CL￿￿4￿Y re8istrw nwther. 01629881 awity regi5tr8tion rmrnbtr. 284687 Nautical Museums Trust Limited (A compHny limited by The Warship Anry Tn* aTrJ th¢ w8wthipRcsolution Tnjst) frythe Ytw FA￿0 31 tkcanbcr 2024 A J Thomson FCA High Street Heathfidd E&%t Sussex TN21 Nautieal Museums Trnst Llmited Contents Rcfcrcnce and Administraiive Daails Tnw£es' Report 2to4 Iwnt Examinerfs Re S(aThent of FSn8ncial Aciivitics 6t07 B&l8nce Shcct 8￿9 Notrs to the Fmancial yAatem￿ts lo￿20 Naulltal Mosemms Trwl Lamited Referente and Administrailve Det T M¢lhn#ld Cbaiity Re￿rat￿n Nllmbor 214687 co￿p￿ ReKi*•tioD Nllllther 01629881 Ro(* A Nore Road TN34 3DW Indepemdent ExamiD¢f A J Thomson FCA 8 High Strcet H¢athfi¢ld TN2181 B*nker8 N￿lo￿al W&slrninyty Havelock Road Ha#it TN34 Ifjw CAF Bank W¢sL Malling ME194SQ Nautl¢al Museums Trust Limited Trnstees, Report The trusiee5, who are dire¢rors tor th¢ purposes of ¢ompany law, rKtsent the anTru￿ report iogcttKr with thc ri[w￿la1 ststements of the ¢h&itable compsny for thc year ended 31 Dccember 2024. Trustee5 and off￿*r& The tn]s*es And oificer5 %rving durin8 theycar artsl sirKe the year end were &5 follows: Trus1￿$. T mCDot￿d D Spooner A Dodge K B￿rnian (arvoint¢d 20 Jun¢ 20241 Statement of trnSlep5' Vtsponsibilitiu Thc trumees (who are also the directors of Nautical Museums Trt￿l LiThit¢d for thc purrxjses of company lawl are Tesponsible for PTeJ)0ring the trumees, report and the fina￿1￿ sta*ments in accordance with applicable law and United Kingdom A￿oUnting Siendards IUni*d Kingdom Generally Accepted Accounting Practicex incEudLTr8 FRS 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requir¢5 the tru5tccs lo prepare financial Stslements foT eath financiaj year. Under company Jaw the I￿$t￿S must rtot approvc the fLnaThcia] ststtmenrs unless they are satisfied that giv¢ a truc and fair VICW of the 5taL¢ of alr81￿ of the ¢hgritsbl¢ compAny and of the in￿ming resourccs and application of resour￿. including i¢S infOTne and ￿r￿nditUre. of ik charithble comp90y for th8t period. In weparing thtse financial s¢at¢methts, th¢ tnJstee5 are rquired to.. selcrt suitable ac£ouNin8 poli¢i¢s apply them ¢onsi5tcnily' obscrvc the methods ot)d prin¢ipl¢s in th¢ Charitics SORP. make judg¢m¢nts attd ¢stimwe$ that are reBson8ble and pruthni. stsie whether applithle accounting Standards. comprising FRS 102 have been followe4 5ubjccl to any material departure5 disclos￿ and expiasned in the financial statements. and prepare the financia] sthtements on thc going concern b&8is unless 1¢ i% inappYoprÉate ￿ preswne thht the chariiablc company will wntinue in bu5in&*%. The trustees are responsible for kceping rKopu accountin& r¢¢ords that can disclose with reasonable A¢¢uracy at any li￿¢ the financial position of the charitsbl¢ ¢omkwJy a￿d cnable them w ¢nsuTe that the flnaneial 5taiements eomply with th¢ Compa¢)ies Act 2006. They arc Blso respornsibl¢ for safeguarding the ￿sets of th¢ Charitable mpany and hence for taking Teasonablc steps for the preven(ion and det¢cti¢Jn of fraud and other itt¢gularitie& Th¢ th￿teS re5r4Jnsible for the mwni¢twK¢ and integrity of thc corr￿* artd fioanrial infonnation included on the chJriMbl¢ com￿lY,S ￿bsite. Legisl￿10Tr governing