Compw r¢8iStration number: 01629881 Charity regisiralion rnunb¢r,' 284687 Nautical Museums Trust Limited (AcompaThy lirnited by gu&rantee, incoryorating The W8tship Ann Twst and the Warship Resolution TTL¥tI Annyaj Rwrt and Financial Statements ror the YwEnded 31 De¢emb¢r 2025 Mtsnningtong S Lunn ACA High Street Heathfield East Sussex TN218L5
Nautical mvselln Trust Limited Contents Reference and AdmInistr]Y¢ Dthils TnLJtee5' Rwrt 2to5 Inthpthit Exami[*$ Report Statemeth of FInan¢1 Activiti¢5 7w8 Balanc¢ She¢¢ 9kn10 Notes io the Financial Statemcnts 11 2]
NaMtleAI Museums Trust Llmlted Referenee and AdministrntivÈ Detalls Trte T McDonald A Dodge K Boornwl J Pinkerton Charity Re8istration Nuthbtr 284687 Company Re8tytr4tlon Number D1629881 R¢gbtsr¢d Shipwreck Mus¢um Rock A N¢Ne Road Hasting5 East Sussex TN34 3DW Illd¢p¢lldeDt Manningtons S Lunn ACA 8 High Street HeathfKld EasT Sussex Th218LS Banke National WestminM Havelock Road Hastings FAs1 Sussex TN34 IGW CAF BaThk West Mailin8 ME194SQ P38e I
Nautical Museums Trnst Llmlted Tnistees, Report The tnkqtees, who are directOTS for the purySes of company law. pr¢s¢ni a[u report toBether with thc rinanciaj ststements of ¢he ¢hariiable ¢ompany for the year ended 31 De¢¢miw 2025. Trnstees and offKerB The t¢¢¢$ and oificers servin8 during the year and sintt the year end werc follows: Truslees: T M¢Donald D Spooner IR¢5i8n¢d 26Nov¢mt¢r 20251 A Dodg¢ K Boormart J Pink¢rton (appointed 26 November 2025) Stt¢ment of trustee5' respoJhs5bi16tles Th¢ tru5t¢es {wlM) are also the direciots ofNauticaJ Museums Trust Lirnitcd for the p(wpos¢s of company lawl are responsible for preparin8 the trustees, rep)rt and th¢ finan¢ial stotem¢nts in accordance with appli¥abl¢ law atml United Kingdom Accounting Standards IUniÉed Kingdom Gcncrally A¢¢epted Aiiounlin8 PrHcti¢el. inclj7g fRS 102'The FInwla] RepDrliThB Standard applicable in th¢ UK aThl Republic of Ireland.. Company law Tequir¢s the tnIst5 to prepare finan¢ial slat¢mts for each financial ycar. Un(kr company law the trustee5 must not approv¢ th¢ finan¢ial statements unlL¥S they are satisfied that they give a true and fair view of lh¢ slat¢ of aftairs of the chaTithble company and of the incomin8 resources and appli¢oiion of resources IludIng its in¢om¢ and ¢xp¢nditur¢. of the charithle eompany for that peN(d In preparing these financial statement& the trustees are wuired to: $ele¢¢ suitsbl¢ a¢countin8 poIicic5 and apply them consistently., obyerye the methods and prin¢iples in the Charities SORP; makc jMents and ¢Slima that are r¢&wnable and Prutht: statc whdher 47plicable accounting standards c4)mptising FRS 102 have been followed Subject to any material departure5 disc105ed and ¢xpiained iTh the financial Statents.. and PT¢we the financial slatements OTh the going cO¢M basis unless it is Inappropriale to presume ihat chtritable ¢ompany ivill ¢oniinue in business. The tnL8tees arc rcswnsible for kceping proper accountin8 records that can ¢fi$closc M'ith rtasonable a¢curaLy al any time the financial po$ilion of the ¢haritable comp8oy and enable them io ensure that the financial slat¢entS ¢omply with th¢ C¢)mpgnics Act 2006. They are aL80 re5pon5ible for safeguarding the assets ofthe ¢hJritsble company and herte for thk'ing re&wnable steps foT the preveniiot) and ddeciion of fraud and other irregulaTiIiL%. The trustee5 are r¢sM$1b]e for the maini¢rwLce and integrity of the corpordte and firnCilI hnfonnation included on the Chilable w¢bsilr. L¢gislwion governi th¢ prepwioTr and dIss¢min10n or rinan¢ial 5talements may dilT¢r fTom legislation in other jurisdicttons. Objects ond4lms Th¢ objeLive for which the Trusi was esthblished remains the Se- to pron1¢ th¢ ¢dLKation, un(krSthJlDg and enjoyment of maritime history aNJ aT¢h&¢I0 for everyon& The Trust regards ihe involvemeni of the public as a high priority. arrnnging vtsits by schools and other u¢ational organisalions, putting on preKnwions. setting up gulded wajks as well as ¢nswin8 visitors to the ShipYeck Musewn ¢an euily and clearly understand the storics Wld himories relating to the artef&ts and exhibits on display. Page 2
