2023-12-31-accounts - The Issmge Foundation

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REPORT TO DONORS

The ISSMGE Foundation

A charitable incorporated organisation (CIO) associated with the International Society for Soil Mechanics and Geotechnical Engineering

Charity Commission of England and Wales - No. 1153795

Trustees:

Professor Michael C.R. Davies (Chair)

Professor Emeritus, University of Sussex, UK

Professor R. Neil Taylor

Professor in Geotechnical Engineering, City St George’s, University of London, UK

Professor Mark B. Jaksa

Professor of Geotechnical Engineering, University of Adelaide, Australia

Mme Valérie Bernhardt,

Director in charge, Setec Group Structuring, Paris, France

Dr Andrew McNamara,

Senior Lecturer in Geotechnical Engineering, City St George’s, University of London, UK & Chief Engineer, Skanska, UK

Dr Chris Menkiti

Senior Partner, Geotechnical Consulting Group LLP, London, UK

c/o ISSMGE City St George’s, University of London Northampton Square London EC1V 0HB UK

Tel: 020 7040 8154

foundation@issmge.org www.issmge.org/issmge-foundation

The ISSMGE Foundation

BACKGROUND

The concept of the ISSMGE Foundation dates back to September 2009, when Professor Jean-Louis Briaud, the newly-elected President of the International Society for Soil Mechanics and Geotechnical Engineering (ISSMGE) in his acceptance speech to the ISSMGE Council Meeting (Alexandria, Egypt), introduced his vision of a foundation that would enable geotechnical engineers from around the world to make better use of resources that may otherwise be inaccessible to them. These resources would include participation in conferences, attending knowledge development courses, etc., with a view to enhancing the awardees own education and professional formation and, as a result, their contribution to society at large. In short, and as stated in the Foundation constitution, its objective is “the advancement of education and educational training in the field of geotechnical engineering and its applications for the public benefit”.

In September 2013, The ISSMGE Foundation achieved charitable status and was entered onto the Register of Charities of the Charity Commission of England and Wales, with the Registered Charity Number 1153795.

STRUCTURE AND MANAGEMENT

The ISSMGE Foundation currently has six trustees: Professor Michael C.R. Davies (Chair), Professor R. Neil Taylor, Professor Mark Jaksa, Mme Valérie Bernhardt, Dr Andrew McNamara and Dr Chris Menkiti - all of whom contribute to decisions concerning the granting of awards. Dr Andrew McNamara (ISSMGE Secretary General) and Dr Chris Menkiti were appointed in April 2023. Dr McNamara is also in charge of the day-to-day management; the ISSMGE Foundation does not have salaried staff members. Administrative support is provided by the ISSMGE.

In the future and as the Foundation develops, the Trustees may find it necessary to appoint additional trustees. The new trustees may be recruited from the ISSMGE Membership, from its own (past) beneficiaries, or from other independent institutions, depending on the needs arising and skills and experience required to consolidate the activities of the Foundation.

ACTIVITIES

The purpose of the Foundation is to award grants to applicants who fulfil the requirements as specified below.

PROCEDURE FOR AWARDING GRANTS

The financial assistance is in the form of a bursary which the successful applicant can use to pay registration costs, travel and/or accommodation expenses. Although membership of the ISSMGE is not a prerequisite for receiving support from the Foundation, applicants are strongly encouraged to become members of their national geotechnical societies, and subsequently of the ISSMGE.

The following procedure has been developed to assess applications for ISSMGE Foundation bursaries:

a. Applications can be submitted three times yearly (at 4-month intervals) on a standard form, to the Secretary General of ISSMGE;

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The ISSMGE Foundation

b. These applications are sent to the trustees
c. The trustees assess the applications of the basis of the following criteria:
i. Demonstration of need;
ii. Quality of the activity;
iii. Cost-sharing;
iv. Potential impact of the activity on the career progress of the individual and of his or her Member Society.
d. Decisions are made and communicated normally within three weeks following the application round.
e. After the successful applicant has completed his/her nominated activity, they provide a written report to the Trustees on the benefits that they and their Society have gained from the award of the bursary.

The criteria and procedure described above were established in February 2014, though may be modified when considered necessary.

