Charity no. 1157096 

# **The Reef-World Foundation Report and Unaudited Financial Statements 31 May 2022** 



## **The Reef-World Foundation** 

## **Reference and administrative details** 

## **For the year ended 31 May 2022** 

|**Charity number**|1157096||
|---|---|---|
|**Registered office and**|1-3 Gloucester Road||
|**operational address**|Bishopston||
||Bristol||
||BS7 8AA||
|**Trustees**|The trustees who served during|the year and up to the date of this report|
||were as follows:||
||Tim Good|appointed 21 June 2021|
||Victoria Hancock Fell|appointed 21 June 2021|
||Anne Paranjoti|resigned 25 June 2021|
||Dr Vivienne Stein-Rostaing|Marine Science Advisor|
||Dr Paul Younge (Treasurer)|resigned 10 September 2021|
|**Key management**|Chloe Harvey||
|**personnel**|James Harvey||
|**Bankers**|HSBC||
||149 Whiteladies Road||
||Bristol||
||BS8 2RR||
|**Independent examiners**|Godfrey Wilson Limited||
||Chartered accountants and statutory auditors||
||5th Floor Mariner House||
||62 Prince Street||
||Bristol||
||BS1 4QD||



1 



## **The Reef-World Foundation** 

## **Report of the trustees** 

## **For the year ended 31 May 2022** 

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019). 

## **Structure, governance and management** 

The charity is constituted as a Charitable Incorporated Organisation, and is governed by a constitution. The constitution states that there must be a minimum of three trustees. While it is recognised that this minimum is currently met, the trustees agree that more could be beneficial to the charity. The constitution does not provide guidance on the process of recruiting new trustees so guidance provided by the Charity Commission will be followed. 

The Reef-World Foundation CIO charity number 1157096 was registered on the 16th May 2014 and replaces The Reef-World Foundation charity number 1104487 which was registered on 22nd June 2004 which no longer operates but is still registered with the Charity Commission. The CIO structure was not available when the charity was founded and Trustees felt that the CIO structure was more suited to the needs of the organisation as it grows to meet the needs of its stakeholders. 

## **Objectives and activities** 

Reef-World is dedicated to fulfilling the objects of the charity which are: 

1. to promote the wise use of natural resources, particularly coral reefs and related tropical coastal resources, for the benefit of local community, visitors and future generations; 

2. to promote the advancement of education about natural resources, coral reefs, related ecosystems and their conservation; and 

3. to promote sustainable reef-based tourism practices that protect and conserve coral reefs for future generations. 

This is achieved through implementation of marine conservation and education programmes in collaboration with local communities and environmental authorities around the world. flagship programme is Green Fins, which it leads in partnership with the UN Environment Programme. Green Fins focuses on driving environmentally friendly scuba diving and snorkelling practices across the industry globally. Reef-World is considered a leading voice on sustainable marine tourism globally. Reef-World promotes the wise use of natural resources particularly coral reefs and related ecosystems for the benefit of local communities, visitors and future generations. Due regard is given to the Charity guidance on public benefit during internal decision-making processes where relevant. This ensures that the charity continues to provide benefits to the general public; specifically, coral reef-dependent local communities. Currently, this is primarily achieved by supporting governments and communities in the sustainable consumption and production of coastal resources and marine life, specifically by reducing the environmental risk associated with marine tourism activities. The Reef-World team ensures that the educational programmes, tools and resources are freely available to those people who are in a position to enact change for the protection of their marine environment. Resources are freely available online to ensure widespread access opportunity, and this is designed to be accessible with most internet speeds to enable beneficiaries in remote locations to access them. Efforts to provide information and expertise face to face is prioritised through intensive field-based activities. Building Capacity of key local champions is a longstanding strategy of that ensures local community benefit remains at the centre of the conservation programmes, as well as long term programmatic impact and success. 

