Charfjty Reglstratlon No. I1516S4 Company Reglstration No. 083001051England and Walos) WPC ENERGY {FORIVIERLY WORLD PETROLEUM COUNCIL) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RickardLuckln
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) LEGALANt) ADMINISTRATIVE INFORMATION Tru$tee$ PO Yilmaz P Mlras Salamanc8 Chaylty numb8r 1151654 Compaiiy number 083(X)105 PrlncSpal Addross Energy Inslllute 81 Now Cavèndlsh Street l.ondon W1G7AR Rgglstered offlee En8rgy InstUle 61 Naw Cavondlsh Street London W1G 7AR Audltor Rlckard Lud(in Umllwj 1st Floor County House 100 New London Road Chèlmsford Essex CM2 ORG Banke Nalw851 Bank plc 125 Great Portland Stre81 Fllzrovla London W1W6AX Wobslte vNM.wpcenergy,orgl
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) GONTENTS Page Truslees, réport Independenl audllofs repori 7-10 818lement of ftnancl21 acllvities 11 Ba18ncé sheet 12 Slalemenl of cash fiows 13 Notes lo Ihe Inanda5 81alements 14-25
WPC ENERGY {FORMERLY WORLD PETROLEUM COUNCIL) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECElliBER 2024 Th8 IfUSt6es, who arè a180 the dlraotors under Company Law. present Ihelr annual report and Ihe audlted financlal statements for Ihe year ended 31 December 2024. The Truslee5' report Is also the Direotor8' Report foi. the purposes of Company Law. The financlal slalemenls havè been prepared in accordance wlh the acwunllng polldes sel oul In note 110 the nanoial slal¢menls and Comply with Iha omarilable companws Memorandum and Articles of Assoriallon, the Companies Act 20C6 and "Awounllng and Reportlng by Charilies- S18temenl of Recommended Piaclice appllcable lo charltlos prePallg thelr accounts in accordan wllh th8 FlnanGial Reporiing Standard appllcable in the UK and Republlc of Ireland (FRS 102)" (effeclive 1 January 2019). ObloGtlves and actlvlti08 The charitable company's oblecls are the promotion, for1118 benefft of the publlc, of the su8ts1nabl8 supply and efficlenl u86 of oll, gas and olhor energy resourcas In partlcular bul not exclusively by the followlng.. (a) holding conferents$, meellng8. semlnars and work¥hops to: promote b681 pr8clice wlth reuard lo soc181 reSp0nstt1llY and dèvèlopment. promote Ihe advancemenl of human rlghts (as sel out In th8 Universal Declarallon of Human Rlghts and 5ubsequènl Unlled Nalrons convenllons and d8claralions), facilltallng discusslon between government, Industry and communlty Sn Issues such 8s equallly and dlv8r811y end ellmlnallon of dlsuimlnation. 111. provlde a forum for repre8entatlve8 of CommlI1eS lo share11)elr conc8rn8 regardlng wslalnablllly; Iv. Io 8ugg&sl So110n6 for global energy chalnge8, environment81 proteGllon end mulll.8eclorlal co-opèrallon wllh the alm to con8eN8 and preserve thè natural enronment, v. share knowl8dge of18chnologlcal devèlopmenls and Sclentlflc research for Ihe benefil of tha publla and publlshlng Ihe uséful resulls for Ihe publlc beneflls. Ib) puNi8hlng, produclng or asslsllng In the publlcallon, producilon 8nd dlslrlbullon of educallon malerlals lo schools and unlversltles and other Interested partleg wllh the alm to 8dvanGe eduoallon for the publlc benefiL (cl m8lnlalnlng eleolronlc Ilbrariès and provldlng publlc acce$8 lo paper9, mearch dooumenls and publlcallons. (d) encouraglng the undertaklng of volunlary work (work whlch further excluslv8ly ¢har118ble purposes charitable under English law) In furtheiring the excluslvely charitable objects of the WPC Energy. (e) In8lltul8, eglablish and promolo educalloiial and tralning courses, schol8rshlp gr8nl8, awards and prlzes wllh the alin lo advance educallon and research for tho public beno111. There has béen no chang8 In those durNig Iho year. Publlu b8nefil The trustees have pald du8 regard to guld8n(* Issued by lh8 Charlty Gommlssion in deciding what acllvllles the charllable company should undertake. All Ihe serwces of Ihe UnCIl are dlrected lowards Ihe susiainable supply and Èfficlent use of oll, gas and other onergy resources.
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2024 AGhlevements and porformance SlgnifrcAnl actlvi118s and 46hi8vem&nl8 a1n$t objeclives There 8re now flve full-time staff worklng In the Secrelarial. Marta Kozlowska lolned us In December 2024. The S8cretorlal is sm811 and relles on members, particularty thosè of International commllleas, for efflalenl opbr8tlon. The prfmary focus 18 8UPPClrtlng the Congress ar>d mainiali)ing charitable alms. The strateglc plan raflocls the prfarSlles of th8 National Committees and outllnes areas la foous on for futu Iwo- year cy¢les for lh8 ConoreGS. WPC Energy aims lo bè recognised as a premler gk)bal forum fadlilallng dlalogue around kèy slrat8glc lin8S, The plan 1$ deglgnAd to evolve Bnnually, refleclkng Ihe pilorltl8s of Ihe National Commllt8es (NC). malnlalnlng maln 8Ctlvllle8, Inlroduclng new 1nlllatlv68, and mod8rnising content. It Intends lo preseNe lh8 essenc8 of Ihe WPC whlle preparlng the organlsallon for thè fulura. In 2023 the rebranding proce$8 began, whlch Included thanglng thé logo and name. In 2024. lh6 legal processe8 for the86 changes were compleled al Companles House and the Charily Commlsslon, 8nd WPC ServScos Lld was rellred as il was no longer requlred. Durlng the CounGtI meellng In Oclober 2024, changes Wa made lo Ihe artlcles of asso¢lalloh lo complele IhÈ rebr8ndlnglrestrutrlurlng process and align ¢ommiltees vAlh B Iwo-year ¢yd8. The Secrelailal supporls all commlllees, [rL11n9 the Congre8s Progr&mm8 Commlllè8 {CPC), Ex6cullve Cominlllee {EC), and Young Professlonals Cornmlttee (Ypc), as well as past, curient. and future OrgAnlslng Commltleès for Ihe Congr8S8, R8lalionshlps wllh organI8allons suoh as IEf, OPEC, OFID, IEA, UNECE, AAPG, EAGE, GDA, LEWAS, IAPCO, PCMA. ICCA and AAE ar8 also malnlaln8d, Work on the third edlllon of the Unlappod ReseNes DE&1 Survey, conducted wllh BCG, w88 completed and pre8en18d al the Calgary Congress In 2023. Dlssemlnallon of tho Informallon and prepaiallon for the iiexl edition took place In 2024, Durlng lh6 Congress In Calgary the toplGs dlscu888d allgned well wllh the new n8m8 and alms, The legacy report and Ilnal r8sulls were publlsh8d during the y68r. Thé next congress In 2028 wa8 awarded to Saudl ATabla In Autumn 2022, and an MOU wllh K8Z8kh818n was slgned In 2024 lo organi58 the 2028 Congress. Plgnnlng began for a Iwo-year oyd8 and Increasod In-house Congre88 management In London. Tlils Induded expandlng Ihe slaff10 81x memb8r8 and reslrucluring flnan¢es post-2024. In 2024, WPC Eneroy's staff slruclure was alterod lo ¢raale four dlreotor posltions, allowlng for more effidenl workload manAuement. IntervloW8 in 2024 Idenllfied Iwo now hlres., one started Immedlalely, and the second wlll loln In 202S. latar than FAanned, due to Brexll- related ¢ompllcallons. It wag also agreed that Ihe exlsling Dlrector Geiieral, Dr Plerce Riemer. wo(bld reure al the end of Ihe UK Ilnandal year In 2025. Thls weg p18nnod 80 thai thé posslblllly ol Ihe Presldent and Dlreolor General leaving al Iho same Ilme cnuld be avolded, Financial revièw Al lh8 end of the y8ar the charlty had fvnds avamable of £1,540,633 (2023.. £639,137), of whl¢h £121.261 (2023,. £121,261) are de619naled to furtl)6r Sts aclivlil8s in promotlng Ihe elfidant and suslalnable use of energy resourc8S. ReseNes polloy The lttvel of resÈNes requlred have b8en set al 6 months of Charflable aclimly costs, whld) is £399,351. Tha Trustees ¢onslder Ihal reserves at Ihis level will ensure that, In Ihe event of a significanl drop of fundina, Ihey will be able to conllnue Ihe Charfty'8 current aclivitles whilst conslderalion15 given lo ways in whlch addlllonal fund8 may be rals8d.
