AAPG-Europe (A company limited by guarantee) AAPG diROPE Report and Consolidated Financial Statements For the Year Ended June 30, 2021 Charity Number (England and Wales): 1126290 Charity Number {Scotland).' SC040127 Company Number: 6540163
AAPG-Europe (A company limited by guarantee) Consolidated Financial Statemenls For the Year Ended Jun• 30, 2021 Contents Nurnr Referen and Administrative Infomiat*)n Rewrt of the Trustees Audit Rert 10-15 Stslement of Financial A¢b'vitss 16 Balance Sheets 17 Statement of Cash Flows 18 Notes fomiing part of the financial statements 19- AAPG.Europe ConsolKlated Financial Statements- Year End&J June 30. 2021 Page I
AAPG-Europe Report of the Trustees for the Year ended June 30, 2021 The Trustees present their report and audited financial statements for the year ended June 30, 2021. Reference and Adrninistrative Infomiatlon Charity Name: AAP&Eurok Charity Number IEnglaNI and Wales): 112629) Chaiity Number (Scotland}: SC040127 Company RegislralM Numter. 6540163 islered offi.. O rational offi.. 61h FICMN 9 Appold Street, London, England, EC2A 2AP 1444 South BcMJlder Avenue, Tulsa, Oklahoma 74119, USA Trustees A Wegener D Cook K Gibbons D Curtiss J Craig - Chaimian Secretary Mr. D. Curtiss Senior Management Team Mr. A. Wegener Mr. B. Haws Director Controller Auditors - Moore Ffjngslon Smrth LLP,. 6th Fk>)r, 9 ApFdd Street, LdOn Ec 2AP Bankers- HSBC Bank,. 165 Fleet Street, London EC4A 2DY Solleitors- Stone KiJ LLP., 16 St. John's Le, London. EC1M 4BS AAPG-Europe Consolidated Financial Statements- Year End&1 June 30. 2021 Page 2
AAPG-Europe Report of the Trustees for the Year ended June 30, 2021 AAPG-Europe Alms and Objectives Pur ses and Aims.. Our charity's purSe$ as sel out in the obFcts contain&J in the company's memorandum of association are, for the public benefit.. To advano the Scien of geology its allied %tences in patticular, tyJt without prejudice lo the generality of the forgoing, as they relate to petroleum, natural gas, other Sltbsurtace fluids and mineral resources, thorough melhcds including.. Promoting the lechnok)gy of exploring for, finding and producing such materials in an economically and environmentally sound manner. and Disseminating infoffnalion lated to the geoloJy and associated tethncdcoy of petroleum, natural gas, olher Subsurf IIuKls and mineral resources. The aims of our charity are to foster scientsfic exchange whth &Y¥ances the earth Scien$, in particular, those related to Felroleum, natural gas, and other energy minerals. This is the pU)Se that our charity was established lo further. The Focus of our Work Our main objects'ves for the year were focused on the delivery of scEnce, particularly the geosciences through our many programs. SFecifically, we have undertaken the following.. Implementing a system of disseminab'on of Sen'fiC arKI geok4Jical infomiation, through educational activities Conduth'ng addikn'onal short courses in Europe Developing a schedule of Geoscien Technokh3y Wothshops (GTW) Executing a regional conference How Our Activities Deliver Public Benefrt The Iruslees have complied wlh the duty in secti 17 of the Charities Act 201110 have due regard lo public enefil guidance as published by the Charity CoMmissn induding ils gUhlan 'Public benefit.. running a charity IPB21' Our main activities and who are tyirwJ to tefit are described below. Our charitable activities focus on the science of gedc4Jy, the dissemination of that scien, on the many aspects of the energy geosCiens. Ir work has primarily focused on advancing scientific knowledge through our program of educational events and expanding the geoscience community. All cttarilable activities fCS on sharing scientific kno%edge which help5 the energy industy remain sustainable, and the events focus on the AAPG-Europe Consolidated Financial Statements- Year Ended June 30, 2021 Page 3
AAPG-Europe Report of the Trustees for the Year ended June 30, 2021 exchange of technology conceming the exploralion of energy resources for the public benefit. In addition to helping infor the training of the geoscientisl, this emphasis on sustanability and enwronmenlal awareness arKI responsiveness ultimately serves scciety in general. Our courses, presentations and leaming opportunities are OFEn to the general public. The primary benefrciaries include geoscienlists working and living in Ihe United Kingdom and in the rest of Europe. These programs help develop and expand the kno%edge and infomiation on the technical challenges of finding and producing energy resources. We generally offer sevefal educational events each year, with differing levels of scientific intensity. Our line- up of events includes our flagship Geoscience Technolcgy Workshops, or Grn's and a larger regional conference. The GTWS are scientific leaming opp)rtunilies that apFeal to a much wder audience and are typically focused on issues or I0cS related lo regional acb'vib'es, or emerging technologies. The global pandemic caused by the 2019 Novel Coronavirus, SARS-CoV-2 (more f£smmonly known as and referred to hereafter as COVID-19} a profound impact on our organization and effectively eliminated our ability lo deliver in-person events for the fiscal year. Our team was ab lo organize two GTW'S online as well as conduct an online ge0theal crossover event. In dit)n, we productively used the ts'me to Introdu a new line-up of less formal, free, collaboralK)n events on specific energy geoscien topics using online platforms. Our response was extraordinary and we dramatically increased ttle engagement of geosciences Ihroughthjt Europe and the worfd. These on-line only events aitracled geoscienlisls and those interested in the geosciences that otherwise had not partiopated in our events and aclivits'es. We a very pr¢)ud of that result and the resourcefijlness and proactive outreach of our team. Financlal Review AAPG.Europe has been operating in Ihe United Kingdom for thirteen years. The last few years have teen especially difficult from a financial slandFoint and Cov119 has compounded the challenges. In ajdilion to the lack of ability lo gather in for our events, VIE receive most of our financial support from the energy industy las a yth0) in the way of SFonsorship and supp)rt of our acliwties. The energy industry is suffering not just from financial hardship the lasl several years but also the skep drop in priS during the global pandemic. These factors h&1 a pronounced, correspxmding effect on our financial aclivilies, Although our educational offerings increased between 2014 and 2017. we had seen a decline in parb'cipation of our Iradib'onal fomal activities prior to the COVID-19 pandemic. Since the thkdown in the United Kingdom was annoUnd in March 2020, V•E have not conductj any signifant in-person revenue generating activities, though we dij have fwr events Ihat generated SO revenue in 2021. The Iruslees are aware of our dramatically dedining revenues and are wotking to mane the charrty in as fiscally responsible of a manner as p)ssible in this challeThJing OFerating environment. The result of their focus has teen signrficanlly cutting operating costs, including relocab'ng {and eventually dosing) our physical office. AAPG-Europe Consolidated Financial Statements- Ye& End&J June 30, 2021 Page 4
