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 #118 Sc>Q210790Trl￿ ICAEW CHAR TERED ACCOUNTANTS EMIH Limited Contents Reference and Administrative Details Strategic ReP￿t 2to3 Trustees. Report 4t019 Independent Audit￿S. Rep(xt 20to23 Consdidated Statement rA Financial Activities 24 Consolidated Balance Sheet 25 Balan￿ Sheet Consolidated Statement of Cash 27 Sialement of Cash FI￿￿S 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 i￿rated 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 dC￿Ments. 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 esta￿lShing in Kingston upon Hull, The Deep aquarium, incorporating an international centre of excellence for educat￿n, learning and research of the marine environment. Within the al￿ve objeclwes, the charity's 51rategy 15 to mainlain reserves at a level suffic￿nI to cover the a￿OUntIng 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 CoMpan￿S charitable objectives and tts performan exceeded the Business Plan assumptir￿S 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￿$, consKJer their ongoing improvement and be able lo suppc*t conservation and marire research projects. In t￿nS of ils tar9ets for the year. the charity performed as follows: the charity exceeded ils Business Fyan largel and was able lo attract 457.OC(I visitors learners lo The Deep. generating an underlying rel operatK)nal sur￿uS for the year of £1,320,076. the charity continued to maintain ils facililres to a high standard, most rK)tably ￿$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 I￿k￿￿¥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 construc*ion 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$S￿latIon 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. FUrthen￿￿e, a Strateg￿ plan has been developed such that external risks and intemal risks are minimised by the Im￿eMentation of procedures for the authorisat￿n of all transactions and to ensure consistent qualtty of detNery for all operational aspects of the charitable company. These prct*Jure5 are perh￿1¢￿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 t￿MIng year. sets its expectations of visitor numbers and sets ils admission pr￿ lo cover its forecasted expenditure. Compared to other national attr￿tiOnS. 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 availa1￿e is invested 7Mlh its bankers. Such investm￿lS include only cash balan￿5 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 resI￿reeS for the th8rity's marine research and (xjnservation work. in an effort lo ensure that admiss￿n 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 c￿tent. Education Formal and infomial learning is al the heart of all The D*p's activities and outputs. The Deep ernbra￿s 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 r￿nS 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 part￿Ipated in a W0￿$hOP al The t)eep. The most popular topics requested during the year were conservation and habilal-based {for Se￿ndary 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 In1￿matiOn 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, dem￿strat￿nS. wrykshops, virtual sessions, crafts, outreach. career guidance and work pla￿mentS. Speual evets thr￿1 the year alsoddiver informal education and learning ojtwls a￿ measured Whe￿ p￿Sible. Page 4 EMIH Limited Trustees. Report Infomial learnirKJ ojtputs during the year i￿4vded.. Universi of Hull Music collab(￿li0n The event formed part of the students. UnNersity P￿r￿10 of work. through music comrK)sition inspir by. and complementing. The Deep and its themes. It culminalgj in publ￿ perfOrman￿S 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¢x￿n. 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, perforMan￿based, film and podcast for exhibition. Home Educat(Ys Home educator families enjoyed a number of se5St￿5 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 $16) was atteThled by 27 Sc￿nce and t￿nolOgY baseol mpanies alongsKle Deep Crew 4vho delivered wuaging ¥*YJrkshops on the rn￿ne environment, dNing, marine species, and the aquarium sector. "To put it wrnply, you all amazing. I feel that It￿*aY has been an inL7edth succe￿. The ¢hMdren were challenged and engaged tfvouglKWt the day.