PMLI
Plymouth Marine
Laboratory
Plymouth Marine Laboratory
IA company limited by guarantee)
Annual Report and Financial Statements
Year Ended 31 March 2021
Company registration number.. 4178503
Charity registration number.. 1091222

Plymouth Marine Laboratory
Contents
Reference and Administrative Details
1 to2
Trustees, Report
310 15
Statement of Trustees, Responsibilities
16
Independent Auditors, Report
171020
Consolidated Statement of Financial Activities
211022
Consolidated Balance Sheet
23
Balance Sheet
24
Consolidated Statement of Cash Flows
25
Notes to the Financial Statements
261057

Plymouth Marine Laboratory
Reference and Administrative Details
Chaimian
Admiral Sir J Burnell-Nugenl KCB, CBE
Directors and Trusteos
Admiral Sir J Bumell-Nugenl KCB, CBE
N J Godefroy
Prof T D Jickells OBE
Dr B MacKenzie
Prof R F Rayner
J E Timberlake
ProfB B Ward
M J Butcher
N B Buckland OBE
P R James
Patron
James Cameron
filmmaker
explorer, environmenlalisl and renowned
Senior Management Team
Prof J l Allen, Chief Executive
B K Tremain, Director of Operations & Company Secretary
Prof S Widdicombe, Deputy Chief Executive & Director of Science
S Coughlin, Head of Financial Services
J Davy, Head of Human Resources
T Smyth, Head of Science
Principal Office
Prosped Place
The Hoe
Plymouth
PL1 3DH
The charity is incorporated in England and Wales.
Pag8 1

Plymouth Marine Laboratory
Reference and Administrative Details
Company Reglstratlon Number 4178503
Charity Registration Number
1091222
Solicitors
Fool Anstey LLP
Sall Quay House
4 North East Quay
Sullon Harbour
Plymouth
PL4 OBN
Bankors
HSBC Bank PIC
Plymouth City Centre
4 Old Town Street
Plymouth
PL1 1DD
Investment Managers
Brewin Dolphin Ltd
Vantage Point
Woodwater Park
Pwes Hill
Exeter
EX2 5FD
Auditor
PKF Francis Clark
North Quay House
Sullon Harbour
Plymouth
PL4 ORA
Pag8 2

Plymouth Marine Laboratory
Trustees. Report
The trustees, who are directors for the purposes of company law, present the annual report together
with the finanryal statements of the charitable company for the year ended 31 March 2021.
Trustees
Admiral Sir J Burnell-Nugent KCB, CBE
N J Godefroy
Prof T D Jickells OBE
Dr B MacKenzie
Prof R F Rayner
J E Timberfake
Prof B B Ward
M J Butcher lappoinled 13 May 20201
N B Buckland OBE
P R James lappoinled 28 January 20211
OBJECTIVES & ACTIVITIES
PML'S mission is to pursue research excellence, enhancing ils position as a world leader in the field of
marine science to support ils vision of a healthy and sustainable ocean through the delivery
of impacttul, cutting edge environmental and social science.
PML'S vision is sel in the context of the United Nations, Sustainable Development Goals ISDGSI and
the "double decade. of action.. The Decade of Ocean Science for Sustainable Development, and The
Decade of Ecosystem Restoration"
PML'S strategy 12020-20251 launched on World Oceans Day 2020, sets out its strategic aims
collated under four strategic priorities as follows..
11 Science Excellence & Impact-. PML will continue lo deliver its internationally recognised
world-leading expertise focused on five new Science to Impact challenges..
Understand and mitigate climate change
Improve sustainability of fisheries and aquaculture
Encourage cleaner seas for nature and society
Combat biodiversity loss
Develop marine autonomy, technology and digitlZ8tion
21 Businos¥ Excg11on¢g= ensuring PML is an effective, efficient and sustsinable business.
31 Social Responsibility.. engaging and supporting our internal and exlemal communities.
41 Environmental Responsibility.. PML has a duty lo lake a leadership role in environmental
responsibility and to reduce the impact of its activities on the environment.
Pag8 3

Plymouth Marine Laboratory
Trustees. Report
Ensuring Delivery of Objectives
Regular reporting against each of the strategic priorities is undertaken on a quarterfy basis by the
Chief Executive to the Board of Trustees, with a full review undertaken after the financial year end.
New operating objectives mapped onlo each strategic priority are agreed at the beginning of each
financial year. Specific operating objectives for this year in the light of the covid-19 pandemic
included..
Maximise research project delivery for our customerslbeneficiaries, and to ensure
financial suslainabilily
Maintain and protect key long-term Scien￿ activities
Deliver effective and strong communications intemally and extemally to all our stakeholders
Provide health and wellbeing support for employees and students
Undertake a net zero carbon implementation scoping study for PML building.
The Trustees can confirm that they have referred lo the guidance provided by the Charity
Commission, including the guidance 'public benefit- running a charity IPB21' when reviewing the aims
and objectives of the Charity and in planning future aclivilies. The Trustees also give due
consideration to how these activities contribute lo the aims and objectives sel.
STRATEGIC REPORT FOR THE PURPOSES OF COMPANIES ACT 2006
> ACHIEVEMENTS AND PERFORAIANCE
Key Achievements for 2020-21 against spe¢ifi¢ objectives include:
Objective
Maximise research project delivery
for our cuslomerslbeneficiaries, and
to ensure financial sustsinability
Achievement
A plan was developed, trialled and fully implemented
enabling laboratory and Ioc81 fieldwork to be resumed
under covid-safe measures. The majority of research
projects were able lo be progressed through remote
working,
meeting the
requirements
of
our
customerslbeneficiaries,
and
ensuring financial
sustsinabilily.
Through good planning and health and safely
measures, regular sampling in the Western Channel
Observatory was undertaken, hence maintaining this
important time series to understand the marine
ecosystem.
Long-term
experiments
were
also
maintained.
Maintain and protect key long-lerm
science activities
Deliver
effective
and
strong
communications externally to all our
stskeholders
PML'S communications team maintained a steady flow
of news stories and social media lo engage with
stskeholders. Advertising value equivalency for the
year was £21.6M Igloball and £15.5M IUKI, a
significant increase on the previous year.
Pag8 4

Plymouth Marine Laboratory
Trustees. Report
Provide health and wellbeing support
for employees and students
Significant effort went into ensuring our stsff and
students were supported during the challenges of the
pandemic and resultsnt lockdowns. A number of
support mechanisms and schemes were implemented,
including a helpline {exlernal provider), mental health
awareness training, guidance, pulse surveys and a
buddy system. An assessment against ISO 45001
(Health & Safety) concluded that PML had been
trailblazing in ils handling of mental health during the
pandemic.
Thanks to funding from the Natural Environment
Research Council INERCI a heavenergy feasibility
study was undertaken, with a report containing various
options produced in March 2021. A recommendation
will be made lo the Board on options to pursue, and
funding sources will be identified. In addition as a
result of funding from the National Centre for Earth
Observation, a solar panel inslallalion to offset carbon
generated by a new micro-dalacentre has been
commissioned.
Undertake a net zero carbon
implementation scoping study for
PML building
Other examples of PML'S performance, mapped against PML'S strategic priorities, are provided
below..
Strate
ic Priorit 1: Science Excellence & Impact
Science Excellence.. Citation analysis, covering the period 2016-2020, shows 50/0 of PML
papers were in the top 10/0 of the most cited environmental science papers in the world.
Two of PML'ss¢ientisls, Prof. Pennie Lindeque and Dr Matt Cole, were named on the
annual Highly Cited researchers list from Clarivate and more recently PML'S Dr Shubha
Salhyendranalh and the late Prof. Trevor Platt FRS are shown amongst the worfd's top climate
scientists (Reuters Hol Lisl} Prof. Nicola Beaumont was appointed to the Natural Environment
Research Council INERCIScience Committee.
NERC Research Excellence Framework assessment- PML was part of this exercise,
which included other national Centres in receipt of NERC National Capability funding. PML
scored more highly than any other Centre on the impact category, demonstrating the reach and
significance of the impact from its research. All of the impact case studies provided by
PML were judged to have outstanding or very considerable impact. The majority of
PML'S research papers selected for submission were considered to be internationally
excellent. Further information can be found here Ihtt s.'Ilwww.
ml.ac.uklNews and medial
Newslscience with im
act at PMLI
Pag8 5