AAPG-Europe Report of the Trustees for the Year ended June 30, 2021 In light of the financial strain that we are eXTncirJ, tyjr senior leership team has proposed lo the trustees and has implemented some SnIfiCant]Y different events and tiVitieS which will continue lo fulfil the objects of the charity and hopefijlly bn'ng back the interest and supp)rt of the energy industry when they are able to relurn to traditional events. This 11 not be a short-term fix land COVID-19 has extended our forecast for challenging economic conditions), bul will require lorKJ-lerm iMpMentation of activities that will also be supported by the markewace. Most of AAPG-EuroFe's support and funding used during our time in oFeration is from the gift aid from the subsidiary trading company. This gift aid provides the critical resources to SUPPDrt our charitable mission. Much like the charity, however, the trading subsidiary has also suffered greatly with decreased revenue the past couple of years, which has haj a negative impacl on the amount of gift aid available to the charity. The COVID-19 gbbal pandemic had a significant imp&1 al the our APPEX event in March 2021, Our revenues were down dramatically, thcmjgh we were still able to ccfflducl our event on-line and deliver a robust technical program which was more effective than cancelling. Princi al Fundin Sources AAPG-Europe conducted a few educatnal, sctenb'fic events during the year. AsKle from the fees generated in pursuit of these educational activits. the charity has fallen short finanaally with no prospect of gift aid from the trading subsidiary in the current fiscal year. The American Association of Petroleum Geolo3ists AAPG has provvjed a commitment to suppjrt the OFeralion of the Charity group by providing working capital as needed and has aJreed to not seek payrnent of the outstanding balance due lo il by AAPG-Europe ils Irajing subsidiary in the next year. Furthermre, as mentioned above, the Executive Committee of AAPG voied lo forgive Ihe legacy debt of both the Charity and the Trading subsidiary in fiscal year June 30, 2018. This provided AAPG-Europe with much needed debt relief and support needed lo ensure that we can continue lo operate as a going concern for the foreseeable futu. The American Assc¢iats'on of Petroleum Geologists is a 1C()+ yearId intemalional professional association located in Ihe United Slates has significant resources lo help cary out its mission of advancing the prOfessit and science of geokMJy. This mission of AAPG is dosely aligned with the objects of the Charity. Investment Poli The Twslees of AAPG-Europe are aware of the benefits that a solid financial plan can allow us to continue our mission of disseminating scientific knowledge. This objective has been complicated by the decreased availability of funding from the energy induslry, the squeeze on our cperating margins, and the distress on the live events portion of our business due to COV119. The ManaJeffEnl Committee has invested the small amount of current available reSrCeS in a business money manager account with a respected financial inslilulion. In light of the currenl economic enviror¢ment, our tebjm on our investment appears reaable. AAPG-Europe Consolidated Financial Slalements- Year Ended June 30. 2021 Page 5
AAPG-Europe Report of the Trustees for the Year ended June 30, 2021 Fund Balances The group results are a shortfall for the pencé of £102,60712020.. £48,344). Closing unrestrpcted reserves of the group are-£91,11412020.. £11,4931- At the end of the year, the liability to AAPG ha decreased lo £126,33712020. £135,183). AAPG-Europe has deVek a sJnfficant loan payable to fhe American Association of Petroleum Geologists from the operations of the charity. which has persisted after the debt forgiveness in FY 2018. The Trusls have directed that the staff devekp and present a plan to Teduce and eliminate any deficit and deFendence on the sok memtser of the charity. The terms of the loan from AAPG are such that there is no defined repayment date, hen in accordance with FRS 102 this is classified as a current liability. however the AAPG has conf1rnd its willingness lo continue lo provide Ihe financial SUPFK)rt to AAPG-Europe unb'l il has generated SuffiCnI working caplal lo repay the loan arKI 5ustsin their day to day operations. For this reason, the trustees are satisfied that there will be no call on repayment that woubj limst the charity's ability lo meet its other liabilities and obligations as they fall due for al least12 months from the dale of sts3ning the axounts. Reserves Polic The Management Committee has examined the charity's reqU1ments for reserves in light of the main risks to the organizalion. The charity has expressed its goal to increase reserves as il continues devek)ping and reducing its indebtedness. The financial results for the years 2015- 2017 eliminated any progress that had been made in that regard. In light of the current economic challenges for the energy sector, the trustees have not detemined a timescale for hVIng the desired level of reserves of 6 months of operaliThJ expenses. The Iiuslees are mindful of the need lo achieve modest surpluses year on year in the shorter term, wlh an immediate fuS of minimizing or mitigating the negab've balan in unrestricted reserves al t end of fial year 2022. COV[19 global pandemic will have a negats've imp%t on our ability lo meet these goals in the shorl term. The imp* C the energy industy as a whole will ejso continue lo apply negative pressuE on our financial SUPF4)rt. Risk The Management Committee is aware Ihal risk is inherent in most undertakings and believe that most of our risk is minimal or rnanageab. The truslees have deNEW a risk register whh wll reviewed on a periodic basis and amended as deemed necessary by the Irustees. The current largest, and most pressing risk facing the charity continues lo te the cOnntra.On of Folenb'al support for the charity's aclivib'es within a single industry. The volatility of energy prices, followed by a prolonged and sustained depression of not only energy prices, but the available support from the previously enthusiastic energy industy have had a profound and illuminating impact. We have creatively inlrcduced altemale energy geoscien opp)rtunilies and have egun attractiTrJ attention from non-tr&filional funding sources. Al Ihis point, our current plans of expanding into other disciplines such as the energy transition and geothemial are being implemented. This expS1On AAPG-Euro Consolidated FinanrAal Ststements- Year Ended June 30. 2021 Page 6
