REGISTERED COMPANY NUMBER: 02394244 (England and Wales) REGISTERED CHARrrY NUMBER: 900025 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR MARMME ARCHAEOLOGY TRUST
MARrrthiE ARCHAEOLOGY TRUST CONTEp¥fs OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of Trustees 1 to 4 Irrflèpendent ExIne¢S Report Statement of Financial Actryities Balance Sheot Cash Flow Ststement Notes to the Cash Fkrw Statement Notes lo the Flnanclal 5LgtemeDts 10 to 23
MARMME ARCHAEOLOGY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also directors of the charity for the wrposes of the Companies Act 2006. present their report with the financial statements of the charity fc the year ended 31 March 2025. The trustees have adopted the provIsnS of Accountiro and Reling by Charities.. Statement of Recommended Practice applicable to chariti&s preparing their COUnts in accordanco with the Financial Reporting Stand8rd applicable in UK aThJ Republic of IrelarKI IFRS 102) (effethve 1 January 2019). OBJECTIVES AND ACTMTIES Objectives and aims The Trust's object is the adTrrdrKt of education of the public worldwide, in Great Britain ar in partIcur in Hampshire and the Isle of Wight in Marrne archaeology al heritage. Ils man activities are to promote the archaeological study of Ihe Solenl and wh1 area as a mariliThE c¢Jmmunty and thrwgh displays. exhibitio and aclivits'es, to enuJur•Je greater public engagement and awaronoss globally of the underwater cultural herilage. Additional aims include an urKierstanding wotectDn of the marttime cultural heritage for future generations. Publlc benefrt The trustèes confirrn that they have compSed with the duty in se(Aion 17 of Ihe CharTlies Ad 2011, to have chje regard lo the publ benefit guldance published by the Charity Commission ¥then reviewing the Trusfs aims and objectives, and in planning fvrture activities. The Annual Report detai& the aims and objectives of the Trust. strategies 8(&wted lo thi6ve those atms and objectives and reewS the gn[ficant activities underlaken duriw the year. STRATEGIC REPORT Achlevemenls and perfomwnce Charltable actlvlties The Annual ReFMJt 2024125 forms part of Ihe Management Committee's report 2024r25 and will be filed at the Charities commissn. The port sets wt how the Trust has achieved its ctjjectives in the year. Financial review Financial position The Trust has had a very posibve year and has conltnued to twild PTc¥Jramns and lo develop more sustainable income. Tte Trust has conb'nued Io attract fvrKling while it has looked to 01n181n its core arilable activities. The Twsl h&8 made excss of £373,101 for the 2024125 finan81 yeAr. The Trust is in a stthe Fosilion securirvJ fvrrfjing for a varioty of intefestirKJ PTc4ects vthich are valuable in gaining recognition and awareness of the Trust's strer¥Jths and capabilities. Thig helps tr) in the continued task of exploring new and larger furmlraising OPFthinits. A rarwJe of proiecls have kept the Trust very busy with deliverables includirvJ the Hor Frost FoundalK)n gant for Listening to our Past and the AHRC grant ladminislorcd by Historic EThJlaTKI) for UNPATH'D Water5. a (YOrdinated digrtal resource. the Hisloric England Granls for Women and Protected Wrecks and an A$srrEnt of Melal HLdled Sailing Ve&sels. The rel8as8 of information in resp8Ct of HMS Glowster ar our iTwolvernent has helped raise (xjr profile. Further diving on BOuldr Cltff. and research on Ihe Weslem Solent shts, was rx)ssle thanks to various ants from independent Trusts aThJ FcxJnd8tions. All of this ensures, for Ihe momenL that the Trusys ofyectives can be meL The process of actwe furraISing is continuing and fvrther applications to EUlinlern8lional streams. the Nali)nal Lottery Heritage Furky. Histor England and Charitab donor tsusts have been made which have resulted in much needed addstional resources. Tlus slralegy will continue for Ihe forthcomlng year 8S W8 lake on the large prqect of the museum de¥ek)wl in yanyu1h. Principal fundlng source$ The principal funding sources lor the Charity durng the last year armj rrenty ore th? National Lottery Heritage FU1, Historic ErKJland, Ihe Honor FFOSI Foundation, Caroline wèst Charfès Bum&tt Fund, AHRC, the Scorpion Trust in respecl of the Shipwreck Centre and the Bouldnor Cliff displays and donations from Lady Grosvenor. Valerie FenW and Galvin Weston have all been mtrtst welcome. Our commercial interest running through Marrtime Arcaeokgy Ltd {Ki4Ltd) has shown both encouragirwJ grthvth and consistency which is en(fru81Y helpful to fvTrJing Ihosè that are not purely project basod. Thè Shipwrèck Centre had a sl6ady year with exhibitions and rthv displays. The edLfjCation and outreach offer ts expanding and offering schc)Is the charte lo sw)p)rt the curriwlum with alchaeok)gaI stud. The Trtt L%, as ever, committed to maximtsing all aemave sources of funding. Page 1
