Smalles Goldie Group CHEATING ADVAIITAGE Company registration number: 03513218 Charity registratlon number: 1073254 Registrar's Copy EMIH Limited (A company limited by guarantee) Annual Report and Financial Statements 31 January 2023 'ACtMIGWZ* 1011012023 C(pANIEs H¢XISE
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Sc>Q210790Trl ICAEW CHAR TERED ACCOUNTANTS
EMIH Limited Contents Reference and Administrative Details Strategic RePt 2to3 Trustees. Report 4t019 Independent AuditS. Rep(xt 20to23 Consdidated Statement rA Financial Activities 24 Consolidated Balance Sheet 25 Balan Sheet Consolidated Statement of Cash 27 Sialement of Cash FIS 28 Notes to the Financial Statements 29to48
EMIH Limited Reference and Administrative Details Trustees D W Gemmell OBE J A Pathes CBE T S E Boanas G Chesters R Furtey A W Kirkman S M Lockbwod L J Morrdl M Tarbotton Secretary N G Porteus Charlty Reglstration Number 1073254 Company Reglstratlon Number 03513218 The chanty is irated in England. Registered Off The Deep KirwJslon Upon Hull HU1 4DP Auditor Srnailes Gcddie Chartered Ac(untsnts Regent's C(Krrt" Prin¢ess Street Hull East Yorkshire HU2 8BA Sollcilors Rdlils LLP Citadel House 58 High Street Hull HU1 1QE Bankers Nationa Weslminster Bank PO Box 944 34 King Edward Stre Hull HU13YN Page 1
EMIH Limited Strategic Reportfor the Year Ended 31 January 2023 The dire¢tors present their strategic reFWJrt arKI the finanryal ststements for the year ended 31 January 2023. Charitabl• ¢)bjoGtives As defined in ils goveming dCMents. the objectives of the charity are.. to advance the educational and uJKural v[are of the inhabitants of Kingston upon Hull in particular and the communty at large." and to promole the conservation of marine organisms by estalShing in Kingston upon Hull, The Deep aquarium, incorporating an international centre of excellence for educatn, learning and research of the marine environment. Within the alve objeclwes, the charity's 51rategy 15 to mainlain reserves at a level sufficnI to cover the aOUntIng deprKialion. to rneel ongryng revenue commitrnents and to continue to invest in the facilities at The Deep so that il fulfil ils educatsonal. marine researth and conservation objectives to the fvll. Activity during the year Activity during the year was in line with the CoMpanS charitable objectives and tts performan exceeded the Business Plan assumptirS Ihal ha(1 been sel. The charity's aim is to continue lo attraL# sufficient visitors lo The Deep so that bt can cover its opwational costs and generate sufficient resources so that il can continue to maintain its facilit$, consKJer their ongoing improvement and be able lo suppc*t conservation and marire research projects. In tnS of ils tar9ets for the year. the charity performed as follows: the charity exceeded ils Business Fyan largel and was able lo attract 457.OC(I visitors learners lo The Deep. generating an underlying rel operatK)nal suruS for the year of £1,320,076. the charity continued to maintain ils facililres to a high standard, most rK)tably $talling a major new exhibition gallery ("CcNJ Seas")- and the charity continued lo supwi conservation and marine research projects (both finanually and in-kindl lo help preserve etements of wr marine environment and to leam more about them. Financial performanco The financial results were as folkM'. 2023 2022 Total revenue Less expenditure, but exduding depr¢uats"on for vthith capital grant reserves exist (7,684.673) 16.050.683) 11.633.990> Underlying nel operational suwus for the year 1.320.076 1.231.368 88,708 The financial oulturn of the 2022123 ntinUed Ihe excepliwal pwformance Ihal the charrty delivered in the latter part of the 2021122 finawal year after the numerous CovMJ-19 pandemic enforcgj lockdown dosures. This was made possible by the implementation of a number of staff and other cost savings introduced during the Ik¥n closure pwÉods. 9.004.749 7.282.051 1.722.698 Page 2
EMIH Llmited Strategic Report for the Year Ended 31 January 2023 The group reserves of £28,714,80512022- £27.848.272) at 31 January 2023 primarily consist of capital grants received for Ihe construcion of The Deep Visitor Attraclion and The Deep Business Centre, expenditure on which has been capilalised and whth 11 be amortised over the useful life of the ass(tiated assets. As a Charity. the companYs Memorandum and Arbdes of A$SlatIon do not pemif( the payment of dividends. Risk review The directors have discussed the major risks to which the charity is exposed with the officer management team. jointty developirtg systems to mitigate IIK)se risks. FUrthene, a Strateg plan has been developed such that external risks and intemal risks are minimised by the ImeMentation of procedures for the authorisatn of all transactions and to ensure consistent qualtty of detNery for all operational aspects of the charitable company. These prctJure5 are perh1¢11Y reviewed to ensure that they still meet the needs of the charity. Principal risks and uncertainties The group is exposed to pri. credit. IKiuNlity and inveslmenl risks. These are considered to be adequately mitigated. Price risk At the start of each financial year, the grojp reviews its budget for the tMIng year. sets its expectations of visitor numbers and sets ils admission pr lo cover its forecasted expenditure. Compared to other national attrtiOnS. The Deep's cuffenl admission charges remain tompetittve. Credit risk The majority of the group's inc#)me is received at the point of sale so poses Th) (xedil risk. The exception to this is the income fr(¥n tenanls of The Oeep 8usine5s Cenlre. Howev. all tenants are subject to external cxedil checks as part ¢1 their lease negotialh?ns and are subject lo ongoing credit checks. Furtherniore, a deposit is taken frorn all tenants at the trJlset and rent is required lo be paid in advance of the period to whth it relates. Liquidity risk The group retains suffiuenl cash to ensure that it has 5uffiaent available funds for operations. In August 2020. the trading subsidiary (panY within the group (Running Deep Limited) entered in a Coronavirus Business Interruption Loan Agreement th its bankefs for a maximum faolily of £7CQ,000. As al the dale of signing these aetounls. the loan was fulty dra down and £175.1M)O of it has been repaid. Investment risks Any surplus cash that the group has availa1e is invested 7Mlh its bankers. Such investmlS include only cash balan5 earning intwest al fixed aryj variable rates. The company does not use derivative finanaal instruments. By order of the Board N G Porteus Company Secretary 22 September 2023 Page 3
EMIH Limited Trustees. Report The directors and the trustees the charity IEMIH Ltd. Charity no. 1073254) pre5enl their report aThJ financial 5talements for the year ended 31 January 2023. Our pvrwos and activities for the public benefit EMIH Limited is an educational and environmental charity that is based at l)eep Wisilor Altractic in Kingston upon Hull. UK. The t)eep Visitor AttraCkn {and the work of the charity more widely) is available to all. with¢t restriction. Whilst there is a need to charge visitLYS for entry lo The Oeep Visitor Allratxion lo cover ils running costs and lo generate resIreeS for the th8rity's marine research and (xjnservation work. in an effort lo ensure that admissn prtces are not an obstacle to attendance. the charity sets prices to cover its medium-lwm operatiry costs. rather than to maximise irMx)me. the period under revie, admission wices fiK T1 Deep were £17.75 for an adult.. £14.00 for a child,. and £16.75 for seniors and studenls. vffjlh children under 3 and essential (rers visiting for free. Not only are these prices lower than other similar aliractions, more irnportanlly. these pri(s allow free admission (subject lo lerrns and conditions) for up lo 360 days per year which, at the extreme. equates to an entry cost d Sp per visit. The charity has adopled this prung slruclure both to provide excellent 'value for money, lo ils visitors arKI to ensure Ih3t visilors can visil again and again to help maximise the absorption of its educalwal and environmenlal ctent. Education Formal and infomial learning is al the heart of all The Dp's activities and outputs. The Deep ernbras STEAM (Science, Technology, Engineering, Arts and Maths) education topics in order lo provide accessible learning opportunities and engage divefse audiences and allract typical non engagers lo Ihe subject of marine conservation. Fornial Learning Formal learning takes place in $ke educg1¥)n rnS wlhin The Deep's Learning Centre. Qualified teachers prov¢de a Choi of workshops covering the full range of key stages from pre-schu and into tertiary education and are supported by Marine Biologists from the Husbandry department for higher level conlenl and delwery. Schools and groups taking part in the workshops benefit from heavily subsidised entry to The Deep wrth. in effect. the fomial education workshops provided free of charge. Workshop sessions are designed to be 'hands on. using resources and learning twls that are not available in a normal classroom environment. Workshops are regularly reviewed for quality. ojrrent and relevant content. wth new topics being added (or removed) as deemed appropriate. In 2022123 a total of 15,2QKI students partIpated in a W0$hOP al The t)eep. The most popular topics requested during the year were conservation and habilal-based {for Sendary and tertiary education) which reflect and support changes in the National Curriculum_ A new topic of Sea Grass was developed and added lo the workshop list. This rdecied The Deep's involvement with local sea grass restoration and the importance of sea grass habitsls for carton sequestration. Addilional workshops on dimale change. ocean aodrfution and Fdar habitats ere created. Infornial Leaming Informal learning outputs are diverse and extend to all In1matiOn delivered within the exhibition through a range of different media. In additi)n. The Deep's Guiding team {alongside the Education leaml provide interpretation lo visitors thr(MJgh presentations, demstratnS. wrykshops, virtual sessions, crafts, outreach. career guidance and work plamentS. Speual evets thr1 the year alsoddiver informal education and learning ojtwls a measured Whe pSible. Page 4
