SEA LIFE TRUST Limited Trustees, report and financial statements Registered number 10833916 Charity number 1175859 For the period ended 30 Dember 2023
SEA LIFE TRUST Limited Charity Tru5tee5' Report arhd Charity Accounts For the period ended 30 December 2023 Contents Page Referersce and Administrative Details of the Charty, its Trustees and Advisers Trustees, Report 2-15 Independent Auditorfs Report 16-19 Consolidated Statement of Financial Activities 20 Consolidated Balance Sheet 21 Company Balan¢e Sheet 22 Consolidated Cash Flow Statement 23 Notes to the Financial Ststements 24-38
SEA LIFE TRUST Limited Charlty Trustees, Report and Charity Accounts For the period ended 30 DeCernr 2023 Reference and administrative details of the Company. its Trustees and Advisors Trustees James Burleigh Chloe Couchman Paul Godfrey (resigned 27 March 20241 Matthew Joweti Grant Stenhouse Carrie Robinson {appoinled 25 June 20241 Cornpany registered number 10833916 Charity registered nurnber 1175859 Registered office Link House, 25 Wesl Street. Poole, Dorset, BH15 1 LD Independent auditor Forvis Mazars LLP, 51h Floor. Merck House. Seklown Lane, Poole, BH15 1TVV Bankers HSBC Bank Pl¢, 62-76 Park Street, Southwark, London, SE1 9DZ Registered number 10833916
SEA LIFE TRLIST Limlted Charity Trustees, Report and Charity Accounts For the period ended 30 December 2023 Trustees, Report Whatwe do SEA LIFE TRUST Limited 15 a charity focused on protecting marine and freshwater wildlife and habitats across the world. Our Vision A world where our seas are healthy, properly protected ar full of diverse life. Our Mission To develop and support projects and campaigns that make a measurable difference lo the protection of marine and freshwater wildSife and habitats. and lo operate its marine animal sanctuaries to the highest standards of welfare. How we will achieve this By harnessing the reach. power, resource and influence of our sanduaries, the SEA LIFE aquarium netsvork, and other Merlin Enlertainmenls Group (Merlin) allractions around the globe, the TRUST will promote simple, practical acts'orss that staff and visitors can engage with and learn from to help the Charity achieve ils goals. Our Focus The SEA LIFE TRUST has Chosen to focus on key areas where we feel we can make a measurable differen. Those areas are.. Increasing protection for freshwater and marine wildlife and habitats across the world Reducing plastic pollution in our seas Reducing the impacts of overfishing Rescuing, rehabilitating, and releasing marine wildlife through the SEA LIFE TRUST-operaled marine animal sanctuaries Campaigning for better protection of marine life Registered number 10833916
SEA LIFE TRUST Lrmiied Charlty Trustses. Report and Charity Ae¢ounts For the p8riod ended 30 D8C8mber 2023 Trustees, Report Activity In 2023 Our focus in 2023 included the continuing development of our tsvo sanctuaries - the Cornish Seal Sanctuary {CSSl in Gweek. Cornwall, UK", and our Beluga Whale Sanctuary IBWSI in Veslmannaeyjar, Iland. Developmentwork progressed for the seal pool project al CSS-"Fund Our Fulure'_ to support our renovation of the animal pools and their life support 5yStems, which require upgrading. Plans were also determined lo bring a number of rescued puffins from Iceland, extending the capacity for birds that can be cared for there while also creating a new home for some of them in Cornwall. At BWS, our Beluga whales were moved SussfUllY lo the sea sanctuary in April. However, in May one of the whales became unwell and the team were unable lo perform the necessary medical checks in situ, which resulted in both whales being returned to their landside care facility. Plans have Sin been developed to make further enhancements lo the bay structures, based upon criteria determined by the animal advisory group. Subject lo final cost8 and funding we are aiming to start this development in 2024. IIFE Cornish Seal Sanrtuary YRLIST SEkli Beluga Whale & Puffin Sanctuary In collaboration with SEA LIFE, the SEA LIFE TRUST continued its work as part of the Conservation Board, which receives funding applications from the global SEA LIFE neOrk for new conservation projects and programmes. More conservation initiatives have since been established, many of which join for9 with other organisations working towards a common go81. Wodd Oceans Day was on the 8 June 2023 and the SEA LIFE TRUST Global Beach Clean returned, with the inclusion of corporate volunteers from HSBC, Coca-cola and VirginMedia02. The Global Beach Clean success is summarised as follows.. SEMIFE TRUST IW 2023 prntE&QUrvjOr1dOcr www.seallfetrust.org 1,643 MOST ' MOST IINVSUAL ITEMS CIGARttrEEUTts PLASTKoomES 145tIC5tRA1%5 FiASTIC BAGS 8llUMEN YIELOIt4GSHE GENDERFEVEALCI)NFH srEEWNGwEEL BIKE FRAM 2,802., (6,ITILBS) OF LIThER PARncipANYS FROM 55 GLOBAL LOCATIONS REMOVEO FROM THEENVIftONMENT OUR WORLD OLIR OCEANS HEALTHY PROTECTED Registered number 30833916
SEA LIFE TRUST Limited Charlty Trustees, Report and Charlty Accounts For the period ended 30 December 2023 Trustees, Report The SEA LIFE TRUST Cornish Seal Sanctuary Situated in Gweek, Comwall, the Cornish Seal Sanctuary's primary focus is to rescue, rehabilitate and release sick, injured and abandoned seal pups from around the Cornish coastline, with 55 successfully rehabilitated pups released back lo the wild in the 2023 pupping season. The Sanctuary also houses resident animals for education, who were non-releasable due to long-term complications and injuries, or who needed to be re-horned frorn other facilities. Meaningfvl conservatDn projects are also undertaken on sile, for example, the sanctuary successfully rehabilitates beaver orphans that are moved into their new forever homes in rewilding programmes. 2023 Seal Pup rehabilitation case study: Owen Wilson ReF)Orted lo British Divers Marine Life Rescue IBDMLRI during the early hours of 2 September.. a newborn pup had been found on a public slipway In Sl Ives. The pup was initially monitored by BDMLR,. the hope was mum would reunite with her pup and swim them away from the incieasingly busy harbour, taking them lo quieter location and safety. Alhough an adult seal was seen in the vicinity, unfortunately, she did not retum for the pup. With increasing interest from the public, the vulnerability of the pup, and the exposed location, It meant the rescue team had few options. With no way to keep the pup safe, the difficult decision was joindy made between CSS and BDMLR lo bring the pup into rehabilitation. On arrival, Owen Iso named due to his blonde loeksl was found lo be a male one-day-old grey seal_ He was very tired, had a fresh umbilicus. 8 gr8ze lo the chin, some bile wounds to his head and superficial ulrS in both eyes. Owen was checked over by the vet and prescribed antibiotics and eye drops. He had a tough start lo his rehabilitation process and required additional care needs for the first few weeks with several vel checks and treatment changes before Owen started to put on weight and look a little brighter. In all, Owen required almost months in the hospital until finally on the 25 October he was strong enough lo be moved to the outdoor pools where he thrived. He mixed well with other seal pups and learnt to feed in water until he was ready for release on 21 November 2023. It is never easy for pups to go through rehabilitation. but this is especially so for pups as young as Owen. Every effort is made by the rescue team lo monitor pups in-situ and give them every chance to reunite with mum. Unfortunately, this is not always possible with less space for seals to quietly give birth in locations where they are not disturbed or under pressure. However. Cornish seals are better protected than most- from the reseue teams ready to respond, the rehabilitation cenlres equipped and experienced in care and treatment, lo the dedicated volunteers monitoring our seals around the coast- Cornish seals are some of the luckt'esl around. Registered number 10833916
