OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-12-31-accounts

Charity registration number.. 1192638 Scott15h Chanty Number SC050976 Seaful Annual Reporl and Financial Statements for Ihe Yeaf Ended 31 December 2025 WESTCOTTS & •uSiti(S J Apviii*S

Seaful Contenls (contlnuedl Reference and Administrative Detad$ Trustees. Report 2to7 Independent Exarnlnefs Report Re&ipts and Payments Accourtl ststement ol Assets and Liabiliues 10 Notes lo Ihe Finan￿81 Statemenls 11 to 14

Seaful Reference and Administrative Delails Trustees Ms Hazel Musgrove B M5 Samantha Sawer s Zce Satsias Sgnlor Leadership Cardine Maj¢x. Chief ExewtNe Officer Loma Evans, Chiel Operating OlfiG Charity Registration Number Scottish Charity number 1192638 SC050976 PrinGipal Office 47 Bcwtport Street Bainstsple Devon EX31 1SQ Weslcotts (SWI LLP 47 8oulrKKt Slregt Barnslaple Devon EX31 1SQ Ind¢p¢ndont Exarniner Page 1

Seaful Trustees. Report The trustees present the annual rew)rt together wilh Ihe finanoal slatement5 of the charity lor the year ended 31 December 2025. Structure. Governance and Managemenl Seaful is a Chanta￿e Incorporateo Organisatitsn ICIOI governèd by its conslitulion and overseen by the 8oard ol Twsiees Trustee5 afe resw>nsiNe for the 5trdtegiG directiorn, govcriance and finantial oversighl Ot the Charity. Day-1041ay operattinal fflanagemenl Is delegaled lo the Chief Executive Officer and Chief Opeiating Officer. Trustees mel formally during the ieportin9 peTDd and maintained regular communication Ihrougbout the year Ihrougn electronic ¢ommunication and operab'onal updaies. enabling tsmely oveisight of govemance. finance, Ivnding applications, poli¢s and stralegK ijtsvelopment irn accordance wth the chanty's constiiui'.on. During the year. Sealul continue(110 51renglhen ils governance and cFerational systems in response to organisalional growlh. This included: commissioning an e¥iemal govemanee and operational risk review". reviewing and updabng organis8tion81 policies: Inirodueing addrtional polbCES, Induding anti-bnbery, campaigning and di5cbsure procedures,. adding an addrtional trustee bank sigrnatory to Strengthei financial over9ht,. devek)ping improved volunleor $y31ems and communicalDn stnjclufes.. and b¢ginning redeveloprnenl of the chgrity'$ volunleer handboc¢k. The Charity continued to operate Ihrough a cornbination of rA)nlractors and volunteers. [￿rIng the yC8r, Se¥lul expanded Ils communicatsons ¢8pacity trroush fuyled contractor supporf and continued devek)ping volunteer leadership pathway4 wrthin the 1xganlsati￿. Sealul's voluntecr slruGture conbnued lo develop during the ￿ar, indu4ing the creation of lead volunteer comm[Jni￿110n systems and progression OPFWXlunit￿6 for volunieers. One previous benofi¢igry compleled training an¢ be9an supp)rtiThJ pro9ramrne ddivery as a volunteer, while another volunteer progressed Inlo paid conliador work supporting eommunicabons and engagement Objectives and Public Benelit Seaful's chari13ble purposes are lo advance public education in the wnservalion, protection and improverneni of the phys￿al and na￿Tal marine and freshwater enviionmenl, and tcp promote the mental and physical wellbeing benefits assoc4aled wilh connection lo these envifonment5. The Itusteès have relerred to tho Charity Crynmi&sion-s guidance on public benefit svhen reviewing the charitys aim5. objectwes and acbvitEs. Seaful delivers public benelrt by helping more people ennned with the ocean and walerways through ac¢essible outdoor experiences. enviroTrmenlal educalion. volunteer devdopmenl and cornmunily engagernent opportunilie5. A¢livities ale desKJned to reduce barriers to part￿1patiOn and Itnprove a¢¢e5S to marine and freshwater enwronmenls for pe￿Ie may olheThvise have limited opportunities lo engage wilh thern. i￿U￿..nU young carers, refugees. socially isoilated indimduals and young people from disadvantaged comrnunitses. Page 2