Until December 2023, there have been a total of 304 applicants with 264 awards being approved at a success rate of 87%. Of these, 229 bursaries (in total £210,158) have been paid. Some of this funding took place in the early days through the ISSMGE, prior to the Foundation achieving charitable status.

The reports submitted by the awardees are available to read on the ISSMGE website: https://www.issmge.org/issmge-foundation/recipients-reports.

FINANCES AND FUND RAISING

Funding for the ISSMGE Foundation is generated from companies and individuals who concur with the objectives of the Foundation. The funding levels are as follows:

Diamond: $50,000 and above
Platinum: $25,000 to $49,999
Gold: $10,000 to $24,999
Silver: $1000 to $9,999
Bronze: $500 to $999
Donors: less than $500

The names of the donors are recognised with their corresponding levels on the ISSMGE web site (https://www.issmge.org/issmge-foundation/donors-list) and in the ISSMGE Bulletin on the page dedicated to the ISSMGE Foundation. They are also be recognised at International Conferences on Soil Mechanics and Geotechnical Engineering.

The ISSMGE Foundation trustees appointed Tilney Ltd (UK) in June 2019 to help establish an endowment fund which would enable the Foundation to make awards from the income earned, and not rely on charitable donations, and made an initial investment of £500,000. Tilney merged with Smith & Williamson in September 2020, and in early 2021 they announced that they were changing the name of their combined business to Evelyn Partners ( 45 Gresham Street, London EC2V 7BG). The investments managed by Evelyn were valued at £564,400 on 31[st] December 2023.

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The ISSMGE Foundation

IMPACT OF ISSMGE FOUNDATION ACTIVITIES

It is clear that the financial assistance provided by the ISSMGE Foundation has had a very positive impact on the individuals receiving the bursaries and consequently on their Member Societies.

Historically, the number applications received per year was increasing, but the pandemic ~~has~~ halted that trend. As mentioned earlier, we would expect the number of applications to eventually rise to their pre-pandemic level, but it is likely that different types of events will be organised (online, hybrid, in-person) and thus a greater range of values of the awards (as travel and accommodation may no longer be factors in some requests) will be considered by the trustees.

The ISSMGE Foundation is fulfilling its objective of providing financial help to geotechnical engineers throughout the world who wish to further their knowledge and practice. We are already seeing individuals who have benefitted from Foundation awards becoming valuable contributors to the future of ISSMGE via their national member societies, and through ISSMGE technical committees and presidential groups.

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The ISSMGE Foundation

From our awardees:

The reports submitted by the awardees are available to read on the ISSMGE website: https://www.issmge.org/issmge-foundation/recipients-reports. The following are extracts from some of the reports.

The CREST 2023 conference, held in Fukuoka, Japan, emerged as a beacon of innovation and collaboration in the realm of sustainable construction engineering. The conference started with a technical tour offering participants insightful site visits to key civil engineering projects in Fukuoka. Throughout the event, attendees from all over the world were treated to a rich program featuring a series of keynote lectures, engaging technical presentations, and outstanding poster sessions.

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Sanjana Sarkar (Presenting her technical paper)

2[nd] Construction Resources for Environmentally Sustainable Technologies, 2023.

The event gathered experts to discuss advancements and research in underground construction, particularly relevant for urban areas. IS MACAU 2024 showcased cutting-edge research and emphasized the importance of collaboration in geotechnical engineering, while I gained insights into regional challenges and innovations in underground construction in Macau Hong Kong and mainland China.

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Andrea Franza

1th International Symposium of Geotechnical Aspects of Underground Construction in Soft Ground –

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The ISSMGE Foundation

T he rich content of the conference significantly supports research and innovation, resulting in contribution to the advancement of geotechnical engineering. Consequently I found presentations beneficial for both my area of research as well as area of work. he format of the conference facilitated good networking through discussion and sharing experience and knowledge with professionals from different parts of the world.

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Elena Angelova

17[th] Asian Regional Conference on Soil Mechanics and Geotechnical Engineering 2023

The technical papers presented at the conference were of high quality and provided updated insight on the state of the field of Soil Mechanics and Geotechnical Engineering. The sessions were not just lectures, they were also interactive which gave the audience opportunities to ask questions and make recommendations that are good for the presenters and the entire audience as a collective.

