicines,
urethral
syringes,		 84
puncture
syringe, scalpels, trepan, clyster and feeding bottle.
Musical instruments Wind pipes and a fine shawm, string and percussion. 13
Navigation Dividers, gimbalied
compasses, chart sticks, sounding
weights and log reel.		 26
Ordnance Heavy cast bronze
muzzle
loading
guns, breech
loading
wrought
iron guns		 with 5712
their carriages, smaller breech loading swivel guns. Ammunition
ofstone, iron, lead
and composite lead-covered
iron shot. Archery equipment
including
longbows		 and
arrows, arrow
spacers
and
wristguards.
Edgedweapons.
Personal Combs,
razors,
a
'piss
pot' and
pomander;
recreational
games,
a fine		 inlaid 334
backgammon
board with counters and bone dice; handheld
sundials,
book covers,
quill pens and ink pots.
Rigging Deadeyes, thimbles,
blocks, parrels and sheaves, chains and cordage.		 393
Ships-fittings Anchors,
sailcloth,
rope, waterproofing
materials,
fastenings
of wood
and		 iron, 6129
cauldrons,
bricks forming
the ships
ovens
and firewood,
lanterns
and candles,
pumping
gear, furniture
and the ship's bell.
25

Donations
and legaci		 es
Unrestricted Restricted 2023 Unrestricted Restricted 2022
funds funds Total funds funds Total
f f E f f f
Grant income
Grants receivable 80,000 154,530 234,530 1,221,262 112,238 1,333,500
Total grant income 80,000 154,530 254,530 1,221,262 112,238 1,333,500
Donations
Trusts and foundations 13,000 13,000 26,750 44,250 71,000
individuals 125,549 16,600 142,149 18,120 10,000 28,120
Corporations 642 642 737 737
Donation
boxes		 7,323 7,323 4,336 4,336
Mary Rose Flag Officers 38,500 38,500 23,900 23,900
Gift aid recovered 16,455 16,455 6,446 2,500 8,946
Mary Rose Information Group 2,229 2,229 1,242 1,242
Mary Rose Friends and Patrons 12,767 12,767 10,914 10,914
Total donations 216,465 16,600 233,065 92,445 56,750 149,195
Legacies 16,266 16,266
Total donations
and legacies		 312,731 171,130 483,861 1,313,707 168,988 1,482,695
Visitor admissions
Unrestricted 2023 Unrestricted 2022
funds Total funds Total
f E f E
Visitor ticket income 1,653,772 1,653,772 1,524,151 1,524,151
Visitor ticket income gift aid 244,271 244,271 254,553 254,553
1,898,043 1,898,043 1,778,704 1,778,704
Other income from charitable activities
Unrestricted 2023 Unrestricted 2022
funds Total funds Total
f f f E
Education workshops 24,377 24,377 10,407 10,407

Summary oftrading results 2023 2022
f f
Turnover 400,678 276,262
Total expenditure (236,469) (175,593)
Includes
logo &admin		 charges f7,200 (2022: E7,200) paid to the Trust,
eliminated on consolidation
Net profit for the year 164,209 100,669
Amount
gift-aided to the charity		 (164,209) (100,669)
Retained loss
The assets and liabilities of Mary Rose Trading Limited were:
Assets 212,089 157,280
Liabilities (211,898) (157,089)
Funds 191 191
The Mary Rose Archaeological Services Limited
provision of maritime archaeology and conservation services to external organisations.
Summary oftrading results 2023 2022
f f
Turnover 23,334 25,543
Total expenditure (10,621) (13,121)
Includes admin charges ofE600(2022:E600) paid to the Trust,
eliminated on consolidation
Net profit for the year 12,713 12,422
Amount
gift-aided to the charity		 (12,713) (12,422)
Retained (loss)/profit
The assets and liabilities ofThe Mary Rose Archaeological Services Limited were:
Assets 29,650 30,735
Liabilities (23,798) (24,883)
Funds 5,852 5,852
6. Investments
Unrestricted 2023 Unrestricted 2022
funds Total funds Total
f E f
Bank interest receivable 2,088 2,088 66 66

