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2024-12-31-accounts

Charity registration number 286084

Company registration number 01676971

OXFORD INSTITUTE FOR ENERGY STUDIES

Annual Report and Financial Statements

for the year ended 31 December 2024

Wenn Townsend

Chartered Accountants

Oxford

OXFORD INSTITUTE FOR ENERGY STUDIES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr C Adam
Dr A Al-Kuwaiz
Dr A A Al-Mudhaf
Professor R J Goodman
HRH Prince A bin Salman Al Saud
Mr L A Whitehead
Mr T Terazawa
Mr K Al-Ruwaigh
Mr P F Mathieu
Mr M Toll
Mr J Al Loughani
Sheikh Nawaf Al-Sabah
Mr N Sultan
Mr F Alajlan
Mr O Olsson
Secretary Ms K A Teasdale
Charity number 286084
Company number 01676971
Principal address 57 Woodstock Road
Oxford
OX2 6FA
Registered office 30 St Giles
Oxford
OX1 3LE
Auditor Wenn Townsend
30 St Giles
Oxford
OX13LE
Bankers Barclays Bank plc
Oxford City Office
PO Box 333
Oxford
OX1 3HS
Investment advisors RBC Brewin Dolphin
12 Smithfield Street
London
EC1A 9BD

OXFORD INSTITUTE FOR ENERGY STUDIES

CONTENTS

Page
Trustees report 1 - 4
Statement of Trustees responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9 - 10
Statement of financial position 11
Statement of cash flows 12
Notes to the financial statements 13 - 33

OXFORD INSTITUTE FOR ENERGY STUDIES

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

Objectives and activities

The Institute has been established as a centre for advanced academic research into the social science aspects of energy and energy markets. It operates as a non-profit making educational organisation.

Per its governing document, the charitable objects are the advancement of education and academic research and the publication of the useful results of such research in the field of energy and energy-related subjects of all kinds including (but without prejudice to the generality of the foregoing):-

The expenditure in the period supported these objectives because it enabled the charity to undertake projects aimed at advancing research in this field.

Public benefit statement

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Fundraising standards information

The charity does not actively seek or raise significant funds from the general public, and thus it is not deemed for it to be necessary for the charity to register with the Fundraising Regulator. There have been no issues in this regard in the period.

Significant activities

The Institute is committed to achieving the highest academic standards and independent research. As a general policy the Institute concentrates its research on energy issues of international significance across different energy markets and the transformations in these markets as the energy transition and decarbonisation accelerate.

Achievements and performance

Review of Institute's Operations and Developments

During 2024 the Institute continued to undertake research into social science aspects of major energy issues. Research was undertaken in the energy transition, oil, natural gas, carbon management, hydrogen, electricity and China energy scene. Its unique multidisciplinary expertise facilitates the analysis of current energy issues across production, consumption, markets, policy and regulation. Its research spans the supply and demand dynamics of global, regional and domestic energy markets; the key factors shaping energy policy in developed, developing and resource-rich countries and their interaction with other agendas, such as energy transition, energy security, climate change, energy sector reform; and the structure of energy markets and their evolution. A detailed review of the year is included in the institute's Annual Report, located on the charity's website

-1-

OXFORD INSTITUTE FOR ENERGY STUDIES TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

Financial review

The Charity’s activities for the year are presented in the attached financial statements which show a net surplus movement in funds for the year of £1,855,708 (2023: surplus of £1,539,705).

The balance of endowment funds at 31 December 2024 was £4,155,522,unrestricted funds £960,464, designated funds £9,580,833, and restricted funds £220,345, giving total reserves of £14,914,194.

Reserves policy

The Institute's principal reason for holding reserves is to generate a flow of investment income to be used in times when the costs of research and research projects that it is undertaking exceeds the income received from donations and projects.

The Institute holds free reserves to deal with any unexpected reductions in income or large items of expenditure that were not budgeted for. Free reserves also allow for the Institute to quickly respond to any increase in research demanded by changes to the world energy scene as they develop. The target level set for free reserves is to hold approximately 6 months of operating costs, which is estimated to be around £1.25m. The Institute currently holds £960,464 in free reserves and the trustees are content that this is broadly in line with the target set, with designated fund current investment assets available if the general position reduced further.

Reserves are reviewed on a regular basis and after such review any surplus accumulated from good management will be considered for future charitable purposes. It is also envisaged that the institute may have to make additional expenditures on the Charity’s objectives in order to enhance the Institute’s capability and attract donations in the future and that consequently reserves could fall.

Principal funding sources

Donations are received from a wide range of sources. Those making donations are predominantly engaged in the international energy markets, with sponsors including, for example, bp Plc, CME Group, E.ON, JOGMEC, SNAM and Tellurian Inc.

Investment policy and objectives

The investments currently held can provide an annual income of over £240,000 to the Institute to use towards its objectives and also to help ease cash flow over the year.

The bulk of the charity's income is derived from donations from Sponsors and Benefactors. The income from investments accounts for approximately 10 per cent of total income.

The Institute seeks to produce the best financial return within an acceptable level of risk. The OIES’s assets should be invested in line with its aims. The investment committee do not wish to adopt an exclusionary policy, but individual investments may be excluded if perceived to conflict with the OIES’s purpose.

The investment objective is to generate a return over the long-term which should allow the Institute to at least maintain the real value of the assets whilst generating an income to support the ongoing activities of the Institute.

