Registered number. 02927628 Charty number: 1038161 U K ONSHORE GEOPHYSICAL LIBRARY UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Sa eis Butterworth LLP
U K ONSHORE GEOPHYSICAL LIBRARY CONTENTS Page Reference and administrative details of the companyi tts Trustees and advisers Trustees. report Independent examinerfs report Statement of financial activities 10 Balance sheet Notes to the financial statements 13-21
U K ONSHORE GEOPHYSICAL UBRARY REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Dr M Butler Mr E King Mr R Mckie (resigned 25 September 2023) Mr M Abbott Dr D Satterfield Dr G Kirby (resied 9 April 2024) Mr C Pullan Mr G Heard Prof M Huuse Dr T Pharaoh (appointed 9 April 2Q24) Prof J Underhill (appointed 25 September 2023) Company registered number 02927628 Charity registered number 1038161 Registered office 3rd Floor 12 Gough Square London EC4A 3DW Company secretary Mrs P Mohamed Independent examiner A K Burch FCA Sayers Butterworth LLP Chartered Accountants & Statutory Auditors 3rd Floor 12 Gough Square London EC4A 3DW Bankers Lloyds TSB PIC 34 Moorgate London EC2R6DN Managed by Lynx Information Systems Limited 84 Coombe Road New Malden Surrey r3 4QS Page 1
U K ONSHORE GEOPHYSICAL LIBRARY TRUSTEES. REPORT FOR THEYEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the finan¢ial statements of the U K Onshore Geophysical Library for the 1 January 2023 to 31 December 2023. The Annual report seNes the purposes of both a Trustees. report and a directors, report under company law. The Trustees confimi that the Annual report and financial statements of the charitsble company comply the current statutory requirements, the requirements of the charitable companws governing document and the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the company qualifies as small undef section 382 of the Companies A¢t 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Reference and administrative details Reference and administralive details are shown in the schedule of members of the board and professional adisers on page 1 of the financial statements. Structure, govemance and management The UK Onshore Geophysical Libraryllhe Librarf) was estsblished in 1994 as a company limited by guarantee and a registered charity. The Library is administered by a group of Trustees, which shall be not less than three nor more than nine. In accordance wilh an amendment to the Articles approved in September 2021, new Trustees shall be persons nominated by a simple majority of the existing Trustees. Each Trustee is given an appropriate induction programme and training relevant to their responsibility. The Trustees normally also serve as Directors of the company. The operation of the Library was originally contracted to Lynx Information Systems Limited fLynxl, which specialises in the management of seismic dala. This contract was terminated by mutual consent on 31 December 2021, although the Library continues to use Lynx for accounting services, website management and approved projects on an ad hoc basis. since UKOGL has no employees. Malcolm Butler has held the role of Chair, and effecttvely chief exe¢utive, since the charity was established in 1994. To provide management Gontinuty for the future, Mark Abbott kindly accepted the role of Vice-chair in February 2023 and ts now involved in day-to-day decisions of the charity. Objectives and activities The tharitable objects of the Library as set out in tts amended Articles of Association dated 18 February 2022 are: 1) to advance the education for the public benefft concerning Ihe geological and geophy6ical data relating to the United Kingdom, in particular by the establishment and maintenance of a national collection of such data. including but not limited to data fijmished to the Secretary of State for Energy and subsequently published by him pursuant to cenceS granted in respect of landward areas under the Petroleum (Production) Act 1934. to act as agent for the Secretary of State for the purpose of publication of data. to transfer and store such data in such forms and media as may be desirable" to make such data available to the general public at reasonable cost; to promote and facilitste research into the deep geology and underground resources of lanfknrd areas of the United Kingdom. 2) 3) 4) 5) Page 2
U K ONSHORE GEOPHYSICAL UBRARY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) Since the Library was estsblished, the inttial dats collected have been seismi¢ information acquired by companies exploring for onshore oil and gas. These data were tradiknonally recorded on magnetic tapes, with important ancillary data in separate paper fjles. In the original form, these data are vulnerable to loss, damage and decay. They are troublesome to store and difficult and costly to access. The work of the Library has been to locate these data and transfer them from magnetic tapes and paper records to more stable digital media: initially compact discs but now to large hard drives with in-built back-up and security systems. The transfer operation is costly, since it also involves checking all data for accuracy and completeness, but once in archlved form the data can readily be made available to interested parties at reasonable cost. Indeed. images of all seismic dats can be freely viewed and dolOaded via the website. The Library is thus able to promote and