Registered number: 00606601 Charity number: 244812 The Institute of Quarrying Trustees. Report and Financial Statements For the Year Ended 31 December 2023 JDAINS ACCOUNTANTS Tho Institute of Quarrying (A Company Limited by Guarantee Contents Page Reference and Administratlve Details of the Company, its Trustees and Advisers Trustees, Report Trustees, Responsibllltles Statement Independent Audltors, Report on the Financlal Statements Consolldated Stat•m•nt of FlnancFal Activities 3-12 13 14-17 18 Consolidated Balance Sheet 19-20 Company Balance Sheet Consolidated Statement of Cash Flows 21 22 Notes to the Flnanclal Statements 23-58 The Institute of Quarrying (A Company Limited by Guarantee) Reference and Administrative Details of the Companys Its Trustees and Advisers For the Year Ended 31 December 2023 Trustees VG Russell, President B Williams, Chaiman BM Uphill, Deputy Chairman D Bagshaw PFW Cottrell HK Bailey TJ Corcoran A Meadows L Saunders J Whitelaw (appointed 28 September 2023) R Allinglon (resigned 28 September 2023) M Riley (resigned 28 Septsmber 2023) Company registered number 00606601 Charity registered number 244812 Registered office Porter Lane Wirksworth Matlock Derbyshire DE4 4LS Company secretary JE Thorne Independent auditors Dains AudÉt Limited Statutory Auditor Suite 2, Albion House 2 Etruria offi￿ Village Forge Lane stoke on Trent staffordshire ST1 5RQ Page 1 The Institute of Quarrying (A Company Limited by Guarantee) Reference and Administrative Details of the Company, its Trustees and Advisers {contFnuedl For the Year Ended 31 December 2023 Bankers Lloyds Bank PIC Parliament street Nottingham NG13DA Sollcltors HaTvey Ingram Shakespeares LLP 20 New Walk Leicester LE16TX Investment Advlsors Rathbones Incorporating Investec Wealth & Investment {UK} Beech House 61 Napier Street Sheffield S118HA Page 2 The Institule of Quarrying {A Company Llmited by Guarantee) Trustees, Report For the Year Ended 310e¢ember 2023 The Trustees present their annual report together with the audited financial statements of the Company for the year 1 January 2023 to 31 December 2023. The Annual Report seNes the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply wilh the current statLltory requirements, the iequirements of the charitable company's goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Pollcies and objectives The Institute of Quarrying has charitable status and is a company limited by guarantee. Its primary objective is 'To advance the science. practice and professionalism of quarrying through education, training and the encouragement of progressive improvements in standards of business, technical and environmental performance,. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity {P82}'. During 2023 the InstitLrte continued to deliver its five-y&ar strategy incorporating four strategic pillais to support achieving its charitable purpose and continued to develop its operations at the National Stone Centre INSC) in Wirksworth Derbyshire. It progressed plans for a new centre of excellence at the site, with consultations with members. industry, the local communty and Local Authorities taking place. The planning application was submitted in early 2023 and planning approval was grsnted in April 2023 for the new centre. b. Strategles for achieving objectives The strdtegy has four pillars., Be the glob81 leader for standards in the mineral extractives, profession Drive innovation and operational best practice Support the industry in driving heallhy, sustainable workplaces Promote the positive impact of the industry and profession c. Membershlp engagement and growth The Institute seeks to grow its membership through new members joining and retaining its existing membership base. As such the Institute sets targets and monitors performance for member retention and recrurtment. The objeclive for the InstÉtute in line with its charitable purpose is to have an engaged and growing membership globally. The primary route to membership retention is through member engagement and setvices. The Institute's regional Branch structure delivers regular events across the UK to support members in developing and maintaining their technical knowledge. Page 3 The Institute of Quarrylng (A Company Limited by Guarantee) Trustees. Report (continued) For the Year Ended 31 December 2023 Objectives and actlvities Icontinued) d. Training and educatlon delivered The organisation has developed 8nd delivered a number of Courses which are delivered in the UK and internationally in conjunction with its partnership with the Universty of Derby Centre for Mineral pr(￿￿CtS. The courses cover core areas of knowledge and skills with relation lo the minerals extractive processes. The Institute remains committed to supporting the development of knowledge and skills in key areas including Health and Safety. 2023 saw the delivery ofthe new Level 3 Geotechnical qualtficalion for the sector providing a more flexible route to developing competence in this key 8rea of operation, e. Activities for achleving objectives Through industry relevant educatton, training programmes, gi)od practice guidance materials, conferences and Branch technical events. the Institute supports members in developing quarrying professionals, skills and competence to enable them to: make on-going improvements in the way that the essential raw materials which underpin our society are won from the ground, processed and delivered to the market ensure the heatth, safely and welfare of the workforce and site visitors is accorded the highest priority operate extractive sites in line with the best international standards for the protection of the environment ensure members are mindful of their social responsibilities and the need to be good neighbours in the communities in which they operate f. Volunteers The Institute relies heavily on its volunteer ne￿ork to support its activities, from the Board of Trustees and Council through to regional Branch committees. The Branch committees provide a varied range of technical evenings and events to enable members tc access relevant Continuing Professional Development {CPD) supporting their development of knowledge and skills. The Branches also provide a valuable way for members to ne￿tsrk. Members also provide their technical knowledge and experience supporting the development of information, technical books, guidance and training courses enabling the Institute to deliver current and relevant support to its members and the wider industry. g. Financial performance Financial perfomiance is cutlined in the report below and shows the day to day operational performance of the organisation alongside the performance in relation to projects. Page 4 The Instltute of Quarrylng IA Company Limlted by Guarantee) Trustees, Report (continued For the Year Ended 31 December 2023 Achievements and perfomiance 2023 was a busy year for the Institute as the industry and activities with the delivery of CPD days, Fellows lunch and the launch of the new technical guidan￿ book on explosives in quarrying. Underpinning the support for members work was undertaken by the IQ Council to develop planning processes to support events aeross the branches and improve communiGaticns and promotion to members. The Institute Continued to focus on core activities to support members through the actions highlighted in this report, whilst the main project focus was with the NSC and developing operations to support the centre of excellence. The discussions and negotiations with the NSC saw Ihe IQ Trustees take up roles as Trustees of the NSC and work is underway to revise the Articles of the NSC to make the InstÉlute the sole corporate member of the NSC. 2023 saw the continuation of discussions with the Peak Districl Mining Museum (PDMMI based in Matlock Bath. Negotiations with fepresentatives of the Peak District Mining Historical Society (PDMHS), as owners of PDMM, sought to develop plans for PDMM to relocate to the NSC within the new building once it has been completed. In 2023 representatives frcm PDMM joined IQ members as Trustees of the NSC and the Articles of Association were finalised to establish the IQ as the sole corporate member of the NSC. The Institute held discussions with both the ICTa and the IExpe during 2023 regarding closer working relationships and the signing of Mou's with he respective bodies to develop activities during 2024. a. Key performance indicators The key perfOrrnan￿ indicators for the 2023 period related to f5ve key areas of operation., Operational financial stability Membership recruitment and retention Membership seNices Delivery of education and training Delivery of proJeGts to support the ongoing development of the Institutes, capabtlity to deliver services to its members and the industry The financial report OLrtlines the performance for the year and highlights that a deficit of £217,071 was mad6 for 2023. This was mainly due tc the investment in the NSC project, a downturn in investment income due to the wider geopolitical and global economic pressures and lower than forecast income from key stakeholder activities. The membership numbets for 2023 remained broadly flat in line with previous years. Retention figures were strong at 89 %. and new members were down slightly