Company re8lstratlon number: 0149881x1 Charity re8iStration number: 510201 Huddersfield Canal Society Limited IA company Ilmlted by I(3ntee) Annual Report 4nd Fln•ndal Ststements for the Year Ended 31 December 2024 The Moffatts Partnership LLP Sulte 1.1, Jackson House Slbson Road Sale M33 7RR
Huddeysfield Canal Society Umlted Contents Reference and P4lministratfve Details Trusteeg Report 2to6 Statement of Trustees, Rwnslbllltles Indepa)dent Examln&s Rqx)rt ststement of Flnancial Actt¥itses Balance Sheet io Ststement of Cash Flows li Notes to the Flnanaal ststernts to24
Huddersfield Canal Soclety Umlted Reference and Admlnlstratlve Detal Tntstees A L Stopher, Chalrman T Ellls M McHu8h K W Sykes P R 8aylev M J Clark A Go88ln N J Lever, lappolnted 29104120251 M McHu8h Secr•tsry Other Olftcern D M Sumner, Presldert Charlty Reglstrntlon Number 510201 Compiry Re8lstratlon Number 01498800 The charlty Is Incorporated ID ED8land •nd Wales. Plccadllly Buslness Centre Aldow Enterprfse Park Manchester M12 6AE Re8lstered Offke Independent Examlner The Moffatts Partnershlp LLP Sulte 1.1. Jackson House Slbson Road Sale M33 7RR Bankers The Cotroperntlve Bank pl¢ Vlcar Street Leeds LSI IHJ Unlty Trust Bank Nlne Brlndleyplace 8lrmingharn 812HB Page I
Huddersfield Canal So¢lety Umfted Tnstees, Report The tnees, who are dlrertors for the purySe$ of company law. present the annual report tO8ether wlth the financlal statements and audltors, report of the charitsble company for the yearermled 31 December 2024. Huddersfidd Canal Society Is a company limited by guarantee to the value of £1 per m&nber and does not ha share CatrI. The charlty ts Eovwned by the Memorandum and Artlcles of Assoclatlon of the company. The members of the Council of Manwaement are consldered to be both directors for Companies Act purposes and trustees for Charftles Art purposes. One thlrd of the Council members rtire by mtation each year and election takes place at the Annual Generdl Meetl The companyls 8orned by its Council of Manazemrt which meets on a bi4nonthly basts. The Councll, asslsted by outslde consuttants. ts respons1 le for fornulatln8 the strate8y and policies for the company as a whole, including the approval of budgets and the exercisin8 of financial controb throu8h regular finarK(al reportln8. The rnembers of the Coundl of Management who have served throughout the year a slThvn on the Offlclats and Advlsors page at the front of this reporL Risk Monagementwlky The S(Kiety has IdentEfied arKI reAewed the risks to which it is exposed arKI has established appropriate levels of reportln8 and control mechantsms to mitigate t)se risk& Objectlves and actlvl Obfvcts andalms The company is lStered for charitsble purposes, the objects of which are restoration, reconstructlon. preservation, rnalntenan and improvanent of the Huddersfld Narrtrw Canal and the Broad Canal for the use of the public. The Councll's pdky in furtherance of object1 has been to: - maximise revenue and safe8uard/enhance S¢xltty assets and fund rnise for specific canal related projects: - recruit new members to provide a secure incOw and attract addltTonal volunteers to undertake spedfk tasks. e.g. canal working parties, boat operdtlons. special events, 8uides. schools liaison. environmental issues, and maintain the hi8h quality of the memberf magazine- Pennlne Unl. - operdte boats owned or leased. to prornote the canal arKI Society, and - promote the canal to the gerRral public as the "unique Watenyaf to ralse Its profile by festivats, guided tours, socials, lectures, publlcatlons and where appropriate. by filmlaudio visual aids. Pa8e 2
Huddersfield Canal Soclety Llmlted Trustees, Report ObJe¢tfves strotegles and artlvltles The charity has continued to promote the canal to the general public by varlous mean& Achlevements and perfomiance Our dlesel boat has estsbllshed Itself as a popular attractlon at Uppermlll and is now descrtbed as the uttle Blue Boat in our promotlons. So successful have operations b&n that In 2024 it has out-performed the &Shuttle at Marsden In terms of vlsltor numbers and donatlons. The latter operation has understandably been subdued durlng the establishment by Hansons Mu51c of the main StandedBe warehouse bulldin8 to become the North of England Centre for Muslc and Arts. The SocietWs relatlonshlp with Hansons means that Income is Ilkely to Increase at Marsden durfng 2025. All of thSs is subj'ect to CruItMent of new ljoat cre&V members which Is the Ilmltln8 fartor to the number of runnlng days at both locatlons. See the Chairman's Report for more detslls on artSvltles undertaken. Publ1¢ Ixpneft The trustees have ensured they carry out the objectives for the publlc benefit and have (In accordance wlth s17 Charities Act 2011) had re8ard to Euidance publlshed by the Charfty Commission on publlc benefit when exercising powers or duties where that may be