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2022-03-31-accounts

Charity Registration No. 1106111

Charity Registration No. SC049662 (Scotland) Company Registration No. 05182924 (England and Wales)

THE HYDROGRAPHIC SOCIETY UK

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

THE HYDROGRAPHIC SOCIETY UK

LEGAL AND ADMINISTRATIVE INFORMATION

Chair T Buxton Vice Chair Position currently vacant Honorary Treasurer R H Read Regional Directors East Anglia T Buxton Southern M Poole South West D Parker North West Position currently vacant The Hydrographic Society of Ireland S Cullen The Hydrographic Society of Scotland S Canning Middle East Region suspended April 2017 International J P M Fraser (resigned 5 October 2021) G T Johnston (appointed 5 October 2021) Student & New Graduate S Klockova Elected Directors I P Slade P C Aldersley G Witham Trustees D Parker S Cullen J Dillon-Leetch T Buxton P C Aldersley M A Poole S Klockova I Slade R H Read G Witham S Canning K Gaffney (Appointed 20 April 2021) G T Johnston (Appointed 5 October 2021) Honorary Secretary J W Dillon-Leetch Charity number 1106111 Charity number (Scotland) SC049662 Company number 05182924 Registered office Senate Court Southernhay Gardens Exeter Devon EX1 1NT

THE HYDROGRAPHIC SOCIETY UK

LEGAL AND ADMINISTRATIVE INFORMATION

Auditor Simpkins Edwards Audit LLP
Michael House
Castle Street
Exeter
Devon
United Kingdom
EX4 3LQ
Bankers NatWest Bank plc
14 Old Town Street
Plymouth
PL1 1DP
Solicitors Foot Anstey
Senate Court
Southernhay Gardens
Exeter
Devon
EX1 1NT

THE HYDROGRAPHIC SOCIETY UK

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 19

THE HYDROGRAPHIC SOCIETY UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Society's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The objectives of the Society are to promote the science of surveying at sea and related sciences. The Society also serves to provide a channel for education and the exchange of information between those engaged or interested in hydrography and related sciences.

The objectives are met by providing members with a quarterly magazine Soundings, e-Bulletins, the use of Twitter and LinkedIn, as well as by the arranging of seminars, conferences and other events so that members can learn of new developments and exchange ideas.

The Trustees (who are also Directors of The Hydrographic Society UK for the purposes of company law) have given due consideration to the Charity Commission's published guidance on Public Benefit as required by the Charities Act 2011 and the above activities are believed to fulfil the Public Benefit requirements of the Society.

Organisation of the Society

A freelance Operations Manager managed the day-to-day administration of this charitable Company during the year. A Chief Executive Officer, responsible to the Board, was also contracted on a freelance basis for one day per week.

Strategic decisions affecting the company are made by the Board of Directors at their regular meetings.

THE HYDROGRAPHIC SOCIETY UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance

This year has seen the reduction in restrictions associated with COVID-19, which has allowed a cautious return to branch meetings and conferences. Government policy changes to restrictions and the variable nature of this virus has made planning for conferences very difficult and subject to last minute changes. The use of hybrid events whereby some individual attendance is allowed together with remote attendance via internet connection have become more common. The Society has continued the development and use of the new website which together with the use of regular e-Bulletins and social media have been used to increase our online presence. The continued regular publication of the society's magazine, 'soundings', has provided a point of contact for members as well as distributing excellent professional papers.

The Remote Hydrography Conference, which was postponed in 2021, was re-arranged and took place in Dublin on 20-22nd February 2022. Changes to Covid regulations in Republic of Ireland meant that the decision to go ahead was a late but ultimately successful decision, delivering against our core objectives while making a considerable profit for the Society. The Conference focused on updating the Hydrographic community to new opportunities using remote platforms and techniques. We were also able to sponsor attendance for 6 students, allowing them to learn from and engage with industry practitioners.

On 17th March 2022 the 18th Annual General Meeting (AGM) took place during the Oceanology International Exhibition at the Excel Centre London. The Hydrogrpahic Society UK had a stand at the Exhibition providing the opportunity to network with existing members, as well as promoting the Society, its objectives and the Hydrographic Professional Accreditation Scheme (HPAS).