facilitate research into the geology and underground resources of landward areas of the United Kingdom, including not just the potential for mineral resources but also water. geothermal energy. carbon capture and storage, hydrogen storage and environmental work. The Library is also a very important source of data for academic research. The policy of the Library is to encourage holders of the relevant seismic dats to make them available through the Library and, where possible, provide financial assistance towards the cost of transferring data from tapes to stable media. The data remain available to the original holders, who also save on future storage ¢osts and will no longer retain an obligation to the North Sea Transition Authortty (WSTA.) to curate such data. Digital seismic field data are supplied to academic institutions at mlnimal cost and the wide range of other archived geoSogical and processed geophysical data is made available at no cost to teachers, researchers and other interested non- commercial users at all levels. Now that the Library of hlstoric selsmic data is effectively complete. the curation of newly reGorded selsmic data forms a relatively small part of the work of the Library. In most ¢ase5, these dats are transferred to the Library immediately after being recorded and are held in confidence until they become eligible for release. currently after 4 years. However, small volumes of hitherto lost hlstoric seismic data continue to come to light from time to time. The Lbbrary expanded beyond seismic dats in 2015 by purchasing from Mosaic Llmited the archive of released industy reports on licence applications, relinquishments and field ststus updates that company had been marketing to the oil industy under an agreement with what is now the NSTA. With the cancellation of the NSTAIMosaiG agreement, UKOGL continues to provide reports in downloadable pdf format for free access online, together with a large number of additional released reports provlded by companies and the NSTA. These reports represent a significant resource of previously confidential data and interpretations relating to onshore geology. The Library has continued to broaden Ihe scope of its work, in part by means of its agreement with the NSTA and the British Geological Survey {8GS) to assist in the checking and archiving of data received by the BGS from released onshore wells drilled in the search for and production of oil and gas. The Library continues its responsibility for searching out and obtaining well logs and reports known to have been recorded in or produced from onshore wells but not currenty available from the BGS. The Directors and Trustees have given the regard to the public benefft guidance published by the Charity Commission in accordance with Seclion 4 of the Charities Act 2011. Page 3
U K ONSHORE GEOPHYSICAL LIBRARY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perforniance Full archiving of 2D seismic data in 2023 was 363.17 kms, consisting of reprocessed Isle of Wight data and Bristol Channel offshore data in newly-defined landwaTd areas. compared with 78.95 2D knis and 41.42 km2 of 3D data in 2022. Total provision to industrial users in 2023 was 14,997 kms of2D seismic and 1,233 km2 of 3D seismlc, this is an increase from the provision of 8.525 combined 2D and 3D kmslkms2 in 2022. A total of 548 knis of 2D data byere provided to the BGS in 2023 (2022: 201 kilometres). Following on from the implementalion of 'Beneath Britain" in 2018 and the ability to request and dolOad dats on-line implemented in 2022. a combined total of over 25,399 kmslkms2 of digital 2D and 3D dats was supplied for research and teaching purposes to universities, interested individuals and schools in 2023. a signtficant increase from 7.337 kÈlometre5 in 2022. Following the termination in 2022 of the exclusive rights given by the NSTA and predecessors to several Data Release Agents to obtain and licence hard copy and digitsl data from wells drilled onshore in the search for oil and gas, the BGS was contracted by the NSTA to make freely available well data that had been deposited with it under the licensing regulalions. However, well logs scanned by the Data Release Agents and digital files compiled by them in LAS format are considered to be alue added. products, which have not been archived with the BGS and cannot be made freely available. In 2023, UKOGL therefore expanded its data search by approaching current and former onshore licence operators to obtain access to original digital data and, where necessary, converting them to LAS format. The Trustees are very grateful to iGas (now Star Energy) for providing acces5 to tts substantial library of onshore LAS data and to Shell for contributing data from its operated wells. At the end of 2023. agreement was reached with BP to gain access to and transcribe to LAS its complete store of some 1,900 tapes of onshore digital well data, for which UKOGL paid nearly £20,000 towards the cost of transcription. A total of 875 wells drilled for oil and gas now have LAS ffiles available for free download from the UKOGL website, of whlch 384 were recovered from the BP tapes. Scans of composlte well logs, well completion reports and velocty survey information are also available for free download. We continue to seek data on coal and other boreholes which are currently notfreely available