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2025-06-30-accounts

Lloyd’s Register Foundation Report and financial statements 30 June 2025

Company number: 07905861 (England and Wales) Charity registration number: 1145988 (England and Wales)

Lloyd’s Register Foundation: report and financial statements 2025

Contents

Contents
TRUSTEES’ REPORT
Chairman’s Statement 1
Foundation Chief Executive’s Review 2
THE STRATEGIC REPORT
Our Strategy 3
Safer Maritime Systems 4
Safer Sustainable Infrastructure 6
Skilled People for Safer Engineering 9
Evidence and Insight 11
Heritage 16
Nurturing New Ideas and Partnerships 18
Ongoing Programmes of Work Across the Strategy 20
Foundation-Wide Activity in 2024-2025 21
Accountability and Stakeholder Engagement 27
Foundation Financial Review and Policies 31
Governance and Management 37
Overview of Climate-Related Financial Disclosure 45
Other Information 52
LEGAL AND ADMINISTRATIVE DETAILS 53
STATEMENT OF TRUSTEES’ RESPONSIBILITIES 54
REMUNERATION COMMITTEE REPORT 55
AUDIT, RISK AND INVESTMENT COMMITTEE REPORT 57
NOMINATIONS COMMITTEE REPORT 58
INDEPENDENT AUDITOR’S REPORT 59
THE FINANCIAL STATEMENTS 62
FINANCIAL REVIEW OF LLOYD’S REGISTER FOUNDATION GROUP78
THE CONSOLIDATED FINANCIAL STATEMENTS 80

Lloyd’s Register Foundation: report and financial statements 2025

Trustees’ Report incorporating the Strategic Report

Chairman’s Statement

While the world around us continues to change, Lloyd's Register Foundation (the Foundation) remains a force for good. As a global safety charity focused on supporting research, innovation, and education to make the world a safer place, the Foundation continues to play an important role in addressing today’s global safety challenges.

I have been very encouraged by the measurable progress the Foundation has already made this year to deliver against its 2024-2029 strategy, and it’s clear the organisation is becoming a global role model for positive change.

At the heart of this progress has been the Foundation's commitment to taking an evidence-led approach to its work. In a world where misinformation can often hinder accurate knowledge, the Foundation continues to stand firm in its mission to use the best evidence and insight to help the global community focus on tackling the world’s most pressing safety and risk challenges.

Key to the Foundation’s new strategy has been scaling its impact by working with others in private, public, and philanthropic sectors, to build coalitions to drive change where they are most needed and achieve greater impact. Through several new strategic partnerships, its grants portfolio, not forgetting its small grants programme, the Foundation has provided funding and built lasting partnerships with organisations and projects that have made a difference to the safety of people globally. This year, I was able to represent the Foundation at the Blue Economy Finance Forum and the United Nations Oceans Conference in France, and it was extremely inspiring to see first-hand the Foundation, and its work with others, in action.

Lloyd’s Register Group and the Foundation have continued to collaborate to identify and accelerate impactful solutions to advance its shared mission. From advancing alternative fuel technologies to equipping seafarers for the ships of tomorrow, we have drawn on expertise from across both organisations to bring knowledge and insight to a rapidly evolving landscape. Additionally, our unique archive of 250 years of maritime history has played a crucial role this year in helping us learn from the past to inform a safer future. I look forward to seeing the archive used more widely to support the maritime sector when it returns to our historical building in London in 2026.

As we look to the year ahead, the Foundation is stronger than ever. I look forward to watching the organisation grow with new and existing colleagues bringing fresh expertise and perspectives that will help it scale impact even further. The Board of Trustees and the Foundation’s Leadership Team, alongside Lloyd’s Register Group, are committed to supporting diversity, inclusion and equity.

The great strides the Foundation has made in the last 12 months is testament to the dedication and passion of its people and I would like to extend my thanks to the entire Foundation team, its leadership team, trustees, and colleagues, as well as our partners around the world. You are helping to engineer a safer, more resilient world for all.

Thomas Thune Andersen Chairman, Lloyd’s Register Foundation

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Foundation Chief Executive’s Review

I am incredibly proud of the difference Lloyd’s Register Foundation has made this year to help tackle the world’s biggest safety challenges and keep people safer. We’ve ended the year not just with momentum, but with measurable impact and a renewed sense of purpose.

In the last year, the Foundation made 79 grant commitments to support projects in 24 countries, investing over £15 million to support our mission to engineer a safer world. From fishing safety to artificial intelligence, and from maritime law to dealing with the risks from shipwrecks around the world, we’ve continued to work with incredible partners, including our colleagues at Lloyd’s Register Group Limited, whose expertise in shipping safety makes a big difference in supporting our maritime work. The collaboration, innovation, and dedication of all our partners have been key to the progress and impact we have made, together.

This year, we launched our new strategy for 2024-2029. This focuses on three interconnected priority areas: Safer Maritime Systems, Skilled People for Safer Engineering, Safer Sustainable Infrastructure; and on strengthening the Foundation's own capabilities - providing trusted safety evidence and supporting learning from the past by drawing on our rich maritime heritage and unique archives.

To support the implementation of our new strategy we announced a first-of-its-kind £15 million ‘Engineering a Safer World’ open call. The call welcomed programmes and partnerships that address global challenges and which internationalise our impact. We also invited academic institutions to apply for Academic Networking Grants to help share new knowledge around maritime decarbonisation and digitalisation. The response to both calls was incredible and reflected the talent and appetite all around the world for transformative change for safety. I look forward to seeing these programmes take shape over the coming years.

We continued our commitment to local leadership when we launched our flagship programme - a global network of Ocean Centres at the United Nations Oceans Conference in June 2025. This partnership with the United Nations Global Compact is designed to put safety at the heart of emerging ocean economies. We also launched our new partnership with the World Economic Forum which will accelerate the transition to nature and people positive ports.

To strengthen our commitment to providing safety evidence, we launched of our new Global Safety Evidence Centre committing £15 million over the next 10 years to establish the Centre - a hub to focus knowledge for anyone who needs to know what works to make people safer. As part of this, the Lloyds Register Foundation World Risk Poll continues to provide invaluable global insight, telling us how people perceive risks and experience harm in their daily lives. This data is used by many global and national agencies to bring about changes for improved safety. You can read more about the impact of the World Risk Poll in this report.

Following a comprehensive refurbishment, this year we reoccupied our heritage building in London which will also be home to our extensive collection of maritime archives. I look forward to establishing the Lloyd’s Register Building as a destination for collaboration and safety leadership where we will host events, convene thought leaders, and bring together voices from across the maritime and engineering sectors to listen and share diverse perspectives, thoughts, and ideas to build a safer and more sustainable future. We have also strengthened our digital presence, including a major redevelopment and unveiling of our new website.

The past 12 months have been truly remarkable, and I want to extend my sincere gratitude to everyone who is part of, and works alongside, the Foundation. From our Chairman and trustees to our grant recipients, partners, and of course, my dedicated colleagues within the Foundation - we’ve all contributed with energy, commitment, and purpose. Together we are making meaningful impact towards building a safer world for all.

Ruth Boumphrey

Chief Executive, Lloyd’s Register Foundation

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Our Strategy

In 2024, we launched our new 2024-2029 strategy which sees us build on - and learn from - our work to date. Focusing our areas of action and scaling our impact to make a real difference, we concentrated our resources across three interconnected priority areas: Safer Maritime Systems; Safer Sustainable Infrastructure; and Skilled People for Safer Engineering . In addition, we continued to invest in the Foundation’s own assets and expertise which are our maritime heritage and safety evidence and insight .

Against a backdrop of constant global changes such as new technologies, a changing climate, and the need to provide new infrastructure to serve changing populations, our strategy is very much aligned to ensuring safety is embedded in a growing ocean economy, making infrastructure safer and improving society’s understanding of risk, to build a safer world for all.

As part of our new strategy, this year we have strengthened our partnerships and built new coalitions with organisations around the world who share our mission values and social purpose. We have scaled our impact by being led by local voices, through influencing others to act, levelling resource from others, becoming a trusted voice in safety, and strengthening our voice in the maritime system.

We remain committed to skills and education to raise awareness of the need for more engineers, especially in those geographies where they are most needed. The digitisation of our unique maritime heritage collection has made it more accessible to people around the world to help them understand how learning from the past can inform the future. We continued to invest in programmes across the globe, drawing on the expertise of Lloyd’s Register, building relationships and creating impact through our partners, grant holders and our wider community to engineer a safer world

Our vision

Our vision is to be known worldwide as a leading supporter of engineering-related research, training, and education, which makes a real difference in improving the safety of people and the critical infrastructure on which modern society relies.

Our charitable purpose

Our charitable purpose is the basis for our mission: to Engineer a Safer World. Our purpose is:

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Safer Maritime Systems

Over the last year, we have continued to work with stakeholders from across the maritime system to drive action around safety challenges. Through strategic partnerships and grant funding, we have delivered a mix of activities, from ongoing programmes to new initiatives, that are focused on creating safer maritime systems.

Priority area objectives:

Impact highlight

The Foundation received an award from The Seafarers’ Charity during its 108th Annual Meeting, which was held on board HMS Wellington. His Royal Highness, The Duke of Edinburgh, attended the event and presented ‘The President’s Award’, which recognises outstanding contributions to maritime welfare, to representatives from the Foundation. This award recognises our work with the International Fund for Fishing Safety, in partnership with The Seafarers’ Charity and FISH Programme.

Maritime Connected

The Foundation has embedded the concept of ‘maritime connected' into its 2024-2029 strategy. Through taking a systems approach and hearing from diverse voices from across the maritime system, it becomes possible to make meaningful progress in creating a safe maritime future. By bringing together global and diverse voices to understand the maritime system and its future in ways that have not happened before, we can reveal ways to unblock collective challenges and take steps to achieve positive change.

This systems approach was brought to life through a partnership with the International Maritime Rescue Federation (IMRF). Together, we launched #SaferSAR, an initiative to develop information sharing from search and rescue (SAR) incidents. The programme worked to enable global (SAR) organisations to better collect, analyse and share maritime SAR incident response data in a bid to enhance future maritime SAR response operations. This involved a 12-month feasibility study for a globally accessible platform that SAR personnel and organisations can use to share lessons and best practices to improve safety at sea. Through analysis and collaboration with experts and user groups, the project will produce recommendations to address these gaps, ensuring that SAR is prepared for future demands.

International Fund for Fishing Safety

The International Fund for Fishing Safety (IFFS), our grant-giving programme with The Seafarers’ Charity in partnership with the Fishing Industry’s Safety and Health Platform (FISH Platform), has grown significantly in the last year. The team that leads and supports the governance of IFFS ensures that projects funded are fisher-led. A key milestone earlier this year included a grant that will improve the lives of in excess of 65,000 fishers across Africa, Ghana, Fiji, Kenya, Thailand, and Vietnam, through local action.

In its first 12 months, IFFS helped 92,000 global, wild-capture fishers and supported 12 fisher safety, welfare, and health projects in 11 countries, with more on the way. It has also, on a global basis, provided the link for project partners to exchange knowledge about fisher-safety, helped with fisher-safety workshops and promotional work across the world, and provided information to help partners engage with national authorities about fisher-safety. In addition, it has encouraged compliance with international fisher-safety regulations and conventions.

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The fund has also influenced policy in Fiji. The approval of an IFFS grant to the Human Dignity Group to help train fishers in Fiji was accompanied by the recommendation that the Group works with the authorities there to ratify the Standards of Training, Certification and Watchkeeping for Fishing (STCW-F) award, enabling fisher training to be delivered to that standard. IFFS has also attracted its first external funding, an early step towards scaling the impact of this initiative.

Ferry Safety

The Foundation’s focus on ferry safety was featured in the International Maritime Organization’s (IMO) hot topics page under Domestic Ferry Safety, highlighting the ongoing collaboration between the two organisations to improve safety standards. The Foundation also attended an event at the IMO, where along with funded partners World Maritime University (WMU), International Maritime Law Institute (IMLI) and IMO, we presented the status of our work on ‘Enhancing Domestic Ferry Safety’ for countries where impact would be most beneficial.

Also in the last year, the University of Strathclyde’s Maritime Human Factors Centre, in collaboration with CalMac Ferries and funded by the Foundation, developed a user-friendly Human Reliability Analysis framework to improve maritime safety. Industry studies identified adoption barriers such as complexity and lack of regulatory pressure. The team responded with accessible Excel-based tools for non-specialists, helping operators systematically mitigate human error. Strong sector interest suggests potential for wider adoption, with future work focusing on expanding High Risk Area (HRA) training and refining digital toolkits.

A grant was awarded to the Worldwide Ferry Safety Association to explore whether Automated Weather Stations (AWS) linked to Automatic Identification Systems (AIS) on vessels can provide real-time hazardous weather warnings to mariners while simultaneously feeding global weather models. The project successfully engaged a wide range of stakeholders through workshops leading to significant advancements, including the installation of an AWS on a RoPax ferry and innovations like a Mini-AIS device for fishers. The outcomes not only enhanced real-time weather communication for mariners but also sparked further research and potential commercialisation of new technologies to improve maritime safety.

World Economic Forum

The Foundation entered a long-term strategic partnership with the World Economic Forum (WEF) on Nature and People Positive Ports. The partnership will focus on key strategies to accelerate the sector’s transition to nature-positive, while adopting practices that enhance the safety of people and goods, improving working conditions and ensuring social prosperity. WEF has already started to engage with the community to better understand what already exists, and what is still needed.

Global Maritime Trends 2050 and Deep Dive of Seafarer Sustainability

Following the successful launch of the Global Maritime Trends 2050 report in 2023, we established a longer-term programme of deep dives exploring aspects of the report’s findings. In the last year we published the first of these deep dives in collaboration with the World Maritime University who conducted a study on the sustainable supply of future seafarers. The Deep Dive on Seafarer Sustainability report highlights opportunities to make the number of seafarers more sustainable by investing in Africa's emerging talent including supporting women in maritime roles.

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Safer Sustainable Infrastructure

To ensure that critical infrastructure is safe, resilient, and sustainable for years to come, the Foundation works in partnership with others to ensure that disruptive technologies are adopted safely. By understanding the technology and the system within which it will be applied, we can influence the steps needed to avoid harm.

Priority area objectives:

Impact highlight

The work of Discovering Safety, a collaboration between the UK Health and Safety Executive and Lloyd’s Register Foundation, has influenced how the UK’s safety regulator views and approaches data and digital technology in the pursuit of improved safety.

Engineering X

Engineering X is a growing collaboration founded by Lloyd’s Register Foundation and the Royal Academy of Engineering (RAEng). Based upon the success of this initiative to date, RAEng has recently launched its new strategy and promoted Engineering X to one of its flagship strategic programmes.

The Safe End of Engineering Life programme at Engineering X has been convening experts around the unexplored area of decommissioning offshore wind farms. During the last year the programme published its workshop report on Safer End of Life for Offshore Wind Infrastructure with the four key findings in the following areas: Launch a global, inclusive working group; Develop international and national standards; Collaboratively map and forecast end-of-life material flows – industry and research to jointly map end-of-life materials; and Maximise learning by coordinating pilots and gaps.

The Safer Complex Systems programme at Engineering X has a theme that explores the governance of complex systems. It commissioned four groups in Europe, US, and UK, and internationally diverse geographical locations (Kenya, Dhaka, and Cape Town) to undertake a series of roundtables to create reports with the aim of provoking new conversations on the safer governance of complex systems. The four themes published this year explored the following topics: Political actions have consequences; Learning from failures; Laws and regulations fit for complexity; and Listening to Diverse Voices.

Lloyd’s Register Maritime Decarbonisation Hub

The Lloyd’s Register Maritime Decarbonisation Hub (Decarb Hub), a joint initiative by Lloyd’s Register Group Limited and the Foundation to accelerate the safe, sustainable decarbonisation of the maritime industry, has continued to deliver impact and maintain its influence in maritime decarbonisation. Some key highlights this year include:

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shipping industry) and co-published a report assessing e-fuel market readiness to shape future tenders. Additionally, it delivered comprehensive training frameworks for ammonia, methanol, and hydrogen fuels, laying the foundation for IMO Model Courses to reskill 800,000 seafarers by the mid-2030s.

Resilence4Ports

Resilience4Ports, a multi-stakeholder initiative that seeks to enhance and accelerate the resilience of ports and the communities that rely on them.

Resilience4Ports published its Strategic Plan 2025-2027 focusing on four themes: Engagement Across the Port System Value Chain; Global Advocacy for Policy and Financing to Enhance Port Resilience; Thought Leadership and Knowledge for Action; and Strategic Partnerships. Each theme contains a plan on what is needed to achieve success.

Catalysing the momentum for the emerging implementation of climate resilience and adaptation in the maritime sector, the launch of a Call-to-Action pledge at COP29 aims to bring port actors together to support accelerating port resilience.

This initiative acts as the first sectoral approach to the Sharm-El-Sheikh Adaptation Agenda (SAA) and has the following three main objectives to support the achievement of the Maritime Resilience Breakthrough outcome targets in the UN Climate Change High-Level Champions and Marrakesh Partnership for Global Climate Action 2030 Climate Solutions.

1. RESILIENT INFRASTRUCTURE SYSTEMS

By 2030, 30% of global maritime trade moves through climate adapting ports, connecting people and supply chains, with a focus on benefiting the world’s most vulnerable regions.

  1. RESILIENT COASTAL AND OCEAN SYSTEMS

By 2030, across all regions, ports and their communities protect and enhance local coastal and ocean systems through nature-based solutions to build port resilience and support thriving natural habitats.

  1. RESILIENT HUMAN SETTLEMENTS

By 2030, across all regions, ports and their communities implement equity-focused social programmes including those around green jobs and community infrastructure that enable thriving ports and port communities.

Nature Positive Engineering Foresight Review

This year, the Foundation completed the expert consultation phase of the Nature Positive Engineering Foresight Review with roundtables in London, Singapore, Brazil, Brussels, and Kenya. Discussions at the roundtables centered on how we can safely scale up the implementation of nature-positive solutions in ports, as part of offshore renewable energy sources, and throughout coastal communities. The final report was published in September 2025.

Centre for Assuring Autonomy, University of York

The Centre for Assuring Autonomy (CfAA), a partnership between Lloyd's Register Foundation and the University of York, published a new report highlighting the impact of 26 unique demonstrator projects conducted since the Foundation’s initial grant was awarded to University of York. These projects have helped partners understand and tackle the challenge of safety assurance for autonomous systems, robotics, and AI. This work has also shaped the University of York’s

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fundamental understanding of autonomy assurance that goes beyond understanding within specific sectors and led to the published frameworks that CfAA is now deploying across sectors.

Professor John McDermid OBE FREng, Director of the Centre for Assuring Autonomy, was a senior advisor assisting in the production of the ‘International Scientific Report on the Safety of Advanced AI’ - a landmark government report that has built a shared, evidence-based understanding of the opportunities and risks posed by advances in AI. Recommendations from this report are informing the UK Government’s approach to policymaking and governance around AI development. John’s contributions to the report helped shape the second AI Safety Summit, which took place in Seoul, Korea in May 2024, and John acted as a Senior Advisor for the 2025 Summit in France.

The Alan Turing Institute

The Data Centric Engineering (DCE) programme at the Alan Turing Institute completed its second year of the 2.0 grant from the Foundation, which was built on the foundations established in the first year of growing activities, team and community. The programme welcomed 16 enrichment students as well as an intern, broadening the community, and facilitating knowledge exchange with early career researchers. Nearly a quarter of the awards made to the enrichment students were for those that aligned to the DCE programme.

The programme ran several workshops, including a workshop at the Institute for Electricity and Electronics Engineers (IEEE) Conference for AI (CAI) 2024 in Singapore on ‘Crafting data-centric engineering’, which reached an international audience of academics interested in AI in engineering. This resulted in the Programme Director being invited to Chair the next IEEE CAI in USA, May 2025.

The Data-Centric Engineering programme, in collaboration with the Institute’s Centre for Emerging Technology and Security (CETaS), published a report containing recommended actions for policymakers and industry to enhance the cybersecurity of offshore wind. The results of this research were sent to the UK Government for review by the Department for Energy Security and Net-Zero (DESNZ) and the National Cyber Security Centre (NCSC).

Thirteen years ago, Prof Adam Sobey, a former Foundation-funded PhD student at the University of Southampton and currently Director of the Data-Centric Engineering Programme at The Alan Turing Institute, developed an optimisation algorithm, supported with funding from the Lloyd's Register Educational Trust. This algorithm was adapted for Voyage Optimization and commercially taken to market as T.VOS by a company called Theyr - a UK-based maritime technology company that specialises in advanced voyage optimisation and meteorological and oceanographic data solutions. As part of T.VOS, Adam’s algorithm is now an integral solution to fifteen maritime digital platforms, notably the digital platform provided by LR OneOcean, with access to over 35,000 vessels worldwide.

Discovering Safety

Discovering Safety, a partnership between the Foundation and the UK’s Health and Safety Executive (HSE) which is supported by a grant from the Foundation, has worked to harness insights from safety-related data to predict, prevent and reduce workplace accidents. The initial grant came to an end this year.

The final report highlighted many examples of the impact including collaborations through industry, the tech sector and other government departments, and the development of groundbreaking tools and industry solutions that are changing how occupational safety and health risks are identified and managed within businesses to keep people safer. An example of success was the development of the Regulatory Sandbox (a collaboration with another of our grant holders – SafetyTech Accelerator), which brought together technology start-ups, end users (industry), and the UK regulator to understand each other’s perspectives and identify solutions for an accelerated uptake of technology solutions that can aid safety. This is a model that has been taken up by other UK regulators.

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Discovering Safety has also established a large and growing community which is actively following updates, attending events, providing data into projects and trialing outputs.

To further scale the impact of learning from Discovering Safety, the UK HSE has developed training courses that engage with industries on how data and digital advances can improve safety.

Skilled People for Safer Engineering

Through targeted interventions aimed at supporting safety leadership, safety skills and strengthening safer engineering capacity and capability, the Foundation is building partnerships that help to remove barriers for new talent and underrepresented demographics entering the engineering workforce, particularly where engineering skills are most needed. By ensuring that engineering skills and education develop at pace and aligned with rapid technological innovation, we help to ensure our built environment remains safe.

Priority area objectives:

Impact highlight

As part of the Maritime Just Transition Taskforce’s work to ensure that shipping’s response to the climate emergency puts seafarers at the heart of the solution, a report was published by the Taskforce which made over 500 recommendations for the safe training and use of alternative fuels, generated from cross-sector consultations and risk assessment workshops with leading industry experts. These recommendations provided the basis for a submission to the 11th session of the International Maritime Organization's (IMO) Sub-Committee on Human Element, Training and Watchkeeping.

As a result, generic interim training guidelines on training for seafarers on ships using alternative fuels and new technologies were approved by the IMO’s Maritime Safety Committee (MSC110) in June 2025 and are being used in a pilot ‘train the trainer framework,’ funded by the IMO.

Engineers Board of Kenya

Through £0.3 million of grant funding to the Engineers Board of Kenya, the Foundation is working together to transform safety culture throughout the Kenyan construction industry and engineering sector. The capacity development programme is aiming to enhance safety skills amongst engineering students, professionals and construction workers in Kenya. Ensuring good connections between this programme and previous initiatives, such as the Engineering X’s ‘Safety Champions in Engineering Education’ scheme and our Southeast Asia ‘Skills Enhancement Programme’ with TWI, is a key part of the governance process.

METAVASEA

The Foundation’s partnership with HELMEPA, METAVASEA, which is focused on a people-centred transition to alternative fuels in the eastern Mediterranean region, has shown solid results this year. Over 150 port workers, seafarers and shipping company employees attended HELMEPA’s first pilot workshops on “Enhanced Safety Culture for Maritime Decarbonization” at Piraeus Port Authority, "Environmental Leadership" at Athina Maritime Learning & Development Centre and the webinar “Emerging Technologies, Automation, Digital Awareness & Cybersecurity in Shipping”.

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METAVASEA is a multi-stakeholder partnership, including the World Maritime University, which aims to advance a peoplecentred transition for maritime decarbonisation in the East Mediterranean by training and upskilling more than 1,500 seafarers, port workers, and shipping professionals in new fuels, digital transition, marine environmental awareness, and soft skills. Importantly, this project is directly connected with the Foundation's related work in maritime decarbonisation and a ‘Maritime Just Transition’ to ensure a people-centred transition to a zero-carbon shipping industry.

Making Spaces

The Making Spaces research project entered its third phase of a five-year, £1.5 million commitment, this year with the delivery of an accreditation course for professionals from the US, UK, Africa, Asia, and Europe to deliver and spread training in the Making Spaces 3-STEP approach worldwide.

The project is a Foundation-funded research and development project led by the University College London (UCL) that works with practitioners and young people around the world to identify, develop, and share equitable approaches that can support diverse young people to engage meaningfully with science, technology, engineering and maths (STEM) based subjects.

Engineering X Skills for Safety Programme

The Skills for Safety Survey, launched to help develop impactful and targeted interventions within the Skills for Safety programme, engaged respondents from 30 countries. Nearly 50 per cent of respondents expressed interest in joining and collaborating with the Skills for Safety programme, clearly reflecting global demand and the relevance of our work as a leader in promoting safer engineering practices globally.

Through grant-funded projects, the Skills for Safety programme has indirectly supported 3,910 engineering students across multiple countries, significantly contributing to the development of safety-related knowledge and skills among the next generation of engineers. Projects included training in automotive safety (Nigeria, 200 students), agricultural machinery (India, 165 students), occupational health and safety (Uganda, 2,160 students), and construction safety (Kenya, 906 students). Additional initiatives focused on safe engineering design (Nepal, 266 students), software engineering safety (Tanzania, 73 students), housing and construction (Uganda, 25 students), manufacturing safety (Uganda, 39 recent graduates), and industry-based safety training (76 graduates). These engagements reflect the programme’s long-term impact in equipping students and graduates with the skills needed to promote safer engineering practices in their future careers, ultimately contributing to a more safety-conscious global engineering workforce.

The Global Engineering Capability Review (GECR) 2024 significantly strengthened the programme’s global visibility and influence. It successfully connected with globally recognised organisations such as the Commonwealth Engineers' Council, The World Bank, and UNOPS, all of whom expressed interest in future collaboration. These strategic engagements reflect the growing credibility of the GECR as a valuable tool for shaping engineering capacity and capability discussions worldwide. The report itself offers a robust evidence base on the constraints in engineering capacity and capability across 115 countries, using a systems approach across ten critical capacity areas and three key stakeholder groups (professional engineers, government, and industry). It is positioned to become a global reference for funders and policymakers seeking to enhance engineering practices that are safe, effective, and sustainable. As part of the launch in 2025, the GECR will be promoted through a year-long communications plan, including dedicated webinars and a roundtable event in Kenya focused on applying a systems-based approach to safety in the construction sector.

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World Maritime University

This year the Foundation strengthened its strategic relationship with the World Maritime University (WMU), expanding and creating new opportunities to develop maritime expertise, particularly in lower and middle-income countries, and addressing new safety challenges including those associated with decarbonisation and digitalisation.

The first Foundation-funded fellows to WMU from India and Kenya graduated this year with an MSc in Maritime Affairs and have returned to their home countries with new knowledge and expertise that can help build global capacity and promote safe and sustainable development in the maritime industry. The next two fellows, who are from the Philippines and Ghana, joined WMU in September 2024.

International Maritime Law Institute (IMLI)

Our long-term partnership with the International Maritime Law Institute (IMLI) continued this year with funding for a new cohort of fellows from Bolivia, Ghana, and Namibia who joined the institute in September 2024. Their studies will help enhance local legal expertise and ensure the implementation and enforcement of maritime legislation that keeps people safe at sea.

In addition, the Foundation's Director of Skills and Education, Tim Slingsby, was invited to join the IMLI Governing Board.

Evidence and Insight

To support the Foundation in delivering impact across its strategic priority areas, we take an evidence-led approach. We have a commitment to find, share, and grow robust evidence to better understand the complex factors that affect safety.

Foundation capability objectives:

Impact highlight

This year we published four reports from the 2024 World Risk Poll (Wave 3). Across the four report launches, the World Risk Poll web pages received almost 555,000 visitors from 186 countries, with almost 6,000 report downloads and just under 40,000 data explorer sessions.

World Risk Poll

At the heart of our efforts to internationalise, as part of the Foundation’s strategy, is a commitment to be guided by local voices, ensuring that those most affected by safety issues have the strongest say in identifying problems and shaping solutions. To support this, we conduct the World Risk Poll every two years as a dedicated component of the Gallup World Poll. Its global coverage is unrivalled - the latest edition, published in 2024, is based on 147,000 interviews in 142 countries. This includes places where little or no official data on safety and risk exists, making the Poll a unique resource for defining the nature and scale of safety challenges across the world.

In 2024, the Poll covered issues including severe weather and climate change resilience, workplace safety, and waste management. Previous Polls have included risks such as workplace violence and harassment, and AI and data misuse.

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A core set of repeating questions in every World Risk Poll explores how perceptions and experiences of risk change over time, including differences before and after the Covid-19 pandemic. Demographic analysis of the Poll also allows us to understand how different groups of people perceive and experience risk differently.

Our aim is to help governments, regulators, businesses, NGOs, and international bodies use the findings to inform and target policies and interventions that make people safer, working in partnership with, and empowering, communities.

Report 1 - Resilience in a Changing World

The first 2024 World Risk Poll report - ‘Resilience in a Changing World’ was launched at Understanding Risk 24 in Himeji, Japan, where the Foundation presented the findings and spoke to attendees about the data sculpture of the Resilience Index. The Resilience Index, which draws data from the poll, provides a unique insight into the resilience and vulnerabilities of countries and communities around the world. At the launch, the status of the Poll’s resilience data as “the closest thing we have to a proxy indicator of how the UN Early Warnings for All initiative is doing” was reaffirmed by our partners, Resurgence and the Global Facility for Disaster Reduction and Recovery (GFDRR), in front of an international audience of disaster risk reduction practitioners.

Following the launch, data from the resilience report was presented at the Organisation for Economic Co-operation and Development (OECD) World Forum on Wellbeing in Rome. Continued engagement with the OECD’s Wellbeing Centre (WISE) may further facilitate the opportunity for our community resilience data and metrics to be used for, or to influence, OECD measurement of wellbeing.

We were invited to contribute a blog to the UK’s National Preparedness Commission (NPC) drilling into the UK resilience data and highlighting the priorities for action it suggests. Our relationship with the NPC has continued to deepen since, with our 2023 ‘Focus On’ paper on critical infrastructure and perceptions of disaster resilience cited in their new ‘Just in Case’ report on UK food resilience.

Also in the UK, following a conversation with Ruth Boumphrey, the Cabinet Office minister and senior civil servant responsible for national resilience are working on the idea of a national resilience register, adopting indicators from our Resilience Index.

Report 2 - A World of Waste

We published the second 2024 World Risk Poll report, ‘A World of Waste: risks and opportunities in household waste management’ - in partnership with the UN Environment Programme at the International Solid Waste Association (ISWA) World Congress 2024 in South Africa. Immediately following the ISWA session, we were also invited to present the Poll waste data to representatives of several regional governments from around Africa, at a workshop on open burning and other waste management issues run by ICLEI - Local Governments for Sustainability (known as ICLEI) in Cape Town. Following the launch, the UN-funded global consortium, led by Engineering X, are using the Poll’s waste data to inform their work producing regional roadmaps to end the open burning of waste around the world.

Report 3 - Engineering safer workplaces

The third report – ‘Engineering safer workplaces: Global trends in occupational safety and health’ - was launched with a webinar and a panel session at a ‘Gallup at Work’ event in London on ‘Transforming Workplace Culture’. The report was developed in consultation with key occupational safety and health (OSH) stakeholders including the International Labour Organization (ILO), and sheds light on the extent of workplace harm, reporting, and relevant safety training, taking place globally. Following the launch, ISO Technical Committee 283 on occupational health and safety management stated that they will look to extend participation in their work to more of the countries where the Poll OSH data has identified the greatest harm.

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Report 4 - What the world worries about

The final report in the 2024 World Risk Poll called ‘What the world worries about: Global perceptions and experiences of risk and harm’ was launched at the UN World Data Forum in Columbia. This report tracks trends in how people’s perceptions and experiences of the greatest risks to their safety have changed since 2019, when data from the first edition of the Poll was collected. Since the launch session at the UN World Data Forum in Medellín, Colombia, several follow-up enquiries have been received from other data-centric NGOs, including Data4Change and Equal Measures 2030, to liaise with us on how they are planning to use the data.

Focus On Report – Ocean Workers

The Foundation published its latest World Risk Poll ‘Focus On’ report: ‘Risk perceptions and experiences of ocean workers.’ Based on new analysis of World Risk Poll data collected in 2023, the short report reveals that ocean workers are among one of the most vulnerable demographics in the face of climate change.

World Risk Poll Impact

The World Risk Poll Resilience Index continues to gain significant traction. It was adopted for resilience modelling at the European Commission Joint Research Centre (JRC). The JRC’s decision to incorporate the index is a powerful validation of its unique “bottom-up” data collection methodology, which makes it an ideal, exogenous measure for resilience. This integration is a crucial step in measuring and valuing resilience and prevention for compelling business cases. With the 2024 report surveying 120 of the same countries as in 2021, we are now able to conduct robust trend analyses, plus directly correlate the 2024 resilience index outcomes with the European Commission Resilience Dashboard Indicators. This exemplifies the direct policy relevance and analytical power of the Poll’s data.

The Foundation’s collaboration with the World Risk Poll and the Institute for the Public Understanding of Risk at the National University of Singapore has produced a new, impactful paper published in the International Journal of Disaster Risk Reduction. This research provides invaluable global evidence on risk perception and preparedness. Such insights are crucial for designing effective risk communication strategies and fostering community resilience worldwide.

As a result of the 2021 World Risk Poll “Safe at Work?” report on violence and harassment that found over 49 per cent of Australians surveyed experienced workplace violence or harassment, Australia ratified ILO Convention 190 concerning the elimination of workplace violence and harassment in 2023.

Susan Maybud, former ILO Senior Gender Specialist and World Risk Poll ambassador, used the ‘Safe at Work?’ report as a teaching resource in a new course run by the ILO’s International Training Centre in Turin, Italy, which was entitled ‘Ending Violence and Harassment in the World of Work: Know the Framework, Own the Principles, Initiate Change’.

World Risk Poll resilience data has seen continued use and citations by international development NGOs, including CARE International in a recent briefing paper, and Caritas Venezuela, who published a report crediting the World Risk Poll as shaping their own approach to assessing resilience in the country.

World Risk Poll into Action

This year, we committed further funding to put the World Risk Poll into action through round four of the World Risk Poll into Action funding call. An additional £800,000 in funding for five new projects that harnessed 2021 Poll data is helping to tackle some of the world’s biggest safety challenges.

