Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F TRUSTEES, ANNUAL REPORT FINANCIAL STATEMENTS 2025 INTERNATIONAL WELL CONTROL FORUM CHARITY NUMBER: SC045842
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F CONTENTS INTERNATIONAL WELL CONTROL FORUM.................................................................................................... WELCOME FROM THE CHIEF EXECUTIVE OFFICER..................................................................................... OBJECTIVES AND ACTIVITIES UNDERTAKEN............................................................................................... ACHIEVEMENTS AND PERFORMANCE........................................................................................................... FINANCIAL REVIEW.........................................................................................................................................15 STRUCTURE GOVERNANCE AND MANAGEMENT......................................................................................17 LEGAL AND ADMINISTRATIVE INFORMATION............................................................................................23 GOING CONCERN.............................................................................................................................................24 TRUSTEES. RESPONSIBILITIES STATEMENT..............................................................................................25 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INTERNATIONAL WELL CONTROL FORUM...............................................................................................................................................................26 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES........................................................................30 STATEMENT OF FINANCIAL ACTIVITIES......................................................................................................31 CONSOLIDATED BALANCE SHEET...............................................................................................................32 BALANCE SHEET.............................................................................................................................................33 CONSOLIDATED CASH FLOW STATEMENT.................................................................................................34 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.... ..35 MISSION WHAT WE ARE ODING D@fin@, d@liv8r and maintain the high@5t P055ible standards in w811 control training, accTqditatiOn and certification. providè comt&neY agSuranc and contifiuous d10pM&nt 9lobally. VISION WHA T WE ARE AIMING FOR No risk to life. the natural envlronment or assets through well control Incldents. CORE VALUES HOW WE AAE GOING TO DO IT Car8, Intègrity, Couragè, Innovation TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F INTERNATIONAL WELL CONTROL FORUM The Trustees present their annual report together with the financial statements of International Well Control Forum ("IWCF"} for the year ended 31 December 2025. The Trustees confirm that the annual report and financial statements of the Group comply with the current slatulory requirements, the reqLJirements of the Charity's goveming document and the provisions of the Statement of Rewmmended Practice I'SORP'I, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. WELCOME FROM THE CHIEF EXECUTIVE OFFICER 2025 was again a year with subslanlial strategic achievements. 11 was a year of progress. collaboration and commitrnent to improving well control knowledge and standards across our industry. This work is well documented in the Trustees, annual report. One significant milestone was achieving 25 years of uninterrupted ISO 9001 certification. This matters because il demonstrates long-term consistency in how we manage quality, improve our processes, and deliver value lo our members and stakeholders. We launched our Quality Assured initiative, an assurance framework fortraining that falls outside the scope of formal IWCF accreditation bul is still related to well control. A completely new website was introduced at the end of the year. It is designed wrfch our members in mind, with clearer navigation and improved access lo information and resources. A key focus has been lo strengthen our processes lo support certificate verification, fraud prevention and lo maintain integrity of our assessments. The IWCF ecert verification tool help ensure that IWCF certification remains secure, verifiable and trusted by employers, training cenlres and regulatory bodies. In 2026 we will continue lo improve our well control programs with emphasis on the major issues that our industry faces such as increased workover and decommissioning aclivily. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F OBJECTIVES AND ACTIVITIES UNDERTAKEN What we do To fulfil ils charitable purpose, the Charity is dedicated to= Estsblishing and upholding the highest global standards in well control competency assurance and accreditation, thereby safeguarding lives, assets, and the natural environment. Continuously enhancing industry well control competency standards by leveraging technology, human factors, and promoting ongoing leaming. Actively collaborating and engaging with relevant stakeholders to drive improvements in well control practices. These objectives align with the Charity's mission to define, deliver, and maintain the highest possible stsndards in well control training, accreditation, and certification, providing competency assurance and continuous development globally. By focusing on these goals, the Charity aims to contribute to a reduction in well control incidents. CERTIFICATIONS ACCREDITATION QUALITY MEMBERSHIP INTEGRITY INDUSTRY COMMITTEE PARTICIPATION WORKSHOP CONFERENCES TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F ACHIEVEMENTS AND PERFORMANCE Membership 252 13 54 M•mb•rs Afflllated Braneh•s Countrl•s Individuals and companies in the oil and gas industry who are interested in advancing well control knowledge and skills are encouraged lo become members of the Charity. Members have a voice within the industry and can actively participate in shaping the future of well control standards and practices. Organisations seeking IWCF accreditation are required to hold and maintain active membership with the Charity. These organisalions may include companies, educational institutions, and other training providers delivering IWCF-accredited training programmes. While certification is issued by IWCF, accredited training providers deliver the training and assessments in accordance with IWCF standards. This requirement conlribules to a high proportion of members coming from the training provider sector. Of the 38 new members, 23 were training providers. Membership in 811 other sectors remained steady, with only minor changes compared to 2024. 157 31 24 29 11 Trainlng provider5 Operator5 Well Sérvittr Operator5 Othors Contractor5 2S2 MEMBERS TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Branch Development Branch meetings provide an affiliated branch and their members with an opportunity to provide feedback and receive regular updates from the Charity. The key decisions from the Branch meetings are presented by the Branch Chairpersons al the Charity's Board meetings. The Branch meetings have concentrated on addressing key industry issues, with discussions centred around the following activities and their associated challenges.. SYLLABI & CANDIDATE FEEDBACK PROGRAMME & COURSE DEVELOPMENT CONTINUOUS IMPROVEMENT TRANSLATIONS PRACTICAL ASSESSMENTS The Charity is continuing its efforts to gradually reslruclure the affiliated branches lo better serve members in their respective regions. It is anticipated the following affiliated branches will gradually replace the existing structure.. Western Europe Southern Europe Central Europe Northern Europe Caspian Sea Region Eastern Asia Middle East Africa Australia & Oceania North America South America The restructuring of affiliated branches continued throughout 2025. Plans were developed to reorganise the Middle East and Africa branches into Iwo distinct branches, with India and Pakistan temporarily transferred lo the Australasia Branch pending the eslablishmenl of a separate Asian Branch. A new Middle East Branch will be established, comprising the Gulf Cooperation Council IGCCI states together with Iraq. In Europe, further integration of branches is planned, beginning with the potential merger of the Danish Branch into a North European Branch, alongside Germany and Norway. The Board also remained committed to SUPFX)rting the election and appointment of Branch Chairpersons in 2025. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Accreditation Member companies that wish lo deliver IWCF training must meet the accreditation standards set by the Charity. In 2025, 15 primary cenlres and 13 associate ntre$ were accredited, representing 22/0 increase in new cenlres compared with 2024. This increase reflects the accreditation of new cenlres in Indonesia, India, Gabon, Croatia, and the UAE, conlribuling to the expansion of the IWCF training network. 15 New Priinary Ceiilres 13 New Associate Centre5 28 Total New Accredited Centre5 Among the newly accredited centres, the Charity expanded into Uganda for the first lime. Fifteen new centres were established in the Middle East and Africa across Angola, Egypt, Gabon, Iraq, Oman, Qalar, Saudi Arabia, the Democratic Republic of Congo, and the United Arab Emirates, reflecting increasing demand for IWCF training in these regions. A further 13 centres were accredited across Europe Icroalia, Italy, Serbia, the United Kingdom), Asia (China. India). Australia. and North America Ithe United States), maintaining the widespread delivery of IWCF training. Train the Trainer (Trr) & Assessor Course To help accredited cenlres maintain and deliver the highest standards in well control training, the Charity offers a Train the Trainer ITTTI and Assessor course aimed al enhancing the technical and instructional skills of assessors and inslruclors. All new practical assessors are required to complete the IWCF Assessor Course. This course was designed to meet the recommendations from IOGP Report 476. This five-day course is designed lo equip assessors with the knowledge and understanding required to conduct practical assessments to IWCF standards. The course is designed lo ensure assessors are competent and confident in their ability lo assess practical assessments and ensure all candidates receive a consistently high standard of assessment globally. Audit & Monitoring To ensure compliance with the Charity's standards, a comprehensive audit programme is maintained. All accredited centres are required to undergo audits, and new training centres musl successfully complete an audit lo obtain full accreditation. As part of ongoing compliance, accredited centres are subject lo regular surveillance audits throughout their accreditation period. I 2025, a total of 105 audits were conducted, representing an 11 OA increase compared lo 2024 {94 audilsl, with the eslablishmenl of the new nIreS conlribuling to the factors in achieving this growth. This growth reflects the Chsrity's commitment to strengthening oversight and maintaining high standards across all cenlres. 