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2024-12-31-accounts

SEA LIFE TRUST Limited

Trustees’ report and financial statements Registered number 10833916

Charity number 1175859 For the period ended 28 December 2024

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Contents

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees’ Report 2 – 18
Independent Auditor’s Report 19 – 22
Consolidated Statement of Financial Activities 23
Consolidated Balance Sheet 24
Company Balance Sheet 25
Consolidated Cash Flow Statement 26
Notes to the Financial Statements 27 – 41

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Reference and administrative details of the Company, its Trustees and Advisors

Trustees

Asha Amster (appointed 16 September 2024) James Burleigh Chloe Couchman Paul Godfrey (resigned 27 March 2024) Robert Hicks (appointed 5 December 2024) Matthew Jowett Carrie Robinson (appointed 25 June 2024) Grant Stenhouse (resigned 22 September 2024) Andy Turner (appointed 16 September 2024)

Company registered number

10833916

Charity registered number

1175859

Registered office

Arbor Building, 16th Floor, 255 Blackfriars Road, London, SE1 9AX

Independent auditor

Forvis Mazars LLP, 5[th] Floor, Merck House, Seldown Lane, Poole, BH15 1TW

Bankers

HSBC Bank Plc, 1-3 Bishopsgate, London, EC2N 3AQ

Registered number 10833916

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

What we do

SEA LIFE TRUST Limited is a charity focused on protecting marine and freshwater wildlife and habitats across the world.

Our Vision

A world where our seas, waterways and ecosystems are healthy, properly protected, and full of diverse life.

Our 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 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 sanctuaries, the SEA LIFE aquarium network, and other Merlin Entertainments Group (Merlin) attractions around the globe, the TRUST will promote simple, practical actions that staff and visitors can engage with and learn from to help the Charity achieve its goals.

Our Focus

The SEA LIFE TRUST has chosen to focus on key areas where we feel we can make a measurable difference. Those areas are:

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

Activity in 2024

Our focus in 2024 included the continuing development of our two sanctuaries – the Cornish Seal Sanctuary (CSS) in Gweek, Cornwall, UK; and our Beluga Whale Sanctuary (BWS) in Vestmannaeyjar, Iceland.

Development planning work progressed for the seal pool project at CSS – “Fund Our Future” – to support our renovation of the animal pools and their life support systems, which require upgrading. A number of rescued puffins were brought from Iceland to Cornwall, extending the capacity for birds that can be cared for In Iceland, while also creating an enriching new habitat for those puffins now settled at the sanctuary in Cornwall.

At BWS, plans progressed to further enhance the bay structures in line with criteria determined by the animal advisory group. Due to final costs and further design adjustments required, this development remained ongoing throughout 2024, with the whales now scheduled to be returned to Klettsvik Bay during the summer of 2026.

In collaboration with SEA LIFE, SEA LIFE TRUST continued its work as part of the Conservation Board (SLT CB), which receives funding applications from the global SEA LIFE network for new conservation projects and programmes. During 2024 £192,753 was granted by the SEA LIFE TRUST to various global conservation initiatives.

In 2024, the SEA LIFE TRUST’s 24-hour Global Beach Clean took place on Wednesday, 18th September, recruiting a total of 1,545 volunteers from 50 locations worldwide. The event received hugely positive feedback and enabled the charity to demonstrate how small actions can make a big difference in tackling the plastic pollution crisis. The key statistics are illustrated below.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

The SEA LIFE TRUST Cornish Seal Sanctuary

Situated in Gweek, Cornwall, the Cornish Seal Sanctuary’s primary focus is to rescue, rehabilitate, and release sick, injured, and abandoned seal pups from around the Cornish coastline. In 2024, 30 pups were rescued and 25 successfully rehabilitated, with the pups released back to the wild during the 2024 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-homed from other facilities.

Meaningful conservation projects are also undertaken on site; for example, the sanctuary successfully rehabilitates beaver orphans who are then moved into their new forever homes in rewilding programmes.

2024 Seal Pup rehabilitation case study: Maggot

Reported to British Divers Marine Life Rescue (BDMLR) on the morning of 3[rd] August 2024: a newborn pup had been found hauled out at Porthtowan Beach. BDMLR initially monitored the pup; the team’s objective was to keep people at a distance, allowing the pup and mum to reunite over the next 24 hours, as this would be the best possible outcome. During the observation, the pup spent its time vocalising and moving in and out of the water along different parts of the coast towards Chapel Porth, making a problematic scenario even harder.

Unfortunately, after a few hours, it then returned to the middle of Porthtowan beach and headed up in amongst the many visitors. With increasing interest from the public, the vulnerability of the pup and the exposed location meant the rescue team had few options. With no way to keep the pup safe, the difficult decision was made jointly by CSS and BDMLR to bring the pup into rehabilitation.

On arrival, Maggot (so named due to this year’s naming theme of Bugs & Minibeasts) was brought to the Sanctuary and assessed by our expert vets at Head & Head. She was found to be a female grey seal pup, approximately the weight of a pup just a day or so old. She had a small ulcer in her left eye and still had her umbilicus attached. For a pup so young, the concern is always an umbilical infection, so vets prescribed a short course of antibiotics and daily cleaning of Maggot’s umbilicus to ensure it stays as clean as possible. Maggot was fed a blended fish soup every 4 hours to maintain the level of feeding that her mum would have provided until weaning, at around 17-21 days.

Maggot required a month in the seal hospital, until on 1 September 2024, she was strong enough to be moved to the outdoor nursery pools and finally onto the final stage of rehabilitation in the larger outdoor pool on 10[th] October. She mixed well with other seal pups and continued to learn to feed in water until she was ready to be released on 29 October 2024.

