2025-03-31-accounts

Charity Number.. 277503 Company Number.. 01415654 The Mary Rose Trust (A company limited by guarantee) Trustees, Report and Consolidated Financial Statements for the year ended 31 March 2025 Compass Accountants Limited Chartered Accountants and Statutory Auditors Venture House The Tannerie5 East Street Titchfield Hampshire P014 4AR

The Mary RoseTrust IA company limited by guarantee) Contents Page Trustees, Report Strategic Report Achlevements and performance Financial revlew Plans for future periods Principal risks and uncertainties Structure, governance and management Reference and administrative details io li 12 13 Statement of Trustees. Responsibilitie5 15 Audito¥s' Report to the Trustees 16 Consolidated Statement of Financial Activities 19 Company Statement of Financial AclSvitSes 20 Consolidated Balance Sheet 21 Company Balance Sheet 22 Consolldated Cashflow Statement 23 Notes to the Financlal Statements 24

The Mary Rose Trust IA company Ilmlted by guarantee) Report of the Trustees Ilncorporatlng the Directors, report) for the year ended 31 March 2025 The Trustees present their report and financlal statement5 for the year ended 31 March 2025. 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 thi5 report, are set out on page 13. Ob"ectives and Activities Charltable objects The objects of the charityi as defined in the Memorandum of Associatlon, are: To find, record, excavate, raise, bring ashore, preserve, publish, report on and dlsplay for all time in Portsmouth, the Mary Rose lor any of these activities) To establish, equip and maintain a museum or museums in Portsmouth to house the Mary Rose and related or associated material. To promote and develop interest, research and knowledge relating to: The Mary Rose and all matters relating to or associated with her, and without prejudice to the foregoin& her place in maritime, naval, military, and Social history and her excavation and display, and All matters relating to undeNater cultural heritage, wherever located. all for the education and benefit of the Nation. Research and development. Conservatlon research and development expenditure is charged in the period in which it is incurred. Gifts and services Sn klnd The Board of Trustees recognises that gift5 and services in kind are an important contributor to the overall financial wellbeing of The Mary Rose Trust, including professional services. The Trust also receives invaluable support from 140 Volunteers who are our primary interface with visitors in the Museum and who help with the digitisation of the collection. Public benefit The Trustees have recognised the two principles of public benefit and consider that the Charity meets them, namely. That there must be an identifiable benefit or benefits and they must be clear, related to the aims of the Charity and must be balanced against any detriment or harm. The objects of the Charity are, as stated earlier in this report, to conserve and exhibit the Mary Rose, together with the educational and research facilities, "all for the benefit of the Nation." The Mary Rose and her associated artefacts glve a unique insSght Into the life of ordinary people in Tudor times and, as a result, are of benefit for academic study and casual visitor alike. That ihe 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, must not be unreasonably restricted and that those from disadvantaged backgrounds must not be excluded from the opportunity to benefit.

The Mary Rose Trust {A company Ilmlted by guaranteel Report of the Trustees Ilncorporatln8 the Dlrectors, report) for the year ended 31 March 2025 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 volunteerin8 in the Museum to extend reach further. There are many areas In whlch the Charlty provides public benefit of which the principal ones are.. Making available to everyone a heritage attraction of national and Snternatlonal slgnSfScance Advancing learning, through the delivery of guided museum visits and workshops and the programme of outreach to schools across the UK BeSng the lead museum in the UX for maritime archaeology and a key resource for research. The Trustees have taken accovnt of the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the CharitWs aims and objectives and in planning future activitSes. Strate icRe ort Achlevements and performance During the financial year, the Mary Rose Trust undertook a strategSc revlew In response to lower-than- antlcipated vlsitor income and fundraising performance. Income levels fell short of both budgeted expectations and 2023124 figures. In parallel with these income challenges, the Trust continued to face slgnificant cost pressures, particularly in relation to wage Inflation, rent, and energy costs. These pressures necessitated a comprehensive organisatlonal restructure, whlch Commenced in November 2024. This process resulted in the removal of seven roles, including six redundancies, voluntary reductions in worklng hours by flve staff members, and the implementation of a new Buslness Unlt Structure designed to Improve efficiency and accountability. Despite these challenges, the Trust's partnership within the Portsmouth Historic Dockyard Operations Joint Venture, In collaboration with the National Museum of the Royal Navy INMRNI. continues to thrive. The joint venture has delivered increased visitation and remaSns a recognSsed success withln the sector. For the fourth consecutive year, Portsmouth Historic Dockyard was featured in theTop 40 attractionsin the ALVA (Association of Leading Visitor Attractions) report and retained ils posStion among the Top 5 m05t visited paid- for attractlons outslde London, despite a year-on-year decllne In visitor numbers. Support from the Natlonal Herltage Lottery Fund INHLFI Reslllence Fund has been instrumental in enabling the Trust to undertake a 5erie5 of feasibility studies to inform its five-year strategic and financial sustainability planning. The fund also supported the Anchoredln the Communlty project, which had a sSgnificant and positive impact on local communities through creative partnetships and inclusive engagement. Key financlal inditators are.. Maiy Rose total visStor numbers were 212,26112023124 230,6621 Mary Rose cumulative income £3,208k12023124 f 3,612kl Visitor income £2,188k12023124 £2,367kl Expenditure including depreciation £4,419k12023124 £4,264kl Operating deficit before depreciation and one offs £245k,12023124 deficil £51kl Operating deficit after depreciation and one offs £1,211k,12023124 deficlt £651kl Mary Rose Trading operating profit £184k12023124 £162kl.

The Mary RoseTrust IA company Ilmlted by guarantee) Report of the Trustees {Incorporating the Directors. report) for the year ended 31 March 2025 The impact for the year was- 323,140 website visitors between April 2024 and March 2025. Combined social media reach was 6,503,741,. The Mary Rose continues to be #l in Things To Do In Portsmouth, with 4.8. average out of 6,036 reviews. Strategy The Mary Rose Purpose To be an authentic time capsule that inspires future generations. The Mary Rose Vision To be a museum of the future, accessible for all and the Snternationally recognised home of conservation science and authentic Tudor History. Key Strateg1¢ ObSe¢tlves for April 2024- March 2025 l. Achleve lastlng Flnancial Sustainability How will we know?We generate more income than we spend and have built up enough reserves to fund our asset replacement, ongoing maintenance, and operational costs. Strategi¢ Review and Organlsational Restructure A strategic review of the Mary Rose Trust was initiated In response to lower-than-anticipated visitor income and fundraising performance in the current financial year. Income levels have fallen short of both budgeted expectations and 2023124 figures. n addition to income challenges, the Trust continues to face significant cost pressures, particularly in relation to wage inflation, rent, and energy costs. These challenge5 are nol unique to the Mary Rose,. manv independent museums across the UK have experienced similar difficulties, with trading conditions remaining tough throughout the heritage sector. As part of the review. several organisational structures were considered, including Flat, Hierarchical, Matrix, Functional, and Divisional mode15. The chosen structure needed to reflect the following key consideration5'. The size and income of the organisation Clearly defined loles with accountable responsibilities A work-based structure appropriate to the organisation's scale Inot reliant on facilitator rolesl Delegatlon of authority closer to the front line to improve efficienty Updated role profiles across the organisation Appropriate use of job titles to reflect responsibilities and seniority Prioritisation of essential activities and identification of areas for potential reduction or cessation Cost-benefit analysis of roles, aligned with income generation, statutory obligations, collection care, health and safety, and strategic objectives Review of museum shift structures and contracts, with consideration of cultural impact. management and administrative time, costs, customer service, and health and safety Following this analysis, a 'Business Unit" model was adopted to streamline the orgarbisalional Structure and reduce the number of layers between the front-line teams and the CEO/Trustees.

The Mary Rose Trust IA company limited by guarantee) Report of the Trustees (incorporating the Directors, report) for the year ended 31 March 2025 Buslness Unlt Structure The new structure Is designed to be leaner, more efficient, and agile, with decislon-maklng authorlty posilioned closer to operational delivery. It also supports improved financial tracking through the introduction of four distinct budgels and fosters a start-up mindset to enable delivery of a major capital project within the next decade. Buslness Unlts and Key Fo¢u5 Areas 8uslness Unlt Sales & Marketing Museum Commercial Ops Key Measure Visitor income and PHD visitation MRTL income and MRM visitation Other Measures Web51te, social media, gift aid converslon, non-museum complalnts, VC guidebook sale5 TrlpAdvisor ratings, HSS incidents, staff culture, museum complaints, learning outcomes, communlty progiammin& tactical fundraising Environmental sustainability, exhibition programme, museum accredltatSon, MRAS activity Collection Conservatlon and curation of the collection Financial sustainability of the Trust Corporate Strategic plan, MRT budget, business development, strateg5¢ fundraising, governance, audits, HR, and people management

