Registered Charity Number: 214011
THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
Trustees, Report and Financial Statements
Year Ended 31 December 2023

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
CONTENTS
Page
Legal and Administrative Information
Trustees, Report
5-14
Statement of Trustees, Responsibilities
15
Independent Auditor's Report
16-18
Consolidated Statement of Financial Activities
19
Consolidated Balance Sheet
20
Charity Balance Sheet
21
Consolidated Statement of Cash Flows
22
Notes to the Financial Statements
23-39

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
LEGAL AND ADMINISTRATIVE INFORMATION
Officer5 and Councll Membèrs as at 31st December 2023:
President
Andrew Musgrave CEn8 FIGEM
Past Presldent
David Parkin CEng FIGEM
Presldent Elect
David Tomkin CEng FIGEM
Vlce Presldent
Sarah Williams MIGEM
Honorary Secretary.
Benjamin Clarke C£ng MIET FIGEM
thlef Emecutive
Oliver Lancaster Bsc Msc FGS EngTech FIGEM
Ordinary Members
Paul Denniff CEng MIMechE FIGEM
jordan Rowbottom CEng FIGEM
Chi Xin Peter Chak BSC CEng FIGEM
Lucy Ritchie MIGEM
Gordon Mcmillèn AIGEM
Darren Elsom IEng FIGEM
Nicola Evan5 CEng MIGEM
Adam Madgett EngTech TMIET MIGEM
Earl Richards EngTech MIGEM
Sikander Mahmood IEng MIMechE AIGEM
Thomas James CEng MIGEM
Sertlon Members
Heng Xiang Zhou CEng MIGEM
Conor O'Reilly CEng MIGEM
Simon joyce IEn8 MIGEM
London, Southefn & Eastern
Peter Sykes-Tucker CEng MIGEM
Midlands
Lynsey Stevenson CEng MIMechE MIGEM North East & Yorkshire
Nick Jerman EngTech MIGEM
North West
David Frost CEng MIGEM
Scottish
Henry larnes GradlGEM
We15h
J05h William5-Trim EngTech MIGEM
South West
Harriet Guiry Grad5GEM
Young Peisons Section
Tonywimpenny BEng Msc
Company Members
Far East
Co-opted Members.
Hllary Buxton CEnB FIMechE HonFIGEM'
Chrlstopher Gorman CEng HonFIGEM'
Sheila Lauchlan BSC CEng FIGEM.
Michael 81ake CEng MIMechE MIGEM*
Bridget Hartley CEnE MIGEM.
*denotes Non-Trustee
Also. Trustees for the period to 10th May 2023:
David McLeod CEng MIGEM
Brid8et Hartley CEng MIGEM
Steve Critchlow EngTech FIGEM
Michael 81ake CEng MIMechE MIGEM
rim Roff CEn8 MICE FIGEM
Lewis Watt5 CEn8 Mweldl MIGEM
Kyle Lewis MIGEM
Torn Stuart EngTech
Matthew Kluwe AIGEM
Andrew Jones CEn8

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
LEGAL AND ADMINISTRATIVE INFORMATION
Secreiarlat Senlor Staff
Chief Executive Officer
Oliver Lancastei BSC MSC FGS EngTech FIGEM
Head of Technical Services & Policv
lan Mccluskèy BEn8 CEn8 FIMechE FIGEM
Head of Finance
Yusuf Girach FCCA
Head of Membershlp Servlces
Claire McHugh BAIHonsl AIGEM
Head of Corporate Affairs and Operation5 Carl Stokes AIGEM
Charity Number
214011
Reglstered Office
Institution of Gas Engineers and Managers
IGEM House
26 & 28 High Street
Kegworth
Derbyshire
DE74 2DA
Auditors
UHY Hacker Young
14 Park Row
Nottingham
NGI 6GR
Bankers
HSBC Bank PIC
117 Great Portland Street
London
WIW 6QJ
Sollcltors
Browne Jacobson LLP
Mowbray House
Castle Meadow Road
Nottin8ham
NG2 18J
Imiestment Managers
Rathbone5 Investment Management
8 Finsbury Circus
London
EC2M 7A

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
TRUSTEES, REPORT
The Trustees of the Institution of Gas Engineers and Managers I'IGEM") present their report and audited financial
statements for the year ended 31 December 2023. The financlal statements comply with the Insiitutlon's Royal Charter,
applicable Companies and Charities Acts and the Charltles Statement of Recommended Practlce issued in October 2019.
The Trustees consider that they have complied with their duties under Section 4 of the Charities Act 2011 to have due
regard to public benefit guidance published by the Charity Commission.
Objertfves and Actfvltles
IGEM has a significant opportunity to lead an ambitious response frorn our sector to englneer a sustainable gas fLtture
and help mitigate the impacts of climate change. IGEM needs to influence and keep In step with the evolvin8 landscape.
and our Ambition, Priorities and Values will help deliver this for both our members and broader society for the gas
system of today and tomorrow.
We have embarked upon a new business plan covering the period 2023-2028 inclusive. which includes a critical
tirneframe of both regulatory and policy decisions that are expetted to determine, and hopefully secure, the lon8-term
direction of our industry.
We recently con501idated IGEM'S focus and the way we go about our buslness our identity- which is at our core as
we serve our rnembers and deliver our strategy.
Our Ambition is to be the worfd'5 leading institution for gas professionals, advancing the safety, reliability and
sustainability of erter8Y.
Our Prioritie5 are core to our operatlon, supporting the delivery ol our strategy for societal benefit..
Promote, inspire and support the attainment and maintenance of the highest standards of professional
competence arTrd excellence through ihe provlsion of high-quality products and services,.
Design the gas system of the future. by leanin8 on our rich history and in leading the transition from fossil fuels
to net zero. with low carbon gase5 as a critical part of a secure. wholè ener8V System.,
Provide personal and professional development for members and staff to grow their skills and reach their full
potential in a supportive and diverse business environmeni;
Engage stakeholders and listen. advise and influence,. developing innovation partnership5 to build informed
analysis and evidence.. and
Ensure our governance framework is robust and fit for purpose to allow our charitable oblertlves to be
conducted effectively and efficientlv.
Our Values define our professionalism and behaviour5. They reflect on our performance as a business and how we
interact with members, colleagues, partners and customers..
Excellence.. to confidently and competently achieve. and help others achieve. the very highest standard5.
Integrity.. doing the right thing based on core moral and ethical convictions,.
Respect.. trusting, valuing and appretiatln8 the work of colleagues. members, volunteers and stakeholders
independent of their posStlon or background.,
Open Mindedness: having an unprejudiced mindset that Is receptive to new ideas and opinions that may differ
to your own., and
Inngvative.. cultivate a community of èn8aged rnernbers and partners to tsndertake informed analysis and
develop robust evidence to advise, influence and improve gas policy for public benefit.
Our business plan pushes stronger in some of our current delivery areas, but has importantly introduced new activities
to push the boundarie5 and Brow the membership, revenue and impact of ihe Institution. Key activities continue, which
includes recruitment and retention of members. as well as provision of training and services io members and the widef
industry to support members, continulng professional development, through the Gi journal, website, communications.

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
TRUSTEES, REPORT
conferences, lecture5 and technical training. In addition. technical advancement is achieved through review and
development of Industry Standards and recommendations, research, networkin8 and Support.
We have been delighted io see. as a result of our efforts, supported very much by our new website, the record 8rowth
in numbers of individual member5 in a year since modern records began in 2009. We also see a continued growth in
Company Members and have the most we've ever had in IGEM.
The Sections within IGEM'S membership deliver varled programmes of events encompassing technical visits and paper
evenin8s as well as networking and social activities. Several of these activities are international.
Publlc BÈnÈflt Statement
We have referred to the 8uidance contèined in the Charity Cornmi55ion's general guidance of public benefit when
considering our Ambition. Priorities and Valuès and in plannin8 our future activities. In particular. the Tru5tee5 routinelv
consider how planned activities will contribute to the Ambition, Priorities and Values they have set.
IGEM deliver5 benefits for Society by applying expertise and experience to make an influential contribution to solvlng
prèssing energy challenges in areas such as safety. security, affordability and sustainability, often bycollaborating openlv
io enable effective action. We also effect positlve change by supporting the development of gas en8ineerin8
professionals as credible participants in a wider cornmunily of technical practitioners.
Our main objectives for the year continved to be the promotion of engineering scgence as applied to the broad gas
industry.. and to improve and elevate the technical knowledge of those engaged in the profession of gas engineerin8.
The strategies we used to meet these objectives included..
Ensuring the competence of practislng gas engineers through a pathway for recognition. including
registration with the Engineering Council..
PTovidin8 members with continuing profèssional development opportunities including free access to
mentoring and support toward5 advancement through grades of membership.
Providing awareness of technical developments and innovations through publications, conference5 and
events, at both national and local level,.
utilising technical expertise to advise and support the Governmenys pollcles on Net Zero, specifically
developing technical standards and responding to consultations influencing statutory regulation..
Continuing to develop and publish peer reviewed Industry Standard5 aimed at enhancin8 the procedures for
the safe use of natural 8as and hydrogen in the areas of transrnis5ion, distribution, utilisation and metering..
Securing approval to be an authoriser of recognlsed training providers,.
Working Wlth skills partners to approve apprenticeships that lead to qualified gas technlclans..
Provision of scholarshlps and grants to individuals and companies undertaking research, developrnent and
innovatlon, where the*r area of interest furthers the objectives of the charity;
Ensuring a sèlection of free and discounted provision of services are offered within membership sefvice5,
event placements and access to Technical Standards..
Auditing and authorisation of approved gas industry trainin8 providers,. and
Extendin8 our reach by developing support for new sectors and in developin8 Telationships with Indla.
Australia and Sweden.
Our public benefit acttvities focus on the safe passage of gas through the supply chains through to safe use by the public
and by indvstrial customers, as well a5 the planning for their future energy needs as part of an affordable, just and
secure transition. These activitie5 include competence assessment. provision of opportunities for the continued
demonstration of competence through personal professional development for our rnernbers. and those in the wider
gas industry. In addition, we support, showcase and finance research, such as Carbon Monoxide and net zero policy
research.

