annu al repo rt and accounts - blue venturesprovide for their families, improving food security and...

AnnuAl RepoRt And Accountsfor the year ended 30 June 2015Charity No. 1098893

Company No. 4660959 (England and Wales)

CoNtENts

A remarkable year ................................................................................ 3

Inspiring a global movement to rebuild tropical fisheries ........ 4

Making conservation make sense .................................................... 5

A year in review ..................................................................................... 7

A new journey in marine conservation ........................................... 9

Investing in people ..............................................................................10

Celebrating our shared values..........................................................11

Irene’s story ...........................................................................................12

Lalao’s story ..........................................................................................13

Looking ahead .......................................................................................14

shoulder to shoulder ..........................................................................15

Recognition ............................................................................................16

statutory information ........................................................................17

Governance and management ........................................................18

Financial review ....................................................................................19

Legal and administrative information ...........................................21

Independent Auditors’ Report ..........................................................22

statement of Financial Activities ....................................................24

Balance sheet .......................................................................................25

Notes to the Financial statements ................................................26

A remarkable year It’s been another remarkable year for Blue Ventures. our powerful message − that marine conservation can only be sustained when it’s in the hands of those that depend on the sea for their survival − is resonating with more and more coastal communities worldwide.

the inspiring accomplishments that you will read about in this year’s review have only been possible thanks to the support of the friends, partner organisations and thousands of individuals like you who share our vision, many of whom have joined us on our field projects worldwide.

We are truly grateful for the incredible commitment of our partners to our vision of making marine conservation make sense to fishermen and women, and extend our thanks to those who have helped make our work a reality.

the need for our work today is greater than ever before. over 1.2 billion people live around our tropical coasts. they include some of the poorest and most vulnerable people on earth, and hundreds of millions who depend on sustainable oceans for their survival.

these are challenging times for our tropical seas, but we believe wholeheartedly that lasting change starts at the grassroots, and that by listening and responding to the needs of coastal communities we can build a dynamic global movement for marine protection.

thank you.

Jonathan Katz Chair of Board of trustees.

BLUE VENtUREs | ANNUAL REpoRt ANd ACCoUNts 2015 3

Inspiring a global movement to rebuild tropical fisheriesour oceans are in crisis. Warming seas and collapsing fish stocks are creating a perfect storm of threats to some of our planet’s most diverse ecosystems, including coral reefs and mangrove forests. the future of tens of thousands of species is in jeopardy. Nowhere is this crisis more acute than our tropical seas, home to our world’s highest marine biodiversity, and underpinning the livelihoods of hundreds of millions of coastal people.

It is not too late to save these ecosystems from the impacts of humanity’s assault on the oceans. By setting aside areas of ocean as marine reserves fish stocks can recover, replenishing depleted fisheries, and helping reseed degraded areas outside reserve zones.

Beyond its biological rationale, rebuilding fisheries through marine conservation makes compelling economic sense − helping strengthen tropical coastal communities, where human populations often struggle with severe poverty, food insecurity and climate change.

Yet the conservation movement has largely failed to mobilise the very communities who have the greatest interest in its success, and our sector’s track record in making marine protection work for people has been poor. Rather than being welcomed as an opportunity to rebuild fisheries, marine reserves are widely perceived as a threat to coastal livelihoods, with top-down conservation efforts often ignoring communities’ immediate needs and interests.

the future of life in our tropical seas depends on the conservation sector overcoming this paradox. Blue Ventures’ work is at the front line of making this vision a reality: identifying approaches to marine conservation that empower and engage − rather than alienate − fishing communities. We stand alongside coastal communities to rebuild tropical fisheries with the people that depend on them.

We’re excited to have this opportunity to share stories of our work with our partners, friends and volunteers, many of whom have joined us in making these conservation impacts a reality. We are committed to building a global movement to rebuild fisheries and protect marine biodiversity, and are enormously grateful for your support.

dr. Alasdair Harris Founder and Executive director

Alasdair

4BLUE VENtUREs | ANNUAL REpoRt ANd ACCoUNts 2015

Making conservation make sense this year’s efforts have seen expansion of our core programmes in Madagascar and Belize, and strengthening of models designed to inspire local engagement in marine conservation. Collectively our programmes now employ over 80 staff worldwide, with over 90% of our teams from our host countries. to achieve our goal we’ve supported coastal communities..

Community Conservationto develop their own locally managed marine areas, managed to sustain local fisheries and safeguard marine biodiversity.

this year saw the creation of the largest locally-managed marine protected area (LMMA) in the Indian ocean, and on-going expansion of LMMAs nationally within Madagascar’s rapidly evolving LMMA network, Mihari. the combined coverage of LMMAs in Madagascar now exceeds 10% of the country’s seabed. see www.mihari-network.org

This work has been supported by the John D. and Catherine T. MacArthur Foundation and the Darwin

Initiative

Rebuilding Fisheriesto rebuild their fisheries, establishing temporary fishery closures and permanent marine reserves, while adding value to seafood supply chains.

We’ve expanded our efforts to support community-led fisheries management, working with several small-scale fishing sectors across dozens of villages, and supporting local and international fishers’ exchanges to share experiences and best practice in local-level fisheries management, village by village.