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Calvert Barclay (Making his presentation) 9[th] International Congress on Environmental Geotechnics 2023

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The ISSMGE Foundation

The conference was very enlightening in terms of the various sustainability methodologies, the reuse of waste and the use and preservation of environmental resources. Participating in technical sessions such as Biogeotechnics and Bioremediation provided me with a broader understanding of how biofilms and microorganisms have been explored and studied around the world.

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Maria Vitoria Vieira de Morais (At a panel discussion)

9th International Congress on Environmental Geotechnics

The conference addressed many aspects of unsaturated soils including the hydro-thermo-chemo-mechanical coupling, the interaction with the environment, the dynamic behaviour of unsaturated soils and practical applications. really enjoyed the Blight Lecture from Professor Eduardo Alonso on the “positive history of an error” and the brilliant themed lecture from Antony Leung on “AI-informed soilroot-atmosphere interaction”.

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Leonardo Maria Lalicata (Delivering a talk on laterally loaded piles in unsaturated soils) 8[th] International Conference on Unsaturated Soils (UNSAT 2023)

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The ISSMGE Foundation

Applications received and number and value of awards (GBP k) per country

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----- Start of picture text -----
Applications received and number and
value of awards (GBP k) per country
0 10 20 30 40 50 60 70 80
Albania
Algeria
Argentina
Australia
Bosnia and Herzegovina
Brazil
Burkina Faso
Cameroon
Canada
Chile
Costa Rica
Cuba
Egypt
France
Georgia
Ghana
Hong Kong
Hungary
India
Indonesia
Iran
Iraq
Italy
Jamaica
Kazakhstan
Kyrgyzstan
Lebanon
Macedonia, North
Madagascar
Malaysia
Netherlands
Nigeria
Pakistan
Poland
Portugal
Russian Federation
Senegal
Serbia
South Africa
Sri Lanka
Sudan
Syria
Tunisia
Turkey
Uganda
Ukraine
United Kingdom
United States
Venezuela
Vietnam
Yemen
GBP(k) No. Awards No. Applications
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The ISSMGE Foundation

Proportional Distribution of Value of Awards

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----- Start of picture text -----
Value of awards
Africa
Asia
Australasia
Europe
North America
South America
----- End of picture text -----

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----- Start of picture text -----
Value of awards (GBP)
100000
80000
60000
40000
20000
0
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The ISSMGE Foundation

Proportional Distribution of Value of Awards

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Number of awards Africa Asia Australasia Europe North America South America

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The ISSMGE Foundation

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----- Start of picture text -----
Number of awards
100
80
60
40
20
0
Africa Asia Australasia Europe North South
America America
----- End of picture text -----

Proportional Distribution of Number of Awards

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The ISSMGE Foundation

Proportional Distribution of Number of Applications

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The ISSMGE Foundation

THE ISSMGE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

SUMMARY INCOME AND EXPENDITURE ACCOUNT

Endowment Unrestricted
Fund
Funds
£
£
INCOME
Donations
-
100,050
Income from investment portfolio
7,795
-
Bank Interest
-
-
Total incoming resources
7,795
100,050
EXPENDITURE
Costs of raising funds:
Investment management fees
4,947
-
Expenditure on Charitable activities:
Awards made
-
39,330
Bank Charges
-
715
Total expenditure
4,947
40,045
NET INCOME/DEFICIT BEFORE
RECOGNISED GAINS
2,848
60,005
Net gain/(losses) on investments
28,973
-
Transfer between funds
-
-
NET MOVEMENT
IN FUNDS FOR THE YEAR
31,821
60,005
TOTAL FUNDS BROUGHT FORWARD
532,580
162,210
TOTAL FUNDS CARRIED FORWARD
564,401
222,215

Total
Funds
2023
£
100,050
7,795
-
107,845
4,947
39,330
715
44,992
62,853
28,973
-
91,826
694,790
786,616

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Annex 2 THE ISSMGE FOUNDATION TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Charlty No: 1153795

Annex 2 THE ISSMGE FOUNDATION CONTENTS Company information Report of the trustees Independent Examinels report Statement of financ1 activities Balan sheet Notes to the accounts 8-11

