BRITISH F.XPLORING SOCIETY A cnTnpdny liniiied by k>Llata￿tlI- 4nd n()1 ¥h#re CAPltal. YEATrs BUILDING STRONGER FUTURES 1932-2022 BRITISH EXPLORING SOCIETY A company limited by giiarantee and not having sh27re capital Registeted Lharity Number: 802196 Company Number: 2411786 Annual Report AUDITED FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 ocfoBER 2022 Out vision is for all young people to be able to coniribuie confidently in the world. We want equal access to challenging leaming and adVen[u￿ in the witderness as an unbeauble preparntion Eor aduli life. Our mission is to grow and celebraie a divetse, incliisive comniunity of young people with the skill5, re511ience, and deiermination to nuke la5[￿S positive decisions in thelr ovm lives, and to deliver community benefii and positive environmental change. 'I think the British Explonng Society is so exceptional becguse it is so acccssible....It makes it ujuque. 'British Expjonng Society is the only orgxnisArion...thxt takcsyoungpeople on this sort of expedition...As x yolixigpe￿￿n it's $0 difficiilt to find opportiinitie5...aiid do ivhdt voii're intcrcstedin...Iknow I wdnt to get involvedin the en￿rOnMent., BRI'I'ISH EXPLORING SOCIETY A Lumpany Itiiiited l)y %uar&nicc n()1 hAving¥ lihare Lilpllal. BRITISH EXPLORtNG SOCIETY A company limited by guarantee and having shore capital. Contents Reference and administrative Information Council's Report: Introduction- About This Year 4t018 CharAtable Object and ActlVAties Achievements and Perfomiance Financial Review li Strncture, Governance and Management Policies 14 Approach to Managing Risk Public Benefit, Fundraising and Council Re5ponsAbilities Independent Auditoes Report Statement of Financial Activities Balance Sheet 14 16 19to23 24 25 Statement of Cash Flow 27 Notes to the financial statements Reference and administrative infotmation 28to38 PreBident Members of the Council lan Maginnis i0￿]rI David Tibton rrreasurerl s￿all Redshaw Jane P2rk-Weir (resigned Sepiember 20221 Rjhul Moodg Caroliu Young Pairick Van Daele (￿tired April 221 DaTrryd Barties-smith (resigned NoveFnber 21) Mark Fawcett (appointed April 221 rim Passingh2m (appointed April 22) Jim Hopkinson (aP￿I￿red April 221 Daild Wells lapwinied Apiii 221 Dr aJire RoiEton (appoitLted April 221 ChiefExecutive Officer and Sectetary Honor W]kon-Fletcher (Responsible for da*t(Fdaymanagement) Chaiity RegistratioD Numbet 802196 BRITISH EXPLORING SOCIETY A L'ompany liJnilLd hy &￿11￿ra￿ter and n(It havinE 8har¢ capital. Companv Niitnber 2411786 (E,ngland and WalL'51 Regist¢red Office and Principal Address l Kensingion Gore Inndon e-mail.. irrf(ykbriti%hexploring.ot Trvw.briiishexploring.org Bunkers Ro￿7 Bank of scot1￿￿ d plc 49 Th￿ing Quss lJ)ndon SWIA 2DX Aiiditot Krestan Reeves l.LP Ihir(I r,loor 24 this￿Ell Stjret London ECIY 4YX The thuncil (board of rrusiees) presents its report and audited financial statements for Ihe lear ended 31 October 2022. The financial statements have been prepared lll aCcotd￿l￿ce with the aCcoUnt￿g policies Set out in noie I to che accoiints and comply wilh Ihe goveming docun]ent (Articles of Associaiion) the Chaniies Act 2011, Companies Aci 2006 and AcCoUnt￿g and Reporting by (hanties: Statement of Recommended Prnctice appliiable to chariiie5 prepating [he￿ accoiints in acco￿1& nce Triih the Financial Reporting Siandard applicable in che UK and Republic of Ireland (FRS102) (effeciive l January 2019). An introduction from our Chair, lan Maginnis "2022 was our 90 an[LIve￿ary ￿ar, and we had many reasons to celebrate. 710 wung people benefitted from our work this year. 171 taking part in our expedition5, and the remainder rhroiigh our expediiion w0d￿hOpS and 'WLtdestan virtual adventure programme. Mosi pleaS￿g was the fact that, for ihe fiLSt time since 2019, and the Covid pandetnic, we were able to run ovetseas expeditions. Two of these were to new locations: Lake Baipal and KytEYL5tan. Mosi Imponanily, our expediiions and programines delivered great ouicomes Thqth young people from a dIVe￿e range of bickgroiu)ds. Cknr strategic partne￿, who help us recruiT and support young people, and the fact we offer Eully funded pL1ces. mein we have nude it ea51er for wung people from all backgroiinds 10 join lis. More ihan 50.1. of our Young Explore￿ were from parts of che couniry Thith below averkge household income, 20Q/o From areas with the most severe deprivation. 56ts10 were from low-income Families; 12°k were from eihnic minoriiies. 24,30 had some fonn OE disability and 34 were in care. Young Explorets reported improvements ￿ their life-skills and mental well-being, and gave us h￿hlY p051tive feedback P2rticiilaAy encournging was Ihe fact that Young Explo￿15 ￿lSed over£130,000 for British Exploring Society, while developing skills in fundraismg and managing money at the same t1￿￿. BRI'fisFI EXPLORING SOCIETY A Lu do: Without iour hard work and support, none of this would be p0$51ble." BRII ISH EXPLORING SOCIETY A Li>niiiAny limitcd hy guaranicc and havittR shAre capital. 'An incrcdiblc expcriencL' in which IhA ve grovTrw as .q persoii,.wliile hAvtsig tlic most flin I've ever hHd.' Our Charitable Object and What we Do Oiir object 15 t(? advance the education of yi)ung people by prvviding inspirationAI and challenging scientifiL expLdition5 t() rei)iotc, Ivild eiLviroiimcDts .￿nd so ptomote the devL.lupment of tliLir Lotifideiicc, tcdmwnrk, leadcrship and spitit of adventiire and Lxploraiion. British Exploring Society has a iinique heriiage. founded on ihe belief thai challenging expenence5 can def￿e lives, empowering ind equipping young people with the courage, skills, resilience, and detenninaiion io make che rnost OF their fuiure. We prepa￿ and give yoiing people access to advenrures and expedliions to remote locations where Ihey face challeiiges, giin skills and leam iboui Ihen]5elves - as well as acquinng knowledge relevant to their lives and to the fragjle environments chai they explore us. The results are trnnsfomniive - not jUSt in tern￿ of prnc(ical Skills and resilience, but in a new-found confidence and self-belief which theycary forward to their future Ikre. 'llie best time ofmy entire life,. More than this, chrougli Iheir adveniiire iogeiher, our young people forge fnend5hips for life and become pan of a unique 5UPPOtiive and continuing community of explorers Trith shared experiences, values and pe￿peCtIveS on the ￿'Orld. Our fociis ]s on responsive. high-impact, long lasting work with Ih05e who can benefit most. Oiir cffectivenes4 comes from the endiiring expertise we have developed over our 90 Yea￿ and from a commiiment ro leam from every programi]]e we deliver. Our scale comes fro the lrfe-long communiry of suppon we work to build. The economic and societal contribuiion ol oiir membe￿. the social aciion and volunteering which participants undertake as yart of their programme with our groBqng undet5t2nding of how to provide MO￿ 5llPFX)rt to each yoiing person we wod( with. deliveting more touch poinis so Ihat we c￿1n support more young people - and suppon those ung people more - on Iheir journey with us. Delivering on our strategy A Wild Future 2022- 2032 A commitmcnt to sustainability with our pe()ple, in our programmes 'and to out pl.anet Access to the ouidooLT is still not equal. We now provide fullyfunded programmes 10 ensu￿ fairer ic ccess to our services (exLept for our professional [rJ￿ing qualific1< lion for ttainee leader5). But L'VLryone still makes d commitment To lis and to ihe prognmme they join. 'lo acquire skills for life, we siill ask wung people to fiindr715e towards the ￿'ork of the chanry when joining lis for full expedLiion prognmmes. Young peopLe leamed the skills us to fundraise £135,501 iowards our core costs. The donaiions y)ung people mike help us enable future panicipation for oiher y)ung people. 'fundrai$ing And keeping trAck ofmoney..is not a skiLI tAught in schools.. 'I think it can bc rc*711y diificiilt for young people, And women especiAlly 10 Pllt t/?cmsclv¢s oiit thcrc dnd create opportiinities for thcniselves, and f11ndr￿sing hAs taiight mc A bit iibout how to do this. BRITISH EXPLORING SOCIETY A ctjmpdlly limited by #uarantee rtThi having shatt ¢apiial. Each young petson's contributloll is SLibjeci 10 a simple means-iest, io ensu￿ equality ol Iccess for all - and to some extent reflects ihe scale of the challeiige they are Liking on (hrough the￿ programtne. 