Company Number.. 04331166 Charity Number.. 1102288 4IsHit SO Our World-underwater scholarship Society (Europe) Limited Financial Statements For the year ended 31 May 2023 cc,.: Third Sectoi" Accountoncy Ltd JCXWITN• JNI 114 CC&IPANIES HOUSE
Our World-underwater Scholèrship Society (Europe) Limited Reference and administration information Company number 04331166 Charity number 1102288 Registered office and operational address 61 8ridge Street Kington Herefordshire HRS 30J Trustee5 Trustees, who are 31sts difector5 under company law. who served during the year and up to the clate of this report were as follows: james Standing srefan Andrew5 J3de Berrnan Richard Somerset There were no trustees who held title to property belDnEing to the charity durin8 the reporting period or Ot the date of approval. Accountants Third Sector Actounianq Limiied Hol¥oake House Hanovec Street Manchestei M60 OAS Bankers Starling 8ank Limite Sth Fls)or London Fruit and Wool Exchange l Ouval Square London El 6PW
Our World-underwater Scholarship Society (Europe) Limited Trustees. Annual Report for the year ended 31 May 2023 The trustees present their report and the unaudited financial statement5 for the year ended 31 May 2023. Included within the trustees, report IS the director5, report as required by company law. Reference and adminrstrative inforrnation set out on page I forms part of thi5 report. The financial statements comply with current statutory iequiiemenrs. the memorandum and articles o1355ociation and the Statement of Recommended Practice- Accountin8 and RepoftlTr8 by Chèfities.. SORP applicable to charities preparing their accounts in accordance with FRS 102. Objectives and activitie$ The Society's object5 arp to piomote educaiional aclivilie5 a550ciated with the undprwater world prirnarily through annual scholarships designed to expose ouèlified yoLsn8 persons to marine related lields. The main object will be achievEd by sdecting and appointing qvalified young persons ¢)n an annual basis io act a5 the Qur World-underwarer Scholars or InEern5 for that year and to promote education in and ihe prorettion, enhancemeAI, and svrvival of the marine and freshwaief environments. The individuals sèlected to be Scholars must be between Ihe ages of 21 artd 26 and must noi have achieved a Master5 degree by l April in Ihe year of Selection. Public benefit The charity provides a public benefit EhrouEh the activiries of the Scholars andlor Interns in Pfomoting conservètion of the marine and Ireshwaier environment through preseniations to the public at large_ The Chair and trustees promote ihese same ideals when attending various m3Tine relaied shows and conferences. The pvblic benefit bein& ultimately, a cleaner healthier living environment for all. The tfusiees are aware of, and have regard For. the guidance issued by the Chèrity Commissiort in England & Waleg irt respect of public benefit. Grantmaking The Society inviles applications for rhE position of the European ènil Australasian Our World-UndenN3tEr Scholars through advertising in specialist sport divrng media. sixial media, press releases and through former Scholafs and Scholarship Eontacis promoting the Society. Each Scholar is funded For one year and placemenis organised in a broad Spfeèd ol untlerw3tÈr work environments. Fund5 are then released lo the succtssfvl Scholarls through the year ro cover. principally. travel and subsistence. Regular progiess reports are iequired to be submitted to the Society by the Scholar to demonstfate correci use of the funds granted. The principal incoming resource. in respect ol funding the S¢holars' 8fants, is Irom flolex.
Our World-underwater Scholarship Society (Europe) Limited Trustees, Annual Report for the year ended 31 May 2023 As the charity reseryes ale more rhan enough to cover 2 year5 worth of future acrivities (For 2024 this would be £iooxI the UK b03rd wished to ensure that funds are being v5ed for public benefit therefofe on the UK Charity Board agreed ro pilot a European Filmmakers Grant Using up io £SOOO Fiom the European Reselves ar the board meeting on ihe 18th july 2022. Furiher detatl on this pilor will be provided below in the beneliciaries ol our services secrion. Volunteers The objecrg are achieved through the organising commFtiee which adminisEers the scholarship scheme and who ensvfe that the Scholafs fulfil their obli8alion5. The members of charity who Served a5 Directors were= james R Siandbng - Trustee lède Berman- Twstee Richard Somerset -Tru5tee Stelan Andrew5- Trustee In aédi¢ion the following volunteers also coniributed Significanily to the running of the charity and its ctivities-. Felix But5chek Delia Ni Chiobhain Enqvi5t Johan Enqvist Aidan Malone Saeed Rashid Joanna Smart Peter Mesley layne jenkins Stacy TiBhe Oliviè John50n Chloé Maréchal William Gladstone The chèrity also works in partnership with the 515ter North American Chaflty Our World-underwater Scholarship Society• therefore Iheir vojunieers also suppofE the work of the UK charily. The trustees review the aims. objectrves and activities of ihe chartly ea¢h year. This report looks at whzt the tharity has achieved and rhe outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has broughi to those gioups of people that it 15 set up to help. The review 3150 help5 the trustees ensure the chaiity'5 aims. objeciive$ and aciiviiie5 remained fotU5ed on it5 Stated purfxjses. The trustees have ceferred to the guidance contained in ihe Charity Comrni55ion's general guidane? pn public benefit when re¥iewbn8 the charity's aims and obiettives and in planning Its fulure actrvilies. In Particular. the trvstees consider how planned activities will contribute to the aims ènd objectives that have been set. Achlevements and perlormance The charity's main activities and who it tries to help are described below. All rts charitable aciiviries focus on aquatic environment ènd are undertaken to further Our Wodd-underwatei Scholarship Society (Europel Lifftired's chaiitèble purposes for ihe public benefit.