relevant. The trustees confirm that they have complled wlth the requlrements of settlon 17 of the Charitie5 Act 2011 to have due re8ard to the public benefft guldance publlshed by the Charlty Cornmlssion for England and Wales. Use olvolunteers The sucws of Huddersfield Canal Soclety depends on the commltment and skills of Its Councll members, stsff and volunteer5. It also depends on those supporters and Corporate bodles who either directly or Indirectly have contributed funds, supportor asslstance to the charlty In the past year. To all of these, special thanks are glven. Flnanclal revlew Total income for the year amounts to £46,560 {2023 - £31,617). Expendlture forthe year totsls £25,06012023 - £21,9S81 which all relates to unrestrlcted funds. The overall position at the year-end Is a surplus of £40,42612023 - £17,533). Thls Includes Investment Bains of £18,92612023 - £7,874). The total reserves carried forvrdrd at the ye8r*nd are £335,558 (2023 - £295,131). All of the charity reserves are unrestrlcted. Polky on reserves It Is the pollcy of the Council to retsln such re5erve5 as are necessary to enable the Soclety to fulfll Its obJectlves. The current level of reserves. held mainly in short tenn investments, Is consldered to be more than adequate to meet thls policy. Page 3
Huddersfield Canal Soclety Umlted Trustees. Report Funds In deficft There are no funds In deflclt. Prln¢lpalfvndlnq sour¢e$ Prfnclple fundln8 sources Include lUntsry donatlons from the publlc, membershlp fees. Income from the shuttles and Investment Income. InKJtmentpoHry aftdobjecttves It Is the pollcy of the Councll to malntaln Investments In a mlx of short term pollcles that produce a satlsfactory level of Income and malntaln capltal value. The current Investment level Is consldered to be more than adequate to meet thls pollcy. Flnanclal Instrum•nts Oblertlves qndpolkles The charlty's actlvltles expose It to a number of flnanclal rlsks Includlng credlt rlsk, cash flow rlsk and Ilquldlty rlsk. The use of fln•nclal der5vatlves Is governed by the charfvs pollcles approved by the board of trustees, whlch prode wrltten prlnclples on the use of flnanclal derlv•tlves to manage these rlsks. The charlty does not use derlvatlve flnan¢lal Instruments for speculatlve purposes. GolD8 concern The trustees have a reasonable expectatlon that the charfty wlll have adequate resources to contlnue In operatlonal exlstence for the foreseeable fijture. The charfty contlnues to adopt the 8oln8 concern b3sts on preparlng Its flnanclal statements. Page 4
Huddersfield Canal So¢lety Limited Trustees. Report Chalrnian's Annual Report 2024 2024 has been a yearof transltion for the company. Board meetSn8s have been held regularly and the AGM held In November 2024 in the Thomas Bourne room In what is now the North of England Centre for Muslc and Arts at Stsndedge, followed by a Voluntser< Social 8atherin& was well attended. Sadly another of our valued colleagues Erlc Woulds died In February 2024. His contributlon to the development of the Soclews electrlc boat and support with Soclal Media, boat crewin& advlce on plannln8 matters and Ilnks to muslcal 8roups wlll be missed. In July we learn of the untlmely death of the SocSeWs former Administrator, Bob Gou8h. Bob had been volunteering to do work on publlcatlons such as the Stsndedge Tunnels Book, now on its third Imprlnt and the eanewsletter and hls passing leaves our capabllity somewhat dlmlnished. Oe5Pite thls a second imprfnt of the Tunnel End gulde was successfully publtshed. Our two craft resurned setwice In tlme for Easter 2024 at thelr respective locations; Marsden for the e-5huttle and Uppermill for the Little Blue Boat as the dlesel craft has become known. The latter has been a popular attraction and ha5 made up for the anticlpated reductlon In attivity at Standedge pending the establlshment of Hansons Muslc at Standed8e. Efforts have been made to recrultlnE sufflclent crew to make the operation of both worthwhlle and two key volunteets have focussed on developing the operation at Uppermill. The moorln8 agreements for both craft were successfvlly negotlated by the stsrt of the season Blvlng rnuCneeded stsbilty to the operdtions. The eCtrIC shuttle boat has performed reasonably well at Stsndedge though by the close of 2024 It was becomin8 apparent that replacement batterie5 would be desirable. My thanks 80 to Mike McHu8h, the boat management team and uews for thelr commltment in runnlng Ix)th boats and provldln8 $0 much pleasure to visitors. I'm also grateful for the slgnlficant donatlon whlch has fvnded the new batterles. Now that the North of Endand Centre for Muslc and Arts is startin8 to take shape along wlth our rdattonshlp wlth Hansons it is hoped that more joint events wlll be developed in the corning months. The news frorn Canal & Rlver Trust that they plan to have a placement tunnel trlp boat