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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 04128009 (England and Wales) REGISTERED CHARITY NUMBER: 1085619

REPORT OF THE TRUSTEES AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

GESGB (formerly PESGB)

Ledgers Accountancy Services Ltd Chartered Accountants 15 Sedgmoor Close Flackwell Heath High Wycombe Bucks HP10 9BH

GESGB

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Report of the Trustees 1 to
 10
Statement of Trustees’ Responsibilities
11
Independent Examiner’s Report 12
Statement of Financial Activities - Group 13
Statement of Financial Position - Group 14 to 15
Statement of Financial Position – Charity 16 to 17
Notes to the Statement of Cash Flows 18 to 19
Notes to the Financial Statements 20 to 33

GESGB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE & ADMINISTRATIVE DETAILS

REGISTERED COMPANY NUMBER 04128009 (England and Wales)

REGISTERED CHARITY NUMBER 1085619

REGISTERED OFFICE – The Business and Technology Centre, Bessemer Drive, Stevenage, SG1 2DX

TRUSTEES The following Trustees have held office since January 2022: Dr Raquel Arzola, James Churchill, Mark Rees, Julian Bessa, Aaron Lockwood, Matthew Allen, Jade Metcalfe, Andrea De Silva, Gerald Stein, Tom Smith (resigned during term), Chris Howells (resigned during term).

EXECUTIVE DIRECTOR Maria Iredale

ACCOUNTANTS Ledgers, 15 Sedgemoor Close, Flackwell Heath, Bucks, HP10 9BH

INVESTMENT MANAGERS Danamere, International House, Homewell Havant, Hampshire, PO9 1EE

BANKERS Royal Bank of Scotland, 28 Cavendish Square, London, W1G 0DB

Note – PESGB held a member vote on a special resolution to change the name of the Society to GESGB (Geoscience Energy Society of Great Britain). The vote took place between 07/06/2022 - 08/08/2022 and achieved a required percentage of over 75% in favour of the change (The actual acceptance was 77.5%). The resolution was passed at a council meeting on 14/10/2022 and was subsequently accepted by Companies House on 23/11/2022.

The new name came into effect on 12/01/2023 and was adopted throughout the organisation in April 2023. This report now refers to the organisation as GESGB rather than PESGB, even though the name change was not actioned until January 2023.

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GESGB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31[st] December 2022.

The Trustees have adopted the provisions of the Statement of Recommended Practice (FRS 102 SORP) ‘Accounting and Reporting by Charities’ issued in May 2015.

STRUCTURE, GOVERNANCE & MANAGEMENT

GOVERNING DOCUMENT

The Society is controlled by its governing document, its Memorandum and Articles of Association, and constitutes a limited Company, limited by guarantee, as defined by the Companies Act 2006. As such the Trustees have no Share Capital interests in the organisation. The Geoscience Energy Society of Great Britain (GESGB) was founded in 1964, now a registered Charity with Limited Liability status and is a non-profit making organisation. It has a membership of approximately 2,600 individual members and 20 sustaining company members.

PUBLIC BENEFIT STATEMENT

The Trustees who form the Council have reviewed the Charity Commission guidance regarding public benefit and are satisfied that the objects of the Charity meet those requirements. The objective of the GESGB is to promote and advance, for the public benefit, education in the scientific and technical aspects of subsurface energy and related technologies. The ‘public’ are our members, although the wider general public can also become involved with the GESGB and benefit from association,’.

To achieve and further its objectives the GESGB organises and supports various projects, including educational lectures, meetings, seminars, conferences, exhibitions, field trips, training courses and workshops. The GESGB produces its own bi-monthly educational and information Magazine as well as supporting other educational publications. Various member services include the publication of an online Membership Directory, organising and undertaking lecture programmes and provision of low-cost professional training.

Our Special Interest Groups (SIGs) are run by GESGB members for GESGB members . Each of the SIGs focus on a specific area of the wider energy industry. These groups offer the opportunity for members to connect with other professionals within their specific area of interest, share knowledge and best practices, and grow professionally within the field. Joining any of our SIGs is a member benefit with no additional fee to belong to them. The most active SIG Groups are Africa (instrumental in organising the Africa Energy Conference), Geophysics, Old Timers, Sales & Marketing (a new SIG established in 2021) and Young Professionals.

The GESGB Trustees wish to thank all the volunteers whose contributions throughout a very challenging 2022 made our online events, courses, and the Magazine such a success. The Trustees review the strategic direction of the Society annually to ensure that all opportunities for the GESGB to meet its charitable objectives are explored. The Trustees regularly review the short and medium-term financial plan for the Society and put in contingency measures to manage challenges that might impact on cashflow and the Society’s financial security.