The Mary Rose Trust IA company Ilmited by guarantee) Report of the Trustees (incorporating the Directors, report) for the year ended 31 March 2025 2. Creatingi Maintaining and Developlng World Class Vlsltor Experience. How willwe know?Evolved the Museum and delivered Mary Rose 2.0, In 2024125 - Completed feasibillty studies and Sdentified our Masterplan for Mary Rose 2.0. With the support of the National Heritage Lottery Fund INHLFI, the Mary Rose Trust ha5 been able to undertake a series of feasibility studies and strategic initiatives aimed at strengthening the organisation's long-term sustainability and operational efficiencv. These initiatives include.. VAT Status Revlew.. A comprehensive analysi5 of the Trust's VAT position was conducted with expert external support, exploring potential changes in status to optimise financial efficiencv. Shop and Café Redevelopment: In collaboration with Lumsden Design, redevelopment options for the shop and café were explored. As a result, the Trust secured agreement from it5 landlord to temporarlly increase café seating capacity during peak periods, enhancing commercial potential. Mary Rose 2.0 Project.. Working alongside Gardiner & Theobald, the Executive Team has developed the Concept for the "Mary Rose 2.(Y' capital project. Initially focused on opening the starboard side of the shipi the project has evolved into a broader inltiative aimed at achieving financial sustainability. It includes the creation of a flexible temporary exhibition space while preserving the cole objective of enhancing visibility of the starboard slde. A Round l NHLF application is planned for the next financlal year, alongside the launch of a new fundraising campaign. Restructuring Support- Specialist HR consultants provided expert advice and guidance throughout the organlsational restructure process. HR System Implementation.. The introductlon of Bright HR, funded through the NHLF project, ha5 improved efficiency and record-keeping across the organisation. Staff time wa5 allocated to support the system's implementation. Finance System Upgrade.. The adoption of Xero as the Trust's new finance system has stieamllned financial processing and enabled a reduction in staffing requirements equivalent to one day per week. IT Infrastructure Enhancements.. Key upgrades were made to the Trust's IT systems, focusing on security and stability. This included the implementation of critical backup and firewall systems. Energy Audit.. An energy audit was completed, resulting in a detailed report outlining turrent energy efficiencies and opportunities for improvement. Environmental Control Feaslbillty Studies: Investigations were carried out into Innovatlve environmental control solutions, including the use of solar foils, advanced control systems, and alternative methodologies for managing atmospheric conditions within display cases. 3. Conserve and secure the collectlon, archlve, and story for future generations. How willwe know? OurTudor collection is well protected wlth a dlverse rangeof stories being researched and shared. In 2024125 - Deliver'Pop Goe5 the Mary Rose, Exhibltlon and complete the audit of the arlefacts. The planned "Pop Goes the Mary Rose" exhibition was postponed following the initiation of a strategic review. It was determined that any future exhibition must be capable of generating additional revenue to support the Trust's financial sustainability. The audit of the artefacts Is continuing: it was not completed in the year due to priorities changing because of the strategic review and restructure. The TTUSt continues to work closely with SERCO regarding the maintenance of the buoy marking the Mary Rose wreck site. SERCO has generously offered to undertake modifications to the buoy at no cost to the Trust. In parallel, Alex Hildred, Dan Pascoe and Chri5 Dobbs have submitted an application for further

The Mary Rose Trust IA company Ilmited by guarantee) Report of the Trustees (incorporating the Directors, report) for the year ended 31 March 2025 remote sensing and ground-truthing through dlvlng operations at the site. Ongoing collaboration with the ReceSver of Wreck and Historic England ensures the contlnued responsible cuyation and protectlon of the site. The Weston Herita8e Internship Programme concluded this year, and the Trust extends its sincere thanks to the Garfield Weston Foundation for its generous support. An application is cur￿n11¥ belng prepaied for submisslon to the 5wire Charitable Trust to continue this valuable initiative. Feèdback from both Interns and staff has been overwhelmingly positive, wlth several interns successfully securing employment wlthln the herltage sector-demonstrating the programme's tangible impact. The Collections Volunteer team has made significant progress in di8ltisln8 the McKee and Rule archival material lon loan). as well a5 cataloguing the referonce Ilbrary. Two additional volunteers are set lo join the team in early March, further strengthening this important work. The Trust recently particltyated In a researth project led by Hexology, exploring the potentlal applicatlons of Artlflclal Intelligen￿ withirb UK cultural herila8e archives and collections. Findlngs from thls project was be presented at a sector event on 6 March, alongslde contrlbutlons from other heritage organisations. A pilot agreement has been signed between Ancestry International, the University of Portsmouth, and the Mary Rose Trust. This initiative will trial the use of Ancestry's equlpment and DNA extradlons conducted by the Universltyj with the potentlal to slgnlficantly reduce the cost of DNA processSng. The Mary Rose Archaeologlcal Services IMRASI team continues to deliver services to both new and returning Client5. However, this 15 now done through Mary Rose Trust and Mary Rose Conservation.. Notable recent activity includes: Conservation work in Jeddah, Saudi Arabia, where David Pearson undertt)ok the de-concretlon and surface cleaning of an anchor. Receipt of a cannon and lug from the East Anglian offshore wind farm excavatlons, vla the Maritlme Archaeology Trust. Electrolysis treatment is being tyialled on the cannon to remove chlorides, in agreement with the client. Consultancy for Ware Museum, including a conservation assessment of a barge rudder. Conseryation of a Bronze Age spade recovered from Poole Harbour, in partnership with Wessex Archaeology. Coverage available via BBC News. ConseNation of a block-lifted vessel from a Roman cemetery site, in collaboration with Archaeology South-East. In addition, air exchange rate testlng has been completed on the Trust's display showcases. This data w511 Inform future enviyonmental management strategies, ensuring optimal prèservation condillons for the collection. 4. Dellver Innovative and effectlve learning and engagement. How wlll we know? L&E 15 integral to everything we do at the Mary Rose Trust In 2024125 Delivered year.round learning and enga8ement offering. Learnlng and Engagement In the financlal year 24125, the Learning Department at the Mary Rose ran 487 workshops. This equates to approxlmately 15,584 young people in our learnin8 rooms who are actively engaging with our learning programme.

The Mary Rose Trust IA company limited by guarantee) Report of the Trustees lincorporating the Directors, report) for the year ended 31 March 2025 The Mary Rose Trust was able to support 24 schools via our All-Aboard Access Ftjnding (this was limited due to fundraising issues) but equated to.. 24 Schools visiting free of charge via this scheme. 36 workshops being delivered. Approximately 1152 young people visiting us, of which the majority of schools had a pupil premium percentage of 50% or higher Some other key moments in the year: In September 2024, the Mary Rose Trust launched brand new workshops - Decoding Diversity and Dive the Mary Rose which have proved incredibly popular to date. Throughout the autumn and winter of 2024125, the relationship with the Girl Guide5 continued, welcoming well over 400 young people into the Mary Rose for fun SatUrda￿s learning about the hidden histories of our museum, and her relevance for the future. Takeover Day INovember 20241, a Kids in Museums initiative saw 30 young people visit us for the day working with the learnlng team. Stargazing In partnershlp wlth the NMRN, in which the Mary Rose Trust actively engaged with over 800 people on 5th February 2025. Anchored in the Community, a celebration of the community projects developed by the Mary Rose, which saw over 2000 people visit U5 during February half term 2025. STEMUnity112th March) saw 150 young people visit the Museum for a full day of activity, whilst on the 7th of March, we were involved with a KSI Science Day at St Mary's Fratton where we worked with around 350 Nursery and Primary children and their teachers. S. Build and grow our iconic significance. locally. nationally. and internatlonallv. How will we knowP We are recognlsed as being a global leader and the preferred Tudor and Maritime partner. In 2024125 Deliver national partnerships and exhibition. Since the 40th anniversary of the Mary Rose, the Trust has continued to deepen its commitment to community engagement. In the past year, this commitment was exemplified through the Anchored in the Community initiative, which brought together seven creative and cultural partners: Funk Format, My Dog Sighs, Motiv8, Portsmouth Music Hub, Seekers Create, Clarke Reynolds, and Aspex. This collaborative programme culminated in a vibrant showcase duiing the February half-term, celebrating creativityi inclusion, and local partnerships. A commissioned report on the Social and Economlc Impact of the Mory Rose hlghlighted the Tiust's significant contribution to the region. In 2024, the Ma¥y Rose generated an estimated £16.6 million in Gross Value Added IGVAI for the Solent region and supported over 370 Sobs. Beyond economic impact, the report also quantified the wellbeing benefits associated with the Mary Rose, estimating 374 wellbeing- adjusted life years IWELLBYsl-equivalent to a social value of £5.8 million. The report further noted.. "The Mory Rose ulso contributes in important ways to wider societal outcomes. An extensive education progromme helps buildskills and widen horiions, while intensive community engogement improves sociol

The Mary Rose Trust IA company limited by guarantee) Report of the Tfustees lincorporatlng the Directors, report) for the year ended 31 March 2025 inclusion and community cohesion. The ship connects local people to their heritoge ond the city to its woterfront, ondstoff help drive innovotion in the wlder culturol sector." On 19 February, the Trust hosted over 120 guests at the museum to mark the conclusion of the NHLF Resilience Project. The event celebrated the achievement5 of all seven community partner5, Wlth live music, dance. and interactive art activities taking place throughout the museum's ground floor. The Anchored in the Community exhibition ran throughout the February half-term and was very well received. It featured creative outputs from all partner organlsations, Includlng video content produced by students from the University of Portsmouth. During the eight-day period, the Community and Engagement team.. Welcomed over 2,100 visitors to the exhibition and Learning Centre activitie5 Facilitated five large-scale doodle artworks, reflecting the popularity of this activity Supported the creation of over 300"eyes" by members of the public, many of which remain on display Delivered musical activities in collaboration with the Mary Rose Songs projecl Enabled the creatlon of hundreds of bookmarks under the guldance of Clarke Reynolds. fosterlng public understandin8 of Braille through interactive wordsearche5 and demonstrations The Trust's relationship wlth the Natlonal Museum of the Royal Navy remains strong. Our joint venture, Portsmouth Historic Dockyard, continues to perform well, maintaining its position in the ALVA Top 40 UK Attractions and ranking among the Top 5 Paid-for Attractions Outside London, despite a year- on-year decline in visitor numbers. 6. Embed Environmental Sustainabllity into everything we do- How will we knowP We have an environment sustainability plan for the Mary Rose Trust- this will be initiated by progressing the environmental feasibility studies while workin8 in line with Porlsmouth Naval Base 2030 strategy. The Mary Rose Trust has embarked on a major long-term initiative to deliver an environmentally sustainable museum. Thls marks the culminatlon of several years of dedlcated work by the team, supported by multiple funding streams, which have enabled the Trust to significantly leduce energy consumption and begin implementing energy-saving measures. To build on this progress, a three-phase sustainability project has been developed. The first phase focuses on the installation of solar folls on the museum roof. Thls Ss projected to generate annual savings of approximately £50,000, depending on prevailing energy rates, and will provide around 18% of the museum's tot81 electricity usage. In addition to the environmenlal benefits, this phase will support the continued development of the Trust's sustainability strategy and partially fund the staffing required to deliver it. An application for funding ihis phase has been submitted to the Garfield Weston Foundation, wlth a deelslon expected by the end of March 2025. Slnce 2018, the Trust has achleved a 40% ieductlon In electrlclty usage, equlvalent to approxlmately 636,000 kwh. At the current energy rate of 23p per kwh, this represents an annual saving of over £146,000. These savings have been reallsed through a combination of operational changes, including adjustment5 to fan speed5 and operating hours, as well a5 Ihe installation of energy-efficient LED lighiing. KBS Maritime, which manages dockyard Infrastructure on behalf of the Mlnistry of Defence, has negotlated a fixed electricity rate of 23p per kwh for a six-month period beginning in December 2024. The Trust is hopeful that this late wlll be malntained or improved upon beyond this Inillal term.

