The Chatham Historic Dockyard Trust Trustees. Report and FinanaaI Statements for the year ended 31 March 2024 Company nllrn 01804108 Registered Charity number.. 292101 'AQDV3J69* IfI1012024 COMPANIES FsE
Vision The most complete and best-preserved D(kyaTd of the Age of Sail will increase its Rmpact throush innovative reuses of our heritage assets making it ever more relevant toall users. providinsexcellent eXrienceS (or all and inspirational leaming for the widest audientts. Our StTategic Obiectives PreseThation To set the benchmark in tnaintainins excellen in the sympathetic presetiOn and use of The Historic Dokyard, its buildtngs, ships and collertions through diverse re-use. Excellen in management of the hwitage environment and building use will remain essential in preserving the uniqve. award-winnin& historic character of the site. Leamins To ensase the widest audiences in learning the signrficance and role of the formeT Royal Dockyard at Chatham and its people in supportins the Royal Navy from sail to steam to nuclear power over 3 year period. utiitsins on-site heritage assets as the foundation for an industy leadin8 museurn and heritase site, we will maximise our reath and capacity whilst maintaining quality in delivering inspirational programmes and en8agin8 activities which will Tncorporate the best use of digtal iechnolosy and outreach activities. Ex¢ellert<t Provtding excellence in everything we do. we will deliver an unJnatched. inspirational and memorable experience for all user5 of The Historic DkYard- whether Yisilors. tenants. residents or5tudents- thai exceed thexr expectations and Maintains a balanced ecology of uses. In settins aThd pursuing these obj'ectives the Trustees have had regard to the Charity Commission's guidance on public benefit. The Chatham Historic Dockyard Tntst
Contents Pa8e Patrons, Trustees, senior managers and advisors Trustees. annval report lincory)orating the slratesic report) 3-16 Statement of responsibilities of the Trustees 17 IndepeDdent avditof5 report 18-21 Consoltdated statement of fin3rKial aclivities 22-23 Consoltdated and Trust balance sheets 24-25 ConsolRdated 5taternent of cash flows Notes to the fAnancial ststements 27-55 The Chatham Historic Dockyard Trust
Patron Vite Patrons at 31 March 2024 HM The Kins Admiral Sir Ian Gamett KCB The Rt. Hon SIT Timothy Sainsbury Kt PC Lord-Lieutenant of KenL The dY Colgrain Trustees and B0d Members Admiral Sir Trevor Soax KCB. OBE. DL {Chainnan) Professor Robert Allison CBE. DL Sir lan Andzew5 CBE TD Mr Wdliam A Corbett Mr Paul D Hudson MT Paul Jackson OBE Mr Tony Jones (Appointed 23/05/214) Dame Diane IEes CBE (Appointed 23105/21r24) Cllr Harinder Mahil (Appointed 23/tfj/2024} Miss Sarah E Roots Mr Prodaman K Sarwal MBE (Retired 23105121r24 Mr Duncan Wxison CBE Mrs Deirdse Wells OBE Secretary Mr Christopher Langridse Company membeTS The Trustees and Board Mellthers las above) The Rt. Hon. The knetary ofstate for DeEence The Rt. Hon. The Seuetary oEState for DAsitaL Culture, bAedia and Sport Mr John Spence OBE DL Key Management Mr Richard MoTsley Mr Pau] Barnard Mrs Lynnette Crisp Mr Nisel Howard Mr Christopher Kmott Ms Olivia Horner Mr Sean Rodwell ief Executive Deputy Chief Executive Director of communication & Public Engagement "rector of the "storiC Environment and Buildin85 Financial Controller (Retired 31 March 21r24} DirectOT of Commeroal and Operations Financial Controller (Appointed 27 Novemiw 2023) Auditor Azets First Floor, Rivet House l Maidstone Road Sidwp Kent, DA14 5RH Bankers Barclays Bank PLC 13 Fremlin Walk Maidstone Kent ME14 1 Solititors Cripps LLP 22 Mount Ephraim Tunbridge Wells Kent TN4 BAS Registered Office l¥t Floor North Fitied Risgjns House The Historic D(*kyard (Jththarn Kent ME4 4rz Tel: 01634 8238CXJ /www.thed(tkyard.co.uk l The (JHtham Historic Dockyard Trust
The Trust gratefully acknowledges the anCIal and other support duTins 2023124 of its Drxkyard Ambassadors, and of its many stakeholdeTS and funders, so essential to its successful operation. Major Donors and Supporters during 2023/Xtr24 {in alphabetical OTder): Arts Council Ensland DCMS Wollson Museums and Gallerie5 Improvements Fund The Department for Di&tal, Culture, Media and Sport (t The Deparbiient for t£vellins Up. Housins and CommunKties The Foyle Foundation The Garh"eld Weston Foundation The Headley Trusl Marsh Christian Trust Medway Council National Lottery Heritsge Fund Sir Charles Je55el Charitable Tntst We would like to thank all of the individuals and orsanRsations that have supported the Historic Dockyard throu8h this year. including those who have generously left gifts in the forni of a legacy. Their support is hugely appreciated nd makes a real difference lo the valuable WOTk we do. In additio we would like to thank. in particular. the Department for DisitaL Culture, Media & Sport aJ)d Medway Council for their continued valuable support over many years. The Chatham Historic Dockyard Trust is a registered charity (Chan"ty No. 292101) and registered company (Company No. 01804108). Gifts and donations made by UK taxpaye under &ft aid sub5tantialIy the value of donations made. The Trnt is a Fully Accredited Museum. 2 The Chatham Historic D(kyard TTUSt
Trustees, annual report incorporating the strategic report For the year ended 31 March 2024 Chairman's Introduc As Chaimian of the Chatham Historic Dkyard TrusL l am honoured to present the Annual RevAew for 2023124. This year has been one of remarkable progress and profound signilicance for "5 very special place. The 315t March 1984 marked the closure of the Royal Dockyard at Chatham and 40 years later. we are very Proud to note all the intredible achJ"evements that have taken place oveT that period of time to create a sustsinable mixed-u5e heritage estate. In our 40th year, we are also very proud to say that following many years of valued support from the Departmenl of DisitaL Culture, Media and Sport (DCMSI. this funding relationship came to an end of 31 Marth 2023, marking the Trust's complete financial tTh4ependence. This incredtble ackn"evemenl is testament to our unique business model. senerating multiple income streams and utili5ins our Slte assets io underpin our financial viabllity. We are very 8rateful for the support that has been provided by DCMS over many years and we hope to continue our relationship with the Departtnent for many years io come. This document reports against the period l April 2023 10 31 MaTch 214. Achwving the LertrnThg Pwryose The Historic Dockyard continues to srow back its aUdiere5 followins the COVID-19 pandemic and we are pleased to report that we welcomed 143.162 visitors to the Historic Dc¢kyard durin8 thts reporting period, a 13% uplfjt from the previous year. Whilst visitor numbers remain below PTe-pandemic levels, we are very pleased to see visitors rrning to the site and reco8rn.se the wider trw)ds for heritage visitation within the sector which also remain below pre- pandemic levels. Visitots Over the course of the last twelve months. we have undertaken a range of additiOEts and improvements to our visitor 0er to help grow auth"ence5 further. Workin8 iti partnetship with the National Maritime Museum Cornwall, we were dejighted to host their~mOterS of the Deep" eth"kn"tion withm No.1 Smithery for the entixe 2023 visitor season. This exhibitionexplored a wide rangeof themes related tounderwater explorationand thecreatures found at the murky depths of our oceans. The exhibition explored the mythology of Sea monsters and the science behind modern oceanography and displayed a wonderhjl collection of deep sea swimens on loan from the National OceanogTaphi¢ Centre. Loans forthis exhibition were also securedfrom theNational Marilime Museum. the British Library, the Beaney House 0£ Knowled8e and Brighton and Hove Museums Tnst. The exhibition received significant press interest from its launch on 1st April 2013 and a broader range of family activities, talks programmes and events were organised thwushout thecourse oftheyear all following the wider theme of Monsters of the Deep. Over the course of the year, we have also worked closely in PartnerS"P with the Royal National Ljfeboat Instite IRNLI) in developing a temporary exhibition for 2024 which marks the 200th anniversary of thi5 in5PiTational or8anisation. This exhibition launched on 23¥d March 224 and I look forward to sharing more inforniation alx)ut the success of thi5 exhibition in our next aythual Teport. Over the winter of 2023124, the TTUSt took the opporhmity to undertake a major refresh of the wider No.1 Smithery buildin& crealing a revised Orientation Gallery as well as updating and refreshing the Pernianent Exhibition Gallery. These works were funded by the DOAS/Wolfson Museums and Galleries Improvement Fund, the Garfield Weston Foundation, the Foyle Foundation and the Hedley TTUSt. We are grateful for their continued support and the revised gallery spaces opened to the public on 24th March 2024. We continue to Srow the number of forn)al educational visits and durRns the reporting period and would like to reco8nise our Lifelong L£arning Teams for the ach"Levement of a Sandford Award foy Education. reco8nisins their contribution to excellence in learnins outside the classroom. 3 The Chatham Historic Dockyard Trust
Trustees, annual report incorporating the strategic report (continued) For the year ended 31 Marth 2ff24 Ackieving the PresernAtioM Purpose The Trust has made Some sreat strides in the last year in achieving against its Preservation objective. We are delighted to repori the effective completion of the Fitted Ri88ins House South project following signih.cant investment from the Department of le1]In8 Up. Housin8 and Communities IDLUHQ. Commercial tenants have now moved into the spaces created and the additional income streams generated by their preSee will play a si8nilicant role in securins the Trust's long-temi fitiancial sustainability. We are also pleased to report that our bid to Arts G)uncil England MEND Round 3 has been suceessful, securing c.£2.3mlllion to support essential maintenance work% for Commi55ione<s House. This valuable fundin8 will enable the Trust to undertake a programme of essenti31 maintenance and repairs throushout 2025126 that will see repair and replacement of the roof and improved methanical and electrical provisions within the building itself. Our partnership with the University of Kent continues to develop following the continued prowss of the Docking Station project whith seeks to utthse the Police knion House on the fomier Royal D(rkyard site. The Trust continue5 to pursue the acquisition of this IlIding via Homes England as part of this partnership proiect. External Support Support through third.party sources has always been traTStornhationaL not only in supporting our daY.tdaY operation but in suppthing us in oux drive for financial resilience. During this period, we have been fortunate to receive sisnth.cant grant SUPPOrt Erom Arts Council England, the Foyle Foundation. the Hedley Trust and DCMS as well as support tsom a of donors and benefartors who are referenced later in this report. Our Teatlls Over the course of the past year. the Senior Leadership Team within the Trust has seen a small arnount of dwi8e following the retirement of the Trust's lon8-$tandins FInarla1 Controller, Chris knott. We are pleased to announce the appointment of Sean Rodwell to the wltiOn of Financial Controller (ollowing a succession planning exeTcise. We would also like to acknowledge a number ofTruslees who will Tetire from our Board followin8 the completion of their standard terms ofengagemenl. In particular. we would bke to acknowledse Pommysarwal MBE and Sir lan Andrews CBE. TD who both step down later this year. We are fortunate to have a highly dedicated and motivated team of staff and volunteers thai give so much time and ener8y to supporlin8 the Eurtherance of our Charible objectives and my thanks soes to each and every one ot those people that make this place what it xs today. Forgxng the Future Following the effective delivery of our current 5-year Corporate Plan, the Board of Trustees are embarkms on a 10-year strategic planning exercise lo ascertain the future direction of the orsanisation. As the Trust has now reached a point of f2nancial independence, in OUT 4QPh year of operation. it is appropriate to develop a strategy that has a focus on the delivery of our charitable purposes. the values which underpin the culture of OUT organisation and the strategic imperatives that will drive our organisation over the next 10 years. We lry)k forward to workins with our teams and stskeholdeys to develop this strategy over the coming montlL%. This next part of our journey fil]s all of us with a sreat deal of excitement and I look forward to the opportunity to report on the progress of this in the futtjre. Admiral Sir Trevor S)ar KCB OBE DL Chairman 4 The (]utham Historic Dockyard T1
Trustees, annual report incorporating the strategic report (continued)
For the year ended 31 March 2024
Strate
cRe
ort- Vision & Ob ertiv
Vision
The most complete and best-preserved Dockyard of the Ase of Sail will increase its impact through innovative reuses
OE our heritage assets making il ever more relevant to all users. pyoviding exllent experiences for all and inspirational
learning for ihe widest audIer.
Our Core Charitable Objectives
The preservation of the Historic Dockyard Chatham, the most complete 18th Century dockyard in the world an(L"
The education of the public in its historical, architectural and archaeolocaI irnportarKe.
Owr Strategic Objeclives
Preservation
To Set the benchmark in maintaining excellence in the sympathetic preservation and use of The Htstoric Dockyard. its
buJdings. ships and collections through th"veTse re.use. Excellence in management of the herilage environment and
building use will remain essential in preserving the unique, award-winni historic character of the site.