This work has been supported by UK Aid Direct and the Helmsley Charitable Trust

Aquaculture to diversify their livelihoods, developing lucrative sea cucumber and seaweed farms with private sector partners as a way of reducing fishing pressure and alleviating poverty.

our aquaculture technicians are developing new approaches to enhancing productivity of community-based aquaculture systems, helping coastal communities diversify their incomes away from fishing wild stocks.

This work has been supported by Norges Vel - the Royal Norwegian Society for Development

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

the last year has seen the publication of new science documenting the enormous importance of Madagascar’s mangroves for carbon sequestration, as well as progress reinforcing community-led mangrove management at three priority conservation areas along the country’s west coast.

This work has been supported by the Darwin Initiative and the Waterloo Foundation


http://www.mihari-r.org

Community healthto offer health education and services in their communities, enabling couples to plan and better provide for their families, improving food security and enhancing local conservation efforts.

our integrated community health programme now provides regular access to family planning for over 20,000 people, as well as improving access to maternal health services, while also sharing results of our experiences working across health and environmental sectors with partner organisations through Madagascar’s new population-Health-Environment network. see www.pheMadagascar.org

This work has been supported by the John D. and Catherine T. MacArthur Foundation and The Helmsley Charitable Trust

Stimulating coastal communitiesto benefit from marine conservation tourism. In Belize and Madagascar our core projects are built around highly effective social enterprise for financing marine conservation. this model has demonstrated long-term effectiveness in using community-based tourism to provide direct support to some of the world’s poorest and most isolated coastal communities.

the sustained longevity of our presence alongside our local partners builds strong relations, trust, credibility, and a sensitive understanding of local contexts. these in turn enable the creation of locally and culturally relevant conservation and development programmes, designed by placing community interests at the heart of all activities, and maintaining a balanced commercial ethos that responds to local social and economic needs.

Educationto build the skills they need to diversify their livelihoods and manage their marine resources sustainably, from school scholarships through to environmental education and technical training.

the last year has seen our education programme serve the largest number of school children and young people in Madagascar to date, with educational scholarships and support to stay in school provided to over 230 children, and regular extracurricular activities provided for those in and out of school for over 500 children.

This work has been supported by the John D. and Catherine T. MacArthur Foundation and from donations from supporters


http://www.pheMadagascar.org

June 2015

Marine management paysour landmark study, published in the journal pLos oNE, highlighted the compelling economic benefits of local fisheries management, and its role in catalysing community support for broader marine management efforts. this research adds to a growing body of evidence demonstrating that short-term fisheries management interventions yielding tangible economic benefits can enhance community engagement, providing a powerful catalyst for locally led fisheries management and marine conservation. Read more at: discover.blueventures.org/marine-management-pays

May 2015

Google goes off-road in MadagascarBlue Ventures conservationists completed a six month journey across Madagascar with the Google trekker, collecting panoramic imagery from some of the the island’s critical marine conservation sites, including the Nosy Hara and Barren Isles archipelagos. Launched in Antananarivo in May, the resulting imagery allows a global audience to explore natural treasures of the world’s fourth largest island in 360° detail for the first time.

April 2015

Global recognition for Blue Ventures’ missionour efforts to rebuild tropical fisheries with coastal communities received global recognition with the 2015 skoll Award for social Entrepreneurship, heralding the start of a new strategic focus on building new partnerships worldwide, to share our experiences with communities in new contexts.

March 2015

Global acclaim for Belize tourism projectBlue Ventures’ conservation dive tour to Belize was named one of National Geographic’s 50 tours of a Lifetime 2015; an accolade reserved for the most authentic, innovative, immersive and sustainable tours on the planet.

February 2015

‘The rule book has to be ripped up. It’s about what people need.’Blue Ventures was profiled in the sunday telegraph Magazine, one of several dozen high profile media features documenting our work over the last year, building growing global awareness of our work and mission. Read more at www.blueventures.org/category/in-the-media

January 2015

Shining a light on shark fisheriesour recent analysis of shark fisheries in Madagascar produced practical recommendations to safeguard a critical marine resource whose future hangs in the balance. our use of cameras and smartphones, to enable fishers to collect photo-validated georeferenced records of their catches, has created some of the Indian ocean’s first high-resolution data documenting the status of artisanal shark fisheries.

A year in review

By demonstrating

that effective fisheries

management can reap

dividends, this model is

playing a powerful role

in building local

support for

marine conservation.

dANIEL RABERINERY

Blue Ventures and the

University of toliara Marine

science Institute


http://discover.blueventures.org/marine-management-pays

December 2014

Charting a course for sustainable small-scale fisheriesImproving the management of Africa’s small-scale fisheries can deliver sustained benefits throughout the seafood supply chain, benefiting coastal communities while rebuilding dwindling fish stocks. this was the message of a landmark meeting convened by Blue Ventures in Zanzibar, bringing together 65 delegates from 13 countries across east Africa and the western Indian ocean.

November 2014

Madagascar’s bold blue vision puts communities at centre of marine protectionAt the World parks Congress in sydney, Madagascar’s president Rajaonarimampianina committed to triple the country’s marine protected areas and establish a legal framework to protect community management of fishing grounds, reinforcing Blue Ventures’ efforts to support coastal communities in their efforts to protect and manage their traditional fisheries.

