Registered number: RC000865
Charity number: 1155893
THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ishop Fleming

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
CONTENTS
Page
Roference and administrative details of the Charity, ils Trustees and advisers
Trustee8' report
Independent audltors. report on the Ilnancial statements
12-15
Statement of financlal #ctlvltles
16-17
Balanco shoot
18
Stsiemenl of cash flows
19
Noles lo the financial statements
20-42

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2021
Tru$to•$
Dr Gill Rider. President
Mr R Mills. Treasurer lelecledl
Professor P S RainLw (resigned 2 December 20201
Professor M J Whitaker
Professor S Rogers
Professor C Frid
Dr J Ashworth
Professor J A Raven
Professor A G Smith
Mr R Coombs, Trustee
Professor J Petts
Professor P J B Hart
Professor P M Holligan
Professor D Laffoley
Professor Ros Rickaby (elected 2 December 20201
Professor Heather Koldewey (elected 2 December 20201
Company reglsternd
number
RC000865
Charity registered
number
1155893
Registered offic•
The Laboratory
Citadel Hill
Plymouth
PL12PB
Secrotary and Dirnctor
Professor W Wilson
Treasuror
Mr R Mills lelected annually)
Independent auditors
Bishop Fleming LLP
Chartered Accounlanls
Sall Quay House
4 North Easl Quay
Sutton Harkour
Plymouth
PL4 OBN
Page 1

