REGISTERED COMPANY NUPABER.. 02394244 (England and Wales) REGISTERED CHARITY NUMBER: 900026 REPORT OF THE TRUSTEES AND UNAUt¥TED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR MARMME ARCHAEOLOGY TRUST
MARwfiiAE ARCHAEOLOGY TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independtt Examintrs Report Statement of Flnanclal Actlvltles Balance Sheat Notes to the Financi41 Statements 9 to 21
MARITIME ARCHAEOLOGY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are also drrectors of the tharity for the purposes of the Companies Act 2006. piesent their report with the financial statements of the tharity for the year ended 31 Marth 2024. The trustees have adopted the provisions of Accounting and Reporting by Charits"es.' Statement of Recommended Practice apFlicable to charities preparing their accounts accordance With the Financial Reports'ng Standar(I applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTivmES Objectives and aims The Trust's ol'ect is the advancement d education of the public wortdwide. in Great 8ritain and in particular in Hampshire and the Isle of Wight in maritsme archaeology and heritage. Its main activities are to promote the archaeological study of the Soleni and Wight area as a maritime cJ)mmunity and through displays. exhibitions and adivities. to encourage greater public engagement and awarenes5 globally of the underwater cultural heritage. Additional aims indude an understanding and protection of the marits'me culturaj heritage for future generations. Publlc benefft The trustees confirm Ihat they have complied Imth the duty in section 17 of the Charities Act 2011, to have due regard to the public benefit guidance published by the Charity Commission en reviewing the Trust's aims and objectives. arKI in planning future activities. The Annual Report det8ils the aims and objectives of the Trust, the strategies adopted to achieve those aims and objectives and reviews the significant activities undertaken dunng the year. ACHIEVEMENT AND PERFORMANCE Charitable activtties The Annual Report 2023124 forms part of the Management Committee's report 2023124 and will be filed at the Charities Commission. The report sets out how Ihe Trust has achieved its obJ"eclives in the year. FINANCIAL REVIEW Flnancial review The Trust has had a positiv8 year and has continued lo build wogrammes and to develop mor8 Sustainable income. The Trust has conty'nued to attract funding wttile Tt has looked to mairrtain its core charitable actiwties. The Trust has made a small extsss of £55,188 for the 2023124 financial year. The Trust is in a stable position securing funding for a variety of interesting projects are valuable in gaining recognition and awareness of Ihe Trust's strengths arKI capabilities. This helps to in the continu8d task of exploring new and larger fundraising opportuni*"es. A range of projects have kept the Trust very busy with deliveral)les induding the National Lottery Heritage Fund grants for Fathorning the Future and for displays and acts'mlies related to Protected Wred(s at the Shipwred< Centre, the Honor Frost Foundation grant for Listening to (xjr Past and the AHRC grant (administered by Historic England) for UNPATH'D Waters, a co-ordinated dItal resource, the Historic England Grants for Women and Protected Wrecks and an Assessment of Metal Hulled Sailing. The release of infomiation in respect of HMS Gloucester and our involvement has helped raise our profile. Further diving on Bouldnor Cliff, and r8search on the Westem Solent shores, was possible thanks to various grants from independent Trusts and Foundations. All of this ensures, for the momen( that the Trust's objectives can be mel The process of active fundraising is Continuing and further applications to Eulintemational streams, the National Lottery Heritage Fund, Historic England and thariiable donor trusts have been made which have resulted in muth needed additional r8Sourc8s. This strategy will continue for Ihe forthcoming y&3T. Prlnclpal funding sources The prtnopal furKling sources for the Charity during the last year and rrentlY are the National Lottery Heritage Fund, Historic England. the Honor Trust Foundation, Caroline Weston Foundation, Charles Bumett Fund, AHRC, the ScorFion Trust and Adrian Swre Charitable Trust in respect of the Shipvffed( Centre and the Bouldnor Cliff displays and donations from Lady Grosvenor, Valerie FenvAd( and Galvin Weston have 811 been most welcome. Our commercaal interest running thnxjgh Maritime Archaeology Ltd (MALtd) has shown both encouraging gro and consistency is ernmiousty helpful to funding those gaps that are not purely project based. The ShipwTed( Centre had a really busy year wth impres&ve exhibitions and new displays. The education and outreach offer is expanding and offering schools the chance to support the curriculum wth archaeological sludies. The Trust is, as ever, committed to maMisng all altemative sources of funding. Paga 1
