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 O￿an 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 be￿een 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 O￿an 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 ne￿Ork 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 O￿an 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 O￿an 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 advan￿ment
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 ne￿Ork 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 inter￿ptorS
were deployed in the Ozama River in the Dominican Republic and Klang River in Malaysia. The inter￿ptorS
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 inter￿ptorS were having on
the volume of debris entering the ocean. Dive Against Debris surveys were conducted I￿1￿ 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 o￿an 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 ne￿ork. 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. Vin￿nt 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 re￿iVed 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 prO￿sS 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 finan￿S 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 ac￿leratIOn 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 can￿lIation 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 C￿pted 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 reSoUr￿S 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 ou￿1ned 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 AC￿pted 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 reSoUr￿S 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, r￿IStered 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 3lDe￿Mber 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 rec￿nitIon of income from legacies is dependent on establishing entitlement, the probability of
re￿Ipt 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 re￿1vable 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
inVo￿ed 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 dI￿retIon 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 ServI￿S 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 re￿iVed 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 bel￿een related parties and the Company al 31 De￿mber 2022.
No donalions12021'. none) were re￿iVed by the charity during the period from Trustees.
Page 24

Accounts for Signing v2
Final Audit Report
2023-09-28
Created..
202￿9-26
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
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