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
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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 par￿eMiC 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
potent￿1. 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 1equ1va￿nt 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 locat￿nS 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 diffe￿nt 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 addit￿031 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 2￿6.

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
[knre5tric￿d
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 i￿orne
1.123
63.967
65.IMI
3.137
3.13?
ExpeThYiture on".
10.559
227.638
238.197
11.036
?A7JO
3?.?46
Total eXpendi￿￿e
10.559
227.638
2￿197
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 comp￿Ing 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 appliCa￿e 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 c￿1 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 l*quid inveslmenis with a short
maturity of (hree monLhs Of less IrotTr ihe dèle ol acouisition or 0￿enIng 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 fella￿y. 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 transact￿n 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 ￿h013￿h1O *&ietylEu¥opel bmiled
Noie5tothe accounts for theve3f efided 31 Maw20231wnrinvedl
Incoffle Irorn don•iions4nd *8xies
Ufwe51ricied
Restr￿ed
Toi¥ 102) UffesiF￿ed
A*sirKteo
rotoj 2￿2
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
ruf￿2012
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*.