MARMME ARCHAEOLOGY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REinEW Investment pollcy and objectlves Under the Memorandum of Association, the Trust has the power to invest in any way the trustees wrsh. Having regard to the reserves policy, the trustees keep surplus funds in an interest-beanng aOUnt wth the intents.on of achieving a rate of interest matches or exceeds inflation. As the financial year ended and interest rates started lo rise, we were able to Pla some funds on longer temi and Viill reap the benefits during this comlng year. Reserves poll¢y The total reserves at Ihe end of the year are £331,483 of 11th £ 87,278 are restrTCted funds. The Management Commtttee has rev[eVd the Charivs need for reserves in line with the guidan issued by the Charity Commission and has agreed that the Reserve should not fall below a minimum of £200.000, to enable Ihe Trust to fijnd approximately six months core staffing costs. giving sufficient flexibilty to manage its cashflow and to provide staff wth additional security. Whilst the cuent level of reserves may prove SLffJcient, it is the trustees. view that it is prudent to ensure that there are sufficient reserves to provide finclaI flexibility over the course of its forthcoming challenges. FUTURE PLANS The Trust will conkn'nue to expand within ts core areas of activity wtiich have been summarised below. The development strategy for the Maritime Archaec4ogy Trust is based on realists'c growth through the utilisation of available funding sources and investment in staff. Research Fieldwork and research within the underwater and intertidal zones fomi the inforniation base for Trust exhibitions and educalion initiatives. The scienttfic collection of high quality maTFne archaeological data from a rang8 of sites and archives around the Solent and further afield will involve the invests'gab'on of shipwrecks, submerged prehistoric landscapes. historic anchorages. hulked vèssels, shoreside installations and maritime industries. This work 111 involve wofessional archaeologists, volunteers and students. Results will be disseminated to national and local Historic Environment Recds. Addrtionally, Ihe Trust undertakes researth on the methods, techniques and frameworks for the management of marine heritage assets, assoa8led data and arthives. The Trust is increasingty iéentifw'ng ways that the undenvat8r cultural heritage can infomi past dimate change. This is becoming a very relevant part of our work and is linking diredly with Ihe UN Decade of Ocean Science and to our role as an UNESCO Accredited NGO. Exhlbltlons The Trust currenlly has a number of pernianent and temporary exhibitions. The Isle of Wight Shipwreck Centre and Maritime Museum at Aelon Bams continues to be improved and updated and has plans for more varied exhibits throughout the corning season. The potenb'al for reathing a larger audience is now being fuFfilled through greater exposure on social media. The marits.me Discovery Bus will once again engage in raising awareness of the marib'me heritage throughoui Ihe South coast at various events and wisiting schoc4s around the New ForesL Further temporary exhibitions we arranged for specific events throughout Ihe year. Over the next few years, the establishment of futher temporary displays will o)ntinue in addition to seeking a permanent display base within Southampton, Hampshire or appropriate coastal location. Ther8 is an exciting OPPDrtunity for development of a UNESCO recognised c8ntre for maritime ard7aeology at Yarmouth which the Trust is invesb'gating. Education, Outreach and Representatlon During the year we had the benefit of a part-funded, dei1icated Education and Engagement Officer on tha Isle of Wight delrvered acirfflties and engaged the population in discovery of their maritime heritage. Additionally, the TNst undertakes a wide variety of work vAiich indudes talks, actimty days for young and old, school vipdts and workshops, publiG9tions, consultation responses, and representatlon at a number of local, regional and national groups, committees and organisations. This is an e>panding area due to a higher nakn.onal profile for maritime arthaeology. Other initiatives indude activity days and, foTrnal educational packs and materials. workshops fcr educators, popular and academic public2tions. representation at meetings and forq and a scheme of profilaiSing acli)rities for the work of the Trust and marits'me archaeology. Page 2
MARmpJEARCHAEOLOGY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 TrIARCH 2024 STRUCTURE, GOVERNMCE AND MANAGEMENT Goveming document The organisation is a charitable company, limited by guarantee, incorporated on 12 June 1989, and registered as a charity on 27 July 1989. The company was esiablished under a Memorandum of Association which established the objects and pow8rs of the charitable company and is govemed under its Articles of Association. In the event of the company being wound up. member5 of the Trust are liable to contribute an amount not exedIng £5 lo the assets of the Trust. On 31 Marth 2024 there were 44 members of the TrusL Recruitment and appolntment of new trustees As set out in the Art'des of Association. the Management Commrtlee shall consist of not less than five, and not more than hvelve members. The Committee elects one of its members to serve as Chair foT a period of three years. All other members stand down from offio at the Annual General Meeting, but are eligible for re-dection for the forthcoming year. The trustees are elected to bring a wide range of skills lo thè Managemenl Committee, induding archaeologists and historians with a spetial interest or skill in marilime archaeology. local counril members representing the areas around the Solent, and local representatives and residents a general interest in 8rchaeology and the history of the Solenl area. Those wth experience of charity managem8n[ museums, law and propety are also represented )Mthin the board. Organisatlonal structure The Trust has a