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Mbjorjlsks The Irustees acllvely r8vlew the major risks whlch the charlty f8ces on a regulai. basis and belleves Ihat by mainlalnlng an amounl for freo ieseNes. comblned wlth revlewlng the risk8 faced to ffinan(#81 resourc85 al each committee meeling means that the charily wlll be able lo conllnu8 during adverse condlllons, The truslees have also revlewÉd olher operational and buslness risks, and conflm) Ihal syslems aro in place to mitigat& all signlficanl Tlsks Ident1fl8d. The company malntains Insur8nee policies on behalf of th8 Irusleas and dlroctors agalnst liability arlslng from n6gllgence, breach ol duly and breach of Irusl kn relatÈon to Ihe charllable oompany. structure• governance and man&gement Allhough created and operated from 1933 Ihe Wortd Petroleum Council was IncrpOra[ed as a ¢harltable ¢ompany on the 20 November 2012. The company started lis acthrilles on 1 January 2014 and durlng Ihal year all of Ilie assèls were Iransfeired from the previous legal enllly Inlo th8 chaTlty. During 2024 the name of World Petroleum CounGil was ohanged to WPC Energy. The Blruclura governance and managemenl of WPC Energy18 Stated In the Conslllullon {Artid88 ofAssoclatlonl, As mgnlloiied b8for&, Ihe Counc51 meellng In October 2024, changad a slgnlflcanl number of arllcles of a$soclallon to complete the rebrandlnglrèslructuring process and 8llgn8d commlllees wllh a Iwo-year cycle. N&vertheles5, the whole descrlptlon seen below corresponds lo the Conslilulk)n In January 2024 a8 11 has applled mo$1 of Ihè 2024 year and because th6 Implementallon wlll bè In place In 2025 and 2026. None of tha tru8tee8 hav8 any benefl¢1 Inte81 In lh8 wmpany, The M6mber8 of th8 company guaranlee to conlrlbute £1 In th8 evenl of a wlndlng up. Tha governlng doovment for the charlty Is Ihe Memor8ndum and Artldes of A3s0d8llon. All dec181on8 affaciing Ihe charllable company are m8d8 by the board In accordance wllh those artlcl8s. Th8 truslees of th8 Gharlly comply wllh Ils obllgallans under11)e Charllles Act 2011 and the requiremen13 of the Statement of Recommended Pr8cllce, "Aecounllng and Reporilng of Charilles" The trust888 are seleolgd for Ihelr experlence and skllls In ar8as whlch tt Is fall wlll énable Ihom lo oonlrlbule toward8 the runnlng and suc¢es8 of the oharllable company. To aid them In Ihelr dulleg they are Induoled Inlo the charltls procedures and values by Ihg current Iruslees and arè èncouraged to allend any relevant Inl6rnal or exlernal Ir8lnlng courges. See below for an explanallon oflha m8nagemènl struciwé. "Triist88" means a dlrootor of tha Company, who 8hall be a director of the Company for the purposos of the CompAnl88 Act 2006 and a charlty Iru81oe of Ihe Company for the purposes of Iha Charllles Ads- "Offieoi's. means th6 -fruslee8 acllng 8s Ihe dliectors of WPC Eneigy together with Ihe Dlreolor Genoral,. and 'Dlrector General" means such person who is 8ppolntod Io SUGh offlcA In aeLordance wlh artlcle 10lb), <a} Each membar country sh811 bo anlltled lo nomlnale up to ihrea r8presentaliv88 to the CounGII. 11 Is the responsiblliiy of eaoh Natlonal Commillee lo notlfy the Secrotariai promptly of Ihe Idenlily 2nd contact delalls of Its r8pres6nlaVes and of any changes to Ihem. The Officers of WPC Energy shall b8 members of Ihe Couniil but shall not vote unless exerdslng thèlr Count8 vots.
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT> {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Counell Thé Coundl Is Ihe sovereign body of th6 WPC and speufically resew to Ilself responslbllity for thè followlng: l. Amendment of the Constitution 11. Election ol n6w member counlries Ill. Selecilon of venues and approxlmale dales of Congrosses and reglonal meÈllngs 5v. Approval of Congress Ihames v. Electlon ol Offlcers and members ofthe Congress Programme Commlllee vl. Appolnlmont of the Dlraclor General vii. Approval of tha Annual Budget, Annual Audlled Accounts and (once per cycle) a medlum-term financtal plan Ix. Selllng of th8 fee8 requlrad fof membership The Councll 8hall also exch year receive reports from the Pr88ldenl. the Vlce President, Flnan¢e and the Dlredor General. All olher officers Blso normally provide annual reports. (b) The Offlcer8 of the WPC and Ih8lr respons1tlItIeS shall bb: l. Prosldent, who shall also presld8 al rneellngs of IhB Council 8nd of the Execullve Commlltee. The Presldent durlng hisJher16rrn of Offl08 8hall not 8ervo 8s B memb8r of hlsther Nalional Commlltee. 11. Senior Vlce Presldenl, who shall preslde at meellngs of the Coundl and of the Execullve Commllleo In Ilie absence of the Presldenl. If the Pr¢sldenl 8hould b8 Indisposed or othgTrilse unable lo fulftl hlslher dulles, the Senlor Vlc6-Ptesldent shall acl In hlsffter place unlll th8 presldenl Is able lo resume hlslh8r dulles. If helshe should be permanenlly Incapacltated, the Sènlor Vice President shall act 8s Presldent for Ihe iemalnd8r of th9 Presldenl'8 term of office. The Senlor Vlce Presldent is also re8ponslb18 for slrateglc plannlng of WPC'8 aclivlues. 111, vtcè Presldenl, Congre89 Prograrnme, who shall ¢hatr meellngs of Ihe cong$8 Programme Committèe In accoidan¢è with Arllcl6 9 of the Artkl8s Iv. Vloe Presldont, Flnance. v, Vice Presldenl, Markeling. vl. Vi¢e Pre8ldent, Membershlp. vll. Vlce Presldgnl, Dlverglty, Inclu$lon and Youth Exeoutlve commltteo Thé Execullve Commlltee shall conBlsl of the Seven eloclod Officers (as 8el out In ATIIGle 7) with vollng rlghls, In BddSllon, the Chalrman (or $8nlor representallve) of the Host Couniry Organ151ng Commllloe for the next Congress Is also a member of Iho Commlllee wllh vollng righls. All those wllh vollng dghls must be from dlffergnl counlrles. Thls r8Blddlon does nol 8pply to other members. In addlllon, the Chalrman (or sanlor represenlallve) of Iho prevlous Congress. and Iha Dlre¢lor General ar6 also nov011ng memb8rs. Members of tha secrelarlal may be InvRed lo attend the meellng to help wllh moeting record5 and presgrilalions al80 In a non-votlng capaclly. Each Commiltee Mèinber shall seNe on Ihg Commlttee as 8 rapresenlative of WPC Energy and nol as represenlatlve of hlslher Member country.
