Reg15tered Charty Number. 214011 ANNUAL REPORT AND ACCOUNTS 2022 Regtstered Charlty Number: 214011 THE INSTITUTION OF GAS ENGINEERS AND MANAGERS Trustees. Reportand Finandal Ststements Year Ended 31 December 2022 THE INSTITLrrioN OF GAS ENGINEERS AND MANAGERS Legal and Admlnlstratpie Informatlon Trustees. Report 5-14 Statement of Tru5tee< ResponsibllRies 15 Indepet)dentAuditorfs Report 16-18 Consolldated Statement of Finandal Artmtles 19 Consolldated Balance Sheet 20 Charlty 8alanoSheet 21 Consolldatsd Ststement of Cash Fknws 22 Notes to the Flnanclal Ststements 23-39 THE INSTilliTION OF GAS ENGINEERS AND MANAGERS LEGALAND ADMINISnlATIVE INFORMATION OIRcers and Couttdl M*xbets as at 315t O•c4mb•r202L. Presldent Davtd Parkjft CEni HGEM Past pr￿Id•￿t 8enjamin aarke CEn8 FIGEM I Prqs1rt•rt EJq¢t Andre4¥ Mu4rave CEngFIGEM W7re Pregldvrt D•vKITomktn El￿Teth FIGEM H4M¢r•ryS•u•tary' Benjamin aerke (Eng FIGEM IEF Chl•f Ex•athY• Olfv*r LarKa5ter BSC Msc FGS ErqTech FIGEM M•mb•rn Dovld Mcleod CE￿ MIGÉP41 Brléget Hartley CEn8 V,IGEM Steve Criichlow En8Tech MIGEM lthael 8bake CE48 MIMechE MIGEM Paul Denftlff CEng MIfvAechE FIGEM Jordon Rovthtttom CEn8 FIGEM Chl Kln P*i¢r Chak esc CEn8 FIGEM Lury Rltthle MIGEM rah Wil1v4￿.$ MIGEM Gordon Mcmlllan ￿GEm Darren El%Trm IEn8 FIGEM N*ola Evans CEng MIGEM S•rtlon M•m￿r$ Heni Xiang￿￿ CEng MIGEM Conor O'Rellty IENJ MIGEM Slmoft l¢)yce IEng MIGEM TIM Roff CEn6 MICE V,IGEM Adam Madlett EniTeth TMIET MIGEM Lewis Watts CEr* Mweldl MIGEM Oavld Fr05t CEn8 MIGEM Kyle Lthyis Tom Stuart Matthew Kluwe ￿GE￿ Tony Wirnpenny BEn8 Mk Far E4# lrfsh London, Southern & Eastern Midlands 14orth East & Yorkshire North West Scottish Welsh South West Youn8 Person5 Settto lftdustrlal Affillate CMpt•d Mqfflb•r Hilary 8uxton CEng MIV.ethE P.GEM Chrfxopher GormaTr CEn8 MIGEM Anto.Tr Green CEn6 FawEM CWEM MIW FIGEM Sheila Laltthlan 8Sc CE￿ FIGEM . Truii••sforth•p•rfod to May X121." Duncan Wong CEn8 FIGEM FHKIE Trevor small￿te En8Teth FIGEM 8en Kuchts CEn8 FIGEM che￿nI Pak-kln CEn8 FIGEM Gary Hesketh En&Teeh V.IGEM James McStravo8 4CEn8 MIGEM Ar.drew Fuller En8Tech MIGEM Glenn Haltor. MIGEM Stuart McLeod IEn8 MIGEM Sea.? Y¢xJnan FIGEM Matthew Da￿eS CErtg MIV.echE MIGEM George Brookfidd CEr* MIGEM THE INSTITUTION OF GAS ENGINEERS AND MANAGERS LEGAL ANO ADMINisfRATIVE INFORMATION S•¢retsrtitS•nl•rstsff Chief Executlve Officer Oli¥er Lanuster8Sc MSC FGS ErréTech FIGEM Head of T¢¢hiiol Se￿¢8$ & POIKV lan Mcatsskey 8Eng ￿rn8 F'.Me¢hE FIGEM Interim Head of Flnan Stephanie Hay BkACA Head of Membershlp SeNces Oasre McHL¥h 8AIHcth51 ￿fjE￿ Head ofcorporate Affa5rs arHI Oper*KJns CarlStok•sAJGEM Ch•rlty Number 214011 ReqJ#er•d Offlc• Instltutlon of Gas EWneèr5•nd MJnwrs IGEM House 26 & 28 ￿,,￿h Street Kewworth Derbyshire DE74 2DA Audlto UHY H•cker Yoiln8 14 Park Row Nottingham GI 6GR HSK B•nk Pk 117Great Port18nd Strert London WIW6Ql Soll¢tto Browne J¥cob50n LLP Mowbrdy House Casr'.e Meadow Rood Nottin8h•m NG2 181 Iiivesirn•nt M•n•yY5 Rathbtsrw Investrnert Manayment 8 FlnsburyQrcus London ECZM 7A THE INSTrruTION OF GAS ENGINEERS AND MANAGERS YEAR ENDED 31 DECEMBER 2022 TRusfEEY REPORT TheTru¥tvs ofth• Instttutton of EtYh1•￿ and Maftayr5 IIGEMI pregertthelr report and audlted ftoartclal 5tatemerts forthe year•nd•d 31 D•c•mber2022.Th*flnandal statemerrts ¢4mpty the IDstltud¢rfs Rtrol Chartor. applkable Comp•nles •txl (harf￿•S Aas and th• Ch•rltle5 Staternent ofR•¢omm•nd•d Pr•ttit• loued Odober 2019. TheTrustees Mnsld•rthai th•y havo wmptled wlElt thelr ¢kJtl•s und•rS•crlon 4 dth•Ch•rttt•sAct loll ts have due re8wd t• publ[< b•n•fft¥uldanc• publlsh•d lry th• Chartty Cornmtg510n. ObJ•rtfv•sand IGEM has a slgnificart opportunityto lead an ambits￿$ response from our sectertoen8lneer& sustalnable gas fJture and help mrtl8atèthe irnpacts of cllmate ch8r78e. IGEM needs to Infiuence and keep in step wlth the evofvln8 landsca￿ and our new A￿.bit￿n, Prkjrrtles and Valueswill hetp deiiverthls for both our membefs and broadersoctetyfof the ￿5 Wem oftoday aftd iom¢)rrtr4V. Wt4re•boutto embark upon ) rtew business p￿n covert￿the ptrlod 202>2028 Indust¥e, whlch Includes • ¢rttical timetrame of trfjth regulatory and ￿kY dectsknns that are expectedto dettmiine. aNI hopefully secure. the lonl-tttm dlrectlon of our Industry. At the end of 2022. we consolidatee IGEM'S fotus •nd the way we 60 ttbout our buslness-our [dent￿- whith15 atour core as we serve ¢ur ￿￿berS and ddl¥erourstr•tè￿. Our Ambitlon 15 to bethe wodds l￿dI￿ inrtitutton for 8as professlonals. athtanclrythe $8frty, fella￿lIty and sustalnobility of ener￿. Our Priorities are cw•to our operntlon. supportlngthe deltr4ery of our strnt¥i for >xl*tal benefft: Promote, insplre and support the 4ttalnment •nd ma¢ntenance of the highest staftdardsof professional competence and ex¢ellence throu8h the Fyovfslon of high-quality products and servlc4s. Oesl8n the 8a5 5Vrtem of the f￿vre, by leanln8 on our rich hlstoryaftd In leading thetranS￿lon from f05sII fvels to net zero. with k>w carbon yses as a crr(ical part of a secure, whole energy system. Pr¢J¥lde perscw5 and wofessional development for m•mber5 and 5tsff to 8row thelr skllls and r*•ch thelrfull ptsten.sal in ¥ supportive and d￿erSt bu51ness environment. En8a£e Makeholders and listen. aaM5e •nd iflfluErKe,' deveknpln8 innovatlon partnerships to bulld Infofmtd analysls and evideice. Ensure our 6ovemtnceframewor*':s roburt and fft for orrp05etoallow o¢JrcharrtiblE oblectl¥es to be conducted effectlvely and eff¢clently. Ourvalues deflne ourprofe551onallsm and behavleurs. They rellKton odr perfommnce as a bu51ness ind how we interztt w￿h members. colleaAue% p4rtner5 and customers: Excellence: to confidentty and competentty achiele. and helpothers a(hIe￿, thevery hlihest ndards. lfttegrlty: dolni the ruht thip.8 based on co* mL¥al and ethlc41 convtctions. R￿pect.. trus:in& v81uSn8 and zppreclat-'48 the workof Colleagues. memtsers, volurteers and stakeholder5 independent of thelr posrtion or bacK8round. Opeft Mindedness.. havip.8an unprejudtced mindsetth* is re￿P￿fve to riew ide35 and Opin￿￿$ that may drffertg your own. Innovatr¥e: Cutt￿ate a cornmulity of *n8aged members and partners to undertake Infonned analysls and develop robust evi¢JeTrce kn adwse, infiuenee and irryjrove 88s policy for publK benefit. THE INSTrruTION OF GAS ENGINEERS AND MANAGERS YEAR ENDED 31 DECEMBER 2022 TRUSTEEY REPORT Our businw plan Pushes 5tron8er in some of ourcwrert de￿¥ are4 bot Imwrtantly Introduces new activties tts Push the boundarie5 8nd Brow the membershTP, relenue and Impatt of the Institution. Key actlvtties contlnue, whKh indudes recruitment and rele￿lon of mmbers. as well as provision of trainlr% Bnd serv!ce5 to mernbers and the wlder indu#ry t0sUFf￿ memberf contlnulng professkjnal deYelopmen¢ through the Gijournal, webthe, commJnication5. cop.ferences. lertures and tethnical training. In addltlon, technlcal athancement Is achltvtd through rewew and deveopmentof Ineustrystsndards and recomm•nd•tiorts. re*..th. netwOr￿ry and sup The Sectlop.5wlthSn IGEM'S membtfsh0pdd￿trVar[ed prterammtsof eventsenC0rnpa￿n￿teChmECaI vlslts and peper e¥enin8s as well as ne￿OrkIng and so¢01 acti￿tieS. Seleral of these artivitlesare