Charity registration number 328091
Company registration number 02274855 (England and Wales)
CHALLENGER SOCIETY FOR MARINE SCIENCE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CHALLENGER SOCIETY FOR MARINE SCIENCE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Dr Edward Mawji
Prof. Michael Meredith
Prof. Katharine Lash (nee Hendry)
Dr James Alexander Brearley
(Appointed 24 June 2024)
Charity number
328091
Company number
02274855
Registered office
National Oceanography Centre
European Way
SOUTHAMPTON
Southamptonshire
United Kingdom
SO14 3ZH
Independent examiner
Argents Accountants Limited
15 Palace Street
NORWICH
Norfolk
United Kingdom
NR3 1RT
CHALLENGER SOCIETY FOR MARINE SCIENCE
CONTENTS
Page
Trustees' report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 17
CHALLENGER SOCIETY FOR MARINE SCIENCE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "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

The charity's objects are to advance the study and application of marine science in all its disciplines though research and education.

 

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Numerous community activities have been undertaken by the Society throughout the year. These include…

 

:: participation in the UK marine science community’s Future of Marine Research Infrastructure (FMRI) initiative, which is being funded by the Natural Environment Research Council with the purpose of scoping the nation’s requirements for observational platforms and equipment in the coming decades and then building an investment case around these. The President of the Challenger Society sits on the Board of FMRI and inputs to the overall governance of the initiative, with Dr David Carlin (new Challenger Policy representative) on the Delivery Board.

 

:: completion of the report by the Upscaling of Autonomy Working Group (UAWG), led by Prof Mark Inall (co-opted Council member) and with input from the President and many others from the Society. This report made recommendations on how to manage the rapid increase in the demand for, and use of, robotic platforms in marine science, and is being used as evidence by FMRI (above).

 

:: engagement with policymakers via the All Party Parliamentary Group (APPG) for the Ocean. Activities included inputting to the APPG Ocean report on geoengineering and purposeful climate interventions, with the President attending the event at Westminster to discuss the findings and determine appropriate courses of action for follow-up work.

 

:: participation in steering the National Oceanography Centre (NOC) Association, with the President and Honorary Secretary sitting on the governance group and contributing to setting the direction and activity of the network.

 

:: contributing to the exhibition at the National Museum of the Royal Navy concerning the anniversary of the Challenger Expedition. The Society’s Honorary Secretary undertook interviews and engagement, and the President and various Council members gave advice on displays and exhibits.

CHALLENGER SOCIETY FOR MARINE SCIENCE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The Challenger Society continues to contribute strongly to the Scientific Committee on Oceanic Research (SCOR), for which it serves as the UK affiliate body alongside the Royal Society. Prof. Alessandro Tagliabue (University of Liverpool) leads this engagement for Challenger, including chairing the working group that contributes to the selection of international programmes and ensures the linkages between the UK marine science community and the international SCOR community.

 

Communications with Challenger Society members include the Ocean Challenge magazine and the monthly Challenger Wave newsletter. Production of the these is enthusiastically led by Dr. Angela Colling and Dr. John Allen respectively. Digital communications are now led by Dr. Anna McGregor, who oversees the growing online and social media presence that the Society has; this continues to increase in importance in terms of reaching key demographics with messages about the importance of marine science and the role of the Society.

 

The Early Career Researcher portfolio is led by Dr. Siddhi Joshi, who has brought enormous energy to the role and established a range of webinars and discussion forums, all of which are greatly appreciated by the ECRs engaged. Robyn Tuerena has taken over the Education and Outreach portfolio. The Equality, Diversity, Inclusivity and Accessibility working group has been developing EDIA guidance for conferences, and established an Unlearning Racism in Geoscience (URGE) pod discussion group.

 

The awarding of Travel Grants and Stepping Stones Awards was administered excellently by Dr Sophie Berenice Williams, who ensures that all applications are assessed in a fair and balanced way so that the most deserving cases are supported. Dr Cecilia Liszka now oversees the Special Interest Groups (SIGs), and has been leading a process to reinvigorate these and support them to develop and evolve. There was no Challenger Conference in 2023, but there were some Special Interest Group meetings, including the Ocean Modelling Group (OMG) and Advances in Marine Biogeochemistry (AMBIO), both held in September 2023.

