REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
Maldives Whale Shark Research Programme |
Ltd |
(A Company Limited by Guarantee) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
Maldives Whale Shark Research Programme |
Ltd |
(A Company Limited by Guarantee) |
Maldives Whale Shark Research Programme |
Ltd |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 7 |
Independent Examiner's Report | 8 |
Statement of Financial Activities | 9 |
Statement of Financial Position | 10 | to | 11 |
Notes to the Financial Statements | 12 | to | 17 |
Maldives Whale Shark Research Programme |
Ltd |
Reference and Administrative Details |
for the Year Ended 30 November 2023 |
TRUSTEES |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | Ardor Business Solutions Limited |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sanding Road |
Hythe |
Kent |
CT21 4HE |
BANKERS |
Folkestone |
Kent |
CT20 2BS |
SOLICITORS | Hogan Lovells International LLP |
Atlantic House |
Holborn Viaduct |
London |
EC1A 2FG |
Maldives Whale Shark Research Programme |
Ltd (Registered number: 06748860) |
Report of the Trustees |
for the Year Ended 30 November 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The charity's objectives are to promote for the benefit of the public, the conservation, protection and improvement of the physical and natural environment of whale shark and marine biological diversity by: (a) promoting and carrying out research and publishing or otherwise disseminating the useful results of such research: (b) raising awareness and understanding of marine conservation. |
The whale shark Rhincodon typus is the largest species of fish on Earth, attaining lengths in excess of 12m. Nonetheless, very little is known about its distribution, habitat requirements, movements or reproduction - all of key importance for conserving and managing this marine mega-vertebrate. The Maldives appears to be unusual, perhaps unique in the Indian Ocean, in supporting a year round aggregation of whale sharks, making the archipelago a superb place to study their behaviour and biology. |
Despite these opportunities for research, there were virtually no scientific studies of whale sharks in the Maldives before the MWSRP engaged in a three-month research expedition in 2006. That pilot study documented several dozen sharks and also highlighted the need for further research, conservation and education and provided the seed for the creation of the MWSRP. |
Public benefit |
The charity trustee/directors have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission. |
Maldives Whale Shark Research Programme |
Ltd (Registered number: 06748860) |
Report of the Trustees |
for the Year Ended 30 November 2023 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Achievements to date include the government's adoption of whale shark encounter guidelines for tour operators prepared by the MWSRP during stakeholder meetings and the gazetting of the Maldives' largest Marine Protected Area in 2009, 42 km² . The South Ari Atoll Marine Protected Area (SAMPa) includes the Maldives' primary whale shark aggregation site, and the MWSRP is continuing to assist the government by strengthening the management capacity of local stakeholders and island communities within the MPA. |
In the year 2023, a key achievement has been our contribution to the designation of ISRAs (Important Shark and Ray Aggregation Areas) for IUCN. "ISRAs are "discrete, three- dimensional portions of habitat, important for one or more shark species, that are delineated and have the potential to be managed for conservation". The ISRAs' main purpose is to attract the attention of policymakers- and decision-makers on the need to maintain the favourable conservation status of sharks in that specific area through the implementation of the most appropriate management measures, and this can include an MPA designation." |
Furthermore, MWSRP is working on amending the Protected Species Regulations with the government and other stakeholders. |
2023 has been a year of accomplishments, as we have set a goal to continue collaborating with stakeholders, raising awareness across the country, and collecting data. |
- Eight liveaboard expeditions were conducted in South Ari Atoll, with the study team and volunteers collecting data- on whale sharks |
- One liveaboard Expedition with students from Maldives National University in South Ari Atoll. |
- One month-long land-based expedition in Fuvahmulah in collaboration with the Maldives Manta Conservation Programme. |
- Contribution towards the collaborative worldwide initiative of Important Shark and Ray Areas (ISRA), thus strengthening the plight for effective protection by adding SAMPa as an ISRA. |
- Contribution of data towards bolstering the whale shark's designation under the Protected Species Act. |
- MWSRP joined the new initiative Maldives Ocean Alliance with several other Maldives-based research and conservation organisations. |
- MWSRP collaborated with long-time partner Secret Paradise on their Conservation Cruise and Exodus travel trips, which involved educating guests. |