2 



## **The Reef-World Foundation** 

## **Report of the trustees** 

## **For the year ended 31 May 2022** 

## **Achievements and performance** 

As a charity, we are recognised as the leading voice on practical sustainability solutions for the scuba diving and snorkelling industry; driving sustainable behaviours for environmental protection. An essential part is ensuring local communities are heard and have clear opportunities to get involved. Our work through our flagship initiative Green Fins has been proven to reduce threats and protect 

Over the past year, Reef-World has continued to work under pandemic related restrictions. As a result, the number of sites in which we have been working around the world has reduced (from 75 to 27 sites). However, our network, reach and capacity-building impact continues to grow year on year. Our active sites are expected to grow and expand beyond pre-pandemic levels over the coming year. 

Findings from The Global Coral Reef Monitoring Network (GCRM) Status of Corals of the World: 2020 Report, showed that during the last decade, the interval between mass bleaching events has declined, meaning that coral reefs do not have sufficient time to recover. We see from this that our work is urgent and we must continue to reduce the negative impacts from marine tourism in order to preserve these ecosystems in our lifetimes. 

_many areas and raising tourists awareness. We hope this will increase the sustainable value in the_ 

_Oceana, Japan (Green Fins implementation partner)_ 

## **2021-22 achievements in numbers:** 

- **27** diving hotspots across North and South East Asia, the Indian Ocean, the Pacific, the Caribbean, Central America and the Red Sea; 

- **14** countries involved with Green Fins; 

- **40** national and local government agencies or NGO implementing partners engaged; 

- **59** Green Fins assessors globally (32% female); 

- **7** Green Fins assessor trainers globally (71% female); 

- **668** sign-ups to the Green Fins Dive Guide e-Course; 

- **91** sign-ups to the Green Fins Diver e-Course; 

- **11,466** downloads of the Green Fins tools and resources; 

- **202.4%** increase in web traffic on the Reef-World website; 

- **16%** increase in web traffic on the Green Fins website; and Green Fins launched in 2 new countries - Japan and Costa Rica. 

- **Communications -** While businesses across the tourism industry came to a halt, we took the opportunity during the pandemic to continue increasing our impact. By maintaining a close working relationship with our government, NGO and industry partners and members, we have continued to broaden our focus to also reach travellers (divers, snorkellers and swimmers) who might visit coral reefs and marine biodiversity hotspots. Tourism plays a big part in the blue economy that combats climate change. By educating individual travellers on the importance and threats our coral reefs are facing, we believe we can help them choose and make better choices so we can all contribute to the regeneration of our planet. We have continued to design, develop and translate Green Fins materials, posters and guidelines that extensively increase the reach of Green Fins messaging and practices globally. 

3 



## **The Reef-World Foundation** 

## **Report of the trustees** 

## **For the year ended 31 May 2022** 

- **Green Fins rebrand -** The Green Fins logo created in 2004 had not changed in over 18 years. The redesign of the logo has undergone a meticulous process for an end product that represents all Green Fins stakeholders and the primary ecosystem that the network aims to protect - the coral reefs. like to thank everyone involved in creating the new Green Fins logo, from the designers to the stakeholders who will be using it. You all played a key role in its creation! 

- **Expanding Green Fins online courses -** July 2021 saw the launch of second online course: the Green Fins Diver e-Course. This course was created for recreational divers to learn more about the marine environment, how to demand more sustainable practices from dive operators and reduce their environmental impact whilst diving. 

- **Updating the Green Fins membership structure -** Reef-World continues to develop the new membership structure for Green Fins Certified Members that will be launched later in 2022. Certified Members will soon be marked as Gold, Silver or Bronze based on their environmental performance during the Green Fins in-person assessments. There will also be a new scoring threshold as operators that are shown to pose a high risk to the environment will be required to improve their daily practices before being accepted as Green Fins Certified Members. This represents a significant yet necessary shift for Green Fins, moving towards a minimum acceptable environmental standard for marine tourism operators. 