on target, This was partly due to phasing with activities expected in 2023 being realised in early 2024. Member retention and recruitment remains a priority for Ihe Institute with the Board of Trustees establishing a working group to develop the membership sUPPOrt and growth opportunities during 2024. The Instf(ute has also continued to discuss with Ihe Presidents from the Affiliated National Institutes and Branches on collaborating to deltver the Presidents, fund project and discussions around international activity. The Presidents met in Hong Kong in November to review activities and to develop activities to support a coordinated approach for members internationally and develop growth opportunities in membership and training. Page 5 The Instltute of Quarrying IA Company Limited by Guarantee) Trustees, Report Icontinued) For the Year Ended 31 December 2023 Achievements and performance (contlnued) The Institute during 2023 played a proadive role in supporting the Minerals Matter Cross industry initialive in conjun¢tion with Mineral Produds Qualifications Council and others. Minerals Matters is driving activity on behalf of the sector in slandards, education and skills, partnerships and promoting careers. This included hosling and promoting careers to school children at the NSC through the live broadcast of the Big Bang event in February 2024 that went to over 140,000 individuals across the Country. b. Membershlp Services The Institute is committed to supporting members in developing and maintaining their skills and knowledge throughout their working lives. To complement the formal educational and training available, the Instilute provides a range ol services to support members in sharing and accessing information in order to maintain their CPD. 2023 Continued to see Ihe delivery of activities for members.. the Institute continued lo work with Branches to deliver online and face to face technical events enabling members to engagage in a range of subjects throughout the year. Many were recorded and made available online for member use on an ongoing basis. The Institute continued to support members to engage with and prepare for progress towards professional registration of the Engineering Council through tts agreement with The Chartered Institution of Highways & Transportalion {CIHT}, with support materials launched Ihrough the website and presentations made to members. These will continue during 2023 to encourage members through the process. The Institute continued to promote ils personal development tool, providing members with a structured approach to evaluating their current capabilities and ¢ompelence against the skills wheel and guidance on where to find support in areas identified for development. The Institute launched the Emerald Challenge in 2023, following discussions and the donation of the first years prize fund by IQ member Steve Cole. The Emerald Challenge was created to support and recognise la members as they develop projects and research ideas lo help their organisations and the wider industry meet the global challenges on sustainability. The grant of £5,000 was designed to be awarded annually to an la Technical Member (TMIQ, Member {MlQ) or Fellow (FIQ) to develop ideas that directly contribute to progress towards Net Zero Carbon. The 2023 grant was split between winning entries, one developiny a sustainably approach to reducing sediment in water courses and the other in optimising blasting to support the drive lo lower carbon emissions in the seclor. The winners were announced at the Fellows lunch in October. Branches The IQ Branches provide a range of technical evenings, seminars, site visits and Safety days covering a wide range of topics to support members in gaining relevant CPD. The Branch meetings also provide members with the opportunity to share best practice and discuss their experiences. The Branch meetings continued to provide a platfomi for members lo gain mentoring from fellow professionals in the sector supporting the developmenl of the new individuals entering ihe sector. The Branches in 2023 were able lo bring back more face-to-face meetings, alongside ￿tainIng online sessions. 2023 also saw the CPD days continue in providing critical knowledge for members across the country. Many Branches also restarted their dinner dance events to support member netMorking and engagement with wider industry stakeholders. Page 6 The Institute of Quarrying (A Company Limited by Guarantee> Trustees. Report lcontinuedl For the Year Ended 31 December 2023 Achievements and performance (¢ontlnued) Quarry Management 'Quarry Management, has been the official monthly Journal of The Institute of Quarrying for many years. It provides timely, relevant and topical covera9e of all the key issues, developments and advances in the aggregates sector. It is provided to all members as part of their subscription package and is also available on a subscription basis. In partnership with QMJ Publishing Ltd, the magazine's publishers, a mobile phone and tablet 'app' has been developed to allow members and other subscribers to read the journal in electronic format. Throughout the pandemic the magazine continued to be produced in hard copy and sent to members to ensure they received one of the key member beneffts. Technical Handbooks and guidance The Instrtute's range of handbooks for use in both education and industry is comprised of six hard copy volumes.'_ Environmental Management Health & Safety Law in Quarries Crushing and Screening Asphalt Production Sand & Gravel Production Use of Explosives in QuarrK8s Work continued in 2023 to develop revised versions of both the Environmental Management book and the Use of Explosives in Quarries book. With the revised explosives book launched in September along with the development of a new diploma in explosives being launched in 2024. WebsSte The Institute runs an extensive website which offers a range Df information for public view. Apart from sections about the Institute itself, the website also includes information on.. Meetings, conferences and events News and topical issues Feeds and links to social media, providing up-to4ate comment on industry issues Education and training courses Case studies on career paths within the industry and links to other industry sources Useful information about quarrying and use of minerals in society c. Education The Institute believes education and training is a lrfe-long process startin9 with initial qualifications gained at school, college or university and following to vocational training and development through attendance al conferences. seminars, training courses. competence assessment schemes, workshops, technical meetings. site visits and the updating of knowledge by reading the Institute's journals, technical and management papers and textbooks. Academic Quallfications The Institute has a partnership agreement wilh the University of Derby for the delivery of distance learning courses from Apprenticeship Level 3 and foundation degrees through to full honours degree. The courses provide clear academic pathways to support individuals in gaining core technical knowledge whilst maintaining employment within the industry. This flexibility enables learners to apply their learning in real world situations. This approach has proven to del¢ver the skills and knowledge that are critical to operators within the sector. Page 7 The Instltute of Quarrying (A Company Llmited by Guarantee) Trustees. Report Icontlnued) For the Year Ended 31 December 2023 Achièvements and performance {continued) d, Standards Setting Standards and guldance The Institute plays an active role in supporting Minerals Products Qualifications Council (MPQC), the standards setting organisation, for the manufacturing and process industries. This organisation is tasked with promoting the improvemenl of skills within its footprint at all levels and is supported by industry, trade associations, professional bodies and trade unions. In December 2023 the IQ CEO took on the role ofjoint CEO of MPQC. In 2023. the Inslttute continued in its role as Chair of the Quarries National Joinl Advisory Committee {QNJAC). QNJAC is committed to making the industry a safer place, achieved through the raising of training, standards and competence. In essence, providing essential health & safety guidance tc quarries. During 2023 a new updated QNJAC website was18unched in collaboration with the industry and the Safequarry portal. The Institute is also an integral member of the Strategic Forum in Health and Safety for the Mineral Products sector. During 2023 the forum evolved, and it was agreed the work cf the fowm would Continue with the core membership being the 5Q, MPA, BAA, MPQC and QNJAC. Continulng Professional Development Fellows, Members and Technical Members of the Institute are required to undertake a minimum of 30 hours of valid CPD each year: a policy which is enforced by the Institute through random sampling. All other members are strongty encouraged to take part in Ihe CPD programme, which is the recording of identrfied training and development needs as part of the process of lifelong learning. Certificates of Achievement are awarded once 100, 500, 750, 1,000, 1500 & 2000 hours of audited CPD activity have been