Int•fflathn41. M•tters In 1022 Everyone at IGEMwas saddened to he•rof the of Her Late Male5ty Queen Ellz•beth11, who ch05eto be our Patron In 1953. We I￿ 8ryteful io our resldent 8•s hlst¢ry uperL Russell Thoma4 for PLrttI￿• Gl irticlt tQ8ether tc ￿lebrnt¢ her lrfe and 05%Kl¥tion wlth the8as Irdustry. We a15c mourned the loss of our rnuch-loved collewe, friend ind Past PresldenL Chrls 8ielty. He wa5 much more than a lon8-Siindin£ member and tlreless volurrteer (to cgntlnually Improve the stttor 8nd developthe neXt8•nera￿0nI, but a of the IGEM famllythrouqh and throu8h. Anothtt unexroctsd shuatk*n In 2022was Aussia's Irw•5iw of Ukrnlne¥nd underrtJndlni how IGEM OL4ht to re5p(>nd, Ilke other Professi¢)nal Ery$l¢wring1ft5titutlons were also conslderln8. We were very pleased that we were able to donate £25k to support the supply of crit￿al and Ltrgently needed equlpment to the Ukrnlne ys networkoperator¥ whith we dld in collaborn￿on wlth the ffrle ga5 netMDrks In &ritaln. Publk B•n•fft5tat•m• We have relerred to the lutdan￿ contained in thè Charlty Commlsslon's general iuldance of publ bendt when consfjdering ourAmbltlon. Pricffit¢es and Vabjes and in plann1r￿ our future activftles. Ip. partltular. the Trustees rovtlnelyco.rysider how planr*d xt1¥6￿ WKI contrltthto the Ambttlon, Prforfties and Values thty have s IGEM dellvers benefrtsforsoclety by applyln8 expert15e and experien￿ to make an Influentlal contrfbutlc to solvin8 pre55in8 ener8y challenies In areas suth as58fety, secur)ty. affordability 5UStalnablllty,often by collaboratiThd opeily to enable effeCt￿e xtion. We a150 effert P05itiNt change by supportlns the de¥elopment of ys en￿neerfn6 profe55ionals as uedible participants In a wlder communfty of te¢hni(al praCt￿lO￿tr$. OurMBlnoblecr￿Sfortheyear continyedto bethe wornotitin ofÈwneerfni5oenceasappiied tothe broad 8as industry. and to Imwo¥e and elevate the technica.. knO￿ed￿e of those engaged In the pmfessl*)n ttf 8a5 en8ineerin& The stratt6ie5 we used to meet these obje¢tiv￿ included: En5udng the competente of practlstn88as erwneerSthr0￿fv a ￿thWaY for reco8nition, Includln8 r•8lStratioTh witn the Eng,'neerin8 Ceuntil. Providing memberswith thntinuing profwtonal dtrEl¢)pment opportunittes Includln8free accessto mentorin8 ènd sUPPOrt towards advanoment thryi8h 8rades of membershlp.. Pr¢)viding awarep.ess of technlcal devek*prnents and innoYation5 t￿￿rOUgh publlcatKins. conferences and events, at both rtatI(￿l and Ic￿1 level.. THE INSTITLMON OF GAS ENGINEERS AND MANAGERS YEAR ENDED 31 OECEMBER Z022 TrUStEES' REpoKr utllls1￿tech￿l¢aE exptrti5eto a¢fvlseand SUPPDrtthe Govemmenfs poll¢les on Net Zero, 5pecfficalty devel0pln8t￿hnlCal Standards and re5pond.'n8to usnsultatlons Itffluela￿$latut0ty regulation,. Contlnuln8to develop and publish peer reviewed Industrystsndards aimed at enhancing the procedure5 forthe ￿fe of natural y5 and hydwgen in the artas of tran5rn15slon, dlstribution, uti115Jtion and m¥￿rIn Securtrt8 approval to be an ¥￿t￿rISer of recognised tryIn1￿ provrdw5.' WorkiTW With 5k1I15 partnersto approve apprentlceshipsthat lead to ouallfled 8astechnlciJns,' Prcvislon of stholatshlps and 6rants to indi￿dual5 and oimp8nles undertaklngrewrch, develwnent and innovaticffi, where their area of Interest furthers th* olJiertiiRs of the chèrity.. En5urin8 a selection Off￿ and dlscountel wwsion of semcesareoffered wlthln membernhip services. event placements and a¢ce55 to Technlca,. Standards.. Audr(inE and authorisation of approved gas 5ndustry tralnln6 pro¥ider5: Extendin8 our reach ty devdoplry support for new seatsr5 and In devdopltw relatlonshrfjswlth Indfjl. Our publlc benevit actlvltle5 focusonthe safe p855Bge Lrf8as thffj￿h the supplychalns through toufe use by th* public and by Industr5al ¢urtofflefs, as we,'l as the plannln8for ihdr future eneryy needs as part of an affordab,'¢. just ond secure transrtlon. These aLtlvJtles indude competence aswsn)enL provtsloft ol opportuntties for the contliued demonstratlon of competence through personal ofesslonal development for our member5. and those in the ￿der las industry. In *ddrt￿n. wè support, shO￿85e and linance rese•rch, suth as C•rbon Morloxlde and net zero polty rese•rch. StNrtur•, Ind M•n•ym•rt The InrtrtJtion of Gas Eng'.neersand Managers Is J rryistered tharlty establ￿h￿ In 1863. Incorpornted Ropl Charter In 1929 and governed by 8y-L•ws. whTch were l•st 8meftded In 2fy)I. IGEM has a Go¥em8nce MaftuaL ¢¢mprehen$ vely updsted during 20.9 In¢orffttlng Charter, By-Laws, requlrement5 of Trustees. organlsJtlonal structure. key temis of referen￿ of Boards and Cornmittees Is well a5 Member5hlp Pdllcy and Procedure& Finance Policy and Pr¢¢edures. and IGEM'S Qualtty Policies and Pw¢edures and requirement5 of CharltyL•w. In addttlon. IGEM h•si C(Yffilctsof Interes¢ P￿k¥. The mpin de￿￿0￿ rnakI￿ body of IGEM is Councll. whith ￿ern5 IGEM and owns the strate8y that IGEM wlll adopt and Implernent. It con5i5ts of 27 Tru$￿t5 t4*therwkh other, non-vc*ln& ￿.emberS. These 4re.' Presldent. President Elea. Vice Pre51dem' Immedlate Past Presldent Honorary Secretary 12 Ordlnary Mernbers. 11 Section Chalr5 lor nominated rtpresentatlve]' Chlef Executive Offic•r Cctropted advlsorsto Coundl ' Indtcatesa Trustee memberof Cr￿nd[ cO￿n￿l can iivlte the elEctt¢M or appointment rf any rnernber ol IGEM onw COU￿51 If it *EIs tfr.at they can brfng value, knowledge znd expertlse. &Jme- rustees change at IGEWS Annual General Meeting each year. Ordrwry Members serveforthree year5 aThl Secrion Chair5 ser¥eforat least oneY￿r. THE INSTITlmON OF GAS ENGINEERS AND MANAGERS YEAR ENDED 31 DECEMBER 2021 TRUSTES REPORT Councll IS 5UPPOrted by an Execut(¥e Board thot actsas a steertng commtttetto &wncil to ass(stwith frustee dellberatlons at C¢uial. The Executlve Board conststs of: Presldent President Ekct. Vlce PrE5idert' Imrnediate PaA Presideftt onora,y Secretary A repreSent•tr￿ each from 8a5 networks, the YPN and Company Member5" Co-options lup to two) Chlef ExecutNe Offlcer Trustee mtrnber of Council ' TNsteeorfton-TruAee of Councll IGEM ￿l￿prISeS the l0SloWl￿ entttle5: Instltutlon of G•$ Englneers •nd Manlryers Scholarshlps, Medals, Prfzes and Lectureship Fund H15tory Fund Instittslion of Ga5 EnWneers15cottish Sect(onl Benevdertal￿ Educ¥tlon IGEM House Ltd artty No. 214011 Charty No. 214011-11 Chirrty No. 287678 Charity No. SC006601 Comyfty No. 03093169 IGEM has a 5ub51dlaryiradlns company. IGEM House Ltd tradln8as ￿leetp0[rt Mldl•nds. Thls cornpany undertake5 comme'.citl tradln8 acti￿tIes, and the results are con5011d•ted In these financlal statements.Th1scomparycommeYedtredlryduriry12011 and rentsconferen¢e•nd meetlnifacilttles to thlrd parties. The InSt￿￿tIon has 8 8enevolent F41nd. the In¢orporated 6enevolent Fund of the 1nsritut1￿ of Gas En8inters and Man•8ers. which repwts s•paratefy to Its mem1￿1$. IGEM oper¥tes a number of 8o•rds, Comrnytees. ga1￿0mmittee3 and Panels through whkh It undertakes its educatlonal, technical and admiThslratlve 'nCtio￿. 