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
Tr￿te
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 pury￿Ses 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)
St*t¢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.
incl￿j7￿g fRS 102'The FInw￿la] RepDrliThB Standard applicable in th¢ UK aThl Republic of Ireland..
Company law Tequir¢s the tnIst￿5 to prepare finan¢ial slat¢m￿ts 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
I￿ludIng its in¢om¢ and ¢xp¢nditur¢. of the charithle eompany for that peN(d In preparing these financial
statement& the trustees are wuired to:
$ele¢¢ suitsbl¢ a¢countin8 poIicic5 and apply them consistently.,
obyerye the methods and prin¢iples in the Charities SORP;
makc j￿Ments and ¢Slima￿ that are r¢&wnable and Prutht:
statc whdher 47plicable accounting standards c4)mptising FRS 102 have been followed Subject to any
material departure5 disc105ed and ¢xpiained iTh the financial State￿nts.. and
PT¢we the financial slatements OTh the going cO￿¢M basis unless it is Inappropriale to presume ihat
chtritable ¢ompany ivill ¢oniinue in business.
The tnL8tees arc rcswnsible for kceping proper accountin8 records that can ¢fi$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¢s￿M$1b]e for the maini¢rwLce and integrity of the corpordte and fir￿nCilI hnfonnation
included on the Ch￿ilable w¢bsilr. L¢gislwion governi￿ th¢ prepw*ioTr and dIss¢min￿10n or
rinan¢ial 5talements may dilT¢r fTom legislation in other jurisdicttons.
Objects ond4lms
Th¢ objeL*ive for which the Trusi was esthblished remains the S￿e- to pron￿1¢ th¢ ¢dLKation, un(krSthJ￿lDg
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
Ship*Yeck 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 $uifieient res¢rv¢s able
with518tKI any unfore5ffn m&terial reduction in its income andlor and UnexpeC￿d increa5¢ in ¢051& a sum of
£5.000 has b¢¢n thly sel aside. This will be add¢d to in the future.
Natur¢ ofGo%*rrtlng Do¢Nmeni
Nwiial m￿seUMS TrLLSi Limited is a company limiied by guoras)¢¢¢ governed by ils Memorandum ar￿ Arti¢les
of A$w¢iatiOJL li is regislered. alongside hvo Subsidiary trwts: The Warship Ann Trust,. and the WaTship
Resolution Tntst as a charity.
Recrnlin￿￿IuKdOpPOi￿rnenr 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
It￿pointMeNt by membus at Ihe G¢n¢ral Mcetin&
All Irt￿1¢￿ are required to re8i$ter any potential ¢onfli¢l of Intere￿ b¢¢w¢¢n their personal Jnd privale iThterrsts
and those of thE Twst.
84MlsailoM71&rucmre
Th¢ InJsi¢es me• eight tim￿ a y¢ar to wjm1ni￿er th¢ ¢harity ¢nsur¢ compliaftce with all reguiati¢)ns and
directive5. Thi5 Lnclud¢5 a regular Tevi¢w of the risks attached to the operhtiotb of the TrusL Th¢se risk are&5
covvo wid¢ roTh8e. itKluding. but by no means restriclcd ￿.
la) proper we and training for voluntCCTS, ensuring DBS ¢]￿cking is impl¢men*d
Ib) ov¢rall hea]th aThJ safety
Ic) in5urarLce matters leg. fiT¢. business imerrwionl
Id) stturity for both personnel and artefacts
le) pmpw w¢ of the Museum's artefacts
Th¢ Board of Trn$t￿ is ¢urr¢ntly k)okin8 to incr¢as¢ th¢ numb¢r of its members ￿ help Kcomplish its futu
action ar¥J bUsI￿sS plans.
P4e3