It is never easy for pups to go through rehabilitation, but this is especially so for pups as young as Maggot. The rescue team makes every effort to monitor pups in situ and give them every chance to reunite with mum. Unfortunately, this is not always possible, especially in locations where seals have limited space to give birth quietly and are not disturbed or under pressure. However, Cornish seals are better protected than most – from rescue teams ready to respond, rehabilitation centres equipped and experienced in care and treatment, to dedicated volunteers monitoring our seals around the coast – Cornish seals are among the luckiest.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

The SEA LIFE TRUST Cornish Seal Sanctuary (continued)

Cornish Seal Sanctuary trading overview

The year 2024 marked a period of resilience and adaptability for the Cornish Seal Sanctuary as it navigated through challenges in the tourism market while maintaining its commitment to conservation, education, and research.

The total visitor volume for 2024 was 118,561, representing a 1% decrease compared to the previous year's numbers. This decline can be attributed to trends in the Cornwall tourism market, including economic pressures and geopolitical uncertainties. Interestingly, trading during the periods surrounding the peak periods was better than expected compared to key trading periods, when we typically lacked visitors against previous years, highlighting the sanctuary's ability to attract visitors during off-peak times.

Guest survey data revealed that 67% of visitors opted to stay overnight in Cornwall, while 33% were daytrippers. Additionally, satisfaction levels remained exceptionally high in 2024, with 98% of visitors reporting that they were satisfied or very satisfied with their experience at the sanctuary. This remarkable level of satisfaction underscores the sanctuary's dedication to providing enriching and memorable experiences for its guests.

Furthermore, key results from our visitor data also indicate a profoundly positive impact on our guests' conservation perceptions. When questioned, "Do you think your visit will make you more likely to campaign to protect the habitat of these and other marine creatures?" 91% answered affirmatively.

In 2024, we bid farewell to our resident penguins, who moved to their new home at Five Sisters Zoo in Scotland. This move enabled the penguins to join a larger group, allowing the sanctuary to continue its conservation efforts.

The penguin enclosure underwent updates and development to become “Puffin Island.” In April, we welcomed 10 Atlantic Puffins from our sister sanctuary, the Beluga Whale and Puffin Sanctuary in Vestmannaeyjar, Iceland. These puffins were rescued by the sanctuary, which also undertakes rescue, rehabilitation, and release. Unfortunately, these 10 puffins required ongoing care and a permanent home, which is what Puffin Island has been designed to provide. In December, we also provided a home to another Atlantic Puffin, Cliff, who had been rescued and rehabilitated by Curraghs Wildlife Park on the Isle of Man.

The focus continued on building up cash reserves in preparation for the major pool redevelopment project slated for 2024, although project delays have meant that on-site work is now scheduled to begin in 2025. Additionally, fundraising activities were targeted towards the Fund our Future campaign, aimed at support for the redevelopment of the sanctuary's seal pools. These strategic initiatives ensure the sanctuary's financial stability and enable it to embark on transformative projects that enhance both visitor experiences and animal welfare.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

Notable research projects in 2024

‘Validating drone-derived morphometrics to estimate the body condition of grey seals ( Halichoerus grypus ) using captive individuals’, Dylan Pegg, University of Exeter, completion date: March 2024.

‘Applications of ice enrichment to grey seal ( Halichoerus grypus ) rehabilitation’, Calum McKinney, University of St. Andrews, completion date: April 2024.

‘The effects of increasing storminess on seal pups around the UK’, Keely Saville, University of Bristol, started: May 2024.

‘Classification of underwater vocalisations and their link to behavioural cues in captive grey seals ( Halichoerus grypus ) in Southwest UK’, Rebecca Cramp, University of Plymouth, completion date: June 2024.

‘At-sea Behaviour of Rehabilitated Grey Seal Pups in English Waters’, Luis Huckstadt, senior lecturer at the University of Exeter, started: October 2024.

‘Post-release monitoring of seals rehabilitated by the Cornish Seal Sanctuary’, Amelia Phipps, University of Plymouth, started: August 2024.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

Cornish Seal Sanctuary (continued)

Notable Conservation efforts in 2024

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

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 underwent meticulous preparations to ensure their successful transition to their sea sanctuary in March 2020. Despite challenges posed by the COVID-19 pandemic, the sanctuary team persevered, safely transporting the belugas to their sea sanctuary care pools in August 2020. Following their exploration and acclimatisation, the belugas were released into the larger sea sanctuary space in September 2020, marking a significant milestone in their journey towards a more natural habitat.

In 2023, the Beluga Whale Sanctuary achieved another significant milestone with the successful completion and preparation of the bay and Intermediate Habitat for Little Grey and Little White's return. The transport to the bay went smoothly, and both whales exhibited positive signs of acclimatisation, with both whales starting to eat on the first day. However, after three weeks of progress, Little Grey experienced a setback when she stopped eating. Despite the challenging weather conditions, the sanctuary team made every effort to treat her condition, ultimately deciding to transport the whales back to the indoor care facility.

Further examination revealed that Little Grey had suffered from stomach ulcers, which required treatment. With dedicated care and attention, both whales settled after their move, and Little Grey made a full recovery in a few months. The learnings from this experience prompted the sanctuary to make additional modifications to the bay to enhance access to the whales during emergencies and long-term treatments. Three key elements will be developed in 2025, including providing sheltered areas, establishing refuges from the elements, and an enhanced lifting device. As well as the physical works, the whales are experiencing rainfall and real-world acoustics as part of their preparation, and the animal care team (ACT) are heavily engaged with all preparations.

Visitors to the Beluga Whale Sanctuary continued to respond with high levels of satisfaction.

The Beluga Whale Sanctuary in Iceland continues to 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 remains dedicated to its mission of conservation, education, and research. With ongoing advancements and learnings, the sanctuary is poised to further enhance its impact and inspire generations to come in the protection of our oceans and marine ecosystems.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

The SEA LIFE TRUST Beluga Whale and Puffin Sanctuary continued

Puffin Rescue and Rehabilitation Conservation work

In 2024, the puffling season started early, with the first puffin being admitted on 30 July. Our last puffling was admitted on 23 September, and during that time, we saw 276 birds, 99 of which needed to be admitted to the sanctuary for care. Birds were admitted for a variety of reasons, including being oiled, suffering injuries, or presenting as underweight or downy. Of these 99 birds, 65 were successfully released, and 3 have gone on to become non-releasable residents here at the sanctuary.