SEA LIFE TRUST Limited Charity Trustees, Report and Charity Aeeounts For the period ended 30 Dèc8mber 2023 Trustees, Report The SEA LIFE TRUST Cornish Seal Sanctuary {continued Cornish Seal Sanctuary trading overview The year 2023 marked a period of resilience and adaptability for the Cornish Seal Sanctuary as it navigated through challenges in the tourism market while maintaining ils commitment to Conservatn, educats'on, and research. Total visitor volume for 2023 stood at 122,261, reflecting 8 3¥0 decrease compared to the previous yeavs numbers. This de¢line ¢an be atlribuled lo the trends in the Cornwall tourism market, including economic pressures and geopolitical uncertainties. Interestingly, trading during shoulder periods was better than expected versus key trading periods where we lacked visitors against previous years, highlighting the sanctuary's ability to attract visitors during off-peak times. Guest survey data revealed that 660A of visitors opted to slay in Cornwall overnight, while 34V/o were day- trippers. Additionally. satisfaction levels remained exceptionally high in 2023, with 980/0 of visitors reporting as being satisfied or very satisfied with their experience at the sanctuary. This remarkable level of satisfaction underseores the sanetuary's dedication to providing enriching and memorable experiences for its guests. Furthermore. key results from our visitor data also show an incredibty positive impact on our guests in terms of conservation perception. When questioned, "Do you think your visit will make you more likely to campaign lo protect the habitat of these and other marine creatures?" 920A answered affirmatively. Imth no major project investment in 2023, the primary focus shifted towards building up cash reserves in preparation for the major pool redevelopment projeel slated for 2024. Additionally, fundraising activities were targeted towards the Fund our Future ¢ampaign. aimed al support for the redevelopment of the sanctuary's seal pools. These strategic initiatives ensure the sanctuary's financial stability and enable il to embark on transformative projects that enhance both visitor eXperIenS and animal welfare. As the Comish Seal Sanctuary reflects on the events of 2023, it emerges as a beacon of resilien and dedication in the face of adversity. Despite external challenges, the sanctuary'5 unwavering commitment to its mission has resulted in continued visitor satisfaction, strategic financial planning. and preparations for future endeavours. With a steadfast focus on conseNalion, education. and research. the sanctuary remains poised to inspire and engage audiences while safeguarding the welfare of marine life for generations lo come. Notable research projects in 2023 'The effects of enrichment on the behavioural development of rescued juvenile grey seals., M¢lfjnney, C. University of Sl Andrews- May 2023. 'The impacts of human disturbance on grey seals Halichoerus grypus in Cornwall, UK., Harri5, S. Bournemouth University - April 2023. Registered number 10833916
SEA LIFE TRUST Limited Charity Trustees. Report and Charity Accounts For the period ended 30 December 2023 Trustees, Report Cornish Seal Sanctuary (continued) Notable Conservatlon efforts In 2023 Secret Creek Beaver Project.. Suc¢essfvlly rehomed 3 rehabilitated beaver orphans into UK rewilding projects and rescued 3 more beaver orphaned kits that will go through rehabilitation over the next 2 to 3 years. Beach Cleans.. We have seen an In¢aSe in volunteer numbers attending our monlhty beach cleans. Wetland Bird Surveys. Carried out monthly biTd surveys on the Helford estuary in connection with Brib'sh Trust Omilhology. Woodland Restoration.. Worked on re*stablishing habitats In our woodland and around sile to enhance biodiversity. Collaboration.. Worked closely with more organi5ations in developing projects in protecting marine life and increasing public awareness. Recreational Disturbance ProjeGI'. Worked closely with recreational boat operators to encourage best practise around wildlife. Outreach events to increase public awareness. Current locations include St Ives and Padslow. Registered number 10833916
SEA LIFE TRUST Limited Charity Trustees, Report and Charity Accounts For the period ended 30 December 2023 Trustees, Report The SEA LIFE TRUST Beluga Whale and Puffin Sanctuary The SEA LIFE TRUST Beluga Whale Sanctuary, situated on the Vestmannaeyjar islands off the south coast of Iceland, embarked on a groundbreaking journey to provide a more natural home for two female belugas. Little Grey and Little White. After their arrival in June 2019, the sanctuary undetwent meticulous preparations to ensure their successful transition to their sea sanctuary in March 2020. Desplte challenges pos by the COVID-19 pandemic, the sanctuary team persevered. safely transporting the belugas lo their sea sanctuary care pools in August 2020. Following their exploration and acclimalisation, the belugas were released into the larger sea sanctuary Spa in September 2020. marking a significant milestone in theirjourney towards a more natural habitat In 2023, the Beluga Wnale Sanctuary achieved another significant milestone wlh the successful completion and preparation of the bay and Inlermediale Habitat for Little Grey and Little Infftile's relum. The transport to the bay went smoothly. and both whales exhibited positive signs of acclimalisalion, with both whales starting to eat on the first day. However, after three weeks of progress, Little Grey experienced a setback when she stopped eats'ng. Despite the challenging weather conditions. the sanctuary team made every effort to treat her condition, ultimately deciding lo transport the whales back lo the indoor care facility. Further examination revealed that Little Grey had suffered from stomach ulcers, whih required trealmenl. With dedicated care and allenlion, both whales were in good condition, and Little Grey made a full recovery in a few months. The learnings from this experience prompted the sanctuary to make additional modifications lo the bay to enhan a¢$$ to the whales during emergencies and long-lerm treatments. Three key elements will be developed in 2024, including providing sheltered areas, establishing refuges from the elements. and enhancing lifting device operations. Wisitor satisfaction levels remained high, with 97Yo of visitors reporting satisfaction or very sab'sfied with their experience al the sanctuary. Notably, 950h of visitors indicated that their visit would make them more likely lo campaign lo protect the habitat of rnarine creatures, reflecting the sanctuary's profound impact on raising awareness and inspiring conservation efforts. The Beluga Vale Sanctuary in Iceland continues lo lead the way in pioneering efforts to provide a more natural and sustainable habitat for marine life. Despite challenges faced along the way, the sanctuary Temains dedicated to its mission of conservation, education, and research. With ongoing advancements and learnings. the sanctuary is poised to further enhance Ils impact and inspire generations lo come in the protection of our oceans and marine ecosystems. Reg1Stered number 10833916
SEA LIFE TRUST Limited Charlty Trustses. Report and Charity Accounts For the period ended 30 December 2023 Trustees, Report The SEA LIFE TRUST Beluga Whale and Puffln Sanctuary contlnued Puffin Rescue and Rehabilitation Conservation work Vve had 360 pufflings that came into our care al the Beluga Vvhale & Puffin Sanctuary for variou5 reasons from oiled downy to injured and underweight. Ofthese, 326 have been SussfullY rehabilitated and released back to the wild. There were 3,015 total recorded pufflings al Vestmannaeyjar in the 2023 season. Other SEA LIFE TRUST Conservation efforts 2023 saw a continuation of the SEA LIFE and the SEA LIFE TRUST conservation board, funding projects and programmes in various countries around the world. SEA LIFE. Merlin attractions. and the SEA LIFE TRUST continued lo campaign against plastic pollution with the global beach clean, involving staff and local communities a5 well as corporate volunteers - al rivers, lakes, canals, and beaches around the world. Held on World Oceans Day on 8th June, the event ran over 24 hours at 55 locations. Fundralslng and Thank You All that the Trust achieved in 2023 would not have been possible without our commilled and inspiring SUPPOrters. In 2023, we raised £1,067,04012022'. £839,077). We would like to extend special thanks to the QATO Foundation for their continued support of the Beluga Wnale Sanctuary during 2023. QATO'S donated funds have helped to provide food, care, and housing for our resident Beluga whales. We received contributions through our partnership with Yolo. a company that makes children's audio players and produces story conlenl. They launched a specific "Sea Defenders" story with 25.10 of PrOedS coming to our charity. The Merlin and SEA LIFE made Gift in Kind donations to the value of £161.401 in 2023 12022.. £114.4471. Alongside this, they continue lo encourage and enable employees and visitors lo support the Charity. We extend our thanks to all donors and partners for their contribution to OUT charity in support of its aims and objectives. Registered number 10833916
