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2023-05-31-accounts

Charity no. 1157096

The Reef-World Foundation Report and Unaudited Financial Statements 31 May 2023

The Reef-World Foundation

Reference and administrative details

For the year ended 31 May 2023

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:
D'Arcy Charles Myers (Chair) Appointed 21 September 2022,
resigned 17 July 2023
Victoria Hancock Fell (Vice Chair &
Chair from July 2023)
Alice Flo Stephenson (Treasurer) Appointed 21 September 2022
Tim Good
Dr Vivienne Stein-Rostaing Resigned 9 December 2022
Key management Chloe Harvey
personnel James Harvey
Bankers HSBC
149 Whiteladies Road
Bristol
BS8 2RR
Independent Godfrey Wilson Limited
examiners 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 2023

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. The trustees are committed to ensuring the diversity of the board and are actively recruiting for more trustees including representation from communities that The Reef-World Foundation supports. 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 and has been removed from the register. 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 Reef-World’s marine conservation and education programmes in collaboration with local communities and environmental authorities around the world. Reef-World’s 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 Commission’s 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.

2

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2023

The Reef-World team ensures that the charity’s 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 ReefWorld’s intensive field-based activities. Building Capacity of key local champions is a longstanding strategy of Reef-World’s that ensures local community benefit remains at the centre of the conservation programmes, as well as long term programmatic impact and success.

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 one of the world’s most valuable ecosystems: coral reefs.

Reef-World’s mission is to educate, inspire and empower people to reduce the pressures on coral reefs through robust, evidence-based approaches. For maximum conservation impact, through our Green Fins initiative, we communicate the benefits of sustainability with the whole marine tourism industry (tourists, tour operators, governments, equipment manufacturers, etc) as well as involving and informing local communities.

Marine tourism operators are uniquely positioned to make positive, lasting changes within their communities and customers. By educating and empowering them to implement sustainable practices, we can nurture responsible on-reef tourism; listen to and learn from local communities to protect marine ecosystems for future generations. Our recent studies have also shown that tourists are demanding for more sustainable holiday options.

This work has never been more critical for coral reefs. The intensity of climate change impacts is growing fast—in the latest Intergovernmental Panel on Climate Change (IPCC) report, we see the mounting urgency for taking climate action: “This report is a dire warning about the consequences of inaction”. Not only does that refer to the need to reduce emissions, but also the need to take drastic steps now to promote climate resilience in our ecosystems. We believe that our work empowers people to safeguard reefs, allowing them to be more resilient to the impacts of climate change and contribute to a more secure future.

The lives of coastal communities are closely tied to the sustainability of marine ecosystems. Local communities with access to environmental information and tools—such as the Green Fins Dive Guide e-Course, Diver e-Course and scholarship funds — are not only better equipped to protect their reefs but can also develop or supplement their livelihoods.

We believe that inspiring, educating and empowering people who live with and rely on coral reefs to take action for ocean conservation will make a tangible difference in the protection of these delicate ecosystems.

Together, we can, and must, make sustainable diving the social norm globally.

3

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2023

A summary of the charity’s main achievements from the period 2022-23 are as follows: 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.

“Green Fins will help to unify all the conservation efforts in Okinawa by applying the guidelines in many areas and raising tourists awareness. We hope this will increase the sustainable value in the diving industry and in turn increase the diving standards in the country.” Yuta Kawamoto, CEO of Ocean+a, Japan (Green Fins implementation partner)

The year in numbers:

Over the past year, Reef-World launched a new type of digital membership for marine tourism operators which has allowed our reach to expand to a global scale. This has led to a vast increase in countries and locations reached.

4

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2023

Reef-World now has Green Fins Hub, e-Courses and a brochure website that together has scaled Green Fins globally, generates sustainable unrestricted income, and increases tourist demand for sustainable diving/snorkelling. Alongside this we have introduced self-service intelligence reports to empower staff, introduced systems and policy for security and legal compliance, addressed technical debt in our applications and infrastructure, streamlined file storage, project management and communication tools. These capabilities have enabled the staff to work asynchronously, establish a single source of truth and automate manual work to maximise the operational efficiency of our small team.