During the last third of the season, we were fortunate enough to be joined by some on-site volunteer veterinarians from Valencia. They brought with them essential resources, including an x-ray machine, vital medication, and surgical equipment. The expertise and support provided by these onsite technicians proved invaluable, enhancing our ability to care for the birds and supporting our work with the town of Vestmannaeyjar.

In 2024, there were 4,423 total recorded puffins in Vestmannaeyjar, compared to 3,015 in the 2023 season.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

Other SEA LIFE TRUST Conservation efforts

2024 saw the continuation of the SEA LIFE and SEA LIFE TRUST conservation boards, which funded projects and programmes in various countries around the world. The SEA LIFE TRUST granted £192,753 to these conservation initiatives.

SEA LIFE, Merlin attractions, and the SEA LIFE TRUST continued to campaign against plastic pollution with the global beach clean, involving staff and local communities – as well as corporate volunteers – at rivers, lakes, canals, and beaches around the world. Held on 18 September 2024, the event ran over 24 hours at 50 locations around the world, with 4.7 metric tonnes of pollution recovered from waterfront sites.

Fundraising and Thank You

In 2024, we raised a total of £3,569,199 thanks to the generosity of our supporters (2023: £1,067,040). Funding falls into four main categories – Merlin Attraction income, Trust and Foundations, Corporate Partnerships, and Individual/Community Giving.

Merlin Entertainments continue to encourage and enable employees and visitors to support the SEA LIFE TRUST. Merlin generously has given a £1,000,000 match-funding donation, and supported the SEA LIFE TRUST through Gift in Kind donations to the value of £145,703 in 2024 (2023: £161,401).

Merlin’s attractions delivered excellent fundraising during the year. This was partly thanks to customers donating when purchasing their tickets, when spending in retail outlets or when making contactless payments within the attractions. The SEA LIFE TRUST recognises the significant enthusiasm, drive and determination of Merlin staff.

The charity’s first-ever global fundraising effort through a week-long ‘World Ocean’s Day’ campaign was undertaken in June 2024. SEA LIFE aquariums rebranded their sites with colourful and fresh new marketing assets to educate visitors on the conservation projects funded by the SEA LIFE TRUST, and to inspire them to donate. Staff supported this campaign by organising fundraising activities throughout the week. The campaign raised a total of £70,000, with events ranging from auctions and student nights to static bike rides and conservation evenings.

The campaign was launched through social media by influencer P00lguy, who reversed his usual ‘pool cleanup’ that followers had come to know him for by filling an empty pool with litter instead. This eye-opening stunt, raising awareness of the devasting impact of plastic pollution, has received nearly 23,000 likes to date.

Outside of Merlin, Trust and Foundations formed a significant element of the charity’s income in 2024 (20%), with many grants being restricted to the Beluga Whale & Puffin Sanctuary.

We want to extend our sincere appreciation to the QATO Foundation, which has increased its existing support to donate a further £1,000,000 towards the Beluga Whale & Puffin Sanctuary building projects.

We want to thank the Hurtigruten Foundation, the Kellen Foundation and the Intrepid Foundation for also choosing to support the SEA LIFE TRUST, as well as others who wish to remain anonymous.

We were delighted to see several of our loyal corporate partners continuing their support throughout 2024. Some exciting new partners also joined us. Sourcing new and retaining existing corporate partnerships will be a significant part of our future fundraising strategy.

Lastly, our individual supporters continue to be a tremendous support to the charity. Whether supporting through challenge and community events, by adopting one of our sanctuary residents, by donating regularly, or by leaving a legacy – we’re forever grateful to every single person who chooses to protect our seas, waterways and ecosystems through their donations to the SEA LIFE TRUST.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

Strategic framework 2024 plus

Our Vision

A world where our seas, waterways and ecosystems are healthy, properly protected, and full of diverse life.

Our 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 its marine animal sanctuaries to the highest standards of welfare.

Focus areas for the strategic period

Our focus throughout 2025 will be to 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, as well as the increasing costs incurred as a result of inflation, NI changes, and the impact of NMW.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

Report of the Trustees for the year ended 28 December 2024

The Trustees are pleased to present the report together with the financial statements of the SEA LIFE TRUST for the financial year ended 28 December 2024.

Reference and Administrative Details

Charity Name SEA LIFE TRUST Limited Charity Registration Number 1175958 Company Registration number 10833916 Principal office Link House, 25 West Street, Poole, Dorset, BH15 1LD Auditor Forvis Mazars LLP, Floor 5, Merck House, Seldown Lane, Poole, Dorset, BH15 1TW Banker HSBC Bank Plc, 1-3 Bishopsgate, London, EC2N 3AQ

The Board of Trustees

The Trustees of SEA LIFE TRUST Limited during this period and as of the date of this report were as follows:

Asha Amster (appointed 16 September 2024) James Burleigh Chloe Couchman Paul Godfrey (resigned 27 March 2024) Robert Hicks (appointed 5 December 2024) Matthew Jowett Carrie Robinson (appointed 25 June 2024) Grant Stenhouse (resigned 22 September 2024) Andy Turner (appointed 16 September 2024)

Managing Director of the SEA LIFE TRUST

Graham McGrath is the Managing Director 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. It is governed by the Articles of Association. In the event of the company being wound up, each member is required to contribute an amount not exceeding £10.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

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 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 freshwater 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 species; and to encourage and provide education and the dissemination of information about the marine and freshwater environment.

During 2024, the Charity promoted interest and learning in the conservation of the marine environment to almost 150,000 visitors to our sanctuaries in the UK and Iceland, 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 objectives 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 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.

