Regl8tered nUrnr. 02927628 Charfty number: 1038161 U K ONSHORE GEOPHYSICAL LIBRARY UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Sa ers Butterworth LLP
U K ONSHORE GEOPHYSICAL LIBRARY CONTENTS Page Refernnce and admlnlBtratlve dotallB of th? Gompany. Its Truste and advlsaTB Trustees. report Indepandent •xamln8fs report 9-10 statement of flnan¢lal actlvltlo8 11 Balance sht 12-13 Notes to the financlal Statements 14-22
U K ONSHORE GEOPHYSICAL LIBRARY REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THÉYEARENDED 31 DECEMBER2024 Trustees Dr M Butler Mr E King Mr M Abboll Dr D Satterfield Dr G Kirby (resigned 9 April 2024) Mr C Pullari, Mr G Heard Prof M Huuse Dr T Pharaoh (appolnted 9 April 2024) Prof J Underh511 Company reglstered number 02927628 Charlty reglstered number 1038161 Reglstered office 3rd Floor 12 Gou9h Square London EC4A 3DW Company secretary Mrs P Mohamed Independent Bxamlner A K Burch FCA Sayers Butterworth LLP Chartered Accountants & Slatutory Auditors 3rd FIoDr 12 Gough Square London EC4A 3DW 8ankers Lloyds TSB PIC 34 Moorgate London EC2R6DN ' Managed by Lynx Infonnation Syslems Limited 84 Coombe Road Nèw Malden Surrey Iff3 4QS Page 1
U K ONSHORE GEOPHYSICAL LIBRARY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual r8POrt together with the financral statemenls of the U K Onshore Geophysical Library for the 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confimi that the Annusl report and financial statements of the charitable company compty with Ihe current statutory requirements, Ihe requirements of the charitable companys govemlng document and the. provisions of the Statement of Recommended Practice (SORP) applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the company qualifies as small,under section 382 of the Companies Act 2006. the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directois. Report) Regulations 2013 has been omitted. Reference and adminlstratlve detalls Ref8ronce and administrative details are shown In the schedule of mernbers of Ihe board and professional adisers on page 1 of the financial statsments. structure¥ governance and managemont The UK Onshore Geophysical Library fuKOGL" or Ihe Librayl was established in 1994 as a company limited by guarantee and a registered Gharity. to manage the archive and official release of 2D and 3D seismic data recorded over landward areas of the UK The Library is admlnistered by a group of Trustees, which shall be not less than three nor more fhan nine. In accordance wilh an amendment to the Articles approved in September 2021, new Trustees shall be persons nominated by a simple majorty of the existing TTUStees. Each Trustee is given ari appropriate induction programme and training relevant to their responsibility. The Tnjstees noallY also serve as Directo[8 of the company. The operation of the Library was originally contracted to Lynx Infomiatton Systems Limited (°Lynn. which speGialises in the management of sei5miG data. However. this contracl was terrninated by mlrtual consent on 31 December 2021, although the Library continues to use Lynx for accounting services, website man8gemenl and approved projects on an ad hoc basis. since UKOGL has no employea& Dr Malcolm Butler has held the role of Chair. and effectively chief executive, since Ihe charity was established in 1994. Now celebraling its 301h year in operation, we were pleased that MalGolm was recognised for his significant contribution to the success of UKOGL from its initial inception to the present day through the award of the 2024 Geological Society Energy Group Med81. To provide management continuity for the future, Mark Abbott kindly aepted the role of Vice-chair in February 2023; and is now involved in day-tTrday management of the charity. Objectives and actfvitles The charitable objects of the Library as set in ts amended Artlcles of Assoclation dated 18 February 2022 are: 1) to advance the educatlon for the public benefit conceming the geologrcal and geophysical data relating lo the United Kingdom. in particular by the establishrnent and maintenance of a nalional collection of such data, includlng but not Ilmited to data furnished to the Secretary of State for Energy and subsequenlly published by him pursuant to Iic8nces gtantsd in res of landward areas under the Petroleum (Production) Act 1934: to act as agent for th8 Secretary of State for the purpose of publication of data., to transfer and store such data in such fomis and media as may be desirable," to make such data available to ts general public at reasonable cost: 2) 3) 4) Page 2