built In due course sublert to successful securln8 of external funds is an encouraging reversal of thelr earller stsnce and should give confidence that the temporary lull in footfall at Tunnel End should be reversed. The Frlends of Standedge have now taken on operating the café at weekends The Societys maintenance opernons contlnued on a fortni8htly basis throughout the year. The re8ular dutles Invofved Iltter clearance, lock gate palntlng and gear 8a$[n& as well as offslde vegetation and lock wall clearance usin8 the Canal & Rlver Trust pontoon. In a new development there has been trainlng In weed killer applicatlon $0 that some of the challen8in8 growth on lock walls and wash walls can now be tackled. Early In the year the last of the flve replica mllestones were instslled. My thanks go to Deputy Chalrman, Treir Ellls, for his MmItMent and skill in mana8lng the team's Important contrlbutlon to the canal envlronment. Varlous stoppages for englneering repalrs and perslstent water leaks on the Huddersfleld Narrow Canal and dosure5 on Ilnked watepNays has meant that through passages of the canal have sadly bn at relètlvely low levels and with a major bank fallure occurrlng at New Year 2025 there 15 likety to be several months when through passage wlll not be posslble. Thi5 rnakes our own boat activlty all the more important to brlng Ilfe to the canal. Page 5
A 4ft8le newsletter ¥R5 publlshed durlng the year. bstte contlnues to WadE a saurce d Inf0MlIOn and hès been Inwluable In rekyln8 the upto date stusofthe Stxws operntlohs and news ftemL Thanks are ¢hJe to Mortln aark for helpJn8 behlnd the xenes any rr Ir Pfesence on soclal medh ha5 been enhanced the of a number of bo4t creaT mernbers and fm ffatefvl ftr theli (ammrt to keepbry the Sockty En the publlc rye. Membershlp corrtlnues to be (P 4¢]0. It Is pleaskn8 to nrte that there has been a steady number of Rew supporters to replace lapsed aThl deceased members malnfv throu8h recrultffnt of new bott crew. l am 8ratelul to Patrlcla Bayley for her work as Membershlp Secretsry arld also to Anne Go8On for agreeln8 to takn ¢Mr thls le earfy lft 2025. Anhe has alg>tumed I[ lftd to Monu secrEtsry for th1th I'm rnost 8rateful. We contlnue our TA4th Northern Canals Assocknkn •nd Kefth Sykns has Ibeen our potht of contsct ttendlng must rneetlng5 and sharfttg Infomtlon wfth fellow nal lestatkn Broup& Ketth has •lso contlnued to press on the ScKlels belhiif for Imp boater faclltlek Kelth Se5 ar TTeK)r Ellis fvlned me at the annual ThtIng on the operatlon and malntenancÈ ttgreefftnt wllh CaMI & Rlr Tnjst rnana8er5 for both rWs where we were able to Talse Mncems •brt prowe55 on aspects of CRfs TAYJrk and IEarn abo thelr wknrltles at a ttme when Gtmynrnftt ftnandal support Is fedu(th8yearon T. 2024 ts Ihe second year In thkh our accounts shw a gIr arKI th15 Is set to cantlnue. enabllna Investmenl I small projects whlth meet our oWectl%& I'm tyetsl to the our Treasurer, Mlke McHu8h, for effl¢ferrtly malntalnln8 rnrord5 of Yecelpts The companrfs balafteed portldlo of lTh%thnts 8lves the Soclety a skant financlal Ivjffer fwthe fuluv& l am pleas•d to lcome a new TN#¢e, Le¥er. lll l affl sure Arwathen our minaaeNrf tsam. Nlke Is an arthe tt crnw menkn and wlll brhq addttlonal skllk In rr ohd bloathR$ Dlsdowrn rA tnlorn•llJn to audlt Each trustee tros tsken steps that to tsken as a tntstee In onler to ther&elw adIe of any relevant audlt InfomMtkJn awl to estsldtsh that the charlvs audltor ts aware of that thfommtlon. The trustees conflrrn that there Is no relmnt Inforrnthn th thy know olarKI of they kn¢M7the audllor Is Un0re. Thls report has k¢tn pr¢pared In acconknce wlth the small conwanles r uThdertho CnrnFontes Att 20D6. The annual report 0rd tythe tru#ee5 of the charltyon 17Juty 2025 and slllned its behalf . A L Skniher Tee
Huddersfield Canal Soclety Llmlted Statement of Tnths. Re5ponslbllltle5 The trustees (WI are also the dlrectors of Huddersfteld Canal Soclety Urnlted for the purposes of company law) are respDnslble for preparfng the trustees, report al the flnanclal statements In accordance wlth applitable law and Unlted Klngdom Attountln8 Stsndard5 Iunlted Klngdom Generdlly Accepted Accountthg Practlcel, Indudlne FIIS 102'Tr Flnanclal ReportlN8 Standard applkable In the UK Ind Republk of ITeland'. Compny law requtr¢s the tNsteesto prepare flnanclal statenwnts for each Itnanclal yeaT. Under comwrny law the trustees must not approve the flnanclal 5tstements unless they are satisfied that they al¥ a true and faEr vlew of the state of affalTS of the charttable company and of the IrKomln8 resources and appllcatlon of rUrCeS, Inctudlna Its In¢oTh ad expeTrdlture, of the charttable tompany for that perlod. In preparfn8these flnanclal stalements, the trurtees ire requlred to: • selert sultable Bcrountlwd pollde$ and applythem conSteI¥.. obser¥e the rMth¢xls and prlnclples In