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 1ki3n.dineff@padiaware.orgl
Slalus..
Signe(I
Transaction ID..
CBJCHBCAABAAeKSoS5LDLhlCPYtAGuCtyeaF543x8zeT
"Project AWARE financial statements 2025 for signing (filing cop
y)" History
Docum8nt created by Kian Clineff 1kian.dineff@padiaware.orgl
2026-04-23- 8.'39.'55 PM GMT
Document emailed to Mark Caney lmark.caney@padi.coml for signature
2026-04-23- 8..40..00 PM GMT
Email viewed by Mark Caney lmark.caney@padi.coml
2026-04-24- 5".40."10 AM GMT
Document e-signed by Mark Caney Imarf(.caney@padi.wml
Signature Dale.. 202&04-24- 5'.41.'10 AM GMT- Time Source.. server
Agreement completed.
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