**BLUE VENTURES CONSERVATION ANNUAL REPORT** 

**2022 2023** 



## **Our Values** 

## COMMUNITIES FIRST 

Above all, we listen to community needs, responding in a sensitive and pragmatic way for long lasting benefits. 

## INNOVATION & COURAGE 

We are resourceful and creative. We are prepared to take risks and challenge broken paradigms. 

## PASSION & BELIEF 

Our mission is urgent and critical, we have a bias for action and are determined to get the job done. 

## VALUED PEOPLE & EFFECTIVE TEAMS 

We thrive in diverse and inclusive teams where all members have a voice and influence. Our diversity drives our effectiveness. 

## GROUNDED IN EVIDENCE 

We have high standards and are not afraid to be self critical. If something doesn’t work, we change tack until we’re on the right course. 

## **Contents** 

|**Contents**||
|---|---|
|**Trustees’ report: Introduction**<br>**Message from our Executive Director**|**4**<br>**6**|
|**Message from our Chair**<br>**Reach & impact**|**9**<br>**10**|
|**Where we work**|**14**|
|**Trustees’ report: Strategic report**<br>**Prioritising partnerships**|**16**<br>**18**|
|**Programmatic highlights**|**22**|
|Understanding fisheries closures<br>Digitising catch data for decision making|22<br>24|
|Mangrove monitoring through remote sensing|24|
|A new wave of seagrass conservation areas|26|
|Expanding into West Africa|27|
|Advocating for the rights of small-scale fishers<br>Learning exchanges|28<br>32|
|**Sharing knowledge**|**35**|
|**Organisational updates**|**36**|
|**Looking ahead to 2023/24**|**38**|
|**Our people**|**40**|
|**Risk**<br>**Financial review**<br>**Governance and management**<br>**Section 172 statement**|**44**<br>**46**<br>**50**<br>**53**|
|**Legal and administrative information**|**55**|
|**Auditor’s report**|**56**|
|**Financial statements**<br>**Group statement of financial activities**<br>**Consolidated and charity statements of financial position**<br>**64**<br>**66**<br>**68**<br>~~el~~||
|**Group and charity statement of cash flows**|**69**|
|**Notes to the financial statements**|**70**|



## OPENNESS & HUMILITY 

We are always learning. We work in a transparent and collaborative way to share our learning with others. 

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Blue Ventures Conservation | **3** 



Blue Ventures Conservation **Trustees’ report: Introduction** 2022 - 2023 


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## **Message from our Executive Director** 

**This year we witnessed first hand the effects of the recent and exceptionally intense tropical Cyclone Freddy on coastal communities on both sides of the Mozambique Channel. This record-breaking deadly storm, which ricocheted around the southern Indian Ocean for weeks, is just one chilling example of our rapidly destabilising climate system.** 

These events highlight the urgency and importance of supporting local communities to better prepare for these challenges, and to rebuild in their wake more quickly. The latest science from the Intergovernmental Panel on Climate Change highlights that rebuilding depleted fisheries is an effective way to help avert dangerous climate breakdown: reducing negative climate change impacts, while supporting food security, biodiversity, human health and well-being. 

With the growing and converging crises of nature loss, climate breakdown and overfishing, the coming years will be the most challenging in Blue Ventures’ two decade journey so far. Yet despite the grim outlook, our seas have an incredible superpower: a natural regenerative ability that helps ecosystems recover from disturbance, often far more quickly than forests or terrestrial habitats. And the networks of small-scale fishers, local communities and indigenous peoples that we support have the knowledge and tools we need to harness this superpower to regenerate coastal ecosystems. 

Small-scale fishers are the biggest group of ocean users by far, and we remain wholly committed to doing all we can to support them to rebuild fisheries at scale. 

With growing experience across 14 countries, we’re privileged to support a growing movement of coastal communities seeing this superpower in action. Across a flourishing community of practice we’re seeing time and again how local action to restore our oceans can achieve conservation and development goals; protecting ocean life, food security and vital sustainable coastal livelihoods. 

This is now a global movement of marine conservation being developed by and for small-scale fishers and coastal communities. We believe it is the most equitable, effective and scalable approach to safeguarding our seas, and maintaining the vital role that they play in supporting all life on earth. 

On behalf of all the BV family worldwide, thank you for your interest in our work and support for our mission. 

Dr Alasdair Harris Founder and Executive Director 


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## **Message from our Chair** 

**I’m deeply honoured to be leading the board of Blue Ventures as we enter our third decade – happy Birthday BV! Thanks to the commitment of our leadership team and colleagues all over the world, we’ve never been in better shape, financially, operationally and strategically.** 

Last year, in my first message as Chair, I wrote of what drew me to Blue Ventures: my admiration for our clear vision for impact at scale, for our clarity of purpose and for the hard work and dedication of colleagues around the world. I suggested then that ongoing investments to place data front and centre in our model and to strengthen diversity & capability in senior roles would increasingly bear fruit – and they have. 

I’m enormously encouraged by the strides we’ve made in improving diversity at higher levels across Blue Ventures, with several recent appointments refreshing, diversifying and strengthening both the senior leadership team and the board. We’ve also made significant progress in harmonising and restructuring our data systems, which has brought consistent, actionable, near-real-time digital fisheries data to more communities than ever before. 

Much has changed in the past year but I continue to be very proud of colleagues around the world for driving forward our strategic priorities while staying true to our core value of putting communities first. The global context in which Blue Ventures operates is evolving as the climate crisis intensifies. Yet our teams have shown resilience, delivering both unparalleled financial performance and robust strategic plans. 

We enter FY 2023/24 with confidence, clarity and a coherent vision for Blue Ventures as the heart of a global movement to rebuild fisheries and restore ocean life. There’s real wind in our sails as we chart a course to achieve our ambitious 2030 goals, but in such a dynamic environment, we can’t always rely on following seas. 

As I write this in early 2024, Blue Ventures is embarking on a new journey. After more than two decades at the helm, our founder Al Harris will be stepping back from his role as Executive Director at the end of FY 2023/24. Under Al's leadership, Blue Ventures has evolved from a single beach in a remote corner of Madagascar to a thriving and diverse organisation, now working in many hundreds of communities across more than a dozen countries. I want to thank Al for his vision, energy and boundless contributions to Blue Ventures and the communities we serve. He leaves us in a position of unprecedented strength, and with an incredible legacy on which to build. 

As a board, we’re enormously grateful to all Blue Ventures supporters for joining us on this journey so far. We’re continually inspired by your dedication to our shared mission, and proud of the movement that we have built together. 

Fiona Fiona Holmes Chair, Board of Trustees 

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Blue Ventures Conservation | **9** 



## **Reach & impact** 

HELPING COASTAL COMMUNITIES TO THRIVE BY REBUILDING FISHERIES AND PROTECTING OCEAN LIFE 

By ensuring that locally led fisheries management and marine conservation work for both people and nature, we’re helping more people and protecting more marine areas than ever before. 

## **2 additional countries** 

We expanded into **two additional countries** this year, forming new partnerships in **Senegal** and **Guinea Bissau** . This is the first time that we have worked in West Africa, and reflects the first phase of our strategic commitment to expand our work in the region, given the critical importance of small-scale fisheries for tens of millions of people. 

## **738 communities supported** 

Globally our work supported in excess of **one hundred additional communities** over the year, increasing from 625 communities to **738 communities** , exceeding our growth target for the year. 

## **42 implementing partners** 

The number of countries in which we are active increased from **12 to 14** and the global network of implementing partners from **40 to 42** . 

## **80% engaged in marine management** 

Alongside this growth the proportion of **communities actively engaged in community-based marine management** is also growing, and rose from 70% to **80%** over the course of the year. This growing rate of community engagement in conservation again exceeded our targets. 

## **877,563 people reached** 

Over the past 12 months, the **number of people reached by community management** rose from 751,840 to **877,563** . 

**10** | Annual Report 2022 - 2023 



We monitor both population and ocean area when examining the reach of our work, since these different metrics reflect different dimensions of the expansion of our model. The number of communities is a lead indicator, counting the number of communities with whom we are actively working on a journey towards legal and functional locally managed marine areas. The first practical management interventions and designations by a community − such as temporary fishery closures − may be relatively small areas, so the area under management will initially not grow rapidly even when the number of communities rises. 

## **1. CATALYSE** 

**Catalyse** happens in year one. It’s when partners and communities work together to implement a temporary fishery closure and collect data to measure change. 

## **2. ITERATE** 

**Iterate** is year two. During this phase partners and communities evaluate closure outcomes and decide whether to repeat, revise, or extend closures, and add other management measures, adaptations, and livelihoods. 

While these different dimensions of reach provide a useful reference for the scale at which we are operating, they don’t inform us of the impact or efficacy of management efforts on communities, catches, or conservation. Across all of our partner communities, we use fisheries catch (expressed as yield − 

The area of each community’s management area generally grows substantially as the community evolves and expands its marine management ambitions through time. 

We expect both the area under management to grow and the rate of that growth to accelerate as communities progress in their journeys towards effective locally led conservation over a period of 5-10 years. While no two partners are the same, we’ve found there are common components in our support and their journey. In particular, they typically journey through four phases: Catalyse, Iterate, Expand and Sustain: 

## **3. EXPAND** 

Years three to five usually see the partner enter the **Expand** phase. During this period, the partner works with the community to formalise its representation and legal rights to manage a coastal area and expands its role to other locally important fisheries and ecosystems. 

## **4. SUSTAIN** 

Finally, the **Sustain** phase runs from years five to seven. By this time, legal and functional LMMAs typically exist with funding to sustain their activities. And the community is part of a network, connecting and inspiring LMMAs along coastlines. 

the catch per unit effort) and marine management compliance as our high level impact indicators, complemented in some cases by additional ecological, fisheries, and social impact metrics that provide further insight into changes and impacts in the marine environment and the fishing community. 

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## **Where we work** 

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Blue Ventures Conservation | **15** 



Blue Ventures Conservation **Trustees’ report: Strategic report** 2022 - 2023 



## **Prioritising partnerships** 

**For more than two decades, we have approached conservation by putting the interests of fishers first, supporting them with everything they need to rebuild fisheries and restore ocean life through effective, locally led marine management.** 

One of the key lessons this work has taught us is that community-led conservation is grounded in trust and relationships. By definition these relationships can’t be scaled up by any one organisation, no matter how big its budget. So for the last decade we’ve been scaling up our reach and impact by focusing on empowering, strengthening and connecting local civil society organisations to adapt our model to new contexts and geographies. Driving growth in our impact beyond the scale of our own organisational footprint by forging partnerships with others is key to Blue Ventures’ strategy. 

During this time, we’ve built and proven novel approaches to due diligence capacity building frameworks tailored to the specific needs and contexts of these local organisations. Our analysis of the cost effectiveness of this partner-led approach, shows it to be up to four times cheaper than delivering our work directly. 

## **A GLOBAL NETWORK** 

Blue Ventures now has a core portfolio of 42 partners across 14 countries. These partners vary in size and capacity but are united by a commitment to community-led conservation. They include local conservation organisations, social enterprises, community development charities and fishers’ associations. Importantly they share attributes that are fundamental for effective replication of our model, by their ability to support communities in their journey toward marine management. Each is based close to the communities it supports, credible and trusted, and quick to mobilise. 

## **A RISING TIDE** 

We seek to partner with local organisations that are trusted by communities, and that share our values, and demonstrate real presence, proximity, and permanence alongside coastal communities. These partner organisations are the engine of our scaling strategy. We provide them with flexible, multi-year technical and financial support, and bring them together at national levels in networks to advocate for reform for more sustainable fisheries. 

As part of our 2030 global strategy, we’re aiming to rapidly scale up our reach and impact by expanding the number of these local partnerships. To achieve this ambition we recognise the need to refresh, standardise and professionalise our approach and will be making this a major focus of our work in our next financial year. 

We welcomed our first cohort of partners in 2014, a few months after our 10th birthday. Since then, we’ve granted over $13m to more than 50 local organisations, supporting them to reach 275,000 people along many thousands of kilometres of tropical coastlines and securing nearly 10,000 km[2] of ocean under local protection. 

## **LINI, INDONESIA** 

## **“** 

**We first met Alasdair in 2016 where we heard about what was working in Madagascar. We then arranged a field visit to Banggai, where LINI had been collaborating with the Bajo and local fishers since 2010. We saw the potential to replicate Blue Ventures’ successful initiatives from Madagascar there and the rest is history.** 

**We both believe in the transformative power small-scale fishers hold when they actively participate in marine conservation. This core belief has been the driving force behind the partnership's numerous accomplishments. By providing these communities with the tools, knowledge, and resources they need, the partnership has enabled them to become true stewards of their coastal ecosystems.** 

**I am so proud to witness communities of small-scale fishers we support go from vulnerable to thriving by becoming effective stewards of their marine resources. I also have immense pride in what our partnership with Blue Ventures has done for the conservation movement − we now have the respect and recognition from government stakeholders about the pivotal role coastal communities can play in protecting ecosystems.** 

## **“** 

**Gayatri Reksodihardjo-Lilley Founder of Yayasan LINI** 

**Gayatri is a pioneer in marine conservation and sustainable fisheries in Indonesia, with a long history of working with various international and local organisations, and with the Indonesian government. LINI was Blue Ventures’ first grantee partner in Indonesia, pioneering the use of temporary fisheries closures for octopus in central Sulawesi in 2018.** 

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## **COMRED, KENYA** 

## **“** 

**When we first met representatives from Blue Ventures, it was clear that we held similar values. We both put communities at the centre of everything we do and hold a passion for conservation – a partnership was born.** 

**We have seen tremendous growth in capacity and involvement in the beach management units, so communities are much more receptive to conservation and willing to learn and engage.** 

**Because of Blue Ventures’ support, we now have 18 data collectors recording fisheries information, 10 community trainers working on an eco-credit project, and we plan to increase our team even more.** 

**Recruiting community members helps us to grow the community’s knowledge and interest in taking care of their environment, and arms them with useful skills to empower them in their society to earn a livelihood.** 

## **“** 

**Dr. Patrick Kimani Director of Coastal and Marine Resource Development (COMRED)** 

## **JAPESDA, INDONESIA “** 

**We are supremely proud that we not only represent coastal communities but are also trusted by them. We can talk through our challenges with this growing network of locally led organisations and be part of this incredible movement of communities taking action to rebuild their fisheries.** 

**We first heard about Blue Ventures through Indah Rufiati, Blue Ventures' Fisheries Lead in Indonesia, where we bonded over our shared vision for communities prospering through conservation. In 2019 we started officially working in partnership with Blue Ventures and Pesisir Lestari, initially focusing on octopus fisheries management and eventually broadening the scope of our work and expanding to two more sites.** 

**Our most significant achievement has been learning and understanding the power of data and what it can do for our mission. Understanding how to collect, store and use information has been a powerful turning point for our organisation. It has been the foundation for all our outreach with local groups, it’s changed how we engage with our government partners and eased our collaboration with other organisations.** 

## **“** 

**Nurain Lapolo Director of JAPESDA** 

**A Blue Ventures grantee since 2019, COMRED currently supports fifteen coastal communities in Kenya. COMRED promotes sustainable use of coastal and marine resources through stakeholder engagement, enterprise development, capacity building, management-oriented research and fostering mutual partnerships.** 

**A Blue Ventures grantee since 2020, JAPESDA, which currently supports three coastal communities, advocates for human rights-based approaches to ocean conservation in Indonesia's Gorontalo province.** 

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Blue Ventures Conservation | **21** 



## **Programmatic highlights** 

## **UNDERSTANDING FISHERIES CLOSURES: A CATALYST FOR COMMUNITY-LED CONSERVATION** 

This year has seen a major global emphasis on collating and evaluating historic data from temporary fisheries closures globally. These closures are widely used by partner communities as an initial management intervention, to help improve catches while also catalysing local interest and engagement in marine conservation. We compiled data from community-based monitoring from nearly 100 villages in Indonesia, Madagascar and Comoros, stretching back multiple years and including information from hundreds of temporary fishery closures. The analysis, which is being prepared for scientific publication, shows remarkably consistent results for both Africa and Asia: Irrespective of region, temporary fishery closures significantly increase catch levels, with average increases in catch yields (kilograms per fisher per day) of 20% to 25%. Analysis of the effects of closure size, duration and other variables indicates that the greatest increases occur when closures are 10 to 12 weeks in duration. Results and key insights will be published in the coming years. 