The Mary Rose Trust IA Company limited by guarantee) Report of the Trustees {incorporatin8 the Directors, report) for the yeaf ended 31 March 2025 The remaining funds from the NHLF Resilience Grant have been used to engage sustainability consultancy 3ADAPT. Their remit includes conducting a comprehensive desktop review of the Trust's environmenlal achievements to date and identifying priority areas for futuie focu5. 3ADAPT has also expressed interest in supporting the Trust in publicly communicating its sustainability progress. Subjeci to successful funding of Phase I, the Trust Intends to commission 3ADAPT to calculate its carbon footprint, benchmark performance 3Eainst comparable organisations, and begin developing a formal decarbonisatlon strategy. This represents an optimal moment for the Trust to secure external expertise and bulld on the strong foundation already established in ils journey towayd environmental 5U5tainabS111v. Financial Review The re5u115 for the period are set out on page5 19 and 20 and show a total deficit for the group of £1,210,659 12023124 deficlt £651,225) including depre¢lation of £892,22212023124 £923,967). Income for the year was £3,208,481 12023124 £3,612,088) of which unrestricted income accounted for £2,979,00912023124 £3,320,960). Visitor income was £2.188,35412023124 £2,366,914) and trading subsidiary income was £536,64312023124 £458,294). Income overall is down on last year particularly owlng to lower visitor income as the visitor attraction market wa5 affected by increased c05t of living pressure5. The Portsmouth Historic Dockyard also had no new attraction investments during the year compared to 2023124 when there were 3 new attracllon investments, namely 'Mary Rose Dive 4D', and National Museum Royal Navrfs 'Beneath the Waves Exhibition, and 'Armada Maps, temporary exhibition. The tiading subsidiary income increases are driven by increased hospitality events and tours. Expenditure for the year was £4,419,140 12023124 £4,263,313I, the underlying expenditure excluding depreciation and one off restricted and re5t(ucture costs is £3,090,39712023124 £3,117,920) this decrease despite higher inflationary pre55ures and has been achseved via cosl containment work throughout the Trust. utility costs have particularly reduced due to the conservatiork team's work on the Museum environmental contro15 resulting in lower usage together with securing lower electricity rates from November 2024. The underlying operating p051tion excludin8 depreciation and one-offs for the year 2024125 is a deficit of £245,42412023124 deficit £50,783). The movement in operating positlon compared to last year 15 primarily due to the decrease in visitor and fundraising income partly offset by the lower expenditure. The focus continues to be on closlng the funding gap with further growth in visltor related income Streams and cost control. The Mary Rose visitors for the year were 212,261 down 8% on last year12023124 230,6621. Mary Rose Trading Limited's operating profit was £183,766 12023124 £162,413), drlven by increases in h05Pltallty events and tOU¥5. The operatin8 profitwill be donated tothe Trustvia a gift aid payment of £183,766 12023124 £162,413). Mary Rose Archaeological Services Limited was dormant from April 2024 with conservation related Income of £13,40212023124 £8,8821 now reported dSrectly in the Trust. Reserves pollcy The Charity Continues to ensure that restrlcled funds that have not been spent are protected for future use. The Charity also aims to contlnve using any future S￿rpluS generated in the furtherance of its objects, namely the conservation and display of Mary Rose (consisting of the hull arid the artefacts recovered from the seabed). The Charity's Trustees aim to establish a revenue reserve to cover 3 months ol operating costs, togetlier wlth a de5ignhted asset replacement fund. Unrestricted reserves at year end are £3,950,55212023124 £4.106,8061

The Mary Rose Trust IA ¢ompany limited by guarantee) Report of the Trustees lincorporatlng tho Director5, reportl for the year ended 31 March 2025 of which free reserves account for £381,829 {2023124 £517,073). The balance of funds currently covers approximately 6 wèeks of operating costs. The total funds of the Charity as of 31 March 2025 are £25,128,165 12023124 E26,338,8241 of which restricted reserves are £21,177,42412023124 £22,031,829), relating to fixed assets. The Trustees recognise that the Charity is dependent on fundraising for survival through the year as well as for future developments. These key risks are recognised in the followlng section, 'Principal Risks & Uncertolnties., Plans for Future Periods Mary Rose 2.0 A capital project to make changes in the museum to create a temporary exhibition area that can host new exhibitions to grow boih visitors and Income for tl)e Trust, enabling it to become financially sustainable Key Strategic Objectives for next Financial Year l. Achieve lastlng Flnan¢lal Sustalnabllltv How will we knowP We generate more income than we spend and have built up enou8h reserves to fund our asset replacement, ongolng malntenance, and operatlonal costs. In 202512026- Created Fundraising Committee and launched fundraislng campaign for Mary Rose 2.0 2. Creatingi Malntalnlng and Developing World Class Visitor Experience. How WAII we knowP Evolved the Museum at)d dellvered Mary Rose 2.0, In 2025/2026- Completed round one application for major capital project. 3. Conse¥ve and secure the collectlon, archlve. and story for future generatlons, How will we knowP Our Tudor collection is well protected with a diverse range of stories being researched and shared. In 2025126- Delivered plan to integrate "Many Faces Exhibition" back into the Museum. 4. Deliver innovative and effe¢tlve leamlng and et)gagement. How will we know? L&E Is integral to everything we do at the Mary Rose Trust In 2025126- Refreshed workshops at all levels including 'Many Face5" workshop and virtual learning. S. Bulld and grow our iconic significance, locallyj nationallyi and internationally. How will we know? We are recognlsed as being a global leader and the preferred Tudor and Maritlme partner. In 2025126 ensure the Mary Rose Trust Is ready for National Portfolio Organlsation Arts Council or equivalent status 6. Embed Environmental Sustalnablllty Into everything we do- How wlll we know? We have an environment sustainability plan for the Mary Rose Trust: this will be kicked off by progresslng the environmental feasibility studies while wolklng in line with Por15mouth Naval Base 2020 straiegy. In 2025 - 27 dellver Phase l of the er)vlronmental sustainability plan including installation of solar panels io

The Mary Rose Trust {A company limited by Buaranteel Report of the Tru5tee5 lin¢orporatlng the Directors, report) for the year ended 31 March 2025 Princi al Risks and Uncertainties The Trustees have identifled and assessed the principal risks to which the Mary Rose Trust is exposed. Risk assessments are conducted by the ExecutSve Team using standard parameters of Ilkelihood and impact, resulting in an overall risk score. Risks are categorised under the headings of Governance, Operational, and Financial. For each identified risk, control measures have been implemented to mltigate exposure to acceptable levels. Risks with slgnificant residual scores above a defined threshold are escalated to a top-level risk register, which is regularly reviewed and monitored by senior managemer)t and Trustees. Key Rlsks for the Reporting Period The most significant risk5 identified for the forthcoming period relate to financlal sustainabilitvi and are summarised as follows: Rising Energy Costs The rlsk of unsustainable inciea5es in energy costs could affect the Trust's abilityto maintain collection care and overall museum viability. Mitigation measures include a comprehensive review of energy usage, implementation of energy-5aving initiatives, and ongoing exploralion of alternatlve energy sources. The Trust is also acllvely collaborating with other heritage institutions to share best practices. In recognition of its importance, Environmental Sustainability has been formally adopted as a Kev Strategic Objective and a 3-phase plan has been developed. Inflationary Pressures The rising cost base, which cannot be fully passed on to visitor5, presents a risk to financial stability. In response, the Trust has introduced Quarterly Budget Reviews and continues to strengthen procurement procedures to manage costs effectively. The Strategic revlew and recent restiuctuiing should assist with this. Financial Self-sufficientv The inability to achieve financial self-sustainabillty poses a risk to the long-term care of the collectlon, potential redundancies, and reputational damage. Mitigating actions include: Continued collaboration through the Port5mouih Historic Dockyard Operations Jolnt Venture with the National Museum of the Royal Navy Strateglc partnerships with Portsmouth Historic Quarter and other key local Stakeholders Growth of Mary Rose Trading Llmited Integration of Mary Rose Archaeological Services Limited into the main Trust structure Investment in new visitor experiences, such as the 4D Theatre, and the strategic pivot to the Mary Rose 2.0 project, which includes the development of a new temporary exhibitlon space to drive vi51tor income Asset Replacement and Capital Risk Failure to build sufficient reserves for timely asset replacement could result in operational disruption, conservatSon risks, and significant unplanned flnancial exposure. Mitigation measures include- Embedding Financial Sustainability as a Key Strategic Objective Completlon of essential asset replacement work Establishment of a condition assessment review process and timeline Development of a new 5-Year Strategic Plan to guide capital investment and resource planning li

