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← The Hydrographic Society UK

2024-03-31-accounts

Charity Registration No. 1106111 (England and Wales) Company Registration No. 05182924 (England and Wales)

THE HYDROGRAPHIC SOCIETY UK

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

THE HYDROGRAPHIC SOCIETY UK

LEGAL AND ADMINISTRATIVE INFORMATION

Chair M Poole
Vice Chair Vacant
Honorary Treasurer T Broomfield
Regional Directors
East Anglia T Buxton
Southern M Poole
South West D Parker
North West C Almond
The Hydrographic Society of Ireland S Cullen
The Hydrographic Society of Scotland S Canning
Middle East Region suspended April 2017
International G Johnston
Student & New Graduate S Klockova
Elected Directors I P Slade
O Foulds
L Flood
K Gaffney
S Klockova
J Dillon-Leetch
Trustees D Parker
S Cullen
J Dillon-Leetch
T Buxton
M A Poole
S Klockova
I Slade
S Canning
K Gaffney
G T Johnston
T Broomfield (Appointed 3 August 2023)
C Almond (Appointed 16 May 2024)
L Flood (Appointed 16 May 2024)
O Foulds (Appointed 16 May 2024)
Honorary Secretary Vacant
Charity number (England and Wales) 1106111
Charity number (Scotland) SC049662
Company number 05182924

THE HYDROGRAPHIC SOCIETY UK

LEGAL AND ADMINISTRATIVE INFORMATION

Registered office Senate Court
Southernhay Gardens
Exeter
Devon
EX1 1NT
Auditor Simpkins Edwards Audit LLP
The Summit
Woodwater Park
Pynes Hill
Exeter
EX2 5WS
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 - 18

THE HYDROGRAPHIC SOCIETY UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report and financial statements for the year ended 31 March 2024.

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, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 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 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 full-time Operations and Engagement Manager (OEM) managed the day-to-day administration of this charitable Company. A Chief Executive Officer, responsible to the Board, is contracted on a freelance basis for one day a week. Strategic decisions affecting the company are made by the Board of Directors at their regular meetings.

Achievements and performance

Engagement with existing and new members was a key focus for 2023/2024.This was to rebuild the membership base, highlighting the benefits of memberships to all and reconnecting with members lost during COVID and the interim period between personnel. This was a largely successful campaign and saw re-engagement levels rise throughout the year.

The Remote Hydrography Conference and Exhibition returned to Dublin on 27-28[th] February 2024 and was a resounding success, building on the experience and reputation of the previous conference in 2022. The conference delivered against our core objectives while making a considerable profit for the Society. Once again it focused on updating the Hydrographic community on the innovative, application and additionally the experience gained over the past two years in the use and techniques around remote survey platforms. THSUK were able to meet another of their core objectives by sponsoring 6 students to attend, allowing them to learn from and engage with industry practitioners.

At a regional level, the Branches continued to hold successful meetings differing in locations and style of event from quick fire pitch presentations to social events bringing members together to share knowledge and network.

The North West Branch established themselves through appointment of a committee and a new Director representing the Branch joined the Board following the AGM in March 2024.

The Scotland Branch delivered their annual Hydrofest, a one-day event dedicated to Hydrographic Survey in the offshore energy sector. After a 3-year break, due to COVID restrictions, Scotland’s schools event returned to Aberdeen University and welcomed over 260 pupils aged 11-14 to learn about Surveying for the Energy Industry. This hugely successful event helps promote the science of surveying and inspires the next generation of surveyors. The success of emerging talent within the industry was further celebrated at Scotland’s Annual Members Dinner during the debut of the ‘Emerging Talent Award’ which recognises individuals making significant contributions within the Hydrographic industry.

THE HYDROGRAPHIC SOCIETY UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The Southern Branch have been successful in forging connections with like-minded membership organisations such as CICES and RICS, through holding joint events bringing together a broad range of members to learn and share knowledge and best practices from aligned industries.

The South West Branch supported the promotion of Hydrography as a career and in particular Women in Hydrography to build on and further the diversity within the Hydrographic workforce.

Further educational activity was undertaken in the form of The Society’s annual Alan Ingham Award. This 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. Due to the gap in a Operational Manager, the decision was taken to delay the application process by a few months, with applications closing in March 2023 and the winner was announced July 2023. The winner was also put forward as the UK and Ireland’s representative for the International Federation of Hydrographic Societies (IFHS) Student Award. The winner of this award was announced at the Hydro 2023 event hosted by the Italian Hydrographic Society in Genoa, November 2023.