- 2 collaborative scuba dive-based whale shark-themed guest education trips with Scuba Spa Maldives |
- 3 land-based Expeditions with International Schools |
- Numerous public events, including beach clean-ups, training sessions and local school activities. |
- 3 internship placements, of varying lengths, and a new Assistant-Field Staff position filled. |
Citizen science contributors |
The Big Fish Network (BFN), an initiative established by the Maldives Whale Shark Research Programme (MWSRP), engages citizens in the monitoring and conservation of whale sharks. By involving guides and interested individuals through a citizen-science platform, the MWSRP is effectively tapping into a network of people likely to encounter whale sharks regularly. The training workshops provided by MWSRP team members for guides or contributors not only equips them with the necessary skills to photo-identify whale sharks but also raise awareness about the importance of conservation and stewardship. This approach benefits whale sharks themselves and empowers local communities and individuals to take an active role in protecting these majestic creatures and their marine ecosystem. |
Maldives Whale Shark Research Programme |
Ltd (Registered number: 06748860) |
Report of the Trustees |
for the Year Ended 30 November 2023 |
Using a web-based portal for submitting encounter information and photographs is a smart way to streamline data collection and ensure that the valuable information gathered by contributors reaches the MWSRP's central database efficiently. This centralized database facilitates analysis and research efforts, allowing scientists to gain insights into whale shark behaviour, movement patterns, and population dynamics, which can inform conservation strategies and management decisions. |
Overall, the Big Fish Network is a promising example of how citizen science can enhance conservation efforts and foster greater appreciation and understanding of marine biodiversity. |
MWSRP has 206 registered individuals, organizations, or operators who share their sightings data with us. We welcome all new contributors who have recently joined our network (28). While some are still waiting for their first encounter with a shark, we thank those who have sighted a whale shark and shared their data. Below, we would like to commend the top contributors from each region. In 2023, MWSRP had 107 encounters, while BFN contributors provided information about 541 encounters. |
Megafauna |
MWSRP collected data on incidental megafauna sightings during daily whale shark search transects in the South Ari Marine Protected Area. It is important to note that the search effort varied on each expedition based on the number of volunteer assistants onboard. |
The megafauna registrations in this part include only incidental sightings from the vessel's roof during our general whale shark surveys. Megafauna encountered during snorkel stops or while entering the water with whale sharks are omitted. However, when ID photographs of manta ray ventral areas or facial scale patterns from turtles are obtained, this data is recorded and shared with the Maldives Manta Conservation Programme and Olive Ridley Project respectively, to aid in their conservation efforts. |
We also want to emphasize the importance of adhering to the code of conduct and recommended procedures when encountering megafauna such as manta rays, turtles, cetaceans, and other shark species. |
Spinner dolphins were the most commonly encountered dolphin species, followed by the Indo-Pacific bottlenose dolphin. The incidental megafauna data is significant, as it highlights the necessity of following whale shark-specific restrictions while also considering other species that use these waters for feeding, socializing, and breeding activities. Notably, pilot whales were observed on three of the expeditions. |
Social impact |
As stated in MWSRP's mission statement, one of our main aims as a research charity and NGO is to encourage and value community and industry stakeholder participation. Engaging with members of the public, whether they be ocean fanatics or a little bit water shy, is incredibly valuable! Hearing from people of all ages about their connection to the sea and answering their questions fuels our team's passion for the work we do. From chatting with Raajje TV live on air to conversing with President Solih about whale sharks and their plankton prey; we enjoyed and valued every second of the opportunities presented to spread awareness about the beloved, endangered gentle giant! |
Reflecting on the year 2023, what is notable is the sheer amount of public events MWSRP attended. Here we would like to thank our Iru Zareer especially for her hard work and dedication to this aspect of the work. |
Another key achievement of the year in regards to our social impact has been the multiple opportunities that our relatively small NGO has provided to selected young Maldivians. This aspect of our work is something we are proud of and which we will strive to build upon. |
Maldives National University & MWSRP Expedition |
Maldives Whale Shark Research Programme |