- **Green Fins Hub and digital membership development -** Demand for Green Fins membership has grown exponentially around the world in recent years. The Reef-World team has been working to create a single, online platform for Green Fins outreach called the Green Fins Hub. This platform will host the current certified membership, as well as facilitate the new digital membership for operators that have access to a local Green Fins team. After years of hard work, we are excited to announce that the Hub and digital membership are in the final stages of development before the official launch in September 2022. We are immensely proud to bring this new digital tool to the marine tourism industry to inspire global change! 

- **IDB Beyond Tourism Grant -** Reef-World is now well underway with this 2-year grant (finishing in February 2023) that has allowed us to design and build the Green Fins Hub leading to scuba diving centres, snorkelling businesses and liveaboards having access to the Green Fins digital membership. Built by Abstract, software developers in the Philippines, this will lead to new members being able to access the training and solutions to threats on a global scale whilst creating new sustainable revenue generating stream to support the growth and expansion of Green Fins certified membership. Under this grant, Reef-World was able to bring Green Fins to Costa Rica in November 2021, the latest Green Fins country with an active national team supported by the government and NGO, Misión Tiburón. Additionally, we were able to boost capacity by training more Green Fins assessors in the Dominican Republic for Reef Check DR, who continue to implement Green Fins across the country. 

- **The Escape 100 -** In May 2022, we were selected for The Escape 100, 2022: Top purpose-led companies to to in 2022. Beating some 13,000 other company nominations, we ranked number 6 globally thanks to our inspiring mission, positive impact and flexible working environment - ranking alongside social enterprise giants. 

4 



## **The Reef-World Foundation** 

## **Report of the trustees** 

## **For the year ended 31 May 2022** 

- **Awareness and engagement -** The Reef-World Foundation has continued to increase awareness of and engagement with Green Fins by showcasing the initiative at various key events around the world including participating in the ADEX Pixel Virtual Expo, International Coral Reef Initiative General Meeting and providing training for the Japanese International Cooperation Agency (JICA) and the Japan Wildlife Research Center (JWRC) via the Japanese ODA program. 

- **New and updated materials -** Reef-World is continually updating and developing new Green Fins materials to help the network improve their sustainable practices and educate both staff and guests about actions that can be taken to protect coral reefs. Our latest materials are: 

   - Environmental Best Practice for Underwater Photographers; Environmental Best Practice for Snorkellers; Environmental Best Practice for Divers; 

   - Community Beach Cleanup; Crown-of-Thorns Sea Star Cleanup Guidelines; Bahasa Malaysia translation (Set of 25 posters, signs & guidelines); Japanese translation (Set of 9 posters); Traditional and Simplified Chinese translation (2 Sets of 13 posters); and Trash Breakdown poster (updated with the latest information to include PPE). 

## **The Reef World Foundation team and operations** 

- **Staff team -** The Reef-World team continues to work collaboratively from around the world and has welcomed 2 new team members and one external consultant in 2021/2022. The Directors have taken great care to ensure the mental and physical health of the team is prioritised throughout by encouraging flexible working hours, providing group coaching and ensuring good communication and relationships between the staff team, senior leaders and Board members; **Workforce for the Future programme -** Through this programme, Reef-World has access to free tailored, in-depth support to help ensure our employees have the access to the skills, training and support needed for us to thrive and achieve our goals. receive free support from Business West to ensure Reef-World can identify ongoing skills needs, attract and retain talented people, access the right training and development and invest in our current and future workforce; **West of England Sustainable Technologies Scale-up Programme -** The programme will provide Reef-World with fully funded specialist business and innovation support to help accelerate our growth. The programme will deliver a package of support from academic experts to help develop our technologies, products, services and impact model. This programme is rooted in the Centre for Sustainable & Circular Technologies at the University of Bath and will facilitate introductions to collaborate with experts from the University of Bath; and 

- **Board of Trustees -** Discussions are underway around welcoming some new members to the Reef-World Foundation Board of Trustees. Recognising the need for more capacity in Governance as we enter an exciting new strategic plan period and phase of growth. We look forward to introducing our newest Board members towards the end of 2022. 