EMIH Limited Trustees. Report Infomial learnirKJ ojtputs during the year i4vded.. Universi of Hull Music collab(li0n The event formed part of the students. UnNersity Pr10 of work. through music comrK)sition inspir by. and complementing. The Deep and its themes. It culminalgj in publ perfOrmanS during The Deep's opening h(vJrs. The results ot this V•ere very receNed amongst Deep Crew and visitors. Dive Dee er Talk Evenin During 2022, The Deep held DNe Deeper lalk evenings. The events. aimed al the adult audien, delivered science-based topu in a relaxed environment. Six speakers took lo the stage. covering topics induding Seaweed Farming, Coaslguard Search and Reswe. and Life in the Humber. Ins inn Careers Deep Guhles FAanned and ddivered virtual sessions from %Mthin the a1tra¢xn. wf(h exhibits as the backdrop, to 10 local primary schools, reaching over 2.0(K) pupils in July 2022. This was well received by the schools and o)vere(I careers found at The Deep from marine bid(MJy to hosptlalrty. min The Deep's nose cone provKled the stsging for this intttpretive dance iniliatrve which explored the role of women in the renewable erkergy and offshwe wind sector. resulting in a c4eatsve, perforManbased, film and podcast for exhibition. Home Educat(Ys Home educator families enjoyed a number of se5St5 thrcyjghoul the year designed for Earfy Years Foundalton Stage through to Key Stage 4. A total of 139 thildren particfjpated. Humber Stem 2022 This event for local primary sch(d pupils (Year $16) was atteThled by 27 Scnce and tnolOgY baseol mpanies alongsKle Deep Crew 4vho delivered wuaging ¥YJrkshops on the rnne environment, dNing, marine species, and the aquarium sector. "To put it wrnply, you all amazing. I feel that ItaY has been an inL7edth succe. The ¢hMdren were challenged and engaged tfvouglKWt the day.-. Evenl Lyganiser Salters, Institute The Deep's Scientific Advisor. Christina Roggatz. prorted a Chemistry Club vKleo for Salters, Insttlute on oan Acidification. Using The Deep's displays and animals as a selliThJ. the video explains the complex top of cn acidrfication to Stj-aged children. Work Placement The Deep hosted work placement opportunities for a range of ywng peot. This induded student leathers who spent weeks with Educational Cre•V, 20 Year 10 arKI Sth form pupils from local schods and colleges. Weekly visits by studenls of St Anne's School also l¢)ok place, and a bespoke accessible placement day vras deswJn&J and delivered for Frgjerick Hc4me5 Sthool. The Deep continues to provide free liller picking kits al reception to the public. vthich were furKled by Sea Changers. The equipment has been borr¢Md nUMerS times" Icfvjs about the litter have been relumed, wth unusual 'finds' IrudIng a t,5 hat. a washing up drainer and a fIreOrkI 'It was tsnta$I fcf ourwim*yschool to be able to ixyrow this equipment. The childrnn enpyed taking part in a tsal comrnunty litterwck as part of their cariry trourplanet to.. °My children did 2 hour litter pkIng C4yunty lan8 and we 7 bin b&Js. a lot of it Was dispos¥ble gbves, masks and astIC bollles thrown by paThJ IS cydists." Page 5
EMIH Limited Trustees. Report RSPB The RSPB engaged with The Deep's visitors over drfferent weekends about their Humber wildlrfe eonservalion initiatives. offering adviee and tips on IKMT to create Mldlrfe-friendly spaces in home gardens and raisiNJ awareness of The Big Garden Bird Watch. The Deep welcomed it5 very ovffl Puffin sculpture as part of the Puffins Galore! trail around the East Yorkshire coast and Ihroughoul the East Riding. The design selected lo be displayed al The Deep was by Lincoln-based artist, Tracy Willis. Entilled '(knan's Eleven.. this focused on eleven SpeCS found around the British Isles. which are liste(J on the IUCN Re(1 List of Tteatened Specs. More information can be found al uffin alore.co. Humber Waste Aliance Art Com lition The Deep exhibited the shcKMisted arNw)rks frcyn local children, made from recycled matersals. Visitors voted using tK)ttle tops to ch(Kise Ihe overal winner. Adela (age 61 a schoc4 trip to The Deep. Hull Science Festival Deep activities al the Hull Science FeslNal {organise(I by the University of Hull) engaged wrlh many families who were keen to expl¢xe the actNity stslions that were on offer and immerse Ihemsdves through experimentation aThJ play. Guiding Crew ran hands-on famity learning around the subjects of marine food chains. coral reefs arKi plastic pollution. arKS enjoyed the ever popular 'turtle hospital, activity. Follow the Thread The Follow the Thread exhibition frryn Risky Cities was hosted in The Deep's Obseryalory. Visilrws to this free-tO-8ttend exhibition experienced Hull's vrdlery history broughl to life in textiles arKJ sound. It showcased community responses to slories Klentified by Ihe Risky Cities project from the city archive, exploring adaptation to. and trwiving alongsKle. water and flc#xling. 'Kids in Museums. Takeover Da The Deep joined in the annual digital takeover day in July, wtth ytrjng people from local charity Child Dynamix creating conlenl fcf rts soual rnedia channels. The subsequent Takeovw Day in November saw students from St Anne's Schcx)I beeoming The Deep's Guiding Crew. leading visitor crafts and activities on the Iheme of mindfulness. 87 Gall Children's Art Grou These sessions al 87 Gallery involved an in-depth dIsSsIon wth one of The Deep's teachers about the effeci of climate change on coral reets, foJlov•Ed by the chldren using replica TalS and coral skeletons lo develop their artwork. Sewerb Hall Outreach Partnering with Sewerby Hall and Gardens the East Coast. The Deep designed and delivered a number of activities over the summer period helping famil*s to explore the arn1ng coastline on Sewerby's doorstep. This induded beach activities, Klentfying seaweed, shells and other animals, along wlh inveslKJaling the Iccal ecology and ge(J¢. All-weather, accessible. indoor. complementary activib'es took pl in Sewerby Hall's Orangery where hands learning resulted in The Deep reaching new tsrgel audiences. reinforcing the message of conservation and caring for the oceans lo over 1.100 people. Evalualicfft of this acthvity showed that 91 % of the Visit who engage(1 with the activities enjoyed Ihern. 91% said that thvi had learned 50methw and 87% saNJ that they %%wld (lo it aga. Page 6
EMIH Limited Trustees. Report Concrete Youth Sea Sense Sea Sense, Concrete Youth's sensory story massage programme. delivered on a monthly basis. in partnership wth The Deep for people with profound and multiple leaming disabilities (PMLDI. Concrete Youth's mulli•sensory speualists delivered original, se&theme(I story massage for a group of people with PMLD, who enjoyed Itms free sessKin from the comfort of yoga mats vthlst surrounded by the creatures of The Deep "10/10 The Deep tcYay. The lady on recepfion vrds so PfvI bvith my son and l. The added bonus is the oGean themed Changing Places. whKh was super deanf_ Louise G uiet Da Quiet Day5 were held during the year. British SKJn Language intwpretation of Guide presentations was delivered. alongsKYe incxeased lighling and a calmer VIrOnMent whh wa5 a150 enjoyed each term- time week on Tranquil Tuesdays. Room 42 To enhance the accE55ibility of experiences within the Husbalry Department, The Deep worked with Room 42. an initiative lo supp¥Jrt Y(n9 kwile leaving care, ¥th 'behind the scenes, tours for young champions. followed by more formal knrjrk pl&ements and ¥dunieering opportunttie5 for a number of Indivua1s. Hull Visual Choir The Hull Visual Choir delivered a 'see' shanty w(xkshop leathing vi51tots how to sign vAI-known shanties. Visitors then had the opportunity to perform live with the thoir in The Deep. A return performance in December saw visittys and membexs of the enjcying Christmas songs and carols around the exhibits. The Dee Presented... Over the schod holidays, The Deep fUSed on drfferent themes thrghOul the year providing informal leaming opportunities for family audiences. These thernes induded." February haw-term - Extinction.. The History of Lrfe Easter - Life in the Humber May half-lemi - The Royal Reef Summer- Shark Summer October half-term - Vital ven 2nd Practi1 PThsons Christmas- Polar Fesl Tactile anArt Local artist. Sandra Holle, faolilated tr) fvn. handsn. famity thshops at The Deep. Sandra led story telling artyjnd imaginary SeaflO tyeatures leading io mini plaster-cast scJJlplures being created to take home as 2 momento. iv mTheD Followng the previous yearfs success, Richard McLesler turned lo The Deep to perfomi alongside Guy Gardner. This electronicjjazz cdlaboralion was streamed online and also performed lo a live audIer. Page 7
EMIH Limited Trustees. Report Sea rass Fests"val Over events, The Deep celebrated the imp(xtance of seagra5s meadows. highlighting the work of the Yi)rkshire Wildlrfe Trust at Spum Point. Visitcys took part in preparing seagrass seeds in hessian bags ready for atIng out al Spum. Other adivities induded the Cfeation of a seagrass Mural with Spray Creative. hri Im She Productions performed this Christmas st<Yy to dnCeS V1n The Oeep's Sea Lab. The Deep was also pleased lo hdp support the LY&*Ne development of this tale with its marine brdogy infmlion. International Sawfish Da In (Xlebration of International Sawfish tydy. The Oeep hosted famly engagement talks and activities highlighting that the Spec is critically endangered. Award-wnnin Author Award-wnning author, Christina Gabbilas, cdebrated the launch of the animation of her children's bcM)k Save Us al The Deep. This popular family event received local press and 5wial media engagement. Scundbankin A 'sourKlbank' was created f(K The Oeep's 20th Annrversary Time Capsule by local creative Nathan Kirby. The 'scAJndbank' captured a point in time of sound5 around building. This was released into the wblic domain, making the sounds free io access by MuSl8nS for the LYeatJn of music. and as fofeylsound effects, for vide(Yaudio. Marine Conservation Zones The charity campaigned strongly for the estatJishrnenl of Marine Conservation Zcrf)es IMCZS) around the United Kingdom coast th the Marine Bill being agreed by the UK Padiament in 2010, establishing a basis for i¢Yentrfying the loli0n of MCZS around the coast. The charity was approached by the UK Government and asked rf it would hdp set up the MCZ in rts locality. The charity agreed lo help, eslablishing 'NelGain', the group charged Vth ddivering the project Illy. NetGain VRS the largest of the four UK projects, stretching from Scotland to the RNer Thames estuary. The Deep has supported Yorkshire Wildlrfe Trust's Living Seas campawJn to erOUrage the implementation of marine reserves as provided for in the Marine Bill. Page 8
EMIH Limited Trustees. Report Breeding The charity has s$SfullY bred the following species: Bluespotted Ribbontail Rays. One of the first caplNe-tred B1uesFed Ribbonlail rays in the worfd was born at The Deep. The 8dull gr(yJp have regularly produced young and have come to the end of their breeding lives. on old engh. the juveniles have all entered a European SludbTr)k breeding programrre and are gtfted to aquariums across Europe, induding Burgers Zoo aquarium in the Netherlands and oa[wlS in Brest (Fran). Blue Poison Axrow frogs. Milk frogs and Gdden ManlelL8. These species have all been reared from Spa laid by adults on display. Golden Manlella are critically endangered. Je11lSh. These delicate anima15 are very drffthll lo 'culture', although the charity has successfully accomplished this with a number of species. The Deep regularly donates jellyfish to aquariums around the UK and thairs the UK 81*2A Jellyfish working p. 8allan Wrasse. Ardtoe marine latmtory in Scdand rears Ballan Wrasse from eggs collected in The Deep's North Sea tsnk. where juvenile Wrasse are being used to 'elean' {eall the external sea lice from the farmed cod. It is hope(J Ihat this will. provide fish famis with an excellent method of ethical and sustainable pest conlrd. The Deep holds the European Studbook for Savffish. the most endangered SFrties crf shark in the world. In addition, the Deep has been SusSfUl in breeding Zebra Sharks. Gent¢J) penguins. Bull Huss, Barnbw Sharks, Lump Suckers, Shiner Perth. Epaulette sharks, Blue rays. Honeycomb Whiptail rays, Motoro slingrays. Oraespot Occelale river stingray. Banggai Cardinals and Lake Zacapu Garter Snake. The Deep runs )nItIN1n9 programmes for Epaulelle Sharks and Honeycomb Whiptail Ray5. A number of terrestrial invertebrate species are disFlaye(F and bred at The Deep. This includes a number of challenging species such as Winegaroons, Feroeious Beetle, Sunburst Diving Beetles, Emperor Scorpion arKJ Mega Mantis which many others have had little success wlh. The Deep has successfully eulb"vated Tr¢)p1 Sea Grass. The Deep is happy to SUPFrtNt other suitable faoli1$ by donaliThJ any captive-bred surplus stock. The Deep is a high responsible breeder, onty breeding from sultae species where there is a requirernenl lo do so under the guidan of regional and inlemalional prcwjrammes. The Deep is the prograrnme coordinator for Pnstis zijsron (green sawfish) and other monitoring programmes. Responsible breeding remains an irriportanl strategc element of the longer twm collection plan.
