for the Period Ended 31 May 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 May 2023
Directors
The director shown below has held office during the whole of the period from
1 June 2022 to 31 May 2023
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2023 | 2022 | |
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| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Administrative expenses: | ( | ( |
Operating profit(or loss): | | |
Profit(or loss) before tax: | | |
Profit(or loss) for the financial year: | | |
As at
Notes | 2023 | 2022 | |
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| £ | £ | |
Fixed assets | |||
Tangible assets: | 3 | | |
Total fixed assets: | | | |
Current assets | |||
Debtors: | 4 | | |
Cash at bank and in hand: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | 5 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Creditors: amounts falling due after more than one year: | 6 | ( | ( |
Total net assets (liabilities): | | ( | |
Members' funds | |||
Profit and loss account: | | ( | |
Total members' funds: | | ( |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 May 2023
Basis of measurement and preparation
for the Period Ended 31 May 2023
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Average number of employees during the period | | |
for the Period Ended 31 May 2023
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At 1 June 2022 | | | | | | |
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Disposals | ( | ( | ( | ( | ( | |
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At 31 May 2023 | | | | | | |
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At 1 June 2022 | | | | | | |
Charge for year | | | | | | |
On disposals | ( | ( | ( | ( | ( | |
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At 31 May 2023 | | | | | | |
Net book value | ||||||
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At 31 May 2022 | | | | | |
for the Period Ended 31 May 2023
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Trade debtors | | |
Total | | |
for the Period Ended 31 May 2023
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Total | | |
for the Period Ended 31 May 2023
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Bank loans and overdrafts | | |
Total | | |
During this year the covid-19 pandemic has eased and gradually something resembling a more normal situation is returning in Indonesia. The borders were opened, and visas were reinstated although it did take some time before the re-growth of the travel and tourism industries upon which we rely for funding and manpower were felt in Lombok. Since this return was gradual it wasn’t until November 2022 that we started to see a real increase over what we had experienced during the previous years of Pandemic. Despite the lifting of pandemic restrictions, recovery has not been immediate. Particularly concerning the restarting of discussions and funding streams for previously planned and halted projects. Pre-pandemic we were collaborating with grassroots organisations to develop a turtle hatchery and tourist education initiative, however this program is yet to be reopened by the government. Additionally, seagrass condition seems to have worsened with algae blooms and the over exploitation of herbivores during the pandemic. As such, before a full-scale sea grass restoration program can be implemented, as previously planned, it is not imperative that a deeper assessment of the causes of this ecosystem decline be researched. Funding for this is currently being sought. SORCE has managed to re-establish discussions surrounding MPA management and marine health assessments and there are plans to put this project into motion in the latter half of 2023.Despite the slow revival in travel levels following the pandemic, SORCE has continued to grow and expand upon relationships with local stakeholders and organisations previously affiliated with, including the University of Mataram, Yayasan Deep Blue Sea, Pokmaswas Deep Blue Sea, Pearl Beach Resort, Oceanway Dive Resort, Wildscuba Indonesia, Ecolodge Resort, Reef Check Indonesia, Blue Corner Conservation, Reef Guru, the National University of Singapore, Trelab, TreeApp and Shark Stewards. Additionally, during this year, we began new discussions with the Ignite Foundation and the community of Elak Elak village (in collaboration with the fisheries department the Indonesian government for West Nusa Tenggara), in order to discuss new opportunities that are being planned for 2023/2024 surrounding Marine Park assessment, and community backed coral restoration.Despite the restrictions in funding and manpower caused by the previous years of pandemic disruption, SORCE has managed to increase the size of our Indonesian operational support staff team from October 2022. Additionally, we have expanded the team to include an Indonesian senior marine scientist and a junior marine scientist towards the latter half of the year (March). This has helped to increase collaboration with local organisations and more importantly the local community. Over the year SORCE has increased its efforts in all projects and has managed to increase capacity. Throughout the year SORCE has managed to increase capacity by building 3 extra huts allowing more bookings to be taken. Also, a local ex-spear fishing boat was obtained and retrofitted it for diving purposes. This boat is bigger than the original SORCE boat (which is still operational) allowing for larger groups to visit offshore reef sites, with the potential to have two boats out in different locations at once.SORCE has hosted a total of 42 students across our various expedition