**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 2023**
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Company, its Trustees and Advisers**|1|
|**Trustee's Report**|2 - 9|
|**Independent Examiner's Report**|10|
|**Statement of Financial Activities**|11|
|**Balance Sheet**|12|
|**Notes to the Financial Statements**|13 - 22|
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Trustees**|M Caney|
|---|---|
||S M Smith (resigned 21 July 2024)|
||T A Richardson|
||K N Valette|
|**Company registered**
**number**
03692403
**Charity registered**
**number**
1073327
**Registered office**
The Pavilions
Bridgewater Road
Bristol
BS13 8AE
**Company secretary**
S M Smith (resigned 21 July 2023)
**Director**
Danna Moore
**Independent Examiner**
Bishop Fleming LLP
Chartered Accountants
10 Temple Back
Bristol
BS1 6FL
**Bankers**
Barclays Bank plc
Park House
New Brick Road
Stoke Gifford
Bristol
BS34 8ZJ||
Page 1
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
The Trustees present their annual report together with the financial statements of the Company for the year 1 January 2023 to 31 December 2023. 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 statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
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 setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The charity's objectives are to:
Empower and bring together a worldwide community of scuba divers in more than 180 countries by providing them with the tools, resources and inspiration to take actions - large and small - that contribute to advancing the health of the ocean.
The charity meets these objectives through the development of its key campaign areas under its overarching mission to connect the passion for adventure with the purpose of marine conservation:
## 1) Clean Ocean; and
- 2) Healthy Ocean.
PADI AWARE’s objectives are outlined in the organisation’s Blueprint For Ocean Action which has identified five key marine conservation focus areas:
- Rid the ocean of marine debris
- Increase the number of Marine Protected Areas
- Protect endangered and vulnerable marine species
- Accelerate coral recovery and restoration
- Reduce and offset the dive industry’s carbon footprint
Page 2
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Objectives and activities (CONTINUED)**
## **b. Activities undertaken to achieve objectives**
The Project AWARE Foundation (doing business as PADI AWARE Foundation) is a publicly funded non-profit with a Mission to drive local action for global ocean conservation. We advance our Mission through citizen science, public policy engagement and grassroots community grant support. With our partners at PADI® (Professional Association of Diving Instructors) – the world’s largest scuba diver training organisation – we drive towards our collective vision to achieve balance between humanity and the ocean.
For over 30 years, PADI and the PADI AWARE Foundation have built a unique voice for the protection of the underwater world. Together, we have set ambitious conservation targets through a shared Blueprint for Ocean Action that commits to activities that combat climate change, protect critical ocean habitats and species.
PADI aware engages in conservation through the PADI® network of 6,600 dive operators, 128,000 dive professionals and over 28 million registered PADI® recreational divers.
**PADI AWARE VISION** – Achieve balance between humanity and the ocean **PADI AWARE MISSION** – Drive local action for global ocean conservation.
Page 3
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Achievements and performance**
## **a. Main achievements of the Company**
## **Adopt The Blue**
2023 showed major growth in our Adopt The Blue (ATB) initiative, a multi-year engagement strategy with the global recreational diving community to establish the world’s largest network of underwater sites for conservation action. Adopt The Blue provides multiple pathways for dive operators, professionals, divers and other ocean enthusiasts to get actively involved in conservation at the local and global levels.
Adopt The Blue was launched in September 2022, and by December 2023 there were 1,839 ATB sites in over 70 countries.
## **Marine Debris**
PADI AWARE’s flagship citizen science programme, Dive Against Debris, has been running for 14 years and collects and collates seafloor debris submitted by recreational divers to the PADI AWARE marine debris database, the world’s largest underwater marine debris citizen science project. Divers collect and remove marine debris from the seafloor, identify and count different types of debris and upload this data to our database.
In 2023, PADI AWARE concluded a 12-month trial in the Dominican Republic and Malaysia to collect baseline marine debris data in collaboration with The Ocean Cleanup. Adopt The Blue sites were established in each country with Dive Against Debris surveys conducted twice a month for a year. All data was provided to national government agencies.
PADI AWARE is a registered NGO observer with the UN Environment Programme, and in 2023 actively engaged in the INC process in the development of the Global Plastics Treaty. PADI AWARE attended the INC-3 meeting in Kenya in November.