Unrestricted 2023 Unrestricted 2022
funds Total funds Total
E E E E
Sundry income 27,043 27,043 14,383 14,383
Group 27,043 27,043 14,383 14,383
Intercompany charge 7,800 7,800 7,800 7,800
Trust 34,843 34,843 22,183 22,183

Cost ofcharitable
activities		 by fund type
Unrestricted Restricted 2023 Unrestricted Restricted 2022
funds funds Total funds funds Total
E E E E E
Visitor services 735,619 53,246 788,865 735,681 6,170 741,851
Education 21,521 24,976 46,497 53,038 9,897 62,935
Conservation
and maintenance		 942,516 72,674 1,015,190 934,455 20,601 955,056
Collections 84,050 20,034 104,084 48,675 36,660 85,335
Exhibition 10,796 25,000 35,796 259,759 32,750 292,509
Maritime
archaeology		 120,507 6,660 127,167 88,524 88,524
Museum
building		 1,031,545 1,031,545 1,032,399 1,032,399
PHD Operations 726,805 726,805 528,465 528,465
Grant expenditure 12,968 12,968
2,641,814 1,234,135 3,875,949 2,648,597 1,151,445 3,800,042

Costs of cha ritable
activities
Activities Governance
undertaken and support 2023 2022
directly costs Tota I Total
E E E
Visitor services 663,140 125,725 788,865 741,851
Education 38,813 7,684 46,497 62,935
Conservation and maintenance 851,286 163,904 1,015,190 955,056
Collections 86,934 17,150 104,084 85,335
Exhibition 29,760 6,036 35,796 292,509
Maritime archaeology 105,724 21,443 127,167 88,524
Museum building 1,031,545 1,031,545 1,032,399
PHD Operations 604,252 122,553 726,805 528,465
Grant expenditure 12,968
3,411,454 464,495 3,875,949 3,800,042
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2023 2022
6 6
Net outgoing resources is stated after charging:
Depreciation and other amounts written offtangible fixed assets 1,074,668 1,078,513
Loss on disposal oftangible fixed assets 1,638
Auditors'
remuneration		 6,800 6,800
12. Auditors'
remuneration
2023 2022
f 6
Auditors'
remuneration		 -audit ofthe financial statements 6,800 6,800
Auditors'
remuneration		 —other fees:
- Preparation offinancial statements 5,215 4,575
—Otherservices 1,100
12,015 12,475
13. Employees
Employment costs 2023 2022
f 6
Group
Wages and salaries 1,445,400 1,274,274
Social security costs 125,790 105,378
Pension costs 136,686 135,562
Termination 30,000
1,737,876 1,515,214
Trust
Wages and salaries 1,371,795 1,222,346
Social security costs 120,746 101,731
Pension costs 132,314 131,995
Termination 30,000
1,654,855 1,456,072
During the year employee termination benefits of630,000were paid (2022:6Nil).
Key management personnel 2023 2022
6 6
Remuneration and benefits 323,727 317,059

Number o Number o femployees femployees
The number ofemployees who earned more than E60,000 during the year was as follows:
2023 2022
Number Number
E70,001to f80,000
E90,001to f100,000
E100,001tof110,000
The average monthly numbers ofemployees during the year, was as follows: 2023 2022
Number Number
Fundraising 2 2
Charitable activities 44 43
Governance 1 1
47 46
~FII Ti
s
Fundraising 2 2
Charitable activities 36 35
Governance 1 1
39 38

from the company
and was as follows;
2023 2022
Group f f
Pension charge 136,686 135,562
2023 2022
Trust f f
Pension charge 132,314 131,995