U K ONSHORE GEOPHYSICAL LIBRARY TRUSTEES. REPORT (CONTINUED) FOR THE.YEAR ENDED'31 DECEMBER 2024 (contlnued) to prcmote and facililate research Into the deep geology and underground resources of landward area8 of the Uniled Klngdom. Slnce ts inception the Library has been primarily focussed on collecting and storing selsmlc information acquired by companies exploring for onshore oil and gas. At the tsme the.Library wa8 Set up these data were dper5ed, held on deteTEorating media and'were in real'danger of being lost to the nation. The Library was founded to ensure that this resource was located, recovered, reconciled and saved for the natSonal archive. TheFA data were tradltlonally recorded on magnetlc tapes. with knportant ancillary d8ta In separate paper or more recenuy digltal files, In the original foTm. these dats are vulnerable to loss. damage and decay. The Work of th8 Library has been to IDcate these data and transfer them lo more stable dlgital medla: which now comprises hard drives With in-built back-up and security systems. The original policy of the Library. 8UFiPOrted by the North Sea Transitlo'n Authority fNSTA') and its predece880rs. was to encourage holders cf the relevant seismlc data to make them avallabla Ihrough tha Llbrary and. where P08sible. for them to provide financlal as8lstan¢e towards the cost of transferrfng data from tap8S to slable media. These data remaln avallable to the origlnal holder5. who 8180 save on future storage costs and no longer retsin an obligation to the'NSTA to curate sucli data 'Following the establishrnent of the'Natlonal Dala Repository (NDR) for offshore data in English waters. the decision was tak8n In 2023 lo transfer onshore Engllsh dlgital selsmlc data from UKOGL to the NDR. This process 58 ongoSng, although UKOGL retains a copy. Dlgilal 8eismio field d8ia contlnue to be sipplled to acadeinlc Institullons at minlmal cost and the wid& range of other archived geologlcal and processed geophyslcal d818 is niada available at no c08t to teachers. research8fB and other interested non-commerdal u8er8 at all levels for download through the UKOGL'websile (wwN.ukogl.org.uk). The Llbrary 15 thu5 able to fulfil a core objective of promoting and faciliiatatlng research into the deep'geology and underground resources of landward aTe8s of the United Kingdom, including nol just the potential for mineral resources but also water, ge0thenal energy. carbon capture and 8lorage. hydrogen storage and 8nvironmental work. The Library is 8180 a very Important source of dala for academlc r08earch. Now that the Library of historic se18mlc data is effectNely complete,. the curatlon of newty recorded oil and gas , 8ei8mic data forms a relatively Small part of the Vrk of the Library. In m()st case8, any newly aGqulred data are transferred to the Library immediately after being recorded and are held in confidence until they b'ecome',eligible for release, currently afte'r 4 years. However, small volume8 of, hllherto lost historfG s8ismic dats continue to come to light from time to time. In 2015 the Ubrary purchased from Mosaic'umited the rights to Ihe archlve of released Industry reports on licence. applicalons. relinquishments and field status updates. UKOGL continues lo provide reports in downloadable pdf format for fe access online. together viith a. large 'number of additlonal released 'reports provided b51 companles and the NSTA These reports represent a Significant resource of previously confidential data and interpretatsons relating to onshore geology. The Library has contlnued to broaden the 8ccp8 of its work. In part by means of its agreement with the NSTA and Ihe British Geological SuNey (BGS) to. assist in the checking and archiving of da18 reiVed by the BGS from released cnshore wells drilled in the search for and production of oil and gas.. .The Library continues ils responsibility for searching out and oblaining.well logs and reports kn¢)wn to have been recorded in or Produced from onshore wells but not currenuy availab18 fr(im the BGS. 5) The Directors and TNstees have given due regard.to the pubfic benefrt guidance published by the Charity Commlssion in accordance with Section 4 of.the Charities Act 2011. Page 3