Plymouth Marine Laboratory
Trustees. Report
New infrastructurelequipment.. Installation and commissioning of the state-of-the-art Massive
GPU cluster for Earth Observation IMAGEOI.. funded by the NERC Earth Observation Dats and
Acquisition and Analysis Service INEODAASI, MAGEO is an incredibly power computer
applying artificial intelligence algorithms lo Earth Observation data lo support research on
inter alia microplastic deleclion, habitat mapping and oil spills. Further information, including
on how MAGEO supported covid-19
medical
research
efforts,
can
be
found
here
Ihtt s.'Ilwww.
ml.ac.uklNews and medialNewsl
New ca
abilit for develo
environmental intel.
PML
was
also successful in
winning funding for a five-metre AutoNaut uncrewed surface vessel which is propelled by wave
motion and powered by 300W solar panels, and four autonomous underwater robots which,
together with existing infraslruclure and high speed atx)ve-waler communications (all part of
Smart Sound Plymoulhl, will deliver an unprecedented understanding of the Western Channel off
Plymouth.
Plans are also under development to replace PML'S research vessel, the Plymouth Quest, with a
more environmentally sustainable, vessel with innovative lincluding autonomoLJsI features.
Science highlights.. PML researchers produced 181 peer-reviewed papers during this financial
year of which 60 were firsl-aulhored. Some highlights from projects undertaken during the year
are given below..
Plastics from S
ace.. Research led lo the publication in April 2020 in Scientific
Reports of a pioneering technique to delect plastics floating on the sea surface analysing
data from the European Space Agency s Sentinel-2 satellites. Dr Lauren Biermann, who
led the publishing of the method, has since won the Science category of the Ocean
Awards 2021 lawarded by Blue Marine Foundation & BOAT Inlernationall. Further work is
planned in this area. subject to obtaining funding.
Plastics & Mussel Power.. a project funded by the Waitrose Plan Plastic, in
partnership with environmental charity Hubbub, demonstrated the potential of mussels
to help stem the flow of microplastics from polluted estuaries and coastsl water. paving
the way for this nalure-based solution to be deployed
outube.comlwalch?v-uCi4cVmZrlU. Further research into nalured-based
solutions lo the problem of microplastics is essential.
Marine Protected Areas.. PML researcher, Dr Angus Atkinson, co-authored a paper with
scientists from China, the UK and ltsly, based on research supported by the Woddwide
Fund for Nature IWWF} on °refuges" for Antarctic krill in the Indian and Pacific sectors of
the Southern Ocean following habilal degradation in the Allanlic sector. Further research
on the idenlificalion of key spawning grounds for Anlarclic krill, which are the primary
food source lo many iconic species such as whales and penguins, is absolutely
critical.
Partnerships.. PML has progressed partnerships al the local, regional, national and
international level, including with
The University of Plymouth and the Marine Biological Association of the United
Kingdom, through joints efforts as Marine Research Plymouth, lo improve interactions
and visibility of Plymouth marine science, e.g. UN Decade of Ocean Science aclivilies.,
o With the University of Exeter and the Met offi￿ on the Joint Centre for Ex￿llen￿ in
Environmentsl Intelligence, and
With various inlemalional partners working towards events at the UN Framework
Convention on Climate Change COP26 meeting in Glasgow in November 2021.
Pag8 6

Plymouth Marine Laboratory
Trustees. Report
Strateglc Prlorlty 2: Buslness Excellence
Operations Strategy 12020-20251
an overarching strategy for the Operations Team
wasdeveloped, with a vision to provide excellent customer service at every level,
meeting the requirements of PML'S stakeholders.
Moderni5ation of IT platfomis.. PML'S IT Group accelerated the roll-out of Microsoft 365,
which facilitated remote working for its staff and also engagement with users and
beneficiaries of PML'S research.
Industrlal & Academlc partnershlps.. PML, through its Smart Sound Plymouth initiative, has
been involved in discussions with partners al the regional and national level on development of
this testbed, including commercial opportunities for PML'S trading subsidiary.
Quality Assurance.. PML has maintained certification to the Is09001 Quality
Management Standard.
Strategic Priority 3: Social Responsibility
Equality> Diversity & Inclusion IEDII '. Good progress has been made in this area,
including revision of PML'S EDI policy, setting out our commitments to deliver best pfficlice in
line with the UN Sustsinable Development Goals lo redu￿ inequality and support gender
equality. An LG8T+ Allies network was established to raise awareness and promote
inclusivity and other inilialives have included unconscious bias training, and the promotion of
intemalional equality events. PML is also seeking funding for an internship programme that
will enable tslented students from less privileged backgrounds to gain valuable research
experien￿ and help them to pursue a scientific career.
Health & Safety.. PML has maintained certification to the IS045001 Health and Safely
Management Standard. PML'S handling of covid-19 was commended and ils support of staff
and students, mental health and wellbeing was described by the external assessor as trailblazing.
Education.. Due to lockdown a "remote PhD Open Day" was successfully held in November
for which a virtual lour of PML was produced. In the last year PML hosted 18 PhD students.
PML has also continued to work with the Connect Academy Trust on the development of an
ocean curriculum and funding is being sought for this important activity. PML'S
apprenti￿Ship programme, which commenced in 2016, has been developed further, with ils
ship apprenti￿ in her second year, and the recruitment of an IT apprenti￿.
Strategic Priority 4.. Environmental Responsibility
Improvements to buildings & estate.. PML has prodU￿d a biodiversity action plan
and implemented a number of measures including the planting of native hedging and
wildflower garden, and the introduction of bird boxes and feeding stations. Improvements to the
building lo reduce PML'S carbon footprint have included the installation of solar panels and LED
lighting.
Aiming towards Net Zero Carbon.. PML has purchased sofbNare in order lo record our
emissions under scope 1 (direct emissions from owned or controlled sources, scope 2 lindirecl
emissions from the generation of purchased electricity, heating and cooling) and scope3 1811
other indirect emissions from our supply chain), and to lake mitigating actions lo reduce ils
carbon footprint.
The Trustees recognise the significant efforts and achievements of the staff during a most challenging
year, and would like to thank them for their contributions.
Page 7

Plymouth Marine Laboratory
Trustees. Report
FINANCIAL REVIEW
1. Results for the year
Net income for the year amounted to £722k 12020 nel income - £687kl, £423k of which relates to the
release of provisions against projects that have been completed in prior financial years. After
adjusting for realised and unrealised investment gains, the nel movement in funds for the year
amounted lo an income of £1,473k 12020.. income £463kl. The lotsl funds carried forward remain in
a nel asset position of £8,024k12020.' funds carried forward - £6,553kl.
PML was provided with a grant of £275k by UK Research & Innovation, supporting those projects
affected by the pandemic. Due to this grant and its financial position overall, PML did not need lo
make use of other government covid-19 financial support mechanisms provided to businesses.
PRINCIPAL RISKS AND UNCERTAINTIES
1. Risk Management
A risk management policy was developed and adopted by PML in its first year of operation and is
reviewed annually by the Board. In addition, a comprehensive analysis of risks lo which PML is
exposed was undertaken and systems identified and put in place to mitigate risk. Under the terms of
the risk management policy, the Senior Management Team carries out a periodic evaluation of the
risks, by way of a risk register. The Audit & Finance Committee also reviewed the risk register in detsil
and presented to the Board those risks of greatest significance to PML. Principal risks and their
mitigation are discussed by the Trustees on a regular basis.
The principal risk and uncertainties faced by PML relate primarily lo the covid-19 pandemic. There
has been some impact on research activities and hence consequential impact upon income. There
have also been delays lo decisions by funding bodies, which cause uncertainty. However, a greater
perceived risk from continued remote working caused by sustained periods of lockdown is that of
stifling of creativity. With the ease of lockdown in the UK, the vaccination roll-out and PML'S plan for
hybrid working, sufficient mitigation is in place to largely address this risk. However, the potential for
covid variants and resulting lockdowns in the UK could still have impacts t)olh on research activities.
income and creativity.
A more immediate risk, which materialised in late March, is that of the UK govemment's cuts to the
Official Development Assistance IODAI budget, which has led to the reduction of funding of certain
research projects, resulting in an estimated loss of income lo PML in FY 2021-22 of £485k. Savings in
science and operational budgets are being explored to mitigate these reductions, whilst oplimising
funding opportunities elsewhere. A further risk from these reductions in funding could be that of
reputation with our overseas partners.
Page 8

Plymouth Marine Laboratory
Trustees. Report
2. Reserves Policy
A reserves policy was developed and adopted by PML in ils first year of operation and subsequenuy
revised. The level of free reserves at the year end was £4,374k12020 £3,017kl. The reserves policy
is reviewed annually by the Trustees lo ensure it is fit for purpose. The policy provided for
the maintenance of general reserves (under unreslricled funds) at a level equivalent lo al least 3
months, expenditure, in order lo provide adequate working capital levels for the ongoing operation of
PML and completion of existing projects. The policy was revised in July 2021 to provide for a level
equivalent lo 6 months, expenditure. The reserves are set at a level to withstand any short-
term setback, whether operational, in the investment markets, or in key sources of research
income. If the free reserves should fall outside the level of 6 months, expenditure, the Trustees
would review PML'S strategic plan accordingly.
The policy also provides designated reserves lunder unrestricted funds), which are funds set aside lo
assure that capital and other significant expenditure approved by the Trustees can be funded
as required over the next 12-monlh period.
Bank balances decreased over the year from £5.1 M lo £4.9M. There were £156k of funds held for
partners.
3. Principal Funding Sources
Income was derived principally from competitive research of £7.5M 12020.. £9.6MI from a variety
of customers, linclLJding UK Research & Innovation IUKRII, the European Commission, the
European Space Agency and Simons Foundalionl, including over £2M received from sub-
contractors 12020..£4MI, and the UKRI-NERC National Capability funding, amounting to £3.6M
12020.. £3.8MI. This income has enabled PML lo undertake strategic and applied research,
generating knowledge and publications, leading to impact, as well as carrying out the activities
listed under Achievements and Performance.
PML scientists have continued their success in tem)s of winning competitive research funding.
New contracts won during the financial year were valued al £4.5M 12020= £4.9M}, with a further
£276k under negoliationlsuccessful. In addition, NERC has provided c8pitsI funding of
£700k for autonomous vehicles for the Smart Sound inilialive, as well as additional funding for
other science equipment and greening inilialives.
4. Investment Policy
PML'S investment policy was reviewed in March 2021. PML aims lo make investments that have
a positive impact on environmental issues, whilst achieving the best financial return. PML'S intent is
to only invest in sectors or companies that have a clear direction of travel lo zero carbon and
have addressed their impact on the environment, as well as those companies that demonstrate a
green investment policy and have a positive environmental approach.
The portfolio of investments is managed by a professional asset management organisation approved
by the Trustees. The assets within the managers, portfolio are held by professional custodians.
The activities and performance of the investment managers are monitored through regular
reporting to PML'S Audit & Finance Committee, which reports lo the Trustees.
Page 9