1GEM benefits frorn the Input of many volunteer5. who 8overn the Instttuvon, run the Sealons. contrfbute to ¢ommittee5, panel5, rnentDdnB and intervlewii& (knr 2022, there were 608 volunteer5 3ctl¥ely Invdved (i IGEM who Ilectl¥e4y prowded volunteer servKts tol•llln8 8,228 hou￿ ￿￿1¥a}efit to fvefull tlcne staff. All Trustees Wveth•rtirnefreelyand rtoTrustee fa￿u*erdti0ry was pald in tleye•r. Detallsof TfU5tee expenses and related partytransacVor• are dtsclosed in note 7t0 the accounts. Trustees are requlred to dix105e a',1 relev7nt interests aid re8i5ter +hem with the Chief Execut(ve and withdraw frorn declsions wher* a ¢onfllct of interesr arises. Al., incoTrtn8 Trustee5 are provrtled wlth training to ful explain +helr rolesand respwslbllitie5 and an inducLion paekage. ThLs Induée5 a copy of -Hcwto be an effertrve iru5tee- publisled by tie Charity Commb%on. together wlth the By-Law5, Governance Manual and sus,,n￿ Pian forthE In5tyurtion. THE INSTITUTION OF GAS ENGINEERS AND MANAGERS YEAR ENDED 31 DECEMBER 2022 TRusfEES' REPORT ThegeTreral membershlp ￿o￿a￿l$ed ifttoe¥ltt re£bxil 5erttonsthrou8hwttheUKarrtl oneovets Sectlon: Far East Dlstrirt Sertio Irish Sectlon Londorn 5othh*m & Eostern Seaiori Midlands Sectio North East & Yorkshlre seCt￿n Nonh West Sertion Scottlsh Sectlon SoLrth West Sectlon Welsh Sectlon Throu8hout the year. the Sect￿115 orynlse a varied woyimme of events encompassing irrformatfve, technlcal presentations from hi8h kvrf.,le spe•k*r5 from w.'thln and outside the ga5 industry as well as so¢iil netr•mrklt)8 opF¢rtunitle5. Them events also provlae 8 va'.uable t￿men¢t0 the on8oln¢ development cf our m*mbers Bnd evldence of attendance cars be L'sed within our CoDtlnuirkg Professlonal Developmert framéwork. In addrtloffl. IGEIM hBS two further Settl¢%￿. w¢h e5tsb115hed to meEt the more speclflc needs th• Indkndual membersh5p 8roup: Industrlal Affillates Settkn. whlch represents Our compary members. These m.embers Include network Jss•t owner operators, 8aJ suppty businesses, compan4esen84ed within ¢hesupptychain. ¢onsultJncSes and educatS¢nal eSta￿lShMeTrts. Youp.g Persofts Nerwork. A key roleof the Sectlon'.s to elve a ￿CetO our yourrfer, often n¥Jrelunlor. members and to encourn8• them to pl•y an attive part ￿thin the InstitutKJn. Aswell as belnz 8ssl8ned to geographk81ty defined Sertion. all of our rrwbff5 undet the ageof 35 I￿ Included wlthin the auspke5 of the YPN. The fl45hip event of the YPN Is its papèrc¢mpetltlon. The winner of the YPPC 2022 wa5 Emlly Mulcolr, of ￿r￿etOn v4h￿e, whose presentptlory ￿50T¢ Modellln8Grid Stsbllls*lon usin8 CwtJlled Wlnd & Ltquid H2. Co¥1&19 Thè C¢wd-19 pandernic reSu￿ed In some ¢halleryes forthe Industry and the Instiiutk?n; Iw)weverthe secretarièt have now moved tts hymd worknng between the offl¢e and home. Polttlcil Donattoni and ExpendI￿rn No contrlbutlorts have been made to any p￿rtka1 wrty In thi5 fina￿31 year. A¢ho•￿M￿nt •nd P•rfomian IGEM maintalns ISO ￿1..2015 qualtty accredltatlon. IGEM 5s Il¢enceil byihe EnyneerlThgCouncll to assessOn￿1dates for Indu51on on th* n4ttoThal register of profwional enwneers ap,d tecP.nicians. to rwnise academic pro8fdmmeg and profe55ional development schemes and to monttor the Corrtinuin8 Prof￿ana1 De¥eloprMnt of rew5trar,ts. THE INSTITUTION OF GAS ENGINEERS AND MANAGERS YEAR ENDED 31 DECEMBER 2022 TRusfEW REPORT iembership servlces recr¢Jlted and supported Ir*￿.bersdU7￿tfveYear. tndudlwdellvery of Me￿nI and Coniinulng ProteMioMI Developrryent. L8psed or V,ovem•nt IndlvldLMI Members Opetsing New aosln8 Hop.orery Companlen Fellow Chatered Membef Incorporated Mernb En8lneepn8 Technpo4n V.ernber ember Man?ger Assoclate Member Graduatè Assoclate Gas Tethnkl•Tr censed Gas Technltlan StJd•nts Total 22 21 220 227 Im6 377 693 19 55 34 62 354 n4 120 14 117 97 474 loo 506 ioi 22 117 134 94 18 106 14 iio 33 Afflll*.e M•rn.b¢rs Oponl Now or Movement C￿￿rnI Sm•,'I11-S empioye•sl Small- Medlum 16.15 em edium11 6_99 emphyeesl Medium- Large IOIF499 enjl ees ar8e1500+ eTrp'.oyees1 Houslig Partper Tot•l 97 20 12 105 98 67 71 25 24 15 362 19 J90 Hiqtr,liknts for 2022 indude the InStit￿b)n'5 En4tneerfp8 Councll licence for profes￿nal re815tration and recoonRion of l•arnlng pro8ramm•s beln8apwoved fora further flvtyears. our annual CPD samplln8 exerclse cc•ttlnutd and irthldual feedback was provlded to those who 5ubmtted a CPD record tts 5JPPQrt them wtth th￿r CPD lournry. Two members had to be removed from the re8tsterdJeto notF Com￿l3r￿e. A program ofawordlnggraits and 5rMlar5hlps wcgressed.wth a h18* qLalltyof appfTht',ons reSU￿rn£ in three urwjergraéuate xhohrship¥ awarded to suprM)rt *',evarrt 5èttor studie5. io THE INSTITUTION OF GAS ENGINEERS AND MANAGERS YEAR ENDED 31 DECEMBER 20ZZ TFtUSTEES' REPORT IGEM dévelops and prothxes Tethrkal Standards with re(*e¢l •¢¢¢vitses indudin8 research, record management. tralnln8 and lia151n8 with IndLstry and extema., stakeholrlers. Selected Stsn(fards are rnade available for a redU￿d rnte throJ8h the Gas $3fe Reglrter. Th5s supports (¥Jeratlves worklne In the downstream settor to enable more industry repreSeThtat￿s to have affordable ac£e&s to Standard& Working with the tethnlcal commrttees, expert pantls working groups. rnember5 and volunteers were Involved In 118 rneetlng5. re5uf(ing in the department prodJdn8 273 tt¢h?tcal papers and publlshl48 14 sta4dard5 throuiloutthe year, these ￿Te.. IGEMIGI5 G35 in Mu￿1•¢¢￿jPan￿ry bulk4ln8s IGEMnG/I Supplerrent 2 Oomestlc tralnln8 SpKifi(•t¢on IGEMIG/Ii Supplement l Re5pondl?8 To Domes￿ COAI?rmActfvatton5 IGEMfvIli wlth Amendments June 2022 Referew st3ndèTd hydrolen utIll￿t￿ft IGEWGIII wtth emendmentsjU￿2Q22 G•5 Industry unsaf• sIt￿tionS procedure IGEM/upI19 EdTtlon 2 Des1￿ Ind appllcation ol Interlotk devlces and •5$0ciated 5VStems used wlth ps applSantt Installations In ccrfnmefcial catering establlshments IGEMIGMIPRSI3 wlth arn,endments lufy 2019 andJuty 2022 Meter Re8ulator5for 8Ds Ilow rates not exceeding 6m3 h.1. and inlet pre5sure5 not exceedin8 75 mbar IGEMIGM/6 Editl¢n 3 Nor¢rflomestit me.er Installatlons. Standard Oesl8ns IGEMWPIII Edttion 3 ￿pplIMent l Guidance on 8•s installitlons for thè maMgemert and staff wf(hln educatlonal establishments IGEMfi D13 Supplement I Steel and PE PIF*line5 for HydrryenlNatur•l Gas 81end5 01strfbuth)n IGEM/b'PI9 Appllcitlon of N4tunlGasAnd Fuel Systems To GasTurblnes IGEM/G/13 Domestic Supply CapKItyAnd operati￿ Pressure At The Ourlet OlThe Meter IGEMISRI25 Supplement i Ha28rd Area Cts55rFkatlon Of myth￿Sen InstalL4tlon5 IGEMIGLI8 Aeporting And In¥est*aVbon OfGas Related In¢idents n resp￿Se to the UK G¢)vemmentrs cammltment to 4rhleve net-iero carbcn emlssk)ns by2050, ¥ rnn8• of researd) and demcnstrntion prDiects are underway %0 lThvestl8ate the fe35ibl,'lty of u%ni hydrogen In place of natural gas withln the natk?nai tr4nsmlssfjon and di5trfbutlon 5ys:ern. In partlciilarfor these projects to achleve their full scope of wort ft Is rem8nised that enwneeriry Standards wlll have a crltlcal role. The vdro8en Comff.ittee, chal￿d by Kelth Ow•n of G45 Network5 INGNI, pfr￿ded the 8overn•nce and leadership in t￿.e productton and th• develo￿ent of 7 nert hydrogen 5tartdards. Thts IKluded a mechanism fof perforrnln8 hazardous area Chassthc•t',on fo* hydro8en lTrrallations. The IGEM/SRn5 Standard is used to undertake such assessm*r￿ for natural gas iftstallations •nd a supplement