the Charltte5 SORP,. m•koJud8ements and estlrnes th•t are reasonable and prudent,. state whether appllcable accountlng $tsndar eomprlslng FRS 102 have been followe 5ubSecl to any m#tertal departures dlsclosed and explalned In the flnanclal statÈrnent¥ •nd prepare the financkl statements on the 8oln8 concern bas15 unless tt Is Inèpproprlate to pSurne that the charftable company wlll contlnue In buslness. The tnthes are responslble for keepln8 proper accauThtlng records that can dlsdose wlth reasonable 8ccur4ry at afty tIn the flnanclal posEtlon olthe charltable company and enable them to ensure that the financl•l statements Comply wSth the Componle5 Act X$06. Tfroy are also responslble for fe8uardlN1 the assets of the thartt•ble ¢ornpany and hence fortsklnB reasonable steps forthe preventlon and detectlon af fraud and other ITre8ularEtle& The tNstees aTe responsthle for the malntenance and Intearfty of the corpornte and finattlal Informatlon Included on the ch•rftsble company's web5fte. Leglslatlon aovernlng the preparatlon and dlssemlnation of flnanclal ststeThnts rMydlff8r from le8lslatloTh th (rtherwrfsdlrtlons. Approved bvthe trustees of the ¢harlty on 17 July 2025 and ned on its behalf b¥: A L Stopher Trustee Pa8e 7
Huddersfield Canal Sodety Umlted Independent Examlner's Report to the trustees of Huddersfield Canal Soclety Umlted I'the Companv,) I report to the charity tntee5 on my examination of the accounts of the Comp8ny for the yè•r ended 31 December 2024. Responslbllttles and bas15 of report As the chartys trustees of the Company (and also its directors for the purposes of company law} you are responslble for the preparation of the accounts In accordance wlth the requlrements of the Companles Act 2006 I'the 2006 ACV). Having satisfied myself that the accounts of the Company are not required to be audlted under Part 16 of the 2006 Att and are ellglble for independent eKaminatlon, l POrt In respect of my examlnatlon of your charlS accounts as carrfed out under section 145 of the Charltles Act 20111'the 2011 Actrl. In carrying out my exarnination I have followed the Directlons 8bven by the Charity Commlsslon under sectlon 145{511bl of the 2011 Act. Independent emamlnerfs statement I have completed my examlnatlon. I confirm that no matters have corne to my attentoon In connectlon wlth the examination glvinB me cause to belleve: l. accountlng records were not kept In respect of Hudder5field Canal Soclety Llrnited as requlred by sectlon 386 of the 2006 Act; or 2. the accounts do not accord wlth those records; or 3. the accounts do not comply with the accountlng requlrements of sectlon 396 of the 2006 Act other than any requirement that the accounts 8lve a 'true and falr vlew, which is not a matter consldered as part of an independent &%amination,' or 4. the accounts have not been prepared In accordance wlth the methods and pr1ndp1 of the Statement of Recommended Practlce for accountln8 and reporting by charities lapplicable to charlties preparlng thelr accounts In accordance wlth the Flnanclal Reportln8 Standard appllcable In the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connectlon with the examlnatlon to whkh attentlon should be drawn in th5s report In orderto enable a proper understsnding of the accounts to be reached. n Saxon Moffatts Partnershlp LLP Ite 1.1, Jackson House Sibson Road Sale M33 7RR 17 July 2025 Page 8
Huddersfleld Canal Soclety Llmlted Statement of Flnanclal Actlvltles for the Year Ended 31 December 2024 {Includlng Income and Expenditure Account and Statement of Total Recognlsed Galns and Losses) Total 2023 Unrestrlcted fvnds Total 2024 Note Income and Endowments from: Donatlons and le8acles Charltsble actlvltles Investment Income 32,284 6,833 7,443 32,284 6.833 17,649 7,247 6,721 Total Income 46,560 46,560 31,617 Expendlture on: Ralslng funds Charltsble actlvltles 12171 24,843 12171 124,843 (181} 21,777 Total expendlture G•lns/losses on Investment assets 125,060) 18,926 125,0601 18,926 121,9581 7,874 Net Income 40,426 40,426 17,533 Net movement Sn fvnds 40,426 40,426 17,533 Rendn0Tr offvnds Totsl funds brou8ht forward 295,132 295.132 277,598 Total funds Carrled forward 19 335,558 335,558 295,131 All of the char5ty'5 actlvltles derfve from contlnulng operatlons durln8 the above two perlods. The funds breakdown for 20231$ shown In note 19. The notes on pa8e$ 12 to 24 form an Inte8Tr1 part of these financlal statements. Po8e 9