logged. e. Investment policy and performance During the year, the investments made a realised profit on sale5 amounting to £73,789 and an unrealised loss on the value of investments amounting to £25,138 Flnancial review The Institute has primary income streams: from membership subscriplions and from education and training activities. These are supplemented by income from investments. The group made a deficit of £268,918 after losses on investments. Membership income was broadly in line with expectation and previous performance. Income from education was lower than in previous years . Page 8 The Institute of Quarrylng (A Company Limited by Guarantee) Trustees, Report {contSnued) For the Year Ended 31 December 2023 a. Principal risks and uncertainties The Trustees have reviewed the principle risks for the Institute and have highlighted the following concerns: Exposure to market volatility Listed investmenls At 31 December 2023, the Institute had reserves of £1,715,323 invested in a number of publicly quoted funds. The Trustees recognise that such values can fall as well as rise during the year. For this reason, the Trustees ensure thal risks are controlled by a wide spread of investments in different asset classes with adequate reserves being retsined to provide financial stability during times when investment values have fallen. Unlisted investment b) QMJ Group Ltd was founded in 1924 by the Institute, which retains a 29.550A stake in the company, currently valued at £842.855. The organisations historically shared both office accommodation and staff and QMJ has provided a significant proportion of the Institute's income over previous decades. The Trustees accept that profrts in the publishing business will fluctuate at different points in the economic cycle and adequate reserves are therefore retained in other fomis of investment to counter the effect of periodic reductions in dividend income. 2. Membership subscription income As subscriptions are often paid by the employer on behalf of an individual member. membership to the Institute is heavily reliant on the support of the major companies within the industry. Should the support of one or more of those companies be withdrawn for any reason, then the membership and subsequent subscription income would be reduced. Thus, the Trustees consider it appropriate to hold reserves against this eventuality. Education and training income Revenue from the courses run in partnership with the Universty of Derby realised £93,700 in 20223 and represented the largest single income stream for the Institute. The direct delivery of IQ training in the UK and overseas represented the IQ fulfilling its remit to support the progression of development of individuals within the industry, 2023 saw training in a range of locations globally including the Middle East. b. Material investments policy The principles governing decisions aboul investments for the Institute are in accordance wÈth Ihe requirements cf the Trustees Act 2000. The scheme assets are held in trust by the Trustees. The investment powers of the Trustees are set out in clause 3F of the Memorandum of Association and the powers granted thereby are wide. The management of the assets is performed by Investec Wealth & Investment Limited. The Trustees have established an investment policy for the Institute's funds and within that policy have make specific provision for environmental and ethical considerations. The Trustees do not restrict their investment manager by imposing social, environmental or ethical considerations to be taken into account in the selection, retention and realisation of investments. However. the Trustees have made their views on making socially responsible investments known to the investment managers. The fund managers exercise. at their discretion, any voting rights attaching to the scheme's investments. Page 9 The Instltute of Quarrylng (A Company Limited by Guarantee) Trustees, Report (continued) For the Year Ended 31 December 2023 c. Reseryes policy The level of reserves, excluding restricted and designated funds, held at 31 December 2023 amounted to £3,234,718. This represents a decrease of £275,046. Income generated from unrestricted reserves are needed to cover administration and support costs and to provide funds which can be designated to specific projects, The amount of reslricled reserves held at 31 December 2023 amounted to £186,122, an increase of £6,128. The total reserves held al the year-end was £3,420,840. As a result of the review into the principal risks and uncertainties, the Trustees consider the reserves lo be adequate to produce a revenue stream to maintain its ability to cary oul ils stated objectives. Depletion of the overall level of reserves would jeop8rdise the income stream and threaten the ability of the Institute to fulfil its aims and Ihe Trustees will continue to review its policy in the context of the circumstances affecting the Institute. d. Golng Concern The Trustees have a reasonable expectstion that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adcpt the going concern basis n preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Structure, governance and management a. Constitution The Institute of Quarrying is governed by ils Memorandum as passed by a special resolution dated 9 October 2003 and Articles of Association as passed by special resolution dated 8th December 2015. The principal objecl of the Company is 'lo advance the science, practice and professionalism of quarrying through education, training and the encouragement of progressive improvements in standards of business, technical and environment81 performance,. b. Methods of appolntment or electlon of Trustees Trustees are elected to the Board as set out in the Articles ofAssociation and on the basis of Ihe experience and the contribution the in(Jividuals are able to make to the work of the Institute. Many are in senior management position5 in large businesses and a high proportion of the Trustees also have experience of working on local Branch committees. c. Pollcies adopted for the induction and training of Trustees On being elected, all Trustees are issued with a detailed guidance note setting OLrt the duties and responsibilities of a trustee of a registered charity. d. Pay policy for senior staff The Institute's Trustees are responsible for the remuneration of the Chief Executive and other senior members of staff. Page10 The Institute of Quarrying {A Company Limited by Guarantee) Trustees. Report (continuedl For the Year Ended 31 December 2023 Structurep govemance and management (continued e. Organlsational structure and do¢lsSon maklng The Board of Trustees norm8lly meets quarterty to review the aims and objectives of the Institute, to review the results of the company and to discuss key strategies 8nd plans for the ongoing and future direction of the company. The Council of representatives supports the work of the Board of Trustees. The Council is Comprised of member representatives and those interested in the activities of the Institute to express views and opinions on matters of policy, activities, strategy and professional and other matters with which the Institute is involved. Day to day management of the Institute's affairs is delegated to the Chief Executive, who is a paid member of staff and not a Trustee of the Institute. The Trustees meets regularly with the Chief Executive and with olher members of staff from time to time in order to apply sound governance to the Institute's affairs and ensure that it5 policies, strategies and legal and ethical duties are being discharged in accordance with its orders. f. Related party relatlonships No member of the Board of Trustees held any interest in the ftjnds of the charity. Durin9 the year, related party transactions oc¢urred with.. QMJ Publishing Limited, a company in which The Institute of Quarrying has a material interest g. Trustees. indemnities The Trustees have assessed the major risks to which the Institute is exposed, in particular those related to the operations and finances of the Company. They are satisfied that systems and procedures are in pla￿ to miligate the exposure to the major risks. In 2020, the Board established a Finance, Audit and Risk Committee, comprising of three members of the Board to have oversight of the organisational risks and investment strategies. Page11 The Institute of Quarrylng (A Company Limited by Guarant¢e) Trustees. Report (continued) For the Year Ended 31 December 2023 Plans for future periods In line with the strategic pillars, a roadmap has been developed to support the progress during 2020 and the years beyond. The activities for each pillar are outlined below: Be the global leader in standards for the mineral extraction profession establish lo skills wheel as the Competence and capability benchmark for professionals promote schemes recognising corporate commitment to best practice and commitment to maintsining CPD create dedicated support pathways for professionals entering the industry IQ standards, membership and education are recognised by all employers Promote the positive impad of the industry and profession promote the IQ, industry and careers available to support securing new talent promote and celebrate the innovative