Company registration number. 61498800 Charity registration number: 510201
## Huddersfield Canal Society Limited
(A compahy limited by guarantee) Annual Report and Financial Statements for the Yaar Ended 31 Decernber 2023
The Moffatts Partnership LLP Suite 1.1, Jackson House Sibson Road Sale M33 7RR-
## Huddersfleld Canai Society Limited
## Contents
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|---|---|---|---|---|---|
|Reference|and|Administrative|Details|i|
|Trustees’|Report|Zio|Ss|
|Statementaf|Trustees’|Responsibilities|7|
|Independent Examiner's|Raport|&|
|Statement|of Financial|Activities|3|
|Balance Sheet|10|
|Statement of Cash|Flows|41|
|Notes|to|the|Financial Statements|12 to|26|
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## Huddersfield Canal Saciety Limited
Reference and Administrative Details Trustees AL Stopher, Chairman J Ellis M McHugh KW Sykes PR Bayley M J Clark A Goggin Secretary M McHugh Other Officers 0 M Sumner, President Charity Ragistratian Number §10201 Company Registration Number 01499800 The charity-is incorporated in England and Wales. Registered Office Piccadilly Business Centre Aldow Enterprise Park Manhchaster hAL2 GAE independent Examiner The Moffatts Partnership LLP Suite 1.1, Jackson House Sibson Road Sate M33 7RR Bankers The Co-operative Bank ple Vicar Street Leeds LS1 1Hi Unity Trust Bank Nine Brindieypiace Birmingham Bl 2HB
Page 1
## Huddersfield Canal Society Limited
## Trustees’ Report
The trustees, who are directors for the purposes af company Jaw, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2623.
## Structure, governance and management
## Nature afgoverning document
Huddersfleld Canal Society isa comnany limited by puarantea te the value of £1 per member and does not have share capital. The charity is governed by the Memorandum and Articles af Association of the company.
## Recruitment and appointment of trustees
The members of the Council of Management are considered ta be beth direciars far Companies Act purposes and trustees fer Charities Act purposes. One third of the Council mambers retire by rotation each year and election takes piace at the Annual General Meeting.
## Organisational structure
The company is governed by its Counci} of Management, which meets on a bi-monthly basis. The Council, assisted by outside consultants, is responsible for formulating the strategy and policles for the campany asa whole, including the approval of budgets and the exercising of financial controls through regular financial reporting.
The members of the Council of Management who have served throughout the yearare shown on the Officials and Advisors page at the front of this report.
Mofor risks and management of those risks
Risk Management policy
The Seciety has identified and reviewed the risks to which it is exposed and has established appropriate levels of reporting and contre! machanismés to mitigate those risks.
## Objectives and activitles
## Objects and alms
The company is registered for charitable purposes, the objects of which are restoration, reconstriction, preservation, maintenance and improvement of the Huddersfield Narrow Canal and the Broad Canai for the use of the pubic.
The Council's policy in furtherance of these objectives has been to:
+ madimise revenue and safepuard/enhance Soclety assets and furid raise for specific canal related projects: ~racruit new members te provide a secure income and attract additional volunteers to undertake specific tasks, e.g. canal working parties, boat operations, special events, guldes, schools liaison, environmental issues, and mainiain the high quatity of the members’ magazine — Pennine Link;
- operate boats owned or leased, to pramote the canal and Society; and
- promote the cana! to the genera) public as the “unique Waterway” to raise tts profile by festivals, guided tours, Socials, lectures, publications and where appropriate, by film/audie visual aids,
Page 2
## Huddersfield Canal! Society Limited
## Trustees’ Report
## Objectives, strotegies and activities
The charity has continued to promote the canal te the general public by various means.
## Achievements and performance
Senices resumed in time for Easter 2023 with both Shuttle craft. running on busy days. Following the diesel shuttles annua trip te the Stalybridge Festival it ran for a trial perlod at Uppermill in the late surimer to pravide a. short tip for visitors in a location which na longer has a regular public service, The ancouraging response fram residents and Visitors alike has persuaded the Soclety to explore a mora settled arrangement In 2024 subject to recruiting sufficient crew te make it worthwhile. The electric shuttle boat has performed weil at the Standedge Tunnel & Visitor Centre.
See the Chairmans Report for more details on activities undertaken.
## Pubile benefit
The trustees have erisured they carry cart the objectives for the public benefit and have fin accordance with si7 Charities Act’ 2011) had regard to guidance published by the Charity Commission on public benefit when exercising powers or duties where that may ke relevant.