-. Evenl Lyganiser Salters, Institute The Deep's Scientific Advisor. Christina Roggatz. prort￿ed a Chemistry Club vKleo for Salters, Insttlute on o￿an Acidification. Using The Deep's displays and animals as a selliThJ. the video explains the complex top￿ of c￿n acidrfication to S￿tj￿-aged children. Work Placement The Deep hosted work placement opportunities for a range of ywng peo￿t. This induded student leathers who spent weeks with Educational Cre•V, 20 Year 10 arKI S￿th form pupils from local schods and colleges. Weekly visits by studenls of St Anne's School also l¢)ok place, and a bespoke accessible placement day vras deswJn&J and delivered for Frgjerick Hc4me5 Sthool. The Deep continues to provide free liller picking kits al reception to the public. vthich were furKled by Sea Changers. The equipment has been borr¢Md nUMer￿S times" Icfvjs about the litter have been relumed, wth unusual 'finds' Ir￿udIng a ￿￿t￿,5 hat. a washing up drainer and a fIre￿OrkI 'It was tsnta$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 p￿kIng C4yunty lan8 and we 7 bin b&Js. a lot of it Was dispos¥ble gbves, masks and ￿astIC bollles thrown by pa￿ThJ I￿￿S 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 SpeC￿S found around the British Isles. which are liste(J on the IUCN Re(1 List of Tt*eatened Spec*s. 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 dIs￿SsIon 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 arn￿1ng 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 tc*Yay. 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 wh￿h wa5 a150 enjoyed each term- time week on Tranquil Tuesdays. Room 42 To enhance the accE55ibility of experiences within the Husba￿lry 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 Indiv￿ua1s. 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 f￿USed on drfferent themes thr￿ghOul 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 t*r) fvn. hands￿n. 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 ￿a￿tIng out al Spum. Other adivities induded the Cfeation of a seagrass Mural with Spray Creative. hri Im She Productions performed this Christmas st (11.950> (1,632.549) {1,529,018) 11,950 Other recognlsed galns and losses Gainsllosses on revaluat￿n of fixed assets Acluarial gains on defined benefit pensM)n schemes Trading subsidiary corporats.on lax reclaimat￿e/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 fOr￿d 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 operat￿S 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 1￿M rK•n 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 r￿Unerat￿)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 gr￿P V￿re £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 f￿￿5.. 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 Ir￿Uded in the balance sheet ts as ftlllyws: 2023 2022 Capital allowances in advance of depreCIa￿n 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 r￿mprehenSIVe 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 c￿e The tax on profrt bef￿e 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 cOrporat￿n lax in the UK) d 19% (2022 - 1Wo). The drfferences are reconoled bd(w. 2023 2022 Profit tefore tsx 1.430,441 794.748 Corporat￿n 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 F*riod to which it rdales. This exception is only ap￿ICable 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 waTe1￿￿se 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 dep￿ch81ed 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 rePayat￿e 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 yt￿kShire 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 penS￿nable pay wth EMIH Limited augmenlirrfj this wth an employer C￿trIbution of 16% of an ern￿OYee'S pensionab￿ pay. Thg valuation Us￿1 for FRS 102 disdosures has been based on the most r￿Ent 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 multi*mployer 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 ret1￿ment 8ge- male 21.00 21.00 Current UK pensioners at retirement age- female 24.00 24.00 Future UK pensioners at retirem￿1 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 recc*3nised 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 ir￿rne 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 o￿lgatiOn 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 inC￿e 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 c￿mISsIOn. 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 In￿mIng 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 transxll￿s. 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$18IAZA) Mrs C C Duke was a director of BIAZA until 6 June 2023. During the year. Running Deep Limited made purchases of £5.288 (2022: £6.171). At the balance sheet dale the am¢Junt due tcthom The British & Irish A55wiation of Zoos and Aquariums IBIAIA) was £Nil (2022 - £Nil}. The Constellation Trust Mf N G Porteus is a member. Iruslee and Chair of the Constdlation Trust. a Mul￿3¢¥deMY trust comprising Hull schcx)Is. During the year, 50me of the schools vithin the trust may have visited the Deep on formal educational visits. Mr Porteus was not involved in any of the deciS￿n$ 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 am￿nt 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