Blue Ventures Conservation The Old Library, Trinity Road, Bristol, BS2 0NW, UK info@blueventures.org www.blueventures.org
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BLUE VENTURES CONSERVATION Annual Report for the year ended 30 June 2024 1
©BlueVenturesConservation2024
|TRUSTEES’ REPORT: INTRODUCTION|2|
|---|---|
|Objectives and activities|2|
|A message from our leaders|6|
|TRUSTEES’ REPORT: STRATEGIC REPORT|7|
|Achievements and performance|7|
|Advocating for Change|11|
|Organisational highlights|13|
|Supporting Partners for the Long Term|15|
|Creating a Thriving BV: Our People|16|
|Risk|18|
|Financial Review|19|
|Governance and Management|24|
|Section 172 (1) - Statement for year ended 30 june 2024|26|
|Legal and Administrative information|30|
|INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BLUE VENTURES||
|CONSERVATION|31|
|FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2024|35|
|Consolidated Group Statement of financial activities|35|
|Consolidated Group and Charity Statements of Financial Position|37|
|Group and Charity Statement of Cash Flows|38|
|Notes to the financial Statements for year ended 30 June 2024|39|
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INTRODUCTION
## OBJECTIVES AND ACTIVITIES
## ABOUT US
Blue Ventures is a marine conservation organisation that puts people first. We support coastal fishers in s remote and rural communities to rebuild fisheries and restore ocean life, and believe that conservation led by communities, for communities, is the only viable pathway to the protection of our coastal seas at f scale.
Informed by two decades working alongside coastal communities across the Indian Ocean and further afield, we partner with small-scale fishers and community organisations to address overfishing and safeguard ocean life in ways that benefit them. Together we design, scale, strengthen and sustain fisheries management and conservation at the community level. We bring partners together in networks to advocate for reform and share tools and best practices to support fishing communities across the é globe.
## OUR VALUES
Our six shared values are at the core of our approach and underpin everything we do. é
- COMMUNITIES FIRST
Above all, we listen to community needs, responding in a sensitive and pragmatic way for lasting benefits.
- PASSION & BELIEF
get the job done.
- VALUED PEOPLE & EFFECTIVE TEAMS
We work in diverse and inclusive teams where all members have a voice and influence.
- INNOVATION & COURAGE
We are resourceful and creative. We are prepared to take risks and challenge broken paradigms.
- OPENNESS & HUMILITY
We work in a transparent and collaborative way to share what we learn.
- GROUNDED IN EVIDENCE
We have high standards and are not afraid to be self ¢ -critical
## THE OCEAN EMERGENCY
Our oceans and the coastal communities that depend on them are facing a deepening environmental and humanitarian emergency on a global scale. The outlook is bleak: fisheries are declining from overfishing and habitat destruction, exacerbated by climate bre level, collapsing reefs and catastrophic storms. For tropical coastal communities, climate change is not an abstract forecast, it is a real, present, and intensifying threat to their survival. These communities live at the front lines of this environmental breakdown, where extreme vulnerability is the new normal. i
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Faced with such uncertainty, and with many living in poverty, fishers are forced to compete to catch all they can before it runs out. A race to the bottom ensues, deepening poverty and food insecurity, and decimating biodiverse, carbon rich, and productive food systems that support hundreds of millions of people.
However, reversing this downward spiral is possible. Compelling examples from dozens of countries show that community led solutions can rebuild fisheries, safeguard biodiversity and bolster resilience. The communities driving these initiatives are not passive victims of the climate and ecological i emergencies, but global leaders in mitigation and adaptation efforts restoring critical marine habitats and blue carbon ecosystems as nature-based solutions.
Blue Ventures leverages the knowledge and potential of frontline coastal communities to respond to this crisis with the urgency required. Our model and scaling strategy are designed to transform coastal conservation and rebuild fisheries at a global scale.
## OUR MODEL AND PROGRAMME FRAMEWORK
We have developed a simple model for rebuilding fisheries, evolved with low-income fishing communities in more than a dozen countries over the last two decades. Our programme framework highlights the multifaceted value of marine life biodiversity, income and food for coastal communities, and is built on n four core pillars : securing rights for fishers, advancing community -| based fisheries management, promoting financial inclusion, and enhancing food security. Each of these pillars contributes to our overarching goal of “Thriving Fishers, Thriving Oceans.”
1. Securing rights: We work to ensure coastal communities have formal, legal rights over their fishing grounds, empowering them to steward and sustain marine resources against external pressures. Our recent initiatives include advocating for community rights in policy forums and supporting local governance structures to implement legal protections for Locally Managed Marine Areas (LMMAs)
2. Community -L based fisheries management: This programme pillar aims to empower communities with the tools and training needed for participatory management of marine resources. We provide hands -( on support and knowledge - sharing to help communities set and monitor fishery limits, reduce destructive practices, and respond to environmental changes through adaptive management approaches
3. Financial inclusion: Through local partnerships, we connect fishing communities to essential financial services such as savings, loans, and insurance. This initiative fosters resilience and economic growth, supporting fishers in investing in sustainable livelihoods while reducing i reliance on unsustainable fishing practices during financial hardships
4. Food security: Recognising the vital role of fisheries in food and nutrition, we work to increase the availability of nutritious seafood within communities. By integrating fisheries management with food systems, we aim to enhance community health and secure a stable food supply for future generations
## OUR PATHWAY TO SCALE
Our pathway to scale focuses on supporting local partner organisations with the proximity and permanence needed to support their communities in leading lasting change at the local level. With the right support, community. based organisations can be a change agent é to catalyse community action, t support an iterative learning process, expand into more complex management and sustain locally managed marine areas through time.
We support these organisations to adapt our model to their context and then provide the connected infrastructure and means governance and learning networks, data and flexible finance to enable
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multiple communities to expand the model to the scale of regional fisheries and seascapes within a shared framework.
collection led by communities themselves. Small -s scale fishing remains one of the most datapoor sectors of the global economy. The lack of data has consistently frustrated the management of small-scale fisheries and the conservation of marine life.
Participatory monitoring, backed up by strong technical support and cutting-edge data systems, gives communities the real-time information on the productivity and value of their fishery they need to make informed decisions about the future of their fisheries. (
Beyond fisheries management, improved data can illuminate the importance of small scale fisheries management and habitat conservation at multiple levels, from fisher households understanding their income and being able to access financial services, to communities measuring the cumulative catches, U to local and national governments receiving realistic estimates of total production from across coastal communities.
Combined, these data can be a powerful tool to strengthen advocacy efforts for the rights of coastal communities, backed by unequivocal evidence of the importance of small-scale fisheries for food, income and employment
## OUR 2030 AMBITION
Informed by a multidimensional global assessment of coastal population, poverty, fisheries dependence, marine biodiversity, climate vulnerability and adaptive capacity, we have identified four regions where bold action is urgently needed to avert a worseni n g environmental and humanitarian crisis: Southeast Asia, West Africa, East Africa, and the Western Indian Ocean.
Our goal is to scale our proven model across these priority regions by building and sustaining partnerships with around 400 community -k based organisations to support at least 10,000 coastal communities by 2030. Combined, this will bring local management and effective protection to over ( 200,000 km² of carbon rich, high biodiversity coastal seas, benefiting 5 million people through improved fishing income, secured food supply, and greater climate resilience.