29 yDung people exceeded their tatEets. Means testing ￿diCa[ed thai over 50,/0 of Ihe 171 young people went on expedition wilh us this Jtar came from households where income is £23,000 or less a year. Medtan income m ihe UK ll2 2021 was £31,400. 'For Jny fundraisingy Iwth the help olii?y dad I WAS AblL' ro conic up with the idcA of selling hontcmAde ciirTies,... Tllls ljclpcdjnc feel connected ¢0 my...Indidn root& ds well as to rJising the money lijeedcd." Our programmes and the planct. In A Wdd Fuiure we made a commitment to rew>n on our greenhouse ga5 emissions, and to share our progress in becoming a more susiainable organization m our annual report. Our overall cathn fiK)tpnnt M&ich includes office costs and prosrJJnm2tic activities for 2021 is estimated at 60.5t C02e. In dus it￿, all our expediiion activities Thrre in the UK. We will report in full on our 202? em￿S1on in next ￿ar'S atini]gJ Rport. This Trill be our fitst full ￿ar of UK and overseas pr￿rat￿n￿$ 51nce 2019, pre-COVID. 'Ihave become fdrless wastefiil after expcdition., We have provided IEEM accredited catl)on management training 10 12 staff and Leadets. We have designated a member of siaff ro help us calculaie and report on our cad)on managemeni effectively Gojng forward, we aim to detiver a 5°/0 FEr annum reduction in our principal Source of emissions. irnvel. We have purchased Pending Insurance Units to offset our gttenhouse gas emissions for 2020 and 2021. *PIU5 are (￿bOn c￿dI[S in mitsgarion of our carbon emissions 25 the units have puJrhased on the site will accumulaie over lime ro offset Ihe emissions already incunt(L Our Plus will be available on the UK Land Carbon Registry and available for pubknc sCrUt￿y. We have soughi high conservation/resiontion value scheme5 Ththere the projects are of genuine value to land0￿)e￿, and piibbc Access. We are wothg wrh ForesiGu4)on w.forcstcthoii.' k il Iheir sile at Fhthhaw on rhe ScoEtish Bordet5, bet￿￿en Lochetbie and Edinbu￿. They are pLthiing a good mix of native bm2d]eaves (Do￿nY Birch, Ofj Aspen, W￿0w, Alder, Scots Pine, Row￿, Thomyscrubl since Spring 2021, and scheine ￿ supponing flood miiigatloii, llnproved wier qualiryand Thqldlife. It pedestriRti access IhroLgh the r)0d1.￿d site aLMI being ￿ S¢otlTh¢ d Ihere ￿ the rishi 10 roam- Including for us ai British Exploring SOC￿tY. We liope Ihii rhis be of prognimmitic/knoTr4edge value as the 51te nutures. Our people. We will not be 1% ble to deliver on our mission and vision withoui The skills and C£ipabiltties of a more divetse and inclusive workf0￿e and conununiry. We h1ve changed our approach to recruitment, and altered some temls of employmeni in ottler 10 suppon a more diveTre workforce, We sidl have much more to do. We are grateful for the support and challenge of everyDne who is helping u5 along the way. Voliinteenng is core to Bniish Exploriiig Societl5 commiiniry and to its impaci. Pn)fessional volunteering expltcitly ind implicitly supp02ts the delivery of key ouicome5 for Ihe Lhanty. The charity has Ihrived - and (kpended- on the suppon and contribiiiion of professional volunieers in making back-ofEice delivery possible, too. BRITISH EXPLORING SOCIETY A Lymp.'ithy lirtjited I?￿ xiiarJnttL artd nrji havinE ¥hJrt capital. The lirgesr gift we receive each ￿ar is the chAriti1ble donaiion of hou￿ worked we receive from our professional voliinteets. In 2022 Ihis was valued for audii at £170,014 (2021.. £127,600). 98 volunteer professional L£aders F,xpert5 prepared lor and participaied in induction and training. 78 participated in expeditEons in the field in 2022. We also benefit from a wide ￿nge of professional skills gifted to us to support our strniegie developmeni froTn our for their support wilh risk managemeni, slrntegy and che sourcing of kit siores. We welcome young people froni nght across sociery. The n)ain beneficiaries of our work are 14 - 26. Our Explore￿ and Adven[ure￿ reprEsent an mclitsive, divet3e cross seLiion of yt)ung people from a wide range of con]munities and experiences of adolescence. We are proud to offer opp)rtuniiie5 for those livmg in foster care, leaving care, the neun)diverse and those living will physical llnpairmeni as well as Ihose growing up in communities identified c1S facing multiple d15advantages. Many young people are introduced io us by trnsced partners who provide Invaluable support throughoui the lime the young people they refer spend with L￿. 450/0 of our Young Explorets in 2022 - where we IL2ve access to data - are designated as re51ding in areas of deprivation. The ITrdices data we use excludes SLOtlclnd, so the °/0 of depnvation we dec11< Ird ll] 2022 would be higher if Scottish postcodes were cluded. The niimber of young people ihar find us Ihrough our community rerna￿S signiEicani. with 23 joining us this ￿&r through lamiLy and frien&. Out pattncrs PallneJ5hip working helps us ￿￿ch and sUPPOrt more marg￿lI1$ed groups. (￿r L£ader roles in 2021 were in part Eilled by siaff seconded from refetting pallner O￿anIs2(10nS including Catch22 and tcomes Fit51 Group. 57Vo OE Young Exploret5 were refetTed to ￿ chn)ugh our network ol schools, wuih OLEanisacion5 arld partnetships this year. Our Impact Young people need Ihe skills. behAviours, and confidence ro make good deci510ns, seize opportunities and t7￿ clde contemporary Lhillenges. In asse$5ing our impact, we consider our success in siipporting y)ung F￿0Ple in securing tIL2t conFidence and those skills and in recognising the value of those behaviour5. 11]e inipact OF our work is alwa>s Set against the backdrop of considerable change ￿ young peoples lives. We use a combinacion of q￿n[l￿[ive and qualitarive evidence co give us a more complete na￿lIve of the difference our progrnmme5 make. Socio-economic daca. The My compass iool; The Short Warwick-Edlnbu￿h Mental Well-being Scale. Real Lrfe Siones. Outcomes of My Compass - across all expedition programmes This yEar, the greaiesi significant avernge differences in inteNa]s reported by Young ExploreLS using the My Conipass iool across all prograinnies were in relaiion to M7￿ king decisions thai TLiairer, staiqng on Irack and in comniunication. BRI'I'ISFI EXPLORING SOCIETY A c()fftpany limitcd by guarantee t14>¢ wliaTC capital. The Short Wanvick-Edinburgh Mental Wcll-bcing Scale Using che Short warwiCk-Ed￿bilrgh Mental Well-Bemg Scale our ExploreLS reported thelli rge5t average interval change m re]aiion 10 being useful and feeling close to people. We also consider how often Ihe CO￿ My Cnmpass themes are spx)ntaneous referenced byyoung Explore in their Anonynous feedback to ￿ at tlie end of cheir programme. From Ih15 we cali see Ihac che world and me, confidence and people ana Ine, problem sOlv￿g 5tswd oui ai by lar the highest frequency of reporting. Programmes and core activities in 2021/22 710 JDung people benefitted frotn our work duIing the financial Icar. We delivered 6 ftill scale expedition pry)graiiu￿s m the UK and Ove￿e&S ￿ Ihis JEar. Att oveL5eJs prograiiunes include&. A UK training weekend A UK Iraining expedition week An over%e2s phase of 3 or 5 wee Nexc Steps reflection and presenraiion day We delFvetTd Expedition Workhops and WildestRn Adventures at poinr5 throughout the ￿ar. Our ￿￿ldernesS programmes in 21/22 we￿. Pinnacle in Siberia UK Explore￿ Spring in Scotland Dangoor Next Generaiion in Iceland 2 summer expediiions - in KryEYZ5un and ihe Yukon, Canada. 2 back-to-back expediiions in the Higldand5 of Scotland. PinnaLle Siberia h(1rch 2022. 4 weeks OVe￿e￿. 