Marine Protected Areas (MPAs)
PADI AWARE’s MPA strategy focusses on three regional entities:
- Small Island Developing States (SIDS)
- Mediterranean
- Large coastal nations
SIDS – In 2023, PADI AWARE established an MPA programme in Barbados in collaboration with the local dive operators and the Barbados Ministry of Environment and National Beautification. PADI AWARE has established an informal partnership with the Coastal Zone Management Unit to explore opportunities to assist the government meet its objectives, with a call to action to double the fully protected MPAs in Barbados’ national waters. It is anticipated that a multi-year agreement with the government of Barbados will be developed in 2024 to further national ocean conservation commitments.
Mediterranean – PADI AWARE is a member of the NGO coalition, the MedSeaAlliance (MSA), a group of 16 Med based organisations working on marine conservation. In 2023, the MSA commenced an MPA project in Spain and Greece to advocate for increased MPA protections to comply with the 30 by 30 global ocean commitment. PADI AWARE will be undertaking dedicated ATB recruitment campaigns in both Spain and Greece throughout 2024, with joint advocacy campaigns in each country with MSA coalition partners.
Large independent countries – Minimal progress had been made regarding this grouping of countries in the early stages of 2023 due to the focus on establishing MPA programmes in the other groupings. In November 2023 an opportunity arose to partner with the National Marine Sanctuary Foundation (NMSF) in the US. This opportunity is currently being explored.
Page 4
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Achievements and performance (CONTINUED)**
## **Vulnerable Marine Species**
PADI AWARE started working on developing a new global citizen science initiative, the Global Shark and Ray Census, with a focus to collect information on vulnerable and endangered populations of sharks and rays. PADI AWARE established a partnership with James Cook University in QLD, Australia to provide specialist technical scientific advice.
## **Coral recovery and restoration**
PADI AWARE undertook an initial review of our existing coral conservation products to prioritise revisions for 2024. Coral restoration projects were supported through our Community grant programme.
## **Carbon footprint offsetting**
PADI AWARE undertook an initial scoping exercise to identify existing blue carbon habitat restoration projects throughout the ATB network.
## **Community Grant Programme**
A full annual grant cycle was completed in 2023 with proposals received from every region and across all Blueprint sectors. 69 proposals were received in the first grant cycle, with 101 proposals in the second cycle. A total of 13 projects were funded in 2023. All funding support was awarded through the Americas charity office.
## **Global Policy Engagement**
In 2023, PADI AWARE actively engaged in policy advocacy at the 5th International Marine Protected Area Congress in Canada, at the Economist Ocean Summit in Lisbon and the European Elasmobranch Association meeting in Brighton, UK. As mentioned previously, PADI AWARE also participated in the INC-5 Global Plastics Treaty discussions in Nairobi.
## **Strategic partnerships**
2023 saw PADI AWARE continue to strengthen existing strategic partnerships as well as developing new ones to advance the Blueprint objectives.
PADI AWARE continued as a partner in the Global Ghost Gear Initiative, the world’s largest cross-sectoral initiative committed to driving solutions to the problem of lost, abandoned and otherwise discarded fishing gear.
PADI AWARE became an active member of the MedSea Alliance to develop an MPA project in Greece and Spain.
## **2023 Corporate Sponsorships**
PADI AWARE continued our partnership with Blancpain, a Swiss-based watch manufacturer, to support our ongoing MPA work. Ongoing corporate partnerships were also established with Seiko and Kraken.
Page 5
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Achievements and performance (CONTINUED)**
## **b. Investment policy and performance**
Aside from retaining a prudent amount in reserves each year, most of the charity's funds are to be spent in the short term so there are few funds for long term investment. Having considered the option available the trustees have decided to hold any surplus funds in interest bearing bank accounts. This investment policy is reviewed annually.
## **Financial review**
## **a. Overview**
The total incoming resources for the year amounted to £187,714 (2022: £215,675), against which £209,063 (2022: £308,620) was expended leaving a net deficit of £21,349 (2022: £92,945) which was funded from ongoing operations and supported by Project USA. Total funds held at 31 December 2023 were (£43,029) (2022: (£21,680)).
## **b. Going concern**
Over the last several years Project AWARE Foundation has taken several steps in order to 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 subsequent loss of revenue were successful in allowing the organization to maintain minimal functions and be able to renew programs and activities once the tourism industry began to re-open, 2023 saw little change in our financial position.