has been produced to coverthe requirementsfor hydrolen or hydrogenlnatural gas ￿ends. Work is Currently beln8finalised w￿h DNV on th• productloi of a nwrf Halardoug Area cafjculatorwhlch wlll cover hydrogen and blends and Is expected In earty 2023 ¥ior members and the Indut¥ry- Ouringttrie yearworkwas a,'so ctsmpleted on the IGEMnD13 supplement for dlstribu:ions systens usln6 hydrogen blends for r￿warnd repurpJsed networks. Towavd5the end of 2021. anagreernent was made wlth 8EIS forthe fuftdin8of hydw end user standards and t￿,e implemepthllon ofa coMpe￿n¢efrIrneWtsr< Work1￿ Ni a consort(trm with Eneryy and Utilty Skllls. The FGEM workln8group, chaired by grRlchard Marrow. was set up to delwerthe stsndardsto support th• tralnlngfor engineers workin8 on the Commuoity"&rial& Members irKlude Global Ener8y As50dates, Blue .e. En•r8y A55ets, Simmons Con5uMn& DNVar.d Kkn. li THE INSTtTUTtON OF GAS ENGINEERS AND MANAGERS YEAR ENDED 31 DECEMBER 21n2 TrusrEEV REPORT The worktnÉ Èroup oversawthe update to the IGEMfvin reference standard for hythogen utlllsation and work began on two new 5tsndards forthi5 prolect,. . IGEV.IH/2: ErtablinAStandard Idomestic). . IGEWH/3.. EnBbliryKstsndard Icommerdall. Both standards are currentfy oft the Se￿nd workir* draftap.d on tsryet for productt¢n in Q4 of 2023 once the Industry resetrch ha5 been completed l? the key 8•p area5 ulldln6 On the succesrful launch of the Hydro8en Kr￿ledge Centre In 2021. the dlltal r•s￿￿Ory, d•dl¢¥ted to the advancernent o.. hydrogen leaming Ik>￿[1¥ •nd supportin¥ the trJn5itKJn to a net iero carbon eml¥kn5 future, continues to go from r.ren6th to st..eftgtl. At Its core, the Hydrogen Kn¢)wled8e ce￿￿re •nable5 learnln8 to be 5ha".ed ¥Ath othen, throu8h ? Careful￿ cu7ted, compreh•nsive and 8rowirwd*abase of intornatknn the wldest posslble range ofsource5. The repository, managed by a dedKated tegn at tGEM, h•s grown to include oyer 3,8CO re4owces, from 320 credlble sources. across 70 countrles. Bytheend of 2022 the platftym hid been accessed on 8e 3.355 tlme5 permcmth wllh around 240 dtr•ml￿d5 per month. IGEM was dell8htsd that thls v•luable resou￿ ¥rns reco￿sed by thethw knstttutlons for In 2022. The EIC nominatlon foran Enerèy Innovatlon Award. the Heatln8& Ventllatltsn New5 Aw•rd5 for Coll?boratlort of the Year and ihe p.Tr5tlglo¥'s Merncom Excellence Awards where thèslte recelved a hiihty commended award ft>rthe best E4eamin81 cknllne Educatknn Inf(i•tl¥e. The tralnln& events Jnd conferences wo8rnmm• Ir￿ to • wst-COVID set-up With a of In. p*rson, dl8ltal and hybrld actlvkles thrts￿ the year. The Slr Denis Rooke Memorial Lecture was delivered byThe Rt ￿on Lord Deben. Chalmmn of the cl￿te Chary* Commlttee and the UK'S bn8est ever servln8 Secretary of State forthe Envlronment11993471. He spoke akjut the UK'5 net lero th4llen8e, Including the potentlal role of hydro6en. and afyd tor a balanced aPpr￿th to the future energy SVS¢em. Ga5 UtlllsatTon-TodJy and Tomorrawwas held at the NationJl Conferertt C4ntre In March, fotU5ed on key Breas In thetransitian to hydrogen and was almed at th95e workln8 dtr*nstream operathins tc rals• *Warer￿ ofwhat thty to doto prepare for the futUf*. The Policyconference inJu',yfeatured keynote speaKer5from BE15and thealmate char￿ Cornmlttee, and looked at thé next Steps for hydrolen and the e￿￿ence gathering to support dec15K1rt-ma￿r￿ on the role of hydTrJ8en In our net iero ener8ySyStem. lGE￿$AnnUII Corference broughtthe latest insightsfromthefront lineof t￿*￿er￿transltI0Tr. wilh 5e551ons dedicated tothe Ga5 Indus:ryToday' the'.ron Matns Alsk Reductlon Pro8rnmrne.. the Safety of the,Network and Delivering Hydro8en, thts fia6s%lp eventattracted anaudl•nceof over200dele8ates. In1￿ments IGEM'S Portfolio of l¢westrr,ents a￿ managed by Rathbones Investment Management ￿ld wf(hin their Core Inve5tmer.t Fund for Chari:les. Perfom*ice is measured agaln5t a pre4greed comp05tte benchfftark of markEt indlce& Tr.• .'nvestment obJ'eLtNe5 for both the UnreStr￿ed Funds and tt%e Re5trlcted Funds are to be ba5anced managed fortotsl return. THE INSTITLrrioN OF GAS ENGINEERS AND MANAGERS YEAR ENDED 31 DECEMBER 2022 TrusrEES' REPORT During the year tht IGfM portfollo values have deueased by è tr¢•1 of £524,35212021.' Increased £472.23SI belN4 12.3% of the openlw *dlue. represents e *nlflcant decrease from last year. In add￿ltsn. div,'dends earned are £g).63112021: £84.n41. 1022 Anandal Rv41w Fundssthmm General Reserve Develo￿ent Fur P￿OpertY M?intenanceReserye 9CLI.L 1.412.650 150.L 569.816 536,IC8 50.209 o,c(•) 1,775.653 150.OC4) 719,691 631091 258.612 14.50) 171,844 ?,237 1,244,347 5.873.975 Ga5 InnoVat￿n Hydroeen Standard5 Innovation F￿d GIUSP Sertlons i5tory pro￿rty￿AS￿ts 166537 7,154 L216,619 5.016.094 Th• In5titutlon's reserve5 are held to meet Ikblllties, working (apSts1, ijperntion$, researth. edu¢ation and future developments to benefft merr.bers. atstomus and support the 8a5 industry in a vlabie and 5UStainable manner. The Otvelopment Re5er¥e 15 for future Investment into the devtloprnent of the Instltutlon artd to faclltt•te ihe Investment Inw the enerw trnnsfornatfon that Is f•cln8 the Industry. Ift 2021, after a strate8ic revkw the Councll had •pprgved the fundln6 for the Digital Evolutlon and Eniioement Prolert (Project DEEPI up to £250,CO) wrth IO% contlryncy from the Devolopment Rt5erve to UP8rnde IGEM'S CRM swem and Webyte. The Council had also zgreed that £1w.0￿1 bt allocated from the o￿e10￿nert Ruerve to a new hydrogen soc*[ community network Itttled Sph2erelwith the YPN Commlrtee. Both project5wereMarted in 2021 wlth ¢ortlnuation In 2022,. DEEP prolert e¢rnpleted in 2022: wlth Sph2ere planned to cornplete In 2023. The Generdl Reserve are tha free reserves, held at a value of uptoappr0x1rnate￿ 6 months expertditure. currenrfy set èt £900.0 which prO￿deS adequate rtsilience to m•inio'n Iv4uidtyand mttiKate rlsks. Thè Re5trided FUNJS were repurposed to enable lftcreased application of the funds irt or￿r to m)ke proper use of them In Ilne w¢h tttelr oblectlve& Total 4￿unds held bythe charlty at the end of the rewrtlns pertod are £5J116,094. Thts Isconstituted of 8en•ral, desi8natid and restrtcted fund5 a5 dthlled beknv. Restrkted L190.653 O*nated L71M822 Fixed A￿ets 1,216.619 The expected timeframe 0fexpendff(U￿ ofthe d￿¥na.ed and ￿stritted fundswill be In line wtth tht external epviroRmertof transition of eftereyover the decade to 2030. The amourrt of reserves freely availab,e ta the charity. alter aliown8 for ￿strICted fuThts. coTr.mitted expend￿￿￿, asséts and designatwjis are therefore £900,Crn and is in l1ftew1t￿ thè reserve pol! Further detaiis of the fur.ds he.'d are induded in Note5 16 ar.d 17 tothe5e fin8nclal statements. 13 THE INSTITUTION OF GAS ENGINEERS AND MANAGERS YEAR ENDED 310ECEMBER 2022 TrusrEEY REPORT Rl&k Man•4em•nt The Audit & Rlskcornmittee Is responsiblefor pr￿Ildin8 a roknt risk manayment framework with effect contro15 that are integrated to tbe opttatlonal management of the Instltution. The cornmrttee oversees quality mana8ement ane 8o¥emance processes ir.dudin8 health. Safety and environmenL quallty assuran management system that complles with BS EN 150 9(KIl..20￿ standard aid also a ¢omprehen5i¥e rlsk re8lster to idéntfy, monitor and Improve a)ntrols embedded w￿h1n the oryanlsatlon. The risk rew'ster has urrdergone a full r￿•W and has tseLY ￿MplIfied into a new fomat that has dashbowd vl*w5 for headllne rlsks. 