The trustees confirm that they have complied with the requirements of sectlon 17 of the Charities Act 2041 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## Use of valunteers
The success of Huddersfield Canai Saciety depends on the cammitment and skills of its Council members, staff and volunteers. It also depends on those supporters and corporate bodies whe either ‘directly or Indirectly. have contributed funds, support or assistance to the charity in the past year. To all of these, special thanks are given,
## Financial review
Total income for the year amounts to £31,617 (2022 - £28,435).
Expenditure for the year totals £21,958 (2022 - £43,942) which all relates to unrestricted fends.
The overall position at the year-end Is a surpius of £17,533 (2022 - deficit £28,308). This inciudes Investment gains of £7,874 compared to investment losses of £12,805 in 2022.
The total resérves carried forward at the year-end are £295,131 (2022 - £277,598), All of the charity reserves are unresttcted.
## Policy on reserves
it is the policyof the Council to retain such reserves as ara necessaryto erable the Society to fulfil its abjectives. The current levelof reserves, held mainly in short term investments, is considered to be more than adequate to meet this policy.
Page 3
## Huddersfield Canai Society Limited
## Trustees’ Report
## Funds in deficit
There are no funds in deficit,
## Principal funding sources
Principle funding sources include voluntary donations from the public, membership fees, income fram the shuttles ‘ahd investment Income.
## investment policy and objectives
‘is the policy of the Council to maintaiyi investments. in a mix of short term policies that produce a satisfactory level of Income and maintain capital value. The current Investment level is considered te be more than adequate to meet this policy.
## Financial instruments
## Objectives and polities
The charity's activities expose it te2 number of financial risks Including credit risk, cash flow risk and Rquidity risk. The use of financial derivatives is governed by the chazity’s polkies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks, The charity does not use derivative financial instrurnents for speculative purposes,
## Going concern
The trustees. have a reasonable expectation that the charity will have adequate resources to continue in operational existence far the foreseeable future, The charity continues to adopt the going concern basis on preparing Its financial statements.
Pape 4
## Huddersfield Canal Society Limited
## Trustees’ Report
## Chairman's Annual Repart 2023
After the busy yaar of 2022 this has been one of consofidation and news of fiure changes ta cur relationship with the Canal & River Trust.
Board meetings have been held regularly and the AGM held in November 2023 In Marsden Mechanics Hall, followed by a Volunteers’ Social gethering, was well attended. Some amendments to the Articles. of Association to recognise the benefits of electranic distribution and ratification using our website were approved at the AGM, Early in the year Anne Goggin was ¢o-upted onto the Board of Trustees and her position was confirmed at the subsequent Annual General Meeting. Anne brings a wealth of knowledge of waterway matters and enthusiastic contribution as 4 qualified baat skipper and team player. Sadly, another of our valued colleagues Peter Rawson died in the -auturmn. His signilicant contribution ta the Society's presence in the Tameside nelghbourhoad will be greatly missed and difficult to replace. The Trustees on the Soclety’s Council of Management have continued ta meet regularly.
Our two Shuttle craft resumed service in time for Easter 2023 with both running on busy days We have continued to monitor the viability of retaining the diesel shuttle. Following its anqual trip to the Stalybridge Festival it ras far a trial period ai Uppermill in the late summer to provide a short trip for vistors in a location which no longer has a regular public service. The encouraging response fram residents and visitors alike has persuaded the Society to explore a more settled arrangement in 2024 subject to recruiting sufficient crew to make it warthwhiie.
The electric shuttle boat has performed well at the Standedge Tunnel & Visitor Centre. My thanks go te Mike ‘McHugh, the boat management team and crews for their commitment in running both boats and providing so much pleasure to visitors,
In June 2023 we had news ofa proposed change in operation of tha Tunnei & Visitor Centre by Canal & River Trust when the warehouse buliding was offered throuah a national apent for a 10 year lease and expressions of interest sought, Against a background of reduced Government support in reat terms aver the next few Years, the navigation authority had afready made public that it was seeking to reduce costs. The Society was already aware that there would be ne mare weddings at the venue after Getaber 2023. The toss of shuttle income from weddings was not fikely to have a major impact financially but the reductién in our public profile, uncertainty about commitment to holding regufar events and potential far reduced tunnel trips was likely[to] have ar impact an[our] operations in the future,
The Society's maintenance operations continued on 2 fortnightly basis throughout the yaar. The regular duties involved |:tter cdearance, lock gate painting and gear greasing, as well as affstde vegetation and Jock wail clearance using the Canal & River Trust pontoon, It was pleasing to note that a start was made on the instatiation of the five replica milestones which had been ordered in 2020. My thanks go to Deputy Chairinan, Trevor Ellis, for his carnrmitrnent and skill in managing the team's important contribution to the canal environment.
