2024-03-31-accounts

Company registration number: RC000865 Charity registration number.. 1155893 The Marine Biological Association of the United Kingdom (A company limited by Royal Charter) Annual Report and Financial Statements for the Year Ended 31 March 2024

The Marine Biological Association of the United Kingdom Contents Trustees. Report 1 to8 Reference and Administrative Details Independent Auditorfs Report 9t012 Statement of Financial Activities 13to14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Financial Statements 17to41

The Marine Biological Association of the United Kingdom Trustees, Report Introduction from the President Welcome to our Trustees, Report 2023-2024. It is always a pleasure to see the highlights from the year past. Here at the MBA. we are govemed by our Members through a group of leading scientists and public figures - our Board of Trustees. It was my great pleasure to see of our Trustees - Professor Mark Bailey OBE being recognised for his services to microbial ecology and environmental leadership in the King's first Birthday Honours. and Professor Stuart Rogers OBE recognised for his services to marine fisheries and environmental science. In 2023, we saw the opening of the Marine Microbiome Centre of Excellence. It was inspiring to see this new, state of the art laboratory facility which will focus on the vast and varied microscopic world in our ocean, helping us to understand its health and the impacts of climate change using world-class technology. From microscopic organisms to marine mammals, our research has clearly shown demonstrable impacl on our oceans. Research scientists from the MBA and University of Southampton wamed that coordinated action is needed to protect our ocean giants from lethal ship strikes. Research on global whale shark hotspots overlapping with busy shipping routes led to recommendations being formally accepted by Member States at COP14. This resulted in a Resolution urging parties to adopt mitigation measures to reduce the risk of vessel strikes in shark aggregation areas. Sadly. since April 2023, the global average temperature of the water on the surface of the sea has been unusually high and rising. These unusual periods of warmer weather lasting weeks, months or even years have been seen across the Northern and Southern hemispheres. Our research scientists have urged decision makers to set out a strategy to reduce the risk before. during and after the event of a 'Marine Heatwave,. Now more than ever, we must continue to work towards a better understanding of our marine environment and reach out to our decision-makers to help secure our future. It is encouraging to see this happening consistently at the MBA and throughout our marine biological community. Thank you to all at the MBA for all their diligent and passionate work highlighted in this report and those behind the scenes who help facilitate all that we do. It is incredibly encouraging to see such positive progress. Dr Gill Rider CB President Page 1

The Marine Biological Association of the United Kingdom Trustees, Report Our year in numbers 14.7 % social media growth 46 countries with Marine Biological Association Membership 124,183 nautical miles covered by the Continuous Plankton Recorder (CPR) 65 papers published 59 conferences and events attended and hosted 8 awards 1,465 intemational media mentions 510/(k grant success rate by number Our Membership As a member of the MBA, you join our growing community of marine biologists across the globe. from students to professionals. associates to Fellows. This year our membership numbers have increased by 240/0 and we were pleased to be able to award 10 travel bursaries to MBA Sludent members. Also, this year, awarded in recognition of distinguished and long-temi contributions to marine biology at the highest level, we were pleased lo welcome Professor Mark Tupper and Dr lan Lancaster as new Fellows of the Marine Biological Association (who are now entitled to use the postnominal, 'FMBA'). Research Highlights This year we welcomed three new MBA Research Fellows. each bringing with them new areas of science and discovery. Dr Lilian Lieberfs research focuses on fine-scale predator foraging distributions and movements in relation to biophysical dynamics that enhance prey density or availability. Dr Bryce Stewart focuses on increasing understanding of marine species and ecosystems to help balance the provision of ecosystem ServI￿S with conservation. Dr Angela Stevenson specialises in the ecology of deep-water biodiversity, with a focus on echinodems. In addition to this, the Marine Microbiome Centre of Ex￿llen￿ and Ecology laboratory, our new state of the art laboratories at Citadel Hill, were officially opened this year. These world-class facilities and spacious workstations, along with our Mary Parke Bioimaging Centre, support our research into the vast diversity of life in our oceans. Thanks to a generous grant from the Garfield Weston Foundation, our Continuous Plankton Recorder plankton taxonomy laboratory is also preparing to move to a brand-new space in the main building. We celebrated the successes of our scientists and students during the year: Dr Cordelia Roberts received the Molecular Microbial Ecology Group prize for best talk at the International Society for Microbial Ecology conference" Professor David Sims was presented with the Zoological Society of London's Marsh Award for Marine Conservation for his work identifying essential habitat for sharks and his contributions to understanding climate change impacts on fish populations- and PhD students Maxine Canvin and Sophie Corrigan won the Manton Prize for Best Student Presentation and Runner Up at the British Phycological Society conference. Page 2

The Marine Biological Association of the United Kingdom Trustees, Report Looking Ahead As we enter our 140th year since establishment. l am reminded of the importance of our mission. In the 1880s there was considerable concem about the mechanisation of the fishing industry., the MBA was set up to understand the impacts of this threat and provide evidence-based advice to the government of the day. That is still our mission, the threats have evolved (as Dr Gill Rider highlighted in her welcome statement). and the government rely on our Members and scientists for expert advice. Our capacity to achieve this will be bolstered by our three new Research Fellows who are already making advances in the use of advanced tracking technologies to understand animal behaviour, fisheries policy and MPAS, invertebrate ecology and their application in human tissue regeneration. We will also open our new cutting*dge CPR Survey laboratories, funded by a generous donation from the Garfield Weslon Foundation. We have built an incredible foundation of research capacity; this will help ensure informed decisions can be made about the future susiainability of our oceans. For further information on our highlights for FY2023124. please Icok out for our Annual Report which contains details of our highlights and impact. Professor Willie Wilson FMBA. Chief Executive Financial review Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ReseThes It is the policy of the Council to maintain general reserves. which are included within Unrestricted Funds at a sufficient level to satisfy operational cash flow requirements and the fulfilment of contractual and statutory obligations. This reserve should cover at least three months, operational costs (excluding premises costs) and any projected annual deficit and has a current target level of £1m. Funds of £4,238,291 (before recognition of USS pension liability of £Nil) were held in this reserve at the year-end. It is planned to increase the general unrestricted reserve following a review of designated funds and maintain an increase in long term reserves in line with inflation. It is also the policy of the Council to maintain a particular level of income generating reserves to produce sufficient annual income for the specific purpose of the maintenance and running of the premises occupied by the MBA. Whilst these funds are free reserves, they are not available for the general, operational and slrategic application of the reSoUr￿S of the MBA. The Council is not bound, however, by any restriction as to application of the funds, and consequently these funds are maintained within the Unrestrtcted Fund. represented by the Designated Fund descrtbed in note 26 on page 35. Surplus income generated shall nol be considered to be designated for these purposes. The Designated Premises Fund held £7.5m at the year-end. Page 3

