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
#41

Our World-underwater scholarship Society (Europe) Limited
Reference and administration information
Company numb*r
04331166
Charlty number
1102288
Registe￿d 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 r￿1￿lent 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 con￿rn 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 2￿1 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 n*w 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•DlS*tlons
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•144b288￿2*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 diT￿tOrS 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
D￿10.. 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•t￿nQ1I￿nd1
Tot* lundsbrvuw lorw4id
16.649
2Ql.138
IJZ.310
371,215
181.489
J1549
20J.138
00¢ Ictr k7J8tyJ7th7Jdd•96r4f4*18J•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-unde￿ater 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¢7￿O070￿a75dde95cef44b28sa42a4Clb7l74d

Our WofbJ.Und•ThATerScholo¢shlpSocietyiEJiopelLlmlted
IncoM•lfomdDMlloniindl•iic￿I
uThr•strKt•d
D￿*t10m
61967
ToL*I
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
ll￿1D 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 chalita￿e 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 tran￿etIonS
Neither the management committee nor any persons connected with them re￿1Ve￿ 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