The Hydrographic Professional Accreditation Scheme (HPAS) continues to grow since its inception in October 2021. The need for dedicated management of HPAS to support its promotion was realised and the role of IFHS Secretariat and HPAS Coordinator was recruited for with the position being filled in August 2023. Since then, numbers of HPAS applicants has grown significantly (33 accredited individuals) due to the managed structure and promotion of the scheme. The IFHS Secretariat and HPAS Coordinator was recruited by THSUK and IFHS in collaboration as THSUK provide support to IFHS where possible. THSUK manages the payroll for the IFHS Secretariat and HPAS Coordinator objectives and activities are managed and run by IFHS. THSUK invoice IFHS to recoup costs.

In accordance with THSUK objectives, the Education Committee held a strategic planning meeting for objectives going forward. This was presented to the Board before the AGM in March 2024. The key areas of focus were University and Industry, Schools Outreach, Empowering Women in Hydrography and CPD/HPAS.

Financial review

The net surplus for the year was £15,133 (2023: £12,036 deficit). After adding this to the accumulated funds brought forward of £153,735 (£134,914 unrestricted funds and £18,821 restricted funds), there is a balance of reserves of £168,868 to carry forward within the Society. This consists of £153,145 unrestricted funds and £15,723 restricted funds.

Following the previously reported reduction in membership numbers, this reduction has stabilised and numbers have increased in both individuals and corporate members, this is through the dedicated work of the OEM.

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.

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 (Resigned 3 August 2023) M A Poole S Klockova

THE HYDROGRAPHIC SOCIETY UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

I Slade R H Read (Resigned 22 July 2024) G Witham (Resigned 3 August 2023) S Canning K Gaffney G T Johnston T Broomfield (Appointed 3 August 2023) L Rami (Appointed 3 August 2023 and resigned 22 July 2024) C Almond (Appointed 16 May 2024) L Flood (Appointed 16 May 2024) O Foulds (Appointed 16 May 2024)

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.

M A Poole

Trustee Dated: 20 December 2024

THE HYDROGRAPHIC SOCIETY UK

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

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, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 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 2024 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.

THE HYDROGRAPHIC SOCIETY UK

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

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 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

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 section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts 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 revenue recognition and the misappropriation of funds. 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 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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.

Jonathan Williams BSc FCA CTA (Senior Statutory Auditor) for and on behalf of Simpkins Edwards Audit LLP

20 December 2024

Chartered Accountants Statutory Auditor

The Summit Woodwater Park Pynes Hill Exeter EX2 5WS

THE HYDROGRAPHIC SOCIETY UK

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Charitable activities
2
173,446
-
Other trading activities
3
-
-
Investments
4
4,041
152
Total income
177,487
152
Expenditure on:
Raising funds
5
12,355
-
Charitable activities
6
146,901
3,250
Total expenditure
159,256
3,250
Net income/(expenditure) and
movement in funds
18,231
(3,098)
Reconciliation of funds:
Fund balances at 1 April 2023
134,914
18,821
Fund balances at 31 March
2024
153,145
15,723		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
173,446
82,524
-
-
4,347
-
4,193
1,654
48
177,639
88,525
48
12,355
5,548
-
150,151
93,861
1,200
162,506
99,409
1,200
15,133
(10,884)
(1,152)
153,735
145,798
19,973
168,868
134,914
18,821		 Total
2023
£
82,524
4,347
1,702
88,573
5,548
95,061
100,609
(12,036)
165,771
153,735

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE HYDROGRAPHIC SOCIETY UK

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Restricted funds - general
15
Unrestricted funds		 2024
£
23,934
194,191
218,125
(50,020)		 £
763
168,105
168,868
15,723
153,145
168,868		 2023
£
30,226
165,637
195,863
(42,945)		 £
817
152,918
153,735
18,821
134,914
153,735

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 2024, 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 20 December 2024

M A Poole Trustee

Company Registration No. 05182924

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

The Hydrographic Society UK is a registered charity and 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, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), 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 2024

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 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.

1.8 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.

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.

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

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.