## HOW WE DRIVE IMPACT
During 2023-2024 we organised our work into three areas that intersect to deliver lasting change. First, we provide flexible, multi ») year funding to partner organisations through our Frontline Community Fund. Second, we deliver sustained, technical support to these organisations with sequenced training and tools, and peer -t to-peer learning coordinated through our regional hubs. Third, we advocate for small, scale
## 1. WE FUND
Community led conservation needs modest, flexible and sustained financing to start up and mature. Yet few local groups can gain the attention or meet the conditions of donors because of their small size, capacity and visibility. Funders may want to channel money to grassroots groups, but they face prohibitive transaction costs in finding suitable organisations and high uncertainty in assessing the results of small, remote organisations.
Our Frontline Community Fund removes these barriers by working as a central regranting and support platform. Leveraging our on-the-ground presence and experience to identify promising local organisations and assess needs, the fund provides appropriate, sustained investments focused on the needs of each group. Each of the partners is connected to a shared data system built around
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standardised metrics, where progress can be collated and reported, providing a transparent connection between funders and the individual and aggregate impacts of local efforts.
## 2. WE TRAIN
Community based organisations also need training, capacity building and peer learning networks to help them identify, prioritise and solve the complex problems caused by unprecedented change. We continue to develop and provide user -C centric resources, tailored tools and training for these local organisations, and work with specialist organisations to offer broader organisational development support. This helps to strengthen the internal capacity, agency and leadership of our partners, enabling them to expand their reach and accelerate their impact.
We have developed the support infrastructure to connect local organisations together as a community of practice and for communities to also form peer connections, no matter which stage of the journey towards legal and functional LMMAs they are on. This inc It udes learning exchanges among communities, an annual partner forum for partners in each region, and a technical training forum to focus on specific skills and approaches community practitioners need in their work with communities.
## 3. WE ADVOCATE
Scaling community led management and conservation efforts hinges on safeguarding the rights of small scale fishers and coastal communities. To achieve this, formal recognition of these rights is fundamental. Such recognition prevents the values, priorities and needs of these communities being displaced by more é dominant interests, including tourism, coastal development and industrial fishing. Without protection, coastal communities face the risk of losing access to vital resources, jeopardising their livelih fe) ods, and eroding their cultural, social, and economic fabric.
We are proud to be part of a growing global movement to build resilient oceans and uplift small-scale defend and promote their rights.
-scale destructive industrial fishing practices from nearshore waters; and 3) Improving fisheries governance I through transparent and inclusive decision making.
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## A MESSAGE FROM OUR LEADERS
## Dear friends
Our oceans are facing unprecedented challenges. Over the last 40 years, the rate at which they're getting hotter has quadrupled. Temperatures hit record extremes for 450 days straight in 2023 and 2024. The climate crisis is accelerating, with devastating consequences for marine ecosystems and the coastal ( communities that depend on them. Small scale fishers the hundred million who feed a billion are on the frontlines of this emergency. Yet they also hold the key to reversing its impacts. Their leadership knowledge, and resilience drive solutions that restore ocean life, rebuild fisheries, and protect livelihoods.
“S$ scale fishers. expanded our leadership team, enhanced our technical and advocacy expertise, built and buttressed our partner network and Frontline Community Fund, and invested in world-class data systems. These efforts will allow us to reach more communities than ever before, with the resources, training, and financial support they need to drive lasting change in our oceans.
This has also been a year of transition. In October, Ebrima Saidy took over as CEO, following more than community -| led conservation have shaped BV into the organisation it is today. We are deeply grateful for his pioneering work, and we continue to be guided by his words and wisdom as he charts a new course in ocean-climate philanthropy.
Through this transition, we have been fortunate to have a brilliant set of colleagues and leaders across BV who collectively stepped up to guide the organisation forward into this next chapter. Their dedication has been invaluable, and we owe them a debt of gratitude.
from new marine when we work together to protect our blue planet.
Because none of this progress would have been achieved without our dedicated partners, supporters, colleagues, board, and the fishing communities we serve. In a year of change and growth, we want to express our heartfelt thanks for their unwavering trust, commitment, and belief in our mission. id
We look forward to the journey ahead and all that we can accomplish together.
Ebrima Saidy, CEO
Fiona Holmes, Chair, Board of Trustees
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STRATEGIC REPORT
ACHIEVEMENTS AND PERFORMANCE
## READYING FOR SCALE
This year has been one of change for Blue Ventures, but also one of adaptability and resilience. Amidst a leadership transition, rising costs of living across many of our locations, and major political and economic disruptions globally, we delivered meanin § ful impact and are immensely proud of our achievements.
Over the year, we made good progress in expanding our reach, with a particular focus on the West Africa region, and despite a re-baselining of our core metrics (see R I each and l mpact section) exceeded our target on the area of ocean under local management and protection by almost 20%. We also pushed for governments to meet their ocean protection commitments and put small -< scale fishers at the forefront of ocean decision-making.
- looking commentary, a key focus this year has been on resetting and renewing our organisational infrastructure to support our ambitious 2030 goals. To this end, we successfully recruited our new CEO, broadened and diversi fi ed the executive leadership team, expanded our partner network team, and onboarded a dedicated data science team. We also accelerated the rollout of digital data collection, refined our monitoring systems and processes, and implemented a i new CRM system to enable us to manage and analyse data on our partners more effectively.
highlights from our work on community-based fisheries management, secure rights, financial inclusion, e you on our advocacy efforts to create a fairer fishing ‘ system that benefits nature and small- ty of our growing global network of supporters, who came together to generate more than £16.5 million in 2023 24.
## REACH AND IMPACT
Helping coastal communities to thrive by rebuilding fisheries and protecting ocean life
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## IMPROVING HOW WE MEASURE REACH AND IMPACT
transparency and accuracy. As a result, our headline numbers look a little different from last year.
## Measuring our reach
Previously, we counted all communities influenced by our approach including those adopting LMMAs independently or benefiting from policy changes we helped secure. To provide a clearer picture, we now report only the communities working to deliver LMMAs w i th direct support from us or our partners. Policy and advocacy impacts remain essential but will be tracked separately.
A similar shift applies to our partner reporting. We now distinguish between delivery partners those actively funded and supported in fisheries management and marine conservation and advocacy and strategic partners, who contribute in other ways. Using this updated methodology, we are currently working with 4 [4 4 delivery partners, supporting 417 é communities and 564,000 people worldwide. I
## Measuring our impact
a more holistic view of impact:
The Community Fisheries Health Index tracks improvements in marine ecosystems and management practices, using key indicators like fish weight, species diversity, size and maturity to measure overall fishery health
The Community Benefit Index assesses how healthier fisheries translate into real benefits for coastal communities, tracking income from fishing, as well as changes to food security, and social cohesion.
Together, these indices provide a full picture of LMMA effectiveness showing both ecological recovery and the tangible benefits for communities. We are now establishing baseline figures across all countries V to ensure we can track and demonstrate progress effectively.
## PROGRAMMATIC HIGHLIGHTS
## ACCELERATING AFRICAN MARINE LEADERSHIP
We launched the second cohort of the African Marine Conservation Leadership Programme, developed in partnership with conservation leadership specialists Maliasili.
The programme brought together a new generation of marine conservation leaders from Kenya, Tanzania and Mozambique, strengthening their skills, confidence and effectiveness to build the capacity of the organisations that they run. It blended a tailored programme of leadership coaching and training é with a series o iq f in- organisations.