The Mary Rose Trust IA company Ilmited by guarantee) Report of the Tru5tee5 lincorporatSng thè Dlre¢tors' report) for the year ended 31 March 2025 Structure Governance and Mana ement The charitable company is governed by its Articles of Assoclatlon, which provide for the appolntment and reappointment of Trustee5. The governing body is the Board of Trustees which comprises at least five and up to 17 members and meets at least four times a year. The Board has the power to appoint new members with the aim of providing a balanced range of skills and experSence,' these appointments are ratified at the following general meeting. 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 Chlef Executive is the only remunerated trustee. Board meetings are also attended by the Executive Team who present papers on their aieas of responsibilitv. The Trust has two wholly owned subsidiaries.. Mary Rose T¥ading Limited IMRTLI and Mary Rose Archaeological SeNices Limited IMRASI. The Board has established a number of commillees and panels, each having a trustee as chair, appointed by the Board.. Curatorial Advisory Committee,. Finance and Audit Sub-committee,. Remuneration Committee: Nominations Committee, Project Steering Committee and Mary Rose Trading Board. The trading company board also has external directors selected for their relevant knowledge and experience. Mary Rose Archaeological Services is currently dormant so does not have an active Board. A Learning Committee ha5 been established which has an independent chairfrom the University of Portsmouth. The external audltors attend relevant meetings of the Finance and Audit Sub-commlttee and the Board of Tiustees. Operational management is delegated by the Board to the Executive, led by the Chief Executive. Remuneratlon Is decided by the Remuneratlon Committee which receives and considers the recommendations submitted by the Executive for both annual inflationary Incieases and individual awards. Annual inflationary increase recommendations are based on three factors: level of increase of CPIIRPI, benchmarking with partner attractions in PHD and looking at what the business can realistically afford. Individual awards are made for two main reasons- either an increase in job role responsibilities that merit an increase or exceptional performance versus objecllves. The Remuneration Commlttee decides whether to accept the recommendations from the Executive, then makes Its own recommendation to the Board of Trustees for approval. Mary Rose Permanent Endowment Fund A Permanent Endowment Fund has been set up as a separate charity111528981 to support the Mary Rose Trust and its oblectlves. This wa5 created to safeguard the future of Mary Rose and her world class collection and stands at £2.4m, with the aim being to Increase this to £S-IOm over time. 12

The Mary Rose Trust {A company limited by 8uaranteel Report of the Trustees lincorporating the Directors. report) for the year ended 31 March 2025 Reference and administrative detalls Status Charity Number Company Registratlon Number Company Limited by Guarantee 277503 1415654 Presldent HM King Charles111 Vl¢e Presldents Lord-Lieutenant of the County of Hampshire lex-officiol The Right Worshipful, The Lord Mayor of Portsmouth lex officiol Llonel Allery Helen Bonser-wilton Professor Sir Barry Cunliffe KB CBE FSA FBA Rear Admiral John Lippiett CB CBE Alan Lovell DL Trustee Dlrectors Dr Robert Bewley Christopher Brandon RIBA FRSA FSA Rose Grey Adam Humphryes Dominlc Jones FRSA Professor Trevor Keeble Professor Suzannah Lipscomb Dr Andy Painting Aileen PeSrce Nigel Purse (Chairl Tlmothy Rusby FRSA Professor Terry Stevens Kirsten Suenson-Taylor Sophia Weston Members Julian Cazalet Cllr Tom Coles IPCCI Christopher Dobbs Vice Admlral Peter Hudson CB CBE Professor Van Gore CBE Rupert Grey Cornelia Hallet The Rt Hon Lord Iliffe DL Paul jackson (deceased January 20251 Kester Kei@hley Robert Lapraik Dr Christopher Moran Dr Janet Owen Duncan Smith Daniel Thorne John Vimpany 13

The Mary Rose Trust IA company Ilmlted by Buaranteel Report of the Trustee5 lincorporating the Dlre¢tors' report) for the year ended 31 March 2025 Reference and Administrative Detalls {contlnued) Chlef Exe¢utlve Dominic Jones Secretary Susan Wright ACMA Registered Office IIIO College Road HM Naval Base Portsmouth Hampshire P013LX Senlor Statutory Auditor Kerry Lawrance FCA Audltors Compass Accountants Limited The Tanneries East Street Titchfield Hampshire P014 4AR Bankers Lloyds Bank 3 Town Quay Southampton Hampshire S014 2AQ Insurance Brokers Noyce Insurance Solutions Ltd Bassett House 36 Leigh Road Eastleigh Hampshire S050 30T Solicitors Blake Morgan New Kings Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3LG 14

The Mary Rose Trust IA company limited by guarantee) Statement of trustee5' responslbllltles for the year ended 31 March 2025 The Trustees (who are also directors of the Mary Rose Trust for the purposes of company lawl are responsible for preparing the Tru5tees' Annual Report lincluding the Strategic Report) and the financial slatements in actordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incomin8 resources and application of resources, including the income and expenditure, of the charitable tompany for that period. In preparlng these financial statements, the trustees are required to: select sultable accounting policies and then apply them consistently,. obseNe 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 going concern basis unless it is Inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accountlng records that disc105e with reasonable accuracy at any time the financial position of the charltable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detectSon of fraud and other irregularities. Statement as to disclosure of information to audltors In so far as the trustees are aware- there 15 no relevant audit Information of which the charitable company's auditor is unaware,. and the Trustees have taken all Steps that they ought to have taken to make Ihemselves aware of any relevant audit informatlon and to establish that the auditor is aware of that information. Audltors The auditors, Compass Accountants Limited, will be proposed foi re-appointment in accordance with Section 487121 of the Companies Act 2006. This report was approved by the Trustees and slgned on their behalf by Susan Wright ACMA Company Secretary Date: 15

The Mary Rose Tyust IA company limited by guarantee) Independent audltor's report to the members and trustees of the Mary Rose Trust Opinion We have audited the financial statements of the Mary Rose Trust (the 'parent charitable company'l and Sts subsidlarieslihe 'group'l for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Company Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Cash Flow Statement, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in IheSr preparation is applicable law and United Kingdom Accountlng Standards, including Financial Reporting standard 102 The Financial Fleporting Standard applS¢able in the UK and Repvblic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinlon the financial statements.. give a true and falrvlew of the state of the group's and parent charitable companws affairs as at 31 March 2025, and of the group's Incomlng resouites and appllcatlon of ¥e50urces, including its income and expenditu¥e. for the year then ended. have been p¥ope¥ly prepared in accordance with United Kingdom Generally Accepted Accounting Practite; and have been prepared in accordance with the requirements of the Companles Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilities under those standards are further described in the Audito¢s responsibilities for the audit of the flnancial statements section of our report. We are independent of the group and parent charitable ompany in accordance wlth the ethical requirements that are relevant to our audit of the flnancial statements in the UK, Including the FRC'5 Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement%. We believe that the audit evldence we have obtained is sufflclent and appropriate to provlde a basis for our opinion. Conclusions related to going eoncern In auditing the linancial 5tatement5, we have concluded that the tru51ees' use of the golng concern basis of accounting in the preparation of the fSnancial statements is appiopriale. Based on the work we have performed, we have not idenlified any material uncerlalntie5 relating to events or condition5 that, individually or collectively, may cast Slgnificant doubt on the group's or parent charitable company's ability to conllnue as a going concern for a period of at least twelve months ffom when the linancial statements are authorised for Issue. Our responsibilities and the responsibllitie5 of the trustees with respect to going concern are descrlbed in the relevant sections of this report. Other informatlon The other information comprises the informatlon included in the trustees, annual report, other than the flnancial statements and our audltorfs report thereon. The trustèes are responsible for the other information contained wlthin the annual report. Our opinion on the financial statements does not cover the other informatlon and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other informatlon and, In doing 50, consider whether the other information is materially inconsistent with the finahcial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identlfy such material 16

The Mary Rose Trust IA company limlted by guarantee) inconsistencies or apparent material misstatements, we are required to determine whetherthere is a material misstatement in the financial Statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other informatlon. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report lincorporatlng the strategic report and the directors, report) for the financial year for which the financlal statements are prepared is consistent with the financial statements,. and the strJtegic report and the directors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light 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 Companles Acl 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us,. or the parent charitable company'5 financial statements are not in agreement with the accounting records and returns,. or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the tiustees, re5ponsibilltles statement set out on page 15, the trustees (who are also the directors of the parent tharitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal contiol as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparlng the flnancial statements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a goin8 concern, disclosin8, as applicable, matters related to going concern and uslng the going concern basis of accounting unless the trustees either intend to liquidale the group or the parent charitable comp.any or to cease operations. or have no realistic alternative but to do so. Audltorfs responsibilities for the audlt of the financial statements We have been appolnted as auditor under the Companles Act 2006 and report in accordance with this Act. Our oblectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basis of these financial statements. 17