By inspiring, educating and empowering the people who live with and rely on coral reefs to take a stand in the front lines of ocean conservation, we are making a tangible difference to the protection of these delicate ecosystems. Based on sound science and over 20 experience in the field, our work delivers practical solutions for marine conservation around the world. We are dedicated to supporting, inspiring and empowering governments, businesses, communities and individuals around the world to protect their precious underwater ecosystems. Thank you for being a part of our work. 

5 



## **The Reef-World Foundation** 

## **Report of the trustees** 

## **For the year ended 31 May 2022** 

|**Financial review**<br>**Overview**<br>Total incoming resources<br>Total expended resources<br>Net incoming resources|**311,722**<br>**238,686**|
|---|---|
||**73,036**|



- Reef-World enters the 2021-2022 financial year with a fundraising target of £363,990. This has nearly been achieved; 

- At present our reserves policy states that the charity shall hold reserves of a minimum of £40,000 to cover 3 months of core operational costs in the case of financial challenges. We acknowledge that we are currently holding more than this and in order to accurately reflect this, the trustees will change our reserves policy (within the next financial year) to better represent the current needs of a larger reserves policy in line with the growing financial demands and requirements of the charity; and 

- Green current and potential national partners and participating business operators continue to drive a global demand for Green Fins. Reef-World prioritises delivering on its digital and communications strategy in order to continue to provide conservation impact around the world, as well as creating opportunities to diversify revenue streams to support our grassroots implementation work once it is possible to do so. 

## **Statement of responsibilities of the trustees** 

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to: select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

6 



## **The Reef-World Foundation** 

## **Report of the trustees** 

## **For the year ended 31 May 2022** 

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

Members of the charity guarantee to contribute an amount not exceeding £nil to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. 

## **Auditors / Independent examiners** 

Godfrey Wilson Limited were re-appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity. 

Approved by the trustees on 21 September 2022 and signed on their behalf by 

Dr Vivienne Stein-Rostaing 

7 



## **Independent examiner's report** 

## **To the trustees of** 

## **The Reef-World Foundation** 

I report to the trustees on my examination of the accounts of The Reef-World Foundation (the CIO) for the year ended 31 May 2022, which are set out on pages 9 to 20. 

## **Responsibilities and basis of report** 

As the charity trustees of the CIO you are responsible for the preparation of the accounts in 

I report in respect of my examination of the accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

- (1) accounting records were not kept in respect of the CIO as required by section 130 of the Act; or (2) the accounts do not accord with those records; or 

- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a and fair view' which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


Date: 23 September 2022 **Rob Wilson FCA Member of the ICAEW** For and on behalf of: **Godfrey Wilson Limited** 

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD 

8 



## **The Reef-World Foundation** 

## **Statement of financial activities** 

## **For the year ended 31 May 2022** 

|Note<br>**Income****_(and endowments)_ from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Other trading income<br>Investments<br>**Total income****_(and endowments)_**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>**Total expenditure**<br>6<br>**Net income**<br>Transfers between funds<br>**Net movement in funds**<br>7<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**|Restricted Unrestricted<br>£<br>£<br>-<br>7,361<br>275,692<br>25,591<br>-<br>3,066<br>6<br>6<br>275,698<br>36,024<br>-<br>4,010<br>226,382<br>8,294<br>226,382<br>12,304<br>49,316<br>23,720<br>(15,402)<br>15,402<br>33,914<br>39,122<br>55,386<br>117,753<br>89,300<br>156,875|**2022**<br>**Total**<br>**£**<br>**7,361**<br>**301,283**<br>**3,066**<br>**12**<br>**311,722**<br>**4,010**<br>**234,676**<br>**238,686**<br>**73,036**<br>**-**<br>**73,036**<br>**173,139**<br>**246,175**|2021<br>Total<br>£<br>44,744<br>203,160<br>437<br>41|
|---|---|---|---|
||||248,382|
||||8,386<br>163,706|
||||172,092|
||||76,290<br>-|
||||76,290<br>96,849|
||||173,139|



All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the accounts. 

