Reglstered number: 10628323 Charity number: 1174759 OCEAN FAMILY FOUNDATION (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 OCEAN FAMILY FOUNDATION IA company limitod by guarantee) CONTENTS Page Reference and administrative details of the Company> its Trustees and advise Trustees, report Independent examiner's report Statement of financial activities 10 Balance sheet Statement of cash flows 12 Notès to the financial statements 13-23 OCEAN FAMILY FOUNDATION {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR TrIE YEAR ENDED 28 FE8RUARY 2024 Trusteès DJ Till P A D Dubens JSDGetty Company registered number 10628323 Charity registered number 1174759 Registered offi¢e 3 Cadogan Gate London SW1X OAS Accountant Crowe U.K. LLP Chartered Accounlanls m￿WaY Bridge House 1 - 8 Fairmeadow Maidstone Kent ME14 1JP Page 1 OCEAN FAMILY FOUNDATION IA company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2024 The Trustees (who a￿ also the directors of the charitable company for the purposes of the Companies Ad 20061 present their annual report together with the financial statements of the Ocean Family Foundation for the 1 March 2023 to 28 February 2024. The Annual report serves the purposes of both a Trustees. report and a directors, report under company law. The Trustees confim that the Annual report and financial statements of the charitable company comply with the Current slatulory requirements. the requiremen15 of the charitable companws governing document and the provisions of the Statement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appli¢abk in the UK and Republic of Ireland (FRS1021 leffective 1 January 20191. Since the company qualifies as small under sèction 382 of the Companies Act 201E, the Slralegr report required of medium and large companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Poll¢les and oblectlves The princip81 object of the ¢har(cable company is lo und8rtake and promot& for the benefft of the public the consetvalion, protection. improvement and ecologically sustainabk management of th& marine environment including associated land, shoreline and structures, and to advance the education of the public in the conservation. protection, improvement and ecologically sustainable management of the marine environment including associated land, shoreline and structures. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefrt, including the guidance 'Public benefit.. running a charity IPB21'. b. Strat8gles for achlevlng obJe¢tlves The Trustee board clos&ly monitor expenditure to ensure that this is managed èfficientty and meets on a regular basis to consider the charitable company's operations and objects. c. A¢tIvltles undertaken to achleve obJg¢tlves The Twslees believe thal the charitsble company is achiemng its objective5 by supporting other charities ¥Mth objects in line with ils own or by helping lo fund educational activities lo promote ils objects. This is done via grant-making lo entities which the Trustees believe are operating in line with the charitable companls objects. d. Grant-making policies The charitable company makes grants lo such entities as the Trustees consider would actively promote the charitable company's objects. These are presented to the Trustees at the regular board meetings and decisions made based upon the merits of each application. . Main activities undertaken to further the company's purposes hr th• public bonefft O￿n Family Foundation is looking lo cOnSe￿e and sustain the marine environments for the benefft of the public. All expenditure by the charitable company is reviewed ag8insl the Public Benefit principles and the Trustees ensure these expenses represent an appropriate use of charf(able funds. Pagè 2 OCEAN FAMILY FOUNDATION {A company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2024 Achievements and perfomiancg . Main achievements of the Company The charitable company does not raise funds from the general public and was consequently able lo achieve another year of operating relying on donations alone. The charitable company was pleased lo make donations in this perioL% supporting ils charitable a¢livilies in ils chosen area of marine conservation. Where applicable, the charttable company looks lo support organisalions year on year and (( is happy to confirm that another year of payments made towards Committed grants has passed. b. Revlew of actlvltles The charitable company provides funding for various organisations which support rts objectDies. Highlights of these organisations, activities during the year include.. Final Straw Foundation organised beach cleaning with dedicated volunteers. removing hundreds of kilos of waste from the Solent shores, w((h over 90D/o being single use plastic, helped by 30 children aged 8-10, collecting cigarette butts to highlight the amount of cigarette waste on beaches and streets. The Final Straw Foundation team began the next phase of water sampling lo provide data for spatial analysis of forever Chemicals in Langstone and Chichester Harbour. a collaborative research project which is taking place wth Brighton University Its analyse micro particulates in the harbours. The charity also announced ils new project the FSF EdLtcalion Station whose aim is lo address the plastic Cli8is by collecting and recycling plastics commonly found on beach cleans to create new, sustainable items. Scollish Coastal Clean Up worked alongside the East Lolhian Ranger service to tackle the issue of the removal of a large number of creels. The team also delivered educational workshops into schools and earfy year settings throughout winter. Scottish Coastal Clean Up joined fa￿e$ with organisalions like The Scollish Seabird centre in North BeNick, Keep Scotland beaulrful and the Berwickshire Marine Reserve lo help tackle the huge amounts of iubbish that has been washed up on the East Coast of Scotland. the team estimate that il has removed over 10 lonnes ofwashed-up creels and rope in East Lolhian alone over the winter. This year Worldrise created 184,000 m2 of new Local Marine Conservation and Education Areas in Sardinla and Sicily. recovered 300 kilos of ghost nets from the seabed, travelled over 3,000 nautical miles lo monitor the dolphins that populate the water5 of Golfo Aranci, and