work of members in developing the industry Supporting the Industry in driving healthy, sustainable workplaces work with others to support priority Industry initiatives such as QNJAC and the Minerals Strategic Forum support members in developing core competencies in Health and Safety support members in developing skills and capability to deliver a sustsinable industry support members to develop skills and capability in delivering positive environmental outcomes Drive innovation and operational besl practice share leading technical process innovation with members support members with relevant CPD opportunities, collaborate with partners in developing leading research projects Alongside the works against the pi118rs, the project to establish a centre of excellence at the NSC as detailed previously will form a core element of the Institute's work over the next five to 10 year period. Disclosure of informatlon to auditors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed Ihat: so far as that Trustee is aware, there is no relevant audit infomiation of which the charitable group's auditors are unaware, and that Trustee has taken all the sleps that ought to have been taken as a Twstee in order to be aware of any relevant audit informalion and to establish that the charitable group's auditors are aware of that infomiation. Apprcved by order of the member5 of the board of Trustees and signed on their behaFf by: B Williams Chairman Date.. Page 12 The Institute of Quarrying (A Company Limited by Guarantee) Statement of Trustees, responsibilitles For the Year Ended 31 December 2023 The Trustees {who are also the dÉrectors of the Company for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordan¢e with applicable law and Untted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Undef company law, the Trustees must not approve the financial statements unles$ they are satisfied that they gtve a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then appty them consistently: obseNe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed 8nd explained in the financial ststements- prepare the financial statements on the going concem basis unless it is inappropriate lo presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Companls transactions and disclose with reasonable accuracy at any time the financial Position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the Ix)ard of Trustees and signed on its behalf by.. B Williams Chaimian Date. 2èLF Page 13 The Institute of Quarrylng (A Company Limited by Guarantee) Independent Auditors, Report to the Trustees of The Instltute of Quarrying Opinlon We have audited the financial statements of The Instltute of Quarrying (the 'parent charitable company,) and its subsidiaries (the 'group') for the year ended 31 De￿rnber 2023 which comprise the Consolidat8d Statement of Financial Aclivities, the Consolidaled Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements- give a true and fsir view of the state of the Group's and of the parent charitable company's affairs as at 31 December 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice. and have been prepared in a¢cordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKI) and appli¢able law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting CounGiI's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqU1￿MentS. W8 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to evenls or conditions that, individually or collectively, may cast significant doubt on the Group's cr the parent charitable Company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in th8 relevant sections of this report. Page 14 The Institute of Quarrying (A Company Limlted by Guarantee) Independent Auditors, Report to the Trustees of The Institute of Quarrying (continued) Other infonnatlon The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information Contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in cur report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomation is materially inconsistent with the financial slatements or our knowledge obtained in the course of the audit, or Othe￿Ise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we Conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinlon on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the informalion given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable leyal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires us to report to you if, in our opinion: the parent charitable company has not kept adequate and sufficient accounting records, or retums adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and retums- or certain disclosures of Trustees. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responslbllrtles of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of Company law) 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 material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to conlinue as a going concern, disclosing, as applicable. matters related to going concern and usin9 the going concem basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 15 The Institute of Quarrytng (A Company Limlted by Guarantee) Independent Auditors. Report to the Trustees of The Institute of Quarylng (contlnued) Auditors, responstbilities for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial slatemenls as a whole are free from malerial misslatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatemenls can arise from fraud or error and are considered malerial if, individually or in the aggregate, they could reasonably be expected to infiuenc8 the economic decisions of users taken en the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wrth 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, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance wrth laws and regulations, was as follows.. the senior statutory audilor ensured that the engagement team collectively had the appropriate competence. capabilities and skills to identify or recognise non-compliance wÈth applicable laws and regulations. we identffied the laws and regulations applicable to the group and company through discussions with directors and other management, and from our commercial knowledge and experience of the sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company, including the financial reporting legislation, Companies Act 2006, taxation leyislation, anti-bribery, employment, and environmental and health and safety legislation., we assessed the extent of compliance wilh the laws and regulations identified above through making enquiries of management and inspecting legal correspondence,, and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceplibility of the group and company's financial statements to material misstatement. including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal ¢ontrols in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analylical procedures to identtfy any unusual or unexpected relalionships., tested journal entries to identify unusual transactions. assessed whether judgements and assumptions made in éetermining the accounting estimates sel out in Note 3 were indicalive of potential bias. and investigated the rationale behind significant cr unusual transactions. In response to the risk of irregularities and non-compliance with law5 and regulations, we designed procedures which included, but were nol limited to.. agreeing financial statement disclosures to underlying supporting dccumenlation; reading the minutes of meetings ofthose charged with governance- enquiring of management as to actual and potential l¢tigation and claims. and r&viewing correspondence with HMRC, relevant regulators and the group and compan￿5 legal advisors. Page 16 The Institute of Quarrying (A Company Limited by Guarantee) Independent Audltors. Report to the Trustees of The Institute of Quarrying (continued) Because of the inherent limitations of an audit, there is a risk th8t we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non40mpliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.o .uklauditorsres onsibilities. This description forms part of Qur Auditors, Report. Use of our report This report 15 made solely to the charitable company's members, as a body, in accordance wilh Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might state to the charitable companys members those matters we are required to stale to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and ils members. as a body, for our audit work. for this report, or for the opinions we have formed, Simon Hawkins {Senior Statutory Auditor) for and on behatf of Dains Audit Limited Statutory Auditor Chartered Accountants Suite 2, Albion House 2 Etruria Office Village Forge Lane Stoke on Trent Staffordshire ST15RQ Date: 7 q,YQ Page 17 The Institute of Quarrylng {A Company Limited by Guarantee) Consolldated Statement of financial activltles Ilncorporating Income and expenditure account) For the Year Ended 31 December 2023 Unr•strleted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Other trading activities Investments Other income 12,088 341,490 602,160 65,346 342 426 12.514 341,490 602,160 69,703 342 372,565 301,634 467,288 43,375 1,349 4,357 Total income 1,021,426 4,783 1,026,209 1,188,211 