the pjrparntion and di5seminwion of rLtWLciai statrmenls may differ frorn Icgislation in other jurisdietions. Objects thidl The objective for whith the Trust was e5tabli5hcd rcmairn the ssme- to promote the education, wthYstandin8 8md ettjoymcnt of ￿￿111m¢ hi$tory and archaelo&y for everyon The Trust rc8ard$ th¢ involvcrncnt of the public as a hi8h priority. aTfBnging Wl5iLS by schools and other ationaj organisation5> putting on prcsentaiion5, setting up guid￿ walks as well ￿ cnsurin8 visitors to the ship￿Ck Museum can easily and clearly und¥3wd the swies and histi￿1¢5 relaLing ￿ the wf8¢ts and exhibits on display. blle bthefv Pg8¢ 2 NAUtleal Museums Trnst Llmlted Trustets, Report In wtin8 the charity's obj¢¢¢ives planning its A¢uviiie4 the trustees contirm th8¢ th¢y hav¢ complied with the requirem¢nts of Section 4 of thc Charitic5 Act 2011 to hav¢ du¢ r¢8ard ￿ the public bcnefit 8uidanL% publis1￿ by the Charity Commisjion for England and Wole& The trus*￿ 85 Part of th¢ir r¢FK*rL h4v¢ the CThairnMn ￿ give an account of the main events aftd ae4iviiies of the y¢ar. whith foll within his responsibilitles. RI￿¢1￿1￿¢v1¢W The ¢￿rnIng surplus of £9,50012023'. surplus £8,578)on a totsl income of £122.705. Cash at year end waJ £45.74412023.. £49245). Followlns Iw y&s fomlal recogniuott by the Boord th&t the Trusi needs lo h)Id sufficleni reserves to b¢ abl¢ With3￿nd any unforesttn mairrial ￿duCtion in its income an¢Yor ond unexpeeted iD¢r¢&% in costs. a sum of £5,000 has been duly set aside. This will be added w in the fv(ute. rnethrei xovernawct Noftwe ofGovernlKg D￿￿Me￿I NautÈC81 Museums Ttust L2mited LS a cornpllny limited by guornnitt 8ovemed by its MemorAndum and Articlcs of Assoclation. It Is re8LStered. 8lon8side hvo 6ubsldS8ry ¢rusTs.. Th¢ War8hip Antt T￿￿t- and the Warthip Resoluilon Truai chariry. Recrnllmenlondoppolmnwni olirusiees Tru8tres ekn ￿ appoln*d on an od hoc buls durlrtA the year by the Board of Tnsie¢$ lo fill iden(ified skill v1epft¢i￿. Any trus¢tt appointed during the y¢gr Ind one thlrd Of remoining trUS*cs #re subject reappointment by Mem￿￿) rf the Annu￿ Genernl Mttting. AII tru8iecs are required 10 ￿￿131￿ any potent1￿ eonflld of ini¢r¢si b¢¢w¢M their p¢r$onal ond prlvaie Intertsts d tholc of the Tru5L Organts#ilothil&ruclure The tNste¢# mccl cight times a year ￿ adm5nlsier the Charity ensur¢ ¢omp118nce with all re8u1￿lOns and direciivcs. This inclLtd¢s a r¢gular ￿ViEW of the risks atta¢hed 10 the ojxrntion of the TnK Th¢s¢ riik areos covcr a wide range. in¢ludinBy but by rn means rutrithed 10.. la) prow eve *MI trainin8 for volunteers en5Win8 DBS ¢hr(*in8 18 implemented Ibl ovcrall heajih and ￿fery Ic) insuron¢e Ma￿erS (¢& fire, businc$5 intcmjption) Id) security for iN)th personnel and artefacts (el proper CBrc of th¢ Mu8¢um's artefa¢ts The Board of Trustces is ¢urr¢ntly looking to incre•ae the number of its m¢mb¢rs to help accomplish its ction and business pl￿￿. ￿￿e￿MAccrtdll0Ilo Th¢ Musewn has full fo￿al accreditation from the Arts Council of England. Nautical Museums Trust Llmited Tru5tees' Report Clidirm4n'.F Repurl Eneouragiiigly, tlie w)si-COVID recovcry in the Museum's lomines not¢d in 2022123 e()ntinucd iiito tl)e above accpuiiliiig ycar. A