The first journal outputs from one of the Foundation’s World Risk Poll into Action grant holders in the Philippines were published in the International Journal of Disaster Risk Reduction. Crucially, the full text of this research is now available

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via UCL Discovery, ensuring broad accessibility and further maximising its impact on disaster risk reduction efforts in the region and beyond.

Following the publication of all four 2024 World Risk Poll reports, we opened the latest ‘World Risk Poll into Action’ funding call (round five), offerings grants up to £250,000 for projects that use the Poll data for further research and practical interventions that improve safety.

World Risk Poll Impact – Independent evaluation

To understand the impact of the World Risk Poll, Technopolis conducted an evaluation of the World Risk Poll which was completed towards the end of the launch of the Foundation’s Wave 3 reports. The findings were very encouraging.

The evaluation revealed that, in line with the original World Risk Poll objectives, the Poll is valued as a genuinely unique, robust, global dataset that is used to improve safety outcomes. It is widely shared and there is potential to improve its reach. In summary:

Global Safety Evidence Centre

In May 2025, we launched the Foundation’s new Global Safety Evidence Centre (GSEC), marking a pivotal moment in the Foundation’s commitment to global safety. The Centre will collate, create, and communicate the best available safety evidence from the Foundation, our partners and other sources on both the nature and scale of global safety challenges, and what works to address them. The Centre incorporates data and insight from the World Risk Poll and the Foundation’s Impact Monitoring, Evaluation and Learning function. With an investment of £15 million over 10 years, the Centre will work with partners to identify and fill gaps in evidence, and to use evidence for action.

The Foundation appointed Martin Cottam as Chair of the Centre’s Expert Advisory Panel. Martin brings over 40 years’ experience managing safety in high hazard industries and is now working with the team to recruit other members of the panel. Meanwhile, we are growing the team’s in-house capacity by recruiting four new positions within the Centre: Junior Data Analyst; Research and Trials Manager; Reviews and Synthesis Manager; and, Project and Stakeholder Manager.

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Initially, the Centre focused on two core evidence programmes:

To accompany the launch, we published two initial reports, with grantee RAND Europe, under the Safe Work programme - a systematic review of OSH intervention reviews, and the findings of a consultation with OSH practitioners in high-risk sectors. These reports have identified evidence gaps and needs which will help direct the focus of the Safe Work programme going forward.

Alongside these reports, we also launched a £2million research funding call, with grants of up to £250,000 available for work to help fill these evidence gaps.

In addition, the Foundation agreed to a partnership project with the International Standards Organisation Committee on occupational safety and health as part of GSEC’s research.

Stakeholder outreach has led to the inclusion of the Centre in influential evidence repositories such as the International Network for Governmental Science Advice (INGSA) Knowledge Hub. This offers a powerful conduit for our insights to reach science advisors within governments globally, providing a robust route to impact on policy development and implementation. Our presence on the INGSA platform signifies a critical endorsement of our work and opens doors to new avenues for policy translation and evidence-informed decision-making.

Measuring impact on key programmes

We are continuing to evaluate the impact the Foundation’s work is having through a number of tools, including a strategic evaluation programme in partnership with Technopolis. Over the last year Technopolis completed an evaluation of the Decarb Hub’s work, the World Risk Poll (see above) and they have started the evaluation of the impact the Foundation’s work is having with The Institute for Public Understanding of Risk.

Evaluation of the Decarb Hub covered three main projects – the Zero Carbon Fuel Monitor, Ammonia Strategy, and the Silk Alliance – along with general observations about the Hub. The primary finding indicated that although the Decarb Hub faces competition from other non-profit and profit-making organisations, who offer similar kinds of insight and expertise, it has comparative advantages, such as domain knowledge of safety and risk. Recommendations include formalising the Hub’s understanding of the maritime fuels system, creating a clear Theory of Change, and more formalised planning when executing interventions.

Other areas of focus

We have developed a new Theory of Change for the Foundation, which provides a high-level overview highlighting how our direct or supported activities can achieve desired outcomes and impacts. It outlines potential pathways, prompts reflection on specific goals and plans, facilitates discussions with others, and ensures alignment with the Foundation’s charitable mission and purpose. This development resulted in collaboration with Mission Economics to create a practical and accessible framework intended to assist our grant-making activities and potential partners – regardless of size, location, or analytical capacity – in demonstrating the value and cost-effectiveness of their safety initiatives.

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Heritage

Lloyd’s Register Foundation’s archive and library is a unique research resource which offers perspectives on the evolution of maritime safety. The Foundation’s heritage team works with a diverse range of partners across the globe to unlock both the value of their collections and to support a ‘learning from the past’ approach to maritime safety, and sustainability challenges more broadly.

Foundation capability objectives:

Impact Highlight

As a direct result of influence from the community led by Project Tangaroa, The United Nations Environment Programme (UNEP) formally acknowledged the urgent concerns raised by International Council on Monuments and Sites (ICOMOS) and International Union for the Conservation of Nature (IUCN) in their joint statement issued on 11 June 2025 about the growing environmental and cultural threats posed by potentially polluting historic shipwrecks (PPWs).

Project Tangaroa

A Lloyd’s Register Foundation funded coalition to tackle the ticking timebomb of thousands of potentially polluting shipwrecks degrading at the bottom of the world’s oceans gathered increasing momentum this year.

The coalition convened three international workshops, bringing together over 80 expert stakeholders to discuss how to tackle the problem, as well as publishing a Foundation supported book which provides a crucial touchstone resource on the issue. Both attracted support from key international stakeholders, including UNESCO.

Having pushed potentially polluting wrecks firmly up the international maritime agenda and convened a large global network of supportive partners, Project Tangaroa published The Malta Manifesto in a bid to encourage governments to act decisively before the situation reaches breaking point. In The Malta Manifesto, Project Tangaroa outlines a framework to tackle the problem, advocating for a precautionary approach and global cooperation to implement sustainable longterm solutions.

SHE_SEES – rewriting women into maritime

In 2024, a trilogy of Lloyd’s Register Foundation supported exhibitions drove a growing public appreciation of the historical and contemporary role of women in the maritime sector.

Collectively, Historic England’s Women in Shipbuilding, the National Maritime Museum’s Women of the RNLI, and the Foundation’s own SHE_SEES exhibition drew more than 111,000 visitors, as they were hosted at venues across the UK, from Portsmouth to Newcastle.

SHE_SEES continues its residency at Portsmouth Historic Quarter until December 2025. Meanwhile, the Rewriting Women into Maritime History programme, of which the exhibition forms a part, has launched its international phase, aiming to replicate its impact on a global scale.

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The National Archives and International Slavery Museum

With £1million in grant funding, the Foundation is working with The National Archives, Kew, on a new, collaborative research programme about the history of transatlantic trade of enslaved people. In response to the Foundation’s own research about Lloyd’s Register’s historical connections to the transatlantic trafficking of enslaved African people, it was vital that we acknowledge this past, and support those affected by its legacy. This major three-year grant project called ‘PASSAGE: Partnership for Atlantic Slavery Scholarship, Archiving, and Global Exchange’, is part of the Foundation’s response to the findings of our research with the Wilberforce Institute. It will enable The National Archives to catalogue, open, and share archival material and support scholarships in the Caribbean and West Africa for the development of new narratives surrounding the history of transatlantic slavery.

The second step is a partnership with the International Slavery Museum in Liverpool, a £1million grant supporting their ‘Connector’ project which will convene a global network of academic, heritage and cultural institutions around this topic and channel grants to local communities seeking to research their own histories as they relate to the slave economy.

National Maritime Museum

A £1million grant with the National Maritime Museum, Greenwich includes a digital hub of online ocean literacy content, ‘Our Ocean, Our Planet’, which has engaged 92,212 people to date. A key milestone of the project is the reopening of the museum’s Ocean Court; the Lloyd Register Foundation curators were instrumental in advocating for the space being refocused to engage visitors with ocean literacy topics. The reopening coincided with the annual World Ocean Day festival which attracted over 7,500 visitors for a range of activities including science shows, community performances and activities run by ocean experts.

Unpath’d Waters AHRC Discovery project

A three-year UK Research and Innovation (UKRI) funded Discovery project called Unpath’d Waters concluded this year. The Foundation was an official partner, providing metadata and information from our archival collections, research support and visual material for online stories that helped create the first UK-wide maritime history cross-organisational portal (linking over 100,000 records). The final report was published in November 2024, and the portal that brings together the collections is now hosted by Historic England.

International Congress of Maritime Museums (ICMM)

A £1million, five-year programme ‘Global Maritime Histories: Case Studies for Change’, developed in collaboration with the International Congress of Maritime Museums, has delivered new and authoritative perspectives into the urgent debate about how to address global safety and sustainability challenges in the maritime economy. The grant leverages the outreach programmes of more than 120 member museums to act as professional 'storytellers', which is a key component in understanding and promoting change. To date, four pilot projects have been awarded under the grant.

University of the Arctic (UArctic)

The Foundation invested in a £0.4 million programme with UArctic ‘Arctic Maritime Safety: Learning from the past to help address the challenges of peoples in the Arctic’ to build research into historical perspectives on current safety challenges. It is shaped by two discovery seminars and new research fellowships that will include indigenous organisations, as well as inputs from industry and other institutions in the UArctic network. The programme has delivered new insights, evidence and case materials to policy and change makers, and in parallel, it has also explored further opportunities for collaboration across the Foundation.

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Digital presence

A new Heritage Centre website is in development which has several new features including a new archive hierarchy function, IIIF image viewer, a light and dark mode, and an overhauled asset search for the Foundation’s archive, library, and object collections. This launch, scheduled for Autumn 2025, is a significant step towards long-term hosting, preservation, and access to digital collections, making research and content more accessible.

Collections acquired this year

The Doxford engine records, which include engine plans, reports on machinery, reports on voyages, patent documentation, records on the testing of engines, and relevant publications, have been acquired by the Foundation.

We acquired a presentation volume given to Thomas Chapman to celebrate his 40 years of service to the Society, which was gifted by a researcher consulting the historic Rules and Regulations .

A large holding of records of the rival classification society British Corporation Register (BCR), returned to the Foundation after more than 30 years. The collection completes the Foundation’s own holdings of BCR material held since amalgamation in 1948. The acquisition adds 3,295 surveys reports across 60 boxes as well as plans and technical drawings for around 900 ships. It is the culmination of over five years of collaborative work between the Foundation, The Ballast Trust and the University of Glasgow and means that the Foundation has brought together the surveying and administrative records of all UK-based classification societies under one roof. The unique collection opens access to more archival records related to shipbuilding and provides further contextual information on the developments of marine classification in the 19th and 20th centuries.

After more than six months of repair and restoration work, 13 of the Foundation’s oldest and rarest books were returned from the conservators, ready to be catalogued and made available to researchers in the future.

We successfully acquired five lots of archival material at public auction that will become part of the Foundation's collection. This includes several logbooks for ships dating from the mid to late 19th century, and a collection of journals by H. S Brown, detailing life on board ships during this period and further highlighting developments in shipping and engineering.

Digitisation of the Lloyd’s Register of Yachts took place this year. This unique collection of over 110 volumes is now freely available across Archive.org, Google Books and the Foundation’s Heritage website for researchers, academics, and maritime enthusiasts to explore.

The Heritage Centre’s website resources were accessed by more than 135,000 users across 217 countries worldwide, totaling a viewership of 321,125 page views. On average, the site’s assets received a total of 1,128 downloads per month. The most popular pages included the Register of Ships Online, the Ship Plan and Survey Report Collection landing page, a page providing an overview and video of MARPOL (the International Convention for the Prevention of Pollution from Ships).

Nurturing new ideas and partnerships

It is important that we initiate and build partnerships to test ideas through pilot studies, projects, and activities across the Foundation’s strategic priority areas. We deliver this through our small grants programme, providing up to £10,000 in grant funding.

This year, the programme has seen increased interest with the largest number of applications in one year, to date. Subsequently, the programme has awarded more than £300,000, taking the overall total to £1million since the

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Foundation launched the programme. The impact it creates really shows that even small amounts of grant funding can make a big difference. This year, we have received more applications from countries in Africa and Southeast Asia and intentionally increased numbers of applications linked to our Heritage strategic area.

In May 2024, we brought together our cohort of small grant holders for a series of workshops to help catalyse innovative thinking and produce new, ambitious ideas to advance our charitable mission. The pilot was a huge success, with four collaborative grants awarded. Projects include a research-based grant to the University of Wolverhampton, Delft University in the Netherlands and Moi University in Kenya exploring the risks associated with the digital transition in maritime port energy infrastructure, and a joint initiative between the International Maritime Rescue Federation (IMRF) and Climate Adaptation Works Ltd, developing a framework to evaluate search and rescue readiness for climate change. This led to a more strategic partnership between the Foundation and IMRF to review global maritime search and rescue systems.

In the meantime, we continue to note good impact. For example:

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Ongoing programmes of work across the strategy

Ocean Centres

Through a pioneering partnership between the United Nations Global Compact (UNGC) and the Foundation, we have established seven Ocean Centres which will serve as locally led, multi-stakeholder platforms in Brazil, Ghana, Kenya, India, Bangladesh, Indonesia and the Philippines. Each Centre is working to address pressing safety and sustainability challenges specific to their national ocean economy, advancing resilient, people - and nature - positive development. The initiative was formally launched in Nice at the United Nations Oceans Conference.

Seoul National University

Seoul National University’s (SNU) five-year programme of research funded by the Foundation through a £4 million pound grant awarded in June 2024 continues to grow, collaborating with many institutions, and leveraging funds from Korean shipyards.

Seven research projects are underway: Sloshing of Liquefied NH3 & H2: Experimental technique, Dispersion of ammonia in engine rooms, Structural safety assessment for NH3 tank and CFD simulation for NH3 and H2 flows, all focused upon Risk due to alternative fuels; and AI-based prediction of ship stability and extreme motion responses, Real-ship measurement and data collection of ship navigation and Machine Learning (ML) for seakeeping control in waves, all focused on Digital technology for ship safety in seaways.

In addition to the research work through the Lloyd’s Register Foundation Research Center, the university is championing young engineers, especially women. SNU has also established global exchange activities for students and internship programmes to support young students and researchers, fostering them as future talents in related fields, as well as attracting female marine engineers through the Women in Engineering program.

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SEASEP

The second phase of the Foundation’s Southeast Asia Skills Enhancement Programme (SEASEP), as part of its grant to The Welding Institute, reached an important milestone this year, training over 2,500 engineers throughout the region. This is in addition to the over 4,500 engineers trained during the first phase of the programme.

This coincided with the programme expanding further into Southeast Asia, meaning the highest quality welding, nondestructive testing and occupational health and safety training is now accessible to students in Thailand, India, Indonesia, and the Philippines.

Training provided by SEASEP is helping to improve safety standards and enhance worker safety in response to rapid urbanisation and investment in large-scale infrastructure projects throughout Southeast Asia.

Foundation-wide activity in 2024-2025

2024-2029 Strategy

This year we launched the Foundation’s strategy for 2024-2029 which sees us build on and learn from our work to date, focusing our resources across three interconnected priority areas: Safer Maritime Systems; Skilled People for Safer Engineering; and Safer Sustainable Infrastructure. We will continue to invest in the Foundation’s own assets and expertise – our maritime Heritage and using the Global Safety Evidence Centre.

As part of our new strategy launch, we created a range of assets including a strategy document, visuals, and a series of short videos focused on key areas of the strategy and highlighting the impact the Foundation is making with partners and grant holders, globally. As part of the launch, the assets were shared with our colleagues, both in the Foundation and at Lloyd's Register, along with partners, grant holders, and wider stakeholders, and they continue to be used when talking about our strategy.

Funding calls July 2024 – June 2025

This year we launched a first-of-its-kind £15 million ‘ Engineering a Safer World Open Call’ to support the implementation of our new five-year strategy, focusing on the three priority areas. The call sought initiatives that address global challenges and demonstrate the potential to internationalise our impact, influence others to act, leverage additional resources, act as a trusted voice in safety, and strengthen our presence in future maritime systems. We received an exceptional response with over 200 expressions of interest. Forty organisations were invited to submit full proposals, and 32 full applications were received. After three internal review stages and at least two external peer reviews per application, 14 proposals were taken through our robust governance process, with 13 being approved.

To support us in delivering our strategy, the Foundation invited academic institutions to apply to a new ‘ Academic Networking Grant’ , to help address critical global engineering and scientific safety challenges aligned with our strategic priorities: decarbonisation; digital transformation in maritime; and sustainability. Grants required joint leadership by one organisation from a High-Income Country (HIC) and one from a Lower-Middle-Income Country (LMIC). The funding supports the creation of expert networks, targeted workshops, and a major dissemination conference to identify research gaps, foster partnerships, and develop actionable roadmaps. We received 42 expressions of interest, and seven organisations were invited to submit full proposals. Following internal and external review, three proposals were approved as part of our governance process.

Following the publication of all four 2024 World Risk Poll reports, we opened the latest ‘ World Risk Poll into Action ’ funding call (round five), offering grants up to £250,000 for projects that use the Poll data for further research and

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practical interventions that improve safety. Relevant applications will be taken through our governance process later in 2025.

Digital Transformation Programme

The Foundation launched a brand-new website in October 2024, marking the completion of the first phase of the Foundation’s Digital Transformation project. The new site is built on design principles of accessibility and sustainability, ensuring the Foundation's resources and content can be accessed and engaged with globally. Since the website's launch there have been several new features released, including a grant triage tool, a redesigned author and biography design for articles, and an AI chatbot to answer general enquiries. Notably, we have had a 127% increase in file downloads (2,859 to 6,488) from the new website since it was launched.

As part of the Digital Transformation Project, there is a commitment to improve the digital maturity of colleagues, to ensure the Foundation's commitment as a 'digital first' organisation. To audit the Foundation's approach to digital, regular Digital Maturity Assessments have been organised and completed by colleagues. These assessments aim to understand colleagues' attitudes toward digital tools, assess the effectiveness of leadership, training, and project management, and identify barriers such as data silos and inconsistent strategies. The most recent assessment, completed in May 2025, highlighted significant progress in the Foundation’s digital journey from 2022 to 2025. Over this period, colleague attitudes have shifted from cautious optimism to a confident embrace of digital as a core enabler of their work. Key improvements since 2023 include increased visibility and engagement from digital leadership, and a stronger digital-first culture in communications and daily operations.

The Foundation's commitment to building an accessible digital estate has been evidenced against its recent ranking in the Silktide index. The UK Charity website accessibility index, organised by Silktide, audits over 150 UK-based charities against the web content accessibility guidelines. These guidelines outline the design and content principles of inclusive code, navigation and architecture. In April 2025, the Foundation was ranked 14th in the index.

In April 2025, the Foundation successfully implemented SigningHub across its operations team, ensuring the management of Grant and DCA contracts is centralised within a fit-for-purpose e-signature system. Previously, signatures for contracts were organised manually and were time consuming to organise. SigningHub has seen a fundamental change to the Foundation's contract management practices.

Strategic Communications

The Foundation's communications activity is aligned to the Foundation's strategy, focused on raising awareness of the global safety challenges and increasing the Foundation's influence, building strategic partnerships, and showcasing the impact of the Foundation’s work.

Media Relations

Between July 2024 and July 2025, more than 2,330 media articles have mentioned the Foundation and our work across our strategic areas.

The stories which received the highest levels of audience engagement include our Rewriting Women into Maritime history initiative, including the opening of our SHE_SEES exhibition at Portsmouth Historic Dockyard in August 2024. Our work with Project Tangaroa on potentially polluting wrecks has featured in The Maritime Executive, Marine Industry News and The Conversation.

The Foundation’s World Risk Poll has also received significant engagement over the last 12 months, notable mentions related to our ‘Resilience in a Changing World’ report, and insights from our ‘Global trends in occupational safety and

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health’ report. More recently, the launch of our World Risk Poll ‘Focus On: risk perceptions and experiences of ocean workers’ has been mentioned in Safety4Sea, Ship Management International and The Fishing Daily.

The announcement of Lloyd’s Register Foundation’s ‘Engineering a Safer World’ funding call in December 2024 resulted in an influx of global media coverage, particularly from Sub-Saharan Africa. Publications that covered the funding call in this region included, All Africa, Maritime Review Africa, Liberian Observer and Top Africa News.

The announcement of the Global Maritime Trends Deep Dive on Seafarer Sustainability Report received 39 pieces of media coverage with a total reach of 6,120,000, with coverage in Lloyd’s List, Splash 247, Marine Link and Cyprus Shipping News.

The Foundation’s thought leadership programme resulted in colleague and partner authored pieces in global and UK based trade publications, over the last 12 months. This included an opinion piece in Safety4Sea about how maritime education and training must evolve rapidly to keep pace with the rate of change, a feature in TradeWinds as part of our Rewriting Women campaign, with friend of the Foundation, Nancy Karigithu, urging shipping to tackle its looming challenges through the prism of diversity and inclusion, and an interview feature in The Engineer about how emerging technologies are rapidly changing the industrial landscape and, while they bring opportunities, they also present new risks to the safety of workers.

Website and Social Media

There has been continued increased engagement with the Foundation's website and social media channels through high quality, engaging content. In the last year, the website received 156,302 total views across 213 countries, with 21% of views to our published news articles.

We maintained our presence on LinkedIn and moved away from X (Twitter), setting up a new BlueSky account. Our following on LinkedIn has increased by 22% on the previous year, with 2,929 new followers and 366,040 total impressions secured between July 2024 and July 2025. This year, we also tested sponsored ad campaigns, which saw an additional 30,393,152 impressions on LinkedIn.

Foundation Newsletter

Engagement with the Foundation's monthly newsletter, which highlights our key stories, milestones and achievements, remains high. The Foundation’s monthly newsletter now has a subscriber list of 7,081, and we have seen an increase of 17% in the total number of people receiving our monthly newsletter. Since the launch of our new newsletter templates in January 2025, we are now achieving an overall average open rate of 36%.

In addition, in the last year, we have sent 12 bespoke mailouts, with an average HTML open rate of 38%.

A Year of Impact 2024

We highlighted the impact the Foundation made in 2024 via our website using a digital platform called ‘Shorthand’, profiling the inspiring teams and communities who advance the Foundation’s charitable mission to engineer a safer world through our global grant portfolio.

Strategic events

Foundation spokespeople and partners have attended several key influential events during the last 12 months, raising the profile of the Foundation through speaking opportunities, round tables, panel debates and workshops. These took place at global events including the Global Naval Architecture and Ocean Engineering conference, Baku Climate Action

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Week, COP29, World Economic Forum’s Annual Meeting, Singapore Maritime Week, Posidonia, Blue Economic Finance Forum, and the UN Ocean Conference.

World Economic Forum Annual Meeting, Davos

Thomas Thune Andersen represented the Foundation at the World Economic Forum’s Annual Meeting in Davos in January 2025. While there, he attended and spoke at several events, including the opening remarks at a session about ‘Transitioning Towards Nature & People Positive Ports’ and as a panelist at the ‘Opportunities of the Ocean Economy’ event. Thomas also announced a new partnership with the World Economic Forum which will accelerate the transition to nature and people positive ports.

Blue Economy Finance Forum, France

Thomas Thune Andersen and Ruth Boumphrey attended the Blue Economy Finance Forum in Monaco where Thomas spoke at the ‘Transforming blue ports and shipping’ plenary session.

UN Oceans Conference, France

The Foundation attended the third UN Oceans Conference in Nice, France where we hosted and took part in a series of events, including:

Examples of other hosted or attended events in 2024-25:

Ruth Boumphrey spoke at the Thomas Ashton Institute Lecture in 2024. Hosted by the Thomas Ashton Institute for Risk and Regulatory Research, Ruth talked about the Foundation, plus shared insights from the World Risk Poll and how our data is being used to help make the world a safer place.

Ruth also gave a keynote speech at the Global Naval Architecture and Ocean Engineering conference in Southampton, co-hosted by the Korean Association of Naval Architects and Lloyd’s Register Group. It was the first time this conference has been held outside of Korea and celebrated the long-standing maritime ties between Korea and the UK.

We delivered key presentations at the International Congress of Maritime Museums (ICMM) biannual conference in the Netherlands, with over 200 delegates from maritime museums around the world. The Foundation’s ICMM grant was announced and news about the Heritage Small Grants Scheme was shared, as well as talks on our Potentially Polluting Wrecks and the Rewriting Women programmes.

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We held the world premiere of our I Love You. Over. film at the International Maritime Organisation in London on Day of the Seafarer, which was hosted by the Director General. The film shines a light on the critical role seafarers play and why it is vital to care for their physical and mental wellbeing.

We held an event at the Environmental Film Summit in Freetown, Sierra Leone to launch Freetown Floodfighters, a film created by MakerChange Studio in collaboration with the Freetown Media Centre, to highlight the inspirational work that women in Freetown are doing to keep their communities safe as they grapple with the impacts of climate change.

Ahead of the launch of the first deep dive report in our Global Maritime Trends programme, Professor Momoko Kitada from the World Maritime University (WMU) attended the International Maritime Organization’s HTW (Human Element, Training and Watchkeeping) event to talk about the Foundation-funded report, and how we can address the seafarer shortage by unlocking the potential of women and African regions, to create a sustainable workforce for the future.

As part of the 2024 World Risk Poll, Director of Evidence and Insight, Nancy Hey attended the People Sustainability Global Summit in the UK where she presented to Occupational Safety and Health (OSH) professionals on findings from the World Risk Poll and took part in discussions and workshops on the leading and lagging indicators of safety at work.

Lloyd’s Register Group

We joined Lloyd’s Register Group’s (LRG) Navigate leadership conference in September to discuss perspectives on key drivers for change in industry with Group experts. These conversations will be used to inform and prioritise interventions across decarbonisation, digitalisation, climate change adaptation, and improving safe work at sea. We also hosted a ‘Foundation Cinema’ where LRG colleagues from across the world joined us in viewing and discussing our high-quality films and the issues they raise about working at sea.

Future Plans

Throughout the next 12 months, we will continue to focus on activity that supports the delivery of our 2024-2029 strategy. This includes:

The Foundation’s 2024-2029 strategy is already helping to increase and strengthen the impact the Foundation is making globally, by listening to communities around the world who can share their perceptions and experiences of safety challenges to help inform where its work is most needed.

This work is being completed against a backdrop of changing global workforce patterns, climate change, the energy transition, and technological innovation, that all continues to bring us new challenges and opportunities as we continue to drive forward our mission to engineer a safer world for the benefit of society.

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Throughout this strategy period, the Foundation will seek to be better informed by local voices – those on the ground with expert knowledge of what is needed on a local level – to ensure its work is delivered to meet the needs of people in those locations. Our findings will be openly shared as always to encourage debate, dialogue and most importantly, action.

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Accountability and Stakeholder Engagement

The following section describes how the Trustees have had regard to applying section 172 of the Companies Act to promote the success of Lloyd’s Register Foundation and its subsidiaries. The Trustees confirm that they have acted in good faith to promote the long-term sustainable success of the charity to achieve its charitable purpose of working together for a safer world.

Oversight, Strategy and the Longer-term

The Trustee Board has a formal set of processes to enable it to discharge its duties in overseeing the management of the Foundation. The Board meets quarterly. The Audit, Risk and Investment Committee meets three times a year and the Grants and Direct Charitable Activities Committee meets quarterly. The Nominations Committee meets at least once a year, with additional meetings as required, to oversee succession planning and the composition of the Board and its Committees. The Remuneration Committee meets three times a year. The Board also has a less formal, off-site meeting once a year where broader strategic issues are considered and the Board has the opportunity to meet with the Foundation’s executive team. In addition, the Board meets twice a year with the Board of its social investment subsidiary, Lloyd’s Register Group Limited, for an update on its activities, with presentations by executive management, and there is a joint boards’ visit to a Lloyd’s Register site where both boards meet and engage with employees, customers and, where possible, Foundation beneficiaries.

The Board reviews all aspects of the Foundation’s operations, risk management and objectives on a regular basis and those of its social investment subsidiary, Lloyd’s Register Group Limited. This is achieved by means of an annual rolling agenda of items to be considered at its meetings, split into standing agenda items, such as reports from the Foundation Chief Executive, the Foundation Chief Operating Officer and the Chief Executive of Lloyd’s Register Group Limited, and annual items, such as the Board evaluation review, review of the budget and risk management updates. In conjunction with the Audit, Risk and Investment Committee, the Board has agreed a schedule of risk deep dives for presentation at each Board meeting.

The Board has oversight of planning for the longer-term through its review processes, the approval of the five-year strategy, the work of the Audit, Risk and Investment Committee, which meets with one of the investment fund managers at each meeting. This longer-term approach is reflected in the composition of grants awarded by the Foundation, which is agreed by the Grants and Direct Charitable Activities Committee and reported to the Board at its meetings as a standing item. The Board has also established delegated levels of authority for the Grants and Direct Charitable Activities Committee, above which the Board determines the award of grants. Further details on the charitable activities can be found on pages 4 to 26.

The following section describes the Board’s engagement with the various stakeholder groups and the impact on its key decisions taken during the year. It includes the disclosures required in respect of Section 172(1) of the Companies Act 2006.

Charity Stakeholder engagement

Society in general
As the Foundation is a company limited by guarantee and a registered charity, the beneficiary is society in general through the Foundation’s charitable purpose		 Society in general
As the Foundation is a company limited by guarantee and a registered charity, the beneficiary is society in general through the Foundation’s charitable purpose
Why we focus on this stakeholder How the Board engages and communicates
The Foundation’s mission and objectives are of a public benefit
nature as noted on page 52.		 At each Board meeting, the Foundation Chief Executive provides an update on the activities of the
Foundation and the Chief Operating Officer reports on the financial and operating performance.
There is also a report on the activities of the Grants and Direct Charitable Activities Committee and
a presentation by the beneficiaries of one of the Foundation’s large grants on their activities.
During the annual joint boards’ site visit, Trustees meet with beneficiaries of the Foundation’s
grants wherever possible.
Trustees are invited to events connected with the activities of the Foundation.
How the Board has taken account of these interests / Outcome
The Trustees are updated on the activities of the Foundation against its strategy and related challenges and can assess the connection of funding back to the strategy
and charitable purpose.

Lloyd’s Register Foundation: report and financial statements 2025 27

The report of the Grants and Direct Charitable Activities Committee provides a high level of granularity into funding applications, grants and rejections. A Trustee is chair of the committee.

During the year under review, there were presentations in respect of the World Risk Poll, the World Economic Forum, the Global Safety Evidence Centre and the Foundation’s approach to Evaluation of Impact. This enabled Trustees to hear about the work of the Foundation’s large grants, to assess their impact and how they are working in practice.

During the year under review, the Trustees joined the board of Lloyd’s Register Group Limited on a joint board visit to the Lloyd’s Register offices and clients in Shanghai. During the visit, Trustees visited Shanghai Jiao Tong University, a top-ranked university in China for engineering, teaching and research, with special emphasis on Marine Technology and which houses a school of Naval Architecture. During the visit, the Trustees attended presentations on Maritime Technology Teaching and Research, and on the Polar Technology programme, followed by a discussion on how the University and the Foundation could collaborate.

The Foundation Chief Executive’s report presented at each Board meeting lists upcoming Foundation events, which Trustees are invited to attend. During the period The Foundation Chief Executive’s report presented at each Board meeting lists upcoming Foundation events, which Trustees are invited to attend. During the period
under review, notable presentations and events were (i) The launch of the first Global Maritime Trends Deep Dive on Seafarer Sustainability at Trinity House, highlighting
the need for investment in Africa's emerging talent and supporting women in maritime; (ii) Playing a key role in a programme of events during the UN Ocean Conference
in Nice, including the launch of the Ocean Centres in collaboration with the UN Global Compact and our flagship side event highlighting the role of engineers in building a
safe and sustainable ocean economy; (iii) Launching our long term strategic partnership with the World Economic Forum on Nature and People Positive Ports at Davos
in Switzerland, and; (iv) representing the Foundation at the UN General Assembly in New York. This enabled the Trustees to see the funding in action and to understand
the benefits and challenges ofprojects more fully.
Workforce
The Foundation defines its workforce as its employees and subcontractors.
Why we focus on this stakeholder How the Board engages and communicates
The workforce is vital to the success of the Foundation. By The Foundation has a relatively small number of employees (50) when compared to Lloyd’s
demonstrating the values shared with Lloyds Register Group Register Group Limited (circa 4,250 employees). As a result, the Foundation receives support from
Limited of "We care, We share, We do the right thing", we build Lloyd’s Register Group Limited in respect of employee and workforce engagement, and details can
and maintain the relationships with our beneficiaries. be found in the Strategic Report of the Lloyd’s Register Group Limited Report and consolidated
financial statements.
Our workforce expects to be safe when performing their work and
to work in a culture in which they can achieve their potential. The Board continue to promote diversity and inclusion, and the Foundation has developed an
action plan that embeds equity, diversity, and inclusion in everything that it does to create a sense
of belonging for staff and also the global community of grant holders and partners.
At each Board Meeting the Foundation’s Chief Executive provides an update in their report on
matters specifically relating to the Foundation’s workforce.
The Foundation Board is able to engage with senior members of the Foundation’s workforce when
they give Board presentations on the Foundation’s activity.
The Lloyd’s Register Remuneration Committee comprises two separate committees, one for
Lloyd’s Register Group Limited and one for Lloyd’s Register Foundation. The Chair and
membership of both committees are the same. A report is provided at each Trustees’ Board
meeting of the activities of the committees since the previous Board meeting. In respect of the
Foundation, the committee deals with the remuneration of the Foundation Chief Executive and
the remunerationpolicyfor their direct reports.
How the Board has taken account of these interests / Outcome
The Foundation Chief Executive’s report to the Board provides updates on staffing matters specific to the Foundation, including succession planning, changes in key
posts and initiatives such as diversity and inclusion and flexible working and actions from Employee Opinion Surveys.
A Foundation Trustee is a member of the Remuneration Committee and provides a report to the Board on Remuneration Committee meetings.
Regular staff awaydays were held during the year which provided colleagues with the opportunities for learning, collaboration and social time and to comment on the
new Foundation strategy.
Customers
The Foundation does not have customers, as such, but for this purpose regards the beneficiaries of its grants as customers
Customers
The Foundation does not have customers, as such, but for this purpose regards the beneficiaries of its grants as customers
Why we focus on this stakeholder How the Board engages and communicates
The beneficiaries of the Foundation’s grants are a key way in Details of the Foundation’s engagement with the beneficiaries of its grants are set out below in the
which the Foundation fulfils its mission and purpose. section on Grant Holders.
How the Board has taken account of these interests / Outcome
The Trustees are mindful of the impact of the Foundation’s activities on its beneficiaries. To ensure that there is security of funding for the grants to be maintained for
beneficiaries, the Foundation’s investment fund managers provide updates at each meeting of the Audit, Risk and Investment Committee and provide annual updates to
the Foundation Board. In addition, the Foundation Board receives updates on the income from its trading subsidiary, Lloyd’s Register Group Limited. This enables the
Trustee Board to oversee the security of funding over the longer-term. Further details on grant holder matters can be found in the section below.
Details of Lloyd’s Register Group Limited’s oversight of customer matters can be found in the Strategic Report of the Lloyd’s Register Group Limited Report and
consolidated financial statements.
Suppliers
Lloyd’s Register’s suppliers are those stakeholders from whom LR receives goods and services
Why we focus on this stakeholder How the Board engages and Communicates

Lloyd’s Register Foundation: report and financial statements 2025 28

Reliable suppliers are vital to the success of the Lloyd’s Register The selection of suppliers and services are typically monitored by the Lloyd’s Register Group Foundation. They include the provision of critical infrastructure Limited’s operational functions, and policies and procedures are set out in the Business such as IT systems and office accommodation. The Foundation Management System which is available on the Group’s intranet. However, the selection of key relies upon a management services agreement with the Lloyd’s suppliers of, for example, banking arrangements, IT systems and major property leases are Register Group Limited to provide key services. reviewed by the LRG Board. Lloyd’s Register Group Limited’s Chief Executive Officer provides a business update on Lloyd’s Register Group Limited to the Foundation Board at each meeting and details of Lloyd’s Register’s oversight can be found in the Strategic Report of the Lloyd’s Register Group Limited Report and consolidated financial statements. How the Board has taken account of these interests / Outcome

Details of Lloyd’s Register’s oversight of suppliers can be found in the Strategic Report of the Lloyd’s Register Group Limited Report and consolidated financial statements. The Foundation engages regularly with the investment fund managers to ensure that all parties are engaged to provide a high level of service delivery.