Group
Plant and Donated Motor Conservation
8ulldlngs Computers equipment assets Exhibition vehicles equipment Total
f f f f E f f f
Cost or valuation
At 1April 2022 22,059,383 198,868 4,836,715 266,600 9,667,128 10,651 737,704 37,777,049
Additions 93,000 2,675 78,261 116,740 290,676
Disposals (993) (3,599) (4,592)
At 31March 2023 22,152,383 200,550 4,911,377 266,600 9,783,868 10,651 737,704 38,063,133
Depreciation
At 1April 2022 2,999,137 126,487 2,857,695 266,600 3,699,644 10,651 630,642 10,590,856
Charge for the year 337,137 26,913 295,950 404,338 10,330 1,074,668
On disposals (993) (3,599) (4,592)
At 31March 2023 3,336,274 152,407 3,150,046 266,600 4,103,982 10,651 640,972 11,660,932
Net book values
At 31March 2023 18,816,109 48,143 1,761,331 5,679,886 96,732 26,402,201
At 31March 2022 19,060,246 72,381 1,979,020 5,967,484 107,062 27,186,193
Trust
Plant and Donated Motor Conservation
Buildings Computers equipment assets Exhibition vehicles equipment Total
f f f f f f f E
Cost or valuation
At 1April 2022 22,059,383 183,648 4,816,834 266,600 9,667,128 10,651 737,704 37,741,948
Additions 93,000 2,675 78,261 116,740 290,676
Disposals (993) (3,599) (4,592)
At 31March 2023 22,152,383 185,330 4,891,496 266,600 9,783,868 10,651 737,704 38,028,032
Depreciation
At 1April 2022 2,999,137 111,267 2,837,814 266,600 3,699,644 10,651 630,642 10,555,755
Charge for the year 337,137 26,913 295,950 404,338 10,330 1,074,668
On disposals (993) (3,599) (4,592)
At 31March 2023 3,336,274 137,187 3,130,165 266,600 4,103,982 10,651 640,972 11,625,831
Net book values
At 31March 2023 18,816,109 48,143 1,761,331 5,679,886 96,732 26,402,201
At 31March 2022 19,060,246 72,381 1,979,020 5,967,484 107,062 27,186,193

17, Stocks
Group Trust
2023 2022 2023 2022
E E E E
Goods for resale 33,995 28,580
18. Debtors
Group Trust
2023 2022 2023 2022
E E E E
Trade debtors 46,043 47,047 31,956 24,039
Amounts
owed by group undertakings		 201,926 149,334
Other debtors 814 15,126 814 15,126
VAT recoverable 25,958 52,123 25,958 52,123
Prepayments and accrued income 173,339 187,617 151,323 172,179
246,154 301,913 411,977 412,801
19. Creditors: amounts falling due within one year
Group Trust
2023 2022 2023 2022
E E E E
Trade creditors 170,175 402,142 150,069 386,849
Other taxes and social security 29,681 29,348 29,681 29,348
Other creditors 9,298 9,298
Accruals and deferred Income 311,683 151,110 298,019 134,001
520,837 582,600 487,067 550,198

Analysis of net assets betwee n
funds
Non charitable Unrestricted Designated Restricted Total
trading funds funds funds funds funds
E E E E
Fund balances at 31March 2023 as represented
by:
Tangible fixed assets 3,503,607 22,898,594 26,402,201
Net current assets/(liabilities) 6,040 363,897 200,000 17,911 587,848
6,040 3,867,504 200,000 22,916,505 26,990,049