LEADERSHIP

The Trustees play a key role in the leadership of the charity, volunteering both their time and their expertise. The Council meet bi-monthly for a four-hour meeting in which its strategy, performance against objectives and financial health are closely managed. Due to the significant impact on the Society arising from the global pandemic, the Presidents, Treasurer and Executive Director meet bi-weekly, to ensure the financial security of

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

the society. Differing viewpoints are welcome and explored, and decisions are made based on their relevance to the strategy and the charitable objects of the Society. Following the COVID-19 Pandemic, the focus has been on achieving a solid baseline for the Society to then build up from. These results for 2022 show significant progress in this area, with a positive net income on a consolidated basis (Charity and Conferences) of £15,876.

The Trustees are voluntary positions and are elected to Council by the GESGB membership. If Trustees’ circumstances change and they are no longer able to commit the time required, then they have the option to resign their position before the official end to their tenure. This occurred once during 2022. The Trustees are ambassadors for the Society and represent our values (see below) during interactions with the membership and in the delivery of the charitable objects. The GESGB’s Mission dictates the strategy and ensures the delivery of the charitable objects.. All Council meetings are carefully documented in minute form and are available to GESGB members should they make a request. Any HR issues within the office team are brought to the attention of the Council and support and direction given to the Executive Director as required. All new staff have a full induction before starting their role, and have regular updates to their job descriptions, formal appraisals, contracts, and performance related pay. All volunteers, similarly, receive a full induction to the role.

The trading subsidiary PESGB Conferences Ltd and its relationship with the GESGB, the parent charity was formally set up by a solicitor to ensure compliance with the Charity Commission rule and VAT regulations. there were changes in the relationship in 2018 to ensure that all current legislation was accommodated within the agreement. PESGB Conferences now has a separate governing body, over which the GESGB Council has the authority of veto.

OUR MISSION

The GESGB will be relevant, useful, and beneficial to members at every stage of their careers within the energy industry.

OUR VALUES

INTEGRITY

The Council always acts with integrity, where they are informed about issues affecting the charity sector and discuss their potential impact on the Charity. Evidence for this can be found in the Council minutes. The Trustees understand their roles and responsibilities, this is a result of a comprehensive induction pack produced annually. The Society is over 50 years old and the legacy left by each Council is important; each Trustee wants to make a positive impact on the Society. The Society has a Declaration of Interests Register and each Trustee is informed about for reporting a conflict as part of their induction. The charity has a Code of Conduct for both the Trustees and the members.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

DECISION MAKING

The Charity has a policy stating the different levels of delegated authority depending on the decision that must be made. The Council Action Register sets out the decisions made or to be made, the area of the strategy they relate to, the ownership and the time frame/ follow up; this is reviewed at every Council meeting to ensure that all necessary decisions are not missed. Any decisions that directly affect the membership are communicated through the Magazine and e-bulletin as soon as possible. To encourage new ideas the Trustees’ term of office on Council is time limited and is regularly refreshed. However, this can cause issues for newly elected Trustees with a limited knowledge of the Society’s strategy. To mitigate this, the Past Presidents from the year 2000 up to the most recent and including the current President Elect, meet annually to discuss some of the big strategic questions facing the Society (excluding those years affected by the COVID-19 pandemic). Though they no longer have a vote on Council, the GESGB’s Past Presidents have a valuable contribution to make to any big discussions that are under consideration.

BOARD EFFECTIVENESS

The Executive Council is elected from the membership and runs the Society on a voluntary basis as the Charity’s Trustees. The term of office for a trustee is two years, apart from the positions of President, Treasurer and Aberdeen Director, which run for three years. Each year, half of the Council positions become vacant through retirement and nominations are sought from the GESGB membership for their replacement. A ballot takes place in October/ November and the successful candidates take up their positions in January. All active members can vote and are encouraged to vote online. In 2011, following a review of the procedures for election of Council members, it was agreed that those wishing to stand for Council should now be nominated and seconded by active GESGB members. In exceptional circumstances, the Council has authority to veto a candidate’s nomination. In 2022 the Trustees took the decision to remove the position of Vice President from the roster of roles. This decision will be reviewed in 2024 along with the other roles in the society. The Society holds an AGM each year and the 2022 AGM was held on 22nd November.

DIVERSITY

The GESGB Council understands its role in promoting diversity, at board level, within its membership, and in representing an industry that has been historically skewed in many respects. Regarding gender diversity the 2022 GESGB Council comprised more than 30% women. The office team is currently 100% women.

OPENNESS & ACCOUNTABILITY

The Society is appreciated by its members and receives feedback to this effect which is shared with the Council. Members are actively encouraged to give their suggestions for improving the Society and are always responded to promptly and courteously. All members are informed about the Charity’s performance against its targets at the GESGB AGM and through the GESGB Magazine. Any questions arising from the AGM are discussed at the following Council Meeting. All the contact details for the Trustees are available on the website, along with their pictures and short biographical summaries.