5trttèBies for mana8in6 these risks Include the mairrten3nce of ide￿.1fted protwesthat specifitally rn￿￿te the rlsk and a resular￿ revlewed ¥rtron planthat js considered to Prn￿de further mltl8atton. The Secret8dat are respOns5￿e forthe identfflcatlofj of ri5k5 and theeftecttveftw of manalemeftt •ttitsn to rnhl68te a0￿r5e performarbce •8ainst the BU￿nesS Plan. Th• det•lled plZnfti￿ and exe¢uYon of ¢>blectives and *ttK)ns, resultln8 from risk rv4lews, are managed at an op*r*ional level within t*e Secreta￿￿•t a￿d are overseen by the ExetutNe 004rd. There 15 sn Inteyated man¥yrnent syst•n thèt Ilnks rt*s. strategle5. obJeLtlves and ￿tIonS, mBna8ed bythe Chlef Emer￿￿e Officer. In 2023, work wlll contlnue lft mgnlto￿nBthe govémance of IGEM through fln•nclil ¥lablllty, contlnued evelopment of fin#nc¢al polity artd pr￿dureS and the 45se55rnent of financlal rlsk. Thts wfll be monltored, measured and reported thro¥h lorecast review5. audlts, development of key perform?nce Indleètors and re8ular reportln8to ttte Man4ement Team, Audlt and Risk Commlttee, Executive Board Ind Councll. ProvI￿on ￿ Infomirtlon to th• Audftw. So faras è•¢h of the Trustees are 4war* atthe tlrne the rtm opproved: There ts relewdnt audlt InfOrMa￿On of which the thari￿5 audttors a￿ unawar¢ and The Trustees have taken all steps that they o￿t to have tsken to makE themselves aware of anv relevant audit Information and to esta￿lsh that the auditorsareaware of thatlnfomwtlon. Th(s reportwas apwoved by the Councll oAII.Ala%21123.- and on it5 behalf. D￿[11 P¥rkfn President 14 THE INSTITUTION OF GAS ENGINEERS AND MANAGER5 YEAR ENDED 31 DECEMBER 2022 srATEMENT OF TRUMES. RESPONSI8ILmES The Trustees are respoftslble for preparyng the Trustees. Annual Rep¢)rt and the ff nanclal ststements In accordarKe wlth èpplicable law and United ￿ngdoM Acc￿n￿n8 Standards (United Kingdom Generally Accepted Accoufttlng Prdcticel. The law applicable to tharitles In Endand and Wales reouirestheTru5teesto wep3￿￿nIn¢IaI statements for èath financial year, whl¢h 8lve a true and fair view of the stste of affair5 of the th¥ity and ol the iftcomSn8 rèsources and appli¢atl¢n of resource5 of thechaftty forthat perlod. In prepadn8theseftnandal statements, the Tn￿tee5 are required to.. select suit•ble acc¢yj*tl￿8 ￿￿'Ès1nd •pththem conStstertt￿. observe the methods and prin￿￿e$ In the Charitles SOAP.. rnakelud8mefts ané *srimates that are reasonable and prudent. state whether ap￿1¢¥ble accountln8 $tondards have been lollowed. sublect to any departures dlsdosed and explalned In the finandal statements: and prepare the accourtts on i 8oln8 con¢em basts unles5 It Is Inapproprlate to presume that the tharlty wlll contlnue In buslness. The Trustees ar• responslble for malntalnln8 proper accountlng records, whkh rflsdose wlth rea50n?ble accurKy at any tlme the fflnancial po￿tIOn of the Charity and to enable them to Ènsure that the a¢￿Unts comply with the Charities Art 2011, the Charlty IAccounts and Reports) Regulation$ 2[￿18 and the provisicns of thetru5t deed. Thtyare also responsibte forsafe8uarding the assets of the charltyand hetKe for taking reasonabfe Steps for the pre¥enUon and deteLtkin of fraud and other lffegularldes. 15 Hacker Young UHY Mackttyvuw UP 14 P&* Rtyl NG16GR INDEPENOENT AUDtfOfS REPORTTOTHE TRiJsfEES OF THE INSTITUTION OF GAS Ef4GINEERS AND MANAG Oplnlon We have audlted the flnanclal statements of The Institution of Gas En8lneers and Managers Ithe"Parent Ch8riVI and Its subsidmrles Ithe "Group") for the year ended 31 De¢eml)er 2022 whlch compN5e the consolidated statement of financlal activ1¢￿. the ¢onwlidated and thartty balance sheets. the consolidated cash flow ststement and rwtes to the fiftanctal statements, indudlnB 51gnificant accountin8 pollcles. The finan¢ial reporting framework that has been applied in thelr preparation is appllcable law and Vftited Kin8dom AccovnttnB Standards, including FAS 102 The Financial Reportlngstandard appllcabte In the UK and Republic of I￿land {United ￿ngdoM G￿trallY A￿pted Acco￿tIng Pr4rticel. In our O￿n10ft the flnan¢ial statements.. glve a true and falr ￿eW of the state of the 8r¢yJp and charltvs affalrs Is at 31 December 2022 and of it5 Incomln8 ￿SOUrceS and applica￿On of resource5 for theyearthen ended,. have been properly prepared In accordano wth Unlted Kln8dom Generalty Accepted Accounu Practlce,. and have been prepared In accordan￿ the requiremerlts of the Charttles Acr 2011. 84sts for oplnlon We condurted our iudlt In accordance wlth Internatlonal Stsndards on Audltkng IUKJ16As IUKII and appllcable law. Our responslbllTtles under those stsndards are further de¥ribed In the AudIt0￿S responsibllitles for the audit of the flnan¢ial statements sertlon of our report. We are Independent of the chaTIty in accordance with the ethlcal requirements that are relevant to our audlt of the flnanclal statements In the UK, knduding the FRCS Ethical Stsndard, and we have fuffilled our other ethlcal responslbllltles Irt a¢cortlince with these wuirements. We beliwe that audft eVIden￿ we have obtslned Is suffi¢lent and approprlate to provlde a tsasls for ouroplnlon. candu￿onI r•lolltwto lo1￿ conc•rn In audftln8 the financlal ststements. we have cOndUd￿ that thefrustees, use of the 8olng concern bèsis of accoufttin6 in the preparatlon of the finandal statement is approprIa￿. aased on the work we have performed, we have not Identifted ary materlal un￿rtaIntleS relating to events or condltlons thaL indiv(dually or collethely, may cast 51gnifi￿ttt doubt on the charltys ability to contlnue as a goln8 concern for a period of at least twelve montts from when th• financial statements are authort5ed for issue. Our re5ponslbllities and the respun51blltttes of the Tnirttts with rw to 8oln8 concem ar• ducribed In the relevant sectlons of thts reporL Other Inforniltlon The other information comprtses the Inftsnnatlon Induded in the annu81 report other than the financlal statements and our auditorfs report thereon. Thè Trustees a￿ ￿SponsIble for the other infonnatlon contained the finanaal statemènts. OL'r opinion on the financlal ststements does not cover the other Information and, except to the eKtent othe￿ise expliclty ststed Sn our reporL we do not expre55 any furm of assurancè conduslon thweon. Our regF)OnSi￿1ify is to read the other lrtft*rmatlon an& ift doln8 so. conslder whether ￿ other information Is mateTially Inconsi5teryt with the finan¢Èal statements or cur knowled8È obtsined In the ¢durse of the audit or otherwise appears to be materiauy mlsststed. If we identify such matertal 16 Hackeryoung 14 Path P•yw Nfj1 6GR INDEPENt*NT AUOITOIVS REPORTTO THETRUSIEES OF THE INSTITiJnoN OFGAS EN(aNEERS AND mAN￿ER5 inconslsterKles or appa￿Tht material misststements. we are requlred to determine w￿ether there ts material m1$5tatement in the flnandal statonents or a mater(al m155tstement of the other Information. If, based on thework we have performed, wecondude thatthere