Dtscusign Envelope10.' 43199E4D-C5AB4604.B2D9-28E379826C70 Registered number: 00606601 Charity number- 244812 The Instltute of Quorrylng Tru5tees' Report and Financial Statements For the Yeor Ended 31 December 2024 AUDIT Docusign Envelope ID.. 43199E4D45AB4604-B2U9-26E379828C70 The Institute of Quorrying (A Company Limited by Guarontee) Contents Page Reference and Administrative Detai15 of the Company, its Trustees and Advisers Trustees. Report Trustees, Responsibllities Statement Independent Auditors. Report on the Finan¢lal Statements Consolidated Statement of Flnanclal Activities 3-13 14 15-19 20 Consolldated Balance Sheet 21-22 Company Balance Sheet Consolidated Statement of Cash Flows 23-24 25 Notes to the Financial Statements 26-64 Do¢usi9n Envelope ID.. 43199E4NC5A84604-82Q9-26E379828C70 The Institute of Quarrying (A Company LlmEted by Guarontee) Reference and Administrative Oetails of the Company. its Trustees and Advisers For the Year Ended 31 December 2024 Trustees B Willioms. President BM Uphill, Choir HK Bailey, Depvly Chair DA Bagshaw PFW Cottrell VG Russell TJ Corcoron (resigned 31 December 2024) A Meodows L Sounders J Whitelow R Mourice-Jones (appolnted 28 September 2C124) PC Wardle (appointed 28 September 2024) WTD Dorwin (appointed 28 September 2024) SR Godfrey (oppolnted 27 June 2024) Compony règistered number 00606601 Charity registered number 244812 Registered offite Nalional Stone Centre Porter Lane Wirksworth Matlock Derbyshire England DE44LS Compony secretory JE Thorne Poge 1 Docuslgn Envelope ID.. 43199E4D-C5AB4604-B2D9-26E379826C70 The In￿tt￿e of Quarrying (A Company Limtrted by Gvarantee) Reference ond Admlnlstratlve Detoils of the Company. its Trustees and Advisers (eontlnued) For the Yeor Ended 31 December 2024 Independent auditors Doins Avdit Limited Stotutory Auditor Suite 2. Albion House 2 Etrurla Office Villoge Foroe Lone Stoke on Trent Stoffordshlre ST15RQ Bankers Lloyds Bonk plc 12-16 Lower Parliament Street Nottinghom NG13DA Solicitors Shokespeore Mortineov LLP I Colton Sqvore Lelcester LEI IQH Investment Advlsors Rothbones Incorporoling Investec Weolih & Investment (UK) Beech House 61 Napier Street Sheff ield S118HA Poge 2 Docusign Envelope ID.. 43199E4D-C5A&4604-B2D9-26E379826C70 The Institute of Quorrying (A Compony Limited by Guarontee) Trvstees, Report For the Year Ended 31 December 2024 The Trustees present their annuol report together with the oudlted financial stotements of the Compony for the I Jonuary 2024 to 31 December 2024. The Trustees confirm Ihol the onnual report ond financiol stotements of the compony comply with the current slalutory requiremer)ts, the requirements of the company's governlng document ond the provision of Accounting and Reporting Chorltles.. Statement of Recommended Practice opplicoble to chorilies preparing iheir occovnts In occordonce with the Finonciol Reporting Stondard applicoble in the UK ond Republic of Ireland issued in Ociober 2019. the Finonciol Reporting Slondard opplicoble in the Unlted Kingdom ond Republic of Irelancl (FRS 102). the Chorities Act 2011, the Companies Att 2006 and UK Generally Accepted Accounting Proctice. Since the Company qualif ies 0$ smoll under sectbon 382 of the Componies Act 2006, the Slrolegic Report required of medium ond lorge componies under the Componies Act 2006 (Strote9ic Report and Directors. Report) Regvlotions 2013 has been omitted. Objectives and activities Policies ond objectlves The Institute of Quarrying hos choritable stotus ond is o compony limited by guarantee. lis primory objectiv@ Is 'To odvonce the science. practice ond professionolism of quorrylng through educotion. trolnlng and the encourogement of progressive improvements In slandords ot business, techniccjl ond environmental performonce,. In setting objeciives ond plonnlng for activities, the Trustees hove glv&n due con51derotion to general guldance published by the Chority Commission reloting to public benefit, including the guidance 'Public benef It,. running a chority (PB2)'. Durlno 2024 the Institute reviewed ond revised its fiive-year strotegy incorporoting four strategic plllors to support achieving its choritoble purpose ond continued to develop its operations Ot the Ncjtionol Stone Centre (NSC) in Wirksworth Derbushire. lit progressed plans for a new centre of excellence ot the site. with consultotlons with members. industry, the locol community ond Local Authorities toking ploce. b. Strategies f or achieving objectives The revised strategy hus four plllars., Be the globol leoder for siandards in the mineral extroctives, profession Promote the responsible use of our natural restsurces Support heollhy ond sustoinoble workplaces Creote o community of operotionol best practice ond proce55 innovation Poge S Docuslgn Env&lope ID.- 43199E4D-C5APA604-B2D9-26E379826C70 The Instltute of Qvorrying (A Company Limited by Guarantee) Trvstees, Report (continued) For the Year Ended 51 December 2024 Objertives and octlvlties (continved) c. Membership engagement and growth The Institute Seeks lo grow its membership through new members joining rynd retalning its existing membership bose. As svch the Institute sets targets ond monitors performance for member retention ond recruitment. The objective for the Institute in line with its chciriloble purpose is to hove on engoged and growlng membership globally. The prlmory route to membership retention is through member engogement ond service& The Institule's reglonal Branch structure delivers regular events ocross the UK to support members in developing ond mointoining their technical knowledge. d. Tralnlng und education delivered The orgonisation has developed ond delivered o number of courses which Ol-e delivered in the UK and internotlonolly in conjunction with its partnership with the University of Derby Centre for Mineral Products. The courses cover core ore05 of knowledge ond skills with relotlon lo the minerols extractive processes. The Institute remains committed to supporting the development of knowledge and skills In key ore05 including Heolth and Safely. 2024 sow the development ond delivery of the new Diploma in Surfoce t4ining Explosives Engineerir)g for the sector providing J more flexible i-oute to developing competence in this key areo of operation, both ir) the UK and internationolly. e. Actlvltles for achieving objective5 Throvgh industry relevant educotion, training programmes. good proclice guidonce materiols. conferences ond Branch lechnicol events, the Institute supports members in developing quorrying professionols. skills onol competence to enoble them to". moke on-going jmprovements In the wau thot the essentiol row moteriols which underpin our society are won from the ground. pracessed and delivered lo +he market ensure the heolth. scjfety ond welfare of the workforce ond site visitors is occorded the highest priority operaie extroctive siles In line with the best inlernotionol siondords for the prol@ction of the environment ensure members ore mindful of their sociol re5pon5Ibilit5es and the nead to be good neighbourg in the communities in which they operote f. Volunteers The InstitiTrte relies heovily on Ils volunteer network to svpport its octivities. from the Boord of Trustees and Council 4hrough to regionol Bronch committees. The Bronch committees provide o voried ronge of technicol evenings ond even15 to enoble members lo occe5s relevant Continuing Professional Development (CPD) supporting their development of knowledge ond skills. The Bronches a150 provide a voluoble woy for members to network. Members olso provide their technical knowledge ond experience in supportlng the development of informutlDn. technicol books. guidance ond training courses enobling the Institute to deliver current ond relevont support to it5 members ond ihe trjider industry. Poge 4 0g¢LlSign Envelope ID.. 43199E4D.C5AB4604.B2D9-25E379826C70 The Instttute of Quarrying (A Company Llmlted by Guarantee) Trustees, Report (continued) For the Year Ended 31 Oecember 2024 Objectives and octivities (eontlnued) g, Flnancial performoncè Finonciol performonce is outlined in the report below and shows the day to day Dperotionol performance of the orgonisotion alongside the performonce In relation lo special projects. Achievements ond performonce 2024 was a busy year for the Institute and the industry includlng activities wlth the delivery ol CPD days. Fellows lunch ond the lounch of the new technicol guidonce boDk on Explosives in Quarrying. UndÈrpinning the support for members work wos undertaken by the IQ Ctsuncil lo develop planning processes to support events ocross the bronches and improve communicijtions and promutlon to members. The Instilute contlnued to focus on core octivities to support members throvgh the actions highlighted in this report, whilsl the moln projett focus was with the NSC ond developing operations to Support the centre of excellence. 2024 suw the continuation of discussions with the Peak District Mining Museum (PDMf4) bosed In Mollock Both. Negotiotlons with representotives of the Peok Distrlct Mining Heritoge Society (PDMHS), os owners Df PDMH. sought to develop plcjns for PDMM to relocate to the NSC within the new building or)ce It hos been completed. At the beginning of the year. the ICTa renomed to the HCTO ond formally became port of the IQ os a speciollst group Through this agreement the IQ supported the HCTa membership In their CPD ond lounched the Heovy Cloy UK event in November. The IQ olso become parl of the Clay Quurry Competence Group {CQCG) supporting the educatlonol stondards development for the heovy cloy Industru. o. Key performance indicators The key performonce Indlcolors for the 2024 period related to fsve key areos of operation.. Operotlonol financial stobility Nembership recrvilment and retention membership services Delivery of edvcotion ond troining Delivery of projects to support the ongoing development of the Institutes. copobilily to deliver services to ils members and the indvstry The financiol report outlines the performance for the year ond highlights that a profit of £301.154 wos made for 2024. This was malnly due to the performance of investments during the year. The membership numbers for 2024 remalned broodly flat, in line with prevlous yeoi-s Whilst Retention figures remained con515tenily were strong ot 88%, ond new members were down on target.. Member retention and recruitment remolns D priority for the Institute with ihe Boord of Trustees estoblishing o worklng group lo develop the membership support ond growth opportunitie5 during 2025. The InstitLJte has olso contlnuecs to discuss with the Presidents from the Affilioted Notional Institutes ond Bronches on colloboralin9 to dellver the Presidents, lund project ond discussions oround internotionol octivlty The Presidents mel in Page 5 Docusign Envelope ID.. 43199E4D-C5A84604-B2D9-28E379826C70 The Institute of Qvorrying (A Company Limited by Guarantee) Trvstees, Report (contlnued> For the Year Ended 31 December 2024 Achievements and performance (continued) Austrolio in October to review octivities and to develop octlvities to support o