Registered number: 03692403 Charity number: 1073327 PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ? Bishop Fleming
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI CONTENTS Page Reference and Administrative Detsil$ of the Companyy its Trustees and Advisers Trustee's Roport Independent Examiner's Report statement of Financial Activities 10 8alance Sheet Notes to the Financial Statements 12-24
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees M Caney S M Smith T A Richardson K N Valetle Company reglstered number 03692403 Charity reglstered number 1073327 Reglstered offlce The Pavilions Bridgewater Road Bristol BS13 8AE Company secretary S M Smith Dlre¢tor Danna Moore Independent Examlner Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS16FL 8ankers Barclays Bank plc Park House New Brick Road Stoke Gifford Bristol BS34 8ZJ Page 1
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual report together with the financial statements of the Company for the 1 January 2022 to 31 December 2022. The Annual Report serves the purposes of both a Trustees, Report and a Directors, Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current slalutory requirements, the requirements of the charitable company's governing document and the provisions of the Slalement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives In selling objectives and planning for aclivilies, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IPB21'. The charity's objectives are to.. Empower and bring together a worfdwide community of scuba divers in more than 180 countries by providing them with the tools, resources and inspiration lo take actions - large and small that contribute lo advancing the health of the ocean. The charity meets these objectives through the development of ils key campaign areas under ils overarching mission lo connect the passion for adventure with the purpose of marine consetvalion.. 11 Clean Ocean,. and 21 Healthy Ocean. b. Activities undertaken to achieve objectives The Project AWARE Foundation (doing business as PADI AWARE) is a publicly funded non-profit with a mission lo drive local action for global Oan conservation. We advan our mission through citizen science, public policy and community grants. With our partners at PADI@ - the world's leading scuba diver training organization we drive towards our collective vision to achieve balance beeen humanity and the ocean. For over 30 years, PADI and AWARE have built a truly unique Vol for the protection of the undetwaler world. Together, we have set ambitious Oan conseNalion targets through a shared Blueprint for Ocean Action that commits to actions that combat climate change, help create marine protected areas and protect vulnerable species. Backed by the power of the PADI@ brand and supported by the world's largest global neOrk of 6,600 dive cenlres and resorts and more than 128,000 professional members worldwide, Project AWARE Foundation can fully leverage the collective influence of divers and the dive industry to address key threats facing the marine environment. PROJECT AWARE VISION- Achieve balance bebNeen humanity and the ocean PROJECT AWARE MISSION - Drive local action for global Oan conservation. Page 2
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Achievements and performance a. Main achievements of the Company 2022 Review Poli ob'ectives 2022 saw the PADI AWARE Foundation commence the implementation of the 10-year Blueprint for Ocean Action conservation strategy which has identified five areas of Oan acb'on where PADI AWARE will focus our wort(. They include.. Reducing marine debris by 50Qk in largeled countries 2. Protect 300/0 of the ocean by 2030 3. Redu the number of sharks and rays threatened with extinction by 25D/o 4. Accelerate coral reef recovery and resloralion 5. Restore and protect critical blue carbon habitats lo contribute towards reaching Nel Zero by 2050 Our long-standing partnership with the recreational diving community has consislenily assisted the advanment of ocean conservation on multiple fronts. 2022 saw PADI AWARE establish new partnerships and collaborations with global non-profits and research organisalions to update our existing conservation-focussed dive courses, develop new citizen science programmes and to help secure international trade reslriclions for threatened species of sharks and rays. PADI AWARE was also invited to support global policy advoacct and research efforts regarding marine debris, increasing protected areas and vulnerable marine species protection. 2022 Ma or Activities Ado t The Blue 2022 saw the launch of the Adopt The Blue initiative, a multi-year engagement strategy with the global recreational diving community to estsblish the world's largest neOrk of undetwater siles for conservation action. Adopt the Blue provides multiple pathways for PADI operators, professionals, divers and other ocean enlhusiasls to gel actively involved in conservation at both the local and global level. PADI amplifies conservation efforts through cross-channel marketing, community grants, storytelling and strategic partnerships. Adopt the Blue was launched in September and there were over 500 registered ATB sites by the end of 2022. Marine debris.. 