Our World-underwater Scholarship society (Europe) Limited Trustees. Annual Report for the year ended 31 May 2023 Beneficiaries of rjur services The Coron£vrru5 pareMiC had less impact on the Scholars ihrs year. however Mille Mannering- who was originally selected in 2020 compleied her 5cholar5hip year for 2022 -2023. In addiiion we selected our fiisr pilot Filmmaker Grant reciprent. Europe3n Scholar 2022-2023 HJnnah Douglas, 23, is an avid scuba divef. Marine Soence student and yo8a teacher from Wicklow, Ireland with a pèssion fof marine ecology. tonservation and elfeciive scientific comrnunication throu6h art and photography. Making the connection 35 3 child between Ehe 'mermaid's purse5, washed up on the Shore and rhe sharks and rays living beneath the waves gave the ocean an enricinÉ mystrque. At 15 year5 old. She experienced scuba diving for the first time off Dalkey Island. ¥vhere h4rbour Seals swam by thiough the kelp fronds and bTi8ht tsTange starfish lay in caipets on the seafloor. Surfacing from Ihi5 rtrst dive. she felt she hacs been given the key to an entirely new world, one that she has since alwèys wanted to share with those afound her. After finishing school, Hannah worked 10 fLJnd more diving courses and completed her Rescue Diver traininB in Ireland before travellin8 to Thailand where she became è PADI Divemasier and volunteered planting toral reef nurseiies_ She then travelled to India and trained as a yoga teacher. learning mindfulne55 practi¢e5 that continues to incorporate into hei diying. Returning to Ireland. she began èn undergraduate degree in Marine Science ar the National Universtty of Ireland, Galway. where in her first year she Teslarted the Marine Society, helping to or8anise weekly beach cleans wilh fellow student5, hosting talks by marine scientist5 and fundraising evenrs lor marine conservatioft charities like seal Rescue Ireland. In this leadership iole. Hannah leafned the importance and benefit ol tommunrcaiion and teamwork to tackle lèrge problems She also Iound joy in iaking efleciive action and discovered how it could bring a sense of relief (o students who lelt overwhelmed by the scale of the environmenial ciisis. During the summer of 2021. Hannah was selected to work a5 a Cornmunicalions Content Creator for the Marine Institute of Ireland. In this role. she combtned her love of art antl Marine Science by taking underwater phDtos and 5ketchiThg Irish native marine species. Despite the constraints of the pandemic. by the age of 22. Hannah had accomplished a PADI Open Water Scuba Instructor quèlificaiion and started teaching courses. She also trained ès a NAUI ScientifTrc Diver and subsequently worked on multiple scieniific lield ie5earch projects. including her own reseafch project focused on Pochycerionthus multiplicotus IFireworks anemones) on ihe weSE coasr of Ireland. Hei objectives after university are to coniinue studyirtg life irt the ocean while bioadeninE her knowledge ol econornics and politics by delvinE into the world of resource management and legislation. She holds the firm belief that you should. 'Be the change you wish to see,. and lor Hannah. that is a global awakening to ihe beauly ol our oceans and a wave of policy change to protect it. Hannah had both a productive year and also has been excellenl at both keephng in tovch en5urin8 that she fulfi15 any additional reouirements on time and to the cight amount of detail. She has been proacrlve in findin8 opportunities, managing hef budget. and reporting. Any problems She ha5 let U5 know carly so that we can help her and the new financial systems. Hannah has been an excellenE Ambassador for the scholarship and a joy to work with.