coordinated opprooch for members internotionolly and develop growth opportunities in membership and Iroinino. The Institvte during 2024 ployed o proactive role in supporting the Minerals Motter cross industry initiotive in conjunction with Minerol Products Quolif Icotions Council ond others. Minerols Natters is driving Ottivity on beholf of the sector in standards. education ond skills, partnerships ond promoting coreers. b. Membership Services The Institute is committed to supporting members In developing and malntoining their skills ond knowledge throuohout their working live5. To complement the formol educationol ond troining ovoiloble. the Institute provides a ronge of Services lo support member5 in Shoring and occessing informotion in order io mointuin their CPD. 2024 cont5nued to see the delivery of octivitie5 for members.. the Instilute continued to work with Branches to deliver online ond foce to face technicol events enabling members to engagage in o ronge of subjects throughout the year. Mony were recorded ond made ovoiloble online for rllember Use on on ongoing bosis The In5titule cop,tinued to support members to engage with ond prepare for progre5S towurds professionol registrollon of the Engineering Council through Its ogreement wlth The Chartered Institution of Highwous & Transportolion (CIHT), with support moteriols launched through ihe website ond presentotions mode to members. These will continue durlng 2023 to encouroge members through the process. Bronches The IQ Bronches provlde o ronge of technical evening5. seminars, site visits ond Safety daus coverlng a wide ronge of topics to support members in goinlng relevont CPD. The 8ronch meetings olso provide members with the opportunity to shoJre best prottice ond discuss their experiences. The Branch meetings continued to provide a plotform for members to goin mentoring from fellow professionals in the sector svpporting the development of the new individuols entering the sector. The Bronches in 2024 continued face to foce meetings, olongside retalning online sessions. 2024 0150 50W the CPD doys continue in providing criticol knowledge for members ocross the courttru. Mor)y 8ranches olso restorted their dinner donce events to support member networking and engogement with wider industry stokeholder5. Quarry Monogement 'Quarry Mor)agement' has been the officiol monthly Journol of The Institute of Quorrying for many yeors. It provides timely, relevant ond topical coverage of all the key issues, developments ond advonces In the oggregoles 5ectDr. It is provided to oll members as port ol their subscription pockoge ond is olso avoiloble on a subscription b05is. In partnership with QMJ Publishing Ltd. the mogozine's publishers. a mobile phone ond toblet 'opp' h05 been developed to ollow members ond other subscribers to reod the jovrnol in electronic formot. Throughout the pondemic the magozine eontinued to be produced in hctrd copy and sent to members lo ensure they received one of the key member benefits Poge 6 Docusign Envelope ID.. 43l99E40£5A￿804-B2D￿26E379826c7a The Institute of Quarrying (A Company Limlted by Guarantee) Trvstees, Report (continued) For the Year Ended 31 December 2024 Achievements and performonte (continued) Technlcol Hondbooks and Guidonce rhe Institute's range of hondbooks for use in both educolion ond Indu51ry Is comprised of six hard copy volumes".- Environmentol Monogement Heolth & Safety Low in Quarries Crvshing and Screenin9 Aspholt Production Sond & Grovel Productlon Use of Exp1051ves in Quorries Work continued In 2024 lo develop revised versions of both the Environmental Manogement book ond the Use of Explosives In Quarries book, The revised Exploslves book launched in September olong with the development of a new Diplomo in Exploslves.. Webslte The Institute runs on extensive website which Dff ers o ronge of informallon f or public view, Apart f rom sections about the Institute itself. the website olso includes infDrmotion on. Heelings. conferences ond events News ond toplcal issues Feeds and links to soclol medio. providing up-to-dote comment on industry issues Edvcutlon ond troining courses Cose stucjies on career poths within the Industry and links to other industry SOLsrces Useful Informotion obout quarrying ond use of minerals in society c, Educotion The Institute believes educotion ond troining Is a life-long process storting with inStlal quolificotions goined ot school, college or universily and following to vocational troining ond developmernl throuoh ottendonce ot conferences, semlnars. troinlng courses, competence ossessment schemes, workshops. technicol meetings. site vislts ond the updoting of knowledge by reoding the Institute's journols. technlcol ond monagemenl popers ond textbooks. Academic Qualificotlons The Institute hos o portnership ogreement with the University of Derby for the delivery of distonce leorning courses from Apprenticeship Level 3 and foundation degrees through to full honours degree. The courses provide clear ocodemlc pothwoys to support individuals in gaining core technical knowledge whllst maintoining employment within the industry. This flexibility enable5 leorners to apply their leorning in real world sltLlOtions. This opproach hos proven to deliver the skills ond knowledge ihot ore criticol to operators within the sector. Poge 7 Doeusign Etwelope ID.. 431 ggE4U-C5AB4604-B2D9.26E379826C70 The Institute of Quarrying (A Company Limited by Guarantee) Trustees, Report (cantlnued) For the Year Ended 31 December 2024 Achievements ond performancè (continued) d. Standards Setting Standards and guldance The Institute ploys on octive role in supporting Minera15 Products Qvolificoiions Council (MPQC). the stondords settino orgonisotion, for the monufc>cturing ond process indvstries. This organisotlon is tosked with promoting the improvement of skills within its footprint at all levels ond is sUPPOrted by Industru. trode o550ClOtions. professional bodies ond trode unions. In 2024, the Institute continued in ils role os Chair of the Quorries National Joint Advi50ru Committee {QNJAC). QNJAC is committed to moking the industry o sofer ploce. ochleved th.rough the rui5ing of training, standords ond competence In essence. providing essentiol heolth & 5ofety guidonce lo quorrie& A new updoted QNJAC website wos launched in colloborotion wlth the industry end the Safequarry portol. The Institute 15 also on integrol member of the Strotegic Forum in Heolth OF)d Sofety for the Hinerol Product5 sector. During 2024 the forum evolved. ond il wtss agreed the work of the f orum would continue with the core membership belng the IQ MPA. BAA. MPQC and QNJAC Continuing Professional Oevelopment Fellows, Members and Technicol Members of the Institute ore required to undertoke a minimum of 30 hours of volid CPO eoch yeor. a policy which Is enfarced by the Institute through rondom Sampling. All other members are strongly encouraged lo toke port in the CPD programme. which is the recording of identified troining ond development needs os part of the process of lifelong learning. Certificotes of Achievement ore owurded OF)ce 100. 500, 750. 1,000. 1500 & 2000 houffj of audited CPD octivity hove been logged. e. Investment policy ond performance During the yeor. the investments mode o realised loss on soles omouniing to £15.053 ond on vnreolised profit on the volue of investments omounting lo £395.149 Finonclal review The Institute hos two primary income streoms.. from membership subscriptions ond from educotlon ond training octlvlties These are supplemenied by income from investments. The group mode a surplus of £263.900 after gains on investmenis. Poge 8 Docusign Envelope ID.. 43199E4D-C5AB4604-B2D9-26E379826C70 The Institute of Quorrying (A Company Llmlted by Guarantee) Trustees, Report (contlnued) For the Yeor Ended 31 December 2024 o. Principal risk5 ond uncertointifrs The Trusiees have reviewed the principle risks for the Institute and have highlighted the following concems". Exposure to morket volatility Listed investments At 31 December 2024, the Institute hod reserves of £1.704.736 invested in o number of publicly quoted funds The Trustees reco9nise thut such volues con foll as well as rise during the year. For this reogon. the Trustees ensure thot risk5 are controlled bu o wide spreod of investments in different osset classes with odequote reserves being retained lo provide finonciol stobility during limes when investment values hcsve fallen. b) Unlisted investment QMJ Group Lid wa5 fovnded in 1924 by the Institute, which relains a 29.55Yo Stoke in the company. cvrrentlu valued ot £1.145.283. The two orgonisotions historlcolly shored both office occommodallon and sloff and QMJ hos provided o significant proportion of the InstitulÈ's income over previous decades. The Trustees occept thot profits in the publishing business will fluctuate ol different points in the economic cycle ond ¢Jdequote reserves ore therefore retoined in other forms of Investment to counter Ihe effect of periodic reductior)s in divideod income. 2. Membership sLJbscriptlon income As subscriptions ore often paid by the employer on beholf of an individual member. membership to the Institute Is heavily rellont on the support of the major companies within the industry. Should the support of one or more of those componl&s be withdrawn for ony reoson, then the membership and subsequent subscription income would be reduced. Thus, the Trustees consider It opproprlote to hold reserves ogolnst this eventualilu. Edvcotion ond trolnlng income Revenue from the ctsurses run in portnership with the Unbversilu of Derby reolised £128.343 In 2024 and represented the largest single income stream for the Institute. The dirèct delivery of IQ Iroining in the UK ond overseos represented ihe IQ fulfiiiing its remit to 5VPPQrt the progresgion o* developmenl of individuols within the Industru. 