The Mary Rose Trust IA company limited by guarantee) Irregularities, Including fraud, are instances of non-compliance with laws and regulations. We deslgn procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, Including fraud. The extent to which our procedures ale capable of detecting irregulaiities, includSng fraud is detailed below: We gained an understandlng 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 litigation and claims We made enquirles of management and relevant staff, and designed our audit procedures, including reviewing financial statement disclosures and testing of supporting documentation, to assess compliance with applicable laws and regulations. We focussed on laws and regulations which could give rise to materlal misstatement in the financial statements includin& but not limited to, the Companies Act 2006, the Charities Act 2011, the Charities SORP, and the Financial Reporting Standard 102 We identified the risk of materlal misstatement of the financial statement5 due to fraud and designed audit procedures to respond to the risk. We performed audlt procedure5 designed to addie55 the risk of fraud arising from management override of controls, includingi but not limited to, testing of journal entrles and other adjustments, reviewing accounting estimates for evidence of bias, and evaluating the business rationale of significant transactions outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all Srregularities, including those leading to a material misstatement in the accounts or non-compliance with regulation. This risk Increases the more that compliance with a law or regulation is removed from the events and transactions reflected In the accounts, as we will be less likely to become aware of instance5 of non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than error, as fraud Involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audSt of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsre5ponsibililies. This description forms part of our auditor's report. Use of our report Thi5 report is made solely to the charitable 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 trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mlght state to the cliaritable company's members and its trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullesl extent peimltted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a b y* and the charltable company's trustees as a body, for our audit work, for thSs report, or for the opinions have foimed. Kerry Lawrance FCA Senior Statutory Auditor For and on behalf of Compass Accountants, Statutory Auditor Venture House, The Tanneries East Slreet, Titchfield Hampshire P014 4AR Date: 2LI71( L 6tJ Compass Accountants Ss eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. IB

The Mary Rose Trust IA company limited by guarantee) Consolidated Statement of financial activltles lincorporatlng the Income and expenditure a¢countl For the year ended 31 March 2025 Unrestrlcted RÈstflCted funds funds 2025 Unrestricted Restilcted Total ftjnds funds 2024 Total Notes Income and endowments from: Donations and legacies Other income from charltable aetlvities Visitor admissions Other income from charltable adivities Other tiading activities Income of the trading subsidiaries Inve5tment5 Other inct>mifi8 resources Museum & Galleries Exhtbition Tax relief 162,780 229,472 392,252 405,228 291.128 696,356 3 2,188,354 29.977 2,188,354 29,977 2,366,914 25,S23 2,366,914 25.523 536,643 10,117 51.138 536,643 10.117 51.138 458,294 12,126 52.875 458.294 12,126 52,875 Total Income and endowments 2,979,009 229,472 3.208,481 3,320,960 291,128 3,612,088 Expendlture on: Rai5in8 funds Fundraising Commertial trading operations Charltable actiiiities 55.372 55,372 345.677 345.677 7 2,939.926 1.078,165 4,018,091 102.474 283,661 2,801,761 102,474 283,661 1.075.417 3,877,178 Total expendlture 3,340,975 1,078,165 4,419.140 3,187,896 1,075,417 4,263,313 Net In¢oMlnglloutgolngl resources ljefore transfers 1361,9661 1848,693111.210,6591 133,064 1784.2891 1651,2251 Transfer betweerk funds 5,712 15,7121 100,387 1100,3871 Net income/lexpenditure) 1356,2541 1854,40SI 11,210.6591 233.451 1884,6761 1651,2251 Reconclllatlon of funds: Ttstal funds brought forward 4,306,995 22.031.829 26,338,824 4,073,544 22.916.505 26,990,049 Total funds carrled forward 3,950.741 21.177,424 25,128,165 4.306,995 22,031,829 26,338,824 The stat2merkt of financial actlvities includes all gains and Ios5ES in the year and therefore a separate statement of total recognised gains and losses h8s not been prepared. All of the above amounts relate to contlYiUln8 a£tiv&tie5. The results for the year are statèd after charglng depreciation of £892,22212024.' £923,967). These depreciation costs will reduce the balance ol reserves over the respectsve lives of the assets and wÈll result in defitits after depreciation being recognised in futureyears. The notes on pagès 24 to 39 foim an Integral part of these linancial statements. 19

The Mary Rose Trust {A company limlted by guarantee) Statement of financlal actlvlties Iln¢orporatlng the Income and expendlture account) For the year ended 31 March 2025 Unrestricted Re5trlcted funds lunds 2025 Unrestrlded Restrlcted Total funds funds 2024 Total Notes Income and endowments from: Donations and legacies Other income from charilable activitie5 Visitor admisslons Other income from charilable activities Other trading activitie5 Income from trading subsldiarles Investments Other incoming resources Museum & Galleries Exhibilion Tax relief 162,780 229,472 392,252 405.228 291,128 696,356 3 2,188,354 29,977 2,188,354 29.977 2,366.914 25,523 2,366,914 25,523 183.766 10,117 58,338 183,766 10,117 58,338 172,684 12.126 60,675 172,684 12,126 60,675 Total income and endowments 2,633.332 229,472 2,862,804 3.043.150 291,128 3,334,278 Expenditure on: Raising lunds Fundraisln8 Charitable activitles 55,372 55.372 7 2.939,926 1.078,165 4,018,091 102,474 102,474 2,801,761 1.075.417 3,877,178 Total reSoUr￿S expended 2,995,298 1,078,165 4,073,463 2,904,235 1,075.417 3,979,652 Net Incominglloutgoingl resources before transfers 1361,9661 1848,693) 11,210,659) 138,915 1784,2891 1645,3741 Transfer bètween funds 5,712 15,7121 100.387 11(X),3871 Net incomellexpenditurel 1356,2541 1854.4051 11,210,659) 239,302 1884.G761 1645.3741 Reconclllatlon of fut)ds: Total fund5 brought forward 4.306.806 22.031.829 26,338,635 4.067,504 22,916,505 26,984,(X)9 Total funds ¢arried forward 3,950.552 21.177.424 25,127,976 4,306,806 22,031,829 26,338,635 The statement of financial activitie5 includes all gains and losse5 in the year and therefore a separate statemetit of total recognised gain5 and losse5 has not been prepared. All of the above amounts relate to continuing activlties. The results lorthe year are stated after charging depreaation of £892,22212024.. £923.9671. These depreciation costs wlll reduce the balance of reserves over the respective lives of the assets and will result in deficits alter depreciation being recognised in future ye3rs. The notes on page5 24 to 39 form an Integral part of these Ilnantlal Siatements. 20

The Mary Rose Trust IA company limited by guarantee) Consolidated Balance Sheet as at 31 March 2025 Company number: 1415654 2025 2024 Notes Flxed assets Tangible assets 15 24,715,440 25.595.270 Current assets Stocks Debtors Cash at bank and in hand 16 17 27 45,012 208.422 597,081 62,611 274,306 844,691 850,515 1,181,608 Credltors: amounts falllng due within one year 18 1437.7901 1438,0541 Net current assets/lliabllitiesl 412.725 743,554 Total assets less Current 25,128,165 26,338,824 Net assets 25,128,165 26,338,824 Funds Restricted funds 22 21,177,424 22,031,829 Unrestricted funds Designated funds Charitable 5ub51diary fund5 3,950,552 4,106,806 200,000 189 21 189 Total unrestricted funds 3,950,741 4,306,995 Total funds 20 25,128,165 26.338,824 The financlal statements were approved and avthorised lor issue by the board on and signed on its behalf bv 25 Nigel Purse Chalr Ada Trustee mphryes The notes on pa8es 24 to 39form an integral part of these financial statèments. 21

The Mary Rose Trust IA company Ilmited by guarantee) Balance sheet as at 31 March 2025 Company number: 1415654 2025 2024 Notes Flxed assets Tangible assets Investments 15 24.715.440 25,595,270 24,715.443 25,595,273 Current assets Debtors Cash at bank and In hand 17 384,490 437,382 423.593 723,517 821,872 1,147,110 Creditors: amounts falling due within one year 18 1409.3391 1403.7481 Net current assets/lliabllltlesl 412.533 743,362 Total assets less current 25.127,976 26,338,635 Net assets 25,127,976 26,338.635 Funds Restricted funds 22 21.177.424 22,031,829 Unrestricted fund5 Designated funds 3,950,552 4.106.806 200,000 21 Total unrestrScted funds 3.950,552 4,306,806 Total funds 25,127,976 26.338.635 The financial statements were approved and authorised for issue by the board on and signed on its beha5f bv 25 Nigel Purse Chair Adam H Tru ryes The rtotes on pages 24 to 39 form an Integral part ot these flnanclal statements. 22

The Mary Rose Trust IA company limited by guarantee) Consolidated cash flow statement for the year ended 31 March 2025 2025 2024 Notes Cash flows from operating activities: Net cash (used Inl/provlded by operating activities 1245,2871 100,228 Cash flows from investln8 activitles: Interest income 26 10,117 112,4401 12,126 196.1991 Purchase of fixed assets 26 Net cash (used Inllprovlded by Investing activities 12,3231 184,0731 IDecrea5ellln¢rease In cash and Cash equlvalents in the year 1247.6101 16,155 Cash and cash equivalents at l April 2024 844,691 828.536 Cash and cash equlvalents at 31 March 2025 27 597,081 844,691 Net leKpenditurel/income for the reporting period Depreciatitsn and impalrment Interest income Loss on disposal of fixed asset5 Donated assets 11,210.6591 1651,2251 892,222 923,967 110,1171 112.1261 48 7,663 128.5001 128,6161 128,1521 182,7831 Decreasellncreasel in stocks Oecrease/llncreasel In debtors IDecreaselllncre35e in creditors 17.599 65,884 12641 Net cash provlded by (used inl operating activities 1245,2871 100,228 23