Expenditure on: Raising funds Charitable activities 254,391 1,084,860 2,970 1,558 257,361 1,086,418 84,261 1,315,985 10 Total expenditure 1,339,251 4,528 1,343,779 1,400,248 Nel gainsl{losses) on investments 42,779 5,873 48,652 {22,852) Net movement in funds {275,046) 6,128 1268,9181 {236,887) Reconciliation of funds: Total funds brought forward Nel movement in funds 3,509,764 {275,046 179,994 6,128 3,689,758 1268,9181 3,926,645 (236,887) Total funds carrled fO￿ard 3,234,718 186,122 3,420,840 3,689,758 The Consolidaled Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 23 to 58 form part of these financial slatemenls. Page18 The Institute of Quarrylng (A Company Limited by Guarantee) Consolidated Balance Sheet As at 31 December 2023 2023 2022 Noto Flxed assets Intsngible assels Tangible assets Investments Investment property 15 16 403,30B 2,557,978 475,000 400,548 2,550,686 475,000 18 17 3,436,286 3,426,234 Current assets Stocks Debtors Cash at bank and in hand 19 20 21,442 126,962 166,556 24.733 97,907 510,796 314,959 633,436 Creditors: amounts falling due within one year 21 (295,786) (364,387> Net current assets 19,173 269,049 Total assets less Current liabilitles Creditors: amounts falling due after more Ihan one year 3,455,459 3.695,283 134,619) (5,525) Total net assets 3,420,840 3.689.758 Charity funds Restricted funds Unrestricted funds 23 23 186,122 3,234,71 B 179,994 3,509,764 Total funds 3,420,840 3,689,758 Page 19 Reglstered number: 00606601 The Institute of Quarrying (A Company LlmÉted by Guarantee) Consolidated Balance Sheet {contlnued> As at 31 December 2023 The Truslees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: B William Chairman Date.? 2014L The note5 on pages 23 to 58 form part of the88 financial statements. Page 20 The Inst5tute of Quarrylng (A Company Limlted by Guarantee) Company Statement of flnancial position As at 31 December 2023 2023 2022 Note Fixed assets Tangtble assets Investments Investment property 16 18 17 100,010 2,557,978 475,000 117,852 2,550,686 475,000 3,132.988 3,143,538 Current assets Stocks Debtors Cash at bank and in hand 19 20 13,868 123,021 136,465 10,311 71,269 462,034 273,354 543,614 Creditors: amounts falling due within one year 21 (257A62) (321,201) Net current assets 15,892 222.413 Total assets less ¢urrent liabilities 3,148,880 3,365,951 Total net assets 3,148,880 3,365,951 Charity funds Restricted funds Unrestricted fund5 23 23 176.044 2,972,836 167.871 3,198,080 Total funds 3,148,880 3,365,951 The Company's net movement in funds for the year was £1217,071) (2022 - £(560,694)). The Trustees acknowledge their responsibiltties for complying with the requ1￿mentS of Ihe Act with respect to awounting records and preparation of financial statements. The financial statements were approved and authorised ft)r issue by the Trustees and signed on their behalf by: B Wllliams Chairman Date.. The notes on pages 23 to 58 form part of these financial statements. Page 21 The Instltute of Quarrying (A Company Limited by Guarantee) Consolldated Statement of Cash Flows For the Year Ended 31 December 2023 2023 2022 Cash flows from operating actlvltles Net cash used in operating activities (400,8381 (471.629) Cash flows from investing actlvltles Dtvidends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Cash received on acquisition of subsidiary 69,703 43,375 {56,9611 (136,634) 627,278 792,026 1585.123) (72,695) 61,006 Net cash provided by Inve$tlng activities 54,897 687,078 Change in cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year 134S,941} 510,796 215,449 295,347 Cash and cash equivalents at the end of the year 164.855 510.796 The notes on pages 23 to 58 form part Df these financial statements Page 22 The Institute of Quarrying (A Company Limlted by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 Ac¢ountlng policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102> (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Institute of Quarrying meets the definition of a public benefil entity under FRS 102. Assets and liabililies are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertakingss. The Tesults of the subsidiaries are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statemenl of Financial Activities in these financial statements. The charitable companls function and presentation current is sterling. 1.2 Going ¢oncern The trustees have a reasonable expectation that the company has adequate resources to conlinue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. 1.3 Income All income is recognised once the Company has entttlement to the income, it is probable that the income will be received and the amount of income receivable Can be measured reliably. Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. Income tax recoverable in relation to investment income is recognised at the time the investment Income is receivable. Page 23 The Instltute of Quarrylng (A Company Limlted by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 Accounting polleies {continuedl 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that 8 transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classffied by activity. The costs of each activity are made up of the lotal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned belween those activities on a basis consistent wilh the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation harges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on the objects of the Company and include projecl management carried out at Headquarters. Govemance costs are those incurred in connection with administration of the Company and compliance with constitutional and statutory requirements. Expenditure on raising funds includes all expenditure incurfed by the Group lo raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's cbjectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by the Group., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposrted. 1.6 Taxation The Company is considered to pa5S the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Company is potentialty exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.7 Intangible assets and amortisation Intangible assets are initially recognised at cost. After ￿COgnitIOn, under the cost model, intangible assets are measured at cost less any accumulated amortisalion and any accumulated impairment losses. Amortisalion is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life. Amortisation is provided on the following basis= Computer software 33 0/0 Straight line Page 24 The Institute of Quarrying (A Company Limited by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 December 2023 Accounting policies {contlnuedl 1.8 Tangible flxed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset inlo its intended working condilton should be included in the measurement of cost. At each reporting date the Group assesses whether there is any indicalion of impairment. If such indication exists, the recoverable amount of the asset is delemiined to be the higher of its fair value less costs to sell and Éts value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the Cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases: Freehold property 10-200￿ straight Line Motor vehicles 25010 Straight Line Office furniture and equipment 10Q/o Straight Line Computer equipment 33Q/o Straight Line Grant funded assets 20Q/o Straight Line 1.9 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Statement of Financial Activities. Listed investments are valued at market value at the balance sheet date. The unlisted investment is valued at the higher of ten times the average of the net cash dividends received over the previous 4 years, excluding any unusual dividends or 29.550/0 of the net asset5 of QMJ Group Limited. Investments in subsidiaries are valued at cost less provision for impairment. Investment Property Investment Property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. Changes in fair value are recognised in the Statement of Financial Activities. 1.10 Stocks and work in progress Stocks and work in pro9ress are valued at the lower of cost and net realis8ble value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Page 25 The Instltute of Quarrying (A Company Llmited by Guarantee) Notes to the Financlal Statements For the Year Ended 31 December 2023 Accounting policies {contlnued) 1.11 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.12 Cash at bank and in hand Cash at bank and in hand includes cash and short4enn highly liquid investments with a short maturity of three months or less frorn the date of acquisition or opening cf the deposit or Similar account, 1.13 LiabSllties and provisions Liabilities are recognised when there is an obligation al the Balance Sheel date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the Settlement can be eslimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the arrounts requifed to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that ieflects the risks specific lo the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost. 1.14 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at Iheir settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.15 Operating leases as lessee Rentals paid under operating leases are charged lo the Consolidated Statement of Financial Activities on a straight-line basis over the lease lenn. 1.16 Operatlng leases as lessor Rental income received from investmenl properties are charged to the Statement of Financial Adivities over the agreed Contract period. 