Charity numbgr: 1175859 SEA LIFE Trust Limited Registered number.. 10833916 Trustees, report and financial statements For the period ended 26 December 2020
SEA LIFE Trust Limited Charity Trustee's Report and Charfty Accounts 26 December 2020 CONTENTS Page Reference and Admlnistrative Details of the Charity, its Trusteas and Advisers Trusteos. Report 2-12 Indepèndent Auditor's Raport 13-17 Consolidated Statement of Financial Activities 18 Consolidated Balance Sheet 19 Company Balanco Sheet 20 Consolidated Cash Flow Statement 21 Notes to the Flnancial Ststaments 22-36
SEA LIFE Trust Limited Charity Trustee's Report and Charlty Accounts 26 Dec8mber 2020 REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 26 DECEMBER 2020 Trustees Anne-Francoise NesM8s Iresigned 30 June 20201 Chris Buller-slroud (resigned 21 April 2021) Grant Stenhouse James Burieigh Matthew Jowett Paul Godfrey (appointed 24 September 20201 Company registered number 10833916 Charity registered number 1175859 Registered office nk House, 25 Wesl Street, Poole, Dorsel, BH15 1 LD Independent auditor Mazars LLP, 51h Floor, Merck House, Seldown Lane. Poole, BH15 1TW Bankers HSBC Bank P, 62-76 Park Street, Soulhwark, London, SE19DZ
SEA LIFE Trust Limited Charity Trustee'$ Report and Charoty A¢¢ounts 26 December 2020 TRUSTEES, REPORT FOR THE PERIOD ENDED 28 DECEMBER 2020 Report of the Trustees for the period ended 26 December 2020 WHAT WE DO SEA LIFE Trust Ltd is a charity fccused on protecting marine and freshwater wildlife and habitat across the world. Our Vision A world where our seas are heatthy, properly protected and full of dThierse life. Our Mission To develop and support projects and campaigns that make a measurable difference lo the protection of marine and freshwater wildlife and habilals. How we will achleve this By harnessing the reach, power. resource and influence of our San¢luaries and the SEA LIFE aquarium network around the globe, the Trust will promote simple, prodical actions that SEA LIFE staff and visitors can engage in to achiev8 our goals. Our Focus The SEA LIFE Trust has chosen to focus on key areas where we feel we can make a measurable difference. Those areas are.. Increasing protection for freshwater and marine wildlife and habilal across the wodd Reducing plastic pollution in our seas Reducing the impacts of overfi'shing Rescue, rehabililalion and release of marine wildlife through Trust operated Sanctuaries Campaigning for beller protection for marine life Activity In 2020 Our focus in 2020 was on investing in the development of our sanctuaries the Cornish Seal Sanctuary in Gweek, Cornwall, UK and our Beluga Vlhale Sanctuary in Veslmannaeyjar, Iceland. The COVID-19 pandemic lockdowns closed both sanctuaries from March 2020, hamng a huge impact on visitors bul seeing the charty initiate fundraising income generation like never before.
SEA LIFE Trust Llmlted Charity TrLtstee's Report and Charfty Accounts 26 December 2020 TRUSTEES, REPORT FOR THE YEAR PERIOD 26 DECEMBER 2020 The Comlsh Seal Sanctuary Situated in Gweek in Cornwall, the Cornish Seal Sanctuary rescues, rehabilitate5 and releases sick, injtjred and abandoned seal pups from around the Cornish coastline. 2020 Seol Pup rescue case study.- Coptoin Hook was rescued on the 25 of Jonuary 2020 ot Cot Valley, StJust in Cornw(Jll. He was found on the beuch in o tricky spot in between some boulders atjust 8 weeks old and only weighing 19kg. He wos in o very poor condition ond in t7ddition to him being very underweight the medics also discovered ulcerateLI und Infected eyes with oedema L7nd minor wound5 Wlth his right eyefully closed. After arrival ut the Cornish SeolSGnctuary Hospltol Coptoin Hook wus put on o course of painkillers and untibiotic eye drops. To everyone's delight, his eye healedfantostic(Jlly ond didn't need to be removed. Coptain Hook progressed through his rehabNlitation ond was eventuully moved to the outdoor Nursery Pools on I. Df February 2020 where he met his new pool mote Father Christmas among all the other current seal patients ot the Sonctut7ry. He started to fted for himself and once his weight ret7ched30kg, Cuptain Hook wos relectsed. He wos returned to the sej on Istof April 2020 tst 32.5kg ot Dollor Cove, with Willy Wonko, Elmer, and Frldo. The COVID-19 pandemic saw the Cornish Seal Sanctuary closed for 5 months of 2020. Being closed during key periods Including Easter and the May half term saw the sanctuary lose £700,000 from our usual admisslons revenue. During the remainder of the year that we were open, the Sanctuary did welcome 85,230 visitors. Our focus had to adapt Sn 2020 to become about reducing costs in orderto weather the stomi through the mandatory government lockdowns. The Sanctuary team adapted quickly and implemented new fundraising initiatives to gain support from the public as well as for applying for government 5UPPOrt grants. Our animal and staff welfare was never compromised and our vital work behind the scene5 caring for our resident animals and rescue, rehabiSltating and releasing seal pups carried on through the pandemic. Our team were involved in the rescue, rehabilitation and release of 65 seal pups back to the wild in 2020. Due to COVID-19, we were unable to conduct our research studies, however, did support one external research study.. 'Untangling the threat to wildlife from anthropogenic marlne debris, by Maya Broadbank IBSC project), School of Biosciences, Cardiff University, completion date- April 2020
SEA LIFE Trust Llmited Charity Trustee's Report and Charity Accounts 26 December 2020 TRUSTEES, REPORT FOR THE YEAR PERIOD 26 DECEMBER 2020 The Beluga Whale sanUary On August 7, 2020, after months of plannlng and teamwork, our sanctuarys ftrst residents, LFttle White and Little Grey, were successfully moved to their open water 5anctLJary. This represented a significant milestone not in the Ilves of these two beluga whales, but also for thousands of cetaceans in human care around the globe, establishing the world's first sea sanctuary for formerly captive cetaceans. In order to demonstrate that sanctuaries like ours are a vlable and welfare enhancing alternative for belugas in human care, we continued our funding commitment to a multi-year study in to the welfare changes seen in Little White and Little Grey through the process of their move in to the sanctuary. The SEA LIFE Trust Beluga Whale Sanctuary is a world first and is situated on the Vestmannaeyjar islands off the south coast of Iceland. The sanctuary has been developed a5 a more natural home for two female belugas called Little Grey and Little Whitefrom a marine park in China. After Little White and Little Grey s arrival in June 2019, they underwent a period of quarantine and acclimatisation in their landside care facility, preparing to be moved the final journey to their sea sanctuary in March 2020. The plans for this final move to the sea sanctuary were delayed due to the COVID 19 pandemic which impacted Supplies and travel for specialist support for the transport, but the team persevered, and Safely moved the whales with assistance from veterinarian5, divers and transportation specialists, to See the whale5 safely into the sea sanrtuary care pools on August 7, 2020. After the initial transfer to the sea care pools, the whales were monitored for a few week5 prior to release into the larger sea Sanctuary space on Sept 23, 2020. Little White and Little Grey explored the sea sanctuary, interacting with wild birds, catchinB flatfish and exfoliating their skin on the sea floor, while the dedicated care team continued to feed and care for