5

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2023

6

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2023

The Reef World Foundation team and operations

Flo Stephenson is a Qualified ACA BFP accountant and passionate about marine life conversation. She became the Treasurer of Reef-World in September 2022. She’s working closely with the Directors to streamline and strengthen the financial management of the organisation.

D’Arcy and Flo joined Tim Good and Vic Hancock Fell on the board of trustees to lead on ReefWorld’s safeguarding, finances, resources and making sure they're used to deliver on the charity’s

7

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2023

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 years’ 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.

Financial review
Overview
Total income
Total expenditure
Net expenditure		 £
381,242
403,409
(22,167)

Vice Chair statement

2022-2023 has been an exciting year for The Reef-World Foundation, following years of navigating the challenges of the pandemic. It has not been without its challenges of course, but there feels to have been a shift, a leap into a new phase of life. With new trustees joining the board, new staff members joining our global team and freelance specialists supporting us with new projects as we continue to develop and diversify our approach to organisational development income generation. Our Directors Chloe and JJ have worked incredibly hard on not only the organisation’s strategic direction and operational running, but also on curating a very intentional culture of care focusing keenly on staff wellbeing. As a trustee this has been wonderful to observe and support.

We came together as a team in September 2022 at our offices in Bristol, to think about our organisation’s long term strategic direction. We worked together to refine the problem we’re trying to solve: that coral reefs could be gone in your lifetime – if they go, the health and well-being of people and planet go with them. Crystalising this renewed our focus and determination to achieve our mission to mobilise collective, urgent and wilful action within the marine tourism industry to protect coral reefs and the health and wellbeing of people and planet.

Together we agreed our strategic objectives for the next 5 years. Among them are a mix of programmatic and operational objectives that we’re confident will move us closer to achieving our vision for coral reefs to have time to adapt and flourish, protecting the future resilience of our natural world. We are an ambitious organisation and to achieve our vision we continue to innovate and remain optimistic. We listen radically to the people and communities we work with, and encourage them to own their knowledge and experience.

We continue to be incredibly grateful to our partners, collaborators and funders for their support of our work.

Victoria Hancock Fell, Vice Chair

8

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2023

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:

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.

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 have no liability 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.

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 13 September 2023 and signed on their behalf by

v.hancockfell

Victoria Hancock Fell - Vice Chair

9

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 2023, which are set out on pages 11 to 22.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s 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.

Independent examiner’s statement

Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

Godfrey Wilson Limited also provides payroll and ad hoc bookkeeping services to the CIO. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.

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:

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: 13 September 2023 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

10

The Reef-World Foundation

Statement of financial activities

For the year ended 31 May 2023

Note
Income from:
Donations
3
Charitable activities
4
Other trading income
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
Net income / (expenditure)
Transfers between funds
Net movement in funds
7
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted Unrestricted
£
£
-
20,069
312,526
45,315
-
3,310
22
-
312,548
68,694
-
19,085
356,301
28,023
356,301
47,108
(43,753)
21,586
-
-
(43,753)
21,586
89,300
156,875
45,547
178,461		 2023
Total
£
20,069
357,841
3,310
22
381,242
19,085
384,324
403,409
(22,167)
-
(22,167)
246,175
224,008		 2022
Total
£
7,361
301,283
3,066
12
311,722
4,010
234,676
238,686
73,036
-
73,036
173,139
246,175

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.

11

The Reef-World Foundation

Balance sheet

As at 31 May 2023

Note
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
13
Funds
14
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
-
231,447
231,447
(7,439)		 2023
£
224,008
224,008
45,547
50,000
128,461
224,008		 2022
£
20,041
233,858
253,899
(7,724)
246,175
246,175
89,300
47,082
109,793
246,175

Approved by the trustees on 13 September 2023 and signed on their behalf by

v.hancockfell

Victoria Hancock Fell - Vice Chair

12

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2023

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 2019) - (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.