Huddersfield Canal Soclety Umfted {Reglstratlon number 014988001 lance Sheet a5 at 31 December 2024 2023 Tan8lble assets In¥e&trnerts 19 91,449 187,478 14 168,664 278 927 256,728 Currnnt stocks D4btafS Cash at bank and In h•rtd 1,522 11,178 16 7,533 29,966 17 S911 40,703 Credllors: AMn[lIng wlthln •n•y 300 56,631 38N03 Net 335 $58 Funthotth• ilfirald•d In¢ame lun Unrestrfcl•d fvnds 295,131 Totsl fun 19 For the flnanclal year endln8 31 December 1024 the charlty w41 entttlad to •x•fflptlon from audft under Sertlon 477 of the Compafiles P%t 21]Q6 rnlatlnll to small ¢omp3file Dlrectors, rewNbNttleS. The mffthers have n•t requlred the ¢h•rfty to obtaln afv audlt of Its I¢Uts for the y•ar In qu•stlon In aceord•nce wtth sectlon 476., and The dlr&rtors acknowled80 theSr re$pondbllltles for complyln8 wlth the rqgulrements of the Art wlth to accountln8 recoTd$ and the prep4ratlon of account& The flnandal statements on pays 9 to 24 approved by the Ift •nd authorls•d for tsw• on 17 July 2025 and slaned on thelr behalf by. A L Stoph•r TNstee The notes or pJBes 12 to 24 forrn an Inteyal part olthese fln•fidal sktement& Pa8e 10
Huddersfleld Canal Soclety Limlted Statement of Cash Flows for the Year Ended 31 December 2024 2023 Cath flows fr(ffi operatlng attlvltles Net Cash income 40,426 17,533 Adjustments to cash ftows from Th0n$h Items Depreclation Investment Income Revaluation of Investments 5,873 17.4431 18.925} 16,nii {7,8741 19,931 7,886 Workln8 capltal adjustments Decreasel(Increasel In stocks Increase in debtors 15 1.682 13,6451 (1,7771 146) 16 Increase in creditors 18 Net cash flows frorn operatin8 a¢tlvltles Cash Ilows from Investlng acthiltles Interest receivable and slmilar income Purchase of tan8ible flxed assets Sale of Investments 18,548 6,143 7.443 19.2581 112 6,721 13 93 Net cash flows from Investing actlvttles {1.7031 6,814 Net Increase in tash and cash equlvalents 16,845 12,957 Cash and cash equlvalents at l January 29,966 17,009 Cash and cash equlvalents at 31 December 46,811 29.966 All of the cash flows are dwlved from contlnuin8 operdtlons durlng the abtsve two perlods. The notes on pas 12 to 24 form an Integral part of these finènaal statements. Page 11
Huddersfield Canal Society Umlted Notss to the Finandal Statements for the Year Ended 31 December 2024 The charity is lirnited by 8uarantee. incorporated In England and Wales. and consequently does not have share capital. Each of the trustees is liable to contrlbute an amount rbot eXdIng £1 towards the assets of the charty in the event of liquidatlon. The address of its registered office is: Piccadilly 8usiness Centre Aldow Enterprise Park Manchester M12 6AE These financial 5tstements were authorised for issue by thetrustees on 17July 2025. 2 Accountlng polldes Summary of nJficant a¢countln8 polldes and key accountlng esthnates The principal accountlng polioes applled in the preparation of these financial sktements are set out below. These policies have bn consistently applied to all the years presented, unless otherwlse stated. Statement of ¢ompllance The financial statements have been prepared In accordan with kn0ufftti and Reportin8 by Charities: Statement of Recommended Pfactke (applicable to tharitle5 preparlng thelr accounts In accordance wlth the Flnancial Reporting Stsndard appltcable in the UK and Republic of Ireland IFRS 1021) (Èswed in October 20191 Icharltles SORP {FRS 102)), the Flnandal Reporting Stsndard applicable in the UK and RepubIlc of Ireland (FRS 102) and the Companles Act 2006. Basls of preparatlon Huddersfleld Canal Soclety Limited meets the definition of a public beneflt entlty under FRS 102. Assets and liabilities are inltlalFy reco8nised at historical cost or trdnsaCIt value unle55 otherwise stated in the relewdnt accounting pollry notes. Golnz concem The financlal statements have been prepared on a go1 coern basi& The trustees assess whether the use of goln8 corKern 15 appropriate l.e. whether there are any nterf81 uncertalntles related to events or condlttons that may cast signfficant doubt on the abilty of the charity to contlnue as a goln8 concern. The trustees make this assessment in respett of a Per of one year from the date of approval of the flnanclal ststements. Pa8e 12
Huddersfleld Canal Society Llmlted Notes to the Flnanclal Statements for the Year Ended 31 December 2024 Income and endowments All Income is reco8nlsed once the charity has entitlement to the Income. it Is probable that the Income will be received and the amount of the Income receivable can be measured rellably. Donatlons and leqacks Donatlons are reco8nlsed when the charlty has been notffted in writing of both the amount and settlement date. In the event that a donatton Is subject to conditions that require a level of perf0mnCe by the charlty before the charity is entltled to the funds, the Income Is deferred and not recognised until elther those condltions are fully met. or the fulfilment of those condltlons Is wholty wlthin the ¢ontrol of the charity and It is probable that these condition5 wlll be fuffilled in the reportlng period. Grants reCeIble Grants are reco8nised when the charlty has an entltlement to the funds and any condltlons linked to the grdnts have been met. Where performance condltions are attached to the grant and are yet to be met, the Income Is recognlsed as a liability