2022 saw the estsblishmenl of a partnership with The Ocean Cleanup to evaluate the effectiveness of Ocean Cleanup's river inlerceplor programmes in the Dominican Republic and Malaysia. Ocean Cleanup interptorS were deployed in the Ozama River in the Dominican Republic and Klang River in Malaysia. The interptorS deployed a boom across the river that collected marine debris preventing it from reaching the open ocean. PADI AWARE collaborated with PADI dive centres in the Dominican Republic and Malaysia to collect marine debris data from specific Adopt The Blue siles in each country to monitor any impact the interptorS were having on the volume of debris entering the ocean. Dive Against Debris surveys were conducted I1 a month every month from March in the Dominican Republic and July in Malaysia with a project timeframe of 12 months. PADI AWARE presented ils global debris work at the 7th International Marine Debris Congress in South Korea in September 2022, highlighting our collaborative efforts with CSIRO, the oan Cleanup and the Global Ghost Gear Initiative. PADI AWARE registered as an official observser entity with the United Nations Environment Programme lo engage in the development of a global plastic pollution treaty in 2023. Page 3
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Achievements and performance (CONTINUED} PADI AWARE also renewed its partnership with the Florida Keys National Marine Sanctuary, where debris data collected by supporter organisations was shared with the National Oceanographic and Atmospheric Administration INOAAI, who oversee the management of the sanctuary, and approached the USAID program lo explre the potential to establish Dive Against Debris as a potential monitoring programme for the Blue Cities USAID project. Marine Protected Areas In 2022, PADI AWARE and PADI formed a partnership with the Swiss-based watch company Blancpain lo estsblish a global program to advance marine protected areas IMPAS) in coastal waters around the world. Stage one of this project was the establishment of the Adopt The Blue initiative lo identify and develop an association of potential MPAS within the PADI neork. A global strategic plan was developed by Q4 2022 for approval for implementation in 2023. PADI AWARE also collaborated with SeaLegacy and National Geographic to advocate for the adoption of the 30 by 30 goal within the Convention on Biological Diversity ICBDI, which would enshrine the global goal to protect 300/0 of the world's ocean and lerreslrial habitats by 2030. This objective was ratified by all Parties al the CBD Conference of the Parties meeting 15 ICoP151 in December 2022. Shark and Ra Conservation PADI AWARE was an accredited observer at the Convention on International Trade of Endangered Species of Wild Flora and Fauna ICITESI Iri-annual meeting in Panama in November. PADI and AWARE were invited lo be part of the host nation's official delegation lo CITES lo help promote their proposal to protect 54 species of threatened sharks from unsustainable international trade. PADI AWARE provide critical economic information on the eco-tourism value of sharks lo all governments present at the meeting, and held bilateral meetings with the representstives of Australia, Sout Africa, Bahamas, Fiji, Venezuela, Brazil, Barbados, Sl. Vinnt and Grenadines, Samoa, Seychelles, Maldives the Europen Union, the UK and the US. PADI AWARE were also asked to give technical expert opinion lo three official side events al the conference in the run-up lo the vole lo consider protection measures. After three weeks of policilcal engagement from numerous NGOS, all shark proposals were adopted onlo Appendix 11 of CITES, providing protection measures from unsustainable international trade. Coral resloralion A strategic partnership with Deborah Brosnan & Associates has been established to provide technical expertise for the updating of the AWARE Coral Consetvalion specially dive course anticipated for revision in 2023. Communi Grant Pro ramme A full annual grant cycle was completed in 2022 with proposals received from every region and across all Blueprint sectors. In July we had reiVed 47 applications resulting in 11 approved projects. In October 2022 we received 65 applications resulting in 5 approved projects. Each grantee was awarded up lo a maximum of US$10,000 per project, with each proposal undergoing a Ihree-slage review prOsS with final approval signed off by the Board of Directors. All funding were awarded through the Americas charity office. Global Conservation Poli en ement In March 2022, PADI AWARE was invited lo be part of the US Slate Department's conservation initiative as part of the UN Our Ocean Conference in Palau. PADI AWARE was one of five entities requested lo showcase marine conservation work within the conference. PADI AWARE was also invited lo present our woth al the UN Ocean Conferen in Lisbon in April 2022. Page 4
