2025-12-31-accounts

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 2025

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI CONTENTS Page Reference and Administrative Details of the Company? its Trustees and Advisers Trustee's Report Trustees. Responsibilities Statement Independent Examiner's Report statement of Financial Activities 10 8alance Sheet Notes to the Financial Statements 12-21

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 2025 Trustees M Caney T A Richardson K N Valetle Company registered number 03692403 Charity registered number 1073327 Registered office The Pavilions Bridgewater Road Bristol BS13 8AE Company secretsry M Caney Independent Examiner Bishop Fleming Audit Limited Chartered Accounlanls 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 IA COMPANY LIMITED BY GUARANTEEI GOVERNANCE STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 1. Oryanisational Background The Project AWARE Foundation (doing business as PADI AWARE Foundation) is a non-profit funded by donations with a Mission to drive local action for global ocean conseNation. 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 organisalion, we drive towards our collective vision to achieve balance be￿een 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. PADI AWARE engages in conservation through the PADIO network of 6,600 dive operatorg, 128,000 dive professionals and over 28 million registered PADI@ recreational divers worldwide. VISION Achieve balance between humanity and the ocean. MISSION Drive local action for global ocean conservation. 2. 2025 strategic Review & Revised Blueprint for Ocean Action In 2025, the Board of Trustees commissioned the PADI AWARE senior management team to undertake a comprehensive review of the Blueprint for Ocean Action, the organisation's strategic framework for marine conservation, since its initfdl inception. The purpose of the review was to assess the continued appropriateness and relevance of the Blueprint's focus areas considering the evolving global ocean conservation landscape, available eviden￿ and PADI AWARE'S operational capacity- The review was conducted between January and March 2025, with three in-person working sessions held at the WCS Central Park Zoo offices in New York lJanuaryl, PADI EMEA office (February} and the PADI Americas office (March). Following the conclusion of the review, the management team presented its recommendations to the Board. which were approved and adopted. The outcome was a streamlined and strengthened Blueprint structured around four core workstreams.. Marine Debris Vulnerable Marine Species Protection Marine Protected Areas Habitat Recovery These four workslreams are underpinned by the Community Grant Programme, which provides direct funding support to grassroots organisations delivering conservation action across all workstream areas. Policy engagement is treated as a cross-cutting enabler, informing and amplfying work across all four workstreams rather than operating as a standalone activity. Page 2

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI GOVERNANCE STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Two focus areas from the previous Blueprint coral and habitat restoration las a standalone streaml and carbon footprint offsetting have been consolidated and reframed. Climate-related work and habrtat restoration efforts are now integrated into the Habitat Recovery workstream, providing a more coherent and evidence-based framewoTk for this area of activity. The caTbon footprint offsetting component has been retired following the review's conclusion that il did not align sufficientty with PADI AWARE'S core operational strengths. This revised Blueprint reflects the Trusteeg, commitment to focused, high-impact conservation action and provides a clear strategic foundation for the organisalion's acb'vilies in 2025 and beyond. 3. Objectives PADI AWARE'S objectives are set out in the revised Blueprint for Ocean Action and reflect the four-core marine conservation workstreams adopted following the 2025 strategic review.. Reduce undetwater and marine debris, particularly plastics, through citizen Scien￿ monitoring and policy engagement Protect endangered and vulnerable marine species, with a particular focus on sharks and rays Increase the number and effectiveness of Marine Protected Areas, with a focus on Small Island Developing States, the Mediterranean and large coastal nations Accelerate habitat recovery and restoration, incorporating climate-related monitoring and response These objectives are delivered through the nelwork of PADI dive operalois, professionals and divers, supported by the Community Grant Programme and adVan￿d through active engagement in international policy forums. 4. 2025 Major Activities 4.1 Marine Debris PADI AWARE'S DThie Against Debris@ piogramme continueg to be the world's largest underwater marine debris citizen science project, engaging recreational divers globalty in standardised seafloor liller monitoring. Global Plastics Treaty PADI AWARE continued to represent the diving sector al the ongoing Global Plastics TTeaty negotiations, attending the INC-5.3 session in Geneva. During the session, PADI AWARE presented Dive Against Debris information documents lo ten government officials, reinforcing the value of diver-collected citEen science data as a tool for informing national plastic action plans. PADI AWARE remains the only organisation representing the diving sector in this process and is actively seeking to partner with governments to establish marine plastic monitoring siles, with the aim of developing baseline data in advance of Treaty agreement and ratification. Published Research 2025 saw the submission for peer review of a significant research paper utilising Dive Against Debris data, ctraulhored by PADI AWARE staff alongside researchers from the Stazione Zoologica Anton Dohm in Italy. The paper, "Benthic macro-lrtter pollution in the American shallow coastal waters reve8led by 8 citizen science initiative" provides the first large-s¢ale spatial analysis of seafloor debris across the Americas, covering over 7,800 dives conducted be￿een 2019 and 2024. Key findings include that plastic is the dominant debris category in both North America1440/0l and Latin America and the Caribbean1600/0), and that lost fishing gear accounts for over 400/0 of lolal seafloor litter in North America. The paper demonslrales the scientific credibility and global reach of the Dive Against Debris programme and its capacity lo generate evidence direclty relevant to policymakers. Page 3