Two newsletters were pubiished during the year. Our website continues ta provide a source of information and has been invaluable in relaying the up to date status of the Saciety’s operations and news items. Thanks are due ta Martin Clark for heiping behind the scenes with anyi? issues. Our presence on social media has largely been the work of Eric Woulds and I'm gratetu! for his and others’ commitment to keeping the Society in the pubilc eye.
Page 5
## Huddersfield Canal Society Limited
## Trustees’ Report
Membership continues ta be around 400. Many of our members are of advaiced age and a number have died during the year. It is pleasing to note that there has been a steady number of new supporters to repiace them mainly through recruitment of naw boat crew. | am grateful to Patricfa Bayley for her work as Membership Secretary,
2023 is the first year for many in which aur accounts show a surplus and this is set ta cantinue, enabling investment In small projects which meet our objectives. I’m grateful to the our Treasurer, Mike McHugh, for efficiently maintaining records of receipts and payments. The company's balanced portfolio of investments gives the Saciety a significant financial buffer for the future.
During the first few months of 2023 | was able to gradually pick up responsibilities again after my enforced medicai break for urgent treatment, I'm prateful for all those who stepped in to take more responsibility during my recuperation, Sadly my colleague Eric Woulds has not been as fortunate as he passed away in February 2024 after a period of iiness,
Ajian Stopher Chalrman
## Small compantes provision stetemant
This report has been prepared in accordance with the small campanies regime under the Companies Act 2006,
The annual report was approved by the trustees-ofthe charity on 9 May 2024 and signed on its behaif by:
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A~x
AL Stopher
Jrastee
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Pape 6
## Huddersfietd Canal Society Limited
## Statement of Trustees’ Responsibilities
The trustees (who arte algo the directors of Huddersheld Cana! Soclety Limited for the purposes of campany jaw) are responsible for preparing the trustees’ report and the financial staternents in accordance with applicable jaw and United Kingdom Accounting Standards (United Kingdom Gehersily Accepted Accounting Practice}, inciuding FRS 102 “The Financial Reporting Standard appilcable in the UK and Republic of irefand“.
Company law requiresthe trusteas to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements uniess they are satisfied that they give a true and fair view of the state of affairs of the charttable company and of the Incoming resources and application of resourcas, including its income and expenditure, ofthe charitable company far that pariod, In preparing these financial statements, the trustees are required to.
- s select suitable accounting policies and apply therm consistently:
- » observe the methods and principies in the Charities SORP;
- « make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting stendards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained tn the financial statements; and
- prepare the financial statements ah the going concem basis unless It is (nappropriate ta presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclase with reasonable accuracy at any time the financial pasition of the charitablé company and enable them te ensure that the financiai statements comply with the Companies Act 2006. They are aiso responsible far safeguarding the assets of the charitable company and hence for taking reasonable steps far the prevention and detection of fraud and cther irregularities.
The trustees are responsible for the maintenance and integrtiy of the corporate and financial infarmation Included an the charitable company's website, Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 9 May 2624 and signed on its behalf by:
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AL
AL Stopher
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Trustee
Page?
## Huddersfield Canal Society Limited
## independent Examiner's Report to the trustees of Huddersfield Canal Society Limited (‘the Company’)
i report to the charity trustees on my examimation of the accounts of the Company for the year ended 31 December 2023,
## Responsibilittes and basis of report
As the charity's trustees of the Company {and also its directors for the purposes of company jaw) you are responsibie for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accountsof the Campany are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). incarrying out my examination | have followed the Directions given by the Charity Commission under sectian 145(5}(b) of the 2011 Act.
## Independent examiner's statement
| have completed my examination, | confirm that no matters have come ta my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept tn respect. of Huddersfield Canal Society Limited as required by section 386 ef the 2006 Aci; ar
- 2 the accounts do not accord with thase retards; or
- 3, the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and. fair view’ which is not ¢ matter considered as part of an independent examination; or
4. the accounts have not been prepared m accordance with the methods and principles of the Statement of Recommended Practice far accounting and reporting by charities {appticable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)}.