iiutnbcT t>l' cxtcrnal facior% which ¢tsul(I havc Iiad a ncgativc impact wcrc idcnlificd, c.bi. ail unusually larg¢ numbcr ol. mdjor road works iii aiid dround H&4ting% makinui ilLL¢.55 ilita) thL Iowi LhallcnkTjII&, nvl lo iiieniion exLended period5 of ii¢Jver&e wcadier. Nur weTe pe55i1i115tic eeonon)ic foreci1515 1'ebTulurly pp¢drinby in Ili¢ ni¢did pd11ibuldrly lirlptiill H()wrver, vi5iior nwnb¢rs ID &i¢nerdl bWLc¢vdvd in holdin￿) up, albeii wilh ll stnull drop in the nuinb¢r ol. tho%e Loining Irotn Jbroud. Overull incvine during tIIL yLar Wds very slitsihtly12.30/nl bclow tIIc PTCVLOUS ycdr's tDtdl. Miis pritndrily rL%uli c)f IciwLr %hi)p iiiid (hL l(?%% (If iliLiTrmL friim Liuid¥d w(Ilk% lil IIIL wrLLk i)f ihL Am%tLrduin. thi% lns (he Mub¢util'S Lilrelldy IlnPTe&blV¢ LulleLliun vf dri¢f£iLts. but dlsu lu tijrtlier ilb objvLliv¢ to lielp pru(¢LI dnd pruiiiule Illib Lountiy's mdriiiin¥ h¥rildg¥. OpLrutin¥ Lusts huvL b¥Ln kcpt ds low J5 possiblL. will) lllULli vf IhL W4)rk nLl¢SSdry tv k¥ip t]iL MusLwm ruiiiiiiig hLiii&i uiidLiiak¥li by vi?Iuii¢LLrs. I Ii)w¢v¥r, illLViUtTrly, a LIIIISILILrahlL pri)pc)rtii>ii IlL¢dL'cI th assislaiicc of pmlcssinnal cxpcrtisc and this ha.g IEicluded (hc con.4truclinn of a shclicr tnr Ihc l>rimrogc river bar&iL aiid major Lh¢inbi¢% 10 11iC OUl%id¢ yard in ordcr 10 dLcommE)d£il¥ Ihe liteboaL%. Thc r()ol'ol' Ihc Muicum ha% iie¥ded alleiilion uiid Ihere were u nuinber ol-¢l¢ilricJl pluinbiiiu rnutL¢r.4 Iliut Ii¢ed¢d Ui¢endiiig 10. All ol- thi% ¢nablcd Ui¢ sllipw￿ck Mu%eum lo ra1￿C IL% prolilc 4L.% o mlljor ioiiri%i alLra¢lioti, 1101 ju%1 wiihin H&tstlnbTS bu¢ ulsu widiin ilie IuTb*vr So￿￿11t￿ 1066 Country. Tliis is an acl)ivvei)Icnt Iv bc prliud ul., espvLiully s il lids b¢¢n d¢¢uiiiplisli¢d with d v¢ry smtill numbei. uf Slull. dnd volunteers. 'fii¢ ¢uiiiinitni¢ni dnd ¢niliusidblll di.%pliiy¥d by LVLryC)nL riTrnnLL¢Ld with il)L Mu.%¢um i4 immL'n.%Lly %dli.%fyin&i lind muLh iippfLLiatLd. Thi .%L'dfLh lor uddiliunul vulunlecrs und trusiees iuntinu¢s us. in udditiun lu iuskb wiiliin Ilie buildingT buLli sl¢wurdin dnd tndnnin¥ thi shop. PiL)pl¢ with skills in dlLdS SULIi 415 rnJrkLiinu. publiLity, IT dnd funLlrdLSillbi dfL nLLdLd. We lii?pc Ilid¢ a.% the rciii)wii i)r thc ShipwrcLk Mu%¢wn Ll)tiiiiiu¢s ti) gr(Iw, w¢ will hL dbl¥ ti) d¢traLI Jddiiii)iial pcrsoiinel in thc iicar tuturc. Thc aniiu I report appri)vcd by ih¢ trusi¢cs of thc charity on . und sigi)cd on L18 hchalf hy.. T McDnnald Trnsiec Pagc 4 Nauikal MueuDU Tr&Tt limiled Independent Rtport to the tr￿teeS of Nauti￿ Trnst Llmlted {'the Company,) I reFQrt to the chrity on my <%￿￿1￿￿ of of thc CornpwLy for the year ¢ThJed 31 Dcccmber 2024. Rwondblllth Amd baHs of rep•rt As the tsity's tn]steC5 of ￿ Comw {￿ aL%o diredots for F4llP)se5 of wmrooy igw) are r¢s￿nsible for thc prqrtion ofts in with the requiremujts ofthe CoM￿leS Ad 2(M)6 {'the 2006 Aa'l. Having ￿1sfIed mysdf the of th¢ TWA rquired ￿ bc s￿lI￿d wknler Part 16 of 2006 ACL arkq arc cli8iFAe iThJetth ex￿1￿811￿ I rcpxxt in rcsrrtCE of my exami￿lon of your charity's xcounts ￿ carrttd out seaiort 145 of the Chwitics Act 2011 I'thc 2011 Act,). In canying my ex8mination I have folk)wed the Directi￿￿ givah by the Clwity C￿MiSsion ujder