The following strategies continue to be administered:
- Service contracts have been and continue to be minimized in order to enabled the organization to reset its baseline for these types of expenses
- Staffing continues at operate at a reduced capacity while the company looks to increase its revenue.
- Additional revenue streams including partnerships with larger non-profit organizations as well as government funding is being explored.
- All major partners / donors were contacted to see if they were in a position to donate and launched a new recurring donor campaign.
- Continued focus on corporate sponsorships.
Due to the mitigation 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. An investment of funding in 2023 for technology improvements on our existing Dive Against Debris App and additional program development continue to be developed with an expected launch of early 2025. The news of our updated technology platform has already brought other non-profits, governments and universities to the company looking for partnerships and access to our data. These additional partnerships should also convert to future revenue generation.
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources, when supported by Project AWARE USA, to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Page 6
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **c. 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 to (£43,029) (2022: (£21,680)). The trustees consider that the charity needs to retain reserves equivalent to 6 months of operating costs in order to ensure the smooth running of its ongoing operations. This equates to approximately £125,000.
The trustees 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 7
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Structure, governance and management**
## **a. Constitution**
Project AWARE Foundation is registered as a charitable company limited by guarantee and was set up by a Trust deed. The organisation 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 established 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 to 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 co-opted 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 trustees are elected to serve for a period of three years, with one third retiring by rotation at each Annual General Meeting, after which they must be re-elected at the next Annual General Meeting. Trustees can be subsequently re-elected without an absence from office.
All trustees give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in note 10 to the accounts.
New trustees are recruited by personal recommendation, to reflect standing and reputation within the diving community, commitment to sustainable development of aquatic resources and contributions to the environment.
## **c. Policies adopted for the induction and training of Trustees**
Trustees are already familiar with the practical work of the charity and new trustees are invited and encouraged to attend a series of short training sessions to 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 trustees have conducted a review of the major risks to which the charity is exposed, and systems have been established to mitigate these risks. Internal risks are minimised by the implementation of procedures for the authorisation 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.
Page 8
PROJECT AWARE FOUNDATTON
(A COMPANY LIMITEO BY GUARANTEE)
TRUSTEES. REPORTICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
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**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Independent Examiner's Report to the Trustees of Project AWARE Foundation ('the Company')**
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
## **Responsibilities and Basis of Report**
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
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 report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) 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:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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 fair' view which is not a matter considered as part of an independent examination; or
4. 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 (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 18 December 2024
David Butler FCA, DChA
**Bishop Fleming LLP** Chartered Accountants 10 Temple Back Bristol BS1 6FL
Page 10
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Note**
**INCOME FROM:**
Donations and legacies
3
Charitable activities
4
Other trading activities
Investments
5
**TOTAL INCOME**
**EXPENDITURE ON:**
Charitable activities
**TOTAL EXPENDITURE**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**2023**
**£**
**135,464**
**50,547**
**1,392**
**311**
**187,714**
**218,126**
**218,126**
**(30,412)**
**(21,680)**
**(30,412)**
**(52,092)**|**Total**
**funds**
**2023**
**£**
**135,464**
**50,547**
**1,392**
**311**
**187,714**
**218,126**
**218,126**
**(30,412)**
**(21,680)**
**(30,412)**
**(52,092)**|Total
funds
2022
£
193,253
22,407
-
15
215,675
308,620
308,620
(92,945)
71,265
(92,945)
(21,680)|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 22 form part of these financial statements.
Page 11
PROJECT AWARE FOVNDATION
IA COMPANY LIMITED OY GUARJJ4TEEI
REGISTEREO NUMBER.OM•2403
OALANCE SHEET
AS AT JI OECEM8ER 2023
2023
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RXED ASSET8
CURRENT A83Eré
10
7.137
0.242
30.335
16,J79
67,324
167.4711
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NET CUARENT UABIUTIES
152.0921
{21,)
TOTAL NET ASSET8
182.0921
121.61Y))
CHARITY FUNOS
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TOTAL FUN08
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**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. GENERAL INFORMATION**
Project AWARE Foundation is a private charitable company limited by guarantee, registered in England & Wales, company registered number 03692403 and registered with the Charity Commission, charity number 1073327. Its registered office is The Pavilions, Bridgwater Road, Bristol, BS13 8AE.
## **2. ACCOUNTING POLICIES**
## **2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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 to the year ended 31 December 2023 and the comparative information related to the year ended 31 December 2022.