105 Audit5 conducted in 2025. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F The Charity engages regional auditors who are proficient in English and several other languages. This multilingual capability enhances communication and ensures auditees clearly understand audit requirements and any necessary follow-up actions. Feedback from the accredited centres audit programme is used to identify potential areas for improvement and lo evaluate the effectiveness of the audit process. Furthermore, the ability lo conduct audits remotely enables the Charity to operate in locations classified by a leading insurance and security specialist as high or extremely high-risk, ensuring continued compliance even in challenging environments. Candidate Certifications Candidates seeking certification musl allend training that is provided by an accredited centre and that follows a syllabus sel by the Charity. To ensure candidate skills and knowledge remain current and aligned with industry standards, candidates are required to re-certify every two years for both Drilling Well Control IDWCI and Well Intervention Pressure Control IWIPC} programmes. In 2025, there were 25,070 candidate regislralions. This marked an increase of 9.6 /0 Compared lo the candidate registration figures in 2024. The candidate success rate for 2025 experienced a marginal increase, with 85.9 /0 successfully achieving certification during the year (compared to 84.1 /0 in 20241. The success rate calculation considers both registered candidates and those attempting re-sit exams. Considering the two-year recertification period, when comparing candidate numbers from 2023, there was a 3.50/0 decrease in 2025, with the highest decrease noticed in the United Kingdom, Saudi Arabia and Ukraine. However. there has been a notable rise in candidate numbers in Indonesia. United Arab Emirates and Egypt. In 2025, the administration has also witnessed a retum ofcandidates taking assessments in Bahrain and Kuwait. The adminislralion has observed 8 4.70/0 increase in WIPC candidates when comparing 2023 with the same period in 2025. Additionally, for Drilling, there has been a 60/. decrease. Digital Transition For several years, one of the charity's primary goals has been transitioning from paper-based to online assessments at its training centres. By the end of December 2025, 970A of candidates had completed their assessments online, representing a 4Q/o increase compared to December 2024. This figure includes candidates who completed online assessments al physical training centres as well as those who chose virtual assessments. The shift to online assessments offers significant benefits for the charity, training providers, and candidates. These advantages include redUd environmental impact, enhanced question security, immediate marking, instant re-sil opportunities for all eligible candidates, improved assessment delivery, real-time collection and storage of Candidate feedback, greater flexibility for scheduling updates, and expanded reporting capabilities. Looking ahead lo 2026, the administration is sel to collaborate closely with the remaining training providers lo facililale a smooth transition lo online assessments. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Question Bank Management Candidate feedback remains an important source of input for the Charity, helping us lo monitor assessment quality and identify opportunities for improvement. In 2025, the Charity reviewed just over 1,550 feedback tickets related lo assessments, representing a 16.5'10 reduction compared lo 2024. 1,550 20 +31% Although slightly more candidates provided feedback, fewer overall feedback lickels were raised, suggesting more focused feedback and fewer issues identified during assessment sessions. +23 Key feedback categories in 2025 included-. NewconSuantsadddto ourWIPC toam. NÈwconsultantsaddÈdto ourDWCterhniraltp?m. Question ambiguity- Some candidates commented on unclear phrasing or questions initially perceived as open to multiple interpretations. These comments represented 41 % of feedback reived, an increase from 2024. The increase in comments initially categorised under question ambiguity and translation quality reflects the introduction of a more structured and consistent feedback review process, with clearer criteria al the point of logging feedback prior to detailed review. Translation quality- A small proportion of candidates raised comments relating to terminology or translation accuracy. This accounted for 80A of feedback received, up from 2024. The Charity continues to apply industry best practices in question development and translation, ensuring clarity and consistency across all languages. Also, expanding the question bank remains a priority lo maintain validity and reliability of assessments. To support these processes, as well as the review of technical documentation and training provider materials, the Charity engages technical experts with diverse skills and experience. In 2025, the Charity strengthened ils technical teams by adding three new consullanls to WIPC and two lo DWC. Translations In 2025, 74'/o of DWC candidates and 830/y of WIPC candidates took their assessments in English. The Charity recognises that individuals can demonstrate their knowledge and skills more effectively when assessments are available in their native languages. Assessments are now available in 19 languages, supporting candidates worldwide. In 2025, the Charity enhanced accessibility by developing the eNelAssess system lo support the Dual Language Assist feature in additional languages beyond Modern Standard Arabic. This development required changes to how questions are versioned within our question bank and is currently in user acceptance lesling, ready for release in 2026. Introduced Modern Standard Arablc Total Languag05 Dual Language Asslst IMSAI The Dual Language Assist feature allows candidates to view assessment questions in both English and another language simultaneously. This functionality supports native speakers enabling cross-referencing of languages, TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F improving comprehension, clarifying complex terminology, and enhancing overall assessment experience. Since ils launch, 3,952 candidates have used this feature. The Charity introduced an interactive Glossary resource on the IWCF website, currently available in five languages.. English, French, German, Italian and Norwegian. The glossary provides definitions for key terms used in the IWCF syllabi and questions bank and serves as a terminology management tool. This systematic approach to terminology helps-. Reduce translation and revision time, lowering costs. Ensure consistent, high-quality translations. Promote standard language use, improving communication between stakeholders. Throughout 2025, the Charity continued to improve translation quality by actively seeking feedback from members and candidates lo identify and address any issues, ensuring the highest possible standards. Programme Development & Continuous Improvement Ensuring that training remains relevant, up to dale, and aligned with industy requirements is a key priority for the Charity. Throughout 2025, we concentrated on syllabus updates and standardisation lo drive consistency and quality across our full range of courses. WIPC Subsea Syllabus Updates Based on feedback and internal review, minor updates were made to the WIPC subsea syllabus. including- Restructuring to reduce duplication and simplify leaching. Teminology updates to align with current industry st8nd8rds. Drllllng Well Control IDWC) Syllabus Revlew A full review of the DWC syllabus was completed in 2025 by the Charity's team of DWC consullanls. Instructor input was gathered through the instructor network in September. The updated syllabus will be circulated externally for comment in 2026. The review focused on ensuring clarity, relevance, and alignment with industry standards. standardisation of Well Control in Design and Lifecycle Management (WCDLMI The WCDLM programme already existed, bul previously training providers developed their own syllabus based on a topic list. In 2025, the Charity developed a formal syllabus for this programme, ensuring consistency in delivery and alignment with IOGP Report 476 Appendix C (April 20231. The syllabus covers all 20 topic areas recommended by IOGP and will be released in 2026. The WCDLM programme aims to strengthen well control competence within technical disciplines responsible for well design, planning, and integrity management. The programme objectives are to.. Recognise the impact of design, planning, and programming on well construction and integrity throughout the lifeeycle. Identrfy and specify well control actions when operating outside the normal window. Ensure engineers and team leaders in office-based roles have the competence to support rig and wellsile operations. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 10