Annex 2 THE ISSIAGE FOUNDATION COhlPANY INFORMATION CHARITY NUMBER. 1153795 REGISTERED OFFICE. ISSMGE Foundatw)n ejo ISSMGE, Cty, Univer5rty of London Northampton Square London EC1VOHB TRUSTEES.. Prof MCR Davies (Chair) Prof. RN Taylor Prof MB Jaksa e V Bemhardt Dr A McNamara Dr C Menki INDEPENDENT EXAMINERS.. Sargent & Co Chartered Accountants 219 cYdon Road Caletham Surrey CR3 6PH BANKERS.. Barclays Bank PLC 38 Islington Green London N18EH INVESTMENT MANAGERS Evelyn Pariners 45 Gresharn Streel London EC28 7BG

Annex 2 THE ISSMGE FOUNDATION TRUSTEES, REPORT The Trustees presenl their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordan wrth the accounting policies set out in mte 1 to the accounts and comply with the FoundaticTrn's ConstItion. the Charilies Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charities preparing their counts in accordan with Ihe Finanaal Reporting Standard applicable to UK and Republic of Iland IFRS1021 leffective 1 January 2019). OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The principal objects of The ISSMGE Foundation are the advancefnent of edu(xlion and training in the field of Geotechnical Engineering and its apPIa.0ns lor the public benefit. The Trustses have considered the guKlelines issued by the Charities Commission relating to public benefit and are satisfied that the charity confers a public benefit. The ISSMGE Foundation ex1sts to enhan the training, education and professional developrnent of geotechnical engineers by providing financial assistance so that awardees may attend conferences and other meetings, and present their research, attend stale-of-the art lectures, and otherwise enhance their personal, academic. and professional network. ACHIEVEMENTS AND PERFORMANCE The ISSMGE Foundation provides a plattonn for Geotechnical professionals to network and partIpate in worldwide educational conferences: workshops. events and courses approved by the ISSMGE. In 2023, the Trustees receNed a total of 54 apPltIOnS (21 in 2022}. 43 of which were umirnalely successftsl. The Foundation will continue in its aim to provide finanual aid to Geotechnical engineers by way of awards. FINANCIAL REVIEW Funds of £100.000 hèld by thè Internatr&nal Society for Soil Mechanics and Geotechnical Engineering (ISSMGEI were donated to the charity during the year {2022- £100.000). Awards were made during the year of £39,33012022 - £17.3981 and the Foundation now has total fvnds available of £786,616 (2022 -£694,790) enabling it to continue to carry out its charitable fUnCtn$. The funds include an investment portfolio that is valued al £564.401 (2022 - £532,580). which is a retum of 6fts* from 2022. Al the year end. the charity had an expendable endowment fund containing its investment portfolio and all other funds were unrestricted. The unreslrickd funds were held as cash deposits. INVESTMENT POLICY The Foundation s investment portfolio is currenly being managed by Evelyn Ifomiedy Tilney Investmenl Management Services).

Annex 2 THE ISSMGE FOUNDATION TRUSTEES. REPORT Contlnued RESERVES On selecting the Investment Portfolio, ihe Tnjstees felt that the then serveS along Wlth potential ISSMGE support woukl be sufficient to continue the awards policy. This Is perhaps best illustrated by the table bekfyw which highlights the cyclical nature of the number of awards considered (unoring the data for th 2020 and 2021 as being very atypical). 2017 2018 2019 6.824 1,300 3.806 15,303 6,445 13,289 1,161 1,216 10,555 2.472 13,257 1,163 2,320 1,173 1,447 715 1.969 13.252 34.710 2020 2021 2022 4,347 6.404 2023 7,751 23.199 Africa Asia Australasia Euro North America South America Total 5.534 1,895 295 5,092 808 747 17.398 6,227 1,118 1,035 39.330 675 5.534 2.905 no. successful awards award GBP 35 13 35 15 43 average 1,042 1,019 992 1,384 485 1.160 915 In the year 2023, 43 applicab'ons were successfully awarded. A total of USD50,766 IGBP39,330} was awarded, of whiGh USD45,366 IGBP35,263) was paid in 2023 and USD5400 {GBP4,0671 was paid in 2024. The poliGy of the tru5t*s is, in the long-term, io buikl up the reserves and to make suilable investments so as lo enable the Foundation to make awards from the income eamed. STRUCTURE GOVERNANCE AND MANAGEMENT The ISSMGE Foundation is constituted as a charitab Incorporated Organisation and is govemed by its CIO Constitution. The company information set out on page 1 forms part of this report. The Trustees meet once or twice per year, in person or online and oversee the management of the Charity Decisions nCernIng strategy. polry and ¢Jevelopment are discussed electronically as fequired. In the future and as the FoundatK)n develops, the Trustees may ffind il necessary to name additional trustees. New trustees must be memLErs of the International Society for Soil meChanS and Geotechnical Engineering IISSMGEI and may be recnjited frrm the ISSMGE Membetship, from its own Ipastl beneficiaries. or from other independent in5titution5. depending on the needs ansing and skills and experience reqUId to consolidate the ath"vibes of the Foundation. Dr A McNamara (previously Professor TaOr) is in charge ofthe day-to-day managementr, the ISSMGE Foundation does nol have salaried staff members. Administrative support is provided by the ISSMGE itself.