Learning
To engage the widest audiences in learning about the sl8n1ficar and role OE the fornier Royal D
Trustees, annual report incorporating the strategic report (continued) For the yeaT ended 31 Marth 224 Workms alons5ide our exhibitions prosramme, the Tnst developed an en8aging range of family activities to excite andengage auth"ences duTing peak visitation period5 around school holidays. These included a variety of craft activities all linked to either our eore produti or to OUT temporary exhibition. We were a150 thrilled to continue our partnership with Sdver8ate Media to present a range of activitie5 from May to August lts)ked to Octonauts. a popular children's TV series origlnated trom a range of books. This aclivity was heavily linked into the Monsters of the Deep exhibition. Family PrograMn8 Attracting family audiences duTing our peak visitstion periods is important to us as it provides an 3ddtitional reason tor our visitors to join us during a very compehtive time of year. We programme each of the holiday periods independently and over the reporbThg period have delivered the following activities". Faster 2023- Whavs Hatching at the D(kYard (Monsters of the Deep themed} May 2023 (to Summer 2022)- Octonauts Summer 20- Doc Yard Summer Show October 2023- Here Be DSon$ {Monsters of the Deep themed) February 2024- HMS CAVAUER Crew Challenge Fe$tiv41s im Fiill Swing Throughout 2013. the Historic Dockyard was proud to host 2 major events: Medway Gaming Festivai 2013 (1# & 214Juiy 2013>- 2023 marked the thitd yearof thisevent which was h05ted at the HistoEic D(tkyard in partnetship with Medway Council following a pi]oi in 2021 towards the end of the COVID-19 paThdemic. The event 15 a celebration OE Gaming in its widest fonn and See5 as an excellent way to drive new audiences that are currently not ensasin8 with our core product. We welcomed c.5.500 paid visitors to this event. an increase of c.30% from the previous year. SatLLte to the 40s (9th & 10th iember 21r23)- We hasted our annual Salute to the 405 event in September. We were deiighted to have wdcomed c.£61KI vi5itots to site over the weekend. Lifeloftg LeArniNg The Trust continues to see an impact on forn1 leaming visitation with the costs of tran5POrtation for sch(K¥l groups particularly impacting the srowth of our forrnal learning funrtion. With that in mind. we are however pleased to .report that we engaged with over c.13500 thmugh our fornal learnins pro8raTTthies, b)th on-site and through our educational outreach artivities to sch¢)ols and events. We are pleased to report that we have once again been selected as a recipient of the much coveted Sandford Award for HeTitage Education. recosnisins the "sh quality learnins provision provided by OUT Lifelong Leaming teams. Commwmity P4blicExg48•ntht Following the completion of OUT Consultancy pro1t with Consultin& we are now actively workin8 to make a wider impact within our immediate Ial communities throush a Tange of public engagement works. This ha5 ien achL"eved ihroush a range of partnership with local community OE8anisation and charities and have focuwd on irKreasing our preSee and audiences thIti underrepresented groups. Myse*m and Colle¢tiONS Following a successful fundraising campaisn. the Trust look the opportunKty during the closed period to visilors of 2023124 to undertake a prosramme of upsrades and improvements to No.1 Smithery. primaTily focussed on the On'entation Gallery and Pern)anent Exhibition Gallery. These works sought to deal with issues around failing audio visual equipment but also upgrdde the spaces to give a more modern and flexible feel. We also took the opportunity to relocate the Chatham Chest fvorn its existtns Ic(ation in our main visitor entraTKe to its new home in the Pernianent ExM"bition Gallery. Thi5 decision was taken to allow us to provide a more complete interpretation of the oiiect and recosnise the links with Sir John Hawkins and the slave trade, putting this in conlext with the charitable me55ase of the object. We worked cl¢)sely with the Medway African Cariban Association (a lons4tanding p3rtneY of the Trust) lo rtrtell the story of this obFct and the Trnst is srateful for theTr support in this process. This forn part of a lonser proiert that alms to look at the challenging messages ar0 both slavery and colonialism that are woven itito the wider context of the dockyard's 4(K>-year hi510ry. 6 The Chatham HIStlC Dkyard Tntst
Trustees, annual report incorporatins the strategic report (continued) For the year ended 31 MaT¢h 2024 Pr¢servation With over IW bvildsngs and structures, including 47 ancient monvments, presetvation on our historic estate can never stand still. We achieve our chan.tabk purpose of'pre5ervalion' through our long-terni 'Preservation through Reuse. strategy. CAriiigfor ScheduledAncientMo¥nmients The Trust secured a $ill(leant grant from the Levelling Up Fund (LUF) in 2021 to bring the 50Uthern end of the Fitted rigging House, a Scheduled Ancient MonumenL into effective use. The bUdIn8 was underutilised and the LUF funded project has transfonned the property from a heritage liablty into a siyifi'cant hen"ta8e asseL The project. which wa5 directly managed by the Trust a5 Managing Contractor, has seen the building preserved and let for commercAal office space. The building is fully let and generatins property derived revenue for the benefit of the Trust. The project was completed in November 2023 and was forn)aUy opened by the Seuetary ol State for Culture Media and Sport, the Rt Hon Lucy Frazer MP. ThJou8hout the year. the Estates and Preservation team has widertaken a wide range of OtE projects across our hisioTiC estate. These projects have included the fuu exlemal redecoration of the Sai] and Colour Loft. a 5ignrficaTht Scheduled Ancient Monument. which is now the home of Mid Kent College's Medway khool of Arts. In addition to the extemal redecoratio the project induded a range of external Eabric repaits and tnajor intemal works to ensure suitability for the new tenant. No.1 Smithery. a cultural facility and gallery at the heart of the D(Kkyar(L underwent a major refresh which saw S11h.¢aTht improvements to the buildin& the first siwficant works since a major capital project completed in 2010. The piojecl saw full internal redecoration of key 8allery Spa5, new floorin& lightin& interpretation and acce5$ improvements. The improved No.] Smithery Gallery was opened io the publTrc in March 2024. A range of smaller projects have been undertaken across the historic estate, including ri)of repairs at the intersection of No.3 and 4 SIAP. repair to the extemal fapde of Machme Shop Noj and Tepair and redecoration of Building 73. Across the tenanted Dockyard estate, Ihere ha$ ien considerable prosTae of work to mainiain and decorate propert&es, includin8 notably internal redecorations to Admirab Offices. We are in the process of acquiring OUT 48th kheduled AtKient Monument. In a parthership betsveen Medway Council, the University of Kent's Institute of Cultural and Creative Industrie5 and the TrusL the Police Section House. a Grade 11 listed Scheduled Ancient Monument. will be developed into Ir0vatIve new creative space called The Docking Station. This new development will COrne a digital ueative and cultural industries hub providing cultins ed8e technolosRes, performance and training opportunities. ConstNction is planned to commence in autumn 2024. Having secured a major grant through the Arts Council England administered MEND programme. planning is now well underway for a major preservation project the Grade I listed, Scheduled Ancient Monument, Commissioners House. Preservations works on Commissionerfs House will indude roof repair, mechanical and electsical, and envRrorunental improvemeni. The prtiiect will commence in late 2024 with a plarffted completion in 2026. Htstoric Ship MÈ7iNtenance With three historic warships in our care, their preseryation is an important part of OUT artivity. On80ing maintenance work has taken place onboard HMS Ganmet and HMS <Trelot to maintain the current condition and undertake regular reviews and surveys to ensure their ongoing condition. Further irnprovernents have been made to the interprelatson onboard HMS Ocelot to improve the visitor exper1er. 7 The chatha Histoxic D(kyard Tntsl
Trustees, annual report incorporating the strategic report (continued) For the year ended 31 March 2024 HMS Cavalier is a Second World War deslroyer bullt on the Isle of Wishi in 1944. HMS Cavalier is preserved at the Hl'storic Dkyard Chatham as the National Destroyer Memorial commemorating the lives and Royal N3vy DeStroYS lost durftng the Second World War. As part of our planned maintenance. works were undertaken to provide hull repairs, paKnting of the hull and decks. We are currently monitoring the condition of HMS Cavalier carefully where WE are seeins areas of deterioration within the hull with a lon8er-rnI dry docking prdurt planned for the comins years. Achieving Excellence As an independent charity our aim TS to provide excelloKe in everything we do. We strive to de]iver unrnatched, inspirational and TnemoTable experience5 for all usets of the Historic D(tkyard- whether vk%itors, tenants, residents or students - that exceed their expectations. Developing excellence is the key to unlocking iOme and creative development 8CfOSs several areas. Qiialtty A5ed We believe that benchmarkingagainstothers and usinsexternaliudsement through accredited schemes is the bestway to assess achievement. We participate in the Visit Ensland Visitor Attraclion Quality Assurance Scheme (VAQAS) and we're pleased to report that fjor 2023124 we received a XOTe of 92 out of l(X). Travellers. Choi¢e We ate delishted io have been awarded the 2023 Tripadvi50r Travellets. Thoice Award. whith recognises outstanding Visitor experieThces, for the 13th year runnin& Inve$tiffig An our people Investment in our staff and volunteers as an educational chatiry is Eumdamental to our culture and essential for our tture success. We continue to manage trdlent withm our Organtion. Following the retirement of some long-stsnding membets of the team. a succession planning Pr(esS has engaged people at drfferent levels of the Trust. In 2023124, we said farewell to our lon8Standin8 Financial Controller. Christ Kmott. who retired following a lon8 career with Chatham Historic DLYkyard Tru51. We are pleased to TeFrf)rt the appointrnent of Sean Rodwell as the current Ftnanctal Controller who joined the Trust in 2013 0ri8mally as Financial Controller (Designatel. We have policie5 in place to encourage good relationships with 5trdff and managers, and to promote a happy and productive workin8 environment. The areas covered include Irainins in health and safety. GDPR, equal opportunities. technology and safegtjarding. A comprehensive staff handbook is issued to all staff during induction and is available through intemal systems. We aTe also pleased to report that in the last financial year. we have introduced a ran8e of well-bein8 iniknatives to enhance wellbeTng aCrts all our teams including Tesular social activities and the integration of a new employee assIstsn service. Engaglns diverse audiences and ensurins everyone has access to The Historic DcKkyard Chatham is a priority. The Trust has adopted a new Equality, Diversity and Inclusion strategy pultins the importsnce of this work stream at the highest level. The strategy dUrnents how we aim to lknr understand our barriers to entry and make The Historic Dockyard Chatham welcoffting and mdusive for everyone. laff Corn lement Permanent- 77 Seasonal- 68 8 The Chatham Historie Dockyard Tru
Trustees, annual report incorporating the strategic report (continued) For the year ended 31 March 2024 Volunteers From railway operators to ship-keepers and conswvators to researchers. volunteers are crucial to the operation ol the Historic Dockyard and the Trust is forever grateful for the lime and exprtise our volvnteers bring to the organi5atiOn. The Trust has over 3LK) resi5tered volunteeTS with c.150 of these VIng up their valuable time to work with us on a regular basi$. We are 8Tateful for all the support they provlde to us. Trading activity A5 an orsanisalion we are committed io beins entrepreriJl. dynam and proactive whilst remainin8 focussed on acU"Yity that ma¥imise5 charitable purp(w. We use tradins activity to generate iNome lo further our core purpose. Visitor TTthliNg Our consolidated trading result senerated a net profit of £145k, with'swd per head. "tting a record breakins high. Call th¢ Midwife Call the Midwife location tours remain a popular choice forvisitors and our costumed midwife guides took over 11(X)O fans through official tovr and gallery. PIannin8 besan in 2022 fora Tevi5ed Call The Midwife tour which brings the product up to date with the current TV series and included a revised and refreshed gallery addins new props, sets and coslvmes to turther enhance the experience. pr(Mluct was lau in May 2023. Filmillg We Iemain a popular choice for I(ation maJ)agers with our filmmg business havins senerated £222K in the reportin8 period. This was muth reduced from the preoU$ year due to the Houywood writers stiike W"Ch had a major impact on (liming projects happening globally. Rope SAles Rope Sales were £4)k for the year veTSUS £4C4k in 2023124. demonstrating a small desPite a difficult market. Govenunce In accordance with the articles of ass(xiation there are eleven trustees. all of whom are the Directors and members of the Trust, which is a company limiied by 8varantee. The Secretary of State foT Digi'tal. Culture, Media & Sport, the Secretary ofsiate for Defence and Mr John Spence OBE DL are also members of the TDJst Company. TheTrust Board rela2ns ultimate responsibility forstratesLcdeci5ion-makin& butordinary managementof the activitie5 and business of the Tntst Is delegated to the Chief E¥ecutive. who in turn delegates specifie management areas to appropriate member of his executive tearn. Specific and defmed expenditure and contractual limits are in plaee and operate effectively. The Chief Executs"ve and key mernEers of the EXetiVe team report regularly lo Board conimittees and to the Trust Board itself. A5 vacancies in theTrus¢ Board from bme to timearise. it i5Trust policy toensure that new appointsnents reflect specific sktll sets seen as important for a charity of this natle. tn accordance with an established protocol, nomination5 for new Tntee$ are invited from existing Board members. and considered by a Nominations Cornmittee. comprisins the Chairman of the Trust and the Chairman of the Remuneration Committee. who consult and invite representations fvom appropriate Board members. After an interview prLWS, a fornial proposal is put to the fvll Board lor decision. Once appointed, new TTUStees are given a full day's indurtion at the Hisloric Dockyard which includes a full site tour and time spent understandin8 the business with thechairman. Chief Executiveand other senior managers of the Tst with on-soins trainRn8 PTovided as necessary. TheTrust Board, Committees of the Board and wholly owned subsldiaries (s& below). with their separate ix)ards. have all operated eEfectively during the year. providing Strategic guidance to the Executive team and all-important oversisht and scrutiny of delivery against oiiectives set. Following Est prartice. the Trust Board ha5 effective Audit, Finance & General Purposes and Remuneration Committees as well as specially fonned groups start.finish Committees. suth as the Interface Land Committee. to focus scrutiny on areas considered to carry speLial Si1f1¢ance and potential risk. 9 The Chatham Historic Dockyard Tn1