and have had significant successes in 2023. As part of our search for LAS fjles for oil and gas wells, we have managed to source a large number of digital files from coal boreholes that were held on 5 Y.. tloppy disks. These have been transcribed and LAS files frorn 310 coal boreholes are now also available for free download from the UKOGL website. In addition to the LAS files, formation tops and other information are now available online for 2152 wlIS ori9inally drilled in the search for oil and gas and 3.427 boreholes drilled for coal. water and other purposes. Development of links and digital feeds to extemal websites from the UKOGL Interactive Map have been implemented; these include links and feeds of licence and survey informalion to and from the NSTA-National Data Repository (NDR) website and a Li¢ence feed from the Scottish Government website to display onshore liGen¢es managed by the Scottish authority. The Library continued to sponsor and maintain the Wllliatn Smith Interactive Map, site as part of a wder educational reach to promote geology to a broader audience (htts)".IlvwM.strata-smith.¢om). The Trustees also remain keen to promote the use of seismic and well dats by schools and we continued to support the sub- surfrocks.org.uk website during the year. UKOGL continues to aid the NSTA and the BGS to assess, verify and distribute UK onshore well data to the relevant authorities as they become available ft)r release, acting as an important link between the well operators and the BGS. Page 4
U K ONSHORE GEOPHYSICAL UBRARY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial revièw The Library achieved a positive movement in funds in 2023, at £129,440 {2022: 423,653). The Library's princlpal source of income during the year came from the licensing of data for activities that are thought to be unrelated lo oil and gas (note thatthe Trustees are not privy to details of data licensed for commercial purposes). Activity continues to pick up in the search ft)r onshore geothemal energy and for sub-surface storage of C02, Hydrogen and nuclear waste. Several further substantial licensing agreements have already been agreed in 2024. with consequent increases in cash available for the Librarvs projects. Net current assets at the end of 2023 increased to £ 247.094 (2022: £ 76,319). The annual Contribution by NSTA of £40.666, half of which is dedicated to the cost of transferring data to the NDR and the other half to maintaining UKOGL during the period when seismic data are being transferred, has ceased in 2024. However. such data transfer has not yet been completed and is likely to tske at least another year at current rates. Current projections indicate that UKOGL can complete existing projects and continue to support the website, including free download of seismic and well data by non-commercial users, for at least a further two years beyond the end of 2024. Designated funds A restoration reserve is malntained 1th1 unrestricted funds to provide for the cost of transferring the Library to new storage media en the existing media require replacement. 7.50/0 of the amount spent establishing the data library each year is transferred to this fund. A separate reserve is also malntained Y1n the unrestricted funds in order to maintsln the Library should it suffer a substantial reduction in income. £25.000 was transferred into this fund at 31 December 2001. £5,000 has been maintained in an academic fund thin unrestricted fvnds to date, in order to ensure that academic institutions continue to have free acce5S to the Library. Restricted fund A restricted fvnd vlas set up in 2018 for Beneath Britain. The plan is to transfer existing UKOGL funds designated for academic projects into Beneath Britain and set up a separate accounts system to monitor it. For the time being, the Directors plan to retain the formal Ilnk wÈth UKOGL and make joumal entries into the main UKOGL accounts at each year end for fjling purposes with the Charities Commission and HMRC. Page 5
U K ONSHORE GEOPHYSICAL LIBRARY TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for future periods In late 2023. the NSTA began to provlde additional ring-fenced funds to UKOGL to enable Lynx to progress with uploading onshore UK seismic data to the NDR. The provision of UKOGL'S database of digital SEGY seismic data to the NDR had begun in mi&2023 but is unlikely to be completed until late-2025 without significant new ring-fenced funding from the NSTA. Once this has taken place, such data will be made available for dovmload from the NDR to both academic and mmercIal users at no charge, thereby removing the origina5 source of UKOGL'S revenue stream. However, the Directors believe that the NDR is unlikely to be able to provide the large volume of scanned historic and ancillary information which is currenly available for download from the UKOGL website for some tlme. if at all. In addttion, UKOGL holds a great deal of data that falls outside the scope of the NSTA and NDR. which are only involved in onshore oil and gas matters in England following the 2018 devolution changes. It is the intention of the TNstees to find Wa of maintaining the UKOGL website and database after the delivery of digÉtsl data to the NDR to ensure that UKOGL will continue to play an important role as a simple, accessible and reliable source of UK subsurface data. NSTA