Company Number.. 04331166 Charity Number.. 1102288 Our World-underwater Scholarship Society (Europe) Limlted Financial Statements For the year ended 31 May 2024 Thlrd Sector Accountancy Ltd 00¢ ID.. 3e73fj0070d87>th9Sc8144b286aI244¢tb7174d ADX4W95V 2510212025 COIAPANIES HOUSE A24
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Our World-underwater scholarship Society (Europe) Limited Reference and administration information Company numb*r 04331166 Charlty number 1102288 Registed office and operaiional address 618rid£e Street Kington lerelordshlre HR5 3DJ Trustees Yrusrees. who are also dlre¢tors under company l¥w. who served dvrin8 lh• year and up to the date of th15 report were ès follows: James srand5n8 Stefan Andrews Jade Berman Richard Somerset There were no trusrees who held tlrle to pioperty belonging to the charlty during the reportlni peilod or It the date of apgroval. Independent Ex•mlner Pgtrick Morrello ACA Third Sector Accountoncy Llmlted Holyoake House Hanovtr Street Manchester M60 OAS 6•nktrs Starling Bank Limited 5th Floor London Fruit and Wool Exchange l Duval Square London E16PW DOG 10.. 3e736007LN4a73dde95ce144b28684244¢1b7174d
Our World.Underwater Scholarship Society (Europe) Limited Trvstees, Annual Report for the year ended 31 May 2024 The trustees present their report and the unaudited financial Statements fof ihe yeai ended 31 May 2024. Inclyded within the trvstees, report is the directors, report as required by company law. Releience and administrative information sei out on page i lorms part of this report. The financial statements comply with curreni statutory requirements, the memorandum and articles gf association and the 5taterrent of Recommended Practice- Accounting and Reporting by Charities.. SORP applicable 10 harities preparing their accounts in accordante with FRS 102. Objectives and activities The So£iety's objects are io promote educatSonèl aciivitles assoclated wlth the underwater world primarilv Ihiough annual scholarships designed io expose qualified young pe150ns to marine related fields. The main objett will be achieved by selecting and appo¢nting gualifièd young persons on an annual basls to act as the Oui World-Un(Jerwater Schola¥s oi Interns lor that year and to promote education in and the protection. enhancement. and surylval ol the marlne and freshwatei envlrgnm•nt$. The indlvlduals selected to be Scholars must be between thè a8es ¢f 21 and 26 and must oot hav• •<hlev•d a post 8radvate degree by l April in the year of selection. Publlc benellt The ¢harlty provides a publlc beneflt throu8h the activities of the Scholar5 anélor Interns In promoting conservation of the marine and freshwaier envifonmeTht through presentation5 to the public at large. The Chair and trustees promote ihese $3me Ideals when attending various mariné related shows and conferences. The public benefit belng. ultimately, a cleaner healthier livln8 environment for all. rhe trusrees are aware ol, and have re84rd loi. rhe sutdance issued by the Charlty Commission In En$l4nd & Wales in respeci of public benefit. Grant making The Society Invites appllca¢lon5 lor the posltloTr ol the European Our World-vnderwater Scholar throush vertising in specialist sport diving media. social media, press releases and through former Scholars and Scholarship contacts promotln8 ihe Socieiv. Each Scholarls funded for one year and placements orlanlsed in a broad spread of underwater work environmenis. Fvnds are then released to the successful Stholarls throy8h the year to ¢over. prln¢ipally. travel and subsistence. Re8ular progress repoits ale required tg be submitted to the Society by ihe Scholar tg dernonstrate correct use of the funds 8ranted. The principal incoming resource. in respect ol fundsn8 the Scholars, 8ranlS. is from Rolex. Doc ID.. 3e736W7fyJ873ddvgSce144b286842a4clb7174d
