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 san￿Uary
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
Dlrȣtor5'. 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 cOn￿M 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
pa￿nI charity's ability to continue as a going con￿rn 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 re￿iVed 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.
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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, hea￿h 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 in￿ntiVeS 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 D0￿Mber 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 carr￿d 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 reSoU￿eS with ￿lated expenditure
Where incoming resources have related expenditure, the inccming resources and
related expenditure are reported gross in the SOFA.
Grants and dOn8t￿nS
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 obl￿3110nS
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 re￿1ve 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 GOn￿SsiOnary 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 identif￿atiOn.
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 De￿mber
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 De￿mber
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 De￿mber 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
I￿land
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
o￿an 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-