funding is unlikely to be available for periods beyond April 2025. The provision of data for oil and gas activvties is much reduced. but new requests for data are coming from aGademiG research projects and recenlly from commercial projects investigating the use of the subsurface to advance the Govemment's plans for°Net Zero" by 2050, including nuclear waste storage. geothermal energy, carbon capture utilisation and storage (CCUS) and hydrogen storage. The Trustees will increasingly look to secure fvnds from organisations supporling these Net Zero objectives. As noted last year, the COVID pandemic meant that physical access to the workstation held by Beneath Britain at Oxford was not possible through most of 2021 and 2022. In 2023, the Shell Research Laboratory in the Earth Sciences Department was much reduced in size, such that there was no room for UKOGL'S workstation, and activities related to oil and gas data are no longer supported at Oxford. Although the expansion ofthe data available online through the UKOGL website means that access to a physical workstation to review seismic and other data is no longer a necessity, access to the Beneath Britsin data and online publications is still required. Discussion are now undeTway to transfer the hosting of Beneath Britsin to a relevant department in another University that understands the need to utilise legacy oil and gas dats on the path to Net Zero. NOlthStanding this uncertainty, good progress ts indeed being made in providing dats for a wide range of academlc research projects. many of which are related to aGhieving Net Zero targets. With the help of the relevant research workers. Beneath Britain plans to publish regular progres5 updates on these projects, together with copies of any interim reports that can be made available in the public domain. The up-tum in revenues in 2023, which has continued into 2024 has enabled the Directors to fund a number of new projects. The Directors will continue to promote research on the subsurface of the UK and seek to disseminate information to a wider audience, both to stimulate interest and to provide scientific background for government and commercial applications. Page 6
U K ONSHORE GEOPHYSICAL LIBRARY TRUSTEES. REPORT (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2023 Statement of Trustees, responsibilities The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial Under ¢ompany law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the TNStees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Stsndards (FRS 102) have been followed, subject to any material departures disclosed and explained in the ffinancial statements" prepare the financial statements on the going concem basis unless it is inappropriate to presume that the companywill continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial ststements comply wtth the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taklng reasonable steps for the prevention and detectton of fraud and other iegUlarlties. Approved by order of the members of the board of Trustees and Sied on their behalf by: Mfs P Mohamed Company Secretary Date.. 2 1 Page 7
U K ONSHORE GEOPHYSICAL LIBRARY INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examiner's report to the Tyustees of U K Onsh0 Geophysical Library (e company) I report to the Trustees (who are also Directors for the Purposes of company law) on my examlnaf on of Ihe financial statements of UK Onshore Geophysical Library (the charitable company,) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Statement of Flnanclal Posttion and related notss. This report is made solely to the charitys Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charÉWs trustees those matters l am required to State to them in this report and for no olher purpose. To the fvllest extent premitted by law, I do not accept or assume responsibility to anyone other than the thaiity and the charity's twstees as a body, for my work, for this repor( or for the opinions I have formed. Responsibilitie5 and basis of report As the Twstees of the charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (Ihe 2006 Act?. Hawng satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charitable companvs financial ststements carried out under section 145 of the Charities Act 2011 (llhe 2011 ACV). In carying out my examination I have followed all the applicable Directions gNen by the Charity Commission under section 145{5)(b) ofthe 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audtt and consequently does not cover all the matters that an auditor Considers in giving their opinion on the finan¢ial ststements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequenlly l express no opinion as to whether the financial ststements present a rue and fairf view and my report is limited to those specific matters set out in the independent examinerfs statement. Page 8