| have no concerns and-have come across ‘no other matters in cannection with the examination ta which attention should be drawn In this report in order to enable a proper understanding of the accounts te be reached. fo la phae — The Moaffatts Partnership LEP Suite 4.1, Jackson House Sibson Road Sale M33 7RR
## 5 May 2024
Page &
## Huddersfield Canal Saclety Limited
Statement of Financial Activities for the Year Ended 31 December 2023 Unclading Income and Expenditure Account and Statement of Total Recognised Gains and Losses}
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|---|---|---|---|---|---|---|
|Total|
|Unrestricted|funds|Total|2023|2022|
|Note|£|£|£|
|Income and|Endowments|fromm:|
|Donations|and|legacies|3|£7,649|17,649|13,527|
|Charitable|activities|4|7,247|7,247|8,376|
|Investment|incame|5|6,721|6,721|6,036|
|Total|income|31.617|31,617|28,439|
|Expenditure an:|
|Raising funds|6|(184)|(181)|{295}|
|Charitable|activities|7|(21,777)|{21,777}|(43,747)|
|Total|expenditure|{24,958}|{21,558}|(43,542)|
|Gains/losses|on|Investment|assets|7,874|7,B74|{12,805}|
|Net Income/(expenditure)|17,533|17,533|{28,308)|
|Net movernent|in|funds|17,533|17,533|(28,3038)|
|Reconcillation|of funds|
|Totai funds brought ferward|277,598|377,598|305,906.|
|Tota! funds|carried forward|AL|295,131|295,131|277,598|
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All of the charity's activities derive from continuing aperations duting the ebove two peniads.
The funds breakdown for 2022 is shown in note 21,
The notes an pages 12to 26 form an integral partof these financial statements. Page Y
## Huddersfield Canal Society Limited
## {Registration number: 61498800) Balance Sheet as at 31 December 2623,
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|---|---|---|---|---|---|---|---|
|2023|2022|
|Note|£|£|
|Fixed|assets|
|Tangible|assets|14|88,064|93,012|
|fnvestments|15|168,664|160,883|
|256,728|253,895|
|Current assets|
|Stocks|16|3,204|1,427|
|Debtors|47|7,533|7,487|
|Cash|at|bank and|in|hand|18|29,966|17,009|
|40,703|25,923|
|Creditors; Amounts|falling|due within|one year|19|(2,300}|(2,220)|
|Net current|assets|38,403|73,703|
|Net assets|295,131|277,598|
|Funds of the|charity:|
|Unrestricted|income|funds|
|Unrestricted|funds|295,131|277,598|
|Tatal funds|21|295,431|277,598|
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For the financial year ending 31 December 2623 the charity was entitled to.exemption from audit under sectian 477 of the Campanies Act 2006 relating to small companies.
## Directors’ responsibilities:
- The renibers have not required the charity te obtain an audit of its accounts for the year in question in accordance with section 476; and
- » Tha directars acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 9 to 25 were approved by the trustees, and authorised for issue on 9 May 2024 and signed on their behalf by:
## AL Stopher
Trustee
The notes onpages 1210 26 form an integral part of these financial statements.
Papa 10
## Huddersfield Canal Society Limited
## Statement of Cash Flows for the Year Ended 31 December 2023
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|---|---|---|---|---|---|---|---|---|
|2023|2022|
|Note|£|£|
|Cash|flaws from|operating|activities|
|Net cash|income/(expenditure)|17,533|{28,308}|
|Adjustments|te|cash|flaws from|nan-cash|items|
|Gepraciation|6|4,948|4,947|
|Investment|income|5|{6,721}|(6,036)|
|Revaluation|of investments|{7,874}|12,805|
|7,886|(16,592)|
|‘Working capital|adjustments|
|{Increase)}/decrease|in|stacks|16|(1777}|969|
|{increase})/decrease|in debtars|17|(46}|65,304|
|(ncrease/(dacraase)|in|creditars|19|20|{3,240}|
|Net cash|flaws from|operating activities|6,143|41,457|
|Cash|flaws|from|investing|activities|
|interest|receivahle-and|similar income|5|6,721|6,036|
|Purchase|of tangitle|fixed|assets|14|-|{74,765}|
|Saje|of investments|93|45,350|
|Net|cash|flows from|Investing|activities|6,814|(23,379}|
|Cash|flows fram financing activities|
|Repaymentof ioans|and borrowings|19|.|{10,000}|
|Net|increase|in|cash|and|cash|equivalents|12,957|8,072|
|Cash and cash|equivalents|at|1 January|27,009|8,937|
|Cash|and cash|equivalents|at 31|December|29,9665|17,005|
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Ail of the cash flows are derived from continuing operations during.the above two periods.
The notes on pages 12 te 26 fonm an integral pert of these financiai statements. Page 1h
## Huddersfield Canal Society Limited
## Notes to the Financial Statements for the Year Ended 31 December 2023
## 1 Chority status
The charity is limited by guarantee, incorporated in England and Wales, and cansequently does not have share capital. Each of the trustees is liable to contribute an ammount not exceeding £1 towards the assets of the charity in the event of (Iquidation.
The address of its tegistered offlte fs: Piccadilly Business Centre Aldow Enterprise Park Manchester M12 GAE
These financia! statements were authorised for issue by the trustees on 9 May 2024.
## 2 Accounting policies
## Summary of significant accounting pollcles and key accounting estimates
The principal accounting policies applied fn the preparation of these financial statements are set out below, These policies have been consistently applied to ali the years presented, unless otherwise stated.