Maliasili and Blue Ventures first launched the AMCLP in 2020 with an original cohort of 17 senior marine conservation leaders. These participants have since reported enhanced effectiveness, greater confidence, and strengthened abilities in their work with the communities they support.
This year, we also supported the first -€ ever African Community Conservation Forum, also in partnership with Maliasili. The forum, which was held in Kenya, brought together community conservationists from across Africa and the Indian Ocean to explore solutions to increase impact in community | -le led marine and terrestrial conservation sectors. Participants shared perspectives, ideas, and experiences to build and strengthen networks, highlighted best practices and committed to establish a community of leaders
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willing to challenge norms and think differently about power, funding, and partnerships in the conservation field.
## IMPROVING OCTOPUS FISHERIES IN INDONESIA
We launched an Octopus Fisheries Improvement Project (FIP) in Sulawesi. This important new initiative aims to enhance the sustainability of regional octopus fisheries and is the first government -k backed initiative of its kind in Indonesia.
The FIP, a novel collaboration with local partners, universities, research institutions and fishing communities, is supporting nearly 2,000 local fishers to boost co-management of the artisanal octopus fishery and drive improvements in sustainable fishing practices. |
By enhancing community -| based fisheries monitoring and management, we hope that the effects of the unreported, and unregulated activities.
## PARTNER HIGHLIGHT: TANANUA FLORES
The Tan a nua Flores Foundation supports coastal fishing communities in Ende and Nagekeo regencies on the island of Flores and plays an active role advocating for sustainable fisheries and locally managed marine areas in Indonesia’s East Nusa Tenggara province. We’ve provided sustained technical and financial support to this € brilliant Indonesian organisation since 2019.
“It all started when we realised how much untapped potential there is in Ende. Coastal communities here were facing rising poverty rates exacerbated by illegal and destructive fishing activities. Our partnership with Blue Ventures has allowed us to achieve several important milestones, boosting our capacity and earning recognition from the regional government as a valuable contributor to coastal and marine community support. We’ve also seen renewed motivation within our organisation and community to protect marine habitats, thanks to the support of traditional leaders and local authorities.”
“With Blue Ventures’ assistance, fishing communities have transitioned to a more cooperative approach to resource management. We’ve improved fishers’ capacity in fisheries management and strengthened our data collection and analysis systems, using the mobi Ie e data platform developed in partnership with Blue Ventures. Two significant impacts stand out: securing funding from the village government for fishers’ capacity -t building and earning community trust to join the multi -§ takeholder group preparing the formal request for a permanent f reserve in Ende.”
Pius Jodho, Marine Programme Manager, Tananua Flores, Indonesia.
## NEW COMMUNITY LED MARINE RESERVE IN EASTERN INDONESIA
On the island of Flores in East Nusa Tenggara, the fishing community in Serandori village closed parts of its fishing grounds to provide a permanently protected area of coral reef and seagrass habitat to help restore fisheries. This permanent marine protec tir on follows several years of experience in the Serandori community of temporary fisheries closures, implemented by the village to help rebuild target stocks. Serandori is just one of 79 communities that we and our 17 local partner organisations are supporting { across Indonesia, but this new permanent marine closure marks an important milestone for our work in the region.
## PERMANENT PROTECTION FOR THE BARREN ISLES EDGES CLOSER
Our Madagascar team had the honour of welcoming not one, but two government ministers on a visit to the Barren Islands Marine Protected Area in Western Madagascar. This was an unprecedented demonstration of political support for locally led marine conserva ti ion, and one that underscores the fisheries within the largest MPA in the Western Indian Ocean.
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The journey to permanent protection began in 2011 with an initial survey, which revealed the "jaw dropping" reefs that make the isles so unique. In 2014, we worked with local communities to set up the fishers association Vezo Miray Nosy Barren to co-manage the area, and also secured temporary protected status. With support from the Blue Action Fund, efforts to establish permanent protection are
## PARTNER HIGHLIGHT: YAYASAN CITRA MANDIRI MENTAWAI (YCMM)
Blue Ventures has provided sustained technical and financial support to YCMM since 2021, focusing on two communities in Sinaka village, West Sumatra, Indonesia.
“Our partnership with BV began over discussions about the challenges in our region’s octopus fisheries and a shared vision for community based conservation. We saw a great opportunity for Sinaka village, where local leaders and residents were eager to coll a borate.”
“The biggest achievement has been building community consensus around locally led fisheries management, a major shift after 15 years of harmful practices. With Blue Ventures’ support, we implemented a temporary closure and established a local surveillance s group, ‘Si Jago Koat,’ which now oversees management and holds ownership of regulations.”
“I’m most proud of the growing awareness and active participation within the community. Seeing residents engage in decision-making and enforce practices like temporary closures is incredibly rewarding. Support from the Sinaka village government has been invaluable too | — - they’ve allocated funding to strengthen ‘Si Jago Koat’ and its infrastructure, reinforcing our collaborative efforts.”
Rifai Lubis, Director, YCMM, Indonesia.
## A NEW APPROACH TO HEALTH
We made the decision to transition away from supporting community health directly so that all available resources could be directed towards our core model of empowering coastal communities to rebuild fisheries and protect ocean life. Instead, firstly, we u n dertook to support the Safidy community health programme and the Population Health Environment Network in Madagascar to become independent entities by the end of FY25. And secondly, we shifted to partnerships for health services. The result is that we no longer directly provide or coordinate health services but support high -| evel partnerships with health NGOs to ensure the ongoing connection of health and environment programming.
unmet needs. We will connect communities with specialist providers, aiming to ensure they become a k ing to build coordination and synergy between health and environment programmes on an unprecedented scale.
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## ADVOCATING FOR CHANGE
Our work advocating for the rights of small scale fishers continues to gain pace and enjoyed several successes this year.
## NEW GRANTS PROGRAMME TO TRANSFORM BOTTOM TRAWLING
The Transform Bottom Trawling Coalition, which BV co-founded and coordinates, launched a new grants restoring ocean health.
The programme prioritises members from low - and middle -i grassroots networks. Funding supports campaigns to expand Inshore Exclusion Zones, end bottom trawling subsidies, and halt the practice in protected or untapped areas.
The first round of grantees included:
- Canoe and Fishing Gear Owners Association of Ghana (CaFGOAG): Strengthening small -S scale
- Indonesian Traditional Fisherfolk Union (KNTI): Uncovering illegal trawling in Indonesia.
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- Dakshin Foundation: Supporting a just transition away from reduction fishing in India.
Combatting bottom trawling and restoring oceans requires a united global effort, with small scale fishers and coastal communities at the forefront. The grants programme is a key step in providing campaigners worldwide with the resources and networks needed for lasting change.
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To address growing threats from industrial fisheries, we launched Fitsinjo, an independent civil society by providing year. round monitoring, drawing on diverse data sources, including community -| ed surveillance and investigative intelligence. By mobilising small-scale fishers, tour operators, and port operatives, Fitsinjo has established a participatory monitoring network, gathering real-time reports to identify and report illegal, unreported, and unregulated (IUU) fishing activities.
scale fishers are among the poorest in the world and face growing challenges from collapsing fisheries linked to overfishing and climate change.
Efforts to manage and rebuild fisheries are hampered by IUU fishing and human rights abuses, particularly within the industrial sector.
To counter these threats, the government published its first Fisheries Transparency Initiative report. This landmark report discloses critical data on fisheries, including regulations and revenues, and highlights
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support to the process through our partnership with the Ministry of Fisheries and the Blue Economy, including hosting of regional dialogues to tackle transparent, sustainable fisheries management.
