Charity Number.. 277503 Company Number.. 01415654 The Mary Rose Trust (A company11rn5ted by guarantee) Trustees, Report and Consolidated Flnanclal Statement5 for the year ended 31 March 2024 Compass Accountants Limited Chartered Accountants and Statutory Auditors Venture Ho￿se The Tanneries East Street Titchfield Hampshire P014 4AR The Mary Rose Trust IA company limited by guarantee) Contents Page Trustees, Report StrategSc Report Achievements and performance Flnancial revlew Plans for future periods Principal rlsks and uncertainties Structure, governance and management Reference and admlnistrative details io li 12 13 Statement of Directors, Respon5ibillties 15 Auditors, Report to the Tr￿SteeS 16 Con501idated Statement of Financial Actlvities 19 Company Statement of Financial Activities 20 Consolidated Balance Sheet 21 Company Balance Sheet 22 Consolidated Cashflow Statement 23 Notes to the Financial Statements 24 The Mary Rose Trust IA company Ilmlted by guarantee) Report of the Trustees lincoiporating the Directors, report) for the year ended 31 March 2024 The Trustees present their report and financial statements for the year ended 31 March 2024. The Trustees who are also Directors of the Mary Rose for the purposes of company law and who served during the year and up to the date of this report, are set out on pa8e 13. Ob ectives and Actlvities Charitable objects The objects ol the charity, as delined in the Memorandum of Association, are: To find, record, excavate, raise, bring ashore, preseNe, publish, report on and display for all tlme In Portsmouth, the Mary Rose lor any of these activities) To establish, equip and maintain a museum or museums in Portsmouth to housethe MaryRose and related or 3ssocSated material. To promote and develop interest, researth and knowledge relating to: The Mary Rose and all matters relating to or associated with her, and without preludlce to the fore80in& her place in maritime, naval, mllltary, and social history and her excavation and displayi and All matters relating to undernater cultural herltage, wherever located. 411 for the education and beneflt of the Nation. Research and development. Conservatlon research and development expenditure is charged in the period in which it is Incurred. Gifts and services in klnd The Board of Trvstees recognises that gifts and servlces in kind are an impc>rtant contributor to the Dverall financial wellbelng of The Mary Rose Tiust, including professional services. The Trust also receives Invaluable support from 140 Volunteers who are oui prlmary interface with visitors in tho Museum and who help with the digitlsatlon of the collection. Public benefit The Trustees have recognised the two princlples of public beneflt and consider that the Charity meels them, namely. That there must be an identifiable benefit or beneflls and they must be clear, related to the alms of the Charity and must be balanced against any detriment or harm. The objects of the Charity are, as stated earliei in thls report, to conserye and exhibit the Mary Rose, togeiher with the educatlonal and research facilities, "all for the benefit of the Nation." The Mary Rose and her associated artefacts give a unique insight into ihe life of ordinary people in Tudor times and, as a re5uIt, are of benefit for academic study and casual visitor alike. That the benefit must be to the public or to a section of the public- that the beneficiaries must be appropriate to the aims and, if to a section of the public, rnust not be unreasonably restrlcted and that those from disadvantaged backgrounds Inust not be excluded fiom the opportunity to benefit. The Mary Rose Trust IA Company limited by guarantee) Report of the Trustee5 lincorporating the Directors, report) for the year ended 31 Marth 2024 The potential beneficiaries of the Charity are very wide and include not only the paying visitors to Mary Rose, but also schools and other groups who visit. The Trust also enables people with speclal needs to undertake supported volunteering in the Museum to extend reach further. There are many areas in which the charity provides PLtblic benefil of which the prSnclpal ones are.. Making available to everyone a heritage attraction of national and internatSonal signlflcance Advancing learning, through the delivery of Buided museum visits and workshops and the programme of outreach to schools ac105s the UK Being the lead museum in the UK for marltlme archaeology and a key resource for research. The Trustees have taken account of the guidance contained in the Charity Commission's general guidance o publlc beneflt when reviewing the Charity's aims and objectives and in plannlng future act5vities. Strate icRe ort Achlevements and performance 2023124 has been a year of growth for the Mary Rose Trust. It was the year we launched Dive The Mary Rose 4D to the public. This cutling-edge technologically innovative 4D Theatre tells the untold story of the finding, excavatingi and raisit)g of the Mary Rose. ExSstlng footage was used, along with narration from former divers and royal engineers, as well a5 newly created CGI footaEe. To make the experSence as immersive as possible, effects such as smell, sound, bubbles, and movement were used but the incredible attention to detail and ihe research-led approach of the team ensured that the integrity and authenticity of the Mary Rose was retalned. Figment Entertainment was selected as the primary partner to dellvei this and whilst majority of work took place in 2022/23 the launch and impact was felt in 2023124. The continued Portsmouth Hlstoric Dockyard Operations partnership, working closely with the National Museum of the Royal Navy INMRNI, is going from strength to strength and has dellvered increased visitation for the joint venture. This success is recognlsed across our Industry, and Portsmouth Historic Dockyard IPHDI featured, for the third year rufining, in the top 40 ALVA (Association of Leading Visitor Altr3ctlonsl report, and even managed to be to the 3, most visited paid for visitor attraction outslde London. The Trust's commitment to cornmunily engagement and social outreach that was started prior to our 40 anniversary has continued which has meant our 40, Anniversary really does have a lasting legacy. This is a program that now continues into the next 5-year plan. The positive trading, together with cost control, helped improve our budget and forecast, desplte revenue fundraislng not being as strong as expected. In addltlon the Tr(*st faced considerable increase in energy costs, as well as the effects of a contifiuation of the cost of livln8 crisis and the more general Impact of conllict in Ukraine and Middle East. The Mary Rose Trust IA company limited by guarantee) Report of the Trustees lincorporatlng the Dlrectors, report) for the year ended 31 March 2024 Key financial indicators are.. Mary Rose total vSsltor numbers were 230,66212022123 198,6311 Mary Rose cumulative income £3,612k12022123 £2,939kl Visitor income £2,367k12022123 £1,898kl Expenditure including depreciation £4,263k12022123 £4,232kl Operating deficit before depreciation and one offs £51k,12022123 surplus £325kl Operating deficil after depreciation and one offs £65lk,12022123 deficit £1,292kl Mary Rose Trading operating profit £162k12022/23 £164kl. Our impact for the year wa5.. 507,000 website visitors between April 2023 and March 2024. Thls Is 17% down on the previous year. However, 2022123 was our 40th Anniversary year and included a new C4 documentarvi 'The Lost Tapes" which had considerably large reach, as well as a substantial amount of media coverage. When comparinE with pre-pandemic and pre-PHD levels, thls past year was up 28%. Combined social media reach was 6,654,658. The Mary Rose continues to be #l in Things To Do In Portsmouth, with 5. average out of 5,984 reviews. Dive The Mary Rose 4D coverage in BBC News. ITV Lorraine, SKY History, local TV as well as local radio and natlonal press, including Ross Kemp interviews. Strategy The Mary Rose Tru5t'5 Purpose 'To care for anrl research the world's largest Tudor Collection. To tell the storles of Tudor Life and Human Endeavoui for the inspiration, enEagen)ent, and benefit of all" The Mary Rose Trusvs Vlsion To be "The number one go- to pla￿ for Everyday Tudor Life, Maritime ArchaeoloEY and Conservation in the world." To achieve thls, we have set four key strategic objectives, in conlunctlon with our Charitable Objectives. Mary Rose Key Strateglc Oblectives l. Achieve financial su$talnablllty for the Trust. The18st 3 Year Plan had financial year 2023124 as a year of break even. However, the energy and cost of living crisis, along with uncertBinty wilh the conflict in Russia/Ukraine and the Middle Easl, meant a deficit was budgeted for 202312024 of £365k. Strong tradin8 especially in Visilor Income, which was over £453k ahead of budget, meant the underlylng defitit reduced to £51k. Therefore, the oul-lvrn was close to the original 3-year plan. The Mary Rose Trust IA company Ilmlted by guarantee) Report of the Trustees lincorporatlng the Dlre¢tors' report) for the year ended 31 March 2024 The investment of Dlve The Mary Rose 4D, along with the Armada Maps and World Beneath The Waves from the National Museum of The Royal Navy, ensure that Portsmouth Historic Dockyard, ourjoint venture with the National Museum of the Royal Navy, was a success. The Loyal and Lotal scheme that has helped deliver off- peak income over last 2 yeors stronely continued this financial year. A cost control culture of strong financial discipline helped save on core costs as well as groundbreaking work by our conservatlon team to save on enerBy costs and get closer to the g031 of financial sustalnabilily. 