Is ? matedal misstatementof this other infomiation.. we ore requlred to report that fxL We have nothln8 tts report In thls regard. Matt•rs on whlth we ire r•qulr•d to rnport ty ex¢•pt In the li8ht of the knowledge and understsndin8ofthe chartty and hs en￿rartMent obtalned In the cou￿e of the audlt, we have not identtned matèrial m￿StateMents In the Trustees. report. We have nothlng to report in respert of the following r￿a￿￿eT5 where the Charfdes Art 2011 requires u5 to report to you If. In our oplnlon: adequate accountin8 records havo not been kepL or returns adequate for our audit have not been rece¢ved from br3nthe5 not vLs(ted by us,. or thè flnan¢ial ststements are not In agreement wlth the actt+untlr4 records and returns: or certaln dlsdosures of Trustee5' ￿mUneratIOn spe¢if¢ed by law are rKJt made: or we have not recelved all the inforni?tlon explanattons we requlre for Our audlt. R•sPOn￿bIll￿•s of Truts•s As explained more fully in (h¢ Trustees, reSpons￿lItIeS statemeftL the Trustees are responslble for the preparatlon of the flnanclal statements and for bein8 5at15fled that they gfve a true and fair vlew, and for suth snternal cortrol a5 the Trustee5 determlne b necessary to enable the preparatlon of flnandal ststements that are free from materlal mlsststemen¢ whether due to fraud or eThor. In preparlng the financial statements, the Trustres are responslble for assessing the chart￿5 ablllty to continue a5 a 8oln8 concern. dlsdosin& a5 ap￿kable, matters rdated to 8olng concern and usin8 the 8oin8 concem basls of ac¢ountln8 unless the Trusttts either Intend to Ilquidale the charity or to cease operattOr￿ or have no r&115tic alternatlve b￿t0 do so. Audltor's r•¥Mslbllttl•sforik• audlt 01th•fln￿￿ll rtat•m•its Our objertlves are to obtaln reasonable assuran¢eabout whether the flnandal ststements as a whole are free Irom materlal mlsttatem•n¢ whether due to fraud or error, and to issue an auditorf5 report that Indudes our opinlon. Reasonable assurance b a trt*h level of assuran￿, but 15 not a 8uarant•e that an audlt conducted in accordance ￿th ISAS {UK will always detert a rnotertal misststement when It exists. Misststements can ailse from fraud or error and are cvn51dered materlal If, indivldually ¢r In the a88re8ate, they could reasonabty be expected to Influen￿ the eCor￿Mi£ de(islons of users taken on the sls of these flnan¢lal ststements. Irregularfties, indudlni fraud, are Instances of nOn•com￿lan￿ wlth laws and re8ulat¢ons. We de518n procedures In lirte wfth our responsibilities, outlined above, to dw.ert moterial mlsststements in respect of irre8ularities, Includin8 fraud. The extent to tlthith oJr procedures a￿ capable of detettlng Irre8ularitles. Includln8fraud is deLiiled belnot presented b￿u$*the charlty hastsken •ty•ntr4e of the w0￿5￿1$to not dtsclose. Funds held by the charty •re'. unrestr1rt￿ generni fvnds. thesefundsun be h•ttordinee wfth the thar]tsbleoblectsattht d15cretlon of the Trustee5. De51gn3tedfunds-theseafe fvndsset•￿dt httheTrusteesO￿0f unrestr*led yneralfvndsfor$F4dfl¢fvture purposes orprolects. Restrlcted funds- these fvnds c•ft only be used for p*rt1oj￿r restrf¢ted PUfpose5 vAthln the oblttts of t th•rfty. Restrfcitms irtst specLfed bythedDnor. Idl Inc•Min¥reswr￿5 I Income15 T￿o￿ls¢d w¢e thed￿ty has entlljement to the Incorn￿ It15 prcts*￿e thatthe Incorne wlll be re¢elved and the amount ot Income reces￿ble be me•sured r•fi•bly. Volunt•ry Incorne 15 3ccounted for ¥￿￿1 ¢ece(¥ed. Incorni￿ res(w￿e5 represents the ¥mount receIva￿e dur￿.1 the y•ir In respect of subxrfpttorts.fets and other IncomÈ. Dl¥ldEnds are recognlsed once the dividend has b*n de*&red and nowlcawon has been Tecelved of the d1￿denrf dL*. Thls is nonnally upon n￿.￿ratIon ￿ our IrwÈsfrwt advisor of the dI￿den￿ WEld of the I￿vestrn￿lf portfolki. Where Income Is received kn ad¥an¢erfpvlovmance, its rec￿n￿on Is delerTed and lThguded lrt tredhors uni the contract Is pttlorrned. Membership subxr1p￿Ofis rthed In •Lfrnnce are deferred and irtduded In creditor 23 THE INSTrrLmoN OF GAS ENGINEERS AND MANAGERS NOTES Ta ThE FINANCIAL sfATEMENT5 YE￿1 ENDED 310ECEMBER 2022 ACCWNnNG POUCiES lutttlnwd) {*) •xwdod Ewdlture Is recognised 0￿￿theJe ls& les•1 tr¢MStruttive obllg3Won to mlkn a paymertto athlfd porty. Is probable +hat 5etYerr￿t V4iM be fequlred and the irnourt of the 0i4*•iim ¢8n be measured remabfv. Exwndrturels dassif..ed under thelolicrMn8 aCti￿ty he•dIn￿.. costs of ralslfiifvkbls include those costs Irrtu'rred In themanagernent of the tharltsls Invertrnent portlollo. tharttat4e artlvltles liclude eypendlture assod•ted wrtth thE obletts ol the charlty arKI In¢ludt direct costs •nd siJpport¢orts assoclitedto these •dMtle Irreco¥ernble VAT is£hprKed as a cost aylftA the xtlthfo*whlth the ewdlwfewas Incurred. (fl T•nlbl• Ax•d As*ts and ow•d￿l¢n Indl¥hJual fftxedjssetscosiiw £ll￿ N more I￿ caplts.'1sed •tCOSL Depredotlon Is not thèryd on frethofd ljnd. Oeprodithn on otherun8ible flxed •$sets Is provlded t? *rlte aff th¢ costof fl¥ed •sS•tstoth•'rresIdu•l¥ai￿even￿ overthdr e￿rnated u5efvl Thves, whlch Dre a5follows:. Freehold prop FIxtU￿ & F',ttln85 Computer equlpmwrt 50 years 7 ywr5 3 ye?r5 Monetary assets and Iljlylltles den0ft￿nItIrf In lorelsn currencles •re trandated Into stwllni It r•tss of exchan4e rulln8 It tho batsnce sheet date. Tran5actlons oJrrendt5 ire tran5tated Into Sltrflnia4the rate th• thtt0fthetr￿SItt10fi. Exchan¢e 4alns arTrd10sses •r* w15td in the statement of ftnandèl athltles. Ihl lThv•rtments Investtllents are i forrn of b•9¢ fiMr.¢l•l InstNrp.ent and ire Initi•lly recOKTrl￿J at thelr tranuttion value ond 5ub5equently measured at thelr falr va&¥e as at the balance shettd•te u51n¥ the c1051n8 quoted market prlce. The 5tsternent of financlil acL'btties Indudes the net 8alns jrrtl k5se$ Dn revaltsadon and dlsp05019 tnrousho￿ theyeir. The ¢h•ritydoes not 1¢q￿re wt¢PtiL)ns derf¥aVbYsorotherc¢ryI￿ ftnanoal Instrumentk The maln lorrn offfnancl•l risk10￿d bythedwwlty15thatofvotatlbty in equitym•thts InVestM￿tma￿lèts due to vAder ecofton* condtfons. the •ttrtude of Invemrs to Investn￿t risi and th4nDs In Serttl￿nt concemlni equi￿￿$ and wthln Partk￿ar s¢¢w￿ w sub Sectors. 