RISK MANAGEMENT

Risks to the GESGB markedly increased during the COVID-19 pandemic. The pandemic changed the way that the GESGB and the rest of the UK worked and challenged the GESGB risk model as it took away the usual sources of income (conferences and events). Consequently, other income sources were found, and the risks mitigated as much as practically possible.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Every effort is made to quantify the possible risks and put in place controls and procedures that are designed to mitigate each identified risk. Management tools include the Risk Register and the Risk Management Plan. The risks include: poor staff retention which could impair event delivery and effective running of the Society; protester attack at conference events causing harm to delegates; loss of computer data and its impact on office function; loss of funds through fraud or mismanagement leading to financial stress; H&S breach at an event that could result in serious injury.

The Risk Register is reviewed on a six-monthly basis (or as required) with the Council and between these times on a six-monthly basis with the office team. Risk mitigation measures included three staff members trained to IOSH level in Health and Safety; new policies and dialogue with the conference venues on a coordinated response to protestor issues; Governance training for Council members on responsibilities and induction and training of new Trustees. Trustees are elected to the Executive Council as described below. New Trustees receive a comprehensive welcome pack to familiarise themselves with the background and activities of the Society and its subsidiary company during induction.

As existing members of the GESGB, Trustees may already be familiar with many aspects of the Society. Trustees are provided with relevant background information including a copy of the Society’s statutory accounts and Charity Commission guidance regarding their responsibilities as Charity Trustees. Trustees can access Governance Training during their term through the GESGB admin function and are encouraged to do so.

OBJECTIVES & ACTIVITIES

Objectives & Aims

The principal activity of the Society continued to be that of a registered Charity though the objects were changed in 2022 to reflect the changing industry and the energy transition. This was an important change as the Charitable Objectives define what the Society can and cannot do. The change requested of members was to broaden the remit from solely petroleum exploration to the wider subsurface energy industry. Around 30% of the membership took part in the vote with 91% of members overwhelmingly voting in support of the Special Resolution.

Our Charitable Objects are now to promote and advance, for the public benefit, education in the scientific and technical aspects of subsurface energy and related technology, as voted on by the members as a Special Resolution. Our challenge has been to continue to serve our members as the energy industry evolves, offering opportunities through education and networking to secure current and future employment.

To better reflect the new Charitable Objectives, the membership was subsequently requested to vote on whether the Society should change its name from the PESGB (Petroleum Exploration Society of Great Britain) with a 75% threshold required for change. This Special Resolution was passed with 77.5% of the voting membership supporting a change. Following the membership vote, the Society became the Geoscience Energy Society of Great Britain (or GESGB). Notably the term ‘Geoscience’ recalls the early North Sea Explorers who founded the Society in 1964, while also emphasizing the importance of this scientific pursuit for the Society and the energy sector moving forward.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

MEMBERSHIP

Membership has reduced to around 2,600 and has been in continuous decline since 2014 resulting in a continual reduction of membership revenue. This also considers the re-statement of membership levels made at the 2021 AGM. Membership churn was 3%..

As of Q1 2023, 86% of members were based in the UK and 14% overseas. Of the UK-based members 19% were based in Scotland and 56% in southern England, with London SE England and Aberdeen being the dominant geographies.

Despite downsizing or closure of many E&P companies, the Sustaining Company Sponsorship remained stable and is now beginning to grow. The benefits on offer to the Sustaining Sponsors was reviewed and new packages were put in place for our corporate supporters. The members' magazine returned to print in a limited print run and at a cost-price for members who wish to pay the production costs in 2022. Distribution began with 88 members although this has since fallen to 54. All members receive a digital copy.

PUBLICATIONS

The GESGB continues to offer members a reduced subscription to the Journal of Petroleum Geology, the Geological Society Journal of Petroleum Geoscience and Geo ExPro, However, these offers have declined in popularity. The GESGB is very appreciative to all those involved over the last thirty years in the production of the North Sea map and to the Map’s sponsors. Due to limited technical updates and reduced funding the GESGB North Sea Structural Map has not been published since 2018.

The GESGB Magazine continues to inform the members about not only the technical aspects of what is happening in the E&P industry but also giving members the opportunities to share their stories and experiences across the network. Editorial has been included from the Special Interest Groups and the Regional Groups on their activities and it also has hosted articles from members of the GESGB staff. It has become a conduit where information travels in all directions across the network. The GESGB extends grateful thanks to its magazine editor and all volunteer news writers and other technical contributors, as well as the support received from advertisers.

VOLUNTEERS

The GESGB greatly appreciates the volunteer support of GESGB membership, those who contribute their industry knowledge regularly to the magazine, those who support the lecture and events programme in and those representatives within organisations, who assist the Society by displaying and distributing promotional material within their organisations.

Magazine Content – Much of the content is written by the volunteers.