SEA LIFE TRUST Limlted Charity Trustees, Report and Charity Accounts For the period ended 30 December 2023 Trustees, Report Strategic framework 2024 plus Vision A world where its seas and waterways are healthy, properly protected and full of diverse life. Mission To develop and support projects and campaigns that make a measurable difference to the protection of marine and freshwater wildlife and habitats, and to operate ils marine animal sanctuaries to the highest standards of welfa. Focus areas for the strategic period Rescue, rehabilitation and release of marine animals through sanctuaries RUcIng pollution in our seas with a focus on plastic litter and discarded fishing nets Growing capacity for more campaigns {aka Inspirlng positive changel Improving and updating the information about the SEA LIFE TRUST for visitors to SEA LIFE aquariums around the world. thereby enhancing engagement and growing credibility Provide funding for more projeels that protect marine wildlife and habitats across the world Resourcing the TRUST to support the delivery of our strategy Our focus throughout 2024 will be lo ensure that the TRUST generates healthy income streams across our sanctuaries. invests in key animal welfare infrastructure projects at each, and builds on our mission of supporting meaningful projects and campaigns that make a positive difference to freshwater and marine animals. At all times we will remain vigilant with our cash reserves in recognition of the long-impact effects that remain in the aftermath of the global pandemic. Reglstered number 10833916
SEA LIFE TRUST Limited Charity Trustees, Report and Charity Accounts For the period ended 30 December 2023 TTUStees' Report Report of thg Trustees forthe year ended 30 December 2023 The Trustees are pleased to present the report together with the financial statements of the SEA LIFE TRUST ft)r the financial year ended 30 December 2023. Reference and Administrative Details Charity Name SEA LIFE TRUST Limited Charity Registration Number 1175958 Company Registration number 10833916 Principal office nk House, 25 West Street, Poole, Dorsel, BH15 1LD Auditor Forvis Mazars LLP. Floor 5, Merck House. Seldown Lane. Poole. Dorset. BH15 1TVV Banker HSBC Bank Plc, 62-76 Park Street. Soulhwark. London. SE19DZ The Board of Trustees The Trustees of SEA LIFE TRUST Limited during this period and as at the date of this report were as follows.. James Burleigh Chloe Couchman Paul Godfrey {resigned 27 March 2024} Matthew Jowett Grant Slenhouse Carrie Robinson lappointed 25 June 20241 Managing Director ofthe SEA LIFE TRUST Graham McGrath is the Managing Direelor of the SEA LIFE TRUST. Structure, Governance and Management The Trust is a charitable company limited by guarantee. incorporated on 23 June 2017 and registered as a charity on 21 November 2017. 11 is governed by the Articles of Association. In the event of the company being wound up, each member is required lo contribute an amount not exceeding £10. Registered nurnber 10833916 10
SEA LIFE TRUST Limited Charlty Trustees, Report and Charity Aecour For the period ended 30 December 2023 Trustees, Report 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 aims 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 conservation. protection and improvement of the physical and natural environment, particularly the marine and Ireshwaler environment and the well-being and conservation of wild species living in that environment and in particular vulnerable and endangered species and promoting and conducting research into such species and promoting and conducting breeding. conservation, rehabilitation and release into the wild of such 5pecies.' and lo encourage and provide education and Ihe dissemination of information about the marine and freshwater environment. During 2023, the Charity promoted interest and learning in the conservation of the marine environment to over 122.000 visitors to our sanctuaries in the UK and Icelar. as well as 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 objective5 of the Trust. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grantwilhout condition. or the recipient has a reasonable expectation that they will receive a grant and any condition attaching lo the grant is outside of the control of the Trust. Recruitment and Appointment of Trustees Vvhilsl the day-to-day management of the Charity is delegated to the Managing Director of the SEA LIFE TRUST and their team, the Trustees are responsible for selling the Charity's 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 sel out in our Articles of Association. Trustees slep down by rotation every three years. They may offer themselves for re-election, but the total duration of each Trustees, tenure is limited to ensure there are opportunities for new trustees to join the Board. The Board of Trustees will undertake an annual review of its effectiveness. To ensure the Board is sufficiently skilled lo cary out its responsibilities, we carry out skills anatysis of existing members before seeking new trustees with the appropriate skills by open advertisement or approaching individuals to offer themselves for election. Business and conservation skills are well represented amongst the Trustees. Trustee induction and training The Trustees of the Charity who served throughout the period aTe aware of their legal obligations under charity law, the content of the Charity's goveming document, the decision-making processes, the Charity's plan, and rent financial performance of the Charity. They are all encouraged to keep fully up to date with the latest Charity Commission directives. Registered number 10833918
SEA LIFE TRUST Limited Charlty Trustees. Report and Charity Aecounts For the pèriod end8d 30 D8cember 2023 Trustees, Report Organisatlon Graham McGralh was the Managing D1clOr of the SEA LIFE TRUST during the year. The Managing Director is responsible for day-lo-day opèrations and decision-maknng as delegated and agreed by the Board of Trustees. Paul Godfrey left Merlin on 27 March 2024 and stepped down as Chair of the Board. Matt Jowett took over as Chair on the same date. Chloe Couchman left Merfin on 17 June 2024, although remains a Trustee. Carrie Robinson was appointed as Treasurer lo the Board of Trustees on 25 June 2024. There have been no other organisational changes during 2023. Related parties The directors of the Trust are all employees or directors of companies within the Merlin, apart from James Budeigh, Grant Stenhouse and Chloe Couchman (see above), bul al all times act only in the interests of the Charity. In line with the Trust's governing document, any potential conflict of interest in relation lo any matters for discussion or decisions of the Trustees must be declared and rf required, the person with the conflict takes no part in the discussion of the matter in question and may not vote on that maller. All trustee5 and membeTS have signed a deelaralion of interest document. Rlsk Management The Charity recognises that risk management is an essential part of good business practice