9 Yoiing Explore￿ and 4 Leadets were recmited m 2020 and then look part in emensive engagemeni and on-line tnining sessions ￿ prepiraiion for our fitst expediiion io Llke Bai]ol, which i5 ihe largest lthe in the world by volume, and frozen annually from Januaryto May. This programme - our most challenging - generously SUPPOLted by Sandy and Zorica Glen Charitable selllement, was repeatedly postponed by world event5 until Febnmry 2022. Dunng the cOu￿e of postponenieni we look the opportuniry 10 work wilh the (e.1m tv 1(lapi our Iravel plans to reduce our greenhouse gas emission5. The ieaiii travelled by Trnn5-Siberian radway from ￿￿SCoW to Irkutsk The prognmme was for joun]eiing expedition - snow and ice travel and camping and field science and 2 winTer travetse across the frozen siirface of Lake Baikal dealing very exireme low temperniures. The expedition was io be condiic(ed on the frozen siirface of the11< ke with minimal aciivity on the sunDundll]g land. The team rnvelled safely to their destination, biit their cold weaiher kit was frustratingly delaied at Heaihrow. FolloThryng The ouibreak of with Ukr3ine. Ihe emba￿0 on flights meant Ihai the Itii could noi be despatched to Ihe team, Ihe exFtdition had 10 be CUll1¢ iled and the team brought home (wichout ]ncident). BRITISH FXPLORING SOCIETY A company limitid by guthranttt atjtl rtni hthviÈJ% 8hAre cdpitdl. UK Explorers SprinLTr 2 week in Scotland .27 Young Explore￿ and 13 L£adeis. The Inining weekend for tliis prOg￿mMe had 10 be cancelled at very late notice diie to Seve￿ weaiher wamingys, and The expediiion iiselt also faced very challenging weaiher. Tlie progrnmme was based at Insli Scoui QTnp in the Highlands, which is adjacent 10 Ihe river Spean and is an open meadow surrounded by wooded areas. Dangn()t Next Generation Iceland 3 weeks oVe￿eaS. 29 Young Explore￿ and 13 Leaders trnvelled to Icehnd. We are very pleased io work in partnetship wilh &cch-22 To deliver this progrnmme and ￿maIn indebred 10 the Dangoor famity for their 5USta]ned 5UPPOrt. In 2021, we delivered this programme in Scotland 10 meet the restnctions imposed duting COVID. Thi]st this was verysuccessful, we were very pleased to be able to reium ro EcelJnd in 2022. The expediiion provides opportiinities Eor trekking, Including river crossings. We work ￿ an area of Nonh East Icelmd which includes Ihe Askj'a Volcano and sunK>unding lava field5, Sellandaljall Mountain, Aldeiiarf055 waterf.ill and the southein edge of L1ke Myvatn. Base CArnp is locaied adjaceni to che Siidiira River 3km fn)m Ihe neare51 settleineni - Svirtarkot Fann- on whose land the team are b1sed, LhanLs co Ihe ongoiiig genen)51ty OF the Landowners. Kyrgyzstan 2022 5 weeks ove￿e&S. 18 Yoiing Explore￿ and 9 Leaders "Ihis is oiir titst cxpediiion 10 Ihe area- and therefore ihe routes the ieam investigaEed were genuinely exploraiory. li provided OPPOLiunitie5 for high altiiude trekking b￿{ ed ￿ the Naryn region rowards the 50uih of K￿$tan. Although generally iemperate, weather can be Change7￿ ble and Ihe team had to expect snow parche5 espec1111y nearer summits. Base Cimp was in valley siwated at the Notthern- F.asiem end of Ihe At-Bashi moiiniaui raiige ai an 1f Iiiiude of 2756 metres and the terra￿ Èncluded niountiin ridges are steep temin includll]g gThss plains, rocK scree, and poieniiaS for Ice. Yiikon 3 week and 5 week progr,Imme ove￿e2$. 38 Young ExploreL5 and 19 LeJdet5. Base lll Ihe Yukon 'I erritory of northwesiem Canada, 11 provide5 trekking and canoe-based nver joumeis OF lip to 3 days. The team used a base camp on privately owned Lind arolind Dezadeash Lake, situaied approximarely 50km south of Haines Junciion. The ceam Irekked In Kluane National Park and Ihe siim)unding area. The park is hoille 10 canada's highesi peak (5,959m Mount Loyn) and its la￿est ice field. It is well-known for ils fania5ric scenic landscape and there are glacie￿ ￿ the far west of the pado The entire area of Ihe Yukon is home to abundani Bryldlife including black and grizzly bea￿. Hartz SLottish Explorets l and Hartx SLOttish Explorers 2 each 2 weeks in Scotland. 51 Yowig Explorers and 18 Le1( ders. Fhrtz Scottish Explorers 2022 expeditions were delivered from 1 tnse camp in Ardtalnaig, on Ihe banlts of Lnch Tay. Fires had Ihe chance to partiLipJte in multi-￿Y canoeing exFrdLiions on the Loch where there ire several small islands for exploraiion and Trekking expeditions in che hills wrh the areas knth on che North and South sides of Loch Tay avadable for exploraiio Wildestaii Advcntures. 3 adventures. 33 participants. Xle ￿'ere tnalliiig new approaches to delivenng Wdde51an this year, to embrace 'post-covtD' wajs of woi'king. Each live, inieraLtive virtiial adventure hosted by one of our professional LeadetE, called an Expert, and was Ehemed around- and wE]ere possible delivered in-the wildemess. We use as much as we Cin of the S¢1me mix of Adventure, Knowledge and Peftsonal Developmeni as we do in the Hqldemes5 CO engage yoiing people in lively activities. io BRITISH EXPLORING SOCIETY A er)mpany limi¢cd hy gii&tiinlcc and n()I hAVLn&Tr ¥hare L'dPjt41. Expedition Workshops Novcmber 21- October 2022. 478 y)ung people attended an Expedition Workshop ￿ 2021/2. We worked iii partne￿hIp with schools across England and Scotland 2nd visited 7 locations. LAst￿g a full moming or atiernoon, using 'real' resources From our expedition planniiig processes, we worked qih L£aders to design active yarticiparion work5'hop5 for secondary schoo]s. The workshop5 were designed io. provide valiied content and sL4nd-alone leaming develop decision-making under pressiire and support stt2tegies for positive well-betng present new and relaiable adult role-models dispel myths -about fitness, suiubility, Trnd Ihe pu4x)se of modem adventure and exploration have Fun and leam in an exctting coniext, as we do on our plligrammes. Young people were asked after each Workshop to provide feedback on whit they had leami, what they enjoyed and whai Ihey would change: Financial Review The Statement of Fmancial Activities is shown on page [24]. 2021/22 been a challenging >tar for Bntish Exploiing Socieiy. folloTring a successful prior yeir, when the charity boktered its reserves following ihe yandemic, the fund-raising environtnent became miich more Challeng￿g. Indeed one well known and long 51anding ouidoor experiences chariry was forced io cease trkding. We have nevertheless received continuing Support from our core don0￿ and othery &$ a result of Ihe steAing work by our fundtaising team. The Developtneni Board has COnt￿ved 10 raise Sig￿lC￿nt sums and has o￿an]Sed a major event to celebraie our 90 annivetsary, with son* funds recetved prior to the lear and further contnbuiion5 shortly aFterwards. Briiish Exploring Society gene￿ted £1,571,104 OF income (2021: £1255 J62). The roial cosi OE our charitable accivities amounted 10 £1,622,872 (2021: £1,176,344). There was net deficit on the U[￿es1￿Cted, tEstricted and endowmeni funds of £51,768 (2021.. £79,018). The Council confirms ihat the chantys assets available and adequate to fu]Fil The financial obligations of che Society. The rnain aLtiviiies in the TrE2r to 31 (kiober 2022 are out]ined in the sections above. The income aiid expenditure of the chariry are reflected In Ihe Statement of F]nancial Activities on page 24 of these fin2nciAI STatements. We have made considen]ble effons 10 provide relunds 10 wung people where expeditions did not pn)ceed due to the pandemic. Where young people have either not soiight che refund or are consideiing 'carying oveF their coninbuiion, any unrefunded balances a￿ held in credito￿, as seen ￿ noie 9. Investment Policy and Perforniance In accordance with the Atticles of Association, Ihe Coiincil has the power to invest tn such siocks, shares, ves[Tr￿n[S and property a5 Ihey see fit. No fund managers are cuTrently engaged. li BRITISH EXPLORING SOCIE'fY A Lyimpany l¥niiiLd lry ¥uAiantee and nni haviiig sharc i#pital. Resetvcs Pulicy 11]e Reserves policy Is implemeiited with other govemance and finincial Lonirols and is iniended to siipport rhese policies and the goals identified in Briiisli Exploring Socieiy sirniegic and operational plans. Ihe mininiiim atiiouni io be de51gniied as Reserves is desigiied EQ be enough io nL11ntain ongoing operations ind progranunes for a set period, measured m months. The L1tEec minimum is equal to 3 monihs of average ope22ting cosis. The mximiim level of Ihe Reserves is eqiiil to 6 monihs 0Frra1￿g cost. Ihe Rese￿eS targei minimiirn will be CalcU￿ted and agreed each ￿Ar alongside approval of the Anniial budget and will be ￿Lluded in regular financial report￿g. The level of the Reserve5 