U K ONSHORE GEOPHYSICAL LIBRARY INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2023 Independent examineff s statement I have completed my examination. I confinn that no material mattefs 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 charitable Gompany as required by sectÈon 386 of the 2006 Act,. or the financial Statements do not accord with those rerds. or the financial ststements do not Comply with the accounting requirements of sectton 396 of the 2006 Act other than any requirement that the accounts give a Xrue and fairf view which is not a matter consldered as part of an independent examination: or the financial statements have not been prepared in accordance Wbth the methods and principles of the ststement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connectson with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the financial statements to be reached. Andrew 8urch FCA Sayers Buttebworth LLP 3rd Floor 12 Gough Square London EC4A 3DW Date.. 22 August 2024 Page 9
U K ONSHORE GEOPHYSICAL LIBRARY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income from: Charitable activits'es 545,715 545,715 209,982 Total income 545.71 S 545,716 209,982 Expenditure on: Charitable activlties 416,275 416.275 233,635 Total expenditure 416.276 416.275 233,635 Net incomel(expenditsre) 129.440 129,440 (23,653) Net movement in funds 129,440 129,440 (23,653) Reconciliation of funds: Total fvnds brought forward Net movement in funds 25.895 322,430 129,440 348.325 129N40 371,978 (23,653) Total funds rarried forward 25,895 451,870 477,765 348,325 The Ststement of financial activities includes all gains and losses recognised in the year. The notes on pages 13 to 21 form part ofthese financial statements. Page10
U K ONSHORE GEOPHYSICAL LIBRARY REGISTERED NUMBER: 02927628 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 The company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audtt for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowtedge their responsibilities for compljing with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entttes subject to the small companies regime. The financial ststements yre approved and authorised for issue by the Trustees and signed on their behalf by: Dr M Butler Date: Li Prb The notes on pages 13 to 21 form part of these financial statements. Page 12
U K ONSHORE GEOPHYSICAL LIBRARY REGISTERED NUMBER: 02927628 BALANCE SHEET ASAT 31 DECEMBER 2023 2023 2022 Fixed assets Tanglble assets 230,671 272,006 230,671 272,006 Current assets Debtors Cash at bank and in hand 16,566 292.242 3,199 91,240 308M08 94,439 Creditors: amounts falling due within one year (61,714) (18,120) Net current assets 247.094 76,319 Total assets less current liabilities 477.766 348,325 Net assets excluding pension asset 4TT,765 348,325 Total net assets 477,765 348,325 Charty funds Restricted funds Unrestricted funds 11 25,895 451,870 25,895 322.430 Total funds 477,765 348,325 Page11
U K ONSHORE GEOPHYSICAL UBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Generdt Inforniation U K Onshore Geophysical Library 15 a company limited by guarantee. company number 02927628. and a registered charity, charity number 1038161. The company and charity are registered in England and Wales and its registered office address is 3rd Floor. 12 Gough Square, London, EC4A 3DW. Accounting policies 2.1 Basis of preparation of financlal sL3tements The financial ststements have been prepared in accordance the Charities SORP (FRS 102) - Accounting and Reporting by Charities". Ststement of Recommended Practice applicable to chartties preparing their accounts in accordance w5th the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. U K Onshore Geophysical Library meets the definttion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy. There are no material uncertainties about the chantys ability to Continue, and so the going concem basis of accounting has been adopted. The financial statements are presented in pounds sterling and recorded to the nearest pound. 2.2 Going concem The finan¢iaS statements have been prepared under the going concem basis as the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable fire. 2.3 Income All income is recognised once the company has entitlement to the income, it is probable that the income wlll bè received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income Is receivable. 2A Expendire Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefrt to a third party. it is probable that a transfer of economic beneffts will be required in settlemenl and the amount of the obligation can be measured reliably. Expenditure is Classified by activity. The costs of each activlty are made up of the total of direct Costs and shared Costs, including support costs involved in undertaking each aclivity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asseys use. Expenditure on charitsble activities is incurred on directly undertaking the activities which further the CoMpanS objectives, as well as any associated support costs. Page 13
U K ONSHORE GEOPHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.4 Expendire (continued) All expenditure is indusive of irrecoverable VAT. 2.5 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the Cost model, tangible xed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Atl costs incurred to bring a tangible fixed asset into intended working condition should be induded in the measurement of cost. Depreciation is charged so as to allocate the cost of langible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases: Fixtures and fittings Computer equipment Other fixed assets 10% p.a. 15% p. Over 15 Yea on a straight line basis 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments wtth a short malurfty of three months or less from the date of acquisilion or opening of the deposrt or similar account. 2.8 Liabllltlès and provlslons Llabilities are recognised when there Is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefft will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates bt will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.9 Financial instNments The company only has financial assets and financial liabilities of a kind that qualify as baslc financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their setuement value the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 14