NAutic41 Museums Trnst Llmlted Trnsttrs, Rtport P4blIc¢f1t In sctting ihe chaTiiy'S obj¢¢iives and planning ils %tLVltics the trustees conlirni thai ih¢y have complied w¥th the requirements of Section 4 of the Chariiies Aci 2011 to h&v¢ due regard io ihe public beneflt guidance published by th¢ Charity CommL55ion for England and Wales. The InL%tees. &8 P&rt of their report. have a%k¢d the Chairn)an w give an account of the main events aml a¢tivitie5 of the year, Ivhi¢h fall within his re5pTrfLsibililies. The operaiing surplus of £3,51212024.' surplu5 £9.5001 on a kntal income of£iws9. C&th at year end was £35,565 {2024.. £45,744). Polty on ruerves Following lasi y&s fornigl r¢wwLition by the Boord that the Trust needs lo hold $uifieient res¢rv¢s able with518tKI any unfore5ffn m&terial reduction in its income andlor and UnexpeCd increa5¢ in ¢051& a sum of £5.000 has b¢¢n thly sel aside. This will be add¢d to in the future. Natur¢ ofGo%rrtlng Do¢Nmeni Nwiial mseUMS TrLLSi Limited is a company limiied by guoras)¢¢¢ governed by ils Memorandum ar Arti¢les of A$w¢iatiOJL li is regislered. alongside hvo Subsidiary trwts: The Warship Ann Trust,. and the WaTship Resolution Tntst as a charity. RecrnlinIuKdOpPOirnenr ofirusleex Tnt51ee$ can be APP)inted on Sn ad hoc basis durinB the y¢4r hy the Btwd of Trllstees 10 fill identifjed skill vacancies. Any trLL%iee appointed during th¢ year aryj on¢ third of remAinin8 trustee5 are subject io ItpointMeNt by membus at Ihe G¢n¢ral Mcetin& All Irt1¢ are required to re8i$ter any potential ¢onfli¢l of Intere b¢¢w¢¢n their personal Jnd privale iThterrsts and those of thE Twst. 84MlsailoM71&rucmre Th¢ InJsi¢es me• eight tim a y¢ar to wjm1nier th¢ ¢harity ¢nsur¢ compliaftce with all reguiati¢)ns and directive5. Thi5 Lnclud¢5 a regular Tevi¢w of the risks attached to the operhtiotb of the TrusL Th¢se risk are&5 covvo wid¢ roTh8e. itKluding. but by no means restriclcd . la) proper we and training for voluntCCTS, ensuring DBS ¢]cking is impl¢men*d Ib) ov¢rall hea]th aThJ safety Ic) in5urarLce matters leg. fiT¢. business imerrwionl Id) stturity for both personnel and artefacts le) pmpw w¢ of the Museum's artefacts Th¢ Board of Trn$t is ¢urr¢ntly k)okin8 to incr¢as¢ th¢ numb¢r of its members help Kcomplish its futu action ar¥J bUsIsS plans. P4e3
Nayti¢al Museums T1 Limit¢d Trust¢¢$' Report Al#seumAccrediia¢ion Thc Mwlun h&% full fonnal aC¢Tediiaiion from the Arts Cothwil of Eng18ntl Ch•¥n'S Report I am plwed to present tk Annual Report and Sialunent of Account5 for lh¢ Nautica] Mlwuns Trust. Vering a[ther busy year for the Shipwreck Museum in RO¢k-N0rc Road Ha81in8s Old Town. As the Tnw"s primary op¢rational focus, th¢ Muscum is thc prI1p1 48en¢y for wing oui mission to pr¢s¢rve artd share this courhtry'5 rith marium¢ hLYita8e. As always alt¢ntion h&$ bttn focused on trying maintain a bala[¢ between the revenue uncertaintics by Social and e¢onomi¢ ¢ircumstho¢¢s- lo¢ai. nationaj and in1¢Mlon - and uThavoidable oulgoing5 involved in ensurin8 the conlinued fiuJctionin8 and futw¢ of the murn. We were fully aMare th&t fa¢lors such & reduced disposabl¢ inrom¢ ¢ould adversely affect visiior numbers, as well aq the public's ability or WillingSS to done andlor Purch¢ itern5 frorn the Musewn 5tw. Becauk donaLi¢)ns and retail sales COl1te by far the vast majority of our reven¥ thi$ was a significani ¢ortcem. It is a ple&%urt therefore. report ihai our trJirJg figures have held up remarkably wrll. The public has continued to Visit th¢ m¢wn in ¢nwura8ing numb¢rs ond ID th¢ fiMn¢iLI llndet revittv, 88,258 