between
funds
Non charitable Unrestricted Designated Restricted Total
trading funds funds funds funds funds
E f f E
Fund balances at 31March 2022 as represented by:
Tangible fixed assets 3,256,055 23,930,138 27,186,193
Net current assets/(liabilities) 6,040 820,681 200,000 69,532 1,096,253
6,040 4,076,736 200,000 23,999,670 28,282,446
Designated
funds
At Incoming Outgoing At
1 April 2022 resources resources Transfers 31 March 2023
f E E f E
Asset replacement fund 200,000 200,000
200,000 200,000
Trustees previously approved for f200,000 to be designated from free reserves to an asset replacement fund,
this is to support capital asset replacements required for the Museum.
Restricted funds
At Incoming Outgoing At
1 April 2022 resources resources Transfers 31 March 2023
E f f
New Museum 23,930,138 (1,031,544) 22,898,594
The Band Trust 24,832 15,702 (24,977) 15,557
Rathbone
Scorpion		 Trust 44,000 (43,246) 754
Armourers
&Brasiers Trust		 700 707 (1,407)
Garfield Weston Foundation 19,842 (17,942) (1,900)
Kickstart 8,831 (8,831)
The Wolfson Foundation 27,868 (27,868)
UNPATH 13,320 (13,320)
Adrian Swire Charitable Trust 20,000 (20,000)
The 29th May 1961Charitable Trust 10,000 (10,000)
Schroder Charity Trust 5,000 (5,000)
The Hobson Charity 18,260 (18,260)
Greenham
Trust		 10,000 (10,000)
The Dixie Rose Findlay Trust 5,000 (5,000)
1Cazalet 10,000 (10,000)
D Cooksey 5,000 (5,000)
I Purse 1,600 1,600
23,999,670 171,130 (1,234,135) (20,160) 22,916,505

Restricted funds (con tin ued)
At Incoming Outgoing At
1April 2021 resources resources Transfers 31March 2022
E E E
New Museum 24,962,537 (1,032,399) 23,930,138
Boshier-Hinton
Mobility		 fund 524 (524)
Foyle Foundation 19,050 (20,000) 950
Pilgrims Trust grant 100 (100)
Anonymous
donation		 201 (201)
Adrian Swire Charitable Trust 20,000 (20,000)
Rathbone
Scorpion Trust		 5,000 (5,030) 30
29th May 1961Charitable Trust 10,000 (10,000)
The Band Trust 36,000 (9,897) (1,271) 24,832
Royal Pavilion
&Museums		 Trust 1,094 (1,100) 6
Medlock Charitable
Trust		 5,000 (5,000)
Jonathan
Ruffer Curatorial		 Grants (1,000)
Britford Bridge Trust 20,000 (20,000)
UNPATH 6,660 (6,660)
Rathbone
Scorpion Trust		 44,000 44,000
Armourers
&.Brasiers Trust		 700 700
1982Project donations 12,500 (12,500)
Rowan Bentall Trust 250 (250)
Kickstart 6,784 (6,784)
24,982,412 168,988 (1,151,445) (285) 23,999,670

leases as fo llows:
2023 2022
E f
Within one year 28,500 28,500
Between one and five years 66,500 95,000
95,000 123,500
Related party transactions
Subsidiary companies
Company Percentage
Company
name		 number shareholding Description
Mary Rose Trading Limited 01447628 100Yo Mary Rose shop, hospitality and cafe.
Mary Rose Archaeological Services Limited 03131273 10076 Maritime
services.		 archaeology
and		 conservation

27. Gross cash flows
2023 2022
E E
Returns on investments and servicing offinance
Interest received 2,088 66
Capital expenditure
Payments to acquire tangible assets (290,676) (54,693)
28. Analysis of changes in net funds and net debt
Opening Cash Closing
balance flows balance
Cash at bank and in hand 1,348,360 (519,824) 828,536
29. Company limited
by		 guarantee

Group Trust
2023 2022 2023 2022
f f f f
Financial assets
Debt instruments measured at amortised cost:
-Trade debtors (note 18) 46,043 47,047 31,956 24,039
—Amounts owed by group undertakings (note 18) 201,926 149,334
-Other debtors (note 18) 814 15,126 814 15,126
46,857 62,173 234,696 188,499
Financial liabilities
Measured at amortised cost:
—Trade creditors (note 19) 170,175 402,142 150,069 386,849
—Other creditors (note 19) 9,298 9,298
179,473 402,142 159,367 386,849