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Quality Assured In 2025, the Charity developed and launched a new assurance framework called Quality AssLJred. This framework establishes a set of standards and measurable criteria to endorse training that falls outside the scope of formal IWCF accreditation. The framework recognises four training categories.. Specialist well control topics Operationally embedded training Training in specialist equipment Continuous improvement mechanisms The framework was successfully piloted on a Stuck Pipe Prevention and Recovery course delivered by an existing accredited training provider. Following the Suc$$fUl pilot, Quality Assured was officially launched at the IWCF workshop in Istanbul, Turkey in November 2025. Why this matters.. Quality Assured provides operators and employers with greater confidence in the relevance, structure, and delivery of specialist well control training. It addresses gaps in non-accredited programmes and supports a culture of aceounlability and continuous improvement across the industry. By introducing clear standards for course design, delivery and assessment, the initiative helps raise consistency and quality in training that supports well integrity and risk reduction. Instructor Network The Instructor Network is an IWCF initiative designed to strengthen relationships with the instructor community and encourage collaboration among subject matter experts in well control. Inslruclors bring diverse experience, technical knowledge, and regional insights, helping to shape improvements across our programmes. WIPC Subsaa In June 2025, two Instructor Network sessions were held lo provide an overview of upcoming changes to the WIPC subsea syllabus. These sessions included input from technical consullanls lo answer questions and ensure clarity for providers already delivering the subsea module. DWC Syllabus Review To support the DWC syllabus review, the Charity organised a webinar series aimed at gathering instructor insights lo guide updates and ensure alignment with industry needs. Twelve webinars were delivered across multiple lime zones, enabling participation from instructors in 17 countries. This collaborative approach ensures that the revised syllabus reflects the needs of instructors. candidates, and the wider industry. Ongoing Collaboration Throughout the year, the Instructor Network also contributed to temiinology reviews. When Iranslalors propose new terms or updates, or when candidate feedback suggests changes, we consult with training providers to confirm accuracy and consistency before implemenlalion. Thi5 process helps maintain clarity and slandardisation across all languages. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Online Learning Resource The Charity continues to provide free learning resources to support global competency in well control. These resources remain widely used across the industry. Level 1 Well Control Awareness Course The Level 1 Awareness course continued lo demonstrate strong global engagement in 2025, with 44,308 enrolments recorded and 14,424 certificates issued during the year. The course is now available in three languages, which are English, Modern Standard Arabic and Brazilian Portuguese, enabling more users lo complete the course in their native language and supporting accessibility for a global audience. 178.791 61.89b 272 2,108 14,424 W011 Opgrations Crew Rgsourco Management {WOCRMI The WOCRM online Course remains a core resource for developing non-technical skills in well operations. It onlinues lo support competency development across the six recognised WOCRM skill areas. 6,861 In 2025, 23,733 new users enrolled, a 35.4% increase from 17,530 in 2024. slnce201& 88,772 Well Control and Pressure Control Calculatlons Engagement with the calculations e-learning resource remained high in 2025. with 33,890 leamers accessing the materials lo support skills development and assessment preparation. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 12
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Well Control Workshop & Annual General Meeting (AGM) The Charity held a Well Control Workshop and Annual General Meeting al the Faimionl auasar Istsnbul. Turkey, with the Workshop on 19 November and a hybrid AGM on 20 November. The event combined technical workshops, inleraclive sessions, and the AGM, attracting global delegates and exhibitors. 202S IWCF WELL CONTROL WORKSHOP AND AGM 45 WorkshopAttendees 40 AGM Attendees Iln-Personl 20 AGM Attendees Ionlinel LOCATION: Istanbul,Turkey The Workshop focused on strengthening global well control knowledge, with technical presentations, panel discussions, and case studies exploring well integrity, human factors, and the evolving training needs of the industry. The Charity continued to pla strong emphasis on listening lo stakeholder feedback, gathering insights from delegates, exhibitors, and members throughout the event. These insights are being used to shape the structure and content of future events, including IWCF'S Ljpdated events format for 2026. This will see an in-person Annual Members Event held in Budapest, Hungary, focused on face-to-face engagement and knowledge sharing, alongside a separate virtual AGM later in the year, ensuring IWCF continues lo deliver meaningful, relevant. and high-impact industry events. Stakeholder Engagement In 2025, the charity strengthened ils global presence through targeted engagement with operators, regulators, training providers, and industry partners. The activities focused on enhancing relationships, increasing visibility, and supporting the implementation of updated standards and assessment developments. There were 40 engagements across meetings, conferences, workshops, members and training centre visits, and regulator sessions. These include 20 cities visited, across 10 countries and 5 continents. 40 10 Stakeholder Engagements Countries Visited Continents Covered Across all engagements, IWCF reviewed ils activities and assessed the outcomes, noting that the majority were successful and productive. while also increasing awareness of ils mission, vision, and values. These insights will continue to inform membership development, accredilalion improvements, and engagement priorities for 2026. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 13
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Digital and Communication Impact.. In 2025, the Charity delivered major advancements in its digital platforms and communication channels, significantly improving a¢sSIbl11ty, security, and stakeholder experience. A key achievement was the launch of the new IWCF Website and IWCF Portal in Dember 2025, designed lo provide a modem, mobile-optimised, and user-friendly experience for all users. The redevelopment introduced clearer navigation, enhanced digital security, and streamlined access lo core resources. The key improvements for the website included simplified pathways for members, accreditstion support, leamer information, ecert verification, and Quality Assured. The upgraded IWCF Portal (formerly the Members Areal now provides tailored access lo training materials, accreditation guidance, technical notices, audit policies, and Instructor Network collaboration tools.11 is designed for members, training centres, instructors, and assessors., the portal offers streamlined access to essential resources, updates. and tools that support safety and competency across the industry. Communication with the charity's audience was further slrenglhened through more consistent information notices, refined newsletters, and targeted digital campaigns supporting major events and organisalional updates. The hybrid delivery of the 2025 AGM ensured inclusive participation and demonslraled the charity's commitment lo accessible and transparent communication. The Charity also achieved record levels of online engagement throughout the year. Linkedln followers surpassed 80,000 supported by sustained growth across all social platfoms. Engagement was driven by technical conlenl, regulatory updates, event coverage, and increased promotion of training opportunities. in 80,000 The gr4ph bg1¢)w shr)wsthe distriEKrtion of social ft>ll¢)wing ft>r 2025.. •20u FOLLOWERS 80.TF Unke¢*n 62.242 +52.82 % 4.194 I,0 Increase In followers acioss all platforms from 2024. 1,146 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 14
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F FINANCIAL REVIEW The Charity generated income from membership fees. bank interest, and trading activities in ils subsidiary IWCF Operations Limited. Income w88 80/. higher in 2025 compared to 2024. Group income for the year was £4,746,135 {2024= £4,383,542). The income from candidates makes up the largest proportion of income in the trading subsidiary, and most candidates are on a 2-year recertification cycle. The residual impact of Covid-19 restrictions is impacting the candidate levels depending on whether the recertrficalion cycle is linked to 2020, bul this impact is reducing over lime and the candidate numbers year on year are levelling out. On the current Irajeclory, there will be no year-on-year difference by 2027-2028. Pricing within the Group had remained mostly unchanged between 2017 and 2023 bul due to inflationary cost pressures and redUd income generating activity within normal business operations the Trustees approved price increases effective from 1 January 2023. There were no further pri increases in 2024 or 2025 bul with inflationary pressures on costs and the reduction in candidates compared to pre-covid, the trustees agreed price increases for 2026 Expenditure on raising funds and charitable activities was higher than 2024 by 9°/0. Group expenditure for the year was £4,734,132 {2024.' £4,336,329). Overall spending on charitable activities decreased from £622,431 in 2024 10 £605,655 in 2025. During 2025, there was an increase in attendance al events lo promote the work of the Charity and in November, the Charity hosted a workshop for its members in Istanbul. Technical support costs increased by 680/0 in 2025 10 £146,983 12024.. £87,452) with activity increasing lo support delivery of strategic items. Translation costs also increased in the year, with costs in 2025 being £88,90812024.. £75,814). A donation from IWCF Operations Limited is the main source of income for the Charity, thereby enabling the Charity to meet ils objectives. A donation of £724,827 was paid by IWCF Operations Limited to the parent Charity in September 2025. The Charity has a strong cash position and, in the year, steps were taken to maximise interest income from available funds. A reduction in the bank interest rates will affect the level of interest obtained in the coming periods. Reserves Policy At 31 December 2025, the Group's unrestricted free reserves, excluding fixed assets, were £5,493.241. The Charity does not hold any restricted funds. The policy and level of reserves considers the likelihood of an unfavourable event occurring and the expected financial effect on the Charity. The policy considers the reliance on the donation of profits from IWCF Operations Limited and has consideration for external factors that may impact the ability of IWCF Operations Limited to maintain its income al a sufficient level lo make the donation. The policy is reviewed annually in line with the budget cycle and, for the Charity, is set as 24 months business as usual costs plus a 25°/o contingency. The Charity's only known sourTr of income in future years, except for membership fees, will be the annLJal donation from IWCF Operations Limited. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 15