The South West Branch 2021 Student Presentation evening went ahead as a hybrid event in June. Seven students from Plymouth University presented their dissertation studies and proposals to an audience of Society members and industry professionals, many of whom are local employers. In addition to awarding a prize for the best overall presentation, all participants received valuable feedback, offers of technical support and exposure employers.

Scotland Branch delivered their annual Hydrofest, a one day event dedicated to Hydrographic Survey in the offshore energy sector, with insight from leading industry professionals on the topics of positioning, sensors, construction support and inspection. This event is always targeted at engineers, project managers, offshore industry professionals and anyone just starting, or considering a career in Hydrographic Surveying.

The Society’s annual Alan Ingham Award did survive the lockdown and financial prizes were presented. This award recognises the very best research, innovation and application demonstrated by students and recent graduates on relevant BSc, MSc and PhD programmes at universities in the UK and Ireland. Once again, the judging panel was very impressed by the standard and technical content of the 2,000-word papers from the successful candidates. Their prize-winning papers were subsequently published in soundings during 2022.

The Hydrographic Professional Accreditation Scheme (HPAS), developed over the past three years by the Society and shared with other national hydrographic societies, was approved by the FIG/IHO/ICA International Board on Standards of Competence for Hydrographic Surveyors and Nautical Cartographers (IBSC) in March 2022. This is a new development to assist and support individual qualified and experienced hydrographic professionals in demonstrating their competency, capability and development of their careers. A Society Working Group, together with a paid consultant, has been responsible for drawing up the concept and procedures as well as preparing the considerable documentation required. After a successful pilot phase, the scheme went live In October 2021 and the first formal intake of accredited professionals was undertaken. Assessments are conducted by an international panel of experts from across the industry.

Financial review

The net surplus for the year was £3,077 (2021: £47,418 deficit). After adding this to the accumulated funds brought forward of £162,694 (£139,915 unrestricted funds and £22,779 restricted funds), there is a balance of reserves of £165,771 to carry forward within the Society. This consists of £145,798 unrestricted funds and £19,973 restricted funds.

The policy of the charity is that unrestricted funds, which have not been designated for a specific purpose, should be maintained at a level equivalent to at least one and a half times its annual operating costs – currently £150,000. This policy will allow the Society a reasonable time frame in which to find additional funding, or wind up the charity, if the need should arise and also makes allowance for the occasional poor performance of an event run by the Society.

THE HYDROGRAPHIC SOCIETY UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Under the Memorandum and Articles of Association the Charity has the power to make any investment which the Trustees see fit. Surplus funds are at present held on short term deposit.

Structure, governance and management

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

D Parker S Cullen J Dillon-Leetch T Buxton P C Aldersley M A Poole S Klockova I Slade R H Read G Witham S Canning J P M Fraser (Resigned 30 September 2021) K Gaffney (Appointed 20 April 2021) G T Johnston (Appointed 5 October 2021)

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

T Buxton Trustee Dated: 27 February 2023

R H Read Trustee Dated:27 February 2023

THE HYDROGRAPHIC SOCIETY UK

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2022

The trustees, who are also the directors of The Hydrographic Society UK for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE HYDROGRAPHIC SOCIETY UK

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE HYDROGRAPHIC SOCIETY UK

Opinion

We have audited the financial statements of The Hydrographic Society UK (the ‘Society’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Society’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE HYDROGRAPHIC SOCIETY UK

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HYDROGRAPHIC SOCIETY UK

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Society for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Society’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In so doing, we considered the following:-

As a result of these procedures, we considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud in relation to the misappropriation of funds allocated for grant awards. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

THE HYDROGRAPHIC SOCIETY UK

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HYDROGRAPHIC SOCIETY UK

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context relate to the UK Companies Act and UK Charities Act.

Our procedures in response to the risks identified included the following:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

John Coombs MA FCA (Senior Statutory Auditor) for and on behalf of Simpkins Edwards Audit LLP

1 March 2023

Chartered Accountants Statutory Auditor

Michael House Castle Street Exeter Devon United Kingdom EX4 3LQ

Simpkins Edwards Audit LLP is eligible for appointment as auditor of the Society by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE HYDROGRAPHIC SOCIETY UK