2023 2022
Incoming resources from generating funds:
Donations and legacies
Trusts and foundations 13,000 71,000
Individuals 142,149 28,120
Corporations 642 737
Donation
boxes		 7,323 4,336
Mary Rose Flag Officers 38,500 23,900
Gift aid recovered 16,455 8,946
Mary Rose Information Group 2,229 1,242
Mary Rose Friends and Patrons 12,767 10,914
Legacies 16,266
Grants receivable 234,530 1,333,500
483,861 1,482,695
Visitor admissions
Visitor ticket income 1,653,772 1,524,151
Visitor ticket income gift aid 244,271 254,553
1,898,043 1,778,704
Investments
Bank interest receivable 2,088 66
2,088 66
Income from trading subsidiaries
MRTL 400,678 276,262
MRAS 23,334 25,543
424,012 301,805
Total incoming resources from generating funds 2,808,004 3,563,270
Other income from charitable activities
Education workshops 24,377 10,407
24,377 10,407
Other income
Sundry income 107,043 14,383
107,043 14,383
Total Income 2,939,424 3,588,060

Resources expended
Commercial
trading operations;		 Resources expended
Commercial
trading operations;		 Resources expended
Commercial
trading operations;		 Resources expended
Commercial
trading operations;
Trading activities ofsubsidiaries (consolidated)
MRTL 229,269 168,393
MRAS 10,021 12,521
239,290 180,914
Total cost of commercial trading activities 239,290 180,914
Fundraising:
cost ofgoods sold and other costs
Fundraising
Staff costs 60,860 77,130
Travelling 455 66
Consultancy 51,700 45,500
Management &admin costs 2,685 1,531
General costs 882 388
116,582 124,615
Total fundraising
trading
cost ofgoods sold and other costs 116,582 124,615
Total cost ofgenerating funds 355,872 305,529

2023 2022
Charitable
activities
Visitor services
Activities
undertaken		 directly
Staff costs 387,688 369,097
Volunteers
subsistence		 11,159 9,362
Travel &entertainment 427 1,311
Health &safety 2,931 7,668
Consultancy 12,847 12,516
Management
&admin		 costs 8,105 15,517
Rates 4,557 2,326
Insurance 35,110 30,850
Maintenance 74,372 77,301
Vehicle running costs 675 1,365
Museum
enhancements		 713 6,796
Events &programming 12,240 17,223
Marketing 18,746 61,650
Public relations 46,062 5,088
Grant expenditure 43,246
General costs 4,262 2,911
663,140
Support costs
Staff costs 74,902 74,664
Premises costs 8,340 8,958
Repairs &maintenance costs 6,802 4,444
Insurance 12,208 10,673
Travel expenses 1,740 2,017
Accountancy 1,411 1,539
Audit fees 1,842 1,844
Legal &professional fees 137 3
Other professional fees 6,126 4,289
Administration expenses 3,807 2,644
Depreciation
&		 impairment 7,284 7,909
Bank charges & interest 599 544
General costs 527 1,342
125,725
Visitor services total expenditure 788,865

Education
Activities undertaken directly
Staff costs 37,447 49,650
Travel &entertainment 196 214
Management & admin costs 245 150
Depreciation 288
General costs 925 2,426
38,813 52,728
Support costs
Staff costs 4,579 6,305
Premises costs 510 756
Maintenance 8 plant hire 416 375
Insurance 746 901
Travel &entertainment 106 170
Accountancy 86 130
Audit fees 112 156
Legal &professional fees 8
Consultancy 374 362
Management 8 admin costs 233 223
Depreciation 445 668
Bank charges &interest 37 46
General costs 32 115
7,684 10,207
Education total expenditure 46,497 62,935