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
TRUSTEES. REPORT
Structure, Governance and Management
The Institution of Gas Engineers and Managers is a registered charity established in 1863, incorporated by Royal Charter
in 1929 and governed by By-laws. which were last amended in July 2[￿1. IGEM has a Governance Manual,
comprehensively updated during 2019 incorporating Charter. By-laws, requirements of Trustee5, organisational
structure. key terms of reference of Boards and Committees as well a5 Membership Policy and Procedures. finance
Policy and Procedures, and IGEM'S Quality Policies and Procedures and requirements of Charity Law. In addition, IGEM
has a Conflicts of Interest Policv.
The main decision making body of IGEM is Council, which governs IGEM and owns the strate8y that IGEM will adopt and
implement. It consists of 27 Trustees together with oiher. non-vgtin& members. These are..
Presldent.
President Elert.
Vice President
Imrnediate Past President
Hofiorary Secretary
12 Ordinary Members,
11 Section Chairs lor nominated representativel.
Chief Executive Officer
Co-opted advisors to Council
Indicates a Trustee member of Councll
Council can invlte the election or appointment of any member of IGEM onto Council if it feels that they can bring value,
knowledge and expertise. Some Trustees change at IGEM'S Annual General Meeting each year. Ordinary Members serve
for three year5 and Section Chairs serve for at least one year.
Council is supported by an Executlve Board that acts as a steering cornmittee to Council to assist with Tnjstee
deliberations at Councll. The Executwe Board consists of..
President"
President Elect
Vice President
Immediate Past President
Honorary Secretary
A representative each from gas networks, the YPN and Company Members '
Co-options lup to two).
Chief Executive Officer
Trustee member of Council
Trustee or non-Trustee of Council
IGEM comprf5es the followlng entltles:
Institution of Gas Engineers and Managers
Charity No. 214011
Hlstory Fund
Charity No. 287678
Instltution of Gas Englneeis IS¢ottish Sectbonl Benevolent and Education Funds Charity No. SC006601
IGEM House Ltd
Company No. 03093169
Institution of Gas En8ineeis and Managers Scholarships. Medals. Prizes and
Lectureships Fund
Charity No. 214011-11

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
TRUSTEES, REPORT
IGEM has a subsidiary trading company. IGEM House Ltd trading as Meetpoinl Midlands. This cornpany undertake5
cornmercial trading activities. and the results are consolidated in these finantial statements. This company commenced
tradin8 during 2011 and rents conference and meeting facilities to third parties.
The Institution has a Benevolent Fund, the Incorporated Benevolent Fund of the Institution of Gas Engineers and
Managers, which report5 Separately to its members.
IGEM operates a number of 8oards, Comrnittees, Sub-committees and Panels through whlch It undertakes its
educational, technical and administrative functions. IGEM benefits from the input of many volunteer5, who govern the
Institution. run the Sections, contribute to committees. panels. mentoring and interviewin8. Over 2023, there were 608
volunteers actively involved in IGEM who collectively provided volunteer sefvice5 totallin8 11,524 hours, eqtlivalent to
seven full time staff.
All Trustees give their timè frèely and no Trustee remuneration was paid in the year. Details of Trustee expenses and
related party transactions are disc105ed in note 7 to the accounts. Trustees are required io dlsclose all relevant interests
and register them with the Chief Executive and withdraw from decisions where a conflict of interest arises. All incoming
Trustees are provided with training to fully explain their roles and responsibilitie5 and an induction package. This
includes a copy of 'How to be an effective Trustee" published by the Charity Commi55ion, tO8ether with the By-laws,
Governance Manual and Business Plan for the Institution.
The general membership is organised into eight regional Sections throughout the UK and one overseas Section..
Far East District Section..
Irish Section-
London, Southern & Eastern Section;
Midlands Section,.
North East & Yorkshire Section-
North West Section,.
Scottish Se¢tion,'
South West Section; and
Welsh Section.
Throughout the year, the Sections organise a varied prograrnme of events encompassing Informative, te¢hni¢al
presentations from high profile speakers from within and outside the gas industry as well as social networkin8
opportunities. These events also provide a valuable element to the ongoing development of our rnembers and evidence
of attendance can be used withln our Continuing Professional Development framework. In addition, IGEM has two
fvrther Sectlons, each establlshed to meet the more specific needs of the individual membership group..
Cornpany Member Section, which represents organisations that are members of IGEM. These members include netwoik
asset owner operators, gas supply businesses, companies engaged wlthin the supply ¢haln, consultancies and
educational establishments.
Young Persons Network. A key rtsle of the Section is ¢9 give a voice to our younger, often more junior, members and to
encourage them to play an active part within the Institution. As well as being assi8ned to a geographically deflned
Section, all of our members under the age of 35 are included within the auspices of the YPN.
Political Donations and Empenditu
No contributions have been made to any political party in this financial year.

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
TRUSTEES. REPORT
Achlevement and Performance
IGEM maintains ISO 9001..2015 quality accreditation.
IGEM is licenced by the Engineerlng Council to assess applicants for inclusion on the national register of professional
engineers and technicians. to reeognise acadernic programmes and professional development schemes and to monitor
the Continuing Professional Development of re8lStrants. 162 gas industry professionals achleved professional
registration and the titles En8Tech, IEng and CEng. Thls was supported by 118 members who volunteered their time and
expeflise as mentor5, interviewers. and committee/panel members to support the membership processes and
procedures.
Indiv5dual Members
Openl
Wew
L•psed•r
Closlni
Honorary
io
Companion
21
19
Fellow
220
15
208
Chartered Member
1.064
13
49
1,034
Incorporated Member
354
25
330
En8ineering Technician Member
714
iio
59
774
Member Manager
117
io
17
112
Graduate
loo
30
121
151
73
Associate
510
229
iii
623
Gas Tethnician
ioi
96
19
179
Licensed Gas Technician
22
17
Students
117
102
218
Total
3.346
569
335
17
3.597

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
TRUSTEES, REPORT
iaps¢d
Company Members
¢)penkni
Mowm•
rt51ined
Sma1111-5 employees)
Small - Medium16-15 employees)
Medium116-99 employees)
Medium - Large1100499 employees)
Lar8e1S(X)+ employees)
Housing Partner
Total
105
18
114
77
76
98
16
108
71
75
24
27
Is
20
390
57
27
420
In 2023, we continued our focus to support the technician community and improve the En8Tèch value proposition.
IGEM'S EngTech working group continued to drive this initiative forward which resulted in an overall 8.4% increase in
EngTech membership and rètention increased to 93%.
In addition. we held a number of professional registration webinars open to all those interested in becoming a member
or transferring grades as well as inhouse webinars with the support of our Company Members. The online l..1 booking
System has also been popular foi those wanting to disCUS5 their individual pathway to membership and professional
registration.
OUT annual CPD sampling progressed in 2023 as we saw a record number of subrni5sions frorn our professionally
registered mernber5. Supportive discussions were had and individual feedback was provided to those who submitted a
CPD record. to support with their professional development journey. Two members had to be removed from the
professional register due to non-compliance.
We had another successful year with our Scholarships, 8rants and awards scheme. Thè scheme continues to support
the engineers of the future. and with such a hi8h standard of applications, one undergraduate scholarship, one
postgraduate scholarship and two Engineering Technician grants were awarded.
IGEM develop5 and produces Technical Standards with Telated activities including research. record management,
training and liaisin8 Wlth industry and external stakeholdèrs. Selected standard5 are made available for a reduced rate
through ihe Gas Safe Re8lSter. This supports operatives working in the downstream sector to enable more industry
representative5 to have affordable access to siandards.
Working with the technical ¢omrnittee5, expert panels and working groups, rnember5 and volunteers were involved in
123 meetings, re5ultin8 in the department producing 267 technical papers and publishing 16 standards throughout the
year, these were..
Hydro8en
IGEMnD/13 Edition 2 Supplement 2 Pressure regulating installations for Natural Gas/Hydrogen blended
mixtures at pressures not exceeding 7 bar
IGEMnD/21 New steel and PE pipelines t7nLI instollotionsfor hydrogen
IGEMnD/22 Reference Stondordfvr repurposing Natural Gas distribution moins ond servicesforHydrogen
IGEM/IG/I Edition 2 Supplement 5- Interim Hydrogen troinino specification.
IGEM/H/i with amendments June 2022 and July 2023 Reference Standard for low pressure hydrogen utilisation
TD Serie5
IGEMnDI13 Edition 3 Pressure regulatin8 installations exceeding 7 bar
10