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ExeGutlvè commlttee for 2023 - 2026 are as followg: Mr Pedro Mlra8 Salamanca (Spaln) Dr Plnar Yilinaz (USA) DrTalal Al-Bazali {Kuwalt) Mrs Burcu Gunal {Turkey) - Reslgned 6 January 25 Mr James McFarland (Canada) Dr Li Luguang (Chlna) Mr Jambulal Sarsenov (Kazakhstan) Dr Plerce Rlem&r IUK)- Reslgned 31 March 25 Mrs Burcu Gunal (furkey)- Appolnted 6 Janugry 25 Mr Dean Tucker (Canada) Mr Mohammad Al Tayyar <Saudi Ar8bla) Mr Ivan Martln (Spaln) Prosldent Sénlor Vlce Presidenl Vlco President- Marketing Ge President - Flnance Vlce Presldenl- Programme tè Pr6sSdenl. Meinbershlp Vlce PresSdenl- Dlvorslly, Incluslon and Youlh Olreclor General D5rector GenÉral P881 Host Country Rgpresentatlve Currenl Host Ropros8nlallve Spedal Adwsor, Energy Transfom)allon Th6 artlcles were updated and agreed on 23 Octob8r 2024. The revi38d artldes were flled at Companles Hous8 Oll 6 March 2025. Slnce 6 January 2025, the role of Ihe Vl¢e Presld8nt - Finance no longer exlg18, th18 18 now undertaken by the Senlor Vlee Presldont, The twstees, who are also the dlr8ciors lor the purpose of company law, and who servéd durlng the year 8nd up to th8 dat8 of slgnature ol th8 flnand81 slalements were: PO Yllmaz P Mlras Salamanea B Gunal <Re$lgned 6 January 2025) Statemont of trugtee8' re8poiislbilltlos Th¢ Iruslees, who are 8lso Ihe dlreclors of WPC Energy for Iha purw)8e of company law, aré responslble for prep8rSng the Tru8le&s' Reporl and th8 financlal slalemenls In accord8nce wllh 8ppllcgbl8 law and Unlted Klngdom Aocounllng Standards {Unlled Klngdom Generally A0p18d Accountlng Pradice). Company18w requlres the truyté8s to PTgp&re financlal slatements for each financi81 year whlch glv8 a true and falr vl&w of the glale of Affalrs of the charitable company and of tha Incomlng resourc66 and appllcallon ol resourttes, jntludlng th6 Income and axpendiluro, of the charilablo company for that year. In prep?rlng Ihesè ffinancl818lalemenls, th8 Iruste8s are requlrod lo: select sullable accounting pollci8s and thon apply Ih&m ¢x)nslslenlly,' - obsaTV6 the melhodG and prindple3 In the Charilies SORP; make ludgemenls and estimates that are raasonable and PnKlent; stale whèlhèr appllcable UK Accounllng Standards hav& been followad, subject to any malerlal d8partur88 dlsclosed and explaln6d in Ihe financlal slAlem8nts', and prèpare Ihé flnanaal stalements on tha gokng conGem basls unloss It is Inappfoprfale to presume that the chadtablo ¢ompany wlll contlnue In operalion. The Ifuslaas ore re8ponslble for keeplng adequate accounling recoi'ds that disctose wilh reasonable aocuracy al any Ilme the Ifnanclal posillon of the thari18ble company and enable thom lo ensure that the financlal slatemenlg omply with the Companles Act 2006. They are also responsible for safeguanling the 88se(s of Ihe charSlable Company and hence for laking reasonable sleps lor Ihe prev6nllon and dgtactlon of fraud and oth8r Irfegulaillies. Audltor In accordan¢e with Ihe companvs arllcles, a resolullon proposlng that Rickard Lucmn Llmlled be reappolnled 88 audltor of th8 company wlll be put al a Genèral Meeling.
WPC ENERGY (FORMERLYWORLD PETROLEUM COUNCIL) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Dlsclosure of Infomiatlon to audltor Each of the 11118le8s has confirmeij Ihat there Is no informalion of wh1(* Ihey are aware whlch Is relevant lo the audll, bul ol whlch Ihe auditor is unaware. They have lurther wnfirmed Ihal they have taken approprlate slep3 10 Iden15fy 8ucth relevant Informallon and to eslabllsh Ihal Ihè audllor Is aware of such infomialion. Thls report has bean prepared In accordance wlth the Slalement of Recommended Praotloe appllcable lo charlties preparing their accoun18 In acoord8nc8 wilh th6 Financial Reporfing Standard 102 appllcable In thé UK and Republlc of Ire nd arKI In accordance wilh spedal provlslons of Part 15 of Companies Acl 2006 relallnu lo 8m811 entlll6s. hel tees, approved by the Board of TNsteés. P Mlras Salam Trustee i)ca Dale..