The Mary Rose Trust IA company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 Accounting policies The Mary Rose Trust is a private company limited by guarantee and incorporated in England and Wales. The registered ollice is IIIO College Road, H M Naval Base, Portsmouth. Hampshire, POI 3LX. The Mary Rose Trust meet5 the definition of a public benefit entity under section 34 01 FRS 102. Asset5 and liabilitie5 are initially recognised at historical cost or transaetlon value, unless Otherwsse stated in the relevant accounting policv. The principal objectives of the charity are detailed in the Trustees report. The principal accounting policies are 5umrnarised below. The accounting pollcles have been applied consistently throughout the year and the preceding year. 1.1. Basls of accounting The financSal statements have been prepared in accordancewith Accountingand Reporting bycharities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applitable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011. the Companles Act 2006 and UK Generally Accepted Accounting Practice. 1.2. Basis of consolidatlon Consolidated financial statements have been prepared Sn respect of the charitable trvst. its wholly owned charitable subsidiaries, Mary RoseTradlng Llmited and The Mary Rose Archaeological Services Limited, and its l0Snt Venture. Portsmouth Hlstoric Dockyard IPHOI Operations Limited. The Consolidated Statement of Financial Activities includes the results of Mary Rose Trading Limited, The Mary Rose Archaeological Services Limited, and the companvs share of the results of PHO Operations limited as single line items. The Corisolidated Balance Sheet includes the net assets of Mary Rose Trading Limited and The Mary Rose Archaeological Services Limited, tsn a Ilne by line basis and the compan¢5 Share ol the net assets ol PHD Operations Llmited a5 an itern within Fixed Asset Investments. 1.3. Fund accounting Unrestricted funds are donations and other in¢omSne resources received or generated for the charitable purposes. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meet5 these criteria is Identified to the fund. together with a lair allocation ol overheads and support Costs. 1.4 It)¢oming resources All incoming resources are included in the statement ol financial a¢tivltSes when the charity is entitled to the income and the amount can be quantifled with reasonable accuracy. The following specific policies are applied to particular categories ol Income.. Turnover of the subsidiary undertakings is the total amount recelvable by the group in the ordinary course of busines5 Wlth outside customers for goods supplied as a principal and for services provided, excluding VAT and trade discounts. Donations. legacies and voluntary income are accounted for when received. Pledged income is included In theyear in which it fuifils the crlterla for income recognition, in accordance with the SORP. Gift5 in kind are accounted for at the Executive CommSttee's estimate ol the value to the Charity as follows.. Gifts of fixed assets for charity use are accounted lor las restricted funds) immediately on receipt at the value of the consideration that would have otherwise been payable. Intangible income is valued and included in incorne to the extent that it representsgoods or serviceswhlch would otherwlse be purchased. An equivalent amount is charged as expenditure. - Voluntary help Is not included as income. 24

The Mary RoseTrust {A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 Grant5 receivable are included when the conditions for payment have been met and the amount receivable can e a55essed with reasonable certainty. Instalments under deposited ¢ovenafits are Credited to ihe Income and expenditure account in equal amounts overthe terms to whtch they relate. The unexpired instalments at the balance sheet date are carried forward under creditors. Gift Aid 15 reclaimed where appropriate. Income from inve5tmellts is included In the year in wh*ch it is receivable. 1.5 Expendlture Expenditure 15 recognised on èn accruals basls, as a liability is incurred. Expenditure include5 any VAT which canncTrt be fylly recovered, and is repoited as pait of the expenditure to which it rolates. Costs of generating funds ¢(>mprise the COSES assotlated with attractin8 voluntary income and the costs tsl trading lor lunij ralsSng purposes Including th& charity's shop. Charitable expenditure comprises those c05t5 incurred by the chatity in the delivery of its activities and servlces lor its l)eneliclaries. It includes both costs that can be allocated directly to such activities and those costs ol an indirect nature ne¢es$3ry to support them. Fuftd raisin8 costs are those incurred in seeking vgluntary contributlons and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expendituie on the objects of the charity and Include project management. 1.6. Tangible fixed assets and depreciation All assets acquired by the entity with a cost or value greèter than £500 are capitalised. Deprec4ation 15 calculated to wrtte down the cost le55 estimated residual value of all tanglble lTrxed assets by equal instalments over their expected useful Ilves. The expected useful lives or agreed periods of write off are: Buildings New museum New museum roof New museum claLlding Other building refurbishment 71 years 40 years 30 years 5- Ioyears Computers 5 years Plant and equipment New museurn plant and equipment 10- 25 years Other plant and equÉpment S-10 ye3rs Donated gifts 2-5years Exhlbitlon Exhibition displav Exhibition lixtuies and fittings Exhibition ICT and AV 30 yeals 10 yeais 5- 10 years Motor vehtc1e5 5 years Conservation equipment 5- 10 years Capital expenditure on improvements to premises of a minor natuie is ch3rgÈd ttr revenue in the period in which 25

The Mary Rose Trust IA company Ilmlted by 8uaranteel Nvte5 to the inanclal statements for the year ended 31 March 2025 1.7. Heritage ossets The Mary Rose Trust is responsible for the material derlved from the excavation of the Tudor warship Mary Rose. These collectlons, held "trust for the nation" have not been included an the finan¢lal 5talements due to their historic and inalienable nature. The provenance of the Mary Rose ¢ollettions cannot be challen8ed; they are the remalns of 3 royal w8r5hip and her community. presetvèd from 1545. The ship, artefacts and human remains together form one of thè largest groups ol well preserved asso¢iéted remains from a precisely dated context. For this period they are unique. Not only are they 2 fasclnatlng Insight Into Tudor tile, they are a benchmark for scholars worldwide. Such is their significance, all collectlons have DesiBnated status: recoEnlsing the importance of the whole assemblage. The shlp The Mary Rose herself is the only recovered 16th-century warship in existente and is ol international signilicancÈ in marStime èrchaeology and beyond. Weighing some 300 tons and standing as high as a four-story bulldinE, the hull is revolutionary in deslBn ènd providès vital evidence of shipbuilding technlques for a pe¥iod wher5 ship-plan5 do not survive. The a¥tefacts This unparalleled collection, in many case5 unique, consists of those Items made by andlor used by the crew in the pursuance ol their personal 1Sle and their work, both manual and prole55ional. This a150 includes those items, supplies and fittings, necessary lor the shlp to fulfil its role as seafaring vessel. warship, workplace and home. 8y categories. numbe¥s held are.. Category Objects Count Clothing Leather shoes, boots and jerklns, and knitted and worsted garments 770 Coinège Gold and silver coins and copper tokens, a coin balance and weights and taltystScks. 139 Domesti Plates, dishe5, bowls, fla8OnS, tankards, cooking pots, SPOOFIS peppermills and a mortar. 470 Medlcal Lldded cani5ter5 Containing ointments. jars of medlcines, urethral syringes. puncture syringe. scalpe15, trepan, clyster and feeding bottle. 84 Musical irbStrument5 Wind pipes and a line shawm, strin8 and pereusslon. 13 Navigation DSviders, gimballed compasses, chart stlcks. soundlng weights and log reel. 26 Ordnance Heavy cast bronze muzzle loadEng guns, breech loading wrought lion guns with theircarriages. smallerbreech loadin85wivel guns. AmmunltSon of stone, iron, lead and comp051te lead-covered iron shot. Alchery equipment includlng longbows and arrows, arrow spacers and wristguards. Edged weapons. 5712 Personal Combs. razors, a 'PIS5 Pot, and pomander., recreational games, a line inlaid backgammon board with tounters and bone dice; handheld sundlals, book covers, qvill pens and ink pots. 334 Rigging Deadeyes, thimbles, blocks, parrels ancs sheaves, chains and cordage. 393 Ships-ftttings Anchors, sailcloth, rope, waterproofSnE materials, fastenings of wood and lyon. cauldrons. bricks forming the shlps ovens and firewood. lanterns 8nd candles, pumplng gear, furniture and the ship's bell. 6129 26

The Mary Rose Trust IA company limited by guaranteel Notes to the financial statements for the year ended 31 March 2025 Stowage Barrels, basket5. chest5 and boxes. 1363 Toolslequipment Axes, saws, planes, braces, mallets and rulers, ash boxes and a pair of bellows, grindstone and whetstones, buckets and tubs, brushes, bobbins, pin5 and needles. 643 Miscellaneous Brèid, handles, straps, ribbon and thread. Also'unidentified I"Thin8 I, which while they are somethln& or a part of somethin& currently defy identification. 1387 Owing to the nature ol the collertion and because it has been generated by previous excavation from the Sea bed. the Trust does not anticipate any material addition5 to the artelacts. The Trustees have a pollcy of not disposing of any part ol the collection. The collection has been recorded and documented over time into a detailed cardex system. The Trust has introduced a new Collections Management System and has now uploaded existing database record5 into the new system. Over time, the cardex records will be recorded into the new Collections Database to give a holistic view ol a¥telact locatiorn and ctsnservatlon hlstory across the Trust. The physlcal remalns of the crew ot the Mary Rose The human remains. comprising 179 of the 500 crew ènd soldlers who manned the Mary Rose, are unparalleled both in state of preservation and in their representation of a living community. This enables us to look at the state of health, ènd disease, sustained within a confined population. 1.8. Stock Stock is valued at the lower of cost and net realisable value. 1.9. Deflned contrlbutlon penslon schemes The pension Costs charged in the financSal statements represent the contributitsn payable bythe charity durin8 the year. 1.10. Baslc Flnan¢lal Instruments Financial instruments are recognised when the company becomes party to the contractual provisions ol the instrument. Financial assets and1Sabilities are offset, with the net amounts presented in the linanclal statements, when there is a legally enloreeable right to set off the recognised amounts and there 15 an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. The Trust's financial asset5 and liabilities consist ol cash and cash equivalents. short term investments, trade debtors, trade creditors and accrued expenses. The fair value of these items approximates their carrying value due to their short-term value. Unless otherwise noted, the Trust is notexp05ed to significant interest, foreS8n exchange or credit risks arising from these instruments. Term deposits of less than one year are classSfied as investments within current assets. 1.11. Termination benefits The Museum recogni5es a liability for termination benefits at the point where the group is committed to making the payments in return lor employee redundancy. 1,12. Golng concern The financial statements have been prepared on a goin8 concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted incorne and expenditure is sullicient with the level of reserves for the charity to be able to continue as a going concern. 27