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
37,315
189
Charitable activities
4
94,932
-
Other trading activities
5
18,632
-
Investments
6
62
5
Total income
150,941
194
Expenditure on:
Raising funds
7
2,958
-
Charitable activities
8
142,100
3,000
Total expenditure
145,058
3,000
Net income/(expenditure) for
the year/
Net movement in funds
5,883
(2,806)
Fund balances at 1 April 2021
139,915
22,779
Fund balances at 31 March
2022
145,798
19,973		 Total Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
37,504
40,613
194
94,932
6,611
-
18,632
1,659
-
67
216
4
151,135
49,099
198
2,958
5,107
-
145,100
90,379
1,229
148,058
95,486
1,229
3,077
(46,387)
(1,031)
162,694
186,302
23,810
165,771
139,915
22,779		 Total
2021
£
40,807
6,611
1,659
220
49,297
5,107
91,608
96,715
(47,418)
210,112
162,694

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE HYDROGRAPHIC SOCIETY UK

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds		 2022
£
390
33,274
181,355
215,019
(50,240)		 £
992
164,779
165,771
19,973
145,798
165,771		 2021
£
390
6,408
198,808
205,606
(44,595)		 £
1,683
161,011
162,694
22,779
139,915
162,694

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 25 February 2023

R H Read Trustee

Company Registration No. 05182924

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

The Hydrographic Society UK is a private company limited by guarantee incorporated in England and Wales. The registered office is Senate Court, Southernhay Gardens, Exeter, Devon, EX1 1NT.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Society's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Society is a Public Benefit Entity as defined by FRS 102.

The Society has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Society. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are to provide assistance specifically for student hydrographic surveyors and those at the outset of their careers.

1.4 Incoming resources

Income is recognised when the Society is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Society has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Membership subscriptions comprise the appropriate proportion of subscriptions received for the year by The Hydrographic Society UK relating to the period commencing 1 April. Subscriptions received in advance of the year to which they relate are carried forward as deferred income.

Income received in respect of advertising on the website and in newsletters, events or similar income is recognised within incoming resources in the period in which the newsletter is published, the event takes place or on such other basis as is applicable to the income concerned.

Interest is included when receivable by the Society.

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 Resources expended

Resources expended are included in the Statement of Financial Activities on an accruals basis.

Grants payable are recognised when paid.

Operating lease rentals are charged to the Statement of Financial Activities as incurred over the terms of the lease

Charitable expenditure includes all expenditure directly related to the website and supply of newsletters to members, plus the costs of arranging conferences, seminars and other events at which members can learn about new developments and exchange ideas. It also includes expenditure relating to the administration of the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computers 25% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The Society has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Society's balance sheet when the Society becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Society’s contractual obligations expire or are discharged or cancelled.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11 Foreign exchange

Wherever practicable, transactions in foreign currencies are converted to sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are expressed in sterling terms at rates of exchange ruling on the balance sheet date. All exchange differences are included in the statement of financial activities.

2 Critical accounting estimates and judgements

In the application of the Society’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Membership subscriptions
37,315
-
Donations to education fund
-
189
37,315
189
For the year ended 31 March 2021
40,613
194		 Total
2022
£
37,315
189
37,504		 Total
2021
£
40,613
194
40,807
40,807

4 Charitable activities

Charitable
Income
Charitable
2022
£
Annual Members Dinner - Scotland
17,847
Remote Hydrography
76,127
SUT joint seminar
30
Social events
928
94,932		 Income
2021
£
1,350
-
3,190
2,071
6,611

5 Other trading activities

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Sundry income 17,296 956
Sponsorship and advertising 1,336 688
Sale of goods/merchandise - 15
Other trading activities 18,632 1,659

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Investments

Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
£
£
£
Interest receivable
62
5
67
For the year ended 31 March 2021
216
4
Raising funds
Unrestricted
funds
2022
£
Society newsletter
1,523
Society events
1,435
Opening stock
390
Closing stock
(390)
Fundraising and publicity
2,958
2,958		 Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
£
£
£
Interest receivable
62
5
67
For the year ended 31 March 2021
216
4
Raising funds
Unrestricted
funds
2022
£
Society newsletter
1,523
Society events
1,435
Opening stock
390
Closing stock
(390)
Fundraising and publicity
2,958
2,958		 Total
2021
£
220
220
Total
2021
£
3,905
1,196
396
(390)
5,107
5,107
Society newsletter
Society events
Opening stock
Closing stock
Fundraising and publicity