and will continue to develop ils risk management policy to include all aspects of ils work. including processes for strategic and operational planning, performance management, decision making and project management. Risk management is the responsibility of the Trustees. The Charity benefits from the broad-ranging professional skills of the Tnjslees who have considerable experience in busine55 and risk management and who apply these skills to ensure that risk exposure to the Charity is both minimised and, where retained. is managed effecb'vely. The major risks to which the Charity is exposed, as identified by the Trustees. have been informally reviewed and systems established to mitigate those risks. Achievements and Performance Our focus in 2023 has been on maintaining world-leading animal care in our sanctuaries whilst protecting the TRUSTS cash reserves and developing our plans and operating structure lo provide future stability. Cornish Seal Sanctuary The Cornish Seal Sanctuary has welcomed over 122,000 visitors at the Cornish Seal Sanctuary in 2023. Our expert animal care team helped rescue and rehabilitate 55 grey seal pups. with the subsequent release of 49 in 2023. The sanctuary also released three beavers and rescued another three beaver kits. Règlstered number 10833916 12
SEA LIFE TRUST Limited Charity Trustees. Report and Charity Accounts For the pèriod onded 30 December 2023 Trustees, Report The SEA LIFE TRUST Beluga Whale Sanctuary To demonslrale that sanctuaries like ours are a viable and welfare-enhancing allernalive for belugas in human care. we continued our funding commitment to a mulli-year study into the welfare changes seen in Little White and Little Grey through the prOs5 of their move lo the sanctuary. TRUST company structure To operate our sanctLJaries 2nd deliver our charitable objectives, the SEA LIFE TRUST Limited's structure and Director5 at the end of 2023 was as follows.. SEA LIFE TRUST Limited Charity No '. 1175859 James Burleigh Chloe Couchman Paul Godfrey Iresigned 27 March 20241 Matt Jowett Grant Stenhouse Carrie Robinson lappoinled 25 June 20241 The Beluga Building Company ehf {Iceland) SLT Sanctuary Trading Limited Matt Jowett Paul Godfrey (resigned 27 March 20241 Hywel Matthias Graham McGrath Fleur Walton The Beluga Operating Company ehf (Iceland) Matt Jowett Paul Godfrey (resigned 27 March 20241 Registered number 10833916 13
SEA LIFE TRUST Limited Charlty Trustèès. R8POrt and Charity Accounts For the pèriod ended 30 December 2023 Trustees. Report Financial Review Total income for the period was £4,110.74012022'. £3.605,4861, including £499.186 of reslricled funding12022. £552.3871. Individual donations lo unrestricted funds amounted to £561,721 or 14Q/o of total income 12022". £294,912 or 8 /0}, coming through a wide variety of fundraising activities carried out by SEA LIFE employees and donations made at SEA LIFE allractions via collection boxes as well as sales of SEA LIFE TRUST wristbands and pin badges. Furthermore, there was £135.682 of Gift in Kind from Merlin relating to staff expenses12022.' £104.9751. Merlin continues to provide office facilities, including telecommunications and accommodation, IT. HR and other support Servi$, al no cost to the Charity bul as a donated service estimated al £25,719 for 2023 12022.. £9.4721. Plans for Future Perlods In 2024, the TRUST will continue to ensure its sanctuaries, are developed and operated effectively in line with the overarching objectives, and that the sanctuaries positively contribute to the charity's wider focus on making a positive difference for marine life and habitat. Alongside this. the Board will work with the Managing Director of the SEA LIFE TRUST and the wider trust team to develop a new 5-year strategy for the TRUST. A key part of this will continue to explore ways of diversifying and significantly inCreang our income and fundraising opportunities in line with our charitable objectives and responsibilities. Reserves Pollcy At the end of 2023, unrestricted funds lotalled £5.337,83512022." £5,443,515) which the Trustees believe is an appropriate level in relation to the Charity's operations. The Trustees 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 oulslanding donab'on commitments made. If reserves fall below this level, then the Trustees will consider other sour¢es of fundraising to maintain this level. Reserves above this largel level will be considered for investment in line with the investment policy. Investment Pollcy Al the present time there are no investments and all funds are held in a current cash account. The Trustees will be looking to establish suitable finanaal facilities so that an appropriate return is made on any funds not required for short-lerm operational and grant provision requirements. Disclosure of infomiation to audltor The Trustees who held office at the date of approva1 of this Trustees, 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 auditor is aware of that information. Post balance sheet event$ In April 2024, Merlin agreed to loan facilities and support tolalling £2,500,1)00, and £350.000 was drawn down in early 2024. In March 2024, the TRUST received a £1.000,000 grant from the QATO foundation. Registered number 10833916 14
SEA LIFE TRUST Limit•d harity Trustees, Report and Charlty Accounts For the period ended 30 Decembèr 2023 Trustees, Report Staternont of Trustees. responslbllltles 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 slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees lo prepare financial statements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale 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 statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation. The Trustees are responsible for keeping adequate records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the rinancial position of the charitable group and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevenb'on and detection of fraud and other irregularities. On behalf of SEA LIFE TRUST Limited Matt Jowett Chairman Registered office.. Link House 25 West Street Poole Dorsel BH15 1LD Date 25 June 2024 Registered number 10833916 15
Independent auditor's report to the members of SEA LIFE TRUST Limited and Its subsidiaries For the period ended 30 December 2023 Opinlon We have audited the financial statements of SEA LIFE TRUST Limited Ithe'parent charity'l and ils subsidiaries (the 'group'l for the year ended 30 December 2023 which comprise the Consolidated Statement of Financial Activities incorpor8ling the Income and Expenditure Accourit, the Consolidated Balance Sheet, Company Balance Sheet, the Consolidated Statement of Cash Flows and notes lo the financi81 sl8temenls, including a summary of significant a¢¢ounting 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 Reporbng Standard applicable in the UK and Republic of Ireland. {Uniled Kingdom Generally Aceepled Accounting Praelieel. In our opinion. the financial statements.. give a true and fair view of the stste of the group's and parent charity's affairs as al 30 December 2023 and of the group's result for the year then ended.. have been properly prepared in accordance with United Kingdom Generally A¢cepled Accounting Practice,. and have been prepared in accordan with the Tequiremenls of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther described in the "Auditorfs responsibilities for the audit of the financial statements" section of our report. We are Independent of the ¢ompany in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collects'vely, may cast significant doubl on the group's and the parent charity's ability lo continue as a going concern for a period of al least e1ve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concem are described in the relevant sections of this report. Other information The other infomation comprises the Information Included in the Trustees, Report. other than the financial stslernents and our auditor's POrt thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial ststements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Regislered number 10833916