## Statement of compliance
The fingncia) statements have been prepared im accordance with Accounting and Reporting by Chartties: Statement of Recammended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}) [issued in October 2019) - {Charities SORP ({FRS 102)}, the Financial Reporting Standard applicable in the UK and Republic of lreland {FRS 102} and the Companies Act 2006.
## Basis of preparation
Huddersfield Canal Society Umited meets the definition of ¢ public. benefit entity under FRS 702. Assets and liabilities are Initially recognised at historical cost or transaction value unless otherwise stated In the relevant accounting palicy sates.
## Going concern
The financfal statements have bean prepared on a going cancern basis.
The trustees assess whether the use of gaing concern Is appropriate [e. whether there are any materia! uncertainties related to events or condittons that may cast significant. doubi on the ability of the charity to continig as a going concern. The trustees make this assessment in respect of a pertod of one year from the date of approval af the financial statements.
Page 12
## Huddersfield Canal Society Limited
## Notes to the Financial Statements for the Year Ended 31 December 2023
## Income and endowments:
All Income is recognised once the charity has entitlement to the Income, & Is probable that the Income will be received. and the amount of the income receivable can be measured relably.
## Danations and legacies
Donations are recognised when the charity has been natifled In writing of both the amaunt and settlerment date. In the event that a donation Is subject ta conditians that require a levet of performance by the charity before the charity is entitled to the funds, the income Is deferred and not recognised untl! either thase conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it fs probable that these conditions will be fulfilled in the.reporting period,
## Grants receivable
Grants are recognised when the charity has an entitlement, to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income fs recognised ag @ Hability and included on the balance shest as deferred income to be reieqsed.
## lnvestment income
Dividends are recognised once the dividend has been declared ‘and notification has been received of the dividend due.
## Charitable activities
Income is received for membership of the society and boat hire. income fs recognised on a rectivable basis.
## Expenditure
Alt expenditure is recagnised once there is a legal or constructive abligation to that expenditure, it fs probable. settlernent is required and the amount cah be measured reliably, Ail costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs aliscated on the basis of time.snent, and depreciation charges allocated on the portlon of the asset's use. Other support costs are allocated based on the spread of staff casts.
## All resources expended are Inclusive of irrecoverable VAT,
## Roising funds
These are cests incured in attractlng voluntary income, the management of investments and those Incurred in trading activities that rafse funds.
## Choriteble activities
Charitable expenditure comprises those costs Incurred by-the charity iv the delivery of its actlvitles and services for its beneficiaries. it Includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 13
## Huddersfield Canal Saclety Limited
## 31 December. 2023
## Notes to the Financlal Statements for the Year Ended
## Govamance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic manapéement and trustee's meetings and reimbursed expenses,
## Government grants
Government grants are recognised based on the accrual mode! and are measured at the fair value of the asset feceived or receivable. Grarits are classified as relating either to revenue or to assets. Grants relating ta revenue are recognised in income over the period in which the related cosis are recognised. Grants relating to assets are recognised over the expected useful Ife of the asset, Where part of a grant relating to an asset is deferred, it’is recognised as deferred income.
## irrecoverable VAT
irrecoverable VAT fs charged against the category of resources expendedfor which Jt was incurred.
## Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of-a charitable company far UK corparation tax purposes. Accordingly, the charity ts potentially exempt from taxation in respect of income of capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 of Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income ar gains are applied exclusively ta charitable purposes.
## Tangible fixed assets
Individual fixed assets costing £1.00 or more are initially recorded at cost, less any subsequent accumulated. depreciation and subsequent accumulated impairment losses.
## Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over thelr expected useiul economic life as follows:
|Asset class|Depredation methodand rate|
|---|---|
|Leasehold premises|2.5% straight line basis|
|Leasehold improvements|10% straight line basts|
|Motorvehicles|20% straight, line basis|
|Boat|596/10% straight line basis|
|Office equipment|2074 straight line basis|
|Camputerequipment|2594straightlinebasis|
Page 14
## Huddersfield Canal Saciety Limited
## Notes to the Financial Statements for the Year Ended 31 December 2023
## Fixed asset investments
Fixed asset investments, other than programine related investments, are Inckiced at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and ard charged or credited ta the Statement of Financial Activities.In the period of disposal.
toUnrealisedthe Statementgains andof Financiallosses representActivities thebased movementon the marketin marketvaluevaktesat the yearduring end.the year and are credited or charged,
## Stock
Stock is valued at the fower of cost and estimated selling price fess costs to complete and sell, after due regard for obsolete and slow roving stacks. Cast is determined using the flrst-in, first-out {FIFO},
## Trade debtors
Trade debtors-are amounts due from customers for merchand{se sold or services performed in the ordinary course. of business.