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) INDEPENDENT AUDITOR'S REPORT TOTHE MEMBERS OF WPC ENERGY oplnion We hav8 audited tho financlal slalemenls of WPC Energy (the 'tharftabl8 company,) for the year ended 31 December 2024 whlch Comprlse the slalemenl of flnanCI activfllos, the balance sheel. Ihe slalamenl of cash flows and note8 to the linandal slatements, Includlng slgnificanl accounting pollcyes. Tho Iinanclal reporting frainework Ihal has be8n applled In Ih81r preparaon is applicable law and Unltad Klnodom Accauntlng Standards, Including Flnancial Reportlng Standard 102 Tli8 Financial R8porting Slandard appliGabl6 In the UK and R8publiL of Ireland (Unlt8d Klngdom Generalty Acc8plgd A¢counUng Pracllce). In out oplnion, the fingnclal statemerrts.. glve a Iruo and falr v¢6w of Ihe stat6 of Ihe charitable wmpanys affalrs as at 31 Decomber 2024 and of Its Incomlng r880urces and appllc8llon of resourw, Induding Ils Income and exponditure, for the yeai. thon endod., have b89n proporly prepared In ac¢ordan¢e wlth Urdted Ktngdom Gènorally Accepted Accounllng PracllcA' and have been prepared In accordance wllh the raqulrements oflhe Conwanles Act 2008 and CharlUe5 Aci 2011. Ba616 for oplnlon W8 conducted our audll In 8ccord8nce wilh Inlernallonal S18ndards on Audlllng (UK) IISAS (UK)) and appllcabla law, OUT responslbllllles under those slandards are further describ8d In the AudltoI8 responslbilitleg for thè audlt of the accounts secllon of our reporl. Wè a18 indepondent of Ihe tharltab16 company In a¢cordan¢8 wllh tho &lhl¢al requlrèments Ihal ar8 relevant to our 8udll of the a¢¢ounts In the UK, Includlng the FRC'S Elhloal Standard, and we have (ulfilled our other elhlcal fesponslbllltios In aGGord8nce wllh these requlremenls. We beli8v& Ihal the audlt évldence we ha oblalned Is sufflclent and approprlale to provkle a ba8 for our oplnlon. Cothclu8lon8 r¢latlng to goliig concém In audlllng the flnandal 61alemenl8, W8 ha cLsnduded Ihat th6 trusl88s' use of lh& golng concern basis of accountlng In lh8 PTeparallon ol Ihe finandal 8talemeDls Is approwl81e. Basod on the work we have perfomied, w8 havè nol Identified any m8léTEal unc8rtalnli88 relallng lo events or ¢ondltions that, Indlvldually or ¢ollectivety, may cast stgnificanl doubl on Ihe chaillable company's abllily lo Gonllnue as a golng concem for a perlod of at lea81 twelve months fvom when the fin8nGlal st8tamenls are 8ulhorl8ed for 16sue. Our r8sponslb1111168 and the re6pon61bllllles of the Iruslees wilh resped lo golro ¢oncern are d88cribed In th8 relevant secllons of Ihls report. other Infonnatlo Tho other Informatlon compr1686 thè Informalion Snduded In the annual roport olher Ihan ihe financlal slalement$ and our audllofs report Ihere(Jn. The tru818es are responslble for lh8 olher Infoimallon contalnod wilhln Ihe annual report. Our oplnlon on the financial slalem8nts does nol cover Ihe olhèr Informalion and. èxcept to Ihe exlonl olherwl88 oxpllcllly slated In our report, we do not express any form of assuTance condusion thereon. Our responalblllty is to read lh8 Oth8r informatlon and, In dolng so, conslder whether th8 olh8r Informallon Is materially inconslstenl wllh the finanoial Staton1)IS or our knowledge obtained in the course of the audil, or olheNilse app6ar8 to be malarially mi5s1ated. If we idenllly such malarlal Inconsislendos or apparenl mal81181 mlsslalémenls, we are requlTed to delermlnè whelher thls gives rise lo a material misstatement In the financial statements Ih9mselves. If, based on Ihe work we have perfomied, we nthda Ihat ih6re is a material misslalement of Ihls othar inlormallon, wè are raqulred lo report Ihal fact. We have nolhlng lo r8POrt In thls regard.
WPC ENERGY {FORMERLY WORLD PETROLEUM COUNCIL> INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WPC ENERGY Opinions on othèr IatterS prescrlbed by thè Companles Act 2006 In our opinion. based on the work undertakèn In Ihe course of our audit: th6 information given in tho trustees, reporl for Ihe flnanGial year for which the financlal 8tatemenls are prepared, wlilch inoludes Ihe dtreclor5' reporl prepared for the pu086$ of company law. Is con8181énl wllh the Ilnandol slalom8nls'. and Ihe dlr6Ctors' report Includod wllhin lh8 trustees, report has been prepared In accordance wlth appllcablh legal requii'&n)enl3, Mattar6 on whlch we arè ro4ulred to POlI by 8xeeptlon In Ihe Ilghl of the knowledge and undcrstandlng of Ilie charitable company and 115 envlronmenl oblaln6d In the courso of the audll, we hava not IdentWd malèrlal mlsstalemonts In tha dlreclors, report includ8d wllhln Ihe Iru8lees' report. W8 hav8 nolhlng lo r8port In re8pecl of tho followlng rnatt8Ys In r81811on to whlch Companles Aat 2006 and Charlllos A¢1 2011 requlre8 us lo report to you If, In our oplnion- 8dequÈl8 accounllng records have rbot be8n kept, or relurns adequ8te for our audlt hav8 not been recdved from branches not vlslted by us; or the flnanalgl statemènts are not in agreement wilh Ihe accounllng records and relumy; or certaln d18closures of Iruslees, rémunerallon Specifled by law are not made; or wa have nol reo8lved all Iha Infomatlon and explanallons w8 r8qulre for our audlt., or Responslbllltles of trusteès As éxplalned morè fully In tha st8lemenl of Iru8lees' responslbllllles. the Ifuslees, who aré also the dlr8clor8 of the charkAbl8 company for th6 purpose of company18w, are responslble for the preparatlon of the finandal slalenienls and for belng sallsfied Iliat they glve a true and falr vlew, and for such Internal control as the Ifustees det8Ymlne Is necessary Io enable the preparation of financial sialements that are Iro8 from maleilal mlsslalement, whèlher due lo fraud or error. In preparlng the flnandal slat8ments. the truste66 are r8spon81bl6 for assesslng the charllab16 company's ablllly lo ¢onllnu8 as a golng concern. discloslng. as appllcable, mallers r81ated to golng concern and uslng the golng concern ba81s of accounllng unles8 Ihe Irustèes ellher Intend to liquldate th8 charilabla company or lo ¢ea8e oporatlons, or have no re811sllc allemallv8 but to do so. Audltor's ro8pon81bllltles for tlie audlt of the fiiianelal statèments Our oblecllvos are lo oblaln reasonab16 assurance aboul whether Ihé finundal slgtem6nls as a whole arè fr88 from matarlal mlsslatemgnl, wh8ther due to fraud or arror, and lo Issue an audltor's report Ihal Includes our oplnion. Reasonable assurance Is a high level of assurance bul Is not a guarantee Ihal an audit conducted In a(ordanCe wllh ISA5 (UK) wlll always detect a malerlal mlsslal8menl wh8n11 exls13. Mlsslatemenls can arlsa from fraud or error and are oonsldered malertal If, Indivldually or In tho aggr8uale, Ihey could r8ason8bly b8 exPeèd to Inllu8n¢é lh6 economlc declslonE of users taken on Ihe basls of thasa flnandal 51alements. The extent lo which our prooedures ar6 capable of delectlng Irregularltle8, Indudlng fr8ud,18 delall8d below. Capablllly off the audlt In detectlng Irregulaftty. Includlng frnual We Sdènllfled areas of laws and regulations that C(MJld reasonably be expeded lo hava a malerl81 eff801 on tho nanclal statements from our.. general commerclal and sector 6xperlence', Ihrough verbal and willlen commvnicatlons with Ihose charged wllh g0Veman oth8r management,. and vla inspectlon of lh8 Charitable ¢ompanVs regulatory and legal Correspondan. We discussed wilh those charged wllh g0veMan and other management th8 polldes and procedures regardlng GoMpliancÈ viilh laws and regulallons.