SEA LIFE Trust Llmit•d Charlty Tru$tee's Report and Charity Accounts 26 December 2020 TRUSTEES, REPORT FOR THE PERIOD ENDED 26 DECEMBER 2020 them. In December 2020, after months of careful observation, the belugas were moved back to the landside facility for the harshest winter months, $0 the team could also make key changes to the sea sanctuary facility for 2021 to help in the belugas long term adaptation to the outdoor space. The epic story of Little White and Little Grey's journey to sanctuary aired to more than 2.3 milllon vlewer5 in a two-part ITV documentary John Bishop s Great Whale Rescue in October 2020. The bay which forms our sea-based sanctuary has space for up to 10 belugas and our alm is that Little White and Little Grey will not be the only belugas to find a new home in the Sanctuary. To underpin our aim, we provided funding to an external researcher to track the welfare changes in the whales as they move from being in specially built pools to the Sea sanctuary. We hope that the study will dernon5trate a positive welfare benefit of movin8 belugas to a more natural environment. Puffling Patrol Vestmannaeyiar is home to one of the world's largest Atlantic puffin colonies and every year between August and September, many thousands of young puffins Ipufflingsl fledge and find themselves on the Streets of the local town. Along with help from the local community, our team and onsite puffin rescue facility helped provide medical care and oil cleaning for 250 pufflings who found themselves in need of help. The majority of them are released within a day of being found but those requiring medical care are looked after by ourteam and released after a course of treatment or help. Fundraising and Thank You All that the Trust achieved in 2020 would not have been possible without our committed and inspiring supporters. In 2020 we raised £778,45412019: £800,753). The Merlin Entertainments Group & SEA LIFE made a total cash contribution of £78,646 12019.. 2,331,716) to the Trust in 2020 as well a5 Gift in Kind donations to the value of £96,365 12019.. £106,726). Alongside this they continue to encouraEe and enable employees and visitors to support the charity.
SEA LIFE Trust Llmltèd Charity Trustee's Report and Charity Accounts 26 Decemb&r 2020 TRUSTEES, REPORT FOR THE PERIOD ENDED 28 DECEMBER 2019 The Future Following on from the December 2019 board meeting when the Board of the Trust agreed the framework for our next 5 year strategy, this work was put on hold for 2020 due to the pandemic. Our vision and mi55ion remain the same Ibelowl with 5 main focu5 areas for the Trust in future years, re- starting in 2021. Strategic framework 2021+ Vision A world where our seas are healthy, properly protected and full of diverse life. Misslon To make a measurable and positive difference to the protectlon of freshwater and marine animals and habitats through the operatlon of marine anlmal sanrtuaries and 511PPOrt and delivery of relevant projects and campaign5 Focus areas for strategic period Rescue, rehabllitation and release of marine animals through Sanctuaries Reducing pollution in our seas with a focus on plastlc litter and discarded fishing nets Empowering the next generdtion of marine conservationists through support for a global Ocean Youth programme Provide funding for projects that protect marine wildlife and habitat across the world Resourcing the Trust to support delivery of our strategy Throu8hout 2021, the Board will work with the Trust team to develop the new 5 year strategy around the framework. A key part of that will continue to be exploring ways of diversifying and significantlv increasing our income in line with our charitable objectives and responslbilities.
SEA LIFE Trust Limited Charity Trustee's Report and Charity Accounts 26 D¢Ggmber 2020 TRUSTEES, REPORT FOR THE PERIOD ENDED 26 DECEMBER 2020 Report of the Trustees for the year ended 31 December 2021 The Trustees are pleased to present the report together with the financial statements of the SEA LIFE Trust for the financial year ended 31 December 2021. Reference and Administrative Detai15 Charity Name SEA LIFE Trust Ltd Charity Re8lStration Number 1175958 Company Registration number 10833916 Principal office Link House, 25 West Street, Poole, Dorset BH15 ILD Auditor Mazars LLP, Floor 5, Merck House. Seldown Lane, Poole. Dorset, BH15 1TW 8anker HSBC Bank Plc, 62-76 Park Street, Southwark, London, SEI 9DZ The Board ofTrustees The Trustees of SEA LIFE Trust Ltd during this period and as at the date of this report were as follows.. Grant Stenhouse James Burleigh Matthew lowett Paul Godfrey Chrls Butler-Stroud Head of the SEA LIFE Trust Andrew Bool Structure. Governance and Management The charity is a charitable company limited by guarantee, incorporated on 23 June 2017 and registered as a charity c>n 21 November 2017. It is governed by Articles of Association. In the event of the company being wound up each member is required to contrlbute an amount not exceeding £10.
SEA LIFE Trust Llmrtad Charity Trustee's Report and charity Accounts 26 Deeèmber 2020 TRUSTEES, REPORT FOR THE PERIOD ENDED 26 DECEMBER 2020 Public benefit The Trustees confirm that they have referred to and complied with the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aim5 and objectives and in planning future activities and setting the grant making policy for the year. The SEA LIFE Trust exists to promote for the benefit of the public the consetvation, protection and improvement of the physical and natural environment, particularly the marine and freshwater environment and the well-being and conservation of wild speties living in that environment and in particular vulnerable and endangered species and promoting and conducting research into such species and promotlng and conducting breeding, consenjation, rehabilltation and release into the wild of such species,. and to encourage and provide education and the dissemlnation of information about the marine and freshwater environment. During 2020, the charity promoted interest and learning in the conseNation of the marine environment to over 140,000 visitors to our sanctuaries in the UK and Iceland, as well a5 via our materials present in SEA LIFE aquariums throughout the world. Grant making Grants payable are payments made to third parties in the furtherance of the charitable objectwes of the Trust. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustee has agreed to pay the grant without condition, or the recipient has a reasonable expertation that they will recelve a grant and any condition attaching to the grant is outside of the control of the Trust. Recruitment and Appointsnent of Trustees Whilst the day to day management of the charity is delegated to the Head of the SEA LIFE Trust and their team, the trustees are responsible for setting the charitvs strategic policies and objectives and for ensuring they are fulfilled. Trustees are volunteers. give freely of their time and have no beneficial interest in the charity. Trustee indemnity insurance is provided. As set out in our Articles of Assoclation, trustees step down by rotation every three years. They may offer themselves for re- election, but the total duration of each Trustee's tenure is limited in order to ensure there are opportunities for new trustees to join the Board. The Board of Trustees will undertake an annual revlew of its effectivenes5. To ensure the Board is sufficiently skilled to carry out its responsibilities we carry out skills analysis of existing members before seeking new trustees with the appropriate skills by open advertisement or approaching individuals to offer themselves for elettion. Business and conservation skills are well represented amongst the trustees.