Our World-underwater Scholarship Society (Europe) Limited Trustees, Annual Report for the year ended 31 May 2024 The charity reserves were mole ihan enough to cover 2 years worth of future activities (For 2024 this was alcvlated to be £IOOK as Rolex funds the chaflty at £SOKlannuml and actual unrestricted ieserves were £187,122 with a total reserves of £215,376. The UK board wished to ensure thai funds are being used for public benefit therefore the UK Charity Board agreed to pilot a European Filmmakers Grant using up to £SOOO from rhe European Reserves at the board rneeiing on the 18th July 2022. Further deiail on thi5 pilot will be provided below in the beneli£ièrle5 01 our seNl£es secilon. As the filmmaker Brant re<iplent was ongoing Jn 2023 ihere wa5 no new grants awarded In 2024. The Board si8ned off at an Extfaordlnary Meetlng Aprll 20. 2024 lor an EU media Internshlp lor one year lor 2024125 Inext years accounts) las it was the sorh anniversary of the wider Our World Underwater Scholarship Soclety tharities giving ovi Scholarships globally) lor a maximum of 8 rnonths with up io E20K lor l¢Jhdin8 10 3150 allow the intern to attend New York in 2024 and in 2025 to report back. Foi 2024125 only the peison is one of the runrter-up candidaies from ihe selection process thi5 year. Voluntee The objects are èchieved ihrou8h the orianisin8 commlftee whlch admln15ters the 5cholarshlp scheme and who ensure that the 5cholais lullil their obligations. The members gf charlty who served as Director5 w•re'. James R Standlng- Trustee Jade Berman- Yrustee Richard Somerset-yrustee Sielan Andrew5- frustee In addltion the lollowlng volunteers also contrlbuted slBnificanrly to ihe iunnln8 of ihe chiriiy anij iti Saeed Rashld Aidan Malone Felix But5chek Johan Enqvi5t Kirn Hildebrandt joanna Smart Séamus Hell¢rnan Oanny Copeland Mae Dorricoti The chariiv works in partneishlp wirh the Sister Charities in North Amerlca- Our World-underwater Scholarship Society nd the Australian Oui World Underwater Scholarship Society. therelore their vglunteers a15Q support Ihe work gf the UX charlty. TM The trustees review the aims, objectives and activitles ol the charity each year. This report looks at what the charity has achieved and the outcomes ol Its work In the reporting period. The trv5tee3 report the sutcoss ol each key activity and the benefits the char(ty has brought ta those groups ol people that Ir is set up to help, The review als¢ helps the trLtsttÈs ensuit tht tharSty's iims, objtC¢ives and acilvliies rernalned focused on ils Stated purposes. The iru51ees have referred to the 8uidèntè contained In the Chailty Commission'5 general 8UiLlance on public benefit when reviewing the charitV'5 atms and objectives and in planning its future activities. In particular. the trustees consider how planned activities will contribuie to the aims and objetlives that have been set. Dp¢ ID". 3e7360070da73dde95¢ef44b2I6842a4clb7174d
Our World-underwater Scholarship SotSety (Europe) Llmited Trvstees, Annual Report for the year ended 31 May 2024 Achievefflents and performanre The charity's rnain acttvlties and who It tries to help are described below. All its charitable activilies locus on aquatic environment and are vndertaken to further Our World.Undorwater Scholarship Sgclety (Europe) Limited's charitable purposes lor the publSc benefit. Beneficlèrles gf our 5¢rvlce5 The direct beneficiaries of our services this year were the European Scholar 2023, Lury Penny and SoTrnv Daliiel the r1lent ol the Filmmaker Grant in 2022. The European scholar appolnted for Z024 is Sam Thom5en and in addition Aoife McKlernan wès selected as the OWU5S EuropEan Media lrttern lor 2024. The Scholar5 anil ihe lilrnmaker grant reclpient and Intern prornote Conservation ol the marine and freshwater environment at every opportunity as well as taking part in rt5earch projects ihrouBhout the world. They also can obtain a variety ol divins related ouallflcaiions which will help them In their future careers. lucy was proJciive in finding opportunities an excellent Ambassador for ihe scholarshlp durin8 her year. She ha5 delayed completin8 her studies while she sets vp a CIC in older to b¥in8 the oceans into hospiials and hospices using VR both in order to support and minimise the impact of health care procedures and also educate and connect your18 people In particular. Sonny started later in 2022 and therefore missin8 mosi of the sumrner, and holdin8 the grant alongsid• his full tlme lob he h85 extended for 2023124 In order to keep worklnB tDW)rd5 makSn8 his fllm. SDM is keen to explore opportuniiles in relation to