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI GOVERNANCE STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 4.2 Vulnerable Marine Species Protection Global Shark and Ray Census Development of the Global Shark and Ray Census IGSRC) continued through 2025. The GSRC is a major new citizen science initiative that will harness the PADI diver network to generate large-scale data on shark and ray populations globally. The multi-year scienb'fic partnership with James Cook University, formalised in 2024, continues lo provide long-lerm oversight of the programme's methodology and data quality. The associated PADI AWARE Shark and Ray Conservation course has been revised in preparation for the launch of the GSRC, which is expected to lake place in 2026. CITES COP20 PADI AWARE attended the 20th Conference of the Parties to CITES ICoP201 held in Uzbekistan. PADI AWARE contributed to a successful campaign that resutted in gtrengthened international protection measures for a number of key species important lo the dniing community and wider ocean conservation.. Whale sharks, mobula rays and oceanic whitetip sharks were uplisled from CITES Appendix11 to Appendix I, affording them the highest level of international trade protection. Deep water gulper sharks received a new Appendix11 listing, recognising their vulnerability to commercial exploitation. Maldives Shark Sanctuary PADI AWARE advocated against a proposed opening of a gulper shark fishery in the Maldiveg, helping to retain the integrity of the Maldives Shark Sanctuary. Despite coordinated efforts, the decision to open the fishery was approved in September 2025. PADI AWARE focussed efforts on ensuring gulper sharks were included under CITES COP20 listing to ensure sustsinable trade and fishing. 4.3 Marine Protected Areas Adopt The Blue PADI AWARE'S Adopt The Blue (ATB) initiative the world's largest network of underwater sites for conservation action continued to grow in 2025. By the end of the year, over 3,200 ATB srtes had been established globally, representing a significant increase from 2,500 sites al the end of 2024. These siles form the operational backbone of PADI AWARE'S ci(vien science and monitoring activities across all workslreams. Mediterranean - Spain In August 2025, PADI AWARE commenced an economic assessment of the value of dive tourism within the Marine Protected Areas of the Balearic and Canary Island groups in Spain. This project was funded through a grant received as a member of the Medsea Alliance coalition and forms part of the Alliance's wider 30x30 MPA campaign the global target to protect 300/0 of the world's ocean by 2030. The economic data generated will be used to support evidence-based MPA advocacy with Spanish and European policymakers. Small Island Developing States PADI AWARE continued to develop its partnerships with Small Island Developing Slates ISIDSI, building on the 2024 engagement with the government of Barbados and the recreational dive sector to support national Marine Spatial Planning and marine monitoring processes. Page 4