WPC ENERGY {FORMERLYWORLD PETROLEUM COUNCIL) INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THe MEMBERS OF WPC ENERGY Wa communical#d Idenllfièd laws and regulollons lo our leam and remalned alert to any Indloalors of non- compllance throvghoul Iha audll, we also spodnoally cnsidered where and how fraud may Occur wllhin the aharilable company, The potonllal effect of Ihése laws and regul8llons on Ihe finandal slalements variès conslderably. Flrslly, th8 ¢harllable company is subjecl to laws and regulalions Ihal dlreclly affecl the finanalal stal6menl8, Includlng.. the charltable company's wnslllutlon,, relevant finandal reporting standards,. Compani08 Acl 2006,. Charities Acl 2011,. lax legislation and dlstribulab16 wofils leglsladon and we assess Ilie exlenl of coinpljance th Ihesol8ws and regulallons a8 part of i)ur procedures on thé related flnanctal slalement Items. Sécondly ihe ¢harlt8ble company Is subject to many other laws and regulallons where th8 aonsequ6nces ol non- tsoinpllanoe could have a mal8rial 6ffecl on Iha amounls or dlsdosures In the financial slat8men15, for Instance Ihrough the imposlllon of Ilnes and penalligs, or through106ses arfsing from Illlgallons. We Idontilied Ihe following area8 as thosa m051 Ilkely lo hava such Sn affecl.. leglslation direclly applSc8ble to th8dtle8 sector such as tlia Charilles Act 2011, employment16glslallon,' h8allh and 8afèly leglslallon., safeguardlng leglslatlon; lax leglg18llon and d&18 prolecllon18g161atlon, Intornallonal Audltlng Standards IUK) Ilmll the rèqulred pro¢edures lo idenllfy non-compliance wllh these laws and règulalions lo the pro¢adures, and no ptocedures over and above those alrea(ty noled are roqulred. Those Ilmll8d procedures dld not identify any aclual or suspected non-complianc8 whlch laws and regul8llons Ihgt could have a malerlal Impact on the flnan¢lal statements. In relallon lo fraud, we perfomied Ihe folltswlng speclflc procedure6 In additloD to tho88 already noled,. Challenglng assumptlons made by managemenl In Ils slgnlflcant aGGournling e8tlmal88 In particul81,' recognlllon of Income; Idenllfylng and t881ing loum81 entrfes, In partlcu18r any enlrles p06ted wllh unusual iiomlnal18do8r account comblnBllon8', Performlng analyti1 piocedwos lo kjenllfy unexpected movem8nls In account balances whlch m8y be Indlcatlvé of fraud,, Ensurlng that tesllng urKlertaken on bolh thè Statem8nt of Flnanclal Aotivlly (SOFA) and Ihe Balan¢e Sheet Includes a number of Items seleded on a random b8sIs. These prooedure3 dld not Idenllfy any actual or suspected fraudulenl IrregulatY thal could have a materlal Impa¢l on Ihe finanG1818talement& Owlng to the Inh8r6nl liinllatlons of an 8udlt, Ihere Is an unavoidable dsk Ihal we may nol have detecled some malorial missla16menls In the flnancl81 slalement3, ev6n though we have prop8rly planned and performed our audlt In accordance wlth Inlernatlon81 Audlllng Standards {UKI. For example, Ihe furth8r remt)ved non-compliance wllh laws and regulatlon6 is from thè 8vents and Iransa¢llons r8flected In Ihe fln8nclal slg18menls, Iha less Ilkety th8 procedures Ihal we are required to undertake would Idenllfy it. In 8ddltlon, as wlh any audil, there r8malii$ a hlgh rlsk of non-detecllon of irregularilles, as th8se rnighl Involve colluslon, foroery, Inlenllonal omiaslons, misrepre8enlailon, or Ihe overrlde of Internal conlrols. We are not responsible for prevenung non-complianc8 wllh laws and regulatlons or fraud, and cannot be expacled lo delecl non-compliance wilh all laws and r6gulatlon8 or 6v6ry1i)cldence of fraud. A further doscripllon of our responslblliti8S 18 avallable on Ihe Flnanclal Reportlng Councll's webslte al.. hllP8'.11 www.fiGoro.uklauditorsresponslbillliés. This description fonns part of our audltorfs report.
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL> INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WPC ENERGY Usè of our rèport This roport Is made solely lo the chaillable compan8 member8. as a body, in accordance wllh Chapl8r 3 of Part 16 of the Companies AGI 2006. Our audit work has beell und8ttaken so that we mighl stal8 lo the charilablg company's membgrs those niallers we are requlrod lo slate lo them In an audilor's report and for no other purpo88. To the fulle81 &xtent permllled by law, we do not accept or assume responsibility to anyone olher Ihan Ihe charllable company and the charitable company'8 memb8rs as a body, for our audil work. for thls repart, or for Ihe oplnlons we hav8 formed. Carollne Poters (Senior Statutory Audltor) for Ond on behalf of Rlckard Luckln Llmltod TJk ?_0 J.& Chart8rad Accountants st¥tutory Audltor 1st Floor County Hou8è 100 New London Road Chelmsford Essex CM2 ORG 10-
WPC ENERGY {FORMERLYWORLD PETROLEUM COUNCIL) STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Unrestrlcted fund$ funds 90neYal Deslgnatad 2024 2024 Total Unrestrlctèd Unr85triGltsd funds funds geheral Designatgd 2023 2023 Total 2024 2023 Motes Incomo from: Cbarllable aclivllles other Iradlng actlvllles Inveslnients 1,671,388 7,481 21,329 1.671,388 7.481 21.329 1,035,886 7.17 3.997 1,035,88fj 7,907 3,997 Total Ii)coino 1,700,198 1,700.198 1,047,79J 1.047,790 Expendltuye on: Charllablg aGlivllle8 792,500 792.500 720,581 720,581 Total exp9ndlturo 792.51)J 792,500 720,581 720.581 Net inGtsme and movement ID fund8 7.698 907,698 327.209 327,209 Reconclllatlon of fund8: Fund balanoe8 at1 January 2024 517,876 121,261 839.137 190,667 121,261 311,928 Fund halanc8s at 31 Dacember 2024 1,425,574 121,261 1,546.835 517,876 121,261 639,137 The slAtemenl of flnanclal acllvlliés Indudes all 9alns and lossas recognlsed In the yoar. All Incom8 and expenditur6 derive from coiilinulng aGliviUes, 11
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Nots6 Flxed assets Tang1bl8 assets Inveslm8nls 12 13 9,190 9,190 Current as59ts Dèbtors Inveslmants Cash al bank and In hand 14 16 196,530 750,000 637,862 188,800 506.805 1.584,392 675,405 Gredltors: amounts falllng due wlthln oné year 16 46,747 36,270 Net current asse18 1.537.645 639,135 Tglal a88at8 les8 currént11obllltlo8 1,546,835 839,137 The funds of the charltablo company Unraslrloted funds - genoral Unreslricled funds- Deslgnated 1,425,574 121,261 517,876 121,261 1,548,835 839,137 These financlal slalem8nls have been preparéd In accordance wlth Ihe provl8lons appllcable to Companles 8ubl&ct lo th8 8mall compan19s regline. S454 of Ihe Companle8 Act 2008 allows the Iruste8s, on a voluntary basls, to amend those 8c¢ounts If they Subsequently prova lo be defectlva. ancl sl em Is wer8 approved by the truste@8 1)n ...... P Mlras Sal Trustee manca Company egislratlon number 08300105 (England and Wales) -12-