1.9 Retirement benefits

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

1.10 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 Charitable activities

Charitable Charitable
Income Income
2024 2023
£ £
Hydrofest - Scotland 3,590 2,550
Annual Members Dinner - Scotland 25,415 31,105
Meeting collections 980 20
Remote Hydrography 85,234 6,708
SUT joint seminar 4,072 6,003
Social and other events 3,630 7,116
Membership subscriptions 50,525 29,022
173,446 82,524

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Income from other trading activities

Unrestricted Unrestricted Unrestricted
funds funds
2024 2023
£ £
Sponsorship and advertising - 4,347
4 Investments
Unrestricted Restricted Total Total
funds funds
general
2024 2024 2024 2023
£ £ £ £
Interest receivable 4,041 152 4,193 1,702
For the year ended 31 March 2023 1,654 48 1,702
5 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Society newsletter 8,286 3,273
Society events 4,069 1,885
Opening stock - 390
12,355 5,548

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

6 Expenditure on charitable activities

Charitable Charitable
expenditure expenditure
2024 2023
£ £
Direct costs
Staff costs 27,433 17,888
Depreciation and impairment 549 749
Hydrofest - Scotland 3,754 2,619
Annual Members Dinner - Scotland 21,886 15,621
Meeting costs 6,038 3,373
Remote Hydrography 41,147 528
SUT seminar 4,044 3,917
IFHS levy and associated membership subscriptions 3,733 2,994
Bank charges 2,505 647
Insurance 2,089 2,164
Sundry costs 2,307 2,637
Postage, stationery, telephone and internet 342 1,854
Travel and accommodation 1,777 -
Services 20,201 18,891
Website costs 3,751 2,944
Other subscriptions - 69
Audit fees 4,500 3,150
Accountancy fees 4,600 2,705
Legal and professional fees 240 -
Bad debts (3,995) 11,111
Prizes 3,250 1,200
150,151 95,061
Analysis by fund
Unrestricted funds 146,901 93,861
Restricted funds 3,250 1,200
150,151 95,061
Auditor's remuneration
The analysis of auditor's remuneration is as follows:
2024 2023
£ £
Audit of the annual accounts 4,500 4,000

7 Auditor's remuneration

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year. Two trustees were reimbursed expenses totalling £1,864 in relation to event costs paid on behalf of the charitable company (2023: 1 trustee reimbursed £595).

9 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
2 1
Employment costs 2024 2023
£ £
Wages and salaries 25,347 17,367
Other pension costs 2,086 521
27,433 17,888

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

Key management comprises the Charity's freelance Chief Executive Officer.

The remuneration of key management personnel is as follows.

2024 2023
£ £
Aggregate compensation 19,800 13,200

10 Taxation

The Society's activities as a registered charity 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.

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

11 Tangible fixed assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
12
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
14
Other creditors
Accruals
14
Deferred income
Membership subscriptions and future events		 Computers
£
4,951
495
5,446
4,134
549
4,683
763
817
2024
2023
£
£
20,202
8,812
3,732
21,414
23,934
30,226
2024
2023
£
£
4,863
1,849
28,108
5,807
6,233
23,437
10,816
11,852
50,020
42,945
2024
2023
£
£
28,108
5,807		 Computers
£
4,951
495
5,446
4,134
549
4,683
763
817
2024
2023
£
£
20,202
8,812
3,732
21,414
23,934
30,226
2024
2023
£
£
4,863
1,849
28,108
5,807
6,233
23,437
10,816
11,852
50,020
42,945
2024
2023
£
£
28,108
5,807
5,446
4,134
549
4,683
763
817
2023
£
8,812
21,414
30,226
2023
£
1,849
5,807
23,437
11,852
42,945
2023
£
5,807

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 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 2023 resources expended
31		 March 2024
£ £ £ £
UK Education Fund 12,541 - (950) 11,591
Scotland Education Fund 6,280 152 (2,300) 4,132
18,821 152 (3,250) 15,723

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.

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of charitable activities which are not subject to specific conditions as to how they may be used.

At 1 April At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
General funds 134,914 177,487 (159,256) 153,145
Previous year: At 1 April Incoming Resources At 31 March
2022 resources expended 2023
£ £ £ £
General funds 145,798 88,525 (99,409) 134,914
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
Fund balances at 31 March 2024 are represented by:
Tangible assets 763 - 763
Current assets/(liabilities) 152,382 15,723 168,105
153,145 15,723 168,868

17 Analysis of net assets between funds

THE HYDROGRAPHIC SOCIETY UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

17 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
Fund balances at 31 March 2023 are represented by:
Tangible assets 817 - 817
Current assets/(liabilities) 134,097 18,821 152,918
134,914 18,821 153,735

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