coral reef$ and other benthic habltats 4$ well as to engage In helpin8 others durin8 h5$ scholarship year. Aolle is keen durin8 her iniernship to mer8e her pa551ons ol Kuba dlvinB and storytellin8 capturin8 and sharin8 untold siorle5 01 our seas. As It is the SO" Anniversary in May 2024 of ihe flrst scholarships beln8 8iven ovt by the North Amerlcan Charity the char4ry is supporting somè ol the alumni io return io New York to present on where they are and whai they are doin8 now as well as io explore opportunliies ol them helpin8 the wider society in tht luture. Fln•ncial revlew Ptlncipal funding sources The principal source of rhe Society's lu{hn81$ Irom Rolex. The relaiionshlp has been In place slnte ihe charlty commenced operation and we turienily have an a8reement in place lor funding E50.(XJO per year Ipaid in March 2023 and March 20241 valld for our operations until May 31st 2025. Thls covers up 10 £25.000 towards the Scholars expense5 and £2S.000 towards travel and aijminlstration costs ol the volunteers and iunnln8 01 the charily. The ExpendSture for the 2024 Seholar was £25,453 and the administrative costs Sn 2024 were £14,941. Additlofial incomln8 resourf es amovnted to £4.632 whlch w05 8 cornbinatlon of paypal lees from appliianis accrued from the wevious yeai and inleresi from the UK bank accounis and foreign exchange urrency fluctuations, ID.. 3e7360070da72dde9ke144b286842a4clb7174d
Our World-underwater Scholarshlp Society IEuropel Limited Trustees, Annual Report for the year ended 31 May 2024 Incomin8 and out80ing resources are a5 stated on the Statement of Financial Activitie5. A requirement imposed upon each Scholar, the recipient of the pilot filmmaker Grani is that they mainiain linancial records and rhat they provide monthly reports of their financial Position. The stholars for this year used a WISE Debit card to make the rnajority ol payments which they tracked on the WISE APP whlch was also visible to the Directors of the Charity and matched tts spend on the statements. In eath year ihe Scholar. through thi5 control, ensures that he/she does not overspend their allocated fund5. It is agreed at the commencement of their year that the funds provided are a rnaximtjm and should they underspond then the surplus is releasèd to ursrestricted funds. We woulé also refund ielevani spends on personal credit cards with recelpts and expense tlaim forms. The Directors have agreed to provide vp to £I,SOO rowards these unexpected costs Irorn the vnrestricièd reserves- thls was hot needed this financial y•èr. Total resources expended amounted to £40,394 of which £14,941 were on adminlstiaEi¥e expenses and £25,453 were towards the 2023 European Scholar and other Scholar directly related expensès. Goln8 ¢oncein The linancial siatemenrs have been prepaied on a Boin8 conrn basis as the trustee5 believe that no material uneertalntles exist. The irusiees have consldered the level ol lunds held and the expecied level ol income and expenditure (or 12 months from authorising these lin3ncial staternenls. The level ol reserves Is more tharn suffic¢ent for the eharity io be able to coniinue as i BoinE concern. There 1% a iontract in plac* wlih Rolex ro contlnue provlding funding until eThd of May 202S. NeBgtiatlons are on8oin8 at Ihis tlm• in felation to future fundbnB and we have the reserves policy In place. Ther¢ are no Ideniilled funds subsldiary undertakln8 that Is materS?Ily Sn delicit. Reserves pollcy The airn of the reserves poliry 15 to ensure that the chaiity's on8oin8 and luture activities are reèsonab protected from unempecied Iluctuatlon5 in its incgme and expendlture, The board reviewed Ihe reserves policy a8reed that a mlnimum level ol unresiricred general funi45, also known as free reserve5, which equaic ro approximately 24 rnonths of total exgenditure Irestrictecl and unresrrictedl I£IOOKI covering th• European ¥e8ion. rhi5 will provide sufficient funds io cover both administration and managemeni costs as well as cover Scholar expenses. Maintainln8 funds at rhls level wlll enable the Soclety to Seek gther fundlng sources and enstsre the Scholars cornpleie their year. should the principal fvndlng source be withdrawn. £IOOK is approprlate 8iven the flSks laced