Independent auditor's report to the members of SEA LIFE TRUST Limlted and Its subsidiaries For the period ended 30 December 2023 Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misslalemenl in the financial statements theMsees. If, based on the work we have performed, we conclude that there is a material misslalement of this other information. we are required lo report that facL We have nothing lo report in this regard. Oplnions on other matters Prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, ReporL which includes the Strategic Report and the Directors. Report prepared for the purposes of company law for the financial year for which the financial statements are prepared is consislenl with the financial statements", and the Strategic Report and the Directors, Report included within the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understsnding of the group and the parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic RefX)rt orthe Directors, Rewrt included within the Trustees, ReporL We have nothing tr) report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept. or relums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the trustees, responsibilities statement set out on page 15. 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 statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misststement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charity's ability to continue as a going concem. disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the trustees either intend lo liquidate the group or the parent charity or to cease operats'ons. or have no realistic allernalive bul to do so. Registered number 10833916 17
Independent auditor's report to the members of SEA LIFE TRUST Limited and its subsidiaries For the period ended 30 December 2023 Auditor's responsibilities for the audit of the tinancial statement$ Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to Issue an auditor's report that includes our opinion. Reasor¢able assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a materfal mi$slalement when il exists. Misstalemenls can arise from ffaud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. The extent to which our procedures are Pable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instsnTrs of non-complian with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misststements in respect of irregularities. including fraud. Based on our understanding of the parent charity and ils industry, we considered that non4omplK8nce with the following laws and regulations might have a material effect on the financial statements.. empk)ymenl regulation, health and safety gulatiOn, anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of matersal misslalemenl in respect lo non-compliance. our procedures included, but were not limited to.. 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 Gompliance with laws and regulations.. Inspecting correspondence, if any. with relevant licensing or iegulatory authorib'es,. Communicats'ng identified laws and regulations to the engagement team and remaining alert to 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 applscable laws and regulations, in¢luding fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation. pension legislation, Charities Act 2011 and, the Companies Act 2006. In addition, we evaluated the trustees, and management's incentives and opportunities for fraudulent manipulation of the financial slatemenls. including the risk of managementoverride of controls, and determined that the principal risks related lo posting manual joumal entries to manipulate financial perfom)ance, management bias through judgements and assumptions in significant accounting estimates, relation to revenue recognition (which we pinpointed to the cul off and completeness assertion), significant one-off or unusual transactions and the recoverability of inlercompany balances. Our audit procedures in relation lo fraud included but were not limited to.. Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud., Gaining an understanding of the internal controls estsblished to mitigate risks related to fraud., Discussing amongst the engagement team the risks of fraud., and Addressing the risks of fraud through managementoverride of controls by performing journal enty testing. Registered number 10833916 18
Stephen Mills Stephen Mills (Jul 2, 2024 12:58 GMT+1)
Jul 2, 2024
SEA LIFE TRUST Limited Charity Trustees, Report and Charity Accounts For the period ended 30 December 2023 Consolidated Statement of Financial Activities For the period ended 30 Dember 202312022.. period ended 31 December 2022} Unre8trlcted Funds 2023 Restrlcted Funds 2023 Total Funds 2023 Total Funds 2022 Notes Income Dcnalions and leie$ Charitable activities Other trading acliwtie5 771.222 2,056.663 783,669 457,219 1,823 40,144 1.228,441 2.058,486 823,813 953,524 1,840,367 811,595 Total Inco 3.611.554 499.186 4.110,740 3.605,486 Expenditure Raising Funds Charitable activib'es 934,441 2.706,907 934,441 3,204,333 815.400 3,225,039 497,426 Total expendlture 3.641.348 497.426 4,138,774 4,040,439 Net {expenditurel l income before other recognised gains and losse$ {29,7941 1.760 {28,0341 1434,953) Exchange differences C¢)nsolidalion 175.886} 175.8861 167.180 Net movewEnt in funds 1105.680) 1.760 1103.9201 {267.773} Reconciliation of funds Total funds brought forward 5,443,515 58,379 5,501,894 5,769,667 Total funds carried fonNard 5.337.835 60.139 5.397,974 5,501.894 Registered number 10833916 20
SEA LIFE TRUST Llmlted Charity Trustees. Report and Charity Accounts For the period ended 30 December 2023 Consolidated Balance Sheet As at 30 Dember 202312022.. 31 December 20221 Group 2023 Group 2022 Not Fixed assets Tangible red assets 6,W,146 6.374.181 Current Assets Stock Debtors.. due within one year Cash al bank and in hand 11 12 81,835 411,702 191,190 76,136 344,272 303,012 684,727 723,420 Croditors.. amounts falling due within one year 13 11,334,365) {1,195,7071 Net current liabilitieg (649,6381 1472,2871 Total assets less current liabilities 5.414,508 5,901,894 Creditors.. Amounts falling due after one year 14 116,5341 {400,000} Net Assets 5.397,974 5.501,894 Charity funds General funds Reslricled funds 18 18 5,337,835 60.139 5,443,515 58,379 Total Rosorves 5,397.974 5.501,894 The financial statements were approved by the Trustees on 25June 2024 and signed on their behalf by.. Matt Jowett Chairman The notes on pages 24 to 38 fom part of these financial stslemenls. Registered number 10833916 21
SEA LIFE TRUST Limited Charity Trustees. Report and Charity Accounts For thè period ended 30 December 2023 Company Balance Sheet As at 30 December 2023 {2022.. 31 December 2022) Charity 2023 Charity 2022 Note Flxed assets Tangible fixed assets Investments 235,342 3.575 252,081 3,575 10 238,917 255,656 Current Assets Stock Debtors.. due within one year Debtors.. due more than one year Cash al bank and in han 8.852 756.690 4,725.395 39.614 10,180 850.336 3,788.530 128,178 12 12 5.530.551 4,777,204 Creditors.. amounts fairing due within one year 13 {1,072,216} 1770.129} Net current assets 4,458,335 4,007.075 Total assets less current liabilities 4,697,252 4,262.731 Creditors.. knounls falling due after one year 14 (16.S34) {400,000) Net Assets 4,680,718 3.862.731 Charltyfunds General funds Restricted funds 18 18 4.620,579 60,139 3,804,352 58,379 Total Resenles 4,680,718 3.B62.731 The financial statements were approved by the Trustees on 25 Jur¢e 2024 and signed on their behalf by.. F4 Matt Jowett Chairman The notes on pages 24 to 38 form part of these financial statements. Registered number 10833916 22