and Induded on the balance sheet as deferred income to be released. Int1cOme Dividends a recognlsed once the dlvidend has been declared and notlfication has been received of the dlvldend due. Charltoble artmtles Income is received for membership of the sodety and boat hlre. Income is recognlsed on a recelvable basls. Expendlture All expenditure is recognlsed once there Is a leBal or constructlve obligation to that expenditure, it Is probable settlement Is required and the amount can be measured rellably. All costs are allocated to the applicable expendlture heading that aggregate similar costs to that cate80ry. Where costs cannot be dlrectly attrfbuted to partlcular headlngs they have been allocated on a basis consistent wlth the use of resources. with central staff costs allocated on the basls of tlme spent, and depreciatlon charges allocated on the portlon of the asseys use. Other support Costs are allocated based on the spread of staff costs. All resources expended are Inclusive of irrecoverable VAT. Ralslngfvnds These are costs Incurred In attractin8 voluntsry Income, the management of Investments and those Incurred In tradln8 artivitles that ra15e funds. Charftoble artlvltles Charftsble expenditure comprfses those costs Incurred by the charty In the delivery of Its actlvlties and ser4Eces for Its beneflclarles. It includes both costs that can be allocated directly to such actlvitles and those costs of an indirert nature necessary to support them. Page 13
Huddersfield Canal Society Umited Notes to the Flnandal Statements for the Year Ended 31 December 2024 These indude the costs attrlbutsNe to the tharws compliance with constltutlonal and ststutory requirements. includlrg audiL strateglc rnanageM and tTUSteds meetings and reimbursed expen Govemment grants are rec(wised based on the accnjal modd and are measured at the falr belue of the asset received or receivable. Grants are classified as relat[ either to revenue or to assets. Grants relatlng to revenue are OgnISed in income over the perfod In which the related costs are reco8nised. Grants relating to assets a recognlsed over the experted useful life of the asseL Where part of a grant relatirq to an ass& is deferred, it is recogni5ed as deferred income. lffeulverable VAT Irrecoverdble VAT Is char8ed agalnst the cate80ry of resources Qxpended for whlch It was Incurred. TatIon The charfty ts consldered to pass the tests set out in Pard8fdph I Schedule 6 of the Finance Act 2010 ar therefore It meets the definition of a tharltsble company for UK corporation tsx purposek Accordingly, the charlty ts p)tentlally exeJnpt from taxation In respect of Income or capttsl gains recer4pd wlthin categories covered by Chapter 3 Part 11 of the CryKatlon Tax Act 2010 or Section 256 of the Taxatlon of Chargeable Gains Att 1992, to the extent that such income or galns are applied eKclusl¥ely to charitsble purpos. Tanglble tlyed assets Indlvidual fixed assets costlr4 £1.00 or more are Inltlalty recorded at cost. less any sUbseqnt accumulated depreciation and subsequent accumulated impairfftht losses. Depredatlon and amortls•tlon Depreaation Is provided on tan8ible fNed assets so asto write off the cost or valuatlon, less any estlmated resldual value, overtheir expected usefvl economic lrfe asfollows: Leasehold premises Leasehold impro¥•nents Motor ¥hldes Boat 2.5% straltht Ilne basis IO% straight Ilne basis 20% stralght Ilne basls SWI0% Xraht line basls 20% strai8ht1Sne basb 25% straight line basis Office equlpment Computer equIpmt Page 14
Huddersfleld Canal Soclety Llmlted Notes to the Flnanclal Statements for the Year Ended 31 December 2024 Flxed asset Investments Fixed asset investments. other than progrnmme lated Investments, a Included at market value at the balance sheet date. Realised gains and losses on Investments are calculated as the difference between sales proceeds and thelr market value at the start of the year, or their subsequent tosL and are charged or credited to the Statement of Financlal Actlvltles In the period of dlsposal. Unreallsed 8alns and losses represent the movement In market values durfng the year and are credlted or charsed to the Statement of Flnancial ActlvStles based on the market value at the year end. Sto¢k Stock Is valued at the lower of cost and estlmated sellln8 price less costs to complete and sell, after due regard for obsolete and slow movin8 stocks. Cost is determlned uslnB the first-ln, flrstryout IFIFOI. Trade debtors Trade debtors are amounts due from customers for merchandlse sold or seceS perfomied in the ordlnary course of business. Trade debtors are reco8nised initlally at the transattion prlce. They are subsequently measured at amortised cost using the effective interest rnethod, less pmvlslon for Impalment. A provlslon for the Impalrrnent of trdde debtors Is establlshed when there Is objerttve evldence that the charlty