EMIH Limited Trustees. Report Charity support The Deep supports a number of other charities such as the Marine Conservation Society, the Yorkshire Wildlrfe Trust, The Galapagos Conservation Trust and the Shark Trust. By working together on campaigns and events, The Deep provides a shop wndow for numerous other conseNation efforts and can fundraise for them. Examples include IlleCtIng petitions for Marine Protected eaS (Living Seas Campaign. Your Seas Ytyjr Voice campaign, Message in a Bottle campaign and the Marine Reserves Now campaign). anli-finning legislation. running beach deans on He$e Foreshore as part of the Marine Conservation S(ty.$ 8eachwalch Programme, Shark Trust egg se hunts. supporting International Sawfish Day. 'Love Local Wildlife, and promoting lo¢al sustainable lobster fishers. The Deep has been able to support conservation and research projeds in the Galapago$151ands and South Afr through ils very successful 'ProJecl Penguin, fundraising aclivilies. Each year, The Deep donates free tickets lo other relevant charities and good cause5. Most recently. we have established a successful partnership wlh New England Aquarium to assist the rescue and rehabilitslion of cold shctked sea turtles in Boslon USA 3S) turtles were rehabililaled thi8 year alone. The Deep sends one member of staff to assist during the stranding season. Research and conservation The charity has been involved in a number of IntematiLal projects.. Indian Ocean. The Deep supped the Marine Conservation Soaety s Green Turtle satellite tracking programme by furKJing a nurnb of electronic lags. Scientists continue lo follow the migration pallerns of ihis highly threatened species. The Galapagos. The Gaapagos Conservation Trust wcvks hard to Pfolect these unique islands. The Deep has SUPKM)rted thar by funding visitor information panels in the visitor centre there. New links are being formed wth the Penguin research ami of the Galapaws trusl. The Deep has cdlaboraled with the Lion's Club to support sealion conservation in the Galapagos. Shark Alley. Deep staff went to Scwlh Afri to assist with a researth project which aimed lo deleimine if shark-cage diving by tourists has an effect on the behaviour of the Great While Shark. Great Barrier Reef. The charity's Scients Offieer worked %wth James Ccok Universrty on Lizard Island Marine Researth Stslion (Australia) investigatiNJ the seasonal influx of laryal fish into shallow coral reets. Washington. The Deep worked smth an intematnal CCs01.uM of aquariums headeij by the Smilhsonian Institute to study Ihe effe(ts cl environnEntsl enrichment on the Giant Pac Octopus (Enleroctopus dofi8tini). Amazon The Deep sponsored a Ranger frK a ye* in the Atlantic Rainforest of Brazil in conjunction with BIAZA (the British & Irish Association of Zoos and Aquaria) and the Wodd Land Trust. The proje(I conserves and protects la5 and endangered species. provides employment to the Irxal community lo protect the reserve and to support the local community dealing with issues related lo the environment and edatIon programmes. In collaboration wlh the Scottish Association Marine Soenee (SAMS} and BP, The Deep eveloped techniques to collect Lophelia pertusa la cold water. reef-building eoral from North Sea oil platfrn legs, along wth specialised lrfe-SUPPOrt and transportation. Red Sea. Under the Dawn Initiative, The Deep along with Hull University and the Egyptian Environmental Affairs Agency. conducted an environmental impact assessment into overfishing of sea cucumbers. The results were alarming and now infom govemmenl policy in this region. Page 10
EMIH Limited Trustees. Report SECORE. The charily works wth thi5 edlaboralNe research and rserVat)n project alongside contributors from Europe and North America. The prqect ILwJks at Methods for rearing corals from gameles taken during spawning events with the view to re-seeding reefs in the future. The lechnK4ues can also be used to sustainably reproduce corals in captivity. The Deep takes part in field expediti(9 most years to a variety of loCatiS such as Puerto Rico, Belrie, Guam and Curacao. CORAL ZOO. An initiative desKJned to bring together both private sector. zoo and aquarium fepresentatives in furthering the science of keeping reef building corals. Resutted in 2009 with the production of a comprehensive b(x)k of prot(S in coral husbandry. This document slandardises techniques throughout Europe to allow ValUae data collected lo be CA)mpared over institutions globally. The Deep was a key partrer in the iniliative. which was funded through the European Cwimission. Equip Cousteau. The Deep is the only aquarium in Ihe world vwyking wth Equipe Cousteau on a major project lo monitor Manta Rays in the Red Sea. Using state of the art technology. the project involves satellite and acouslic lagging of Giant Manta Rays. allowng their movements lo be monil¢yed. Aquarists from The Deep have taken part in fidd work to deploy bottom monitors (as part (l a global netsvork) and lag the animals. The data gained will be used lo inform a sustainable management plan f(K shark and ray populatnS in the area. Fen Raft Spider Partnership. In conjUtiOn with Natural England, The Vvildlrfe Trusts and BIAZA, The Deep is part a project working with Europe's largest and mosl beautiful spider. Found in only three IatiOnS in the UK. the populatson is decreasing as juvenile5 are strugglin9 to SUTVNe Iheirfirsl mwlls in the wld. This pro1 invdves rearing spiderlings fft captivity during the summer months for release into their n8tUT81 habitat each autumn. Collabor8tNe project with Bangcy Universty. Icoking at the sustainable CltIon and rearing of larval fry from pelagic reef fish. Thrs project, funded by the Wdsh Government. involves the - collection of eggs and fry from the Lw display ai The Deep the development of protocols for rearing. SustainalAe vern extraction. In a joini wqect with Venomtech. a (MpanY specializing in venom extraction from invertebrates and preparing Il* venoms for use in medical research. The Deep has been helping to develop sustainable, elhical ar humane methods to collect venom from Cnidarian animals for add()n to Verrf)m Disu)very knays us&J to find cures for human and animal diseases. Sawfish Swabbing. Workn"ThJ w7th Manchester Unrversty. we have devdoped a methcKI for Ihe collection of DNA samrling for sawfish in a non-invasNe manner wilhoul the reed for reslrainl. Veterinary research. In conjunction vthh J1 contracted vet, The Deep carries wt a wide range of novel and investigative veterinary research aimed at enhanciThJ the welfare and health of the animals in its care. The work has involved the ap[Atn of lechniques and treaimenls from other animal laxa and has frequenuy involved the use of specialist skills and equipment. This approach is combined wth a proactive veterinary regirne designed to avoid health problerns and enhance animal longevity. Cases whe surgery has been required or extensive treatments have been required are recorded in detsil, in particular anaesthesia 2nd drug response. This kind of dala is of real impcrtance as there is significant species drfferences and very little data other than mammalian data. The Deep remains committed to furthering veterinary knowledge of marine animals in dose col1atrA)rat)n with our contr&ted vet. Page 11
EMIH Limited Trustees. Report International Union for con5ervats.on of Nature (IUCNI Red Listing. The Deep recruited an IUCN Marine Red List OITW lo lead the wray in a collaborative project with the Marine BK)diversity Unit of the IUCN. helping to achieve the IUCN'S goal of assessing 20,C(10 marine species by 2020 for the Red List of Threatened Species. The Deep has also part-funded the post of Director of Strategic Partnerships of the Speaes Survival Commission of the IUCN. a key role faulilaling eollaborations through1 the wortd lo improve conservations outcomes. The Deep a150 helped fund the IUCN'S Penguins in Perpetuty Conference. helping develop a crucial document that wll lay the foundations to strategise a vIae conservation plan and identrfy the global priorilies and resources required to stabilise penguin populations into the future. The rde of our IUCN Marine Red List Officer has proved very suc£essful. We have facilitsted international wcKkshops on Red Listing and other international aquaria have replicated our model tangible benefrts fry organised conservath)n. In collaboration th Bristol Zco. The Deep is earing for a powlation of endangered Desertas Grande Wolf Spiders. Categorised as a European endangered species. this important speryes has a dedicated biO-secu unrt and daily care team. We aim to r&release the spiders in the Madeiran archipelago. In-house projects. In addition. The Deep has eArripA lt a large number of in-house projecls focusing on a range of topi{ frorn diet optimisation, nutrition. ground-breaking veterinary care, environmental enhancement and captive reprcrfjuclion of threatened or endangered species. The nature of these projects is conts.nual proactive devdopment in all aspects of animal health, breeding display development and lrfe supwt slemS. The Deep is working on a collabN*Ne project wth Project Seagrass and Swansea University that aims to re-eslablish the nalNe seagrass beds around the UK. By engaging guests directly onsite with the process cl re-seeding the beds, The Ctep's rde is to raise the profile of the project and also tske part in in-situ project vayk. The Deep WkS collaboralively vmth New England Aquarium. Boston USA lo res¢)Je and rehabilitsle cdd stunned sea turtles in the Guff d Maine. Deep staff provide in situ assislance wlhin the Animal Care Centre duriThJ the busy slranding season. During a recent trip The Deep assisted with over 3 stranded Kemps RKJley Sea turt5. The Deep is committed to showcasing rdevanl native conwvation projeGts. Wryking th (and funded by) Yorkshire Wildlife Trust. The Deep is dedicaling part of the visitor attraction lo inlerpreling a seven-year prcoramme of native seagrass and oysiw restoration. lo iude public engagemenl and in-situ cDnservalion work. Page 12
EMIH Llmlted Trustees. Report Animal husbandry The Deep constanuy devdops ils animal husbandry, veterinary and welfare practices and. as a result, regularfy publishes information and present5 information at relevant LX)nferences. This disseminalion of information is an ongoing prcS vthith also takes the fomi ot zoo keeper and aquarist training f employees of other organisations. In addstion. The Deep deals regularly with enquiries from members of the public, offertng advre on matters from fish keeping to career choiLES. Rhorning of Cusloms-seized and RSPCA-5eized animals. We work in c4Mjunction wih the Zc*Jlogical Society of London (ZSL} and the UK Boarder Agency CITES Team lo re-home customs seized fish and invertebrates whenever required. We also wcyk dosdy with the I(al RSPCA team hdping lo provide advice and assistance with temporary C foranimals invofved in confiscalions or long-lerrn assistance with rehoming. Sustainable Foods. After exlensrve work vthh our suppliers to help them develop a sustainable aquarium food range. we now have traceability for the f(x)ds we purchase. This includes method of capture. ktation and season OfpIure. with much ofc¥Jr focrtj ran9e ntywcarying an MSC certthcation. Denitrffjicalion System. A system has been inslalled for the rem(wal of nilrale wthin our main lank. This has been running successfully since January 2015 and nitrale levels are nty•V consislenlly low. Through ongoing Continuing Profe55ional Devdopment. the ability of the Deep lo delwer projects ulilising in-house skills continues to gr¥ eg. exhibit¢on design and buihj. water treatment plant inslallalion and digitsl conlent creation. The Deep has over 20 years, experience of delivering excellertt in animal husbandry techniques. This exCdIen is reflected in our work th DEFRA to edit and revise the Seuelary of Stale's Modern Zoo Practi document, which zry) IKensing is based. The Deep (ntinueS lo be a Irusled Vol for the aquarium sector. Students The Deep has strong links th a number of OlegeS and unNersities. Each year. a number of Msc and Bsc student projects are hosted al The tleep along th summer internships, all of which are ojraled in-house by The Head of Animal Care & Research. During the year, the Aquarist department also host around 20 week4ong vL)rk plMentS for students ovw the age of 18. The Deep's Director of Husbandry & Exhibf(ion sils on the Animal Welfare Ethical Review Body lor The University of Hull, through which student prqects are evaluat. The t)eep ensures that any research conducted onsite is benefic to the resident species. Aquarium community The Deep is a member of the British arKI Irish As5110n for Zoos and Aquarisjms IBIAZAI and the Wortd Association ofzoos and Aquariums (WAZAI. As members. The Deep is commttled to maintaining the highest welfare standards for anirnals and VrthYth11e conservation cmjtputs. The Deep has been recognised by 81AZA fcf its conservab.on work and breeding suceesses. Page13