October 2014

Indian Ocean’s largest community-managed marine protected area establishedthe Government of Madagascar accorded temporary protection to the Barren Isles archipelago, creating the country’s largest protected area, and safeguarding traditional fishing grounds for migratory Vezo fishing communities. this vast LMMA is supported directly by Blue Ventures.

September 2014

Celebrating 10 years of community-led fisheries management in Madagascarthis year marks a decade of expansion of management of small-scale fisheries in Madagascar by communities, for communities. Models for community-enforced fisheries closures have now been adopted by several fisheries, along the north, south and west coasts of the world’s fourth largest island.

August 2014

Health and conservation sectors unite for changeA meeting convened by Blue Ventures in Antananarivo brought together a broad network of policy makers, funders and practitioners committed to reinforcing an integrated approach to sustainable development in Madagascar.

July 2014

Indian Ocean communities play vital role in conservationAn ambitious assessment of community-led marine conservation in the Western Indian ocean points to a revolution in the management of marine protected areas, with almost half of the sites – more than 11,000 km² – in the region now under local community stewardship.

We have positive

models by which to

chart our course. We

look to successful

examples of locally

managed marine areas

[LMMAs], of which

Madagascar is proud

to be a pioneer

in the Western Indian

Ocean region.

HERY

RAjAoNARIMAMpIANINA.

president of the Republic

of Madagascar

A year in review


A new journey in marine conservationsmall-scale fisheries are big news for hundreds of millions of people worldwide. over the past year we’ve embarked on a bold new journey in our mission to rebuild tropical fisheries on a global scale.

Inspired by the growing momentum in grassroots marine conservation being seen across the Indian ocean, we’ve dedicated new resources to strengthening our capacity to support communities and local organisations beyond our core programme areas.

this has required a new approach to our work: looking beyond the regions in which we maintain a permanent field presence to reach out to new partners, sharing our experiences with communities and organisations in contexts that are new to our team.

From hosting local and international community exchanges, to building networks and working groups of like-minded organisations to focus on scaling conservation models that work for people, this new focus has kept us busy, coinciding with a year in which our core programme activities have continued to expand, across both Madagascar and Belize.

It has also helped reinforce our understanding of the enormous value of local dialogue and exchange in inspiring conservation action. our experience over 12 years of supporting community-based marine conservation has shown that it’s the conversations that happen on and beside the water − between fishermen and women, learning from and mentoring their peers − that can make a lasting difference in conservation.

our efforts to build partnerships to achieve results and spread new ideas are now coordinated by a new global outreach role within our UK team, which brings new central capacity to Blue Ventures as a result of this year’s skoll Award for social Entrepreneurship.

these outreach efforts are complemented by our learning library - our online archive of publications documenting our journey in conservation so far. this rich resource includes over one hundred reports and papers, and is growing every month as we document the wealth of experience gained through our work. We continue to support this outreach with our team's growing exposure at conferences, universities, schools, community meetings and workshops worldwide - with hundreds of events and meetings taking place over the past year.

Visit discover.blueventures.org to find out more about our new journey rebuilding tropical fisheries with coastal communities.


http://discover.blueventures.org

Investing in peopleAs part of our commitment to build strong local teams within our overseas programmes, this year we’ve prioritised training and capacity building of national staff. In Madagascar, the number of project managers of Malagasy nationality has doubled in the past year, alongside continued strong participation of staff on overseas training programmes.

Continuous improvement is at the core of Blue Ventures’ work, and we strive to find better ways to support our field teams to carry out their work efficiently and effectively, recognising the often challenging conditions that our staff are exposed to. over the past year we have strengthened the channels through which teams can provide feedback and

share experiences and good practices from their work, and we have taken new steps to coordinate improvement efforts across our programmes.

the growing volume and scope of our conservation programmes has necessitated new central capacity for data management and analysis. this year we’ve created a new role for monitoring and evaluation within our UK-based conservation team to enhance our ability to manage and process the diverse datasets now being gathered across our programmes. these data management systems form the basis of our ongoing efforts to ensure that we’re able to track our impact and analyse the effectiveness of our conservation efforts.


celebrating our shared valuesour annual staff conference in November 2014 brought together over 70 Blue Ventures members of the team from Madagascar, Belize and the UK, in the village of Andavadoaka in southern Madagascar, home to our first community partnership in 2003.

As well as providing an open forum to share experiences and build connections among staff from across our conservation sites, this year’s conference presented a unique opportunity to celebrate the underlying values that unite the Blue Ventures family. these principles have formed the basis of our culture and identity on our journey so far, and we’re committed to championing these values as we continue to grow over the years ahead.

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

passion and beliefour mission is urgent and critical, we believe that our models work, and we’re determined to get the job done.

Valued people and effective teamsWe work in diverse and inclusive teams where all members have a voice and influence.

Innovation and courageWe’re resourceful and creative. We’re prepared to take risks and challenge broken paradigms.

openness and humilityWe’re an open source social enterprise. We work in a transparent and collaborative way to share what we learn.

Grounded in evidenceWe have high standards and aren’t afraid to be self-critical. If something doesn’t work, we change tack until we’re on the right course.