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.

Income received in advance of provision of services is deferred until criteria for income recognition are met. Membership fees are non-refundable and are therefore recognised as income when invoiced.

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.

13

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2023

1. Accounting policies (continued)

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 charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of direct costs, as follows:

2023 2022
Raising funds 4.7% 1.7%
Charitable activities 95.3% 98.3%

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.

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.

14

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2023

1. Accounting policies (continued)

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.

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Charitable activities
Other trading income
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income
Transfers between funds
Net movement in funds		 Restricted
£
£
-
7,361
275,692
25,591
-
3,066
6
6
275,698
36,024
-
4,010
226,382
8,294
226,382
12,304
49,316
23,720
(15,402)
15,402
33,914
39,122
Unrestricted		 2022
Total
£
7,361
301,283
3,066
12
311,722
4,010
234,676
238,686
73,036
-
73,036

15

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2023

3. Income from donations

Donations
HMRC CJRS
Gift aid
Gifts in kind
Total income from donations*		 2023
Total
£
8,997
-
622
10,450
20,069		 2022
Total
£
2,074
4,940
347
-
7,361

All income from donations in the current and prior year was unrestricted.

4. Income from charitable activities

Corporate partnerships
Grants
Green Fins Hub membership
Green Fins capacity building
Total income from charitable activities
Prior period comparative:
Corporate partnerships
Grants
International meeting cost reimbursement
Total income from charitable activities		 Restricted
£
£
-
9,991
299,172
10,845
-
15,159
13,354
9,320
312,526
45,315
Restricted
£
£
-
15,502
275,664
10,089
28
-
275,692
25,591
Unrestricted
Unrestricted		 2023
Total
£
9,991
310,017
15,159
22,674
357,841
2022
Total
£
15,502
285,753
28
301,283

5. Government grants

The charity received a government grant under the CJRS for £4,940 in the prior year. No government grants were received in the current year. There are no unfulfilled conditions or contingencies attaching to these grants in 2022/23.

16

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2023

6. Total expenditure

Staff costs (note 8)
Grants payable (note 9)
Digital hub (software engineering)
Travel, accommodation and subsistence
Accountancy
Bank charges
Communications and raising awareness
Consultancy fees
Diving
Equipment
Foreign exchange gain / (loss)
Graphic design
Insurance
IT and software
Office costs
Online donation platform fees
Postage
Recruitment
Telephone
Training
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising
funds
£
6,415
-
-
-
-
-
1,669
8,825
-
-
-
-
-
-
-
684
-
-
-
-
17,593
1,492
19,085		 Charitable
activities
£
126,121
81,941
86,463
38,247
-
-
-
13,279
474
2,708
-
5,043
-
-
-
-
-
-
-
-
354,276
30,048
384,324		 Support and
governance
costs
£
1,283
-
-
-
3,136
771
-
4,292
-
-
714
-
452
5,051
9,620
-
657
414
1,823
3,327
31,540
(31,540)
-		 2023 Total
£
133,819
81,941
86,463
38,247
3,136
771
1,669
26,396
474
2,708
714
5,043
452
5,051
9,620
684
657
414
1,823
3,327
403,409
-
403,409		 Raising
funds
2,500
-
-
-
-
-
1,314
-
-
-
-
-
-
-
-
-
-
-
-
-
3,814
196
4,010		 Charitable
activities
102,685
64,965
25,160
16,608
-
-
-
-
620
1,398
-
11,775
-
-
-
-
-
-
-
-
223,211
11,465
234,676		 Support and
governance
costs
-
-
-
-
3,239
519
-
-
-
-
(4,654)
-
694
2,340
6,362
322
679
288
1,568
304
11,661
(11,661)
-		 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

Total governance costs were £1,980 (2022: £1,830).

17

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2023

7. Net movement in funds
This is stated after charging: 2023 2022
£ £
Trustees' remuneration Nil Nil
Trustees' reimbursed expenses 260 Nil
Independent examiners' remuneration
Independent examination 1,980 1,830
Other services 778 955

3 trustees (2022: none) were reimbursed for travel expenses in the current year.