Should a fall in donations from Sponsors and Benefactors and or unexpected expenses occur, a drawdown on capital is acceptable to meet expenditure needs.

Plans for future periods

Energy Transition research at the institute continues to be a priority and research focuses on the trends shaping energy systems, transformations in behaviours and business models, and the implications of shifting from the existing hydrocarbon-dominated energy economy to a system in which renewables, low-carbon energy sources and abated use of hydrocarbons will play a much greater role.

Energy Transition Research identifies and analyses the key themes shaping the energy system and combines and coordinates transition research themes from across all other OIES Research Programmes.

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

-4-

OXFORD INSTITUTE FOR ENERGY STUDIES FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

The Hydrogen Research Programme conducts research under the broad objective of “building business cases for a hydrogen economy”. It focuses on how the clean hydrogen industry can move from its current small scale, largely government funded projects to a scale where it is significant in the global energy system.

The Carbon Management Programme of the Oxford Institute for Energy Studies is dedicated to the advanced study and exploration of business models for deploying breakthrough low-carbon technologies that enable a smooth transition to a net-zero world. In particular, these technologies include carbon capture, utilization and storage (CCUS) and carbon dioxide removal (CDR) solutions, both tech- and nature- based.

The Institute’s Oil and Gas Research Programme are well established and continue to produce high quality research of international significance as well as work with a more regional and national focus.

The Electricity and China Energy Research Programmes continue to expand, producing high quality research and organising events that attract interest both from researchers and sponsors.

The impact of conflicts and political uncertainty around the globe and the effects on global energy markets cannot go unmentioned and will remain an area of research focus.

Principal risks and risk management

The trustees have identified the major risks to which the charity is exposed and systems have been established to mitigate those risks. Risk assessments are reviewed every year by the Trustees.

A major risk to which the Institute is exposed is a decline in the value of its investments and a resulting drop in the level of income available for its charitable activities. In order to mitigate this risk the Institute has invested its funds in a portfolio of balanced investments including cash, non-cash funds and "blue chip" shares to ensure that there is a consistent annual level of investment income generated by these investments. The endowment is also an important buffer were other major risks to eventuate, such as a major fall-off in research funding due, for example, to adverse economic conditions.

Structure, governance and management

The Charity's governing document is the Memorandum and Articles of Association, dated 11 October 1982.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Dr C Adam Dr A Al-Kuwaiz Dr A A Al-Mudhaf Professor R J Goodman HRH Prince A bin Salman Al Saud Mr L A Whitehead Mr M I Toll Professor K E Borjars (resigned 1 July 2024) Mr T Terazawa Ms R Bergholtz (resigned 27 April 2024) Mr K Al-Ruwaigh Mr P F Mathieu Mr J Al Loughani Sheik N Al-Sabah (appointed 13 November 2024) Mr N Sultan (appointed 13 November 2024) Mr F Alajlan (appointed 18 March 2025) Mr O Olsson (appointed 16 April 2025)

-4-

OXFORD INSTITUTE FOR ENERGY STUDIES

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

Recruitment and appointment of new trustees

The Institute is registered as a Company Limited by Guarantee, as defined by the Companies Act 2006, and as a Charity that operates as a non-profit educational organisation. It is conceived as an association of various members. All members of the Institute have the right to appoint representatives to the Board of Governors (who are also the trustees). This gives the member an active role in the management and supervision of the Institute. Each member has made a financial contribution thereby providing long-term security for the Institute.

Organisational structure

The organisational structure of the Institute consists of Governors and Trustees shown above. The decisions are taken by the Board of Trustees. Dr B Fattouh deals with the daily operations of the Institute and is supported by research and administration teams to conduct various activities.

Key Management Personnel Remuneration

The Trustees consider the Board of Trustees, the Director of the Institute and the senior leadership team as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 10 and 23 to the accounts.

Trustees are required to disclose all relevant interests and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

The pay of the Director team is reviewed annually and is normally increased in accordance with average earnings. The remuneration is reviewed to ensure that it is commensurate with similar roles.

Related parties

The institute's subsidiary, OIES Services Limited, donated their profits of £97,262 (2023: £38,730) to the charity.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

This report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006.

The Trustees report was approved by the Board of Trustees on 15[th] May 2025.

Ms K A Teasdale

Secretary

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OXFORD INSTITUTE FOR ENERGY STUDIES

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees (who are also the directors of Oxford Institute for Energy Studies for the purpose of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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OXFORD INSTITUTE FOR ENERGY STUDIES

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF OXFORD INSTITUTE FOR ENERGY STUDIES

Opinion

We have audited the financial statements of Oxford Institute for Energy Studies (the ‘charitable company’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting 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 statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor's 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 our 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 information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise 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.