Project AWARE Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated 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 concern basis of accounting in preparing these financial statements. The measures taken by the company are highlighted in the Trustees report.
## **2.3 INCOME**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt 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 (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must 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 to be distributed to the Company, can be reliably measured.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its 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 to the projects. Gifts donated for resale are included as income when they are sold.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Page 13
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. ACCOUNTING POLICIES (continued)**
## **2.4 EXPENDITURE**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to 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 to a single activity are apportioned between those activities on a basis consistent with the use of resources. 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 directly 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 funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.6 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.7 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 date of acquisition or opening of the deposit or similar account.
## **2.8 LIABILITIES AND PROVISIONS**
Liabilities are recognised when there is an obligation at the Balance 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 it 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 to 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 cost.
## **2.9 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 at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 14
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. ACCOUNTING POLICIES (continued)**
## **2.10 PENSIONS**
The charitable company does not operate its own pension scheme. Staff costs included in these accounts represent the recharge by PAID EMEA Limited of a proportion of its staff costs to the charity. The recharge is based upon time spent by specific staff and includes pension costs.
## **2.11 FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion 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 restrictions 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 to the financial statements.
Page 15
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **3. INCOME FROM DONATIONS AND LEGACIES**
|**Unrestricted**
**funds**
**2023**
**£**
Donations
27,695
Subscriptions
107,769
135,464
TOTAL 2022
193,253
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**funds**
**2023**
**£**
Grant income
50,547
TOTAL 2022
22,407
**5.**
**INVESTMENT INCOME**
**Unrestricted**
**funds**
**2023**
**£**
Deposit account interest
311
TOTAL 2022
15|**Total**
**funds**
**2023**
**£**
**27,695**
**107,769**
**135,464**
193,253
**Total**
**funds**
**2023**
**£**
**50,547**
22,407
**Total**
**funds**
**2023**
**£**
**311**
15|Total
funds
2022
£
20,521
172,732|
|---|---|---|
|||193,253|
|||Total
funds
2022
£
22,407|
|||Total
funds
2022
£
15|
||||
Page 16
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **6. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|Healthy Ocean
Clean Ocean
Coral
Marine Debris
Administration
Fundraising
**TOTAL 2023**|**Activities**
**undertaken**
**directly**
**2023**
**£**
90,677
60,162
13,467
6,413
-
-
170,719|**Support**
**costs**
**2023**
**£**
-
-
-
-
28,902
18,505
47,407|**Total**
**funds**
**2023**
**£**
**90,677**
**60,162**
**13,467**
**6,413**
**28,902**
**18,505**
**218,126**|Total
funds
2022
£
140,600
127,142
-
-
28,305
12,573|
|---|---|---|---|---|
|||||308,620|
## **ANALYSIS OF DIRECT COSTS**
|Staff costs
Depreciation
Accounting fees
Consultant fees
Insurance
Mailing expenses
Subscriptions
Travel
Technology
Office expenses
Support materials
Community
grants
**TOTAL 2023**|**Healthy**
**Ocean**
**2023**
**£**
38,516
-
734
3,773
110
-
7,256
35,734
4,554
-
-
-
90,677|**Clean**
**Ocean**
**2023**
**£**
32,843
-
734
1,496
138
2,821
9,639
10,319
2,172
-
-
-
60,162|**Coral**
**2023**
**£**
14,485
-
-
-
-
-
-
(1,018)
-
-
-
-
13,467|**Marine**
**Debris**
**2023**
**£**
-
-
-
-
88
-
-
6,325
-
-
-
-
6,413|**Total**
**funds**
**2023**
**£**
**85,844**
**-**
**1,468**
**5,269**
**336**
**2,821**
**16,895**
**51,360**
**6,726**
**-**
**-**
**-**
**170,719**|Total
funds
2022
£
113,896
98
5,400
1,120
3,118
439
14,936
24,383
57,767
289
9,636
36,660|
|---|---|---|---|---|---|---|
|||||||267,742|
Page 17
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **6. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
## **ANALYSIS OF SUPPORT COSTS**
|**Administrati**
**on**
**2023**
**Fundraising**
**2023**
**£**
**£**
Staff costs
4,874
17,029
Accounting fees
286
286
Consultant fees
-
998
Insurance
510
57
Seminars
104
-
Subscriptions
4,976
-
Travel
4,330
135
Exchange gain or loss
12,196
-
Bank fees
1,373
-
Office expenses
224
-
Printing
29
-
28,902
18,505
TOTAL 2022
-
-
**7.**
**INDEPENDENT EXAMINER'S REMUNERATION**
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts
**8.**
**STAFF COSTS**
Wages and salaries|**Total**
**funds**
**2023**
**£**
**21,903**
**572**
**998**
**567**
**104**
**4,976**
**4,465**
**12,196**
**1,373**
**224**
**29**
**47,407**
40,878
**2023**
**£**
**4,625**
**2023**
**£**
**107,747**
**107,747**|Total
funds
2022
£
28,840
2,100
197
1,843
-
126
587
5,896
1,279
10
-|
|---|---|---|
|||40,878|
|||2022
£
4,500|
|||2022
£
142,736|
||||
|||142,736|
Page 18
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **8. STAFF COSTS (CONTINUED)**
The average number of persons employed by the Company during the year was as follows:
||**2023**|2022|
|---|---|---|
||**No.**|No.|
|Office|**2**|2|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**2023**|2022|
|---|---|---|---|
|||**No.**|No.|
|In the band £60,001|- £70,000|**-**|1|
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 £Nil (2022: £Nil).