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F The Group reserve policy amount is sel at £2.7m. The trustees will use the excess reserve for the benefit of the members, aligned lo the strategic focus areas Ipage 161- The following activities have funds allocated in 2026.. Training Excellence and Integrity- syllabus reviews, question bank growth, programme development, updates lo programmes and related translations. Technology Innovation and Development- extending the availability of the dual language funclionalily within the online assessments, and changes to the management system IFORUMI. Stakeholder Communication- Regional member eventslmeetings. Investment Policy The Charity's investment policy sets out the principles for investment of non-operating funds. The funds are to be invested prudently, retsining a high level of security and minimising risks. Investments are made in reputable established and proven financial inslitulions. Investments are made in alignment with the charitable purpose of the IWCF. Investments are made in alignment with the Risk Appetite Slalement. IWCF will have a¢sS lo cash lo cover current liabilities. The adminislralion will seek professional advice on the selection of the investments. The adminislralion will provide updates to the board with an investment statement quarterly. Strategic Focus Area, short term (1 to 3 years) The Trustees and CEO have defined the Charity's strategic goals under the three strategic focus areas.. FIEDUCING THE RISK OF WELL CONTROL EVENTS HIGHLY RELEVANTTO A DIVERSE GLOBAL INDUSTRY HIGHEST STANDARD OF WELL CONTROL LEARNING TRAINING EXCELLENCE AND INTEGRirrf STAKEHOLDER ENGAGEMENT AND COMMUNICATION TECHNOLOGY INNOVATION AND OEVELOPMENT FINANCIAL SUSTAINABILIT( AND GOVERNANCE Ints9rftyol ra R4ls• 8r•nd Awar•n955 T¢hnokgy Dgwlopm•nt Manag•mgnl Advancing Bulk11ng Data 5tr4tè#iÈS PTr]ng for Gro¥th ènd pol01 cOnd•r&thS MethodÉ Cour50 elevancyfoi OwEClob3l Ithdustry Tr3ini Cthiisè Dèwèlopmèrt MembprV4lue Tr3nSforrnarlon Cvvr5e P¢1w HlyhÈrtoal1ty Siandard5 tr4anagèment o*Change Eff0cIIw• Svcui• Rvvqn Sfr2arn5 Cumpll4nc 4n Governèwe CDntentand Langua¥eS Relevanty n055 Sy5tem5 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 16
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F STRUCTURE GOVERNANCE AND MANAGEMENT Nature of Governing Document IWCF is a registered Scottish Charitsble Incorporated Organisation ISCIO charity number SC0458421, governed by its Conslitulion. The governing document was last reviewed in 2024 and updated lo allow the Board lo ereale an additional membership category, that of Honorary Member. This formalised current practice allowed the Board to appoint key stskeholders and industry influencers lo become an IWCF honorary member. There were no changes lo the governing document as of the last AGM held in Istanbul, Turkey on 20 November 2025. Purposes The SCIO'S purposes, as set out in the constitution, are.. To advance education within the oil and gas exploration and production industry, advance environmental protection through minimising the risk of pollution through oil or gas leakage or similar incidents, and minimise the incidence of death and injury among those working in the oil and gas exploration and production industry lin each case, in any part of the worfdl through.. improving competency globally to prevent the occurrence of major incidents by.. a. promoting and promulgating well control knowledge,. and b. establishing unifom) training, assessment and certification programmes which are accepted globally by operators, contractors, and regulatory bodies encouraging a continuous improvement globally in the competence and behaviours of personnel throughout the oil and gas exploration and production industry via developing enhanced practical well control training. Organisational Structure The structure of the SCIO consists of= al the ORDINARY MEMBERS - who have the right lo attend members, meetings (including any annual members. meeting) and have important powers under the conslilulion. bl the AFFILIATED BRANCHES which provide a geographic or regional based organisalion of members. Each Affiliated Branch is formed by members of a country or region reflecting the distribution of members globally. The Chairpersons of the Affiliated Branches may serve on the Board as Charity Trustees. cl the BOARD - which governs the activities of the SCIO. The Board is responsible for determining the strategy and strategic goals lon both a technical and financial level) for the SCIO as well as the Group strategy and strategic goals applying to the SCIO and all subsidiary companies of the SCIO. This includes monitoring and controlling the financial position of the SCIO, as well as exercising oversight in relation to the financial position of the overall Group. In addition= a} the ADMINISTRATION is responsible for running the day-to-day business of the SCIO, for the delivery of the strategy sel by the Board and for the implementation of all other decisions made by the Board. The Administration may consist of a management team land other stsff members) employed by one or several subsidiary companies, the principal subsidiary being IWCF Operations Limited (registered number SC5687311. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F bl the HONORARY MEMBERS who shall have a¢¢essto certain member benefits and shall be permitted to allend members, meetings but shall not be permitted lo vote at such meetings. Decision-making GOVEQNANC CHAIAPERSON ASSURAN¢ CMAIRPERSOII ¢HAIRPERS¥N CHAIRPERSQ aANCH AMAGEMENT REMUNERATION VEPNAP4 G•rm&ny All decisions made by Trustees al board meetings are made by majority vote and minutes of the meetings are kept. The Trustees meet at least four limes per year. The Board is currently made up of ten Branch Chairpersons and an independent trustee, who elect a Chairperson, an Executive Committee and four subcommittees.. The Chairperson of each subcommittee and the Chairperson of the Board make up the members of the Executive Committee. The Branch Management Committee IBMCI assists the Board lo assure commonality in affiliated branch activity and reporting by= Monitoring branch activity. Monitoring branch elections. Creating and maintaining branch governance documentation The Audit, Risk and Governance Committee IARGI assists the Board in meeting its oversight requirements regarding the Charity's risk management system and policies for monitoring.. Compliance with applicable laws, regulations, and standards in all relevant jurisdictions. Govemance structures with respect lo the exercise of due care, diligence, and skill by Trustees and the management of IWCF subsidiaries, including the governance charter, constitution, and other governing documents. Financial management, including application of accounting policies, internal financial control system, reporting of financial information and external audit services. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 18
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F The Technical Assurance Committee ITACI provide technical advice and assists the Board with assuring.. Course content requirements for IWCF accredited and IWCF required training. Assessment requirements and criteria for IWCF accredited and IWCF required training. The adequacy of reviewing and developing of training and guidance materials. Training effectiveness and make recommendations for training improvements. Acceptance criteria for IWCF instructors, assessors, and training materials. Accreditation criteria to support high standards of well control training. The Remuneration Committee (Remcol review and recommends the salary of the CEO and Independent Chairperson. The committee was established lo assist the Board in determining executive salaries following a ConstitLJtional change approved by Members in 2023. The CEO Izdenek Sehnall and senior managers are resFx)nsible for the day-to-day leadership of the Charity and the execution of the strategy and policies decided by the Charity Trustees. Recruitment and Appointment of Charity Trustees ("Trustees") The Charity's Constitution outlines the process for recruiting and appointing Trustees. The Trustees are appointed from Chairpersons of the regional affiliated branches and contribute diverse cultural perspectives and expertise from various sectors within the oil and gas industry. The Board recognises that specific capabilities, technical skills, and personal qualities are important for its Trustees. When appointing Trustees, efforts are made to ensure, where possible, equal representation across different sectors of the Oil and Gas IO&GI and Exploration and Production IE&PI industry (Operators, Well Services providers, Drilling Contractors, Training & Technology providers) maintaining an appropriate balance between drilling and well intervention activities. There has been one111 Trustee appointment since 1 January 2025. The Chairperson of the Germany Branch was elected lo the IWCF Board as a Trustee on 18 February 2025. Since 1 January 2025, there have been two Trustees reappointments. The European Branch Chairperson was re-appointed as Branch Chair with effect from 29 September 2025. In accordance with the constitution, this role enables the individual to continue serving as a Trustee. The Independent Trustee and Chairperson was re-appointed with effect from 18 Novembef 2025, pursuant to the reappointment provisions sel out in the constitution. Trustees Jamie Wilson Clive Jeffrey Battisby Corrado Leali Gabriella Petra Federer Kovacsne Vincent Bouches Brandon Michael Rosler Jarle Vinningland Raphael Alonso Michael Thompson Nariman Mustafayev Dirk Koch (Chairperson & Independent Trustee) (Vice Chairperson) (resigned 17 June 2026} (appointed 18 February 20251 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 19