2. Conserve and secure the collectlon, archlve, and story for future generatlons. Collecllons, Volunteers have now completed the scanning and re-housing of the Dive Logs as well as the associated Shore Logs and Dive Safety files from the archaeological archive. This marks the completion of this stage of the digitisation project with one of the next key pha5e5 being the scanning of the material currently on loan from the McKee family. Progression of the work using the DCMS Wolfson grant and match funding from the Scorpton Trust has continued. The new shelvlng for the Block Mills Cellars and conservation 8rade archSval spaces have been replaced and the new inor8anics store and cold storage room for the Chain Test House has been delivered. The full audit of the collection continues. A 5 Year interpretation and exhibition plat) has been created which includes.. Pop Goes The Mary Rose Tudor Portsmouth Exhibition Science Gallery Starboard Experlence These will be developed and form part of the next 5 Year Plan- 202412029 3. Engage all generations through innovative learning and outreach, Learning and Engagement In the financial year 2023124, we ran 515 workshops. This equates to approximately 16,480 young people In our learning rooms and is only 29 workshop5 behind our pre pandemic 2019 figure, so our Learning team are bucking the trend in Museum learning, which is generally decreasing post Covid. During the yea¥ there was a successful Stargazing Workshop, based around Tudor Navigation on HMS Warrior, which saw over 800 members of the public attend. This was run in partnership with the National Museum of the Royal Navy. The Mary Rose Trust IA Company limited by guarantee) Report of the Trustees lincorporatlng the Dlrectors, report) for the year ended 31 March 2024 The All Aboard Access Funding which ended this financial year has been a massfve success, compri5ing'. Over 60 Schools visiting free of charge via this scheme 170 workshops delivered 5070 young people actively engaging with the Learnlng Programme An average of 50% of pupils visiting via this scheme are In recelpt of the pupil premium (free school mea151 4. Con5011date and develop our iconi¢ status locallyi natlonally, and Internationally. Activity acr055 the year has all contributed to the continulng rlse In profile of the Mary Rose Trust its volunteers, divers, and staff. We have h05ted vi51ts from a numberof funders and national orEanisations during the year, including Arts Councll England, Heritage Lottery Fund, Art Fund. Strme further Snitiatives which have contributed to achievement of thi5 goal include.. Unlverslt of Portsmouth The Mary Rose and Universlty of Portsmouth have had numerous strategy sesslons and have an a8reed framework and MOU, with the following objective5 to- Explore the possibility of funded opportunities for research and innovation between both institutions. Pursue opportunities to develop scholarship, programmes, and curriculum between both institutions. Facilitate student involvemenl with the Mary Rose Trust with projects, placements, and other OPPDrtunities. Collaborate to strengthen local, regional, national, and international reach and impact. Sha Portsmouth Mary Rose continues to be part of Shaping Portsmouth and is participating fully through involvement in the various sub commlttees and groups, as well as being a Patron of the organisation. The Mary Rose a150 exhibited at the Shaping Portsmouth Conference this year. Cultural Collectlve Mary Rose ha5 played a supportlve role representing the venues, museums, and heritage as part of the cultural collectlve. Thls inclydes working with key partners and engagement with Portsmouth City Council and Arts Council. Portsmouth Football Club Mary Rose has strengthened its relationshlp with Portsmouth Football Club and Pompey in the Community and looks to continue to work with them into the next 5 years. Portsmouth Communil Partnershi The NatlDnal Heritage Lottery Fund Resllience Granl allowed the Mary Rose to work with the following partners with the output being delivered in the next financial year. Si Motiv8 Street Artist Planning meetings and an initial workshop took place in March, in preparatlon for the Art to be undertaken in April 24. A number of meetings with all parties to set this up were in 2023124. The Mary Rose Trust IA company limited by guarantee) Report of the Trustees {incorporatlng the Dlrectors, report) for the year ended 31 March 2024 Seekers Create Youn Person's A¥t Grou Workshops took place wlth young people from Dynamite and Kocreate in 2023124, to prepare for the projecl's output at Comic Con in May 2024. A number of meetings to facilitatè this project also took place in 2023124. FunkFormat Street Dance Work5hop5 and dance sessions are taking place on a weekly basis, based in the learnlng centye. These commenced in late Feblmarch and will run for the next few months to create the piece. A number of preparatory meetings to facilitate this project also took place in 2023124, before the start of the workshops. Portsmouth Music Hub School En ement Initial meetings with Sue Beckett and herteam have taken place in 2023124. However, the bulk of this element will take place in 2024125. As ex Art Galle Workshops and meetings to enable the project and to plan the sessions took place In 2023124, with the on- site visits due to take pla￿ in 2024125. Clarke Re nolds Seein Without Vlslon Meetings to enable the project and to plan the piece for World Slght loss day in October look place in 2023124. However, the construction of the actual plece will lake place in 2024125. The Mary Rose Trust IA company limited by guarantee) Report of the Trustee5 lincorporatlng the Dlre¢tors' report) for the yeav ended 31 March 2024 Financial Review The results for the period are set out on pages 19 and 20 and show a total deficit for the group of £651,225 12022123 deficit £1,292,397> Includlng deprecialion of £923,96712022123 £1,074.6681. Income for the year was £3,612,088 12022123 £2,939,424) of which unrestricted income accounted for £3,320,960 12022123 £2,768,294). Visltor income was £2,366,914 12022123 £1,898.0431 and trading subsidiaries income was £458,294 12022123 £424,0121. The increase in income is due to the continued recovery of visitor and tradinB activities post pandemlc. This recovery was supported by visStor investment within the Portsmouth Historic Dockyard by both JV partllers. Mary Rose's investment was focused on the new 'Mary Rose Dive 4D' that launched to the publlc for Easter 2023, thi5 was then followed up in the summer with National Museum of the Royal Navy's 'Armada Maps. temporary exhibition and the new 'Beneath the Wave5 Exhibition,. Expenditure for the year was £4,263,31312022123 £4,231,8211- Increases In expenditure were driven by a rise in utility rates and salary costs due to staff pay increases including the move lo the real living wage offset partly by lower ￿strIcted grant expenditure ond new exhibltion costs. The underlying operatlng posillon excluding depreciation and one offs for the year 2023124 is a deficit of £50.78312022123 deficlt £217,729). The improvement In operating position compared to last year is primarilv due to increased visitor and trading income partly offset by the higher expenditure. The focus continues to be on c105ing the funding gap with further growth in visitor related income streams and cosl control. The Mary Rose visitors for the year were 230,662 16% on last year12022123 198,6311. Mary Rose Trading limited's operatlng profit was £162,41312022123 £164,209), with increases in retail, café, and tours. The Dperating profli w511 be donated to the Trust via a gift aid payment ot £162,41312022123 £164,209). Mary Rose A¥chaeological Services Limited made an operativbg profit of £4,420. 