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OXFORD INSTITUTE FOR ENERGY STUDIES

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF OXFORD INSTITUTE FOR ENERGY STUDIES

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the 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 directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the charitable company for the purpose 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the charity were identified through discussions with trustees and other management, and from our commercial knowledge and experience of a charitable institute in the energy industry. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Companies Act 2006, taxation legislation, data protection, anti-bribery, anti- money-laundering, employment, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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OXFORD INSTITUTE FOR ENERGY STUDIES

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF OXFORD INSTITUTE FOR ENERGY STUDIES

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that 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 non-compliance. 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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Benjamin Hayes BSc FCA (Senior Statutory Auditor) Wenn Townsend Chartered Accountants Statutory Auditor

15[th] May 2025

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OXFORD INSTITUTE FOR ENERGY STUDIES

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

Unrestricted Designated Restricted Endowment Restricted Endowment Total Unrestricted Designated Restricted Endowment Total
Funds Funds Funds Funds 2024 Funds Funds Funds
Funds		 2023
Note £ £ £ £ £ £ £ £
£		 £
Income from:
Voluntary income 3 366,224 - - - 366,224 676,310 - -
-		 676,310
Charitable activities 4 2,206,058 - 452,517 - 2,658,575 2,128,000 - 221,494
-		 2,349,494
Other sources 5 84,603 - - - 84,603 103,028 - -
-		 103,028
Investments 6 90,740 280,644 - - 371,384 31,586 287,078 -
-		 318,664
Income from services 4 242,250 - - - 242,250 99,717 - -
-		 99,717
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Total income 2,989,875 280,644 452,517 - 3,723,036 3,038,641 287,078 221,494
-		 3,547,213
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Expenditure on:
Raising funds 7 - 53,766 - - 53,766 - 50,411 -
-		 50,411
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Charitable activities
Expenditure related to services income 68,147 - - - 68,147 6,647 - -
-		 6,647
Projects and publications 8 1,773,732 - 310,437 - 2,084,169 1,883,405 - 131,606
-		 2,015,011
Support costs 8 489,636 - - - 489,636 376,309 - -
-		 376,309
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Total charitable activities expenditure 2,331,515 - 310,437 - 2,641,952 2,266,361
-		 131,606
-		 2,397,967
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Total expenditure 2,331,515 53,766 310,437 - 2,695,718 2,266,361 50,411 131,606
-		 2,448,378
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Net gains/(losses) on investments 12 - 280,892 - 547,498 828,390 - 273,527 -
167,343		 440,870
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Net movement in funds before transfers 658,360 507,770 142,080 547,498 1,855,708 772,280 510,194 89,888
167,343		 1,539,705
Transfers between funds 20 (1,245,430) 1,286,056 (40,626)
-		 - (29,003)
-		 29,003
-		 -
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Net movement in funds after transfers
(587,070)		 1,793,826 101,454 547,498 1,855,708 743,277 510,194 118,891
167,343		 1,539,705
Fund balances at 1 January 2024 1,547,564 7,787,007 118,891 3,608,024 13,061,486 804,287 7,276,813 -
3,440,681		 11,521,781
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Fund balances at 31 December 2024 960,494 9,580,833 220,345 4,155,522 14,917,194 1,547,564 7,787,007 118,891
3,608,024		 13,061,486
═══════ ═══════ ═══════ ═══════ ═══════ ═══════ ═══════ ═══════ ═══════ ═══════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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OXFORD INSTITUTE FOR ENERGY STUDIES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

Unrestricted Designated Restricted Endowment Restricted Endowment Total Unrestricted Designated Restricted Endowment Total
Funds Funds Funds Funds 2024 Funds Funds Funds
Funds		 2023
Note £ £ £ £ £ £ £ £
£		 £
Income from:
Voluntary income 3 463,486 - - - 463,486 715,040 - -
-		 715,040
Charitable activities 4 2,206,058 - 452,517 - 2,658,575 2,128,000 - 221,494
-		 2,349,494
Other sources 5 84,769 - - - 84,769 103,028 - -
-		 103,028
Investments 6 90,740 280,644 - - 371,384 31,586 287,078 -
-		 318,664
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Total income 2,845,053 280,644 452,517 - 3,578,214 2,977,654 287,078 221,494
-		 3,486,226
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Expenditure on:
Raising funds 7 - 53,766 - - 53,766 - 50,411 -
-		 50,411
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Charitable activities
Projects and publications 8 1,747,014 - 310,437 - 2,057,451 1,841,408 - 131,606
-		 1,973,014
Support costs 8 439,679 - - - 439,679 363,966 - -
-		 363,966
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Total charitable activities expenditure 2,186,693 - 310,437 - 2,497,130 2,205,374 - 131,606
-		 2,336,980
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Total expenditure 2,186,693 53,766 310,437 - 2,550,896 2,205,374 50,411 131,606
-		 2,387,391
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Net gains/(losses) on investments 12 - 280,892 - 547,498 828,390 - 273,527 -
167,343		 440,870
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Net movement in funds before transfers 658,360 507,770 142,080 547,498 1,855,708 772,280 510,194 89,888
167,343		 1,539,705
Transfers between funds 20 (1,245,430) 1,286,056 (40,626)
-		 - (29,003)
-		 29,003
-		 -
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Net movement in funds after transfers
(587,070)		 1,793,826 101,454 547,498 1,855,708 743,277 510,194 118,891
167,343		 1,539,705
Fund balances at 1 January 2024 1,547,564 7,787,007 118,891 3,608,024 13,061,486 804,287 7,276,813 -
3,440,681		 11,521,781
─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ─────── ───────
Fund balances at 31 December 2024 960,494 9,580,833 220,345 4,155,522 14,917,194 1,547,564 7,787,007 118,891
3,608,024		 13,061,486
═══════ ═══════ ═══════ ═══════ ═══════ ═══════ ═══════ ═══════ ═══════ ═══════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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OXFORD INSTITUTE FOR ENERGY STUDIES STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