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI GOVERNANCE STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 4.4 Habitat Recovery Coral Bleaching Monitoring- NOAA Partnership The principal activity under the Habitat Recovery workstream in 2025 was the continued implementation of the coral bleaching monitoring programme developed in partnership with NOAA. This programme engages PADI dive centres and trained recreational divers to collect timely observational data on coral bleaching events across the Caribbean arsd Southeast Asia, using the Adopt The Blue net￿Ork as ils operational infrastructure. The programme directly supported NOAA'S response to and understanding of the 2024 global coral bleaching event, the fourth such event on record and the most extensive ever documented, by providing Teal-time field observations from dive siles that would otherwise be inaccessible or unmonitored. PADI AWARE'S diver ne￿Ork proved a cosl-effective and scalable mechanism for expanding the geographic reach of bleaching surveillance, complementing satellite-based monitoring with ground-truth data from trained Citizen scientists. This work demonstrates the expanded scope of the Habitat Recovery workstream under the revised Blueprint, integrating climate-related monf(oring activity alongside longer-term restoration efforts. 4.5 Community Grant Programme The Community Grant Programme is the foundational mechanism through which PADI AWARE supports grassroots conservation organisations lo deliver action across all four workslreams. In 2025, six projects were funded across three regions. All funding was administered via the Americas charity office. 4.6 Policy Engagement Policy engagement continued to be a cross-cutting enabler of PADI AWARE'S conservation work in 2025, with the organisalion maintaining its presence at key international forums and positioning Dive Against Debris data as a tool for evidence-based policymaking. Global Plastics Treaty IINC-5.3, Geneval.. PADI AWARE represented the diving sector and engaged directly with government delegations on the role of citizen science in marine plastic monitoring (see Section 4.1 }. CITES CoP20, Uzbekistan.. Active participation in negotiations resulting in slrenglhened protection for whale sharks, mobula rays, oceanic whi(etip sharks and gulper sharks Isee Section 4.21- UN Ocean Conference, Nice, France.. PADI AWARE attended the United Nations Ocean Conference, engaging with the inleTnational ocean governance community and reinforcing the role of the recreational diving sector in global ocean conservation. The Trustees wish to extend their sin￿re thanks to all partners, supporters, donors, institutional collaborators and volunteers who contributed to the achievements of 2025. 4.7 strategic Partnerships After over a year of engagement, PADI AWARE is currently in the process of signing a Memorandum of Understanding with VVVVF to explore the potential for a formal partnership around programs and fundraising. 4.8 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. Page 5

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI GOVERNANCE STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 4.9 Financial review Over4iew The total incoming resources for the year amounted to £217,263 12024-. £344,830), against which £243,928 12024.. £219,933) was expended leaving a net revenue of £28,665 deficit 12024.. £124,897 surplu91. Total funds held at 31 December 2025 were £46,14012024'. £72,805). Going Concem Over the last several years PADI AWARE Foundation has taken several steps in order to create a workable budget given the changing landscape in regard to fundraising and various economic and worfd political factors. This year the organisation needed to invest funds lo finish the largest technical update the Foundation has ever launched. As mentioned previously, the Foundation launched the new Conservation Action Portal on the web, IOS and Android in October of 2025 and is quickly following with the Global Shark & Ray Census. The increase in expenses for 2025 were mostly to support that launch. Revenue was lower than anticipated in the areas of single donor donations and donations made through various PADI channels. Additionally, the US PADI AWARE Offi￿ was unable lo grant the UK charity as much as the previous year due to a decrease in US donation activity and investments made in technology which lead to the eventual budget deficit. In order lo bring the reserve amount to the recommended 6-monlh threshold, the organisation will continue to implement the following strategies in 2026.. Service contracts have been and continue to be minimized in order to enabled the organization to resel rts baseline for these types of expenses Stsffing will be decreased and the charity wll continue to operate at a reduced capacity while the company looks to increase ils revenue. Nonessential discretionary spending has been eliminated from the budget. The Foundation will launch an additional mid-year fundraising appeal to donors. Additional revenue streams including partnerships with larger non-profit organizaliong such as W, as well as government funding is being explored. Continued focus on corporate sponsorships. After making appropriate enquiries, the Trustees have 8 reasonable expect8tion that the Comp8ny has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern 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 langible fixed asselsl amounted to £46,140 12024.. £72,805). The trustees consider that the charity needs to retain reserves equivalent lo 6 months of operating costs in order lo ensure the smooth running of its ongoing operations. With the reduction in expenses, the current estimated operating costs equates lo approximately £26,665. The trustees acknowledge that the current level of free reserves is below the target level and are taking steps to continue to increase them over the next 12 months. Page 6