MARMME ARCHAEOLOGY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Financlal review Investment policy and objectives Under the Memorandum of Asscciation, the Trust has the Fower to invest in any way the trusl&es wish. Having regard to the reserves polw. the tnjstees keep swpkjs fvnds in an interesl-bearing a¢wunt with the intention of achièving a rate of interest whith matches or exceeAls inflatJn. As Ihe financial year ended and interest rates stsrted to rise. we were aLle to place some funds k)nger terni aNJ will re8P the beneffts during this Goming year. RosepS pollcy The total reserve5 at the end of the year are £704,584 of which £63.786 are testrcbj funds. The Management Comnmttee has reviev1 the CharlS ne1 for r8sèms in lina Yth the guthrte issued by the Charity CommisBion has agwd thai thè Rèsarva should not fall bebw a minimum of £200,000, lo enable the Trust lo fund approximalely six nM)nths core slatfiry costs, 9ivirg suffiuent flexibility to manage its cashflow and to rmide stsff with additnal security. hiLst the current level of r8serves may prove suffidenL it is the trustees, Ilwl tt is prudent to ensure that there are sufficEnt reserv6S to provide fironcial ftexibilty over the course of its forthcoming chanenges. Fuluro plans The Trusl will ¢onts"nue to expand within its core areas of tty whth have bew summarised below. The ¢Jevelopment 51rategy for the Marlime Archaeolcgy Trust is based on reaistic growth tlyough the utilisation of availatAe fundir¥J Sour and investment in stsff. Research Fieldwork a1 research within Ihe Undeter and Inttida1 zones fomi the information base for Trust exhibitions and educaUon initiallves. The SCAentifK cokntion of high quallty marirh3 archaeological data from rang8 of sitss and archNes around the Solent and furlher afkl wll invOe the investsgation of shipwr8cks, submerged prehistorr landscapes, historic ancFM)rages. hked vessels. shoreside insts1l8tnS and maritim8 industries. Thls work wll involvè profesSnal archaeologists, volunte8rs and Stents. Rèsults will be disseminated lo nat)n and kal Histrffic Environment Records. Additionally, the Trust undertakes research on Ihe methrxjs, tethniques and frameworks kn Ihe management of marine herilage assets, asswaled data arthives. The Trust is irmasirKJly Identify3 ways that the underyiater cultural heritage can Inform past climate change. This is becning a very relevant part of our work and is linkiro direcuy with the UN Decade of Otsan Science and to our role as an UNESCO Accredited NGO. Exhibitlons The Trust SUen has o numLw of permanenl arKI temrJ)rdry exhibitions. The Isle of Wight Shipwrec Centre and Maritime Mwseum at Arreton Bams conlinues to be improved a1 utKlated and has plans frjr more varied exhibits thrOught the ttoming season. The rA)tential reaching 2 larger audien( is now being fulfilled througn wealer exwisltre on soc1 ftdia. The Maritime "Svery Bus will Orn again engage in raising awareness OF the maritime heritage throughout the South coast at various events and visiting schools around the New Foresl. Further temporary exhibr1$ are arranged for speryf events thrtsughout Ihe year. Over the r*xt few ye8rs. the eslablishment of further lemKXnry displays eontinue in addiiion to an excrf(ing OPFM)rtunty for devdopment ot a UNESCO rec(MJnised centre for maritime archaeology at Yarmouth Whh. funded by the Herepath Shenton TThsL wdl be siJned oft for development in May 2025. Edu¢ation, Outrèa¢h and Roprtsontation Durtng the ye8r we had the benefit tsf a part4u[ld. deditAted Education and Engagement Officer on the Isle of Wight WFK) delNered actiMtw and engag1 the popthtion in discovery of th8ir mariti heritage. Additsonally. the Trust undertakes a wvje variety of work whh indudes lalks. activty days for young and old, school visits and workshops, pub1l¢ats. nsults"0n responses, arKI representation at a number of local, region81 ar national groups, tommitteès and ganiSatI$. ThL% is an ex11ng area due to a higher rbational profile for maribme Chal. Other initiatives Irlude activty days arml. fomial educational packs and materials, w(xkshops for educators. popular and aca(18mic publications, reKYesentation at meetings and fora, and a sd)eme of profil&Trlsing aCtivitS lor the work of kne Trust al maritime archaeology. Page 2
mARlME ARCHAEOLOGY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STrUCTUR& GOVERNANCE AND MANAGEMENT Govèrnlng document The organisalion is a Charitable company. fimited by guafantee. incorporated on 12 Jun2 1989, and registered as a charity on 27 July 1989. The company was establthed Uf)der a MernLYandum of Association which eStal$hed the objects and powers of the charitable tx)mpany Ènd is wvemed under its Articles of Association. In th& event of the company beiThJ wound up. members of the Trust are fiable to contribute an amount not 8xceeding £5 to the assets of Ihe Trusl. On 31 March 2025 there wer8 43 members of the Trust. Recrultment and appolntmfrnt of tntstees As set out in the Articles of Associan. the Management Committee shall constst of rt less than five. and not more than twelve MeMr5. The Commlttee elects of its member5 to serve as Chair lor a period of three years. Al other members stand do5 from office at the Annual Genoral MeetiNJ bul are eligiblo fc re-election fc Ihe forthcoming year. The trustees are elected to brirvJ a wbje range of skills to the Management Committ. including archaeologists arKI histortans wlh a 4ecial interest or sk1 in marrne archaaology. local council rnembers representing the aaS around the SolenL and local representstNes res#Jenis with a general interest in rchaeol(w arMJ the hislw of Solent area. Those with experience of charity management. mus8ums, law and property are also represented within the bwd. Organisalional strudurè Currentty, ihe Trust has a ManwJement Cmittee of 8 members who meet three time5 a year and are responsible for the slr8tegic direction of the charity. The director has le5p0511Jty for the day-trdaY operalbjnal management of Tru5L A Finance suE>commillee