Seaful Trustees. Report (continued) Aclivities. Achievement5 and Perfomian¢e Vitamin Sea Project Delivery During the yea¥. Sealul continued delivery ol its Vrtamin Sea Project actNilies across multiple loeAtions wit￿n the UK. Appromimatoly 130 partiapants engaged In arwnd 23 sessions and aelivilies thr￿ghoul the reporliny peri(￿. Programmes incjuded stand up paddleboard￿ll, snorkelling. educational acllvities and ocean connection experience$ delivered across North Oevon. South Devon. Cornwall. Wolverhampton, Ullapcd and the I￿e of Arran. In South Devon. Seaful deliveree sland-up paddleboarding 5essiofts on the Exeter Can81 for young carers and young people in ¢are, 5upwled by local volunteers. In North Devon. Seaful cKJntinued slaTrJ-up p8ddleboarding Sess￿ for Ukr8inian participants and delivered sessions lor Al9han iefugees. The chaii'.y a150 coniinued ils flagship Lundy trips for young carcrs, enabling groups ol y(xJng carcrs lo experience snorkelling, marine wildlife and lime on an around the ocean. Seaful continued detivery ol sossions al Chelmarsh Rc5ervoir for primary school children from disadvantaged comrrunities in the Wolvetharnpion area Ihrough vclunieer-led d?livcry partnerships. In S¢oll8nd. Seaful continued snorkelling trips 10 the Isle of ￿ra￿ for yourig people from Glasgow 8nd delivered 5ntsrkelling activits In UllaFM)ol bmlh U lapool Sea Sa4Ers. Dufing the yoai. Seaful also launched a ylot w(Knen'$ standup Paddlebtsard￿9 Initotsv? in Ullapool 6UPPOrting women experlerbclng sodal Isolalion. Seaful 8ddits"onally delivered srnaller quEI eonnection paddleboarding 5es6ions in Cornwall. Volunteer Development Volunteer development rernained a key Wofty th￿ghOut the year. Seaful Wofked approxifllalely 20 volunteers. including aiound 12 lead vcAunteers supponing pro9ramme dellvery 8nd local c￿rdination. The charity strenglhened comrwThcalw)n and $uFwt slructures through ￿9￿)nal volunteer gfWP$ and the inlroduElion ol a dedicaled lead Yolunteer communication 9roup lo enable shared learning, support and opÈralional coordination. Sealul continued to support volunleer wogression and training wpowlunilies. During Ihe year.. a previous benef￿￿ary Conl￿eted paddleboaiding and firsl aid training and began supporting éelivery in South Devon-, volunteer leadership ¢apa¢ily increased auoss programrne locations.. and a volunteer supporting cornmunications aclivi15 later joined Seaful a5 a ￿ld contraclor to ¢ontiiiue the¥¥ actiwbe5. Planning alsts began for an expanded volunteer development prograrnrne and volvnteer gathering lo strenglhen training. co41aixyabon and organi5ational leaming across Ihe charity. Page 3