The catch data from Madagascar, which spans more than a decade of landing information, also illuminated an important trend that is key to informing Blue Ventures’ strategy globally. Even though temporary closures are effective at providing temporary increases in catch per unit effort, the long term trend in the country’s largest smallscale fishery, _Octopus cyanea_ , is in decline. 

While the data demonstrate that temporary closures are effective at providing relatively quick short term benefits, galvanising local action and building community-based management, they alone are likely to be insufficient to rebuild and sustain fisheries populations in the long term. 

We continue to see temporary closures as an excellent entry point and catalyst for communities to take the first steps to effect positive change in their local marine environment. They can see results in a reasonable timeframe (months rather than years) and be inspired to continue. A community can coalesce around a shared vision, build the social cohesion, coordination and management capacity needed to make and enact decisions and see real change. The next critical step is to build on this learning and communities’ existing experience to expand these efforts. This might include adding management measures such as permanent marine reserves, and expanding management to other key species, fisheries and habitats. This phasing of the programme, to catalyse action through a learning phase, and to then expand and sustain these efforts, underpins Blue Ventures’ global strategy. 

In Indonesia for example we are now supporting multiple partners and the communities they work with to expand their existing management efforts beyond octopus to other locally important fin fish fisheries, by applying the same approaches of communityled management that they have learnt from their work with octopus. 


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## **DIGITISING CATCH DATA FOR DECISION MAKING** 

These efforts to assess, learn and evolve the programme are all underpinned by evidence. And this year we took a huge leap forward not just in analysing all the data to date, but by developing and piloting a new system in our Asia programme to simplify the process for communities to collect and use their own fisheries data in near real time. We’ve rolled out a consistent platform across all communities and partners in Indonesia, Timor-Leste and the Philippines, using an intuitive tool for producing high quality data in challenging settings, KoboToolbox mobile technology. 

We now aim to expand the system for all partners across the many hundreds of communities supported globally, to unlock the power of their own information through an intuitive dashboard that can help them assess the current status of their fishery, measure changes through time and inform their management decision making. 

## **MANGROVE MONITORING THROUGH REMOTE SENSING** 

Our work continues to focus on the key coastal ecosystems, coral reefs, mangroves and seagrass beds that communities depend on. Our support of mangrove conservation in Madagascar and Indonesia has expanded significantly this year, and a key achievement has been the expansion of GEM − the Google Earth Engine mangrove mapping tool – that supports mangrove dependent communities to map their mangroves and monitor changes over time. As we look to make this technology available to communities globally, this year we trained technicians from Madagascar, Indonesia, Timor-Leste, Senegal, Kenya and Belize. We are also developing a mobile version of GEM to further simplify the tool, making it more accessible, for global roll out in 2024. 

## **“** 

**Data is the language of scientists and policymakers, and when communities are able to use this language they are able to engage and contribute to wider policy decisions, at regional level or national level.** 


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**Indah Rufiati, Fisheries Lead, Blue Ventures Indonesia** 

This is a hugely important step forward, putting data into the hands of coastal communities and empowering them to manage their fisheries more sustainably. 

We are currently exploring ways to speed up the data feedback loop between the collection and use of fisheries data to make it easier for communities to understand the status of their fisheries, in turn allowing more agile and adaptive fisheries management. 

**24** | Annual Report 2022 - 2023 



## **EXPANSION INTO WEST AFRICA** 

The cool upwelling systems in the tropical eastern Atlantic make West African fisheries some of the most productive on earth, supporting some of the world’s largest artisanal fisheries. The region’s inland estuaries are home to enormous mangroves and lagoons with staggering biodiversity, from mesmerising migratory birdlife to hippos, dolphins, manatees, reptiles and a huge abundance of fish and marine invertebrates. 

We identified this region as a priority for scaling up our model because of the huge importance of fishing to communities, the region’s rich history of devolved governance of coastal fisheries and marine areas, and the critical need for financial and technical support to strengthen existing local organisations across the region. 

This year we spent six months carrying out intensive field-based scoping, from GuineaBissau to The Gambia, via the vast mangrove deltas of Casamance and Sine-Saloum. 


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## **A NEW WAVE OF SEAGRASS CONSERVATION AREAS** 

In Madagascar, a new wave of locally led marine reserves has been established by villages in seagrass-dominated lagoons, with conservation efforts being driven entirely by community members, trained to monitor these critical ecosystems within the Teariake, Velondriake, Manjaboake and Sambele locally managed marine areas. The rapid recovery of these areas, documented by fishers themselves using surveys and underwater video −  has generated enormous excitement and engagement in coastal conservation, including in urban areas in which we have long struggled to build support for seagrass conservation. Locally led seagrass protection can act as another incredible catalyst for community engagement in the management and conservation of coastal areas. 

**Our first partnership in West Africa is with Tiniguena - a remarkable local conservation organisation in GuineaBissau. Tiniguena, whose name means ‘this land is ours’, has worked with remote communities living in the Bijagós archipelago to establish the country’s only locally managed marine area, which has won global acclaim. Tiniguena has demonstrated the positive impact of conservation on coastal communities, and our partnership supports the expansion of this work to more coastal communities confronting climate change, overfishing, and destructive fishing practices.** 

Our support for locally led seagrass conservation has seen the development of new approaches for community based monitoring of seagrass and associated fish populations, combining in-water surveys by trained community members with digital video from baited underwater cameras. 

From as far afield as Madagascar and TimorLeste, these data and media have proven instrumental in inspiring communities to recognise both the importance of seagrass, and to witness the rapid recovery that can be achieved by protecting them from damaging fishing practices like beach seine fishing nets. 

This scoping has given us new insights into the many challenges facing coastal ecosystems and small-scale fishers in this region, at a time of unprecedented pressure from destructive industrial fisheries. We are encouraged by the tremendous opportunities on this coast for supporting local action to address these threats, and inspired by the local leaders driving community movements against threats from destructive and unregulated fishing, illegal coastal developments, and coastal erosion. We have now formalised five partnerships in the region to support locally based organisations working with coastal communities in Guinea-Bissau and Senegal. 

We opened our new head office in Dakar, with a dynamic, four person team that focuses on building and maintaining partnerships with communities, government, and other sector leaders, with a strong aspiration for expansion across the wider region in the coming years. 

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## **ADVOCATING FOR THE RIGHTS OF SMALL-SCALE FISHERS** 

Our small advocacy team has been active throughout the year working to secure greater recognition of the important role of small-scale fishers and coastal communities in marine conservation, and to put the rights and interests of the biggest group of ocean users at the centre of ocean decision-making. 

**75 members of the Transform Bottom Trawling coalition from 39 countries** 

**delegations of dozens of small-scale fishers 2 supported to attend UNOC and COP15** 

## **30** 

**members of the Senegalese Parliament trained on the impacts of Bottom Trawling in West Africa** 

**5+** 

## **95** 

**governments supported or partnered with** 

**representatives from Madagascar, Comoros, Seychelles, and Mauritius met to discuss Illegal, Unreported, Unregulated (IUU) Fishing in the region** 

**100+** 


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## **SECURING COMMUNITY INTERESTS IN THE GLOBAL BIODIVERSITY FRAMEWORK** 

We attended COP27 in Sharm El-Sheikh and COP15 in Montreal to advocate for the role of small-scale fishers as frontline responders to the ocean emergency. At COP15, arguably the single most important global conversation about nature conservation for a generation, we coordinated a delegation of nine small-scale fisher and coastal community representatives from five continents to present their calls and concerns in a strong and united voice during negotiations, events, and meetings with the COP15 secretariat. Community representatives voiced their concerns about the threats to coastal fisheries, and highlighted the critical role that small-scale fishers can play in rebuilding fisheries and protecting biodiversity. Their messages to world leaders and policymakers at COP15 were loud and clear, making the case that equitable and scalable marine conservation demands explicit recognition of community rights, and inclusion of small-scale fishers − the biggest group of ocean users − in decision making. 

As a result of the conference, the world now has an ambitious “30 x 30” international framework to restore nature, recognising Indigenous peoples and local communities as ‘custodians of biodiversity and partners in its conservation, restoration and sustainable use’. 

**Read our position paper: 30 by 30 and traditional fishing communities** 

## **AN INDEPENDENT OBSERVATORY FOR FISHERIES IN MADAGASCAR AND THE INDIAN OCEAN** 

The networks of communities and local organisations that we are supporting can play a powerful role in confronting illegal fishing, which represents a growing threat to small-scale fisheries and ocean sustainability. In Madagascar we have launched a new independent civil society observatory, Fitsinjo, based in Antananarivo. The observatory is working to promote transparency in the island nation’s industrial fisheries, providing year round monitoring and reporting of fishing activity. Drawing on diverse data sources, including community-led surveillance and investigative intelligence, Fitsinjo is shining a light on a sector that has operated largely out of the public eye and has witnessed huge expansion of illegal, unreported and unregulated (IUU) industrial fishing activity. 

## **UNITING AGAINST BOTTOM TRAWLING** 

As the ocean crisis facing our oceans and fishing communities intensifies, so do calls to ban bottom trawling. The Transform Bottom Trawling coalition, co-founded and hosted by Blue Ventures, now has 75 members from 39 countries. The coalition supported members to attend three events including the Committee on Fisheries (COFI) in Rome and the 4th World Small-Scale Fisheries Congress in Malta, and hosted three webinars to explore different dimensions of the movement’s efforts to tackle this pervasive and highly destructive fishing practice. 

We’re supporting Fitsinjo to develop an extensive participatory monitoring network mobilising communities around Africa’s longest coastline to gather real-time reports of industrial fishing activity. 

Small-scale fishers, tour operators, and port operatives are all contributing information to the observatory to generate data to help identify and report vessels committing violations. 

## **“** 

**The launch of Fitsinjo followed a regional symposium on IUU fshing that we cohosted with the Ministry of Fisheries and Blue Economy, and will feed into recent substantial efforts by the government to improve fisheries governance, including through better transparency. Annie Tourette, Director of Advocacy[“]** a. 4 

We celebrated the launch of a new joint ocean protection campaign in partnership with Patagonia and the coalition’s European partners. 

Our new Fisher Testimonies archive details first hand accounts of the scale and impacts of bottom trawling, featuring community voices from as far afield as Sierra Leone, Chile, Indonesia and Scotland. The interactive map also showcases practical and locally led solutions to tackle bottom trawling. 

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## **LEARNING EXCHANGES** 

For two decades, we have been carrying out the simple yet transformative work of bringing together fishers and starting conversations that catalyse local action. This year, we held eleven learning exchanges in Africa, the Indian Ocean and Indonesia stimulating conversations, new friendships and partnerships between communities and local organisations. 

Seeing is believing when it comes to inspiring local action for conservation, and fisher learning exchanges are instrumental in helping coastal communities learn from each other about fisheries management and marine conservation. 