9 



## **The Reef-World Foundation** 

## **Balance sheet** 

## **As at 31 May 2022** 

|Note<br>**Current assets**<br>Debtors<br>10<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling due within 1 year<br>11<br>**Net current assets**<br>**Net assets**<br>13<br>**Funds**<br>14<br>Restricted funds<br>Unrestricted funds<br>Designated funds<br>General funds<br>**Total charity funds**|**£**<br>**20,041**<br>**233,858**<br>**253,899**<br>**(7,724)**|**2022**<br>**£**<br>**246,175**<br>**246,175**<br>**89,300**<br>**47,082**<br>**109,793**<br>**246,175**|2021<br>£<br>5,831<br>187,681|
|---|---|---|---|
||||193,512<br>(20,373)|
||||173,139|
||||173,139<br>55,386<br>47,082<br>70,671|
||||173,139|



Approved by the trustees on 21 September 2022 and signed on their behalf by 

Dr Vivienne Stein-Rostaing 

10 



## **The Reef-World Foundation** 

## **Notes to the financial statements** 

## **For the year ended 31 May 2022** 

## **1. Accounting policies** 

## **a) Basis of preparation** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

The Reef-World Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. 

## **b) Going concern basis of accounting** 

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern. 

The COVID-19 pandemic is likely to have a profound impact on the global economy, and may in turn affect the charity. The trustees have considered the impact of this issue on the current and future financial position. The charity holds unrestricted reserves of £156,875 and a cash balance of £233,858. The trustees consider that the charity has sufficient unrestricted reserves and cash flow to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved. For this reason, the accounts have been prepared on the going concern basis. 

## **c) Income** 

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably. 

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. 

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probably when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have been met, then the legacy is treated as a contingent asset and disclosed if material. 

Income received in advance of provision of a specified service is deferred until criteria for income recognition are met. 

11 



## **The Reef-World Foundation** 

## **Notes to the financial statements** 

## **For the year ended 31 May 2022** 

## **d) Donated services and facilities** 

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised. 

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

## **e) Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank. 

## **f) Funds accounting** 

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. 

## **g) Expenditure and irrecoverable VAT** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 

## **h) Allocation of support and governance costs** 

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis: 

||**2022**|2021|
|---|---|---|
|Raising funds|**1.7%**|4.9%|
|Charitable activities|**98.3%**|95.1%|



## **i) Debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

12 



## **The Reef-World Foundation** 

## **Notes to the financial statements** 

## **For the year ended 31 May 2022** 

## **j) Cash at bank and in hand** 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **k) Creditors** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **l) Financial instruments** 

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method. 

## **m) Pension costs** 

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA. 

## **n) Foreign currency transactions** 

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end. 

## **o) Accounting estimates and key judgements** 

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 

13 



## **The Reef-World Foundation** 

## **Notes to the financial statements** 

## **For the year ended 31 May 2022** 

## **2. Prior period comparatives: statement of financial activities** 

|**Income from:**<br>Donations and legacies<br>Charitable activities<br>Other trading income<br>Investments<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>**Total expenditure**<br>**Net income and net movement in funds**<br>**3.**<br>**Income from donations and legacies**<br>Donations<br>HMRC CJRS<br>Gift Aid<br>**Total income from donations and legacies**<br>**Prior period comparative:**<br>Donations<br>HMRC CJRS<br>Gift Aid<br>**Total income from donations and legacies**|Restricted<br>£<br>£<br>521<br>44,223<br>186,894<br>16,266<br>-<br>437<br>-<br>41<br>187,415<br>60,967<br>-<br>8,386<br>138,747<br>24,959<br>138,747<br>33,345<br>48,668<br>27,622<br>Restricted<br>£<br>£<br>-<br>2,074<br>-<br>4,940<br>-<br>347<br>-<br>7,361<br>Restricted<br>£<br>£<br>521<br>22,158<br>-<br>21,788<br>-<br>277<br>521<br>44,223<br>Unrestricted<br>Unrestricted<br>Unrestricted|**2021**<br>**Total**<br>**£**<br>**44,744**<br>**203,160**<br>**437**<br>**41**|
|---|---|---|
|||**248,382**|
|||**8,386**<br>**163,706**|
|||**172,092**|
|||**76,290**<br>**2022**<br>**Total**<br>**£**<br>**2,074**<br>**4,940**<br>**347**|
|||**7,361**<br>2021<br>Total<br>£<br>22,679<br>21,788<br>277|
|||44,744|