SEA LIFE Trust Limited Charlty Tru8ts8'5 Report and Charity Accounts 26 December 2020 TRUSTEES, REPORT FOR THE PERIOD ENDED 26 DECEMBER 2020 Trustee induction and training The Trustees of the Charty who served throughout the period are aware of their legal obligations under charity law, the content of the Charity's governing document, the decision making processes, the Charity's plan and recent financial perf0mlan of the Charity. They are all encouraged to keep fully up to date with the latest Charity Commission directives. Organlsation The Head of the Trust is Mr. Andrew Bool. The Head of the Trust Is responsible for day to day operations and decision making a5 delegated and agreed by the Board of Trustees. Related parties The directors of the Trust are all ernployees or director5 companies within the Merlin Entertainments Group, apart from Chris Butler-stroud and Grant Stenhouse, but at all times act only in the interests of the Charity. In line with the Trust's governing document, any potential conflirt of interest in relation to any matters for dlscussion or decisions of the Trustees must be declared and if required, the person with the conflict takes no part in the discussion of the matter in questlon and may not vote on that matter. All trustees and members have signed a declaration of Interest document. Risk Management The Charity recognises that risk management is an essential part of good business practice and will continue to develop its risk management poliry to Snclude all aspects of Its work, including processes for strategic and operational planning, performance management, decision making and project management. Risk management is the responsibility of the Trustee5. The Charity benefits from the broad-ranging professional skllls of the Trustees who have considerable experience in business and risk management and who apply these ski115 to ensure that risk exposure to the Charity is both minimi5ed and, where retained, is managed effectively. The major risks to which the Charity is exposed, as identified by the Trustees, have been informally revlewed and systems establtshed to mitigate those risks. Achievements and Performance Our focus in 2020 was on investing in the development of our two sanctuaries - the Cornish Sea Sanctuary in Gweek, Cornwall, UK and our Beluga Whale Sanctuary in Vestmannaeyjar, Iceland and weathering the storm of the COVID-19 pandemic.
SEA LIFE Trust Limited Charity Tru8tee'8 Report and Charity Accounts 26 December 2020 TRUSTEES, REPORT FOR THE PERIOD ENDED 26 DECEMBER 2020 Comlsh Seal Sanctuary We still managed to welcome 85,230 visitors at the Cornish Seal Sanctuary in 2020 despite being closed and in lockdowns for a considerable amount of the year. OLTr expert animal care team helped rescue, rehabilitate and release 65 greyseal pups during the year. The SEA LIFE Trust Beluga Whale Sanctuary 2020 saw our first two residents be transferred into the Sanctuary bay at the Beluga Whale Sanctuary. In order to demonstrate that sanctuaries Ilke ours are a vlable and welfare enhancing alternative for belugas in human care, we continued our funding commitment to a multi-year study in to the welfare changes seen in Little Whkte and Little Grey through the process of their move In to the sanctuary. We committed no donations in 202012019, £17,418). In orderto operate our sanctuaries and deliver our tharitable objectives, SEA LIFE Trust Ltd's structure at the end of 2020 was.. SEA LIFE Trust Ltd Charlty No. 1175859 OirectDrs.' Mattjowett, James Burlelgh, Paul Godfrey, Chrls Butl@r-Stroud, Gr6nt stenhou5e Beluga 8ulldlng Company EHF Iicelandl Dirertors.. M8tt JowetL James Burleigh. Christine Dure- Smlth SLTSanctllAry Tradlng Ltd DlrÈ£tor5'. Andy Bool, James 8urloigh, Hywel Matthia5, Christine Blake Ifrom 091L151191 Beluga Operating Company EHF Iicelandl Directors,, James Burlelgh. Matt Jowett io-
SEA LIFE Trust Limited Charity Trust88's Rèport and Charity Accounts 26 D8C8mber 2020 TRUSTEES, REPORT FOR THE PERIOD ENDED 26 DECEMBER 2020 Financial Review Total income for the period was £2,539,580 12019: £5,106,198), including £395,726 of restricted funding 12019: 2.486,0681. Individual donations to unrestrirted funds amounted to £584,757, 23% 12019.. £517,502, IIYAI, coming through a wide variety of fundrdising activlties carried out by SEA LIFE employee5 and donations made at SEA LIFE attractions via collection boxes as well as sales of SEA LIFE Trust wrlstbands and pin badges. The cash donation from Merlin totalled £78,64612019: £2,331,716). Furthermore there was £83,986 of Gift in Kind from Merlin relating to staff expenses12019.' £87,5211. Merlin continues to provide office facilities, including telecornmunications and accommodatlon, at no cost to the charity but as a donated service estimated at £11,824 for 202012019.. £19,205). During the perlod, the Charity made grants totalling £nil12019.. £17,418). Plans for Future Periods In 2021, the Trust wlll focus on ensuring our two Sanctuaries - the SEA LIFE Trust Cornlsh Seal Sanctuary in the UK and the SEA LIFE Trust Beluga Whale Sanctuary in Iceland are run effectively in line with our overarching objective5, and that they positively contribute to our wider focus on making positive difference for marine Ilfe and habitat. Alongside this, the Board will work wsth the Head of the SEA LIFE Trust and the wider Trust team to develop the new 5 year strategy for the Trust in line with framework agreed in 2019 and as a key part of that will continue to explore ways of diversifying and significantly increasing our income in line with our charitable objectlves and responsibilities. Reserves Policy At the end of 2020, unrestrirted funds totalled £5,216,833 12019- £6,485,578] which the Trustee believes is an appropriate level in relation to the Charity's operations. The Trustee5 target having reserves at a level to be sufficient to coverthe notice period and salaries of any staff directly employed by the Trust plus any outstanding donation commitments made. If reserve5 fall below this level then the Trustee will consider other sources of fundraising to maintain this level. Reseryes above thi5 target level will be considered for investmerit in line with the investment policy. Investment Policy At the present time there are no investments and all funds are held in a current cash account. The Trustee will be looking to establish suitable financial facilitie5 SO that an appropriate return is made on any funds not required for short-term operational and grant provision requirements. -li-