wlll not be able to collect all amounts due accordlnB to the orl8lnal terrns of the recesvables. Cash and equlvalents Cash and cash equSvalents comprlse cash on hand and call deposlts. and other short-term highly Ilquld Investments that are readlly convertlble to a known amount of cash and are subject to an insignlflcant risk of change Sn value. Borrowlngs Interest-bearlng borrowlngs are Inltially recorded at fair value, net of transaction costs. Interest-bearSng borrowSngs are subsequently carrled at amortised c05t, wlth the dbfference between the proed$, net of transattion costs, and the amount due on redemptlon beln8 recognlsed as a charge to the Statement of Flnanclal Actlvltle5 over the period of the relevant borrowin8. Interest expense Is reco8n15ed on the basls of the effective interest method and Is Included In interest payable and slmllar char8es. Borrowing5 are classified as current Ikblltles unless the charity has an unconditional rlght to defer settlement of the liability for at least twefve months after the reportin8 date. Pa8e IS
Huddersfield Canal Sodety Llmlted Notes to the Flnandal Statements for the Year Ended 31 December 2024 Fund strutture Unre5trlcted Income fun(ts are general funds that ire ardllable for at the tnrtees, dlKretlon In furtherance of the objertlves of the charfty. Restrlcted Income funds are those donated for use In a partkular area or for spedft purposes, the use of whlch Is restrfcted to that or purpose. nondal Inrtrum•Thts Flnancl41 assets and flnanclal IlabllFtles ore reco8nlsed when the thorlty becomes • party to the contraLtual provlslons of the Instrument. Flnanclal Ilabllltles and equlty Instruments are classffied a¢cordln8 to the substance of the contractual rran8ements entered Into. An equlty instrument Is any contrart that evldences a residual Interest In the assets of the tharSty after deductln8 all of Its Ilabllltles. All flnancl•l assets and Ilabllttles are Inltlalty rneasured at trnnuctlon prke Ilncludln8 transactlon costs), w(cept for those flnanclal assets classlfled as at falr value throu8h profit or loss, whlch are Inltlally measured at falr value (whlch Is nomwlly the trnnsartlon prke exdudlng trnnsactlon co#sl, unless the arrnn8ement constltutes a flnancln8 trnnsattk)n. If an arran8ement constltutes a financln8 transactlon, the financlal asset or ftnanclal Ilablllty Is measured at the present value of the future payments dlscounted at a market rate of Interest for a slmllar debt Instrument. Flnanclal assets and Ilabllltles are only offset In the statement of flnandal posttlon when, and only when there exlsts a legally enforceable r*ht to set off the recogntsed •TrUnts and the charfty Inten(ts elther to settle on a net basls, or to realSse the asset and settle the lbIlitY slmultsneouslv. Flnancl•l assets are derecognlsed when and only when a) the contrartual rr8hts to the cash flows from the flnanclal asset explre or are settled, bl the charlty transfer5 to another party substsntlally all of the risks and rewards of ownershlp of the flnand811srt or cl the charfty, desplte havln8 retslned some, but not all. slgnfflcant rlsks and rewards of ownershlp, h•s Iransferred control of the asset to another party. Flnanclal Ilabllltles are derecoBnlsed only when the obll8atlon spedfied in the cortract is dlschar8ed, taKelled or explres. Page 16
Huddersfteld Canal Soclety Llmfted Notes to the Flnandal Statements for the Year Ended 31 December 2024 3 Income from donatlons and le8ades Unrestrlcted funds General T¢>tal 2024 Total 2023 Donatlons and legacies: Donations from Indlviduals Glft ald reclalmed 27.125 5,159 27,125 5,159 14,860 2,789 32,284 32,284 17.649 4 Income from tharftable actlvltles Unr¢strfrted funds General Total 2024 Totsl 2023 Subscriptlons Other Income Income from boat 2,311 4.222 2,311 4,222 2,685 2,572 1390 6,833 6,833 7,247 Boat Income from tradlng charftsble activities was £30012023 £1,990). Donatlons collected on the boat came to £14,69812023 £13.4861 wlth assoclated Glft Ald of £2,00012023 £2.1M)01. The total boat Income and donations collected on the boat amounted to £16,99812023 £17,476). S Investment Income Unrestrfcted fvnds General Total 2024 Total 2023 Interest recelvable and slmllar income; Interest re1vable on bank deposlts Other Income from flxed asset investments 911 6,532 911 6,532 102 6.619 7.443 7,443 6,ni PaBe 17
Huddersfield Canal Soclety Umlted Notes to the Flnandal Statements for the Year Ended 31 December 2024 6 Expendfture on rdtsln8 funds a) Inveslment fflana8eTht ¢osts fiffid$ Total Total 2023 Other investment mana8aneiit coAs' Adrninistratlon of the investments 217 217 181 217 217 7 E¥pendlture on ¢harftsble acilvlues funds Totsl Openlng stock Canal Projects Purchases Closlng stock Shuttle running costs offi expenses Prlntln& posta8e and ststionery Sundry expenses Motor expenses Travel and subslstence Bank charges Depreciation 3204 978 3,204 978 1,427 579 330 330 2.700 {3,204) 7.484 2531 346 (1522) 7574 2.773 {122> 774 2,773 122 243 243 677 2.150 182 182 143 5.873 156 143 5.873 144 22.050 22,050 19,273 In addition to the eypendItu analysed aLKM, there are also 8ovemance costs of £2.793 {2023 - £204) which relate dlrectly to charitsble actlvitses. See note 8 for further detsils. Pa8e 18