Recruitment and Appointment of Trustees

Whilst 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 setting 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 set out in our Articles of Association, Trustees step 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 to carry out its responsibilities, we carry out skills analysis of existing members before seeking new trustees with the appropriate skills by open advertisement or approaching individuals to offer themselves for 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 are aware of their legal obligations under charity law, the content of the Charity's governing document, the decision-making processes, the Charity's plan, and recent financial performance of the Charity. They are all encouraged to keep fully up to date with the latest Charity Commission directives.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

Organisation

Graham McGrath was the Managing Director of the SEA LIFE TRUST during the year. The Managing Director is responsible for day-to-day operations and decision-making 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 interim Chair on the same date, until Asha Amster assumed the Chair position on 16 September 2024.

Carrie Robinson was appointed Trustee on 25 June 2024. Chloe Couchman left Merlin on 17 June 2024, although she remains a Trustee. The other appointments and resignations are noted on page 13.

There have been no other organisational changes during 2024.

Related parties

The Trustees are all employees or directors of companies within the Merlin group, except for James Burleigh and Chloe Couchman (see above), but they always act in the best interests of the Charity. In line with the Trust’s governing document, any potential conflict of interest in relation to matters for discussion or decision by the Trustees must be declared. If required, the person with the conflict must take no part in the discussion of the matter in question and may not vote on that matter. All trustees and members have signed a declaration of interest document.

Risk Management

The Charity recognises that risk management is an essential part of good business practice and will continue to develop its risk management policy to include all aspects of its work, including processes for strategic and operational planning, performance management, decision making and project management. Risk management is the responsibility of the Trustees. The Charity benefits from the broad-ranging professional skills of the Trustees who have considerable experience in business and risk management and who apply these skills to ensure that risk exposure to the Charity is both minimised and, where retained, is managed effectively. 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 2024 has been on maintaining world-leading animal care in our sanctuaries whilst protecting the TRUST’s cash reserves and developing our plans and operating structure to provide future stability.

Cornish Seal Sanctuary

The Cornish Seal Sanctuary has welcomed 118,561 visitors at the Cornish Seal Sanctuary in 2024.

Our expert animal care team helped rescue and rehabilitate 30 grey seal pups, with 25 subsequently released in 2024. The sanctuary also rehomed a beaver into UK rewilding projects and rescued another beaver kit.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

The SEA LIFE TRUST Beluga Whale Sanctuary

To demonstrate that sanctuaries like ours are a viable and welfare-enhancing alternative for belugas in human care, we have continued our funding commitment to a multi-year study examining the welfare changes observed in Little White and Little Grey during their transition to the sanctuary.

TRUST company structure

To operate our sanctuaries and deliver our charitable objectives, the SEA LIFE TRUST Limited’s structure and Directors at the end of 2024 was as follows:

----- Start of picture text -----
SEA LIFE TRUST Limited
Charity No.: 1175859
See page 13 for all
appointments and resignations
----- End of picture text -----

----- Start of picture text -----
The Beluga Building SLT Sanctuary
Company ehf (Iceland) Trading Limited
Matt Jowett Hywel Matthias
Paul Godfrey Graham McGrath
(resigned 27 March 2024) Fleur Walton
(resigned 13 June 2025)
The Beluga Operating
Company ehf (Iceland)
Matt Jowett
Paul Godfrey
(resigned 27 March 2024)
----- End of picture text -----

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

Financial Review

Total income for the period was £6,763,872 (2023: £4,110,740), including £2,820,073 of restricted funding (2023: £499,186). Individual donations to unrestricted funds amounted to £732,682 or 11% of total income (2023: £561,721 or 14%), coming through a wide variety of fundraising activities carried out by SEA LIFE employees and donations made at SEA LIFE attractions via collection boxes as well as sales of SEA LIFE TRUST wristbands and pin badges.

Furthermore, there was £134,268 of Gift in Kind from Merlin relating to staff expenses (2023: £135,682). Merlin continues to provide office facilities, including telecommunications and accommodation, IT, HR and other support services, at no cost to the Charity but as a donated service estimated at £11,435 for 2024 (2023: £25,719).

Plans for Future Periods

In 2025, the TRUST will continue to ensure its two 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 aquatic life and habitats.

Alongside this, the Board will work with the Managing Director of the SEA LIFE TRUST and the wider trust team to implement a new strategy for the TRUST. A key part of this implementation is to explore the diversification and significant increase in income and fundraising opportunities in line with our charitable objectives and responsibilities.

Reserves Policy

At the end of 2024, unrestricted funds totalled £7,154,752 (2023: £5,337,835), 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 cover the notice period and salaries of any staff directly employed by the Trust plus any outstanding donation commitments made. If reserves fall below this level, then the Trustees will consider other sources of fundraising to maintain this level. Reserves above this target level will be considered for investment in line with the investment policy.

Investment Policy

At the present time there are no investments, and all funds are held in a current cash account. The Trustees will be looking to establish suitable financial facilities so that an appropriate return is made on any funds not required for short-term operational and grant provision requirements.

Disclosure of information to auditor

The Trustees who held office at the date of approval 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.

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SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Trustees’ Report

Statement of Trustees’ responsibilities

The Trustees (who are also directors of SEA LIFE TRUST Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state 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:

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 financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of SEA LIFE TRUST Limited

Carrie Robinson (Dec 17, 2025 17:02:10 GMT)

Carrie Robinson Trustee

Registered office: Arbor Building 16th Floor 255 Blackfriars Road London SE1 9AX

Date 17/12/2025

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Independent auditor’s report to the members of SEA LIFE TRUST Limited and its subsidiaries For the period ended 28 December 2024

Opinion

We have audited the financial statements of SEA LIFE TRUST Limited (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 28 December 2024 which comprise the Consolidated Statement of Financial Activities incorporating the Income and Expenditure Account, the Consolidated Balance Sheet, Company Balance Sheet, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the company 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 requirements. 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 statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements 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.