SEA LIFE Trust Limited Charity Trustee's Report and Charity Accounts 26 Dè¢8mber 2020 TRUSTEES, REPORT FOR THE PERIOD ENDED 26 DECEMBER 2020 Oisclosure of information to auditor The Trustees who held office at the date of approval of this Trustee's report confirms that, so far as they are aware, there is no relevant audit information of which the Charity's auditor is unaware; and the Trustees have taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the Charity's audttor is aware of that information. Statement of Trustees, responsibilitlos The Trustees (who are also directors of SEA LIFE Trust Limited for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable taw and Unf(ed Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires tha Trustees lo prepare financial slalemenls for each financial year. Under company law the Trustees musl not approve the financial statements uniess they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial 8lalements. the Trustees are required lo.. select suitable accounting policies and then apply them ¢onsislently,' observe the methods and principles in the Charities SORP., make judgements and accounting estimates that are reasonable and prudenl,- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charrtable group will continue in operation. The Trustees are responsible for keeping adequate records that are sufficient lo show and explain the charitable Company and the group's transactions and disclose with reasonable accuracy al any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the charitable company and the group and hence for lakirig reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of SEA LIFE Trust Limited lry_Il-2Qtl Matthew Jowgtt, Dlrector Registered office.. Link House 25 West Street Poole Dorset BH15 ILD 12-
SEA LIFE Trust Limited Charity Trustee's Report and Charity Accounts 26 Deeember 2020 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF SEA LIFE TRUST LIMITED FOR THE PERIOD ENDED 26 DECEhABER 2020 Opinion We have audited the financial statements of SEA LIFE Trust Limited (the 'parenl charity'l and ils subsidiaries (the 'group'l for the period ended 26 December 2020 which comprise the Consolidated Slalemenl of Financial Activitie5, the Consolidated Balance Sheet, the Company Balan Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant aceounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slatemenls.. give 8 true and fair view of the slate of the group's and of the parent charity's affairs as al 26 December 2020 and of the group's income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordanco with the requirements of the Companies Act 2006. Basis for opinlon We ¢ondLJCted our aud(( in a¢¢ordan¢e with International Standards on Audi(ing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our 2udil of the financial statements in the UK, including the FRS'S Elhi¢al Standard and we have fulfilled our other ethKa responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded thatthe trustee's use ofthe going cOnM basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively. may cast significant doubl on the group's and the panI charity's ability to continue as a going conrn for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibililios of the trustees with respect to going concern are described in the relevant sections of this report. 13-
SEA LIFE Trust Limlted Charity Trustee's Report and Chartty Account5 26 December 2020 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEA LIFE TRUST LIMITED FOR THE PERIOD ENDED 28 DECEMBER 2020 Other infomiatlon The Iru51ees are responsible for the other Inform*ion. The other information comprises the infomialion included in the annual report. other than the financial slalements and our auditor's report thereon. Our opinion on the financial slalemenls does not Cover the other information and, except lo the extent otherwise explicitly stsled in our report, we do not express any form of assurance conclLJsion Ihereon In connection wf(h our audit of the financial statements, our responsibility is to read the olher infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material In¢onsislencies or apparent material misslalements, we are rrfuired lo determine whether there is a material misslalemenl in the financial statements or a material misstalemenl of the other information. If. based on the work we have performed, we conclude that there is a material misstslement of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinlon on other matters prescribèd by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report which includes the Strategic Report and the Directors, Report prepared for the purposes of company law. for the financial yearfor which the financial statements are prepared is consistent with the financial statements., and the Strategic Report and the Dire¢lors' Report included wlhin the Trustees, Report has been prepared in a¢¢ordance with appli¢able legal requirements. Matters on whlch we ara required to report by exception In light of the knowledge and understanding of the group and the parent charity and their environment obtained in the course of the audit, we have not identified material misslalemenls in the strategic report or the dire¢tors' report included in the trustees, report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept by the parent charity, or relums adequate for our audit have not been reiVed from branches not visited by us,. or the parent charity financial statements are not in agreement with the accounting records and returns, or certain disclosures of trustees, remuneration specific by law are not made.. or we have not received all the information and explanations we require for our audit. 14-
SEA LIFE Trust Llmlted Charity Trustse'5 Report and Charlty Accounts 26 December 2020 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEA LIFE TRUST LIMITED FOR THE PERIOD ENDED 26 DECEMBER 2020 Responsibilities of Trustees As explained MO fully in the trustees. responsibilities statement sol out on page 12, the trustees (who are also the directors of the parent charity for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees detemine is necessary lo enable the preparation of financial slalements that are free from material misstatement. whether due to fraud or error. In preparing the financial slatemenls, the trustees are responsible for assessin9 the group's and the parent charity's ability lo ¢onlinue as a going concern, disclosing, as applicable, matter3 related lo going concern and using the going concern basis of accounting unless the Iruslees ef(her intend lo liquidate the group or the parent charity or lo cease operations, or have no realistic alternative but lo do so. Auditorfs responsibilities for the audit of thè financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misststomenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslatementwhen il exists. Misstalernenls can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial slalements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance WTth laws and regulations. We design procedures in sine with our responsibilities, outlined above, to detect material misslatemenls in respect of iTregulari(ie5, including fraud. Based on our understsnding of the group and the parent charity and their industry, we considered that non-compliance with the following laws and re9ulalions might have a material effect on the financial stalemenls.. employment regulation, heah and safety regulation, anli-money laundering regulation and non-compliance with implementation of government support schemes relating to COVID-19. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misststement in respect to non-compliance. our procedures included. but were not limf(ed lo.. Inquiring of management and, where appropriate, those Charged with governance. as to whether the group and the parent charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regLJlalions', Inspecting corresponden¢e, if any, with relevant licensing or regulatory aulhorilies., 15-