is aL80 in place and the chair has delegated pwers lo make financial decIsnS on behalf of the Management Committee shoulcj a dectsion be required quickly outgKle of the timescales of the Management Committee meetir. This su¢0mmittee meets before each Management Committee Meeting and as and wln required. Induction and tralnlng of new trustee$ Maritwne Archaeology Trusl Trustees infomatK)n pacL rKepared drawing infornatKin from the various Charity Commission publications signposled thrwgh tie Commission's guide Tr Essential Truslee., Is distributed to all new trustees along with It Memorandum arKI Article5 of A$8tn and the t8kst financial ststemenls. We have benefitted from the addition of fv40 new Trustees during the year. Key management rernunÈrntion The key managem&nl rsOnnl of the Charity comprises of the DIrtOr and Head of Research. The rÈmuner8tion is decpded by the Trustees 4ithin meètings. Rglated partie6 Tho wholly owned trading subsidiary. Marib'm8 Archaedcoy Limited. which is incorpcrfaled in Eroland and Wales. is n(th in its iwenty-firsl y9ar of operan. It has a wid&ranging portfr)lo of work which includes supporting a range of offshore a coastal dgvobpment, such as W1?S, seaweed famis, porls and harbours. in &Jdilion to pfovidirwJ speciaist services related to 3D modelling, visualisation and marine data management arKI FesentatK)n. Al profits chargeable to cor[ratIOn lax and not adversety affecting the cash fkni posiiion of the company will be paid to the charity by tax free distribution. Risk monagement The man3ment Comrntltee has conducted Ils review of major rlsks to Vrth th8 charity is exF(>sed, and systems have been eslablished lo mitiJale those risks. Significant external risks lo funding have ted to Ihe devek)pmenl of 8 sIralC plan which will allow for the diversificati of funding and aclwities. Internal risks arg minimised by the imF4em&nlalion of FYOC8dures for aUthorIsa.On of all transactions and projects and lo ensur8 consislenl qualty of deliv8ry for all operatior1 aspecls of the charitable company. These proClureS ar& perIOdllY revie¥d to 8nsur8 Ihat they still meet the needs of the charity. REFERENCE AND ADMINISTRATIVE DEfAILS Reglstered Company numbèr 02394244 (England and Vvales) Page 3
MARlE ARCHAEOLOGY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 hlARCH 2025 Registered Charlty Du 900025 Registered offlce Rcom 014111 National Oceano9raphy Centre European Way Southampto Hampshire S014 3ZH Trustees Mr M Woodh811. Chaimian Mrs V H Fenwick (retwed 18110r24) Dr N C Flemming OBE MrFJGre Mr P Shears QC Mr M Waterhouse (retired 21Y02124) Ms H Farr Ms N CampbeN Mr M J Wo¢Jlward (retired 18110124) Honourable M R Mont8gu-S(x)tt Mr D M Adams {appointed 18110r24) Dlr•¢tOT Mr G Momter Indopendent Examiner Paul Undgrwwd, FCCA Morrts Crocker Chartered AcCntants station Hous8 North Street Havant Hampshire P09 1QU Bankers Uoyds Bank P 49 High Street Winchester S023 98U Report of tho fJustees, incorporalin Company directors, on ..f.*..l.l.o. . strategic reFQrt, approved by er of the board of trustees, as the . and swjned on the boards behalf by: Tmwoo all - Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MARrriME ARCHAEOLOGY TRUST Indewndent examlnefs report to the tntstees of Mgrttin)e Archaeology Trust (Xhe Company? I report lo the charty trustees on my examinal)n of acc(wnts of the Company the year ended 31 March 2025. Rèsponslbllltles and basls of report As the charity's Iruslees of the Company {and abo its deCtS for Ihe purposes of (MpanY law) you a reswnsible for the preparatIC of ts 8ccouTrts n 8cccwd8nce with the requirements of the Companies Act 20061.the 2006 Act ). Having satisfied myself that the accLNJnts of the Company are required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in fftspect of my exaninatK)n of your a¢¢ounts as c8rried out under Sectrjn 145 of Charities Act 2011 1.the 2011 Act'l. In ryIng out my ex8min81iM I have followed the Directions gwen by the Charity Commission SectKsn 145(5) (bl of the 2011 Act. Independent examlnerfs 3tstement Since your charity's gro&8 income exceeded £250.0(Y) your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the exarT)ination because l arn a memlw of the Association of Chartered Certified Accountants. whh L8 one of thè ltsted b(KJÈs. I have completed my examination. l eonfimi that rt) matters he (x)me to my attention In connection with the &Y8mlfl8tion giving m6 C8LL8e to beleve.. actounting records were not kept in resFect of Ihe Cow4)any as required by Seclion 386 of the 2006 Act: or the accounts do not accord with those records.. or the accounts do nol compty with the accwnting requirennts of Section 396 of the 2( Act other Ihan any requirgment that the accounts give a trt and falr which is not a m£tter t1dered as parl of an independent examinab-on.. or the accounts have not been ppared in accordance wtth meth¢>Js and principles of the Ststement of Recomm8r¢ded Practu for accounting and reporting by charili8s lapFlicabl8 to charities preparing their aGCDunt5 in acCOrdar with the FinanGial RepDrting StawKlard appliGabl8 in Ihe UK and Republ of Ireland (FRS 102)). have no concems and have across ottEr matters in conjn wth the examination to Vffih altenlion shwld be drawn in tlis rel1 in order to enable a tnper understanding of the accounts to be reached. Paul Undwwood, FCCA Morris Crctker Charte1 Accountants stali(Jn Hous North Slreel Havanl Hampshire p091QU Date: .