## **“** 

**The best conservation models are those designed with communities. Engaging fishers in marine management and governance empowers them to understand how fisheries management and conservation actions can improve and support their livelihoods.** 

## **“** 

**Tahiry** i **Randrianjafimanana, Technical Advisor for** = **Fisheries Management,** 4 **Blue Ventures** . { y/ **Madagascar** 

**ANJOUAN ISLAND, COMOROS TO KWALE COUNTY, KENYA** 


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**TANZANIA COMOROS** 


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## **MOZAMBIQUE** 

## **“** 

**The three day visit allowed me and fellow fishers from Comoros to learn the different kinds of fisheries management styles used by fishing communities in Kenya and how they engage in conservation. I was also pleased to see women running alternative income-generating activities. I learnt about a community bank where women involved in conservation lend money to each other and can access loans if they engage in conservation activities. The women have used the funds to educate their children and build homes, which I want to share with my peers in Comoros.** 

## **“** 

**Bahati Anli, Fisher from Comoros** 

**Bahati is part of the women fishers’ association Maecha Bora, supported by Blue Ventures and our Anjouan-based partner Dahari.** 

‘ **32** | Annual Report 2022 - 2023 ’ 

Blue Ventures Conservation | **33** 



## **ZEILA DISTRICT, SOMALILAND TO TSIMIPAIKA BAY, MADAGASCAR** 


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SOMALILAND<br>**----- End of picture text -----**<br>


**KENYA** 

**TANZANIA** 

**COMOROS** 

## **Sharing knowledge** 

**Our work is grounded in evidence and underpinned by the most up-to-date data and research. This year several research projects were published that delivered new insights into local and global problems and helped us to identify solutions to inform the organisation’s work worldwide.** 

# **36 Knowledge-sharing events** 

**MADAGASCAR** 

**MOZAMBIQUE** 

**“** vateeae. ee Ra.“Ny a ; **As soon as I return home, I want to** e **protect and replant mangroves again. I didn’t know that different mangrove** j ike we 5 Paes Ty BS PS a Se =RS ee q **species grow at different paces. We** Bx Ay **have been planting mangroves with some success, but I didn’t realise that** Ya, Aen Ne ae 1 Riera Chath rgd **there is a technique to apply, so I now** *; RieaePAY §ySpas : ny aecitePita ‘4 J **have new knowledge.** reaDA bgred, nahDRY Nd eee ya ates **“** “ANG AS Sie. FAG UNPa AALayie OyLars thNy Seyoy oF ees Pee **Omar Dahir Hussein,** Sg a a cet Ay tye Vig Cid NOON: ALK fedeasaa) y Repay **l** nVy[aA)] BeahareWA esRe |iily Nim) SiS.aehe pve] Ws et Peta4 5 varyar Uiara OR739ee aEaa>GetaaBG:WN é7-Beabiyac Ae **N** aH **A** NICnes Iie APA Voehtte APhgetaAAyfaWea PVA)Aa ane aeVS Or i ald Y **Fisherman from** es| | FE, A iA er. **Zeila, Somaliland** Wi! a Hetenesy pt PEEK NON MeEN WAYyi, “ah an) st Te NAN Vi hf Wr wien is AHRmh fi \ 4 y e Al: Pikfag . ie NS" Nyeeae: 5) phy AL aay yes INBy Ct x AARNE AN” alae ai Witica +> pay ae te MEAN Vnmn ANNWea at ie teks Yi’ wid **34** ae | Annual Report 2022 - 2023 Rat ee. vagy al Shas ay AWA a aN hie alhes |oni n’AK {,hy,SFoben)| aSviCA, taeae)PODoI paeoay ey | VA pe eh eT .=~) Wi Ly ep ivy! iN iat ay af | Big nx 

# **2 White papers 12 Academic publications** 

**4 Training sessions in Senegal, Madagascar, Timor-Leste and Indonesia** 

Blue Ventures Conservation | **35** 



## **Organisational updates** 

**This year we’ve been thrilled to welcome four new trustees to our board: Meg Adhaimbo Otieno, Ruma Mandal, Dr Philip James and Rupen Patel. Our new trustees bring new experience and insight that will play a key role in supporting Blue Ventures’ governance moving forward.** 

**Meg Adhiambo Otieno is the Diversity, Equity and Inclusion Lead at Medecins Sans Frontières, Geneva. She previously served as the Global Head of Culture Change at Oxfam International in Kenya, where she was deeply involved in supporting the organisation's work on safeguarding and establishing a safe culture.** 

~~———~~ **Ruma Mandal** ~~es~~ **is a human rights specialist and international lawyer with extensive experience of working on high profile legal and strategic issues with the United Nations, governments and research institutes. Her interests include human rights, global refugee policy and new challenges for global governance. She is also an Associate Fellow (and former Director) of the International Law Programme, Chatham House.** 

**Dr Phil James is an environmental economist, with a passion for small scale fisheries and marine conservation. He has a career background working in marine and fisheries issues across the tropical Indo-pacific, living and working across 20 different countries across the region and beyond, and has more recently started as Co-Director of the Sustainable Development Reform Hub at the University of New South Wales, Sydney.** 

**Rupen Patel is a financial professional with over twenty-five years of experience in investment management. Currently he is a Managing Director at Rothschild & Co and serves as the Co-Head of Portfolio Management, where he has been an integral member of the team since 2002. With roots in the Indian Ocean area, Rupen is keen and eager to support Blue Ventures’ mission to help communities around the world protect their marine resources.** 

**36** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **37** ve — et -_ 



## **Looking ahead to 2023/24** 

**We are looking forward to launching The Frontline Community Fund in early 2024 to channel funds to the most impactful organisations supporting communities in locally led marine conservation. Blue Ventures was founded on the principle that supporting fishing communities to restore and protect the ocean is the fairest, cheapest and most scalable solution to the ocean emergency. But the sad reality is that most funding never makes it to the frontlines, and the little that does trickle through comes with far too many strings attached to make a difference.** 

The Frontline Community Fund is designed to bridge this gap, funding frontline community organisations directly, flexibly, for the longterm, and at a scale never seen before. Leveraging Blue Ventures’ 20-year track record and on-the-ground presence, the fund will oversee partner selection, vetting and development. Diverse and representative participatory governance panels aligned to Blue Ventures’ four regional hubs decide who gets support, and a shared data system grounded in participatory fisheries monitoring provides open, accessible measures of impact in near real time. 

We’ll be piloting our first panel in Indonesia later this year and capturing key learnings, before formally launching the fund with our first group of grantees early next year. 

The fund has a big ambition for 2030. We want to channel funds to 400 communitybased organisations and 10,000 communities, bringing local management and effective protection to over 200,000 km² of carbon rich, high biodiversity coastal seas in 20 tropical coastal states, and benefiting more than 5 million people. 

We’ve made strong progress over the past year, creating a bold new brand identity, key comms assets, a teaser website, and a comms strategy. We’ve identified four investment priorities that work together to deliver impact at scale: secure rights and governance; locally led management; climate-proofing livelihoods; and gender equity and women’s rights. 

We’ve also worked with partners to develop a network of like-minded funders, laid the groundwork for the fund’s monitoring and evaluation framework, and developed a minimum viable product for the fund and the participatory advisory panels. 


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z - Zs es<br>Blue Ventures Conservation | <  39<br>**----- End of picture text -----**<br>


**38** | Annual Report 2022 - 2023 



## **Our people** 

The last year has seen significant investment in BV’s leadership as well as our people team, to support our team and culture as we grow. Highlights have included the creation of a new senior leadership role of Director of People and Culture; Improved HR systems; new leadership development programmes; refinements to leadership groupings, ways of working and communication approaches; and launch of a global colleague engagement survey and professional training opportunities. We’re also excited to have launched our new diversity, equity and inclusion (DEI) strategy and plan (more detail on page 40 below). 

## **KEY METRICS** 

As of 30 June 2023 Blue Ventures Conservation employed 288 people, of whom 43% were female (30 June 2021: 256, 2022: 312). Colleagues were employed in the United Kingdom, Madagascar, Belize, Timor-Leste, Mozambique and Tanzania, of whom 94% are nationals of those countries. We also funded 19 people employed independently to support our work in Kenya, and in Indonesia, there were 10 people employed by year end in the newly formed Blue Ventures Indonesia. 


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51<br>UK<br>54<br>172<br>Madagascar  189<br>3<br>Mozambique 3<br>14<br>Timor-Leste<br>16<br>4<br>Tanzania<br>4<br>9<br>Belize<br>13<br>2<br>Comoros<br>2<br>19<br>Kenya 7<br>Indonesia (BV) 10<br>Indonesia (YPL) 24<br>4<br>Senegal 0<br>**----- End of picture text -----**<br>


For 12 months up to the end of June 2023: 

- Voluntary turnover: **6.1%** 

- New hires from diverse backgrounds: **81%** 

Colleagues from non-BAME backgrounds: **18%** 

Asian | **3.1%** Black/African/Caribbean | **62%**[:] Creole | **0.3%** 

Javanese | **1.4%** 

Maya | **0.3%** 


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Ethnicity<br>**----- End of picture text -----**<br>


Mixed/Multiple ethnic groups | **5.2%** Other ethnic groups | **1.4%** Tetun | **2.1%** 

White/Caucasian | **18.1%** 

Figure 1. Number of colleagues working in each country June 2023 June 2022 

- @ Unknown | **5.9%** 

**40** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **41** 



## **WELLBEING** 

Supporting the health and wellbeing of our colleagues is essential for our team and our mission. We support wellbeing through our employee assistance programme, coaching services, our people team, and people managers. Our colleague communication plan includes regular updates from our Director of People and Culture on key topics including wellbeing. 

## **DIVERSITY, EQUITY & INCLUSION** 

We believe that diversity, equity and inclusion (DEI) (including gender equality) are foundational to Blue Ventures’ mission of rebuilding fisheries with coastal communities. This year we launched our new DEI strategy, following extensive consultation with colleagues, partners, and trustees. The strategy sets our commitment to improving DEI both within our team, and within our broader operations and sector. 

We are committed to nurturing a culture that values and respects all individuals' unique perspectives, experiences, and identities. We value everyone equally, regardless of race, ethnicity, sex, gender, sexual orientation, age, religion, ability, lived experiences, or other characteristics. We are committed to creating a safe, welcoming, and inclusive environment for our colleagues, volunteers, trustees, partners, and beneficiaries. 

Blue Ventures’ founding mission has been to put community rights at the heart of ocean conservation. Our organisation has a long history of battling injustice in conservation and safeguarding community rights − particularly prioritising the rights of smallscale fishers, including women from some of the poorest and most remote communities. We have long advocated for the critical importance of inclusive approaches to conservation and fisheries management grounded in social justice and free, prior and informed consent, and we recognise the urgent need to right historical wrongs and injustices that have too often undermined the conservation and international development sectors. 

As an English charity working exclusively in the majority world, or Global South, a crucial part of our journey to strengthen DEI is our commitment to rebalancing our global footprint to ensure that our teams are as proximate as possible to our communities. We recognise that a diverse and inclusive workforce, governance and volunteer base − including voices representative of the communities that we support allows us to achieve our mission better. 

We are committed to embedding our DEI strategy in all areas of our work, recognising that our pursuit of DEI will be a continuous journey for the charity. We hold ourselves accountable for progress by reviewing our progress against our DEI strategy, plan, policies, and practices and reporting quarterly to our Board of Trustees, Senior Leaders and Colleagues. 

## **REWARD POLICY** 

We maintain pay ranges for each country of operation, which are published on our staff intranet. Our principles of reward are aligned to Project Fair’s Principles and Standards of INGO Fair Reward. 

## Our pay ranges and benefits are 

benchmarked at least every three years for each country, and we aim to be competitive in the market in which we work to help ensure we can secure the skills and expertise we need. Benchmarking is undertaken against comparable organisations within the charity and non profit sectors using data from external providers Birches and XpertHR. Where this is unavailable we use appropriate salary data for the location, drawing on networks and local NGO fora. Benchmarking is reviewed by the Director of People and Culture to ensure the process is robust, fair, and transparent whilst ensuring that personnel costs remain affordable. 

We also conduct an annual pay review exercise for each country to determine if there will be an annual pay increase for applicable colleagues. This increase is countryspecific and is determined by a wide range of factors, including cost of living changes, pay competitiveness, recruitment and retention insights, affordability, and living wage. All of our employees receive at least the minimum wage relevant for the country where they work. In the UK, our employees are paid no less than the living wage as set out by the Living Wage Foundation, and our intention with future benchmarking reviews is to follow any available equivalent living wage guidance in all countries of operation. 

Our Pay and Benefits Policy is being reviewed this year to ensure it enables us to attract and retain diverse talent for Blue Ventures. 

Our UK pay ratio (highest to lowest paid) as at 30th June 2023 is: 5:1 (FY22: 5:1 FY21: 4:1). The highest to median pay ratio is 2.8:1 (FY22: 2.8:1 - FY21: 2.2:1). 

As of April 2023 our Median Gender Pay Gap was 15.7%. 

## **SAFEGUARDING** 

All colleagues in Blue Ventures receive mandatory safeguarding training and we provide regular refresher training and reminders to ensure all colleagues know how to report a safeguarding concern (details of which are published on our staff intranet). We present a safeguarding report at each quarterly trustee board meeting, following the quarterly and additional ad hoc meetings of our safeguarding and reporting committee (SRC), which comprises staff and trustees. The SRC is the first point of contact for any safeguarding or conduct reports and holds authority for safeguarding and reporting within the organisation, and it is also responsible for developing new policies and initiatives. In July 2022, we introduced a dedicated phone line to be able to directly receive concerns and increase the number of possible communication channels that can be used by colleagues, community members or any other stakeholder. 

**42** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **43** 



## **Risk** 

**As part of our ongoing commitment to effective risk management, we have identified and are actively managing the principal risks that could impact our operations and objectives. The top five risks for the current financial year, as discerned from our comprehensive risk register, are:** 

## **INADEQUATE MEASUREMENT AND COMMUNICATION OF IMPACT IN SMALL-SCALE FISHERIES** 

We recognise the risk of failing to adequately measure, capture, analyse, share, and communicate our impact, especially in the small-scale fisheries sector. To mitigate this, we are intensifying our efforts in data management and impact analysis. This includes improving our methodologies for collecting and interpreting fisheries data, enhancing our systems for timely progress reporting, and bolstering our capabilities to effectively communicate these outcomes to our partners and stakeholders. 

## **REPUTATIONAL DAMAGE DUE TO POWER STRUCTURES** 

Our expansion brings heightened awareness to the potential reputational risks linked to our power structures. We are particularly attentive to the perception of our management and governance practices, which are rooted in the global north, while we deliver services in the global south. To address this, we are diversifying our leadership and governance to be more reflective of the communities we serve and ensuring decision-making processes are equitable and inclusive. 

## **UNSUSTAINABLE GROWTH** 

We are investing in new leadership roles to support people, culture, and operations, as well as improving our strategic and operational planning and internal communications. This includes the recruitment of key executive roles for balanced expansion and ensuring that our growth aligns with our values and mission, without compromising operational effectiveness. 

## **EXTERNAL FACTORS INFLUENCING PROGRAM DELIVERY** 

External factors such as political instability and environmental changes continue to pose significant risks to our program delivery. Our strategy includes robust contingency planning and maintaining strong, collaborative relationships with local authorities and partners, enabling us to adapt and respond effectively to these challenges. 

## **CYBER RISK AND DIGITAL DATA DEPENDENCE** 

Given our reliance on digital systems to maintain efficient operations across a globally dispersed team, we are priortising the security of our digital infrastructure. Our strategy includes comprehensive cyber defence measures, ongoing staff training, and robust security protocols. Ensuring the integrity and confidentiality of our fisheries data and systems is critical to our operational continuity and success. 