Seaful Trustees. Report {continuedl Education and O¢ean Litèracy Seaful corntirnued to sirenoihen its educati￿31 aNJ wbli¢ enoaoement work throughout the star. The Charity launched the Our Ocean Podcasl in May 2025. sharing convefsalions around ocean connection, conservation. commLnities and manne envwonmenls. Educational resources on the Sea(ul website were expanded durin9 the yeaT, indUd￿9 the developmenl ol marine protected area educalional fnatenals and Improved puNic resources 4Jesioned lo support learning and engagp.rnenl. Seaful also developed a fundraising I￿)IkIt to enabe supw)rters and cornmunity members to organi5e fundra151ng activities ltsr the d)arity. t￿rIng the year. Sealul developed and piloled it5 land snorkelling prograrnme, trealing an accÈs8ible land-b<15ed aclivily focused on observalcn. curiosity an¢ connection lo coasl<il ÈnvironrncDls fhis addilionally provided grealer flexibility and re$￿'ence th wtalher condrtMJns prevented water-based activities from taking place. Scotland Development and Partnerships Sealul bL'Ldme o mern￿r ol the Our Seas coalib.on in s￿tland during the reporting period. The charity also began (kvelopment w?rk on the film project A LJn8 irt Sound alongside related podcast activity 10 5UPPOrt public onuogem?nl and understanding around Sconish marine environments and marine prole¢tion discu5Sk)ns. The film project was completed loi release In 2026. Sealul continued devel¢wiryJ partnerships wilh organ15alions, VL4unteei$ aThJ hx81 delivery partners throughout Ihe UK. Support and partneiship cnntributions duriThJ the year included 88si$lance from.. Sea Changer5 Paiagoni8 Dryrobe W8rrnlh Prqecl Ocean Culluie Life HvJhlands & Islands Enwronmenl Foundatk Poslcode Lottery The Grace Chaiity Ullapool Sea Saveis Lundy Diviw Coastal S%*iffl Wise Easy Divers JVP Devon., SUP Shrop5hiwe The trustees would a150 like to recognise the 6igni.Kant contribuiion of volunteer5, local partners and 8upporter5 who donated time. skills expertjse and equipmenl throughout the year. Page 4

Seaful Trustees. Report Icontinuedl Key Achievements Key achievements during the re￿rti￿ peri(xJ induoed.. continued expansion ol the Vitamin Sea Project acros5 rnults UK locations launch ol the Our Ocean Podcast secunng Step Up lunding support tts 5treVgl￿.en future ¢yg8nisational devebpment developmenl ol educalional and publ£ engagemenl resources expansion of vokjnteer leadership pathway5 18unch ol land snorkelling aclivrties national rnedia ¢overage 91 the Lundy pur¥J carers programme through The Guardian Challenge5 and Learnin9 Seaful experienced a perK)d ol rapid developmenl and increasing aclivdy ¢Juring the year, which created addilional pressure on Operation￿ systems, communications, slaffing capacity and governance processes Thé chanty also continued lo tac• ehallenges associated N%ith we#ther41ependenl prograrnrr delivery. requiring ¢an¢ell8tions or p￿1poneMents ol sorne outdoor se6sion$ throughout the year. Trustees and Senior leadership recogrnised the need lo strenglhen organSsalional systems, governanGe slrucluves, volunleer support pvo¢esses and moniloring shEleffl5 to support 8UStainable long-ieim gro%th. Durin9 the year. Seaful comrnsssioned an ex'.ewnal goveman¢e and OPerat￿nal review lo Idenlify areas lor improvement and support future Van￿1￿. Rec0mn￿ntjatI9n$ Irom this work inlorffle(I ongoin9 developments lo govemance, Operal￿n81 syslem$. volunleer strudures and oryanisalional resilience. Addilion81 conlr8rlor supwjrt for cornmunicalK)n5 and luThJratsing ¢Jevek)pment was irntrodueed during the year 10 5trcnglhen organisalional ￿paCItY and mprove longer-lem sustainability. Financial Review The charity's financial statements have been prepared in aetordanee wilh tre Charities SORP and applicdtqe accounting slandaids. During IhÈ yedr lolal incomc was £87.080 12024 É25.1271 of which £39.031 12024.. £4.ODOI was for restricted purpDses. Total expendilure during Ihe ￿81 arnounled to £43.04412024. £31.3471, of which £9.36512024.' £8.9981 wa5 reslricted. At the year total unresln.cted fund5 sloLxJ al £39.989 12024.. £25.5991 and restricted fr&nds were £31.69212024.. £2.C461. During Ihe year, Sealul continued to di¥ersify its lunding base through 8 combination of grants. donations, partnerships and luTrdra151n9 5uprK*t. The charity secured a numbei of restricted funding awar¢s supporting sperAfic programme delivery and organisatK)nal devekjpmenl activities. Trustees reviewe<J draft operabonal budgets and fiTwnual planninu assumptions duong tre year to support lulure delivery planning and $ustainabilty_ Page S