programs and conducted a total of 1071 scuba dives. These students include 6 A-level students, 5 conservation divemaster trainees and 2 thesis students – one focused on the abundance, diversity and behaviours of lionfish species, and the second on Nudibranch diversity and abundance in varying reef environments. Both thesis projects and write-ups were supervised by SORCE, with findings on track to be submitted for publication in 2024.Over the course of the year, the increased number of divers allowed for the expansion of all nursery sites and artificial reefs. New nursery structures entailed 4 coral tree structures, 14 coral bush structures and 11 rope nursery structures and were deployed across the nursery sites. A new artificial reef site was established at Sunken Dewa using 4 metal box frames that were planted onto using coralsof opportunity and from the pre-existing coral bush structures at that site. A large expansion of the pre-existing artificial reef on SORCE house reef was developed throughout the year. This was developed using metal box frames and triangle frames utilising the coral stock from the various nurseries across the SORCE house reef. In total 34 new frames and 144 concrete Modular Artificial Reef Structures (MARS blocks) were deployed. Weekly coral nursery maintenance was carried out across the 5 nurseries and corresponding restoration sites keeping the coral stock, including 13 distinct genera, healthy. Coral was taken from the respective coral nurseries, using micro-fragmentation techniques, to plant on all the new structures. Through the year there were a small number of bleaching events and two larger disease outbreaks across 4 species of coral in the nurseries and artificial reefs. There were also multiple small incidents of algal blooms which specifically impacted the shallowest coral frame structures, nearest to the seagrass. In all cases, where coral fragments did not survive, they were removed, and replaced with fresh fragments from the nursery stock once it became appropriate to do so. This took place during the regular maintenance dives, and with focused monthly dives aiming to deep clean structures and monitor coral growth and survival rates. The MARS blocks are still proving their effectiveness in securing the rubble slopes and making a great artificial reef with greater life presence seen around the new structures compared with the same areas prior to structure installation.The BRUV (Baited Remote Underwater Video) Surveys have been invaluable in collecting data across various reef sites and backing up previous data on megafauna sightings. A permanent BRUV was installed in a challenging dive site (Jay’s Cathedral) where we have had rare megafauna sightings for the area, and this has given us unique data for this dive site. Over the year a total of 60 BRUVS were carried out over 9 reefs. In addition to the BRUV surveys, a total of 72 Diver Operated Video Surveys (DOVS) were also conducted across our various survey programs, with a particular focus on reefs where BRUV deployment would not necessarily be feasible.Through the year weekly beach cleans were conducted, alongside continual debris removal on all dives to remove plastic refuse from our surrounding reef areas. Additionally, 47 concentrated debris dives were carried out over the course of the year. Bi-weekly the local school children from Siung village came to SORCE to join the SORCE team in beach cleans. This has helped strengthen relations with the Siung village and the school. It has not been possible to secure suitable funding for the purchase of the recycling machinery, due to the need to funnel growth in other areas and the residual impact experienced from the pandemic. As such all refuse collected, that cannot be immediately repurposed, is cleaned, dried, weighed, sorted by material type, and stored. This year over 3000 litres of plastic waste was collected and the collection of 1230m of fishing line.Fishing pressure has eased slightly throughout the MPA although at a level which is still well above pre-pandemic fishing pressure, in terms of quantity, frequency and distribution. This included both artisanal fishers, using rods and short lines from boats, and reef walkers, utilising rods, nets, spears and knives whilst walking over the reef and seagrass beds. This type of activity is prohibited in the marine park due to the excessive damage caused to corals from walking on them, however, the minimal amount of enforcement gained from tourism presence and governmental outreach is still diminished. The slow re-opening of tourism and a drastic need for the government to focus on re-stabilising the economy and damaged industries (rather than fisheries management) have both contributed to levels of fishing pressure remaining higher than it was pre-pandemic.Over the year, SORCE built on the mangrove restoration project. The project has expanded in collaboration with TreeApp and in capacity with a new mangrove nursery built in the mangroves of Tenggolong. Further collaboration with Professor Gretchen Coffman of the National University of Singapore through TreLab has seen students from the National University of Singapore visit SORCEand run research projects that coincide with the mangrove restoration initiative. Their projects focused on looking at juvenile survival rates across different sites and mature mangrove % cover and health in the area. Through the TreeApp collaboration SORCE was able to plant over 30,000 trees, across 6 genera, into our mangrove nursery, over the course of the year. This was accomplished because of the dedication of the SORCE team as well as the local