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
TRUSTEES, REPORT
G SerSe5
IGEM/G15 Edition 3 wilh amendments Aprll 2023 Gas in multi-occupancy buildings
IGEM/G/12 Universolly tsdopted symbo15
IGEM/G/13 Arnendments Domestic supply copacity ondoperating pressure ot the outlet of the meter.
GM Series
IGEM/GM15 Editlon 4 Electronic gas meter volume conversion systems
IGEMIGM/pRS/Ii Pur¢hosAng specificotion fordiaphrogm meter5.
UP Serles
IGEMlup/12 Edition 3 Appli¢t7tion of burners and controls to gosfAred proce55 plant
IGEMlup/16 Amèndments November 2023 Designfor Noturol Gos instollotion5 on industrit71ond commercial
premises with respect to DSEAR
IG Series
IGEM/IG/I Ed 2 Supplement 3 Meterin9tssP Noturol Gt75 training specilicotion
IGEMIIG13 G(Jid(Jn¢efor the safe recovery of roud tonkers
IGEM/IG/4 Bulk tronsport of LNG by road.
Throu8hout the year our Hydrogen Comrnittee, chaired by Keith Owen of Northern Gas Networks INGNI, continued to
grow in strength and provided the governance and leadership in the production of new hydro8ell standards. The
committee is helping to support the UK Governmenvs commltment to achieve net zero carbon emisslons by 2050 and
our strate8ic plan of working with key stakeholders on a range of research and demon5tTation project5 investigating the
role of hydro8en within the national transmission and distribution system. In particular for these projects to achieve
their full scope of work, it is recognised that the research and engineering standards will have a critical role.
Early in the year we undertook a funded review for the technical requirements for the construction of a new hydrogen
pipeline and assoclated pipework a5 part of CELSA Steel's study to assess the viability of operating the reheat furnaces
on hydrogen gas.
Throughout the year IGEM worked with industry experts on the Departrnent for Energy Security and Net Zero IDESNZI
funded Hydrogen Standard5 and Skills for Heatin8 programme for the implementation of a competence framework for
the cornmunity trials for hydrogen. The IGEM working group, chaired by Dr Richard Marrow, 5ucce55fully delivered the
two new standards to support the training for engineers workin8 on the trials which was based on the results of ihe
research on the effects of hydrogen on materials, pipe sizin& meterin& pur8in& tightness testin& ventilation and fluin8.
Towards the end of the year we began work on the OFGEM funded project led by SGN and partnerin8 Wlth the gas
networks. National Gas and DNV on the Velocity Design with Hydrogen Project. This project will demonstrate safe
velocity limits for hydrogen, and hydro8en blends, with focL¢S on erosion. vibration, noise, and particle transportation.
The digltal repository, dedicated to the advancement of hydrogen learning globally and supportlng the transition to a
net zero carbon emlssions future, continues to go from strength to strength. At its core, the Hydrogen Knowledgè Centre
enables learnin8 to be shared with other5, through a carefully curated. comprehenslve and growing database of
information from the widest possible range of sources.
The repository. managed by a dedicated team at IGEM, has grown to Include over 4,500 re50urce5. By the end of 2023
the platform had been accessed on average 3.800 tlmes per month wlth around 160 downloads per month. IGEM'S
pollcy role has gone from strength to strength in 2023. seeing unprecedented levels of direct engagement with kev
poIF¢y makers and influencers. We continued lo amplify the voice of our members through re5ponse5 to several
governrnent consultations. includin8 the Improving Boiler Standards and Efficiency, Clean Heat Market Mechanism.

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
TRUSTEE5' REPORT
Strategy & Pollcy Statement for Energy Policy in Great Britain. the Heat Strate8y for Wales. Net Zero Sector Skills in
Wales and Hydrogen Blending into GB Gas Oistribution Networks.
We have a150 taken great Interest In the work of the government Select Committees presiding over energy security and
net zero policy. responding to two Committee inquiries this year including, Heatin8 our Homes and Keeping the Power
On. We have been reartive to important policy news. providing our responses to various announcements and
publications such as, the government's Net Zero Review, Powering Up Britain package, Hydrogen Updates to Markei
and reports by the Climate Change Committee.
These responses. and more, have been published on IGEM'S Policy, Practice and Research web pa8e, providin8 a trusted
source of information and insights for our members and stakeholders. Through this work we are supporting our industry
In making the case for low carbon gases In our energy system and providing the evidence base on which policy rnakers
can base their decisions- a recent example being the government's positive decision on blending hydrogen up to 20%
into the existing gas network. We have played a key role participating in the work of several influential groups and
or8anisations including, the All-Party Parliamentary Group for Energy Studies, the All-Party Parliamentary Group for
Carbon Monoxide, the NEPC Net Zero Working Group. Gas Goes Green Review Group and Insights Forum. Hello
Hydrogen Strategic Review Group, Energy Research Partnershlp, Palace Yard and Beyond 2050.
These groups see us working directly atross industry, academia and government,. contributing to research, sharing our
knowled8e and developing fact-based policy recornmendations on the future of the gas grid and how sustainable gases
can support the UK'S decarbonisation efforts.
IGEM'S events went from strength to strength through the year with record attendance to conference, and keynote
speaking events, with the year kickin8 off with the Ga5 Utilisation Conference. the only dedicated downstream
engineerin8 conference receiving record booklngs, and the year concluding with the largest Annual Conference in recent
history. In between we had the excÈllÈnt Sir Denis Rooke Memorial Lecture from Louise Kingham, BP'S Senior Vice-
President, Europe. and Head of Country, UK with an engaging lecture on the 'The role of natural 8as on the road to net
zero- shortly followed by the Policy Conference which had over 30% increase in attendance on the prlor year. who
heard from a wide range of speakers focusing on thewhole energy system planning, domestic heatingand flexible power
generation
with a keynote session including the Oepartment for Ener8y Security and Net Zero and Ofgem which set
Ihe scene for hydrogen across policy and regulation.
Throughout the year we supported the IGEM Sections wide ran8e of events which accounted for over 50% of the events
in the year. providing valuable CPD opportunities for our members. CPD isn't just reserved for IGEM members. and wlth
almost 40% of the events dedicated to training on the teehnical standards we continue to provide essential learnin8
opportunitles for IGEM members and non-members to ensufe the industry continues to provide a safe and secure gas
network from beach to meter.
Ou15ide of the annual calendar IGEM also had presence at various exhlbltlons such as the Installer Show. CCUS &
Hydrogen Decarbonisation Sumrnit, Political Party Conferences and held a visit to the historic Granton gasholder to re-
enact a lunch first held in 1901 on the demolition of the gasholder, whith is now part of the wider regeneration of the
rea wiih the iconic structure being restored and reptsfposed.
Investments
IGEM'S Portfolio of Investments are managed by Rathbones Investment Management held within their Core Investment
Fund for Charitiès. Perforrnance is measured against a pre-agreed comp051te benchmark of market indlces. The
Investment objectives for both the Unrestricted Funds and the Restrlcted Funds are to be balanced and managed for
total return.
During the year the IGEM portfolio value5 have increased by a total of £87,65812022.. decreased by £524,352) being
2.6% of the opening value. This represents a significant increase from last year. In addition, dividends earned are
£106,08312022.. £90,631).
12