2024 sow troining in o ronge of locations globally including the Middle Eost. Poge 9 Docusign Ewelope ID.. 43199E4D-C5AB460482D)-26E379826C70 The Institvte of Quarrying (A Company Llmlted by Guarantee) Trv5tees' Report (continued) For the Year Ended 31 December 2024 b. Moterial investments PC*licy The principle5 governing decisions obout investments for the Institute ore in accordance with the requirements of the Trustees Act 2000. The scheme ossets are held In trust by the Trustees. The Investment powers of the Trvstees ore set out in clause 3F of the Memorondum of Associotion ond the powers gronted thereby ore wide. The monogement of the ossets is performed by Inve5tec Weolth & Investment Limited. The Trustees have established on Investment policy for the Institvte's f unds ond within thot policy hove moke specif ic provision for environmentol ond ethical considerotion5. The Tru51ees do not restrlci their Inveslrnent monager by imposing social, environmentol or ethicol considerotions to be taken into occount in the selection, retentlon and reolisation of investments. However the Trustees hove made their views on moking socially responsible inve5tmenls known to the investment mancgers. The f und monagers exercise. ot their discretion. any voting rights ottoching to the scheme's investments. c. Reserves policy The level of reserves. exclvding restricted funds. held ot 31 December 2024 omounted to £3.484,696. including £151.000 within designoted fund5. This represents an increase of £249,978 Income generated from unrestricted reserves are needed to cover odministration ond support costs and to provide funds which can be designoled to specific projects. The omob'nl of restricted reserves held at 31 December 2024 omounted to £200,044, on Increose of £13.922. The totol reserves held ot the year-end wos £3.684.740. A5 0 result of the review into the principol risks ond vncertointies. the Trustee5 consider the reserves to be odequote to produce a revenue stream to moinlain its obility to carry out its stoted obiectives. Depletion of the overoll level of reserves would ieopardise the Income streom ar)d threaten the obility of the Institute to f ulfil its oims ond the Trustees will continue to review Its policy In the context of the circumgtonces offecting the Institule. d. Going Concern The Trustees have o re050nable expeclotion that the company hos odequate resources to continue In operationol existence for the foreseeoble f Ljlure. For this reason they continue to adopt the golng concern basis In preporir)o the finonciol slotements. Further detai15 regarding the odoption of the going concern basis con be found in the AccoEJnting Policies. Structure. governonce and management o. Constitvtion The Institute of Quarrying is governed by its Memorandvm os possed by o speclol resolution doted 9 October 2003 ond Articles of Associolion 05 Passed by speciol resolution doted 8th December 2015. The principal object of the Company is 'to advance the sclence, proctice ond professionolism of quarryin9 through educotlon, Iroining and rhe encourogement of progressive improvements in stondords of business, technical and environmentol performonce.. Page 10 Docusign Envelope ID.. 43199E40-C5W604-B2Dg-26E379828C70 The Institute of Quarrying (A Company Limlted by Guarantee) Trustees, Report (continued) For the Year Ended 31 December 2024 Structure. governance and management (continued) b. Methods of appointment or election of Trustees Trustees are elected to the Board as set out the Articles of Association and on the basis of the experience ond the contribvlion the individuols are able to moke to the work of the Institute. Mony ore in senior monogement posillons in lorge businesses and a high proportion of the Trustees also hove experlence of working on locol Bronch commlttees. c. Policles adopted for the inductlon and trolning of Trvstees On being elected. oll Trustees are Issued with o detoiled guidance note settlng out the duties ond re5ponslbililies of a trustee of a registered chorily. d. Pay policy for senior staff The Inslitule'5 Trustees ore responsible for the remvnerotion of the Chief Executive ond other senior memberg of sitsff. e. Organlsotionol structure and decision moking The Board of Trvstees normally meets quarterly to review the oim5 and objectives of the Institute. to review the results of the company and to dlscuss key strategies ond plans for the ongoing and future direction of the company. The Council of representotlves supports the work of the Boord of Trustees. The Council Is comprised of member representotlves and those Interested in the octivitie5 of the Institute lo express view5 and opinions on matters of policy. oclivities. slrotegy ond professional ond other matters with which the Institute is involved. Day to doy manaoemeni of the Institute's offoirs is delegoled to the Chief Executive. who is a paid member of staff and not o Trustee of the Institute. The frustees meet regvlorly with the Chief Executive ond with other members of stoff f rom time to Ilme in order to apply sound governonce to the Institute's offolrs and ensure Ihot its policies. strategies ond legal and ethicol duties ure being dlscharged in occordance wlth Its orders. f. Related party relationships No member of ihe Boord of Trustees helcl ony interest iri the funds of the charity. During the yeor, reloted party transoctions occurred with.. QMJ Publishing Llmiled. a company in which The Institute of Quorrying has o material Interest Poge 11 Docusign Envelope ID". 43199E4D-C5A84604-B2D9.26E379826C70 The Instltvte of Qvarrying (A Company Limited by Guarantee) Trvstees, Report (eontSnued> For the Year Ended 31 December 2024 Structvre, governance and management (continved) g. Trustees. indemnlties The Trustees hove ossessed the major risks to which the Institute is exposed. in particular those reloted to the operotions and finonces of the Compony. They ore satisf led that systems ond procedures ore in place to miligote the exposure to the mojor risks In 2020. the 8oord established o Finance. Audlt and Risk Committee. comprising of three members of the Boord lo hove overslght of the organisotionol r15ks and investment strategies. Plans for future pèriods In line with the strategic pillars, o roodmap hos been developed to support the progress during 2020 and the years beyond The activities for each pillor are outlined below.. 8e the global leoder in stondords for the minerol extroclion profession e51ab2ish IQ skills wheel os the competence gnd copobility benchmork for professionols promote schemes recognising corporate commitment lo best procllce ond commitment to mointoining CPD create dedicoted support pothways for profe5510nals entering the industry IQ stondords, membership and educotion are recognised by all employers promote the 11 industry ond careers ovailoble lo svpport securing new talent 'promote and celebrate the IrTrnovotive work of members in developing the industry Promote the positive impoct of the industry ond profession esloblish research ond innovation supporting educotion ond skills for the Future workforce deliver Emeral challenge to recognise ond support members achievements olign IQ activities with the relevant UN sustoinoble development gools Supporting the industry in driving healthy, sustoinoble workploces work with oihers to support prioritu industry initiatives Such os QNJAC and the Mlnerols Stroteglc Forum support members in develop.'ng core competencies In HÈolth ond Safety support member5 in developing skills and copobility to deliver 0 5UStoinoble industry SUPPC>rt members to develop ski115 and capobility In delivering positive environmental outcomes Drive innovotion ond Dperationol best practice shore leoding lechnicol process Innovotion with members support members with relevont CPD opportunities. colloborale with portner5 in developing leoding research projects Alonoside the works ogoinsl the pillars, the project to establish o centre of excellence ot the NSC os detoiled previously will form oj core element of the Institvte'5 work Dver the next five to 10 year period. Poge 12 Docusign Envelope ID." 43199E4D-C5AB4604-B2D&26E379826C70 The Institute of Quarrying (A Company Limited by Guarantee) Trustees, Report (cantlnved) For the Year Ended 31 December 2024 Disclosure of Informotion to auditors Eoch of the persons who ore Trustees at the lime when this Trustees, Report approved hos confirmed thot.. so far os that Trustee is owore. there is no relevont audit informolion of which the chariioble group's auditors ore unowore. and thot Trustee hos token oll the steps Ihot ought to have been taken 05 a Trustee in order to be owore of any relevant oudit information ond lo establish that the chariloble group's auditors ore oware of thot information. Auditors The oudiiors. Doins Audit Limited. hove indicoted thelr willingness to continue In office. The designoted Trustees will propose o motion reoppointing the auditors ot a meeting of the Trustees. Approved by order of the member5 of the boord of Trustees ond signed on their beholf by.. DDEu8*ned by.. 8BDE39A93819é2E... B Williams President Date.. Poge 13 Docusign Envelope ID= 43T99E4￿C5A￿04.32D&26E379826c70 The Institvte of Qvarrying (A Compony Limited by Guoronteè) Statement of Trv5tees' responsibilitles For the Year Ended 31 December 2024 The Trustees (who ore also the directors of the Compony for the purposes of compor)y law) are responsible for preporing the Trustees, Report ond the finonciol statements in accordonce with opplicoble law and United Kingdom Accounting Stondords (United Kingdom Generolly Accepted Accovnting Proctice). Compony low requires the Trustees to prepore finonciol stotemenis for each finonciol Under compony low. the Trustees must not approve the finonciol statements unless they ore sotisfied thol they glve o true and fair view of the stote of offoirs of the Group ond the Company ond of their incoming resources ond opplicotion of resources, including their income ond expenditure. for thot period, In preporing these finoncial statements. the Trustees ore required to.. selett suitable occounting policies ond then apply them consi5tently', observe the methods ond princlples of the Charities SORP (FRS 102).. make j udgments ond accounting estimotes thot ore reasonoble and prudent.. stote whether opplicoble UK Accounting Stondords {FRS 102) hove been followed, subject to ony moteriol deporlures disclosed and exploined in the financiol statements.. prepare the fincjncial stotements on the going concern basis unless it is Inoppropriote to presume that the Group will continue In business. The Trustees ore responsible for keeping odequote occounting records that ore sufficient to show ond exploin the Group ond the Compony'5 tronsactions ond disclose with reasonoble occurocy ar any tlme the *inoncial p051tion of the Group ond the Compony and enoble them to ensure thol the finonciol stotements comply with the Componies Act 2006. They ore olso responsible for sofeguording the ossets of the Group ond the Compony ornd hence lor toking reosonoble steps for the prevention and detection of froud ond other irregvlorities. Approved by order of the members of the baord af Trustees ond slgned on its beholf by.. Oocuslgned by.. BBtE39A9381942E... B Wlllioms President Dote.. 71 Au4us& 36 7¥ Poge 14 Docusign Envelope ID.. 43199E4D£5AB4604-B2D&26E379826C70 The Institute of Quorrying (A Company Limited by Guarantee) Independent Auditorg Report to the Trustees of The Institvte of Qvorrying Opinion We hove audited the financial statements of The Institute Df Quorrying (the 'porent choritoble company,) and Ils subsidiaries (the 'group? for the yeor ended 31 December 2024 which comprise the Consolidoted Stotement of Finonciol Actlvlties, the Consolidated Bolance Sheet, the Compony Bolance Sheet, the Consolidated Slolement of Cosh Flows and the related notes, including o summory of significonl accounting policies. The finonciol reporting framework Ihot has been applied in their preparotlon Is applicoble low ond United Kingdom Accounting Slandords, including Flnanciol Reporting Stondard 102 'The Flnonciol Reporting Stondard oppllcable in the UK and Republic of Irelond, (United Kingdom Generolly Accepted Accountlng Practice). In our opinioFI the finoncial stotements.. give a Irve ond fair view of the state of the Group's and of the porenl charitcjble compony's offairs os ot 31 December 2024 and of the Group's incoming resources ond opplication of resources. including its income and expenditure for the year then ended.. have been properly prepared in accordonce with United Klnodom Generally Accepted Accountlng Praeiice., and have been prepored in occordonce with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in occordance with Internationol Stondords on Auditing (UK) (ISAS (UK)) ond opplicoble low. Our responsibilities under those stondords ore further described in Ihe Auditors, responsibilities for the oudit of the finonciol statements section of our report. We ore ind@pender)t of the Group in occordonce with the ethicol requirements that are relevar)t to our oudit of the finonclal statement5 In the United Kingdom, including the Finonciol Reportlng Council's Ethicol Standord. ond we hove fulfllled our other ethicol responsibilitles in occordance w.rth these requlrements. We believe that the oudil evidence we huve obtoined Is sufficient ond oppropriote lo provide o bo515 for our opinlon. Concluslons relating to going concern In ouditlng the financial statements. we hove concluded thot the Trustees, use of the going concern basis of occountbng In the preporation of the f inanciol statements is oppropriote. 