SEA LIFE Trust Llmited Charity Trustee's Report and Charlty Accounts 28 Dec•mb8r 2020 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF SEA LIFE TRUST LIMITED FOR THE PERIOD ENDED 26 DECEMBER 2020 Communicating identified laws and regulations lo the engagement team and remaining alert lo any indications of non-compliance throughout our audit,. and Considering the risk of acts by the group and the parent charity which were contrary to applicable laws and regulations, includlng fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial slalements, such 85 tax legislation. pension legislation and the Companies Act 2008. In addition, we evaluated the Iruslees, and management's inntiVeS and opportunities for fraudulent manipulation of the financial stalemenls, including the risk of management override of controls, and detemined that the principal risks related to posting manual journal entries lo manipulate financial performance, management bias through judgemen15 and assumptions in significant accounting estimates. in particular in relation to revenue recognition (which we pinpointed lo the Cut off assertion), and significant one-off or unusual Iransaclions. Our audit procedures in relation to fraud included bul wera not limited lo.. Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud., Gaining an understanding of the inlemal controls established to miligale risks related lo fraud., Discussing amongst the engagement learn the risks of fraud., and Addressing the risks of fraud through management override of Controls by perfomiing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery. intentional omissions, misrepresentations or the override of inlemal controls. A fijrther description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website at www.frc. .uklauditorsres onsibililies. This description forms part of our auditor's report. 16-
Stephen Mills
Stephen Mills (Dec 14, 2021 00:58 GMT)
Dec 14, 2021
SEA LIFE Trust Umited charity Trustee's Report and Charlty Accounts 26 Decembar 2020 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {incorporaling Consolidated income and expenditure account) FOR THE PERIOD ENDEC) 26 DECEMBER 2020 Unr&stri¢ted funds 2020 Restrrcted funds 2020 Total nds 2020 Totsl fund$ 2019 Nots Income from: Donations and legacies Charitable acliwlies Other trading activthes Interest 618,699 1,112,416 412,630 109 337.802 956,501 1,112,416 470,554 109 3,003,570 1,445,258 656,970 400 57,924 Totsl income 2,143,854 395.726 2,539,580 5,106,198 Exponditure on: Raising funds Charitable actiwties 594,811 2.344,536 594,811 2,740,89) 668,924 2.751,887 396,354 Totsl expenditure 2,939,347 396,354 3.335.702 3,420,811 Net income I lexpenditurel before other recognis8d gains and los¥es 1795,493) 16281 1796,1211 1,685,387 Exchange translats.on differents arising on consolidatk)n 1473,2521 {473,2521 {297,7021 Net movement in funds 11,268.7451 16281 (1,289.3731 1,387.e85 Rèconciliatlon of funds: Totals funds at 28 December 2019 6,485,578 59,007 6.544,585 5,156.900 Total funds at 26 D0Mber 2020 5,216,833 58,379 5,275.212 6,544,585 18-
SEA LIFE Trust Limited Charlty Trustee's Report and Charity Accounts 26 December 2020 CONSOLIDATED BALANCE SHEET FOR THE PERIOD ENDED 26 DECEMBER 2020 2020 2019 Note Fix8d assets Tangible assets 5,752.468 6,055,993 6,055,993 Current assets Stocks Debtors Cash al bank and in hand 48,573 464,509 940.772 50.035 226.554 688.087 1,448,575 964,676 Creditors: amounts falling due within one year 13 1931,1101 1476.0841 Net current assets 522,744 488,592 Creditors-. amounts falling due after more than one year 14 11,000,000) Net assets 5,275,212 6,544.585 Charlty fun(Is General funds Restricted funds 18 5,216,833 58,379 6,485,578 59,007 Total funds 5,275,212 6,544,585 The financial statements were approved by the trustees on their behalf, by.. and signed on Matthew Jowett. Director The notes on pages 22 to 36 form part of these financi81 statements. -19-
SEA LIFE Trust Limited Charlty Tntstee's Report and Charity Accounts 26 December 2020 COMPANY BALANCE SHEET FOR THE PERIOD ENDED 26 DECEMBER 2020 2020 2019 Note Fixed assets Tangible assets Investments 198,732 3,575 200,307 181,233 3.574 10 Current assets Stocks Debtors due within one year Debtors due more than one year Cash al bank and in hand 184,807 11 12 12 16,600 794,573 2.095,494 800,085 3,706,752 18.070 1,108,425 303 938 1,430,433 Creditors: amounts falling due within one year 13 11,152,167) 1621,8711 Net current assets 2,554,585 808,562 Creditors: amounts falling due more than one year 14 11.000,0001 Net assets 1,754,892 993.369 Charlty funds General funds Reslricled funds 18 1.696,513 58,379 934.362 59,007 Total funds 1,754.892 993,369 The financial statements were approved by the trustees on 13-1i- loli their behalf, by". and signed on Matthew Jowett, Director The notes on pages 22 10 38 forrn part of these financial statements. -20-
SEA LIFE Trust Limited Charity Trust88's Report and Charfty Accounts 26 0e¢ember 2020 CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 26 DECEMBER 2020 2020 2019 Nots Cash flows from operating activities Nel cash provided by operating actmlies 485155 2,562.580 Cash flows from investing activities Dividends, interest and rents from investments Proceeds from the sale of propety, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investment Pur¢hase of investment5 {462,1601 12,905,542) Nel cash used in investing activities (462,1601 (2,905,542) Cash flows from flnanclng activities- New loans Cash inflows from new borrowings Receipt of endowment 1,200,000 Net cash used in financing actiwties 1.200,000 Change in cash and cash equivalents in the year 252,685 1342,9621 Cash and cash equNalenls brought forward 688.087 1,031,049 Cash and cash equDialenls carrd forward 940,772 688,087 21-