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Induction and training of Trustees The Chairperson, with support from the Board Secretary, conducts inductions for new Trustees. Each new trustee reiVeS an orientation pack that includes the governing documents, decision-making processes, business plan, and financial reports for the Charity. Additionally, they are given information about the board committees and their respective Charters and introduced lo the other Trustees. Remuneration - key management personnel Salaries of the senior staff are reviewed annually on 1 January with no guarantee of an increase. All roles are benchmarked against the market as follows.. Assessed against similar job descriptions. Assessed utilising national salary surveys. Assessed against local salary data such as job adverts. The CEO'S and Independent Trustee remuneration is sel by the Trustees with input from the Remuneration Committee. In setting the remuneration the Trustees consider criteria such as the comparable salary level in the host country, competence, experience and performance. Risk and Control Managing risk effectively and driving continuous improvement are key pillars of the Charity's compliance framework and vital for delivering its strategic goal. Strategic and operational risks are identified through risk management activities across the organisalion, ensuring that risks are systematically assessed and effectively managed as the Charity evolves. Risk insights are embedded into decision-making at all levels, supported by frameworks and policy owners that ensure Complian with both intemal and external requirements. The Trustees monitor senior management's reviewing of key strategic and operational risks, including suilabilily of implementing both preventative and mitigative controls lo minimise the Charity's risk exposures. In 2025, the Charity successfully retained ils ISO accreditslion under the ISO 9001.2015 Quality Management Systems stsndard, reaffirming its commitment lo quality and operational excellence. Throughout 2025, the Charity continued to strengthen ils cyber security processes and controls. maintaining ils Cyber Essentials accreditation and further enhancing resilience against emerging threats. Key risks and uncertainties The Charity continues to comply with UK and other relevant trade and fin8nci81 sanctions regimes, actively monitoring developments to ensure ongoing compliance. The sanctions landscape remains broadly consistent with last year, with Iran, Russia, and China remaining key areas of focus. For several years, restrictions imposed by international banks on direct and indirect financial transactions with Iran have prevented the Charity's trading subsidiary from operating in the country. In 2025, these restrictions remained unchanged, and the Trustees reaffirmed their decision to refrain from any activities in Iran. Similarly, financial and trade sanctions, combined with banking reslriclions on Russia, have prevented the Charity's trading subsidiary from operating there. In 2025, additional sanctions were introduced, reinforcing the Trustees, decision to maintsin a complete cessation of activities in Russia. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 20
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F The Middle East continues lo experien significant geopolitical volatility, with ongoing conflicts and political inslabilily creating sustained risks for global energy markets. These uncertainties present long-lerm challenges for the oil and gas industry, which may influence IWCF'S trading activities. The Charity closely monitors regional developments and actively evaluates strategies lo navigate this complex environment. In addition, UK Government fiscal policy and energy strategy present significant challenges. The continuation of the 'Windfall tax. until 2030, combined with restrictions on new drilling licences and the use of tiebacks, is discouraging investment in North Sea oil and gas exploration. These measures directly affect IWCF'S revenue streams. However, initiatives such as the new IWCF QA endorsement and potential self-led study options for Level 2 courses may help offset some of these impacts. Automation and arbficial intelligence IAII are reshaping the oil and gas industry by streamlining operations. improving safety, and driving efficiency. Tasks such as equipment monitoring, predictive maintenance. and data analysis are increasingly automated, reducing reliance on manual labour and traditional technical roles. This shift is expected lo lower demand for certain operational positions, which may lead lo a decline in candidate numbers for these roles. Al the same time, new positions requiring digital skills. dats analyiics, and Al expertise emerge. IWCF Operations Limiled's trading performance continues to reflect the lingering effects of COVID-19 restrictions, resulting in reduced candidate numbers, particularly during the Iwo-year cycle directly following 2020. However, overall candidate numbers have stabilized, and the impact is expected to gradually diminish over lime. Candidate registration fees remain the primary source of revenue for IWCF Operations Limited, though the long-lerm outlook for candidate numbers is uncertain. The Trustees continue to monitor industry trends lo ensure that the Charity's operations align income with expenditure. The donations received from IWCF Operations Limited remain the Charity's main income source, bul changes in candidate numbers may affect the subsidiary's profitability and limit future contributions. To address this, the Charity began exploring altemalive income streams in 2024125 and will build on these initiatives in 2026. Related Parties IWCF Operations Limited was set up as a subsidiary trading company of the Charity and donates its profits lo the Charity. The company's objectives are lo deliver accreditation, assessment and certification programmes (including the setting and marking of examinations by or on behalf of the Charity, and issue of certificates) for well control within the O&G E&P industry, working within the slralegi¢ framework set from lime lo lime by the Charity and applying the syllabi, recommended practice, technical standards, assessment methodologies, award criteria, p)licies and quality standards endorsed from time lo time by the Charity. All the Trustees of the Charity are directors of IWCF Operations Limited. Intemational Well Control Forum (Australia) Pty Limited IIWCFAI is a subsidiary company of the Charity incorporated and domiciled in Australia. The company is a nol-for-profit entity with revenue arising from the provision of services lo support Auslralasia IWCF centres and members. IWCFA coordinates the scheduling and certtficalion process for Australasia, as well as supporting the members and accredited training centres in the region. IWCF Operations Limited is registered in NonNay lo enable Norwegian payroll lo function. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 21
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Volunteers The Charity benefits from a global neOrk of volunteers with diverse experience in the oil and gas industry. These volunteers play a crucial role in ensuring that the technical content and overall quality of assessments are linguistically accurate in their specified language. Their contributions enable the Charity to maintain high standards of clarity and precision across its multilingual assessments. In 2025, the nLJmber of volunteers supporting the review and updating of assessment questions was five, compared lo six in 2024. Environmental, Social & Governance In 2025, the Charity enlisted specialised support to formalise ils Environmental, Social, and Governance IESGI reporting and strategic planning efforts, with this work set to continue throughout 2025. The Charity aims lo integrate ESG considerations into its operations, reflecting a commitment lo sustainable and responsible practices that meet stakeholder expectations and regulatory standards. Environmental IE).. The Charity is committed to minimising its environmental impact through sustainable practices focused on reducing, reusing, and recycling. In 2025, several key initiatives continued.. Digital Transition: The move lo digitsl platforms to redu reliance on physical resources. Virtual Course Delivery.. Making Assessor and Train the Trainer courses available online to support sustainability by limiting travel and printed resources. Remote Audits: Conducting audits virtually lo minimise travel-relaled carbon emissions. With the adoption of remote audits, the Charity has significantly reduced its carbon footprint and lowered travel expenses associated with the audit programme, supporting both sustainability and cosl-efficiency goals. Hybrid Meetings.. Integrating in-person and virtual board meetings to reduce travel and accommodation requirements. Paper Reduction: Working toward a paperless environment by reducing printing wherever possible. Social (S): The Charity promotes a positive workplace culture and community engagement. Inilialives such as team- building activities and a clean-up event at Monlrose Basin Wildlife Reserve demonslrale commitment lo employee well-being and environmental stewardship. Governance {Gl: Strong governance remains a priority. In 2025, the Charity enhanced ils governance framework through professional development initiatives, including Quality Assured training for staff, supporting a high-performing adminislralion with low turnover. Additionally. the Employee Handbook was overhauled lo reflect new legislative requirements and updated employee benefits, reinforcing compliance and good leadership practices. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 22
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F LEGAL AND ADMINISTRATIVE INFORMATION PRINCIPAL OFFICE Inchbraoch House South Quay MONTROSE Angus DD10 9UA AUDITOR AAB Audit & Accountancy Limited 133 Finnieslon Street GLASGOW G3 8HB BANKERS Bank of Scotland The Mound EDINBURGH EH1 1YZ SOLICITORS Burngss Paull LLP 2 Marischal Square Broad Street ABERDEEN ABIO IDQ Addleshaw Goddard LLP 1 st Floor North Kingshill View Prime Four Business Park Kingswells ABERDEEN AB158PU TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMSER.. SC0458421 23
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F GOING CONCERN The Trustees have reviewed the organisations forecasts and projections tr) ensure the Charity remains financially viable. Some of the charitable activities are conducted through IWCF Operations Limited and the Trustees, who are also the Directors of IWCF Operations Limited, have been monitoring the performance. forecasts, and projections to ensure the subsidiary can remain financially viable. The Directors of IWCF Operations Limited have taken steps lo mitigate negative impacts on the company's income streams in the future by using technology lo ensure the continued delivery of services. The Group has a strong reserves position and al 31 December 2025, the unreslricled reserves were £5.532.018 of which £4,029,080 was held in cash and £1,125.000 in short-term deposits. The Group's unreslricled free reserves, excluding fixed assets, were £5,493,241. The Trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities and Continue operating for a period of at least 12 months from the dale of approval of these financial ststemenls and the financial statements have been prepared on that basis. There are no known material uncertainties regarding the going concern of the charity. Provision of information to auditor Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that trustee is aware, there is no relevant audit information of which the Charty and the Group's auditor is unaware, and that each trustee has taken all the steps that ought to have been taken as a Iruslee in order lo be aware of any information needed by the Charity and the Group s auditors in connection with preparing their report and to establish that the Charity and the Group's auditor is aware of that information. The Trustees, Report was approved by the Board of Trustees and signed on its behalf. Chairperson - Jamie Wilson 25 June 2026 Dale TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMBER.. SC0458421 24