8ased on the work we have performed. we hove not identified any materiol uncertointies reloting to events or conditions thot, Individuolly or collectively, may cosl slgnificont doubt on ihe Group's or the parent choritoble compony's obility to continue as o going concern for o perlod of ot leost twelve months from when the finonciol statements ore outhorlsed for issue. Our responsibilities and the responsibilities ot the Trv5tees with respect to going concern are described in the relevont Sections of this report. Poge 15 Docusign Envelope ID.. é3199E4￿c5A￿4604-B2Dg-26E379826C7o The Institute of Quarrying (A Compony Llmlted by Guorontee) Independent Auditors. Report to the Trustees of The Institute of Quarrying (eontlnued) Other Informotion The other information comprises the informotlon included in the Annual Report other thon the f Inancial Statements ond Dur Auditors, Report thereon. The Trustee5 ore responsible for the other Informolion contoined within the Annual Report. Ovr Dpinion on the finoncial slotements does not cover ihe Other information and. except to the extent othenrdise explicitly stated In our report. we do not express any form of ossuronce conclusion Ihereon. Our responsibility is to reod the other informolion and, in doing so, consider whether the other informotion 15 moteriolly inconsistent with the financiol stotements or our knowledge obtoined in the course of the oudit. or otherwise oppeors to be materiolly misstoted. If we identify such moteriol inconsistencies or opporent moterlal mlsstatements, we ore required to determine whether this gives rise to o material misstotemenl In the finoncS05 stotemenls themselves. If, bosed on the work we hove performed, we conclude thot there is a maieriol mi5Statement of this other informotion, we are required lo report that toct We hove nothing to report in this reoord. Oplnlon on ather matters prescrlbed by the Companies Act 2006 In our opinion. bo5ed on the work undertaken In thÈ course of the audlt. the informolion given In the Trustees, Report for the finonclol yeor for which the fir)onciol slotements ore prepored is conststent with the finoncial statement5. the Trustee5' Aeport has been prepared In occordance with opplicoble legol requirement5. Matters on which we ore reqvired to report by exception In the Ilghl of our knowledge and understanding of the charitable compony ond its environment obtoined in the course of the oudit, we hove not identified materiol misstatements in the Trustees, Report. We have nothing lo report in respect of the following motters In relotiori to which Componies Act 2006 requires us to report to you If. in our opinion.. the porent charitable company has not kept adequate and sufficient occounting records, or returns adequate for our oudit hove not been received from bronches not visited by us," or the porent choritoble compony financial stotements are not in agreement with the occounting records ond returns." or certoin disclosures ot Trustees, remunerotion specifled by law ore not mode., or we hove not received oll the in*ormolion ond explonotions we reqiiire for our oudit. Poge 16 Do¢usi9n Envelope ID". 43199E4t>C5A84604-32D9-26E379826C70 The Institute of Quorrying (A Compony Limlted by Gvarontee) Independent Auditors, Report ta the Trustees of The Institvte of Quarrying (continved) Responsibilities of trustees As explained more fully In the Trustees, Responsibilities Stotement, the Trustees (who are 0150 the dlreclors of the chorttable compony for the purposes of company low) ore responsible for the preporution of the finonciol stotements and for being sotisfled thot they give a Irve and fair view. ond for such inlernol control os the Trustees determine is necessory to enable the preporation of financial stotements thot ore free from moteriol misstolemenl. whether due to fraud or error. In preparing the finonciol stotements, the Trvstees c5re responsible for ossessino the GrDUP'5 and the poreni choritoble componu's obility to cor)tinue os a ooing concern. disclosing. 0$ opplicable, mollers reloted lo going concern und using the going concern bosis of occountlng unless the Trustee5 either intend to liquidote the Group or the porent charitable compony or to ceose operatlons. or hove no realistic oliernotlve but to do so. Aud5tors' responsibilities for the oudlt of the f Inoncial statements Our objectives ore to obtain reosonable o5surance about whether the financiol 51otementS 05 u whole are free f rom moteriol misstatement, whether due to froud or error. ond to Issue an Auditors, Report thot includes our opinion. Reasonable tsssuronce Is o high level of ossuronce. but is not o guorontee thot an oudit conducted in accordance with ISAS (UK) wlll olways detect a moteriol misstotÈment when it exisls. MisstotementS c(Jn arlse f rom f roud or error ond ore considered molerial if. individvally or in the aggregote. they could reasonably be expected to influence the economic declsions of users token on the basis of these fin¢Jncial stotements. Irreguloritses, including froud, are Instances of non-complionce with lows and regulations. We deslgn procedures in line with our responsibilities. outllned above, to detect moterial misstatements in respect of irregularlties, including froud. The extent lo whlch our procedures ale copable of deiecting irregularities. including f roud is detoiled below.. Ovr approoch to identif uing and ossessing the risks of materiol misstotement in respect of Irregularities, inclvding froud and non-compliance with laws ond regulations, wos os follows. the senior stotutory auditor ensured thal the engagement teom collectively hod the oppropriote competence, copabilities ond skills to identif y or recognise non-compliance with opplicoble lows ond regulations. we identified the lows ond regulotions applicoble to the group and compony through discussions with directors and other management. and from our commercial knowledge ond experience of the sector.. we focused on specific lows and regulotions which we considered moy have o direct moteriol effect on ihe f inonciol statements or the operations of the group ond compony, including the financial reportlng legislution, Companies Act 2006. toxotion legislotion, onti-bribery. employment, ond environmentol ond heolth ond sofe1y legislolion: we ossessed the extent of compliance wlth the lows ond regulatlons identified obove through making enquiries of manogement ond inspecting legal correspondence. and identified lows ond regvlotions were communicoted within the audlt team regulorly and the leom remained alert to Instances of non-compliance throughout the audit. Poge 17 Docusign Envelope ID.. 43199E4NC5AB4604-B2Dg-26E379828C70 The Institvte of Qvarrying (A Compony Limited by Guarontee) Independent Auditors, Report to the Trvstees of The Institute of Quarrying (continued) We assessed the susceptibility of the group and company's flnanclal stotements to materiol misstatement. includlng obtoining on vnderslonding of how froud might occur, by.. making enquiries of manogement os lo where they considered there wos susceptibility to frovd. their knowledge of octual. suspected and olleged fraud.. ond considering the internol controls in place to mitigate risks of froud ond non-complionce with lows ond regulotions. To address the rlsk of froud through monogement bios and override of controls. we-. performed anolytical procedures to identify ony unusuol or unexpected relotionship5', tested iournol entries to ideritify unusuol tronsoctions., assessed whether judgements und assumptions mode in determining the occounllng eslimotes set out In Note 3 were indicolive of potential bios". and investigated the rotionole behind significant or unusual tronsoctions. In response to the risk of irregularitie5 and non-complionce with lows ond regulotlons, we deslgned procedures which Included. but were not limited to.. ogreeing financiol statement disclosures to underlylng supporting documentation., reading the minute5 of meetings of those chorged with governunce.. enquiring of management os lo oclual ond potentiol litigotion and clalms., ond reviewing correspondence with HMRC, relevant regulotors ar)d the group on(J compony s legal advisor5. Becouse of the inherent limitotions of on oudit. there is o risk Ihot we will not detect Dll irregulorities, includlng those leoding to o moterial misstotement in the financiol stotements or non-complionce with regulotion. This risk increases the more thot complionce with a low or regulotion is removed from the events and tronsoctions ref lected in the financiol statements. as we will be le55 likely to become Dware of instonces of non-complionce. The risk 15 olso greoter regording irregulorities occurring due to froud roiher Ihon error, as fraud involves intentionol concealment. forgeru. collusion, omlssion or misrepresentotion. A further description of our responsibilities for the oudit of the finoncial statements is locoted on the Flnanciol Reporting Council's website at." www.frc.or uk ouditorsres on ilities. This description forms port of our Auditors. Report. Poge 18 Dowsign Envelope ID.. 43199E4D£5AB4804-B2Dg-26E379826C70 The Institute of ovarrylng (A Company Limited by Guarantee) Independent Auditorsl Report to the Trustees of The Institute of Quarrying {continued) Use of our report This report is made solely to the choritoble compony's members, os o body, in occordance with Chopter 3 of Part 16 of the Comptsnles Act 2006. Our audit work has been undertoken $0 that we might state to the charitoble compony's members those motters we ore required to stote to them in on AudilDf5' Report ond for no other purpose. To the fullest extent permitted by law, we do not occept or assume responsibility to anyone other than the choriloble company and Ils members, os o body, for our audit work, for this report, or