SEA LIFE Trust Llmited Charity Trustee's Report and Charity Accounts 28 Dec8mb8r 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 26 DECEMBER 2020 Accounting Policies 1.1 Basis of preparation of flnancial statements The a¢counls (financial slalemenlsl have been prepared under the historical cost convention with items recognised at cost or transa¢tion value Ljnless otherwise slated in the relevant notelsl to these a¢¢ounls. The financial statements have been prepared in accordance with the Slalement of Recommended Practice.. Accounting and Reporting ljy Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom 8nd Republic of Ireland {FRS 1021 and the Financial Rewrting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Trust conslilules a public benefit entity as defined by FRS 102. The Trustees consider there are no material uncertainties about the Trusfs abilty to continue as a going concern. Merlin Entertainments Limited have agreed that they should continue lo provide such financial and other support lo the Charity as is necessary lo enable it lo Gonlinue as a going concem for a period of al least 12 months from the dale of signing the Charity's fi'nancial statements. 1.2 Incoming resources Recognition of incoming resources These are included in the Stslemenl of Financial Aclivf(ies ISOFAI when.. The charity becomes entitled to the resources., It is probable that the Truste8 will receive the resources.. The monetary value can be measured with sufficient reliability. lthere tickets are purchased in advance the inconTre is deferred until the ticket is redeemed. All advanced lickels at the year-end ar6 included wl(hin creditors falling due thin one year as they are valid for a maximum of 12 months. Incoming reSoUeS with lated expenditure Where incoming resources have related expenditure, the inccming resources and related expenditure are reported gross in the SOFA. Grants and dOn8tnS Grants and donations are only included in the SOFA when the charity has unconditional enlitlemenl to the resources. Legacies Enlillement is taken as the eadier of the dale on lch either.. the charity is aware that probate has been granted, the eslale is fin81ised and notification has been made by the exe¢ulorlsl lo the charity that a distribution will be made, or when a dislribulion is received from the estate. Receipt of a legacy, in whole or part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executovs intention to make a dislribulion. 22-
SEA UFE Trust Llmited Charlty Trustee's Report and Charlty Accounts 26 December 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 26 DECEMBER 2020 1. Accountlng Pollcles {contlnuèdl 1.2 Incoming resources {continuedl Gifts in kind These are included in the Statement of Financial Aclwrties ISOFAI as follows.. Gifts in Kind are accounted for at a reasonable ostimale of their value to the charity or the amount actually realised. Gifts in Kind for Ljse by the charity are included in the SOFA as incoming resources when recewable. Donated se&S and faoilibes These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit lo the charity is reasonably quantifiable, measurable and maleri81. The value placed on these resources is the estimated value lo the charity of the seNi¢e or fa¢ility received. 1.3 Expenditure Liability rgc(Ignilion Liabilities are recognised as soon as th8re is a legal or constructive obligation to pay out resources. Donations and Research Grants are recognised once the Charity has approved the appli¢alion. Grants payable and conslmctiva obl3110nS Grants payable are payments made lo third parties in the furtherance of the charitable objectives of the Trust. Single or mulli-year grants are accounted for when either the recipient has a reasonable expectation that they will re1ve a grant and the Trustees have agreed lo pay the grant without condition, or the recipient has a reasonable expe¢tation that they will receple a grant and any condition attaching to the grant is outside of the control of the Trust. A Constructive obligation arises where there is a commitment lo another party whi¢h has been communicated in a Sufficient specific manner to raise a valid expectation on the part of the recipient that the charity will dis¢harge its obligations. Where there is no condition attaching to the communicated grant that enables the Gharily lo realistically avoid the ¢ommitment, the liabilty for the funding is re¢ognised. 1.4 Fund Accounting Unreslri¢led funds are those that can be used in accordance wlh the charitable objectives al the discretion of the Trustees. 23-
SEA LIFE Trust Limited Charity Trust88's Report and Charfty Accounts 26 December 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 26 DECEMBER 2020 Accounting Policles Icontinuedl 1.5 Assets and Depreciation Tangible fixed assets for use by the charity are capilalised if they can be used for more than one year, and cost al least £500. They a valued al cost. Depreciation is provided lo write off the cost of tsngible assets over their estimated useful economic lives and are as follows.. Land and buildings Fixtures, fittings and equipment Computer equipment 50k1 OOA slraighl line per annum 200k straight line per annum 250A straight line per annum 1.6 Stock Stock is included at the lower of cost or nel realisable value. 1.7 Govemance Costs Govemance costs comprise all costs involved in the public accounting of the charity and in compliance with regulation and good practice. These costs include those related lo statutory audit and legal fees and are apportioned on a pro rala basis across resources expended. 1.8 Publlc benefrt entty concesslonary loans Where loans are made or received between a public benefit enlily and another party at below the prevailing market rale of interest that are not repayable on demand and are for the purposes to further the objective of the public benefit enlily or the public benefit parent, these loans are Irealed as GOnSsiOnary loans and are recognised in the Statement of Financial Position al the amount paid or received and the carrying amount adjusted lo reflect any accrued interest payable or receTriable. These loans are held as long term debtor balances. On an annual basis impairment reviews are carried out. Any impairment arising is written off to the Slalemenl of Financial Activity in full in the year of identifatiOn. 1.9 Govemmant grants Grants of a revenue nature are recognised in the Slalemenl of Financial Activities in the sarne period as the related expenditure or the period lo which the grant relates. 24-
SEA LIFE Trust Llmited Charfty Truste8's Report and Charity Accounts 26 December 21J20 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 26 DECEMBER 2020 1.10 Going concern When determining whether the group's Iinanaal statements Can be prepared on a going concern basis, the Trustees considered the business a¢tivf(ies, together with the factors likely lo affect its future development, perfomance and position, this includes the impact of COVID-19. As at the date of this report, the Trustees consider there are no material uncertainties about the Trust's ability to continue as a going concern. The board have agreed budgets and projections for 2021 and beyond that will ensure the ongoing suslainabilily of the Trust w(th the expectation that the Trust returns lo a profitable position in 2021. Accordingly, cashflows are expected to stay positive in future years despite the loan repayments commencing in 2021. Thus, the Trustees wntinue lo adopt the going concern basis of accounting in preparing the annual financial statements. 