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Achievements and performance (CONTINUED} strate artnershi 2022 saw PADI AWARE continue lo strengthen our existing strategic partnerships as well as to develop new ones to help meet our Blueprint objectives. PADI AWARE continued our commitment as a key partner in the Global Ghost Gear Initiative, the world's largest cross-sectoral alliance committed to driving solutions to the problem of lost, abandoned and otherwise discarded fishing gear worldwide. The GGGI has the shared goals of improving the health of marine ecosystems, safeguarding human health and livelihoods and protecting marine life from harm. PADI AWARE also continued engagemet with the MedSeaAlliance partnership to develop a strategic plan lo increase MPAS throughout the Mediterranean Sea. Financial review and investment oli All organisational finanS are developed by the Senior Management Team with input from PADI finance executives and signed off and approved by the Board of Directors. To ensure the charity is a going concern, the three global offices operate within a 6 month cash reserves policy and audited monthly financial reports. Spending, overheads and income is reviewed monthly and adjusted accordingly. 2022 Cor orate S onsorshi PADI AWARE agreed a major partnership with Blancpain, a Swiss-based watch manufacturer with PADI AWARE and PADI being the recipient of US$2.5 million lo be spent over 5 years lo implement the conservation Blueprint. 2022 spending was dedicated to the development of the Adopt The Blue inilialive. Annual corporate partnerships were also developed with Seiko and Medik8 to support the marine debris and community grant programmes. 2023 lans PADI AWARE anticipates an acleratIOn of programmes throughout the majority of 2023 with major expansions lo the MPA, vulnerable species and coral reef programmes, including a major IT overhaul to the existing citizen science capabilities. b. Investment policy and perfomiance Aside from retaining a prudent amount in reserves each year most of the charity's funds are lo be spent in the short term so there are few funds for long term investment. Having considered the option avaialable the trustees have decided to hold any surplus funds in interest bearing bank accounts. This investment policty is reviewed annually. Financial review a. Overview The total incoming resources for the year amounted lo £215,675 {2021.' £178,608}, against which £299,766 12021.. £251,918) was expended leaving a net deficit of £84,091 12021.. 73,3101 which was funded from reserves. Totsl funds held at 31 December 2022 were £121,680112021'. £71,265). Page 5
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 b. Going concem Over the last three years Project AWARE Foundation took several steps in order lo create a workable budget given the critical decrease in funding and programs. The measures taken by the organisation in order to mitigate the effects of the COVID-19 lockdowns and SLJbsequenl loss of revenue were successful in allowing the organizalion to maintain minimal functions and be able to renew programs and activities once the tourism indLJStry began to re-open, 2022 has not change the above. The following steps were implemented.. The canlIation of service contracts enabled the organizalion to reset its baseline for these types of expenses Redundancies enabled the organizalion to move in new directions. New revenue streams were identified in collaboration with PADI where they will be increasing visibility and marketing on our behalf to their members. All major partners I donors were contacted lo see if they were in a position to donate and launched a new recurring donor eamp8ign. Re-focused on corpoote sponsorships. Due to the miligalion of risk factors during the COVID-19 lockdown and subsequent economic downturn, the Foundation emerged from 2021 with a strong team of staff, decreased overhead expenses and was even able lo launch one new conservation program al the end of 2021 and conlinLJed in 2022. The Foundation plans lo launch an updated app in relationship to its Dive Against Debris Program. as well as a supporting dive training curriculLJm in 2022. There are also plans to increase fundraising activities throughout the region through targeted activities within Dive Centres. After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. ¢. Reserves policy At the balance sheet date the free reserves held by the charity (the unrestricted, undesignated funds not committed or invested in tangible fixed assets) amounted lo £121,680112021." £71,265). The trLJStees consider that the charity needs lo relain reserves equivalent lo 6 months of operating costs in order to ensure the smooth Tunning of its ongoing operations. This equates lo approximately £125,000. The Iruslees acknowledge that the current level of free reserves is significantly below the target level and are taking steps to increase them over the next 12 months. Page 6
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 structure, governance and management a. Constitution Project AWARE Foundation is registered as a charitable company limited by guarantee and was sel up by a Trust deed. The organisalion is a charitable company limited by guarantee and was set up incorporated on 6 January 1999 and registered as a charity on 14 January 1999. The company was estsblished under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up members are required lo contribute an amount not exceeding £1. b. Methods of appointment or election of Trustees The management of the Company is the responsibility of the Trustees who are elected and Cpted under the terms of the Trust deed. The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as directors. Under the requirements of the Memorandum and Articles of Association the Iruslees are elected lo