fund miisi be dwamic, will be reviewed by Finance Q>mmittee, and will be adjusted in ￿SPonse to inten)al and extemal changes. For the pury)oses OE this p)licy Reserves are deEined 1s Unres￿1Clea incoine funds less the nei book value ol t2ngible fixed assets and less any regerves designaEed for 5￿COlL puwoses by c￿uncl1. Resetves woiild normally expect to be represented by freely available cash balances, bank deFK)sits and oiher liquid vestments as adjusced by Ihe b,.Ilance of short-tem) working capital items wlllch are expEcted to convert into cash iietn5 In Ihe near future British Explonng Society sets as a requiremeni the addition of Reserves equivalent to one rnonih's Operal￿g costs over a ￿ar if our Reserves stand at less than six monihs worth of operacing COSLS ai It5 commencement, or io bnng Reserves up to three monih5 Worth of operating c051s rf at less than three monihs ai Ihe begÈnning of the Jear. The curreni calcLilation of average monrhly operating costs incllides all recuning, prediciable expenses siich as salaries and benefits, occupancy, Iravel, programme delivery, and ongoing professional Se￿ICeS. Depreciaiion, in-kind, and other non-cash expenses are not included in The calculaiion. The balance held as unrestricted funds at 315t October 2022 was £285,588 of which£229,456 are ￿garded as free reserves, afrer alloTring for funds tied up m iangible fixed assets. The balance held resiriLied and endowmeni Funds at 3 Isi (kiober 2022 w5 £490,811. During Ihe ￿ar 10 31 October 2022 Ihe Iirget minimum reserves level OE three months, worth of operntiiig costs bre1< ched, which led to the activation of more regiilar revieNNs by the F￿ance Cnmmittee in line vnih esublished policy. Ai Ihe 31 Cktober 2022 reserves siood al approximately [2.7] rnonih5' wofTh of avernge operaiing costs. The 90, anniversary fund raising event shortly after the end of the fmanci21 ￿ar led to an mcrease in reseNes such thai had additional funds raised been ￿cluded ￿ our accounis as of 31 Cktober 2022 then Reserves woiild have stood above che mmimuni taoet Reserves level. Nevenheless, the Fin¢lnce (DinTJiifLee and CouncJ ill remain focu55ed on Ihe level of Reserves whilsc Ihe chJllengtng fundraising environment pe￿IStS. 12 BRI'I'ISH EXPLORING SOCIETY A eompJny limited hy gts*tyntLC and not hawi]¥ %harc Capital. Structure, Governance and Management Our CDwicil is uliiinatelyaccoiiniable forihe effectiveness of che charityll] Ilie achievement OF its Pu￿Ose. The Q>uncil's pnn]ary respon51biliiies relate to policy, sirategy and perfonnance, meeiing, or exceeding standards in all areas of statutory regulation, fIn￿CIal perfomllnLe 1r nd Ihe S7￿ fety and well-being of everyone, particularlythe Joung people th2t the charitywodts Triih. The executive team under the direction of the Chief Executive Officer is ￿spOnsIble for Implementing policy and strategy. The executive ieain and (hief Executive OEficer design and deliver opeL2tional plan5, Man1￿ ge risk on <1 day-to-daybasis, make recommendt1110ns 10 Council ll] all areas OF aciivity, and 1re accounLable co thuncil for performance aga￿51 all agreed perfornunce indicato]s. The responsibiliry for all activities towards the achievement of the chanty's charitable putTK)se which take place Ove￿e#S duiing expeditions is delegated to concrncted volunteer Chief Leic dets. As of the end of Ihe financial year. Ihe charitywas employing 15 full-time and 3 pan-time emploiee5 who manage the direction and day-10-day administrntion of the charity. N(Iny Voluntee￿ offer Iheir services regularly or on an ad hoc basis and assist Thunci] 2nd staff. A significant Trumber provide specialist professional services ro the chantya5 a donation. mellibe￿ of G)uncil meet tEgularly in pet50n or remotely) at a full Q>uncil meeting (minimum four per aEmum) or by way of 5uIFcommittee Tneeiings, to nunage its affaits. Individual Council rnembe additionally dedicate their Litne to ove￿ee specific areas OF iciivityto slipp0￿ the executive staff team. Council From lime to time a]so appoints Advisors to the Board. These a￿ Individuals with expetti5e in a￿aS of strategic significance to the ch2riryand are listed on the website of the chJriry. They have no fiyed tern] of office. The G)mpanyis limited byguarantee and governed byArticles of Associaiion which were updared in 2017 at its AGfvL Membets of thuncil, listed on page 3, are the directots for the purposes OF the Companies Act 2006 and tnLsiees for the pU￿oSe5 of the Charities Act 2011. Membets of the Council are appomied at Q)uncil or at the Annual Genernl Meeting each ￿ar. Since the Thmpanyis limited byguarantee, none of the membe of the G)unci] has any beneficial interests ￿ sha￿S in the Company. The G)uncil is enittled to propose candi guatantec and not having Bhare cApiiAI. PoliciL¥'. Archive Minagement Confticts of Interesi Complainis Policirom Da Protection Environmental Policy EThical Fundraising and Partnetships Ethical Expeditions Policy Eqiiity, r)ivetsiry and Inclu510n Policy FellO￿h1P Policy Finance Pojicy and Procedures Healih & Safety ai Work Membership Policy Phoiography and Filming Policy References Policy Rese￿eS Policy Risk Management Policy Safe Policy safegua￿Ing Policy Procedutts NqP VL%Its visito￿ Policy istleblowing Policy Take Down Policy Opet2tions Privacy Approach to Managing Risk The chariiy must manage rwo caiegories of risk. those to itself nd d]ose io Ihe L£aders and yDung people who pirticipate on its programmes in and remote areas. G)uncit is ￿ spon51ble for the oversighi of borh. The Execuiive work ￿ryth G)unci] to agree risk appetite and tolerance on a d￿lm]C, case-by-c&%e basis. EfFective govemance and ove￿igh[ of iisk provide assurnnce that Bricish Exploiing Societls acikvities will noi be advetsely affecied by prediLLlble iisks. which in tum reduces the likelihood of iiot achieving stntegy, or Ihe oLcuntnce of maien¢il ll]cidents ihac could l]ave a signific&ni Impact on Ihe cliariils reputiiion 'ind financial SUsta￿abl[lry. Q)unca members and the Chief F,xeC￿lve,S senior leade￿hIP team identify risk5 to British Explonng Society. The major iisks are documented, moniiored by Ihe Senior leadeJ5hip team on a coni]niious basis, and reviewed at each CounLiI meeting. An Operations sub-comtnLttee suppons ihe Execiitive ieam in Ihe oversight OF risk m relation to programntr developmeni and delivery. Ai leasi two Council niembers seLve oli this committee. Areas affecred by tisk inc115de programmes, finances, governance, operaikons, insurance, compliance with law and regukniion, and extemal perceptions and re]ationships. Prugrdmme risk n]anagement procc58 The Chief Executive, sUPW)rted by the Head of Expediiions and their Expeditions N&nage￿, is responsible Eor e511¢ bli%hing and operaiing a sistem For managiiig progrnmmes and their associaied tlsk5. On expediiion, this is delegaied to thief L£aders, who as igents of the charity are responsible for the s>stem. This S￿te[n incliides checking compliance wirh Bniish Exploiing Society sundard opernting procedures {SOPs). These cover all techniL1t l ￿peCts of prepaIing and delivenng a prog￿mMe a￿d the standcirds and skills expecied of Leade￿ and ￿K￿rts including [he￿ ability to dynamically assess and manage the changing tisks to which an programme may be exposed. SOPS are reviewed by the Bnti5h Exploring Society senior le<1dership ieam and technical adviso￿. They are updaied In the lighr of prictical experience and changes in priiciice And regulaiion. Individiial risk rnanagemeni plans and Lontrol measures are a]so subjeci io mtem)gation Ihniugh a tatEeied desk-based process of research which Conside￿ environmental, polirical, Ind other risks which we may not have been previous5y encollnte￿d in the field li￿t prior 10 departu￿, 14 BRITISH EXPLORING SOCIETY A company limitcd by guaranlce and nui having ¥h#re Capjtal. Expedition Leadership An expenenced, capable Thief Leader is the bedrock upon which a sife, well-nunaged programme is founded. The Chief Execuiive, Head of F.xpediiions and/or Expeditions Managers quesiion each candidaie aiiel LEJder at length and satisfy themselves abotsi cheir abiliiies and expenence before appomttnellt. ltse British