MARMME ARCHAEOLOGY TRUST STATEMENT OF FINANCIAL ACTIVlEs (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted Restrthl funds funts INCOME AND ENDOWMEKfs FROM Donation5 and legacies 65,155 525,440 149,602 Charitable acljvllles Research. Exhibitions and EducatK)ll 62.768 151.755 214.523 183.729 Investment IrMe 10,661 10,661 2.931 Total 533,714 216.910 T50,624 336 262 EXPENDrfuRE ON Charitable activitlos Research. ExbitionS Edu¢*i 140,243 Y37.9TT 378,22D 287,074 NEf INCOMEIIEXPENDffUREI Transfer5 between fvnds 393.471 (21.06n 2.423 372.404 S5,188 17 Net mov8mw)t In fvnds 395.894 {23.490) 372.404 55.188 RECONCILIATION OF FUNDS Total funds broLsght forward 244.205 87,278 331.483 276,295 TOTAL FUNDS CARRIED FORWARD 640,099 63,788 703,887 331,483 The notes form part ofthese finan(aal statements Page 6
MARMME ARCHAEOLOGY TRUST (REGISTERED NUMBER: 02394244) BALANCE SHE 31 MARCH 2025 2025 2024 Notes FIXED A$ss Tangible assets Investments 12 13 4,613 6.580 4.615 6,562 CURRENT ASSETS Debtors Cash at bank aThJ in hand 14 587.077 419.870 260.668 274.144 1.006,947 534,812 CREDITORS Amwnts falliro due within one year 15 (307.675) 1209,9111 NET CURRENT ASSErs 699.272 324,W1 TOTAL ASSETS LESS CURRENT LIABIUTIES 703,887 331,483 NET ASSETS 703.887 331,483 FUNDS Unrestricted funds Restricted funds 17 640,101 63,786 244.205 B7.27B TOTAL FUNDS 703,887 The charitable cornpany is entided to exefftptn from audlt under Serlion 477 of Companies Act 2006 for Ihe year ended 31 March 2025. The members have rK)t required the compary to obtain an audrt of Its financial staten*nts for Ihe year ended 31 March 2025 in accordance with SectKJn 476 of the Companies Act 2(K)6. The trustee8 acknowledge their reSpOrlIrtI8ts la) ensuring that Ihe ChallbIe C(panY keeps a(xountlng recorts th81 wwnply with secttl 386 and 387 of the Companies Act 20[ and preparing finala1 statements Vrth and fair view of the slale of affairs of the charitable eompany as at the end of each financial year and of rEs sw)lus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and whh otherwlse wmply with the requirements of the Companies Act 2006 rdaling to financial statements, so far as applKatAe to the chari18ble company. (b} The fi tatements w8r8 approve(I by Board of Twstees and aulhoris8d for issue on Thj were s•gned on its beha by: Mrm dhall - Trustee The notes fom part of th&%e ffinancaal statements Page 7
MARrnME ARCHAEOLOGY TRUST CASH FLOW STATEMEP FOR THE YEAR ENDED 31 MARCH 202S 2025 2024 Cash flows from oporaling aGtivltl•s Cash generated from operaticS Interest paid 145.726 207,224 28 Nel cash provKled ty or*ratN &tivities 207 196 Cash flows from Investing actlvltles Purchase of tangible fixed assets 2.767 Net cash provide(I byl(used in) investjng athitiès 2.767 Change in cash and cash equlval•nts In the reporting perk)d Cash and cash equlvalents at th• beginning of the reporting period 145.726 204,429 274,144 69,715 Cash and cash ewlvalents at the end of th• rnporting poriod 419,870 274.144 The Th)tes fonm part of Ihese financial stslements Page 8
MARMME ARCHAEOLQGY TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net income for the reportlng perfod las per thè Slatemenl of Financial Activtties) Adjustments for: Depreciati¢M charges Inlerost paid Increase in debtor5 Increase in creditors 372.4fy1 55.188 1.967 1,968 28 (19.141) 169,181 (326,409) 97,764 Net cash Fyovided by operallons 145,726 207 224 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank arnl in hand 274.144 145.726 419.870 14S.726 419870 Total 419,870 The 1¢5 form pwi of fhese finanoal statements
MARMME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES Basls of pr•paring the financlal sfatements The financial stslemenls of Il (Jwitable c4)mpany. whic is a public benefil entlty Ujer FRS 102. been PTepared in OrdanCe with the Charrties SORP IFRS 1021 'AcC1ntirvj 8ThJ Reporti by Charlties.. Slalemenl of Recommended Practi1% aKvli(xble to tharities prepariThJ their acUnts in ardance wilh Ihe Financial ReFK)rting Standar(l applicable in the UK and Republic of IrelaThJ (FRS 102) (effective 1 January 20191,, Fina1 Reportir¥J Stsndard 102 The FinancN?l Reporting Standard applicable in the UK and RepublE of Ireland, and th& Companies Act 2006. The finamal statements FRve been prepared under the historirAI cost convention. wth the exceptfjn of investments whh gre Included at market value. Golng concern The trustees consider that 2rÈ no mxtp.rial iJnrAtr2intip_g rftgardir¥J thp. rtharitahle mmpatys Abilty to continue as a going concern. Llrnitod by guaranlee The wmpany is a charitable ccKnpany Miled by guarantee arKI is exempl frcm 1ftg "Limited" n its name under Sectim 60 of Comparnes Act 200S. It has no share capital. 8fKI each marns liabilrty is lirnited to Prnparatlon of consolidated financial statements The financial statements ¢ontsin information about Marilime hchae(koy Tnjst as an in¢Jvfdual wmpany and do not contain consolidated finan(xal inlorrnation &8 the parent of a group. The charity is exempt under Section 399{2AI ofthe Companies Act 2006 from the requirem8nts to pryre CaSo11d8ted finand81 st8lements. Crltlcal accounting judgements and key Sour of eslimation wcertalnty In tho preparation of these financi trtatements, the tnjstccs hav¢ cced that no s•Jnrfunt aOntIng judglents or key Sour of estimati uneertainty were requred. Income AJI income Is recognised in Ststement of Financial AclMtEs CCe the charity has entrtlement to the furKls. It prctiable that the b& received aNI the arTh)unt can be rn&Ured reliabiy. Expenditure Lrdbilities are reccN3ni5ed as expenditUTe as soon as there i8 8 legal or corL8tructive oNigalion cornmitting the charity to that expenditi1, il is probable Ihal a Ir8nsfer of economic beneffts will be required in settlement and the anY&Ltnt of the obligation can be measured reliably. Expenditure is accounted for on an aLtruals basis and has been dasstfied under headir4Js that aggregate all cost related to the category. Where costs Cannot be dlrectty attribLrted to wticular headi5 they have been dbjcated to activilies on a basis consistent wlth use ol resourc8s. Tanglble Ilxed assets DepreatiOn is provided al the loll)wi)g annual raies in der to write off e asset over Its eslknated usefvl life. Plant and machinery OFF equlpment 20% on c>Jst 20% on Cost Taxation The charity is exempt from c(KF(YatK)n tax on its tharilable activilies. Fund accountlng Unrestrthd funds can be used in dance wilh the ¢haritable Ot1liVeS at the disuetion of the trustees. Restricted funds can onty be used for parbcular reslrict&J purp)ses wrthin the objects of the charity. RestriclK)ns arse vthen specifd by the donor or when funds e raised ft* wti¢uL3r rostJtt8d pUOSes. Page 10 continued...