AAPG-Europe Report of the Trustees for the Year ended June 30, 2021 should provide additional exposure into other disciplines within the geosciences in additi'on lo our core, geology, including cross-functional disciplines such as geophysics and engineering. On the liabilily side of risk, we endeavor to organize our events in reputable, reasonable facilities. We have employment policies in pla for the staff that we hire. Despite sourKJ tK)licies and best efforts on bgislrts, loss can still occur. To that end, we obtained insurance cover for the office Spa that we rented, as well as the &b'viti'es that we undertake. We believe that the amounts of coverage, though not limrtless, are reasonable and will help minimize Ihe risk of finarKial loss in the evenl of a successful claim. During the year, our Iruslees were covered by indemnity Insur. We address our indebtedness to AAPG at ast nUallY lo ensu that the Trustees are always aware of the status of our financial arrangement. Plans for Future Periods Although the charity plans to cL)ntinue disseminating the energy geosciences, the impact of COVID-19 has been swift and punitive. Our standard method of delivery, in person conferences, courses and workshops has been signrficantly disrupted. The activities that we have planned are the Geoscience Technology Workshops, the regional conferen, the Energy Transth'on Fonjm and others. In light of our changing bijsiness model, we have taken steps to minimize our costs and contsnue to try new melhTrJs of delivering high-quality scienlrfic education al low cost lo Ihe participants. Our team has been instrumental al developing creative new ideas which we hope and exF1 will be rewarded by the market in the fuhjre. Structure, Governance and Management Govemin Docum The organizalKJn is a charitable company, limited by guarantee, incorpNated on March 19, 2008, and registered as a charity on CtlobeT 14. 2Q)8 with the Chanty Commission in England & Wales. The charity was registered with OSCR, the offi of the Scoth'sh Charity Register on Decemtser11, 2CM)8. The company was established under a Memorandum of Asrriation whh established the objects and purposes ol the charitable company and is govem&J under ils Articles of AssocialK. In the event of the company teing dissolved, members are required to contribute an amunt not exceeding £1. Trustee Selection The organi2alions governing documents require that two trustees are apF#)inted by the American Association of Petroleum Geolcgists. Three CLWPted trustees are apFointed by the IN)ard of Truslees. AAPG-Europe Consolidated Financial Statements- Year End&1 June 30. 2021 Page 7
AAPG-Europe Report of the Trustees for the Year ended June 30, 2021 Induction and Trainin Most Iruslees are alreY familiar with the practical work of the charity due lo the small group and intsnsive focus on programs lo establish. Addrtionally, the Iruslees are provided with access to upgale sessions on current governance practices through the Charity ComMissn website updates, as well as Ihn)ugh bullelins and seminars provijed by the charity's extemal prOfeSonal ajvisors. Auditors Moore Kingston Smith LLP have indrated their MllingrEss to uJntinue in Offi and are deemed reappointed in accordance with section 487{2) of the Companies Act 2CX)6. This report has been prepared in accordance wth Acc(MJntiThJ and ReForbng by Charities.. statement of Recommended Practice aF4)licable to charities preparing their ¥counts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland.. The FRS 102 Charities SORP lissued in July 2014} and in accordance the s1a1 provIsn5 of Part 15 of the Compani8s Act 2006 relating lo small companies. Statement of Trustees, Responsibilities The Iruslees (w) are also dIwto of AAPG-Europe for the purwses of company lawl are resp)nsible for preparing the Trustees, Rep)rt and the financial statements in &Cordan with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Aco)unting Pr&tice). Company law requi$ Iruslees to Ppare financial statements for financial year which give a true and fair view of the slate of the affairs of the charitabk company and the gr(p and of the incoming resour and application of resources, including the income and expenditure, of the charitsbk group for that year. In preparing these financial statements, the trustees are required to.. select suitable &ccMJnting p)IKS and then apply them consistenlly- • observe the methods and principles in the Charrts'es SORP. • make judgments and eslimales that are reasonab and pnjdenl., stale whether applicable UK Accounting Standards including FRS 102 have been followed, subject lo any material departures disciosed and explained in the financial statements,. and prepare the financial statements on the going concem basis unless it is inapprowiate to presume that the charltable company will continue in trMJsiness. The Itustees are resnSIble for maintaining prijper aco)unting records that disclose with reasonable accuracy al any time the financial Fosition of the charitable company and enable them lo ensure that the financial stalemenls comply with Ihe Companies Act 2CQ6, The Charities and Trustees Investment {Scotland) Act 2005 las amended) and The Charities AcLounts IScollaThJ) RegulatM)ns 2CQ6 (as amenckdl. They are AAPG-Europe Consolidated Financial StalerrEnts- Year Ended June 30, 2021 Page 8
AAPG-Europe Report of the Trustees for the Year ended June 30, 2021 also responsible for safeguarding the assets of the charitable company and the group and hell for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit InfoatiOn of whh the charitable wmpany's auditor is unaware,. and the trustees have tsken all steps that they ought lo have taken to make themselves aware of any relevant audit information and to estsblish that Ihe aLhJrtor is aware of that infomialion. Small company rules These financial slalemenls have been prepar&J in &cordance the sFeaal proViSn$ of Part15 of the Companies Act 20C6 relab'ng to small companies. Approved by the Trustees on 25 October 20f3 and signed on its behaw by.. l_i/ Mr. O. Cuitiss ISe¢relaryl AAPG-Europe Consolidated Financial Statements- Year Ended June 30, 2021 Page 9