M8nagement Committee of 8 members tho meet three times a year and are responsible for the strategic 1ctiOn and pdicy ol the tharity. The diredor has responsibility for the day-to-day operational management of the TrusL A Finance sub-committee is also in Flace and the chair has delegated powers to make financial decisions on behalf of the Management Committee should a decision be required quickly and outside (>f the timescales of the Management Committee meeb'ngs. This sub-cornmittae meets before each Management Ccmmitt8a Meeting and as and when required. Inductlon and tralnfng of new trustees Maritime Archaeology Trust Trustees infomiation pack, Frepared drawing infomiation from the various Charity Cummission publications srgnposted thrcrtJgh the Commission's guide'lhe Essential Trustee is distributed to all new trustees along with the Memorandum and Artides of Assooation and the latest financial statements. We have benefitted trom the addition of hvo new Trustees during year. Related partles The wholly owned trading subsidiary. Maritime Archaeology Limited. Vhith is incorporated In England and Wales, is now in its leth full year of operation. It has a Mfjde-ranging portfo140 of work lch indudes supporting a range of offshore and coastal develq)ment, such as Mndfams, seaweed farms. ports and harbours, in addition to prow7ding speoalist servrces related to 3D modelling, visualisation and marine data management and presentation. All profits chargeable to corporation lax and not adversely affecting the cash flow position of the company w711 be paid to the charity by tax free distribution. Risk management The Management Committee has corKlucted its own review of major risks to whith the charity is exposed and systems have be8n established lo mitigate those risks. Significant extemal risks to funding have led to the development of a strategic plan wthich will allow for the diversific4tion of funding and actiwties. Intemal risks are minimised by the implementation of ProdureS for authorisation of all transa(Xtons and projects and to ensure consistent quality of delivery for all operats'onal aspects of tt7e Laritable cornpany. These procedures are periodically reviewed to ensure that they st'll meet the needs of the tharity. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02394244 (England and Wales) Reglstered Charity number 900025 Page 3
MARMME ARCHAEOLOGY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Reglstered office Roorn 014111 NatlDnal Oceanography Centre EiJr(yean Way Southampton Hampshire S014 3ZH Truste8S Mr M Woodhall Mrs V H Fenwck Dr N C Flemming OBE Mr F J Green Mr P Shears QC Mrs E Barron Mr M Waterhouse M5 H Farr Ms N Campbell Mr M J Woodward Honourable M R Montagu-scott (appointed 23110123) Direclor Mr G Momber Chairman (reb"red 2011 or23) (retired 20102124) Independent Examlner Paul Underwood Morrrs Crocker Chartered Accountants Station House North Street Havant Hampshire P09 1QU Banker3 Lloyds Bank PIC 49 High Street Winchester S023 98U Approveé by order of lh8 board of trustees on .......... /6 . and signed on its behalf by. ail - Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MARITIME ARCHAEOLOGY TRUST Independent examinePs report to the trnstees of Maritime Archaeology Trust (*he Companv) I report to the charity trustees on my examination of the accounts of the Company for the year ended 37 Marrh 2024. Respon51bilitie5 and ba51s of report As the tharitvs trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan wth the requirements of the Companies Act 2006 ('the 2006 Acl). Havfng satisfied myself that the accounts of the Cornpany a not required to be audited under Part 16 of the 2006 Act and are eligible for independent e?M]natFOn, I report in respect of my examination of your thanvs accounts as carried out under Section 145 of the Charittes Act 2011 ('Ih2 2011 A¢X'). In ing oirt my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent examine5 Statement Since your charitys gross income exceeded £250,000 YOUT examiner must be a member of a list8d body. I can confim that l am qualified to undertake Ihe examinab'on because l am a member of the Association of Chartered Certified Accountants, lch is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination gimng me cause lo believe: a(ruints'ng records were not kept in respect of the Company as reqlsired by Section 386 of the 2006 Act., OT the accounts do not accord with those records," or the accounts (lo not comply with the accounb'ng requrements of Section 396 of Ihe 2D[ A other than any qUIrement that the accounts give a true and fair Mew is not a m8tter considered as part of 8n independent examination", or the accounts have not been prepared in accordan with Ihe methods and princtples of the Statement of Recommended Practice for accounting and reporting by charities (ap[41ble tc tharilies preparing their accounts in accdance with Ihe FinancAal Reporting Slandard applicable in the UK and R8public of Ireland (FRS 102)). I have no COnmS and have come acrDSS no olher matters in connection with the examination to vthith attention should be dra in this report in order to enable a proper understanding of the accounts to be reached. Paul Underwood The AssocAation of Chartered Certrfied Accountants Morris Crother Chartered Accountsnts Station House North Street Havant Hampshire P09 1QU Date.. Page 5