EMIH Llmited Trustees. Report Fish Cam n. This 81A2A aquarium4ed CaMpan has been driven by The Deep with the aim of eneouraging the public lo resFM)nsibly select fish for home aquariums. Every year hundreds of pet fish are offered to aquariums having out-grown their tank. W¢xking on an awareness-raising campaign. we aim lo encourage the voluntary ban on certain swies of fish being sold and to encourage people to researth the fish they intend to buy to delemiine him large they will grcpw. A number of leading pet shops have joined the campaign along v•ith a number of web-based forums. The long lemi goal is to reduce the demarKJ for certain larger Spec of fish coming into the pet industry whilst supporting the hobbyist industry with responsible fish keeping advice. Shark Trust 'No Limits? Cam . The Deep has been supptiNJ the Shark Trust's 'No Limits?. campaign Since 2014, encouraging Ihe imposition of science-based catch limits. Tans Beetle Action Gr(yJ The Tansy Beetle is lY found along the banks of the River Ouse in North Yorkshire and is endangered across its range and is a UK Biodiversity ActK)n Plan prsorily species. The Oeep is a member of the Tansy Beetle Adion Group wthich was Set up in 2008 and which h8s identified Ihe requirements for its survival and is now vh)rknng together with BugLrfe. the University of York. the Environment Agency, the National Trust, North Yorkshre County Couneil and the City of York Council to manage the recovery of these populations. rnln tion Author for NEIFCA who work to protect the marine environment. 'One Less. cam n. The Deep ss supporting the 'One Less. campaign that aims to reduce the use of single-use plastic botues. Four million tonnes of plasb"c thought to enter the ean each year and The Deep has removed SingleSe water bollles Irom its shelve5 in favour of recyded cartons of water and re fillable Orinks bollles. Siaff have also been issued with reusable water containers to reduce the use of single use drinks cups on site. World uarium ainsl Marine Litter. The t)eep is supporting the 'Our Ocean. campaign by creating an exhibit full of plaslr litter to raise awareness to plastic PL4lution in the ocean. We are collaborating with more Ihan 60 wuaria worldbmde in this initiab've. The Deep ha5 been representa on the BIAZA Counol. the BIAZAAquarium Working Group, the BIAZA Living Collections Committee, Ihe European UnK)n of Aquarium Curat¢ys focus group. the BIAZA Terrestrk81 Invertebrate Working Group, the BLAZA Welfare Auditing group. the BIAZA Nitrate Focus group, Ihe BIAZA Membership & LInsing Committee, the BIAZA Welfare Auditing Group, the BIAZA Research Committee, the BIAZA Records Group arKJ the BIPZA Animal Training Group and runs an EALA monitoring proJramme for Epaulette Sharks and is the EAZA Studtwk keeper for Sawfish Sharks. The Deep is an actNe participant of the European Union of Aquarium Curators (EUAC) with an annual meeting and sharing of irformalion beiween Ihe foremost aquaria in Europe. Sustainability The Deep is committed to a sustainable wrchasing p(Aw, acquiring both its aquarium food and cateriNJ supplies as Sustainably as p)ssible. In addition. catwing sUpplS are purchased kKally whwever possible to reduce food miles. The Deep recognises that in order to dMpIon sustainability and environmental responsibility, we must take a lead role. We have made goeé prc*3ress esIallY where our plastic waste is concerned. A transition lo 'vegware' compostable drinking cup5 and salad containers in our café means that, vthat would have been plastic Nraste is now CfffiFW)Sted bad( into the land within 12 weeks. Plastic bottles have been phased out completdy and vrdter re-fill Stan5 provided for ¥i511ors. NEIFCA . The Deep has displayed materials 14
EMIH Limited Trustees. Report An audit of our waste output has been completed and have Wrked vAth our SUPlerS to ensure that none of our waste gces lo landfill. from which much ccean aStIC IS thought to IXi9inate. We work alongside other local stakehdders w7thin the Humber Waste GrP lo ensure best practice and progressive thinking where waste and sustsinability is ncemed. New exhibition enhancements have engaged the public about dimate change- whilst il is a phrase often used, il remains a little understood global issue that becomes even ffl0 cL)mplex where the (Keans are COnrned. The benefit of engaging the wtAic with environment issues Vkg StimuLgtiro exhib((1 is exlremety important in encouraging futu behavityjr change. The Deep continues to take steps to rwrthie all rK)n-sustainable palm oil from its supply chain. and is commilled to only using or selling prcxjucts that use CSPO frcffn physical sour¢es (identity preserved. segregated. or mass balance)- The Deep is champ)ning Hull becoming a sustainable palm oil city. A constant drive lo IneaSe efflenCIeS in both The Oeep's building management system and aquatic life support systems aims lo reduc£ energy usage and lo reduce The Deeps carbon footpr¢nt. This includes making use of online conferencing where p)ssible aThJ reducing travel requirements. Partnerships As a trusted voice with access to over 4Crf),000 irrformal educalitinal visits each year. The Deep is working to maximise on partnership tyjilding.. Whe The Deep adds value lo existing conservation strategies. Partnerships formed durirKJ 2022123 included The Yorkshire Wildlrfe Trustand Orsted, where The Deep dedicated permanent exhibiti space to local bKtyJiYersity conservation initiatives and the Wilder Humber project. The Deep is also proactively perusing relationships wth the renwables sector. rknng with SSE to help develop culling edge biodiversity monitoring lechndogy. The Deep is also working lo expand our relationship with academic institutions eg. The University of Hull, lo further our collaboralNe research efforts with PhD students working in cOMementary fields of study. Olhor The Deep is committed to seekirKJ t and diVuSlng relationships with rdevant sectors and industries with whom have a shared ethos of sustainability and biodiversity recovery. By actively pursuing partnerships and funding streams, The Deep is able lo remain current and rdevant in temis of exhibition renevdl and local ecological project cdlaborabon. Our plans for future periods The charity is commilled lo maintsining its faciif(*s to a high starnlard and to ¢ontinue delivering upon its wder charitable objectNes. Structure. governance and administration The company's Mem¢xandum of Artides of ASlat)n and the Members, Agreement between the mpany. Kingston upon Hull City Counal and Unriersity of Hull set the melhctyJ of governance of the rnpanY and charity. Page 15
EMIH Limited Trustees. Report The Members, Agreement slates that the company shall have a maximum of six Members and a maximum cl nine Trustees. with Kingston upon Hull City Council nominating three of the Members and five of the Trustees and with The University of Hull nominating the remaining Members and Trustee5. Members and Trust ser¥e fixed tenyts cl office as defined by the Members, Agreement. The Board of Trustees may appoint indivKluals lo fill Truslee vacancies tjuring the year as they fall due. but such appointments wryjld only be until the date of Ihe company's next Annual General Meeting. The Charity is run by a 8oard of Trustees, who colleclNdy contribute a balance of skn'lls and experience. Meetings of the trustees are held regulady and attendan rates are hh. The trustees have a clear understanding of their role and its fulfilment. Tiuslees receive an appyopriate, tail¢yed indudi¢)n and throughout the ¢wrse of the year, receive external advice on any major issues affectirvJ the charity. The twstee5 have regard lo the Charity Commission's Guidance for public benefil. The directors consider the board of directors. v• are the Trust's truslees, and the senior management team cornprise the key management personnel of the charity in charge of directing and eonlrdling. running and operating the Trust on a day lo day basi8. Al direclcys give their lime freely and no director received remuneration in the year. Details of directors, rdatejj party transactions are disclosed in note 19 of the financial statements. The remuneration of staff is reVIed annually and normalty inueased for infiation. When a post becomes vacant. an assessment of whelher the post needs lo be revfilled on the same basis is undertaken.. and any new roles we benchmarked against appropriate comparators. Reserv poliGy statement At any one lime. the charity's reserves CA)nsisl ol capital grants receNed for the CAJnstruclion of The Deep Visitor Attraction The Deep Business Cenlre. plus the accumulaled operational Surpluses of the charity. Expenditure on the conslruciion of The Deep Visitor Attraction and The Deep Business Centre was capilalised and is being amortised over usefvl lives of the building5. The trustees aim to ensure that reserves should be maintained at a level to CA)ver Ihe amortisation of these assets. plus an additional amount to provide working capital for the wJanisalion. wth this being an amount that WOLtld cover al leasl Ihe next six months, vK)rth of f(Kecast expenditure. This was achieved throughout the whole of the financial year endirvJ 31 January 2023 and remains the se at the lime of the signing of these financial ststements. The charity lakes a prudent approach in its budget plaming. fc¢ example. being (ServatIVe each year in its income assumptions. Expenditu budgets are estatAished each year that can be accommodated by the conservative income levels set. vthilst also allowing for an appropriate level of capital reirweslmenl expenditure. It ts the charity's FdiLy to CLNnmit less than the current year's (conservative) surplus to new capital projecls of that year. Any major investment over and above the current year's forecast svrplus would need lo be fun(Jed from the accumulated reserves {( grants) and would only be undertaken rf approved by the trustees. In making any dery5ion lo (x)mmil reserves. the truslees take into account the requirements of the Reserves Policy when consideriro the affwnl of reserves that it is posSie lo release for rlynvestment. Al each of their regular rneelings. the Irustees monitor the InMe and expenditure of the charity and the level of its reserves to ensu that the charity has suffKient funds to sustain ils operations and to finance ils future development plans. Prompt remedial aCtn ¥fftld be taken rf the trustees were concerned about any aspecl ol the finances of the charity. Page 16
EMIH Limited Trustees. Report Going concem It is important that 5uffioent vk8it(ys ntinUe lo be attracted lo The Deep so that il can cover its operational costs and generate sufficienl resources io mainlain the quajily of its faolitN%s land provide for their ongoing improvement). whAst also enabling ts charity lo continue to supp1 conservation and marine research projects. Whilst visitor numbers can be uncertain, the dire(ors fed that thetr forecasts over the period to 31 January 2025 indude a conservative e51irnale in relation to visitor numbers and that the overall forecasls are relrable in predicting fulure group revenue and cash flows. The directors believe thal the group and company has adequate resources lo continue in operational existenc for a perit)Y of 12 months from the date crf approval (rf these finanryal statements and Ihwefore have prepared the financial statements ijn a going coneem ba$. Taxation The )MPanY. as a registered charity. has obtained exemptM)n from I)xat)n tsx. Charitable tax exemptions Can thefore be claim1 to the extent that income andlor gains are applble and applied for ch8ri18ble purposes only. Company slatus The company is a private o)mpany limited by guarantee. not having a shwe caprta, and is also registered as a charity (number 10732541. Membe The members of the ¢(panY are lQ"ngslon upon Hull Crty Cnl {corporate membw), The University of Hull (wrporate mernberl. Professor Grdham Chesters. Mr Aan W Kirkman and Ms Susan M Lockwood. Political and ¢haritsble contributions As a charity. the company is forbidden from making pJitical thnations. The company made charitsble donations of £Nil12022- £Nil) during the year. Disabled employees The grtsup is actredited as a Disablty Confident Empl¢w and carries this branding on its employment lrteralure throughout the empfoyee j(xJmey. The group gives full cThsKleration to applications for employment from disabled persons where Ihe candidate's particular aptitudes and abilitses are consislenl wlh adequately meeling Ihe requirements of the job. and reasonable adjustments will be sought, wkIng in liaison wth Access to Work vthen appropriate. Link5 exist Yth organisations such as This-Ability vthich Suppts disabled people and employers during the application. recruitment aThJ training peri¢)Js, and prornotes the group's vacanryes and work eXlen placements lo ils clients. Opportunities, equal to those of their colleagues. are aVailae to disabled employees fortraining. career development and promotion. To supp(Ki employee health and wellbeing. the group has signed up io the Mental Health at Work Commitment. making a publ MmItMent to supporting employee mental health. and is a member of Working Voitss {NHS Hull). Where existing ernoYeeS beccffie disabled, it is the group's poly to provide continuing employment wherever practble in the same or an alternative posi(ion and to provide training and 8 comprehensive consideration of reasonable adjustments to achieve this aim. The group's detailed A£$S Ststement i8 produced in line with Vistt England's guidelines and is available on4ine lo all this Y•1d help to infM any individual needs assessment and promotes the up'S (x)mmitment to ac£ibl1ty. Page 17