AAPG-Europe Independent auditorfs report to the members and trustees of AAPG.Europe for the year ended June 30, 2021 Opinicn We have audrted the financial statements of AAPG-Europe for the year ended 30 June 2021, which comprise the Group Slalemenl of Financial Activities. the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Slalement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting fraffEwork that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Repjrting Stsndard 102 The Financial Reporting Standard applicable in tr UK Reput4 of Ireland IUnil&J lQngdom Generally ApIed Accounting Praclicel. In our opinion the financial stalements= give a true and fair vrew of the state of the group's and the parent charitable company's affairs as at 30 June 2021 and of the group's incoming resources ar applicatKin of reSoUs, including its income and expendibjre, for the year then ended., have been properly prepared in aCCTh2n with United Kingdom Generally Accepted AcCnting Practice., and have been prepared in 0[danc£ Companies Act 2LIA, the Charities and Trustee Investmenl {So)Ilandl Act 2CK)5 {as amend&dl and regulations 6 and 8 of the Charities Accounts (Scotlandl Regulations {as aMed) and the Charrties Act 2011. Ba819 for oplnlon We conducted our audit in &cordance with IntematnaI Slandards on Auditing IUKI {ISAs(UKII and applicable law. Our responsibilities rer those standards are lurther descrFbed in ts Auditorfs Responsibilities for the audit of the financial slalemenls section of our reFQrt. We are indeFendenl of the charitable company in accordance wth the ethical requirements that are relevant to our audit of the financia5 statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilrties in accordCe with these requirements. We telieve that the audit evJen have oblainèl is sufficient and appropriate lo provide a basis foi our ownion. Concluslons relatlng lo going concwn In auditing the financial stalemenls. we have conduded that the trustees, use of the going concem basis of accounting in the preparats'on of the financial statements is appropriate. Based on the work we have performed, have not identified any material uncertainties relating lo events ConditnS that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concem for a FerKKI of al least iwelve mnths from when the financial statements are authorised for issue. Our responsibilities and responsibilities of the trustees respect to going concem are described in the relevant sections of this reFX)rt. AAPG-Europe Consolidated Financial Statements- Year Ended June 30, 2021 Page 10
AAPG.Europe Independent auditor's report to the members and trustees of AAPG-Europe for the year ended June 30, 2021 Other Infomiallon The other information tomprises the information induded in the annual report, other than the financial statements and our auditorfs report thereon. The tnjstees are responsible for the other infornalion. our0pinn on the financial slalements does not cover the other infonnation and. except lo the extent otherwse explicitly slated in our report, we do not express Y fomi of assuran conclusion thereon. In connectron with our audit of the financial ststements, our responsibility is to reaj the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our kno¥edge obtained in the auditor otheiSe aFpars lo be materially misstated. If we Klenlify such material inconsistencies or apparent material misslateffenls, we are required lo delemiine whether there is a material misslalemenl in the financial slatemenls or a material misslatemenl of the other information. If, based on the work we have performed, conclude Ihat there is a material misstatement of this other informabon, we are required lo report that fa¢1. We have nothing lo repjrt in this regard. Opinion8 on other matters pre8¢rfbed by the Companles Act 2006 In our opinpjn, based on the work undertaken in the course of the audiL' the information given in ts stralegtc reF()rt and the tnjslees, annual rep)rt for the financial year for which the financial slalemenls are prepared is consislenl wslh the financial slatemenls,. and the strategic report ar the trustees, annual rep)rt have been prepared in accordwr2 wlh applicable legal requirements. Matters on vthich we are rgqulred lo report by excepllon In the light of knowledge and understarKling of the group and parent charitable company and its environment obtained in the course of the drt. we have not identified material misstatements in the strategic report or the Iruslees, annual rep)rt. We have nothing to report in resFttt of the folbwirKJ matters vthere the CoMpanS Acl 2CX)6 or the Charities Accounts IScy)tlandl Regulatrons 2C(6 las affEnded} uIre us to reF#Jl to you rf, in our opinion.. the parenl charitable company has not kept adequate and sufftient accounlirKJ records, or relums adequate for our audit have not been received from branches not visited by us, or the parent charitable company's financial statements are not in agreement wilh the oUnting records and returns,. or rtain disclosures of trustees, remuneratK)n specified by law are nol made., or we have reIved all the infomalion and explanalions we require for our audit. AAPG-Europe Consolidated Finanaal Statements- Year EndeJ June 30, 2021 Page 11
AAPG-Europe Independent auditor's report to the members and trustees of AAPG-Europe for the year ended June 30, 2021 Responsibilitles of trustees As explained more fully in the Iruslees, Tesponsibilities statement sel oul page 8, the tnjslees {who are also the directors of the Charitab company for the purpjses of company law) are responsible for the preparation of the financial slalemenls and for Ing satisfied that they give a true and fair view. and for such inlemal control as the trustees detemiine is necessary to enable the preparalion of financial statements that are free from material misslalement, whether due to fraud or error. In preparing the financial statements, trustees are resFonsible for assessing the group and parent tharilable company's ability lo continue as a going concem. discbsing, as applicable, matters related lo going concem and using the going concem basis of accounb'ng unsS the trustees either intend to liquidate the group or parent charitable company or to cease 0rat)ns, or have realists'c altemabve but lo do so. AuditoV8 re3ponslbSlltSe$ for th• audh of tho financial $tstements We have been app)inled as auditor under Section 44{1)(c} of the Charities and Tnjstee Investment Istotlandl Act 2CN)5 and under the Companies Act 20(% and rep)rt to you in accordan wilh regulations made under those Acts. r objectives are to obtain reasonabk assuMce abwl whether the finanaal statements as a whole a free from material misslalemenl, whelhei due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a hvJh level of assuran, lyjl is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misslalement