Exploring Society executive team reserves the nghi 10 require a Chief Leader to stand dolvn from expediiion leade1￿hIP at any poini rf they hive reason to believe thii rhe Individual can no longer effectively manage djnamic risk assessmenr in rhe field or support Ihe delivery of wider chantable objectives to the appropriate stsn￿ra. The responsibility for selecting and developing a stn)ng, cohesive expedition leadership team which unde￿tandS rhe ethos and expectations 0£ Bntish Exploring Society, rests with the a]ief l£ader, Head of Expediiions and Expeditions NL]n1ger, and is ovetseen by the Chief Execuiive who ￿pOrtS to Q)uncil. Each Chief L£ader works closely Ihe British Explonng Society of£ice thK)ughout the planning process. Theya55ess iisks relevant to programme objectives, client group and environment, and, followng the relevant openating procedures, develop a comptrhensive sei of plaDS Including for communicacions, major incidents, and medical etnergencies. The nonjinated expedition lead at Bri(ish Exploring Society reviews che risk assessment, L[￿erary and pLins. Before each new progrnmtne, ExploreLS, Ltadets and Experts trained to identrfyand manage nsks. At the start of a programme further training is given. A Chief LEader, liaising ￿￿[h the Briiish Exploring Society ofEILe in London, adapt their plans, risk asSessn￿ni and conirol measures to suit the circunutances tn the Field at the time. Programme tisk matsagcfftcnt oversight Council Membe￿ moniior processe5 and review the Chief Executive's assessment of the ￿laineSS of each P￿grat￿Me to commence before authorisation. 'CDnsenr io deplol is usually delegated 10 the OEtrations Conunittee. G)uncil rnernbe￿ mayauend participani [ra￿ll￿g or spend time in the field. CA)uncil reviews p05t-expediiion reFX)ns and perfomvnce dat2 and remedial acrions to be incowraied ￿t0 fuwre pknnning. This ensures that the charitvs S￿reM for ideniifiqng and managing risks to I￿ade￿ and participants on ils expeditions and to the charity are robust and transparent. The charity is a member of Ihe Expediiion Provide￿, Association. Ltaming Outside the aassroom, its aLcrediting body, assesses Ihe follo&wig areas to seek asSUr￿ce about expedition risk. British Exploring Sociery siandard operaiing procedures and the risk management process. The expedition5/operations tean The ￿0 as risk rnanager, Technical advisots who support the design of policies, procedures and miiigation of risk. Chief Leadet5 as agents in the field. G)mpliance with British Standanj 8848. and Membets of G)uncil monitoting all stages of an expedition. Briiish Exploting Society's Cnuncil and its OpeL2tions subcommittee is saiisfied that Ihe charitqs ability to identrfy, manage and review iisks 10 Ihe safew of expeditions and progrnmmes is sound and worked effectively in 202112. 15 BRITISH EXPLORING SOCIETY A Col￿partY limited by &Duaraniee #nd nul haN'ink.hArL Capltal. Financial Risk Financi<11 nsk represents the risk to the charity of having insufficieni funds 10 cany out its conunitted chaniable ¥1¢tiviiies, due io over-reaching in plaiming such actlVEiie5, insulEicient fund-raising or genernl poor managemeni or funds and expenses. ￿)i￿CIl n)itigates finanLial risk ihrough Ihe appointment of a finance sub-committee of Coiincil chaired bythe Treasurer, which meeis appff)ximatelytwo weeks before every Q)iincil meeiing, and in Ihe eveni Ihai Ihe ta￿e1 minimum Reserves Is noi inei ihen more Freqiienily. Executive suEf present the l.,Ite.Ei accoi￿Lts, forecasts and Ope￿ting data for review and cross-checking by the sulFcon]mittee before such infonThiiion is submitted to &uncil. membe￿ of the sub-committee can request ad hoc repotts on financial ,Ind oper,iiiiig matters. The finance sub-committee Is given delegated auilionty 10 n)2nage the deposits and investments of Ihe Socieiy. The Chwity's F,inance Poliiy and Procediires and Reserves Policy are reviewed innik1lly. Public Benefit, Fundraising and Council Responsibilities Statement of PiibliL BLllL.fAt Ihe tnistees have iaken due note of their re5ponsibiliiies, under the a￿rity G)rnmission's guidance on public benefii ¢1nd are confideni of tlie lliipaci of Bntish Exploring Sociery in rhe folloW￿g areas.. The advancement of education Ihrough the development OF individual capabilities, competencies, skills and understanding; The relief of those in need because 0£ disadvantage through specrfic programmes to provide progression opportuniiies for yDung people most at iisk in society, The advancement of community development through rhe aciive promoiion of voliinteeting and civic re5ponsibiliw, The advincement of science through research, and indeF￿nden[ research projects. and The advancement OF envirorllnental protecrion rhrough the promotion and better undet5tanding of su51ainable development and blod1ve￿I[y. Statement of tesponsibility in rclation to fiindraising Briiish Exploring Socieiy lakes its duiies in reL11ion (o fundraising under Data Privacy and Protection regulaiion and per The Code of Fundrnising PractELe seriously and is regisiered Trryih the Fund￿15]ng Regulaior. The C£)de of Fundraising Ptactice outlines the stan&1rds expected of all charitable fundraisinE o￿anIs2t10nS across the UK. Those siandards were developed by the lundraising communicyihrough rhe work of the thartered Insiiiuie of Fundrnising (aoF) and the Fundraising Regulaior. thuncil ha5 overnll accountability For fundraising st2ndarLORING SOCIFTY A L'cimpany limiicd hy xiiAranlci nut h#vLnx ￿hdre Lapiial. Other information The oiher Infnmution comprises the i1￿0M￿l[lOn incliided in ihe tr￿lee5, annual report, other thin the financial statemenis and our aiidiior's report Ihereon. 'Ihe Iru51ee5 a￿ ￿sponSible for the other infom)ation contained wiihin Ihe Annual report. Our opinion on Ihe financial statements does noi cover the other infornution and, except to the emeni oihernry5e expliciilystaied in our report, we do not express any foml OE assurance conclusion thereon. n connection with otir t1udit of the financial staiements, our responsibiliiy is io read the other infommtion and, in doing so, consider wheilier Ihe other in£orn]ation is materially inconsistent Thith ihe financial staiements or oiir knowledge obtained in the aiidit or othetrnise appears to be maierially rnisstated. IE we identify siich M￿1[enal inconsisrencies or appareni maienal misstatements, we 1re required to deiernline wheiher Ihis gives tlse to a matenal n]issLitenient in the Einanciil statements the￿elves. IF, based on ihe work we have perfonned, we conclude thac there is a maienal rnissrarernent OF this other infomution, we are reqiiired co report Ihai faci. We have nothing to reEX)tt on this ￿gard. Opinion ()n other mattcrs ptC5Ltibcd by the Companies Act 201)6 In our opinion, based on the work undertaken during the audii: the infonnation given in the trustees, repoii for the financial TrEar for which the financial statements are prepcired 15 consisceni Voiih Ihe Iinanc11¢1 statements. and Ihe trusiee s ￿port lia5 been prepared in &CLordance with applicable legal ￿quIrements, Matterq on which we arc requited to tcpott by cxception In the light of our knowledge and un(ktsunding of the chanuble cotnpany and its environment obtained during ihe audit, we luve noi Ideniified ￿ten￿l misstatements in the Trustees Report. We have nothing to repon ui respect of the following Matte￿ in relation to which Ihe Companies Act 2006 reqUI￿S LIS to report to you if, in oiir opinion: adequate accounting records have not been kep4 or rerurns adequate for our audit have not been received Erom branches not visiied by us. or the financial statements are nor in agreetnent with Ihe accounting records and retums. or certatn disclosures of directo￿. remuneration specified by jaw are noi made. or we have not received all the infonrotion nd explanarions we ￿qUIre for our audiu or the I wstees were not entitled to prepare the Financ￿] ststements in accordance the small companies, regime and take advantage of Ihe small comPa￿es, exemptions in preparing the Trustees, report and from Ihe reqiiirement to prepire a Strategic tEport. Responsibilities of trusteL's As explained more fully in the