Our World-underwater Scholarship Society (Europe) Limited Trustees, Annual Report fof the year ended 31 May 2023 She is coming out of the scholarship with J 2 year funded Masiers in place where She will travel around Europe learning from the best in è range of top inslitutlOn5. Australa51an Scholar 2022-2023 Amelia Imillie) Mannering An upbringing filled with adveniure has Brven Millie the opportunity to explore some of New Zealand's most remote coastal and alpine areas. From a young age. the enchanting marine world captivated her. Millie's fascination began with the discovery of alien-lbke speties in shèllow rock poo15 and the exciiernent and curiosity to understand the underwater world has only rontinued to grow. Ai 17. Millie enrolled in a Bachelor of Science in Zoology and Marine Science prograrn at the university of Otago. New Zealand. As Millie studied and learnt to dive, her desiie to protect the marine environment and its inhabitants was ignited. She has inve5li£ated the effect of anthropo&enic activity on marinp ecosysiems throvgh bioacoustlC5 iesearch ai Leigh Marine LaboraEOry. as well as oceanographic research in DDubtful Sound. Fiordland. Millie a150 was a volunieer lor the Department ol Conservation on varrous conserv3tion projects on predator_free island5 surroundin8 the mainland of New Zealand. In 2018, Millie was selected a5 a BLAKE Amba55ador tQ sail on board ihe research schooner. Tara. from Panama to New York as part of an expedition led by rhe Tara Ocean5 Foundation. During this voyage, she worked with an international collaborèiion of 5cientlSt5 lo conduct ocean biodiverslty re5eaich. Greaily disturbed by the extent of plaS1ic pollurion she witnessed. her drive 10 Plotect our oceans was reinforced. Millie pursued a Master of Science (Marine Science) degree at the University of Otègo with fiekl wark based at the Lizard Island Research Station. Great Barrier Reef. Her research examined the impact of rnicroplasti exposure on predator-prey bnieractions of coral reef fish. BaseLI Oh her academic merit and research potent1. she was awarded a Univeisrty of OraBo Masier's Research Scholarship as well as the john Jillett Prize for the best thesis proposal. In 2020. Millie represenied New Zealand throu8h her selection as a deleEate on the 32nd Ship for World Youth Pro8ramme. Whilst sailing aboard the Nippon Maru from Japan to Mexico. she f05tered her leadership capabiliry an¢J gained a global perspective on environmental issues and solutions. Millie completed her Msc whilst working as a re5eaich assistant at the University of Otago. Millie has enjoyed gaining more diving experience whilst a150 training to obtairb her Scientific Oiver qualification and preparing research manuscripts for publication. Millie was originally selerfed as the 2021 Avstralasian Scholar, however due to COVID-related iravel restrictions in the region dvfing the early part of hei scholarship, the decision wa5 made to defer her scholarship until 2022. During her deferment. Millt worked as a screntific divef in a range of pcojecrs IhrouEhoul New Zealand, includin8 for the Univefsity ol Otago and the Department ol Conservation. A highlight for her was working in remote areas. such as f iordlènd, where she monitored and controlled the Spfeèd of the inwèsive seaweed. Undorio pinnotifido. Millie also joined an expedition to ihe Subantarcfic Island5 of New Zealand as the Heritège Expedititsns Tiue Young Explorer. She airned to help raise the profile of the islands, advocaie lor the protection of the threaiened species ihat inhèbit ihem. as well a5 oiher wild places across the planet. Millie Spent her scholarship year acr055 Australia. North Americ3 and South Ameiica and her experiences included iernpeTate Tnarine research. technical dive training. vnderwarer film and polar expeditions. Mi$5 Mannerings scholarship goals and experiences changed stgnificanrly from the time of application and selection to when the scholarship occurred. as she developed a significant focus on polar and remote expetlitions. She is now an Expedition Guide For Herirage Expeditions in the Sub Arttarctic Islands off Now Zealand.
Our World-underwater Scholarship Society (Europe) Limited Trustees. Annual Report for the year ended 31 May 2023 Pilot filmmaker Grant Sonny Daliiel. 22. is Irom Bristol. UK and was one of the finalisi applicant5 lor rhe Euiopean Scholaiship. He has a 8Sc wiih Honoufs in MariTre Biology from the University of Plymouih. He is passTronaie èbout educating ihe public about our marine environmenis and how to protect rhem. His goals are to vse his passion for storytellin8 to work in the world of natural history filmmaking. In order to achieve this goal he has been working towards and have gaine*J a number ol qualifications over the past two years includin8 HSE Pait IV SCUBA certification. 02 administialion and First Aid ai work. In èddilion to gaining the relevant diving qualilica(ions, he has worked fof 2 years os Camera Technician at Esprit Film and Television. In the future he hopes to be able Eo continue working towards his goal of betoming a camera operator. ITh order to maximize the use of the Filmmaker grant Sonny has written a project pioposal to use it to secure match funding al the Plymourh Marine Biological Association so that he could access the tanks for filmin8 the hatching of Cèt shaiks and also support his diving expenses when using the equipment borrowed fram Esprit in order to make his own lilm show reel_ He will be svpported during the year by a local filmmaking mentor as well 3$ hi5 workplace 50 he can use the grani over a longei Irme period alongside his work at Esprit. He received £40) towards his dNinB related expenses Ifrom vnrestricied funds) and he kept a record ol his expense5 Using a trèckin8 sheet which he upéètes and shares regularly with the tearn and will receive an additional £ltJOO towards eypense5 for promoting the final film which mighi include submission fees to enier into a filmmaker feslival andlor travel expenses or other relevant costs. Thece is a handbook developed to provide clarity on expeclations ané as thi5 15 a pilot this will be reviewed periodically in order to explore how we could develop the potential of 8ranisfinternships within the European area in the future. The Scholar5 and the filmmaker grani recipient prornoie conservation of the marine and freshwater environment at evely opporiunily as well ès taking pari in research projects Ihrovghoul the world. Thev also have the opporiunity to obtain a varieiy of diving related qualificatbons which will help them in their future careers. Flnancial review Principal funding source5 The principal source ol the Society's fundin8 is from Rolex. The relationship has been in place since the charily commenced operation and we currently have an agreement in place for funding £SO,000 per year (paid in March 2023 and March 20241 until Oecember 31st 2024. This coveis up to £2S.OW rowards the Scholars expenses and É25.000 roward5 travel and adm?ni5trèlityn cost5 of the volunteer5. This year due to the transfer ol the restricted funds to the newly formed Australian charily rhere wès also income from that charity of £13,967 which wès agreed a5 the amovnt budgeted to support the final part of the Ausiralasian Scholar's year until 31st May 2023 1equ1vant to 24.581 AUDI. Additional irtcominE resourtes arnounted to £1,122 which was a CDmbination of paypal fees fiom applicant5 accrued frc)m the previou5 vear and interesi from the UK bank account5 and foreiEn cxchange currency fluctuations. Incoming and outgoing resources afe as stated on ihe Statement ol Financial Acti¥itie5.