The Marine Biological Association of the United Kingdom Trustees, Report Financial review The MBA received a total of £5,274,579 of incoming resources which was a decrease compared to the results for 2022123 where a total of £8,931.883 incoming resources were received. Total resources expended were £6,834,047 resulting in a deficit before other gainsl(losses} of {£1,559.468). After net investment gains of £1.283.297 and actuarial gains of £446,909, the net surplus was £170,738. As shown in the Statement of Financial Activities. of the total £5,274.579 of incoming resources from operations, £2.051,688 was generated for restricted purposes including specific research projects. £3,214,803 was generated from voluntary income and other activities to be used for other unrestricted purposes including the knowledge exchange program and support for laboratory operations and basic infrastructure. At the year-end, a total of £16,770.634 was held as Unrestricted Funds. This includes Designated Funds of £7,493,687 to support the ongoing premises costs including the infrastructure development project and a Fellowship Fund of £2,655.089 to support world-class research. Risks Under the terms of the Risk Management Policy adopted by the MBA, the strategic, operational and financial risks to which the MBA is exposed are evaluated on a quarterly basis {or more frequently when required) by the MBA Executive Team and appropriate systems are put into place to mitigate any major risks identified. The Council reviews these risks and is satisfied that the policy of continual monitoring of potential risks to which the MBA is exposed is sufficient to identify those risks on a timely basis and to ensure that the appropriate action may be taken to minimise the perceived risk to an acceptable level. A comprehensive Risk Register has been established under the control of the MBA Executive Team (MET) and is reviewed annually by the three Council Committees (Finance, Audit & Risk; Membership & Engagement., and Research). the risks being categorised and allocated to the relevant deparlment for ongoing monitoring and to be aclioned as appropriate. The Committees report their findings to Council annually. Examples of the key types of risk which Council consider and monitor include risks lo the successful delivery of the MBAS strategic ambilions. alongside financial and reputational risks. Investment policy and returns In accordance with the Bylaws of the Association. the Council has the power to invest funds in any investments that it sees fit. The policy is to adopt a medium risk investment strategy with a view to maximising returns. The perf0rrnan￿ of the investments held are managed by Professional Fund Managers who report to the Finance, Audit & Risk Committee who in tum report to Council on a six-monthly basis. Additional independent advice is commissioned as necessary. The investments are managed by CCLA who have historically shown a good return on investment and whose ethical and responsible investment policy is in tune with the wishes of Members and Trustees. In line with intentions previously disclosed, during 2023124 the decision was taken to draw down £1.2m to part fund the final stages of the infrastructure project at Citadel Hill. Investment income in 2023124 was £453,720 with a gain on investment assets of £1,283.297. At year end the value of the portfolio stood at £15.5m. Fundraising policy The Charity did not participate in any fundraising activity in the year, which is normal to other years and has no impact on our income sources. Page 4

The Marine Biological Association of the United Kingdom Trustees, Report Plans for future periods The MBA is working from a 15-year Strategic Plan: 2020-34 'Charting 150 Years of the Marine Biological Association. It is split into 3 x &year phases- Horizon 1 Foundations (to 2024). Horizon 2 - Accelerator (to 2029). and Horizon 3 - Global Leadership (to 2034 and the 150th anniversary of the establishment of the MBA). We are currently working on Horizon 1: Building the Foundations {2020 - 2024) and this reporting period is the fourth year of five in Horizon 1. As part of a detailed implementation plan for Horizon 1 we are focusing on a triumvirate foundation to strategically build the MBA during this foundation building period.. 1) Excellence and Growth; 2) Reach and Influence., and 3) Strength and Performance. Despite an increasingly competitive funding environment, exacerbated by increased cosl5 of conducting business (largely driven by posl-BREXIT and post-pandemic extemal socio-economic and political factors), core priorities over the final year of Horizon 1 will include a strong focus on diversifying our science portFolio after hiring three new Research Fellows, and resetting our engagemenl strategy to focus on increasing membership. We will conlinue to develop new plans for a 'Marine Biology Discoveries Centre, to provide a new heart to the MBA, to improve accessibility and circulation and creating additional flexible training and events spaces. With new facilities we have plans to increase research staff numbers by around 25 % over the next 5-year Horizon. Our evolving Ac￿leratOr strategy will be designed to set priorities for a new business model that will prepare the MBA for perpetually increasing competition. a critical challenge that is already impacting the wider academic research sector in the UK. Hence. we must l(x)k more globally for new opportunilies, particularly under the auspices of the UN Decade of o￿an scien￿ for Sustainable Development, where the MBA is now involved in several of their endorsed Programmes and Projects. An implementation plan will detail how we will capitalise on the many beacons of excellence within the MBA, from our research. membership. stakeholder engagement, postgraduate education, training, outreach, data and infomiation resources. and facilities. Structure, governance and management Constitution The Marine Biological Association (MBA) was founded in 1884 and incorporated in 1885 as a company limited by guarantee (registered no. 21401) without a share capital. The MBA was granted a Royal Charter in May 2013. as official recognition of its long and eminent history and status 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 to transfer the assets and operations with all pre existing restrictions over intended use from the existing limited company to this new Charter Body by way of a gift with effect from 1 April 2014. The chartered corporation is constituted by its Charter and B￿aws. Responsibility for the overall governan￿ of the MBA rests with the Council who are Trustees for the purposes of the Charities Act. Page 5