Nayti¢al Museums T￿￿1 Limit¢d
Trust¢¢$' Report
Al#seumAccrediia¢ion
Thc Mwlun h&% full fonnal aC¢Tediiaiion from the Arts Cothwil of Eng18ntl
Ch•¥n*￿'S Report
I am plwed to present tk Annual Report and Sialunent of Account5 for lh¢ Nautica] Mlwuns Trust. ￿Vering
a[￿ther busy year for the Shipwreck Museum in RO¢k￿-N0rc Road Ha81in8s Old Town. As the Tnw"s primary
op¢rational focus, th¢ Muscum is thc prI￿1p￿1 48en¢y for wing oui mission to pr¢s¢rve artd share this
courhtry'5 rith marium¢ hLYita8e.
As always alt¢ntion h&$ bttn focused on trying ￿ maintain a bala[￿¢ between the revenue uncertaintics
by Social and e¢onomi¢ ¢ircumstho¢¢s- lo¢ai. nationaj and in1¢M￿lon￿ - and uThavoidable oulgoing5 involved
in ensurin8 the conlinued fiuJctionin8 and futw¢ of the m￿urn. 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 Willing￿SS
to don*e andlor Purch￿¢ itern5 frorn the Musewn 5tw. Becauk donaLi¢)ns and retail sales CO￿l￿1te by far the
vast majority of our reven¥ thi$ was a significani ¢ortcem.
It is a ple&%urt therefore. ￿ report ihai our tr*JirJg 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 red￿ed at £23.912 1-7.0(PA}. However,
have noiÉced that. iTh general. if people make p￿ch￿￿¢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$irh8+ it 51MTruld k observed Mother Nature didn't hejp our in￿Me. Th¢ Shipwreck Museum
organises guided walks to ihe nearby historic wreck of the Dutch Ea%t Indiaman Amsierdam. This usually brings
in a rtlodest. but very welcome. in¢ome ihrnughoui tsfth¢ y¢4r. How¢v¢r. in 2025, 8 combination of lid
And meteorolo8ical elemenL8 resulted in signifL¢ant movcm¢nl ofthe fore5knre at Bulverhythe which suc￿eeded
in completely covering the ve￿1 in a thi¢k blank¢( of sond aThJ shingl¢ ThereforG li whs Mi possible
owls¢ any waik5 throughout the yearl
A si8nificant outlay during the twelv¢rymrmth accounting period was in¢urKd by the necessity OF having to
tsll$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¢ futt￿e 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 absolu*ly quemion without their unstiniitjg effo¢ts in all
areas of operations, from Shop manag￿lent 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
T￿￿tee81 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 for8r￿therY¢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 st*temeThl
I have comple*d 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 MUS￿￿8 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$ T￿1 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 lapp11￿bI¢ to ¢hariti¢s pr¢parinB ih¢ir
a¢¢ounts in ￿colda￿¢¢ with the Fina￿la1 Re￿rtIng 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¢ aL*iviii¢s
180,5461
22.501
180,5461
122.501}
Total Expxndiiur¢
Net income
(103.047
1103.047)
3,512
Net n￿vement 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 tr￿Ing 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¢a*mcnt&

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 fir￿nCIal Statem￿ts.
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
F￿thd$ of tb¢ ¢hArlty:
Rt5tritted i#¢ofyw fun
Rcstricted fv￿J$
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 inte￿1 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￿￿$1b111ttes for cornplying with the requirements of the Act M'ith respect
lo accounting r￿OrdS and the pr¢parntioThof acrowits.
The financial statements on pages 7 to 21 were approved by In￿1￿$. and autknrised for issue on
..lJ...¥.:.Ik. at)d signed OTh their behalf by-
T M¢DonaJ
Tr￿￿tee
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 FiD2Dci*I 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 Pr￿￿tiOn 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 $tstemcnts have been prepared in accorda￿ with A¢couniing and Rep)rting by Charities..
Stat￿¢nI of R￿0￿[￿ended PtrKti¢¢ (applicable to d￿ltieS preporing their a¢¢owits in ac¢ordanc< with the
FinanLiaJ RcFrf)rting St&ndard &ppli¢abl¢ IJ th¢ UK and Republic ofireland IFRS 10211 (issued in O¥'lob¢r 20191
- Ichariii¢s SORP IFRS 102}I, the Financid Re￿rtIng Standard appli¢able in the UK and Republic of Ir¢land
{FRS 1021 a¥MI the Companies A¢t 2006.
BASI5 of PTepAratitin
Nauticd Museums Twsi Limited meets the definition of a publi¢ benefji ¢niity urhder FRS 102. Assets and
liabilities are initially recognised at historical or transaction value unless oth¢rwis¢ sthted in the relevant
accountin8 ￿licY note&
Goiog ¢ott¢¢rD
The trustees consider that the ChHrÈiy sulfjcient regerveg to continue as a going ¢on¢¢rn and continue to
rcvicw. ways 10 ¢nsw¢ fijttue fir￿ncIal 5U5tainability. There arc no si8nific8nt areas ofwi¢¢riainty affect the
value of assets held by th¢ Charity.
Ex¢mpd•D from Preparing # t#sh flow st*tement
The chwity opted to early Adopt Bullelin I published on 2 Febru￿ 2016 and have therefore noi ithL'Suded a
lknw si&iern¢nt in these rtrwKlaJ sw¢ments.
IDÉome And eThdowments
All income is rccognised once the ¢harity h&$ entitlwn¢nt ￿ th¢ income. it is probable that th¢ i1￿me 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)a￿ce by th¢ ¢harity before th¢
Charity is eniitled to the fund5, the i[￿0￿e is deferred and noi re¢oEnised I￿11] 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 b￿anCe shee¢ as defeTred income w be released.
Pag¢ 11