**Our approach to risk management is dynamic and comprehensive, characterised by regular updates to our risk register and a proactive stance in monitoring and mitigating risks. This enables us to navigate these challenges effectively and continue our mission with confidence.** 

**44** | Annual Report 2022 - 2023 



## **Financial review** 

Total income for the year was £11.9 million (2022: £29.5 million) and total expenditure was £14.6 million (2022: £9.8 million). The consolidated financial results for the last five years are shown in the table below: 

|**5 Year History**|**2018/19**|**2019/20**|**2020/21**|**2021/22**|**2022/23**|
|---|---|---|---|---|---|
||(£’000)|(£’000)|(£’000)|(£’000)|(£’000)|
|INCOME FROM:||||||
|Donations and gifts|111|192|39|16,563|151|
|Grants for core activities|5,697|6,515|9,724|12,745|11,096|
|Interest and other income|476|352|60|185|688|
|**Total income**|**6,284**|**7,059**|**9,823**|**29,493**|**11,935**|
|EXPENDITURE ON:||||||
|Raising funds|173|142|152|417|475|
|Charitable activities|4,493|5,535|7,255|9,337|14,086|
|Commercial trading operations|609|469|26|76|23|
|**Total expenditure**|**5,275**|**6,146**|**7,433**|**9,830**|**14,584**|
|Increase in income (%)|56|12|39|200|(60)|
|Increase in expenditure on|28|17|21|32|48|
|charitable activities (%)||||||



Blue Ventures has delivered a strong set of financial results for FY23, meeting or exceeding key targets across a number of important measures. This includes finishing the year with unrestricted reserves meeting both budget and forecast, and in line with the reserves target set by the Board. As we enter the new financial year, Blue Ventures is in a strong position to continue to expand and deepen activities globally. 

Annual expenditure has continued to grow, reflecting growth in activities and impact, both through our implementation partners and through direct delivery. The two significant drivers of this growth are staff costs and grants to partners. Staff costs grew by 12%, with notable growth in Madagascar, East Africa and West Africa. Grants to partners grew by £1.8 million as we further expanded reach in Indonesia and East Africa, and established operations in West Africa. 

Relative to 2022/23, Income fell by £17.6 million, however excluding the exceptional $20 million donation in 2021/22, income was broadly flat, reflecting a strong effort in fundraising in the face of global economic headwinds. 

Our overall deficit in the year was £2.6 million (2022: surplus of £19.7 million), made up of a £86,000 restricted deficit (2022: surplus of £1.8 million) and £1 million of unrestricted deficit (2022: surplus of £1.9 million) and £1.5 million designated deficit (2022: surplus of £16.0 million). The deficit includes foreign exchange losses on the retranslation of monetary assets of £0.9 million (2022: gain of £2.1 million). This performance was in line with expectations as we started to spend down the reserves accumulated in the previous financial year to support sustainable and responsible growth. 

A comprehensive review of historic balances was performed during the financial year. The findings from the review identified misclassification of funds in the prior years. A total of £722,000 of previously classified as restricted funds, have been reclassified to unrestricted funds (£703,000) and the balance of £19,000 to the designated funds. 

This adjustment ensures that our fund balances are now accurately represented in line with the applicable financial reporting standards. These changes are reflective of our commitment to transparency and accuracy in our financial reporting. No adjustments have been made to the Income & Expenditure account for the prior period as this reclassification solely affects the fund balances. 

Total net assets have decreased from £26.5 million to £23.9 million and unrestricted reserves have decreased from £4.7 million to £3.7 million. Our year end cash balance has decreased from £25.6 million to £23.4 million reflecting the deficit in the year. 

The Trustees have chosen to designate 

£2.5 million, which is explicitly for prompt distribution through our partner organisations. £13.5 million has been placed into an expendable endowment, created by Trustees on 23 September 2022. 

The funds will be used to make long-term commitments to the community-based organisations we partner with, affording them the ability to make plans that will deliver lasting impact over a significant period of time. These commitments will also allow these organisations to grow and develop themselves so that they may become financially and operationally sustainable independent of our support in the longer term. They will also be used, where necessary, to continue to support the organisation’s ongoing efforts to scale our partner-led delivery model through investment in critical infrastructure around scoping, partner management and technical fisheries support. 

**46** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **47** 



In 2022/23, Blue Ventures established a permanent operating entity in Indonesia, in the form of a Perseroan Terbatas Penanaman Modal Asing (PT PMA) through which we will be able to provide our local implementing partners with the technical support that they require to successfully implement communities based fisheries management within, and deliver better returns for, the communities they serve and support. The issued share capital has not yet been fully paid up with the remaining £477,000 of deferred consideration still to pay. This share capital shall be paid over the course of FY24. 

On the 18th July 2023, Blue Ventures opened a money market fund account and deposited $20m into the account in August 2023. This is to provide improved returns to BV in the context of a high interest rate environment whilst minimising counterparty and liquidity risk. The fund is backed by the US treasury and the full amount is immediately available to convert to cash. 

## **RESERVES** 

Blue Venture’s reserves policy is decided by the board of trustees, taking into consideration, inter alia, relevant Charity Commission guidance. The policy seeks to balance the objective of promptly spending income with the need to maintain a level of reserves to ensure uninterrupted operations and to provide time to adjust to a change in financial circumstances and the financial impact of risk events. 

The trustees have decided to maintain a target minimum reserves level of 12 weeks. 

This remains in line with Charity Commission guidance and best practice and strikes a balance between the need to spend down income and maintaining operational integrity. It will help to ensure stability, whilst enabling resources to be used in a calculated manner as Blue Ventures’ delivery model continues to evolve towards long-term support of community-based organisations in the countries in which we operate. 

“Free reserves” held at 30 June 2023 

(consisting of amounts which could be spent excluding restricted funds, designated funds and fixed assets and without disposing of investments) amounted to £3.7 million (2022: £4.7 million). This currently represents 12 weeks of organisational expenditure in line with policy. 

As noted previously, the Trustees created an endowment fund on 23 September 2022, allowing us to spend funds over several years and to provide assured longer term funding to our partners. The Trustees have placed £13.5 million of funds into this. 

## **GOING CONCERN** 

The Trustees formally review financial performance on a quarterly basis including future forecasts to ensure that Blue Ventures can continue to be considered a going concern. In preparing these financial statements the Trustees have reviewed current income and expenditure, cash, reserves and the future funding pipeline. Based on these the Trustees consider Blue Ventures to be a going concern for the foreseeable future. 

## **FUNDRAISING POLICY** 

Our small development team focus their efforts on building long term strategic funding partnerships with trusts and foundations, statutory funders and individual philanthropists who share our vision. 

We do not make direct marketing appeals, carry out mass participation fundraising events, street or door-to-door fundraising. All our fundraising is carried out by Blue Ventures employees in line with our safeguarding policies and code of conduct. We do not contract out our fundraising nor use external parties. We are registered with the Fundraising Regulator, and have committed to follow the regulator’s code of Fundraising Practice. We have not received any complaints about our fundraising practice during the year. 

## **GRANT MAKING POLICY** 

The award of grants to partner organisations is a core part of our strategy. We undertake formal evaluation and due diligence procedures in advance of awarding any funding. All grants are supported by a grant agreement outlining key activities and other deliverables and we work closely with our partners to support the implementation. Total grants to partner organisations were £4.6 million (2022: £2.8 million). 

## **RELATED PARTIES** 

Blue Ventures Conservation wholly owns the subsidiary, Blue Ventures (Expeditions) Ltd (BVE), a private limited company registered in Scotland, SC233112. BVE uses paying volunteers to undertake research and monitoring of coral reefs and related ecosystems in Madagascar, Timor-Leste and Belize. 

The operations of BVE are closely aligned with those of the charity, and the two organisations have shared offices, staff, website and brand identity. BVE donates its annual profits to the charity. In FY23 BVE did not make a charitable donation to BVC. (2022: nil). 

Blue Ventures Conservation also wholly owns the subsidiary, Blue Ventures Services Ltd (BVS), a private limited company registered in England, 12345451. BVS was established in December 2019 to house all non-BVE- 

related trading activity, and to accommodate any shared non-staff costs to be allocated between Blue Ventures Conservation and BVE. BVS will donate its annual profits to the charity once it commences trade. 

Blue Ventures Conservation owns 90% of the subsidiary, Blue Ventures Indonesia, set up as a PTPMA (social enterprise). It was established on the 24th November 2022 to support and further Blue Ventures activities in Indonesia. The entity will deliver technical fisheries support to partner organisations in Indonesia. Subgrants to our partners in Indonesia will not flow through this entity. 

Further information on subsidiaries can be found in Note 14. 

**48** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **49** 



## **Governance and management** 

The Board of Trustees had three Committees each with approved terms of reference: 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

Blue Ventures Conservation (BVC) is a registered charity in England and Wales, number 1098893, and is constituted as a company limited by guarantee, registered number 04660959. 

- The Safeguarding and Reporting Committee (SRC) 

- The Finance, Risk and Audit Committee (FRAC) 

- The Nominations & Remuneration Committee (NomCom) 

BVC is governed by a Board of Trustees. The Board is responsible for determining the strategic direction and policies. The Board meets, as a minimum, four times a year to review the group’s activities and to track progress towards strategic targets. The Board delegates day-to-day running of the charity to a senior management team. The scheme of delegation sets out matters which are reserved for board decision and which are delegated to management. 

Blue Ventures’ day-to-day activities, both for the charity and subsidiaries, are overseen by a senior leadership team comprising an Executive Director, Chief People Officer, Chief Technical Officer, Chief Financial Officer, Regional Director - Asia, Regional Director - East Africa, Director of Global Advocacy, Director of Technical Knowledge, Director of Partner Networks and Director of Strategic Communications. This body is the principle decision making body within the organisation. 

The board is led by a Chair of Trustees, Fiona Holmes. Under the Articles of Association, one third of Trustees retire by rotation each year and are entitled to stand for re-election. New Trustees are recruited based on terms of reference for specific vacancies, typically when certain skill sets and experiences are sought by the Board. The members of the Board who were in office during the year and up to the date of this report are shown on the legal and administrative information on page 55. After a detailed review of required skill sets and recognising that a number of long-standing Trustees had either recently retired or were due to retire shortly, the Board undertook a substantive recruitment process and was delighted to appoint four new Trustees in the last 12 months to both fill current gaps and as preparation for future retirements. 

The executive leadership team, which consists of the Executive Director, Chief People Officer, Chief Technical Officer and Chief FInancial Officer, is responsible for setting the agenda for SLT meetings. 

## Remuneration of key management 

personnel is overseen by the Nominations & Remuneration Committee, which determines both the framework and policies that set executive pay. 

## **PUBLIC BENEFIT** 

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives, and in implementing current activities and planning future activities. The Trustees have considered this matter and concluded: 

- That the aims of the organisation continue to be charitable; 

- That the aims and the work done give identifiable benefits to the charitable sector and both indirectly and directly to individuals in need; 

- That the benefits are for the public, are not unreasonably restricted in any way and certainly not by ability to pay; and 

- That there is no detriment or harm arising from the aims or activities. 

## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** 

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

A combination of company law and charity law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the group and the incoming resources and the application of resources, including income and expenditure, for the group for that period. 

In preparing these financial statements, the Trustees are required to: 

- Select suitable accounting policies and then apply them consistently; 

- Observe the methods and principles in the Charities SORP; 

- Make judgments and estimates that are reasonable and prudent; 

- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

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

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

**50** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **51** 



## **Section 172 statement** 

This statement provides an overview of how the trustees have fulfilled their duties to promote the success of Blue Ventures Conservation and had regard to the matters set out in Section 172(1) of the Companies Act 2006, which is detailed below: 

- The likely consequences of any decision in the long term 

   - The interests of the company's employees The need to foster the company's business 

- 

- relationships with suppliers, customers and others 

- The impact of the company's operations on the community and the environment 

- • The desirability of the company maintaining a reputation for high standards of business conduct, and 

- • The need to act fairly as between members of the company. 

## **ENGAGEMENT WITH STAKEHOLDERS AND COMMUNITIES** 

Our core value of putting communities first is fundamental to our operations. Through deep, long term relationships, we actively engage with coastal communities and partner organisations, ensuring our strategies to deliver community based management align with their needs and aspirations. We have expanded our reach into new regions, such as West Africa, to support small-scale fisheries critical to millions. Our impact extended to 738 communities across 14 countries, demonstrating our dedication to effective, locally-led marine management and community empowerment. This is complemented through our advocacy work promoting the rights of small-scale fishers. 

## **HOW THE BOARD COMPLIES WITH ITS SECTION 172 DUTY** 

As Trustees of Blue Ventures, we embrace our Section 172 duties, focusing on promoting the long term success of the charity for the benefit of its members and stakeholders. This includes considering the interests of employees, fostering relationships with key implementation partners, maintaining high standards of business conduct, and understanding community needs. 

Other critical stakeholders of Blue Ventures includes suppliers, employees, funders and government.We maintain good relationships with suppliers by conducting high standards of business conduct. Our procurement policy in particular emphasises fairness and integrity throughout the process of procurement and the stewardship of suppliers. 

We work closely with funders, reporting regularly to ensure that we deliver the outcomes intended from their grants and donations. 

Blue Ventures Conservation | **53** 



## **EMPLOYEE WELLBEING AND ORGANISATIONAL CULTURE** 

We have significantly invested in our people, creating roles focused on culture and wellbeing, and launching a diversity, equity, and inclusion (DEI) strategy. This strategy is central to our mission, reflecting our commitment to social justice and inclusive approaches in conservation and fisheries management. Our team is now 288 people, with a focus on ensuring that our workforce and governance are reflective of the communities we serve. 

## **ENVIRONMENTAL RESPONSIBILITY AND CLIMATE CHANGE** 

Our work, grounded in evidence and innovative approaches, directly addresses the challenges posed by climate change, as exemplified by our response to tropical Cyclone Freddy. We aim to reduce climate change impacts while supporting biodiversity, food security, and human health and well-being. 

## **ENERGY AND CARBON REPORT** 

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities. 

## **GOVERNANCE AND RISK MANAGEMENT** 

We maintain robust governance and risk management practices, including a comprehensive register of risks and contingency plans. These practices ensure that we can effectively navigate uncertainties and continue our mission sustainably. 

## **FUTURE PLANS AND STRATEGY** 

Looking ahead, we plan to expand geographically, supporting coastal communities in West Africa and launching the Frontline Community Fund. This aligns with our 2025 strategy, aimed at thriving fishers and oceans, and leverages opensource data and digital learning platforms for greater impact. 

By adhering to these principles, we believe that Blue Ventures is well-positioned to continue making significant contributions to marine conservation and community empowerment, in line with our duties under Section 172. 