The Marine Biological Association of the United Kingdom Trustees, Report Organisation Review of strategy. policy and delivery of the charitsble 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 expertise in a wide range of areas including (but not limited to) research, business, education. public engagement, communications. policy and operations and are drawn from UK and intemational academia, funding institutes. statutory agencies and the commercial sector. Appointed Trustees are composed of a mixture of expertise from both a) the wider community nominated by members andlor current MBA staff & Trustees, and b) nominated by the founding bodies of the MBA.. The Fishmongers, Company. The Royal Society. The University of Cambridge. The University of Oxford" The Department for Environment. Food and Rural Affairs {Defra)" and the Zoological Society of London. The MBA Bylaws were recently updated (ratified by Privy Council of the United Kingdom on 22 March 2023} to limit the term of a Trustee to three years with the possibility of serving further terms. MBA Council recomrnended that in accordance with good g0Veman￿ practices, a Trustee will serve a maximum of three terms (9 years) if the MBA Council so decides. There is an option to serve one additional year to ensure evenness of Trustee succession. The Presidenl and Treasurer (who are Trustees) are Honorary Officers of the Company and are individually elecled for a lerm of five years and are eligible for re-election for a further term, but so that the total period of their office does not exceed ten years. Furthemiore, although new MBA Bylaws allow us to have15 Trustees in total. it is a pemiissive clause i.e. it does not contravene our inlention to maintain Council at 13 Trustees (which includes the President and Treasurer). Vice Presidents are non-Trustee members of Council (typically composed of Trustee and Directorl Chief Executive Alumni) and can advise but not vote on Council matters. The President, Vice Presidents and the Treasurer are appointed by the MBA Council from those members with voting rights, as defined in the B￿awS and Regulations, and are proposed for election at the Annual General Meeting. The President and Treasurer are individually elected for a term of five years and are eligible for reelection for a further term, but so that the total period of their office does not exceed ten years. Trustees seNe on a number of Committees. These currently comprise Executive Committee (Chairs of the three other committees); Finance, Audit & Risk (FAR) Committee" Research Committee (RC); Membership & Engagement (M&E) Committee" and MBA Executive Team (MET) Remuneration Committee (with the same membership as the Executive Committee). Management of the MBA is devolved from the Council to the Chief Executive of the MBA based at its HQ at the Citadel Hill Laboratory in Plymouth. The Chief Executive also acts as Secretary to the Council. The Chief Executive is assisted by an MBA Executive Team with responsibilities for research, finance, HR, policy. membership, health & safety. communications, library. data, estates and operations, sustainability, and the CPR Survey. Trustee induction and training New Trustees are introduced to the objectives and policies of the MBA and briefed on their legal obligations under Charity and Company Law. They are given an induction pack containing the Charter, Bylaws and Regulations of Association as well as its strategy and development document, the Annual Report and Accounts detailing recent financial perfomiance, a list of current Council members, minutes of previous Council meetings and other leaflets and notes concerning the activities of the MBA. Where appropriate, fonnal Trustee training is offered and is provided through external training events and an Induction visit to the Laboratory is arranged. Page 6

The Marine Biological Association of the United Kingdom Trustees, Report Reference and Administrative Details Charity Registration Number 1155893 Company Registration Number RC000865 The Charity is incorporated in England and Wales. The Laboratory Citadel Hill Plymouth PL1 2PB Registered Office Auditor PKF Francis Clark Melville Building East Unit 18, 23 Royal William Yard Plymouth Devon PL1 3GW Trustees and officers The trustees and offi￿rS serving during the year and Sin￿ the year end were as follows.. Trustees.. Dr Gill Rider , President Dr Jen Ashworth Professor Mark Bailey Professor Heather Koldewey Professor Dan Laffoley (resigned 30 November 2023) Professor Ros Rickaby Professor Stuart Rogers Professor Alison G Smith (resigned 30 November 2023) Mr Robert Mills (Treasurer- elected quinquennially) Mr Richard Coombs Professor Paul J B Hart Dr Mark Dickey-collas Professor Judith Petts Angelique Pouponneau (resigned 30 November 2023) Professor Carol Robinson Council members who are not Trustees, and each hold a Vice President role (who can advise, but not vote on Council matters) include.. Professor G A Boxshall, Professor M Burrows & Professor S Hawkins. Page 7

The Marine Biological Association of the United Kingdom Trustees, Report Remuneration The Council Members did not re￿1ve any remuneration nor any payment for services provided in the year. Travel expenses were £5.296 (2023 £5,189) during the year to attend Council Meetings and other MBA business. Statement of trustees. responsibilities The trustees {who are also the directors of The Marine Biological Association of the United Kingdom for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland". Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resour￿$, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistenily,. observe the methods and principles in the Charities SORP" make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Irustees are responsible for the maintenance and integrity of the corporale and financial information included on the charitable company's website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure 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.. 25/11/2024 and signed on its Dr Gill Rider, President Trustee Page 8

The Marine Biological Association of the United Kingdom Independent Auditorfs Report to the Members of The Marine Biological Association of the United Kingdom Opinion We have audited the financial statements of The Marine Biological Association of the United Kingdom (the 'Charity') for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheel, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significanl 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, (effective 1 January 2019) and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the Charity's affairs as at 31 March 2024 and of its incoming resources and application of resources. including its income and expenditure. for the year then ended., have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011 . Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriale to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the trustees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infom)ation 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 to the extent otherwise explicitly stated in our report, V￿ do not express any form of assurance conclusion thereon. Page 9

The Marine Biological Association of the United Kingdom Independent Auditorfs Report to the Members of The Marine Biological Association of the United Kingdom In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial slatements or a material misstatement of the other information. If, based on the work we have performed, we conclude thal there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of our knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to reporl to you if, in our opinion- adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or the information contained in the financial statements is inconsistent with the trustees, report., 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 8), 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 intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing. as applicable. matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thal an audit conducted in accordan￿ with ISAS {UK) will always detect a material misstatement when il exists. Misstatemenls can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Page 10

The Marine Biological Association of the United Kingdom Independent Auditorfs Report to the Members of The Marine Biological Association of the United Kingdom We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to FRS 102 (effective 1 January 2019) (Charities SORP), and the Charities Act 2011. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or lo avoid a material penalty. These include rnaritime Law, environmental Law and compliance with the Natural Environment Research Council (NERC) H&S framework. We evaluated managemenl's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to fraudulent financial reporting, in parlicular to grant funding re￿ived. Audit procedures performed by the engagement team include, but were not limited to, discussions and inquiries with management of compliance with laws and regulations, reviewing grant funding agreements, and reviewing board minutes and significant legal costs incurred in the year. 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 Trustees that represented a risk of material misstatement due to fraud. There are inherent limitstions in the audit prO￿dureS described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularilies, including those leading to a material misstatement in the financial statements. 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 become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.ukJauditorsresponsibilities. This description forms part of our auditorfs report. Page11

The Marine Biological Association of the United Kingdom Independent Auditorfs Report to the Members of The Marine Biological Association of the United Kingdom Use of our report This report is made solely to the chariws trustees. as a body, in accordan￿ with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charity's trustees those matters we are required to state to them in an auditor's report and for no olher purpose. To the fullest exient permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitys trustees as a body, for our audit work, for this reporl. or for the opinions we have fomied. F Foluo C Duncan Leslie (Senior Statutory Auditor) For and on behalf of PKF Francis Clark, Statutory Auditor Melville Building East Unit 18, 23 Royal William Yard Plymouth Devon PL13GW Date.. 25/11/2024 Page 12