SEA LIFE TRUST Limited Charity Trustees. Report and Charity Accounts For the period ended 30 December 2023 Consolidated Cash Flow Statemènt For the period ended 30 December 202312022." period ended 31 December 20221 2023 2022 Cash flows from operating activities r*t cash proMded by operating actiMlS 287,964 172,558 Cash flows from investing activities Purchase of property. plant and equpment 1118.038) 1882,083} Net cash used in financing activities 1118.0381 1882,0831 Cash flows fromfinancing activities Repayment of loans Interest pad 1233,3331 (48,415) 1366,66n 158,874) Net cash used In flnanclng actlvltles 1281,7481 1425,541) Change in cash and cash equivalents in the ar 1111.8221 {1,135,0661 Cash and cash equivalents brought forvmrd 303.012 1A38.078 Cash and ¢a$h ¢quivalents carried forvArd 191,190 303.012 R8glSteied number 10833916 23
SEA LIFE TRUST Limited Charity Trustees, Report and Charsty Accounts For the perbod ended 30 December 2023 Notgs to the Financial Statements For the period ended 30 December 2023 {2022". period ended 31 December 20221 Accountlng Pollcles Basis of preparation of financial statements The accounts (financi81 slatemenlsl have been prepared under the historical cost Convention with items recognised al cost or transaction value unless otheiSe slated in the relevant notelsl to these accounts. The financial statements have been prepared in a¢¢ordance with the Statement of Recommended Practi.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Trust consb'tutes a public benefit enbty as defined by FRS 102. The Trustees consider there are no material uncertainties about the Trust's ability tr) continue as a going concern. Merlin have agreed that they should continue to provide such financial and other support to the Charity as is necessary to enable il to continue as a going concern for a period of at least 12 months from the date of signing the Charity's financial statements. Incomlng resources Recognltlon of Ineomlng resourees These are included in the Statement of Financial A¢livities ISOFAI when.. The charity becomes entitled to the resources., It is probable that the Trust will receive the resources.. The monetary value can be measured with sufficient reliability. Where ti¢kets are purchased in adv2n¢e the income is deferred until the ticket is redeemed. All advanced tickets al the year-end are included within creditors falling due within one year as they are valid for a maximum of 12 months. Incoming resources with related expenditure Where incoming resources have related expenditure, the incoming resour$ and related expenditure are reported gross in the SOFA. Grants and donations Grants and donations are only included in the SOFA when the Charty has unconditional entitlement lo the resources. Legacies Entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted. the estate is finalised, and nolificalion has been made by the execulor{sl to the Charity that a distribution will be made, or when 8 distribution is received from the estate. ReIpl 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 executor's intention to make a distribution. Registered number 10833916 24
SEA LIFE TRUST Llmlted Charity Trustee5' Report and Charhty Accounts For th8 period 8nded 30 Decernbèr 2023 Note5 to the Flnanclal Statements For the period ended 30 Dember 2023 {2022.' period ended 31 December 20221 Accountlng Policies Icontinuedl Incomlng resources (contlnuedl Gifts in kind These are included in the Stslemenl of Financial Activities ISOFAI as follow5.. Gifts in Kind are accounted for at a reasonable estimate of their value to the Charity or the amount actually realised. Gifts in Kind for use by the Charity are included in the SOFA as incoming resources when receivable. Donated services and facilities These are only included in incoming resources Iwth an equivalent amount in resources expended) where the benefit to the Charity is reasonably quantifiable, rneasurable and material. The value plad on these resources is the eslimaled value to the Charity of the Serv or facility received. Expenditure Liability recognition Liabilities afft recognised as soon as there is a legal or constructive obligation to pay out reSoUrs. Donations and Research Grants are recognised once the Charity has approved the application. Grant$ payable and constructive obligations Grants payable are payments made lo third parties in the furtherance of the charitable objectives of the Irusl. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will re1ve a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive 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 paty which has been communif2led in a sufficiently specific manner lo raise a valid expectation on the part of the recipient that the Charity will discharge ils obligations. Where there is no condition allaching lo the communicated grant that enables the Charity to realistically avoid the commitment, the liability for the funding is recognised. Fund Accounting Unrestricted funds a those that can be used In accordance wlh the charitable oblecllves at the discretion of the Trustees. Restricted funds are funds which are lo be used in accordance with specific reslriclions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Registered number 10833916 25
SEA LIFE TRUST Limited Charity Trustees. Report and Charity A¢¢ounts For the period ended 30 De¢ernber 2023 Notes to the Financial Statemgnts For the period ended 30 December 202312022.. period ended 31 December 20221 Accounting Policies (continued) Assets and Depreciation Tangible fixed assets for use by the Charity are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost. Depreciation is provided to wrlte off the cost of tangible assets over their estimated useful economic lives and are as follows- Land and buildings Fixtures. fillings and equipment Computer equipment 3•10-1 Ovo straight line per annum 5'Jo _ 330/0 slraighl line per annum 330h slraighl line per annum Assets under construction are not depreciated until they come into use, when they are transferred lo land and buildings or fixtures, fittings and equipment, as appropriate. Biological assets are depreciated over their eslimaled remaining life on acquisition. Updated depreciation rates disclosure A review of depreciation rates was undertaken in 2023, which resulted in an updated disclosure. There are no changes to historical rates. Change in ac¢ountin9 estimates A review of useful economic lives was undertaken in 2022. which resulted in a change to the fixtures. fittings, and equipment depreciation rates to reflect longer useful economic lives. Stock Stock is included at the lower of cost or net realisable value. Governance 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 to statutory oudil and legal fees and are apportioned on a pro rata basis across resources expended. Public benefit entity concessionary loans Infftere loans are made or received between a public benefit entity and another paty al below the prevailing market rate of interest that are not repayable on demand and are for the purposes to further the objective of the public benefit entity or the public benefit parent. these loans are treated as concessionary loans and are recognised in the Statement of Financial Position al the amount paid or received and the carrying amount adjusted to reflect any accrued interest payable or receivable. These loans a held as long-term debtor balances. On an annual basis impairment reviews are carried out. Any impairment arising is written off to the Statement of Financial Activity in ful5 in the year of identification. Government grants Grants of a revenue nature are recognised in the Statement of Firsancial Activities in the same period as the related expenditure or the period to which the grant relates. Registered number 10833916 26