collected over 2,000 kg of waste with clean ups on the beach and in the city. Worldrise's team involved 1,100 children in educational activities, provided 8 scholarships for future custodians ot the Medf(erranean Sea and promoted the creation of two new smog-absorbing murals. - Africa Foundation's partnership with Ocean Without Borders saw Mnemba Coral Nursery and Reef Restoration deploy six turle and star-shaped reef constructs and transplant over 1.SIKJ coral colon￿$ onlo these structures. All of these coral colonies were "home-grown. by the team in the flourishing coral nursery. A further 1,600 coral colonies from this nLErsery have been transplanted lo regenerate degraded local reef section5 In this mU￿1- phased project. Save The Med organised the frfth 'Blue Dragonera, forum lo involve local communities in the proactive care of the Sa Dragonera Marine ReseNe in the Balearic Islands. In Spring 2023, nearly 1,000 studènts and 80 teachers joined Save the Med's Dos Manos School Programme, an initiative which explores the issue of p18slic in the marine environment and the effect this has on marine and human lrfe. The programme is offered to local schools with the aim of engaging as many students, leacheTS and parents as possible with marine consetvation. More than 300 high school students Signed up lo Save the Med Foundation's Changemakers Project which stimulates young people to devise creative ideas lo reduce the use of single-use plastics. Page 3 OCEAN FAMILY FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2024 Achievements and performance Icontlnu9dl Yachts for scien￿ delegate Dr Ferrelti and his team attended the Whf(e Shark Global Conferen￿ in Port Lincoln, Australia, attended by 170 delegates. Dr Ferrelli and his team presented the latest updates from the Whrte Shark Chase, an Unpre￿dented initiative to find and track the last white sharks in the Mediterranean Sea. A Plastic Planet led a Ihoughl-provoking session 8t the annual L8bour Party Conference lo stress the importance of a plastics strategy across the UK. A Plastic Planet's partner PlasticFree attended the Global Plastics Summit in Bangkok hosted by Economist Impact where global leaders. scien115ts, policymakers, and change-makers came together lo work toward the creation of a robust UN Global Plastics Treaty. Financlal revlgw a. Going Concern After making appropriate enquiries, the Iruslees have a reasonable expectation that the charitable company has adequate resourGes to continue in operational existence for the foreseeable future. For this reason they continue lo adopt the going concem bas15 in preparing the financial slalemenls. Further details regarding the adoption of tho going concern basis can be found in the Accounting Policies. b. Reserves policy The charitable company's unrestrided reserves as at 28 February 2024 were £263.314 {2023.' £42,956). The going ¢on¢ern of thg charitable company is considered above. General funds are unrestricted or free reserves which are available for use al the discretion of the Trustees in furtheran￿ of the general objectives of the charitable company and which have not been designated for other purposes. The Trustees have sel the t8rgel level of unreslricted re5erve5 to be a minimum of one yearfs worth of running costs. As the charitable company has no paid employees. the Trustees believe that the ongoing costs will be minimal each year. Dorsalions are made to such enlilies the Trustees believe will meet ils objects on an ￿ hoc basis when the opportunity arises and funds are available. . Compliance with the Charity Governanco Code The Trustees are aware of the requirements of the Charty Govemance Code and ensure the charrtable operations comply with this code. Page 4 OCEAN FAMILY FOUNDATION (A company limited by guaranteg) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2024 d. Principal risks and uncertalntS9s The Trustees have assèssed the major risks lo which the charitable company is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are in pla￿ to mitigate exposure to the major risks. The Trustees consider thg main risks to be as follows:. 11 The loss of the gocxj reputation of the chantable company. 21 The cessation of donations re￿ived. All risks are considered by the Trustee board on a regular basis and efforts are made lo mitigate any risks wherever possible. e. Flnanelal Tlsk management obJectlve$ and policies The Trustees have a risk managemgnt strategy which comprises an annual review of the principal risks and uncertainties that the charitable company faces and the establishment of policies, systems and procedures to mitigate these risks. Structure. govemance and management Constitution Ocean Fami￿ Foundation 18 registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association on 20 February 2017. The company is a registered charity. number 1174759. The charitable companls registered offits is 3 CadoJan Gate, London. SW1X OAS. The Trustees wnfirm that they have referred to the guidance contained in the Charity Commission's general guidance on publi¢ benefft when rgviewing the charitable companls aim5 and objective5 and in the planning of future activities. The principal object of the charitable company is lo undertake and promote for the benefit of the public the eonservation. protection, improvement and ecologically sustainable management of the marine environment including associated land, shoreline and structures, and lo advance the education of the public in the nseNation, protection, improvement and ecdogically sustainable management of the marine environment including associated land, shoreline and structures. b. hlethods of appointment or election of Trusteos The management of the company is the responsibility of the Trustees who are elected and Coryopled under the terms of the Memorandum of Association. Page S OCEAN FAMILY FOUNDATION (A company limitod by guaranteel TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2024 Structure, governance and management Icontinuedl . Organisational struC￿re and decision-making policies The charitable company is managed by the Trustees. The Trustees meet on a regular basis to discuss issues arising and lo assess the viability of requests for grants. The Trustees, who are also directors, who served