p¢ople were recorded having crossed the thffshold. l u5C the phwa5e 'w'cre rc¢oTd¢d' as the volume of entrants is ¢al¢ulaied by the shop staff and volunle¢rs Iisi118 a rnechanical tslly counter at busy periods. when the personnel art fully o¢¢upied in dealing with CLLStomers. it is noi always &Sible to regi5t¢r every single enw. The fiBure. thcrefore. is probably 90.tN)O+l Bui by any reckonin& our auerthnce figures art up on l&%t ycar. by at le&st 8VWh. And those kind of visitor numbers th¢ Shipwr¢¢k MLMun Amowt the top 5% of bcsi-oitendcd small musum$ in the Unit¥d Kin8dom. While 5al¢s were up ai £82,435 12.00%). donations were slightly reded at £23.912 1-7.0(PA}. However, have noiÉced that. iTh general. if people make pch¢S in the Shop. they arc unlikely donale &8 'ClI whil ¢onveTseJy, tlwe don't buy wrthin8 seem w be more inclined to drop something In donotion b)x¢s. UITlmately, 11 Is ihc ovcrdll ioial That rnaii¢r5. And just in p&s$irh8+ it 51MTruld k observed Mother Nature didn't hejp our inMe. Th¢ Shipwreck Museum organises guided walks to ihe nearby historic wreck of the Dutch Ea%t Indiaman Amsierdam. This usually brings in a rtlodest. but very welcome. in¢ome ihrnughoui tsfth¢ y¢4r. How¢v¢r. in 2025, 8 combination of lid And meteorolo8ical elemenL8 resulted in signifL¢ant movcm¢nl ofthe fore5knre at Bulverhythe which suceeded in completely covering the ve1 in a thi¢k blank¢( of sond aThJ shingl¢ ThereforG li whs Mi possible owls¢ any waik5 throughout the yearl A si8nificant outlay during the twelv¢rymrmth accounting period was in¢urKd by the necessity OF having to tsll$tn proi¢¢tive shelters over the three boats on display in the Museum's rear courty&rd- Primrotre lthe1&8t o(Ihe 8rca( Ryc river bargcsl and th¢ two hi5turiL lif¢iw)Ats. Pri$cillo and Cjwil & Liliort Dlshop. Mor¢ work will need . done to make ihe sh¢lt¢rn even more weather rcsi51ant and s¢rur¢ th¢ futte of the5C valuable historical 8rt¢fa¢¢s. Attd, of course. alongsid¢ these 4ws¢ryalion projeLL8. the Museum will also have to absorb the impact of steadily itKrea5ing lIlty bills and other Fnainlenance ¢osis, in¢llldin8 filrther work tsrt the Our ability 10 Th&vigat¢ th¢s¢ fin0n¢1 prL'ssures and other wmmitsn¢nis is emirely du¢ our sm211 but dedicated team of staff and volunteer& There is absoluly quemion without their unstiniitjg effo¢ts in all areas of operations, from Shop managlent 10 $tewardin& cl¢8ning, m8int¢twKe and a ran8e of other tasks. the Museum simply wuld not functsoTh On b¢h&lf of the TrnsteA l exter ourdeepesl 8raiiDJde to them. Page 4
NY4udcal Museums Trust Limited Ttee81 Report It s¢rv¢s to 8iv¢ ¢onfid¢nc¢ that, in Spite of extemal pressure 8T un¢ertaiMi¢4 the Nalktical Museums TN remains well-posiiioned lo protecl Hastin8s' rnarilime legacy for8rtherY¢ar. Tr annual report w&$ approved by the tNske5 of the dwity on...IS:..ty.:.. and signed on its beholf by: Tmc Trustee nald Pa8e 5
Nauti¢ Museums Trnst Llmli¢d Independent Examinerls Report to th¢ trustees of Nautical Museums Trn5t Limited ('the Company,) I report to th# charity IrustCe5 on my examination of the accounts of Lompony for the ye&T ended 31 D¢¢¢mber 2025. Re5poDsibilities And b8515 of report As the charity's InL8tees of the Company (Jnd dso it$ directors for the purposcs of company lawl you are re$pot)$ible for the preparaiion of the a¢¢out)¢s in accordance with th¢ r¢quir¢m¢nts of the Companie5 Act 2006 I'the 2006 Act'l. Having satisfied rny5clf tht the accounts of the Company are not quired b¢ audit under Part 16 of th¢ 21KI6 A¢t and aT¢ ¢ligibl¢ for ind¢pendeni ¢xamination. I report in resp¢¢t of my ¢xaMi[tion of your ¢harity's accounts as ¢arri out under seGtion 145 of the ChaTiii¢S A¢i 2011 I'the 2011 Aa'l. In Carrying my examination I have followed the Dirertiorvj 8iven by the Charity Commi55ion under section 149Sllbl of the 