12022123 £12,713). The operatlng profit will be donated to the Trust vla a gSft aid payment of £10,271.12022123 £12,7131. DLrring the year, the decision was taken by the Mary Rose Trust Board to streamline actlvities and therefore make Mary Rose Archaeological seNi￿s Limited dormant from April 2024 and complete this work through the Mary Rose Trust instead. Reserves policy The Charity continues to ensure that restricted funds that have not been spent are protecled for future use. The Charlty also aims to continue uslng any future surplus generated in the furtherance of its objects, namely the conseryation and display of Mary Rose l¢onsisting of the hull and the artefacts recovered from the seabedl. The Charity's Trustees aim to establish a revenue reserve to cover 6 months of operating costs, together with a designated asset replacement fund. Unrestricted reserves at year end are £4,106,80612022123 £3,867,504) of which free reserves accoLFnt for £517,073 12022123 £363.8971. The balance of funds currently covers The Mary Rose Trust IA company limlted by guayanteel Report ef the Trustees IlncorporatSn8 the Directors, reportl for the year ended 31 March 2024 approximately 2 months of operatin8 Costs. There is also a deslgnated asset replacement fund that the Trustees approved in 2022 of £200,000. The total funds of the Charity as of 31 March 2024 are £26.338,824 12022123 £26,990,049) of which restricted reserves are £22.031,82912022123 £22,916,505), relating to fixed assets. The Trustee5 reco@nise that the Charity is dependent on fundraising for suNlval through the year as well as for futtfrre developments. These key risks are recognised In the following section, 'Principal Risks & Uncertointies., Plans for Future Periods The Mary Rose Trust Board approved a new 5 Year Strategy which includes changes to the Culture and Strale8lC Objectives and External Customer ExperiencelBrand in order to dellver an aligned 5-year plan. Culture (Purpose, Vision, and Values) Our Purpose To be an authentlc time capsule that inspire5 future generations. Our Vision To be a Museum of the future, accessible for all and the internationally recogniseil home of conservation science and authentic Tudo¥ History. Our Values and Our Charltable Objectives remain unchanged. Key Strategic Objectives for next Financial Year l. Achleve lastlng Flnancial Sustainabillty How will we know? We generate more income than we spend and have built up enough reserve5 to fund our Bsset replacement, ongoing maintenance, and operational costs. 2. Creatingi Maintainlng and Developlng World cla55 Visitor Experlence, How will we know? Evolved the Museum antl dellvered Mary Rose 2.0. In 2024125 - Completed feasibility studies and identlfled our Masterplan for Mary Rose 2.0. 3. Conserve and secure the collection, ar¢hive, and story for future generations. How willwe knowPOurTudor collectlon Is well protected with a diverse range ofstories being researched and shared. In 2024125 - Deliver'Pop Goes the Mary Rose, Exhibition and complete the audit of the artefacts. 4. Deliver innovative and elfectlve learning and engagement. How will we know? L&E Is Integral to everythlnB we do at the Mary Rose Trust In 2024125 Deliver year-round learning and engagement offeying. io The Mary Rose Trust IA company limited by guarantee) Report of the Trustees {Incorporatlng the Dlrectors. report) for the year ended 31 March 2024 S. Build and grow our Iconlc significance, locallyi natSonally. and intemationally. How will we know? We are recogllised as belng a global leader and the preferred Tudor and Marltlme partner. In 2024125 Deliver n3tional partner5hip$ 6nd exhibition. 6. Embed Environmet)tal Sustalnablllty Into everything we do. How willwe know? We have an envlronment sustainability plan for the Mary Rose Trust, this will be kicked off by progressing the environmental feasibility studies while worklng In Ilne with Portsmouth Naval Base 2030 strategy. Princi al Risks and Uncertainties The Trustees have identified the malor risks to which the charitable company is exposed. The risks have been assessed by the Executive Team usln8 the normal paran)eters of Ilkelihood and impact, giving an overall risk score under the headings of governance, operational and finance. Control measures have been Identified for each of the risks to mitigate them to acceptable leve15; for those areas with significant residual risk labove a threshold scorel the issues are transferred to a top-level register which is regularly monitored. The top rlsks in the coming period focus around financial sustainability. and can be summarlsed as: Increased Energy Costs- An unsustainable Increase in costs requiring difficuli deci5ion5 in collection care and Museum viability. However, The Mary Rose Trust has had some success at exploring various mltigatlon measures, including the evaluation of our energy use, identifying areas of reduction whlch has led to saving. We contlnue to explore alternative energy sources. We are also collaborating with other heritage institutes for mutual learning. Environmental Sustainability has now been added to our Key Strategic Objectives for future years. Inflation A higher cost base that cannot be fully passed onto Visitors. The Mary Rose Trust has introduced a Quarterly Budget review and continued focus on procu￿Ment procedures. Trust cannot become financially self-sustalnlng ihe risk of the collection not belng cared for, redundancies and Significant reputational damage. Mitigation measures include The Portsmouth Historlc Dockyard Operations Joint Ventijre wlth The National Museum of the Royal Navy, working with the Portsmouth Naval Base Property Trust IPortsmouth Historic Quarterl and other key slrategic local partners, the growth of the Mary Rose Trading Limlted, the investment in a new 4D Theatre was the start and there i& a 5 year plan that intludes 3 new exhlbitlons and focuses on driving visilor5 and ¥evenue generation. Failure to create reserves to replace assets in a timely manner leads to widespread breakdown andloi major financial exposure in a single budget year the risk to conservation of the colle¢lion if equipment breaks down- capital financial rlsk if major pieces of equipment require replacement in one year. risk of Museum closuye. The mitigation for this includes the Key Strateglc Oblectwes for Financial Sustainability, the completion of asset replacement work, the establishment of a condition assessment review proce55 and timeline and the creation of a new 5-Year Plan. li The Mary Rose Trust IA company limited by guarantee) Report of the Trustees lincorporatlng the Dlrectors, reportl for the year ended 31 March 2024 Structure Governance and Mana ement The charitable company is governed by Its Artlcles of Association, which provide for the appointment and reappointment of Trustees. The governing body is the 8oard of Trustees which compri5e5 at least five and up to 17 members and meets at least four limes a year. The Board has the power to appoint new members with the aim of providing a balanced range of skills and experience,. these appointments are ratified at the following general meetlng. New trustees are briefed at the time of appointment and are appointed for a four-year term, normally renewable for a maximum of one further term. The Chief Executive is the only remunerated irustee. Board meetlngs are also attended by the Executive Team who present papers on their areas of respc)nsiblllty. The Trust has twowholly owt)ed subsldiaries- Mary Rose Trading Limited IMRTLI and Mary Rose Archaeological Servlces Limited IMRASI. The Board has establSshed a number of comyhittees and panels, each havlng a trustee as chair, appointed by the Board.. Curatorlal Advisory Committee,. Finance and Audit Sub-cominittee., Remuneratlon Committee,. Nominalions Committee, Prolect Steering Committee, Mary Rose Tradlng Board and Mary Rose Archaeological Setvices Board. The two trading company boards have external directors selected for thelr relevant knowledge and experience. The external auditors attend relevant meetings of the Flnance and Audlt Sub-commitlee and thè Board of Trustees. Operational managemenl is delegated by the Board to the Executive, led by the Chief Executive. The Board appolnts directors ofthe two tradSng subsldSaries, MRTL and MRAS, and monitors thelr performance by receiving re8ular Board reports. The directors of the subsidiaries normally meet three tlmes per year. Remuneration is decided bythe Remuneratton Committee which receives and conslders the recommendations Submitted by the Executive for both annual inflationary increases and individual awards. Annual inflationary Increase recommendations are based on three factors.. level of intrease of CPIIRPI, benchmarklng with partner attractions in PHD and looking at what the business can realistically afford. Individual awaids are made for two maln ieason5,' either an increase in job role responsibilities that merll an ir)trease or exceptional performante versus objectives. The Remuneration Committee decides whether to accept the recommendations from ihe Executive, then makès its own recommendation to the Board of Truslees for approval. Mary Rose Permanent Endowment Fund A Permanent Endowment Funej has been sel up as a separate ¢harlty111528981 to support the Mary Elose Trust and its objectives. This was created to Safeguard the future of Mary Rose and her world cla55 collection and stands at £2.5m, with the aim being lo increase thls to £5-IOm over time. 12 The Mary Rose Trust IA company limited by guarantee) Report of the Ttustees Ilncorporatlng the Dlrectors. report) for the year ended 31 March 2024 Reference and admlnistratlve details Status Charity Number Company Registratlon Number Company Limited by Guarantee 277503 1415654 Presldent HM King Charles111 Vlte Presldents Lord-Lieutenant of the County