MARtnME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnu8d FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES - Contlnuod Fund accounllng Further explanation of the natu arthj wrpose of each fund 15 inclwled in notes to the finanrial statements. Penslon costs and othw post-retIremt Tre1ftS The charilable company yrates a defined contributh)n nSIon scheme. Contributi8 payabie to the charitaEAe companls pK)n scheme are charged to the Statement of FinarKial Activities in the period to which they relate. Flnanclal Instruments Th& charty On enters into bas financial irtstruments transaclions that result in the recConitn of financial assets and liabililies like tr&le and olher accounts receivabl& and payable and invesknents In stock$ and shares. The rneasuremenl basis used for th8S8 nstruments is d6tsiled b810w. Debtors and cash at bank Trade and other debtors are reCTrIsed al Ihe settlement amount due after any trade dwounl offered. Prepaymenls are valued 8t the amcwt prepaKI net of any tr8de dIscnts due. Cash 8t bank and in hand ifluded cash hekd on deposit or in a current accounL Crndllors and provisions Creditors and provisions are reCOls where the drity has a present oblb3ation resulb'ThJ from a past event that will probably result in the transfer of funds to a Ihird paty and the aUnt due to settle the Dbligalion Ban be measured or estimated reliably. Creditors and provishxts are normally reCOlSed at their settlem8nl amount afteT allowing for any trade disL*)unts due. DONATIONS AND LEGACIES 2025 2024 Donalic 525,440 INVESTMENT INCOME 2025 2024 Deposit account interest 2.931 Ail investment income is deriv frorn assets hekj in the United Kinyjom. Page11 continued...
MARtriME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - con11nl FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM CHARrrABLE ACTIVITIES 2025 2024 Acuvtty Research. ExhibItKs and EdLtion Resear¢h. Exhibith)ns and Edtts)n Research, Exhibitions 8nd EdlThn Research. ExhibItS and Educati)n EU aThl UK Pr E&0 Delivery Miscdlaneous Exhibitson Admission 179.352 11,819 7,639 15.713 159.123 4,984 2,520 17,102 214,523 183,729 CHARABLE AthTIEs COSTS Direc Costs Ise8 note 6) SUPpt costs (see note 7) Totals Resewch, Exhibitions and Educ£ti 329.494 48.726 378.220 DIRECT COSTS OF CHARrrABLE ACTivmES 2025 2024 Project time Activities undertaken directly Depreaation Interest payablg and sinlkr ¢harge8 296,184 31,342 199.260 31,085 1.968 28 329.494 SUPPORT COSTS 13)v8rnance Management Totsls R8searc. &xhibltw)ns aThJ Edu(xt Supw)rt costs. included in Ihe aly)ve. are as fo. ljlanagement 2025 Research. ExhibitKJng 2024 Educ8tion activities Page 12 continued...
MARMME ARCHAEOLOGY TRUST NOTE5 TO THE FINANCIAL STATEMENTS - continuèd FOR THE YEAR ENDED 31 MARCH 2025 SUPPORT COSTS - conllnued Governance costs 2025 Research. Exhit)itions and Education 2024 Total 8¢teS Gavefnance o)sts 4.217 NET INcOMEI{EXPENDURE> N81 inct)m8118xpen(Jiiwel 16 t80 (arg1nty{credlng). 2025 2024 Depre(iation- owned assets Independent examiners. fees 1,967 2,016 TRUSTEES. REMUNERATK)N AND BENEFITS There were no Iruslees, Trmunerati¢)n other beneffts the year ended 31 March 2025 nor for the year endfjd 31 March 2024. Trustees. expenses During the year no tnJ8tees (2024: r•ll We rmbUr$ed for out of ckel eXneS. 10. STAFF COSTS 2025 2024 Wages and salariès Social security costs Pension costs 278.311 18.310 26.796 174,252 14.778 23.828 323.417 212.858 The avw monthly number of8mpk)yees during the year was as f(41ows: 2025 18 2024 16 During the year G McMnb8r reCeN ettluments of £62.113 arKI no olhef w10yee receNed emoluments in excess of £60,00012024: n(01. Koy management personnel The key manaJement p8r5e1 of the Charity comwises of the Director and Head of Research. The total eryloyee remurat)n and tefitS of the key twnagement personnel of the charity was £135.518 12D24: £144.6551. Page13 continued...
MARITIME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS- conllnu•d FOR THE YEAR ENDED 31 MARCH 2025 11. COMPARATNES FOR THE STATEMENT OF FINANCIAL ACTivrfiES Unrethcted Restricied funds Total funds INCOME AND ENDOWMENTS FROM Donations orKI legacies 123.468 26,134 149.602 Charitable actlvltles Rese8rth. Exhbitiim5 Eduration 24,387 159,342 183,729 Invesbment iorne 2.931 Tolal 150.786 185,476 336.262 EXPENDITURE ON Charitable activitias Research, ExhibitKffB and Education 86.350 194,724 281,074 NET INCOMEIIEXPENDITURE) 64.436 (9.248) 55.188 RECONCILIATION OF FUNDS Total funds brought forward 179.770 96,525 276,295 TOTAL FUNDS CARRIED FORWARD 244.206 87.277 331.483 12. TANGIBLE FIXED ASSETS Plant and machirwy Offne equipment Totals COST At 1 Ayil 2024 aThl 31 March 2025 131 133 62.9>2 DEPRECIATION At 1 April 2024 ChapJe for year 131,133 56.352 1,967 187,485 1,967 At 31 March 2025 131 133 58.319 169.452 At 31 March 2025 4.613 4.613 At 31 March 2024 6.580 6.580 HerFtage Assets As part of its research activities. the Tt rver5 artofaGts aThJ samp18s {heritage as8ets) from marine and inter-tidal arthaeological srtes. These ttems a Iver&I sddy for sdentific research and educational purposes and are nct considered lo have Intrknsic fInCla vaue. Page 14 continued...