Ltd (Registered number: 06748860) |
Report of the Trustees |
for the Year Ended 30 November 2023 |
In October 2023, MWSRP hosted a selection of students from Maldives National University's (MNU) Bachelor of Marine Science program to join us on the first-of-its-kind expedition where candidates had the opportunity to come on board and help aid in our ongoing mission to understand the whale shark aggregation in South Ari. The expedition, spanning the duration of 11 days, provided the opportunity for candidates to gain hands-on experience in field research techniques specific to whale sharks and other megafauna. Throughout the expedition, our team and the students collected data on 4 different individuals during 6 separate encounters. The expedition team also observed and annotated different megafauna, their behaviour, and the vessels operating in the South Ari Marine Protected Area (SAMPa). Thank you to the generous donors SC Capital and the American School of Doha, who helped us make this learning opportunity for early career Maldivian marine scientists happen and thanks to Secret Paradise in providing in-field support for the expedition. |
Maldives Marine Expo |
In the month of March, MWSRP staff Chloe and Iru attended the Maldives Marine Expo, hosted in association with Boating MV and Asia Dive Expo. Iru and Chloe engaged with many members of the public at their stall about the whale sharks of Maldives. Highlights of the event included educational panel discussions and introducing people to the wonderful world the whale shark's main food source, plankton! The plankton and copepods under our microscope even captured the eye of President Ibrahim Solih. |
Maldives Ocean Alliance |
MWSRP staff member Iru attended the inaugural Maldives Ocean Alliance symposium at Soneva Fushi Resort. An initiative which aims to unite marine biologists, conservationists and activists from across the country with the ultimate goal of aiding in the protection of our precious ocean ecosystems. We are excited to officially be a part of this alliance and for the collaborative steps forward. |
Lhaviyani Turtle Festival |
MWSRP were invited to the first of it's kind Lhaviyani Turtle Festival initiated by fellow NGOs Atoll Marine Centre and Naifaru Juvenile. Both Iru and Fithu joined for the event and engaged with people of all ages about whale sharks, marine megafauna and the universal threat of plastic pollution. Iru also had the opportunity to conduct a Big Fish Network training workshop with Naifaru Scuba Club and their dive masters in training. |
Addu Coral Festival |
MWSRP were invited, alongside fellow NGOs and conservationists, to Addu by Maldives Coral Institute to join in the festivities, celebrate and raise awareness for coral and our oceans. |
Maldives Half Marathon |
As an official charity partner and benefactor for the Maldives Half Marathon, the MWSRP team took part in public engagement and an on stage public panel discussion on the plight of whale sharks and coral reefs. |
Moosumi Reading Event |
Following the arcticle 'South Ari: A Sanctuary in Peril' written by our staff member Chloe for new Maldivian publication Moosumi, we attended the official reading event with our following conservationists. |
Raajje TV |
With the initiation of the Be Gentle to Giants campaign, in association with Blue Marine Foundation and Maldives Resilient Reefs, our staff member Iru was invited to talk about the campaign and our work on national TV channel Raajje TV. |
Environment Day Festival |
The MWSRP team were happy to attend the Environment Day Festival initiated by the Ministry of Environment where both Iru and our intern Shuaau got the chance to talk all things whale shark and sustainability. |
Savaadheetha Dhatharu - The Maldives Yacht Rally |
MWSRP was invited to speak at the Dhigurah leg of the Maldives Yacht Rally. During this event, we shared insights into the whale sharks of South Ari and discussed the cultural connections and the community's evolving relationship with these magnificent creatures. |
Maldives Whale Shark Research Programme |
Ltd (Registered number: 06748860) |
Report of the Trustees |
for the Year Ended 30 November 2023 |
Dhigurah Classroom session |
Chloe and Fithu were invited to Dhigurah School's Environment club ton carry out an educational classroom session with the pupils. Many thanks to Dhigurah School, the faculty including Noor and Shazna who helped organised the event. |
Secret Paradise Conservation Cruise |
For another year we joined our long-term liveaboard partner Secret Paradise in aiding their Conservation Cruise. Our staff provided on board engagement with guests eager to receive an introduction to the conservation issues facing Maldives. |
Scuba Spa Love Whale Sharks week |
Once again MWSRP were invited onboard Scuba Spa to spread whale shark awareness through daily short presentations and conversation with eager guests. |
International Schools |
Many thanks to the American School of Doha, Compass International School and Saint Joseph International School students and teachers for joining us in-field and engaging with our work. |
Short Collaborations & Trainings |
