The Trustees present their report and financial statements for the year ended 31 March 2025.
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)".
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 seabed survey 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 and we welcomed a new Operations and Engagement Manager in April 2024 following the resignation of the previous incumbent due to personal reasons. 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.
The Operations and Engagement Manager, together with the International Director attended the International Federation of Hydrographic Societies HYDRO 2024 conference that was held in Rostock, Germany in November 2024. At the close of the conference they received the HYDRO Plaque as the Society will host the next HYDRO conference in the UK in 2025. A working group has been in action to identify and secure a suitable date and venue for the conference and invite submissions for presentations and funding through exhibitions and sponsorship. Arrangements are well advanced for this event that is scheduled to take place in Liverpool between the 28th and 30th October 2025.
Following the success of the Remote Hydrography Conference and Exhibition in Dublin in February 2024 a strategic plan was developed with the aim of becoming cost-neutral within three years, excluding income from conferences and events organised by the Society. The plan was approved by the board in March 2025.
At a regional level the 6 Branches of the Society have continued to hold regular local meetings in a range of different formats. The North West Branch, re-formed last year with regular social events, held their first technical presentation evening in November 2024. The Scotland Branch continued as the most active region and welcomed 90 delegates to their annual Hydrofest event. Their meeting program also included a ‘super summer social’ event at the end of August to which members of the Society of Underwater Technology (SUT) were also invited and saw over 50 attendees. The Southern Branch also partnered with the SUT for their annual evening technical joint meeting at the headquarters of the Royal Institute of Chartered Surveyors in central London. The theme of Unexploded Ordnance proved to be extremely popular and the event, held in the RICS lecture hall, was a sell-out. The East Anglia Branch annual quiz at the end of November was very well attended and the South-West Branch have maintained their regular meetings program and the Irish Branch have primarily been active via online events and continued to be supported by INFOMAR.
The Society continues to recognise and support new talent, both at regional level and centrally, and the 2024 winner of the annual Alan Ingham Award went on to win the International Federation of Hydrographic Societies award and presented her paper at HYDRO 24 in Rostock. Several branches held student-focused meetings this year and the annual schools event in Scotland introduced over 300 pupils aged 11-14 to Hydrographic Surveying. The Hydrographic Professional Accreditation Scheme (HPAS) has experienced steady growth in 2024/25 with a cumulative total of 45 successful candidates and 13 affiliate applicants.
The Society continues to promote and protect the hydrographic profession and submitted a response to the April 2025 call for evidence from the Joint Committee on the National Security Strategy around the security threat to Undersea Cables. The response highlighted the shortfall in education and training in hydrographic surveying and was published as written evidence on the relevant UK parliament web page.
The net deficit for the year was £14,391 (2024: £15,133 surplus). After deducting this from the accumulated funds brought forward of £168,868 (£153,145 unrestricted funds and £15,723 restricted funds), there is a balance of reserves of £154,477 to carry forward within the Society. This consists of £143,551 unrestricted funds and £10,926 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.
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:
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of The Hydrographic Society UK (the Society) for the year ended 31 March 2025.
Having satisfied myself that the financial statements of the Society are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Society’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Society as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
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 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.
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.
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.
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.
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.
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.
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:
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.
Stocks are stated at the lower of cost and estimated selling. Cost comprises the purchase price of branded goods for resale. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
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.
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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Charitable Income
Charitable Income
Hydrofest - Scotland
Annual Members Dinner - Scotland
Meeting collections
Remote Hydrography
SUT joint seminar
Social and other events
Investments
Hydrofest - Scotland
Annual Members Dinner - Scotland
Meeting costs
Remote Hydrography
SUT seminar
IFHS levy and associated membership subscriptions
Bank charges
Insurance
Sundry costs
Postage, stationery, telephone and internet
Travel and accommodation
None of the trustees (or any persons connected with them) received any remuneration during the year. One trustee was reimbursed expenses totalling £34 in relation to event costs paid on behalf of the charitable company (2024: 2 trustee reimbursed £1,864).
The average monthly number of employees during the year was:
Key management comprises the Charity's freelance Chief Executive Officer.
The remuneration of key management personnel is as follows.
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 income funds of the charity include restricted funds comprising the following unexpended balances held on trust for specific purposes:
Both the UK and Scottish Regions have restricted fund balances to be used for the purposes of education of those in the field of hydrography.
The 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.
Sufficient funds are held in an appropriate form to enable each fund to fulfill its objectives.