seak)n 145(5)(b) of th¢ 2011 ACL I have complcted my rxamitWiO¢L l o)rtfimi m￿¢￿$ havc L¥Jtne ￿ my allentiL￿ in Con[￿c￿On with th¢ ciaminarirffi 8iVill8 me ￿1$¢ to bcli¢vc: ofthe 2006 Arl or 3. the acc(Mmts do ￿1 compty with the rniin8 rwiwcmcnts of 5c&xion 396 of the 2(K)6 Act othcr than ny Tequiremeni the x¢ounts give a'In￿ ar¥1 fvir vi•V wh¢* is 8 Tblattcr con%idued &8 Part of an 4. thr ￿COunts havc ￿ bc￿ in accorthe with the and win¢ipl¢s of (l* Statcmcmt or R¢rommcrthd Practice for accr￿ by charitie5 {applicabl¢ to ch￿IticS prw2ng their 8cco11n￿ in a¢¢ordall¢e with the Financial R¢pxu￿ Stsndard applicable in th¢ UK aTrJ R¢publi¢ of Iretand (FRS 102)]. thould be drnwn rn this rep)rt in • wop¢r ofthc Ix A J FCA MannirW4)ns 8 Hith Strttt Heathfield TN218LS Nautlegl Museums Trust Llmlitd Statsment ofFlnandal Aclivltles for the Year Ended 31 December 2024 (In¢luding Income and Expenditure Account and Statement of Total Recogntsed Galns and Losses) Rutrltted fuods Tolal Note In¢om• E))dowments from: DonDtions and le8acie$ Other tradin8 8¢llViU¢J Invcsuneni income 41,842 80,854 41.842 80.854 Tothl Income 122.705 122.705 Exp¢ndl¢ure on: Rai5in8 fimd5 Chllrithble activiii¢J 185,1801 28.025 (85,180) TO￿ Expendiiure 13.205 113,205 income ￿vement in fund5 9.5(10 9,500 Rqcontlil*tlM of Tothl brousht fonwd 80,392 1.500 Tothl fund& cwried forwprd 18 89,892 Unrutrl¢t ndi 1,500 Re4trlrtÈ funds 91,392 Total 2023 Not• llltomt Endowrnents from: Do￿1￿0￿$ and l¢Bacie5 Other iradlng activltles Investment irtcome 21.476 86.530 21,476 86.530 Tothl incorne 108.017 108,017 Exptndlthre oj: Ralsin8 fufftds Chvithble wcLivitieJ {77.294) 145 177.294) Total expendlttwe Net in¢4me 99,439 99,439 8.578 8,578 N¢t movan¢n¢ in funds 8,578 8.578 Ret•n¢lll*don offunds Total fijndq brou8hl fotW8rd 71.814 1.5(10 73,314 Total fimds urrid forward 18 All of the Ch￿lty$ adlvliits derivc from ¢ontlnuln8 opera￿onS during the &E<*ve Iwo ptriod& Th¢ nokJ on pag¢s 10 to 20 forni ￿ intelrai port of th¢s¢ financial statcmcnts. Page 6 muS¢un￿ Trnst Llmlted Statement of Financial Acdvities for the Year Elld¢d 31 December 2024 (lkneluding Income and Expendi¢ure Account and Statement of Total Recognised GalDs and Losses) The fl￿& breakdown for 2023 is shown Én notc 18. Th¢ no￿ on pages 10 to 20 form an integral part of these financia] ststemen¢s. Pa8c 7 Nautkal Mllseun￿ Tn￿1 Llmlted (ReEiStrntlon number: 01629881) Balanc¢ Sheet as at 31 December 2024 2024 2023 Note FIAed TanBiblc wts 13 39.059 25,848 C￿vr¢￿t ASS¢tJ 14 15 6,655 6,141 Debwr5 - due within one y Cash 8( battk oThJ In 1,307 49.245 16 45.744 52,399 56,693 Credltoys: Amounts fallln# wlthln othe yur Net Current 17 66 649 56.044 Net 91,392 81.892 Futhds of the charlty: R¢•trlrtod In¢opK Resthcted fundj 1,5(Kl 1.500 Unwtrltted lThcom• Unrestri¢ityJ thnds 89,892 80.J92 Total futhdi 91 The ￿ on pa8¢s 10 LO 20 form an intel￿ p&rt of th¢se financid sta*rner￿. Pw8 Nautlcal Museums Trnst Llmlted (Regtstradon Dumber: 01629881) Balanee Sheet as at 31 Deeember 2024 For the financial year ending 31 Decrmber 2024 thc chariiy v4¥6 en¢iUed ￿ ¢x¢mption from audit under s¢¢tion 477 of the Companies Act 2006 rel￿1ng to small companie& DirKiors' re8ponsibiliue6: The members