for the opinions we hove formed. Simon Howkin5 (Senior Statvtory Auditor) for ond on beholf of Dains Audit Limited Statutory Auditor Chartered Accountants Svite 2. Alblon House 2 Etruriu Office Vllloge Forge Lane Stoke on Trenl Stoffordshire ST15RQ Date". Poge 19 Docuslgn Envelope ID.. 4319gE4￿CSA84604-B2D9-28E37g826c70 The Instltvte of Quarrying (A Company Limited by Guarantee) Consolidoted Statement of financial actlvltles (incerporotlng income and expendlture account) For the Year Ended 31 December 2024 Unrestricted funds 2024 Restrlcted funds 2024 Total fvnds 2024 Totol funds 2023 Note Income from: Donotions ond legocles Choritoble actlvlties 14,363 2.156 16.519 12.514 383.412 583.412 541.490 Other trading octivlties Investments 675.688 675.688 602,160 109.628 4.815 114.443 69.703 Other income 1.224 1.224 342 Total income 1,184.315 6.971 1,191.286 1.026.209 Expenditure on: Roising funds Charitable octivilies 270.319 2.040 272,359 257.361 10 1.033.641 1.482 1.035.123 1,086,418 Total expendlture 1.303,960 3,522 1.507.482 1.343,779 Net gains on Investments 569,623 10.473 380.096 48.652 Net movement in funds 249.978 13.922 263,900 (268.918) Reconcillotion of f unds: Totol funds brought forward Nel movement in funds 3.234.718 186.122 3.420.840 3.689,7S8 249.978 13.922 263.900 (268.918) Totol funds carried forward 5,484.696 200.044 3.684.740 3.42Q.840 The Consolidated Stotement of Finonciol Actlvities includes oll goins ond losses recognised in the ueor. The notes on poges 26 10 64 form port of these finonciol statements. Poge 20 Do¢usign Envelope ID: 43199E4D-C5AB4604-B2D9-26E379826C70 The Institute of Qvarrying (A Compony Limited by Gvorantee) Registered number: 00606601 Consolidated Balance Sheet As at 31 December 2024 2024 2025 Note Fixèd assets Intangible ossels Tongible ossets Investments 15 16 362.580 403.308 18 2.8SO.019 2,557,978 475,000 Investment property 17 475.000 3.687.599 3.436,286 Current ossets Stocks 19 27.502 21.442 Debtors 20 104.414 126.962 Cash ol bonk and in hond 259.062 166.555 590.978 314.959 Creditors.. amounts folling due withln one year 21 (366.430) (295.786) Net cvrrent assets 24.548 19.173 Total 05sets less CLJrrent liabilities 3,711147 3,455,459 Creditors.. amounts folling due ofter more thon one year 22 (27.407) (34,619) Total net (JssÈts 3.684.740 3.420.840 Chority funds Restricted funds 23 200.0 186,122 Unrestricted funds 23 3.484.696 3,234,718 Total funds 3.684.740 3,420.840 Page 21 Docusign Envelope ID.- 43199E4D-C5A34604-B2D9-26E379826C70 The Instltute of Qvorrying (A Compuny Limited by Guarantee) Registered nvmber.. 00606601 Consolidated Bolance Sheet (continuéd) As at 31 December 2024 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to occovnting records ond preparotion of finonclol stotement5. The finonciol statements were approved ond outhorised for issue by the Trustees and signed on their behalf by.. Oo¢uSigned by.. 8èDE29A9391942E 8 Villioms President Dote.. 21 A¥LknSè xT< The note5 on poges 26 to 64 form port of these flnonclol stotements. Poge 22 Docusign Envelope ID.. 43199E4D-C5A￿4604-$2D9-26E379826c7a The Institute of Qvorrying {A Compony Limlted by Guoruntee) Registered nvmber.. 00606601 Company Stotement of financial p051tion As ot 31 December 2024 2024 2023 Note Fixed ossets Tongible ossels Investments 16 84.356 2.850.019 100.CIi0 18 2.557.978 475.000 Investment property 17 475.OQO 3.409,375 3.132.988 Current assets Stocks 19 19,674 15,868 Debtors 20 95.864 123.021 Cosh at bonk and ir) hond 221.884 136.465 537.422 273.354 Creditors". amounts falling due within one yeor 21 (296.765) (257.462) Net current osset5 40.659 15,892 Total ossets le55 cvrrent liabilitle5 3.4SO.034 3,148,880 Total net ossets 5.450.034 3,148.880 Charlty fund$ Restricted funds 23 200.053 176,044 Unrestricted funds 23 3.249.981 2.972.836 Totol funds 3.450.034 3.148.880 The Company'5 nel movement In fLJnds for the year wos U01.154 (2Q25 - £(217,071)). The Trkjstees ocknowledge their responsibilities for complying with the requirements of the Act with respect to accountin9 records ond preporotion of finonciol statements. Poge 23 Docusign Envelope ID.. 43l99E4DQSA￿6O4-B2o&26E379B26c70 The Institute of Quarrying (A Compony Limited by Guarantee) Re9lStered nvmber: 00606601 Company Statement of financiol position (contlnued) As at 31 December 2024 The financiol statements were opproved and outhorised for Issue by the Trustees ond signed on their behalf bu.. 8BDE3Mg15194JS. 8 Wllliams President Dote. z{ th4Of&->75- The notes on poges 26 to 64 form part of these financial statements. Page 24 Docusign Envelope ID.. 43199E4D-C5A8460&82D9-2eE379626C70 The Institute of Quarrying (A Company Llmlted by Guarantee) Consolidated Statement of Cosh Flows For the Year Ended 310ecember 2024 2024 2023 Cash tlows from operating activitles Net cosh used in operating octivities (94.444) (40C>.838) Cash flows from investing actl￿tIeS Dividends, inierests and rents f rom investments Proceeds from the sole of investments 114.443 69,703 257.461 627.278 Proceeds from the sole of tangible fixed assets Purchase of ton9ible fixed asset5 Purchase of investments 4.286 (18.442) (169.397) (56.961) (585.123) Net cash provided by investlng activities 188,351 54.897 Change in cash and cosh eqvivalents In the year 95.907 (345.941) Cash ond cash equivolenls ot the beginning of the yeor 164.855 510.796 Cash and cash equivolents ot the end of the year 258.762 164.855 The notes on pages 26 to 64 form porr of these finonciol statements Poge 25 Doujsign Erwelope IU.. 43199E4D-C5A￿6o4-D2D9-26E379826c70 The Institvte of Quarrying (A Ccmpcny Llmited by Guoronteé) Notes to the Flnancial Statements For the Year Ended 31 Oecember 2024 Accounting policies 1.1 Bosis of preparotion of flnanciol stutements The finonciol 51olements hove been prepored in occordonce wlth the Chorities SORP (FRS 102) - Accounting ond Reporting by Chorities.. Slotement of Recommended Proclice opplicoble to chorities preparing their accounts in occordonce with the Finoncial Reporting Stondard opplicoble in the UK ond Repvblic of Irelond (FFIS 102) (effeclive l Jcinuory 2019). the Financial Reporting Stondord opplicoble in the UK ond Aepublic of Irelond (FRS 102) ond the Componies Act 2006. The 1nstitute of Quarrying meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initiolly recognised ot historical cost or tronsoction value unless otherwise stated in the relevonl occounting policy. The Consolidoted Stotement of Finonciol Activities (SOFA) and Consoridoled Bolonce Sheet consolidote the f inonciol statements of *he Company ond it5 subsidiory undertokingss. The resvlls of the subsldiories are consolidoted on a line by line bosis. The Company hos taken odvantage of the exemption allowed under sectlon 408 of the Companies Act 2006 ond has not presented I:s own Stotement of Financiol Activities in these finonciol stotements. The charitoble compony's function and presentolion current Is sterling. 1.2 Going concern The trustees hove o reosonoble expectation thot the compony has adequote resources to conllnue in operotionol existence for the foreseeoble f utvre. For this reason they continue to adopt the going concern bosis In preporing the financiol slotements. 1.J Income All Income is recognlsed once •he Compony hos entitlement to the income, il is probable that the income will be received and the omounl of Income receivable can be me05ured reliably. Gronts ore included in the Consolidoted Stotement of Flnanciol Activities on o receivoble ba51S. Incory)e tox recoverable in relotion to investment income is recognised ot the lime the Investment income is receivoble. Page 26 DorAJsign Et)velope ID, 43199E4D-C5AB460442D&26E379826C70 The Institvte of Quarrying (A Company Limited by Gvorantee) Notes to the Finonclol Statements For the Year Ended 31 Oecember 2024 Accounting policies (continued) 1.4 Expenditure Expendilvre is recognised once there is o legal or constructive obligotlon to tronsfer economic benef it to o third party, Il is proboble thot o tronsfer of economic benef its will be required in settlement ond the omovnt of the obligotion can be meosured reliobly. Expenditure is clllssified by octivity. The costs of eoch octivity are made up of the tolol of direct costs and shared cosis, Including SUPPDrt costs involved in undertaking eoch activity. Direct costs ottributable lo o single oclivlty ore allocated directly to that octivity. Shored costs which contribute to more thon one octivity orid support costs which ore not ottributoble to a single octivlty ore apportloned between those activities on o bosis consistent with the use of resources. Cenlrol stoff costs ore ollocoted on the bosis of time spent, and depreclotlon chorges allocated on the portion of the asset's use. Support costs ore those costs incurred directly in support of expenditure on the objects of the Company and include project monogement corried oul ut Heodquorters Governunce costs ore those incurred in connection with odministrotion of the Company ond complionce with conslitutionol and statvtory requirements. Expenditure on raising funds includes all exper)diture Incurred by ihe Group to ruise funds for its charitable purposes cjnd incllides costs of oll fundroising octlvlties events ond nor)-charltoble troding. Expenditure on charitoble octlvilies is incurred on directly undertoking Ihe activities which further the Group's objectives, os well cjs anu ussocioted support costs. All expenditure 15 Inclusive of irrecoveroble VAT. 1.5 Interest receivable Interest on funds held on deposit is included when recelvable ond the omount con be meosured rellably by the Group,, thig is normally upon noiification of the interest paid or poyable by the institution with whom the funds are deposited. 1.6 Taxation The Compony is considered to poss the tests set out in Parooraph 1 Schedule 6 of the Finance Act 2020 ond therefore it meets the definition of o chorilable compony for UK corporatlon tox purposes. Accordingly. the Comparyy is potentiolly exempt from toxotion in respect of income or capltal gtsins received within cotegories covered by Chapier 3 Part 11 of the Corporation Tox Act 2010 or Secfion 256 of the Taxotion ol Chargeable Gains Act 1992, to the extent thot such income or goins ure applied exclusively to choritoble purposes. 