 

Planning is well underway for the next Challenger Society Conference, which will be hosted by the Scottish Association for Marine Science (SAMS) in Oban in September 2024. This was the appropriate venue given that the Conference had been planned to take place there in 2020 but had to be cancelled because of the pandemic. Prof. Nick Owens and the team from SAMS are thanked for their ongoing willingness to host the Conference, and the marine science community is looking forward greatly to gathering in Oban in 2024.

 

Dr Chelsey Baker continues to lead the Membership Portfolio in exemplary fashion, and has been actively engaged in discussions concerning how to increase membership numbers in future, especially through leveraging the Conference attendance in 2024. Terry Sloane has worked enthusiastically to link Challenger with wider marine science and technology industries, and has been key in helping raise industrial sponsorship for special interest groups. He is also thanked for allowing Council to use meeting room space at SMI in London.

 

Challenger Council established a new portfolio role this year, with Dr. David Carlin (DEFRA) being appointed as policy liaison. The intention for this role is to interface between the academic community (as represented by the Society) and Government and Devolved Administrations, with the goal of better reflecting the community’s needs and priorities to those who can direct responses, and better capturing and informing on emerging policy needs to which the Society may respond.

 

Dr Edward Mawji was due to stand down as Treasurer in 2023, following a lengthy period of outstanding service in this role; he is thanked profusely for all he has done for the Society, and James (Alexander) Brearley was due to ably take over in the role. Due to the need to move the Society’s bank account to a new provider, Dr Mawji remained in post to assist until 2024.

Financial review

The results for the year are shown in the attached financial statements.

CHALLENGER SOCIETY FOR MARINE SCIENCE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Reserve policy

The society's reserves policy has been prepared through consultation of the Charities Commission Guidance on Reserves Policies for Small Charities and has been agreed by council and will be reviewed and ratified annually at the AGM.

We hold aside:

1) an amount of £15k to cover unforeseen emergencies, including the potential failure of a prospectus meeting,

2) a sum equivalent to any potential uncertainties in future income over 3 years, estimated according to the £10k per annum difference between membership income and typical overall annual income,

3) a further contingency of £20k to meet unforeseen needs, including unexpected opportunities which might arise for the society to further its objectives, alongside any additional unforeseen changes in operational costs.

Investment policy

The company can invest moneys not immediately required for its purposes in or upon such investments, securities or property as may be thought fit subject to conditions or consents as may for the time being be imposed by law.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a company limited by guarantee as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Dr Edward Mawji
Prof. Michael Meredith
Prof. Katharine Lash (nee Hendry)
Prof. R E Mayors Rickaby
(Resigned 20 December 2023)
Dr James Alexander Brearley
(Appointed 24 June 2024)

The President is elected for a two-year term and Ordinary Members usually serve for three years. The Honorary Secretary and Honorary Treasurer each serve for four years and the Honorary Secretary is the principal point of contact with the Society. The trustees meet at quarterly Council meetings. The Annual General Meeting is the opportunity for the full membership to debate and reach consensus on key decisions about the Society.

 

The charity has no salaried employees. In order to achieve its objectives, the Challenger Society relies on the efforts of unpaid volunteers, both on its Council and in the day-to-day operations of its Editorial Board, Special Interest Group meetings, and other networking and scientific activities.

CHALLENGER SOCIETY FOR MARINE SCIENCE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The strategic direction and management of the Challenger Society is the responsibility of its Council, which ordinarily consists of twelve elected members plus ex officio representatives of the principal committees involved in running the activities of the charity (in particular, the journal 'Ocean Challenge', and the biennial UK Marine Sciences conference). The officers and ordinary members of Council are elected by the membership of the society, which currently stands at around 555 subscribing members, at the Annual General Meeting.

 

Since 2019 the trustees and directors of the Challenger Society are: President; Past President/​President Elect; Honorary Treasurer; Honorary Secretary.