2011 Aa. Indepettdent examlDer's sttemeThl I have compled my examination. I corbflnn that no matters have come to my ait¢nti¢)n in ¢onn¢¢tion with thL examination giving m¢ v3¢ io b¢li¢v¢: l. accounlin8 reeor&5 wer¢ kept in SPeCt of N8Uti¢&l MUS8 Trust Limited as required by section 386 of th¢ 2006 A¢i,' or 2. the accounts do accord with those records: OT 3. the acwunts do noi Comply with ihe a¢¢ounlr requirements of section 396 of the 2(¥)6 Act other than any wuirernent that the accounls give a and fair view, which 1$ T1 a man¢r ¢onsidered as part of an independent examination: or 4. the a¢¢ounis hav¢ noi been prepared in acwrdance with the meihods and Principles of the Statement ot R¢cornmend¢d Practice for accounting and rq)ortin8 by ¢harities lapp11bI¢ to ¢hariti¢s pr¢parinB ih¢ir a¢¢ounts in colda¢¢ with the Finala1 RertIng Standard applicable in the UK atld RqM]blic of Ircland IFRS 10211. I Imve rn concerns and have come a¢ross no other matters in con[¢Ort with th¢ ex8minat*)n to which ott¢ntion should b¢ drnwn in this reJk)rt it) order enable a Pro urthtsnding ofihe accourbl$ Te&hed. S Lum ACA 8 High Street HcathfLeld TN218LS 211.OG1.2(Tr£G Pa8e 6
N4lltleal Museum5 Trust Limited Ststsment of Financlal Activities for the Y¢gr Ended 31 December 2025 (Including Income and Expendithre Account and Statement of Total Retognised Gains and Losses) Unrtstritted d$ Reslrl¢ted funth Totsl 21125 Note IBtOnhe #Dd End•)wm¢nts from: Donatiot)s and l¢ga¢i¢5 Other trading a¢iivities Investmerbi incorne 23.912 82.633 14 23.912 82.633 Total Income 106,559 106.559 Exp¢DdStsr¢ on: Raisin8 fvr¥l8 Charitabl¢ aLiviii¢s 180,5461 22.501 180,5461 122.501} Total Expxndiiur¢ Net income (103.047 1103.047) 3,512 Net nvement in fut)ds 3.512 3J12 Reton¢iliitlott of futsd8 Total funds broughi forward Total fiu)ds carrÈed forward 89.892 1.500 91.392 18 93.404 Unrestrlctsd funds 1.500 Restricted funds 94,904 T•t41 2024 N•te In¢ome Ind Elldowm¢nts from: DonatioThs aNJ lega¢ies Other trIng ACtiviii¢s Investment income 41.842 80.854 41.842 80.854 Total in¢om¢ 122.705 122.705 gxpenditutt on: Raising funds Charitabl¢ activities {85.1801 28,0251 {85.1801 128,025} Tot exp¢nditure 113205) 113.205) Nd income 9.500 9,500 mov¢ment in futLd% 9.51KI 9JOO ReeonelllgtloD of funds Total fimds brought forward 80.392 1.5110 81.892 Total fwth carried forward 18 89.892 91.392 All of th¢ charity's activiti¢s dcriv¢ from Continuing operations during th¢ above tyvo period5. The notes on pag¢s I I to 21 forni an inteEra] pArtof these fin8J)cio1 s¢amcnt&
Njutital Mlls¢um5 Trust Llmited Statem¢Dt of FittthttcRAI A¢llvlties for the Year Ended 31 December 2025 (Inelttdlng Income and Expenditsr¢ Account aDd Statement of Total Recognlsed Gai and sSes) Th¢ funds breakdown for2024 is sIMMvn in no* 18. The notes on p¢$ I I to 21 fonn an it11e8 part of thexe firnCIal Statemts. Page 8
N8utitAI Museums Trust Limited (Registration number: 01629881) Balance Sheet as at 31 Detember 2025 21125 2024 Nott ixed Tangible assets 13 49,622 39,059 Cwrrent ass¢ts Stocks D¢biors - du¢ within one year Cash ai bank and in hand 14 15 8.186 655 3 J88 35.565 16 45.744 47,139 52,399 Credltors: Amounts falling due wilhith on¢ ye•r 17 {1.8571 66} Net ¢urr¢nt Assets 45,282 52J33 Net Assets 91.392 Fthd$ of tb¢ ¢hArlty: Rt5tritted i#¢ofyw fun Rcstricted fvJ$ 1,500 1,500 Unregtri¢t¢d In¢ome funds Unr¢stricled funds 93.404 89.892 TotAI fuDd$ 18 91J92 The now on pagcs I I to 21 forni an inte1 pgrtof these rinatxi 5tatemeThts. Pa8e 9