Huddersfield Canal Soclety Llmlted Notss to the Flnanclal Statsments for the Year Ended 310ecember 2024 8 Anal ofgovernante and support costs Governance $ts Unrestrlcted funds General Total 2024 Total 2023 Independent examlner fees Examination of the financial ststements Other fees pald to examlners 2.S20 273 2,520 273 2,300 204 2,793 2,793 2,504 9 Net In¢omlnglout8oln8 resources Net In¢oming resources for the year Include: 2024 Other non-audit SCeS Depreclatlon of fixed assets 2,793 5,873 2,504 4,948 10 Trustees remuneratlon and expens Durlng the year the charlty made the followin8 transattlons with trustees: £4,16612023.' £2,030) of expenses were relmbursed to durin8 the year. Expense5 paid on behalf of the charlty by 4 (2023 4) members of the Councll of Management have been relmbursed. No trustees, nor any persons connected wlth them, have recelved any remuneration from the charfty durfng the year. No trustees have recelved any other beneflts from the chaflty durlnB the year. Qonatlons made by the trustees wTthout any condStlons attached totalled £10,000 forthe year12023- £Nil}. Page 19
Huddersfield Canal Soclety Umlted Notes to the Flnancial Statsments forthe Year Ended 31 December 2024 11 Independent examln•es remunernil EKamlnatk)n of the financlal statements 2.520 Other fees to examlne All other serthces 273 204 IZ Taxatlon The charfty Is a wlstered charlty and ts therefore exempt from tsxatlon. 13 Tanalbl• trryx•d aM•ts land and Othert4n8lbl• ljulldlny Motorvthklm fffjd Met Totol At l Janu•ry 2024 Addltlons 55,680 10.935 147,445 9,2S8 At 31 December 2024 55.680 10,935 90,088 156,703 Depr¢d•tlon At l January 2024 Charge for the ye•r 34,205 859 10,935 14,241 5,014 59.381 5,873 At 31 December 2024 10,935 19,255 65,254 Net book valuo At 31 Decernber 2024 20,616 70,833 91,449 At 31 December 2023 21,475 66,589 88,064 Induded wlthin the net book value of land and bulldlngs above Is £NII {2023 - £NII} In respect of freePK>ld land and buildings and £20.616 {2023 - £21.475) In respect of leaseholds. Pa8e 20
Huddersfield Canal Society Umited Notes to the Flnanclal Statsments for the Year Ended 31 December 2024 14 Flxed asset Investments 2024 2023 Other Investments 187.478 168,664 Othw Investments Usted Investments Unnst•d Investments Totsl Cost or V8lu•tlon At l January 2024 Revaluatlon DIspos8ls 166,289 18,926 2,375 168,664 18,926 112 112 At 31 Oecernber 2024 185,215 2,263 187 478 N¢t book value At 31 December 2024 185,215 187,478 At 31 December 2023 166,289 2,375 168,664 The market value of the Ilsted Investments at 31 December 2024 was £185,215 {2023 - £166,289). 15 Stock 2023 Stocks 1,522 3.204 16 Debtors 2024 2023 Trade debtors 320 Prepayments Accrued income 5.749 5,429 4.470 2,743 11,178 7533 Page 21
Huddersfleld Canal Soclety Llmlted Notes to the Flnanclal Statsments for the Year Ended 31 December 2024 17 Cash and cash equlvalents 2023 Cash at bank 46,811 29,966 18 Credltors: amount$fallln8 due wfthln Meyear 2024 2023 Acuuals 2,880 2,300 19 Funds Balance at 31 Detember 2024 Balance at I January 2024 Other Incomln8 Resources recognlsed resour¢es expended ylnsl(1osI Unrestrfcted fund$ Genernl General Funds 295,131 46,560 125.0591 18,926 335,558 Balance at 31 De¢ember 2023 Balance at I January Other Resourres recognlsed expended aalNI(lossesl Incomlng resources Unre5trfcted funds Genernl Generdl Funds 277,598 31,617 {21,958) 7,874 295,131 Page 22
Huddersfield Canal Soclety Limited Notes to the Flnanclal Statsments for the Year Ended 31 December 2024 20 Analysls of net assets between fvnds Unrestrlcted funds General Total funds at 31 December 2024 Restrlcted funds Tangible fNed assets Fixed asset investments Current assets Current liabilitles 91,449 187,478 59,511 (2.8801 91,449 187.478 59,511 (2.880 Totsl net assets 335.558 335.558 Unre5tr1cted funds General Total funds at 31 December 2023 Restrlrted funds Tanglble fixed assets Fixed asset Investsnents Current assets Current liabilitie5 88,064 168,664 40,703 12,3001 168,664 40,703 (2,3001 Total net assets 295,131 295,131 21 Analysts of net funds At31 Defflber 2024 At l January 2024 Hnanclng Cash at bank and In hand 29,966 16,845 4611 Net debt 29,966 16,845 46,811 At31 December At l January Ananclng cash Cash at bank and in hand 17,009 12,957 29,966 Net debt 17.009 12,957 29,966 Page 23
Huddersfield Canal Society Umlted Note$ to the Flnanclal Statements for the Year Ended 31 December 2024 22 Related portytransactlons There were no related party trnnsactlons In the year. Pa8e 24