Regulators
Regulators are those stakeholders by whom the Foundation and its services are assessed and regulated
Why we focus on this stakeholder How the Board engages and communicates
The key regulator for Lloyd’s Register Foundation is the Charity The Trustees receive annual training on Charity Commission guidance and updates from an
Commission. external provider at a Board meeting. In addition, the Company Secretary and the Foundation’s
executive leadership, including the Foundation Chief Executive and the Foundation Chief
Operating Officer, report to the Board on engagement with the Charity Commission and on
matters relating to Charity Commission regulation and guidance, either as specific items or as risk
deep dives. There is a standing item at Board meetings for serious incident reporting.
How the Board has taken account of these interests / Outcome
The Board applies the guidance received from the Charity Commission in its review of the grants process and in its oversight of its social investment, Lloyd’s Register
Group Limited and engages with the Charity Commission on matters of Charity law as necessary.
Grant Holders
Grant holders are those stakeholders who receive funding awards from the Foundation.
Grant Holders
Grant holders are those stakeholders who receive funding awards from the Foundation.
Why we focus on this stakeholder How the Board engages and communicates
The Foundation furthers its objectives by way of grants to At each Board meeting, there is a report on the activities of the Foundation’s Grants and Direct
universities, individuals and other institutions. Charitable Activities Committee.
At each Board meeting there is a presentation by a beneficiary of one of the Foundation’s large
grants on their activities.
During the annual joint boards’ site visit, Trustees meet with beneficiaries of the Foundation’s
grants wherever possible.
Trustees are invited to events connected with the activities of the Foundation.
How the Board has taken account of these interests / Outcome
The Trustees are updated on the activities of the Foundation against its strategy and related challenges and can assess the connection of funding back to the strategy
and charitable purpose.
The report of the Grants and Direct Charitable Activities Committee provides a high level of granularity into funding applications, grants and rejections. A Trustee is chair
of the committee. The Board provides oversight over the grants approval process and the decisions made based on applications from different beneficiaries.
Details of presentations from the beneficiaries of the Foundation’s large grants, of annual Board site visits and of events connected with activities of the Foundation can
be found in the section of this report on Society in General on pages 27 to 28.
Society and the Environment.
Community and the environment - the impact on social and natural communities where LR deliver our services
Why we focus on this stakeholder How the Board engages and communicates
Society and the Environment.
Community and the environment - the impact on social and natural communities where LR deliver our services
Why we focus on this stakeholder How the Board engages and communicates
The Foundation has strong links to safety in the community. To The Board receives updates on the Foundation’s activities at each Board meeting in the
further the Foundation’s aim of 'working together for a safer Foundation Chief Executive’s report and presentations from large grant holders. They also receive
world', the Foundation and Lloyd’s Register Group Limited have a regular communications on the Foundation’s activities.
responsibility to use their position of influence to be a thought
leader on sustainability.
What society expects of us:
- Corporate responsibility
- Trusted advisor to our industries, promoting safety and
efficiency.
How the Board has taken account of these interests / Outcome
The Board has underlined the Foundation’s commitment to carbon neutrality by actively supporting decisions to work closely with the High-Level Climate Change
Champions and supporting the Race to Zero and Race to Resilience campaigns.
The Board has supported the work being done jointly by the Foundation and Lloyd’s Register Group Limited. In the last financial year, Lloyd’s Register Group Limited
procured a new carbon reportingtool which will support better reportingof our carbon emissions and the abilityto regularly provide updates on our carbon

Lloyd’s Register Foundation: report and financial statements 2025 29

performance. Lloyd’s Register Group remains committed to achieving its net zero target. In 2025 we will publish an updated Annual Sustainability Report which will detail our performance against our net zero target and broader ESG performance.

The Board receives regular updates on progress made by the Lloyd’s Register Maritime Decarbonisation Hub Limited (’the Decarb Hub’). This project aims to accelerate the sustainable decarbonisation of the maritime industry by enabling the delivery and operation of safe, technically feasible, and commercially viable zero-emission vessels by 2030. This is an important part of the Foundation’s mission to enable safer and more sustainable oceans. In April 2024, the Decarb Hub set up the Maritime Emission Reduction Centre Non Profit Company in Greece (‘M-ERC’) in collaboration with five leading shipowners as Founding Members. M-ERC will focus on optimising the efficiency of the existing fleet, with the goal of removing technical, investment and community barriers for the uptake of solutions to reduce the Greenhouse Gas emissions of the existing global fleet.

As noted above, the Trustees are updated on the activities of the Foundation against its Strategy and related challenges and can assess the connection of funding back to the strategy and charitable purpose.

The actions taken by the Lloyd’s Register Group on Environmental, Social and Governance factors are reported in a separate publication on www.unglobalcompact.org

Trading Group Stakeholder Engagement

Lloyd’s Register Group Limited (the Trading Group ) is the Foundation’s social investment subsidiary. The Foundation Board takes into consideration the commercial and reputational interests of the Trading Group when carrying out its activities, so as not to damage the interests of the Trading Group’s customers, employees, subcontractors and suppliers.

The Foundation Board oversees stakeholder management through reports from the Lloyd’s Register Group board and updates from its Chief Executive. The Foundation Board meets twice a year with the Trading Group's Board for updates and to discuss strategy and key areas of interest, and engages with employees, customers, and grant holders during site visits. Further details of the Trading Group’s management of key stakeholders can be found in the Governance section of the Lloyd’s Register Group Limited Report and consolidated financial statements.

Lloyd’s Register Foundation: report and financial statements 2025 30

Foundation Financial Review and Policies

Lloyd’s Register Foundation (“the Foundation”) generates its income from the investments that it holds.

These fall into two categories:

The Trustees consider that the policies outlined in this section constitute the framework for their key financial risk management policies.

Results for the year

The Foundation had total income for the year ended 30 June 2025 of £13.0m (2024: £29.6m) consisting of income from its investment portfolio and gift aid donations from LRG.

Income of £13.0m (2024: £29.6m) comprised £5.0m (2024: £20.0m) of donations from the Trading Group and £8.0m (2024: £9.6m) of income from the returns on the investment portfolio.

The Foundation had total expenditure of £26.1m during the year to 30 June 2025 (2024: £26.8m). The level of charitable expenditure has remained consistent with the previous year.

Lloyd’s Register Foundation
Gift aid donations from Trading Group
Income from the investment portfolio and other resources
Total income
Investment management costs
Charitable activity costs
Total expenditure
Net gains on the investment portfolio
Net (expenditure) / income and net movement in funds		 Year ended 30
June 2025
Year ended 30
June 2024
£m
£m
5.0
20.0
8.0
9.6
13.0
29.6
(0.9)
(0.9)
(25.2)
(25.9)
(26.1)
(26.8)
7.8
27.2
(5.3)
30.0		 Year ended 30
June 2025
Year ended 30
June 2024
£m
£m
5.0
20.0
8.0
9.6
13.0
29.6
(0.9)
(0.9)
(25.2)
(25.9)
(26.1)
(26.8)
7.8
27.2
(5.3)
30.0
29.6
(0.9)
(25.9)
(26.8)
27.2
30.0

Charitable expenditure of £25.2m for the year (2024: £25.9m) includes grants of £17.6m (2024: £18.1m) which are discussed further in this Trustees’ Report.

The Group Financial Review can be found on pages 78 to 79 and forms part of this Strategic Report.

Lloyd’s Register Foundation: report and financial statements 2025 31

Subsidiaries: Social Investment

The Foundation has one direct, wholly-owned subsidiary company: Lloyd’s Register Group Limited (LR, or the Trading Group). Together LR and the Foundation share the same mission to make the world a safer place and work closely to maximise our global impact. The profits generated by LR help fund the public benefit activities of the Lloyd’s Register Foundation.

LR heads up a global trading group of companies with over 260 years of history, focused on adding value to society through independent assurance, expert advice and digital solutions for clients in the maritime industry. The profits generated by the Trading Group help fund the public benefit activities of the Foundation. The Trading Group carries out a mix of charity-related and non-charitable activities globally. The Charities (Protection and Social Investment) Act 2016 (“the Act”) sets out a general power for Trustees to make social investments (pursuing both a financial and social return). This effectively enshrines in legislation the basis for mixed-motive investment. The extent to which public benefit is delivered by the work of the Trading Group forms part of the Trustees’ assessment of the return on their investment.

The Trading Group’s operations include many activities which are of a public benefit nature, aligned to the Foundation’s mission of securing high technical standards of design, manufacture, construction, maintenance, operation, and performance, and to advance public education.

The Trading Group’s business includes the safety inspection of over 9,000 ships each year and the ongoing development of rules for their safe construction, maintenance and disposal. Its activities include research into technologies to support informed decision making for the industry. It provides data-led solutions for human capital management, regulatory compliance, fleet management and planning, and voyage optimisation and planning to around 30,000 vessels.

Overall, the Trading Group’s activities include considerable investment in furthering the understanding of technology through research and a focus on ‘data and digital innovation’. Typical areas of research include advanced materials; propulsion and powering; energy production and storage; robotics; marine biotechnology; and autonomous systems. The Trading Group has established key strategic relationships based around important digital capabilities and areas of focus for growth through investment or collaboration. This emphasis on research and data and digital innovation directly benefits public understanding of technology and means that when technology is deployed it is safe, suitable and dependable.

The Foundation’s investment in the Trading Group is a social investment. The extent to which the Trading Group’s activities further the Foundation’s charitable objectives is assessed as well as its financial return. While acknowledging the social benefits of the Trading group, they are also expected to provide a financial return to help fund the additional public benefit activities of the Foundation. The Trustees base their expectations of future financial return from the Foundation’s investment in the Trading Group on quarterly reports to their Board meetings and an annual five-year plan review from the executive leadership of the Trading Group. The performance of this unlisted investment is considered in the ‘Investment performance: Social Investment’ section. We monitor the social return on our investment in four key areas:

LR commercial products and services – they demonstrably contribute to making the world a safer place through the clients and sectors they serve.

LR leading by example – acting as a beacon, driving positive change in the world, being a good global citizen in core areas linked to charitable objects. Key priorities include maritime decarbonisation, sustainability, ocean stewardship, occupational health and safety, diversity and inclusion, ethics, delivering the UN Sustainable Development Goals and participation in the COP conferences.

LR as a trusted advisor and impact partner to the Foundation – providing a real-world, industrial, end-user perspective that helps inform the Foundation’s strategy and deliver key programmes. Examples of LR as an impact partner include projects such as: the Safetytech Accelerator and the Maritime Industry Decarbonisation Hub.

LR employees supporting the organisation’s charitable ethos in their local communities – the key initiative in this area is the LR Pathways to Impact project. A volunteering policy launched in June 2024 to encourage and support colleagues in their efforts to contribute to community and social causes by providing them with the opportunity to

Lloyd’s Register Foundation: report and financial statements 2025 32

volunteer during work hours. Colleagues are able to take three full working days off per calendar year to take part in an authorised voluntary activity or event.

As part of this same programme, colleagues can now also fundraise for Mercy Ships as an individual or a team. Mercy Ships is an international development charity that deploys hospital ships to some of the poorest countries in the world, delivering vital, free healthcare to people in desperate need.

Focus on social purpose

Together LR and the Foundation share the same mission of making the world a safer place and work closely to maximise our global impact. The relationship between LR and the Foundation represents a 21st century model for social business. Our value sheet highlights the social impact achieved across both the commercial services of LR and activities conducted on a non-commercial basis. This includes:

Funds

In September 2012, the Trading Group transferred £206.4m of assets to the Foundation as an expendable endowment. The Trustees have the power to convert the capital within the fund to income and expend such amounts converted on the Foundation’s objectives as they see fit. £100.0m of the endowment can only be converted to income from late 2025 at the earliest as discussed below in the reserves policy section.

Income generated from the assets held within the expendable endowment is shown in the Foundation’s general fund, as it may be used in furtherance of the Foundation’s charitable objectives.

Capital returns on the assets held within the expendable endowment are retained within the endowment and form part of the endowment into the future, subject to the same rules as the existing endowment funds.

Reserves policy

The Trustees review the Foundation’s reserves policy on an ongoing basis and at least each financial year.

The Foundation’s reserves underpin its long-term financial viability. The Foundation (charity only) has total reserves of £333.3m of which £320.1m is held in an expendable endowment as at 30 June 2025.

The level of general funds is maintained to facilitate meeting the medium-term overhead costs, forecast grant awards and direct charitable activities. The general reserves include the Foundation’s £40.1m investment in LR held at cost. This Social Investment is integral to the Foundation’s ability to generate future income and to delivering its public benefit, as noted elsewhere in this Strategic Report. Grant commitments approved and communicated to grantees to be claimed in future periods are also included in the general reserves fund. The Trustees have considered the Foundation’s level of general reserves. The Foundation does not currently have large overheads and, in general, is able to rely on recurring income from its endowment and from the Trading Group. Excess funds are placed on investment and may be drawn down upon if required. For that reason, the Trustees do not currently consider that the charity has a need to hold other funds as general reserves.

The target for the expendable endowment is to maintain the real value of the initial £206.4m donation received from the Trading Group following the establishment of the Foundation in 2012.

Lloyd’s Register Foundation: report and financial statements 2025 33

However, should the Trustees consider there to be a shortfall in the general funds, part of the expendable endowment could be used to continue to meet the Foundation’s short-term plans while the long-term reserve policy is reviewed. The original terms of the expendable endowment contained a condition that the Foundation must retain £100.0m of that sum until 1 July 2017 which was subsequently adjusted until at least the full actuarial valuation as at 31 March 2025 has been approved, with possible further extensions to 2034. During that period, there is a contractual obligation to transfer an amount not exceeding £100.0m to the Trading Group’s UK defined benefit pension scheme should the Trading Group become insolvent.

Having reviewed the policy and the current reserves position, the Trustees consider the levels of reserves to be satisfactory.

Financial position

At 30 June 2025, the Foundation had unrestricted funds of £13.2m (2024: £24.9m). Of the £333.3m total funds (2024: £338.6m), £40.1m is invested in the Trading Group (2024: £40.1m).

Going concern

A review of financial performance and the Foundation’s reserves position is set out above. In the opinion of the Trustees, the Foundation has adequate financial resources and is able to manage its business risks. The Foundation’s planning process, including financial projections, has taken into consideration the current economic climate and its potential impact on the sources of income and planned expenditure. The Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future.

The Trustees believe that there are no material uncertainties that call into doubt the Foundation’s ability to continue in operation. Accordingly, the Foundation’s financial statements have been prepared on the basis that the charity is a going concern.

Grant-making policy

The Foundation has a formal governance structure for grant decision making. The Foundation can receive grant proposals and applications at any time. All proposals and applications are reviewed initially at its monthly grant applications meetings.

All grants are approved by the Chief Executive Officer with guidance from the members of the Grants Application Meeting Committee (GAM). Further approval is needed from the Grants and Direct Charitable Activities Committee (GDCA) for grants above £1m and from the Board of Trustees for grants above £2m.

Details of available funding and the application process are published on the Foundation’s website and notified on social media. Grant holders are required to submit staged reports as part of the process to track delivery against the agreed grant objectives, as well as to monitor the impact and public benefit being generated.

Investment policy

The Trustees have delegated decision making on investment matters relating to all assets except the investment in the Trading Group (reviewed directly by the Board of Trustees) to an Audit, Risk and Investment Committee, which is governed by agreed Terms of Reference. In order to provide appropriate focus on the investment arrangements, day-today investment choice is delegated to investment managers, who have been given targets against which they are measured. With the guidance and oversight of the investment portfolio advisor, Trustees take account of the following classes of risk: capital; liquidity; market; valuation; counterparty; tax; and Environmental, Social and Governance issues.

The Foundation’s financial objective is to at least maintain the real value of the 2012 initial donation from the Trading Group of £206.4m, whilst generating a stable and sustainable return to meet the Foundation’s objectives as laid down under its governing document.

Lloyd’s Register Foundation: report and financial statements 2025 34

The investment portfolios are a mix of unrestricted funds and an expendable endowment, the income from which serves to provide funds for the ongoing charitable work of the Foundation. In this context, a number of portfolios exist, each of which has specific objectives.

The Foundation seeks to produce an optimum level of return within an acceptable level of risk. The current investment objective for the majority of the investment portfolio is to generate a return of inflation as defined by the Consumer Price Index (“CPI”) which the government has set at a target rate of 2% per annum plus 4% per annum over the long term. These returns, when combined with the anticipated future gift aid donations from the Trading Group, should enable the present and future financial requirements of the Foundation to be met whilst maintaining the real value of the initial donation. Where there is a shortfall, part of the investment portfolio may be realised. The Trustees review the performance of the Trading Group on a regular basis.

A set of measurable performance objectives has been developed for the investment managers and pooled funds. Performance in each asset category is compared quarterly with a suitable performance benchmark. The managers are expected to demonstrate skill in the management of their portfolios consistent with the performance objectives, given the level of risks adopted. Investment performance is considered three times a year by the Audit, Risk and Investment Committee.

During the prior year, a review of Investment Fund Managers was carried out with the assistance of independent external advisors. Following this review, an extensive tender and selection process was carried out to appoint new Fund Managers and the portfolio of Investment Funds with the transfer of funds being completed in August 2025.

Cash-based investments support the Foundation’s working capital, overhead expenses and anticipated near term grant awards and as such are invested in a prudent manner with a secondary objective of achieving reasonable rates of return relative to the deposit market. A short-term loan facility with the Trading Group is available to be utilised when required.

The Trustees are fully supportive of responsible investment as it aligns with the Foundation’s aims to provide a benefit to society and is also central to long-term value creation. The Foundation’s investment managers are required to adopt the same philosophy and whilst day-to-day investment decisions are delegated to them, the Trustees regularly receive investment reports enabling them to monitor the investments and the managers’ performance. The Trustees expect them to take an active interest in the management of the investee companies, engaging with management on issues of corporate governance and with regard to social, environmental or ethical considerations all of which impact shareholder value.

Investment performance: investment portfolio

During the year, the investments delivered a total return of 5.0% (2024: 12.6%). This comprised an income yield of 2.5% (2024: 3.3%) and a capital yield of 2.5% (2024: 9.3%). The return on the endowment is lower than the long-term objective stated within the investment policy above due to the current market conditions.

Investment performance: Social Investment

The last financial year has been another period of significant transition and growth for the Trading Group. The Trading Group expanded the scope of services offered to the industry, augmented itself not only as a technical services provider, but as a trusted adviser in maritime consultancy and advisory, and secured its position as a leading partner in maritime digital solutions.

This has been achieved against a backdrop of geopolitical tensions and conflicts that are directly impacting trade flows, newbuilding decisions, maritime operations and security.

Classification and certification, which continue to be at the core of the Trading Group’s operations, have seen marked successes during this financial year, with the strongest performance in new contracting in over a decade. The Trading Group secured an order book of 63 million gross tons, demonstrating the trust and confidence from clients.

The Trading Group acquired Ocean Technologies Group (“OTG”) during the year. The integration of OTG and LR OneOcean to create a new digital business within the Trading Group, now known as OneOcean, adds a consolidated and

Lloyd’s Register Foundation: report and financial statements 2025 35

comprehensive digital offering to the Trading Group’s clients. Additionally, it will support the energy transition by providing vital upskilling and training of crew to handle future fuels.

Financial results

Summarised consolidated financial information as disclosed in the Trading Group’s consolidated financial statements for the year ended 30 June 2025 is provided in note 12 to the Foundation’s financial statements. Further details of the financial performance of the Trading Group is included within LRG’s financial statements.

The Trustees are satisfied with the Trading Group’s performance and will continue to maintain and develop the effective working relationship with it. They will allow the Trading Group to retain funds for investment in operating improvements and potential acquisitions, but expect cash distributions in the medium term.

Lloyd’s Register Foundation: report and financial statements 2025 36

Governance and management

The Foundation is governed by a Board of Trustees, which is responsible for setting the Foundation’s strategy, operating with good governance and monitoring the fulfilment of the Foundation’s objective – delivering public benefit.

The Board is currently made up of seven Trustees who are also the Members and Directors of the Foundation for Companies Act 2006 purposes. The Board considers Foundation policies, receives committee reports and recommendations, approves annual budgets, reviews the performance of the Trading Group, and guides the Foundation Chief Executive.

Thomas Thune Andersen, Chairman (appointed 22 June 2012)

Thomas is the Chairman of both Lloyd’s Register Foundation and Lloyd’s Register Group Limited. He is a member of the Lloyd’s Register Foundation Nominations Committee and a member of the Remuneration Committees of both Lloyd’s Register Foundation and Lloyd’s Register Group Limited. Thomas was Chairman of Ørsted A/S from 2014 to 2024 and is a former member of the executive Board of the A.P. Moller-Maersk Group with more than 30 years tenure in its maritime and energy sectors.

Thomas is a Senior Advisor to BW Group Limited and a Non-Executive Director of IMI plc, Lambert Energy Limited and Cadeler A/S. He is a member of Friends of Ocean Action, the Energy Transitions Commission and the Danish Committee on corporate governance.

Thomas previously served amongst others on the boards of SSE, DeepOcean (Chair), Petrofac (SID), VKR Holding A/S (Chair), and Green Hydrogen Systems.

Lambros Varnavides (appointed 24 July 2012)

Lambros was appointed Senior Independent Trustee of Lloyd’s Register Foundation in September 2015 and is Chair of the Grants and Direct Charitable Activities Committee.

Lambros is the former Managing Director and Global Head of Shipping at The Royal Bank of Scotland. Lambros was Chairman of the Baltic Exchange during 2017 and is Vice President of The Baltic Exchange Charitable Foundation, as well as a member of its Finance Committee. He is a Court Assistant Emeritus to the Worshipful Company of Shipwrights and was Chair of its Finance Committee until May 2021. He is also a Younger Brother of Trinity House Corporation, a Court Assistant at the Honourable Company of Master Mariners (and a member of its Finance Committee), a Freeman and Member of the Almshouse and Charities Committee of the Company of Watermen and Lightermen of the River Thames. He was previously an Honorary Visiting Professor at the Bayes Business School, City University.

Andreas Sohmen-Pao (appointed 26 June 2018)

Andreas Sohmen-Pao is Chairman of BW Group and its listed affiliates, BW Offshore, BW Energy, BW LPG, Hafnia Limited and Cadeler A/S. He is also Chairman of the Global Centre for Maritime Decarbonisation in Singapore and of the SohmenPao Foundation Limited. Andreas was previously Chairman of the Singapore Maritime Foundation and has served as a non-executive director of The Hong Kong and Shanghai Banking Corporation Limited, Navigator Holdings, the London P&I Club, National Parks Board Singapore, Sport Singapore and the Maritime and Port Authority of Singapore, amongst others.

Dame Una O’Brien (appointed 1 January 2021)

On 30 September 2023, Dame Una was appointed Chair of the Nominations Committee and a member of the Lloyd’s Register Group Limited and Lloyd’s Register Foundation Remuneration Committees. Una was a member of the Audit, Risk and Investment Committee from 29 September 2022 until 30 June 2024.

Dame Una was the Permanent Secretary at the Department of Health and Social Care between 2010 and 2016. She has extensive UK and international experience of healthcare policy and government, having held a wide variety of senior policy roles in Whitehall departments and the NHS over a 30-year career in public service. Whilst working primarily in and

Lloyd’s Register Foundation: report and financial statements 2025 37

for the Department of Health, she was also seconded to be Principal Private Secretary to the Secretary of State for Transport and worked in the Prime Minister’s Efficiency Unit under both Conservative and Labour governments. Since leaving the Civil Service, Una has served as a trustee on charitable and higher education boards; she has completed a term of office as a trustee of Macmillan Cancer and as a Council member of the London School of Hygiene and Tropical Medicine. Currently Una is a member of the Board of Visitors at the Ashmolean Museum, University of Oxford.

Marina Wyatt (appointed 1 January 2023)

Marina was appointed as a Non-Executive Director of Lloyd’s Register Group Limited and a Trustee of Lloyd’s Register Foundation in January 2023, and Chair of each of the Lloyd’s Register Group Audit and Risk Committee and the Lloyd’s Register Foundation Audit, Risk and Investment Committee from that date.

Marina has more than 25 years of experience in senior finance leadership roles as Chief Financial Officer of UBM Plc, TomTom NV, Colt Telecom Plc and Psion Plc. Most recently Marina was the Chief Financial Officer and an Executive Director of the Board of Associated British Ports. With effect from 1 October 2025, Marina was appointed as a NonExecutive Director of United Utilities Group PLC and as a member of the Nomination, Audit and Treasury Committees. Marina is also a Trustee of The Woodland Trust. She previously served as a Non-Executive Director and Chair of the Audit and Risk Committee at Renewi PLC and as a member of the Supervisory Board at Lucas Bols BV. Marina is a Fellow of the Institute of Chartered Accountants in England and Wales and holds an MA in Geography from Cambridge University.

Rani Koya (appointed 1 April 2023)

Rani was appointed as a Trustee of Lloyd’s Register Foundation and a member of its Audit, Risk and Investment Committee with effect from 1 April 2023 and appointed as a member of the Grants and Direct Charitable Activities Committee with effect from March 2024. Rani ceased to be a member of the Audit, Risk and Investment Committee on 1 October 2025.

Rani has more than 25 years’ experience internationally in a variety of technical, project management and executive management roles for companies including Shell International, Hess and Tullow. She has led multi-billion dollar projects across the globe from unconventional shales in the US to oil developments in East Africa. Between 2017 and 2020 Rani was Chief Petroleum Engineer at Tullow.

Rani is a Fellow of the Institution of Mechanical Engineers and a Fellow of the Energy Institute. She has a degree in Engineering Science from Durham University and an MSc in Public Policy and Management from the University of London School of Oriental and African Studies.

Paula Haynes (appointed 1 January 2024)

Paula was appointed as a Trustee of Lloyd’s Register Foundation with effect from 1 January 2024 and is also a member of its Audit, Risk and Investment Committee, having been appointed to that role on 1 April 2023.

Paula has spent 30 years in international banking and financial markets, and is experienced in defining enterprise risk strategy. Paula is the European Chief Risk Officer for the investment bank and wealth manager, Stifel Financial Corporation. Previously, she has worked in senior investment banking and advisory roles with firms including HSBC, Goldman Sachs, Deutsche Bank, and with the Prudential Regulation Authority.

Paula is a Non-Executive Director (Co-opted Governor) of the Guildhall School of Music and Drama, the Chair of its Audit and Risk Committee and a member of its Governance and Effectiveness Committee, and she represents Women on Boards as an Ambassador. She holds a PhD in Physics from Imperial College, London.

Professor Dracos Vassalos (appointed 1 April 2025)

Professor Vassalos was appointed as a Trustee of Lloyd’s Register Foundation and a member of the Foundation’s Grants and Direct Charitable Activities Committee with effect from 1 April 2025.

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Professor Vassalos is an Emeritus Professor of the University of Strathclyde, where he served for over 25 years as Professor of Maritime Safety, including as Head of Department of Naval Architecture, Ocean and Marine Engineering for 10 years. He is a world-leading maritime safety expert, promoting the use of scientific approaches for safety enhancement through innovation, by transferring research advances into practical applications. In this quest, he laid the foundations and paved the way for a complete modernisation of maritime safety (from regulations to life-cycle risk management), the full impact of which is still being delivered. He has been closely associated with the IMO Maritime Safety Committee and with the Maritime and Coastguard Safety Agency.

Professor Vassalos is a Fellow of the Royal Academy of Engineering and received a Life Achievement Award from the Academy in 2011. For his life-long contribution to maritime safety, he received the Froude Medal from RINA in 2012, the David Taylor Medal from SNAME in 2015 and a Doctor of Science Degree from the University of Strathclyde in 2016.

Professor Sir Peter Bruce (appointed 1 April 2025)

Professor Sir Peter Bruce was appointed as a Trustee of Lloyd’s Register Foundation and a member of the Foundation’s Grants and Direct Charitable Activities Committee with effect from 1 April 2025.

Professor Sir Peter Bruce is the Wolfson Chair, Professor of Materials at the University of Oxford. He is founder and Chief Scientist of the Faraday Institution, the UK Centre for Research on Electrochemical Energy Storage. He was also Physical Secretary and Vice President of the Royal Society from 2018 to 2023. His research interests embrace the science of energy conversion and storage, especially the materials chemistry and electrochemistry of lithium and sodium batteries.

Professor Sir Peter Bruce was awarded a knighthood in the Queen’s Birthday 2022 Honours List in recognition of his visionary work and leadership in battery technology and sustainable energy. He has received a number of national and international awards for his research, including the Carl Warner Award from the US Electrochemical Society, the Royal Society Hughes Medal and in 2022 the Royal Society of Chemistry’s Longstaff prize for pioneering research on the chemistry of materials with applications in renewable energy. He was elected to the Leopoldina, the German Academy of Sciences in 2024.

Governance structure

The Board is supported by four committees, which have been delegated authority on certain matters (Audit, Risk and Investment; Grants and Direct Charitable Activities; Nominations; and the Remuneration Committee). Details of which Trustees, executives and independent members sit on these committees are provided in the ‘membership of committees’ section below.

Trustee recruitment and training

The Board and the Nominations Committee invest considerable time in identifying Trustees with appropriate skills which will benefit the Foundation. They are equally keen that any new Trustee is properly inducted into the Board. All new Board members go through a structured period of training.

Thomas Thune Andersen and Lambros Varnavides have been in office for more than 9 years. Given their critical roles, their appointments have been extended for the purposes of succession planning, which has enabled them to oversee recent changes in the composition of the Board of Trustees and its Committees and to provide continuity and support.

During the period under review, the Nominations Committee carried out its annual review of the composition of the Trustee Board, its skills and experience. Recommendations were made to, and approved by, the Board on Trustee reelections and succession planning.

During the training for new Trustees, the Chairman talks to them about the history of the Foundation, its role in society and the way the Board operates. The Company Secretary provides a fuller briefing on the operations of the Foundation, its structure, its risks, its key documentation and will provide a general overview of Trustees’ duties and responsibilities and charity law. The new Board members meet with the Foundation Chief Executive and are also encouraged to meet with the senior staff in both the Foundation and in the Trading Group, to assist them in their understanding of the Group, and can therefore apply appropriate oversight.

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Each year the full Trustee Board receives refresher training on the roles and responsibilities of charity trustees delivered by an external provider. This training was carried out during the period under review and included updates on the Foundation’s legal structure, trustee duties and social investment issues.

Board Evaluation Review

The Trustee Board undertakes annual evaluations of its performance and effectiveness. In line with the UK Corporate Governance Code, evaluations are externally facilitated every third year, with the intervening reviews being carried out internally by way of a questionnaire and individual confidential conversations with the Chairman.

In order to gain the benefit of an informed perspective on the way in which the Trustee Board has evolved since the previous external evaluation in 2021, the Trustee Board appointed Leadership Advisor Group to facilitate the 2024 external Board evaluation.

This enabled the tailoring of the process to the Foundation, with a facilitator who has a demonstrable understanding of the Foundation. The evaluation was conducted during the second half of 2024 by way of questionnaires, individual interviews, and observation at a Board meeting, with the final report and discussion taking place in the first quarter of 2025.

The composition and effectiveness of the Board and the effectiveness of the relationship between the Board of the Foundation and the Board of Lloyd’s Register Group Limited were areas of particular focus.

The final report detailed key strengths, areas for development and made recommendations. Following board discussion, a number of actions were agreed.

Remuneration of Trustees

The Trustees are the Directors of the Foundation. Trustees are not remunerated for their services as Trustees of the Foundation. The Foundation pays for Trustees’ travel expenses to Board meetings.

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Membership of committees:

Status Foundation Grants and Direct Audit, Risk and Nominations Remuneration1
Board Charitable5 Investment
Thomas Thune Andersen2 Trustee Chair — — Member Member
Lambros Varnavides3 Trustee Member Chair — — —
Andreas Sohmen-Pao Trustee Member — — — —
Una O’Brien Trustee Member — — Chair Member
Marina Wyatt Trustee Member — Chair — —
Rani Koya6 Trustee Member Member Member — —
Paula Haynes Trustee Member — Member — —
Dracos Vassalos4 Trustee Member Member — — —
Peter Bruce4 Trustee Member Member — — —
Michelle Davies Company Secretary — — — — —
Ruth Boumphrey Foundation Chief Executive — Member — — —
Michael F. Lykiardopulo Independent — — — Member —
Rose Braithwaite7 Independent — — Member — —

Notes:

1 The Remuneration Committee has the same membership composition as the Remuneration Committee of Lloyd’s Register Group Limited and is chaired by Mark Kelsey, a Non-Executive Director of Lloyd’s Register Group Limited.

2 Appointed in 2024 for a fifth term of up to three years, subject to annual re-election, for the purposes of succession planning.

3 Appointed in 2025 for a fifth term to 15 January 2026, and as Chair of the Grants and Direct Charitable Activities Committee, to ensure a smooth transition to a successor.