Registered number 10833916

19

Independent auditor’s report to the members of SEA LIFE TRUST Limited and its subsidiaries For the period ended 28 December 2024

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included within the Trustees’ Report.

We have nothing to 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:

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 law) 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 misstatement, whether due to 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Registered number 10833916

20

Independent auditor’s report to the members of SEA LIFE TRUST Limited and its subsidiaries For the period ended 28 December 2024

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the parent charity and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, 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 material misstatement in respect to non-compliance, our procedures included, but were not limited to:

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 statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, relation to revenue recognition (which we pinpointed to the cut off and completeness assertion), significant one-off or unusual transactions and the recoverability of intercompany balances.

Our audit procedures in relation to fraud included but were not limited to:

Registered number 10833916

21

Independent auditor’s report to the members of SEA LIFE TRUST Limited and its subsidiaries For the period ended 28 December 2024

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

Stephen Mills

Stephen Mills (Dec 17, 2025 17:13:07 GMT)

Stephen Mills (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor

5th Floor, Merck House,

Seldown Lane

Poole Dorset BH15 1TW

Date: 17/12/2025

Registered number 10833916

22

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Consolidated Statement of Financial Activities

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

Notes
Income
Donations and legacies
2
Charitable activities
2
Other trading activities
2
Total income
2
Expenditure
Raising Funds
3
Charitable activities
3
Total expenditure
3
Exchange differences on
Consolidation
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net (expenditure) / income before
other recognised gains and losses		 Unrestricted
Funds
2024
£
944,388
2,197,633
801,778
3,943,799
965,087
3,121,774
4,086,861
(143,062)
(43,478)
(186,540)
5,337,835
5,151,295		 Restricted
Funds
2024
£
2,770,514

9,726

39,833

2,820,073

-
733,782
733,782
2,086,291
-
2,086,291
60,139
2,146,430		 Total Funds
2024
£
3,714,902
2,207,359
841,611
6,763,872
965,087
3,855,556
4,820,643
1,943,229
(43,478)
1,899,751
5,397,974
7,297,725		 Total Funds
2023
£
1,228,441
2,058,486
823,813
4,110,740
934,441
3,204,333
4,138,774
(28,034)
(75,886)
(103,920)
5,501,894
5,397,974

Registered number 10833916

23

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Consolidated Balance Sheet

As at 28 December 2024 (2023: 30 December 2023)

Note
Fixed assets
Tangible fixed assets
9
Investments
10
Current Assets
Stock
11
Debtors: due within one year
12
Debtors: due more than one year
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after one year
14
Net Assets
Charity funds
General funds
18
Restricted funds
18
Total Reserves		 Group
2024
£
6,272,277
-
6,272,277
88,139
550,566
-
2,097,966
2,736,671
(1,698,822)
1,037,849
7,310,126
(12,401)
7,297,725
7,154,752
142,973
7,297,725		 Group
2023
£
6,064,146
-
6,064,146
81,835
411,702
-
191,190
684,727
(1,334,365)
(649,638)
5,414,508
(16,534)
5,397,974
5,337,835
60,139
5,397,974

The financial statements were approved by the Trustees on and signed on their behalf by: 17/12/2025

Carrie Robinson (Dec 17, 2025 17:02:10 GMT)

Carrie Robinson Trustee

The notes on pages 27 to 41 form part of these financial statements.

Registered number 10833916

24

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Company Balance Sheet

As at 28 December 2024 (2023: 30 December 2023)

Charity Charity
Note 2024 2023
£ £
Fixed assets
Tangible fixed assets 9 546,646 235,342
Investments 10 3,575 3,575
550,221 238,917
Current Assets
Stock 11 3,261 8,852
Debtors: due within one year 12 1,068,355 756,690
Debtors: due more than one year 12 5,614,395 4,725,395
Cash at bank and in hand 1,672,569 39,614
8,358,580 5,530,551
Creditors: amounts falling due within one year 13 (1,174,069) (1,072,216)
Net current assets 7,184,511 4,458,335
Total assets less current liabilities 7,734,732 4,697,252
Creditors: Amounts falling due after one year 14 (12,401) (16,534)
Net Assets 7,722,331 4,680,718
Charity funds
General funds 18 7,579,358 4,620,579
Restricted funds 18 142,973 60,139
Total Reserves 7,722,331 4,680,718
The financial statements were approved by the Trustees on
17/12/2025		 and signed on their behalf by:

Carrie Robinson (Dec 17, 2025 17:02:10 GMT)

Carrie Robinson Trustee

The notes on pages 27 to 41 form part of these financial statements.

Registered number 10833916

25

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Consolidated Cash Flow Statement

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

Cash flows from operating activities
Net cash provided by operating activities
8
Cash flows from investing activities
Purchase of property, plant and equipment
Interest received
Net cash used in financing activities
Cash flows from financing activities
Repayment of loans
Interest paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2024
£
2,937,333
(610,540)
-

(610,540)
(400,000)
(20,017)
(420,017)
1,906,776
191,190
2,097,966		 2023
£
287,964
(118,038)
-
(118,038)
(233,333)
(48,415)
(281,748)
(111,822)
303,012
191,190

Registered number 10833916

26

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

1. Accounting Policies

1.1 Basis of preparation of financial statements

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Trust constitutes a public benefit entity as defined by FRS 102.

The Trustees consider there are no material uncertainties about the Trust's ability to 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 it to continue as a going concern for a period of at least 12 months from the date of signing the Charity's financial statements.

1.2 Incoming resources

Recognition of incoming resources

These are included in the Statement of Financial Activities (SoFA) when:

Where tickets are purchased in advance the income is deferred until the ticket is redeemed. All advanced tickets at 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 resources and related expenditure are reported gross in the SoFA.

Grants and donations

Grants and donations are only included in the SoFA when the Charity has unconditional entitlement to 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 notification has been made by the executor(s) to the Charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or part, is only considered probable when the amount can be measured reliably, and the Charity has been notified of the executor's intention to make a distribution.