U K ONSHORE GEOPHYSICAL LIBRARY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and perforniance Seismic data archivin During 2024 two 3D Surveys (WYF3D19- 2019 Perenco and Daw Mill- 2002 UK Coal) were archived totalling 148 km2 (2023: 41.42 km2). No new 2D selsmic data archiving was undertaken in 2024 (2023: 78.95'km) although additional data'for a number of Deepwood Minire 2D Surveys were rescued from 8 quarry building and archived durfng the year., At the end of 2024 the total archlve comprised of 87,389.48 kms of 2D data and 3,035.72km2 of 3D data. Com rcla ei mic data sal Total provision lo industrial users in 2024 was 3.212 kms of 2D 8eismic (2023: 14.997"kms), 536 km2 of 3D seisrnic (2023: 1,233 km2) and 416 km (2023: 0 kn) of UKOGL 2D reglonal lines. demic and BGS dala si A total of 23.20 km of 2D ijate (2023: 548 kms). 200 kn12 of 3D data (2023: 0'kn12) and 485km of UKOGL reglonal 2D data (2023.. 0 km) were provided to the BGS in 2024. Following on ffom the implementatlon of °Beneath Brtlain. In 2018 and the ability to request and download dala on-line implemented Sn 2022. a combined total of over 19,146 kmslkms2 of digilal 2D and 3D data was supplled for research and teaching purposes to unNer8ities, Interested individuals and schools in'2024 (2023: 25.399 km8lkms ). The Director8 also remain keen to promote the use of se18mlc and well data by Schools and we continued to support the sub-8urfrocks.org.uk websile durfng the year. elld Following the temiinallon by the NSTA in 2022 of the exclusiva rights'glven to 88veral Dala Release Agents to oblain and licence hard copy and digital data from wells drilled onshore in the search for oil and ga8, Ihe BGS was contracted by the NSTA lo make these well data freely available. However, Ihls exduded "value added. products such as scans and digital files compiled by Data Release Agents including, LAS files. In 2023, UKOGL therefore expanded its data search by approaching current arid fomer onshore licénce operators to obtsin access to original digital data arKI. where nece&8ary, convertlng them to LAS fomiaL ' At th8 end of 2023, agreement was reached wllh BP to gain access to and transcrlbe to LAS its complete Store of some 1.900 tapes of onshore digilal well.data, for which UKOGL paid nearly £2D,000 towards the cost of transcrlption. This work resulted in 384 additional wells with LAS dat8 being made available. UKOGL, also digiti8ed 9 key wells during 2024 maklng the derived digitsl LAS data freely avallable tlirough the Online Map. At Ihe end of 2024, a total of 875 wells drilled for oil and gas had. LAS files available for free download frcim the UKOGL Websile. ,In addilion to the LAS files, fomiation tops, scans of composite well logs, well completion repoiis and velocty .survey infomiation and other Information (as available) are online for 2,152 wells originally drilled'in the search for oil and gas. Additional data and well tops are also available for 3.427 boreholes drilled for coal, vRter and other. purposes. UKOGL continués to aid ttrie NSTA and the BGS to assess, verffy and distribute UK'on5hore well.data to the relevant authorities as they become available for release, acting as an important link betw88n the well operators and the BGS. Page 4
U K ONSHORE GEOPHYSICAL UBRARY TRUSTEES. REPORT (CONTINUED) FOR.THE YEAR ENDED 31 DECEMBER 2024 Achlevements and perfornianeè (contlnued) .During 2024 there were 11,.147 views or downloads of well reporlslLAS data (2023: 11,517) and 11,248 vlews of induslry reports (2023: 2,893). MHO ete e dat8base UKOGL has generated a listing of 1.838 temperatures vs depths recorded by logglng runs and testing from wall data for UK Onshore wells. Thi5 resource, whlch has numerous potenllal u8es, including In tho assessment of geothemial energy potsntial, can be freely downloaded Sn Ex(*l fomiat from the UKOGL websil8. Co81 autho . We continue to seek data on coal and other boreholes which are currently not freety available. As part of our search for LAS files for oil and gas wells, we have managed to source a large number of digital files from coal borehole8 that were held on S Y4 floppy dlsks. These have been transcribed and LAS flles from 310 coal boreholes are now also available for.free download from the UKOGL websth. .UKO Development contlnues of tho interactive map available through ihe UKOGL website a'nd'during 2024 addftlonal search functions for well data were added. Website Use data showed an average of 260 unique vi8iton8 par month during 2024 (2023: 274). L webslte and vema iifia ma The Library ciintinued to sponsor and maintain the'willlarn Smlth Interacti Map, 8lte as part of a wider educational outreach to promote geology kn a broader audience. Page 5