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
TRUSTEES, REPORT
2023 Financial Re¥lew Funds Summary
General Reserve
Development
Property Maintenance Reserve
S¢holar5hips & Medals Fund
Gas Innovatlon Fund
Hydrogen Standards Innovation Fund
GIUSP
2023
2022
1.300.OLK)
1,102,616
136.948
527,949
517,401
7.411
9CQ,OC
1,412,650
150,CMX)
569,816
536,109
SO.209
7,0
166.537
7.154
1,216.619
5.016,094
Sections
History Fund
Property and A55et5
166,545
8,227
1,174,209
4,941,306
Reserves
The Institution's reserves are held to meet liabilities, working capital, operations, research, education and future
developments to benefit member5, Custorners and support the gas industry in a viable and sustainable manner. The
Development Reserve is for future investment into the development of the Institution and to facilitate the Investment
into the energy transforrnation that is facing the industry.
In 2023. after the successful launch of the IGEM website and CRM 5y5tem, Council approved fundlng for the next phase
of the Digital Evolution and En8agement Project (Project DEEPI for UP to £IO.000 to scope the need5 to build on the
m(nimum viable product delivered for launch, and subsequently approved funding ftsr up to £59,000, with 10%
ontingency, from the Development Reserve to develop the outputs of the scoping activity. DEEP Phase 2 is forecast to
be complete in QI 2024. Council previously approved a £IQ0,0￿ budget in 2021 from the Development Reserve to a
form a new hydrogen social cornmunity network (titled Sph2erel. which the Secretariat continue to progress towards a
launch in 2024 aftèr a dedicated resource was recruited In September 2023. The General Reserve is the free reserve,
held at a value of up to approximately 6 months expendlture. currently set at £1,300.000 which provides adequate
resllience to maintain liquidity and mitigate risks. The Restricted Funds were repurposed to enable increased application
of the funds in order to make proper use of them in line with their objectives.
Total funds held by the charity 31 the end of the reporting period are £4,941.306. This 15 constituted of general.
designated and restrlcted funds as delailed below.
Restricted
1,081,716
Oesignated
Fixed Assets
1.385,381
1,174,209
Free RÈ%erve5
1.300.000
4.941,306
The expecied timeframe of expenditure of the designated and restricted funds will be in Ilne wlth the e¥ternal
environment of transition of energy over the decade to 2030.
The amount of reserves frèely available to the charity, after allowing for restricted funds, committed empendituie. assets
and designations arè therefore 8reater than 6 months of expenditurè and is in line with the reserve pollcy.
Further details of the funds held are included in Notes 16 and 17 to these financial statements.
13

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
TRUSTEES, REPORT
Rlsk Management
The Audit & Risk Committee is responsible for providing a robust risk management framework with effective controls
that are integrated to the operational management of the Insritution. The committee oversees quality management
and governance processes including health. safety and environment, quality assurance management system that
complies with BS EN ISO 9001..2015 standard and also a comprehensive risk register to identify. monitor and improve
controls embedded within the organisation. The risk register has undergone a full review and has been sirnplified into
a new format that ha5 dashboard views for headline risks.
Strategies for managin8 these risks include the maintenance of identifièd procèsgès that specifically mitigate the risk
and a regularly reviewed action plan that is consldèred to provide further mitigatton.
The Secretarlat are responsible for the identificatitsn of risks and the effectiveness of management action to mitigate
adverse perforniance against the 8usiness Plan.
The detailed planning and execution of objectives and actions. ￿sUltIng from risk reviews, are rnana8ed at an
operational level within the Secretariat and are overseen by the Executive Board. There is an integrated management
system that links risks. strategies, objectives and action5, managed by the Chief Executive Officer.
Lloyds Register Quality Assurance is our Accreditor and there were two Surveillan￿ visits undertaken thls year. one on
2nd February Iwas postponed in December 20221 and 4th September. The outcome of Septemberfs audit was a
continued Satisfactory Conforman￿ to the Standard.
As a part of the requirements of this Standard, internal audits have to be undertaken. There are 4 member auditors,
sitting on Audit & Risk Committee and 2 Staff auditors. There were 11 audits planned and all have been completed
except one planned for the end of January 2024.
Provisiofi of Informatlon to the Audltor.
So far a5 each of the Trustees are aware at the time the report is approved..
There is no relevant audit information of which the charitls auditors are unaware.. and
The Trustees have taken all stèps that they ought to have taken to make themselves aware of any relevant
audit information and to e5tabli5h that the auditors are aware of that information.
This report was approved by the Counal on 13 March 2024 and signed on ¢ts behalf.
Andrew Musgrave
President
14

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
YEAR ENDED 31 DECEMBER 2023
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards Iunited Kingdorn Generally Accepted Accounting Practitel.
The law applicable to charities in England and Wale5 requires the Trustees to prepare financial statements for each
financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and
application of resources of the ¢harilyfor that period. In preparing these financial statements, the Trustees are required
to..
select Sultable accounting policies and apply them con51Stentlv.'
observe the methods and principles tn the Charities SORP:
makejudgments and estimates that are reasonable and prudent,.
state whether applicable accounting standards havè been followed, subject to any departures di5c195ed and
explained in the financial statements,. and
prepare the accounts on a going concern basis unless it is inappropriate to presume that the charity will
continue in busine5S.
The Trustees are responsible for rnaintainin8 proper accounting record5, which disclose with reasonable accuracy at any
time the financial position of the charity and to enable them to ertsure that the accounts comply wlth the Charities Act
2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also
responsible for safeguarding the assets of the charlty and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
15

Hackeryoung
UHY Hacker Young LLP
14 Park Row
Noitsngham NGI 6GR
Chartered Accountants
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
OF THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
Oplnlon
We have audited the financial statement5 Df The Institution of Gas En8ineeTS and Managers (the "Parent Charity'l and
its 5ubsidiarie5 (the -Group"I for the year ended 31 Decembef 2023 which comprise the crjnsolidated statement of
financial activities. the consolidated and charity balance sheets, the consolidated statement of cash flows and notes to
the financial statements, including significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standard5, including FRS 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland Iunlted Kingdom Generally Accepted Accounting
Practi￿1.
In our opinion the flnancial statements..
give a true and fail view of the state of the group and charit¢s affairs as at 31 December 2023 and of its Incomlng
resources and application of resour￿5 for the year then ended-
have been properly prepared in aeeordance with United Kingdom Generally Accepted Accounting Praai¢e,' and
have been prepared in accordance with the requirements of the Charities Act 2011.
8a515 for oplnlon
We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our
responsibilities under those Standards are further described in theAuditoi's responsibilitie5 for the audit of the financial
statements sèttion of our repoft. We are Independent of the charity in accordance with the ethical requirements that
are relevant to our audit of the financlal statement5 in the UK, including the FRC'S Ethical Standard. and we have fulfilled
our other ethical responsibilities in accordance with these requirernent5. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opirtion.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of
accounting in the preparation of the financial statement Is appropriate.
Based on the work we have perforffled, we have not identified any material uncertainties relatlnÈ to events or
conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a goin
¢oncern foi a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described In the relevant
sections of this report.
Other information
The other information comprises thè infomiation included in the annual report other than the flnanclal statements and
our auditor's report thereon. The Trustees are responslble for the other information contained within the financial
statements. Our opinion on the financial statements doe5 not cover the other inforrnation and, except to the exteni
otherwlse explicitly stated in our report. we do not expres5 any form of assurance conclusion thereon.
Our responsibility is to read the othei information and, in doing so. conslder whether the other information is rnateriallv
inconsistent with the financlal statemen15 or our knowledge obtalned in the course of the audit, or otherwise appears
to be materially misstated. If we identify such material inconsisterscies or apparent material misstatements, we are
required to determine whether there is a material misstatement in the financial statements or a material misstatement
of the other Information. If, based on the work we have performed, we conclude that ihere is a material misstatement
of thls other information,. we are requSred io report that fact.
We have nothing to report in this regard.
Matters on whlch we are requlred to report by excèptlon
In the light of the knowledge and understandlng of the Charity and its environment obtained in the course of the audit,
we have not identified material misstatement5 in the Trustees, report. We have nothing to report in fespect of the
follgwing rnatters where the Charities Act 2011 requires us to report to you if, in our opinion..
16