The GESGB thanks all the established and new Special Interest Groups (SIGs) and Regional Branches for organising and supporting the society through online meetings and lectures that were staged throughout 2022. These groups have flourished during the pandemic and have seen higher levels of member engagement as result of their online activities. These self-directed, independent groups, form an opportunity to engage nationally and internationally with members, the pandemic has seen the SIGs become a reason for joining the society rather than just an additional activity. The GESGB office and Trustees extend a special thank you to all individuals and companies who support these events and to those members who volunteer their time to help to organise them. Volunteering by the members, to support the activities of the GESGB is an essential element in the management of the Society. Volunteers make up the governing Council of both GESGB and PESGB Conferences, they manage the content of the courses and conferences. The volunteer contribution over the year is estimated at approximately 675 hours.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

GESGB

YP/Student Mapping – Undergraduate mapping funding was given in 2022 to 5 students chosen by the Young Professionals SIG. The plan is for this to continue to 2024 and then to be reviewed.

EVENTS HELD DURING THE YEAR

During 2022 a variety of online and in person activities took place as the impact of the COVID-19 pandemic lasted significantly longer than anticipated. However, the GESGB did manage to stage a range of in-person events, as lockdowns became a thing of the past.

During the year, the society staged or co-staged seven-night school programmes, nine evening lectures, thirty-eight SIG meetings, six regional group meetings and four field trips. This builds on the path set in 2021 with a gradual return to normal business post-pandemic.

Strategically the GESGB has decided to move away from large set-piece conferences and move to smaller events in collaboration with other membership societies sharing risk and reward. During the year, this model was implemented in June in collaboration with SEAPEX in the Asia Pacific conference held at the Oval in June. A new collaboration with AAPG began in September with the first Business Exploration Opportunities show (BEOS) held at the Business Design Centre in Islington. The Society worked closely with AAPG to design something new to replace the PROSPEX & AAPEX events and provide a ‘one-stop shop’ for global opportunities and deals.

DEVEX was jointly organised by PESGB/AFES/SPE and supported by the NTSA. This was the 19th DEVEX conference and exhibition, held in Aberdeen. The event was in-person and was attended by approximately 227 delegates and was chaired by the GESGB.

In December the GESGB held the first co-located event for two separate SIG groups staging two different programmes in the same venue with a shared networking space. This new initiative was a success, both financially and reputationally with significant interest shown in the Carbon Capture & Storage for Geoscientists event hosted by the Energy Transition SIG Group.

The monthly Evening Lecture series continued online with a monthly high calibre technical talk. We saw the member attendance continue to be buoyant because of the ease of access. These evening lectures continued to be free to attend for members of the GESGB and the organisations with whom the Society has agreements. As the lectures return to an in-person format, we are keen to maintain an online element to continue to offer the talks to the wider membership outside Aberdeen and south-east England. During 2022 the training initiative called Night School continued to provide high quality training for eight hours over four sessions for seven programmes. This usually took place over a four-week period and was designed to be affordable for the individual rather than paid for by the employer. In 2022 saw the launch of a Corporate Training Pass to access both the Night School and the previous recordings of the courses. This continues to represent great value for companies with limited training budgets.

COMPLIANCE

To ensure the Society’s organisational health, several areas of compliance were focused on in 2022 to ensure that the GESGB met all requirements for both organisations and charities where applicable.

Data Protection – The GESGB had a Data Protection Audit in February 2016, and this gave clarity to many aspects of the storage of data, both financial and member related. We adopted new procedures and continued to develop them as we adopt new systems. The GESGB is fully compliant with the GDPR legislation.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Health and Safety – The GESGB focused on the Health and Safety of both the staff and the external activities of the organisation in 2022 maintaining an excellent record of compliance. New guidance for staff mental health in the aftermath of the pandemic and the changes to their working situation has been carefully monitored.

Contracts – Due to the closure of the GESGB admin office there has been a significant reduction in the number of contracts that the GESGB is now involved with.

Strategy – The strategy for the GESGB during 2022 focused on financial sustainability after a fight for survival in 2020/21 following the closure of the UK associated with the pandemic.

FINANCIAL REVIEW

Where appropriate the GESGB follows the relevant guidelines of the Fundraising Regulator. The GESGB does not employ third parties to secure funds. The GESGB has not had any complaints about its fundraising practices during 2020. The GESGB does not target specific individuals or funding bodies for grant funding, although adhoc requests to the membership have occurred. Occasionally a member may offer to donate to a specific initiative that the GESGB is involved in, and money can be given to these projects by standing order. Any money donated for a particular project is ‘ring-fenced from general spend.

Reserves Policy

This continues to be applied in accordance with The Charities Act as follows: Given the cyclical nature of the Energy Industry and therefore the potential threat to Society income sources, the GESGB’s Trustees intend to hold back enough funds from its reserves, to ensure that the Society can function effectively over a two-year period of severely reduced income. The pandemic has been a situation whereby the society has had a severely reduced income over a sustained period.