Our World-underwater Scholarship Society (Europe) Limited Trustees, Annual Report for the year ended 31 May 2023 A requiiemenl imposed upon each Scholèi and the recipient of the pilot Filmmaker Grant is that Ihey mainfain financial records and that they provide monrhly reports of their financial position. The scholar5 lor this yeai used a WISE Debit card to make ihe majority ol paymen15 which they tracked on the WISE APP which was also visible co the Directors ol the Charity and matched io spend on the staiemenrs. This provided some complications lor the Au5tra135ian scholar as the app regularly converred her spends into G8P when she needed fo tfack them in AUD however it éid significantly reduce the exchange rate cos¢$ and piovided insiant feedback which was very useful both for tracking locatnS of rhe 5clwlars and also providing alerrs for any unusual Spending or declines on the card5 $0 we could support them immediately. In each year the Scholaf, through this control, ensures ihai he15he does noi ¢)ver5pend ih?ir èllocèted lunds. li is agree¢J at the commencement of their year thot the funds provided are a maximum and should they undeispend ihen the surplus is leaSe to unresificted fund5. We would also refurtd relevant spends on personal credit cards with receipts and expense cjèirn fofms. The Director5 have agiepd io provTrde up to £1500 towards these unexpected costs from the unresiricte¥J reserves- this was not needed this financial year. Toral iesources expended amounted to £238.197. This was not a tYPlC31 year as li included ihe Iran5fer of the Au5tfalasian restricted funds to the newly formed charily in Australia total expenditure foi Ihe Au5lialèsian region was £196,287 towards the Auslralasran Scholai and Australian admini51ration expen5e5 and £31,351 iowards the 2022 European Scholar and other Scholar diiectly related expenses. Going concern The financial statemen(s have been prepèred on a going concern basis as the trusrees believe Ihat no material uncertainties exist. The trustee5 have considered the level of funds held and the expected level of income and expenditure for 12 months Irom authorhsing these financial statements. The level of reserve5 15 more than sufficient for rhe charity ro be able to continue as a going concern. There is a contraci in place with Rolex lo Continue providing funding in March 2023 and March 2024. There ale no identified funds or subsidiary undertaking that is materrally in deficil. ResEpie5 policy The aim of the reserve5 poliry is to ensure that the chariiy's ongoing and futufe activilies are reasonably protected from unexpected fluctuation5 in lis income and expendiiure. The board reviewed the reserves policy and agreed rhat a minimum level of unresiricied general funds. also known as free reserves. which e¢uate to approximaiely 24 months of total expenditure (restricted and unrestrictedl I£IOOKI. This is reduced from £200K in 2022 a5 the charity ha5 now clonated the Au51ralasian re5lflCted funds to the new Our World Underwater Scholarship Society Charity in Ausir3lia in older lor them ro fulfil ihe Australasian ie8ional function and align with rhe charitable objecrives of both chariiies. Therefore ihe ServeS onl¥ need io cover the European reEion. This will provi(le sufficient funds to cover both admini51ration and management Costs as well as cover Scholar expenses. Maintainin8 funds ai this level will enable the Socie(y Io seek other lundinB sources and ensure the Scholar5 complete their year. should the principal funding source be withdrawn. £IOOK 15 appropriate given the risks laced by the charily and the 5Usiainability of its diffent incorne sireams. Unrestricted funds were £182.489 al the end ol the financial year. The triistees have now agreed to pilot ihe firsr grant ihis year and will cofttinue to develop options as lone as they mainiain Ihe 24 months of total expenditure for typical years so thai any excess is used towards the purposes identified in the Articles ol Associaiion and public benefit.