Hackeryoung
UHY Hacker Young LLP
14 Park Row
ttingham NGI 6GR
Charteied Accountants
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
OF THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
adequate accounting records have not been kept, or returns adequate for our audlt have not been received
from branches not visited by us, or
ttrie financial staternents are not in agreement with the actountin8 record5 and returns,. or
certain disclosures of Trustees, remuneration specified by law are not made,. or
we have not received all the information and explanation5 we require for our audit.
Responslbllltles of Trustees
As explained more lully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of
the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
Trustees determine is necessary to enable the preparation of financial statements that are free from materlal
rnisstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the eharity's ability to continue as
goin8 concern. disc105in& as applicable, matters related to going concern and usin8 the going concern basis of
accounting unless the Trustees either intend to Ilquidate ihe charity or to cease operations. or have no realistic
alternative but to do 50.
Audltof's responslbllities for thè audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the flnanclal statements as a whole are free from
materlèl mlsstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance 15 a high level of assurance. but is not a guararbtee that an audit conducted in accordance with
ISAS IUKI will always detect a material misstatement whèn it exist5. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economie
decisions of users taken on the basls of these financial staternents.
Irregularities, includin8 fraud, are instances of non-compliance with laws and regulaiions. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, Inclyding fraud is detailed below".
Based on our underslanding of the charitable company and the industry in which it operates, we identified that the
principal risks of non-compliance with laws and regulatlgns related to the acts by the charitable company. which were
contrary to applicable laws and reÈulations including fraud, and we considered the extent to which non-cornpliance
might have a material effect on the financial statements. We also considered those laws and regulations that have
direct Impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated
management's incentive5 and opportunities for fraudulent manipulation of the financial staternents lincludin8 the risk
of override of controlsl. and determlned that the prlnclpal risks were related to inflated revenue and the charltable
company's net income for the year.
Audit procedures performed included..
revlew of the financial statement disc105ures to underlying supporting documentatlon.,
testing of sales invoices to ensure revenue is recognised correctly within the financial statement5,'
review of correspondence with and reports to the regulators. Including corre5ponden¢e on the Charity
Commi55ion,'
Enquiries of management in so far as they related to the financial statements, and
testing of journals and evaluating whether there was evidence of bia5 by the trustees that represented a risk
of material misstatement due to fraud.
There are inherent limltations in the audit procedures described above and the further removed non-compliance with
laws and regulations is from the events and traftsactlons reflected in the financial statements, the less likely we would
become aware of it. Also, the risk of not detecting a material misstatement due to fraud 15 higher than the risk of not
detecting one resulting from error. as fraud may involve deliberate concealment by. for example, forgery or
intentional misrepresentation5, or through collusion.
17

Hackeryoung
UHY Hackei Young LLP
14 PaTk Row
NOItsn9h￿ NGI 6GR
Chartered AccouniÉnt5
INDEPENDENT AUDITOR'S REPORTTOTHE TRUSTEES
OF THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
A further description of our responsibilities for the audit of the financial statements is located on the Flnancial Reporting
Council's website at.. http'.//www.frc.or8.uk/auditorsresponsibilities. This description forms part of our audltor's report.
Use of our report
This report is made solely to the charit(s members. as a body, in accordance with Chapter 3 of Part 8 of the Charities
Act 2011 and regulatlons made under section 154 of that Act. Our audit work has been undertaken so that we might
state to the charity's member5 those matters we are required to state to them in an auditor's report and for no other
purpose. To the fullest extent permitted by law. we do not accept or assLtme responsibility to anyone other than the
harity and the charitvs members as a body. for our audit work. for this report, or for the opinions we have formed.
Chrls Mckaln
Isenlor Statutory Audltorl
For and on bèhalf of UHY Hacker Youn8
Chartered Accountants and Statutory Auditor
11 April 2024
18

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
CONSOLIDATED STATEMENT OF FINANCIALAcfiviTIES
YEAR ENDED 31 DECEMBER 2023
Unrestrltted Desl8nated
Funds
Funds
Restrlcted
Funds
TOTAL
2023
TOTAL
2022
Notes
Incoming Resourcès
Charitable Activitles
Trading Actlvitles
Investment Income
2.395.328
90,032
68.895
75,398
1,288
2.472,014
90,032
107.497
2,299,213
57,6SI
90.913
1,022
37,580
Total Incoming Resources
2.554.255
76,420
38,868 2,669,543
2.447.777
Resources Expended
Raising Fund5'.
nvestment Manager Fees
Tradin8 Expenditure
4,816
24,083
28,899
2,633
7,449
24,083
31.532
7.849
18,845
26.694
2.633
Charitable Activities
2.418.750
204.983
176,724 2.800.457
2,754,612
Total Resources Expended
2,447,649
204.983
179,357
2.831,989
2.781,306
Net surpluslldeficltl before investments
106.606
1128,5631
140,489
162.4461 1333,5291
Net Bainlllos51 on Investments
56,917
18111
31,552
87,658
IS24.3521
Net surpluslldeficitl before transfers
163,523
1129,3741
1108.9371
174,7881 1857A811
Transfer between Funds
194.067
1194,0671
Net Movement Sn Funds
357.590
1323.4411
1108,9371
74.7881 18S7,8811
Total Funds Brought Forward
Total Funds Carried Forward
17
2.116.619
2.474,209
1,708,822
1,385,381
1,190.653
1.081.716
5,016,094
4,941.306
5,873,975
5,016.094
17
The statement of financial activities includes gains and losses ￿togniSed in the year. AJI incoming resources and
resources expended derive from continuing activities.
The notes on pages 23 to 39 forrn part of these accounts.
19

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
CONSOLIDATEO BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
2022
Fixed Asset5
Tangible
Investments
1,174,209
3,849,601
5.023,810
1,216,619
3,7S2,180
4.968.799
io
Current Assets
Debtors
Short Tèrm Investments
Cash at bank and in Hand
li
13
12
$04.165
6.610
356,136
866,911
331,388
56.863
419,547
807,798
Creditors: amounts falling due
within one year
14
1949.415
1760.5031
Net Current ILiabllitiesllAssets
182.5041
47,295
Net Assets
4,941,306
5,016,094
FUNDS
Unrestricted
Restricted
Deslgnated
17
17
17
2.474.209
I￿81.716
1,385.381
4,941.306
2.116.619
1,190,6S3
1,708,822
5,016.094
The financial statements were approved and authorised for issue by the Council and were signed on its
behalf on 13 Morch 2024.
Andrew Mu58rave
President
The notes on pages 23 to 39 form part of these accounts.
20

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
CHARITY BALANCE SHEET
YEAR ENDED 31 DECEMBER 2023
2023
2022
Fixed Assets
Tangible
Investments
1,174,209
3,850,601
5.024,810
1.216.619
3.753.180
4.969.799
io
Current Assets
Debtors
Short Term Investments
Cash at bank and in Hand
li
502,847
6,610
308,658
818,115
348,458
56,863
373,299
778,620
13
12
Credltors: amounts falllng due
wlthln one year
14
1943,0471
1773,0631
Net Current IllabllltlesllAssets
1124,9321
5,557
Net A55etS
4,899,878
4,975,356
FUNDS
Unrestritted
Restricted
Designated
2.474,209
1.052.761
1,372.908
4,899,878
2.1￿.406
1.163.135
1,711,815
4.975,356
The financial statements were approved and authorised for issue by the Council and were signed on its
behalf on 13 March 2024.
Andrew Mus8rave
President
The notes on pages 23 to 39 form part of these accounts.
21

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
CONSOLIDATED STATEMENT OF CASH FLOW
YEAR ENDED 31 DECEMBER 2023
Notes
2023
2022
Net cash outflow from operatin8 activities
20
1211,3981
1575,9271
Cash flo4vs from Investin8 Arti¥ities:
Oividends & Interest received
Purchase of property, plant and equipment
Purchase of investments
Procèeds from sale of investments
Net cash in from inve5tin8 activitie5
107,497
90.913
11,5011
113,6711
6.460
82,201
116.5161
6.753
97,734
Decrease in cash and cash equivalents In the reportlng period
1113.664)
1493.7261
Cash and cash equlvalent at the beglnning of the reporting
period
Cash and cash equivalent at the end of the reporting period
476,410
362,746
970,136
476.410
Relatin8 to..
Cash at Bank and in hand
Short Terrn Investments
356,136
6,610
362,746
419,547
56,863
476.410
The notes on pages 23 to 39 form part of these accounts
22

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES
lal Basls of preparation and a55essment of 8olng concern
The financial statements have been prepared under the hlstofical cost convention, as modified by the inclusion
of fixed asset investments at market value. The financial statements have been prepared in accordance with
the second edition of the Charlties Statement of Recommended Practice issued in October 2019, the Financial
Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act
2011.
The Institution constitute5 a public benefit entity as deflned by FRS 102.
The Trustees Consider that there are no rnaterial uncertainties about the Institution's ablllty to continue as a
going concern.
There are no Significant areas of adjustment or key assumptions that affect item5 in the account5.
Ibl Group financlal statèments
These financlal statements Consolidate the results of the charity. its wholly-owned subsidiary, IGEM House Ltd;
and the Scholarships, Medals, Prizes and Lectureship Fund. the History Fund and the Institution of Gas
Engineer51Scott15h Section) Benevolent and Education Funds, which are separate charities, on a line by line
basis. A separate Statement of Financial Activities ISOFAI for the Institution alone is not presented because the
charity has taken advantage of the provlslons to not disclose.
Icl Funds accounting
Funds held by the charity are..
Unrestricted general funds- these funds can be used in accordance with the charitable objects at the discretion
of the Trustees.
Designated funds- these arefunds set aside bytheTrustees out of unrestricted general funds for speclficfvture
purposes or projects.
Restricted funds - these funds can only be used for particular restricted purposes within the objects of the
charity. Restrictions arise when specified by the donor.
Idl Incoming resources
All income is recogni5ed once the charity has entitlement to the income. It Is probable that the income will be
received and the amount of income receivable can be measured reliablv.
Voluntaly income is accounted for when rèteived. Incomin8 resources represents the amount receivable
durlng the yèar In respect of subscripiions, fees and other income.
DTvidend5 are recogni5ed once the dividend has been declared and notification ha5 been re￿Ived of the
dividend due. Thi5 is normally upon notification by our investment advisor of the dividend yield of the
investment portfolio.
Where income Is received in advance Of perforrnance, its recognition is deferred and included in creditois until
the contract is performed. Membership subscriptions received in advance are deferred and included in
creditors.
23