111 plns *td losses I plns and losses )ret•kw to the StatemertoFWnanoal A(tMtOesas •rfse. Rea115ed galfts losses on nvestrnrt5 are calculated as the diffevKe bttween ules procetd5 and thelropertTng carryingvalue or the purthase ¥alue sF•cqutred suts*queittotle firrtéay ofttefjnin¢iol year. Unreallsed galrts and losses 24 THE INSTITUTION OF GAS ENGINEERS AND MANAGERS NOTES TO THE FINANCIAL STATEMENrs YE￿1 ENDED 31 LJECEMBER 2022 Att￿l￿N6 pouaES I￿ndn￿e￿I 111 Realtsed ylns aftdlom are ukulatèl a5 the d￿rer￿e l)etwetn th? hlr ￿l￿e at the ￿r-eTrd and th*r catyni valuts Realised and uftreallsed Investmentplns and iossesaf• Cornbtr￿ In the StstemeTht of FlnarKla1Ac¢f￿Ue1. Ul ass•ts The Insiitutk)n possesses i of reylla and r*morabl1￿, •nd • cdlettion of Ilbrary knok& These Items are A"éld forthefurthern*teof the InStt￿tIon'S oblectsarnl are ¢onsldered herltsiea55ets. WhLYe her¢th¢e 1s5ets Ire donatoj. the Truste¢S COP51der that In the Obser￿ ol rellable co51 Informitioft, the eyense uf detemiininK4 rdlable valuatbn of these *.ef4cts Is Or.er￿'S comp•fed wlth the Iddl￿onI1 benefit derfved by u5ersottheaxountsln asses>fj£theTru5tee< stewardshlp of the assets. Herltaqe assets ar•glftod and are ihereftsrt exduded from the b4ian¢e ￿.eet In •ccordance wlth 18.14 of the 50RP. Wltrt herltaqe assets a* purthèMd. tr.e purthase costs•ry uwtsllsed In the b*•n¢e $heet. Ik) Cath equtv4•nts C•sh ind cish equlv•lents Intludttlsh •tbank•nd ush Inhtnd •svrtH is short.to￿ hIts￿lIquId Inw5bnents %￿th a short matadty {ret0￿1$*d short.t￿n liv•Jlwtsl. Ul Pen￿0￿$ The Irk5tltuilon m•keJ p•yments to defineil tontrlbutlon penylw or* behalf of qualrfylnr employees. Such corstrtbutlons •rq chir¥eé lry the state￿nI of Rnan¢l¥l Idvltltt when mide. The contrlbu¢lons •re irtvt5ted sw•ratetyfrnm the Inst1t￿b)n'5 asjets. Operavni le•se rentsls •rethar¢ed ¢h i strni8ht-Ilne b•4soNwthe lease term. Thecharftyls exemffj from t•x on In￿me ind y.'n5 f•lllry &￿In se¢Wth) 505 ofthe Tixes Art 1988 or serton 252 of theTaMtlan of Charye•￿tG1inSACt 1992 totheertwt th•t tP*se •re•pplled to tts charltsble obje£ GoveMMe.ttir*r￿arerttr1n￿3tthefI1fw[￿eof th•1s5etrecelved orrecthable whery there is reason•ble aSsurarKeth•t theArant¢ondtlons7hlll be met •nd the y•nts ￿11 be rettived. A yant that spedf.es perfomtlnce condthns ts retow15ed lft lftcorne when the perform•ne5 00 10,088 U58 zio 3￿￿72 359 186 The In5th￿.[On Inkl•lly Identlfies the costs of its support hjnct1c￿s. It ￿.ert Identsft*5 those ¢oMs that rtlate to the iL)V•li orKe functyon. Flivlrtg identified ltsiovernance costs. the rem•lnln¢ support costs ioletherwlth the govemante costs IppW￿Oned between tle ffve key cladtsble •cUviVes undertaken lset note 41 In the year, b•s•d ort the lnc0meiene￿ted for these tr￿￿￿ble NEf OLITGOING RUOUIIQS Thls b stated after char*n DeFYe¢latl¢)n OlTan￿ble Rxed Assrts Oper¥tln8 Lase Rentsls Government yants repaldllrtcew) 29.198 4,677 52,382 Audlt ènd AccountsncyCh4r8e5: StstutoryAudr< ioJoo 28 THE INSTrriJnoN OF GAS ENGINEERS AND MANAGERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 srAFF c￿T5 Thea¥*ay monthhy numt* ofernplO￿ dwln8theyearwa5.' 2021 No. Offke and v.•n4yment Stsff Qtsts.. rect Salafle$ National Insurance Cortrfbutlons Pen￿On C£￿t￿bUt10nS 806,454 93,599 113,723 L168,182 76,Q73 99.066 981,593 The numbv of emp￿0ve¢SwhOse •moluments 15 defined frKtayadon Purpo￿ •M￿ntIn& to 0￿r £60,CW In the Y￿1￿$1$fO150WS'. 2021 t40. £60.0(X to £70.CQQ £70.000ts E80,(100 Ego,rKa tc £1￿.¢00 £iiO.000 to £￿0.000 Per￿art contdbutlons reladw to those st•ff urnln8 o¥er É60.LIXItOtslled £SL75612021.' £48,662). The Trurttts ind fflernbers of the Cwnal re¢el¥ed no remunff•ti￿ durfnl the ye•r but trnvel ¢¥pen￿ of £2.529 w•re pald to 7 coundl member$12Q21: £481 to 3caundl membersl. Tr,e Instltutlon considers its key rnar.aprneTrt per50nnd to com￿Sethe thief Execut(ve Offlcerand senior m)na4ement team. Thetota! eM￿￿menttsenefftS Ind￿l￿6Qrn￿oW pensk>n contrlbutlons of the fi¥e12021.. eL¥htl kym1nl8ery￿t personrd were £439.60212Q21: £411,0691. NETGAINSON INVESTMENT ASSErs De*i•ted Atnds Totsl Tot•1 Fund• Funds Gatr.50n disposlls et unrealised Ilossl 18alns on reva',U3￿an t? marke¢ value 676 193 L144 1341.418 3qO,741 525.2211 (514J521 474135 183.610J 29 THE INSTITUTION OF GAS ENGINEERS AND MANAGERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEVAER 2022 TAN6nLÉ RXED A￿$ Group and lnslltutlo Yanlbt* Fl%•d Ass•ts L•nd Equlprnwrt Co At l Janu•ry 2022 Addltlons Transfer At 31 De£errl)er 2022 1536,166 26￿88 L798.lY L501 1537,667 26498B D•pr•d•¥ At l january 2022 thorye forthe Year At 31 Dttemb•r2022 314.fL12 24,755 339357 239,205 4.474 143.679 553.807 29.229 Il•t Book Amouftt At 31 December 2022 At 31 December 2021 L221564 22.783 L•nd an¢$ Bulldln8s Include larKtwlued It£)￿,(￿70 Is not dwredated. Rwlil. rn•mor•bll• Ilbr•ry¢dlertlon of books-HtrlW•*M•ti The In5t)tulon hai In Its possesslon thed th•t comprlses of reyll•. memorabllli and a Ilbrnry collectlon of book8 whlth have hlstarlcal qualitie5 are hdd wnctp•l4fforthér cot)tslbuUon to kr*th￿ Ind therefore met the for herftsy assets. These a55ets hive not bew included on the bal•nte sheet •$ the Infommtlon Dn thelr cost or ￿luatIOn15 not a￿lIabl0. as theje rtern5 ￿re Ifted to the institsrtbn, and the Infrtmi•tlon unnot be obtalned 8t • cost commensurate th• bEnefft deri*d from abt•lnI￿ Intsrniatlon. Thi5 is due to these Items beini unlque •ndtherefore • m8rketvolue cannot be obt•ined, astheir value *wld dlfferdepen&nt on the user. These re8aUi and fforn,orntslll• stems •Ye Insup￿ èt è curriulati¥e wluÈ of £258,68912021.. £2592491. VthIIè the collettlon of Iltrnry b¢ok5 ha5 an.'nsur•nce value 0S£56.27512021'. f53,Q451. 30 THE IN5T(TUTION OF GAS ENGINEERS AND MANAGERS NOTE5 TO ThE FINANaAL STATEMENTS YEAR ENDEO 31 DECEMBER 2022 10 INVESTMEt4TS Group Q)51rt•d In7M5trn•nts Trt•l TDt•l & Desknated 2021 Math Value at lJ•nuary 2022 Addltloris Dl$posAIs Rtvèluatlon to markttviluE iJ87A96 4.169JIO 3,791.530 LJ*71 12,343 15,5901 15,6441 15253211 47IOS1 141541 P4L4UI IL1361 Market Value at 31 De¢emtsff 2022 6 052 a16kn12• 3.752.180 4169320 lstortul Cort it 31 Decvntser 2022 18 3 The Inv•stm•nts •r• ¥llt follo thtonescore Invtstrnent Furhlfof Chartties M&G InveStrne￿a 3,717,117 4,253,740 Is￿3 ,S80 4169320 15,063 Inrtlty¥ Totsl 2021 O•*n•t•d R•thrt•d Quottd Investnents IGEM Hause Ltd 051 5.75LIXI 4,269,320 i.tsDO 3.7S3.180 4170.310 Holelny in exce55 of S% of thei041 marK•tv•lue'. Rathbones Corn InI￿tment Fundfor Chrtfes IGEM House Ltd, a wholty I￿ned subsidlary ofthe Insttludon. was I￿Orr*N￿￿ to c•rry out the commer681 a£tlvltle5 of the InstitutiOtI. All investmen%$3re carrted at thelr f•lrvalue. 1ft￿t￿ent In eqJldesandftxed lTrrerÈst secufftie5 are all trnded In quoted ptsbr￿ markets. Ho',din8s 4n coiriiion fund5, unlt trusts and open-ended invéstment companles atthe bld pdco.The ￿$L5¢f fatrvalueforquotwJ Fnve5trrffnts L4equlvaknttothe Mathetvilue. using the bld prke. A55et sa,'es purth.•se5 are recagplsed at the date of trdde at C05t Ithat is thelr t?nsactio* ￿lutI. 31 THE INSTITUTION OF GAS ENGINEERS AND MANAGERS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 10 IP4VESTMENTS Icortlrnt The maln rtsk to the Instttufjrffi from ftnjndal '.n5truments Ile5 kn the corrt5ln4tlc￿ of urKertaln In¥tstrnent fflarkets and in y.etd. q￿dity rtsk Is antlc.'yted to be low as all assets I￿ tr¥ded ap.d the commTrtment to Intetvenvw by central bank5 and market rryLlators has cOntin￿d io pro￿de fororderfytradini in the markets jnd so thelr ab(Iltyto buy and sdl qvote¢l equlues and 5totk is aaticipated to ￿ntinUe. The I[￿tituti¢￿'S irwertrnents are malnly tradod M•rkets good Ilquid)ty •r¥J trnthn¢bY>lume The Insttbjtlon has no materlal Thestment hoidiw5 In markets sublett to extharbse contrds or tradlng restrtctions. The Instmrtlon dcos not make use ol derf¥a￿S and 5kn11ar cortwlex finan¢?1 knstruments as It takes the view that Investments ire held farthelr ￿nger.terrn yldd total return Ind hlstorksludles of quoted fin•nclo1 Instruments h•ve slovm t￿ty￿a￿￿ty Inanywrtthl•r S*ear perbd ￿1[ no￿￿11V b¢cwrerted. 