Nautit*l Museums Trllsi LlmSted
Noteg to the Flnsinelgl Stst¢ments for the Ye*r Ended 31 Deeember 2025
Exp¢ndltsr¢
All expenditure ￿ rcu)gnised once there i5 a legal or ￿nStr￿tIVe 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 consi￿ent with the usc of resourLYS, With ceniral 51arr
¢osts allocated on the basis of time spcnL and depreciaLion ¢harg¢s a]h)¢a*d 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 incW￿d 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 dIr￿llY ￿ SI￿ activities and thDse costs oran
indirect nature necessary to sUp￿rt 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 rtyul￿m¢n
including audiL $rrwe8i¢ maMg¢meDt and Trustees, meetinBS and reimbutsed eXP¢E￿¢s.
T*x*lio
The chwitiT 15 collsldered to pas5 tests sel oul in Pwagraph I Schedule 6 of th¢ FinarKr Act 2010 and
therefore it meets th¢ dgfinilion of a ¢harithble company for UK ¢orporalion t&x purposes. Accordingly. the
¢harity is po¢¢niially ex¢mpi from taxation in r¢$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 T￿atIOn 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 arnortis*tioth
De]K¥L"iation 1$ PTovided on I￿gIble fixed assets go &8 to write off the cosi or valuaiiotK Itss arky es(imatrAI
re$idL*I value, ov¢r ih¢ir ¢xp¢ctd use￿1 ccoMmi¢ life a5 follows..
Asxt tl#ss
Building Conversion
Exhibiiion Cases and Fittings
0￿1¢¢ Equiprn￿t
Deprrti*ti0o 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$ val￿1 ai the lower of cost and estimaied s¢llin8 price less COS¢S to ¢ompl¢te and sell. after due regard
for0b￿lete 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$h t*8h ¢qllivgknts
Cash and LX8h equiva]cnts comprise cash on hand and ￿1] depostls, and other short-iem) highly liquid
investments that are readily ¢oThvertibk ¢0 a known omount of c8sh 8T￿ ajr subj¢ki io an Ènsi8nifhcant risk of
change in value.
Trade eredlton
Trade crcditows are obligaiions ￿ pay for 8ood8 or serYi¢es that hav¢ be¢n a¢quir¢d in the orditw course of
b￿SineSs fnTrrn supplicrs. Accounts payabl¢ are c1&￿¥r1ed as current liabilities if ih¢ Clwity does not have an
n¢onditionaJ ri￿[ at the end of the rerAFrtiThg p¢riod ￿ deftr s¢itl¢m¢nl of the creditor for ai leasi tsvelve
month5 after the rew>rting date. If there is an wJcondilioThal right to deftr settlement for a¢ lthsi twelve llM>nths
after the worting dat& they are prescntcd as TUMw¢wrent liabilities.
TTad¢cw¢ditors are reLY)gnised initi￿lY & ihe traTr8*tion pric
Fund struethr¢
Unr¢stri¢*d incom¢ fisrth are general funds that are available for at the trustees discrdion in funherance of
the objective5 01.the charity.
1ksigna￿ fynts are uThreslTicknI fiJnds set &side for specific PUTPDSts at the discretion ofthe trusw.
Restric*d income ar¢ those donated for use ib) a particu]ar 8Jea or for sp¢cifLC purrAW* the use of which
is resiriaed to that are4 or Pur[￿¢.
2 Ineome from d•natlon$ l¢ga¢ies
U#r¢¥trKtid
funds
G¢kn¢r41
Totsl
runds
Don￿ltin$ and le8acits'.
Do￿lI0n5 from individuAIs
Gift aid r￿laiM¢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
[Inr￿trI￿1v
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 Subscri￿10t1S
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•D*gemtnt eojts
Unrestrieted
funds
Cetternl
Totsl
fund5
Note
Finance charges;
Bank charges
228
228
Tot41 tor2025
228
228
Tol*l for2014
Page 15

Nauti￿1 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 suP￿rt 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 ex￿d]I￿re 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 del￿18.
7 An*tysis of governaTrte And support eoits
G•v¢rnaDte costs
Unre5tr1eted
funds
G¢D¢ral
Tot*l
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 durl*g Iheye*rwer¢:
Wagcs and salaries
Pension costs
42,514
900
40,752
S125
43,414
41,677
No cmployec received crnoIum￿ts 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 TTh￿t Llmited
Notss to th¢ FID*tt¢lal Statemcnts for th¢ Y¢•br E#d¢d 31 Deeember 2025
12 T*￿thD
Th¢ charity 1$ a TeBis*r¢d charity and is therefore exemN from ¢orporaiion l&xation.
13 T*nglble 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 bo0kv4l￿e
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
C￿h 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 W￿lon and social se¢wity
1.837
66
Page 19

Nautical Museums Trust Llmlted
Notes to the Fin*Dct41 St*temeDts 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¢ric*d 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
B*lats¢¢ 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 Sp￿lf]¢ 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 or￿￿9￿ClaI 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)
In￿Me
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 st￿ll￿ry fIrw￿l#l statu))en
Pa8e 22

Nallli￿l 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&￿Ve￿ts
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
Com￿￿1 Software and Mointcnance
Advertising
DyvrloLloTh offrcehuld propErty
DepreCi￿l0￿ 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 t￿1 forni partof the 51atutory fIrw￿l91 sta*ments.
Page 24