MARrriME ARCHAEOLOGY TRUST STATEMENT OF FINANCIAL ACIIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDEO 31 MARCH 2024 2024 Tcrtal funds 2023 Total funds Unrestri(Xed Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legaaes 123,468 26,134 149,602 34.768 Charftable activiti8S Research, Exhibitions and Education 24,387 159.342 183,729 341,986 Investrnent income 2.931 2,931 24 Total 150.786 185.476 336,262 376.778 EXPENDITURE ON Charitab16 activiti8A Research, Exhibitions and Education 86,350 194,724 281.074 337,060 NET INCOMEIIEXPENDITURE (9,248) 55,188 39,718 RECONCIUATION OF FUNDS Totsl funds brought fomard 179.770 96,525 276,295 236,577 TOTAL FUNDS CARRIED FORWARD 244,206 87,277 331,483 276,295 The notes fonn part of these financial statements Page 6
MARITIME ARCHAEOLOGY TRUST (REGISTERED NUMBER: 02394244) BALANCE SHEET 31 MARCH 2024 2024 Notes 2a23 FIXED ASSETS Tangible assets Investments 12 13 6,580 5,781 6.582 5,783 CURRENT ASSETS Debtors Cash at bank and in hand 14 260,668 274,144 241,527 69,715 534,812 311,242 CREDITORS Amounts falling due within one year 15 (209,911) (40,730) NET CURRENT ASSErs 324,901 270.512 TOTAL ASSETS LESS CURRENT UABIUThES 331,483 276,295 NET ASSETS 331.483 276,295 FUNDS Unrestricted funds Restrtcted funds 17 244,205 87,278 179,770 96,525 TOTAL FUNDS 331,483 276,295 The tharitable company is entitled to ex8mption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financaal statements for the year 8nded 31 March 2024 in accordance wiu) S8(*bon 476 of the Companies 2006. The trust8es acknowledge their responsibilities for (a) ensuring that the charitable Crnpany keeps accnting records that cc¥nF4y with Sections 386 and 387 of the Companies Act 2006 and (b) preparing finanoal statements vthich give a true and fair Niew of the state of affairs of the charitable company as at the end of eath financial year and of its surF4us or defiat for each financial year in accordance with the requirements of Sections 394 and 395 and whidi othewse comply wth the requirements of the Companies Act 2006 relating to finanoal statements, so far as apF4icable to the tharitable Company. The notes form part of these fmanaal stateMrts Page 7 (tinu@d...
MARITiiaE ARCHAEOLOGY TRUST (REGISTERED NUMBER= 02394244) BALANCE SHEET . continued 31 MARCH 2024 These financial statements have been pr8pared in accordance with the provisions apF4icable to charitable companies subject to the sn7all companies regime. The finana81 statements were approved ty the Board of Trustees and authorised for issue on . and were signed on its behalf by: hall - Trustee The notes fomi part of these anal statements Page 8
MARITIAIEARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES Basls of preparing the Ilnanclal ststements The financ4al statements of the tharitable company, lch is a public benefit entity under FRS 102, have been prepared in accordan with the Charities SORP (FRS 102) 'AcUnting and Reporting by Charities.. Statement of Recommended Practice aptAicable to tharilFes pr@paring their accounts in aCcdanCe vrflh th8 Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectsve 1 January 2019),, Financial Reporting Standard 102 'The Finanaal Repo.ng Standard applicable in the UK and Republic of Ireland. and the Companies ArA 2006. The fin8n(isl statements have been prepared under the historical cost convention. with the eXPtiOn of investments vthich are induded at rnaet value. The trustees consider Ihat there are no material uncertainties regarding the charitable 03mpany's atility to continue as a gcNng concem. Income All income is recognised in the Statement Of Financial Activities once the charity has entitlement to the funds, it is prcthble that the income wll be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constrnctive obligation commith'ng ihe charity to that expenditure. it is probable that a transfer of economic benefits W711 be required in settlement and th8 amount of the obligation can be measured reliably. Expenditure is accounted for on an accru815 b8sis and has been dassffied under headings that aggregate all cost related to the category. lthere costs cannot be directly attribLrted to particular headings they have been allocated to aclimties on a basis consistent Viith the use of resource& Tanglble fixed assets Depreciation is provided at the followryrvJ annual rates in order to write off eath asset over its estimated useful life. Plant and machinery offi equipment 20% on cost 20% on cost Taxation The charity is exempt from COTporation tsx on its tharitabje activities. Fund accountlng Unrestiicted funds can be used in accordance Imth the charitable objectives at the discxets'on of the trustees. Restricted funds can only be used for particular restricted purposes within the L4)jects of th8 charity. Restrictions arise when specFfied by Ihe donor or when funds are raised for Particar restricled puOses. Further explanation of the nature and wrpose of eath fund is induded in the notes to the financial statements. Penslon costs and other poSt1rernent beneffts The charitable company operates a defined contributiC pension stheme. Ccmitribubons payable to the thantable companvs pension scheme are charged to the Statement of Finanual Activities in the period to they relate. Flnanclal Instwments Th8 charity only enters into basic finanoal instruments transactions that result in the recognrtion of financial assets and liabilities like trade and other accounts re1vable and payable and inves)knents in stocks 8nd sh8res. The measurement basis uspd for these instruments is detailed below. Page 9 continued...