11 DEBTOAS fjthip Insfftuuon Du•wlthn on• y•r Tr•de Oebtars thounts due hm Gmp Undertaklnqj OtherTax & Sod•l Se¢urlty Other Debtors Prep•ym•nts & Accrued lftcomt 206.021 203,666 4.908 4JS9 59 35I67 331388 62,265 JS.867 348A5B 62,265 270139 12 CASHAT W4K A140 IN HAND Cath It B•nk•nd In Hand 2021 Unrtstrfcted Jes1￿•te￿ R•strfw been Incorporated lito here. 2. Secdon5 The Instittrtbn ha5 afflllated Sertlonsthat hab*a UAWWM tonsUtutSon ayeed ts¥the Coundl and the s•rn• chartty re8lstr3tlon number 45 the In5fjtulon. Grants sometimes alSocated ts thE 5ertlons. Funds held Secttons are desi8nated for the d*￿0j>￿ntof the InsVtut(on's actl¥ltle5 In the reWon$. 3. Prq>ertYmèlp,teian￿leJ¢r¥t Tr*e In5titutlon h•s Set up a fvnd fc¢rthrtstshrn￿ In orderto milntaln the Value and use of the property. lknstrirtod Th15 Is expeftdaI￿t at the dl5creil￿ of theTnE5w& It ensuresthat se￿1￿ •rt r￿￿ternipted In the event of dden loss of inm o., u*xpetted expendkure. It tnclb4•5 the operating actM￿S of the InstthLtlw In dddltlor. to the operaVni results of IGEM Hodse Ltd. Prvperty and assets rnpreseTrt the nÈt tr4)ok v&ue of ftxed •ssot icqulred funded from the c￿rI￿5 unrÈstrict& thjnd 34 THE INSTITUTION OF GAS ENGINEERS AND MANAGERS NOTES TO ThE FINANCIAL STATEMENT5 YEAR ENDED 31 DECEMBER 2022 17 MOVEMeNf OF FUNDS kn5tm•nt an￿41 Inaxn• Exwi¢kn Mob*m*Nt Trarthrs B￿￿￿11 lstjan 3ts1 Ot¢ 2022 Unrestrleted Funds Group artd Inrtltsrtlo General Reser¥e Property al￿ A$5ets 91KI,OLXJ 2J31.649 L244.347 2,144347 4331,64g 111392341 1340,7421 27.728 12,166.9621 la40,74Z) 148.327 900,000 1.216.619 1116.619 148,U7 R•rtrlct•d Funth Inrtltutl¢wr 5cholar5hlps & Medals Furrtt Gis Innoyatlon Fund vdrogen St•nthrds.'nnov4tt Fund GILISP Group Ilrtdudlni abMI Hlstory Fund Scottish Secuon 719.691 631091 17.965 14W2 170J971 196.8431 186,7671 IS2471 569,816 536.109 258.612 14.Sfy) 2,7Y8 1116,4481 5,247 50,209 7237 2C,270 2.402 95 12A851 7,154 20,365 316 In•tsd Funds Insti¢utl•n Development Property mllfttMart￿ ResÈYve Se¢tyons: Northeast & YorksNre We15h Mldhnds North West F•r 1775,653 iSO,tX 1214.6761 1148,3271 1,412,650 Iso.000 9￿93 19.n8 25.031 15.605 28.332 15.551 9.161 113.7241 110.2131 11,7411 115,7341 110.3211 11.420 18.736 26,990 IZ,066 41,877 12.195 23.866 don. SO￿heM & e45tern >Juth Wejt 8.477 16.n71 17.4791 5.659 5.243 4,170 6,758 833 7.179 4.170 7.IS3 15.033 Industrlal Afflllates Young Perx)n5 Network Group Ilndudlni ibo¥el Scottlsh 13951 114.21X)I 11849 2,077317 425 12A20 77.986 [￿￿645 1483271 J061 24352 5,016m4 35 THE INSTITUTION OF GA5 ENGINEERS AND MANAGERS NOTES TO THE FINANCIAL 5TATEMENrs YEAR ENDED 31 DECEMBER 2022 17 MOVEMENT OFfuf4DS IMntlnu•dl PAIORVEAR COMPARAnVE Bd•n¢¥R •t Incm Mrw•rn•nt Trmslws B•l•nce •t lstj 31st Dt¢ 2021 UnTutrIEE•d Funth Group ind Insi￿11¢>n G￿eTaI Reserve Property and Assets 9JO.(m IA13.46S L240,758 I140.758 IllaA65 11.747.583) 3.589 L743,994 306.679 13n,$611 L244,347 144,347 679 372 51 R•sErtd•d Funds Inthtstlon Stholirshlp5 & V.èSals Fund Gis Innov•tlon Fsjnd Hydroyn Stsndafds Innav4don Fund GIUSP Group On&Jdlni4kn•1 Hlstw Fund Scowsh Se£tioTh 657h37 567.723 15,337 13h36 1410,2461 125.9671 87,163 76A99 719,691 631091 387A35 181777 22.IlJO 1310.61XII 17,51121 258,612 7.355 20,268 L6622U I12￿7* 2,126 IU441 7237 20,270 ss 062 DI￿￿¥￿￿ Fun Develeprnert Property Malnteianc¢ ReseTrt Sedons.. North￿St & Yorkshlre We15h Mldland$ North West Far East Londoi, Southem & stern L9X.519 150.( 1105.427) 371561 L775.653 1SQ,OX 10,582 11056 25,552 15.9H 10.995 i.iij 712 240 8,977 25,481 11.9141 14741 11,1611 19.S041 18.1441 11881 9￿93 19,788 25,031 LS.605 28.332 L494 I2￿14 5y3 4170 7.IS3 15.807 LI 15.2371 8.477 lrfsh Indu5trS1l Affitlate5 Youn¥ Per50ns Network Group Ilndudlni abty4f•l Scottish 4,170 7.153 ,033 17741 11849 ,798JX4 40A07 11849 317 13S3191 IN94 371561 S.fthth) (U65 471135 36 THE INSTITUTION OF GAS ENGINEERS AND MANAGERS NOTES TO THE FINANCIAL sTATEmEP￿s YEAR ENDED 31 DECEMBER 2022 ANALYSESOF NEfASSET5 BEfwEEN FUN05 D￿￿*t•d Ro5tr1rt•d Funds Totsl 2021 Fund Balances at 31 Pttember2022 •rerepresefited by.. Tanilble Flxed Assets L214619 L216.619 W6m2 Lal6,IlJ 3,751180 I47￿9 28Jii 476NIO (274WI 1154.Z861 {429AIS1 C•sh N•t CurTent Illblfftles 5.014Q94 Lknrestrlrt De￿￿nIted Funds Rertrftted Funds Totsl 2021 Fund tsalances at 31 Decththr 2021 ire represtnttd TO￿lbIe1x¢d •ssets In¥￿tments Cash Net currert lTh•bllitiesllass•ts 1,244,347 2,781,824 941,533 1746,130) L244,347 4,269,320 970,137 1609,8291 1487,496 28.604 136.301 Totsl net JSsets 4,221.574 651401 5,873.975 19 COMMITMEpifs UNDER ¢)PERATING LEASES As at 31 Oecember 2022 the Group and In5tlluVon hid commr(m&7ts oper•Ong lease$ 45 follows.. oth•r 2021 Group4nd Inrtltuttun thln one y￿r eetween and f4¥e ytsrs 1070 552 3.621 4,143 5,518 9,661 Cr,e lease tstallin4 £3,987 Ivhthln on• yur £1￿], and ftve years.. £l￿73 of the 2021 dls¢losurewa5 dlsccntlnued In thèyear. 37 THE INSTITUTION OF GAS ENGINEER5 AND MANAGERS NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 DECEMBER 2022 RECOIIQLIAYION OF NEf {tXPENDITUIIEI I114CIYaE TO NEf CASH FLOW FR(X*l ¢%ERAllNG AcrivrriES 2022 Net lexpendtturell lthcom• forth•rwttr¥pwlod AdluMffl•fits for: Depredatlon charles Galn on dlsposal of Investments F•lrvalue mevem•nt on In¥e51mwts Dfvl&nd& Intue5t Ind rents trorn InvtrtmEnts Ilnttt•stl I decrease in debtors l(le(re45el I Increase lrt credhtors {857wII 27U15 29,21A 29.198 525211 190,9141 153,1311 IIZ7.174} 1471,0911 184,rn1 355,766 54,617 C•sh lus•dl Iyrtwthd fram Qp•r•kns 75,927) 155.491 21 ANALYSISQF NEfDEOT 31 O•c•mbor C15h flo Shorttsmi In¥estrwits sh 75&642 213.494 1699,7791 206.053 56,863 419,547 Tot•1 r*t debt 970,136 1493,n61 476,410 TRANSFER BEfwEEN WNDS A transler of £148.327 VAS madè trom the tYe¥eloFThent Fund IDe*Mtedl to the General Re5er¥e IunrestrlLtsdl In cortsiderndon of the reser*￿ pollcy to ma)nralp. the ¢eneral reseNe It ar￿nd months expendhure. Atrensfer¢f£5,247wasry¥defromtr.e Gas InnMtlon FundlR*strid*ll tothe Hydroien Stsnd•rd Inno￿tt0n Fund IRestdttedl as ifft #dlustsnentto rrfertthe•llocatioTh of prlDr yurtrans•thon5. RELATED PARTY TwisicnoNs The4roup and ￿ Injtitution h15tiken advartaieof the LwTrptton ivoll•ble tsndersectl￿ IAQ35 of FR$ 102, from dlscloslngtraflyctlons entered lrto betwn orrn￿ wficlly owned membe¢s oftheyoup. C(X4XILEtWTED ENTrnES The entltles Indude¢ (n trit cOrLsoI￿ltb)n are.. The H￿Iry Fund-th•Tny number287678- tncorpor•ttd in EnAland arKI Wates IGEM House Ltd IIOO% ownedl-cornpany pLmber 03093169-incorporated In Eniland and Wales Ip.strÉution of Gas En8ineery15c¢Xtish Setthjnl Benevolem and Educth Fund- tharfty number SC006601 -Incorpoftted In Scodand The financial tytstements those of The Sthditshlps, frrtedals. Prizes and Lecture5hlps Fund . th?rfty nvrnber 214011111- re*stered In En¢ind and Wales 38 THE INsfiTUTION OF GAS ENGINEERS AND MANAGERS NOTES TO THE FINANaAL sfATEMENTS YE*JI ENDED 31 DECEMBER 2022 15 FINAP4aAL INSThUMENTS The Soclety's ftnanclal Instrumeftts maybe tnatysed asf¢lk)ws: 21 Fln4ndal 1s5•ts Financial assets ffleawred at amortlsed c05t L181Xt57 Fln•nthl l￿bl￿tI Financial l&blllUe5 rneasured at •m¢)rt1sed 833.210 Flnand•l aswts measured at amortised ¢0tt¢omwtsera5h at binK tradedebtors and thort.temi In¥Tstment Flnandol Ill￿ntIeS Me￿￿re￿ •tamoffjsed c4X¢¢XnPrtsetrade ¢rediwr%otheruethtors Ind 39