In addition, the Society will retain funds in the reserve that are designated for the specific purposes of pre-investing in its large exhibitions and in investment in the organisation for its continued growth and development as a benefit for the members. The Trustees review the sum annually to ensure it is continually up to date. The sum estimated to cover both eventualities is set at £1,000,000. The PESGB financial reserve is currently at £520,499 which is lower than required due to the downturn. No corrective action was taken in 2022 to align our reserve with our target but we are planning to make contributions into the reserve in future years to meet our target.

Investment Policy and Objectives

This has been established and adopted in 2002, a segment of the Charity’s unrestricted funds, known as the ’reserve’, is to be invested with a view to maintaining and enhancing its value. Value is defined by a combination of capital growth and generated income but there is no intent to create an income enough for the Charity to carry out its objectives. The Trustees employ the services of an Independent Financial Advisor to ensure that this money is invested in a manner appropriate to the policy and the written guidelines.

Key Management Personnel Remuneration

The Trustees consider their Board of Trustees and the Executive Director as comprising the key management personal of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All Trustees give their time freely and no trustee remuneration other than expenses for meeting attendance was paid in the year. Details of trustee expenses and related party transactions are disclosed in the accounts. Trustees are required to disclose all relevant interests and register them with the Executive Director and in accordance with the GESGB policy, withdraw from decisions where a conflict of interest arises.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

It is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the Charity, its role as a membership society and its funding from the public it serves, the Trustees consider that a multiple of up to three times the median average salary for UK employees is appropriate for this role. The remuneration is also benchmarked with other membership societies within the Energy industry of a similar size and activity to ensure that the remuneration set is fair and is aligned with that generally paid for similar roles.

FUTURE DEVELOPMENTS

2023/2024 Outlook

At the 2022 AGM, the GESGB proposed an upgrade to the accounting process, which was supported by a membership vote.

To move from an audit to an accounting function from 2023 and whilst our revenue remains below the £1 MM threshold.

Instead of the current end of year reconciliation and submission, move to quarterly verified accounts by external accountants with an end of year consolidation and submission of accounts.

• This means a cost saving of ~£ 5,000 and, more importantly, get a clear view of the accounts every quarter. Can also file much sooner to relevant year end and requires less organizational resource to do so.

The GESGB along with the rest of the world continued to face challenges caused by the pandemic in 2022. These included a reduction in the numbers of speakers and delegates for the Asia Pacific conference due to travel restrictions, and the change in the number of people working in London, which impacts the number of people attending networking events and in-person SIG meetings.

These challenges have meant that the society has taken a measured approach in returning to business as usual as part of the strategy to achieve a solid financial baseline. This gave us a good platform for 2023 to build up from and we have a challenging and exciting range of conferences and events planned. Some in partnership and some with GESGB in sole control. The measured approach of 2022 allowed the GESGB to focus on future planning and the conference and events programme for 2024 is also complete which gives our supporting companies time to plan their sponsorship or attendance into the calendar.

The change in the name of the society and its charitable objects are far reaching changes for the society. The change opens the society up to a new audience and we will work with the universities to re-engage the students in the society.

In 2023 we will focus on broadening the demographics of the society and ensuring diversity, equality and inclusion are appropriately considered in the work that we do. This will positively impact the events we stage and the benefits we promote. We seek to add balance to the demographic spread of the organisation.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The ‘reach’ and engagement of under-represented member groups, within the 2023/24 programme, will continue to grow through the inclusive opportunities presented by online platforms and the links with other organisations who support us will be strengthened. The focus will be on the recruitment of younger members across the energy sector and the retention of the loyal members who have engagement of members throughout their careers, offering education and training to support the members during this difficult and unprecedented time.

The access to information that the members gained through the provision of online activity, is being further developed in 2023/2024. Members welcome both in person activity and the opportunities for information sharing offered by online platforms.

ACCOUNTANTS

The Accountants, Ledgers Accountancy Services Ltd were approved as accountants at the 2022 Annual General Meeting

Signed on behalf of the Trustees

Julian Bessa Date 26 September 2023

James Churchill

Date 26 September 2023

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GESGB

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of PESGB for the purposes of company law) are responsible for preparing the Report of the Trustees 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 year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 26 September 2023 and signed on the board's behalf by:

................................................................... J Bessa - Trustee

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GESGB

INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Independent examiner's report to the trustees of Gesgb ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts 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 accounts 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 accounts to be reached.