14 



## **The Reef-World Foundation** 

## **Notes to the financial statements** 

## **For the year ended 31 May 2022** 

## **4. Income from charitable activities** 

|Corporate partnerships<br>Grants<br>International meeting cost reimbursement<br>**Total income from charitable activities**<br>**Prior period comparative:**<br>Corporate partnerships<br>Grants<br>Green Fins capacity building<br>International meeting cost reimbursement<br>**Total income from charitable activities**|Restricted<br>£<br>£<br>-<br>15,502<br>275,664<br>10,089<br>28<br>-<br>275,692<br>25,591<br>Restricted<br>£<br>£<br>-<br>10,576<br>186,894<br>-<br>-<br>5,000<br>-<br>690<br>186,894<br>16,266<br>Unrestricted<br>Unrestricted|**2022**<br>**Total**<br>**£**<br>**15,502**<br>**285,753**<br>**28**|
|---|---|---|
|||**301,283**<br>2021<br>Total<br>£<br>10,576<br>186,894<br>5,000<br>690|
|||203,160|



## **5. Government grants** 

The charity receives government grants, defined as funding from HMRC to fund wages costs. The total value of such grants in the period ending 31 May 2022 was £4,940 (2021: £21,788). There are no unfulfilled conditions or contingencies attaching to these grants in 2021/22. 

15 




**----- Start of picture text -----**<br>
2021 Total 108,642 23,539 - 6,272 2,392 296 2,453 - 163 3,374 5,409 260 9,087 30 5,389 501 - 122 - 1,472 2,685 6 172,092 - 172,092<br>Support and  governance  costs - - - - 2,392 296 - - - 3,374 - 260 9,087 - 5,389 501 - 122 - 1,472 2,685 - 25,578 (25,578) -<br>Charitable  activities 103,955 23,539 - 6,272 - - - - 163 - 5,409 - - 30 - - - - - - 6 139,374 24,332 163,706<br>Raising funds 4,687 - - - - - 2,453 - - - - - - - - - - - - - - - 7,140 1,246 8,386<br>2022 Total £ 105,185 64,965 25,160 16,608 3,239 519 1,314 620 1,398 (4,654) 11,775 694 2,340 - 6,362 - 322 679 288 1,568 304 - 238,686 - 238,686<br>Support and  governance  costs £ - - - - 3,239 519 - - - (4,654) - 694 2,340 - 6,362 - 322 679 288 1,568 304 - 11,661 (11,661) - 16<br>Charitable  activities £ 102,685 64,965 25,160 16,608 - - - 620 1,398 - 11,775 - - - - - - - - - - - 223,211 11,465 234,676<br>Raising funds £ 2,500 - - - - - 1,314 - - - - - - - - - - - - - - - 3,814 196 4,010<br>Total expenditure Staff costs (note 8) Grants payable Digital hub (software engineering) Travel, accommodation and subsistence Accountancy Bank Charges Communications and raising awareness Diving Equipment Foreign exchange Graphic design Insurance IT and Software Materials Office Costs Office Supplies Online Donation Services Postage Recruitment Telephone Training Translations Sub-total Allocation of support and governance costs Total expenditure Total governance costs were £1,830 (2021: £1,740)<br>For the year ended 31 May 2022 6.<br>**----- End of picture text -----**<br>