As part of MWSRP's work, we conduct educational workshops and training on whale sharks, research, and our regional online database, Big Fish Network. |
As part of World Ocean's Day, Constance Moofushi Resort kindly invited us to conduct whale shark awareness workshops with guests, guides, and crew. The opportunity to inform visitors and have conversations with crew members and marine guides about their perception of tourism in South Ari over the years was invaluable to us. We appreciate Constance Moofushi's donation to our organisation and their help during this outreach season. |
Nova Resort also accommodated our staff to conduct Big Fish Network and whale shark awareness training. |
In December, one of our staff members joined the "Shark of the Maldives Workshop" run by MArHe (Marine Research and Higher Education Center) to organise a whale shark presentation session. |
Furthermore, online sessions were also delivered to Indy Escapes and Apex Ocean Divers. |
Articles and Media |
Over the year, MWSRP was featured in several articles, including one written by our Lead in-field Coordinator, Chloe Winn, for a new Maldivian publication, Moosumi Magazine. Moosumi is an online publication that writes with the belief that ecology, culture, and liberation are deeply intertwined. Chloe's article focused on the vulnerable, gentle giants of South Ari and the desperate need for management of the area. You can read 'South Ari: A Sanctuary in Peril' here. |
MWSRP was also featured in the local tourism-focused publication Island Chief for its collaboration with Reethi Beach Resort in Baa Atoll for its research residency period. You can read the article here. |
As part of celebrations for World Whale Shark Day on the 30th of August, we teamed up with MWSRP alumni Kaushiik Subramaniam and PADI to collaborate on the curation of a new educational reel focusing on the whale shark code of conduct. The video was circulated around the globe, thus raising awareness of the plight of these sharks. |
In addition, an article was published by our Scientific Advisor Jessica Harvey - Carroll together with Daire Carroll in the Oceanographic Magazine titled "Exploring the effect of light pooling on whale sharks". See link here. |
Maldives Whale Shark Research Programme |
Ltd (Registered number: 06748860) |
Report of the Trustees |
for the Year Ended 30 November 2023 |
FINANCIAL REVIEW |
Principal funding sources |
The MWSRP is a not-for-profit charitable organisation. The Programme is run by a small core team comprising of full time staff, seasonal in-field coordinators and volunteers. It relies on sponsorship support from volunteers and project specific funding from grants agencies, NGO's and private companies. |
Reserves policy |
At 30 November 2023, the charitable company had free reserves of £11,634. The trustee/directors consider that the ideal value for free reserves is around £10,000, which represents six months of running costs and it is the aim of MWSRP to maintain at least this reserve. |
FUTURE PLANS |
Be Gentle to Giants Pilot Campaign |
The MWSRP, in collaboration with Maldives Resilient Reefs and the Blue Marine Foundation, aimed to make the Maldives' whale shark sector more sustainable by working with the government, tour operators, and tourists to promote a more responsible, less damaging approach. |
The more we investigated the concerns, the more we discovered that common problems existed across whale shark locations and that raising tourist awareness of these issues globally may be a critical component of the equation. This initiative addresses the significant demand for code-of-conduct movies that educate whale shark tourists and encourage responsible tour operators. |
Each site has various versions of the films, each tailored to the demands of a specific audience. We run an initial pilot campaign for a few months during 2024. MWSRP recognises that the SAMP campaign is not a silver bullet answer. However, the values of the Be Gentle To Giants campaign are consistent with the issues confronting this region, and it is hoped that raising awareness among tourists before and during the booking of their visits and excursions will contribute to all efforts aimed at exerting collective, positive pressure on the swim with whale shark industry. Assuming that the Maldives' whale sharks will continue to be popular attractions and resources, the sector must embrace a culture of restraint and stewardship above short-termism and exploitation. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Organisational structure |
The Board meets as necessary. Day to day operational decisions are made by the Quorum as set out in the Memorandum and Articles of Association. |
The programme is run by a small core team comprising of full time staff, seasonal in-field coordinators and volunteers and donations. |
Induction and training of new trustees |
New members are provided with copies of the governing and key policy documents. In addition, we also encourage communication with existing trustees, senior staff and volunteers. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Maldives Whale Shark Research Programme |