SEA LIFE TRUST Limited Charity Trustees, Report and Charity Accounts For the period ended 30 Decetnber 2023 Notes to the Financial Statements For the period ended 30 December 202312022: period ended 31 December 2022} A¢¢ountlng Policies {continued) 1.10 Going concorn Vvhen detemiining whether the group's financial statements can be prepared on a going concem basis, the Trustees considered the business activities and the factors likely lo affect its future development, performance, and position. 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 2024 and beyond that will ensure the ongoing sustainability of the TRUST with the expectation that the TRUST returns to a profitable position in 2024. Accordingly, cashflows are expected lo stsy positive in future years. The TRUST has secured borrowing facilities and support through Medin that are avai18ble for a period of more than 12 months after the dale of appfoval of these accounts and grant funding to continue the development of the sanctuaries. The Trustees continue to adopt the going concern basis of accounting in preparing the annual financial stalemenls. 1.11 Judgements In applylng accountlng pollcles and key sources of estlmatlon uncertainty In the application of the Group's acwunting policies, the Trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions a based on historical experience and other factors that are considered to be relevant. Actual results may differ frorn these estimates. Key estimations The following ests'mate has the most significant effect on amounts recognised in the financial stslemenls. Depreciation The depreciation applied depends on the estimation of the asset's useftjl 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 estimation is significant in relats'on lo the Beluga aRe Sanctuary which is 2 large bespoke project. Critical judgements The following judgement has the most signifant effect on amounts recognised in the financial statements. Impairment of loans On an annual basis the Twstees review the concessionary loans given and consider whether any impairment is required on the balances owed. Impairment is recognised through the Statement of Financial Activity. Regist&red number 10833916 27
SEA LIFE TRUST Limited Charlty Trustees. Report and Charity Accounts For the pèriod ended 30 December 2023 Notes to the Financial Statements For the period ended 30 December 2023 {2022.' period ended 31 December 20221 Analysis of in¢ome UnT8StrScted funds 2023 Restricted funds 2023 Total funds 2023 Total lunds X)22 Voluntary Inco Donalims and kgacles charitab aclNities OtrÈr trading actAirtb8S 561,ll1 2.056,663 783.e69 432,938 1,823 40.144 994.659 2,058.486 B23.813 7T5,416 1,840,367 811,595 3,402.053 474.$ 3.876,958 3,427,378 Corporate donations crate donations from IPird part*5 48.100 24,281 72,381 63,661 48,100 24.281 72,381 63.661 Gfft In kknd and donated servies 161.401 161h01 114A47 3,611,SY 499,186 4.110,740 3.605.486 On behalf of the SEA LIFE TRUST, Merlin continued to support office costs, eslimaled using the cost per employee al Merlin House, Poole Iwhere SLT is accommodated), multiplied by the number of SEA LIFE TRUST employees on-site during the period and IT, HR and other support services of £25,719 12022.. £9.4721. Merlin also provides various other services such as postage and stationery but as it is difficult to reliably quantify these costs and as the value is considered immaterial, they are not included in these accounts. Merlin was reimbursed for the salary c051s of the employees of the SEA LIFE TRUST for 2023 totalling £135,68212022.. £104,975). Analysls of expenditure Unrestricted Funds 2023 Restrlcted Funds 2023 Support Costs 2023 Total 2023 Total 2022 Raising Funds Fundraising Tradiro Acbvities 76.009 771.440 29.496 57,496 105,505 828,936 94,$48 720,852 847A49 86,992 934,441 815,400 Charitable Aetlvltles Cornish Seal Sanctuary Beluga Whale Sanctuary Giant5 & Campawns 1.142.630 1,352.729 110,8531 208,344 268,449 20.633 91.869 119,214 11.318 1.441843 1.740,392 21,098 1,256.420 1,943.343 25,276 3,331,5 497,426 309,393 4,138,774 4,040,439 Registered number 10833916 28
SEA LIFE TRUST Limited CharSty TNstees' Report and Charity Accounts For the period ended 30 December 2023 Notes to the Financial Statements For the period ended 30 December 202312022.. period ended 31 December 20221 Analysis of expenditure Icontinuodl Allocation of Governance and support costs Costs of Charitsblè Activitiès Generating Cornlsh Seal Beluga Whale Grants and Voluntary Sanctuary Sanctuary Campalgns 2023 2023 2023 2023 Total 2023 Total 2022 Salaries and wage5 Professional fees Operation81 costs Information technology Travd GOvernae Legal and accouniancy Bank charges 45,373 10.170 9.567 330 1,e38 5.898 8,366 49,123 11,241 62,052 7,1 163,744 26,764 34,168 1,178 5,851 20.349 36,446 20,893 163.744 7rt11 9.716 13,667 471 1.708 59 293 1,017 318 8,973 22,385 4S,642 8,612 5.494 9,246 5,641 8,140 18,834 8,357 1.045 Total 86,992 91,869 119,214 11,318 309,393 266,S13 Merlin was reimbursed for the salary costs of the empkjyees of the SEA LIFE TRUST for 2023 totalling £135.68212022. £104,975). Office costs, IT, HR and other support services are funded by Merlin as Gift in Kind services. Analysls of grants awarded No grants were awarded during the current period {2022.' £nil}. Trustee expenses The Trustees did not receive any remuneratson or reimbursement of expenses in the period. Registered number 10833916 29
SEA LIFE TRUST Limited Charity Trustees, Report and Charity Accounts For the period ended 30 December 2023 Notes to the Financial Statements For the period ended 30 December 202312022.. period ended 31 December 20221 staff costs Staff costs were as follows.. 2023 2022 Wages and salaries Social security costs Other pension costs 1.585,253 105,308 87.085 1.493,213 98.855 89.038 1.777,646 1.681,106 The average monthly number of employees was 7212022.. 661. No employee was paid over £60.000. During the year Merlin employed 512022.. 51 Ople who work for the SEA LIFE TRUST on a full-time basis. In addition lo the above, salary costs totslling £135.68212022'. £104.9751 were bome by the Group on behalfofthe TRUST. The SEA LIFE TRUST considers ils key management personnel to be the Trustees, the Managing Director of the SEA LIFE TRUST, the Charities Finance Director, the Head of Sanctuaries. and the Head of Fundraising. The totsl employment benefits, including employer's pension contributions, of the key management personnel paid for by the TRUST, excluding any GIK saSaries was £87,236 12022-. £128,511}. The Trustees re1ve no remunefation. Taxation The company, which is a registered charity. is not liable to taxation on the net Income from its primary activity. Reconclliation of net movement In funds to net Gash flow from operatlng actlvltles 2023 2022 Netdeficit for the year 1103.9201 1267,7731 Depreekati"on Loss on disposal of fixed assets Increase in stock Increase in debto IR&Juctionl l increase in creditors Foreign currency retranslalions ltsrest pam 363,750 11.258 15.6991 167,4301 132,1421 73,732 48.415 434,438 15,813 113,6001 158.2751 152.798 1149,7181 58,874 Net cash generated from operalln9 actlvltles 287,964 172,558 Registered number 10833916 30
SEA LIFE TRUST Llmlted Charity Trustee5' Report and Charity Accounts For thè period ended 30 December 2023 Notes to thg Financial Statements For the period ended 30 December 202312022.. period ended 31 December 2022) Tangible fixed assets ConstTU¢tlon of Beluga ale Sanctuary Long leasehold land & bulldlng Flxtures, Assets In the flttlngs & course of equlpment construcOn Group Total Co$t At 31 De¢eD*er 2022 Ilditions Disposa Transfers Ehange adjvstrnents 6,167,378 33,823 589,233 88,805 122.5331 6$8.416 11.8751 966,891 50.100 7,757,323 138,705 122,5331 1658,4161 114,e631 171.0981 187,6361 At 30 December 2023 6,096,278 33,823 1,311,846 343,912 7.785,859 Depreciation 131 December 2022 Charge for year Depre¢iath)n on disposal EKchange 8djustment$ 1.113,396 228.961 9,757 2,769 259,989 132,020 111,2751 17421 1,383,142 363,750 111,2751 113,9041 113.1621 At 30 December 2023 1.329,195 12,$26 379,992 1,721,713 Net book value At 30 December 2023 4767.083 21297 931,8S4 343.912 6,064.146 At 31 Deeemb8r 2022 5,053.980 24,066 329.244 966.891 6,374181 During the year our sea lion unfortunately passed away and was previously included in fixtures, fillings and equipment as a biological asset. Regisler¢d number 10833916 31