Annex 2 THE ISSIAGE FOUNDATION TRUSTEES, REPORT Continued TR The trustees who served as trustees of the Foundation during the year and up to the dale of this report are as follows.. Prof. MCR Davies IChair} Prol. RN Taylor Prof MB Jaksa Mme V Bernhardt Dr A McNamara lappointed 25 April 20231 Dr C Menkili {appoinled 25 April 20231 STATEMENT OF TRUSTEES, RE PONSIBILITIES The trustees are reswnsibk for preparing any trustees. annual report and financial statements in accordance with applicable law arKJ United Kingdom Accounts'ng Standards (United Kingdom generally accepted accounting practice). The trustees are required by law lo prepare financial ststements for each financial year which give true and fair view of the financial activities of the charity and the incoming resources and application of resources of the charity for that penod. In preparing the financial statements, th8 truste8s are requirèd select suitable accounting licieS and then apply them consistently observe the methods and principles in the charits.es SORP make judgemernls that are reasonab and prudent prepare the financial stslements on a going concem basis unless it is inappropriate lo presume that the company will wnbnue in operatK)n The trustees are reswnsible for keeping proper accountsng records which disclose with reasonable accuracy al any lime the financial position of the charity. They are also sponsible for safeguarding the assets of the charity and hence for taking reaSOnae steps for the prevenlion and detection of fraud and other Irregularib"es. The tru¥tees are also responsible for providing reasonable assurance that the charity is operating efficiently and effectvely. the assets are safeguarded against unauthorisefi use or disposition, proper records are maintained and financial Infom)ation used in the charity or for publication is reliable, the charity cornplies with its Constitution and relevant laws and rrfulation5 and the charity has actively pursued all of its objectives and pol throughout the year. This report was approved by the Trustee5 on 26th September 2024 and signed on its behalf by.. Dr A McNamara - Trustee

Annex 2 THE ISSMGE FOUNDATION PENDETr EXAMINER'S REPORT TO THE TRUSTEES THE ISSPIGE FOUNDATION I report lo the charity trustee$ on my examination of the acv)unts of the charity for th8 year ended 31 December 2023 which are set OLtt on pages 6 to 11. RPonsIbl11¢S and basis of report As the charity's trustees you are responsib for the preparation ofthe accounts in xcordance wlh the requirements of the Charities Act 20111'the Act')- I report in respect of my examination of the charity s accounts carried out under stttior$ 145 of the Act and in carrying OLrt my examination I have followed all the applieable DirectM)ns given by the Charity Commission under section 145151{bl of the Act. Independont examiner's statement I have completed my examination. I conffim that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect". accounting records were not kept in St of the chaiity as required by section 130 of the A¢t.' or the accounts do not accord with those records,. or the accounts do not compty ¥wth the applicable requirements conceming the form and content of accounts sel out In the Chanties {Accounts and Reports) ReguLa1nS 2008 other than any requirement that the accounts gNe a 'true and fair view, whth is not a matter considered as part of an independent examinat1. I have no concerns and have come across no other matters in connection wilh the examination to which attention should be dravm in this report in orderto enab a proper understanding of the accounts to be ached. Alison Sargent FCA Saent & Co Chartered Accountanis 219 Croydon Road Caterham SuThey CR3 6PH Date: September 2024