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance wtth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the Trustees lo prepare financial statements for each financial year. Under Charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charity and the Group and of the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial slalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP., make judgements and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable Group will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity and the Group's transactions and disclose with reasonable accuracy at any lime the financial position of the Charity and the Group and enable them to ensure that the financial statements comply with the Charities and Trustee Investment Iscotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 {as amended). They are also responsible for safeguarding the assets of the Charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMBER.. SC0458421 25
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INTERNATIONAL WELL CONTROL FORUM Opinion We have audited the financial ststemenls of International Well Control Forum for the year ended 31 December 2025 which comprise the Consolidated Slalement of Financial Aclivilies, the Stslemenl of Financial Activities, the Consolidated Balance Sheet, the Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial slalemenls, 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 Iunited Kingdom Generally A¢pted Accounting Praclicel. In our opinion the financial statements= give a true and fair view of the slate of the group's and of the parent Charity's affairs as at 31 December 2025 and the group's incoming resources and application of resources, 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 and Trustee Investment (Scotlandl Act 2005 and regulations 6 and 8 of the Charities Accounts {Scotlandl Regulations 2006. Basis for opinion We Conducted our audit in ac¢ordan¢e with International Standards on Auditing (UK) IISAS IUKII 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 group 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 8 basis for our opinion. Conclusions relating to going concern In auditing the financial stslemenls, 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 Group's or parent Charity ability lo continue as a going concern for a period of at least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMBER.. SC0458421 26
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information ¢onlained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo 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 lo be materially misstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misslalement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misststemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation to which the Charities Accounts (Scollandl Regulations 2006 las amended) require us to report to you if, in our opinion.. the information given in the financial ststemenls is inconsistent in any material respect with the Trustees, report., or sufficient and proper accounting records have not been kept by the parent Charity., or the financial slalements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement, set out on page 25, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent Charity'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 Charity or to cease operations, or have no realisb'c alternative but lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 4411 Ilcl of the Charities and Trustee Investment IScolland} Act 2005 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due to fraud or error, and lo issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstalemenls 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 group financial statements. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMBER.. SC0458421 27
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, to delect material misslalements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We obtained an understanding ofthe legal and regulatory frameworks within which the Group and parent Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context was the Charities and Trustee Investment (Scotlandl Act 2005. We idenlrfied the greatest risk of material impact on the financi81 statements from irregularities including fraud lo be.. Management override of controls to manipulate the Group and Parent charity's key performance indicators to meet tsrgels-, Timing and completeness of revenue recognition,. and Compliance with relevant laws and regulations which directly impact the financial stalemenls. Our audit procedures lo respond to these risks included.. Testing of journal entries and other adjustments for appropriateness., Testing a sample of revenue transactions lo ensure enlillemenl lo income and recognition in the correct period., Enquiries of management as to actual and potential litigation and claims- Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations- Performing a disclosure checklist on the financial statements to ensure Charities and Trustee Investment Iscollandl Act 2005 requirements are satisfied., Analytical procedures lo identify any unusual or unexpected trends or relationship,. and Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud. Because of the inherent limitations of an audit. there is a risk that we will not delect all irgUIarl1ies, including those leading to a material misslatemenl 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 lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= www.frc.org.uklauditorsresponsibilities. This description forms part of our Audito¢s Report. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS {CHARITY NUMBER.. SC0458421 28
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F Use of our report This report is made solely to the Charity's Trustees, as a body, in accordance with Regulation 10 of the Charities Accounts Iscotlandl Regulations 2006. Our audit work has been undertaken so that we might stale to the Charity's Trustees those matters we are required lo stale to them in an auditor's 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 Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. AB Audit and Accountancy Limited Natalie Boyle, Senior Statutory Auditor 133 Finnieslon Street GLASGOW G3 8HB Date- 17 July. 2026 AAB Audit and Accountancy Limited is eligible to act as auditors in terms of section 1212 of the Companies Act 2006. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 29
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Unreslricled funds Total Funds Total Funds Note INCOME AND ENDOWMENTS FROM.. Charitable activities Other trading activities 156,563 4,589,572 156,563 4,589,572 152.151 4,231.391 TOTAL INCOME 4,746,135 4,746,135 4,383.542 EXPENDITURE ON.. Raising funds Charitable activities 4,128,477 605,655 4,128,477 605,655 3,713,898 622,431 TOTAL RESOURCES EXPENDED 4,734,132 4,734,132 4,336,329 NET INCOME 12,003 12.003 47,213 NET MOVEMENT IN FUNDS 12,003 12,003 47,213 Total funds brought forward 5,520,015 5,520,015 5,472.802 Total funds carried forward 5,532,018 5,532,018 5,520.015 The notes on pages 35 to 49 form part of these financi81 statements. The slalement of financi81 activities includes all gains and losses recognised in the year. Al income and expenditure derive from continuing activities. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 30
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025 2025 Total Funds 2024 Total Funds Unrestricted funds Note INCOME AND ENDOWMENTS FROM.. Charitsble activities Other trading activities Investment income 232.385 232,385 305,166 724,827 724,827 1,158,515 TOTAL INCOME 957,212 957,212 1,463,681 EXPENDITURE ON.. Charitable activities 954,265 954,265 981,093 TOTAL RESOURCES EXPENDED 954,265 954,265 981,093 NET INCOME 2,947 2,947 482,588 NET MOVEMENT IN FUNDS 2,947 2,947 482,588 Total funds brought forward 3,690,137 3,690,137 3,207,549 Total funds carried fotward 3,693,084 3,693,084 3,690,137 The notes on pages 35 to 49 form part of these financial stalemenls. The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 31
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Note FIXED ASSETS Intangible assets Tangible fixed assets 11 12 38,777 33,837 38,777 33,837 CURRENT ASSETS Debtors Investments 14 15 16 966,898 1,125,000 4,029,080 908,401 1,500,000 3,621,664 Cash al bank and in hand 6,120,978 6,030,065 CREDITORS.. amounts falling due within one year 17 627.737 543,887 NET CURRENT ASSETS 5,493.241 5,486,178 NET ASSETS 5,532.018 5,520,015 FUNDS Unrestricted 5,532.018 5,520,015 TOTAL CHARITY FUNDS 5,532,018 5,520,015 The financial slalements were approved by the Trustees and authorised for issue on= 25 June 2026 Svlnvdby. The notes on pages 35 10 49 fomi part of these financial slalements. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 32
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Note FIXED ASSETS Intangible assets Tangible fixed assets Investments 12 13 38,587 106 33,222 106 38,693 33,328 CURRENT ASSETS Debtors Investments Cash al bank and in hand 14 15 16 78,895 625,000 3,084,441 76,238 1,000,000 2,736,060 3,788,336 3,812,298 CREDITORS.. amounts falling due within one year 17 133,945 155,489 NET CURRENT ASSETS 3,654,391 3,656,809 NET ASSETS 3,693,084 3,690,137 FUNDS Unrestricted 3,693,084 3,690,137 TOTAL CHARITY FUNDS 3,693,084 3,690,137 The financial slalements were approved by the Trustees and aulhorised for issue on= 25 June 2026 Svlnvdty. Chairperson- Yamie Wilson The notes on pages 3510 49 fomi part of these financial slalements. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 33