## MAKING WAVES AT OUR OCEAN
We made a splash at the Our Ocean conference in Athens in April, co-hosting a landmark event that brought together African leaders to address the urgent challenges of industrial overfishing and climate breakdown. The gathering, which was supported by Bloomberg Ocean Initiative, underscored the vital need for coll -scale fisheries.
At the event, leaders from nine African nations unveiled a series of major commitments, including -| ed marine protected areas in Ghana and an ambition to exceed international targets to protect 30% of the ocean by 2030 in Guinea -E Bissau.
## MAKING FISHING FAIR IN THE EU
In May, we supported a delegation of small- Commissioner for the Environment, Oceans & Fisheries in Brussels.
The Make Fishing Fair letter, signed by 40 small-scale fishing organisations and supported by over 20 NGOs, says that fishing opportunities are concentrated in the hands of those driving overfishing and damaging the seabed, while public money is poured into supporting polluting vessels with huge carbon Cc footprints. If the Commission prioritised small-scale, low impact fishers instead, it says, they could create
Beyond the letter, and in collaboration with our partners Low Impact Fishers of Europe and Patagonia, we continued working with SSF organisations and the thousands of fishers they represent to make sure that the Make Fishing Fair message was heard by Member States, MEPs and the new Commissioner. r
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## ORGANISATIONAL HIGHLIGHTS
## WELCOMING OUR NEW CEO AND STRENGTHENING OUR LEADERSHIP
We announced the appointment of Ebrima Saidy as our new CEO. Formerly Chief It mpact O ( fficer at Save the Children International. Ebrima is a highly respected leader with decades of experience in impactfocussed, community ~ driven international development. His work with Save the Children, War Child, BAFROW and numerous other charities has helped create positive impact in more than 100 countries ( and has influenced hundreds of changes in policy and legislation around the world. Ebrima took over from our founder Al Harris, who recently stepped back after more than 20 years at the helm.
To help set Ebrima up for success and ensure he could hit the ground running, we also evolved our senior leadership structure, expanding our Executive Leadership Team from three to six members. This move saw Sharon Young and Courtney Cox appointed as Eb Chief Partnership Officer and Chief Technical Officer respectively, and Steve Box become Chief Programme Officer, with accountability for development, strategic communications, global advocacy and the regional directors.
These changes help align the ELT more closely with our organisational strategy, balance accountability more equitably across senior leadership, boost regional representation and improve collaboration across teams.
## SIMPLIFYING AND HARMONISING OUR PROGRAMMES, STRATEGY AND STRUCTURE
colleagues and partners are working in a consistent way, following best practice, and producing robust, comparable data. Doing so meant understanding not only our core model and the services that we can including livelihood diversification, education, and water, hygiene and sanitation. Now, when partner communities express an unmet need for support beyond our core model, we focus instead on brokering partnerships with specialist service u ral infrastructure.
introduced an interim restructure of our technical division to ensure best-in-class support across the four core elements of our core model. To coordinate the support, we provide to local partner organisations and ensure consistent oversight across all communities and countries, we created a partner networks directorate, led by Sharon Young, as well as a new programme management function.
## DIGITISING DATA TO DRIVE IMPACT AND INVESTING IN DATA SCIENCE
-led fisheries management to advancing the collective understanding of the importance of small-scale fisheries at multiple scales. We also leverage fisheries data to advocate for the rights of coastal communities, inform financial and business decisions for fishers and communities, and improve and adapt our own programming.
As our work has evolved with the advent of mobile technology, we have developed multiple approaches to data collection, digitisation, analysis and feedback. This financial year we achieved the ambitious goal of achieving consistent data digitisation and nea é r-real-time feedback across all sites and countries, using the same mobile based digital platform.
The new platform was launched in Indonesia and the Philippines in November 2023, and has since been adopted by communities across Timor Leste, Madagascar and East and West Africa. With the rollout t of better data available to communities. 1
We've also taken a major step forward in strengthening our data capabilities by bringing the world-class data science team from Barefoot Ocean in-
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Barefoot Ocean team to build a cutting-edge data system to monitor fisheries in near real-time and track social and economic changes at the community level.
Both organisations recognised that achieving our shared vision of small -S scale fishing communities empowered by better data meant joining forces for the long term. We concluded a move to bring high capacity team into the BV fold, with all seven staff becoming BV employees.
the transformational power of better data to accelerate the impact of the dozens of partners and hundreds of communities we support globally.
## DECENTRALISING BV
Our geographic reach has continued to expand, with active programmes and partnerships underway in 10+ locally led marine management efforts in Senegal, The I Gambia, Guinea Bissau and Cabo Verde.
mprises 15% of our global headcount, with a ia] disproportionately large cost base.
early days but the hubs are evolving to accommodate all regional programming, coordination and untry offices and field teams; rather, they L provide more proximate support to country staff working throughout our priority regions, so they no longer need to rely on distant support from the UK team.
Investing in these hubs is key to developing a strong, diverse and interconnected global team, strengthening regional capacity and autonomy, and enhancing learning and exchange within and between each region. This transition is also a key part of our broad el r commitment to equality, diversity and inclusion.
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## SUPPORTING PARTNERS FOR THE LONG TERM
Our Frontline Community Fund (FCF) is transforming coastal conservation by channelling flexible, multi year funding and tailored technical support to high-impact local organisations working on the frontlines of the ocean emergency. This year, we took bold steps to scale our local partnerships, deliver funding to where it is needed most and lay the groundwork for achieving our 2030 ambitions.
## STRENGTHENING THE PARTNER NETWORK TEAM
We built and enhanced our Partner Network Team, appointing a Chief of Partnerships and specialists in scoping, funding, and partner engagement. Regional hubs in Asia, East Africa, West Africa, and Madagascar now have dedicated Regional Heads of Partnership 5 and Partner Coordinators, ensuring localised support and seamless collaboration.
## STREAMLINING OUR REGRANTING
We created a tailored regranting policy to provide flexible, long term funding while maintaining transparency and alignment with our values. The new policy streamlines partner onboarding, monitoring, and capacity building, ensuring we fund organisations th a t share our vision for sustainable impact.
## BUILDING THE PARTNER PIPELINE
To identify and evaluate high-impact partners, we developed a scoping strategy that combines deskbased research, stakeholder mapping, and targeted field missions. This systematic approach ensures we partner with the most aligned and effective community -t based organisations.
## CREATING NEW TOOLS AND SYSTEMS
In April 2024, we launched a bespoke Customer Relationship Management system to enhance partner engagement and track the lifecycle of funding and support. Alongside this, we made improvements to due diligence, contracting, and award procedures, boosting efficiency and compliance.
SCALING WITH DATA -| DRIVEN INSIGHTS
We completed a data driven survey of the addressable global market for our partner work. This has allowed us to pinpoint priority regions with the greatest potential for high impact scaling and improve our strategic resource allocation
These efforts mark a transformative year for the Frontline Community Fund, positioning it to deliver even greater impact in the years ahead.
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## CREATING A THRIVING BV: OUR PEOPLE
In 2023/24, we made significant organisational improvements through strategic investments in our People Team and the launch of a new People Strategy focused on talent, efficiency, and culture.
Key network, and strengthening the Senior Leadership Team.
We also introduced a leadership development programme for women, talent mapping and succession planning, and an organisation wide mentorship programme. A new performance management approach, Develop to Perform, emphasises results and behaviours, creating accountability and driving ( development.