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The Tnjstees present their Annual R8POrt logelher wilh the audi18d financial statements of the charity for the
year 1 April 2020 10 31 March 2021. The Annual Report serves the purposes of both a Trustees, report and
Directors. report under company law. The Trustees confimi that the Annual Report and Financial Statements
of the charitable company comply with the current statutory requirements, the TequiTemenls of the charitable
companys governing document and the provisions of the Slalemenl of Recommended Practice ISORPI
applicable to charities preparing Iheir accounls in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS102) (effective 1 January 20191.
ObJoCtlv•$ and actlvltlo$
a. ObJectlv8s and actlvltlès
The Marlne Blo10glcal Assoclatlon IMBA> is a Learned Society of scientists and members in over 40
countries. across 5 continenls. Ils in-depth scientific research into the inlerconnecled marine environment is
carried out from ils prests"gious laboratory HQ in Plymouth, UK_ It has a Royal Charter that recognises its
wodd-leading status in marine biology. Since 1884, the MBA has worked as a voice for the ocean and in the
interests of the global marine biological community. The MBA'S advanced knowledge has contributed to the
work of 12 Nobel Laureates and over 170 Fellows of the Royal Society.
MBA Vlslon: To b8 th8 voice of Marine Biology.
Focused on marine biology, our Mission is.. to understand lh8 causes and consequences of environmental
change in the ocean through discovery and dissemination. This mission is achieved through M8A's offer,
which in¢ludes-. our wodd class resear¢h- membership- information and dats services- consultancy-.
postgraduate education. scients'fic outreach. public engagement, and training programmes.
The Board of Trustees has given regard to the legislative and rogulalory requirements for disclosing how its
charitable objectives have provided benefit to the public. The Board of Trustees has complied with the duty
set out in Section 17{51 of the Charities Act 2011 This reFort outlines how our achievements during the
P8ric4J have benefited the public, either directly 01 indir8CtIy.
In setting objectives and planning for activities. the Trustees have given due consideration lo general
guidance published by the Charity Commission relating to public benehi, including the guidance 'Public
b8nefil.' running a charity IPB2)'.
Strateg1¢ report
Achievements and perfonnance
. Achievements and perforniance
Th8 full achievements and the p6rformance of thè MBA are describ8d in th8 Annual Report, which is
published separately. A brief review of key achievements and activtties during the year is provided below
along with key perfomiance indicators (KPlsl in the onward sections.
Financial P8rfom78nce The Trustees ar8 pleased to report a continued strong financial p8rformance whith
has been driven by hvo primary indicators: 11 the merger with the Sir Alist&r Hardy Foundation for Ocean
Science ISAHFOS} in April 2018. a charity that managed the Continuous Plankton Recorder ICPRI Survey
{also see onward section on CPR Survey KPlsl and has continued lo perfomi well in parallel with operational
savings Ihe merger broughl lo the M8A- and 21 the granucontracl capture success rate of MBA Research
Fellows and CPR Survey Research Scienlisls remains high at 270/0 lin value} and 52% lin numberl. which
included another prestigious European Research Council IERC) grant: which is now 3 ERC grants held by
the MBA.
Membetshi
numbers dropped compared lo the previous 2 years, largely driven by COVID ￿StriCt10nS which
prevented some of our primary recruilmenl events. However, we conducted a comprehensive strategic
view of membership using professional consullanls and have arnbitious plans to reslruclure the
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THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
membership offer with a view to significantly increasing membership numbers and improving the membership
offer over the next 10 years.
Scienlilic Outreach & Public En
ement As we focus increasingly on Climate Change, Health of the Ocean
Ecosystem, and their impacts on marine life, the MBA had several high profile stories in the media that were
covered by a range of press and social media outlets. as well as numerous articles in the international press.
Part of this was through our research on (for example) algal physiology (first observation of calcium ion
sonaling driving phosphate sensing huge implications for understanding nulrienl uptake in th8 ocean).,
impact of ocean deoxygenation on shark dislribulions (also translated for the Science Journal for Kids).,
long-lemi data milestones le.g, we received a Guinness World-Record cilalion for the "greatest distance
sampled by a marine survey refetring to the 7-million nautical mile mark by the CPR Survey)., importance of
ocean rnicrobes with a £1.35-rnillion award from the Wowson Foundation to build a Marine Microbiome Cenlre
of Excellence IMMCEI which received sy)silive publicity for the MBA.
Inlrastructure Im
rovement We have now made significant hèadway in developing a Ciladel Hill
infraslruclure improvement maslerplan., with construction managers already appointed and planning at
advanced stages for a malor refurbishment of the north-wing laboratories {MMCEI. Refurbishment of the
basement area is now complete and the Mary Parke Bioimaging Cenlre was opened during the period,. this
will house some of the most powerful light microscopes known and is now the most advanced bioimaging
facility for any Marine Research Laboratory in the wortd.
Staff A¢hi8v8m8nls Wè celebrated the achievements of our staff wth prèsligious awards granted to= Dr
Trupli Gaikwad who received the Asian Women of Achievement Award in Saence lin assoaalion with
Natwestl., and Professor David Sims who won the Zoological Society of London {ZSLI Marsh Award for
contributions of shark research lo conservation.
COVID-19 Control Measuffjs This ￿pOrting period was dorninaled by the COVID-19 pandèmic. Although this
did impact the MBA. most of these impacts will not be noticeable until future reporting periods. We conducted
a business impact assessment of different lockdown scenarios in 3 month blocks through lo March 2021.
This allowed us to identify and priorilise conlraclua1 delivery issues., impacts on grant proposal opportunities.,
impads of consultancy work drying up,. irnpacls of gaps in tirne-series resear¢h- impads of staff moving to
new positions., impacts of being unable lo hire new staff,. impacts on infrastnjcture projecl. Most of the
impacts identified were medium to long-lerm12 - 3 years) since some contracts may be delayed and would
require no¢ost extensions. which would have a small financial risk lo the MBA. 11 is likely there will be an
impact lo the infraslruclure project, with labour and materials costs expected to increase by up lo 15% above
nonnal (thought to be driven by a combination of COVID and BREXIT impaclsl". the full impact of this will be
reported next year. We did benefit from the Govemmenl Coronavifus Job Retention Scheme Ifurloughl
income largely during the first half of the reporting period. With subsequent Govemment easement guideline
announcements, we were able to bring laboratory research staff back following strict on-site control measures
{andlor any staff who could work from home were mandated lo do so}. Although there was a significant drop
{15.3°/0) in the value of our investment portfolio al the end ol the previous reporb'ng period 131 St March 2020}
driven by a market downturn at the start of the pandemic, this has largely recovered during this current
porting period.
b. Research and postgraduate education
The MBA research programme is driven by world-dass scientists based at its Ciladel Hill Laboralories. Our
suence strategy spans overlapping biological scales from microscopic to o￿an-basIn focusing on 11 Marine
Microbiome-, 21 Coastal Ecology., and 31 Ocean Biology, which contribute to three broad highly topical strategic
Science theme5:
Climate Chan
e is one of the greatest societal challenges of ihe 21st Century. The continued colleclion and
interpretation of biological data provides detsiled insights into how the ocean is rèsponding lo this threat and
supports predictions about future impacts.
Blue Econom
is best defined as taking inspiration from the ocean to derive economic benefit for a
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THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
sustainable society. Biodiversity (particularly microbial biodiversity} and susl2inable resources are the
foundations of a vibrant blue economy, including biotechnology.
Ecos
stem Heallh As a major reservoir of natural capital, the ocean provides global economic benefits valued
at $2.5 Trillionlyear. Most of that value depends on healthy ecosystems. Our researchers perfom) unique
health checks al large ecological scales helping to identify anthropogenic threats such as microplaslics,
pathogens and invasive species.
There are now almost 30 research active Principle Investigators (Pls). These are made up of MBA Fellows,
Independent Research Fellows IIRFSI. CPR Survey Research Scientists, Associate Fellows and Lankesler
Research Fellows. It is a rich group of suence Pls that all contribute sKJnificantly to the M8A's engaging
research prograrnrne. MBA Fellow5 and IRFS typI￿llY run their own curi05ity-driven research groups funded
from grant revenues., CPR Sutvey Research Scientisls focus on the science from the CPR Survey, and are
also expected lo generate granl income. Some of the Pls in these groups have joint appointment
arrangements with different universities, which helps increase the reach of our research and educab.on
(undergraduate and poslgradualel. Associate Fellows and Lankester Research Fellows ar8 typically not
employees of the Association, instead are senior experienced independent scientists that base their
curiosity-driven research at the MBA. They can apply for grants land be employed on them), which are
administered by the MBA. bul importandy they add great depth and experience to the MBA researth
programme and are a crilical link lo our eminent history.
The MBA continues to b8 successful in securing research councll responsive mod8 funding and has secured
a number of European Commission IEC) grants as well as fvnding through charitable bodies and philanthropic
foundations. The MBA is holder of three highly p￿sligIouS European Research Council Grants. the latest of
which was awarded in this reporting period.
The MBA has a dynamic poslgraduale education programme that includes providing an MRes in Marine
Biology in partnership wrth the University of Plymouth. The MRes selects 25 - 30 lop students to study
advanced Marine Biology, a course that reflects the breadth and excitement of the topic through its dose links
th the MBA'S woTld-¢lass ￿searCh Pfogramme. MBA Research Fellows play an active role in teaching the
modules and supervising the student research projects. In addition. the MBA hosts a PhD programme through
partnerships with a range of Doctoral Training Partnerships IDTPS) including.. AIRIES Iuniversily of East
Anglia lead): INSPIRE (University of Southampton lead}- ACCE (University of Sheffield lead).. CENTA
(University of Birmingham lead).. and SW8io (University of Bath lead). The M8A has invested £500k over a
5-year programme 12019 - 20241 to co-fund PhD students from these DTPS land other programmes as they
become available). The MBA currently lakes on beiween 3 - 5 PhD students annually who are based at the
Citadel Hill laboratory.
2018
2019
2020
2021
Number of new Research Council Grants awarded
Number of Charity grants awarded
Number of EC granls awarded
Number of other grants awarded
Number of students gaining PhD
Number of students gaining a MRes
Number of bursaries given
16
19
18
18
19
18
26
27
28
23
28
c. CPR Survey
As a large-scale global survey. the CPR Survey provides the scienttfic and policy communilies with
basin-wide and long-lerm measure of th& health of marino plankton. Established in 1931. thè CPR Survey is
the longest running and most geographically extensive marine ecological survey in the wot1d. 11 has almost 90
years of experience with working with the commercial shipping industry and is an eslablished plaifomi
providing a global network of Ships of Opportunity for saenlific research. The merger has strengthened the
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THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
MBA'S position as an inl8rnalional leader in Marine Biology with new scientific syn8rgies and global policy
advice. In addition, Ihe CPR Survey has played an important role in the finanaal strength and diversity of the
MBA as it continues to win new contracts from a range of national and international customers.
2018
2019
2020
25
21
98.000 95,000
18
22
2021
22
98,659
22
Contracts and Grants
Miles Towed
Number of Routes
104,000
d. Momborshlp
Membership of the Association is open lo all and this provides a wide Tange of member benefits induding The
Marine Biologist Magazine,. the opportunity to apply for bursaries and awards and lo gain access to the
National Marine Biological Library. Our Royal Charter give5 us a representative role for the discipline of
Marine Biology. As such, th& Association liaises with ils members in responding lo government consultations
and providing advice on policy. both national and international. The MBA has established ils firsl inlemalional
Special Interest Groups and has sought lo engage its members in the UN Decade Of Ocean Science. We
also support standards within the discipline and provide career support for marine biologists. We have
cently upgraded the processes by which we deliver our membership supwrt lincluding implementing a new
cuslomer relationship management-CRM - system) and have ambilious growth targets for the coming years.
Our Marine Biologist Magazine is highly valued and continue5 to be a key benefit, the move from two to four
magazines this year has been welcomed by members, indeed ils F)opularily has seen an increase in the
number of quality articles in the magazine's pipeline.
2018
31
513
92
83
319
2019
38
485
92
110
332
2020
43
2021
49
525
90
98
316
Number of Fellows (including Honorary Fellows)
Number of professional members
Number of life members
Number of associate members
Number of sludenl membefs
Number of corporate l institutional members
Number of Young Marine Biologists
109
383
338
602
717
556
. Public benefit
The MBA works with a wide range of slakeholders induding from policy. academia, industry and the wider
public. The MBA endeavours to influence national, European and intemalional policy and strategy on
biodiversity and climate change by providing advice to govemment bc4Jies and also, wh8re relevant, to
industry.
The MBA Research Programme is concerned with understanding the biological mechanisms undertying the
functioning of marine ecosystems and the responses to changing environmental pressures. Marine organisms
are also studied lo address basic biological and biomedical questions. The M8A Research Programme is
¢ognised as wodd le8ding and continues to grow the quantity and quality of its outputs benefiting the public.
In Ihe past year Ihe MBA has continued to receive significant UKRI funding as well as grants trom Ihe EU
Horizon 2020 Programme, including the European Research Council. The MBA also hosts the UK Marine
Data Ar¢hive Conlre for benthi¢ survey data of species and habitats IDASSH). DASSH is an accredited Dats
Archive Centre under the UK Govemmenl supported by the Marine Environmental Data Information Network
IMEDINI. This information is made available on publically accessible platfomis and is often uts"lised when the
MBA is asked lo speak lo the media. A key development has been the recent reslruclure of the MBA
communication5 area. This supports the MBA. which continues to be asked lo contribute lo print meclia. TV
and public engagemenl events.
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THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Th& MBA conlinues its role as an independent provider of inlomiation and advice through Marine Life
Infomiation Netsvork IMarLINI and the Oata Team. The category of Young Marine Biologist conlinues to
slrenglhen, with one of the highest tumouts at their annual summit in 2020 with partJ"cipants from 35 countries
and 5 continents, deady helped by the virtual platfom due lo COVID restrictions. Related, COVID did have
its casualties. with many of our training and public events being cancelled-, we did have a range of Deep Dive
virtual seminars which continue to be popular and will be a vehicle for future communications as we evolve
the concept.
2018
63
2019
2020
60
25
10
18
2021
Number of volunteers
Number of seasho￿ S8farislPublic Evenls
Number of sch¢)ol aclivib.es
Training courses run al I by the MBA
Number of conlerences supported or njn by the MBA
26
28
15
f. Publl¢atlon$
The MBA has published the Journal of the Marine Biological Association {JMBAI since 1887. The MBA also
produces a wide range of other publications including the online Gold Open Access joumal Marine
Biodiversity Records and The Marine Biologlst Magazine. Many of these are published online as well as hard
copy.
The findings from the MBA Research Programme are published in high ranking. peer viewed scientific
joumals. including both mainstream subject journals and some of the highest ranking interdisciplinary
joumals. In addition. scientists also conlribule lo books. reports. occasional publications and popular scienlffjc
artides.
2018
69
2019
73
2020
66
2021
135
Peer reviewed publications in ISI Joumals
Other publieations and reports
Flnanclal revlew
. Golng concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate
resources lo continue in operational existence for the foreseeable future. For this reason, they continue to
adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of
the going concern basis can be found in the accounting policies.
b. R•s•Th*•s
11 is the polScy of the Counc51 to maSntaSn general reseNes, which are Included within Unrestricted Funds at a
sufficient level lo satisfy operational cash flow requirements and the fuffilmenl of contractual and slalvlory
obligations. This reserve should ¢over al least three months, operational Costs (excluding premises co$ts}
and any projected annual deficit and has a current largel level of £1 m. Funds of £1.2m Ibefore recognition of
USS pension liability of £506.$001 were held in this reserve al the yearond. 11 is planned lo increase the
general unrestricted reserve following a review of designated funds and maintain an increase in long temi
reserves in line wlh inflation.
11 is also the policy of the Council to maintain a particular level of income generating reserves lo produce
sufficient annual income for the sPe￿riC purp05e of the maintenance and running of the premi5e5 occupied by
the MBA. Whilst these funds are free reserves, they are not available for the general. operational and
strategic application of the resources of the MBA. The Council is not bound, however. by any reslTiclion as to
applicalion of the funds, and consequenuy these funds are maintained within the Unrestricted Fund,
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THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
represented by the Designated Fund described in note 22 on page 24. Surplus income generated shall not be
c£)nsidered lo be designated for these purposes. The Designated Premises Fund held £11 m al the year-end.
This has been increased lo allow for the discharge of liabilities in relation lo the lease of The Laboratory,
Citadel Hill and the commitment for the ongoing infrastructur8 project - phase 1.
Flnanclal Revlew
The MBA received a lolal of £5,198,397 of incoming resources which was a decrease compared to the
results for 2019120 where a lolal of £7,384,112 incoming resources were received. Total resources expended
were £5,629,717 resulting in a deficit before investments gains and losses of £431,350 after nel investment
gains of £2,305,214 and 9ains on revaluation of assets Ihe net surplus was £2,082,729.
As shown in the Statement of Financial Activities. of the lolal £5,198.367 of incoming resources from
operations, £2,189,869 was generated for reslricled purposes induding specific research projects.
£3,008,498 was generated from voluntary income and other aclivits.es to be used for other unrestricted
purposes including the knowledge exchange programme and support for laboratory operations and basic
intraslruclure. At the year-end, a lolal of £16.081.488 was held as Unreslricled Funds. This includes
Desi9naled Funds of £11,019,395 to support the ongoing piemises costs including the infraslruclure
developrnenl projeGI and a Fellowship Fund of £2,763,770 to support wotld-Glass research.
d. Risks
Under the lems of the Risk Management Policy adopled by Ihe MBA. Ihe strategic. operational and financial
risks to which the MBA is exposed are evaluated on a quartedy basis lor more frequendy when required) by
the Senior Management Team and appropriate systems pul into place lo mitigate any major risks identified.
The Council reviews these risks and is satisfied that the policy of continual monitoring of potential risks lo
which the MBA is exposed is sufficient lo identify those risks on a timely basis and to ensure that the
appropriate action may be taken lo minimise the perceived risk lo an acceptable level.
A comprehensive Risk Register has been established under the control of the Senior Management Team
{SMTI and annual review of the three Council Cornrnittee5 (Finance and Management,. Mernber5hip and
Engagement.. and Research), the risks being categorised and allocated lo the relevant department for
ongoing monitoring and lo be actioned as appropriate. The Committees report their findings to Council
annually.
e. Investment poll¢y and retum$
In accordance wrth the Bylaws of the Association. the Council has the power to invest funds in any
investments that it s88s fiL The policy is lo adopt a medium risk investment strategy with a view to
maximising returns.
Th& performance of the investments held are managed by Professional Fund Managers who report lo the
Finan￿ and Management Committee who in lum report to Council on a six monthly basis. Additional
independent advice is commissioned as necessary. During 2020121, a large proportion of the investment
portfolio was transferred lo CCLA who have historically shown a greater return on inveslment. This decision
was also laken du8 to ethical and responsibl8 investment policy of the CCLA investment fund which is more
in lune with the wishes of Members and Trusl8es. Because of the COVID-19 pandemic. investments took an
inllial 15.3Yo hit in 2019120.. during 2020121 the investment portfolio has recovered well. Al 31103121 the value
of the portfolio stood at a little over £16.Sm. 11 is the intention of the MBA TTuslees lo draw some of th8se
fuDds lo support fvlure ir)frastructure investment at Citadel Hill.
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THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Structur•, gov&rnanc• and manag•m8nL
a. Constitutlon
The Marine Biological Association {MBAI was founded in 1884 and incorporated in 1885 as a company
limiled by guaranlee Iregislered no. 214011 wilhoul a share capital. The MBA was granted a Royal Charter in
May 2013, as official recognition of its long and eminent history and slalus within the field of marine biology.
This resulted in the incorporation of a Charter Body (Privy Council reference C951} registered with the
Charity Commission under number 1155893. MBA Council and Members agreed lo transfer the assets and
operations with all pre-exisling restricts.ons over intended use from the exists.ng limited company lo this new
Charter Body by way of a gift wilh effect from 1 April 2014,
The chartered corporation is constituted by its Charter and BOaws. Responsibility for the overall govemance
of the MBA rests with the Council who are Trustees for the purposes of the Charities Act.
b. Oroanlsatlon
Review of strategy. policy and delivery of the charitable objectives is the responsibility of the Trustees who
are formally elected by the Membership and referred to as 'The MBA Council.. Trustees are selected to
provide specific expertis8 in a wide range of areas including research, business, educalion, public
engagement, communications, policy and operations and are drawn from UK and intemational academia,
funding inslilut6S, Statutory agencies and the commercial sector.
Appointed Trustees S￿ composed of a mixture of expertise from both al the wider community nominated by
members andlor current MBA staff & Trustees, and bl nominated by the founding bodies of the MBA.. The
Fishmongers, Company,. The Royal Society.. The University of Cambridge- The University of Oxford: The
British Science Associab"on: Thè Departrnenl for Environment, Food and Rural Affairs (Defral., The
Physiological Soaety and the Zoological Society of London. The MBA Regulations were recently updated
{and subject to Privy Council of the United Kingdom approval) to limit the temi of a Trustee lo three years
with the possibility of serving a further Iwo terms not exceeding a lolal of nine years if the MBA Council so
decides.
Vice Presidents are non-Trustee members of Council Ilypically composed of Trustee and Director Alumni)
and can advise bul not vote on Council matters.
The President, Vlce Presidents and the Treasurer are appointed by the MBA Council from those members
with voting rights, as defined in the Bylaws and Regulations. and are proposed for election al the Annual
General Meeting. The President and Treasurer are individually elected for a lemi of five years and are eligible
for re-election for a further term. but so that the total period of their oifice does not exceed ten years (recently
updated, and subjecl lo Pri￿Y Counal of the United Kingdom approval).
Trusle8s s&rv8 on a number of Committees. These curr&nlly comprise Executive Committee (Chairs of the
th￿e other committees)," Finance 2nd Management Committee., Research Commtitee.. and Membership and
Engagement Committee.
Management of the MBA is devolved from the Council to Ihe Director of the MBA based at its HQ al the
Ciladel Hill Laboratory in Plymouth. The Director also acts as Secretary lo The Council. The Director is
assisted by a Senior Management Team wilh responsibilities for research, finance, HR. policy, membership,
health & safety, communications, library, data, eslales and operations, sustainability, and the CPR Survey.
c. Trustee Inductlon and tralnlng
New Truslees a￿ introduced to the objectives and policies of the MBA and brièfèd on their legal obligatlons
under Chanly and Company Law. They are given an induction pack containing the Charter, Bylaws and
regulations of Association as well as its slralegy and development document. the Annual Report and
Accounts detailing recent financial performance, a lisl of current Council members, minutes of previous
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THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Council meetings and other 18aflels and notes concerning th8 activities of the MBA. Where appropriate,
fomial Trustee training is offered and is provided through external training events and an induction visit lo the
Laboratory is arranged.
d. The Councll
Council members who were Trustees during the period {with Governing organisations where relevant noted
in brackets) were..
Dr G Rider (President)
Mr R Mills Treasurer lelecled annually)
Professor P S Rainbow IThe Zoological Society of London) I￿s4gned 2 December 2020)
Professor M J Whitaker (The Physiological Society)
Professor S Rogers ICEFAS on behalf of DEFRA)
Professor C Frid (The British Science Association)
Dr J Ashworth IThe Worshipful Company of Fishmongers)
Professor J A Raven {The Royal Society)
Professor A G Smith {University of Cambridge)
Professor D Laffoley
Mr R Coombs
Professor J Petts
Professor P J B Hart
Professor P M Holligan
Professor Ros Rickaby (Universty of Oxford) lelecled 2 December 20201
Prolessor Heather Koldewey (Zoological Society of London) (elected 2 December 2020)
Council mombors who are not Trusl66s, and each hold a VI￿ President role (who can advisè, bul not vole
on Council matters). were approved al the 2 D￿ember 2020 AGM and include.. Professor G A Boxshall,
Professor M Burrows & Professor S Hawkins.
Vice Presidenl ￿SignationS re￿iVed during the year include Sir Richard Carew Pole. Sir Neil Chalmers. Sir
Crispin Tickell & Professor Michael Whiffield.
e. Romunoratlon
The Council Members did not receive any remuneratbon nor any payment for services provSded in the year.
Travel expenses were £NIL during the year as Council Meetings were conducted virtually using video
conference facilities.
f. Related Parties
Th& Ray Lankesler Fund Iregislered charity number.. 206855) provides support for researchers lo undertake
projects based al the MBA laboratory. Professor W Wilson IMBA Director during the yearl is also a Trustee of
the Ray Lankester Fund.
The National Marine BiologicAI Library INMBL) within th8 MBA houses and curat8s a significant collection of
reports. data and archived material relevant lo a range of marine biological and environmental saence. The
NMBL provides services locally lo the Plymouth Marine Laboratory IPML} through a Service Level
Agreement.
The Annual Report gives details of the wide range of collaborative projects undertaken by Fellows. students
and staff.
Page 9