have not requtred the chariry to obtain all Audit of its Aecounts for th¢ yw in qucstion in accordznce with section 476. and The dirtttors acknowledge their re8ponsibiliiies for complying with the requiremert¢s ofthe Act with respec( &ccoutttinB records and the preparation of acc(MJnts. Th¢ financial staicments ott pagcs 6 to 20 were approvcd by thc trustees, and authoriscd for issue on . and sI￿¢d on their beh￿f by.. T M¢Do T￿￿tee The no￿ on pages 10 to 20 forni inthgral part ofthN¢ fiDan¢ial sthwnrnt5. Page 9 Nau11￿1 Mllsemms Trnt iamited Notes to the FlnaDelal Statements for tkn Year Ended 31 December 2024 l A¢¢outtthi polities The principal aco)uniing wjlicies awlied in thc WeFor￿n of these financial statements are set below. Ststen*nt Oft0￿￿1￿•re Thc finwKi81 hav¢ t¢en WeForcd in x¢ordarKe with A¢¢(&￿ing and Rcporting by CthariLies: Ststemenl of Recommendtyj P￿1¢¢ (arvlicablc w dwiues Fx¢paring dKir in accordw with th¢ Fit￿￿la] Reportrng Starmtard a￿]Il￿1t in the UK and Rqrtthlic of Ircland (FRS 102)) li&sutd in (kth 2019) - (Charities SORP (FRS 102)}. Rep)rfiog kndard arvlithl¢ in th¢ UK and Rewblic of Irel8fKI (FRS 102) otwl th¢ Compnia 2(K B*sl¥ of prepr*ll• Nautid m￿$c￿nIs Tr￿1 Limi*d meds the defjnition of a wblic benefii ¢nLiry wwJ¢r FRS 102. Assds and liabilities are initi￿ty re¢wiscd ¥[ hiAor1￿ v8lw ￿ls¢ sta*d in th r¢le¥￿t ¢owiting w)licy Ixite& Going eODrern TCVieW way5 to crtsure fuDue finwKiaJ wyatrmbility. Ther¢ are IKI Significant are￿ of th&t aff￿ anying value of assets Idd by th¢ Charity. Exempti•B from preparing A tAsh tlow ststtwtmt The charity opted to ¢aTty adopt Bulletin I pknli5hcd on 2 Fdw 2016 h*ve theref￿ TWA Ind￿ 8 cash flow stEt¢mcnt in thc5c fin•)￿81 StsLemen All irt¢om¢ is rco)gni5d once the clw to the it is the i￿O￿e will be rt¢eiV￿ andth¢ am¢Juni ofthc income recei￿1¢ (an bc ￿*bly. Djnations arc recogni5d wkn tk d￿LLY h&5 I￿1 wtificd in writirg of the amount and setticment date. In tIK event that a (k)naiion i¥ subjea to ¢a)ndition$ that requir¢ 8 levd of pxvformantt by thc dMrity before the charity is ¢tKiiled to the fiu¥J& th¢ irK(Mne is d¢f¢rr￿ and reco￿lSed until either thrffje Wnditio￿ ar¢ fvlly meu or th fiJ]filmts¢ of conditions i5 Twknlly within thc COTthIl of tht charity li is woiMbl¢ the conditions will bc fi￿ri]led in the reEXlrtin8 rccogniscd as a liability and Incl￿ on shcet as defemd i￿￿￿¢ to be rd¢th Dividervjs arc rccogniscd once thc dividend h&5 brrm declared n￿lfil￿10￿ h&% bets rec¢tveJ of divide4 eio Na•lieal Mu8e•ms Tru¥t Llmlled Notes to the FlnaD¢l*l Statements for the Ye4r E￿ed 31 December 2024 Expendlthr¢ All expenditw¢ is reco8tJised on¢e there is th le￿1 or LThSlnthve obli8aU￿ cxpuKl1tU￿ it is sYobgbl¢ senlemeni is requircd thc amoum (*n bc rncaswd Yeliably. All costs are allo¢¥tgJ to thE vwlicabl¢ rA￿din￿e headinB th• 888r¢8a* similv Costs to ¢at£gory. Where ￿}Sts bE directly attriljutcd to pllrtiadar headin85 th¢y have bren llllocated on a iwis con5isthnt with the use ofrc50Lrn. with Centr￿ *atr oists ailo¢ated on the b&5is of ufflc sp￿¢ Bnd dc¢¥eciation ¢h•r8¢s all￿1*d on the portion of the &ss¢¢'S US These are cos¢s In¢uwred in altwaciin8 volunwy the of inve5kn￿ts th￿¢ Incwrcd ltt tr&dln8 activiiies rais¢ fvThl Chartsoble o¢rfvttl Chari18ble cxpendinwe t￿pri%$ costs iTh)xrtd by thc in the delivoy of its gdivtties servi for its benefjcbaries. 