Regular surveys now guide our strategy, with the latest in November 2023 exceeding benchmarks. Scores thriving BV.
As of 30 June 2024, we employed 291 1 colleagues across Madagascar, the United Kingdom, Kenya, Indonesia, Timor Leste, Senegal, Belize, Mozambique, Tanzania, Cape Verde, and Italy. This reflects a slight increase from 288 in 2023 and a decrease from 312 in 2022. We also funded 24 people to support I our work in Kenya and Senegal independently.
Despite a year of growth and change, we kept voluntary turnover below our 10% KPI at 9.2%, reflecting our commitment to building a globally representative, inclusive, and resilient team that supports local talent and serves communities effectively.
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Figure l. Number of colleagues per country
Madagascar
161
UK
Kenya
Indonesia
Timor Leste
17
Senegal
Belize
Mozambique
Tanzania
Cabo Verde
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## 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 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 -S scale fisheries sector. To mitigate this, we are intensifying our efforts in data management and impact analysis. This i n cludes 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.
FAILURE OF LEADERSHIP TRANSITION - With Ebrima Saidy starting as our new CEO as we transition from founder led to founder Inspired, it is critical that transition takes place smoothly, with effective management of both external and internal stakeholders to demonstrate that Blue Ventures will continue to deliver growth and impact in the short term and long term.
ABILITY TO SCALE OUR PARTNERSHIP MODEL I - Our 2030 ambition sets reach targets such as r reaching 10,000 communities. We are aiming to do this through leveraging our partner model and building a global network of partners. If there are challenges with this model, such as a critical lack of partners in target geographies or a lack of readiness of local partners to implement the programme, this could impact our ability to grow and hit our ong Ie +t term targets.
SECURING FUTURE FUNDING to hit the ambitious goals outlined above, we will be rapidly scaling the partnership model whilst also investing in technical capacity to ensure our partners can deliver the four pillar model. This will involve significant increases in granting as well as higher long -| term costs relating to staff and travel. To underpin such growth, significant new funding is required and without that, we may not reach our targets.
18
## FINANCIAL REVIEW
## OVERALL
The consolidated financial results for the last five years are shown in the table below:
|5 Year History|5 Year History|||||||||2019/20|2019/20|2019/20|2019/20|2019/20|2019/20|2020/21|2020/21|2020/21|2020/21|2020/21|2021/22|2021/22|2021/22||2022/23|2022/23|2022/23|2022/23|2022/23|2022/23|2023/24|2023/24|2023/24|2023/24|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||||||||||||||||||||||||
|INCOME FROM:|||||||||||||||||||||||||||||||||||
|Donations and gifts|||||Donations and gifts|||||||||192||||||3
9|16,563||||||||151|||||6
3|
|Grants for core activities||Grants for core activities||||||||||6,515||||||9,72
bs)|||12,745|||||11,096|||||||16,4
7
3||
|Charitable activities||||||||||||||9||||||0|||9
5||||||270|||||1
8|
|Commercial tradingo||||||operations||||||||2
9
9||||||0|||1
2||||||7|||||0|
|Investments||||||||||||||2||||||0|||1
0||||||408|||||0|
|Other Income||||||||||||||4
2||||||5
9|||6
8||||||3|||||1|
|Total income||||||||||||7,059||||||9,823|||29,493|||||11,935|||||||16,5
9
1||
||||||||||||||||||||||||||||||||||||
|EXPENDITURE ON:|||||||||||||||||||||||||||||||||||
|Raising funds||||||||||||(
142
)||||||(
152
)|||||(
417
)||||(
475
)||||||(
488
)||
|Charitable activities||||||||||(
5,535
)||||||(
7,255
)|||||(
9,337
)||||(
14,086
)||||||(
13,79
5
)||||
|Other||||||||||||(
469
)||||||||(
2
6
)|||(
7
6
)||||||(
2
3
)|||||(
4
0
)|
|Total expenditure||||||||||(
6,146
)||||||(
7,433
)|||||(
9,830
)||||(
14,584
)
}||||||(
14,
3
2
3
)
:||||
|Unrealised
Gain/Losses
(||||||||||||||0||||||0|||0||||||0|||||805|
|Net movement in funds||||||||||||||913||||2
,
390|||1
9
,663|||||(2,649)|||||||3,00
1||
||||||||||||||||||||||||||||||||||||
|Increase (Decrease) in income (%)|||||||||||||12%|||||||39%|||200%|||(
60%
)
}||||||||3
8
%|
||||||||||||||||||||||||||||||||||||
|Increase (Decrease) in expenditure on||||||||||Increase (Decrease) in expenditure on|||17%|||||||21%|||32%|||||48%||||||(
2
%
)|
|charitable activities(%)|||||||||||||||||||||||||||||||||||
The overall surplus in the year was £3m driven principally by some funding which were received earlier than expected On an unrestricted basis this surplus was £0.3m, driven by a combination of stronger than projected income performance and income realised from the fair value movement in current assets.
Income was £2.2 Jot m higher than budgeted in the year, driven by a small improvement in performance relative to budget in unrestricted income and earlier than anticipated income for the Frontline Community Fund from the Ocean Resilience and Climate Alliance fund.
Once adjuste ¢ d for unrealised losses from the translation of the balance sheet (2023/24: £0.3m, , 2022/23 i (£0.9) MW m), expenditure grew by £0.5m in 2023/24. £ This is a levelling off of expenditure relative to the historical trend of 23% growth in expenditure per year on average over the last five years. It reflects a year where we have refined our focus to align with our core strategy whilst continuing to inves t in critical capabilities required to deliver impact at scale.
There was significant ¢ growth in 2023/24 in expenditure in € Asia, with the operationalisation of Blue Ventures Indonesia. Incorporated to provide support and technical programme advice to our delivery partners, it has grown quickly, finishing the financial year with approximately 2 2 0 staff. Likewise, there was significant growth in West Africa where, having scoped the region in 2022/23, we opened an office in Dakar, Senegal. We finished 2023/24 with 5 staff based in Dakar, Senegal, supporting a network of 12 partners across 3 countries in the region. The region has quickly become an important focus for our advocacy work owing to the threats posed by industrial fishing in coastal waters.
19
||||2019/20|2020/21|2021/22|2022/23||2023/24|
|---|---|---|---|---|---|---|---|---|
|Payments to partners (£’000)|||441|1,402|2,760|4,601||3,39|
|Number of partners|||1
5|2
0|2
9|4
2||5
7|
|Average to partner (£’000)|||2
9|7
0|9
5|110||6
0|
Regranting fell by £1.2m in 2023/24, however the number of partners we supported rose by 36% to 57. The average size of subgrants has fallen by approximately 50% from 2022/23. This is as a result of a exercise to review and refine our partnership model ' and more tightly define the community -k based organisations we think are best placed to deliver change in communities. Our focus is shifting towards partnering with smaller non government or community-based organisations, and away from larger international o r regional NGOs. This shift in the partner portfolio includes recalibrating relationships with partner organisations that have grown significantly through sustained Blue Ventures support and are now able to attract and manage a broader funding base from trad i tional philanthropy or institutional funders.
Building on foundational partner work, we have reaffirmed our strategy to identify and fund community focused organisations in ways that align with our four strategic pillars. This approach aims to catalyse, expand, and sustain locally managed marine areas f ensuring that communities capture and retain the benefits of effective local management.