## **DISCLOSURE OF INFORMATION TO AUDITOR** 

In accordance with company law, the Trustees who held office at the date of approval of this Trustees’ Report certify that: 

- So far as they are aware, there is no relevant audit information of which the charity’s auditor is unaware; and 

- • As the Trustees of the charity they have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the charity’s auditor is aware of that information. 

The Trustees' report (including the Strategic report) was approved and authorised for issue by the Board of Trustees on 26 March 2024 and signed on their behalf by: 

Ian Barry Treasurer 

## **Legal and administrative information** 

Fiona Holmes - Chair John Wareham (appointed emeritus trustee on 13 June 2023) Gavin Starks Ian Barry Caroline Lovelace Zoe Averill Peter Everett Rupen Patel (appointed on 27 March 2023) Meg Adhiambo Oteino (appointed on 13 June 2023) Dr Philip James (appointed on 13 June 2023) Ruma Mandal (appointed on 13 June 2023) Oliver Gregson (resigned on 23 July 2023) Susan Crowther (resigned on 13 June 2023) Mark Lomas (resigned on 31 May 2023) Robert Maclay (resigned on 1 September 2022) Stuart Green (resigned on 29 September 2022) Mialy Andriamahefazafy (resigned on 12 October 2022) 

**BOARD OF TRUSTEES** 

Dr Alasdair Harris - Executive Director (departing on 30 June 2024) Dr Steve Box - Chief Technical Officer (role expanded on 1 October 2023) Richard Savill - Chief Finance Officer (role expanded on 1 October 2023) Kevin Moyes - Chief People Officer (role expanded on 1 October 2023) Annie Tourette - Director of Advocacy (role expanded on 1 August 2023) Lily Karanja - Global Head of People Services (appointed on 1 June 2023) Nick Piludu - Director of Technical Knowledge (appointed on 1 August 2023) Sharon Young - Director of Partner Network (appointed on 1 November 2023) Gildas Andriamalala - Madagascar Country Director (appointed 17 November 2023) Carole Wanju - East Africa Director (appointed 17 November 2023) Kitty Brayne - Head of Evidence and Learning (resigned on 23 March 2023) Dr Rachel Eager - Head of Monitoring and Evaluation (resigned on 26 May 2023) Martin Halliwell - Chief Operations Officer (appointed on 23 January 2023, resigned on 

**SENIOR LEADERSHIP TEAM** 

18 August 2023) 

Dr Martin Muir - Director of Digital and Communications (resigned on 6 October 2023) Pascale Hunt - Director of Development (resigned on 13 October 2023) William Stephens - Africa Regional Director (resigned on 17 November 2023) 

1098893 

**CHARITY NUMBER** 1098893 **COMPANY NUMBER** 04660959 

The Old Library, Trinity Road, Bristol, BS2 0NW, United Kingdom 

**REGISTERED OFFICE** 

HW Fisher LLP, Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom 

**AUDITORS** 

National Westminster Bank Plc., Western Avenue, Waterside Court, Chatham, ME4 4RT, United Kingdom 

**BANKERS** 

**54** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **55** 



Blue Ventures Conservation **Auditor’s report** 2022 - 2023 

oe oi **56** | Annual Report 2022 - 2023 = ira —_ @ ae 

- Sey 5 ane Blue Ventures Conservation | < a Sly, ~S re PSS: **57** he bee . ey SS oe yan Wao 



## **Independent Auditor’s report to the members of Blue Ventures Conservation** 

## **CONCLUSIONS RELATING TO GOING CONCERN** 

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

## **OPINION** 

We have audited the financial statements of Blue Ventures Conservation (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 30 June 2023 which comprise the group statement of financial activities, the consolidated and charity statements of financial position, the group and charity statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- Give a true and fair view of the state of the group’s and parent charity’s affairs as at 30 June 2023 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- Have been prepared in accordance with the requirements of the Companies Act 2006, and the Charities Act 2011. 

## **BASIS FOR OPINION** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

## **OTHER INFORMATION** 

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006** 

In our opinion, based on the work undertaken in the course of our audit: 

- The information given in the Trustees’ report, which includes the directors’ report and strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- The directors’ report and strategic report included within the Trustees’ report has been prepared in accordance with applicable legal requirements. 

**58** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **59** 



## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** 

In the light of the knowledge and understanding of the group and parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report and strategic report included within the Trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- Adequate accounting records have not been kept by the parent charity, or returns adequate for our audit have not been received from branches not visited by us; or 

- The parent charity’s financial statements are not in agreement with the accounting records and returns; or 

- Certain disclosures of Trustees’ remuneration specified by law are not made; or 

- We have not received all the information and explanations we require for our audit. 

## **RESPONSIBILITIES OF TRUSTEES** 

As explained more fully in the statement of Trustees’ responsibilities, the Trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so. 

## **AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 

As part of our planning process: 

- We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged material fraud. 

- We obtained an understanding of the legal and regulatory frameworks applicable to the charity. We determined that the following were most relevant: the Charities SORP, FRS 102, Charities Act 2011 and Companies Act 2006. 

- We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. 

- Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud, and tailored our procedures according to this risk assessment. 

The key procedures we undertook to detect irregularities including fraud during the course of the audit included: 

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. 

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. 

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations. 

   - Testing key income lines, in particular cut-off, for evidence of management bias. 

- 

   - Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted, designated and restricted funds. 

- 

- Performing a physical verification of key assets. 

- Obtaining third-party confirmation of material bank balances. 

- Documenting and verifying all significant related party and consolidated balances and transactions. 

- Reviewing documentation such as the charity board minutes, for discussions of irregularities including fraud. 

- Testing all material consolidation adjustments. 

**60** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **61** 



Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the Trustees of the charity. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **USE OF OUR REPORT** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

Carol Rudge 

Carol Rudge (Senior Statutory Auditor) For and on behalf of HW Fisher LLP 

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom 

26 Mar 2024 

> CADRE. Blue Ventures Conservation | cece os i dice eee ei,’ ey **63** 

**62** | Annual Report 2022 - 2023 



Blue Ventures Conservation **Financial statements** 2022 - 2023 



## **Group statement of financial activities** 

## **(including consolidated income and expenditure account)** 

## **Group statement of financial activities** 

## **(including consolidated income and expenditure account)** 

For the year ended 30 June 2023 

|Notes<br>**INCOME FROM:**<br>Donations and gifts<br>2a<br>Grants for core activities<br>2b<br>Charitable activities<br>3<br>Commercial trading<br>operations<br>Investments<br>Other Income<br>**Total income and**<br>**endowments**<br>**EXPENDITURE ON:**<br>Costs of generating<br>donations and legacies<br>4<br>Charitable activities<br>4<br>Commercial trading<br>operations<br>Other costs<br>**Total expenditure**<br>**Net income/(expenditure)**<br>Transfers between funds<br>18<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS:**<br>Total funds brought forward<br>**Total funds**<br>**carried forward**|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>**Restricted**<br>**funds**<br>**Expendable**<br>**Endowment**<br>**funds**<br>**2023**<br>**Total**<br>**2022**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>143<br>0<br>8<br>0<br>151<br>16,563<br>2,745<br>0<br>8,351<br>0<br>11,096<br>12,745<br>66<br>0<br>204<br>0<br>270<br>95<br>7<br>0<br>0<br>0<br>7<br>12<br>408<br>0<br>0<br>0<br>408<br>10<br>3<br>0<br>0<br>0<br>3<br>68|
|---|---|
||**3,372**<br>**0**<br>**8,563**<br>**0**<br>**11,935**<br>**29,493**|
||475<br>0<br>0<br>0<br>475<br>417<br>3,904<br>1,537<br>8,645<br>0<br>14,086<br>9,337<br>19<br>0<br>0<br>0<br>19<br>31<br>0<br>0<br>4<br>0<br>4<br>45|
||**4,398**<br>**1,537**<br>**8,649**<br>**0**<br>**14,584**<br>**9,830**|
|||
||**(1,026)**<br>**(1,537)**<br>**(86)**<br>**0**<br>**(2,649)**<br>**19,663**|
||0<br>(13,481)<br>0<br>13,481<br>0<br>0|
||**(1,026)**<br>**(15,018)**<br>**(86)**<br>**13,481**<br>**(2,649)**<br>**19,663**|
||4,742<br>17,525<br>4,251<br>0<br>26,518<br>6,855|
||**3,716**<br>**2,507**<br>**4,165**<br>**13,481**<br>**23,869**<br>**26,518**|



All income and expenditure relate to continuing activities. 

Charitable activities encompass working with coastal communities to rebuild tropical fisheries (Note 3 and 4). 

|_Comparative information_<br>Notes<br>**INCOME FROM:**<br>Donations and gifts<br>2a<br>Grants for core activities<br>2b<br>Charitable activities<br>3<br>Commercial trading<br>operations<br>Investments<br>Other Income<br>**Total income and**<br>**endowments**<br>**EXPENDITURE ON:**<br>Costs of generating<br>donations and legacies<br>4<br>Charitable activities<br>4<br>Commercial trading<br>operations<br>Other costs<br>**Total expenditure**<br>**Net income/(expenditure)**<br>Transfers between funds<br>18<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS:**<br>Total funds brought forward<br>as previously stated<br>Prior year adjustment<br>25<br>Total funds brought forward<br>as restated<br>**Total funds**<br>**carried forward**|**Restated**<br>**Unrestricted**<br>**funds**<br>**Restated**<br>**Designated**<br>**funds**<br>**Restated**<br>**Restricted**<br>**funds**<br>**Expendable**<br>**Endowment**<br>**funds**<br>**2022**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>16,539<br>0<br>24<br>0<br>16,563<br>4,813<br>0<br>7,932<br>0<br>12,745<br>2<br>0<br>93<br>0<br>95<br>12<br>0<br>0<br>0<br>12<br>10<br>0<br>0<br>0<br>10<br>68<br>0<br>0<br>0<br>68|**Restated**<br>**Unrestricted**<br>**funds**<br>**Restated**<br>**Designated**<br>**funds**<br>**Restated**<br>**Restricted**<br>**funds**<br>**Expendable**<br>**Endowment**<br>**funds**<br>**2022**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>16,539<br>0<br>24<br>0<br>16,563<br>4,813<br>0<br>7,932<br>0<br>12,745<br>2<br>0<br>93<br>0<br>95<br>12<br>0<br>0<br>0<br>12<br>10<br>0<br>0<br>0<br>10<br>68<br>0<br>0<br>0<br>68|**Restated**<br>**Unrestricted**<br>**funds**<br>**Restated**<br>**Designated**<br>**funds**<br>**Restated**<br>**Restricted**<br>**funds**<br>**Expendable**<br>**Endowment**<br>**funds**<br>**2022**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>16,539<br>0<br>24<br>0<br>16,563<br>4,813<br>0<br>7,932<br>0<br>12,745<br>2<br>0<br>93<br>0<br>95<br>12<br>0<br>0<br>0<br>12<br>10<br>0<br>0<br>0<br>10<br>68<br>0<br>0<br>0<br>68|**Restated**<br>**Unrestricted**<br>**funds**<br>**Restated**<br>**Designated**<br>**funds**<br>**Restated**<br>**Restricted**<br>**funds**<br>**Expendable**<br>**Endowment**<br>**funds**<br>**2022**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>16,539<br>0<br>24<br>0<br>16,563<br>4,813<br>0<br>7,932<br>0<br>12,745<br>2<br>0<br>93<br>0<br>95<br>12<br>0<br>0<br>0<br>12<br>10<br>0<br>0<br>0<br>10<br>68<br>0<br>0<br>0<br>68|**Restated**<br>**Unrestricted**<br>**funds**<br>**Restated**<br>**Designated**<br>**funds**<br>**Restated**<br>**Restricted**<br>**funds**<br>**Expendable**<br>**Endowment**<br>**funds**<br>**2022**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>16,539<br>0<br>24<br>0<br>16,563<br>4,813<br>0<br>7,932<br>0<br>12,745<br>2<br>0<br>93<br>0<br>95<br>12<br>0<br>0<br>0<br>12<br>10<br>0<br>0<br>0<br>10<br>68<br>0<br>0<br>0<br>68|
|---|---|---|---|---|---|
||**21,444**<br>**0**<br>**8,049**<br>**0**<br>**29,493**|||||
||417<br>0<br>0<br>0<br>417<br>1,781<br>1,281<br>6,275<br>0<br>9,337<br>31<br>0<br>0<br>0<br>31<br>45<br>0<br>0<br>0<br>45|||||
||**2,274**<br>**1,281**<br>**6,275**<br>**0**<br>**9,830**|||||
|||||||
||**19,170**<br>**(1,281)**<br>**1,774**<br>**0**<br>**19,663**|||||
||(17,255)<br>17,255<br>0<br>0<br>0|||||
||**1,915**<br>**15,974**<br>**1,774**<br>**0**<br>**19,663**|||||
||2,124<br>1,533<br>3,199<br>0<br>6,855|||||
||703<br>19<br>(722)<br>0<br>0|||||
||2,827<br>1,551<br>2,477<br>0<br>6,855|||||
|||||||
||**4,742**|**17,525**|**4,251**|**0**|**26,518**|



**66** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **67** 



## **Consolidated and charity statements of financial position** 

As at 30 June 2023 

|As at 30 June 2023||||||
|---|---|---|---|---|---|
|||**Group**|**Restated**|**Charity**|**Restated**|
||||**Group**||**Charity**|
|||2023|2022|2023|2022|
||Notes|£'000|£'000|£'000|£'000|
|**Fixed Assets:**||||||
|Tangible assets|12|445|413|426|386|
|Investment in subsidiary|13|0|0|530|50|
|**Total Fixed Assets**||**445**|**413**|**956**|**436**|
|**Current Assets:**||||||
|Debtors|15|1,131|1,425|1,124|1,424|
|Cash at bank and in hand||23,390|25,596|23,334|25,558|
|**Total Current Assets**||**24,521**|**27,021**|**24,458**|**26,982**|
|**Liabilities:**||||||
|Creditors: amounts falling due|16|(1,097)|(916)|(1,558)|(909)|
|within one year||||||
|**Net Current Assets**||**23,424**|**26,105**|**22,900**|**26,074**|
|||||||
|**Net Assets**||**23,869**|**26,518**|**23,856**|**26,510**|
|**Income Funds:**||||||
|Restricted funds|17|4,165|4,251|4,165|4,251|
|Designated funds|18|2,507|17,525|2,507|17,525|
|Unrestricted funds||3,716|4,742|3,703|4,734|
|||**10,388**|**26,518**|**10,375**|**26,510**|
|**Endowment funds:**||||||
|Expendable Endowment funds|18|13,481|0|13,481|0|
|||**23,869**|**26,518**|**23,856**|**26,510**|



## **Group and charity statement of cash flows** 

For the year ended 30 June 2023 

|For the year ended 30 June 2023||||||
|---|---|---|---|---|---|
|||**Group**|**Group**|**Charity**|**Charity**|
|||2023|2022|2023|2022|
||Notes|£'000|£'000|£'000|£'000|
|**Cash flows from operating activities:**||||||
|**Net cash provided by operating**|**21**|**(1,533)**|**16,185**|**(1,553)**|**16,183**|
|**activities**||||||
|**Cash flows from investing activities:**||||||
|Interest from investments||408|10|408|10|
|Fixed asset purchases||(183)|(138)|(182)|(138)|
|**Net cash provided by investing**||**226**|**(128)**|**226**|**(128)**|
|**activities**||||||
|||||||
|**Change in cash and cash**||**(1,307)**|**16,057**|**(1,327)**|**16,055**|
|**equivalents in the reporting period**||||||
|Cash and cash equivalents brought||25,596|6,645|25,558|6,611|
|forward||||||
|Change in cash and cash equivalents||(899)|2,894|(898)|2,892|
|due to exchange rate movements||||||
|**Cash and cash equivalents carried**||**23,390**|**25,596**|**23,334**|**25,558**|
|**forward**||||||



The charity's net expenditure for the year was £2,654,000 (2022: £19,662,851). 