MARITIME ARCHAEQLQGY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 12. TANGIBLE FIXED ASSEfs- contlnu•d Ownèrshlp of non-Wk artefacts, such as prehistoric materlal frC tho marlne zone. ltes wSth the landOWr, typically Crown Estate. These items are held IOrarilY by the Tnjst during research or for edu¢alicJnal use. and are subsequently dewsited in a public musoum. wilh lanth)wner's agreement. For wreck artefacts. ownership ks govem8d by the Merchant ShippirvJ Act 1995. In many cases involving historic wrecks, no dear {ner can be identified. In such 5nstsns. the Trust-though not 8 registered museum or archive-follows eststli5hed arthaedogKal best practice by deFositing fv artefacts wilh an appropriate public museum le.g. Hampshire Cultural Trust or the Isle of Wight Heriwe see). This ensures that the items are accessible to the public for research. education, disFlay. and general interest in perFeluity. UpDn deposition. ownership trartsfers lo the receiving museum. As a result, rK) heritage a3¥et8 8re capllallsed kn the Trust's fiMnci81 statemenls. 13. FIXED ASSET INVEsTMEPs Shar&$ in group undertakings MARKVALUE At 1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 There were no investnt assels cs1d& Ihe UK. The company's inveslmenis at the balance sheet date in the share caprtal of companies include following.. Maritime Archagology Llmlt•d REGISTERED NUMBER: 04923815 Registered 08.. Room 014111 Natior*l Ocean08phY Cerrtre. Empress De. Southarnp. H8mpshire. S014 3ZH Nalure of kmjsiness: Maritime arthedogy related 8¢trrilies Class of share: Ordinary hohling 100 2025 2024 Aggregate capllal and reserves Profit for the year 20.953 428,688 24,808 63,361 Page15 eontinued...
MARrnME ARCHAEOLOGY TrUST NOTES TO THE FINANCIAL sfATEMEPKS . ¢ontinued FOR THE YEAR ENDED 31 MARCH 2025 De8TORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 125 2024 Trade debtors Amounts owed by group undertakings Other dabtors 4,314 576,224 5,659 6,983 237,265 15,648 772 S87.077 260.668 15. CREDITORS: AIIOUKfs FALUNG DUE WITHIN ONE YEAR 2025 2024 Soclal securfty and other taxes Other Credrtors Deferred Income 10,081 7.594 290.000 21,713 58.298 129.0 307.675 209.911 Deferred incorre represents prggct incJ)me in advance. 2025 2024 Brought forward Amount feleased to in¢(Kning resourGes ArUnt deferr8d in year 129.9 1119.9001 280.0(K) 20.788 (20,7881 129.900 CarrBd forw8rd 129,900 16. ANALYSIS OF NEf ASSEfs BETWEEN FUNDS 2025 Tot81 fijnds 2024 Total funds Unostricted Reslri(*ed funds Fixed assets Investments Currerbt ats Current liabilities 4.613 4,613 6,580 683,161 47.675} 323,786 260.CN)D} 1.(M)6,947 307.6751 534,812 209.911) 640.101 Page 16 ¢onlinued...
MARlE ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS N8t movement in funds Transfers belween fvnd5 At 31.3.25 At 1.424 Unrèstricted fund6 General fund ShipwreGk Museum 261.753 416,018 2.423 680.194 244.205 393.473 2,423 640.101 Restricted funds 8ouldnor Cliff Weslem SOnvThornS Beach Un PatFfd Waters Listening lo the past Fathoming the future AgamerTMon Gloucester Women & Pws HE Metal hulled Salling Vessels HIWCF CB 8us Fund YamioLrth Community Fndation Leverhulme TrusVWarvMJ( UN Ocean Decade HE Women in M3rltime - ErvjId Twiegend H8rt MuZEem Yarmouth Museum Development 21,136 {11.700) 5,929 27,065 {6,396) (34.849) 353 {29.689) 4.183 {465) 12651 10.376 [443) 17,337 31.725 .027) 17,690 (2,036) {2,844} 1465} 297 1.245 {1.236) 10,673 1.935 1.236 941 110,056) 17) {374) 941 {10,056) 17) {374) 25.624 1.236 TOTAL FUNDS 331,483 372.404 703.887 Page 17 continued...
MARITIME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS ' ¢ontInl FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS- conllnu•d Nel movement in funds. I[Ude(l In above aro as folvws: 11ng Resources Movement in funds Unrestrlcted funds General ffijnd Shipwred( Museum 491.256 (75.238) 65 003) 416.018 533.714 (140,2411 393,473 Restrictpd funds B¢uldnor Cliff W8stem Sotenlrniorns Bea(*J Un Path'd Waters tening to the past Fathoming the hknre Agamemnon Gloucester Women & HE Metsl hulled Sailing Vessds HIWCF CB Bus Fund Leverhulme Trustrwarwick UN Ocean Decade HE Women in Maritime- EnglarKI rviiegend Hart MuZEem Yarmouth Museum Devdopmènt 10,IKJ1 15,(XX) 41.726 15.499 37.678 4.314 152 {4,072) (9.696) (765751 {15,1461 (67.3671 {1311 {6171 12651 (6.124} 112.311) 115.710) 114.342) {2.109) (374) 13.140) 5,929 5.304 <34,849) 353 129.6891 4.183 14651 (2651 10,376 690 941 (10.0561 {71 {3741 26.860 16, 13,(X)1 16.651 4.286 2,102 40.000 216.910 237.979 TOTAL FUNDS 750.624 378.220) 372.404 PwJe18 continued...
MARITIME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnu FOR THE YEAR ENDED 31 MARCH 2025 17, MOVEME[ IN FUNDS- conllnu•d Comparatlves for movomont In furlds Transfers movement in funds At 31.3.24 At 1.423 funds Unrestrl¢tgd fund$ General fund E&0 Unreslricled Shipwreck Museum 177.910 3.71)) 80.143 3.7fX) 13.700) 261.753 15.708 179.770 244,205 Restrlcteil funds Bouldnor Cliff wesip.rn solen1hOrry9 Be8ch SARCC CMW Thoms Bexh Un Palh'd Waters Listening lo the past Fathoming the ftJttJr8 Agamemnon Gloucester Women & Pws HE Metal hulled Saliry Vess815 HIWCF CB Bus Fund Yarmoulh Gommunity FcuKJac 21.194 {10.162) 18.966 4,340 34,378 20.555 8,055 (1,698) {1.275) 2.172 (58) (5.878} {18.966} 21,136 {16,040) 4.340 35.292 17.337 31,725 {7.027) 914 (3.218) 23.670 15,329) 1,275 (1,3) 297 1,245 1,2J6) 209 297 1.245 1,2361 ,525 9,247 87,278 TOTAL FUNDS 276,295 55,188 331.483 Page19 continued...
