Registered number: 02210675 Charity number: 298729 

CASP (A Company Limited by Guarantee) 

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31 JANUARY 2025 



CASP 

(A Company Limited by Guarantee) 

CONTENTS 

Page 

Reference and Administrative Details of the Charitable company, its Trustees and 1 Advisers 

Trustees’ Report 

2-6 

Trustees’ Responsibilities Statement 

Independent Auditors’ Report on the Financial Statements 

7 8-11 

Statement of Financial Activities 

Balance Sheet 

12 13-14 

Notes to the Financial Statements 

15 - 34 




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CASP<br>**----- End of picture text -----**<br>


(A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2025 

Trustees S A Gibson, PhD ~~JP P Hirst, PhD, Chair (to 11 October 2024)~~ J A Howell, PhD S J Kape, PhD B K Levell, PhD J EA Marshall. PhD, Chair (from 11 October 2024) S H Molyneux G J Nichols, PhD C AG Pickton, MA D W Waters, PhD 

M J Whiteley, PhD Dr C A Hickman (appointed 1 June 2025) 

Company registered number 02210675 Charity registered number 298729 Registered office Raleigh House 14C Compass Point Business Park St Ives Cambridgeshire PE27 5JL Principal operating West Building office Madingley Rise, Madingley Road Cambridge Cambridgeshire CB3 OUD Company secretary J EA Marshall, PhD (to 11 October 2024) S J Kape, PHD (from 11 October 2024) Chair JP P Hirst, PhD (to 11 October 2024) J EA Marshall, PhD (from 11 October 2024) Independent auditors Whitings LLP Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY Investment Advisors Cantab Asset Management 50 Station Road Cambridge Cambridgeshire CB1 2JH 

Page 1 



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**----- Start of picture text -----**<br>
CASP<br>**----- End of picture text -----**<br>


(A Company Limited by Guarantee) 

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2025 

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: 

° select suitable accounting policies and then apply them consistently; e observe the methods and principles of the Charities SORP 2019 (FRS 102); ° make judgments and accounting estimates that are reasonable and prudent; ° state whether applicable UK Accounting Standards (FRS 102) have been followed; ° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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. 

Approved by order of the members of the board of Trustees and signed on its behalf by: 

J EA Marshall, PhD (Cha Date 

Page 7 



CASP (A Company Limited by Guarantee) 

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CASP 

Opinion 

We have audited the financial statements of CASP (the ‘charitable company’) for the year ended 31 January 2025 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

e give a true and fair view of the state of the charitable company's affairs as at 31 January 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ° have been prepared in accordance with the requirements of the Charities Act 2011. 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 Auditors’ 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 United Kingdom, including the Financial Reporting Council'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. 

Page 8 



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**----- Start of picture text -----**<br>
CASP<br>**----- End of picture text -----**<br>


(A Company Limited by Guarantee) 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASP (CONTINUED) 

Auditors' responsibilities for the audit of the financial statements 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 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: e Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, and fraud; 

e Enquiry of management around actual and potential litigation and claims; e Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; e Challenging assumptions and judgements made by management in their significant accounting estimates; and 

e Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the course of normal business. 

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 for the audit of the financial statements is located on the Financial Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. 

Page 10 



CASP 

(A Company Limited by Guarantee) 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASP (CONTINUED) 

Use of our report 

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. 

[ a) ONAN us 

hitings LLP 

eenwood House eenwood Court yliner Way ry St Edmunds ffolk 32 7GY 

te 

hitings LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as ditor of a company under Section 1212 of the Companies Act 2006. 

Page 11 




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CASP (A Company Limited by Guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 

1. General information 

CASP is a private company, limited by guarantee, registered in England and Wales. The company registered number and registered charity number can be found on the Company Information page. 

The company's registered office and trading addresses can also be found on the Company Information page. 