1¢ ￿K1￿je$ c0515 can be all(￿¢4 direaly ￿ suth xtiViii¢s and those c4)sts of pport ¢wts sUp￿)rt includ¢ ¢¢ntsd fill￿10n5 knve bcen allor•*d w ￿l¥lty ¢ate8ortes on a ￿1$ consistent with the use of resoum, for exampl< allo￿1n& FrfOPW ¢osts by fl(w or¢aJ, or ￿r 5t4tT c05ts by the time swi arbj othu costs by their Covernin¢e These in¢lud¢ thE coJts attri&M¥bl¢ ￿ the Charity's Lwplimce with Wwiwilon￿ aryl r¢4uinnen irKludin8 AudiL ltralcRic m¥1D￿MeN rd#J Tnu*c4' meaingl *d TAiitlon The charity is Mnsidfftd the set out in I Schethle 6 of the FinErKc Ad 2010 and there(￿¢ It mects thc definiiion of a chan￿ble ¢4)mF•ry for UK ¢wpYatson ￿ purpm. Acc4)rdingJy. the thDrity IJ ￿(entIallY ex•no from ¢&x&ion in of incom¢ ￿ ¢api¢aJ gains Teceiv¢d within catc8ories covered by Cwer 3 PDrt I l ofthe cor￿1￿ Tu Aa 2010 or Scoion 256 ofthe T￿&(10￿ of Chptwble Gwns A￿ 1992. 10 the cxtcni thaL swh irKwie orylr4 *e aFg1ied exCI￿1¥¢1Y ¢0 dwi¢abl¢ ￿￿1￿)&e￿. T*nKlbk fixed Individual fLx¢d &%sets ¢￿ting £5(P).00 ornve ￿ inili4lly rea¥dedth ¢OSL The Ctwity mainthins Acc¢$81(￿ R¢gistu the Mai￿1￿ of tk •n¢faas h￿¢ be￿ ¢knnated 10 or are on lokn to the charity theE¢fty¢ ￿ v4lu•wi b¢¢n cwricd ¢xA anefxts ¥e Mt included in th¢ charitys Bglan¢¢ She Depretl*tloA *md amortts*tlo# D¢prccialion is wovidcd on tan8ibl¢ fixe41 so as to write olT the L7bSt or v•lu*ioN kss estimakd resid￿1 v8lu4 over their Expeud ec(mmic life as follow&" Asset ¢lAss Buildin8 Conversion ExhÉbi¢ion C&vs Fiiuii85 OITicc EqUI￿e rhono) 12.5%on e05t 20% straig￿ Ln Ngutkxl Trust iimlted Notes to the Flnattcial Stat¢m¢nts for the Y￿r Emdtd 31 December 2024 SAotk Stock is valued at the lowu of COA Ind cstimatoj sdlinB pric¢ k53 U)As ￿ ¢thnplctr and xll. after due reBArd ror olwla¢ slow n￿vIng stocks. Cost i5 damiAeA wire the fitst.1￿ firtl-￿￿ (FIFOk Trid¢ debto Trade debtors are aMoW￿ from ¢wlomer5 for mucl4ndi* ¥Jld tr scrvices pthed in the ordin cowse of busirK Tr*k dcknj 4r¢ re¢fj8nised initlaily at thE CAsh and ush C&th and cash equivalenLS ¢omwse ¢&h on hand *¥J ￿11 dqxtsits. SI￿.￿rM highty liquid Invutrne￿ty tha¢ 8r¢ rudily wnvertiblc kib)wn wmow of ¢8sh subject w an insi8nifithii risk of ¢hw)8¢ io val Tr•d¢ ¢rydl¢o Trade crediiorj ar¢ obli8atiMI for or scThiecs h•ve been acquired in th oTdiThory wurje or business from supplicrs. Accounts wable ar¢ ¢183Jifid Ilabililies if th Lthwity doE5 have an urKonditional ri8hL ai the ¢ThJ of the reFK)rtini to dcfer sclllemeni of the ￿editOr for a¢ l¢aM Thvelve month5 after the rcpffiing date. Ifther¢ 1> ￿ u1￿1110￿￿1 right * thf¢r s￿leM￿l for ￿ le1￿ Thvdve mtyth &fter the rcwrtingdaio they are liabiliiic& Truk crediwrj we reco￿19¢d iniliaily at the wi¢¢. Borro•lnp IntcrcM.besrin8 lJorrowin85 are lnill￿]Y re¢othd at f￿r vBluk nel of Lrsts. Int¢ttsi.b¢oring bJrrowin83 ￿ SubSeq￿ni￿ t￿led * Imortised (y)sL with thffer¢rn% bdween the ryoceeds. ttet of tratuection COS￿ and thc amouni due on red¢rnwion t¢lD8 Teewlsed • a dhv8e ￿ the Sthtunenl of FliiincÈ Adivitics over the period ofts r¢l¢vart i￿1￿& IMer¢M 1$ r¢co8nised on the Lwis of th ¢lTtttive inwtst