Registered number 10833916

27

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

1. Accounting Policies (continued)

1.2 Incoming resources (continued)

Gifts in kind

These are included in the Statement of Financial Activities (SoFA) as follows:

Donated services and facilities

These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the Charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the Charity of the service or facility received.

1.3 Expenditure

Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation to pay out resources. Donations and Research Grants are recognised once the Charity has approved the application.

Grants payable and constructive obligations

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. Single or multi-year 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 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 to another party which has been communicated in a sufficiently specific manner to raise a valid expectation on the part of the recipient that the Charity will discharge its obligations. Where there is no condition attaching to the communicated grant that enables the Charity to realistically avoid the commitment, the liability for the funding is recognised.

1.4 Fund Accounting

Unrestricted funds are those that can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds are funds which are to be used in accordance with specific restrictions 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

28

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

1. Accounting Policies (continued)

1.5 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 write off the cost of tangible assets over their estimated useful economic lives and are as follows:

Land and buildings 3%–10% straight line per annum Fixtures, fittings and equipment 5% - 33% straight line per annum Computer equipment 33% straight line per annum

Assets under construction are not depreciated until they come into use, when they are transferred to land and buildings or fixtures, fittings and equipment, as appropriate. Biological assets are depreciated over their estimated 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 accounting 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.

1.6 Stock

Stock is included at the lower of cost or net realisable value.

1.7 Governance Costs

Governance 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 audit and legal fees and are apportioned on a pro rata basis across resources expended.

1.8 Public benefit entity concessionary loans

Where loans are made or received between a public benefit entity and another party at 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 at the amount paid or received and the carrying amount adjusted to reflect any accrued interest payable or receivable.

These loans are held as long-term debtor balances. On an annual basis impairment reviews are carried out. Any impairment arising is written off to the Statement of Financial Activity in full in the year of identification.

1.9 Government grants

Grants of a revenue nature are recognised in the Statement of Financial Activities in the same period as the related expenditure or the period to which the grant relates.

Registered number 10833916

29

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

1. Accounting Policies (continued)

1.10 Going concern

When determining whether the group’s financial statements can be prepared on a going concern basis, the Trustees considered the business activities and the factors likely to 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 2025 and beyond that will ensure the ongoing sustainability of the TRUST with the expectation that the TRUST returns to a profitable position in 2026. Accordingly, cashflows are expected to stay positive in future years. The TRUST has secured borrowing facilities and support through Merlin that are available for a period of more than 12 months after the date of approval of these accounts and grant funding to continue the development of the sanctuaries. Our forecasts show that we can work within these agreed facilities. In the circumstances that trading is not in line with forecasts the Trustees would in the normal course of events discuss additional funding requirements with Merlin. While there is no binding obligation on Merlin the Trustees are confident that such funding would be made available if necessary. In considering all of the above, the trustees continue to consider the going concern basis of accounting in preparing the annual financial statements remains appropriate..

1.11 Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group’s accounting 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 are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Key estimations

The following estimate has the most significant effect on amounts recognised in the financial statements.

Depreciation

The depreciation applied depends on the estimation of the asset’s useful lives. The depreciation rates applied are reviewed on an annual basis to assess whether they still truly reflect the useful life of each asset held. The estimation is significant in relation to the Beluga Whale Sanctuary which is a large bespoke project.

Critical judgements

The following judgement has the most significant effect on amounts recognised in the financial statements.

Impairment of loans

On an annual basis the Trustees 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.

Registered number 10833916

30

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

2. Analysis of income

Voluntary Income
Donations and legacies
Charitable activities
Other trading activities
Corporate donations
Corporate donations from third parties
Gift in kind and donated services		 Unrestricted
funds
2024
£
732,682
2,197,633
801,778

3,732,093
66,003

66,003
145,703
3,943,799		 Restricted
funds
2024
£
1,671,169
9,726
39,833

1,720,728
1,099,345
1,099,345
-
2,820,073		 Total
funds
2024
£
2,403,851
2,207,359
841,611
5,452,821
1,165,348
1,165,348
145,703
6,763,872		 Total
funds
2023
£
994,659
2,058,486
823,813
3,876,958
72,381
72,381
161,401
4,110,740

On behalf of the SEA LIFE TRUST, Merlin continued to support office costs, estimated using the cost per employee at Merlin House, Poole (where 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 £11,435 (2023: £25,719). 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 not reimbursed for the salary costs of some employees of the SEA LIFE TRUST for 2024 totalling £134,268 (2023: £135,682). These are accounted for as GIK donated services.

3.

Analysis of expenditure

Raising Funds
Fundraising
Trading Activities
Charitable Activities
Cornish Seal Sanctuary
Beluga Whale Sanctuary
Grants & Campaigns		 Unrestricted
Funds
2024
£
125,212
736,875
862,087
1,071,076
1,613,814
180,853
3,727,830		 Restricted
Funds
2024
£
-
-
-
356,357
365,525
11,900
733,782		 Support
Costs
2024
£
34,043
68,957
103,000
109,061
135,836
11,134
359,031		 Total
Total
2024
2023
£
£
159,255
105,505
805,832
828,936
965,087
934,441
1,536,494
1,442,843
2,115,175
1,740,392
203,887
21,098
4,820,643
4,138,774

Registered number 10833916

31

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

3. Analysis of expenditure (continued)

Allocation of Governance and support costs

Salaries and wages
Professional fees
Operational costs
Information technology
Travel
Governance
Legal and accountancy
Bank charges
Total		 Cornish Seal Beluga Whale
Grants and
Sanctuary
Sanctuary
Campaigns
Total
2024
2024
2024
2024
2024
£
£
£
£
£
60,146
63,896
80,599
8,346

212,987

4,825
5,333
2,540
-
12,698

3,931
3,790
5,616
702
14,039

(1,332)
(1,285)
(1,903)
(238)
(4,758)
3,831
3,694
5,473
684

13,682
7,653
7,380
10,933
1,367
27,333
22,417
24,778
30,393
-
77,588
1,529

1,475
2,185
273
5,462
103,000
109,061

135,836
11,134
359,031
Charitable Activities
Costs of
Generating
Voluntary		 Total
2023
£
163,744
26,764

34,168

1,178
5,851
20,349
36,446
20,893
309,393

Merlin was not reimbursed for the salary costs of some employees of the SEA LIFE TRUST for 2024 totalling £134,268 (2023: £135,682). These are accounted for as GIK donated services.