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI GOVERNANCE STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 4.10 Structure, Govemance and Management Constitution Project AWARE Foundation is registered as a charitable company limited by guarantee and was sel up by a Trust deed. The organisation is a charitable company limited by guarantee and was sel 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 i(s Articles of Association. In the event of the company being wound up members ale required to contribute an amount not ex￿edIng £1. 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 charty 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, wrth 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 wi(hout an absence from office. All trustees give their time voluntarily and received no benefits from the chaity. 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 ommLJnity, commitment to sustainable development of aquatic resources and contributions to the environment. 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 lo familiarise themselves with the charity and the context within which it operates. Risk Management The Trustees have a duty to identify and review the risks lo which the charrty 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 aulhorisation of all transactions and projects and lo ensure consistent qualty of delivery for all operational aspects of the charity's objectives. These prO￿dureS are periodically reviewed to ensure that they continue to meet the needs of the charity. Plans for Future Periods The charity plans to increase ils programs and operations to achieve its activities outlined above in the forthcoming years as budget and resources allow. Page 7

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 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 (United Kingdom Generally A¢￿pted Accounting Practi￿}. Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Company and of its incoming resources 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 consislenlly., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements", 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 aceounling records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time 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 taking 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 ils behalf by.. M Caney Trustee Dale". 24-Apr-2026 Page 8

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Independent Examiner's Report to the Trustees of Project AWARE Foundation Ilhe Company'l I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 December 2025. Responsibilities and Basis of Report As the Trustees of the Company land ils directors for the purposes of company lawl you are ￿SPonSible for the preparation of the accounts in accordance 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 report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 I'the 2011 Act'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 lo 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 maller 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 Practi￿ 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 Examiner's Report and for no other purpose. To the fullest exlenl 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". David Butler FCA, DChA Dated. 27 April 2026 Bishop Fleming Audit Limited Chartered Accountants 10 Temple Back Bristol BS1 6FL 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 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Note INCOME FROM: Donations and legacies Charitsble activities Investments 163.229 16,453 534 37.047 200,276 16,453 534 313,765 30,642 423 TOTAL INCOME 180.216 37.047 217.263 344,830 EXPENDITURE ON: Charitable activities 226,355 17,573 243,928 219,933 TOTAL EXPENDITURE 226.355 17.573 243.928 219,933 NET MOVEMENT IN FUNDS 46,1391 19,474 26,6651 124,897 RECONCILIATION OF FUNDS: Total funds brought forward Nel movement in funds 72,805 146.1391 72.805 126.6651 152,0921 124,897 19.474 TOTAL FUNDS CARRIED FORWARD 26,666 19,474 46,140 72,805 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 to 21 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 2025 2025 2024 Note CURRENT ASSETS Debtors Cash al bank and in hand 10 6.222 58,467 17,121 68,107 64,689 85,228 CURRENT LIABILITIES Creditors." amounts falling due within one year 11 {18,549} 112,4231 NET CURRENT ASSETS 46,140 72,805 TOTAL NET ASSETS 46.140 72,805 CHARITY FUNDS Reslricled funds Unrestricted funds 12 19.474 26.666 12 72,805 TOTAL FUNDS 46,140 72,805 The Company was entitled lo 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 accordan￿ with section 476 of Companies Act 2006. The Trustees acknowledge their resF)onsibililies for complying with the requirements of the Act w(ch respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. M Caney Trustee Dale.. 24-Apr-2026 The notes on pages 12 to 21 fomi part ofthese financial $tstement$. Page11