Annex 2 THE ISSMGE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 SUMMARY INCOME A XPENDI RE ACCOUNT Endowment Unrestricted Total Fund Funds Funds 2023 Total Funds 2022 INCOME Donations 100.050 100,050 100,000 Income from inve5trn8nt portfolio 7.795 7.795 5049 Bank Interest Total incoming Tesources EXPENDITURE Costs of raising funds.- Investment management fees 4,947 4.947 4.980 Expenditure on Chantable actwities_' Awards made 39.330 39,330 17.398 Bank Charges 715 715 229 Totsl expendilure NET INCOMEIDEFICIT BEFORE RECOGNISED GAINS 60,005 62.853 82,442 Nel gainl{lossesl on investments 28.973 28,973 142.694) Transfer ben funds NET MOVEMENT IN FUNDS FOR THE YEAR 31021 60,005 91.826 39.748 TOTAL FUNDS BROUGHT FORWARD 162210 655 042 TOTAL FUNDS CARRIED FORWARD All amounts derive from conts"nuing aGtivities. The notes on p8ge$ 8 10 11 form part of these financial statements.

Annex 2 THE ISSMGE FOUNDATION ALANCE SHEEr AT 31 DECEMBER 2023 Endovmient Unrestricted 2023 Fund Funds 2022 FIXED ASSETS Investments 532 580 CURRENT ASSETS Bank balances 226.282 226,282 162,210 LIABILITIES Creditors falling due within one year NET CURRENT ASSErs 222 215 162 210 TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS OF THE CHARITY Unrestri¢ted Funds 222.215 162,210 Endowment Fund TOTAL CHARifi FUNDS These finala4 statements were approved by the Board of Tnjstees on 26th September 2024 and signed on their behalf by.. Dr A McNamara - Truslee The notes on pages 8 to 11 fomi part of these financial statements.

Annex 2 THE ISSMGE FOUNDATION NOTES TO THE ACCOUNTS TO 31 DECEMBER 2023 1. ACCOUNTING POLICIES lal Basis of re ration The financial statements have been prepared in accor(lance with Aecountsng and Reporting by Charities.. Statement of Recommend Practce applicable lo Charities preparing their acGounts in accordance with Financial Rewrting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191 (Chanties SORP IFRS102)l and the Reporting Standard applicat>le in the UK and Republic of Ireland (FRS1021. and Ihe Charities A¢1 2011. The Foundation meets the definition of a public benefft entity under FRS102. Assets and liabilities are recognised at hi5totical cost or transaction value on a going concem basis. The trustees consider that there are no malenal uncertainties about the charity's ability lo continue as a going concem. The financial statements are therefore prepared on a going concem basis under the historical cost conventv)n mojified to include quoted investments at market value. The financial slalements a presented in sterling which is the functional currency of the Foundation. Ibl Incx)me Incorn8 is reccgnised when the Foundation has enlrtlement to the funds, any performance condition5 attached lo the ilemlsl of inwme have been meL rt is Probats that the income will be received and the amount can be measured reliably. Donations are accounted for as receive(I by the foundation. No permanent endowments were received in the period. Investrnenl income is recognised once the dwidend or interest has been declared and notification has been recèived of the amount due. This is normally upon notification by our investment manager of the divKlend yield of the investment portfolio. Interest on funds held on deposit is irlcluded when rl¥able and the amount can be measured reliably by the charity", th15 is normalty notificab.on that the interest is pa or payable by the bank. nditure ExFendItU is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that setNement wll be required and the amunt of the obligation can be measured reliably. Awards are all rnade to individuals and accounted for when approved by Ihe Ifustees. Any awards approved by the trustees relaty.ng to conferences in the following year are included i the account5 as creditors at the year end Governan and other administrative costs are met by the International S(letY for Soil Mechanics and Geotechnical Engineering (ISSMGEI. See note 9 for further information. (dl Fixed Asset Investments Investments are a fomi of basic financial in51Jumenl and are inf(ially recognisetl al their transaction value and subsequently measured at their fair value as at the balan sheet date. The Slalement of Financial A¢tivitses includes net gains and losses arising on revaluation and disrosals throughout the year nèl of investment managemenl costs.