4 Appointed on 1 April 2025 as a Trustee and as a member of the Grants and Direct Charitable Activities Committee.

5 The Terms of Reference of the Grants and Direct Charitable Activities Committee were amended during the year to facilitate continuity of membership and succession planning. Under the new Terms of Reference, the Board of Trustees appoints at least two additional Trustees to be members of the Committee for a three-year term of office (renewable up to a maximum term of nine years). In addition, the Committee Chair may invite an additional Trustee to be a member of the Committee for a six-month term. During the year, Rani Koya held the three-year appointment and attended four meetings, Dr Paula Haynes was appointed for the six-month term and attended two meetings, and each of Professor Sir Peter Bruce and Professor Dracos Vassalos were appointed for a three-year term and attended two meetings.

6Rani Koya ceased to be a member of the Audit, Risk and Investment Committee on 1 October 2025.

7Rose Braithwaite was appointed as a member of the Audit, Risk and Investment Committee on 1 October 2025.

Executive

The Foundation Chief Executive is responsible to the Board for the operation of the Foundation. Ruth Boumphrey was appointed as the Foundation Chief Executive with effect from 1 July 2022. Ruth has a background in research, development and regulation, primarily in the Space and Environmental sectors. She is a trustee of the National Oceanography Centre, a Non-Executive Director at the UK Government’s Centre for Environment, Fisheries and Aquaculture Sciences (CEFAS) and she is a commissioner at the National Preparedness Commission. Ruth is also a member of the Board for Engineering X.

360Giving

Lloyd’s Register Foundation is committed to being as transparent as possible so the Foundation is pleased to be one of the growing number of significant UK grant-givers to share grants data through the 360Giving standard. 360Giving supports organisations to publish their grants data in an open, standardised way and helps people to understand and use the data to support decision-making and learning across the charitable giving sector.

Employees

The Foundation and its Trading Group are equal opportunities employers.

Full consideration is given to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person.

Where existing employees become disabled, it is the Foundation’s policy, wherever practicable, to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

The Foundation and its Trading Group aim to provide employees with information on matters of concern to them as employees and to enable them to engage with the operations and objectives of the organisation.

Lloyd’s Register Foundation: report and financial statements 2025 41

Management of risk

The Board is responsible for establishing, monitoring and maintaining an effective risk management and internal control framework. The Foundation’s risk management framework enables the leadership teams and those charged with governance to identify, evaluate, prioritise, and respond to the risk landscape in a consistent and managed way.

Risk management is overseen by the Board and its Audit, Risk and Investment Committee (ARIC), to whom the monitoring of the identification, review and assessment of key risks to the Foundation has been delegated.

The risk register provides an important tool for documenting and managing collective risk management efforts. The Foundation Leadership Team continuously monitors both internal and external risk landscapes. For each ARIC meeting, a risk update paper summarising key updates to the risk register is provided, and the risk register is reviewed at each meeting of the Committee. Additionally, a Risk Deep Dive paper on a specific risk is prepared for each board meeting.

The Risk Register describes the current mitigating controls and plans for future development, and risks are evaluated according to their impact and likelihood. The key elements of the Foundation’s risk management framework for evaluating, categorising and presenting risks are as follows:

A timetable is in place to manage the various elements of risk management across the Foundation, including:

Key Risks

As at 30 June 2025, the Risk Register includes 15 risks: four strategic, seven operational, and four legal and compliance related. Of these, eight key risks are outlined below, each with a summary of current mitigating controls. These controls reduce the gross risk to the net position. We continue to focus on strengthening the control environment to align net risk scores with target levels.

Risk Mitigation
Investment performance
Investment income can be impacted (positively and
negatively) by external events, stock market
performance, the global economy, the operational
performance of the Lloyd’s Register Group (LRG), and
the ability of the respective management teams to
respond to and manage through a downturn.
This risk also encompasses the ability to forecast and
manage cashflows across income and expenditure
accurately.
The investment in LRG is mixed motive as the Group’s
goals are aligned with those of the Foundation.		 •
The Audit, Risk and Investment Committee (ARIC)
oversees the active management of investments,
including regular reporting by third-party fund managers,
performance benchmarking, and monitoring of service
level agreements.
•
Appointed investment advisers support ARIC by
monitoring performance, ensuring alignment with the
Foundation’s objectives and risk appetite, advising on
asset allocation, managing investment risk, and
facilitating communication.
•
Regular reporting of LRG strategy and financial
performance to the Trustees.
•
Cash flow and reserves projected in the 5 Year Plan and
performance against the plan is monitored by the Board.
•
Monthly cash and treasury management by the LRG Group
Treasury team and the Foundation’s Head of Finance and
Risk.
•
Endowment funds are managed through a balanced
portfolio across three fund managers to maximise risk-
adjusted returns within the agreed risk appetite. Lower-
risk money market funds are held to ensure liquidity for
short- to medium-term cash flow needs.

Lloyd’s Register Foundation: report and financial statements 2025 42

Grant giving and direct charitable activities (DCA)
Grants awarded and / or direct charitable activities
(DCA) do not achieve stated objectives. This impacts
the Foundation’s achievement of its charitable
purpose. This could arise from mismanagement of a
project, misappropriation of funds or other
unforeseen circumstances and might result in
reputational damage and regulatory impact.		 •
Detailed and thorough evaluation and approval of
grant/DCA applications, including applicant due diligence
where there is uncertainty or risk. Pre-grant application
process implemented to streamline / standardise
processes.
•
Regular monitoring of grant progress and impact by Chief
Executive and the Grants and Direct Charitable Activities
Committee (GDCA) with focus on the need for strong
evidence of impacts. Grant impact deep dives also
undertaken at the GDCA and Board.
•
Controls over grant/DCA applications, including due
diligence and ‘red flag’ reviews, guidance documents with
strong screening processes in place.
•
Clear guidelines in place directing monitoring and
recording of impact for grants, the Heritage and
Education Centre (HEC) and internal charitable activity,
including reporting against agreed progress and
escalation policy for overdue progress reports.
•
Metrics library created to use for pathways to impact for
grants, DCA, HEC and internal charitable activity (such as
the foresight reviews).
•
Whistleblowing, anti-bribery and corruption, modern
slavery and serious incident requirement clauses have
been added to grant agreements and progress monitoring
reports.
•
Social impact of LRG monitored through shared value
sheet.
•
A peer review process incorporating quality assurance
measures to strengthen the rigour and reliability of grant
evaluations.
Negative reporting of LR Foundation
There is an inherent risk that the Foundation receives
negative coverage as a result of:
•
an issue or incident relating to a Foundation
grant recipient or investee;
•
negative press relating to current or historic
activities of LRG;
•
controversial conclusions in published output of
Foundation-funded research or by the Evidence
and Insight Centre;
•
a misunderstanding of the social investment
relationship between LRG and the Foundation;
and
•
reputational damage amongst Foundation
stakeholder and supplier network due to delays
in operationalprocesses.		 •
Crisis planning and media training in place to ensure
Trustees and staff are prepared to respond appropriately
to media coverage that concerns the Foundation.
•
Detailed technical and peer reviews of published
material/reports.
•
Discussion and early warnings between the Foundation
and LRG on any reports that could be sensitive.
•
Public statements controlled by the Foundation
Communications Manager and external advice taken
where appropriate.
•
Horizon scanning/social media review for issues/trends
that could impact the Foundation’s reputation.
•
All grants to LRG approved by the Foundation Board.
•
LRG Corporate narrative agreed and in place, which
incorporates narrative specifically focused on the
Foundation.
Safety and Security Incidents (including
safeguarding)
Grantee/DCA related staff or recipients of grantee
services operate in environments that are not under
the direct control of the Foundation. There may be
incidents or issues that arise in a grantee organisation
that impact individuals’ safety and/or wellbeing,
including vulnerable individuals.
Safety and security incidents directly affecting
Foundation employees.		 •
Consideration of grantee health, safety and security risk,
where relevant, is incorporated into the grantee
application and due diligence process. Safeguarding
policy addressing vulnerable individuals is implemented,
with grantees required to confirm compliance.
•
Safeguarding policy in place covering for Foundation staff
interactions with potentially vulnerable people.
•
Whistleblowing, anti-bribery and corruption, modern
slavery and safeguarding clauses have been added to
grant agreements and progress monitoring reports.
•
The Foundation applies LRG’s policies and procedures,
with the office’s HSE risk beingmanaged byLRG.
Lloyds Register Building Project Relocation
This risk includes broader concerns related to
relocating into the refurbished Lloyds Register
Building, such as delays in relocating Foundation
staff,transitioningthe HEC Archive,andpotential		 •
Digital copies of historic archive documents retained,
providing a preserved copy, including back-ups.
•
Safe transition of the archive to a modern, purpose-built
archive at 71 Fenchurch Street is nearing completion and

Lloyd’s Register Foundation: report and financial statements 2025 43

events like damage, disaster, or theft of irreplaceable
historical records, artefacts, or furniture.
The risk is heightened during the transition but will be
incorporated into the standard “Business Resilience
Event/Crisis” risk once complete.		 is being actively managed. During works, records and
artefacts are being stored in a secure offsite location.
•
Insurance is in place for the Foundation’s collection.
•
The Foundation’s offices at 71 Fenchurch Street, London,
have appropriate fire suppression systems and incident
response plans, which are tested regularly, including
testing of fire equipment.
•
A robust project management and governance framework
for the Lloyds Register Building project has been
established, featuring a Steering Committee of senior
leaders and sub-committees comprisingkey project staff.
Cyber-attack or information security breach
An advanced targeted cyber-attack could result in the
loss of sensitive information.		 •
Sensitive information is identified and is subject to
appropriate security measures, which are tested regularly.
•
Technology based security provided by LRG, with all
Foundation staff required to undertake annual
information security awareness training.
•
Multifactor authentication has been implemented to
protect administrative, privileged and standard users.
•
Migration of data from physical servers to the cloud is now
complete, resulting in reduced physical infrastructure
footprint across the Foundation.
•
File upload platforms and AI usage monitored to follow
bestpractice.
People and talent
Loss of key staff potentially due to a decrease in
employee morale, lack of development opportunities
or misallocation of workloads. Furthermore, the
inability to recruit new specialised roles and skill sets
within the Foundation or replace lost talent.		 •
Succession planning and active talent management
procedures implemented.
•
Annual Employee Opinion Survey undertaken, with plans
implemented to address identified development issues.
Increased attention and active management of current
trends identified.
•
Annual appraisal process in place to ensure all staff are
properly equipped to deliver their role.
•
Bi-annual salary review implemented to benchmark
remuneration to the current labour market.
•
Consultants used to address necessary skills gaps.
•
LRF’s HR and People Development Manager provides
senior-level support for Human Resources, learning, and
people development initiatives.
Legal and regulatory compliance
Failure to comply with UK or international law,
regulatory requirements or sanctions. Key areas of
compliance are charity law, anti-bribery and
corruption, sanctions and conflicts of interest.		 •
The Foundation’s Chief Executive and Chief Operating
Officer, along with LRG’s General Counsel and Company
Secretary, maintain close oversight of compliance.
•
Advice and support sought from external advisers where
appropriate.

Lloyd’s Register Group has Internal Audit, Risk, and Quality functions, some of which are outsourced to BDO. These functions provide independent and objective opinions and assurance on the adequacy of the Foundation and Trading Group’s risk processes, internal controls and governance frameworks. The resources of the Internal Audit and Risk functions and the Group Legal functions are available to the Foundation’s Audit, Risk and Investment Committee.

Lloyd’s Register Foundation: report and financial statements 2025 44

Overview of climate-related financial disclosure

The principle climate change related risks and opportunities arise in the operations of the Trading Group. The below summarises the disclosures applicable to the Trading Group and the Foundation.

As a trusted partner to the maritime industry, the Trading Group supports clients across a complex and rapidly evolving landscape shaped by tightening regulations, rising sustainability expectations and increasing competitive pressures.

The Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 (the Regulations) require certain publicly quoted companies and large private companies to incorporate climate disclosures in their annual reports.

Governance

The Board has overall responsibility for promoting LR’s long-term success, which includes proactively addressing climate-related risks and opportunities. LR’s risk management framework incorporates these considerations, enabling leadership teams and governance bodies to identify, assess, prioritise, and respond to climate-related risks and opportunities within the broader risk landscape.

Climate-related risks are overseen by the Board, with support from the Executive Leadership Team (ELT) and the Audit and Risk Committee (ARC). Together, they are responsible for identifying, assessing, and managing climate-related risks and opportunities.

The Board meets six times yearly. It receives updates on climate change trends and regulations to ensure ongoing monitoring of risks and opportunities. The Board follows a comprehensive review process that incorporates standing agenda items alongside rotating topics throughout the year, ensuring a holistic examination of all business facets, including: operations; risk management; and climate change, from both current and long-term perspectives.

In the last financial year the Board has received updates on commercial activities and opportunities linked to climate change. The Board has reviewed the group risk register, which includes climate risks. No specific issues have been reported to the board by the ELT or ARC during the year.

The Executive Leadership Team (ELT) evaluates climate-related issues in the context of our business, particularly concerning the impacts of climate change on the shipping industry and the resulting risks and opportunities for LR. The Net Zero Committee (formerly the Sustainability Steering Committee), the Energy Transition Steering Committee, the Insights Team and the Maritime Decarbonisation Hub provide the ELT with information for thorough and informed decision-making. The Quality, Environment, Health & Safety (QHSE) Director submits monthly reports to the ELT, including updates on sustainability and climate-related matters. The Executive Leadership Team (ELT) provides quarterly reports to the Board, ensuring the Board is informed of significant risk areas including the latest trends and developments in climate change where relevant. The ELT holds monthly meetings and conducts regular reviews of the Group Risk Register (GRR), reporting to the Board as necessary throughout the year to address emerging issues including climate change risks where applicable.

Additionally, the ELT meets as necessary to address specific risks related to climate change. These discussions cover transition risks such as increased regulation due to climate change, enhanced emissions reporting obligations, costs associated with transitioning to lower-emission technologies, and physical risks.

The Audit and Risk Committee (ARC) meets three times a year and oversees updates to the GRR at each meeting. The ARC is chaired by an independent Board member and attended by the Chief Financial officer (CFO). Each meeting includes discussions on risk management, a review of the risk register, and consideration of any significant changes.

Internal Audit supports the Board, ELT and ARC in overseeing risks, including climate change, and undertakes ad-hoc reviews of specific risk topics. The risk management framework is governed by a Group policy owned by Internal Audit and is mandated through the Business Management System (BMS). Each business stream and key central functions performs a risk assessment. The GRR consolidates the Group’s key risks and is subject to regular review.

The Sustainability Steering Committee (SSC) was replaced in 2025 by a Net Zero Steering Committee (NZSC). In March 2025 it was decided to revise the approach to the SSC and replace this with a smaller group of senior leaders focussed on the delivery of LR’s net zero commitments. This smaller, more focussed Group comprises senior representatives of respective departments from across LR facilitating the delivery of LR’s net zero strategy specific to: Buildings; Company Cars; Business Travel and Procurement. The revised NZSC is chaired by the Chief Marketing Officer

Lloyd’s Register Foundation: report and financial statements 2025 45

(CMO), an ELT member. The CFO is also a member of the NZSC and a Board member. The QHSE Director attends the NZSC meetings alongside the Head of Sustainability who provides an update including carbon reductions and climate change risks.

Risk Management

LR employs a multi-layered approach to risk management, with a strong focus on Board oversight. Our approach fully integrates climate-related risks alongside other business risks. We leverage our existing risk management framework to identify, assess, and monitor climate-related risks, ensuring a consistent and cohesive approach. This process is done on an annual basis. Climate change is one of several risk management streams that contribute to the overall GRR.

The GRR is a central document reviewed and updated annually by the ELT, the ARC, and the Board. In June 2025, the ELT, ARC, and the Board reviewed the updates to the GRR, including climate change risks. Climate change risk management includes incorporating climate-related scenarios and conducting a more granular analysis of potential financial losses due to climate change.

The Group’s approach to the identification, risk assessment and management of climate related risks is consistent with other risks described on page 42.

Strategy

LR recognises its critical role in navigating the maritime industry towards a sustainable future. Our strategy goes beyond simply offering traditional classification and compliance services to partner with clients actively throughout their sustainability journeys.

Sustainability and net zero are integrated throughout our strategy and service portfolio, as part of being a responsible business. By partnering with clients on their sustainability journeys, we enable them to comply with evolving regulations and future-proof their fleets for a decarbonised maritime industry. This proactive approach positions LR as a valuable partner for companies, seeking to navigate the challenges and opportunities presented by climate change.

Our commitment to sustainability goes beyond good intentions. We leverage the Climate-Related Financial Disclosures (CFD) recommendations, to build a robust sustainability program, embedded in our net zero and emissions reduction strategy. By proactively identifying and assessing climate-related risks that could directly affect our business over time, we can take steps to minimise their impact. This approach also allows us to identify and capitalise on opportunities arising from climate change, supporting our long-term business strategy.

Climate Scenarios

Following the guidance of the Task Force on Climate-related Financial Disclosure (TCFD), and now the ISSB Standards, we conducted a detailed climate scenario analysis across our operations to evaluate our climate-related risks and opportunities in 2024. This scenario analysis has been reviewed for significant developments and will be fully updated in 2027 in line with recommended practice. Climate scenarios are projections of future climate conditions, based on different warming pathways.

In conducting climate scenario analysis, we considered additional factors in line with guidance, including:

Lloyd’s Register Foundation: report and financial statements 2025 46

insights to the possible warming pathways. These scenarios were developed by our third- party consultants and verified with our sustainability team.

offices and our clients. offices and our clients.
Scenario Warming Pathways
<2°C by 2100: A
Collaborative Path to
Net-Zero		 The <2°C scenario represents a global ambition to limit global
warming to below 2 degrees Celsius by 2100, aligning with the goals
of the Paris Agreement.
This
optimistic
yet
challenging
scenario
requires
extensive
collaboration among governments, businesses, and individuals.
Governments must enact ambitious policies and regulations, to
promote clean technologies and discourage carbon-intensive
practices. Businesses, including those in the maritime sector, would
experience pressures to align with the Paris Agreement, potentially
necessitating significant operational changes to achieve net-zero
emissions
by
2050.
Despite
the
promising
outlook,
rapid
decarbonisation entails significant transition risks. Even in a <2°C
scenario, climate change will continue to have physical impacts,
including rising sea levels and extreme weather events, affecting LR’s
operations and the maritime industry. Despite the challenges, the <2°C
scenario offers substantial opportunities for LR, such as increased
demand for low-emission vessel design and certification services,
climate risk management advisory, and adopting cleaner fuels, which
could drive futuregrowth.
2-3°C by 2100: Navigating
a Patchwork Approach		 The 2-3°C scenario highlights the critical need for a strong and
coordinated global response to climate change.
The 2-3°C scenario reflects the potential consequences of uneven
global action following COP26. While governments take some
legislative steps, poorly designed and implemented regulations could
create a challenging environment with high transition risks. This
highlights the need for strong, coordinated responses to avoid reaching
critical tipping points and mitigate the severity of physical climate
impacts. However, this dynamic landscape could spur innovation for
companies like LR that proactively adopt sustainable practices.
Increased global cooperation on mitigation efforts could still lead to
technological advancements,ultimatelybenefitingthe industry.
>3°C by 2100: A Business-
as-Usual Scenario		 This scenario serves as a reminder of the urgency of climate action.
In this scenario, organisations and governments lack interest, so we
continue with a ‘business as usual’ attitude. Therefore, emissions will
continue to rise until 2040. Decarbonisation does not occur in any of the
sectors, with limited pressure on generating renewable energy and
fossil fuels being used. The transition risks for businesses are limited.
However, the physical risks are most severe under this scenario, with
multiple tipping points being passed. While this scenario suggests
limited transition risks for businesses in the short term, the lack of
decarbonisation efforts leads to an escalation ofphysical risks.

Lloyd’s Register Foundation: report and financial statements 2025 47

The following outlines the time horizons used to identify when a risk or opportunity will significantly impact the business.

Short Term (2024-2027): This timeframe aligns with business planning cycles (3-5 years) for operational improvements and resource allocation. It allows for quick wins and early risk mitigation related to potential regulatory changes. It aligns with increasing client demand for sustainable practices in the maritime industry.

Medium Term (2028-2037): This allows LR to be a thought leader in developing solutions to address clients’ future needs. It informs strategic investment decisions for research and development of new technologies necessary for achieving long-term net-zero goals. This timeframe aligns with our near-term targets to reduce absolute Scope 1 and 2 GHG emissions by 59% by 2034 from a 2023 baseline and to reduce absolute Scope 3 GHG emissions from purchased goods and services and business travel by 35% by 2034 from a 2023 baseline.

Long Term (2038-2052): This timeframe provides a long-term lens for risk management, considering potential shifts in consumer preferences or the emergence of new technologies that impact the maritime industry’s carbon footprint. This timeframe sends a strong message of commitment to a sustainable future for the maritime industry. This timeframe encompasses the entire journey to net-zero emissions by 2050. It allows for exploring long-term technological advancements, infrastructure changes, and policy shifts that may be necessary to achieve this ambitious target.

Climate Scenario Analysis

Our detailed climate scenario analysis evaluated nineteen climate-related risks and found that no risks were individually material to the Group’s future business and strategy.

Physical risks were analysed by location, with LR’s ten largest office locations included in the assessment. Additionally, ports are essential for LR, both in terms of our customers and the delivery of our services. Due to their locations, we recognise that ports are susceptible to the impacts of climate change due to their exposure to coast and rivers. The physical risks for LR are mitigated since employees are able to work remotely, perform surveys in alternative locations and in some cases conduct remote surveys. We will continue to monitor the safety of LR employees deployed to ports and ensure full risk assessments are undertaken where surveys include shore side infrastructure.

Transition risks were analysed at the Group level and where relevant across the Group’s business operations. The most significant climate related risks considered are described below. Each of the risks are expected to evolve over the short, medium and long term.

Area Climate-related
Risk		 Impact Description
Policy &
Legal		 Failure to comply
with increasing
regulations		 Increasing costs to guarantee compliance with new reporting
requirements.
Rising spend for
carbonpricing		 Expected impact is minimal, however a carbon tax on any of our
suppliers mayincrease supplychain costs.
Market Changing
consumer
preferences		 With the increasing importance of ESG, stakeholder concern for the
environment is likely to increase. Failing to transparently
communicate our efforts to minimise our environmental impact
could result in customers using a different provider and could
impact ourposition in the market.
Reputation Increased
stakeholder
concern for ESG		 As the significance of sustainability grows, the attention of
stakeholders towards LR's environmental sustainability effects is
poised to escalate. Neglecting to effectively convey LR's strategies
for minimising its environmental footprint might jeopardise our
strong market standing. With increased transparency comes
increased scrutiny.

Lloyd’s Register Foundation: report and financial statements 2025 48

Due to its industry focus and locations, LR may experience limited short / medium / long term impacts from climate change. However, these factors position them as leaders in navigating the changing landscape. Climate change is undoubtedly a severe global challenge, but it presents a significant opportunity for forward-thinking businesses.

Opportunities

LR identifies several opportunities to benefit from climate action across various timeframes. These opportunities range from resource efficiency savings and new revenue streams to building resilience and enhancing reputation.

We assessed the development of new low-emission product and service lines, resource efficiency and resilience as key factors influencing the industry.

1. Products and Services

Lloyd’s Register assists the maritime sector in navigating energy transition in a safe, commercially viable, and scalable way. Accelerating our journey to decarbonisation while assuring the safety, fitness for purpose and performance of maritime assets and new technologies with unmatched breadth and depth of trusted advice and capabilities.

2. Resource Efficiency

LR has commenced its net-zero journey, by engaging with a third-party ESG specialist to set achievable GHG reduction targets in line with the UK’s net-zero by 2050 strategy. As part of this work, recommendations may be made to implement energy-efficient technology across operations. While technology may have a high capital cost, it will improve process efficiency. As a result, less energy will be used to do the same work, reducing energy costs. The savings in energy will lead to fast payback times for the technology, resulting in net financial gain over the technology’s lifetime.

To demonstrate the effectiveness of these initiatives, we will closely monitor key metrics:

3. Resilience

Climate resilience involves organisations developing adaptive capacity to respond to climate change, better manage the associated risks and seize opportunities, including the ability to respond to transition and physical risks. LR collaborates with other progressive organisations, to provide support through leadership to all industry stakeholders, including regulators, policymakers, investors, owners, operators, charterers, and clients. LR aims to showcase the costs, benefits, opportunities, and risks associated with various potential pathways towards decarbonisation. By increasing the ability to adapt, grow, survive, and recover - in other words, become more resilient – LR can mitigate the complex and interconnected challenges that confront them.

To demonstrate our resilience, we will closely monitor and actively track greenhouse gas emissions, continuously making progress in reducing them.

Lloyd’s Register Foundation: report and financial statements 2025 49

Metrics and Targets

For LR, sustainability is not an isolated initiative; it is embedded in the Group and is the lens through which we make decisions and build value. Like safety, it is embedded into our governance, risk management, and day-to-day operations. This approach builds trust, attracts exceptional talent, and secures our licence to operate. By grounding our actions in data and remaining agile we ensure that we operate safely, ethically and responsibly – always with people, the planet and future generations in mind.

Our target is to achieve net-zero by 2050. Metrics have been identified to track the reduction of our environmental impact and are regularly reviewed. Annually, the Group’s GHG emissions and intensity metrics are measured and compared to our baseline. Our latest specific emissions reduction metrics are planned to be considered by the board in November 2025 and will be published in future reporting.

We achieve our decarbonisation targets through focus areas that reflect our drive to create long-term value for our clients and communities while acting as a responsible business. These are supported by our ongoing commitment to fostering a productive, diverse and healthy workforce. We are continuously working to enhance our performance across all areas of our operations, with a focus on:

Our footprint includes:

The Group reports annually on energy consumption and emissions in accordance with the UK Government’s Streamlined Energy and Carbon Reporting (SECR) guidance. In addition, LR also reports its Scope 3 emissions annually.

In 2025 energy efficiency actions implemented include:

Lloyd’s Register Foundation: report and financial statements 2025 50

Streamlined Energy and Carbon Reporting (SECR), covering scope 1, 2 and 3 (purchased goods and business travel).

GHG scope Category Global Global Global
Total Emissions (tCO2e)
12 months to
30th June 2025		 12 months to
30th June 2024
Scope 1 Scope 1- Gas, lease car miles,
refrigerants		 1,294 1,139
Scope 2 Scope 2 - location based
electricity consumption		 835 842
Scope 3 Scope 3 (purchased goods and
business travel)		 44,870 33,892
Total scope 1 and 2 2,129 1,981
Total scope 1 and 2 tCO2e / £m turnover 3.2 3.6
Quantity of Energy consumed for which the company is
responsible		 Global
Kilowatt Hours kWh
12 months to 30th June 2025 12 months to 30th June 2024
Gas 2,748,439 2,053,656
Purchased electricity 4,031,021 3,751,785

A location-based approach is used to track progress against targets using each region's average grid emissions factor to calculate Scope 1 and 2 emissions. Reported emissions data is calculated in line with the GHG Protocol.

In 2025, Scope 1 and 2 emissions increased reflecting the OTG acquisition while the intensity metric tCO2 per £m turnover reduced from 3.6 to 3.2.

Our Scope 3 emissions have increased due to the OTG acquisition and improvements in the accuracy of emissions factors applied in respect of purchased goods and services calculations. For example, in the prior year UK Government GHG Conversion Factors, which are largely UK-specific and generally lower than those in many other countries were applied. For the current period, LR adopted country-specific emission factors, which are typically higher than the UK equivalents. With around 30% of our purchased goods and services spend outside the UK, the change in methodology resulted in higher reported emissions in this category.

Lloyd’s Register Foundation: report and financial statements 2025 51

Other Information

Public benefit

As described throughout this Trustees’ Report, the Trustees place specific focus on the public benefits arising from the output and activities of the Foundation having regard to the Charity Commission guidance on public benefit.

Research and development

The Trading Group carries out research and development activities. The amount of £11.1m (2024: £8.5m) has been charged to the consolidated statement of financial activities. This relates to research and development into new and better ways to improve safety, performance and quality in the maritime industries.

Organisational structure

The Foundation has a total of 50 members of staff supported by secondees from the Trading Group. A service level agreement exists between the Foundation and the Trading Group for the provision of specialist business support in areas including finance, HR, communications, legal and IT. The Foundation pays for these services at an agreed market rate.

Disclosure of information to the Auditor

Having made enquiries each of the Trustees, listed above, in office at the time of approving the Trustees’ Report confirm that:

Independent Auditor

Deloitte LLP has expressed a willingness to continue in office.

Governing document

Lloyd’s Register Foundation is a company limited by guarantee registered in England, incorporated in 2012, governed by its Memorandum and Articles of Association.

Financial statements and Trustees’ Report

The company and consolidated financial statements have been prepared in accordance with the accounting policies set out on pages 65 to 66 and 84 to 87 respectively and comply with applicable laws and the FRS102 Charity SORP (Statement of Recommended Practice) except for the disclosures relating to employee benefit banding (see page 97).

This Trustees’ Report on pages 1 to 52 and 78 to 79 has been prepared in accordance with Part 8 of the Charities Act 2011 and the Companies Act 2006 and incorporates the Strategic Report and has been approved by order of the Board.

Michelle K Davies

Michelle K Davies (Nov 5, 2025 10:22:23 GMT)

Michelle K. Davies Company Secretary

5 November2025

Lloyd’s Register Foundation: report and financial statements 2025 52

Legal and administrative details

Company number

07905861 (England and Wales)

Charity number

1145988 (England and Wales)

Principal Banker

HSBC UK Bank PLC 1 Centenary Square Birmingham United Kingdom B1 1HQ

Solicitors

Geldards LLP 4 Capital Quarter Tyndall Street Cardiff CF10 4BZ

Registered and principal office

71 Fenchurch Street London EC3M 4BS

Statutory Auditor

Deloitte LLP London United Kingdom

Investment managers

Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU

Partners Group 33 Charterhouse Street London EC1M 6HA

Newton Investment Management 160 Queen Victoria Street London EC4V 4LA

Investment custodians

Bank of New York Mellon One Canada Square Canary Wharf London E14 5AL

Lloyd’s Register Foundation: report and financial statements 2025 53

Statement of Trustees’ responsibilities

The Trustees (who are also Directors of the Foundation 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 period which give a true and fair view of the state of affairs of the Foundation and the Group and of the incoming resources and application of resources, including the income and expenditure, of the Foundation and Group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation 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 Foundation and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Foundation's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Lloyd’s Register Foundation: report and financial statements 2025 54

Remuneration Committee Report

This report describes the constitution and activities of the Remuneration Committee during the year ended 30 June 2025.

The Committee

Two separate remuneration committees operate within the Group; one for Lloyd’s Register Group Limited and one for Lloyd’s Register Foundation. A report is provided at each Trustees’ Board meeting of the activities of the Foundation Remuneration Committee since the previous Board meeting.

Both Committees comprise members of the Board of Directors of Lloyd’s Register Group Limited and Trustees of the Lloyd’s Register Foundation. Their current membership is as follows:

The members of the Foundation’s Committee are appointed and removed by the Board of Trustees.

It is the role of the Foundation’s Remuneration Committee to:

The Foundation is anchored in the charity sector but is differentiated by greater commercial and technical involvement than would be the norm in many charitable organisations. Therefore, our pay and benefits provide market competitiveness within those other sectors from which we seek to attract and retain senior talent to lead the Foundation and deliver its charitable aims. These include the charity, science and technology sectors.

General Policy

In determining the general policy regarding the total remuneration of the Foundation’s Chief Executive and their direct reports, the Board of Trustees has directed the Committee to have regard to the following guidelines:

Lloyd’s Register Foundation: report and financial statements 2025 55

Remuneration

The highest paid Foundation employee serving in year received aggregate emoluments, including performance-based remuneration, of £307,000 (2024: £296,000) which includes £27,000 of employer defined contribution pension benefits (2024: £26,000).

A summary of employee remuneration is included in note 12 of the consolidated financial statements.

Independent External Advice

The Committee has access to, and takes cognisance of, professional advice both from within the organisation and from independent external consultants. The current external advisor is EY and the Chief People Officer of Lloyd’s Register Group Limited acts as Secretary to the Committee.

Lloyd’s Register Foundation: report and financial statements 2025 56

Audit, Risk and Investment Committee Report

This report describes the constitution and activities of the Audit, Risk and Investment Committee in place during the year ended 30 June 2025.

Summary of the role of the Audit, Risk and Investment Committee

The membership of the Audit, Risk and Investment Committee is:

Mrs M Wyatt (Chair) Mrs Paula Haynes Mrs Rani Koya (resigned 1 October 2025) Ms Rose Braithwaite (appointed 1 October 2025)

The Audit, Risk and Investment Committee is a sub-committee of the Board of Trustees. The Committee reviews the application and effectiveness of the policies and processes of the Lloyd’s Register Foundation.

The Committee assists the Board of Trustees in monitoring the integrity of the Foundation’s published financial statements and the compliance of the Foundation’s Report and Accounts with UK accounting standards, the Companies Act and the Charities SORP. The external auditor attends each meeting of the Committee and reports on the external audit plan, the results of the external audit and on the annual report and accounts.

The Committee also reviews the performance of the Foundation’s investment portfolio and its investment managers and makes decisions on behalf of the Board of Trustees as to an appropriate investment strategy for the Foundation. At each meeting, the Committee receives reports from the Group Treasurer and the investment fund managers.

The Group’s outsourced Internal Audit and Risk function reports to the Committee on any issues which it considers impact on the adequacy and effectiveness of the Foundation’s internal financial controls and risk management systems. The Committee reviews the risk register at each meeting. No material items have been reported to the Committee by the Group Audit and Risk Team during the financial year.

The Committee oversees the relationship with the external auditor including approval of the audit plan and scope of the audit. The assessment of the auditor’s independence and review of the level of fees payable for non-audit services did not identify any significant matters.

The financial statements are reviewed by the Committee before recommending their consideration by the Board of Trustees, focusing particularly on any significant adjustments resulting from the audit and major judgmental areas. The Audit, Risk and Investment Committee typically meets three times a year, and at least once a year a meeting is held between the Chair of the Committee, the Head of Internal Audit and Risk and the external auditor, at which no employees are present.

The Committee met three times during the year under review. Matters considered by the Committee during the year and subsequently include:

Lloyd’s Register Foundation: report and financial statements 2025 57

Nominations Committee Report

The Nominations Committee is a committee of Lloyd’s Register Foundation which addresses the needs of Lloyd's Register Foundation, Lloyd's Register Group Limited and other related senior appointments or succession issues. It comprises one Foundation Trustee, one Lloyd’s Register Group Board Director and the Chairman. The current members of the Committee are the following:

Dame Una O’Brien – Committee Chair and a Trustee of Lloyd’s Register Foundation Mr T T Andersen

Mr M Lykiardopulo

The Committee meets at least annually to consider the matters noted below in respect of both Lloyd’s Register Foundation and Lloyd’s Register Group Limited, with additional meetings as required, for example, for the appointment of additional board members and succession planning.

The Committee Chair provides updates on its activities to both Boards at their meetings.