MARMME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMEF¥fs - conllnu8d FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS - conllnuod Comparative net movement in fw)ds. Irt1 In ts ab8 are as folh)ws: IrornIng Resources Movement re$DW ext*nded in funds Unrestricted funds General fund Shipwreck Museum 125.884 24.901 (45.7411 80,143 15.708) 150,785 (86,350) 64,435 RÈstrictÈd funds BOOr Cltff Westem Solenltrhorns Bea SARCC Un Path'd Waters LlstenkTg to Ihe p8St FathorThng Ihe future AgatTbemnon Glouc£ster Women & Pws SWC HF POWA HE Metsl hulled Sali ing Vessels HIWCF CB Bus Fund yarnuth Community FoundatK)n 8,146 2,499 7,573 17,453 (8.2041 18,3771 (26,5391 (16,5391 13.218} (85,6871 15,3301 (18.725) 18.907) (7.6001 {1971 (1.155) 4,246) ($81 15.8781 (18.9661 914 13.218) 23.670 15,329) 1,275 11.963} 109.357 20,000 7.P)00 494 2.4tK) 3.010 297 1245 1,236 194.724 9,247 TOTAL FUNDS 336.262 281.074) 55,188 Shlpwreck Museum The shipwreck Museum c¥rrenty, at kneton on the Isle of WighL is an ktant attti on the island and showcases a unique shipwreck coleclKJn and other marilime hertta9e siles and historical events ihroughout the ages. It is a popukr visilcK attraCtn all ages aThJ wovides education and outreach lo tbe schools and ¢ommunili&s on the island. Bouldnor Cllff Bouldnor Cliff is a submerg&l landscape sile in Solent. It has generated much interest of late as it contsins ovidÈnco of human accupation from 8.rK)O years ap. Funding for diving and exhibitions from The Scorpion Trust has enableAI this important site lo inv8stwJaled. Sustsinablg and Resilient Coastal Clties ISARCC) European Funrfed prq-e¢t wrfh 4 other partnS wAich wli r mainstream nature-baseo solutsons Into coastal m8nagem&nt and policy making. The bu&ls case stLMlies Ihat demonstrate the hng4erm impact of coastal erosK)n. Page 20 continued...
MARrME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 202S 17. MOVEMENT IN FUNDS - eontlTrued Western Solentrrhorns Beach sUbrge(l end nter-tidal landyapes (sn PfDvKle an invaluable source of infom)ation ab(MJl our prehistoric past Our work al the Mesolithic lan(iscaFt al B(1jnor Clifi, and other preht5tLYiC siEes in the Solenl and beyond. has pioneered lechniwes for exploriThJ these unKiue environments and the people who lived there. Through analysirg ld surfaces and associat deposits dating trom Ihe Mesolithic. Neolithic and Bronze Age, we've begun to irtsve5tigate dimatr and sea level chaThJes that were as important for prehistoric powlations as they are today. is a new ar exciting aa of Chae011¢al investigation. Our findings have been of inlernatiol importance and have resulted in a range of co112borative projects. Recent activities have funded by the Caroline Monwue Weston Fund, Ted ForL Lady Edwin8 Snow and The Scorpion Trust. Un Path'd Waters Consortium project furlj by the AHRC TcMrÉrds a Nati81 Cdlection Programn' and lead by Historic England to increase interaction with the UKS marilime herttage and make acce&s to re(x)rds Ihat are currenily Scattered rOSS hundrgds of archives. rnu5eurn5 and libraries much easier. MAT using ils experbBe in marttime archNe mater1 and digital engagernent and dissemination lo Prcluce test a dKJit81 viewer based on Needles wreck sites and krknJ past archive Ihrough online links toll naw maritime stories to new audiences. Llstonlng to Our PasL" Recording Hlstory of Marftlme Archwology ProJt worklng with and IOUgh funding from the HOT Frost Fomda1ft to re(x)rd ordl histcyies from those involved in the eaty years of maritsme archaeow to th)cument the hislory of the disapyine at deposit Ihe recordings aNI associated trangcripts 2nd ¢xument8tion wth Southampton UnNer%ity Litary Special Collections. The project is also seekw)g to bjentify personal archives ld Lry IndidUalS to h81p secure their long tem) deposition and care. Fathoming the Fulurg A two year woject fvnded by the Nats"onal Hetiwe Lottery Fund kn prorTh)te digilal engagement V4ith rn8rilime arChaecAo. It includes invofving volunteers in dBJitsing MAT analogue archive. devek)ping research to tell new stories for new audiences. creating 3D models. tours. audio podcasts and videos. 11 aLso tsking digtFal reSoUrS out lo new audien5 as well as developlng digtsl skills. Prr4ect runs trom Awil 2022 to April 2024. Charl&s Burngtt - Oisctivery 8u$ Tour Funding from the Charles Bumett fund thrwgh the Hampshre and Isle of Wight Community Foundation. Developing &ngagement th marrne archaeology and coastsl change arourKI Ihe Westem Solent with a focus on Ihe New Forest CoasL Creating posters and 3D resources to take out in the Maritime ArchaÈology Dlscovery Bus to eommunitles, schocls aThJ cc4. Agamemnon Working wth the University of SouthaMOn wth our patrons from the Beaulieu Eslale, we h8ve been helping lo survey the HMS A98Mnon, being built Buckerfs Hard. it was Nelson's favourite ship and is the Dnly surviving original hull sltuctUTe frc4m th8 Battle of Trafalgar. Gloucesler The GI06ster sank of Norfolk in 1682. It is carrying the, s(M)n to be King. Jam&s 11. It is an inlernationalty importanl site that the MAT is hetpiNJ suN8y aThJ record site for an exhibitton in Norwich Castle. Page 21 r#)ntinued...