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Plans for futura p•rlod$
The MBA is now working from a new insb"luUonal strategy= Pathway to 150 Years of MBA. There is obviously
major focus on the first stage of the slrategy12020 - 2024}, bul il also looks lo 10 (to 20291 and 15-year {to
20341 milestones lo allow us lo be more ambitious in our thinking. Hence, we are considering a focused 5-
year plan in the context of a 15-year slrategy. This roadmap will lead Ihe MBA lo the year 2034, and the
150th Anniversary of the establishment of the MBA.
The new strategy will be designed lo sel priortties that will prepare the MBA for increased competition for
funding in Ihe face of a challenging financial climate. Following final BREXIT negotiations, the path lo EU
funding will be more challenging Ilhough we are now eligible for the new Horizon Europe programmes}',
hence. we musl look more globally for new opportunities, particularly under the auspices of the UN Decade of
Ocean Science for Sustainable Development. where the MBA is now involved in several of their endorsed
Programmes. In addition. we are looking for rejuvenating green shoots of opportunity following the forest fire
of the COVID-19 pandemic. The strategy will detail how we will capitalise on the many beacons of excellence
wilhin the MBA. from our r8s8arch, membership, poslgraduale education, training, outreach, dats and
information resources, and facilities. An implemenlalion plan will focus on a lriumvirale foundation to build the
MBA.. 11 Excellence and Growth.. 2} Reach and Influence., and 3) Strength and Performance. In addition, we
will pul new emphasis on cornrnerciali5ation and philanthropic opportunities. strengthening local & regional
partnerships, and ensuring we have effective processes in plac8 lo allow our scientists lo take advantage of
these opportunities and partnerships. Recent progress with lh8 Plymoulh-focussed Marine Rese8rch
Plymouth IMRPI will see the MBA building on the synergy created from working more closely with our local
partners and bringing new research investment into Plymouth. Improved communication and modemising our
approaches will become Central lo our operation-, diversty and inclusion wll be ¢ore values central to our
mission. We are already well into the planning and procurement stages of our infraslruclure improvement
programme. Ihis will be a major theme over lal least) the next 2 years.
STATEMENT OF TRUSTEES. RESPONSIBILITIES
The Trustees {who are also the Directors of the charity for the purposes of company lawl are r8sponsible for
preparing the Tru5tee5' Report including the Strategi¢ Report and the Financial Statement5 in accordance
with applicable law and United Kingdom Accounting Siandards {United Kingdom Generally Accepted
Acca)unting Practice).
Company law requires the Trustees lo prepare financial statements for each finanoal year. Under company
law the Trustees musl not approve the financial slalements unless they are satisfied that they give a true and
fair view of the slate of affairs of the group and the charity and of their incoming resources and application of
resources. including their income and expenditure. for that period. In preparin9 these financial statements, the
Trusl88s are r8quir8d lo..
select suitable accounting policies and then apply them consislenlly.,
observe the methods and principles of the Charities SORP {FRS 1021.,
make judgments and accounting estimates that are reasonable and prudenl-.
state whether applicable UK Accounting Siandards IFRS 1021 have been followed, subject to any
material departures disclosed and explained in Ihe financial statements-
pr8par8 the financial stal8m8nls on the going concern basis unless il is inappropriate to presume that
the group wll continue in business.
Th8 Trustees are responsible for keeping adequate accounliDg records that are sufficient to show and explain
the group and the charity's transactions and disclose with reasonable accuracy at any time the financial
position of Ihe group and the charity and enable them to ensure Ihal the financial statements comply wilh the
Companies Act 2006. They are also responsible for safeguarding Ihe assets of ihe group and the charity and
hence for taking reasonablè steps for the prevenbon and detectson of fraud and other irrègularities.
Dlsclosure of Inforniatlon to audltors
Page 10