## **The Reef-World Foundation** 

## **Notes to the financial statements** 

## **For the year ended 31 May 2022** 

**7. Net movement in funds** 

This is stated after charging: 

|Trustees' remuneration<br>Trustees' reimbursed expenses<br>Independent examiners<br>Independent examination|**2022**<br>**£**<br>**Nil**<br>**-**<br>**1,830**|2021<br>£<br>Nil<br>-<br>1,740|
|---|---|---|



**8. Staff costs and numbers** 

Staff costs were as follows: 

|Salaries and wages<br>Social security costs<br>Pension costs<br>Freelance staff|**2022**<br>**£**<br>**98,476**<br>**2,549**<br>**1,874**<br>**2,286**<br>**105,185**|2021<br>£<br>94,961<br>2,862<br>1,887<br>8,932|
|---|---|---|
|||108,642|



No employee earned more than £60,000 during the year. 

The key management personnel of the charity comprise the trustees and key management personnel. The total employee benefits of the key management personnel were £56,378 (2021: £51,311). 

|Average head count|**2022**<br>**No.**<br>**6.00**|2021<br>No.<br>5.00|
|---|---|---|



## **9. Taxation** 

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 

## **10. Debtors** 

|Trade debtors<br>Accrued income|**2022**<br>**£**<br>**-**<br>**20,041**<br>**20,041**|2021<br>£<br>5,000<br>831|
|---|---|---|
|||5,831|



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## **The Reef-World Foundation** 

## **Notes to the financial statements** 

## **For the year ended 31 May 2022** 

## **11. Creditors : amounts due within 1 year** 

|**11. Creditors : amounts due within 1 year**|||
|---|---|---|
|Trade creditors<br>Accruals<br>Other taxation and social security<br>Pension control account<br>Deferred income (see note 12)<br>**12. Deferred income**<br>At 1 June 2021<br>Deferred during the year<br>Released during the year<br>At 31 May 2022|**2022**<br>**£**<br>**774**<br>**3,703**<br>**2,753**<br>**494**<br>**-**<br>**7,724**<br>**2022**<br>**£**<br>**16,653**<br>**-**<br>**(16,653)**<br>**-**|2021<br>£<br>954<br>1,740<br>610<br>416<br>16,653|
|||20,373<br>2021<br>£<br>-<br>16,653<br>-|
|||16,653|



Deferred income in the prior year related to Oceana covering the costs of Green Fins Japan, a project which started in the year ended 31 May 2022. 

## **13. Analysis of net assets between funds** 

|Current assets<br>Current liabilities<br>**Net assets at 31 May 2022**<br>**Prior year comparative**<br>Current assets<br>Current liabilities<br>**Net assets at 31 May 2021**|£<br>89,300<br>-<br>**89,300**<br>£<br>55,386<br>-<br>**55,386**<br>Restricted<br>funds<br>Restricted<br>funds|£<br>164,599<br>(7,724)<br>**156,875**<br>£<br>138,126<br>(20,373)<br>**117,753**<br>Unrestricted<br>funds<br>Unrestricted<br>funds|**Total**<br>**funds**<br>**£**<br>**253,899**<br>**(7,724)**|
|---|---|---|---|
||||**246,175**<br>**Total**<br>**funds**<br>**£**<br>**193,512**<br>**(20,373)**|
||||**173,139**|



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## **The Reef-World Foundation** 