metrthl knj is IK]￿d in in*rrst and simlltr ￿￿￿¢5. Borrown8s are ¢lauifKd w currert li•titliiiu dwity ￿lL￿ndi￿rI￿1 ri8ht ￿ deter of the liability for wt lewrt twelve mrmth after the rep)nin8d Unrestriaed incomc fi]Thts ore S￿￿•l fimmts Jre availthle for use * the truaccs di*raion in fiJnhttwKe of the objeeiives of the dwriry. Desi8nated fun(b ar¢ set aside for wifK at the di8ve￿I of tk ¢nM*es. Restriaed itKtyne fiThts are in # ￿l¢￿tar arca or fty sFrtifi¢ pwp)S4 IIK use of which P4¢ 12 Nantical Musenms Trnst iAmited Notts to the FinaKknI StAlements for the Year Ended 31 December 2024 2 Ineo•e doM•d•w •*d Iwd ds Geller41 Totsl fundi Don￿lOn5 from irwjividwls Gift Jid r￿1￿M￿l Granr¥. including ¢apithi M￿b¢th and Bisiw Tnmt T•t*l f•r 2024 22,289 3 J53 22,289 3,553 16.000 16.000 T•t*l f•r 2023 21,476 21.476 TotAI G¢•¢rAI TTodin8 in¢omv. s￿¢5 of 8oods knd aeTviees Events intome,. 80,239 615 615 Totsl for 2024 80.854 TO￿ for2023 86J30 4 lovutM•Dt lTht•me U&restrltt fuDd¥ GeA¢r•l futhd• Interesi reEd￿ble arbl similw irw InicTeit r¢¢eivgble on W &F￿lts Tol*1 for 2024 Totsl for2Q23 P4e 13 Nallli￿ Musellms Trust Limited Notrs to tbe Fln*nelal Ststrmethts for the Year EDded 31 Dec¢mber 2024 S Eipwdltyr¢ rltslni •} Cmts of *dlvle UDr¢8trf¢ted f•llds GeDerAI To¢•1 Note Cosis Of8￿ sold Membership subsuiwions Mwketin8 and publicity tkpreciai5on, wnortisalion and other wmi18r wjsls Othcr costs of *iviiiN for s￿#1￿8 fwm Tol*l for 2024 38239 38 1,793 3.167 38,239 38 1.793 3,167 83.989 83.989 Tothl for2023 76,035 TotAI f*Dds G¢DerAI Finqnce ¢horg Bonk ¢h T•tsl for 2024 T•t#l for 2023 1259 ￿59 P48¢ 14 Nouti￿1 Museums Trn$t Umiled Notes to tb¢ Financial Statements for the Yellr Ended 31 Detember 2024 6 Expenditure on ¢hiri¢ablt adivitiu Vmrntrided fund5 GeDer81 Totsl Not¢ Staff costs Allocat￿ support costs Governance costs Activilies undertth direaly Total for2024 925 6,682 5.213 15.205 6,682 5213 15205 28,025 28.025 Totsl for1023 22,145 22.145 In addition to the cxpcnditure anatysoj thtt¢ are also 8overnarKe costs of £5,21312023- £5.980} which relate dIT￿llY ￿ dwithble a¢tivities. Sec notc 7 foT fijrther de(oil8. 7 AM#lysis of govtrnanee Support eosts fund$ Gelleral Total fund$ Indcpcndeni examiner fees Examinalion of the finan¢id statcrnents t4a] and Prtsf¢ssional fecs 4,452 761 4.452 761 Tolal for2024 5.213 5.213 Tolal for21)23 5.980 5.980 Page 15 Nall1k￿ Trust Llmlted Notes to the FIDxts¢ial Statements for the YeAr Ended 31 December 2024 Nrt ltyeowi•8loutgoing resollre Net incoming resoLfCeS f￿ th ye¥ iw]u Dcpreciation of fExed assas FinHrK¢ charges payable 3.167 3.167 1259 9 Trustees rernv•er*tloo *Ad 111 StstT¢4)sts Th¢&g￿al¢ rAyroll Lwts w¢r¢ os folknvs: 2023 Staff eosts durini the ytsrwert: Wage5 and salarie5 P￿lon costs 40.752 34,101 1.577 41.677 35.678 No employee received of £(￿￿XIthrln8 the year. 11 1ttd4pelld￿1 ¢XAmiDW'i remuntr*tl•# Examin*ion oftr* financial #atem•ll5 4.452 3J84 Py16 Navtit•l T￿￿t LIn￿ed Nol¢s to the FknaDc1￿ StateDKDts for the Year Ende4131 December 2024 12 Taxatloll The charity is a regiMered d*ity is therefore from 13 TaD8lbl¢ fixed Exhlbldo• C*sts *nd rittl•p B¥lldlllg E4tsipmeNt T•tsl Cw¢ At l Jgnuory 2024 AddiLions 95.798 16,380 68J60 20.293 184.451 16.380 At 31 De¢¢mt¢r 2024 112.178 68.360 20,293 200.831 tkpretlatlo At l January 2024 Chv8e for the year Ai 31 D¢c¢mber 2024 71334 67.668 240 19,602 158,604 67.