of Hampshire lex-officiol The Right Worshipful, The Lord Mayor of Portsmouth lex officiol Sir David Cooksey GBE IdÈceased january 20241 Llonel Allery Helen Bonser-wilton Professor Slr Barry Cunliffe KB CBE FSA FBA Rear Admiral john Lippiett CB C8E Alan Lovell DL Trustee Directors Dr Robert Bewlev Christopher Brandon RIBA FRSA F5A Professor Van Gore CBE Iretlred Au8USt 20231 Rose Grey lappointed November 20231 Rupert Grey Iretlred October 20231 Adam Humphryes Dominicjones ProlessorTrÈvor Keeble lappointed November 20231 Professor Suzannah Lipscomb Dr Andy PaintTrng lappointed November 20231 Aileen Peirce lappointed November 20231 Nigel Purse (Chairl Timothy Rusby Professor Terfy Stevens Kirsten SuensoTh-Taylor18PPOlftted November 20231 Sophia Weston Members Julian Cazalet Christopher Dobb5 Professor Van Gore Rupert Grey Cornelia Hallett Vice Admiral Peter Hudson CB C8E The Rt Hon Lord Iliffe DL Paul Jackson Kester Xeighley Robert Lapraik Cllr Hugh Mason IPCCI Dr ChrSstopher Moran Dr Janet Owen Nicholas Rule (deceased November 20231 Duncan Smith Dèniel Thorne Cllr Geiald Vernorn-jackson IPCCI John Vimpany 13 The Mary Rose Trust IA company limited by guarantee) Report of the Trustees lincorporating the Dlrectors, report) for the year ended 31 March 2024 Reference and Admlnistrative Detalls {contlnued} Chlef Executlve Dominic Jones Secretary Susan Wright ACMA Registered Office 1110 College Road HM Naval Base Portsmouth Hampshire POI 3LX Senlor Statutory Auditor Kerry Lawrance FCA Audltors Compass Accountants Limited The Tanneries East Street Titchfield Hampsliire P014 4AR Bankers Lloyds Bank 3 Town Quay Southamplon Hampshire S014 2AQ Insurance Brokers Noyce Insurance Solutions Ltd Bassett House 36 Leigh Road Eastleigh Hampshire S050 3DT 5ollcltors Blake Morgan New Kings Court Tollgate Chandlers Ford Ea5tleigh Hampshire S053 3LG 14 The Mary Rose Trust IA company Ilmlted by guarantee) Statement of trustees, responslbllltles for the year ended 31 March 2024 The Trustees Iwho are also directors of the Mary Rose Trust for the purpose5 of company lawl are responsible for preparing the Trustees, Annual Reporl lincluding the Strategic Rèportl and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlcel. Company law requires the Trustees to prepare financial statements for each flnancial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, includlng the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 IFRS 1021- make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the goinE concern basis unless it is inappropriate to presume that the charitable company will continue In operation. The Trustees are responsible for keeping adequate accounting records that disclose wilh ￿asOnable accuracy at any time the financial posltion of the charitable company and enable them to ensure that the financial statements comply w51h the Companies Act 2006. They are also responsible for safeguarding the a5set5 of the charitable company and hence for takinE reasonable steps forthe plevention and detection of fraud and other irregularities. Statement as to dlsclosure of Informatlon to audltors In so far as the trustees are aware: there is no relevant audit informalion of which the charitable company's auditor is unaware: and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Auditors The auditors, Compass Accountants Limited, will be propose(I for re-appointment in accordance with Section 487121 of the Companies Act 2006. This report was approved by the Trustees and signed on their behalf bv Susan WrightACMA Company Secretary 19 July 2024 15 The Mary Rose Trust IA company limited by guarantee) Independent audito¢s report to the members and trustees of the Mary Rose Trust Oplnion We have audiled the financial statements of the Mary Rose Trust Ithe 'parent charltable company'l and Its subsidiarles Ithe 'group'l for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activltie5, the Company Statement of Financial Actlvlties, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolldated Cash Flow Statement. and notes to the flnancial statements, including significant accounting policies. The financial reporting framework that ha5 been applied in thelr preparatlon Is applicable law and United Klngdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting Practice). In opinion the financlal statements.. give a true and falr view of the state of the group's and parent charltable tompany's affairs as at 31 March 2024, and of the group's incoming resources and application of resources, includlng its income and expenditure, for the year then ended; have been properly prepared in accordance wlth Unlted Kingdom Generally Accepted Accouhting Practice; and have been prepared In accordance with the requirements of the Companies Acl 2006. Basls for opinion We conducted our audlt in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibillties under those standards are further described In the Auditor's responsibilities for the audit of the financial statements section of our report. We are Independent of the group and parent charltable company in accordance with the ethlcal requSrements thai are relevant to our audll of the financial statements in the UK, including tho FRC'S Ethical Standard, and we have fulfilled our other ethic31 responslbS1illes In accordat)ce with these requirements. We believe that the audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Conclusions related to going concern In auditing the financial statements, we have concluded that the trustees. use of the golng concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any materlal uncertainties relating to events or condltSons that, individually or collectively, may cast significant doubt on the 8rovp'5 or parent charitable company's abilityto contlnue as a golng concern for a period of at least twelve months from when the flnancial statements are authori5ed for issue. Our responsibllities and the responsibilities of the trustees wlth respect to going concern are described in the relevant sections of this ieport. Other information The other informatlon comprises the information included in the trustees, anrtval reporl, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. Our responslbillty is to read the other Informatlon and, in doing so, consider whether the other information is materially inconsistent with the financial statements or 0￿[ knowledge obtained in the audit or otherwise appears to be materially mSsstated. If we idei)tlfy such material 16 The Mary Rose Trust IA company limited by guaranteel inconsistencies or apparent material misstatements. we are required to determlne whether there 15 a material misstatement in the financial statements or a material misstatement of the other informatlon. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this reBdrd. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report (incorporating the strategic report and the directors, report) for the finhncial year for which the financial statements are prepared is consistent with the financial statements: an(1 the strategic report and the rlirector5' report have been prepared in accordance wlth applicable legal requirements. Matters on which we are required to report by ex¢eptlon In the lisht of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in Dur opinion.. adequate atcountinE records have not been kept by the parent charitable company, or returns adequate for our audit have noi been received from branches not visited by us,. or the parent charitable company's financial statement5 are not In agreement with the accounting records and relurns,. or certain disclosures of directors, remuneration specified by law are not made- or we have not received all the informatlon and explanations we require for our audit. Responslbilltles of trustees As explained more fully the trustees, responsibilities statement set out on page 15, the trustees Iwho are a150 the directors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give 3 true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial Statements that are free from materlal mlsslatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing. as applicable, matter5 related to golng concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbilities for the audit ot the financial statements We have been appointed a5 auditor under the Companies Act 2006 and report Sn accordence wilh this Act. Our objective5 are to obtaln reasonable assurance about whether the flnancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes oijr opinion. Reasonable assurance is a high level of assurance, but Ss not 3 guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or efror and are considered material if, individually or in the aEgregate, they could reasonably be expected to influence ihe economic decSsions of users taken on the basis of these financial slatemenls. 