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Each of the persons who are Trnstees at the time when this Trust88s' Report is approved has confinned that..
so far as that Trustee is aware, there Is no relevant audit Informatbon of which the charitable group's
auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee In order lo be aware
of any relevant audit information and to eslablish that the charitable 9roup's auditors are aware of that
information.
Audltors
The auditors. Bishop Fleming LLP, have indicated IheiT willingness lo continue in office. The designaled
Tw5tee5 will propose a motion reappointing the auditors al a meeting of the Trustee$.
Approved by order of the members of the Board of Trustees and signed on their behalf by..
Dr Glll Rld•r
President
Date: 27 October 2021
Page 11

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARINE BIOLOGICAL ASSOCIATION
OF THE UNITED KINGDOM
OPINION
We have audited the financial statements of The Marine Biobgical Association of the United Kingdom lthe
'chariVI lor the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance
sheel. the Slalemenl of cash flows and the related notes, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Siandards, including Financial Reporting Standard 102 'The Finan￿al Reporting Standard
applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclicel.
In our opinK)n the financial statements..
give a true and fair view of the slate of the charitable companls affairs as al 31 March 2021 and of its
incoming r850urces and applicatson of resources, including its income and expenditure for the year then
ended.,
have been properly prepared in accordance wlh United Kingdom Generally Accepted Accounting
Praelic8: and
have been prepared in accordance wth the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audrt in accordance wilh Intemalional Standards on Auditing IUKI IISAS {UKII and applicable
law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit
of the financial slalemenls seclion of our report. We are independent of the charitable company in accordance
with the ethical requirements thal are relevant lo our audil of the financial statements in the United Kingdom.
including the Financial Reporting Counal's Ethical Standard, and we have ftjlfilled our other ethical
responsibilities in accordance with these requiremenls. We believe that the audil evidence we have obtained is
sufficient and appropriate lo provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have conduded that the Trustees, use of the going concem basis of
accounting in Ihe preparation of the financial statements is appropriate.
Based on the work we have perforyned, we have not identified any material uncertainties relating to events OT
conditions Ihat, individually or collectively, may cast significanl doubt on the charitable companys ability lo
conlinue as a going concem for a period of al least tsvelve months from when Ihe finanaal slalemenls are
aulhonsed lor issue.
Our responsibilities and the reswnsibililies of the Trustees wth respecl to gcyng concem are described in the
relevanl sections of this report.
OTHER INFORMATION
The other informalbon comprises the information included in the Annual report olher than the financial statements
and our Auditors. Report Ihereon. The Trustees are responsible for the other information contained within the
Annual report. Our opinion on the financial slalemenls does not cover the other informalion and, except lo the
exlenl otherwise explially slated in our report. we do not express any Icmi of assurance conclusion Ihereon. OUT
responsibility is lo read the other information and, in doing so. consider whether the other infomialion is
materially inconsislenl with the financial slalemenls or our knowledge obtained in the course ol the audit. or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misslalemenls. we are required lo determine whelher this gives rise lo a material misstalemenl in the financial
statements themselves. If. based on the wor* we have performed. we conciude Ihal there is a material
misslalement ol this other information, we are required lo report that fact.
We have nothing to report in this regard.
Page 12

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARINE BIOLOGICAL ASSOCIATION
OF THE UNITED KINGDOM (CONTINUED)
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinv)n, based on the work undertaken in the course of the audit..
the infomialion gwen in the Trustees. Report including the Strategic Report for Ihe financial year for which
the financial statements are prepared is consislenl wilh the financial statements.
the Trustees. Reporl and the Siralegic Report have been prepared in accordance with applicab18 legal
requirement5.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our knowledge and understanding ol the charitable company and its environment obtaine(l in the
coijrse of the audil. we have not identified material misstatements in the Trustees. Report induding the Siralegic
Report.
We have nothing lo report in respect of the following matters in relation to bthich Companies Act 2CKI6 requires
us lo report lo you if. in our opinion..
adequate accounting records have not been kept, or relums adequate for our audit have not been
received from branches not visited by us., or
the finanaal slalemenls are not in agreement wlh the accounting records and returns-, or
certain disclosures of Trustees, remuneration specified by law are not made. or
we have not received all the information and explanalions we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees. responsibilities stslement, the Trustees (who are also the direclors of the
charitable company for the purwses of company lawl are responsible for the preparatbon of the financial
stslements and for being satisfied that they give a true and fair view. and for such inlemal control as the
Trustees delemiine is necessary lo enable the prepara￿on of financial statements that are free from material
misstatement. whether due lo fraud or error.
In preparing the financial slatemenls. the Trustees are ￿spOnSible for assessbng the charitable companys ability
to continue as a going concem. ¢Jiscloslng. as applicable, matters ￿lated to going concem and using the going
concem basis of accounting unless the Trustees either intend to liquidate the charitsble company or to cease
operallons, or have no realbstic allemative but to do so.
Page 13

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARINE BIOLOGICAL ASSOCIATION
OF THE UNITED KINGDOM (CONTINUED)
AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtsin reasonable assurance about whether the financial slalemenls as a whole are free
from material misstatement, whether due lo fraud or error, and lo issue an Auditors. Report Ihal includes our
opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance wlh ISAS IUKI will always delecl a material misslalemenl when It exists. Misslatemenls can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial slalemenls,
Irregularilie5, including fraud, are instances of non-compliance with law5 and regulations. We design procedures
in line wlh our responsibilities. outlined above, lo delect malerial misslalemenls in respecl of irregularities.
including fraud. The extent to which our procedures are capable of delecling irregularities, induding fraud is
delailed below..
We have considered the nature of the sector. control environment and financial perfomiance..
We have considered the results of enquiries with management and Iruslees in relation to Iheir own
idenlificalion and assessment of the risk of irregularilies within the enlity.,
We have reviewed the documentation of key processes and conlrols and perfom)ed walkthroughs of
Iransaclions lo confirm that the systems are operating in line with documentation.,
We have considered the matters discussed among the audit engagemenl team regarding how and where
fraud might occur in the financial slalements and any polenlial indicators of Iraud.
As a result of Ihese prccedures. we have considered the opportunities and incentives that may exist within the
organisalion for fraud and identified the highesl area of risk lo be in relation lo income recognition. with a
particular risk in relation lo yearend cul off. In common with all audits under ISAS IUKI we are also required lo
Ferform specific procedures lo respond lo the risk of management override.
We have also obtained an understanding of the legal and regulatory framewot*s that the Charity operates in.
f￿USIng on provisions of those laws and regulations that had a direct effect on the delefminalion of material
amounts and disclosures in the financial slalemenls. The key laws and regulations we considered in this context
included the Charities Act 2011, Charty SORP 2019, FRS 102 and th8 lemis and conditions attachin9 10
material grants received by the Charity.
In addition. we considered the provisions of other laws and regulations that do nol have a direct effect on the
financial slalemenls bul compliance with which may be fvndamenlal lo the Charity's ability lo operate or avoid
material penalty. These included Maritime Law. Environmenlal Law and compliance the Natural
Environment Research Council INERCI H&S framework.
Our procedures lo respond lo risks identified included the lollowing..
Reviewing the finan￿al stslemenl disclosures and lesling lo supporting documenlalion lo assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the
financial statements.,
Perfomiing analytical procedures lo identify unusual or unexpected relationships that may indicate risks of
material misslalemenl due lo fraud..
Reviewing b)ard meeting minutes..
Enquiring of management in relation lo actual and potential daims or litigations..
Perfomiing detailed transactional testing in relation lo the reccgnition of income. specifically grants with a
particular focus around year*nd cul off,, and
In addressing the risk of fraud through management override of controls, lesling the appropriateness of
journal entries and other adjustments,. assessing whether the judgments made in accounting eslimales
are indicative of potential bias: and evaluating the business rationale of significant transactions that are
unusual or outside the normal course of business.
We also communicated idenlrfied laws and regulations and potential fraud risks lo all members of the
engagement team and remained alert lo possible indicators of fraud or non-compliance ￿th laws and
regulations throughout the audit.
As a result of the inherent limitslions of an audit, there is a rlsk that not all irregularities, including 8 material
Page 14

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARINE BIOLOGICAL ASSOCIATION
OF THE UNITED KINGDOM (CONTINUED)
misstatement in financial statements or non-compliance with regulation, will be detected by us. The risk
increases Ihe further removed compliance with a law and regulation is from the events and transactions reflected
in the financial slalements, given we will be less likely lo be aware of it. or should the irregularity occur as a result
of fraud rather than a one-off error, as this may invdve intentional concealment, forgery. collusion. omission or
misrepresentation.
A further description of our responsibilrties for the audit of the finanaal statements is located on the Financial
Reporting Council's website al.. www.frc.or
.ukJaudilorsres
onsibililies. This descriplion forms part of our
Auditors. Report.
USE OF OUR REPORT
This report is made solely lo the charitable ccmpanls members, as a body, in accordance wtlh Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so thal we might slate lo the charitable
companls members those matters we are required lo stale lo Ihem in an Auditors. Report and for no olheT
purpose. To the fullest extent peNnilled by law, we do nol accept or assume responsibility to anyone other than
the charitable company and ils members, as a body, for our audit work. for this report. or for the opinions we
have formed.
Pamela Tuckett FCA DChA (Senlor slatutory audltor)
for and on behalf ol
Blshop Flemlng LLP
Chartered Accounlanls
Stslulory Audito
Sall Ouay House
4 North East Quay
Sutton Harbour
Pl￿￿oUth
PL4 OBN
Date: 2 November 2021
Page 15