EMIH Limited Trustees. Report Employee involvefflent The group operates a framework for employee informal*Jn arKI consultation which complies wilh the requirements of the InfcKmation and Consultation of Employees Regulatsons 2004. During the year, the policy of providing employees with inforrnalion about the grP has been continued through regular internal cA)mmunication. Regular meetings are held befftn local management and employees lo allTrv a free flow of information and ideas induding department issues. specffic projeci and policy planning. WholeJroup employee meetings are called at key points of action. change or development as necessary during the year. The group's Health arKI Safety Committee indudes representatives from each department alongside senior managers and the Compelenl Person. A key communication tool is also Ihe Crew Brief newsletter which is Cirlated to all Crew Members every month and includes information such as group Perfrnan, custcffier feedbad(, policy vkwjales and li responds to specrfic employee quesltons when necessary. Key Managernent Per%)nnel- DireGtors The directors who served the ClpanY during the year were as follows: O W Gemmell OBE- Chair J A Parkes CBE- Chair T S E Boanas G Chesters R Fudey lappointe(122 July 2022) A W Kirkman S M LockwoTrJ L J Morrdl R Pantelakis (resKJned 19 May 2022) M Tarbotton (appointed 22 July 20221 All directors are also trustees of the charity. Other key managemenl petsonnel Chief ExeoJlive- C C [ke Deputy Chief ExeoJlive. Finan Director & Company Secretsry- N G P(Yteus Direct of Operations & Peoe- J L Kirby Directer of Husbandry & Exhibition - B Jones k4ead of BLtsiness & Corporate- F G Cross Related parties Transactions wlh rdaled parties are disdose(l in note 21. Disclosure of inforniation to the auditors So far as each person who was a director at the dale crf approvirwj this report is awrdre, there is no relevant audit information, being infallon needed by the auditor in connection with preparing ils report, of which the auditor is unaware. Having mad& enquiries of U)e directors and the company's auditor, each director has taken all the steps thal helshe is to take as a director in order lo make himsetflhersdf aware of any relevant audit information and to establish that the auditor is aware of that information. By order of the Boar(1 N G Porteus Company Setrelary 22 September 2023 Page 18
EMIH Limited Trustees. Report Statement of irustees. responsibililies The trustees Iwho are also the directors EMIH Limite(I for the purwses of company law) are responsible for preparing the InJslees' report and the finanryal statements in accordance wth applicable law and United Kingdom Accounting Standards (United KingJom Generally Aepted Accounting Praclice), induding FRS 102 "The Financial Reporbng Standard applicable in the UK and Republic of Ireland" Company law requires the truslees lo prepare financial stateents fw e*h financial year. Under company law the trustees musl not approve the financral stalernents urble55 they are satisfd that they give a true an¢J fair view of the state of affairs of the parent charitae rJ)mpany and the group and of the incoming resources and application of resources. induding its income and expenditure. of the charitable group for that pDY. In prepaiing these finanaal statements. the trustees are required to. select suitable accounling pcAicies and apply them consistently., observe the methods and principles in the Charitie5 SORP. make judgements and estimates that are reasonable and prudent; state whelher applicable accounting standards, comprisiThJ FRS 102 have been followed, subject to any material departures disdosed and explaine(l in the financial statements,. and prepare the financBI stslemenls on the going conrn basis unless bt is inappropriate to presume that the parent charitable company hwll continue in business. The trustees are responsible for keeping proper actwnting reeords that (8n disdose wth reasonable accuraey al any time the financial position of the parent charitable company and the group and enable them to ensure that the financial ststemenls comply wth the Companies Act 20(. They are also responsible for safeguarding the assets of the parent tharitae company and the grwp and hence for taking reasonable steps for the prevention and deteCtIL of fraud and Lxlw irregularitses. The trustees are responsible for the maintenance and integrty of the oryate and financial information induded on the charitable company'5 websrte. Legislatn goveming the preparation and dissemination of financial 5talefflenls may drfler frorn legiall in other jurisdiciions. The annual report was approved by the trustees of chanty on 22 September 2023 and signed on its behalf by: D W Gemmell 08 Trustee Page 19
EMIH Limited Independent Auditorfs Report to the Members of EMIH Limited Opinion We have audited the financial staternents of EMIH knmtted (the 'tharrtable parent 1x1rnp8n} and its subsidiaries (the 'group') for the year ended 31 January 2023. which comprise the Consolidated Statement of Financial Activities. Consolidated Balance Sheet. Balanc£ Sheet, Consolidated Sialement of Cash Flows. Statement of Cash Flthvs and Notes to the Financial Statemen15, including a summary of sIgn¢can1 accounting pJiues. The financial reportsng frame4vork that ha5 been applied in their preparation is United Kingdom Accounling Standards, cA)mprising CharilEs SORP - FRS 102 The Financial ReKMyting Stsndard applicable in the UK and Republic of Irelan(J' and appluble law {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the grtyjp's and parent charity's affairs as at 31 January 2023 and of its incoming reKwrces and applution of resouros. induding its incA)me and expenditure, lor the year then ended- have been pro@y prepared in accordance with United Kingdom Generally Accepte(l Accounting Praclti.. and have been prepared in accordance ¥th the rwuirements of the CoMpanS Ad 2006. Basis for oplnlon We conducted our audit in accordan wtth Intemational Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of (Mjr rerxxt. We are iThJependent of the group in accordance wth the ethical requirements that are relevant to our audit of the financral slalements in the UK, indutjing the FRC'S Ethical Standard. and have fUilled our other ethic81 resp)nsibililies in acc£Ydance wth these requirements. We bve that the audit evidence have obtained is sufficient and appropriate to provKle a bags for our opinion. Conclusions relating to going wi¢ern In auditing the financial staternents. have conduded that the trustees use of the going concem basis of accounting in the preparation of the finanaal statements is appropriate. Based on the work we have perfomied, have not Klents"fied any malerk41 uncertainlies relating to events or conditions that. individually C collectNdy, may cast significant doubt on Ihe group's ability lo continue as a going conrn for a perKMJ of at least months from when the original finanGial slalemenls were aulhorised for issue. Our responsibilities and the responsibilrties of the truslees with respect to going wncem are described in the relevant sections of this repcwt. othor information The trustees are responsible for the other information. The other infcffmation comprises the informalwi induded in the annual retM)rt. other than the financral slalemenls and our audItS reFKKt Ihereon. Our opinion on the financial statements does not cover the other inf0mtion and. excwl lo the exlenl otherlvise expltlY staled in oJr reprf do not exrrtess any fom of assurance (lusion thereon. Page 20
EMIH Limited Independent Auditorfs Report to the Members of EMIH Llmlted In cOnCli0n wlh our audit of thefinanoal statements. ¢)ur responsibility 15 to read the other informabon and, in doing so, consider whether the other Infcwrnan is materially inconsistent wth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially rnisstaled. If we idenlfy such material inconsistencies apparent material misstatements. we a required to delerrnine whether Ihere is a material misstatement in Ihe financtal statements or a material mis51alement of the other infoTrnation. If. based on the work we have pvformed, we condude that there is a material misststement of this other information. we are required to report thai fact. We have nothing to report in this regard. Opinion on other matter Prescrib by thè Companies Act 2006 In our opinh)n. based on the w(k undertaken in the course of the audit.. the information given in the Stregic Repcyt and Trustees. Repyyi the fInarla1 year for whth the financial statements are prepared is consistent wth the financial statements" and the Strategic Rekxyt and TnJslees' RetM)rt have been kyepargj in ac¢trdance 7•rith aPIcable legal requirements. Mattors on vthich wo are required lo report by exception In the light of ojr knovAedge and understanding of Ihe group and Ihe parent tharitable company and *s environment obtsined in the course of the audbt. have not identsfied material misslalements in the Strategic Report and the Trustees. Report. We have nothing lo report in resped of the fdtcAving matters where the Companies A(1 2006 require5 us to report to you rf, in our ¢)pinion'. adequate accounting records have not been kept by the parent tharrtable wnpany. or relums adequate for cyJr audit have not been receNed from branches not visited by us,. OT the parent charitable company financial statements are not in aMentw1lh the accounting records and returns: or certain disclosures of Iruslees rnuneratIOn specified by law are not made: or we have not received all the infmtion and expfanaiions we require for our audit. Rgsponsibiliti•s of trustees As explained more fully in the Statement of trustees. responsibiliti.es (set out on p4e 21 }. the trustees are responsible for the preparatn of the finanoal statements and for being satisfied that they give a true and fair view. and for such intemal contrd as the trustees detennine 15 nSSary to enable the preparati of financial sialements that are free from material misstatement. whether due to fraud or error. In preparing the finartial statements. the trustees are responsible for assessing the ehariWs ability io corbtinue as a going concem. disdosing. as applicable. mallers related lo gry'ng corwn and using the going concern basi5 of accounting unless the trustees eithw intend io liquKlate the ch¥ity or to cease operaltons, or have no realistic &temative but to do so. Page 21
EMIH Limited Independent Auditorfs Report to the Members of EMIH Limited - Auditor responsibilities for Ihe audit of the financial slatements Our objectives are lo obtsin reasonable assurance about whether the fInara1 statements as a whole are free from maleyial misslalement. whether due lo frajd or error, and to issue an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance. is not a guarantee that an audit conducted in acxxjrdance with ISAS (UK) will adys detect a malerial misstatement when il exists. Misstalemenls can arise from fraud or error and are considered material if, irKlividually or in the aggregale, they coul(J reasonably be expected to infflueTh the ect)nomic this1cS of users taken on the basis of Ihese financial statement5. The exlenl to which our prlUreS are capable of detecting irregularities, induding fraud is detailed below.. Irregularities, including fraud, are instsnces of non<Omplvan wth laws and regulations. We design procedures in line wlh our responsibilit$. ouuined above. lo detect material misstalemenls in respect of irregularities, induding fravd. The extent to our prc¢edures are capable of detecting irregularities, induding fraud is detailed Our approath lo identifying aTrJ assessing the risks of material misststement in respect of irregularities, including fraud and non-compliance with laws and regulations. was fcKused on specrfic laws and regulations which we ¢sidered may have a (Jirect mateTia effect on the charity only and consolidated financial statements ry the operations of the charitable Company and the group, including the Companies Act 20, the Charities Act 2011, data protectn, anti-bribery. employment and health and safety legislation. An uTrJerstsnding of these laws and regulalions and the extent of cOmplnce was obtained throjgh disoJssion with management and inspects'ng legal and regulatory corresponden. We assessed the sus¢¥libility of the chw1tae compan$ arKI consdidaled finanaal statemenls to material misstatement. induding obtaining an understanding of fraud might lcur. by making enquiries of management and considering the intemal contrds in 3¢e to mitigate risks of fraud and non-compliance with laws and UlatiOnS. To addS the risk offraud through managernenl bias and override of Controls. we perfomied analytical prccedures to Identify any unusual or unexpected relationships.. tested joumal entries to idenlfy unusual Iransa¢lrons,' assessed whethw judgements and assumptions made in determining the accounting estimates were indicative of potenb.al bias- and investigated the ratnale behind significant or unusual Iransaclion5. In response lo Ihe risk of ifregularitie5 and nOnWmlaneÉ with laws and regulations. we designed procedures which ided. but were not limited to agreeityJ charity only and consCAated financial statement disdosures lo ndlYing supporting dcumentation.. reading the minutes of meelings of those charged wilh governance,. enquiring of management as lo aLtual and potential litigation and claims., and reviewing correspwdence 7Mth HMRC, relevant rewlal<xs and the charitable CpanY'S legal advisors. Due lo the inherenl limitations of an audit. there is a risk that we will not delect all irregularilies, including those leading lo a material misstalernenl in the financial statements or non-cKJmpliance with regulation. This risk increases the rrwe that cornpliance wlh a law or regulation is removed from the events and transactKsns reflecled in the financial slatemenls. as we will be less likdy to becorne aware of instances of non-compliance. Auditing standards also limit the audit prccedure5 required lo identify non- compliance with laws and regulations to enquiry of the directc and olher management and the in5pe¢tion of regulatory aThJ legal Qyresr*Mde. rf any. Page 22