Ltd |
Independent examiner's report to the trustees of Maldives Whale Shark Research Programme Ltd ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 November 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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. |
Bryan Kemsley FCCA FMAAT |
Ardor Business Solutions Limited |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sanding Road |
Hythe |
Kent |
CT21 4HE |
28 August 2024 |
Maldives Whale Shark Research Programme |
Ltd |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 30 November 2023 |
30/11/23 | 30/11/22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 16,366 |
Maldives Whale Shark Research Programme |
Ltd (Registered number: 06748860) |
Statement of Financial Position |
30 November 2023 |
30/11/23 | 30/11/22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 16,366 |
TOTAL FUNDS | 16,366 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Maldives Whale Shark Research Programme |
Ltd (Registered number: 06748860) |
Statement of Financial Position - continued |
30 November 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Maldives Whale Shark Research Programme |
Ltd |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Governance costs |
Governance costs are those incurred in the governance of the charitable company and its assets and are primarily associated with constitutional and statutory requirements. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - |
Diving equipment | - |
Computer equipment | - |
Purchases with an individual cost in excess of £200 are considered to be capital items and are included in fixed assets accordingly. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Foreign currencies |
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. |
Maldives Whale Shark Research Programme |
Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
1. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
2. | NET INCOME/(EXPENDITURE) |
The independent examiner's remuneration amounts to an independent examination fee of £2,400 (2023 - £2,400) and general accountancy and advisory services of £1,381 (2023 - £1,093). |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
30/11/23 | 30/11/22 |
£ | £ |
Trustees' salaries |
Trustees' pension contributions to money purchase schemes |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 November 2023 nor for the year ended 30 November 2022. |
4. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
30/11/23 | 30/11/22 |
Governance | 1 | 1 |
Charitable activities | 1 | 1 |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
Maldives Whale Shark Research Programme |
Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted |
fund |
£ |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 16,366 |
6. | TANGIBLE FIXED ASSETS |
Plant and | Diving | Computer |
machinery | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
MARKET VALUE |
At 1 December 2022 and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 | 1 |
At 30 November 2022 | 1 |
There were no investment assets outside the UK. |
The company's investments at the balance sheet date in the share capital of companies include the following: |
Maldives Whale Shark Research Programme |
Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
7. | FIXED ASSET INVESTMENTS - continued |
Registered office: |
Nature of business: Dormant |
% |
Class of share: | holding |
£ | £ |
Aggregate capital and reserves |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Bank loans (see note 10) |
10. | LOANS |
An analysis of the maturity of loans is given below: |
30/11/23 | 30/11/22 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
Amounts falling between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
11. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1/12/22 | in funds | 30/11/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 16,366 | (3,904 | ) | 12,462 |
TOTAL FUNDS | (3,904 | ) | 12,462 |
Maldives Whale Shark Research Programme |
Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
11. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 259,882 | (263,786 | ) | (3,904 | ) |
TOTAL FUNDS | ( |
) | (3,904 | ) |
Comparatives for movement in funds |
Net |
At | movement | At |
1/12/21 | in funds | 30/11/22 |
£ | £ | £ |
Unrestricted funds |
General fund | 2,879 | 13,487 | 16,366 |
TOTAL FUNDS | 2,879 | 13,487 | 16,366 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 212,072 | (198,585 | ) | 13,487 |
TOTAL FUNDS | 212,072 | (198,585 | ) | 13,487 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
At | movement | At |
1/12/21 | in funds | 30/11/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 2,879 | 9,583 | 12,462 |
TOTAL FUNDS | 2,879 | 9,583 | 12,462 |
Maldives Whale Shark Research Programme |
Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
11. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 471,954 | (462,371 | ) | 9,583 |
TOTAL FUNDS | 471,954 | (462,371 | ) | 9,583 |
12. | RELATED PARTY DISCLOSURES |
13. | ULTIMATE CONTROLLING PARTY |
The charitable company is controlled by its board of trustee/directors. |