U K ONSHORE GEOF•HYSICAL LIBRARY TRUSTEES. REPORT (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2024 Flnanelal revlew The Library experienced a return'to negative movement in funds in 2024. at -£135,935 (2023: £129,440). The final contribution by NSTA (£20,833) to maintain UKOGL during the period when seismic data are being transferred to the NDR, was made in August 2024. Net current asseis at the end of 2024 had decreased to £150,823 {2023', £247,094). The Librar8 principal source of income in 2024 came from th8 licensing of dala. Much of Ihis was thought to be for activities that are unrelated to oi! and gas (note that the Trustees are not privy to details of dala licensed for coinineTdal purpose5) 8uch as geo.themial energy and for sub-surface storage of nudear waste. CO2 and Hy.drogen. Current projectlons Indicate that UKOGL can complete 8XiSting projects and continue to support the website, including free download of selsmic and well data by non-commercial u8er8, for at lea8t a further two years beyond the end of 2024. Doslgnatsd fund8 A restoration reserve has been inalntslned withn unrestricted funds to provlde for the cost of tran8f8rring the Library to new storage media when the exlsting media require replacement. 7.5% of the amount spent establishing the data library each year 18 transferred to this fund. This reserve was established when selsmlc ,data were h81d in CD and DVD fomiats and the Directors are revlewing the need to maintaln the fund in light of new,storage tethnologies, with multlple redundancy. Currently used., A separate res8rve18 also malntained within the unrestricted funds in order to malnts'ln the Library should'it Suffer a substantial reduth'on in Income. £25,000 was transferred into this fund at 31 December 2001. £5,000 has been maintslned In an academic fund within unrestricted funds to date, In order to ensure that academlc institutions continue to have free acce88 to the Library, although they ara n¢)w abl8 to download data freely through the UKOGL website. Restricted fund A restrictsd fund was set up in 2018 for Beneath Britain. The original plan was to Iran8fer ex18tlng UKOGL funds designated fcr academic projects into Beneath Britain and 8et up a separate accounts sy8M to monitor it. This plan is under revlew but the Directors plan to retain the fomial Ilnk th UKOGL and make Journal enlries into Ihe main UKOGL accounts at each year end for filing purposes with the Charities Commission and HMRC. Plan8 for future perlod8 DRda transfer In late 2023. Ihe NSTA began to provlde additional iing-fenced fvnds to UKOGL to enable Lynx to progress wilh uploading onshore England digital SEGY selsmlc data to the National Data Repository fNDRJ. Once fully completed. such dats will be made awdilable for dInIDad from Ihfr NDR to both academic and commerclal users at no charge, thereby removing UKOGL'S current revenue stream. The provision of UKOGL'S datsbase of digital SEGY seismic data to the NDR had begun In mid-2023 and is now expected lo be completed in H12026. However, the Directors believe that the NDR Is unlikely to be able lo provide the large volume of scanned historic and ancillary information which is currently available for download from the UKOGL website for some time, if at all. In addition, UKOGL holds a gat deal of data thal falls outside the scope of the NSTA and NDR, which are only involved in onshore oil and gas matters in England followirvJ the 2018 devolutton changes. Page 6
. U K ONSHORE.GEOPHY.SICAL LIBRARY TRUSTEES, REPORT (CONTINUED) FOR THE,YEAR ENDED 31'DECEMBER 2024 Plans for future perlod8 (contlnued) It is the intention, of Ihe Trustees"to find way8 of maintaining the'UKOGL website and d8tab888 after completing thé'delivery of data'to the NDR to ensure continued freety avallable'access to onshore UK 8ubsurfac& data. NSTA funding for UKOGL Itself is unllkely to be available for perlods beyond April 2025. 88 eath Brilaln The hosling of the Beneath Britaln workstation at Oxford was not.renewed when the Inltlal 5 year period ended in 2022, although It had not been available for much ot 2021 and 2022 because of Covtd restrictions. At that time. expansion of the data av8llable onllne through the UKOGL website, meant that acce88 to a physlcal workstatlon was no longer necessary, although.access to the Beneath Britain data and onlin8 publicatlons was still required. However, Oxford University discouraged contscts with the oll and gas industry and the T.rustees decided.to seek a relationship elsewhere. In the meanlime, funding for Beneath Britain research. has been continued and publications are b8ing made avallable onllne through the UKOGL webslte., Flnal arrangements are now being mado to transfer the hostlng of Beneath 8rltain lo Aberdeen University, which understands th8 value of uslng18gacy oil and gas data on the path to Net Zero. As detailed above, good progra88 18 belng 'made In provlding 'data for a'wide range of academic research prolécls, many of whlch. are related to achieving Net Zero targets. With the help of ttie relevant research workers, . we plan to publish r'egular progre88 updates on these projects, together with copies'of any interim reports that cari'ba made available In the public dom'aln. The Director8 will contlnue to promote research on tha subsurface of the UK and seek to di8semlnats inft)miation lo a