SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Company Registration Number:
02778741 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

The objectives and principal activities of Society of Petroleum Engineers Europe Limited continue to be in line with the vision of SPE International, which is to “enable the global oil and gas E&P industry to share technical knowledge needed to meet the world’s energy needs in a safe and environmentally responsible manner”, which guides the overall mission “To connect a global community of engineers, scientists, and related energy professionals to exchange knowledge, innovate, and advance their technical and professional competence regarding the exploration, development and production of oil and gas and related energy resources to achieve a safe, secure and sustainable energy future.”. The Group achieves its objectives through a variety of programmes including publications, technical meetings, scholarships, educational programmes, training courses and web-based services.

Additional information

In planning our activities to meet our objectives our Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. The Society believes that the key aspects of public benefit will be achieved by: Development of the Exploration and Production (E&P) Industry workforce. SPE is the technical and professional home for those engaged in all aspects of the upstream oil and gas industry. All charitable activities focus on sharing of knowledge that keeps the E&P industry sustainable and are undertaken to further our charitable purpose to collect, disseminate, and exchange technical knowledge concerning the exploration, development and production of oil and gas resources, and related technologies for the public benefit. By addressing technical challenges, as the largest upstream professional society, SPE provides a worldwide forum for sharing technology, knowledge and the latest solutions for overcoming the technical challenges of finding and producing more oil and natural gas. SPE also helps address critical issues of the future such as sustainability of energy supplies and carbon sequestration. By preparing the next generation of energy professionals for careers in our industry, SPE’s programmes help by offering both professional and skill development through workshops, training courses, publications, Section activities and online mentoring. By working with schools and universities to attract more young people to our profession with scholarships, our global energy multilingual education outreach programme, Energy4me, the SPE Ambassador programme and teacher workshops and education events aimed at students and school children. By maintaining high professional standards by offering members continuing education options globally. SPE Petroleum Engineering Certification offers an international credential recognising petroleum engineering expertise.



Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

John Joseph Healy
Michelle Boyd
Laura Ioana Precupanu
Nicola Thomas
Grigory Zarayskiy


Secretary John Joseph Healy

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
27 September 2024

And signed on behalf of the board by:
Name: Grigory Zarayskiy
Status: Director

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 3,229,600 2,364,776
Cost of sales: ( 388,591 ) ( 909,680 )
Gross profit(or loss): 2,841,009 1,455,096
Distribution costs: ( 1,343,597 ) ( 1,471,790 )
Administrative expenses: ( 453,899 ) ( 578,501 )
Other operating income: 0
Operating profit(or loss): 1,043,513 (595,195)
Interest receivable and similar income: 380,928 0
Interest payable and similar charges: ( 309,721 )
Profit(or loss) before tax: 1,424,441 (904,916)
Profit(or loss) for the financial year: 1,424,441 (904,916)

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 116,369 142,520
Investments: 4 3,253,706 4,122,778
Total fixed assets: 3,370,075 4,265,298
Current assets
Debtors: 5 3,246,568 592,080
Cash at bank and in hand: 341,656 561,708
Total current assets: 3,588,224 1,153,788
Creditors: amounts falling due within one year: 6 ( 919,009 ) ( 804,237 )
Net current assets (liabilities): 2,669,215 349,551
Total assets less current liabilities: 6,039,290 4,614,849
Total net assets (liabilities): 6,039,290 4,614,849
Capital and reserves
Called up share capital: 1,000 1,000
Profit and loss account: 6,038,290 4,613,849
Total Shareholders' funds: 6,039,290 4,614,849

The notes form part of these financial statements

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 27 September 2024
and signed on behalf of the board by:

Name: Grigory Zarayskiy
Status: Director

The notes form part of these financial statements

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Other accounting policies

    Reserves policy The SPE Europe board regularly reviews the financial position and performance of the charity and its trading subsidiaries and is confident that, despite the current global downturn in oil prices, the organisation has sufficient resources to continue trading as a going concern for the foreseeable future. The primary purpose of the Reserve Fund (the Fund) for the Society of Petroleum Engineers Europe (SPEU) and the aim of the Trustees' reserves policy is to make available a source of revenues to be used by SPEU or other subsidiaries of SPE Inc to: ensure the continuation of normal business activities should SPEU's operating revenues be insufficient to meet expenses during a period of sustained economic distress; provide risk funds for the development of member service programmes as approved by the SPE Inc Board of Directors; and accommodate minor annual operating surpluses and deficits that may occur from time to time. The corpus of the SPEU Reserve Fund shall be determined by the total resources expended as reported in the SPEU annual consolidated financial statement, as approved by the SPEU Board of Directors, averaged over a two-year period. Funds in the amount of one-half (6 months) the annual total resources expended should be accumulated for use in future capital expenditures and new ventures. Any amount over the target level for the Reserve Fund balance can be used for any purpose consistent with the Society’s charitable status and objects and as approved by the SPEU Board of Directors.

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 21 23

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 487,622 222,101 709,723
Additions
Disposals
Revaluations
Transfers
At 31 March 2024 487,622 222,101 709,723
Depreciation
At 1 April 2023 365,493 201,710 567,203
Charge for year 19,189 6,962 26,151
On disposals
Other adjustments
At 31 March 2024 384,682 208,672 593,354
Net book value
At 31 March 2024 102,940 13,429 116,369
At 31 March 2023 122,129 20,391 142,520

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Fixed assets investments note

Fixed asset investments Group Company 2024 2023 2024 2023 £ £ £ £ Listed investments 3,253,706 4,122,778 3,253,706 4,122,778

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Debtors

2024 2023
£ £
Trade debtors 387,400 225,246
Prepayments and accrued income 2,800,709 92,231
Other debtors 58,459 274,603
Total 3,246,568 592,080

SOCIETY OF PETROLEUM ENGINEERS EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 193,486 410,398
Taxation and social security 67,374 51,528
Accruals and deferred income 612,269 271,766
Other creditors 45,880 70,545
Total 919,009 804,237