WPC ENERGY {FORMERLYWORLD PETROLEUM COUNCIL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note9 Cash flows from operatlng activllles Cash generated from operallons 23 873,711 351,117 Inva8ting actlvltie$ Purchase of tanglble Ilxed a668ts Proceeds (rom dlsposal of Investménls Investment Incomo recelved (13,785) 21.329 3,997 Nel cash g&n•rdtod from Investlng aetfvitles 7,546 3,997 Net cash genoratsd from flnanclng actlvltle8 Ngt Increase In ca¥h and ¢a6h aqulvalotsts 881,257 355,114 Cash and cash equlvalenl8 at beglnnlng of year Caoh and ca8h oquiv8lenta at end of yaar 51X.605 151,491 1,387,882 508,805 Rolatlng to., Cash at ban1( and In hsnd Short term d8poslls Included In currenl a88el Inv8slmenls 637,862 506,605 750,000 13-
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies Charity Infotmatlon WPC Energy is a prlvale company Hmlled by guarantee Inoorporaled In England and Wales, Tho reglstèred offlce Is Energy Institu16, 61 New Cavènd18h Stroet, London, W1G 7AR. q.q AcGountlng convéntion The accoun18 have been pr8p8rod In acGordanca with the Gharitable company's governing document, the Companies Act 2006 and 'Accounting and Reportlng by Charilles: Slalemanl of Recnmmended Pracllce appllcable lo chailtles preparlng Iholr alnIS In a(xordanca wllh thè Flnanclal Repartlng Slandard applicab18 In the UK and Republlc of Irèland (FRS 102). (as amonded for accounllng perlods commenclng from l Januaiy 20191. The ¢har118ble company is a Public Benefil Entsly as d8flned by FRS 102, The fflnan¢lal stal8m8nts are prepared In 8tÉrflng. whlch Is the functional currency of thè charflable company, Monatsry amounts In these flnandal statements are roundeij lo Ihe nearesl £. The accounts hav& been prepared undw the hlslorical cost convenlion.Th6 prlncjpal a¢countlng polloles adopted are sèl oul below. 4.2 Golng concern Al th8 Ilme of approving lh& finandal 8latomen18, the INslee8 have a reasonable expeolallon that lh6 thaTlt8bla company has adequate resources lo conllnue In operallonal exlstence tor the foie8eeable fulure, Thus the Iru$18es oJn15nu$ lo adopi Ihe going concern basls of accounllng In preparing thè flnanclal 81alemenls. 1.3 Incomlng re8ourceg Ino)me 1$ recognlsed at the lalr value of monles rfved from th9 congre$8, y88rSy sub8Gripiionsi youth 8t11lIeS Income, otlier Income {sponsorshlps) and Inve8lmenl income, Ihese are racognlsod as Incomlng I.esou6S when Ihe amounts (8c6lvable have been a$¢Ètlalned, Ihe charily ha8 onlltlament to the Income and 11 Is probable that the Income wlll be recelved ex¢8pI Insofar as Ih8y are Incapable of flnanclal measurem8nt, When Gash Inllows are deferfed and represent a fin8nclno 8rrangemenl, the falr value ol the ¢onsldeTallon18 lh8 piesenl valu8 of fuluré leceipis. The difference beQon the falr value of Ihe conslderatlon and tho nomlnal 8mounl recelved Is recognlsed as Interest in(J)me. 14-
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poliGies Icontlnued) 1 A Resouyces expended Expendlture Is recognised oncg there Is a legal or cLsnslrucilve obligation lo transl8r econumlo benefll lo a third party,11 Is probable Ihal a transfer of economlc benefits wll be required in se1llenn1, and Ihe amount of the obllg8tlon can be méasured reliably. Expenditure Is classlflod by acllvity. The costs of each actlvlly are made up of the 10181 of direct costs and shardd costs, Induding supporl costs Involved in vndertaklng each actlly. DlreGI costs altrlbtslab18 lo a sliigl actltY are allocaled dlreclly lo that aclivity. Shared exjsts whlch conlrlbule lo moro than one aclivlly arid Support cog18 whlch are riul allribulable to a single a011tY are 8PPOrtloned betweèn Ihose actitIeS on a basls consSslonl wllh Ihe use of resour$, Central 8laff costs are allo¢dt8d on the basls of Ilma spent, and d&preclallon oharges are allocated on the Ix)rtlon of the asset's use. Llabllllles and all expéns8s are Induded In Ihe Slalemenl of Flnandal Activltle8 on an acorua18 ba818. Expéndllur6 on proleclsls treated as dlreol charllable expenditure. Suppori cos1$ are allocaled lo chari18bl¢ aolmtles on a p8rcenlage basS8 esllmalad 8nd provldod by th8 trustees. support, travel and staff costs are apportloned lo charltsbl8 acllwlies on Ihe basls 0190% (2023,. 900h) of the oosts axpènded belng allocated to congres8 and 10% (2023,. lQQ/4) belng allocal8d to olhÈi' aclivllie8, Govèrnanc8 ¢0818 are assodated with th8 constllutlonal and statutory requlrem8nls and th088 Gosls a8sodated wllh the 81ratgglc management of tho charlly's activllle8. l.B Tangible Ilxad asséts T8nglble flxed assels are Initlally measured at cosl and subsequenlly measured al cost or valuallon, nel of depreclallon and any Impalmenl losses. Depreclallon 1$ recognlsed so 86 to write off Ihe cost or valuatlon of 88sels Ios8 Ihelr resldual values ovér thelr u6oful Ilves on Ihe followlng bases., IT equlpment The g81n or loss ori6ing on the dlsp0881 of an asset Is delermlned es the dlfference belwe6n Ihe sal8 proceeds and Ilie carrying valu8 of the as881, and Is reoognlsed In the stat8ment of Inanclal acllvllles. 3 y88r slraight Ilne 1.6 Flxed asget Investments Flxed asset Inveslin6nls are inllla51y measured at Ifansacllon prfce exdudlng Iransacllon costs, and are subsequontly measured al fair value al each reporting dale. Changes in falr value 3re recL)9ni80d In nét Incomel(expendilurel for the year. Transadkn rAJsls are exp8nsed as Incurred. 1.7 Impalrment of fixed assets Al each reportlng end dale, the chaiilgble company revlews the carrylng amounts of Ils tangible 88sels to del8rmlne whelh8r there is any indiGaUon that Ihos8 8ssets havè suffered an impalrmenl Ioss. If any SUGh Indi¢allon exlsts, the recoverable amount of the 8ss8t Is estlm81ed in order lo det8rmln6 th8 exlenl of the Impairinent IOGS (if any). 1.8 C88h and oasli equivalents Cash and cash equivalenls Indude cash in hand, deposlls held at CAII with banks, other 8hort-term Ilquid Invo$lments with origlnal malurilie5 of threè monlhy or less, and bank overdr8fts. 15-