Trustees, annual report incorporating the strategic report (continued) For the year ended 31 MaTch 2024 The Audit SUOrnMEte duzlns the reporting period comprised of 6 mernEErs (Pi)rnmy Sarwal, Tony Corbett, Paul HudsoTh Sir lan Andrews, David Philip and Sir Trevor &)ar). The Committee meets twice a year (February and Cttoberl. Financial Manasement Policies Management of the finance5 of the Trust remain8 the immediate rtsponsibility of theFitiancial ControlleTwho prepares detailed monthly finarKial and manasernent accounlins in£onnation for review by thechief Executive. A summary of the fi'nancTal p051tion of theTrust and ILS subsidiarie5 ts also presented forquarterly review and approval to the Finance and General Purposes Committee. and then to the Board itself. Trust Net IncOmE¥pendIttyX* The consolidated Staiement of Financial Activities for the year endin8 3191 March 2024 shows surplus of e93k12023.. .2ml. Resuveg Poli The pohcy of the Trnst is to hold in free reserves a mimimum sum of £8Crf)k and è maximum level of £1.6m. This resetve S to cover vayious contingencies such as a $i1f¢t uDinSed loss, a sigruficant event which datt)ages the Trust's reputation leading to a reduction in visitor income, and a redu¢ts'on in the TAt'S rentsl income. The general reserve can also be used to Cover temporary cash flow shortfalls in receiving grant payments relating to majot capital proiects. At 31 March 2024 this reserve stood at £3TJk12(123: £644k). The Trust a]50 maintains a designated development reserve of £247k12023.. £785kl. use of which is only kn be made when considered appropriate against a conscious review of futtlle iisks cKcuning over a project's /payba£k period. This reserve can be re-desisnated to general reserve following the review pr(Kess should pertrived risks havechanged, therefore is also considered as part of the free reserves calculation. The Trust has also estrdblished a designaied PPM of £185k {2023.. £85kl, to plan for fure plarmed preventrative maintenance requirements across the estate. Similar to the designated development TeseTve, th]'s can be re-designated to general reserve should perceived risks Change. so is also considered as part of the free ieser¥es calculation. The Trust's Reserves Policy provides for a minimum reserve of ffj(X)k but rising to a cash maximum of U.6m when designated reserves are replenished by renta]s reIVed post project completion. The total free reserves (includin8 the development reserve and PPM) at 31 March 2024 were £B05k12023.. £1.5m). ThRs poliLy i5 reviewed annually by the Tnist Board. Investment Policy Following the Trusl's policy review in 2014115, £4k as part of the general reserve. has been placed in medium terni low risk investments throush CCLA. These investments have ni)w increased to £704k on 31 Mareh 2024 {2023.. £632kl. Risk The Twst has an active risk register, which is reviewed by the Board twice in each year. The register covers identified strategic risks and monitors movement in risk as a key indicator of progregs. Key risks are generally stable and considered manageable. Chatham Historic Dctkyard Trust holds a business risk register which is reviewed on a regular basis by the Board of Trustees. The rewster Tdentifies key risks and at the point of reportin& these are listed as the followin8'. A substantial Teduction in the resources required io meet the Tru5Vs operational and development needs. 2. The occuence of SIlicant physical damage to the proiw. historic character or fabric of the Drtkyard. A failure in the strategic or operational management of the Trust. A lallure to maintain/manage our IT dats-holding and related systems appropriately to meet slatulory operational and security imperatives. 5. The loss ol key staff or damage to morak within the workforce or volunteer community. 6. Failure to maintain a safe and healthy environmert. 10 The Thatham Historic Dockyaxd Trust
Trustees, annual report incorporating the strategic report (continued) For the year ended 31 Marth 2024 7. The loss of a key partner or relationship. Inappropriate development or chan8e of use of property adjoining or near to the Dockyard. A chanse in government policy or professional standards which is incompatible with the dwi"tsble purpose5 of the Twst. 10. Increased ener8y/utility costs and increased material/lat•)ur costs due to current econotwc climate. Each of these risks is scored and appropriate mitigating aclions are taken to ensure Ith lthelthood and impact are reduced where possible. To enhance internal conlrols a member of the finance team provldes an internal audit function as a substantial part of his rol¢ reporting directly to thechief Executive. and thee to the audit and compliance cornmiltee of the Trust Board. Several internal audits have been undertaken in designated areas. to ensure Complian with Statutory and Rntemal Trust requirements. Fundraisins Support through third-party sources has Een imperab.ve to the Trusys survival. DuTJ'ng this period, we have been fortunate to receive $ilfICant grant support from the Arts Council England. DCMS Wolfson Museurs and GalleTies Irnprovement5 Fur. the Foyle Foundatiory the Headley Trust and the Garlield Weston Foundation. DCMS We were awarded £196X£¥) frorn DCMS to support a ran8e of PiaMr Preventative Maintenance pKfjects. IKdividNAIFimdrAisinsActivity Sethion 162a of the CharRties Act 2011 requires charities to make a Ststernt regarding fundraising activities. Althoush we do not undertake widespread fundraising from the serTal publi¢ the lesislalion defines fund raising as'$oliciting or otherwise procuring money or other property for charitable purp(w." Suth amounts received are presented in our accounts a5'incorne from donations, includin8 8rants'. Jn relation to the above. we confiTm that all solicitalions are managed internally. without involvement of commercial participators or PTofes5ional fund-raisers, or third partie5. The day-ttrday management of all income seneration is delegated to the executive leam. who are accountable to the truste. Thecharity is not bound by any undertaking to be IM)und by any Re8ulaiorySchemebut any fundraising that does tske place with individuals is in line with guidance set by the Fundraising Re8ulatt)r. We have received no complaints in relation lo fundraising activilies. Our ten of employment require Staff to behave reasonably at all times,. as wedo not approach individuals for funds we donot particularise this to fundraising activities nor do we consider it necessary to dest specific pr(Thlures to monitor such activities. In ielation to the alx>ve. we confirm that all solicilab.ons are managed tnternally, without involvement of commercial participators OT professional fund-raisers, or third parties. The day-to-day management of all income generation is delegated to the executive tea who are accountdble to the trust&s. The charity ts not bound by any undertakins to be bound by any Regulatory heme bul any fundraising that does take place with individuals is in IRne with guidance set by the Fundraismg Regulator. We have received no complaints in relation to fundraistng artivities. Our tern of employment require Staff to behave reasonably at all times.. a5 we do not approach individuals for funds we do not particularise this to fundraising aclivities nor do we consider it necessary to design specific procedures to monitOE such activities. 11 The Chatham Historic Dkyard Trust
Trustees, annual report incorporating the strategic report (continued) For the year ended 31 March 2024 Financial Statistics VlsliorNthÉlS 2014to 2023124 250.rxyj 2W.QCW) 150.orKJ ioJ.00) S0.OLV 2014 15 2016 2017 201 3J1Y zozo 2022 2023 V¢1WIoUE 2014 tr* 2023124 1.400 1200 I,WO 2015 2016 2017 2019 202Q 2023 Y• 12 The Chatham Historic Dockyard Trust
Trustees. annual report incorporating the stratesic report (continued) For the year ended 31 March 2024 Propewty Ine•me 2014 to 2023124 4.X)O 4.IhJO 3.0 3.tsjo 19JO 2.0 1.500 1.0 2014 2015 2018 2017 2918 2019 20Z2 25 Y••r Totsl Incon* 2014 to 2023124 9.ihjo 8.ts)o 6.000 s.0 4.fyjo 3.(¢ 2014 2WS 3016 2017 2019 2020 2Q2 2023 OT 13 The Chatham Historic Dockyard Tntst
Trustees, annual report incorporating the strategic report (continued) For the year ended 31 March 2024 Chatham Hlstoric Dockyard Trust OPERATING INCOME 2023124 £IXKI's y4nts& 25. V74. 18% 491.6% Iotlrrti)If*. JA70.22% Chatham Historic Dockyard Trust OPERATING EXPENDITURE 2023124 £OOO's iix TlaOirt8<QS 1017.13 53% rkEWIEAts, 317.4% 14. The Chatham Historic Dockyard Tru
Trustees, annual report incorporating the strategic report (continued) FOT the year ended 31 March 2024 Subsldiaries The Trust has four wholly owned trading subsidiaTies which manage activities designed to LTeate related income streams for the charity that do not arise from its primary purposes of preservation by re-use of its herita8e assets and education. In each case net profit5 are Iransferted to the Trust with the ber*lit of gift aid as a qualifying charitable donation. The subsidiaries are.. Ch4tlTam Historic Dockyord (frnding) L4miltd Tht"s subsidiary undertake5 retai], taterins and similar operations at the Historic Dctkyard. The results for the year were.. Retail Caterins £818k Turnover Net Prolit/(Lossl Spend per visitOT CHD(Tradingl Ltd. generated a net prolit of £145k leX)k in 2022123}. Thi% w&8 dlte visitor volumes slill below pre- pandemic levels as retail and catering spends per head "t record leve]5. £57k .11 PTopeTty ConFtmies The Trust has iwo wholly owned subsidiary propety knlding companies that maTHse the residential and potential development land ott the Trust's estate: Net Profttfor the Year Fb'storic D¢xkyard Property Ltd (HDPL) Historic Dockyard Property (21J051 Ltd (HDPL 2(M)5) Qk 12k HDPL provides management and a nge of maintenarKe services to the residential estate at the Historic Dockyard. It works closely with a fonnal Residents. AssiKiation. The time and commitment devoted by that Association is very valuable in helping to provide a well maintalld and harnionious envirorunent as part of the Trust's strate8y OE excellent service to all users of the estate. HDPL 2(M)5 owns and manases an area of potential development land within the estate, known as The knterface Land. currently let on commercial leases. Mastsr RopeFn#keTS (Tradity Ltd (MRL) The Trust recognises that the Ropery is one of its slrongestvisitor attractiotKS. Thecombination of a guided tourand the Iraditional manUfac1n8 PryKess provide a h"tshly enjoyable and edUtiOnal experience. The manufacluting process, because of its educational value. ts now undertaken by the Trust as part of its COTe activitie5, but the sale of manufactured rope and rope PToducts continues as a commercial activity. undertaken by MRL. The year saw the annual turnover for MRL reach £409k There was a Net Profit of £45k which has been Gift Aided to Chatham Historic tkrkyard TnJ5t. Products made from manufactured rope for the rela21 market continue to grow in importance within thebusiness of MRL. The encovraging results of the company are founded on principles of excellent customer serviceé quality production and diversificdtion of product and markets. Energy Carbon Reporlitsg The followingSECR Reportwas completed by GEP Environmental Ltd {GEP) based on The Chatham Historic D(Kkyard Trusl ICHDII energy consurnption. coverin8 their 2024 financial year and contains GHG emissions results and conversions completed by GEPEnv. supportin8 CHDfs SECR reporting disclosure. 15 The Chatham Histori¢ D(kyard Trust
Trustees, annual report incorporating the strategic report (continued) For ihe year ended 31 March 2024 As a'larse" company. as delined by Companies Act X. The Chatham Historic Dkyard Trust is required to report on its energy usage and related carbon inforniation. Consuvnption rn kwh and eTni&sions in tonnes of C02e for the financial year endÉng 31st March 2024 are provided. Emisstonsfrom cofftbmstion of Gas tC02e (Scope l) IA)cation Based Tonnes of C02 equivalent ItC02el are calculated from the product of the invoiced gas consumption in m3 during the reporting period and the 2023 UK Government GHG Conversion Factors for Company Reporting for 'Natural Gas, Since Isi October 2020, The Chatham Historic Trxkyard TTh1 has purchased Carlx)n Neutral Gas as part of their Gas supply eontrad provided by Brook Green Supply L4n)ited. For more inforn)atiorn please visit htt www.bro eens fuel-mix. Emi5sioKsfrom pwchA5ed ele¢tiyoty tC02e (Scope l Loc4tion-bastd) IA)cation Based Tonnes of C02 equivalent {tC02el are calculated from the pn)duct of the above stated electricity consumption in kwh durins the current reporting period and the 20Z3 UK Govemment CHC Conversion Fadors for Company Reportins for'Electrioty Generated/Wtttri¢ity." UK, Emi5sion5from pwchAsed electricity tC02e (Scope 2. M4rket-b4sed) Market Based Emissions are reported as O due to the fuel mix of the elertticity purdwsed. a5 defined by the suppliers, fuel n)ix. Haven Power fuel mix.. I% REGO Backed Renewable Electricity. Intensity Ratio (tC02e gr055 fisure based on mandatory fkeld5) The intensity ratio stated aix)ve has been cal¢ulaied as Tolknes of CCY2e per total square metres of property owned Eor The a)atham Historic Dockyard Tnt as a whole (113.918 m21. Carbon Enii5sions Data Previous Reporting Year l# Apiil 2022_ 3111 March 2023 620 Current Year l Apri] 2023 - 31# Maffh 2024 567 Scope l {tonnes C02e) • Combustion of gas Scope 2 Itonnes C02e) .Electricity {includes T&D losse5) o Location-based o Market-based Total Gross C02e based on bove Itcoiel Intensity Ratio {tC02elm2) Notes.. . Scope l.. Emissions associated with our dirKi aclivities, suth as heatiThs. Scope l. Emission5 Telated to the electricity we purthase. 'Imti0n.bad, represents C02e intenssty of our 51tes based on the fuel mix oftheNational GTid. arket4S@d, Tepre5ents theeleLtricity we have purcha5ed,which is l(¥J% RECO-backed renewab. 538 1.122 1,105 Carbon Emissions Data Previou5 Reporlin8 Year lt April 2022- 31st March 2023 Cuent Year l April 2023- 314 March 2024 The Chatham Historie Dockyard Trust Enersy Consumption Totsl energy consumed Ikwhl Electricity NaTal Gas The Chatham Hi5tori< Doekyard Trnst Electsieity Renewable % Total electricity which is renewable % The Chatham Historic Dockyard Trnst Natural Gas Carbon Offset 0/0 Total naTal gas whith is carbon offset % 2J77,561 3396.887 l(KJ% 1393.39J 3,097,830 loo% IcK)% l(M)% 16 The Chatham Historic Dockyard Tntst