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Cash flow from operating activities Net income for the year Depreciation of tangible fixed assets Amortisation of intangible fixed assets Loss on sale of tangible assets Loss on disposal of intangible assets 12,003 35,934 4,083 963 47,213 33,545 111,135 244 656 Movements in working capital Ilncreaselldecrease in debtors Increaselldecrease} in creditors Net cash flow from operating activities {58,4971 83,850 133,048 50,122 78,336 275,719 Cash flows from Investlng actlvltles Purchase of tangible fixed assets Purchase of intangible fixed assets Cost of disposal of tangible assets Disposalllpurchasel of current asset investments {40,8741 14,083} 19631 375,000 130,131} 1500,0001 Net cash flow generated fromllused inl investing activities 329,080 1530,1311 Net cash flow used in financing activities Net increaselldecreasel in cash and cash equivalents 407,416 1254,4121 Cash and cash equivalents at 31 December 2024 3,621,664 3,876,076 Cash and cash equivalents at 31 December 2025 4,029,080 3,621,664 Cash and cash equlvalents comprlse: Cash al bank and in hand 4,029,080 3,621,664 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 ACCOUNTING POLICIES Charity information International Well Control Forum is a Scollish Charitable Incorporated Organisation ISCIOI with a registered office of Inchbraoch House, South Quay, Monlrose. Angus, DD10 9UA. The nature of the SCIO'S operations and principal activities are set out within the Trustees, Report. Basis of preparation of financial statements The financial slalements 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 {FRS 1021 (second edition- October 20191- (Charities SORP IFRS 102}I, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Charity's Constitution and the Charities and Trustee Investment {Scollandl Act 2005. International Well Control Forum meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. The Statement of Financial Activities ISOFAI and Balance Sheet consolidate the financial statements of the SCIO and ils subsidiary Ljndertakings. The results of the subsidiaries are consolidated on a line by line basis. The Charity's functional and presentational currency is GBP rounded to the nearest £. Going concem The Trustees, having made due and careful enquiry, and having considered the impact. risks and uncertainties of the environment in which the Group operates are of the opinion that the Group has adequate working capttal to execute its operations over the next 12 months. The Trustees have reviewed forecasts and cash flow projections including different scenarios as part of this assessment. The Trustees, therefore, have made an informed judgement, al the b'me of approving the financial slalements, that there is a reasonable expectslion that the Group has adequate resources lo conb'nue in operational existence for the foreseeable future. As a result, the Trustees have continued to adopt a going concern basis of accounting in preparing the annual financial slalements. Foreign currency translation Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dales of the transactions. At each period end foreign currency monetary items are translated using the Closing rate. Non-monetary items measured al historical cost are translated using the exchange rale al the dale of the transaction and non- monetary items measured at fair value are measured using the exchange rate when fair value was determined. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 35
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 ACCOUNTING POLICIES Icontinuedl Foreign exchange gains and losses resulting from the settlement of transactions and from the translation al period-end exchange rates of monetary assets and liabilib.es denominated in foreign currencies are recognised in the Statement of Financial Activrties within within Income from other trading activities or expenditure on charitable activities and raising funds. Consolidation These financial statements consolidate the accounts of International Well Control Forum and its subsidiary undertakings, IWCF Operations Limited and International Well Control Forum IAustr81ial Ply Limited. Uniform accounting policies are adopted throughout the Group and intra-Group transactions or balances are eliminated on consolidation. Income All income is recognised once the SCIO has enlillemenl lo the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Donations are recognised when the SCIO has control over the item, any conditions associated with the donation have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably. Income from other trading activities includes income earned from trading activities lo raise funds for the Charity. Income is received in exchange for supplying goods and services in order lo raise funds and is recognised when enlillemenl has occurred. Interest income is recognised in the Statement of Financial Activities when receivable. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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. Cost of raising funds comprises the costs of commercial trading through subsidiary undertakings. Governance costs are those incurred in connection wtth administration of the SCIO and compliance with constitutional and slalutory requirements. Support costs are those functions that assist the work ofthe charitable group bul do not directly undertake charitable activities. Tax Tax is recognised in the Slalement of Financial Activrties, except that a charge attributable to an item of income and expense recognised as other comprehensive income or an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income lax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Group operates and generates income. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 36
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 ACCOUNTING POLICIES {conlinuedl Investments in subsidiaries Investments in subsidiaries are valued at cost less provision for impairment. Intangible assets Intsngible assets comprise software development costs which are carried al cost, nel of amortisalion and any provision for impairment. The net book value of the assets donated by Stichting International Well Control Forum on 31 August 2017 has been accounted for as the cost lo the SCIO. Amortisalion is provided based on the remaining useful life al the dale of transfer from the Stichling. Amortisalion is provided al rates calculated lo write off the cost, less their eslimaled residual value, over their expected useful lives on the following bases.. Development costs 10 % straight line Additions lo the system are amortised over the remaining useful life of the system. Tangible fixed assets and depreciation Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. The net book value of the assets donated by Stichling International Well Control Forum on 31 August 2017 has been accounted for as the cost to the SCIO. Depreciation is provided on the following bases.. Plant and machinery Fixture and fittings Office equipment 250/0 straight line 250/0 straight line 330/D Straight line Fund accounting Unreslricled funds are available to spend on activities which further any of the purposes of the SCIO. Restricted funds are funds which the donor has specified are to be used for particular purposes. Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Current asset investments Current asset investments include cash deposits held for investment purposes with a maturity date more than 3 months after the dale of acquisition. Cash at bank and in hand Cash al bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 37
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 ACCOUNTING POLICIES {conlinuedl abilities 8nd provisions Liabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the SCIO anticipates it will pay to sellle the debt or the amount it has received as advanced payments for the goods or services il musl provide. Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised within interest payable and similar charges. Financial instruments The SCIO only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaetion value and subsequently measured al their selllement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Pensions Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid, the Group has no further payment obligations. The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds. Operating18as&s Rentsls paid under operating leases are charged lo the Slalemenl of Financial Activities on a slraighl line basis over the lease term. Employ8& benefjts The costs of short-lerm employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entiuement is recognised in the period in which the employee's services are received. Termination benefits are expensed when the Group can no longer withdraw the offer of those benefits. If benefits are not expected lo be settled wholly within 12 months of the reporting date, then they are discounted. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 38
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgements are continually evaluated and are based on historical experien and other factors, including expectstions of future events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions.. The SCIO makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are diseLJssed below. Useful economic life of intangible fixed assets The annual amortisalion charge for intangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic ulilisation and physic81 condition. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 39
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 INCOME FROM CHARITABLE ACTIVITIES Group Charity 2025 2024 2025 2024 Charge for use of assets Charge for use of premises Administration fees Membership fee renewals Bank interest received 43,178 49,921 4,138 59,520 75,628 132.441 55,343 2,708 52,489 62.185 59,520 97,043 52.489 99,662 Total 156,563 152,151 232,385 305,166 Al income relates to unrestricted funds. OTHER TRADING ACTIVITIES Group Charity 2025 2024 2025 2024 Trading income from subsidiaries 4,589,572 4,231,391 Total 4,589,572 4,231,391 All income relates to unrestricted funds. INVESTMENT INCOME Group Charity 2025 2024 2025 2024 Income from subsidiary 724,827 1,158,515 All income relates lo unrestricted funds. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 40
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 RAISING FUNDS Group Charity 2025 2024 2025 2024 IWCF Operations Limited 3,981,930 3,604,504 International Well Control Forum IAuslralia} Pty Limited 146,547 109,394 4,128,477 3,713,898 EXPENDITURE ON CHARITABLE ACTIVITIES Group Charlty 2025 2024 2025 2024 Direct costs Membership charge Member events TaSkfOrrtechniCal expenses 1,895 65,837 87,452 7,038 84,831 146,983 6,726 65,837 87,452 84,831 146,983 231,814 155,184 238,852 160,015 Support costs Office expenses Professional fees Entertainment Trustee remuneration Board travel and accommodation Translations Amortisalion Depreciation Bank charges Administration charges Use of personnel 96,724 37,475 22,381 41,601 45,755 88,908 4,083 35,934 980 100,233 38,492 22,690 39,999 44,741 75,814 111,135 33.545 598 71,457 37,475 22,381 41,601 56,049 88,908 4,083 35,509 980 26,042 330,928 715,413 77,666 38,492 22,690 39,999 76,512 75,814 111,135 32,355 598 26,244 319,573 821,078 373,841 467,247 Total unrestricted 605,655 622,431 954,265 981,093 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 41