Our World-underwater Scholarship Society (Europe) Limited TfUStees' Annual Report for the year ended 31 Mav 2023 Structure. 8ovemance and management The organisation 15 a chafltable company limited by guarantee. incorporèted on 29 November 2001 and registered as è charily on 24 February 2CQ4. The company was established vnder ? memorandurn of association which established the objects and powers of ihe charitable company and is governed under it5 articles of a55ociation. Members of the Charily guarantee to contfibyle an amount not exceedin8 ÉIO to the è5sets of the charity in the eveftt of windinÈ up. The total number of such guarantees at 31 May 2022 was four. The trustees are members of the charity but this entitles them only to voting fi8hts. The trustees have no beneficial interest in the charity. All tru51ee5 give their time voluntarily and recei¥e no benefits from Ihe ¢h3rity. Any expenses reclèimed from the Charity are set out in note 8 to the account5. Recruitment and appolntment Df new trustees The Directors of the comp?ny are a150 charity trustees for the Purposes of Charity law and under the requirements of the Memorandum and Articles of Association one third of the directors will retiie by folètion eèch year. The minimum number of trustees is three and the mèximum is seven. Trustees are selected on the basi5 of their knowledge of the marine, freshwater and divin6 and scientific environment and also Their associations wiihin those TEspettive ère3s. This year we have conlinued with the same board members as the previous ye3r. This is due to the larger change in trustees in 2021 an¢Y also the requirement for sgme continuiry thi5 year to support the bedding in of new practice5. We have now built vp a larger nurnbef of volunteers and therefoie we will review our Articles ol Association at our 202314 AGM and if yearly rotation is appropriate as thi5 wa5 not the case in the past as well as the potential of bringing on new board members as we afe currently at four DhiectOTS Oilt of a potential seven. Induction and iralning ol new trustÈes Prospeclive and new trustees will at(end an informal training P(ocess to enable ihem to fulfil their obligation as Irusiees and also to adv4se them of their responsibiliiies as trustees. Charity CrJmmis5ion publications are available for reference and each new Iru5tee will be provided with copies of rtlevant documents and charity policies. Related parties and relatitsDships with other organisations The UK chorhty hè5 ? close relationship with our'$15Terf charity in Illinois. USA- Our World-underwater S¢holafship Sociery who hold the registered trademark for the shared charity names. Some of the iruslees from the UK charity (Jade Berman and Stefan Andrew51 also hold Officer and Director roles re5pe(tively on the North American Charity. On july 8. 2022 the OUR WORLD UNOERWATER SCHOLARSHIP 50CIEfY LIMITEDACN IAustialian Company Number) 660 836 751 became officially registered with ASIC (Australian Securittes & Investments CommissiDnl. The charity a150 ha5 a Australian Busine55 Number IA8NI 15 660 836 751. One of the Director5 of the Australasian charity (Stefan Andrews) 3150 Slts on the UK charity.
Our World-underwater Scholarship Society (Europel Limited Trustees, Annual Report for the year ended 31 Mav 2023 The UK Charity has responsibility wiihin our charitable objecrive5 for the European and the Australasian legions since rhe first 5cholar5hip wa5 given in ihe Australasia region in 2007. The mone¥ fof Australasia was always restricted ro bespent WlEhin that regiop ond now there is h chèrity set up in that region and a charitable bank account Iwhith was previously not P055ible}. wilh objectives that ali80 with Ihe UK charity. The UK charity has donated the restricred fund5 for that region to the registered charity afier signing a leaal agreemenl agreeing ihe transfer ol funds on ihe 1st September 2022. The UK Charity continued to support Ihe Australasian Stholar until the end of the financial year 31st May 2023. Any addit031 admin cosis for Au5tralasia region liom the 1st September 2022- 31sr May 2023 whrch were noi already included in the greement were Ihe responsTbility of the Australia chècily. The three charities share a website 10 promote the scholarships and inlernships globally ènd their main funder is a150 Rolex. They meet annually in New York to launch the new scholars and interns IDEetheT and Iso communicate frequently during the year to work together to promote the scholaiships. internships nd objectives ol ihe charities. sih September 2022 the cheque for the remaining Ausrralian Restritted Funds of AUD $297.346. 1 I was deposited into the new Ausrralasian Charity Bank account. On Ociober 25th and Ocrober 27th 2022, a total of 24.580.58 AUO was transferred from the new Av5tralasion Chafily to the UK charity ir) (Jider to cover budgeied expenses until end of May 2023 for the Australasian Scholar. The funds for the Australian activitiès are held separately from the European Scholarship funds and both scholar5 track their expenses using separate expenses cards. Statement of responsibilities of the tTUStees The trustee5 (who are also directors ol Our World-underwater Scholarship Society (Euiopel Limited for the purposes of company lawl are responsible for preparing the irustees. ènftual report and the financial statements in accordance with applicable law and United Kingdom Accountiri8 SEandard5 IUnit¢d Kin8dom Generally Accepied AccouniinB Prètiice}. Company law require5 Ihe trustee$ 10 prepare financial Siatemenis for each financial year whtch give a true and lair view of the state Of affaiis of the charitable company and of the incoming resoufres and application of resources. including the income and expenditure. of the charilable compèny for that period. In prepèring these financial starement5. Ihe trustees are required to.. Select suitable accovntinE policres and then apply them consistently Observe Lhe methods and principle5 in ihe Charities SORP Make judgement5 and estimates ihat are reasonable and prudent State whether applicable UK Accounting Standards and statemenis of recommended practice have been followed. subjeci to any material deparivies disclosed and explained IA the financial statements Prepare the financial staiemenis on the 8oine concern basis unles5 It is inappropriate lo presume that the charity will contirKJe in operation The trustees are responsible for keeping proper accouniing records ihat diKlose with ieasonable accuracy at any time the financial position of the charitable company and enable them to ensure thai the financial statement5 comply with the Companies Act 2006. They are also responsible for saleguarding the assets of Ihe charitable company hence for taking reasonable 5reps for the prevention and detection of fraud and orher irregularities. This report has been prepared in accordance with the provisions applicable to cofflpanies subject to the small compafties, regime of the Companies Aci 26.