MARITIME ARCHAEOLOGY TRUST NOTES TO ThE FINANaAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES - contlnued Debtors and cash at bank Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand induded cash held on deposit or in a cuThenl accounL Credltors and pmvisions Creditors and provisions ar8 recognised where the charity has a Present obligation resulting trom a past event that will probably result in the Iransfer of funds to a third party and the amount due t0 $8ttle the obligation can be measured or estimated rdiaty. Creditors and provisions are normally recognised 8t thr setdement amount after allowing for any trade discounts due. DONATIONS AND LEGACIES 2024 2023 Donations 149,602 34,768 INVESTMENT INCOME 2024 2023 Deposit account interest 2,931 24 All investment income is derived from assets hdd in the United lfjngdom. INCOME FROM CHARITABLE ACTMTIES 2024 2023 EU and UK ProjefAS E&0 Delivery iscellaneous Exhibition Admission Research, Exhibitions and Education Researth, Exhibitions and Education Researth. Exhibits'ons and Education Research. Exhikxtions and Education 159,123 4,984 2,520 17.102 279,047 17,003 1,850 44,086 183,729 341,986 CHARITABLE ACTMTIES COSTS Direct Costs (see note 6) &Jpport costs (see note 7) Totals Research, Exhibitions and Education 232.341 48.733 281,074 Page 10 continued...
MARrriME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 DIRECT COSTS OF CHARITABLE ACTMTIES 2024 2023 Proiect tirne Activiti&s undertaken direclly Depreciation Interest payable and similar charges 199,260 31.085 1,968 28 197,761 82,714 1,233 232,341 281,708 SUPPORT COSTS Govemance costs Management Totals Research, Exhibitions and Education 44,516 4,217 48,733 Support costs, induded in the ab)ve. are as follows". Management 2024 Research, Exhikn'tions and Educth"on 2023 Total acts'vit18S Support costs 44,516 50,535 Govemance costs 2024 Research, Exhibitians and Education 2023 Total activities Governan costs 4.217 4.817 NET INCOMEI{EXPENDITUREI Net incomel{expenditurè) is stated after (hargingl(c¥editing).' 2024 2023 Depreciation - 0+ned assets Independent examiners, fees 1,233 1,860 Page11 continued...
MARrriuE ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneralion or other beneftts for the year ended 31 March 2024 nor for th8 year 8nded 31 Marth 2023. Trnstees. expenses During the year no trustees (2023: none) were reimbursed for out of pocket expense5 (2023: £nil). 10. STAFF COSTS 2024 2023 Wages and salaries SoL?al security costs Pension costs 174,252 14,778 23,828 179,996 8,966 9,399 212.858 198,361 The average monthly nutnber of employees during the year 14vas as follow5: 2024 16 2023 13 During the year G Momber recetved emoluments of £74,627 and no other employee received emoluments in excess of £60,000 (2023". none). Key management personnel The key management personnel of trje Charity comprises of the Director and Head of Researth. The total employee remuneration 8nd benefits of the key management personnel of the thartty WES £144,655 (2023. £108,602). 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted Restricted funds funds Total funds INCOME AND ENDOWMENT5 FROM Donations and legacies 34.246 522 34.768 Charitable activltles Researth, ExhibFtions and Education 48,257 293,729 341,986 Investment income 24 24 Total 82.527 294,251 376,778 EXPENDITURE ON Charitsble activities Research, Exhibitions arKJ Educalion 106.057 231.003 337,060 NET INCOMEI(EXPENDITUREI Transfers between funds (23,530) 63,248 {148) 39,718 Net movement in funds 123,382) 63.100 39,718 Page 12 continued,..
MARITIME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2024 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued Unrestricted Restricted funds funds Total funds RECONCILIATION OF FUNDS Total funds brought fopward 203,150 33,427 238,577 TOTAL FUNDS CARRIED FORWARD 179.768 ,527 276,295 12. TANGIBLE FIXED ASSETS Hant and machinery Offi equipment Totsls COST At 1 April 2023 Addttions 131,133 60,165 2.767 191,298 2,767 At 31 Marth 2024 131,133 52,932 194,065 DEPRECIATION At 1 April 2023 Charge for year 131.133 54,384 1,968 185.517 1,968 At 31 March 2024 131,133 &fj,352 187.485 NET BOOK VALUE At 31 March 2024 6,580 6,580 At 31 Marth 2023 5,781 5,781 Heritage Assets During the course of researth the Trust recovers artefacts and samples (heritage assets) frcffl m8rine and inter-tidal archaeological sites. These are for the purposes of scientific researth and do not have any intrinsic financial value. Ovm8rship of non-wreck 8rtefacs (prehistoric material) from the marine zone lies with the landovmer (The Crovm Estate). These artefads are held wthin the Trust while undertaking research or for educats'onal purposes and then deposited in a public museum, with the agreement of the landovmer. For vffeck artefacts. ovmership is determinèd through the Merchant Shipping Act 1995 whith, with historic )wreck, often means an 0er is not knowr. In these inStanS the Trust {vthich is not a registered museum or archive) deposit these artefacs wth a public museum (e.g. Through the Hampshire Cultural Trust or the Isle of Wight Heritage Serwce - Museum Service) in Ilne wth the estal$hed best practice for archaeology and collections care, to make them publlcly accessible for researth, education, display and general interest in perpetuity. At this point ownership passe5 to the recipient museum. For lkn's rea50n, there are no rapitslised h8ritage assels in th8 Trust's accounts. Page 13 continued...