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 EXPENDITURE ON CHARITABLE ACTIVITIES Icontinuedl Governance costs included above were.. Group Charity 2025 2024 2025 2024 Board travel and accommodation Trustee remuneration Audit fees 45,755 41,601 12,950 44,741 39,999 8,583 56,049 41,601 12,950 76,512 39,999 8.583 100,306 93,323 110,600 125,094 NET MOVEMENT IN TOTAL FUNDS FOR THE YEAR is slated after charging.. Group Charity 2025 2025 2024 2024 Depreciation Operating lease rentals Amortisation Auditor's remuneration Audit fees Non-audit services 35,934 45,030 4.083 33,545 45,030 111,135 35,509 45,030 4.083 32,355 45,030 111,135 29.669 1.663 21,795 1,375 12,950 8,583 STAFF COSTS AND NUMBERS The average number of persons employed by the Group during the year was as follows.. Group 2025 2024 Average number of employees during the year by department.. Support activities for oil and gas industry 25 23 Group Staff costs= Wages and salaries Social security costs Pension costs Other employee benefits 1,193,825 139,647 95,288 48,659 1,136,851 98,594 86,781 46,458 1,477,419 1,368,684 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 42
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 STAFF COSTS AND NUMBERS {continuedl There are no staff directly employed by the Charity. The number of higher paid employees was.. 2025 2024 In the band £60,00(k£70,000 In the band £70,000-£80,000 In the band £80,000-£90,000 In the band £go,000-£100,000 In the band £210,000-£220,000 In the band £230,000-£240,000 The key management personnel of the Group comprise the Trustees (who are also Directors of the wholly owned subsidiary IWCF Operations Limiledl, the Chief Executive. the Head of Compliance and the Head of Operations. Key management personnel received remuneration. including employer's national insurance contributions for their services as follows.. 2025 2024 Key management personnel 514,575 451,245 Amounts paid lo key management personnel in the year include £41,601 12024.. £39,999) paid via a Iruslee services agreement. 10. TRUSTEE REMUNERATION AND EXPENSES One Trustee, Jamie Wilson, received remuneration in the year lotalling £41,601 12024.. £39,999) which was invoiced through Enterprise Risk Management Solutions Inole 211. This payment was made on the basis of responsibilities relating lo his role as an Independent Trustee of International Well Control Forum, as defined in and authorised by the Charity's conslitulion. No pension contributions or other benefits were paid in relation lo this arrangement. Nine Trustees received reimbursement for expenses tolalling £52,291 12024.. eight Trustees received expenses lotalling £39,008) relating lo travel expenses for meeting attendances. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 43
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 INTANGIBLE ASSETS Group and Charty Software Development Costs Cost At 1 January 2025 Additions Disposals At 31 December 2025 646,689 4,083 13,704 637,068 Amortisation At 1 January 2025 Charge for the year Disposals At 31 December 2025 1646,6891 {4,0831 13,704 637,068 Not Book Value At 31 December 2025 At 31 December 2024 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 12. TANGIBLE FIXED ASSETS Group Plant and machinery Fixtures & fittings Office equipment Total Cost Al 1 JanLJary 2025 Additions Disposals Al 310ecember 2025 4,742 19,857 108 558 168,260 40,766 8,900 192,859 40,874 9,458 4,742 19,407 200,126 224,275 Depreciation Al 1 January 2025 Charge Relating lo disposals Al 31 December 2025 {4,7421 116,3651 11,6301 558 1137,915) 134,3041 8,900 1159,0221 135,9341 9,458 {4,7421 {17,4371 1163,319} 1185,4981 Net book value al 31 December 2025 1,970 36,807 38,777 Net book value al 31 December 2024 3,492 30,345 33,837 Charity Plant and machinery Fixtures & fittings Office equipment Total Cost Al 1 January 2025 Additions Disposals Al 31 December 2025 4,742 14,232 108 558 152,472 40,766 8,900 171,446 40,874 9,458 4,742 13,782 184,338 202,862 Depreciation Al 1 January 2025 Charge Relats'ng lo disposals Al 310ecember 2025 {4,7421 {11,0831 11,4771 558 1122,399} 134,0321 8,900 1138,2241 135,5091 9,458 {4.7421 {12,0021 1147,531) 1164,2751 Net book value a131 December 2025 1,780 36,807 38,587 Net book value al 31 December 2024 3,149 30,073 33,222 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 45
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 FIXED ASSET INVESTMENTS Group 2025 Charity 2025 2024 2024 Investment in subsidiary undertakings 106 106 The Charity owns 1000/0 of the issued ordinary share capital 1100 ordinary shares of £1 each) of IWCF Operations Limited I'IWCF Ops'l, a company incorporated and registered in Scotland (company number SC5687311, having ils registered office at Inchbraoch House. South Quay, Montrose, Angus. The company was incorporated on 14 June 2017. The company delivers accreditation, assessment and certification programmes for well controls within the oil and gas exploration and production industy. The Charity 8180 owns 1000/0 of the issued ordinary shares110 ordinary shares of 1 AUD each) of Internation81 Well Control Forum (Australia) Pty Limited (IWCF IA)), a company incorporated and registered in Australia IA.C.N. 606 106 2181, having its registered office clo Level 11, 1 Constitution Avenue. Canberra City, ACT, 2601. This shareholding was acquired by donation of the shares from Slichting International Well Control Fonjm in the period ended 31 December 2017. IWCF Ops 2025 IWCF IA) 2025 AUS$ Income Cost of sales Administration expenses Profil for year 4,974,717 11,786,363} 2,454,144 299,818 1300,287) 734,210 1469} IWCF Ops 2025 IWCF IA) 2025 AUS$ The assets and liabilities of the subsidiaries al 31 December were.. Fixed assets Current assets Creditors.. amounts falling due within one year 311 89,905 {50,491 } 2,383,995 1564,718} Total nel assets 1,819,277 39,725 Aggregate share capitsl and reserves 1,819,277 39,725 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 46
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 14. DEBTORS Group 2025 Charity 2025 2024 2024 Trade debtors Amounts owed by group undertakings Prepayments and accrued income Other debtors 740,577 727,575 44,757 21,788 12,350 46,337 20,771 9,130 101,209 125,112 90,202 90,624 966,898 908,401 78,895 76,238 15. CURRENT ASSET INVESTMENTS Group Charlty 2025 2025 2024 2024 Short term cash deposits 1,125,000 1,500,000 625.000 1,000,000 16. CASH AT BANKAND IN HAND Group Charity 2025 2025 2024 2024 Cash at bank 4,029,080 3,621,664 3,084,441 2,736,060 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 47
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 CREDITORS.. amounts falling due within one year Group 2025 Charity 2025 2024 2024 Trade creditors Other creditors Taxation and social security Accruals Deferred income Amounts due to group undertakings 167,123 7,549 60,881 136,926 255,258 163,526 3,430 22,896 138,042 215,993 19,062 16,481 26,468 47, 275 62,214 38,636 41,140 38,158 627,737 543,887 133,945 155,489 Deferred income relates to assessment fees paid in advance and membership fees, centre renewal fees and course fees invoiced in advance. All income deferred in the prior year was released to the SOFA and the amounts below were deferred= Group Charity 2025 2024 2025 2024 New members Renewing members Accreditslion- renewal Customer prepayments 2,875 44,400 156,635 51,348 2,476 36,160 120,805 56,552 2,875 44,400 2,476 36,160 255,258 215,993 47,275 38,636 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 48
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 18. FUNDS All income and expenditure in the Current and prior financial year was attributable lo unrestricted funds. Movements during the year are shown in the Statement of Financial Activities. 19. PENSION COMMITMENTS The Group contributes to a defined contribution pension scheme and also makes discretionary contributions to personal pension plans. The assets of the scheme are held separately from those of the Charity in an independently administered fund. Payments were made lo the fund of £89.341 in the year 12024.. £86.7811 representing contributions payable by the Group lo the fund. At 31 December 2025 there was £12,646 {2024.. £11,099) included within Group accruals due in respect of unpaid pension conlribulions. 20. COMMITMENTS UNDER OPERATING LEASES At 31 December 2025 the Group and Charity had future minimum lease payments under non-cancellable operating leases as follows.. Group and Charity 2025 2024 Within one year Betrjeen 1 and 5 years 45,030 22,515 45,030 67,545 Total 67.545 112,575 21. RELATED PARTY TRANSACTIONS Throughout the year the Group was controlled by the Board of Trustees. The Charity has taken advantage of the exemption Contained in Financial Reporting Standard 102 from disclosing transa¢lions with parties wholly owned within the same group. During the year the Charity made sales totalling £288 {2024.. £2711 lo Drilling Systems {UK) Limited, a company that Trustee and Vice Chair Clive Battisby has signrficant influence over. At 31 December 2025 the amount due by Drilling Systems IUKI Limrfced was £28812024.. £2711. During the year the Charity made sales tolalling £240 12024.. £nill to Enterprise Risk Management Solutions pty Ltd, a company that Trustee and Board Chair Jamie Wilson has significant influence over. Jamie Wilson's remuneration and expenses in relation to his role as a Iruslee are invoiced throLJgh Enterprise Risk Management Solutions (see note 101. Remuneration for the year totalled £41,601 12024.. £39,999) and expenses totalled £48,31812024= £34,569). No amounts were outstanding at the year end. There were sales during the year lolalling £39,29512024." £34,686) by one of the subsidiary companies to Well Training Solutions Limited, a company Gabriella P Federer Kovacsne, a director of the subsidiary and a Trustee of the SCIO, has a controlling interest in. Al 31 December 2025, the amount due by Well Training Solutions Limited was £8,23912024'. £3,556). These sales were the standard services offered by the subsidiary and were made in the normal course of business al the standard rates set out in their schedule of fees. TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 49
Docusign Envelope ID". 108401 C1-81AD-851 F-834E-2E9EB481973F International Well Control Forum Inchbraoch House South Quay Montrose Angus DDIO 9UA United Kingdom li) +44 (0)1674 678120 iwcfinformation@iwcf.org WWW.IWCF.ORG Dr1FJl[]