MARrnME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMEpifs - coThtlnued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS- conlinued Women and Prot•ct•d Wrecks A one year project fvnded by Histor England to invesbtye ts engagemer¢t of w)men with Protected Wreck sites. p8rti¢ulwty the leveL8 of women aFplw"ng to becorre LiCeree5, the FK)tential impact this has. and is, havlng on the uThJetalIng and enpyment ot Prot Wrxks. Leverhulm• Twstlwarwick Untverslty Funded by the LeverhLlme Trust and wcKking with War+Yk Universfty. this proiert aim5 to reconsiTUCt Ihe wider paleolandscape of the Solent Irom the te Ple1Strne to the Midd Holocene, using the key srtg of Bouldnor Clifp, a Mesollihlc occupation. It kntegrates sedinentary DNA archaeobgy. sedimentology, and palync4ogy. aiming lo address the GonnectiM betsveen Bouldnor and Euro. 8j identifyiry rf Il Solent harboud species in refvgia duriro gladal poriod$. HE Women In Marltkne Engknd The key prciect aim is to= Use a bgtter urKl8rtsnding of the invdvement of women {or lack of involv&m&ntl in the maTMime archaeohjgical discipllne, within the UK. wlh a frUS on England, to assess fK)w this influencing 8quality of cpporturmty. the creaknn of maritime archaeIcal kniMledg& and the setting of reseah. nagem and protecbon FXiclkn"eS and what can b8 done to a(klre6s this srtuation. We recognise that achlevin9 gender eqUaty in fforiti"m archaeolcqy requires a Muttlted approached, from addre historical biases in research and interpretalion to promotlrg equilable pract in eduL8tion. fid¢Jwork, anfl professional relnft. This pr(4ect provide uersning of contemporary maribwne archaecdogy and the issu6s and bwrrws faced to btyin to affad posi change. rviiegend Hart MuZEèffl An online experience of the fate of the Grew of Ihe VOC ship I Vltegend Hert. V4hith sank off the rx>ast of Zeeland in 1735. Merging and cpeniry up the datasets of Ihe % Viiegend Hert lleCt1¢an of the Maritiem Muzeeum Zeeland (MMZI and Rijksmuseum Amsterdam IRM} via one public porlal, enriched with extemal sourc8s such as cr&w lists. stswies. digtlvz8d kKaion dats aml 3D images. For a bro public and researchers UN DecadelLloyds - SoMu¢h Maritime and undeTh¥ater eultural rItage {M&UCH} hohjs uealISed potential for (XOSS-dis(Ylnary an SCi8nce research and pubbG ongement lo (xjntribute to the UN Decade challenges. Its aim is to enhance th& value of the UCH as a r8s(wrc8 to better understarwj Ihe clgIng oceans. gathering the soence we rttd. thC¢8tii tr the cean we wanL SWC HF POWA Project to d8vfrlop naw exhibition fcKused on protedthl VTe¢ks at the Shipwre(& Centre and Marilime Museum, alongsklo provi¢ing VCAunteer s.11 develOpnnt 0ppwtUnit. art8facl recor(ling an¢J public facing events and a¢tivty days. Funded by th& N81i(mal Lottery Hwilagg Fund. HE Metal Hullgd Sallin9 Vessels waters to develop uThler5tarKling of Iher snificArte. funded by Hist1¢ England. This wi]18ngage volunteer5 in th8 reswch of these sttes suppc¥ted by staff. Yannouth C Foundallon MAT is working with the Her8path Shenton Trust on the Isle of to pChaSe develop the site of the former Primary schools at YamM)ulh. The Yami(thh C(*))munity FoundatNJn is an orTJanisation that has been set to facilitate th& purchase of the site. It is hcyd IF%gt Ihis will become a reccgnised UNESCO recognised entre for maritine arChaogy. Thls wlll Ix startwig in eamest from Awil 2025. Yannouth Museum Developrnent Pagè 22 continued...
MARITIME ARCHAEOLOGY TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMETrrr IN FUNDS - contlwed The site of the okl sch¢xA was purchased by the YCF and MAT signed a 18ase with Ihe YCF on the 18th May 2025. Development of the centre and museum wdl n(M start in e8rnest. All funds ststed in these accounts. whether YCF or YMD are in respect of this development. 18. EMPLOYEE BENEFrr OBLIGATIONS The chaiit8bie rompany operates a dèfined ttribUt)n scheme. The cosls lo ihe charitable cornpary for the year was £26,69412024: £23.¥281. There i% £2.43212024: £2.gJ81 due lo pension sthme administrator at the year end. The expected cost to Ihe chaiitable company in lh8 coming year 15 expected lo be in Ine with that of 2025. 19. RELATED PARTY DISCLOSURES During th6 y88r mariti A[cha4Y Trusl has the folkn*ig tranSacti(S with Maritime knhaeology Limitfjd. a 100% Oad 8thsKliary Undertaki of the charlty. 2025 2024 Recharges lo Maritime ArchaeLlogy Limfted Purchases Oonation 282.701 450 431,843 303.761 1,008 62,449 At the ba18nce sheet date the foknving balances were iyJtstsTrJiThJ between the ch¥itatle company and Maritime ArralogY Limited. 2025 2024 Debtor 576.224 237 265 Deed of Covenant and Prcfi fktrnation M8rilime Archaedogy Trust and Maritime Archaeol(y)y iimrted have wtgred Intr) a dee<J of covenanL under whlch the Maritime Archak Limited a)venants to donate all of its dIstributab OrS trj Maritime Archaeology Trust annual. 20. ULTIMATE CONTROLUNG PARr The {th8rttab company is not undpr thè control of arnthor ontity or any on8 indivrdual. Page 23