Our World-underwater Scholarship Society (Europe) Limited Trustees. Annual Report for the year ended 31 May 2023 The tru5tees' annval report has been approved by the trustees and signed on their behalf by Name.. Dr. Jade 8efman Title.. VP of European Operations and Chair Trustee Datè.. 28 } 0212024 io
Our World-underwater Scholarship Societv (Europe) Limited Independent examiner's report to the trustees for the year ended 31 May 2023 I report on the accounls of the charity for the year ended 31 May 2023 Set out on pages 12 10 21. Respetttve responsibilities of trustees and examinef The charity's trusiee5 are responsible for the preparation ol the accounts. The charity's rru5tee5 consider Ihal an aLStJit is not iequired for Ihis year under section 144 of ihe Charities Act 20111.the Charities Acr") nd that an independent examination is needed. It 15 my responsibility to". exaffline the account5 under seclion 145 of the Charities Act. to follow the pr¢xedures laid down in the Eenecal Directions Biven by the Charity Commission (under section 145ISllbl of the Chèrities Act, èno to state whether particular matters have come to my atten1)n. Basis ol independent ex3miner'5 Statement My examination was carried out in accordance with general Directions grven by ihe Charity Commission. Ar% examinaiion include5 a review of the accountin@ records kept by the charity and a comparison of the actounts presented with those records. It also includes consFderètion of any unustsal items or disckjsures in the accounts, and seekinB explanations Irom the irustees concerning any such matters. The procedvre5 undertaken do not provide all the evidence that would be required in an audit. and consequently no opinion 15 given as to whether the accounts present a 'true and fairf view and ihe repon is limited to those matters set out in the staiement below. Independent examiner's Statement In connection with my exarnination. no matler has come to my attention= which gives me reasonable cause to believe that. in any material re5pecr, Ehe requirements= io keep accountin8 records in accordance Wblh section 130 of the Charities Act- and to prepère accounts which accord wilh the accovniing records and comply wilh the accounting requirements of ihe Charities Act have not been met." or 2. to which. in my opinion. atlention should be drawn in order io enèble è proper understanding of the accounts to be reached. P Vl4orrdlo Patfick Morrello ACA Third Sector Accountancy Limrted Holyoake House Hanover Street Manchester M600AS Date: 28102 12024
Our Worlij-unéerwater Sch)13rship kniety (Eufopel Limiied Siatement of Finèntial ArtiYitie5 linduding Income 2nd EKpÈndirure account) for theyear ended 31 May 2023 [knre5tricd furKt5 RE5trKte funds T¢)tsl hMx15 2023 Ire5trirred lunds lotollund5 2022 Noie Iwome from. tknnationsèrKllp8ac Investmentsènd wher in¢(knt 63.967 65.3 27 2079 1.058 1079 27 Toial iorne 1.123 63.967 65.IMI 3.137 3.13? ExpeThYiture on". 10.559 227.638 238.197 11.036 ?A7JO 3?.?46 Total eXpendie 10.559 227.638 2197 11.036 24710 37.?46 Net Income/lexpeThSiturti fortheyear 19.4361 1163.6711 1173.1071 {7899J 12&7101 {34.609J Tran5ferberweEn Ivnds Net nwJvemeni in fundsforthe year 19.4361 1173.1071 [78991 12&7101 134.609J Rec(tilla110n of funds Toial lunds brOu8ht Iorwafd 191.925 182.320 374.245 199.82 209.030 408.85IT Totsi funds c4¢fied foFward 182.489 J8.649 20LI38 19L925 1813 374.245 The 5taiemenT of financhil aciiwtiesirtludes al8ains and bsses rewgwsed In Iheyear All Incotnp and expEnOiiure Iromcontinuir* atti¥ffie5.
Our World-underwater Scholarship Society IEurope) Limited Company number 04331166 Balance sheet as at 31 May 2023 Noie 2023 3022 Fixed a55eis Tangible assets io Total fixed assets Current assets Cèsh èi bank and in hand 202.458 378. 795 Total current assets 202.458 378. 795 Crediror5.' amounts fallin8 due in less thèn one year li 11.3201 14.550) Net current assets 201,138 374,245 Total assets less curieni liabilities 201.138 374,245 Net assets 201.138 374,245 The funds of the charity.. Restricie¢J income funds Unrestricied income fvnds 12 13 18.649 182,489 182.320 191,925 Total charity funds 201,138 374.245 For the year in Question. the company was eniitled to exemprion from an audit under section 477 of the Companies Act 21Th retsting to small cornpènies. Direclor5' re5pon5ibilities.' The membeT5 have not reouired the company 10 obtain an audrE ol irs accounts lor the year In que51ion In accoriiance with 5eclion 476 of the Companies Act 2006. The directors acknowledRe their spOnsibl11t1eS for compIng wth the reouiremenis of the Act with re5pecr to accounting records ènd the preparation of accovrhts. These accounis are prepared In accordance with the special provisions ol parE 15 01 the Companies Aci 2006 relating ro Small companies and cortstilute the annual accounts required by Ihe Companie5 Act 2C06 and are for crrcu13tion to member5 of the company. The notes on pages 14 to 21 form part ol these accounts. Approved by the tTU5tee5 on 2810212024 and signed on their behall by-. Jade Befmah (Trusiee) 13