There were also fewer and smaller grants to partners on our large institutionally funded programmes such as the BAF funded project in Madagascar and Indonesia and the NORAD funded project in East Africa. This is largely down to timing with a disproportionate amount of the payments to partners having been disbursed in the early years of those projects.
|CATEGORY
RATE %|CATEGORY
RATE %|
|---|---|
|DeliveryPartners
15%||
|Collaborative Partners
9
%||
|Direct Delivery
2
6
%||
|Technical knowledge andprogramme support
25%||
|Global Advocacy
2
%||
|Fundraising
4
%||
|Operations|1
9
%|
As a result of this, the organisation in 2023/24 granted £2.1m to delivery partners (£1.3m was granted to collaborative partners for activities such as organisational strengthening), constituting 15% of our expenditure.
This remains lower than the total spent on Direct Delivery, (where our staff work directly with communities) in Madagascar, Timor Leste and Belize, which equates to £3.1m or 22% of our overall expenditure. In each of these countries, there are few civil society groups and local NGOs for Blue ( Ventures to support through the partner network model. A key aim in these countries is to help strengthen the capacity of nascent organisations to be able to take on and sustain community-level work and decrease the lev e encouraging signs, with pioneering community groups supported by Blue Ventures now receiving grants in each of these countries.
20
As the organisation scales in the coming years, we are expecting to see the proportion of expenditure t regranted to community partners grow relative to other areas such as direct delivery as partner numbers increase.
## LOOKING AHEAD
We have ambitious growth plans in the coming years. We are budgeting to expand our partner base by k greater than 75% to over 100 partners in 2024/25 (and above 200 within 3 years). By 2030, we project the total granted to community -| based organisations to grow to almost 50% of organisational expenditure from the 15% it currently sits at.
Meanwhile we are also investing in critical capabilities to ensure that whilst our partner base grows, we are also able to provide the technical support needed to deliver the programme at scale, enabled by best -i n-class data to support decision-making at a community level. This involves additional investment in world-class global expertise in fisheries and community resource management and further investments in data science as well as strengthening the learning network among our partners to support peer to-peer knowledge exchanges.
Our overall expenditure is budgeted to increase to close to £17m in 2024/25 and up to almost £25m by the end of 2026/27 to support the delivery of the programme across a rapidly expanding partner base. We currently have a strong balance sheet, and we will be using it to strategically support growth, complementing our fundraising efforts by supporting the parts of our programme that are currently less attractive to donors.
## FRONTLINE COMMUNITY FUND
To reach our ambitious target of 10,000 communities by 2030, we are forecasting to regrant a total of £50m to community organisations through the Frontline Community Fund. We have currently allocated a total of £3m to the fund which reflects the projected needs over the next 18 months.
As we grow and onboard more delivery partners, we expect the annual amount spent through the Frontline Community Fund to increase exponentially. To support these additional commitments in the future we are actively fundraising for the fund. We also have the flexibility to draw upon the expendable \ endowment set up upon receipt of our large one -C off donation of $20m in March 2022 from the Silicon Valley Community Foundation.
That donation has already funded £2.9m of regranting and catalysed the creation of the fund, which sits at the heart of our strategy as we scale towards 2030.
The Frontline Community Fund is not a separate entity within our corporate structure, but a core arm of our strategy and programming. We have set aside both designated funds (£1m) and received restricted funds (£2m) for the Frontline Community Fund in our financial statements. f
## RESERVES
|Carried forward|Carried forward|reserves|2019/20|2020/21||2021/22||2022/23|2023/24|
|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|||956|2,124||4,742||3,716|4,03
4
4|
|Designated|||1
2|1,532||17,525||2,507|1,1
2
5
z|
|Restricted|||3,498|3,198||4,251||4,165|7
,
7
4
9|
|Expendable Endowment|Expendable Endowment||0|0||0||13,481|1
3,962|
|Total|||4,466|6,854||26,518||23,869|26,8
7
0
7|
Blue Ventures' reserves policy, set by the board of trustees in line with Charity Commission guidance, aims to balance timely spending with maintaining reserves to ensure uninterrupted operations and allow adjustments for financial changes or risks.
21
The trustees have set a target minimum reserve level of 12 weeks (£3m) ( . This reserve level ensures . stability while supporting calculated use of resources as Blue Ventures continues to evolve its delivery model towards long -t term support of community. based organisations.
o | n 30 June 2024 (consisting of amounts which could be spent excluding restricted funds, designated funds and without disposing of investments) amounted to £3.9m (2023: £3.7m).
As noted previously, the Trustees created an expendable endowment fund on 23 September 2022, allowing us to spend funds over several years, to support partners and strategically invest for growth. n | the 202 2. /23 £13.5 5 m was transferred from designated funds f to the expendable endowment fund € . .
## 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 development team focuses 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 have not re C eived 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 £3.4m (2022: £4.6m).
## RELATED PARTIES
Blue Ventures Conservation wholly owns the subsidiary Blue Ventures (Expeditions) Ltd (BVE), a private limited company registered in Scotland, SC233112. BVE was established in 2002 for paying volunteers to undertake research and monitoring of coral reefs and related ecosystems in Madagascar, and later r Timor -| Leste and Belize.
BVE operations closed in 2020 with the last volunteer projects ending with the onset of the COVID-19 pandemic. Post pandemic BVE did not restart operations and volunteer expeditions are no longer part id not make a charitable donation to BVC. (2022/23: 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. However, BVS is dormant as BVE is not operational.
Blue Ventures Conservation owns 90% of the subsidiary, Blue Ventures Indonesia (BVI) ( , set up as a f PTPMA (a foreign owned enterprise). Indonesian foreign owned enterprises require two named individuals or entities to be established. BVC is one named entity (90%) and a BV executive is the other
22
named individual (10%). BVI was established on the 24 November 2022 to support and further Blue Ventures activities in Indonesia. The entity delivers technical support and capacity building to partner organisations in Indonesia. Subgrants to our partners in Indonesia do not flow through this entity but directly from BVC. {
Blue Ventures Conservation Kenya was incorporated as a limited company by guarantee in Kenya on the 07 November 2023. Blue Ventures Conservation holds 100% of the shares. There is no income or expenditure in Blue Ventures Conservation Kenya n the year ended 30 June 2024 il .
Further information on subsidiaries can be found in Note 14.
23
GOVERNANCE AND MANAGEMENT
## STRUCTURE, GOVERNMENT 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.
BVC is governed by a Board of Trustees. The Board is responsible for determining the strategic direction track progress towards strategic targets. The Bo a rd 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.
The board is led by a Chair of Trustees, Fiona Holmes. 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 29. 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 2 new Trustees in the last 12 months
The Board of Trustees had three Committees each with approved terms of reference:
- The Safeguarding and Reporting Committee (SRC)
- The Finance, Risk and Audit Committee (FRAC)
- The Nominations & Remuneration Committee (NomCom)
In addition to these the Board of Trustees is currently considering how the governance of the organisation can continue to evolve to support high growth and increasing complexity. Two additional committees, a People and Culture Committee and Programmes Committee are currently under consideration as part of this evolution.