ARITIME ARCHAEOLOGY TRUST NOTES TO ThE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 13. FIXED ASSET INVESTMENTS Shares in group undertakings MARKET VALUE At 1 April 2023 and 31 Marth 2024 NET BOOKVALUE At 31 March 2024 At 31 March 2023 There were no inveslment assets outside the UK The compatys inv8Stmerrts at the balan sheet date in the share capital of companies indude the followng. Marltlme Archaeology Llmfted Registered office.. Room 014111 National Oceanography Centre, Empre55 DwJ(. Southamplon, Hampshire, S014 3ZH Nature of SineSs. Maritime archaeology related acts.1"eS Class of share.. Ordinary holding 100 2024 2023 Aggregate pital 8nd reserves Profit for the year 24,808 63,361 23,896 31.084 14. DEBTORS= AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trad8 debtots Amounts owed by gro undertakings Other debtors Prepayments and accrued income 6,983 237,265 15,648 772 18,725 158,448 57,366 6,988 260,668 241,527 Page 14 continued...
MARMME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 MARCH 2024 16. CREDITORS: APIOUNTS FALUNG DUE WTHIN ONE YEAR 2024 2023 Trade creditors Soaal se(xJrity and other taxes Olher creditors DeferTed income 2.820 7,650 9,472 20,788 21.713 58,298 129,900 209,911 40,730 2024 2023 Brought forward Amount released to incoming resources Amount defeTred in year 20,788 (20,788) 129,900 39,675 (39,675) 20,788 Carried forward 129,9130 20,788 Deferred income presents project income received in advanc 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Totpj funds 2023 Total funds Unrestri(*ed Restricted funds funds FTxed assets Investments Cuent assets CurTent liatxlities 6.680 5.781 360,579 (122,956) 174,233 (&,955) 534,812 (209,911) 311,242 (40,730) 244,205 87,278 331,483 276,295 Page 15 conts'nued...
MARfTIME ARCHAEOLOGY TRUST NOTES TO THE FINANCVIL STATEMENTS - contlnued FOR THEYEAR ENDED 31 UARCH 2024 17. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fund E&0 Unrestricted Shipweck Museum 177,910 3,700 (1,84Q) 80,143 3,700 (3.700) 261,753 (15,708) (17,548) 179.770 64.435 244,205 Restricted funds Bouldnor Cliff Westem Solent SARCC CMW Thoms Beach Unpath project Listening to the past Fathoming the future Agamemnon Gloucester Women & Pws HE Metsl hulled Sailing Vessels HIWCF CB Bus Fund Yamiouth Community Foundation 21,194 (10,162) 18.966 4,340 34,378 20.555 8,055 (1.698) (1,275) 2,172 (58) (5,878) {18,566) 21,136 {16,040) 4,340 35,292 17,337 31,725 (7.027) 914 {3.218) 23,670 (5.329) 1,275 (1,963) 297 1,245 (1.236) 209 297 1,245 (1,2) ,525 (9.247) 87.278 TOTAL FUNDS 276.295 55.188 331,483 Net movement in funds, irKluded in the above are as follthvs: Incoming resources Resources expended Movement in funds unrestn.cted fun(ts General fund Shipwreck Museum 125,884 24,901 (45,741) (40,609) 80,143 (15,708) 150,785 (86.350) Restrfcted funds Bouldnor Cliff Westem Solent SARCC Unpath proje( Listening to the past Fathoming Ihe future Agamemnon GIouSter Women & Pws SWC HF POWA HE Metal hulled Sailing Vessels HIWCF CB Bus Fund Yarmouth Community Foundation 8.146 2,499 7,573 17,453 (8,204) (8.3TT) (26,539) (16.539) 13,218) (85,687) (5,330) {18,725) (8,907) (7,600) (197) (1,155) (4,2461 (58) (5,878) (18,966) 914 (3,218) 23,670 (5.329) 1.275 {1,963) 109.357 20,000 6,944 7,600 494 2.400 3.010 297 1,245 (1.236) 185,477 (194,724) (9,247) TOTAL FUNDS 336.262 (281,074) 55,188 Page 16 ntinued...