2. Accounting policies 

2.1 Basis of preparation of financial statements 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (published October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. CASP meets the definition ofa public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

2.2 Going concern 

The financial statements have been prepared on a going concern basis, as deemed appropriate by the Trustees. Due to the reduction in operating income as a result of the diversification programme outlined in the Trustees Report, CASP is currently utilising cash reserves held in the investment portfolio to support their expenditure throughout this period. Senior management continue to keep costs under control and minimise these where possible, until such time that operational income restores to previously experienced levels. 

2.3 Income All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Due to the reduction in operating income as a result of its diversification programme outlined in the Trustees Report, CASP is currently utilising cash reserves held in the investment portfolio to support their expenditure throughout this period. Senior management continue to keep costs under control and minimise these where possible, until such time that operational income restores to previously achieved levels. 

Subscriptions are included in the Statement of Financial Activities once the charity has entitlement to the income, based on the recognition criteria of the income being met. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. 

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 

Investment income is included in the Statement of Financial Activities on a receivable basis. 

Page 15 



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**----- Start of picture text -----**<br>
CASP<br>**----- End of picture text -----**<br>


(A Company Limited by Guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 

2. Accounting policies (continued) 

2.12 Liabilities and provisions 

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 

2.13 Financial instruments 

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

2.14 Pensions 

The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year. 2.15 Fund accounting 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

Page 18 



CASP (A Company Limited by Guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 3. Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

Critical accounting estimates and assumptions: 

The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 

Useful economic lives of tangible assets: 

The annual depreciation charge for tangible assets is sensitive to changed in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. 

Page 19 




**----- Start of picture text -----**<br>
STATEMENTS<br>31 JANUARY 2025<br>Unrestricted Tota 9:;<=<br>funds funds >?@AB<br>2025 2025 CDCE<br>£ £ G<br>CDQ<br>Z[CDD<br>7<br>7<br>7<br>7<br>777777777<br>77<br>77<br>77<br>Z[EDQ77<br>res 9:;<=<br>9:;<=7CDCE7<br>>?@AB<br>CDCE<br>G<br>ee<br>7<br>7<br>7<br>7<br>777777777<br>7<br>ZgQ[hhi77<br>r 9:;<<br>9:;<=7CDCE7<br>>?@AB<br>CDCE<br>G<br>a ZDC[hEZ<br>9:;<=CDCE<br>77777777<br>7 7<br>**----- End of picture text -----**<br>




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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 penditure by activities A n Tota :;<=> funds ?@ABC 2025 DEDF £ 90,279 8 955,712 ZZe[f\E 8 10,580 f[DEY8 8 (70 88888888H8\F[]fF 8 * UcS V 710 ZDE IJKLMNO,KPQ* YZ[\F]88 * * V /cRTaR 219,694 \f\[]Z| ^O,__*PJLOL* 88 * * V d 30 \|E gPPJMKO,KPQ*h*,MijO*_..L* * 88 * * * cSTSc V \F[Df\ mnoNJp,OjJK*h*_j.NiqJpr* * 88 * * * c/cTb` V D\f[FfF ujvp,pQ*L.pwjP.L* * *** * 88 * * * JLOL* * 88 * aR/TSU UcaTUc i*oMvNjPjOQ* * 88 * * 88 fef[ZY ffY[|D jwjOj.L* * 88 88 \[|fD[\ZF88 DEDF :;<=>8DEDF8 H L,MijOJpL_JpOy.,MijOJ_Oy.Iy,pjOQL,KKM,N ~~——__ 8,500~~ 8 8 * * * * * * * * * Z[YEE88 



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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 ithin one year 2025 :;:< £ ? 10,188 :JKJJ 18,300 TUKL< 5,704 TWK;X = = 75,097 TTWKJ: ~~——_109,289~~ TUWKXX N.A*E,O,EDFP*,PB*GFCD,Q*G.CRADES* F[.* :;: Pd,PBEN. B*,E*Z,DA*_,QR.*ENAFR-N*DPCF[.*,PB*.O`.PBDERA.* <KX:;KL;b== ,GRA.B*,E*Z,DA*_,QR.*ENAFR-N*DPCF[.*,PB*.O`.PBDERA.*C * * * .PE*`FAEZFQDF*,E*EN.*A.`FAEDP-*B,E.e* 