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMEI4TS
YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POUCIES Icontlnuedl
lel Re50urce5 expended
Expenditure is recognised once there is a leÈal or constructive obligation to make a payment to a third party, it
is probable that settlement will be required and the amount of the obligation can be measured reliablv.
Expenditure is classified under the following activity headings..
costs of raisin8 funds include those costs incurred in the management of the charit￿5 investment portfolio.
charitable activities include expenditure associated with the objects of the charity and include dlrect costs
and support costs associated to these activities.
Irrecoverable VAT 15 char8ed as a cost against the activity for which the expenditure was incurred.
(fl Tanglble Flxed Assets and Depreclatlon
Individual fixed assets costin8 £1,000 or more are capitalised at cost.
Depreciation is not charged on freehold land. Depreclatlon on other tanglble fixed assets is provided to write
off the cost of fixed assets to their residual value evenly over their estimated useful lives, which are as follows:_
Freehold property
Fixtures & Fittings
Computer equipment
50 years
7 years
3 years
181 Foreign currencies
Monetary assets and Ilablllties denomlnated in forei8n currencies are translated into sterling at rates of
exchangè ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on thè date of the transadion.
Exchange gains and losses are recognised in the statement of flnanclal activilies.
Ihl Investments
Investmenis are a form of basic financial instrument and are initially recognlsed at thelr transattlon value and
subsequently measured at their fair value as at the balance sheet date using the ¢losin8 quoted market price.
The statement of financial activities includes the net gains and 1055es arising on revaluation and disposals
throughout the year.
The charlty does not acquire put options, derivatives or other complex finanoal instruments.
The rnain form of financial risk faced by the charity is that of volatility in equity markets and investment market5
d￿e to wider economic conditions. the attitude of investors to investrnent risk, and changes in sentiment
concerning equities and within partlcular sectors or sub sectors.
111 Realis*d gains and10$5¢5
All 8ains and losses are taken to the Statement of Financial Actlvltles as they arise. Realised gains and10s5es on
investments are calculated as the difference between sales proceeds and their opening carrying value or their
purchase value if acquired subsequent tts the first day of the financial year. Unrealised gains and losses
24

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIALSTATEMENTS
YEAR ENDED 310ECEMBER 2023
ACCOUNTING POLICIES Icontinuedl
111 Reallsed ¥alns and losses
are calculated as the differen￿ between the fair value at the year*nd and their carrying value. Realised and
unrealised investment gains and1055es are combined in the Statement of Financial Activities.
Ul Herltage assets
The Institution possesses a collection of regalia and memorabilia, and a collection of library books.
These iterns are held for the furtherance of the Institution's oblects and are considered heritage assets.
Where heritage assets are donated, the Trustees consider that in the absence of reliable cost information, the
expense of determining a reliable valuation of these artefacts is onerous compared with the additional benefit
derived by users of the accounts in assesslng the Trustees, stewardship of the assets. Heritage assets are gifted
and are therefore excluded from the balance Sheet in accordance wlth paragraph 18.14 of the SORP. Where
heritage assets are purchased, the purchase costs are capitalised in the balance sheet.
Ikl Cash and c35h eqyivalents
Cash and cash equivalents include cash at bank and cash in hand as well as short-terrn hi8hly liquid investments
with a short maturity Irecognised within short-term investmentsl.
111 Penslons
The InstStution makes payments to defined contrlbutiofi pension schemes on behalf of qualifyin8 employee5.
Such contributions are charged in the Statement of Financial Activities when made. The contributions are
invested separately from the Institution's assets.
Im) Operatlng leases
Operating lease rentals are charged on a straight-line basts over the lease term.
{nl Corporatlon tam
The charity is exempt from tax on incorne and gains falling within section 505 of the Taxes Act 1988 or sectlon
252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
lol Go¥ernment 8rants
Government grants are recognised at the fairvalue of the a55et received or receivablewhen there is reasonable
assurance that the grant condltions will be met and the grants will be cecelved.
A grant that specifies performance conditions is recognised in income when the performance conditions are
met. Where a 8rant does not specify performance conditions it is reco8nised in income when the proceeds are
received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Ipl Judgements In applylng accountin8 policles and key sources of estimation uncertainty
In preparing these financial statements, the Trustees consider that there are no material judgements or
estlmates.
25

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
CHARITABLE AcfiviTIES
Activities in the furtherance of the charlty's oblecrives.
Total
2023
Total
2022
Unrestrlcted
DesSgnaied
Restrlcted
Membership
Technical
Conferences & Events
Journal
893.899
1.130.034
289.836
81,559
893,899
1,130,034
289,836
81,559
841,295
935.193
328,738
114,471
Sections (Excl Scottish Section)
Scottish Section
History Fund
72,591
2,807
72,591
2.807
1.288
2.472.014
74,689
2,425
2,402
2.299.213
1,288
1,288
2.395.328
75,398
In 2022, of total income from charitable activltles, £2.215.508 was to unrestricted funds, E77,114 was to
designated funds and £6.591 was to restrlcted fvnds.
INVESTMENrs
Total
2023
Total
2022
Investment In¢ome
Unrestrlcted
Designated
R*stritt¢d
Bank Interest
Dividends and interest
from investments
823
228
363
1,414
282
68.072
68.895
794
37,217
37,580
106.083
107A97
90,631
90.913
1,022
In 2022, of total incorne frorn investments, £58.490 was to unrestricted funds, £872 was to designated funds
and £31,551 was to restricted funds.
26

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIALSTATEMENTS
YEAR ENDEO 31 DECEMBER 2023
CHARITABLE EXPENDITURE
Cost of activities in the furtherance of the objectives of ihe charitv
Support and
Governance
Costs
Staff
Other
Costs
Total
2023
Total
2022
Costs
Gènèral Funds..
Membership
Technical
Conferences, Events, Marketin8
& Media
journal
236,303
285.276
67,648
321.022
164,883
208,439
468.834
814.737
442,903
685.083
274,117
45,653
33,461
158,298
1.033,108
261,851
158,533
76,566
44.806
930.426
53,461
15,044
13,389
589,429
515,288
219,230
237,467
123,416
86,745
203.104
175.533
455.216 2.418.750 2.143,019
Establlshment
Deslgnated Funds..
Section Expenditure
Development
Property Maintenance
75,965
115,966
13,052
204,983
75,965
115,966
13,052
204,983
83,388
214,676
298,lJ64
Restrlcted Funds:
Scholarships & Medals
Gas Innovation
Hydrogen Standards Innovatlon
GIUSP
History
76,021
50.690
42.798
7.000
215
76,021
50.690
42,798
7.000
215
69,549
17.547
216.448
7,500
2,485
313.529
176.724
176.724
1,033,108
1,312.133
455,216 2,800N57
2,754,612
27

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
SUPPORT AND GOVERNANCE COSTS
Staff
Costs
Other
Costs
Total
2023
Total
2022
General & Su
Central Support
Legal and Professional Fees
Council Meetings & Staff Expenses
Bank & Credit Charges
Sundry
Postage & Telephone
Printing & Stationery
Computer Expenses
Subscriptions and Other Costs
Bad and Doubtful Debts
Irrecoverable VAT
ort Costs..
234.327
234,327
3,263
4,838
30,593
18.943
27.718
4.385
75.255
5.889
210,308
935
2,963
24,789
548
3,263
4,838
30,593
18,943
27,718
4,385
75,25S
5,889
27,130
2,425
57,544
7.854
20,CKIO
20,618
17,486
17M6
Governance Costs..
Audit & Accountancy Fees
Council and Trustee Expenses
13,785
18,734
13,785
18,734
13,500
2,258
234.327
220,889
455,216
3￿,872
The Institution Initially identifies the costs of its support functions. It then identifies those costs that relate to
the Éovernance function. Havin8 identified its governance costs, the remaining support costs together with the
governance costs are apportioned between the five key charitable activlties undertaken (see note 41 in the
vear, based on the income generated for these charitable activities.
NET OUTGOING RESOURCES
This is stated after charging..
2023
2022
Depreciation of Tangible Fixed Assets
Operating Lease Rentals
Audit fee
42,410
2.148
13,785
29,228
3,623
I3,5￿)
28