Statement of Responsibilities of the Trustees For the yearended 31 March 24 The Trustees are responsible for preparing the Strategic ReporL the Tntslee5' Annual Report and the financial 5taternents in accordance wÈth apph'cable law and regulatiorns. Company law requiTe5 the Truslees to Prepare finanoal staiemo)ts for each fRnancial year in accordan with United Ktngdom Generally Accepted Accounting Practice (United Kingdorn Accounting Standards and applicable law}. Under cotnpany law the Trustees must not approve the fmanoal ststements unless thry are satisfied that they give true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the STOUP for that penod. In preparing these financial ststements. the Tntstees are required to.. select suitable accounting policies and then apply them consistently: make judsements and atcounting estimates that are reasonable and pwdent.. state whether applicable UK Accounting Stsndards have been followed, subittt to any material departures disclosed and explained iti the linanciaTr $tsternents: and prepare the fiz)ancial alernents on the goin8 corern baS unles5 it is inappropnate to presume that the charity will continue in business. The Trustees are responsible for keepins adequate accounting records that are suffioent to Show and explain the ¢harity'5 transactions and th"sclose with rea%mable accuracy at any time the financial position 0£ the charity and enable them to ensure that the linanoal staternents comply with the Companies Act 2(K)6. They are also responsible for safeguarding the assets of the charity and hence for tskmg reasortable steps for the prevention and detection of fraud and other irregularities. Fijwicial statements published on the charitys website in accordance with lelation in the United Kinsdom goveming the preparation and dissemination of fmancial 51atements. W"Ch may vary from legislation in other jurisdictsons. The maintenance and intesrity of the charity's websfftte is the responsibility of the tru$tees. The trustees. responsibility also extends to the ongoing integrity of the financial statements conlained therein. Provision of Infonnation to the Auditor In accordance with company law, as Trustees we tonfirrn that: So far as we are aware. there is no relevant aL2dit information of which the Trust's auditor 15 unaware.. and As the Trustees of the Trust we have taken all the steps that we ought tt>have taken in order to make ourselve$ aware of ihai inforniation and to establish that the Twst's auditor is aware of that infomiation. The Trustees, Annual Report incorpoxating the Strdtesic Report. is appToved by the of Trustees and signed on behau of the TThtee$. Admiral Sir Trevor Soar KCB OBE DL ChaRrrnan Date.. 10th October 2024 The Historic Dctkyard Chatham Kent ME4 4TZ 17 The Chatham Historic Dockyard Trusi
INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF CHATHAM HISTOIUC DOCKryARD TRUST For the year ended 31 March 2024 Opiniort We have audited the financial statements of Chatham Historic DcKkyard Tnt (the parent charitable company) and its subsidiaries {the group) for the year ended 31 March 2024 which comprise the Consolidated Stateinent of Financial Aclivities. the Consolidated Balance Sheet. the Charitable Company Balare Sheet. the Consolidated Cash Flow Statement and the related notes. The h'nancial reporting framewoTk that has been applied in their preparation is applicable law and United Kingdom Accountins Standards. includin8 Financial Reportins Stsndard 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generalty Accepted Accountmg Practice}. In our opinion the finan1 statements: give a true and fair view of the 51ate of the sroup and parent charitable cornpans affair5 as at 31 March 2024, and of the sroup's incoming resources and application of resources, including its ]rme and expenditure, for the year then ended- have been proper]y prepared in accordan with United Ktnsdom Generally Accepted Accounting Practice,. and have Fen Prepared in acCordae with the requirements of the Companies Act 2006. BasAs of opinion We conducted our audit in accordan with International Standards on Auditing {UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit 0£ the finaclaI statements section oEourreport. We are independent oEthe sroup and charitable coznpany in accordance with the et"Cal requirements that are relevant to our atsdit of the financial ststements in the UK includin8 the FRCS Ethical Standard, and we have hjlfilled our other ethical resporLsibl"tieS in accordance with these requirements. We believe that the audit evidence we have obtaift is suffioent and approprRate to provide a basi5 for our opinion. Conclusions Telatins lo soins ¢on¢ern We have nothing to report in rtspect of the following matters iti relation to which the tSAs (UK) require us to report to you where.. the trustees, use of the going concem basis of aecouniing in the preparation of the financial slatements is not appIopriate.' or the trustees have not disclosed in the financial staternents any identth.ed material uncertainties that may ost signrficant doubt about the group's orcharitablecompany sability tocontinue to adopt the 8oins concern basis of accounting for a period of at leasi e1ve months from the dale when the financial statementsare authorised for issue. Other informatAon The trustees are responsible for the other inforn)alion. The other inforn)ation comprises the inf0mtion included in the trustees, annual report, other than the frnancial ststements and OUT auditor s report thereon. Our opinion on the financ2al statements does not cover the other inforn)ation and. except to the extent otherwise explicitly stated in our repor¢ we do not express any fonn of a$sUrae conclusion thereon. In conJ)ection with ouraudit of the finanaal statements, our responsibility is to Tead the other information and, in doing so. con5ideT whether the other inforniation is materially irtconsistent with the financia] statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required todeterniine whether there is a material misstatement in the fi.nancial statements or a material misstatement of the other information. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other 1nf0nnatio we are required to report that fart. We have nothing to report in this Tegard. 18 The Chatham Historic Dockyard Trust
INDEPENDENT AUDITOR'5 REPORT TO THE MEMBERS OF CHATHAM HISTOIUC DOCKYARD TRUST For the year ended 31 March 2024 Opinions On other matters prescribed by the Companies Art 2 In our opiniory based on the work undertaken iti the course of the auditr. the inforntIon 'Ve ID the trustees. report {iTKorporating thelstraiesic report and thel directors, report) for the fu7ancial year for which the finala] stslements are prepared is CofLStstent with the fmancial 51atements' and the stratesic report and ihe dirertors. report have ien prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceplion In the light ol our knowledge and understanding of the 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 where the Companies Act 2(KJ6 requires us to report to you, in our opxnion". adequate accounting records have not been kept. or returns adequate for our audit have not been received fvom branches not visited by us.. or the financial statements are not in a8reernent with the accouniins records and retums,. or certain disclosures of diredors. remuneration specih'ed by law are not made.. or we have not received all the inforn)ation and explanations we require for audit. Respon8Abilities OE trustees As explained more fully in the trustee5' respon5ibAiitie5 Statement set out on page 19. the truste (who are also the dirertois of the charitablecompany for the purposesof company law) are responsible for thepieparation of the linancial $tateTnents and for being satisfied that they 8ive a true and fair view. and (or such internal control as the trustees determine 15 necessary to enable the preparation of financial statements that are free from malerRal misstatemenl. whether due to (raud or error In preparing the financial statements. the tntslees 3re resportsible for asse55ins the group's and charitable company s abdity to continue as a gomg con¢em. disclosin& a$ applicable. maMeTS related to going concem and using the soing concern basis of attounting unleys the trLTStees either intend to liquidate the group or charitable company or to cease operations. or have no realistic alternative to do so. Auditrfs responsibilities for the audit of the financial thtements Our obiectives are to obtsin reasonable assurance atKul whether the financial statements as a whole are free from material tnisstatement. whether due to fraud or error. and to issue an auditots report that i2Kludes our opinion. Reasonable aSSUran is a "Sh level of assurance, but is not a guarantee that aD audit conducted in accordance with ISAS {UK) will always detect a tnateEial misstatement when it exists. tatementS can arise from fraud or e0 and are(0Sidered material if, individually or in the aggregate, they could reasonably beexpected to iDI]uence theeconomic decision5 of users tsken on the basis of these finarla1 staternents. 19 The Chatham Historic Dctkyard Tntst
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHATHAM HISTORIC DOCKYARD TRusr For the year ended 31 March 2024 As part of an audit m accordance with ISAS IUK). we exercise pr0Elonal judsment and maintain Professional sceptiCi5m thToughout the audit. We also.. Identfy and assess the rlsks of materRal misstalementof the finarKial stalements, whetherdue to fraud orerror. design and perforni audit procedures responsive to those risks. and obtain audil evidence that Rs sufficient and appropriate to provide a basis forour ophnion. The risk of not deiectins a material Tnisstatement resulting from fraud is higher thanforone resulting from error. as fraud may involvecollusion. forsery intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of inlernal control relevanl to the audit in ordeT to design audit procedures that are appropriate in the circumstances. but r1 for the purpose of expressins an opinion on the effectiveness of the group s internal control. Evaluale the appropriateness of accounting policies used and the Eeasonableness of accounttng estimates and related disclosures made by the trustees. Conclude on the appropriateness of the tntstees. use of the going concern basis of accounting and, b35ed on the audit evidence obtained. whether a mateTial untertainty exists related to events or conditions that may cast sisnrficant doubt on the charitable company's abillty to continue as a going concem. U we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in ihe Einancial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor s POrt. However, futtlre events or conditions may cause the charitable company 10 tease to continue as a soing concern. Evaluate the overall presentatior¥ structure and content of the knancial statements, including the disclosures. and whether the financial slateEnents repre5eni the underlying transactioThs and events in a maJ)ner that achieves (air presentation. Obtain sufficient appropriate audit evidence regarding the financ infornktion of the entitie5 or bu5ine55 activtties within the group to express an opKnion on the consolidated finla1 statements. We are responsible for the directior4 supervision and perfjornwKe 06 the group audit. We remain solely respoJ)sible for our audit opiniott. We coumunicate with the charged with governance Te8ardin& among other matters. the p]anned scope and timing of the audit and 5iwficant audit fAndm85, including any 5i8nthcant defiCieie$ in internal control that we identify during our audit. Extent to which the audit wa5 con5id¢red capable of deteclins i]arItieS. includins fraud Irregularities. including fvaud. are irLStances of rK)n<ompllae with laws and regulations. We design procedures in line with our responsibilities. outlined above and on the Financial Reporttng Counal's website. to detect material misstatements in respect of irTegularitie5. including fraud. We obiain and update our under51andins of the entity. Its activitie5. its control environment, and likely future developments. including in relation lo the legal and resulatory framework applicable and how the entity is complying with that framework. Based on this undeTStandin& we identify and assess the risks of material misstatement of the financial statements. whether due io fraud orerror, design and perforni audit PredureS responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes CO$1deratI0n of the Tisk of acts by the enlity that weTe contrary to applicable laws and regu]aiii)ns, including fraud. In response to the risk of irregularities and non-compliance with ]aw5 and regulatiorLS, including fraud, we designed PredureS wE)ich included.. Enqu of management and those charged with governan around actual and potential litigation and claims as well as artU81. suspected and alleged fraud: Reviewing minutes of meetings of those charged with governance.. Assessing the extent of compliance with the laws and Tegulations considered to have a dirert material effect on the financial Statements or the operations of the company thJough enquiry and inspertio Reviewing fmanaal statement disclosure5 and testins to supporting aUMentation to assess compliance with appltcable laws and regulations: 20 The Chatharn Historic Dckyard Trust
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHATHAM HISTORIC DOCKYARD TRUST For the year ended 31 March 2024 Perforniin8 audit work over the risk of management bias and override of controls. I[Uding te5¢ing of journal entsies and other adjustments for appropriateTW. evaluating the business rationale of significant transaclions outside the nornul COUTse of business and Teviewin8 aecountins estimates for indicators of polential bias. Because of the inherent limitations of an audit. there i% a risk that we will not det all irregularities. including those leading to a material misstatement in the financial statements or non<ornpliance with resulab"on. This risk increases the more thatcompliance with a Law orregulation is removed from theevents and transactions tEnected in the financial 5taternents, aswewill less likely lo becomeaware of instancesofnon<ompliance. Therisk ofnot detectinsa material misstatement resulting from fraud is hisher than for one resulting from ern)r. as fraud may involve collusion. forgery. intentional omissions. misrepresentations. or the override of intemal control. Use of our report Thi's report is made solely to the charitable company's members. as a Wy. in accordance with Chapter 3 of Part 16 of the Companies Act 21J)6. Ovr audit work has been undertaken so that we might state to the charitable company's members those matteTS we are required to state to them in an auditorfs reprt and for no other pvrpose. To the fullest extent perniitted by law. we do not accept or assume responsibility to anyone Od than the charitable company and the charitable company's memEers as a iK)dy. for our audit work for this report, or for the opinions we have fornied. Michelle Wilkes (Senior Stahttory Audttor) For and on behalf of Azets Audlt &rvi¢es First Hoor. River House l Matdstone Road Sidcup Kent, DA14 5RH 15 October 2024 21 The Chatham Historic D(kYa Trust