wlder audience, both'to 6tlmulate Interest and to provide sciontffic background for govemment and commercial applioations. OGL and undin It Is the intention of the Trustees to malntsin the UKOGL webslte and database after completing the delivery of data to the NDR to ensuro continued freely 8V8llable access lo onshor8 UK subsurface data using UKOGL'S hlghly respected online InteT8Ctive map and website. The provislon ol data for oil and gas actlviti?s 18 much reduced, but new qUestS for data are comlng from academic research and commercial project8 investigating the use of the 8ub8urface to advance the Govemmenvs plans for°Net Zero" by 2050, Including nudear wasts storage, geolhermal energy, carbon capture utlllsation and storage (CCUS) and hydrogen storage. The Trustees will increasingly look to secure funds from organisations supportlng these Net Zero objectives. Page 7
U K ONSHORE'GÈOPHYSICAL LIBRARY .TRUSTEES' REPORT (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2024 statement of Tru8tees' r¢sponBlbllltle8 Th8 Trustees,(who are also the director8 of, the fflpanY for the purposes of company. law) are responslble for preparing the Trustee8' report and the financi81. stat8ments in accord8n(x wtth,applirab18 law and United lfjngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial Staiements for each financial . Under company law, the Trustees musl not approve the financlal statements unless they are satlsfied thal they give a true and fair viw of the state of affairs of the company and of its incoming resources and application of resources. including it8 income and expenditure. for that perfod. In preparing these fmanclal statements, th8 Trustees are required to: 88lect suitab18 accounting polict8s and then app them c0nsistsnu, - observe the methods and princlples of the Charitles SORP (FRS 102); make judgments 8nd accountEng estlmates that are reasonabl8 and prudent, 81ate whether applicable VK Accountlng Standards (FRS 102) have been followed, subject to any material departures disclosed 8nd explained In the financial slatements; prepare the financial ststements on the going concern basi8 unless rt is inappropriate lo presume that the company will contlnue in business The Tru8tees are responsible for keeplng adequate 8ccounling records that are Sufficient to Show and explain Ihe compansls transaction$ and disdose with reasonable accuraty at any time the financial position of thg company and enable them to ensure that the finanoal siateixents comp.ly wSth the Companies. Act 2006. They are also responsible for safeguarding the assets of the compariy and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the member8 of the board of Tru8tee8 and slgned on their behalf by: MrB Mohamed Compan Secretary Date: Page 8
U K ONSHORE GEOPHYSICAL LIBRARY INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examlnofs report to the Trustses of U K Onshore Goophysical Llbrary (Yh6 company.) l port to the Trustees (who are 81so Directors for the PUTposes of company law) on my examinalton of the financial statements of UK Onshore Geophysical Library (Ihe charitable companl) for the year ended 31 December 2024 which compnse the St*ment of Firiancial Activities, the Ststement of Financial Position and related notes. This report, is made solely. to the charftV.s Trustees. as a body, In accordan with seclion 146 of the Charlties Act 2011. My work,has been undertaken so that I might stale to the charitls trustees those malters l am required to sL3te to them in this report and for no other purpose., To the fullest extent premitted by law. I do not accept or assume responsibility to anyone other than the chanTr and the charitys trustees as a body, for my work. for this Por[ or for the opinions I have fom. Responslblllues and basls of report As the Trustees of the charitab18 company you are responsli )le for the preparation of the financial ststementg in accordan with the requIremts of the Companies Act 2006 (Yhe 2006 AGr). Having satisfied myseff Ihat the finanrial statements of the charitabl8 (nanY are not required to be audited under Part 16 of the 2006 AGt and are eligible for independent examination. I report in fe5pect of my examination of the charitable companvs financial statements carried out under seclion 145 of the Charities Act 2011 ('the 2011 Arf). In carying out my examination I have followed all the applic2ble Dlrectlons given by the Charity Commission under section 145(5)(b) of the 2011 ACL An independent examination does not Involve gathering all the ev1dert that would be tequired in an audil and consequently does not cover all the matters thal an auditor conslders in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequenlty l express no opinion as to whether the financial. statements present 'true and fairf view and my report is limited tr) those specific matters set out In the independenl.examinef s statsmenL Page 9