EMIH Limited Independent Auditorfs Report to the Members of EMIH Limited The risk is also greater regarding irregularities cc£urring due to fraud rather than error, as fraud involves intentional coneealment. forgw. collugon. omission. or rnisrepresentation. A further description of our responsiblif(S for the audit of the financial slalements is located on the Financial Reporting Council's w*bsite at V•W4V.frc.oTg.uklauditorsresponsibililies. This description fom)s part of our Report of the Independenl Auditors. Use of our report This port is made solety to the Charitable parent eompanrfs trustees. as a tM)dy, in accordance with Chapter 3 of Part 16 of the colnpanS Ad 20C6. Our audit work has been undertaken so that we might stale lo the group's Iruslees those matters we are required lo stale to them in an audilor's report and for no other purpose. To the fullest extent permitted by law. we do not ap1 or assume responsibility to anyone other than the charitable parent company and ils Irustees as a body. for audit work. f this report. or for the opinions we have formed. Matthew Fox FCCA (Senior Statutory Auditor) For and on behalf of Smalles Goldie. Statutory Audil¢x Regenl's Court Princess Street Hull East Yorkshire HU2 8BA Dale.. Page 23
EMIH Limited Consolidated Statement of Financial Activities for the Year Ended 31 January 2023 {Including Consolidated Income and Expenditure Account and Sement of Total Recognised Gains and Losses) Unrestricted Total 2022 £ (As restated) Unrestricted funds Restricted funds Total 2023 Note Incomè and Endowments frorn: Donations and legaryes Charitable activities Other trading activit Investment income 16,178 5,194.514 3,301,917 17.039 475.101 491,279 5.194.514 3.301,917 747.441 4.109,784 2,423,234 1.591 Total income 8.529.648 475.101 9.004,749 7 282,050 Expenditure on: Raising funds Charitable activil*s Finance Activities 12.466.559) (7.620.638) 75,LKY) 12.466.559) (8,095,739) 75,000 (2.111.144) (6,609,924) 90,000 (475,101) Total expenditure 10.162 197 475.101 10 637.298 8811 I8 Nel expenditure Transfers beiween funds (1,632,549> (11.950> (1,632.549) {1,529,018) 11,950 Other recognlsed galns and losses Gainsllosses on revaluatn of fixed assets Acluarial gains on defined benefit pensM)n schemes Trading subsidiary corporats.on lax reclaimate/ldUe) 4,286,338 2.322.750 2.322.750 2.011.440 176.331 176.331 181.612 Nel movement in funds 854.582 11.950 866.532 4.950,372 RKoncilia¢ion of fundj Total funds broughl fOrd 27.848.273 27 848 273 22.897.9C Total funds carried forward 19 28,702,855 11,950 28.714,805 27,848,272 All of the grryJp's activrties derive from continuing operatS duriThJ Ihe above iwo periods. The notes pages 29 to 48 fc¥m an integral part of financial statements. Page 24
EMIH Limited (Registration number: 03513218) Consolidated Balance Sheet as at 31 January 2023 2023 2022 £ {As restated} Note Fixed assets Tangible assets 11 24.755.312 26,952,371 Current assets Stocks DebtOTS Cash al bank aThJ in hand 13 14 191,682 795,893 4.778.276 5,765,851 148,685 1,021.519 3,860 188 5,030,392 Creditors: Amounts falling due within one year 15 1.421.358 1 167.491 Net currenl assets 4.344.493 3.862 901 Total assets less Current liabilities 29,099.805 30.815,272 Creditors: Amounts falling due after more than on• year 16 {385.0(Kl) 1525.000) Provisions 2.442.000 Net assets 28.714,805 27,848,272 Funds of the group: Restricted income funds Restricted funds 11.950 Unrestricted income funds Unrestricted funds 28 702 855 27.848.272 Total funds 19 28.714.805 27,848.272 The financial statements on 24 10 48 V•we appr(rrfed by the trustees. authL¥ised for issue on 22 September 2023 and signed on their behaff by.. D W Gemmell OBE Trustee The notes pages 29 to 48 fryrn an inl*3ral part of these financial stalerrtnts. Page 25
EMIH Limited {Registration number: 03513218) Charity Balance Sheet as at 31 January 2023 2023 2022 £ (As restated) Note Fixed assets Tangible assets Investments 11 24.726,921 26,869,175 24.726.925 26.869.179 Current assets Debtors Cash al bank and in har 14 3,125.503 3,662.286 6.787.789 3.118,680 1.345,255 4.463,935 Creditors: Amounts falling due within one year 15 4.S27.303 2,802.445 Net cuffent assets 2.260.486 1,661.490 Net assets 26,987 411 28,530.669 Funds of the charity: Restricted income funds Restricted funds 11.950 Unrèstricted incomè funds Unrestricted funds 26.975.461 28,530.669 Totsl funds 19 26.987,411 28,530.669 The finanoal statements on pages 24 to 48 were appr(wed by the iruslees, and aulhorised for issue on 22 Seplernber 2023 and signed on their behaw by". DWG Trustee mell OBE The on pages 29 to 48 f(Km an integral part of ttrEse financial statements. Page 26
EMIH Limited Consolldated Statement of Cash Flows for the Year Ended 31 January 2023 2023 2022 Note Cash flows from operating activities Net cash expenditure (1,456,218) (1,347,406) Adjustments to cash Ilows 1M rK•n<ash items Depreciation Investment income Trading subsidiary corporation tax reciaimatAel(due) Net expense on pension scheme 2.776.293 117,039) (176,331) 2.578,773 (1,5911 (181,6121 727,000 1.775,164 1.781.705 Working capital adjustments Ilncreaseydecrease in sICS Increase in deblrys. exduding deferred tax InGrease in ¢reditor5 13 14 142.997) {372.293) 253,868 39,810 191,167) Net cash flows frorn operats'ng activities 1.620,283 1,833,257 Cash flows from investing xlivities Interest receivable and similar income Purchase of tsrvJible fixed assels 17,039 1.591 27,5 11 Nel cash flows from investing aclivities (562.195) {26.374) Cash flows from finan¢ing adiviti85 Repayment of loans and borrowngs 15 140,0) 35.CKJO Nel increase in cash arKI eash equivalents 918,088 1,771.883 Cash and cash equivalents at 1 February Cash and cash equNalents at 31 January 4,778.276 3,860.188 All of the cash flthvs are derived from continuing operalions during the above Iwo periods. The notes on pages 29 to 48 fom an integral part of se financial sLqlements. Page 27
EMIH Limited Statement of Cash Flows for the Year Ended 31 January 2023 2022 2023 Note (As restated) Cash Ilows from operatlng activilles Nel cash (expenditureyincome {1.543.2571 2.533,832 Adjustments to flows from non4ash items Depreciat*Jn Investment income Revaluation of fixed assets 2,71%,947 {1,529,881) 2,500,013 (574,055) 4.286,338 173,452. (366,191) Working capital adjustments (Inueaseydecrease in debtors Increaselldecrease) in Credilrys 14 (6.823) 1.724 857 662.224 1 289 430 Net $h flow5 from operating adivities 1.351.843 453,754 Cash flows from investing activiti Interest r1vable and simlar income Purchase of tangible fix&J assets 1.529.881 574,055 13,015 Net cash flows from investing activities 965.188 Net increase in cash and Cash equivalent$ 2.317.031 107,286 Cash and cash equivalents at 1 February 1.345.255 1,237.969 Cash and cash equNalenls at 31 January 3,662,286 1.345.255 All of the cash fl¢Y are derived from ¢x)ntinuing opatnS during the above IM) period5. The noles pages 29 lo 48 forn an intyal part of these financial statements. Page 28
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 1 Charity $ts¢us The charity is limited by guarantee. inCorpated in Eroland, and consequenuy does not have share capitsl. Each of the Iruslees is liaNe to contribute an amount not exceeding £1 t(hvards the assets the charity in the evelll of liquwjatton. 2 Accounting pollcles Summary of significant accounling policies and key aGGounting estimates The principal aeeounting policies in the preparation of these financial statements are set out below. These have been cowsienlly applied to all the years presented. unless olhemise staled. Statement of cornpliance The financial statements have been prepared in ac£ordan ilh ATrtIng an¢J Reporting by Charities.. Statement of ReComrnend Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland {FRS 1021) li5sued in October 2019) - (Charities SORP {FRS 1021}. the Financial Reporting Standard applicable in the UK and Reput1¢ of IrelaTrJ (FRS 102) and the Companies Act 20Cffj. Basis of preparation EMIH Limited meets the definition of a publ benefrt tity urKler FRS 102. Assets and liabilities are initially recognised al historx?l (y)st ly transaction value unless stated in rdevant accounting policy notes. Prior riod restatement The prior Peri¢ results have been re5ts1ed to c¢xrgX a misstatement in the revaluation of fixed assets. The revalualth)n gain has been reduced by £177.945 to reflect the additions to The Deep Visitor Attra(aion in the prior pericmj that V4Ere trM)Ih induded in the overall revaluation of that asset and accounted for separately as additions during the period. The impact of this restatement on the PriLY period Ults is lo reduce the value of The Deep Visitor Attraction wlhin Tangible Fixed Assets the gain on revaluation of fixed assets disclosed in the Consolidated Statement of Financial Activities by £177,945. This also results in a reduction lo the Net Movement in Funds in the Consdidated Stalerrenl of Financial Adivities and the balance of Unrestricted Funds in the Cons¢Yidated Balance Sheet by the same amcwnl. Basis of consolldallon The consolidated financial sLements o)nsolKlate financial statemerkls of the charity and lis subsidiary undertakings drawn up to 31 January %)23. No statement of finanryal actNities is presented for the charty as pemi*led by section 408 of the Companies Act 2tyJ6. The charty made a loss after tax for thefinanaal year of £1.543,257 {2022- Ioss of £2,533,832). Page 29
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 Going concern It is important that suffiaent Visiiors D)ntinue to be attracted to The Deep so that it can cover its operational costs and generate suffioenl resources to mainlain the quality of ils faalilie5 (and provide for their ongoing improvemenl). byl)ilst also enabling the charity to continue to suppwjrt conservation and marine research projects. Whi15t visitor numbers can be uncertain. IPP directors fed that thr forecasts over Ihe peric*l lo 31 January 2025 indude a nServative estimate in rdalion to visitor numbers and that the overall forecasts are reliable in predicling future group revenue and 12sh flo. The directors believe that the grcrtjp ha5 adequate resources to continue in operatK)nal existence for a perKKI of 12 months from the date of approval of these finanaal statements and therefore have prepared the financial slalemenls on a EM)ing con(wn basis. Judgements The preparation of the financial statements requires managenwt to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could drffer from It¥)se estimates. The judgements {apart from those involving estimalesl that have had the mosl signrficanl effect on amounts recognised in the financial slalemenls are the actuarial assumplions supporting thevalualion of the group's defined benefit pension scheme. Income and endowments All income is recognised once the charity has entiuement to the inu)me. it is probable thal the income will be received and the am(yJnt of the in(x)me r&xvable can be Measur reliably. Donations and legacies Donations are recognised when the charity has been rlIf in vffiting of both the arrK)unl an selllement date. In the event that a donalion is subject lo condilions Ihat require a level of performance by the charity before the charity is entitled to the funds, Ihe income is deferred and not rerA)gnised until either those conditions are lully met. or Ihe fulfilment of those condiiions is wh¢Jly wlhin the control of the charily aThJ il is probable that these condilions V•ill be fuffilled in the retxxting period. Grants recelvable Grants are recognised when the group has an entement to the funds and any conditions linked to the grants have been met. Where performance oJndilhJiis are attached lo the grant and are yet lo be mel, the income is recognis&J as a liability and included on the balance sheet as deferred income to be released. Investment income Interest is included when receivable by the charity. Page 30
