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 over*9ht,. 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 activit*s 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 aclivi1*5 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 coasln8. 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 ￿ includ*d 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￿$t lurding Sea change￿ - Slep Up funding P¢ylntribuled to the Vitamin Sea Project. the development of the Our Ocean Podca51. staff ing and the charitls wider operating costs. O¢oaTh Culture Life funded podtas¢ training. lthile an e8rtEr Sea-changers grant helped cover the piotJu¢iion and bun¢h of the podtasl. Some restricted funding remained un5peni ai 31 December 2025. Thls included further P8ldgonia funding lor additional Vilarnin Sea PfojÈcl activity. core operating costs. the developlnenl of land 5norkelling, p8CtdIetr￿rdinU pilot5 in Scotland and luilher podr2sl work. Funding from the Hifjhland5 and Islands Environmenl Foundat￿n wa5 received c105c lo Ihe year end and had not yel been used. li i8 allocated to Seaful's film and podcast work in Scotland, including the slaH bme needed lo deliver il durinf12026. Reslricled fun¢Js broughl Icfwaftl Irt)m F¥evws years ￿dUde.. Vi18min Se8 Prniecl (Awards for ￿1) lunding w8$ ￿￿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