2024 2024 2023 2023
Notes £ £ £ £
Group Charity Group Charity
Fixed assets
Tangible assets 14 - - - -
Investments 15 11,841,049 11,841,050 10,781,086 10,781,087
─────── ─────── ─────── ───────
11,841,049 11,841,050 10,781,086 10,781,087
Current assets
Debtors 17 260,812 329,306 243,784 270,307
Cash held by Investment Manager 1,900,000 1,900,000 900,000 900,000
Cash at bank and in hand 1,096,208 1,013,396 1,363,786 1,340,189
─────── ─────── ─────── ───────
3,257,020 3,242,702 2,507,570 2,510,496
─────── ─────── ─────── ───────
Creditors: amounts falling due
within one year
Taxation and social security 18 53,924 58,057 29,759 34,545
Other creditors 18 126,951 108,501 197,412 195,552
─────── ─────── ─────── ───────
180,875 166,558 227,171 230,097
─────── ─────── ─────── ───────
Net current assets 3,076,145 3,076,144 2,280,399 2,280,399
─────── ─────── ─────── ───────
Net assets 14,917,194 14,917,194 13,061,485 13,061,486
═══════ ═══════ ═══════ ═══════
Capital funds
Endowment funds – general 20 4,155,522 4,155,522 3,608,024 3,608,024
Income funds
Unrestricted funds 20 960,494 960,494 1,547,563 1,547,564
Designated funds 20 9,580,833 9,580,833 7,787,007 7,787,007
Restricted funds 20 220,345 220,345 118,891 118,891
─────── ─────── ─────── ───────
14,917,194 14,917,194 13,061,485 13,061,486
═══════ ═══════ ═══════ ═══════

The financial statements were approved by the Trustees on 15[th] May 2025.

Mr L A Whitehead Mr T Terazawa Trustee Trustee

Company registration number 01676971

-11-

OXFORD INSTITUTE FOR ENERGY STUDIES

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Cash flow from operating activities 24 602,515 916,590
Cash from investing activities
(Increase)/decrease in cash within
investment portfolio (49,486) 53,096
Purchase of other investments (2,404,490) (2,639,161)
Proceeds on disposal of other investments 2,212,499 2,349,397
Investment income received 371,384 318,664
─────── ───────
Net cash used in investing activities 129,907 81,996
Net cash used in financing activities - -
─────── ───────
Net increase in cash and cash equivalents 732,422 998,586
Cash and cash equivalents at beginning of year 2,263,786 1,265,200
─────── ───────
Cash and cash equivalents at end of year 2,996,208 2,263,786
═══════ ═══════

-12-

NOTES TO THE FINANCIAL STATEMENTS

OXFORD INSTITUTE FOR ENERGY STUDIES

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

1.1 General information and basis of preparation

Oxford Institute for Energy Studies is a charitable company limited by guarantee, incorporated in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information at the front of these financial statements. The nature of the charity’s operations and principal activities are detailed in the trustees annual report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The Statement of Financial Activities (SOFA) and balance sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line-by-line basis. The charity has taken advantage of the exception in FRS 102 section 33A and has not disclosed transactions or balances with its subsidiary.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The charity’s trustees continue to monitor performance and update budgets accordingly, to reduce any impact on the group and ensure resources are available to meet liabilities as they fall due.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

-13-

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (continued)

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Permanent Endowment Fund Created on Inception

The Permanent Endowment Fund represents contributions received from founder members of the Institute and inaugural gifts received by the Institute on incorporation. The donors designated the original capital as a Permanent Endowment Fund that cannot be spent, and that the investment income generated from the Fund is unrestricted and can be used to finance the activities of the Institute.

The investment gains and losses derived from the underlying investments of the Permanent Fund are prorated and split between the permanent endowment fund and the General Unrestricted Fund.

Designated investment fund

In order to provide a steady stream of investment income to the charity to protect against a decrease in income from charitable activities, the charity’s trustees have elected to invest surpluses in a designated investment fund. This fund is readily available should the Trustees need to increase free reserves at any given time.

1.4 Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP. Further detail is given in the Trustees’ Annual Report.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs.

-14-

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OXFORD INSTITUTE FOR ENERGY STUDIES

1 Accounting policies (Continued)

1.5 Expenditure recognition

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total 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 between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Leasehold improvements 20% on cost Library 33% on cost Plant and machinery 33% on cost Fixtures, fittings & equipment 20% on cost

A de minimis limit of £5,000 is applied to the capitalisation of any items purchased, where those under that level are deemed to be immaterial for accounting purposes and are thus written off directly to expenditure in the period of purchase.

The purchase of fixed assets is covered under the authorisation policies for all purchases, with the corresponding thresholds/limits and procedures applied.

Any capitalised items are to be entered onto the Fixed Asset Register maintained, to enable clear identification of assets held, and accurate calculation of depreciation to be charged. Assets are regularly inspected to ensure they remain in good working order and are of use to the charity. Appropriate insurance cover is considered and to be in place.

- 15 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Investments in subsidiaries are measured at cost less impairment.

1.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

- 16 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (continued)

1.10 Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.11 Leases

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

1.12 Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

1.13 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14 Retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

1.15 Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

- 17 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2. Critical accounting estimated and judgements (continued)

Key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life.

Those charged with governance have applied the rates using industry standards, from which they expect a low level of estimation uncertainty.

Valuation of fixed asset investments

Fixed asset investments are revalued at the end of each reporting date using market rates. The valuation is conducted by Brewin Dolphin, an independent and experienced firm of investment advisers.