**----- Start of picture text -----**<br>
CASP<br>**----- End of picture text -----**<br>


(A Company Limited by Guarantee) 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 

19. Statement of funds — current year 

Balance at Balance a 1 February Transfers Gains/ 31 Januar 2024 Income Expenditure in/out (Losses) 202 Unrestricted funds £ £ £ £ £ Designated funds IDRIC - 11,248 (9,429) (1,819) - - South Caspian Prov Study - 40,351 (14,736) - - 25,61 Hl Venus Wells Study - 29,675 (9,457) - - 20,21 Data Collection - - (11,276) 11,276 - - Uralian Provenance Project - - (11,930) 11,930 - - Black Sea 19,268 - (26,237) (1,688) - (8,657) NW Black Sea (1,688) - - 1,688 - - Flood Basalt (Volcanic Basins) (170,233) - (43,127) - - (213,360) South Caspian Prov Study 2 (9,272) - - 9,272 - - Barents Shelf (77,408) - (10,525) - - (87,933) Paratethyan Stratigraphy Project 2 (194,482) - (27,807) 194,482 - (27,807) SEM (25,084) - (13,774) 38,858 - - North Atlantic Margins 281,829 - - (281,829) - - Bunter (442,024) 426,544 (325,518) - - (340,998) Impact of Volcaniclastic rocks (13,151) - (389) - - (13,540) Dinarides (267,991) - - 267,991 - - Paratethyan Stratigraphy Project 194,482 - - (194,482) - - Greater Caspian Provenance Project 9,272 - - (9,272) - - Neptun Deep Study 10,117 165,230 (102,058) (73,289) - - 

Critical Minerals project (39,201) - - - - (39,201) Mudrock Seals project (236,006) 96,518 (68,831) - - (208,319) 

Page 28 



CASP (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 


**----- Start of picture text -----**<br>
19. Statement of funds (continued)<br>Statement of funds - current year (continued)<br>Balance at 1 Balance at<br>February Transfers Gains/ 31 January<br>2024 Income Expenditure in/out (Losses) 202<br>£ £ £ £ £<br>New project<br>development (2,772) - (28,616) - - (31,38<br>Reactions and<br>flow project (72,009) - (3,846) - - (75,85<br>(1,036,353) 769,566 (707,557) (26,882) - 1,001,22<br>General funds<br>Strategic reserve 2,122,612 2,305 (701,231) 26,882 - 1,450,56<br>Investment<br>reserve 3,222,136 81,822 (21,415) - 326,324 3,608,86<br>Building<br>improvement<br>reserve 638,493 310 - - - 638,80<br>5,983,241 84,437 (722,646) 26,882 326,324 5,698,23<br>Total<br>Unrestricted<br>funds<br>4,946,888 ___854,003 _ [(1,430,203)][ ___-__] [__326,324] [___4,697,01] _<br>Designated funds:<br>Designated funds represent funds ringfenced by the trustees in respect of specific ongoing projects a<br>determined by the charity itself. Some funds are in deficit due to being financed partially or wholly from<br>the charity's main reserves as income has not been sufficient to fully fund the projects. The trustee<br>deem it appropriate to recognise these funds in deficit where appropriate to represent the ne<br>expenditure in these areas. During the year the trustees have approved transfers to reallocate funding o<br>clear older project fund balances.<br>General funds:<br>General funds represent funds available for the other general objectives of the charity. The trustees<br>deem the level of general reserves held (less designated fund balances in deficit) as being at an<br>appropriate level for the charity to be able to continue its charitable activities for the foreseeable future.<br>**----- End of picture text -----**<br>


Page 29 



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