by the chaiity and the su5¢ainabllity ol its different income streams. UnresiritteL4 funds were £187.121 ai the ené ¢1 the financial year. The trustees a8¥eed to pilot the first erant in Z022 and will review and continue to develop options such a5 the internship aaroed tts lor 202415 as lon8 as they malntain the 24 months ol total e¥penditure ltsr iypicèl years 50 thai any excess is Used toward5 the purposes identified in the Articles ot ASSOClalion and public benefit. StfUCtYfe. govefnance and mana8ernent The or8anisation Is a charltoble company Ilmited by 8uarantee, incorporated on 29 November 21 and registered a5 a charlty on 24 February 2004. O¢x10". 3eT361)J70do73dd&95cÈf44b286a42a4c1b7174d
Our World-underwater Scholarship Society IEuropel Limited Trustees, Annual Report for the yeaf ended 31 May 2024 The company was established under a memorandvm of a550ciaiion whlch established the objecis and powers o(the charitable company and is 8overnetl under lis articles of assoclatlon. Members of rhe chaflry guarantee to contribute an arnount not exceeding £10 to the a$set5 01 charity n the Èvent ol windin8 up. The lot31 number of suth 8uèr3ntees ai 31 May 2022 was four. The trusiees are members of the charity but this entitles them only 10 Votin8 rights. The tfustees have no beneficial Inte$t In the eharity. All trustees 8ive their tlme voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the account5. Recrultmeni 4nd oppolntmtnt of nw tru£t•$ The Directors ol the company are also charity trustees lor the purposès of Charity lèw and under the requiremen15 01 thè Memorandum and Articles of Associaiion one thlrd ol ihe directOf5 will reiire by rotation each year. The minimum number ol tfilStees is three and the maximurn Is seven. Trusiees art selected on the basls ol thelr knowledge ol ihe marlne, freshwater •ftd dlvln8 and 5cientlfi environment and also their associations within rhose respective area5. This yea¥ we have continued with Ihe same board members as the previous year. This is due io the lar8er change in trusrees in 2021 and also the rtqulrement lor ctsntlnuity this year to svpport the beddlng in ol new practlces. We have now bullt up lar8er number ol volunteers and therefore we will review our Articles ol Association at our 202415 AGM and il yoèrly rotation is approprlate as ih55 was not the case in the past as well as the poienisal ol brin8in8 on new board members as we are currently at four Olreciors out ol a poienilal seven. Indu¢tlon •nd iralnlni ol new iruslees Prospecrlve and new trvsiee5 wlll attend an Inlorrnal trainin8 process io enable thern to lullil thelr obligailon as trvstees and also to advisÈ ihem ol their responslbilities as trustees. Chjrity Commlsslon publlcallons ai¢ available lor relerence and each new trustee wlll be provlded wlth copies tsl relevant documents and charity polic¢es. Rtlaled partles Ind relatlvnshlps wilh other or8•DlStlons Thè LIK Charily has a close relationship with our'sistèr, charities In Illinois, USA. Our Worlé-underwater Scholarship Soclety who hold the trademark for the shared charity nèmes, Some ol the trusiees from the UK charity (Jade Berman and Siefan Andrews) also hold Officer and Olrecior role% respeciively on the North American Charltv. Our World Underwater Scholarship Society Limited ACN (Australian Company Number) 660 836 751. One ol ihe Directors ol the Australaslan charity (Stelan Andrew51 also slt5 On the UK chJrltv. The UK Charity had responsibillty wiihin our charitable objectlves lor the European and the Australasian re8ions 51nce the flrsi scholarshlp wa$ given in the Ausiralasia reBion in 2Tr)7. The UK Chaiity continved io support the Australasian scholar until rhe end of the financial year 31st May 2023 and since then ihe Australia charity has managed their linances directly. The ihree charitie5 share a website to promote the scholarships and internships globally and their main funder Is also Rolex. They meei annually, in New Yor to l•unch ihe new $cholars and Interns tO8ether and 0¢¢ ID.. 3¢738fy)7od873ddÉ95t•144b2882*4c1ty7174d