1.11 Judgements in applying accountlng policies and key sourc8s of estimatlon uncertainty In the application of the Group's accounting policies. the Trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities th81 are not readily apparent from other sources. The estimates and associated assumptions are based on hi51tsri¢al experien and other factors that are considered to be relevant. Actual results may differ from these estimates. Key ostimations The following estimate has the most significant effect on amounts recognised in the rinancial slalements. Depreciation The depreciation applied is depended on the estimation of the asset's useful lives. The depreciation rates applied are reviewed on an annual basis to assess whether they still truly reflect the useful life of each asset held. The eslim81ion is significant in fftlation to the beluga whale sanctuary which is a large bespoke prc4ect. Critical judgements The following judgement has the most significant effect on amounts recognised in the financial slalemenls. Impairment of loans On an annual basis the Trustees review the con¢essionary loans given and consider whether any impairment is required on the balances owed. Impaimenl is recognised through the Slaternent of Financial Aclivily. 25-
SEA LIFE Tru$1 Limit8d Charity Trustee'5 Report and Charlty Accounts 26 Decembèr 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 26 DECEMBER 2020 2. Income from donatlons and legacle$ Unrestricted Restricted funds funds 2020 2020 Total funds 2020 Total funds 2019 Voluntary income Don*ions and legacies Chartiable a¢tivities Other trading aclivf(ies 406,710 1,112,416 412,630 1.931,756 270,818 677,528 656,276 1,112,416 1,445,258 57,924 470,554 656,970 328,743 2,260,499 2,758,504 Corporate donations Donations from subsidiaries of Merlin Enlertainmenls Group Corporate donations from third party 2.111.770 33,943 33,943 66,983 66,983 100,926 126,798 100,926 2,238,568 Glft in kindand donatedseNices Govemment grants Interest received 96,365 81,681 109 2 143 854 96,365 81,681 109 400 395.726 2,539,580 5 106 198 108.726 On behalf of the SEA LIFE Trust, Merfin Entertainments Group continued lo support office costs of £11,824 12019.. £19,205), eslimaled using the cost per employee al Merlin House, Poole Iwhere SLT is accommodaledl, multiplied by the number of SEA LIFE Trust employees on site during the period. Merlin Enlertainmenls Group also provides various other setvi¢es such as postage and slalionery bul as It is difficult lo reliably quantify these costs and as the value is considered immaterial, they are not includad in these accounts. Analysis of expendlture Unrestricted Restricted Funds Fund 2020 2019 Support Costs Total 2020 Total 2019 Raislng funds Fundraising Trading activities 59,899 419,492 35,189 95,088 499,722 155,744 513.180 479,391 115,420 594,811 668,924 Charitable activtties Cornish Seal Sanctuary Beluga whale Sanctuary Grants & Campaigns 752,958 1.357,596 (2,484) 244,748 131,769 19,837 124,648 1,122,354 106,157 1,595,522 5.662 23,014 1,115,827 1,612,261 23.799 2 587,461 396,354 351,887 3,335 701 3420,811 -26-
SEA LIFE Trust Llmlted Charity Trustee's Report and Charity Accounts 28 December 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2020 Allocation of Govarnance and su ort costs Costs of generating voluntary income Charitable actiwties Total 2020 Total 2019 Cornish Seal Sanctuary Beluga Whale Sanctuary Grants and campaigns Salaries and wa es Professionals fees Operational costs Information te¢hno50 Travel Governance Legal and accountancy fees Bank char 49,203 2,867 123,009 124,Q53 34,035 36,903 54,191 59,895 28,522 142,608 55,867 10,581 10,203 15,115 1,889 37,788 6,382 1,201 892 1,158 861 1,716 1,275 6,421 215 4,290 3,187 16,053 21,996 159 803 14.077 24.245 11,545 12,760 6.076 30.381 33,355 es 255 124.648 378 106,167 47 5,662 944 351,887 1,686 281660 115.420 Mertin Entertainments Group was reimbursed for the salary costs of the employees of the SEA LIFE Trust for 2020 tolalling £83,98612019.. 87,5211. Office costs are funded by Merfin as donated services. Analysis of grants awarded Unrestricted Unrestricted funds funds 2020 2019 Research grants Brain Coral Project Campaign support costs Ghost Fishing Be8¢h Clean Campaign Donations Corllish Wildlife Trust 7,182 3.268 6,868 100 17,418 Trustee expenses The Trustees did not receive any remuneration or reimbursement of expenses in the period. -27-
SEA LIFE Trust Limited Charity Trustee's Report and Charity Accounts 26 D8c8mber 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2020 Staff costs Staff cos15 were as follows.. 2020 2019 Wages and salaries Social security costs Other pension costs 1,199,682 54,643 21,347 917.098 52,005 14,130 1,275,672 983,233 The average monthly number of employees was 5212019.. 581. During the year Merlin Entertainments Group employed 4 12019.. 41 people who work for the SEA LIFE Trust on a full time basis. Salary costs lolalling £83,98612019.' £87,521) tK)rne by the Group on behalf of the Trust. No employee was paid over £60,000. Sea Life Trust considers ils key management personnel to be the Trustee5 and the Head of Sea Life Trust. The lolal employment benefits, including employer's pension Contributions, of the key management personnel was £57,364 {2019'. £59,233). The Trustees receNe no remuneration. Taxation The company. which is a registered charity, is not liable to laxalion on the net income from ils primary acliwly. Reconciliation of net movement in funds to net cash flow from operating activities 2020 2019 Nat {deflcltll surplus for the year 11,269,373) 1.387,685 Adjustment for Depreciation Decreasel Ilncreasel in stock Ilncreasell Idecreasel in debtors Increasel {decreasel in creditors Foreign currency relranslalions 263,981 1,462 (237,9551 255,025 501,705 405,054 114,4101 994,727 1538,4911 328,015 Nel cash used in operating activities 1485,1551 2,562,580 -28-
SEA LIFE Trust Limited Charity Trustee's Report and Charity Accounts 26 December 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2020 Tanglble flxgd assats Constructlon Long of Beluga leasehold Fixtures, Whale land & fittings & Sanctuary buildlngs equipment Constructlon Assets in the course Total Group Cost At 28 Dember 2019 Additions Transfers Exchange adjustments 6,239,764 27,815 201.585 2,678 6.471,842 402,303 6,540 121.4951 53,317 24,173 462,160 12,6781 1532,9561 1532,9561 Al 26 December 2020 6,109,111 12.860 279,075 6,401.046 Depreciation At 28 December 2019 Charge for the year Exchange adjustments 375,641 3,165 37,043 415,849 218.332 389 45,260 263,981 131.2511 {31,2501 Al 26 Dember 2020 562,721 9.306 196,772 648,578 Net book value At 26 December 2D20 5,546,390 9,306 196,772 5,752,468 Al 28 December 2019 5,864,123 24,650 164,542 2,678 6.055,993 29-
SEA LIFE Trust Llmrted Charity Trust88's Report and Charlty Aeeounts 26 Dg¢ember 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2020 Tangible fix8d assets Icontlnuedl Long leasehold Flxtures, land & fittings & buildings equipment Assets in the course of construction Total Charity Cost Al 28 December 2019 Additions Disposals Transfers 27,815 6,540 189,657 51,822 2,678 220,150 58,362 121,4951 24,173 12.6781 At 26 December 2020 12,380 265,651 278,511 Depreclatlon At 28 December2019 Charge for the year On disposals 3,165 389 35,752 42.474 38,917 42,863 At 26 December 2020 3,554 78,226 81,780 Net book value Al 26 December 2020 9,306 187,425 196.731 At 28 December 2019 24,650 153,905 2,678 181,233 -30-