Plymouth Marine Laboratory
Trustees. Report
5. Trading Subsidiary
PML'S trading subsidiary, PML Applications Ltd, reported an operating profit of £233k 12020..
£455kl, and generated £1.2M 12020.. £1.1MI of income for PML. A gift aid payment of £437k was
made by PML Applications to PML in the financial year. Following careful consideration, the PML
Board of Trustees agreed to accept a deferment of the repayment of the remaining balance of £100k
of its loan lo PML Applications Ltd for a further year to provide the trading subsidiary with
SLJfficienl wort(ing capital for future growth.
FUNDRAISING POLICY
PML'S approach to fundraising is lo target charitable foundations and Irusls. and corporations through
their foundations. PML will not embark on fundraising from the general public, whether in person,
through events or on-line. Any crowdfunding initiative will only be undertaken as part of a specific
fundraising campaign or proposal for research project or capital funds. PML adheres lo the
Fundraising Code of Practice. In the last year PML has adhered lo the requirements of the Code.,
there have been no complaints received regarding PML'S fundraising practices. PML'S
complaint procedure is available at htl s.'Ilwww.
ml.ac.uklS stem-
eslLe
al
PLANS FOR FUTURE PERIODS
PML'S plans for the future12021-22 financial yearl are as follows..
Increase the ex￿llence of PML'S science and impact
Oplimise local partnership opportunities
Prioritise PML'S inlemalional engagement lo maximise impact and visibility
Enhance PML'S profile
Develop and implement an effective and efficient hybrid working plan
Progress Equality, Diversity an Inclusion (EDI} inilialives
Pul in place a robust methodology system for carbon accounting for the adivities of PML Group.
STRUCTURE, GOVERNANCE & MANAGEMENT
Governing Document
PML is a company limited by guarantee and registered as a charity with the Charity Commission. PML
is governed by its Articles of Association adopted in July 2010 (following changes in both charity and
company lawl and amended by special resolutions, most recently 30 April 2021 to reflect EDI
language. Responsibility for the overall governance of PML rests with the Board, who are Trustees for
the purposes of the Charities Act and Directors for the purposes of the Companies Act. Members of
the charity comprise serving Trustees and the serving Chief Executive, each of whom undertakes lo
contribute such amount as may be required (not exceeding £101 to PML'S assets in the event of PML
being wound up.
Appointment of Trustees
As laid down in the Articles of Association, the Chair of the Trustees is appointed by the Trustees.
Admiral Sir James Burnell-Nugent will be stepping down as Chair at the end of July 2021, having
served a six-year term. The Board would like to thank him for his significant contribution to PML both
as 8 Trustee and Chair. A new Chair, Janice Timbedake, has been elected and will take up her
appointment from 1 August 2021, having previously served as a Trustee.
Page 10

Plymouth Marine Laboratory
Trustees. Report
Trustees must retire after serving a period of five consecLJtive years, except where such Trustee has
been invited, and has agreed lo serve, with the approval by resolution of the Trustees and of the
members of the Charity, an additional period of office of not more than two years, or if the Trustee is
elected as Chair, whereupon hislher term will be deemed to have recommenced. In exceptional
circumstances, Trustees may continue beyond a seven-year period, subject lo approval by resolution
of the Trustees and of a special resolution by the members of the Charity.
During the year a rigorous review, in line with the requirements of the Charity Governance Code, was
undertaken in relation to the renewal of a trusteeship beyond a seven-year period.
PML has in place a policy and procedure on the appointment of Trustees. Recruitment of new
Trustees is undertaken by the Board, led by the Chair, using a skills matrix lo detemine needs. When
recruiting a new Trustee, the Board is mindful of the need lo ensure a balance of skills, background
and diversity.
For details on individual Board members, please see the relevant section on our website al
ml.ac.ukl
ovprnance
Induction and Training of Trustees
PML has in place policies on the induction and training of Trustees. New Trustees undergo an
induction into PML, meeting other members of the Board of Trustees, as well as the Senior
Management Team and staff lo learn about its governance, research, impact, financial performance
and infraslruclure and also the wort( of ils wholly owned trading subsidiary, PML Applications Ltd. Two
new Trustees were remotely inducted during the year. Each Trustee receives an induction
programme, which is tsilored to suit the expertise of the Trustee and their role on the Board. As part of
the formal induction programme, new Trustees re￿1ve a comprehensive induction pack containing
various documents relating to PML and the duties of a Trustee, including key Charity Commission
publications
CC3 'The Essential Trustee" and the Charity G0Veman￿ Code
the Articles of
Association, PML'S Strategy, scien￿ Plan and Operating Plan, the most recent set of accounts, as
well as various other policy documents. The Company Secretary has overall responsibility for the
induction of Trustees. Where specific training is identified as necessary, then this is delivered
intemally or through external providers, inclLJding attendance al seminars or conferences.
During the year inductions were Carried out for Mark Butcher and Paul James.
Evaluation of Board Performance
Evaluation of Board performance is undertaken annually, with the last evaluation carried out in the
summer of 2020. Results were reviewed and actions identified and progressed. It had been previously
agreed by the Board that an extemal evaluation of Board performance would be considered in 2020.
However, due to the covid-19 pandemic this has been deferred.
Organisational Structure
Board of Trustees
The Board of Trustees, which can have up lo 11 members, is responsible for the g0veMan￿ of PML.
The Board generally meets at least 4 times per year lor more frequently as required), receiving
regular reports on the financial and management aspects of the organisalion, and to discuss strategic
issues. Average attendance by Trustees over the last year al Board meetings was 980/.12020.. 940/.1.
Sub-commillees
In addition to the main Board, there are three principal sub-commillees as follows=
Page11

Plymouth Marine Laboratory
Trustees. Report
Audit & Finance Committee.. Meets 2-3 limes per year and has delegated responsibility for
ensLJring that PML has in place effective systems and methods of financial control and risk
management and that il complies with all aspects of the law, relevant regulations and good
practice. 11 also reviews PML'S investments and the performance of the Investment Manager.
Trustee members during the reporting period were Nigel Godefroy (Chairl, Nick BLJckland and
Paul James.
Remuneration Committee.. Meets at least once per year to inter alia review staff annual pay
and benefits and propose recommendations to the Board. Trustee members during the
reporting period were Janice Timberlake Ichairl, and Dr MacKenzie.
scien￿ Advisory Council.. Meets once per year lo review aspects of the Scien￿ portfolio.
Trustee members are Profs. Rayner Ichairl, Jickells and Ward, as well as extemal members
from the international science community.
Each of the above commillees reports to the main Board on its activities, with minutes of meetings
being made available lo Trustees and recommendations being presented.
During the year the Board agreed to the estsblishmenl of an Innovation Committee which will hold its
first meeting in June 2021. Ils purpose is lo provide strategic advice lo the PML Executive on
connecting PML'S science and technology insights with customer needs, identifying innovation
opportunities that might be commercially exploited through PML Applications Ltd.
Senior Management Team
The Chief ExecLJtive is given delegated aLJthorily for the day- l(hday operation, delivered through the
Senior Management Team, including scientific, financial, health and safely, and employment related
matters. The specific levels of authority are detailed in a statement of Delegated Authority. The Chief
Executive reports regularly lo the Board on key aspects of PML'S perf0rrnan￿ as detailed above.
Related Parties
PML is eligible to bid for funding from UKRI, including from NERC. PML is designated a Delivery
Partner for "National Capabilill, and receives this element of funding from NERC via the National
Oceanography Centre, who manage marine National Capability on behalf of NERC. A staff loan
agreement signed in 2002 as part of the transfer of ownership process from NERC to PML was
novaled lo UKRI in 2018, hence there are a small number of UKRI employees working at PML.
As a major funder of PML, NERC requested and PML agreed lo an observer attending PML Board
meetings. This initiative is part of a wider process to put in place a strategic relationship agreement
between PML and NERC.
PML'S wholly owned subsidiary, PML Applications Ltd, was established to undertake more applied
and commercial work and facilitate knowledge exchange. It may gift aid its profits to PML. In March
2021 PML Applications received payments of £73,800 against a contract placed by Qineliq PLC. The
Chair of PML was a Director of Qineliq PLC until December 2020.
PML has a Memorandum of Understanding with the University of Exeler, a joint appointment, and
collaborates on a number of research projects and PhD studenlships.
Page 12

Plymouth Marine Laboratory
Trustees. Report
PML has hosted the secretariat of the Partnership for Observation of the Global O￿an$ IPOGOI for
eight years, providing accommodation and staffing for the secretariat under a formal agreement. In
February 2017 POGO became a Charitable Incorporated Organisalion in the UK.
Pay Policy for Senior Staff
All of the Trustees (Direclorsl give of their time freely and no Trustee received remuneration during
the year. Detsils of Trustees, expenses incurred in the course of their duties are disclosed under note
8. The Chief Executive's remuneration package is reviewed annually by the Board of Trustees who
review benchmarking data from comparable sized charities, regional companies and from NERC
Research Centres and assess performance against objectives set for the year.
Of the remaining senior stsff (members of the Senior Management Team), one is a UKRI employee
on loan to PML, as described under related parties, and hence fell under UKRI pay policies. Where a
member of the Senior Management Team is a PML employee, remuneration is reviewed by the
Remuneration Committee (see above) as part of the entire PML workforce's remuneration, with
recommendations made to the Board of Trustees for its approval.
Page 13