Irene’s storyIrene was in her final year of secondary school when she had her son, now four years old. she didn’t manage to obtain her school leaving certificate then, and was left feeling that her efforts in primary school had been futile.

she decided to start using family planning after the birth of her son, choosing three-monthly depo-provera injections offered by the community-based distributor of contraceptives in her village. once Irene took control of her reproductive health, she found that her business ideas thrived, her confidence grew, and she became able to provide for her son.

to earn money, Irene grows seaweed and sea cucumbers through an initiative supported by Blue Ventures. she describes how a private sector partner, a company called Indian ocean trepang, provides juvenile sea cucumbers for local farming teams to grow out to adult size in community-managed pens.

Irene also has a small business selling products that she sources from outside of the village, with her mother looking after her son while she’s away. thanks to these efforts, she’s been able to build a large house with four rooms, buy several goats and pay for her son’s school fees.

Irene isn’t yet married but she’s very clear about one condition before she gets engaged; that she can continue to use contraception until she’s ready to have another child.

Irene’s now a passionate advocate of family planning in her village, talking to other women about the benefits of making their own reproductive health choices.

Find out more about Irene’s story, and the experiences of other community members involved in our work, at: explore.blueventures.org

The last year has also seen strong advances with our efforts to use the power

of storytelling to advance our mission. From print media to radio, film, and

social media, our work has been profiled in numerous formats and languages,

helping us build global awareness of the issues we are confronting.

mongabay


http://explore.blueventures.org

lalao’s story Lalao is a senior marine scientist with Blue Ventures and has been recognised as an IUCN natural-born hero for her outstanding contribution to conservation in her home country of Madagascar. Mangroves − also known as ‘blue forests’ − are Lalao’s passion, and she has been involved in mangrove field research for five years with our team. she has undertaken a number of large-scale mangrove assessments in the southwest and the northwest of Madagascar, looking at the biomass and carbon stock of mangrove stands, the status of environmental and human impacts, and future threats.

More than just working on the science of carbon stock measurements, Lalao draws on five years of experience in community-based natural resource management to help develop blue forest projects with local communities. she is also involved in developing and researching simple but robust methods for the measurement of mangrove ecosystem services.

Meet more of our team at: www.blueventures.org/about/team


https://blueventures.org/about/team

looking aheadAlongside investing in outreach efforts to support, engage, and learn from partners involved in replicating our models, over the year ahead we will continue to strengthen our core programmes in Belize and Madagascar. this will see specific focus on investing in building the capacity of our local staff, as well as expansion of our health programme safidy to the Melaky region of western Madagascar.

during the coming year we will also be initiating new partnership programmes in three new countries: Mozambique and Comoros in the western Indian ocean, and timor-Leste in the heart of the Coral triangle region of southeast asia.

Each of these projects will be built on strong partnerships with local communities, institutions, and NGos, and our expansion into timor-Leste will be supported by our ecotourism social enterprise, Blue Ventures Expeditions, to ensure longevity of Blue Ventures’ support for conservation in this new territory. We are striving for impact at scale, and through core programmes and outreach efforts we aim for our models to reach at least three million people across the world’s tropical coastal regions by 2020.


shoulder to shoulderour work is only possible thanks to the tireless commitment to conservation of our friends and colleagues in countless organisations worldwide. our partners stand beside us in all that we do, and we extend our sincere gratitude to the donors, technical partners, volunteers and friends that have made the last year possible.


Recognitionthe last year has seen further critical acclaim of our work from across the environmental conservation and economic development sectors.

United Nations development programme Equator prize 2006: the Village of Andavadoaka, winner (in partnership)

United Nations sEEd Award 2005: winner, “Madagascar’s first experimental community-run MpA”

Enterprising Young Brits 2005 & 2006: highly commended, “social and Environment”

skal Ecotourism Awards 2006: Winner, “General Countryside”

Responsible tourism Awards 2010: Winner for “Best volunteering organisation”

Ashoka & National Geographic Geotourism Challenge 2008: finalist

Changemakers & National Geographic Geotourism Challenge 2010: finalist

Responsible tourism Awards 2004: highly commended for “Best in a Marine Environment”

Responsible tourism Awards 2007: highly commended for “Best in a Marine Environment”

Responsible tourism Awards 2008: highly commended for “Best Volunteering organisation”

Responsible tourism Awards 2009: highly commended for “Best in a marine environment”

Responsible tourism Awards 2006: highly commended for “Best Volunteering organisation”

Condé Nast traveler Environmental Award, 2009

For two decades, Condé Nast traveler has been honouring environmental visionaries around the world who have found innovative solutions to seemingly intractable problems.

in association with

observer Ethical Awards, runner-up 2010.

Blue Ventures was commended for creating the Indian ocean’s first replicable blueprint for community-centred marine and coastal conservation planning.

Winner, Buckminster Fuller Challenge, 2011

For work to protect marine resources and improve the livelihoods of poor coastal communities in Madagascar.


Blue Ventures Conservation

statutory information

BLUE VENtUREs | ANNUAL REpoRt ANd ACCoUNts 2015


Governance and management

Structure, governance and managementBlue Ventures Conservation (BVC) is a registered charity in the United Kingdom, number 1098893, and is constituted as a company limited by guarantee, registered number 4660959.