Carolyn Collins FCA

The Institute of Chartered Accountants in England and Wales

Ledgers Accountancy Services Ltd 15 Sedgmoor Close Flackwell Heath High Wycombe Bucks HP10 9BH

Date: 26 September 2023

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GESGB

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
125,851
Income from trading subsidiary 16
225,135
Other trading activities 3
167,349
Investment income
4
2,994
Other income
-
Total
521,329
EXPENDITURE ON
Raising funds
5
2,673
Expenditure from trading
subsidiary
5
211,287
Charitable activities
6
Charitable purposes
230,023
Other
-
Total
443,983
Net Expenditure before Gains and
Losses
77,346
Net gains on investments
(57,021)
NET INCOME
20,325
RECONCILIATION OF
FUNDS
Total funds brought forward
616,567
Prior year adjustment
-
TOTAL FUNDS CARRIED
FORWARD
**636,892 **		 Restricted
Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(4,449)
-
(4,449)
-
36,371
-
-
-
31,922		 2022
Total
funds
£
125,851
225,135
167,349
2,994
-
521,329
2,673
211,287
230,023
-
443,983
77,346
(61,470)
15,876
652,938
-

668,814		 2021
Total
funds
£
5,400
555,977
207,337
4,425
310
773,449
7,151
437,157
138,328
-
582,636
190,813
40,949
231,762
421,176
-
652,938

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GESGB

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2022

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
10
724
Investments
11
420,258
420,982
CURRENT ASSETS
Debtors
12
85,363
Cash at bank and in hand
248,702
334,065
CREDITORS
Amounts falling due within
one year
13
(118,155)
NET CURRENT ASSETS
215,910
TOTAL ASSETS LESS
CURRENT LIABILITIES
636,892
NET ASSETS
**636,892 **		 Restricted Endowment
fund
£
-
-
-
31,922
-
-
-
-
-
-
-
-
-
-
-
-
31,922
-
31,922		 2022
Total
funds
£
724
452,180
452,904
85,363
248,702
334,065
(118,155)
215,910
668,814
668,814		 2021
Total
funds
£
2,899
514,252
517,151
60,139
193,576
253,715
(117,928)
135,787
652,938
652,938

14

GESGB

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued 31 DECEMBER 2022

FUNDS
16
Unrestricted funds
Endowment funds
TOTAL FUNDS		 636,892
31,922
668,814		 616,567
36,371
652,938

The financial statements were approved by the Board of Trustees and authorised for issue on 26 September 2023 and were signed on its behalf by:

.............................................

J Bessa - Trustee

............................................. J M Churchill - Trustee

15

GESGB

CHARITY STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2022

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
10
724
Investments
11
420,358
421,082
CURRENT ASSETS
Debtors
12
115,556
Cash at bank and in hand
84,235
199,791
CREDITORS
Amounts falling due within
one year
13
(50,194)
NET CURRENT ASSETS
149,597
TOTAL ASSETS LESS
CURRENT LIABILITIES
570,679
NET ASSETS
570,679		 Restricted
Endowment
fund
£
-
-
-
31,922
-
31,922
-
-
-
-
-
-
-
-
-
-
-
31,922
-
31,922		 2022
Total
funds
£
724
452,280
453,004
115,556
84,235
199,791
(50,194)
149,597
602,601
**602,601 **		 2021
Total
funds
£
2,899
514,352
517,251
91,772
60,614
152,386
(83,643)
(68,743)
585,994
585,994

16

GESGB

CHARITY STATEMENT OF FINANCIAL POSITION - continued 31 DECEMBER 2022

FUNDS
16
Unrestricted funds
Endowment funds
TOTAL FUNDS		 570,679
31,922
**602,601 **		 549,623
36,371
585,994

The financial statements were approved by the Board of Trustees and authorised for issue on 26 September 2023 and were signed on its behalf by:

............................................. J Bessa - Trustee

............................................. J M Churchill - Trustee

17

GESGB

STATEMENT OF GROUP CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2022
£
51,436
51,436
-
-
696
421
2,573
3,690
55,126
193,576
**248,702 **		 2021
£
(31,885)
(31,885)
(495)
(49,999)
101,700
7
4,418
55,631
87,516
106,060
193,576

18

GESGB

NOTES TO THE STATEMENT OF GROUP CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
2022 2021
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 15,876 (231,762)
Adjustments for:
Depreciation charges 2,174 4,847
Gain on investments 61,376 (45,453)
Interest received (421) (7)
Dividends received (2,573) (4,418)
(Increase)/Decrease in debtors (25,224) 27,226
Increase/(Decrease) in creditors 228 (182,072)
Decrease in provisions - -
Net cash provided by/(used in) operations 51,436 31,885
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1/1/22 Cash flow At 31/12/22
£ £ £
Net cash
Cash at bank and in hand 193,576 55,126 248,702

19

GESGB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going Concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees made this assessment for a period of one year from the date of approval of the financial statements. In particular the trustees have considered the forecasts and projections and have taken account of pressures on income, amendments to the delivery of resources to members and the move towards online and virtual events as a result of the COVID-19 pandemic.

The trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future, using reserves if necessary and they are satisfied that there are no material uncertainties.

Consolidation

In the parent entities financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of the business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably and is adjusted for changes in contingent considerations after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for the final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of PESGB and all its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All the financial statements are made up to 31st December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring accounting policies used into line with those used by other members of the group.