During the year under review, the Committee recommended and approved the appointment of a new Non-Executive Director, the appointment of two new Trustees of the Foundation, made recommendations with regard to the re-election of Board members on the expiry of terms of office which were due to expire in the coming year, reviewed the Board Committee memberships, including the consideration of the appointment of a replacement Chair for the Foundation Grants and Direct Charitable Activities Committee and the search for an additional member of the Foundation’s Audit, Risk and Investment Committee, and made recommendations for the independent board evaluation review for both Lloyd’s Register Group Limited and Lloyd’s Register Foundation. In addition, the Committee’s Terms of Reference were reviewed and updated.

Also during the year under review, the Committee set up a New Chair Search Sub-Committee to carry out the search for a new Chair of both Boards for succession planning, and to make recommendations in respect of that appointment. The Chair of the Nominations Committee is the Chair of the Sub-Committee. In addition to the Chair, membership of the SubCommittee comprises Mr M Lykiardopulo, Mr L Varnavides and Mrs M Wyatt. The Sub-Committee Chair provides regular reports to both Boards.

Lloyd’s Register Foundation: report and financial statements 2025 58

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LLOYD’S REGISTER FOUNDATION

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of Lloyd’s Register Foundation (the ‘charitable company’) and its subsidiaries (the ‘group’):

We have audited the financial statements which comprise:

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

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's responsibilities for the audit of the financial statements section of our report.

We are independent of the group and of the parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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 appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Lloyd’s Register Foundation: report and financial statements 2025 59

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LLOYD’S REGISTER FOUNDATION

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of noncompliance 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.

We considered the nature of the group’s industry and its control environment, and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of the board of Trustees, management, and internal audit about their own identification and assessment of the risks of irregularities, including those that are specific to the group and charitable company’s business sector.

We obtained an understanding of the legal and regulatory frameworks that the group operates in, and identified the key laws and regulations that:

We discussed among the audit engagement team including significant component audit teams and relevant internal specialists such as tax, valuations, pensions, IT regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our procedures performed to address them are described below:

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other

Lloyd’s Register Foundation: report and financial statements 2025 60

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LLOYD’S REGISTER FOUNDATION

adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

We have nothing to report in respect of these matters.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jeremy Black

Jeremy Black (Nov 5, 2025 17:25:48 GMT)

Jeremy Black, ACA (Senior statutory auditor) For and on behalf of Deloitte LLP Statutory Auditor London, United Kingdom 5 November 2025

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors’ report included within the trustees’ report.

Lloyd’s Register Foundation: report and financial statements 2025 61

FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025

Note
Income
Income from investments:
Gift aid donation from Trading Group
From the investment portfolio and other
investments
Total income
3
Expenditure on raising funds
Investment management costs
4
Charitable activities
Total grant activities
5
Total direct activities
5
Total expenditure
Net (expenditure) / income before gains on
investments
Realised gains / (losses) on disposal of the
investment portfolio
Unrealised (losses) / gains on the investment
portfolio
Net (expenditure) / income and net movement
in funds
Reconciliation of funds
Funds brought forward
Funds carried forward
17		 General
funds
2025
£000
5,000
7,994
12,994
—
(17,580)
(7,644)
(25,224)
(12,230)
2,506
(1,929)
(11,653)
24,876
13,223
Endowment
funds
2025
£000

—
—

—

(923)



—
—

(923)

(923)


31,610

(24,325)


6,362



313,730

320,092
Total funds
2025
£000


5,000

7,994

12,994



(923)
(17,580)
(7,644)
(26,147)
(13,153)
34,116
(26,254)
(5,291)
338,606
333,315		 General
funds
2024
£000
20,000
9,590
29,590

—



(18,138)
(7,837)

(25,975)

3,615


(483)

2,205


5,337



19,539

24,876
Endowment
funds
2024
£000

—

—

—

(855)


—
—
(855)

(855)

(7,147)
32,630

24,628


289,102
313,730
Total funds
2024
£000

20,000

9,590

29,590
(855)
(18,138)
(7,837)
(26,830)
2,760
(7,630)
34,835
29,965
308,641
338,606

All of the Company’s income is derived from continuing activities.

There are no recognised gains or losses for the current and preceding year other than those shown above. All funds are unrestricted.

Lloyd’s Register Foundation: report and financial statements 2025 62

FOUNDATION BALANCE SHEET AT 30 JUNE 2025

Note
Fixed assets
Tangible fixed assets
10
Investments
11
Current assets
Cash at bank and in hand
Debtors
12
Creditors:amounts falling due within one year
14
Net current liabilities
Total assets less current liabilities
Creditors:amounts falling due after one year
15
Net assets
The funds of the charity
Unrestricted – general fund
Revaluation reserve
18
Total general funds
Endowment funds
Revaluation reserve
18
Total endowment funds
Total charity funds
17		 30 June
2025
£000
89
368,230
368,319


2,210
1,183
3,393

(22,856)
(19,463)

348,856

(15,541)

333,315



5,529
7,694
13,223

221,645
98,447
320,092
333,315		 30 June
2024
£000
—
360,626
360,626
9,562
682
10,244
(18,184)
(7,940)
352,686

(14,080)
338,606
17,759
7,117
24,876
222,568
91,162
313,730

338,606

The financial statements on pages 62 to 77 were approved by the Trustees on 5 November 2025 and signed on their behalf by:

Marina Wyatt (Nov 5, 2025 14:31:04 GMT)

Marina Wyatt, Trustee

Lloyd’s Register Foundation

Company registration number 07905861

Lloyd’s Register Foundation: report and financial statements 2025 63

FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025

Cash flows from operating activities:
Net cash used in operating activities
Cash flows from investing activities:
Income from investments
Purchase of investments
Proceeds from sale of the investment portfolio
Purchase of tangible fixed assets
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
A.
Reconciliation of net income to net cash flow from operating activities
Net (expenditure) / income for the reporting year
(as per the statement of financial activities)
Adjustments for:
Depreciation
Gains on investments
Income from investments
Increase in debtors
Increase in creditors
Net cash used in operating activities
B.
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 Note
A
B
B
30 June
2024
£000
9,562		 2025
£000
(20,512)

12,994
(358,641)
358,899
(92)
13,160

(7,352)
9,562
2024
£000

(25,371)
29,590
(151,424)
150,791
—
28,957
3,586
5,976
2,210
2025
£000
(5,291)

3
(7,862)
(12,994)
(501)
6,133
(20,512)
Cash flow

£000

(7,352)

(7,352)
9,562
2024
£000
29,965
—
(27,205)
(29,590)
(408)
1,867
(25,371)
30 June
2025
£000
2,210
2,210
9,562

Lloyd’s Register Foundation: report and financial statements 2025 64

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1. Basis of accounting

Lloyd’s Register Foundation (“the Foundation”) is a private charitable company limited by guarantee, incorporated in the United Kingdom, registered in England and Wales and a registered charity. It is governed by its memorandum and articles.

These financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed asset investments. They have been prepared in accordance with the Charities Statement of Recommended Practice (“SORP”) FRS102 “Accounting and Reporting by Charities” (“the Charities SORP”), the reporting requirements of the Companies Act 2006 and applicable accounting standards in the United Kingdom. The Foundation meets the definition of a public benefit entity under FRS102. The charitable company has adapted the Companies Act formats to reflect the Charities SORP. The financial statements have been prepared on the going concern basis as discussed in the Trustees’ report on page 34.

The functional currency of the Foundation is considered to be Pound Sterling as this is the currency of the primary economic environment in which the Foundation operates.

2. Accounting policies

The principal accounting policies applied in the preparation of these separate financial statements are set out below. These policies have been consistently applied to all years presented.

a. Income

Income is accounted for on an accruals basis and included in the statement of financial activities when the Foundation is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.

b. Expenditure

Expenditure is accounted for on an accruals basis.

Expenditure on raising funds represents costs associated with generating income from investment management.

Expenditure on charitable activities comprises all the costs incurred by the Foundation in undertaking its work to meet its charitable objectives as opposed to the cost of generating the funds to finance these activities. Charitable activities represents all the expenditure by the Foundation in the delivery of goods and services, including its programme and project work that is directed at the achievement of its charitable aims and objectives. Such costs include the direct costs of the charitable activities together with those support costs incurred that enable these activities to be undertaken.

Grants awarded are recognised when the Foundation formally notifies the recipient of the award following approval by the Trustees. The liability recognised is for the full amount of the award, unless a break clause is able to be exercised by the Foundation, whether payable immediately or across a number of financial years as grants are subject to qualitative review rather than strict performance criteria. Where material, grant liabilities in excess of one year are discounted to net present value to reflect the time value of money which is based on investment returns with a similar risk profile.

Support costs are defined as those costs that are incurred indirectly that cannot be allocated to specific activities, and relate to both grant making and direct activities that then give the Foundation the capability to carry out its charitable activities. They are allocated to the SORP expenditure headings on the basis of underlying expenditure which reflects the level of activity performed.

Short-term employee benefits are recognised as an expense in the year in which they relate.

c. Tangible Fixed Assets – Office fittings and equipment

Tangible fixed assets are stated at cost, net of depreciation and impairment. Depreciation is provided using the straight-line method, commencing with the year in which they are ready for use, at rates estimated to write off their cost over their respective useful lives of 8 years.

d. Investments

Listed and other investments within the investment portfolio are stated at market value. The statement of financial activities includes realised gains and losses on investments sold in the year and unrealised gains and losses on revaluation of investments.

Investment in the Trading Group (Lloyd’s Register Group Limited), which is a social investment, is valued at cost less any impairment.

e. Cash

Items considered to be cash are those held in hand, in current accounts and on short-term deposit (where the term is less than three months) with recognised financial institutions.

f. Taxation and Value Added Tax

The Foundation is a UK registered charity and is exempt from Corporation Tax under Chapter 3 of Part 11 to the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that surpluses are applied to its charitable purposes.

The Foundation registered for VAT during the year ended 30 June 2025. Before becoming VAT registered the Foundation suffered irrecoverable VAT. This expense is recorded and disclosed with the cost of the underlying goods or services.

Lloyd’s Register Foundation: report and financial statements 2025 65

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

g. Fund accounting

The Foundation’s general fund comprises accumulated unrestricted surpluses and deficits.

Endowment funds comprise one expendable endowment fund, a part of the September 2012 donation from the Trading Group. Generally, capital is retained within the fund, with income forming part of the Foundation’s general fund. Trustees have the power to convert capital to income should they wish to expend capital subject to the contractual obligations of the initial donation as outlined in note 17.

h. Financial assets and liabilities

Financial assets and financial liabilities are recognised when the Foundation becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs). With the exception of fixed asset investments, financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors are recognised at the settlement amount due. Creditors are recognised where the Foundation has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Short term creditors are recognised at their settlement amount while grant liabilities are discounted to net present value where the impact is material.

i. Significant accounting estimates and assumptions

The Foundation makes estimates and assumptions to produce the Financial Statements. The accounting estimates will, by nature, differ from the actual results. The key estimate that may have a significant risk of causing a material adjustment to the carrying value of assets or liabilities within the next financial year relates to the discounting of grant liabilities. The rate applied to discount grant liabilities payable after more than twelve months requires an estimate of the appropriate discount rate, as well as an estimate of when the liability will be called down as a claim to be paid. A discount rate of 6.0% (30 June 2024: 5.7%) has been applied based on the opportunity cost of income from investments foregone and considering the investment return objective. A 1.0% increase in the discount rate would reduce grant liabilities by £0.3 million while a 1.0% decrease in the discount rate would increase grant liabilities by £0.3 million. The discounted grant liability as at 30 June 2025 is £32.2m (2024: £29.9m). There are no other significant accounting estimates or judgements for the Foundation.

3. Investment income

Gift aid from Trading Group
Listed and other investments:
Fixed Interest – UK
Fixed Interest – Overseas
Equities – UK
Equities – Overseas
Index Linked – Overseas
Pooled Funds
Cash Instruments
Bank interest
Total		 General
funds
£000
5,000
1,267
202
885
3,612
19
1,326
416
267
7,994
12,994		 Endowment
funds
£000
—
—
—
—
—
—
—
—
—
—
—		 Total
2025
£000
5,000
1,267
202
885
3,612
19
1,326
416
267
7,994
12,994		 Total
2024
£000
20,000
1,505
—
502
2,999
—
3,822
247
515
9,590
29,590

4. Expenditure on raising funds

Expenditure on raising funds represents investment management costs, which are charged to the endowment fund.

Lloyd’s Register Foundation: report and financial statements 2025 66

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

5. Analysis of expenditure on charitable activities

Grant making activities:
Safer Maritime Systems
Skilled People for Safer Engineering
Safer Sustainable Infrastructure
Heritage
Global Safety Evidence Centre
Write back of grants awarded under previous strategic themes
Discounting of grant liabilities *
Total grant activities
Activities undertaken directly:
Safer Maritime Systems
Heritage
Global Safety Evidence Centre		 Grants (note 6)
£000
6,376
2,049
2,040
2,615
1,601
(596)
14,085
443
14,528
—
—
—		 Direct costs
£000

215

71

70

89

50
—
495

—

495

1,168

2,872

2,515		 Support costs
£000

1,096

352

383

452

274

—

2,557

—

2,557

194

477

418		 2025
£000
7,687
2,472
2,493
3,156
1,925
(596)
17,137
443
17,580
1,362
3,349
2,933
—
14,528
6,555
7,050
1,089

3,646		 7,644
25,224

*Impact of unwinding the discounting of grants awarded in prior years and the change in discount rate. The impact of unwinding the discount of the grant liabilities is £508,000. The impact of changing the discount rate is a reduction in the expenditure of £65,000.

During the year, the Foundation started a new five-year strategy, the details of which can be found in the Strategic Report. As part of this new strategy, new grant making goals were established. The comparatives from the year ended 30 June 2024 for both Notes 5 and 6 have not been restated under these new strategic goals and instead have been presented under the strategic goals which were active at the time.

Where costs relate predominantly to grant making activity they have been allocated to grants in proportion to the level of expenditure. Support costs of £3,646,000 (2024: £3,478,000) are allocated across all the Foundation’s activities. These include costs associated with IT, HR, finance, property, and other central services of the Charity’s staff where not considered directly attributable. Included within support costs are staff costs of £2,163,000 (2024: £2,023,000) and governance costs of £59,000 (2024: £68,000).

Governance costs are the fees payable to the Foundation’s auditor for the audit of the Foundation’s annual accounts of £59,000 (2024: £68,000).

Analysis of expenditure by charitable activities in 2024 is shown below.

Grant making activities:
Goal 1: Evidence and Insight
Goal 2: Challenge area: Safety at Sea
Goal 2: Challenge area: Safety of Food
Goal 2: Challenge area: Safety for a Sustainable Future
Goal 2: Challenge area: Skills for Safety
Heritage and education centre
Foundational
Discounting of grant liabilities*
Total grant activities
Activities undertaken directly:
Goal 1: Evidence and Insight
Goal 2: Challenge area: Safety of Food
Goal 2: Challenge area: Safety for a Sustainable Future
Heritage and education centre
Foundational
Total direct activities		 Grants (note 6)
£000
1,497
5,866
(2)
1,430
3,269
1,090
1,637
Direct costs
£000

45

183

—

40

96

29

84
Support costs
£000

253

935

—

219

488

163

427		 2024
£000

1,795

6,984

(2)

1,689

3,853

1,282

2,148
14,787
477
2,485
17,749
389
—
—
389
15,176
477
2,485
18,138
—
—
—
—
—
2,665

—

—

2,959

1,220
387

—

—
429

177
3,052

—

—

3,388

1,397
—
6,844
993
7,837
15,176
7,321
3,478
25,975

Lloyd’s Register Foundation: report and financial statements 2025 67

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

6. Grants awarded

Lloyd’s Register Foundation achieves its mission through awarding charitable grants to fund research, intervention programmes and other impact-led initiatives. Grants awarded in the year ended 30 June 2025 are analysed by institution below.

Number of
grants		 Global Safety
Evidence Centre
 Heritage Safer Maritime
Systems		 Safer
Sustainable
Infra-structure		 Skilled People
for Safer
Engineering		 Grants awarded
under previous
themes		 2025
£000 £000 £000 £000 £000 £000 £000
Elohim Foundation 1 10 — — — — — 10
ITU Maritime Faculty 1 — — — 10 — — 10
Aristotle University of Thessaloniki 1 — 10 — — — — 10
Atlantic Pacific International Rescue Ltd 1 — — 10 — — — 10
Bayes Business School, City St George's,
University of London		 1 — — 10 — — — 10
Building and Wood Workers International
(BWI)		 1 250 — — — — — 250
Career Ready 1 — — — — 5 — 5
Climate Ed 1 — — — — 5 — 5
Coastal Forces heritage Trust 1 — 10 — — — — 10
Commonwealth Engineers' Council - Aston
University		 1 — — — — 63 — 63
Cranfield University 1 — — 45 — — — 45
Danish Institute of Fire and Security
Technology (DBI)		 1 — — 500 — — — 500
Data4Change 1 10 — — — — — 10
Engineers Board of Kenya 1 — — — — 299 — 299
Fab Foundation Nepal 1 — — — — 10 — 10
GIRT Scientific Divers Pty Ltd 1 — 10 — — — — 10
Global Network of Civil Society
Organisations for Disaster Reductions		 1 250 — — — — — 250
Global Resilient Cities Network 1 250 — — — — — 250
Global Sustainable Futures Network CIC 1 — — 10 — — — 10
Health and Safety Executive 1 — — — 312 — — 312
IfM Engage University of Cambridge 1 — — — 189 — — 189
IITNDT 1 — — — — 2 — 2
IMRF 2 — — 249 — — — 249
International Federation of the Red Cross
and Red Crescent Societies		 1 250 — — — — — 250
Kwame Nkrumah University of Science and
Technology		 1 — — — — 10 — 10
Mankind Development Initiative 1 — — — — 5 — 5
Maritime Archaelogy Trust 1 — 10 — — — — 10
Maritime Decarbonisation Hub 1 — — — 1,200 — — 1,200
Maritime Museum Rotterdam 1 — 10 — — — — 10
MaritimEA Research 1 — 10 — — — — 10
Memorial University of Newfoundland 1 — 10 — — — — 10
Moi University 1 — — — — 10 — 10
MOI UNIVERSITY 1 — — — — 612 — 612
Monash University 1 100 — — — — — 100
Museo historico de La Boca 1 — 10 — — — — 10
National Archives 1 — 1,000 — — — — 1,000
National Museums Liverpool 2 — 1,010 — — — — 1,010
National University of Singapore 1 — 10 — — — — 10
Nautical Archaeology Society 2 — 16 — — — — 16
Onyia Construction 1 — — — — 10 — 10
Queen Mary University of London (QMUL) 1 — — 998 — — — 998
Queensland University of Technology 1 10 — — — — — 10
Rockefeller Philanthropy Advisors for
Climate Champion Team		 1 — — — 267 — — 267
Royal Society for the Prevention of Accidents 1 66 — — — — — 66
SafetyTech Accelerator Limited 1 — — — 200 — — 200
Sea2Carbon Ltd 1 — — - 10 — — — 10
Seafarers Charity 1 — — 810 — — — 810
South African Weather Service - The UK Met
Office		 1 98 — — — — — 98
Subworx Ltd 1 — 10 — — — — 10
Teesside University 1 — — 10 — — — 10
The Nautical Institute 1 — — — — 10 — 10
The Nautical Institute - Seafarers and
Technology		 1 — — 990 — — — 990
The Ocean Foundation 1 — 152 — — — — 152
The Oslo School of Architecture and Design
(AHO)		 1 — — 919 — — — 919
The Society for the Documentation of
Submerged Sites		 1 — 10 — — — — 10
The University of Auckland 1 — — 10 — — — 10
UCL 1 — — — — 255 — 255
UN Office for Disaster Risk Reduction 1 161 — — — — — 161
UNEP International Environmental
Technology Centre		 1 95 — — — — — 95
UNESCO Accredited NGOs c/o The Maritime
Archaeology Trust		 1 — 10 — — — — 10
University of Coimbra 1 — 10 — — — — 10
University of Essex 1 — — 9 — — — 9
University of Greenwich 1 — — — — 10 — 10
University of Groningen 1 42 — — — — — 42
University of Nottingham 1 9 — — — — — 9
University of Portsmouth 2 — 10 772 — — — 782
University of Pretoria 1 — — — — 956 — 956
University of Queensland 1 — — 50 — — — 50
University of Southampton 1 — — 10 — — — 10
University of Strathclyde 2 — — 250 — 5 — 255
University of Surbaya 1 — — — 8 — — 8

Lloyd’s Register Foundation: report and financial statements 2025 68

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

University of Tasmania
University of Wolverhampton
Voyage Solutions
World Economic Forum
World Monuments Fund Britain
Worldwide Ferry Association
Yildiz Technical University
Grant Adjustments*
Impact of discounting grants awarded in the
year
Net (excluding allocation of support costs)		 1
1
1
1
1
1
1		 —
—
—
—
—
—
—
—		 —
—
—
—
509
—
—

(20)		 —
—
—
947
—
10
228
(10)		 —
50
—
—
—
—
—
(196)		 2
—
10
—
—
—
—
(2)		 —
—
—
—
—
—
—
(596)		 2
50
10
947
509
10
228
(824)
83 1,601
2,807
(192)
6,837

(461)
2,040
2,277
(228)
(596)
14,966
(881)
1,601
2,615
6,376
2,040
2,049
(596)
14,085

*Grant adjustments are commitments which have been written back during the year, for example due to project underspend by a grantee.

Lloyd’s Register Foundation: report and financial statements 2025 69

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Grants awarded in the year ended 30 June 2024 are analysed by institution below.

Number
of
grants		 Safety at
Sea
£000		 Safety of
Food
£000		 Safety of
Digital
Systems
£000		 Safety for a
sustainable
future
£000		 Safety of
Physical
infra-
structure
£000		 Skills for
Safety
£000		 Heritage
And
Education
Centre
£000		 Evidence
and Insight
£000		 Underst-
anding
Risk
£000		 Found-
ational
£000		 2024
£000
Atlantic Pacific International
Rescue Ltd		 1 — — — — — — — — — 10 10
Center of Maritime History
Institute for Mediterranean 1 — — — — — — — — — 10 10
Studies
IMRF 1 — — — — — — — — — 10 10
Pembrokeshire Coastal Forum
CiC		 1 — — — — — — — — — 10 10
Travel for research 1 — — — — — — — — — 2 2
University College London 1 — — — — — — — — — 10 10
University of Wolverhampton 1 — — — — — — — — — 10 10
Queensland University of
Technology		 1 — — — — — — — — — 10 10
Strathclyde University 1 — — — — — — — — — 10 10
HELMEPA 1 — — — — — 612 — — — — 612
International Maritime
Organization		 1 399 — — — — — — — — — 399
University of California Santa
Barbara		 1 — — — — — — — 206 — — 206
Sea Shepherd Global 1 — — — — — — — — — 10 10
Nest Funding for Completing
professional certificate courses		 1 — — — — — — — — — 2 2
University College London 1 — — — — — — — — — 2 2
Climate Adaptation Works Ltd 1 — — — — — — — — — 10 10
International Congress of
Maritime Museums		 1 — — — — — — 42 — — — 42
ICLEI Africa Secretariat 1 — — — — — — — 21 — — 21
UArctic ry - Arctic Maritime
Safety		 1 — — — — — — 90 — — — 90
The Seafarers' Charity 1 450 — — — — — — — — — 450
University of York 1 — — — — — — — — — 1,196 1,196
SafetyTech Accelerator Limited 1 — — — — — — — — — 600 600
TWI ltd - SEASEP 1 — — — — — 2,000 — — — — 2,000
United Nations Global Compact 1 1,394 — — — — — — — — — 1,394
The Sustainable Shipping
Initiative Limited		 1 65 — — — — — — — — — 65
Global Manufacturing
Organisation Limited		 1 — — — — — — — 200 — — 200
Delft University of Technology 1 — — — — — — — — — 10 10
REV Ocean 1 — — — — — — — — — 10 10
Aston University 1 — — — — — — — — — 10 10
The University of Queensland 1 — — — — — — — — — 10 10
Human Rights at Sea 1 — — — — — — — — — 10 10
Western Sydney University 1 — — — — — — — — — 10 10
MOI UNIVERSITY 1 — — — — — — — — — 10 10
RNLI 1 — — — — — — — — — 6 6
World Maritime Museum 1 — — — — — — — — — 10 10
National Sea Rescue Institute 1 — — — — — — — — — 8 8
Canadian Marine Careers
Foundation		 1 — — — — — — — — — 10 10
UArctic ry 1 — — — — — — 410 — — — 410
GMG Group 1 — — — — — — — — — 10 10
International Maritime Law
Institute (IMLI)		 1 — — — — — 1,000 — — — — 1,000
RAND Europe Community
Interest Company		 1 — — — — — — — 698 — — 698
World Maritime University 1 399 — — — — — — — — — 399
University of Portsmouth 1 — — — — — — 336 — — — 336
The University of Auckland 1 — — — — — — — 38 — — 38
Travel to International
Conference		 1 — — — — — — — — — 2 2
UN High Level Climate
Champions		 1 — — — — — — — — — 462 462
University of Philippines Visayas
Foundation		 1 — — — — — — — — — 10 10
Practical Action 1 — — — — — — — — — 250 250
Interview seaplane pilots and
other safety professionals in 1 — — — — — — — — — 1 1
Canada
Resilience Rising 1 — — — — — — — — — 178 178
World Maritime University -
Global Maritime University		 1 164 — — — — — — — — 164
The Alan Turing Institute 1 — — — — — — — — — 47 47
Northumbria University 1 — — — — — — — 247 — — 247
IfM Engage 1 — — — — — — — 246 — — 246

Lloyd’s Register Foundation: report and financial statements 2025 70

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Number
of
grants
Maritime Decarbonisation Hub
Phase 2
1
Catanduanes State University
1
Seoul National University
1
Museum of London Archaeology
1
Highland Archive Service, High
Life Highland - Following the
Fish: Stories of the Herring Girls
1
West Sussex County Council
1
Lancashire Archives & Local
History, Lancashire County
Council
1
Swansea University - A voyage
of discovery on the Avon
Searider
1
The Common Room of the Great
North - Northern Coal
Shipments: Navigating Global
Impact in a Warming World
1
Maritime Archaeological Society
of Finland - Identifying Potential
"Lloyd's" Shipwrecks on the
Gulf of Finland
1
Gloucestershire Archives -
Gloucestershire Mariners
1
National Life Stories - Exploring
Innovations in Maritime Safety
1
SS Great Britain Trust
1
Maritime Archaeology Sea Trust
- Royal Navy Loss List
interlinking with NMRN and MoD
Salmo
1
Aston University
1
Transaid Worldwide Services -
Madereva Salama Zaidi
1
London South Bank University
1
National Historic Ships UK
1
EPFL
1
Grant Adjustments*
73
Impact of discounting grants
awarded in the year		 Safety at
Sea
£000
Safety of
Food
£000
—
—
—
—
4,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(399)
(2)		 Safety of
Digital
Systems
£000
Safety for a
sustainable
future
£000
Safety of
Physical
infra-
structure
£000
Skills for
Safety
£000
Heritage
And
Education
Centre
£000
—
1,480
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
212
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(50)
—
—
—		 Evidence
and Insight
£000
Underst-
anding
Risk
£000
Found-
ational
£000
—
—
47
—
—
—
—
—
—
—
—
—
—
8
—
—
7
—
—
9
—
—
10
—
—
9
—
—
10
—
—
10
—
—
10
—
—
10
—
—
10
—
—
10
—
—
10
—
—
9
—
—
10
—
—
10
(206)
—
(1,223)		 2024
£000

1,480

47

4,000

212

8

7

9

10

9

10

10

10

10

10

10

10

9

10

10

(1,880)
6,472
(2)
(606)
—		 —
1,430
—
3,612
1,090
—
—
—
(343)
—		 1,497
—
1,885
—
—
(248)		 15,984

(1,197)
5,866
(2)		 —
1,430
—
3,269
1,090		 1,497
—
1,637		 14,787

Lloyd’s Register Foundation: report and financial statements 2025 71

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7. Grants awarded but not paid

Grants awarded but not paid
At start of year
Awarded in the year
Unwinding of discounting (note 5)
Grant adjustments (note 6)
Grant adjustments written back in year and reported within other debtors
Paid in the year
At end of year		 2025
£000
29,930
14,909
443
(824)
112
(12,366)
32,204		 2024
£000
27,853
16,667

389
(1,880)
—
(13,099)
29,930

The aging of grants payable is shown in note 15.

8. Employees

Employees
Wages and salaries
Social security costs
Pension costs		 General
funds
£000
3,461
396
422
4,279
Endowment
funds
£000

—

—

—

—
2025
£000

3,461

396

422

4,279		 2024
£000
3,114
296
397
3,807

All employees are engaged in charitable activities. The average number of employees during the year was 50 (2024: 45).

Included within employee costs above is £307,000 (2024: £296,000) remuneration received by key management personnel which includes £27,000 of employer defined contribution pension costs (2024: £26,000). See note 31 of the consolidated financial statements for the key management personnel of the Foundation Group.

The following number of employees earned emoluments within the bands shown below. Emoluments include benefits in kind, but exclude employer defined contribution pension costs.

defined contribution pension costs.
2025 2024
Number Number
£60,001 - £70,000 4 3
£70,001 - £80,000 4 2
£80,001 - £90,000 1 1
£90,001 - £100,000 1 —
£100,001 - £110,000 1 —
£110,001 - £120,000 — 2
£120,001 - £130,000 1 2
£130,001 - £140,000 4 2
£160,001 - £170,000 1 1
£180,001 - £190,000 1 —
£260,001 – £270,000 — 1
£270,001 - £280,000 1 —

The Foundation made no termination payments during the current or prior year.

9. Trustees

The Trustees are the directors of the Foundation. The Trustees do not currently receive remuneration in respect of their duties as Trustees. Trustees received £6,000 for reimbursement for out of pocket expenses (2024: £3,000) in respect of travel expenses to Board meetings.

The Foundation maintained throughout the year Trustees’ and Officers’ liability insurance in respect of itself and its Trustees.

Lloyd’s Register Foundation: report and financial statements 2025 72

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

10. Tangible Fixed Assets

Cost:
At 1 July 2024
Additions
At 30 June 2025
Depreciation:
At 1 July 2024
Charged in year
At 30 June 2025
Net book value:
At 30 June 2025
At 30 June 2024		 Office fittings
and
equipment
£000
—
92
92
—
3
3
89
—

11. Investments

Investment portfolio at market value comprises:
Fixed Interest – UK
Fixed Interest – Overseas
Equities – UK
Equities – Overseas
Index Linked - Overseas
Pooled Funds
Derivatives
Cash Instruments
Cash at investment managers and accrued interest
Unlisted investments
Investment in subsidiaries – social investment at cost less impairment
Investment portfolio and cash held by investment managers
At start of year
Additions at cost
Disposal proceeds
Realised gains / (losses) on disposals
Unrealised (losses) / gains
At end of year
Cash at investment managers and accrued interest		 30 June
2025
£000
30,024
5,178
23,645
144,127
1,119
116,033
326
4,453
3,275
328,180

40,050		 30 June
2024
£000
29,467
—
7,419
189,600
—
82,618
(166)
8,071
3,567
320,576
40,050
368,230
30 June
2025
£000
317,009
358,933
(358,899)
34,116
(26,254)
324,905
3,275
328,180		 360,626
30 June
2024
£000
289,810
150,785
(150,791)
(7,630)
34,835
317,009
3,567
320,576

Subsidiaries (note 13)

The Foundation has invested £40,050,000 (2024: £40,050,000) in its only immediate subsidiary, Lloyd’s Register Group Limited. The subsidiaries and joint ventures of Lloyd’s Register Group Limited are shown in note 32 to Lloyd’s Register Foundation Group Consolidated Financial Statements.

12. Debtors

Other Debtors
Prepayments and accrued income		 30 June
2025
£000
819
364
1,183		 30 June
2024
£000
—
682
682

Lloyd’s Register Foundation: report and financial statements 2025 73

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

13. Trading Group

The Foundation has a social investment in one trading subsidiary, Lloyd’s Register Group Limited, which has its own global group of trading companies (the Trading Group). The Foundation owns 100% of the issued share capital of Lloyd’s Register Group Limited. The Trading Group’s principal activities are the provision of independent inspection, compliance services, expert advice and digital solutions to clients in the marine industry.

The summarised financial information of the consolidated Trading Group is provided below, as per the Trading Group’s consolidated financial statements for the year ended 30 June 2025.

Turnover
Cost of sales
Gross profit
Administrative expenses		 2025
£000
667,720
(381,520)
286,200
(236,989)
2024

£000

546,617
(347,338)

199,279
(214,611)
Administrative expenses before exceptional costs
Operating profit before exceptional costs
Exceptional costs		 (219,864)
66,336
(17,125)		 (194,299

4,980
(20,312)
Operating profit / (loss)
Profit on disposal
Share of net operating loss of joint ventures
Net investment income
Interest payable and similar charges
Other finance income
Profit / (loss) before taxation
Tax on profit / (loss)
Loss for the financial year
Assets
Liabilities
Net Assets
Shareholder’s funds		 49,211
619
(208)
683
(15,950)
790
35,145
(55,709)
(20,564)
30 June 2025
£000
1,341,738
(683,324)
658,414
658,414
(15,332)

—

(759)

10,745

(44)

1,874

(3,516)
(12,432)
(15,948)

30 June 2024

£000
1,170,462
(404,087)

766,375

766,375

Lloyd’s Register Foundation: report and financial statements 2025 74

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

14. Creditors: amounts falling due within one year

Trade creditors
Amounts due to related companies
Grants payable
Accruals and deferred income
Creditors: amounts falling due after one year
Grants payable
The timing of grants payable is shown in the table below:
Due within one year
Due within 1-2 years
Due within 2-5 years
Due after 5 years
Impact of discounting
Net grants payable		 30 June 2025
£000

486
4,675
16,663
1,032
22,856
30 June 2025
£000
15,541
15,541
30 June 2025
£000
16,663

8,801
8,898
150
(2,308)
15,541

32,204		 30 June 2024
£000
219
1,123
15,850
992
18,184
30 June 2024
£000
14,080
14,080
30 June 2024
£000
15,850
8,909
6,892
150
(1,871)
14,080
29,930

15. Creditors: amounts falling due after one year

Of the net grants payable creditor of £32,204,000 (2024: £29,930,000), £1,300,000 (2024: £1,630,000) relates to grants payable to the trading group. These are discussed in more detail in note 20.

16. Financial Commitments

The Foundation has a contractual obligation to transfer up to £100m (2024: £100m) of the investment assets received from the Trading Group in September 2012 to the Lloyd’s Register Superannuation Fund Association in the event of an insolvency of Lloyd’s Register Group Limited. The Trustees consider the risk of insolvency, and therefore the risk of payment of the contingent liability, to be minimal. Additional funding commitments to related parties are detailed in note 20.