Our World-UnderwateT Scholarship Society (Europe) Limited Trustees, Annual Report foi the year ended 31 May 2024 also communicate Ireoueritly dvring the year to work together to promote the scholarships. internships and objectives ol the charities. Funds held a5 tustodian tru5tte on behalf of others The charity does not hold any asseis of funds on behall of any other charities. Statement ol responslbllltle5 01 the tru5tt•i The trusiees Iwho are also diTtOrS of Our World-underwater Scholarship Sotiety IEuropel Limited for the purposes of company lawl ale respofisible for preparin8 the trustees, annual report and the financial statements in accordance with applicable law and Unitèd Kingdom Atcountlng Standards Ivnited Kingdom Generally Accepted Accouni¢n8 Practice). Company law rtrqvires the Fustees io prepare financial staiements lor each financial year which Bive a true and fair view of the state ol affalr5 01 ihe charitable cornpany and ol the incomin8 resources and applicaiion of resources. including the income and expenillture. of the thailtable company lor ihat period. In preparin8 these financial siatements, the trustees are required to.. Select svstable accounting policies and rhen apply them consistently Obse¢ the methods and principles in the Charities SORP Make iudgemenis and estlmates that are reasonable and prudent State whether appliczblt UK Accounting Starsdards and siarements ol recommended practice have been followed. subject to any material deparlures disclosed and explained in ihe financial statements Prepare the financial 5t?tement5 on the 80ing toncern basis unless it is inappropriate to preswne thai the (harity will conrinue in operation. The trustees are re5pon5ible lor keeping proper accounlin8 records that disclose with reasonable accuracy at any iirne the linancial position of th¢ charttable company and enable them to ensvre that the IlnJnci31 statements Comply with the Companles Act 2006. They ale also responsible lor 5aleguardin8 the assels 01 the charitable company and hence for taklng reasgnable steps lor the prevention and detecilon ol Ir•ud and other Irre8ularltles. The trustees •re responslble for ihe mainten•nce and inieBrity ol the corporate and Iln¥nclal inlorrnation IncluLled on the charii?bl¢ tompany's web55te. LeElsl?iion In the Vnited Kln8dom governing the preparation and rjissemination of financial statements may diller from legislation in oiher jurisdictions. This report has been prepared in aCCOfdance with the PfQViSions applitable to companies subject t¢ thè small compan¢es' re@Ime of ihe Companies Act 2006, The trustees. annual report has been approved by the trustees and signed on their behall by Name.. Dr. Jade Berman Y¢tle'. VP of European Operations and Chair Trusiee Datè.. 2010212025 ODG ID.. 3e736oJ7oda73ddegkef44ty286a42a4¢1b7174d
Our World-underwater Scholafship Society (Europe) Limited Independent examiner's report to the trustees for the year ended 31 May 2024 I report on the accounts of the charity for the year ended 31 May 20Z4 set out on pa8e5 9 to 18. Re5pe¢ttve responsibilities of trustees and examiner The charity's trustees are responsible lor the preparation of the accounis. rhe charliy's trusiees consider that an audit is not required for thls year under section 144 of the Charities Att 20111.thè Charities Act") nd ihat an independent examination is needed. li is my regpons¢bllity to.. examine the accounts under section 145 ol the Charities Act. to follow the pro£edures laid down in the general Direciions given by the Charity Comrnission (under section 14515llbl ol the Charlties Af t, and to stale whether particular matters have come to my attention. 83515 of independent examinerf5 Stottmènt My examination was carried out in accordance with general Directions 8iven by the Charity Cornmission. An examinat*on includes a review ol the accountin8 records kepi by the charity and a comparison of the accounts presenred wilh those records. It also Includes consideration ol aThy unusual items or disclosufes In the accounts. and seekin8 explanation% from the tfU5tee5 concerning any such matters. The procedures ndertaken do noi provide all the evidence thai would tje required In an audit, and consequently no oplnion is 8iven as to whether the accounts present a'irue and lairf view and the report is limiied to those matters set out in the statement below. Independent emamlner's