17 The Mary Rose Trust IA Company limlted by guarantee) Irregularities, including fraud, are instances of non-compliance with laws and regulat10115. We design procedures in line with our responsibilities, outlined above, to detect material mi5Statements in respect of irregularitle5, including fraud. The extent to whlch our procedures are capable of detecting irregularities, includin8 fraud is detailed below.. We gaivbed an understanding of the legal and regulatory framework applicable to the company and the sector In which it operates through discussions with management, sector research, and the application of relevant audit knowledge and experience We made enquiries of management around actual and potential litlBation and claims We made enquiries of management and relevant staff, and designed our audlt procedures, including reviewing financial statement Llisc105ures and testing of supportlng documentation, to assess compliance wlth applicable laws and regulatlons. We focu55ed on law5 and regulations which could glve rise to material misstatement in the financial statèments includingj but noi lim5ted to, the Companle5 Act 21X)6, the Charilles Act 2011, the Charities SORP, and the Flnancial Reporting Standard 102 We identified the riskof material misstatement of the financial statements due to flaud and designed audit procedures to respond to the risk. We performed audit procedures deslgned to address the risk of fraud ar15ing from management overrlde of controls, including, but not limited to, testing of journal entries and other adjustmet)ts, reviewing accountin8 estimates for evidence of bias, and evaluatlng the busines5 rationale of significant transaclions outside the normal course of business. Because of the inherent limitations of an audit, there is a rlsk that we wlll not detert all irregularities, includSng those leading to a material misstatÈmont in the actounts or non-compllance with regulation. Tliis risk increases the more that compliance with a law or regulatiori 15 removed from the events and transactlons reflected in the accounts, as we will be less Ilkely to become aware of instances of non-compliance. The risk is also greater regardSng Irregularities OCCLtrrinE due to fraud rather thali error, as fraud involves intentlonal Concealment, forgery, collusion, omlsslon or misrepresentation. A further descrlption of our responsibililies for the audlt of the financial statements is located on the Financial Reporting Council's website at.. www.fr¢.org.uklauditorsresponsibililies. ThSs description forms part of our auditor's report. Use of our report This report is made solely lo the charilable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company's tru5tee5, a5 a bodyi in accordance with Parl 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitabl@ company's members and its trustees those matters we are required to state to them in an 3uditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable compantys members as a body, and the charitable company's trLtstees as a bDdy, for our audit work, for this report, or for the oplnlons e have formed. Kerry Lawran¢e FCA Senior Statutory Audilor For and on behalf of Compass Accountants, Statutory Audltor Venture House, The Tanneries East Street, Titchfield Hampshire P014 4AR Date.. Isr AvCoFr 2011 Compa55 Accountants is eli8ible to act as an auditor in terms of section 1212 of the Companies Act 2006. 18 The Mary Rose Trust IA company Ilmited by guarantee) Consolldatèd Statement of financial actlvlties lin¢orporating the Income and expenditLJre accountl For the year ended 31 March 2024 Unrestrlcted Restflcted funds funds 2024 Unrestiicted Restrlcted Total funds funds 2023 Total Notès Income and endowments from: Donations and legacies Other income from charitable attlvities Vlsltor admissions Other income from charitable activities Other trading actlvities Incomé of the trèdin8 subsSdiaries InwÈ5tments Other incoming resources Museum & Galleries Exhibltlon Tax relief 405.228 291,128 696,356 312,731 171,130 483,861 2.366,914 25,923 2,366,914 25,523 1,898.043 24,377 1,898,043 24,377 458,294 12,126 52,875 458,294 12,126 52,875 424,012 2.088 27,043 80,000 424.012 2,088 27.043 80,000 Total ineome and endowments 3,320,960 291,128 3,612,088 2.768,294 171,130 2.939,424 Expendlture on: Raising funds Fundraising Commercièl irading operation5 Charitable activit¢es 102.474 102,474 116,582 283.661 283,661 239,290 7 2,801,761 1,075.417 3,877.178 2,641,814 116.582 239,290 1,234,135 3,875,949 Total expendlture 3,187,896 1.075.417 4,263.313 2,997.686 1,234.135 4,231,821 Net Incomlngl{out8olngl resources before transfers 133,064 1784,2891 1651,2251 1229,3921 11,063,0051 11,292,397) Transfer between funds 100,387 IIOCl,3871 20.160 120,1601 Net Income/lexpenditure} 233,451 1884,6761 1651,2251 1209.2321 11.083.165) 11,292,397) Recon¢ill8tion of funds: Total funds brought forward 4,073,544 22,916.505 26.990,049 4,282,776 23,999,670 28,282,446 Total lunds carrled forward 4,306,995 22,031,829 26,338,824 4,073,544 22.916.505 26.990.049 The st3tement of finantial actlvlties includes all gains and 105ses in the year and therefore a separate slatement of total retognlsed gains and losses ha5 not been prepared. All of the above amounts relale to continuTrng activities. The results for the year are stated after charBlng depreciatlon of £923,96712023.. £1,074,668). These depreciation costs will reduce the balance of reserves over the respective Ilves ol the assets and will result in delicitk after depreciation being recognisecl in future years. The notès on page$ 24 to 39 form an inte8fal part of these flnanclal statements. 19 The Mary Rose Trust IA company limited by gu4ranteel Statement of finantial activities lincorporating the Income and expenditure account) For the year ended 31 Ma¥ch 2024 Unrestrlcted RestrÉcted funds funds 2024 Unrestrlcted Restrlcted Total funds funds 2023 Total Notes Income and endowments from: Donatlons and legacies Other income from charitable activlties Visitor admissions Other income from charilable actlvlties Other trading activities Income from trading subsidiaries Investments Other incoming resources Museum & Galleries Exhibilion Tax ￿lIef 405,228 291,128 696,356 312,731 171,130 483,861 3 2.366,914 25,523 2,366,914 25,523 1.898,043 24.377 1,898,043 24,377 172,684 12.126 60.675 172,684 12,126 60,675 176.922 2,088 34,843 80.000 176.922 2,088 34.843 80,000 Total Income and endowments 3,043,150 291.128 3,334,278 2,529,004 171.130 2,700.134 Empenditure on: Ralslng fund5 Fundraising Charitable èetivities 102,474 102,474 7 2,801,761 1.075,417 3.877,178 116.582 116,S82 2,641,814 1,234,135 3,875,949 Total resources expended 2.904,235 1,075,417 3,979,652 2.758.396 1.234,135 3,992,531 Net incomln8lloutgoingl resources before transfers 138,915 1784,2891 1645,3741 1229.392111,063,005111,292,3971 Transfer between funds 100,387 1100,387 20,160 120.1601 Net Ineomellempenditurel 239,302 1884,6761 1645.3741 1209,2321 11,083,165111,292,3971 Re¢onciliation of funds: Total funds brought forwaKd 4,067,504 22.916.505 26,984.009 4,276,736 23,999.670 28,276,406 Total funds carried fOn￿ard 4,306,806 22,031,829 26.338,635 4,067,504 22,916,505 26,984.(K)9 The statement of flnancsal attivities includes all gains and losses in the year and therefore a separate statement of total recoEnlsed gains and105se5 has not been prepared. All ol the above Bmounls relate to continulng activities. The results for the year are stated after charging depreciation 01 £923.96712023.. £1,074,6681. These depreciation costs will reduce the balance of reserve5 o¥erthe respective livesof the assets and will result in deficits alterdepreciation being reco8nised in future years. The notes on pages 24 to 39 form an integral part of these Ilnanrlal Statements. 20 The Mary Rose Trvst {A Company Ilmlted by guarantee) Consolldated Balance Sheet as at 31 March 2024 Company number: 1415654 2024 2023 Notes Fixed assets Tanglble assets 15 25,595,270 26,402,201 Cufrent assets Stocks Debtors Cash at bank and in hand 16 17 27 62,611 274,306 844.691 33.99S 246,154 828,536 1,181,608 1,108,685 Creditors: amounts falllng due withln one year 18 1438,0541 1520,8371 Net current assetsllliabilities) 743,554 587,848 Total assets less Current 26.338,824 26,990.049 Net assets 26,338,824 26.990,049 Funds Restricted ltsnds 22 22.031.829 22.916.505 Unr25tricted funds Designated funds Charitable subsidiary funds 4.106,806 200.OQIO 189 3,867.504 200.000 6,040 21 Tot81 unrestricted funds 4,306.995 4.073,544 Total funds 20 26,338.824 26.990,049 The ltrnancial statements were approved and authorlsed lor issue bythe board on 19 July 2024, and signed on its behall by Nl8el Purse Chalr umphryes Trustee The notes on pages 24 tg 39 form an Inteeral part ol these linantial statements. 21 The Mary Rose Trust IA company limited by guaranteel 8alènce sheet as at 31 March 2024 Company number: 1415654 2024 2023 Notes Fixed a55ets Tangible asset5 Investmènis 15 25,595,270 26,402,201 25,595.273 26,402,204 Current assets Debtors Cash at bank aftd in hand 17 423,593 723.517 411,977 656,895 1,147,110 1,068,872 Creditors: amounts falllng due wlthln one year 18 1403,7481 1487,0671 Net current assets/{IlabllStlesl 743,362 581,805 Total a55ets less current 26,338,635 26,984,009 Net assets 26.338.635 26.984,009 Funds Restricted fund5 22 22,031,829 22,916,505 Ljnrestricted funds Designated fund5 4,406,806 200,000 3,867,S04 200,000 21 Total unrest¥icted funds 4,306.806 4,067.504 Total funds 26.338,635 26,984,(X)9 The financial statementswere appToved and authorised for issue bythe board on 19 july 2024, and signed on its behalf by Nigel Purse Chair Ad rustee umphryes The notes on pages 24 to 39 form an InteEral part of thèsè linanclal statements. 