tNs(ees' responsibiliiies staiement sei out on page 19, the t￿￿teeS {who are also the direcc0￿ of ihe cliantable company for the piilposes OE company law) are responsible for ihe prep1raiion of Ihe financiql statements and for being sat￿(lea rhar Ihey give a Irue and fair view, and for such iniem21 control as Ihe tnistees deiermine is neces5aryto enable Ihe p￿ParaTIon of Financial statements th¥1t are free from nuierial mtsstatemeni, whether due 10 fraud or error, 20 BRITISH EXPLORING SOCIETY A cumi)thny liinittd by &kiidr&iJtee aijd iiut havin% Bharc cApitJl. In preparing the fin1c ncial siaiements, the trustees are responsible for assessing ihe chantable comwnrfs abiliiyio coniinue ￿ a going concem, disclosing, s applicable, ￿t(e￿ rel.,iied to going concem and using the going concern basis of accounting unless Ihe rru51ee5 eiTher intetLd to liquidate the charitable company or to cease operaiions, or have no reabstic altemative but to do so. Auditoes responsibilities for the aiidit of the finAnLial st'dtements We hive been appointed as auditor under seciion 145 OF the a]anties Act 2011 and report m accordance ryih ihe Act and relevant regulations made or having effeci the￿under. Our objectives are to obtain reasonable assurdnce about whether the financial statements ire free from niaterial missiaiement, wheiher due to fniud or error, and to issue an Aildilo￿ report th1t includes our opinion. Reasonable assurnnLe is a high level of assurance but 15 noi a guarnntee that an audit conducted in accordance with ISAS (UK) will alway5 delect a material misstatement when it exisrs. Misststements ca arise Erom frnud or error and are considered material if, individually or ￿ the aggregate, they could reasonably be expected to influence Ihe economic decisions of user5 taken based on rhese financial statements. Irregutarities, including fraud, are m5tance5 of non-compliance with and regulation5. We design procedures ￿ lirie with our responsibilities, oiitlined above, to detect maietial rnisstatements in respect of itTe￿lIantleS, including fraiid. The exteni 10 which our procedures a￿ capable of deteciing iffegularitie5, including fraud is deuiled below,. C.oPdbility o]'Il)e duili/ ill del¥6'liThg iiyYgiiknp¥lies, iiL£'/iidiiEg./iyiÈd Based on our unde￿tandIng of the chinry and secTor, and through discussion wich the rtU51ees and oiher managemeni (as required by aiiditing SL1ndards), we ideniified thai Ihe principil risks of non-compliance wilh laws ind regulaiions relaied ro healili and safely and eTnployment liw. We considered the exteni to which noncompliance might have a nuterial effect on the financial staiemenE5. We abo considered those law5 and regu]ations that have a direct impact on Ihe preparniion of Ihe financial statements such as che Companies Aci 2006, Chaniies ACE 2011 and the Statement of Recommended I'raccice. We communicated ideniitied laws and regulations throughout our team and remiined alert to aThy indications of non- compliaiice throughout the audit. We evaluated management's incentives and opportuniiie5 for fraudulent manipulation of the financial statements (including Ihe risk ol ovemde OE controls), and determined (hai the principal ii5k K]5 Telated to posting inappropriate joumal entnes to increase income or reduce expendiiure. Audit procedures perfornied by Ihe engagement team included.. Discussions with management 2nd assess￿￿nE of known or suspected instances of non-compliance with and regulaiion5 (Includmg healih and safety) and f￿Ud, and review of Ihe reports made by managemeni. and Assessmeni of identified fraud risk factots. and Reading minutes of meetings of those charged wilh govemance and reviewing correspondence with relevant regulatory auihorities. and Perfomiing &nal￿1Cal procedures 10 ideniify any unusual or unexpected relationship5, including ttlated partyiransaciions, Ihai may indicate risk of material misstatemeni due 10 fraud. and Confinnation of related parties wilh nLinagement. and review of trnnsactions thn)ughoiit the ￿n0a to identify any previou51yundisclosed transactions with related parties outside Ihe nomvl cOu￿e of business; and Review of significant and unu511al transactions and evaluation of che underliqng financial rntionale supporting Ihe IransaLtions' and 21 BRITISH EXPLORING SOCIETY A compuny limitcd by &warantLc and ni)I having %h&re capital. Identifiqng and testing joiimal eniries, in patticular any manual entnes ntsde at the year end for fin¢illcic11 staietneni prepnr,iiion. Beiause of the inhereni liniitation5 of an audit, there is a tisk that we Bqll not detect all irregulancies, cliidjng those leading to a material missiaiemenc in Ihe financial staiernents or non-compliance with regLi[￿ll10n. This risk increc1ses rhe more Thal coinpliance w]Ih a law or regulation is removed Irom Ihe evenis and t￿n$l¢tIonS refleLted in the fin￿1ClaI S￿ementS, as we wkll be less likely to become aware OF itL5t..InLes of non-compliance. Ilie tisk is also greater rega￿Ing irregulaniies occuning diie To Ernud rather than error, as ft2ud involves inteniional concealment. forgery, collusion. omission or misrepresenttation. As part of an audii In accor(lance Thryth ISAS (UK), we exercise professionaj judgment and mainL1in professional 5cepticism thtr)ughout the audit. We ako: Identily and assess the risks of m&teri&l M￿StaleMent of the financial staremenrs, whether due 10 fraud or error, design and perfomi audii procedu￿5 responsive to those r￿kS, and obtain audit evidence ihat 15 suFficienr and appropnate to provide a bisis for our opinion. The risk of noi detecting a material missiatemeni resiiliing from fraiid is higher than for one resulting from em)r, as fraud may Involve collusion, forgery, Intentional omissions, niisrepresentations, or che override OF intemal control. Obr1¢ In an understanding of intemal control relevani 10 the audii in order 10 de5Ign audLI procedures that are appropriate in the circu￿lances, bui noi for the puwse of expre55ing an opinion 0£ the effeciiveness of Ihe chaniable comping5 Intemal control. Eval[￿le ihe appropnateness of accowiting policies used and the reasonableness OF accouniing esiunates and related disclosiires made by the Tn￿tee5. ncliide on che appropriateness of rhe Tn￿rees, use of ihe going concem basis OF accounting and, based on the ciudii evidence obtsllied, wheiher a maierial uncert2inty exists related to events or conditions that maycast significant doiibt on the charitable comptllP4fty limiieit by &triiarAtttee attd h4vin¥ ¥haTL' capital. Use of our report This report is made solelyio Ihe charitable compan15 [nernbe￿, as a body, in accordance ￿Q1h Chapier 3 of Part 16 of Ihe Thmpanies Aci 2006. Our audiE woA( has been undertaken $0 that we mighi stace to the chantable companls Membe￿ those matteL5 we are reqiiired to state to them tn an Audiiors, report and for no oiher pu4x)se. To the fullest exteni pertnicced by law, we do noi accepi or assume responsibility to anwne ocher chan the charitable COTnpanyand its men)ber5, #5 a body, for our audit worK for this report, or for the opinions we have fonned. Stephen Tanncr BSc(Econ) FCA, Scninr Stattitory Auditot For and on behAlf of Ktestoft Reeves LLP, Statutory Auditor 2nd Floor 168 Shoteditch High Street London EI 6RA Date 9 February 2023 Kreston Recves LLP is eligible to act as an aiiditor in tenn5 of section 1212 of the Companics Act 2006 23 BRITISH EXPLORING SOCIETY ST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 OCTOBER 2022 Unrestricted Restricted Endowment Funds Funds Fund Total 2022 Total 2021 Notes Income Donations 650,831 301,377 310 952,518 674,648 IrtromefroTh cha17table 17¢tiwlies Contributions from participants, Supporte￿ and swnsots, income from investments Other income Total incoming resOU￿e$ 85,127 1,189 1241 738,388 531,029 616,156 1,189 1,241 1,571,104 580,115 80 519 1,255,362 832,406 310 Expenditure Expenditure on rnising funds Expendirure on chatit2ble activities Total Expenditure 7,631 577,826 577,826 1,045,046 1,045,046 1.622,872 1,622.872 1,168,713 1,176,344 Net income/(expenditure)and net movemeni ￿ Eunds for Ihe >tar before transle Transfers beTween fwids 160,562 (212,640) 310 (51.768) 79,018 (206,964 (46,405) 206,967 Net income/{expenditure) (5,673) 310 (51,768) 79,018 Reconciliation of fund5 Total fund5 brought forwatd Tolal funds carried fotward 15 331,993 452,458 43,716 828,167 749,149 285,588 446,785 44,026 776,399 828,167 The $r￿ten￿nt of financial actLVlties includes all gair]s and losses recognised in the IEar. All income and expenditure derive from continuing activities. 