Seaful Tru5tees' Report Icontlnuedl The trustees recognL8e that Ihe charitys extsbng reserves poly requKes review to rellect the ch8ritI5 groknrth. Increasing activity levels and evo'.wng funding prtsfye. Risk Manag¢m•nl Operats'onal risks are monitored by Ihe sen￿r leadership tearn and discussed wilh trustees through meetings and on9oing communicalions. The charity maintains safeguarding. I￿alth and safely. d3la proteclion and operat￿nal policles de51gned to support safe delivery and we$￿nSIble govemance across all a¢tivilies. Dunw the reportin9 period, Sealul tommissioned 8n exlernal govwnan(e and operab"ona1 rewiew to upport the 1de￿t￿lCaIi0n and management of DrgaThis8tion81 risks assoualed with orowth and increasing opeialional COm￿exity. No serious saleguarding inodtnls reqvirw escalati￿ were reported during the yeaf. Plans for Future Periods During the next reporting per￿, Seaful aims lo cmtinue creatsng aecessible opportunities loi people to connect with blue spaces wh¢1¢ str¢nglherning the chantys bng-term sustainability and resilience. Key pr50ri1ie5 include.. impiovino moniloring. pvalUat￿n and partK*P8nl feedback systems Sirengiheniry participant. volunteer and SLPPOrter pa1hwa￿ aeross the oiganisalion eveloping a steering group slrucluie lo support future progr8rnmt development ¢onlinuing growth of educahtsnal and ocean lileracy rewjrtes expanding Land snorf(elling achvrties and acccssible programme delvery further developing vdunieer leadership and training OPp￿unItses continuing podcast and publx engagement adivily slrernglhoning govom8nce. opcralion61 sjsiems and financial suslainabilily to support low-lerm growlh The chanly also plans lo continuo developing ￿laLK)rat￿le work in scO￿and alongside UK-wide programme delivery and community parinerships. Statomont ol Trustees. Rv5pon5ibilities The Injstees are iesponsible for preparing the ITu$lees' report and Ihe financial statemènts In accordance with the United lfjngdorn Accouniing Slandafds (United lfjngdoin Generally Ar¢epted A¢counling Practice) and applicable law arKJ regulation5. The law applicab￿ lo chant￿5 requires the trustees to prepare financial slalements for each financial year which give 8 true and fair view of the 51ate ol affair$ ol the charity and f)f the incoming resourGes and application Df resources of the chaiily lor Ihal period. In prepanng these financial staternents. the tNstees are required to.. 5elecl 5uilable accounliw pdi¢'es and then aP￿Y Ihern consisienuy. obseNe the meth(xJs and principles in Ihe Charrtie5 SORP.. rnake iudgernen15 ancl estimates that are reasonable and prudent.. Page 6

Sealul Trustees. Report Icontlnuedl stste whether applirxble accountiryJ standards have been followed. subject to any material departure5 d15¢1osed and explained In the finanoal statements. and prepare the financial statemenls on the go.ThJ concem basis unless rt Is Inappropriate to pie5umÈ that Ihe chaiily wll continLJÈ in business. The trustees are respon￿b]e for keephTrg proper accounting records that disdose reasonable aGGuraGy al aThy lime the lina￿la7 position ol Ihe charity and enable them lo ensure Ihat Ihe Iinancial slalemen15 cornply with the cha￿tieS Act 2011. Ihe Charities IAccoLnls and Rcportsl Rcgu18tions 2008, and the prov1510n5 01 thc conslilutson. The trustees are also responsible for safeguarding the assets cl the charity and hence for taking ieasonab.e steps for the preveilion and detection of fraud and other irregLJ18rilies The trustees are responsible for Ihe maintenance and inlegrity of the corporate and finan￿al information in￿u(led on the ch81118b￿ company's websilc Legislation goveTning Ihe Pfeparation and dis8ernina.ion of Iinancial $tatem•nts may ¢J'.ffer from legislation In olheriunsdi¢tK>n8. The annual repryt was approved by Ihe trustees of the charity orn behalf by.. H Musgrove Ms Ha7el Musgrove Bsc Truslee Page 7