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2021
Unrestrictsd
funds
2021
Restrictsd Endowment
funds
funds
2021
2021
Total
funds
2021
Total
funds
2020
Note
Income and
endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
2,121
2.622.233
55,399
328,745
162,352
2.027.517
164,473
4.649,750
55.399
328,745
11.814
6,767.989
153,467
450,842
Total incorne and
endowments
Expenditure on:
Raising funds
Charitable activities
3,008,498
2,189,869
5,198,367
7,384.112
65.027
2.605.170
65,027
5.564,690
163.511
5,839.624
2.959,520
Total expendllure
Net Incom•1
lèxpèndlturo) before
nèt galnsl{lossesl
on Invastmènts
2.670,197
2.959,520
5,629,717
6,003.135
338.301
1769.6511
1431.3501
1,380.977
Nel gainslllosses} on
investments
1.988.458
281.860
34.896
2.305.214
(1, 190,871)
Nel Incomel
lexpendlturel
Transfers between
funds
Net movement In
funds before other
recognlsed galns
Other recognlsed
galns:
Gains on revaluatK)n of
assets
2.326,759
1487.7911
142,894
34.896
1.873.864
190,106
22
{142,8941
2.183.865
{344.8971
34.896
1.873.864
190.106
208,865
208,865
Net movernent i
funds
2.392.730
1344,8971
34,896
2.082,729
190,106
Page 16

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
STATEMENT OF FINANCIAL ACTivmES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
(CONTINUED}
FOR THE YEAR ENDED 31 MARCH 2021
Unrestricted
funds
2021
Restricted Endowment
funds
funds
2021
2021
Total
funds
2021
Total
funds
2020
Reconclllatlon of
funds:
Total funds brought
fomard
Nel movemenl in fvnd8
13,688,758
2.392,730
5,133,704
1344.8971
226,044
34,896
19,048,506
2.082,729
18,858.400
190.106
Total funds carrSod
forward
16.081,488
4.788,807
260,940
21.131,235
19,048.506
The Ststemenl of Finane4al ActNities includes all gains and losses recognised in the year.
The notes on pages 20 to 42 form part of these financial statements.
Page 17

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
REGISTERED NUM8ER',RC000865
BALANCE SHEEr
AS AT 31 MARCH 2021
2021
2020
Note
Fixed assets
Tangible assets
Herilage assels
Investments
14
2,$46,896
1.276.665
16.637,483
2,368.352
1,067,800
I4,379.￿0
15
16
20.461,044
17,816.052
CurreDt assets
Siocks
Debtors
Cash at bank and in hand
17
18
63,710
1,636,284
2,140,645
70,095
1.971,034
1.773,912
3,840,639
3,815,041
Creditors.. amounts falling due wrthln one
year
19
12,674.4831
11.976,3061
Net current assets
1,166.156
1,838.735
Total assetsloss current liabililios
21.627,200
19,654.787
Creditors.. amunls falling due after more
than one year
20
{495,9651
1606.281 }
Total net assets
21,131,235
19,048,506
Charity funds
End￿￿ment lunds
22
260.940
4.788,807
16,081.488
226.044
5,133.704
13,688.758
Restricted funds
Unr6stricted funds
22
Total funds
21.131.235
19,048.506
The Trustees acknO￿edge their responsibilities for complying with the requirements of the Act with reS￿cl lo
accounting records and preparation of financial slatemenls.
The finanaal stslemenls were approved and aulhorised for issue by the Trustees and signed on their behaw by..
Ider CB
President
Dale: 27 October 2021
The notes on pages 20 to 42 form part of these ffinan¢i81 ststements.
Page 18

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
2021
2020
Cash flows from oporaling activities
Nel cash used in operating adivities
778,281
668.189
Cash flows from Investlng activitifrs
Dividends, interest and rents from investments
Drawdown from investment portfolio
Purchase of intsngible assets
Purchase of investments
328,745
450.842
113,403
507,839
(556,940) 11,198.213)
{296.756}
1447.264)
Not cash used In Invosllng actlvltles
1411.548)
1686.7961
Change in cash and cash oquivalents in the year
Cash and cash equivalents at the beginning of the year
366,733
(18,6071
1,792.519
1.773,912
Cash and cash equlval8nls at th• end of the year
2,140,645
1,773.912
The notes on pages 20 10 42 form part of these financial statements
Page 19

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
GENEIiAL INFORMATION
The Charity 15 a company limited by Royal Charter, incorporated in England within Ihe United Kingdom.
The registered number is RC000865 and the address of the registered office is The Laboratory. Citadel
Hill. Plymouth. PL1 2PB.
ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The finanaal stal6m8nls have been pr6par8d in aceordance with th6 Charits"89 SORP IFRS 1021-
Accounting and Rèporting by Chariliés= Slal6m8nl of Recornmèndèd Practice applicable lo charilies
preparing théir aeeounts in accordance with th6 Finaneial Rèporling Standard applic8blè in thé UK
and Republic of Ireland IFRS 1021 léff8cb.vo 1 January 20191, the Financial R6POrting Standard
applScablè In the UK and R6public of Imland IFRS 102) and the CompanSas Act 2006.
The Marine Biological Asso¢Sats"on of the United Kingdom me61$ the (Jeflnilion of a public b8n8fll
enlity under FRS 102. Assets and liabilities are inilially recognised al historical wsl or Iransa¢b"on
value unless olheTh￿Se staled in Ihe relevant accountsng policy.
2.2 GOING CONCERN
The accounts have been prepared under the going concem basis. Although the COVID pandem
has impacted the operations, there is no significanl impact on the finances of th8 charity. There are
sufficient reserves, and continuing funding slrearns lo continue the operations of Ihe charity. For
these reasons the Trustees consider the 90Sng ¢oncem basis is appropriatè.
2.3 FUND ACCOUNTING
General funds are unreslricled lunds which are available for use at th8 dlscr8tion ol the Truslees in
furlherance of the general objectives of th8 Charity and which have not been designal8d for other
purposes.
Designaled funds comprise unreslricled funds Ihal have been set aside by the Trustees for particular
purposes. The aim and use of each d8signated lund is sel oul in the noles lo the financial
stalemenls.
Restricted funds are lunds which are lo be used in accordance with specific reslriclions imposed by
donors or which have been raised by the Charity for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each reslricled
fund is set out in the notes lo the financial slalemenls.
Investment income. gains and losses are allcKaled lo the appropriate lund.
Endowment funds have beerb given wtth a requirement that only Ihe income arising is to b8 applied
for specific purposes bul the capitsl is lo be retained permanently.
Page 20

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ACCOUNTING POLICIES Icontlnued)
2.4 INCOME
Vduntary income including donations. grfts and legacies and grants that provide core funding. is
induded in incoming resources when these are received. except as follows..
When donoTs speafy that donatK>ns and grants given lo the charity musl be used in future
accounting pericyjs. the income is defeThed until those pericfvJs.
When donors impose conditions which have to be fulfilled under contract before the charity becomes
entitled lo use such incorne. the income is deferred lo maich with future performance under ￿ntraCt.
Inveslmenl income is recognised when it is receivable.
Grants and awards to finance specific research programmes and the related expenditure are treated
as transactions of reslricled funds. Where the MBA is part of a collaboralive project with other
organisalions. only Ihose elements of funding awarded lo the MBA or that relate lo aclivilies
controlled by the MBA are recognised as incoming resources. Funds awarded to other organisalions
where monies are distributed via the MBA are recorded directly as creditors and not recognised as
income.
Incoming resources from knowledge exchange activities are recognised in line wlh performance of
contracts and specific deliverables.
When donors specify that donat￿S and grants. induding capital grants. are for particular restricted
purposes which do not amount lo pre-conditions regarding enlillemenl. this income is included in
incoming resoufces ol restricted lunds %then il is received. Donated staff costs are values al the
equivalent employer payroll cost.
Income is staled net of Value Added Tax.
2.5 EXPENDITURE
Fundraising costs are those incurred in seeking voluntary contributions and do not indud8 the costs
of disseminating inlofmalion in support of the charilable activities. Support costs are those costs
Inc￿rred directly in support of expendilure on the objects of the charity and include project
management carried out al Headquarters. Governance costs are those incurred in connection
administralion ol ltte chafily and complianc6 with conslilulional and stslutory requirements.
The following definitions have been adopted in drawng up these accounts:
Costs of generating funds are those costs incurred in attracting voluntary income, being those
inujrred in activities that raise funds. an an apFQrtionmenl of support costs.
Charitable activities indudes all costs relating lo activities where the primary aim is part of the objects
of the MBA, such as the core research activities and the dissemination of that knowledge. and
include both the direct costs and support costs relating lo those activities.
Govemance costs are those associated wth the govemance of the MBA which relate to the general
running of the charity as a legal entity and which are not connected with the generation of income or
wth dire¢t charitable expenditure.
Support costs, which include Central office and management functions not falling wlhin one of the
le9ories of expenditure above. are all(xaled on a basis consislenl with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the aotivities which further the
Charity's objectives, as well as any associated support Costs.
Page 21

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ACCOUNTING POLICIES Icontlnued)
2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £2,000 or more are capitalised and reccgnised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate
that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrwng
values of fixed assels and their recoverable amounts are recognised as impaimients. Impairmenl
losses are recognised in the Sialement ol Financial Activities.
Tangible fixed assets are carried al cost, nel of depreciation and any prowsion for impainnenl.
Depreciation is provided al rates calctjlaled lo write off the cosl of fixed assels, less Iheir estimated
residual value, over Iheir expected uselul lives on the following bases..
Long-te￿ leasehold property
Plant arbd machinery
Research and laboratory
equipment
Research vessel
Over the remaining lemi of the lease
5 years slraighl line
20-250/0 reducing balance
10010 reducing balance
2.7 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially reccgnised al their
transaction cost and subsequently measured al fair value al the Balance sheet dale. unless the value
cannot bo measured reliably in which case il is measured al cost less impairmenl. Investment gains
and losses, whether realised or unrealised. are combined and presented as 'GainsllLossesl on
investments, in Ihe Slalemenl ol finan￿al activities.
2.8 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivabl8 and the amount can be measured
relk9bly by the Charity.. this is normally upon notificalTron of the interest paid or payable by the Bank.
2.9 STOCKS
Siccks are valued al the lower of cosl and net realisable value after making due albwance for
obsolete and slow-moving stocks. Cosl includes all direct costs and an appropriate prop)rtion of fixed
and variable ovetheads.
2.10 DEBTORS
Trade and other debtors are recognised al the selllemenl amount after any trade discount offered.
Prepayments are valued al the amount prepaid nel ol any trade discounts due.
2.11 CASH AT BANK AND IN HAND
Cash al bank and in hand includes cash and short.lerm highly liquid investments with a short maturity
of three months Of less from the dale of acquisition or opening of the deposit or similar a¢counl.
Page 22