U K ONSHORE GEOPHYSICAL LIBRARY INDEPENDENT ÉXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED'31 DECEMBER 2024 Independent examlnorf8 Btat8ment I have rJ)mpleted my examination. I confimi that no material matters have come to my altention in connection with the examlnation giving me cause to believe that in any material respecL' accounting records were not kept in respect of the charitable company as required by section 386 of Ihe 2006 ACL or the financial statements do not accord with those records,. or the financial statements do not comply wilh the acccuntlng requirements of section 396 of the, 2006 Act other than any'requirement that the accounis give a 'tnJe and fairf view which'ls not a matter considered as part'of an independent examination., or the financial statements have n'ot been ppared in accordance wifh Ihe methods and principles of the Statement of Recommended Practice for accounting and reporting by charitles applicable to charities preparing their accounts in accoTdance with the Financial Reporting Slandard applicabl& in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other, matters in connèction with the examination lo whlch attention should be drawn In th18 report In order to enable a proper understandlng of the financial ststements to be reached. Andrew Burch FCA Sayern ButteTworth LLP 3rd Floor 12 Gough Square London EC4A 3DW Date.. 28 August 2025 Page 10
.U K ONSHORE GEOPHYSICAL LIBRARY STATEMENT OF FINANCIAL ACTIVrnES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEM8ER 2024 Restrlctsd Unrestrlctsd funds fund8 2024 2024 Totsl funds 2024 Total funds 2023 Income from: Charitable activilles 124.900 124,900 545,715 Total Ineom• 124.900 124.900 545,716 Expendlture on: Charitable actfvllias 260,836 260,835 416,275 Total axpendlturo 260.835 260,836 41e,275 N•t (expondlture)nncome (135.935) 1135,935) 129,440 Net movemont In funds (136,936) (135,935) 129.440 RKonclllatlon of funds: Total funds brought forlvard Net movement In fund8 ' 25.895 451,870 (135.935) 477,766 (135,935) 348,325 129,440 Total funds carrled forward 25,895 316,935 341,830 477,765 ' The Statement of finandal activilies includes eu gains and Ios6es recognised in the year. The nots8 on pages 14 to 22 fomi part of these financial slatements Page11
U K ONSHORE GEOPHYSICAL LIBRARY REGISTERED NUMBER: 02927628 BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Fixed assets Tangible assets 191.007 230.671 191,007 230.671 Current assets Debtors Cash at bank and in hand 10,771 160,328 16,S66 292,242 171.099 .308.808 Creditors: amounts falllng due within one (20.276) {61,714) ' Net Gurrent assets 150.823 247,094 Total assets less current Ilabllltlos 341.830 4T1.765 Totsl net assots 341030 4T1.765 Charity funds Restricted funds Unrestrtcted funds 11 25.895 315,935-' 25,895 451.870 11 Total funds 341,830 477.765 Page 12
. U K ONSHORE GEOPHYSICAL LIBRARY REGISTERED NUMBER: 02927628 BALANCÈ SHEET (CONTINUED) 'AS AT 31 DECEMBER 2024 The company was entilled to exemplion from audit under sectton 477 of the Companies Act 2006. The members have not required the company to obtain an audit for tIE year in question in a(xordance with section 476.of Companies Act 2006. The Trustees acknowledge their responsibllities for complyiig with the requirements of Ihe Act wlth respect to accounting records and preparation of financial statements. The financial statements have been prepared In accordance wilh _the provisions applicable b entities subject to the Pjmall companies regime. The financial statem8nts were approved authorised for issue by the'Trustees and signed on their behalf by. Dr M Butler. Date:2s >?S- The notss on pages 14 to 22 f(xm part of these financial.statements. Page 13
. U K ONSHORE GEOPH$1cAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE_YEARENDED 31 DECEMBER 2024 General Inforniatlon . U K Onshore Geophysical Library is a company limlted by guarante8, company number 02927628, and registered charity. charity number'1038161.'The company arid charity are registered in England and W81e8 and tts registered office address is 3rd Floor. 12 Gough Square. London. EC4A 3DW. Accountlng pollc108 2. 