SEA LIFE Trust Limited Charlty Trustee's Report and Charity Accounts 26 December 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2020 10. Fixed assèt investments - Charity Subsidiary Companies Cost Al 28 December 2019 Additions Disposals 3,574 At 26 Dember 2020 3,574 The company has an investment in 312019.. 31 subsidiary undertakings. Proportion of issued ordinary shares hèld Subsldiary Country of Incorporation The Beluga Building Company ehf gisgala 2 900 Vestmannaeyjar Company number. 4612171680 Iceland The Beluga Operating Company ehf gisgala 2 900 Vestmannaeyjar Company number.. 6202181700 Iland 100° SLT Sanctuary Trading Limited Cornpany number.. 11160544 England 100° 11. Stock Grou Chari 2020 2019 2020 2019 Retail Food & beverage Guides books Other 29,607 3,034 1,835 14,097 27.015 5,618 1,897 15,505 688 668 1,835 14,097 1,897 15,505 48,573 50,035 16,600 18,070 31-
SEA LIFE Tnjst Limited Charlty Trustee's Report and Charity Accounts 26 Dtcember 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2020 12. Debtors and prepayments Amounts falling due within one yaar Grou Chari 2020 2019 2020 2019 Trade debtors Amounts owed by group and associated undertakings Other debtors Prepayments and accrued income Taxatson and social security 235,930 53,688 217.366 383,108 51,064 883,261 14,083 183,380 31,116 42,361 67.129 63,376 11.007 183,092 43,825 67,129 64,736 464,509 226,554 794,573 1,109,815 Amounts falling due over one year Grou Cha 2020 2019 2020 2019 Amounts owed by group and associated undertakings 2.095,494 2,095.494 13. Creditors: amounts falling due within one year Grou Charit 2020 2019 2020 2019 Bank loans Trade credf(ors Amounts owed to group and associated undertakings Other creditors Taxation and social security Accruals and deferred income 200,000 160,135 200,000 64,207 281.467 137,701 432,515 19,667 8,011 427,767 388,276 6.073 74.362 15,265 496,613 179,353 111,207 931,110 476,085 1,152,167 623,257 32-
SEA LIFE Trust Limited Charfty Tru5t88'5 Report and Charity Accounts 26 De¢emb8r 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2020 14. Creditor3: amounts falllng due after more than one year Grou Char 2020 2019 2020 2019 Bank103ns 1,000,000 1,000.000 1,000,000 1,000,000 Securf(ies Debenture including fixed charges over all freehold and leasehold propety. Unlimited multilateral guarantee dated 15 JLJIY 2020 given by SEA LIFE Trust Limited, SLT Sanctuary Trading Limited, The Beluga Operating Company EHF and The Beluga Building Company EHF. 15. Loans Analysis of the maturity of loans is given below.. 2020 2019 Amounts falling dLJe within one year Amounts falling due 1-2 years Amounts falling due 2-5 years 200,000 400,000 600,000 1,200.000 Bank loans are subject to interest of 3.990/0 over the Bank of England base rale and are repayable by 18 June 2024. 16. Analysls of governance costs Unrestricted Unrestricted funds funds 2020 2019 Auditor's remuneration 17,085 16,75Q 17,085 16,750 33-
SEA LIFE Trust Limited Charity Trustee's Report and Charity Accounts 26 Dècember 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2020 17. Transactions wlth related parties The Charity was set up by Merlin Entertainments Group and the directors and officers of the Trustee Company and the Management of the SEA LIFE Trust are all directors or employees of Merlin Entertainments Group or ils subsidiaries. The Medin Entertainments Group made cash donations lo the Charity of £nil (2019.. £2,111,770) and made gift in kind and donated servi$ donations lotalling £78,646 (2019.. £108,726). 18. Statement of funds Group Brought forward Incomlng Resources resources èxpended Transfer Inllouti Carried forward Unrestricted funds General fund Exchange translation drfference arising on consolidation 6,748,380 1297,7021 2,143,854 12,939,34n {473,2521 5.952,887 1770,9541 6.485,578 2,143,854 {3,412,5991 5,216,833 Restricted funds Beluga Whale Sanctuary Cornish Seal Sanctuary Olive Ridley Ocean Litter Projects Beaver Sanctuary 131,769 244,120 {131,7691 1244,7481 628 58,379 58.379 1,153 18,684 {1,1531 118,6841 59,007 395,726 1396,354) 58,379 Total funds 6,544,585 2,539,580 {3,808,9531 5,275,212 34-
SEA LIFE Trust Limited Charity Trust88's Report and CharÈty Accounts 26 De¢emb8r 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2020 Statement of funds {¢ontinuedl Charity Brought forward Incoming Resources rosources expendèd Transfar inlloutl Carried fonvard Unrestrictad funds General fund 934,362 1,803,247 11.041,0961 1,696,513 S34,362 1,803,247 11,041,101) 1,696,509 Restricted funds Beluga Whale Sanctuary Cornish Seal Sanctuary Olive Ridley oan Liller Projects Beaver Sanctuary 628 58,379 244,120 1244,7481 58.379 1,153 18,684 11,1531 118,6841 59,007 263,957 1264,5851 58,379 Total funds 993,369 2,OS7,204 11,305.681) 1,754,892 Restricted funds Reslri¢led funds can only be expended in accordance with the donorfs specific instructions. Beluga Vlhale Sanctuary This represents funds towards the activrties and operation of the Belug8 Whale Sanctuary in Iceland. Cornish Seal Sanctuary-This fund relates lo donations and legacies towards the activities and operation of the Cornish Seal Sanctuary in England. Olive Ridley- This fund represents amounts towards protecting sea turtles and their habitats through rescue and rehabililalion, scientific research. education and outreach. Ocean Litter Projects- This represents funds towards clearing the oceans and seas of plastic, fishing nels and any other liller. Beaver Sanctuary- This represents funds towards the activities and operations of the beaver sanctuary. -35-
SEA LIFE Twst Limited Charlty Trustee's Report and Charlty Accounts 26 Decembor 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 DECEMBER 2020 19. Analysis of net assets between funds Analysls of net assets between funds- current year Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Intangible fixed assets Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 5,752.468 1,350,051 {919,0191 {966,6671 5,752,467 1.408,430 919,019 966,687 58,379 Total 5,216 833 5 275212 Analysis of net assets betweon funds- prior year Restricted Unrestricted funds funds 2019 2019 Total funds 2019 Intangible fixed assets Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 6,055,993 905,669 {476,0841 6,055.993 964,676 (476,0841 59.007 Totsl 59,007 6 485 578 6,544,585 20. Controlllng party The company is controlled by it8 trustees acting in accordance with the terms of the memorandum and articles of association. 21. Results of the parent charitable company As permitted in accordance wrf(h Section 408 of the Companies Act 2006, the individual profil 2nd loss account of the parent company is not presented as part of these consolidated financial slalemenls. The parent company's surplus for the financial year was £761.518 12019.. £113,459). -36-