Plymouth Marine Laboratory
Trustees. Report
Going Concern and the impact of Covid-19
PML'S cash position las al 31 May 20211 is strong al £2.45M.
PML has put in place covid-safely measures within its premises, such that rf there is a fLJrther wave of
covid-19 and a consequential lockdown, it would not be adversely affected, i.e. laboratory and local
seagoing artivities Can ¢onlinLJe, and hen￿ income can be claimed.
Income forecasting has been undertaken which demonstrates that PML is likely to achieve a
break-evenlsmall deficit position at the end of the financial year 2021-22, taking into account the
recently notified government reduction in ODA funding as mentioned under Risk Management
Key assumptions here are that our remaining funders (UK Research & Innovation IUKRII, EU,
European Space Agency) will pay as per schedule. UKRI also provided an additional funding grant to
support grants affected by covid-19, £98k of which has been sel aside to support UKRI funded grants
held by PML in FY 2021-22.
Current signed contracts sland al £22.5M, of which £9.9M has already been recognised up to 31
March 2021. The remaining £12.6M relates to projects which run over the next 3 financial years.
Al year end the Trustees acknowledge that the net asset position was a relatively modest £704k
current assets. They tske assurance from the fact that within current creditors is £4.3M of cash
advances re￿iVed on competitive research conlracls. Due to the nature of this balance the Trustees
have strong certainly that the majority can be earnl and released to income over the next financial
year to fund staff costs and overheads. As at year end the charity also held an investment portfolio of
£3.6M which as a last resort could be realised to fund any deficits that arise as a result of covid-19 or
other loss of income.
The Trustees believe that PML is a going ￿n￿M on the following basis..
Strong cash position as identified above.
Principal funding sources are government backed. e.g. UKRI, the EU, European Space Agency.
Strong signed contracts position.
The company can meet ils short-temi debts.
Strong resetves position
In conclusion, there are no material uncertainties to cast doubl on PML'S ability to continue as a going
concern.
Page 14

Plymouth Marine Laboratory
Trustees. Report
Disclosurg of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves
aware of any relevant audit information and to establish that the charity's auditor is aware of that
information. The trustees confirm that there is no relevant information that they know of and of which
they know the auditor is unaware.
The annual report was approved by the trustees of the charity on
behalf by..
.9 July 2021.. and signed on its
Admiral Sir J BLJrnell-Nugent KCB, CBE
Chairman and Trustee
Page 15

Plymouth Marine Laboratory
Statement of Trustees. Responsibilities
The Iruslees (who are also the directors of Plymouth Marine Laboratory for the purposes of company
lawl are responsible for preparing the trustees. report and the financial statements in accordan￿ with
the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under
company law the Iruslees must not approve the financial statements unless they are satisfied that
they give a true and fair view of the stale of affairs of the charitable company and of its incoming
resources and application of resources, including its income and expenditure, for that period. In
preparing these financial slatemenls, the Iruslees are required lo..
select suitable accounting policies and apply them consislenlly.,
observe the methods and principles in the Charities SORP-,
make judgements and eslimales that are reasonable and prudent;
stale whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements., and
prepare the financial stslemenls on the going concern basis unless it is inappropriate to presume
that the charitable company will continue in business.
The Iruslees are responsible for keeping adequate accounting records that are sufficient to show and
explain the charitable company's transactions and disclose with reasonable accuracy al any time the
financial position of the charitable company and enable them lo ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the
charitable company and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
Approved by the trustees of the Charity on . .9 July 2021............ and signed on ils behalf by..
Admiral Sir J Burnell-Nugent KCB. CBE
Chaim)an and Trustee
Page 16

Plymouth Marine Laboratory
Independent Auditor's Report to the Members of Plymouth Marine
Laboratory
Opinion
We have audited the financial statements of Plymouth Marine Laboratory (the 'charitsble parent
company'l and its subsidiaries Ilhe 'group'l for the year ended 31 March 2021, which comprise the
Consolidated Statement of Financial Aclivilies, Consolidated Balance Sheet, Balance Sheet,
Consolidated Ststemenl of Cash Flows and Notes to the Financial Ststemenls, including a summary
of significant accounting policies. The financial reporting framework that has been applied in their
preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland. and applicable law Iunited
Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the stale of the group's and parent charity's affairs as al 31 March
2021 and of the group's results for the year then ended.,
have been property prepared in accordan￿ with United Kingdom Generally Accepted
Accounting Practice,. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII 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 group in 8ccord8nce with the elhic81 requirements Ih8t 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 8ccord8nce with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate lo provide 8 basis for our opinion.
Use of our report
This report is made solely to the charitable parent companls members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our 8udit work has been undertaken so that we
might stale to the group's members those matters we are required to slate to them in an auditor's
report and for no other purpose. To the fullest exlenl permitted by 18w, we do not accept or assume
responsibility lo anyone other than the charitable parent company and its members 8s a body. for our
audit work. for this report, or for the opinions we have fom)ed.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concem
basis of accounting in the preparation of the financi81 statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo
events or conditions that, individually or collectively, may cast significant doubl on the companls
ability to continue as a going concern for a period of al least twelve months from when the original
financial statements were aulhorised for issue.
Our responsibilities and the responsibilities of the directors with respect lo going concem are
described in the relevant sections of this report.
Page 17

Plymouth Marine Laboratory
Independent Auditor's Report to the Members of Plymouth Marine
Laboratory
Other information
The trustees are responsible for the other information. The other information comprises the
information included in the annual report, other than the financial statements and our auditor's report
thereon. Our opinion on the financial statements does not cover the other information and, except lo
the exlenl olhenNise explicitly slated in our report, we do not express any form of assuran
conclusion thereon.
In connection with our audit of the financial slatemenls, our responsibility is lo read the
other information and, in doing so, Consider whether the other information is materially inconsislenl
with the financial statements or our knowledge obtained in the audit or otherwise appears lo be
materially misslaled. If we identify such material inconsistencies or apparent material
misslalements, we are required lo determine whether there is a material misstslemenl in the
financial statements or a material misslalemenl of the other information. If, based on the work we
have performed, we conclude that there is a material misslatemenl of this other infomialion, we are
required to report that fact.
We have nothing lo report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the and Trustees, Report for the financial year for which the
financial statements are prepared is consistent with the financial statements- and
the and Trustees, Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent charitable wmpany and
its environment obtained in the course of the audit, we have not identified material misstalemenls in
the and the Trustees, Report.
We have nothing lo report in respect of the following matters where the Companies Act 2006 requires
us to report lo you if, in our opinion:
adequate accounting records have not been kept by the parent charitable company, or
retums adequate for our audit have not been received from branches not visited by us., or
the parent charitable company financial statements are not in agreement with the
accounting records and retums., or
certain disclosures of trustees remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees. Responsibilities (set out on page 161, the
trustees 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 Iruslees determine is
necessary to enable the preparation of financial statements that are free from material
misstalemenl, whether due lo fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to
continue as a going concern, disclosing, as applicable, matters related lo going concern and using the
going concern basis of accounting unless the Iruslees either intend to liquidate the charity or to cease
operations, or have no realistic altemalive but to do so.
Page 18

Plymouth Marine Laboratory
Independent Auditor's Report to the Members of Plymouth Marine
Laboratory
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtsin reasonable assuran￿ about whether the financial statements as a whole
are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditor's report
that includes our opinion. Reasonable assurance is 8 high level of assurance, bul is not a guarantee
that an audit conducted in accordance with ISAS IUKI will always delect a material misstatement
when il exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of users
taken on the basis of these financial slatemenls.
Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, lo deted material misslalements in respect
of irregularities, including fraud. The exlenl to which our procedures are capable of delecling
irregularities, including fraud is detailed below..
Based on our understsnding of the company and industry, we identified that the principal risks of
non-compliance with laws and regulations related to acts by the company which were contrary to
applicable laws and regulations, including fraLJd.
We considered those laws and regulations that have a direct impact on the preparation of the financial
slatemenls, including, bul not limited lo the reporting framework IFRS 102 and Companies Act 20061
and the relevant lax compliance regulations in the UK. We evaluated management's incentives and
opportunities for fraudulent manipulation of the financial statements {including the risk of override of
controls), and determined that the principal risks were related to fraudulent financial reporting.
We also considered those laws and regulations that have a direct impact on the operations of the
Group, including, bul not limited lo various environmental and employment laws and regulations le.g.
Environmental Protection Act and The Health and Safety at Work Act 19741 that are applicable in the
UK.
Audit procedures performed by the engagement team include, but were not limited lo, discussion and
inquiries with management of compliance with laws and regulations and review of correspondence
and contracts with third parties. We also addressed the risk of management override of internal
controls, including testing of journals and evaluating whether there was evidence of bias by the
Directors that represented a risk of material misslatemenl due lo fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities,
including those leading lo a material misslatemenl in the financial stalemenls. This risk increases the
further removed non-compliance with laws and regulations is from the events and transactions
reflected in the financial statements as we are less likely to be come aware of instan￿S of
non-compliance. The risk of not delecling a material misslatemenl due lo fraud is higher than the risk
of not delecling one resulting from error, as fraud may involve deliberate concealment, collusion,
omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website al www.frc.or
.uklaudilorsres
onsibilities. This description
forms part of our auditor's report.
Page 19

Plymouth Marine Laboratory
Independent Auditor's Report to the Members of Plymouth
Marine Laboratory
Duncan Leslie (Senior Statutory Audilorl
PKF Francis Clark, Statutory Auditor
North Quay House
Sutton Harbour
Plymouth
PL4 ORA
13107/21
Date..
Page 20