The Mary Rose Trust IA company Ilmlted by guarantee) Notes to the flnanclal statements for the year ended 31 March 2025 Donatlons and legacies Unrestrlcted Restrlcted funds funds 2025 Unrestrlcted Restrlcted Total funds 2024 funds Total Grant Income Grants receivable 80.000 221.222 301,222 279,198 231,503 510,701 Total 8rant Income 80.000 221,222 301,222 279,198 231.503 510,701 Donatlons Trusts and foundations Individuals Corporations Donation boxes 16,srx) 23,918 480 5,249 9.500 9,360 2,725 11,820 16.500 32,168 480 17,000 47,598 409 25.000 6,125 42,000 53,723 409 8.250 5.249 9,500 9.360 2,725 11.820 5,793 26,500 13,726 1.991 13,013 5,793 26,500 13,726 1,991 13,013 28.500 Mary Rose Flag Offlcers Gift aid recovered Mary Rose Information Group Mary Rose Friends and Patrons Donated assets 28,500 Total donatlons 79,552 8,250 87,802 126.030 59,625 185,655 Le8acles 3,228 3,228 Total donations and legacles 162,780 229,472 392,252 405.228 291,128 696,356 Vlsltor admlsslons Unrestrlcted funds 2025 Unrestrlcted Total funds 2024 Total Visitor tScket Income Visitor ticket income gift aid 1,908,058 1,908,058 280.296 280,296 2.046,895 2.046.895 320,019 320,019 2.188.354 2,188,354 2,366,914 2,366,914 Other Income from charitable activities Unrestrlrted funds 2025 Unrestrl¢ted Total funds 2024 Total Education workshops 29.977 29,977 25,523 25,523 28

The Mary Rose Trust IA company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 Income and expenditure from trading subsldlarles The Mary Rose Tfust controls the Mary Rose Trading Limited (the Trading Company") and the Mary Rose Archaeolo8ical Services Limited (now dormant) by virtue of holding a controlling interest in the equity share capital. The trading company is responsible for those activities that do not qualify for exemption from Corporation Tax. Gilt Aid arrangements have been entered into between the Trust and the trading company whereby they are able to distribute any taxable profit to the Trust each year. A summary ol the results are shown below.. Mary Rose Tradlng Llmlted Generates income from the Mary Rose shop, hospitality and cafe. Summary of tyading results 2025 2024 Turnover 536,643 1352.8771 449,412 1286,9991 Total expendlture Include5108o & admin charses £7,20012024.. £7,200) paid to the Trust, eliminated on consolidation Net prollt for the year Amount 8ift-aided to the charity 183.766 162,413 1162,4131 1183,7661 Retained proflt The assets and liabilities of Mary Rose Tradlng LSmited were.. Assets 233,001 1232,8101 213.698 1213.5071 Funds 191 191 The Mary Rose Archaeological Services Limlted Provision of maritime archaeology and conservatlon services to external organisations. The company ceased trading with effect from l April 2024. Summary of tradlng results 2025 2024 Turnover Total expenditure Includes admin eharges of £Nil12024.. £6001 paid to the Trust, eliminated on consolidation 8,882 14,4621 Net profit for the year Amount gift-aided to the charity 4.420 110,2711 Retained Ilossl 15,8511 The assets and liabllities of The Mary Rose Archaeological Services Limited were.. A55ets Funds 29

The Mary Rose Trust IA company Ilmlted by guarantee) Notes to the flnantial statements for the year ended 31 March 2025 Other Incomlng resources UnYestrl¢ted funds 2025 Vnreslrlcted Total fund5 2024 Total Sundry Income 51.138 51,138 52,875 52,875 Group Intercompany charge 51,138 7,200 51,138 7,2(X) 52,875 7,800 52,875 7.800 Trust 58,338 58,338 60,675 60,675 Cg5t of charitable actlvities by fund type Unrestritted Restrlcted funds 2025 Unrestrl¢ted Restilcted Total funds funds 2024 funds Total Vlsitor operatlons LearTrin8 Conservètion and maintenance Collections Exhibition Maritime archaeo108y Museum building PHD Opeiations 694,649 100,831 1,062,418 122.328 3,541 99,183 83.335 777.984 47,919 148.750 48.469 1.110,887 18,364 140,692 14,599 18.140 6,660 105,843 858,820 858,820 856,975 713,774 56.OOS 1,069,100 99.631 43,IS6 7S6,930 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 IC12.304 856,975 760.947 2.939.926 1,078,165 4,018,091 2,801,761 1,075,417 3.877,178 Costs of charitable actlvities Actlvltles Govèrrtance undertaken and support dlrectlv C05t5 2025 Total 2024 Toial Visitor operatlons Learning Conservation and malntenance Collections Exhibitlon Maritime archaeology Museum bu51din£ PHD Operations 626,127 119,715 897,138 113.229 14.598 85,183 858,820 689,699 ISl,857 29,035 213,749 27,463 3,542 20,660 777,984 148,750 1,110,887 140,692 18,140 105.843 858,820 856,975 756.482 71,836 1,162,297 111.646 4,056 115,552 893,057 762,252 167,276 3,404.509 613,582 4,018,091 3.877,178 30

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The Mary Rose Trust IA company Ilmited by guarantee) Notes to the flnancial statements for the year ended 31 March 2025 io. Net outgoing resources for the year 2025 2024 Net outgolng resources is stated after £harglng'. Depreciation and other amounts written off tangible fixed assets Loss on disposal of t&ngible fixed assets Auditors, remunerat¢on 892,222 48 6,950 923,967 6.850 ii. Audltors, remuneration 2025 2024 Auditors, remuneration- audit of the financlal statements 6,950 6,850 Auditors, remuneratlon - other fees.. Preparation of financial statements 5,695 5.265 12,645 12.115 12. Employees Employment ¢05ts 2025 2024 fjroup Wages and salaries Social security costs Pension costs TermSnation 1.702.413 145,783 135.723 34,170 1,633,246 141,943 139,601 2,018.089 1.914.790 Trust Wages and salaries Soclal security costs Pension costs Termination 1,615.311 138,755 129,026 34.170 1,552.093 135.497 133.370 1.917,262 1,820,960 Durlng the year employee termlnatlon benefits 01 £34.170 were pald12024.. ENill. Key Management personnel 2025 2024 Remuneration and benefits 369,315 377,295 32

The Mary Rose Trust IA company limited by guarantee) Notes to the financlal statements for the year ended 31 March 2025 Number of employees The number of employees who earned more than £60,000 during the year was as folltsws.. 2025 2024 Numbef Number £60,001 to £70,000 £70,001 to £80.000 £ioo,ooi to £llO,000 £IIO,001 to £120.000 The average monthly numbers of employees during the year. was as follows: 2025 Number 2024 Number Fundraising Charitable activities Governance 64 64 67 67 Full Tlme E Fundraising Charitable aetivltSes Governance uivalent 44 46 47 49 12,1. Trustees, emoluments No Trustee received remuneratlon during the period except the Mary Rose Chief Executive, who is on the 8oard of Trustees with Charity Commission consent and who is asalaried member of staff. TwoTrustees were reimbursed for travel expenses totallln8 £754 this year12024.. 2 Trustees £1,000). 13. Pension costs The company operates a defined contribution pension and salary exchange scheme in respect of the employees. The scheme and it5 assets are held by Independent managers. The pension charge represents contribution5 due from the company and was as follows.. 2025 2024 Group Pension charge 135,723 139,601 2025 2024 Trust Pension charge 129.026 133,370 The above pension charges include an element of salary exehange. 14. Taxatlon All of the charity'5 income is applied for charitable purp05e5 and therefore the charity is exempt frorn corporation tèx. The charity's trading subsidiaries had a corporation tax liabil￿tY ol £Nil for the period ended 31 March 2025 12024.. £Nill and a total deferred tax provision of £Nil12024'. £Nill. 33

The Mary RoseTrust IA company Ilmlted by guarantee) Notes to the financlal statements for the year ended 31 March 2025 IS. Tangible flxed assets Group Plant and Donated Motor Conservatlon Bulldlngs Computers equlpment assets Exhiblllon vehlcles equlpment Total Cost or valuatlon At l April 2024 Additions DSsposals 22,151,451 197,793 4,895,926 9,600 1.527 23.920 295.100 9,791,752 1,313 10.651 795,809 38,138,482 12.440 23,920 At 31 March 2025 22,151,451 183,473 4,897,453 295.100 9,793,065 10,651 795.809 38,127,002 Depreciation At l April 2024 Charge for the year On dlsposalg 3,673,877 338,535 152,518 17,627 23,872 3,336,630 201.447 266.838 4,453,666 2,850 318.838 10,651 649,032 12,543,212 12,925 892.222 23.872 At 31 March 2025 4,012,412 146,273 3,538,077 269,688 4,772,504 10,651 661.957 13,411,562 Net book values At 31 March 2025 18,139,039 37.200 1,359,376 25,412 5.020,561 133.852 24,71S,440 At 31 March 2024 18.477.574 45,275 1,559,296 28.262 5,338,086 146,777 25,595,270 Trust Plant and Donated Motor Consèrvatlon Bulldings Computers equlpment asset5 Exhlbltlon vehicles equlpment Total Cost or valuation At l April 2024 Addition5 D￿spO$al5 22,151,451 197.793 4.877.26S 9.600 1,527 23,920 295,100 9,791.752 1,313 10,651 795,809 38.119.821 12,440 23,920 At 31 March 2025 22.151,451 183,473 4.878.792 295,100 9,793,065 10,651 795,809 38,108.341 Depreciation At l April 2024 Charge for the year On disposals 3.673.877 338,535 152,518 3,317.969 17.627 201,447 23,872 266,838 4,453,666 2,850 318,838 10.651 649,032 12,524,551 12.92S 892,222 23,872 At 31 March 2025 4.012,412 146,273 3,519.416 269,688 4,772,504 10.651 661,957 13,392,901 Net book values At 31 March 2025 18.139.039 37,200 1,359.376 25,412 5,020,561 133,852 24,715,440 At 31 March 2024 18,477,574 45,275 1,559.296 28,262 5.338,086 146,777 25.595.270 34