Trade debtors are recognised inkiaily at the transaction price. They are subsequently measuredat amortised cost using the effective Interest method, less provision for impairment. A provision for the Impairment of trade debtors Is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terns of the receivables.
## Cash and cash equivalents
Cash and cash equivafents camprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible ta a known amount of cash and are subject to an insignificant risk of change in.value.
## Trade creditors
Trade creditors are obfigatlons to pay for goods or services that have been acquired In the ordinary course of business from suppliers. Accounts payable are classified asx current liabilitles if the charity does not have an Uncanditional right, at the end of the reporting period, to defer ssttlgment of the creditor for at least twelve months after the reporting date. If there isan unconditional right to defer settlement for at jeast twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.and subsequently measured st amortised cost Using. the affective interest method,
Page 15
## Huddersfield Canai Society Limited
## Notes to the Financlal Statements for the Year Ended 34 December 2023
## Borrowings
Interest-bearing borrowings are initially fecarded at fair value, net of transaction costs. interest-bearing borrowings are subsequently carried at amortlsed cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense it recognised an the basis of the effactive interest method and Is included in interast payable and similar charges,
Borrowings are classified as current liabilities unfass the charty has an unconditional right to defer settlement of the |fability for at least twelve months after the reporting date.
## Fund structure
Unrestricted income funds are general funds that are availabie for use at the trustees’ discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use In a particular area ar for specific purposes, the use of whlch is restricted to. that area or purpose.
## Hire purchase and finance jeases
## Pensions and other post retirement obligations
The chartty operates a defined contribution pension scheme which is a pension plan under which fixed contributions are pald (nto 3 pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not held sufficient assets to pay all employees the benefits relating to employee service In the current and prior periods.
Contributions to defined contribution plans are recapnised in the Statement of Financia! Activities when they are deve. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment
## Financial instr uments
## Clossification
Financial assets and financial Nabiiities are recognised when the charity becomes a party to the contractual provistons of the instrument.
Financiat liabilities and equity instruments are classiflad according ta the substance of the contractual arrangements entered into. An équity Instrument ts any contract that evidences a residual Interest in the assets of the charity after deducting all of its Siabilities.
Page 16
## Huddersfield Canal Society Limited
## Notes to the Financial Statements for the Year Ended 31 December 2023
## Recognition ond measurement.
Ali financial assets and ilabilitles aré (Initially measured at transaction price.{including transaction costs), except for those financlal assets classified as at falr value through profit or loss, which are initially measured at fair value {which is normally the transactlon price excluding transaction costs}, unless the arrangement constitutes a financing transaction. H an arrangement consthutes.a financing transaction,the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument,
Financial assets and liabilities are only offset In the statement of Anancial positlon when, and only when there exists a legally enforceable right te set off the recognised amounts and the charity intends elther to settle ona net basis, or to realise the asset and settle the liability simultaneously.
Financia! assets are derecognised when and only when a) the contractual rights te the cash flaws from the financial asset expire or are settled, b} the charjty transfers to ahother party substantially all of the risks and rewards of ownership of the financial asset, or c} the charity, despite having retained some, but not all, significant sks and rewards of ownership, has transferred control of the asset to another party.
Financial abilities are derecognised only when the obligation specified in the. contract Is discharged, cancelled or expires,
3) Income from donations and legades
||Unrastricted|||||
|---|---|---|---|---|---|
||funds
General|Total
2023||Total
2022||
||£|£||E||
|Donations and jegacias:||||||
|Donationsfrom individuals,|14,860.||14,860||10,822|
|Gift aid reclaimed|2,785||2,789||2,705|
||17,649||17,649||33,527|
Page 17
## Huddersfield Canal Society Limited
## Notes ta the Financial Statements for the Year Ended 31 December 2023
## 4 Income from charitable activities
||Unrestricted|||
|---|---|---|---|
||funds|Total|Total|
||General|2023|2022|
||£|£|£|
|Subscriptions|2,685|2,685|2,682|
|Other income|2,572|2,572|3,124|
|Incomefromboat|1,990|4,990|3,070|
Boat income from trading charitable activities was £1,990 (2022 £3,070). Donations collected an the baat came ta £13,486 (2022 £5,466) with essociated Gift Aid of £2,000 (2022 £2,000). The total boat income and donations collected on the boat amounted to £17,476 (2022 £14,596).