A Board of trustees governs BVC. the Board is responsible for determining the policies and strategic direction of the Charity. It meets regularly and delegates day-to-day running of the Charity to a senior management team. the members of the Board who were in office on the date of this report are shown on the Legal and Administrative Information page 21. Under the Articles of Association, ordinarily one third of trustees retire by rotation. New trustees are chosen by the Board and are expected to be pro-active with a view to ensuring that all the skills and experience needed to govern the Charity are represented. the induction procedure aims to provide new trustees with the information on their duties and liabilities necessary to be effective within the governing body.

All major decisions are taken at Board level. BVC employs staff in the United Kingdom and overseas. the day-to-day operations of the Charity are delegated to the senior management team based in London. the Charity employs overseas staff directly, including from host countries, who are involved in locally based projects.

Public benefitthe trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives, and in implementing current 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.

Related partyBlue Ventures Conservation works closely with Blue Ventures (Expeditions) Ltd (BVE), a private limited company registered in scotland, sC233112. Both organisations operate separate boards of governance but they share a common senior management team which has the authority and responsibility to direct and control activities on a day-to-day basis.

BVE is a not-for-profit organisation whose principal activity is managing the marine research and conservation expeditions run by Blue Ventures. Under a directors and shareholders agreement dated 7th August 2007, BVE donates its profits to BVC.

For the year ended 30 june 2015, BVE made a charitable donation of £35,000 to BVC. (2014: £nil). For the year ended 30 june 2014, BVE made no charitable donations to BVC as the company sought to rebuild its operating reserves following trading losses in 2013.

Risk managementthe trustees have identified the major risks to which the charity is exposed, and confirm that the necessary systems are in place to lessen those risks. BVC runs a risk register listing all current identified risks. Each risk is analysed according to its perceived potential impact along with actions that either have or will be taken in mitigation.



Financial review

Total income for the year amounted to £1,900,114 (2014: £933,591).

total expenditure for the year amounted to £1,268,484 (2014: £1,003,623). of this expenditure, 93% is spent on carrying out charitable activities, with a further 5% spent on generating voluntary income and 2% on governance. 89% of the Charity’s staff is based overseas in our programme countries.

TaxationBVC is a registered charity within the definition of section 505 of the Income and Corporation taxes Act 1988, accordingly its income is exempt from taxation.

Reservesthe trustees regularly review the level of reserves, which is used to describe unrestricted funds excluding those tied up in fixed assets or otherwise designated. BVC’s reserves policy is to maintain sufficient working capital to cover six months core running costs. this equates to approximately £126,000.

As at 30 june 2015, reserves amounted to £186,036.

Trustees’ responsibilitiesthe trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting practice).

5 Year History 2010/11 £

2011/12 £

2012/13 £

2013/14 £

2014/15 £

IncoMe

donations and gifts 100,424 16,976 20,223 95,940 62,313

Grants receivable 577,725 873,587 817,255 725,056 1,768,032

Interest and other income 2,156 72,150 85,807 112,595 69,769

total income 680,305 962,713 923,285 933,591 1,900,114

eXpendItuRe

Costs of generating voluntary income 41,105 40,495 39,453 43,804 58,777

Charitable expenditure 451,394 689,996 867,701 940,657 1,185,536

Governance costs 7,827 17,537 18,363 16,538 20,003

other costs - 3,438 7,745 2,624 4,168

total expenditure 500,326 751,466 933,262 1,003,623 1,268,484

Increase/(decrease) in income (%) 204% 42% (4)% - 104%

Increase in expenditure on charitable activities (%) 172% 50% 26% 8% 26%



Company 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 the incoming resources and the application of resources, including income and expenditure, for the charity for that period. In preparing these financial statements, the trustees are required to:

�� select suitable accounting policies and then apply them consistently;

�� observe the methods and principles in the Charities soRp;

�� Make judgments and estimates that are reasonable and prudent;

�� state whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

�� prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Disclosure of information to auditorsIn accordance with company law, the trustees who held office at the date of approval of this trustees’ Report certify that:

�� so far as they are aware, there is no relevant audit information of which the charity’s auditors are unaware; and

�� As the trustees of the charity they have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

Special exemptionsthis report has been prepared in accordance with the statement of Recommended practice: Accounting and Reporting by Charities (issued in March 2005), and in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.

Approved and authorized for issue by the Board of trustees on 7th january 2016

Mr J Katz

Chair of the Board of trustees



legal and administrative information

trustees dr Robert Conway

Mr Abbas Hasan

Mr jonathan Katz - Chair

Ms Anna Kydd

Mr Matthew Linnecar

Mr john Wareham

Ms Astrid Zweynert (resigned 10 March 2015)

Mrs patricia Kreitman (appointed 11 december 2014)

dr dominic Hoar (appointed 27 March 2015)

secretary Lindsays Ws

charity number 1098893

company number 4660959

Registered office Level 2 Annex omnibus Business Centre 39 - 41 North Road London N7 9dp United Kingdom

Auditors H W Fisher & Company Acre House 1 - 15 William Road London NW1 3ER United Kingdom

Bankers Co-operative Bank p.o.Box 250 delf House southway skelmersdale WN8 6Wt United Kingdom


Blue Ventures Conservation(A COMPANY LIMITED BY GUARANTEE)

Independent auditors’ reportto tHe MeMBeRs oF Blue VentuRes conseRVAtIon

We have audited the accounts of Blue Ventures Conservation for the year ended 30 june 2015 set out on pages 24 to 33. the financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting practice).

this report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006. our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an 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 charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of trustees and auditorsAs explained more fully in the trustees’ Responsibilities statement on page 19, the trustees, who are also the directors of the charitable company for the purposes of company law, are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view.

our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International standards on Auditing (UK and Ireland). those standards require us to comply with the Auditing practices Board’s Ethical standards for Auditors.