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 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, Bridgwaler Road, Bristol, BS13 8AE. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalements have been prepared in accordan￿ with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement 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 2024 and the comparative information related lo the year ended 31 De￿mber 2025. Project AWARE Foundation meets the defi'nition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 GOING CONCERN Having assessed the current situation, the Trustees have considered it appropriate to continue lo adopt the going Gon￿rn 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 enlillemenl lo the income, il 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 eviden￿ that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property 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 receivable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balance 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 to the projects. Gifts donated for resale are included as income when they are sold. Income lax recoverable in relation to donations re￿iVed 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 2025 ACCOUNTING POLICIES {continued) 2.4 EXPENDITURE Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit to s third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. 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 a not attributable lo 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 inCUr￿d on direclly 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 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 measured reliably. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tsngible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tsngible 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 useful lives, using the straighl-line method. The estimated useful lives are as follows". Computer equipment 3 years 2.7 DEBTORS Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any tode discounts due. 2.8 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. Page 13

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES {continued) 2.9 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 setuement, 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 lime 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. 2.10 FINANCIAL INSTRUMENTS The Company only has financial assets and financial liabilities of a kind that qualify as basic financi81 instruments. Basic financial instruments are initially recognised at tonsaction 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. 2.11 PENSIONS The charitable company does not opeote its own pension scheme. Staff costs included 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 time spent by specific staff and includes pension costs. 2.12 FUND ACCOUNTING General funds are unreslricled 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 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. INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Donations Subscriptions 51,684 111,565 37,047 88,711 111,565 116,487 197,278 TOTAL 2025 163,229 37,047 200,276 313,765 Page 14

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2025 Total funds 2025 Total funds 2024 Grant income 16,453 16,453 30,642 INVESTMENT INCOME Unrestricted funds 2025 Total funds 2025 Total funds 2024 Deposit account interest 534 534 423 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Total funds 2024 MPA 64,866 61,476 14,126 68,191 64,866 61,476 14.126 68,191 18,329 16,940 65,286 42,140 Shark & Ray Coral Marine Debris 66,147 27,051 19,309 Administration Fundraising 18,329 16,940 TOTAL 2025 208,659 35,269 243,928 219,933 Page 15

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ANALYSIS OF EXPENDITURE BY ACTIVITIES {CONTINUEDI ANALYSIS OF DIRECT COSTS Marine Debris 2025 Total funds 2025 Total funds 2024 MPA Shark & Ray 2025 2025 Coral 2025 Staff costs Accounting fees Consultant fees Insurance Mailing expenses Subscriptions Travel Technology Bank fees Program grant Printing Support materials Meetings other expenses Sundries Donor and Partner Engagement Translations 37,908 572 33,394 572 9,264 146 250 342 3,806 9,159 65 38,734 572 110,036 1.716 9,264 438 105,644 3,108 388 576 30 2,091 32,884 6,750 129 18,471 21 992 2,407 146 338 223 3,838 9,159 70 8,656 146 255 244 2,502 22,659 65 809 10,439 40,977 195 22.374 293 13,718 11 9,471 1.709 269 2,897 900 89 4,374 98 2,102 809 89 89 81 20 43 20 20 60 TOTAL 2025 64,866 61,476 14,126 68,191 208,659 173,573 Page 16