Office costs, IT, HR and other support services are funded by Merlin as Gift in Kind services.

4. Analysis of grants awarded

During the current period grants totalling £192,753 were awarded (2023: £nil).

5. Trustee expenses

One Trustee received reimbursement of expenses in the period totalling £117.99.

Registered number 10833916

32

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

6. Staff costs

Staff costs were as follows:

2024
£
Wages and salaries
1,744,552
Social security costs
122,400
Other pension costs
88,749
1,955,701		 2023
£
1,585,253
105,308

87,085
1,777,646

The average monthly number of employees was 73 (2023: 72).

No employee was paid over £60,000.

During the year Merlin employed 5 (2023: 5) people who work for the SEA LIFE TRUST on a full-time basis. In addition to the above, salary costs totalling £134,268 (2023: £135,682) were borne by the Group on behalf of the TRUST.

The SEA LIFE TRUST considers its key management personnel to be the Trustees, the Managing Director of the SEA LIFE TRUST, the Charities Finance Director, the Head of Enterprise, and the Senior Head of Global Fundraising & Partnerships. The total employment benefits, including employer's pension contributions, of the key management personnel paid for by the TRUST, excluding any GIK salaries was £115,285 (2023: £87,236). The Trustees receive no remuneration.

7. Taxation

The company, which is a registered charity, is not liable to taxation on the net income from its primary activity.

8. Reconciliation of net movement in funds to net cash flow from operating activities

Net deficit for the year
Depreciation
Loss on disposal of fixed assets
Increase in stock
Increase in debtors
(Reduction) / increase in creditors
Foreign currency retranslations
Interest paid
Interest received
Net cash generated from operating activities		 2024
2023
£
£
1,899,750
(103,920)
368,621
363,750
16,796
11,258
(6,304)
(5,699)
(138,864)
(67,430)
739,657
(32,142)
37,660
73,732
20,017
48,415
-
-
2,937,333
287,964

Registered number 10833916

33

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

9. Tangible fixed assets

Group
Cost
At 30 December 2023
Additions
Disposals
Transfers
Exchange adjustments
At 28 December 2024
Depreciation
At 30 December 2023
Charge for year
Depreciation on disposal
Exchange adjustments
At 28 December 2024
Net book value
At 28 December 2024
At 30 December 2023		 Construction
of Beluga
Whale
Sanctuary
£
6,096,278
-
-
-
(39,511)
6,056,767
1,329,195
227,477
-
(8,615)
1,548,057
4,508,710
4,767,083		 Long
leasehold
land &
building
£
33,823
-
-
-
-
33,823
12,526
2,541
-
-
15,067
18,756
21,297		 Fixtures,
fittings &
equipment
£
1,311,849
207,139
(28,480)
-
(5,690)
1,484,818
379,992
138,603
(11,684)
(862)
506,049
978,769
931,854
 Assets in the
course of
construction
£
343,912
424,068
-
-
(1,938)
766,042
-
-
-
-
-
766,042
343,912		 Total
£
7,785,862
631,207
(28,480)
-
(47,139)
8,341,450
1,721,713
368,621
(11,684)
(9,477)
2,069,173
6,272,277
6,064,146

Registered number 10833916

34

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

9. Tangible fixed assets (continued)

Charity
Cost
At 30 December 2023
Additions
Disposals
At 28 December 2024
Depreciation
At 30 December 2023
Charge for year
Depreciation on disposal
At 28 December 2024
Net book value
At 28 December 2024
At 30 December 2023		 Long
leasehold
land &
building
£
33,823
-
-
33,823
12,526
2,541
-
15,067
18,756
21,297		 Fixtures,
fittings &
equipment
£
398,008
147,018
(8,562)
536,464
228,638
45,441
(5,056)
269,023
267,441
169,370		 Assets in the
course of
construction
£
44,675
215,774
-
260,449
-
-
-
-
260,449
44,675		 Total
£
476,506
362,792
(8,562)
830,736
241,164
47,982
(5,056)
284,090
546,646
235,342

Registered number 10833916

35

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

10. Fixed asset investments - Charity

Subsidiary companies Cost £ At 31 December 2023 and 30 December 2024 3,575

The company has an investment in 3 (2023: 3) subsidiary undertakings.

Proportion of issued
Subsidiary Country of Incorporation ordinary shares held
The Beluga Building Company ehf Iceland 100%
Ægisgata 2 900 Vestmannaeyjar
Company number: 4612171680
The Beluga Operating Company ehf Iceland 100%
Ægisgata 2 900 Vestmannaeyjar
Company number: 6202181700
SLT Sanctuary Trading Limited England 100%
Company number: 11160544

11. Stock

Retail
Food & beverage
Guide books
Other stock		 2024
2023
£
£
70,493
68,577
9,224
4,407
681
3,074
7,741
5,777
88,139

81,835
Group		 Charity
2024
£
70,493
9,224
681
7,741
88,139
 2024
2023
£
£
-
-
-
-
681
3,074

2,580
5,778
3,261
8,852

Registered number 10833916

36

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

12. Debtors and prepayments

Amounts falling due within one year

Trade debtors
Amount owed by group and associated
undertakings
Other debtors
Prepayments and accrued income
Taxation and social security		 2024
2023
2024
2023
£
£
£
£
75,771
60,958
530,420
291,536
-
-
222,173
196,233