The Marine Biological Association of the United Kingdom Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted Endowment funds funds Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 25,398 2.751.606 98,061 339,738 6.288 1,939.506 31,686 4,691.112 98,061 453,720 105,894 8,088 Total income 3.214,803 2,051,688 8,088 5.274,579 Expenditure on: Raising funds Charitable activities Other expenditure (39.388) (4,374.788) (72.220) (39,388) (6,722.439) 72,220) {2,347.651) Total expenditure Gainsl{losses} on investment assets Actuarial gains on defined benefit pension schemes (4.486,396) (2,347.651) (6,834,047) 962,736 297.313 23.248 1.283.297 446.909 446,909 Net income Transfers belween funds 138,052 210,161 1,350 (210.161) 31,336 170,738 Net movement in funds 348.213 (208.811) 31,336 170,738 Reconciliation of funds Total funds brought forward 16.422.421 5,974.124 271.559 22.668,104 Total funds carried forward 26 16,770.634 5,765.313 302,895 22,838,842 The notes on pages 17 to 41 foTh an integral part of these financial statements. Page 13

The Marine Biological Association of the United Kingdom Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted Endowment funds funds Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 3,202 3.116.203 122,829 394,447 2,751,500 2,478.940 2,754.702 5,595.143 122,829 459,209 57,780 6,982 Total income 3.636,681 5,288,220 6,982 8,931,883 Expenditure on: Raising funds Charitable activities (31.903) (3,253.913) (31,903) 6,812.298 (3,558,385 Total expenditure Gainsllosses on investment assets (3,285.816) (3,558.385) (6,844.201) 547.835) (80.649) 9,744) 638.228) Net {expenditure)lincome Transfers between funds (196.970) 216,456 1,649,186 216,456 (2,762) 1.449,454 Net movement in funds 19,486 1,432.730 (2,762) 1.449.454 Reconciliation of funds Total funds brought forward 16.402,935 4,541.394 274,321 21,218,650 Total funds carried forward 26 16,422,421 5,974,124 271,559 22,668,104 All of the Charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 and 2024 is shown in note 26. The notes on pages 17 to 41 foTh an integral part of these financial statements. Page 14

The Marine Biological Association of the United Kingdom (Registration number: RC000865) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assels Heritage assets Investments 15 16 17 5,672,512 1,243,255 15,466,120 5,453.754 1,315.475 14,990,450 22.381,887 21,759.679 Current assets Stocks Debtors Cash at bank and in hand 18 19 196,259 1,625,814 744,478 179,507 1.403,743 1.689,236 2,566,551 3,272,486 Creditors: Amounts falling due within one year 20 (2.109,596) (1,917.152) Net current assets 456,955 1,355,334 Total assets less current liabilities 22,838,842 23,115,013 Creditors: Amounts falling due after more than one year 21 (446,909) 22,668,104 Net assets 22,838,842 Funds of the Charity: Endowment funds 302,895 271,559 Restricted income funds Restricted funds 5,765.313 5,974,124 Unrestricted income funds Unrestricted funds 16,770,634 16.422,421 Total funds 26 22,838,842 22.668,104 The financial statements on pages 13 to 41 were approved by the trustees, and authorised for issue on 25/1112024 and signed on their behalf by: Dr Gill Rider, President Trustee The notes on pages 17 to 41 foTh an integral part of these financial statements. Page 15

The Marine Biological Association of the United Kingdom Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net income 170,738 1.449.454 Adjustments to cash flows from non-cash items Depreciation Investment income Loss on disposal of fixed assets held for the Charity's own use 505,167 {453,720) 528,053 (459,209) 72,220 (1,283,297) (988,892) Gain on investrnents 638,228 2,156,526 Working capital adjustments Increase in stocks Increase in debtors Decrease in creditors 18 19 20 (16,752) (222,071) (254,467) (100,463) (379.925) 835.840) Net cash flows from operating activities 1.482,182) 840,298 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets Purchase of investments Sale of investments 453,720 {723,925) (448,921) 1,256,550 459,209 (3,386,256) (1,442,980) 2,903,000 15 17 Net cash flows from investing activities 537,424 (1,467,027) Net decrease in cash and cash equivalents {944,758) (626,729) Cash and cash equivalents at 1 April 1,689,236 2,315,965 Cash and cash equivalents at 31 March 744,478 1,689,236 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 17 to 41 foTh an integral part of these financial statements. Page 16

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 1 Charity status The Charity is limited by Royal Charter. incorporated in England and Wales. The address of its registered office is: The Laboratory Citadel Hill Plymouth PL12PB 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordan￿ with Accounting and Reporling by Charities.. Statement of Recommended practi￿ (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation The Marine Biological Association of the United Kingdom meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The presentational currency is pounds sterling. £. This is the functional currency of the charity because this is the currency of the primary economic enviroment in which the charity operates. These financial statements are rounded to the nearest pound. Going concern After reviewing the organisation's budgets and business plan and taking account of the economic climate, reseNes position and strategic priorities for the next three years, the Trustees have a reasonable expectation that the Charity has adequate reSoUr￿S to continue in operational existence for the foreseeable future. For this reason. the Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies. Reclassification of comparative amounts As part of the preparation of these financial statements management decided to reclassify £84.286 of income to other trading activities allocated between Shop, Common room, Parking and Other, this was previously recognised in Other knowledge exchange activities. See Note 4 and 5. Page 17

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Income and endowments All income is recognised On￿ the Charity has entitlement to the income. it is probable that the income will be received and the amount of the income re￿1vable can be measured reliably. Donations and legacies Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period. Grants receivable Grants and awards to finance specific research programmes and the related expenditure are treated as transactions of restricted funds. Where the MBA is part of a collaborative project with other organisations, only those elements of funding awarded to the MBA or that relate to activities controlled by the MBA are recognised as incoming resources. Funds awarded to other organisations 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 with perfonnance of contracts and specific deliverables. When donors specify that donations and grants, including capital grants, are for particular restricted purposes which do not amount to pre-conditions regarding entitlement, this income is included in incoming reSoUr￿S of restricted funds when it is received. Donated staff costs are valued at the equivalent employer payToII cost. Deferred income Deferred income represents amounts re￿iVed for future periods and is released to incoming resources in the period for which it has been re￿ived. 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 met before the Charity has unconditional entitlement. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Page 18

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Raising funds These are costs incurred in attracting voluntsry income. the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs are Ihose costs incurred which are not directly attributable to a particular principal activity and include such costs as premises. central administration, IT support and human resource costs. Governance costs These include the cosls attributable to the Charity's Complian￿ with constitutional and slatutory requirements. including audit, strategic management and trustees meetings and reimbursed expenses. Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporalion tax purposes. Accordingly, the Charity is potentially exempt 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 exient that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assels costing £2,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. A review for impairment of a fixed asset is carried out rf events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying values of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities. Page 19