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ANALYSIS OF EXPENDITURE BY ACTIVITIES {CONTINUEDI ANALYSIS OF SUPPORT COSTS Administrati on Fundraising 2025 2025 Total funds 2025 Total funds 2024 Staff costs Accounting fees Insuran Printing Subscriptions Travel Technology Exchange gain or loss Bank fees Printing Support materials Meetings Bad debts Sundries Gym Software maintenance 9,062 572 146 255 272 10,917 572 146 255 265 3,033 19,979 1.144 292 510 537 5.264 3,053 95 1,913 17,204 2,072 3,961 1,414 13,006 2,231 3,053 95 1,858 4,225 1,523 14 1,285 1,218 65 990 594 20 87 992 1,270 20 174 20 676 87 20 TOTAL 2025 18,329 16,940 35.269 46,360 INDEPENDENT EXAMINER'S REMUNERATION 2025 2024 Fees payable lo the Company's independent examiner for the independent examination of the Company's annual accounts 2,500 2,400 STAFF COSTS 2025 2024 Wages and salaries 130.015 122,848 130,015 122,848 Page 17

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 STAFF COSTS ICONTINUEDI The average number of persons employed by the Company during the year was as follows". 2025 No. 2024 No. Office The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2025 No. 2024 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 £Nil12024. £Nill. TRUSTEES, REMUNERATION AND EXPENSES During the year, no Trustees received any remuneration or other benefils12024 - £NILI. During the year ended 31 December 2025, no Trustee expenses have been incurred12024 - £NIL}. 10. DEBTORS 2025 2024 DUE WITHIN ONE YEAR Trade debtors Amounts owed by connected organisation Prepayments and accrued income 6,351 10,770 570 6.222 17,121 Page 18

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 11,047 4,937 65 2.500 3,920 3,392 2,711 2,400 18,549 12,423 12. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 Deeember 2025 Balance at 1 January 2025 Income Expenditure UNRESTRICTED FUNDS General Funds - all funds 72,805 180,216 1226,355} 26,666 RESTRICTED FUNDS Marilles Restricted Fund 37,047 117,573) 19,474 TOTAL OF FUNDS 72,805 217,263 1243,928> 46,140 Marilles Restricted Fund To generate dive-seclor aligned economic evidence supporting the expansion of Spain's MPA ne￿Ork under 30x30, including one third with strict protection, by demonslraling the economic value of diving within existing MPAS in the Balearic and Canary Islands compared with areas lacking strong protection measures. STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 December 2024 Balance al 1 January 2024 Income Expenditure UNRESTRICTED FUNDS General Funds 152,0921 344,830 1219,9331 72,805 Page 19

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 December 2025 Balance at 1 January 2025 Income Expenditure General funds Reslricled funds 72.805 180.216 37.047 1226.355} {17,573) 26.666 19.474 72,805 217,263 1243,928} 46,140 SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 December 2024 Balance al 1 January 2024 Income Expenditure General funds 152,0921 344,830 1219,9331 72,805 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Current assets 45,215 118,5491 19,474 64,689 118,5491 Creditors due within one year TOTAL 26,666 19,474 46.140 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unreslricled funds 2024 Total funds 2024 Current assets 85,228 112,4231 85,228 112,4231 Creditors due within one year TOTAL 72,805 72,805 Page 20

PROJECT AWARE FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15. RELATED PARTY TRANSACTIONS The Project Aware Foundation has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Project Aware Foundation al 31 December 2025. No donab'ons12024". none) We￿ received by the charity during the year from Trustees. Page 21

Project AWARE financial statements 2025 for signing (filing copy) Final ALJdil Report 2026-04-24 Created.. 2026￿-23 By.. Kian Clineff [e-mail] Slalus.. Signe(I Transaction ID.. CBJCHBCAABAAeKSoS5LDLhlCPYtAGuCtyeaF543x8zeT "Project AWARE financial statements 2025 for signing (filing cop y)" History Docum8nt created by Kian Clineff [e-mail] 2026-04-23- 8.'39.'55 PM GMT Document emailed to Mark Caney [e-mail] for signature 2026-04-23- 8..40..00 PM GMT Email viewed by Mark Caney [e-mail] 2026-04-24- 5".40."10 AM GMT Document e-signed by Mark Caney Imarf([e-mail] Signature Dale.. 202&04-24- 5'.41.'10 AM GMT- Time Source.. server Agreement completed. 2026-04-24- 5..41..10 AM GMT la Adobe Acrobat Slgn