SEA LIFE TRUST Limited
Trustees, report and financial statements
Registered number 10833916
Charity number 1175859
For the period ended 30 De￿mber 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 DeCern￿r 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, I￿land.
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
Su￿ssfUllY 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 ne￿Ork for new conservation projects and
programmes. More conservation initiatives have since been established, many of which join for￿9 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￿￿&QUrvjOr1d￿Oc￿r
www.seallfetrust.org
1,643
MOST ' MOST
IINVSUAL ITEMS
CIGARttrEEUTts
PLASTKoomES
145tIC5tRA1%5
FiASTIC BAGS
8llUMEN YIELOIt4GSHE
GENDERFEVEALCI)NFH
srEEWNGw￿EEL
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 ul￿rS 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 Conservat￿n, 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 eXperIen￿S 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 V￿ale 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 Su￿ssfullY 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 PrO￿edS 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
R￿UcIng 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
re￿nt 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 D1￿clOr 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 prO￿s5 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 inCrea￿ng 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 theMse￿es. 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 De￿mber 202312022.. period ended 31 December 2022}
Unre8trlcted
Funds
2023
Restrlcted
Funds
2023
Total Funds
2023
Total Funds
2022
Notes
Income
Dcnalions and le￿ie$
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 De￿mber 202312022.. 31 December 20221
Group
2023
Group
2022
Not
Fixed assets
Tangible r￿ed 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 actiMl￿S
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 othe￿iSe 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. Re￿Ipl 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 De￿mber 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 pla￿d
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 reSoUr￿s.
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 re￿1ve 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 signif￿ant 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
c￿rate 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
GOverna￿e
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 re￿1ve 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
construc￿On
Group
Total
Co$t
At 31 De¢eD*er 2022
Ilditions
Disposa
Transfers
E￿hange 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 De￿mber 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
D￿￿SalS
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
235￿42
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 asSoc￿ted
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 De￿mber 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 De￿mber 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
ex￿nd•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
Curr￿1 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