A prior period adjustment is included in the 2022 comparative figures which represents the movement of reserves from Restricted funds (£721,781) to Unrestricted funds (£702,914) and Designated fund (£18,866) to the funds brought forward for that period. 

26 Mar 2024 Approved by the Board on ………………..............…… and signed on their behalf by 

Ian Barry Trustee 

**68** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **69** 



## **Notes to the financial statements** 

An expendable endowment has been created by the trustees to provide long term strategic support to partners and to support organisational growth. The trustees have the ability to spend the endowment fund as they see fit in order to support long term growth for the organisation. 

For the year ended 30 June 2023 

## **1.4  Income** 

## **1 Accounting policies** 

## Company information 

Blue Ventures Conservation is a charitable company limited by guarantee incorporated in England and Wales. The registered office is The Old Library, Trinity Road, Bristol, BS2 0NW. 

## **1.1  Basis of preparation** 

The financial statements have been prepared in accordance with the Charity’s Memorandum & Articles of Association, the Companies Act 2006, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements 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 financial statements have been prepared under the historical cost convention. The principal accounting 

Donations, legacies and other forms of voluntary income are recognised as income when receivable, except insofar as they are incapable of financial measurement. 

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable. Grants that have specific restrictions placed upon their use are credited to restricted income within the Statement of Financial Activities (SoFA) on an entitlement basis. Unspent balances are carried forward within the restricted fund. 

There are currently no grants for which entitlement to funds is dependent on fulfilment of conditions within the charity’s control. 

Unrealised foreign exchange rate gains are recognised as other gains. 

## **1.5  Expenditure** 

policies are set out below. 

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1000. 

The financial statements are consolidated and reflect the results and combined financial position of Blue Ventures Conservation, Blue Ventures Indonesia and Blue Ventures (Expeditions) Limited. As permitted by s408 of the Companies Act 2006, the parent charitable company has not presented its own income and expenditure account and related notes. 

A prior year adjustment has been included within these accounts; see note 25 for details. 

## **1.2  Going concern** 

The charity continues to receive grants and donations from existing and new donors, and retains a healthy level of reserves. The Trustees have a reasonable expectation that the Charity can continue as a going concern 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 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. 

Designated funds are used to refine and drive adoption of Blue Ventures’ conservation models with selected strategic partners. 

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. 

- Costs of generating funds are those costs incurred in attracting and securing voluntary income, and those incurred in trading and commercial activities that raise funds. 

- Grants are recognised in the period in which they are payable. Partner agreements and funding contracts may be for longer than one year. 

- Costs of charitable activities comprise all expenditure identified as wholly or mainly attributable to achieving the objectives of the charity. These costs include staff costs, wholly or mainly attributable support costs and an apportionment of general overheads. 

- Governance costs include those incurred in the governance of the group and its assets and are primarily associated with constitutional and statutory requirements. 

- Support costs include central functions and have been allocated to activity cost categories using the following method. Those costs relating to Governance and Generation of Funds are identified. The remaining costs that are shared between these functions and Charitable Activities are then apportioned based on the cost of these functions. 

## **1.6  Tangible fixed assets and depreciation** 

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of assets less estimated residual value of each asset over its expected useful life, as follows: 

- Plant, machinery and motor vehicles 25% reducing balance 

- Computer and other office equipment 33% reducing balance 

- Long leasehold land and buildings 25% 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 net income/(expenditure) for the year. 

**70** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **71** 



## **1.7  Investment in subsidiary** 

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. 

## **1.12  Retirement benefits** 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 

## **1.13  Foreign exchange** 

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 

## **1.8  Impairment of fixed assets** 

At each reporting end date, the group reviews the carrying amounts of its fixed 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). 

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are recognised on the statement of financial activities. 

## **1.14  Taxation** 

The parent charity and its subsidiaries are not liable to direct taxation on its income as it falls within the various exemptions available to registered charities. 

## **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. 

## **1.10  Financial commitments** 

The group 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 group’s balance sheet when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset 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. 

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 

## **1.15  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. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are revision and future periods where the revision affects both current and future periods. 

## **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. 

As the carrying amount of assets and liabilities are readily apparent from other sources, no judgements, estimates or assumptions are required. 

## **Basic financial liabilities** 

Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. 

## **1.11  Employee benefits** 

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

**72** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **73** 



## **2 Donations and legacies** 

## **2.a. Donations and gifts** 

|**Restricted Donations:**<br>School Scholarships<br>Other donations<br>**Total Restricted Donations**<br>**Unrestricted Donations:**<br>Charities Aid Foundation<br>Graham Stratton<br>Katherine Rundell<br>LittlePod<br>Pantheon Charitable Trust<br>Silicon Valley Community Foundation<br>Slalom Consulting<br>Other donations<br>Exchange gains<br>**Total Unrestricted Donations**<br>**Total Donations**<br>**.b. Grants receivable for core activities**<br>**Restricted Grants:**<br>Arcadia<br>American Friends of Blue Ventures<br>Beyond the Surface International<br>Blue Action Fund<br>Bohemian Foundation<br>Beyond Our Borders, a donor-advised fund held at<br>The Women’s Foundation of Colorado<br>Bloomberg Ocean Initiative<br>Bloomberg Ocean Fund, supported by Bloomberg Phillanthropies<br>Cartier Philanthropy<br>Department for Environment, Food & Rural Afairs<br>Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH<br>Fondation Audemars Piguet<br>Fondation Erol<br>Funded by the UK government through The Darwin Initiative|**2023**<br>**2022**<br>£'000<br>£'000<br>7<br>23<br>1<br>1|
|---|---|
||**8**<br>**24**|
||-<br>233<br>44<br>36<br>17<br>-<br>-<br>2<br>25<br>-<br>-<br>15,178<br>17<br>-<br>39<br>1<br>1<br>1,089|
||**143**<br>**16,539**|
|||
||**151**<br>**16,563**|
||**2023**<br>**2022**<br>£'000<br>£'000<br>-<br>380<br>358<br>-<br>3<br>-<br>1,051<br>256<br>62<br>56<br>8<br>-<br>399<br>-<br>441<br>737<br>252<br>311<br>1,677<br>1,438<br>8<br>54<br>-<br>43<br>165<br>-<br>181<br>106|



## **2.b. Grants receivable for core activities** 

|**Restricted Grants (continued):**<br>Godley Family Foundation<br>ICT 4 Fisheries<br>International Union for Conservation of Nature and Natural Resources (IUCN)<br>KfW Development Bank<br>Levine Family Foundation<br>NIHR via London School of Hygiene and Tropical Medicine (see notes)<br>Margaret A Cargill Philanthropies<br>MSI Reproductive Choices<br>Marine Research Foundation<br>Mesoamerican Reef Fund Inc<br>Madagascar - Ministere De L'Agriculture, De L'Elevage Et De La Peche<br>New England Biolabs<br>The Flotilla Foundation<br>Swiss Philanthropy Foundation<br>Synchronicity Earth<br>The Ernest Kleinwort Charitable Trust<br>The Minderoo Foundation<br>The Nature Conservancy<br>The Norwegian Agency for Development Cooperation (Norad)<br>The Oak Foundation<br>Principality of Monaco<br>The Rocket Foundation<br>The Ruford Foundation<br>The Summit Foundation<br>The Turing Foundation<br>The Waterloo Foundation<br>UBS Optimus Foundation<br>UNEP/ICRI small grants programme<br>United States Agency for International Development (USAID)<br>United World Schools<br>US Embassy for Madagascar and Comoros<br>Walton Family Foundation<br>Others<br>Exchange Gains (Losses)<br>**Total Restricted Grants**|**2023**<br>**2022**<br>£'000<br>£'000<br>20<br>20<br>-<br>36<br>37<br>-<br>65<br>877<br>27<br>-<br>5<br>-<br>203<br>270<br>-<br>75<br>18<br>-<br>22<br>9<br>251<br>72<br>2<br>7<br>209<br>-<br>-<br>81<br>5<br>-<br>-<br>40<br>114<br>49<br>11<br>4<br>474<br>-<br>-<br>170<br>44<br>43<br>71<br>41<br>100<br>100<br>35<br>29<br>61<br>-<br>30<br>30<br>132<br>163<br>25<br>291<br>-<br>36<br>-<br>58<br>54<br>65<br>393<br>487<br>1,338<br>1,500<br>-<br>(2)|
|---|---|
||**8,351**<br>**7,932**|



**74** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **75** 



|**2023**|**2022**|
|---|---|
|£'000|£'000|



|**Unrestricted Grants:**<br>The AIM Foundation<br>Charities Aid Foundation<br>Evenlode Investment Management Ltd<br>Godley Family Foundation<br>LGT Venture Philanthropy Foundation<br>LittlePod<br>Mulago Foundation<br>Segal Family Foundation<br>Skoll Foundation<br>Sobrato Philanthropies<br>Sustainable Markets Foundation<br>The Derek Raphael Charitable Trust<br>The Hartswood Trust<br>The Lucille Foundation<br>The Ray and Tye Noorda Foundation<br>The Sall Family Foundation<br>The Salesfore Foundation (previously Tableau)<br>Wildlife Conservation Network<br>Others<br>Exchange Gains (Losses)<br>**Total Unrestricted Grants**<br>**Total Grants**|30<br>-<br>45<br>194<br>30<br>50<br>-<br>14<br>-<br>144<br>2<br>1<br>412<br>377<br>41<br>38<br>12<br>74<br>-<br>7<br>-<br>7<br>-<br>5<br>50<br>50<br>150<br>150<br>-<br>186<br>-<br>191<br>123<br>-<br>-<br>19<br>1,850<br>2,344<br>-<br>962|
|---|---|
||**2,745**<br>**4,813**|
|||
||**11,096**<br>**12,745**|



Donations and legacies includes government grants from the governments of the United Kingdom (Department for Environment, Food & Rural Affairs and Funded by the UK government through The Darwin Initiative), Madagascar (Ministere De L'Agriculture, De L'Elevage Et De La Peche) and the United States of America (United States Agency for International Development (USAID) and US Embassy) and Monaco (Principality of Monaco). These grants are programmatic and support the charity's work through a number of themes. 

## **4 Expenditure** 

|**Raising funds:**<br>Costs of generating donations and<br>legacies<br>**Charitable activities:**<br>Re-allocation of support costs<br>**Comparative Figures**<br>**Raising funds:**<br>Costs of generating donations and<br>legacies<br>**Charitable activities:**<br>Re-allocation of support costs|**Staf**<br>**costs**<br>**Other**<br>**direct**<br>**costs**<br>**Grant**<br>**payments**<br>**Support**<br>**costs**<br>**Exchange**<br>**losses**<br>**2023**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>0<br>55<br>0<br>420<br>0<br>475<br>3,091<br>3,079<br>4,601<br>2,402<br>913<br>14,086<br>1,604<br>0<br>0<br>(1,604)<br>0<br>0|
|---|---|
||**4,695**<br>**3,134**<br>**4,601**<br>**1,218**<br>**913**<br>**14,561**|
||**Staf**<br>**costs**<br>**Other**<br>**direct**<br>**costs**<br>**Grant**<br>**payments**<br>**Support**<br>**costs**<br>**Exchange**<br>**losses**<br>**2022**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>0<br>90<br>0<br>327<br>0<br>417<br>2,870<br>2,064<br>2,760<br>1,643<br>0<br>9,337<br>1,262<br>0<br>0<br>(1,262)<br>0<br>0|
||**4,132**<br>**2,154**<br>**2,760**<br>**707**<br>**0**<br>**9,754**|



## **Net income/(expenditure) is stated after charging:** 

Grant providers reported as "Others" are adjusted when the funders or donators exercise or withdraw their right of anonymity. 

## **3  Income from charitable activities** 

|Other incoming resources comprise:<br>Contracts for programme activities|**2023**<br>**2023**<br>**2023**<br>**2022**<br>**2022**<br>**2022**<br>Unrestricted<br>funds<br>Restricted<br>funds<br>Total<br>funds<br>Unrestricted<br>funds<br>Restricted<br>funds<br>Total<br>funds<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>66<br>204<br>270<br>2<br>93<br>95|
|---|---|
||**66**<br>**204**<br>**270**<br>**2**<br>**93**<br>**95**|



||**2023**|**2022**|
|---|---|---|
||£'000|£'000|
|Payments made under lease contracts|94|94|
|Audit fees|31|35|



Non-audit fees paid to our auditors amounted to £7,188 (2022: £5,740). These relate to provision of payroll and tax services. 