7 Raising funds

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

8 Charitable activities

Charitable Charitable Charitable Charitable
Expenditure Expenditure
2022 2021
£ £
Staff costs - (452)
Depreciation 691 695
Hydrofest - Scotland - 263
Annual Members Dinner - Scotland 17,322 -
Meeting costs 1,012 -
Remote Hydrography 47,718 -
SUT seminar - 1,738
Oceanology International 686 -
Ocean Business 1,324 -
IFHS levy and associated membership subscriptions 1,458 -
Bank charges 1,637 532
Insurance 1,953 1,965
Sundry costs 1,129 680
Postage, stationery, telephone and internet 1,910 2,415
Travel and accommodation 600 301
Services 48,090 49,808
Website costs 10,069 3,274
Prizes 2,400 1,150
Other subscriptions 614 811
Accountancy 699 914
Audit 5,548 3,750
Legal and professional - 20,091
Bad debts 840 3,673
145,100 91,608
Analysis by fund
Unrestricted funds 142,100 90,379
Restricted funds 3,000 1,229
145,100 91,608
9 Auditor's remuneration
The analysis of auditor's remuneration is as follows:
2022 2021
£ £
Audit of the annual accounts 3,750 3,750

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

10 Trustees

Mr D Parker, who is a trustee of the charitable company, provided management services during the year. Consent was requested and granted by the Charity Commission. The amount invoiced in the year was £12,900 (2021: £12,600). No other trustees (or any persons connected with them) received any remuneration or benefits from the Society during the year, other than those disclosed as related party transactions.

During the year 2 trustees were reimbursed expenses of £205 in relation to event costs paid on behalf of the charitable company (2021: nil).

11 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Total - -
Employment costs 2022 2021
£ £
Other pension costs - (452)

No employee received remuneration exceeding £60,000 during the year ended 31 March 2021.

12 Taxation

The Society's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.

13 Tangible fixed assets

Tangible fixed assets
Computers
£
Cost
At 1 April 2021 4,377
At 31 March 2022 4,377
Depreciation and impairment
At 1 April 2021 2,694
Depreciation charged in the year 691
At 31 March 2022 3,385
Carrying amount
At 31 March 2022 992
At 31 March 2021 1,683

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

14
Stocks
Goods for resale
15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
17
Other creditors
Accruals
17
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2021
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2022		 2022
£
390
2022
£
14,873
18,401
33,274
2022
£
1,214
10,375
22,179
16,472
50,240
2022
£
10,375		 2021
£
390
2021
£
4,585
1,823
6,408
2021
£
515
11,344
22,159
10,577
44,595
2021
£
11,344
2021
£
11,344
10,933
(4,313)
4,724
11,344
2022
£
10,375
11,344
(11,344)
10,375
10,375

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

17 Deferred income

(Continued)

Deferred income represents income received in advance in respect of future events and membership subscriptions.

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 April 2021 resources expended
31		 March 2022
£ £ £ £
UK Education Fund 15,652 189 (2,500) 13,341
Scotland Education Fund 7,127 5 (500) 6,632
22,779 194 (3,000) 19,973

Both the UK and Scottish Regions have restricted fund balances to be used for the purposes of education of those in the field of hydrography.

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

19 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31 March 2022 are
represented by:
Tangible assets
992
-
Current assets/(liabilities)
164,779
-
165,771
-		 Total
2022
£
992
164,779
165,771		 Total
2021
£
1,683
161,011
162,694

Sufficient funds are held in an appropriate form to enable each fund to fulfill its objectives.

Cash balances (held at bank and in hand) are held as follows:

Southern Region
South West Region
Scottish Region
Scottish Region Education Fund
East Anglia
THS UK Education Fund
THS UK Managers Account
The Hydrographic Society UK
Conferences
COIF
UK Paypal Account
Stripe Account		 2022
£
2,574
1,020
18,994
9,989
71
13,891
34,519
17,500
76,578
3,129
3,090
181,355		 2021
£
2,604
1,075
25,330
9,716
71
15,652
25,272
17,500
101,544
44
-
198,808

20 Related party transactions

The charity uses the management services of Mr D Buxton, the spouse of one of the Trustees, Mrs T Buxton. This appointment took place with consent of the Charity Commission. He invoiced the Charity a total of £35,190 (2021: £37,208) during the year for these services. In addition to this Mr Buxton had expenses reimbursed of £2,555 for payments made on behalf of the charitable company.