Our World-underwater Scholarship Society (Europe) Limited Notes to the accounrs For the year ended 31 May 2023 Accounting poltties The prirtcipal accourtting policies adopted. judemenis arKI key sources 0( estimation uncertainty in the preparation ol the financial sraiements afe as follows_. a 8asis of preparation The financial staiements have been prepared in accordance wilh Accountine and Reporiin8 by Charilies.. Staiemeni ol Recommended Practice appliCae lo chariiies preparing iheif accounis in accordance wilh the Financial Reportine Standard applicable in the UK ènd Repvblic ol l¥el3Thd IFR5 1021 issved in Ociober 2019 - Icharilies SORP IFRS 10211. the Financial Repoiting Standard applicable in Ehe UK and Rewblic ol Irelartd IFRS 1021 ihe Companies Att 2006. Our World-undenvater Scholarship Society (Evropel Limiied meeis Ihe deliniiion ol a public bernefit entity under FRS102. Asseis lièbilities are inilially ieco8ntsed èi hisiorical c1 or LransactM)n value unless otherwise slated In the relevani accountine policy note. The Financial sraiements afe presenied in sterlire which is the Functional currency ol the chafily and iounijed to the Deaie5t £ sterling. b Preparation of the accounts OD a goin8 concern basis The irvstees consider that Ehere are maierial unceriainiies about Ihe charitable company's ability to continue 05 a going concern. c Income Income is reco8nised when the charily has entitlement lo the funds. any performance conditions attached EQ the itemlsl ol income have been mei, it is piobable thai ihe income 11 be received ènd ihe amounL can be measured relièblv. Income from 8overnmeni and Other 8ranES. whethèr "caw'ial. 8ranis or 'revenve' 813nts. is reco8nised when the charity h35 eniitlerneni io the lunds. any performance condilion5 ariached to the Èionis have been met. it IS Pfobable that ihe income will be recebved al ihe 3mounL can be measured reliably and is not deferred. Income received in advance ol a prowsion ol a specified service is delerred uniil ihe criterib for income recogniiion are mei. d Interest receivable Interesi on lunds held on deposii is included when receivable and ihe Jmouni can be measured reliably by ihe charily: this is normally upon notificaiv)n ol the inieresi paid or payable by the Bonk. 14
Our World-underwater Scholarship Society IEuropel Limited Notes ro the accounts for the year ended 31 May 2023 Icontinued) e Fund accournting Unresiricied funds are available lo spend on aciiviliès ihai lurihef any ol Ihe purposes of chèrily. Designaied Funds are uniestricted funds ol the chariiv which the Irvsiees have decided at Eheir ét5crerFon io sei aside 10 Use lor a specific purpose. Restricied lun(Js are donations which the donor has specified are 10 be solely vsed lor particular areas ol the charivs work or lor specific prq"ec(s bein8 underiaken by the charity. l Expenditure and irrecoverable VAr Expendilure is reco8nised once rhere is a leBal or consifVC(ive oblieaiion to make a paymen¢ lo a thir p3r(y. it is probable ihat se¢ilemeni will be reqvired and ilr arnovni ol Lhe oblieaiion can be measured reliably. ExpEnOiture is classified under ihe Sollowing aciiviiy headinBs'. Expenditure on charilable activities inclvLles Ihe scholarship costs, and opeiating costs. Irrecoverable VAT is chèrged as a cosi ègainst thè activily lof which the expenditure was incurred. g Tan8ible fixed assets Indivrdual fixed assets are capilalised at cosi and are depreciaied over iheif estimated uselL¥l economi lives on a siraighi line bas15 as fcAIows'. CDmpuier equipmeni 25% on c05L h Cash at bank and in hand Cash at bank and cash in hand includes cash and shori Lerm highly lquid inveslmenis with a short maturity of (hree monLhs Of less IrotTr ihe dèle ol acouisition or 0enIng ol Ihe dep05il 01 Similar accouni. Creditofs 3Ad provisions Creditors an(4 provisions are recoEnised where Ihe chafiiy hès a Pfeseni obliB3tion resvliing from è pasl event thar will probably result In the tiansfer ol Ivncls to o Ihird party and the amouni due io seitle the obligation can be ffleasuced oi estimaied fellay. Ciediiors PfO¥iSiOftS are nT)rffiaNy rec4ni5ed 31 their seitrlement amotsni after allowing for any irade discounts due. j Finèncial instruments The chariiy only ha5 financial a5seis and ffjnancial liabiliiies of a kind ihai qualify as basic financial instrvments. Basic financial instruments are inirialty feco&nised al transactn valve. and svbsequently measLJred 01 their setilemenE valLJe wilh the Èyception ol bank loans which are subsequenily meè5ured al amor(ised cosi using the ellective interest meih&J. Legal status of the charity The ch3riLy is a company IFmiled by guarantee regisiered in EnBland and Woles arbd has no share capilal. In rhe event ol the charity bein8 wound up. Lhe liabrfily in re5peci of ihe BuJraniee is limi(e(l io £10 per membei ol the charrry. The regi51ered olfFce address is disclosec on pège l. IS if.