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Heritage assets The Association holds heritage assets relating to a nationally and intemationally recognised Library of significant scientific Importan￿ which dates back to 1888. Many of the works are unique and are the only copies in existence. During the year ended 31 March 2021 the majority of these assets were revalued and have been accounted for as follows.. Library books, offprints. expedition reports and journals with a value of £1,000 or more have been independently valued and included in the Balan￿ Sheet at replacement value at the time of valuation. Expenditure, which in the Trustees. view is required to preserve the Library, is recognised in the Statement of Financial Activity when it is incurred. Scientific instruments, apparatus, paintings and drawings have been independently valued and included in the Balance Sheet at replacement value at the time of valualions. Books in everyday use on open shelves with an individual value of less than £1.000 have not been valued as the Trustees believe the benefits of obtaining a valuation for these items would not justify the cost. Archive material such as personal letters, diaries etc have not been valued. As these are of a unique nature the Trustees believe the benefits of obtaining valuations for these items would not justify the cost. Heritage assets are held in the library (only restricted access is granted). The rare books, offprints and expedition reports are kept in a secured room within the library with further restricted aC￿ss. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Long-term leasehold property Plant and machinery Research and laboratory equipment Research vessel Depreciation method and rate Over the remaining term of the lease 250/0 reducing balance 20-25°/o reducing balance 10 /0 reducing balance Investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities 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 at the year end. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity- this is normally upon notification of the interest paid or payable by the Bank. Page 20

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Stock Stock is valued at the lower of cost and estimated selling pri￿ less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is detennined using the first-in, first-out (FIFO)- Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Provisions Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finan￿ cost. Foreign exchange Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into steding at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the Charity. Restricted funds are funds which are to be used in accordance wtth specific restrictions 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 restricted fund is set out in the notes to the financial statements. Endowmenl funds have been given with a requirement that only the income arising is to be applied for specific purposes but the capital is to be retained permanently. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the Trustees. Page 21

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Pensions and other post retirement obligations The institution participates in Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing defined benefits (for all members). as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual instilutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated wth other institutions, employees and is unable to identify its share of the undedying assels and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits" the institution therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the inslitution has entered into an agreement (the 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 (to the extent that they relate to the deficit) and therefore an expense is recognised. Further disclosures in respect of the pension scheme are given in the notes to the financial statements. The MBA also contributes to a defined contribution scheme on behalf of certain members of staff not eligible to belong to the USS. the costs of which are charged to the Statement of Financial Activities as incurred. Financial instruments Classification The charitable company only has the financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, except for those financial assets classified as at fair value through profit or loss. which are initially measured at the transaction value and then subsequently measured at their fair value. The Charity holds the following basic financial instruments= Fixed asset investments- Short term trade and other debtors and creditors" and Cash and bank balances. All financial instruments are classified as basic. Page 22

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Recognition and measurement The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes paty to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities. when the companls obligations are discharged, expire or are cancelled. Except for fixed asset investments, such instruments are initially measured at transaction price, including transaction costs. and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received. after taking account of impairment adjustments. Fixed asset investrnents are initially measured at transaction pri￿. and are subsequenlly carried at their fair value as at the balance sheet date using the quoted market priTr. The Statement of Financial Activities includes the net gains and losses arising on revalutalion and disposals throughout the year. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions- Pension deficit liability FRS102 makes the distinction between a Group Plan and a multi-employer scheme. A Group Plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as that provided by USS. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense is recognised in the statement of financial activities. The Trustees are satisfied that the scheme provided by USS meets the definition of a multiemployer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the financial statements. Useful economic lives of fixed assets Fixed assets are depreciated at their estimated useful life which is detem)ined by Trustees on their knowledge of the asset and in line with the stated accounting policy. Valuation of heritage assets Heritage assets are included in the accounts at market value. The valuation is subject to the judgement of an expert. Dilapidation provisions There is judgement as to whether a dilapidation provision can be calculated on the Citadel. See note 25 for more detail. Page 23

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from donations and legacies Unrestricted funds General Restricted funds Total 2024 Total 2023 Donations and legacies- Donations Grants. including capital grants- Grants from other charities 25,398 6,288 31,686 1.004,702 1,750.000 25,398 6,288 31,686 2,754,702 4 Income from charitable activities Unrestricted funds Restricted Total Total 2023 2024 (As restated) General funds Research activities Other knowledge exchange activities Courses and workshops Journals 1.967,389 1,939.506 3,906,895 4,759.559 453,879 97.799 232,539 453,879 97.799 232.539 518,035 4,293 313,256 2,751,606 1,939,506 4,691,112 5,595,143 5 Income from other trading activities Unrestricted funds Total Total 2023 (As restated) General funds Other Membership subscriptions Shop Common room Parking 7.555 48,117 1,840 35,130 5,419 7.555 48,117 1.840 35,130 5,419 12,283 38,543 24,536 41,393 6,074 98,061 98.061 122,829 Page 24

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 6 Investment income Unrestricted funds General Endowment Restricted funds funds Expendable Total 2024 Total 2023 Interest receivable and similar income. Interest receivable on bank deposits Other income from fixed asset investments 4,797 4,797 1,935 334,941 105,894 8,088 448,923 457,274 339,738 105,894 8,088 453,720 459,209 7 Expenditure on charitable activities Unrestricted funds General Restricted funds Total 2024 Total 2023 Note Research activities Other knowledge exchange activities Courses and workshops Journals Allocated support costs Governance costs 1.733,098 2.117,091 3,850,189 3,679.886 294,159 127,028 12,260 2,088,133 120,110 294,159 127,028 12,260 2.318,693 120,110 453,887 64,171 25,740 2,523,984 64,630 230,560 4,374,788 2,347,651 6.722,439 6,812,298 Analysis of direct costs Other Research Knowledge activities exchange activities Courses and workshops Journals Total Staff costs 2,276,008 1,069.014 505.167 3,850.189 160,400 133.759 70,148 56.880 2,506,556 1,271,913 505,167 4,283,636 Other direct costs 12,260 Depreciation 294.159 127.028 12.260 In addition to the expenditure analysed above, there are also govemance costs of £120,110 (2023 £64,630) which relate directly to charitable activities. See note 9 for further details. Page 25