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollclgs {Contlnuedl 1.9 Flnanclal Instruments The oharllable company hay elected lo appty Ihe prov15ion$ of Section 11 'Baslc Flnanclal Inslrum9nts' gn Secllon 12'0ther Financi81 Instrumen18 Issu68' of FRS 102 to all of Its financial inslruménl8. Fln8ndal Instruments are tBcognlsed in th8 charllabla companrfs balance shaet when the cliartlable company becomes party lo the Gonlradual provlslon8 of tho Instrumenl. Flnandal assets and liabi1111gs are offset, wllh the nel amounts presenled in Ihe finanGI81 slulemenls, when there Is alogally enforceable righl lo $81 off the recognlsed amoun18 and Iheréls 8n Intenlion to 8ellle on 8 nel basls or lo raallse the assel and Settle the liabillly 31mullaneousSy. Baslc Ilnanci41 assèts Baslc llnandal a8se16, whlch Include dèbtors and ¢ash and bank balance8, are Inlllally measured at Iransacllon prlce indudlng transacllon cost8 and are subsequently carrlod at amortlsed cosl using thè affecllve Inleresl method unless Ihe arrangement CLinslilutes a financtng transadion, where Ihe tran5a¢lion 18 measured at the present value of the fulure recelpt$ di8counl8d at a market rate of inléreBI. Flngnalal 8ssels da88lfled as recelvabl8 Within one year are not amortlsed. Olhor flhen¢lal assets Olher Ilnsnclal assets, includlng Investments In eqully Instruments which ar8 nol subsldlarfes, assoclate8 or lolnl venlure8, 8r8 Inlllally measured at falr value, whlch Is normally Ihe Iran8aCtlon prlGe. SuGh assets are subsequenlly carrled at falr value and the Changes In fair value are renIsod In nel Incom81(expendilure), èxcept Ihat Inveslments In eqully inslrumenls Ihal are nol publlcly traded and whose falr value$ cannol be measured rellably are measured at CO8t less Impalrment. Impairmenl of flnanclal assets Flnanclal assets, olher th8n those held at falT value through Income and expendllure, are assessed for Indlcalors of Impairmenl at each reportlng dale, Flnanclal assels are Impalred where there Is oblecllve evldence Ihal, as 8 resull of one or more &venls that 0¢rred aflar the Inltlal recognlllon of th6 financlal asset, the asllmated future cash flows have bean affected. If an asset Is Impalred, Ihe Impalmenl loss Is Ihe dlfference between the carryong amount and Iha present value of Ihe esllmaled cash IIow8 dlscA)unled al Ihe asset's original effect8 Inlaresl rale. The Imp81rment Ioss Is recognls6d In n8t Inwmel(expendllur8) for Ihe year. If Ihare Is a d8¢rease kn the Impalmi8nl loss atlslng from an èvenl occurring after Iho Impaliment wag recngnlsed, the Impalrment Is reversed. The r6versal is such Ihal the current ¢arrylng 2mounl does not exceed what Ihe carrylllg amovnt would have been, had the impaifment not prevlously b8en recognlsed. The impalTmertl reversal is rocognlsed in net Incomel(exp8ndilure) lor Ihe year. Basic flnanclal Ilahilities Baslc flnandal liabilitles, Induding creditors ar8 Inltlally recognised at transactlon prlG8 unless the arrangément constllules a flnancing transaclion. where the debt Inslrumenl Is moasured at Ihe present value of the future payments dlscounled al a mark81 rale of Int8r8St. Financjal Ilabllitlas ciassified as payabla wllhin one year are not amorllsed. Dgbt in8lrumen16 ar8 subsoquenlly ¢atYt8d al am(wtl8ed cosL uslng Ihe effécllv8 Interèsl rate method. Trade oredltors are obligations to pay for goods or services that have been acqulred In the ordln8ry course of operations from SuplerS. Amounts payable are classified as current liabilities If paymanl is du8 wilhin one year or lèss. If not. Ih8y are presented as non-current liabllill&s. Trad8 cr8dltors are recogi)ised Inllially al transacllon price and 8ubsequenlty measwed at 8mortised cost uslng the effectiv8 Inlèr8sI Inelhod. 16-
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) NOTES To THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AcGountlng pollcies (Continued) Dereeoynilion of flnanclal lièblllties Flnanclal Ilabilllies are derecognlsed whon 1116 charflable companws conlraclual obligallon8 èxplre or ar6 dlscharged or cancelled. 1.10 Employee ben6flts The cost of any unused hollday enlltlemenl is recognised In Ihe podod in whlch Ihe employee's servlcos 8ré re¢olved, Tèrmlnallon bonefits are recognlsèd Imm8dialely a8 an oxpense when the charflablg company 18 demons1rably MMItt8d to lemlnate the einployment ol an employoe or to provide lermlnatlon benofils. 1,11 Retlremgnt banellts Payments lo deftnod eontrlbullon rètlr8ment b6nefil sch8mes are charged as an 8xpens8 as they fall dua, 1.12 Foreign exchango Transactlons In curréndes olher than pounds slerllng are rec4)rded al Ihe rates of ex¢hange prevaillng at tha dalas of the Iran8aotlons. Al eaoh reportlng 6nd dale, monetary assels and Ilabllitlès Ihal ar8 denominated in forelgn currendeB are relransla18d al th8 ral0$ prevaillng on the reportlng end dalé, Galns and losses arislng on Iranslatlon In thé perlod are Included In net Income and expendllure. 1.13 Fund accountlng Fund5 héld by th8 charfly ale 8llher: Urtreslrlclad gener81 funds - Ihese are funds whlth can used In accordanc wllh the charllabla objec18 01 the dlsGr8llon of the Irust8es. Designated funds - These are funds set asld6 by lh8 Itust8es out of unreslrlclad lund8 for Spèclfic future purposes or prol8018. There Is a sln916 deslgnaled fund. Cenlral Charlty Prolects, arlslng from donallons from nallonal ¢ounlrle3. Crltlcal accounting e8tlmatft8 and Judgaments In Ihe appllcallon of the charltable company's accounting polldes. Ihe trustees are requlred to m8k8 ludaemenls, èstimates and assumpllons aboul the carying amount of a$s6ls and Ilabllltl88 Ihal are nol rgadlly appar6nl from other st)urces. The èsllmates and assoclaled assumplions are basad on hlstorica5 8xperl8nce and olher factors thal aye consldered to be rolevanl. Actual r8suIts may differ from thesè esllmalos. The 88llmales and underlylng assumpllons are revlewed on an ongolng basls. Revlslons la accounting esllmalgs are recognlsad In tho perlod In whlch the e8timale Is r8vlsed whera Iho revislon affects only that perlod, or In th8 period of the revlslon and future perlods where Ihe revision affects both current and future pérluds. Income from charltable actlvltles Unrestrlcted UnregtriGted fund$ fundA 2024 2023 Subsarlplion Income Congress Income 171.388 1,500,000 164,775 a71,111 17-