U K ONSHORE GEOPHYSICAL UBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {continued) 2.10 Fund accounting General funds are unrestricted fijnds which are available for use at the discretion of the Tnjstees in rtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for partlwlar purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrlctions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and adrninistering such funds are charged against the specific nd. The aim and use of each restricted fund is set out in the notes to the fjnancial statements. Income from charitable activities Unrestricted funds 2023 Total funds 2023 Data library income Beneath Britain 545,715 545.715 545,715 545,715 Restricted Unrestricted funds funds 2022 Total funds 2022 2022 Data library income Beneath Britsin 209,794 209,794 188 188 188 209,794 209,982 Page 15
U K ONSHORE GEOPHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure on charitable activities Summary by fund type Unrestrictsd funds 2023 Total 2023 Data library Support costs Other governance costs 394,724 6,817 14,734 394,724 6,817 14.734 416,275 416,275 Unrestri¢ted funds 2022 Total 2022 Data library Support costs Other govemance costs 210,887 5,526 17,222 210,887 5,526 17,222 233,635 233,635 Independent examinerfs remuneration 2023 2022 Fees payable to the companys independent examiner for the independent examination of the company's annual accounts 3.400 Page 16
U K ONSHORE GEOPHYSICAL UBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustses. remuneration and expenses During the year, one of the Trustees claimed travel expenses of £1 ,310 (2022 - £NIL). Tangib red assets Fixtures and fittings Computer equipment library Total Cost or valuation At 1 January 2023 Additions 1.TlO 13,063 3,027,185 10,377 3,042,018 10,3TT At 31 December 2023 1.770 13,063 3,037.562 3,052,396 Deprnciation At 1 January 2023 Charge for the year 1.770 13,062 2,755,180 51,711 2,TIO,012 S1,712 At 31 December 2023 1,770 13,063 2.806091 221,724 Net book value At 31 December 2023 230.671 230,671 At 31 December 2022 272,005 272.006 Debtors 2023 2022 Due within one year Trade debtors Prepayments and accrued income 14,332 2,234 1,069 2,130 16,566 3.199 Page 17
U K ONSHORE GEOPHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Creditors.. Amounts falling due within one year 2023 2022 Trade credit(Ys Other tsxation and soclal securlty Accruals and deferred income 43,678 3,819 14,217 2,923 1,380 13,817 61,714 18,120 10. Financial instruments 2023 2022 Financial assets Financial assets measured at amortised cost 306,574 92.309 2023 2022 Financial liabilities Financial liabilities measured at amortised cost 43,678 2,923 Financial assets measured at amoriised cost comprise cash at bank and trade and other debtoTr. Financial liabilities measured at amortised cost comprise trade creditors. Page 18
U K ONSHORE GEOPHYSICAL UBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Statement of funds Statement of funds - current year 8alance at 31 December 2023 Balance at 1 January 2023 Transfers inl{out) Income Expenditure Unrestricted funds Restoration Reserve Reserve Fund General Funds Academic Fund 80,564 25,000 211066 s,000 2,949 83,513 25,000 338,357 6,000 545.715 (416,275} (2,949) 322,430 545,715 (416,275) 451,870 Restricted funds Beneath Britsin 25,895 25,896 Total of funds 348.325 545,715 (416,275) 477,765 Page 19
U K ONSHORE GEOPHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Statement of funds (continuedl Statement of funds - prior year Balance at 31 December 2022 Balance at 1 January 2022 Transfers inl(out) Income Expenditure Unrestricted funds Restoralion Reserve ReseTve Fund General Funds Academic Fund 80.564 25,000 235.707 5,000 80,564 25,000 211,866 5,000 209,794 (232,817) (818) (818) 818 346,271 209,794 (233,635) 322,430 Restricted funds Beneath Britsin 25,707 25.895 Totsl of funds 371.978 209,982 (233,635) 348,325 12. Summary of funds Summary of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Transfers inl{out) Income Expenditure General funds Restricted funds 322,430 25,895 546,715 1416275) 451070 25,895 348,325 545,715 {416,275) 477,765 Page 20
U K ONSHORE GEOPHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Summary of funds (continuedl Summary of funds - prior year Balance at 31 December 2022 Balance at 1 January 2022 Transfers inl(out) Income Expenditure General fijnds Restricted funds 346.271 25,707 209.794 188 (233,635) 322,430 25,895 371 ,978 209.982 (233,635) 348,325 13. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due %Mthin one year 230,671 282,913 (61 ,714) 230.671 308,808 161,714) 25,895 Totsl 25,895 451,870 477,765 Analysi5 of net assets between funds - prior year Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 272,006 68.545 (18,120) 272,006 94,440 (18,120) 25,895 25.895 322,431 348,326 Total Page 21