Plymouth Marine Laboratory
Consolidated Statement of Financial Activities
Year Ended 31 March 2021
(Including Consolidated Income and Expenditure Account and Statement
of Total Recognised Gains and Losses)
Unrgstricted Unr9$tricted
funds-
funds-
general
designated
£000
£000
Rgstricted
funds
£000
Total
2021
£000
Noto
Income and Endowments from:
Charitable aclivilies
Other trading activities
Investment income
370
1,376
62
330
12,144
12,844
1,376
62
Total income
1,807
330
12,144
14,281
Expenditurg on:
Raising funds
Charitable activities
Other expenditure
14431
16981
1201
14431
113,0951
1201
12531
112,1441
Total expenditure
11,1621
12531
112,1441
113,5591
Net income
Transfers between fijnds
Gainslllossesl on
investments assets
645
11391
77
139
722
750
750
Net movement in funds
1,256
216
1,473
Reconciliation of funds
Total funds brought forward
Total funds carried forward
2,838
3,714
6,552
21
4,095
3,930
8,024
Page 21

Plymouth Marine Laboratory
Consolidated Statement of Financial Activities
Year Ended 31 March 2021
(Including Consolidated Income and Expenditure Account and Statement
of Total Recognised Gains and Losses)
For comparative purposes - financial performance for prior financial year
Unrestricted
funds-
desigated
£000
Unrgstricted
funds
£000
Rgstricted
funds
£000
Total
2020
£000
Note
Income and Endowments from:
Charitable aclivilies
Other trading activities
Investment income
353
1,594
129
200
14,140
14,693
1,594
129
Total income
2,076
200
14,140
16,416
Expgnditurg on:
Raising funds
Charitable activities
Other expenditure
13671
19711
1221
13671
115,3391
1221
12281
114,1401
Total expenditure
11,3591
12281
114,1401
115,7281
Net incomel{expenditurel
before transfers
Gainslllossesl on
investment assets
716
1281
688
224
224
Net movement in funds
493
1281
464
Reconciliation of funds
Total funds brought forward
2,347
3,742
6,089
Total funds carried fomard
21
2,840
3,714
6,553
Al of the group's activities derive from conlinLJing operations during the above two periods.
The funds breakdown for 2020 is shown in note 21.
Page 22

Plymouth Marine Laboratory
Consolidated Balance Sheet
31 March 2021
2021
£000
2020
£000
Note
Flxed assets
Intangible assets
Tangible assets
Investments
486
10,125
3,629
546
9,386
2,837
13
14
14,241
12,770
Current assets
Debtors
Cash at bank and in hand
3,634
4,934
3,208
5,118
16
8,568
8,325
Creditors- Amounts falling due within one year
Net current assets
17
17,8641
18,2101
704
115
Total assets less current liabilities
14,945
12,885
Creditors: Amounts falling due after more than one year
18
6,920
6.331
Net assets
8,024
6,553
Funds ofthe group..
Restricted
Unrestricted - designated
Unrestricted general
3,930
4,095
3,714
2,839
Total funds
21
8,024
6,553
The financial statements on pages 21 to 57 were approved by the trustees, and authorised for issue
on ....9 July 2021.... and signed on their behalf by..
Admiral Sir J Burnell-Nugent KCB, CBE
Chairman and Trustee
N J Godefroy
Trustee
Company Registration Number.. 4178503
Page 23

Plymouth Marine Laboratory
Balance Sheet
31 March 2021
2021
£000
2020
£000
Note
Flxed assets
Intangible assets
Tangible assets
Investments
486
10,124
3,729
546
9,384
2,937
13
14
14,339
12,867
Current assets
Debtors
Cash at bank and in hand
3,440
4,444
3,308
4,189
16
7,884
7,497
Creditors- Amounts falling due within one year
Net current assetsllliabilitiesl
17
17,5481
17,9541
336
14561
Total assets less current liabilities
14,675
12,411
Creditors: Amounts falling due after more than one year
18
6,920
6.331
Net assets
7,755
6,080
Funds ofthe charity:
Unrestricted general
Unrestricted - designated
Restricted
3,827
3,928
2,367
3,713
Total funds
21
7,755
6,080
The financial statements on pages 21 to 57 were approved by the trustees, and authorised for issue
on .....9 July 2021............ and signed on their behalf by:
Admiral Sir J Burnell-Nugent KCB, CBE
Chairman and Trustee
N J Godefroy
Trustee
Company Registration Number.. 4178503
Page 24

Plymouth Marine Laboratory
Consolidated Statement of Cash Flows
Year Ended 31 March 2021
2021
£000
2020
£000
Note
Cash flows from opgrating activitios
Nel cash income
1,473
465
Adjustments to cash flows from non-cash items
Depreciation
Amortisalion
Investment income
1,107
60
1621
1,010
56
11291
Interest payable
Fair value movement on investment assets
750
224
1,832
1,631
Working capital adjustments
Increase in debtors
Increase in creditors
Decrease in deferred income
14041
606
1,947
14421
255
13
17
18
Nel cash flows from operating activities
87
1,432
Cash flows from invgsting activities
Interest receivable and similar income
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Capitsl grants
Purchase of investments
Sale of investments
62
129
1391
11,4071
1,125
11061
149
12
11,8461
1,713
1421
Nel cash flows from investing activities
11131
11491
Cash flows from flnanclng actlvltles
Repayment of loans and borrowings
Interest payable and similar charges
17
11511
11341
Nel cash flows from financing activities
Nel Idecreasellincrease in cash and cash equivalents
Cash and cash equivalents al 1 April
11561
11411
11821
5,118
1,142
3,976
Cash and cash equivalents al 31 March
4,935
5,118
All of the cash flows are derived from continuing operations during the above ￿ periods.
Page 25

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
1 Charity status
The charity is limited by share capital, incorporated in England and Wales.
The address of ils registered office is..
Prospect Pla
The Hoe
Plymouth
PL13DH
2 Accounting policios
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financi81 statements are sel out
below. These policies have been consistenuy applied to all the years presented, unless otherwise
slated.
Statement of ¢omplian¢e
The financial statements have been prepared in accordance with Accounting and reporting by
Charities- Stslemenl of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
1021 (effective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006, with the
ex￿ptIOn that grants in respect of capital expenditure received are deferred and released to the
Statement of Financial Activities over the expected useful lives of the relevant assets lo which they
relate This treatment provides consistency with the treatment adopted by other similarfy funded
institutions including Universities.
Basis of preparation
The accounts are prepared under the historical cost convention and in accordance with applicable
accounting standards.
The trustees consider that there are no material uncertainties about the charity s ability to continue as
a going concern.
The functional currency of Plyrnoulh Marine Laboratory is considered to be pounds sterling because
that is the currency of the primary economic environment in which the wmpany operates.
Plymouth Marine Laboratory meets the definition of a public benefit entity under FRS 102.
Page 26

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Basis of consolidation
The consolidated financial slalemenls consolidate the financial statements of the charity and ils
subsidiary undertakings drawn up lo 31 March 2021.
No statement of financial activities is presented for the charity as permitted by section 408 of the
Companies Art 2006. The charity had a positive net movement in funds for the financial year of
£1,675,00012020 - £287,0001-
The charity has taken advantsge of the exemption not to prepare a Cash flow statement, as the charity
figures are included in the consolidated cash flow statement and the members have not objected to
the exemption being taken.
A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power
to govem the financial and operating policies of an entity so as lo obtsin benefits from ils aclivilies.
Inler-company Iransaclions, balances and unrealised gains on transactions be￿een the charity and
ils subsidiaries, which are related parties, are eliminated in full.
Inlra-group losses are also eliminated but may indicate an impaimienl that requires recognition in the
consolidated financial slatemenls.
Page 27

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Going concern
PML'S cash position las al 31 May 20211 is strong al £2.45M.
PML has pul in place covid-safely measures within ils premises, such that if there is a further wave of
covid-19 and a consequential lockdown, it would not be adversely affected, i.e. laboratory and local
seagoing activities can continue, and hence income Can be claimed.
Income forecasting has been undertaken which demonstrates that PML is likely to achieve a
break-evenlsmall deficit position al the end of the financial year 2021-22, taking into account the
re￿ntlY notified government reduction in ODA funding as mentioned under Risk Management
Key assumptions here are that our remaining funders IUK Research &amp,' Innovation IUKRII, EU,
European Space Agency) will pay as per schedule. UKRI also provided an additional funding grant to
support grants affected by covid-19, £98k of which has been sel aside lo support UKRI funded grants
held by PML in FY 2021-22.
Current signed contracts sland al £22.5M, of which £9.9M has already been recognised up to 31
March 2021. The remaining £12.6M relates to projects which run over the next 3 financial years.
Al year end the Trustees acknowledge that the net asset position was a relatively modest £704k
current assets. They take assurance from the fact that within current creditors is £4.3M of cash
advances received on competitive research contracts. Due to the nature of this balance the Trustees
have strong certainly that the majority can be earnl and released to income over the next financial
year to fund staff costs and overheads. As at year end the charity also held an investment portfolio of
£3.6M which as a last resort could be realised lo fund any deficits that arise as a result of covid-19 or
other loss of income.
The Trustees believe that PML is a going concem on the following basis..
Strong cash position as identified above.
Principal funding sources are government backed. e.g. UKRI, the EU, European Space Agency.
Strong signed contfficls position.
The company can meet ils short-temi debts.
Strong resetves position
In conclusion, there are no material uncertainties to cast doubl on PML'S ability to continue as a going
cOn￿rn.
Page 28