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 Income from othèr trading activltles Unresttleted UnrastrlGted fullds funds 2024 2023 Non-charllable Iradlng aclivitles 7,481 7,907 liicomè from investmènts Unmstrleted Unré£tri¢ted lund$ funds 2024 2023 Incomo from un11sted Inveslmenls Inlerest re¢elvabl8 3,997 21,329 21,329 3,997 18-
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support ¢0sts allocated to actlvltiès 2024 2023 Dapreol8tlon Communicatlons Offlce operallngs co$ls Insuranca Other expen808 Offloe r8nl, rales and s8Ni¢es Bad debts Governance costs 4,695 14,477 15.732 18,803 19.B58 9,681 13,556 16,280 62,748 17,448 2,925 41,025 17,075 44,479 155,142 163,641 Analy8ed belween: Youth acllvllles Congres8 16,365 147,276 15,514 139.628 155,142 163,641 Tru6te88 None of the trustees {or any persons connecled wllh them) re¢elvad any remuneratlon during Ihg year. Durlng the year ended 31 December 2024, travel and accommodallon 8XP8nses tolalllng £12,680 wore ralmbur8ed dlrectly lo 2 Iwstees (2023: £nll lo Iru8tees). A¥dltor's r•muneratlon Faes payable lo lh6 charills audltor and as80¢iates: 2024 2023 For audit 8er4lees Audlt of the llnandal staiements of Ihe charlty Audll of ihe prlor year accounts 19,360 (250) 17,600 2,064 19.110 19,664 Fot other 8eNIc8s Olh8r laxatlon sèNlces All other nOaudIt servlces 195 2,850 425 2,512 2.845 2,937 -20-
WPC ENERGY {FORMERLY WORLD PETROLEUM COUNCIL) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 EinployoèS The averag¢ monthly number of employee& durtng Ihe year was: 2024 Number 2023 Numbè 2024 2023 Employment GO8ts Wag8s and sa18ries Soclal secuTily costs Other penslon c081s 470,206 49,773 8,385 440,157 45,938 8,367 528.364 492,462 Th& nuinbar of 8mpluye8s whose annual remuneratlon was mora than £80,000 Is a8 follows: 2024 Numbor 2023 Number £70,001 to £Ba,000 £80,001 to £90,(KK) £90,000 lo f100,000 £280.001 to £270,0 £270,001 to £280,000 In addlllon Ihere was l {2023 . 2) further employ88 wh088 salary was below £80.000. Of the employees whose emoknments 8xceed £60,aoo nll12023: 0) have re11r¢mant ben8flls accwlng undar dofinad benofll penslan schemes. R8muiieration of kéy m41)agemwit personnel The remuneration of key m8n8gemenl personnel was as follows: 2024 2023 Aggregate compensalion 277,156 26Jr,656 41 Taxatlon The charlly Is 8xompl from laxallon on il5 activities because all Inoome Is applled for charitab18 PU¥POSOS. -21
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 faiigible flxed a8¥ets IT oqulpm&iit C09t Addlllons 13,785 Al 31 Decèmber 2024 13,785 Daproclatloii artd ImpaSrment DepreGlallon charged in the year 4.Jf95 Al 31 December 2024 Carrylng amount Al 31 December 2024 9,190 13 Flxod aè8et Investmonts UnliBtod Investmonts Coet or valuatlon Al 1 January 2024 Dl$posals 12) Al 31 Dec8mber 2024 Carrying amount At 31 D&cember 2024 At 31 December 2023 14 Dèbtors 2024 2023 Amount¥ falllng due wlthin one year. Trade d8blors Other d&blors Prepaym&nls and accw8d Income 108,729 603 87.198 84.070 980 83,750 198,530 168,8CrfJ
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Curmnt a$6et Inveslments 2024 2023 Cash equlvalenls on deposlt 750,000 6 Cradltors: amounts fallli)g du8 withln onè year 2024 2023 other tpxallon and so¢lal securlty Tradè credilors AGcruals and deferred Income 19,137 1,177 28.433 16.083 2,064 18,123 46,747 36,270 17 Dè81gnated funds These gre deslgnaled funds whSch are malerlal lo Ihe charitaknle companvs acaivllles. At l January 2024 A131 D6cember 2024 C6nlrBI ch8rlly projects 121,261 121,261 Prevlous yaar; At 1 January 2023 At31 Dgcèmber 2023 Central charlly prolècls 121.261 121,261 18 Unrostrlctèd funds Th8 unreslrlcted funds of the ¢harity ¢omprlso Ihe unexpended balanG88 ol donalions and grants whSch are nol subjeci lo specific conditions by donors and granlors as to how Ih8y may be used. These Indude designatèd fund8 which have been sol aside oul of unreslri¢led funds by the tiusleÈs for spedflc purposes. Resources At31 expended Decenjtjer 2024 At 1 January 2024 Incoming resourcés Gènoral fund3 639.137 I,7,198 (792,500> 1,546,835 -23-
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Unrestrl¢ted lunds ICoiitlnu9d> Plèvlous yèar: At 1 January 2023 Incomlng Resources rosourGes expended At31 Docombe 2023 Gènaral funds 311,928 1.047,790 (720.581 > 639,137 19 Analysls of net a888ts between fund8 Unrestrlctad Deslgnated funds fund4 2024 2024 Total 2024 Fund balaiice8 at 31 Dèeèmbei 2024 arè rèpro8antsd by: Tanglble assets Current as8e181(Ilabi1Sllesl 9,190 1,416,384 9,190 1,537,645 121,261 1,425,574 121.261 1,546,835 Unrestrlcted Doslgnated funds fund8 2023 2023 Total 2023 Fund balance9 at 31 December 2023 are represontsd by: Invéslments Currenl a8set81olabllllles) 517,874 121,261 639,135 517,876 121,261 639.137 20 Retlremont beneflt $¢herne8 2024 2023 Deflned contribution sch8mes Charge lo profll or1068 In respecl of defined eonlrlbutkjn schemes 8,385 6,367 The rhgritable company operates a deffined conlrtbullon penslon scheme for 811 quallfylng employées. The asse18 of the scheme are held sep8ralely from those of the ch8rllable company In an Indepèndéntly admlnlslared fund. -24-
WPC ENERGY (FORMERLY WORLD PETROLEUM COUNCIL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 24 Operatlno lease commltments Lessee Al Ihg reportlng 8nd da18 the charilabla company had oulslandlng cominllmenls for future mlnlmum ase paymenls under non-canoellablo operaling leases, which fall due as follows.. 2024 2023 Within one year 6,625 4,500 Amounts rècognls8d In the statemenl of lInanc[ a¢lllIeS as an axpense durlng th6 P6rlod In respect of operallng lease ariangemenls are £20,625 (2023- £18.000), 22 Related party tran8actlon8 There were no related party Iransacllons In the year. In 2023 VVPC SeTvlces Lld donated all ramaSnlng proflt6 to WPC En8rgy Ltd lotalllng £3,997. 23 Ca8h gèheraled from operatlona 2024 202J Surplu8 for tho y88r 907,698 327.209 AdJu¥tments for". Investment Income recognlsed In slalemanl of finala1 act11188 Depreclatlon and Impalrmonl of lanulb18 Ilxed assets {21,329) 4,595 (3.9971 Movèments In working capltal: {InGre4Sg)Idecrè8se in débtors Incroasel(decreas8J In crodllor8 (27.7301 10.477 46,873 (18,9881 Ca8h generated from oporntlons 873,711 351,117 24 Analysls of chanoe8 In net funds At l January 2024 CH¥h Ilows Al 31 Decernb&r 2024 Cash at bank and In hand s,605 131,257 637,862 506,605 881,257 1,387,862 The charllable company had no m218rid debl during the year. -25-