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ACCOUNTING POLICIES Icontlnued)
2.12 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balan￿ sheet dale as a result of a past
event, il is probable that a Iransfer of economic benefit will be required in setllemenl. and the amount
of the seluement can be estimaled reliably.
Liabilities are recognised at Ihe amount that the Charity anlicipales it wll pay lo settle the debl or the
amount il has received as advanced payments for the goods or services il musl provide.
Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where
the effect of the lime value of money is material, the provision is based on the present value of those
amounts, discounted al Ihe pre-tax discount rale that reflects the risks specific lo the liability. The
unwinding of the discount is recognised in Ihe Statement ol finan￿al activities as a finance cosl.
2.13 FINANCIAL INSTRUMENTS
The Charity only has finan￿al assets and financial liabilities of a kind Ihal qualify as basic financial
instruments. Basic financial instruments are initially recognised al transaction value and subsequent
measured al their setllemenl value with the exception of bank loans which are subsequently
measured al amortised cost using the effective interest methcfvd.
2.14 FOREIGN CURRENCIES
Monetary assels and liabilities denominaled in forewJn currencies are translated into slerting at rates
of exchange ruling al Ihe balance sheet dale.
Transacts'ons in forewn cUrren￿eS are translated into slerting al the rale njling on the dale of the
transaction.
Exchang8 gains and losses are recognised in the Stalemenl of Financial AclivilTres.
2.15 PENSIONS
The institution partiapales in Universities Superannuation Scheme. The scheme is a hybfid pension
scheme, providing defined benefils Ilor all members). as well as defined coniribulion benefits. The
assets of the scheme are held in a separate Iruslee-adminislered fund. Because ol the mutual nalure
of the scheme, the assets are not attributed lo individual institutions and a scheme-wide contribution
rale is sel.
The institution is therefore exFosed lo actuarial risks a$S￿lated wth other instilulw)ns' employees
and is unable lo identify ils share of the underlying assets and liabilities of the scheme on
consislenl and reasonable basis. As requifed by Section 28 of FRS 102 Employee benefits". the
institution therefore accounts for the scheme as if il were a wholly defined contribution scheme.
As a result, the amount charged lo the profil and loss account represents the contributions payable lo
the scheme. Since the inslilulion has entered into an agreement Ilhe Recovery Plan) that determines
how each employer within the scheme will fund the overall deficit, the institution recognises a liability
for the contributions payable that arise from the agreement {lo the exlenl that they relate to the
deficit} and therefore an expense is recognised.
Further disdosures in respect of the pension scheme are given in the notes to the financial
stalemenls.
The MBA also conlribules lo a defined contribution scheme on behatf of certain members of stsff not
eligible lo belong lo the USS, the Costs of which are charged lo the Slalement of Financial Activities
as incurred.
Page 23

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ACCOUNTING POLICIES Icontlnued)
2.16 HERITAGE ASSETS
The Association hdds herilage assets relating to a nationally and inlemalionally recognised Library of
significant scientific importance which dates back lo 1888, Many of the works are unique and are the
only copies in existence. Durtng the year ended 31 March 2021 the majority of these assets were
revalued and have been accounted for as follows..
Library books, offprinls. expedition reports and joumals with a value of £1,000 or more have been
independenuy valued and included in Ihe Balance Sheet al replacement value al the lime of
valuation. Expenditure, which in the Trustees. view is required to preserve Ihe Library, is recognised
in the Slalement ol Financial Activity when il is incurred.
Scientrfic instruments, apparatus. paintings and drawings have been independently valued and
induded in the Balance Sheet al replacement value al the lime of valualions.
Bwks in evewlay use on open shelves with an ind1v￿￿al value of less than £1.000 have r￿1 been
valued as the Trustees believe Ihe benefits of obtaining a valuation for these Items would not just
the ca)sl.
Archive material such as personal letters, diaries elc have not been valued. As these are of a
unique nature the Trustees believe the benefits of obtaining valuations for these items could nol
justify the costs.
2.17 IRRECOVERABLE VAT
All resources expended are classified under activity headings Ihal aggregate all costs related lo Ihal
category. Irrecoverable VAT is chafged a9ainsl the activity of expenditure for which il was incurred.
Page 24

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT
Eslimales and judgments are continually evalualed and are based on historical experience and oiher
factors. including expeclalions of future events that are believed lo be reasonable under the
circumstances.
Critical accounting estimates and assumptions..
FRS102 makes the distinctN)n behveen a Group Plan and a mulli*mployer scheme. A Group Plan
consists of a collection of enlilies under common control typically wtth a sponsoring employer.
A multi*mployer scheme is a scheme for entits'es not under common control and represenls Ilypicaltyl an
industry-wide scheme such as that provided by USS, The accounting for a mulli-employer scheme where
the employer has enlered into an agreement with the scheme that detemiines how the employer will fund
deficit results in the recognition of a liability lor the contributions payable that arise from the agreement Ilo
the extent Ihal they relate lo the deficill and the resulting expense is recognised in the slalemenl of
financial actsvitses.
The Trustees are satisfied that the scheme provided by USS meets ihe definition of a multi-employeT
scheme and has therefore recognised the discounted lair value of the conlraclual contributions under the
funding plan in existence at the dale of approving the financial slatemenls.
Critical areas of judgment:
Herrlage assets are included in the accounts at market value. The valuation is subject lo judgemental of
an expert.
There is a judgemental as lo whether an provision can be calculated for any dilapidation should be
provided on the Citadel. See note 28 for more detail.
INCOME FROM DONATIONS AND LEGACIES
Unrestricted Restricted
funds
funds
2021
2021
Total
funds
2021
Total
funds
2020
Donations
Govemment grants
2,121
2.121
162.352
11,814
162.352
2,121
162.352
164.473
11.814
TOTAL 2020
11,814
11,814
Page 25

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restrl¢t•d Endowment
funds
funds
funds
2021
2021
2021
Total
funds
2021
Total
funds
2020
Research activities
Other knowledge exchange
activities
Courses and workshops
Joumals
1,657.929
1,988,939
3.646.868
5,775,080
481.499
5.031
477,774
38,578
520.077
5,031
477,774
507.075
105.027
380.807
TOTAL 2021
2,622.233
2,027,517
4.649,750
6,767.989
TOTAL 2020
2,740.098
4,023,391
4.500
6,767,989
INCOME FROM OTHER TRADING ACTIVITIES
Income from fundraising events
Unrestricted
funds
2021
Total
funds
2021
Total
funds
2020
Renlal income and setvice charges
In-house catering and visitors, facilities
Membership subscriptions
Sales of silk
29,893
72.994
46.990
3.590
55.399
55.399
55.399
55.399
153.467
TOTAL 2020
153.467
153,467
Page 26

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
INVESTMENT INCOME
Unrestricted
funds
2021
Total
funds
2021
Total
funds
2020
Dividends received
Bank deposit inleresl
328.453
292
328,453
292
449.682
1.160
328.745
328,745
450.842
TOTAL 2020
450.842
450,842
ANALYSIS OF EXPENDITURE BY ACTIVrnES
Activities
undertaken
directly
2021
Support
costs
2021
Total
funds
2021
Total
funds
2020
Research aclmlies
Other Knowledge Exchange adiwties
Courses and workshops
Joumals
3,297,492
667,562
24,831
10,223
1,394.027
162.599
2.340
5.616
4.691.519
830,161
27,171
15.839
4,656.936
962.412
115,239
105.037
4.CQO,108
1,564.582
5,564,690
5,839.624
TOTAL 2020
3,945,975
1,893.649
5,839,624
Page 27

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ANALYSIS OF EXPENDITURE BY ACTIVITIES ICONTINUEDI
ANALYSIS OF DIRECT COSTS
Other
Courses
R•search knowledge
and
activities
exchange workshops
2021
2021
2021
Total
funds
2021
Total
funds
2020
Joumals
2021
Staff costs
Depreciation
Other direct costs
1,979,027
499,¢X4
819,401
421,812
2,400,839
499,064
1,100,205
2,317.247
452.172
1,176.556
245.750
24,831
10.223
3,297,492
667.562
24,831
10.223
4,000,108
3,945.975
TOTAL 2020
3,048,659
684.046
113,724
99.546
3,945,975
Support costs
2021
2020
Rent and rates
220,895
248.112
158.276
237.215
35,431
37.755
29.948
87,300
67.039
3.106
127.091
11.708
799,419
{11.634}
62.883
Repairs and rnaintenance
IT costs
Travel and staff costs
Office costs
Insuran
Legal and professional
Subscriptions and grant costs
Bank charges
Irrecoverable VAT
82,717
2,972
45,996
30,516
15,825
52,847
2.591
83,156
12,854
909,401
144,559)
$4,885
Pension inleresl
Stsff costs
Exchange rale variances
Support costs- Govemance
1,564,580
1,893.649
Page 28