Seaful Independent Examinerfs Report to the trustees of Seaful I report lo the t￿St88S on my examination of the acwunts ol Sealul for the year ended 31 De￿mber 2025. RosF￿nSIbIlitieS and basis of f•POrt As the charity tru51ee5 of SeahJl you ale responsible for the Preparat￿rt of the accounts In acGoidance wlh Ihe requiretnenls ol the Charities and Trustee Investment Iscouandl Act 2005 Iihe .2005 Acri. the Charilies Accounts (Scollandl Regulations 2tX)6 las 8mendedl, and the Chanties Act 2011 I'lhe 2011 Acl'l. You are satisfied thal your Cha￿ty is not required by Gharity law lo be audited and hav? chosen Instead lo have an indeperKlenl examinalicffi. and the Charities Act 2011 llhe Acl'l. I report in respect of my examination of the Seaful's a¢￿u￿t$ carl￿d out undef seclK)n 44 111 Icl gf the 20QS A¢1 and seclK)n 145 01 the 2011 A¢1. In c8rrwThJ out my examination I havp lollowcd Ihe requirements ol Regulation 11 01 the Chantses Accounts IS¢ollandl Regulat￿n$ 2006 las ainpndedl iind all applicable Dire¢tion$ given by Ihe Charity Comm4ss10n under section 14515llbl of the 2011 Indeperbdent examiner'5 5tat•m•nt I havc comploied my examinalion. l Confirm that no malerial matters have corne lo my attention collneclion with the examlialion giviry me ￿￿se lo bdieve that in any material respeGI'. ar￿untInG records were not kepl as requiied by sethn 44 11llal ol the 2005 Act gnd RegulalDn 4 01 Ihe Charilies Ac¢ounls (Scolandl Regulations 2006 las amended and section 130 of the 2011 Act., or 2. the a¢¢ounls do not accord with those records.. and 3. the accoun15 do noi comply wlh Ihe accounting requircrnents Regulation 8 of the Chdrilies Ac¢ounls (Scollandl Regulations 2006 las arne￿Ied. I have no concems and have C￿rne across no olher mallers in conneclion wilh the examination to which attenlion should be drawn in this rewt in order to enalAe a proper uNJerstanding of the 8¢ctsunis to be reached. Catherine Williams FCA DChA Independent Exdminèr Westcotls (SWI LLP 47 Boutport Street Barnstaple Devon EX31 ISQ Date...22.......J.Lkl Page 8

Seaful Receipts and Payments Account for the Year Ended 31 December 2025 Unrestri¢ted funds Restricted funds Total 2025 Total 2024 Note Receipts- Donaliolls and legacies Other trading activrties Inveslmont incorne 44.872 3,000 177 39.031 83.903 3,000 177 24,413 547 167 Total receipts Payments.. FTeelan¢e costs Esiablishmenl cosls Molor arnd Iiavelling Independenl Exarninef¥ lees Equiprnent Direct Costs Advertising 48.049 39,031 87.080 25,127 123,9611 14.9101 11.4651 17.0981 13411 1771 131.0791 15,2511 11,5421 14,5211 11,3161 18641 18641 19871 ',1.7451 16941 11.8691 13,6141 16941 12,0121 Total payrnenls 133.6591 19.3851 31,347 Nel le￿IPtsI{PaYmentsl 14,3 29.646 44,036 16.2201 33.865 C?#h bTOUghl l￿w￿rd 25,$99 2.046 27.645 Cash Cdrried lO￿ard 39.989 31.692 71.681 27,645 All ol the charrty's activitie5 derive from conlinlhng yralions dUl￿g the above N¥0 periods. The funds breakdown lor 2024 is shown ￿ note S. The noles on pages 11 to 14 forni an integral part of these financial statements. Page 9