17. Funds

Funds
Total general funds
Endowment funds:
Expendable endowment		 30 June
2024
£000
24,876
313,730		 Income
£000

12,994

—

12,994		 Expenditure
£000

(25,224)

(923)		 Other
movements
£000

577
7,285
7,862		 30 June
2025
£000

13,223

320,092
338,606
(26,147)
333,315

Other movements relate to realised and unrealised gains and losses on investment assets.

Total general funds
Endowment funds:
Expendable endowment		 30 June
2023
£000
19,539
289,102		 Income
£000

29,590

—

29,590		 Expenditure
£000

(25,975)

(855)		 Other
movements
£000

1,722
25,483
27,205		 30 June
2024
£000

24,876

313,730
308,641
(26,830)
338,606

Other movements relate to realised and unrealised gains and losses on investment assets.

In September 2012, the Trading Group transferred a portfolio of investments to the Foundation, with a market value of £206.4m. The transfer was made as a gift of an expendable endowment. The gift also contained a condition that the Foundation must agree to keep part of that sum as a contingent asset of the Trading Group’s UK pension scheme. The terms of the gift was subsequently amended to adjust the contingent asset to £100m and extend the period at least until the finalisation of the full actuarial valuation as at 31 March 2025, with possible further extensions to 2034. During that period the monies can only be transferred to the Pension Scheme in the event of the insolvency of the Trading Group.

Lloyd’s Register Foundation: report and financial statements 2025 75

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

18. Revaluation reserve

General funds – revaluation reserve
Endowment funds:
Expendable endowment
General funds – revaluation reserve
Endowment funds:
Expendable endowment
19. Analysis of net assets between funds		 General funds – revaluation reserve
Endowment funds:
Expendable endowment
General funds – revaluation reserve
Endowment funds:
Expendable endowment
19. Analysis of net assets between funds		 General funds – revaluation reserve
Endowment funds:
Expendable endowment
General funds – revaluation reserve
Endowment funds:
Expendable endowment
19. Analysis of net assets between funds		 30 June
2024
£000
7,117
91,162
98,279
30 June
2023
£000
5,395
65,679
71,074		 Unrealised
gains
£000

(1,929)

(24,325)

(26,254)
Unrealised
losses
£000

2,205

32,630

34,835		 Realised
revaluation
reserve
£000
2,506
31,610
34,116
Realised
revaluation
reserve
£000
(483)
(7,147)
(7,630)		 30 June
2025
£000
7,694
98,447
106,141
30 June
2024
£000
7,117
91,162
98,279
Fixed assets

Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year		 General
funds
£000
48,227
3,393
(22,856)
(15,541)
13,223		 Endowment
funds
£000

320,092

—

—
—

320,092		 Total
30 June
2025
£000

368,319

3,393

(22,856)

(15,541)

333,315		 Total
30 June
2024
£000
360,626
10,244
(18,184)
(14,080)
338,606
Analysis of net assets between funds
Total Total
General Endowment 30 June 30 June
funds funds 2025 2024
£000 £000 £000 £000
Fixed assets 48,227 320,092 368,319 360,626
Current assets 3,393 — 3,393 10,244
Creditors: amounts falling due within one year (22,856) — (22,856) (18,184)
Creditors: amounts falling due after one year (15,541) — **(15,541) ** (14,080)
13,223 320,092 333,315 338,606
Fixed assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year		 General
funds
£000
46,896
10,244
(18,184)
(14,080)		 Endowment
funds
£000
313,730
—
—
—

313,730		 Total
30 June
2024
£000
360,626
10,244
(18,184)
(14,080)
338,606		 Total
30 June
2023
£000
332,788
6,250
(19,911)
(10,486)
24,876 308,641

20. Related party transactions

The Foundation has taken advantage of the exemption in Financial Reporting Standard 102, whereby transactions with subsidiary companies ultimately 100% owned by the same parent are not required to be disclosed.

In accordance with the provisions of Financial Reporting Standard 102 the related party transactions entered into by the charity are detailed below. The transactions that arose were in the normal course of business.

Two grants have been awarded to the Trading Group during the year ended 30 June 2025:

Additionally, during the year, a grant was awarded to a third party of which it is expected that £41,000 will be paid by the grant recipient to the SafetyTech Accelerator Programme to help achieve the aims of the original grant. £41,000 remains outstanding as at 30 June 2025.

Lloyd’s Register Foundation: report and financial statements 2025 76

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Two grants were awarded to the Trading Group during the year ended 30 June 2024:

In addition to the grants provided, a further £3,312,000 may become payable to the Trading Group over the following two years, with the majority payable within the following year. The additional payments are dependent upon periodic reviews of the project outcomes. The commitments are planned to be funded from general funds, following receipt of future investment income.

During the year ended 30 June 2025, the Foundation was charged the following amounts from the Trading Group:

The above recharges do not include any amounts in respect of services for key management personnel.

Lloyd’s Register Foundation: report and financial statements 2025 77

FINANCIAL REVIEW OF LLOYD’S REGISTER FOUNDATION GROUP

Strategic report of the Foundation

The Foundation has a direct social investment in one trading subsidiary, Lloyd’s Register Group Limited which has its own global group of trading companies (“the Trading Group”). The Foundation owns 100% of the issued share capital of Lloyd’s Register Group Limited. The Trading Group’s principal activities are the provision of independent inspection, compliance services, expert advice and digital solutions to clients in the maritime sector. The activities of the Trading Group in furthering the charitable objects of the Foundation are discussed on pages 35 and 36.

The Foundation’s consolidated total income for the year ended 30 June 2025 of £691.7 million (2024: £572.1 million) comprises of income recognised by the Trading Group of £683.7 million (2024: £562.5 million) and investment income recognised by the Foundation of £8.0 million (2024: £9.6 million). Income recognised by the Trading Group includes turnover of £667.7 million (2024: £546.6 million), investment income of £14.0 million (2024: £13.5 million), finance income relating to pensions of £1.4 million (2024: £2.4 million) and profit on disposal of discontinued operations of £0.6 million (2024: £nil million).

The Foundation’s consolidated total expenditure for the year ended 30 June 2025 of £662.4 million (2024: £589.6 million) relates principally to the Trading Group of £637.7 million (2024: £564.9 million) with the remainder relating to the activities of the charitable entity.

Consolidated net assets for the Foundation at 30 June 2025 are £954.9 million (2024: £1,069.2 million), a decrease of £114.3 million from the prior year.

Net consolidated funds (cash and short term deposits less overdrafts) for the Foundation at 30 June 2025 are £159.7 million (2024: £123.3 million), an increase of £36.4 million from 30 June 2024.

The performance of the Charitable entity is discussed on pages 31 to 35 and the results of the Trading Group below.

Results of the Trading Group

This financial review of the Trading Group forms part of the strategic report.

The summarised financial information of the consolidated Trading Group is provided in note 18 to the consolidated financial statements, as per the Trading Group’s consolidated financial statements for the year ended 30 June 2025.

Turnover for the year ended 30 June 2025 was £667.7 million (2024: £546.6 million).

Total Group operating profit before exceptional costs for the year ended 30 June 2025 was £66.3 million, (2024: £5.0 million).

Exceptional costs for the year of £17.1 million (2024: £20.3 million) relate to restructuring costs relating to globalisation of the Trading Group’s processes and integration costs related to Ocean Technologies Group and LR OneOcean.

Statutory operating profit for the year, after exceptional costs, was £49.2 million (2024: loss of £15.3 million).

Financial position of the Trading Group

Net assets for the Trading Group at 30 June 2025 are £658.4 million (2024: £766.4 million), a decrease of £108.0 million.

Branches of the Group

The Lloyd’s Register Foundation group (the Group) has branches, as defined in section 1046(3) of the Companies Act 2006, which are outside the UK.

Financial risk management policies and objectives

The Group is exposed to certain financial risks as a result of its operations and the activities that it carries out. These financial risks include litigation, foreign exchange risk, credit risk, and interest rate risk.

Litigation

In the normal course of business, the Trading Group receives claims for compensation from clients and other associated parties. The Trading Group has in place appropriate policies and procedures to mitigate litigation risk. Although insurance cover is carried to mitigate this risk, the results of litigation can be uncertain and the Trading Group remains exposed to a potential shortfall in this cover.

Foreign exchange risk (price risk)

Foreign exchange exposure is an expected risk of operating across a number of geographies. The Trading Group monitors the impact of foreign exchange on a regular basis. Where possible, the Trading Group uses natural hedges (offsetting costs incurred in a particular currency against revenues earned in that currency) that arise from its normal operating activities to manage its foreign exchange exposures. Where cash-pooling is not permitted by local regulations, non-GBP entities submit cash to head office companies by paying dividends and management charges. Derivative financial instruments are used by the Group’s third-party investment manager to manage the exposure to foreign exchange risk associated with the Company’s investment portfolio. Residual foreign exchange exposure is monitored and is considered tolerable.

Lloyd’s Register Foundation: report and financial statements 2025 78

Liquidity risk and going concern

The Group has net cash after overdrafts of £159.7 million (2024: £123.3 million). In addition, the Group holds an investment portfolio of £328.3 million (2024: £585.1 million) of which £nil (2024: £45.9 million) is held in escrow to make good the deficit on overseas defined benefit pension schemes in future periods.

The Trustees consider that the cash held by the Group, together with its investment portfolio, are sufficient to address the Group’s liquidity requirements, both in the near and longer term.

The Trustees therefore have a reasonable expectation that the Foundation and the Group have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.

Credit risk

It is company policy to perform an assessment of the creditworthiness of new clients and, where appropriate, assign a credit limit to clients’ accounts.

Interest rate risk

Derivative financial instruments are used by the Group’s third party investment manager to manage the exposure to foreign exchange risk associated with the Foundation’s investment portfolio. The Group has exposure to interest rate risk due to the external bank loan (note 21).

Further details of the Trading Group

Further details of the financial performance of the Trading Group is included within the Lloyd’s Register Group Limited’s statutory accounts.

Lloyd’s Register Foundation: report and financial statements 2025 79

THE CONSOLIDATED FINANCIAL STATEMENTS

Lloyd’s Register Foundation: report and financial statements 2025 80

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES, INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2025

Note
Income
Income from investments:
Investment portfolio
4
Property
4
Other
4
Other finance income - pensions
24
Income from other trading activities
5
Profit on disposal of discontinued operations
14
Total income
Expenditure on raising funds
Investment management costs
Cost of other trading activities
Unwinding of provision discounting
22
Net interest in the results for the year in joint ventures
Total costs of raising funds
Expenditure on charitable activities
Total grants activities
7
Total direct activities
7
Total expenditure
Net income / (expenditure) before (losses) / gains on investments
11
Unrealised gains / (losses) on investments
Realised gains / (losses) on disposal of investments
Net (expenditure) / income before taxation
Taxation
10
Net (expenditure) / income
Transfers between funds
Foreign exchange differences on translation of net assets of overseas
operations
Net actuarial movements on defined benefit pension schemes
24
Tax relating to components of other comprehensive income
Net movement in funds
Funds brought forward
Funds carried forward
Trading
funds
2025
£000
1,715
3,614
8,685
1,388
667,720
619
683,741
—
(636,880)
(598)
(208)
(637,686)
—
—
(637,686)
46,055
(38,441)
25,110
32,724
(55,709)
(22,985)
(2,579)
(21,190)
(86,289)
25,082
(107,961)
766,375
658,414		 General
funds
2025
£000


7,727

—

267

—

—

—

7,994

—

—

—
—

—

(16,180)

(7,644)

(23,824)

(15,830)

(1,929)

2,506

(15,253)
—
(15,253)

2,579

—

—

—

(12,674)

(10,936)

(23,610)		 Endowment
funds
2025
£000


—

—

—

—

—

—

—

(923)

—

—

—

(923)

—
—

(923)

(923)

(24,325)

31,610

6,362

—
6,362

—

—

—

—

6,362
313,730
320,092		 Total funds
2025
£000



9,442

3,614

8,952

1,388

667,720

619

691,735



(923)

(636,880)

(598)

(208)

(638,609)



(16,180)

(7,644)

(662,433)


29,302

(64,695)

59,226

23,833


(55,709)

(31,876)

—

(21,190)

(86,289)

25,082


(114,273)


1,069,169

954,896		 Total funds
2024
£000
16,410
3,998
2,631
2,400
546,617
—
572,056
(855)
(563,605)
(526)
(759)
(565,745)
(16,058)
(7,837)
(589,640)
(17,584)
45,627
(21,126)
6,917
(12,432)
(5,515)
—
(3,607)
(18,414)
2,931
(24,605)
1,093,774
1,069,169

All amounts presented above relate to continuing operations.

There are no recognised gains or losses for the year other than those shown above. An analysis of the prior year funds is shown in note 6. All funds are unrestricted.

Lloyd’s Register Foundation: report and financial statements 2025 81

CONSOLIDATED BALANCE SHEET AT 30 JUNE 2025

Note
Fixed Assets
Goodwill
14
Other intangible fixed assets
15
Tangible assets
16
Investments
17
Interests in joint ventures: share of net assets
17
Current assets
Debtors falling due within one year
19
Debtors falling due after more than one year
19
Cash at bank and in hand
Pension surplus
24
Creditors:amounts falling due within one year
20
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after one year
21
Provisions for liabilities excluding pension deficits
22
Provisions for pension deficits
24
Net assets
The funds of the group
27,28
Non charitable trading funds
Non charitable trading funds revaluation reserve
28
General fund
General fund revaluation reserve
28
Total unrestricted funds
27
Endowment funds
Endowment fund revaluation reserve
28
Total endowment funds
27
Total group funds		 30 June
2025
£000
720,591
25,013
106,930
331,237
115
1,183,886


244,602
16,407
200,553
23,277
484,839

(344,764)
140,075

1,323,961

(221,698)

(37,871)
(109,496)

954,896




666,329
(7,915)
(31,304)
7,694
634,804

221,645
98,447
320,092

954,896		 30 June
2024
£000
300,009
23,790
116,973
587,455
115
1,028,342
212,305
12,688
123,297
123,527
471,817
(249,734)
222,083
1,250,425
(14,080)
(39,886)
(127,290)
1,069,169
735,847
30,528
(18,053)
7,117
755,439
222,568
91,162
313,730
1,069,169

The financial statements on pages 81 to 115 were approved by the Trustees on 5 November 2025 and signed on their behalf by:

Marina Wyatt (Nov 5, 2025 14:31:04 GMT) Marina Wyatt, Trustee

Lloyd’s Register Foundation

Company registration number 07905861

Lloyd’s Register Foundation: report and financial statements 2025 82

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025

Note
Net cash inflow / (outflow) from operating activities
30
Cash flows from investing activities
Decrease in loans
Proceeds from sale of investments
Proceeds from sale of tangible fixed assets
Purchase of investments
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Interest paid
Investment income
Additional investment in existing joint ventures
Acquisition of subsidiaries including debt settled on acquisition, net of cash acquired
Disposal of subsidiaries
Gain on foreign exchange derivative settlement
Net cash (outflows) / inflows from investing activities
Cash flows from financing activities
Interest paid on external loan and overdraft
Increase in overdraft
Net proceeds from bank loan
Net cash inflow from financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Net increase / (decrease) in cash and cash equivalents
Effect of foreign exchange rate changes
Cash and cash equivalents at end of year		 2025
£000
29,222

10
639,439
253
(373,688)
(10,488)
(10,633)
—
22,008
(164)
(432,945)
104
3,038		 2024
£000

(24,979)
19
241,671
535
(244,825)
(5,019)
(16,328)
(44)
23,083
(672)
—
2,838
—
**(163,066) ** 1,258
(13,488)
9,867
223,298
—

—

—
219,677
—
85,833
(23,721)
123,297
85,833
(8,577)
150,822
(23,721)
(3,804)
200,553
123,297

Reconciliation of net cash flow to movements in net funds / (debt)

Group
Cash and cash equivalents
Bank overdraft
External loan
Net funds / (debt)		 At 1 July
2024
£000
123,297
—
—		 Cash flow
£000

518,778

(9,867)

(211,791)		 Acquisition of
subsidiaries
£000

(432,945)

(31,650)
—

(464,595)		 Other
movements

£000

(8,577)

647

5,634		 At 30 June
2025
£000

200,553

(40,870)

(206,157)
(46,474)
123,297
297,120		 (2,296)

Lloyd’s Register Foundation: report and financial statements 2025 83

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1. Basis of accounting and consolidation

The Group financial statements consolidate the financial statements of the Foundation and its subsidiary undertakings. The results of subsidiaries acquired or sold are consolidated from or to the date on which control passed. Acquisitions are accounted for under the acquisition method.

These consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed asset investments and derivative financial instruments. They have been prepared in accordance with the Statement of Recommended Practice FRS 102 “Accounting and Reporting by Charities” (“the Charities SORP”), with the exception of banding disclosures of employee benefits (excluding pension costs) in £10,000 bandings from £60,000 for employees of the Foundation’s trading subsidiaries (see note 12), the reporting requirements of the Companies Act 2006 and applicable accounting standards in the United Kingdom. The charitable company has adapted the Companies Act formats to reflect the Charities SORP. The financial statements have been prepared on the going concern basis as discussed further in the Trustees’ report on page 34.

The functional currency of the Group is considered to be Pound Sterling as this is the currency of the primary economic environment in which the Group operates. The consolidated financial statements are also presented in pounds sterling and all values are rounded to the nearest thousand pounds (£000), except where otherwise indicated.

2. Accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all periods presented.

a. Income

Income is accounted for on an accruals basis and included in the statement of financial activities when the Group is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.

Turnover from surveys and inspections, which are the main activities of the Trading Group’s Maritime business is recognised by reference to the stage of completion of the contract activity as at the balance sheet date. This is normally measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs once the final outcome can be assessed with reasonable certainty. All income is recorded net of VAT and similar sales taxes. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. Where revenue is recognised in advance of invoicing, the amounts are recorded as accrued income and included as part of debtors within prepayments and accrued income.

Turnover from the supply of recurring subscriptions for online software and learning tools, which is the main activity of the Trading Group’s OneOcean business, is recognised over the period of the subscription as a proportion of the total service to be provided since the customer receives and benefits from the service simultaneously. This is determined based on the actual months of use relative to the total months of service set out in the contract. Turnover from the sale of goods and non-recurring services is recognised when the goods have been physically delivered to the customer or when the service has been provided.

Where the commercial effect of a transaction cannot be understood without reference to a series of transactions as a whole, revenue recognition is based on the group of transactions.

b. Expenditure

Expenditure is accounted for on an accruals basis.

Expenditure on raising funds includes costs associated with trading activities and investment management.

Expenditure on charitable activities comprise all the costs incurred by the Foundation in undertaking its work to meet its charitable objectives as opposed to the cost of generating the funds to finance these activities. Charitable activities are all the expenditure by the Foundation in the delivery of goods and services, including its programme and project work that is directed at the achievement of its charitable aims and objectives. Such costs include the direct costs of the charitable activities together with those support costs incurred that enable these activities to be undertaken.

Grants awarded are recognised when the Group formally notifies the recipient of the award following approval by the Trustees. The liability recognised is for the full amount of the award, unless a break clause is able to be exercised by the Group, whether payable immediately or across a number of financial years as grants are subject to qualitative review rather than strict performance criteria. Where material, grant liabilities in excess of one year are discounted to net present value to reflect the time value of money which is based on investment returns with a similar risk profile.

Support costs are defined as those costs that are incurred indirectly that cannot be allocated to specific activities, and relate to both grant making and direct activities that then give the Foundation the capability to carry out its charitable activities. They are allocated to the SORP expenditure headings on the basis of underlying expenditure which reflects the level of activity performed.

Lloyd’s Register Foundation: report and financial statements 2025 84

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

c. Tangible fixed assets

Tangible fixed assets (other than investment properties) are stated at cost, net of depreciation and impairment.

Depreciation of tangible fixed assets is provided using the straight line method, commencing with the year in which they are ready for use, at rates estimated to write off their cost over their respective useful lives as follows:

Motor vehicles 5 years Office fittings and equipment 8 years Computer equipment 5 years Plant and machinery 5 to 20 years Freehold buildings 5 to 40 years Leasehold improvements Length of the lease

Depreciation is not provided in respect of freehold land as it is deemed to have an infinite useful life.

Investment properties relates to one property that is in mixed functional and investment use. Areas of the building occupied by third party tenants are deemed to be in investment use and are held at market value with any change in fair value recognised in the profit and loss account. A valuation of the building is pro-rated according to the value of floor space occupied by third party tenants.

d. Intangible fixed assets: goodwill

Goodwill arises on the acquisition of subsidiary undertakings and businesses and represents the excess of the fair value of the consideration given over the fair value of identifiable assets and liabilities acquired.

Goodwill arising on acquisitions is capitalised and amortised on a straight line basis over its estimated useful economic life up to a maximum of 20 years. It is reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.

In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

e. Intangible fixed assets

Intangible assets relating to purchased software are recognised at cost including any directly attributable costs of preparing the software for its intended use and amortised using the straight line method over their useful economic lives which are estimated to be from 3 to 11 years. Provision is made for any impairment.

f. Research expenditure

Research expenditure is written off as incurred. Software development expenditure is capitalised as an intangible asset. For expenditure to be considered development activity, the following criteria must be met in full:

Capitalised development costs are amortised on a straight-line basis over the expected useful life of the software of up to 5 years. Amortisation of development costs commences when the software development is complete.

g. Investments

The investment portfolio is stated at market value. Unlisted investments are stated at cost less provision for impairment. The statement of financial activities includes realised gains and losses on investments sold in the year and unrealised gains and losses on revaluation of investments.

Investment properties includes one property that is in mixed functional and investment use. Areas of the building occupied by third party tenants are deemed to be in investment use and are held at market value with any change in fair value recognised in the consolidated statement of financial activities. The valuation of the building is pro-rated according to the value of floor space occupied by third party tenants.

h. Cash

Items considered to be cash are those held in hand, in current accounts and on term deposit (where the term is less than three months) with recognised financial institutions.

i. Taxation and Value Added Tax

The Foundation is a UK registered charity, and is exempt from Corporation Tax under Chapter 3 of Part 11 to the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that surpluses are applied to its charitable purposes.

Lloyd’s Register Foundation: report and financial statements 2025 85

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The Trading Group includes companies and branches that operate overseas and that are subject to foreign tax. Direct tax relating to those entities is included within the consolidated financial statements as a trading cost, and analysed in note 10 to the financial statements. Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The Foundation registered for VAT during the year ended 30 June 2025. Before becoming VAT registered the Foundation suffered irrecoverable VAT. This expense is recorded and disclosed with the cost of the underlying goods or services.

j. Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less or to receive more tax in the future.

Deferred tax assets are recognised only to the extent that on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax relating to investment property is measured using the tax rates and allowances that apply to the sale of the asset.

k. Fund accounting

The Foundation’s general fund comprises accumulated unrestricted surpluses and deficits.

Non-charitable trading funds represent the accumulated surpluses and deficits retained within the Trading Group.

Endowment funds comprise one expendable endowment fund, a part of the September 2012 donation from the Trading Group. Generally, capital is retained within the fund, with income forming part of the Foundation’s general fund. Trustees have the power to convert capital to income should they wish to expend capital subject to the contractual obligations of the initial donation as outlined in note 27.

l. Financial assets and liabilities:

Financial assets and financial liabilities are recognised when the Foundation becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs). With the exception of fixed asset investments and derivative financial instruments, financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors are recognised at the settlement amount due. Creditors are recognised where the Foundation has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

Income from quoted securities, which is recorded on an accruals basis, is recognised in investment income as are changes in the fair value of the remainder of the investment portfolio. The Group does not apply hedge accounting for any of its financial instruments.

m. Foreign currencies:

i. Foreign currency denominated assets and liabilities of the Group and its overseas operations are translated at the rate of exchange ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in the statement of financial activities and accumulated in net funds.

iii. Other exchange differences are shown in net income within the statement of financial activities except for exchange differences on monetary items receivable or payable from / to a foreign operation for which settlement is neither planned nor likely to occur (forming part of the net investment in the foreign operations) which are accumulated in net funds.

n. Leases

The costs of operating lease rentals are charged to the profit and loss account in the period to which they relate even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

o. Rental income

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Lloyd’s Register Foundation: report and financial statements 2025 86

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

p. Interest receivable

Interest receivable from bank and short term deposits includes interest accrued. Income from the investment portfolio is recorded on an accruals basis when the income becomes payable to the Group.

q. Short-term employee benefits

Short-term employee benefits are recognised as an expense in the period in which they relate.

r. Debt instruments

Debt instruments which comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, it is considered whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are subsequently measured at amortised cost using the effective interest method.

s. Pensions

For defined benefit schemes the amounts charged to costs of activities for generating funds are the costs arising from employee services rendered during the year and the cost of plan introductions, benefit changes, settlements and curtailments. They are included as part of staff costs. The net interest income on the net defined benefit liability is charged to the statement of financial activities and included within other finance income - pensions. Re-measurement comprising actuarial gains and losses and the return on scheme assets (excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in the statement of financial activities.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Group, in separate Trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date.

Pension scheme surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the balance sheet.

For defined contribution schemes the amount charged to the statement of financial activities account in respect of pension costs and other retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.

t. Investment in joint ventures

In the Group financial statements, investments in joint ventures are accounted for using the equity method. Investments in joint ventures are initially recognised at the transaction price and are subsequently adjusted to reflect the Group’s share of the profit or loss and other comprehensive income of the joint venture.

u. Heritage assets

The Group’s collection of pictures, furniture and fittings, ship models, books and archive material are considered to be heritage assets. No value is attributed to them in the balance sheet and no depreciation charged on the grounds that for many of the assets, reliable historical cost information is not available and that the depreciated historical cost of these assets is now immaterial.

v. Provisions

Provision is made on a case-by-case basis in respect of defending claims received and where appropriate, the estimated cost of settling claims. Provisions for employee benefits arising on termination of employment, are recognised when a company is demonstrably committed to a formal plan for termination and is without realistic possibility of withdrawal from the plan.

w. Comparative balance sheet

The comparative consolidated balance sheet and related notes have been restated to reflect the following presentation updates which follows the statutory format as permitted under Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/310).

i. Deferred tax assets are included within debtors falling due after one year.

iii. Balances relating to pension schemes in surplus are presented within current assets instead of fixed assets.

3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, which are described in note 2, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.

Lloyd’s Register Foundation: report and financial statements 2025 87

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Critical judgements in applying the Group’s accounting policies

The Trustees do not consider there to be any critical judgements, apart from those involving estimations (which are dealt with separately below), in the process of applying the Group’s accounting policies that have a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below.

Revenue recognition

The Group has long-term customer contracts under which service delivery can extend over a number of years. In accounting for such long-term contracts, an estimate is required of the costs to complete the contract to determine the percentage of completion, which is used to determine the amount of revenue to be recognised. These estimates are used to forecast the ultimate profitability of each contract. If, at any time, these estimates indicate that a contract will be unprofitable, the entire estimated loss for the contract is recognised immediately. If the estimates change, the measurement of the percentage of completion will change, with a consequential remeasurement of cumulative revenue recognised to date on the contract. Consequently the determination of cost estimates on long-term customer contracts that span more than one accounting period are considered a critical judgement. However, there are no such long-term projects that are individually material to the Group's reported result. At 30 June 2025, the Group has recognised £53.4m of net deferred income in respect of long term contracts.

Pension plans

The Group operates pension schemes worldwide, including defined benefit pension schemes, the most significant of which is in the United Kingdom. For a description of the related accounting policies refer to Note 2 above. During the year, the Trustees of the main UK scheme entered into a bulk annuity contract (‘buy-in’) which minimises the risk of future actuarial movements since changes in the pension obligations are offset by changes in the insurance asset. Changes in significant assumptions on other schemes, with liabilities of £167.8m, could affect the amounts recorded, particularly the rate used to discount the projected benefit obligation. Note 24 to the financial statements describes the principal discount rate, salary increase, inflation, mortality and pension payment increase assumptions that have been used to determine the pension and post-retirement charges. The calculation of any charge relating to pensions is dependent on the assumptions used, which reflects the exercise of judgement. The assumptions adopted are made on advice of the Group’s actuaries, prior experience and market conditions.

Goodwill impairment

The Group assesses at each reporting date whether there is any indication that the goodwill recognised in respect of acquisitions is impaired. Where an indicator is identified an impairment review is performed which requires the estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cashgenerating unit and a suitable discount rate in order to calculate present value. The carrying amount of goodwill at the balance sheet date was £720.6m (2024: £300.0m).

Goodwill useful economic life

The Group assesses the useful economic life of goodwill for all acquisitions. The OneOcean and Ocean Technologies Group acquisitions are significant for the group providing a stable customer base with recurring revenue streams, and significant long term synergies. Synergies are expected both from cross selling and cost efficiencies. The useful economic life of both acquisitions has been estimated at 20 years and resulted in a current year amortisation charge of £29.8m.

4. Investment income

Fixed Interest – UK
Fixed Interest – Overseas
Equities – UK
Equities – Overseas
Index Linked - Overseas
Pooled Funds
Cash Instruments
Bank interest
Gain on foreign exchange forward contract
Income from UK investment property		 Trading
funds
£000
751
—
59
426
—
204
275
1,715
5,647
3,038
3,614
14,014		 General
funds
£000

1,267

202

885

3,612

19
1,326

416
7,727

267

—
—

7,994		 Endowment
funds
£000

—

—

—

—

—
—

—
—
—

—

—

—		 Total funds
2025
£000

2,018

202

944

4,038

19
1,530

691
9,442
5,914

3,038

3,614
22,008		 Total funds
2024
£000
4,891
—
843
5,210
—
4,518
948
16,410
2,631
—
3,998
23,039

Lloyd’s Register Foundation: report and financial statements 2025 88

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5. Income from other trading activities

Turnover by class of business of the Trading Group:
Maritime
OneOcean*		 2025
£000
540,330
127,390		 2024
£000
459,686
86,931
667,720 546,617

Expenditure on raising funds

Costs of raising funds include investment management costs and all expenses of the Trading Group including those attributable to public benefit activities but excluding any charitable donations made directly by the Trading Group.

6. Breakdown of total funds for 2024

Income
Income from investments:
Investment portfolio
Property
Other
Other finance income - pensions
Income from other trading activities
Profit on disposal of discontinued operations
Total income
Expenditure on raising funds
Investment management costs
Cost of other trading activities
Unwinding of provision discounting
Net interest in the results for the year in joint ventures
Other
Total costs of raising funds
Expenditure on charitable activities
Total grants activities
Total direct activities
Total expenditure
Net (expenditure) / income before gains / (losses) on investments
Unrealised gains / (losses) on investments
Realised losses on disposal of investments
Net (expenditure) / income before taxation
Taxation
Net (expenditure) / income
Transfers between funds
Acquisition of non-controlling interest
Foreign exchange differences on translation of net assets of overseas
operations
Net actuarial movements on defined benefit pension schemes
Tax relating to components of other comprehensive income
Net movement in funds
Funds brought forward
Funds carried forward		 Trading
funds
2024
£000
7,335
3,998
2,116
2,400
546,617
—
562,466


—
(563,605)
(526)
(759)
—
(564,890)


—
—
(564,890)

(2,424)
10,792
(13,496)
(5,128)

(12,432)
(17,560)

(18,388)
—
(3,607)
(18,414)
2,931

(55,038)

821,413
766,375		 General
funds
2024
£000

9,075
—
515
—
—
—
9,590
—
—
—
—
—
—
(16,058)
(7,837)
(23,895)
(14,305)
2,205
(483)
(12,583)
—
(12,583)
18,388
—
—
—
—
5,805
(16,741)
(10,936)		 Endowment
funds
2024
£000


—

—

—
—

—

—

—

(855)

—

—

—

—

(855)

—

—

(855)

(855)

32,630

(7,147)

24,628

—

24,628

—

—

—

—

—

24,628

289,102

313,730		 Total funds
2024
£000



16,410

3,998

2,631

2,400

546,617

—

572,056



(855)

(563,605)

(526)

(759)

—

(565,745)



(16,058)

(7,837)

(589,640)


(17,584)

45,627

(21,126)

6,917


(12,432)

(5,515)

—

—

(3,607)

(18,414)

2,931


(24,605)


1,093,774

**1,069,169 **		 Total funds
2023
£000
19,029
3,585
2,628
2,524
516,793
15,842
560,401
(863)
(525,591)
(361)
(744)
(649)
(528,208)
(15,930)
(5,969)
(550,107)
10,294

(973)
(39,213)
(29,892)
(3,411)
(33,303)
—
(5,354)
(7,020)
(36,047)
11,702
(70,022)
1,163,796
1,093,774

Lloyd’s Register Foundation: report and financial statements 2025 89

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

7. Analysis of expenditure on charitable activities

Grant making activities:
Safer Maritime Systems
Skilled People for Safer Engineering
Safer Sustainable Infrastructure
Heritage
Global Safety Evidence Centre
Write back of grants awarded under previous strategic themes
Discounting of grant liabilities *
Total grant activities
Activities undertaken directly:
Safer Maritime Systems
Heritage
Global Safety Evidence Centre		 Grants (note 8)
£000
6,376
2,049
640
2,615
1,601
(596)		 Direct costs
£000

215

71

70

89

50
—
495

—

495

1,168

2,872

2,515		 Support costs
£000

1,096

352

383

452

274

—

2,557

—

2,557

194

477

418		 2025
£000

7,687

2,472

1,093

3,156

1,925

(596)
12,685
15,737
443
443
13,128
16,180
—
—
—
1,362

3,349

2,933
—
6,555
7,050
1,089

3,646
7,644
13,128 23,824

*Impact of unwinding the discounting of grants awarded in prior years and the change in discount rate. The impact of unwinding the discount of the grant liabilities is £508,000. The impact of changing the discount rate is a reduction in the expenditure of £65,000.

During the year, the Foundation started a new five-year strategy, the details of which can be found in the Strategic Report. As part of this new strategy, new grant making goals were established. The comparatives from the year ended 30 June 2024 for both Notes 7 and 8 have not been restated under these new strategic goals and instead have been presented under the strategic goals which were active at the time.

Where costs relate predominantly to grant making activity they have been allocated to grants in proportion to the level of expenditure. Support costs of £3,646,000 (2024: £3,478,000) are allocated across all the Foundation’s activities. These include costs associated with IT, HR, finance, property, and other central services of the Charity’s staff where not considered directly attributable. Included within support costs are staff costs of £2,163,000 (2024: £2,023,000) and governance costs of £59,000 (2024: £68,000).

Governance costs are the fees payable to the Foundation’s auditor for the audit of the Foundation’s annual accounts of £59,000 (2024: £68,000).