serve for a period of three years, whith one third retiring by rotation at each Annual General Meeting, after which they musl be re-elected at the next Annual General Meeting. Trustees can be subsequently re-elected wilhoul an absen from office. All trustees give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are sel out in note 10 lo the accounts. New trustees are recruited by personal recommendation, to reflect standing and reputation within the diving community, commitment to sustainable development of aquatic reSoUrS and contributions lo the environment. c. Policies adopted for the induction and training of Trustees Trustees are already familiar with the practical work fo the charity and new trustees are invited and encouraged lo attend a series of short training sessions lo familiarise themselves with the charity and the context within which it operates. d. Risk management The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Iruslees have conducted a review of the major risks lo which the charity is exposed, and systems have been established lo mitigate these risks. Internal risks are minimised by the implementation of procedures for the aulhorisalion of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity's objectives. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. Plans for future periods The charity plans streamlining ils operations to achieve its activities ou1ned above in the forthcoming years subject to the financial and staffing impacts of COV1[19 to the charity. Page 7
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally ACpted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stsle of affairs of the Company and of its incoming reSoUrS and application of resources, including ils income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stslemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufFicienl to show and explain the Company's transactions and disclose with reasonable accuracy at any lime the financial position of the Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for tsking reasonable steps for the prevention and detection of fraud and other Irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. M Caney Trustee Dale.. Sep 28, 2023 Page 8
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Independent Examiner's Report to the Trustees of Project AWARE Foundation Ilhe Company'l report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2022. Responsibilities and Basis of Report As the Trustees of the Company land ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I reF)Ort in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act,. or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Company's Trustees those mallers l am required lo slate to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Signed.. David Butler FCA, DChA Dated.. 29 September 2023 Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS16FL Page 9
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2022 Restricted Unrestricted funds fund$ 2022 2022 Total fund$ 2022 Total funds 2021 Note INCOME FROM: Donations and legacies Charitable activities Investments 193,253 22,407 15 193,253 22,407 15 152,590 26,010 TOTAL INCOME 215,675 215,675 178,608 EXPENDITURE ON: Charitable activities 26,010 282,610 308,620 251,918 TOTAL EXPENDITURE 26,010 282,610 308,620 251,918 NET MOVEMENT IN FUNDS 26.0101 66.9351 92.9451 173,3101 RECONCILIATION OF FUNDS: Total funds brought forward Nel movement in funds 26.010 126.0101 45.255 166.9351 71.265 192.9451 144,575 173,3101 TOTAL FUNDS CARRIED FORWARD 21,6801 21,6801 71,265 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 to 24 form part of these financial statements. Page 10
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER..03692403 BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note FIXED ASSETS Tangible assets 11 98 98 CURRENT ASSETS Debtors Cash al bank and in hand 12 36,989 30,335 1,586 171,668 67.324 173,254 Creditors.. amounts falling due within one year 13 189,004) 1102,0871 NET CURRENT LIABILITIES I ASSETS 21,6801 71,167 TOTAL NET ASSETS 121.6801 71,265 CHARITY FUNDS Reslricled funds Unrestricted funds 14 26,010 45,255 14 121.6801 TOTAL FUNDS 121,6801 71,265 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company lo obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financi81 statements have been prepared in accordance with the provisions applicable to enlilies subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Caney Trustee Dale.. Sep 28. 2023 The notes on pages 12 to 24 form part of these financial statements. Page11