Consolidated Statement of Financial Activities Ilncorporating the income and expenditure account) For the year ended 31 March 224 ReStriCd Funds Notes UTtrICted Fitted Riggmg House las restated) Total 2023 Total 2024 Income from: Donations aThd grant5 Charitable activities Other trading 8ctivilie5 Invesknents 366219 655,442 I,941 6.555ffl8 1,933.258 30527 2,451,n2 5.691,207 Ih77,838 6.555.018 1,933.258 30,527 Total income 8.544,1%3 366219 655A42 9&$,744 9A21128 ExpendituTh on: Raising funds Charitable activities 1.966.C62 1,966,082 1.7(M,380 Preservation io 3.08 3.047,366 2530 155.977 3,624,015 3,954,029 3,025.240 3,856.277 Education li Total charitable activlties 6281874 1.061MO 7,578.044 6.881,517 Tota! expenditure 8.248.956 232530 1.06WO 9,541126 8.585.897 Net incumellexpenditvrel before sah and losses 295.127 133.689 (407.198) 21.618 1,236,231 Net gains/Oosse5) on investments 19 123.1941 1,213,037 Net income (expenditure) 14 366,970 133,689 1407.198) 93A61 Transfers between funds (65.2n) 65.2n Net Movement in funds 301,699 133WJ 1341,927) 93.461 1.213,IrJ7 Funds as at l April 2023 2,220.881 8.220W31 9,432.141 1973A53 18.66016 Funds as at 31 Marth 2024 29. 30 221580 9.0,214 19,%7J14 19.873A53 All amounts relate to contitiuins activitie5. The rtotes on pages 27 to 55 forn) part of these financial ststements. 22 The a)atham Histotsc Dockyard Tnst
Consolidated Statement of Finanaal Activities {Incorporatin8 the income statement) Full comparative ]nforntiOn the year ended 31 March 1123 Restricted Funds Unrestricted Fitted "gg6 funds House (as restated) Total 2023 Notes Total 2022 In¢ome from: DonatiorLs and grants Charitable activitie5 Other trading activities Investments 1x6.657 570.220 1451.n2 5.691207 1,677I38 1.016.042 4391,250 I,397,6 2506 1900) 5.691,207 1,677,838 Other income Total itieome 7.443.251 I.8[.%7 570,220 921]28 6,806.334 Expenditure o Raising fLtnds Charltable activities 1.704J80 1,7ts1J80 1.470,207 Preservation io 166£386 2.976,441 219.672 141.182 879,836 3,025,240 3562?7 2,875,591 3,501580 Education li Total charitable activities S.64027 219rI 1,021.018 6A81J17 6,378,171 Total expenditure Net incorne/lexpenditure before sa5 and losses 7.345207 219.6f2 1.021.018 8y5.897 7.848.378 1.588.9&5 {450,798) L236231 ,OQ044) Net (losses)/gair6 on investments 19 (Z3.1941 123.1941 67.380 Net gains on investment property 17 (21,150} 19)5,814) Net in¢ome (expenditure) 14 74,850 1.588.985 (450,798) I.21337 Transfers behveen Net movement in fund5 74. 1,588.985 (450.798) 1.213,037 (995,814) Funds as at l April 2(Y22 1146.(Bi 6.631,846 9A82.939 I8.66016 19.656.630 Funds as at 31 Matth 2023 29JO 2220fft1 8220WI 9,431141 19.6TJl53 18.660A16 ' All amounts relate to continuing activities. The notes on pages 27 to 55 fonn part of these financ1 ststements. 23 The Chatham HistorAC DCkyad Trust
Consolidated and Trust Balance Sheets As at 31 March 2024 Consolidated (as restated) 2023 Trust las Testatedl 2023 2W24 Fixed assets Property plant and equipment Heritage assets Investment properties Investments xn subsidiaries Listed investments 15 16 IA936 17.410J67 0554 1420.176 Is,3,455 310554 1.478,636 17.410J67 2,410,572 15,063,455 17 18 26.100 70£165 26,IIM) 632J22 19 704.165 632322 19.918.952 18,426507 19.619269 18,131449 Currenl assets Inventories 351] 1.139.951 62<143 315.495 13IKI.237 261563 IJISA42 420.197 237.79> I,578,(7 1,787,n7 Debtors Cash and cash equivalent5 1116J15 3,681%28 I(17202 3,603,603 Creditors: amounts falling due within one year 09.138) 25,4Tr) 1.856351 (i.n5J76) (1,778.6211 1.824.982 Net ¢urr¢nt assets 307J67 281fi24 Total assets less current liabilities 20.226319 20.282A58 19,m94 19.957.431 Creditors: amounts fallin8 due after more than one year (2WAWI (350.OLMJ) (2(X).(Nx>} (300,¢X)01 Provision for defeTred tax (59.(K61 {59,OLLS) Net asiets 19,967J14 19J73J53 I9.794 19,607A31 Fund$ employed Restricted funds Fitted Rigsins House Other 8J54,520 9.OXI.214 8.220.831 9.432.141 8.354.520 9.0.214 8,220,831 9.432.141 Total re5triLted funds 17A44.734 17,652,972 17.444.734 17,652,972 Unrestricted funds Designated funds Revaluation reserve General I,5,596 246J21 371663 IJ30,659 246221 643,1 Im.367 1330.659 367.793 623XX) 222 I2208] 1256.160 1,954.459 19.967J14 I97353 I9.794 19.607.431 24 The Chatham Historic D(kyard Tntst
Consolidated and Trust Balance Sheets As at 31 Mard) 2023 The financial statements were approved and authorised for issue by the TSteeS on 24thSeptember 2024 in accoTd3nce with section 408 of the Companie5 Act 2(K, a separate Statement of Finanaal Activities for the charity has not been presented. The5urplusattributable to theTrust forthe YWaS £93.4&312023- deficit of£l,236,2321. Income attsibutsble to the Trust for the year was £9,565,744 (2(123- £8,92£938). Admiral SirTrevor Soar Chatnnan Company number 01804108 The rtotes on pages 27 to 55 form part of these financial statements 25 The Chatham Historic Dockyaxd TTUSt
Consolidated statement of cash flows For the year ended 31 March 2024 Notes 2024 Net t*sh from operating activitles 31 1.038505 1,993,287 Cash flow from investins activities Purchase of property. plant and equipment PI(Keeds from the disposal of investment propertie5 (Purchase) of investments Income from investment propety 12.384,2681 11.455.¢J)81 I310 15.249 12,370,458) 11.439.759) Cash flow from financittg activities Loan rèpayments IIcKJ,Iw 11(XJ.(M)01 Net inueaselldecreasel in cash and tash equivaltnts .431.9531 553528 Cash and cash equivalents ai the gInning of the year 1056.096 1.502.568 Cash and taslk eqUalents at the end of the year 624143 1056.096 Cash and cash equivalents at the end of the year Restricled fund 11.T27 812fj42 Unrestricted funds 612A16 I,243,4 Cash and cash equivalents at the end of the year 624,143 1056.096 Cash and cash equivalents comprise cash at bank and in hand. The notes on pages 27 to 55 forni part of these fiTranc staiernents. 26 The Thatham Historic D[kyard Trust
Notes to the finanaal statements For the year ended 31 March 2024 I Status The Chatham Historit Dockyard TTUSt l~the TDJst~) is an independent charitable trust. incorporated tn England and Wales, formed for the purpose of preservin8 The Historic Dockyard for the pubh"c benefit and io promote a wide knowledge of its archaeologjcal. kn"5torical and arChiteCra[ importance. The Trnst was set up tn 1984 under the terms of a MemorandLtm of Undetstandin8 With the Departtnent ofthe EnvirontTheni. under which a grant offll.350X)00 was received to be applied to the principal activitie5 of the Trust. The Trust's COrtitUtIon 15 set out in its Memorandum and Arlicles of Associatiorn as arnended by Special Resolutions on 27 February 2013, 18 July 2017, 24 May 2018 and 24 November 2021 The Trust is a company limited by 8uatantee. regislered in England, not havins a share capital, and has a licence to dispense with the word -limiied~ in its title. In the event of the Trtsst being wound up. the liability in respect of the guarantee is limiled to £10 per member. The memETS of the Trust are the Secretary of State for Defence, the Secretary ofstate for Digj'tal. Culture, Media and Sport, Mr John SperKe OBE DL and the Trustees. The Trusrfs rewtered office RS.. The Fitted Riggmg House, The Historic Dockyard. Chatham. KenL Ensland, ME4 4rL, and its re8lStered number is 804108. Details of the principal adivilies of the Tn1 i5 given in the accornpanyins narrative reporting. 2 Accouoting policies The principal accounting polioes are Wow. Bosis olpreporAITon The Trust is a public berdit entity and the Group is a public Ifi¢ sroup, a5 defined by FRS 102. The finarKial ststements have Een prepared in accordantt with Accounting and Reporting by tharities: Statement of Recommended Practice applicable to charitie5 preparRn8 their accounts in accordan with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland issued in (ktoE*r 2019. the Financial Reportin8 Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), Charities Act 2011, the Companies Act 2006 and UK Geneyally Accepted Accounting Practice. The fin8ntial statements have been Prepared under the historical cost convention. as modified by the tevaluation of investment properties and listed investments. Going £oxcmt As a charity the Trnstees of Chatham Historic Drxkyaid Trust ICHD7) and its tradin8 subsidiarie5 have a duty to consider the future resilience of all parts of the orsaThisation. The Trust holds necessary reserves should there a need to undertake an otderly wind down of operntions caused by hnancial challenges or a change in the need for charitable services making the charity's role redLTndant. CHDT reviews thi5 SIallOn on a monthly rollin8 basis through cash flow management based on evidere-baSed business planning. Review of the Trust's ongoing Einancial resilien is co51dered for 12 months from the date of accounts approvaI and beyond through regular reviews lat Eoard level) of the stratesic risk regjster and changes to it. The impact of internal and exlernal factots likely to have a siymhcant ef£ect on income and expenditUTe are key elements of ongoin8 cash flow management and by implication the Going Concern status. 27 The Chatham Historic Dkyard Trust
Notes to the financial statements (continued) For the year ended 31 March 2024 2. A¢counlin8 policies lcontinuedl GOI8 {wnlinxred) The Trustees will continue to review plans with the CHDT Executive Team to make the necessary changes to remain wÈihtn the free reserves level over the coming iwo yeats and indeed the life of the current Corporate Plan. The Tt has a strong balance sheet, so the Trustees are of the opinion that the charity will have sufficient resourtrs to meet its liabilities as required. As such. tlw remain Satisfied that the Chatham Historic Dckyard Trust can continue operating for the next 12 montKs and accoLmts have been prepared in the knowledge that the Chatham Historic tknkyard Tntst s a financially yiable organisation. Disclostsre eXeMptio$fOr qualifv.ng entilws Under FRS 102 The frust is a qualifying entity as defined by FRS IlJ2 and. as such, has taken advantage of the following exemptions.. presenting a statement of entity cash flows on the grounds that the relevant mforniation is included within the corksolidated mfonnatt.on presented within these financial statements,. presenting ceryditi financial irstruments disclosuTe5 on the srounds that the relevant inforniation is included within the consolidated xnformation presented within these fjnancial statements: and presenting infotmation conceztiing key mathagement person1 compensalions. B45is of ¢on501idAtio The Group consolidated kncial ststements include firla1 staternents of the Trust and all of its subsidiary uJ)dertakings. A subsidiary 1$ an entity controlled by the Group. Control is the power to govem the financ and operatin8 poliaes of an entity so as to obtsin ba)efits from its activities. Any entities which either icome. orcease bein& subsidiary undertaking5 durins the year are included up to. or from. the dates of change of control, resFdively. All intra£roup transactions, b)lae5, income and expenses are eliminated on consolidation. Income Tecognitio Income is measured at the fair value of the consideration Teceived or receivable and represents Property rental and seiCe fftncome. admissions income from visitoxs. grants and donations, income from the sale of goods and seICe$, and interest. Income is re£osnJsed as follows.. Propety rental- on a time apporttoned basis. over the life of the lease. Seryices- as the services are provided. Retail sales of goods- when the sale is Tnade. Other sales of goods- when the risk of ownership passes to the customer. Gxants - when the group has met the Televant perfOrnIan criteria, and the grant can be measured reliably and receipt is probable. Donations- when theGrouphasentitlemenL the donationorgTant ¢anbe measured reliablyand receipt 15 probable. Interest- as it is earned. Any income received prior to recognition is deferred. 28 The Chatham Historic D<Kkyard Tnt
Notes to the financial statements (continued) For the year ended 31 March 2024 Z A<counting polities Iconlinued} Gr&ntS Grants are recowsed in the Statement of Finala1 Activities &8 desttibed above, wilh any grants reiVed prior to recosrntion being deferred. In cutsin orcumstance srants may become repayable (for example. if the grant funded property ceases to Et used for a charitable purposes). A creditor is established whenever it becomes probable that a srant wdl become repayable. Restricled grants received to fund capital expenditure are transferred to general fun¢l% once the expenditure has been incurred unless the resultant asset i8 restricted as to its use, in which ose the furKls remain as restricted. Depreciation on restricted assets is charsed io the appropriate reStrIrt fund. Donaled Assets Donated assets and services which would otherwise have Tren purchased are included at the estimated expendire which has avoided as 8 result of the fi. No value is attributed to voltmteer tsme donated io the Trnst. Except (or the initial lo the Trust. other donated assets and serrice5 are recognised at the fair value of the asset or service received. The initial srft to the Tntst is recognised at £1 (l5 the nominal corksideration paid) as the cost of valuin8 the assets outweLshs the bAt of such a valuation. Employee btKefits The Group provides a range of IwEits to employees, indudin8 paid h)liday arrangements and defined contribution pension plarLs. Short term benefits, including compensation for loss ofemploYnL holiday pay and other non-monetary benefits. are reeosnised a5 an experL%e in the penod in which the service 15 received. The Group operates a defined contribution plan whereby the GTOUP pay5 fixed contributions into a separate enh"ty. Once the tontribLttions have Eeen paid theGroup has no ftther payment obligations. The contribution5 arerecosnised as an expense in the peraod to which they Telate. Amounts not paid are Shown in attruals in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds. Expendithre Expenditure is accounted for in the period in which il is mcurrd. Expenditure includes amy VAT which cannot be Eully recovered which is reported as part of the expendTture to which it relates. Expenditure relating diTectly to a particular activity is aikrated to that activity. Indirttt costs are classified a5 supw)rl costs, and these are allated io activities on a basis consistent with use of the resources. Expenditure includes the esbJnated value of donations in kind. 29 The Chatham Historic Dockyard Tntst