N•llilefdl Museums Trust Limlted (Registration number: 111629881) B#l8nee Sheet as at 31 December 2025 For the finotKio1 y¢ar ¢ndin8 31 December 2025 the tharity was enliiled to exemption from audit undu seetion 477 of the CompanLe5 Act 2006 relating to smdl ¢ompani¢s. Dir¢¢tors' respon5ibilities- The m¢mbers hv¢ required the charity to obtain an audit of its accouTht5 for the yew in question in accordance with seeiron 476. aThl The direaors knOwledge their reS$1b111ttes for cornplying with the requirements of the Act M'ith respect lo accounting rOrdS and the pr¢parntioThof acrowits. The financial statements on pages 7 to 21 were approved by In1$. and autknrised for issue on ..lJ...¥.:.Ik. at)d signed OTh their behalf by- T M¢DonaJ Trtee The not¢s on pgges I I to 21 form an inte8ral part of these financial sw¢menL8. Pog¢ 10
NautleAI Museyms Trust Limited Notes to the FiD2DciI Statemtnts for the Year Ended 31 December 2025 l Aeeountljg poll¢l45 SummAry of gnIficant a¢¢o¥lltlng poli¢i¢s 8md key aeeoutttithg eslinwt¢i The PTin¢ipal a¢¢ouniin8 PDlicies applied in the PrtiOn of these finanria] $thiem¢nts are sel out below. These rA>licies have bccn cortsistently èppliedto ail the years pr¢s¢nl¢d, wiless otherwise $ed. St#tsownt of eompll4M¢e Th¢ firwi¢ial $tstemcnts have been prepared in accorda with A¢couniing and Rep)rting by Charities.. Stat¢nI of R0[ended PtrKti¢¢ (applicable to dltieS preporing their a¢¢owits in ac¢ordanc< with the FinanLiaJ RcFrf)rting St&ndard &ppli¢abl¢ IJ th¢ UK and Republic ofireland IFRS 10211 (issued in O¥'lob¢r 20191 - Ichariii¢s SORP IFRS 102}I, the Financid RertIng Standard appli¢able in the UK and Republic of Ir¢land {FRS 1021 a¥MI the Companies A¢t 2006. BASI5 of PTepAratitin Nauticd Museums Twsi Limited meets the definition of a publi¢ benefji ¢niity urhder FRS 102. Assets and liabilities are initially recognised at historical or transaction value unless oth¢rwis¢ sthted in the relevant accountin8 licY note& Goiog ¢ott¢¢rD The trustees consider that the ChHrÈiy sulfjcient regerveg to continue as a going ¢on¢¢rn and continue to rcvicw. ways 10 ¢nsw¢ fijttue firncIal 5U5tainability. There arc no si8nific8nt areas ofwi¢¢riainty affect the value of assets held by th¢ Charity. Ex¢mpd•D from Preparing # t#sh flow sttement The chwity opted to early Adopt Bullelin I published on 2 Febru 2016 and have therefore noi ithL'Suded a lknw si&iern¢nt in these rtrwKlaJ sw¢ments. IDÉome And eThdowments All income is rccognised once the ¢harity h&$ entitlwn¢nt th¢ income. it is probable that th¢ i1me will be received and the amount of the incorne r¢¢eivable can be measLwed reliably. attdlegacies Donations ar¢ recognised when the chtirity h&s been rKTrtified in writ¥ng of both th¢ amouni at¥J sdtlcmeni dat¢. In the eveni that a dooaiion is subject to conditions that require a level of rroM)ace by th¢ ¢harity before th¢ Charity is eniitled to the fund5, the i[0e is deferred and noi re¢oEnised I11] eithcr tIMTrse eoThdilions are fully meL or the fijlfilment of those co[ltionS is wholly within the comml of th charhty and il is pmbable thcse condition5 will fulfilled in the retA)rtin8 period. Gmnts reeelv4ble Grants ore recognised when the charity ha5 In eniiil¢m¢nt to the funth and any corKliiions linked to the grants hfve been m&. Where perfom)on¢¢ ¢onditions ar¢ #ttached 10 the Brani and ar¢ ya be mel the inwm¢ is re¢ognised a liability and included on the banCe shee¢ as defeTred income w be released. Pag¢ 11
Nautitl Museums Trllsi LlmSted Noteg to the Flnsinelgl Stst¢ments for the Yer Ended 31 Deeember 2025 Exp¢ndltsr¢ All expenditure rcu)gnised once there i5 a legal or nStrtIVe obligation to that expcndilurt, it is probabl¢ s¢ttl¢meni is ¥¢qwred and the omount Can Lx me&%wed reliably. All ¢os¢s 8r¢ locat¢ ¢0 the appliLable exp¢nditUTe heading that aggregate similar costs to thal ¢aiegory. Where costs cannot be d5re¢ily atthbuied to Pgni¢ular headings th¢y have been a]lo¢at¢d on a basis consient with the usc of resourLYS, With ceniral 51arr ¢osts allocated on the basis of time spcnL and depreciaLion ¢harg¢s a]h)¢ad ort the rtion of th¢ asseL'$ use. Other supp)rt C051s are allocated b&s&l on the sprcad of staff