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described above, the directors are
required lo make judgements, estimates and assumptions about the carrying amounts 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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo
accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affects both
current and future periods. The following are the critical judgements and estimates that the directors
have made in the process of applying the charitys accounting policies and that have the most
significant effect on the amounts recognised in the financial statements.
Carrwng value of research balances
Provision is made against research debtor balan￿S where costs (including those to completel exceed
contracted income.
Income
All incoming resources are included in the statement of financial activities where the charity is entitled
to the income and the amount can be qualified with reasonable accuracy. The following specific
policies are applied lo particular categories of income=
Investment income is included when receivable.
Grants in respect of capital expenditure are credited to a deferred capital grants account
within creditors, and are released to the Statement of Financial Activities over the expected
useful lives of the relevant assets lo which they relate.
Competitive Research The majority of contracts are for 3 years duration. During the period of
the contract, income is only credited to the Income and Expenditure account if it is matched
by activity within the contract. Where income received lo date is in excess of this
calculated amount, il is deferred, where the income received is less, il is accrued. Should
funds be provided within the contract lo purchase capital equipment but ownership of that
equipment resides with the customer, then the equipment is not capilalised on the Balan
Sheet. Should ownership of the equipment reside with the group, the equipment is capilalised
and the specific income provided for its purchase is spread over the life of the asset
Deferred incomg
Deferred income represents amounts received for future periods and is released to incoming
resources in the period for which, it has been received. Such income is only deferred when..
The donor specifies that the grant or donation must only be used in future accounting periods,. or
The donor has imposed conditions which must be mel before the charity has
unconditional entitlement., or
The costs that are funded by the grant have yet to be spent.
Page 29

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Expenditure
Expenditure is recognised when a liability is incurred. Contractual arrangements and performance
related grants are recognised as goods or services are supplied. Other payments are recognised
when a constructive obligation arises that results in the payment being unavoidable.
Costs of generating commercial trading income through the subsidiary, PML Applications Ltd.
Charitable activities include expenditure associated with the operation of the Charity, and
include both the direct costs and support costs relating lo those aclivilies.
Govemance costs include those incurred in the governance of the Charity and its assets and
are primarily associated with strategic, constitutional and statutory requirements.
Support costs include ￿ntral functions and have been allocated to activity cost categories
on a basis consislenl with the use of reSoUr￿s.
Research and Development and Patents
As an organisation wholly engaged in research, the group does not classrfy research and
development expenditure separately in the accounts. Expenditure in respect of the development of
patents has been written off.
Intellectual Property
Intellectual property rights arising from the group's research and development have not been included
in these accounts as their market value cannot be readily estimated. The anlicipaled annual income
generated from such rights is not material in value and is credited lo the income and expenditure
account on receipt.
Pensions
In accordan￿ with the Staff Loan Agreement between NERC and PML, employees who were in post
al 31 March 2002 remained employees of NERC (subsequently novaled to UKRI}. For these
employees, payments are made to the Research Council's Pension Scheme
a defined benefits
scheme. Employees who joined PML after 31 March 2002 have the option to join the Plymouth Marine
Laboratory Group Scheme. This is a defined contribution scheme administered by Scottish Life.
Contributions for both schemes are charged to the accounts as they become payable in accordance
with the njles of the schemes.
Value Added Tax
As the group is registered partially exempt for VAT purposes, all expenditure and fixed asset
purchases are shown inclusive of VAT where applicable.
Taxation
The eharily is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Art 2010
and therefore il meets the definition of a charitable company for UK corporation tax purposes.
Accordingly, the charity is potentially exempl from taxation in respect of income or capital gains
received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are
applied exclusively lo charitable purposes.
Page 30

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Intangible assets
Intangible assets are slated in the Balance Sheet at cost less accumulated amortisation and
impaimient. They are amortised on a slraighl line basis over their estimated useful lives.
Amortisation
Amortisalion is provided on intangible fixed assets so as lo write off the cost, less any estimated
residual value, over their expeded useful economic life as follows..
Asset class
Computer software
Amortisation method and rate
2-10 years straight line
Tanglble flxed assets
Individual fixed assets costing £3k or more are initially recorded al cost, less any SLJbsequenl
accumulated depreciation and subsequent accumulated impairment losses.
Depreclatlon and amortlsatlon
Provision is made for depreciation on all tangible fixed assets al rates calculated to write off the costs
of each asset evenly over ils expected useful working life.
Fixed assets are depreciated in the month of acquisition, bul are not depreciated in the month of
disposal. Components of assets with substantially different economic lives are accounted for
separately for depreciation purposes and depreciated over their individual useful economic lives.
Asset class
S¢ienlifi¢ equipment
Computer equipment
Plant
Vehicles
Ships
Leasehold buildings
Depreciation rnethod and rate
2-10 years straight line
2-5 years straight line
10 years slraighl line
4 years straight line
20 years slraighl line
25 years slraighl line
Flxed asset Investments
Fixed asset investments, other than programme related investments, are included at market value at
the balan￿ sheet date. Realised gains and losses on investments are calculated as the difference
between sales proceeds and their market value al the start of the year, or their subsequent cost, and
are charged or credited lo the Statement of Financial Artivities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are
credited or charged to the Statement of Financial Activities based on the market value al the year end.
Page 31

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Borrowings
Inlerest-bearing borrowings are initially recorded al fair value, nel of transaction costs.
Inleresl-bearing borrowings are subsequently carried al amortised cost, with the difference between
the proceeds, nel of transaction costs, and the amount due on redemption being recognised as a
charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effertive interest method and is included in interest
payable and similar Charges.
Borrowings are classified as current liabilities unless the charity has an unwndilional right lo defer
settlement of the liability for at least twelve months after the reporting dale.
Foreign exchange
Assets and liabilities denominated in foreign currencies are expressed in pounds Ste￿Ing at ratels) of
exchange ruling al the balance sheet dale. Transactions in foreign currencies are recorded al the rate
ruling at the lime of the transaction. All exchange differences are taken to the Statement of Financial
Activities.
Fund structure
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Charity and which have not been designated for other
purposes.
Designated funds are unrestricted funds which have been assigned by the Trustees for future
projects.
Restricted funds are funds which are lo be used in accordan￿ with specific reslriclions imposed by
donors or which have been raised by the Charity for particular purposes.
Hire purchase and finance leases
Leases in which subsiantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Rentals payable under operating leases are charged in the Statement
of Financial Activities on a straight line basis over the lease term.
Page 32

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Financial instruments
Financial assets and liabilities are recognisedllderecognisedl when the company becomesllceases lo
bel party lo the contractual provisions of the inslrumenl. The company holds the following financial
assets and liabilities..
Short-lerm debtors and creditors
Debtors and creditors with no staled interest rale and receivable or payable within one year are
recorded at transaction price. Any losses arising from impairment I'doubtful debts") are recognised in
Statement of financial activities before net income.
Loans qualifying as basic financial instruments under FRS102
Loans are initially recorded al transaction price and subsequently measured at amortised cost using
the effective interest method.
Other financial instruments not qualify as basic under FRS102
Fornard exchange contracts are measured at fair value al the balance sheet dale. Movements in fair
value are charged or credited lo the statement of financial activities before nel income.
Investments
Investments in subsidiaries and associates are measured al cost less impairment. For investments in
subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost
is measured by referen￿ to the nominal value of the shares issued plus fair value of other
consideration. Any premium is ignored.
P8g8 33

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
3 Income from charitable activities
Unrestricted funds
Rg$tri¢tgd
funds
£000
Total
2021
£000
Total
2020
£000
Designated
£000
General
£000
NERC funding
(National
Capability)
Research
Income
Designated
income
Deferred income
on capital
expenditure
Funding for
restructuring
Reimbursements
VAT
3,600
3,600
3,773
7,481
7,481
9,566
330
330
200
811
811
711
40
41
recoverable
(due lo partial
exemplionl
Charges for
secretariat
ServI￿S -
Partnership for
Observation of
the Global
Oceans
Doctoral training
grants
Other income
10
10
69
110
110
101
154
96
97
95
252
347
330
370
12,144
12,844
14,693
Page 34

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
4 Income from other trading activities
Summary profit and loss account
2021
2020
£'ooo
£'ooo
Turnover
1,423
11,187)
1,617
11.1591
Cost of sales and adminislralive expenses
Other income, including interest re￿1vable
Operating profit
Interest payable on loan
Net profil
236
458
131
233
{31
455
The assets and liabilities of the subsidiary were:
2021
2020
£'ooo
£'ooo
Fixed assets
Current assets
817
1.172
16011
574
Current liabilities
14491
370
Total nel asselsllliabilitiesl
Aggregate share capital and reserves
370
574
Reconciliation with statement of financial activities {SOFAI
2021
2020
£'ooo
£'ooo
Turnover IAS above)
Less.. Income from parent charity
Per SOFA- Income from other trading activities
1,423
1471
1,376
1,617
1231
1,594
Cost of sales and administrative expenses (As above)
Less.. Recharged by parent Charity
Per SOFA- Expenditure on raising funds
1,187
17441
443
1,159
17921
367
Page 35