when il exists. Misstalem8nls Can arise from fraud 01 error and are consKlered malerial if, individually or in aJgregate, they could reasonably be expected to influence the eo)nomtc decisions of users taken on the basis of these financial slaleffEnls. As part of an audit in a¢¢ordance th ISAS {UK) we exercise professional judgement and maintain professional sceplicism throughout the audil. We al.. Identify arml assess the risks of material misstalemenl ofthe financial stalemenls. whether due to fraud or error, design and FerfoTh audil procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provKle a basis for our opinion. The risk of not delecling a material misslalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve Ilusion, forgery, intentional omissions, misrepresentations. or the override of inlemal control. Obtain an understanding of inlemal o)ntrol relevant to ttle audit in order lo design audit proc£dures that are appropriate in the circumstaTrS, bul not for the purFoses of expressing an opinKJn on the effects'veness of the group and parent charitable company's inlemal control. Evaluate the appropriateness of accounting wlicies used and the reasonableness of nUnting estimates and relat8J disclosures made by the trustees. AAPG-Europe Consolidated Financial Statements- Year End&J June 30. 2021 Page 12
AAPG-Europe Independent auditor's report to the members and trustees of AAPG-Europe for the year ended June 30, 2021 Conclude on the appropriateness of the Iruslees. use of the going concem basis of xcounling and, based on the audit eviderKe obtained, whether a material UnrtaInty exists related lo events or conditions that may cast Sn1can1 doubl on the group and parent charitable company's atm'lity to continue as a going concem. If conclude that a material uncertainly exists, we are required lo draw attention in our audilorfs rep)rt to the related disclosures in the financial slalemenls or, rf such discl¢ysures are inwjequate, lo mcKIty our opinion. CJr condusions are based on the audit evidence obtained up to the dale of our auditorfs rwrt. However, futu events or conditions may cause the group or parent Charita) company to ase to nts'nue as a going concem. Evaluate the overall presenlatwJn, structure conlenl of the financial statements, including the dis¢losures, and whether the [in¢la1 statements represent the underlying transactions and events in a manner that achieves fair presentsb'on. Obtain sufficient apprq)riale audit eVjen regarding the finanal Infoall0 of the entities or business activities within the group to express an opinKJn on the consolidated financial statements. We are responsible for the direclion, super4ision aThJ perfofflian of the group audit. We remain solely responsible for our audit repjrt. We communicate with Ih¢)se charged with govemance warding, among other matters, the planned scope and timing ol the audit and SnifiCant wdil findings, irKluding any sNJnfficant defKiencies in intemal control that v idents'fy during our audit. Explanatlon a$ io what extent the audlt was ¢¢)nsldered Capable of detectlng Irrngularllles, Includlng fraud Irregularities, including fraud, are instances of non<ompliance wth lav4E and regulations. We design procedures in line wlh our responsibilities, outlined ab)ve. lo delect material misslatemenls in respect of irregularities, including fraud. The extent to which our prttedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are,. lo identify and assess the risks of material misslalemenl of the financial slalemenls due lo fTaud,' lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misstalemenl due to fraud. through Wning and implements'ng appropriate responses to those assessed risks., and lo respond appropriately to instances of fraud or susFected fraud identified during the audit. However, the primary responsibility for the prevenlion and detection of fraud rests with toth management and those chaiged with governan of the Charitsb company. AAPG-Europe Consolidated Finanual Staten*nts- Year Ended June 30. 2021 Page 13
AAPG-Europe Independent auditorfs report to the members and trustees of AAPG.Europe for the year ended June 30, 2021 Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant a the Companies Act 2006, the Charities and Trustee Investment (Scollandl Act 2CrfJ5 las amended), regulalions 6 and 8 of the Charities Accounts (Scottand) Regulations 20C6 las amended), the Charity SORP, and UK financial reForting stsndards as issued by the Financial Reporting Council We obtained an Ltnderslanding of how Ihe charitable company complies with these requirements by discussions with management and those charged with govemance. We assessed the risk of material misstatement of the financial statements, including the risk ofmaterial misslalemenl due lo fraud and how it might occur, by Ibjkjing dt5cussions wAh management and those charged with govemance. We inquired of manernent and those charged governce as lo any knovm instances of non- compliance or suspected non<ompliance with laws and regulatS. Based on this understanding, we deSIgr specik 4)propriate audit prCceduS lo id8nlify instances of non-compliance with laws and regulalMs. This includ&J making enquiries of management and those charged with g0Veman and obtsining aOJilional cotrolyjrats've evidence as required. There are inherent limitations in the audit procedures described above. We are less likely lo LEcome aware of instances of non-compliance with laws and regulatnS that are not closely related lo events and transactions reflected in the financial statements. Also, the risk of not delecling a material misslalemenl due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate cOnalment by, lor example, forgery or intentional Misrepresentat$, or through collusion. Us• of our report This report is made SOlY lo the charitable company's members. as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 20C6 and to the tharitable company's trustees, as a body, in ordanCe wlh Section 44{11{cl ol the Chartlies and Trustee Investment {Scodandl Act 2005. Our audit work has been undertaken so that we fflight stale to the charitable company's members a1 trustees those mallers which we are required lo slate lo them in an auditor's reFxirt ajdressed to them and for no other purpose. To the fullest extenl permitted by law, we do not accept OT assume responsibility to any paty other than the charitable company and charitable company's members as a bc(ly, and the charity's truStS, as a ty, for our audit Work, for this report. or for the opinions we have fomied. AAPG-Europe Consolidated Finanaal Statements~ Year Endgj June 30. 2021 Page 14