 

Officers of the Society

Michael Meredith            President

Maeve Lohan            President Elect

Ed Mawji            Honorary Treasurer (until September, then former Treasurer)

James (Alexander) Brearley    Incoming Honorary Treasurer (from September 2023)

Katharine (Kate) Hendry (Lash)    Honorary Secretary

 

Council Members

John Allen            Editor Challenger Wave

Cecilia Liszka            Special Interest Groups

Chelsey Baker            Membership and GDPR

Siddhi Joshi            Early Career

Anna McGregor            Comms and social media

Terry Sloane            Industry liaison

Alessandro Tagliabue        SCOR

Sophie Wilmes            Travel Award and Stepping Stone Bursaries

Robyn Tuerena            Education and Outreach

 

Co-opted Council Members

John Bacon            Web page development

Angela Colling            Editor Ocean Challenge

Gillian Damerell            Equality, Diversity and Inclusion

Stephen Dye            Chair, Ocean Challenge Editorial Board

Kerry Howell            Challenger 150

Mark Inall            NOC Association

Nick Owens            Challenger conference chair, Oban (from September

The trustees' report was approved by the Board of Trustees.

Prof. Michael Meredith
Trustee
Dated: 9 September 2024
CHALLENGER SOCIETY FOR MARINE SCIENCE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CHALLENGER SOCIETY FOR MARINE SCIENCE
- 5 -

I report to the trustees on my examination of the financial statements of Challenger Society for Marine Science (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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 that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements 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 financial statements 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 financial statements to be reached.

Mark Johnstone FCA

Argents Accountants Limited
15 Palace Street
NORWICH
Norfolk
NR3 1RT
United Kingdom
Dated: 19 September 2024
CHALLENGER SOCIETY FOR MARINE SCIENCE
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
27,925
8,800
36,725
24,316
2,000
26,316
Investments
4
2,038
-
2,038
1,855
-
1,855
Total income
29,963
8,800
38,763
26,171
2,000
28,171
Expenditure on:
Charitable activities
5
36,419
5,148
41,567
32,442
3,961
36,403
Total expenditure
36,419
5,148
41,567
32,442
3,961
36,403
Net gains/(losses) on investments
12
5,638
-
5,638
(7,974)
-
(7,974)
Net income/(expenditure) and movement in funds
(818)
3,652
2,834
(14,245)
(1,961)
(16,206)
Reconciliation of funds:
Fund balances at 1 January 2023
97,247
13,377
110,624
111,492
15,338
126,830
Fund balances at 31 December 2023
96,429
17,029
113,458
97,247
13,377
110,624

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CHALLENGER SOCIETY FOR MARINE SCIENCE
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
40
54
Investments
15
66,993
61,355
67,033
61,409
Current assets
Debtors
16
4,258
3,007
Cash at bank and in hand
52,127
47,545
56,385
50,552
Creditors: amounts falling due within one year
17
(9,960)
(1,337)
Net current assets
46,425
49,215
Total assets less current liabilities
113,458
110,624
The funds of the charity
Restricted income funds
18
17,029
13,377
Unrestricted funds
19
96,429
97,247
113,458
110,624

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 19 September 2024
Prof. Katharine Lash (nee Hendry)
Trustee
Company registration number 02274855 (England and Wales)
CHALLENGER SOCIETY FOR MARINE SCIENCE
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
1
Accounting policies
Charity information

Challenger Society for Marine Science is a private company limited by guarantee incorporated in England and Wales. The registered office is National Oceanography Centre, European Way, SOUTHAMPTON, Southamptonshire, SO14 3ZH, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
CHALLENGER SOCIETY FOR MARINE SCIENCE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.5
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.