Plymouth Marine Laboratory
Notes to the Financial
Statements Year Ended 31
March 2021
5 Expenditure on charitable activities
Activity
undertaken
directly
£000
6,191
2,761
1,141
Activity
support
costs
Total
2021
£000
6,191
2,761
1,141
Total
2020
£000
5,945
5,470
1,371
£000
Research staff costs
Recurrent costs - Scien
Recurrent costs - Science support
Depreciation and amortisalion of
assets
Loan interest payable
Reslrucluring costs
Senior management and
adminislralive staff costs
Administration costs
Governan￿ wsls
1,166
1,166
1,026
37
37
1,178
578
38
1,178
578
38
988
404
11,264
1,831
13,095
15,339
£951,000 12020 - £1,199.000) of the above expenditure was attributable to unrestricted funds and
£12,144,00012020 - £14,140,000) to restricted funds.
6 Analysis of govemance and support costs
Governance costs
Restricted
funds
£000
Total
2021
£000
Total
2020
£000
Audit fees
Audit of the financial statements
Other fees paid to auditors
Trustees remuneration and expenses
20
19
20
19
19
38
38
45
Page 36

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
7 Net incomingloutgoing resources
This is staled after chargingllcrediling)-
2021
£000
20
19
1,166
142
18101
137
2020
£000
18
Audit fees
Other non-audit services
Depreciation and amortisalion of assets
Operating leases - other assets
Deferred grants released
Foreign currency lossesllgainsl
Finance charges payable
1,065
141
17121
11391
8 Trustees remuneration and expenses
No Iruslees, nor any persons connected with them, have received any remuneration from the group
during the year.
Trustees expenses amounting lo £Ok {2020.. £5kl were reimbursed during the year.
9 Staff costs
The aggregate payroll costs were as follows..
2021
£000
2020
£000
Staff costs during the year were-
Wages and salaries
Social security costs
Pension costs
Reslrucluring costs
6,491
656
637
37
6,009
627
640
7,821
7,360
The monthly average number of persons (including senior management team) employed by the group
during the year expressed as full time equivalents was 8s follows..
2021
No
108
43
26
2020
No
101
43
19
Permanent staff - scien￿ and support
Permanent staff - Management and admin
Temporary staff
177
163
Page 37

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
The number of employees whose emoluments fell within the following bands was=
2021
2020
£60,001 - £70,000
£70,001 - £80,000
£80,001- £90,000
£90,001 - £100,000
£100,001 - £110,000
The total employee benefits of the key management personnel of the group were £537,20512020
£510,844).
10 Auditors. remuneration
2021
£000
2020
£000
Audit of the financial statements
20
19
Other fees to auditors
Al other assurance services
l other non-aLJdil services
14
10
19
15
11 Taxation
The group is a registered charity and is therefore exempl from taxation.
Page 38

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
12 Intangible fixed assets
Group
Software
£000
Total
£000
Cost
At 1 April 2020
Additions
602
602
At 31 March 2021
602
602
Amortisation
At 1 April 2020
Charge for the year
56
60
56
60
At 31 March 2021
116
116
Net book value
At 31 March 2021
486
486
At 31 March 2020
546
546
Charity
Software
£000
Total
£000
Cost
Al 1 April 2020
Additions
602
602
At 31 March 2021
602
602
Amortisation
At 1 April 2020
Charge for the year
At 31 March 2021
56
60
56
60
116
116
Net book value
At 31 March 2021
486
486
At 31 March 2020
546
546
Page 39

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
13 Tangible fixed assets
Group
Fumiture
and
equipment
£000
Assets
under
construction
Land and
buildings
£000
Ships and
vehicles
£000
Total
£000
£000
Cost
Al 1 April 2020
Additions
Transfers
7.268
10,609
810
1.125
1,844
1,045
19,812
1,846
25
1,020
Al 31 March 2021
7.293
11,632
810
1.923
21,659
Depreciation
Al 1 April 2020
Charge for the year
1,239
432
8,568
635
619
40
10,426
1,107
Al 31 March 2021
1.671
9,203
659
11,533
Net book value
Al 31 March 2021
5,622
2,429
151
1,923
10,125
Al 31 March 2020
6,029
2,041
191
1,125
9,386
Included within the net book value of land and buildings above is £Nil 12020 - £Nill in respect of
freehold land and buildings and £5,622,00012020 - £6,029,000) in respect of leaseholds.
Restriction on title and pledged as security
Freehold property with a carrying amount of £5,622,000 12020.. £6,029,000) has been pledged as
security for the bank loans.
Page 40

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Charity
Fumiture
and
equipment
£000
Assets
Ships and
under
vehicles construction
£000
£000
Land and
buildings
£000
Total
£000
Cost
Al 1 April 2020
Additions
Transfers
7.268
10.570
810
1,125
1,844
11,0451
19,773
1,846
25
1,020
Al 31 March 2021
7.293
11,593
810
1.923
21,620
Dgprgciation
Al 1 April 2020
Charge for the year
1.239
432
8,531
635
619
40
10,390
1,106
Al 31 March 2021
1.671
9,166
659
11,496
Ngt book value
Al 31 March 2021
5,622
2,427
151
1,923
10,124
Al 31 March 2020
6,029
2,039
191
1,125
9,384
Included within the net book value of land and buildings above is £Nil 12020 - £Nill in respect of
freehold land and buildings and £5,622,00012020 - £6,029,000) in respect of leaseholds.
Restriction on title and pledged as security
Land and buildings with a carrying amount of £5,622,000 12020 £6,029,000) has been pledged as
security for the bank loans.
Page 41

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
14 Fixed asset investments
Group
2021
£000
3,629
2020
£000
2,837
Other investments
Other Investments
Llsted
Investments
£000
Cost or Valuation
Al 1 April 2020
Revaluation
2,837
750
62
20
Additions
Investment manager fee
Al 31 March 2021
3,629
Net book value
Al 31 March 2021
3,629
Al 31 March 2020
2,837
Charity
2021
£000
100
3,629
2020
£000
100
2,837
Shares in group undertakings and participating interests
Other investments
3,729
2,937
Page 42

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Shares in group undertakings and participating interests
Subsidiary
undertakings
£000
Total
£000
Cost
Al 1 April 2020
100
100
Al 31 March 2021
100
100
Net book value
Al 31 March 2021
100
100
Al 31 March 2020
100
100
Other investments
Listed
investments
£000
Cost or Valuatlon
Al 1 April 2020
Revaluation
Additions
Investment fees
2,837
750
62
1201
Al 31 March 2021
3,629
Net book value
Al 31 March 2021
3,629
Al 31 March 2020
2,837
Page 43

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Details of undertakings
Details of the investments in which the charity holds 200/0 or more of the nominal value of any class of
share capital are as follows..
Country of
incorporation
Proportion of voting
rights and shares held
2021
2020
Principal
activity
Undertaking
Holding
Subsidiary undertakings
PML Applications Ltd
Prospect Place, Wesl England and
Wales
Hoe, Plymouth, PL1
3DH
Ordinary
shares
1000/.
Marine
research
Smart Sound
Plymouth Ltd
Prospect Place, Wesl
Hoe, Plymouth, PL1
3DH
Innovative
marine
technology
development
currently
dormant
England and
Wales
Ordinary
shares
GenePro Ltd Iheld by
a subsidiary)
Prospect Place, Wesl England
Hoe, Plymouth. PL1
3DH
Exploitation
Ordinary
intellectual
property
currently
dormant
Page 44

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Subsidiaries
The profit for the financial period of PML Applications Ltd was £233,433 12020 £455,243) and the
aggregate amount of capital and reserves at the end of the period was £369,69312020 - £573,647).
The profil for the financial period of Smart Sound Plymouth Ltd was £Nil 12020 £Nill and the
aggregate amount of capital and reserves al the end of the period was £Nil12020 - £Nill.
The profit for the financial period of GenePro Ltd (held by a subsidiary) was £Nil {2020 £Nill and the
aggregate amount of capital and reserves at the end of the period was £Nil12020 - £Nill.
15 Debtors
Group
2020
£000
1,453
Charity
2020
£000
1,262
345
136
1,557
2021
£000
2,034
2021
£000
1,809
125
177
1,323
Trade debtors
Due from group undertakings
Prepayments
Accrued income
VAT recoverable
Other debtors
177
1,416
136
1,608
3,634
3,208
3,440
3,308
16 Cash and cash equivalents
Group
2020
£000
5,100
18
Charlty
2020
£000
4,171
18
2021
£000
4,934
2021
£000
4,444
Cash at bank
Short-temi deposits
4,934
5,118
4,444
4,189
Balances held by the group that are not available for use by the group
Al year end no cash 12020.. £Nill was held on behalf of other project partners, e.g. where PML acts as
Co-ordinator of EC conlracls.
Page 45

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
17 Creditors- amounts falling due within one year
Group
2020
£000
161
639
Charity
2020
£000
161
633
13
183
45
1,727
5,192
2021
£000
49
672
2021
£000
49
610
Bank loans
Trade creditors
Due lo group undertakings
Other taxation and social security
Other creditors
Accruals
Deferred income
257
56
2,532
4,298
192
50
1,779
5,389
225
2,452
4,151
7,864
8,210
7,548
7,954
Bank borrowings
A bank loan to finance the purchase of the Wesl Hoe sile is denominated in £ sterling with a nominal
interest rate of 1.850/0 above bank base rate 12020 - 1.850/0 above bank base ratel, and the final
instalment is due on 14 April 2021. The carrying amount at year end is £9,00012020 - £120,000).
The loan is secured on a first legal mortgage over the leasehold property at Prospect Place, The Hoe,
Plymouth.
A bank loan of £200,000 to finance the purchase of a new business management system is
denominated in £ sterling with a nominal interest rale of 2.55'/0 above bank base rate12020 - 2.55 /0
above bank base ratel, and the final inslalmenl is due on 19 January 2022. The carryng amount at
year end is £40,00012020 - £80,000).
The loan was secured on the first legal mortgage over the leasehold property al Prospect Place. The
Hoe, Plymouth.
Page 46