8.
Staff costs and numbers
Staff costs were as follows:
Salaries and wages
Social security costs
Pension costs
Freelance staff		 2023
£
128,860
2,928
2,031
-
133,819		 2022
£
98,476
2,549
1,874
2,286
105,185

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, including employer national insurance and pension contributions were £65,850 (2022: £65,326).

Average head count
9.
Grants payable
Total grants awarded during the year were as follows:
Grants payable to institutions:
Reef Check Dominican Republic
Misión Tiburón
Blue Pangolin Consulting Ltd
Total grants payable to institutions
Grants payable to individuals		 2023
No.
7.00
2023
£
11,182
4,120
66,639
81,941
-
81,941		 2022
No.
6.00
2022
£
34,529
29,936
-
64,465
500
64,965

18

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2023

10. Taxation

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

11. Debtors

Accrued income 2023
£
-		 2022
£
20,041

12. Creditors : amounts due within 1 year

Trade creditors
Accruals
Other taxation and social security
Pension control account		 2023
£
178
5,523
1,232
506
7,439		 2022
£
774
3,703
2,753
494
7,724

13. Analysis of net assets between funds

Current assets
Current liabilities
Net assets at 31 May 2023
Prior year comparative
Current assets
Current liabilities
Net assets at 31 May 2022		 £
45,547
-
45,547
£
89,300
-
89,300
Restricted
funds
Restricted
funds		 £
50,000
-
50,000
£
47,082
-
47,082
Designated
funds
Designated
funds		 General
funds
£
135,900
(7,439)
128,461
General
funds
£
117,517
(7,724)
109,793		 Total
funds
£
231,447
(7,439)
224,008
Total
funds
£
253,899
(7,724)
246,175

19

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2023

14. Movements in funds

Movements in funds
Restricted funds
TUI Care Foundation
2021 Beyond Tourism
Jordan - Green Fins
Oceana Co. Ltd
Total restricted funds
Designated funds:
Operational costs
Digital and sustainability project
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
United Nations Environment
Programme (2022)
United Nations Environment
Programme (2023)
Ghost Gear (COBSEA)		 At 1 June
2022
£
24,195
3,209
-
49,871
-
-
12,025
89,300
40,000
7,082
47,082
109,793
156,875
246,175		 Income
£
-
64,178
135,276
88,210
16,829
8,055
-
312,548
-
-
-
68,694
68,694
381,242		 £
(24,195)
(67,387)
(119,223)
(121,806)
(8,252)
(3,413)
(12,025)
(356,301)
-
-
-
(47,108)
(47,108)
(403,409)
Expenditure		 £
-
-
-
-
-
-
-
-
10,000
(7,082)
2,918
(2,918)
-
-
Transfers
between
funds		 £
-
-
16,053
16,275
8,577
4,642
-
At 31 May
2023
45,547
50,000
-
50,000
128,461
178,461
224,008

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 & 2023)

A grant from the United Nations Environment Programme under a Small Scale Funding Agreement (2022) and a Project Coordination Agreement (2023).

2021 Beyond Tourism

A 2 year project under IDB (Inter-American Development Bank) Lab’s 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.

20

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2023

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

Jordan - Green Fins

Funding from the Aqaba Special Economic Zone Authority and GIZ (German development agency) to support introduction and capacity building for Green Fins in Jordan.

Ghost Gear (COBSEA)

A grant to support the COBSEA's Regional Ghost Gear project.

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. This fund has been increased to £50k during 2023.

Digital and sustainability project

Designated to contribute to an innovative digital project to support delivery of Reef-World's digital and sustainability strategy. This fund has been released to general funds in 2023.

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

21

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2023

15. Related party transactions

Tim Good, a trustee, is Chairman of the Matthew Good Foundation. During the year ended 31 May 2023, the charity received £10,000 (2022: £10,000) of grant funding from the Matthew Good Foundation.

22