1 Basis of preparatlon of flnanclal 61atemènts The financial stslements have been prepared In accordance with the Chaiifles SORP (FRS 102) - Accounting and Reportlng by Ch8rities: Statement of Recommended. Practice applicable to charities Preparing their accounts in accordance wlth the Flnanoal Reporting Stsndard appllcable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Finanaal Reporting Standard applicable in the UK and Republic of Iraland (FRS 102) and the Companle8 Act 2006. U K Onshore Geophy81cal Library meets tho definitson of a public benefit entity under FRS 102. As8ets and 1SabilitiOS are initially recognised at historfcal cost or transactlon value unless otherwlse Slaled in thg relevant accounting policy. There are no material uncertainties about the charftys ability to contSnue. and 80 the going concem basis of accounting has been adopled. The financial statsmon18 are presented In pounds sterfing and recorded to th& neare8t pound. 2.2 Going COnM The financlal ststements have been prepared under the golng eoncem ba$18 88 th• Trustees have a reasonable expectstion that th8 company has adequale resources to continue In 0rational existence for the for88eeable future. 2.3 Income All income Is recognlsed once the company has entitlement to the Income, it Is probablo that the income will be received and the amount of. income receivable Gan be measured r?liably. Income tax recoverable in relation to investrnent income is recognised at Ihe time the investmenl income 18 f8Geivable. 2A ExpDndlturn Expenditure is recognised once there is a legal or constructive obligation to transfer economlc benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliabty. Expenditur8 is Glassified by activity. The costs of each actmty are made up of the total of direct costs and shared costs. Including 8UPPOrt costs involved in undertaklng each aciivlty. Direct costs attributable to a single acttvty are allocated (firectly to that actlvity. Shared costs whlch contribute to more than one actlvity and support costs which are not atributable to a single activty are apportioned beiween those activities on a basis consistenl wilh the use of resource8. Central staff costs are allocated on the basi5 of time spent. and d8PTectalion charges allocated on the portion of the assefs use. Expenditure on charitable activities is incuTred on (firectty undert8kin9 the acliviti8s which furlher the companys objectN4 as well as any associated support Costs. Page 14
U K ONSHORE.GEOPHY8ICAL LIBRARY NOTES TO THE F.INANCIAL STATEMENTS FOR THE,YEAR ENDED 31. DECEMBER 20 AeKountlng pollcle8 Icontlnupd) 2A Expendtture (contlnued) All expenditure is Inclusive of irrecoveTable,VAT. 2.$ Tanglble flxed a880ts and doiiraclatlon Tangible fixed assets are initlalty recognised at cosL After recognitlon. under the cost model, tangible red assets are measured at st less accumulaled depreciatlon and'any accumulated impaimwnt losses. All costs in'curred lo bring a tangil)le fixed asset into its Intended working condition should be included in the measurement of cosL Depreciation IB chwge(i so as to allocate the cost ¢)f tsngible tsed assets less their resldual value over Iheir eslimated useful Ilves. Depreclation18 provlded on the iollowlng bases: Fixtures and fjttings - 10% p.a. Computer equipment 15% p.a. Other fixed assets Over 15 years on a straight Iln? ba818 2.6 Debtorn Trade and other debtors are rgcognised at the settl8ment amount after any trade discount offered. Prep8yment8 are valued at the amount prepald nel of any trade dlscounts due. 2.7 Ca8h at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid invgstments wlth a short Maturity of three months or less from the date of wulsltion or opening of the deposlt or similar account. 2A Llablllll68 and prov181on8 Liabilities are recogni5ed when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economlc benefit will be required in Settlement, and the amount of the settlement can be estimated reliably. Liabilities are reccgnlsed at the amount that th8 company anticlpates it wlll pay to settle the debt or the amount it has recelved as advanced payments for the goods or seTvices It must provida. 2.9 Flnanclal Instruments The company only has finanaal assets and financial Ilabilities of a kind that qualify as basic financial ill5trumen Basic financial instruments are Initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans whlch are subsequently measured at amortised cost using the effective interest method. Page 15
U K ONSHORE"GEOPHYSICAL LIBRARY NOTES TO.THE'FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcle8 (contlnued) 2.10 Fund accountlng General funds are unrestricted funds which are available for use at the dlscretion of the Trustees in furtherance of the general objeGtives of the company and which havè not been designaled for other purposes. Designated fund8 compri88 unrestricted funds that have been Set aslde by th8 Tru8tee8 for particular purposes. The aim and use of each deslgnated fund 18 Set out in, the notes to the financlal 8tatemenis. Restricted funds are fund8 which are to be used in accordance with sp.ecific Testriction6 imposed by donors or which have been raised by the company for particular pu08@8. The cosls of raislng and administering 8uch funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial statsmants. Income from charftablg actfvltl89 UnreBtrlcted funds 2024 Total lund8 2024 Data Ilbrary income 124,900 124.900 Unrestricted funds 2023 Total funds 2023 Data library income 545.715 545.715 Page 16