- to-day activities, both for the charity and subsidiaries, are overseen by a Senior Leadership T | eam (SLT) ( comprising a é Chief Executive Officer, Chief People : Officer, Chief Technical Officer, Chief Financial Officer, Chief Partnership Officer, Chief Programme Officer, Regional Director Madagascar, Regional Director - Asia, Regional Director - - East Africa, Regional Director | - West Africa, , Director of Global Advocacy, Director of Technical Knowledge, Director of Strategic Communications
> The Executive E L L eadership T i eam (ELT) ( which also classified as key management personnel, which consists of the Chief Executive Officer, Chief People Officer, Chief Technical Officer 4 Chief Partnership Officer, Chief Financial Officer, Chief Programmes Officer and the Regional Director - Madagascar This body is the principal decision -f making body within the organisation. \ After serving our charity for over 20 years, j our previous Executive Director departed the organisation in June 2024 and his replacement who is now z in position as Chief Executive Officer was onboarded in October ! 2024. This marked the transition of our organisation from a founder -lt ead to a founderinspired one.
The function of EL L T is to coordinate across the relevant directors while also aiming to guide longer range planning efforts in support of the CEO and are accountable to the board of trustees for the decisions being made to deliver on our Cc strategy and OKRs.
Remuneration of key management personnel is overseen by the Nominations & Remuneration Committee, which determines both the framework and policies that set executive pay.
Due to changes in the leadership structure during the year and turnover of trustees, no formal training for trustees was conducted in the financial year. Management and trustees continued to spend extensive time together to ensure organisational and programmatic alignment. Formal training for trustees has al recommenced in the year ending 30 June 2025
24
## PUBLIC BENEFIT
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.
##
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 nappropriate to presume that the group and the charity will continue in operation.
The Trustees are responsible for keeping adequate 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.
25
## SECTION 172 (1) { ~~-~~ STATEMENT FOR YEAR ENDED 30 JUNE 2024
Throughout the financial year, the Board has consistently engaged with its duties under Section 172, ensuring it considers the impact of its decisions on stakeholders, the environment, and the overall long term strategy and success of this charity.
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
BOARD'S APPROACH TO THE 1 SECTION 172 (1) (
Throughout the year, the Board has consistently engaged with its duties under Section 172, ensuring it considers the impact of its decisions on stakeholders, the environment, and the overall long-term strategy of the company. As Trustees of Blue Ventures, we embrace our Section 172 duties, focusing on A promoting the long. term success of the charity for the benefit of its funders { and z tl he communities we are supporting.
## LONG TERM DECISION MAKING
The Board continued to focus on sustainable growth and long-term value creation. Key decisions were made with a view to securing the future of Blue Ventures Conservation and increasing the value of our services over the long term. This is supported by the key decisions made during the year such as, the acquisition of Barefoot Ocean, the establishment of Frontline Community Funds, decentralising BV operational activities, increasing our wellbeing through several internal programs and other \ initiat ves iv.
## STAKEHOLDERS ENGAGEMENT
## COMMUNITIES ENGAGEMENT AND PARTNERS
Our core value of putting communities first is fundamental to our operations. Through deep, long -t 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. This is complemented through our advocacy work promoting the rights of small scale fishers.
## EMPLOYEES
recruitment, onboarding and performance management we have policy and processes in place to protect the diversity, equity and inclusivity. Our strong team of 286 people is focusing on ensuring that k our workforce and governance are reflective of the communities we serve.
-k being and engagement across our global operations.
## FUNDERS AND SUPPLIERS
We work closely with funders, reporting regularly to ensure that we deliver the outcomes intended from their grants and donations. Our procurement policy emphasises fairness and integrity throughout the process of procurement and the stewardship of suppliers.
26
## HIGH STANDARDS OF BUSINESS CONDUCT
corporate governance policies ensure that we adhere to the highest standards of business integrity and compliance.
## ACTING FAIRLY BETWEEN MEMBERS
The Trustee has strived to act fairly between all members, ensuring that all stakeholders have access to and future plans.
## KEY DECISIONS AND THEIR IMPACT
## Investment in data science (
As part of our future-proofing strategy, the decision to invest in data science has positioned us well for sustainable growth, both for us as a charity and for the fisheries communities we are serving. Please refer to page 1 3
## Expansion Plans
We have identified four regions where bold action is urgently needed to avert a worsening environmental and humanitarian crisis: Southeast Asia, West Africa, East Africa, and the Western Indian Ocean. We are focusing on these priority regions and targeting to scale our operation to reach 400 community -k based organisations (partners) to support at least 10,000 coastal communities by 2030.
Our pathway to scale focuses on supporting local partner organisations with the proximity and permanence needed to support their communities in leading lasting change at the local level.
## ENVIRONMENTAL RESPONSIBILITY AND CLIMATE CHANGE
Our mission and work | , grounded in evidence and innovative approaches, directly addresses the ' challenges posed by climate change We aim to reduce climate change impacts while supporting biodiversity, food security, and human health and well-being.
STREAMLINED ENERGY AND CARBON REPORTING |
we disclose our energy consumption and carbon emissions in line with the SECR requirements. This report outlines our UK -| based energy usage, emissions, and actions undertaken to enhance energy efficiency during the year ended 30 June 2024
## ENERGY USAGE
Our total energy consumption, based on operational activities within the UK, includes:
|Mandatorydisclosures
~~-~~
UK Energyconsumption
-
kWh
2023
-
2024
2022
-
2023|Mandatorydisclosures
~~-~~
UK Energyconsumption
-
kWh
2023
-
2024
2022
-
2023|Mandatorydisclosures
~~-~~
UK Energyconsumption
-
kWh
2023
-
2024
2022
-
2023|Mandatorydisclosures
~~-~~
UK Energyconsumption
-
kWh
2023
-
2024
2022
-
2023|
|---|---|---|---|
|Scope 1
Gas
69,171
34,153||||
|Scope 1
Fuel consumption
~~-~~
transport
0
0||||
|Scope 2
Electricity
11,704
5,667||||
||Total
(kWh)|80,875|39,820|
The reported energy consumption adheres to SECR guidelines and includes all significant sources associated with Blue \ The increase in energy usage is contributed by the movement to the new office in London where previously there was not in a permanent office.
27
CARBON EMISSIONS
Total greenhouse gas emissions are disclosed in carbon dioxide equivalent (COe), with sources categorised as:
|UK Energy consumption
-
tCO2
e
2023
-
2024
2022
-
2023|UK Energy consumption
-
tCO2
e
2023
-
2024
2022
-
2023|UK Energy consumption
-
tCO2
e
2023
-
2024
2022
-
2023|UK Energy consumption
-
tCO2
e
2023
-
2024
2022
-
2023|
|---|---|---|---|
|Scope 1
Gas
21.47
10.67||||
|Scope
1
Fuel consumption
~~-~~
transport
0
.00
0.00||||
|Scope
2
Electricity
2.42
1.17||||
|Subtotal
23.89
11.84||||
|||||
|UK and offshore energy
emissions
~~-~~
tCO2
e
2023
-
2024
2022
-
2023||||
|Scope 3
Fuel consumption
Blue Ventures owned boats
overseas
153.45
~~-~~||||
|Scope 3
Fuel consumption
~~-~~
Blue Ventures owned or
rented cars overseas
57.51
~~-~~||||
|Scope 3
Business travel by air
408.00
~~-~~||||
|Scope 3
Google
Workspace
0.75
~~-~~||||
|Subtotal
6
1
9
~~.~~
7
1
~~-~~||||
||Total (tCO2e)|6
4
3
~~.~~
6
0|11.84|
We at Blue Ventures work with fishing communities in remote areas which are most likely to experience the negative impacts of climate change. Our purpose, mission and strategy are aligned towards fighting the worst impacts of climate change. Stronger community -k based management of fisheries will increase will increase the resilience of wider ecosystems as oceans heat and acidify. e
However, we know k that our own operations, especially our international travel and use of nonrenewable resources, have negative impacts on the natural environment, both directly and indirectly. We therefore recognise our responsibility to reduce our carbon footprint and c fe) mmit to being an environmentally responsible charity in all our global operations.
