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 F￿sE 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 eX￿rienceS (or all and inspirational leaming for the widest audientts. Our StTategic Obiectives PreseThation To set the benchmark in tnaintainins excellen￿ in the sympathetic prese￿￿tiOn and use of The Historic Do*kyard, 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-yeat period. Uti]isins on-sile heritage assets as the Eoundation for am industry leading museum and heritage site. we will maximise our reach and capacity whilst maintaining quality in deliverins irL5pRrational piosramtnes and engaging activities which will incoRporate the besi use of di8ital technology and outreach activities. Excellence Providing excellence in every￿"n8 we do. we deliver an unmatched, Inspiration￿ and meTnoTable experience for 11 users of The HL'Storic Dockyard- whether visitors. tenants. residents orstydents - that exceed their expectatio￿ and maintains a balanced ecology of uses. Achieving the Vision and Objertives Learning TheTrust has traditionally operated its ships, collections, open spaces, museums. 8alleries and programmes as a visitor attraction to meet the majority of its t*aming obJ'ective5. Before the pandemic there was an ambition to grow visitor numbers to 225-250K but with a fundamentally different operating environment and shifts in consumer khaviour. reaching such targets will notbe achievable for several years. We aie, however, pleased to report that the Historic Dockyard was able to operate a full VLSltor season and welcomed 143,162 visstors to site over this periid. Whilst this is slill below our ambitiorn the srowth shown ihroushout the year gives us cause for optimism soins into the year ahead to further increase our visitor number and hence. the delivery of our charitable objectives whilst simtsltaneously aiming to increase ynds with visitors who choose to be with u Monsters of th* Dtep EngA8inxProsr4mming to Drive VisitAt¥o The Trust took the eonscious decision in 2022 to Program￿ more thematically for 2023 and ￿ytsnd and the theme of "Monsters of the Deep- was settled upon followin8 ihe confirmation of the Monsters of the Deep exhibition on loan . from the National Maritime MuseLun Comwall. ThRs temporary exhibition opened to the pubh"c on I￿ Apri] 2023. 5 The Chatham Histwic DrKkyard Trust Trustees, annual report incorporating the strategic report (continued) For the yeaT ended 31 Marth 2￿24 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 PrograM￿n8 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 D￿Son$ {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 Se￿e5 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 forn￿1 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 pro1￿t with Consultin& we are now actively workin8 to make a wider impact within our immediate I￿al communities throush a Tange of public engagement works. This ha5 i*en achL"eved ihroush a range of partnership with local community OE8anisation and charities and have focuwd on irKreasing our preSe￿e 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 Carib￿an 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 HISt￿lC D￿kyard 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 $i￿ll(leant grant from the Levelling Up Fund (LUF) in 2021 to bring the 50Uthern end of the Fitted rigging House, a Scheduled Ancient MonumenL into effective use. The bU￿dIn8 was underutilised and the LUF funded project has transfonned the property from a heritage liab￿lty into a siyifi'cant hen"ta8e asseL The project. which wa5 directly managed by the Trust a5 Managing Contractor, has seen the building preserved and let for commercAal office space. The building is fully let and generatins property derived revenue for the benefit of the Trust. The project was completed in November 2023 and was forn)aUy opened by the Seuetary ol State for Culture Media and Sport, the Rt Hon Lucy Frazer MP. ThJou8hout the year. the Estates and Preservation team has widertaken a wide range of OtE￿ projects across our hisioTiC estate. These projects have included the fuu exlemal redecoration of the Sai] and Colour Loft. a 5ignrficaTht Scheduled Ancient Monument. which is now the home of Mid Kent College's Medway khool of Arts. In addition to the extemal redecoratio￿ the project induded a range of external Eabric repaits and tnajor intemal works to ensure suitability for the new tenant. No.1 Smithery. a cultural facility and gallery at the heart of the D(Kkyar(L underwent a major refresh which saw S1￿1h.¢aTht improvements to the buildin& the first siwficant works since a major capital project completed in 2010. The piojecl saw full internal redecoration of key 8allery Spa￿5, new floorin& lightin& interpretation and acce5$ 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$ i*en considerable prosTa￿e 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 Ir￿0vatIve 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 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 D￿kyard Trust Trustees, annual report incorporating the strategic report (continued) For the year ended 31 March 2024 Financial Statistics VlsliorN￿thÉlS 2014to 2023124 250.rxyj 2W.QCW) 150.orKJ ioJ.00) S0.OLV 2014 15 2016 2017 201 3J1Y zozo 2022 2023 V¢1WI￿oUE 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 2￿5 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 TlaOirt8have 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 TTh￿tee$. 