24 BRITISH EXPLORING SOCIETY 5T BALANCE SHEET AS AT 31 OCTOBER 2022 BALANCE SHEET AS AT 31ST OCTOBER 2022 Unrestricted RestrACte Funds d Funds Endowment Fund Total 2021 Notes Total 2022 FIXED ASSETS Tangible fixed assets 56,132 56,132 76,536 Total Fixed Assets 56,132 56,132 76,536 CURRENf ASSETS Qsh at bank and in hand 138,832 446,785 44,026 629,643 734,440 Debto TOTAL CURRENT ASSETS 172,195 172,195 86,867 311,027 446J85 +1,026 801,838 821,307 CREDITORS: Amounts falling due within one year (81,571) (81,571} (69,676) NET CURRENT ASSETS 229,456 446,785 44,026 720,267 751,631 NET ASSETS 285,588 446,785 44,026 776,399 828,167 CHARITY FUNDS Endowment 44,026 44,026 43,716 Restricted income funds 446,785 H6,785 452,458 Unrestricted income funds 285,588 285588 331,993 285,588 446,785 44,026 776J99 828,167 25 BRrfisH EXPLORING SOCIErY The note5 on pagc 28 to 38 forn part of the fin*nciaJ st2tcmcnts. Tht financia] sraternents hair bccn prcparcd in accoTdancc with thc SFtci21 PT(Nrysions relxting to small cnmpthies within Part 15 of the Companies Act 2016. Thc fin3n021 sraiemcnts wcrc 2pprmved 2nd authoriscd for issue on and sign¢d on behalf of C￿uncl1 by: David Tillton lan Maginnis Chair I 11 26 BRITISH EXPLORING SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31" OCTOBER 2022 STATEMETrTT OF CAHSFLOWS FOR THE YEAR ENDING 31ST ocfoBER 2022 2022 2021 Net Cash used in oFtrating activities 16 (90,002} 74,889 Cashflow from investiftg activAties Interest 1,189 80 Purchase of assets (15,984) (31,509) Transfer of cash from invesTment Net cash flow by investing aCtI￿tieS 14,795 31,429 a]ange in cash and cash equivalents in the y (104,794 43,460 CAsh and cash equivalent brought fo 734,440 690,980 Cosh and c&h equivalents canied forward 629,643 734,440 27 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 ALLounting Policies Basis of accounting The financial staiements liave been prepired in accordance wilh Accounting and Rewrting by Chariiies: Sratemeni of Recommended Practice applicable to chariiies preparing their accounts in accordance Thqih the Financial Reporting Siandard applicable in the UK and Republic of Irel1￿ nd (FELS 102) (effective l January 2019) - (Charities SOIU) (FRS 102), the Financiil RePort￿g Stsnda applicable in the UK and Republic of I￿land (FRS 102) and the ComFMnies Act 2006. The accouniing )licies set out below have been consisiendy applied to all presented unle55 Otherwise stated. British Exploring Society meets the definiiion of a public benefit entity under FRS 102. Assets and liabiliiies are iniiially recognised at historic21 cosi or trnnsaciion value unless othervlise 5taEed in the relevant accouniing policy note. The financial statements have been prepared in sterling, which is the functional cuffency, and ire rounded 10 the nearest £ l. Inc()me Expedition contnbutions atr accounted for as receivable by ihe Q)mpany and recognised in fhe ststement of Ftnancial Acciviiies. except where they relate to an expediiion occuning in a laier year, when They are deferred within C￿ diiors and ¢￿dited to the StAteineni of Financial Activities in the Ear the expedition ukes pL4ce. Donations in kind or by way of donated equipmeni are accounted for on ttceipt, ai Ihe estimated value. Voluntary income and donaiions are Jccounted for on receipi by Ihe chanty and recognised in the Stacemeni of Financial Activities. Legacies are accounted for where rhere is a reasonable degree of certainry as io Ihe amounts receivable. Recognition of donated services Donated services recognised as income when the chariry has conirol over the Ite￿ any conditions associated with the donated item have been met, the receipt ol economic benefii from the use by the chariry of Ihe item is p￿babIe and that economic benefit can be measured reliably. On receipt, donated services are recognised on the basis of the value of the voliintarytime contnbution io Ihe organisation, which is the amouni Ihe chanty would have been wlling 10 pay to obuin services of equivaleni econonuc benefit on the open marker. a co￿espOndIng amount is then recognised in expenditure in Ihe period of receipt. 28 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 Expenditure Expenses and gnnts ￿l#b]e are recognised tn the accounts when they a￿ Ilccrued when they 2re inciitred by the chanty, wilh the exception of cost5 for Fuiure expediiions, which are defe￿ed WLthin debt0￿ and charged to che sta￿ment of Dinancial Activiiies in the ￿ar the expedition takes place. Grnnc applications considered by Ihe Expedition Q)-ordinators and a]ief Executive and awards are given to deserving cases to fund participation in expeditions. ExpenditutE is allocaied to the actlvity wlLere the cost relate5 directly to that activity. The staff 1nd office costs incurred on each activity are apportioned on the follo￿￿ng basis, which is an eslimaie, based on stafF time, ol the amouni atcributable to each activity. Q)st of expeditions 95Yo Managemenr and administ￿tIOn of the chanty Capitalised staff poliLy Staff costs which are direcily auributable to bringfftng a f]xed asset ￿[0 woA(ing condition for its Intended use capitali5ed as a tangible fixed asset. Depreciation Depreciation is provided on all tangible fixed assets at rntes calculated to wnte off the cost, less estin)ated resid￿1 value, of each asset over its expected u5eFul life. The useful economic jives of expedition equipmenc items are reviewed and adjusted annually. The broiight forward values are then wiillen off over this period. DepreciaTion is calcuhted on the following basis: Expedition equipmeni between l and 10 yea￿, straight line basis Office equipmeTht and compute 25Wo Straight line basis Individual Items OF equipmeni cosiing less than £100 a￿ not capitalised. Debtors Tt2de and other debt0￿ are recognised ar the settlement amount due. Cash at bank and in hand Cash ai bank includes cash and short ietTn highly liquid investments with a short maruiity of th￿e months of less Erom the dale OF acquisiuon or opening of the deposit or similar account. Creditors QedItO￿ are recognised at their sertlemeni amouni. 29 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 i.io Rcseryes The charity holds reserves which have been de5ignaied for the following puryx)ses: _ Restrictcd Pcrn]anctit Endowment Funds are maintained 1< s requiTrd bythe individiul Irusi deed5" 5()me OE these allow for (he income 10 be accumulated to provide a ineaningful g￿nt at a laier dale. Restricted Funds are certain donation5 made with conditions attached (e.g. for use in subsidising Explorers from particular areas or SUPFK>rting Ihe OUt￿￿Ch projec[} and are kepi in 24 Restricied Fund until applied. Foreign currencies sets and liabiliiies in foreign currencies are Inn5lated into sterling at the rale5 of exchange at the bAl2nce sheei dale. Transactions in foreign ciirrencies a￿ Iranslated into sterling ai Ihe rnie wling on Ihe dite of transaction. Exchange drffererlces are ￿flected in ihe Staiernent of Financial Ac[i￿rIeS. i.ii Opcrating leases Renuls applicable to operating leases where subsu￿rIallY all of the EEneFits and nsks of ownetship remain wilh ihe lessor a￿ reflected in the Statemeni of Financial Activities as incurred. PensioTh Contnbutions in respeci of the deftned contribution pension scheme are Cha￿ed to Ihe Statemeni of Financial ActlVLties for the ￿ar in which Ihey are payable to the scheme. Differences Ettween coniribuiion5 payable and contributions aciiially paid In Ihe ￿ar are shown as eiiher accnmb or P￿paYMentS ai the ￿ar eiid. At ihe IEar enl there were no accruals or prepi>Thents (2021.. £0). EmploiEr contnbutions made to the scheme diiring 2022 ￿n￿Unt to £19241 (2021: £17 J39). 1.14 Members, liability The society is a company limited byguarnntee. In Ihe event of che sociery being wound up, the liability in respect of the guarantee is limited to £ I per mernber. 