Seaful (Registration number." 11926381 Statement of Assets and Liabilities as at 31 December 2025 2025 2024 Noit Currenl assets C8sh at bank and In hand 71.681 27.645 Restricted income funds Re51ri¢ted funds 31.692 2,046 Unrestricted income lund$ unreslrie.led lur)ds 39.989 25.599 Total funds 71.681 27.645 The financial statements on pages 9 10 14 were approved by Ihe trustees, and 8Uthorised for issue on 20107.1.2026and soned on their behalf by.. H Musgrove Ms Hazel M1ub9iove 8sc Truslee The notes on pag8s 11 to 14 forrn an in'.egral part of these nnanclal slatemenis. Page 10

Seaful Notes to the Financial Statements for the Year Ended 31 December 2025 1 Accounting policies Basi5 of preparation Sealul meels the delinitwjn ol a public benefft entity under FRS 102. The att(MJnts I'.inancial statemenlsl have been prepaied on Ihe receip18 and payTnents basis. Going concern The Iruslees consider Ihal there are no material uncertainties about the ¢aritl$ ability to continue 88 a g&ng c4)n¢em. In¢om• l in¢orning resource5 are ndudcd in Ihe 5t8tetMnl of finanaal actrvities %then the tharity re¢2ive$ the income. The follow￿9 specific policies are applied lo partjcular categories of inttjme.. Donalions are received by way ol granls. d￿)at￿S and gifts and ￿ includd in lull in the Slaternènl ol Financial Activitie5 when fecei¥ed. Granly, including giants lor the purchase of fixed 88set8, are recognised in full in Ihe St8temeni ol Fin8ndal Activities ￿ the ￿81 in bthich Ihey are receivable. Donated services and farAlitieo are in¢luded al Ihe Y•lu¢ lo Ihe eharity Yrfhere thi• Gpn ba quanlifi8d. The value ol serv5ces prowded by volunteers ha$ nol be8n induded. Expenditure Expendilure Is rco)gni5erJ on a payTnenls basis. ExpeThYiture includes any VAT whth cannot be lu11y recovered, and Is reFOrted a$ parl of Ihe expènditurè to whith il relates. Taxation The charity is considered to pass the lest5 sel out fft Paragraph 1 Schedule 6 of Ihe Finance Act 2010 and iherelore It meets the definition ol a charila￿e company lor UK wrpoialion tax purposes. A¢cordingly. the Charity is FKJleniially exempl from taxation in respect of incorne Of caprtal gains received wilhin ￿tegorIeS covered by Chaplei 3 Pait 11 of the Corp￿alK)Th Tax Acl 2010 or Section 256 01 the Taxation of Chargeable Gains Acl 1992. to ihe extent that suth Income or gains are applied exclusvely lo charilable wrpDses. Cash and cash equivalent5 Cash and cash equiwaknts cornprfse cash on haThJ and call deposits, and otkiei shtjrt-lerrn hig*ly liquid investments that are readily convertiNe to a known amount of cash and are subjecl lo an inslgnificanl risk of change in value. Page 11