Notes to the financial statements (continued) For the year ended 31 March 2024 2. Atcounting policies Icontinuedl Operati8 Owating leases are leases thai do rt transfer au the risks and rewards of ownership. Payments made by the Group under operating leases are charged to the Statement of Financial Activities on a straight-line basTs over the period of the lease. including payments which are not required to be made on a straight-line basis. iase incentives Ven or reIVed are similarly spread on a Straisht-line bas over the relevant lease lerm. Tfixfition The tax expense represents the sum of the tsx CUTrently payable and any defetred tsx. The current tax charge is based on the tsxable profit for the year. Taxable proh"t dthers from r1 profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes lterr that are never taxable or deductible. The comPanS liability (or current tax is calculated usins laxiates that have beenenacted orsubstantively enaded by the reporting date. TheTnt'5 activities arecharitable attd therefore, to the extent that any sUlUse5 are apph.ed to its charitsble oFfj"eds. the Trust is not llable to tax. In additio its subsidiaries Incur no current tax charge as all their proEits. whith would othenvise be taxable, are distributed to the Trust by way of Gift Aid and thus no tax liabilkty ar1. DeEerred tax ISOlsea in respect of all timins drfferences that have oiisinated but rt reversed at the reporting date where transactiotLS or event5 that result in an obb"sation to pay more tax in the future or a risht to pay less tax Rn the future have occurred at the reporting date. Deferred tax is calculated at the tax rates that are expetted to appty in the period when the liabdity settled, or the asset realised. Deferred tax is charsed or credited to profit or 105s. excepl when At reiaies to iterns charged or credited directly to other comprehettsive intotne, in which Case the deferred thx is also dealt with in other comprehensive income. Whilst the tax expense is immaterial, it is reCOlsed as a part of the c(K%t of the relevant activity, rather than king disclosed separately in the SttellnI of Financial Activities. Propeihj expertdihtre The Trust has a substants'al property Portfolio which includes a significant number of scheduled ancient monuments, listed properties and other historic properties. On the inception of the Trus¢ many of the properties were in a State of disrepair and were Tt functional. The TTUSt is pursuing a ProarnMe of work5 to bring alI propertie5 into productive use which results in significant expenditure on the properties. Expenditure on the existing properties is capitslised {as either part of propertyi plant and equiprnent or heritase assets, as appropriate} when the expendjture results in incremental benefits to the Trnst or replaces a previously identified componenl. Incremental benefils may arise through brinng a PrOF into use lor back into usel. through reduced fulure maintenance expenditure. or through the ability to gererate additional irKom¢ directly or indirectly. in the future. Expe7)diture which does not meet this criteria is written oft as incurred. 30 The Chatham Historic Dockyard Tntst
Notes to the financial statements (continued) For the year ended 31 March 21Y24 2 Accounting policies Icorttinued) Propttty. plantArtd equipment Property, plant and equiptMIt is stated at cos¢ less amimu]Jted depreciation and accumvlated impaRrment 10$8e5. Cost comprises the original purchase priw suFffjquent expendire capital]sed in accordance with the policy on Property expe&tdthire, and expendTture directly attributable in bringing the asset to its workin8 condition for its intended Use. As noted above. the assets trartsfetTed to the Trust on its forniation are recorded ai £1, this beins the rMinal cost of these assets. Land and assets under construction are not depreciated. Other assets are depreciated on a straight line basis so as to write off theircost overtheirexpected useful lives. using thestraightlTrte method. Thecomponentcate8ories and annual rates used are as follows.. Strnrtural works to buildin8S Roofs Ships refurbishments Exhj'bition equipment Galleries Computer/AV equipment Other fIXre5 and fittings Plant and macbinery Motor vekn"de5 20% io% io% 20% 4% io% 6.67% io% Not depreclated Assets under Collstrurtion Subsequent eXpendire which relates to either the rep]acement of previously capitalised component or part of component or ihe enhancement of the asset which results in IeMents1 tUre benefits. is capitalised and the carryins amount of any replaced part of the assrt is derec0ed. Hrritoge Assets Hltage assets are tangible and intansible assets with historic, artislic. s¢ientifi¢, ted011)giCaI. geophysical, or environmental qualitie5 that are held and maititained principally for their contsibution to knowledge and culture. As a charity with preservation as one of its objects. in accordance with the SORP. the Trust's heritsse assets may indude assets whith are not accessible to the public. The Trust classifies the followrng classes of assets as heritsse a55ets.. The land and buildins acquired from the Minislry of Defee on the Ireption OF the Trust. Capital works to the structure of its histOTiC buildings. Its various collections of artefacts, exhibits and historical archives. Item5 of plant and machinery of historic importsnce, notrably the three ship& CuTrently. all the Tru5Ys heritase asseL8 are tangible assets and are accounted for tn acCOrdae with the accounting policy for property. plant and equipment as delailed in the policy on Property expendIre. The Trustees consRder the cost of obtaining a valuation of donated heritage assets would outweigh the benefit of such a valuation. 31 The Chatham Historic Dockyard Tntst
Notes to the financial statements (continued) For the year ended 31 March 21r24 2 Accountins policies {continued) Impoirment At each period end date. non-financial assets (comprisins property. plant and equipment and heritage assets) are assessed to determine if there are tndicators that the assets may impaired in value: if there are such indicator5 of impairtnenL then a comparison of the assevs caTrying value to its recoverable amount is undertaken. Any excess over the recoverable amount is recosed as an impairmeni loss and charged as expenth.ture in ihe Statement of Financial A¢tivities.' the carrying value of the asset is reduced appropTiately. The recoverable amount of an asset is the higher of its fair value less costs lo sell and its value in use. Value in use for the Trust's properties and other non-financial assets held forcharilable purposes and which are Eulfilljns the charitable purpose for which they were acquired, is based on the depTeciated rePlarnent Cost of the asset. For other assets. value in use is defined as the net present value of the future cdsh flows before interest expected to be generated from the assets. For finan assets (comprising trade and other debtors) carried at cost less impairnient. the impainnent 10$5 i8 the difference between the assets canyins amount and the btst e5tiuwte of the amount that would be received for the asset il it were to be sold ai the reporting dale. IE an impairment loss suEtsequently reverses. the carrying amount of the assets is increased to the *evtsed estimate of their yecover8ble amounL but onjy to the extent that the revised Calg amount does not exceed the carryins amount that would have been detem)ined Inet of deprecialion) had no irnpairment Loss been recostused in prior periods. A reversal of an impairn)ent loss is recosnwd in the Statement of Firn¢la1 Activities. IKvestmrnt proyerhes Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially meawred at C05t and subsequently at fair value. Revaluation SUTpluses and deficits are Twised in net income. Inveslments InvestmenLs in Subsidiaries are s¢ated at cost less accumulated impairrent 1055es. Other investments are stated at fair value with movements throush income and expenditure. Inventories Inventories areslated at thelowerof costand netTealisable value. Ing theestimated selling price lesscosts to complete and sell. Cost isbased on thecost of purchase on a first first out basis. Ateach Teportin8 date, inventories are assessed for impairn)ent. If inventory is impaired. the carying amount is reduced its sellins price less costs to complete and sell. The impairment is recognised immedialY in profit OT Ioss. Cash 4Id cosli tqtétvAlrnts Cash and cash equivalents comprise tash in hand. cash at bank and bank deposits. Cash equivalents are highly liquid investments that are readily convertible to known arnounts of cash without signoicant risk ofj change in value. Bank overdrafts, when applicable. are sknwn within kM)rrowings in Current liabilities. 32 The Chatham Historic Dockyard T$t
Notes to the financial statements (continued) For the year ended 31 March 124 2 Atcountins policies {contiouedl PrOvrsios tmd conts'ngenries Provisions are reco8nised when the Group has a present legal or coTrstntcb"ve obligation as a resuli of past events.. it is probable that an oufflow of resources will be required to settle the obligation.. and the amount of the obligalion can be estimated reliably. Currently, the Group has no provisio Contingent liabilities arise from past events when either. li is only possible that an obligation will arise and when the existence or otherwise 0£ the obligation will be confirnied by the occurrence ot non-occurrence of urtertain future events not wholly within the group's control," or. An obligation has arise but a provision is not recwised because eitt*i it is not probable that there will be an oufflow of resovrces or the amount cannot be reliably measured at the reporting date. Contingentliabilities aredisclosed in the financia15tatements unless the probabth.tyof anoufflow ofresources isremote. Contingent assets e not r]Sed. Continsent a&sets are disclosed in the financial ststements when an inllow o ecol70rn benefits is probable. Fintmciol instruments The dwity only has financial assets and finawial liabilities of a kind that qualify as basic fmancial tnslruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Thecharity has elected to apply the provisiorLS of Section 11 BasAC Financi JmstrwDents' and Seclion12 OtherFinancial instruments tssues, of Flis I2 to all of its fmancial inStnts. Funds Designated fund5 are unre5tricled funds W"Ch the Trustees have rins-knced for a particular purpose. Transfers to ajid from the desisnated fund5 are recognised as and when decided by the Trustees. Restricted funds are Eunds 5uiry.ect to speafic restrictions imposed by donors, the nature of the appeal or other reasons. Unrestricted funds comprise the acojmulated surplus or ddicit or in income and expenditure after transfer5 to other reserves. 33 The Chatham Historic D(Kkyard Trust
Notes to the financial ststements (continued) For the year ended 31 March 2024 3 Key judgement5 and sources of e5tirnation llntertainty The preparation of financial stslernents in conlortnity with generally accepted accounling praclice require$ management to make judgements and estimate5 that affect the reported amounts of assets and liabdities as well as the disclosure of contingent assets and liabijitt.es at the reportins date and the reported amounts ol revenue5 and expenses during the reporting period. The estima5 and associated assumptions are based on historical experience and other factors thal are considered to relevant. Actual results rnay dther from those estimates. Critiral judgeznent5 tn preparing the linaticial stslements, the followin8 judgements which have, or could have, a material impact on the financial ststements We made". Classificotttm ofproperty exwidilure Expenditure on properties is analysed as either giving rise to an assei orexpenditure which is written off as an expense when incurred. depending on whether the expenditure results in an incremental ldit. or not. The assessment of whether there is future benelit requires judsement. A key asFiect of the jud8ement i5 whether the expenditure enables the TTrt to gain greater use of the proFrties. ClassifitIon ofproperties a5 irrueslynentproptrts Investment properties are properties which are held to generdte incOu or capitsl appreciation rather than for their contribution to culture or for the provision of services. As all of the Group's proi*rties are within the boundary of the historic 80 acre site and are accessible to a ttrtain extent to the vtsitors to the site.. therefore the categorisation of any property as an investment property requÈres the exercise of judgement. The Trustees consider that the reversionary freeholds of the residential estate should classed as investment properties as the Trust has no rights to use the properties and the freehold reversiorLS are held to provide an income stream. Property componcnts The Group accounts for its expenditure on propety. plant and tyuipment Using component accounting. Undey componenl accountin& theproperty is divided inlo those majorcomponents whRch arecon5idered tohave substantially drfferent useful ecortomic lives. 5ud8emenlisused in llatIn8p[offj costs betweencomponents and in determin8 the usefvl lives of each component. The identification of suth components is a matter of iydgemenl and may have a material impact on the depreciation charse. 34 The athaM Historic Dkyard Trust
Notes to the finanaal statements (continued) For the year ended 31 March 2(n4 3 Key jud8emtnts and $ources of estimation Uncertai (continued) It is necessary to undertake an impairmenl a55essrneni are any indicators of impairnient, the identification of such indicators requires judsement. The Trustees cOrlder that for proFknies used for eharitable purposes, the key indicators of impairn)eni are the extent to which the propety continues to be used for its iniended use, any forecast future reductions in use. and the physical condition of the property. During the year. the Trustees judged that there were no ind2cators of impainnent and so no requirement to undertake an impairnnt review. Inilialsift to the Trusl The irtttial gift to the Trust has not been valued as, in the Trustees. judgeu( the cost of obtsining such a valuatio which would be suty'ective and POSSAbly unTeliable. would outweigh the benefit of such a valuation. Recognition of8rant incoiTrt Gramt incorne is rewmsed, inteT ali4 when theTrust has met any critla of substance required of it under therelevant grant asreement. In the case of Herilage Loitery Fundi the Trustees consider that the reLRPt ofj permission to start Rs the only criteria of Substance and therefore recosnise grant income once that permission ha5 been received. The DCMS provides EundRng for speLific years.. in the iudgernent of the TnLStees. the tern of the srant are such that the Trust does not have prior entitlement to the funding. Contingtht Qsstts and lithlities The ¢lassi(ication of assets and b"abilitie5 as conlinsent requires the exercise of jud8ement as to the probability of tUre cash flow$. In the Case of the contsngent liabibts'es, in the Trustees. judgement any future cash flows would arise fvom actions of thtrd parties over which the Trust has no or limited inffluence. and as suth no PTovi$ion is needed. Restrrcledfvnds Ttluting to ¢4pitslised tXFenditUT¢ Restricted funds received to fund capitsl expenditure are transferred to general funds once the expenditure has been incurred unless the resultaniasset is restricted as lo its use. in whithrase the funds remain asTestricted. The assessment of whether an asset is re5trRcled as to its use requires the exercise of judgement in aeSSIng whether the ternis of the donation{sl which Eunded the asset preveni the Trust from usins the asset for any of its seneral purposes. Where the Trustees consider that this to be the case. the entire cost of the asset is classed as restricted and all of the related funds are taIned as restsicted funds. The coroltary of this is that the subsequent deprlatIOn of the assets is deemed to be a restricted cost. Critlcal estimates Ive5eNt propety valM4tions Inve5tmenl properties are recosnised ai their fair value. which is estimated as being the anticipated proceeds from future disposals, based on the imrnediate past htory property sales. The timingand actual proceeds of any future sales are uncertain and may not refiect the past history. 35 The Chatham Historic Di)ckyard Trust