## 5 Investment income
||Unrestricted|||
|---|---|---|---|
||funds|Total|Total|
||General|2023|2022|
||E|£|£|
|Interest receivable and similar income;||||
|Interest receivable on bank deposits|102|102|12|
|Otherincome from fixed asset investments|6,619|6,619|6,024|
||6724|6,721|6,036|
6 Expenditute on raising funds
## a) Investment managament costs
|||Unrestricted|||||
|---|---|---|---|---|---|---|
|||funds|Total||Tota!||
|||General|2023||2022||
||Note|£|£||£||
|Other investment management costs;|||||||
|Administration afthe investments||181||181||2945|
|||isi||481||19S:|
Page i8
## Huddersfieid Canal Society Limited
## Notes to the Financial Statements for the Year Ended 31 December 2023
## 7 Expenditure on charitable activitles
||Unrestricted||||
|---|---|---|---|---|
||funds|‘Total||Total|
||General|2023||2022:|
||£|£||£|
|Opening stack|1,42?|1,427||2,396|
|Canal Projects.|S79||979|-|
|Purchases|2,700|2,700||-|
|Closing stock|{3,204}|(3,204}||(1,427)|
|‘Shuttle runhing costs|TABS|7|484|5,308.|
|Wages and salarjes|..||-|4,931|
|Redundancycosts|-||-|16,320|
|Pension costs|.||~|330|
|Telephone and fax|>||-|352|
|Officeexpanses|2,531|2,534||2,619|
|Competition and events|-||-|1,553|
|Printing, postage and stationery|346||346|909|
|Sundryexpenses|67?||a7?|S42|
|Motorexpenses|1,485|1,485||1,576|
|Travel.and subsistence|156||156|435|
|Bank charges|144||144|144|
|Depreciation|4,948|4,548||4,947|
||19,273|19,273||41,035|
in addition to the expenditure analysed above, there-are also goyernahce casts of £2,504 (2022 - £2,712} which relate directly to charitable activities, See note 8 for further details.
Page 19
## Huddersfield Canal Society Limited
## Notes to the Financial Statements for the Year Ended 31 December 2023
## 8 Analysis of governance and support costs
## Governance costs
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|
|funds|Tota!|Total|
|General|2023|2022|
|£|£|£|
|independent|examiner|fees|
|Exarnination|of the|financial statements|2300|2,300|2,220|
|Other fees|paid ta|examiners|204|204|492|
|2,504|7,504|2,712|
|9|Netincoming/outgoing|resources|
|Net Incoming/outgoing)|resources|for the year|Include:|
|2023|2022|
|£|£|
|Operating|leases|~|other|assets|.|578|
|Gther non-audit|services|2,504|2,712|
|Depreciation|of fixed|assets|4,948|A, Qa?|
|10|Trustees|remuneration and|expenses|
|Ouring the|year the|charity|made the following transactions|with|trustees:|
**----- End of picture text -----**
£2,030 (2022: £1,913) of expenses were relrmbursed to during the year.
Expenses paid on behalf of the charity by 4 (2022 - 4) members of the Council of Management have been reimbursed.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the yesr.
No trustees have received any other benefits from the charity during the year.
Page 20
## Huddersfiefd Canal! Society Limited
## Notes to the Financial Statements for the Year Ended 31 December 2023
## 11 Statf costs
The aggregate payroll costs were as follows:
|The aggregate payroll costs werewere as follows:||||
|---|---|---|---|
||2023||20z2|
||£||£|
|Staffcosts duringthe yearwere:||||
|Wages and salarles||-|24,251|
|Pension costs||-|330|
|||,|21,581|
The monthly avarage number of persons {including senicr management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
|||2023||2022||
|---|---|---|---|---|---|
|||No||No||
|Charitable|activities||-||1|
Contributions te the employee pension schemes for the year totalled EN (2022 - £330),
No employee received emoluments of more than £60,000 during the year.
## 12 independent examiner's remuneration
|12 independent examiner's remuneration|||
|---|---|---|
||2023|2022|
||£|£|
|Examination of the financial statements|2,300|2,220|
|Other feestoexaminers|||
|Allotherservices|204|492|
|13Taxation|||
The charity is a registered charity and ts therefore exempt from taxation.
Page 21
## Huddersfield Canal Society Limited
## Notes to the Financial Staternents for the Year Ended 31 December 2023
## 14 Tangible fixed assets
|14 Tangible fixed assetsassets||||||
|---|---|---|---|---|---|
||Land and||Computer|Othertangible||
||buildings|Motorvehicles|equipment|fixed asset|Total|
||£|£|£|£|£|
|Cost||||||
|Atl January2023|55,686|10,935|24,840|80,850|469,285|
|Disposals|.|-|(21,840)|“|{24,840)|
|At31 December 2023|55,6860|16,935||80,830|147,445|
|Depractation||||||
|Atl January2023|33,346|10,935|21,840|16,152|76,273|
|Charga for the year|R59|~|~|4,089|4,948|
|Eliminated on disposais|-|-|(21,840)|~|(21,840)|
|At 31 December2023|34,205|10,935||44,241|59,381|
|Net boak value||||||
|At 31 December 2023|21,475|™|-|66,589|88,9604|
|At31Decerviber2022.|22,334|-|~|70,678|93,012|
incijuded within the net book value of land and buildings above [Is ENil (2022 - £Nil} in respect of freehold land and buildings end £23,475 (2022 - £22,334) in respect of leasehakis.