￿￿8 20.286 161,772 Net b¢￿￿ v*ht Ai 31 Dec¢mt¢r 2024 38.(Al 452 39.059 At 31 December 2023 24.464 692 691 25.847 14 Se•tk 2023 Sts)cks 15 Debton 2023 P4¢17 Nallthal Tr￿ Limited Notes to the FIDxnclal Ststrll￿Dts for the Yur Ended 31 Dttember 2024 16 C•sh ca5b equivalents 2023 Cash on hand 371 44.638 735 11,602) 50.675 172 Sknrt-tcml dcpc6its 45.744 49.245 17 Creditors: *m•llDts falliwg due withiD year 66 649 P*¢ 18 N4Nilcal Mmseums Tr•s¢ Umltod No¢es to the Flnanclal Sta¢emeDts for the Year Ended 31 December 2024 18 FDnds B•l*tt¢t #t 31 D¢tembtr Bal••¢¢ •¢ I exp*ded Uurtstrltttd funds urrutr1c￿ Fund 73Jty2 122.705 (1132051 14,892 Dcsi8nated FuThl Totsl utsrestrftt￿ fqn 5.000 80J92 121705 {1132051 89,892 R#trl¢ted funds Royal Pavillion 1.500 Totsl 11.892 113.20 91.392 BAl•nt¢ 1131 Ru•urees 2023 UDrutrlrtd funth Ga¢rnl Unr¢striad Fw 6&814 108.017 (99.439) 75J92 DesiBJwi¢d Fund T•thl ullr¢strt¢kd 71.814 108.017 (99.439) 80J92 Royal Pavillik 1,5(10 Tot*1 fouds Th¢ 3Frfifi¢ ftrwhich thE to be 4ylied are as foll￿. Royal Pavillion- Co￿ul￿ 8nd ReL¥uiunu P4¢ 19 Nauil¢al Mu8eMJM Trnst iamlted Notes to the FlnaD¢lal Stsiemtnts for the Year Ended 31 December 2024 19 Allalysh of tset futhds At31 Ai l JknDory FID•Athi December 2024 Cash llt bllnk and in har*J 49.245 3.5(Kl 4S.745 45.745 Page 20 N•utiul Museums Tnul Umited Detalled Statem¢nt of Fill￿141 Aetfvldes for the Ye•r Ended 31 Deetmbtr 2024 T4￿1 2024 Totsl Intome aDd End•w•ots froML' th)n￿l0￿ artd Ic8acies (￿tys￿ below) (Xher w￿1n@￿1vI1l¢s (mAlys)J tth) InvestmMI inwme {wMlysed E¢low) TWJ in¢ome 41.842 21.476 86,530 122.705 108.017 EJp¢thdhur¢ OM: RaiJin8 funds la¢)alywJ E¢low) Charitabl¢ aaiviiies {atMlysed below) To41 ¢XFffidiNre Net lttcome (85,1801 (28.0251 (77.294) 113,X15 99,439 Nd movuncnt in funds 8,578 RetontlllAtlon of f•ndi Tothl thnd5 brou8ht f¢Mrd Tothl fiyKIs C4rried forrtd 81.892 73.314 91.392 P4¢21 Mw¢ums Trust IAmlted Detailed Statemen¢ OfFinaD¢i￿ A¢tiviti¢5 for tbe Year Endd 31 De¢eJnber 2024 Total Total 2023 l￿dICI¢￿t5 21289 3.553 16.1 18289 3,187 Gift Aid t&x Rxjairncd Grnnts Receivable. Primrose 41.842 21.476 Sales of wr¢has¢d goods Charithblc Activiti&Evcnts 80239 615 84.075 2,455 80.854 86,530 IntertSL R¢c¢ived Rwift¥f¥Ads {38.239) 11,943) (38) (36,400) Stsff NIC ffmplornl 120) (1259) (34.101) (2J47) 11,916) {2401 Bank ¢h*g48 Wages and S￿arleS Advertising Dcprccialion of fredlold property Dcprcciation of fixDJrcs aThJ fiitin8S Depr￿1￿10n ofoffict ewiwi (38.809) {1.7931 {22441 (240) 85.180 177.294 15) 1333) (30) (161) (201 {1.5771 1471 (896) s￿￿Y Expa Pension Costs Trnvelling (1.094) L il Rmt ar)d rdtes Water rntes Lig1( htat and FKiwer Insurance 1290) 1183) (3244) (4.452) (9J52) 11041) 1663) (7431 (186) {3,5531 (2.7211 {3.5661 (1,901) (794) Tel¢plKJn¢ and f PrintiD& and s¢ationJy NaotltAI Musellll￿ Tr•s¢ Umlted D¢tailed Ststement of￿￿4￿¢1￿ A¢tiviti¢s for the Year Ended 31 Deeember 2024 Totsl T•tsl 2025 Legal and PTofe&sionaJ ftts- Examina￿ Lcgal and pro(￿lOn9] fees {4.452) 1761) 13,3841 12.5961 {28.0 Thi5 P•8e does ￿(Orth¢ financial ststern￿lts.