1.7 Intongible assets and amortlsation Intongible assets ore initiu11y recognised ol cost. After recognition. under the c05t model. intangible ossets ore meosured ot cost less ony occumvloted omortisotion and ony occumuloted Impoirment1055es. Amortlsation Is provided on intongible assets ai rote5 colculoled to write off the cost of each osset on a stralght-llne basis over its expected useful life Poge 27 Docusign Envelope ID.. 43199E4D-CsAB4604-B2D￿2SE37982sc70 The Institvte of Quorrying (A Compony Llmlted by Guoranteè) Notes to the Financial Statements For the Year Ended 31 December 2024 Accounting policies (continued) 1.7 Intanglble assets and amortlsation (contlnved) Amortisotion 15 provided on the following bosis: Computer software 33 Yo Stroighi line 1.8 Tangible fixed assets and depreclation Tangible fixed ossets ore initiolly recognised ot COSt. After recognitipn. under the cost model, tangible fixed ossels are measured ot CQs1 le55 occvmulated depreciotion c5nd cjnu occumulated Impoirment losses All costs incurred to bring o tangible fixed 055et into Its intended workin9 condition should be Included in the meosurement of cost. At each reporting dote the Group os5esses whether there Is any indicotion of Impoirment. If such indication exists. the recoveroble amount of the osset is determined to be the higher of ils foir volue less costs to sell and Its value In vse An impoirment loss Is recognised where the carrying amount exceeds the recoveroble omount. Depreciolion is charged so as to allocate the cost of tongible fixed ussets le55 their residuol volue over their estimoted useful lives. using the stroight-line method. OÈpreciotion is provided on the following bases. Freehold property Motor vehicles Off Ice furniture ond equipment Computer equipment Gront funded tsssets 10-20% strolght Llne 25Yo Stroir Rentol irncome received from Investment properties are chorged to the Statement of Flnanciol Activities over the ogreed contrutt period. 1.17 Pensions The Group operotes a defined contribution pension scheme ond the pension charge represents the omounts payoble by the Group to the fund in respect of the year. Poge 30 Docusign Envelope ID.. 43199E4D-C5AB4604-82D&2BE379826C70 The Institute af Quarrying (A Compony Limited by Guorantee) Notes to the Financial Stotements For the Year Ended 31 December 2024 Accountlng policles (continued) 1.18 Fund accovntlng Generol funds ore unreslrirted fund5 which are ovollable for use ot the discretion of the Trustees In f urtherance of the oenerol objectives of the Group and which hove not been designoled for other purposes. Designated funds comprise unrestricted funds thot have been set oside by the Trustees for porticular purpose5. The oim ond use of each designated fund is set out in the notes to the finonciol statements. Restricted funds are funds which are to be used in occordonce with specific re51riclions Imposed by donors or whlch hove been raised by the Group for porticulor purposes. The costs of roisin9 and odmlnlsterino such f unds are charged ogoinst the Specific fund. The oim ond use of each restricted fund is set out in the noles to the finonclol stalements. Investment income. goins ond losses are allocated to the appropriote f und. Criticol occovntlng estimates and oreos of judgment Estimates and judgments ore contlnuolly evoluoted and ore based on hisloricol experience and other foctor5. Including expectotions of future ever)ts that ore believed to be reasonoble under the circumslonces. Critical occouniing estimotes and ossumptions.. The Company makes estimotes ond assumptions concerning the f uture. The resulting occounting estimotes ond assumptions will. by definition. seldom equ01 the related uctual results. The estimot&s and assumptions thot hove a significont risk of causing a materi01 odjustment to the carrying amounts of ossets ond Iiobilities within the next f inonciol yeor ore discussed below. Critical oreos of judgment.. Valuation of Unlisted Investment$ The vnlisted investment is valued ot the higher of ten times the averoge of the net cosh dividends received over the previous 4 year4 excluding ony unusuol dividends or 29.55Yo of the net ossets of QMJ GfOVP Limlted. Voluotion of Investment Property The investment property vulue hos been arrived ot on the bosis of o voluotion carried out by Savllls UK knmiled. an estote agency ond is reviewed annuolly by the Trustees. Bod ond dovbtful debts The Trustees hove estimated o bod and doubtful debt provision on the bosls of their judgment thot trode debtors are not recoverable or vncertain. Page 31 Docu81gn Envelo￿ ID.- 43199E4D-CSAB4604-B209-26E379826C70 The Instltute of Quarrying (A Company Limited by Gvarontee) Notes to the Financiol Statements For the Yeor Ended 310ecember 2024 Income from donations and legacies Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donations 14,363 7.874 16,237 Grants 282 282 14,363 2.156 16.519 Unrestricted f unds 2023 Restricted funds Totcll f unds 2023 2023 Donotions Donotion on consolidotion Donotions 10.098 10.098 Gronts 1.990 426 2,416 Svbtotal 12.088 426 12.514 12.088 426 12,514 Poge 32 QCU5ign EnveEope ID: 43199E49.C5AB461)4-82D9-26E379826C70 The Institute of Quarrying (A Compony Llmfted by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2024 Income from charltable actlvlties Unrestricted funds 2Q24 Total funds 2024 Educotionol visits ond octivities 10,914 10.914 Quorry degree, diplomo and other course fees Blended troining/onllne CPD Trolning and Courses Conferences ond events 246,934 246.934 40.238 40.238 10,726 10.726 47.798 47,798 Other charitoble activities (1600) 29,402 (2.600> 29.402 Slock 501es 383.412 583,412 Unrestricted funds 2023 Totol funds 2023 Educolionol visits and octivlties 10,474 10.474 Quorry degree. diplomo ond other course fees Blended training/onllne CPD Troining and Courses Conferences ond events 188.525 188.523 77,939 77.939 12.290 12.290 19.394 19,394 Other choritoble activities 383 383 Stock soles 32.487 32.487 341,490 341,490 Poge 33 Docusign Envelope ID.. 43199E4D-C5AB4604-B2D9-26E379826C70 The Institvte of Quorrylng (A Company Limited by Guorantee) Notes to the Financial Statements For the Year Ended 31 December 2024 Member subscriptions and entrunce fees Income from fundraising events Unrestrirted funds 2024 Total funds 2024 UK Members 377.n5 377.715 Rentol Income 53,000 53.000 430,715 430,715 Unrestricted funds 2023 Tolol f unds 2023 UK Members 548.114 348,174 Flental Income 45,500 45.500 393.614 395.614 Income from non charltable troding activltles Unrestrlcted funds 2024 Total fvnds 2024 Soles 244.973 244,973 Poge 34 Docusign Envelope ID.. 43199E4DQ5A84604-B2D9-26E379826C70 The Institute of Quorrying (A Compony Llmlted by Guarantee) Notes to the Finonciul 5totements For the Year Ended 31 December 2024 Member svbscriptions and entrance fees (continued) Income from non charitable trading activities (contlnued) Unrestrlcted funds 2023 Total f unds 2023 Soles 208.546 208,546 Investment Income Unrestrlcted funds 2024 Restricted funds 2024 Total funds 2024 Income from listed investments 49.848 4,621 54.469 Income f rom unlisted investments 57.623 57.625 Bonk interest 2.157 194 2.351 109.628 4,815 114.443 Unrestricted f und5 2023 Restricted funds 2023 Totol funds 2023 Income from listed investments 42.666 4.224 46,890 Investment Income from unllsted investments 20.921 20,921 Bank interest 1.759 133 1,892 65.346 4,357 69,703 Page 35 Docusign Envelope10". 43199E4D-CSAB4604B2D&26E379828C70 The Institute of Quorrylng (A Campany Limlted by Guarantee) Notes to the Financial Statements For the Yeor Ended 310ecember 2024 Other Incoming resources Unrestrlcted funds 2024 Totol funds 2024 Other income 1,224 1.224 Unrestricted f unds 2023 Totol f unds 2023 Q+her income 342 342 Poge 36 DocA&sign Envelope ID.. 43199E4D-C5AB4604-82D9-26E379826C70 The Institvte of Quarrying (A Compony Limited by Guarontee) Notes to the Financial Statements For the Yeor Ended 51 December 2024 Expendlture on roislng funds Fundraising tradlng expenses Unrestrlcted funds 2024 RestrScted funds 2024 Total fund5 2024 Rotes ond woter 254 234 Insuronce 382 382 Telephone Repoirs ond mointenonce Accountoncu 199 199 934 934 335 335 Other office expenditure 49 49 Volunteer expenses 331 331 Computer expenses Cleaning ond wasle dispos(Jl Alarm costs 231 231 {60) 112 (60) Inierest and chorges 51 51 Rent 97 97 DepreciDtion 1.294 956 2.250 Sundries 241 241 Advertising 187 187 Light ond heot Loss on disposal of assets Woges and salories Pension costs 1.160 285 1.160 285 1.975 1.975 65 65 8,102 956 9.058 Page 37 Docusign Erwelope10'. 43199E4Di5AB4604-B2D9-26E379826C70 The Institvte of Qvorrying (A Company Limited by Guarantee) Notes to the Finoncial Statements For the Year Ended 51 December 2024 Expenditure on roising f unds {continued) Fundroising trading expenses (continved) Unrestricted funds 2023 Restricted funds 2025 Totol funds 2023 Rotes and woter 214 214 Insuronce 525 325 Telephone Repairs ond maintenance 178 178 1.101 7,101 Accovntancy O•her office expenditure Volunteer. expenses Computer expenses 446 446 101 101 328 328 247 247 Cleaning and wote disposol Alorm costs 200 200 136 136 Interest and charges Rent 120 120 97 97 Depreciation Sundrie5 7,422 2,045 3,467 239 239 Advertising 265 265 Lighl ond hetst 1.399 1.399 Legol and professSonr)I Loss on disposol of ossets Pension costs 59 59 80 80 (12) {12} 6,945 2,045 8,990 Page 38 Do¢usign Envelope ID: 43199E41>C5AB4604-82D￿28E37g82SC7o The Institvte of Qvorrying (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 December 2024 Expenditure on raising f unds (contlnued) Other troding expenses Unrestritted funds 2024 Total funds 2024 Cost of soles 89.238 89.238 Administrution expenses Cost of 501es Staff costs 10,142 10.142 736.751 156.751 Administrotlon depreciotion 530 530 Total 2024 236,661 256.661 Unrestricted f unds 2Q23 Total f unds 2023 Cost of sales 64,880 64.280 Administrolion expenses Cost of sales stoff costs 8.148 8.148 143,627 434 143,627 Administration depreclation 454 Total 2023 277,089 217.089 Poge 39 Docusign Envelope ID.. 43199E4D-C5A￿6(M-B2D9_26E37ge2ec70 The Institute of Quarrying (A Compony Limited by Guarantee) Notes to the Finonciol Statements For the Year Ended 31 December 2024 Investment management costs Unrestricted funds 2024 Restricted fvnds 2024 Total funds 2024 Investment monogement fees Overheads 9.150 1.084 10.234 3.793 3.793 Woges ond solories Notional insvrance 10,366 10.566 836 856 Pension 904 904 Depreciotion ond loss on sale 507 507 25.556 1.084 26,640 Unrestricted Restricted Totol funds 2023 funds 2023 funds 2025 Investment mcsnugement fees Overheads 9.964 925 10,889 4,715 4.715 Wages ond solories Notionol insurance 12,900 12.900 1.249 1,249 Pension 1,012 1,012 Depreciotion und loss on sole 517 517 30.357 925 31,282 Page 40 Docusign Envelope ID.. 43199E40.C5AB4604￿2L)9-2SE37g8z6c70 The Instftute of Quarrying (A Company Llmltèd by Guarantee) Notes to ihe Finoncial Statements For the Year Ended 31 December 2024 10. Analysls of expenditure on charltable octivities Summory by fund type Unrestricted funds 2024 Restricted funds 2024 Total 2024 Membership ond branches Educatlon 310.232 510.252 272,486 282 272,768 Institute actlvities 317.466 317.466 Bronch business Qctivities 16,406 1.200 17.606 Govèrnance 29,588 29.588 Troining and Courses Educotionol Visiis and activities 5.056 5.056 82,407 82.407 1,033.641 1.482 1.055,123 Unrestricted f unds 2023 Reslricted fvnds 2023 Total 2023 Membership und bronches Educatiori 373.599 373.599 304.079 426 3D4,505 Institute octivities 294.291 294,291 Bronch business octlvlties 20.392 1,132 21,524 Governonce 25,556 25.556 Trolning ond courses Educalionol vlsits 8.150 8,150 60,793 60.793 1,084.860 1.558 1.086.418 Poge 41 Docuslgn Envelope ID.. 43199E4D-C5A84604-8209.26E379826C70 The Institute of Quarrying (A Campany Limited by Guarantee) Notes to the Flnanciol Stotements For the Year Ended 31 December 2024 