EMIH Limlted Notes to the Financial Statements for the Year Ended 31 January 2023 Exponditure Al expenditure is recognis&J once thwe is a legal or constructive obligation to that expendf(ure. it is probable settlement is required and the amount ¢An be measured reliably. All costs are allocated to the applicable expenditure heading thal aggregate similar costs to that cat¥•ry. Where costs cannot be directly allribuled lo particular headings they have been allocated on a basis consistent with the use of resources, with cenlral stsff costs allccaled on the basis of tirne spent. and depCiatIon charges allocated on the pIK)n of the asset's use. Other supp(Yt costs are allocAted based on the spread of staff costs. Raising fvnds These are costs incurred in attrading voluntary income. the manapi of Investffnts and those incurred in trading activities thal raise furKIs. Charitable aGtivities CharItae expenditure CmpriseS those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. It indudes both costs that can be allocated dIrllY to such 8Ctivities and those costs of an indirect nature necessary lo supwrt them. Support cost$ Support costs include tsntral functions and have been allocated lo aclivity cost cale¢)yies on a basis eonsislenl th the use of reSoUrs. for example. all(tating prop&ty (x)sls by fltyx areas, or per capita, staff costs by the time spent ar other Costs by their usage. Governance costs These indude the costs altribUtae to the charlS C4)mplIan viilh o)nstitulionaf and slalulory requirements. induding audit. strategic management aTrJ trustees meetings and reimbursgj expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Sthedule 6 of the Finance Act 2010 and therefore rt meets the definil#)n of a charitable company for UK COrrath?ft lax purposes. Acc<Kdingly, the charity is wtenbally exemplfrom taxation in resped of or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corpcffation Tax Ad 2010 or Section 256 of the Taxation of Chargeable Gains Acl 1992. to the extent that suth illixjme or gains are 8ppld exdusively to charitable purposes. Derred taxation Deferred taxation is rec4)gnised in respect all ts"rning drfferences vthieh are dffterences between taxable profits arKI total comprehensive income arising from the in¢lusion of income and expenses in tax assessments in perKKls drfferenl from Ihose in which they are recognised in the financial slalements, except that unrelieved tax losses and other deferred tax assets are re(xJgnised only lo the exienl that the directors consider il probable that they wll be recovered against the reversal of defwred tax liabilities or other future taxable profrts. Deferred tax is measured on an undiscrNJnted basis at the tax rates that are expectÈJ lo apply in the peric<Js in which liming differen reverse. based on L3x rales and laws enacted ¢y sub5tsntively ena¢te(l at the balancE sheet date. Page 31
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 Tangible fixed assets Al fixed assets are initially recorded at Cost. The chaTiWs buildirKJs are revalued at the balance sheet dale every three years by an independent Ihir(i party surveyor in acs)rdance with the provisions of FRS 102. These assets are being depreoaled ovw thar rIning useful lrfe of 10 years from the dale revaluation. Equipment is depreciated over 1-5 years. The carrying values of tangible fixed assets are revithyed for impaimient when events or changes in ircurnslances indicate the tsrrying value may not be recoverable. Stock StoGks are slated al the of cost aThJ net reali5able value. Cost indudes all costs incurred in bringing each prcéuct lo its present IrKalion and condrtK)n. Net realisable value is based on estimaled selling price less any further costs expe(led lo be incurred to completion and disposal. Trnde debtors Trade debtors are re(rynised initially at the IransactK)n pri. They are subsequently measured at amortised cx)sl using the effective interest method, less provisiort f( impairment. A provision for the impairment of tfade debtors is estsblished bvhen there is objecaive evidenrE that the charity will not be able lo collect all amounts due acc(Kding to the original lerms of the r1vaeS. Cash and 4uivalnts Cash and cash equivalents comwse on hand and tall depostts. and other short-term hwJhly IUld inveslmenls that are readity convertible lo a knthvn arInt of Cash and are subje( lo an insignrficanl risk of change in value. Trade creditors Trade creditors are otjiga1i(S to pay for gcM)ds or swvios that have been acquired in the ordinary course of ISInesS frorn suppliers. Accounts paYale are dassified as cajrrenl liabilit$ if the charity does nol have an unconditional right. at the en(J of the reportirKJ per. to defer settlement of the creditor for al least twelve months after the reFrfYling (Jate. If there is an unconditional right lo defer setllement for al least twelve months after the rep(xling date. they are presented as non-current liabilities. Trade creditors are recognised initiauy at the transac*ion pri and subsequently measured at amrytised cost usiNJ the effective intet methcml. Provlslons Provisions are recognised when the tharity has an ¢IgatIOn at the reportirKJ date as a result of a past event, il is probable that the charity %MII be required to setde that obligation and a rdiable estimate can be made of the amount of the obligalion. Fund structure Unreslricled income fu$ are general fvnds that are available fw use at the trustees diSClOn furtherance of the objectives of the group. Designated funds are funds sel aside by thetrustees rwt of uNestricled general funds for speCrffutUre purposes or projects. Page 32
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 Reslricled funds are funds that can only be used particular restricted purposes Within the objects of the charity. Restriciions arise when by the don or vlt funds are raised for particular restricted purposes. Pensions and other posl relirement obllgations The company participate5 in the Lal Government Penw'on Scheme. Contribultons are rnade lo a separately administered fund. PensK)n scheme assets are measured al fair value and scheme liabilities are measureiy on an actuarial basis using the projected unit melhTrJ and discounled al an interest rate equivalent lo the current rate of return on a high quality Corporate bond of equivalent term and currency lo the liabilities. The actuarial valuations are Obtain at least triennialty and are updated at each balance sheet dale. The amcMJnls chard lo net inecmel{expendilure) are the eurrent servte costs and the costs of scheme intrcéuctions. benefit changes. settlements and curtailments. Nel interest on the net defined benefit liabililylasser is also recognised in the Statement of Financial Activilies and omprises the interest cost on Ihe defined benefit obligation and interest in¢xJme on the scheme assets. calculated by rnultiplying the fair value of the scherne assets al the beginning of the period by the rate used lo diScnt the benefit obligal¢ons. The drffereTh* belween the interest income on the scheme assets and the actual return on the stheme assets 15 rèxgnised in other recognised gains and losses. Actuarial gains a1 losses are recognised immediatdy other recognised gains and losses. FRS102 only permits a company to recognise an asset to the exlent that the company is able to recover the surplus through reduced ¢ontn"butions or refunds from Ihe plan. At the balance sheet date. the company did not have sde dis(xetion in such r0¥WY of the surplus and therefore this has not been recognised in the balan sheet. 3 Income from donations and le9acies Unrestricted funds General Restricted funds Total 2023 Total 2022 Donations Government grants Other grants 15,724 454 15,724 454 475 101 491.279 11,720 735,721 475 101 475.101 16.178 747.441 Other grants reCeived,.11ud•j in the above. are as fdkwts.. 2023 2022 Biffa 411.101 18,crfJO 39.LN)O Natural England Orsled Yorkshire Wildlrfe Trust 475.101 Page 33
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 4 Income from charitable activities Unrestricted funds General Total 2023 Tolal 2022 Admissions and education income Gift membership fees 2,567.222 2,627.292 5,194.514 2,567.222 2,627.292 5.194.514 1,608,635 2,501,149 4,109,784 S Income from other trading athilies Unrestiidod funds General Total 2023 Total 2022 Retail Catering Rental income and related swvices Other corporate income 1,379,C7 935,560 610,291 376.999 3.301.917 1,379,C67 935,560 610,291 376.999 3,301,917 1,LK)1,359 619,566 566.912 235 397 2,423,234 6 Expenditure on charitable activities Activity undertaken Activity support directly costs Tolal expendilure Maintaining and operaling The t)eep Husbandry and marine conservation Education and informal learning 1,836,999 855,948 2.852.378 1,329.063 742.903 4.689.377 2.185.011 1.221.351 Tolal for 2023 3,171,395 8.095.739 Page 34
EMIH Limited Notes to the Financial Statements for the Year Ended 31 JanuarL2023 7 Analysls of support costs Support costs allocated to charitable adivities Governance Admlnistratlon Total funds Depreciatlon Maintaining and okwatirKJ The Deep Husbandry and marine conservalh)n Educal•)n and informal leaming 39,035 1,205.202 1.608.141 2.852,378 18.188 10.167 561.563 749,312 1.329,063 742.904 Total for 2023 67.3 2.080,661 2.776.294 4,924,345 Support costs have been appjrtioned aeccrtding lo the ratK> of direct costs. Legal and professional costs Auditors. remuneratK)n - audit seNices Auditors, remuneratDn - non-audit services 8 Trustees remuneration and expenses No trustees. nor any pW$(S LX)nnected V4ith them. have recewed any rUnerat)n from the wup during the year. Page 35
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 9 Staff costs The aggregate payrdl costs V&Ere as follow5.' 2023 2022 Staff costs during the year wer¢: Salaries Employer national Insuran contributions OperatirvJ cosls of defined benefit pension sthemes 2.696.336 257.272 934.358 3.887.966 2,281,718 173.522 1 121,028 3,576,268 The monthty average number (I persons {indudin9 senior management I leadership team) employed by the grcmjp durin9 the year vfas as fdlobNs.' 2023 No 2022 No Managemenl Administration 126 131 127 132 The number of employees whose ernoluments fell V4ithin the fdlThiThJ bands was: 2023 No 2022 £60,rx)1 - £70.0(KI £70,fX)1 - £80,000 £80.IX)1 - £,000 £90.001- £100.CKJO £1CrfJ,001- £110.ocKI £110,IXJ1- £120.OIXI The lolal employee benefits of the key managemenl pwsonnel of the grP Vre £462.821 12022 - £423,847). Page 36
EMIH Limited Notes to the Financial Statemenls for the Year Ended 31 January 2023 10 Taxalion Tax on profit on ordinary actrvities The lax chargell(xedtl is m•Je up as f5.. 2023 2022 Origination and reversal of timing differences Effect of change5 in tax rate5 (176,331) (136,724) 44.888 (181.6121 (176.331) The deferred tax IrUded in the balance sheet ts as ftlllyws: 2023 2022 Capital allowances in advance of depreCIan Short temi timing drfferences Total deferred tax lassetl liabilty 2,317 7,432 {5,115) 14.075 617.109 (603,0341 2023 2022 Movement in provision: Provision al start of (603,034) (176,331) 774,250 (5,115) (769,9821 (181.6121 348,560 (603,0341 Deferred lax charged in the profit and loss account Deferred tax tharged in the slat&nent of rmprehenSIVe inccff Provision at end of period Page 37
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 Taxalion continued Recorrilialion of tax ce The tax on profrt befe tax fcf the year is the same as the slandard rale of C(poratIon tax in the UK (2022- the same as the standard rate rf cOrporatn lax in the UK) d 19% (2022 - 1Wo). The drfferences are reconoled bd(w. 2023 2022 Profit tefore tsx 1.430,441 794.748 Corporatn tax at standard rate Effed of expense not deductible in determining taxabte profrt (tax loss) Deferred tax expense {credit) relating tochanges in tax rates or lalvs Tax increase {decreasel from effect of e2pital alkhVan and depreciation Tax increase (deuease) arising fo group relief 271.784 151.002 1,023 (44,888) 142,319) (429) 405,367 288 749 176.331 181.612 Paragraph 29.14A ol FRS 102 has been appl allowing the tax rdief on grft aid payments to be recognised in the Friod to which it rdales. This exception is only apICable as long as il is probable that the gift aid payment wll be rnade lo the charity wlhin g months of the res>J1ing dale. Factors Ihal may affect future lax thar9E The standard rate of UK crypor4liw tax remains al 19% for the year ended 31 January 2023. In March 2021 the dget included an announcement to iThyease the standard rate of corporabon lax from 19tA to 25% with effect from 1 Apn'l 2023. This vrds enacted on 10 June 2021. Oeferred tax has therefore been calculated al 25%. Page 38