Annex 2 THE ISSAIGE FOUNDATION NOTES TO THE ACCOUNTS TO 31 DECEMBER 2023 Contlnued 1. ACCOUNTING POLICIES Contd Fixed Asset Investments contd The portfolio Investrnents a valued using the closing quoted market prtce given to the charity by investment advisers. le} Realised Gains and Losses All gains and losses are taken lo the Statement ol Financial Activ¥t8 ag they arise. Realised gains and losses on investments ar9 calculated as the differen beleen sale proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated a5 the difference between the fair value at Ihe year end and their carrying value. Realised and unrealised investment gains and loss are Combined in the Stslement of Financial Ath"Vs. Accumulated Funds The funds of the charity consist of an expendab Endowment Fund and Unrestricted Funds. The UnreStted funds comprise funds which are freely available for use by the Foundation. The exFwdable Endowment fund was set up by the trustees from donations given lo the Foundation in orderto generate income whK can then be used for the purposes of the Charity. Funds will be drawn down from this fund as required. 191 Bank and in hand Cash at bank and cash in hand indudes cash and short tem highly liquid inve5trnenls with a Short matursty of 3 months or less trom the date of acquisition or opening of the deposit or similar a¢counl. {hl Cr Creditors are recc>Jnised where the Foundation has a present oblallOn resulting from 8 past event that will probably resutt in the transfer of funds to a third paty and the amount due to Sett the obligation can be measured or estsmated reliably. Creditors are nomially recognised al their settlement atnount. LEGAL STATUS F THE TRUST The ISSMGE Foundation is a charitrdbbe InG0rFraled organisation and is govemed by its CIO constitution. The wistered office is clo City. Universty of London. Northampton Square, London EC1V OHB. TAXATION The ISSMGE Foundation is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or Secti)n 252 of Ihe Taxation of Chargeable Gains Act 1992 to the extent that these are applied to ts charitable obltiVeS.

Annex 2 THE ISSMGE FOUNDATION NOTES TO THE ACCOUNTS TO 31 DECEMBER 2023 Contlnu•d DONATIONS 2023 2022 Donation from ISSMGE other Donations 100.000 50 100,000 AWARDS MADE Awards were all payable to individuals to enable them to attend various courses of education and Iraining in the field of geotechnical engineering. 2023 2022 Awards made TRUSTEES REMUNERATION AND EXPENSES The Charity's truslees were not paid or received any other beneffts from the Foundation in the year12D22 - £Nill neither were they reimbursed expenses during the year12022 - £Nill. No charity trustee received paymentfor professional or other services supplied to the charity12022- £Nill- FIXED ASSET INVESTMENTS 2022 Mov¢ments in rtfolio of ist¢d Investments At 1 January 2023 Additions during the year Income retained Realised gains Nel gainlloss on revaluat)nS Investment rnanagement fees 532,580 575,205 7.795 9.124 19.849 5,049 2,553 {45,2471 Al 31 Decemt*r 2023 CREDI RS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other creditors re awards payable io

Annex 2 THE ISSIAGE FOUNDATION NOTES TO THE ACCOUNTS TO 31 DECEMBER 2023 Continued RELATED PARTIES Certain expenditure arnounbng to £2,211 (2022 - £2.021) w35 paid by the ISSMGE during the year ended 31 December 2023 to ensure that all the donations in the Foundation will be ulilised for the purposes given. The expenditure reL2ted to the Independent Examinab"on of the Foundation's accounts to 31 December 2022 of £1.5 {2021 £1,320) and gther ongoing administrative and govemance wsts including trustee insurance. These Costs will conlinue lo be met by the ISSMGE for the 2023 Independent Ex8mination.

Annex 2 THE ISSMGE FOUNDATION TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Charlty No: 1153795

Annex 2 THE ISSMGE FOUNDATION CONTENTS Company information Report of the trustees Independent Examinels report Statement of financ1 activities Balan sheet Notes to the accounts 8-11