Scope of the audit of the accountsAn audit involves obtaining evidence about the amounts and disclosures in the accounts sufficient to give reasonable assurance that the accounts are free from material misstatement, whether caused by fraud or error. this includes an assessment of: whether the accounting policies are appropriate to the charitable company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the accounts. In addition, we read all the financial and non-financial information in the trustees’ Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on accountsIn our opinion the accounts:

− give a true and fair view of the state of the charitable company’s affairs as at 30 june 2015, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

− have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practice; and

− have been prepared in accordance with the requirements of the Companies Act 2006.


Blue Ventures Conservation(A COMPANY LIMITED BY GUARANTEE)

Independent auditors’ reportto tHe MeMBeRs oF Blue VentuRes conseRVAtIon

Opinion on other matter prescribed by the Companies Act 2006In our opinion the information given in the trustees’ Report for the financial year for which the accounts are prepared is consistent with the accounts.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where 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 received from branches not visited by us; or

− the accounts 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.

Andrew Rich (senior statutory Auditor)

for and on behalf of H W Fisher & company

Chartered Accountants statutory AuditorAcre House11-15 William RoadLondonNW1 3ERUnited Kingdom

dated: 7th january 2016



statement of Financial Activities Incorporating the Income and expenditure Account

For the year ended 30 June 2015

notes

unrestricted Funds

£

designated Fund

£

Restricted Funds

£

2015 total

£

2014 total

£

IncoMInG ResouRces

Incoming resources from generated funds

Voluntary income

donations and gifts 2a 56,826 - 5,487 62,313 95,940

Grants receivable for core activities 2b 508,249 - 1,259,783 1,768,032 725,056

Activities for generating funds 16,227 - 29 16,256 19,317

Investment income 3,961 - 25 3,986 1,302

total incoming resources from generated funds 585,263 - 1,265,324 1,850,587 841,615

Incoming resources from charitable activities 3 15,961 - 33,566 49,527 91,976

total incoming resources 601,224 - 1,298,890 1,900,114 933,591

ResouRces eXpended

costs of generating funds

Costs of generating voluntary income 49,156 8,040 1,581 58,777 43,804

Fundraising trading costs 997 - 3,171 4,168 2,624

charitable activities 170,232 - 1,015,304 1,185,536 940,657

Governance costs 20,003 - - 20,003 16,538

total resources expended 4 240,388 8,040 1,020,056 1,268,484 1,003,623

net income/(expenditure) and net movement in funds before transfers

360,836

(8,040)

278,834

631,630

(70,032)

Fund transfer (300,000) 300,000 - - -

net income/(expenditure) and net movement in funds after transfers 60,836 291,960 278,834 631,630 (70,032)

total funds brought forward 142,221 - 402,797 545,018 615,050

total funds carried forward 203,057 291,960 681,631 1,176,648 545,018

All income and expenditure relate to continuing activities.

there are no recognised gains or losses other than those included above and therefore no separate statement of total recognised gains and losses has been presented.



Balance sheet As at 30 June 2015

notes

£2015

£

£2014

£

Fixed Assets

tangible assets 11 51,878 64,444

current Assets

debtors 12 56,287 88,114

Cash at bank and in hand 1,105,022 442,381

1,161,309 530,495

creditors: amounts falling due within one year 13 (36,539) (49,921)

net current assets 1,124,770 480,574

total assets less current liabilities 1,176,648 545,018

Income funds

Restricted funds 14 681,631 402,797

designated fund 15 291,960 -

Unrestricted funds 203,057 142,221

1,176,648 545,018

Approved by the Board on 7th january 2016 and signed on their behalf by

Mr j Katz trustee (Chair)

Company Registration No 4660959 (England and Wales)



notes to the financial statements For the year ended 30 June 2015

1 Accounting policies1.1 Basis of preparation

the financial statements have been prepared under the historical cost convention and in accordance with the statement of Recommended practice, “Accounting and Reporting by Charities” issued in March 2005, the Companies Act 2006 and applicable United Kingdom accounting standards.

1.2 Incoming resourcesdonations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of Financial Activities in the year in which they are receivable.

1.3 Resources expendedExpenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.- Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in

trading activities that raise funds.- Costs of charitable activities comprise all expenditure identified as wholly or mainly attributable to achieving

the objectives of the charity. these costs include staff costs, wholly or mainly attributable support costs and an apportionment of general overheads.