¢)Jrworld-Un(kni•ter h013h1O &ietylEu¥opel bmiled Noie5tothe accounts for theve3f efided 31 Maw20231wnrinvedl Incoffle Irorn don•iions4nd 8xies Ufwe51ricied Restred Toi¥ 102) UffesiFed A*sirKteo rotoj 22 Pgnaiion5 1079 2.079 63.%7 63.9SP 1.096 63.967 6S.(3 ZO79 2.0>9 nv2Slmtn15 ano tsthEriniome Unre5Tricied Re5Irirted Toial 2023 uniestitte ruf2012 Inryme Ir¢m bankdepogts Forevdffl exthan8¢8a 27 27 192 19? 27 27 1.058 ifj
Our World-underwater Scholarship Society IEvrooel Limited Notes to the accounts for the year ended 31 May 2023 Icontinuedl An3ly5is of expenditure on chariiable activi(ies 2023 2022 Expenditure for Australasia Scholar5 Expenditure lof EU SEhol3rs Internship Accouptancy 5ervice5 Oepreciaiion Geneial office Bank fees Travel expense5 194.899 31.351 6.7JO 29.188 1.320 J.2CQ 447 92 109 1.858 221 4,S48 238.197 37.746 Restricted expendilure Unrestricted expendiiure 227.638 10,559 26.710 Jl.036 238.197 37.746 Net incomellexpenditurel for Ihe year This is staled after Chargin(creditinB}.' 2023 2022 Depreciation Independent examiner'5 Fee A¢countancy seNces 447 240 1.080 1,2LKI Siaff c05tS There were no siaff employed during ihe period12022.- Nil).
Our World-underwater kholarship Society {Europel Limiied Notes to the accounts fof the year ended 31 May 2023 Icontinuedl Tru51ee remuneration and expenses. and related party transactions Neither rhe managemenE committee nor any persons connected with them received any remuneration during the year 12022= £Nill. Dufing the year. Ihree trustees received £1.508 in ieimbursed travel expenses12022.. E6901. Aggre8ate donations from relateL4 partie5 were ENil12022.. ENill. There ore no donations from related parties which are ouiside the normal course of business and no restricted donations from related partie5. Ovring ihe year. the sister charity in the USA (Our World-underwater Scholarship Society) transferred £782 to the UK charity 10 cover le8al fees for setting up ihe Australian chariiy12022: ENill. No trustee or other person related to rhe charity had èny personal interest in any contract or transacibon entered into by the chariry. inclvding 8uarantees. during the year12022: Nrll. Corporation tax The charity is exempt from tax on incorne and gains fallir)g within Chèorer 3 of Part 11 of the Corporaiion Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains ACE 1992 to the exieni that these are applied io ils chariiable objects. No lax charges have arisen in the tharity. 10 Fixed assets.. iangible assets Computer equipment C05t At l June 2022 3,812 Al 31 May 2023 3,812 Depreciation At l June 2022 Charge for the year 3.812 Al 31 May 2023 3.812 Net book value At 31 May 2023 A131 Moy 2022 18
Our World-underwater Scholarship Society IEurope} Limited Notes to the accounts for the year ended 31 May 2023 Icontinvedl 11 Credltors.. amounis fallin8 due within one yeèr 2023 2022 Other creditors and ac¢ruals 1.320 1.320 4.550 12 Analysis of movemenrs in restricted funds Balance at I June 2022 8alance ai 31 May 2023 Income Expendilure Tr3n5fers Europe Ausifalasiè 50.( 13.%7 131.3S11 1196.2871 18.649 182.320 Total 183.320 63.967 1227.6381 18.649 Comporotive period 8olonce ot i June 2021 Bolonce ot 31 Moy2022 Incon7e Expendilure rron5fers Europe Ausirolosio 20.0(XI 189,030 120.LDJJ 16.710) 182.320 Totol 209.030 126. 710J 182.320 Name of restricted fund Description. nature and purposes of the fund Europe Auslrala5ia Funds feceTrved Irom Rolex 10 cover European Scholar's expenses. Fund5 received from Rolex io cover Australasian Scholar's expen5e5 and Avstralian administration expenses. 19
Ovr World-underwater Scholarship 5ocieiy {Europel Limited Notes to the accounts for the year ended 31 May 2023 Icontinuedl 13 Analysis of movement in unrestricted funds Balance at I June 2022 As at 31 Mav 2023 Income Expendiiure Transfers General fund 191.925 1.123 110.5591 182.489 191.925 1.123 (10.SS91 182.489 Comporgfive period Bolonce (yt l June 2021 A5 at31 MGY 2022 Income Expendrlure rransfcrs Generol Jund 199.824 3.137 111.036) 191.925 199.824 3.137 111.036J 191.925 Nameof unrestricted fund Description. nature and purposes of the fund General fund The free reserves after allowing for all designated funds. 20
Our World-underwater Scholarship Society {Europel Limited Notes to the accounts for the year ended 31 May 2023 Icontinuedl 14 Analysis of net assets berween funds General fund Designated fun(is ReSEricred funds Toial 2023 Net current assets/{liabilities1 182,489 18,649 201.138 Total 182.489 18.649 201.138 Comporofwe period Generol fund Oe5ignored /und5 Resrricred fund5 rotol 2022 Net current a55ets/fliobilitiesJ 191,925 182.320 374,245 Totol 191.925 J82.320 374.245 21 r.