Conservation
and		 Conservation
and		 maintenance
Activities undertaken directly
Staff costs 364,100 314,268
Premises costs 37,645 10,505
Light &heat 225,310 214,539
Insurance 16,325 795
Vehicle running
costs		 2,414
Maintenance 8 plant hire 155,679 219,600
Travel &entertainment 33 187
Consultancy 2,800 4,000
Management & admin costs 1,146 3,588
Depreciation 13,857 14,254
Profit/loss
on		 disposals offixed assets 1,638
Grant expenditure 29,297
General costs 5,094 16,250
851,286 802,038
Support costs
Staff costs 97,648 94,523
Premises costs 10,874 11,341
Maintenance & plant hire 8,867 5,626
Insurance 15,915 13,512
Travel &entertainment 2,269 2,553
Accountancy 1,840 1,948
Audit fees 2,399 2,334
Legal &professional
fees		 180 3
Consultancy 7,985 5,430
Management & admin costs 4,963 3,347
Depreciation 9,497 10,013
Bank charges &interest 781 689
General costs 686 1,699
163,904 153,018
Conservation and maintenance total expenditure 1,015,190 955,056

Collections Collections
Activities undertaken directly
Staff costs 81,095 59,444
Premises costs 5,325
Maintenance &plant hire 2,748 3,690
Insurance 602
Travel &entertainment 500 225
Management 8 admin costs 215 81
Depreciation 2,354 2,402
General costs 22 54
86,934 71,823
Support costs
Staff costs 10,217 8,347
Premises costs 1,138 1,001
Maintenance &plant hire 928 497
insurance 1,665 1,193
Travel &entertainment 237 225
Accountancy 193 172
Audit fees 251 206
Legal &professional fees 19
Consultancy 835 480
Management & admin costs 519 296
Depreciation 994 884
Bank charges &interest 82 61
General costs 72 150
17,150 13,512
Collections total expenditure 104,084 85,335

Exhibition Exhibition
Activities undertaken directly
Museum
enhancements		 29,760 244,850
29,760 244,850
Support costs
Staff costs 3,595 29,440
Premises costs 400 3,532
Maintenance 327 1,752
Insurance 586 4,208
Travel &entertainment 84 795
Accountancy 68 607
Audit fees 88 727
Legal &professional fees 7 1
Consultancy 294 1,691
Administration costs 183 1,042
Depreciation 350 3,119
Bank charges & interest 29 215
General costs 25 530
6,036 47,659
Exhibition total expenditure 35,796 292,509

Maritime
archaeolo		 Maritime
archaeolo		 g y y
Activities undertaken directly
Staff costs 104,386 69,714
Museum
enhancements		 140 3,541
Management & admin costs 819 808
Genera
I costs		 379 38
105,724 74,101
Support costs
Staff costs 12,774 8,910
Premises costs 1,423 1,069
Maintenance &plant hire 1,160 530
Insurance 2,082 1,274
Travel &entertainment 297 241
Accountancy 241 184
Audit fees 314 220
Legal &professional fees 24
Consultancy 1,045 512
Management & admin costs 649 315
Depreciation 1,242 944
Bank charges &interest 102 65
General costs 90 159
21,443 14,423
Maritime
archaeology		 total expenditure 127,167 88,524
Museum
building
Activities undertaken directly
Depreciation 1,031,545 1,032,399
1,031,545 1,032,399
Museum
building		 total expenditure 1,031,545 1,032,399

PHD Operations
Activities undertaken directly
PHD Operations
Visitor		 Centre costs 144,558 112,461
Staff costs 300,410 211,864
Marketing 158,475 116,382
General costs 809 1,655
604,252 442,362
Support costs
Staff costs 73,011 53,188
Premises costs 8,131 6,382
Maintenance 6,630 3,167
Insurance 11,900 7,604
Travel &entertainment 1,697 1,437
Accountancy 1,376 1,095
Audit fees '1,794 1,313
Legal &professional 135 3
Consultancy 5,974 3,056
Management
&admin		 costs 3,711 1,883
Depreciation 7,101 5,634
Bank charges &interest 584 388
General costs 513 953
122,553 86,103
PHD Operations
total		 expenditure 726,805 528,465
Grant expenditure
Activities undertaken directly
Restricted grant expenditure 12,968
12,968
Restricted grant expenditure total expenditure 12,968
Total charitable
activity		 expenditure 3,875,949 3,800,042
Total resources expended 4,231,821 1,105,571
Net incoming/(outgoing) resources for the year (1,292,397) (517,511)