11. Analysis of expenditvre by octivities Activities undertaken directly 2024 Svpport costs 2024 Total fvnds 2024 Membershlp ond bronches Educotion 43.915 266.317 310,232 75.916 196,852 272.768 Institvte activities 153.423 164.043 317.466 Bronch business actlvltles 1.200 16,406 17.606 Governonce 29.588 29.588 Truining ond Courses Edvcotionol visits ond aclivilles 5.056 5.056 82.407 82.407 279,510 755.613 1.035.123 Activities undertaken directly Support costs 2023 2023 Total funds 2023 Membership and branches Educotion 41.696 351.903 373,599 59.758 244,747 304,505 Institute octivities 9J.337 203,954 294,291 Bronch business Octivities 1,132 20.392 21,524 Governonce 23.556 23,556 Troining and courses 8.150 8.150 Educotionol visits ond activities 60,793 60,793 201,073 885.345 1,086,418 Page 42 Docusign Envelope ID.. 43199E4D-C5AB4604-B2Dg.26E379828C70 The Instltvte of Qvorrying (A Company Limited by Guorantee) Notes to the Financial Statements For the Year Ended 31 December 2024 Analysis of expendlture by octlvitles {¢ontinued) Anolysis of support costs Membership and branches 2024 Branch bvslness activities 2024 Institute octivities 2024 Educotion 2024 Governance 2024 Sloff costs 191.242 145.270 121.058 12.106 Depreciotion Computer software and expenses Off Ice overheads 8,109 6.082 5.068 507 27.545 20,659 17.215 1.722 8.270 5.784 4.820 482 Cleaning ond repoirs Printing, postooe ond 5tolionery Svndry costs Lega5 o7nd professionol Morketlng and PR 3.277 2,458 2.048 205 4,576 3.282 2,735 274 3,383 2,475 2.012 201 2.286 1.714 1.429 143 9,350 7.295 5,470 4.559 456 Travel and Sub515tence 3,748 2.811 2,343 254 20.25B Other staff costs 1.210 907 756 76 Loss on sole of ossets 2,561 Governonce costs 3.015 266.317 196.852 164,043 16,406 29.588 Poge 43 Docusign En￿lOpe ID. 43199E4D-C5A84604-82D9-2SE379826C70 The Institvte of Quarrying (A Company Limited by Guarantee) Notes to the Financlal Statements For the Yeor Ended 51 December 2024 11. Anolysis of expenditure by activltles (continved) Analysis of support costs (continued) Edueationql visits and actlvities 2024 Totol fvnds 2024 Stoff costs 27,976 497.652 Depreciatlon ond loss on sole Computer software ond expenses Office overheods 16.612 36,378 2.077 69.218 19.556 Cleanir)g ond repoirs Printing. posloge ond stotionery Sundru costs 8.904 16.892 10,667 2.608 10.619 Legal and professionol Morketing ond PR Trovel ond subsistence 14,922 17.780 29.374 Other stoff costs 2.949 Floteg ond woter 2.109 2.109 Insurance 2.882 2,882 Light ond heat Telephone Alorm costs 10,438 10.458 1,789 1.789 1.011 1,011 Interesl and chorges Rent und rates 461 461 875 875 Advertising Volunteer expenses 1.684 4,245 2.981 2.981 Governonce 3,015 82.407 755.613 Poge 44 DocLtslgn Envelope ID. 43199E4D-C5AB4604-B2D&26E379826C70 The Institute of Quarrying (A Company Limited by Guurontee) Notes to the Financial Statements For the Yeor Ended 31 December 2024 11. Analysis of expenditure by octivities (continued) Anolysis of svpport costs (continued) Branch business ottivities 2025 Membership ond bronches 2023 Institute octivities Educotion 2023 Governonce 2023 2023 Sloff costs 242.559 181.920 151.600 15,160 Depreciotion Compvter software Office overheods 8,274 6.204 5.170 517 28.258 21,194 17.662 1,766 5.956 4.150 3.458 345 Cleoning ond repoirs Printing. postoge and stationery Sundry costs Legol ond professional Marketing ond PR Trovel and Subsistence 4.Q86 3,067 2.555 256 5.040 3,778 3.149 315 3,253 2.443 2.035 205 1,OQO 749 624 62 9,450 22.920 17.190 14.325 1.432 3.622 2.715 2.262 226 14.106 Other stoff costs 2,184 1.337 1,114 110 Exp tupe 12 Exp type 18 Governance costs 22 715 4.014 331,903 244,747 203,954 2Q.392 23.556 Poge 45 Docuslgn Envelope ID.. 43199E4D-C5AB4604-B2D9-26E379826C7CI The In5tltvte of Quarrying (A Company Limited by Guarontee> Notes to the Finoneial Statèménts For the Year Ended 31 December 2024 11. Anolysis of expendlture by activities (continued) Anolysis of support costs (continved) Educollonol visits and oclivitie5 2Q23 Total funds 2023 Staff costs (109) 16.668 591,130 Depreciation Computer softwore 36,833 1,822 70.702 Office overheads 13,909 Cleoning ond repoirs Printing. posloge ond stotlonery Sundry Costs Legol and professional Norketing ond PR Travel and subsistence 11.711 21,67S 12.282 3.058 10.992 530 12.415 55.867 22.931 Other staff costs 4,745 Rotes and woter 1,928 1.928 Insurance 2.505 2.527 Light ond heot 12.586 12,586 Telephone Alarm c051s 1.601 1,601 1,221 1,221 Interest tsnd charges Rent and rates 1,062 1.062 875 875 Advertising Volvnleer expenses Governance costs 2.380 3.095 2.955 2,955 4.014 60,793 885.345 Poge 46 Docuslgn Envelope SD.. 43199E4D-C5AB460442D9-26E379826C70 The Institute of Quarrying (A Company Limited by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 December 2024 12. Auditors, remuneration 2024 2023 Fees poyoble to ihe Compony's auditor for the audil of the Compony's annual occounts 12.365 10,600 13. Staff costs Grovp 2024 Group 2023 Company 2024 Compony 2025 Wages and solories Social security costs 550.607 655,079 372.668 515,986 79.153 52.655 75,41D 49.951 Contributlon lo defined conlribvtion pension schemes 38.789 42.174 36.155 40,463 648.549 749,906 484.233 606.400 The average number of persons employed by the Company durlng the Year wos as follows.. Group 2024 Group 2023 No. Company 2024 No. Compony 2023 No No. Administrotion 21 20 10 10 The number of employees whose employee benefits (excluding employer penslon costs) exceeded £60.000 was.. Group 2024 No. Group 2023 No. In the bond £80.001- £90.000 In the band £110,001 £120,000 In the band £130,001 £140,000 The lotol amount of employee benefEts (including employer pension contribvtions) received by Trustee5 ond keu monagemenl personnel for their services was £554,596 (2023 - £361,826). Pr)ge 47 Docusign Envèlope ID. 43199E4D-C5AB4604-82D9-26E379826C70 The Institute of Quarrying (A Company Limited by Guorantee) Notes to the Financial Statements For the Year Ended 51 December 2024 14. Trustees, remuneration and expenses During the year. no Trustees received ony remvnerotion or other benefits (2023 - £NIL). During the yeor ended 31 December 2024. expenses totolling £167 were reimbvrsed or poid directly to 1 Trustee (2023 - £1,099 to 2 Trustees). 15. Intangible assets Grovp and Company Computer software C05t At 1 Jonvary 2024 55.835 At 31 Oecember 2024 55.835 Amortlsotion At l Jonuory 2024 53.835 At 310ecember 2024 55,835 Net book val¢Je At 31 December 2024 At 31 December 2023 Poge 48 Dprwgn En¥$l•p• ID. 43199E40£5AB4fj0sB2￿2eEJ7O8Zfj¢7V The Institute of Qu¢srryiftg IA C¢mpull¥ ilmir¢d by Guc¢rontt*l Notes to the F￿an¢•￿* 519temBllts Forih¢ Yèor EnL1ed 31 December 2024 16. Yon9iblE flxe(l ossets Growp Office furnlture 5hQrt4érm wjsehold property Gront funded $sets Freehold property Plont afid machi￿erY on Compvief ¢qvlpmént eqyipmetht Total Cost or Yoluotlon At I Jonvcry 2024 572.51B 18.266 17.389 60.765 757349 Addit￿nS 2,505 4.619 1B.442 Disposals (4,95Q} {4.2a71 {9.25n Ar 31 DeceFnber 2024 571,518 18.286 85.&J5 22.001 67.796 Y66.554 02prÈclotlon At l Japuury 2024 Charge lor the yeor On disposols 2Jé,061 52.464 1Q2 72.275 13.540 15,994 >S4.041 3.475 3,n7 14,007 5X7S2 12.1041 (),n5) Al 31 Decembei 2024 268.525 18.286 96 17.057 2&366 405,974 Poge 49 EnvEIqpo10. 43119E4(y¢5A&4e￿￿2D&26E37èB2ec70 The Instrtute of Qtsarrylny IACompony Llmlted by Guorontte) Notes tts the Flnaficlol Stoternent$ F¢r the Year Ended 31 Docember 2024 16. Tongible fixed o$sets (contlnved) Group (contiTru*d) Short-iem) leusehold ¥roptrt¥ Qlflee Plont Dnd furnitur* ond ochinery eq￿pMent Computer Grant funded equlpme 05sets propeny T¢iul Net b¢0* volue AT 31 December 2024 3C13.993 4.991 41,450 362.58Q Al 31 Oecember 2023 336,457 26 16.005 40.771 403.308 Included in freehold oropÈrTu Is Preehold lond of £64 80Q (2023 £64.8001 which i< noi de?rKioied hE frEeho5d lond. exhibifloft hall opd portoiobin ollite were rtrvolued C>n 9 September 2003 bu R Srnolley BSC NAICS on behalf c* LornberT Smtrh Hompton o bu*ness e￿tr￿OI to the chari1￿. on on Dpen morket vglve ftsr on ex15fing use bDSig Qt:l?) ooo The trv51ee5 al-e noi owore gf ony moierioi changes In volve Sinie ihai doie. Page 50 DDcu*gn En¥wlDpelD. 4¥l￿E4C￿csA￿0l￿3￿26EJ79B2o¢70 Thfr In#tttute of Q￿tt￿rY]r19 {A Cor•ponw LimiteLI by Gvryrgntpt) Noieg to th¢ Flnanctal 5ttrtemÈnts thè Yeur Ended ￿ Dtctmb*r 2024 16. Tw￿le fixed Osgets lcontlnued) Conwon¥ FreehDld Fixtvr*$ on# proptn ttin9S Compvler equlpment Total Cost or vuluutson Al 1 Jooy)ry 2024 AOdition& 116.781 13,251 17.389 747.426 4.619 4.619 Ar 31 Oecember 2Q24 ElQ761 15,256 22.006 152.Q45 D•pr*¢lotlon At I JOftuQly 2024 Chorge f¢r ihe yeo 22,994 16.231 11.082 13,J40 47,416 525 3,n7 20,273 Al 51 Decenbet 2024 59.225 11.407 17,057 67.688 Net book volve Al 51 December 2014 77.556 1.U9 4.951 64.556 At 51 December 2023 93 797 2.174 4.049 ioo.010 Poge 5) Docusign Envelope ID.. 43199E4D-C5AB4804-B2Dg-26E379826C70 The Institute of Qvarrying (A Company Limited by Guarantee) Notes to the Finoncial Stotements For the Yeor Ended 31 December 2024 17. Investment property Grovp and Company Freehold investment property Voluotlon At 1 January 2024 475.000 At 31 December 2024 475.000 The foir value of the property hos been arrived ot on the b05is of a voluotion corried out cjt 31 Oecember 2024 by monogemenl ond trustees. The valuotion wos mode on on open morket basis by reference to market evidence of tronsaclion prices for similar properties. 18. Flxed asset investments Listed investment5 Unlisted investments Total Group ond Componu Cost or valuation At l January 2024 Additions 1.715.323 842.655 2,557.978 169.397 169.397 Disposolg Revoluotions <272,505) 92.521 (272.505) 302,628 595,149 Al 31 December 2024 1.704,736 1,145.283 2,850,019 Net book volve At 31 Decembèr 2024 1.704.736 1,145,283 2.850,019 At 31 December 2023 1,715.323 842.655 2,557.978 Poge 52 Docusign Envelope ID.. 43199E4D45AB460¥B2D9-26E379826C70 The Instltute of Qvorrying (A Compony Limtted by Guarantee) Notes to the Flnancial Statements For the Yeor Ended 31 December 2024 18. Flxed asset investments (continued) The loss on disposols of fixed asset inveslmenis during the yeor was £15.053 (2023.. goln of £75.790). Valuotion The vnlisted investments consist of 17.750 fully paid ordinory shares of £1 eoch in The QMJ Group Limited. a compony registered in England and Woles, representing 29.55% of the issued shares wlth voting rights. The vnlisted investment is volued ot the higher of ten times the overage of the net cash dividends received over the previou5 4 yeors, excluding ony unusual dividend5 of 29.55% of the net assets of QMJ Group Limited. Dividends received of £57,623 (2023.. £20,921) have been included in revenue from this investment. 19. Stocks Grovp 2024 Group 2025 Company 2024 Compony 2023 Ties, medals etc 7,011 4.915 7.011 4,915 Shop stock Technicol hondbooks 7.828 7,574 12.663 8,955 12.663 8.955 27,502 21.442 19.674 13.868 20. Debtors Group 2024 Group 2023 Company 2024 Compony 2023 Due within one yfror Trade debtors 41.816 76.892 37.426 73,577 Amounts owed by group undertakings Other debtors 2.346 1.491 22.271 9.388 16.562 7.829 Prepuyments and occrued income 40.527 40.682 39.530 40.124 104.414 126.962 95.864 123.021 Page 5S Docusign Envelope ID.. 43199E4D-c5A￿6O4.