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
10. GOVERNANCE COSTS
Unrestrld•d Restricted
funds
funds
2021
2021
Total
funds
2021
Total
funds
2020
Auditors. remuneration
Trustees. subsistence feimbursed
Wages and salaries
10,350
10,350
10,350
13.955
38.578
44,535
44.535
54,885
54,885
62,883
TOTAL 2020
48,928
13.955
62,883
11. NET INCOMEIIEXPENDITUREI
This is stsled after charging..
2021
2020
Depreaalion of tsngible fixed assets
- owned by the charitsble company
Auditors. remuneration - audit
Auditors. remuneration - other services
499,064
10,350
6.300
452.172
10.350
8.610
12. STAFF COSTS
2021
2020
Wages and salaries
Social security cosls
con1ribut￿n lo defin￿ contribulon p8nskJn schemes
2.942.869
227,397
184,509
2,720.538
201,041
306.588
3,354.775
3,228.167
Page 29

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
12. STAFF COSTS (CONTINUED>
The average number of persons employed by the Charity during the year was as fdlows:
2021
No.
2020
No.
Cost of generating fvnds
Charitable activities
Govemanc
83
77
87
81
The number of employe&s whose employee benefits (excluding 8mployer Pen￿On costs) exceeded
£60,000 was:
2021
No.
2020
No.
In th8 band £60,001 - £70.000
In the band £70,001 - £80.000
In the band £80,001- £90.000
13. TRUSTEES. REMUNERATION AND EXPENSES
During Ihe year. no Trustees received any remuneration or oth8r b8nefils12020- £NIL).
During the year ended 31 March 2021. expenses lotalling £NIL were raimbursed or paid directly to
Truslee12020 - £13.995 10 13 Trustees).
Page 30

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
14. TANGIBLE FIXED ASSETS
Research
and
laboratory
6quSpment
Long-temi
leasehold
property
Plant and
machlnery
R•search
v8ssel
Total
COST OR VALUATION
At 1 April 2020
Additions
1.132,819
225.825
264.277
1.986,938
451.783
366.872
3,750,906
677,608
At 31 March 2021
1,358,644
264,277
2,438,721
366,872
4.428,514
DEPRECIATION
At 1 April 2020
Charge for the year
155,268
47,514
112,623
38,257
1.000,809
387,990
113,854
25,303
1,382,554
499,064
At 31 March 2021
202.782
150,880
1,388,799
139,1 $7
1,881.618
NET BOOK VALUE
At 31 March 2021
1.155,862
113,397
1,049,922
227,715
2.546,896
At 31 March 2020
977,551
151,654
986,129
253,018
2,368.352
15. HERITAGE ASSETS
Assets recognised at cost
Heritag9
asset
2021
Total
2021
CarryirrfJ value at 1 April 2020
Revaluations
1,C￿7,800
208,865
1.067,800
208,865
CARRYING VALUE AT 31 MARCH 2021
1,276,665
1,276.665
The atove represents valuations made for books and similar technical items held in the library
£1,254.8601 and for other heritage assels1£21.8051.
These assets were valued in 2021 by Dr P Pollack, ABA, FLS and ara included in the Balance Sh8et at
their estimated replacement value.
Page 31

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
16. FIXED ASSET INVESTMENTS
Llstsd
Investments
COST OR VALUATION
At 1 April 2020
Additions
Disposals
Revaluations
14.379,900
296,756
147,6311
2.008,458
AT 31 MARCH 2021
16.637,483
NET BOOK VALUE
AT 31 MARCH 2021
16.637,483
AT 31 MARCH 2020
14,379,900
The total market value at 31 March 2021 comprises investrnents quoted on the UK stock exchange
£16,538,591 12020= £7.107,4591, other quoted investments outside the UK £Nil {2020.. £5,536.550) and
cash £98,89212020= £1.73S.891)
17. STOCKS
2021
2020
Finished goods and gcK*Js for resale
63.710
70.095
18. DEBTORS
2021
2020
DUE WITHIN ONE YEAR
Trade deblors
Other debtors
PrepayTmenls and acthed income
Grants receivable
855,959
2.649
167,942
609,734
914.728
2,510
134,808
918.988
1,636,284
1,971.034
Page 32

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
Trade Creditors
Amounts owed lo group undertakings
Other laxalion and social security
Other Creditors
Accruals and defe￿ed income
273,969
13,397
53.316
13.079
2,320,722
238.196
13,394
116.549
12.518
1,595.649
2,674,483
1,976,306
Deferred income represents funding received for specific projects. vthere entitlement only arises once
prqecl costs have been in(yJrred.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021
2020
Other creditors
495.965
606.281
Other creditors falling due after more than one ￿ar represent a liability to ￿ntrIbute lo Ihe USS pension
heme defi¢il as disdosed in note 29.
21. FINANCIAL INSTRUMENTS
2021
2020
FINANCIAL ASSETS
Financial assets measured 81 fair value through income and expendilu
16,637,483 14,379.900
2021
2020
FINANCIAL LIABILITIES
Financial liabilities measured at amrtised cost
422.128
404.222
Financial assets measured al fair value through income and expenditure comprise investments held at
market value.
Financial liabilities measured at amortised cost comprise trade creditors. other creditors and accruals.
Page 33

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
22. STATEMENT OF FUNDS
STATEMENT OF FUNDS- CURRENT YEAR
Balance at
31 March
2021
Balance at 1
April 2020
Tran¥fgrs
inlout
Galnsl
(Losses)
Income Expenditure
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Investment reseNe
Herttage asset5
reserve
256,907
151,614
408,521
1.057,800
208,865
1,266,665
Designated
premises lund
Designated fellows
fund
9.591,146
1.428,249 11.019.395
2.457,640
(67,2731
373,403
2.763.770
13.363.493
167,2731
2,162.131 15,458,351
GENERAL FUNDS
General reseNe
Pension liability
943.255
1617.9901
3,008,498 (2,714.4141
111,490
1142,894)
35,192
1,129,637
1506.500)
325,265
3,008,498 12.602,9241
(142.894)
35,192
623,137
TOTAL
UNRESTRICTED
FUNDS
13.688.758
3,008,498 (2,670.1971
(142,894) 2.197,323 16.081,488
ENDOWMENT
FUNDS
Soulhward & Tc4Jd
Fund
Spooner B8quest
137.661
88.383
21,252
13,644
158.913
102,027
226.044
34.896
260.940
Page 34

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
22. STATEMENT OF FUNDS (CONTINUED)
Balance al
31 March
2021
Balance at 1
April 2020
Transfors
inlout
GalDsI
ILossesl
Income Expendlture
RESTRICTED
FUNDS
Grants and
Research
EU Programme
Awards
Browne Bequesl
Browne & Bull
Library
Mary Parke
Bursary
Morely Neale
Fund
Seawater Hall &
Resour¢e Cent
Caprtal Grants
SAHFOS
NERC. Blue Gok
97,290
1,329,638 11,553,520)
126,592
213,604
33.213
657,657
1859,8971
11,364
38,340
5.127
173,982
26,859
200,841
1,007
1.007
312.219
635,139
1.883,052
224,932
1.556.218
312,219
665,646
2.132.926
201,598
{171,0911
249,874
{241,2341
1133.7781
16.302
ICPR
976
1.423,416
5.133,704
2,189,869 12.959,5201
142,894
281,860
4.788,807
TOTAL OF
FUNDS
19.048,506
5,198,367 15,629,717)
2.514,079 21,131.235
Page 35

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
22. STATEMENT OF FUNDS (CONTINUED)
The transfers column within the above Statement ol Funds note indudes both overheads recharged lo
fund balances and transfers from unrestricted funds to subsidise reslricled lund deficil balances.
Reslricted funds are as follows..
Grants and Research The Research Programme combined funds awarded for specific research
projects that cannot be used for other purposes. The deficit represented an excess of expenditure over
income on restricted research projects in the year. A transfer from unrestricted lo restricted reserves was
made to offset the deficit. Research Prc>gramme funds are now shown as follows..
EU Programme awards
These funds are projecls supported through the Inlerreg Horizon 2020
programmes. Funding awarded covers only a proportion of the full project cosls and transfers from
unrestricted reserves.
Browne Bequest - for the purchase of apparatus and the publication of books on Brilish Marine Fauna.
Browne and Bull Library Fund - combines speafic legacies for the "purchase of rare or valuable books as
need OT occasion arises. for the MBA'S library.
Mary Parke Bursary Fund - to provide bursaries for physiological students al Ihe MBA.
Modey Neale Fund - lo provide scaal facilities lo the stsff members of the MBA.
Seawater Hall and Resource Centre - Infrastructure grants for the Resource Centre and Seawater Hall
are held as reslricled lunds with a proFQrtion of the depreciation lor Ihese assets tting charged lo the
respective fund each year. calculated as the amount that the capital grant bears lo the total cost of the
assei fvnded.
Capttsl grant- This is a grant for capital equipment purchased.
Save our Seas Foundation This project will provide the first long-term tracking of shortfin mako shark
movements and spac£ ulilisalion in the central North Allanlic Ocean.
SAHFOS - This represents the amount transferred from the Sir Alister Hardy FOundat￿n for Ocean
Science. As part of the lems and conditions ol transfer, the balanc£ is lo be restricted lo expendilufe
relating to Continuous Plankton Recorder su￿eyS.
Endcmment fijnds are as follows..
Tojd Fund - is for the purchase of rare and Ca)slly books.
Spooner Bequest- represents a specific legacy for the provision of student bursaries by the MBA.
Southward Bequest
represenis a specific legacy lo generate income from which books, serial
publications or any other saenlific papers can be purchased.
Designated funds are as follows..
Investment reserve - This fund represents the differen￿ between the original cost ol the inveslmenls
held and the marf(el value al the balance sheet dale. less any funds held in unreslricled general reserves.
Heritage assets reserve- This fund represents the value of the Heritage assets held on the balan￿ sheet
at year end.
Premises Fund - This fund Is held to provide a capital amount that covers the remaining leasehold
liabilities (including repairs and mainlenanee and the requirement lo make good dilapidalionsl and an
Income level lo cover the annual premises and running costs. A transfer Is made lo the General Reserv
Page 36