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 Tn￿t (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 Balar￿e 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 finan￿1 statements: give a true and fair view of the 51ate of the sroup and parent charitable cornpan*s affair5 as at 31 March 2024, and of the sroup's incoming resources and application of resources, including its ]r￿me and expenditure, for the year then ended- have been proper]y prepared in accordan￿ with United Ktnsdom Generally Accepted Accounting Practice,. and have F*en Prepared in acCorda￿e 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 fina￿claI 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 inf0m￿tion 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$sUra￿e 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 inforn￿tIon ￿'Ve￿ ID the trustees. report {iTKorporating thelstraiesic report and thel directors, report) for the fu7ancial year for which the fina￿la] stslements are prepared is CofLStstent with the fmancial 51atements' and the stratesic report and ihe dirertors. report have i*en 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 atK*ul 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 e￿0￿ and are(0￿Sidered material if, individually or in the aggregate, they could reasonably beexpected to iDI]uence theeconomic decision5 of users tsken on the basis of these finar￿la1 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 pr0E￿lonal 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 r￿1 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 fin￿￿la1 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 th￿e charged with governance Te8ardin& among other matters. the p]anned scope and timing of the audit and 5iwficant audit fAndm85, including any 5i8nthcant defiCie￿ie$ 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 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,m*94 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 I9.7￿￿94 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) 2￿22 I220￿8] 1256.160 1,954.459 19.967J14 I9￿73*53 I9.7￿￿94 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 T￿SteeS 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 Y￿WaS £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 I3￿10 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 eqU￿alents 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 arChiteC￿ra[ 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 COr￿titUtIon 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 memE*TS 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 Tn￿1 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 I￿￿fi¢ sroup, a5 defined by FRS 102. The finarKial ststements have E*en 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 SI￿allOn on a monthly rollin8 basis through cash flow management based on evider￿e-baSed business planning. Review of the Trust's ongoing Einancial resilien￿ is co￿51dered 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 D￿kyard Trust Notes to the financial statements (continued) For the year ended 31 March 2024 2. A¢counlin8 policies lcontinuedl GOI￿8 {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 T￿￿t 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 Dc￿kyard 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￿$fOr qualifv.ng entilws Under FRS 102 The frust is a qualifying entity as defined by FRS IlJ2 and. as such, has taken advantage of the following exemptions.. presenting a statement of entity cash flows on the grounds that the relevant mforniation is included within the corksolidated mfonnatt.on presented within these financial statements,. presenting ceryditi financial irstruments disclosuTe5 on the srounds that the relevant inforniation is included within the consolidated xnformation presented within these fjnancial statements: and presenting infotmation conceztiing key mathagement person￿1 compensalions. B45is of ¢on501idAtio The Group consolidated kncial ststements include fir￿la1 staternents of the Trust and all of its subsidiary uJ)dertakings. A subsidiary 1$ 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 i*come. orcease bein& subsidiary undertaking5 durins the year are included up to. or from. the dates of change of control, resF*dively. All intra£roup transactions, b)la￿e5, 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 se￿iCe fftncome. admissions income from visitoxs. grants and donations, income from the sale of goods and se￿ICe$, 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 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 ch￿1t￿ble 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 D￿kY￿a 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 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 Is2￿28 618.424 315.746 S￿1.279 1,139.951 lJ(Kl.237 iJ15.442 1,578,087 ArnoL￿ts 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 2￿24 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 inAKK) 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 Rig￿8 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 Tn￿t Notes to the financiaI statements (continued) For the year ended 31 March 2Q4 29 Re$trirted funds (continued The fixed asset h￿d5 represent donations and srants received in previou5 years to fund capital expenditUTe,. the balance of the funds represents the nei i￿k 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 V￿lety of presetvation and leaming PToiects across the orsanisatio Other Grants - This rePres￿ted a number of smaller srAnts for specific pro1￿ts 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 wh￿h has yet lo Ee refuTbi5hed. lo allow it to be used More productively. Transfers between ￿ndS Transfers between fr￿d$ 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 T￿￿t 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 Exp￿d. 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} 8￿9￿10 {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) 6￿n.￿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 fu￿re 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 i￿k 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