1.15 Going Concetn The financial statements have been prepa￿d on a going concern basis as the membet5 of Council beh'eve thai no matenal uncertainties exist. Members of ihe G)uncil have considered Ihe level of funds held and the expected level of ￿(oMe and expenditure for Ihe 12 months from authorising these financial sratements in the lighi of the global COVtD-19 pandemic. The budgeted income and expenditure is sufficieni with the level of rese￿eS for ihe chanty to be able to conimue a5 a sO￿g concern. 30 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 2. Income ftom donations Unrestrietcd Funds Restricted Funds EndoThThent Fund Totsl 2022 Total 2021 Cash donatio &16J31 135,863 310 782,504 547.038 Don2ted seNices 4,500 650,831 165.514 301,377 170,014 952,518 127,610 674,648 310 U[￿estriCted Furtdg Restrictcd Enoowertt Fund Tota12021 Cash donations 546,913 125 547,038 DonaEed Str￿e5 2,400 549,313 125,210 125210 127,610 674,648 125 3. Income from ehatAtsble activAties Unttstricted Funds Resiric¢ed Fund¥ Bndowtnent Fund Totsl 2021 Tot￿ 2022 G)ntributions from parLiCiPallts. Supporte￿ atth sponsors 85,127 531,029 616,156 Unrestricted Fund$ Rcstricted Funds EndDThrynent Fund Total 2021 G)ntributions from parEicipant5. suppo[te￿ and sponsors 580,115 580,115 31 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 Untes¢ricted Funds Rcstricted Funds Endowment Fund Total 2022 Toial 2021 4. InC0￿e ftom investrnents Intrrest receivabk on c25h detKSiIS 1,189 1,189 1,189 1,189 80 80 Unrc5trictcd Fiinds Restricted Fund5 EndoThThent Fund Total 2021 Interest Trceivable on cash deposits 80 80 80 80 5. Other income Urtrestsiaed Funds Rt5tricied Funds EndoT*ryDettt Fund Total 2022 Total 2021 I￿UranCe pay-outs miscella￿e0us receipt 1241 1,241 1241 1241 519 519 Unresthcted Fund5 Restiiaed F¥nd5 EDduRmeoi Fund Total 2021 i￿UranCe pay.outs Miscell3JJeous receipts 519 519 519 519 32 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 6. Charitable actI￿tte& Unrestricted Funds Restricted Fund8 Endowment Fund Total 2022 Toui expediuon costs Donared services SaJa4rcost Depreciation Total c08t of expeditio 37,386 4.500 452,987 628,411 165,514 241,706 9,415 1,045,046 665,796 170,014 694,693 9,415 1,539,918 494,87J Stycost Office cost Auditor's fees Depreciation Total governance cost 36,563 12,617 6,800 26,973 82,953 36,563 12.617 6,800 26,973 82,953 Grant awarded u) itdividua]s Totsj charitable activities 577,826 I,045,￿16 1,622,871 Unrtstsicted Funds Re¥trÉ¢t¢d Fund5 Endowment Fund Total 2021 Cosl of fxpfilition Total expedition costs Donated services Sa]2ryCOSt DeP￿clation Total cost of expedAtiO 110,486 2.400 470,394 4,680 587,960 221,983 125,210 159,224 332,469 127,610 629,618 4,680 1,094J77 506,417 Governa[￿ Cost Sknycost Office cost Auditor's fees Depreciaiion Total governance cost 33,138 7,602 6,150 24,841 71,731 JJ,138 7,602 6,150 24,841 71731 Gra￿[ athed to individugjs 2,605 2,605 2,605 2,605 Tor21 Ch￿it2ble activities 659,691 509,022 1,168,713 33 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 Off￿e equipment & 7. Tan￿ble r￿ed A88et Eydition Total equipmeni compllte Cost At l November 2021 Additions At 31 (ktober 2022 245,536 13,224 258,760 158,979 2,760 161,739 404,515 15,984 420,499 Depreciation At l November2021 Provided in the ￿#r JI October 2022 226269 9,415 235,684 101,710 26,973 128,683 327,979 36,388 364.367 Nei Book Value at 31 Octobet 2022 23.076 33.056 56,132 Net Book Value at 31 October 2021 19,267 57,269 76,536 Per Bkne Sheet 8. Debtors 2022 2021 Ckher Debto Prewdynent 8t Accrued Income 172.195 15,950 70,917 172,195 86,867 9. Creditots.. Amount falling due withiti one yeat 2022 2021 Trade creditots 32,898 28,993 Orhercredito ExFdition Contiibutiolls in advance Social Stcwsry Ac¢tua]s 3,968 20,0 17,905 6,800 81,571 6,528 10,540 17,465 6,150 69,676 34 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 10. Defetted itieome Deferttd income compiises expedition contributions received in adv2nce forthe 2023 expedition 2022 2021 B212nce ss at l November 2021 Amount released to income from Ch￿itable activities Amouni defetred in the Ir2r 10540 (10,540) 20,OCM) 20,OCQ 2022 2021 11. Othet Finattci#l commitments Tot21 future minimum kasc payments under non-c3nceUabk trntal le￿e$ are 2$ Eollows: . within one Ir . within two to five 15,381 15,381 12. Staff Cost 2022 2021 St2Ef Wages and S2knies Social securirycost OtherPension cost 647,033 64,982 19,241 731,256 589,375 56,042 17J39 662.756 2022 2021 Full titne Emploites Part-r]me Emploiees Totsj numberof emploites 15 13 18 18 I stsff member received benefits above £60.000. The number of employees whose employee benefits [excluding employer pension costs) was E60.000 or more was.. 2022 2021 £90.001 to £lOO,000 35 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 Stdff Cost (Cont'd) No iiEmbets of Q)Lillci1 received any remiineration or benefiis in kind in the year. No Tnembets of Councd received expenses relating to iravel and subslstence, and staf( enietuining (2021: niD. Briiish Exploring Society Conside￿ ir5 key management petsonnel cotnpnse CnunLiI members and the Chief Execuiive (Kficer. The coial employneni benefits paid to key nw]3gement petsonnel (￿clUdIng employer pension contributions) were £102,999 (2021: £102,999). The chariry paid £3,293 (2021.. £2,199) Eor Tnjstees, inde1]￿)ry ￿suranCe. Taxation British Explonng Society is a registered charity and i5 exempt from taxation on income applied for charitable pu￿OSeS under seciion 505(1) OF the Incoine and G)￿OratIOn Taxes Act 1988. Unrestricicd Funds Restr&cted Fiinds End0%￿ertt Fund 14. Analysis of ttets assets between fund8 'langible Fiyed Assets Debio Cash at bankand in hand Qeditors Total 2022 56,132 172,195 138,832 81,571 285,588 56,132 172,19? 629,643 81,571 776,399 446,785 44,026 446,785 44.026 Total 2021 Tangible F,thtd Assets Dcbtors (ish at barth and in hand Creditot5 76,536 86,867 238266 69,676 3J1,993 76,536 86,867 734,440 69,676 828,167 452,458 43,716 452,458 43,716 The restricted and t￿rManen1 endowiieni funds tot211in£ £490,811 (2021.. £496,174) are repre5enied by c￿h b21anLes of £490,811 held within ai Bat￿ Further dctad re121ing to Ihe Fund 5rruciure is provided in the accaunting ￿L'Cic$ noie (page 28, note l.lQl. 36 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 15. knalyst$ of funds balances: Movement in resoiirces Ur￿eStricted Funds Brought forwatd Catried forward Income Expettditllte Transfer Genernl funds 331,993 738,388 577,826 206,96 285,588 Total Unre8tricted Funds 331,993 738 J88 577,826 206,96 285,588 Brought forward Catried fonvard RestrACted fiinds Income Expettdithte Ttattsfet Sandy3Jd Zorica Glen tharirable setdement 64,711 240,782 105,493 200,000 The Ethh'5 Foundation 29.500 120,CIXI 149.500 The Band TnLSt 143,046 118 142,928 The H)JTZ F)milyFoundation 5.821 85,127 90,948 OtherRestricted Fund5 Four Acre TnLSt 209,380 336,497 50,000 648,987 50,Cth) 206,967 103,857 Total Restticted Fund5 452,458 832,406 1,045,046 206.967 446,785 Brought fotW2td Cattied forward Re8tticted Pernianent Endownent Fulld5 Ittcome Expenditure Transfer Michael GaveYBU￿ary 11,458 250 11,708 AleK9nderEasrwoLxl Aw2rd 25,014 60 25.074 Ward.WJkon Me[nori￿ A 7244 7,244 Total Petmattettt Ettdoswnent Fund 43,716 Jio 44,026 Total Funds 828.167 1.571,104 1,621872 776J99 TotJJ restrictedandpernunent endowrjeni funds totaling£490,81 l are represented bycash balances 0££490,811. Sandyand Zonca Glen Thjjitable settlement- restritted to Pinnack expedition B)nd Trust- ffstricted fund tE]ated to relocat￿n 10 newsiores Hartz FamiLyfoundaiion gnd Four.Acre trust- restricted to Spring and summer expedirions 37 BRITISH EXPLORING SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 16. Reconciliaiion of net movements ill ￿Thd5 to new casbflow from opetating activities 2022 2021 Net (Expenditure) 151,7681 79,018 Add backdepreciation 36,388 29.521 Less interest incorne Shown in investing activitie5 (1,1891 1801 ncreasel in debtor5 (85,328) 13,623) (Decre￿e) Incre￿¢ in Qedito 11,895 29,94 Nei c￿￿ used in oPe￿tIllg 2Ctivities 90,OJ2 74,889 17. Rel&ted party ttansactions There no other related pakWtran52cuon5 during Ihe y￿. 38