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 8 Other expenditure Unrestricted funds General Total 2024 Loss on disposal of fixed assets 72.220 72,220 72.220 72,220 9 Analysis of governance and support costs Charitable activities expenditure Unrestricted funds General Restricted funds Total 2024 Total 2023 Rent and rates Repairs and maintenan IT cosls Travel and staff costs Office costs Insuran Legal and professional Subscriptions and grant costs Bank charges Irrecoverable VAT Pension interest Staff costs Exchange rate variances Supporl costs - Governance 229,138 110,720 125,618 27,742 321,195 32,241 46,309 19.891 6,497 44,824 229,138 146,271 136,627 27,882 333,465 32.241 48.106 19,891 6,497 70.313 275,713 108,926 186,360 20,882 280,781 44,636 30,355 52,713 15,603 450,510 25,559 1,058,500 (26,554) 64,630 35,551 11,009 140 12.270 1.797 25,489 1,149,522 (25.564) 120,110 144,304 1,293,826 (25,564) 120.110 2.208.243 230.560 2,438,803 2,588,614 Support costs Governance costs Total Staff costs 1,293,826 1,024,867 2.318,693 87,425 32,685 120,110 1,381,251 1,057,552 2,438,803 Other direct costs Page 26

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Governance costs Unrestricted funds General Total 2024 Total 2023 Staff costs Wages and salaries Audit fees Audit of the financial statements Other fees paid to auditors Other governan￿ costs 87,425 87,425 38,648 10.500 3,000 19,185 10.500 3.000 19,185 8,885 3,000 14,097 120.110 120,110 64,630 10 Net incomingloutgoing resources Net (outgoing)lincoming reSoUr￿S for the year include- 2024 2023 Audit fees Other non-audit ServI￿S Loss on disposal of fixed assets held for the charitys own use Depreciation of fixed assets 10.500 3.000 72,220 505,167 8,885 3,000 528,053 11 Trustees remuneration and expenses No trustees. nor any persons connected with them. have re￿iVed any remuneration from the Charity during the year. During the year 10 (2023: 8) trustees have claimed expenses or had their expenses met by the charity. The total of these expenses amounted to £5,296 (2023- £5,189) and related to travel and subsistence. 12 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs Redundancy 3,208,090 269,196 347,266 97,071 2,964,208 266,726 43,689 57,453 3,921,623 3,332,076 Page 27

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 The figures above include £33,186 allocated to raising funds in the Statement of Financial Activilies. Contributions to defined contribution pension schemes indudes £Nil (2023-. (£308,920)) which relates to the decrease in the liability arising from the recovery plan of the Universities Superannuation Scheme. The decrease is a result of changes in assumptions following the latest triennial review of the scheme. The monthly average number of persons (including senior management I leadership team) employed by the Charity during the year expressed as full time equivalents was as follows: 2024 2023 Cost of generating finance Charitable activities Govemance 96 96 98 98 The number of employees whose emoluments fell within the following bands was: 2024 No 2023 No £60,001 - £70,000 £70,001 - £80,000 £90,001 - £100,000 £100,001- £110.000 £110,001- £120.000 Two employees have been included here given that in substance they are employees, despite not being paid through the Charitys payroll. These employees include the CEO who is paid by the University of Plymouth and a researcher who is paid by the University of Southampton. These costs are invol￿d to the Charity and included in the staff costs note above. 13 Auditors. remuneration 2024 2023 Audit of the financial statements 10,500 8,885 Other fees to auditors Preparation of statutory accounts 3,000 3,000 Page 28

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 14 Taxation The Charity is a regislered charity and is therefore exempt from taxation. 15 Tangible fixed assets Research and laboratory equipment Long-term leasehold property Plant and machinery Research vessel Total Cost At 1 April 2023 Additions 4.655,430 513,662 365.145 24.782 2,328,522 185.481 375,326 7.724,423 723,925 At 31 March 2024 5.169,092 389.927 2,514,003 375,326 8,448,348 Depreciation At 1 April 2023 Charge for the year 440,103 233.024 1,413,878 183,664 2.270,669 206,111 39.665 240,225 19,166 505,167 At 31 March 2024 646,214 272.689 1,654,103 202,830 2.775,836 Net book value Al 31 March 2024 4,522,878 117,238 859,900 172,496 5,672,512 Al 31 March 2023 4.215,327 132.121 914.644 191,662 5,453,754 Included within the net book value of land and buildings above is £Nil (2023 £Nil) in respect of freehold land and buildings and £4,522,878 (2023 - £4.215,327) in respect of leaseholds. Page 29

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 16 Heritage assets Heritage assets Cost Al 1 April 2023 Disposals 1,315,475 {72,220) Al 31 March 2024 1,243.255 Depreciation Al 31 March 2024 Net book value Al 31 March 2024 1,243.255 The above represents valuations made for books and similar technical items held in the library (£1,194,540) and for other heritage assets (£48,715)- These books and similar technical items were valued in 2021 by Dr P Pollak, ABA, FLS who is extemal to the charity and are included in the Balance Sheet at their estimated replacement value. Summary of transactions 2024 2023 2022 2021 Purchases and additions Heritage assets (72,220) Page 30

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 17 Fixed asset investments Listed investments Cost or Valuation At 1 April 2023 Revaluation Additions Disposals 14,990,450 1.283,299 448,921 (1,256,550) Al 31 March 2024 15,466,120 Net book value Al 31 March 2024 15,466,120 Al 31 March 2023 14.990,450 18 Stock 2024 2023 Stocks 196,259 179,507 The cost of stock recognised as an expense in the year amounted to £16,752 (2023 - £102,285). 19 Debtors 2024 2023 Trade debtors Prepayments Accrued income Other debtors 1,029,776 198,417 392.788 4,833 747,266 23,547 604,000 28,930 1,625.814 1,403,743 Page 31

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 20 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 327,481 148,922 33.344 1,599,849 340,785 93,905 17,991 1,464,471 2,109,596 1,917.152 Deferred income represents funding received for specific projects, where entitlement only arises once project costs have been incurred. 21 Creditors: amounts falling due after one year 2024 2023 Other creditors 446,909 Other creditors falling due after more than one year represent a liability to contribute to the USS pension scheme deficit as disclosed in note 23. 22 Obligations under leases and hire purchase contracts Operating lease commitments Total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Land and buildings Within one year Between one and five years After five years 185,700 660,000 2,763,750 167,464 660,000 2,928,750 3,609,450 3,756,214 Page 32