22 The Mary Rose Trust IA company Ilmlted by guarantee) Consolldated cash flow statement for the year ended 31 March 2024 2024 2023 Note5 Cash flows from operating activities: Net eash lused inllprovided by operating activities IOLI,228 1231,2361 Cash flows from Investing activlties: Interest income Purchase ol f5xed assets 26 26 12.126 196.1991 2,088 1290,6761 Net cash (used Inllprovlded by investing activities 184,0731 1288.5881 IDe¢reasel/lncrease In cash and cash equlvalents In the year 16.155 1519,8241 Cash and ¢ash equlvalents at l April 2023 828,S36 1.348,360 Cash and cash equivalents at 31 March 2024 27 844,691 828,536 Net lexpenditurelfincome for the reporting perlod Depreciatlon and impairment Interest income Loss on disposal of fixed assets Donated assets Ilncreasel/oecrÈase in stocks Decrease/llncreasel in debtors (Decreaselllntrease in treditors 1651.2251 11,292,397) 923,967 1,074,568 112,1261 12.0881 7,663 128,5001 128.6161 128,1521 182.783 15,4151 55,759 161,7631 Net cash provided by (used Inl operating actlvltles 100,228 1231,2361 23 The Mary Rose Trust IA Company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 Accounting pollcles The Mary Rose Trvst is a private company limited by guarantee and Incorporated in Erkgland and Wales. The registered oflice Ss 1/10 College Road, H M Naval Base, Portsmouth, Hampshire. POI 3L%. The Mary Rose Trust meets the definition of a public benefit entity under sectlon 34 01 FRS 102. A5SQts and lizbilitie5 are initially recognised at historical cost or transaction Value, unle55 Otherwise stated in the relevant accountln8 policy. The principal objectives ol the charlty are dÈtailèd in the Trustee5 report. The principal accounting pollcies are summarised below. The accounting policies have been applled consistently throughout the year and the precÈdin8 year. 1.1. Basls of accounting The financial statements have been prepared in aecordantewith Accounting and Repoitin8 bycharities: Statement of Recommended Practice applicable to ct>arities preparing their accounts in accordance with the Flnancial Reportiftg Standard applicable in the VK and Republlc of Ireland issued in October 2019, the Finantial Reporting standèrd applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Chèrities Act 2011, the Companie5 Act 2006 and UK GenerallyAceepted Accounting Practice. 1.2. Basis of consolldation Consolidated financial statements have been prepared in respect of the charitable trust. its wholly owned charstable subsidiaries, Mary RoseTrading limited and The Mary RoseArchaeological Services Limited, and tt5 loirit Venture, Portsmouth Historic Dockyard IPHDI Operations Limited. The Consolidated Statement ol Fihantial Activities includes the resulrs of Mary Rose Trading Limited, The Mary Rose Archaeological 5eryices Limited, and the company's share ol thè results of PHD Operations Limlted as slngle line items. The Consolidated Balance Sheet Includes the net assets ol Mary Rose Trading Limited and The Mary Rose Arch8eological Selvices Limited, on a line by line basis and the companys share uf the net assets of PHD Operations Limited as an Item within Fixed Asset Investments. 1.3. Fund accounting Unrestricted funds are donatlons and other incoming resources received orgenerated lor the charitable purposes. Restricted funds are to be used for specilit purposes a5 laid down by the donor. ExpendSture whith rneets these criteria is identified to the lund, together wlth a fair allocation ol overheads and support Costs. 1.4 Incomlng resouyces All incoming resources are Included in the 5taternent of financia1 actlvities when the ¢harity is entitled to the Income and the &mount can bè quantified with reasonable accuracy. The following 5peciflc pollcies are applled to particular e3tegoriÈs of income.. Tumover ol the subsidiary undeitakings Is the total arnount receivable by the group in the ordinary course ol busSness with outside Customers for goods supplled as a prine%pal and for services provided, excluding VAT and trade discounts. Donations, le8acie5 and voluntary income are accountecl for when recelved. Pledged income Is included Sn the year in which it fullils the criteria lor income reco8nStlon, in accordance with the SORP. Gilts in kind are accounted lor at the Executive Committee's estimate of the value to the Char>ty as follows.. Gilts of Ilxed assets lor Charity use are accounted for las restricted funds) Immediately on receipt at the value ol the consideration that would have otherwsse been pèyable. Intangible income isvalued and included in income to the extent that it representsgoods or serviceswhith wotsld otherwise be purchased. An equivalent amount is charged as expenditurÈ. Volurktary help is not included as income. 24 The Mary Rose Trust IA company limited by guarantee) Notes to the financSal statement5 for the year ended 31 March 2024 Grants receivable are included when the conditions lor payment have been met and the amount receivable can be assessed with reasonable certabnty. Instalments under depos1t￿l covenants afe credlted to the income and expenditure account in equal amounts over ihe terms to which they relate. The unexpired instalment5 at the balonce sheet date are carried fon￿ard under creditors. Gilt Aid 15 reclaimed where appropriatÈ. Intome from investments is included in the year in which it is receivable. 1.5 Expenditure Expenditure is recognised on an accruals basis, as a li3bility is incurred. ExpenditL*re includes any VAT which cannot be lully recovered, and is reptsrted as part of the expenditure to which it relates. Costs of generating funds comprise thè costs a590Clated w¢th attracting voluntary incorne and the costs of tradin8 for fund raising purpose5 including the charity'5 shop. Charitable expenditurè comprises those costs incurred by the charity in the delivery of its adivities and services for its beneficiaries. It includes both costs Ihat can be allocated directly to such activitie5 and those costs of an indirect nature necessary to support them. FLFnd raislng costs are those incuried in seeking voluntary contrlbution5 and do not include the costs ol disseminating rnformatitsn in support of the charitable activities. Support costs are those costs incurred directly in support of expe*dlture on the oblects ol the cha¥ity and include project manaEemefit. 1.6. Tanglble flxed assets and depreciatlon All assets acquired by the entity with a cost or value greater than £500 are capitalised. Depreciation is calculated to write down Ihe cost less estimated Yesidual vèlue of all tangible fixed assets by equal instalments over their expected ugelul lives. The expected useful lives or a8reed peiiods ol write off are.. Bulldings Now museum New museum roof New museum cladding Other building relurbi5hment 71 years 40 years 30 years S- 10 years Computers 5 years Plant and equipment New museum plant and equipment 10- 25 years Other plant and equipment 5-10 year5 Donated gilts 2-5years Exhlbltion Exhibition display Exhibition fixtures and flttlngs Exhibition ICT and AV 30 years 10 ￿arS 5- 10 years Motor vehi¢le5 5 years Conservation equipment 5- 10 yeais Capitèl expenditure on improvements to premise5 vf 3 minor nature is charged to revenue in the period in which it Is Incurred. 25 The Mary Rose Trust IA Company limited by guarantee) Notes to the financial statement$ for the year ended 31 March 2024 1.7. Heritage assels The Mary Rose Tryst Is responslble for the material derived from the excavation ol the Tudor warshlp Mary Rose. These collect¢ons, held in "trust for the nation" have not been included in the flnancial statement5 due to their hlstollc and inalienable nattjre. The provenance ol the Mary Rose collection5 cannot be challenged,. they are the remains of a royal warship and her community, prÈsÈrved from 1545. The ship, artelacts and human remalns togeth2r form one ol the largest groups of well preserved associated remains from a precisely dared context. For this period they are unique. Not only ère they a fascinatin8 insight into Tudtrr Ilfe, they aTè a benchrnafk for scholars worldwlde. Such is their sigt7ificance, all collections have Deslgnated status- recogrki5ing the importance ol the whole assemblage. Yhe shlp The M3ry Rose heisell is the only recovefed 16th-century warship irb existence and is of international si8nillcance In maritime archaeology ènd beyond. Weighlng some 300 tons and standin8 as high as a foui-5tory building, the hull is revolutionary *n design and provides vital evidence of shipb(tilding technlques lor a period when ship-plans do not survive. The artefacts This unparalleled collection, in many cases unique, consists of those items made by andlor used by the crew In the pursvarnce of their personal life and their work. both mahual ènd professional. This also incluijes those items, supplie5 and littin85, necessary for the shlp to fulfil its role as seafaringvessel, warship, workplace and home. By categories, numbers held are.. Category Objects Count aothin8 Leather shoes, boots and jerkins, and knitted and worsted garments 770 Coinage Gold and silver coins and copper tokens, a coln balance and wesghts and tallysticks. 