statement In connection with my exarnination. no matter has comè to my aitention.. l. whith Blves me reasonable cause to believe thai, in any materlal respect. the requlrements.. ro keep accountin8 iecords in accordance wlth section 130 01 the Charities Act,. and to prepare accounts which actord with the accountln8 record5 and ¢omply wlth the accounting requirements ol the Charitits Act have not been met.. of 2. to which. in my opinion, &ftentlon should be drawn In order io enable a proper vnderstandln8 of the accounts to be reathtd. P Vmorrcllo Patrick Moirello ACA Third Sector Accountancy 'Mited Holyoake House Honover Stroei Manchesrer M600AS Date: 2110212025 D10.. 3e7360070da73dd895¢ef44b286a42a4c1b7174d
OvrWorld-Underw•ier Scholaishlp Society IEuropel Lirnited for IhE VEar ended 31 Mèy 2024 Urtrtstikieé ftesirtte lund5 2Q13 Nul Income If(. 976 63.907 65.G63 27 4.631 51.632 63.967 65.090 10.194 40.394 lQ559 227.638 23l197 Toiiltxwffl¢ltyr• 40.394 10.SS9 227.63J 23¢197 lth Incomellexpendiivrll lorth•¥t4r 4.632 1163.6711 Net hilundslor ih•y••r 9.fj0$ Recor<ll1•tnQ1Ind1 Tot lundsbrvuw lorw4id 16.649 2Ql.138 IJZ.310 371,215 181.489 J1549 20J.138 00¢ Ictr k7J8tyJ7th7Jdd•96r4f418J•41¥¢lb71710
Our World-underwater Scholarship Society IEuropel Limited Company number 04331166 Balance sheet as at 31 May 2024 Note 2024 2023 Fixed assets Tangible assets io Toial fixed assets Cuirent assets Oebtors Cash at bank and in hand li 478 216,338 202.458 Total current assets 216.816 202.458 Credltors.- amounts falling due in less than one year 12 11,4401 {1,320J Net curreni assets 215,376 201,138 Toral assets le55 Cufrent Ilibllltles 215,376 201,138 Nel assets 215.376 201, 138 The funds ol the tharlty.. Restricted income funds Llniestrlcted Incorne lunds 13 14 28.255 187.121 18,649 182,489 Total charity lursds 215.376 201,138 For the year in Question, the company was enritled to exemption Irom an audit under section 477 of the Companies Aci 2006 relèiiii8 to small companies. * The members have not requlred the compèny to obtain an audlr ol its accounts for the yeaf In questlon In accordance with section 476 01 the Companies Att 2006. * The tlirectors acknowletlge thelr responsibllittes for complylnrf with Ihe requirements ol rhe Act wlth r•spect ro accountln8 record5 and the preparation of accounts, These account5 jre prepared In accordance wlth the special pro¥l$lcns of part 15 91 the Cornpanles Act 2006 relating to small companie5 and constitute the annual aceounrs qUIred by the Compan$ Act 2006 and are lor cifculation to members of the companv. The noies on pa8e$ 11 to 18 form pan of these account5. Approved by the trusiees on 20102 12025 and si8ned on rheir behalf bv.. Jade Berman ITru5teel 10 l)c¢10.. 3v7360070d#73ddB95¢¢144b286042a4clb7174d
Our World-underwater Scholarship Society IEuropel Limited Notes to the accounts for the year ended 31 May 2024 Accounting policles The prlncipal accouniins policiÈs adopted. judgments ènd kev sources of estimaiion uncerrainty In the preparation ol the finèncièl staremenis are as follows.. Basis ol preparation The flnancial siatements have been prepared in accorLSance with Accouririn8 and Aeportin8 by Charities.. Statement of Recommended Praciice applicable to charities preparin8 their accounts In accordance wiih the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 %ssued in Ociober 2019 (Charities SORP IFRS 10211, the Flnèncial RepoitSn8 Standard appllcable in the UK and Republic of Ireland IFRS 10213nd Ihe Companies Act 2006. Our World-underwarer Scholarship Society (Europe) Lirnlted meets the delinitlon ol a public benefit eniity under FRS102. A5set5 and liabilitiès are initially reco8nised at historlcèl c05t or iransaciion value unless Otherwise stated in the relevant accouniin8 pollcy noie. The Ilnanclal statements are presenied in sterlin8 which is the functSonal currency of the chariry and rounde(J to the nearest £ sterlin8. b Prepar•tion ol the atcounts on a 8oln8 concern bas1$ The Ifustees consider thar the are no material uncenalnlle5 about the charitable cornpan¥'$ ablllry ro coniinve as a 80in8 concern. c Income Income is reco8nised when the chariiv has entiilernent io the luThds, any perlorrnance ¢ondltions attached io the iieml510l