￿2O9-26E37g828c70 The In5t*tute of Quarrying (A Company Limited by Guorontee) Noies to the Financiol Stotements For thé Yeor Ended 51 December 2024 21. Creditors- Amounis falling due within one year Group 2024 Group 2023 Ccmpony 2024 CompJny 2023 Bonk overdrofts 300 1,700 300 1,700 Trode creditors 39.216 21.071 33.586 18.866 Other laxotlon and sociol security Other creditors 24.062 27,291 13.022 16.444 115.751 67,193 90.718 66,926 Accruuls ond deferred income 187,101 178.531 159,137 153.526 366.430 295.786 296.763 257.462 Group 2024 Group 2025 Company 2024 Compony 2023 Oeferred income ot l January Resources deferred during the year Amounts released from previovs perigds 115.399 140,010 67,795 129.123 118.047 115.399 75.380 67 795 VI5.599) (140,010) (67.795) (129,123) 118.047 115.399 75.380 67.795 Deferred income relotes lo a copitol gront members subscriptions, entrance fees ond coursÈ income received in relation ta fbture periods. 22. Creditors: Amounts falling dve ofter more than one year Group 2024 Group 2023 Accrvols ond deferred Income 27,407 34,619 Poge 54 Docusign Envelope ID: 43195E4D-C5A￿04-B2D￿26E37982sC70 The Institute of Quarrying (A Company Limited by Guorontee) Notes to the Finanaal Stotements For the Year Ended 31 December 2024 23. Stotement of funds Statement of funds - consolidated- current year Bolonce ot 1 Janvary 2024 Balance at 31 December 2024 Transfers in/out Gains/ (Losses) Income Expenditure Vnrestrlcted funds Designated funds Revoluotion reserve 151.000 151.ODO General funds General Funds - all funds 3.083.718 1,184.315 {1.303,960) 369,623 3.335.696 Totol Unrestricted funds 3,234.718 1.184.51S 0.303.960) 369.623 5.484.696 Restricted funds Preston 16.075 4n (311) (591) 15.644 Coles 8.890 268 {265) (335) 8.560 McPherson 69.484 2.005 (825) (191) (291) (2.265) (1.022) (186) {411) (354) 68.108 Nordberg Goodwin Borsby Rushton Bucyris 32,016 816 31.619 4.450 148 (235) {77) (66> (56) 4.177 12.872 328 12.712 Marston 11,125 282 10.987 Clugston Eric McNought 6.052 155 (192) (430) 16.259 5.977 12.479 344 (280) 12.113 Trust copltol 2.601 291 19.151 Children's plou oreo 5.833 (496) 5,337 NDEM - Museum of Geology ond Quorrying Public spec display cobinets 466 036) 330 Page 55 Docusign Envelope10: 43199E4D-CsA￿804-B2D9-2eE379826c70 The Institvtè of Qvarrying (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 51 December 2024 23. Statement ot funds (c¢ntinued) Statement of funds - cvrrent year (continued) Balonce at 1 Balance ot 31 December 2024 Janvory 2024 Tronsfers In/out Gains/ (Losses) Income Expendltvre Quorrying Collections MODES & PC 26 (26) Museums- Storoge Equipment Gront 194 (72) 122 DCC Heoting System Grant Tormac Limlted Londfill Commvnilies Gront 3,559 (226) 3.335 282 (282) Schoal SvppDrt Fund 1.874 1.874 186.122 6.971 (3.S22) 10.473 200.044 Total of fvnds 3.420.840 1.191.286 0,507,482) 380,096 3.684.740 Poge 56 Docusign Envelope ID., 43199E4D-C5AB4604-B2D9-26E379826C70 The Instttute of Qvarrying {A Company Limlted by Guarantee) Notes to the Financial Statéments For the Year Ended 31 December 2024 23. Statement of funds (continued) The specific purposes for which the funds ore to be opplied are os follows.. Preston - Best student owor(i: Diploma Coles - Best studenl oword.. Foundotion Degree McPherson - Aworded to fund o high profile lecture Nordberg Aworded for on R&D project or Study Tour on on Internotionol bosis Goodwin 8orsby - Best student - Hons Degree Rushton Bucyrus - To fund the odministration of on onnuol student oward Ransomes & Ropier- Best Higher Apprentice Morston Awarded to the best paper delivered to o bronch meetlng Clugston Awarded for on R&D project or Study Tour OE) a internolional bosis Eric McNaught - Awarded by the Scottish branch lo the Scottish branch member with the most morks Trust Copital - Awarded ot the discretion of Trustees to students who hovo made achievements lo be celebroted thot ore not recognised by other specific owords. School Support Fund - Assisting locol schools wilh educalionol trips to the quoriying locotion. All other restricted funds relate to 055ets held in fixed assets which were bought with gronts or specific donotions and they ore being written off over their use*ul life. Page 57 Dg¢u$ign Envelope ID.. 43199E4D-CSAB4604-B2D9-28E379826C7Q The Institute of Quarrylng (A Company Llmlted by Gvarantee) Notes to the Finonaal Statements For the Year Ended 31 December 2024 25. Stotement of fvnds (contlnued) Statement of funds- consolidated . prlor year Balance ot l January 2023 Bolonce at Goins/ 310ecember (Losses) 2023 Income Expenditvre Unrestricted f unds Designated funds Revolvution reserve 151.000 151.000 General funds General Funds 3.358.764 1,021,426 (1.339.251) 42.779 3.083.718 Total Unrèstricted funds 3,509.764 1,021.426 (1,359.251) 42.779 3.234.718 Restricted funds Preston 15,295 431 (328) (273) (692) (222) (240) 677 16.075 Coles 8.535 244 384 8,890 Mcpherson 65.788 1,788 2,600 69.484 Nordber9 Goodwin Barsbu Flushton Bucyris Morston 30,320 746 1.172 32,016 4,341 136 213 4.450 12,190 30Q (89) 471 12.872 10,539 258 (77) (42) (94) 405 11.125 Clvgston Eric McNoughi 5.734 140 220 6.052 11,765 314 494 12.479 Trust capitol Children's play orea NDEM - Musevm of Geology and Quarrying - Public spec (Jisploy cobinetS 5.364 (763) 2.601 6,329 (496) 5.833 602 036) 466 Quarrying Collections MODES & pc 61 5) (1.080) 26 DCC Heoting System Groni Museums ~ Storoge Equipment Groni 1.080 266 (72) 194 Page 58 Docustgn Envelope Ill: 43199E4D-C5AB480482D9-26E379826C70 The In5tltutè of Quorrying (A Company Llmlted by Guorantee) Notes to the Finonciol Staternents For the Year Ended 31 December 2024 25. Statement of funds (continued) Statemènt of fvnds - prior yeor (ctsntinued) Balance at l January 2023 8alonce ol Goin$/ 31 December (Losses) 2023 Income Expenditure DCC Heoting System Gront Tarmoc Limited Londfill Communitie5 Grant 5.785 (226) 3,559 426 (426) 179,994 4.783 (4.528) 5.873 166.122 Total of funds 3.689.758 1.026,209 (1.343,779) 48.652 3,420,840 24. Analysis of net ass&ts between f unds Analysis of net assets between funds - c¢nsolidcted - current perlod Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed 05sets Fixed osset investments 311,805 50.77S 362.580 2.660,971 189.048 2.850,019 Investment property 475.000 475.000 Current 055et5 390.978 390,978 Creditors due within one yeor Creditors due in more thon one year (354.058) (12,372) (27,407) (366.430) (27.407) Total 3.484,696 200.044 5.684.740 Poge 59 Docuslgn Envelope ID.. 4y199E4D£5A￿6O￿82D￿26E37?826c70 The Institute of Quorrying (A Compony Limited by Guaranteè) Notes to the Financlal Statements For the Year Ended 31 December 2024 24. Analysis of net assets between funds (continued) Anolysis of net ossets between funds - consolidated - prior perlod Unrestrlcted f unds 2025 Restrlcted tunds 2025 Totol funds 2023 Tangible fixed assets Fixed asset investments 346,457 56,851 405,308 2.383.444 174.534 2,557,978 Investment property Currenl ossets 475,000 475.000 315,449 1.510 314.959 Creditors due wlthin one year Crediiors due in more thon orie yeor {283.632) {12.154} (34.619) (295.786) (54,619) Total 5,254,718 186.122 3.420.840 25. Reconciliation of net movement in funds to net cosh flow from operating activitles Group 2024 Group 2023 Net income/expenditure for the period (as per Stotement of Financiol Activities) 263.900 (268,918) Adjustment5 for- Depreciation chorges (Goins)/Losses on investments Investment income 55.752 55.406 <380,105) (48,652) (114,443) (69,703) L055 on the sole of fixed ossets 1.132 795 Decrease/(increose) in stocks Decreose/(increose) in debtors Increose/(decrease) in creditors (6,060) 22.548 3.297 (29.055) 64.832 (41,207) Net cash used in operating activitles (94.444) (400.043) Page 60 Do¢usign Envelope ID: 43199E4￿c5A￿6O4-B2D￿2SE379s26c70 The Institute of Quorrying (A Company Limited by Guarontee) Notes to the Financiol Statemet)ts For the Yeor Ended 31 December 2024 26. Analysis of cash and cash equivolents Group 2024 Group 2023 Cash in hond 258,762 164.855 Total cosh and cash equivalents 258.762 164.855 27. Analysis of changes in net debt At31 At l January 2024 Oecember 2024 Cash flows Cosh ot bonk ond in hond 166.555 92.507 259.062 Bank overdrafts repayoble on demond (1.700) 1,400 (300) 164.855 93.907 258.762 Poge 61 Docusign EnveFope10'. 43199E4D-CSAB4604-B2D9-28E379826C70 The Institvte of Quarrying (A Company Llmited by Guarantee) Note5 to the Finonciol Stotements For the Year Ended 31 December 2024 28. Penston commitments The group operotes a defined conlributiol) penslon scheme. The ossets of the scheme are held separately from those of the group in on independently odministered tund. The pension cost chorge represents contributions poyoble by the group to the fund ond amounted to £38,789 (2025.. £41162). Contributions totoling £4.174 (2023.. £4.509) were poyoble lo the fvnd ot the bolance sheet date ond ore included in creditor5. 29. Operatlng leose commitments At 31 December 2024 the Group and the Compcjny had commitments to make futvre minlmum lease poyments under non-concelloble operoting leoses as follows. Group 2024 Group 2023 Company 2024 Compony 2023 Operottng leases os a lessee Not later than 1 yeor Loter thon 1 year and not loter thon 5 years 7.712 7.712 7.712 1,838 9,571 1.858 9.577 9.SSO 17.283 9.550 17.283 The following leose payment5 hove been recognlsed as an expense in the Statement of Finonciijl Activities.. Group 2024 Group 2023 Company 2024 Corp,pony 2023 Operoting lease rentals 7,069 6.996 7.069 6.996 7.069 6.996 7.069 6.996 At 31 December 2024 the Grovp and Company hod future minimum lease payments receivable under non- concellable operoting leoses for eoch of the following periods". Group 2024 Group 2023 Company 2024 Compony 2023 Operotlng leases as a lessor Not loter thon l year 38.500 38.500 38.500 38.50D L Trter thon l yeor ond not loter thon 5 yeors 38.500 38.SOO 77.000 38.500 77.000 38.500 Poge 62 Doctssign Envelope ID.. 43199E4D-C5W604.8299-26E379826C70 The Institute of Quarrying (A Company Llmlted by Guarontee) Notes to the Financial Statements For the Year Ended 31 December 2024 30. Members, liabillty Each member of the charitable compony undertakes to conlrlbute to the assets of the company in the event of it being wound up while he/she is a member. or within one yeur ofter he/she ceoses to be o member, such omount 05 may be required. not exceeding £1 for the debts ar)d liabillties controcted before he/she ceoses to be o member. 31. Related party transactions During the year the company mode purcho5es of £36.295 (2023.. £15.249) ond generoled Income of £1.754 (2025,. £16.255) from The QMJ Group Limited. o reloted compony in which The Institute of Qijorrying hos o materiol interest All tronsoctlons occurred on on orms length bosis. At the period end. a bolonce of £776 (2023.. £2,376) wos due to The QMJ Group Limited. A btslance of £Nil (2023. £Nil) was also due from The QNJ Group Limited ot the ueor end. Ourin