costs. These Are costs incwred In &ttractlng voluntary income. Ihe mdTwment of investhients and those incWd i tradiThB activities that raise fim(Ls. Ch4rli4ble Charitable expenditwe comprises those costs inLurred by the charity in the delivery ofiis aL1jVlties and services for its benefjciarits. It inLIth both Costs th•1 can be allocated dIrllY SI activities and thDse costs oran indirect nature necessary to sUprt ttknh. Support tosts Support costs include ccntr81 fimclÉoThs and havt bccn lOCated to activity c05t caie8ories on a basis con5iSteTht with the use of resourEe4 for exwnplG allocating proputy Costs by floor Areas or Eapiii Staff by the time spent and other costs by their Govern8oce costs These inclL¥Je the ws¢s attributable to the Chwity's complian¢¢ with ¢onsiiiuiiotMi and rtyulm¢n including audiL $rrwe8i¢ maMg¢meDt and Trustees, meetinBS and reimbutsed eXP¢E¢s. Txlio The chwitiT 15 collsldered to pas5 tests sel oul in Pwagraph I Schedule 6 of th¢ FinarKr Act 2010 and therefore it meets th¢ dgfinilion of a ¢harithble company for UK ¢orporalion t&x purposes. Accordingly. the ¢harity is po¢¢niially ex¢mpi from taxation in r¢$pecl of it)¢om¢ or ¥apitsl gains rely¢d within ca¢cgoTies covered by ChHpter 3 Part I l of the Corpordtion Tax A¢t 2010 or Section 256 of the TatIOn of Chargellble Gains Act 1992. kn the exterbt that such income or n$ arc applied exclusively 10 charitable PUTrAises. T8Dglble fixed ASSets Individual fixed &t5 coslin8 £500.00 or more are initially recorded at cost. The Chariiy maintains an A¢¢ession Register ood the majority of th¢ artefa¢ts hav¢ b¢¢n donawl lo or are OTh loan to the charity and therefore tK) valutition has been c&rried out ond the artefacts are noi included in the chpriiy's BaiaThce Shed. DepreeiAtion #lld arnortistioth De]K¥L"iation 1$ PTovided on IgIble fixed assets go &8 to write off the cosi or valuaiiotK Itss arky es(imatrAI re$idLI value, ov¢r ih¢ir ¢xp¢ctd use1 ccoMmi¢ life a5 follows.. Asxt tl#ss Building Conversion Exhibiiion Cases and Fittings 01¢¢ Equiprnt Deprrtiti0o m¢tbod 2Ya On COSI 12.5% on ¢ost 20% Sirai8ht Line Pa8¢ 12
Nalltkal Museums Trnst Llmlted Not¢s to Ihe FlnaDeiAI Sta¢emgttts for the Year Ended 31 Deeember 2025 Stotk Stock 1$ val1 ai the lower of cost and estimaied s¢llin8 price less COS¢S to ¢ompl¢te and sell. after due regard for0blete and slow vIng Siocks. Cosl is dctertnined usirbg the f1rst-l first-out (FIFO). TrAde debtors Trade dcbiors are amounts du¢ from ¢ustomcts for m¢rchandis¢ sold or scrvices rfOrMed in th¢ ordinary course of busines& Trade debtors are recognised initially 8t the Iransadion price. Ca$h t8h ¢qllivgknts Cash and LX8h equiva]cnts comprise cash on hand and 1] depostls, and other short-iem) highly liquid investments that are readily ¢oThvertibk ¢0 a known omount of c8sh 8T ajr subj¢ki io an Ènsi8nifhcant risk of change in value. Trade eredlton Trade crcditows are obligaiions pay for 8ood8 or serYi¢es that hav¢ be¢n a¢quir¢d in the orditw course of bSineSs fnTrrn supplicrs. Accounts payabl¢ are c1&¥r1ed as current liabilities if ih¢ Clwity does not have an n¢onditionaJ ri[ at the end of the rerAFrtiThg p¢riod deftr s¢itl¢m¢nl of the creditor for ai leasi tsvelve month5 after the rew>rting date. If there is an wJcondilioThal right to deftr settlement for a¢ lthsi twelve llM>nths after the worting dat& they are prescntcd as TUMw¢wrent liabilities. TTad¢cw¢ditors are reLY)gnised initilY & ihe traTr8tion pric Fund struethr¢ Unr¢stri¢d incom¢ fisrth are general funds that are available for at the trustees discrdion in funherance of the objective5 01.the charity. 1ksigna fynts are uThreslTicknI fiJnds set &side for specific PUTPDSts at the discretion ofthe trusw. Restricd income ar¢ those donated for use ib) a particu]ar 8Jea or for sp¢cifLC purrAW* the use of which is resiriaed to that are4 or Pur[¢. 2 Ineome from d•natlon$ l¢ga¢ies U#r¢¥trKtid funds G¢kn¢r41 Totsl runds Donltin$ and le8acits'. DolI0n5 from individuAIs Gift aid rlaiM¢d 20,851 3.061 20.851 3.061 Totsl f•r 2025 23.912 23.912 T•lg1 lor 2024 41.842 41,842 Page 13