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

1.4 tangible fixed assets and depreciationtangible fixed assets are stated at cost less depreciation. Items costing less than £500 are not capitalized.depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

plant, machinery and motor vehicles 25% reducing balanceComputer and other office equipment 33% reducing balanceLong leasehold land and buildings 25% reducing balance

2 Voluntary income a) donations and gifts

2015 £

2014 £

Restricted donations:

other donations 5,487 14,051

unrestricted donations:

Blue Ventures (Expeditions) Ltd 35,000 -

st Andrews prize for the Environment - 60,606

tusk Award for Conservation in Africa - 7,500

Charities Aid Foundation 6,892 -

other donations 14,934 13,783

62,313 95,940



notes to the financial statements (continued) For the year ended 30 June 2015

2 Voluntary income (continued)

b) Grants receivable for core activities

Negative amounts represent funds returnable to donors where the Charity has been unable to spend funds in accordance with the grant.

2015 £

2014 £

Restricted grants:

Balcombe Charitable trust 43,000 -

Bohemian Foundation 32,047 -

British Embassy, Antananarivo 6,834 2,500

Chase (Africa) 5,000 -

defra (darwin) 133,768 94,186

dFId (GpAF) 82,575 79,497

FFEM 12,606 -

Foundation save our seas 43,213 -

GEF 104,472 -

GIZ 6,385 -

john d. and Catherine t. MacArthur Foundation 190,451 175,659

Leona M. and Harry B. Helmsley Charitable trust 250,364 145,117

Norges Vel 145,404 105,026

Rufford Foundation 9,190 -

smartFish 6,567 -

the Ernest Kleinwort Charitable trust 40,000 -

the summit Foundation 15,623 -

UNFAo - 4,679

UNICEF - (3,564)

UsAId - 3,615

Waterloo Foundation 75,000 -

WIoMsA 38,766 33,553

World Resources Institute 10,371 -

World Wildlife Fund 8,147 -

ZsL - 2,500

1,259,783 642,768

2015 £

2014 £

unrestricted grants:

Mulago 98,258 63,063

synchronicity - 15,000

World Wildlife Fund - 4,225

skoll Foundation 409,991 -

508,249 82,288




2015 Restricted

Funds £

2014 Restricted

Funds £

other incoming resources comprise:

Income from overseas projects 17,145 13,136

Contracts for programme activities 16,421 32,528

33,566 45,664

3 Incoming resources from charitable activities

4 Resources expended

other costs

£

staff costs

£

support costs

£

2015 total

£

2014 total

£

costs of generating funds

Costs of generating voluntary income

5,906

-

52,871

58,777

43,804

Fundraising trading costs 4,168 - - 4,168 2,624

charitable activities 564,722 464,484 156,330 1,185,536 940,657

Governance costs 10,003 - 10,000 20,003 16,538

584,799 464,484 219,201 1,268,484 1,003,623

Re-allocation of staff costs within support costs - 113,798 (113,798) - -

584,799 578,282 105,403 1,268,484 1,003,623

net income/(expenditure) is stated after charging:

2015 total

£

2014 total

£

Audit fees 9,691 6,395

9,691 6,395

Non-audit fees paid to our auditors amounted to £ 3,624 (2014: £ 1,021)



costs of generating

funds £

charitable actvities

£Governance

£

2015 total

£

2014 total

£

support costs comprise:

staff costs 28,563 75,235 10,000 113,798 141,976

project audits - 4,200 - 4,200 -

Bank charges - 60 - 60 60

Blue Ventures (Expeditions) Ltd - administration fees 6,649 19,946 - 26,595 28,172

Conference and meetings 1,448 250 - 1,698 533

depreciation - 19,290 - 19,290 18,164

telecommunications and It 12,484 24,531 - 37,015 23,335

postage, print and stationery - 9,093 - 9,093 5,016

other office costs 3,460 2,920 - 6,380 9,345

Insurance 267 805 - 1,072 477

52,871 156,330 10,000 219,201 227,078

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

5 Support costs

2015 £

2014 £

staff costs comprise:

Wages and salaries 529,358 454,039

social security 48,924 32,973

578,282 487,012

2015 no.

2014 no.

Number of employees who earned from: £60,000 to £69,999 1 -

there were no employees with annual emoluments above £70,000 (2014: nil)

the average number of employees during the year:

2015 no.

2014 no.

staff 74 62

6 Staff costs




7 Costs of generating voluntary income

8 Charitable activities

9 Governance costs

10 Trustees’ remuneration

Expenses reimbursed to trustees, where claimed, amounted to £nil (2014: £nil). the Charity does not remunerate trustees for their normal duties as a trustee. the Charities Act 2011 allows for payments to trustees. In the best interest of the Charity, in certain cases trustees have specific knowledge, skills and experience in the funding and project management of a particular area of the Charity’s work, which the Charity utilises to advance its charitable activities.