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
18 Creditors- amounts falling due after one year
Group
2020
£000
39
6,292
Charity
2020
£000
39
6,292
2021
£000
2021
£000
Bank loans
Deferred income
6,920
6,920
6,920
6,331
6,920
6,331
Deferred Capital grants - Group and company
2021
2020
Amounts lo be released=
£'ooo
£'ooo
Within one year
In two to five years
In over five years
970
683
3,540
3,368
7,878
1.547
4,745
6,975
Analysis of Deferred capital grants- Group and company
2021
£000
16,9751
11,7131
810
2020
£000
16,5621
11,1251
712
Deferred capital grant brought forward
Resources deferred in the period
Amounts released from previous periods
Deferred capitsl grant al year end
7,878
6,975
Page 47

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
19 Obligations under leases and hire purchase Contracts
Operating lease commitments
Total future minimum lease payments under non-cancellable operating leases are as follows..
Group
2020
£000
Charity
2020
£000
2021
£000
2021
£000
Land and buildings
Within one year
Between one and five years
After five years
40
84
177
41
86
194
40
41
86
194
177
301
322
301
322
Other
Within one year
Between one and five years
After five years
130
292
122
317
130
292
122
317
422
440
422
440
In addition to the financial commitments listed above a long tem) lease to 2094 has an annual
commitment of £25k per annum.
The amount of non-cancellable operating lease payments recognised as an expense during the year
was £142k12020= £116k}.
20 Commitmgnts
Group and charlty
Capital commitments
Commitments for purchase of capital equipment.
The total amount contracted for but not provided in the financial stslemenls was £850k 12020
£158k}.
Page 48

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Pension commitments
UKRI-NERC employees are entiued to be members of the Research Council's Pension Scheme
which is a defined benefit scheme funded from annual grant-in-aid on a pay-as-you-go basis. The
pension scheme is contributory and the benefits are by analogy lo the Principal Civil Service Pension
Scheme, except that while the scheme provides retirement and related benefits based on final
emoluments, redundancy and injury benefits are administered and funded by the Council. The
pension scheme is administered by the Research Council's Joint Superannuation Service, and the
finance administered by the Biotechnology Sciences Research Council. The scheme is 8
multi-employer scheme, for which a separate Research Council's Pension Scheme account is
published. NERC are unable to identify their share of the underlying assets and liabilities.
Employees, who joined after 31 March 2002 are entitled lo be members of the Plymouth Marine
Laboratory Group Pension Scheme. This is a defined contribution scheme administered by Royal
London Mutual Insurance Society Ltd. Iformerly Scollish Lifel. Contributions for the year were a
minimum of employerfs 6.5 /0 and employees 3.5 /0.
The pension cost charge for the year represents contributions payable by the company lo the
schemes and amounted to £637k 12020.. £640kl. Commitments provided for in the accounts
amounted lo £52,000 {2020 - £46.0001. Commitments not provided for in the accounts amounted lo
£Nil 12020 £Nill. £Nil relates to pension commitments ￿lated to pensions payable lo past directors
12020- £Nill.
Page 49

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
21 Funds
Group
Balance
at1
April Incoming Resources
2020 resources expended Transfers
£000
£000
£000
£000
Other
re¢ognised
gainsl
{lossesl
£000
Balance
at31
March
2021
£000
UnrgStri¢tgd funds
General
Unrestricted funds
general
2,839
1,807
11,162)
11391
750
4,095
Designated
Research Fellows
Lecture theatre
Head Lease
Leasehold land & buildings
Oceansgale Facility
Development Officer
New business system
Educational support fund
MMC AV Equipment
New vessel
designlvirtualisalion
296
179
384
1,909
149
122
475
200
1891
122)
1241
207
297
361
1,909
139
85
415
338
100
139
110)
137)
1601
112)
150
100
80
80
3,714
253
139
3,930
Total unrestricted funds
6,553
2,137
11,415)
750
8,024
Restrlcted funds
Reslricled funds
12,144
{12,1441
Total funds
6,553
14,281
{13,5591
750
8,024
Page 50

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
other
Resources
recognised
expended gainslllossesl
£000
£000
Balance at
31 March
2020
£000
Balance at
1 April 2019
£000
Incoming
resources
£000
Unrestricted funds
General
Unrestricted funds -
general
2,347
2,076
11,3601
12241
2,839
DesiTgnated
Research Fellows
Lecture theatre
Head Lease
Leasehold land &
buildings
O￿an$gate Facility
Development Officer
New business
system
Educational support
fLJnd
400
217
408
11041
1381
1241
296
179
1.909
150
128
1,909
149
122
161
530
1551
475
200
200
3.742
200
1228
3,713
Total unrgstricted
funds
6,089
2,276
11,5881
12241
6,553
Restricted funds
Reslricled funds
14,140
114,1401
Total funds
6.089
16,416
15,728
224
6,553
Page 51

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Charity
Balance
at1
April Incoming Resources
2020 resources expended Transfers
£000
£000
£000
£000
Other
recognised
gainsl
{lossesl
£000
Balance
at31
March
2021
£000
Unrestricted funds
General
Unrestricted funds
2,367
1,612
1763)
11391
750
3,827
Designated
Research Fellows
Lecture theatre
Head lease
296
179
384
1,909
148
122
475
200
1891
122)
1241
207
296
360
1,909
138
85
415
338
100
139
Leasehold land & buildings
O￿angate Facility
Development Officer
New Business System
Educational support fund
MMC AV Equipment
New vessel
designlvirtualisation
1101
137)
160)
112)
150
100
80
80
3,713
254
139
3,928
Total Unrestricted funds
6,080
1,942
11,017)
750
7,755
Restricted funds
Reslricled funds
12,144
{12,1441
Total funds
6,080
14,086
13,161
750
7,755
Page 52

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
other
Resources
recognised
expended gainslllossesl
£000
£000
Balance at
31 March
2020
£000
Balance at
1 April 2019
£000
Incoming
resources
£000
Unrestricted funds
General
Unrestricted funds
2,050
1,548
11,0071
12241
2,367
DesiTgnated
Research Fellows
Lecture theatre
Head lease
Leasehold land &
buildings
o￿angate Facility
Development Officer
New Business
System
Educational support
fLJnd
400
217
408
11041
1381
1241
296
179
1.909
150
128
1,909
148
122
121
161
530
1551
475
200
200
3.742
200
1229
3,713
Total unrestricted
funds
5,792
1,748
11,2361
12241
6,080
Restricted funds
Reslricled funds
14,140
114,1401
Total funds
5,792
15,888
15,377
224
6,080
Page 53

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
22 Analysis of net assets between funds
Group
Unrestricted funds
General
Designated
£000
£000
486
6,826
3,000
8,568
17,8641
16,9201
4,096
Total funds
£000
486
10,125
3,629
8,568
17,8641
16,9201
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets
3,299
629
3,928
8,024
Unrgstridod funds
Total funds
at 31 March
2020
£000
546
9,386
2,837
8,325
18,2101
16,3311
Ggneral
£000
546
6,290
2,219
8,325
18,2101
16,3311
Dgsignatod
£000
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
3,096
618
Total net assets
2,839
3,714
6,553
Page 54

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
Charity
Unrestricted funds
General
Designated
£000
£000
486
6,825
3,100
7,884
17,5481
6,920
Total funds
£000
486
10,124
3,729
7,884
17,5481
6,920
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
3,299
629
Total net assets
3,827
3,928
7,755
Unrestrlcted funds
Total funds
at 31 March
2020
£000
546
9,384
2,937
7,498
17,9551
16,3311
6,079
General
£000
546
6,289
2,319
7,498
17,9551
16,3311
2,366
Designated
£000
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
3,095
618
Total net assets
3,713
Page 55

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
23 Analysis of net debt
Group
At 31 March
2021
£000
At 1 April 2020 Cash flow
£000
£000
Cash al bank and in hand
5,118
11611
1391
11841
112
4,934
1491
Debt due within one year
Debt due after more than one year
39
Nel debt
4,919
1341
4,885
Group
Other
non-cash
changes
£000
At 31 March
2020
£000
At 1 April 2019 Cash flow
£000
£000
Cash at bank and in hand
3,976
1961
12381
1,142
134
5,118
11611
1391
Debt due within one year
Debt due after more than one year
11991
199
Net debt
3,642
1,276
4,919
24 Flnanclal Instruments
Group
Categorisation of financial instrumgnts
2021
£000
2020
£000
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value
Fotward exchange contraGÈs
Comparison of the year end spot rale (which acts as an approximation for the fair value of the
contracts) with the contracted rate.
The fair value is £Nil 12020 - £4,000) and the change in value included in profit or loss is £4,00012020
£15,000>.
Page 56

Plymouth Marine Laboratory
Notes to the Financial Statements
Year Ended 31 March 2021
25 Related party transactions
Group
During the year the group made the following related party Iransaclions..
Valeport Limited
IA Director of the subsidiary company PML Applications Ltd is a shareholder in Valeport Limited}
The subsidiary company provided servi￿8 totalling £3,00012020 - £1,000) lo Valeport Limited during
the year. At the balance sheet dale the amount due lolfrom Valeport Limited was £Nil12020 - £Nill.
The charity has taken advantsge of the exemption under FRS102 section 33 not to disclose
inlra-group transactions with ils subsidiary, PML Applications Ltd.
There were no other related paty transactions for the group or charity during the year.
Page 57