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 23 Pension and other schemes University Superannuation Scheme The latest available full actuarial valuation of the scheme was at 31 March 2023 ('the valuation dale"), which was carried out using the projected unit method. Since the institution cannot identify ils share of scheme assets and liabilities, the followng disclosures reflect those relevant for the scheme as a whole. The 2023 valuation was the sixth valuation for USS under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion indicating a surplus of £7.4 billion. The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles. Price inflation Consumer prI￿S Index (CPI)= 3.00/0 pa (based on a long term average expected level of CPI, broadly consistent with long term market expectations) RPI I CPI gap.. 1.00/0 pa to 2030. reduang to 0.1Vo pa from 2030 Pri￿ inflation - Retail Prices Index (RPI)-. In line with the CPI assumption plus the RPI I CPI gap (i.e. 4.00/0 pa to 2030. reducing to 3.10/0 from 2030) Discount rate = Pre-retirement = 2.5 % pa and post-retirement = 0.9 % pa Mortality base table: 101 % of S2PMA 'light' for males and 95 % of S3PFA for females Future improvements to mortality- CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4 /0 pa, 10 % w2020 and w2021 parameters. and a long term improvement rate of 1.8 % pa for males and 1.6 % pa for females The old deficit recovery plan was removed given the plan surplus and therefore the provision to cover additonal recovery payments was no longer required and therefore reversed in the current year. 24 Commitments Capital commitments Demolition, extension and refurbishment works At year end the charity is committed to some further capital works which have not been provided for in the financial statements. The trustees expect these costs to be in the region of £150k - £200k. Page 33

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 25 Contingent liabilities Under the terms of the lease from the Crown Estate relating to the site and premises at Citadel Hill there is a requirement to meet the cost of making good dilapidations and of vacating the premises should the MBA transfer to 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 roulinely maintained in good condition. Council therefore considers that there are not expected to be any significant costs associated with dilapidations that would be without a normal annual maintenance budget. Any costs or settlement associated with vacating the premises cannot be reliably estimated at present and hence it is not possible to make a reliable estimate of the potential costs of any contingent liability. Page 34

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 26 Funds Other recognised gainsl {losses) Balance at31 March 2024 Balance at 1 April Incoming Resources 2023 resources expended Transfers Unrestricted funds General General reserve Pension liability 4,269,206 2.&84,363 (4.362.496) 1,447,218 (455,051) 8,142 3,814,155 2,884,363 (4.362,496) 1,455,360 4,238,291 446,909 446,909 4.238,291 Designated Investmenl reserve Heritage assets reserve 1,953.008 56.771 (1,032,646) 163,179 1,140.312 1.315.475 (72.220) 1,243.255 Designated premises fund Anne Wamer Fellows Fund 6.897.749 205,438 {200,000) 590,500 7,493.687 2,442.034 68,231 (51,680) (12,553) 330,440 (123.900) (1,245,199 209,057 2,655.089 12.608.266 962,736 12,532.343 Total unrestricted funds 16.422.421 3.214,803 (4.486.396) 210,161 1,409.645 16,770.634 Restricted funds Grants and Research EU Programme Awards Browne Bequest Browne & Bull Library Mary Parke Bursary Morely Neale Fund Seawater Hall & Resource Centre Capital Grants Capital SAHFOS Infrastructure ICPR Brian Morton Fund 1,035,391 (878,469) {156,922) 43,913 39.942 209,237 3,048 1.007 912,808 (734,993) {168,963) 1,190 6.232 52 52,765 44,551 233,381 3,100 1,007 3,419 17,912 312,219 200,907 253.675 2,223,791 1,433,275 253,110 1,000,000 (20,037) {100,183) {200,907) 200.907 191,999 {297.818) (2.040) {156,668) {257,626) 156,764 190,374 2,478,357 1,476,607 8,934 85,608 1.117,848 66.232 200,000 13,450 2,457 29,783 Total restricted funds 5,974,124 2,051,688 (2.347,651 210,161 297,313 5.765,313 Endowment funds Page 35

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Other recognised gainsl {losses) Balance at31 March 2024 Balance at 1 April Incoming Resources 2023 resources expended Transfers Southward & Todd fund Spooner Bequest 165,380 106,179 4,926 3,162 14,158 9,090 184,464 118,431 271,559 8,088 23,248 302,895 Total funds 22,668.104 5.274,579 (6.834.047 1,730.206 22,838.842 Other recognised gainsl {losses) Balance at31 March 2023 Balance at 1 April Incoming Resources 2022 resources expended Transfers Unrestricted funds General General reserve Pension liability 995.894 3.235,438 {178,582) (738.412) 283,361 257,482 3.235,438 216.456 4,269.206 455.051 104.779 216,456 3,814,155 Designated Investment reserve Heritage assets reserve 408.521 61.295 1.568,742 (85.550) 1,953.008 1,305,475 10.000 1.315,475 Designated premises fund Anne Wamer Fellows Fund 11,587.126 265.137 (4.584.457) (370.057) 6.897,749 2,844.331 74,811 {384.880) 401,243 (3.390,595) (92.228) 2,442,034 (547.835) 12,608,266 16,145,453 Total unrestricted funds 16,402,935 3,636,681 (3.285,816 547.835 216,456 ￿ 16,422,421 Restricted Grants and Research EU Programme Awards Browne Bequest Browne & Bull Library Mary Parke Bursary Morely Neale Fund Seawater Hall & Resource Centre Capital Grants 1.321.756 (1.297.319) (24.437) 1.093,756 918 4,810 {845,609) {204,234) 43,913 (1,282) 39,942 (6,713) 209,237 3,048 1,007 40,306 211.140 3,048 1,007 312.219 252.031 312,219 200,907 64.925 (89,788) (26,261) Page 36

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Other recognised gainsl {losses) Balance at31 March 2023 Balance at 1 April Incoming Resources 2022 resources expended Transfers Capital SAHFOS Infrastructure ICPR Brian Morton Fund 241,838 2,244,390 52.055 181.709 1.750,000 1,053,706 (56,407) 68.244 253,675 (72.654) 2.223,791 1,433,275 253,110 1,000,000 {498,434) {770,828) (29.768) 1.000,000 Total restricted funds 4,541,394 5.288,220 (3.558,385) (216,456) (80,649) 5,974,124 Endowment funds Southward & Todd fund Spooner Bequest 167.062 107,259 4.252 2,730 (5.934) 165,380 3,810 106,179 274.321 6,982 (9,744 271,559 Total funds 21,218.650 8.931,883 (6.844.201 638.228 22,668.104 Page 37