3,202

20,916
1,260

2,930
329,206
276,310
314,502
265,991
142,387

53,518
-
-

550,566
411,702
1,068,355
756,690
Group
Charity		 2024
2023
2024
2023
£
£
£
£
75,771
60,958
530,420
291,536
-
-
222,173
196,233

3,202

20,916
1,260

2,930
329,206
276,310
314,502
265,991
142,387

53,518
-
-

550,566
411,702
1,068,355
756,690
Group
Charity
756,690

Amounts falling due over one year

Amount owed by group and associated
undertaking		 2024 0
2023
£ 0
£
-

-
Group		 Charity Charity
2024
£
5,614,395		 2023
£
4,725,395

13. Creditors: amounts falling due within one year

Bank loans
Hire purchase
Trade creditors
Amounts owed by group and
associated undertakings
Other creditors
Taxation and social security
Deferred Income
Accruals and deferred income		 2024
2023
£
£
-
400,000
4,133
4,133
521,544
339,777
-
-
17,227
33,130
450,564
50,534
1,521
-
703,833
506,791
1,698,822
1,334,365
Group		 Charity
2024
£
-
4,133
521,544
-
17,227
450,564
1,521
703,833
1,698,822		 2024
2023
£
£
-
400,000
4,133
4,133
518,597
261,299
-
-
10,205
10,932
161,448
42,215
-
-
479,686
353,637
1,174,069
1,072,216

Registered number 10833916

37

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

14.
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
-
-
Hire purchase
12,401

16,534
12,401
16,534

Group		 Charity
2024
2023
£
£
-

-
12,401

16,534
12,401
16,534

Securities

The bank loan has a debenture including fixed charges over all freehold and leasehold property. The unlimited multilateral 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:

Amounts falling due within one year
Amounts falling due 1 - 2 years
Amounts falling due 2 - 5 years		 2024
2023
£
£
4,133
4,133
4,133
4,133
8,268
12,401
16,534
20,667
Hire purchase		 2024
2023
£
£
-
400,000
-
-
-
-
-
400,000
Bank loans

16. Analysis of governance costs

Auditors remuneration 2024
2023
£
£
36,028
29,910
36,028
29,910

Registered number 10833916

38

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

17. Transactions with related 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 its subsidiaries, apart from James Burleigh, Grant Stenhouse and Chloe Couchman.

The Merlin made cash donations to the Charity of £1,000,000 (2023: £nil) and made Gift in Kind and donated services donations totalling £145,703 (2023: £161,401).

There is an arms-length loan facility with Merlin. This facility was utilised and repaid during 2023, and a further amount of £350,000 was drawn down in early 2024, this was repaid before the period end.

18. Statement of funds

Group
Unrestricted funds
General fund
Exchange translation
Restricted Funds
Beluga Whale Sanctuary
Cornish Seal Sanctuary
Olive Ridley
Ocean Litter Projects
Save Our Sanctuaries
Beaver Sanctuary
Conservation Research
Turtles
Total Funds		 Brought
forward
£
6,062,433
(724,598)
5,337,835
-
-
58,379
-
-
-
-

1,760
60,139
5,397,974		 Income
resources
£
3,943,799
-
3,943,799
2,368,982
356,357
-
3,038
8,519
343
79,500
3,334
2,820,073
6,763,872		 Resources
Carried
expended
forward
£
£
(4,086,860)
5,919,372
(43,479)
(768,077)
(4,130,339)
5,151,295
(365,525)
2,003,457
(356,357)
-
-
58,379
(3,038)
-
(8,519)
-
(343)
-
79,500
-

5,094
(733,782)
2,146,430
(4,864,121)
7,297,725

Registered number 10833916

39

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

18. Statement of funds (continued)

Charity
Unrestricted Funds
General Fund
Restricted Funds
Beluga Whale Sanctuary
Cornish Seal Sanctuary
Olive Ridley
Ocean Litter Projects
Save Our Sanctuaries
Beaver Sanctuary
Conservation Research
Turtles
Total Funds		 Brought
forward
£
4,620,579
4,620,579
-
-
58,379
-
-
-
1,760
60,139
4,680,718		 Income
resources
£
2,703,514
2,703,514
2,368,982
356,357
-
3,038
8,519
343
79,500
3,334
2,820,073
5,523,587		 Resources
Carried
expended
forward
£
£
(1,748,192)
5,575,901
(1,748,192)
5,575,901
(365,525)
2,003,457
(356,357)
-
-
58,379
(3,038)
-
(8,519)
-
(343)
-
79,500
-
5,094
(733,782)
2,146,430
(2,481,974)
7,722,331

Restricted funds

Restricted funds can only be expended in accordance with the donor’s specific instructions.

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 Ridley - This fund represents amounts towards protecting sea turtles 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 nets and any other litter.

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

40

SEA LIFE TRUST Limited Charity Trustees’ Report and Charity Accounts For the period ended 28 December 2024

Notes to the Financial Statements

For the period ended 28 December 2024 (2023: period ended 30 December 2023)

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Analysis of net assets between funds - prior year
Restricted
funds
2024
£
Tangible fixed assets
-
Current assets
142,973
Creditors: due within one year
-
Creditors: due in more than one year
-
Total
142,973		 Unrestricted
funds
2024
£
6,272,277
2,593,698
(1,698,822)
(12,401)
7,154,752
 Total
funds
2024
£
6,272,277
2,736,671
(1,698,822)
(12,401)
7,297,725
Tangible fixed assets
Current assets
Creditors: due within one year
Creditors: due in more than one year		 Restricted
funds
2023
£
-
60,139
-
-
60,139		 Unrestricted
Total
funds
funds
2023
2023
£
£
6,064,146

6,064,146
624,588
684,727
(1,334,365)
(1,334,365)
(16,534)
(16,534)
5,337,835
5,397,974

20. Controlling party

The company is controlled by its 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 statements. The parent company’s surplus for the financial year was £3,041,613 (2023: £817,987).

Registered number 10833916

41