Page 22
## Huddersfield Canal Society Limited
## Notesto the Financial Statements for the Year Ended 31 December 2023
## 15 Fixed asset investments
|||2023|2022|
|---|---|---|---|
|||£|£|
|Othet investments||168,664|163,883|
|Other investments||||
||Listed|Unlisted||
||Investments|investments|Total|
||£|£|£|
|Cost or Valuatian||||
|At1January2023|158,415|2,468|160,883|
|Revaluation|7,874|-|7,874|
|Disposals|-|(93)|(23)|
|At31 December2023|165,289|2,375|168,664|
|Netbookvalue||||
|At31 Becember 2023|166,289|2,375|168,664|
|At31Becember2022|158,415|2,468|160,883|
The market vaiue of tha listed investments at 31 December 2023 was £166,289. (2022 - £158,415).
## 16 Stock
||2023|2022.|
|---|---|---|
||£|£|
|Stacks|3,204|1,427|
|17 Debtors|||
||2023|2022|
||£|£|
|Trade debtors|320|-|
|Prepayments|4,470|4,782|
|Accrued incame|2,743|2,705|
||7,533|7,487|
Page 23
## Huddersfield Canal Society Limited
## Notes to the Financial Statements for the Year Ended 31 December 2023
**----- Start of picture text -----**
18 Cash and cash equivalents
2023 2022
£ £
Cash at bank 29,966" 47,008
19 Creditors: amounts falling due within one yaar
2023 2022
£ £
Accruals 2,300 2,220
20 Pension and other schemes
**----- End of picture text -----**
## Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by.the charity to the scheme and amounted to EN)! {2022 - F430}.
Page 24
## Huddersfieid Canal Soctety Limited
## Notes to the Financial Staternents for the Year Ended 31 December 2024
## 21 Funds
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|Other|Balance|at 31|
|Balance|at 1|incoming|Resources|recognised|December|
|January 2023|resources|expended|gains/{losses}|2023|
|£|£|£|£|£|
|Unrestricted|funds|
|General|
|Ganeral Funds|277,598|31,637|(21,958)|7,874|295,141|
|Balance|at|
|Balance|at|‘Other|31|
|1lanuary|Incoming|Resources|recognised|Decernber|
|2022|resources|expended|Transfers|_gains/{lesses)|2022|
|£|£|£|£|£|E|
|Unrestricted|funds|
|General|
|General|Funds|304,986|28,435|(43,942)|420|(12,805)|277,598|
|Restricted|
|NB|Marsden|Fund|920|-|-|{920}|-|~|
|Tatal funds|305,906|28,439|(43,942)|-|(12,805)|277,598|
**----- End of picture text -----**
Page 25
## Huddersfield Canal Society Limited
## Notes to the Financial Staternents for the Year Ended 31 December 2023
## 22 Analysis of net assets between funds
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Total funds at|
|funds|Restricted.|31|December|
|General|funds|2023|
|£|£|£|
|Tangible|fixed|assats|88,064|-|88,064|
|Fixed|asset|investments|168,664|-|168,664|
|Current assets|40,703|-|40,703|
|Current|liabilities|{2,300}|-|(2,300}|
|Total|net|assets|295,131|~|295/131|
|Unrestricted|Total|funds at|
|furrds|Restricted|31 December|
|General|funds|2022|
|£|£|£|
|Tangible|fixed|assets|93,012|:|93,012|
|Fixed|asset|investments|166,883|-|160,383|
|Current|assets|25,323|-|25,923|
|Current|liabilities|(2,220)|=|(2,220)|
|Tota}!|net|assets|277,598|+|277,598|
|23|Analysis|of net|funds|
|At31|
|At i January|Financing.cash|December|
|2023|flows|2023|
|£|£|£|
|Cash|at bank and|in|hand|17,009|12,957|25,566|
|Net debt|17,009|12,557|25,965|
|At31|
|At i january|Financlig|cash|December|
|2022|flows|2022|
|£|£|£|
|Cash|at|bank and|in|hand|8,537|8,072|17,005|
|Net debt|8,937|8,072|17,009|
**----- End of picture text -----**
## 24 Related party transactions
There were norelated party transactions in the year.
Page 26°