1.17 Pensions The Group operates a defined conlribution pension scheme and the pension charge represents the amounts payable by Ihe Group to the fund in respect of the year. Page 26 The Instltute of Quarrying (A Company Limited by Guarantee} Notes to the Financial Statements For the Year Ended 31 December 2023 Accounting policies {¢ontlnued) 1.18 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specrfic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Critical accounting estlmates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions- The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgment.. Valuation of Unlisted Investments The unlisted investment 15 valued at the higher of ten times the average of the net cash dividends received over the previous 4 years, excluding any Ltnusual dividends or 29.55 /0 of the net assets of QMJ Group Limited. Valuatlon of Investment Property The investment propety value has been arrived at on the basis of a valuation carried out by Savills UK Limited, an estate agency and is ￿vieWed annually by the Trustees. Bad and doubtful debts The Trustees have estimated a bad and doubfful debt provision on the basis of their judgment that trade debtors are not recoverable or uncertain. Page 27 The Institute of Quarrylng (A Company Limited by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 December 2023 Income from donations and legacies Unrestrlcted Restflcted funds funds 2023 2023 Total funds 2023 Donations Donation on consolidation Donatlon on acqulsltlon of subsidiaries Donations Grants 10,098 1,990 10,098 2,416 426 Subtotal 12.088 426 12.514 12,088 426 12,514 Unrestrlcted Restricted funds funds 2022 2022 Total funds 2022 Donations Donation on consolidalion 335,582 17,264 352,846 Donation on acquisition of subsldlarles 335,582 17,264 352.846 Donations 19,719 19,719 Subtotal 19,719 19,719 355,301 17,264 372,565 Page 28 The Institute of Quarrying (A Company Limited by Guarantee) Notes to the Flnancial Ststements For the Year Ended 31 D￿ernber 2023 Income from charEtable activities Unrestricted funds 2023 Total funds 2023 Educational visits and activities Quarry degree, diploma and other course fees Blended traininglonline CPD Training and Courses Conferences and events Other charitable activities Stock sales 10,474 188,523 77,939 12,290 19.394 383 32,487 10,474 188,523 77,939 12,290 19,394 383 32,487 341,490 341,490 Unrestricted funds 2022 Total funds 2022 Educational visits and activities Quarry degree, diploma and other course fees Blended traininglonline CPD Training and Courses Conferences and events Other charitable 8Ctivsties Stock sales 7,S15 210,009 48,140 8,050 13,432 1,288 12,800 7,915 210,009 48,140 8,050 13,432 1,288 12,800 301,634 301,634 Page 29 The Instltute of QuarryFng (A Company LSmlted by Guaranteel Notes to the Financial Slatements For the Year Ended 31 December 2023 Member subs¢r5ptlons and entrance fees Income from fundra5slng evènts Unre5trlcted funds 2023 Total funds 2023 UK Members Rental Income 348,114 45,500 348.114 45,500 393,614 393,614 Unrestricted funds 2022 Total funds 2022 UK Members Rental Income Franchise Fees 349,589 3S,136 9,755 349,589 36,136 9,755 395,480 395,480 Income from non charitable trading activitles Unrestricted funds 2023 Total funds 2023 Sales 208,546 208,546 Unrestricted funds 2022 Total funds 2022 Sales 71,808 71,808 Page 30 The Institute of Quarrying (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 Investment income Unrestricted Restrlcted funds funds 2023 2023 Total funds 2023 Income from listed investments Income from unlisted investments Bank interest 42,666 20,921 1,759 4,224 46,890 20,921 1,892 133 65,346 4,357 69,703 Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Income from listed investments Investment income from unlisted investmenls Bank interest 35,039 4.433 207 3,689 38,728 4.433 214 39.679 3,696 43,375 Other incomlng resources Unrestricted funds 2023 Total funds 2023 Other income 342 342 Unrestricted funds 2022 Total funds 2022 Other income 1,349 1,349 Page 31 The Instltute of Quarrying (A Company Llmited by Guarantee) Notes to the Financlal Statements For the Year Ended 31 December 2023 Expendlture on raising funds Fundralslng trading expenses Unrestrlcted Restricted funds funds 2023 2023 Total funds 2023 Rates and water Insurance Telephone Repairs and maintenance Accountancy Other office expenditure Volunteer expenses Computer expenses Cleaning and waste disposal Alarm costs Interest and charge5 Rent Deprecialion Sundries Advertising Light and heat Legal and professional Loss on disposal of asets Pension costs 214 214 325 178 325 178 1,101 446 101 328 247 200 136 120 97 1,422 239 265 1,399 59 80 (12) 1,101 446 101 328 247 200 136 120 97 3,467 239 265 1,399 59 80 (121 2,045 6,945 2,045 8,990 Page 32 The Institute of Quarrying (A Company Limited by Guarantee) Notes to the Financlal Statements For the Year Ended 31 December 2023 Expenditure on rafjslng funds {contlnuedl Fundralsing trading expenses l¢ontlnued) Unrestricted Restricted funds funds 2022 2022 Tolal funds 2022 Rates and water Insurance Telephone Repairs and maintenance Accountancy Other office expenditure Volunteer expenses Computer expenses Cleaning and waste disposal Alarm costs Interest and charges Rent Depreciation Sundries Advertising Light and heat Legal and professional Wages and salaries NatlDnal insurance Pension costs 246 255 136 2,054 364 57 505 162 273 145 159 97 1.206 173 281 1,704 109 2,072 246 255 136 2.054 364 57 505 162 273 145 159 97 1,447 173 281 1,704 109 2.072 241 56 10,059 241 10,300 Page 33 The Instltute of Quarrylng (A Company Limlted by Guarantee) Notes to the Frnancial Statements For the Year Ended 31 December 2023 Expenditure on raising funds Icontlnued) Other trading expenses Unrestrlcted funds 2023 Total funds 2023 Cost of sales Administration expenses Interest payable Cost of sales staff costs Administration depreciation 64,880 5,568 2,580 143,627 434 64,880 5,568 2,580 143,627 434 217,089 217,089 Page 34 The Institute of Quarrying (A Company Limtted by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 Expenditure on raislng fund5 (contlnued) Other tradlng expenses {continued) Unrestricted funds 2022 Total funds 2022 Cost of sales Administration expenses Interest payable Cost of sales staff costs Administration depreciation 20.926 4,259 S20 15,406 365 20,926 4,259 920 15.406 365 41,876 41,876 Investment management ¢osts Unrestricted Restricted fvnds funds 2023 2023 Total funds 2023 Investment management fees Overheads Wages and Salaries Nation21 insurance Pension DepreGiation and loss on sale 9,964 4,715 12,900 1,249 1,012 517 925 10,889 4.715 12.900 1,249 1,012 517 30,357 925 31,282 Page 35 The Instltute of Quarrytng (A Company Llmlted by Guarantee) Notes to the FFnanclal Ststements For the Year Ended 31 December 2023 Investment management costs (continued) Unr8Strlcted Restricted funds funds 2022 2022 Total funds 2022 Investment management fees Overheads Wages and salaries National insurance Pension Depreciation and l¢ss on sale 10,129 4,405 13,955 1,394 1,022 294 886 11,015 4,405 13,955 1,394 1,022 294 31,199 886 32,085 10. Analysls of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2023 2023 Total 2023 Membership and branches Education Institute activities Branch business activities Governance Training and Courses Educational Visits and activities 373,599 304,079 294,291 20,392 23,556 8,150 60,793 373,599 304,505 294,291 21,524 23,556 8,1SO 60,793 426 1,132 1.084,86D 1,558 1,086,418 Page 36 The Institute of Quarrying (A Company Limited by Guarantee Notes to the Financlal Statements For the Year Ended 31 December 2023 10. Analysis of expendlture on charitable activities (continued) Summary by fund type (continued) Unrestricted Restricted funds funds 2022 2022 Total 2022 Membership and branches Education Institute activities Branch business activÉties Govemance Training and courses Educational visits 384,410 291,409 505,560 21.068 14.009 7,175 89,390 384.410 291,409 505,560 21,868 14,009 7,175 91,554 800 2.164 1,313,021 2,964 1,315.985 Analysls of expendlture by activities Actlvities undertaken dlrectly 2023 Support costs 2023 Totsl funds 2023 Membership and branches Education Institute activities Branch business activities Governance Training and Courses Educational vists and activities 41,696 59,758 $0,337 1,132 331,903 244,747 203,954 20,392 23,556 373.599 304,50S 294,291 21,524 23,556 8,1SO 60,793 8,150 60,793 201,073 885,345 1,086,418 Page 37 The Institute of Quarrying (A Company Limlted by Guarantee) Notes to the Flnanclal Statements For the Year Ended 31 December 2023 11. Analysis of expendlture by activities (continued} Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Membership and branches Education InstilLrte activities Branch business activities Governance Training and courses Educational visils and activities 44,030 38,579 294,867 800 340,380 252,830 210,693 21,068 14,009 384,410 291,409 505,560 21,868 14,009 7,175 91,554 7,175 91,554 385,451 930.534 