MARITIME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS - continued Comparatlves for movoment in funds Net movement in funds Transfers between funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund E&0 Unrestricted Shipwred( Museum 199,450 3,700 (21,688) 148 177,910 3,700 (1,840) (1.840) 203,150 {23.528) 148 179,770 Restricted funds Bouldnor Cliff Westem Solent SARCC CMW Thoms Beach Rising from the Depths Unpath project Listening to the past Fathoming the future Agamemnon GIoUster New Forest Bus Women & Pws 20,934 (5,573) 1,953 4,340 21,194 (10,162) 18,966 (4,589) 17,013 (674) 20,651 20,555 8,764 407 (1,275) (38) 2.172 (186) 13.727 34,378 20,555 8,055 (1,698) (1,275) (709) (2,105) 2.172 33.427 63,246 (148) ,525 TOTAL FUNDS 236.577 39.718 276,295 Page 17 continued...
MARITIME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS- continuad Comparative net movement in funds, induded in the atK)ve are as fcllows: Incoming resources Resources expended Movement in funds Unrestricted funds Gener81 fund Shipwred< Museum 38.170 44.357 (59,858) (46,197) (21.688) (1.840) 82,527 {1 (E,055) (23,528) Re5trfcted fund5 Bouldnor Clrff Western Solent SARCC Rising from the Depths Unpath project Listening to the past Fathoming the fubjre Agamemnon Gloucest8r New Forest Bus Women & Pws 5.250 9,170 107,979 4,839 27,453 32,175 74.551 2,233 16.725 9.876 4.000 (4,990) (13,759) (90,966) (5,513) (6.802) (11,620) (65.784 (1.826) (18.000) (9,914) (1,828) 260 (4,5891 17,013 (674) 20.651 20.555 8,764 407 (1,275) (38) 2,172 294.251 (231,005) 63,246 TOTAL FUNDS 376,778 (337,060) 39,718 Bouldnor Cliff Bouldnor Cliff is a submerged landscape site in the Solent. It has generatsd much interest of late as it corrtÉins evidence of human occupation frotn 8.000 years ago. Funding for diving and exhibiiions from Herepath Shenton and The scorOn Trust has enabled this important site to be invests'gated. D-Day Walls A National Lottery Heritage Funded project to bring to lffe the insuibed graffiti left behind by scme of tt78 3.&million troops passed through Southampton on their way to NorTnandy. Waves of Change Thanks to funding frn the Hampshire and Isle of Wight Communty FourKlalion and the Doris C8mpbeU Memorial Grant a projeci for 18-25 year olds, increasing technical skills though arch010gY and hands-on w0shops. Sustainable and Reslllent Coastal Cltles (S1Cc) European Funded project 1th 4 other partners 711 mainstream natur&based sc4utions into coastal management and policy making. The Trust builds cas8 Studies that demonstrate the long-iemi impact of coa8tal erosion. Page 18 continued...
MARITIME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - continu¢d FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS- continued NAS Chesil Beach In 2019 the Nautical Archaeology Society (NAS) and the Maritim8 Archaeology Trust (MAT) ran training acts'vitses and senes of public events based around the Chesil Beach protected wrecks off the coast of Weymouth. Actiifjti8s were held in La)njunction with the local linSee(S), to Lyeate a team of local wreck custodians. By upskilling local community members. induding divers, the reCkS will be r8spected and further investigated. Thoms Beacivwestem Solenvcathand Submerged and inter-tidal landscapes can an invaluable Sour of irrfonnation about our prehistoric past. Our wotk at the Mesolithic landscap6 at Bouldnor Cliff, and other prehistortc sites in Ihe Solent and beyond, has pioneered new techniques for exploring these unique environments and the people lived there. Through analysing land surfaces and associated deposits dating from thè Mesolithic, Neolithic and Bronze Age, we've begun to investigate dimatic and sea level chang8s that were as important for prehistoric pcpulations as they are today. This is a new and exating area of archaeological investigation. Our findings have been of international importance and have resulted in a range of collaborative projects. Rent actiirit'es have been funded by the Caroline Montague Weston Fund, Ted Fort, Lady Edfjna Snow and The Scorpion TrusL The Westem Solenl project area leh incorporates 8ouldnor diff as an importarrt site of our mantime heFit8ge and lessons in coastal erosion, has aFways been central to the Trust actiwtses. It is hard to differentiate Thoms Bay, Pitts Deep and Bouldnor when investigating submerged landscapes and the lessons leamed a universal. There are slffiaent funds to cover activities within tFu's area in th8 ccming year, bul new funds will have to be found to conts.nue the invaluable MltIng of these site& SWC Submarfnes Periscopes and Propellèrs Heiitage Fund project presenting Ihe Submarine Heritage of the Isle of Wight at the Shipwred( Centre. Up to 30th April 2022. Unpath'd Waters Consortium projeci funded by the AHRC 'Towards a National Collection Programme, and lead by Historic England to increase interaction with the UKS maritime heritage and make access to record5 that are currenuy scattered across hundreds of archives. tnuseums and libraries muth easier. MAT is using it5 expertis8 in maritime archive material and digital engagement and dissemination to produ and test a digital Mewer based on Needles wed( sites and linking past arthive through online links to tell new maritime stories to new auolences. Listening to Our Past: Recordlng the Hlstory of Marftime Archaeology Project working wth and through fijnding from the Honor Frost Foundats"on to record oral histories from those involved in the early years ot maritime archaeology to document the history of the discipline and deposit the recordings and asso(iated transcripts and documentation SoLrthampton Universtiy Library Special Ccllections. The project is also seeking to identify personal arclives held by individuals to help secur8 their long term deposrti'on and care. FatlM>mlng the Future A two year project funded by the Nation8J Heritage Lottery Fund to promote digital engagement with maritime archaeology. It indudes involving volunteers in digitising MAT analiyJue arthiv&, developing research to tell new stories for new audiences, creating 3D Models. tours, audio podcasts and videos. It is also taking digital resources out to new aUdItc&S as wdl as developing digital skills. Projecl runs from April 2022 to Apnl 2024. Page 19 continued...