Seaful Notes to the Financial Statements for the Year Ended 31 December 2025 Icontlnuedl Fund structure Unrcstri¢tod income funds are peneral lunds Ihat a￿ available for use al the truslees discretion in furtherance of the objeclives of Ihe charily. Reslricled Income funds are those donaleQ for use in a partscular area or for speryfic purposes, the use ol which 15 reslnclEd lo that area or puipose. Basi5 of preparation Seaful meels the definiD"on of a publ￿ benefit entity under FRS 102 The accounts Ifin8ncYdl 8*8lementsl hove been prepared on the re¢¢ipis and payments basis. 2 Income ffom donations and legacie5 Unreslrict funds enerjl RestriEled lund5 Total 2025 DonatK)ns Gran16 13.524 31 348 13,524 70,379 39,031 44.872 39.031 83.903 Unrèstricted Restricted lunds Tolal 2024 Gènefal Donat￿9 Grants 15.413 5.000 15,413 9,000 4,000 4.000 20.413 24.413 3 Trustèos remuneration and expenses No trustees. n¢x any per50n5 connected them. have rer£Ncd any remuneration from the charity during the ￿ar. No Iruslees have received any reimbursed expen5e5 Irom Ihe charity dullng the year. 4 Taxation The Gharily is a fegI5tereEI charily and is Ihefefore exempt frL¥n taxal￿n. Page 12

Sealul Notes to the Financial Statements for the Year Ended 31 December 2025 Icontinuedl S Fund5 Balance at 1 January 2025 B31ancÈ at 31 Decernber 2025 Incoming rosources Rèsources expended Unre5tricled funds Unreslri¢led fund5 25.599 48,049 133.6591 39,989 R$trict•d funds Vitamin Sea Prqecl Ocean Culture Lrfe Sea ChaTrger$ . P£¥1￿$t lurding Sea change￿ - Slep Up funding P¢yl<iyornia 25 Patsgonia 26 2.046 11,0931 12441 953 756 1.000 645 1901 555 18.500 7.95S 10,931 18,500 17.9581 10,931 2.046 9,385 31.692 Total lund5 27.645 87.080 143.0441 71,681 Balan¢¢ at 1 January 2024 Balance al 31 December 2024 Incoming resources R¢sources expcnded UnrestrScted funds UnresliiLled funds 26,821 21.127 122.3491 25,599 R+$lrittÈd funds Vitamin Sea Project Spar- Educalional Program Dryrobe - Wdrmlh Project 14,9981 11.oc)I 3,1)00 7.044 4,0(XJ 8.998 2.046 Total fund5 33,865 25.127 31,347 27.645 Page 13

Seaful Notes to the Financial Statements for the Year Ended 31 December 2025 Icontinuedl The 6pe¢ific puiposes forwhich the Ivnds ale io be applEd are a5 fdlows-. Re5tncted funds were used in line with the condits.ons sel by each lunder. During 2025. Patagonia funding (x>ntribuled to the Vitamin Sea Project. the development of the Our Ocean Podca51. staff ing and the charitls wider operating costs. O¢oaTh Culture Life funded podtas¢ training. lthile an e8rtEr Sea-changers grant helped cover the piotJu¢iion and bun¢h of the podtasl. Some restricted funding remained un5peni ai 31 December 2025. Thls included further P8ldgonia funding lor additional Vilarnin Sea PfojÈcl activity. core operating costs. the developlnenl of land 5norkelling, p8CtdIetr￿rdinU pilot5 in Scotland and luilher podr2sl work. Funding from the Hifjhland5 and Islands Environmenl Foundat￿n wa5 received c105c lo Ihe year end and had not yel been used. li i8 allocated to Seaful's film and podcast work in Scotland, including the slaH bme needed lo deliver il durinf12026. Reslricled fun¢Js broughl Icfwaftl Irt)m F¥evws years ￿dUde.. Vi18min Se8 Prniecl (Awards for ￿1) lunding w8$ ￿￿1Ved towards the provision ol o pilei 8 week ¢ours¢ of weekly paddleboafding. lor allernaiively surfing. snofkLlling. iockwdingl and Mindful Environmental awareness 6e$$KJn5 In North Devon Spar - EdJcalional ￿Ogr8rn funding w85 received iowar¢Js creating the "I know Ocean" cornmunity educaknon program. available to all via wr websile DryTob Warmth Project luThling was ieceived towards paddleboarding sessDns lor disp18ced refugees In North Devon and tho Young Carers Lundy snorkelling lrip. Page 14