2015 £

2014 £

other costs of generating voluntary income comprise:

Bank charges 45 14

telecommunications and It 41 141

Conference and meetings - -

travel 5,820 1,870

5,906 2,025

2015 £

2014 £

other costs relating to programme activities comprise:

Community outreach projects 327,616 250,992

site and technical 21,200 21,600

travel 159,392 96,276

office expenses 22,032 11,071

Bank charges 2,099 1,845

Conference and meetings 18,541 25,912

Legal and professional - -

telecommunications and It 728 35

postage, print and stationery 4,446 3,801

Insurance 8,668 8,790

564,722 420,322

2015 £

2014 £

other governance costs comprise:

Audit fees 9,691 6,395

Conference and meetings 72 143

directors and officers Liability Insurance 240 -

10,003 6,538




leasehold land and buildings

£

computer and other office equipment

£

plant, machinery and motor vehicles

£

total

£

cost

At 1 july 2014 13,926 4,982 128,094 147,002

Additions - 727 1,805 2,532

At 30 june 2015 13,926 5,709 129,899 149,534

depreciation

At 1 july 2014 2,346 2,121 78,091 82,558

Charge for the year 2,060 973 12,065 15,098

At 30 june 2015 4,406 3,094 90,156 97,656

net book value

At 30 June 2015 9,520 2,615 39,743 51,878

At 30 june 2014 11,580 2,861 50,003 64,444

11 Tangible fixed assets


12 Debtors

13 Creditors: amounts falling due within one year

2015 £

2014 £

Blue Ventures (Expeditions) Ltd 12,878 -

other debtors 6,622 4,263

Accrued income and prepayments 36,787 83,851

56,287 88,114

2015 £

2014 £

Blue Ventures (Expeditions) Ltd - 12,011

other creditors 12,476 8,584

Accruals 24,063 8,637

deferred income - 20,689

36,539 49,921



Movement in funds

Balance at 1 July 2014

£

Incoming Resources

£

Resources expended

£

Balance at

30 June 2015 £

Aquaculture 32,120 156,922 (169,018) 20,024

shark and turtles 8,314 43,324 (18,618) 33,020

population, Health & Environment 110,618 124,803 (104,324) 131,097

Education 5,929 4,006 (5,685) 4,250

Velondriake MpA 2,448 803 (12) 3,239

Getty Award 1,525 4,276 (4,695) 1,106

Blue Carbon 44,399 182,777 (74,893) 152,283

Madagascar LMMA 72,273 196,836 (131,102) 138,007

Barren Isles darwin 17,913 75,527 (82,645) 10,795

Fisheries Monitoring 12,218 - (12,218) -

pEs darwin1 16,851 59,933 (82,399) (5,615)

pEs Waterloo (448) 75,000 (61,143) 13,409

small projects (1,823) 21,876 (19,877) 176

C&RC 8,436 - (3,129) 5,307

dugongs - 10,153 (2,286) 7,867

Monitoring and Evaluation - 43,000 (30,456) 12,544

Lionfish - 19,494 (383) 19,111

driving Adoption - 54,107 (18,971) 35,136

octopus Fisheries 65,311 143,478 (114,214) 94,575

octopus Fisheries (dFId GpAF) 6,713 82,575 (83,988) 5,300

402,797 1,298,890 (1,020,056) 681,631

14 Statement of restricted funds

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

1Negative fund balances are receivable in arrears.

In accordance with the Charity’s accounting policies, expenditure on tangible fixed assets is capitalized and depreciated over its expected useful life.

the following table summarises capital expenditure during the year under grants from official bodies:

please refer to the trustees’ report for additional information on individual projects.


£

defra (darwin) 1,104

1,104



Movement in funds

Balance at 1 July 2014

£

designated Resources

£

Resources expended

£

Balance at

30 June 2015 £

driving Adoption - 300,000 (8,040) 291,960

- 300,000 (8,040) 291,960

unrestricted funds

£

designated fund

£

Restricted funds

£

total

£

Fund balances at 30 june 2015 are represented by:

tangible fixed assets 17,021 - 34,857 51,878

Current assets 204,961 291,960 664,388 1,161,309

Creditors: amounts falling due within one year (18,925) - (17,614) (36,539)

203,057 291,960 681,631 1,176,648

15 Designated fund

16 Analysis of net assets between funds

this fund is set up to refine and drive adoption of Blue Ventures’ conservation models with selected strategic partners. this will play a crucial role in driving progress towards our vision: reaching at least three million people across the world’s tropical coastal regions by 2020.


17 Related party transactions

Blue Ventures Conservation works closely with Blue Ventures (Expeditions) Ltd, a private limited company registered in scotland, sC233112. Both organisations operate separate boards of governance but they share a common senior management team which has authority and responsibility to direct and control activities on a day-to-day basis.

Note 2a discloses charitable donations received from Blue Ventures (Expeditions) Ltd during the year.

Notes 5 discloses administration fees paid to Blue Ventures (Expeditions) Ltd during the year.

Note 12 discloses the amounts owed by Blue Ventures (Expeditions) Ltd as at 30 june 2015.

Note 13 discloses the amounts owed to Blue Ventures (Expeditions) Ltd as at 30 june 2015.

during the year, £558 was payable to Wild Medic Ltd by Blue Ventures (Expeditions) Ltd for the provision of medical advice and support (2014: £500). dr Robert Conway, a trustee of Blue Ventures Conservation, is a shareholder and Managing director of Wild Medic Ltd.


Blue Ventures, Level 2 Annex, omnibus Business Centre, 39-41 North Road, London N7 9dp, UK.

tel: +44 (0)20 7697 8598 Fax: +44 (0)800 066 4032

Email: [email protected] www.blueventures.org

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