20

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - continued

Basis of preparing the financial statements

All intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated on consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method.

Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

Income

All membership and sponsorship income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

The income from fundraising ventures is shown gross, with the associated costs included in fundraising costs.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Intangible assets

Intangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of amortisation and any impairment losses.

Amortisation is at the following annual rates to write off the asset over its estimated useful life:

Software - 33% per annum

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 33% on cost

21

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds are funds received which the donor has expressly provided to be retained as permanent capital of the charity. the income generated by the fund can be applied for the general purpose of the charity, unless further restrictions on its usage are expressed.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Government grants

Grants will be included in the Statement of Financial Activities on a receivable basis. Where entitlement occurs before income is received, the income will be accrued.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
2022 2021
£ £
Donations 125,851 5,400

22

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

3. OTHER TRADING ACTIVITIES
2022 2021
£ £
Membership 108,774 149,861
Fundraising events 20,746 24,442
Sponsorships 20,200 22,300
Magazine 17,629 10,734
Room hire - -
167,349 207,337
4. INVESTMENT INCOME
2022 2021
£ £
Investment income 2,573 4,418
Interest receivable 421 2
**2,994 ** 4,420
5. RAISING FUNDS
2022 2021
£ £
Investment manager fees 2,673 7,151

23

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

6. CHARITABLE ACTIVITIES

COST OF CHARITABLE ACTIVITIES
Staff costs
Rates and water
Bank charges
Insurance
Telephone
Postage and stationery
Advertising
Sundry
Computer costs
Travelling
Membership services
Magazine
Venue
Bad debts
Repairs and renewals

SUPPORT COSTS OF CHARITABLE ACTVITIES
Depreciation
GOVERNANCE COSTS
Audit & accountancy fees
Legal and professional fees

Total		 6. CHARITABLE ACTIVITIES

COST OF CHARITABLE ACTIVITIES
Staff costs
Rates and water
Bank charges
Insurance
Telephone
Postage and stationery
Advertising
Sundry
Computer costs
Travelling
Membership services
Magazine
Venue
Bad debts
Repairs and renewals

SUPPORT COSTS OF CHARITABLE ACTVITIES
Depreciation
GOVERNANCE COSTS
Audit & accountancy fees
Legal and professional fees

Total



24

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Remuneration was paid to the Chief Executive who is employed by the Charity.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

8. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Staff		 2022
£
199,271
23,913
8,566
231,750
2022
6		 2021
£
209,242
24,436
7,817
241,495
2021
5

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2022 2021
£60,001 - £70,000 1 1

The remuneration of key management personnel (including pension, bonus and employer’s national insurance) in the year was £73,500. (2021 - £73,457).

25

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Endowment
funds
fund
fund
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
5,400
-
-
Income from trading subsidiary
555,977
- -
Other trading activities
207,337
-
-
Investment income
4,425
-
-
Other income
310
-
-
Total
773,449
-
EXPENDITURE ON
Raising funds
7,151
-
-
Expenditure from trading subsidiary 437,157 -
-
Charitable activities
Charitable purposes
138,328
-
-
Other
-
-
-
Total
582,636
-
-
Net gains on investments
39,077
-
1,872
NET INCOME/(EXPENDITURE)
229,890
-
1,872
RECONCILIATION OF FUNDS
Total funds brought forward
386,677
-
34,499
TOTAL FUNDS CARRIED FORWARD
616,567
-
36,371		 Total
funds
£
5,400
555,977
207,337
4,425
310
773,449
7,151
437,157
138,328
582,636
40,949
231,762
421,176
652,938

26

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

10. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Plant and
machinery
£
COST
At 1 January 2022 14,319
Additions -
At 31 December 2022 14,319
DEPRECIATION
At 1 January 2022 11,420
Charge for year 2,175
At 31 December 2022 13,595
NET BOOK VALUE
At 31 December 2022 724
At 31 December 2021 2,899

11. FIXED ASSET INVESTMENTS - CHARITY

Shares in
group
Listed
undertakings
investments
£
£
MARKET VALUE
At 1 January 2022
1,690
512,662
Additions
-
-
Disposals
-
(696)
Disposals
-
(
Gains
-
(61,376)
At 31 December 2022
1,690
450,590
NET BOOK VALUE
At 31 December 2022
1,690
450,590
At 31 December 2021
1,690
512,662		 Totals
£
514,352
-
(696)
57,837)
(57,837)
(61,376)
452,280
452,280
514,351

27

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

11. FIXED ASSET INVESTMENTS - continued

The company's investments at the balance sheet date in the share capital of companies include the following:

Subsidiary

PESGB Conferences Limited

Registered office: Business and Technology Centre, Bessemer Drive, Stevenage, SG1 2DX Nature of business: Organising conferences

Class of share: Ordinary
Holding 100%

28

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

11. FIXED ASSET INVESTMENTS - continued

Devex

Registered office:

Nature of business: Organising conferences and exhibitions

Class of share: Unincorporated
Holding 33%
2022
2021
£ £
Aggregate capital and reserves 1 1
Profit for the year 1 1
Investments exceeding 5% of portfolio
2022 2021
Units Market Value Units Market Value
Liontrust 24,527.83 30,866 24,527.83 36,816
Artemis 16,524.49 17,736 16,524.49 18,790
Black Rock Charishare 12,138.07 58,566 12,138.07 62,289
Jupiter Merlin Growth 7,931.72 40,402 7,931.72 43,086
Aegon 30,450.86 39,614 30,450.86 49,519
Legal & General 65,920.06 65,920 65,920.06 50,106
Margetts 8,839.19 8,839 8,839.19 47,778
Premier Multi-Asset 5,638.35 12,511 5,638.35 12,211
Royal London Sustainable 23,177.10 20,207 23,177.10 73,250
Jupiter Merlin Balanced 24,470.16 24,470 24,470.16 37,025
Charibond Charities Fixed Interest 19,625.25 19,625 19,625.25 23,780
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP 2022 2021
£ £
Trade debtors 38,786 51,621
Other debtors 36,371 2,255
Prepayments and accrued income 10,206 6,263
**85,363 ** 60,139
2022 2021
CHARITY £ £
Trade debtors 5,933 7,630
Amounts owed by group 61,988 80,508
VAT 1,057 -
Other debtors 36,372 2,255
Prepayments and accrued income 10,206 1,379
115,556 91,772

29

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
CHARITY
Trade creditors
Amounts owed to group undertakings
Social security and other taxes
VAT
Other creditors
Wages control
Accruals and deferred income
14.
MOVEMENT IN FUNDS - CHARITY
At 1/1/22
£
Unrestricted funds
General fund
549,623
Endowment funds
Karen Reed memorial fund
36,371
TOTAL FUNDS
**585,994 **		 2022
£
2,907
3,568
49,146
15,622
46,912
118,155
2022
£
1,179
-
3,568
-
1,835
-
43,612
50,194
Net
movement
in funds
£
12,158
(4,449)
**16,607 **		 2021
£
541
17,052
52,060
12,056
36,219
117,928
2021
£
145
-
17,052
36,230
1,020
196
29,000
83,643
At
31/12/22
£
570,679
31,922
**602,601 **

30

GESGB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

14. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
310,773
(232,696)
Endowment funds
Karen Reed memorial fund
-
-
TOTAL FUNDS
310,773
(232,696)
15.
COMPARATIVE MOVEMENT IN FUNDS - GROUP
At 1/1/21
£
Unrestricted funds
General fund
386,677
Endowment funds
Karen Reed memorial fund
34,499
TOTAL FUNDS
421,176
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
773,449
(582,636)
Endowment funds
Karen Reed memorial fund
-
-
TOTAL FUNDS
773,449
**(582,636) **
Gains and Movement

losses
in funds
£
£
(57,021)
21,056
(4,449)
(4,449)
(61,470)
16,607
Net
movement
At
in funds
31/12/21
£
£
229,890
616,567
1,872
36,371
231,762
652,938
Gains and
Movement
losses
in funds
£
£
39,077
229,890
1,872
1,872
40,949
231,762

31

GESGB

NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31 DECEMBER 2022

15. COMPARATIVE MOVEMENT IN FUNDS - continued COMPARATIVE MOVEMENT IN FUNDS - continued COMPARATIVE MOVEMENT IN FUNDS - continued
CHARITY Net
movement At
At 1/1/21 in funds 31/12/21
£ £ £
Unrestricted funds
General fund 320,173 229,450 549,623
Endowment funds
Karen Reed memorial fund 34,499 1,872 36,371
TOTAL FUNDS 354,672 231,322 **585,994 **
Net movement in funds, included in the above are as follows:
Incoming Resources Gains/losses Movement
resources expended and transfers in funds
£ £ £ £
Unrestricted funds
General fund 337,467 (147,094) 39,077 229,450
Endowment funds
Karen Reed memorial fund - - 1,872 1,872
TOTAL FUNDS 421,566 (447,635) (3,898) (29,967)
16. INCOME FROM SUBSIDIARY
2022 2021
£ £
Turnover 225,135 555,977
Cost of sales **121,692 ** (274,772)
Gross profit 103,443 281,205
Administrative expenses **104,594 ** (162,386)
(1,151) 118,819
Other operating income - -
Operating profit (1,151) 118,819
Interest receivable and similar income 421 5
(730) 118,824
Interest payable and similar expenses - -
(Loss)/Profit before taxation (730) 118,824
Taxation - -
Gift Aid payable to parent charity - (120,000)
Reserves movement in subsidiary **(730) ** (1,176)

32

GESGB

NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31 DECEMBER 2022

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the years ended 31 December 2022 and 31 December 2021.

33