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
STAFF COSTS
The average monthly number of employees during the year was..
2023
No.
26
2022
No.
Office and Management
23
2023
2022
staff Costs..
Oirect Salaries
National Insurance
Contributions
Pension Contributions
954.751
960,860
88.414
122.833
1,165.998
93.599
113.723
1.168.182
The number of employees whose emoluments as defined for taxation purposes amounting to over £60.000 In
the year was as follows..
2023
2022
No.
No.
£60,000 to £70.000
£70,000 to £80,000
£IIO,000 to £120,000
É120.000 to £130,000
Pension contribution5 relating to those staff earning over £60,000 totalled E39.52412022". £51.7561.
The Trustees and members of the Council received no remuneration during the year but travel expenses of
£9.679 were pald to 4 coun¢il members12022'. £2,529 to 7 council members).
The Institution considers 115 key management personnel to comprise the Chief Executive Officer and the senior
management team. The total employment benefits intludinB employer pension contributions of the five12022..
five) key managemenl personnel were £485,24312022.. £439,6021.
NET GAINS ON INVESTMENT ASSETS
Unrestrlcted
Restrictèd
Deslgnated
Funds
Total
Total
Funds
Funds
2023
2022
Gains on disposals
Net unrealised (Ios51
Igains on revaluation to
market value
502
144
646
869
56.415
56,917
31,408
31,552
18111
18111
87.012
87.658
1525.2211
IS24.3521
29

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTESTO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
TANG18LE FIXED ASSETS
Group and Institutlon
Tanglble Flxed Assets
Land &
Build5ngs
Offlce
Equlpment
Total
Cost
At l January 2023
Transfer
1,537,667
1134,0541
IA03,613
261.988
134,054
396,042
1.799,655
At 31 December 2023
1,799.655
Depreclatlon
At l January 2023
Charge for the Year
Transfer
At 31 December 2023
339,357
24.752
137,5351
326.574
243,679
17,658
37,535
298￿72
583,036
42,410
625,446
Net Book Amount
At 31 December 2023
1,077,039
97,170
1.174.209
At 31 December 2022
1.198.310
18,309
1,216,619
Land and Buildings include land valued at £300.000 which is noi depreciated.
Re8alla, memorabllla and Ilbrary collèction of books- Heritage a55ets
The Instltutlon has in its possession items gifted to it that comprises of iegalia. memorabilia and a library
collection of books, which have historical qualities and are held principally for their contribution to knowledge
and therefore met the criteria for heritage assets.
These assets have not been included on the b3lan¢e Sheet as the information on their cost or valuation Is not
available. as these items were gifted to the Institution, and the information cannot be obtained at a cost
commensurate with the benefit derived from obtaining this information. This is due to these itèms bein8
unique and therefore a market value cannot be obtained, as their value would dlffer dependent on the user.
These regalia and memorabilia items are insU￿d at a cumulative value of E307,20012022.' E258,6891. While
the collection of library books has an insurance value of £64,71712022'. £56,275).
30

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 310ECEMBER 2023
10 INVESTMENTS
Group
Quoted Investments
Total
Total
Unrestricted
& DeslBnated
Restrlcted
2023
2022
Market Value at l January 2023
Additions
Disposals
Revaluation to market value
2.436.052
1,316,128
16,516
11,2381
31,4Q8
3,752.180 4.269.320
16.516
13,671
16.1071
15.5901
87,012 1525,2211
14,8691
55.604
Market Value at 31 December 2023
2.486,787
1.362.814
3,849,601 3,752.180
Historical C05t at 310ecember 2023
2,180,854
1,198.682
3.379,536 3,368,618
The Investments are split as
follow5
Rathbones Core Investment Fund for
Charities
M&G Investrnents
2.472,536
14,251
2.486,787
1.362.814
3,835.350 3,737,117
14,251
15,063
3.849,601 3.752.180
1.362.814
Instltution
Unrestrided &
Dèsignated
Total
2023
Total
2022
Restricted
Quoted Investment5
IGEM House Ltd
2,486,787
1.362.814
3,849.601
3,752,180
1,000
3,753,180
2,487,787
1,362.814
3.850,601
Holdings in eK¢e55 of 5% of the total market value:
Rathbones Core Investment Fund for Charities
99.6%
IGEM House Ltd. a wholly owned Subsidiary of the Institution, was incorporaled to carry out the commeidal
activities of the Institution.
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded
in quoted public markets. Holdings in common investment funds. unlt trusts and open-ended investment
companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value.
Using the bid prlce. Asset sales and purchases are recognised at the date of trade at cost (that is their
transactlon value).
The main risk to the Institution from financlal instruments lies in the combinatlon of uncertain investment
market5 and volatility in yield.
31

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
10 INVESThIENTS Icontinuedl
Liquidity risk is anticipated to be low as all assets are traded and the commltment to intervention by ￿ntral
b3nk5 and rnarket regulators has coniinued to provide for orderly trading In the markets and so their ability to
buy and sell quoted equities and stock is anticipated to continue. The Institution's investments are mainly
traded in markets with good liquidity and high trading volumes.
The Institution has no material investrnent holdings in rnarkets subject to exchange controls or trading
restrictions. The Institution does not make use of derivatives and similar complex financial instruments as it
takes the view that investments are held for their longer-term yield total return and historic studies of quoted
financial instruments have shown that volatility in any particular 5-year period will normally be corrected.
11 DEBTORS
Debtors
Group
Institution
2023
2022
2023
2022
Due within one year
Trade Debtors
Amounts due from Group
Undertakin85
Other Tax & Social Security
Prepayments & Accrued Income
426,400
290,962
387,732
282,946
37,350
25,086
4,559
35,867
348,458
4,559
35,867
331,388
77,765
504.165
77,765
502.847
12 CASH AT BANK AND IN HAND
Cash at Bank arKI In Hand
Group
Instltutlon
2023
2022
2023
2022
Unrestricted
Designated
Restricted
273.360
53.789
28.987
356,136
336,811
54,332
28,404
419.547
267.342
41.316
331.422
41.877
308,658
373.299
13 SHORT TERM INVESTMENTS
Short term investments represent uninvested cash funds and are held in interest-bearing bank account5.
Group and Institutlon
Total
2023
Total
2022
Unrestrlrted
Re5trlcted
Income and Capital Account
Money Market Account
512
510
863
6,000
6,610
56,LN)O
56,863
6,098
512
32

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 310ECEMBER 2023
14 CREDtroRS
Creditors
Group
Institution
2023
2022
2023
2022
Due within one year
Trade Creditors
Other Tax and Social Security
Other Creditors
Accruals and Deferred income
198,919
68,105
15,135
667,256
949,415
79,751
42,423
11,745
626,584
760,503
198,300
64,003
15.136
665.608
943,047
91,751
38,575
11,745
630,992
773,063
15 DEFERRED INCOME
Group and Instltutlon
Movements in Deferred Income..
Balance at l January 2023
Released during the year
Deferred during the year
Balance at 31 Oecember 2023
496,089
1487,9871
530,743
538,845
2023
2022
Deferred Income is made up of..
Membership Income received in advance
Event Income received in advante
Technical Income received in advance
Hydro8en Knowled8e Centre recelved in advance
History Fund Income received in advance
Journal Income received in advance
5ectlon Income re¢eived in advance
307,540
48,315
148.977
12,750
32
17.606
3,625
304.706
28.995
143.153
12,750
268
6,217
538,845
496.089
Membership income received in advance relates to subscriptions received in the current year that relate to the
year to December 2024. Other intome received in advance relates to journal advertlsin8 income and Historv
Fund income received in the curreni year that relate to the year to December 2024.
33