139 Domesl¢c Plates, dishes, bow15, flagons, tankards. cooklng pots. spoons, peppermslls and a mortar. 470 Medlcal Lidded tènlsters ¢tsntaining ointments, jars ol medlclnes, urethr&l 5yringe5, puncture syringe, scalpels, trepan, clyster and feeding bottle. 84 Musical instruments Wind pipes and a Ilne shawm, SEclng and pereussiort. 13 Navigation Dlviders, 8imballed compasses, chart stick5, souTrdlng weights and 108 reel. 26 Ordnance Heavy cast bionze muzzlÈ 103ding guns, breech loadin8 wrought iroll gLtns with their carriage5. smaller breech loadingswivel guns. Ammunition of stone. iron, lead and composite lead-covered iron shot. Archery equipment Includtng longbows and ariows, arrow spacers and wrlstguards. Ed8ed weapons. 5712 Personal Combs, razors. 8 'PISS Pot, and pomander,. recreational games, a flne Inlaid backgammon board with counters and bone dice,. handheld sundials, book covers. quill pens and ink pots. 334 Riggin8 Deadeyes, thimbles, blocks, parrels and sheaves. chains and cordage. 393 Ships-littings Anchors, sailcloth, rc¢pe, waterproofing mèteria15, la5tenings ol wood and iron, cauldrons, bricks forming the shlps ¢)vens and firewood. lanterns and candles, pumping gear, lurnSture and the Ship's bell. 6129 26 The Mary Rose Trust IA company limlted by guarantee) Notes to the flnancial statements for the year ended 31 March 2024 stowage Barrels. baskets. chests and boxes. 1363 Toolslequlpment Axes, saws, planes, brace5, mallets and rulers, ash boxes and a patr of bellows, giind5tone and whetstones, buckets and tubs. brushes, bobbins, pins and needle5. 643 Miscellaneou5 Braid, handles, straps, ribbon and thread. Also'unidentilied l Thing"), which while they are something, or a part of somèthin& currently defy tdentification. 1387 Owing to tfie nature of the collection and because it has been generated by previotss excavation from the sea bed, the Trust does not anticlpate any material additions tts the arielacts. The Trustees have a policy of not disposing of any part of the collettion. The collection has been recorded and documented over time into a detailed cardex 5y5tem. The Trust has Introduced a new CollectlOThs Man3Bement System and has now uploaded existing database records into *he new system. Over time, the Cardex records will be recorded into the new Collections Database to give a holistic view of artefact location ènd tonseNation history acr05S the Trust. The physlcal remains of the crew of thè Mary Rose The human remains, comprising 179 01 the 500 crew and soldiers who manned the Mary Rose, 3re unparalleled both in state of preservation and in their repre5eTrtation tsl a Ilvin8 community. This enables us to look at the state of health. and disease, sustained within a confined populatlon. 1,8. Stock Stock is valued èt the lower ol cost and net realisable value. 1.9. Defined contrlbutlon pension schemes The pension costs charged in the financial stalements represent the contribution payable by thetharitydurlng the vear. 1.10. Basie Flnanclal Instruments Financial Instruments are recognisÈd when the company become5 party to Ihe contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enfoiceable right to set oll the recognised amounts and there is an intention to settle on a net basis or to reali5e the asset and sÈltle the liability simullaneouslv. The Trust's financial assets and liabillties consist of cash and cash equlvalents, short term investments, trade debtor5, trade creditors and accrued expenses. The lairvalue ol these items approximates theircarryin8 value due totheir short-terrn value. Unless olherwi5e noted, the Trust Is not exposed to 5ignificaTrt interest, forei8n exchan8e or credit risks arising from these instruments, Term dep051ts ol le55 than one year are cla5sifted as irtvestmenrs wlthln current assets. 1.11, Termination benefits The Museum rÈcognises a liability for termination benefits at the point where the group is ¢ommitted to making the payments in return for employee redundancy. 1.12. Going concem The fin3nclal statements have been prepared on a going concern ba515 35 the trustees believe that no material uncertaintie% ex¢st. The trustees have considered the level of funds held and the expected level ol income anij experTdSlure for 12 months from authorising these financial statements. The bud8eted tncome and expenditure is sufficient with the level of reserve5 lor the charity to be able to continue as a gotng concern. 27 The Mary Rose Trust IA company limited by guarantee) Notes to the financial statements tor the year ended 31 March 2024 Donatlon5 and legacies Ufirestricted funds Restrlcted funds 2024 Unrestrlcted Restrlcted Total funds funds 2023 Total Grant Intomè Grants recelvable 279.198 231,503 510,701 80,000 154,530 234.530 Total 8rant Intome 279,198 231,503 510.701 80,000 154,530 234,530 Oonatlons Trusts and foundations Individuals Corporations Donation boxes Mary Rose F138 Officers Gift aid recovered Mary Rose Informatlon Group Mary Rose Friend5 and Patrons Don3ted assets 17,000 47,598 409 5,793 26,900 13.726 1,991 13,013 25,000 6,125 42.000 53,723 409 5,793 26.500 13,726 1,991 13,013 28,500 13,000 125.549 642 7,323 38,500 16,455 2.229 12,767 13.000 142,149 642 7,323 38.500 16,455 2,229 12,767 16,600 28,500 Total donations 126,030 59,625 185.655 216,465 16,600 233.065 Legacles 16,266 16.266 Total donatlons and leg•¢lès 405,228 291,128 696,356 312,731 171,130 483.861 Visltor admlssions Unrestil¢ted funds 2024 Unrestri¢ted Total funds 2023 Total Vi5*toY ticket Income Visitor ticket income Bift aid 2,046,895 2,046.895 320.D19 320,019 1,653,772 1,653,772 244,271 244.271 2,366,914 2,366,914 1,898.043 1,898,043 Other Income from Charitable activitles Unrestricled funds 2024 Unrestrlrted Total funds 2023 Total Educatioh workshops 25,523 25,523 24.377 24,377 Income and expenditure from trading subsldlarles The Mary Rose Trust controls the Mary Rose Tradln8 Limited and Tho Mary R05e hchaeolog*cal Service5 Limited (the Trading Companies") by virtue of holdin8 a controlling interÈst in the equity Shale capital. The trading companies are responsible lor those activities that do not Qualify for exemption from Corporation Tax. GSft Aid arrangements h8ve been entered into between the Trust and the trading companies whereby they are able to distribute any taxable proflt to the Trust each year. 28 The Mary RoseTrust IA company Ilmited by guarantee) Notes to the financlal statements for the year ended 31 March 2024 A summary of the Companies trading results are shown below.. Mary Rose Trading Limited Generates income from the Mary Rose shop, hospltality and cafe. Summary of tradlng results 2024 2023 TurnoveT Total ÈKpÈnditure Includes logo & admin charge5 £7,20012023'. £7,200) paid to the Trust, eliminated on consolidation 449,412 1286,9991 400,678 1236,4691 Net prollt for thè yÈar Amount gifi.aided to the eharliv 162,413 1162.4131 164.209 1164,2091 Retained loss The a55ets and Ilabllltie5 of Mary Rose Trading Limited were: Assets 213,698 1213,5071 212,089 1211,8981 Funds 191 191 The Mary Rose ArchaeoloBical Servlces Llmlted Provision of maritime arthaeology and conservation Se￿iceS to èxternal organisations. The comphny ceasEd trading wlth ellect from l April 2024. Summary of trading results 2024 2023 Turnover Total e¥pendlture Includès admin charges of £60012023.. £6001 paid to theTrust, ellrninated on consolidètion 8,882 14,462 23,334 110.6211 Net profit for the year Amount glft-aided to the charity 4,420 110.2711 12,713 112,7131 Retained110ssllproflt 15,8511 The assets and liabil*tie5 of The Mary Rose Archaeological Services L¥mlted were: A55etS 29,650 123,7981 Fund5 5,852 29 The Mary Rose Trust IA company Ilmlled by guarantee) Notes to the linanclal statements for the year ended 31 March 2024 Other Incomlng resources Unrèstritted funds 2024 Unrestrlded Total funds 2023 Total Sundry income 52.875 52,875 27,043 27,043 Group Intercompany chaige 52,875 7.800 52,875 7,800 27,043 7.800 27,043 Trust 60,675 60,675 34.843 34.843 Cost of charltable activltles by fund type Unrestilcted funds Restrlcted funds 2024 Unrestricted Restrlcted Total funds funds 2023 Total Visltor sefvi¢e5 Education Conservation and malntenan Collections Exhibition Maritime archaeology Museum building PHD Operations 713,774 56,OD5 1,069,100 99,631 43,156 756,930 15,876 71.881 93.876 1,162,976 12,076 111,707 4.056 4.056 13,320 115,624 893,057 893.057 760,947 735.619 21,521 942,516 84,050 10,796 120,507 53,246 788,865 24,976 46.497 72.674 1,OIS,190 20,034 104,084 25,000 35,796 6.660 127,167 1,031,545 1,031,545 726,805 102.304 760,947 726,805 2.801,761 1,075,417 3,877,178 2,641.814 1.234,13S 3,875,949 Costs of charltable actlvltles Actlvltles Governantè undertaken and support dIre￿1V Costs 2024 Total 2023 Total Visltor se)vlces Education Congervation and maintenance Collections Exhibition Maritlme archaeologv Museum building PHD Operations 622,544 58.466 959.183 93,392 4,056 93,855 893,057 619,128 133,938 13,370 203,114 18,254 756,482 71,836 1.162,297 111.646 4,056 115,S52 893,057 762.252 788,865 46.497 1,015,190 104.084 35,796 127,167 1,031,545 726,805 21,697 143.124 3.343.681 533.497 3.877,178 3,875,949 30 Op4#￿￿* momwAA¢ m u)0 L 0*00 Ln mrq ¢ * C• D? M D) In Lrt ¢n m r* ) m Lit Oi (ry ro mm o) o unts owing to group undertakings Other taxes and social security Other creditors Accruals and deferred income 159,673 170,175 150.155 150,069 44,952 16,628 216.801 29,681 9,298 311,683 44.952 16,128 192.512 29,681 9,298 298,019 438,054 520,837 403,748 487,067 19. Security ThÈTrustees ofThe National Herbtage Memori81 Fund hold an equitsble¢harge, dated 25thianuaTy 2010, against the lease of premlses to The Mary Rose Trust. 