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 The transfers column within the above Statement of Funds note includes both overheads recharged to fund balances and transfers from unrestricted funds to subsidise restricted fund deficit balances. Restricted 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 to restricted reserves was made to offset the deficit. Research Programme funds are now shown as follows" EU Programme awards These funds are projects supported through the Interreg Horizon 2020 programmes. Funding awarded covers only a proportion of the full project costs and transfers from unrestricted reserves. Browne Bequest These funds are for ihe purchase of apparatus and the publication of books on British Marine Fauna. Browne and Bull Library Fund Combines specific legacies for the "purchase of rare or valuable books as need or occasion arises" for the MBA'S library. Mary Parke Bursary Fund - To provide bursaries for physiological students at the MBA. Morley Neale Fund - To provide social facilities to the staff members of the MBA. Seawater Hall and Resource Centre - Infrastructure grants for the Resour￿ Centre and Seawater Hall are held as restricted funds with a proportion of the depreciation for these assets being charged to the respective fund each year. calculated as the amount that the capital grant bears to the total cost of the asset funded. Capital grant - This is a grant for capital equipment purchased. Capital This represents capital items still held by the charity, relating to restricted funds. SAHFOS - This represents the amount transferred from the Sir Alister Hardy Foundation for Ocean Science. As part of the temis and conditions of transfer, the balance is to be restricted to expenditure relating to the Continuous Plankton Recorder Survey. Infrastructure These funds are for the refurbishment and redevelopment project of the new Marine Microbiome Centre of Ex￿llence. ICPR - These funds are to be used for Ihe ICPR project with intends to enhance the capabilities of the Continuous Plankton Recorder Survey by creating a system to integrate about the oceans and new computational techniques. Brian Morlon Fund - This fund relates to a donation from Professor Brian Morton on his death, for the purpose of fostering co-operation in the broad field of marine biological research by young (up to the age of 30), earty career. British, Hong Kong and Azorean citizens. Page 38

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Endowment funds are as follows: Spooner Bequest - represents a specific legacy for the provision of student bursaries by the MBA. Southward Bequest represents a specific legacy to generate income from which books, serial publications or any other scientific papers can be purchased. Designated funds are as follows: Investment reserve - This fund represents the difference between the original cost of the investments held and the market value at the balan￿ sheet date, less any funds held in unrestricted general reserves. Heritage assets reserve - This fund represents the value of the Heritage assets held on the balance sheet at year end. Premises Fund This fund is held to provide a capital amount that covers the remaining leasehold liabilities (including repairs and maintenance and the requirement to make good dilapidalions) and an income level to cover the annual premises and running costs. A transfer is made to the General Reserve to represenl funds drawn down to contrtbute towards relevant expenditure. A transfer from the General Reserve is made from investment income received to maintain the fund at the required level. The fund has also been increased in relation to the commitment to the ongoing infrastructure project. Anne Wamer Fellows Fund This supports Research Fellowships by providing underpinning salary and associated costs. A transfer from the General Reserve is made from investment income received. 27 Analysis of net assets between funds Unrestricted funds General Endowment funds Total funds at 31 March 2024 Restricted funds Tangible fixed assets Heritage assets Fixed asset investments Current assets Current liabilities 3.020,947 1.243,255 11,289,088 1.923.640 (706.296) 16.770.634 2,651.565 5,672,512 1,243,255 15,466,120 2.566,551 (2.109.596) 22,838,842 3.874,137 642.911 {1.403.300) 5.765,313 302,895 Total net assets 302,895 Page 39

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 Unrestricted funds General Endowment funds Total funds at 31 March 2023 Restricted funds Tangible fixed assets Heritage assets Fixed asset investments Current assets Current liabilities Creditors over 1 year 2.629,899 1,315,475 11.284,814 2.266,091 (626,949) (446,909) 2.823.855 5,453,754 1.315,475 14,990,450 3,272.486 (1,917.152) 446.909) 22,668.104 3.447,645 992.827 (1.290,203) 257,991 13,568 Total net assets 16.422,421 5,974.124 271,559 28 Analysis of net funds At 1 April 2023 Financing At 31 March cash flows 2024 Cash at bank and in hand 1,689,236 944,758 744,478 Net funds 1,689.236 (944,758) 744,478 Page 40

The Marine Biological Association of the United Kingdom Notes to the Financial Statements for the Year Ended 31 March 2024 29 Related party transactions The Ray Lankester Fund (registered charity number: 206855) is a related party of the MBA. Professor W Wilson (MBA Director during the year) is a Trustee of the Ray Lankester Fund. The Ray Lankester Fund provides support for researchers to undertake projects based at the MBA laboratory. During the year, the MBA made recharges of £Nil (2023.. £7,645) to the Ray Lankesler Fund. At the year end the balance owed by the MBA was £Nil (2023: £Nil). UK Centre for Ecology & Hydrology (UKCEH) (registered charity number. 1185618) is a related party of MBA. Professor Mark Bailey (MBA Trustee during the year) is a director of UKCEH. During the year UKCEH made donations of £4.500 (2023: £21,750) to MBA during the year. At the year end the balance owed to MBA was £Nil {2023: £Nil). Plymouth Marine scien￿ and Education Foundation (registered charity number. 1113275) is a related party of MBA. Professor W Wilson (MBA Director during the year) is a Trustee of the Plymouth Marine Science and Education Foundation. During the year MBA made contributions of £1.100 (2023: £1,000) to Plymouth Marine Science and Education Foundation during the year. At the year end the balance owed by MBA was £Nil (2023: £Nil). The University of Plymouth (UOP) is a related party of MBA. Professor J Petts (MBA Trustee during the year) is the Vice-chancellor on the board of the University of Plymouth. During the year MBA made sales of £160,278 (2023: £186,528) to UOP during the year. MBA also made purchases of £176,410 (2023.. £379,245) from UOP during the year. At the year end the balan￿ owed to the MBA was £72.350 (2023.. £159,721). The Scottish Association for Marine Science (SAMS) is a related party of MBA. Professor Carol Robinson (MBA Trustee during the year) is the spouse of Professor Nicholas Owens (Direclor of SAMS). During the year, MBA made sales of £25,000 (2023: £Nil) to SAMS. At the year end, the balance owed to the MBA was £Nil (2023.. £Nil). The Partnership for Observation of the Global Ocean (POGO) (registered charity number, 1171692) is a related party of MBA. Professor Carol Robinson (MBA Trustee during the year) is the spouse of Professor Nicholas Owens (Trustee of POGO). During the year, MBA made sales of £9,947 (2023: £Nil) to POGO and purchases of £4,075 (2023: £7,981). At the year end the balance owed to MBA was £1,843 (2023: £Nil). Due to the structure of the board and management team, no members of management have been deemed to meet the definition of key management personnel and therefore no disclosure of key management personnel has been made within these financial statements. Page 41