**76** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **77** 



## **5 Support costs** 

|**Support costs comprise:**<br>Staf costs<br>Audit fees<br>Non audit fees<br>Bank charges<br>Administration fees<br>Legal fees<br>Depreciation<br>Telecommunications and IT<br>Postage, print and stationery<br>Other ofce costs<br>Insurance<br>Loss on disposal of Fixed Assets<br>Re-allocation of support costs<br>**Support costs comprise:**<br>Staf costs<br>Audit fees<br>Non audit fees<br>Bank charges<br>Administration fees<br>Legal fees<br>Depreciation<br>Telecommunications and IT<br>Postage, print and stationery<br>Other ofce costs<br>Insurance<br>Loss on disposal of Fixed Assets<br>Re-allocation of support costs|**Costs of**<br>**generating funds**<br>**Charitable**<br>**activites**<br>**Governance**<br>**2023**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>419<br>1,125<br>60<br>1,604<br>0<br>0<br>31<br>31<br>0<br>28<br>0<br>28<br>0<br>26<br>0<br>26<br>0<br>31<br>0<br>31<br>0<br>24<br>19<br>43<br>0<br>132<br>0<br>132<br>1<br>124<br>0<br>125<br>0<br>4<br>0<br>4<br>0<br>726<br>0<br>726<br>0<br>60<br>3<br>63<br>0<br>9<br>0<br>9<br>0<br>(1,604)<br>0<br>(1,604)|
|---|---|
||**420**<br>**685**<br>**113**<br>**1,218**|
||**Costs of**<br>**generating funds**<br>**Charitable**<br>**activites**<br>**Governance**<br>**2022**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>322<br>889<br>52<br>1,263<br>0<br>0<br>35<br>35<br>0<br>6<br>0<br>6<br>0<br>23<br>0<br>23<br>2<br>51<br>0<br>53<br>0<br>11<br>9<br>20<br>0<br>131<br>0<br>131<br>1<br>76<br>0<br>77<br>0<br>3<br>0<br>3<br>1<br>326<br>2<br>329<br>0<br>26<br>3<br>29<br>0<br>0<br>0<br>0<br>0<br>(1,262)<br>0<br>(1,262)|
||**326**<br>**280**<br>**101**<br>**707**|



Support costs have been allocated to each of the above activities based on an estimate by management of the time spent by staff on each relevant activity. 

## **6 Staff costs** 

||**2023**|**2022**|
|---|---|---|
||£'000|£'000|
|Wages and salaries|4,070|3,541|
|Social security|552|530|
|Pensions|73|61|
||**4,695**|**4,132**|
||**2023**|**2022**|
||No.|No.|
|**Number of employees who earned from:**|||
|£60,000 to £69,999|2|1|
|£70,000 to £79,999|4|3|
|£100,000 to £109,999|-|1|
|£110,000 to £119,999|2|-|
||**2023**|**2022**|
||No.|No.|
|**The average number of employees during the year:**|||
|Staf|270|271|



For the year ended 30 June 2023, the key management personnel of the charity, the Trust, comprised the trustees, the Executive Director, Director of People and Culture, Chief Operating Officer, Finance Director, Africa Regional Director, Regional Director for Asia Pacific. The total employee benefits of the key management personnel of the Trust were £522,424 (FY2022 £412,583). 

## **7 Costs of generating donations and legacies** 

||**2023**|**2022**|
|---|---|---|
||£'000|£'000|
|**Other direct costs of generating donations and legacies comprise:**|||
|Conference and meetings|0|1|
|Consultancy|25|66|
|Travel|29|23|
|Ofce expenses|1|-|
||**55**|**90**|



**78** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **79** 



## **8 Charitable activities** 

||**2023**|**2022**|
|---|---|---|
||£'000|£'000|
|**Other direct costs relating to programme activities comprise:**|||
|Community Outreach Projects|395|245|
|Site and technical|1,132|675|
|Travel|1,147|788|
|Ofce expenses|82|78|
|Bank charges|3|3|
|Conference and meetings|63|23|
|Legal and professional|2|12|
|Telecommunications and IT|113|109|
|Postage, print and stationery|51|56|
|Insurance|93|75|
||**3,079**|**2,064**|



## **9 Governance costs** 

|**Other governance costs comprise:**<br>Audit fees<br>Staf costs<br>Directors and Ofcers Liability Insurance<br>Legal advice for the Trustees<br>Trustee's attendance at Trustee meetings|**2023**<br>**2022**<br>£'000<br>£'000<br>31<br>35<br>60<br>52<br>3<br>3<br>19<br>9<br>0<br>2|
|---|---|
||**113**<br>**101**|



Staff costs are allocated based on a percentage of time spent on governance activities. 

## **10 Grant payments to partner organisations** 

|**Name of partner**<br>**Country**<br>Abalobi<br>South Africa<br>Aga Kahn foundation<br>Madagascar<br>Aga Kahn foundation<br>Indonesia<br>Bahari Hai Conservation CBO<br>Kenya<br>Coastal and Marine Resource Development<br>Kenya<br>Comred - Coastal & Marine Resource<br>Kenya<br>Dahari<br>Comoros<br>Dakshin Foundation (FCRA)<br>United Kingdom<br>Yayasan Ecosystem Impact<br>Indonesia<br>Environmental Justice Foundation<br>United Kingdom<br>Forkani (Forum Kahedupa Toudani)<br>Indonesia<br>Greenf Systems Limited<br>Kenya<br>Indonesia Ocean Justice Initiative<br>Indonesia<br>Japesda<br>Indonesia<br>Kilwa District BMU Network<br>Tanzania<br>Lamu Marine Conservation Trust (LAMCOT)<br>Kenya<br>Lembaga Jari<br>Indonesia<br>Mihari<br>Madagascar<br>Maliasili<br>Kenya<br>Margaret Pyke Trust<br>United Kingdom<br>Mwambao Coastal Community Network<br>Tanzania<br>Nebeday<br>Senegal<br>Oikos – cooperação e desenvolvimento<br>Mozambique<br>OSDRM<br>Madagascar<br>Save Andaman Network Foundation (SAN)<br>Indonesia<br>Sea Sense<br>Tanzania<br>Seed Madagascar<br>Madagascar<br>Songosongo BMU<br>Tanzania<br>Tiniguena<br>Guinea-Bissau<br>Transparency International Initiative<br>Madagascar<br>Yapeka Association<br>Indonesia<br>Yayasan Alam Indonesia Lestari (Lini)<br>Indonesia<br>Yayasan Baileo Maluku<br>Indonesia<br>Yayasan Citra Mandiri Mentawai<br>Indonesia<br>Yayasan Hutan Biru<br>Indonesia<br>Yayasan Mitra Insani<br>Indonesia<br>Yayasan Pesisir Lestari<br>Indonesia<br>Yayasan Planet Indonesia<br>Indonesia<br>Yayasan Tananua Flores<br>Indonesia<br>Others<br>**Total**|**2023**<br>**2022**<br>£'000<br>£'000<br>84<br>0<br>40<br>0<br>45<br>60<br>30<br>0<br>89<br>129<br>344<br>0<br>271<br>81<br>84<br>26<br>37<br>0<br>66<br>84<br>67<br>92<br>18<br>38<br>0<br>43<br>92<br>70<br>19<br>7<br>19<br>0<br>58<br>53<br>20<br>0<br>209<br>51<br>0<br>22<br>545<br>145<br>26<br>0<br>91<br>33<br>236<br>0<br>52<br>9<br>240<br>70<br>41<br>0<br>0<br>15<br>31<br>0<br>10<br>18<br>112<br>83<br>49<br>66<br>106<br>171<br>52<br>19<br>336<br>231<br>194<br>106<br>643<br>567<br>131<br>340<br>29<br>79<br>85<br>52|
|---|---|
||**4,601**<br>**2,760**|



**80** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **81** 



## **11 Trustees' remuneration** 

Expenses related to travel and accomodation were reimbursed to 6 Trustees which, where claimed, amounted to an aggregate £371 (FY22: £2,424). 

The Charity does not remunerate trustees for their normal duties as a trustee. The Charities Act 2011 allows for payments to Trustees. 

## **12 Group tangible fixed assets** 

|**Cost:**<br>1 July 2022<br>Additions<br>Disposals<br>Impairment<br>**30 June 2023**<br>**Depreciation**:<br>1 July 2022<br>Charge for the year<br>Disposals<br>Impairment<br>**30 June 2023**<br>**Net book value:**<br>30 June 2022<br>**30 June 2023**|**Leasehold land and**<br>**buildings**<br>**Computer and other**<br>**ofce equipment**<br>**Plant, machinery and**<br>**motor vehicles**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>44<br>299<br>874<br>1,218<br>8<br>131<br>44<br>183<br>(1)<br>(3)<br>(36)<br>(40)<br>0<br>(12)<br>(59)<br>(71)|
|---|---|
||**51**<br>**415**<br>**823**<br>**1,289**|
||30<br>149<br>626<br>805<br>5<br>69<br>65<br>139<br>(1)<br>(1)<br>(36)<br>(38)<br>0<br>(10)<br>(52)<br>(62)|
||**34**<br>**207**<br>**603**<br>**844**|
||14<br>150<br>248<br>413|
||**17**<br>**208**<br>**220**<br>**445**|



## **Charity tangible fixed assets** 

|**Cost:**<br>1 July 2022<br>Additions<br>Disposals<br>Impairment<br>**30 June 2023**<br>**Depreciation:**<br>1 July 2022<br>Charge for the year<br>Disposals<br>Impairment<br>**30 June 2023**<br>**Net book value:**<br>30 June 2022<br>**30 June 2023**|**Leasehold land**<br>**and buildings**<br>**Computer and other**<br>**ofce equipment**<br>**Plant, machinery**<br>**and motor vehicles**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>42<br>265<br>715<br>1,022<br>8<br>130<br>44<br>182<br>(1)<br>0<br>(28)<br>(29)<br>0<br>(10)<br>(50)<br>(60)|
|---|---|
||**49**<br>**385**<br>**681**<br>**1,115**|
||28<br>118<br>490<br>636<br>5<br>68<br>59<br>132<br>(1)<br>0<br>(27)<br>(28)<br>0<br>(8)<br>(43)<br>(51)|
||**32**<br>**178**<br>**479**<br>**689**|
||14<br>147<br>225<br>386|
||**17**<br>**207**<br>**202**<br>**426**|



## **13 Fixed asset investments** 

|**3 Fixed asset investments**|||
|---|---|---|
||**Charity**|**Charity**|
||2023|2022|
||£'000|£'000|
|Investments in subsidiaries|530|50|



## **14 Subsidiaries** 

Details of the charity's subsidiaries as at 30 June 2023 are as follows: 

|**Name of undertaking and**|**Nature of Business**|**Class of Shareholding**|**% Held Direct**|
|---|---|---|---|
|**country of incorporation**||||
|Blue Ventures (Expeditions) Limited|Conservation|Ordinary|100|
|Blue Ventures Services Limited|Service Activites|Ordinary|100|
|Blue Ventures Indonesia|Service Activites|Common|90|



The Net liabilities of Blue Ventures (Expeditions) Limited at the end of the reporting period are £28,505 (2022: £23,535). During the year, Blue Ventures (Expeditions) Limited made an operating loss of £4,970 (2022: £18,050) incorporating turnover and other gains of £10,259 (2022: £11,866) and expenditure of £15,230 (2022: £24,721). 

**82** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **83** 



The registered office of Blue Ventures (Expeditions) Ltd is Lime House, Carham Kelso, Roxburghshire, TD5 8HT, United Kingdom. 

Blue Ventures Services Limited is exempt from preparing individual accounts by virtue of s394A of Companies Act 2006 as it has been dormant throughout the period, and has no assets or liabilities. 

Blue Ventures Indonesia was incorporated as a PTPMA (foreign investment private limited company) in Indonesia on 24 November 2022, to provide consulting services to Blue Ventures' delivery partners in Indonesia. Blue Ventures Conservation holds 90% of the shares. The non-controlling interest of 10% of the shares are held by Stephen Box, who is a key management person within Blue Ventures Conservation. Any right to an economic interest within the company such as equity upon wind up or sale of the entity and dividends have been waived. In accordance with the SORP Para 24.27, Blue Ventures Conservation is consolidating 100% of the entity given the considerations of substance over form that is prescribed. 

At 30 June 2023, Blue Ventures Indonesia held Net Assets of £533,888. There was no income received in the financial year ending 30 June 2023. Operating costs were £12 in the year. 

## **15 Debtors** 

|Other debtors<br>Accrued income and prepayments|**Group**<br>**Group**<br>**Charity**<br>**Charity**<br>2023<br>2022<br>2023<br>2022<br>£'000<br>£'000<br>£'000<br>£'000<br>805<br>431<br>801<br>430<br>326<br>994<br>323<br>994|
|---|---|
||**1,131**<br>**1,425**<br>**1,124**<br>**1,424**|



## **16 Creditors: amounts falling due within one year** 

|Amounts owed to group undertakings<br>Other creditors<br>Accruals|**Group**<br>**Group**<br>**Charity**<br>**Charity**<br>2023<br>2022<br>2023<br>2022<br>£'000<br>£'000<br>£'000<br>£'000<br>0<br>0<br>477<br>0<br>920<br>580<br>910<br>573<br>178<br>337<br>171<br>336|
|---|---|
||**1,098**<br>**917**<br>**1,558**<br>**909**|



## **17 Restricted Income Funds** 

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes. 

|Aquaculture<br>Supporting partners<br>Expansion in new<br>regions<br>Blue Forests/Blue<br>Carbon<br>LMMA/Octopus<br>People, health and<br>education<br>Mihari<br>Advocacy<br>Other|**Movement in funds**<br>**Restated Balance**<br>**at 1 July 2022**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Balance at**<br>**30 June 2023**<br>£'000<br>£'000<br>£'000<br>£'000<br>61<br>0<br>0<br>61<br>388<br>1,417<br>(1,056)<br>749<br>651<br>974<br>(1,180)<br>445<br>1,142<br>3,257<br>(3,050)<br>1,349<br>643<br>1,424<br>(2,003)<br>64<br>899<br>485<br>(523)<br>861<br>165<br>9<br>(3)<br>171<br>345<br>548<br>(581)<br>312<br>(43)<br>449<br>(253)<br>153|
|---|---|
||**4,251**<br>**8,563**<br>**(8,649)**<br>**4,165**|



## **Movement in funds** 

|Aquaculture<br>Supporting partners<br>Expansion in new<br>regions<br>Blue Forests/Blue<br>Carbon<br>LMMA/Octopus<br>People, health and<br>education<br>Mihari<br>Advocacy<br>Other|**Restated Balance**<br>**at 1 July 2021**<br>**Restated Incoming**<br>**resources**<br>**Restated Resources**<br>**expended**<br>**Restated Balance**<br>**at 30 June 2022**<br>£'000<br>£'000<br>£'000<br>£'000<br>61<br>0<br>0<br>61<br>174<br>971<br>(757)<br>388<br>332<br>1,267<br>(948)<br>651<br>1,095<br>2,157<br>(2,110)<br>1,142<br>223<br>1,775<br>(1,355)<br>643<br>384<br>1,105<br>(590)<br>899<br>171<br>84<br>(90)<br>165<br>0<br>590<br>(245)<br>345<br>37<br>100<br>(180)<br>(43)|
|---|---|
||**2,477**<br>**8,049**<br>**(6,275)**<br>**4,251**|



**84** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **85** 



## Notes: 

- Our aquaculture programme enables communities to diversify their livelihoods by developing sea cucumber and seaweed farms as a way of reducing fishing pressure and alleviating poverty. 