Nayti¢21 museun Trust Limited Notes to the Finan¢lal Ststements for the Yegr Ettded 31 Deeember 2025 3 IDtome frorn other trndith8 #elivities fund5 GenerBI fulld$ Tradin8 incom s¢$ of go(td5 yervlce5 Events incom< Oihcr evcn¢S incomc 82,435 81435 198 198 Totsl for 2025 82,633 82.633 Totsl for 2024
0,¥54
¥0.854 4 1Dwestmtnt Ineome [InrtrI1v nd$ CenerAI Totsl fwnd$ Interes1 receivable and $imllar in¢om Inl¢r¢st receivable on bonk deposits 14 14 Tol*l for2025 14 14 Tol81 for2024 PaBe 14
Nautleal Museums Trust Limited Not88 to the FiDaneial Statements for the Year Ended 31 Dteember 2025 5 Expenditure Mlslng fuDds 4) Costs of trading attivitl Unre5tritted fund5 General Total runds Note Cos¢s of goods sold Membership Subscri10t1S Mark¢tln8 arKi publicity tkpT¢¢iation. amortisation arwj other similar cos15 Other direcl costs of tiviti¢5 for 8&rating funds Totsl f&r 2025 33,546 230 1,270 2.758 42.514 33,546 230 1.270 2.758 42.514 80,318 80,318 Tolal for2024 83,989 83,989 b} Inv¢8tnwnt m•Dgemtnt eojts Unrestrieted funds Cetternl Totsl fund5 Note Finance charges; Bank charges 228 228 Tot41 tor2025 228 228 Toll for2014 Page 15
Nauti1 mllseun Trust Limited Notes to tbe FinAn¢ial Stst¢ments for the Yesr Ended 31 Deeember 2025 6 Expendlthr¢ ¢baritsbk aetiviti Unresiri¢ted funds G¢n¢rAI Totsl Not¢ Stsff costs Allo¢at¢d suPrt costs Governan¢e costs ActLVltics uttd¢rtsken directly 900 4.124 4,776 12.701 4.124 4.776 12.701 Total for X125 22,501 21501 Total tor 2024 28,025 28.025 In addition to the exd]Ire anolysed aiK>ve. there aT¢ aL80 gov¢mun¢¢ of £4.776 (2024- £5,213) whi¢h relate directly to ¢haritable xiivitics. Sce noi¢ 7 for fi]rthcT del18. 7 Antysis of governaTrte And support eoits G•v¢rnaDte costs Unre5tr1eted funds G¢D¢ral Totl fund$ Independent examincr fces Examination of the finan¢ia] sthtements Le8al and Professional fees Total for 2025 4,650 120 4.656 120 4.776 4.776 Totsl for 2024 5.213 5.213 Page 16
Nautical Museums Trn$t Llmlted Nole5 to the FiD%ntig1 Stxtsmtnts for the YeAr Ended 31 Deeember 2025 Nel incom¥Dtyoutg•ing wotyr N¢t in¢omin8 resources for the year inclth: 2025 2024 D¢pr¢¢iation of fix¢d assets Finance lharg pthyabl¢ 2.758 228 3.167 9 Trust¢es rernunerntion expenses No mN¢¢5. tK)r any pusons conneded with th¢m. have re¢eived any remunLYation from the chority during th¢ 10 StAff ¢wts The 4grega payroll costs were as folloi¥s'. 2025 2024 Staff tosts durlg Iheyerwer¢: Wagcs and salaries Pension costs 42,514 900 40,752 S125 43,414 41,677 No cmployec received crnoIumts of mor¢ than £60.000 during the y. 11 Indep¢nd¢nt examiner's rernllneNtx 2025 2024 Examination of the finan¢iai sw¢men 4.056 4,452 Pa8e 17
Nautieal Museums TTht Llmited Notss to th¢ FIDtt¢lal Statemcnts for th¢ Y¢•br E#d¢d 31 Deeember 2025 12 TthD Th¢ charity 1$ a TeBisr¢d charity and is therefore exemN from ¢orporaiion l&xation. 13 Tnglble fixed aslets EAhibition CAStS And Fittlngs Buildlng Co#v¢rsloD Offi¢e Equipment Total Cost At l January 2025 Additions 112.178 13 J20 68J60 20.293 200.831 13.320 Ai 31 December 2025 125.498 68.360 20.293 214.151 Deprt¢l•lio Ai l Jsmuary 2025 Charge for th¢ ye4r Ai 31 December 2025 73.578 2.510 67.908 240 0.286 161.772 2.757 76.088 68.148 20.293 164.529 Net bo0kv4le Ai 31 December 2025 212 49,622 Ai 31 De¢ember 2024 3&600 452 39.059 14 Stotk 2025 2024 Stttks 8,186 6.655 IS Debtors 202S PrepaymenL8 3.388 Pagc 18
Nautital Museums Tnut Llmited Not¢s to tbe Financial Statements for th¢ Year EDd¢d 31 Deeember 2025 16 C8th tA8h equlv*ltmts 2025 2024 Cash on Ch at bank Short-ierni d¢posit$ 779 31,854 2,932 35,565 371 44.638 735 45.744 17 Crydltofs: fAllin8 due withity on¢ year 2025 2024 Other Wlon and social se¢wity 1.837 66 Page 19