Notes to the financial ststements (continued) For the year ended 31 March 2024 3 Key judgemtnl$ and sources of estimation llncertainty (continued) Usefvl lives Depreciation of assets is calculated based on the cost and the estimated useful lives of the assets. The useful lives of proFffj components (for example roofs) are estimated based on relevantconstruction data. CarrytJTg valuc The carrying amount of the assets and liabilitie5 affeded by the above judsements and estimates are sel out in the followirjg notes. 4 Intome frojn donations. including 8rants Unrestricted Re5tricied Total 2024 Total 2023 Govemment grants . t)epartment for DigitaL Culture, Media & Sport . Medway Council . Arts Counclt England (A) Other grants Ftsyle Foundation The Headley Trust Garfield Weston 31IX) 366219 249508 14.934 IAKX) 366219 196,0(K> 1.8(N.657 249.5( 28.545 30.(KK) 1co.oc 19,002 DonatioTh 19.780 19.780 Le8acies IA)21,661 1,046.941 1451,n2 5 Income from ch1tble artivities 2024 2023 PIeservation- rent & seTrvi charges Education- visitor admissions 4,830J02 1.724.n6 4231,495 lJ59.n2 6.555.018 5,691,207 Income frorn charitable activit arises from the provision of services and is fully unrestri¢ted. 36 The Chatham Historic DkYa Trust
Notes to the financial statements (continued) For the year ended 31 Marth 2024 6 In£ome from other tradin8 activities 2024 2023 Income from sale of 8oods Retai] sift shop Sales of rope prLxlucts Caterins Income fvom provisTon of services Weddings & other functs'ons Propety income Other mistellaneous income 219568 151.199 476,098 599,904 725.795 326.154 170.651 282.079 168,558 1.933.258 1.677.838 7 Income from investments 2024 2023 FRxed interest on eash deposits 30.527 iJn 8 Future Incon from non<aneellablt opeTaling leases 2024 2023 The Croup is due to receive the following amounts under non-cancellable operating leases.. Due next year Due in 2 to 5 years Due after more than 5 years 2833,470 9,095,588 7,529,551 1,461.305 5,004.023 10,063.162 19,458,6LY4 16.528.4 Under the terms of the leases, the rental income is subj.ert to pwirylic review. The leases sive the tenants no right of acquisstion. 37 The autham Historic Dockyard Trust
Notes to the financial ststements (continued) For ihe year ended 31 March 21r24 9 Expenditwe on raising funds 2024 Incurred by the Trust Incurred by the trddin8 suiK8idiaries Depreciation 684.176 1,040.239 6.963 630,534 892,733 4,456 1,731378 234,704 1527.723 Support costs allocated to ratsing fvnds (see rte 12) 176.657 1,966,082 1.704.380 10 Expendituye on preservation {as restated) 2023 2024 Staff and associated costs 436,469 1.140,519 431,521 724,437 920 911578 417.259 150,6n 387,854 Maintenante costs Fitted Iligging House preliminary expenditure Utilities Other dixect costs Depreciation Allocated support costs (see note 12) 928,885 283,246 434.767 4(K),129 3,624,015 3.01fj.240 Preservation comprises the cost of repair, maintenance and restoration of the hrIC buildings and ships of the Dockyard and other maintenance. 11 Expenditure on education as reststed} 2023 2024 Staff and associaled cts 1,415.179 1253.100 873.523 650.090 57.129 222.833 699,602 Other direct costs Depreciatior Other project expenditure Maintenance 508,104 67,075 Allocated support Costs (see note 12) 758,704 3.951,029 3,856,277 Education expenditure comprtses the cost of the maintenance and OFTation of the salleries and exhibits within the Dctkyard. 38 The Chatham Historic DOckYd TTUSt
Notes to the financial statements (continued) For the year eI¢d 31 Marth 2024 12 Support cosls 2024 Staff and assciated costs Ofh'ee costs Professional fees Insurances Other costs Governante costs 91466 93,514 81.6n 237.693 46,879 18,914 878,514 83J57 26859 202,818 52.485 20,080 1.393,537 1,264,113 2024 2023 Support costs are allocated as follows= Raisin8 Eld5 Preservation 176,657 38754 699.602 4,129 758.704 Education I,3537 1.264.113 Svpport costs comprise the management costs of the Trust and its charitable subsidiaries and site secwity costs. Manasement costs comprise the Senior Executive and FiJwKe fLmrtions Imduding Personnel and IT support). Site seturity COmpe$ staff and other costs in respect of the provision of 24-hour secuTity for the site for the benelit of the TTUSt. its tenants aJ)d residents. The bases of apportionment utt]i5ed are as follows.. Trustee exPee$ and security- equally between the two clwitsble activities. Management costs- in accordan with 5fI num[5. 13 Wages and salaries Group 2024 2023 Wages and salaries SLial secuTity costs Pension scheme- defined contribution scheme 3J)84.3CQ 261618 189,647 2,793,095 227591 155,420 3536.565 3,176,106 Tnt 2024 2023 Wages and salaries ial security costs Penston scheme- defmed contribution scheme 1735,591 1469,471 202,933 135,016 174.560 3.148.405 2,807,420 39 The Chatharn Historic Dkyard Trusl
Notes to the financial statements (continued) For the year ended 31 March 21Y24 13 Wages and Salaries (¢ontinuedl Group 2024 Number Trust 2024 Average no. ol persons employed: 2023 Number Numèer NumEer Preservation 24 21 24 21 Education 81 81 Ropemakins Caterins & Tetsil Support 26 26 10 io 145 142 145 142 In addition. v0lufttee assisttheTru5tin undertaku¥itsactivtties.' details are provided in the Trustees. Atwval Report. The number ol employees whrffje euwluDients amouJ)ted to over £60,(IX) in the year was (ollows.. 2024 Number 2023 Number £6001- £70.000 £70,0ffl . £80.000 £80mi . £%).000 £90.001 . a(K),OCKJ Contributions in the year for the provision of money purchase iwfits to hislr paid employ&5 totalled £48,n812023.. £26.679). During the year, the Trnst incurred reorsanisation costs of £30k12023: £lk) The Chairnian of the Trustees is entitled to recetve Temuneration from the Trust for setVAces provided. as pennitted by the Memorandum and Artieles arKi appToved by the Charity Commission. The Chairman's emolument5 for the year were £28,988 for Sir Trevor12023 - £27,Th for Sir Trevor),. this remuneration is not pensionable. The Trust chooses to pay the Chairman as the role SItiCantly exceeds thai of other Ttee$. No other Trnstees recexved emoluments. Expenses reimbursed to412023-3) Trustees in respect ofthe cosi of attendin8 meetings and otherreimbursed expenses amounted to Q.(YIS (lo- a724). Key manageTnent persorwl are those perSOr havins authority and responsibility lor plannin& dRrectin8 and controllins the activities of the Trust, directly or indirectly* Includins any TTUStee. In the opinion of the Trust key management personnel are the Trustees and the senior managers. Key tnanasement remuneration wa5 35 follow5". 2024 2023 Key management remuneration 585,1¥2 530,043 40 The Chatham Historic D(yard Trust
Notes to the financial statements (continued) For the year ended 31 Marth 2024 14 N¢t intomt/lexpenditur¢l 2024 2023 Net incomellexpenditure) is stated after charging: DepTeeiation of tansible asseis: ProF*. plant and equipment Heritage assets Auditorfs remuneration.. - Audit (Trust) Audit under provision - Audit Isubsidiaties) - Non audit setvices paid to comparnes assrKiatsd with the auditors Income rece2ved under non-cancellable operating leases Operating lease chaTse5 250,152 555.065 561.762 I9, 17,4 170} 12325 1750 1565.388 13205 3.174.092 3,722 15 Tangible fixed assets- Prnpety plant and equipment Fixtures. fitt8$ and equipment Group Galleries Assets under constrnction Tota] Cost l April 2023 Additions DisposaL Transfer between classes 7,759,726 438.748 (21.6981 6,935.9)5 343.749 1306,gM 16.001135 I543,() 1325.497 {21.6981 849.904) IU49,9041 31 March 2024 8.176.T16 7.179.254 15A56.060 Depre¢i•tion l April 2023 Charge for year On disposals 31 March 2024 7.103576 207,264 [77) 7J02,9TJ 6.478,383 180, 13.581.959 388,072 ,867) 6.659,191 13,962,164 Net book value JI MaTch 2024 620.L 1.4YJA66 31 March 2023 656.1 457.122 iJ(kn.904 2,420.176 41 The ChatFwn Historic Dc&kyard Trust
Notes to the financial ststements (continued) For the year ended 31 March 2024 15 Tangible fixed assets- Property planl and equipment {¢ontinued) Fixtures. fittinss and equipment Trnst GalleTie5 Asset5 under conslTUttion Total Cost l April 2023 Additions Dispos81s Transfer beten classes 7.621167 426.159 121.698) 6.935JOS I.,904 343.749 1.543.000 15,864.576 2J12,908 Pl,6981 849,gX} I1849.) 31 Mah 2024 8.026.628 7279254 15J05*82 Depre<iation l April 2023 Char8e for year On disposals 31 MaEch 2024 6,975.621 6.478J83 180.808 13,454.¢IM 381,109 {7,867) 13A27,246 (7ffi7) 7.168,055 6,659,191 Net book value 31 March 2024 858STJ 620.063 1.478.636 31 March 2023 457,122 2.410,572 As part of the tern of the herits8e lottery granL there is a dwse in place over the fitted risging house. 16 Hetita8t assets Freehold land and buildings Collections Group and Trust Ships artefacts Total Cost l April 2023 Addttsons 21289.T/9 3J44,642 144,(KK) 24.878,421 58,771 Transfer behveen classes 1849.9)3 2.849,3 31 Matth 2014 24.298.453 3344.642 144,(UJ 27,787,095 Depreciation l April 2023 Charge for year 6.470J24 561,762 3J44,642 9,814,966 561.762 31 March 2024 7,032,1 3J44.642 10276.728 Net book 31 March 2024 17.266%7 144,WO 17.410367 31 March 2023 14,919.455 144nY) 15,063.455 42 The Chatham Historic D(kyard Tntst
Notes to the financial statements (continued) For the year ended 31 March 2024 16 Heritase asg¢1s l<ontinued No value was attributed to the assets transfeed io the Trust on its creation as the c05t of obtaining such valuations would not be commensurate with the inefits to the users of the accounts and, in any evenL given the uniqueness of many of the assets tran5Eefft& a reliable valuation may irnpossible to obtain. The heritase assets comprise the Tt'S freehold land and buildings. the ships. items of historic plant and equipment. the museum collectioThs. art and photO8raphs and the archives. The herktage assets recosmsed comprise capitalised expenditUTe on enhancing the utility of the historic prorrties and expendÈture on assets which have been purchased since the inception of the Tnt. The assets include.. 47 structures desi8nated as kheduled Ancient Montsments and 51 listed buildlly." two ship5 and one subtnarine.. large plamt and equipment. includfftng the rope manufacturing machirw. cranes and meta] WOEking plant,. over l(l).(KJO items connected to the history of Chatharn DLKkyard and the Roya] Navy at Chatham. They range from sttull ite% of personal ephemera- a d(Kkyard matey's old cigaTette EK)x- to HMSCavalier. the Royal Navy's last Second World War destroyer.. oveI 20,000 photographs dating from the very earliest years of photography. ttthinly depicling Chatham Dockyard at work and ships of the Royal Navy on the River Medway: over 150 works of art includin8 oil p3inlin8s. watercolours and prints. Their content ranges from topographical views of the dockyard to portraits of naval personnel; 50 models. mainly of naval ships,. over 100 machine t(x)Is all of which weTe originally used in the dockyard for shipbuilding and repair.. over 100 items of naval Ordnan dating from the seventeenth to the twentieth centuries and includes guns, torpedoes, mines and mortsrs." and over 10.(K)O items in the archlve collertion. main]y drKuments relating to naval and dockyard cotrespondence and to indivRduals' naval 5eTViCe. Whilst the Trust would like to acquire fvrther assets to add to its collections. the main focus of the Trusys efforts has been- and will be for the foreseeable ture- preserving the various buildings. To this end. the Trust ha5 a lon8 term maintenance plan for its buildings and a shorter terni plan for brinslng unused buildin85 into use through appropriate retuibishment work. However, in the year. the Tntst was able to acquire a model submarine and a white ensLgnN the cost of these new assets was less than the de minRmis capitalisation threshold. All assets have been catalqgued in order that they can be properly managed and all Collections are stored in such a Mater to prevent any deterioration in their condition and to ensure ihai they are physically secure. The buildings. the ships. structure5 and heavy plant are all accessible to visitors to the D£*kyard {although the publtc Ca)0t obtain access to the interior of certain bui]dings as they are in use). The collections are accessible to the public through the Trust's museum and those items not on show are rnade accessible to researchers on requesL The Trust does not expect to dispose of any of its heritsge assets. 43 The Chatham HistOEiC Dockyard Tntst
Notes to the financial statements (continued) For the year ended 31 March 21Y24 17 Investment Ptoperties Group 2024 2023 l April 310554 310554 31 March 310554 310554 The investment properties are valued by reference to the rentsl yield estsblished by recent sales of properties as delern)ined by independent valuers and applying that yield to the rentsl income stream from ongoing investment properties. The directors have carried out that valuation at 315t March 2024 and the revaluation is £110.554. 18 fnveslment5- Shares in subsidiary companies Trust Share capital Total l¥1 April 2023 and 31 March 224 26,100 26,100 The subsidiary companies at 31 March 2024 were wholly owned and resistered in Eftsland & Wales and are as follows.. Name Company numbet Alty 26516fA) Non-traditional rope sales Retail & catering Residential propety management PToperty development Donnant Donnant Master Ropemakers (fradins) LiEnited Chatham Historic DL*kyard (Trading) Limited Historic Dockyard Property Limited 01983754 31347 Historic Dkyard ProPerty12(K) Limited Historic Dockyard Property12010) Limited Master Ropemakers timited 07232729 07232492 The registered office of the above subsidiaries is The Fitted Rigsms House, The Historic Dixkyarf Chathatn, KenL England. ME4 4TZ. 44 The Chatham Historic Dockyard Trust
Notes to the financial statements (continued) For the year ended 31 March 2024 18 1nYe8tments- Sh in subsidiary compafties- Tnts¢ (continued) Results of a¢tive subsidiaries Chatham Historic Dockyard ITrad2ngl Limited Master Ropemakers (rradingl tAmited Historic Historic D(Kkyard Dockyard Property Property 2(KJ5 timited Year ended 31 March 2tr24 Tumover ExpendIre Other income 4C8%99 13TJ.943J 13110 1.229) 127.984 06.367) 1,119.830 {974,8} DistTibution to the Trust (35,3CP)) 5811 1111.617) 44,9401 Result for the yea As at 31 March 2024 Assets 128.468 (i(rJ.468) 316.440 {69.1191 21(K15 (21.905) 254,045 {133.94S} Creditors and provisions Net assets 247J21 i(xJ 20,IQ) Year ended 31 March 21723 Turnover Expenditttre DistributÈon to the Trust 403.9x1 (337.469) 166,4811 15,249 113,6301 11.619} 120.7(rs 116,260} 04.4431 915,047 1824,Tni 190.2761 Result for the year As at 31 March 20Z3 129STJ 045731 338,755 {91.4341 103,032 02.9321 210,925 090,825 Creditors and provisio Net assets 247J21 loo 20,100 19 Investments Group 2024 Trust 2024 2023 2023 Ligted investments- Common investment funds As at l April 2023 Vnrealised gain/Uoss) 632222 655516 63U22 655,516 123,1941 (23.1941 As at 31 March 2024 704.1&5 632J22 704.165 632,322 45 The Chatham Historic Dockyard Tntst