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 11 Tangible fixed assets Group Wisitor attraction. business centre Equipment and waTe1se Total Cost At 1 Febnjary 2022 Ireslated) Additions 263.312 14.541 27.090,5¢XI 27,353.812 564,693 579,234 At 31 January 2023 277.853 27 655 193 27.933 046 Depreciation At 1 February 2022 (restated) Charge for the year 180,116 221,325 401,441 2,776,293 At 31 January 2023 249.462 2.928.272 3,177,734 Net book value Al 31 January 2023 28.391 24.726.921 24.755,312 Al 31 January 2022 (restated) 83.196 26.869,175 26,952,371 The assets ofthe grcwp were valued by sanders Weatherall LLP as al 31 January 2022. on the basis of depreciated replacement cost for The Deep Visitor Attraction1£25.000,OLM)) and on the basis of open market value for The Deep Business Centre {£J.750.OLX)l in accordan with The Appraisal and valuation slandards (Frfth Edition) (The Red Book'l wepafed by Ihe Royal Institute of Chartered Surveyors. The assets are being depreaaled over a remaining useful lrfe of 10 years from the date of the revaluation. Current year additions a recyxded al cost. In a(JdilK)n, the MpanY owns 8 warehouse unit which is being depch81ed over its reffoining useful lrfe of 6 years. Page 39
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 Charlty Visitor attraction. business centre and warehouse Cost At 1 February 2022 Ireslated) Additions 27,09J,5CQ At 31 January 2023 27655 193 Depr•ciation Al 1 February 2022 {reststed) Charge for the year 221,325 2,71%,947 Al 31 January 2023 2,928,272. Net b¢)ok value At 31 January 2023 24 726,921 At 31 January 2022 {restated} 26 869.175 12 Fixed asset investments Charity Shares in group undertakings and partlcipatlry interests Subsidiary undertakings Total Cost Al 1 February 2022 Al 31 January 2023 Net book value At 31 January 2023 At 31 January 2022 Page 40
EMIH Llmlted Notes to the Financial Statements for the Year Ended 31 January 2023 Details of undertakings Oelails of the investments in which the Charity holds 20% or mcre of the nominal value of any class of share capital are as follows- Country of incorporation Proportitin of voting rights Principal and shares held activity Undertaking Holding 2023 2022 Subsidiary undertakings Running Deep Limited (Registered no. 036066891 Deep Developments Limited (Registered no. 036066591 Ordinary 100% 1CQ% Tourism Ordinary 100% Dormant 13 Stock Group Charity 2023 2022 2023 2022 Finished goods . 14 (leblors Group Charity 2023 2022 2023 2022 Tra(Je debtors Due from group undertakings Prepayments and acuued income Deferred laxalion Other debtors 89,695 76,318 2,568,264 2.904,932 674.933 5.115 26.150 795.893 327.182 603.034 14,985 1.021,519 557.239 213,748 3.125.503 3.118.680 Page 41
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 15 Creditors: amounts falllng due wlthin one year Group Charfty 2023 2023 2022 Trade creditors Coronavirus business interruplion loan Due lo group undertakings VAT grant rePayate Other ¢yeditors Accruals and deferred income 368,879 176,193 140.CM)O 140.(NXJ 4.485,091 2.741.448 203.085 633.805 75.589 1,421,358 199.025 560,218 92,055 1,167,491 30,262 11,950 4,527.303 19.580 41,417 2.802.445 16 Creditors: amounts falling due after one year Group Charity 2023 2022 2023 2022 Coronavirus business interruption loan 525,000 17 Pension and other schemes Defingd bgnefit penslon schemes EMIH Limited is an admitted body of the Easl Riding Pension Fund, a Local Government Pension Scheme {LGPS) administered by the East RKting of ytkShire Counryl. The Pension Scheme is a defined benefit scheme. with benefits being delermined by an employee'5 leThJth of service and level of remunerab"on. Membership of the PensK)n Scheme is cpen lo all employees, wlh an employee required lo make a conlribulion of betsveen 5.5% an 12.5% 01 penSnable pay wth EMIH Limited augmenlirrfj this wth an employer CtrIbution of 16% of an ernOYee'S pensionab pay. Thg valuation Us1 for FRS 102 disdosures has been based on the most rEnt triennial actuarial valuation as at 31 March 2022 and updaled by Hymans Robertson LLP lo take account of the reqLsirements of FRS 102 in order lo assess the assets and Ipbilit of the scheme as 31 March 2023. Per the actuary valuation at 31 March 2023. the plan is valued as a £4.503.1)Xl asset. FRS102 only permits a company lo recognise an assel to the exlenl that the company is able to recover the surplus through reduced contributions or refunds from the plan. At the balance sheet dale. the company not have sole discretion in such recovery of the surplus and therefore this has not been recognised in the bala sheet. The scheme is a multimployer scheme which has a 31 March year end, is drfferenl to that of EMIH Limi(ed. The directors bdieve that any dtfferences that ryild have arisen between the year end of the company and the year end of stheme wll not be material, therefore the disdosures atKtrve are as al the scheme's 31 March year erKI and not as at 31 January. Page 42
*J EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 Prinapal acluarial assumptions The principal actuarial assumptions at the slatemeni of finanryal position dale are as follows.. 2023 2022 Discount rale Future salary inc¥eases Future pension increases 4.75 2.75 4.05 3.15 2.95 Post retiromentrnrtality assumptions 2023 2022 Years Current UK pensioners at ret1ment 8ge- male 21.00 21.00 Current UK pensioners at retirement age- female 24.00 24.00 Future UK pensioners at retirem1 age- male 22.IX) 22.00 Future UK pensioners at retirement age- female 25.00 25.00 The sensitivities regarding the principal assumptKJns used to measure the scheme Ikikn"lities are sel out below.. 2023 £000 2022 £000 0.1% decrease in real discount rate 230 418 1 year increase in member lrfe expedancy 0. 1% increase in the salary irKxease rate 0.1Y• increase in the pension increase rate 363 608 31 53 202 362 Analysis of assets The major Galegryw of stheme assets are as folltr•o: 2023 £000 2022 £000 Cash and cash equNalents Equity instnJments Debt instruments Property 271 9,773 2,307 1.222 128 9.190 1.915 12.765 Page 43
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 Reconciliation of scheme assets and liabilities to assets and liabilities recognised The amounts recognise(l in the balance sheet are as fdlov45.' 2023 £000 2022 £000 Fair value of scheme assets 13,573 9.070 4,503 4.503 12,765 15.207 12,4421 Present value of defined benefrt obligation Other amounts nole recc3nised in the baance sheet Defined benefit scheme delKit 2,442 Fair value of scheme assets Changes in the fair value of s¢heme assets are as folky. 2023 £000 2022 £000 Fair value al start of ye Interest irrne 12.765 11.481 238 Contribubons by scheme participants Employer conlribulions Benefits paid Other experience Actuarial return on plan assets Fair value at end of year 146 119 289 {116) 434 1134) 360 772 13,573 12,765 The pension scheme has not invested in any of the sY(wp's financi instruments or in properttes or other assets used by the grtJJP. Define(J benefit obligation Changes in the defineA benefrt olgatiOn are as fdl(hvs: 2023 2022 £000 Present value at sian of year Current and past service cost Interest cost 15.207 928 15.591 891 328 Contribut$ by members Benefits paid Actuarial (gains) and losses Present value al end cl year 146 119 1116) 7.526 {1341 1.588 9.070 15.207
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 Recognised in statem•nt of financial activities 2023 £000 2022 £000 Current service $1 928 891 Interest inCe 356 238 Interest ¢ost 431 328 Pension scheme interest (cost) 175) {90) 18 Financial guarante8 contracts Group The company has entered into a debenture agreement wth The Millennium Commission for any indebtedness by the company in favour of The Millennium cmISsIOn. The Commission has a charge over all the assets of the company. Page 45
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 19 Funds Group Other recognised Balance al gainsl 31 January (losses) 2023 Balance al 1 February Incomlng Resources 2022 resources expended Transfers Unrestricted funds General 27.848.273 8.S29.648 {9.985.866) {11.950) 2.322.750 28.702.855 Resthcted funds 475.101 475,101 11,950 11.950 Tolal funds 27.848.273 9.(M)4.749 lo.460.7 2.322,750 28.714.805 Other recognis•d Balance at gainsj 31 January (losses 2022 8alan¢• al l Febwary In¢orning Resourus 2021 resources gxpend¢d Unrestricted funds Gener 22,897,9)0 7.282,050 8,807.402 6,475.724 27,848,272 Charity Balance at 1 February 2022 Balance al 31 January 2023 Incoming resources Resources expended Transfers Unrestsicted funds General 28.530.668 4.314.440 (5.857.697) {11.950) 26.975.461 Restricted funds 475.101 475 101 11.950 Total funds 28,530 668 4 789.541 6.332.798 26,987,411 Other recognised Balance at gains1 31 January (losses) 2022 Balance at 1 February InmIng R95ources 2021 rgsources gxpended Unrestricted fuftds General 25.9g6.837 3.368.656 5,299.108 4.464.284 28.530.669 Page 46
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 20 Analysls of net assets botweon funds Group Unrestricted General Restricted funds T¢)tsl funds 2023 Tangible fixed assets Current assets Current Irabilities Creditors over 1 year Deferred laxalion 24,755,312 5.753.901 {1.421.358) (385.000) 5,115 24.755.312 5.765,851 11.421.358) {385,0001 5.115 11.950 Total nel assets 28.707.970 11,950 Unrestricted General 28,719,920 Total funds 2022 £ {As rgstated) 26,952.371 5.030,392 11.167,4911 1525.0001 2.442.000 Tangible fixed assets Current assets Current liabilities Creditors over 1 year Provisions 26,952.371 5.030.392 {1.167.491 } 1525,000} 2.442.000 Total nel assets 27.848.272 27.848.272 Charlty Unrestricted General Restricled funds Totsl funds 2023 Tangible fixed assets Fixed asset investments Current assets Current liabilities 24.726.921 24.726.921 6.775,839 4 527 303 11,950 6.787.789 4.527.303 Totsl net assets 26,975,461 11.950 26.987.411 Unrestricted funds General Total funds 2022 £ (As restated) 26.869,175 TangitAe fixed assets Fixed asset investrnenls Current assets Current liabilities 26,869,175 4.463.935 2.802,445 4.463,935 2 802 445 Total net assets 28.530.669 28.530.669 Page 47
EMIH Limited Notes to the Financial Statements for the Year Ended 31 January 2023 21 Related party iran&xtions Group During the year the charity made the fdl(thirKJ relate(I paty transxlls. Kingston upon Hull City Council The company was sel up as a joint venture between ts UnNersity of Hull and Kingston upon Hull City Council. Councillor R Furtey is an elected member and Professor Chesters is an Honorary Burgess of Kingston upon Hull City Coun¢il. As the local authority responsible for the area in 7•thieh the company operates. the company has some transactions with Kingston upon Hull City Council. The total value d non-slatulory services purchased from Kingson upon Hull City Couneil was £5.84312022.. £6.799). During the year the company received £1,965 income from Hull City Counal. At the balance sheet date the amount due from Kingston upon Hull City Council was £2.669 (2022- £Nil). University of Hull The company has been set up as a joint venture between the Universtty of Hull and Kingston upon Hull City Coun¢il. Professor L J Morrdl is an employee of the UnNersrty of Hull. Professor G Chesters is an Emeritus Professor of the UnNersity of Hull. The Unrversty of Hull rents a laboratory in The Deep Visitor Attract¢on and hires The Deep for ccvporate functions. The Deep invoiced the Universty £75.537 (2022". £57.398) for rert gocKls and services over the course of the year. The Deep purchased gcods and services from The University of Hull over the course of the year amounting to £49.89112022". £19.6281. At the balance sheet ¢Yate the amcwnl due to University of Hull was £2,62612022 - £153 due from). Bonus Electrical Group Trevor S E Boanas is a director of the Bonus Electrical Group. Totsl transadions wth Bonus Electrical Gr(MJp amounted lo purchases of £14,21012022'. £2,421) AI the balance sheet dale the am(nI due to Bonus Electrical Group was £24812022 - £Nil). The British & Irish Association of Zoos and Aquarium$18IAZA) Mrs C C Duke was a director of BIAZA until 6 June 2023. During the year. Running Deep Limited made purchases of £5.288 (2022: £6.171). At the balance sheet dale the am¢Junt due tcthom The British & Irish A55wiation of Zoos and Aquariums IBIAIA) was £Nil (2022 - £Nil}. The Constellation Trust Mf N G Porteus is a member. Iruslee and Chair of the Constdlation Trust. a Mul3¢¥deMY trust comprising Hull schcx)Is. During the year, 50me of the schools vithin the trust may have visited the Deep on formal educational visits. Mr Porteus was not involved in any of the deciSn$ of any d the trust schools lo visit the Deep as these decisH)ns are taken by the Local Adviwy Board of the school aTrJ nol Ihe trust. At the balan sheet dale the amnt due The Constdlatffi Trust was £Nil (2022 - £NI). Microsanilise Limited Trevor S E Boanas is a direct of Microsanitise Limited. DurirvJ the year, the company made purchaes tolalling £1,389 (2022.. £Nil). At the baLqncE sheel dale the amount due toffrom Microsanitise Limited was £Nil (2022 - £Nil}. ,Page 48