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
16 FUNDS
Restrirted
l. Scholarship. Medals. Prizes and Lectureship Fund
This restricted fund ha5 variou5 scholarship, medals, prizes and lectureship fund that have been previouslv
donated by individuals and organisations, and are consolldated into this fund. The objects of the fund are
to further education and knowledge in gas engineering and management lin particular but not exclusivelv
by the award of medals, scholarships. prizes, and lecture5hip51 and in the provision of other learning
opportunities and events.
2. History Fund
The purpose of this fund is to promote public education and research into the history of the gas industry
and publish the useful results of such research. The Panel for the History of the Industry administer5 the
fund and, amongst its other activities. it produces a quarterly newsletter, Historic Gas fimes.
3. Gas Innovation Fund (previously LNG Fund)
The surplus from the Il, LNG International Conference and Exhibition held in 1995 has been donated to
the Institution used for educational purposes and research into technlcal and commercial applications of
gas such as Liquid Natural Gas, Hydrogen and Methane etc.
4. Scottlsh Section Education Fund
Th*s fund exists to sponsor a travellin8 scholarship. awarded from time to time by the Scottish section.
5. Ga5 Industry Unsafe Procedures IGIUSPI
Gainshare funding of £45,(X)O has been received in 2017 for IGEM to review and manage the Gas Indusiry
Unsafe Situation Procedure5 over the next seven years.
6. Hydro8en Standards Innovation Fund
This fund was created in 2020 to fund research activities to enable Hydrogen Standards to be wfittèn.
IGEM has tontributed £IOO,000 from the Development Fund as a commitrnent to initiate the fund and
furthèr funding has been received from indL¢Stry network partners.
DesSgnated
l. Devèloprnent Fund
The Institution has set up a fund to promote the commercSal development of the Institution in line with its
charitable objectives. to facilitate investment into fvture sustainability and the ener8V transformation that
is facing the industry. The previously designated International Development Fund has now bèen
incorporated into here.
2. Sections
The Institution has affiliated Sections that have a uniform constitution agreed by thè Council and the sarne
charity registration number as the Institution. Grants are sometimes allocated lo the Section5. Funds held
by Sections are designated for the development of the Institution's activities in the regions.
3. Property maintenance reserve
The Institution has set up a fund for refurbishment5 in order to maintain the value and use of the property.
Unrestrlcted
This is expendable at the discretion of the Trustees. It ensures that services are not interrupted in the event of
a sudden loss of income or unexpected expenditure. It includes the operating activities of the Institution in
addition to the operating results of IGEM House Ltd.
Property and assets represent the net book value of fixed asset acquired and funded from the Charitws
unrestricted funds.

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 310ECEM8ER 2023
17
MOVEMENT OF FUNDS
Investment
Movemènt Transfers
Balance at
151 Jan
2023
Income
Expendlture
Balance at
31st Dec
2023
Unrestricted Funds
Group and Institution
General Reserve
Property and Assets
900,000 2.554.255
1,216,619
2,116.619 2.554.255
12,405,239)
142,4101
12,447,649)
56,917
194.067
1.300.000
1.174.209
194,067 2.474.209
56,917
Restrlrted Funds
In5tltutlon
Scholarships & Medals Fund
Gas Innovation Fund
Hydrogen Standards InnovatSon
Fund
569,816
536,109
19,346
17,871
177.3931
151,9511
16,180
15,372
527,949
517,401
50,209
7,000
142,7981
17,OLX)I
7,411
GIUSP
Group lincludlng above)
History Fund
Scottish Section
7,154
20.365
1,288
363
121SI
8,227
20,728
1,081,716
1.190,653
38,868
1179,3571
31,552
Deslgnated Funds
Instltutlon
Development
Property Maintenance Reserve
Sections..
Northeast & Yorkshire
Welsh
Midlands
North West
Far East
London. Southern &
Eastern
South West
1,412,650
150,CX)O
1115,9671
113,0521
1194,0671
1,102.616
136,948
11,420
18,736
26,990
12.066
41.877
13,819
13,739
112,5531
111.9151
12,8831
19,7011
122.1671
12,686
19,749
24,107
10,617
41,317
18111
8,252
21,607
5,659
5,243
4.170
6.758
833
4,785
2,110
16.5811
12.5981
3,863
4,755
4,170
5,413
6,667
Industrial Affiliate5
Young Persons Network
Group (including above)
Scottish
3,300
6,000
14,6451
11661
12.420
1.708.822
2,808
76,420
12,7551
1204.9831
12.473
1,385,381
18111 1194,0671
5,016.094 2.669.543
12,831,989)
87.658
4,941,306
35

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
14OTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
17
MOVEMENT OF FUNDS Icontlnuedl
PRIOR YEAR COMPARATIVE
Ir*vestment
Movement Transfers
Balance at
1st Jan
2022
Income
Expenditure
Balance at
31st Dec
2022
Unrestrlcted Funds
Group and Instltutlon
General Reserve
900,000 2,331,649
1,244,347
2,144.347 2,331.649
12.139,2341 1340,7421
127.7281
12,166.9621 1340,7421
148,327
900.000
1,216.619
2,116.619
Property and Assets
148,327
RestTl¢ted Funds
Institutlon
Scholarships & Medals Fund
Gas Innovation Fund
Hydro8en Standards Innovation
Fund
719,691
632.091
17.965
14,882
170,9971
118,8501
196,8431
186,7671 15,2471
569,816
536,109
258,612
14,500
2,798
1216.4481
17.5LKII
5,247
50,209
7.000
GIUSP
Group lincludln8 abo¥el
History Fund
Scottish Section
7,237
20.270
1.652.401
2,402
95
12,4851
7,154
20,365
1.190,653
38,142
1316,280
1183.6101
Deslgnated Funds
Instltution
Development
Property Maintenance Reserve
Sections..
Noitheast & Yorkshire
Welsh
Midlands
North West
Far East
London, Southern &
Eastern
South West
1,775,653
150,orxJ
1214.6761
1148,3271
1.412.650
Iso,oc
9.593
19.788
25.031
15.605
28.332
15,551
9,161
3,7CM)
12,195
23.866
113.7241
110,2131
11,7411
115,7341
110,3211
11,420
18,736
26,990
12,066
41,877
8,477
5,543
4,170
7,153
15,033
3,909
7,179
16,7271
17,4791
5,659
5,243
4,170
6,758
833
Indu5tri31 Affiliates
Youn8 Persons Network
Group lincludin8 abovel
Scottlsh
13951
114,2001
12.849
2.077,227
2,425
77.986
2,854
1298,0641
12,420
1,708,822
1148.3271
5.873,975 2W7.777
12,781,306) 1524,3521
5,016.094

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENT5
YEAR ENDED 31 DECEMBER 2023
18
ANALYSIS OF ASSETS BETWEEN FUNDS
Unrestrlctedl
Designated
Funds
Restrlrted
Funds
Total 2023
Fund Balances at 31 Oecember 2023 are represented bv..
Tangible fixed assets
Investments
1.174.209
2.486.787
333,247
1134.6531
1,174,209
3.849,601
362,746
1445,2501
1.362.814
29.499
1310,5971
Cash
Net current liabilities
Total net assets
3,859,590
1.081,716
4,941,306
Unrestricted/
De518nated
Funds
Restricted
Funds
Total 2022
Fund balances at 310ecember 2022 are represented bv..
Tangible fixed assets
Investments
Cash
Net current liabilities
1,216,619
2,436,052
447,599
1274,8291
1.216.619
3.752.180
476,410
1429,1151
1,316.128
28.811
1154.2861
Toial net assets
3,825,441
1,190.653
5.016.094
19
COMMITMENTS UNDER OPERATING LEASES
As at 31 December 2023 the Group and Institution had commitments undei operating leases as follows..
Other
2023
2022
Group and Instltutlon
Within one year
Between two and five years
1,670
2,070
1,552
3,622
1.670
37

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 310ECEMBER 2023
20
RECONCILIATION OF NEf DEFICITTO NET CASH FLOW FROM OPERATING ACTIVITIES
2023
2022
Net deficit for the reportin8 period
Adjustments for..
Depreciatlon charges
Gain on disposal of Investment5
Fair value movement on investments
Dividends. interest and rents from investments
Ilncreasel in debtors
Increase / Idecreasel In credllors
174.7881
1857,8811
41,410
16461
187,0121
1107.4971
1172,7771
188,912
29.228
18691
525,221
190,9141
153,3381
1127,3741
Cash used from Operatlons
1211,3981
1575,927
21
ANALYSIS OF DEBT
l January
2023
31 De￿rnber
2023
Cash flows
Short term investments
Cash
56.863
419.547
150.2531
163,4111
6,610
356.136
Total net debt
476,410
1113,6641
362.746
22
RELATED PARTY TRANSAcfioNS
The group and the institution has taken advantage of the exemption available under section IAC.35 of FRS 102,
from disclosing transactions entered into between two or more wholly owned members of the group.
23
CONSOLIDATED ENTITIES
The entities included in the consolidation are..
The History Fund- charlty number 287678- incorporated in England and Wales
IGEM House Ltd IIOO% ownedl- company number 03093169- incorporated in England and Wales
Institution of Ga5 En8ineers1Scottish Sectionl Benevolènt and Education Funds- charity number SC(X)6601
incorporated in Scotland
The charity's financial statements Include those of the Institution of Gas Engineers and Managets Scholarships,
Medals, Prizes and Lectureships Fund charity number 214011-11- registered in En8land and Wales.
38

THE INSTITUTION OF GAS ENGINEERS AND MANAGERS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
24
FINANCIAL INSTRUMENTS
The Society'5 financial instruments may be analysed a5 follows:
2023
2022
Flnancial assets
Flnancial a55ets measured at amortised cost
789,146
766,966
Flnanclal Ilabilities
Financial liabilitie5 measured at amortised cost
881.310
718,080
Financial assets measured at amortised c05t comprise cash at bank. tradè debtor5 and 5hort-term investments.
Financial liabilitles measured at amortised cost comprlse trade creditor5, Other credltors and ac¢ruals.
39