## **Notes to the financial statements** 

## **For the year ended 31 May 2022** 

## **14. Movements in funds** 

|**Restricted funds**<br>TUI Care Foundation<br>2021 Beyond Tourism<br>Oceana Co. Ltd<br>**Total restricted funds**<br>_Designated funds:_<br>Operational costs<br>Digital and sustainability project<br>_Total designated funds_<br>General funds<br>**Total unrestricted funds**<br>**Total funds**<br>**Unrestricted funds**<br>United Nations Environment<br>Programme (2022)<br>Digital|At 1 June<br>2021<br>£<br>14,981<br>-<br>24,703<br>15,702<br>-<br>55,386<br>40,000<br>7,082<br>47,082<br>70,671<br>117,753<br>173,139|Income<br>£<br>50,088<br>85,559<br>123,397<br>-<br>16,654<br>275,698<br>-<br>-<br>-<br>36,024<br>36,024<br>311,722|£<br>(40,874)<br>(82,650)<br>(98,229)<br>-<br>(4,629)<br>(226,382)<br>-<br>-<br>-<br>(12,304)<br>(12,304)<br>(238,686)<br>Expenditure|£<br>-<br>300<br>-<br>(15,702)<br>-<br>(15,402)<br>-<br>-<br>-<br>15,402<br>15,402<br>-<br>Transfers<br>between<br>funds|**£**<br>**24,195**<br>**3,209**<br>**49,871**<br>**-**<br>**12,025**<br>**At 31 May**<br>**2022**|
|---|---|---|---|---|---|
||||||**89,300**|
||||||**40,000**<br>**7,082**|
||||||**47,082**|
||||||**109,793**|
||||||**156,875**|
||||||**246,175**|



**Purposes of restricted funds** TUI Care Foundation 

A 3 year project funded under the TUI Care Foundation titled "Youth Ambassadors for coral reef conservation in the Dominican Republic" 

United Nations Environment Programme (2022) 

A grant from the United Nations Environment Programme under a Small Scale Funding Agreement. 

2021 Beyond Tourism 

A 2 year project under IDB (Inter-American Development Bank) Beyond Tourism Challenge. This funding enables ReefWorld to begin full development of the much-anticipated Green Fins Global Hub, an online platform to raise awareness and identify threats from businesses operating marine tourism activities. 

Digital 

This funding is reserved for the development and implementation of our digital strategy and consists of a mixture of incoming funding sources (Matthew Good Foundation, ConX etc.) to support these digital objectives. 

19 



## **The Reef-World Foundation** 

## **Notes to the financial statements** 

## **For the year ended 31 May 2022** 

## **14. Movements in funds (continued) Purposes of restricted funds (continued)** 

Oceana Co. Ltd 

A grant from Oceana Co. Ltd registered in Tokyo, Japan to cover the costs for the training and implementation of Green Fins Japan. 

**Purposes of designated funds** Operational costs 

Designated as charity reserves to cover 3 months of core operational costs in case of financial emergency. 

Digital and sustainability project 

Designated to contribute to an innovative digital project to support delivery of Reef-World's digital and sustainability strategy. 

|**Prior year comparative**<br>**Restricted funds**<br>TUI Care Foundation<br>2021 Beyond Tourism<br>**Total restricted funds**<br>_Designated funds:_<br>Operational costs<br>Digital and sustainability project<br>_Total designated funds_<br>General funds<br>**Total unrestricted funds**<br>**Total funds**<br>**Unrestricted funds**<br>United Nations Environment<br>Programme (2021)<br>Digital|At 1 June<br>2020<br>£<br>6,718<br>-<br>-<br>-<br>6,718<br>40,000<br>10,000<br>50,000<br>40,131<br>90,131<br>96,849|Income<br>£<br>50,088<br>85,408<br>35,357<br>16,562<br>187,415<br>-<br>-<br>-<br>60,967<br>60,967<br>248,382|£<br>(41,825)<br>(85,408)<br>(10,654)<br>(860)<br>(138,747)<br>-<br>-<br>-<br>(33,345)<br>(33,345)<br>(172,092)<br>Expenditure|£<br>-<br>-<br>-<br>-<br>-<br>-<br>(2,918)<br>(2,918)<br>2,918<br>-<br>-<br>Transfers<br>between<br>funds|**£**<br>**14,981**<br>**-**<br>**24,703**<br>**15,702**<br>**At 31 May**<br>**2021**|
|---|---|---|---|---|---|
||||||**55,386**|
||||||**40,000**<br>**7,082**|
||||||**47,082**|
||||||**70,671**|
||||||**117,753**|
||||||**173,139**|



20