SEA LIFE TRUST Limited Charity Trustees. Report and Charity Accounts For the period ended 30 December 2023 Notgs to the Financial Statements For the period ended 30 December 202312022.. period ended 31 Dember 20221 Tanglble flxed assets {contlnued} Long 1oa5ehold land & building tsS8ts In the course of eonstruction Flxtures, fittings & equipmont Charlty Total Cost 131 Oeeember 2022 ditions DSalS 33,823 397,164 23,377 122,5331 16,150 28,525 447,137 61,902 {22.6331 130 Decernb8r 2023 33.823 398,008 44.675 476,506 Deprgciation At 31 De¢embgr 2022 harge for year Daprg¢igtion on disFrf)881 9,757 2,769 185,299 54,614 111,2751 195,056 57,383 111,2761 30 Decenkner 2023 12,626 228,638 241,164 Net book value At 30 Decernber 2023 21.297 169.370 44,675 23542 31 December 2022 24,066 211,865 16,150 262,081 During the year our sea lion unfortunately passed away and was previously included in fixtures, fittings and equipment as a biological asset. Registered number 10833916 32
SEA LIFE TRUST Llmlted Charity Trustees, Report and Charity Accounts For th? period ended 30 December 2023 Notes to the Flnanclal Statements For the period ended 30 December 202312022." period ended 31 December 2022) 10. Flxed asset Investments - Charlty Subsidiary companies Cost At 31 December 2022 and 30 December 2023 3,575 The company has an investment in 3 {2022'. 31 subsidiary undertakings. Proportion of issued ordinary shares hèld Subsidiary Country of Incorporation The Beluga Building Company ehf gisgata 2 900 Veslmannaeyjar Company number. 4612171680 Iceland 100Q The Beluga Operating Company ehf gisgata 2 900 Vestmannaeyjar Company number.. 6202181700 Iceland 100% SLT Sanctuary Trading Limited Company number.. 11160544 England 1000 11. Stock Grou 2023 Chari 2023 2022 2022 Retail Food & beverage Guide books Other stock 8.5n 4.407 3.074 5.778 61.175 4.800 551 9.610 3,074 5.778 551 81.836 76.136 8,852 10,160 Registered number 10833916 33
SEA LIFE TRUST Limited Charity Trustees. Report and Charity Accounts For the period ended 30 December 2023 Notes to the Financial Statements For the period ended 30 December 202312022= period ended 31 December 20221 12. Debtors and prepayrnents Amounts falling due within one year Group 2023 Chari 2023 2022 2022 Trade debtors Amount owed by group and associated undertaknngs Other debtois Prepayments and accrued im)me Taxaiion aThJ social seclwity 60,958 173,674 291.536 1.233 163,579 580,957 20,916 27e,310 53,518 5,826 110,679 54,093 1,976 94,121 9,703 265,991 411,702 344,272 756,690 850,336 Amounts falling due over one year Group 2023 Charlty 2023 2022 2022 Arnount owed by group and asSocted undertaking 4,725,395 3,788,530 13. Creditors: amounts falling due within one year Grou 2023 Chari 2023 2022 2022 Bank loans Hire purchase Trade creditors Other creditors Taxation and social securty Pccruals and deferred tyiccyne 400,000 4,133 339,777 33,130 50,534 6.791 233,333 400,000 4,133 261,299 10,932 42.215 353.637 233.333 511,125 29,225 9.568 412.456 266,897 8,772 261.127 1,334,365 1,195,707 1,072,216 770,129 Registered number 10833916
SEA LIFE TRUST Limited Charity Trustees. Report and Charity A¢¢ounts For the period ended 30 December 2023 Notes to the Financial Statements For the period ended 30 December 2023 (2022.. perM)d ended 31 Dember 20221 14. Creditors: amounts falllng due after more than one year Grou 2023 Char 2023 2022 2022 Bank loans Hire purchase 400,C 16,534 16,534 16,534 4Q).O 16.534 400,000 Securities The bank loan has a debenture including fixed charges over all freehold and leasehold property. The unlimited mullilaleral guarantee dated 15 July 2020 is 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.. Hlre purchase 2023 Bank loans 2023 2022 2022 knounts falling due wiihin orE year knounls falling due 1 - 2 years Amounts falling due 2- 5 ye8r5 4.133 4.133 12.401 400,000 233,333 41K).000 20,667 400.IX)O 633,333 Bank loans are subject lo interest of 3.99Yo over the Bank of England base rale and are repayable by December 2024. 16. Analysis of governanee costs 2023 2022 ditors rwnunération 29,910 28,882 29,910 26.882 Registered number 10833916 35
SEA LIFE TRUST Llmited Charity Trustees. Report and Charity Accounts For the period ended 30 December 2023 Notes to the Financial Statements For the period ended 30 Dember 2023 {2022.' period ended 31 December 20221 17. Transactions with relatsd parties The Charity was set up by Merlin. The directors and officers of the Trust Company and the Management of the SEA LIFE TRUST are all directors or employees of Merlin or ils subsidiaries. apart from James Burleigh. Grant Stenhouse and Chloe Couchman. The Merlin made cash donations lo the Charity of £nil12022.' £nill and made Gift in Kind and donated services donations lolalling £161,401 12022.. £114,447). There is an amis-length ban facility wrth Merlin. This facility was utilised during 2023 and repaid before the year end. A further amount of £350,000 was drawn down in early 2024. 18. Statement of funds Brought for%rd IncoTne Resources èxpended Carried fonyard resources Group Unr85trict8d funds Genwal fund Exchange translation e,092,227 {648.7121 3.611,554 (3.641.348) 175,8861 6,(b2,433 1724,5981 5,443,515 3,611.554 {3,717.2341 5.337,835 Rg¥trictsd Fund8 Beluga Whale Sawtuary Cornish Seal Sanctuary Olive Ridky Ocean Litter Projects Save Our Sancluaries Beaver Sanctuary Turtles 268,449 1268,449) (208,344) 58,379 58.379 12,tn) 7.179 1,454 1.760 112,0001 17.1791 11.4541 1,760 58.379 499.186 1497,4261 60.139 Total Funds 5,501,894 4110,740 14,214,6601 5,397,974 Registered number 10833916 36
SEA LIFE TRUST Limited Charity Trusteès, Report and Charity Accounts For thè period ended 30 Dacember 2023 Notes to the Financial Statements For the period ended 30 December 202312022.. peTv)d ended 31 December 2022} 18. statement of funds {continuedl Brought forward Incorne resoureès Resources exnd•d Carried fonyard Charlty Unrestricted Fund¥ Gener81 Fund 3.804,352 2.378.867 11.562,640) 4,620.579 3.804,352 2,378.867 11.562.640) 4,620.579 Restrlcted Funds Beluga Whale Samtuary Cornish Seal Sanctuary Olive Ridley Ocean Lrtter Projects Save Our Sanctuaries Beaver Sanctuary Tutuès 268,449 208,344 1268,449) 1208.3441 58.379 58.379 12,(KK) 7,179 1,454 1,760 {12,IYJD) 17,179) 11,454) 58,379 499,186 1497.4261 60,139 Total Fund 3,862.731 2,878,053 12,060,066) 4,680.718 Restricted funds Restricted funds can only be expended in a¢¢ordan* wllh the donorf$ spe¢ifi¢ instwctions. Beluga Whale Sanctuary - This represents funds towards the activities and operation of the Beluga Whale Sanctuary in Iceland. Cornish Seal Sanctuary - This fund relates to donations and legacies towards the activities and operation of the Cornish Seal Sanctuary in England. Olive Ridloy - This fund represents amounts towards protecting sea turt5es and their habitats through rescue and rehabilitation, 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. Save Our Sanctuaries- This represents funds towards the upkeep of our sanctuaries. Beaver Sanctuary - This represents funds towards the activities and operations of the beaver sanctuary. Turtles- This represents funds to help save sea turtles. Registered number 10833916 37
SEA LIFE TRUST Limited Charity Trustees. Report and Charity Accounts For the period ended 30 December 2023 Notes to the Financial Statements For the period ended 30 December 202312022.. period ended 31 December 20221 19. Analysls of net assets between funds Analysis of net assets betsveen funds - current year Restricted funds 2023 Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors.. due wrthin one year Creditors." due in more than one year 6,C64,146 624,588 11.334,3651 116,5341 6,064,146 684,727 11,334,365} 116,534) 60,139 Total 60.139 5,337,83S 5,397,974 Analy$i$ of net assets between funds - prior year Restricted funds 2022 Unrestrl¢ted funds 2022 Total funds 2022 Tangibk fixed assets Curr1 assets Creditors.. due within one year Creditors.. due in more than one year 6,374,181 665,041 {1.195,70n 1400.OCK)I 6,374,181 723.420 {1,195,70n 1400,0001 58,379 58,379 5.443,51S 5,501,894 20. Controlling party The company is controlled by Ils 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 with Section 408 of the Companies Act 2006, the individual profit and loss account of the parent company is not presented as part of these consolidated financial stalemenls. The parent company's SLtrplus for the financial year was £817,98712022.' £756.3721. Registered number 10833916 38