20. Analysls of nel assets between funds Non charitèble tradlng funds Unrestrlcted Designated fund5 funds Restfl¢tèd funds Total funds Fund balar¥ces at 31 March 2024 as represented by.. Tangible fixed assets 3.589.733 517,073 22,005,537 26,292 25,595,270 743,554 189 200,000 189 4.106,806 2QO,000 22,031,829 26,338,824 35 The Mary Rose Trust IA company limited by guarantee) Notes to ihe flnan¢lal statements for the year ended 31 March 2024 Non charltable tradin8 funds Unrestrlcted Deslgnated Restrlcted lunds funds ftsnds Total funds Fund balances at 31 March 2023 as represented by.. Tangible lixed assets 3,503,607 363,897 22.898,594 17,911 26.402.201 587,848 6.040 200.0(X) 6.040 3,867.504 200.OCX) 22,916,505 26,990,049 21. Designated funds At l April 2023 Incomlng resources Outgoln8 resources At 31 March 2024 Transfèrs Asset replacement fund 200,000 200,0 At l Aprll 2022 Incomlng Outgolng resource5 resources At 31 Marth Z023 Translers Asset replacement fund 200,000 200,0(X) Trustees previously approved lor £200,000 to bo deslgnated from ffee reserves to an asset replacement fund, this Is to support capital asset replacements requiied lor the Museum. 22. Restrlcted fund5 At l Aprll 2023 Incomlng Outgolng resources resourcÈ5 At 31 March 2024 Tr3nslers New Museum The Band Trust Rathbone Scorpion Trust Pulse Adrian Swire ChariEable Trust Garfield Weston Foundation Gosling Foundation Natlonal Lott£ry Hefltage Fund Pilgrims Trust Royal Pavillion & Mu5eUm5 Trust The 29th May 1961 CharitableTrust The Scorplon Chèritable Trust DCMS/Wollson Museum & Galleries Improvement Fund UNPATH Collaboration Pop 8oe5 the Mary Rose Exhibition Fund Trek Company Inc 22,898,594 15.557 754 1893.0571 115,8761 22,CKJS,537 1,479 11,1601 754 1.6LK) 1,600 20,000 21.076 7,000 81.856 1,373 500 10.000 25,000 120,(XJOI 121,0761 12,2261 181.8561 11,3731 15001 iio,0001 14,7531 4.774 13.1501 17.097 74,900 13,320 6.124 28,500 17,3231 113,3201 14.0571 167,5771 2,067 128.5001 22,916,505 291.128 11.075,4171 1100.3871 22,031,829 36 The Mary Rose Trust IA company limited by guarantee) Notes to the financlal statements for the year ended 31 March 2024 Restrlcted funds l¢ontlnued) At l April 2022 Incomlng Out8oln8 resource5 rt$our¢eg At 31 March 2023 rransfers New Museum 23,930,138 24,832 44,000 700 11.031,5441 124,9771 143.2461 11,4071 117,942 18.8311 127,8681 113,3201 I20.0￿) iio,0001 1S,OCKJI 22,898,594 15,557 754 The Band Trust Rathbon8 Scorpion Trust Armourers & 8rasser5 Trust 15.702 707 Garfield Weston FoundatSon Kickstart The Wolfson Foundation UNPATH Collaboration Adrian Swire Charitable Tfust The 29th May 1961 Charitable Trust Schroder ChaTlty Y[￿st The Hobson Charity Greenham Trust Tlie Oixie Rose Findlay Trust I Cazalet D Cooksey I Purse 19,842 8.831 27,868 13,320 20,000 10,000 5.000 18,260 10,000 s,000 10.000 5,ODO 1.60Cs 11,9001 118,2601 iio,0001 15.0001 iio,0001 15.0001 1.600 23,999,670 171.130 11,234.1351 120,1601 22,916.505 Purposes of restricted funds The New Museum Fund represents donations and grants recelved to contribute t¢)wards the new museum to be built around the ship hall housing the Mary Rose. The Band Trust grant funds the delivery of the 'AII Aboard. program that provides freE IEarn4ng visits to eligible schools including staff tlme and equiprnent. Rathbone Scorpion Trust donation was to publlsh and print Museum book. The I Purse donation provSded funding for a podcast. Adri3n SwiTe Chaiitable Trust 8rant was to support ongolng research. The Garfield Weston Foundation grant was to fund summer interns working withln ¢onsetvation, collections and curatorial. The Gosling Foundation funding was to Support a free lamily trail withirt the Museum. NLHF Resiliertce grant was to fund a series of work packages explorin8 ways lor ihe Mary Rose Trust to improve resS1ience and sustain3bility. Pllgrims Trust fundlng was for showcase lesting training. Royal Pavillon & Museum Trust funding was for conservator electrolysis course. 29th May 1961 Charitable Trust Brant was to support conservation costs. The Scorpion Charitable Trust grant was for a p¥oject to purchase equlpment and materials for the safeguarding and storage tsf the Mary Rose collection and archlve. DCMs/ Wollson Funding was loi a projed to purchase equtpment and materials for the safeguardin8 and storago of the Mary Rose collection and archive. UNPATH graniwas funding research collaboration on unlocking and linkÈng maTltime collection5. The donations received iowards the 'Pop Goo5 the Mary Rose Exhibition. support the exhibition to be opened in early 2025. Armourers & Brasiers Trust grant was to fund attendance at conference for scientific methods for cultura5 herltage. Kickstart 8rant Wa9 to support trainees in conseNatlon and collections. The Wolfson Foundation grant wa5 used to Inst811 LED lighting in thè Museum Entrance Pavillion. 37 The Mary Rose Trust IA Company Ilmlted by guarantee) Notes to the financial statements for the year ended 31 March 2024 The Schroder Charity Grant was to support the Mary Rose volunteor programme. The Hobson Chariiv grant wa5 to support DIVÈ 40 Experience. specifically the sterilisin8 £learnln8 machine and 3D glasses. The Greerkham Trust grant provided funding for the Dive 4D Experience. The Dlxie Rose Findlay Trust grant provlded funding for the Dive 4D Experien￿. Thej Caialet donatlon provided funding lor the Dive 4D Experience. The D Cooksey donation provided funding for the 40, Anniversary actSvltles. 23. Flnancial commltments The charity had outstandln8 ¢Dmmitments for future minimum lease paymenis under non-cancellable operating leases as follows: 2024 2023 Within one year Between one and five years 28,500 38,000 28,500 66.500 66.500 95,000 24. Related party transa¢tion5 Subsidlary companles Company Pertentage number shareholdlng loo% Company name Mary Rose Tradirtg Lim*ted Descrlption Mary Rose shop, hospitality and cafe. Maritlme a¥chaeoloEY and conservation services. 01447628 Mary Rose Afchaeologtcal Services Limlted 03131273 loo% Jolnt Venture The Mary Rose Trust is a Telaled party of Porismouth Hlstoric Dockyard OperatSons Limited IPHD Operations Llmitedl. a Joint Venture with NMRN Operations. PHD Operallons Limited is a company limited by shafes. incorporated in England & Wales Icompany number 127998361. In the consolidated financial statements. PHD Operations Limited has been treated as a Joint VeTiture in which the company has a 50% interest. A summary of the results for the year are as follows.. 2024 Company share 2023 Total Company share Total Trading Income Deliclt contribution Expenditure 80.516 161,032 93.539 187,078 1174,0551 1348,1101 9,842 19,684 91.667 183,334 1101,5091 1203,0181 Net income Balance Sheet Curront assets 15,316 115,3151 30,632 130,6301 197,548 395,097 1197,5471 1395,0951 Nei assets PHD OperatioJ)s Limited is respon51ble for the collection and distribution ol titketing income lor the two member5. The total income dSstributed in the period is disclosed within the Statement of Financial Activities. 38 The Mary Rose Trust (A company limlted by guarantee) Notes to the financial statements for the year ended 31 March 2024 The company cont¥llJutes rowards the deficit. During the year this totaled £56,68512023 £55,550) and frs included withÈn PHD Operatlons costs shown in note 9. 25. Ultim4te parent undertaking The ultimate controlling party is the Executive Committee of Trustee Directors. 26. Gross cash flows 2024 2023 Returns on Investments and servicing of finance Interest reteived 12,126 2,088 Capital expendilure Payments to acquire tangible assets 196,1991 1290,6761 27. Analysis of changes In fund$ and net debt Op*nln8 balance Cash flows ClosÉng balance Cash at bank and ITr hand 828.536 16,155 844.691 28. Company limited by guarantee The Mary Rose Trust is a company limited by guarantee and accordingly does not have a share capital. EveTY mÈmber of the company undertakes to contrlbute such amount as may lje required not exceeding £1 to the assets of the charltable company in the evet)t ol its being wound up while he or she Is a member, or within one year after he or she ceases to be a member. 39