The Mary Rose Trust IA company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 16. Stocks Group 2025 Trust 2025 2024 2024 Goods for resale 45.012 62,611 17. Debtors Group 2025 Trust 2024 2025 2024 Trade debtors Amounts owed by group undertakings Other debtors VAT iecoverable Prepayments and accrued Income 67,671 78.191 47,744 204.359 16,734 58,990 179,201 29.669 16,734 29.669 124,017 166,446 115,653 155.733 208,422 274,306 384,490 423,593 18. Creditors: amounts falllng due within one year Group 2025 Trust 2025 2024 2024 Trade creditors Amounts owing to group undertaking5 Other taxes and social security Other creditors Accruals and deferred income 108,087 159,673 99,189 150.155 56.731 12,475 260.497 44,952 16.628 216,801 56,731 11,868 241,550 44,952 16.128 192,512 437,790 438.054 409,339 403,748 19. Security TheTrustees ofThe National Heritage Memorial Fund hold an equitable charge, dated 25 January 2010, a8ainst the lease ol premises to The Mary Rose Trust. ZO. Analysls of net assets between funds Non £harltable Unrestflcted tradlng funds funds Restrlcted funds Total funds Fund balances at 31 March 2025 as represented by.. Tangible fixed assets Net current assetsllliabilitiesl 3.568,723 381,829 21,146.717 30,707 24,715,440 412,725 189 189 3,950,552 21,177.424 25,128,165 35

The Mary Rose Trust IA company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 Non charltable tradln8 funds Unrestrlcted Designated Restrlcted funds funds funds Total fund5 Fund balances at 31 March 2024 as represented by.. Tanglble flxed assets Net current assetsllliabllltiesl 3,589,733 517,Q73 22.005.537 25,595,270 26,292 743.554 200.0(XJ 189 4,106,806 200,OC(1 22,031.829 26,338,824 21. De518nated funds At l Aprll ZOZ4 Incomlng Outgolng resources Ye50urces At 31 March 2025 Transfers Asset replacement lurtd 200,000 1200,0001 Al l Aprll 2023 Incomlng resource5 Outgolng resources At 31 March 2024 Transfèrs Asset replacement fund 200,000 200,000 22. Restricted funds At l Aprll 2024 Incomlng Outgolng resources resour￿$ At 31 March 2025 Transfers Nèw Musettsm Rathbone Scorpion Trust Purse Goslin8 Foundation The Storpion charitable Trust Pop goes the Mary Rose Exhibition Fund Garli21d Weston FoyndatSon Natlonal Lottery Heiitage Fund Foyle Foundation UNPATH - Collaboration H Allerv 22,005,537 754 1.600 4,774 17,097 2,067 1858.8201 21,146,717 754 1,600 504 10,063 14.2701 11,3221 114.5991 134,0821 1147.4791 18,9331 16,6601 I2,oC￿lI 15.7121 3,281 9,251 34.082 147,479 30.000 6,660 2,000 13,2811 17,786 22,031,829 229,472 11.078,1651 15,7121 21,177,424 Purposes of restrlcted funds The New Museum Fund represents donations and grants received to contiibute towards ihe new museum to be built around the ship hall houslng the Mary Rose. The Rathbone korpion Trust donation w3S to publish and print Museum book. The I Purse donation provided funclin8 for 3 podcast. The G051ing Foundation funding was to support a free family trail wlthin the Museum. The Scorpion Charitable Trust grant was IOT a project to purchase equipment and materials for the safeguarding and storage of the Mary Rose collection and archlve. The donations received towards the'Pop Goes the Mary Rose Exh%bStlon' support the pre-exhlbltion work. 36

The Mary Rose Trust IA company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 TheGarlield Westors Foundation grant Wa5 tofund summer interns working withln conservation, collectiorns and curatorial. NLHF Resilience grant was to fund a Series of work packa8es exploring ways for the Mary Rose Trust to improve resilience and sustainability. The Foyle Foundation grant was to support Learnin8 including workshops and stalling UNPATH grant was funding research collaboration on unlocking and Ilnkin8 maritime collections. The H A11ery donation supported staff and vtslunteer events Adrian Swire Charitable Trust grant was to support ongoing research. The Band Trust grant funded the delivery ol the 'AII Aboard. program that provides free learning vi51t5 to eligible schools includin8 Staff time and equipment. Pilgrims Trust funding was lor showcase testing training. Royal Pavilion & Museum Trust funding was for conservator electrolysis course. 29th May 1961 Charitable Trust grant was to support conservation costs. DCMSI Wolf50n Fundlng was lor a project to purchase equipment and materials for the safeguarding and storage ol the Mary Rose collection and archive. Restrlcted funds Icontinuedl At l Aprll 2023 Incomlng resources Outgolng resour￿$ At 31 March 2024 Transfers New Museum The Band Trust Rathbone Scorpion Trust I Purse Adrian Swire Charltable Trust Garfield Weston Foundation Gosling Foundation Natlonal Lottery Heritage Fund Pilgrims Trust Royal Pavillion & Museurns Trust The 29th May 1961 Charitable Trust The Scorpion Charitable Trust DCMS/Wolfson Museum & Galleries Improvement Fund UNPATH- CollaboratSon Pop 8oe5 the Mary Rose ExhibStlon Fund Trek Company Inc 22,898,594 15.557 754 1.600 1893,0571 115,8761 22,￿5,537 1,479 11,1601 754 1,600 20,rxJo 21,076 7.0(X) 81.856 1,373 500 10,000 25.000 120.0001 121,0761 12,2261 181,8561 11,3731 15001 iio,0001 14,753 4,774 13.1501 17,097 74.900 13,320 17,3231 113.3201 167,5771 6,124 28,500 14,0571 2.067 128.5001 22,916,505 291.128 11,075,417) 1100.3871 22,031,829 37

The Mary Rose Trust IA company Ilmlted by guarantee) Note5 to the flnanclal statements for the year ended 31 March 2025 23. Financlal ¢ommltments The charity had outstandlng commitments fo¥ future mlnimum lease payments under non-cancellable operating leases as follows.. 2025 2024 W5thin one year Between one ènd five years Over 5 year5 63,500 184,500 70,000 63,500 213,000 105,000 318,000 381.500 24. Related party tfansactions Subsldlary tompanlès Company Percentage number shareholdlng loo% Company name Mary Rose Trading Limlted Mary Rose Archaeolo8ical Servites Limited 03131273 Descrlption Mary Rose Shop, hospitality and cale. Dormant company 01447628 loo% Jolnt Vènture The Mary Rose Trust ss a related party of Portsmouth Historlc Dockyard Operations Llmited IPHD Operations Llmltedl. a Joint Venture wlth NMRN Operations. PHD Operations Limited is a company limited by shares. incorporated in England & Wales (company number 127998361. In the consolidated financial statements, PHD Operation5 Limited has been treated as a Joint Venture In which the company has a 50% interest. A surnmary of the results for the year are as follows.. 2025 Company share 2024 Total Company share Total Trading income Deficit contribution Expenditure 59,943 119,887 135,570 271,140 1195.5131 1391,0271 80,516 161.032 93,539 187,078 1174.0551 1348,1101 Net intome Balance Sheet Current assets 52,676 105.352 152,6751 1105,3501 15,316 115.3151 30,632 130,6301 Net assets PHD Operations Limited Ss responsible for the collection and distribution of ticketing income for the two member5. The total income distributed in the period is disclosed within the Statement of Financial Activitie5. The tompany contributes towards the deficit. During the year this totalled E82,15512024 E56.6851 and is included within PHD Operations costs shown in note 9. 25. Ultimate parent undertaking The ultimate controlling party is the Executive Committee of Trustee Directors. 38

The Mary R05e Trust IA company Ilmlted by guarantee) Notes to the financlal statement5 for the year eftded 31 March 2025 26. Gr05s ¢ash flows 2025 2024 Returns on investments and servlclng ot Ilnance Interèst received 10,117 12,126 Capital expendlture Payments to acquire tangible assets 112.4401 196,1991 27. Analysis of changes In net funds and nèt dèbt Openlng balance Cash tlows Closlng balance Cash at bank and in hand 844.691 1247,6101 597,081 28. Company Ilmlted by guarantee The Mèry Rose Trusi is a company Ilmited by guarantee and accordingly does not have a share capital. Every member ol the company undertakes to contribute such arnount a5 may be required not exceeding £1 to the a55et5 of the chaiitable con)pany in the event of Its bein8 wound up while he or she is a member, or within one year alter he or she ceases to be a member. 39