3. Voluntary income - Group

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations 366,224 676,310
═════ ═════
Voluntary income - Charity
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations 463,486 715,040
═════ ═════

- 18 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

4. Incoming resources from charitable activities - Group

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Total|Total| |Unrestricted Designated Restricted Endowment|funds|funds| |funds|funds|funds|funds|2024|2023| |£|£|£|£|£|£| |Gas research|1,165,656|-|-|-|1,165,656 1,087,828| |Hydrogen&carbon research 409,970|-|-|-|409,970|454,140| |Oil research|154,889|-|-|-|154,889|133,801| |China Energy research|127,969|-|-|-|127,969|96,682| |Electricity research|22,714|-|-|-|22,714|91,890| |Fellowship grants|117,254|-|-|-|117,254|156,108| |QMRV of GHG| |Emissions Fellowship|-|-|90,700|-|90,700|90,700| |Move2Camm project|-|-|153,121|-|153,121|83,793| |KAPSARC Fellowship|-|-|106,116|-|106,116|47,001| |DESNZ|-|-|40,000|-|40,000|-| |EFC|-|-|62,580|-|62,580|-| |Energy Transition| |Research & Event|136,458|-|-|-|136,458|26,000| |Brainstorming event|18,620|-|-|-|18,620|20,399| |Green Steel event|20,000|-|-|-|20,000|20,000| |Publications|232|-|-|-|232|41,152| |NUPI|17,296|-|-|-|17,296|-| |Methane Emissions Event|15,000|-|-|-|15,000|-| |─────── ─────── ─────── ─────── ─────── ───────| |2,206,058|-|452,517|-|2,658,575|2,349,494| |─────── ─────── ─────── ─────── ─────── ───────| |OIES Services Ltd revenue 242,250|-|-|-|242,250|99,717| |─────── ─────── ─────── ─────── ─────── ───────| |2,448,308|-|452,517|-|2,900,825|2,449,211| |═══════ ═══════ ═══════ ═══════ ═══════ ═══════|

----- End of picture text -----

- 19 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

4 (cont.). Incoming resources from charitable activities - Charity

Total Total
Unrestricted Designated Restricted Endowment funds funds
funds funds funds
funds		 2024 2023
£ £ £
£		 £ £
Gas research 1,165,656 - -
-		 1,165,656 1,087,828
Hydrogen&carbon research 409,970 - -
-		 409,970
454,140
Oil research 154,889 - -
-		 154,889
133,801
China Energy research 127,969 - -
-		 127,969
96,682
Electricity research 22,714 - -
-		 22,714
91,890
Fellowship grants 117,254 - -
-		 117,254
156,108
QMRV of GHG
Emissions Fellowship - - 90,700
-		 90,700 90,700
Move2Camm project - - 153,121
-		 153,121 83,793
KAPSARC Fellowship - - 106,116
-		 106,116 47,001
DESNZ - - 40,000
-		 40,000 -
EFC - - 62,580
-		 62,580 -
Energy Transition
Research & Event 136,458 - -
-		 136,458
26,000
Brainstorming event 18,620 - -
-		 18,620 20,399
Green Steel event 20,000 - -
-		 20,000
20,000
Publications 232 - -
-		 232 41,152
NUPI 17,296 - -
-		 17,296 -
Methane Emissions Event
15,000		 - -
-		 15,000 -
─────── ─────── ─────── ─────── ─────── ───────
2,206,058 - 452,517
-		 2,658,575 2,349,494
═══════ ═══════ ═══════ ═══════ ═══════ ═══════
Other Income - Group
2024 2023
£ £
Miscellaneous income 2,843 3,432
Recharges 81,760 99,596
───── ─────
84,603 103,028
═════ ═════
Other Income - Charity
2024 2023
£ £
Miscellaneous income 3,009 3,432
Recharges 81,760 99,596
───── ─────
84,769 103,028
═════ ═════

5. Other Income - Group

- 20 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6. Incoming resources from investments – Group and Charity

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 216,968 234,390
Income from corporate bonds 37,580 20,657
Income from international bond 26,096 24,653
Interest receivable 90,740 38,964
───── ─────
371,384 318,664
═════ ═════
7. Raising funds – Group and Charity
2024 2023
£ £
Investment management 53,766 50,411
═════ ═════

- 21 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8. Expenditure on charitable activities – Group

Projects and Support Services Total Projects and Support Services Total
Publications Costs Income 2024 Publications Costs Income 2023
£ £ £ £ £ £ £ £
Staff costs 870,618 383,415 - 1,254,033 793,839 261,587 - 1,051,426
Depreciation & impairment - - - - - 295 - 295
Consultancy 892,958 - - 892,958 832,914 - - 832,914
Materials & library costs 23,392 - - 23,392 36,540 - - 36,540
Light & heat - 4,772 - 4,772 - 2,912 - 2,912
Telecommunications - 10,958 - 10,958 - 9,924 - 9,924
Photocopying, postage
printing & stationery 924 2,027 - 2,951 1,488 1,245 - 2,733
Sundry expenses 3,632 1,342 - 4,974 3,541 3,980 - 7,521
Repairs, maintenance &
property expenses - 3,470 - 3,470 - 2,640 - 2,640
Travel & subsistence 64,239 - - 64,239 60,487 - - 60,487
Event costs 132,204 - - 132,204 200,353 - - 200,353
Promotional activities - 10,127 - 10,127 - 7,116 - 7,116
Computer software - 45,880 - 45,880 - 38,874 - 38,874
Bank charges - 871 - 871 - 881 - 881
Insurance - 4,748 - 4,748 - 9,410 - 9,410
Rent, rates & water 96,202 - - 96,202 90,745 - - 90,745
Other charitable expenditure - 4,853 - 4,853 - 5,571 - 5,571
Governance costs (note 13) - 17,173 - 17,173 - 26,978 - 26,978
Expenditure related
to services income - - 68,147 68,147 - - 6,647 6,647
2,084,169 489,636 68,147 2,641,952 2,019,907 371,413 6,647 2,397,967
Of which:-
Restricted 310,437 - - 310,437 131,606 - - 131,606
Unrestricted 1,773,732 489,636 68,147 2,331,515 1,894,948 371,413 6,647 2,266,361
2,084,169 489,636 68,147 2,641,952 2,019,907 371,413 6,647 2,397,967