AAPG-Europe Independent auditorfs report to the members and trustees of AAPG-Europe for the year ended June 30, 2021 Andrew Stickland, Senior Ststulory Auditor For and on behalf of Mcx)re Kingston Smith LLP Statutory Auditof 6th Floor 9 App) Street London EC2A 2AP Date.. 31 October 2023 ttlort k4. LLF Moore Kingston Smith LLP is elKJible to act as auditor in lems of Section 1212 of the Companies Act 20C6. AAPG-Europe Consolidaled Financial Statements- Year Ended June 30. 2021 Page 15
AAPG-Europe Consolidated Statement of Financial Activities for the Year Ended June 30, 2021 Unrestricted Funds 2021 Restrlcted Funds 2021 Total Fund$ 2021 Total Funds 2020 Notes Incomo Irom: Other tradlng actlvitles- subsldlary Charitsble activities: EdUcatnal activities 42,322 42,322 236,868 30.204 30,204 131,106 Investmenl Income Total Income: 72,526 72,526 367,976 Expenditure on: Other tradlng actlvltl•s- subsldlary 90,764 90,764 243,929 Charitable actlvitie$- cost of ucallonal provlslon 84,369 84,369 164,099 Other eXndIture 8,292 Total Expendlture: 175,133 175,133 416,320 Net incomo1{expendilurel: 102,fA17 102,607 48,344 Roconclliatlon of Funds: Balan brought forward 11,493 11,493 59,837 Total Fund¥ Carried Forward: 91,114 91,114 11,493 The ststemenl ol financi4 &ti¥ities indth all gains )sses in the YE. A4 ir¥)JrirvJ resour and re(s expended derive from conts"nuing &bwb"es. The thariils net exw¢thre fci the year. induded in Ihe atove statementoffinanclal aLYities wa5 £54,16512020- £28,565). 1 inc¥Th and expeThJilure 2020 was also unreskncted. AAPG-Europe Consolidated Financial Statements- Year End&1 June 30, 2021 Page 16
AAPG.Europe Consolidated Balance Sheet As at June 30, 2021 Group Charity 2021 2020 2021 2020 Fixed Assets Investments Current A8$9ts Debtors 10 48,785 97,099 55,573 Cash al Bank and in Hand 31,634 140,194 16,705 121,361 80,419 197,078 {171,533) (185,5851 113,804 176,934 {162,1261 1171,091} Credltors: Amounts lalllng due wlthln on• year 11 Nol Current a¥sets (91,114) 11,493 (48,3221 5,843 Net a888ts 91,114 11,493 48,321 5,844 The funds of the groUcharIty. Unrestricted income fijnds 12 11,493 48,321 5,844 These financial statements have been prepared in *dance provisions applicable lo companies subject to the small companies, regime. Approved by the Board of Trustees on 25 Crtober 2023 And onits David Curtiss Trustee Company numter.. 6540163 AAPG.Europe Consolidated Financial Stakments- Year EThJed June 30. 2021 Page 17
AAPG-Europe Consolidated Ststement of Cash Flows for the Year Ended June 30, 2021 2021 2020 Cash flows from operating activi Net {expendiiure)Iin¢ome for Ihe reFrfJrbng Depreciation charges Investsnenl inLxme Decreasel{incaseI in deblo Increasel(decreasel in current liabilib'es Net ¢a¥h generated by I (used In) opernting ac1lvltl 1102,60n 148,344} 254 {21 123,544 116,094 8,099 14,052 108,560 Cash flows from Inve¥tlng acllvlt Investment income Not cash provlded by Inv•stlng activiti Change in ush and ca¥h equSvalents In th• reportlng porfod 1108,560) 140,6401 Cash and cash equlvalents at beglnnlng of reportlng rfod 140,194 180,834 Cash and cash equivalents al tho end of reportlng porlod AAPG-Europe ConsolKiated Financial StatenEnts- Year End&J June 30. 2021 Page 18
AAPG-Europe Notes Forming Part of the Financial Statements for the Year Ended June 30, 2021 1. Ac¢ounting Poli¢ies Charlty infornHtion AAPG-Europe is a charitable company limited by guarantee that is domiciled and IncorForated in England and Wales. The registered office is 6th Floor, 9 Appold Street, LOlOn, England, EC2A W. The principal accounting policies are summarized telow. The %)Unting policies have been consistently applied throughout the year. al Basis of Accountlng charitls IlIVIdUal and consolvjated finarKial statements have been prepared in acLordance with United Kingdom Aco)unb'ng Standards, in particular 'FRS 102.. The Financial Reporting Standard appIable in the UK and Republ of Ireland, IFRS1021. The charity is a public tenefil entity for th8 purpw)ses of FRS 102 and a 1$tered charity. The charity has therefore also prepared rts indivvjual and consolidated financial statements in accordance with 'The Statement of Recommended Practs'ce applicable to thanlies preparing their financial statements in &COrdan FRS 102, (The Charities SORP IFRS 102}1 The Statement of Financial Adivities {SOFAI and Balan Sheet consolidate the financial slalemenls of the Charitab company and its SubSlary undertaking. The su11$ of the subsidiary are consolidated on a line by line basis. No separate SOFA has Lwi presented for the charity alone as permitted by section 408 of the CoMpanS Act 20(. The financial statements are prepared in sterling, whith is the fijnclional currency of the charity. Monetary amounts in these financial stalefrEnts are roun(kd to the nearest pound. b) Golng Concèrn Al Ihe balan sheel date, the group had nel liabililEs of £91,11412020- nel assets of £11,493) and recorded net endItUre of £102,60712020 - £48,344). In March 2020, the Wodd Health OrganizalK)n ared a global pandemic over the novel coronavirus known as COVID-19. This outbreak caused sHJnificant global supply chain disnjplions which had an impact on the charity's operatnS. Many events scheduled for fiscal year 2021 We postp)ned or Can11. Although the situation is improving, event acliwty has not retumed to ppandemIC kvets. In IKJht of the drfficull financial challenges AAPG-Europe Consolidated Financral SlaterrEnts- Year Ended June 30, 2021 Page 19
AAPG-Europe Notes Forming Part of the Financial Statements for the Year Ended June 30, 2021 (continued) f£d in the current and previous fiscal years. the Injslees have evaluated whether the use of the going toncem basis is appropriate. The tTUStees have considered wssible events or conditions that might wl swjnthcant doubt on the ability of the charity lo continue as a going concem. In parbcular, the trustees have considered the revtsed forecasts and projections and have taken actount of the renI finanaal pressures on events and the development of new tiVities. After making enquirie5. the trustees have concluded Ihal there is a reasonable expectation that the charity has adequate resources lo conb'nue in operational existence for the foreseeable fvlure. This is because the AMerAn Association ol Petroleum Geologists, the charity's ultimate controlling party. has confirmed that it will provide sufficient financial supp)rt to the charity lo enable il to conb'nue lo trade aTrl to meet its liabilities as they fall due, for al least one year from the strJning dale of approval of the financial slalemenls for the year ended 30 June 2021. This supp)rt includes the EXul1Ve Committee of AAPG having voted to forgive the debt of both the charity and the trading subsidiary as al 30 June 2023. Thus the trustees