income have been met, it 15 probable that ihe income will be received anil ihe Jmount can be measured reliably. Income from 8overnment and oiher 8rants, whether 'capital' 8rant5 or 'revenue' 8ranls, is recoBnised when ihe chari¢y ha5 enii¢lemenr to the lund5, any perlcrmance condiflons arrached to rhe 8rants ha beeTh met. it Is probable that the income will be received and the amount can be rneasured reliably and is not deferred. Income received in advance ol a provision of è specltied service is deferred until the criteria for income recoBnlt*on are rnet. d Interest iecelvable Interest on funds held on deposit Is included when receivable and the amount tan be rneasured reliab by the chariry,. rhis is normally upon notilitatlon ol the Interest pald or payable by the 8ank. Ooc10.. 3e7360070da7JddÈ95ca144b286•42a4c1b7174d
Our w0rld-undeater Scholarship Society IEuropel Limited Note5 to the ètcounts for the year ended 31 May 2024 Icontinuedl e Fund aCCOLtntin8 unrestricted funds are available to spend on activitie5 that further any of the purposes of charlty. Oesi8naied funds are unrestricted funds ol the charity which the trusiees have decided 31 their discretion to set aslde to use for a specific purpose. Restricted Ivnds are donarlon5 which the donor ha5 specified are to be solely used lor panicular area5 of the ch3rity'S work or for speofic projecrs being undertakeft by the charttv. f Expenditure and Irrecoverable VAT Expenditure Is recognised ontt there 5$ è al or construciive obli8ation io make a payment io a third party. it IS Probable that settlement will be required and the amount of the obli8ation can be measured reliab. Expenditure is classified under the lollowing activity headin85'. Expenditure on charitable activities includes the 5cholar5hip costs, and operatln8 eosis. Irrecoverable VAT Is charged as a cost against the aciivity for which ihe expendiiure was incurred. 8 Tan8lble Ilxed a55et5 Indsvidual fixed assets are capltalised at cost and art depreciated ovèr their estimated usèful economic lives on a 5trai8ht Ilne ba515 a5 follows,. Compuier eq¢Jipment 25% on cost h Cash at bank and in hand Cash at bank and cèsh in hand include5 cash and short term highly liquid investrnenis with a short maturity ol three months or less from the date of acquisltion w openin8 ol rhe deposir or similir attouTht. Creditors and provlsions Creditors and prtsvlsions are rectr8nised where the £harily has a present obli8alion resullin8 from a pasi eveni (hat will probèbly result in Ihe Iransler ol funds to a third party and the amouni due ro settle the obli8?tion can be measured or estirnated reliably, Creditors and provisions are normally reco8nised at their sttilement amount alrer allowin8 lor any trade discounts due. Flnanclal Instruments The charity only ha$ financlal assets and financlal libbllities of a klnd rhat quallly as ba51¢ finènci•l instrument5, Basic financial Instrument5 are initlally reco8nlsed èt rransaction value and subsequentlv measured at their sertlemenr valve wirh the exception ol bank loans which are SvbseqLtenily rneasured at amor115ed cost U51n8 the effective interest method. Le&•1 stattjs ol the charlty The charity is è company limiled by guarantee reBlStered in En8land and Wales anij has no share capital. In the eveni ol the chariiy being wound up. the liability in respeci of the gvarantee is limited to £10 per mernber of the charity. The re815rered office address is disc105ed on pa8e l. 12 Doc10". 3¢7O070a75dde95cef44b28sa42a4Clb7l74d
Our WofbJ.Und•ThATerScholo¢shlpSocietyiEJiopelLlmlted IncoM•lfomdDMlloniindl•iicI uThr•strKt•d Dt10m 61967 ToLI 976 50.QY) 30,976 J,096 63.967 6S063 Totil ID14 rel?0?3 lrt¢m+lrth blnkd*W41S 3,é56 2? 3,656 3.6S6 2P ll1D J•P380070lli7Jdts9k4M4b2I6H244G1b7114d
Our World-undeiwater Scholarship Society IEuropel Limited Notes ro rhe accounts for the year ended 31 May 2024 Icontinuedl Analy5I5 of eypendlture on chalitae activllles 2024 2023 Expenditure lor Aus¢fala513 Scholars Expenditure for EU Scholar5 Inrernship Accouniancy Services General offtce Bank fees Travel expenses 194,899 31,35J 2S,453 1.440 1.678 68 11.755 2,320 1,858 221 4.548 40.394 238.197 Restricted expenditure Unrestrlcted expenditure 40.394 227,638 10.559 40,394 238, 197 Net incomellexpenditurel for the year Thi5 15 stared alier char8ln811credlt4n81'. 2024 2023 Independeni examiner's lee Accountancy Services 252 1,188 2410 1,080 Staff t051s Yhere were no srèff employed durin8 rhe period12023.. Nill. 14 DcL10'. 3e7360070da73dde95ce144ty286a42a4c1b7174d