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 GENERAL INFORMATION Project AWARE Foundation is a private charitable company limited by gLJarantee, rIStered in England & Wales, company registered number 03692403 and registered with the Charity Commission, charity number 1073327.lts registered office is The Pavilions, Bridgwaler Road, Bristol, BS13 8AE. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The presentational currency of the financial statements is sterling which is the functional currency of the company and the financial statements are rounded to the nearest £. The financial information of the current period relates lo the year ended 31 December 2022 and the comparative information related lo the year ended 3lDeMber 2021. Project AWARE FoundalionProjecl AWARE Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olhetwise staled in the relevant accounting policy. 2.2 GOING CONCERN Having assessed the current situation, the Trustees have considered it appropriate to continue to adopt the going concem basis of accounting in preparing these financial ststemenls. The measures taken by the company are highlighted in the Trustees report. 2.3 INCOME All income is recognised once the Company has entitlement lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. The recnitIon of income from legacies is dependent on establishing entitlement, the probability of reIpt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the propety in question will not be required to satisfy claims in the estate. Receipt of a legacy musl be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed lo the Company, can be reliably measured. Grants are included in the Statement of Financial Activities on a re1vable basis. The balan of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balan Sheet. Where income is received in advance of entillemenl of receipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed lo the projects. Gifts donated for resale are included as income when they are sold. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Page 12
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES (Continued) 2.4 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, induding support costs inVoed in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity- Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resoLJrces. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on direcly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 INTEREST RECEIVABLE Interest on fLJnds held on deposit is induded when receivable and the amoLJnt can be measured reliably by the Company,. this is normally Ljpon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 INTANGIBLE ASSETS AND AMORTISATION Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured al cost less any accumulated amortisalion and any accumulated impairment losses. Amortisalion is provided on intangible assets at rates calculated to write off the cost of each asset on a straighl-line basis over its expected useful life. The estimated useful lives are as follows.. Computer software 3 years straight line 2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £250 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measLJred reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incLJrred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated usefvl lives, using the straighl-line method. The estimated useful lives are as follows.. Computer equipment 3 years Page 13
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES (Continued) 2.8 DEBTORS Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.9 CASH AT BANK AND IN HAND Cash at 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. 2.10 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balan Sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates il will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cosL 2.11 FINANCIAL INSTRUMENTS The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 PENSIONS The charitable company does not operate its own pension scheme. Staff costs induded in these accounts represent the recharge by PAID EMEA Limited of a proportion of its staff costs lo the charity. The recharge is based upon lime spent by specific staff and includes pension costs. 2.13 FUND ACCOUNTING General funds are unreslricled funds which are available for use at the dIretIon of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Page 14
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INCOME FROM DONATIONS AND LEGACIES Unrestricted funds 2022 Total funds 2022 Total funds 2021 Donations Subscriptions Donated ServIS and facilities 20,521 172,732 20,521 172.732 92,971 47,869 11,750 193,253 193,253 152,590 TOTAL 2021 152,590 152,590 The equivalent costs of the donated services and facilities above is reflected in the charitable activities expenditure in note 6 as follows.. Donated wage cost £012021.. £6,598) Rent £012021.. £4,266) Telephone £712021.. £4861 Postage and stationery £012021.. £4001 INCOME FROM CHARITABLE ACTIVITIES Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Grant income 22,407 22.407 26,010 TOTAL 2021 26,010 26,010 INVESTMENT INCOME Unrestricted funds 2022 Total funds 2022 Total funds 2021 Deposit account interest 15 15 TOTAL 2021 Page 15
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2022 Support costs Total funds 2022 Total funds 2021 2022 Healthy Ocean Clean Ocean Administration 140,600 127,142 140.600 127.142 28,305 12,573 79,820 106,804 55,895 9,599 28,305 12,573 Fundraising TOTAL 2022 267,742 40,878 308.620 251,918 ANALYSIS OF DIRECT COSTS Healthy Ocean Clean Ocean 2022 Total funds 2022 Total funds 2021 2022 Staff costs Depreciation Translations Support materials Other expenses Subscriptions Office expenses Printing Travel Accounting fees Technology Consultant fees Community grants Insuran 61,752 52,144 98 113.896 98 93,767 6,088 129 1,418 692 16,940 1,238 30 6,033 182 7,468 145 3,603 257 7,468 144 9,636 439 14.936 289 13,166 2,700 28,883 560 11,217 2,700 28,884 560 24.383 5.400 57,767 1,120 36.660 3.118 16,151 897 44,412 4,862 18,330 1,381 18,330 1,737 TOTAL 2022 140,600 127,142 267,742 186,624 Page 16