## **9. TRUSTEES' REMUNERATION AND EXPENSES**
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).
## **10. DEBTORS**
|**DUE WITHIN ONE YEAR**
Trade debtors
Prepayments and accrued income|**2023**
**£**
**-**
**7,137**
**7,137**|2022
£
36,989
-|
|---|---|---|
||||
|||36,989|
Page 19
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income|**2023**
**£**
**54,791**
**3,534**
**4,646**
**4,500**
**67,471**|2022
£
64,909
17,933
1,662
4,500|
|---|---|---|
||||
|||89,004|
## **12. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR**
|**UNRESTRICTED FUNDS**
General Funds - all funds
**STATEMENT OF FUNDS - PRIOR YEAR**
**UNRESTRICTED FUNDS**
General Funds
**RESTRICTED FUNDS**
Restricted Funds
**TOTAL OF FUNDS**|**Balance at 1**
**January**
**2023**
**£**
**(21,680)**
Balance at
1 January
2022
£
45,255
26,010
71,265|**Income**
**£**
**187,714**
Income
£
215,675
-
215,675|**Expenditure**
**£**
**(218,126)**
Expenditure
£
(282,610)
(26,010)
(308,620)|**Balance at**
**31**
**December**
**2023**
**£**
**(52,092)**|
|---|---|---|---|---|
|||||Balance at
31
December
2022
£
(21,680)|
|||||-|
|||||(21,680)|
Page 20
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **13. SUMMARY OF FUNDS**
## **SUMMARY OF FUNDS - CURRENT YEAR**
||||**Balance at**|
|---|---|---|---|
||**Balance at 1**||**31**|
||**January**||**December**|
||**2023**|**Income**|**Expenditure**
**2023**|
||**£**|**£**|**£**
**£**|
|General funds|**(21,680)**|**187,714**|**(218,126)**
**(52,092)**|
|**SUMMARY OF FUNDS - PRIOR YEAR**||||
||||Balance at|
||Balance at||31|
||1 January||December|
||2022|Income|Expenditure
2022|
||£|£|£
£|
|General funds|45,255|215,675|(282,610)
(21,680)|
|Restricted funds|26,010|-|(26,010)
-|
||71,265|215,675|(308,620)
(21,680)|
|**ANALYSIS OF NET ASSETS BETWEEN FUNDS**||||
|**ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR**||||
||||**Unrestricted**
**Total**|
||||**funds**
**funds**|
||||**2023**
**2023**|
||||**£**
**£**|
|Current assets|||15,194
**15,194**|
|Creditors due within one year|||(67,286)
**(67,286)**|
|**TOTAL**|||(52,092)
**(52,092)**|
|**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR**||||
||||Unrestricted
Total|
||||funds
funds|
||||2022
2022|
||||£
£|
|Current assets|||67,324
67,324|
|Creditors due within one year|||(89,004)
(89,004)|
|**TOTAL**|||(21,680)
(21,680)|
|||||
## **14. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR**
Page 21
**PROJECT AWARE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **15. RELATED PARTY TRANSACTIONS**
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 December 2023.
No donations (2022: none) were received by the charity during the period from Trustees.
Page 22