- 22 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8 (cont.). Expenditure on charitable activities - Charity

Projects and Support Total Projects and Support Total
Publications Costs 2024 Publications Costs 2023
£ £ £ £ £ £
Staff costs 853,518 334,499 1,188,017 793,839 257,226 1,051,065
Depreciation & impairment - - - - 295 295
Consultancy 892,958 - 892,958 792,589 - 792,589
Materials & library costs 23,392 - 23,392 36,540 - 36,540
Light & heat - 4,772 4,772 - 2,912 2,912
Telecommunications - 10,958 10,958 - 9,924 9,924
Photocopying, postage
printing & stationery 924 2,027 2,951 1,488 1,245 2,733
Sundry expenses 3,632 1,342 4,974 3,541 3,980 7,521
Repairs, maintenance &
property expenses - 4,636 4,636 - 2,640 2,640
Travel & subsistence 56,437 - 56,437 55,591 - 55,591
Event costs 132,204 - 132,204 200,353 - 200,353
Promotional activities - 10,127 10,127 - 7,116 7,116
Computer software - 43,782 43,782 - 38,874 38,874
Bank charges - 762 762 - 738 738
Insurance - 4,748 4,748 - 9,410 9,410
Rent, rates & water 94,386 - 94,386 89,073 - 89,073
Other charitable expenditure - 4,853 4,853 - 5,571 5,571
Governance costs (note 13) - 17,173 17,173 - 24,035 24,035
2,057,451 439,679 2,497,130 1,973,014 363,966 2,336,980
Of which:-
Restricted 310,437 - 310,437 131,606 - 131,606
Unrestricted 1,747,014 439,679 2,186,693 1,841,408 363,966 2,205,374
2,057,451 439,679 2,497,130 1,973,014 363,966 2,336,980

- 23 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9. Auditor’s remuneration - Group

The analysis of auditor’s remuneration is as follows:

2024 2023
£ £
Audit of the annual accounts 9,812 7,620
All other non-audit services 5,860 8,783
───── ─────
15,672 16,403
═════ ═════

Auditor’s remuneration - Charity

The analysis of auditor’s remuneration is as follows:

2024 2023
£ £
Audit of the annual accounts 9,812 7,620
All other non-audit services 5,860 5,840
───── ─────
15,672 13,460
═════ ═════

10. Trustees

There was no trustees’ remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees’ expenses

Travel expenses totalling £661 were paid to one trustee for the year ended 31 December 2024 (2023: £1,259).

- 24 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

11. Employees - Group and Charity

The average monthly number of employees during the year was:

2024 2023
Number Number
Academic 12 8
Administrative 4 5
───── ─────
16 13
═════ ═════
Employment costs - Group
2024 2023
£ £
Wages and salaries 1,034,974 971,767
Social security costs 130,427 98,782
Defined contribution pension costs 97,674 78,612
───── ─────
1,263,075 1,149,161
═════ ═════
Employment costs - Charity
2024 2023
£ £
Wages and salaries 1,024,308 971,767
Social security costs 130,427 98,782
Defined contribution pension costs 97,674 78,612
───── ─────
1,252,409 1,149,161
═════ ═════

The number of employees whose annual remuneration was more than £60,000 is as follows:

2024 2023
Number Number
£60,001 - £70,000 1 3
£70,001 - £80,000 2 -
£80,001 - £90,000 1 1
£90,001 - £100,000 2 1
£100,001 - £110,000 1 -
£130,001 - £140,000 - 1
£140,001 - £150,000 1 -
£180,001 - £190,000 - 1
£220,001 - £230,000 1 -
═════ ═════

The number of staff to whom defined contribution retirement benefits are accruing is 14 (2023: 13). Pension contributions for the year are disclosed above.

- 25 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

12. Net gains/(losses) on investments – Group and Charity

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Designated Endowment|Total|Designated Endowment|Total| |Funds|funds|funds|funds|funds|funds| |2024|2024|2024|2023|2023|2023| |£|£|£|£|£|£| |Revaluation of investments|1,088,474|547,498 1,635,972|324,060|167,343|491,403| |Gain/(loss) on sale of| |investments|(807,582)|-|(807,582)|(50,533)|-|(50,533)| |───────|─────── ───────|───────|─────── ───────| |280,892|547,498|828,390|273,527|167,343|440,870| |═══════|═══════ ═══════|═══════|═══════ ═══════|