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ANALYSIS OF EXPENDITURE BY ACTIVITIES {CONTINUED ANALYSIS OF SUPPORT COSTS Total funds 2022 Total funds 2021 Administration Fundraising 2022 2022 Stsff costs Translations Other expenses Printing Accounting fees Travel Consultant fees Bank fees Insuran Exchange gain I loss Office expenses Subscriptions Support materials Donated wages . Rent, Telephone ' Postage and stationary" 21,608 7,232 28.840 34,127 1671 826 1,050 177 66 1,279 1,130 2,948 1,050 410 131 2.100 587 197 1,279 1.843 5,896 10 126 12,231 173 1,253 819 1401 713 2,948 42 84 3,131 231 6,598 4,266 486 400 28,305 12,573 40,878 65,294 TOTAL 2021 55,695 9,599 65,294 The equivalent costs of the donated services and facilities las outlined in note 31 are reflected in the levant cost headings above, as follows. INDEPENDENT EXAMINER'S REMUNERATION 2022 2021 Fees payable lo the Company's independent examiner for the independent examination of the Company's annual accounts 4.500 4,000 Page 17
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 STAFF COSTS 2022 2021 Wages and salaries 142,736 127,894 142,736 127,894 The average number of persons employed by the Company during the year was as follows.. 2022 No. 2021 No. Office The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2022 No. 2021 No. In the band £60,001- £70,000 The key management personnel of the charity comprise the Trustees, the Global Director and the Chief Brand and Memberships Officer. The total employee benefits of key management personnel of the charity were £Nil12021. £10,208). TRUSTEES. REMUNERATION AND EXPENSES During the year, no Trustees reiVed any remuneration or other benefils12021- £NILI. During the year ended 31 December 2022, no Trustee expenses have been incurred12021- £NILI. Page 18
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. INTANGIBLE ASSETS Computer software COST At 1 January 2022 37,690 At 31 December 2022 37,690 AMORTISATION At 1 January 2022 37,690 At 31 December 2022 37,690 NET BOOK VALUE At 31 December 2022 At 31 December 2021 Page 19
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 11. TANGIBLE FIXED ASSETS Computer equipment COST OR VALUATION At 1 January 2022 13,165 At 31 December 2022 13,165 DEPRECIATION At 1 January 2022 Charge for the year 13,067 98 At 31 December 2022 13,165 NET BOOK VALUE At 31 December 2022 At 31 Deeember 2021 98 12. DEBTORS 2022 2021 DUE WITHIN ONE YEAR Trade debtors 36.989 1,284 302 other debtors 36,989 1,586 Page 20
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade creditors Amounts owed to group undertakings Other laxalion and social security other creditors Accruals and deferred income 64,909 17.933 1.662 4,500 67,412 16,207 5,876 12,591 89,004 102,087 Page 21
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 December 2022 Balance at 1 January 2022 Income Expenditure UNRESTRICTED FUNDS General Funds 45,255 215,675 1282,610) 21,6801 RESTRICTED FUNDS Restricted Funds 26,010 126,010) TOTAL OF FUNDS 71,265 215,675 1308,620) 21,6801 STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 December 2021 Balan al 1 January 2021 Income Expenditure UNRESTRICTED FUNDS General Funds - all funds 144,575 140,848 1240,1681 45,255 RESTRICTED FUNDS Reslricled grants 26,010 26,010 TOTAL OF FUNDS 144,575 166,858 1240,1681 71,265 Page 22
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 December 2022 Balance at 1 January 2022 Income Expenditure General funds Reslricled funds 45.255 26,010 215,675 1282,610} 126,010) 121.6801 71.265 215,675 1308,620} 121.6801 SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 December 2021 Balance at 1 January 2021 Income Expenditure General funds Reslricled funds 144,575 140,848 26,010 1240,1681 45,255 26,010 144,575 186,858 1240,1681 71,265 ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted funds 2022 Total funds 2022 Current assets Creditors due within one year 67,324 189,0041 67,324 189.0041 TOTAL 121,6801 21,6801 Page 23
PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS ICONTINUEDI ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Restricted Unreslricled funds funds 2021 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within one year 98 147,244 1102,0871 98 173,254 1102,0871 26,010 TOTAL 26,010 45,255 71,265 17. RELATED PARTY TRANSACTIONS The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing beleen related parties and the Company al 31 Dember 2022. No donalions12021'. none) were reiVed by the charity during the period from Trustees. Page 24
Accounts for Signing v2 Final Audit Report 2023-09-28 Created.. 2029-26 By.. Emily Deery lernily.deery@padiaware.orgl Sl8lus'. Signed Tr8nsaclion ID.. CBJCHBCA4BAAvET3kbmQbg9A3uXisLRKfxlmMdOhtGuY "Accounts for Signing v2" History Document created by Emily Deery lemily.deery@padiaware.orgl 2023-09-28- 12..37.'11 PM GMT . Document emailed to mark.caney@padi.com for signature 2023-0&28- 12..39..32 PM GMT Email viewed by mark.caney@padi.com 2023-09-28- 12."49."15 PM GMT Signer mark.caney@padi.com entered name at signing as Mark Caney 2023-09-28- 12..50..14 PM GMT Document e-signed by Mark Caney lmark.caney@padi.coml Signature Date.. 202M)9-28- 12..50..16 PM GMT- Titne Sou.. server Agreement completed. 2023-09-28- 12.'50.'16 PM GMT IJ Adobe Acrobat Slgn