In 2023/24 we have started measuring Scope 3 emissions \ enabling us to take meaningful action to reduce our emissions whilst continuing to deliver our programme.
## INTENSITY RATIO
To contextualise our emissions and provide a meaningful measure of our environmental impact, we apply an intensity ratio. This year, we selected kg CO 2! e per Full -| Time Equivalent (FTE) employee as the d most relevant metric for our operations, which focus heavily on staff-led conservation work:
- Intensity Ratio: 2.25 tCO t +€ e/FTE
This ratio highlights our emissions per employee, offering a consistent metric for comparison over time and helping us gauge improvements in emissions relative to organisational growth. r
## ENERGY EFFICIENCY ACTIONS
In 2023/24, Blue Ventures took various steps to reduce our environmental footprint, focusing on sustainable energy use and improved operational practices:
- Promoted remote work practices where practical, reducing office energy demands.
- Enhanced tracking and management of business travel to minimise fuel use.
- Introduction of a new sustainability policy to measure and manage emissions.
28
- Updated our expenses policy to promote sustainable forms of travel and sustainable food choices.
- Installed solar panels across BV offices overseas.
## METHODOLOGY
Our SECR disclosures are calculated using robust methodologies to ensure accuracy and comparability. We follow the WBCSD/WRI Greenhouse Gas Protocol as our primary standard, with emission factors taken from the UK Government Greenhouse Gas (GHG) Conversion Factors for Company Reporting, 2024. Data collection and calculations are based on operational control, capturing all relevant activities across offices in Bristol and London. Scope 1 and 2 consumption data (Gas and Electricity use) taken from platform.
## FUTURE STEPS
Building on the initiatives of 2023/24, Blue Ventures is committed to a path of continual improvement. Our forward-looking environmental strategy includes:
- Renewable Energy Integration: We are actively exploring options to switch to renewable electricity sources for our offices and facilities, with the goal of achieving 100% renewable energy use by 2025. 1 This will be led by our continuing efforts to, where possible, install solar panels to provide clean energy.
By integrating these actions, Blue Ventures aims to further align our operational impact with our conservation mission and uphold a high standard of environmental responsibility.
## GOVERNANCE AND RISK MANAGEMENT
We maintain robust governance and risk management practices, including a comprehensive register of risks and contingency plans. The risk register is maintained, updated c and actioned accordingly to capture, mitigate, eliminate or reduce any risks where possible. These practices ensure that we can effectively navigate uncertainties and continue our mission sustainably.
## DISCLOSURE OF INFORMATION TO AUDITOR
Report certify that:
- is unaware; and
- As the Trustees of the charity they have taken all steps that they ought to have taken to make is aware of that information.
The Trustees' report (including the Strategic report) was approved and authorised for issue by the Board of Trustees on 11 Mar 2025 and signed on their behalf by:
John Good Treasurer
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## LEGAL AND ADMINISTRATIVE INFORMATION
BOARD OF TRUSTEES Fiona Holmes - Chair Caroline Lovelace Zoe Averill Peter Everett Rupen Patel Meg Adhiambo Otieno { Dr Philip James Ruma Mandal Gavin Renwick Starks (resigned on 30 June 2024) Ian Barry (resigned on 30 June 2024) John Good (appointed on 21 November 2024) Dougal Freeman ( appointed on 21 November 2024)
EXECUTIVE LEADERSHIP TEAM Ebrima Saidy Chief Executive Officer (appointed on 7 October 2024) Dr Courtney Cox Chief Technical Officer (role expanded on 01 August 2024) Dr Steve Box - Chief Programmes Officer C Sharon Young Chief Partnerships Officer (role expanded on 01 August 2024) Richard Savill - Chief Finance Officer Kevin Moyes - Chief People Officer Gildas Andriamala lz a Regional Director Madagascar (role expanded on 01 August 2024) Dr Alasdair Harris - Executive Director (resigned on 30 June 2024)
CHARITY NUMBER COMPANY REGISTRATION NUMBER 1098893 - 04660959
## REGISTERED OFFICE
The Old Library, Trinity Road, Bristol, BS2 0NW, United Kingdom
## AUDITORS
HW Fisher Audit, Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom L
## BANKERS
National Westminster Bank Plc., Western Avenue, Waterside Court, Chatham, ME4 4RT, United Kingdom
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INDEPENDENT TO THE MEMBERS OF BLUE VENTURES CONSERVATION
## OPINION
subsidiaries (the sL 2024 which comprise the consolidated group statement of financial activities, the consolidated group and charity statement c Ss of financial position, the consolidated g § roup and charity statement Ss 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:
- and of the group F s incoming resources and application of resources, including its income and expenditure, i 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 Charites 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 | responsibilities in accordance with these requirements. We believe that the audit evidence we have iH] obtained is sufficient and appropriate to provide a basis for our opinion.
## 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 group and parent ability to continue as a going concern for a period of at least twelve months from when the 1 financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described r in the relevant sections of this report.
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## 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. rr
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 for the financial year for which the financial statements are prepared, which includes the directors report and the strategic report prepared for the purposes of company law, is consistent with the financial statements; and
- the directors report ‘ has been prepared in accordance with applicable legal requirements.
## 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, or returns adequate for our audit have not been i received from branches not visited by us; or
- the 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 T Trustees, who are also the directors of the charitable company for the purposes of company law, are responsible for the
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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 I financial statements, the trustees are responsible for assessing the group and parent £ c 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 company or to cease operations, or have no realistic alt e rnative 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 t 0) 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 group and parent 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 group and parent £ charity did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the group and gE parent charity. We determined that the following were most relevant: | The Charities SORP, FRS 102, Charities Act 2011 and Companies Act 20 6.
- We considered the incentives and opportunities that exist in the group and parent 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 group and parent charity, together with the discussions held with the group and parent 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 took 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.
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- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates
- 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 and investment balances.
- Documenting and verifying all significant related party balances and consolidated balances and transactions.
- Reviewing documentation such as the group and parent i board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
- Testing all material consolidation adjustments.
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 group and parent ! .
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 parent chari t members those matters we are required to state to them in an auditors' 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 parent charity E and the parent charity < members as a body, for our audit work, for this report, or for the opinions we have formed.
## Carol Rudge (Senior Statutory Auditor) for and on behalf of HW Fisher Audit
Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom
.........................
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FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2024
CONSOLIDATED GROUP STATEMENT OF FINANCIAL ACTIVITIES ¢
All income and expenditure relate to continuing activities. t
35
Group statement of Financial Activities- Comparative information
(including con501idotedincvme ondexptnditure uccuuntj
Unresrrlrted Oeslgnated Restrlrted
funds
funds
funds
Expendable
Endowrnent 2023 Total
funds
Notes
INCOME FROM-
Donatlon5 and legacles
Donations and gifts
Grants for core activiries
Charitable activities
Commercial trading operations
Investments
Other Incorne
151
11,096
270
1745
8.351
204
408
Total Sncome and end¢>wments
3.372
8.S63
11.935
EXPENDITURE ON:
R¥lsln8 lunds
Costs of generating donatlons and
lega