----- End of picture text -----

13. Governance costs – Group

----- Start of picture text -----
|||| |---|---|---| |Unrestricted|Unrestricted| |Funds|funds| |2024|2023| |£|£| |Accountancy fees|5,860|10,809| |Auditor’s remuneration|9,812|7,620| |Training costs|1,501|3,661| |Legal and professional|-|4,888| |─────|─────| |17,173|26,978| |═════|═════| |Governance costs – Charity| |Unrestricted|Unrestricted| |Funds|funds| |2024|2023| |£|£| |Accountancy fees|5,860|7,866| |Auditor’s remuneration|9,812|7,620| |Training costs|1,501|3,661| |Legal and professional|-|4,888| |─────|─────| |17,173|24,035| |═════|═════|

----- End of picture text -----

- 26 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

14. Tangible fixed assets - Group and Charity

Plant Fixtures
Leasehold and fittings &
improvements Library machinery equipment Total
£ £ £ £ £
Cost
At 1 January 2024 17,272 114,478 58,957 18,688 209,395
───── ───── ───── ───── ─────
At 31 December 2024 17,272 114,478 58,957 18,688 209,395
───── ───── ───── ───── ─────
Depreciation and impairment
At 1 January 2024 17,272 114,478 58,957 18,688 209,395
Depreciation charged in the year - - - - -
───── ───── ───── ───── ─────
At 31 December 2024 17,272 114,478 58,957 18,688 209,395
───── ───── ───── ───── ─────
Carrying amount
At 31 December 2024 - - - - -
═════ ═════ ═════ ═════ ═════
At 31 December 2023 - - - - -
═════ ═════ ═════ ═════ ═════

- 27 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

15. Fixed asset investments - Group

Fixed asset investments - Group
Listed Cash in
investments portfolio Total
£ £ £
Cost or valuation
At 1 January 2024 10,666,563 114,523 10,781,086
Additions 2,404,490 49,486 2,453,976
Valuation changes 828,390 - 828,390
Equalisations (9,904) - (9,904)
Disposals (2,212,499) - (2,212,499)
─────── ─────── ───────
At 31 December 2024 11,677,040 164,009 11,841,049
─────── ─────── ───────
Carrying amount
At 31 December 2024 11,677,040 164,009 11,841,049
═══════ ═══════ ═══════
At 31 December 2023 10,666,563 114,523 10,781,086
═══════ ═══════ ═══════
Fixed asset investments - Charity
Listed Cash in
investments portfolio Total
£ £ £
Cost or valuation
At 1 January 2024 10,666,564 114,523 10,781,087
Additions 2,404,490 49,486 2,453,976
Valuation changes 828,390 - 828,390
Equalisations (9,904) - (9,904)
Disposals (2,212,499) - (2,212,499)
─────── ─────── ───────
At 31 December 2024 11,677,041 164,009 11,841,050
─────── ─────── ───────
Carrying amount
At 31 December 2024 11,677,041 164,009 11,841,050
═══════ ═══════ ═══════
At 31 December 2023 10,666,564 114,523 10,781,087
═══════ ═══════ ═══════

Fixed asset investments revalued

The investments comprise listed investments that are revalued to market value at the balance sheet date. The valuation is conducted by Brewin Dolphin, an independent and experienced firm of investment advisors. The historical cost of listed investments held as at 31 December 2024 is £9,951,290 (2023: £9,896,644).

Of the total value of listed investments, £8,752,024 (2023: £7,983,010) represents overseas investments and £2,925,017 (2023: £2,683,553) represents UK investments.

The charity also owns 100% of the share capital of the following undertaking:

Country of Class of Nature of Capital and Profit for
registration share capital business reserves at year
2024 2024
£ £
OIES Services Limited England Ordinary Consultancy
1		 97,262
and Wales services ═════ ═════

- 28 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

16. Financial instruments
2024 2023
£ £
Carrying amount of financial assets - Group
Instruments measured at fair value through profit or loss 11,677,040 10,666,563
═══════ ═══════
Carrying amount of financial assets - Charity
Instruments measured at fair value through profit or loss 11,677,041 10,666,564
═══════ ═══════
17. Debtors
2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Trade debtors 203,531 148,771 135,309 123,102
Amounts owed by groups - 123,254 - 38,730
Other debtors - - - -
Prepayments and accrued income 57,281 57,281 108,475 108,475
260,812 329,306 243,784 270,307
18. Creditors: amounts falling due within one year
2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Other taxation and social security 53,924 58,057 29,759 34,545
Trade creditors 52,070 35,580 83,208 83,208
Other creditors 8,691 8,691 7,052 7,052
Accruals 66,190 64,230 107,152 105,292
180,875 166,558 227,171 230,097

19. Retirement benefit schemes

Defined contribution schemes

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

The charge to profit and loss in respect of defined contribution schemes was £97,674 (2023: £78,612).

- 29 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

20. Fund analysis – 2024 Group

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Opening|Incoming Resources Investment|Fund|Closing| |balance|resources|expended gain/(loss)|transfer|balance| |£|£|£|£|£|£| |Capital funds| |General endowment|3,608,024|-|-|547,498|-|4,155,522| |Income funds| |Unrestricted funds|1,547,564|2,989,875|(2,331,515)|-|(1,245,430)|960,494| |Designated funds| |Income equalization|613,944|-|-|-|(613,944)|-| |Investment|7,173,063|280,644|(53,766)|280,892|1,900,000|9,580,833| |─────── ─────── ─────── ─────── ─────── ───────| |7,787,007|280,644|(53,766)|280,892|1,286,056|9,580,833| |Restricted funds| |Cheniere Fellowship|85,724|90,700|(37,160)|-|(10,000)|129,264| |Kapsarc|33,167|106,116|(110,782)|-|-|28,501| |Move2Camm|-|153,121|(122,495)|-|(30,626)|-| |DESNZ|-|40,000|(40,000)|-|-|-| |EFC|-|62,580|-|-|-|62,580| |─────── ─────── ─────── ─────── ─────── ───────| |118,891|452,517|(310,437)|-|(40,626)|220,345| |─────── ─────── ─────── ─────── ─────── ───────| |13,061,486|3,723,036|(2,695,718)|828,390|- 14,917,194| |═══════ ═══════ ═══════ ═══════ ═══════ ═══════|