- Supporting partners primarily represents programmes run in collaboration with our partner Yayasan Pesisir Lestari in Indonesia, partnering with community organisations to design, scale, strengthen and sustain fisheries management and conservation at the community-level. 

- Expansion in new regions consists of various programmes across geographies which were previously new to Blue Ventures, such as Belize, Comoros and Timor Leste. 

- Our Blue Forests programmes link the conservation of mangrove, seagrass and coastal wetland habitats with international carbon markets, sustainable fisheries, and other incentives to catalyse community support for mangrove protection. 

- Locally Managed Marine Areas (LMMAs) have been at the core of Blue Ventures' success to date, empowering local communities and using temporary closures to play a catalytic role in the adoption of more extensive marine conservation measures. 

- People, Health and Education represents the work we do with health partners and governments to increase access to health services and education and to strengthen health systems. 

- Mihari is Madagascar's network of LMMAs which became a fully independent entity in June 2022, a decade after its inception and development within our country programme. 

- We launched an advocacy programme this year to promote the rights of small-scale fishers and inspire dialogue with governments in the countries where we support community-led conservation. 

- Other includes specific projects which do not fall within any of the above categories and elements of advocacy. 

Please refer to the trustees' report for additional information on individual projects. 

## **18 Expendable endowment and Designated funds** 

|||**Movement in fund**||||
|---|---|---|---|---|---|
||**Restated**|**Incoming**|**Resources**|**Transfer**|**Balance at**|
||**Balance at**|**resources**|**expended**|**between**|**30 June 2023**|
||**1 July 2022**|||**funds**||
|**Designated funds**|£'000|£'000|£'000|£'000|£'000|
|Supporting partners|17,525|0|(1,537)|(13,481)|2,506|
|||**Movement in fund**||||
||**Restated**|**Incoming**|**Resources**|**Transfer**|**Balance at**|
||**Balance at**|**resources**|**expended**|**between**|**30 June 2022**|
||**1 July 2021**|||**funds**||
|**Designated funds**|£'000|£'000|£'000|£'000|£'000|
|Supporting partners|1,551|0|(1,281)|17,255|17,525|
|||**Movement in fund**||||
||**Balance at**|**Incoming**|**Resources**|**Transfer**|**Balance at**|
||**1 July 2022**|**resources**|**expended**|**between**|**30 June 2023**|
|||||**funds**||
|**Expendable funds**|£'000|£'000|£'000|£'000|£'000|
|Transfer In from|0|0|0|13,481|13,481|
|Designated funds||||||



## **Movement in fund** 

||**Balance at**|**Incoming**|**Resources**|**Transfer**|**Balance at**|
|---|---|---|---|---|---|
||**1 July 2021**|**resources**|**expended**|**between**|**30 June 2022**|
|||||**funds**||
|**Expendable funds**|£'000|£'000|£'000|£'000|£'000|
|Supporting partners|0|0|0|0|(0)|



The Trustees transferred £17.3 million to designated funds from unrestricted funds in financial year 2022. 

In financial year 2023 £13.5 million was transferred from designated funds as expendable endowment. 

The funds will be used to make long-term commitments to the community-based organisations we partner with, affording them the ability to make plans that will deliver lasting impact over a significant period of time. These commitments will also allow these organisations to grow and develop themselves so that they may become financially and operationally sustainable independent of Blue Ventures’ support in the longer term. 

This will play a crucial role in driving progress towards our vision. 

## **19 Analysis of net assets between funds** 

|**Group**<br>Fund balances at 30 June 2023 ar<br>Tangible fxed assets<br>Current assets<br>Creditors: amounts falling due<br>within one year<br>**Charity**<br>Fund balances at 30 June 2023 ar<br>Investment in subsidiary<br>Tangible fxed assets<br>Current assets<br>Creditors: amounts falling due<br>within one year|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>**Restricted**<br>**funds**<br>**Expendable**<br>**Endowment**<br>**funds**<br>**Total**<br>**2023**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>e represented by:<br>99<br>0<br>346<br>0<br>445<br>4,714<br>2,507<br>3,819<br>13,481<br>24,521<br>(1,097)<br>0<br>0<br>0<br>(1,097)|
|---|---|
||**3,716**<br>**2,507**<br>**4,165**<br>**13,481**<br>**23,869**|
||**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>**Restricted**<br>**funds**<br>**Expendable**<br>**Endowment**<br>**funds**<br>**Total**<br>**2023**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>e represented by:<br>530<br>0<br>0<br>0<br>530<br>81<br>0<br>345<br>0<br>426<br>4,650<br>2,507<br>3,820<br>13,481<br>24,458<br>(1,558)<br>0<br>0<br>0<br>(1,558)|
||**3,703**<br>**2,507**<br>**4,165**<br>**13,481**<br>**23,856**|



**86** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **87** 



|**Comparative fgures**|**Restated**|**Restated**|**Restated**|**Expendable**|**Total**|
|---|---|---|---|---|---|
||**Unrestricted**|**Designated**|**Restricted**|**Endowment**|**2022**|
||**funds**|**funds**|**funds**|**funds**||
||£'000|£'000|£'000|£'000|£'000|



## **Group** 

|Fund balances at 30 June 2022 ar<br>Tangible fxed assets<br>Current assets<br>Creditors: amounts falling due<br>within one year<br>**Comparative fgures**<br>**Charity**<br>Fund balances at 30 June 2022 ar<br>Investment in subsidiary<br>Tangible fxed assets<br>Current assets<br>Creditors: amounts falling due<br>within one year|e represented by:<br>80<br>0<br>333<br>0<br>413<br>5,579<br>17,525<br>3,917<br>0<br>27,021<br>(917)<br>0<br>0<br>0<br>(917)|
|---|---|
||**4,742**<br>**17,525**<br>**4,250**<br>**0**<br>**26,517**|
||**Restated**<br>**Unrestricted**<br>**funds**<br>**Restated**<br>**Designated**<br>**funds**<br>**Restated**<br>**Restricted**<br>**funds**<br>**Expendable**<br>**Endowment**<br>**funds**<br>**Total**<br>**2022**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>e represented by:<br>50<br>0<br>0<br>0<br>50<br>53<br>0<br>333<br>0<br>386<br>5,540<br>17,525<br>3,918<br>0<br>26,983<br>(909)<br>0<br>0<br>0<br>(909)|
||**4,734**<br>**17,525**<br>**4,251**<br>**0**<br>**26,510**|



## **20 Related party transactions** 

Blue Ventures Conservation has a wholly owned subsidiary, Blue Ventures (Expeditions) Ltd, a private limited company registered in Scotland, SC233112. Both organisations share a common senior management team which has authority and responsibility to direct and control activities on a day-to-day basis. Blue Venture Conservation holds a 90% share of the Blue Venture Indonesia (BVI), a foreign investment private limited company. Registered in Bali on the 24 November 2022, Business Identification Number (Business Licence) 1912220064985, BVI has a separate independent board which has authority and responsibility to direct and manage the operational activities. The leadership team is supported by local team in Indonesia to carry out the day-to-day operations with control and monitoring is being maintained under the Blue Ventures Conservation group functions. 

Transactions between Blue Ventures Conservation and it's subsidaries relate to operational costs and were as follows: 

||**Received from**||**Paid to**||
|---|---|---|---|---|
||**2023**|**2022**|**2023**|**2022**|
||£'000|£'000|£'000|£'000|
|Blue Ventures (Expeditions) Limited|0|244|0|234|
|Blue Ventures Indonesia|0|0|4|0|



Blue Ventures Conservation had a balance of £91,826 (2022: £77,650) receivable from Blue Ventures (Expeditions) Limited at 30 June 2023. This has been fully provided for. 

Blue Ventures Conservation had a balance of £0 payable and £476,522 Deferred Consideration with Blue Ventures Indonesia at 30 June 2023. 

Donations received from Trustees during the year totalled £60 (2022: £50) 

## **21 Reconciliation of net movement in funds to net cash flow from operating activities** 

|**Net movement in funds (as per the**<br>**statement of fnancial activities)**<br>**Adjustments for:**<br>Depreciation charges<br>Impairment charges<br>Amortisation charges<br>Loss on disposal of fxed assets<br>Investment in subsidary<br>Interest income<br>Decrease/(increase) in debtors<br>Increase/(decrease) in creditors<br>Unrealised currency translation (gains)/losses<br>**Net cash used in operating activities**|**Group**<br>**Group**<br>**Charity**<br>**Charity**<br>2023<br>2022<br>2023<br>2022<br>£'000<br>£'000<br>£'000<br>£'000<br>(2,649)<br>19,663<br>(2,654)<br>19,716<br>139<br>134<br>132<br>124<br>9<br>0<br>9<br>0<br>0<br>7<br>0<br>0<br>2<br>5<br>1<br>3<br>0<br>0<br>(480)<br>0<br>(408)<br>(10)<br>(408)<br>(10)<br>295<br>(1,223)<br>300<br>(1,260)<br>180<br>504<br>649<br>502<br>899<br>(2,894)<br>898<br>(2,892)|
|---|---|
||**(1,533)**<br>**16,185**<br>**(1,553)**<br>**16,183**|



**88** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **89** 



## **22 Net debt** 

The charity had no debt during the year. 

## **23 Commitments for grant payments to partners** 

The charity had the following future payments to partners for each of the following periods: 

|Within one year<br>2 - 5 years|**Restricted**<br>**payments**<br>**Designated**<br>**payments**<br>**2023**<br>**Total**<br>**Restricted**<br>**payments**<br>**Designated**<br>**payments**<br>**2022**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>£'000<br>1,272<br>292<br>1,564<br>1,321<br>298<br>1,619<br>433<br>25<br>458<br>450<br>25<br>475|
|---|---|
||**1,705**<br>**317**<br>**2,022**<br>**1,771**<br>**323**<br>**2,094**|



Grants made to partners are not subject to performance related conditions. 

## **24 Operating lease commitments** 

The charity had the following future minimum lease payments under noncancellable operating leases for each of the following periods: 

|Within one year<br>2 - 5 years|**2023**<br>**2022**<br>£'000<br>£'000<br>6<br>19<br>8<br>16|
|---|---|
||**14**<br>**35**|



## **25 Prior period adjustment** 

During a comprehensive review of Blue Ventures' historic fund balances, a misclassification in the allocation of our funds in the prior year's accounts relating to the allocation of expenditure between restricted and unrestricted funds was identified. This review led to the following adjustments to the brought forward fund balances for the prior year comparative. 

## Reclassification of Funds: 

A total of £721,781, previously classified under restricted funds, has been identified for reclassification. Of this, £702,915 has been reclassified to unrestricted funds. The remaining £18,866 has been reclassified to designated funds. 

## **Group prior period adjustment** 

|**Balances on 01 July 2021**<br>Brought forward balance<br>aspreviouslystated|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>**Restricted**<br>**funds**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>2,124<br>1,533<br>3,199<br>6,855|
|---|---|
|Reclassifcation of balances<br>prior to 01 July 2021<br>Restated balance carried forward<br>**Balances on 01 July 2022**<br>Brought forward balance as<br>previouslystated<br>|703<br>19<br>(722)<br>0|
||**2,827**<br>**1,551**<br>**2,477**<br>**6,855**|
||4,039<br>17,506<br>4,973<br>26,518|
|Reclassifcation of balances<br>prior to 01 July 2021<br>703<br>19<br>(722)<br>0<br>Restated balance carried forward<br>**4,742**<br>**17,525**<br>**4,251**<br>**26,518**<br>**Charity prior period adjustment**<br>**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>**Restricted**<br>**funds**<br>**Total**<br>£'000<br>£'000<br>£'000<br>£'000<br>**Balances on 01 July 2021**<br>Brought forward balance<br>aspreviouslystated<br>2,063<br>1,533<br>3,199<br>6,795|703<br>19<br>(722)<br>0|
||**4,742**<br>**17,525**<br>**4,251**<br>**26,518**|
|Reclassifcation of balances<br>prior to 01 July 2021<br>Restated balance carried forward<br>**Balances on 01 July 2022**<br>Brought forward balance as<br>previouslystated|703<br>19<br>(722)<br>0|
||**2,766**<br>**1,552**<br>**2,477**<br>**6,795**|
||4,031<br>17,506<br>4,973<br>26,510|
|Reclassifcation of balances<br>prior to 01 July 2021<br>Restated balance carried forward|703<br>19<br>(722)<br>0|
||**4,734**<br>**17,525**<br>**4,251**<br>**26,510**|



This adjustment ensures that our fund balances are now accurately represented in line with the applicable financial reporting standards. These changes are reflective of our commitment to transparency and accuracy in our financial reporting. There is no impact on total funds at 1 July 2021 or 1 July 2022 or the allocation of expenditure between funds in the year ended 30 June 2022. 

**90** | Annual Report 2022 - 2023 

Blue Ventures Conservation | **91** 



**Head office: Blue Ventures, The Old Library, Trinity Road, Bristol, BS2 0NW, UK Telephone: +44 (0) 117 3144 661 Email: info@blueventures.org Website: blueventures.org** a **blueventures** @ **_blueventures blueventures blue-ventures** 

**Charity No. 1098893 Company No. 04660959 (England and Wales)** 



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Carol Rudge has been assigned to this envelope (89.150.28.98) Ian Barry has been assigned to this envelope (89.150.28.98) Document generated with fingerprint 3600c1cfe2672219b65dc6c2b4cbd0e6 (89.150.28.98) Document generated with fingerprint b5670e8295a9707960359aa3d87a5d3c (89.150.28.98) Envelope generated by Stephen Best (89.150.28.98)