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
22. STATEMENT OF FUNDS (CONTINUED)
lo represent funds drawn down lo contribute towards relevanl expenditure. A transfer from the General
Reserve is made from investment income received lo maintain the fund al the required level. The lund
has also been increased in relation lo the commitment lo the ongoing infraslruclure project.
Fellows Fund - This supports Research Fellowships by providing underpinning salary and asswaled
costs. A transfer from the General Reserve is made from investment income received.
STATEMENT OF FUNDS- PRIOR YEAR
Balance at
31 March
2020
Balance al
1 April 2019
Transfers
in/oul
Gainsl
{Lossesl
Income Expenditure
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Investment
reserve
278,162
121,2551
256.gJ7
Herttage assets
reserve
1.057,800
1.057.800
Designated
Premises lund
Designated
fellows fund
10,382,059
{790,9131 9,591.146
2,750,103
353
186,6941
3.383
(209,5051 2,457.640
14,468, 124
353
186,6941
3.383 11,021,673) 13,363,493
GENERAL FUNDS
Ganeral reserye
Pension liability
1,290.788
1562.897)
3.355,868 13,169.979)
155.093)
1399,9491
1133.4731
943,255
1617,9901
727.891
3,355,888 I3,225.072}
1399,9491
1133.473)
325,265
TOTAL
UNRESTRICTED
FUNDS
15,196.015
3,311.7661
1396,5661 11, 155.146) 13.688,758
ENDOWMENT
FUNDS
Soulhward & Tcéd
Fund
Spoonèr 88quest
149,012
95,671
111,351)
17,288)
137,661
88,383
4,500
14,500)
244,683
4,500
14,500}
118,639}
226,044
Page 37

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
22. STATEMENT OF FUNDS (CONTINUED)
RESTRICTED
FUNDS
Grants and
Research
15.581)
926,907 (1.108,041)
284,005
97,290
EU Programme
Awards
Browne Bequest
Browne & Bull
Library
Mary Parke
Bursary
Morely Neale
Fund
Seawaler Hall &
Resource Centre
Capitsl Grants
SAHFOS
NERC - Blue Gokl
ICPR
166.103
35,952
928,580
1976.052)
94.973
213.604
33,213
12,7391
188,329
{14,347)
173,982
3.048
3.048
1.Cw)7
1.CKI7
312,219
193,974
1,883,052
643.987
312,219
635,139
1.883,052
224,932
1,556,218
615,369
1191,792)
17,588
1419,055)
12,480)
1,558,698
3,422.090
4.029,554 12,697,420)
396,566
{17,086) 5.133.704
TOTAL OF
FUNDS
18,862,788
4,034,054 16,013,686)
11,190,871) 19,048,506
Page 38

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
23. SUMMARY OF FUNDS
SUMMARY OF FUNDS- CURRENT YEAR
Balanco al
31 March
2021
Balance at 1
April 2020
Transfgrs
inlout
Galnsl
(Losses)
Income Expendlture
Designated
funds
General funds
End￿￿ment
funds
Reslricled funds
13,363,493
325,265
{67,273}
3,008,498 12,602,924}
2.162,131 15,458,351
35,192
623,137
1142,8941
226,044
5,133.704
34,896
281.860
260.940
4.788,807
2.189,869 12,959,520)
142,894
19,IM8.506
5.198,367 15,629.717)
2,514,079 21,131,235
SUMMARY OF FUNDS - PRIOR YEAR
Balanct at
31 March
2020
Balance at
1 April 2019
Transfers
inlout
Gainsl
{Lossesl
Income Expend￿￿
Designated
funds
General funds
Endowment
funds
14,468, 124
727,891
3S3
186,6941
3,355,868 13,225,072)
3.383 11,021,673) 13,363,493
{399,949)
{133,4731
325,265
244,683
3,422,090
4.500
4.029.$54
(4,5001
12,697,420)
118,6391
226.044
117,0861 5,133.704
Restricted funds
396.566
18,862,788
7,390,275 16,013,686)
11,190,871) 19,048.506
24. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
UnrnstrIct￿ Restrlcted Endowmènt
fund$
funds
fund$
2021
2021
2021
Total
funds
2021
Tangible fixed assets
Fixed asset investments
Herilage assels
Current assets
Creditors due within one year
Creditors due in more than one year
1,569,030
14,071,785
1,276,665
390,285
3,445.854
1730,3121 11,944.171)
1495,9651
977.866
2.309.258
2,546,896
256,440 16,637.483
1.276,665
3,840,639
(2.674,4831
1495,9651
TOTAL
16,081,488
4,788.807
260,940 21.131,235
Page 39

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
24. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unreslricled
funds
2020
Restricted Endowm8nt
funds
funds
2020
2020
Total
funds
2020
Tangible fixed assets
Fixed assel inveslments
1,463,875
12,275,973
1,067,800
149,117
3,661.422
1661,7271 11,314.578)
1606,2811
904.477
1,882.383
2,368.352
221,544 14,379.900
1,067,800
3,815.039
1,976.305)
{606.281)
Heritage assets
Current assets
Creditors due within one year
Creditors due in more than one year
TOTAL
13,688,757
5,133.704
226,044 19,048.505
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
ACTIVITIES
25.
2021
2020
Net income for the year las per Statement of Financial Activities)
1,873,864
190.106
ADJUSTMENTS FOR:
Depreciation charges
GainsJ{lossesl on inve5trnents
Diwdends, interest and rents from investments
Decreasel{increasel in stocks
Decreasellincreasel in debtors
Increaselldecreasel in creditors
499,064
12,305,214)
{328.745)
6.385
334,750
698,177
452.172
1,190.871
{450,842)
14.722)
(680.318)
124.690)
NET CASH PROVIDED BY OPERATING ACTIVITIES
778,281
672,577
ANALYSIS OF CASH AND CASH EQUIVALENTS
2021
2020
Cash in hand
2.140.645
1,773.912
TOTAL CASH AND CASH EQUIVALENTS
2.140,645
1,773,912
Page 40

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ANALYSIS OF CHANGES IN NET DEBT
At 1 April
2020 Cash Ilows
At 31 March
2021
Cash at bank and in hand
1.773,912
366,733
2,140,645
28. CONTINGENT LIABILITIES
Under the temis of the lease from the Crown Estsle re18ting lo the sile and premises at Ciladel Hill there
is a requirement lo meet the cost of making good dilapidations and of vacating the premises should the
MBA transfer lo new premises. The premises undergo a rolling programme of repairs and refurbishment,
funded by a drawdown from the Designated Premises Fund to ensure they are routinely maintained in
good condition. Council therefore considers that there are not expected to be any signifieanl costs
8SSOClated with dilapidations that would be without a nomal annu81 maintenance budget. Any costs or
settlement associated with vacating the premises cannot be reliably estimated al present and hence tt is
not possible lo make a reliable estimate of the potential costs of any contingent liability.
PENSION COMMITMENTS
University Superannuation Schème
The latest available full actuarial valuation of the scheme was al 31 March 2018 1.the valualron dale").
which was carried out using the projected unrt method. Since the institution cannot identify ils share of
schèmè assets and liabilities, the following disclosures reflect those relevant for the schèmè as a whole.
Thè 2018 valuation was the fourth valuation for USS undèr the schem&specific funding regime introduced
by the Pensions Acl 2004, which requires sehemes lo adopt a statutory funding objectivè, which is lo have
sufficient and appropriate assets to cover their leehnical provision5. Al the valuation dale, the value of the
assets of the scherne was £63.7 billion and the value of the sch6mè's leehnical provisions was £67.3
billion indicating a shortfall of £7.5 billion and a funding rabo of 95010.
The key financial as5urnptions used in thè 2018 valuation are d6sttib8d bèlow. Morè detail is sal out in thè
SLilement of Funding Principles.
Pension increases ICPII
Term dependent rates in linè with the differenc8 b8tsvean thè Fixed Inl6rast and Ind6x Linked yièld curves.
less 1.3Yo p.a.
Discount rate (forward rates}
Years 1-10.. CPI + 0.14 °k reducing linearly lo CPI - 0.730
Years 11-20.. CPI + 2.S2ts/o reducing lineady to CPI + 1.55°A by year 21
Years 21 +: CPI + 1.550/
The main demographic assurnption used relates to tho mortality assumplions. These assumption$ are
based on analysis of the scheme's experience G4rri8d out as part of the 2018 actuarial valuation. The
mortality assumptions usod in these figures ar8 as follows:
Mortalily base lable
Pre-retirement.. 71 Yo of AMCOO Iduralion O} for rnalos and 112Yo of AFCOO Iduralion O) for f8mal8s
Post retirement: 97.6°kn of SAPS S1 NMA 'light" for mal8s and 101.3% of RFVOO for females
Future Improvements to mortality
CMI_2017 with a smoothing parameter of 8.5 and a long term Improvement rale of 1.8% pa for males and
Page 41

THE MARINE BIOLOGICAL ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PENSION COMMITMENTS ICONTINUEDI
1.6% pa for females
The current life expectancies on retirement at age 65 are..
2021
24.4
25.9
2020
24.4
25.9
26.3
27.7
Males currenlly aged 65 lyearsl
Females currently aged 65 lyearsl
Males currenlly aged 45 lyearsl
Females currently aged 45 {yEarsl
27.7
A new deficit recovery plan was pul in place as part of the 2018 valuation, which requires payment of 2Y.
of salaries over the period 1 October 2019 10 30 September 2021. al which poinl Ihe rale will increase lo
6%.
2021
2.120
NIA
1.800
2020
2.080
NIA
2.11%
Discount rate
Pensionable salary growth
Pension increases {CPI)
RELATED PARTY TRANSACTIONS
The Ray Lankesler Fund Iregislered charity number, 2068551 is a related paty of ihe MBA. Professor W
Wilson IMBA Director during the yearl is a Trustee of the Ray Lankesler Fund. The Ray Lankesler Fund
provides support lor researchers lo undertake projects based al the MBA laboratory. During the year. the
MBA made recharges of £20.11312020.' £NILI lo the Ray Lankesler Fund. Al the year end the balance
owed lo the MBA was £Nil12020.' £Nill
Due to the structure of the board and management team. no members ol management have been
deemed lo meet the definition of key management personnel and therefore no disclosure of key
management personnel has been made within these financial slalements.
Page 42