continue to Jjopi the gjng concem basis of accounting in preparing financi staleffents. c) Critical Accountlng Estimates and Areas of Judgement In preparing financial stalements it is necessary lo make certain judgements, estimates and assumptions that affect the amounts rewnized in the financial slalements. The estimates and associated assumptions are based on historical exFerience and other factors that are conshjergj to be relevant. The esbmales and underfying assumplicns are reviewed on an ong)ing basis. Revisbcins to accounlirKJ estimates are recognized in the period in which such esb'males a revised Wre the revision affects only that peritsj, or in the period of the revisicffl fulure FEritMJs vthere the revision affects both current and future penods. Other than as slated above in relab'on lo going rAMcem, the trustees are of the opinion that there are significant ests'mates QT judgements made in preparing these financial stalemenls. d) Fund Accounting Pu oses of Unrestrict&J Funds Unrestricted funds are available for use al the discretKffl of the trusl*s in fijtherance of the general obieclives of the chanty. Pu ses of Restricted FurKIs Al this point, there are no funds provKled to AAPG-Europe vthich are restricted in their spwfic purFQSe. ses of Des nated Funds AAPG.Europe Consolidated Financial Statements- Yea Ended June 30. 2021 Page 20
AAPG.Europe Notes Forming Part of the Financial Ststements for the Year Ended June 30, 2021 (continued) All available resources are being re-invesled inlo the tharity lo estsblish the rVi$ required by the objects of the charity. As suth. the board has not designated any funds for specific purposes or projects. e) Incomlng ResoUe$ All incoming resour are Inded in the statement of financial activities when the charity is entitled lo the income, receipt is probable, and the amunt can Èe quantified reliably. The followng polKies are applied to categories of income. Investment ino)me is included WI receivable. Incoming resources from charitsble tsjing xtivity are accthinled for when eamed. fj Re8ourc8s Exp•nd•d Expenditure is recognized on an ¥crual basis. Expenditure includes any VAT, whh cannot te fvlly recovered, and is reported as part of the expenditure lo whh it relates.. Other Irajing activities expenditu )mpriseS the costs of trading in the Charity's subsidiary. Chanlable activth'es expendIre ¢omprises those costs incurred by the charity in the delivery of ils acts'vilies and setis for its beneficiaries. It includes both costs that can be allocal&J direclly lo such activities arKI those costs of an indirect nature necessary lo suppjrt Irn. Governan costs, which are included ithin support costs, include those costs asslxialed with meeting the consb'tUlnal and slalutory requirements of the charity and include the audit fees and costs linked lo the strategic manaJemenl of the charity. All costs are allocated beknn the exFenditure calegories of the SOFA on a basis designed to reflect the use of the resource. Costs relab'ng lo a particular actiwly are allocated diwtjy,. others a apwrthMed on an appropriate basis, linked lo staff lime. gl Flxed Assets Fixed assets lexduding investsnentsl are stated at cost ths accumulated deprecial'on. The costs of minor aaditions or those costing telow £500 are not capitaled. Depreciation is provided at rates calculaled to write off Ihe cost of each asset over its expected useful life, which for computer and electronic equipment aThJ software is estimated al 3 years, in all other cases is ests'maled at 5 years. Useful economic lives and residual values of assets are reassessed annually. h) Fixed Asset Inv•strn8nts AAPG.Europe Consolidated Financial Statements- Year End&1 June 30, 2021 Page 21
AAPG-Europe Notes Fomiing Part of the Financial Statements for the Year Ended June 30, 2021 (continued) The only investrnent hekl by the charity is that of its traJirKJ subsKliary and is included at cost. l) Taxation As a charity, AAP&Europe ts exempt from tax on incx)nE and gains falling within section 505 of the Taxes Act1988 or seclKM 256 of the Taxat of Chargeable Gains Act1992 to the exlenl that thv6e are applied to ils Charitab objects. Tax is charged on non-primary- purF¥)se aCtiviS in excess of trading limits. J) Operating Lease Rents1• Rentals applicabk to operating leases Whe substantially all of the benefits and risks of ownership remain with the Èssor are charged ainSt the Statement of Financial Activities as incued. kl For•lgn Currnncy Translatlon Monetary assets and liabilities denominated in foreign currencies are translated into slerfing al the rates of exchange ruling al the balance sheel dale. Transactions in foreign currencEs are fecorded at the rate tuliro at the date of the transaction. All diffeiences are taken lo the SOFA. 11 Flnanclal Initrum•nts Cash and cash u1¥8nts- Cash arvj cash equivaknts include cash al banks and in hand and short temi dewsits Vlith a maturity dale of three months or less. Debtors and creditors- Debtors and ¢fedilots receivable or payable within one year of the reporting dale are Cartied inikn'ally al their tranSIK)n price and subwuenlly ai settlement value. m} Employee B•n•r The costs of short-lemi empknyee benefits ate regarded as a liability and an exFense, unless these costs are required to be recoJnized on the cost of fixed assets. The cost of any unused holhjay enltdement is reccgnwl in the period in which the employee's setvices are rewewed. Temiinalion benefits are teo)Jnized imrrEdiately as an expense when the company is demonstrably committed lo lemiinate the employrrEnt of an employee or to provide terMinatn tenefits. n) Retirement Beneffts A4PG-Europe Consolidated Financial Slatements- Year End&J June 30. 2021 Page 22
AAPG-Europe Notes Forming Part of the Financial Statements for the Year Ended June 30, 2021 {continued) Payment lo defined cfjntritrmjtion retsrement tenefft schemes are charged as an expense as they fall due. 2. Trnding subsidiary The charity owns the entire issued share capitsl of AAPG - EuroFe Trajing Limited, company registered in England and Wales (Company Registrats'on No. 070194441, registered at.. 6th Floor, 9 App)Id Street. London, England. EC2A 2AP. The subsidiary carries out commercial activities which supp)rt the main ftJnctn of the charity, including the Ofganizalion of the annual APPEX conferen. The subsidiary has undertaken lo grft aid substantially all of its laxable profits to the charitable company. The issued share capital of AAPG - Europe Trading Limited is 1 ordinary share of £1. A sumfflary of the results of the subsidiary is shown below,. 2021 Total 2020 Total Tumover Cost of sales 42,322 3,505 236,868 145,653 Gros¥ profft 38.817 91,215 Administration costs Other interest rl¥able 187,259) 198,2761 Lo85 before taxatlon 148.442) (7,059} Taxation Retained profil brought forward Retalned profit carrled forward 5,649 {42,7931 12,708 5,649 The assets, liabilit and funds of subsKliary were: Assets Liabilities Capital and reserves 61,151 103,944 42.793 41,109 35,459 AAPG-Europe Consolidated Financial Statements- Year Endgj June 30, 2021 Page 23