 

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CHALLENGER SOCIETY FOR MARINE SCIENCE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Taxation

The charity is exempt from corporation tax on its charitable activities.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CHALLENGER SOCIETY FOR MARINE SCIENCE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
12,020
-
12,020
7,450
2,000
9,450
Grants
-
8,800
8,800
-
-
-
Membership fees
15,905
-
15,905
16,866
-
16,866
27,925
8,800
36,725
24,316
2,000
26,316
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Dividends received
1,839
1,832
Interest receivable
199
23
2,038
1,855
CHALLENGER SOCIETY FOR MARINE SCIENCE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
5
Charitable activities

Advancement

Advancement

2023
2022
£
£
Depreciation and impairment
14
18

Journals

5,294
5,469

Prizes and awards

550
3,991

Professional subscriptions

12,659
10,798

Sponsorship, events and SIG

4,890
2,098

Travel and subsistence

142
497

Meeting expenses

152
41

UKPN costs

5,148
1,961
28,849
24,873
Grant funding of activities (see note 7)
9,495
9,456
Share of support costs (see note 8)
2,131
910
Share of governance costs (see note 8)
1,092
1,164
41,567
36,403
Analysis by fund
Unrestricted funds
36,419
32,442
Restricted funds
5,148
3,961
41,567
36,403
6
Description of charitable activities
Advancement

Advancing the study and application of Marine Science

7
Grants payable

Advancement

Advancement

2023
2022
£
£
Grants to individuals
9,495
9,456
9,495
9,456
-
CHALLENGER SOCIETY FOR MARINE SCIENCE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
8
Support costs allocated to activities
Advancement
Total
2023
2022
£
£
Administration and insurance
998
591
Website costs
1,133
155
Publicity
-
164
Governance
1,092
1,164
3,223
2,074
2023
2022
Governance costs comprise:
£
£
Accountancy
1,092
1,164
1,092
1,164
9
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
14
18
10
Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year. Trustee were reimbursed a total of £nil for travelling expenses (2022- 2 were reimbursed at total of £171).

11
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
CHALLENGER SOCIETY FOR MARINE SCIENCE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
12
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2023
2022
Gains/(losses) arising on:
£
£
Revaluation of investments
5,638
(7,974)
13
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2023
10,909
At 31 December 2023
10,909
Depreciation and impairment
At 1 January 2023
10,855
Depreciation charged in the year
14
At 31 December 2023
10,869
Carrying amount
At 31 December 2023
40
At 31 December 2022
54
15
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 January 2023
61,355
Valuation changes
5,638
At 31 December 2023
66,993
Carrying amount
At 31 December 2023
66,993
At 31 December 2022
61,355
CHALLENGER SOCIETY FOR MARINE SCIENCE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,943
1,980
Prepayments and accrued income
315
1,027
4,258
3,007
17
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,868
245
Accruals and deferred income
1,092
1,092
9,960
1,337
18
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
SCOR Activities
176
-
-
176
UKPN Activities
11,201
8,800
(5,148)
14,853
Conference award
2,000
-
-
2,000
13,377
8,800
(5,148)
17,029
Previous year:
At 1 January 2022
Incoming resources
Resources expended
At 31 December 2022
£
£
£
£
SCOR Activities
176
-
-
176
UKPN Activities
13,162
-
(1,961)
11,201
Conference award
2,000
2,000
(2,000)
2,000
15,338
2,000
3,961
13,377
CHALLENGER SOCIETY FOR MARINE SCIENCE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
19
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2023
Incoming resources
Resources expended
Gains and losses
At 31 December 2023
£
£
£
£
£
General funds
97,247
29,963
(36,419)
5,638
96,429
Previous year:
At 1 January 2022
Incoming resources
Resources expended
Gains and losses
At 31 December 2022
£
£
£
£
£
General funds
111,492
26,171
(32,442)
(7,974)
97,247
20
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Tangible assets
40
-
40
Investments
66,993
-
66,993
Current assets/(liabilities)
29,396
17,029
46,425
96,429
17,029
113,458
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
£
£
£
At 31 December 2022:
Tangible assets
54
-
54
Investments
61,355
-
61,355
Current assets/(liabilities)
35,838
13,377
49,215
97,247
13,377
110,624
CHALLENGER SOCIETY FOR MARINE SCIENCE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
21
Related party transactions

There were no disclosable related party transactions during the year as those previously on the committee of SCOR UK are no longer trustees of The Challenger Society (The Challenger Society was and remains the UK affiliate body responsible for part payment of £11,659 in 2023 in respect of the UK's subscription to the Scientific Committee for Oceanic Research (SCOR) at this point none of the trustees of this charity were also on the committee of SCOR UK.)

 

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