1,315,985 Analysis of support costs Membership and branches 2023 Branch business activities Governance 2023 2023 Institute a¢tlvlties 2023 Education 2023 Staff costs Depreciation Computer software and expenses Office overheads Cleaning and repairs Printing, postage and stationery Sundry costs Legal and professional Marketing and PR Travel and Subsistence Olher staff costs Exp type 12 Exp type 18 Govemance costs 242.559 8,274 181,920 6,204 151,600 5.170 15,160 517 28,258 5,956 4,086 5,040 3,253 1,000 22,920 3,622 2,184 22 715 4,014 21,194 4,150 3,067 3,778 2,443 749 17,662 3,458 2,555 3,149 2,035 624 14,325 2,262 1,114 1,766 345 256 315 203 62 1,432 226 110 9,450 17,190 2,715 1,337 14,106 331,903 244,747 203,954 20,392 23,556 Page 38 The Institute of Quarryinu (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 11. Analysis of expenditure by activitles {contlnued) Analysis of support costs {continued) Educatlonal visits and activities 2023 Total funds 2023 Stsff costs Depreciation and loss on sale Computer software and expenses Office overheads Cleaning and repairs Printing, postage and stationery Sundry costs Legal and professional Marketing and PR Travel and subsisten¢e Other staff costs Rates and water Insurance Light and heat Telephone Alami costs Interest and charges Rent and rates Advertising Volunteer expenses Governance {109) 16,668 1,822 591.130 36.833 70,702 13,909 21,675 12,282 10,992 12,415 55,867 22,931 4,745 1,928 2,527 12,586 1,601 1,221 1,062 875 3,095 2,955 4.014 11,711 3,058 530 1,928 2,505 12,586 1,601 1,221 1,062 875 2,380 2,955 60,793 885,345 Page 39 The Institute of Quarrylng (A Company Limlted by Guarantee) Notes to the Financlal Ststements For the Year Ended 31 December 2023 11. Analysis of expenditure by activltles (continued) Analysis of support costs (continued) Membershlp and branches 2022 8ranch business activities Governance 2022 2022 Instltute activltles 2022 Educatlon 2022 Staff costs Depreciation Computer sofiware Office overheads Cleaning and repairs Printing, postage and stationery Sundry costs Legal and professional Marketing and PR Travel and Subsistence other staff costs Govemance costs 261,928 4,711 26,827 3,785 (941 5,512 4,947 1,899 20,534 3,101 4,153 3,277 196,445 3,534 20,121 2,838 171) 4,135 3,711 1,274 15,402 2,326 3,115 1e3,705 2,944 16,767 2,364 (59) 3,446 3,093 1,062 12,835 1,939 2.597 16.369 294 1,677 {6) 310 106 9,050 1.284 194 280 4,959 340.380 252,830 210,693 21,068 14,009 Page 40 The Institute of Quarrying (A Company Limlted by Guarantee> Notes to the Financial Statements For the Year Ended 31 December 2023 11. Analy$ls of expenditure by actSvlties (continued) Analysis of support costs (continued) Educational visits and activities 2022 Total funds 2022 Staff costs Depreciation Computer so￿are Office overheads Cleaning and repairs Printing, postage and stationery Sundry costs Legal and professional Marketing and PR Travel and subsistence Other staff costs Rates and water Insurance Light and heat Telephone Alarm costs Inte￿$1 and charges Rent and rates Advertising Volunt8er expenses Govemance cost5 19,191 18,939 1.341 657,638 30,422 66,733 9,223 19,102 13,437 14,125 14.170 50.055 12,519 10,125 2,217 2,291 14,471 1,138 1,305 1,373 875 2.440 3,598 3,277 19,332 2,064 979 2,217 2,291 14,471 1,138 1,305 1,373 875 2,440 3,598 91,554 930,534 12. Auditors. remuneration 2023 2022 Fees payable to the CoMpan￿S auditor for the audit of the coMpan￿g annual accounts 10,61)0 8,600 Page 41 The Institute of Quarrylng (A Company Limlted by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 13. Staff costs Group 2023 Group 2022 Company 2023 Company 2022 Wages and salaries Social security costs Contribution to defined conlribution pension schemes 655,079 52,653 593,283 56,846 515,986 49,951 558,188 55.767 42,174 41,419 40.463 40,863 749,906 691,548 606,400 654,818 The average number of persons employed by the Company during the year was as follows.. Group 2023 No. Group 2022 No. Company 2023 Company 2022 No. Administration 20 10 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2023 No. Group 2022 No. In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £110,001- £120,000 In the band £130,001- £140,000 The total amount of employee benefits (inclucsing employer pension contributions) received by Trustees and key management personnel for their seNices was £361,826 {2022 - £368,845). 14. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2022 - £NIL). During the year ended 31 December 2023, expenses totalling £1,099 were reimbursed or paid dire¢lty to 2 Trustees (2022 - £294 tc 2 Trustees). Page 42 The Institute of Quarrylng (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 15. Intangible assets Group and Company Computer software C05t At 1 January 2023 53,835 At 31 December 2023 53.835 Amortlsatlon At 1 January 2023 53,835 At 31 December 2023 53,835 Net book value Al 31 December 2023 At 31 December 2022 Page 43 J YJ ti) ¢0 ¢0 4 ffj o w o 0>00 C N ID a• ¢0 U> ) o ¢ N I WJ The Instltute of Quarylng IA Company Llmited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 17. Investment property Group and Company Freehold Investment property Valuatlon At 1 January 2023 475,000 At 31 December 2023 475,000 The fair value of the propety has been arrived at on the basis cf a valuation carried out at 31 December 2023 by management and trustees. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. 18. Fixed asset investmonts Llsted Unllsted investments investments Total Group and Company Cost or valuation At 1 January 2023 Additions Disposals Revaluations 1,679,063 585,123 1552.693} 3,830 871,623 2,550,686 585,123 1552,693> 125,1381 128,968 At 31 December 2023 1,715,323 842,655 2,557,978 Net book value Al 31 December 2023 1,715,323 842,6SS 2,557,978 At 31 December 2022 1,679,063 871,623 2.550,686 Page 48 The Institute of Quarrying (A Company Limited by Guaranteel Notes to the Financial Statements For the Year Ended 31 December 2023 18. Fixed asset Investments (continued) The gain on disposal of fixed asset investments during the year was £73,790 (2022.. £168,735). Valuation The unlisted investments consist of 17,730 fully paid shares of £1 each in QMJ Group Limrted, a company registered in England and Wales. respresenting 29.55/0 of the issued shares with voting rights. The unlisted investment is valued at the higher of ten times the average of the net cash dividends ieceived over the previous 4 years, excluding any unusual dividends of 29.55% of the net assets of QMJ Group Limited. Dividends received of £20,921 {2022.' £4,433) have been included in revenue from this investment. 19. Stocks Group 2023 Group 2022 Company 2023 Company 2022 Ties, medals etc Shop stock Techni¢al handbooks 4,913 7.574 8.955 2.880 14.422 7,431 4,913 2,880 8,955 7,431 21.442 24,733 13,868 10,311 20. Debtors Group 2023 Group 2022 Company 2023 Company 2022 Due wlthin one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 76,892 63,693 73,577 1.491 7.829 40,124 37,143 336 7,622 26,168 9,388 40,682 7,622 26,592 126,962 97,9Q7 123,021 71,269 Page 49 The Institute of Quarrylng (A Company Limited by Guarantee) Notes to the Flnan¢lal Statements For the Year Ended 31 December 2023 21. Creditors: Amounts falling due within one year Group 2023 Group 2022 Company 2023 Company 2022 Bank overdrafts Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income 1,700 21,071 1,700 18,866 43,722 37,128 1,257 15,186 45,285 222,345 27,291 67,193 178,531 22,749 65,406 232,510 16,444 66,926 153,526 295,786 364,387 257,462 321,201 Group 2023 Group 2022 Company 2023 Company 2022 Deferred income at 1 January Resources deferred during the year Amounts released from previous periods 140,010 115,399 (140.01Q) 63,327 140,010 (63,3271 129,123 67,795 1129,123} 63,327 129,123 {63,327} 115,399 140,010 67,795 129,123 Deferred income relates to a capital grant and members subscriptions, entrance fees and course income received in relation to future periocfs. 