AAPG-Europe Notes Forming Part of the Financial Statements for the Year Ended June 30, 2021 (continued) 3. Income from Aclivities to Further the Charity's Objectives Unrestricted Restricted 2021 2020 Total Total Regional Conferen MislIaneOUS Income Educational Activities 52,563 7,4C6 22,798 30.204 23,398 30,204 78,543 131,1C6 100%12020.' 36%) of the group's total income was attributable to markets Outs the United Kingdom. 4. Charttabl• acti¥ltle$ Unreslrlctod Rostrlctad 2021 Total 2020 Total Charitable tiVitieS - Short course costs Regional conference costs SupFort costs 25,844 22,100 116,145 1419) 84,788 84,369 1419} 84.788 AAPG-Euiope Consolidated Finanrial staEnts- Year En June 30, 2021 Page 24
AAPG.Europe Notes Forming Part of the Financial Statements for the Year Ended June 30, 2021 (continued) 5. Support costs Unrestrfcted Restrict•d 2021 Total 2020 Total Salaries and wages Redundancy costs Rent, servKe charge rates offi supplies Repairs and maintenance Telephone Travel Bank charges and foreign exchange loss Depreciation Govemance costs s1.9 57,569 47,908 5.034 924 40 649 237 5,034 924 40 649 237 19,116 4,478 18611 3,991 1,864 1,198 1,198 3,776 254 35.619 116,145 19,137 84,788 19,137 84,788 6. Goveman¢e ¢ts Unrestrlcted R88lrfcted 2021 Total 2020 Total Legal fees Audit fees -in respect of rrent year -in respect of prior years Auditors- other servrces 2,434 2,434 11,912 8,3SJ 1,1CK) 7,253 19,137 8,350 2,230 1,100 7,253 19,137 35,619 7. Other expgnditure Other expenditure is corpjrab'on tax payable C swnsorship income eamed in the year. AAPG-Europe Consolidated Financial Statements- Year Ended June 30, 2021 Page 25
AAPG-Europe Notes Forming Part of the Financial Statements for the Year Ended June 30, 2021 (continued) 8. Staff Costs and Numbers Group 2021 2020 Salaries Sccial security costs Pension costs 116,2C6 11,438 3,525 131,169 11,490 3,185 98,943 Average staff numbers in the ye were.. One employee eamed bew £80,(MXI and £9),m) in the current year12020.' £70,C(Q and £80,OCrfJ}. This employee's salary is recharged, in part, lo the charity's parent, AAPG (the Arrerican AsscrAalion of Petrdeum GeobJisls). The irustses received no remuneration or benefits in kind in the cuThenl or yior year. R•rnuneratlon of key management personnel The charity has no key management Fersonnel. The charity is manajed by the management team of its parent. AAPG-EuroFe Consolidated Financial Statements- Year End&J June 30. 2021 Page 26
AAPG-Europe Notes Forming Part of the Financial Statements for the Year Ended June 30, 2021 (contlnued) 9. Investments Investments represent a £1 investrnent in the subsidiary company (note 21 which was qUired in 2CKJ9 and is shown at cost. 10. Debtors Group Charity 2021 2020 2021 2020 Trade debtors Amount due from subsidiary Other debtors Prepayments 1,018 31,990 1.018 94,536 722 823 97,099 23,888 20,965 9,523 1,197 55,573 17,897 6,997 56,884 38,671 48.785 11. Credltors: Amounts Falling due withln on• Y•ar Group Charlty 2021 2020 2021 2020 Tre creditors Taxation and social security Accruals and defe1 Inco Due lo American Association of Petroleum GeokyJists 5,277 22,769 22.356 5,277 14,723 13,636 20,753 24,443 19,990 18,893 126,337 171,533 135,183 185,585 123,243 162,126 137,455 171,091 AAPG-Europe has one loan outstsnding, whth is to the American Association of Petroleum Geologists, who has provided working capitsl to AAP&Europe. The loan lo AAPG-Europe does not have a SFecrfic due dale, whh is anticipated lo te settled as the charity and the trading company devek)p established revenue streams. The American Association of Petroleum Geolcgists has asserted ils intenb'on lo not call the or impjse any collections requirements on the loan for 12 months follong the gn1rj of these financial statements, al a minimum. In the Cufrent year there was deferred income of £2.TTT {2020- £11,721). AAPG-Europe Consolidated Financial Statements- Year Ended June 30, 2021 Page 27
AAPG-Europe Notes Fonning Part of the Financial Statements for the Year Ended June 30, 2021 (continued) 12. Unrestrided funds July 1 2020 Incomlng Resources Resourc Expended June 30 2021 Group General fund 11,493 72,526 1175,1331 191,114} Charity General fund 30,204 (84,369) 148,3211 Funds retained in subsidiary 42,793 13. Trnsto• R•muneralion and R•lat•d Party Tran8actlon8 There were no travel costs or other expenses reimbursed to any member of the management committee. No trustee or other pewn related to the charity had any personal interest in any contract or transaclKffl entered into by the charity during the year. Al the yearnd date the charity owed its parent, American Association of Petroleum Geol(NJisls £123,42312020 - £137,455). The transactions between the charity and its parent comprised eX[Se$ paid on behaw of each other and also a recharge of costs from the charity lo its parent in restct of supp)rt for the ImFerial Barrel Awards pro3ram. Al the year*nd dale the charity's Subsidiary, AAPG-Europe Tr&ling Limited, owed the charity £94,53612020- £20,965). The transactions betsen the charity and its subsidiary comprised recharged expendtture and toan payrnents. AAPG-Europe ConsolKJaled Financial Statements- Year End&J June 30. 2021 Page 28
AAPG-Europe Notes Forming Part of the Financial Statements for the Year Ended June 30, 2021 (continued) 1& Operatlng Lease Commitments Al the reF()rting year end date the grwp hal outs1ding commitments for future minimum lease payments under non-can11ab cperaling leases, whhth fall due as follows.. Group Charity 2021 2020 2021 2020 Within one year Between two and five years Total lease payments recognized as an eXSe during the year was £5,03412020.' £14,781). 15. Control The ultimate rtrollIng party is AAPG (the American Associab'on of Petroleum Geologists}, an entity registered in the USA. AAPG is the parent company of AAPG.EuTOFe by virtue of being its SO member. AAPG seeks to aJYar the of geology artd &Van the profession of Felroleum geok)gy woddwide through fostering scientific research and the dissemination of scientific knowledge through publicalK)ns, education training, workshops and conventions. consolated financial slalements of AAPG are obtainable from 1444 South Boulder Avenue, Tulsa, Oklahoma 74119, USA {Regi81rat no. 734)125920). AAPG-Euror Consolidated Financial Statements- Year End June 30, 2021 Page 29