U K ONSHORE GEOPHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysls of expendlturn on charftablo aetlvlt166 Summary by fund typ8 Unrestrleted fund8 2024 Total 2024 Data Ibi rary Suppoit Costs Other governan costs 193.418 49.076 18,341 193A18 49,076 18.341 260,835 260.835 Unrestricted funds 2023 Total 2023 Data Itbrary Support costs other goveman¢e costs 394,724 6.817 14.734 394,724 6,817 14,734 416,275 416,27S Independent examln•rf8 remunoratlon 2024 2023 Fees payable to the compan$ independent examiner for the independent examination of the companys annual accounts 4,000 3,800 Page 17
U K ONSHORE GEOPHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 Truste88' remuneratlon and expan8e8 During the year, no Trustee clalmed travel expenses (2023 - one Trustee clalmed £1,310). Tanglble flxod assets Flxtures and Computer flttlngs equlpment Data Ilbrdry Total C08t orvaluatlon At 1 January 2024 Additions 1,770 13,063 3,037,662 9.760 3,052,396 9.760 At 31 December 2024 13,063 3.047A12 3.062,145 Dgpreclatlon At 1 January 2024 Charge for the year 1,770 13,063 2,806,891 49,414 2,821.724 49.414 At 31 December 2024 1,770 13,083 2,856,305 2,871,138 Net book valuè At 31 December 2024 191.007 191.007 At 31 December 2023 230.671 230,671 Dobtors 2024 2023 Due wlthln one year Trade debtors Other debtors Prepayments and accrued Income 3,497 5.034 2.240 14.332 2234 10,771 16.566 Page 18
U K,ONSHORE GEOPHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CredltOf8: Amounts falllng due wlthln ono year . 2024 2023 Trade creditors other tsxation and social security Accruals and defeTted Income 5,869 43,678 3.819 14,217 14,417 20.276 61,714 . 10. Flnanclal Instruments 2024 2023 Flnanclal a88et8 Financlal assets measured al amort188d cost 168,859 306.574 2024 2023 Flnanclal Ilabllltle8 Financial liabilitie8 measured at amortiged cost 6,859 43.678 Financial assets measured at amortlsed cosl comprfse ¢ash at bank and trade and other debtors. Finanaal liabilltie8 measured at amortised cost comprise trade creditors. Page 19
U K ONSHORE GEOPHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Statement of funds Statement of funds • currnnt year Balan¢a at 31 December 2024 Balance at I January 2024 Transfers Inl{out) Income Expendtture .. Unrn8trlcted fund8 Restoration ReseNe Reserve Fund General Funds AGademiG Fund 83,613 25,000 338,357 5.000 731 84244 25.000 201.691 6,000 1249(¥J (260.836) (n1) 451.870 124.9 1260.835) 318,936 Restricted fund• Beneath Britaln 26.896 25.89S Total of fund8 477,766 124,900 (260,835) 341,830 Page 20
U K ONSHORE GEOPHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS . FOR THE YEAR ENDED 31 DECEMBER 2024 11. Statemont of funds (conllnued) Statsment of funds - prlor year Balance at 31 December 2023 Balance at 1 January 2023 Transfers inl(ou Income Expenditure Unr•strfGted fund8 Restoration Reserve Reserve Fund General Funds Academlc Fund 80.S64 25.000 211.866 &ooo 2,949 83,513 25.000 338,357 5,000 545,715 (416,275) (2.949) 322,430 545,715 (416.275) 451,870 Rostrlct•d fund8 Beneath Britaln 25,895 25,895 Total of fund8 348,325 545,715 (416,275) 477,765 12. Summary of funds Summary of fund8 - currnnt yr Balance at 31 December 2024 Balance at I January 2024 Transfers Inl(out) Income Expgndlture General funds Restricted funds 451,870 25,895 124,900 (260,835) 315.935 25.895 477.766 124.900 (260.835) 341.830 Page 21
U K ONSHORE GEOFIHYSICAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Summary of funds Icontlnued) Summary of fund8 - prforyear Balance at 31 December 2023 Balance at ,1 January 2023 Transfers inl(out) Income Expendlture General funds Restricted funds 322,430 25,895 545.715 (416,275) 451.870 25,895 348,325 645,715 (418,275) 4T1,765 13. Analy818 of net a88et8 b•twoon fund8 Anaty818 of net a88ets between funds - current perlod Restricted Unre8trfct•d . funds funds 2024 2024 Total funds 2024 Tangible fixed 88sets Current assets Creditors due within one year 191,007 145,204 (20,276) 191.007 171,099 {20,276) 25,895 Total 25,895 315,935.. 341,830 Analy808 of not assets betwgon fund8 - PTlor porfod Restricted Unreslrfcled funds funds 2023 2023 Total fund5 2023 Tangible fixed assets . Current assets Creditors (Jue withln ¢e year 230.671 282.913 (81,714) 230,671 308,808 (61,714) 25,8 Totsl 25.895 4S1.870 477,765 Pa9e 22