Analysis of expenditure by charitable activities in 2024 is shown below.

Grant making activities:
Goal 1: Evidence and Insight
Goal 2: Challenge area: Safety at Sea
Goal 2: Challenge area: Safety of Food
Goal 2: Challenge area: Safety for a Sustainable Future
Goal 2: Challenge area: Skills for Safety
Heritage and education centre
Foundational
Discounting of grant liabilities
Total grant activities
Activities undertaken directly:
Goal 1: Evidence and Insight
Heritage and education centre
Foundational
Total direct activities		 Grants (note 8)
£000
1,497
5,866
(2)
(50)
3,269
1,090
1,037		 Direct costs
£000

45

183

—
40

96

29

84
477
—
477

2,665

2,959

1,220

6,844
7,321		 Support costs
£000

253

935

—

219

488

163

427
2,485
—
2,485

387

429

177

993
3,478		 2024
£000

1,795

6,984

(2)

209

3,853

1,282

1,548
12,707 15,669
389 389
13,096 16,058
—
—
—
3,052

3,388

1,397
—
7,837
**13,096 ** 23,895

Lloyd’s Register Foundation: report and financial statements 2025 90

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

8. Grants awarded

Lloyd’s Register Foundation achieves its mission through awarding charitable grants to fund research, intervention programmes and other impact-led initiatives. Grants awarded in the year ended 30 June 2025 are analysed by institution below.

Number of
grants		 Global Safety
Evidence Centre
 Heritage Safer Maritime
Systems		 Safer
Sustainable
Infra-structure		 Skilled People
for Safer
Engineering		 Grants awarded
under previous
themes		 2025
£000 £000 £000 £000 £000 £000 £000
Elohim Foundation 1 10 — — — — — 10
ITU Maritime Faculty 1 — — — 10 — — 10
Aristotle University of Thessaloniki 1 — 10 — — — — 10
Atlantic Pacific International Rescue Ltd 1 — — 10 — — — 10
Bayes Business School, City St George's,
University of London		 1 — — 10 — — — 10
Building and Wood Workers International
(BWI)		 1 250 — — — — — 250
Career Ready 1 — — — — 5 — 5
Climate Ed 1 — — — — 5 — 5
Coastal Forces heritage Trust 1 — 10 — — — — 10
Commonwealth Engineers' Council - Aston
University		 1 — — — — 63 — 63
Cranfield University 1 — — 45 — — — 45
Danish Institute of Fire and Security
Technology (DBI)		 1 — — 500 — — — 500
Data4Change 1 10 — — — — — 10
Engineers Board of Kenya 1 — — — — 299 — 299
Fab Foundation Nepal 1 — — — — 10 — 10
GIRT Scientific Divers Pty Ltd 1 — 10 — — — — 10
Global Network of Civil Society
Organisations for Disaster Reductions		 1 250 — — — — — 250
Global Resilient Cities Network 1 250 — — — — — 250
Global Sustainable Futures Network CIC 1 — — 10 — — — 10
Health and Safety Executive 1 — — — 312 — — 312
IfM Engage University of Cambridge 1 — — — 189 — — 189
IITNDT 1 — — — — 2 — 2
IMRF 2 — — 249 — — — 249
International Federation of the Red Cross
and Red Crescent Societies		 1 250 — — — — — 250
Kwame Nkrumah University of Science and
Technology		 1 — — — — 10 — 10
Mankind Development Initiative 1 — — — — 5 — 5
Maritime Archaelogy Trust 1 — 10 — — — — 10
Maritime Museum Rotterdam 1 — 10 — — — — 10
MaritimEA Research 1 — 10 — — — — 10
Memorial University of Newfoundland 1 — 10 — — — — 10
Moi University 1 — — — — 10 — 10
MOI UNIVERSITY 1 — — — — 612 — 612
Monash University 1 100 — — — — — 100
Museo historico de La Boca 1 — 10 — — — — 10
National Archives 1 — 1,000 — — — — 1,000
National Museums Liverpool 2 — 1,010 — — — — 1,010
National University of Singapore 1 — 10 — — — — 10
Nautical Archaeology Society 2 — 16 — — — — 16
Onyia Construction 1 — — — — 10 — 10
Queen Mary University of London (QMUL) 1 — — 998 — — — 998
Queensland University of Technology 1 10 — — — — — 10
Rockefeller Philanthropy Advisors for
Climate Champion Team		 1 — — — 267 — — 267
Royal Society for the Prevention of Accidents 1 66 — — — — — 66
Sea2Carbon Ltd 1 — — - 10 — — — 10
Seafarers Charity 1 — — 810 — — — 810
South African Weather Service - The UK Met
Office		 1 98 — — — — — 98
Subworx Ltd 1 — 10 — — — — 10
Teesside University 1 — — 10 — — — 10
The Nautical Institute 1 — — — — 10 — 10
The Nautical Institute - Seafarers and
Technology		 1 — — 990 — — — 990
The Ocean Foundation 1 — 152 — — — — 152
The Oslo School of Architecture and Design
(AHO)		 1 — — 919 — — — 919
The Society for the Documentation of
Submerged Sites		 1 — 10 — — — — 10
The University of Auckland 1 — — 10 — — — 10
UCL 1 — — — — 255 — 255
UN Office for Disaster Risk Reduction 1 161 — — — — — 161
UNEP International Environmental
Technology Centre		 1 95 — — — — — 95
UNESCO Accredited NGOs c/o The Maritime
Archaeology Trust		 1 — 10 — — — — 10
University of Coimbra 1 — 10 — — — — 10
University of Essex 1 — — 9 — — — 9
University of Greenwich 1 — — — — 10 — 10
University of Groningen 1 42 — — — — — 42
University of Nottingham 1 9 — — — — — 9
University of Portsmouth 2 — 10 772 — — — 782
University of Pretoria 1 — — — — 956 — 956
University of Queensland 1 — — 50 — — — 50
University of Southampton 1 — — 10 — — — 10
University of Strathclyde 2 — — 250 — 5 — 255
University of Surbaya 1 — — — 8 — — 8
University of Tasmania 1 — — — — 2 — 2

Lloyd’s Register Foundation: report and financial statements 2025 91

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

University of Wolverhampton
Voyage Solutions
World Economic Forum
World Monuments Fund Britain
Worldwide Ferry Association
Yildiz Technical University
Grant Adjustments*
Impact of discounting grants awarded in the
year
Net (excluding allocation of support costs)		 1
1
1
1
1
1		 —
—
—
—
—
—
—		 —
—
—
509
—
—

(20)		 —
—
947
—
10
228
(10)		 50
—
—
—
—
—
(196)		 —
10
—
—
—
—
(2)		 —
—
—
—
—
—
(596)		 50
10
947
509
10
228
(824)
81 1,601
2,807
(192)
6,837

(461)
640
2,277
(228)
(596)
13,566
(881)
1,601
2,615
6,376
640
2,049
(596)		 12,685

*Grant adjustments are commitments which have been written back during the year, for example due to project underspend by a grantee.

Lloyd’s Register Foundation: report and financial statements 2025 92

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Grants awarded in the year ended 30 June 2024 are analysed by institution below.

Number
of
grants		 Safety at
Sea
£000		 Safety of
Food
£000		 Safety of
Digital
Systems
£000		 Safety for a
sustainable
future
£000		 Safety of
Physical
infra-
structure
£000		 Skills for
Safety
£000		 Heritage
And
Education
Centre
£000		 Evidence
and Insight
£000		 Underst-
anding Risk
£000		 Found-
ational
£000		 2024
£000
Atlantic Pacific International
Rescue Ltd		 1 — — — — — — — — — 10 10
Center of Maritime History
Institute for Mediterranean 1 — — — — — — — — — 10 10
Studies
IMRF 1 — — — — — — — — — 10 10
Pembrokeshire Coastal Forum
CiC		 1 — — — — — — — — — 10 10
Travel for research 1 — — — — — — — — — 2 2
University College London 1 — — — — — — — — — 10 10
University of Wolverhampton 1 — — — — — — — — — 10 10
Queensland University of
Technology		 1 — — — — — — — — — 10 10
Strathclyde University 1 — — — — — — — — — 10 10
HELMEPA 1 — — — — — 612 — — — — 612
International Maritime
Organization		 1 399 — — — — — — — — — 399
University of California Santa
Barbara		 1 — — — — — — — 206 — — 206
Sea Shepherd Global 1 — — — — — — — — — 10 10
Nest Funding for Completing
professional certificate courses		 1 — — — — — — — — — 2 2
University College London 1 — — — — — — — — — 2 2
Climate Adaptation Works Ltd 1 — — — — — — — — — 10 10
International Congress of
Maritime Museums		 1 — — — — — — 42 — — — 42
ICLEI Africa Secretariat 1 — — — — — — — 21 — — 21
UArctic ry - Arctic Maritime
Safety		 1 — — — — — — 90 — — — 90
The Seafarers' Charity 1 450 — — — — — — — — — 450
University of York 1 — — — — — — — — — 1,196 1,196
TWI ltd - SEASEP 1 — — — — — 2,000 — — — — 2,000
United Nations Global Compact 1 1,394 — — — — — — — — — 1,394
The Sustainable Shipping
Initiative Limited		 1 65 — — — — — — — — — 65
Global Manufacturing
Organisation Limited		 1 — — — — — — — 200 — — 200
Delft University of Technology 1 — — — — — — — — — 10 10
REV Ocean 1 — — — — — — — — — 10 10
Aston University 1 — — — — — — — — — 10 10
The University of Queensland 1 — — — — — — — — — 10 10
Human Rights at Sea 1 — — — — — — — — — 10 10
Western Sydney University 1 — — — — — — — — — 10 10
MOI UNIVERSITY 1 — — — — — — — — — 10 10
RNLI 1 — — — — — — — — — 6 6
World Maritime Museum 1 — — — — — — — — — 10 10
National Sea Rescue Institute 1 — — — — — — — — — 8 8
Canadian Marine Careers
Foundation		 1 — — — — — — — — — 10 10
UArctic ry 1 — — — — — — 410 — — — 410
GMG Group 1 — — — — — — — — — 10 10
International Maritime Law
Institute (IMLI)		 1 — — — — — 1,000 — — — — 1,000
World Maritime University 1 399 — — — — — — — — — 399
University of Portsmouth 1 — — — — — — 336 — — — 336
The University of Auckland 1 — — — — — — — 38 — — 38
UN High Level Climate
Champions		 1 — — — — — — — — — 462 462
Practical Action 1 — — — — — — — — — 250 250
Interview seaplane pilots and
other safety professionals in 1 — — — — — — — — — 1 1
Canada
Resilience Rising 1 — — — — — — — — — 178 178
World Maritime University -
Global Maritime University		 1 164 — — — — — — — — 164
The Alan Turing Institute 1 — — — — — — — — — 47 47
Northumbria University 1 — — — — — — — 247 — — 247
IfM Engage 1 — — — — — — — 246 — — 246
Catanduanes State University 1 — — — — — — — 47 — — 47
Seoul National University 1 4,000 — — — — — — — — — 4,000
Museum of London
Archaeology		 1 — — — — — — 212 — — — 212
Highland Archive Service, High
Life Highland - Following the 1 — — — — — — — — — 8 8
Fish: Stories of the Herring Girls

Lloyd’s Register Foundation: report and financial statements 2025 93

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Number
of
grants
Lancashire Archives & Local
History, Lancashire County
Council
1
Swansea University - A voyage
of discovery on the Avon
Searider
1
The Common Room of the
Great North - Northern Coal
Shipments: Navigating Global
Impact in a Warming World
1
Maritime Archaeological
Society of Finland - Identifying
Potential "Lloyd's" Shipwrecks
on the Gulf of Finland
1
Gloucestershire Archives -
Gloucestershire Mariners
1
National Life Stories - Exploring
Innovations in Maritime Safety
1
SS Great Britain Trust
1
Maritime Archaeology Sea Trust
- Royal Navy Loss List
interlinking with NMRN and
MoD Salmo
1
Aston University
1
Transaid Worldwide Services -
Madereva Salama Zaidi
1
London South Bank University
1
National Historic Ships UK
1
EPFL
1
RAND Europe Community
Interest Company
1
Travel to International
Conference
1
University of Philippines
Visayas Foundation
1
West Sussex County Council
1
Grant Adjustments*
71
Impact of discounting grants
awarded in the year		 Safety at
Sea
£000
Safety of
Food
£000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(399)
(2)		 Safety of
Digital
Systems
£000
Safety for a
sustainable
future
£000
Safety of
Physical
infra-
structure
£000
Skills for
Safety
£000
Heritage
And
Education
Centre
£000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(50)
—
—
—		 Evidence
and Insight
£000
Underst-
anding Risk
£000
Found-
ational
£000
—
—
9
—
—
10
—
—
9
—
—
10
—
—
10
—
—
10
—
—
10
—
—
10
—
—
10
—
—
10
—
—
9
—
—
10
—
—
10
698
—
—
—
—
2
—
—
10
—
—
7
(206)
—
(1,223)		 2024
£000
9
10
9
10
10
10
10
10
10
10
9
10
10
698
2
10
7
(1,880)
6,472
(2)
(606)
—		 —
(50)
—
3,612
1,090
—
—
—
(343)
—		 1,497
—
1,285
—
—
(248)		 13,904
(1,197)
5,866
(2)		 —
(50)
—
3,269
1,090		 1,497
—
1,037		 12,707

9. Grants awarded but not paid

As at 1 July
Awarded in the year
Unwinding of discounting (note 7)
Grant adjustments (note 8)
Grant adjustments written back in year and reported within other debtors
Paid in the year
As at 30 June		 2025
£000
28,300
13,509
443
(824)
112
(10,636)
30,904		 2024
£000
25,295
14,587
389
(1,880)
—
(10,091)
28,300

The aging of grants payable is shown in note 21.

10. Taxation

The Foundation is a UK registered charity and is not subject to UK corporation tax on its charitable activities.

Many companies and branches within the Trading Group are in jurisdictions where there is no such exemption, and so the overall Group is subject to tax.

tax.
Current tax on net income / (expenditure)
UK corporation tax
Foreign tax
Adjustment in respect of prior periods
•
UK corporation tax
•
Foreign tax
Total current tax		 2025
£000
185
32,266
2024

£000
29
17,098
32,451
151
(562)		 17,127
(152)
(530)
32,040 16,445

Lloyd’s Register Foundation: report and financial statements 2025 94

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Deferred tax
Origination and reversal of timing differences
Adjustments in respect of previous periods
Total deferred tax
Total tax on net income / (expenditure)		 23,416
253		 (1,885)
(2,128)
23,669 (4,013)
55,709 12,432

The standard rate of tax applied to the reported loss is 25% (2024: 25%).

On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. The Group continues to monitor the impact of this legislation as further guidance is published and has performed an assessment of the impact of the UK’s Pillar 2 rules based on prior periods. The impact of these rules is not expected to be material and the Group will continue to monitor other income tax developments in the territories in which it operates to understand their potential future impacts.

During the year beginning 1 July 2025, the net reversal of deferred tax assets and liabilities is expected to decrease the corporate tax charge for the year by £6.5 million (2024: £1.2 million). This is due to the reversal of timing differences expected within the next 12 months.

The differences between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the net income before tax are as follows:

Net income / (expenditure) before taxation
Net income / (expenditure) multiplied by the average standard rate of United
Kingdom corporation tax of: 25% (2024: 25%)
Effects of:
•
Pension buy in deferred tax impact*
•
Tax exempt losses
•
Overseas rate differences
•
Goodwill amortisation not deductible for tax purposes
•
Expenses not deductible for tax purposes
•
Brought forward unprovided timing differences now recognised in year
•
Impact of UK qualifying corporate donations
•
Current year unprovided timing differences
•
Fair value loss on investment property not subject to tax
•
Other taxes
•
Adjustments in respect of prior periods
•
Lease surrender
Group tax charge for year		 2025
£000
23,833
5,958
24,665
(2,239)
309
7,958
7,410
(1,251)
(1,302)
5,486
4,152
4,721
(158)
—
55,709		 2024
£000
6,917
1,729
—
(5,524)
(1,199)
4,462
732
(298)
(5,000)
6,583
5,720
3,665
(2,810)
4,372
12,432

Lloyd’s Register Foundation: report and financial statements 2025 95

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Deferred tax (assets) / liabilities

Deferred tax (assets) / liabilities
(Asset) / liabilities at 1 July
Arising in the year
Acquisition of business
Foreign exchange differences
Assets at 30 June
Deferred tax asset (note 19)
Deferred tax liability (note 22)
Deferred tax is recognised as follows:
Accelerated capital allowances
Deferred tax arising in relation to retirement benefit obligations
Tax losses
Other timing differences		 2025
£000
(9,830)
(1,150)
(3,606)
**(108) **		 2024
£000
(1,788)
(7,887)
—
(155)
**(14,694) ** (9,830)

(16,407)
1,713		 (12,688)
2,858
**(14,694) ** (9,830)


3,996
(1,594)
(10,602)
**(6,494) **		 3,773
23,249
(35,851)
(1,001)
**(14,694) ** (9,830)

Deferred tax liabilities on short-term timing differences are recognised whenever the treatment for tax purposes has enabled deductions to be taken in advance of the financial statements. Deferred tax assets on short-term timing differences and any overseas losses have not been recognised unless the asset is expected to be recovered in the foreseeable future. Deferred tax assets not recognised amount to £92.3 million (2024: £24.3 million). Unrecognised assets will potentially become recoverable against future profits generated in the relevant overseas operations.

11. Net income / (expenditure) before (losses) / gains on investments

This is stated after charging / (crediting):

2025 2024
£000 £000
Staff costs (note 12) 336,520 318,367
Charge for bad and doubtful debts 952 1,914
Research and development costs 11,134 8,459
Loss on disposal of fixed assets 30 70
Amortisation of intangible fixed assets (note 15)* 8,776 7,795
Depreciation and impairment of tangible fixed assets (note 16) 6,151 8,466
Amortisation of goodwill (note 14)* 32,779 18,563
Rentals payable under operating leases 19,994 19,507
Exceptional costs (note 18) (17,125) (20,312)
Auditor’s remuneration:
Audit of parent 59 68
Audit of subsidiaries 2,034 1,750
Other services 53 18
Tax compliance services 6 —
Foreign exchange loss 8,825 1,044

*Amortisation and impairment of intangible assets and impairment losses on trade debtors are included in cost of other trading activities.

Lloyd’s Register Foundation: report and financial statements 2025 96

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

12. Employees

Wages and salaries
Social security costs
Pension costs (note 24)		 Trading
funds
£000
270,302
32,029
29,910
332,241
General
funds
£000

3,461

396

422

4,279		 Total
funds
2025
£000

273,763

32,425

30,332

336,520		 Total
funds
2024
£000
260,414
29,875
28,078
318,367

In addition, £6.5 million (2024: £4.0 million) of redundancy costs have been incurred.

The average number of employees, analysed by function was:

Charitable activities
Trading activities		 2025
Number
50
4,113
4,163		 2024
Number
45
3,719
3,764

The Charities SORP, which is applicable to the Foundation, recommends that charities disclose the number of employees whose total employee benefits (excluding employer pension costs) for the reporting period fell within each band of £10,000 from £60,000 upwards.

Employee benefit banding disclosures for the Foundation only employees are provided on page 72 in compliance with the requirements of the Charities SORP.

In addition, the Trustees are providing summary information on employee benefits in the Foundation’s trading subsidiaries (the ‘Trading Group’). The emoluments received by employees of the Trading Group in the year to 30 June 2025 were as follows: 2 employees received over £1,000,000; 7 employees received between £500,001 and £1,000,000; 2 employees received between £400,001 and £500,000; 5 employees received between £300,001 and £400,000; 44 employees received between £200,001 and £300,000; 460 employees received between £100,001 and £200,000; and 1,306 employees received between £60,001 and £100,000.

The Trustees have chosen, however, not to provide this disclosure on a consolidated basis in £10,000 bandings for the employees of the Foundation’s trading subsidiaries (the ‘Trading Group’) as they believe that these disclosures will not be material to users of the Foundation’s financial statements for the following reasons:

This disclosure addresses the requirement of Financial Reporting Standard 100 ‘Application of Financial Reporting Requirements’ (FRS 100), which requires that when an entity does not provide a disclosure required by a Statement of Recommended Practice, the financial statements explain which recommended disclosures have not been provided and the reasons why.

13. Trustees

The Trustees are the directors of the Foundation. The Trustees do not currently receive remuneration in respect of their duties as Trustees. Trustees received £6,000 for reimbursement for out of pocket expenses (2024: £3,000) in respect of travel expenses to Board meetings.

The Foundation maintained throughout the year Trustees’ and Officers’ liability insurance in respect of itself and its Trustees.

Lloyd’s Register Foundation: report and financial statements 2025 97

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

14. Goodwill

Goodwill
Cost:
At 1 July 2024
Additions
Disposals
Exchange adjustment
At 30 June 2025
Amortisation:
At 1 July 2024
Disposals
Charged during the year
Exchange adjustment
At 30 June 2025
Net book value:
At 30 June 2025
At 30 June 2024		 Group
£000
363,574
496,070
(858)
(42,941)
815,845
63,565
(288)
32,779
(802)
95,254
720,591
300,009

Acquisition: Ocean Technologies Group

On 22 November 2024, the Group acquired a 100% shareholding in the Pelican Topco Limited group by purchasing 100% of the issued share capital. There was £300.6m of cash consideration and £11.3m of acquisition costs. In addition, liabilities of £179.0m were settled on acquisition. There was no deferred or contingent consideration.

Pelican Topco Limited is the owner of Ocean Technologies Group, a supplier of global learning and operational technologies in the maritime industry. The acquisition has been accounted for using the acquisition method of accounting. The fair value of net liabilities acquired was £184.2m.

Fixed assets
Current assets
Cash and cash equivalents
Overdraft
Current liabilities
Non-current liabilities
Total consideration payable
Acquisition expenses
Net liabilities acquired
Goodwill arising on acquisition		 Book Value
£000
1,094
22,438
57,906
(31,650)
(55,007)
(179,004)
(184,223)		 Fair Value
Adjustments
£000
—
—
—
—
—
—
—		 Fair Value
£000
1,094
22,438
57,906
(31,650)
(55,007)
(179,004)
(184,223)
300,588
11,259
184,223
496,070

The useful economic life of goodwill arising on acquisition is estimated to be 20 years. Intangible assets included within goodwill includes the assembled workforce, company knowhow and future development potential.

The consolidated profit and loss account for the year ended 30 June 2025 includes the result of Pelican Topco Limited since the acquisition date and which contributed £34.1m of turnover and £4.7m of profit after taxation.

Lloyd’s Register Foundation: report and financial statements 2025 98

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Disposal: dKart

On 25 September 2024 the Group agreed to sell the trade and assets of dKart (part of the original acquisition of C-MAP), legally held by Lloyd’s Register Voyage AS to Geophone.

Net liabilities disposed of and the related sale proceeds were as follows:

Creditors
Net liabilities
Net book value of goodwill disposed
Sale proceeds:
Deferred consideration
Cash received
Profit on disposal
Net cash inflows in respect of the sale comprised:
Cash and cash equivalents received		 £000
(279)
(279)
570
806
104
619
104
104

15. Intangible fixed assets

Cost:
At 1 July 2024
Additions
Exchange adjustment
At 30 June 2025
Amortisation:
At 1 July 2024
Charged during the year
Exchange adjustment
At 30 June 2025
Net book value:
At 30 June 2025
At 30 June 2024		 Internally
generated
software
development
£000
4,203
6,183
(1,317)
9,069
769
1,991
(828)
1,932
7,137
3,434		 Software
£000
59,532
4,305
—
63,837
39,176
6,785
—
45,961
17,876
20,356		 Total
£000
63,735
10,488
(1,317)
72,906
39,945
8,776
(828)
47,893
25,013
23,790

The Group has developed a group-wide enterprise resource planning and financial reporting solution. The net book value as at 30 June 2025 was £7,082,000 (2024: £9,443,000). The intangible asset is being amortised over its estimated useful life of 11 years.

Lloyd’s Register Foundation: report and financial statements 2025 99

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

16. Tangible fixed assets

Cost or valuation:
At 1 July 2024
Additions
Acquisition of business
Revaluations
Disposals
Exchange differences
At 30 June 2025
Depreciation:
At 1 July 2024
Charged in year
Disposals
Impairment
Exchange differences
At 30 June 2025
Net book value:
At 30 June 2025
At 30 June 2024		 Investment
property*
£000
68,301
6,993
—
(15,066)
—
—		 Land and
buildings
£000
49,923
1,365
—
—
—
—		 Leasehold
improvements
£000
18,169
116
8
—
(23)
(471)		 Office
fittings and
equipment
£000
34,946
337
14
-
(827)
(364)		 Plant and
machinery
£000
3,282
279
—
—
—
(8)		 Computer
equipment
£000
8,843
1,425
1,072
—
(245)
(339)		 Motor
vehicles
£000
905
118
—
—
(1)
(27)		 Total
£000
184,369
10,633
1,094
(15,066)
(1,096)
(1,209)
60,228 51,288 17,799 34,106 3,553 10,756 995 178,725
—
—
—
—
—		 16,523
648
—
1,540
—		 13,435
685
—
—
(457)		 31,456
985
(799)
—
(348)		 1,901
166
—
—
(7)		 3,419
2,023
(13)
—
(111)		 662
104
(1)
—
(16)		 67,396
4,611
(813)
1,540
(939)
— 18,711 13,663 31,294 2,060 5,318 749 71,795
60,228 32,577 4,136 2,812 1,493 5,438 246 106,930
68,301 33,400 4,734 3,490 1,381 5,424 243 116,973

*77% (2024: 77%) of the mixed used property is classified as an investment property. Land and buildings includes freehold property in the United Kingdom with a net book value of £32,628,000 (2024: £32,737,000) and estimated market value of £24,296,000 (2024: £20,025,000).

Heritage Assets

Lloyd’s Register Group Limited has accumulated a collection of heritage assets as described in the accounting policies. As a result of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. The latest insurance valuation of these assets was £7.0 million.

Investment property

Investment property includes one freehold property that is in mixed functional and investment use. Areas of the building occupied by or marketed to third party tenants are deemed to be in investment property use and are held at market value. A proportion of 77% (2024: 77%) is deemed an investment property, based on the value of space let or marketed to third party tenants. The property valuation was estimated by the directors having regard to the consideration agreed with a third party at the balance sheet date. If the investment property had not been revalued it would have been included at £24,708,000 (2024: £18,266,000).

As set out in note 4, rental income from investment properties for the year ended 30 June 2025 was £3,614,000 (2024: £3,998,000).

The Group leases the investment property to a portfolio of tenants. Lease agreements are up to 10 years and typically include rent review clauses. At the balance sheet date, the Group had contracted with tenants for the following future minimum lease payments:

Within one year
In the second to fifth years inclusive
After five years		 2025
£000
3,363
7,583
3,548		 2024
£000
4,025
11,924
8,138
14,494 24,087

Lloyd’s Register Foundation: report and financial statements 2025 100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

17. Investments

Investment portfolio at market value comprises:
Fixed Interest – UK
Fixed Interest – Overseas
Equities – UK
Equities – Overseas
Pooled Funds
Derivatives
Index linked - overseas
Cash Instruments
Cash at investment managers and accrued interest
Long-term loans
Unlisted investments
Investments in joint ventures: share of net assets		 2025
£000
30,024
5,178
23,645
144,127
116,033
326
1,119
4,453
324,905
3,425
328,330
51
2,856
331,237
115
331,352		 2024
£000
128,437
—
12,448
318,546
105,287
(166)
—
8,071
572,623
12,486
585,109
61
2,285
587,455
115
587,570

At 30 June 2024, Investments with market value of £45.9m were held in a ring-fenced portfolio relating to the funding of pension liabilities outside the UK.

Investment portfolio and cash held by investment managers

At start of year
Additions at cost
Disposals proceeds
Realised gain / (loss) on disposals
Unrealised (loss) / gains
At end of year
Cash held by investment managers and accrued interest		 2025
£000
572,623
382,124
(639,439)
59,226
(49,629)
324,905
3,425
328,330		 2024
£000
527,035
239,878
(241,671)
(21,126)
68,507
572,623
12,486
585,109

Subsidiaries

A complete list of the subsidiaries and joint ventures is included in note 32.

Joint ventures

The following entities are treated as joint ventures of the Group:

Share of company Country of incorporation and
Company owned registration Principal activity
Lloyd’s Maritime Information Services Ltd 50% United Kingdom Dormant
Common Structural Rules Software LLC 50% United States of America Software development

The shareholders’ agreements in place for the above entities means that the Group does not have overall control of the Company despite the nominal level of ownership.

The following shows the share of net assets recognised by the Group for these entities:

Lloyd’s Maritime Information Services Limited
Common Structural Rules Software LLC		 2025
£000
115
—
115
2024

£000

115

—

115

At 30 June 2025 the Group’s share of the net liabilities of Common Structural Rules Software LLC were £nil (2024: £73,000).

Lloyd’s Register Foundation: report and financial statements 2025 101

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

18. Trading Group

The Foundation has a social investment in one trading subsidiary, Lloyd’s Register Group Limited, which has its own global group of trading companies (the Trading Group). The Foundation owns 100% of the issued share capital of Lloyd’s Register Group Limited. The Trading Group’s principal activities are the provision of independent inspection, compliance services, expert advice and digital solutions to clients in the marine industry.

The summarised financial information of the consolidated Trading Group position is provided below, as per the Trading Group consolidated accounts for the year ended 30 June 2025.

Turnover
Cost of sales
Gross profit
Administrative expenses		 2025
£000
667,720
(381,520)
286,200
(236,989)
2024

£000

546,617
(347,338)

199,279
(214,611)
Administrative expenses before exceptional costs
Operating profit before exceptional costs
Exceptional costs		 (219,864)
66,336
(17,125)		 (194,299)

4,980
(20,312)
Operating profit / (loss)
Profit on disposal of discontinued operations
Share of net operating loss of joint ventures
Net investment income
Interest payable and similar charges
Other finance income
Profit / (loss) before taxation
Taxation on loss
Loss for the financial year
Assets
Liabilities
Net Assets
Shareholder’s funds		 49,211
619
(208)
683
(15,950)
790
35,145
(55,709)
(20,564)
2025
£000
1,341,738
(683,324)
658,414
658,414
(15,332)

—

(759)

10,745

(44)

1,874

(3,516)
(12,432)
(15,948)

2024

£000
1,170,462
(404,087)

766,375

766,375

Exceptional costs within administrative expenses

The Group has continued to incur material administrative expenses associated with its restructuring and development programmes along with costs related to:

Current year:

Prior year:

Lloyd’s Register Foundation: report and financial statements 2025 102

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

19. Debtors

Amounts falling due within one year

Trade debtors
Other debtors
Prepayments and accrued income
Taxation recoverable
Amounts falling due after more than one year
Deferred tax assets (note 10)
Creditors: amounts falling due within one year
Trade creditors
Grants payable
Other creditors
Other taxation and social security
Taxation
Overdraft
Accruals and deferred income
Creditors: amounts falling due after one year
Grants payable
Bank loan		 2025
£000
124,735
11,822
99,443
8,602
244,602
2025
£000
16,407
2025
£000
32,204
15,363
6,061
7,125
21,831
40,870
221,310
344,764
2025
£000
15,541
206,157		 2024
£000
110,607
10,041
80,016
11,641
212,305
2024
£000
12,688
2024
£000
39,657
14,220
4,968
7,885
13,779
—
169,225
249,734
2024
£000
14,080
—
14,080
221,698

20. Creditors: amounts falling due within one year

21. Creditors: amounts falling due after one year

Bank loans of £206,157,000 (2024: £nil) are classified as a basic financial instruments and are repayable after five years. The bank loan is secured on the assets of the OneOcean business line. Interest is payable on the loan at a variable rate of SOFR plus a variable margin of between 5.5% and 4.5% based on the total net leverage of the OneOcean subgroup. At 30 June 2025 the variable margin rate was 5.25%.

The timing of grants payable is shown in the table below:

Due within one year
Due within 1-2 years
Due within 2-5 years
Due after 5 years
Impact of discounting
Net grants payable		 2025
£000
15,363		 2024
£000
14,220
8,801
8,898
150
(2,308)		 8,909
6,892
150
(1,871)
15,541 14,080
30,904 28,300

Lloyd’s Register Foundation: report and financial statements 2025 103

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

22. Provisions for liabilities

At 1 July 2024
Exchange revaluation
Charged to statement of financial activities
Credited to statement of financial activities
below net (expenditure) / income
Utilisation of provision
Unwinding of discount
At 30 June 2025		 Legal
claims
£000
640
(11)
555
—
—
—
1,184		 Employee
related

£000

10,066

1

11,252

—

(6,777)

—

14,542		 Onerous
lease

£000

18,063

—

—

—

(4,039)

598

14,622		 Deferred
tax

£000

2,858

390

23,449

(24,984)

—

—

1,713		 Other

£000

8,259

(26)

192

—

(2,615)

—

5,810		 Total

£000

39,886

354

35,448

(24,984)

(13,431)

598

37,871

Legal claims: In the normal course of business, the Trading Group may receive claims for compensation from clients. Substantial insurance cover is carried for this purpose. Where appropriate, provision is made for the uninsured costs arising from such claims. Adequate provision has been made for the claims notified. The timing on these liabilities is dependent upon the conclusion of the continuing legal proceedings which typically span several years.

Employee related: Provision is made for redundancy and relocation costs with respect to the restructuring programmes in addition to certain employee benefits and repatriation of expatriate workers and other employment related costs. Settlement of these provisions is expected within two years.

Deferred tax: Liabilities are recognised in relation to deferred tax in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax.

Onerous lease: Provision is made for the anticipated settlement of leasehold rental obligations where the space is vacant or currently not planned to be used for ongoing operations. Settlement of these provisions is expected within seven years.

Other: Included in this category are provisions maintained to meet contractual obligations to perform restoration on leasehold properties on exit. In addition, provision is made for losses on long-term contracts, expected liabilities on self-insurance programmes and other project related costs. With the exception of a small number of leasehold properties, settlement of these provisions is expected within 8 years.

23. Financial instruments

The carrying values of the Group’s financial assets and liabilities measured at fair value through profit and loss are summarised by category below.

Financial assets 2025 2024
£000 £000
Investments in investment portfolio (note 17) 324,905
 572,623

The Group’s gains and losses in respect of financial instruments are summarised in note 17. The fair value of investments in the investment portfolio is measured using market prices in an active market.

24. Retirement benefits

Defined benefit pension schemes

Worldwide

The Group operates pension schemes in many of the countries in which the Group operates including defined benefit final salary schemes. Assets of certain schemes are held separately from those of the Group (‘funded’ schemes) whilst others are unfunded.