Nautical Museums Trust Llmlted Notes to the FinDct41 SttemeDts for the YeAr Ended 31 Detember 2025 18 FuDds Bglgnce af 31 December 2025 Balance • I J#nugry 202S Ix¢omlng R¢sour¢¢s expended UnTe5trieted Gene¢YI Unres¢ricd Fund 84,892 10&559 103,047) 88.404 Dulgnaled D¢signMI Fund Totsl ullre51rithd 5,000 5.000 89,892 106.S59 1103.0471 93.404 R¢strltted funds Royal Pavillion 1.500 1.500 T•tsl fvnds 91,392 10&559 (103.04 94.904 Balance at 31 Decemb¢r 2024 Blats¢¢ at I JAnDAry 2024 IDtomin% Resources txp¢nded Unr¢5trkttd f¥ndi Unr¢tyiLted FurMI 75.392 122.705 1113205} D¢signal¢d Fund T•tal unr¢strkted funds 5,000 s,000 80J92 122.705 1113.2051 89,892 Restridtd Royal P8villion 1.500 Tot*1 81,892 121705 (1132051 91.392 Thc Splf]¢ purpose5 for ivhich the funds are to be applied are as follow$'. Royal Pavillion- Cottsult8n¢y and Re¢ruilment Pa8e 20
Nautieal Mus¢um$ Trust Llmlted Notes to the FlnAnelAI Statements for the Yesr Ended 31 December 2025 19 ADalpis •f n¢t 1g9¢ts b¢tw¢eD funds Vnrutricte funds Gets¢ral Tol41 funds At 31 D¢e¢mber 202S Tangibk fixed 8SSets 49,622 d7 11Q 11,8571 49.622 47.119 11.8571 Ciivrertht swgpl8 Curtnt liobiliiies Total net assets 94.904 94,904 UDregtritted fmnds Gener#1 Totsl funds ot 31 December 2024 Tangibl¢ ftxed assds Currenl &85ets CurrenT Ilabllltles 39,059 52.399 (66) 39,059 52,399 166} Totsl net a55¢ts 91.392 91J92 20 Anatysis of net fythd9 At31 Detember 2025 At l FIMn¢lng ush 2025 flows Cash at bwjk in hand 45.744 35.565 Net dc 45.744 (10.1791 35.565 Pats21
Nautical Museums Trust Limited Detailed St•¢ement or9ClaI Activitles for tht Year Ended 31 December 2025 Total 1025 Totsl 2024 Intorne #lld EAdowth¢nts from: Lhnatio WMI 1¢8acies {analysed bclow) Other trading a¢iiviiies {at)aSysed lOw) Inveslment inwm¢ {8nalysed b¢lowl 23.912 82.633 14 41,842 80,854 Tothl incom¢ 106.559 122.70S Exptttdltsre on: Raising fijnds lan81ysed low} Charitable a¢tiviiies {aThaiysed below) (80J46) 1215011 {85.1801 128.025) Total experkdiiiire (103.047) (113.205) InMe 3.512 9.5( Net movemeni in fillJd5 3.512 9,500 RetonelllAth) of f•nds Total funds brought fonvard Tothl carried fonvard 91J92 81.892 91,392 This pag¢ d(5 not form part ofthe stllry fIrwl#l statu))en Pa8e 22
Nalllil MUseUn Trust Limited Detailed Statement of Flnattd Aetivitles for the Year Ended 31 December 2025 TotAI 2025 Totsl 2024 andl¢gaela¥ Otkr Gift Aid t&K Reclaimed Grants Receivable- Primros¢ 20.851 3,061 22.289 3,553 16,000 41,842 23.912 Oth¢rÉroduig t7clivilies Sales of purchased goods Ch8rithle AcliVitie&Vets 82.435 198 80.239 615 82,633 80,854 lttvesln*nliRco Intercsi Rccciv 14 14 puT¢h¢S StstTNIC (Employers) Trdde 5ubscTiPtior Bank char8eS Wages and salariei Com1 Software and Mointcnance Advertising DyvrloLloTh offrcehuld propErty DepreCil0 of fjxnwts and fittings Deprttiation of office equipmer>i (33.5461 138.2391 11,9431 1381 (2301 (228) (42.4661 (481 (1.2701 12,Jio) {2401 {81 (38.809) 11.7931 Q,2441 (2401 (6831 185,180 Chorithblt aclivilies R¢pairs aJYi maintenance Sundry expenses Sundry &xpen5C5- Shop Sundry Exp¢rkw- Overheads Pensiorb Costs TAvellirbg Rent and rdtes Water rdies LighL heat and p)wer In5UrnmCC Repairs and maini¢rJan¢e Telephone and fax 1235) {5) {333) 130) 1925) (1.094) 1290) (1831 132441 (4,4521 19.5521 12.0411 (1421 (434) (9(M)I (9511 (4921 {2771 13,3801 11,307) 16.5¥5) (2.160) This pag¢ does not fo part of the financial sthiemenL8. Page 23
Nautical Museums Trust Limitsd Detailed Statement of Flnanelal Atrfvities for the Year Ended 31 Deternber 202S TotAI 2025 Tolal 2024 Priniin& kN)slag¢ and stsiion¢ry Legal and pwression fees- Ind¢pendeJM Examingtion Ex8al and profcssional fccs (862) {4.6561 11201 {663> 14.452) 1761) 128,025) This pag¢ th)es t1 forni partof the 51atutory fIrwl91 sta*ments. Page 24