MARMME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS- continued Charfes Bumett - Discovery Bus Tour Funding from the Charles Bumett furKJ through the Hampstrire and Isle of Wight Community Foundation. Developing engagement with maritime arthaec4ogy and coast81 change around the Westem Sdent with a focus on the New Forest CoasL Creating posters and 3D reSoUrS to tske OLrt in the Maritime Archaeology Discovery Bus to cammunilie5, sthools and colleges. Agamemnon Worf<ing Yth the Univerw of Southampton and with our patr$ fmm the Beaulieu Estate, we have been helping io survey the HMS Agamemnon, being built Buckerfs Hard, it via5 Nelson's favourite ship and is the only survimng cftginal hull structure from the Battle of Trafalgar. This woject vras always only partly funded but it raised our intemational profile- this defictt wiu be covered by unrestricted funds. Gloucester The Gloucester sank of Norfolk in 1682. It is carrying the, soon to be lfjng. James 11. It is an internationally important site thal the MAT is helping survey and record the site for an exhibition in Norwch Casue. There is ongoing interest in Ihe Norfolk display of the Gk)ucester and the managem8nt of the wreck. This is 8 high-profil8 6xoject and has already resulted in furtlEr funds from interested parties. Women and Protected Wrecks A one year project funded by Historic England to investigate the engagement of women with Protected Wreck sites, partilartY the low levels of women applying to becnme LineS, and the potential impact this has, and is, having on the understanding and enjoyment of Protected 14Vredfs. SWC HF POWA Project to develop new exhibition fow5ed on protected TeCkS at the Shipwreck Centre and Maiilime Museum, alonggde promding vcAunteer skill development opportunities, artefact recording and public facing events and actibity days. Funded ty the National Lottery Heritage Fund. HE Aletal Hulled Salllng Vess81s A study of the archaeological potential of the remains of metal hulled sailing vessels 1th1n English territorial waters to develop understsnding of their significance, furKled by Historic England. This will engage volunteers in the research of these sites supported by stsff. Yarniouth C Foundatlon MAT is working with the Herapath Shenton Tfust on the Isle of Wigm to wrthase and d&rfelop the site of the fomier Primary schools at Yamlout The Yami(xrth Community Foundab'on is an organisation th8l has been set up to facilitate the purchase of the site. It is hoped that this will becom8 a recognised UNESCO reccgnised centre for marttitne arthaerAogy. Page 20 continued...
MARMME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEmErs - contlnued FOR THE YEAR ENDED 31 MARCH 2024 18. EMPLOYEE BENEFIT OBUGATIONS The charitable company operates a defined contritArtion scheme. The costs to the charitable company for the year was £23,828 (2023.. £9,399). There is £2.938 (2023" £1.595) due to th@ pension scheme administrator at Ihe year end. The expected Lx)st to the chaiitable company in the coming year is expected to be in line with that of 2024. 19. RELATED PARTY DISCLOSURES During the year Marityne Archaedogy Trust has the following transacticns *ith Maritime Archaeology Limited, a 100% owned subsidiary undertaking of the charlty. 2024 2023 Retharges to Maritime Archaeology Limited Purchases Donation 303,761 1,008 62,449 172,414 45,510 29,223 At the balance sheet date the following balances tre outstanding betrween the charitable company and Marilime Arthaeotogy Limited. 2024 2023 Debtor Credrtrx 237,265 158,448 2,820 20. ULTIMATE CONTROLLING PARTY The charitable company is not under the control of ather entity or any one indimdual. 21. LEGAL STATUS OF THE CHARITY The charity is a company limited by guarantee and ha5 no share capital. The liability of each member in the event of 1ndIng up is limiled to £5. Page 21