----- End of picture text -----

Fund analysis – 2024 Charity

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Opening|Incoming Resources Investment|Fund|Closing| |balance|resources|expended gain/(loss)|transfer|balance| |£|£|£|£|£|£| |Capital funds| |General endowment|3,608,024|-|-|547,498|-|4,155,522| |Income funds| |Unrestricted funds|1,547,564|2,845,053|(2,186,693)|-|(1,245,430)|960,494| |Designated funds| |Income equalization|613,944|-|-|-|(613,944)|-| |Investment|7,173,063|280,644|(53,766)|280,892|1,900,000|9,580,833| |─────── ─────── ─────── ─────── ─────── ───────| |7,787,007|280,644|(53,766)|280,892|1,286,056|9,580,833| |Restricted funds| |Cheniere Fellowship|85,724|90,700|(37,160)|-|(10,000)|129,264| |Kapsarc|33,167|106,116|(110,782)|-|-|28,501| |Move2Camm|-|153,121|(122,495)|-|(30,626)|-| |DESNZ|-|40,000|(40,000)|-|-|-| |EFC|-|62,580|-|-|-|62,580| |─────── ─────── ─────── ─────── ─────── ───────| |118,891|452,517|(310,437)|-|(40,626)|220,345| |─────── ─────── ─────── ─────── ─────── ───────| |13,061,486|3,578,214|(2,550,896)|828,390|- 14,917,194| |═══════ ═══════ ═══════ ═══════ ═══════ ═══════|

----- End of picture text -----

- 30 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

20 (cont). Fund analysis – 2023 Charity

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Opening|Incoming Resources Investment|Fund|Closing| |balance|resources|expended gain/(loss)|transfer|balance| |£|£|£|£|£|£| |Capital funds| |General endowment|3,440,681|-|-|167,343|-|3,608,024| |Income funds| |Unrestricted funds|804,287|2,977,654|(2,205,374)|-|(29,003)|1,547,564| |Designated funds| |Income equalization|613,944|-|-|-|-|613,944| |Investment|6,662,869|287,078|(50,411)|273,527|-|7,173,063| |─────── ─────── ─────── ─────── ─────── ───────| |7,276,813|287,078|(50,411)|273,527|-|7,787,007| |Restricted funds| |Cheniere Fellowship|-|90,700|(4,976)|-|-|85,724| |Kapsarc|-|47,001|(42,837)|-|29,003|33,167| |Move2Camm|-|83,793|(83,793)|-|-|-| |─────── ─────── ─────── ─────── ─────── ───────| |-|221,494|(131,606)|-|29,003|118,891| |─────── ─────── ─────── ─────── ─────── ───────| |11,521,781|3,486,226|(2,387,391)|440,870|- 13,061,486| |═══════ ═══════ ═══════ ═══════ ═══════ ═══════|

----- End of picture text -----

- 31 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21. Analysis of net assets between funds

Fund balances at 31 December 2024 are represented by:

Unrestricted Designated Restricted Endowment Total
Funds
Funds		 Funds
Funds		 Funds
£
£		 £
£		 £
Investments -
7,685,527		 -
4,155,522		 11,841,049
Current assets/(liabilities) 960,494
1,895,306		 220,345
-		 3,076,145
─────── ─────── ─────── ─────── ───────
960,494
9,580,833		 220,345
4,155,522		 14,917,194
═══════ ═══════ ═══════ ═══════ ═══════
Fund balances at 31 December 2023 are represented by:
Unrestricted Designated Restricted Endowment Total
Funds
Funds		 Funds
Funds		 Funds
£
£		 £
£		 £
Investments -
7,173,063		 -
3,608,024		 10,781,087
Current assets/(liabilities) 1,547,564
613,944		 118,891
-		 2,280,399
─────── ─────── ─────── ─────── ───────
1,547,564
7,787,007		 118,891
3,608,024		 13,061,486
═══════ ═══════ ═══════ ═══════ ═══════

- 32 -

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22. Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

under non-cancellable operating leases, which fall due as follows:
2024 2023
£ £
Within one year 51,256 66,000
Between two and five years 2,341 49,500
───── ─────
53,597 115,500
═════ ═════

Operating lease payments represent rentals payable by the Charity for its office premises. Rentals are fixed for the term of the lease.

23. Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows:

Remuneration of key management personnel
The remuneration of key management personnel		 is as follows:
2024 2023
£ £
Aggregate compensation 397,457 273,981
═════ ═════

There were no other related party transactions in the current or preceding period.

24. Cash generated from operations - Consolidated

Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
Increase in creditors
Cash generated from operations		 2024
£
1,855,708
(371,384)
807,578
(1,626,064)
-
(17,027)
(46,296)
602,515		 2023
£
1,539,705
(318,664)
50,533
(491,403)
295
91,318
44,806
916,590

- 33 -