Our World-underwater Scholarship Society (Europe) Limited Notes to the accounts for the year ended 31 May 2024 Icontinuedl Tr¢Jstee remuneration and expenses, and ielared party tranetIonS Neither the management committee nor any persons connected with them re1Ve any remvneration during the year 12023.. ENill. During the year. three irustee5 recelved E3.854 in reimbursed travel expense5 12023.. £1.5081. The travel cosis increased thi5 year due io the 50th anniversary celebraiion. They 3150 Inilude travel expenses lor past Scholars who were invlted to present and help ai the events. Aggre8aie tlonations from ielated parties were £Nil12023.. ENtll. There are no donètions from related partie5 which are out51de the normal coursE of business and no restricted donations from related partle5. Durin8 the previous ye3r, thé sister ch)fily in the USA (Our World-underwaier Scholarship Societvl transferred £782 to the UK charliy 10 cove¢ le8al lees for setting up the Australian charily12024., ENIll. No trustee or oiher person related to the chèrltv had any persgnal interest In any contract or rransaction entered into by (he charity, includin8 guaroniees, during ihe year12023.. Nill. Corporatlon lax The charlry i5 exempt Irtsm lax on lrt¢ome #nd 8ains lèllln8 wlth5n Chapier 3 of Part 11 ol the Corporation Tax Act 2010 or Section 256 01 the Taxation ol Ch/r8eable Gain5 Act 1992 to the extent Ihat these are applied ro It5 charl¢able objects. No lax char8es have arisen in the charity. 10 Flxed asstts., tèn8ible assets Computer equipment Cost At l June 2023 3.812 At 31 May 2024 3,812 OeprecSatlon At l June 2023 3,812 At 31 May 2024 3.812 Net book value At 31 May 2024 At 31 Moy 2023 DvG10.. 3e7260070da73dde95cef44b286a42a4clb7174d
Our World-underwater Scholarship Socièty IEuropel Limited Notes to the accounts for the year ended 31 May 2024 Icontinuedl 11 Oebtors 2024 2023 Prepayment5 and accrued Sncome 478 12 Creditors., amounts f4llin8 due wlthln one year 2024 2023 Other creditors and accruals 1.440 1,320 13 Analysis ol rnovement5 in restrirted funds Balance at I June 2023 8alance at 31 May 2024 Income Expendilure Transfers Europe 18.649 s0.ojo 140,3941 28.255 Totjl 18,649 50,CX)O 140.3941 28,255 Comporotlve perlod 8olonce ot I June 2022 Bolonce ot 31 Moy 2023 Income Expenditure Tron5fers Europe Av5tftrkJslo 50.CQO 13,967 {31.351J fJ96.287J 18,649 182,320 Total 182.320 63,967 1227,6381 18,649 Name ol rèstiitted fund Europe Oescription, nature and purpose5 of the fund Fvnd5 recelved from Rolex to cover European Scholar's expenses and European olministraiion expense5. Fund5 received from Rolex to cover Australa5i3n Sthola¥'s expenses and Ausiralian administration expense Au5tralasla 16 Doc ID.. 3e7360D700873dde95ce144b286342a4clb7174d
Our World-underwaler Scholarship Society leuropel Limited Notes to rhe accounts for the year ended 31 May 2024 Icontinvedl 14 Anaty5i5 of movement in unrestricted funds Balance at I June 2023 Asat31 May 2024 Income Expenditure Transfeis General fund 182,489 4,632 187, 121 182,489 4,632 187,121 Cofftpororlveperiod 8olonce ot l June 2022 As Qt 31 Mov 2023 Income Expendlture Tronsfe Generolfund 191.925 1,123 flO.S59) 182,489 191,925 J,123 IJO.SS9J J82.489 Name of unrestrlcted fund DescrSptloTr, nature and purposes ol the fund General fund The Iree reserves after allowin8 for all deslgnated funds. 17 Doc ID.. 3e7260070da73dle95of44ty286842a4elb7174d
Our World-underwater Scholarship Society (Europe) Llmited Notes to the accounts for the year ended 3 1 May 2024 Icontinuedl 15 Anbtysis ol ne¢ lssets betwetn funds General luThd Desi8naied funds Restricted funds Total 2024 Net current a5sets/lliabilitiesl 187.121 28.255 215,376 Total 187.121 28,255 215,376 Comporotive period GenerDI fund Designored funds Restricted funds Totol 2023 Net current osset5/flia)ilitie51 182.489 18,649 201.138 Totol 182.489 18.649 201,138 10 Doc10.' Je73e0070d873dde95cef44b286a4284c1b71744