community in collaboration with Pokmaswas and Yayasan members with bi-weekly mangrove plantation efforts. Small group workshops have also been held over the year for members of the local community who wish to learn about coral and mangrove conservation, and a national television program was filmed at the local school in Siung where SORCE was invited to speak and inspire the younger generation in protecting the environment. Additionally, we were able to continue monthly efforts to survey seagrass diversity, abundance, and invertebrate inhabitants, to provide ongoing data to the government regarding the need for protection of these coastal ecosystems. Plans are being developed for the acquisition of water chemistry testing equipment so that the causes of algal blooms in the seagrass beds can be determined. This is expected to start in 2024.From January onwards 6 A-Level students were hosted, and the A-Level was a success with students obtaining high grades. During their stay (January – May) the students gained training and experience in all of our projects alongside their A-Level study. One of the students did so well that she was awarded an Outstanding Cambridge Learner Award for her incredibly high achievement in the examinations.Discussions with the government surrounding the protection of these regions has progressed with the government asking for more data on the species seen in the area and with discussions held about increasing the MPA area perimeter. Discussions regarding the resonation of the MPA to provide regulations and areas of protection that are better aligned with where abundance and diversity hotspots are located are in progress, and a mandate has been proposed to allow SORCE to undertake an 18-month project to thoroughly assess the MPAs health and diversity for this purpose. The plan would be for this program to begin in the latter half of 2023 with funding support from the Ignite Foundation. Our megafauna monitoring (sharks, rays, turtles, and marine mammals) continues with 216 sightings of elasmobranch individuals and 265 sightings of turtles, of which 23 were successfully identified using I3S software as previously unlogged individuals. A new project was undertaken looking at Manta individuals using I3S software for Manta identification. Video footage was used from Wild Scuba Indonesia dives to log species seen from their dives at The Manta Pot dive site. It is believed these Mantas are passing on their migration route and will continue to Bali. All footage up until the third quarter of 2022 has now been analysed and so far a total of 110 individual mantas have been identified, with some of these also matching with databases based on sightings in Nusa Penida, near to Bali.Our website has been continuously updated to reflect changes to our programs and alongside our social media platforms we have developed and expanded our content to provide more detailed information to our stakeholders and potential students about our location, projects, and outcomes. The implementation of monthly progress reports on social media has helped in increasing transparency and providing insighted for stakeholders and students into our achievements and activities. Social media platforms have been updated and brand promotion has been pushed to further SORCE’s reach.The year started slow as Indonesia opened its boarders and travel levels increased but the year as whole has been very positive with many triumphs in project progress, capacity building, capability, reach, and growth. Over the course of the year, we have started to market our 2024 A-level course and continue expedition advertisement for year-round placements.We have managed to survive the pandemic years and have come out the other side delivering on our aims. We are very excited and hopeful about the future.
SORCEs stakeholders consist of but are not limited to all Eco-Venturers and Students from around the Globe who have visited or will be visiting the Indonesian facility, our conservation and research partners including University of Mataram, Shark Stewards, Gili Eco Trust, Gili Shark Conservation, Pokmaswas Deep Blue Sea, Pokmaswas Baywatch, Pokmaswas LB, Yayasan Deep Blue Sea, Blue Corner Conservation and The National University of Singapore, Treeapp, TreLab, The local community of Tenggolong and Siung and local businesses and partners in our local coral nursery projects including Pearl Beach Resort, Oceanway dive centre and Wild Scuba Indonesia.We have held regular meetings throughout the year with our local Indonesian Stakeholders regarding various conservation and education projects which are ongoing or are due to commence in the near future.We also regularly update all social media platforms to keep our international Stakeholders up to date with current and future projects.Further details in the Social audit attached.
During this period, the Directors were renumerated £3000.00 during this period, the Finance Manager was renumerated £3000.00 during this period.It remains the aim of the company that in addition to expenses and other renumeration, the Directors & Finance Manager will receive backpay in lieu of a small salary of circa £700 pcm each at such a time as the company is able to facilitate this. At present the Directors and Finance Managers are forgoing these monthly salary payments for the best interest of the company in the form of a directors loan as stated in previous year’s CIC reports.
No transfer of assets other than for full consideration
This report was approved by the board of directors on
18 February 2024
And signed on behalf of the board by:
Name: Kara Majerus
Status: Director