UK

The main funded scheme, the Lloyd’s Register Superannuation Fund Association (‘LRSFA’) was closed to future accrual from 1 October 2010. The scheme continues to fund benefits accrued to that date, and valuations of the scheme are carried out on a triennial basis. The most recent completed valuation was carried out as at 31 March 2022. This showed that the funding position of the scheme had improved from the previous valuation, a funding surplus of £23m on a technical provisions basis (31 March 2019: a shortfall of £17m). As a result of the surplus, no recovery contributions are required from the Lloyd’s Register Group Limited (2024: no recovery contributions). The Trustees of the LRSFA entered into a bulk annuity contract (‘buy-in’) in October 2024 when an insurance contract was purchased using scheme assets. The assets of the plan are equal to the value of the buy-in policy plus any residual invested assets and bank balances. Contributions of £0.1m (2024: £1.3m) were made to fund administration expenses of the scheme.

Lloyd’s Register Foundation: report and financial statements 2025 104

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Other long-term employee benefits

The Group also contributes to other long-term schemes which provide other benefits. Significant employee benefits are as follows:

Long-term unfunded employee benefits included within provisions are:

Assumptions

The disclosures have been calculated by qualified independent actuaries, based on the assumptions of the Directors of the Trading Group and the most recent full actuarial valuations for funded schemes (completed at various dates) and updated to 30 June 2025.

The value of the defined benefit liabilities has been measured using the projected unit method.

The financial assumptions used at 30 June 2025 and 30 June 2024 for the different areas are summarised below .

UK(1) Japan(2) Eurozone(3) Eurozone(3) Rest of the World(4) Rest of the World(4)
2025 2024 2025 2024 2025 2024 2025(5) 2024(5)
Liabilities: % % % % % % % %
Rate of price inflation 2.9 3.2 2.0 1.0 2.1 2.3 Nil to 2.0 Nil to 2.0
Rate of increase in salaries n/a n/a 2.0 1.8 2.1 2.3 Nil to 5.5 Nil to 5.5
Rate of increase in pensions Various Various 1.6 0.8 Nil to 2.1 Nil to 2.3 Nil to 5.0 Nil to 5.0
Discount rate 5.7 5.2 2.4 1.8 3.2 to 3.9 3.6 to 3.8 3.5 to 7.0 4.3 to 7.2

(1) Main United Kingdom funded scheme.

(2) Japanese unfunded liability.

(3) The Eurozone rates have been used to assess the overall deficit within the separate funded schemes in Europe.

(4) This represents a grouped disclosure for the remaining liabilities.

(5) Represents the range of assumptions used for the countries covered in the region.

For mortality tables, the Group has used various different tables appropriate to the territory under review.

The most significant contribution to the Group pension liability is from the United Kingdom. The base mortality table for the UK and the weightings applied to it are unchanged from the last financial reporting period and in line with the best estimate assumption derived as part of the assumption setting process for the latest completed statutory funding valuation. The future mortality improvement model has been updated since the last financial reporting period to reflect the latest analysis from the Continuous Mortality Investigation (CMI). The UK mortality assumption adopted for the 30 June 2025 accounts is the self-administered pension schemes (SAPS) “S3NA” tables with a 100% (102%) weighting for males (females) and future long term improvements based on the CMI 2023 model with a long-term improvement rate of 1.25% p.a., a smoothing parameter of 7, an initial addition parameter of nil with no weighting placed on mortality experience data in 2020 and 2021 and a 15% weighting for 2022 and 2023.

The assumptions shown above are arrived at following discussion with, and in accordance with advice received from the scheme actuaries.

Lloyd’s Register Foundation: report and financial statements 2025 105

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Amounts recognised in the consolidated balance sheet:

Amounts recognised in the consolidated balan the consolidated balan ce sheet: ce sheet:
Cash and cash
equivalents
Equity instruments
Debt instruments
Other
Market value of assets
Present value of scheme
liabilities
Present value of
unfunded liabilities
Net pension asset /
(liability)		 United Kingdom
2025
2024
£m
£m
9.9
52.4
—
—
0.9
669.6
560.6
—		 Japan
2025
2024
£m
£m

—
—
—
—

—
—
—
—		 Eurozone
2025
2024
£m
£m
0.1
0.1
2.4
2.4
2.6
2.6
10.3
10.0		 Rest of the World
2025
2024
£m
£m

12.0
12.6

5.0
5.7

33.1
36.5

6.7
6.9		 Total
2025
2024
£m
£m
22.0
65.1
7.4
8.1
36.6
708.7
577.6
16.9
571.4
(562.0)		 722.0
(613.4)
—

—		 —
—		 15.4
(15.6)		 15.1
(16.4)
56.8
61.7

(52.3)
(55.6)		 643.6

(629.9)		 798.8

(685.4)
9.4
(4.7)		 108.6
(5.9)
—
(23.1)		 —
(22.5)		 (0.2)

(33.8)		 (1.3)
(35.3)
4.5
6.1

(38.3)
(53.5)		 13.7

(99.9)		 113.4

(117.2)
4.7 102.7
(23.1)		 (22.5)
(34.0)		 (36.6)
(33.8)
(47.4)
(86.2)
(3.8)

The net pension asset is reported on the balance sheet as:

Pension surplus
Pension liability
Net pension asset
Amounts recognised within income and expenditure (statement of financial activities):
Current service cost
Curtailment losses / (gains)
Administrative expenses
Interest cost on schemes’ liabilities
Interest income on schemes’ assets
Total amount included under other finance income		 30 June 2025
£m
23.3
(109.5)
(86.2)
2025
£m
1.9
—
3.5
5.4
38.3
(39.7)
(1.4)		 30 June 2025
£m
23.3
(109.5)
(86.2)
2025
£m
1.9
—
3.5
5.4
38.3
(39.7)
(1.4)		 30 June 2024
£m
123.5
(127.3)
(3.8)
2025
£m
1.9
—
3.5
5.4
38.3
(39.7)
(1.4)		 2024
£m
1.9
0.3
3.0
5.2
39.3
(41.7)
(2.4)

In addition, there is a charge in respect of contributions to defined contribution plans for the year of £24.5m (2024: £22.5m).

The actual return on scheme assets for the year to 30 June 2025 was a loss of £103.2m (2024: gain of £28.8m).

Amounts recognised in the Consolidated Statement of Comprehensive Income (statement of financial activities):

Loss on pension scheme assets
Experience losses
Change in assumptions
Actuarial loss
Changes in the present value of the defined benefit obligations are as follows:		 2025
£m
(142.9)
(4.6)
61.2		 2024
£m
(12.9)
(4.0)
(1.5)
(86.3) (18.4)
Opening defined benefit obligation
Current service cost
Curtailments
Interest cost
Actuarial gain / (loss)
Exchange gain
Benefits paid
Closing defined benefit obligation		 2025
£m

(802.6)
(1.9)
—
(38.3)
56.6
3.0
53.4		 2024
£m
(810.5)
(1.9)
(0.3)
(39.3)
(5.5)
4.6
50.3
**(729.8) ** (802.6)

Lloyd’s Register Foundation: report and financial statements 2025 106

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Changes in the market value of plan assets are as follows:

Opening market value of plan assets
Expected return on plan assets
Benefits and expenses paid
Employer contributions
Actuarial loss on assets
Exchange loss
Closing market value of plan assets
Financial commitments
In respect of bank guarantees
Escrow account for pension schemes		 2025
£m
798.8
39.7
(56.9)
9.2
(142.9)
(4.3)		 2024
£m
814.1
41.7
(53.3)
10.6
(12.9)
(1.4)
643.6 798.8
2025
£000
4,392
—
4,392		 2024
£000
4,423
45,929
50,352

25. Financial commitments

The Group has issued guarantees to its customers and other stakeholders in relation to its contractual operations in compliance with local legislation and industry practice. The Directors do not assess the likelihood of transferring economic benefits in respect of these guarantees to be probable. No associated liability has been recognised on the Group’s Consolidated Balance Sheet.

At 30 June 2024, the investment portfolio and cash held at investment managers included £45.9 million which was held in a ring-fenced portfolio relating to the funding of pension liabilities outside of the UK.

In November 2022, the Group committed SGD 5m for shares in Rainmaking Ventures (S) VCC attributable to Motion Ventures Fund 1. As at 30 June 2025, the group has paid of SGD 5m (30 June 2024: SGD 4m) of the total commitment.

At 30 June 2025 the Group had no capital commitments (30 June 2024: £3.4m).

In April 2024, the Group entered into an agreement with five external stakeholders to create the Maritime Emissions Reduction Centre, a not-for-profit company established in Greece. The objective of the company is to address the barriers towards the adoption of energy-saving technologies and practices in the maritime industry. As part of this agreement, the Group has committed to funding €340,000 per annum for five years. At 30 June 2025, a commitment of €1,360,000 (30 June 2024: €1,700,000) remains unpaid.

26. Operating lease commitments

At 30 June 2025, the Group had total future lease payments under non-cancellable operating leases as follows:

Within one year
Between two to five years
After five years		 Land and buildings
2025
2024
£000
£000
8,627
9,041
22,941
24,358
9,277
13,697
40,845
47,096		 Land and buildings
2025
2024
£000
£000
8,627
9,041
22,941
24,358
9,277
13,697
40,845
47,096		 Other
2025
2024
£000
£000
3,485
3,998
4,762
5,451
—
—
8,247
9,449
47,096

27. Funds

Trading funds are the retained reserves of the Trading Group, and include the Trading Group’s pension deficit.

30 June 2025
Trading funds
General funds
Endowment funds:
Expendable endowment		 Brought
forward
£000
766,375
(10,936)
313,730		 Incoming
resources
£000

683,741

7,994

—
691,735		 Resources
expended
£000

(637,686)

(23,824)

(923)
**(662,433) **		 Other
movements
£000

(154,016)

3,156
7,285
(143,575)		 Total
£000

658,414

(23,610)

320,092
1,069,169 954,896

Lloyd’s Register Foundation: report and financial statements 2025 107

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

30 June 2024
Trading funds
General funds
Endowment funds:
Expendable endowment		 Brought
forward
£000
821,413
(16,741)
289,102
1,093,774		 Incoming
resources
£000

562,466

9,590

—

572,056		 Resources
expended
£000
(564,890)
(23,895)
(855)
(589,640)		 Other
movements
£000

(52,614)

20,110
25,483
(7,021)		 Total
£000

766,375

(10,936)

313,730
1,069,169

Other movements include realised and unrealised gains and losses on investment assets, taxation charge and also include transfers between funds, foreign exchange differences on the translation of net assets in overseas operations and actuarial movements relating to defined benefit pension schemes.

Transfers between funds relates to a gift from the Trading Group to the Foundation and grants from the Foundation to the Trading Group.

In September 2012, the Trading Group transferred a portfolio of investments to the Foundation, with a market value of £206.4m. The transfer was made as a gift of an expendable endowment. The gift also contained a condition that the Foundation must agree to keep part of that sum as a contingent asset of the Trading Group’s UK pension scheme. The terms of the gift were amended in the prior year to adjust the contingent asset to £100m and extend the period at least until the finalisation of the full actuarial valuation as at 31 March 2025, with possible further extensions to 2034. During that period the monies can only be transferred to the Pension Scheme in the event of the insolvency of the Trading Group.

28. Revaluation reserve

30 June 2025
Trading funds – investment portfolio
Trading funds – investment property
General fund revaluation reserve
Endowment funds:
Expendable endowment
30 June 2024
Trading funds – investment portfolio
Trading funds – investment property
General fund revaluation reserve
Endowment funds:
Expendable endowment		 Brought
forward
£000
23,377
7,151
7,117
91,162
128,807		 Unrealised
gains arising in
year
£000

(23,375)

(15,066)

(1,929)

(24,325)

(64,695)		 Released from
revaluation
reserve in year
and other
movements
£000

(2)

—

2,506
31,610
34,114

5

—

(483)

(7,147)

(7,625)		 Total
£000

—

(7,915)

7,694

98,447

98,226
(10,300)
30,031
5,395
65,679
90,805		 33,672
(22,880)
2,205
32,630
45,627
23,377

7,151

7,117
91,162
128,807

29. Fund distribution

Non-current assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year
Provisions
Pension deficit
Inter-fund balance		 Trading funds
£000
855,617
481,446
(329,800)
(206,157)
(37,871)
(109,496)
4,675		 General
funds
£000

8,177

3,393

(14,964)

(15,541)

—

—

(4,675)

(23,610)		 Endowment
funds
£000

320,092

—

—

—

—

—
—
320,092		 Total
at 30 June
2025
£000

1,183,886

484,839

(344,764)

(221,698)

(37,871)

(109,496)

—

954,896
658,414

Lloyd’s Register Foundation: report and financial statements 2025 108

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Non-current assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year
Provisions
Pension deficit
Inter-fund balance		 Trading funds
£000
707,766
461,573
(236,911)
—
(39,886)
(127,290)
1,123		 General
funds
£000

6,846

10,244

(12,823)

(14,080)

—

—

(1,123)

(10,936)		 Endowment
funds
£000

313,730

—

—

—

—

—
—
313,730		 Total
at 30 June
2024
£000

1,028,342

471,817

(249,734)

(14,080)

(39,886)

(127,290)

0
766,375
1,069,169

30. Reconciliation of operating surplus / (deficit) to net cash inflow / (outflow) from operating activities

Net income / (expenditure) before taxation and other recognised gains and losses
Profit on disposal of discontinued operations
Net interest in the results for the year in joint ventures
Pension interest cost
Loss on disposal of fixed assets
Exchange adjustment
Depreciation and impairment charges relating to fixed assets
Amortisation and impairment charges relating to intangibles
Increase in debtors
(Decrease) / increase in creditors
Decrease in provisions
Foreign tax paid
Foreign tax received
Defined benefit contributions in excess of funds charges
Curtailment (gain) / loss
Interest paid
Net investment income
Cash used in operations		 2025
£000
29,302
(619)
208
(1,388)
30
11,343
6,151
41,555
(12,092)
(5,207)
(1,432)
(29,112)
2,726
(3,720)
(25)
15,950
(24,448)
29,222		 2024
£000
(17,584)
—
759
(2,400)
70
(2,600)
8,466
26,358
(2,265)
17,609
(3,426)
(22,913)
900
(5,715)
275
—
(22,513)
(24,979)

Cash at bank and in hand includes cash held in local bank accounts in countries where exchange controls or other legal restrictions mean the balances are not available for general use by the Company or other Group subsidiaries. In total, £16.4m (2024: £18.6m) of cash was held by overseas entities which cannot be remitted to other Group entities. In addition to these balances, the immediate movement of cash assets held by other Group entities is subject to compliance with local regulation and legal restrictions; however the Group does not consider this cash unavailable for use by the Group. Countries where such restrictions exist and significant cash balances are held are China £35.2m (2024: £23.1m) due to exchange controls and Korea £18.0m (2024: £14.7m) where remittance is permitted following external audit.

Lloyd’s Register Foundation: report and financial statements 2025 109

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

31. Related party transactions

The Foundation has taken advantage of the exemption in Financial Reporting Standard 102, whereby transactions with fellow subsidiary companies ultimately 100% owned by the same parent are not required to be disclosed.

The Foundation defines its key management personnel as the Board of Directors and the Executive Leadership Team. The total remuneration for key management personnel for the year ended 30 June 2025 totalled £9,636,000 (2024: £11,302,000).

The following transactions took place between Lloyd’s Register Group Limited undertakings in which the Group holds less than 100% for the year to 30 June 2025:

Turnover arising Operating costs Amounts owed (to)
from trading with charged by LR / from Group
other LR Group Group companies at 30
companies companies June 2025

£000		 £000 £000
Subsidiaries
Lloyd’s Register Middle East LLC
957		 (801) (2,957)
Lloyd’s Register Oman LLC
97		 (298) 2,675
Lloyd’s Register Qatar LLC
562		 (485) 656
Lloyd’s Register Services (Malaysia) Sdn. Bhd
158		 (137) (324)
Lloyd’s Register Algeria SARL
62		 — (103)

The following transactions took place between Lloyd’s Register Group Limited undertakings in which the Group holds less than 100% for the year ended 30 June 2024:

Turnover arising Operating costs Amounts owed (to)
from trading with charged by LR / from Group
other LR Group Group companies at 30
companies companies June 2024

£000		 £000 £000
Subsidiaries
Lloyd’s Register Middle East LLC
1,100		 (489) (1,521)
Lloyd’s Register Oman LLC
45		 (355) 2,526
Lloyd’s Register Qatar LLC
333		 (91) 1,334
Lloyd’s Register Services (Malaysia) Sdn. Bhd
226		 (8) (176)
Lloyd’s Register Algeria SARL
52		 — (64)

During the year the Group has increased its investments in Common Structural Rules Software LLC from $23,775,000 to $24,000,000.

The Company provides administrative services to the Group’s pension schemes. The following transactions took place between Lloyd’s Register Group Limited and Lloyd’s Register Superannuation Fund Association:

2025 2024
£000 £000
Administrative services provided 240 240
Administrative services payable 240 240

Lloyd’s Register Foundation: report and financial statements 2025 110

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

32. Group companies

The following are the subsidiaries and joint ventures of the Group at 30 June 2025. All subsidiaries are consolidated. Details are given of the principal country of operation. The equity share capital of these entities is wholly owned by the Group except where its percentage interest is shown otherwise. All companies are incorporated in their principal country of operation except where stated.

There are five entities included in the below list where the Group owns less than 50% of the subsidiary. All of these entities are incorporated in countries where local legislation requires local nationals to hold at least 50% of the issued share capital of each company. For each of these entities, arrangements exist which afford the Group control of the company’s financial and operating policies so as to obtain benefit from its activities.

Company
Country of Origin		 Registered Address
% of Ownership
71 Fenchurch Street, London,
England, EC3M 4BS
100
100
50
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Kingswells Causeway, Prime
Four Business Park, Kingswells,
Aberdeen, Scotland, AB15 8PU
100
100
100
100
100
Polygon Hall, Le Marchant
Street, St Peter Port, GY1 4HY,
Guernsey
100
Level 1, IFC1, Esplanade, St.
Helier, JE2 3BX, Jersey
100
Business Center Tower - Algeria
Business Center – 11e Etage,
Pins maritimes, Mohammadia,
Algiers, Algeria
49
Classification and Quality Services Ltd
UK
Classification Holdings Ltd
UK
Lloyd’s Maritime Information Services Ltd
UK
Lloyd’s Register Asia
UK
Lloyd’s Register Asia Trustees Limited
UK
Lloyd’s Register Central and South America Ltd
UK
Lloyd’s Register EMEA
UK
Lloyd’s Register EMEA Trustees Ltd
UK
Lloyd’s Register GMT Ltd
UK
Lloyd’s Register Group Limited
UK
Lloyd’s Register Group Services Limited
UK
Lloyd’s Register International
UK
Lloyd’s Register Limited
UK
Lloyd’s Register Nominee 1 Ltd
UK
Lloyd’s Register Nominee 2 Ltd
UK
Lloyd's Register of Shipping Trust Corporation Limited
UK
Lloyd's Register Trust Corporation Limited
UK
Lloyd’s Register Superannuation Trustees Ltd
UK
Seasafe Marine Software & Computation (UK) Ltd
UK
Lloyd's Register Marine Limited
UK
Safetytech Accelerator Limited
UK
Lloyd’s Register Maritime Decarbonisation Hub Limited1
UK
IT Energy Systems and Consulting Limited
UK
Ensign Holdco 1 Limited
UK
Ensign Holdco 2 Limited
UK
Ensign Holdco 3 Limited
UK
Ensign Holdco 4 Limited
UK
OneOcean Group Limited
UK
Regs4Ships Limited
UK
Regs4Yachts Limited
UK
Shipping Guides Limited
UK
Orion Midco Limited
UK
Orion Pledgeco Limited
UK
LR Orion Bidco Limited
UK
Pelican Topco Limited
UK
Pelican Holdco Limited
UK
Ocean Technologies Group Limited
UK
Marlins Training Limited
UK
Canopus Bidco Limited
UK
Tero Marine UK Limited
UK
Pelican Bidco Limited
UK
Ocean TG UK Limited
UK
Lloyd’s Register Finance Limited
UK
LR 1760 (1) Limited
UK
Interactive Petrophysics Limited
UK
LR 1760 (2) Limited
UK
Lloyd’s Register Aligned Services Limited
UK		 71 Fenchurch Street, London,
England, EC3M 4BS
Kingswells Causeway, Prime
Four Business Park, Kingswells,
Aberdeen, Scotland, AB15 8PU
71FS Insurance Company Limited
GUERNSEY
Orion Holdco (Jersey) Limited
JERSEY
Lloyd's Register Algeria SARL
ALGERIA

Lloyd’s Register Foundation: report and financial statements 2025 111

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Company Country of Origin Registered Address % of Ownership
Lloyd’s Register Bangladesh Pvt Ltd BANGLADESH 11thFloor, 9 Mohakhali C/A, 100
Dkaka – 1212, Dhaka,
Bangladesh
Lloyd’s Register Drilling Integrity Services Australia Pty Ltd AUSTRALIA Level 1, 503 Murray Street, 100
Perth WA 6000, Australia
Lloyd's Register Maritiem België BV BELGIUM Jan van Gentstraat 7 bus 202, 100
2000 Antwerpen, Belgium
Lloyd’s Register Do Brasil Ltda BRAZIL Rua da Gloria, 311-11, Andar, 100
Rio de Janeiro, RJ, 20.241.180,
Brazil
Lloyd’s Register Canada Limited CANADA 1741 Lower Water Street, Suite 100
600, Halifax, NS B3J 0J2, Canada
MARTEC Limited CANADA 237 Brownlow Avenue, Suite 100
200, Dartmouth, B3B 2C7, NS,
Canada
OneOcean (Canada) Inc CANADA 1600-555 Boulevard René- 100
Lévesque Ouest, Montréal
Québec H2Z1B1, Canada
11146726 Canada Inc CANADA 1600-555 Boulevard René- 100
Lévesque Ouest, Montréal
Québec H2Z1B1, Canada
Lloyd’s Register Classification Society (China) Co Ltd CHINA Room 1215, 12th Floor, No. 288, 100
Nanjing West Road, Shanghai
200003, China
Lloyd’s Register Advisory Services China (Shanghai) Co Ltd CHINA Room 1215, 12th Floor, No. 288, 100
Nanjing West Road, Shanghai
200003, China
Lloyd’s Register Central and South America (Curaçao) NV CURAÇAO Alablancaweg No. 30 100
Wilhelminalaan 13, Curaçao
LR (1760) Danmark ApS DENMARK C/O Harbour House, 2 100
Sundkrogsgade 19, 2100
Copenhagen, Denmark
DanDocs ApS DENMARK Symfonivej 18, 2730 Herlev, 100
Denmark
Lloyd’s Register Egypt LLC EGYPT Apartment no 303-3rdFloor, 13 100
Ramo Gardens Street – EL Nasr
Road, Nasr City, Cairo, Egypt
Hanseaticsoft GmbH GERMANY Poßmoorweg 2; 22301 100
Hamburg; Germany
Lloyd's Register Marine Deutschland GmbH GERMANY Willy-Brandt-Straße 59-65, 100
20457 Hamburg, Germany
Seagull Maritime Information Technology GmbH GERMANY Alstertor 1, 20095 Hamburg, 100
Germany
Maritime Emission Reduction Centre Civil Non-Profit Company GREECE 348 Syggrou Avenue, Kallithea, 100
Athens, 17674, Greece
Hellenic Lloyd’s SA GREECE 348 Syggrou Avenue, Kallithea, 100
Athens, 17674, Greece
Lloyd’s Register Guyana Inc GUYANA Unit 1, Upper Level, 127 100
Quamina Street, South
Cummingsburg, Georgetown,
Guyana
Lloyd's Register Advisory (Hong Kong) Co., Ltd HONG KONG Unit 2505-2506, 25F, One 100
ChinaChem Central, 22 Des
Voeux Road Central, Central,
Hong Kong
Ocean TG Hong Kong Limited HONG KONG 123 Hoi Bun Road, Kwun Tong, 100
Kowloon, Hong Kong
Super Dragon Ltd HONG KONG 123 Hoi Bun Road, Kwun Tong, 100
Kowloon, Hong Kong
Lloyd’s Register Italia S.R.L ITALY Via Sottoripa 1A/112, 16124 100
Genova GE, Italy
Lloyd’s Register Industrial Services (India) Pvt Ltd1 INDIA 17th Floor, Unit no’s 1702 – 51
1704, Building Q2, Aurum Q
Parc, Gen 4/1 TTC, Thane
Belapur Road, Ghansoli Navi
Mumbai, Maharashtra, 400710,
India

Lloyd’s Register Foundation: report and financial statements 2025 112

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Company Country of Origin Registered Address % of Ownership
Lloyd’s Register Marine and Offshore India LLP INDIA Unit no’s 1702 – 1704, Building 100
Q2, Aurum Q Parc, Gen 4/1 TTC,
Thane Belapur Road, Ghansoli
Navi Mumbai, Maharashtra,
400710, India
Ocean TG India Pvt Ltd INDIA Regus Office Centre Services 100
Private Limited, Level 15, Eros
Corporate Tower, Nehru Place,
Nehru Place, South Delhi, New
Delhi, Delhi, 110019, India
Ocean Technologies Group KK JAPAN Ryumeikan Honten 3F, 3-4 100
Kanda Surugadai, Chiyoda-ku,
Tokyo, Japan
Lloyd’s Register Kazakhstan LLP KAZAKHSTAN 29/6 Satpayev Street, 100
Floor, Rakhat Palace Hotel,
Almaty, Kazakhstan
Lloyd’s Register Advisory Services Asia Ltd KOREA (CJ Logistics Bldg., Joongang- 100
dong 6-ga) 10F, 119, Daegyo-ro,
Jung-gu, Busan, Korea
Lloyd’s Register of Shipping (Malaysia) Bhd1 MALAYSIA Anchor Space 2, Level 25 Naza 100
Tower, Platinum Park, No.10
Persiaran, KLCC 50088, Kuala
Lumpur, Malaysia
Lloyd's Register Services (Malaysia) Sdn. Bhd MALAYSIA Anchor Space 2, Level 25 Naza 49
Tower, Platinum Park, No.10
Persiaran, KLCC 50088, Kuala
Lumpur, Malaysia
OneOcean (Malaysia) Sdn Bhd MALAYSIA Level 13, Menara 1 Sentrum, 100
201 Jalan Tun Sambanthan,
Brickfields, 50470 Kuala
Lumpur, Malaysia
Lloyd's Register Mozambique Lda MOZAMBIQUE 1 Bairro da Polana, Av. Marginal 100
Tenente Ovaldo Tazama Torres
Rani Torre 1, 2 Piso, Fraccao 5,
Mozambique, Maputo
Lloyd’s Register Advisory Services BV NETHERLANDS George Hintzenweg 77, 3068 AX 100
Rotterdam, The Netherlands
Lloyd’s Register Maritiem Nederland BV NETHERLANDS George Hintzenweg 77, 3068 AX 100
Rotterdam, The Netherlands
OneOcean (Nederland) BV NETHERLANDS George Hintzenweg 77, 3068 AX 100
Rotterdam, The Netherlands
Pelican Netherlands BV NETHERLANDS 3 Cadogan Gate, London, 100
England SW1Z 0AS
Lloyd’s Register EMEA (Nigeria) Ltd Gte NIGERIA 6th Floor, B Wing, Shippers 100
Plaza, 4 Park Lane, Apapa,
Lagos, Nigeria
Lloyd’s Register West Africa Ltd NIGERIA The Pro Space Centre, 18 Olu 100
Holloway Road, Ikoyi, Lagos,
Nigeria
Lloyd's Register Voyage AS NORWAY Strandgaten 2; 4370 Egersund; 100
Norway
OneOcean (Norway) AS NORWAY Skøyen Atrium, Askekroken 11, 100
0277 Oslo, Norway
Pelican Bidco AS NORWAY Gamleveien 36, 3189 Horten, 100
Norway
SG Bidco AS NORWAY Kjelleveien 21, 3125 Tønsberg, 100
Norway
Seagull AS NORWAY Kjelleveien 21, 3125 Tønsberg, 100
Norway
Ocean TG Norway AS NORWAY Inger Bang Lunds vei 12, 5059 100
Bergen, Norway
Ocean Technologies Group Norway AS NORWAY Kjelleveien 21, 3125 Tønsberg, 100
Norway
Lloyd’s Register Oman LLC OMAN Bait Al Bahja, Building No 603, 70
Room 21, Way No 2710, Ruwi
CBD, Muscat, Sultanate of
Oman

Lloyd’s Register Foundation: report and financial statements 2025 113

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Company
Country of Origin		 Registered Address
% of Ownership
Al. Zwyciestwa 13a, 80-219,
Gdansk, Poland
100
Rondo Organizacji Narodow
Zjednoczonych, 1, Xxv P.,
Warszawa, 00-124, Warszawa,
Poland
100
Al Rayyan Complex, Excellence
Tower, 22nd Floor, Office No.
2204, Al Shatt Street 850,
Onaiza Zone 63, Bdg No. 10, PO
Box No. 10285, Westbay, Doha,
Qatar
49
158 Mamaia Boulevard, room 3,
2nd floor, Constanta, Romania
100
Ground Floor, 10 Farului Street,
Constanţa, Romania
100
Novotel Business Park, King
Fahd Bin Abdulaziz Road 4292,
Northern Khalidiya District
6140, Dammam, 32232, Saudi
Arabia
100
Vojvode Stepe 78, Beograd,
Serbia
100
~~9~~North Buona Vista Drive,
~~#~~02-01, The Metropolis, 138588,
Singapore
100
100
100
100
315 Outram Road, #15-03 Tan
Boon Liat Building, 169074,
Singapore
100
100
7 Temasek Boulevard, #37-01B
Suntec Tower One, 038987,
Singapore
100
#17-02A Keck Seng Tower, 133
Cecil Street, 069535, Singapore
100
100G Pasir Panjang Road, ~06-
27, 28 Interlocal Centre,
118523, Singapore
100
Príncipe de Vergara Street,
number 211, stair 2, 1st floor,
5th door, Madrid, Spain
100
Göteborgsvägen, 74 433 63,
Sävedalen, Västra Götaland,
Sweden
100
14F., No 137, Sec. 2, Nanjing E.
Road. Zhongshan Dist. Taipei
City 104475, Taiwan
100
14F., No 137, Sec. 2, Nanjing E.
Road. Zhongshan Dist. Taipei
City 104475, Taiwan
100
19 Mayis Mah. Ataturk Caddesi,
Sitkibey Plaza, No 82 Kat 3 No.
12, Kadiköy, Istanbul, Turkey
100
63 Bolshaya Morkskaya Street,
Office 203, Mykolaiv, 54001,
Ukraine
100
Khalifa Bin Zayed The First, 312
St. Al Danah, Abu Dhabi 22207,
UAE
49
The Blue Tower Building,
Khalifa Street, Abu Dhabi, UAE
49
820 Gessner Road, Suite 300,
Houston, Texas 77024, USA
100
Lloyd’s Register Marine Polska Sp Zoo
POLAND
Vesopt Poland Sp Zoo
POLAND
Lloyd’s Register Qatar LLC
QATAR
Lloyd’s Register (Romania) SRL
ROMANIA
Ocean Technologies Group Srl
ROMANIA
Lloyd’s Register Saudi Arabia Ltd
SAUDI ARABIA
Lloyd’s Register D.O.O. (Beograd)
SERBIA
Lloyd’s Register Singapore Pte Limited
SINGAPORE
Lloyd’s Register Pte. Ltd
SINGAPORE
Marine Press Asia Pacific Pte Ltd
SINGAPORE
OneOcean Maritime Solutions Pte Limited
SINGAPORE
Maritime Training Services Singapore Pte Ltd
SINGAPORE
Seagull Maritime Information Technology Pte Ltd
SINGAPORE
Ocean TG Singapore Pte Ltd
SINGAPORE
Ocean Tech Asia Pte Ltd
SINGAPORE
Videotel Pte. Ltd.
SINGAPORE
Ocean TG Spain S.L.U.
SPAIN
OneOcean AB
SWEDEN
Lloyd’s Register Marine Taiwan Ltd
TAIWAN
Lloyd’s Register Marine Consulting Taiwan Co., Ltd
TAIWAN
Lloyd’s Register Gozetim Ltd Sti
TURKEY
Lloyd’s Register (Ukraine)
UKRAINE
Lloyd’s Register Middle East LLC
UAE
Lloyd’s Register Middle East & Africa Advisory Services LLC
UAE
Lloyd’s Register Americas, Inc.
USA

Lloyd’s Register Foundation: report and financial statements 2025 114

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Company
Country of Origin		 Registered Address
% of Ownership
16855 Northchase Drive,
Houston,TX77060,USA
50
820 Gessner Road, Suite 300,
Houston, Texas 77024, USA
100
100
100
300 Creek View Road, Suite 209,
Newark, DE 19711, USA
100
2500 WESTLAKE AVE N SUITE K
SEATTLE WA 981092262, USA
100
Suite 450 PetroVietnam Tower,
8 Hoang Dieu Street, Ward 1,
Vung Tau City, Ba Ria, Vung-Tau
Province, Vietnam
100
Common Structural Rules Software LLC
USA
Lloyd’s Register North America, Inc.
USA
Lloyd’s Register Americas Advisory Services, Inc.
USA
Lloyd’s Register Technical Services, Inc.
USA
i4Insight, Inc
USA
Ocean Technologies Group USA Inc.
USA
Lloyd’s Register Asia (Vietnam) Company
VIETNAM

The only subsidiary directly owned by the Foundation is Lloyd’s Register Group Limited (registered number: 08126909)

The following subsidiaries have taken advantage of the exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Company Place of registration Registered
number
Classification and Quality Services Limited England and Wales 03973758
Classification Holdings Limited England and Wales 03704447
Lloyd’s Register Finance Limited Scotland SC320138
Lloyd’s Register GMT Limited England and Wales 06428883
Lloyd’s Register Group Services Limited England and Wales 06193893
Lloyd’s Register Aligned Services Limited Scotland SC318186
LR 1760 (2) Limited Scotland SC346964
LR 1760 (1) Limited Scotland SC252441
Safetytech Accelerator Limited England and Wales 13099135
Lloyd’s Register Marine Limited England and Wales 13281335
Ensign Holdco 1 Limited England and Wales 10172727
Ensign Holdco 2 Limited England and Wales 10172773
Ensign Holdco 3 Limited England and Wales 10172900
Ensign Holdco 4 Limited England and Wales 10173156
Lloyd’s Register Maritime Decarbonisation Hub Limited England and Wales 14704215
Seasafe Marine Software & Computation (UK) Ltd England and Wales 03791480
Orion Midco Limited England and Wales 15890691
Orion Pledgeco Limited England and Wales 15890744

33. Post balance sheet events

Subsequent to the year end, the group repaid $28.9m of its external debt in advance of its due date.

Lloyd’s Register Foundation: report and financial statements 2025 115