22. Creditors: Amounts falling due after more than one year Group 2023 Group 2022 Accruals and deferred income 34,619 5,525 Page 50 The Institute of Quarrying (A Company Limited by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 December 2023 23. Statement of funds Statement of funds- current year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds Designated funds Revaluation reserve 151,000 151,000 General funds General Funds 3,3S8,764 1,021.426 11,339,251) 42,779 3,083,718 Total UnrestrScted funds 3.509,764 1,021,426 (1,339,251> 42,779 3,234,718 Restricted f unds Preston Coles McPherson Nordberg Goodwin Barsby Rushton Bucyris Marston CIu9slon Eric McNaught Trust capttal Children's play area MDEM- Museum of Geology and Quarrying - Public spec display cabinets Quarrying - Collections MODES &pc Veolia - Sinage & trail improvement Museums - Storage Equipment Grant DCC Heating System Grant Tamiac Limited Landfill Communities Grant 15.295 8,535 65.788 30.320 4,341 12,190 10.539 5.734 11.766 3,364 6,329 431 {3281 {2731 (6921 (222) (240} {89) {77) {42) 194) 677 384 16,075 8,890 69,484 32,016 4,450 12,872 11,125 6,052 12,479 2,601 5,833 1,788 2.600 1.172 213 471 405 220 494 1763) 136 300 258 140 314 {496) 602 1136) 61 {35} 26 1,080 (1,080) 266 3,785 {72) 1226) 194 3,559 426 1426) Page 51 Th8 Institute of Quarrying (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 23. Statement of funds (continued) Statement of funds - current year {contlnued) Balance at 31 Gainsl December {Losses) 2023 Balance at 1 January 2023 Income Expendlture 179,994 4,783 {4,5281 5,873 186,122 Total of funds 3,689,758 1,026,209 (1,343,779} 48,652 3,420,840 The specific purposes for which the funds are to be applied are as follows.. Preston - Best student award.. Diploma Coles- Best studenl award.. Foundation Degree McPherson - Awarded to fund a high profile lecture Nordberg - Awarded for an R&D project or Study Tour on an international basis Goodwin Barsby- Best student- Hons Degree Rushlon Bucyrus - To fund the administration of an annual student award Ransomes & Rapier- Best Higher Apprentice Marston- Awarded to the best paper delivered to a branch meeting Clugston - Awarded for an R&D project or Study Tour on a international ba51S Eric McNaught- Awarded by the Scottish branch to the Scottish branch member with the most marks Trust Capital- Awarded at the discretion of Trustees to students who have made achievements to be celebrated that are not recognised by other specific awards. All other restricted funds felate to assets held in fixed assets which were bought with grants or specifi donations and they are being wrrtten off over their useful life. Page 52 The Institute of Quarrying (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 23. Statement of funds (conttnued) Statement of funds - prior year Balance at 31 Gainsl December (Losses) 2022 Balance at 1 January 2022 Transfers injout Income Expenditure Unrestricted fund5 Designated funds Revaluation reseNe 151,000 151,000 General funds General Funds 3,584,576 1,165,251 {1,396,155) 2,736 2,356 3,358,7PA Total Unrestricted fund5 3,735.576 1,185.251 (1,396,155) 2.736 2,356 3,509,764 Restricted funds Preston Coles McPherson Nordberg Goodwin Barsby Rushton Bucyris Marstcn Clugston Eric McNaught Trusl capital Rotary club of Wirksworth Children's play area 15,288 8.617 65,185 29,961 4,276 12,046 10,415 5,667 11,814 27,800 376 214 1,452 651 118 262 225 122 276 (290) {251) (547> (156> (28) (63) (54) {29) (268) {79) (45) (302) {136) (25) (55) (47) (26) (57) (24,436) 15,295 8,535 65,788 30,320 4,341 12,190 10,539 5.734 11,765 3,364 480 (480) 6,825 <496) 6,329 MDEM- Museum of Geology and Quarrying - Public spec display cabinets 1,019 (136) (281 } 602 Page 53 The Institute of Quarrying (A Company Limited by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 December 2023 23. Statement of funds (continued) Statement of funds - prior year (continued) Balance at 31 Galnsl December {Losses) 2022 Balance at 1 January 2022 Transfers Inlout Income Expendlture Quarrying - Collections MODES & PC Permanent exhibition area 96 135} 61 501 {501) Veolia- Sinage & trail improvement MDEM- Visitor monitoring fund Museums - Collections & A¢￿sS Grant Fund 2,520 11,440) 1,080 250 (250) 680 (680) Museums- Storage Equipment Grant DCC Heating System Grant 882 {72) (544) 266 4,011 (228) 3,785 191,089 20,960 (4,091) (2,736) (25,2081 179,994 Total of funds 3,928,645 1,186,211 {1,400,246) (22,852> 3,689,758 Page 54 The Institute of Quarrylng (A Company Llmlted by Guarantee) Notes to the Financlal Statements For the Year Ended 31 December 2023 24. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment propety Current assets Credttors due within one year Creditcrs due in more than one year 346,457 2,383,444 475,000 313,449 (283,632) 56,851 174,534 403,308 2,557,978 475,000 1,510 314,959 (12,154) {295,786) {34,619) ¢34,619) Total 3,234,718 186,122 3,420,840 Analysls of net assets between funds - prior year Unrestrfcted Restricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Investment property Current a$5ets Creditors due within one year Creditors due in more than one year 381,059 2.405,887 475,000 590,364 {337,021) (5,525) 19,489 144,799 400,548 2,550,686 475,000 43,072 633,436 (27,366) {364,387) (5,525) Totsl 3,509,764 179,994 3,689,758 Page 55 The Institute of Quarrylng IA Company Limited by Guarantee) Note5 to the Financial Statements For the Year Ended 31 December 2023 25. Reconcillatlon of net movement In funds lo net cash flow from operating activities Group 2023 Group 2022 Net expenditure for the year (as per Statement of Financial Activities) 1268,918) (236,887) Adjustments for: Depreciation charges IGains)/Losses on investments Dividends, inlerests and rents from investments De¢reasel(increase) in stocks Increase in debtors Increasel(decrease} in creditors Donation on acquisition 53,406 148,652) 169,703) 3,291 129,055) (41,207 34,370 22,852 (43,375) {1,198) (14,108) 119,561 {352,846) Net cash used in operating activities (400,838) (471,629) 26. Analysis of cash and cash equivalents Group 2023 Group 2022 Cash in hand 164,865 510,796 Total cash and cash equivalents 164,855 510,796 27. Analysis of changes in net debt Atl January 2023 Cash flows At31 December 2023 Cash at bank and in hand Bank overdrafts repayable on demand 510,796 (344,2411 11,7001 166,555 11,700) 510,796 (345,9411 164,855 Page 56 The Institute of Quarrylng (A Company Limited by Guarantee> Notes to the Financial Statements For the Year Ended 31 December 2023 28. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £41,162 12022.. £41,419). Contributions totaling £4,509 (2022.. £4,859) were payable to the fund at the balance sheet date and are included in creditors. 29. Operating lease commitments At 31 December 2D23 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2023 Group 2022 Company 2023 Company 2022 Operating leases as a lessee Not later than 1 year Later than 1 year and not later Ihan 5 years 7,712 9,571 1.212 7,712 9,571 1,212 17.283 1,212 17,283 1,212 The following lease payments have been recognised as an expense in the Ststement of Financial Activities.. Group 2023 Group 2022 Company 2023 Company 2022 Operating lease rentals 6,996 7,270 6,996 7,270 6,996 7,270 6,996 7,270 At 31 December 2023 the Group and Company had future minimum lease payments receivable under nonrfancellable operating leases for each of the following periods.. Group 2023 Group 2022 Company 2023 Company 2022 Operatlng leases as a lessor Not later than 1 year Later than 1 year and not later than 5 years 38,500 38,500 38,500 38,SOO 38,500 38,500 38,500 77,000 38,500 77,000 Page 57 The Institute of Quarrylng (A Company Limlted by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2023 30. Members, liability Each member of the charitable company undertakes to contribLrte lo the assets of the company in the event of it being wound up while helshe is a m&mber, or within one year after helshe ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities ¢ontra¢ted before helshe ceases lo be a member. 31. Related party transactlons During the period the company made purchases of £15,24912022: £32,976) and generated income of £16,255 (2022.. £4,433} from The QMJ Group Limited, a related company in which The Instilute of Quarrying has a material interest. All transactions occurred on an arms length basis. As the period end, a balance of £2,376 (2022. £2,107) was due lo The QMJ Group Limited. A balance of £nil {2022'. £Nill was also due from The QMJ Group Limited at the year end. During the period the company generated income of £4,091 <2022.. £Nil) from EPC United Kingdom Limiled, a related company in which The Inslrtute of Quarrying has a material interest. All transactions occurred on an arms length basis. As the period end, a balance of £88812022. £Nil) was due from EPC United Kingdom Limited. During the period the company generated income of £8.77412022.. £Nil) from The Institute of Asphalt Technology, a related company in which The Institute of Quarrying has a material interest. All transactions occurred on an arms length basis. As the period end, a balance of £10,52912022'. £Nil) was due from The InstitLrte of Asphalt Technology. Funds held as agent or custodian trustee During th& year, the company received £10,790 {2022= £10,348) and paid out £10,873 {2022.' £6,103) on behalf of the Derbyshire Branch. At the balance sheet dale £4,162 {2022'. £4,245) was held on behalf of the Derbyshire Branch. During the year, the company received £5,830 {2022.' £350) and paid cut £1,505 {2022, £350) on behalf of the Devon and Comwall Branch. At the balantt sheel date £4,325 (2022.. £Nill was due from the Devon and Cornwall Branch. During the year, the company received £Nil {2022.' £Nil) and paid out £Nil {2022.. £2571 cn behalf of Ihe North Wales Branch. At the balance sheet date £Nil (2022.. £Nill was held on behalf of the North Wales Branch. During Ihe year, the company received £3,776 (2022: £3.696} and paid out £3,321 (2022.. £Nil) on behalf of the Midlands Branch. At the balance sheet date £4,568 (2022.. £4,113} was held on behalf of Ihe Midlands Branch. During the year, Ihe company received £9,100 (2022-. £5,670) and paid out £5,772 {2022- £4,578) on behalf of the Scottish Branch. At the balance sheel date £4,066 {2022= £738} was held on behalf of the Scottish Branch. During the year, the company received £5,950 (2022: £5,874) and paid out £6,614 (2022: £2,773) on behalf of the Yorkshire 8ranch. At the balance sheet date £2,437 12022.. £3,101) was held on behalf of the Yorkshire Branch. Page 58