Notes to the financial statements (continued) For the year ended 31 March 2024 19 Investments {continu¢d) Listed investments comprise Group 2024 Trnsl 2024 2013 Investment Fund Property Fund Global Equity Fund 269.435 138224 2245&3 301y6 I3829 264550 269A35 128,324 22465 138,029 264550 704.165 632J22 704.165 632?22 Historical cost 4,0(> 400,0(X) 20 Inventories Group 2024 Trust 2024 20 2023 Raw materia15 and corsumable5 Goods for resale 155.284 170211 160,849 100.n4 155,284 82515 352.411 325.495 2615&3 237.799 There 15 no significant difference between the replacement cost of the inventories and their canying amow)t. inventories are stated after provisions for impairment of £13.gM12013- a4.8ni. 21 Debtors GTOUP 2024 Trust 2024 2023 Trade debtors 368 424.212 300.478 285,556 128,iLYg 611,2 423.264 383,904 213B18 557.101 Amount owed by subsidiary undertakings Other debtors Prepayments and a¢cNed income Is228 618.424 315.746 S1.279 1,139.951 lJ(Kl.237 iJ15.442 1,578,087 ArnoLts above owed by Group undertakings are urffjeo, interest free, have no lixed date of repayment and are repayable on demand. 22 Creditofs.. amounts fallin8 due within ont ye•T Group 2024 Trust 224 2023 2023 Other loan 150m) 569.T24 s9,(5 480237 5X>,112 I.[1x) 357,61 55.144 359,443 953,282 150,LKX) 521,651 59,065 474,752 520,1( ioon)o 333,916 55,144 357288 932,2rJ Trade creditQTS Taxation and social security Other tteditOTS Aceruals and deferred income (see note 241 IA(Y),138 1,825.4TJ 1.725,576 1,778,621 46 The Chatham Histori¢ Dockyard Trust
Notes to the financial statements (continued) For the year ended 31 March 2024 23 Cr¢ditors'. amounts falling d¢ after more than one year Group 2cr24 Trnst 2024 201 Other loam 3Y).OCK) 200.(M)O 350.orJ) Due within one year Due within 1- 2 years Due within 2- 5 years 150,(K 150,C( 200,() 100,ac(J 150.OLKI 200.0(K) 150.LKL) 2(X).O 450. 350.(KM) The &>uih Fast al Fnterprise Parthershw ISELEP) loan is repayable by March 2026. 24 Deferred in<ome Group 2024 Tntst 2024 2023 2023 Balance at l April Amount released to SOFA Amowit deterred in the period 11SJ39 11253391 156,FJ6 31139 132.1391 125M9 125339 1115,8391 156,796 32.139 (32,1391 125,839 BalatKe at 31 Marth 156.7% 125039 156,796 125,839 Defened incotne principally relates to advarKe eve ticket sales and pre-billed rents. 25 Deferred tax Group 2024 Trust 2024 2023 2023 Arfftsins on propety revaluations: At l April 59,(X)5 59XK)5 59.005 59.(K)5 At31 March 59,(K15 59.(X)5 59,005 59.1J)5 Deferred tax is calculated at a rate of 19%12023- 19%). 26 Continsent liabilities Withtn the Historic D(Kkyard there are 47 stwctures designated as Scheduled Ancient Monuments and 54 Listed Buildings. The Tnjst has a responsibility and liability lo remedy any state of disrepair of the Listed Buildimgs under the Planning {Listed Buildings & Conservation Areas) Act IW. Whi]st the Trust tontinues to maintain these structures, it may have insufficient fund5 to carry out the full-scale repair of all the structUTes should the appropriate notice be seryed upon the Trustses. To date. no such notice has Eeen seed. Certain grants received by the TnTSt for eapilal works within the HL%toric DcKkyard may. under the provisions of the respective grant contracts. become repayable under certain circumstances. tn the opinion of the Truslee5 such circumstances aTe unlikely to arise and accordingly no provision has been made in the accounts. If lixed assets are disposed of then undercerlain circumstances any related grant furKlins in re5pectof these propertte5 may be repayable. The Trustees have no intention of disposing of any grant funded assets. 27 Capital commitments 47 The Chatham Historic Dockyard Tnt
Notes to the finanaal statements (continued) For the year ended 31 March 2W24 As at the year end, the Group and Trust had contracted for capital comrnilments totallin8 £Nil (2023.. £1543.874. 28 Analy6is of funds Unre5tTiCted Revalua- tion Croup Totsl Group- as at 31 MaTeh 2024 RestriCd Designated General Total Propety, plant and equipment Heritage assets Investment properties Listed Investments Inventories Debtors .743 I628264 589.113 882.IIB 589.123 1,493.866 882.103 17,410267 64,233 310554 310554 7(,]65 704.165 704,165 352,411 352.411 352AII 1,139.951 1,139,951 1,139,951 180.046 611416 624.143 (2,W9.1381 11(XJ9,138} PJ)09,138} (59,tA)51 {59.(K)51 I59.{5} 372.663 1521580 19.967J14 246J21 Cash and cash equlvalents CreditOTS 11,T27 432J70 Deferred tax 17.444.734 I.3596 246J21 Group Total Croup- 08 at 31 March 2023 Restricted Designated Revalua- tion General Total Property. plant and eqiiApment Heritage assets Investment properties Jnveniories 1074VJ4 14.766m6 163530 297A19 182552 346,082 1420,176 297,419 15A)63,455 310554 310554 632322 632J22 631222 325,495 325.495 325,495 lJ(K),237 1200,237 1,300,237 3TJ.544 1243,254 2,056,096 175.477) {2,175,477) {2.175,477) (59.IK15) 159,005) {59,(K)51 643,1 2,220.881 19,873,853 246J21 Debtors Investments Cash and cash equivalents Creditors 811842 869,no Deferred tax 17.652.972 IJ30,659 246321 48 The Chatham Historic Dockyard Trust
Notes to the financial statements (continued) For the year ended 31 March 2ff24 28 knatysls of furtds (continued) Unrestrirted Revalua- tion Trust Total Tru5t- as at 31 March 2024 Restricted Designated General Total PropertyN plant and equipment Heritase asseis Jnventories M.743 16528.264 5rJ 882.103 S7393 1.478.636 882,103 17,410J67 261563 261563 261.5&3 26.100 26,ILM) 26,1(K) lJ25,442 1,325.442 1,325.442 704,165 704.165 704,1&5 (23,gn) 408.470 420.197 .925,5761 0.925576) 11,925.5761 367,793 2.256,160 19,700,894 Investtnent in subsidiaries Debtors Investments Cash and cash equivalents Creditors 11.727 4322n 17.444.734 IWJ67 Unrestricted Revalua- tion Trust Total Trust- as at31 March 2011 Restrirted Desisnated Totsl Property, plant artd equipment Heritage assets Inventories 1074.(TrX 14,766.(06 In948 336,478 14105n 297,419 15,063,455 237,799 237.799 237.799 26,100 26.1(KJ 26.100 1,578,(B7 1.578.087 1578.087 632322 632322 632J22 105.165 974fi75 1,787,717 12.128.621) 12,128,621) 12,128,621) 613AOO 1.954,459 19,607,431 2YJ.419 Investment in $ubsidiari¢s Debtors Investments Cash and cash equivalents Creditor5 812 869.no 17.652,9T2 1,330.659 49 The Chatham Historic Dockyard Trust
Notes to the financial statements (continued) For the year ended 31 March 2024 29 Restrirted funds At I'Aprii Expend- iture At 31 MaTch 2024 Year ended 31 Marth W24 Transfers Income 2024 2024 2024 Group and TrpA$t Fixed asset funds 9.15]4 6.411174 1542.rn} 89,032} 1244,281) I29.51) (50.061} I96,{ P96,(MXI} 366219 143.4981 8,812.987 Fitted Rigging House Arts Council England- NPO No I Srnithery Other 6,213,142 11,727 265,51XI 6XK 2495( IIX>AKK) 195.IXK) 35.127 14.934 DCMS Fitted Ri88tn8 House (South) IAB,657 2,131.378 17,651972 65,zn i.ff21.661 0.295.170) 17,444.734 Ai l Apxil Expend. At 31 MaTch 2023 Year ended 31 Marih 21123 20Z3 Group and Tntst Fixed asset funds 9m6T2 15111581 1219,6T21 12%.3(X)I 9,290,514 Fitted Rig8 House Arts Council Ensland - NPO No I Smithery Other 6fi31.846 53,Y2 6,412,174 249.5( loo.( 26.915 2£n2 116.wjl 196.0(n %.(1 1.8(A.657 35,127 DCMS Fitted Rigging House (South) 1.808.657 16514.785 2.378A77 {1.240.69)1 17,652,972 50 The Chatham Historic Dockyard Tnt
Notes to the financiaI statements (continued) For the year ended 31 March 2Q4 29 Re$trirted funds (continued The fixed asset hd5 represent donations and srants received in previou5 years to fund capital expenditUTe,. the balance of the funds represents the nei ik value of the related assets and the expenditure represents the annual depreciation of the related assets. The Fitted Rigging House project is to preserve the North end of the litted rigging house. this being the last major building within the dockyard whith has yet to refurbished, to allow it to be used more productively. The Arts Councll England - NPO programmes relate to various artivities. desigied to provide school children with educational activities relevant lo the dockyard and its contribulion to naval history. No I Smithery - The Trust was pledsed a total of £215.LMJ) from the DCMS Wolfson Museums and Calleries Improvement Fund followed by an additional £I(Y),() from the CaTfield Weston Foundation, £50,OLK) fvom the Foyle Foundation and £40.* from The Headley Tntst to supprt the refurbislw)ent of the existing No.1 Smithery gallery space which was first developed in 2010 and is in need of uplift and improvement. IKMS- The Trust acknowledges the continuing support from of £196k for FY 2023/24 which has been utilised to support a Vlety of presetvation and leaming PToiects across the orsanisatio Other Grants - This rePrested a number of smaller srAnts for specific pro1ts completed durm8 the course of the year. The Fitted Riggins House Isouth) project is to preserve the Southern end of the fitted risgins house, this bein8 the last maior building within the dockyard whh has yet lo Ee refuTbi5hed. lo allow it to be used More productively. Transfers between ndS Transfers between frd$ represeni the amounts transferred to restrirted and designaied fixed assets fLmd, to refiect the net book value of the lixed assets incorporated within these funds. 51 The Chatham HistOTiC Dockyard Tt
Notes to the financial statements (continued) For the year ended 31 March 2024 30 Unrestrirted funds Year ended 31 Malth 2024 At l Apri] 2023 Gainsl Transfers Income in Expend. itLrre rn 31 Mareh 2024 2024 2024 2024 Group DeS]ted hjnds Fixed assets 460.949 1.148J21 38,0ts} 1,4n,227 432369 Maintenance and development Reva]uation 869.no (611.614) 174273 246J21 246321 General 643.9)1 (530.135) 8.369AIO 18.110.913} 372,663 1220.881 65T2 8,544.083 {8.248,956) 2522,580 Year ended 31 Marth 2023 Ai Gain5/ I ApTiI Tratthrs Income in 2023 Expd. iture in At 31 Mareh 2023 Group Designated funds Fixed assets 386.776 143.104 {68.9311 460.949 Maintenance and developnwtt Revaluation 731707 44.136 869,no 246J21 246321 General 780227 1259.1651 7.3W.115 17.276.276) 643.J] 1146,031 (23,1941 7,443.251 17345,207) 1220,881 Year ended 31 MaTth 2024 At l April Gainsl Transfers Expend. iture in At 31 March 2024 IrKome in 2024 2024 2024 Tru$t Designated funds Fixed assets 460.949 1.133.(I 869,no 623) 38,0431 1.455,9)8 432J69 Maintenanee and development 1611,614) {514,906} 8910 {8,110.9111 17{2TJ General 367,793 1,954.459 6.572 8.544,083 {8,248.954} 2,256,160 Year ended 31 March 21r13 At I ApTiJ Gains/ Transfeys Income in E%pend- At 31 March 2023 iture rn 20 2023 TTUSt Designated funds Fixed assets 386.776 143.104 {68,9311 460,949 Main*exance and development TJi707 4£136 869,no General 735.125 (259.165) 6526.925 (6379.(651 623AI)O 1.854.f {23.194) 6n.l (6.448.016) 1.954.459 52 The Chatham Historic Dockyard Trust
Notes to the financial statements (continued) For the year ended 31 March 2024 30 Unr¢stri¢ted funds {continuedl The fixed assets fund presents funds used io acquire fixed assets and which are therefore not available for funding the Trusys day to day activities. The Maintenance and Development Fund represents sums aside for planned preventive mainlenance and buitding Tefurbishrnent expenditure in fure penods. Transft15 between funds DuTing the year, a,(XM1 was traThsferred from generdl funds to the mainlenaEKe and development fund as a contribution to frutUTe planned prevenlative maintenance. Other transfers between fvnds represent the amounts traNsferred to restrirted and designated lixed assets fund. to retlect the net ik value of the fixed assets incorpoxated within these fimds. 31 Recontiliation of net in¢on* to net cash fvom opetatins •¢tivitAe5 2024 2023 Net income/{expeThditure) Depreciation of propertyt plant and equipment Depreciation of heTits8e assets Loss on disposat of tangible fixed assets Rental income Net (lossllgain on investments {Increasel in inventories Decrease l Onuease) in debtors IDKreasel / Increase in creditOES Net<ash provtded by from owating aetivities 93.461 388.072 561.762 I331 3,8101 InN21 126,916) 160.286 166,3391 1,038505 1,213.037 250,152 555.065 115.2491 23.194 155,238) P89.656) 311982 1,994,287 32 Analysxs of net debt Al l April Cash llows Al 31 March 2024 Cash at bank and in hand 2.056.( 1450.(K)01 1.606.(W UA31.953} 624.143 (350.000) 274.143 Net cash infiow frorn operating aclivities {1331.9531 53 The thatham Historic D(kyard Tntst
Notes to the finanaal statements (continued) For the year ended 31 March Z024 33 Operating lease commitments At31 March 2024 Ihe Group was committed to makins the followRns payments under non-cancellable operating leases in the coming years 2024 2023 Due next year 2,954 Due in the next 2 to 5 years 12,258 4,431 Due in more than 5 years 19J24 7.385 34 Related Party Tramactions The TTht has 3 nurnber of transactions with its suE6idiaries. The Trustprovides acconwiodatioty maJ)agement, IT and other services to its subsidiaries, details OE these are as follows.. Chatham Historic Dockyard (rrading) Ltd Master Ropemakers TrddRng Ltd Historic D(Kkyard Pmpety Ltd Historic Dockyard Propertyl2CI)5) Ltd Tota] 2024 From the Trustr Employment recharges Rent Utilities 349,649 38511 388.160 19.(XXI 2.987 19.000 1987 309,873 23W75 Rope purchases Managemeni 23%75 Finance. insurance and 6,660 other costs 371,636 30535 750,555 Amounts owed from/{to}'. 167.947 7,410 (5) 20,205 285557 54 The Chatham Historic Dc(kyard Tntst
Notes to the financial statements (continued) For the year ended 31 March 21r24 34 Related Party Transadions {continued) Chatham Historic Dockyard rrrading) Ltd Master Ropemakers Trading Ltd HÈstoric DLKkyard Property Ltd Historic DrKkyard PEopertyl2(X)51 Ltd Total 2023 From the Trus Employment recharges Rent Utilities Rope purthases Management 334.470 368X)76 19.(KX) 19.(M)O 278070 278/70 20.833 Finance. ]llrae and other costs 357.1( 312.476 26.IT3 695.752 Amounts owed Erom/{to}'. 29.245 (3,086} 121,095 The subsidiaries have con)mitted to distribute any profits made. by way of charitable donation, to the Tru$t on an annual basis {5ee note 181. The balae$ due from the subsidiaries are shown in note 21. During the year, the Trust paid £4,4( {2023.. £5,21XJl lo The True L£ader Company Limited, a cornpany which Admiral Sir Trevor Soar (fru5teel 15 a Director. for staff trainins. 35 Prior y¢ar restrl¢ment The prior year allocation of support costs to education aThl preseTvation was incorrec( with £311A78 allocated to preservation attivities in error. which should have been allated to education activities. The net impact on charity funds and net income/lexpenditurel is £nil. however notes 10. 11 and the Ststement of Financtal Activities have been restated. In 2023, £50,298 was intorrectly cla55iEied as Propetyi plant and equipment instead of Heritage assets. The net impact on charity funds and net income/(expenditure) is £nil. however notes 15. 16 and the Balance Sheet have been restated. The prior year all(On of deprec¢ation E*tween funds on the Ststement of Financial Activities induded £219,672 that was allocated to restricted fixed asset funds. which should have been auocaied against the Fitted Rign8 House restricted fund. The net impad on chaTity fund5 and net income/.{expenditure) is £nil. however the cornparative Statement of Financial Achvities has been restated. 55 The Chatham Historic D¢xky8Jd Tntst